# EDGAR Filing Document

**Accession Number:** 0001557794
**File Stem:** 0001193125-26-259907
**Filing Date:** 2026-6
**Character Count:** 1423838
**Document Hash:** 1255277a74c80a7ce6fd75a571a11e26
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-259907.hdr.sgml**: 20260605

**ACCESSION NUMBER**: 0001193125-26-259907

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260605

**DATE AS OF CHANGE**: 20260605

**EFFECTIVENESS DATE**: 20260605

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22743
- **FILM NUMBER:** 261070186

**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 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

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number 811-22743

## Blackstone Alternative Investment Funds

#### (Exact Name of Registrant as Specified in Charter)

#### 345 Park Avenue

#### New York, NY 10154

#### (Address of Principal Executive Offices)

#### Registrant's telephone number, including area code: (212) 583-5000

#### Peter Koffler, Esq.

#### c/o Blackstone Alternative Investment Advisors LLC

#### 345 Park Avenue

#### New York, NY 10154

#### (Name and Address of Agent for Service)

#### With a copy to:

#### James E. Thomas, Esq.

#### Sarah Clinton, Esq.

#### Ropes & Gray LLP

#### Prudential Tower

#### 800 Boylston Street

#### Boston, MA 02199-3600

#### Date of fiscal year end: March 31

#### Date of reporting period: March 31, 2026

------

#### Item 1. Reports to Stockholders.
(a) The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "1940 Act"):

(b) Not applicable.

![Image](g155897g19m36.jpg)

MARCH 31, 2026

#### Annual Shareholder Report

#### Blackstone Alternative Multi-Strategy Fund
Class I

\| BXMIX

#### Fund Overview
This annual shareholder report contains important information about Blackstone Alternative Multi-Strategy Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at www.bxmix.com. You can also request this information by contacting us at 1-855-890-7725.This report describes changes to the Fund that occurred during the Period.

# What were the Fund costs for the Period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $325<sup>Footnote Reference\*</sup> | 3.09%<sup>Footnote Reference\*</sup> |

---

#### How did the Fund perform during the Period and what primarily impacted performance?
The Fund's Institutional Share Class delivered a return of 10.14%<sup>Footnote Reference(1)</sup><sup>Footnote Reference(2)</sup> for the Period. In comparison, the HFRX Global Hedge Fund Index returned 5.97%, the MSCI World Total Return Index returned 19.39% and the Bloomberg Global Aggregate Bond Index returned 4.26% for the Period. During the Period, the Fund used derivatives to gain economic exposure to one or more alternative investment strategies, to enhance returns, and/or for hedging purposes. The use of derivatives impacted the Fund's performance.

**What contributed to performance?**

* Japanese and healthcare exposures were the largest contributors to performance, aided by market strength and security selection.

* Discretionary macro strategies had positive results from tactical moves in precious metals, interest rates, and equities.

* Quant equity strategies added value through equity dispersion and long positions (via derivatives) in commodity and precious metals.

**What detracted from performance?**

* Futures positions in Carbon Credit Allowances detracted from performance, driven by adverse market moves following regulatory developments.

* Mean reversion commodity strategies underperformed due to limited volatility across the commodities sector.

* Thematic macro strategies saw losses from volatility carry positions amid sharp volatility spikes in April 2025.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance.** The line graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. To obtain the most recent month-end performance,visit www.bxmix.com. The following line graph represents the historical performance of a hypothetical $100,000 initial investment made on March 31, 2016, assuming the reinvestment of distributions. The line graph and table also show the average total returns of two broad-based securities market indices and an additional index that reflects the performance of the hedge fund universe over the same periods.

Cumulative performance: 03/31/2016 - 03/31/2026

Initial investment of $100,000

![Growth of 10K Chart](g155897g20p40.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **HFRX Global Hedge Fund Index** | **MSCI World Total Return Index** | **Bloomberg Global Aggregate Bond Index** |
| **Mar-16** | $100000 | $100000 | $100000 | $100000 |
| **Apr-16** | $101324 | $100408 | $101646 | $101330 |
| **May-16** | $102240 | $100869 | $102310 | $99971 |
| **Jun-16** | $101731 | $101068 | $101213 | $102890 |
| **Jul-16** | $102851 | $102537 | $105516 | $103666 |
| **Aug-16** | $102851 | $102700 | $105657 | $103162 |
| **Sep-16** | $103768 | $103269 | $106266 | $103730 |
| **Oct-16** | $103768 | $102679 | $104237 | $100851 |
| **Nov-16** | $103564 | $103574 | $105793 | $96844 |
| **Dec-16** | $104445 | $104461 | $108362 | $96399 |
| **Jan-17** | $106184 | $104985 | $111003 | $97486 |
| **Feb-17** | $107002 | $106164 | $114137 | $97947 |
| **Mar-17** | $108025 | $106194 | $115435 | $98097 |
| **Apr-17** | $109662 | $106645 | $117201 | $99203 |
| **May-17** | $110890 | $106905 | $119794 | $100738 |
| **Jun-17** | $109764 | $107133 | $120300 | $100650 |
| **Jul-17** | $110787 | $108127 | $123217 | $102342 |
| **Aug-17** | $111810 | $108444 | $123452 | $103356 |
| **Sep-17** | $111708 | $109090 | $126272 | $102425 |
| **Oct-17** | $112731 | $109843 | $128690 | $102037 |
| **Nov-17** | $112015 | $109916 | $131544 | $103170 |
| **Dec-17** | $111957 | $110723 | $133364 | $103528 |
| **Jan-18** | $112271 | $113430 | $140436 | $104762 |
| **Feb-18** | $110810 | $110684 | $134677 | $103832 |
| **Mar-18** | $111227 | $109597 | $131829 | $104937 |
| **Apr-18** | $112271 | $109699 | $133425 | $103256 |
| **May-18** | $110601 | $109988 | $134388 | $102473 |
| **Jun-18** | $110497 | $109784 | $134373 | $102017 |
| **Jul-18** | $111540 | $109621 | $138603 | $101847 |
| **Aug-18** | $111853 | $110116 | $140383 | $101954 |
| **Sep-18** | $113210 | $109359 | $141224 | $101075 |
| **Oct-18** | $111436 | $105962 | $130887 | $99946 |
| **Nov-18** | $111540 | $105308 | $132443 | $100259 |
| **Dec-18** | $110253 | $103281 | $122422 | $102286 |
| **Jan-19** | $113230 | $105476 | $131989 | $103843 |
| **Feb-19** | $114506 | $106143 | $136024 | $103245 |
| **Mar-19** | $114399 | $105963 | $137903 | $104538 |
| **Apr-19** | $115356 | $106664 | $142872 | $104228 |
| **May-19** | $114187 | $105935 | $134757 | $105640 |
| **Jun-19** | $115888 | $107641 | $143694 | $107982 |
| **Jul-19** | $116845 | $108471 | $144446 | $107682 |
| **Aug-19** | $115356 | $108887 | $141560 | $109871 |
| **Sep-19** | $115250 | $109373 | $144640 | $108754 |
| **Oct-19** | $115462 | $109708 | $148361 | $109478 |
| **Nov-19** | $116100 | $110836 | $152564 | $108648 |
| **Dec-19** | $117718 | $112184 | $157193 | $109282 |
| **Jan-20** | $118269 | $112644 | $156280 | $110677 |
| **Feb-20** | $117167 | $111025 | $143138 | $111421 |
| **Mar-20** | $100303 | $104495 | $124288 | $108924 |
| **Apr-20** | $101956 | $107504 | $137934 | $111063 |
| **May-20** | $104932 | $109052 | $144693 | $111552 |
| **Jun-20** | $108128 | $110960 | $148585 | $112544 |
| **Jul-20** | $109561 | $112447 | $155747 | $116135 |
| **Aug-20** | $110774 | $114179 | $166213 | $115960 |
| **Sep-20** | $110553 | $113985 | $160545 | $115543 |
| **Oct-20** | $109782 | $113734 | $155665 | $115658 |
| **Nov-20** | $112978 | $116941 | $175637 | $117763 |
| **Dec-20** | $116423 | $119806 | $183136 | $119341 |
| **Jan-21** | $116992 | $119615 | $181360 | $118291 |
| **Feb-21** | $118470 | $121433 | $186075 | $116257 |
| **Mar-21** | $118697 | $121360 | $192365 | $114025 |
| **Apr-21** | $121880 | $123338 | $201406 | $115461 |
| **May-21** | $122335 | $123807 | $204427 | $116547 |
| **Jun-21** | $123358 | $124277 | $207534 | $115521 |
| **Jul-21** | $122904 | $123730 | $211311 | $117057 |
| **Aug-21** | $123358 | $124572 | $216636 | $116566 |
| **Sep-21** | $123245 | $124098 | $207733 | $114491 |
| **Oct-21** | $123131 | $125215 | $219553 | $114216 |
| **Nov-21** | $121880 | $123600 | $214810 | $113885 |
| **Dec-21** | $122563 | $124181 | $224047 | $113725 |
| **Jan-22** | $120250 | $122356 | $212240 | $111394 |
| **Feb-22** | $119672 | $121915 | $206934 | $110068 |
| **Mar-22** | $121175 | $122500 | $212749 | $106711 |
| **Apr-22** | $119441 | $121398 | $195160 | $100864 |
| **May-22** | $118747 | $120062 | $195458 | $101136 |
| **Jun-22** | $116088 | $117901 | $178597 | $97889 |
| **Jul-22** | $115278 | $118538 | $192828 | $99975 |
| **Aug-22** | $115625 | $119664 | $184842 | $96026 |
| **Sep-22** | $114353 | $118515 | $167735 | $91090 |
| **Oct-22** | $115047 | $118610 | $179826 | $90461 |
| **Nov-22** | $115972 | $118788 | $192418 | $94722 |
| **Dec-22** | $116897 | $118717 | $184320 | $95234 |
| **Jan-23** | $118054 | $120699 | $197411 | $98357 |
| **Feb-23** | $118632 | $120132 | $192742 | $95092 |
| **Mar-23** | $117822 | $118702 | $198838 | $98097 |
| **Apr-23** | $117707 | $119108 | $202425 | $98532 |
| **May-23** | $117129 | $118554 | $200559 | $96606 |
| **Jun-23** | $119210 | $119456 | $212765 | $96599 |
| **Jul-23** | $121754 | $120079 | $219966 | $97268 |
| **Aug-23** | $121869 | $120473 | $214802 | $95937 |
| **Sep-23** | $121985 | $120351 | $205611 | $93135 |
| **Oct-23** | $121522 | $119365 | $199694 | $92021 |
| **Nov-23** | $123950 | $120718 | $218518 | $96662 |
| **Dec-23** | $126158 | $122391 | $229322 | $100679 |
| **Jan-24** | $126996 | $122785 | $232127 | $99290 |
| **Feb-24** | $128432 | $123911 | $242059 | $98042 |
| **Mar-24** | $130467 | $125466 | $249974 | $98582 |
| **Apr-24** | $130228 | $124790 | $240802 | $96097 |
| **May-24** | $131424 | $125537 | $251716 | $97356 |
| **Jun-24** | $132143 | $125930 | $256921 | $97493 |
| **Jul-24** | $131664 | $126861 | $261507 | $100183 |
| **Aug-24** | $132382 | $127395 | $268508 | $102558 |
| **Sep-24** | $132861 | $128606 | $273526 | $104301 |
| **Oct-24** | $133579 | $127755 | $268162 | $100807 |
| **Nov-24** | $134896 | $128822 | $280562 | $101150 |
| **Dec-24** | $135583 | $128836 | $273339 | $98975 |
| **Jan-25** | $137229 | $130125 | $283046 | $99539 |
| **Feb-25** | $136849 | $130494 | $281091 | $100963 |
| **Mar-25** | $136090 | $129516 | $268733 | $101589 |
| **Apr-25** | $136723 | $128963 | $271247 | $104574 |
| **May-25** | $137609 | $130475 | $287488 | $104203 |
| **Jun-25** | $139381 | $131910 | $299990 | $106177 |
| **Jul-25** | $140014 | $132668 | $303913 | $104596 |
| **Aug-25** | $142546 | $134152 | $311930 | $106116 |
| **Sep-25** | $144698 | $136115 | $322074 | $106809 |
| **Oct-25** | $148116 | $137045 | $328588 | $106538 |
| **Nov-25** | $147863 | $137232 | $329615 | $106786 |
| **Dec-25** | $149757 | $138032 | $332378 | $107064 |
| **Jan-26** | $150166 | $140788 | $339886 | $108067 |
| **Feb-26** | $151259 | $141409 | $342465 | $109275 |
| **Mar-26** | $149893 | $137244 | $320829 | $105916 |

---

**Average Annual Total Returns (%)** (as of March 31, 2026)

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Class I | 10.14%<sup>Footnote Reference(2)</sup> | 4.78% | 4.13% |
| HFRX Global Hedge Fund Index | 5.97% | 2.49% | 3.22% |
| MSCI World Total Return Index | 19.39% | 10.77% | 12.36% |
| Bloomberg Global Aggregate Bond Index | 4.26% | (1.46%) | 0.58% |

---

# **Key Fund Statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Total Net Assets | $3602013554 |
| Total Number of Portfolio Holdings | 10411 |
| Portfolio Turnover Rate<sup>Footnote Reference\*\*</sup> | 547% |
| Total Advisory Fees Paid | $71063193 |

---

#### Material Fund Changes
This is a summary of certain changes of the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, including any applicable amendments, at <u>www.bxmix.com</u>.

**<u>Sub-Adviser Additions</u>**

**Callodine Capital Management, LP** \| Equity Hedge Strategies \| Effective 6/2/25

**Capital Fund Management, S.A.** \| Multi-Strategy Strategies \| Effective 3/9//26

**<u>Sub-Adviser Removals</u>**

**Engelhart CTP Commodity Trading US, LLC** \| Macro Strategies \| Effective 3/27/26

**Fir Tree Capital Management LP** \| Relative Value Strategies \| Effective 5/30/25

**Melqart Asset Management (UK) Limited** \| Macro Strategies \| Effective 8/27/25

Neither the portfolio managers of the Fund nor the Fund's principal investment strategies and risks changed as a result of these Sub-Adviser changes.

**What did the Fund invest in?** (as of March 31, 2026)

---

| | |
|:---|:---|
| Portfolio Composition | Percentage of Total Net Assets |
| Mortgage-Backed Securities<sup>Footnote Reference(3)</sup> | 52.1% |
| Common Stock | 33.3% |
| Investments in Investee Funds | 8.5% |
| Asset-Backed Securities | 5.3% |
| Corporate Bonds & Notes | 4.6% |
| Bank Debt | 4.2% |
| Sovereign Debt | 2.7% |
| Undertakings For Collective Investment in Transferable Security | 2.3% |
| Closed-End Fund | 1.1% |
| Purchased Options | 0.7% |
| U.S. Treasury Obligations | 0.3% |
| Exchange-Traded Funds | 0.2% |
| Convertible Bonds | 0.1% |
| Preferred Stock | 0.1% |
| Warrants<sup>Footnote Reference(4)</sup> | 0.0% |
| Rights<sup>Footnote Reference(4)</sup> | 0.0% |
| Securities Sold Short | -38.6% |
| Repurchase Agreements | 1.3% |
| Other Assets and Liabilities<sup>Footnote Reference(5)</sup> | 21.8% |
| **Total** | **100.0%** |

---

#### Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.bxmix.com/](g155897g62o13.jpg)

If you wish to view additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, please scan the QR code or visit www.bxmix.com.

Blackstone Alternative Multi-Strategy Fund

Class I

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Excludes acquired fund fees & expenses. Amounts would be higher if such fees & expenses were included. |
| Footnote<sup>\*\*</sup> | Includes TBA roll transactions. Had TBA roll transactions been excluded, the portfolio turnover rate would have been 172% for the year ended March 31, 2026. |
| Footnote<sup>(1)</sup> | Performance is shown net of the Expense Ratio less waived expenses. Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance data above. There can be no assurance that the Fund will achieve its goals or avoid losses. |
| Footnote<sup>(2)</sup> | If the 1 Year return included adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles, the return would be 9.94%. |
| Footnote<sup>(3)</sup> | Includes Agency-Guaranteed TBA securities that are guaranteed by the Federal National Mortgage Association or the Government National Mortgage Association, which represent 47.0% of Total Net Assets. |
| Footnote<sup>(4)</sup> | Represents less than 0.1% of Total Net Assets. |
| Footnote<sup>(5)</sup> | Assets, other than investments, less liabilities. See Consolidated Statement of Assets and Liabilities. A portion of this balance represents cash collateral for derivatives. |

---

![Image](g155897g19m36.jpg)

MARCH 31, 2026

#### Annual Shareholder Report

#### Blackstone Alternative Multi-Strategy Fund
Class D

\| BXMDX

#### Fund Overview
This annual shareholder report contains important information about Blackstone Alternative Multi-Strategy Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at www.bxmix.com. You can also request this information by contacting us at 1-855-890-7725.This report describes changes to the Fund that occurred during the Period.

# What were the Fund costs for the Period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class D | $351<sup>Footnote Reference\*</sup> | 3.34%<sup>Footnote Reference\*</sup> |

---

#### How did the Fund perform during the Period and what primarily impacted performance?
The Fund's Class D delivered a return of 9.89%<sup>Footnote Reference(1)</sup><sup>Footnote Reference(2)</sup> for the Period. In comparison, the HFRX Global Hedge Fund Index returned 5.97%, the MSCI World Total Return Index returned 19.39% and the Bloomberg Global Aggregate Bond Index returned 4.26% for the Period. During the Period, the Fund used derivatives to gain economic exposure to one or more alternative investment strategies, to enhance returns, and/or for hedging purposes. The use of derivatives impacted the Fund's performance.

**What contributed to performance?**

* Japanese and healthcare exposures were the largest contributors to performance, aided by market strength and security selection.

* Discretionary macro strategies had positive results from tactical moves in precious metals, interest rates, and equities.

* Quant equity strategies added value through equity dispersion and long positions (via derivatives) in commodity and precious metals.

**What detracted from performance?**

* Futures positions in Carbon Credit Allowances detracted from performance, driven by adverse market moves following regulatory developments.

* Mean reversion commodity strategies underperformed due to limited volatility across the commodities sector.

* Thematic macro strategies saw losses from volatility carry positions amid sharp volatility spikes in April 2025.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance.** The line graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. To obtain the most recent month-end performance,visit www.bxmix.com. The following line graph represents the historical performance of a hypothetical $10,000 initial investment made on March 31, 2016, assuming the reinvestment of distributions. The line graph and table also show the average total returns of two broad-based securities market indices and an additional index that reflects the performance of the hedge fund universe over the same periods.

Cumulative performance: 03/31/2016 - 03/31/2026

Initial investment of $10,000

![Growth of 10K Chart](g155897g10k86.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class D** | **HFRX Global Hedge Fund Index** | **MSCI World Total Return Index** | **Bloomberg Global Aggregate Bond Index** |
| **Mar-16** | $10000 | $10000 | $10000 | $10000 |
| **Apr-16** | $10122 | $10041 | $10165 | $10133 |
| **May-16** | $10214 | $10087 | $10231 | $9997 |
| **Jun-16** | $10153 | $10107 | $10121 | $10289 |
| **Jul-16** | $10265 | $10254 | $10552 | $10367 |
| **Aug-16** | $10275 | $10270 | $10566 | $10316 |
| **Sep-16** | $10357 | $10327 | $10627 | $10373 |
| **Oct-16** | $10357 | $10268 | $10424 | $10085 |
| **Nov-16** | $10336 | $10357 | $10579 | $9684 |
| **Dec-16** | $10422 | $10446 | $10836 | $9640 |
| **Jan-17** | $10596 | $10499 | $11100 | $9749 |
| **Feb-17** | $10678 | $10616 | $11414 | $9795 |
| **Mar-17** | $10770 | $10619 | $11543 | $9810 |
| **Apr-17** | $10933 | $10664 | $11720 | $9920 |
| **May-17** | $11046 | $10691 | $11979 | $10074 |
| **Jun-17** | $10933 | $10713 | $12030 | $10065 |
| **Jul-17** | $11036 | $10813 | $12322 | $10234 |
| **Aug-17** | $11128 | $10844 | $12345 | $10336 |
| **Sep-17** | $11107 | $10909 | $12627 | $10242 |
| **Oct-17** | $11209 | $10984 | $12869 | $10204 |
| **Nov-17** | $11138 | $10992 | $13154 | $10317 |
| **Dec-17** | $11133 | $11072 | $13336 | $10353 |
| **Jan-18** | $11164 | $11343 | $14044 | $10476 |
| **Feb-18** | $11008 | $11068 | $13468 | $10383 |
| **Mar-18** | $11050 | $10960 | $13183 | $10494 |
| **Apr-18** | $11154 | $10970 | $13343 | $10326 |
| **May-18** | $10977 | $10999 | $13439 | $10247 |
| **Jun-18** | $10967 | $10978 | $13437 | $10202 |
| **Jul-18** | $11060 | $10962 | $13860 | $10185 |
| **Aug-18** | $11092 | $11012 | $14038 | $10195 |
| **Sep-18** | $11227 | $10936 | $14122 | $10108 |
| **Oct-18** | $11050 | $10596 | $13089 | $9995 |
| **Nov-18** | $11050 | $10531 | $13244 | $10026 |
| **Dec-18** | $10925 | $10328 | $12242 | $10229 |
| **Jan-19** | $11221 | $10548 | $13199 | $10384 |
| **Feb-19** | $11337 | $10614 | $13602 | $10325 |
| **Mar-19** | $11326 | $10596 | $13790 | $10454 |
| **Apr-19** | $11390 | $10666 | $14287 | $10423 |
| **May-19** | $11274 | $10593 | $13476 | $10564 |
| **Jun-19** | $11432 | $10764 | $14369 | $10798 |
| **Jul-19** | $11527 | $10847 | $14445 | $10768 |
| **Aug-19** | $11400 | $10889 | $14156 | $10987 |
| **Sep-19** | $11390 | $10937 | $14464 | $10875 |
| **Oct-19** | $11400 | $10971 | $14836 | $10948 |
| **Nov-19** | $11464 | $11084 | $15256 | $10865 |
| **Dec-19** | $11614 | $11218 | $15719 | $10928 |
| **Jan-20** | $11669 | $11264 | $15628 | $11068 |
| **Feb-20** | $11560 | $11103 | $14314 | $11142 |
| **Mar-20** | $9899 | $10449 | $12429 | $10892 |
| **Apr-20** | $10062 | $10750 | $13793 | $11106 |
| **May-20** | $10355 | $10905 | $14469 | $11155 |
| **Jun-20** | $10670 | $11096 | $14859 | $11254 |
| **Jul-20** | $10800 | $11245 | $15575 | $11613 |
| **Aug-20** | $10920 | $11418 | $16621 | $11596 |
| **Sep-20** | $10887 | $11398 | $16055 | $11554 |
| **Oct-20** | $10811 | $11373 | $15566 | $11566 |
| **Nov-20** | $11137 | $11694 | $17564 | $11776 |
| **Dec-20** | $11465 | $11981 | $18314 | $11934 |
| **Jan-21** | $11509 | $11961 | $18136 | $11829 |
| **Feb-21** | $11665 | $12143 | $18608 | $11626 |
| **Mar-21** | $11688 | $12136 | $19236 | $11402 |
| **Apr-21** | $11989 | $12334 | $20141 | $11546 |
| **May-21** | $12033 | $12381 | $20443 | $11655 |
| **Jun-21** | $12134 | $12428 | $20753 | $11552 |
| **Jul-21** | $12089 | $12373 | $21131 | $11706 |
| **Aug-21** | $12123 | $12457 | $21664 | $11657 |
| **Sep-21** | $12111 | $12410 | $20773 | $11449 |
| **Oct-21** | $12089 | $12522 | $21955 | $11422 |
| **Nov-21** | $11966 | $12360 | $21481 | $11388 |
| **Dec-21** | $12033 | $12418 | $22405 | $11373 |
| **Jan-22** | $11807 | $12236 | $21224 | $11139 |
| **Feb-22** | $11750 | $12192 | $20693 | $11007 |
| **Mar-22** | $11886 | $12250 | $21275 | $10671 |
| **Apr-22** | $11704 | $12140 | $19516 | $10086 |
| **May-22** | $11648 | $12006 | $19546 | $10114 |
| **Jun-22** | $11376 | $11790 | $17860 | $9789 |
| **Jul-22** | $11296 | $11854 | $19283 | $9997 |
| **Aug-22** | $11330 | $11966 | $18484 | $9603 |
| **Sep-22** | $11205 | $11852 | $16773 | $9109 |
| **Oct-22** | $11273 | $11861 | $17983 | $9046 |
| **Nov-22** | $11353 | $11879 | $19242 | $9472 |
| **Dec-22** | $11432 | $11872 | $18432 | $9523 |
| **Jan-23** | $11546 | $12070 | $19741 | $9836 |
| **Feb-23** | $11602 | $12013 | $19274 | $9509 |
| **Mar-23** | $11523 | $11870 | $19884 | $9810 |
| **Apr-23** | $11512 | $11911 | $20243 | $9853 |
| **May-23** | $11455 | $11855 | $20056 | $9661 |
| **Jun-23** | $11648 | $11946 | $21276 | $9660 |
| **Jul-23** | $11897 | $12008 | $21997 | $9727 |
| **Aug-23** | $11909 | $12047 | $21480 | $9594 |
| **Sep-23** | $11920 | $12035 | $20561 | $9313 |
| **Oct-23** | $11875 | $11937 | $19969 | $9202 |
| **Nov-23** | $12101 | $12072 | $21852 | $9666 |
| **Dec-23** | $12315 | $12239 | $22932 | $10068 |
| **Jan-24** | $12386 | $12279 | $23213 | $9929 |
| **Feb-24** | $12538 | $12391 | $24206 | $9804 |
| **Mar-24** | $12726 | $12547 | $24997 | $9858 |
| **Apr-24** | $12702 | $12479 | $24080 | $9610 |
| **May-24** | $12820 | $12554 | $25172 | $9736 |
| **Jun-24** | $12890 | $12593 | $25692 | $9749 |
| **Jul-24** | $12832 | $12686 | $26151 | $10018 |
| **Aug-24** | $12902 | $12740 | $26851 | $10256 |
| **Sep-24** | $12949 | $12861 | $27353 | $10430 |
| **Oct-24** | $13019 | $12776 | $26816 | $10081 |
| **Nov-24** | $13136 | $12882 | $28056 | $10115 |
| **Dec-24** | $13205 | $12884 | $27334 | $9898 |
| **Jan-25** | $13366 | $13013 | $28305 | $9954 |
| **Feb-25** | $13329 | $13049 | $28109 | $10096 |
| **Mar-25** | $13243 | $12952 | $26873 | $10159 |
| **Apr-25** | $13304 | $12896 | $27125 | $10457 |
| **May-25** | $13379 | $13047 | $28749 | $10420 |
| **Jun-25** | $13552 | $13191 | $29999 | $10618 |
| **Jul-25** | $13614 | $13267 | $30391 | $10460 |
| **Aug-25** | $13862 | $13415 | $31193 | $10612 |
| **Sep-25** | $14060 | $13612 | $32207 | $10681 |
| **Oct-25** | $14395 | $13704 | $32859 | $10654 |
| **Nov-25** | $14370 | $13723 | $32962 | $10679 |
| **Dec-25** | $14552 | $13803 | $33238 | $10706 |
| **Jan-26** | $14592 | $14079 | $33989 | $10807 |
| **Feb-26** | $14686 | $14141 | $34247 | $10928 |
| **Mar-26** | $14552 | $13724 | $32083 | $10592 |

---

**Average Annual Total Returns (%)** (as of March 31, 2026)

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Class D | 9.89%<sup>Footnote Reference(2)</sup> | 4.48% | 3.82% |
| HFRX Global Hedge Fund Index | 5.97% | 2.49% | 3.22% |
| MSCI World Total Return Index | 19.39% | 10.77% | 12.36% |
| Bloomberg Global Aggregate Bond Index | 4.26% | (1.46%) | 0.58% |

---

# **Key Fund Statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Total Net Assets | $3602013554 |
| Total Number of Portfolio Holdings | 10411 |
| Portfolio Turnover Rate<sup>Footnote Reference\*\*</sup> | 547% |
| Total Advisory Fees Paid | $71063193 |

---

#### Material Fund Changes
This is a summary of certain changes of the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, including any applicable amendments, at <u>www.bxmix.com</u>.

**<u>Sub-Adviser Additions</u>**

**Callodine Capital Management, LP** \| Equity Hedge Strategies \| Effective 6/2/25

**Capital Fund Management, S.A.** \| Multi-Strategy Strategies \| Effective 3/9//26

**<u>Sub-Adviser Removals</u>**

**Engelhart CTP Commodity Trading US, LLC** \| Macro Strategies \| Effective 3/27/26

**Fir Tree Capital Management LP** \| Relative Value Strategies \| Effective 5/30/25

**Melqart Asset Management (UK) Limited** \| Macro Strategies \| Effective 8/27/25

Neither the portfolio managers of the Fund nor the Fund's principal investment strategies and risks changed as a result of these Sub-Adviser changes.

**What did the Fund invest in?** (as of March 31, 2026)

---

| | |
|:---|:---|
| Portfolio Composition | Percentage of Total Net Assets |
| Mortgage-Backed Securities<sup>Footnote Reference(3)</sup> | 52.1% |
| Common Stock | 33.3% |
| Investments in Investee Funds | 8.5% |
| Asset-Backed Securities | 5.3% |
| Corporate Bonds & Notes | 4.6% |
| Bank Debt | 4.2% |
| Sovereign Debt | 2.7% |
| Undertakings For Collective Investment in Transferable Security | 2.3% |
| Closed-End Fund | 1.1% |
| Purchased Options | 0.7% |
| U.S. Treasury Obligations | 0.3% |
| Exchange-Traded Funds | 0.2% |
| Convertible Bonds | 0.1% |
| Preferred Stock | 0.1% |
| Warrants<sup>Footnote Reference(4)</sup> | 0.0% |
| Rights<sup>Footnote Reference(4)</sup> | 0.0% |
| Securities Sold Short | -38.6% |
| Repurchase Agreements | 1.3% |
| Other Assets and Liabilities<sup>Footnote Reference(5)</sup> | 21.8% |
| **Total** | **100.0%** |

---

#### Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.bxmix.com/](g155897g62o13.jpg)

If you wish to view additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, please scan the QR code or visit www.bxmix.com.

Blackstone Alternative Multi-Strategy Fund

Class D

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Excludes acquired fund fees & expenses. Amounts would be higher if such fees & expenses were included. |
| Footnote<sup>\*\*</sup> | Includes TBA roll transactions. Had TBA roll transactions been excluded, the portfolio turnover rate would have been 172% for the year ended March 31, 2026. |
| Footnote<sup>(1)</sup> | Performance is shown net of the Expense Ratio less waived expenses. Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance data above. There can be no assurance that the Fund will achieve its goals or avoid losses. |
| Footnote<sup>(2)</sup> | If the 1 Year return included adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles, the return would be 9.59%. |
| Footnote<sup>(3)</sup> | Includes Agency-Guaranteed TBA securities that are guaranteed by the Federal National Mortgage Association or the Government National Mortgage Association, which represent 47.0% of Total Net Assets. |
| Footnote<sup>(4)</sup> | Represents less than 0.1% of Total Net Assets. |
| Footnote<sup>(5)</sup> | Assets, other than investments, less liabilities. See Consolidated Statement of Assets and Liabilities. A portion of this balance represents cash collateral for derivatives. |

---

![Image](g155897g19m36.jpg)

MARCH 31, 2026

#### Annual Shareholder Report

#### Blackstone Alternative Multi-Strategy Fund
Class Y

\| BXMYX

#### Fund Overview
This annual shareholder report contains important information about Blackstone Alternative Multi-Strategy Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "Period"). You can find additional information about the Fund at www.bxmix.com. You can also request this information by contacting us at 1-855-890-7725.This report describes changes to the Fund that occurred during the Period.

# What were the Fund costs for the Period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class Y | $316<sup>Footnote Reference\*</sup> | 3.01%<sup>Footnote Reference\*</sup> |

---

#### How did the Fund perform during the Period and what primarily impacted performance?
The Fund's Class Y delivered a return of 10.26%<sup>Footnote Reference(1)</sup><sup>Footnote Reference(2)</sup> for the Period. In comparison, the HFRX Global Hedge Fund Index returned 5.97%, the MSCI World Total Return Index returned 19.39% and the Bloomberg Global Aggregate Bond Index returned 4.26% for the Period. During the Period, the Fund used derivatives to gain economic exposure to one or more alternative investment strategies, to enhance returns, and/or for hedging purposes. The use of derivatives impacted the Fund's performance.

**What contributed to performance?**

* Japanese and healthcare exposures were the largest contributors to performance, aided by market strength and security selection.

* Discretionary macro strategies had positive results from tactical moves in precious metals, interest rates, and equities.

* Quant equity strategies added value through equity dispersion and long positions (via derivatives) in commodity and precious metals.

**What detracted from performance?**

* Futures positions in Carbon Credit Allowances detracted from performance, driven by adverse market moves following regulatory developments.

* Mean reversion commodity strategies underperformed due to limited volatility across the commodities sector.

* Thematic macro strategies saw losses from volatility carry positions amid sharp volatility spikes in April 2025.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance.** The line graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. To obtain the most recent month-end performance,visit www.bxmix.com. The following line graph represents the historical performance of a hypothetical $10,000 initial investment made on March 31, 2016, assuming the reinvestment of distributions. The line graph and table also show the average total returns of two broad-based securities market indices and an additional index that reflects the performance of the hedge fund universe over the same periods.

Cumulative performance: 03/31/2016 - 03/31/2026

Initial investment of $10,000

![Growth of 10K Chart](g155897g90a27.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class Y** | **HFRX Global Hedge Fund Index** | **MSCI World Total Return Index** | **Bloomberg Global Aggregate Bond Index** |
| **Mar-16** | $10000 | $10000 | $10000 | $10000 |
| **Apr-16** | $10133 | $10041 | $10165 | $10133 |
| **May-16** | $10226 | $10087 | $10231 | $9997 |
| **Jun-16** | $10164 | $10107 | $10121 | $10289 |
| **Jul-16** | $10277 | $10254 | $10552 | $10367 |
| **Aug-16** | $10287 | $10270 | $10566 | $10316 |
| **Sep-16** | $10379 | $10327 | $10627 | $10373 |
| **Oct-16** | $10379 | $10268 | $10424 | $10085 |
| **Nov-16** | $10359 | $10357 | $10579 | $9684 |
| **Dec-16** | $10459 | $10446 | $10836 | $9640 |
| **Jan-17** | $10624 | $10499 | $11100 | $9749 |
| **Feb-17** | $10717 | $10616 | $11414 | $9795 |
| **Mar-17** | $10810 | $10619 | $11543 | $9810 |
| **Apr-17** | $10985 | $10664 | $11720 | $9920 |
| **May-17** | $11098 | $10691 | $11979 | $10074 |
| **Jun-17** | $10995 | $10713 | $12030 | $10065 |
| **Jul-17** | $11088 | $10813 | $12322 | $10234 |
| **Aug-17** | $11191 | $10844 | $12345 | $10336 |
| **Sep-17** | $11181 | $10909 | $12627 | $10242 |
| **Oct-17** | $11284 | $10984 | $12869 | $10204 |
| **Nov-17** | $11212 | $10992 | $13154 | $10317 |
| **Dec-17** | $11216 | $11072 | $13336 | $10353 |
| **Jan-18** | $11247 | $11343 | $14044 | $10476 |
| **Feb-18** | $11100 | $11068 | $13468 | $10383 |
| **Mar-18** | $11153 | $10960 | $13183 | $10494 |
| **Apr-18** | $11258 | $10970 | $13343 | $10326 |
| **May-18** | $11079 | $10999 | $13439 | $10247 |
| **Jun-18** | $11079 | $10978 | $13437 | $10202 |
| **Jul-18** | $11174 | $10962 | $13860 | $10185 |
| **Aug-18** | $11216 | $11012 | $14038 | $10195 |
| **Sep-18** | $11353 | $10936 | $14122 | $10108 |
| **Oct-18** | $11174 | $10596 | $13089 | $9995 |
| **Nov-18** | $11174 | $10531 | $13244 | $10026 |
| **Dec-18** | $11051 | $10328 | $12242 | $10229 |
| **Jan-19** | $11352 | $10548 | $13199 | $10384 |
| **Feb-19** | $11481 | $10614 | $13602 | $10325 |
| **Mar-19** | $11470 | $10596 | $13790 | $10454 |
| **Apr-19** | $11567 | $10666 | $14287 | $10423 |
| **May-19** | $11460 | $10593 | $13476 | $10564 |
| **Jun-19** | $11621 | $10764 | $14369 | $10798 |
| **Jul-19** | $11717 | $10847 | $14445 | $10768 |
| **Aug-19** | $11567 | $10889 | $14156 | $10987 |
| **Sep-19** | $11567 | $10937 | $14464 | $10875 |
| **Oct-19** | $11578 | $10971 | $14836 | $10948 |
| **Nov-19** | $11642 | $11084 | $15256 | $10865 |
| **Dec-19** | $11803 | $11218 | $15719 | $10928 |
| **Jan-20** | $11859 | $11264 | $15628 | $11068 |
| **Feb-20** | $11759 | $11103 | $14314 | $11142 |
| **Mar-20** | $10065 | $10449 | $12429 | $10892 |
| **Apr-20** | $10232 | $10750 | $13793 | $11106 |
| **May-20** | $10533 | $10905 | $14469 | $11155 |
| **Jun-20** | $10856 | $11096 | $14859 | $11254 |
| **Jul-20** | $11001 | $11245 | $15575 | $11613 |
| **Aug-20** | $11124 | $11418 | $16621 | $11596 |
| **Sep-20** | $11101 | $11398 | $16055 | $11554 |
| **Oct-20** | $11023 | $11373 | $15566 | $11566 |
| **Nov-20** | $11347 | $11694 | $17564 | $11776 |
| **Dec-20** | $11684 | $11981 | $18314 | $11934 |
| **Jan-21** | $11741 | $11961 | $18136 | $11829 |
| **Feb-21** | $11903 | $12143 | $18608 | $11626 |
| **Mar-21** | $11926 | $12136 | $19236 | $11402 |
| **Apr-21** | $12248 | $12334 | $20141 | $11546 |
| **May-21** | $12283 | $12381 | $20443 | $11655 |
| **Jun-21** | $12398 | $12428 | $20753 | $11552 |
| **Jul-21** | $12352 | $12373 | $21131 | $11706 |
| **Aug-21** | $12386 | $12457 | $21664 | $11657 |
| **Sep-21** | $12386 | $12410 | $20773 | $11449 |
| **Oct-21** | $12375 | $12522 | $21955 | $11422 |
| **Nov-21** | $12248 | $12360 | $21481 | $11388 |
| **Dec-21** | $12317 | $12418 | $22405 | $11373 |
| **Jan-22** | $12095 | $12236 | $21224 | $11139 |
| **Feb-22** | $12024 | $12192 | $20693 | $11007 |
| **Mar-22** | $12177 | $12250 | $21275 | $10671 |
| **Apr-22** | $12001 | $12140 | $19516 | $10086 |
| **May-22** | $11942 | $12006 | $19546 | $10114 |
| **Jun-22** | $11673 | $11790 | $17860 | $9789 |
| **Jul-22** | $11591 | $11854 | $19283 | $9997 |
| **Aug-22** | $11626 | $11966 | $18484 | $9603 |
| **Sep-22** | $11509 | $11852 | $16773 | $9109 |
| **Oct-22** | $11579 | $11861 | $17983 | $9046 |
| **Nov-22** | $11661 | $11879 | $19242 | $9472 |
| **Dec-22** | $11755 | $11872 | $18432 | $9523 |
| **Jan-23** | $11872 | $12070 | $19741 | $9836 |
| **Feb-23** | $11931 | $12013 | $19274 | $9509 |
| **Mar-23** | $11849 | $11870 | $19884 | $9810 |
| **Apr-23** | $11837 | $11911 | $20243 | $9853 |
| **May-23** | $11790 | $11855 | $20056 | $9661 |
| **Jun-23** | $12001 | $11946 | $21276 | $9660 |
| **Jul-23** | $12247 | $12008 | $21997 | $9727 |
| **Aug-23** | $12259 | $12047 | $21480 | $9594 |
| **Sep-23** | $12282 | $12035 | $20561 | $9313 |
| **Oct-23** | $12235 | $11937 | $19969 | $9202 |
| **Nov-23** | $12481 | $12072 | $21852 | $9666 |
| **Dec-23** | $12698 | $12239 | $22932 | $10068 |
| **Jan-24** | $12783 | $12279 | $23213 | $9929 |
| **Feb-24** | $12940 | $12391 | $24206 | $9804 |
| **Mar-24** | $13134 | $12547 | $24997 | $9858 |
| **Apr-24** | $13110 | $12479 | $24080 | $9610 |
| **May-24** | $13231 | $12554 | $25172 | $9736 |
| **Jun-24** | $13316 | $12593 | $25692 | $9749 |
| **Jul-24** | $13268 | $12686 | $26151 | $10018 |
| **Aug-24** | $13341 | $12740 | $26851 | $10256 |
| **Sep-24** | $13389 | $12861 | $27353 | $10430 |
| **Oct-24** | $13462 | $12776 | $26816 | $10081 |
| **Nov-24** | $13583 | $12882 | $28056 | $10115 |
| **Dec-24** | $13667 | $12884 | $27334 | $9898 |
| **Jan-25** | $13821 | $13013 | $28305 | $9954 |
| **Feb-25** | $13796 | $13049 | $28109 | $10096 |
| **Mar-25** | $13706 | $12952 | $26873 | $10159 |
| **Apr-25** | $13770 | $12896 | $27125 | $10457 |
| **May-25** | $13860 | $13047 | $28749 | $10420 |
| **Jun-25** | $14039 | $13191 | $29999 | $10618 |
| **Jul-25** | $14104 | $13267 | $30391 | $10460 |
| **Aug-25** | $14360 | $13415 | $31193 | $10612 |
| **Sep-25** | $14578 | $13612 | $32207 | $10681 |
| **Oct-25** | $14925 | $13704 | $32859 | $10654 |
| **Nov-25** | $14899 | $13723 | $32962 | $10679 |
| **Dec-25** | $15098 | $13803 | $33238 | $10706 |
| **Jan-26** | $15139 | $14079 | $33989 | $10807 |
| **Feb-26** | $15250 | $14141 | $34247 | $10928 |
| **Mar-26** | $15112 | $13724 | $32083 | $10592 |

---

**Average Annual Total Returns (%)** (as of March 31, 2026)

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Class Y | 10.26%<sup>Footnote Reference(2)</sup> | 4.85% | 4.22% |
| HFRX Global Hedge Fund Index | 5.97% | 2.49% | 3.22% |
| MSCI World Total Return Index | 19.39% | 10.77% | 12.36% |
| Bloomberg Global Aggregate Bond Index | 4.26% | (1.46%) | 0.58% |

---

# **Key Fund Statistics** (as of March 31, 2026)

---

| | |
|:---|:---|
| Total Net Assets | $3602013554 |
| Total Number of Portfolio Holdings | 10411 |
| Portfolio Turnover Rate<sup>Footnote Reference\*\*</sup> | 547% |
| Total Advisory Fees Paid | $71063193 |

---

#### Material Fund Changes
This is a summary of certain changes of the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, including any applicable amendments, at <u>www.bxmix.com</u>.

**<u>Sub-Adviser Additions</u>**

**Callodine Capital Management, LP** \| Equity Hedge Strategies \| Effective 6/2/25

**Capital Fund Management, S.A.** \| Multi-Strategy Strategies \| Effective 3/9//26

**<u>Sub-Adviser Removals</u>**

**Engelhart CTP Commodity Trading US, LLC** \| Macro Strategies \| Effective 3/27/26

**Fir Tree Capital Management LP** \| Relative Value Strategies \| Effective 5/30/25

**Melqart Asset Management (UK) Limited** \| Macro Strategies \| Effective 8/27/25

Neither the portfolio managers of the Fund nor the Fund's principal investment strategies and risks changed as a result of these Sub-Adviser changes.

**What did the Fund invest in?** (as of March 31, 2026)

---

| | |
|:---|:---|
| Portfolio Composition | Percentage of Total Net Assets |
| Mortgage-Backed Securities<sup>Footnote Reference(3)</sup> | 52.1% |
| Common Stock | 33.3% |
| Investments in Investee Funds | 8.5% |
| Asset-Backed Securities | 5.3% |
| Corporate Bonds & Notes | 4.6% |
| Bank Debt | 4.2% |
| Sovereign Debt | 2.7% |
| Undertakings For Collective Investment in Transferable Security | 2.3% |
| Closed-End Fund | 1.1% |
| Purchased Options | 0.7% |
| U.S. Treasury Obligations | 0.3% |
| Exchange-Traded Funds | 0.2% |
| Convertible Bonds | 0.1% |
| Preferred Stock | 0.1% |
| Warrants<sup>Footnote Reference(4)</sup> | 0.0% |
| Rights<sup>Footnote Reference(4)</sup> | 0.0% |
| Securities Sold Short | -38.6% |
| Repurchase Agreements | 1.3% |
| Other Assets and Liabilities<sup>Footnote Reference(5)</sup> | 21.8% |
| **Total** | **100.0%** |

---

#### Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.bxmix.com/](g155897g62o13.jpg)

If you wish to view additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, please scan the QR code or visit www.bxmix.com.

Blackstone Alternative Multi-Strategy Fund

Class Y

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Excludes acquired fund fees & expenses. Amounts would be higher if such fees & expenses were included. |
| Footnote<sup>\*\*</sup> | Includes TBA roll transactions. Had TBA roll transactions been excluded, the portfolio turnover rate would have been 172% for the year ended March 31, 2026. |
| Footnote<sup>(1)</sup> | Performance is shown net of the Expense Ratio less waived expenses. Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance data above. There can be no assurance that the Fund will achieve its goals or avoid losses. |
| Footnote<sup>(2)</sup> | If the 1 Year return included adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles, the return would be 10.16%. |
| Footnote<sup>(3)</sup> | Includes Agency-Guaranteed TBA securities that are guaranteed by the Federal National Mortgage Association or the Government National Mortgage Association, which represent 47.0% of Total Net Assets. |
| Footnote<sup>(4)</sup> | Represents less than 0.1% of Total Net Assets. |
| Footnote<sup>(5)</sup> | Assets, other than investments, less liabilities. See Consolidated Statement of Assets and Liabilities. A portion of this balance represents cash collateral for derivatives. |

---

------

#### Item 2. Code of Ethics.
(a) The Registrant, as of the end of the period covered by the report, has adopted a code of ethics that applies to the Registrant's co-principal executive officers, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

(b) No disclosures are required by this Item 2(b).

(c) The Registrant has not made any amendments to its code of ethics during the reporting period for this Form N-CSR.

(d) There have been no waivers granted by the Registrant to individuals covered by the Registrant's code of ethics during the reporting period for this Form N-CSR.

(e) Not applicable.

(f) A copy of the Registrant's code of ethics is attached under Item 19(a)(1) to this Form N-CSR.

#### Item 3. Audit Committee Financial Expert.
(a) (1) The Registrant's Board of Trustees (the "Board") has determined that the Registrant has at least

one audit committee financial expert serving on its Audit Committee (the "Committee").

(2) The audit committee financial expert is Kristen M. Leopold, who is "independent" for purposes of this

Item 3 of Form N-CSR.

(3) Not applicable.

#### Item 4. Principal Accountant Fees and Services.

---

| | | |
|:---|:---|:---|
|  | *Current Fiscal Year<sup>(1)</sup>* | *Previous Fiscal Year* |
| (a) Audit Fees | $345000 | $325000 |
| (b) Audit-Related Fees | $0 | $0 |
| (c) Tax Fees<sup>(2)</sup> | $47850 | $45150 |
| (d) All Other Fees | $0 | $0 |

---

<sup>(1)</sup> No fees were required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X during the current fiscal year.

<sup>(2)</sup> The nature of the services includes tax compliance, tax advice and tax planning.

(e)(1) Disclose the Committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

The charter for the Committee requires that the Committee pre-approve (i) all audit and non-audit services that the Registrant's independent auditors provide to the Registrant, and (ii) all non-audit services that the Registrant's independent auditors provide to Blackstone Alternative Investment Advisors LLC ("BAIA"), the investment adviser of the Registrant, and any entity controlling, controlled by, or under common control with BAIA that provides ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant; provided that the Committee may implement policies and procedures by which such services are approved other than by the full Committee prior to their ratification by the Committee.

(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this item that were approved by the Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

------

---

| | | |
|:---|:---|:---|
|  | *Current Fiscal Year* | *Previous Fiscal Year* |
| (b) | 0% | 0% |
| (c) | 0% | 0% |
| (d) | 0% | 0% |

---

(f) Not applicable.

(g) Disclose the aggregate non-audit fees billed by the Registrant's accountant for services rendered to the Registrant, and rendered to the Registrant's investment adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for each of the last two fiscal years of the Registrant.

---

| | |
|:---|:---|
| *Current Fiscal Year* | *Previous Fiscal Year* |
| $0 | $0 |

---

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
Not applicable.

#### Item 6. Investments.
(a) The Registrant's Consolidated Schedule of Investments as of the close of the reporting period is included in the Registrant's Financial Statements filed under Item 7(a) of this form.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) The Registrant's Financial Statements are filed herewith.

(b) The Registrant's Financial Highlights are included as part of the Registrant's Financial Statements filed under Item 7(a) of this form.

------

Blackstone

### Blackstone Alternative Multi-Strategy Fund
*a series of Blackstone Alternative Investment Funds* 

Annual Report For the Year Ended March 31, 2026

------

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  [Consolidated Schedule of Investments](#toc155897_1) | 1 |
|  [Consolidated Statement of Assets and Liabilities](#toc155897_2) | 328 |
|  [Consolidated Statement of Operations](#toc155897_3) | 330 |
|  [Consolidated Statement of Changes in Net Assets](#toc155897_4) | 331 |
|  [Consolidated Statement of Cash Flows](#toc155897_5) | 333 |
|  [Consolidated Financial Highlights](#toc155897_6) | 335 |
|  [Notes to Consolidated Financial Statements](#toc155897_7) | 338 |
|  [Report of Independent Registered Public Accounting Firm](#toc155897_8) | 369 |

---

*All investors should consider the investment objectives, risks, charges and expenses of the Blackstone Alternative Multi-Strategy Fund (the "Fund") carefully before investing. The prospectus and the summary prospectus contain this and other information about the Fund. You can obtain a prospectus and a summary prospectus from the Fund's website (www.bxmix.com). All investors are urged to carefully read the prospectus and the summary prospectus in its entirety before investing. Interests in the Fund are offered through Blackstone Securities Partners L.P., a member of FINRA and an affiliate of Blackstone Alternative Investment Advisors LLC, the Fund's investment adviser ("BAIA" or the "Investment Adviser").* 

**Important Risks:** An investment in the Fund should be considered a speculative investment that entails substantial risks; you may lose part or all of your investment or your investment may not perform as well as other investments. The Fund's investments involve special risks including, but not limited to, loss of all or a significant portion of the investment due to leveraging, short-selling, or other speculative practices lack of liquidity and volatility of returns. The following is a summary description of certain additional principal risks of investing in the Fund:

*Allocation Risk* - BAIA's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, sub-adviser or security may be incorrect and this may have a negative impact upon performance. *Debt Securities Risk* - investments in debt securities, such as bonds and certain asset backed securities involve certain risks which may cause the securities to lose value, including credit risk, liquidity risk, extension risk, interest rate risk, prepayment risk, event risk, inflation risk, and variable and floating rate instrument risk. *Derivatives Risk* - the use of derivatives involves the risk that their value may not move as expected relative to the value of the relevant underlying assets, rates, or indices. Derivatives can be volatile and illiquid, can subject to counterparty credit risk, and may entail investment exposure greater than their notional amount. *Distressed Securities Risk* - investments in securities of business enterprises involved in workouts, liquidations, reorganizations, bankruptcies and similar situations involve a high degree of risk of loss since there is typically substantial uncertainty concerning the outcome of such situations. *Equity Securities Risk* - there is a risk of loss associated with price fluctuations of equity and preferred securities which change based on a company's financial condition and overall market and economic environment. *Event-Driven Trading Risk* - involves the risk that the specific event identified may not occur as anticipated and that this may have a negative impact upon the market price of the securities involved. *Foreign Investments/Emerging Markets Risk* - involves special risks caused by foreign political, social and economic factors, including exposure to currency fluctuations, less liquidity, less developed and less efficient trading markets, political instability and less developed legal and auditing standards. *High Portfolio Turnover Risk* - active trading of securities can increase transaction costs (thus lowering performance) and taxable distributions. *Inflation Risk* - Inflation, and investors' expectation of future inflation, can impact the current value of portfolio investments, resulting in lower asset values and losses to Fund investors. *Investment Style Risk* - Different investment styles tend to shift in and out of favor depending on market and economic conditions and investor sentiment, and the Fund could underperform other funds that invest in similar asset classes but employ different investment styles.

------

*Large Purchase and Redemption Risk* - large purchase or redemption activity could result in the Fund incurring additional costs, selling portfolio securities, investing cash, or holding a relatively large amount of cash at times when it would not otherwise do so, which could have an adverse effect on performance. *Leverage Risk* - use of leverage can produce volatility and may exaggerate changes in the net asset value of Fund shares and in the return on the Fund's portfolio, which may increase the risk that the Fund will lose more than it has invested. *Liquidity Risk* - some securities held by the Fund, including, but not limited to, restricted, distressed, non-exchange traded, and/or privately placed securities, may be difficult to sell, or illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value and if the Fund is forced to sell an illiquid asset to meet redemption requests or other cash needs, the Fund may be forced to sell at a loss. *Market Risk and Selection Risk* - one or more markets in which the Fund invests may go down in value, possibly sharply and unpredictably, affecting the values of individual securities held by the Fund. Significant shocks to or disruptions of the financial markets or the real economy could adversely affect the liquidity and volatility of securities held by the Fund. *Mortgage- and Asset-Based Securities Risk* - these securities are subject to credit, interest rate, valuation, liquidity, prepayment and extension risks. These securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn. Small movements in interest rates may quickly and significantly reduce the value of certain mortgage-backed securities. *Model and Technology Risk* - involves the risk that model-based strategies, data gathering systems, order execution and trade allocation systems and risk management systems may not be successful on an ongoing basis or could contains errors, omissions, imperfections or malfunctions. *Multi-Manager Risk -* managers may make investment decisions which conflict with each other and as a result, the Fund could incur transaction costs without accomplishing any net investment result.

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
|  **INVESTMENT IN SECURITIES — 114.8%** |  |  |
|  **COMMON STOCK — 33.3%** |  |  |
|  **Africa — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Energy — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Golar LNG Ltd. | 1000 | $54110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kosmos Energy Ltd. (a) | 95600 | 265768 |
|  |  | 319878 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Materials — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DRDGOLD Ltd., ADR | 100 | 2937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harmony Gold Mining Co., Ltd., ADR | 500 | 7685 |
| &nbsp;&nbsp;&nbsp;&nbsp; IAMGOLD Corp. (a) | 1500 | 28230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Platinum Group Metals Ltd. (a) | 1000 | 1770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sibanye Stillwater Ltd., ADR | 17100 | 210672 |
|  |  | 251294 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Telecommunication Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IHS Holding Ltd. (a) | 10100 | 83123 |
|  **Total Africa** |  | **654295** |
|  **Asia — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Automobiles & Components — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NIO, Inc., ADR (a) | 86900 | 524007 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Capital Goods — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BioNexus Gene Lab Corp. (a) | 3 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Yuchai International Ltd. | 500 | 19250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Erayak Power Solution Group, Inc., Class A (a) | 36 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fujikura Ltd. (b) | 500 | 13751 |
|  |  | 33021 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Commercial & Professional Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cre8 Enterprise Ltd., Class A (a) | 29 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp; E-Power, Inc. (a),(c) | 27 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kanzhun Ltd., ADR | 19400 | 259766 |
|  |  | 259864 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Consumer Durables & Apparel — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp. (b) | 400 | 8337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viomi Technology Co., Ltd., ADR (a) | 1200 | 1332 |
|  |  | 9669 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Consumer Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Golden Heaven Group Holdings Ltd. (a) | 7 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Oriental Education & Technology Group, Inc., ADR | 10 | 566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trip.com Group Ltd., ADR (a) | 16600 | 826514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wah Fu Education Group Ltd. (a) | 700 | 1120 |
|  |  | 828212 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Diversified Financials — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; High Templar Tech Ltd., ADR (a) | 1000 | $1940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Exchange Group, Inc. (b) | 8600 | 100431 |
| &nbsp;&nbsp;&nbsp;&nbsp; LexinFintech Holdings Ltd., ADR | 22800 | 49704 |
| &nbsp;&nbsp;&nbsp;&nbsp; PayPay Corp., ADR (a) | 51685 | 1102958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qfin Holdings, Inc., ADR | 200 | 2582 |
| &nbsp;&nbsp;&nbsp;&nbsp; X Financial, ADR | 600 | 2472 |
|  |  | 1260087 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Energy — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BKV Corp. (a) | 35401 | 1009636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leishen Energy Holding Co., Ltd. (a) | 29 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp; OMS Energy Technologies, Inc. (a) | 500 | 2160 |
|  |  | 1011928 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Food & Staples Retailing — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Meiwu Technology Co., Ltd. (a) | 50 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Materials — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; China Natural Resources, Inc. (a) | 34 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp; CN Energy Group, Inc., Class A (a) | 2 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silvercorp Metals, Inc. | 27400 | 294276 |
|  |  | 294415 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Media & Entertainment — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Everbright Digital Holding Ltd. (a) | 35 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp; GD Culture Group Ltd. (a) | 6 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pop Culture Group Co., Ltd., Class A (a) | 40 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zhihu, Inc., ADR (a) | 34 | 97 |
|  |  | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Pharmaceuticals, Biotechnology & Life Sciences — 0.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *Pharmaceuticals, Biotechnology & Life Sciences — 0.0%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zai Lab Ltd., ADR (a) | 500 | 9405 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Retailing — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Baozun, Inc., ADR (a) | 9800 | 23422 |
| &nbsp;&nbsp;&nbsp;&nbsp; J-Long Group Ltd., Class A (a) | 45 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanrio Co., Ltd. (b) | 1100 | 6839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sea Ltd., ADR (a) | 33500 | 2774135 |
|  |  | 2804710 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Semiconductors & Semiconductor Equipment — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Daqo New Energy Corp., ADR (a) | 8100 | 172287 |
| &nbsp;&nbsp;&nbsp;&nbsp; JinkoSolar Holding Co., Ltd., ADR | 1700 | 43197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kulicke & Soffa Industries, Inc. | 100 | 6572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnachip Semiconductor Corp. (a) | 4100 | 11480 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; STMicroelectronics NV | 1300 | $44915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 7800 | 2636010 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Microelectronics Corp., ADR | 34500 | 309810 |
|  |  | 3224271 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Software & Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Vnet Group, Inc., ADR (a) | 28900 | 242471 |
| &nbsp;&nbsp;&nbsp;&nbsp; X3 Holdings Co., Ltd. (a) | 2 | 2 |
|  |  | 242473 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Technology Hardware & Equipment — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; LG Display Co., Ltd., ADR (a) | 1200 | 4656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lianhe Sowell International Group Ltd., Class A (a) | 44 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; UTime Ltd., Class A (a) | 1 | 2 |
|  |  | 4665 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Telecommunication Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; KT Corp., ADR | 18300 | 392535 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoftBank Group Corp. (b) | 300 | 7305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telkom Indonesia Persero Tbk. PT, ADR | 100 | 1868 |
| &nbsp;&nbsp;&nbsp;&nbsp; VEON Ltd., ADR (a) | 400 | 18520 |
|  |  | 420228 |
|  **Total Asia** |  | **10927197** |
|  **Europe — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Automobiles & Components — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG (a),(b) | 783 | 72433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrari NV (b) | 950 | 322338 |
|  |  | 394771 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Banks — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays PLC, ADR | 1800 | 38088 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Capital Goods — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Holdings NV (b) | 14948 | 2050567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Generation Essentials Group, Class A (a) | 24 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Luxfer Holdings PLC, ADR (a) | 1900 | 23142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rheinmetall AG (b) | 219 | 369406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens AG (b) | 4071 | 991834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Energy AG (b) | 5312 | 916052 |
| &nbsp;&nbsp;&nbsp;&nbsp; T1 Energy, Inc. (a) | 58500 | 256815 |
|  |  | 4607845 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Commercial & Professional Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RELX PLC, ADR | 100 | 3315 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Consumer Durables & Apparel — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amer Sports, Inc. (a) | 70802 | $2330802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Financiere Richemont SA, Class A (b) | 641 | 113179 |
|  |  | 2443981 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Diversified Financials — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Coincheck Group NV (a) | 22 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank AG | 8400 | 250152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Klarna Group PLC (a) | 15102 | 197685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marex Group PLC | 29325 | 1307308 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG (b) | 13565 | 528945 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG (Switzerland) (b) | 854 | 33366 |
|  |  | 2317489 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Energy — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CMB Tech NV | 1900 | 24035 |
| &nbsp;&nbsp;&nbsp;&nbsp; FLEX LNG Ltd. (a) | 1100 | 32681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Frontline PLC | 1000 | 34860 |
| &nbsp;&nbsp;&nbsp;&nbsp; KNOT Offshore Partners LP | 3900 | 39312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Okeanis Eco Tankers Corp. (d) | 200 | 10118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scorpio Tankers, Inc. | 5900 | 440494 |
| &nbsp;&nbsp;&nbsp;&nbsp; StealthGas, Inc. (a) | 2200 | 20196 |
|  |  | 601696 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Food, Beverage & Tobacco — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomad Foods Ltd. | 3100 | 29791 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Health Care Equipment & Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Virax Biolabs Group Ltd. (a),(d) | 24 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Household & Personal Products — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC, ADR | 12 | 684 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Insurance — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelis Insurance Holdings Ltd. | 400 | 7644 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Materials — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Orion SA | 800 | 5200 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Pharmaceuticals, Biotechnology & Life Sciences — 0.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *Pharmaceuticals, Biotechnology & Life Sciences — 0.1%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abivax SA, ADR (a) | 8850 | 985448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Achilles Therapeutics PLC, ADR (a),(e) | 1700 | 2516 |
| &nbsp;&nbsp;&nbsp;&nbsp; ADC Therapeutics SA (a) | 2191 | 8216 |
| &nbsp;&nbsp;&nbsp;&nbsp; AgomAb Therapeutics NV, ADR (a) | 35401 | 371356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amarin Corp. PLC, ADR (a) | 685 | 9905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argenx SE, ADR (a) | 60 | 43815 |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC, ADR (b) | 6 | 1183 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; AtaiBeckley, Inc. (a) | 5301 | $18766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bicycle Therapeutics PLC, ADR (a) | 1000 | 4640 |
| &nbsp;&nbsp;&nbsp;&nbsp; BioNTech SE, ADR (a) | 47 | 4177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Pathways PLC, ADR (a) | 65601 | 362774 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRISPR Therapeutics AG (a) | 3200 | 152224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galderma Group AG (b) | 1977 | 388547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genmab AS, ADR (a) | 2000 | 53660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Immunocore Holdings PLC, ADR (a) | 4600 | 138690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mereo Biopharma Group PLC, ADR (a) | 1200 | 396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk AS, ADR | 26500 | 973875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharvaris NV (a) | 700 | 19775 |
| &nbsp;&nbsp;&nbsp;&nbsp; ProQR Therapeutics NV (a) | 7000 | 11340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prothena Corp. PLC (a) | 7000 | 68040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silence Therapeutics PLC, ADR (a) | 1000 | 5270 |
| &nbsp;&nbsp;&nbsp;&nbsp; uniQure NV (a) | 13700 | 223995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zura Bio Ltd. (a) | 1400 | 8330 |
|  |  | 3856938 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Retailing — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jumia Technologies AG, ADR (a) | 12700 | 87630 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Semiconductors & Semiconductor Equipment — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV (b) | 2799 | 3697003 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV (a),(b) | 74 | 98402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infineon Technologies AG (b) | 14631 | 663753 |
|  |  | 4459158 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Software & Services — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Materialise NV, ADR (a) | 400 | 1976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nebius Group NV (a) | 18400 | 1909184 |
|  |  | 1911160 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Technology Hardware & Equipment — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TE Connectivity PLC (b) | 7226 | 1510378 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Transportation — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Costamare, Inc. | 2100 | 35490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diana Shipping, Inc. | 1000 | 2500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Ship Lease, Inc., Class A | 6500 | 241995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safe Bulkers, Inc. | 8000 | 50640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Star Bulk Carriers Corp. | 12724 | 292270 |
|  |  | 622895 |
|  **Total Europe** |  | **22898668** |
|  **Middle East — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Automobiles & Components — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mobileye Global, Inc., Class A (a) | 53500 | 367545 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Capital Goods — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nano Dimension Ltd., ADR (a) | 8406 | $14290 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Diversified Financials — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Etoro Group Ltd., Class A (a) | 17700 | 531531 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Health Care Equipment & Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brainsway Ltd., ADR (a) | 900 | 11961 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Household & Personal Products — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oddity Tech Ltd., Class A (a) | 900 | 12042 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Materials — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Eldorado Gold Corp. | 300 | 10299 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Media & Entertainment — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Taboola.com Ltd. (a) | 23900 | 74090 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Pharmaceuticals, Biotechnology & Life Sciences — 0.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *Pharmaceuticals, Biotechnology & Life Sciences — 0.0%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Can-Fite BioPharma Ltd., ADR (a) | 50 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compugen Ltd. (a) | 4700 | 10011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galmed Pharmaceuticals Ltd. (a) | 272 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kamada Ltd. | 700 | 5838 |
| &nbsp;&nbsp;&nbsp;&nbsp; PRF Technologies Ltd. (a) | 41 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purple Biotech Ltd., ADR (a) | 10 | 40 |
|  |  | 16259 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Semiconductors & Semiconductor Equipment — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Camtek Ltd. (a) | 2800 | 424508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valens Semiconductor Ltd. (a) | 1800 | 2034 |
|  |  | 426542 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Software & Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alarum Technologies Ltd., ADR (a) | 200 | 1192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognyte Software Ltd. (a) | 1500 | 12150 |
|  |  | 13342 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Technology Hardware & Equipment — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AudioCodes Ltd. | 1300 | 10933 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Telecommunication Services — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyivstar Group Ltd. (a) | 70802 | 716517 |
|  **Total Middle East** |  | **2205351** |
|  **North America — 32.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Automobiles & Components — 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adient PLC (a) | 400 | 8084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dana, Inc. | 100 | 3365 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dauch Corp. (a) | 1034 | $6132 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Co. (b) | 30270 | 2255115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gentherm, Inc. (a) | 100 | 2778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harley-Davidson, Inc. | 19900 | 402378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Holley, Inc. (a) | 2100 | 6447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magna International, Inc. | 1300 | 72553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Motorcar Parts of America, Inc. (a) | 800 | 8848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phinia, Inc. | 100 | 6844 |
| &nbsp;&nbsp;&nbsp;&nbsp; QuantumScape Corp. (a) | 46300 | 295394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rivian Automotive, Inc., Class A (a) | 159200 | 2395960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Motor Products, Inc. | 200 | 6948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stoneridge, Inc. (a) | 3200 | 15456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc. (a) | 67841 | 25219892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Workhorse Group, Inc. (a) | 17 | 51 |
|  |  | 30706245 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Banks — 3.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amerant Bancorp, Inc. | 57194 | 1260556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameris Bancorp | 210858 | 16444815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arrow Financial Corp. | 422 | 14167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlantic Union Bankshares Corp. | 283160 | 10120138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avidbank Holdings, Inc. (a) | 8301 | 236579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banc of California, Inc. | 155156 | 2727643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. (b) | 13205 | 643744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Hawaii Corp. | 200 | 14850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Marin Bancorp | 600 | 15378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank OZK | 1400 | 64246 |
| &nbsp;&nbsp;&nbsp;&nbsp; BankUnited, Inc. | 400 | 18064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banner Corp. | 6552 | 397575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bar Harbor Bankshares | 300 | 9735 |
| &nbsp;&nbsp;&nbsp;&nbsp; BayCom Corp. | 200 | 5945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blue Ridge Bankshares, Inc. (a) | 1600 | 6720 |
| &nbsp;&nbsp;&nbsp;&nbsp; BOK Financial Corp. | 200 | 25612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bridgewater Bancshares, Inc. (a) | 600 | 10620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Business First Bancshares, Inc. | 100 | 2704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camden National Corp. | 300 | 14235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capitol Federal Financial, Inc. | 9200 | 65596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central BanCo, Inc., Class A | 294555 | 7054592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Pacific Financial Corp. | 2200 | 70312 |
| &nbsp;&nbsp;&nbsp;&nbsp; ChoiceOne Financial Services, Inc. | 100 | 2812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. | 9200 | 1043372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. (b) | 4229 | 253613 |
| &nbsp;&nbsp;&nbsp;&nbsp; CoastalSouth Bancshares, Inc. | 21658 | 532570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colony Bankcorp, Inc. | 800 | 15976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commerce Bancshares, Inc. | 115 | 5658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Community Trust Bancorp, Inc. | 100 | 6072 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConnectOne Bancorp, Inc. | 542 | 14509 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cullen/Frost Bankers, Inc. | 500 | $68540 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVB Financial Corp. | 6779 | 131445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dime Community Bancshares, Inc. | 200 | 6764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eagle Bancorp, Inc. | 170376 | 4237251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Farmers National Banc Corp. | 100 | 1316 |
| &nbsp;&nbsp;&nbsp;&nbsp; FB Financial Corp. | 33945 | 1763103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Institutions, Inc. | 500 | 15855 |
| &nbsp;&nbsp;&nbsp;&nbsp; First BanCorp | 500 | 10680 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Bank | 200 | 3200 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Busey Corp. | 33 | 834 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Commonwealth Financial Corp. | 500 | 8790 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Community Bankshares, Inc. | 200 | 8304 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Community Corp. | 1000 | 29230 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Financial Corp. | 100 | 6320 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Foundation, Inc. (a) | 381162 | 2248856 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Hawaiian, Inc. | 1300 | 32032 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Horizon Corp. | 733549 | 16695575 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Internet Bancorp | 200 | 4076 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Interstate BancSystem, Inc., Class A | 22063 | 736904 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Merchants Corp. | 100 | 3873 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Western Financial, Inc. (a) | 35704 | 877604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Firstsun Capital Bancorp (a) | 600 | 21876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flagstar Bank NA | 176664 | 2326665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flushing Financial Corp. | 7300 | 112128 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNB Corp. | 26500 | 443080 |
| &nbsp;&nbsp;&nbsp;&nbsp; FS Bancorp, Inc. | 100 | 3859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fulton Financial Corp. (a) | 100 | 2001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Great Southern Bancorp, Inc. | 100 | 6313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hanmi Financial Corp. | 1300 | 34268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heritage Financial Corp. | 1600 | 41600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilltop Holdings, Inc. | 200 | 7164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hingham Institution For Savings | 18752 | 5360072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home BancShares, Inc. | 1100 | 29623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hope Bancorp, Inc. | 17400 | 194358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Horizon Bancorp, Inc. | 2000 | 33140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent Bank Corp. | 600 | 19980 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 25880 | 7612861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kearny Financial Corp. | 11200 | 84560 |
| &nbsp;&nbsp;&nbsp;&nbsp; KeyCorp | 841560 | 16873278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Live Oak Bancshares, Inc. | 1500 | 49605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mechanics Bancorp, Class A | 100 | 1475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercantile Bank Corp. | 300 | 15150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metrocity Bankshares, Inc. | 100 | 2867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Bank Holding Corp. | 7380 | 614680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Midland States Bancorp, Inc. | 1100 | 24541 |
| &nbsp;&nbsp;&nbsp;&nbsp; MVB Financial Corp. | 100 | 2483 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; National Bank Holdings Corp., Class A | 14603 | $571853 |
| &nbsp;&nbsp;&nbsp;&nbsp; NB Bancorp, Inc. | 400 | 8428 |
| &nbsp;&nbsp;&nbsp;&nbsp; NBT Bancorp, Inc. | 100 | 4258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northfield Bancorp, Inc. | 2900 | 39266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northpointe Bancshares, Inc. | 16945 | 292471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwest Bancshares, Inc. | 677 | 8591 |
| &nbsp;&nbsp;&nbsp;&nbsp; OceanFirst Financial Corp. | 6300 | 113652 |
| &nbsp;&nbsp;&nbsp;&nbsp; OFG Bancorp | 700 | 28322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Origin Bancorp, Inc. | 300 | 12438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pathward Financial, Inc. | 400 | 35692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peapack-Gladstone Financial Corp. | 500 | 17605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinnacle Financial Partners, Inc. | 6831 | 588422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Bank | 400 | 36276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Primis Financial Corp. | 53362 | 708647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosperity Bancshares, Inc. | 75252 | 5055429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Provident Financial Services, Inc. | 43 | 910 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBB Bancorp | 300 | 6411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renasant Corp. | 1007 | 36383 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&T Bancorp, Inc. | 400 | 16732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seacoast Banking Corp. of Florida | 394135 | 11938349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sierra Bancorp | 200 | 6784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simmons First National Corp., Class A | 10700 | 208115 |
| &nbsp;&nbsp;&nbsp;&nbsp; SmartFinancial, Inc. | 9450 | 369306 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Plains Financial, Inc. | 400 | 16760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern First Bancshares, Inc. (a) | 100 | 5450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Missouri Bancorp, Inc. | 100 | 6394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southside Bancshares, Inc. | 2000 | 62180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southstate Bank Corp. | 32 | 2961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Capital Bancshares, Inc. (a) | 200 | 18976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tompkins Financial Corp. | 100 | 7884 |
| &nbsp;&nbsp;&nbsp;&nbsp; TriCo Bancshares | 22104 | 1050824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp. | 300 | 13791 |
| &nbsp;&nbsp;&nbsp;&nbsp; TrustCo Bank Corp. | 520 | 22766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustmark Corp. | 120076 | 5060003 |
| &nbsp;&nbsp;&nbsp;&nbsp; UMB Financial Corp. | 20 | 2256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Univest Financial Corp. | 900 | 30834 |
| &nbsp;&nbsp;&nbsp;&nbsp; USCB Financial Holdings, Inc. | 1981 | 36728 |
| &nbsp;&nbsp;&nbsp;&nbsp; WaFd, Inc. | 1067 | 33504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Trust Bancorp, Inc. | 1000 | 33460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 1200 | 95532 |
| &nbsp;&nbsp;&nbsp;&nbsp; WesBanco, Inc. | 600 | 20694 |
| &nbsp;&nbsp;&nbsp;&nbsp; West BanCorp, Inc. | 200 | 4758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westamerica BanCorp | 900 | 46935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Alliance Bancorp | 500 | 35425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zions Bancorp NA | 9400 | 541628 |
|  |  | 129160670 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Capital Goods — 4.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3D Systems Corp. (a) | 32100 | $60348 |
| &nbsp;&nbsp;&nbsp;&nbsp; AAON, Inc. | 100 | 8275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Acuity, Inc. | 120 | 33626 |
| &nbsp;&nbsp;&nbsp;&nbsp; AeroVironment, Inc. (a) | 13275 | 2429989 |
| &nbsp;&nbsp;&nbsp;&nbsp; AerSale Corp. (a) | 800 | 4976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Albany International Corp., Class A | 1000 | 52210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alliance Laundry Holdings, Inc. (a) | 53101 | 1101315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allient, Inc. | 300 | 17727 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMETEK, Inc. | 90500 | 19399580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amprius Technologies, Inc. (a) | 9600 | 161856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apogee Enterprises, Inc. | 2600 | 87204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Industrial Technologies, Inc. | 1660 | 440431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Archer Aviation, Inc., Class A (a) | 265507 | 1372671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Armstrong World Industries, Inc. | 3700 | 609760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astronics Corp. (a) | 100 | 6673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atkore, Inc. | 300 | 17673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atmus Filtration Technologies, Inc. | 30 | 1703 |
| &nbsp;&nbsp;&nbsp;&nbsp; AZZ, Inc. | 400 | 50052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Babcock & Wilcox Enterprises, Inc. (a) | 2000 | 29380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ballard Power Systems, Inc. (a) | 64400 | 155848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beta Technologies, Inc., Class A (a) | 52946 | 778306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bloom Energy Corp., Class A (a) | 47238 | 6400277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blue Bird Corp. (a) | 500 | 28395 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlueLinx Holdings, Inc. (a) | 600 | 32508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boise Cascade Co. | 300 | 22755 |
| &nbsp;&nbsp;&nbsp;&nbsp; BWX Technologies, Inc. | 1000 | 204490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 60 | 42508 |
| &nbsp;&nbsp;&nbsp;&nbsp; CECO Environmental Corp. (a) | 3400 | 202572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centuri Holdings, Inc. (a) | 45701 | 1334926 |
| &nbsp;&nbsp;&nbsp;&nbsp; ChargePoint Holdings, Inc. (a) | 25 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNH Industrial NV | 6000 | 66000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Vehicle Group, Inc. (a) | 7000 | 23870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Concrete Pumping Holdings, Inc. (a) | 700 | 4998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Core & Main, Inc., Class A (a),(b) | 7307 | 360966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cummins, Inc. | 31 | 16679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Donaldson Co., Inc. | 900 | 76383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Douglas Dynamics, Inc. | 200 | 8418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Recovery, Inc. (a) | 100 | 1007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eos Energy Enterprises, Inc. (a) | 74600 | 370016 |
| &nbsp;&nbsp;&nbsp;&nbsp; EquipmentShare.com, Inc., Class A (a) | 53101 | 1081667 |
| &nbsp;&nbsp;&nbsp;&nbsp; ESCO Technologies, Inc. | 100 | 28137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Firefly Aerospace, Inc. (a) | 26551 | 755907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fluence Energy, Inc. (a) | 29100 | 400416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forgent Power Solutions, Inc. (a) | 50179 | 1468739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin Electric Co., Inc. | 2200 | 202774 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; FreightCar America, Inc. (a) | 200 | $1594 |
| &nbsp;&nbsp;&nbsp;&nbsp; FTC Solar, Inc. (a) | 0 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp; FuelCell Energy, Inc. (a) | 7421 | 48459 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE Vernova, Inc. | 1120 | 977648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Generac Holdings, Inc. (a),(b) | 661 | 129113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Industrial Co. | 700 | 22064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gorman-Rupp Co. (The) | 400 | 24852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Graco, Inc. | 70000 | 5925500 |
| &nbsp;&nbsp;&nbsp;&nbsp; GrafTech International Ltd. (a) | 130 | 881 |
| &nbsp;&nbsp;&nbsp;&nbsp; HEICO Corp. | 3500 | 959700 |
| &nbsp;&nbsp;&nbsp;&nbsp; HEICO Corp., Class A | 68000 | 14354120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hexcel Corp. | 2300 | 186139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 400 | 90412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hudson Technologies, Inc. (a) | 1000 | 5880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc. | 40 | 15196 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEX Corp. | 400 | 75820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc. | 4560 | 1186922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insteel Industries, Inc. | 200 | 6722 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITT, Inc. | 44251 | 8431143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International PLC (b) | 87 | 11393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Karat Packaging, Inc. | 100 | 2792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kratos Defense & Security Solutions, Inc. (a) | 17700 | 1248027 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. | 48676 | 16800521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 20880 | 12619663 |
| &nbsp;&nbsp;&nbsp;&nbsp; LSI Industries, Inc. | 300 | 5580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Manitowoc Co., Inc. (The) (a) | 3800 | 44270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Matrix Service Co. (a) | 1500 | 17220 |
| &nbsp;&nbsp;&nbsp;&nbsp; McGrath RentCorp | 100 | 11028 |
| &nbsp;&nbsp;&nbsp;&nbsp; MDA Space Ltd. (a) | 44251 | 1120435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miller Industries, Inc. | 300 | 13665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mueller Water Products, Inc., Class A | 500 | 13745 |
| &nbsp;&nbsp;&nbsp;&nbsp; NANO Nuclear Energy, Inc. (a) | 300 | 6144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Power, Inc. (a) | 2500 | 3900 |
| &nbsp;&nbsp;&nbsp;&nbsp; NPK International, Inc. (a) | 1700 | 24633 |
| &nbsp;&nbsp;&nbsp;&nbsp; NuScale Power Corp. (a) | 30025 | 325471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nuvve Holding Corp. (a) | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; NWPX Infrastructure, Inc. (a) | 400 | 31144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | 1200 | 92496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Owens Corning | 800 | 86576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palladyne AI Corp. (a) | 33 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. (b) | 6 | 5371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Plug Power, Inc. (a) | 177710 | 401625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanta Services, Inc. (b) | 25 | 13726 |
| &nbsp;&nbsp;&nbsp;&nbsp; QXO, Inc. (a) | 44251 | 859354 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Bearings, Inc. (a) | 40895 | 22210892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redwire Corp. (a) | 73402 | 623917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Richtech Robotics, Inc., Class B (a) | 6700 | 14003 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; RTX Corp. | 1300 | $250770 |
| &nbsp;&nbsp;&nbsp;&nbsp; SES AI Corp. (a) | 17700 | 17027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simpson Manufacturing Co., Inc. | 46888 | 8046919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solv Energy, Inc., Class A (a) | 26551 | 797327 |
| &nbsp;&nbsp;&nbsp;&nbsp; StandardAero, Inc. (a) | 112840 | 2914657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stem, Inc. (a) | 300 | 2652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunrun, Inc. (a) | 51585 | 699493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Symbotic, Inc. (a) | 13837 | 736128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Textron, Inc. | 6700 | 586652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermon Group Holdings, Inc. (a) | 1500 | 75600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tigo Energy, Inc. (a) | 2100 | 7896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Timken Co. | 1800 | 181026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Titan International, Inc. (a) | 900 | 6219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Titan Machinery, Inc. (a) | 1000 | 16720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trex Co., Inc. (a) | 5400 | 196668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tutor Perini Corp. | 1800 | 138942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultralife Corp. (a) | 400 | 2608 |
| &nbsp;&nbsp;&nbsp;&nbsp; V2X, Inc. (a) | 26951 | 1846144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voyager Technologies, Inc., Class A (a) | 44251 | 1035031 |
| &nbsp;&nbsp;&nbsp;&nbsp; VSE Corp. | 15930 | 2937492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wabash National Corp. | 100 | 862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Watsco, Inc. | 400 | 145516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westwater Resources, Inc. (a) | 2700 | 1766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Willis Lease Finance Corp. | 800 | 136208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Worthington Enterprises, Inc. | 100 | 5214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xos, Inc. (a) | 700 | 1141 |
| &nbsp;&nbsp;&nbsp;&nbsp; York Space Systems, Inc. (a) | 26551 | 588636 |
|  |  | 150379568 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Commercial & Professional Services — 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ACCO Brands Corp. | 6400 | 19200 |
| &nbsp;&nbsp;&nbsp;&nbsp; ACV Auctions, Inc., Class A (a) | 1400 | 5936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alight, Inc., Class A | 115300 | 67185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Andersen Group, Inc., Class A (a) | 88502 | 2407254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 1440 | 292579 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackSky Technology, Inc. (a) | 42 | 1057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boyd Group, Inc. | 3540 | 452624 |
| &nbsp;&nbsp;&nbsp;&nbsp; BrightView Holdings, Inc. (a) | 9400 | 110826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc. | 100 | 16248 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBIZ, Inc. (a) | 200 | 5370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cintas Corp. | 9500 | 1606830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Civeo Corp. (a) | 225 | 5953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clean Harbors, Inc. (a) | 1700 | 487441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Copart, Inc. (a) | 268399 | 8910847 |
| &nbsp;&nbsp;&nbsp;&nbsp; CoreCivic, Inc. (a) | 900 | 17019 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRA International, Inc. | 1400 | 226632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ennis, Inc. | 1900 | 40698 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Equifax, Inc. | 40 | $7203 |
| &nbsp;&nbsp;&nbsp;&nbsp; ExlService Holdings, Inc. (a) | 19100 | 581595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exponent, Inc. | 4700 | 306675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiverr International Ltd. (a) | 5600 | 56112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forrester Research, Inc. (a) | 1500 | 8490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin Covey Co. (a) | 600 | 9474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fuel Tech, Inc. (a) | 1000 | 1220 |
| &nbsp;&nbsp;&nbsp;&nbsp; GEE Group, Inc. (a) | 5200 | 1249 |
| &nbsp;&nbsp;&nbsp;&nbsp; GFL Environmental, Inc. | 200 | 8344 |
| &nbsp;&nbsp;&nbsp;&nbsp; IBEX Holdings Ltd. (a) | 1600 | 42912 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICF International, Inc. | 500 | 32645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insperity, Inc. | 4300 | 116272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. | 500 | 63640 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBR, Inc. | 3300 | 121638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kelly Services, Inc., Class A | 2600 | 23010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kforce, Inc. | 100 | 2924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | 300 | 46656 |
| &nbsp;&nbsp;&nbsp;&nbsp; ManpowerGroup, Inc. | 7600 | 223896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Millennium Corp. (a),(b),(e) | 60879 | 2891752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mistras Group, Inc. (a) | 400 | 5912 |
| &nbsp;&nbsp;&nbsp;&nbsp; OPENLANE, Inc. (a) | 600 | 17490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paycom Software, Inc. | 11900 | 1446326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paylocity Holding Corp. (a) | 3300 | 356532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Planet Labs PBC (a) | 43800 | 1224210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quad/Graphics, Inc. | 2100 | 13881 |
| &nbsp;&nbsp;&nbsp;&nbsp; RCM Technologies, Inc. (a) | 500 | 9570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic Services, Inc. | 5300 | 1160806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Robert Half, Inc. | 4200 | 106680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rollins, Inc. | 8600 | 459326 |
| &nbsp;&nbsp;&nbsp;&nbsp; ShiftPixy, Inc. (a),(e) | 1 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; TrueBlue, Inc. (a) | 700 | 2737 |
| &nbsp;&nbsp;&nbsp;&nbsp; TTEC Holdings, Inc. (a) | 9100 | 22750 |
| &nbsp;&nbsp;&nbsp;&nbsp; UL Solutions, Inc., Class A | 35401 | 3034220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verisk Analytics, Inc., Class A (b) | 10853 | 2059357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Connections, Inc. | 15000 | 2436600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Management, Inc. | 8400 | 1930236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Willdan Group, Inc. (a) | 1700 | 130152 |
|  |  | 33636198 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Consumer Durables & Apparel — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acushnet Holdings Corp. | 300 | 28044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allbirds, Inc., Class A (a) | 95 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp; BRP, Inc. | 300 | 21543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brunswick Corp. | 800 | 58208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deckers Outdoor Corp. (a) | 6800 | 680612 |
| &nbsp;&nbsp;&nbsp;&nbsp; DR Horton, Inc. | 100 | 13722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Figs, Inc., Class A (a) | 8600 | 127022 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Fossil Group, Inc. (a) | 9800 | $42238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hooker Furnishings Corp. | 300 | 3864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Outdoors, Inc., Class A | 300 | 13953 |
| &nbsp;&nbsp;&nbsp;&nbsp; KB Home | 5300 | 274275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legacy Housing Corp. (a) | 400 | 8172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leggett & Platt, Inc. | 7300 | 72124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennar Corp., Class A | 6003 | 521300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Levi Strauss & Co., Class A | 17600 | 325424 |
| &nbsp;&nbsp;&nbsp;&nbsp; LGI Homes, Inc. (a) | 100 | 3953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meritage Homes Corp. | 5300 | 327752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mohawk Industries, Inc. (a) | 1500 | 147690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oxford Industries, Inc. | 800 | 30808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peloton Interactive, Inc., Class A (a) | 500 | 2145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Polaris, Inc. | 2500 | 136250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ralph Lauren Corp. | 1740 | 598543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smith & Wesson Brands, Inc. | 9400 | 134702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sturm Ruger & Co., Inc. | 2500 | 100225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Superior Group of Cos., Inc. | 200 | 2032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unifi, Inc. (a) | 1300 | 4641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Electronics, Inc. (a) | 1200 | 4944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vera Bradley, Inc. (a) | 500 | 1580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vince Holding Corp. (a) | 100 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Whirlpool Corp. | 26551 | 1431630 |
|  |  | 5117923 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Consumer Services — 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ADT, Inc. | 88502 | 581458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbnb, Inc., Class A (a) | 58700 | 7412636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amesite, Inc. (a) | 33 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Rock Coffee Bar, Inc., Class A (a) | 17700 | 228684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bloomin' Brands, Inc. | 15700 | 84780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions, Inc. (a) | 8200 | 673466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carriage Services, Inc. | 2000 | 91320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chegg, Inc. (a) | 13500 | 10008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc. (a) | 10700 | 342507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Choice Hotels International, Inc. | 4300 | 445050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Covista, Inc. (a) | 1400 | 161350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cracker Barrel Old Country Store, Inc. | 3200 | 89952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dine Brands Global, Inc. | 300 | 7872 |
| &nbsp;&nbsp;&nbsp;&nbsp; DoorDash, Inc., Class A (a),(b) | 1385 | 207958 |
| &nbsp;&nbsp;&nbsp;&nbsp; DraftKings, Inc., Class A (a) | 870 | 18809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Driven Brands Holdings, Inc. (a) | 800 | 10088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duolingo, Inc. (a) | 8740 | 861502 |
| &nbsp;&nbsp;&nbsp;&nbsp; El Pollo Loco Holdings, Inc. (a) | 1900 | 26334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | 20 | 6082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Krispy Kreme, Inc. | 4500 | 15255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kura Sushi USA, Inc., Class A (a) | 1400 | 97706 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Las Vegas Sands Corp. | 22000 | $1185360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Live Holdings, Inc., Class A (a),(b) | 1665 | 152581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Live Holdings, Inc., Class C (a),(b) | 2694 | 253532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Life Time Group Holdings, Inc. (a) | 13000 | 350220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln Educational Services Corp. (a) | 600 | 24408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lindblad Expeditions Holdings, Inc. (a) | 1000 | 17300 |
| &nbsp;&nbsp;&nbsp;&nbsp; McGraw Hill, Inc. (a) | 53101 | 727484 |
| &nbsp;&nbsp;&nbsp;&nbsp; MGM Resorts International (a) | 200 | 7402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phoenix Education Partners, Inc. | 8850 | 278421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Restaurant Brands International, Inc. | 30976 | 2289126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. (b) | 19 | 5228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rush Street Interactive, Inc. (a) | 10600 | 230550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Strategic Education, Inc. | 300 | 24888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vail Resorts, Inc. (b) | 847 | 108687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viking Holdings Ltd. (a) | 23800 | 1748824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wendy's Co. | 11700 | 81315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wynn Resorts Ltd. | 100 | 10155 |
|  |  | 18868359 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Diversified Financials — 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acadian Asset Management, Inc. | 17861 | 971996 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co. | 3394 | 1026617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apollo Global Management, Inc. (b) | 876 | 97604 |
| &nbsp;&nbsp;&nbsp;&nbsp; ARES Capital Corp. | 2500 | 45050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aurelion, Inc. (a) | 2 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bain Capital Specialty Finance, Inc. | 2600 | 32240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B (a) | 19680 | 9430656 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock TCP Capital Corp. | 1 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blue Owl Capital, Inc. | 3700 | 33781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blue Owl Technology Finance Corp. | 1000 | 12390 |
| &nbsp;&nbsp;&nbsp;&nbsp; BrightSpire Capital, Inc. | 2900 | 16240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Corp. | 950 | 38447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bullish (a) | 26551 | 948667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. (b) | 3740 | 682288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Southwest Corp. | 12800 | 283136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) (b) | 100090 | 9406458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cherry Hill Mortgage Investment Corp. | 1300 | 3250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chime Financial, Inc., Class A (a) | 26551 | 497300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chimera Investment Corp. | 2498 | 31350 |
| &nbsp;&nbsp;&nbsp;&nbsp; CME Group, Inc. | 1280 | 378048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corebridge Financial, Inc. | 44251 | 1055829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ellington Financial, Inc. | 53113 | 629389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enact Holdings, Inc. | 100 | 4081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essent Group Ltd. | 400 | 23376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euronet Worldwide, Inc. (a) | 31 | 2057 |
| &nbsp;&nbsp;&nbsp;&nbsp; EVERTEC, Inc. | 1300 | 36686 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; EZCORP, Inc., Class A (a) | 12900 | $327402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. (b) | 61535 | 2886607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Figure Technology Solutions, Inc., Class A (a) | 43466 | 1475671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flywire Corp. (a) | 74527 | 867494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galaxy Digital, Inc., Class A (a),(b) | 231314 | 4267743 |
| &nbsp;&nbsp;&nbsp;&nbsp; GCM Grosvenor, Inc., Class A | 50804 | 497879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gemini Space Station, Inc., Class A (a) | 3359 | 14847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gladstone Investment Corp. | 3200 | 45440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc. | 6799 | 457573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Granite Point Mortgage Trust, Inc. | 5000 | 7250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Green Dot Corp., Class A (a) | 4500 | 50490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hercules Capital, Inc. | 2200 | 32494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Brokers Group, Inc., Class A | 65200 | 4372964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. (b) | 1500 | 235920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies Financial Group, Inc. | 6600 | 272382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferson Capital, Inc. | 48439 | 931482 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR Real Estate Finance Trust, Inc. | 5200 | 31824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ladder Capital Corp., Class A | 16200 | 158274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lazard, Inc. | 200 | 8496 |
| &nbsp;&nbsp;&nbsp;&nbsp; MarketAxess Holdings, Inc. | 100237 | 16537100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marqeta, Inc., Class A (a) | 499000 | 2035920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | 24500 | 12241670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medallion Financial Corp. | 1200 | 10272 |
| &nbsp;&nbsp;&nbsp;&nbsp; MGIC Investment Corp. | 100 | 2625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miami International Holdings, Inc. (a) | 168810 | 6570085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 10200 | 1678614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Direct Lending Fund | 200 | 2792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morningstar, Inc. | 4400 | 743820 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSC Income Fund, Inc. | 6700 | 81606 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI, Inc., Class A | 1560 | 840856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nasdaq, Inc. | 44251 | 3756467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Navient Corp. | 2400 | 19632 |
| &nbsp;&nbsp;&nbsp;&nbsp; NewtekOne, Inc. | 13424 | 146993 |
| &nbsp;&nbsp;&nbsp;&nbsp; NMI Holdings, Inc. (a) | 200 | 7502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Trust Corp. | 20170 | 2815127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oaktree Specialty Lending Corp. | 131 | 1480 |
| &nbsp;&nbsp;&nbsp;&nbsp; OFS Capital Corp. | 800 | 2840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Onity Group, Inc. (a) | 94 | 3691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Open Lending Corp., Class A (a) | 17500 | 21875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oportun Financial Corp. (a) | 8300 | 38263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oppenheimer Holdings, Inc., Class A | 600 | 53514 |
| &nbsp;&nbsp;&nbsp;&nbsp; OppFi, Inc. (a) | 5800 | 44718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orion Digital Corp. (a) | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palmer Square Capital BDC, Inc. | 1400 | 13678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paymentus Holdings, Inc., Class A (a) | 49563 | 1258900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payoneer Global, Inc. (a) | 20900 | 100947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paysafe Ltd. (a) | 275 | 1873 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Paysign, Inc. (a) | 2300 | $13570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Piper Sandler Cos. | 65120 | 4984936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prospect Capital Corp. | 106200 | 277182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Radian Group, Inc. | 1500 | 49620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 10739 | 1554900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regional Management Corp. | 200 | 6450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Remitly Global, Inc. (a) | 61952 | 970788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rithm Property Trust, Inc. | 266 | 3562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Robinhood Markets, Inc., Class A (a) | 1200 | 83160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rocket Cos., Inc., Class A (a) | 37236 | 530613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Runway Growth Finance Corp. | 2000 | 13740 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc. (b) | 852 | 362390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silvercrest Asset Management Group, Inc., Class A | 300 | 4032 |
| &nbsp;&nbsp;&nbsp;&nbsp; SLM Corp. | 1100 | 23551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sprott, Inc. | 1100 | 157190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stifel Financial Corp. | 3874 | 286366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sui Group Holdings Ltd. (a) | 14000 | 16940 |
| &nbsp;&nbsp;&nbsp;&nbsp; TPG RE Finance Trust, Inc. | 9700 | 75757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tradeweb Markets, Inc., Class A | 22902 | 2694649 |
| &nbsp;&nbsp;&nbsp;&nbsp; TriplePoint Venture Growth BDC Corp., Class B | 3600 | 17964 |
| &nbsp;&nbsp;&nbsp;&nbsp; UWM Holdings Corp. | 66654 | 241288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Victory Capital Holdings, Inc., Class A | 200 | 13096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 24432 | 7384328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walker & Dunlop, Inc. | 100 | 4438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waterstone Financial, Inc. | 300 | 5409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wealthfront Corp. (a) | 208981 | 1933074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Union Co. | 11500 | 100395 |
| &nbsp;&nbsp;&nbsp;&nbsp; WhiteHorse Finance, Inc. | 2000 | 14800 |
|  |  | 113486227 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Energy — 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abundia Global Impact Group, Inc. (a) | 40 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Archrock, Inc. | 900 | 31320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cameco Corp. (b) | 1619 | 175840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cameco Corp. (b) | 741 | 80583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrus Energy Corp., Class A (a),(b) | 541 | 93912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. (b) | 4146 | 1176469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crescent Energy Co., Class A | 25 | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVR Energy, Inc. (a) | 1100 | 37015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delek U.S. Holdings, Inc. | 13100 | 590417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denison Mines Corp. (a) | 5600 | 19768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corp. (b) | 4716 | 237309 |
| &nbsp;&nbsp;&nbsp;&nbsp; DHT Holdings, Inc. | 1800 | 32886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. (b) | 56988 | 11271657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Energy Co. | 2200 | 38368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dorian LPG Ltd. (a) | 1700 | 58140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enbridge, Inc. (b) | 291 | 15775 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Fuels, Inc. (a) | 15700 | $286525 |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT Corp. (b) | 7032 | 447516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flowco Holdings, Inc., Class A | 12390 | 255234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forum Energy Technologies, Inc. (a) | 800 | 46928 |
| &nbsp;&nbsp;&nbsp;&nbsp; FutureFuel Corp. | 5000 | 19250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Granite Ridge Resources, Inc. | 100 | 587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Green Plains, Inc. (a) | 15000 | 246750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gulfport Energy Corp. (a) | 885 | 187239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halliburton Co. | 100 | 3899 |
| &nbsp;&nbsp;&nbsp;&nbsp; HighPeak Energy, Inc. | 300 | 2070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infinity Natural Resources, Inc., Class A (a) | 8850 | 155849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Innovex International, Inc. (a) | 7080 | 172681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | 8801 | 295098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kodiak Gas Services, Inc. | 48151 | 2808166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnolia Oil & Gas Corp., Class A | 27751 | 876099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 2200 | 537196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nabors Industries Ltd. (a) | 500 | 43030 |
| &nbsp;&nbsp;&nbsp;&nbsp; NACCO Industries, Inc., Class A | 100 | 5197 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Energy Services Reunited Corp. (a) | 100 | 2147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natural Gas Services Group, Inc. | 1700 | 64158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Navigator Holdings Ltd. | 1000 | 19330 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextDecade Corp. (a) | 400 | 3064 |
| &nbsp;&nbsp;&nbsp;&nbsp; North American Construction Group Ltd. | 1600 | 21568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Oil & Gas, Inc. | 44251 | 1293457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Obsidian Energy Ltd. (a) | 2600 | 24622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. | 1200 | 78000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil States International, Inc. (a) | 700 | 8148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ovintiv, Inc. | 18 | 1068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Par Pacific Holdings, Inc. (a) | 3100 | 194184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Patterson-UTI Energy, Inc. | 3885 | 42075 |
| &nbsp;&nbsp;&nbsp;&nbsp; PBF Energy, Inc., Class A | 25000 | 1190500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peabody Energy Corp. | 800 | 26360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Permian Resources Corp., Class A | 44251 | 943431 |
| &nbsp;&nbsp;&nbsp;&nbsp; ProPetro Holding Corp. (a) | 12050 | 173640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Riley Exploration Permian, Inc. | 500 | 18225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ring Energy, Inc. (a) | 24300 | 37179 |
| &nbsp;&nbsp;&nbsp;&nbsp; RPC, Inc. | 2800 | 19824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Select Water Solutions, Inc. | 44251 | 677040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC, ADR (b) | 3386 | 314898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC (b) | 13879 | 648997 |
| &nbsp;&nbsp;&nbsp;&nbsp; SM Energy Co. | 8850 | 275943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solaris Energy Infrastructure, Inc., Class A | 9700 | 548147 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Bow Corp. | 600 | 19992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunococorp LLC | 7300 | 450045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Corp. (b) | 3444 | 863514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transocean Ltd. (a) | 239533 | 1588104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uranium Energy Corp. (a) | 13275 | 179212 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Venture Global, Inc., Class A (b) | 5671 | $89375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viper Energy, Inc., Class A (b) | 151178 | 7103854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vista Energy SAB de CV, ADR (a) | 26551 | 2003804 |
| &nbsp;&nbsp;&nbsp;&nbsp; W&T Offshore, Inc. | 23200 | 79112 |
| &nbsp;&nbsp;&nbsp;&nbsp; WaterBridge Infrastructure LLC, Class A | 44251 | 1185484 |
|  |  | 40437670 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Engineering & Construction — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Doncasters (a),(b),(e) | 32640 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Financial Services — 0.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse AG AT1 Claim (a),(b),(e) | 235000 | 64625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Curo Group Holdings Corp. (a),(b),(e) | 24194 | 241940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Curo Group Holdings LLC (a),(b),(e) | 621609 | 6216090 |
| &nbsp;&nbsp;&nbsp;&nbsp; KPET Ultra Paceline Corp. (a) | 31379 | 313790 |
| &nbsp;&nbsp;&nbsp;&nbsp; PennantPark Investment Corp. | 7400 | 33226 |
|  |  | 6869671 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Food & Staples Retailing — 0.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp. (b) | 3693 | 3679816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hearthside LLC (a),(b) | 60595 | 1121007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maison Solutions, Inc., Class A (a) | 46 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natural Grocers by Vitamin Cottage, Inc., Class C | 900 | 23265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Target Corp. (b) | 8836 | 1070923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Village Super Market, Inc., Class A | 200 | 8446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weis Markets, Inc. | 800 | 54712 |
|  |  | 5958176 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Food, Beverage & Tobacco — 0.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group, Inc. (b) | 1926 | 127097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avax One Technology Ltd. (a) | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; B&G Foods, Inc., Class A | 17300 | 83213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Campbell's Co. | 42300 | 942021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Co. (b) | 29 | 2205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands, Inc. | 105200 | 1653744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darling Ingredients, Inc. (a) | 300 | 18555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dole PLC | 16900 | 241501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flowers Foods, Inc. | 1200 | 9780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hain Celestial Group, Inc. (The) (a) | 18400 | 12839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hershey Co. | 10000 | 2078900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hormel Foods Corp. | 79100 | 1791615 |
| &nbsp;&nbsp;&nbsp;&nbsp; JBS NV, Class A (a),(b) | 25583 | 459471 |
| &nbsp;&nbsp;&nbsp;&nbsp; John B Sanfilippo & Son, Inc. (a) | 1500 | 118995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Co. (b) | 66 | 1484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Laird Superfood, Inc. (a) | 100 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lifeway Foods, Inc. (a) | 100 | 1934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Limoneira Co. | 400 | 5368 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; MGP Ingredients, Inc. | 1700 | $31263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Molson Coors Beverage Co., Class B | 2100 | 90426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monster Beverage Corp. (a) | 200 | 14492 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Beverage Corp. (a) | 2800 | 94220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Once Upon a Farm PBC (a) | 17700 | 289395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Post Holdings, Inc. (a) | 9500 | 939170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smithfield Foods, Inc. | 23600 | 660092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tootsie Roll Industries, Inc. | 46 | 1965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turning Point Brands, Inc. | 400 | 34716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Corp. | 1800 | 94860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utz Brands, Inc. | 5100 | 40392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Village Farms International, Inc. (a) | 10600 | 30104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vital Farms, Inc. (a) | 9800 | 138376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zevia PBC, Class A (a) | 1100 | 1287 |
|  |  | 10009696 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Health Care Equipment & Services — 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories (b) | 43342 | 4449923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accendra Health, Inc. (a) | 7800 | 17784 |
| &nbsp;&nbsp;&nbsp;&nbsp; agilon health, Inc. (a) | 620 | 4904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alignment Healthcare, Inc. (a) | 26551 | 467829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphatec Holdings, Inc. (a) | 17400 | 189312 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Well Corp., Class A (a) | 635 | 3340 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMN Healthcare Services, Inc. (a) | 8500 | 155890 |
| &nbsp;&nbsp;&nbsp;&nbsp; AngioDynamics, Inc. (a) | 800 | 9096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anteris Technologies Global Corp. (a) | 57526 | 319269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ardent Health, Inc. (a) | 400 | 3424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Artivion, Inc. (a) | 2800 | 102536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assure Holdings Corp. (a) | 0 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp; ATI Physical Therapy, Inc. (a),(b),(e) | 912 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; ATI Physical Therapy, Inc. (a),(b),(e) | 214905 | 290122 |
| &nbsp;&nbsp;&nbsp;&nbsp; AtriCure, Inc. (a) | 3900 | 111267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aveanna Healthcare Holdings, Inc. (a) | 5100 | 32844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axogen, Inc. (a) | 15075 | 499435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bioventus, Inc., Class A (a) | 500 | 4565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp. (a),(b) | 137942 | 8655860 |
| &nbsp;&nbsp;&nbsp;&nbsp; BrightSpring Health Services, Inc. (a) | 106203 | 4525310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookdale Senior Living, Inc. (a) | 34109 | 466611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Butterfly Network, Inc. (a) | 2400 | 9696 |
| &nbsp;&nbsp;&nbsp;&nbsp; CareCloud, Inc. (a) | 800 | 2920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Castle Biosciences, Inc. (a) | 1000 | 24550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centene Corp. (a) | 69000 | 2259060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ceribell, Inc. (a) | 1900 | 34827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cerus Corp. (a) | 18600 | 33852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemed Corp. | 580 | 219089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cigna Group (b) | 869 | 231806 |
| &nbsp;&nbsp;&nbsp;&nbsp; ClearPoint Neuro, Inc. (a) | 600 | 5460 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Community Health Systems, Inc. (a) | 27200 | $79968 |
| &nbsp;&nbsp;&nbsp;&nbsp; CONMED Corp. | 2600 | 91936 |
| &nbsp;&nbsp;&nbsp;&nbsp; CorVel Corp. (a) | 200 | 10930 |
| &nbsp;&nbsp;&nbsp;&nbsp; DaVita, Inc. (a),(b) | 7 | 1076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Definitive Healthcare Corp. (a) | 1500 | 1845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Doximity, Inc., Class A (a) | 3200 | 74560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electromed, Inc. (a) | 1800 | 42138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Encompass Health Corp. | 12800 | 1238144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fractyl Health, Inc. (a) | 10800 | 4944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fulgent Genetics, Inc. (a) | 2600 | 41340 |
| &nbsp;&nbsp;&nbsp;&nbsp; GoodRx Holdings, Inc., Class A (a) | 300 | 588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guardant Health, Inc. (a) | 35880 | 3314236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guardian Pharmacy Services, Inc., Class A (a) | 35501 | 1336968 |
| &nbsp;&nbsp;&nbsp;&nbsp; HealthStream, Inc. | 3500 | 72485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hinge Health, Inc., Class A (a) | 200 | 7712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc. | 40 | 6936 |
| &nbsp;&nbsp;&nbsp;&nbsp; InfuSystem Holdings, Inc. (a) | 700 | 6461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insulet Corp. (a) | 480 | 100723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Integra LifeSciences Holdings Corp. (a) | 100 | 942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc. (a),(b) | 22593 | 10415147 |
| &nbsp;&nbsp;&nbsp;&nbsp; iRadimed Corp. | 400 | 38504 |
| &nbsp;&nbsp;&nbsp;&nbsp; iSpecimen, Inc. (a) | 26 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kestra Medical Technologies Ltd. (a) | 17700 | 352761 |
| &nbsp;&nbsp;&nbsp;&nbsp; LeMaitre Vascular, Inc. | 300 | 32751 |
| &nbsp;&nbsp;&nbsp;&nbsp; LifeStance Health Group, Inc. (a) | 44251 | 281879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lumexa Imaging Holdings, Inc. (a) | 19470 | 167442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Molina Healthcare, Inc. (a) | 9600 | 1279680 |
| &nbsp;&nbsp;&nbsp;&nbsp; National HealthCare Corp. | 100 | 15970 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Research Corp., Class A | 100 | 1698 |
| &nbsp;&nbsp;&nbsp;&nbsp; NeuroPace, Inc. (a) | 400 | 5260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omnicell, Inc. (a) | 2200 | 73436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orchestra BioMed Holdings, Inc. (a) | 62 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennant Group, Inc. (a) | 1300 | 39624 |
| &nbsp;&nbsp;&nbsp;&nbsp; ResMed, Inc. | 120 | 26938 |
| &nbsp;&nbsp;&nbsp;&nbsp; RxSight, Inc. (a) | 8200 | 50512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sight Sciences, Inc. (a) | 1100 | 4147 |
| &nbsp;&nbsp;&nbsp;&nbsp; SiNtx Technologies, Inc. (a) | 43 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; STAAR Surgical Co. (a) | 300 | 5610 |
| &nbsp;&nbsp;&nbsp;&nbsp; STERIS PLC | 700 | 154791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tactile Systems Technology, Inc. (a) | 300 | 7839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tandem Diabetes Care, Inc. (a) | 14102 | 270335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenet Healthcare Corp. (a),(b) | 513 | 96808 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransMedics Group, Inc. (a) | 800 | 79528 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 12740 | 3447317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Health Services, Inc., Class B | 300 | 53691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Varex Imaging Corp. (a) | 3600 | 38196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veeva Systems, Inc., Class A (a) | 8520 | 1496623 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Viemed Healthcare, Inc. (a) | 1600 | $14736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waystar Holding Corp. (a) | 53101 | 1280265 |
|  |  | 49296454 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Household & Personal Products — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BellRing Brands, Inc. (a) | 20100 | 323409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Garden & Pet Co., Class A (a) | 900 | 29178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edgewell Personal Care Co. | 7100 | 151514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Herbalife Ltd. (a) | 8500 | 125120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kenvue, Inc. (b) | 88723 | 1529585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | 25200 | 2431044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medifast, Inc. (a) | 1100 | 11209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nature's Sunshine Products, Inc. (a) | 600 | 14394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nu Skin Enterprises, Inc., Class A | 8800 | 64064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble Co. (b) | 1825 | 263603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reynolds Consumer Products, Inc. | 100 | 2118 |
| &nbsp;&nbsp;&nbsp;&nbsp; USANA Health Sciences, Inc. (a) | 400 | 6988 |
|  |  | 4952226 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Insurance — 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accelerant Holdings, Class A (a) | 35401 | 472957 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Coastal Insurance Corp., Class C (a) | 1500 | 16875 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Integrity Insurance Group, Inc. (a) | 100 | 1928 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMERISAFE, Inc. | 2100 | 69993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arch Capital Group Ltd. (a) | 114000 | 10942860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assured Guaranty Ltd. | 600 | 48888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ategrity Specialty Holdings LLC (a) | 100 | 1977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axis Capital Holdings Ltd. | 100 | 10141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bowhead Specialty Holdings, Inc. (a) | 9537 | 213915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubb Ltd. (b) | 6 | 1956 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNA Financial Corp. | 900 | 41328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crawford & Co., Class A | 300 | 2991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ethos Technologies, Inc., Class A (a) | 10620 | 118626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Everest Group Ltd. | 40 | 13074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exzeo Group, Inc. (a) | 17800 | 261126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greenlight Capital Re Ltd., Class A (a) | 600 | 10374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hagerty, Inc., Class A (a) | 1000 | 10530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hearthside LLC (a),(b) | 161707 | 2991580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heritage Insurance Holdings, Inc. (a) | 2300 | 60375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Horace Mann Educators Corp. | 900 | 38412 |
| &nbsp;&nbsp;&nbsp;&nbsp; James River Group Holdings, Inc. | 4200 | 26460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kemper Corp. | 2700 | 82512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingstone Cos., Inc. | 200 | 2914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinsale Capital Group, Inc. | 23046 | 7873896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lemonade, Inc. (a) | 6427 | 402844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercury General Corp. | 2000 | 176300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oscar Health, Inc., Class A (a) | 23500 | 269545 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Progressive Corp. | 47400 | $9396576 |
| &nbsp;&nbsp;&nbsp;&nbsp; RLI Corp. | 169950 | 9693948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skyward Specialty Insurance Group, Inc. (a) | 1200 | 52416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Slide Insurance Holdings, Inc. (a) | 100 | 1800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trupanion, Inc. (a) | 300 | 7683 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Fire Group, Inc. | 200 | 7412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Insurance Holdings, Inc. | 4300 | 146888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unum Group | 1500 | 109545 |
| &nbsp;&nbsp;&nbsp;&nbsp; W R Berkley Corp. | 18000 | 1193040 |
|  |  | 44773685 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Materials — 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AdvanSix, Inc. | 3200 | 78080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Products & Chemicals, Inc. | 4425 | 1285418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Albemarle Corp. | 16400 | 2944292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Algoma Steel Group, Inc. | 1000 | 4130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alto Ingredients, Inc. (a) | 10200 | 49368 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Vanguard Corp. (a) | 5900 | 14691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Americas Gold & Silver Corp. (a) | 5800 | 30276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amrize Ltd. (a) | 2000 | 112040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ardagh Metal Packaging SA | 100 | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ascent Industries Co. (a) | 100 | 1331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aspen Aerogels, Inc. (a) | 300 | 1026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aura Minerals, Inc. | 2900 | 236640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avino Silver & Gold Mines Ltd. (a) | 100 | 632 |
| &nbsp;&nbsp;&nbsp;&nbsp; B2Gold Corp. | 249900 | 1132047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Balchem Corp. | 1100 | 186428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barrick Mining Corp. | 23700 | 966723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centerra Gold, Inc. | 3300 | 58707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemours Co. | 1000 | 22030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc. (a) | 62100 | 524745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coeur Mining, Inc. (a) | 18201 | 341633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellium SE, Class A (a) | 1000 | 24580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Holdings, Inc. | 8700 | 872175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dakota Gold Corp. (a) | 100 | 505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dow, Inc. | 23400 | 974610 |
| &nbsp;&nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | 300 | 13740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eastman Chemical Co. | 5400 | 412128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Endeavour Silver Corp. (a) | 52200 | 485982 |
| &nbsp;&nbsp;&nbsp;&nbsp; FMC Corp. | 6300 | 108486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortuna Mining Corp. (a) | 7800 | 77454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franco-Nevada Corp. | 6000 | 1482300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 17900 | 1052162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galiano Gold, Inc. (a) | 10500 | 26355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gold Resource Corp. (a) | 6200 | 7440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gold Royalty Corp. (a) | 26200 | 93796 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Graphic Packaging Holding Co. | 10300 | $102382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hecla Mining Co. | 21860 | 407252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntsman Corp. | 12400 | 165044 |
| &nbsp;&nbsp;&nbsp;&nbsp; i-80 Gold Corp. (a) | 33900 | 51528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Innospec, Inc. | 2100 | 153342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Integra Resources Corp. (a) | 7000 | 19110 |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Tech Packaging, Inc. (a) | 3700 | 673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinross Gold Corp. | 400 | 12208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koppers Holdings, Inc. | 700 | 27076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Largo, Inc. (a) | 1900 | 2128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde PLC | 33220 | 16469147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lithium Americas Corp. (a) | 23815 | 94069 |
| &nbsp;&nbsp;&nbsp;&nbsp; LSB Industries, Inc. (a) | 2600 | 38740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnera Corp. (a) | 21 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mativ Holdings, Inc. | 100 | 870 |
| &nbsp;&nbsp;&nbsp;&nbsp; McEwen, Inc. (a) | 4800 | 98016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metalla Royalty & Streaming Ltd. (a) | 5200 | 34476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metallus, Inc. (a) | 800 | 13072 |
| &nbsp;&nbsp;&nbsp;&nbsp; MP Materials Corp. (a),(b) | 13774 | 664733 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Found Gold Corp. (a) | 1900 | 3686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newmont Corp. | 900 | 97425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Dynasty Minerals Ltd. (a) | 43100 | 60340 |
| &nbsp;&nbsp;&nbsp;&nbsp; O-I Glass, Inc. (a) | 13500 | 141885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olin Corp. | 4700 | 139731 |
| &nbsp;&nbsp;&nbsp;&nbsp; OR Royalties, Inc. | 9400 | 357388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Origin Materials, Inc. (a) | 10 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Osisko Development Corp. (a) | 7100 | 23075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pan American Silver Corp. | 4000 | 218520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ramaco Resources, Inc., Class A (a) | 11200 | 173152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Gold, Inc. | 300 | 76347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sensient Technologies Corp. | 100 | 8644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (b) | 1936 | 620585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solstice Advanced Materials, Inc. | 8900 | 677824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Copper Corp. | 661 | 113732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stepan Co. | 300 | 14994 |
| &nbsp;&nbsp;&nbsp;&nbsp; SunCoke Energy, Inc. | 4100 | 26691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taseko Mines Ltd. (a) | 33400 | 215430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teck Resources Ltd., Class B | 4500 | 232875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tredegar Corp. (a) | 400 | 3180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triple Flag Precious Metals Corp. | 4700 | 163137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tronox Holdings PLC, Class A | 3400 | 33218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vista Gold Corp. (a) | 3100 | 6076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vizsla Silver Corp. (a) | 20000 | 66000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vox Royalty Corp. | 300 | 1572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrior Met Coal, Inc. | 1000 | 93150 |
|  |  | 35545101 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Media & Entertainment — 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C (b) | 3788 | $1086626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A (b) | 51528 | 14817392 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMC Networks, Inc., Class A (a) | 4800 | 32592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bumble, Inc., Class A (a) | 14900 | 48574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cineverse Corp. (a) | 19 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc. (a) | 3500 | 8295 |
| &nbsp;&nbsp;&nbsp;&nbsp; EchoStar Corp., Class A (a) | 123903 | 14505324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entravision Communications Corp., Class A | 800 | 2376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Getty Images Holdings, Inc. (a) | 39 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp; iHeartMedia, Inc., Class A (a) | 600 | 1752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Learfield Communications LLC (a),(b),(e) | 91802 | 10281824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty Formula One, Class C (a),(b) | 3655 | 310748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc. (a),(b) | 32 | 4880 |
| &nbsp;&nbsp;&nbsp;&nbsp; LQR House, Inc. (a) | 29 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A (b) | 4689 | 2682718 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Times Co., Class A | 12500 | 1046625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nextdoor Holdings, Inc. (a) | 5900 | 8260 |
| &nbsp;&nbsp;&nbsp;&nbsp; NIQ Global Intelligence PLC (a) | 53101 | 603758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinterest, Inc., Class A (a) | 17800 | 326452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Playstudios, Inc. (a) | 4000 | 1877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Playtika Holding Corp. | 23900 | 66442 |
| &nbsp;&nbsp;&nbsp;&nbsp; PubMatic, Inc., Class A (a) | 1700 | 13906 |
| &nbsp;&nbsp;&nbsp;&nbsp; ROBLOX Corp., Class A (a) | 145500 | 8229480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roku, Inc. (a) | 8400 | 794808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skillz, Inc. (a) | 200 | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snap, Inc., Class A (a) | 131000 | 602600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sphere Entertainment Co. (a) | 5100 | 598740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc. (a),(b) | 483 | 95392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thryv Holdings, Inc. (a) | 700 | 1918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Townsquare Media, Inc., Class A | 1200 | 6516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trade Desk, Inc., Class A (a) | 90800 | 2060252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travelzoo (a) | 100 | 592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warner Bros Discovery, Inc. (a),(b) | 18286 | 502134 |
| &nbsp;&nbsp;&nbsp;&nbsp; ZipRecruiter, Inc., Class A (a) | 4000 | 7360 |
| &nbsp;&nbsp;&nbsp;&nbsp; ZoomInfo Technologies, Inc., Class A (a) | 500 | 2990 |
|  |  | 58753826 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Pharmaceuticals, Biotechnology & Life Sciences — 1.9%* | &nbsp;&nbsp;&nbsp;&nbsp; *Pharmaceuticals, Biotechnology & Life Sciences — 1.9%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10X Genomics, Inc., Class A (a) | 1700 | 36091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aardvark Therapeutics, Inc. (a) | 200 | 754 |
| &nbsp;&nbsp;&nbsp;&nbsp; AbCellera Biologics, Inc. (a) | 66600 | 232434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Absci Corp. (a) | 8000 | 24000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Achieve Life Sciences, Inc. (a) | 2800 | 8232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aclaris Therapeutics, Inc. (a) | 1300 | 4875 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Acrivon Therapeutics, Inc. (a) | 2400 | $3336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Actinium Pharmaceuticals, Inc. (a) | 3114 | 3099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Acumen Pharmaceuticals, Inc. (a) | 5700 | 13452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adaptive Biotechnologies Corp. (a) | 300 | 4164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adicet Bio, Inc. (a) | 1489 | 10140 |
| &nbsp;&nbsp;&nbsp;&nbsp; ADMA Biologics, Inc. (a) | 2500 | 22525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agenus, Inc. (a) | 25 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agios Pharmaceuticals, Inc. (a) | 200 | 6766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akebia Therapeutics, Inc. (a) | 4100 | 5699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aktis Oncology, Inc. (a) | 4425 | 79163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alector, Inc. (a) | 13100 | 28165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allogene Therapeutics, Inc. (a) | 47100 | 114924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, Inc. (a) | 29080 | 9621700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Altimmune, Inc. (a) | 8200 | 25256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alto Neuroscience, Inc. (a) | 1300 | 29224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alumis, Inc. (a) | 2312 | 50933 |
| &nbsp;&nbsp;&nbsp;&nbsp; ALX Oncology Holdings, Inc. (a) | 10900 | 21855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amylyx Pharmaceuticals, Inc. (a) | 2300 | 31970 |
| &nbsp;&nbsp;&nbsp;&nbsp; AnaptysBio, Inc. (a) | 5000 | 277300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anavex Life Sciences Corp. (a) | 20300 | 62321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anika Therapeutics, Inc. (a) | 1500 | 21750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Annovis Bio, Inc. (a) | 600 | 1338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apellis Pharmaceuticals, Inc. (a) | 100 | 4023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apogee Therapeutics, Inc. (a) | 16694 | 1405134 |
| &nbsp;&nbsp;&nbsp;&nbsp; AquaBounty Technologies, Inc. (a) | 200 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aquestive Therapeutics, Inc. (a) | 5300 | 21995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arcturus Therapeutics Holdings, Inc. (a) | 6200 | 47864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ardelyx, Inc. (a) | 18500 | 110815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arrowhead Pharmaceuticals, Inc. (a) | 1327 | 83203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arvinas, Inc. (a) | 11700 | 124020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aspire Biopharma Holdings, Inc. (a) | 13 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assertio Holdings, Inc. (a) | 543 | 10350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atea Pharmaceuticals, Inc. (a) | 12800 | 68864 |
| &nbsp;&nbsp;&nbsp;&nbsp; aTyr Pharma, Inc. (a) | 10800 | 8424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aurinia Pharmaceuticals, Inc. (a) | 20800 | 308256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axsome Therapeutics, Inc. (a) | 2600 | 439452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aytu BioPharma, Inc. (a) | 200 | 546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bausch Health Cos., Inc. (a) | 7700 | 41580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beam Therapeutics, Inc. (a) | 4300 | 102469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bicara Therapeutics, Inc. (a) | 11063 | 220043 |
| &nbsp;&nbsp;&nbsp;&nbsp; BioAge Labs, Inc. (a) | 8850 | 154786 |
| &nbsp;&nbsp;&nbsp;&nbsp; BioCardia, Inc. (a) | 47 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp; BioCryst Pharmaceuticals, Inc. (a) | 37841 | 360246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biofrontera, Inc. (a) | 14 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biohaven Ltd. (a) | 4300 | 36378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biomea Fusion, Inc. (a) | 1700 | 2601 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bio-Rad Laboratories, Inc., Class A (a) | 20 | $5575 |
| &nbsp;&nbsp;&nbsp;&nbsp; BioVie, Inc. (a) | 10 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNB Plus Corp. (a) | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bridgebio Pharma, Inc. (a) | 20000 | 1485200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bright Minds Biosciences, Inc. (a) | 21240 | 1549883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 73200 | 4439580 |
| &nbsp;&nbsp;&nbsp;&nbsp; C4 Therapeutics, Inc. (a) | 21000 | 55230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cabaletta Bio, Inc. (a) | 15600 | 41964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capricor Therapeutics, Inc. (a) | 17700 | 538080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardiff Oncology, Inc. (a) | 2100 | 3402 |
| &nbsp;&nbsp;&nbsp;&nbsp; CareDx, Inc. (a) | 600 | 10416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caribou Biosciences, Inc. (a) | 17801 | 33822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cartesian Therapeutics, Inc. (a) | 40 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cellectar Biosciences, Inc. (a) | 1 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; CEL-SCI Corp. (a) | 45 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Century Therapeutics, Inc. (a) | 17700 | 40002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Climb Bio, Inc. (a) | 1600 | 10960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cogent Biosciences, Inc. (a) | 6495 | 249993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coherus Oncology, Inc. (a) | 7900 | 13351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collegium Pharmaceutical, Inc. (a) | 500 | 16535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corcept Therapeutics, Inc. (a) | 2300 | 92713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corvus Pharmaceuticals, Inc. (a) | 9250 | 135327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crescent Biopharma, Inc. (a) | 200 | 3674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cullinan Therapeutics, Inc. (a) | 800 | 11368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cytokinetics, Inc. (a) | 300 | 19773 |
| &nbsp;&nbsp;&nbsp;&nbsp; CytomX Therapeutics, Inc. (a) | 62726 | 294812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danaher Corp. (b) | 8612 | 1632835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dare Bioscience, Inc. (a) | 200 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Day One Biopharmaceuticals, Inc. (a) | 400 | 8576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Definium Therapeutics, Inc. (a) | 41720 | 788508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Design Therapeutics, Inc. (a) | 100 | 1064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dianthus Therapeutics, Inc. (a) | 17700 | 1485384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Disc Medicine, Inc. (a) | 6195 | 396108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dyne Therapeutics, Inc. (a) | 6195 | 112315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edesa Biotech, Inc. (a) | 30 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Editas Medicine, Inc. (a) | 14300 | 35321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eikon Therapeutics, Inc. (a) | 14160 | 149813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emergent BioSolutions, Inc. (a) | 100 | 830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enanta Pharmaceuticals, Inc. (a) | 3700 | 46731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Erasca, Inc. (a) | 17700 | 286386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ernexa Therapeutics, Inc. (a) | 49 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Esperion Therapeutics, Inc. (a) | 52400 | 143576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evommune, Inc. (a) | 13275 | 305192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exagen, Inc. (a) | 1900 | 5700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelixis, Inc. (a) | 5200 | 223028 |
| &nbsp;&nbsp;&nbsp;&nbsp; EyePoint, Inc. (a) | 200 | 2578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fate Therapeutics, Inc. (a) | 25500 | 30600 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Filana Therapeutics, Inc. (a) | 10600 | $17914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortress Biotech, Inc. (a) | 20 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fulcrum Therapeutics, Inc. (a) | 500 | 3835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galectin Therapeutics, Inc. (a) | 1100 | 3069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Generate Biomedicines, Inc. (a) | 21622 | 270275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gossamer Bio, Inc. (a) | 42300 | 13896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halozyme Therapeutics, Inc. (a) | 2600 | 168038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harmony Biosciences Holdings, Inc. (a) | 1800 | 50418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harvard Bioscience, Inc. (a) | 683 | 3326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heron Therapeutics, Inc. (a) | 2200 | 1760 |
| &nbsp;&nbsp;&nbsp;&nbsp; High Tide, Inc. (a) | 1600 | 3664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyperion DeFi, Inc. (a) | 49 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp; iBio, Inc. (a) | 1100 | 2090 |
| &nbsp;&nbsp;&nbsp;&nbsp; ImmunityBio, Inc. (a) | 3702 | 28394 |
| &nbsp;&nbsp;&nbsp;&nbsp; IN8bio, Inc. (a) | 200 | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Incyte Corp. (a) | 400 | 37648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inhibikase Therapeutics, Inc. (a) | 900 | 1512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Innoviva, Inc. (a) | 4100 | 95530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inovio Pharmaceuticals, Inc. (a) | 1008 | 1754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insmed, Inc. (a),(b) | 8021 | 1311594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intellia Therapeutics, Inc. (a) | 25900 | 332038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invivyd, Inc. (a) | 12100 | 15730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ionis Pharmaceuticals, Inc. (a) | 36300 | 2725767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iovance Biotherapeutics, Inc. (a) | 77700 | 272727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ironwood Pharmaceuticals, Inc. (a) | 35100 | 123201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kairos Pharma Ltd. (a) | 35 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; KalVista Pharmaceuticals, Inc. (a) | 600 | 12078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Karyopharm Therapeutics, Inc. (a) | 1467 | 8171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keros Therapeutics, Inc. (a) | 1900 | 20976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kiniksa Pharmaceuticals International PLC, Class A (a) | 500 | 24075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kodiak Sciences, Inc. (a) | 1800 | 68616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kymera Therapeutics, Inc. (a) | 10010 | 833733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyntra Bio, Inc. (a) | 185 | 1254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyverna Therapeutics, Inc. (a) | 800 | 6904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Larimar Therapeutics, Inc. (a) | 22158 | 99711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legend Biotech Corp., ADR (a) | 7500 | 135675 |
| &nbsp;&nbsp;&nbsp;&nbsp; LENZ Therapeutics, Inc. (a) | 328 | 3001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lexicon Pharmaceuticals, Inc. (a) | 1900 | 2964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liquidia Corp. (a) | 2100 | 79254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lite Strategy, Inc. (a) | 2400 | 2784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lyell Immunopharma, Inc. (a) | 145 | 2909 |
| &nbsp;&nbsp;&nbsp;&nbsp; MacroGenics, Inc. (a) | 13900 | 40171 |
| &nbsp;&nbsp;&nbsp;&nbsp; MannKind Corp. (a) | 2200 | 5390 |
| &nbsp;&nbsp;&nbsp;&nbsp; MapLight Therapeutics, Inc. (a) | 17700 | 359841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maravai LifeSciences Holdings, Inc., Class A (a) | 11700 | 33111 |
| &nbsp;&nbsp;&nbsp;&nbsp; MaxCyte, Inc. (a) | 2500 | 1756 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; MediciNova, Inc. (a) | 100 | $137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medpace Holdings, Inc. (a) | 580 | 278510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. (b) | 7246 | 871621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metagenomi Therapeutics, Inc. (a) | 2500 | 3350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Milestone Pharmaceuticals, Inc. (a) | 13600 | 16184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mineralys Therapeutics, Inc. (a) | 4300 | 116487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mirum Pharmaceuticals, Inc. (a) | 3100 | 286378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moderna, Inc. (a) | 83100 | 4221480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monte Rosa Therapeutics, Inc. (a) | 7965 | 131024 |
| &nbsp;&nbsp;&nbsp;&nbsp; MoonLake Immunotherapeutics (a) | 3800 | 70832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Myriad Genetics, Inc. (a) | 6400 | 28800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nektar Therapeutics (a) | 26885 | 1934376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neumora Therapeutics, Inc. (a) | 18400 | 35880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc. (a) | 22000 | 2898280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nkarta, Inc. (a) | 13100 | 27641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nuvation Bio, Inc. (a) | 9400 | 40326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ocugen, Inc. (a) | 4800 | 8688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ocular Therapeutix, Inc. (a) | 1700 | 14399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olema Pharmaceuticals, Inc. (a) | 3500 | 52185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omeros Corp. (a) | 800 | 8448 |
| &nbsp;&nbsp;&nbsp;&nbsp; OmniAb, Inc. (a) | 1800 | 2826 |
| &nbsp;&nbsp;&nbsp;&nbsp; OnKure Therapeutics, Inc., Class A (a) | 370 | 1532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Organon & Co. | 19400 | 116206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ovid therapeutics, Inc. (a) | 3200 | 7104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pacific Biosciences of California, Inc. (a) | 9600 | 12672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palvella Therapeutics, Inc. (a) | 10620 | 1323783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perspective Therapeutics, Inc. (a) | 9910 | 41325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phathom Pharmaceuticals, Inc. (a) | 300 | 3333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phio Pharmaceuticals Corp. (a) | 4 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pliant Therapeutics, Inc. (a) | 13600 | 17136 |
| &nbsp;&nbsp;&nbsp;&nbsp; PMV Pharmaceuticals, Inc. (a) | 11700 | 14508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Precision BioSciences, Inc. (a) | 2219 | 12205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prelude Therapeutics, Inc. (a) | 5900 | 20178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prime Medicine, Inc. (a) | 4700 | 16356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Q32 Bio, Inc. (a) | 7 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 13960 | 10786054 |
| &nbsp;&nbsp;&nbsp;&nbsp; REGENXBIO, Inc. (a) | 1700 | 14246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Relay Therapeutics, Inc. (a) | 15800 | 157210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Relmada Therapeutics, Inc. (a) | 3700 | 25752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Replimune Group, Inc. (a) | 200 | 1530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revelation Biosciences, Inc. (a) | 50 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revolution Medicines, Inc. (a) | 6455 | 627749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rezolute, Inc. (a) | 400 | 1220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rocket Pharmaceuticals, Inc. (a) | 9200 | 32936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royalty Pharma PLC, Class A | 200 | 9594 |
| &nbsp;&nbsp;&nbsp;&nbsp; SAB Biotherapeutics, Inc. (a) | 48776 | 186812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sana Biotechnology, Inc. (a) | 200 | 576 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sangamo Therapeutics, Inc. (a) | 66500 | $16419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sarepta Therapeutics, Inc. (a) | 23000 | 500480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seer, Inc. (a) | 4600 | 7728 |
| &nbsp;&nbsp;&nbsp;&nbsp; SELLAS Life Sciences Group, Inc. (a) | 33 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shattuck Labs, Inc. (a) | 2200 | 14146 |
| &nbsp;&nbsp;&nbsp;&nbsp; SIGA Technologies, Inc. (a) | 1300 | 6955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sionna Therapeutics, Inc. (a) | 8850 | 354796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skye Bioscience, Inc. (a) | 300 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spero Therapeutics, Inc. (a) | 5800 | 13572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spyre Therapeutics, Inc. (a) | 17700 | 892788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spyre Therapeutics, Inc. (a) | 4700 | 237068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Structure Therapeutics, Inc., ADR (a) | 8850 | 426570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Summit Therapeutics, Inc. (a),(b) | 1 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Supernus Pharmaceuticals, Inc. (a) | 300 | 15507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sutro Biopharma, Inc. (a) | 770 | 19181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Syndax Pharmaceuticals, Inc. (a) | 10100 | 235936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taysha Gene Therapies, Inc. (a) | 1000 | 4470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenaya Therapeutics, Inc. (a) | 4400 | 3047 |
| &nbsp;&nbsp;&nbsp;&nbsp; TG Therapeutics, Inc. (a) | 5700 | 189354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Theravance Biopharma, Inc. (a) | 6100 | 99003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Theriva Biologics, Inc. (a) | 31 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travere Therapeutics, Inc. (a) | 13500 | 401085 |
| &nbsp;&nbsp;&nbsp;&nbsp; TScan Therapeutics, Inc. (a) | 7100 | 7171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tvardi Therapeutics, Inc. (a) | 122 | 388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultragenyx Pharmaceutical, Inc. (a) | 19400 | 406430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanda Pharmaceuticals, Inc. (a) | 10700 | 73937 |
| &nbsp;&nbsp;&nbsp;&nbsp; VeraDermics, Inc. (a) | 13231 | 835538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verastem, Inc. (a) | 5708 | 30252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vericel Corp. (a) | 1300 | 41821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verrica Pharmaceuticals, Inc. (a) | 90 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc. (a) | 720 | 321509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viking Therapeutics, Inc. (a) | 25200 | 820008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vir Biotechnology, Inc. (a) | 7900 | 70784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vistagen Therapeutics, Inc. (a) | 1847 | 1056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voyager Therapeutics, Inc. (a) | 1100 | 4246 |
| &nbsp;&nbsp;&nbsp;&nbsp; VYNE Therapeutics, Inc. (a) | 3700 | 2211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waters Corp. (a),(b) | 1021 | 304054 |
| &nbsp;&nbsp;&nbsp;&nbsp; WaVe Life Sciences Ltd. (a) | 2600 | 18850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Werewolf Therapeutics, Inc. (a) | 500 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Pharmaceutical Services, Inc. | 40 | 10026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Whitehawk Therapeutics, Inc. (a) | 200 | 690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xencor, Inc. (a) | 8900 | 107334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xenon Pharmaceuticals, Inc. (a) | 15775 | 917316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xeris Biopharma Holdings, Inc. (a) | 8164 | 47351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zenas Biopharma, Inc. (a) | 18200 | 355810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zentalis Pharmaceuticals, Inc. (a) | 15600 | 36504 |
|  |  | 68557703 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Real Estate — 0.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acadia Realty Trust | 100 | $1912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agree Realty Corp. | 26400 | 1990032 |
| &nbsp;&nbsp;&nbsp;&nbsp; AH Realty Trust, Inc. | 100 | 550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alpine Income Property Trust, Inc. | 3300 | 59400 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Assets Trust, Inc. | 600 | 11046 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Healthcare REIT, Inc. | 1000 | 47160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apartment Investment & Management Co., Class A | 800 | 3256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple Hospitality REIT, Inc. | 100 | 1151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brandywine Realty Trust | 6100 | 16531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brixmor Property Group, Inc. | 400 | 11520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadstone Net Lease, Inc. | 1500 | 27405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camden Property Trust | 200 | 19532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Community Healthcare Trust, Inc. | 300 | 4767 |
| &nbsp;&nbsp;&nbsp;&nbsp; COPT Defense Properties | 4900 | 149940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cousins Properties, Inc. | 200 | 4514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc. | 100 | 8131 |
| &nbsp;&nbsp;&nbsp;&nbsp; CTO Realty Growth, Inc. | 1900 | 35131 |
| &nbsp;&nbsp;&nbsp;&nbsp; CubeSmart | 2800 | 102620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Curbline Properties Corp. | 9450 | 243716 |
| &nbsp;&nbsp;&nbsp;&nbsp; DiamondRock Hospitality Co. | 900 | 8433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Easterly Government Properties, Inc. | 7280 | 156010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elme Communities | 7300 | 14673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc. (b) | 2689 | 2635865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity LifeStyle Properties, Inc. | 100 | 6242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essential Properties Realty Trust, Inc. | 71451 | 2169252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Farmland Partners, Inc. | 6100 | 68503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Four Corners Property Trust, Inc. | 20800 | 491920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin Street Properties Corp. | 300 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Getty Realty Corp. | 15750 | 500850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gladstone Commercial Corp. | 100 | 1143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gladstone Land Corp. | 8700 | 88740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Net Lease, Inc. | 5294 | 49552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Logistics Properties Trust | 3000 | 17040 |
| &nbsp;&nbsp;&nbsp;&nbsp; InvenTrust Properties Corp. | 1200 | 36552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kennedy-Wilson Holdings, Inc. | 200 | 2164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kilroy Realty Corp. | 100 | 2821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimco Realty Corp. | 100 | 2247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lineage, Inc. | 35401 | 1159737 |
| &nbsp;&nbsp;&nbsp;&nbsp; LTC Properties, Inc. | 5700 | 211812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medical Properties Trust, Inc. | 33600 | 155568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Millrose Properties, Inc., Class A | 10388 | 290864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Modiv Industrial, Inc. | 100 | 1432 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Storage Affiliates Trust | 7500 | 283050 |
| &nbsp;&nbsp;&nbsp;&nbsp; NET Lease Office Properties (a) | 100 | 1152 |
| &nbsp;&nbsp;&nbsp;&nbsp; NETSTREIT Corp. | 32050 | 603502 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; NNN REIT, Inc. | 2600 | $109278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omega Healthcare Investors, Inc. | 2600 | 113932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orion Properties, Inc. | 1600 | 3440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Park Hotels & Resorts, Inc. | 100 | 1053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pebblebrook Hotel Trust | 8900 | 112407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Piedmont Realty Trust, Inc., Class A (a) | 1300 | 8541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Postal Realty Trust, Inc., Class A | 6000 | 111360 |
| &nbsp;&nbsp;&nbsp;&nbsp; RLJ Lodging Trust | 5100 | 37842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabra Health Care REIT, Inc. | 6200 | 119226 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBA Communications Corp. | 500 | 86055 |
| &nbsp;&nbsp;&nbsp;&nbsp; SITE Centers Corp. (a) | 6200 | 33480 |
| &nbsp;&nbsp;&nbsp;&nbsp; STAG Industrial, Inc. | 2600 | 93756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Strawberry Fields REIT, Inc. | 700 | 8330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terreno Realty Corp. | 1100 | 67562 |
| &nbsp;&nbsp;&nbsp;&nbsp; UMH Properties, Inc. | 2000 | 28860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Urban Edge Properties | 100 | 1998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ventas, Inc. | 14162 | 1158168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veris Residential, Inc. | 300 | 5661 |
| &nbsp;&nbsp;&nbsp;&nbsp; VICI Properties, Inc. | 27 | 738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vornado Realty Trust | 600 | 15594 |
| &nbsp;&nbsp;&nbsp;&nbsp; WP Carey, Inc. | 26851 | 1824794 |
|  |  | 15639712 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Real Estate Management & Development — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Avalon GloboCare Corp. (a) | 3 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Douglas Elliman, Inc. (a) | 1900 | 3116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forestar Group, Inc. (a) | 1100 | 26884 |
| &nbsp;&nbsp;&nbsp;&nbsp; FRP Holdings, Inc. (a) | 300 | 6564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Landbridge Co. LLC, Class A | 18900 | 1305045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marcus & Millichap, Inc. | 200 | 5318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Opendoor Technologies, Inc. (a) | 74400 | 348192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Messenger Corp. (a) | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seritage Growth Properties, Class A (a) | 500 | 1405 |
|  |  | 1696526 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Retailing — 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1stdibs.com, Inc. (a) | 3200 | 17600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc. (a),(b) | 77951 | 16234855 |
| &nbsp;&nbsp;&nbsp;&nbsp; America's Car-Mart, Inc. (a) | 17450 | 222138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arko Corp. | 2600 | 14456 |
| &nbsp;&nbsp;&nbsp;&nbsp; ARKO Petroleum Corp. (a) | 9250 | 165482 |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoZone, Inc. (a),(b) | 38 | 128356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bath & Body Works, Inc. | 600 | 11202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bob's Discount Furniture, Inc. (a) | 26751 | 314324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brilliant Earth Group, Inc., Class A | 900 | 1197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Buckle, Inc. | 700 | 35252 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Caleres, Inc. | 500 | $5270 |
| &nbsp;&nbsp;&nbsp;&nbsp; CarMax, Inc. (a) | 31100 | 1293138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cato Corp. (The), Class A (a) | 1500 | 4245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chewy, Inc., Class A (a) | 38100 | 1028700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citi Trends, Inc. (a) | 400 | 17328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Designer Brands, Inc., Class A | 8900 | 50641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dick's Sporting Goods, Inc. (b) | 958 | 189962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Five Below, Inc. (a),(b) | 6103 | 1394413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gap, Inc. | 600 | 14520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genuine Parts Co. (b) | 2194 | 232015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gold.com, Inc. | 3300 | 132264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot, Inc. (b) | 4455 | 1465205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leslie's, Inc. (a) | 50 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. (b) | 10 | 2363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monro, Inc. | 200 | 3208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Murphy USA, Inc. | 240 | 118553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newegg Commerce, Inc. (a) | 5 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ollie's Bargain Outlet Holdings, Inc. (a) | 400 | 36816 |
| &nbsp;&nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc. (a),(b) | 6847 | 632047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Outdoor Holding Co. (a) | 3100 | 6231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pattern Group, Inc., Class A (a) | 26551 | 330029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Petco Health & Wellness Co., Inc. (a) | 40400 | 112312 |
| &nbsp;&nbsp;&nbsp;&nbsp; QVC Group, Inc. (a) | 992 | 2153 |
| &nbsp;&nbsp;&nbsp;&nbsp; RealReal, Inc. (The) (a) | 22800 | 207024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rent the Runway, Inc., Class A (a) | 125 | 597 |
| &nbsp;&nbsp;&nbsp;&nbsp; RH (a) | 1100 | 153802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ross Stores, Inc. (b) | 22297 | 4830199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sleep Number Corp. (a) | 3000 | 5385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonic Automotive, Inc., Class A | 200 | 13714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sportsman's Warehouse Holdings, Inc. (a) | 5100 | 7191 |
| &nbsp;&nbsp;&nbsp;&nbsp; ThredUp, Inc., Class A (a) | 12200 | 40016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tilly's, Inc., Class A (a) | 5000 | 20250 |
| &nbsp;&nbsp;&nbsp;&nbsp; TJX Cos., Inc. | 43200 | 6899040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Torrid Holdings, Inc. (a) | 500 | 890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wayfair, Inc., Class A (a) | 19400 | 1459074 |
|  |  | 37853720 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Semiconductors & Semiconductor Equipment — 2.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc. (a),(b) | 15135 | 3078913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aehr Test Systems (a) | 200 | 7416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alpha & Omega Semiconductor Ltd. (a) | 2500 | 55400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amkor Technology, Inc. | 46251 | 2082683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amtech Systems, Inc. (a) | 1600 | 18688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc. (b) | 151079 | 51637291 |
| &nbsp;&nbsp;&nbsp;&nbsp; ARM Holdings PLC, ADR (a),(b) | 698 | 105593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astera Labs, Inc. (a) | 9700 | 1063120 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. (b) | 11396 | $3527176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Solar, Inc. (a) | 11600 | 160660 |
| &nbsp;&nbsp;&nbsp;&nbsp; CEVA, Inc. (a) | 600 | 11208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cohu, Inc. (a) | 4000 | 122480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diodes, Inc. (a) | 200 | 13652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enphase Energy, Inc. (a) | 28800 | 1088928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Everspin Technologies, Inc. (a) | 800 | 7032 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Solar, Inc. (a) | 100 | 19726 |
| &nbsp;&nbsp;&nbsp;&nbsp; FormFactor, Inc. (a) | 500 | 48495 |
| &nbsp;&nbsp;&nbsp;&nbsp; GLOBALFOUNDRIES, Inc. (a) | 54651 | 2430877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ichor Holdings Ltd. (a) | 1700 | 79237 |
| &nbsp;&nbsp;&nbsp;&nbsp; inTEST Corp. (a) | 1100 | 15015 |
| &nbsp;&nbsp;&nbsp;&nbsp; KLA Corp. (b) | 76 | 111903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lam Research Corp. (b) | 4459 | 952710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maxeon Solar Technologies Ltd. (a) | 21 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp; MaxLinear, Inc. (a) | 5900 | 102601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 36500 | 12331160 |
| &nbsp;&nbsp;&nbsp;&nbsp; MKS, Inc. | 400 | 91924 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. (b) | 104193 | 18171259 |
| &nbsp;&nbsp;&nbsp;&nbsp; ON Semiconductor Corp. (a) | 28500 | 1764720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Onto Innovation, Inc. (a) | 500 | 102535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qnity Electronics, Inc., Class WI (b) | 4580 | 528440 |
| &nbsp;&nbsp;&nbsp;&nbsp; QuickLogic Corp. (a) | 100 | 938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rigetti Computing, Inc. (a) | 10550 | 148122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | 21200 | 1135260 |
| &nbsp;&nbsp;&nbsp;&nbsp; SolarEdge Technologies, Inc. (a) | 12900 | 658545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teradyne, Inc. | 4200 | 1245132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultra Clean Holdings, Inc. (a) | 2600 | 161668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Display Corp. | 800 | 73328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veeco Instruments, Inc. (a) | 1830 | 61964 |
|  |  | 103215831 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Software & Services — 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8x8, Inc. (a) | 10600 | 17596 |
| &nbsp;&nbsp;&nbsp;&nbsp; A10 Networks, Inc. | 4800 | 110976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture PLC, Class A | 400 | 79316 |
| &nbsp;&nbsp;&nbsp;&nbsp; ACI Worldwide, Inc. (a) | 152783 | 6265631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc. (a) | 45280 | 11006662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akamai Technologies, Inc. (a) | 18300 | 2101755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alarm.com Holdings, Inc. (a) | 1500 | 64785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alkami Technology, Inc. (a) | 519113 | 8134501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amplitude, Inc., Class A (a) | 4000 | 27280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Appian Corp., Class A (a) | 500 | 12055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Digital Corp. (a) | 29100 | 690834 |
| &nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corp., Class A (a),(b) | 218 | 86764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asana, Inc., Class A (a) | 21600 | 138240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlassian Corp., Class A (a) | 37200 | 2538900 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; AvePoint, Inc. (a) | 11600 | $110316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bentley Systems, Inc., Class B | 2600 | 91312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackbaud, Inc. (a) | 199 | 7683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Box, Inc., Class A (a) | 100 | 2364 |
| &nbsp;&nbsp;&nbsp;&nbsp; C3.ai, Inc., Class A (a) | 2500 | 21050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cerence, Inc. (a) | 8500 | 53635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cipher Digital, Inc. (a) | 46400 | 597168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Circle Internet Group, Inc. (a) | 22125 | 2110946 |
| &nbsp;&nbsp;&nbsp;&nbsp; CISO Global, Inc. (a) | 8 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cloudflare, Inc., Class A (a) | 46900 | 9677346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commvault Systems, Inc. (a) | 5100 | 397239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Scientific, Inc. (a) | 36800 | 550528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc., Class A (a) | 880 | 343561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Descartes Systems Group, Inc. (a) | 400 | 28624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digital Turbine, Inc. (a) | 4400 | 12672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Docebo, Inc. (a) | 200 | 3494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Docusign, Inc. (a) | 6900 | 327129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dropbox, Inc., Class A (a) | 22600 | 513472 |
| &nbsp;&nbsp;&nbsp;&nbsp; D-Wave Quantum, Inc. (a) | 8850 | 127705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dynatrace, Inc. (a) | 10400 | 384592 |
| &nbsp;&nbsp;&nbsp;&nbsp; eGain Corp. (a) | 1400 | 11046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elastic NV (a) | 4200 | 209958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expensify, Inc., Class A (a) | 5300 | 4610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fair Isaac Corp. (a),(b) | 343 | 366166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fastly, Inc., Class A (a) | 33300 | 967698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Figma, Inc., Class A (a) | 118651 | 2508282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Five9, Inc. (a) | 1800 | 27306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freshworks, Inc., Class A (a) | 600 | 4818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gartner, Inc. (a) | 2140 | 338848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc. | 100 | 1883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gitlab, Inc., Class A (a) | 5700 | 123348 |
| &nbsp;&nbsp;&nbsp;&nbsp; GoDaddy, Inc., Class A (a) | 26900 | 2223823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hackett Group, Inc. (The) | 5400 | 70254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hive Digital Technologies Ltd. (a) | 30501 | 57952 |
| &nbsp;&nbsp;&nbsp;&nbsp; HubSpot, Inc. (a) | 11400 | 2782740 |
| &nbsp;&nbsp;&nbsp;&nbsp; I3 Verticals, Inc., Class A (a) | 69716 | 1558850 |
| &nbsp;&nbsp;&nbsp;&nbsp; InterDigital, Inc. | 720 | 217440 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp. | 20 | 4848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Klaviyo, Inc., Class A (a) | 23500 | 457310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyndryl Holdings, Inc. (a) | 3000 | 39360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. (b) | 15707 | 5814260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitek Systems, Inc. (a) | 100 | 1350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monday.com Ltd. (a) | 11200 | 774032 |
| &nbsp;&nbsp;&nbsp;&nbsp; MongoDB, Inc. (a),(b) | 208 | 50912 |
| &nbsp;&nbsp;&nbsp;&nbsp; N-able, Inc. (a) | 1100 | 5137 |
| &nbsp;&nbsp;&nbsp;&nbsp; NCR Voyix Corp. (a) | 54704 | 346276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netskope, Inc., Class A (a) | 44351 | 376540 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Nutanix, Inc., Class A (a) | 902 | $34285 |
| &nbsp;&nbsp;&nbsp;&nbsp; OneSpan, Inc. | 300 | 3159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ooma, Inc. (a) | 900 | 13095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. (b) | 2750 | 404552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pagaya Technologies Ltd., Class A (a) | 9600 | 111840 |
| &nbsp;&nbsp;&nbsp;&nbsp; PagerDuty, Inc. (a) | 4900 | 30429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Inc., Class A (a) | 92300 | 13501644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pivotal Software, Inc. (a),(e) | 31000 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Q2 Holdings, Inc. (a) | 46683 | 2208106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rapid7, Inc. (a) | 14400 | 79344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rimini Street, Inc. (a) | 100 | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rubrik, Inc., Class A (a) | 7200 | 352584 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc. (a) | 50280 | 5256774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snowflake, Inc., Class A (a) | 200 | 30164 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoundThinking, Inc. (a) | 200 | 1324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sprout Social, Inc., Class A (a) | 11800 | 67260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synopsys, Inc. (a) | 39 | 15463 |
| &nbsp;&nbsp;&nbsp;&nbsp; TaoWeave, Inc. (a) | 1 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telos Corp. (a) | 8600 | 36034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenable Holdings, Inc. (a) | 1000 | 16915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terawulf, Inc. (a) | 87800 | 1266954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trimble, Inc. (a) | 100 | 6523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Twilio, Inc., Class A (a),(b) | 1013 | 127456 |
| &nbsp;&nbsp;&nbsp;&nbsp; UiPath, Inc., Class A (a) | 10000 | 111000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unity Software, Inc. (a) | 47000 | 1031180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Upland Software, Inc. (a) | 4700 | 3130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Varonis Systems, Inc. (a) | 13100 | 281257 |
| &nbsp;&nbsp;&nbsp;&nbsp; VeriSign, Inc. | 2880 | 715277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertex, Inc., Class A (a) | 100 | 1189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weave Communications, Inc. (a) | 700 | 3234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Workiva, Inc. (a) | 300 | 17889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zscaler, Inc. (a) | 1940 | 272163 |
|  |  | 91981735 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Technology Hardware & Equipment — 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ADTRAN Holdings, Inc. (a) | 3300 | 41514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp., Class A | 125680 | 15879668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. (b) | 30734 | 7799982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arista Networks, Inc. (a) | 13000 | 1596140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avnet, Inc. | 800 | 49296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boxlight Corp., Class A (a) | 27 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; CDW Corp. | 500 | 60510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comtech Telecommunications Corp. (a) | 3400 | 11288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corning, Inc. (b) | 133 | 18084 |
| &nbsp;&nbsp;&nbsp;&nbsp; CPI Card Group, Inc. (a) | 200 | 2902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dell Technologies, Inc., Class C | 16000 | 2626080 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Eastman Kodak Co. (a) | 800 | $7240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Everpure, Inc., Class A (a) | 1900 | 112176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolv Technologies Holdings, Inc. (a) | 38500 | 232925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flex Ltd. (a),(b) | 3264 | 213661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Frequency Electronics, Inc. (a) | 300 | 13278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | 48300 | 1150023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingram Micro Holding Corp. | 35601 | 829859 |
| &nbsp;&nbsp;&nbsp;&nbsp; IonQ, Inc. (a) | 12450 | 358934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jabil, Inc. (b) | 969 | 257396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lantronix, Inc. (a) | 3400 | 17816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lumentum Holdings, Inc. (a) | 1700 | 1194692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Methode Electronics, Inc., Class A | 4700 | 25944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | 3840 | 1666445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neonode, Inc. (a) | 1700 | 2380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ouster, Inc. (a) | 30 | 551 |
| &nbsp;&nbsp;&nbsp;&nbsp; PC Connection, Inc. | 400 | 23384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rogers Corp. (a) | 100 | 10733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandisk Corp. (a) | 24550 | 15597597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seagate Technology Holdings PLC (b) | 1336 | 523391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc. (a) | 32620 | 19735426 |
| &nbsp;&nbsp;&nbsp;&nbsp; TTM Technologies, Inc. (a) | 300 | 29226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viavi Solutions, Inc. (a) | 3500 | 116480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vishay Intertechnology, Inc. | 6400 | 115200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vistance Networks, Inc. (a) | 4100 | 74620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Digital Corp. (b) | 2520 | 681635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xerox Holdings Corp. | 27600 | 35604 |
|  |  | 71112113 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Telecommunication Services — 0.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AST SpaceMobile, Inc. (a) | 17700 | 1466799 |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc. (b) | 8887 | 257634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bandwidth, Inc., Class A (a) | 2300 | 40986 |
| &nbsp;&nbsp;&nbsp;&nbsp; BCE, Inc. | 3300 | 83292 |
| &nbsp;&nbsp;&nbsp;&nbsp; GCI Liberty, Inc., Class C (a) | 300 | 11163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gogo, Inc. (a) | 1700 | 6834 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDT Corp., Class B | 700 | 34370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lumen Technologies, Inc. (a) | 4000 | 27800 |
| &nbsp;&nbsp;&nbsp;&nbsp; TELUS Corp. | 600 | 7698 |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile U.S., Inc. (b) | 63226 | 13279357 |
|  |  | 15215933 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Transportation — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Airlines Group, Inc. (a) | 47700 | 512298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Kansas City Ltd. | 250 | 19665 |
| &nbsp;&nbsp;&nbsp;&nbsp; CH Robinson Worldwide, Inc. (b) | 2566 | 426136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Copa Holdings SA, Class A | 400 | 45444 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSX Corp. (b) | 221 | 9072 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Frontier Group Holdings, Inc. (a) | 14600 | $51538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genco Shipping & Trading Ltd. | 2700 | 60885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Aeromexico SAB de CV, ADR (a) | 26551 | 371979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heartland Express, Inc. | 9000 | 93600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hertz Global Holdings, Inc. (a) | 3200 | 14752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hub Group, Inc., Class A | 200 | 7208 |
| &nbsp;&nbsp;&nbsp;&nbsp; JetBlue Airways Corp. (a) | 67600 | 298792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Joby Aviation, Inc. (a) | 309758 | 2558601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marten Transport Ltd. | 4299 | 56446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norfolk Southern Corp. (b) | 48 | 13776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pangaea Logistics Solutions Ltd. | 700 | 4956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Radiant Logistics, Inc. (a) | 300 | 2115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seanergy Maritime Holdings Corp. | 1030 | 13297 |
| &nbsp;&nbsp;&nbsp;&nbsp; SkyWest, Inc. (a) | 500 | 45915 |
| &nbsp;&nbsp;&nbsp;&nbsp; U-Haul Holding Co. (a) | 700 | 33446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Logistics Holdings, Inc. | 300 | 6342 |
|  |  | 4646263 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Utilities — 0.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Artesian Resources Corp., Class A | 400 | 12740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avista Corp. | 1200 | 48168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp. | 10400 | 721864 |
| &nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | 300 | 12948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearway Energy, Inc., Class C | 700 | 27503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Edison, Inc. | 100 | 11318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy Corp. (b) | 254 | 70929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortis, Inc. | 200 | 11158 |
| &nbsp;&nbsp;&nbsp;&nbsp; H2O America | 2655 | 155769 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDACORP, Inc. | 6800 | 972196 |
| &nbsp;&nbsp;&nbsp;&nbsp; MDU Resources Group, Inc. | 13275 | 275058 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Fuel Gas Co. | 100 | 9396 |
| &nbsp;&nbsp;&nbsp;&nbsp; OGE Energy Corp. (a) | 13275 | 636669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otter Tail Corp. | 3100 | 272087 |
| &nbsp;&nbsp;&nbsp;&nbsp; PG&E Corp. | 600 | 10542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portland General Electric Co. | 32100 | 1693917 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPL Corp. | 1900 | 72580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talen Energy Corp. (a),(b) | 4839 | 1544754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unitil Corp. | 400 | 20896 |
| &nbsp;&nbsp;&nbsp;&nbsp; XPLR Infrastructure LP (a) | 11000 | 116820 |
|  |  | 6697312 |
|  **Total North America** |  | **1154568543** |
|  **Oceania — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Energy — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Heidmar Maritime Holdings Corp. (a) | 38 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Petroleum, Inc. (a) | 40 | 171 |
|  |  | 203 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Software & Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IREN Ltd. (a) | 16500 | $565620 |
|  **Total Oceania** |  | **565823** |
|  **South America — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Banks — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AGI, Inc., Class A (a) | 17700 | 128679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bradesco SA, ADR | 3600 | 13140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Cibest SA, ADR | 500 | 36405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Itau Unibanco Holding SA, ADR | 15200 | 127376 |
| &nbsp;&nbsp;&nbsp;&nbsp; NU Holdings Ltd., Class A (a),(b) | 67859 | 975134 |
|  |  | 1280734 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Consumer Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Afya Ltd., Class A | 2400 | 35688 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Diversified Financials — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dlocal Ltd. | 200 | 2594 |
| &nbsp;&nbsp;&nbsp;&nbsp; PicS NV (a) | 26551 | 277458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vinci Compass Investments Ltd. | 200 | 2110 |
|  |  | 282162 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Energy — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Geopark Ltd. | 400 | 3800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gran Tierra Energy, Inc. (a) | 1790 | 16056 |
|  |  | 19856 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Food, Beverage & Tobacco — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adecoagro SA | 1100 | 16522 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Health Care Equipment & Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Establishment Labs Holdings, Inc. (a) | 3500 | 198730 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Materials — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aris Mining Corp. (a) | 3300 | 61281 |
| &nbsp;&nbsp;&nbsp;&nbsp; ERO Copper Corp. (a) | 4400 | 117348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gerdau SA, ADR | 82180 | 296670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexa Resources SA (a) | 11600 | 122844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sociedad Quimica y Minera de Chile SA, ADR (a) | 100 | 8094 |
|  |  | 606237 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Telecommunication Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Telecom Argentina SA, ADR | 6195 | 72420 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Transportation — 0.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Azul SA, ADR (a),(b),(e) | 241029 | 3504963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Azul SA, ADR (a),(b),(e) | 42101 | 612219 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Latam Airlines Group SA, ADR | 36801 | $1819441 |
|  |  | 5936623 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Utilities — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Axia Energia, ADR | 600 | 6768 |
|  **Total South America** |  | **8455740** |
|  **TOTAL COMMON STOCK<br>(COST $1,152,933,536)** |  | **1200275617** |
|  **PREFERRED STOCK — 0.1%** |  |  |
|  **North America — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Health Care Equipment & Services — 0.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *Health Care Equipment & Services — 0.1%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ATI Physical Therapy, Inc. (a),(b),(e) | 3039 | 2013337 |
|  **Total North America** |  | **2013337** |
|  **TOTAL PREFERRED STOCK<br>(COST $3,008,610)** |  | **2013337** |
|  | **Principal<br>Amount** |  |
|  **ASSET-BACKED SECURITIES — 5.3%** |  |  |
|  **Europe — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bain Capital Credit CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class D1, 3 mo. TSFR + 3.70%, 7.37%, 07/15/37 (b),(d),(g) | $1000000 | 998964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4A, Class ER, 3 mo. TSFR + 6.40%, 10.07%, 10/16/37 (b),(d),(g) | 1300000 | 1199325 |
| &nbsp;&nbsp;&nbsp;&nbsp; CarVal CLO IX-C Ltd., Series 2024-1A, Class E, 3 mo. TSFR + 6.75%, 10.42%, 04/20/37 (b),(d),(g) | 1000000 | 982812 |
| &nbsp;&nbsp;&nbsp;&nbsp; MidOcean Credit CLO XV Ltd., Series 2024-15A, Class D, 3 mo. TSFR + 3.35%, 7.02%, 07/21/37 (b),(d),(g) | 2000000 | 1973984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pikes Peak CLO 17 Ltd., Series 2024-17A, Class E, 3 mo. TSFR + 5.75%, 9.42%, 01/15/38 (b),(d),(g) | 1500000 | 1437177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pikes Peak CLO Ltd., Series 2023-14A, Class ER, 3 mo. TSFR + 6.00%, 9.67%, 07/20/38 (b),(d),(g) | 1000000 | 926994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Storm King Park CLO Ltd., Series 2022-1A, Class ER, 3 mo. TSFR + 6.15%, 9.82%, 10/15/37 (b),(d),(g) | 1687000 | 1458550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vibrant CLO XVI Ltd., Series 2023-16A, Class DR, 3 mo. TSFR + 7.06%, 10.73%, 07/15/36 (b),(d),(g) | 1000000 | 946003 |
|  **Total Europe** |  | **9923809** |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
|  **North America — 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abry Liquid Credit CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class D, 3 mo. TSFR + 3.15%, 6.83%, 01/15/39 (b),(d),(g) | $1500000 | $1494738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class D, 3 mo. TSFR + 3.25%, 7.07%, 10/20/38 (b),(d),(g) | 1500000 | 1498911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class E, 3 mo. TSFR + 6.00%, 9.82%, 10/20/38 (b),(d),(g) | 2000000 | 1920688 |
| &nbsp;&nbsp;&nbsp;&nbsp; ACE Securities Corp. Home Equity Loan Trust, Series 2006-ASP6, Class A2C, 1 mo. TSFR + .43%, 4.11%, 12/25/36 (b),(g) | 2213898 | 679045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ally Bank Auto Credit-Linked Notes, Series 2025-B, Class F, 6.94%, 09/15/33 (b),(d) | 601941 | 600967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anchorage Capital CLO 26 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-26A, Class D2R, 3 mo. TSFR + 4.75%, 8.42%, 03/19/38 (b),(d),(g) | 500000 | 500351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-26A, Class ER, 3 mo. TSFR + 6.25%, 9.92%, 03/19/38 (b),(d),(g) | 500000 | 479578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anchorage Capital CLO 33 Ltd., Series 2025-33A, Class D2, 3 mo. TSFR + 4.50%, 8.17%, 10/20/38 (b),(d),(g) | 2000000 | 2003068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apidos CLO LIII Ltd., Series 2025-53A, Class E, 3 mo. TSFR + 6.43%, 10.10%, 07/20/38 (b),(d),(g) | 1125000 | 1119332 |
| &nbsp;&nbsp;&nbsp;&nbsp; ARES LIV CLO Ltd., Series 2019-54A, Class ER2, 3 mo. TSFR + 6.00%, 9.67%, 07/15/38 (b),(d),(g) | 1000000 | 972536 |
| &nbsp;&nbsp;&nbsp;&nbsp; ARES Loan Funding III Ltd., Series 2022-ALF3A, Class D2R2, 3 mo. TSFR + 4.78%, 8.48%, 04/25/39 (b),(d),(g) | 1250000 | 1231250 |
| &nbsp;&nbsp;&nbsp;&nbsp; ARES LXI CLO Ltd., Series 2021-61A, Class DR, 3 mo. TSFR + 3.90%, 7.57%, 04/20/37 (b),(d),(g) | 1000000 | 978691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlantic Avenue Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class D, 3 mo. TSFR + 4.75%, 8.42%, 04/20/37 (b),(d),(g) | 2500000 | 2498450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4A, Class E, 3 mo. TSFR + 6.15%, 9.92%, 10/15/38 (b),(d),(g) | 2500000 | 2324905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Balboa Bay Loan Funding Ltd., Series 2024-1A, Class E, 3 mo. TSFR + 6.25%, 9.92%, 07/20/37 (b),(d),(g) | 1000000 | 993398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barings CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A, Class ER, 3 mo. TSFR + 5.00%, 8.67%, 10/15/38 (b),(d),(g) | 1000000 | 920031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5A, Class E, 3 mo. TSFR + 5.00%, 8.84%, 10/15/38 (b),(d),(g) | 2000000 | 1899340 |
| &nbsp;&nbsp;&nbsp;&nbsp; BCAPB LLC Trust, Series 2007-AB1, Class A1, 1 mo. TSFR + .41%, 4.09%, 03/25/37 (b),(g) | 626431 | 209288 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XL Ltd., Series 2025-40A, Class E, 3 mo. TSFR + 5.25%, 8.92%, 07/25/38 (b),(d),(g) | $1000000 | $950755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Birch Grove CLO 16 Ltd., Series 2026-16A, Class D2, 3 mo. TSFR + 4.65%, 0.00%, 04/23/39 (b),(d),(g),(h) | 1375000 | 1375000 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlueMountain CLO XXIX Ltd., Series 2020-29A, Class ER, 3 mo. TSFR + 7.12%, 10.79%, 07/25/34 (b),(d),(g) | 1000000 | 899719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bridge Street CLO IV Ltd., Series 2024-1A, Class E, 3 mo. TSFR + 6.99%, 10.66%, 04/20/37 (b),(d),(g) | 1000000 | 970422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broad River BSL Funding CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class DR, 3 mo. TSFR + 3.36%, 7.03%, 07/20/34 (b),(d),(g) | 1400000 | 1380705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class ER, 3 mo. TSFR + 6.76%, 10.43%, 07/20/34 (b),(d),(g) | 2000000 | 1968014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bryant Park Funding Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-23A, Class D1, 3 mo. TSFR + 3.85%, 7.50%, 05/15/37 (b),(d),(g) | 1250000 | 1249929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-21A, Class D2R, 3 mo. TSFR + 3.90%, 7.57%, 10/18/38 (b),(d),(g) | 2000000 | 1925690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-23A, Class D2, 3 mo. TSFR + 5.05%, 8.70%, 05/15/37 (b),(d),(g) | 2000000 | 1996282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-20A, Class ER, 3 mo. TSFR + 6.75%, 10.42%, 04/15/38 (b),(d),(g) | 1000000 | 931403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-22A, Class E, 3 mo. TSFR + 7.13%, 10.80%, 04/15/37 (b),(d),(g) | 1250000 | 1220968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlyle U.S. CLO Ltd., Series 2025-1A, Class E, 3 mo. TSFR + 5.70%, 9.37%, 04/25/38 (b),(d),(g) | 1000000 | 978453 |
| &nbsp;&nbsp;&nbsp;&nbsp; CarMax Select Receivables Trust, Series 2025-B, Class E, 6.89%, 09/15/32 (b),(d) | 342000 | 341366 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBAMR Ltd., Series 2019-9A, Class ER, 3 mo. TSFR + 7.05%, 10.72%, 07/15/37 (b),(d),(g) | 1000000 | 970581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centex Home Equity Loan Trust, Series 2004-D, Class BF, 6.40%, 09/25/34 (b),(i) | 343182 | 310561 |
| &nbsp;&nbsp;&nbsp;&nbsp; CIFC Funding Ltd., Series 2023-1A, Class D2R, 3 mo. TSFR + 3.65%, 7.32%, 10/15/38 (b),(d),(g) | 2500000 | 2367045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Portfolio Services Auto Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class E, 7.65%, 08/16/32 (b),(d) | 1671000 | 1701969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class E, 7.95%, 03/15/33 (b),(d) | 2080000 | 2137304 |
| &nbsp;&nbsp;&nbsp;&nbsp; CoreVest American Finance Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3, Class XA, 1.99%, 10/15/52 (b),(d),(g),(j) | 685611 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4, Class XB, 2.36%, 12/15/52 (b),(d),(g),(j) | 669584 | 37065 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class XA, 2.77%, 04/15/53 (b),(d),(g),(j) | $290287 | $1990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class XA, 2.91%, 07/15/54 (b),(d),(g),(j) | 426477 | 7925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class E, 4.56%, 03/15/50 (b),(d),(g) | 125000 | 117614 |
| &nbsp;&nbsp;&nbsp;&nbsp; CPS Auto Receivables Trust, Series 2024-D, Class E, 7.13%, 06/15/32 (b),(d) | 1000000 | 1007567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crockett Partners Equipment Co. IIA LLC, Series 2024-1C, Class C, 10.16%, 01/20/31 (b),(d) | 178424 | 184800 |
| &nbsp;&nbsp;&nbsp;&nbsp; CTM CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class D1, 3 mo. TSFR + 3.00%, 6.78%, 10/20/38 (b),(d),(g) | 3000000 | 2990121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class E, 3 mo. TSFR + 6.75%, 10.42%, 07/15/38 (b),(d),(g) | 2000000 | 1926626 |
| &nbsp;&nbsp;&nbsp;&nbsp; CWABS Asset-Backed Certificates Trust, Series 2005-10, Class MF2, 4.11%, 02/25/36 (b),(g) | 268666 | 277216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elmwood CLO 31 Ltd., Series 2024-7A, Class D2, 3 mo. TSFR + 4.20%, 7.87%, 07/17/37 (b),(d),(g) | 750000 | 737714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elmwood CLO 32 Ltd., Series 2024-8A, Class D2, 3 mo. TSFR + 4.20%, 7.87%, 10/18/37 (b),(d),(g) | 400000 | 393339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elmwood CLO 42 Ltd., Series 2025-5A, Class E, 3 mo. TSFR + 6.50%, 10.17%, 03/31/38 (b),(d),(g) | 2000000 | 1967804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Empower CLO Ltd., Series 2022-1A, Class ER, 3 mo. TSFR + 5.90%, 9.57%, 10/20/37 (b),(d),(g) | 500000 | 455020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1A, Class E, 6.69%, 08/15/33 (b),(d) | 1590000 | 1531579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5A, Class E, 7.15%, 06/15/33 (b),(d) | 2482000 | 2435495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5A, Class E, 7.22%, 05/17/32 (b),(d) | 1414000 | 1444863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class E, 7.48%, 09/15/32 (b),(d) | 1974000 | 2017345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class E, 7.89%, 08/15/31 (b),(d) | 1426000 | 1466518 |
| &nbsp;&nbsp;&nbsp;&nbsp; FIGRE Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-HE1, Class E, 6.76%, 01/25/56 (b),(d),(g) | 348000 | 346647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-HE1, Class F, 7.90%, 01/25/56 (b),(d),(g) | 250000 | 248984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HE5, Class F, 8.17%, 08/25/55 (b),(d),(g) | 415000 | 425013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE4, Class F, 8.48%, 09/25/54 (b),(d),(g) | 251000 | 258455 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HE1, Class F, 8.53%, 01/25/55 (b),(d),(g) | $364000 | $371929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE5, Class F, 8.63%, 10/25/54 (b),(d),(g) | 251000 | 257277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HE2, Class F, 8.73%, 03/25/55 (b),(d),(g) | 506000 | 521861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flatiron CLO 32 Ltd., Series 2025-32A, Class D2, 3 mo. TSFR + 4.10%, 7.77%, 10/22/38 (b),(d),(g) | 500000 | 487834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fort Washington CLO Ltd., Series 2021-2A, Class E, 3 mo. TSFR + 6.87%, 10.54%, 10/20/34 (b),(d),(g) | 1500000 | 1421792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galaxy 31 CLO Ltd., Series 2023-31A, Class ER, 3 mo. TSFR + 5.50%, 9.17%, 07/15/38 (b),(d),(g) | 1000000 | 951392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Garnet CLO 2 Ltd., Series 2025-2A, Class E, 3 mo. TSFR + 5.25%, 9.33%, 10/20/38 (b),(d),(g) | 1000000 | 950068 |
| &nbsp;&nbsp;&nbsp;&nbsp; GLS Auto Receivables Issuer Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1A, Class E, 6.51%, 03/15/33 (b),(d) | 403000 | 393977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A, Class E, 6.52%, 08/16/32 (b),(d) | 1400000 | 1382674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4A, Class E, 7.17%, 12/15/32 (b),(d) | 1153000 | 1154981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class E, 7.19%, 03/15/32 (b),(d) | 1045000 | 1071177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class E, 7.25%, 06/16/31 (b),(d) | 813000 | 820724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4A, Class E, 7.51%, 08/15/31 (b),(d) | 1666000 | 1704123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class E, 7.73%, 06/15/32 (b),(d) | 1921000 | 1979423 |
| &nbsp;&nbsp;&nbsp;&nbsp; GoldenTree Loan Management U.S. CLO 15 Ltd., Series 2022-15A, Class ER2, 3 mo. TSFR + 5.00%, 8.67%, 10/20/38 (b),(d),(g) | 1000000 | 935831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodleap Sustainable Home Solutions Trust, Series 2023-3C, Class B, 7.80%, 07/20/55 (b),(d) | 361000 | 211623 |
| &nbsp;&nbsp;&nbsp;&nbsp; GoodLeap Sustainable Home Solutions Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3CS, Class A, 4.95%, 07/20/49 (b),(d) | 450306 | 405504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3C, Class A, 6.50%, 07/20/55 (b),(d) | 784617 | 764448 |
| &nbsp;&nbsp;&nbsp;&nbsp; GreenSky Home Improvement Trust, Series 2024-1, Class E, 9.00%, 06/25/59 (b),(d) | 1054660 | 1095527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greywolf CLO II Ltd., Series 2013-1A, Class C1RR, 3 mo. TSFR + 3.61%, 7.28%, 04/15/34 (b),(d),(g) | 1000000 | 998276 |
| &nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Trust, Series 2026-CES1, Class B1, 6.52%, 05/25/56 (b),(d),(g) | 251000 | 249182 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; GSAA Home Equity Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-5, Class M2, 4.28%, 06/25/34 (b),(i) | $294105 | $252263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-8, Class 2A3B, 1 mo. TSFR + .67%, 4.35%, 05/25/36 (b),(g) | 1527000 | 287607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-6, Class AF3, 5.73%, 03/25/36 (b),(g) | 750958 | 210010 |
| &nbsp;&nbsp;&nbsp;&nbsp; GSAA Trust, Series 2005-7, Class M1, 5.36%, 05/25/35 (b),(i) | 323946 | 267722 |
| &nbsp;&nbsp;&nbsp;&nbsp; HalseyPoint CLO 4 Ltd., Series 2021-4A, Class E, 3 mo. TSFR + 6.97%, 10.64%, 04/20/34 (b),(d),(g) | 1500000 | 1377051 |
| &nbsp;&nbsp;&nbsp;&nbsp; HalseyPoint CLO 5 Ltd., Series 2021-5A, Class E, 3 mo. TSFR + 7.20%, 10.87%, 01/30/35 (b),(d),(g) | 1000000 | 879116 |
| &nbsp;&nbsp;&nbsp;&nbsp; HalseyPoint CLO II Ltd., Series 2020-2A, Class ER, 3 mo. TSFR + 7.50%, 11.17%, 07/20/37 (b),(d),(g) | 1500000 | 1322615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harvest U.S. CLO Ltd., Series 2025-1A, Class E, 3 mo. TSFR + 5.35%, 9.02%, 04/18/38 (b),(d),(g) | 1000000 | 943495 |
| &nbsp;&nbsp;&nbsp;&nbsp; HPS Loan Management Ltd., Series 2025-25A, Class D2, 3 mo. TSFR + 4.85%, 8.52%, 07/26/38 (b),(d),(g) | 500000 | 502851 |
| &nbsp;&nbsp;&nbsp;&nbsp; JP Morgan Mortgage Acquisition Trust, Series 2006-HE2, Class M2, 1 mo. TSFR + .59%, 4.27%, 07/25/36 (b),(g) | 440077 | 443362 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR CLO 38 Ltd., Series 38A, Class D2R, 3 mo. TSFR + 4.86%, 8.54%, 01/15/38 (b),(d),(g) | 2750000 | 2746645 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR CLO 58 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-58A, Class D2, 3 mo. TSFR + 4.05%, 8.03%, 10/15/38 (b),(d),(g) | 1000000 | 972311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-58A, Class E, 3 mo. TSFR + 5.30%, 9.28%, 10/15/38 (b),(d),(g) | 1500000 | 1429897 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR CLO 60 Ltd., Series 2024-60A, Class E, 3 mo. TSFR + 6.10%, 9.77%, 01/15/38 (b),(d),(g) | 1000000 | 990411 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR CLO 63 Ltd., Series 2026-63A, Class E, 3 mo. TSFR + 6.84%, 0.00%, 04/20/39 (b),(d),(g),(h) | 1250000 | 1237500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Menlo CLO I Ltd., Series 2024-1X, Class E, 3 mo. TSFR + 6.25%, 9.92%, 01/20/38 (b),(c),(g) | 500000 | 496638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-H1, Class 2A2, 1 mo. TSFR + 3.61%, 7.29%, 10/25/37 (b),(g) | 708488 | 548455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merrill Lynch Mortgage Investors Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-RM5, Class A2B, 1 mo. TSFR + .35%, 4.03%, 10/25/37 (b),(g) | 1445406 | 208925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-RM5, Class A2C, 1 mo. TSFR + .47%, 4.15%, 10/25/37 (b),(g) | 2105482 | 305099 |
| &nbsp;&nbsp;&nbsp;&nbsp; MidOcean Credit CLO XIX, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-19A, Class D2, 3 mo. TSFR + 3.90%, 7.57%, 07/20/36 (b),(d),(g) | 2000000 | 1938564 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-19A, Class E, 3 mo. TSFR + 6.25%, 9.92%, 07/20/36 (b),(d),(g) | $1000000 | $995913 |
| &nbsp;&nbsp;&nbsp;&nbsp; MidOcean Credit CLO XXI, Series 2025-21A, Class E, 3 mo. TSFR + 5.00%, 8.86%, 10/20/38 (b),(d),(g) | 1000000 | 925880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley IXIS Real Estate Capital Trust, Series 2006-2, Class A3, 1 mo. TSFR + .26%, 3.94%, 11/25/36 (b),(g) | 755690 | 242849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Mortgage Loan Trust, Series 2006-17XS, Class A3A, 6.15%, 10/25/46 (b),(i) | 815299 | 208393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO 56 Ltd., Series 2024-56A, Class E, 3 mo. TSFR + 5.75%, 9.42%, 07/24/37 (b),(d),(g) | 1000000 | 982139 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Mountain CLO 4 Ltd., Series CLO-4A, Class ER, 3 mo. TSFR + 6.91%, 10.58%, 03/20/38 (b),(d),(g) | 2000000 | 1993404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oaktree CLO Ltd., Series 2025-32A, Class E, 3 mo. TSFR + 5.35%, 9.02%, 07/15/38 (b),(d),(g) | 1000000 | 957027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Octane Receivables Trust, Series 2024-3A, Class E, 7.66%, 11/22/32 (b),(d) | 475000 | 478781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oportun Funding Trust, Series 2025-1, Class D, 8.27%, 08/16/32 (b),(d) | 661000 | 662187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pagaya AI Debt Trust, Series 2022-2, Class C, 7.50%, 01/15/30 (b),(d) | 1708822 | 1714273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palmer Square CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class D1, 3 mo. TSFR + 3.10%, 6.77%, 07/20/38 (b),(d),(g) | 1000000 | 991732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2A, Class CR, 3 mo. TSFR + 3.90%, 7.57%, 04/16/37 (b),(d),(g) | 1000000 | 956505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class E, 3 mo. TSFR + 5.75%, 9.42%, 07/20/38 (b),(d),(g) | 1250000 | 1230073 |
| &nbsp;&nbsp;&nbsp;&nbsp; People's Choice Home Loan Securities Trust, Series 2005-2, Class M5, 1 mo. TSFR + 1.09%, 4.77%, 05/25/35 (b),(g) | 488000 | 343093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pikes Peak CLO 10, Series 2022-10A, Class ER, 3 mo. TSFR + 5.90%, 9.57%, 01/22/38 (b),(d),(g) | 1000000 | 928723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pikes Peak CLO 18, Series 2025-18A, Class E, 3 mo. TSFR + 5.75%, 9.42%, 04/20/38 (b),(d),(g) | 1000000 | 981429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pikes Peak CLO 20, Series 2025-20A, Class E, 3 mo. TSFR + 5.10%, 8.81%, 01/20/39 (b),(d),(g) | 1000000 | 927817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pikes Peak CLO 8, Series 2021-8A, Class ER, 3 mo. TSFR + 5.75%, 9.42%, 01/20/38 (b),(d),(g) | 1000000 | 928333 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPM CLO 3 Ltd., Series 2019-3A, Class ER, 3 mo. TSFR + 6.87%, 10.54%, 04/17/34 (b),(d),(g) | 500000 | 386736 |
| &nbsp;&nbsp;&nbsp;&nbsp; RAD CLO 9 Ltd., Series 2020-9A, Class ER, 3 mo. TSFR + 5.75%, 9.42%, 01/15/38 (b),(d),(g) | 1000000 | 886923 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; RASC Trust, Series 2003-KS4, Class MI2, 5.01%, 06/25/33 (b),(i) | $301642 | $246982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential Asset Securities Corporation Trust, Series 2006-KS1, Class M4, 1 mo. TSFR + .64%, 4.59%, 02/25/36 (b),(g) | 337000 | 264803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Romark CLO II Ltd., Series 2018-2A, Class D, 3 mo. TSFR + 6.51%, 10.18%, 07/25/31 (b),(d),(g) | 2250000 | 2059787 |
| &nbsp;&nbsp;&nbsp;&nbsp; RR 32 Ltd., Series 2024-32RA, Class DR, 3 mo. TSFR + 6.10%, 9.77%, 10/15/39 (b),(d),(g) | 1000000 | 993349 |
| &nbsp;&nbsp;&nbsp;&nbsp; RR 34 Ltd., Series 2024-34RA, Class DR, 3 mo. TSFR + 5.50%, 9.17%, 10/15/39 (b),(d),(g) | 2000000 | 1935528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saluda Grade Alternative Mortgage Trust, Series 2023-FIG4, Class C, 8.01%, 11/25/53 (b),(d),(g) | 674161 | 698856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santander Mortgage Asset Receivable Trust, Series 2026-CES1, Class B1, 6.35%, 01/25/56 (b),(d),(g) | 1100000 | 1084780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saxon Asset Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-2, Class MF3, 2.69%, 08/25/35 (b),(i) | 333674 | 284336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-2, Class MF4, 2.69%, 08/25/35 (b),(i) | 363971 | 289298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Signal Peak CLO 5 Ltd., Series 2018-5A, Class D1R, 3 mo. TSFR + 4.20%, 7.87%, 04/25/37 (b),(d),(g) | 1000000 | 998883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silver Point CLO 5 Ltd., Series 2024-5A, Class D2, 3 mo. TSFR + 4.35%, 8.02%, 10/20/37 (b),(d),(g) | 1095000 | 1042337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silver Point CLO 9 Ltd., Series 2025-9A, Class D2, 3 mo. TSFR + 5.00%, 8.67%, 03/31/38 (b),(d),(g) | 3500000 | 3504441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sixth Street CLO XIX Ltd., Series 2021-19A, Class D2R, 3 mo. TSFR + 3.95%, 7.62%, 07/17/38 (b),(d),(g) | 1050000 | 1014997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sound Point CLO XXIII Ltd., Series 2019-2A, Class ER, 3 mo. TSFR + 6.73%, 10.40%, 07/15/34 (b),(d),(g) | 2400000 | 1598832 |
| &nbsp;&nbsp;&nbsp;&nbsp; STAR Trust, Series 2022-SFR3, Class E2, 1 mo. TSFR + 3.70%, 7.37%, 05/17/39 (b),(d),(g) | 1000000 | 997587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Structured Asset Investment Loan Trust, Series 2005-HE3, Class M3, 1 mo. TSFR + .91%, 4.59%, 09/25/35 (b),(g) | 667429 | 548654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunnova Helios II Issuer LLC, Series 2021-B, Class B, 2.01%, 07/20/48 (b),(d) | 315028 | 232101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunnova Helios XIII Issuer LLC, Series 2024-A, Class A, 5.30%, 02/20/51 (b),(d) | 644698 | 561469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunnova Helios XIV Issuer LLC, Series 2024-B, Class B, 7.00%, 05/22/51 (b),(d) | 1077235 | 631509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Symphony CLO 40 Ltd., Series 2023-40A, Class D2R, 3 mo. TSFR + 4.00%, 7.67%, 01/05/38 (b),(d),(g) | 2700000 | 2621784 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Symphony CLO 46 Ltd., Series 2024-46A, Class E, 3 mo. TSFR + 5.65%, 9.32%, 01/20/38 (b),(d),(g) | $2000000 | $1895060 |
| &nbsp;&nbsp;&nbsp;&nbsp; TIC Home Improvement Trust, Series 2024-A, Class B, 7.89%, 10/15/46 (b),(d) | 364000 | 363665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tikehau U.S. CLO VII Ltd., Series 2025-1A, Class E, 3 mo. TSFR + 5.50%, 9.17%, 02/25/38 (b),(d),(g) | 1000000 | 930440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trestles CLO IV Ltd., Series 2021-4A, Class DR3, 3 mo. TSFR + 3.90%, 7.69%, 10/30/38 (b),(d),(g) | 1000000 | 962625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trestles CLO IX Ltd., Series 2025-9A, Class D2, 3 mo. TSFR + 3.65%, 7.52%, 01/15/39 (b),(d),(g) | 2000000 | 1905866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tricolor Auto Securitization Trust, Series 2025-1A, Class D, 6.84%, 04/15/31 (b),(d) | 498000 | 62130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trimaran CAVU Ltd., Series 2023-1A, Class ER, 3 mo. TSFR + 5.85%, 9.52%, 03/20/38 (b),(d),(g) | 2600000 | 2473323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trinitas CLO XXIV Ltd., Series 2024-24A, Class E, 3 mo. TSFR + 7.34%, 11.01%, 04/25/37 (b),(d),(g) | 1000000 | 996605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trinitas CLO XXVI Ltd., Series 2023-26A, Class DR, 3 mo. TSFR + 3.70%, 7.37%, 07/20/38 (b),(d),(g) | 1000000 | 1000692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trinitas CLO XXVII Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-27A, Class D1, 3 mo. TSFR + 4.30%, 7.97%, 04/18/37 (b),(d),(g) | 3940000 | 3942364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-27X, Class D1, 3 mo. TSFR + 4.30%, 7.97%, 04/18/37 (b),(c),(g) | 1000000 | 1000600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-27A, Class E, 3 mo. TSFR + 7.33%, 11.00%, 04/18/37 (b),(d),(g) | 2750000 | 2740342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trinitas CLO XXVIII Ltd., Series 2024-28A, Class D, 3 mo. TSFR + 4.00%, 7.67%, 04/25/37 (b),(d),(g) | 4750000 | 4741687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trinitas CLO XXX Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-30A, Class D1A, 3 mo. TSFR + 3.50%, 7.17%, 10/23/37 (b),(d),(g) | 3000000 | 2990970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-30A, Class E, 3 mo. TSFR + 6.90%, 10.57%, 10/23/37 (b),(d),(g) | 1750000 | 1745644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trinitas CLO XXXIII Ltd., Series 2025-33A, Class E, 3 mo. TSFR + 5.95%, 9.62%, 07/22/38 (b),(d),(g) | 1000000 | 981242 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Auto Credit Securitization Trust, Series 2025-1, Class E, 7.71%, 10/10/31 (b),(d) | 1402000 | 1405187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Upstart Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-5, Class C, 4.15%, 11/20/31 (b),(d) | 93773 | 93696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class D, 8.00%, 06/20/35 (b),(d) | 1187000 | 1221660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class C, 9.27%, 04/20/35 (b),(d) | 1415000 | 1493524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya CLO Ltd., Series 2024-4A, Class D2, 3 mo. TSFR + 4.45%, 8.12%, 07/20/37 (b),(d),(g) | 875000 | 865757 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Warwick Capital CLO 7 Ltd., Series 2025-7A, Class E, 3 mo. TSFR + 5.25%, 9.20%, 10/21/38 (b),(d),(g) | $1500000 | $1380908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Home Equity Asset-Backed Securities Trust, Series 2006-1, Class M6, 1 mo. TSFR + .79%, 4.47%, 05/25/36 (b),(g) | 3149480 | 3223067 |
|  **Total North America** |  | **179520177** |
|  **TOTAL ASSET-BACKED SECURITIES<br>(COST $197,901,994)** |  | **189443986** |
|  **CONVERTIBLE BONDS — 0.1%** |  |  |
|  **Asia — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Internet — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 06/01/31 (b) | 1000000 | 1387000 |
|  **Total Asia** |  | **1387000** |
|  **North America — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Healthcare-Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ATI Physical Therapy 6th Amendment Note, 0.00%, 01/01/30 (b),(e),(h) | 181489 | 181489 |
| &nbsp;&nbsp;&nbsp;&nbsp; ATI Physical Therapy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 01/01/30 (b),(e),(h) | 144304 | 144305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 08/24/28 (b),(e) | 57398 | 57397 |
|  |  | 383191 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Software — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Strategy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 12/01/29 (b),(h) | 1000000 | 829500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 03/01/30 (b),(h) | 800000 | 698234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 09/15/28 (b) | 300000 | 328650 |
|  |  | 1856384 |
|  **Total North America** |  | **2239575** |
|  **TOTAL CONVERTIBLE BONDS<br>(COST $4,307,159)** |  | **3626575** |
|  **BANK DEBT — 4.2%** |  |  |
|  **Europe — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Diversified Financial Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alloy Finco Ltd., 2026 USD PIK New Way Term Loan B, PRIME + 13.00%, 19.75%, 03/06/28 (b),(e),(g) | 10385 | 239381 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Holding Companies-Divers — 0.1%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cuppa Bidco BV, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR Term Loan B1, 6 mo. EURIBOR + 4.75%, 6.87%, 06/29/29 (b),(g) | 1854029 | EUR | $1498757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GBP Term Loan B2, 6 mo. SONIA + 5.63%, 9.35%, 07/30/29 (b),(g) | 2600970 | GBP | 2374357 |
|  |  |  | 3873114 |
|  **Total Europe** |  |  | **4112495** |
|  **North America — 4.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Chemicals — 0.2%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CPC Acquisition Corp., Term Loan, 3 mo. USD Term SOFR + 3.75%, 7.71%, 12/29/27 (b),(g) | $5879771 |  | 4674418 |
| &nbsp;&nbsp;&nbsp;&nbsp; TPC Group, Inc., 2024 Term Loan B, 6 mo. USD Term SOFR + 5.75%, 9.39%, 12/16/31 (b),(g) | 2592232 |  | 2368004 |
|  |  |  | 7042422 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Commercial Services — 0.1%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brock Holdings III, Inc., 2024 Term Loan B, 3 mo. USD Term SOFR + 6.00%, 9.95%, 05/02/30 (b),(g) | 1651959 |  | 1643005 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Computers — 0.1%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas CC Acquisition Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Second Out Term Loan B, 3 mo. USD Term SOFR + 4.25%, 8.18%, 05/25/29 (b),(g),(k) | 8432536 |  | 1674786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Second Out Term Loan C, 3 mo. USD Term SOFR + 1.00%, 4.93%, 05/25/29 (b),(g),(k) | 1225944 |  | 243485 |
|  |  |  | 1918271 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Construction Materials — 0.1%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Atlas Buyer, Inc., 2025 Term Loan, 1 mo. USD Term SOFR + 5.25%, 8.92%, 07/08/30 (b),(g) | 2575012 |  | 2360436 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Cosmetics/Personal Care — 0.2%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Revlon Intermediate Holdings IV LLC, 2023 Exit Term Loan, 6 mo. USD Term SOFR + 6.88%, 10.50%, 05/02/28 (b),(g) | 8495025 |  | 8337272 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Diversified Financial Services — 0.2%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Curo Group Holdings Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 PIK 1st Out Term Loan, 3 mo. USD Term SOFR + 13.87%, 13.87%, 07/19/28 (b),(e),(g) | 1484675 |  | 1499521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 PIK 2nd Out Term Loan, 13.00%, 07/19/28 (b) | 6923744 |  | 6658358 |
|  |  |  | 8157879 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Engineering & Construction — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brand Industrial Services, Inc., 2024 Term Loan B, 3 mo. USD Term SOFR + 4.50%, 8.16%, 08/01/30 (b),(g) | $4725955 | $4044614 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Food — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; H-Food Holdings LLC, 2025 Exit Term Loan, 1 mo. USD Term SOFR + 6.50%, 10.17%, 03/29/30 (b),(g),(k) | 1788850 | 1788850 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Natural Foods, Inc., 2024 Term Loan, 1 mo. USD Term SOFR + 4.75%, 8.42%, 05/01/31 (b),(g) | 1325828 | 1329474 |
|  |  | 3118324 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Food Service — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TKC Holdings, Inc., 2026 Term Loan, 1 mo. USD Term SOFR + 4.50%, 8.18%, 08/19/30 (b),(g) | 1394607 | 1384580 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Healthcare-Products — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arthur U.S. Finco, Inc., Term Loan B, 3 mo. USD Term SOFR + 5.25%, 8.95%, 12/14/29 (b),(g) | 2907949 | 2582026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bausch & Lomb Corp., 2025 Repriced Term Loan, 1 mo. USD Term SOFR + 3.75%, 7.42%, 01/15/31 (b),(g) | 306581 | 306964 |
|  |  | 2888990 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Healthcare-Services — 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accelerated Health Systems LLC, 2022 Term Loan B, 3 mo. USD Term SOFR + 4.25%, 8.07%, 02/15/29 (b),(g) | 2671573 | 1355823 |
| &nbsp;&nbsp;&nbsp;&nbsp; ATI Holdings Acquisition, Inc., 2023 2nd Lien Delayed Draw Term Loan, 8.00%, 08/24/28 (b),(e) | 931205 | 931204 |
| &nbsp;&nbsp;&nbsp;&nbsp; MPH Acquisition Holdings LLC, 2025 Second Out Term Loan, 3 mo. USD Term SOFR + 4.60%, 8.53%, 12/31/30 (b),(g),(k) | 4805265 | 4242665 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Millennium HoldCo, Inc., 2020 Term Loan, 1 mo. USD Term SOFR + 5.50%, 9.17%, 05/14/26 (b),(e),(g) | 813396 | 816446 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Renal Care, Inc., 2023 Superpriority Term Loan, 1 mo. USD Term SOFR + 5.00%, 8.78%, 06/28/28 (b),(g) | 5780014 | 5422405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Women's Care Enterprises LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2nd Lien Term Loan, 3 mo. USD Term SOFR + 8.25%, 12.02%, 01/12/29 (b),(e),(g) | 3321104 | 2590461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 mo. USD Term SOFR + 4.50%, 8.27%, 01/15/28 (b),(e),(g) | 3408677 | 3187113 |
|  |  | 18546117 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Home Furnishings — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TGP Holdings III LLC, 2021 Term Loan, 1 mo. USD Term SOFR + 3.25%, 7.02%, 06/29/28 (b),(g) | $3058908 | $2632190 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Household Products/Wares — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kronos Acquisition Holdings, Inc., 2024 Term Loan, 3 mo. USD Term SOFR + 4.00%, 7.70%, 07/08/31 (b),(g) | 5644923 | 3416759 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Housewares — 0.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Springs Windows Fashions LLC, 2024 First Lien Second Out TL A2, 1 mo. USD Term SOFR + 4.00%, 7.78%, 10/06/28 (b),(g) | 8742239 | 5449300 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Insurance — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asurion LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 Second Lien Term Loan B4, 1 mo. USD Term SOFR + 5.25%, 9.03%, 01/20/29 (b),(g) | 1157433 | 1148752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan B13, 1 mo. USD Term SOFR + 4.25%, 7.92%, 09/19/30 (b),(g) | 633 | 626 |
|  |  | 1149378 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Internet — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hoya Midco LLC, 2025 Term Loan B, 3 mo. USD Term SOFR + 2.25%, 5.92%, 02/01/29 (b),(g) | 1326492 | 514016 |
| &nbsp;&nbsp;&nbsp;&nbsp; MH Sub I LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 Term Loan, 1 mo. USD Term SOFR + 4.25%, 7.92%, 05/03/28 (b),(g) | 3663145 | 3139828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B4, 1 mo. USD Term SOFR + 4.25%, 7.92%, 12/31/31 (b),(g) | 1794958 | 1188406 |
|  |  | 4842250 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Investment Company Security — 0.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FTAI Infrastructure, Inc., 2026 Fixed Term Loan, 9.75%, 02/01/28 (b),(e),(k) | 12319398 | 11949816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solaris U.S. Bidco LLC, Term Loan B, 3 mo. USD Term SOFR + 5.25%, 8.92%, 11/29/30 (b),(g) | 3852511 | 3679148 |
|  |  | 15628964 |
| &nbsp;&nbsp;&nbsp;&nbsp; *IT Services — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Peraton Corp., Term Loan B, 3 mo. USD Term SOFR + 3.75%, 7.52%, 02/01/28 (b),(g) | 3635196 | 3095987 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Leisure Time — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bulldog Purchaser, Inc., 2026 Term Loan, 3 mo. USD Term SOFR + 3.25%, 6.90%, 02/04/33 (b),(g) | 1000000 | 997500 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** |  | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Machinery-Diversified — 0.3%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Engineered Machinery Holdings, Inc., 2021 USD 2nd Lien Term Loan, 3 mo. USD Term SOFR + 6.00%, 9.96%, 05/21/29 (b),(e),(g) | $9045028 |  | $9045028 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Media — 0.3%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CSC Holdings LLC, 2025 Fixed Term Loan B8, 9.00%, 11/25/28 (b),(e) | 8195593 |  | 8175103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Learfield Communications LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 4.50%, 8.17%, 06/30/28 (b),(g) | 1805166 |  | 1805925 |
|  |  |  | 9981028 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Metal Fabricate/Hardware — 0.1%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Form Technologies LLC, 2025 Term Loan, 3 mo. USD Term SOFR + 5.75%, 9.42%, 07/19/30 (b),(g) | 2178261 |  | 1971326 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Mining — 0.0%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Rock Salt Co. LLC, 2021 Term Loan, 1 mo. USD Term SOFR + 4.00%, 7.78%, 06/09/28 (b),(g) | 48750 |  | 43899 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Pharmaceuticals — 0.0%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bausch Health Cos., Inc., 2025 Term Loan B, 1 mo. USD Term SOFR + 6.25%, 9.92%, 10/08/30 (b),(g) | 1246689 |  | 1201322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gainwell Acquisition Corp., Term Loan B, 3 mo. USD Term SOFR + 4.00%, 7.80%, 10/01/27 (b),(g) | 97507 |  | 94501 |
|  |  |  | 1295823 |
| &nbsp;&nbsp;&nbsp;&nbsp; *REITS — 0.0%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Apollo Commercial Real Estate Finance, Inc., 2025 Term Loan B, 1 mo. USD Term SOFR + 3.25%, 6.93%, 06/13/30 (b),(g) | 992500 |  | 993125 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Software — 0.5%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bending Spoons U.S., Inc., Term Loan, 1 mo. USD Term SOFR + 5.88%, 9.53%, 03/07/31 (b),(g) | 66950 |  | 60925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Castle U.S. Holding Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 EUR FLSO Term Loan B1, 3 mo. EURIBOR + 4.25%, 6.28%, 05/31/30 (b),(g) | 2928475 | EUR | 1411494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 New Money FLFO Term Loan, 3 mo. USD Term SOFR + 5.00%, 8.67%, 04/29/30 (b),(g) | $1640338 |  | 1632956 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 USD FLSO Term Loan B1, 3 mo. USD Term SOFR + 4.25%, 8.18%, 05/31/30 (b),(g) | $7624203 |  | $3367382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 USD FLSO Term Loan B2, 3 mo. USD Term SOFR + 4.50%, 8.43%, 05/31/30 (b),(g) | 147550 |  | 64599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constant Contact, Inc., Term Loan, 3 mo. USD Term SOFR + 4.00%, 7.93%, 02/10/28 (b),(g) | 7729416 |  | 7171816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Symplr Software, Inc., 2020 Term Loan, 3 mo. USD Term SOFR + 4.50%, 8.27%, 12/22/27 (b),(g) | 7876563 |  | 5513594 |
|  |  |  | 19222766 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Telecommunications — 0.1%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Tel\*Link Corp., 2024 Term Loan, 1 mo. USD Term SOFR + 7.50%, 11.17%, 08/06/29 (b),(g) | 5216228 |  | 5216228 |
|  **Total North America** |  |  | **144423461** |
|  **Oceania — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Diversified Financial Services — 0.1%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HB Acquisitions LLC, 2024 AUD Term Loan A, 3 mo. BBSY + 6.50%, 10.49%, 08/07/29 (b),(e),(g) | 3574470 | AUD | 2441544 |
|  **Total Oceania** |  |  | **2441544** |
|  **TOTAL BANK DEBT<br>(COST $166,647,066)** |  |  | **150977500** |
|  **CORPORATE BONDS & NOTES — 4.6%** |  |  |  |
|  **Asia — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Diversified Financial Services — 0.0%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Muthoot Finance Ltd., 5.75%, 08/04/30 (b),(c) | $1559000 |  | 1495843 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Lodging — 0.1%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortune Star BVI Ltd., 5.88%, 11/20/30 (b),(c) | 2080000 | EUR | 2227337 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Real Estate — 0.0%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Scenery Journey Ltd., GBP Term Loan B2, 11.50%, 10/24/22 (b),(c),(l) | $3607000 |  | 27053 |
|  **Total Asia** |  |  | **3750233** |
|  **Europe — 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Agriculture — 0.1%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MHP Lux SA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 09/19/29 (b),(d) | 689000 |  | 618688 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 07/28/29 (b),(c) | $450000 |  | $452894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GBP Term Loan B2, 6.25%, 09/19/29 (b),(c) | 3632000 |  | 3261354 |
|  |  |  | 4332936 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Entertainment — 0.0%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CPUK Finance Ltd., 6.88%, 08/28/32 (b),(c) | 1000000 | GBP | 1325378 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Retail — 0.4%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Stonegate Pub Co. Financing 2019 PLC, 10.75%, 07/31/29 (b),(d) | 9899000 | GBP | 12972635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stonegate Pub Co. Financing PLC, 10.75%, 07/31/29 (b),(c) | 200000 | GBP | 262100 |
|  |  |  | 13234735 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Water — 0.2%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 10/10/27 (b),(d) | 795631 | GBP | 1148900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thames Water Utilities Finance PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/31/34 (b),(c) | 1186000 | EUR | 900466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 04/22/42 (b),(c) | 495000 | GBP | 434238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 01/24/34 (b),(c) | 1188000 | GBP | 1052131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/18/29 (b),(c) | 545000 | EUR | 422344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 09/28/39 (b),(c) | 295000 | GBP | 268392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/11/43 (b),(c) | 200000 | GBP | 180041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 11/16/30 (b) | 1380000 | GBP | 1251199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 04/30/33 (b),(c) | 612000 | GBP | 558537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 04/30/46 (b),(c) | 200000 | GBP | 184503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 04/25/42 (b),(c) | 200000 | GBP | 185356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thames Water Utilities Ltd., 0.00%, 03/22/27 (b),(d),(h) | 45204 | GBP | 54531 |
|  |  |  | 6640638 |
|  **Total Europe** |  |  | **25533687** |
|  **Middle East — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Commercial Banks — 0.1%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkiye Is Bankasi AS, 7.58%, 02/05/37 (b),(c),(g) | $3118000 |  | 2999026 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Electric — 0.1%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ADM Elektrik Dagitim AS, 9.50%, 02/05/31 (b),(c) | 2339000 |  | 2229794 |
|  **Total Middle East** |  |  | **5228820** |
|  **North America — 2.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Chemicals — 0.2%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Braskem Idesa SAPI, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.99%, 02/20/32 (b),(c),(l) | 1226000 |  | 749343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.45%, 11/15/29 (b),(c),(l) | 4037000 |  | 2441989 |
| &nbsp;&nbsp;&nbsp;&nbsp; WR Grace Holdings LLC, 5.63%, 08/15/29 (b),(d) | 3578000 |  | 3290756 |
|  |  |  | 6482088 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Commercial Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sotheby's, 5.88%, 06/01/29 (b),(d) | $1505000 | $1412981 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Construction Materials — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Atlas Buyer, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 07/15/30 (b),(d) | 1355000 | 1270689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIK, 12.75%, 01/15/31 (b),(d) | 2241718 | 1730296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oscar AcquisitionCo LLC, 9.50%, 04/15/30 (b),(d) | 1284000 | 475253 |
|  |  | 3476238 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Diversified Financial Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MF Global Holdings Ltd., 6.75%, 08/08/49 (b),(e),(l) | 436000 | 10900 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Engineering & Construction — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brand Industrial Services, Inc., 10.38%, 08/01/30 (b),(d) | 2977000 | 2720718 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Food Service — 0.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TKC Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 08/15/30 (b),(d) | 2795000 | 2818296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.00%, 02/15/31 (b),(d) | 3405000 | 3512299 |
|  |  | 6330595 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Healthcare-Services — 0.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Akumin, Inc., 9.75%, 08/31/31 (b),(d) | 8865473 | 8111908 |
| &nbsp;&nbsp;&nbsp;&nbsp; MPH Acquisition Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/31/30 (b),(d) | 3390569 | 2593838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIK, 11.50%, 12/31/30 (b),(d) | 1259266 | 1133576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Team Health Holdings, Inc., PIK, 13.50%, 06/30/28 (b),(d) | 1614453 | 1670959 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Renal Care, Inc., 10.63%, 06/28/28 (b),(d) | 1647250 | 1367217 |
|  |  | 14877498 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Household Products/Wares — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kronos Acquisition Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 06/30/31 (b),(d) | 3167000 | 1955623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 06/30/32 (b),(d) | 3976000 | 1331960 |
|  |  | 3287583 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Housewares — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SWF Holdings I Corp., 6.50%, 10/06/29 (b),(d) | 3107589 | 1118732 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Insurance — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nature Coast Re Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.66%, 02/26/30 (b),(d),(g) | 250000 | 248925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.29%, 04/10/33 (b),(d),(g) | 250000 | 258425 |
|  |  | 507350 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Media — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; McGraw-Hill Education, Inc., 8.00%, 08/01/29 (b),(d) | $2436000 | $2432386 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Oil & Gas — 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Calumet Specialty Products Partners LP, 9.75%, 07/15/28 (d) | 2607000 | 2691701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Petroleos Mexicanos, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/21/47 (b) | 7546000 | 6021069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 01/28/60 (b) | 3240000 | 2552796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.69%, 01/23/50 (b) | 5981000 | 5179472 |
|  |  | 16445038 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Packaging & Containers — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 04/15/27 - 04/15/30 (b),(d) | 3068000 | 2893234 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Pharmaceuticals — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1261229 BC Ltd., 10.00%, 04/15/32 (b),(d) | 5473000 | 5603498 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Pipelines — 0.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin Midstream Partners LP/Martin Midstream Finance Corp., 11.50%, 02/15/28 (b),(d) | 8785000 | 8995216 |
| &nbsp;&nbsp;&nbsp;&nbsp; *REITS — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IIP Operating Partnership LP, 5.50%, 05/25/26 (b) | 244000 | 241031 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Retail — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GPS Hospitality Holding Co. LLC, 7.00%, 08/15/28 (b),(d) | 4829000 | 2342065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guitar Center Holdings, Inc., 0.00%, 12/13/30 (b),(e),(h) | 6312607 | 1578152 |
|  |  | 3920217 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Software — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CoreWeave, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 02/01/31 (b),(d) | 2450000 | 2331221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 06/01/30 (b),(d) | 1268000 | 1232064 |
|  |  | 3563285 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Telecommunications — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SV RNO Property Owner 1 LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/01/31 (b),(d) | 272000 | 268870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.13%, 12/31/32 (b),(c),(d) | 2928300 | 2648219 |
|  |  | 2917089 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Transportation — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brightline East LLC, 11.00%, 01/31/30 (b),(d) | 3086000 | 833220 |
|  **Total North America** |  | **88068897** |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | | **Value** |
|  **South America — 1.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Airlines — 0.0%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Azul Secured Finance LLP, 9.88%, 02/15/31 (b),(d) | $503000 |  | $459931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Latam Airlines Group SA, 7.88%, 04/15/30 (b),(c) | 821000 |  | 829210 |
|  |  |  | 1289141 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Chemicals — 0.1%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Braskem Netherlands Finance BV, 4.50%, 01/10/28 (b),(c) | 4905000 |  | 2373039 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Electric — 0.0%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Generacion Mediterranea SA, 11.00%, 11/01/31 (b),(c) | 1909000 |  | 1294302 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Iron/Steel — 0.3%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Samarco Mineracao SA, PIK, 9.50%, 06/30/31 (b),(d) | 10009424 |  | 9848341 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Media — 0.1%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; VTR Comunicaciones SpA, 4.38%, 04/15/29 (b),(c) | 2950000 |  | 2892180 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Oil & Gas — 0.6%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecopetrol SA, 7.75%, 02/01/32 (b) | 5282000 |  | 5334104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Petroleos del Peru SA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/19/32 (b),(c) | 11931000 |  | 9455317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 06/19/47 (b),(c) | 10058000 |  | 7053173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raizen Fuels Finance SA, 6.95%, 03/05/54 (b),(c) | 2757000 |  | 1454318 |
|  |  |  | 23296912 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Telecommunications — 0.1%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Telecom Argentina SA, 9.50%, 07/18/31 (b),(c) | 3006000 |  | 3163815 |
|  **Total South America** |  |  | **44157730** |
|  **Supranational — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Multi-National — 0.0%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Bank for Reconstruction & Development, 14.87%, 07/24/28 (b),(d),(g) | 250000 |  | 254800 |
|  **Total Supranational** |  |  | **254800** |
|  **TOTAL CORPORATE BONDS & NOTES<br>(COST $178,129,663)** |  |  | **166994167** |
|  **SOVEREIGN DEBT — 2.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Argentina Republic Government International Bonds, 0.75%, 07/09/30 (b),(i) | 15327000 |  | 12813372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chile Government International Bonds, 3.88%, 04/14/36 (b) | 3313000 | EUR | 3699718 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; El Salvador Government International Bonds, 0.25%, 04/17/30 (b),(c) | $| 4700000 |  | $171550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesia Government International Bonds, 4.75%, 02/11/29 (b) |  | 7254000 |  | 7284923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ivory Coast Government International Bonds, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/30/32 (b),(c) |  | 5634000 | EUR | 6054014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/31/32 (b),(c),(i) | $| 1418447 |  | 1388634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/17/31 (b),(c) |  | 2780000 | EUR | 3137565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/03/28 (b),(c) | $| 9826911 |  | 9886321 |
| &nbsp;&nbsp;&nbsp;&nbsp; KSA Ijarah Sukuk Ltd., 4.88%, 09/09/35 (b),(c) |  | 7284000 |  | 7102659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lebanon Government International Bonds, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/09/24 (b),(c),(l) |  | 31010000 |  | 7288900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 04/19/30 (b),(c),(l) |  | 18118000 |  | 4348320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Provincia de Buenos Aires Government International Bonds, 6.63%, 09/01/37 (b),(c),(i) |  | 2150569 |  | 1618303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic of Kenya Government International Bonds, 8.70%, 02/26/39 (b),(c) |  | 3596000 |  | 3254681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic of Uzbekistan International Bonds, 5.38%, 05/29/27 (b),(c) |  | 2354000 | EUR | 2746676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Government International Bonds, 5.88%, 01/12/56 (b),(c) | $| 20287000 |  | 19419084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sri Lanka Government International Bonds, 4.00%, 04/15/28 (b),(c) |  | 5845295 |  | 5574531 |
|  **TOTAL SOVEREIGN DEBT<br>(COST $92,691,089)** |  |  |  | **95789251** |
|  **MORTGAGE-BACKED SECURITIES — 52.1%** |  |  |  |  |
|  **Europe — 0.1%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Collateralized Mortgage Obligation (Residential) — 0.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *Collateralized Mortgage Obligation (Residential) — 0.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *Collateralized Mortgage Obligation (Residential) — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse First Boston Mortgage Securities Corp., Series 2003-AR26, Class CB1, 5.67%, 11/25/33 (b),(g) |  | 185565 |  | 166752 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Commercial Mortgage-Backed Securities — 0.1%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Taurus EU DAC, Series 2025-EU1A, Class E, 3 mo. EURIBOR + 3.50%, 5.50%, 02/17/35 (b),(d),(g) |  | 999933 | EUR | 1139400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taurus NL DAC, Series 2020-NL1X, Class D, 3 mo. EURIBOR + 2.50%, 4.51%, 02/20/30 (b),(c),(g) |  | 472428 | EUR | 510734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taurus UK DAC, Series UK3A, Class E, 3 mo. SONIO+ 3.80%, 7.73%, 07/20/35 (b),(d),(g) |  | 142000 | GBP | 189045 |
|  |  |  |  | 1839179 |
|  **Total Europe** |  |  |  | **2005931** |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
|  **North America — 52.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Collateralized Mortgage Obligation (Residential) — 1.6%* | &nbsp;&nbsp;&nbsp;&nbsp; *Collateralized Mortgage Obligation (Residential) — 1.6%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ajax Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-E, Class B1, 3.73%, 12/25/60 (b),(d),(g) | $972000 | $672652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-E, Class B2, 3.82%, 12/25/60 (b),(d),(g) | 762000 | 486997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banc of America Mortgage Trust, Series 2004-F, Class B1, 5.90%, 07/25/34 (b),(g) | 176151 | 155333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Mortgage Loan Trust, Series 2021-NQM1, Class B2, 5.43%, 09/25/51 (b),(d) | 100000 | 89566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bear Stearns ALT-A Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-9, Class B1, 5.47%, 09/25/34 (b),(g) | 196894 | 192668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-10, Class 2B1, 4.82%, 01/25/36 (b),(g) | 801778 | 582397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-1, Class 11A2, 1 mo. TSFR + .75%, 4.43%, 02/25/36 (b),(g) | 1042975 | 914100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-3, Class 22A1, 4.07%, 05/25/36 (b),(g) | 316386 | 234415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-4, Class 13A1, 1 mo. TSFR + .43%, 4.11%, 08/25/36 (b),(g) | 219989 | 188408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bear Stearns Asset-Backed Securities I Trust, Series 2007-AC5, Class A5, 1 mo. TSFR + .56%, 4.24%, 07/25/37 (b),(g) | 2513844 | 603290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Calcon Mutual Mortgage, Series 2023-1, Class M1, 4.96%, 06/25/54 (b),(d),(g) | 3006000 | 3051030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chase Mortgage Finance Trust, Series 2007-A1, Class 1M, 6.23%, 02/25/37 (b),(g) | 205635 | 184649 |
| &nbsp;&nbsp;&nbsp;&nbsp; ChaseFlex Trust, Series 2007-1, Class 1A1, 6.50%, 02/25/37 (b) | 990581 | 341837 |
| &nbsp;&nbsp;&nbsp;&nbsp; CHL Mortgage Pass-Through Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-25, Class 1A2, 1 mo. TSFR + .89%, 4.57%, 02/25/35 (b),(g) | 350530 | 317510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-3, Class 1A4, 1 mo. TSFR + .83%, 4.51%, 04/25/35 (b),(g) | 366147 | 339910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Mortgage Loan Trust, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-NCM2, Class B1, 7.87%, 08/25/34 (b),(g) | 658346 | 234492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR6, Class 2A4, 1 mo. TSFR + .55%, 4.23%, 09/25/36 (b),(g) | 809988 | 295421 |
| &nbsp;&nbsp;&nbsp;&nbsp; CitiMortgage Alternative Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A4, Class 1A5, 1 mo. TSFR + .76%, 4.44%, 09/25/36 (b),(g) | 650240 | 541165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A6, Class 1A1, 1 mo. TSFR + .71%, 4.39%, 06/25/37 (b),(g) | 247658 | 210227 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; COLT Mortgage Loan Trust, Series 2022-2, Class B1, 3.95%, 02/25/67 (b),(d),(g) | $100000 | $84290 |
| &nbsp;&nbsp;&nbsp;&nbsp; COLT Trust, Series 2021-RPL1, Class B2, 4.46%, 09/25/61 (b),(d),(g) | 446000 | 334735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Countrywide Alternative Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-5CB, Class 1A20, 1 mo. TSFR + 5.35%, 1.67%, 04/25/37 (b),(g),(j) | 695161 | 72469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-5CB, Class 1A21, 1 mo. TSFR + .65%, 4.33%, 04/25/37 (b),(g) | 695161 | 255109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-16CB, Class M, 5.76%, 08/25/34 (b),(g) | 269172 | 247729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-22CB, Class M, 6.00%, 10/25/34 (b),(g) | 337264 | 252923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-2CB, Class M, 5.86%, 03/25/34 (b),(g) | 270776 | 234977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-4CB, Class M, 5.94%, 04/25/34 (b),(g) | 141275 | 124688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-10CB, Class 1A1, 1 mo. TSFR + .61%, 4.29%, 05/25/35 (b),(g) | 234878 | 175835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-11CB, Class 3A2, 1 mo. TSFR + .61%, 4.29%, 06/25/35 (b),(g) | 253349 | 192304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-28CB, Class 2A8, 1 mo. TSFR + .51%, 4.19%, 08/25/35 (b),(g) | 1550060 | 886106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-56, Class 1A2, 1 mo. TSFR + 1.27%, 4.95%, 11/25/35 (b),(g) | 250273 | 240981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-59, Class 1A1, 1 mo. TSFR + .77%, 4.45%, 11/20/35 (b),(g) | 5641143 | 5229802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-69, Class A2, 12 mo. MTA + 1.70%, 5.56%, 12/25/35 (b),(g) | 230369 | 254648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-76, Class 1A2, 12 mo. MTA + 2.00%, 5.86%, 01/25/36 (b),(g) | 1352710 | 1210650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-J9, Class 1A1, 1 mo. TSFR + .81%, 4.49%, 08/25/35 (b),(g) | 463399 | 234978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-13T1, Class A15, 6.00%, 05/25/36 (b) | 380682 | 165117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-19CB, Class A19, 1 mo. TSFR + .91%, 4.59%, 08/25/36 (b),(g) | 535657 | 231012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-20CB, Class A1, 1 mo. TSFR + .45%, 4.13%, 07/25/36 (b),(g) | 698059 | 196085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-20CB, Class A6, 1 mo. TSFR + .61%, 4.29%, 07/25/36 (b),(g) | 678499 | 192720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-21CB, Class A5, 1 mo. TSFR + .51%, 4.19%, 07/25/36 (b),(g) | 486163 | 186914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-23CB, Class 2A3, 6.50%, 08/25/36 (b) | 709502 | 199960 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-28CB, Class A10, 1 mo. TSFR + .81%, 4.49%, 10/25/36 (b),(g) | $662368 | $227026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-28CB, Class A19, 1 mo. TSFR + .51%, 4.19%, 10/25/36 (b),(g) | 700120 | 223601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-29T1, Class 3A1, 6.50%, 10/25/36 (b) | 567907 | 144574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-31CB, Class A3, 6.00%, 11/25/36 (b) | 416593 | 241566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-31CB, Class A5, 1 mo. TSFR + .86%, 4.54%, 11/25/36 (b),(g) | 470963 | 196214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-39CB, Class 1A6, 1 mo. TSFR + .71%, 4.39%, 01/25/37 (b),(g) | 259076 | 176952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-41CB, Class 2A7, 1 mo. TSFR + .71%, 4.39%, 01/25/37 (b),(g) | 1091591 | 418226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-41CB, Class 2A8, 1 mo. TSFR + .76%, 4.44%, 01/25/37 (b),(g) | 1128515 | 436560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-7CB, Class 1A4, 6.00%, 05/25/36 (b) | 736627 | 376572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-8T1, Class 1A1, 1 mo. TSFR + .61%, 4.29%, 04/25/36 (b),(g) | 689745 | 234053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-J1, Class 1A4, 1 mo. TSFR + .61%, 4.29%, 02/25/36 (b),(g) | 318640 | 190904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-J2, Class A1, 1 mo. TSFR + .61%, 4.29%, 04/25/36 (b),(g) | 575571 | 204587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA12, Class A1C, 1 mo. TSFR + .67%, 4.35%, 09/20/46 (b),(g) | 307372 | 273622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA12, Class A2, 1 mo. TSFR + .53%, 4.21%, 09/20/46 (b),(g) | 157756 | 144630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA16, Class A3, 1 mo. TSFR + .61%, 4.29%, 10/25/46 (b),(g) | 243415 | 208617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA19, Class A1, 1 mo. TSFR + .29%, 3.97%, 02/20/47 (b),(g) | 464735 | 362603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA19, Class A4, 1 mo. TSFR + .32%, 4.00%, 02/20/47 (b),(g) | 277641 | 223721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA2, Class A1, 1 mo. TSFR + .53%, 4.21%, 05/20/46 (b),(g) | 466044 | 410703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA8, Class 2A3, 1 mo. TSFR + .49%, 4.17%, 07/25/46 (b),(g) | 62750 | 73047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA8, Class 2A4, 1 mo. TSFR + .63%, 4.31%, 07/25/46 (b),(g) | 340422 | 295709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA9, Class 2A1A, 1 mo. TSFR + .53%, 4.21%, 07/20/46 (b),(g) | 494397 | 422553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-16CB, Class 1A2, 1 mo. TSFR + .51%, 4.19%, 08/25/37 (b),(g) | 351077 | 230937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-16CB, Class 2A1, 1 mo. TSFR + .56%, 4.24%, 08/25/37 (b),(g) | 2107097 | 645092 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-17CB, Class 1A6, 1 mo. TSFR + .61%, 4.29%, 08/25/37 (b),(g) | $792594 | $329301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-18CB, Class 1A2, 1 mo. TSFR + .58%, 4.26%, 08/25/37 (b),(g) | 691433 | 183499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-20, Class A1, 1 mo. TSFR + .61%, 4.29%, 08/25/47 (b),(g) | 835766 | 279482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-23CB, Class A3, 1 mo. TSFR + .61%, 4.29%, 09/25/37 (b),(g) | 1753746 | 561378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-23CB, Class A7, 1 mo. TSFR + .51%, 4.19%, 09/25/37 (b),(g) | 613904 | 202039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-2CB, Class 1A7, 1 mo. TSFR + .61%, 4.29%, 03/25/37 (b),(g) | 540730 | 209296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-8CB, Class A5, 1 mo. TSFR + .61%, 4.29%, 05/25/37 (b),(g) | 863710 | 344915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HY6, Class A1, 1 mo. TSFR + .53%, 4.21%, 08/25/47 (b),(g) | 353281 | 306297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-J1, Class 3A1, 4.20%, 11/25/36 (b),(i) | 312429 | 242695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA11, Class A1A, 12 mo. MTA + 1.38%, 5.24%, 11/25/47 (b),(g) | 282476 | 254573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA2, Class 1A1, 12 mo. MTA + .84%, 4.70%, 03/25/47 (b),(g) | 168170 | 146564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OH2, Class A2B, 1 mo. TSFR + .47%, 4.15%, 08/25/47 (b),(g) | 116740 | 114427 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSFB Mortgage-Backed Pass-Through Certificates, Series 2004-8, Class DB1, 5.59%, 12/25/34 (b),(g) | 312104 | 246369 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSMC Trust, Series 2021-NQM3, Class B2, 4.13%, 04/25/66 (b),(d),(g) | 800000 | 605579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deephaven Residential Mortgage Trust, Series 2021-4, Class B2, 4.42%, 11/25/66 (b),(d),(g) | 100000 | 76268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Alt-A Securities Mortgage Loan Trust, Series 2006-AR5, Class 1A1, 1 mo. TSFR + .37%, 4.05%, 10/25/36 (b),(g) | 1227999 | 367487 |
| &nbsp;&nbsp;&nbsp;&nbsp; DSLA Mortgage Loan Trust, Series 2005-AR2, Class 2A1A, 1 mo. TSFR + .53%, 4.21%, 03/19/45 (b),(g) | 834451 | 788618 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Horizon Alternative Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-FA8, Class 1A3, 1 mo. TSFR + .61%, 4.29%, 02/25/37 (b),(g) | 731037 | 188901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-FA2, Class 1A2, 1 mo. TSFR + .66%, 4.34%, 04/25/37 (b),(g) | 952637 | 215295 |
| &nbsp;&nbsp;&nbsp;&nbsp; GSR Mortgage Loan Trust, Series 2005-AR6, Class B1, 5.44%, 09/25/35 (b),(g) | 251900 | 207905 |
| &nbsp;&nbsp;&nbsp;&nbsp; HarborView Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-10, Class 2A1B, 1 mo. TSFR + .87%, 4.55%, 11/19/35 (b),(g) | 927805 | 606322 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-4, Class 1A1A, 1 mo. TSFR + .47%, 4.15%, 05/19/46 (b),(g) | $527254 | $263115 |
| &nbsp;&nbsp;&nbsp;&nbsp; IndyMac IMSC Mortgage Loan Trust, Series 2007-HOA1, Class A22, 1 mo. TSFR + .47%, 4.15%, 07/25/47 (b),(g) | 369066 | 275549 |
| &nbsp;&nbsp;&nbsp;&nbsp; IndyMac INDX Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR7, Class 3A1, 3.55%, 05/25/36 (b),(g) | 184179 | 165203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-FLX2, Class A2, 1 mo. TSFR + .49%, 4.17%, 04/25/37 (b),(g) | 192462 | 201464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-FLX5, Class 2A2, 1 mo. TSFR + .59%, 4.27%, 08/25/37 (b),(g) | 3843174 | 3348123 |
| &nbsp;&nbsp;&nbsp;&nbsp; JP Morgan Mortgage Trust, Series 2005-A5, Class IB1, 5.03%, 08/25/35 (b),(g) | 536831 | 443559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lehman Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-2, Class 3A1, 1 mo. TSFR + .86%, 4.54%, 12/25/35 (b),(g) | 491232 | 223491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1, Class 1A2, 5.75%, 02/25/37 (b) | 434097 | 442328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lehman XS Trust, Series 2007-15N, Class 4A1, 1 mo. TSFR + 1.01%, 4.69%, 08/25/47 (b),(g) | 228426 | 213497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merrill Lynch Mortgage Investors Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-3, Class M1, 5.07%, 11/25/35 (b),(g) | 247056 | 133400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A5, Class M1, 4.80%, 06/25/35 (b),(g) | 622750 | 564846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-7AR, Class B1, 5.38%, 09/25/34 (b),(g) | 235795 | 185498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-9, Class B1, 5.39%, 11/25/34 (b),(g) | 244814 | 211695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-1, Class B1, 5.66%, 03/25/35 (b),(g) | 405940 | 219857 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM1, Class B2, 3.75%, 04/25/61 (b),(d),(g) | 100000 | 56992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM1, Class B2, 7.92%, 03/25/64 (b),(d),(g) | 100000 | 101411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-AR3, Class A3A, 1 mo. TSFR + .45%, 4.13%, 10/25/36 (b),(g) | 260301 | 231637 |
| &nbsp;&nbsp;&nbsp;&nbsp; PRKCM Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-AFC2, Class B2, 8.14%, 06/25/58 (b),(d),(g) | 100000 | 99938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-AFC1, Class B2, 8.22%, 03/25/59 (b),(d),(g) | 1409000 | 1418938 |
| &nbsp;&nbsp;&nbsp;&nbsp; RALI Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-QO7, Class 1A1, 12 mo. MTA + .80%, 4.66%, 09/25/46 (b),(g) | 292915 | 235598 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-QH5, Class AI1, 1 mo. TSFR + .53%, 4.21%, 06/25/37 (b),(g) | $1317442 | $984289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rate Mortgage Trust, Series 2025-J3, Class B4, 6.22%, 11/25/55 (b),(d),(g) | 304000 | 252621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential Asset Mortgage Products Trust, Series 2005-RS4, Class M7, 1 mo. TSFR + 1.39%, 5.71%, 04/25/35 (b),(g) | 2253000 | 2030528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential Asset Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-A11, Class A6, 5.75%, 11/25/33 (b) | 278000 | 250368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A7CB, Class 1A4, 6.25%, 07/25/36 (b) | 296308 | 233316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saluda Grade Alternative Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-FIG3, Class B, 7.71%, 08/25/53 (b),(d) | 1122177 | 1136996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-INV1, Class B1, 7.11%, 08/25/59 (b),(d),(g) | 1054000 | 1069576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sequoia Mortgage Trust, Series 2019-4, Class B4, 3.77%, 11/25/49 (b),(d),(g) | 2158000 | 1490613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starwood Mortgage Residential Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV1, Class B1, 3.26%, 11/25/55 (b),(d) | 123000 | 112916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4, Class B2, 4.14%, 08/25/56 (b),(d),(g) | 268000 | 217317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class B1, 3.96%, 12/25/66 (b),(d),(g) | 135000 | 102183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Structured Asset Mortgage Investments II Trust, Series 2007-AR1, Class 2A2, 1 mo. TSFR + .53%, 4.21%, 01/25/37 (b),(g) | 381214 | 427327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2003-26A, Class B1II, 4.66%, 09/25/33 (b),(g) | 157707 | 101832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thornburg Mortgage Securities Trust, Series 2005-3, Class B1, 5.57%, 10/25/45 (b),(g) | 574432 | 480317 |
| &nbsp;&nbsp;&nbsp;&nbsp; TRK Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV2, Class B2, 4.33%, 11/25/56 (b),(d),(g) | 1000000 | 780005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-INV1, Class B1, 3.99%, 02/25/57 (b),(d),(g) | 111000 | 83839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-INV1, Class B2, 3.99%, 02/25/57 (b),(d),(g) | 100000 | 71214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visio Trust, Series 2023-2, Class B2, 7.71%, 10/25/58 (b),(d),(g) | 100000 | 99821 |
| &nbsp;&nbsp;&nbsp;&nbsp; WaMu Mortgage Pass-Through Certificates Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR1, Class B1, 1 mo. TSFR + .94%, 4.62%, 01/25/45 (b),(g) | 202036 | 183325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR17, Class A1C4, 1 mo. TSFR + .91%, 4.59%, 12/25/45 (b),(g) | 367004 | 323980 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR6, Class B1, 1 mo. TSFR + 1.01%, 4.69%, 04/25/45 (b),(g) | $435480 | $352755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR9, Class B1, 1 mo. TSFR + 1.06%, 4.74%, 07/25/45 (b),(g) | 135813 | 127276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR1, Class 2A1C, 12 mo. MTA + 1.07%, 4.93%, 01/25/46 (b),(g) | 175325 | 173612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR17, Class 1A, 12 mo. MTA + .82%, 3.83%, 12/25/46 (b),(g) | 1116381 | 940709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR7, Class 2A, 12 mo. MTA + .98%, 4.84%, 07/25/46 (b),(g) | 268588 | 264920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HY6, Class 1A1, 4.01%, 06/25/37 (b),(g) | 250099 | 215612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Mutual Mortgage Pass-Through Certificates WMALT Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-11, Class A2, 5.75%, 01/25/36 (b) | 188750 | 165890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR1, Class A1B, 1 mo. TSFR + .79%, 4.47%, 12/25/35 (b),(g) | 223546 | 256996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-5, Class 1A3, 6.00%, 07/25/36 (b) | 316891 | 250873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-3, Class A19, 6.00%, 04/25/37 (b) | 421816 | 391848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA3, Class 2A, 12 mo. MTA + .75%, 4.61%, 02/25/47 (b),(g) | 208043 | 182587 |
|  |  | 56470978 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Commercial Mortgage-Backed Securities — 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arbor Multifamily Mortgage Securities Trust, Series 2022-MF4, Class E, 2.00%, 02/15/55 (b),(d) | 130000 | 98965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-V18, Class XD, 1.95%, 10/15/58 (b),(d),(g),(j) | 1000000 | 80810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-V19, Class XD, 1.77%, 01/15/58 (b),(d),(g),(j) | 1000000 | 74249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V11, Class XD, 1.87%, 11/15/57 (b),(d),(g),(j) | 1000000 | 58088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V7, Class XD, 2.85%, 06/15/29 (b),(d),(g),(j) | 1000000 | 75429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V8, Class XD, 2.95%, 07/15/57 (b),(d),(g),(j) | 1000000 | 82400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-V17, Class XD, 1.97%, 09/15/58 (b),(d),(g),(j) | 1000000 | 77744 |
| &nbsp;&nbsp;&nbsp;&nbsp; BLP Commercial Mortgage Trust, Series 2024-IND2, Class E, 1 mo. TSFR + 3.69%, 7.36%, 03/15/41 (b),(d),(g) | 4274712 | 4273383 |
| &nbsp;&nbsp;&nbsp;&nbsp; BMO Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C10, Class XD, 2.27%, 05/15/58 (b),(d),(g),(j) | 1000000 | 80501 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C9, Class XD, 1.98%, 12/15/57 (b),(d),(g),(j) | $1000000 | $70290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-C14, Class XD, 1.82%, 02/15/59 (b),(d),(g),(j) | 1452000 | 202284 |
| &nbsp;&nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CIP, Class F, 1 mo. TSFR + 3.33%, 7.01%, 12/15/38 (b),(d),(g) | 129563 | 129412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MC, Class G, 1 mo. TSFR + 3.20%, 6.87%, 04/15/34 (b),(d),(g) | 100000 | 96971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-AHP, Class E, 1 mo. TSFR + 3.04%, 6.71%, 01/17/39 (b),(d),(g) | 223349 | 223217 |
| &nbsp;&nbsp;&nbsp;&nbsp; CD Mortgage Trust, Series 2016-CD1, Class D, 2.79%, 08/10/49 (b),(d),(g) | 422000 | 186563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GC37, Class D, 2.79%, 04/10/49 (b),(d) | 100000 | 90377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C7, Class E, 2.75%, 12/15/72 (b),(d) | 697000 | 504162 |
| &nbsp;&nbsp;&nbsp;&nbsp; COMM Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-CR14, Class D, 3.13%, 02/10/47 (b),(d),(g) | 591000 | 486016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR22, Class E, 3.00%, 03/10/48 (b),(d) | 239000 | 190558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR25, Class D, 3.47%, 08/10/48 (b),(g) | 317414 | 301734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR27, Class D, 3.39%, 10/10/48 (b),(d),(g) | 3065000 | 2659752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR27, Class E, 3.25%, 10/10/48 (b),(d) | 1439000 | 1061110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC21, Class C, 4.25%, 07/10/48 (b),(g) | 746440 | 734514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-180W, Class E, 7.36%, 08/10/42 (b),(d),(g) | 1000000 | 998020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-180W, Class X, 1.35%, 08/10/42 (b),(d),(g),(j) | 1000000 | 54593 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSAIL Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C5, Class C, 4.40%, 11/15/48 (b),(g) | 42936 | 42635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX11, Class D, 2.75%, 04/15/51 (b),(d),(g) | 604000 | 509031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class D, 3.00%, 06/15/52 (b),(d) | 163000 | 140285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class D, 2.50%, 09/15/52 (b),(d) | 1409000 | 950503 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSTL Commercial Mortgage Trust, Series 2024-GATE, Class E, 6.96%, 11/10/41 (b),(d),(g) | 487000 | 494496 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage Securities Corp. Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ROSS, Class F, 1 mo. TSFR + 4.16%, 7.84%, 05/15/26 (b),(d),(g) | $1019000 | $641120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ROSS, Class G, 1 mo. TSFR + 4.91%, 8.59%, 05/15/26 (b),(d),(g) | 1000000 | 458375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ROSS, Class H, 1 mo. TSFR + 6.16%, 9.84%, 05/15/26 (b),(d),(g) | 1000000 | 136503 |
| &nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC24, Class B, 4.30%, 09/10/47 (b),(g) | 40190 | 39695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC24, Class C, 4.32%, 09/10/47 (b),(g) | 303000 | 269029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS8, Class D, 2.70%, 11/10/50 (b),(d) | 1593000 | 1283386 |
| &nbsp;&nbsp;&nbsp;&nbsp; HarborView Mortgage Loan Trust, Series 2005-12, Class 2A1B, 12 mo. MTA + 2.00%, 5.86%, 10/19/35 (b),(g) | 357870 | 298651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilton USA Trust, Series 2016-SFP, Class F, 6.16%, 11/05/35 (b),(d) | 1068000 | 21341 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICNQ Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MF, Class F, 6.35%, 12/10/34 (b),(d),(g) | 1000000 | 976162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MF, Class X, 0.45%, 12/10/34 (b),(d),(g),(j) | 1000000 | 14932 |
| &nbsp;&nbsp;&nbsp;&nbsp; JP Morgan Chase Commercial Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-JP1, Class C, 4.77%, 01/15/49 (b),(g) | 102000 | 92089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP3, Class D, 3.38%, 08/15/49 (b),(d),(g) | 100000 | 65127 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMBB Commercial Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C23, Class D, 4.04%, 09/15/47 (b),(d),(g) | 100000 | 90049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C26, Class C, 4.00%, 01/15/48 (b),(g) | 642000 | 606320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C31, Class E, 4.32%, 08/15/48 (b),(d),(g) | 1093000 | 58724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C1, Class C, 4.94%, 03/17/49 (b),(g) | 651000 | 642983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C1, Class E, 4.94%, 03/15/49 (b),(d),(g) | 3126000 | 2548350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Life Mortgage Trust, Series 2021-BMR, Class F, 1 mo. TSFR + 2.46%, 6.14%, 03/15/38 (b),(d),(g) | 805000 | 740606 |
| &nbsp;&nbsp;&nbsp;&nbsp; LSTAR Commercial Mortgage Trust, Series 2017-5, Class D, 4.67%, 03/10/50 (b),(d),(g) | 1125000 | 980949 |
| &nbsp;&nbsp;&nbsp;&nbsp; MF1 LLC, Series 2022-FL9, Class C, 1 mo. TSFR + 3.70%, 7.38%, 06/19/37 (b),(d),(g) | 1000000 | 1000673 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; MHP Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-MHIL, Class F, 1 mo. TSFR + 3.26%, 6.93%, 01/15/39 (b),(d),(g) | $80000 | $79881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-MHIL, Class G, 1 mo. TSFR + 3.96%, 7.63%, 01/15/27 (b),(d),(g) | 626400 | 625703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C2, Class XD, 1.64%, 11/15/30 (b),(d),(g),(j) | 1000000 | 68260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C32, Class D, 3.40%, 12/15/49 (b),(d),(g) | 991000 | 851245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, Series 2016-UB11, Class E, 2.79%, 08/15/49 (b),(d),(g) | 3200500 | 3061633 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Orleans Hotel Trust, Series 2019-HNLA, Class E, 1 mo. TSFR + 2.74%, 6.41%, 04/15/32 (b),(d),(g) | 1301000 | 1265117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prima Capital CRE Securitization Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-RK1, Class CG, 4.00%, 04/15/38 (b),(d) | 339000 | 297081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-RK1, Class CT, 4.45%, 04/15/38 (b),(d) | 121000 | 107218 |
| &nbsp;&nbsp;&nbsp;&nbsp; ReadyCap Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-6, Class C, 4.13%, 10/25/52 (b),(d),(g) | 1691000 | 1553779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-6, Class D, 4.61%, 10/25/52 (b),(d),(g) | 227000 | 194913 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFR Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SGRM, Class F, 8.23%, 03/11/41 (b),(d),(g) | 3022000 | 3098973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SGRM, Class E, 7.27%, 03/11/41 (b),(d),(g) | 1499000 | 1536199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SGRM, Class X, 0.11%, 03/11/29 (b),(d),(g),(j) | 1204000 | 2360 |
| &nbsp;&nbsp;&nbsp;&nbsp; SG Commercial Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C5, Class D, 4.80%, 10/10/48 (b),(d),(g) | 205000 | 150569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-PREZ, Class E, 3.48%, 09/15/39 (b),(d),(g) | 1720000 | 1464360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starwood Mortgage Trust, Series 2021-LIH, Class F, 1 mo. TSFR + 3.67%, 7.34%, 11/15/36 (b),(d),(g) | 125000 | 124451 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C11, Class D, 3.00%, 06/15/51 (b),(d),(g) | 112000 | 89082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C9, Class D, 4.91%, 03/15/51 (b),(d),(g) | 331000 | 140430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class D, 2.50%, 10/15/52 (b),(d) | 103000 | 78981 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C7, Class XB, 0.85%, 12/15/58 (b),(g),(j) | $| 1000000 | $37204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C7, Class XD, 2.30%, 12/15/58 (b),(d),(g),(j) |  | 1000000 | 96140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-LC18, Class D, 3.96%, 12/15/47 (b),(d),(g) |  | 992000 | 952178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C27, Class D, 3.77%, 02/15/48 (b),(d) |  | 2991000 | 1629763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C32, Class D, 3.79%, 01/15/59 (b),(d),(g) |  | 81932 | 81562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC24, Class D, 3.21%, 10/15/49 (b),(d) |  | 3576000 | 2815764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXS5, Class E, 4.95%, 01/15/59 (b),(d),(g) |  | 100000 | 65729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C4, Class XD, 2.23%, 05/15/58 (b),(d),(g),(j) |  | 1000000 | 81633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C6, Class XD, 2.22%, 10/15/58 (b),(d),(g),(j) |  | 1000000 | 89003 |
| &nbsp;&nbsp;&nbsp;&nbsp; WMRK Commercial Mortgage Trust, Series 2022-WMRK, Class A, 1 mo. TSFR + 2.79%, 6.46%, 11/15/27 (b),(d),(g) |  | 874744 | 879375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Worldwide Plaza Trust, Series 2017-WWP, Class F, 3.60%, 11/10/36 (b),(d),(g) |  | 109000 | 3767 |
|  |  |  | 47515509 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Interest Only Commercial Mortgage-Backed Securities — 2.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *Interest Only Commercial Mortgage-Backed Securities — 2.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *Interest Only Commercial Mortgage-Backed Securities — 2.1%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank5, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5YR11, Class XD, 2.32%, 11/15/57 (b),(d),(g),(j) |  | 1000000 | 72738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5YR5, Class XD, 3.01%, 02/15/29 (b),(d),(g),(j) |  | 1000000 | 78676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5YR14, Class XD, 2.28%, 04/15/58 (b),(d),(g),(j) |  | 1000000 | 81893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-5YR20, Class XD, 1.74%, 02/15/59 (b),(d),(g),(j) |  | 1000000 | 77161 |
| &nbsp;&nbsp;&nbsp;&nbsp; BBCMS Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C38, Class XD, 2.00%, 11/15/58 (b),(d),(g),(j) |  | 1000000 | 83599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C16, Class XD, 2.18%, 06/15/55 (b),(d),(g),(j) |  | 4299000 | 491634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C34, Class XD, 2.56%, 05/15/58 (b),(d),(g),(j) |  | 1000000 | 93172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C37, Class XD, 2.10%, 09/15/58 (b),(d),(g),(j) |  | 1000000 | 81994 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, Series 2023-V3, Class XD, 3.17%, 07/15/56 (b),(d),(g),(j) | $1000000 | $68901 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Housing Finance Agency, Series X, Class X, 0.29%, 01/15/35 (b),(g),(j) | 12881906 | 180707 |
| &nbsp;&nbsp;&nbsp;&nbsp; CFK Trust, Series 2020-MF2, Class X, 0.77%, 03/15/39 (b),(d),(g),(j) | 19612000 | 79919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C7, Class XD, 1.17%, 12/15/72 (b),(d),(g),(j) | 5347000 | 266008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC43, Class XD, 0.61%, 11/10/52 (b),(d),(g),(j) | 5918000 | 125000 |
| &nbsp;&nbsp;&nbsp;&nbsp; COMM Mortgage Trust, Series 2014-UBS4, Class XA, 0.55%, 08/10/47 (b),(g),(j) | 1853033 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSAIL Commercial Mortgage Trust, Series 2019-C18, Class XD, 1.41%, 12/15/52 (b),(d),(g),(j) | 4452333 | 193409 |
| &nbsp;&nbsp;&nbsp;&nbsp; DC Office Trust, Series 2019-MTC, Class X, 0.11%, 09/15/45 (b),(d),(g),(j) | 64579000 | 305588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K049, Class X3, 3.77%, 10/25/43 (b),(g),(j) | 134940 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K061, Class X1, 0.15%, 11/25/26 (b),(g),(j) | 14957019 | 8451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K071, Class X1, 0.28%, 11/25/27 (b),(g),(j) | 83073610 | 313271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K085, Class X3, 2.31%, 12/25/45 (b),(g),(j) | 1000000 | 54500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K095, Class X3, 2.10%, 08/25/47 (b),(g),(j) | 9297000 | 579594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K102, Class X3, 1.89%, 12/25/46 (b),(g),(j) | 1000000 | 61609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K115, Class X3, 2.95%, 09/25/48 (b),(g),(j) | 1000000 | 105020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K118, Class X3, 2.69%, 10/25/48 (b),(g),(j) | 652000 | 64714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K119, Class X3, 2.73%, 09/25/48 (b),(g),(j) | 1525000 | 155725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K122, Class X3, 2.63%, 01/25/49 (b),(g),(j) | 1000000 | 100678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K128, Class X3, 2.78%, 04/25/31 (b),(g),(j) | 1000000 | 114459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K143, Class X3, 3.14%, 04/25/50 (b),(g),(j) | 1000000 | 152210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K154, Class X1, 0.28%, 11/25/32 (b),(g),(j) | 29826157 | 402176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KLU1, Class X3, 4.04%, 01/25/31 (b),(g),(j) | 9819672 | 1288989 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KLU2, Class X1, 1.26%, 08/25/29 (b),(g),(j) | $36310741 | $1262488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KLU2, Class X3, 4.25%, 08/25/29 (b),(g),(j) | 5393010 | 586943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KS11, Class XFX, 1.58%, 06/25/29 (b),(g),(j) | 24334226 | 885669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KW10, Class X3, 2.72%, 10/25/32 (b),(g),(j) | 5935000 | 489738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. REMICS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5322, Class DI, 3.00%, 10/25/51 (j) | 12497010 | 1900233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5645, Class PI, 6.00%, 11/25/53 (j) | 44294000 | 7928759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. STRIPS, Series 303, Class C28, 4.50%, 01/15/43 (j) | 7327648 | 1367610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Association Interest STRIPS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 409, Class C14, 3.50%, 04/25/42 (j) | 10155027 | 1585901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 413, Class C35, 4.50%, 07/25/42 (j) | 8274743 | 1584051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Association REMICS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-41, Class GI, 4.00%, 10/15/44 (j) | 27833788 | 5377599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-65, Class JI, 4.00%, 09/25/50 (j) | 9195012 | 1905280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-67, Class GI, 3.50%, 10/25/51 (j) | 22563208 | 3794658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4, Class WI, 3.00%, 02/25/52 (j) | 23126844 | 2361297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-18, Class SJ, 1 mo. SOFR + 7.05%, 3.39%, 03/25/55 (g),(j) | 53863719 | 4101238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Association REMICS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-158, Class JI, 5.00%, 02/20/50 (j) |  | 58071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-125, Class CI, 5.00%, 06/20/52 (j) | 16976931 | 3382178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-116, Class SJ, 1 mo. SOFR + 5.85%, 2.18%, 08/20/53 (g),(j) | 54808080 | 2795431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-149, Class SH, 1 mo. SOFR + 7.00%, 3.33%, 10/20/53 (g),(j) | 29058630 | 2516971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-183, Class SE, 1 mo. SOFR + 5.85%, 2.18%, 12/20/53 (g),(j) | 41217796 | 2495325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-96, Class SB, 1 mo. SOFR + 6.00%, 2.33%, 07/20/53 (g),(j) | 23816548 | 1468028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-164, Class SE, 1 mo. SOFR + 5.45%, 1.78%, 10/20/54 (g),(j) | 58986080 | 2918277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-20, Class SB, 1 mo. SOFR + 5.82%, 2.15%, 02/20/54 (g),(j) | 22046878 | 1308019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-20, Class SC, 1 mo. SOFR + 5.60%, 1.93%, 02/20/54 (g),(j) | 22046878 | 1174503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-200, Class CS, 1 mo. SOFR + 6.05%, 2.38%, 12/20/54 (g),(j) | 58844676 | 3792951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-200, Class SG, 1 mo. SOFR + 5.45%, 1.78%, 05/20/53 (g),(j) | 51638127 | 2538943 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-8, Class SA, 1 mo. SOFR + 7.02%, 3.35%, 01/20/54 (g),(j) | $| 20835634 | $1795573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-120, Class IC, 4.50%, 01/20/50 (j) |  |  | 24375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-120, Class ID, 4.50%, 06/20/52 (j) |  | 21359532 | 4167843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-209, Class BS, 1 mo. SOFR + 5.50%, 1.83%, 12/20/55 (g),(j) |  | 47296658 | 2279510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-53, Class MS, 1 mo. SOFR + 5.02%, 1.35%, 03/20/56 (g),(j) |  | 100000000 | 3206900 |
| &nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage Securities Corp. Trust, Series 2020-DUNE, Class XCP, 0.00%, 12/15/36 (b),(d),(g),(j) |  | 15243000 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust, Series 2019-GC40, Class XD, 1.23%, 07/10/52 (b),(d),(g),(j) |  | 2219000 | 76300 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMDB Commercial Mortgage Securities Trust, Series 2019-COR6, Class XD, 1.40%, 11/13/52 (b),(d),(g),(j) |  | 4231000 | 202398 |
| &nbsp;&nbsp;&nbsp;&nbsp; MFT Mortgage Trust, Series 2020-ABC, Class XA, 0.12%, 02/10/42 (b),(d),(g),(j) |  | 20401000 | 103474 |
|  |  |  | 77118945 |
| &nbsp;&nbsp;&nbsp;&nbsp; *U.S. Government Sponsored Agency Securities — 47.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *U.S. Government Sponsored Agency Securities — 47.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *U.S. Government Sponsored Agency Securities — 47.0%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Association, TBA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 30 Year Maturity, 5.50%, 04/01/56 (m) |  | 96000000 | 96554976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 30 Year Maturity, 5.50%, 05/01/56 (m) |  | 169000000 | 169640341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 30 Year Maturity, 5.00%, 05/01/56 (m) |  | 220000000 | 216648520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 30 Year Maturity, 5.50%, 04/01/56 (m) |  | 506000000 | 508253218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 30 Year Maturity, 5.50%, 05/01/56 (m) |  | 200000000 | 200617200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 30 Year Maturity, 6.00%, 05/01/56 (m) |  | 50000000 | 50896500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 30 Year Maturity, 6.50%, 04/01/56 (m) |  | 73000000 | 75492293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 30 Year Maturity, 6.50%, 05/01/56 (m) |  | 363000000 | 375137994 |
|  |  |  | 1693241042 |
|  **Total North America** |  |  | **1874346474** |
|  **TOTAL MORTGAGE-BACKED SECURITIES<br>(COST $1,903,238,366)** |  |  | **1876352405** |
|  **U.S. TREASURY OBLIGATIONS — 0.3%** |  |  |  |
|  **North America — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills, 0.00%, 04/14/26 (h) |  | 12500000 | 12483615 |
|  **Total North America** |  |  | **12483615** |
|  **TOTAL U.S. TREASURY OBLIGATIONS<br>(COST $12,483,829)** |  |  | **12483615** |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **<br>Shares** | **Value** |
|  **CLOSED-END FUND — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pershing Square Holdings Ltd. | 717214 | $37707486 |
|  **TOTAL CLOSED-END FUND<br>(COST $37,812,972)** |  | **37707486** |
|  **EXCHANGE-TRADED FUNDS — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares MSCI India ETF (b) | 114176 | 5348004 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street SPDR S&P Insurance ETF (b) | 126 | 6930 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Utilities Select Sector SPDR ETF (b) | 242 | 11105 |
|  **TOTAL EXCHANGE-TRADED FUNDS<br>(COST $5,677,633)** |  | **5366039** |
|  **UNDERTAKINGS FOR COLLECTIVE INVESTMENT IN TRANSFERABLE SECURITY — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ruffer SICAV — Ruffer Total Return International Class I | 40229307 | 84429247 |
|  **TOTAL UNDERTAKINGS FOR COLLECTIVE INVESTMENT IN TRANSFERABLE SECURITY<br>(COST $80,000,000)** |  | **84429247** |
|  **WARRANTS — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ATI Penny Warrant (a),(b) | 111184 | 1890 |
| &nbsp;&nbsp;&nbsp;&nbsp; ATI Warrant (a),(b) | 100595 | 0 |
|  **TOTAL WARRANTS<br>(COST $0)** |  | **1890** |
|  **INVESTMENTS IN INVESTEE FUNDS — 8.5%** |  |  |
|  **North America — 8.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aeolus Property Catastrophe Keystone PF Fund LP (cost $1,893,877) (a),(n) | 3 | 6658753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asgard Fixed Income Risk Premia Fund (cost $58,293,738) (a),(n) | 60782 | 99473244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kirkoswald Global Macro Fund Ltd. (cost $52,567,982) (a),(n) | 476987 | 68932177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rokos Global Macro Fund Ltd. (cost $126,148,012) (a),(n) | 527922 | 132178350 |
|  **Total North America** |  | **307242524** |
|  **TOTAL INVESTMENTS IN INVESTEE FUNDS<br>(COST $238,903,609)** |  | **307242524** |
|  **RIGHTS — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aduro Biotech, Inc. (a),(e) | 1040 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gracell Biotechnologies, Inc. (a),(e) | 5000 | 0 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **<br>Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; ImageneBio, Inc. (a),(e) | 1700 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pershing Square SPARC Holdings Ltd. (a),(e) | 505024 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pershing Square Tontine Holdings Ltd. (a),(e) | 2020101 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tectonic Therapeutic, Inc. (a),(e) | 450 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransCode Therapeutics, Inc. (a),(e) | 1 | 0 |
|  **TOTAL RIGHTS<br>(COST $0)** |  | **0** |
|  **TOTAL LONG-TERM INVESTMENTS<br>(COST $4,073,735,526)** |  | **4132703639** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Strike** | **Expiration<br>Date** | **Contracts** | **Notional<br>Amount** | **Premium<br>Paid** | **Market<br>Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **PURCHASED OPTIONS — 0.7%** | **PURCHASED OPTIONS — 0.7%** | **PURCHASED OPTIONS — 0.7%** | **PURCHASED OPTIONS — 0.7%** | **PURCHASED OPTIONS — 0.7%** |  |  |  |
|  **Exchange-Traded Call Options — 0.3%** | **Exchange-Traded Call Options — 0.3%** | **Exchange-Traded Call Options — 0.3%** | **Exchange-Traded Call Options — 0.3%** | **Exchange-Traded Call Options — 0.3%** |  |  |  |
|  NAT GAS EURO OPT MAY 26 | 6.00 USD | 4/27/26 | 3 | 18 | $658 | $126 | $(532) |
|  NAT GAS EURO OPT OCT 26 | 6.00 USD | 9/25/26 | 17 | 102 | 12644 | 9639 | (3005) |
|  S&P 500 Index | 9,000.00 USD | 12/18/26 | 4382 | 39438000 | 1741887 | 1082354 | (659533) |
|  LITHIUM HYD FUT JUL 26 | 15.00 USD | 8/04/26 | 20 | 300 | 6146 | 121200 | 115054 |
|  LITHIUM HYD FUT AUG 26 | 15.00 USD | 9/02/26 | 20 | 300 | 6146 | 123000 | 116854 |
|  LITHIUM HYD FUT SEP 26 | 15.00 USD | 10/02/26 | 20 | 300 | 6146 | 123600 | 117454 |
|  LITHIUM HYD FUT OCT 26 | 15.00 USD | 11/03/26 | 20 | 300 | 6146 | 124600 | 118454 |
|  LITHIUM HYD FUT NOV 26 | 15.00 USD | 12/02/26 | 20 | 300 | 6147 | 127800 | 121653 |
|  LITHIUM HYD FUT DEC 26 | 15.00 USD | 1/05/27 | 20 | 300 | 6147 | 129200 | 123053 |
|  NAT GAS EURO OPT JUN 26 | 7.00 USD | 5/26/26 | 1 | 7 | 113 | 71 | (42) |
|  NAT GAS EURO OPT MAY 26 | 7.00 USD | 5/01/26 | 2 | 14 | 485 | 62 | (423) |
|  NAT GAS EURO OPT JUN 26 | 5.00 USD | 5/26/26 | 1 | 5 | 273 | 193 | (80) |
|  NAT GAS EURO OPT MAY 26 | 5.00 USD | 4/27/26 | 67 | 335 | 10412 | 4757 | (5655) |
|  SOYBEAN OIL MAY 26 | 75.00 USD | 4/24/26 | 68 | 5100 | 62067 | 15708 | (46359) |
|  SOYBEAN OIL JUL 26 | 70.00 USD | 6/26/26 | 45 | 3150 | 86556 | 86400 | (156) |
|  INVESCO QQQ TRUST SERIES 1 APR 26 | 630.00 USD | 4/17/26 | 119 | 74970 | 90633 | 1071 | (89562) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Strike** | **Expiration<br>Date** | **Contracts** | **Notional<br>Amount** | **Premium<br>Paid** | **Market<br>Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  SOYBEAN OIL SEP 26 | 70.00 USD | 8/21/26 | 45 | 3150 | $94917 | $91665 | $(3252) |
|  ALUMINIUM SEP 26 | 3,550.00 USD | 9/02/26 | 220 | 781000 | 440722 | 947485 | 506763 |
|  CORN FUT DEC 26 | 480.00 USD | 11/20/26 | 90 | 43200 | 87481 | 164812 | 77331 |
|  CORN FUT DEC 26 | 580.00 USD | 11/20/26 | 110 | 63800 | 29235 | 63938 | 34703 |
|  CORN FUT JUL 26 | 530.00 USD | 6/26/26 | 110 | 58300 | 17548 | 33688 | 16140 |
|  CORN FUT JUL 26 | 480.00 USD | 6/26/26 | 45 | 21600 | 18148 | 37688 | 19540 |
|  NAT GAS EURO OPT MAY 26 | 4.20 USD | 4/27/26 | 44 | 185 | 110014 | 5544 | (104470) |
|  US TSY NOTE 10YR SEP 26 | 114.00 USD | 8/21/26 | 337 | 38418 | 218978 | 189562 | (29416) |
|  NAT GAS EURO OPT JUN 26 | 4.20 USD | 5/26/26 | 44 | 185 | 110014 | 17644 | (92370) |
|  SOYBEANS NOV 26 | 1,200.00 USD | 10/23/26 | 45 | 54000 | 50772 | 97875 | 47103 |
|  LME Nickel 3Mo Call | 20,000.00 USD | 6/03/26 | 23 | 460000 | 55551 | 26308 | (29243) |
|  LME Copper 3Mo Call | 13,500.00 USD | 5/06/26 | 23 | 310500 | 347946 | 61680 | (286266) |
|  SUGAR OCT 26 | 20.00 USD | 9/15/26 | 180 | 3600 | 18670 | 54432 | 35762 |
|  SUGAR OCT 26 | 17.00 USD | 9/15/26 | 135 | 2295 | 39706 | 116424 | 76718 |
|  NAT GAS EURO FUT JUN 26 | 70.00 EUR | 5/27/26 | 45 | 3150 | 199708 | 144106 | (55602) |
|  NAT GAS EURO FUT MAY 26 | 70.00 EUR | 4/24/26 | 45 | 3150 | 206365 | 75422 | (130943) |
|  CRUDE OIL FUT MAY 26 | 95.00 USD | 4/16/26 | 50 | 4750 | 604303 | 569500 | (34803) |
|  CRUDE OIL FUT MAY 26 | 120.00 USD | 4/16/26 | 14 | 1680 | 87889 | 41720 | (46169) |
|  CRUDE OIL FUT MAY 26 | 150.00 USD | 4/16/26 | 7 | 1050 | 18558 | 4340 | (14218) |
|  NAT GAS EURO OPT MAY 26 | 3.75 USD | 4/27/26 | 56 | 210 | 37538 | 12376 | (25162) |
|  NAT GAS EURO FUT MAR 27 | 70.00 EUR | 2/24/27 | 90 | 6300 | 982290 | 591436 | (390854) |
|  NAT GAS EURO FUT FEB 27 | 70.00 EUR | 1/27/27 | 90 | 6300 | 888443 | 582805 | (305638) |
|  NAT GAS EURO FUT JAN 27 | 70.00 EUR | 12/24/26 | 90 | 6300 | 983612 | 598656 | (384956) |
|  ALUMINIUM MAY 26 | 3,300.00 USD | 5/06/26 | 45 | 148500 | 155389 | 330412 | 175023 |
|  GOLD JUN 26 | 4,650.00 USD | 5/26/26 | 45 | 209250 | 684091 | 1111050 | 426959 |
|  SILVER JUL 26 | 80.00 USD | 6/25/26 | 23 | 1840 | 656122 | 908155 | 252033 |
|  California Carbon Allowance Vintage DEC 26 | 45.00 USD | 12/15/26 | 250 | 11250 | 25205 | 18750 | (6455) |
|  NAT GAS EURO OPT JUL 26 | 4.25 USD | 6/25/26 | 45 | 191 | 73814 | 38295 | (35519) |
|  NAT GAS EURO OPT AUG 26 | 4.25 USD | 7/28/26 | 45 | 191 | 73814 | 57330 | (16484) |
|  NAT GAS EURO OPT SEP 26 | 4.25 USD | 8/26/26 | 45 | 191 | 73814 | 67230 | (6584) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Strike** | **Expiration<br>Date** | **Contracts** | **Notional<br>Amount** | **Premium<br>Paid** | **Market<br>Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  NAT GAS EURO FUT NOV 26 | 70.00 EUR | 10/27/26 | 45 | 3150 | $362189 | $254058 | $(108131) |
|  NAT GAS EURO FUT DEC 26 | 70.00 EUR | 11/26/26 | 45 | 3150 | 374261 | 276767 | (97494) |
|  INVESCO QQQ TRUST SERIES 1 MAY 26 | 600.00 USD | 5/15/26 | 119 | 71400 | 102007 | 117453 | 15446 |
|  NAT GAS EURO OPT MAY 26 | 8.00 USD | 4/27/26 | 3 | 24 | 608 | 63 | (545) |
|  |  |  |  |  | $10272328 | $9658450 | $(613878) |
|  **Exchange-Traded Put Options — 0.1%** | **Exchange-Traded Put Options — 0.1%** | **Exchange-Traded Put Options — 0.1%** | **Exchange-Traded Put Options — 0.1%** | **Exchange-Traded Put Options — 0.1%** | **Exchange-Traded Put Options — 0.1%** | **Exchange-Traded Put Options — 0.1%** | **Exchange-Traded Put Options — 0.1%** |
|  LME Copper 3Mo Call | 8,500.00 USD | 12/02/26 | 22 | 187000 | $254721 | $24574 | $(230147) |
|  LME Copper 3Mo Call | 8,500.00 USD | 6/03/26 | 22 | 187000 | 133970 | 588 | (133382) |
|  California Carbon Allowance Vintage DEC 26 | 20.00 USD | 12/15/26 | 750 | 15000 | 363115 | 660750 | 297635 |
|  LME Copper 3Mo Call | 9,000.00 USD | 6/03/26 | 22 | 198000 | 82049 | 2343 | (79706) |
|  LITHIUM HYD FUT JUL 26 | 9.00 USD | 8/04/26 | 20 | 180 | 10147 | 200 | (9947) |
|  LITHIUM HYD FUT AUG 26 | 9.00 USD | 9/02/26 | 20 | 180 | 10146 | 200 | (9946) |
|  LITHIUM HYD FUT SEP 26 | 9.00 USD | 10/02/26 | 20 | 180 | 10146 | 200 | (9946) |
|  LITHIUM HYD FUT OCT 26 | 9.00 USD | 11/03/26 | 20 | 180 | 10146 | 200 | (9946) |
|  LITHIUM HYD FUT NOV 26 | 9.00 USD | 12/02/26 | 20 | 180 | 10140 | 400 | (9740) |
|  LITHIUM HYD FUT DEC 26 | 9.00 USD | 1/05/27 | 20 | 180 | 10146 | 400 | (9746) |
|  SGX IRON ORE APR 26 | 75.00 USD | 4/30/26 | 108 | 8100 | 1350 | 0 | (1350) |
|  SGX IRON ORE APR 26 | 95.00 USD | 4/30/26 | 108 | 10260 | 32130 | 108 | (32022) |
|  SGX IRON ORE MAY 26 | 75.00 USD | 5/29/26 | 108 | 8100 | 1350 | 0 | (1350) |
|  SGX IRON ORE MAY 26 | 95.00 USD | 5/29/26 | 108 | 10260 | 32130 | 3888 | (28242) |
|  SGX IRON ORE JUN 26 | 75.00 USD | 6/30/26 | 108 | 8100 | 1350 | 0 | (1350) |
|  SGX IRON ORE JUN 26 | 95.00 USD | 6/30/26 | 108 | 10260 | 32130 | 10584 | (21546) |
|  NAT GAS EURO OPT AUG 26 | 3.50 USD | 7/28/26 | 22 | 77 | 81297 | 108394 | 27097 |
|  NAT GAS EURO OPT JUL 26 | 3.50 USD | 6/25/26 | 22 | 77 | 81297 | 106370 | 25073 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Strike** | **Expiration<br>Date** | **Contracts** | **Notional<br>Amount** | **Premium<br>Paid** | **Market<br>Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  NAT GAS EURO OPT JUN 26 | 3.50 USD | 5/26/26 | 22 | 77 | $81297 | $131186 | $49889 |
|  NAT GAS EURO OPT MAY 26 | 3.50 USD | 4/27/26 | 22 | 77 | 81297 | 142934 | 61637 |
|  NAT GAS EURO OPT OCT 26 | 3.50 USD | 9/25/26 | 22 | 77 | 81297 | 118932 | 37635 |
|  NAT GAS EURO OPT SEP 26 | 3.50 USD | 8/28/26 | 22 | 77 | 81297 | 120296 | 38999 |
|  CORN FUT DEC 26 | 430.00 USD | 11/20/26 | 90 | 38700 | 72294 | 48375 | (23919) |
|  CORN FUT JUL 26 | 430.00 USD | 6/26/26 | 45 | 19350 | 28273 | 12094 | (16179) |
|  California Carbon Allowance Vintage JUN 26 | 25.00 USD | 6/15/26 | 1700 | 42500 | 1432394 | 1020000 | (412394) |
|  US TSY NOTE 10YR SEP 26 | 109.00 USD | 8/21/26 | 337 | 36733 | 192249 | 300141 | 107892 |
|  NAT GAS EURO OPT JUN 26 | 3.00 USD | 5/26/26 | 44 | 132 | 57214 | 108460 | 51246 |
|  E-Mini S&P 500 Index | 6,700.00 USD | 4/30/26 | 22 | 147400 | 111409 | 240075 | 128666 |
|  CRUDE OIL FUT SEP 26 | 60.00 USD | 8/17/26 | 225 | 13500 | 801668 | 456750 | (344918) |
|  E-Mini S&P 500 Index | 6,500.00 USD | 4/30/26 | 68 | 442000 | 384131 | 458150 | 74019 |
|  NAT GAS EURO OPT MAY 26 | 2.25 USD | 4/27/26 | 56 | 126 | 7858 | 4368 | (3490) |
|  CRUDE OIL FUT JUN 26 | 70.00 USD | 5/14/26 | 90 | 6300 | 182067 | 135000 | (47067) |
|  CRUDE FIN CSO 1MO AUG 26 | 0.00 USD | 7/20/26 | 563 | 0 | 51190 | 50670 | (520) |
|  CRUDE FIN CSO 1MO JUL 26 | 0.00 USD | 6/18/26 | 563 | 0 | 51190 | 28150 | (23040) |
|  CRUDE FIN CSO 1MO SEP 26 | 0.00 USD | 8/19/26 | 563 | 0 | 51190 | 73190 | 22000 |
|  CRUDE FIN CSO 1MO DEC 26 | 0.00 USD | 11/19/26 | 113 | 0 | 9353 | 21470 | 12117 |
|  CRUDE FIN CSO 1MO NOV 26 | 0.00 USD | 10/19/26 | 113 | 0 | 9353 | 14690 | 5337 |
|  CRUDE FIN CSO 1MO OCT 26 | 0.00 USD | 9/21/26 | 113 | 0 | 9353 | 11300 | 1947 |
|  NAT GAS EURO OPT JUL 26 | 2.25 USD | 6/25/26 | 45 | 102 | 16214 | 9675 | (6539) |
|  NAT GAS EURO OPT AUG 26 | 2.25 USD | 7/28/26 | 45 | 101 | 16214 | 14805 | (1409) |
|  NAT GAS EURO OPT SEP 26 | 2.25 USD | 8/26/26 | 45 | 101 | 16214 | 24975 | 8761 |
|  California Carbon Allowance Vintage JUN 26 | 26.00 USD | 6/15/26 | 750 | 19500 | 518115 | 525000 | 6885 |
|  |  |  |  |  | $5500891 | $4989885 | $(511006) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Counterparty** | **Strike** | **Expiration<br>Date** | **Contracts** | **Notional<br>Amount** | **Premium<br>Paid** | **Market<br>Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **OTC Call Options — 0.1%** | **OTC Call Options — 0.1%** | **OTC Call Options — 0.1%** | **OTC Call Options — 0.1%** | **OTC Call Options — 0.1%** | **OTC Call Options — 0.1%** | **OTC Call Options — 0.1%** | **OTC Call Options — 0.1%** | **OTC Call Options — 0.1%** |
|  SOFR Interest Rate Swaption Call 4.3725 8/29/35 | Deutsche Bank AG | 4.37 USD | 8/27/35 | 3500000 | 15303750 | $472325 (o) | $447400 | $(24925) |
|  SOFR Interest Rate Swaption Call 4.67 8/29/35 | Barclays Bank PLC | 4.67 USD | 8/27/35 | 2500000 | 11675000 | 215000 (o) | 210623 | (4377) |
|  SOFR Interest Rate Swaption Call 3.21 8/23/34 | Bank Of America Merrill Lynch | 3.21 USD | 8/21/34 | 2500000 | 8025000 | 351875 (o) | 187049 | (164826) |
|  SOFR Interest Rate Swaption Call 3.21 8/31/29 | Bank Of America Merrill Lynch | 3.21 USD | 8/29/29 | 2500000 | 8025000 | 357500 (o) | 118413 | (239087) |
|  SOFR Interest Rate Swaption Call 3.265 8/18/34 | Bank Of<br> America<br> Merrill Lynch | 3.27 USD | 8/16/34 | 2500000 | 8162500 | 351000 (o) | 190738 | (160262) |
|  SOFR Interest Rate Swaption Call 3.745 3/1/34 | Deutsche Bank AG | 3.75 USD | 2/27/34 | 4000000 | 14980000 | 525000 (o) | 352535 | (172465) |
|  SOFR Interest rate Swaption Call 3.187 8/23/34 | Barclays Bank PLC | 3.19 USD | 8/21/34 | 2500000 | 7967500 | 354625 (o) | 186095 | (168530) |
|  SOFR Interest Rate Swaption Call 3.22 8/31/29 | Bank Of America Merrill Lynch | 3.22 USD | 8/29/29 | 2500000 | 8050000 | 357500 (o) | 119318 | (238182) |
|  SOFR Interest Rate Swaption Call 3.225 8/25/34 | Bank Of America Merrill Lynch | 3.23 USD | 8/23/34 | 2500000 | 8062500 | 350000 (o) | 187741 | (162259) |
|  SOFR Interest Rate Swaption Call 4.1725 9/12/35 | Bank Of America Merrill Lynch | 4.17 USD | 9/10/35 | 3000000 | 12517500 | 399225 (o) | 351890 | (47335) |
|  USD CNH FX Option Call 6.9 4/29/27 | J.P. Morgan Securities LLC | 6.90 USD | 4/29/27 | 10750000 | 74175000 | 205841 | 70590 | (135251) |
|  USD CNH FX Option Call 7.1 4/29/27 | J.P. Morgan Securities LLC | 7.10 USD | 4/29/27 | 10750000 | 76325000 | 101889 | 30344 | (71545) |
|  XAG USD FX Option Call 135 4/23/26 | Morgan Stanley Capital Services LLC | 135.00 USD | 7/23/26 | 1000000 | 135000000 | 149999 | 34753 | (115246) |
|  XAG USD FX Option Call 130 4/23/26 | Morgan Stanley Capital Services LLC | 130.00 USD | 4/23/26 | 1000000 | 130000000 | 154200 | 2554 | (151646) |
|  XAU USD FX Call 8350 1/26/28 | J.P. Morgan Securities LLC | 8,350.00 USD | 1/26/28 | 2000000 | 16700000000 | 292000 | 216632 | (75368) |
|  XAU USD FX Option Call 7000 4/28/26 | Morgan Stanley & Co. LLC | 7,000.00 USD | 4/28/26 | 1000000 | 7000000000 | 118600 | 2712 | (115888) |
|  XAU USD FX Option Call 5250 4/23/26 | J.P. Morgan Securities LLC | 5,250.00 USD | 4/23/26 | 2000 | 10500000 | 400000 | 44183 | (355817) |
|  EUR CHF FX Option Call .925 3/18/27 | Morgan Stanley & Co. International PLC | 0.93 EUR | 3/18/27 | 30557253 | 28265459 | 247962 | 391624 | 143662 |
|  |  |  |  |  |  | $5404541 | $3145194 | $(2259347) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Counterparty** | **Strike** | **Expiration<br>Date** | **Contracts** | **Notional<br>Amount** | **Premium<br>Paid** | **Market<br>Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **OTC Put Options — 0.2%** | **OTC Put Options — 0.2%** | **OTC Put Options — 0.2%** |  |  |  |  |  |  |
|  SOFR Interest Rate Swaption Put 4.3725 8/29/35 | Deutsche Bank AG | 4.37 USD | 8/27/35 | 3500000 | 15303750 | $472325 (o) | $447286 | $(25039) |
|  SOFR Interest Rate Swaption Put 4.67 8/29/35 | Barclays Bank PLC | 4.67 USD | 8/27/35 | 2500000 | 11675000 | 215500 (o) | 200199 | (15301) |
|  SOFR Interest Rate Swaption Put 3.745 3/1/34 | Deutsche Bank AG | 3.75 USD | 2/27/34 | 4000000 | 14980000 | 525000 (o) | 607358 | 82358 |
|  SOFR Interest Rate Swaption Put 5.375 6/30/27 | Barclays Bank PLC | 5.38 USD | 6/28/27 | 11050000 | 59393750 | 18343 (o) | 6330 | (12013) |
|  SOFR Interest Rate Swaption Put 3.21 8/23/34 | Bank Of America Merrill Lynch | 3.21 USD | 8/21/34 | 2500000 | 8025000 | 351875 (o) | 470619 | 118744 |
|  SOFR Interest Rate Swaption Put 3.21 8/31/29 | Bank Of America Merrill Lynch | 3.21 USD | 8/29/29 | 2500000 | 8025000 | 357500 (o) | 483564 | 126064 |
|  SOFR Interest Rate Swaption Put 3.22 8/31/29 | Bank Of America Merrill Lynch | 3.22 USD | 8/29/29 | 2500000 | 8050000 | 357500 (o) | 480721 | 123221 |
|  SOFR Interest Rate Swaption Put 5.375 7/14/27 | Barclays Bank PLC | 5.38 USD | 7/12/27 | 5500000 | 29562500 | 9295 (o) | 3297 | (5998) |
|  SOFR Interest Rate Swaption Put 3.265 8/18/34 | Bank Of America Merrill Lynch | 3.27 USD | 8/16/34 | 2500000 | 8162500 | 351000 (o) | 461285 | 110285 |
|  SOFR Interest Rate Swaption Put 5.375 12/18/26 | Barclays Bank PLC | 5.38 USD | 12/16/26 | 5500000 | 29562500 | 7783 (o) | 1404 | (6379) |
|  SOFR Interest Rate Swaption Put 3.187 8/23/34 | Barclays Bank PLC | 3.19 USD | 8/21/34 | 2500000 | 7967500 | 354625 (o) | 475192 | 120567 |
|  SOFR Interest Rate Swaption Put 3.225 8/25/34 | Bank Of America Merrill Lynch | 3.23 USD | 8/23/34 | 2500000 | 8062500 | 350000 (o) | 467620 | 117620 |
|  SOFR Interest Rate Swaption Put 4.1725 9/12/35 | Bank Of America Merrill Lynch | 4.17 USD | 9/10/35 | 3000000 | 12517500 | 399225 (o) | 406667 | 7442 |
|  NVIDIA Corp. AUG 26 | Bank Of America Merrill Lynch | 175.00 USD | 8/21/26 | 10 | 1750 | 21750 | 16581 | (5169) |
|  USD CNH FX Option Put 6.9 4//9/27 | J.P. Morgan Securities LLC | 6.90 USD | 4/29/27 | 10750000 | 74175000 | 187931 | 361350 | 173419 |
|  USD CHN FX Option Put 6.75 4/29/27 | J.P. Morgan Securities LLC | 6.75 USD | 4/29/27 | 10750000 | 72562500 | 102103 | 197617 | 95514 |
|  NVIDIA Corp. AUG 26 | Bank Of America Merrill Lynch | 180.00 USD | 8/21/26 | 10 | 1800 | 23570 | 19059 | (4511) |
|  Broadcom, Inc. | Bank Of America Merrill Lynch | 330.00 USD | 1/15/27 | 3 | 990 | 18990 | 17735 | (1255) |
|  CDX IG45 Credit Swaption Put 60 12/20/2030 | Morgan Stanley Capital Services LLC | 60.00 USD | 5/20/26 | 552500000 | 33150000000 | 878475 | 1374802 | 496327 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Counterparty** | **Strike** | **Expiration<br>Date** | **Contracts** | **Notional<br>Amount** | **Premium<br>Paid** | **Market<br>Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  CDX IG45 Credit Swaption Put 60 12/20/2030 | Goldman Sachs & Co. | 60.00 USD | 5/20/26 | 138000000 | 8280000000 | $193200 | $343389 | $150189 |
|  CDX IG45 Credit Swaption Put 60 12/20/2030 | Goldman Sachs & Co. | 60.00 USD | 5/20/26 | 138000000 | 8280000000 | 193201 | 343390 | 150189 |
|  |  |  |  |  |  | $5389191 | $7185465 | $1796274 |
|  Total Purchased Options Outstanding | Total Purchased Options Outstanding | Total Purchased Options Outstanding | Total Purchased Options Outstanding | Total Purchased Options Outstanding | Total Purchased Options Outstanding | $26566951 | $24978994 | $(1587957) |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
|  **REPURCHASE AGREEMENTS (p) — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.35%, dated 11/28/2024, due On Demand (collateralized by Bahrain International Bond, 5.45% due 09/16/2032, market value $1,148,119) (q) | 1233853 | $1233853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.35%, dated 11/28/2024, due On Demand (collateralized by Bahrain International Bond, 5.45% due 09/16/2032, market value $667,637) (q) | 717492 | 717492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.20%, dated 03/26/2025, due On Demand (collateralized by Bahrain International Bond, 5.88% due 06/05/2032, market value $2,642,910) (q) | 2940668 | 2940668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.20%, dated 03/26/2025, due On Demand (collateralized by Bahrain International Bond, 5.88% due 06/05/2032, market value $1,546,423) (q) | 1720648 | 1720648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.15%, dated 04/03/2025, due On Demand (collateralized by Bahrain International Bond, 5.88% due 06/05/2032, market value $485,857) (q) | 541607 | 541607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.15%, dated 04/03/2025, due On Demand (collateralized by Bahrain International Bond, 5.88% due 06/05/2032, market value $837,488) (q) | 933587 | 933587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.00%, dated 04/07/2025, due On Demand (collateralized by Bahrain International Bond, 6.00% due 02/12/2031, market value $978,011) (q) | 1059138 | 1059138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.00%, dated 04/07/2025, due On Demand (collateralized by Bahrain International Bond, 6.00% due 02/12/2031, market value $570,746) (q) | 618089 | 618089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.00%, dated 04/07/2025, due On Demand (collateralized by Bahrain International Bond, 6.00% due 02/12/2031, market value $488,528) (q) | 529562 | 529562 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.00%, dated 04/07/2025, due On Demand (collateralized by Bahrain International Bond, 6.00% due 02/12/2031, market value $285,851) (q) | 309861 | $309861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.00%, dated 04/08/2025, due On Demand (collateralized by Bahrain International Bond, 6.00% due 02/12/2031, market value $978,011) (q) | 1065909 | 1065909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.00%, dated 04/08/2025, due On Demand (collateralized by Bahrain International Bond, 6.00% due 02/12/2031, market value $570,746) (q) | 622041 | 622041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.15%, dated 04/08/2025, due On Demand (collateralized by Bahrain International Bond, 5.88% due 06/05/2032, market value $514,214) (q) | 562884 | 562884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.00%, dated 04/10/2025, due On Demand (collateralized by Bahrain International Bond, 5.88% due 06/05/2032, market value $565,257) (q) | 617173 | 617173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.00%, dated 04/10/2025, due On Demand (collateralized by Bahrain International Bond, 5.88% due 06/05/2032, market value $452,773) (q) | 494368 | 494368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.30%, dated 04/14/2025, due On Demand (collateralized by The National Copper Corporation of Chile, 6.44% due 01/26/2036, market value $3,664,160) (q) | 3653020 | 3653020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.30%, dated 04/14/2025, due On Demand (collateralized by The National Copper Corporation of Chile, 6.44% due 01/26/2036, market value $2,140,325) (q) | 2133817 | 2133817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.35%, dated 08/01/2025, due On Demand (collateralized by African Export Import Bank, 3.80% due 05/17/2031, market value $547,328) (q) | 556143 | 556143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.35%, dated 08/01/2025, due On Demand (collateralized by African Export Import Bank, 3.80% due 05/17/2031, market value $527,812) (q) | 536313 | 536313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.35%, dated 10/30/2025, due On Demand (collateralized by African Export Import Bank, 3.80% due 05/17/2031, market value $359,267) (q) | 381545 | 381545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.15%, dated 03/16/2026, due On Demand (collateralized by Bahrain International Bond, 7.50% due 02/12/2036, market value $1,776,696) (q) | 1862031 | 1862031 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 1.70%, dated 03/17/2026, due On Demand (collateralized by Republic of Senegal 4.75% due 03/13/2028, market value $1,204,747) (q) | 1168828 | $1350990 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase Bank, N.A., 3.25%, dated 01/06/2026, due 04/17/2026 (collateralized by African Export Import Bank, 3.80% due 05/17/2031, market value $431,120) | 458773 | 458773 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase Bank, N.A., 3.30%, dated 01/06/2026, due 04/17/2026 (collateralized by African Export Import Bank, 3.99% due 09/21/2029, market value $1,047,845) | 1127220 | 1127220 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase Bank, N.A., 3.25%, dated 01/06/2026, due 04/17/2026 (collateralized by Dominican Republic International Bond, 6.00% due 02/22/2033, market value $591,339) | 669111 | 669111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.45%, dated 01/15/2026, due On Demand (collateralized by Bahrain International Bond, 5.45% due 09/16/2032, market value $1,147,219) (q) | 1290001 | 1290001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 1.70%, dated 03/16/2026, due On Demand (collateralized by Republic of Senegal 4.75% due 03/13/2028, market value $1,686,646) (q) | 1643641 | 1899803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.45%, dated 03/16/2026, due On Demand (collateralized by Bahrain International Bond, 5.63% due 05/18/2034, market value $758,389) (q) | 812550 | 812550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.20%, dated 03/19/2026, due On Demand (collateralized by Bahrain International Bond, 7.50% due 07/07/2037, market value $1,228,876) (q) | 1284080 | 1284080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 1.70%, dated 03/19/2026, due On Demand (collateralized by Republic of Senegal 4.75% due 03/13/2028, market value $674,659) (q) | 650987 | 752443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.62%, dated 03/25/2026, due On Demand (collateralized by US Treasury Notes, 4.00% due 11/15/2035, market value $4,258,409) (q) | 4352739 | 4352739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.62%, dated 03/25/2026, due On Demand (collateralized by US Treasury Notes, 4.75% due 08/15/2055, market value $2,568,669) (q) | 2628900 | 2628900 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase Bank, N.A., 3.25%, dated 01/06/2026, due 04/17/2026 (collateralized by African Export Import Bank, 3.80% due 05/17/2031, market value $251,043) | 267145 | 267145 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase Bank, N.A., 3.25%, dated 01/06/2026, due 04/17/2026 (collateralized by Dominican Republic International Bond, 6.00% due 02/22/2033, market value $344,867) | 390223 | $390223 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase Bank, N.A., 3.30%, dated 01/06/2026, due 04/17/2026 (collateralized by African Export Import Bank, 3.99% due 09/21/2029, market value $651,061) | 700379 | 700379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.45%, dated 01/15/2026, due On Demand (collateralized by Bahrain International Bond, 5.45% due 09/16/2032, market value $667,637) (q) | 750730 | 750730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.45%, dated 03/16/2026, due On Demand (collateralized by Bahrain International Bond, 5.63% due 05/18/2034, market value $410,536) (q) | 439855 | 439855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.15%, dated 03/16/2026, due On Demand (collateralized by Bahrain International Bond, 7.50% due 02/12/2036, market value $246,763) (q) | 258615 | 258615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.20%, dated 03/19/2026, due On Demand (collateralized by Bahrain International Bond, 7.50% due 07/07/2037, market value $965,546) (q) | 1008920 | 1008920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.62%, dated 03/25/2026, due On Demand (collateralized by US Treasury Notes, 4.00% due 11/15/2035, market value $2,499,248) (q) | 2554611 | 2554611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.62%, dated 03/25/2026, due On Demand (collateralized by US Treasury Notes, 4.75% due 08/15/2055, market value $1,488,109) (q) | 1523003 | 1523003 |
|  **TOTAL REPURCHASE AGREEMENTS<br>(COST $47,600,585)** | **47070060** | **47609840** |
|  **TOTAL INVESTMENTS IN SECURITIES — 116.8%<br>(COST $4,147,903,062)** | **TOTAL INVESTMENTS IN SECURITIES — 116.8%<br>(COST $4,147,903,062)** | **4205292473** |
|  **TOTAL SECURITIES SOLD SHORT — (38.6)%<br>(PROCEEDS $1,396,268,723)** |  | **(1389813367)** |
|  **Other Assets and Liabilities (f) — 21.8%** |  | **786534448** |
|  **Net Assets — 100.0%** |  | $**3602013554** |
|  **SECURITIES SOLD SHORT — (38.6)%** |  |  |
|  **COMMON STOCK — (18.8)%** |  |  |
|  **Africa — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Materials — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sasol Ltd., ADR (a) | 3200 | (41472) |
|  **Total Africa** |  | **(41472)** |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
|  **Asia — (0.9)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Automobiles & Components — (0.1)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ECARX Holdings, Inc. (a) | 17047 | $(16669) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hesai Group, ADR (a) | 12400 | (237088) |
| &nbsp;&nbsp;&nbsp;&nbsp; Li Auto, Inc., ADR (a) | 44500 | (793435) |
| &nbsp;&nbsp;&nbsp;&nbsp; Niu Technologies, ADR (a) | 800 | (2312) |
| &nbsp;&nbsp;&nbsp;&nbsp; Polestar Automotive Holding U.K. PLC, ADR (a) | 11 | (203) |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor Corp., ADR | 9100 | (1875419) |
| &nbsp;&nbsp;&nbsp;&nbsp; Vinfast Auto Ltd. (a) | 3700 | (14245) |
| &nbsp;&nbsp;&nbsp;&nbsp; WeRide, Inc., ADR (a) | 26800 | (216812) |
| &nbsp;&nbsp;&nbsp;&nbsp; XPeng, Inc., ADR (a) | 37700 | (645047) |
|  |  | (3801230) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Banks — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc., ADR | 49400 | (838318) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc., ADR | 14600 | (115924) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc., ADR | 13600 | (268600) |
|  |  | (1222842) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Capital Goods — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BAIYU Holdings, Inc. (a),(e) | 5388 | (964) |
| &nbsp;&nbsp;&nbsp;&nbsp; EHang Holdings Ltd., ADR (a) | 9800 | (95158) |
| &nbsp;&nbsp;&nbsp;&nbsp; Furukawa Co., Ltd. (b) | 100 | (2793) |
| &nbsp;&nbsp;&nbsp;&nbsp; OneConstruction Group Ltd. (a) | 79 | (164) |
|  |  | (99079) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Commercial & Professional Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acco Group Holdings Ltd. (a) | 9 | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Guardforce AI Co., Ltd. (a) | 5600 | (2511) |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetuals.com Ltd., ADR (a) | 40 | (198) |
| &nbsp;&nbsp;&nbsp;&nbsp; VCI Global Ltd. (a) | 6 | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp; YY Group Holding Ltd. (a) | 1300 | (1365) |
|  |  | (4095) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Consumer Durables & Apparel — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Here Group Ltd., ADR (a) | 3000 | (10620) |
| &nbsp;&nbsp;&nbsp;&nbsp; Neo-Concept International Group Holdings Ltd. (a) | 7 | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp., ADR | 2900 | (60030) |
|  |  | (70662) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Consumer Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BTC Digital Ltd. (a) | 36 | (40) |
| &nbsp;&nbsp;&nbsp;&nbsp; Chagee Holdings Ltd., ADR (a) | 1000 | (9310) |
| &nbsp;&nbsp;&nbsp;&nbsp; Genius Group Ltd. (a) | 6492 | (2113) |
| &nbsp;&nbsp;&nbsp;&nbsp; Jiade Ltd. (a) | 7 | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp; MakeMyTrip Ltd. (a) | 2500 | (93225) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; VisionSys AI, Inc., ADR (a) | 700 | $(420) |
| &nbsp;&nbsp;&nbsp;&nbsp; Youdao, Inc., ADR (a) | 2100 | (20643) |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum China Holdings, Inc. | 600 | (29268) |
|  |  | (155031) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Diversified Financials — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FinVolution Group, ADR | 3300 | (15807) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futu Holdings Ltd., ADR (a) | 1400 | (191464) |
| &nbsp;&nbsp;&nbsp;&nbsp; Kaspi.KZ JSC, ADR (a) | 3300 | (244431) |
| &nbsp;&nbsp;&nbsp;&nbsp; mF International Ltd. (a) | 100 | (1032) |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Holdings, Inc., ADR | 1700 | (13413) |
| &nbsp;&nbsp;&nbsp;&nbsp; PayPay Corp., ADR (a) | 100 | (2134) |
| &nbsp;&nbsp;&nbsp;&nbsp; Solowin Holdings (a) | 289 | (1017) |
| &nbsp;&nbsp;&nbsp;&nbsp; Up Fintech Holding Ltd., ADR (a) | 100 | (630) |
| &nbsp;&nbsp;&nbsp;&nbsp; Waton Financial Ltd. (a) | 463 | (1546) |
|  |  | (471474) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Energy — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PTL Ltd. (a) | 386 | (2220) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Food & Staples Retailing — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DingDong Cayman Ltd., ADR (a) | 3100 | (7967) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Food, Beverage & Tobacco — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oriental Rise Holdings Ltd. (a) | 40 | (26) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Household & Personal Products — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Yatsen Holding Ltd., ADR (a) | 20 | (62) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Insurance — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential PLC, ADR | 10300 | (292829) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Materials — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tantech Holdings Ltd. (a) | 40 | (24) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Media & Entertainment — (0.3)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Baidu, Inc., ADR (a) | 86900 | (9682398) |
| &nbsp;&nbsp;&nbsp;&nbsp; Darkiris, Inc. (a) | 300 | (87) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fangdd Network Group Ltd. (a) | 200 | (220) |
| &nbsp;&nbsp;&nbsp;&nbsp; Haoxi Health Technology Ltd. (a) | 200 | (210) |
| &nbsp;&nbsp;&nbsp;&nbsp; iQIYI, Inc., ADR (a) | 200 | (270) |
| &nbsp;&nbsp;&nbsp;&nbsp; Nintendo Co., Ltd. (b) | 400 | (22834) |
| &nbsp;&nbsp;&nbsp;&nbsp; Oriental Culture Holding Ltd. (a) | 500 | (315) |
| &nbsp;&nbsp;&nbsp;&nbsp; So-Young International, Inc., ADR (a) | 2800 | (7644) |
| &nbsp;&nbsp;&nbsp;&nbsp; Webtoon Entertainment, Inc. (a) | 2900 | (26651) |
| &nbsp;&nbsp;&nbsp;&nbsp; WiMi Hologram Cloud, Inc. (a) | 10 | (19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Yueda Digital Holding (a) | 1400 | (1349) |
|  |  | (9741997) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Pharmaceuticals, Biotechnology & Life Sciences — 0.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *Pharmaceuticals, Biotechnology & Life Sciences — 0.0%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; China SXT Pharmaceuticals, Inc. (a) | 49 | $(82) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dr. Reddy's Laboratories Ltd., ADR | 9600 | (132960) |
| &nbsp;&nbsp;&nbsp;&nbsp; NovaBridge Biosciences, ADR (a) | 2300 | (5658) |
| &nbsp;&nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co., Ltd., ADR | 36500 | (675980) |
|  |  | (814680) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Real Estate Management & Development — (0.1)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; KE Holdings, Inc., ADR | 126500 | (1893705) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohmyhome Ltd. (a) | 200 | (246) |
| &nbsp;&nbsp;&nbsp;&nbsp; Reitar Logtech Holdings Ltd. (a) | 1000 | (508) |
|  |  | (1894459) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Retailing — (0.4)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd., ADR (b) | 114671 | (14386624) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cango, Inc., ADR (a) | 14300 | (5877) |
| &nbsp;&nbsp;&nbsp;&nbsp; Coupang, Inc. (a) | 7900 | (149152) |
| &nbsp;&nbsp;&nbsp;&nbsp; JD.com, Inc., ADR | 17200 | (508604) |
| &nbsp;&nbsp;&nbsp;&nbsp; MINISO Group Holding Ltd., ADR | 400 | (6480) |
| &nbsp;&nbsp;&nbsp;&nbsp; Park Ha Biological Technology Co., Ltd. (a) | 400 | (420) |
| &nbsp;&nbsp;&nbsp;&nbsp; PDD Holdings, Inc., ADR (a) | 1700 | (173706) |
| &nbsp;&nbsp;&nbsp;&nbsp; Smart Share Global Ltd., ADR (a) | 275 | (311) |
| &nbsp;&nbsp;&nbsp;&nbsp; SMJ International Holdings, Inc. (a) | 100 | (310) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uxin Ltd., ADR (a) | 1188 | (3647) |
|  |  | (15235131) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Semiconductors & Semiconductor Equipment — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ASE Technology Holding Co., Ltd., ADR | 800 | (17344) |
| &nbsp;&nbsp;&nbsp;&nbsp; Disco Corp. (b) | 100 | (40758) |
| &nbsp;&nbsp;&nbsp;&nbsp; Himax Technologies, Inc., ADR | 3500 | (27545) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lasertec Corp. (a),(b) | 100 | (22257) |
| &nbsp;&nbsp;&nbsp;&nbsp; Renesas Electronics Corp. (b) | 200 | (2859) |
| &nbsp;&nbsp;&nbsp;&nbsp; SCREEN Holdings Co., Ltd. (b) | 100 | (5958) |
| &nbsp;&nbsp;&nbsp;&nbsp; STMicroelectronics NV (b) | 564 | (19486) |
| &nbsp;&nbsp;&nbsp;&nbsp; SUMCO Corp. (b) | 200 | (2210) |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co., Ltd., ADR (b) | 3511 | (1186542) |
| &nbsp;&nbsp;&nbsp;&nbsp; United Microelectronics Corp., ADR (b) | 12 | (108) |
|  |  | (1325067) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Software & Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMTD Digital, Inc., ADR (a) | 20762 | (32389) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bit Origin Ltd. (a) | 390 | (874) |
| &nbsp;&nbsp;&nbsp;&nbsp; Chaince Digital Holdings, Inc. (a) | 2100 | (8358) |
| &nbsp;&nbsp;&nbsp;&nbsp; Datasea, Inc. (a) | 33 | (30) |
| &nbsp;&nbsp;&nbsp;&nbsp; GDS Holdings Ltd., ADR (a) | 200 | (8058) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Gorilla Technology Group, Inc. (a) | 7200 | $(75816) |
| &nbsp;&nbsp;&nbsp;&nbsp; Heartcore Enterprises, Inc. | 1000 | (224) |
| &nbsp;&nbsp;&nbsp;&nbsp; Infosys Ltd., ADR (b) | 1924 | (25993) |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingsoft Cloud Holdings Ltd., ADR (a) | 21800 | (291248) |
| &nbsp;&nbsp;&nbsp;&nbsp; Link Motion, Inc., ADR (a),(e) | 11000 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; MMTEC, Inc. (a) | 1795 | (8472) |
| &nbsp;&nbsp;&nbsp;&nbsp; Next Technology Holding, Inc. (a) | 971 | (1991) |
| &nbsp;&nbsp;&nbsp;&nbsp; Orangekloud Technology, Inc. (a) | 600 | (624) |
| &nbsp;&nbsp;&nbsp;&nbsp; Pony AI, Inc., ADR (a) | 11800 | (111392) |
| &nbsp;&nbsp;&nbsp;&nbsp; SOLAI Ltd., ADR (a) | 300 | (236) |
| &nbsp;&nbsp;&nbsp;&nbsp; T3 Defense, Inc. (a) | 9300 | (6671) |
| &nbsp;&nbsp;&nbsp;&nbsp; The9 Ltd., ADR (a) | 237 | (1299) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tuya, Inc., ADR (a) | 1600 | (3696) |
| &nbsp;&nbsp;&nbsp;&nbsp; U-BX Technology Ltd. (a) | 100 | (334) |
| &nbsp;&nbsp;&nbsp;&nbsp; Xiao I Corp., ADR (a) | 1400 | (164) |
| &nbsp;&nbsp;&nbsp;&nbsp; Youxin Technology Ltd. (a) | 100 | (97) |
|  |  | (577966) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Technology Hardware & Equipment — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Canaan, Inc., ADR (a) | 16600 | (7168) |
| &nbsp;&nbsp;&nbsp;&nbsp; CCSC Technology International Holdings Ltd. (a) | 200 | (87) |
| &nbsp;&nbsp;&nbsp;&nbsp; Creative Global Technology Holdings Ltd. (a) | 6 | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fabrinet (a),(b) | 276 | (143940) |
| &nbsp;&nbsp;&nbsp;&nbsp; TROOPS, Inc. (a) | 700 | (1428) |
|  |  | (152629) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Telecommunication Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chunghwa Telecom Co., Ltd., ADR | 2000 | (84480) |
| &nbsp;&nbsp;&nbsp;&nbsp; FingerMotion, Inc. (a) | 3725 | (3706) |
|  |  | (88186) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Transportation — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Full Truck Alliance Co., Ltd., ADR | 5300 | (43990) |
| &nbsp;&nbsp;&nbsp;&nbsp; Grab Holdings Ltd., Class A (a) | 22600 | (82716) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryde Group Ltd. (a) | 1400 | (764) |
| &nbsp;&nbsp;&nbsp;&nbsp; Smart Logistics Global Ltd. (a) | 28 | (20) |
| &nbsp;&nbsp;&nbsp;&nbsp; ZTO Express Cayman, Inc., ADR | 17700 | (445509) |
|  |  | (572999) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Utilities — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ReNew Energy Global PLC (a) | 1000 | (4580) |
|  **Total Asia** |  | **(36535235)** |
|  **Europe — (0.3)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Automobiles & Components — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dr. Ing hc F Porsche AG, Preference Shares (b) | 92 | (4191) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Group AG (b) | 4068 | $(250031) |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen AG, Preference Shares (b) | 273 | (27926) |
|  |  | (282148) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Banks — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings PLC, ADR | 100 | (8249) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, ADR | 17800 | (89534) |
|  |  | (97783) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Capital Goods — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABB Ltd. (b) | 2038 | (165706) |
| &nbsp;&nbsp;&nbsp;&nbsp; Aebi Schmidt Holding AG | 800 | (7768) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadeler AS, ADR (a) | 100 | (2353) |
| &nbsp;&nbsp;&nbsp;&nbsp; Daimler Truck Holding AG (b) | 1363 | (67122) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fusion Fuel Green PLC (a) | 11 | (31) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hensoldt AG (a),(b) | 167 | (14821) |
| &nbsp;&nbsp;&nbsp;&nbsp; Knorr-Bremse AG (b) | 133 | (15196) |
| &nbsp;&nbsp;&nbsp;&nbsp; RENK Group AG (b) | 48 | (2869) |
| &nbsp;&nbsp;&nbsp;&nbsp; SKF AB (a),(b) | 553 | (13331) |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertical Aerospace Ltd. (a) | 11500 | (25415) |
| &nbsp;&nbsp;&nbsp;&nbsp; Vestas Wind Systems AS (b) | 1401 | (42269) |
| &nbsp;&nbsp;&nbsp;&nbsp; Wallbox NV (a) | 155 | (384) |
| &nbsp;&nbsp;&nbsp;&nbsp; Wartsila OYJ Abp (b) | 953 | (35497) |
|  |  | (392762) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Commercial & Professional Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cimpress PLC (a) | 2100 | (153300) |
| &nbsp;&nbsp;&nbsp;&nbsp; RELX PLC, ADR (b) | 216 | (7160) |
| &nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial PLC, ADR | 25100 | (790148) |
| &nbsp;&nbsp;&nbsp;&nbsp; Wolters Kluwer NV (a),(b) | 1337 | (99858) |
|  |  | (1050466) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Consumer Durables & Apparel — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; adidas AG (b) | 106 | (17157) |
| &nbsp;&nbsp;&nbsp;&nbsp; AiRWA, Inc. (a) | 12300 | (10280) |
| &nbsp;&nbsp;&nbsp;&nbsp; Amer Sports, Inc. (a) | 25900 | (852628) |
| &nbsp;&nbsp;&nbsp;&nbsp; Birkenstock Holding PLC (a) | 9200 | (329636) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ermenegildo Zegna NV | 499 | (5200) |
| &nbsp;&nbsp;&nbsp;&nbsp; On Holding AG (a) | 5400 | (183708) |
|  |  | (1398609) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Consumer Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Genius Sports Ltd. (a) | 9600 | (42528) |
| &nbsp;&nbsp;&nbsp;&nbsp; Pearson PLC, ADR | 3000 | (39390) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sportradar Group AG, Class A (a) | 1300 | (21762) |
| &nbsp;&nbsp;&nbsp;&nbsp; Super Group SGHC Ltd. | 1500 | (16200) |
|  |  | (119880) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Diversified Financials — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Julius Baer Group Ltd. (b) | 561 | $(41264) |
| &nbsp;&nbsp;&nbsp;&nbsp; Klarna Group PLC (a) | 400 | (5236) |
| &nbsp;&nbsp;&nbsp;&nbsp; Marex Group PLC | 1019 | (45427) |
| &nbsp;&nbsp;&nbsp;&nbsp; Partners Group Holding AG (b) | 66 | (71137) |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG | 5865 | (229146) |
|  |  | (392210) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Energy — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinor ASA, ADR (b) | 8003 | (337727) |
| &nbsp;&nbsp;&nbsp;&nbsp; Seadrill Ltd. (a) | 11900 | (541450) |
| &nbsp;&nbsp;&nbsp;&nbsp; SFL Corp. Ltd. | 13000 | (140270) |
| &nbsp;&nbsp;&nbsp;&nbsp; TechnipFMC PLC | 1400 | (96782) |
|  |  | (1116229) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Food, Beverage & Tobacco — (0.1)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev SA, ADR | 5800 | (402346) |
| &nbsp;&nbsp;&nbsp;&nbsp; Diageo PLC, ADR | 30700 | (2285615) |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnum Ice Cream Co. NV (a) | 3500 | (52325) |
|  |  | (2740286) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Health Care Equipment & Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Philips NV | 21404 | (586470) |
| &nbsp;&nbsp;&nbsp;&nbsp; Nyxoah SA (a) | 200 | (584) |
| &nbsp;&nbsp;&nbsp;&nbsp; OneMedNet Corp. (a) | 8103 | (6888) |
| &nbsp;&nbsp;&nbsp;&nbsp; Smith & Nephew PLC, ADR | 9200 | (292376) |
|  |  | (886318) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Insurance — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zurich Financial Services UKISA Ltd. (a),(b) | 47 | (33220) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Materials — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ArcelorMittal SA | 11800 | (613364) |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Lithium Corp. (a) | 3800 | (16530) |
| &nbsp;&nbsp;&nbsp;&nbsp; BASF SE (b) | 700 | (43113) |
| &nbsp;&nbsp;&nbsp;&nbsp; Critical Metals Corp. (a) | 37700 | (299338) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lifezone Metals Ltd. (a) | 500 | (1680) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercer International, Inc. | 600 | (852) |
| &nbsp;&nbsp;&nbsp;&nbsp; Titan America SA (a) | 1500 | (22470) |
|  |  | (997347) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Media — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Criteo SA, ADR (a) | 200 | (3586) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Media & Entertainment — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brera Holdings PLC (a) | 6500 | (5096) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Gambling.com Group Ltd. (a) | 2500 | $(9700) |
| &nbsp;&nbsp;&nbsp;&nbsp; Manchester United PLC (a) | 500 | (8410) |
| &nbsp;&nbsp;&nbsp;&nbsp; WPP PLC, ADR | 7300 | (113515) |
|  |  | (136721) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Pharmaceuticals, Biotechnology & Life Sciences — 0.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *Pharmaceuticals, Biotechnology & Life Sciences — 0.0%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alvotech SA (a) | 5000 | (17150) |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC, ADR | 150 | (29583) |
| &nbsp;&nbsp;&nbsp;&nbsp; Autolus Therapeutics PLC, ADR (a) | 13800 | (19044) |
| &nbsp;&nbsp;&nbsp;&nbsp; DBV Technologies SA, ADR (a) | 200 | (4178) |
| &nbsp;&nbsp;&nbsp;&nbsp; GH Research PLC (a) | 300 | (4218) |
| &nbsp;&nbsp;&nbsp;&nbsp; Immatics NV (a) | 3300 | (32472) |
| &nbsp;&nbsp;&nbsp;&nbsp; InflaRx NV (a) | 100 | (89) |
| &nbsp;&nbsp;&nbsp;&nbsp; IO Biotech, Inc. (a) | 500 | (29) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mainz Biomed NV (a) | 3600 | (1706) |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck KGaA (a),(b) | 339 | (43071) |
| &nbsp;&nbsp;&nbsp;&nbsp; Newamsterdam Pharma Co. NV (a) | 2900 | (92829) |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk AS, ADR (b) | 5100 | (187425) |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk AS (b) | 248 | (8857) |
| &nbsp;&nbsp;&nbsp;&nbsp; NuCana PLC, ADR (a) | 271 | (382) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tiziana Life Sciences Ltd. (a) | 1200 | (1404) |
|  |  | (442437) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Semiconductors & Semiconductor Equipment — (0.1)%* | &nbsp;&nbsp;&nbsp;&nbsp; *Semiconductors & Semiconductor Equipment — (0.1)%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Be Semiconductor Industries (a),(b) | 37 | (7925) |
| &nbsp;&nbsp;&nbsp;&nbsp; NXP Semiconductors NV (b) | 10015 | (1971553) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sequans Communications SA, ADR (a) | 300 | (759) |
| &nbsp;&nbsp;&nbsp;&nbsp; WISeKey International Holding Ltd., ADR (a) | 500 | (3070) |
|  |  | (1983307) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Software & Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Argo Blockchain PLC, ADR (a) | 100 | (287) |
| &nbsp;&nbsp;&nbsp;&nbsp; Arqit Quantum, Inc. (a) | 110 | (1458) |
| &nbsp;&nbsp;&nbsp;&nbsp; Endava PLC, ADR (a) | 1600 | (7072) |
| &nbsp;&nbsp;&nbsp;&nbsp; Nebius Group NV (a),(b) | 40 | (4150) |
| &nbsp;&nbsp;&nbsp;&nbsp; SAP SE, ADR (b) | 169 | (28934) |
| &nbsp;&nbsp;&nbsp;&nbsp; SAP SE (b) | 251 | (42791) |
|  |  | (84692) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Technology Hardware & Equipment — (0.1)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Logitech International SA (b) | 303 | (28138) |
| &nbsp;&nbsp;&nbsp;&nbsp; Logitech International SA (b) | 425 | (38726) |
| &nbsp;&nbsp;&nbsp;&nbsp; Nokia OYJ, ADR | 229900 | (1848396) |
| &nbsp;&nbsp;&nbsp;&nbsp; SCHMID Group NV (a) | 200 | (1060) |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson, ADR | 57900 | (652533) |
|  |  | (2568853) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Telecommunication Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom AG (a),(b) | 8942 | $(333745) |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Global Ltd., Class A (a) | 1000 | (12090) |
|  |  | (345835) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Transportation — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Lufthansa AG (b) | 4148 | (35323) |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Post AG (b) | 1153 | (60771) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryanair Holdings PLC, ADR | 4650 | (268770) |
|  |  | (364864) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Utilities — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; National Grid PLC, ADR | 6700 | (566820) |
| &nbsp;&nbsp;&nbsp;&nbsp; Vojvodinapromet doo Vrbas (a) | 9200 | (21160) |
|  |  | (587980) |
|  **Total Europe** |  | **(16025533)** |
|  **Middle East — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Automobiles & Components — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foresight Autonomous Holdings Ltd., ADR (a) | 104 | (259) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mobileye Global, Inc., Class A (a),(b) | 3699 | (25412) |
| &nbsp;&nbsp;&nbsp;&nbsp; REE Automotive Ltd. (a) | 1057 | (634) |
|  |  | (26305) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Capital Goods — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; A2Z Cust2Mate Solutions Corp. (a) | 6500 | (43355) |
| &nbsp;&nbsp;&nbsp;&nbsp; Brenmiller Energy Ltd. (a) | 400 | (241) |
| &nbsp;&nbsp;&nbsp;&nbsp; Kornit Digital Ltd. (a) | 700 | (10262) |
| &nbsp;&nbsp;&nbsp;&nbsp; Silynxcom Ltd. (a) | 100 | (97) |
|  |  | (53955) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Diversified Financials — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Etoro Group Ltd. (a) | 600 | (18018) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Health Care Equipment & Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GlucoTrack, Inc. (a) | 300 | (195) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lifeward Ltd. (a) | 50 | (332) |
| &nbsp;&nbsp;&nbsp;&nbsp; Nano-X Imaging Ltd. (a) | 2500 | (5675) |
|  |  | (6202) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Media & Entertainment — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexxen International Ltd. (a) | 1100 | (7172) |
| &nbsp;&nbsp;&nbsp;&nbsp; Perion Network Ltd. (a) | 700 | (6993) |
|  |  | (14165) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Pharmaceuticals, Biotechnology & Life Sciences — 0.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *Pharmaceuticals, Biotechnology & Life Sciences — 0.0%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BiomX, Inc. (a) | 10 | $(38) |
| &nbsp;&nbsp;&nbsp;&nbsp; NeuroSense Therapeutics Ltd. (a) | 300 | (227) |
| &nbsp;&nbsp;&nbsp;&nbsp; SciSparc Ltd. (a) | 125 | (458) |
| &nbsp;&nbsp;&nbsp;&nbsp; XTL Biopharmaceuticals Ltd., ADR (a) | 10 | (24) |
|  |  | (747) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Retailing — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; D-MARKET Elektronik Hizmetler ve Ticaret AS, ADR (a) | 4100 | (10742) |
| &nbsp;&nbsp;&nbsp;&nbsp; Global-e Online Ltd. (a) | 13500 | (416475) |
|  |  | (427217) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Semiconductors & Semiconductor Equipment — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tower Semiconductor Ltd. (a) | 200 | (35096) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Software & Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hub Cyber Security Ltd. (a) | 46 | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp; Nice Ltd., ADR (a),(b) | 4970 | (547992) |
| &nbsp;&nbsp;&nbsp;&nbsp; Wix.com Ltd. (a),(b) | 321 | (2702) |
|  |  | (550699) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Technology Hardware & Equipment — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arbe Robotics Ltd. (a) | 32400 | (19764) |
| &nbsp;&nbsp;&nbsp;&nbsp; Gauzy Ltd. (a) | 190 | (145) |
| &nbsp;&nbsp;&nbsp;&nbsp; Innoviz Technologies Ltd. (a) | 300 | (190) |
| &nbsp;&nbsp;&nbsp;&nbsp; ParaZero Technologies Ltd. (a) | 6950 | (5358) |
| &nbsp;&nbsp;&nbsp;&nbsp; Rail Vision Ltd. (a) | 653 | (5407) |
| &nbsp;&nbsp;&nbsp;&nbsp; Wearable Devices Ltd. (a) | 546 | (787) |
|  |  | (31651) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Transportation — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ZIM Integrated Shipping Services Ltd. | 37800 | (996030) |
|  **Total Middle East** |  | **(2160085)** |
|  **North America — (17.6)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Automobiles & Components — (0.1)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aptiv PLC (a) | 23000 | (1597120) |
| &nbsp;&nbsp;&nbsp;&nbsp; BorgWarner, Inc. | 1400 | (75964) |
| &nbsp;&nbsp;&nbsp;&nbsp; Empery Digital, Inc. (a) | 5051 | (21366) |
| &nbsp;&nbsp;&nbsp;&nbsp; Envirotech Vehicles, Inc. (a) | 100 | (167) |
| &nbsp;&nbsp;&nbsp;&nbsp; Faraday Future Intelligent Electric, Inc. (a) | 65700 | (18054) |
| &nbsp;&nbsp;&nbsp;&nbsp; FLY-E Group, Inc. (a) | 2 | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Factory Holding Corp. (a) | 900 | (14814) |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co. (a) | 37200 | (246636) |
| &nbsp;&nbsp;&nbsp;&nbsp; Kodiak AI, Inc. (a) | 100 | (694) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; LCI Industries | 100 | $(12298) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lear Corp. | 2300 | (278484) |
| &nbsp;&nbsp;&nbsp;&nbsp; Livewire Group, Inc. (a) | 300 | (498) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lucid Group, Inc. (a) | 0 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lucid Group, Inc. (a) | 66443 | (633202) |
| &nbsp;&nbsp;&nbsp;&nbsp; Patrick Industries, Inc. | 1150 | (127730) |
| &nbsp;&nbsp;&nbsp;&nbsp; Solid Power, Inc. (a) | 6900 | (20700) |
| &nbsp;&nbsp;&nbsp;&nbsp; Stellantis NV | 65200 | (462268) |
| &nbsp;&nbsp;&nbsp;&nbsp; Stellantis NV (b) | 1534 | (11087) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc. (a),(b) | 206 | (76580) |
| &nbsp;&nbsp;&nbsp;&nbsp; Worksport Ltd. (a) | 3705 | (3890) |
| &nbsp;&nbsp;&nbsp;&nbsp; XPEL, Inc. (a) | 900 | (39834) |
|  |  | (3641392) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Banks — (3.1)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameris Bancorp | 300 | (23397) |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlantic Union Bankshares Corp. | 30 | (1072) |
| &nbsp;&nbsp;&nbsp;&nbsp; Axos Financial, Inc. (a) | 49897 | (4245736) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Marin Bancorp | 17047 | (436915) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Montreal | 100 | (13534) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank OZK | 104390 | (4790457) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bankwell Financial Group, Inc. | 6936 | (336535) |
| &nbsp;&nbsp;&nbsp;&nbsp; Beacon Financial Corp. | 38 | (1140) |
| &nbsp;&nbsp;&nbsp;&nbsp; BOK Financial Corp. | 6009 | (769513) |
| &nbsp;&nbsp;&nbsp;&nbsp; Burke & Herbert Financial Services Corp. | 11154 | (694783) |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce | 1400 | (132650) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Bancorp, Inc. | 22115 | (657700) |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. | 57685 | (6542056) |
| &nbsp;&nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. | 86239 | (5171753) |
| &nbsp;&nbsp;&nbsp;&nbsp; City Holding Co. | 37827 | (4521083) |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia Banking System, Inc. | 9400 | (257842) |
| &nbsp;&nbsp;&nbsp;&nbsp; Customers Bancorp, Inc. (a) | 8206 | (569578) |
| &nbsp;&nbsp;&nbsp;&nbsp; East West Bancorp, Inc. | 93408 | (9972238) |
| &nbsp;&nbsp;&nbsp;&nbsp; Eastern Bankshares, Inc. | 1700 | (33252) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fifth Third Bancorp | 186 | (8642) |
| &nbsp;&nbsp;&nbsp;&nbsp; First Hawaiian, Inc. | 65779 | (1620795) |
| &nbsp;&nbsp;&nbsp;&nbsp; Firstsun Capital Bancorp (a) | 222 | (8094) |
| &nbsp;&nbsp;&nbsp;&nbsp; FNB Corp. | 16780 | (280562) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hancock Whitney Corp. | 133362 | (8480490) |
| &nbsp;&nbsp;&nbsp;&nbsp; Home BancShares, Inc. | 126002 | (3393234) |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. | 384631 | (6019475) |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. (b) | 809 | (237975) |
| &nbsp;&nbsp;&nbsp;&nbsp; M&T Bank Corp. (b) | 948 | (195971) |
| &nbsp;&nbsp;&nbsp;&nbsp; Nicolet Bankshares, Inc. | 37 | (5499) |
| &nbsp;&nbsp;&nbsp;&nbsp; OceanFirst Financial Corp. | 27120 | (489245) |
| &nbsp;&nbsp;&nbsp;&nbsp; Old National Bancorp | 37012 | (817965) |
| &nbsp;&nbsp;&nbsp;&nbsp; Orrstown Financial Services, Inc. | 13 | (469) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Pathward Financial, Inc. | 51172 | $(4566078) |
| &nbsp;&nbsp;&nbsp;&nbsp; Patriot National Bancorp, Inc. (a) | 1900 | (2451) |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinnacle Financial Partners, Inc. | 400 | (34456) |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Bank | 58787 | (5331393) |
| &nbsp;&nbsp;&nbsp;&nbsp; Regions Financial Corp. | 264691 | (6913729) |
| &nbsp;&nbsp;&nbsp;&nbsp; ServisFirst Bancshares, Inc. | 7561 | (550668) |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Capital Bancshares, Inc. (a) | 47844 | (4539439) |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank | 40100 | (3741731) |
| &nbsp;&nbsp;&nbsp;&nbsp; Triumph Financial, Inc. (a) | 33652 | (2007678) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Bancorp | 107161 | (5573444) |
| &nbsp;&nbsp;&nbsp;&nbsp; UMB Financial Corp. | 46829 | (5281843) |
| &nbsp;&nbsp;&nbsp;&nbsp; United Bankshares, Inc. | 3356 | (139006) |
| &nbsp;&nbsp;&nbsp;&nbsp; Valley National Bancorp | 230757 | (2833696) |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Trust Bancorp, Inc. | 15403 | (515384) |
| &nbsp;&nbsp;&nbsp;&nbsp; Webster Financial Corp. | 1200 | (83304) |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. (b) | 1093 | (87014) |
| &nbsp;&nbsp;&nbsp;&nbsp; Wintrust Financial Corp. | 105 | (14589) |
| &nbsp;&nbsp;&nbsp;&nbsp; Zions Bancorp NA | 13843 | (797634) |
|  |  | (103743187) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Capital Goods — (1.0)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 374Water, Inc. (a) | 910 | (2584) |
| &nbsp;&nbsp;&nbsp;&nbsp; A.O. Smith Corp. (b) | 849 | (55983) |
| &nbsp;&nbsp;&nbsp;&nbsp; AAR Corp. (a) | 300 | (32838) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Drainage Systems, Inc. | 1200 | (164556) |
| &nbsp;&nbsp;&nbsp;&nbsp; AeroVironment, Inc. (a) | 5200 | (951860) |
| &nbsp;&nbsp;&nbsp;&nbsp; AgEagle Aerial Systems, Inc. (a) | 13900 | (12566) |
| &nbsp;&nbsp;&nbsp;&nbsp; AirJoule Technologies Corp. (a) | 200 | (502) |
| &nbsp;&nbsp;&nbsp;&nbsp; AIRO Group Holdings, Inc. (a) | 700 | (5324) |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegion PLC (b) | 221 | (32109) |
| &nbsp;&nbsp;&nbsp;&nbsp; Alliance Laundry Holdings, Inc. (a) | 400 | (8296) |
| &nbsp;&nbsp;&nbsp;&nbsp; Allison Transmission Holdings, Inc. | 600 | (70236) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameresco, Inc., Class A (a) | 200 | (5100) |
| &nbsp;&nbsp;&nbsp;&nbsp; American Woodmark Corp. (a) | 200 | (7966) |
| &nbsp;&nbsp;&nbsp;&nbsp; API Group Corp. (a) | 7700 | (312004) |
| &nbsp;&nbsp;&nbsp;&nbsp; Archer Aviation, Inc. (a) | 238200 | (1231494) |
| &nbsp;&nbsp;&nbsp;&nbsp; Array Technologies, Inc. (a) | 9500 | (68685) |
| &nbsp;&nbsp;&nbsp;&nbsp; ATS Corp. (a) | 2800 | (78960) |
| &nbsp;&nbsp;&nbsp;&nbsp; Axon Enterprise, Inc. (a) | 4900 | (2080981) |
| &nbsp;&nbsp;&nbsp;&nbsp; Beam Global (a) | 2500 | (3675) |
| &nbsp;&nbsp;&nbsp;&nbsp; Blink Charging Co. (a) | 39600 | (22449) |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing Co. (a) | 7700 | (1532531) |
| &nbsp;&nbsp;&nbsp;&nbsp; Builders FirstSource, Inc. (a),(b) | 1442 | (118720) |
| &nbsp;&nbsp;&nbsp;&nbsp; Byrna Technologies, Inc. (a) | 4900 | (44982) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadre Holdings, Inc. | 3400 | (104312) |
| &nbsp;&nbsp;&nbsp;&nbsp; CAE, Inc. (a) | 600 | (15630) |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlisle Cos., Inc. | 240 | (80069) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Carpenter Technology Corp. | 100 | $(39415) |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrier Global Corp. | 6100 | (343491) |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar, Inc. (b) | 127 | (89974) |
| &nbsp;&nbsp;&nbsp;&nbsp; CEA Industries, Inc. (a) | 100 | (292) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cleancore Solutions, Inc. (a) | 11470 | (4087) |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbus McKinnon Corp. | 1100 | (15983) |
| &nbsp;&nbsp;&nbsp;&nbsp; Comfort Systems USA, Inc. | 300 | (413697) |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction Partners, Inc. (a) | 300 | (33336) |
| &nbsp;&nbsp;&nbsp;&nbsp; Core & Main, Inc., Class A (a) | 13400 | (661960) |
| &nbsp;&nbsp;&nbsp;&nbsp; CSW Industrials, Inc. | 1080 | (281426) |
| &nbsp;&nbsp;&nbsp;&nbsp; Deere & Co. (b) | 1959 | (1103505) |
| &nbsp;&nbsp;&nbsp;&nbsp; DNOW, Inc. (a) | 10300 | (122673) |
| &nbsp;&nbsp;&nbsp;&nbsp; Draganfly, Inc. (a) | 2400 | (11784) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dragonfly Energy Holdings Corp. (a) | 2840 | (4942) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dycom Industries, Inc. (a) | 120 | (40658) |
| &nbsp;&nbsp;&nbsp;&nbsp; Eaton Corp. PLC (b) | 6968 | (2492245) |
| &nbsp;&nbsp;&nbsp;&nbsp; EMCOR Group, Inc. | 100 | (73831) |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerson Electric Co. (b) | 7474 | (979243) |
| &nbsp;&nbsp;&nbsp;&nbsp; Energous Corp. (a) | 616 | (9665) |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Focus, Inc. (a) | 7 | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Enovix Corp. (a) | 4000 | (20720) |
| &nbsp;&nbsp;&nbsp;&nbsp; ESS Tech, Inc. (a) | 4913 | (5748) |
| &nbsp;&nbsp;&nbsp;&nbsp; Eve Holding, Inc. (a) | 700 | (1736) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fastenal Co. (b) | 38862 | (1803197) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc. (b) | 5770 | (1345910) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrovial SE | 7 | (455) |
| &nbsp;&nbsp;&nbsp;&nbsp; Firefly Aerospace, Inc. (a) | 5600 | (159432) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fluor Corp. (a) | 800 | (37320) |
| &nbsp;&nbsp;&nbsp;&nbsp; Flux Power Holdings, Inc. (a) | 300 | (321) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortune Brands Innovations, Inc. (b) | 2174 | (84721) |
| &nbsp;&nbsp;&nbsp;&nbsp; Founder Group Ltd. (a) | 57 | (155) |
| &nbsp;&nbsp;&nbsp;&nbsp; FTAI Aviation Ltd. (b) | 3019 | (739655) |
| &nbsp;&nbsp;&nbsp;&nbsp; FTC Solar, Inc. (a) | 1734 | (6555) |
| &nbsp;&nbsp;&nbsp;&nbsp; GE Vernova, Inc. (b) | 269 | (234810) |
| &nbsp;&nbsp;&nbsp;&nbsp; Griffon Corp. | 100 | (7268) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hayward Holdings, Inc. (a) | 2000 | (26760) |
| &nbsp;&nbsp;&nbsp;&nbsp; Herc Holdings, Inc. | 25 | (2489) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hillman Solutions Corp. (a) | 700 | (5824) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hubbell, Inc. | 200 | (98148) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyperscale Data, Inc. (a) | 109900 | (16529) |
| &nbsp;&nbsp;&nbsp;&nbsp; IES Holdings, Inc. (a) | 120 | (57176) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | 6152 | (492898) |
| &nbsp;&nbsp;&nbsp;&nbsp; Inlif Ltd. (a) | 2187 | (703) |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuitive Machines, Inc. (a) | 1300 | (24128) |
| &nbsp;&nbsp;&nbsp;&nbsp; iPower, Inc. (a) | 97 | (135) |
| &nbsp;&nbsp;&nbsp;&nbsp; ITT, Inc. (b) | 44 | (8383) |
| &nbsp;&nbsp;&nbsp;&nbsp; JBT Marel Corp. | 400 | (51148) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; JELD-WEN Holding, Inc. (a) | 500 | $(620) |
| &nbsp;&nbsp;&nbsp;&nbsp; Karman Holdings, Inc. (a) | 400 | (32020) |
| &nbsp;&nbsp;&nbsp;&nbsp; Kratos Defense & Security Solutions, Inc. (a) | 2100 | (148071) |
| &nbsp;&nbsp;&nbsp;&nbsp; KULR Technology Group, Inc. (a) | 7500 | (17775) |
| &nbsp;&nbsp;&nbsp;&nbsp; Laser Photonics Corp. (a) | 30 | (30) |
| &nbsp;&nbsp;&nbsp;&nbsp; Legence Corp. (a) | 1900 | (107274) |
| &nbsp;&nbsp;&nbsp;&nbsp; Masco Corp. (b) | 2253 | (136014) |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc. (a) | 3400 | (28254) |
| &nbsp;&nbsp;&nbsp;&nbsp; MDA Space Ltd. (a) | 300 | (7596) |
| &nbsp;&nbsp;&nbsp;&nbsp; Microvast Holdings, Inc. (a) | 100 | (150) |
| &nbsp;&nbsp;&nbsp;&nbsp; Middleby Corp. (a) | 2600 | (344708) |
| &nbsp;&nbsp;&nbsp;&nbsp; Modine Manufacturing Co. (a) | 14800 | (3207308) |
| &nbsp;&nbsp;&nbsp;&nbsp; Momentus, Inc. (a) | 400 | (1472) |
| &nbsp;&nbsp;&nbsp;&nbsp; MSC Industrial Direct Co., Inc. | 200 | (18454) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mueller Industries, Inc. | 400 | (44320) |
| &nbsp;&nbsp;&nbsp;&nbsp; Nauticus Robotics, Inc. (a) | 8900 | (4438) |
| &nbsp;&nbsp;&nbsp;&nbsp; NeoVolta, Inc. (a) | 4400 | (13552) |
| &nbsp;&nbsp;&nbsp;&nbsp; New Horizon Aircraft Ltd. (a) | 6000 | (8460) |
| &nbsp;&nbsp;&nbsp;&nbsp; Nextpower, Inc., Class A (a) | 7796 | (939808) |
| &nbsp;&nbsp;&nbsp;&nbsp; Northann Corp. (a) | 31 | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp; Nuburu, Inc. (a) | 42300 | (7500) |
| &nbsp;&nbsp;&nbsp;&nbsp; NuScale Power Corp. (a),(b) | 6427 | (69669) |
| &nbsp;&nbsp;&nbsp;&nbsp; nVent Electric PLC | 300 | (35484) |
| &nbsp;&nbsp;&nbsp;&nbsp; Pentair PLC | 500 | (43555) |
| &nbsp;&nbsp;&nbsp;&nbsp; Powell Industries, Inc. | 980 | (530258) |
| &nbsp;&nbsp;&nbsp;&nbsp; Power Solutions International, Inc. (a) | 200 | (12176) |
| &nbsp;&nbsp;&nbsp;&nbsp; PowerBank Corp. (a) | 1200 | (642) |
| &nbsp;&nbsp;&nbsp;&nbsp; Primoris Services Corp. | 1700 | (243168) |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanex Building Products Corp. | 600 | (10782) |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanta Services, Inc. | 5960 | (3272159) |
| &nbsp;&nbsp;&nbsp;&nbsp; QXO, Inc. (a) | 36825 | (715141) |
| &nbsp;&nbsp;&nbsp;&nbsp; Red Cat Holdings, Inc. (a) | 18100 | (236929) |
| &nbsp;&nbsp;&nbsp;&nbsp; Regal Rexnord Corp. | 800 | (149808) |
| &nbsp;&nbsp;&nbsp;&nbsp; Resideo Technologies, Inc. (a) | 11300 | (380923) |
| &nbsp;&nbsp;&nbsp;&nbsp; Rocket Lab Corp. (a) | 66800 | (4289896) |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. (b) | 848 | (304330) |
| &nbsp;&nbsp;&nbsp;&nbsp; RYTHM, Inc. (a) | 200 | (3450) |
| &nbsp;&nbsp;&nbsp;&nbsp; Safe Pro Group, Inc. (a) | 200 | (762) |
| &nbsp;&nbsp;&nbsp;&nbsp; Satellogic, Inc. (a) | 7100 | (38624) |
| &nbsp;&nbsp;&nbsp;&nbsp; Shoals Technologies Group, Inc. (a) | 12600 | (82908) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sidus Space, Inc. (a) | 21200 | (49184) |
| &nbsp;&nbsp;&nbsp;&nbsp; SiteOne Landscape Supply, Inc. (a),(b) | 715 | (95174) |
| &nbsp;&nbsp;&nbsp;&nbsp; SKYX Platforms Corp. (a) | 500 | (560) |
| &nbsp;&nbsp;&nbsp;&nbsp; SolarMax Technology, Inc. (a) | 1500 | (1052) |
| &nbsp;&nbsp;&nbsp;&nbsp; StandardAero, Inc. (a) | 4600 | (118818) |
| &nbsp;&nbsp;&nbsp;&nbsp; Stardust Power, Inc. (a) | 760 | (1794) |
| &nbsp;&nbsp;&nbsp;&nbsp; Starfighters Space, Inc. (a) | 400 | (2368) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sterling Infrastructure, Inc. (a) | 160 | $(65163) |
| &nbsp;&nbsp;&nbsp;&nbsp; SunPower, Inc. (a) | 881 | (1119) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tecnoglass, Inc. | 300 | (13365) |
| &nbsp;&nbsp;&nbsp;&nbsp; Terra Innovatum Global NV (a) | 1300 | (6032) |
| &nbsp;&nbsp;&nbsp;&nbsp; Terrestrial Energy, Inc. (a) | 2700 | (16214) |
| &nbsp;&nbsp;&nbsp;&nbsp; Trane Technologies PLC (b) | 27 | (11252) |
| &nbsp;&nbsp;&nbsp;&nbsp; Valmont Industries, Inc. | 60 | (23974) |
| &nbsp;&nbsp;&nbsp;&nbsp; Velo3D, Inc. (a) | 3000 | (28170) |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertiv Holdings Co. (b) | 9240 | (2315359) |
| &nbsp;&nbsp;&nbsp;&nbsp; Vicor Corp. (a) | 300 | (48300) |
| &nbsp;&nbsp;&nbsp;&nbsp; Virgin Galactic Holdings, Inc. (a) | 10 | (24) |
| &nbsp;&nbsp;&nbsp;&nbsp; Voyager Technologies, Inc. (a) | 8400 | (196476) |
| &nbsp;&nbsp;&nbsp;&nbsp; VSE Corp. | 4300 | (792920) |
| &nbsp;&nbsp;&nbsp;&nbsp; Watsco, Inc. (b) | 194 | (70575) |
| &nbsp;&nbsp;&nbsp;&nbsp; WESCO International, Inc. | 1000 | (273620) |
| &nbsp;&nbsp;&nbsp;&nbsp; WillScot Holdings Corp. | 100 | (1736) |
| &nbsp;&nbsp;&nbsp;&nbsp; WW Grainger, Inc. (b) | 27 | (29452) |
|  |  | (38650150) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Commercial & Professional Services — (0.1)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amentum Holdings, Inc. (a) | 9 | (235) |
| &nbsp;&nbsp;&nbsp;&nbsp; Asure Software, Inc. (a) | 200 | (1720) |
| &nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. (b) | 155 | (31493) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bitcoin Depot, Inc. (a) | 346 | (754) |
| &nbsp;&nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding Corp. | 300 | (23409) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bridger Aerospace Group Holdings, Inc. (a) | 2200 | (4356) |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc. (b) | 256 | (41595) |
| &nbsp;&nbsp;&nbsp;&nbsp; Casella Waste Systems, Inc. (a) | 12600 | (999684) |
| &nbsp;&nbsp;&nbsp;&nbsp; Clarivate PLC (a) | 11700 | (29601) |
| &nbsp;&nbsp;&nbsp;&nbsp; Conduent, Inc. (a) | 1200 | (1536) |
| &nbsp;&nbsp;&nbsp;&nbsp; Enviri Corp. (a) | 2000 | (39240) |
| &nbsp;&nbsp;&nbsp;&nbsp; Equifax, Inc. (b) | 634 | (114164) |
| &nbsp;&nbsp;&nbsp;&nbsp; First Advantage Corp. (a) | 586 | (6891) |
| &nbsp;&nbsp;&nbsp;&nbsp; Greenwave Technology Solutions, Inc. (a) | 129 | (432) |
| &nbsp;&nbsp;&nbsp;&nbsp; HNI Corp. | 1566 | (52289) |
| &nbsp;&nbsp;&nbsp;&nbsp; Knightscope, Inc. (a) | 4788 | (19966) |
| &nbsp;&nbsp;&nbsp;&nbsp; Korn Ferry | 100 | (6295) |
| &nbsp;&nbsp;&nbsp;&nbsp; LanzaTech Global, Inc. (a) | 46 | (736) |
| &nbsp;&nbsp;&nbsp;&nbsp; Legalzoom.com, Inc. (a) | 100 | (567) |
| &nbsp;&nbsp;&nbsp;&nbsp; Montrose Environmental Group, Inc. (a) | 4000 | (87560) |
| &nbsp;&nbsp;&nbsp;&nbsp; Nixxy, Inc. (a) | 7900 | (8414) |
| &nbsp;&nbsp;&nbsp;&nbsp; Odyssey Marine Exploration, Inc. (a) | 3500 | (2919) |
| &nbsp;&nbsp;&nbsp;&nbsp; Parsons Corp. (a) | 100 | (5417) |
| &nbsp;&nbsp;&nbsp;&nbsp; Paychex, Inc. (b) | 295 | (27175) |
| &nbsp;&nbsp;&nbsp;&nbsp; Paycom Software, Inc. (b) | 81 | (9845) |
| &nbsp;&nbsp;&nbsp;&nbsp; Perma-Fix Environmental Services, Inc. (a) | 3100 | (33139) |
| &nbsp;&nbsp;&nbsp;&nbsp; Pitney Bowes, Inc. | 200 | (2210) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Global, Inc. | 27300 | $(2616705) |
| &nbsp;&nbsp;&nbsp;&nbsp; Skillsoft Corp. (a) | 800 | (3432) |
| &nbsp;&nbsp;&nbsp;&nbsp; Spire Global, Inc. (a) | 50 | (629) |
| &nbsp;&nbsp;&nbsp;&nbsp; SS&C Technologies Holdings, Inc. (b) | 14707 | (993752) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tetra Tech, Inc. | 500 | (15060) |
| &nbsp;&nbsp;&nbsp;&nbsp; Thomson Reuters Corp. (b) | 1511 | (135960) |
| &nbsp;&nbsp;&nbsp;&nbsp; Thomson Reuters Corp. (b) | 75 | (6769) |
| &nbsp;&nbsp;&nbsp;&nbsp; TIC Solutions, Inc. (a) | 48900 | (321762) |
| &nbsp;&nbsp;&nbsp;&nbsp; TransUnion (b) | 10278 | (711135) |
| &nbsp;&nbsp;&nbsp;&nbsp; UL Solutions, Inc. | 100 | (8571) |
| &nbsp;&nbsp;&nbsp;&nbsp; UniFirst Corp. | 200 | (50318) |
| &nbsp;&nbsp;&nbsp;&nbsp; Veralto Corp. | 899 | (79490) |
| &nbsp;&nbsp;&nbsp;&nbsp; Vestis Corp. (a) | 100 | (786) |
| &nbsp;&nbsp;&nbsp;&nbsp; Youlife Group, Inc., ADR (a) | 300 | (297) |
|  |  | (6496308) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Consumer Durables & Apparel — (0.2)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Algorhythm Holdings, Inc. (a) | 1795 | (1957) |
| &nbsp;&nbsp;&nbsp;&nbsp; Callaway Golf Co. (a) | 1300 | (18044) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capri Holdings Ltd. (a) | 100 | (1762) |
| &nbsp;&nbsp;&nbsp;&nbsp; Champion Homes, Inc. (a) | 2100 | (156177) |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia Sportswear Co. | 500 | (27405) |
| &nbsp;&nbsp;&nbsp;&nbsp; Crocs, Inc. (a) | 900 | (74718) |
| &nbsp;&nbsp;&nbsp;&nbsp; Deckers Outdoor Corp. (a),(b) | 349 | (34931) |
| &nbsp;&nbsp;&nbsp;&nbsp; DR Horton, Inc. (b) | 145 | (19897) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dream Finders Homes, Inc. (a) | 2700 | (37584) |
| &nbsp;&nbsp;&nbsp;&nbsp; Funko, Inc. (a) | 400 | (1260) |
| &nbsp;&nbsp;&nbsp;&nbsp; Gildan Activewear, Inc. | 8900 | (495285) |
| &nbsp;&nbsp;&nbsp;&nbsp; GoPro, Inc. (a) | 200 | (154) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hasbro, Inc. | 700 | (65520) |
| &nbsp;&nbsp;&nbsp;&nbsp; Helen of Troy Ltd. (a) | 400 | (5768) |
| &nbsp;&nbsp;&nbsp;&nbsp; Installed Building Products, Inc. (b) | 1035 | (274430) |
| &nbsp;&nbsp;&nbsp;&nbsp; Koss Corp. (a) | 100 | (358) |
| &nbsp;&nbsp;&nbsp;&nbsp; La-Z-Boy, Inc. | 100 | (3214) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lifetime Brands, Inc. | 400 | (2296) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lululemon Athletica, Inc. (a) | 1500 | (229650) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mattel, Inc. (a) | 7400 | (107522) |
| &nbsp;&nbsp;&nbsp;&nbsp; Newell Brands, Inc. | 5700 | (19551) |
| &nbsp;&nbsp;&nbsp;&nbsp; NIKE, Inc., Class B (b) | 10130 | (535067) |
| &nbsp;&nbsp;&nbsp;&nbsp; Playboy, Inc. (a) | 464 | (705) |
| &nbsp;&nbsp;&nbsp;&nbsp; PulteGroup, Inc. (b) | 617 | (72565) |
| &nbsp;&nbsp;&nbsp;&nbsp; PVH Corp. (b) | 7141 | (498156) |
| &nbsp;&nbsp;&nbsp;&nbsp; SharkNinja, Inc. (a) | 3600 | (381240) |
| &nbsp;&nbsp;&nbsp;&nbsp; Smith Douglas Homes Corp. (a) | 100 | (1280) |
| &nbsp;&nbsp;&nbsp;&nbsp; Somnigroup International, Inc. | 18000 | (1330560) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonos, Inc. (a) | 10900 | (146060) |
| &nbsp;&nbsp;&nbsp;&nbsp; Steven Madden Ltd. | 5500 | (186560) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Tapestry, Inc. | 100 | $(14111) |
| &nbsp;&nbsp;&nbsp;&nbsp; TopBuild Corp. (a) | 5780 | (2030514) |
| &nbsp;&nbsp;&nbsp;&nbsp; Traeger, Inc. (a) | 16 | (464) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tri Pointe Homes, Inc. (a) | 200 | (9346) |
| &nbsp;&nbsp;&nbsp;&nbsp; Under Armour, Inc. (a) | 700 | (4137) |
| &nbsp;&nbsp;&nbsp;&nbsp; Wolverine World Wide, Inc. | 100 | (1632) |
| &nbsp;&nbsp;&nbsp;&nbsp; YETI Holdings, Inc. (a) | 1200 | (43908) |
|  |  | (6833788) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Consumer Services — (1.1)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allied Gaming & Entertainment, Inc. (a) | 2900 | (793) |
| &nbsp;&nbsp;&nbsp;&nbsp; Aramark | 1700 | (68918) |
| &nbsp;&nbsp;&nbsp;&nbsp; Aureus Greenway Holdings, Inc. (a) | 3300 | (11187) |
| &nbsp;&nbsp;&nbsp;&nbsp; BJ's Restaurants, Inc. (a) | 300 | (10530) |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Rock Coffee Bar, Inc. (a) | 400 | (5168) |
| &nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 200 | (842064) |
| &nbsp;&nbsp;&nbsp;&nbsp; Boyd Gaming Corp. | 100 | (8218) |
| &nbsp;&nbsp;&nbsp;&nbsp; Brightstar Lottery PLC | 700 | (8918) |
| &nbsp;&nbsp;&nbsp;&nbsp; Brinker International, Inc. (a) | 2400 | (342648) |
| &nbsp;&nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc. (a) | 7876 | (208163) |
| &nbsp;&nbsp;&nbsp;&nbsp; Carnival Corp. | 2000 | (51760) |
| &nbsp;&nbsp;&nbsp;&nbsp; Classover Holdings, Inc. (a) | 100 | (308) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dave & Buster's Entertainment, Inc. (a) | 11000 | (119130) |
| &nbsp;&nbsp;&nbsp;&nbsp; Domino's Pizza, Inc. (b) | 533 | (191235) |
| &nbsp;&nbsp;&nbsp;&nbsp; DoorDash, Inc. (a) | 20 | (3003) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dutch Bros, Inc., Class A (a) | 1900 | (96254) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expedia Group, Inc. (b) | 10001 | (2309131) |
| &nbsp;&nbsp;&nbsp;&nbsp; First Watch Restaurant Group, Inc. (a) | 300 | (3144) |
| &nbsp;&nbsp;&nbsp;&nbsp; Flutter Entertainment PLC (a) | 28080 | (2862756) |
| &nbsp;&nbsp;&nbsp;&nbsp; Frontdoor, Inc. (a) | 300 | (15858) |
| &nbsp;&nbsp;&nbsp;&nbsp; Full House Resorts, Inc. (a) | 2600 | (5850) |
| &nbsp;&nbsp;&nbsp;&nbsp; KinderCare Learning Cos., Inc. (a) | 400 | (880) |
| &nbsp;&nbsp;&nbsp;&nbsp; Laureate Education, Inc. (a) | 300 | (10452) |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Live Holdings, Inc. (a) | 1399 | (131660) |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott International, Inc. | 6640 | (2171745) |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott Vacations Worldwide Corp. | 700 | (45584) |
| &nbsp;&nbsp;&nbsp;&nbsp; Matthews International Corp. | 100 | (2582) |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp. | 260 | (80805) |
| &nbsp;&nbsp;&nbsp;&nbsp; McGraw Hill, Inc. (a) | 100 | (1370) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mister Car Wash, Inc. (a) | 600 | (4182) |
| &nbsp;&nbsp;&nbsp;&nbsp; Navan, Inc. (a) | 4200 | (55608) |
| &nbsp;&nbsp;&nbsp;&nbsp; Nerdy, Inc. (a) | 21000 | (17140) |
| &nbsp;&nbsp;&nbsp;&nbsp; Norwegian Cruise Line Holdings Ltd. (a) | 100 | (1870) |
| &nbsp;&nbsp;&nbsp;&nbsp; ONE Group Hospitality, Inc. (a) | 400 | (712) |
| &nbsp;&nbsp;&nbsp;&nbsp; OneSpaWorld Holdings Ltd. | 2200 | (50490) |
| &nbsp;&nbsp;&nbsp;&nbsp; Papa John's International, Inc. | 10500 | (340305) |
| &nbsp;&nbsp;&nbsp;&nbsp; Penn Entertainment, Inc. (a) | 1900 | (28557) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Planet Fitness, Inc., Class A (a) | 7300 | $(542974) |
| &nbsp;&nbsp;&nbsp;&nbsp; Pursuit Attractions & Hospitality, Inc. (a) | 300 | (10989) |
| &nbsp;&nbsp;&nbsp;&nbsp; Restaurant Brands International, Inc. | 23900 | (1766210) |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. | 34580 | (9515724) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabre Corp. (a) | 12800 | (18560) |
| &nbsp;&nbsp;&nbsp;&nbsp; Serve Robotics, Inc. (a) | 6600 | (55704) |
| &nbsp;&nbsp;&nbsp;&nbsp; SHARPLINK, Inc. (a) | 63000 | (406350) |
| &nbsp;&nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp. (a) | 32588 | (578437) |
| &nbsp;&nbsp;&nbsp;&nbsp; Starbucks Corp. | 68900 | (6172751) |
| &nbsp;&nbsp;&nbsp;&nbsp; Stride, Inc. (a) | 2100 | (185157) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sweetgreen, Inc. (a) | 400 | (2076) |
| &nbsp;&nbsp;&nbsp;&nbsp; Travel & Leisure Co. | 1700 | (117623) |
| &nbsp;&nbsp;&nbsp;&nbsp; Udemy, Inc. (a) | 7900 | (36498) |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parks & Resorts, Inc. (a) | 2900 | (94714) |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Technical Institute, Inc. (a) | 200 | (7220) |
| &nbsp;&nbsp;&nbsp;&nbsp; Wingstop, Inc. | 680 | (105380) |
| &nbsp;&nbsp;&nbsp;&nbsp; WW International, Inc. (a) | 400 | (5496) |
| &nbsp;&nbsp;&nbsp;&nbsp; Wyndham Hotels & Resorts, Inc. (b) | 490 | (39803) |
| &nbsp;&nbsp;&nbsp;&nbsp; Xponential Fitness, Inc. (a) | 3900 | (23478) |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 42200 | (6561256) |
| &nbsp;&nbsp;&nbsp;&nbsp; Zeta Network Group (a) | 50 | (99) |
|  |  | (36355477) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Diversified Financials — (2.2)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acacia Research Corp. (a) | 800 | (3848) |
| &nbsp;&nbsp;&nbsp;&nbsp; Adamas Trust, Inc. | 25 | (184) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Flower Capital, Inc. | 1700 | (4794) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated Managers Group, Inc. | 200 | (55340) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affirm Holdings, Inc. (a) | 700 | (32074) |
| &nbsp;&nbsp;&nbsp;&nbsp; AGNC Investment Corp. | 65200 | (653956) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ally Financial, Inc. (b) | 1328 | (52097) |
| &nbsp;&nbsp;&nbsp;&nbsp; ALT5 Sigma Corp. (a) | 14900 | (16539) |
| &nbsp;&nbsp;&nbsp;&nbsp; AlTi Global, Inc. (a) | 4000 | (14480) |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co. (b) | 405 | (122504) |
| &nbsp;&nbsp;&nbsp;&nbsp; Annaly Capital Management, Inc. | 50 | (1058) |
| &nbsp;&nbsp;&nbsp;&nbsp; Apollo Global Management, Inc. | 4573 | (509524) |
| &nbsp;&nbsp;&nbsp;&nbsp; Arbor Realty Trust, Inc. | 16700 | (128757) |
| &nbsp;&nbsp;&nbsp;&nbsp; ARES Management Corp. (b) | 16231 | (1770802) |
| &nbsp;&nbsp;&nbsp;&nbsp; ARMOUR Residential REIT, Inc. | 860 | (14345) |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlanticus Holdings Corp. (a) | 100 | (5247) |
| &nbsp;&nbsp;&nbsp;&nbsp; AtlasClear Holdings, Inc. (a) | 44400 | (8827) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bakkt, Inc. (a) | 3240 | (23846) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. | 18454 | (2189198) |
| &nbsp;&nbsp;&nbsp;&nbsp; Beeline Holdings, Inc. (a) | 8981 | (21105) |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B (a),(b) | 252 | (120758) |
| &nbsp;&nbsp;&nbsp;&nbsp; Better Home & Finance Holding Co. (a) | 2492 | (88765) |
| &nbsp;&nbsp;&nbsp;&nbsp; Block, Inc. (a) | 66280 | (3988730) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Blue Owl Capital, Inc. (b) | 17311 | $(158049) |
| &nbsp;&nbsp;&nbsp;&nbsp; BRC Group Holdings, Inc. (a) | 100 | (732) |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Asset Management Ltd. | 6500 | (288925) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bullish (a) | 7000 | (250110) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cannae Holdings, Inc. | 800 | (9096) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cantaloupe, Inc. (a) | 4300 | (46483) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 24 | (4378) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc. | 40716 | (11444046) |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago Atlantic Real Estate Finance, Inc. | 100 | (1132) |
| &nbsp;&nbsp;&nbsp;&nbsp; Chime Financial, Inc. (a) | 1600 | (29968) |
| &nbsp;&nbsp;&nbsp;&nbsp; Claros Mortgage Trust, Inc. (a) | 2200 | (5236) |
| &nbsp;&nbsp;&nbsp;&nbsp; CME Group, Inc. (b) | 1276 | (376867) |
| &nbsp;&nbsp;&nbsp;&nbsp; Coinbase Global, Inc. (a),(b) | 66657 | (11638979) |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Diversified Holdings | 1300 | (10218) |
| &nbsp;&nbsp;&nbsp;&nbsp; Corebridge Financial, Inc. | 4100 | (97826) |
| &nbsp;&nbsp;&nbsp;&nbsp; Corpay, Inc. (a) | 7120 | (2071849) |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Acceptance Corp. (a) | 40 | (16938) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dave, Inc. (a) | 200 | (34818) |
| &nbsp;&nbsp;&nbsp;&nbsp; DeFi Development Corp. (a) | 4998 | (16443) |
| &nbsp;&nbsp;&nbsp;&nbsp; Defi Technologies, Inc. (a) | 56500 | (31216) |
| &nbsp;&nbsp;&nbsp;&nbsp; DigitalBridge Group, Inc. | 706 | (10887) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dynex Capital, Inc. | 3100 | (39556) |
| &nbsp;&nbsp;&nbsp;&nbsp; Enova International, Inc. (a) | 85494 | (11612650) |
| &nbsp;&nbsp;&nbsp;&nbsp; Euronet Worldwide, Inc. (a) | 21233 | (1409234) |
| &nbsp;&nbsp;&nbsp;&nbsp; FactSet Research Systems, Inc. (b) | 831 | (180319) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 58200 | (2730162) |
| &nbsp;&nbsp;&nbsp;&nbsp; Figure Technology Solutions, Inc. (a) | 1700 | (57715) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc. (a),(b) | 26950 | (1503810) |
| &nbsp;&nbsp;&nbsp;&nbsp; Flywire Corp. (a) | 800 | (9312) |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin BSP Realty Trust, Inc. | 1300 | (11037) |
| &nbsp;&nbsp;&nbsp;&nbsp; FS KKR Capital Corp. | 900 | (9162) |
| &nbsp;&nbsp;&nbsp;&nbsp; Galaxy Digital, Inc. (a) | 5300 | (97785) |
| &nbsp;&nbsp;&nbsp;&nbsp; Gemini Space Station, Inc. (a) | 2000 | (8840) |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc. (b) | 19001 | (1278767) |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. | 4080 | (3451639) |
| &nbsp;&nbsp;&nbsp;&nbsp; HA Sustainable Infrastructure Capital, Inc. | 7200 | (264600) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hercules Capital, Inc. | 10068 | (148704) |
| &nbsp;&nbsp;&nbsp;&nbsp; Horizon Technology Finance Corp. | 900 | (3789) |
| &nbsp;&nbsp;&nbsp;&nbsp; Innventure, Inc. (a) | 9900 | (38709) |
| &nbsp;&nbsp;&nbsp;&nbsp; Jack Henry & Associates, Inc. (b) | 299 | (47254) |
| &nbsp;&nbsp;&nbsp;&nbsp; Katapult Holdings, Inc. (a) | 439 | (3099) |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR & Co., Inc. | 2000 | (185000) |
| &nbsp;&nbsp;&nbsp;&nbsp; LendingClub Corp. (a) | 3300 | (47256) |
| &nbsp;&nbsp;&nbsp;&nbsp; loanDepot, Inc. (a) | 2200 | (3124) |
| &nbsp;&nbsp;&nbsp;&nbsp; LPL Financial Holdings, Inc. | 6440 | (1937345) |
| &nbsp;&nbsp;&nbsp;&nbsp; Merchants Bancorp | 1150 | (49346) |
| &nbsp;&nbsp;&nbsp;&nbsp; Monroe Capital Corp. | 100 | (460) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Moody's Corp. (b) | 17 | $(7416) |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley (b) | 19022 | (3130451) |
| &nbsp;&nbsp;&nbsp;&nbsp; Morningstar, Inc. (b) | 14 | (2367) |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI, Inc., Class A (b) | 261 | (140682) |
| &nbsp;&nbsp;&nbsp;&nbsp; NerdWallet, Inc. (a) | 5700 | (59166) |
| &nbsp;&nbsp;&nbsp;&nbsp; Oportun Financial Corp. (a) | 3020 | (13922) |
| &nbsp;&nbsp;&nbsp;&nbsp; Orchid Island Capital, Inc. | 15900 | (111777) |
| &nbsp;&nbsp;&nbsp;&nbsp; Patria Investments Ltd., Class A | 8400 | (105840) |
| &nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc. | 5086 | (230040) |
| &nbsp;&nbsp;&nbsp;&nbsp; PennyMac Financial Services, Inc. | 1000 | (87400) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ready Capital Corp. | 20300 | (32886) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redwood Trust, Inc. | 500 | (2805) |
| &nbsp;&nbsp;&nbsp;&nbsp; Regional Management Corp. | 8758 | (282445) |
| &nbsp;&nbsp;&nbsp;&nbsp; Remitly Global, Inc. (a) | 11100 | (173937) |
| &nbsp;&nbsp;&nbsp;&nbsp; Repay Holdings Corp. (a) | 2000 | (5200) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ridgepost Capital, Inc., Class A | 900 | (6534) |
| &nbsp;&nbsp;&nbsp;&nbsp; Rithm Capital Corp. | 110200 | (1044696) |
| &nbsp;&nbsp;&nbsp;&nbsp; Robinhood Markets, Inc. (a) | 64474 | (4468048) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sezzle, Inc. (a) | 300 | (18987) |
| &nbsp;&nbsp;&nbsp;&nbsp; Shift4 Payments, Inc. (a) | 13400 | (585982) |
| &nbsp;&nbsp;&nbsp;&nbsp; SoFi Technologies, Inc. (a) | 26000 | (412880) |
| &nbsp;&nbsp;&nbsp;&nbsp; StepStone Group, Inc. | 5600 | (267232) |
| &nbsp;&nbsp;&nbsp;&nbsp; StoneX Group, Inc. (a) | 45413 | (3662558) |
| &nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial (b) | 4265 | (290105) |
| &nbsp;&nbsp;&nbsp;&nbsp; TOP Financial Group Ltd. (a) | 500 | (414) |
| &nbsp;&nbsp;&nbsp;&nbsp; Two Harbors Investment Corp. | 250 | (2855) |
| &nbsp;&nbsp;&nbsp;&nbsp; Upstart Holdings, Inc. (a) | 700 | (17955) |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc. | 40 | (12090) |
| &nbsp;&nbsp;&nbsp;&nbsp; WEX, Inc. (a) | 5774 | (883653) |
|  |  | (77559971) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Energy — (1.2)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aemetis, Inc. (a) | 2300 | (7337) |
| &nbsp;&nbsp;&nbsp;&nbsp; Amplify Energy Corp. (a) | 1134 | (7076) |
| &nbsp;&nbsp;&nbsp;&nbsp; Antero Resources Corp. (a) | 100 | (4244) |
| &nbsp;&nbsp;&nbsp;&nbsp; APA Corp. (b) | 2262 | (95999) |
| &nbsp;&nbsp;&nbsp;&nbsp; Baker Hughes Co. | 80000 | (4884000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Baytex Energy Corp. | 106286 | (475098) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cactus, Inc. | 3600 | (170532) |
| &nbsp;&nbsp;&nbsp;&nbsp; California Resources Corp. | 550 | (38071) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cameco Corp. | 2500 | (271525) |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Natural Resources Ltd. | 4500 | (219285) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cenovus Energy, Inc. | 36500 | (968345) |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron Corp. (b) | 1238 | (256142) |
| &nbsp;&nbsp;&nbsp;&nbsp; Chord Energy Corp. (b) | 469 | (66682) |
| &nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Fuels Corp. (a) | 1000 | (2480) |
| &nbsp;&nbsp;&nbsp;&nbsp; CNX Resources Corp. (a),(b) | 2226 | (85812) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Comstock Resources, Inc. (a),(b) | 2353 | $(49601) |
| &nbsp;&nbsp;&nbsp;&nbsp; Comstock, Inc. (a) | 480 | (1464) |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips (b) | 8 | (1056) |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Laboratories, Inc. | 1600 | (26864) |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Natural Resources, Inc. | 1621 | (169767) |
| &nbsp;&nbsp;&nbsp;&nbsp; Coterra Energy, Inc. | 48400 | (1700776) |
| &nbsp;&nbsp;&nbsp;&nbsp; Encore Energy Corp. (a) | 2400 | (4320) |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. (b) | 1692 | (244612) |
| &nbsp;&nbsp;&nbsp;&nbsp; Epsilon Energy Ltd. | 200 | (1232) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expand Energy Corp. (b) | 2784 | (305628) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expro Group Holdings NV (a) | 18500 | (322085) |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. (b) | 83218 | (14118766) |
| &nbsp;&nbsp;&nbsp;&nbsp; Flowco Holdings, Inc. | 200 | (4120) |
| &nbsp;&nbsp;&nbsp;&nbsp; Gevo, Inc. (a) | 5300 | (14469) |
| &nbsp;&nbsp;&nbsp;&nbsp; Halliburton Co. (b) | 2244 | (87494) |
| &nbsp;&nbsp;&nbsp;&nbsp; Helmerich & Payne, Inc. | 100 | (3603) |
| &nbsp;&nbsp;&nbsp;&nbsp; Infinity Natural Resources, Inc. (a) | 100 | (1761) |
| &nbsp;&nbsp;&nbsp;&nbsp; Innovex International, Inc. (a) | 2700 | (65853) |
| &nbsp;&nbsp;&nbsp;&nbsp; International Seaways, Inc. | 2000 | (145760) |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinetik Holdings, Inc. | 5420 | (262382) |
| &nbsp;&nbsp;&nbsp;&nbsp; Kolibri Global Energy, Inc. (a) | 700 | (3843) |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Energy, Inc. | 12100 | (348480) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lightbridge Corp. (a) | 1700 | (18122) |
| &nbsp;&nbsp;&nbsp;&nbsp; Matador Resources Co. (b) | 176 | (11120) |
| &nbsp;&nbsp;&nbsp;&nbsp; MIND Technology, Inc. (a) | 500 | (4175) |
| &nbsp;&nbsp;&nbsp;&nbsp; Murphy Oil Corp. (b) | 2909 | (119996) |
| &nbsp;&nbsp;&nbsp;&nbsp; New Era Energy & Digital, Inc. (a) | 1700 | (6902) |
| &nbsp;&nbsp;&nbsp;&nbsp; NexGen Energy Ltd. (a) | 5200 | (60320) |
| &nbsp;&nbsp;&nbsp;&nbsp; NextNRG, Inc. (a) | 9000 | (3600) |
| &nbsp;&nbsp;&nbsp;&nbsp; Noble Corp. PLC | 7648 | (375287) |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Oil & Gas, Inc. | 10400 | (303992) |
| &nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. (b) | 5437 | (353405) |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceaneering International, Inc. (a) | 2300 | (81581) |
| &nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc. (b) | 37899 | (3425691) |
| &nbsp;&nbsp;&nbsp;&nbsp; Patterson-UTI Energy, Inc. (b) | 6207 | (67222) |
| &nbsp;&nbsp;&nbsp;&nbsp; Prairie Operating Co. (a) | 900 | (1827) |
| &nbsp;&nbsp;&nbsp;&nbsp; ProFrac Holding Corp. (a) | 21 | (130) |
| &nbsp;&nbsp;&nbsp;&nbsp; Range Resources Corp. (b) | 4386 | (198159) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sable Offshore Corp. (a) | 25200 | (416304) |
| &nbsp;&nbsp;&nbsp;&nbsp; SEACOR Marine Holdings, Inc. (a) | 2000 | (14320) |
| &nbsp;&nbsp;&nbsp;&nbsp; Select Water Solutions, Inc. | 300 | (4590) |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC, ADR | 15200 | (1413600) |
| &nbsp;&nbsp;&nbsp;&nbsp; SLB Ltd. | 27700 | (1423503) |
| &nbsp;&nbsp;&nbsp;&nbsp; SM Energy Co. (b) | 27004 | (841985) |
| &nbsp;&nbsp;&nbsp;&nbsp; Stak, Inc. (a) | 100 | (100) |
| &nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Corp. | 7700 | (1930621) |
| &nbsp;&nbsp;&nbsp;&nbsp; Teekay Tankers Ltd. | 37 | (2713) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; TETRA Technologies, Inc. (a) | 6400 | $(54528) |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Pacific Land Corp. | 240 | (113894) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tidewater, Inc. (a) | 4200 | (350910) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uranium Energy Corp. (a) | 6400 | (86400) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uranium Royalty Corp. (a) | 9100 | (33215) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ur-Energy, Inc. (a) | 2600 | (3874) |
| &nbsp;&nbsp;&nbsp;&nbsp; VAALCO Energy, Inc. | 41 | (260) |
| &nbsp;&nbsp;&nbsp;&nbsp; Valaris Ltd. (a) | 17400 | (1705896) |
| &nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp. (b) | 1757 | (434120) |
| &nbsp;&nbsp;&nbsp;&nbsp; Weatherford International PLC | 2200 | (208076) |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams Cos., Inc. | 1100 | (80058) |
| &nbsp;&nbsp;&nbsp;&nbsp; XCF Global, Inc. (a) | 66000 | (24123) |
|  |  | (39611183) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Financial Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PennantPark Floating Rate Capital Ltd. | 100 | (804) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Food & Staples Retailing — (0.3)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Albertsons Cos., Inc., Class A (b) | 8256 | (140682) |
| &nbsp;&nbsp;&nbsp;&nbsp; BBB Foods, Inc. (a) | 3800 | (134406) |
| &nbsp;&nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc. (a),(b) | 1816 | (178731) |
| &nbsp;&nbsp;&nbsp;&nbsp; Casey's General Stores, Inc. | 1740 | (1266476) |
| &nbsp;&nbsp;&nbsp;&nbsp; Chefs' Warehouse, Inc. (a) | 700 | (41615) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar General Corp. (b) | 5647 | (670468) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar Tree, Inc. (a),(b) | 3674 | (402340) |
| &nbsp;&nbsp;&nbsp;&nbsp; Kroger Co. (b) | 16792 | (1215069) |
| &nbsp;&nbsp;&nbsp;&nbsp; Maplebear, Inc. (a),(b) | 20961 | (785199) |
| &nbsp;&nbsp;&nbsp;&nbsp; Performance Food Group Co. (a) | 16700 | (1430522) |
| &nbsp;&nbsp;&nbsp;&nbsp; PriceSmart, Inc. | 300 | (45150) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sprouts Farmers Market, Inc. (a),(b) | 3409 | (262936) |
| &nbsp;&nbsp;&nbsp;&nbsp; SRX Health Solutions, Inc. (a) | 28800 | (3715) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sysco Corp. | 5700 | (406581) |
| &nbsp;&nbsp;&nbsp;&nbsp; Target Corp. | 4600 | (557520) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Foods Holding Corp. (a) | 10600 | (977426) |
| &nbsp;&nbsp;&nbsp;&nbsp; United Natural Foods, Inc. (a) | 500 | (22530) |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. (b) | 4140 | (514519) |
|  |  | (9055885) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Food, Beverage & Tobacco — (0.3)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Above Food Ingredients, Inc. (a) | 12900 | (13029) |
| &nbsp;&nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co. | 1500 | (109035) |
| &nbsp;&nbsp;&nbsp;&nbsp; Beyond Meat, Inc. (a) | 114500 | (80333) |
| &nbsp;&nbsp;&nbsp;&nbsp; BRC, Inc. (a) | 6000 | (4657) |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown-Forman Corp., Class B | 1400 | (37016) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bunge Global SA | 4900 | (623280) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cal-Maine Foods, Inc. | 1800 | (142470) |
| &nbsp;&nbsp;&nbsp;&nbsp; Celsius Holdings, Inc. (a) | 200 | (7096) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Brands, Inc. | 9700 | $(1455000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Edible Garden AG, Inc. (a) | 161 | (185) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresh Del Monte Produce, Inc. | 100 | (4026) |
| &nbsp;&nbsp;&nbsp;&nbsp; Freshpet, Inc. (a) | 1500 | (88440) |
| &nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc. | 100 | (3722) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ispire Technology, Inc. (a) | 1400 | (2576) |
| &nbsp;&nbsp;&nbsp;&nbsp; Keurig Dr. Pepper, Inc. | 67000 | (1764110) |
| &nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Co. | 30300 | (681447) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc. | 3300 | (139458) |
| &nbsp;&nbsp;&nbsp;&nbsp; Oatly Group AB, ADR (a) | 25 | (254) |
| &nbsp;&nbsp;&nbsp;&nbsp; Once Upon a Farm PBC (a) | 700 | (11445) |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc. (b) | 9942 | (1643810) |
| &nbsp;&nbsp;&nbsp;&nbsp; Primo Brands Corp. | 1300 | (24479) |
| &nbsp;&nbsp;&nbsp;&nbsp; Simply Good Foods Co. (a) | 900 | (12915) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sow Good, Inc. (a) | 3900 | (1564) |
| &nbsp;&nbsp;&nbsp;&nbsp; Splash Beverage Group, Inc. (a) | 900 | (323) |
| &nbsp;&nbsp;&nbsp;&nbsp; SunOpta, Inc. (a) | 800 | (5184) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyson Foods, Inc. (b) | 3069 | (196631) |
| &nbsp;&nbsp;&nbsp;&nbsp; Westrock Coffee Co. (a) | 2200 | (9350) |
|  |  | (7061835) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Health Care Equipment & Services — (0.8)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc. (a) | 2300 | (53797) |
| &nbsp;&nbsp;&nbsp;&nbsp; Accuray, Inc. (a) | 800 | (310) |
| &nbsp;&nbsp;&nbsp;&nbsp; AdaptHealth Corp. (a) | 400 | (4760) |
| &nbsp;&nbsp;&nbsp;&nbsp; AirSculpt Technologies, Inc. (a) | 4900 | (13867) |
| &nbsp;&nbsp;&nbsp;&nbsp; Alcon AG | 800 | (60280) |
| &nbsp;&nbsp;&nbsp;&nbsp; Align Technology, Inc. (a) | 100 | (17143) |
| &nbsp;&nbsp;&nbsp;&nbsp; Alignment Healthcare, Inc. (a) | 1200 | (21144) |
| &nbsp;&nbsp;&nbsp;&nbsp; Astrana Health, Inc. (a) | 100 | (2452) |
| &nbsp;&nbsp;&nbsp;&nbsp; Avinger, Inc. (a),(e) | 266 | (126) |
| &nbsp;&nbsp;&nbsp;&nbsp; Axe Compute, Inc. (a) | 153 | (248) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bausch & Lomb Corp. (a) | 200 | (3180) |
| &nbsp;&nbsp;&nbsp;&nbsp; Becton Dickinson & Co. | 200 | (31446) |
| &nbsp;&nbsp;&nbsp;&nbsp; Biodesix, Inc. (a) | 600 | (8700) |
| &nbsp;&nbsp;&nbsp;&nbsp; BrightSpring Health Services, Inc. (a) | 600 | (25566) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bullfrog AI Holdings, Inc. (a) | 700 | (1176) |
| &nbsp;&nbsp;&nbsp;&nbsp; CapsoVision, Inc. (a) | 300 | (2187) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cencora, Inc. (b) | 601 | (188798) |
| &nbsp;&nbsp;&nbsp;&nbsp; Centene Corp. (a),(b) | 1 | (33) |
| &nbsp;&nbsp;&nbsp;&nbsp; Certara, Inc. (a) | 400 | (2280) |
| &nbsp;&nbsp;&nbsp;&nbsp; Check Cap Ltd. (a) | 200 | (322) |
| &nbsp;&nbsp;&nbsp;&nbsp; Claritev Corp. (a) | 605 | (9886) |
| &nbsp;&nbsp;&nbsp;&nbsp; Clover Health Investments Corp. (a) | 4200 | (7392) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cooper Cos., Inc. (a) | 7100 | (507650) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cross Country Healthcare, Inc. (a) | 200 | (1880) |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. | 152600 | (10959732) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dentsply Sirona, Inc. | 5200 | $(60320) |
| &nbsp;&nbsp;&nbsp;&nbsp; DocGo, Inc. (a) | 1000 | (629) |
| &nbsp;&nbsp;&nbsp;&nbsp; Doximity, Inc., Class A (a),(b) | 173 | (4031) |
| &nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp. (a),(b) | 1382 | (110671) |
| &nbsp;&nbsp;&nbsp;&nbsp; Enovis Corp. (a) | 13600 | (309400) |
| &nbsp;&nbsp;&nbsp;&nbsp; Envista Holdings Corp. (a) | 28800 | (730656) |
| &nbsp;&nbsp;&nbsp;&nbsp; Envoy Medical, Inc. (a) | 1500 | (998) |
| &nbsp;&nbsp;&nbsp;&nbsp; Femasys, Inc. (a) | 8800 | (3698) |
| &nbsp;&nbsp;&nbsp;&nbsp; Firefly Neuroscience, Inc. (a) | 4300 | (9374) |
| &nbsp;&nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc. | 49600 | (3530528) |
| &nbsp;&nbsp;&nbsp;&nbsp; GeneDx Holdings Corp. (a) | 2800 | (179816) |
| &nbsp;&nbsp;&nbsp;&nbsp; Glaukos Corp. (a) | 200 | (21532) |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. (b) | 3393 | (1605703) |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Catalyst, Inc. (a) | 2800 | (3556) |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare Triangle, Inc. (a) | 346 | (931) |
| &nbsp;&nbsp;&nbsp;&nbsp; HealthEquity, Inc. (a) | 9400 | (785558) |
| &nbsp;&nbsp;&nbsp;&nbsp; HeartBeam, Inc. (a) | 2300 | (2806) |
| &nbsp;&nbsp;&nbsp;&nbsp; HeartFlow, Inc. (a) | 100 | (2433) |
| &nbsp;&nbsp;&nbsp;&nbsp; Henry Schein, Inc. (a) | 1500 | (110550) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hims & Hers Health, Inc. (a) | 70200 | (1457352) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyperfine, Inc. (a) | 12800 | (13824) |
| &nbsp;&nbsp;&nbsp;&nbsp; ICU Medical, Inc. (a) | 2400 | (309960) |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc. (a) | 4900 | (2753261) |
| &nbsp;&nbsp;&nbsp;&nbsp; Intelligent Bio Solutions, Inc. (a) | 30 | (100) |
| &nbsp;&nbsp;&nbsp;&nbsp; Joint Corp. (a) | 1900 | (16815) |
| &nbsp;&nbsp;&nbsp;&nbsp; Kestra Medical Technologies Ltd. (a) | 100 | (1993) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lantheus Holdings, Inc. (a) | 1100 | (83435) |
| &nbsp;&nbsp;&nbsp;&nbsp; LENSAR, Inc. (a) | 100 | (596) |
| &nbsp;&nbsp;&nbsp;&nbsp; LifeMD, Inc. (a) | 200 | (722) |
| &nbsp;&nbsp;&nbsp;&nbsp; LivaNova PLC (a) | 400 | (25424) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lucid Diagnostics, Inc. (a) | 5500 | (6325) |
| &nbsp;&nbsp;&nbsp;&nbsp; Masimo Corp. (a) | 7700 | (1369599) |
| &nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. | 360 | (311530) |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic PLC (b) | 1005 | (87083) |
| &nbsp;&nbsp;&nbsp;&nbsp; Merit Medical Systems, Inc. (a) | 500 | (34465) |
| &nbsp;&nbsp;&nbsp;&nbsp; Microbot Medical, Inc. (a) | 2900 | (6989) |
| &nbsp;&nbsp;&nbsp;&nbsp; Myomo, Inc. (a) | 4600 | (3108) |
| &nbsp;&nbsp;&nbsp;&nbsp; Nakamoto, Inc. (a) | 86900 | (19196) |
| &nbsp;&nbsp;&nbsp;&nbsp; Neogen Corp. (a) | 23200 | (215528) |
| &nbsp;&nbsp;&nbsp;&nbsp; NeoGenomics, Inc. (a) | 500 | (3710) |
| &nbsp;&nbsp;&nbsp;&nbsp; Neuraxis, Inc. (a) | 600 | (4440) |
| &nbsp;&nbsp;&nbsp;&nbsp; Neuronetics, Inc. (a) | 6300 | (9135) |
| &nbsp;&nbsp;&nbsp;&nbsp; NewGenIvf Group Ltd. (a) | 100 | (226) |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexalin Technology, Inc. (a) | 200 | (70) |
| &nbsp;&nbsp;&nbsp;&nbsp; Nutex Health, Inc. (a) | 700 | (66528) |
| &nbsp;&nbsp;&nbsp;&nbsp; OPKO Health, Inc. (a) | 4499 | (5129) |
| &nbsp;&nbsp;&nbsp;&nbsp; OptimizeRx Corp. (a) | 399 | (2506) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; OraSure Technologies, Inc. (a) | 1000 | $(3000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Orthofix Medical, Inc. (a) | 194 | (2225) |
| &nbsp;&nbsp;&nbsp;&nbsp; Outset Medical, Inc. (a) | 134 | (515) |
| &nbsp;&nbsp;&nbsp;&nbsp; PACS Group, Inc. (a) | 400 | (12848) |
| &nbsp;&nbsp;&nbsp;&nbsp; PDL BioPharma, Inc. (a),(e) | 4500 | (11115) |
| &nbsp;&nbsp;&nbsp;&nbsp; Pediatrix Medical Group, Inc. (a) | 400 | (8556) |
| &nbsp;&nbsp;&nbsp;&nbsp; Phreesia, Inc. (a) | 1900 | (15922) |
| &nbsp;&nbsp;&nbsp;&nbsp; Privia Health Group, Inc. (a) | 1600 | (32912) |
| &nbsp;&nbsp;&nbsp;&nbsp; Progyny, Inc. (a) | 1200 | (20376) |
| &nbsp;&nbsp;&nbsp;&nbsp; Pulmonx Corp. (a) | 2500 | (3225) |
| &nbsp;&nbsp;&nbsp;&nbsp; Pulse Biosciences, Inc. (a) | 314 | (6779) |
| &nbsp;&nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc. | 600 | (117588) |
| &nbsp;&nbsp;&nbsp;&nbsp; QuidelOrtho Corp. (a) | 8256 | (135646) |
| &nbsp;&nbsp;&nbsp;&nbsp; RadNet, Inc. (a) | 1225 | (68465) |
| &nbsp;&nbsp;&nbsp;&nbsp; ResMed, Inc. (b) | 1491 | (334700) |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockwell Medical, Inc. (a) | 3736 | (3337) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanara Medtech, Inc. (a) | 100 | (1718) |
| &nbsp;&nbsp;&nbsp;&nbsp; SANUWAVE Health, Inc. (a) | 400 | (6916) |
| &nbsp;&nbsp;&nbsp;&nbsp; Scienture Holdings, Inc. (a) | 13000 | (3705) |
| &nbsp;&nbsp;&nbsp;&nbsp; SeaStar Medical Holding Corp. (a) | 700 | (2604) |
| &nbsp;&nbsp;&nbsp;&nbsp; Senseonics Holdings, Inc. (a) | 6160 | (41026) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sharps Technology, Inc. (a) | 7700 | (12936) |
| &nbsp;&nbsp;&nbsp;&nbsp; Solana Co. (a) | 1400 | (2422) |
| &nbsp;&nbsp;&nbsp;&nbsp; Solventum Corp. (a) | 400 | (26120) |
| &nbsp;&nbsp;&nbsp;&nbsp; Spectral AI, Inc. (a) | 5200 | (7644) |
| &nbsp;&nbsp;&nbsp;&nbsp; Stereotaxis, Inc. (a) | 2000 | (3680) |
| &nbsp;&nbsp;&nbsp;&nbsp; Strata Critical Medical, Inc. (a) | 5300 | (22154) |
| &nbsp;&nbsp;&nbsp;&nbsp; Streamex Corp. (a) | 11600 | (13108) |
| &nbsp;&nbsp;&nbsp;&nbsp; Strive, Inc. (a) | 18967 | (190049) |
| &nbsp;&nbsp;&nbsp;&nbsp; Surgery Partners, Inc. (a) | 10200 | (121584) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tela Bio, Inc. (a) | 2100 | (1302) |
| &nbsp;&nbsp;&nbsp;&nbsp; Teladoc Health, Inc. (a) | 1600 | (8720) |
| &nbsp;&nbsp;&nbsp;&nbsp; Teleflex, Inc. | 6000 | (717660) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenon Medical, Inc. (a) | 167 | (121) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tivic Health Systems, Inc. (a) | 25 | (22) |
| &nbsp;&nbsp;&nbsp;&nbsp; Treace Medical Concepts, Inc. (a) | 700 | (938) |
| &nbsp;&nbsp;&nbsp;&nbsp; Wellgistics Health, Inc. (a) | 200 | (19) |
|  |  | (28168251) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Household & Personal Products — (0.3)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beauty Health Co. (a) | 12700 | (11303) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonk, Inc. (a) | 42 | (110) |
| &nbsp;&nbsp;&nbsp;&nbsp; Church & Dwight Co., Inc. (b) | 245 | (22863) |
| &nbsp;&nbsp;&nbsp;&nbsp; Clorox Co. (b) | 1609 | (166741) |
| &nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. (b) | 4068 | (346716) |
| &nbsp;&nbsp;&nbsp;&nbsp; elf Beauty, Inc. (a) | 4400 | (266684) |
| &nbsp;&nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc., Class A | 100 | (7177) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Honest Co., Inc. (a) | 5600 | $(16464) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interparfums, Inc. | 100 | (9084) |
| &nbsp;&nbsp;&nbsp;&nbsp; Kenvue, Inc. | 486300 | (8383812) |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. (b) | 1118 | (107853) |
| &nbsp;&nbsp;&nbsp;&nbsp; Olaplex Holdings, Inc. (a) | 900 | (1827) |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble Co. | 11600 | (1675504) |
| &nbsp;&nbsp;&nbsp;&nbsp; Spectrum Brands Holdings, Inc. | 700 | (51590) |
| &nbsp;&nbsp;&nbsp;&nbsp; Upexi, Inc. (a) | 21200 | (20895) |
| &nbsp;&nbsp;&nbsp;&nbsp; ZeroStack Corp. (a) | 175 | (1082) |
|  |  | (11089705) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Insurance — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abacus Global Management, Inc. | 1100 | (8668) |
| &nbsp;&nbsp;&nbsp;&nbsp; Accelerant Holdings (a) | 10900 | (145624) |
| &nbsp;&nbsp;&nbsp;&nbsp; Aegon Ltd. | 21400 | (155364) |
| &nbsp;&nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co. | 480 | (103958) |
| &nbsp;&nbsp;&nbsp;&nbsp; Baldwin Insurance Group, Inc. (a) | 8700 | (190878) |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubb Ltd. | 60 | (19556) |
| &nbsp;&nbsp;&nbsp;&nbsp; eHealth, Inc. (a) | 400 | (516) |
| &nbsp;&nbsp;&nbsp;&nbsp; F&G Annuities & Life, Inc. (b) | 51 | (1291) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Financial, Inc. (b) | 945 | (43829) |
| &nbsp;&nbsp;&nbsp;&nbsp; First American Financial Corp. (b) | 922 | (55587) |
| &nbsp;&nbsp;&nbsp;&nbsp; Genworth Financial, Inc., Class A (a) | 500 | (4060) |
| &nbsp;&nbsp;&nbsp;&nbsp; Health In Tech, Inc. (a) | 200 | (290) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hippo Holdings, Inc. (a) | 24 | (625) |
| &nbsp;&nbsp;&nbsp;&nbsp; Markel Group, Inc. (a) | 200 | (382814) |
| &nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 100 | (17345) |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Republic International Corp. (b) | 1062 | (42374) |
| &nbsp;&nbsp;&nbsp;&nbsp; Oscar Health, Inc. (a),(b) | 5 | (57) |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinsurance Group of America, Inc. | 200 | (40832) |
| &nbsp;&nbsp;&nbsp;&nbsp; Root, Inc. (a) | 517 | (22836) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryan Specialty Holdings, Inc. | 400 | (13496) |
| &nbsp;&nbsp;&nbsp;&nbsp; Selectquote, Inc. (a) | 1800 | (1133) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Life Financial, Inc. | 400 | (25024) |
| &nbsp;&nbsp;&nbsp;&nbsp; Willis Towers Watson PLC | 2880 | (837216) |
|  |  | (2113373) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Materials — (0.4)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Albemarle Corp. (b) | 539 | (96767) |
| &nbsp;&nbsp;&nbsp;&nbsp; Alcoa Corp. | 10200 | (676566) |
| &nbsp;&nbsp;&nbsp;&nbsp; Amcor PLC | 87920 | (3494820) |
| &nbsp;&nbsp;&nbsp;&nbsp; American Battery Technology Co. (a) | 8100 | (22599) |
| &nbsp;&nbsp;&nbsp;&nbsp; Amrize Ltd. (a),(b) | 348 | (19495) |
| &nbsp;&nbsp;&nbsp;&nbsp; Arq, Inc. (a) | 700 | (1792) |
| &nbsp;&nbsp;&nbsp;&nbsp; ASP Isotopes, Inc. (a) | 26200 | (115804) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ball Corp. | 900 | (53199) |
| &nbsp;&nbsp;&nbsp;&nbsp; Century Aluminum Co. (a) | 6800 | (399092) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; CF Industries Holdings, Inc. | 400 | $(51936) |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Metals Co. | 600 | (36858) |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Minerals International, Inc. (a) | 100 | (2335) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contango Silver & Gold, Inc. (a) | 200 | (3750) |
| &nbsp;&nbsp;&nbsp;&nbsp; Corteva, Inc. | 100 | (8371) |
| &nbsp;&nbsp;&nbsp;&nbsp; CRH PLC | 13200 | (1387584) |
| &nbsp;&nbsp;&nbsp;&nbsp; Eightco Holdings, Inc. (a) | 17900 | (16686) |
| &nbsp;&nbsp;&nbsp;&nbsp; Electra Battery Materials Corp. (a) | 200 | (112) |
| &nbsp;&nbsp;&nbsp;&nbsp; Element Solutions, Inc. (b) | 14756 | (503770) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferroglobe PLC | 2600 | (10712) |
| &nbsp;&nbsp;&nbsp;&nbsp; First Majestic Silver Corp. | 1320 | (28354) |
| &nbsp;&nbsp;&nbsp;&nbsp; Flotek Industries, Inc. (a) | 100 | (1697) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foremost Clean Energy Ltd. (a) | 200 | (352) |
| &nbsp;&nbsp;&nbsp;&nbsp; GoldMining, Inc. (a) | 2300 | (2737) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hawkins, Inc. | 600 | (92160) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hudbay Minerals, Inc. | 200 | (4180) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hycroft Mining Holding Corp. (a) | 26360 | (927872) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingevity Corp. (a) | 400 | (28492) |
| &nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc. | 40100 | (2909255) |
| &nbsp;&nbsp;&nbsp;&nbsp; International Paper Co. | 26600 | (949620) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ivanhoe Electric, Inc. (a) | 2300 | (27186) |
| &nbsp;&nbsp;&nbsp;&nbsp; James Hardie Industries PLC (a) | 13822 | (261789) |
| &nbsp;&nbsp;&nbsp;&nbsp; Knife River Corp. (a) | 500 | (40825) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lithium Argentina AG (a) | 100 | (668) |
| &nbsp;&nbsp;&nbsp;&nbsp; LyondellBasell Industries NV | 12300 | (990888) |
| &nbsp;&nbsp;&nbsp;&nbsp; Methanex Corp. | 1300 | (77402) |
| &nbsp;&nbsp;&nbsp;&nbsp; NewMarket Corp. | 120 | (76914) |
| &nbsp;&nbsp;&nbsp;&nbsp; NioCorp Developments Ltd. (a) | 11500 | (51290) |
| &nbsp;&nbsp;&nbsp;&nbsp; Nouveau Monde Graphite, Inc. (a) | 200 | (448) |
| &nbsp;&nbsp;&nbsp;&nbsp; Novagold Resources, Inc. (a) | 700 | (6286) |
| &nbsp;&nbsp;&nbsp;&nbsp; Orla Mining Ltd. | 1000 | (16130) |
| &nbsp;&nbsp;&nbsp;&nbsp; Perimeter Solutions, Inc. (a) | 100 | (2442) |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetua Resources Corp. (a) | 8400 | (236208) |
| &nbsp;&nbsp;&nbsp;&nbsp; PureCycle Technologies, Inc. (a) | 17800 | (92382) |
| &nbsp;&nbsp;&nbsp;&nbsp; Quaker Chemical Corp. | 300 | (37269) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ranpak Holdings Corp. (a) | 1799 | (6422) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sealed Air Corp. | 3200 | (134560) |
| &nbsp;&nbsp;&nbsp;&nbsp; Smurfit Westrock PLC | 77400 | (3084390) |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Lithium Ltd. (a) | 17100 | (58311) |
| &nbsp;&nbsp;&nbsp;&nbsp; Steel Dynamics, Inc. | 3700 | (666000) |
| &nbsp;&nbsp;&nbsp;&nbsp; TMC the metals Co., Inc. (a) | 13500 | (63045) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Antimony Corp. (a) | 100 | (873) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Gold Corp. (a) | 700 | (10633) |
| &nbsp;&nbsp;&nbsp;&nbsp; USA Rare Earth, Inc. (a) | 69700 | (1054910) |
| &nbsp;&nbsp;&nbsp;&nbsp; Westlake Corp. | 1800 | (210276) |
|  |  | (19054514) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Media — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; fuboTV, Inc. (a) | 3567 | (33744) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Media & Entertainment — (1.2)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Angel Studios, Inc. (a) | 10200 | $(31110) |
| &nbsp;&nbsp;&nbsp;&nbsp; Angi, Inc. (a) | 3010 | (20618) |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlanta Braves Holdings, Inc., Class C (a) | 1300 | (55510) |
| &nbsp;&nbsp;&nbsp;&nbsp; BuzzFeed, Inc. (a) | 677 | (412) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cable One, Inc. (a) | 300 | (27363) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardlytics, Inc. (a) | 3500 | (3675) |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. (a) | 40 | (8635) |
| &nbsp;&nbsp;&nbsp;&nbsp; EchoStar Corp. (a) | 4958 | (580433) |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 1300 | (265031) |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerald Holding, Inc. | 200 | (902) |
| &nbsp;&nbsp;&nbsp;&nbsp; EverQuote, Inc. (a) | 600 | (9252) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Corp. | 1200 | (70080) |
| &nbsp;&nbsp;&nbsp;&nbsp; GameSquare Holdings, Inc. (a) | 27100 | (7317) |
| &nbsp;&nbsp;&nbsp;&nbsp; GIBO Holdings Ltd. (a) | 26 | (35) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ibotta, Inc. (a) | 200 | (5994) |
| &nbsp;&nbsp;&nbsp;&nbsp; John Wiley & Sons, Inc. | 100 | (3810) |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Broadband Corp. (a) | 25400 | (1277620) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lionsgate Studios Corp. (a) | 7908 | (75838) |
| &nbsp;&nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc. (a) | 13998 | (2134835) |
| &nbsp;&nbsp;&nbsp;&nbsp; Match Group, Inc. | 48000 | (1474080) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mega Matrix, Inc. (a) | 800 | (608) |
| &nbsp;&nbsp;&nbsp;&nbsp; National CineMedia, Inc. | 10460 | (31903) |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc. (a) | 108700 | (10451505) |
| &nbsp;&nbsp;&nbsp;&nbsp; News Corp. | 200 | (4986) |
| &nbsp;&nbsp;&nbsp;&nbsp; Newsmax, Inc. (a) | 4100 | (21402) |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexstar Media Group, Inc. | 1711 | (309400) |
| &nbsp;&nbsp;&nbsp;&nbsp; NIQ Global Intelligence PLC (a) | 6400 | (72768) |
| &nbsp;&nbsp;&nbsp;&nbsp; Omnicom Group, Inc. (b) | 19046 | (1434354) |
| &nbsp;&nbsp;&nbsp;&nbsp; Optimum Communications, Inc. (a) | 21800 | (28340) |
| &nbsp;&nbsp;&nbsp;&nbsp; Paramount Skydance Corp. | 19000 | (171380) |
| &nbsp;&nbsp;&nbsp;&nbsp; PSQ Holdings, Inc. (a) | 15500 | (8215) |
| &nbsp;&nbsp;&nbsp;&nbsp; QuinStreet, Inc. (a) | 1400 | (16814) |
| &nbsp;&nbsp;&nbsp;&nbsp; Reddit, Inc. (a) | 13400 | (1804310) |
| &nbsp;&nbsp;&nbsp;&nbsp; Rumble, Inc. (a) | 4900 | (24990) |
| &nbsp;&nbsp;&nbsp;&nbsp; Scholastic Corp. | 200 | (7812) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sinclair, Inc. | 1200 | (15528) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sirius XM Holdings, Inc. | 19 | (439) |
| &nbsp;&nbsp;&nbsp;&nbsp; Spotify Technology SA (a) | 2380 | (1154086) |
| &nbsp;&nbsp;&nbsp;&nbsp; Stagwell, Inc. (a) | 2700 | (16983) |
| &nbsp;&nbsp;&nbsp;&nbsp; Star Fashion Culture Holdings Ltd. (a) | 37 | (149) |
| &nbsp;&nbsp;&nbsp;&nbsp; Stubhub Holdings, Inc. (a) | 7300 | (45552) |
| &nbsp;&nbsp;&nbsp;&nbsp; System1, Inc. (a) | 480 | (1450) |
| &nbsp;&nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc. (a) | 100 | (19750) |
| &nbsp;&nbsp;&nbsp;&nbsp; Teads Holding Co. (a) | 900 | (593) |
| &nbsp;&nbsp;&nbsp;&nbsp; TechTarget, Inc. (a) | 1300 | (5044) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; TKO Group Holdings, Inc. | 3800 | $(766270) |
| &nbsp;&nbsp;&nbsp;&nbsp; TripAdvisor, Inc. (a) | 10600 | (112996) |
| &nbsp;&nbsp;&nbsp;&nbsp; Versant Media Group, Inc. (a),(b) | 3303 | (122277) |
| &nbsp;&nbsp;&nbsp;&nbsp; Vivid Seats, Inc. (a) | 30 | (177) |
| &nbsp;&nbsp;&nbsp;&nbsp; VS Media Holdings Ltd. (a) | 818 | (818) |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. | 17600 | (1696288) |
| &nbsp;&nbsp;&nbsp;&nbsp; Warner Bros Discovery, Inc. (a) | 383474 | (10530196) |
| &nbsp;&nbsp;&nbsp;&nbsp; Yelp, Inc. (a) | 5600 | (138544) |
| &nbsp;&nbsp;&nbsp;&nbsp; ZoomInfo Technologies, Inc. (a),(b) | 1436 | (8587) |
|  |  | (35077064) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Pharmaceuticals, Biotechnology & Life Sciences — (1.4)%* | &nbsp;&nbsp;&nbsp;&nbsp; *Pharmaceuticals, Biotechnology & Life Sciences — (1.4)%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 60 Degrees Pharmaceuticals, Inc. (a) | 300 | (525) |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. (b) | 1142 | (248374) |
| &nbsp;&nbsp;&nbsp;&nbsp; Abeona Therapeutics, Inc. (a) | 3429 | (15362) |
| &nbsp;&nbsp;&nbsp;&nbsp; ABVC BioPharma, Inc. (a) | 100 | (97) |
| &nbsp;&nbsp;&nbsp;&nbsp; ACADIA Pharmaceuticals, Inc. (a) | 100 | (2226) |
| &nbsp;&nbsp;&nbsp;&nbsp; Aceragen, Inc. (a),(e) | 735 | (283) |
| &nbsp;&nbsp;&nbsp;&nbsp; Adial Pharmaceuticals, Inc. (a) | 1 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. (b) | 287 | (32712) |
| &nbsp;&nbsp;&nbsp;&nbsp; Aldeyra Therapeutics, Inc. (a) | 100 | (169) |
| &nbsp;&nbsp;&nbsp;&nbsp; Aligos Therapeutics, Inc. (a) | 900 | (6687) |
| &nbsp;&nbsp;&nbsp;&nbsp; Alzamend Neuro, Inc. (a) | 100 | (106) |
| &nbsp;&nbsp;&nbsp;&nbsp; Arbutus Biopharma Corp. (a) | 17200 | (77400) |
| &nbsp;&nbsp;&nbsp;&nbsp; Arrowhead Pharmaceuticals, Inc. (a) | 100 | (6270) |
| &nbsp;&nbsp;&nbsp;&nbsp; Atara Biotherapeutics, Inc. (a) | 564 | (2668) |
| &nbsp;&nbsp;&nbsp;&nbsp; Atossa Therapeutics, Inc. (a) | 750 | (3945) |
| &nbsp;&nbsp;&nbsp;&nbsp; Aura Biosciences, Inc. (a) | 400 | (2676) |
| &nbsp;&nbsp;&nbsp;&nbsp; Aurora Cannabis, Inc. (a) | 1001 | (3273) |
| &nbsp;&nbsp;&nbsp;&nbsp; Avantor, Inc. (a) | 3300 | (25872) |
| &nbsp;&nbsp;&nbsp;&nbsp; Avita Medical, Inc. (a) | 600 | (2220) |
| &nbsp;&nbsp;&nbsp;&nbsp; Azenta, Inc. (a) | 1300 | (27469) |
| &nbsp;&nbsp;&nbsp;&nbsp; Azitra, Inc. (a) | 15 | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp; BioAge Labs, Inc. (a) | 100 | (1749) |
| &nbsp;&nbsp;&nbsp;&nbsp; BioAtla, Inc. (a) | 1600 | (258) |
| &nbsp;&nbsp;&nbsp;&nbsp; Biogen, Inc. (a) | 1400 | (256662) |
| &nbsp;&nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical, Inc. (a) | 5200 | (293748) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bio-Techne Corp. | 20000 | (1045200) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bioxcel Therapeutics, Inc. (a) | 8655 | (11598) |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Diamond Therapeutics, Inc. (a) | 9700 | (20661) |
| &nbsp;&nbsp;&nbsp;&nbsp; BridgeBio Oncology Therapeutics, Inc. (a) | 500 | (4475) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bright Minds Biosciences, Inc. (a) | 100 | (7297) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. (b) | 3263 | (197901) |
| &nbsp;&nbsp;&nbsp;&nbsp; Calidi Biotherapeutics, Inc. (a) | 16 | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp; Candel Therapeutics, Inc. (a) | 1500 | (7350) |
| &nbsp;&nbsp;&nbsp;&nbsp; Canopy Growth Corp. (a) | 110880 | (105247) |
| &nbsp;&nbsp;&nbsp;&nbsp; Canton Strategic Holdings, Inc. (a) | 2100 | (6867) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Capricor Therapeutics, Inc. (a) | 1100 | $(33440) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardio Diagnostics Holdings, Inc. (a) | 15 | (29) |
| &nbsp;&nbsp;&nbsp;&nbsp; Caris Life Sciences, Inc. (a) | 2800 | (50064) |
| &nbsp;&nbsp;&nbsp;&nbsp; Catalyst Pharmaceuticals, Inc. (a) | 34200 | (846792) |
| &nbsp;&nbsp;&nbsp;&nbsp; cbdMD, Inc. (a) | 2630 | (1951) |
| &nbsp;&nbsp;&nbsp;&nbsp; CDT Equity, Inc. (a) | 28 | (143) |
| &nbsp;&nbsp;&nbsp;&nbsp; Centessa Pharmaceuticals PLC, ADR (a) | 6400 | (254208) |
| &nbsp;&nbsp;&nbsp;&nbsp; CG oncology, Inc. (a) | 2300 | (155664) |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles River Laboratories International, Inc. (a) | 2700 | (465750) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cingulate, Inc. (a) | 3000 | (18630) |
| &nbsp;&nbsp;&nbsp;&nbsp; Citius Pharmaceuticals, Inc. (a) | 962 | (866) |
| &nbsp;&nbsp;&nbsp;&nbsp; Clene, Inc. (a) | 100 | (493) |
| &nbsp;&nbsp;&nbsp;&nbsp; CNS Pharmaceuticals, Inc. (a) | 149 | (358) |
| &nbsp;&nbsp;&nbsp;&nbsp; Coeptis Therapeutics Holdings, Inc. (a) | 100 | (1122) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognition Therapeutics, Inc. (a) | 28400 | (21570) |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Therapeutics, Inc. (a) | 8400 | (44436) |
| &nbsp;&nbsp;&nbsp;&nbsp; Context Therapeutics, Inc. (a) | 100 | (262) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contineum Therapeutics, Inc. (a) | 300 | (3918) |
| &nbsp;&nbsp;&nbsp;&nbsp; Corbus Pharmaceuticals Holdings, Inc. (a) | 300 | (2817) |
| &nbsp;&nbsp;&nbsp;&nbsp; CorMedix, Inc. (a) | 7000 | (47530) |
| &nbsp;&nbsp;&nbsp;&nbsp; Crinetics Pharmaceuticals, Inc. (a) | 300 | (10896) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cronos Group, Inc. (a) | 8788 | (22058) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cybin, Inc. (a) | 2500 | (12000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cypherpunk Technologies, Inc. (a) | 200 | (159) |
| &nbsp;&nbsp;&nbsp;&nbsp; Denali Therapeutics, Inc. (a) | 800 | (15360) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dyne Therapeutics, Inc. (a) | 500 | (9065) |
| &nbsp;&nbsp;&nbsp;&nbsp; Edgewise Therapeutics, Inc. (a) | 1200 | (37800) |
| &nbsp;&nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc. (a) | 90700 | (2170451) |
| &nbsp;&nbsp;&nbsp;&nbsp; Eledon Pharmaceuticals, Inc. (a) | 6700 | (20636) |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. (b) | 593 | (545424) |
| &nbsp;&nbsp;&nbsp;&nbsp; Elicio Operating Co., Inc. (a) | 100 | (1069) |
| &nbsp;&nbsp;&nbsp;&nbsp; Enliven Therapeutics, Inc. (a) | 1896 | (74323) |
| &nbsp;&nbsp;&nbsp;&nbsp; Erasca, Inc. (a) | 10600 | (171508) |
| &nbsp;&nbsp;&nbsp;&nbsp; Evommune, Inc. (a) | 100 | (2299) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fibrobiologics, Inc. (a) | 95 | (125) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foghorn Therapeutics, Inc. (a) | 400 | (1912) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forte Biosciences, Inc. (a) | 471 | (12199) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortrea Holdings, Inc. (a) | 1000 | (9420) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forum Markets, Inc. (a) | 5826 | (16837) |
| &nbsp;&nbsp;&nbsp;&nbsp; Gain Therapeutics, Inc. (a) | 5000 | (9700) |
| &nbsp;&nbsp;&nbsp;&nbsp; Genelux Corp. (a) | 300 | (726) |
| &nbsp;&nbsp;&nbsp;&nbsp; Genprex, Inc. (a) | 700 | (1267) |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. (b) | 37008 | (5157805) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ginkgo Bioworks Holdings, Inc. (a) | 388 | (2378) |
| &nbsp;&nbsp;&nbsp;&nbsp; GRAIL, Inc. (a) | 100 | (5168) |
| &nbsp;&nbsp;&nbsp;&nbsp; Greenland Mines Ltd. (a) | 23500 | (7755) |
| &nbsp;&nbsp;&nbsp;&nbsp; GRI Bio, Inc. (a) | 101 | (231) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; GSK PLC, ADR (b) | 25302 | $(1396417) |
| &nbsp;&nbsp;&nbsp;&nbsp; Gyre Therapeutics, Inc. (a) | 900 | (6273) |
| &nbsp;&nbsp;&nbsp;&nbsp; Haleon PLC, ADR | 294000 | (2942940) |
| &nbsp;&nbsp;&nbsp;&nbsp; Harrow, Inc. (a) | 3400 | (119884) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hoth Therapeutics, Inc. (a) | 5100 | (4286) |
| &nbsp;&nbsp;&nbsp;&nbsp; Humacyte, Inc. (a) | 600 | (364) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyperliquid Strategies, Inc. (a) | 2400 | (12216) |
| &nbsp;&nbsp;&nbsp;&nbsp; ICON PLC (a) | 14900 | (1648834) |
| &nbsp;&nbsp;&nbsp;&nbsp; Illumina, Inc. (a) | 12400 | (1528424) |
| &nbsp;&nbsp;&nbsp;&nbsp; Immix Biopharma, Inc. (a) | 100 | (911) |
| &nbsp;&nbsp;&nbsp;&nbsp; Immunic, Inc. (a) | 2700 | (2997) |
| &nbsp;&nbsp;&nbsp;&nbsp; Immunome, Inc. (a) | 4400 | (96228) |
| &nbsp;&nbsp;&nbsp;&nbsp; Incannex Healthcare, Inc. (a) | 4430 | (13290) |
| &nbsp;&nbsp;&nbsp;&nbsp; Indivior Pharmaceuticals, Inc. (a) | 200 | (6096) |
| &nbsp;&nbsp;&nbsp;&nbsp; Inhibrx Biosciences, Inc. (a) | 200 | (13446) |
| &nbsp;&nbsp;&nbsp;&nbsp; Inmune Bio, Inc. (a) | 200 | (226) |
| &nbsp;&nbsp;&nbsp;&nbsp; Insmed, Inc. (a) | 300 | (49056) |
| &nbsp;&nbsp;&nbsp;&nbsp; Instil Bio, Inc. (a) | 900 | (7416) |
| &nbsp;&nbsp;&nbsp;&nbsp; Iterum Therapeutics PLC (a) | 11513 | (345) |
| &nbsp;&nbsp;&nbsp;&nbsp; Jade Biosciences, Inc. (a) | 295 | (4145) |
| &nbsp;&nbsp;&nbsp;&nbsp; Jaguar Health, Inc. (a) | 19 | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp; Jasper Therapeutics, Inc. (a) | 1400 | (1227) |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson (b) | 1701 | (415792) |
| &nbsp;&nbsp;&nbsp;&nbsp; Journey Medical Corp. (a) | 200 | (938) |
| &nbsp;&nbsp;&nbsp;&nbsp; Jupiter Neurosciences, Inc. (a) | 300 | (113) |
| &nbsp;&nbsp;&nbsp;&nbsp; Krystal Biotech, Inc. (a) | 2300 | (594136) |
| &nbsp;&nbsp;&nbsp;&nbsp; LeonaBio, Inc. (a) | 140 | (1439) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lexaria Bioscience Corp. (a) | 900 | (702) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lineage Cell Therapeutics, Inc. (a) | 500 | (790) |
| &nbsp;&nbsp;&nbsp;&nbsp; Madrigal Pharmaceuticals, Inc. (a) | 6100 | (3193167) |
| &nbsp;&nbsp;&nbsp;&nbsp; Maze Therapeutics, Inc. (a) | 100 | (2985) |
| &nbsp;&nbsp;&nbsp;&nbsp; Medicus Pharma Ltd. (a) | 7703 | (3536) |
| &nbsp;&nbsp;&nbsp;&nbsp; MeiraGTx Holdings PLC (a) | 5400 | (46764) |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 11800 | (1419422) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mettler-Toledo International, Inc. (a) | 2300 | (2900760) |
| &nbsp;&nbsp;&nbsp;&nbsp; MindWalk Holdings Corp. (a) | 200 | (226) |
| &nbsp;&nbsp;&nbsp;&nbsp; MiNK Therapeutics, Inc. (a) | 200 | (2106) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mira Pharmaceuticals, Inc. (a) | 500 | (535) |
| &nbsp;&nbsp;&nbsp;&nbsp; Natera, Inc. (a) | 500 | (99995) |
| &nbsp;&nbsp;&nbsp;&nbsp; NeuBase Therapeutics, Inc. (a),(e) | 49 | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Neurogene, Inc. (a) | 300 | (6048) |
| &nbsp;&nbsp;&nbsp;&nbsp; NovaBay Pharmaceuticals, Inc. (a) | 1993 | (2970) |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis AG, ADR | 29000 | (4429750) |
| &nbsp;&nbsp;&nbsp;&nbsp; NRX Therapeutics, Inc. (a) | 2711 | (5774) |
| &nbsp;&nbsp;&nbsp;&nbsp; Nurix Therapeutics, Inc. (a) | 100 | (1550) |
| &nbsp;&nbsp;&nbsp;&nbsp; Nutriband, Inc. (a) | 300 | (1059) |
| &nbsp;&nbsp;&nbsp;&nbsp; Onconetix, Inc. (a) | 5 | (7) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Opus Genetics, Inc. (a) | 200 | $(910) |
| &nbsp;&nbsp;&nbsp;&nbsp; Organigram Global, Inc. (a) | 1475 | (1977) |
| &nbsp;&nbsp;&nbsp;&nbsp; Organogenesis Holdings, Inc. (a) | 600 | (1422) |
| &nbsp;&nbsp;&nbsp;&nbsp; Oruka Therapeutics, Inc. (a) | 200 | (9810) |
| &nbsp;&nbsp;&nbsp;&nbsp; OS Therapies, Inc. (a) | 1600 | (2256) |
| &nbsp;&nbsp;&nbsp;&nbsp; Outlook Therapeutics, Inc. (a) | 10 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Palisade Bio, Inc. (a) | 20900 | (36575) |
| &nbsp;&nbsp;&nbsp;&nbsp; PDS Biotechnology Corp. (a) | 3900 | (2359) |
| &nbsp;&nbsp;&nbsp;&nbsp; PepGen, Inc. (a) | 1162 | (2057) |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. (b) | 6467 | (181593) |
| &nbsp;&nbsp;&nbsp;&nbsp; Plus Therapeutics, Inc. (a) | 2000 | (325) |
| &nbsp;&nbsp;&nbsp;&nbsp; Praxis Precision Medicines, Inc. (a) | 860 | (277083) |
| &nbsp;&nbsp;&nbsp;&nbsp; Precigen, Inc. (a) | 10600 | (41022) |
| &nbsp;&nbsp;&nbsp;&nbsp; Prestige Consumer Healthcare, Inc. (a) | 11300 | (669751) |
| &nbsp;&nbsp;&nbsp;&nbsp; ProMIS Neurosciences, Inc. (a) | 404 | (5132) |
| &nbsp;&nbsp;&nbsp;&nbsp; Protagonist Therapeutics, Inc. (a) | 20200 | (2129080) |
| &nbsp;&nbsp;&nbsp;&nbsp; Protalix BioTherapeutics, Inc. (a) | 400 | (868) |
| &nbsp;&nbsp;&nbsp;&nbsp; Protara Therapeutics, Inc. (a) | 300 | (1563) |
| &nbsp;&nbsp;&nbsp;&nbsp; Puma Biotechnology, Inc. (a) | 300 | (1917) |
| &nbsp;&nbsp;&nbsp;&nbsp; Pyxis Oncology, Inc. (a) | 100 | (146) |
| &nbsp;&nbsp;&nbsp;&nbsp; Q/C Technologies, Inc. (a) | 2500 | (8625) |
| &nbsp;&nbsp;&nbsp;&nbsp; Qiagen NV | 28680 | (1148347) |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanterix Corp. (a) | 1555 | (5474) |
| &nbsp;&nbsp;&nbsp;&nbsp; Quantum BioPharma Ltd. (a) | 75 | (362) |
| &nbsp;&nbsp;&nbsp;&nbsp; Quantum-Si, Inc. (a) | 6100 | (4721) |
| &nbsp;&nbsp;&nbsp;&nbsp; Rani Therapeutics Holdings, Inc. (a) | 300 | (220) |
| &nbsp;&nbsp;&nbsp;&nbsp; Rapport Therapeutics, Inc. (a) | 1100 | (34419) |
| &nbsp;&nbsp;&nbsp;&nbsp; Repligen Corp. (a) | 6400 | (754048) |
| &nbsp;&nbsp;&nbsp;&nbsp; Reviva Pharmaceuticals Holdings, Inc. (a) | 705 | (514) |
| &nbsp;&nbsp;&nbsp;&nbsp; Revvity, Inc. | 1600 | (140176) |
| &nbsp;&nbsp;&nbsp;&nbsp; Rhythm Pharmaceuticals, Inc. (a) | 3300 | (287001) |
| &nbsp;&nbsp;&nbsp;&nbsp; Rigel Pharmaceuticals, Inc. (a) | 10 | (270) |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG (b) | 41 | (16363) |
| &nbsp;&nbsp;&nbsp;&nbsp; Roivant Sciences Ltd. (a) | 30000 | (831000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sagimet Biosciences, Inc. (a) | 2600 | (13585) |
| &nbsp;&nbsp;&nbsp;&nbsp; Scholar Rock Holding Corp. (a) | 100 | (4916) |
| &nbsp;&nbsp;&nbsp;&nbsp; Senti Biosciences, Inc. (a) | 100 | (81) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sera Prognostics, Inc. (a) | 629 | (1277) |
| &nbsp;&nbsp;&nbsp;&nbsp; Seres Therapeutics, Inc. (a) | 45 | (399) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sionna Therapeutics, Inc. (a) | 100 | (4009) |
| &nbsp;&nbsp;&nbsp;&nbsp; SNDL, Inc. (a) | 14140 | (18665) |
| &nbsp;&nbsp;&nbsp;&nbsp; Soleno Therapeutics, Inc. (a) | 600 | (20088) |
| &nbsp;&nbsp;&nbsp;&nbsp; Solid Biosciences, Inc. (a) | 2727 | (19634) |
| &nbsp;&nbsp;&nbsp;&nbsp; Soligenix, Inc. (a) | 100 | (118) |
| &nbsp;&nbsp;&nbsp;&nbsp; Spyre Therapeutics, Inc. (a) | 3548 | (178961) |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard BioTools, Inc. (a) | 14600 | (13422) |
| &nbsp;&nbsp;&nbsp;&nbsp; Stoke Therapeutics, Inc. (a) | 1200 | (39072) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Structure Therapeutics, Inc., ADR (a) | 900 | $(43380) |
| &nbsp;&nbsp;&nbsp;&nbsp; Summit Therapeutics, Inc. (a) | 10700 | (202872) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tarsus Pharmaceuticals, Inc. (a) | 900 | (63135) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tectonic Therapeutic, Inc. (a) | 550 | (17000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tempus AI, Inc. (a) | 700 | (31654) |
| &nbsp;&nbsp;&nbsp;&nbsp; Terns Pharmaceuticals, Inc. (a) | 3400 | (179248) |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. (b) | 2754 | (1353674) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tilray Brands, Inc. (a) | 37232 | (240891) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tonix Pharmaceuticals Holding Corp. (a) | 235 | (3231) |
| &nbsp;&nbsp;&nbsp;&nbsp; TransCode Therapeutics, Inc. (a) | 199 | (1713) |
| &nbsp;&nbsp;&nbsp;&nbsp; Traws Pharma, Inc. (a) | 600 | (1098) |
| &nbsp;&nbsp;&nbsp;&nbsp; Trevi Therapeutics, Inc. (a) | 15000 | (178950) |
| &nbsp;&nbsp;&nbsp;&nbsp; TuHURA Biosciences, Inc. (a) | 16900 | (30251) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyra Biosciences, Inc. (a) | 100 | (3830) |
| &nbsp;&nbsp;&nbsp;&nbsp; Unicycive Therapeutics, Inc. (a) | 1100 | (7238) |
| &nbsp;&nbsp;&nbsp;&nbsp; United Therapeutics Corp. (a) | 1980 | (1174100) |
| &nbsp;&nbsp;&nbsp;&nbsp; Upstream Bio, Inc. (a) | 400 | (3600) |
| &nbsp;&nbsp;&nbsp;&nbsp; Vaxcyte, Inc. (a) | 13900 | (807729) |
| &nbsp;&nbsp;&nbsp;&nbsp; Vera Therapeutics, Inc. (a) | 100 | (4023) |
| &nbsp;&nbsp;&nbsp;&nbsp; Veru, Inc. (a) | 2182 | (4822) |
| &nbsp;&nbsp;&nbsp;&nbsp; Viatris, Inc. | 17900 | (241829) |
| &nbsp;&nbsp;&nbsp;&nbsp; Vor BioPharma, Inc. (a) | 4700 | (83848) |
| &nbsp;&nbsp;&nbsp;&nbsp; Vyome Holdings, Inc. (a) | 545 | (1172) |
| &nbsp;&nbsp;&nbsp;&nbsp; Waters Corp. (a) | 11917 | (3548883) |
| &nbsp;&nbsp;&nbsp;&nbsp; X4 Pharmaceuticals, Inc. (a) | 1650 | (6814) |
| &nbsp;&nbsp;&nbsp;&nbsp; Zevra Therapeutics, Inc. (a) | 800 | (7456) |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Inc. | 7000 | (827470) |
|  |  | (49653107) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Real Estate — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Americold Realty Trust, Inc. | 2200 | (25212) |
| &nbsp;&nbsp;&nbsp;&nbsp; Braemar Hotels & Resorts, Inc. | 3100 | (7316) |
| &nbsp;&nbsp;&nbsp;&nbsp; BXP, Inc. | 200 | (10380) |
| &nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc. | 100 | (18021) |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Healthcare Trust | 600 | (3984) |
| &nbsp;&nbsp;&nbsp;&nbsp; Essex Property Trust, Inc. | 20 | (4840) |
| &nbsp;&nbsp;&nbsp;&nbsp; eXp World Holdings, Inc. | 100 | (599) |
| &nbsp;&nbsp;&nbsp;&nbsp; Extra Space Storage, Inc. | 6900 | (904797) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fermi, Inc. (a) | 1600 | (9344) |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstService Corp. | 100 | (13894) |
| &nbsp;&nbsp;&nbsp;&nbsp; Generation Income Properties, Inc. (a) | 400 | (103) |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. | 27 | (444) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hudson Pacific Properties, Inc. (a) | 772 | (4563) |
| &nbsp;&nbsp;&nbsp;&nbsp; Independence Realty Trust, Inc. | 5600 | (83384) |
| &nbsp;&nbsp;&nbsp;&nbsp; Innovative Industrial Properties, Inc. | 600 | (30096) |
| &nbsp;&nbsp;&nbsp;&nbsp; Invitation Homes, Inc. | 1300 | (32305) |
| &nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain, Inc. (b) | 12 | (1226) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; La Rosa Holdings Corp. (a) | 2 | $(1) |
| &nbsp;&nbsp;&nbsp;&nbsp; LXP Industrial Trust | 6677 | (308878) |
| &nbsp;&nbsp;&nbsp;&nbsp; Macerich Co. | 16500 | (311850) |
| &nbsp;&nbsp;&nbsp;&nbsp; NexPoint Diversified Real Estate Trust | 822 | (3839) |
| &nbsp;&nbsp;&nbsp;&nbsp; NexPoint Residential Trust, Inc. | 100 | (2500) |
| &nbsp;&nbsp;&nbsp;&nbsp; Outfront Media, Inc. | 19896 | (527244) |
| &nbsp;&nbsp;&nbsp;&nbsp; Peakstone Realty Trust | 100 | (2089) |
| &nbsp;&nbsp;&nbsp;&nbsp; Rayonier, Inc. | 38 | (784) |
| &nbsp;&nbsp;&nbsp;&nbsp; Realty Income Corp. | 48 | (2937) |
| &nbsp;&nbsp;&nbsp;&nbsp; RenX Enterprises Corp. (a) | 100 | (178) |
| &nbsp;&nbsp;&nbsp;&nbsp; Rexford Industrial Realty, Inc. | 9700 | (317481) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryman Hospitality Properties, Inc. | 7100 | (655117) |
| &nbsp;&nbsp;&nbsp;&nbsp; SL Green Realty Corp. | 6751 | (249382) |
| &nbsp;&nbsp;&nbsp;&nbsp; Smartstop Self Storage REIT, Inc. | 1400 | (42392) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Communities, Inc. | 900 | (113364) |
| &nbsp;&nbsp;&nbsp;&nbsp; UDR, Inc. | 11000 | (371580) |
| &nbsp;&nbsp;&nbsp;&nbsp; Welltower, Inc. | 100 | (19771) |
| &nbsp;&nbsp;&nbsp;&nbsp; Weyerhaeuser Co. | 200 | (4886) |
|  |  | (4084781) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Real Estate Management & Development — (0.1)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CBRE Group, Inc. (a) | 10100 | (1368146) |
| &nbsp;&nbsp;&nbsp;&nbsp; Colliers International Group, Inc. | 200 | (21378) |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass, Inc. (a) | 18010 | (131653) |
| &nbsp;&nbsp;&nbsp;&nbsp; CoStar Group, Inc. (a) | 19 | (766) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cushman & Wakefield Ltd. (a) | 2600 | (31876) |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Brokerage, Inc. (a) | 2700 | (6750) |
| &nbsp;&nbsp;&nbsp;&nbsp; Seaport Entertainment Group, Inc. (a) | 500 | (10740) |
|  |  | (1571309) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Retailing — (0.6)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-800-Flowers.com, Inc. (a) | 600 | (1824) |
| &nbsp;&nbsp;&nbsp;&nbsp; Abercrombie & Fitch Co. (a) | 1900 | (173603) |
| &nbsp;&nbsp;&nbsp;&nbsp; Academy Sports & Outdoors, Inc. | 3800 | (214510) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advance Auto Parts, Inc. | 800 | (42200) |
| &nbsp;&nbsp;&nbsp;&nbsp; Arhaus, Inc. (a) | 700 | (4746) |
| &nbsp;&nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc. (a) | 1000 | (195410) |
| &nbsp;&nbsp;&nbsp;&nbsp; BARK, Inc. (a) | 9400 | (4762) |
| &nbsp;&nbsp;&nbsp;&nbsp; Barnes & Noble Education, Inc. (a) | 4935 | (43576) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bed Bath & Beyond, Inc. (a) | 5300 | (24592) |
| &nbsp;&nbsp;&nbsp;&nbsp; Best Buy Co., Inc. (b) | 3859 | (247748) |
| &nbsp;&nbsp;&nbsp;&nbsp; Boot Barn Holdings, Inc. (a) | 7700 | (1126972) |
| &nbsp;&nbsp;&nbsp;&nbsp; Build-A-Bear Workshop, Inc. | 100 | (3745) |
| &nbsp;&nbsp;&nbsp;&nbsp; Burlington Stores, Inc. (a) | 2500 | (813450) |
| &nbsp;&nbsp;&nbsp;&nbsp; CarParts.com, Inc. (a) | 700 | (550) |
| &nbsp;&nbsp;&nbsp;&nbsp; Carvana Co. (a),(b) | 4350 | (1367553) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dick's Sporting Goods, Inc. | 902 | (178858) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Digital Brands Group, Inc. (a) | 200 | $(360) |
| &nbsp;&nbsp;&nbsp;&nbsp; Express, Inc. (a) | 0 | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Floor & Decor Holdings, Inc. (a) | 400 | (20320) |
| &nbsp;&nbsp;&nbsp;&nbsp; Genuine Parts Co. | 13900 | (1469925) |
| &nbsp;&nbsp;&nbsp;&nbsp; GigaCloud Technology, Inc. (a) | 9300 | (422034) |
| &nbsp;&nbsp;&nbsp;&nbsp; Grabagun Digital Holdings, Inc. (a) | 1100 | (3311) |
| &nbsp;&nbsp;&nbsp;&nbsp; Groupon, Inc. (a) | 178 | (2118) |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot, Inc. | 16580 | (5452996) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hour Loop, Inc. (a) | 6 | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lands' End, Inc. (a) | 375 | (4215) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lithia Motors, Inc. | 120 | (29966) |
| &nbsp;&nbsp;&nbsp;&nbsp; LKQ Corp. | 21500 | (631455) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 2400 | (567072) |
| &nbsp;&nbsp;&nbsp;&nbsp; Macy's, Inc. (b) | 1281 | (23173) |
| &nbsp;&nbsp;&nbsp;&nbsp; MarineMax, Inc. (a) | 800 | (21648) |
| &nbsp;&nbsp;&nbsp;&nbsp; National Vision Holdings, Inc. (a) | 12300 | (318570) |
| &nbsp;&nbsp;&nbsp;&nbsp; Pattern Group, Inc. (a) | 2500 | (31075) |
| &nbsp;&nbsp;&nbsp;&nbsp; PetMed Express, Inc. (a) | 2700 | (6156) |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool Corp. (b) | 167 | (33789) |
| &nbsp;&nbsp;&nbsp;&nbsp; Revolve Group, Inc. (a) | 3500 | (79135) |
| &nbsp;&nbsp;&nbsp;&nbsp; RideNow Group, Inc. (a) | 249 | (1758) |
| &nbsp;&nbsp;&nbsp;&nbsp; Savers Value Village, Inc. (a) | 400 | (2976) |
| &nbsp;&nbsp;&nbsp;&nbsp; Signet Jewelers Ltd. | 12400 | (1049536) |
| &nbsp;&nbsp;&nbsp;&nbsp; Stitch Fix, Inc. (a) | 3300 | (10923) |
| &nbsp;&nbsp;&nbsp;&nbsp; TJX Cos., Inc. (b) | 1017 | (162415) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tractor Supply Co. (b) | 3388 | (153476) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ulta Beauty, Inc. (a) | 13960 | (7297032) |
| &nbsp;&nbsp;&nbsp;&nbsp; Urban Outfitters, Inc. (a) | 100 | (6335) |
| &nbsp;&nbsp;&nbsp;&nbsp; Valvoline, Inc. (a) | 4700 | (158296) |
| &nbsp;&nbsp;&nbsp;&nbsp; Victoria's Secret & Co. (a) | 4800 | (222528) |
| &nbsp;&nbsp;&nbsp;&nbsp; Warby Parker, Inc. (a) | 2200 | (46354) |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams-Sonoma, Inc. (b) | 3716 | (677538) |
|  |  | (23350597) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Semiconductors & Semiconductor Equipment — (0.3)%* | &nbsp;&nbsp;&nbsp;&nbsp; *Semiconductors & Semiconductor Equipment — (0.3)%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ACM Research, Inc. (a) | 100 | (3935) |
| &nbsp;&nbsp;&nbsp;&nbsp; Aeluma, Inc. (a) | 1700 | (22253) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ambarella, Inc. (a) | 1400 | (72065) |
| &nbsp;&nbsp;&nbsp;&nbsp; Astera Labs, Inc. (a),(b) | 142 | (15563) |
| &nbsp;&nbsp;&nbsp;&nbsp; AXT, Inc. (a) | 800 | (45584) |
| &nbsp;&nbsp;&nbsp;&nbsp; Blaize Holdings, Inc. (a) | 26600 | (48412) |
| &nbsp;&nbsp;&nbsp;&nbsp; Credo Technology Group Holding Ltd. (a),(b) | 29 | (2722) |
| &nbsp;&nbsp;&nbsp;&nbsp; Datavault AI, Inc. (a) | 86200 | (53297) |
| &nbsp;&nbsp;&nbsp;&nbsp; Entegris, Inc. (b) | 1776 | (208218) |
| &nbsp;&nbsp;&nbsp;&nbsp; GLOBALFOUNDRIES, Inc. (a),(b) | 368 | (16369) |
| &nbsp;&nbsp;&nbsp;&nbsp; Impinj, Inc. (a) | 1900 | (195130) |
| &nbsp;&nbsp;&nbsp;&nbsp; KLA Corp. | 60 | (88345) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Kopin Corp. (a) | 8100 | $(18225) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lattice Semiconductor Corp. (a) | 500 | (46380) |
| &nbsp;&nbsp;&nbsp;&nbsp; MACOM Technology Solutions Holdings, Inc. (a) | 2200 | (488554) |
| &nbsp;&nbsp;&nbsp;&nbsp; Marvell Technology, Inc. (b) | 19922 | (1973274) |
| &nbsp;&nbsp;&nbsp;&nbsp; Microchip Technology, Inc. (b) | 173 | (11178) |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc. (b) | 1853 | (626018) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mobix Labs, Inc. (a) | 14100 | (4711) |
| &nbsp;&nbsp;&nbsp;&nbsp; Monolithic Power Systems, Inc. (b) | 4526 | (4948502) |
| &nbsp;&nbsp;&nbsp;&nbsp; Navitas Semiconductor Corp. (a) | 13600 | (119272) |
| &nbsp;&nbsp;&nbsp;&nbsp; Penguin Solutions, Inc. (a) | 300 | (5280) |
| &nbsp;&nbsp;&nbsp;&nbsp; Photronics, Inc. (a) | 900 | (36369) |
| &nbsp;&nbsp;&nbsp;&nbsp; Pixelworks, Inc. (a) | 200 | (1080) |
| &nbsp;&nbsp;&nbsp;&nbsp; POET Technologies, Inc. (a) | 36500 | (216810) |
| &nbsp;&nbsp;&nbsp;&nbsp; Power Integrations, Inc. | 100 | (5120) |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc. (b) | 2657 | (342168) |
| &nbsp;&nbsp;&nbsp;&nbsp; Semtech Corp. (a) | 1700 | (130713) |
| &nbsp;&nbsp;&nbsp;&nbsp; SiTime Corp. (a) | 400 | (138140) |
| &nbsp;&nbsp;&nbsp;&nbsp; SkyWater Technology, Inc. (a) | 200 | (5482) |
| &nbsp;&nbsp;&nbsp;&nbsp; Synaptics, Inc. (a) | 1700 | (119068) |
| &nbsp;&nbsp;&nbsp;&nbsp; Teradyne, Inc. (b) | 4 | (1186) |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc. (b) | 1757 | (341104) |
| &nbsp;&nbsp;&nbsp;&nbsp; Wolfspeed, Inc. (a) | 400 | (6528) |
|  |  | (10357055) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Software & Services — (0.9)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3 E Network Technology Group-a (a) | 200 | (454) |
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture PLC, Class A (b) | 1483 | (294064) |
| &nbsp;&nbsp;&nbsp;&nbsp; Adeia, Inc. | 200 | (4806) |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc. (a),(b) | 2296 | (558112) |
| &nbsp;&nbsp;&nbsp;&nbsp; Aduro Clean Technologies, Inc. (a) | 200 | (2098) |
| &nbsp;&nbsp;&nbsp;&nbsp; Airship AI Holdings, Inc. (a) | 860 | (1944) |
| &nbsp;&nbsp;&nbsp;&nbsp; Akamai Technologies, Inc. (a),(b) | 47 | (5398) |
| &nbsp;&nbsp;&nbsp;&nbsp; Alkami Technology, Inc. (a) | 3000 | (47010) |
| &nbsp;&nbsp;&nbsp;&nbsp; Alpha Modus Holdings, Inc. (a) | 100 | (37) |
| &nbsp;&nbsp;&nbsp;&nbsp; American Bitcoin Corp. (a) | 13560 | (12535) |
| &nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corp., Class A (a) | 26660 | (10610680) |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlassian Corp. (a),(b) | 661 | (45113) |
| &nbsp;&nbsp;&nbsp;&nbsp; Auddia, Inc. (a) | 23 | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Aurora Innovation, Inc. (a) | 5900 | (24308) |
| &nbsp;&nbsp;&nbsp;&nbsp; authID, Inc. (a) | 49 | (64) |
| &nbsp;&nbsp;&nbsp;&nbsp; Backblaze, Inc., Class A (a) | 400 | (1380) |
| &nbsp;&nbsp;&nbsp;&nbsp; Banzai International, Inc. (a) | 4200 | (3995) |
| &nbsp;&nbsp;&nbsp;&nbsp; BigBear.ai Holdings, Inc. (a) | 152107 | (535417) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bio-key International, Inc. (a) | 9 | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bit Digital, Inc. (a) | 49000 | (64190) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bitdeer Technologies Group (a) | 900 | (7785) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bitfarms Ltd. (a) | 6800 | (13260) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; BitMine Immersion Technologies, Inc. | 145500 | $(2877990) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackLine, Inc. (a),(b) | 297 | (10989) |
| &nbsp;&nbsp;&nbsp;&nbsp; Blend Labs, Inc., Class A (a) | 500 | (850) |
| &nbsp;&nbsp;&nbsp;&nbsp; Braze, Inc. (a) | 16300 | (384843) |
| &nbsp;&nbsp;&nbsp;&nbsp; BTCS, Inc. (a) | 500 | (695) |
| &nbsp;&nbsp;&nbsp;&nbsp; BTQ Technologies Corp. (a) | 4400 | (11748) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc. (a),(b) | 12 | (3334) |
| &nbsp;&nbsp;&nbsp;&nbsp; Castellum, Inc. (a) | 12300 | (7251) |
| &nbsp;&nbsp;&nbsp;&nbsp; CCC Intelligent Solutions Holdings, Inc. (a) | 24700 | (148200) |
| &nbsp;&nbsp;&nbsp;&nbsp; Circle Internet Group, Inc. (a),(b) | 3539 | (337656) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cleanspark, Inc. (a) | 30400 | (258704) |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearwater Analytics Holdings, Inc. (a) | 94100 | (2225465) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cloudastructure, Inc. (a) | 100 | (61) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp. (b) | 12978 | (796200) |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Software, Inc. (b) | 29 | (50908) |
| &nbsp;&nbsp;&nbsp;&nbsp; CoreWeave, Inc. (a),(b) | 38228 | (2961523) |
| &nbsp;&nbsp;&nbsp;&nbsp; CXApp, Inc. (a) | 9100 | (1643) |
| &nbsp;&nbsp;&nbsp;&nbsp; CYNGN, Inc. (a) | 4300 | (7138) |
| &nbsp;&nbsp;&nbsp;&nbsp; Datacentrex, Inc. (a) | 2200 | (4730) |
| &nbsp;&nbsp;&nbsp;&nbsp; Digi Power X, Inc. (a) | 8500 | (17255) |
| &nbsp;&nbsp;&nbsp;&nbsp; Digimarc Corp. (a) | 700 | (3437) |
| &nbsp;&nbsp;&nbsp;&nbsp; Domo, Inc. (a) | 600 | (1836) |
| &nbsp;&nbsp;&nbsp;&nbsp; Duos Technologies Group, Inc. (a) | 1900 | (13034) |
| &nbsp;&nbsp;&nbsp;&nbsp; D-Wave Quantum, Inc. (a) | 52900 | (763347) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dynatrace, Inc. (a),(b) | 103 | (3809) |
| &nbsp;&nbsp;&nbsp;&nbsp; Elastic NV (a),(b) | 169 | (8448) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortinet, Inc. (a),(b) | 5 | (409) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fusemachines, Inc. (a) | 100 | (95) |
| &nbsp;&nbsp;&nbsp;&nbsp; Gartner, Inc. (a),(b) | 1195 | (189216) |
| &nbsp;&nbsp;&nbsp;&nbsp; Gitlab, Inc., Class A (a),(b) | 1009 | (21835) |
| &nbsp;&nbsp;&nbsp;&nbsp; Greenidge Generation Holdings, Inc. (a) | 230 | (253) |
| &nbsp;&nbsp;&nbsp;&nbsp; HubSpot, Inc. (a),(b) | 225 | (54922) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hut 8 Corp. (a) | 10400 | (487864) |
| &nbsp;&nbsp;&nbsp;&nbsp; I3 Verticals, Inc. (a) | 1300 | (29068) |
| &nbsp;&nbsp;&nbsp;&nbsp; Intapp, Inc. (a) | 2300 | (59087) |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp. (b) | 553 | (134042) |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. (b) | 7802 | (3373429) |
| &nbsp;&nbsp;&nbsp;&nbsp; JFrog Ltd. (a) | 1500 | (70395) |
| &nbsp;&nbsp;&nbsp;&nbsp; Kaltura, Inc. (a) | 1400 | (1708) |
| &nbsp;&nbsp;&nbsp;&nbsp; Life360, Inc. (a) | 1900 | (77558) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lightspeed Commerce, Inc. (a) | 500 | (4480) |
| &nbsp;&nbsp;&nbsp;&nbsp; LivePerson, Inc. (a) | 100 | (255) |
| &nbsp;&nbsp;&nbsp;&nbsp; LiveRamp Holdings, Inc. (a) | 200 | (5304) |
| &nbsp;&nbsp;&nbsp;&nbsp; MARA Holdings, Inc. (a) | 54311 | (443178) |
| &nbsp;&nbsp;&nbsp;&nbsp; MicroAlgo, Inc. (a) | 1363 | (4743) |
| &nbsp;&nbsp;&nbsp;&nbsp; MicroCloud Hologram, Inc. (a) | 1267 | (2597) |
| &nbsp;&nbsp;&nbsp;&nbsp; NextNav, Inc. (a) | 300 | (4806) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Okta, Inc. (a) | 2400 | $(188904) |
| &nbsp;&nbsp;&nbsp;&nbsp; Onestream, Inc. (a) | 31900 | (765600) |
| &nbsp;&nbsp;&nbsp;&nbsp; Open Text Corp. | 1300 | (28912) |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. | 580 | (85324) |
| &nbsp;&nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc. (a) | 21344 | (3421870) |
| &nbsp;&nbsp;&nbsp;&nbsp; PAR Technology Corp. (a) | 1500 | (19995) |
| &nbsp;&nbsp;&nbsp;&nbsp; Phunware, Inc. (a) | 2452 | (4340) |
| &nbsp;&nbsp;&nbsp;&nbsp; Procore Technologies, Inc. (a) | 20200 | (1151400) |
| &nbsp;&nbsp;&nbsp;&nbsp; PTC, Inc. (a) | 500 | (71245) |
| &nbsp;&nbsp;&nbsp;&nbsp; Rackspace Technology, Inc. (a) | 7800 | (7642) |
| &nbsp;&nbsp;&nbsp;&nbsp; REalloys, Inc. (a) | 500 | (4880) |
| &nbsp;&nbsp;&nbsp;&nbsp; reAlpha Tech Corp. (a) | 16800 | (4081) |
| &nbsp;&nbsp;&nbsp;&nbsp; Rekor Systems, Inc. (a) | 8521 | (6987) |
| &nbsp;&nbsp;&nbsp;&nbsp; Rezolve AI PLC (a) | 127600 | (326656) |
| &nbsp;&nbsp;&nbsp;&nbsp; RingCentral, Inc. | 600 | (22314) |
| &nbsp;&nbsp;&nbsp;&nbsp; Riot Platforms, Inc. (a) | 100 | (1236) |
| &nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | 120 | (42463) |
| &nbsp;&nbsp;&nbsp;&nbsp; Rubrik, Inc. (a),(b) | 83 | (4065) |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. (b) | 1434 | (267685) |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsara, Inc. (a) | 11100 | (351759) |
| &nbsp;&nbsp;&nbsp;&nbsp; SEMrush Holdings, Inc. (a) | 1100 | (13134) |
| &nbsp;&nbsp;&nbsp;&nbsp; SentinelOne, Inc., Class A (a) | 2800 | (36064) |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc. (a),(b) | 2452 | (256357) |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceTitan, Inc. (a) | 2200 | (139612) |
| &nbsp;&nbsp;&nbsp;&nbsp; Snowflake, Inc., Class A (a),(b) | 96 | (14479) |
| &nbsp;&nbsp;&nbsp;&nbsp; Soluna Holdings, Inc. (a) | 12000 | (8482) |
| &nbsp;&nbsp;&nbsp;&nbsp; SoundHound AI, Inc., Class A (a) | 124800 | (857376) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sphere 3D Corp. (a) | 1 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sprinklr, Inc. (a) | 2500 | (15000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Strategy, Inc. (a),(b) | 37697 | (4704586) |
| &nbsp;&nbsp;&nbsp;&nbsp; Synopsys, Inc. (a),(b) | 49 | (19428) |
| &nbsp;&nbsp;&nbsp;&nbsp; T Stamp, Inc. (a) | 500 | (1195) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tao Synergies, Inc. (a) | 100 | (569) |
| &nbsp;&nbsp;&nbsp;&nbsp; TON Strategy Co. (a) | 2700 | (6669) |
| &nbsp;&nbsp;&nbsp;&nbsp; TSS, Inc. (a) | 7100 | (92371) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyler Technologies, Inc. (a) | 120 | (41086) |
| &nbsp;&nbsp;&nbsp;&nbsp; UiPath, Inc. (a),(b) | 4552 | (50527) |
| &nbsp;&nbsp;&nbsp;&nbsp; Unisys Corp. (a) | 500 | (1035) |
| &nbsp;&nbsp;&nbsp;&nbsp; VeriSign, Inc. (b) | 83 | (20614) |
| &nbsp;&nbsp;&nbsp;&nbsp; Whitefiber, Inc. (a) | 500 | (5955) |
| &nbsp;&nbsp;&nbsp;&nbsp; WM Technology, Inc. (a) | 400 | (263) |
| &nbsp;&nbsp;&nbsp;&nbsp; Yext, Inc. (a) | 8 | (31) |
| &nbsp;&nbsp;&nbsp;&nbsp; ZenaTech, Inc. (a) | 7400 | (16946) |
| &nbsp;&nbsp;&nbsp;&nbsp; Zeta Global Holdings Corp. (a) | 11900 | (189448) |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoom Communications, Inc. (a),(b) | 180 | (14470) |
|  |  | (41382062) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Technology Hardware & Equipment — (0.6)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 908 Devices, Inc. (a) | 2200 | $(13464) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Energy Industries, Inc. | 100 | (32271) |
| &nbsp;&nbsp;&nbsp;&nbsp; Aeva Technologies, Inc. (a) | 8060 | (106070) |
| &nbsp;&nbsp;&nbsp;&nbsp; AEye, Inc. (a) | 10570 | (19132) |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp., Class A (b) | 17819 | (2251431) |
| &nbsp;&nbsp;&nbsp;&nbsp; AmpliTech Group, Inc. (a) | 500 | (950) |
| &nbsp;&nbsp;&nbsp;&nbsp; Arista Networks, Inc. (a),(b) | 108 | (13260) |
| &nbsp;&nbsp;&nbsp;&nbsp; Arlo Technologies, Inc. (a) | 700 | (9961) |
| &nbsp;&nbsp;&nbsp;&nbsp; CDW Corp. (b) | 539 | (65230) |
| &nbsp;&nbsp;&nbsp;&nbsp; Celestica, Inc. (a),(b) | 9605 | (2705536) |
| &nbsp;&nbsp;&nbsp;&nbsp; Celestica, Inc. (a),(b) | 1 | (282) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cemtrex, Inc. (a) | 300 | (188) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ciena Corp. (a),(b) | 1902 | (738413) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. (b) | 147811 | (11468656) |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearfield, Inc. (a) | 1000 | (26470) |
| &nbsp;&nbsp;&nbsp;&nbsp; Coherent Corp. (a) | 2400 | (571704) |
| &nbsp;&nbsp;&nbsp;&nbsp; Core AI Holdings, Inc. (a) | 150 | (152) |
| &nbsp;&nbsp;&nbsp;&nbsp; Corning, Inc. | 300 | (40791) |
| &nbsp;&nbsp;&nbsp;&nbsp; Corsair Gaming, Inc. (a) | 1200 | (6660) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dell Technologies, Inc. (b) | 1046 | (171680) |
| &nbsp;&nbsp;&nbsp;&nbsp; Everpure, Inc. (a),(b) | 338 | (19956) |
| &nbsp;&nbsp;&nbsp;&nbsp; F5, Inc. (a),(b) | 247 | (71465) |
| &nbsp;&nbsp;&nbsp;&nbsp; Flex Ltd. (a) | 8900 | (582594) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Industries, Inc. (a) | 300 | (1329) |
| &nbsp;&nbsp;&nbsp;&nbsp; GPGI, Inc. | 7700 | (131670) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. (b) | 5784 | (137717) |
| &nbsp;&nbsp;&nbsp;&nbsp; HP, Inc. (b) | 1828 | (35116) |
| &nbsp;&nbsp;&nbsp;&nbsp; Infleqtion, Inc. (a) | 2500 | (24525) |
| &nbsp;&nbsp;&nbsp;&nbsp; Inseego Corp. (a) | 1000 | (11120) |
| &nbsp;&nbsp;&nbsp;&nbsp; IPG Photonics Corp. (a) | 100 | (11459) |
| &nbsp;&nbsp;&nbsp;&nbsp; Kustom Entertainment, Inc. (a) | 200 | (117) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lightwave Logic, Inc. (a) | 200 | (1406) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lumentum Holdings, Inc. (a),(b) | 5 | (3514) |
| &nbsp;&nbsp;&nbsp;&nbsp; MicroVision, Inc. (a) | 24500 | (15709) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mirion Technologies, Inc. (a) | 28100 | (522379) |
| &nbsp;&nbsp;&nbsp;&nbsp; MultiSensor AI Holdings, Inc. (a) | 53 | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp; NetApp, Inc. (b) | 6 | (614) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ondas, Inc. (a) | 108400 | (979936) |
| &nbsp;&nbsp;&nbsp;&nbsp; One Stop Systems, Inc. (a) | 5900 | (44663) |
| &nbsp;&nbsp;&nbsp;&nbsp; OSI Systems, Inc. (a) | 200 | (53102) |
| &nbsp;&nbsp;&nbsp;&nbsp; Powerfleet, Inc. NJ (a) | 29700 | (91476) |
| &nbsp;&nbsp;&nbsp;&nbsp; Quantum Computing, Inc. (a) | 4274 | (29277) |
| &nbsp;&nbsp;&nbsp;&nbsp; Quantum Corp. (a) | 2300 | (10925) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandisk Corp. (a),(b) | 5 | (3177) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanmina Corp. (a),(b) | 6839 | (886608) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Super Micro Computer, Inc. (a),(b) | 3144 | $(71589) |
| &nbsp;&nbsp;&nbsp;&nbsp; Syntec Optics Holdings, Inc. (a) | 9 | (63) |
| &nbsp;&nbsp;&nbsp;&nbsp; Turtle Beach Corp. (a) | 700 | (7098) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ubiquiti, Inc. | 600 | (474174) |
| &nbsp;&nbsp;&nbsp;&nbsp; Unusual Machines, Inc. (a) | 4000 | (49600) |
| &nbsp;&nbsp;&nbsp;&nbsp; Viasat, Inc. (a) | 12300 | (563340) |
| &nbsp;&nbsp;&nbsp;&nbsp; Vontier Corp. | 2500 | (88675) |
| &nbsp;&nbsp;&nbsp;&nbsp; Vuzix Corp. (a) | 2300 | (5313) |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Digital Corp. | 9200 | (2488508) |
|  |  | (25660527) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Telecommunication Services — (0.1)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Array Digital Infrastructure, Inc. (a) | 1500 | (69210) |
| &nbsp;&nbsp;&nbsp;&nbsp; AST SpaceMobile, Inc. (a) | 13300 | (1102171) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cogent Communications Holdings, Inc. | 300 | (5652) |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp. (b) | 31575 | (906518) |
| &nbsp;&nbsp;&nbsp;&nbsp; Globalstar, Inc. (a) | 2247 | (149246) |
| &nbsp;&nbsp;&nbsp;&nbsp; Iridium Communications, Inc. | 500 | (13870) |
| &nbsp;&nbsp;&nbsp;&nbsp; Millicom International Cellular SA | 4700 | (352218) |
| &nbsp;&nbsp;&nbsp;&nbsp; SurgePays, Inc. (a) | 800 | (601) |
| &nbsp;&nbsp;&nbsp;&nbsp; Telephone & Data Systems, Inc. | 23900 | (1006190) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniti Group, Inc. | 17400 | (163212) |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. (b) | 36614 | (1838023) |
|  |  | (5606911) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Transportation — (0.5)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alaska Air Group, Inc. (a) | 3200 | (117696) |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller — Maersk AS (b) | 16 | (39966) |
| &nbsp;&nbsp;&nbsp;&nbsp; Avis Budget Group, Inc. (a) | 900 | (131265) |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Kansas City Ltd. | 8330 | (655238) |
| &nbsp;&nbsp;&nbsp;&nbsp; CH Robinson Worldwide, Inc. | 8200 | (1361774) |
| &nbsp;&nbsp;&nbsp;&nbsp; CSX Corp. | 32900 | (1350545) |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | 7200 | (478656) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expeditors International of Washington, Inc. (b) | 670 | (95964) |
| &nbsp;&nbsp;&nbsp;&nbsp; FedEx Corp. | 900 | (320562) |
| &nbsp;&nbsp;&nbsp;&nbsp; flyExclusive, Inc. (a) | 1300 | (2938) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Air Corp. (a) | 3100 | (51801) |
| &nbsp;&nbsp;&nbsp;&nbsp; FTAI Infrastructure, Inc. | 19400 | (95836) |
| &nbsp;&nbsp;&nbsp;&nbsp; GXO Logistics, Inc. (a) | 900 | (46665) |
| &nbsp;&nbsp;&nbsp;&nbsp; JB Hunt Transport Services, Inc. | 3800 | (805220) |
| &nbsp;&nbsp;&nbsp;&nbsp; Joby Aviation, Inc. (a) | 81500 | (673190) |
| &nbsp;&nbsp;&nbsp;&nbsp; Knight-Swift Transportation Holdings, Inc. | 100 | (5758) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lyft, Inc. (a) | 1423 | (18926) |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc. | 300 | (58620) |
| &nbsp;&nbsp;&nbsp;&nbsp; Proficient Auto Logistics, Inc. (a) | 400 | (2712) |
| &nbsp;&nbsp;&nbsp;&nbsp; RXO, Inc. (a) | 6500 | (95030) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryder System, Inc. | 400 | $(81884) |
| &nbsp;&nbsp;&nbsp;&nbsp; Saia, Inc. (a) | 360 | (126461) |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwest Airlines Co. | 4500 | (169065) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Country Airlines Holdings, Inc. (a) | 200 | (3304) |
| &nbsp;&nbsp;&nbsp;&nbsp; Surf Air Mobility, Inc. (a) | 24571 | (28257) |
| &nbsp;&nbsp;&nbsp;&nbsp; TFI International, Inc. | 400 | (43452) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc. (a) | 140100 | (10077393) |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | 100 | (24262) |
| &nbsp;&nbsp;&nbsp;&nbsp; United Airlines Holdings, Inc. (a),(b) | 1185 | (109103) |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc. | 300 | (29514) |
| &nbsp;&nbsp;&nbsp;&nbsp; Volato Group, Inc. (a) | 1224 | (282) |
| &nbsp;&nbsp;&nbsp;&nbsp; Wheels Up Experience, Inc. (a) | 7310 | (3776) |
|  |  | (17105115) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Utilities — (0.8)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Algonquin Power & Utilities Corp. | 100 | (614) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameren Corp. | 1100 | (120912) |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Infrastructure Corp. | 4200 | (165984) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadiz, Inc. (a) | 3246 | (15938) |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 31920 | (8913660) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | 1400 | (86548) |
| &nbsp;&nbsp;&nbsp;&nbsp; Eversource Energy | 2900 | (200912) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hallador Energy Co. (a) | 400 | (6512) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hawaiian Electric Industries, Inc. (a) | 1300 | (19292) |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 56000 | (5201280) |
| &nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 6100 | (891454) |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklo, Inc. (a) | 34200 | (1695978) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sempra | 16100 | (1564437) |
| &nbsp;&nbsp;&nbsp;&nbsp; Talen Energy Corp. (a) | 1200 | (383076) |
| &nbsp;&nbsp;&nbsp;&nbsp; Vistra Corp. (b) | 11393 | (1712710) |
|  |  | (20979307) |
|  **Total North America** |  | **(624297402)** |
|  **Oceania — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Energy — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodside Energy Group Ltd., ADR | 2900 | (69252) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Food, Beverage & Tobacco — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Innovation Beverage Group Ltd. (a) | 8 | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Materials — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Anglogold Ashanti PLC | 4900 | (477064) |
| &nbsp;&nbsp;&nbsp;&nbsp; Frontier Nuclear & Minerals, Inc. (a) | 2700 | (7587) |
| &nbsp;&nbsp;&nbsp;&nbsp; IperionX Ltd., ADR (a) | 200 | (5208) |
| &nbsp;&nbsp;&nbsp;&nbsp; Nova Minerals Ltd., ADR (a) | 2200 | (12914) |
|  |  | (502773) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Pharmaceuticals, Biotechnology & Life Sciences — 0.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *Pharmaceuticals, Biotechnology & Life Sciences — 0.0%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alterity Therapeutics Ltd., ADR (a) | 10 | $(36) |
| &nbsp;&nbsp;&nbsp;&nbsp; Benitec Biopharma, Inc. (a) | 500 | (5325) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mesoblast Ltd., ADR (a) | 400 | (6152) |
|  |  | (11513) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Retailing — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GMEX Robotics Corp. | 300 | (180) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Software & Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mawson Infrastructure Group, Inc. (a) | 3 | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Technology Hardware & Equipment — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mobilicom Ltd. (a) | 400 | (2056) |
| &nbsp;&nbsp;&nbsp;&nbsp; Novonix Ltd., ADR (a) | 3100 | (2139) |
|  |  | (4195) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Transportation — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Globavend Holdings Ltd. (a) | 200 | (446) |
|  **Total Oceania** |  | **(588374)** |
|  **South America — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Banks — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco BBVA Argentina SA, ADR | 200 | (3212) |
| &nbsp;&nbsp;&nbsp;&nbsp; Credicorp Ltd. | 120 | (40702) |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Supervielle SA, ADR (a) | 3200 | (30176) |
| &nbsp;&nbsp;&nbsp;&nbsp; Itau Unibanco Holding SA, ADR (b) | 1282 | (10743) |
|  |  | (84833) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Capital Goods — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Embraer SA, ADR | 8700 | (516258) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Consumer Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arcos Dorados Holdings, Inc. | 3237 | (26705) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Diversified Financials — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; StoneCo Ltd. (a) | 10800 | (152496) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Energy — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Petroleo Brasileiro SA — Petrobras, ADR | 55300 | (1147475) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportadora de Gas del Sur SA, ADR (a) | 2100 | (72681) |
| &nbsp;&nbsp;&nbsp;&nbsp; YPF SA, ADR (a) | 4000 | (184880) |
|  |  | (1405036) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Food, Beverage & Tobacco — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ambev SA, ADR | 294700 | (860524) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cia Cervecerias Unidas SA, ADR | 300 | (3405) |
|  |  | (863929) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Materials — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cia Siderurgica Nacional SA, ADR (a) | 5600 | $(6944) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sigma Lithium Corp. (a) | 19100 | (235694) |
| &nbsp;&nbsp;&nbsp;&nbsp; Suzano SA, ADR | 300 | (3003) |
|  |  | (245641) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Software & Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; VTEX, Class A (a) | 1200 | (4800) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Utilities — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Puerto SA, ADR (a) | 300 | (5049) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cia de Saneamento Basico do Estado de Sao Paulo SABESP, ADR | 27567 | (841069) |
| &nbsp;&nbsp;&nbsp;&nbsp; Pampa Energia SA, ADR (a) | 300 | (26550) |
|  |  | (872668) |
|  **Total South America** |  | **(4172366)** |
|  **TOTAL COMMON STOCK<br>(PROCEEDS $687,698,843)** |  | **(683820467)** |
|  | **Principal<br>Amount** |  |
|  **CORPORATE BONDS AND NOTES — (0.4)%** |  |  |
|  **South America — (0.2)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Mining — (0.2)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corp. Nacional del Cobre de Chile, 6.44%, 01/26/36 (b),(c) | $5508000 | (5804485) |
|  **Total South America** |  | **(5804485)** |
|  **Supranational — (0.2)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Multi-National — (0.2)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; African Export-Import Bank, 3.80%, 05/17/31 (b),(c) | 2386000 | (2116570) |
| &nbsp;&nbsp;&nbsp;&nbsp; African Export-Import Bank, 3.99%, 09/21/29 (b),(c) | 1824000 | (1698907) |
|  |  | (3815477) |
|  **Total Supranational** |  | **(3815477)** |
|  **TOTAL CORPORATE BONDS AND NOTES<br>(PROCEEDS $9,520,995)** |  | **(9619962)** |
|  | **Shares** |  |
|  **EXCHANGE-TRADED FUNDS — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Expanded Tech-Software Sector ETF (b) | 256 | (20493) |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares MSCI Taiwan ETF (b) | 1810 | (128365) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Shares** | | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Consumer Staples Select Sector SPDR ETF (b) | 7670 |  | $(628787) |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Energy Select Sector SPDR ETF (b) | 6072 |  | (371971) |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Industrial Select Sector SPDR ETF (b) | 2049 |  | (331385) |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Materials Select Sector SPDR ETF (b) | 116 |  | (5796) |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street SPDR S&P Biotech ETF (b) | 2107 |  | (269127) |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street SPDR S&P Homebuilders ETF (b) | 7 |  | (691) |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street SPDR S&P Regional Banking ETF (b) | 810 |  | (52771) |
|  **TOTAL EXCHANGE-TRADED FUNDS (PROCEEDS $1,697,360)** |  |  | **(1809386)** |
|  | **Principal<br>Amount** |  |  |
|  **MORTGAGE BACKED<br>SECURITIES — (18.4)%** |  |  |  |
|  **North America — (18.4)%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *U.S. Government Sponsored Agency Securities — (18.4)%* | &nbsp;&nbsp;&nbsp;&nbsp; *U.S. Government Sponsored Agency Securities — (18.4)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 30 Year Maturity, 2.50%, 05/01/56 (m) | $130000000 |  | (109382780) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 30 Year Maturity, 4.50%, 06/01/56 (m) | 220000000 |  | (211878920) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 30 Year Maturity, 5.00%, 05/01/56 (b),(m) | 167000000 |  | (164455922) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 30 Year Maturity, 5.00%, 04/01/56 (b),(m) | 66000000 |  | (65071908) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 30 Year Maturity, 5.50%, 04/01/56 (m) | 33000000 |  | (33146949) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 30 Year Maturity, 6.00%, 06/01/56 (m) | 50000000 |  | (50853500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 30 Year Maturity, 6.50%, 06/01/56 (m) | 25000000 |  | (25824225) |
|  **Total North America** |  |  | **(660614204)** |
|  **TOTAL MORTGAGE BACKED SECURITIES<br>(PROCEEDS $662,079,628)** |  |  | **(660614204)** |
|  **SOVEREIGN DEBT — (0.7)%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bahrain Government International Bonds, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 09/16/32 (b),(c) | 4035000 |  | (3630612) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/18/34 (b),(c) | 1324000 |  | (1168925) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/05/32 (b),(c) | 7453000 |  | (7044923) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/12/31 (b),(c) | 4050000 |  | (3871893) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 02/12/36 (b),(c) | 2050000 |  | (2023459) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 07/07/37 (b),(c) | 2250000 |  | (2194422) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominican Republic International Bonds, 6.00%, 02/22/33 (b),(c) | 961000 |  | (936206) |
| &nbsp;&nbsp;&nbsp;&nbsp; Senegal Government International Bonds, 4.75%, 03/13/28 (b),(c) | 3132667 | EUR | (2264443) |
|  **TOTAL SOVEREIGN DEBT<br>(PROCEEDS $24,265,486)** |  |  | **(23134883)** |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
|  **U.S. TREASURY OBLIGATIONS — (0.3)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes 4.00%,11/15/35 | $6927600 | $(6757657) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds 4.75%,08/15/55 | 4162800 | (4056779) |
|  **TOTAL U.S. TREASURY OBLIGATIONS (PROCEEDS $11,005,870)** |  | **(10814436)** |
|  | **Shares** |  |
|  **WARRANTS — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Galectin Therapeutics, Inc. (a),(e) | 1340 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pulse Biosciences, Inc. (a),(e) | 44 | 0 |
|  **TOTAL WARRANTS<br>(PROCEEDS $0)** |  | **0** |
|  **RIGHTS — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NeuroBo Pharmaceuticals, Inc. (a),(e) | 92 | (29) |
| &nbsp;&nbsp;&nbsp;&nbsp; Catalyst Biosciences, Inc. (a),(e) | 4600 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sesen Bio, Inc. (a),(e) | 25568 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novusterra, Inc. (a),(e) | 383 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Datavault AI, Inc. (a),(e) | 1328 | 0 |
|  **TOTAL RIGHTS<br>(PROCEEDS $541)** |  | **(29)** |
|  **TOTAL SECURITIES SOLD SHORT — (38.6)%<br>(PROCEEDS $1,396,268,723)** |  | **(1389813367)** |

---

#### Footnote Legend:

---

| | |
|:---|:---|
| ^ | A balance indicated with a "0", reflects either a zero balance or an amount that rounds to less than 1.  |

---

(a) Non-income producing.

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

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

(d) 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.

(e) Security is valued using significant unobservable inputs.

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

(g) Variable/Floating interest rate security. Certain variable/floating interest rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities may not indicate a reference rate and spread in their description above. Rate presented is as of March 31, 2026.

(h) Non-interest bearing bond.

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026
(i) Represents a step-up bond. Coupon rate increases in increments to maturity. Rate presented is as of March 31, 2026. Maturity date presented is the ultimate maturity.

(j) 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.

(k) All or a portion of the security represents an unsettled loan commitment at March 31, 2026 where the rate will be determined at time of settlement.

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

(m) A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis.

(n) Security is restricted per Rule 12-12.8 of Regulation S-X. First acquisition dates of Aeolus Property Catastrophe Keystone PF Fund LP, Asgard Fixed Income Risk Premia Fund, Rokos Global Macro Fund Ltd., and Kirkoswald Global Macro Fund Ltd. 1/2/2019, 8/2/2021, 9/1/2021 and 5/1/2024. Amounts to $307,208,226 and represents 8.5% of Net Assets.

(o) Premium due at a future settlement date.

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

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

#### Options Written Contracts Outstanding at March 31, 2026

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Strike** | **Expiration<br>Date** | **Contracts** | **Notional<br>Amount** | **Premium<br>Received** | **Market<br>Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Exchange-Traded Call Options Written** | **Exchange-Traded Call Options Written** | **Exchange-Traded Call Options Written** | **Exchange-Traded Call Options Written** |  |  |  |  |
|  ALUMINIUM MAY 26 | &nbsp;&nbsp;&nbsp;&nbsp;3,700.00 USD | 05/06/26 | (45) | (166500) | $(84228) | $(131333) | $(47105) |
|  ALUMINIUM SEP 26 | &nbsp;&nbsp;&nbsp;&nbsp;3,600.00 USD | 09/02/26 | (220) | (792000) | (384278) | (868120) | (483842) |
|  CALIFORNIA CARBON ALLOWANCE VINTAGE DEC 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.00 USD | 12/15/26 | (750) | (30000) | (1071885) | (144000) | 927885 |
|  GOLD JUN 26 | &nbsp;&nbsp;&nbsp;&nbsp;5,150.00 USD | 05/26/26 | (45) | (231750) | (229409) | (352800) | (123391) |
|  LITHIUM HYD FUT AUG 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.00 USD | 09/02/26 | (20) | (220) | (30853) | (196800) | (165947) |
|  LITHIUM HYD FUT DEC 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.00 USD | 01/05/27 | (20) | (220) | (30854) | (196000) | (165146) |
|  LITHIUM HYD FUT JUL 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.00 USD | 08/04/26 | (20) | (220) | (30853) | (197400) | (166547) |
|  LITHIUM HYD FUT NOV 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.00 USD | 12/02/26 | (20) | (220) | (30854) | (196400) | (165546) |
|  LITHIUM HYD FUT OCT 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.00 USD | 11/03/26 | (20) | (220) | (30854) | (196000) | (165146) |
|  LITHIUM HYD FUT SEP 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.00 USD | 10/02/26 | (20) | (220) | (30854) | (196400) | (165546) |
|  LME COPPER 3MO CALL | &nbsp;&nbsp;&nbsp;&nbsp;14,000.00 USD | 05/06/26 | (23) | (322000) | (246604) | (36145) | 210459 |
|  LME NICKEL 3MO CALL | &nbsp;&nbsp;&nbsp;&nbsp;25,000.00 USD | 06/03/26 | (23) | (575000) | (8480) | (1274) | 7206 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Strike** | **Expiration<br>Date** | **Contracts** | **Notional<br>Amount** | **Premium<br>Received** | **Market<br>Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  NAT GAS EURO FUT DEC 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80.00 EUR | 11/26/26 | (45) | (3600) | $(312147) | $(229246) | $82901 |
|  NAT GAS EURO FUT FEB 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80.00 EUR | 01/27/27 | (90) | (7200) | (791753) | (496191) | 295562 |
|  NAT GAS EURO FUT JAN 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80.00 EUR | 12/24/26 | (90) | (7200) | (876605) | (504620) | 371985 |
|  NAT GAS EURO FUT JUN 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80.00 EUR | 05/27/26 | (45) | (3600) | (163474) | (103099) | 60375 |
|  NAT GAS EURO FUT MAR 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80.00 EUR | 02/24/27 | (90) | (7200) | (875427) | (507188) | 368239 |
|  NAT GAS EURO FUT MAY 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80.00 EUR | 04/24/26 | (45) | (3600) | (168923) | (47327) | 121596 |
|  NAT GAS EURO FUT NOV 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80.00 EUR | 10/27/26 | (45) | (3600) | (302077) | (212002) | 90075 |
|  NAT GAS EURO OPT AUG 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25 USD | 07/28/26 | (45) | (146) | (206086) | (176940) | 29146 |
|  NAT GAS EURO OPT JUL 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25 USD | 06/25/26 | (45) | (146) | (206085) | (139050) | 67035 |
|  NAT GAS EURO OPT JUN 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60 USD | 05/26/26 | (44) | (158) | (199306) | (39336) | 159970 |
|  NAT GAS EURO OPT MAY 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00 USD | 04/27/26 | (56) | (168) | (134942) | (68712) | 66230 |
|  NAT GAS EURO OPT MAY 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60 USD | 04/27/26 | (44) | (159) | (199306) | (12672) | 186634 |
|  NAT GAS EURO OPT SEP 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25 USD | 08/26/26 | (45) | (146) | (206086) | (189945) | 16141 |
|  S&P 500 INDEX | &nbsp;&nbsp;&nbsp;&nbsp;10,000.00 USD | 12/18/26 | (4382) | (43820000) | (384330) | (339605) | 44725 |
|  SILVER JUL 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.00 USD | 06/25/26 | (23) | (2300) | (298378) | (421590) | (123212) |
|  SOYBEAN OIL JUL 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75.00 USD | 06/26/26 | (45) | (3375) | (46689) | (44820) | 1869 |
|  SOYBEAN OIL SEP 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85.00 USD | 08/21/26 | (45) | (3825) | (22128) | (19440) | 2688 |
|  |  |  |  |  | $(7603748) | $(6264455) | $1339293 |
|  **Exchange-Traded Put Options Written** | **Exchange-Traded Put Options Written** | **Exchange-Traded Put Options Written** | **Exchange-Traded Put Options Written** |  |  |  |  |
|  CALIFORNIA CARBON ALLOWANCE VINTAGE DEC 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.00 USD | 12/15/26 | (750) | (22500) | $(2051885) | $(2400750) | $(348865) |
|  CRUDE FIN CSO 1MO AUG 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.75) USD | 07/20/26 | (566) | 424 | (16319) | (16980) | (661) |
|  CRUDE FIN CSO 1MO DEC 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.75) USD | 11/19/26 | (110) | 83 | (6273) | (4400) | 1873 |
|  CRUDE FIN CSO 1MO JUL 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.75) USD | 06/18/26 | (566) | 424 | (16319) | (16980) | (661) |
|  CRUDE FIN CSO 1MO NOV 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.75) USD | 10/19/26 | (110) | 82 | (6273) | (3300) | 2973 |
|  CRUDE FIN CSO 1MO OCT 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.75) USD | 09/21/26 | (110) | 82 | (6273) | (3300) | 2973 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Strike** | **Expiration<br>Date** | **Contracts** | **Notional<br>Amount** | **Premium<br>Received** | **Market<br>Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  CRUDE FIN CSO 1MO SEP 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.75) USD | 08/19/26 | (566) | 424 | $(16319) | $(16980) | $(661) |
|  CRUDE OIL FUT SEP 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.00 USD | 08/17/26 | (450) | (22500) | (516163) | (310500) | 205663 |
|  E-MINI S&P 500 INDEX | &nbsp;&nbsp;&nbsp;&nbsp;6,000.00 USD | 04/30/26 | (68) | (408000) | (145485) | (123250) | 22235 |
|  E-MINI S&P 500 INDEX | &nbsp;&nbsp;&nbsp;&nbsp;6,300.00 USD | 04/30/26 | (22) | (138600) | (58542) | (88825) | (30283) |
|  INVESCO QQQ TRUST SERIES 1 APR 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560.00 USD | 04/17/26 | (119) | (66640) | (66812) | (77826) | (11014) |
|  INVESCO QQQ TRUST SERIES 1 MAY 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515.00 USD | 05/01/26 | (119) | (61285) | (102974) | (39389) | 63585 |
|  META PLATFORMS, INC. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540.00 USD | 05/15/26 | (9) | (4860) | (31238) | (19512) | 11726 |
|  NAT GAS EURO OPT AUG 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75 USD | 07/28/26 | (44) | (121) | (44426) | (58388) | (13962) |
|  NAT GAS EURO OPT AUG 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25 USD | 07/28/26 | (45) | (146) | (151186) | (154710) | (3524) |
|  NAT GAS EURO OPT JUL 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25 USD | 06/25/26 | (45) | (146) | (151186) | (146610) | 4576 |
|  NAT GAS EURO OPT JUL 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75 USD | 07/01/26 | (44) | (121) | (44426) | (49192) | (4766) |
|  NAT GAS EURO OPT JUN 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75 USD | 05/26/26 | (44) | (121) | (44426) | (58212) | (13786) |
|  NAT GAS EURO OPT JUN 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60 USD | 05/26/26 | (44) | (158) | (167186) | (299244) | (132058) |
|  NAT GAS EURO OPT MAY 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75 USD | 04/27/26 | (44) | (121) | (44426) | (44000) | 426 |
|  NAT GAS EURO OPT MAY 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00 USD | 04/27/26 | (11) | (33) | (24856) | (26224) | (1368) |
|  NAT GAS EURO OPT MAY 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60 USD | 04/27/26 | (44) | (158) | (167186) | (326876) | (159690) |
|  NAT GAS EURO OPT OCT 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75 USD | 09/25/26 | (44) | (121) | (44426) | (82192) | (37766) |
|  NAT GAS EURO OPT SEP 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25 USD | 08/26/26 | (45) | (146) | (151186) | (178875) | (27689) |
|  NAT GAS EURO OPT SEP 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75 USD | 08/28/26 | (44) | (121) | (44426) | (77220) | (32794) |
|  SGX IRON ORE APR 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85.00 USD | 04/30/26 | (215) | (18275) | (13437) | 0 | 13437 |
|  SGX IRON ORE JUN 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85.00 USD | 06/30/26 | (215) | (18275) | (13437) | (1935) | 11502 |
|  SGX IRON ORE MAY 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85.00 USD | 05/29/26 | (215) | (18275) | (13437) | (215) | 13222 |
|  |  |  |  |  | $(4160528) | $(4625885) | $(465357) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Counterparty** | **Strike** | **Expiration<br>Date** | **Contracts** | **Notional<br>Amount** | **Premium<br>Received** | **Market<br>Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **OTC Call Options Written** | **OTC Call Options Written** | **OTC Call Options Written** |  |  |  |  |  |  |
|  XAU USD FX OPTION CALL 5550 4/23/26 | J.P.<br>Morgan<br>Securities<br>LLC | 5,550.00 USD | 04/23/26 | (2000) | (11100000) | $(210000) | $(16480) | $193520 |
|  **OTC Put Options Written** | **OTC Put Options Written** | **OTC Put Options Written** |  |  |  |  |  |  |
|  CDX IG45 CREDIT SWAPTION PUT 80 12/20/2030 | Morgan<br>Stanley<br>Capital<br>Services<br>LLC | 80.00 USD | 05/20/26 | (552500000) | (44200000000) | (331500) | (534197) | (202697) |
|  CDX IG45 CREDIT SWAPTION PUT 80 12/20/2030 | Goldman<br>Sachs &<br>Co. | 80.00 USD | 05/20/26 | (138000000) | (11040000000) | (69000) | (133429) | (64429) |
|  CDX IG45 CREDIT SWAPTION PUT 80 12/20/2030 | Goldman<br>Sachs &<br>Co. | 80.00 USD | 05/20/26 | (138000000) | (11040000000) | $(69000) | $(133428) | $(64428) |
|  |  |  |  |  |  | $(469500) | $(801054) | $(331554) |
|  Total Options Written Outstanding | Total Options Written Outstanding | Total Options Written Outstanding | Total Options Written Outstanding | Total Options Written Outstanding | Total Options Written Outstanding | $(12443776) | $(11707874) | $735902 |

---

#### Future Contracts Outstanding at March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts** | **Exchange** | **Notional<br>Amount** | **Expiration<br>Date** | **Value/<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Futures** |  |  |  |  |  |
|  3 Month Eurodollar | 26 | LIFFE | 6,334,737 EUR | 09/14/26 | $(15214) |
|  3 Month Eurodollar | 5 | LIFFE | 1,214,513 EUR | 12/14/26 | 275 |
|  3 Month Eurodollar | 11 | LIFFE | 2,671,112 EUR | 06/14/27 | 1228 |
|  3 Month SOFR | 141 | CME | 33,929,300 USD | 03/17/27 | 39362 |
|  3 Month SOFR | 16 | CME | 3,857,262 USD | 09/15/27 | 537 |
|  3 Month SOFR | 4 | CME | 963,300 USD | 03/19/31 | (1700) |
|  90-Day Australian Bank Bills | 17 | SFE | 16,808,931 AUD | 09/10/26 | (3675) |
|  90-Day Australian Bank Bills | 13 | SFE | 12,851,382 AUD | 12/10/26 | (2593) |
|  90-Day Australian Bank Bills | 9 | SFE | 8,897,605 AUD | 03/11/27 | (1940) |
|  90-Day Australian Bank Bills | 6 | SFE | 5,932,458 AUD | 06/10/27 | (1293) |
|  90-Day Australian Bank Bills | 3 | SFE | 2,966,445 AUD | 09/09/27 | (547) |
|  Aluminium | 69 | LME | 5,802,469 USD | 04/15/26 | 271963 |
|  Australian 10-Year Bond | 5 | SFE | 543,816 AUD | 06/15/26 | (3482) |
|  Australian 3-Year Bond | 32 | SFE | 3,324,453 AUD | 06/15/26 | (5172) |
|  Australian Dollar Currency | 266 | CME | 18,942,160 USD | 06/15/26 | (634710) |
|  Brazilian Real Currency | 470 | CME | 8,909,508 USD | 04/30/26 | 86292 |
|  Brent Crude | 67 | ICE | 773,180 USD | 04/27/26 | 238520 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts** | **Exchange** | **Notional<br>Amount** | **Expiration<br>Date** | **Value/<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  Brent Crude | 45 | ICE | 402,300 USD | 04/27/26 | $(65700) |
|  Brent Crude | 68 | ICE | 677,280 USD | 04/27/26 | (71400) |
|  Brent Crude | 22 | ICE | 135,520 USD | 04/27/26 | (660) |
|  Brent Crude | 171 | ICE | 16,556,833 USD | 04/30/26 | 1222037 |
|  Brent Crude | 38 | ICE | 3,564,351 USD | 05/29/26 | 90109 |
|  Brent Crude | 5 | ICE | 448,825 USD | 06/30/26 | 2025 |
|  Brent Crude | 225 | ICE | 855,000 USD | 07/28/26 | (378000) |
|  Brent Crude | 22 | ICE | 41,800 USD | 10/27/26 | (15180) |
|  Brent Crude | 22 | ICE | 49,500 USD | 10/27/26 | 86460 |
|  Brent Crude | 1 | ICE | 67,720 USD | 10/30/26 | 11900 |
|  British Pound Currency | 180 | GBX | 14,969,556 USD | 06/15/26 | (90306) |
|  CAC40 Index | 14 | MAT | 1,114,389 EUR | 04/17/26 | (21832) |
|  California Carbon Allowance Vintage DEC 26 | 5094 | ICE | 161,253,632 USD | 12/24/26 | (14189853) |
|  Canadian 10-Year Bond | 227 | MOE | 27,661,090 CAD | 06/19/26 | (301071) |
|  Carbon Emission | 105 | ICE | 856,800 EUR | 12/09/26 | (387152) |
|  Carbon Emission | 45 | ICE | 131,850 EUR | 12/09/26 | (87122) |
|  Carbon Emission | 56 | ICE | 131,040 EUR | 12/09/26 | 182855 |
|  Cattle | 3 | CME | 523,000 USD | 04/30/26 | 30687 |
|  Cattle | 4 | CME | 690,838 USD | 05/21/26 | 42112 |
|  Cattle | 2 | CME | 343,575 USD | 08/28/26 | 20850 |
|  CBOE Volatility Index | 129 | CBOE | 3,025,663 USD | 04/15/26 | 202227 |
|  CBOE Volatility Index | 176 | CBOE | 4,131,869 USD | 05/19/26 | 164643 |
|  CBOE Volatility Index | 99 | CBOE | 2,292,019 USD | 06/17/26 | 109989 |
|  CBOE Volatility Index | 2 | CBOE | 49,600 USD | 07/22/26 | (781) |
|  CBOE Volatility Index | 105 | CBOE | 2,513,622 USD | 08/19/26 | 37909 |
|  Cocoa | 213 | NYBOT | 8,936,376 USD | 05/13/26 | (1907376) |
|  Coffee 'C' | 33 | NYBOT | 3,678,025 USD | 05/18/26 | 14057 |
|  Coffee 'C' | 1 | NYBOT | 106,013 USD | 07/21/26 | 3037 |
|  Coffee Robusta | 5 | LIFFE | 172,680 USD | 05/22/26 | 1970 |
|  Coffee Robusta | 3 | LIFFE | 101,470 USD | 07/27/26 | 680 |
|  Copper | 15 | LME | 4,795,500 USD | 04/15/26 | (189308) |
|  Copper | 44 | COMEX | 6,437,400 USD | 05/27/26 | (262000) |
|  Copper | 220 | LME | 64,908,375 USD | 06/17/26 | 2925985 |
|  Copper | 142 | COMEX | 21,218,991 USD | 07/29/26 | (1106466) |
|  Copper | 39 | LME | 13,196,950 USD | 12/14/26 | (1101490) |
|  Corn | 293 | CBT | 6,517,362 USD | 05/14/26 | 188675 |
|  Cotton No.2 | 6 | NYBOT | 205,025 USD | 05/06/26 | 4975 |
|  Cotton No.2 | 394 | NYBOT | 13,992,065 USD | 07/09/26 | 217545 |
|  Cotton No.2 | 2 | NYBOT | 72,155 USD | 12/08/26 | 2185 |
|  DAX Index | 14 | EUREX | 8,359,425 EUR | 06/19/26 | (423590) |
|  DJIA mini E-CBOT | 38 | CBT | 8,985,880 USD | 06/18/26 | (135300) |
|  E-Mini Russell Index | 41 | ICE | 5,151,893 USD | 06/18/26 | (1883) |
|  E-Mini S&P 500 Index | 167 | CME | 55,944,433 USD | 06/18/26 | (1078670) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts** | **Exchange** | **Notional<br>Amount** | **Expiration<br>Date** | **Value/<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  EURo FX | 68 | CME | 9,815,500 USD | 06/15/26 | $32175 |
|  EURo FX | 10 | CME | 758,940 EUR | 06/15/26 | 18101 |
|  EURo FX | 4 | CME | 652,160 EUR | 06/15/26 | (2071) |
|  EURo FX | 11 | CME | 1,282,727 EUR | 06/15/26 | (6503) |
|  EURo OAT | 120 | EUREX | 14,562,296 EUR | 06/08/26 | (369289) |
|  EURo Stoxx 50 | 112 | EUREX | 6,223,425 EUR | 06/19/26 | (79783) |
|  EURo-BTP | 1 | EUREX | 106,210 EUR | 06/08/26 | (416) |
|  EURo-BTP | 71 | EUREX | 8,327,703 EUR | 06/08/26 | (83017) |
|  EURo-Bund | 145 | EUREX | 18,531,350 EUR | 06/08/26 | (404316) |
|  EURo-Schatz | 1441 | EUREX | 153,870,099 EUR | 06/08/26 | (1715685) |
|  FTSE 100 Index | 67 | LIFFE | 6,928,813 GBP | 06/19/26 | (126381) |
|  FTSE China A50 Index | 332 | SING | 4,823,062 USD | 04/29/26 | 2890 |
|  FTSE/MIB Index | 24 | MIL | 5,272,125 EUR | 06/19/26 | (49707) |
|  Gas Oil | 3 | ICE | 349,800 USD | 04/10/26 | 59700 |
|  Gas Oil | 45 | ICE | 595,575 USD | 05/05/26 | 96075 |
|  Gas Oil | 110 | ICE | 10,476,637 USD | 05/12/26 | 3155112 |
|  Gas Oil | 45 | ICE | 528,975 USD | 06/04/26 | 427050 |
|  Gas Oil | 18 | ICE | 1,642,542 USD | 06/11/26 | 341057 |
|  Gas Oil | 23 | ICE | 253,000 USD | 07/03/26 | 104420 |
|  Gas Oil | 1 | ICE | 90,100 USD | 07/10/26 | 11100 |
|  Gasoline RBOB | 47 | NYMEX | 5,280,789 USD | 04/30/26 | 1043709 |
|  Gasoline RBOB | 51 | NYMEX | 6,504,949 USD | 05/29/26 | 40147 |
|  Gasoline RBOB | 1 | NYMEX | 118,213 USD | 06/30/26 | 3843 |
|  Gasoline RBOB | 1 | NYMEX | 119,230 USD | 07/31/26 | (2759) |
|  Gold | 52 | COMEX | 24,662,610 USD | 06/26/26 | (333890) |
|  Henry Hub | 22 | ICE | 199,650 USD | 12/27/29 | 55770 |
|  Henry Hub | 22 | ICE | 199,650 USD | 01/29/30 | 29370 |
|  Henry Hub | 22 | ICE | 199,650 USD | 02/26/30 | (6710) |
|  Henry Hub | 22 | ICE | 199,650 USD | 03/27/30 | (30910) |
|  Henry Hub | 22 | ICE | 199,650 USD | 04/26/30 | (32230) |
|  Henry Hub | 22 | ICE | 199,650 USD | 05/29/30 | (24530) |
|  Henry Hub | 22 | ICE | 199,650 USD | 06/26/30 | (14685) |
|  Henry Hub | 22 | ICE | 199,650 USD | 07/29/30 | (10780) |
|  Henry Hub | 22 | ICE | 199,650 USD | 08/28/30 | (11385) |
|  Henry Hub | 22 | ICE | 199,650 USD | 09/26/30 | (6820) |
|  Henry Hub | 22 | ICE | 199,650 USD | 10/29/30 | 5830 |
|  Henry Hub | 22 | ICE | 199,650 USD | 11/26/30 | 34540 |
|  HKG Hang Seng Index | 22 | HKFE | 27,844,600 HKD | 04/29/26 | (78317) |
|  ICE 3 Month Sonia | 14 | LIFFE | 3,347,337 GBP | 03/16/27 | 83 |
|  ICE 3 Month Sonia | 22 | LIFFE | 5,259,700 GBP | 06/15/27 | 662 |
|  ICE 3 Month Sonia | 13 | LIFFE | 3,111,175 GBP | 09/14/27 | (1439) |
|  Iron Ore | 493 | SING | 5,242,610 USD | 05/29/26 | (42446) |
|  Japan Yen Currency | 228 | CME | 18,055,750 USD | 06/15/26 | (3850) |
|  Japanese 10-Year Bond | 70 | OSE | 9,195,955,560 JPY | 06/22/26 | (467884) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts** | **Exchange** | **Notional<br>Amount** | **Expiration<br>Date** | **Value/<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  Korean 10-Year Bond | 5 | XKFE | 551,000,000 KRW | 06/16/26 | $(5223) |
|  Korean 3-Year Bond | 157 | XKFE | 16,349,980,000 KRW | 06/16/26 | (63552) |
|  KOSPI 200 Index | 38 | XKFE | 8,011,725,000 KRW | 06/11/26 | (583586) |
|  Lean Hogs | 39 | CME | 1,680,582 USD | 06/12/26 | (41802) |
|  Lean Hogs | 512 | CME | 22,326,063 USD | 07/15/26 | (366383) |
|  Lithium Hydroxide | 2 | COMEX | 22,000 USD | 07/31/26 | 19960 |
|  Lithium Hydroxide | 2 | COMEX | 22,000 USD | 08/31/26 | 19960 |
|  Lithium Hydroxide | 2 | COMEX | 22,000 USD | 09/30/26 | 19960 |
|  Lithium Hydroxide | 2 | COMEX | 22,000 USD | 10/30/26 | 19960 |
|  Lithium Hydroxide | 2 | COMEX | 22,000 USD | 11/30/26 | 19960 |
|  Lithium Hydroxide | 2 | COMEX | 22,000 USD | 12/31/26 | 19960 |
|  Live Cattle | 94 | CME | 8,829,091 USD | 06/30/26 | 318049 |
|  Live Cattle | 15 | CME | 1,402,820 USD | 08/31/26 | 35980 |
|  Live Cattle | 3 | CME | 273,100 USD | 10/30/26 | 9950 |
|  Long Gilt | 226 | LIFFE | 20,556,823 GBP | 06/26/26 | (948073) |
|  Mexican Peso Currency | 476 | CME | 13,338,638 USD | 06/15/26 | (162958) |
|  MSCI Emerging Markets Index | 34 | NYSE | 2,565,220 USD | 06/19/26 | (92400) |
|  MSCI Singapore Index | 36 | SING | 1,569,515 SGD | 04/30/26 | 1746 |
|  NASDAQ 100 E-Mini | 27 | CME | 13,442,996 USD | 06/18/26 | (528896) |
|  Natural Gas | 130 | NYMEX | 3,899,485 USD | 04/28/26 | (150285) |
|  Natural Gas | 55 | ICE | 2,067,074 EUR | 04/29/26 | 11446 |
|  Natural Gas | 6 | NYMEX | 202,580 USD | 07/29/26 | (4580) |
|  Natural Gas | 41 | NYMEX | 1,447,524 USD | 08/27/26 | (104774) |
|  Natural Gas | 7 | NYMEX | 248,231 USD | 09/28/26 | (14151) |
|  Natural Gas | 9 | NYMEX | 456,980 USD | 12/29/26 | (12560) |
|  Natural Gas | 98 | NYMEX | 4,443,508 USD | 01/27/27 | 19412 |
|  Natural Gas | 72 | NYMEX | 2,642,004 USD | 02/24/27 | (124164) |
|  Natural Gas | 2 | NYMEX | 63,800 USD | 03/29/27 | 180 |
|  Natural Gas | 2 | NYMEX | 63,710 USD | 04/28/27 | (190) |
|  Natural Gas | 2 | NYMEX | 66,620 USD | 05/26/27 | (380) |
|  Natural Gas | 2 | NYMEX | 71,520 USD | 07/28/27 | (180) |
|  Natural Gas | 1 | NYMEX | 35,520 USD | 08/27/27 | (80) |
|  Natural Gas | 1 | NYMEX | 36,160 USD | 09/28/27 | 100 |
|  New Zealand Dollar | 42 | ICE | 2,494,783 USD | 06/15/26 | (78523) |
|  Nickel | 44 | LME | 3,838,560 USD | 04/13/26 | 635767 |
|  NIFTY 50 Index | 12 | NSE | 555,220 USD | 04/28/26 | (15664) |
|  Nikkei Index | 7 | OSE | 364,392,000 JPY | 06/12/26 | (39520) |
|  NY Harbor ULSD | 37 | NYMEX | 4,997,337 USD | 04/30/26 | 1395508 |
|  NY Harbor ULSD | 4 | NYMEX | 614,870 USD | 05/29/26 | 13601 |
|  OMXS30 Index | 123 | OMX | 36,746,785 SEK | 04/17/26 | (87759) |
|  Orange Juice | 1 | NYBOT | 29,910 USD | 05/08/26 | (1410) |
|  Palladium | 6 | NYMEX | 1,035,660 USD | 06/26/26 | (143160) |
|  Phelix DE Base Month | 11 | EEX | 711,807 EUR | 06/01/26 | (26065) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts** | **Exchange** | **Notional<br>Amount** | **Expiration<br>Date** | **Value/<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  Platinum | 9 | NYMEX | 970,605 USD | 07/29/26 | $(84015) |
|  Rapeseed | 167 | MAT | 4,135,756 EUR | 04/30/26 | 182892 |
|  S&P ASX Share Price Index 200 | 38 | SFE | 8,194,175 AUD | 06/18/26 | (73704) |
|  S&P TSX 60 Index | 39 | MOE | 14,836,712 CAD | 06/19/26 | 31722 |
|  Silver | 4 | COMEX | 1,678,668 USD | 05/27/26 | (180288) |
|  South African Rand Currency | 32 | CME | 942,907 USD | 06/15/26 | (5307) |
|  Soybean | 121 | CBT | 3,812,410 USD | 05/13/26 | 16030 |
|  Soybean | 78 | CBT | 4,623,300 USD | 05/14/26 | (56400) |
|  Soybean | 747 | CBT | 43,961,938 USD | 07/14/26 | 335162 |
|  Soybean Oil | 93 | CBT | 3,786,857 USD | 05/14/26 | 56647 |
|  Soybean Oil | 945 | CBT | 33,626,815 USD | 07/14/26 | 5428145 |
|  Sugar | 1196 | NYBOT | 21,119,809 USD | 06/30/26 | (116136) |
|  Swiss Market Index | 22 | EUREX | 2,803,600 CHF | 06/19/26 | (19710) |
|  TOPIX | 32 | OSE | 1,133,152,000 JPY | 06/12/26 | (74805) |
|  U.S. Treasury 10-Year Note | 1428 | CBT | 158,861,364 USD | 06/18/26 | (286427) |
|  U.S. Treasury 2-Year Note | 228 | CBT | 47,669,141 USD | 06/30/26 | (371609) |
|  U.S. Treasury 5-Year Note | 61 | CBT | 6,688,758 USD | 06/30/26 | (89797) |
|  U.S. Treasury Long Bond | 134 | CBT | 15,257,602 USD | 06/18/26 | 1648 |
|  U.S. Treasury Ultra 10-Year Bond | 87 | CBT | 10,021,148 USD | 06/18/26 | (145289) |
|  U.S. Treasury Ultra Bond | 68 | CBT | 7,952,828 USD | 06/18/26 | (26578) |
|  VSTOXX | 52 | EUREX | 140,303 EUR | 04/15/26 | 7925 |
|  Wheat | 912 | CBT | 26,517,351 USD | 07/14/26 | 2051049 |
|  WTI Crude | 60 | NYMEX | 5,128,420 USD | 04/21/26 | 954380 |
|  WTI Crude | 1 | ICE | 89,840 USD | 05/18/26 | 3320 |
|  WTI Crude | 32 | NYMEX | 2,924,087 USD | 05/19/26 | 57033 |
|  WTI Crude | 4 | NYMEX | 347,830 USD | 06/22/26 | (1710) |
|  WTI Crude | 25 | NYMEX | 1,489,750 USD | 11/20/26 | 322000 |
|  WTI Crude | 28 | NYMEX | 1,750,360 USD | 05/20/27 | 200960 |
|  WTI Crude | 18 | NYMEX | 1,089,130 USD | 11/19/27 | 142070 |
|  Zinc | 63 | LME | 5,086,856 USD | 04/15/26 | (2520) |
|  |  |  |  |  | $(7506677) |
|  **Short Futures** |  |  |  |  |  |
|  1 Year Mid-Curve 3 Month<br>EURodollar Option | 58 | EUREX | 6,700,114 EUR | 06/08/26 | $5981 |
|  3 Month CORRA | 3 | MOE | 731,287 CAD | 12/16/26 | 431 |
|  3 Month CORRA | 4 | MOE | 973,750 CAD | 03/16/27 | 863 |
|  3 Month CORRA | 3 | MOE | 729,300 CAD | 06/15/27 | 647 |
|  3 Month CORRA | 2 | MOE | 485,900 CAD | 09/14/27 | 377 |
|  3 Month CORRA | 2 | MOE | 485,725 CAD | 12/14/27 | 198 |
|  3 Month Eurodollar | 143 | LIFFE | 34,972,962 EUR | 06/15/26 | 134902 |
|  3 Month Eurodollar | 10 | LIFFE | 2,439,000 EUR | 09/14/26 | 8813 |
|  3 Month Eurodollar | 10 | LIFFE | 2,437,675 EUR | 12/14/26 | 9449 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts** | **Exchange** | **Notional<br>Amount** | **Expiration<br>Date** | **Value/<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  3 Month Eurodollar | 32 | LIFFE | 7,805,137 EUR | 03/15/27 | $38302 |
|  3 Month Eurodollar | 8 | LIFFE | 1,949,362 EUR | 06/14/27 | 6892 |
|  3 Month Eurodollar | 71 | LIFFE | 17,298,350 EUR | 09/13/27 | 46263 |
|  3 Month Eurodollar | 71 | LIFFE | 17,292,437 EUR | 12/13/27 | 28145 |
|  3 Month Eurodollar | 18 | LIFFE | 4,379,237 EUR | 03/13/28 | 1112 |
|  3 Month Eurodollar | 2 | LIFFE | 487,200 EUR | 06/19/28 | 896 |
|  3 Month SOFR | 13 | CME | 3,139,662 USD | 06/17/26 | 9100 |
|  3 Month SOFR | 215 | CME | 51,814,583 USD | 09/16/26 | 34520 |
|  3 Month SOFR | 338 | CME | 81,525,960 USD | 12/16/26 | 122885 |
|  3 Month SOFR | 237 | CME | 57,257,350 USD | 03/17/27 | 161087 |
|  3 Month SOFR | 219 | CME | 52,930,137 USD | 06/16/27 | 159349 |
|  3 Month SOFR | 149 | CME | 36,011,337 USD | 09/15/27 | 85575 |
|  3 Month SOFR | 171 | CME | 41,321,525 USD | 12/15/27 | 52812 |
|  3 Month SOFR | 165 | CME | 39,878,054 USD | 03/15/28 | 32617 |
|  3 Month SOFR | 107 | CME | 25,855,487 USD | 06/20/28 | 16325 |
|  3 Month SOFR | 87 | CME | 21,021,125 USD | 09/19/28 | 18237 |
|  3 Month SOFR | 51 | CME | 12,312,200 USD | 12/20/28 | 4625 |
|  3 Month SOFR | 34 | CME | 8,208,962 USD | 03/20/29 | 6463 |
|  3 Month SOFR | 35 | CME | 8,444,162 USD | 06/18/29 | 3475 |
|  3 Month SOFR | 26 | CME | 6,269,537 USD | 09/18/29 | 1263 |
|  3 Month SOFR | 15 | CME | 3,615,662 USD | 12/18/29 | 850 |
|  3 Month SOFR | 11 | CME | 2,649,900 USD | 03/20/30 | 138 |
|  3 Month SOFR | 25 | CME | 6,021,625 USD | 06/20/30 | 2250 |
|  3 Month SOFR | 6 | CME | 1,445,512 USD | 09/18/30 | 1613 |
|  3 Month SOFR | 4 | CME | 962,950 USD | 12/17/30 | 850 |
|  Aluminium | 18 | LME | 1,580,701 USD | 04/15/26 | (3933) |
|  Amsterdam Index | 3 | EUREX | 599,894 EUR | 04/17/26 | 29116 |
|  Australian 10-Year Bond | 36 | SFE | 3,885,016 AUD | 06/15/26 | 4057 |
|  Australian Dollar Currency | 190 | CME | 13,398,665 USD | 06/15/26 | 321915 |
|  Brent Crude | 112 | ICE | 124,960 USD | 04/27/26 | 35360 |
|  Brent Crude | 67 | ICE | 402,670 USD | 04/27/26 | 50920 |
|  Brent Crude | 67 | ICE | 688,760 USD | 04/27/26 | (158790) |
|  Brent Crude | 6 | ICE | 595,410 USD | 04/30/26 | (28410) |
|  Brent Crude | 450 | ICE | 517,500 USD | 07/28/26 | 207000 |
|  Brent Crude | 1 | ICE | 76,720 USD | 07/31/26 | (9190) |
|  Brent Crude | 5 | ICE | 377,742 USD | 08/28/26 | (37008) |
|  Brent Crude | 11 | ICE | 919,390 USD | 09/30/26 | 28280 |
|  British Pound Currency | 115 | GBX | 9,531,512 USD | 06/15/26 | 25325 |
|  CAC40 Index | 21 | MAT | 1,672,290 EUR | 04/17/26 | 33566 |
|  Canadian 10-Year Bond | 1 | MOE | 119,160 CAD | 06/19/26 | (611) |
|  Canadian 2-Year Bond | 4 | MOE | 421,340 CAD | 06/19/26 | 417 |
|  Canadian 5-Year Bond | 1 | MOE | 113,570 CAD | 06/19/26 | 58 |
|  Canadian Dollar Currency | 599 | CME | 44,155,543 USD | 06/16/26 | 1027543 |
|  Canola | 7 | ICE | 98,512 CAD | 05/14/26 | (2832) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts** | **Exchange** | **Notional<br>Amount** | **Expiration<br>Date** | **Value/<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  Canola | 5 | ICE | 72,400 CAD | 07/14/26 | $(1474) |
|  Canola | 2 | ICE | 28,478 CAD | 11/13/26 | (709) |
|  Carbon Emission | 113 | ICE | 138,990 EUR | 06/24/26 | (163917) |
|  Carbon Emission | 56 | ICE | 249,200 EUR | 12/09/26 | (324609) |
|  Carbon Emission | 30 | ICE | 2,055,472 EUR | 12/14/26 | (138503) |
|  CBOE Volatility Index | 14 | CBOE | 345,971 USD | 07/22/26 | 4241 |
|  CBOE Volatility Index | 134 | CBOE | 3,202,728 USD | 09/16/26 | (60172) |
|  Cocoa | 2 | NYBOT | 65,370 USD | 05/13/26 | (630) |
|  Cocoa | 224 | NYBOT | 9,495,036 USD | 07/16/26 | 1952956 |
|  Cocoa | 1 | LIFFE | 23,630 GBP | 07/16/26 | (1972) |
|  Coffee 'C' | 3 | NYBOT | 323,362 USD | 07/21/26 | (3788) |
|  Coffee Robusta | 15 | LIFFE | 575,869 USD | 05/22/26 | 51919 |
|  Copper | 142 | COMEX | 21,104,656 USD | 05/27/26 | 1174956 |
|  Copper | 220 | LME | 63,156,895 USD | 06/17/26 | (4677465) |
|  Copper | 39 | LME | 12,747,827 USD | 12/14/26 | 652367 |
|  Corn | 32 | CBT | 728,962 USD | 05/14/26 | (3438) |
|  Corn | 59 | CBT | 1,378,161 USD | 07/14/26 | (3177) |
|  Corn | 3 | CBT | 70,163 USD | 09/14/26 | (375) |
|  Corn | 89 | CBT | 2,108,987 USD | 12/14/26 | (45925) |
|  Corn | 1 | CBT | 24,525 USD | 03/12/27 | (225) |
|  Cotton No.2 | 391 | NYBOT | 13,433,136 USD | 05/06/26 | (251864) |
|  DAX Index | 1 | EUREX | 581,750 EUR | 06/19/26 | 12512 |
|  DJIA mini E-CBOT | 4 | CBT | 918,377 USD | 06/18/26 | (13263) |
|  E-Mini Russell Index | 61 | ICE | 7,674,535 USD | 06/18/26 | 12325 |
|  E-Mini S&P Mid Cap 400 Index | 3 | CME | 1,019,780 USD | 06/18/26 | 830 |
|  Euro FX | 204 | CME | 29,642,634 USD | 06/15/26 | 99609 |
|  Euro FX | 1 | CME | 1,347,200 SEK | 06/15/26 | (2177) |
|  Euro FX | 2 | CME | 2,799,350 NOK | 06/15/26 | (1035) |
|  Euro OAT | 32 | EUREX | 3,831,040 EUR | 06/08/26 | 38097 |
|  Euro Stoxx 50 | 103 | EUREX | 5,851,120 EUR | 06/19/26 | 221079 |
|  Euro Stoxx 600 | 2 | EUREX | 42,790 EUR | 06/19/26 | (1017) |
|  Euro Stoxx Banks | 18 | EUREX | 216,018 EUR | 06/19/26 | 6626 |
|  Euro-BTP | 191 | EUREX | 20,204,572 EUR | 06/08/26 | (14769) |
|  Euro-BTP | 6 | EUREX | 702,560 EUR | 06/08/26 | 5641 |
|  Euro-Bund | 171 | EUREX | 21,657,930 EUR | 06/08/26 | 249941 |
|  Euro-Buxl | 83 | EUREX | 9,125,048 EUR | 06/08/26 | (30667) |
|  FTSE Taiwan Index | 26 | SING | 2,837,850 USD | 04/29/26 | 151530 |
|  FTSE/JSE Top 40 Index | 18 | SAFEX | 19,651,060 ZAR | 06/18/26 | 24323 |
|  Gas Oil | 45 | ICE | 471,375 USD | 05/05/26 | (76950) |
|  Gas Oil | 45 | ICE | 308,475 USD | 06/04/26 | (321750) |
|  Gas Oil | 23 | ICE | 117,300 USD | 07/03/26 | (89815) |
|  Gas Oil | 11 | ICE | 960,625 USD | 08/12/26 | (96200) |
|  Gasoline RBOB | 20 | NYMEX | 2,602,190 USD | 04/30/26 | (89086) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts** | **Exchange** | **Notional<br>Amount** | **Expiration<br>Date** | **Value/<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  Gasoline RBOB | 8 | NYMEX | 851,196 USD | 06/30/26 | $(125253) |
|  Gasoline RBOB | 19 | NYMEX | 2,262,055 USD | 07/31/26 | 49121 |
|  Gold | 5 | COMEX | 2,325,250 USD | 06/26/26 | (14050) |
|  Hang Seng China Enterprises Index | 3 | HKFE | 1,259,900 HKD | 04/29/26 | 810 |
|  Henry Hub | 13 | ICE | 128,538 USD | 12/29/26 | (31948) |
|  Henry Hub | 13 | ICE | 128,538 USD | 01/27/27 | (14365) |
|  Henry Hub | 13 | ICE | 128,538 USD | 02/24/27 | 14885 |
|  Henry Hub | 13 | ICE | 128,538 USD | 03/29/27 | 24570 |
|  Henry Hub | 13 | ICE | 128,538 USD | 04/28/27 | 25317 |
|  Henry Hub | 13 | ICE | 128,538 USD | 05/26/27 | 20897 |
|  Henry Hub | 13 | ICE | 128,538 USD | 06/28/27 | 14365 |
|  Henry Hub | 13 | ICE | 128,538 USD | 07/28/27 | 12610 |
|  Henry Hub | 13 | ICE | 128,538 USD | 08/27/27 | 13357 |
|  Henry Hub | 13 | ICE | 128,538 USD | 09/28/27 | 10692 |
|  Henry Hub | 13 | ICE | 128,538 USD | 10/27/27 | 2113 |
|  Henry Hub | 13 | ICE | 128,538 USD | 11/26/27 | (21353) |
|  HKG Hang Seng Index | 15 | HKFE | 18,630,050 HKD | 04/29/26 | 8137 |
|  IBEX 35 Index | 5 | MEFF | 854,990 EUR | 04/17/26 | 7704 |
|  ICE 3 Month Sonia | 49 | LIFFE | 11,758,237 GBP | 12/15/26 | 51174 |
|  ICE 3 Month Sonia | 3 | LIFFE | 717,888 GBP | 12/14/27 | (662) |
|  ICE 3 Month Sonia | 19 | LIFFE | 4,554,755 GBP | 03/14/28 | 1860 |
|  ICE 3 Month Sonia | 15 | LIFFE | 3,594,312 GBP | 06/20/28 | (2068) |
|  Israeli Shekel Currency | 6 | CME | 1,915,847 USD | 06/17/26 | 5627 |
|  Japan Yen Currency | 360 | CME | 28,588,563 USD | 06/15/26 | 85563 |
|  Japanese 10-Year Bond | 2 | OSE | 262,110,000 JPY | 06/22/26 | 9388 |
|  Korean 10-Year Bond | 36 | XKFE | 3,978,680,000 KRW | 06/16/26 | 45102 |
|  Korean 3-Year Bond | 40 | XKFE | 4,172,500,000 KRW | 06/16/26 | 20697 |
|  Lean Hogs | 2 | CME | 75,100 USD | 04/15/26 | 2760 |
|  Lean Hogs | 504 | CME | 21,508,016 USD | 06/12/26 | 329936 |
|  Lean Hogs | 1 | CME | 43,810 USD | 07/15/26 | 920 |
|  Lean Hogs | 1 | CME | 43,790 USD | 08/14/26 | 960 |
|  Long Gilt | 5 | LIFFE | 463,850 GBP | 06/26/26 | 32958 |
|  Milling Wheat | 66 | EUREX | 686,413 EUR | 05/11/26 | 12411 |
|  Milling Wheat | 16 | EUREX | 172,238 EUR | 09/10/26 | (188) |
|  Milling Wheat | 12 | EUREX | 131,925 EUR | 12/10/26 | (1820) |
|  MSCI Emerging Markets Index | 10 | NYSE | 753,125 USD | 06/19/26 | 25825 |
|  NASDAQ 100 E-Mini | 16 | CME | 7,874,583 USD | 06/18/26 | 221783 |
|  Natural Gas | 82 | NYMEX | 2,514,560 USD | 04/28/26 | 149680 |
|  Natural Gas | 141 | NYMEX | 4,475,047 USD | 05/27/26 | 236587 |
|  Natural Gas | 62 | NYMEX | 2,143,310 USD | 06/26/26 | 138850 |
|  Natural Gas | 17 | NYMEX | 603,690 USD | 09/28/26 | 35210 |
|  Natural Gas | 65 | NYMEX | 2,527,030 USD | 10/28/26 | 146080 |
|  Natural Gas | 48 | NYMEX | 2,307,910 USD | 11/25/26 | 161350 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts** | **Exchange** | **Notional<br>Amount** | **Expiration<br>Date** | **Value/<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  Natural Gas | 21 | NYMEX | 698,095 USD | 03/29/27 | $26305 |
|  New Zealand Dollar | 84 | ICE | 4,931,770 USD | 06/15/26 | 99250 |
|  Nickel | 44 | LME | 3,854,400 USD | 04/13/26 | (619927) |
|  Nikkei Index | 12 | OSE | 639,050,000 JPY | 06/12/26 | 158344 |
|  Nikkei Index | 8 | SING | 213,292,500 JPY | 06/15/26 | 50235 |
|  Nikkei Mini Index | 106 | OSE | 564,553,500 JPY | 06/12/26 | 140244 |
|  NY Harbor ULSD | 3 | NYMEX | 365,308 USD | 06/30/26 | (69846) |
|  NY Harbor ULSD | 6 | NYMEX | 807,408 USD | 07/31/26 | (18220) |
|  Palladium | 6 | NYMEX | 960,100 USD | 06/26/26 | 67600 |
|  Platinum | 3 | NYMEX | 291,680 USD | 07/29/26 | (3850) |
|  Rapeseed | 7 | MAT | 177,725 EUR | 04/30/26 | (2615) |
|  Rapeseed | 4 | MAT | 98,375 EUR | 07/31/26 | (3728) |
|  Rapeseed | 1 | MAT | 24,813 EUR | 10/30/26 | (766) |
|  S&P ASX Share Price Index 200 | 1 | SFE | 216,375 AUD | 06/18/26 | 2449 |
|  Silver | 2 | COMEX | 802,925 USD | 05/27/26 | 53735 |
|  Soybean | 9 | CBT | 282,520 USD | 05/13/26 | (2240) |
|  Soybean | 705 | CBT | 41,039,035 USD | 05/14/26 | (238715) |
|  Soybean | 121 | CBT | 3,790,911 USD | 07/14/26 | (12119) |
|  Soybean | 8 | CBT | 479,450 USD | 07/14/26 | 5050 |
|  Soybean | 1 | CBT | 31,120 USD | 08/14/26 | (100) |
|  Soybean | 9 | CBT | 529,850 USD | 08/14/26 | (2725) |
|  Soybean | 1 | CBT | 30,930 USD | 09/14/26 | (70) |
|  Soybean | 7 | CBT | 398,813 USD | 09/14/26 | (6575) |
|  Soybean | 13 | CBT | 745,300 USD | 11/13/26 | (7075) |
|  Soybean | 4 | CBT | 123,860 USD | 12/14/26 | (740) |
|  Soybean Oil | 923 | CBT | 32,821,828 USD | 05/14/26 | (5323916) |
|  Soybean Oil | 6 | CBT | 235,302 USD | 07/14/26 | (12666) |
|  Soybean Oil | 1 | CBT | 38,640 USD | 08/14/26 | (2172) |
|  Soybean Oil | 1 | CBT | 38,094 USD | 09/14/26 | (2148) |
|  Soybean Oil | 1 | CBT | 37,596 USD | 12/14/26 | (1584) |
|  Sugar | 3 | LIFFE | 61,880 USD | 04/15/26 | (5395) |
|  Sugar | 1152 | NYBOT | 20,115,171 USD | 04/30/26 | 90646 |
|  Sugar | 8 | NYBOT | 131,466 USD | 06/30/26 | (9027) |
|  Sugar | 3 | LIFFE | 64,285 USD | 07/16/26 | (3515) |
|  Sugar | 2 | LIFFE | 43,605 USD | 09/15/26 | (1935) |
|  Sugar | 26 | NYBOT | 456,333 USD | 09/30/26 | (11043) |
|  Swiss Franc Currency | 87 | CME | 13,951,075 USD | 06/15/26 | 250750 |
|  TOPIX | 8 | OSE | 285,365,000 JPY | 06/12/26 | 31789 |
|  U.S. Dollar Currency | 290 | XKFE | 4,324,299,000 KRW | 04/20/26 | (76989) |
|  U.S. Treasury 10-Year Note | 1302 | CBT | 144,790,659 USD | 06/18/26 | 207628 |
|  U.S. Treasury 2-Year Note | 750 | CBT | 155,772,931 USD | 06/30/26 | 188947 |
|  U.S. Treasury 5-Year Note | 506 | CBT | 54,877,929 USD | 06/30/26 | 139007 |
|  U.S. Treasury Long Bond | 65 | CBT | 7,566,977 USD | 06/18/26 | 165102 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts** | **Exchange** | **Notional<br>Amount** | **Expiration<br>Date** | **Value/<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  U.S. Treasury Ultra 10-Year Bond | 23 | CBT | 2,622,156 USD | 06/18/26 | $11297 |
|  U.S. Treasury Ultra Bond | 112 | CBT | 13,478,401 USD | 06/18/26 | 423401 |
|  Wheat | 886 | CBT | 25,419,125 USD | 05/14/26 | (1880750) |
|  Wheat | 35 | KBT | 1,096,487 USD | 05/14/26 | (15638) |
|  Wheat | 6 | CBT | 183,450 USD | 07/14/26 | (4500) |
|  Wheat | 21 | KBT | 671,025 USD | 07/14/26 | (10163) |
|  Wheat | 1 | CBT | 31,313 USD | 09/14/26 | (600) |
|  Wheat | 5 | KBT | 162,725 USD | 09/14/26 | (2713) |
|  Wheat | 1 | CBT | 32,175 USD | 12/14/26 | (550) |
|  Wheat | 2 | KBT | 67,538 USD | 12/14/26 | (263) |
|  WTI Crude | 41 | NYMEX | 3,739,335 USD | 04/21/26 | (417245) |
|  WTI Crude | 136 | NYMEX | 11,219,099 USD | 05/19/26 | (1450661) |
|  WTI Crude | 4 | NYMEX | 288,208 USD | 08/20/26 | (23712) |
|  WTI Crude | 6 | NYMEX | 474,500 USD | 09/22/26 | 22880 |
|  Zinc | 52 | LME | 4,069,185 USD | 04/15/26 | (127410) |
|  |  |  |  |  | $(5767587) |
|  Total Futures Contracts Outstanding | Total Futures Contracts Outstanding | Total Futures Contracts Outstanding | Total Futures Contracts Outstanding | Total Futures Contracts Outstanding | $(13274264) |

---

#### Forward Foreign Currency Exchange Contracts Outstanding at March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency<br>Purchased** | **Amount in<br>Currency<br>Purchased** | **Currency<br>Sold** | **Amount in<br>Currency<br>Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  COP | 13588626590 | USD | 3650000 | Morgan Stanley Capital<br>Services LLC | 04/15/26 | $40041 |
|  COP | 2938450000 | USD | 800000 | Morgan Stanley Capital<br>Services LLC | 04/15/26 | (2053) |
|  COP | 11848100000 | USD | 3165403 | State Street Bank and<br>Trust Company | 04/30/26 | 37556 |
|  EGP | 63100000 | USD | 1249021 | Bank Of America<br>Merrill Lynch | 04/30/26 | (127748) |
|  HKD | 2331000 | USD | 299673 | State Street Bank and<br>Trust Company | 04/30/26 | (1931) |
|  IDR | 21230550000 | USD | 1250000 | Morgan Stanley Capital<br>Services LLC | 04/15/26 | 886 |
|  IDR | 141158950000 | USD | 8350000 | Morgan Stanley Capital<br>Services LLC | 04/15/26 | (33030) |
|  IDR | 122500000 | USD | 7300 | State Street Bank and<br>Trust Company | 04/30/26 | (85) |
|  PEN | 70000 | USD | 20872 | State Street Bank and<br>Trust Company | 04/30/26 | (784) |
|  PHP | 31900000 | USD | 537711 | State Street Bank and<br>Trust Company | 04/30/26 | (12139) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency<br>Purchased** | **Amount in<br>Currency<br>Purchased** | **Currency<br>Sold** | **Amount in<br>Currency<br>Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  RON | 2100000 | USD | 486178 | State Street Bank and<br>Trust Company | 04/30/26 | $(10779) |
|  RON | 900000 | USD | 206968 | State Street Bank and<br>Trust Company | 07/31/26 | (4334) |
|  SGD | 2300000 | USD | 1826009 | State Street Bank and<br>Trust Company | 04/30/26 | (33508) |
|  SGD | 1300000 | USD | 1015392 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | 1115 |
|  SGD | 4500000 | USD | 3541341 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | (22664) |
|  THB | 34000000 | USD | 1096271 | State Street Bank and<br>Trust Company | 04/30/26 | (63115) |
|  THB | 33000000 | USD | 1003997 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | 2792 |
|  THB | 18150000 | USD | 562827 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | (9094) |
|  TWD | 4809375 | USD | 150000 | Morgan Stanley Capital<br>Services LLC | 04/15/26 | 243 |
|  TWD | 9559080 | USD | 300000 | Morgan Stanley Capital<br>Services LLC | 04/15/26 | (1378) |
|  TWD | 133600000 | USD | 4202114 | State Street Bank and<br>Trust Company | 04/30/26 | (35524) |
|  USD | 200000 | COP | 735587200 | Morgan Stanley Capital<br>Services LLC | 04/15/26 | 249 |
|  USD | 1100000 | COP | 4062122600 | Morgan Stanley Capital<br>Services LLC | 04/15/26 | (3084) |
|  USD | 1321244 | COP | 5052000000 | State Street Bank and<br>Trust Company | 04/30/26 | (44490) |
|  USD | 531915 | EGP | 26500000 | Bank Of America<br>Merrill Lynch | 04/30/26 | 61015 |
|  USD | 4050000 | IDR | 68567000000 | Morgan Stanley Capital<br>Services LLC | 04/15/26 | 10087 |
|  USD | 6550000 | IDR | 111300985000 | Morgan Stanley Capital<br>Services LLC | 04/15/26 | (7765) |
|  USD | 16879 | IDR | 282900000 | State Street Bank and<br>Trust Company | 04/30/26 | 216 |
|  USD | 145387 | PHP | 8400000 | State Street Bank and<br>Trust Company | 04/30/26 | 6992 |
|  USD | 479172 | RON | 2100000 | State Street Bank and<br>Trust Company | 04/30/26 | 3772 |
|  USD | 483381 | RON | 2100000 | State Street Bank and<br>Trust Company | 07/31/26 | 10569 |
|  USD | 3709341 | SGD | 4662500 | State Street Bank and<br>Trust Company | 04/30/26 | 75631 |
|  USD | 8279475 | SGD | 10500000 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | 69228 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency<br>Purchased** | **Amount in<br>Currency<br>Purchased** | **Currency<br>Sold** | **Amount in<br>Currency<br>Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  USD | 546193 | SGD | 700000 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | $(1157) |
|  USD | 2542418 | THB | 78600000 | State Street Bank and<br>Trust Company | 04/30/26 | 154005 |
|  USD | 5475408 | THB | 174900000 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | 139428 |
|  USD | 50316 | THB | 1650000 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | (23) |
|  USD | 2950000 | TWD | 94201914 | Morgan Stanley Capital<br>Services LLC | 04/15/26 | 7166 |
|  USD | 450000 | TWD | 14424960 | Morgan Stanley Capital<br>Services LLC | 04/15/26 | (630) |
|  USD | 7872791 | TWD | 247200000 | State Street Bank and<br>Trust Company | 04/30/26 | 163355 |
|  AUD | 2150000 | USD | 1477742 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | 4005 |
|  AUD | 12250000 | USD | 8701460 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | (258952) |
|  BRL | 13800000 | USD | 2649894 | State Street Bank and<br>Trust Company | 04/02/26 | 14276 |
|  BRL | 34538629 | USD | 6600000 | Morgan Stanley Capital<br>Services LLC | 04/15/26 | 52200 |
|  BRL | 259592 | USD | 50000 | Morgan Stanley Capital<br>Services LLC | 04/15/26 | (2) |
|  BRL | 7800000 | USD | 1480229 | State Street Bank and<br>Trust Company | 05/05/26 | 16468 |
|  CAD | 2232901 | USD | 1650547 | Morgan Stanley & Co.<br>LLC | 04/06/26 | (45053) |
|  CAD | 1000000 | USD | 733808 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | (12560) |
|  CHF | 650000 | USD | 819113 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | 569 |
|  CHF | 200000 | USD | 256796 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | (4585) |
|  CLP | 558714000 | USD | 600000 | Morgan Stanley Capital<br>Services LLC | 04/15/26 | 3348 |
|  CLP | 1053817610 | USD | 1150000 | Morgan Stanley Capital<br>Services LLC | 04/15/26 | (11995) |
|  CLP | 842000000 | USD | 973144 | State Street Bank and<br>Trust Company | 04/30/26 | (63636) |
|  CNH | 56500000 | USD | 8201264 | State Street Bank and<br>Trust Company | 04/30/26 | 18155 |
|  CNH | 17150000 | USD | 2506453 | State Street Bank and<br>Trust Company | 04/30/26 | (11531) |
|  CNH | 6000000 | USD | 874111 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | 1617 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency<br>Purchased** | **Amount in<br>Currency<br>Purchased** | **Currency<br>Sold** | **Amount in<br>Currency<br>Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  CNH | 11200000 | USD | 1636706 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | $(2014) |
|  CZK | 13500000 | USD | 656412 | State Street Bank and<br>Trust Company | 04/30/26 | (20422) |
|  CZK | 50400000 | USD | 2368445 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | 7123 |
|  CZK | 17850000 | USD | 849863 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | (8516) |
|  EUR | 1540000 | USD | 1774969 | Morgan Stanley Capital<br>Services LLC | 04/16/26 | 6216 |
|  EUR | 2450000 | USD | 2830796 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | 10877 |
|  EUR | 2350000 | USD | 2743047 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | (17362) |
|  GBP | 393000 | USD | 532661 | State Street Bank and<br>Trust Company | 04/24/26 | (12502) |
|  GBP | 8400000 | USD | 11234076 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | (118339) |
|  HUF | 437100000 | USD | 1358403 | State Street Bank and<br>Trust Company | 04/30/26 | (46597) |
|  HUF | 693000000 | USD | 2033756 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | 39363 |
|  ILS | 4315000 | USD | 1386404 | State Street Bank and<br>Trust Company | 04/30/26 | (12584) |
|  ILS | 1200000 | USD | 380833 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | 1646 |
|  ILS | 9000000 | USD | 2892784 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | (24188) |
|  INR | 207984440 | USD | 2200000 | Morgan Stanley Capital<br>Services LLC | 04/15/26 | 17690 |
|  INR | 836464395 | USD | 9050000 | Morgan Stanley Capital<br>Services LLC | 04/15/26 | (130979) |
|  INR | 615800000 | USD | 6650433 | State Street Bank and<br>Trust Company | 04/30/26 | (106564) |
|  JPY | 62800000 | USD | 397209 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | 1019 |
|  JPY | 23550000 | USD | 149389 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | (54) |
|  KRW | 533753500 | USD | 350000 | Morgan Stanley Capital<br>Services LLC | 04/15/26 | 4943 |
|  KRW | 5028346600 | USD | 3400000 | Morgan Stanley Capital<br>Services LLC | 04/15/26 | (56177) |
|  KRW | 6295300000 | USD | 4322770 | State Street Bank and<br>Trust Company | 04/30/26 | (134844) |
|  MXN | 4400000 | USD | 252301 | State Street Bank and<br>Trust Company | 04/30/26 | (7299) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency<br>Purchased** | **Amount in<br>Currency<br>Purchased** | **Currency<br>Sold** | **Amount in<br>Currency<br>Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  MXN | 11400000 | USD | 628946 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | $3200 |
|  MXN | 74100000 | USD | 4129606 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | (20652) |
|  NOK | 37186566 | USD | 3865616 | State Street Bank and<br>Trust Company | 04/30/26 | (25519) |
|  NOK | 23650000 | USD | 2430200 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | 10884 |
|  NOK | 62150000 | USD | 6480708 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | (65775) |
|  NZD | 3850000 | USD | 2206578 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | 11738 |
|  NZD | 11600000 | USD | 6874753 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | (190996) |
|  PLN | 1400000 | USD | 390604 | State Street Bank and<br>Trust Company | 04/30/26 | (13487) |
|  PLN | 4800000 | USD | 1286718 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | 5968 |
|  PLN | 4800000 | USD | 1295581 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | (2895) |
|  SEK | 32300000 | USD | 3559471 | State Street Bank and<br>Trust Company | 04/30/26 | (142526) |
|  SEK | 4000000 | USD | 421764 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | 2393 |
|  SEK | 8000000 | USD | 857084 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | (8770) |
|  TRY | 211200000 | USD | 4484600 | State Street Bank and<br>Trust Company | 04/30/26 | 102259 |
|  TRY | 56600000 | USD | 1128025 | State Street Bank and<br>Trust Company | 07/31/26 | (10810) |
|  USD | 2473912 | AUD | 3662000 | State Street Bank and<br>Trust Company | 04/24/26 | (52021) |
|  USD | 4753619 | AUD | 6750000 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | 101621 |
|  USD | 615351 | AUD | 900000 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | (4914) |
|  USD | 2646719 | BRL | 13800000 | State Street Bank and<br>Trust Company | 04/02/26 | (17450) |
|  USD | 2250000 | BRL | 11831368 | Morgan Stanley Capital<br>Services LLC | 04/15/26 | (28743) |
|  USD | 1638147 | CAD | 2232901 | Morgan Stanley & Co.<br>LLC | 04/06/26 | 32654 |
|  USD | 7703503 | CAD | 10500000 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | 130391 |
|  USD | 1296274 | CAD | 1800000 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | (1974) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency<br>Purchased** | **Amount in<br>Currency<br>Purchased** | **Currency<br>Sold** | **Amount in<br>Currency<br>Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  USD | 4632153 | CHF | 3535000 | State Street Bank and<br>Trust Company | 04/30/26 | $197505 |
|  USD | 3996518 | CHF | 3100000 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | 87262 |
|  USD | 882208 | CHF | 700000 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | (528) |
|  USD | 1800000 | CLP | 1634740300 | Morgan Stanley Capital<br>Services LLC | 04/15/26 | 34662 |
|  USD | 1802674 | CLP | 1550300000 | State Street Bank and<br>Trust Company | 04/30/26 | 128079 |
|  USD | 87757 | CNH | 600000 | State Street Bank and<br>Trust Company | 04/30/26 | 471 |
|  USD | 2945886 | CNH | 20368000 | State Street Bank and<br>Trust Company | 04/30/26 | (17179) |
|  USD | 7956569 | CNH | 54400000 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | 16632 |
|  USD | 6637808 | CNH | 45600000 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | (17728) |
|  USD | 4300000 | CNH | 29046500 | J.P. Morgan Securities<br>LLC | 05/06/27 | (28536) |
|  USD | 1553968 | CZK | 31600000 | State Street Bank and<br>Trust Company | 04/30/26 | 65282 |
|  USD | 1885869 | CZK | 39900000 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | 5212 |
|  USD | 296501 | CZK | 6300000 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | (445) |
|  USD | 20033368 | EUR | 17381429 | Morgan Stanley Capital<br>Services LLC | 04/16/26 | (70235) |
|  USD | 4834345 | EUR | 4116000 | State Street Bank and<br>Trust Company | 04/24/26 | 71899 |
|  USD | 1183160 | EUR | 1000000 | Citibank N.A. | 05/26/26 | 24401 |
|  USD | 547684 | EUR | 472000 | Citibank N.A. | 06/09/26 | 414 |
|  USD | 2674199 | EUR | 2300000 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | 6506 |
|  USD | 2081818 | EUR | 1800000 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | (5941) |
|  USD | 22644508 | GBP | 16879000 | State Street Bank and<br>Trust Company | 04/24/26 | 304137 |
|  USD | 194199 | GBP | 142000 | Citibank N.A. | 04/28/26 | 6254 |
|  USD | 1335624 | GBP | 1000000 | Citibank N.A. | 06/10/26 | 12268 |
|  USD | 4403838 | GBP | 3300000 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | 36941 |
|  USD | 659370 | GBP | 500000 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | (2281) |
|  USD | 594883 | HUF | 190500000 | State Street Bank and<br>Trust Company | 04/30/26 | 23163 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency<br>Purchased** | **Amount in<br>Currency<br>Purchased** | **Currency<br>Sold** | **Amount in<br>Currency<br>Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  USD | 693476 | HUF | 231000000 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | $2437 |
|  USD | 680014 | HUF | 231000000 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | (11025) |
|  USD | 2283908 | ILS | 7100000 | State Street Bank and<br>Trust Company | 04/30/26 | 23392 |
|  USD | 1229811 | ILS | 3800000 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | 18626 |
|  USD | 4500000 | INR | 419153605 | Morgan Stanley Capital<br>Services LLC | 04/15/26 | 30666 |
|  USD | 1400000 | INR | 131771380 | Morgan Stanley Capital<br>Services LLC | 04/15/26 | (5046) |
|  USD | 5268119 | INR | 481300000 | State Street Bank and<br>Trust Company | 04/30/26 | 153530 |
|  USD | 2752310 | JPY | 431750000 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | 14493 |
|  USD | 1191688 | JPY | 188400000 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | (2996) |
|  USD | 1800000 | KRW | 2683311240 | Morgan Stanley Capital<br>Services LLC | 04/15/26 | 15613 |
|  USD | 1000000 | KRW | 1510827900 | Morgan Stanley Capital<br>Services LLC | 04/15/26 | (4692) |
|  USD | 9401148 | KRW | 13474500000 | State Street Bank and<br>Trust Company | 04/30/26 | 437284 |
|  USD | 2613741 | MXN | 46550000 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | 32477 |
|  USD | 2601962 | NOK | 24900000 | State Street Bank and<br>Trust Company | 04/30/26 | 30646 |
|  USD | 443716 | NOK | 4300000 | State Street Bank and<br>Trust Company | 04/30/26 | (327) |
|  USD | 797469 | NOK | 7700000 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | 2697 |
|  USD | 2028446 | NOK | 19800000 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | (15249) |
|  USD | 6438474 | NZD | 11000000 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | 100417 |
|  USD | 936456 | PLN | 3300000 | State Street Bank and<br>Trust Company | 04/30/26 | 47537 |
|  USD | 1363382 | PLN | 5000000 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | 16835 |
|  USD | 375957 | PLN | 1400000 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | (1077) |
|  USD | 4627586 | SEK | 41009723 | State Street Bank and<br>Trust Company | 04/30/26 | 289257 |
|  USD | 2292229 | SEK | 21000000 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | 65411 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency<br>Purchased** | **Amount in<br>Currency<br>Purchased** | **Currency<br>Sold** | **Amount in<br>Currency<br>Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  USD | 737038 | SEK | 7000000 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | $(5236) |
|  USD | 2083673 | TRY | 96700000 | State Street Bank and<br>Trust Company | 04/30/26 | (16466) |
|  USD | 2238466 | ZAR | 36100000 | State Street Bank and<br>Trust Company | 04/30/26 | 109490 |
|  USD | 970489 | ZAR | 16200000 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | 18604 |
|  USD | 157271 | ZAR | 2700000 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | (1376) |
|  ZAR | 2700000 | USD | 157313 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | 1335 |
|  ZAR | 21600000 | USD | 1279151 | Morgan Stanley Capital<br>Services LLC | 06/17/26 | (9970) |
|  Total Forward Foreign Currency Exchange Contacts Outstanding | Total Forward Foreign Currency Exchange Contacts Outstanding | Total Forward Foreign Currency Exchange Contacts Outstanding | Total Forward Foreign Currency Exchange Contacts Outstanding | Total Forward Foreign Currency Exchange Contacts Outstanding | Total Forward Foreign Currency Exchange Contacts Outstanding | $1491869 |

---

#### Centrally Cleared Credit Default Swaps on Single-Name Issuer (Buy Protection) — Outstanding at March 31, 2026

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference <br>Obligation** | **Financing<br>Fee** | **Payment<br>Frequency** | **Maturity<br>Date** | **Counterparty** | **Notional<br>Amount** | **Market<br>Value** | **Upfront<br>Premium<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  China Government International Bonds | 1.00 | 3M | 6/20/31 | Morgan Stanley<br>Capital Services<br>LLC | 15,600,000USD | $(348533) | $(362928) | $14395 |
|  China Government International Bonds | 1.00 | 3M | 6/20/31 | Morgan Stanley<br>Capital Services<br>LLC | 8,400,000USD | (187671) | (195422) | 7751 |
|  Total Centrally Cleared Credit Default Swaps on Single-Name Issuer (Buy Protection) | Total Centrally Cleared Credit Default Swaps on Single-Name Issuer (Buy Protection) | Total Centrally Cleared Credit Default Swaps on Single-Name Issuer (Buy Protection) | Total Centrally Cleared Credit Default Swaps on Single-Name Issuer (Buy Protection) | Total Centrally Cleared Credit Default Swaps on Single-Name Issuer (Buy Protection) | Total Centrally Cleared Credit Default Swaps on Single-Name Issuer (Buy Protection) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(536204) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(558350) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22146 |

---

#### Centrally Cleared Credit Default Swaps on Index (Buy Protection) — Outstanding at March 31, 2026

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference <br>Obligation** | **Financing<br>Fee** | **Payment<br>Frequency** | **Maturity<br>Date** | **Counterparty** | **Notional<br>Amount** | **Market<br>Value** | **Upfront<br>Premium<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  CDX.NA.HY.45 | 5.00% | 3M | 12/20/2030 | Bank of America<br> Securities, Inc. | 650,000 USD | $(35156) | $(65653) | $30497 |
|  CDX.EM.44 | 1.00% | 3M | 12/20/2030 | Morgan Stanley Capital<br> Services LLC | 18,800,000 USD | 370861 | 396680 | (25819) |
|  CDX.EM.44 | 1.00% | 3M | 12/20/2030 | Morgan Stanley Capital<br> Services LLC | 11,000,000 USD | 216993 | 271150 | (54157) |
|  CDX.EM.44 | 1.00% | 3M | 12/20/2030 | Morgan Stanley Capital<br> Services LLC | 9,000,000 USD | 177540 | 225000 | (47460) |
|  CDX.EM.44 | 1.00% | 3M | 12/20/2030 | Morgan Stanley Capital<br> Services LLC | 10,000,000 USD | 197267 | 246500 | (49233) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference <br>Obligation** | **Financing<br>Fee** | **Payment<br>Frequency** | **Maturity<br>Date** | **Counterparty** | **Notional<br>Amount** | **Market<br>Value** | **Upfront<br>Premium<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  CDX.EM.44 | 1.00% | 3M | 12/20/2030 | Morgan Stanley Capital<br> Services LLC | 12,000,000 USD | $236720 | $296400 | $(59680) |
|  CDX.EM.44 | 1.00% | 3M | 12/20/2030 | Morgan Stanley Capital<br> Services LLC | 15,000,000 USD | 295900 | 354000 | (58100) |
|  CDX.EM.44 | 1.00% | 3M | 12/20/2030 | Morgan Stanley Capital<br> Services LLC | 12,000,000 USD | 236720 | 283800 | (47080) |
|  CMBX.NA.BBB-.10 | 3.00% | M | 11/17/2059 | Morgan Stanley Capital<br> Services LLC | 1,662,000 USD | 454353 | 385152 | 69201 |
|  CDX.EM.44 | 1.00% | 3M | 12/20/2030 | Morgan Stanley Capital<br> Services LLC | 1,000,000 USD | 19727 | 139 | 19588 |
|  CDX.EM.44 | 1.00% | 3M | 12/20/2030 | Morgan Stanley Capital<br> Services LLC | 3,100,000 USD | 61153 | 431 | 60722 |
|  Total Centrally Cleared Credit Default Swaps on Index (Buy Protection) | Total Centrally Cleared Credit Default Swaps on Index (Buy Protection) | Total Centrally Cleared Credit Default Swaps on Index (Buy Protection) | Total Centrally Cleared Credit Default Swaps on Index (Buy Protection) | Total Centrally Cleared Credit Default Swaps on Index (Buy Protection) | Total Centrally Cleared Credit Default Swaps on Index (Buy Protection) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2232078 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2393599 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(161521) |

---

#### Centrally Cleared Credit Default Swaps on Index (Sell Protection) — Outstanding at March 31, 2026

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference <br>Obligation** | **Financing<br>Fee** | **Payment<br>Frequency** | **Maturity<br>Date** | **Counterparty** | **Rating<sup>1</sup>** | **Notional<br>Amount<sup>2</sup>** | **Market<br>Value** | **Upfront<br>Premium<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  CDX.EM.44 V1 | 1.00% | 3M | 12/20/2030 | Bank of America<br> Securities, Inc. | NR | 29,000,000 USD | $(572074) | $(541481) | $(30593) |
|  iTraxx Europe Xover Series 45 | 5.00% | 3M | 6/20/2031 | Morgan Stanley &<br>Co. LLC | NR | 4,000,000 EUR | 297481 | 337999 | (40518) |
|  CDX.NA.IG.46 | 1.00% | 3M | 6/20/2031 | Morgan Stanley &<br>Co. LLC | NR | 21,000,000 USD | 369932 | 358552 | 11380 |
|  iTraxx Europe Series 45 | 1.00% | 3M | 6/20/2031 | Morgan Stanley &<br>Co. LLC | NR | 11,000,000 EUR | 178598 | 186716 | (8118) |
|  CDX.EM.45 | 1.00% | 3M | 6/20/2031 | Morgan Stanley &<br>Co. LLC | NR | 1,000,000 USD | (42277) | 0 | (42277) |
|  CDX.EM.44 | 1.00% | 3M | 12/20/2030 | Morgan Stanley<br> Capital Services<br>LLC | NR | 15,000,000 USD | (295900) | (235500) | (60400) |
|  CDX.EM.44 | 1.00% | 3M | 12/20/2030 | Morgan Stanley<br> Capital Services<br>LLC | NR | 20,000,000 USD | (394533) | (321000) | (73533) |
|  Itraxx Europe Main Series 45 | 1.00% | 3M | 6/20/2031 | Bank of America<br> Securities, Inc. | NR | 6,600,000 EUR | 107159 | 99138 | 8021 |
|  CDX.EM.44 | 1.00% | 3M | 12/20/2030 | Morgan Stanley<br> Capital Services<br>LLC | NR | 830,000 USD | (16373) | (18509) | 2136 |
|  CDX.EM.44 | 1.00% | 3M | 12/20/2030 | Morgan Stanley<br> Capital Services<br>LLC | NR | 1,670,000 USD | (32944) | (36072) | 3128 |
|  CDX.EM.44 | 1.00% | 3M | 12/20/2030 | Morgan Stanley<br> Capital Services<br>LLC | NR | 830,000 USD | (16373) | (18301) | 1928 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference <br>Obligation** | **Financing<br>Fee** | **Payment<br>Frequency** | **Maturity<br>Date** | **Counterparty** | **Rating<sup>1</sup>** | **Notional<br>Amount<sup>2</sup>** | **Market<br>Value** | **Upfront<br>Premium<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  CDX.EM.44 | 1.00% | 3M | 12/20/2030 | Morgan Stanley<br> Capital Services<br>LLC | NR | 1,670,000 USD | $(32944) | $(37241) | $4297 |
|  CDX.EM.44 | 1.00% | 3M | 12/20/2030 | Morgan Stanley<br> Capital Services<br>LLC | NR | 5,000,000 USD | (98633) | (78500) | (20133) |
|  CDX.EM.44 | 1.00% | 3M | 12/20/2030 | Morgan Stanley<br> Capital Services<br>LLC | NR | 830,000 USD | (16373) | (18509) | 2136 |
|  CDX.EM.44 | 1.00% | 3M | 12/20/2030 | Morgan Stanley<br> Capital Services<br>LLC | NR | 420,000 USD | (8285) | (9261) | 976 |
|  CDX.EM.44 | 1.00% | 3M | 12/20/2030 | Morgan Stanley<br> Capital Services<br>LLC | NR | 830,000 USD | (16373) | (17928) | 1555 |
|  CDX.EM.44 | 1.00% | 3M | 12/20/2030 | Morgan Stanley<br> Capital Services<br>LLC | NR | 420,000 USD | (8285) | (9366) | 1081 |
|  Total Centrally Cleared Credit Default Swaps on Index (Sell Protection) | Total Centrally Cleared Credit Default Swaps on Index (Sell Protection) | Total Centrally Cleared Credit Default Swaps on Index (Sell Protection) | Total Centrally Cleared Credit Default Swaps on Index (Sell Protection) | Total Centrally Cleared Credit Default Swaps on Index (Sell Protection) | Total Centrally Cleared Credit Default Swaps on Index (Sell Protection) | Total Centrally Cleared Credit Default Swaps on Index (Sell Protection) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(598197) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(359263) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(238934) |

---

#### OTC Credit Default Swaps on Single-Name Issuer (Buy Protection) — Outstanding at March 31, 2026

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference <br>Obligation** | **Financing<br>Fee** | **Payment<br>Frequency** | **Maturity<br>Date** | **Counterparty** | **Notional<br>Amount** | **Notional<br>Amount** | **Market<br>Value** | **Upfront<br>Premium<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  China Government International Bonds | 1.00% | 3M | 12/20/2027 | Citibank N.A. | 23700000 | USD | $(243943) | $(411704) | $167761 |
|  China Government International Bonds | 1.00% | 3M | 12/20/2027 | Citibank N.A. | 13800000 | USD | (142043) | (239727) | 97684 |
|  Industrial & Commercial Bank of China Ltd. | 1.00% | 3M | 12/20/2027 | Goldman Sachs<br>International | 2200000 | USD | (27607) | (37174) | 9567 |
|  Industrial & Commercial Bank of China Ltd. | 1.00% | 3M | 12/20/2027 | Goldman Sachs<br>International | 3800000 | USD | (47685) | (64210) | 16525 |
|  China Construction Bank Corp. | 1.00% | 3M | 12/20/2027 | Barclays Bank<br>PLC | 6700000 | USD | (84126) | (115160) | 31034 |
|  China Construction Bank Corp. | 1.00% | 3M | 12/20/2027 | Barclays Bank<br>PLC | 11400000 | USD | (143140) | (195943) | 52803 |
|  China Development Bank | 1.00% | 3M | 12/20/2027 | Morgan Stanley<br>Capital Services<br>LLC | 3600000 | USD | (44026) | (60307) | 16281 |
|  China Development Bank | 1.00% | 3M | 12/20/2027 | Morgan Stanley<br>Capital Services<br>LLC | 2200000 | USD | (26905) | (36854) | 9949 |
|  Bank of China Ltd. | 1.00% | 3M | 12/20/2027 | Goldman Sachs<br>International | 8500000 | USD | (102277) | (143459) | 41182 |
|  Bank of China Ltd. | 1.00% | 3M | 12/20/2027 | Goldman Sachs<br>International | 4800000 | USD | (57757) | (81013) | 23256 |
|  Turkiye Government International Bonds | 1.00% | 3M | 06/20/2027 | Goldman Sachs<br>International | 1900000 | USD | 12683 | 82827 | (70144) |
|  Turkiye Government International Bonds | 1.00% | 3M | 06/20/2027 | Goldman Sachs<br>International | 1100000 | USD | 7343 | 47504 | (40161) |
|  Turkiye Government International Bonds | 1.00% | 3M | 12/20/2026 | Goldman Sachs<br>International | 4800000 | USD | 5976 | 26878 | (20902) |
|  Turkiye Government International Bonds | 1.00% | 3M | 12/20/2026 | Goldman Sachs<br>International | 8300000 | USD | 10333 | 46476 | (36143) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference <br>Obligation** | **Financing<br>Fee** | **Payment<br>Frequency** | **Maturity<br>Date** | **Counterparty** | **Notional<br>Amount** | **Notional<br>Amount** | **Market<br>Value** | **Upfront<br>Premium<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Turkiye Government International Bonds | 1.00% | 3M | 06/20/2027 | Goldman Sachs<br>International | 3300000 | USD | $22028 | $82887 | $(60859) |
|  Turkiye Government International Bonds | 1.00% | 3M | 12/20/2026 | Goldman Sachs<br>International | 4800000 | USD | 5976 | 29986 | (24010) |
|  Turkiye Government International Bonds | 1.00% | 3M | 12/20/2026 | Goldman Sachs<br>International | 8200000 | USD | 10208 | 51225 | (41017) |
|  Turkiye Government International Bonds | 1.00% | 3M | 06/20/2027 | Goldman Sachs<br>International | 2000000 | USD | 13350 | 48247 | (34897) |
|  Turkiye Government International Bonds | 1.00% | 3M | 12/20/2026 | Goldman Sachs<br>International | 3400000 | USD | 4233 | 29855 | (25622) |
|  Turkiye Government International Bonds | 1.00% | 3M | 12/20/2026 | Goldman Sachs<br>International | 5800000 | USD | 7221 | 50929 | (43708) |
|  Republic of Peru | 1.00% | 3M | 06/20/2030 | JP Morgan<br>Chase & Co. | 4215000 | USD | (46768) | (15733) | (31035) |
|  Republic of Peru | 1.00% | 3M | 06/20/2030 | JP Morgan<br>Chase Bank<br>N.A. | 7206000 | USD | (79955) | (26898) | (53057) |
|  Saudi Government International Bonds | 1.00% | 3M | 06/20/2035 | Goldman Sachs<br>International | 19900000 | USD | 213711 | 509698 | (295987) |
|  Saudi Government International Bonds | 1.00% | 3M | 06/20/2035 | Goldman Sachs<br>International | 11600000 | USD | 124575 | 297110 | (172535) |
|  Saudi Government International Bonds | 1.00% | 3M | 06/20/2035 | Goldman Sachs<br>International | 10200000 | USD | 109541 | 177103 | (67562) |
|  Saudi Government International Bonds | 1.00% | 3M | 06/20/2035 | Goldman Sachs<br>International | 17500000 | USD | 187937 | 303851 | (115914) |
|  Total OTC Credit Default Swaps on Single-Name Issuer (Buy Protection) | Total OTC Credit Default Swaps on Single-Name Issuer (Buy Protection) | Total OTC Credit Default Swaps on Single-Name Issuer (Buy Protection) | Total OTC Credit Default Swaps on Single-Name Issuer (Buy Protection) | Total OTC Credit Default Swaps on Single-Name Issuer (Buy Protection) | Total OTC Credit Default Swaps on Single-Name Issuer (Buy Protection) |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(311117) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356394 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(667511) |

---

#### OTC Credit Default Swaps on Single-Name Issuer (Sell Protection) — Outstanding at March 31, 2026

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference <br>Obligation** | **Financing<br>Fee** | **Payment<br>Frequency** | **Maturity<br>Date** | **Counterparty** | **Rating<sup>1</sup>** | **Notional<br>Amount<sup>2</sup>** | **Notional<br>Amount<sup>2</sup>** | **Market<br>Value** | **Upfront<br>Premium<br>Paid(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Oracle Corp. | 1.00% | 3M | 12/20/2030 | Morgan Stanley<br>Capital Services<br>LLC | NR | 2000000 | USD | $(64112) | $(11918) | $(52194) |
|  Oracle Corp. | 1.00% | 3M | 12/20/2030 | Citibank N.A. | NR | 4000000 | USD | (128223) | (18991) | (109232) |
|  Total OTC Credit Default Swaps on Single-Name Issuer (Sell Protection) | Total OTC Credit Default Swaps on Single-Name Issuer (Sell Protection) | Total OTC Credit Default Swaps on Single-Name Issuer (Sell Protection) | Total OTC Credit Default Swaps on Single-Name Issuer (Sell Protection) | Total OTC Credit Default Swaps on Single-Name Issuer (Sell Protection) | Total OTC Credit Default Swaps on Single-Name Issuer (Sell Protection) | Total OTC Credit Default Swaps on Single-Name Issuer (Sell Protection) | Total OTC Credit Default Swaps on Single-Name Issuer (Sell Protection) | $(192335) | $(30909) | $(161426) |

---

#### OTC Credit Default Swaps on Index (Sell Protection) — Outstanding at March 31, 2026

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br>Obligation** | **Financing<br>Fee** | **Payment<br>Frequency** | **Maturity<br>Date** | **Counterparty** | **Notional<br>Amount<sup>2</sup>** | **Notional<br>Amount<sup>2</sup>** | **Market<br>Value** | **Upfront<br>Premium<br>Paid(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  CMBX.NA.A.8 | 2.00% | M | 10/17/2057 | Goldman<br>Sachs<br>International A | 432000 | USD | $(12458) | $(3377) | $(9081) |
|  CMBX.NA.BBB-.10 | 3.00% | M | 11/17/2059 | Goldman<br>Sachs<br>International BBB | 4907000 | USD | (1341461) | (171330) | (1170131) |
|  Total OTC Credit Default Swaps on Index (Sell Protection) | Total OTC Credit Default Swaps on Index (Sell Protection) | Total OTC Credit Default Swaps on Index (Sell Protection) | Total OTC Credit Default Swaps on Index (Sell Protection) | Total OTC Credit Default Swaps on Index (Sell Protection) | Total OTC Credit Default Swaps on Index (Sell Protection) | Total OTC Credit Default Swaps on Index (Sell Protection) | $(1353919) | $(174707) | $(1179212) |

---

<sup>1</sup> Using the higher of S&P's or Moody's rating. NR represents a security that is not rated.

<sup>2</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

#### Variance/Volatility Swaps (Sell Contracts) — Outstanding at March 31, 2026

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Obligation** | **Maturity**<br> **Date** | **Counterparty** | **Notional**<br>**Amount** | **Notional**<br>**Amount** | **Market**<br>**Value** | **Upfront**<br>**Premium**<br>**Paid<br>(Received)** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Variance Swap LBMA GOLD 29.8 | 5/5/2026 | Morgan Stanley & Co. LLC | (20000) | USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(113066) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(113066) |

---

#### OTC Total Return Swaps Outstanding at March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  **Buys** |  |  |  |  |  |
|  2020 Bulkers Ltd. | 04/21/26 M | 4.47% | Morgan Stanley & Co. LLC | 264,213 NOK | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1369 |
|  3M Co. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 415,058 USD | (3767) |
|  3M Co. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 673,297 USD | 425 |
|  3SBio, Inc. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 1,222,080 HKD | 12180 |
|  4imprint Group PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 10,587 GBP | (8) |
|  77 Bank Ltd. (The) | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 3,509,200 JPY | 1655 |
|  A.O. Smith Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 2,863 USD | 38 |
|  AAC Technologies Holdings, Inc. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 352,000 HKD | 2291 |
|  ABB Ltd. | 04/21/26 M | 0.46% | Morgan Stanley & Co. LLC | 833,200 CHF | 3761 |
|  Abbott Laboratories | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,812,371 USD | (34024) |
|  ABC-Mart, Inc. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 492,600 JPY | 79 |
|  Abercrombie & Fitch Co. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 168,632 USD | 7438 |
|  Aberdeen Group PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 99,559 GBP | 1459 |
|  Abivax SA | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 153,234 USD | (239) |
|  ABN AMRO Bank NV | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 66,799 EUR | 1599 |
|  AcadeMedia AB | 04/21/26 M | 2.26% | Morgan Stanley & Co. LLC | 440,776 SEK | 2328 |
|  Acadia Realty Trust | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 311,576 USD | (111) |
|  Accor SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 38,337 EUR | 1349 |
|  ACEA SpA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 2,696 EUR | 107 |
|  ACI Worldwide, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 2,576 USD | 8 |
|  Ackermans & van Haaren NV | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 10,440 EUR | 233 |
|  ACM Research, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 665,001 USD | (22219) |
|  ACS Actividades de Construccion y Servicios SA | 04/21/26 M | 2.16% | Morgan Stanley & Co. LLC | 13,478 EUR | 31 |
|  Acuity, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 63,385 USD | 225 |
|  Acuity, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 557,064 USD | 1975 |
|  Acushnet Holdings Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 18,373 USD | 229 |
|  Adaptive Biotechnologies Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 13,838 USD | 223 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Addus HomeCare Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 16,065 USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(987) |
|  Adecco Group AG | 04/21/26 M | 0.46% | Morgan Stanley & Co. LLC | 53,134 CHF | 2066 |
|  Adeia, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 975,265 USD | (2507) |
|  adidas AG | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 455,582 EUR | 26804 |
|  Adient PLC | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 30,807 USD | (492) |
|  Admiral Group PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 82,389 GBP | 2039 |
|  Adobe, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 772,624 USD | (10082) |
|  Adobe, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 644,715 USD | (8575) |
|  Advanced Energy Industries, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 35,946 USD | (771) |
|  Advanced Micro Devices, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 59,993 USD | 222 |
|  AECOM | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 712,949 USD | 133 |
|  Aedifica SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 150,794 EUR | 1566 |
|  Aegon Ltd. | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 632,408 EUR | 37549 |
|  Aegon Ltd. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 21,736 USD | 937 |
|  Aehr Test Systems | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 14,823 USD | (28) |
|  AerCap Holdings NV | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 108,979 USD | 1588 |
|  AerCap Holdings NV | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 738,978 USD | 6184 |
|  Aeva Technologies, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 31,360 USD | (4527) |
|  Affiliated Managers Group, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 13,489 USD | 70 |
|  Affirm Holdings, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 108,938 USD | (802) |
|  Aflac, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 39,780 USD | 1141 |
|  Aflac, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 472,077 USD | 115 |
|  AG Barr PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 4,193 GBP | 258 |
|  AGC, Inc. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 531,000 JPY | 197 |
|  AGCO Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 127,104 USD | 1860 |
|  AGCO Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 260,349 USD | (105) |
|  Agilent Technologies, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 147,082 USD | 2573 |
|  Agios Pharmaceuticals, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 45,791 USD | 9318 |
|  AGL Energy Ltd. | 04/21/26 M | 4.60% | Morgan Stanley & Co. LLC | 66,557 AUD | 2500 |
|  AGNC Investment Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 91,491 USD | 183 |
|  Agnico Eagle Mines Ltd. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 142,079 USD | 14622 |
|  Agnico Eagle Mines Ltd. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 125,160 USD | 79 |
|  Agree Realty Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 117,972 USD | (530) |
|  Agree Realty Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 52,545 USD | (5) |
|  Air Canada | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 32,005 CAD | 309 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Air Products & Chemicals, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 151,312 USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6424 |
|  Air Water, Inc. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 2,467,800 JPY | 705 |
|  Airbnb, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 718,903 USD | (34213) |
|  Aisin Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 15,107,550 JPY | (935) |
|  AJ Bell PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 88,301 GBP | 5251 |
|  Aker Solutions ASA | 04/21/26 M | 4.47% | Morgan Stanley & Co. LLC | 520,567 NOK | 3532 |
|  Akzo | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 31,443 EUR | 1079 |
|  Alamos Gold, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 106,953 USD | 11186 |
|  Alarm.com Holdings, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 37,665 USD | (1515) |
|  Alarm.com Holdings, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 216,604 USD | (870) |
|  Albemarle Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 647,309 USD | 45857 |
|  Albertsons Cos., Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 69,291 USD | (364) |
|  Alcoa Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 296,777 USD | 54242 |
|  Alcon AG | 04/21/26 M | 0.46% | Morgan Stanley & Co. LLC | 171,750 CHF | 5777 |
|  Alcon AG | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 46,572 USD | 748 |
|  Alexandria Real Estate Equities, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 95,674 USD | (3438) |
|  Algonquin Power & Utilities Corp. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 12,324 CAD | (82) |
|  Align Technology, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 118,644 USD | (6186) |
|  ALK-Abello AS | 04/21/26 M | 2.32% | Morgan Stanley & Co. LLC | 411,057 DKK | 253 |
|  Alkermes PLC | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 62,431 USD | 17235 |
|  Allianz SE | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 1,175,342 EUR | 60893 |
|  Allied Properties Real Estate Investment Trust | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 51,713 CAD | (81) |
|  Ally Financial, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 56,634 USD | 14 |
|  Almirall SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 17,207 EUR | 1570 |
|  Almonty Industries, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 573,090 USD | (70417) |
|  Alnylam Pharmaceuticals, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 622,520 USD | 49187 |
|  Alnylam Pharmaceuticals, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 761,311 USD | 8670 |
|  Alpha Metallurgical Resources Inc | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 417,404 USD | (90) |
|  Alphabet, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 607,745 USD | (29174) |
|  Alphabet, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 4,771,628 USD | (202012) |
|  Alps Alpine Co. Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 3,439,133 JPY | 31 |
|  AltaGas Ltd. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 25,508 CAD | 290 |
|  Altria Group, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 1,208,805 USD | 29035 |
|  Aluminum Corp. of China Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 851,200 HKD | 8483 |
|  Amazon.com, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 858,842 USD | (7643) |
|  Amazon.com, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 5,237,416 USD | (41913) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Ambarella, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 10,604 USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
|  Ambea AB | 04/21/26 M | 2.26% | Morgan Stanley & Co. LLC | 670,933 SEK | 2234 |
|  Amcor PLC | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 111,882 USD | 1207 |
|  Amdocs Ltd. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 72,456 USD | 178 |
|  Amer Sports, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,129,778 USD | 2736 |
|  Ameren Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 93,003 USD | 2627 |
|  Ameresco, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 31,490 USD | (2522) |
|  American Airlines Group, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 333,853 USD | (441) |
|  American Eagle Outfitters, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 104,193 USD | (286) |
|  American Electric Power Co., Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 569,500 USD | 14068 |
|  American Express Co. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 262,511 USD | 646 |
|  American Financial Group, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 19,697 USD | 98 |
|  American Healthcare REIT, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,322,502 USD | (25036) |
|  American Homes 4 Rent | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 46,625 USD | 644 |
|  American International Group, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 691,203 USD | 1473 |
|  American States Water Co. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 20,747 USD | 578 |
|  American Tower Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 113,136 USD | (2513) |
|  American Tower Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,159,830 USD | (16660) |
|  American Water Works Co., Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 51,034 USD | 135 |
|  American Water Works Co., Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 772,711 USD | 2049 |
|  AMETEK, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 896,276 USD | (37) |
|  AMG Critical Materials NV | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 63,166 EUR | 5385 |
|  Amkor Technology, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 115,577 USD | (2732) |
|  Amkor Technology, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 13,966 USD | (7) |
|  AMN Healthcare Services, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 14,546 USD | (40) |
|  Amphenol Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,032,289 USD | (20983) |
|  Ampol Ltd. | 04/21/26 M | 4.60% | Morgan Stanley & Co. LLC | 21,034 AUD | 76 |
|  Amrize Ltd. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 32,688 USD | 1260 |
|  ANA Holdings, Inc. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 26,857,018 JPY | (2670) |
|  Anglo American PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 482,250 GBP | 46215 |
|  Antero Resources Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 221,865 USD | (626) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Antero Resources Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 500,931 USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1412) |
|  Antofagasta PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 136,248 GBP | 1506 |
|  ANZ Group Holdings Ltd. | 04/21/26 M | 4.60% | Morgan Stanley Capital Services LLC | 28,653 AUD | 95 |
|  Aon PLC | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 589,702 USD | 17 |
|  Aozora Bank Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 3,675,000 JPY | 877 |
|  AP Memory Technology Corp. | 04/21/26 M | 2.10% | Morgan Stanley & Co. LLC | 3,661,000 TWD | (12657) |
|  AP Moller - Maersk AS | 04/21/26 M | 2.32% | Morgan Stanley & Co. LLC | 2,171,070 DKK | (13582) |
|  APA Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 150,617 USD | 13159 |
|  APA Group | 04/21/26 M | 4.60% | Morgan Stanley & Co. LLC | 95,231 AUD | 2845 |
|  Apollo Global Management, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 954,338 USD | 3317 |
|  Apotea AB | 04/21/26 M | 2.26% | Morgan Stanley & Co. LLC | 248,525 SEK | 3241 |
|  Appfolio, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 4,341 USD | (238) |
|  Apple Hospitality REIT, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 17,288 USD | (553) |
|  Apple, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 2,968,588 USD | 27149 |
|  Apple, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 990,871 USD | 9062 |
|  Applied Digital Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 2,864,896 USD | (101085) |
|  Applied Industrial Technologies, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 29,894 USD | 352 |
|  Applied Materials, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 308,704 USD | (6561) |
|  Applied Materials, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 2,120,091 USD | (76870) |
|  AppLovin Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 411,678 USD | (54672) |
|  AptarGroup, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 15,642 USD | 237 |
|  AQ Group AB | 04/21/26 M | 2.26% | Morgan Stanley & Co. LLC | 38,067 SEK | 86 |
|  Arbonia AG | 04/21/26 M | 0.46% | Morgan Stanley & Co. LLC | 1,346 CHF | 50 |
|  ARC Resources Ltd. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 141,337 CAD | (210) |
|  ArcelorMittal SA | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 46,433 USD | 297 |
|  Arch Capital Group Ltd. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 153,883 USD | 3828 |
|  Arch Capital Group Ltd. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 387,815 USD | 7664 |
|  Archer Aviation, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 59,130 USD | (7228) |
|  Arcus Biosciences, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 532,995 USD | (382) |
|  Arcutis Biotherapeutics, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 33,855 USD | 1697 |
|  Ardelyx, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 4,338 USD | 556 |
|  Argan, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 12,042 USD | 2119 |
|  Argenx SE | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 148,815 EUR | 11605 |
|  Argenx SE | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 65,458 USD | 4646 |
|  Aris Mining Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 492,020 USD | 49611 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Aritzia, Inc. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 265,871 CAD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4075 |
|  Arkema SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 83,232 EUR | 11451 |
|  ARKO Petroleum Corp.<sup>2</sup> | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,233,102 USD | (15652) |
|  Arlo Technologies, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 30,589 USD | (1019) |
|  Armstrong World Industries, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 21,721 USD | (132) |
|  Array Technologies, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 34,243 USD | 2435 |
|  Arrow Electronics, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 32,030 USD | 811 |
|  Asahi Group Holdings Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 37,380,000 JPY | 4100 |
|  Asahi Intecc Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 4,157,400 JPY | 1564 |
|  Asahi Kasei Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 589,800 JPY | 197 |
|  Asbury Automotive Group, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 11,119 USD | 215 |
|  Ascendis Pharma A/S | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 423,123 USD | (430) |
|  Ascentage Pharma Group International | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 86,088 HKD | 345 |
|  ASE Technology Holding Co., Ltd. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 79,806 USD | 20 |
|  Ashland, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 34,580 USD | 3847 |
|  Ashmore Group PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 7,878 GBP | 378 |
|  Asics Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 26,362,400 JPY | 578 |
|  ASML Holding NV | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 1,207,958 EUR | (19921) |
|  ASML Holding NV | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 598,525 USD | (16039) |
|  ASML Holding NV | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 2,027,325 USD | (64572) |
|  Associated British Foods PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 150,558 GBP | 11919 |
|  Assured Guaranty Ltd. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 31,847 USD | 12 |
|  Astellas Pharma, Inc. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 20,776,800 JPY | 12541 |
|  Astera Labs, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 775,078 USD | (39990) |
|  AstraZeneca PLC | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 238,187 USD | 17016 |
|  Astronics Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 4,028 USD | 43 |
|  Astronics Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 382,512 USD | 4055 |
|  ASX Ltd. | 04/21/26 M | 4.60% | Morgan Stanley & Co. LLC | 13,012 AUD | 638 |
|  AT&T, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 300,686 USD | 2405 |
|  Atalaya Mining Copper SA | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 13,228 GBP | 102 |
|  Atco Ltd. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 67,070 CAD | 2153 |
|  Athabasca Oil Corp. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 46,622 CAD | 6007 |
|  ATI, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 62,212 USD | (391) |
|  ATI, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 408,220 USD | 522 |
|  Atlantic Union Bankshares Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 590,701 USD | 17879 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Atlassian Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 328,905 USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19459) |
|  Atmos Energy Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 110,428 USD | 2251 |
|  Atmus Filtration Technologies, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 37,391 USD | (831) |
|  Atoss Software SE | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 5,226 EUR | (89) |
|  Atresmedia Corp. de Medios de Comunicacion SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 43,450 EUR | 982 |
|  ATS Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 287,691 USD | (18832) |
|  Attendo AB | 04/21/26 M | 2.26% | Morgan Stanley & Co. LLC | 587,932 SEK | 2308 |
|  Auren Energia SA | 04/21/26 M | 15.05% | Morgan Stanley & Co. LLC | 20,490 BRL | 37 |
|  Aurizon Holdings Ltd. | 04/21/26 M | 4.60% | Morgan Stanley & Co. LLC | 74,101 AUD | 1732 |
|  Aurubis AG | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 128,482 EUR | 3028 |
|  Austevoll Seafood ASA | 04/21/26 M | 4.47% | Morgan Stanley & Co. LLC | 224,048 NOK | 1119 |
|  Autodesk, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 128,174 USD | (4165) |
|  Autoliv, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 74,429 USD | 445 |
|  Automatic Data Processing, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 325,050 USD | (10121) |
|  Automatic Data Processing, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 397,087 USD | (3528) |
|  AutoNation, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 84,089 USD | 2606 |
|  Autoneum Holding AG | 04/21/26 M | 0.46% | Morgan Stanley & Co. LLC | 2,023 CHF | 80 |
|  Autotrader Group PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 345,128 GBP | 10824 |
|  AutoZone, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 140,836 USD | 1031 |
|  AvalonBay Communities, Inc. | 04/21/26 M | 3.94% | Morgan Stanley & Co. LLC | 1,810,638 USD | 820 |
|  AvePoint, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 3,334 USD | 14 |
|  AvePoint, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 8,436 USD | (1) |
|  Avery Dennison Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 70,057 USD | 3332 |
|  Avista Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 57,480 USD | 1807 |
|  Avista Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 178,875 USD | 29 |
|  Aviva PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 147,132 GBP | (1741) |
|  Avnet, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 61,522 USD | 1947 |
|  Avon Technologies PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 4,514 GBP | (182) |
|  AXA SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 1,934,665 EUR | 111343 |
|  Axcelis Technologies, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 17,326 USD | 1477 |
|  Axia Energia | 04/21/26 M | 15.05% | Morgan Stanley & Co. LLC | 119,763 BRL | 1072 |
|  Axis Capital Holdings Ltd. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 85,323 USD | 876 |
|  Axon Enterprise, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 657,124 USD | (39625) |
|  Axsome Therapeutics, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 20,860 USD | 1620 |
|  AXT, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 286,822 USD | (33204) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Azbil Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 676,750 JPY | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 |
|  AZZ, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 840,853 USD | (981) |
|  B&M European Value Retail PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 74,260 GBP | 3700 |
|  B2Gold Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 26,104 USD | 2879 |
|  Babcock International Group PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 65,926 GBP | (6671) |
|  Badger Meter, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 45,688 USD | (440) |
|  Baker Hughes Co. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 322,650 USD | (2259) |
|  Balfour Beatty PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 97,599 GBP | 191 |
|  Banco Bradesco SA | 04/21/26 M | 15.05% | Morgan Stanley & Co. LLC | 68,417 BRL | 437 |
|  Banco BTG Pactual SA | 04/21/26 M | 15.05% | Morgan Stanley & Co. LLC | 109,911 BRL | 820 |
|  Banco de Sabadell SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 435,853 EUR | 10160 |
|  Bancorp, Inc. (The) | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 257,197 USD | 62 |
|  Bandai Namco Holdings, Inc. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 22,258,800 JPY | (7033) |
|  Bank of America Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 341,479 USD | 8839 |
|  Bank of America Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,198,657 USD | 398 |
|  Bank of China Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 3,447,090 HKD | 39928 |
|  Bank of Communications Co., Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 213,760 HKD | 1661 |
|  Bank of Montreal | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 265,823 CAD | 162 |
|  Bank of New York Mellon Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 254,596 USD | 4967 |
|  Bank of Nova Scotia | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 262,133 CAD | 2896 |
|  Bank of Queensland Ltd. | 04/21/26 M | 4.60% | Morgan Stanley & Co. LLC | 28,861 AUD | (186) |
|  Bankinter SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 277,520 EUR | 10816 |
|  BankUnited, Inc. | 04/21/26 M | 3.64% | Citibank N.A. | 458,063 USD | (51) |
|  Barclays PLC | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 208,814 USD | 4880 |
|  Barclays PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 1,576,296 GBP | 71762 |
|  Barco NV | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 20,443 EUR | 278 |
|  Barrick Mining Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 305,508 USD | 24606 |
|  Barrick Mining Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 686,454 USD | 46868 |
|  BASF SE | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 325,041 EUR | 51245 |
|  Basilea Pharmaceutica Ag Allschwil | 04/21/26 M | 0.46% | Morgan Stanley & Co. LLC | 6,129 CHF | 470 |
|  Bath & Body Works, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 78,217 USD | 421 |
|  Bavarian Nordic AS | 04/21/26 M | 2.32% | Morgan Stanley & Co. LLC | 1,344,970 DKK | 8296 |
|  Baxter International, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 8,087 USD | 532 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Baxter International, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,300,193 USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8595 |
|  BayCurrent, Inc. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 14,419,200 JPY | 1773 |
|  Bayer AG | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 125,896 EUR | 3480 |
|  Baytex Energy Corp. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 27,993 CAD | 2148 |
|  Baytex Energy Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 173,171 USD | 761 |
|  BCE, Inc. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 442,736 CAD | (1982) |
|  Be Semiconductor Industries | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 357,492 EUR | 5970 |
|  Beacon Financial Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 3,311 USD | 49 |
|  Beazley PLC | 04/21/26 M | 4.23% | Morgan Stanley Capital Services LLC | 225,315 GBP | 2427 |
|  Beiersdorf AG | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 42,822 EUR | 3537 |
|  Bekaert SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 21,357 EUR | 742 |
|  Bel Fuse, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 573,305 USD | 639 |
|  Belden, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 13,811 USD | (261) |
|  Belden, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 118,729 USD | (2866) |
|  Belite Bio, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,383,838 USD | 75995 |
|  Bell Food Group AG | 04/21/26 M | 0.46% | Morgan Stanley & Co. LLC | 3,478 CHF | (3) |
|  Bellevue Gold Ltd. | 04/21/26 M | 4.60% | Morgan Stanley & Co. LLC | 7,446 AUD | 1238 |
|  BellRing Brands, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 212,199 USD | (4863) |
|  Beneteau SACA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 12,258 EUR | 225 |
|  Bentley Systems, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 15,942 USD | (1297) |
|  Berkshire Hathaway, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 1,342,504 USD | (2182) |
|  Berkshire Hathaway, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,428,900 USD | (2322) |
|  BGC Group, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 268,477 USD | (211) |
|  BHI Co. Ltd. | 04/21/26 M | 3.00% | Morgan Stanley & Co. LLC | 22,880,000 KRW | (1652) |
|  BHP Group Ltd. | 04/21/26 M | 4.60% | Morgan Stanley & Co. LLC | 229,488 AUD | 16318 |
|  Biglari Holdings, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 6,900 USD | 71 |
|  Bilfinger SE | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 143,622 EUR | (1352) |
|  Bill Holdings, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 37,291 USD | (2017) |
|  Billerud Aktiebolag | 04/21/26 M | 2.26% | Morgan Stanley & Co. LLC | 293,030 SEK | 1086 |
|  BioArctic AB | 04/21/26 M | 2.26% | Morgan Stanley & Co. LLC | 268,354 SEK | 836 |
|  BioGaia AB | 04/21/26 M | 2.26% | Morgan Stanley & Co. LLC | 504,448 SEK | 3860 |
|  BioMarin Pharmaceutical, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 92,085 USD | 2875 |
|  BioMarin Pharmaceutical, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 81,741 USD | 0 |
|  Bio-Rad Laboratories, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 85,065 USD | 4414 |
|  BIPROGY, Inc. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 9,609,600 JPY | 1263 |
|  Bittium OYJ | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 7,899 EUR | 586 |
|  BJ's Wholesale Club Holdings, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 261,133 USD | 6471 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Black Hills Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 30,772 USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532 |
|  Black Hills Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 913,947 USD | 946 |
|  Blackbaud, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 40,664 USD | (4409) |
|  BlackLine, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 10,805 USD | (815) |
|  Blackrock, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 37,034 USD | (489) |
|  Blackstone Mortgage Trust, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 2,194 USD | 47 |
|  Blackstone Secured Lending Fund | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 33,986 USD | (1056) |
|  Bloom Energy Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 201,961 USD | (8345) |
|  Bloom Energy Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 2,413,292 USD | 7237 |
|  Blue Bird Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 35,994 USD | 977 |
|  Blue Owl Capital Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 626,437 USD | (14388) |
|  Blue Owl Capital, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,124,782 USD | (1427) |
|  Bluenord ASA | 04/21/26 M | 4.47% | Morgan Stanley & Co. LLC | 803,004 NOK | (351) |
|  BNP Paribas SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 226,795 EUR | (2929) |
|  BOC Hong Kong Holdings Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 643,840 HKD | 6162 |
|  Boise Cascade Co. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 50,172 USD | 2771 |
|  Boliden AB | 04/21/26 M | 2.26% | Morgan Stanley & Co. LLC | 764,440 SEK | 3858 |
|  Bollore SE | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 15,884 EUR | 367 |
|  BoneSupport Holding AB | 04/21/26 M | 2.26% | Morgan Stanley & Co. LLC | 202,788 SEK | 2014 |
|  Booking Holdings, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 1,253,085 USD | (53144) |
|  Boot Barn Holdings, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 34,989 USD | (2937) |
|  Boot Barn Holdings, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 196,491 USD | (18078) |
|  Boozt AB | 04/21/26 M | 2.11% | Morgan Stanley & Co. LLC | 60,477 SEK | 287 |
|  BorgWarner, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 155,620 USD | 431 |
|  BorgWarner, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 173,443 USD | (82) |
|  Bossard Holding AG | 04/21/26 M | 0.46% | Morgan Stanley & Co. LLC | 4,486 CHF | 160 |
|  Boston Beer Co., Inc. (The) | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 16,843 USD | 667 |
|  Boston Scientific Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 970,292 USD | (94741) |
|  Boston Scientific Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 3,600,982 USD | (226036) |
|  Bouygues SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 337,656 EUR | 6666 |
|  Box, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 90,329 USD | (2507) |
|  BP plc | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 425,112 USD | 33467 |
|  BP plc | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 2,129,402 USD | 6654 |
|  BP PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 1,124,311 GBP | 145683 |
|  BP PLC | 04/21/26 M | 4.23% | Morgan Stanley Capital Services LLC | 81,948 GBP | 10618 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Bradespar SA | 04/21/26 M | 15.05% | Morgan Stanley & Co. LLC | 58,410 BRL | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468 |
|  Brady Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 23,782 USD | (466) |
|  Brambles Ltd. | 04/21/26 M | 4.60% | Morgan Stanley & Co. LLC | 100,940 AUD | 2299 |
|  Brava Energia | 04/21/26 M | 15.05% | Morgan Stanley & Co. LLC | 20,789 BRL | 73 |
|  Braze, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 270,991 USD | 67175 |
|  Bread Financial Holdings, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 77,121 USD | 165 |
|  Bridgestone Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 18,507,900 JPY | 2160 |
|  Bright Horizons Family Solutions, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 506,118 USD | (526) |
|  Brightstar Lottery PLC | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 5,403 USD | (128) |
|  Brilliance China Automotive Holdings Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 21,680 HKD | 97 |
|  Brinker International, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 203,389 USD | (228) |
|  Bristol-Myers Squibb Co. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 360,302 USD | 22581 |
|  British American Tobacco plc | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 282,708 USD | 2685 |
|  British American Tobacco plc | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 2,195,828 USD | 19834 |
|  British American Tobacco PLC | 04/21/26 M | 0.50% | Morgan Stanley Capital Services LLC | 25,594 GBP | 727 |
|  British Land Co., PLC (The) | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 143,136 GBP | 4622 |
|  Broadcom, Inc. | 04/21/26 M | 3.94% | Bank Of America Merrill Lynch | 42,571 USD | (1716) |
|  Broadcom, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,350,672 USD | (54444) |
|  Broadridge Financial Solutions, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 113,096 USD | (5534) |
|  Broadridge Financial Solutions, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 533,594 USD | (172) |
|  Broadstone Net Lease, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 19,860 USD | (384) |
|  Brookfield Asset Management Ltd. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 54,392 CAD | 1537 |
|  Brookfield Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 336,114 USD | 8690 |
|  Brother Industries Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 4,871,350 JPY | 778 |
|  Brown & Brown, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 18,081 USD | (409) |
|  Brunswick Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 768,269 USD | (13384) |
|  Buckle, Inc. (The) | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 19,858 USD | 135 |
|  Builders FirstSource, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 36,996 USD | (1018) |
|  Builders FirstSource, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 452,184 USD | (28) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Bunge Global SA | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 296,451 USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307 |
|  Bunzl PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 117,462 GBP | 7488 |
|  Burberry Group PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 70,483 GBP | 4510 |
|  Burckhardt Compression Holding AG | 04/21/26 M | 0.46% | Morgan Stanley & Co. LLC | 33,475 CHF | (2961) |
|  Bureau Veritas SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 119,782 EUR | (556) |
|  Bw Lpg Ltd. | 04/21/26 M | 4.47% | Morgan Stanley & Co. LLC | 825,042 NOK | 7671 |
|  BWX Technologies, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 511,751 USD | (117) |
|  BYD Co. Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 8,448,000 HKD | 50499 |
|  Byggmax Group AB | 04/21/26 M | 2.26% | Morgan Stanley & Co. LLC | 56,909 SEK | 150 |
|  Bytes Technology Group PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 33,057 GBP | (1862) |
|  C&C Group PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 6,683 GBP | 676 |
|  C3.ai, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 141,735 USD | (4876) |
|  Cabot Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 18,347 USD | 1836 |
|  Cactus, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 38,232 USD | (288) |
|  CaixaBank SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 1,387,123 EUR | 22938 |
|  CALB Group Co., Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 138,552 HKD | 1121 |
|  California Resources Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 605,681 USD | 50940 |
|  California Water Service Group | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 18,180 USD | 364 |
|  California Water Service Group | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 129,616 USD | 2595 |
|  Calix, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 3,115 USD | (29) |
|  Calix, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,362,155 USD | (75237) |
|  Callaway Golf Co. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 43,856 USD | (9) |
|  Camden Property Trust | 04/21/26 M | 3.94% | Morgan Stanley & Co. LLC | 1,809,090 USD | (8477) |
|  Cameco Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 8,446 USD | 243 |
|  Cameco Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 884,351 USD | 18198 |
|  Camtek Ltd. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 311,647 USD | 822 |
|  Camurus AB | 04/21/26 M | 2.26% | Morgan Stanley & Co. LLC | 296,769 SEK | 1673 |
|  Canadian Apartment Properties REIT | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 115,474 CAD | (303) |
|  Canadian National Railway Co. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 442,273 CAD | 11123 |
|  Canadian National Railway Co. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 261,918 USD | (60) |
|  Canadian Pacific Kansas City Ltd. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 795,385 USD | (6897) |
|  Canadian Tire Corp. Ltd. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 178,912 CAD | 3047 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Canadian Utilities Ltd. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 65,919 CAD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1646 |
|  Canon, Inc. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 7,335,592 JPY | 949 |
|  Capital One Financial Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 195,592 USD | (1669) |
|  Capricor Therapeutics, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 5,207 USD | 52 |
|  Capricorn Metals Ltd. | 04/21/26 M | 4.60% | Morgan Stanley & Co. LLC | 18,184 AUD | 2677 |
|  Capstone Copper Corp. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 27,026 CAD | 993 |
|  Care Property Invest NV | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 1,902 EUR | 40 |
|  Cargurus, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 29,404 USD | (257) |
|  Caris Life Sciences, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 14,715 USD | (1054) |
|  Caris Life Sciences, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 676,402 USD | (25534) |
|  Carlisle Cos., Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 180,231 USD | (1744) |
|  Carlsberg AS | 04/21/26 M | 2.32% | Morgan Stanley & Co. LLC | 425,948 DKK | 831 |
|  Carmila SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 41,166 EUR | 377 |
|  Carmila SA | 04/21/26 M | 2.52% | Morgan Stanley Capital Services LLC | 544,419 EUR | 4984 |
|  Carnival Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 251,889 USD | 4194 |
|  Carnival PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 97,569 GBP | 1917 |
|  Carpenter Technology Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 503,144 USD | 28170 |
|  Carrefour SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 128,623 EUR | 10049 |
|  Carter's, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 5,688 USD | 213 |
|  Casella Waste Systems, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 71,691 USD | 1222 |
|  Casey's General Stores, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 243,727 USD | 18302 |
|  Caterpillar, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 815,375 USD | 7855 |
|  Cathay General Bancorp | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 14,572 USD | 337 |
|  Cavco Industries, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 5,214 USD | 113 |
|  CBIZ, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 11,904 USD | 71 |
|  CBRE Group, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,097,190 USD | 172 |
|  CCC Intelligent Solutions Holdings, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 184,566 USD | (5376) |
|  CDW Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 14,299 USD | 102 |
|  CDW Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 125,327 USD | 897 |
|  Celanese Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 127,359 USD | 21873 |
|  Celcuity, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 10,248 USD | 709 |
|  Celestica, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 171,614 USD | (3169) |
|  Celestica, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,413,084 USD | (21585) |
|  Celldex Therapeutics, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 22,960 USD | (58) |
|  Cellnex Telecom SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 106,300 EUR | 11861 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Celsius Holdings, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 163,041 USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17147) |
|  Celsius Holdings, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,595,647 USD | (40984) |
|  Cemex SAB de CV | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 319,673 USD | 18642 |
|  Cencora, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 522,153 USD | (6649) |
|  Cenovus Energy, Inc. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 979,744 CAD | 60486 |
|  Cenovus Energy, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 614,435 USD | 39822 |
|  Centene Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 112,760 USD | (789) |
|  Centene Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 722,026 USD | (11) |
|  CenterPoint Energy, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 944,486 USD | 31664 |
|  Centerra Gold, Inc. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 126,428 CAD | 9137 |
|  Centerra Gold, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 48,897 USD | 4242 |
|  Centrica PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 374,325 GBP | 43510 |
|  Century Communities, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 14,145 USD | (30) |
|  CG oncology, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 889,218 USD | 19115 |
|  CGI, Inc. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 96,222 CAD | 136 |
|  CGN Power Co., Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 118,660 HKD | 171 |
|  CH Robinson Worldwide, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 113,785 USD | (525) |
|  Charter Hall Group | 04/21/26 M | 4.60% | Morgan Stanley & Co. LLC | 11,464 AUD | 130 |
|  Check Point Software Technologies Ltd. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 108,446 USD | (6023) |
|  Cheesecake Factory, Inc. (The) | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 174,796 USD | (144) |
|  Chefs' Warehouse, Inc. (The) | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 489,153 USD | (474) |
|  Chemed Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 8,589 USD | 99 |
|  Chemometec AS | 04/21/26 M | 2.32% | Morgan Stanley & Co. LLC | 97,145 DKK | (3195) |
|  Chemours Co., (The) | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 80,493 USD | 15359 |
|  Chemours Co., (The) | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 771,965 USD | (56) |
|  Cheniere Energy, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 119,188 USD | (1428) |
|  Cheniere Energy, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 6,356,023 USD | (76131) |
|  Chevron Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 1,445,704 USD | 11906 |
|  Chewy, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 6,690 USD | 303 |
|  Chime Financial, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 7,156 USD | 636 |
|  Chime Financial, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 530,670 USD | (1135) |
|  China CITIC Bank Corp. Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 123,250 HKD | 1501 |
|  China Coal Energy Co., Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 118,697 HKD | 31 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  China Construction Bank Corp. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 4,120,910 HKD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45358 |
|  China Life Insurance Co., Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 3,096,380 HKD | (15248) |
|  China Longyuan Power Group Corp. Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 177,100 HKD | (1533) |
|  China Merchants Bank Co., Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 849,600 HKD | 6025 |
|  China Minsheng Banking Corp. Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 134,685 HKD | (11) |
|  China Nonferrous Mining Corp. Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 73,990 HKD | 1070 |
|  China Pacific Insurance Group Co., Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 1,002,352 HKD | 1589 |
|  China Resources Beer Holdings Co., Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 324,270 HKD | 3323 |
|  China Resources Gas Group Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 67,060 HKD | (24) |
|  China Ruyi Holdings Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 149,760 HKD | (311) |
|  China Tower Corp. Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 237,160 HKD | (164) |
|  Chinasoft International Ltd | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 56,800 HKD | (551) |
|  Chipotle Mexican Grill, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 150,687 USD | (6098) |
|  Chipotle Mexican Grill, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 712,798 USD | (16196) |
|  Chocoladefabriken Lindt & Spruengli AG | 04/21/26 M | 0.46% | Morgan Stanley & Co. LLC | 530,000 CHF | 39268 |
|  Chongqing Rural Commercial Bank Co., Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 126,400 HKD | 1199 |
|  Chord Energy Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 440,104 USD | 38473 |
|  Chrysalis Investments Ltd. | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 10,963 GBP | (97) |
|  Chubu Electric Power Co., Inc. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 7,552,500 JPY | 1872 |
|  Chunghwa Telecom Co., Ltd. | 04/21/26 M | 2.10% | Morgan Stanley & Co. LLC | 810,807 TWD | (349) |
|  Cia Energetica de Minas Gerais | 04/21/26 M | 15.05% | Morgan Stanley & Co. LLC | 274,182 BRL | 637 |
|  Cie Financiere Richemont SA | 04/21/26 M | 0.46% | Morgan Stanley & Co. LLC | 891,870 CHF | 12619 |
|  Cie Financiere Tradition SA | 04/21/26 M | 0.46% | Morgan Stanley & Co. LLC | 1,048 CHF | 17 |
|  Cie Generale des Etablissements Michelin SCA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 577,542 EUR | 21908 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Ciena Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 95,449 USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4603) |
|  Ciena Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,483,532 USD | (71540) |
|  Cigna Group (The) | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 31,640 USD | 636 |
|  Cigna Group (The) | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 368,962 USD | 7422 |
|  Cinemark Holdings, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 45,414 USD | 1159 |
|  Cintas Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 289,983 USD | (16314) |
|  Cirrus Logic, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 85,961 USD | 4861 |
|  Cirrus Logic, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 470,502 USD | (53) |
|  CITIC Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 1,010,700 HKD | 8159 |
|  Citigroup, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 899,270 USD | 14247 |
|  Citigroup, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,363,717 USD | 14442 |
|  Citizen Watch Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 7,689,200 JPY | 2448 |
|  CJ CheilJedang Corp. | 04/21/26 M | 3.00% | Morgan Stanley & Co. LLC | 17,923,147 KRW | 211 |
|  Clarkson PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 9,705 GBP | 317 |
|  Clas Ohlson AB | 04/21/26 M | 2.26% | Morgan Stanley & Co. LLC | 674,478 SEK | 589 |
|  Cleanaway Waste Management Ltd. | 04/21/26 M | 4.60% | Morgan Stanley & Co. LLC | 14,940 AUD | 23 |
|  Clear Secure, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 78,071 USD | (7489) |
|  Clear Secure, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 83,453 USD | (91) |
|  Cleveland-Cliffs, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 38,255 USD | 2001 |
|  Cloetta AB | 04/21/26 M | 2.26% | Morgan Stanley & Co. LLC | 155,722 SEK | 855 |
|  Clorox Co. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 82,854 USD | (1608) |
|  CMB Tech NV | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 2,730 USD | 53 |
|  CMOC Group Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 1,063,260 HKD | 3209 |
|  CNH Industrial NV | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 282,986 USD | 14894 |
|  CNH Industrial NV | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 328,963 USD | 10794 |
|  CNO Financial Group, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 39,527 USD | 507 |
|  CNX Resources Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 76,078 USD | (3912) |
|  Coca-Cola Bottlers Japan Holdings, Inc. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 5,082,527 JPY | (268) |
|  Coca-Cola Co. (The) | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 1,264,627 USD | 15827 |
|  Coface SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 42,587 EUR | 1857 |
|  Cognex Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 178,894 USD | (6155) |
|  Cognizant Technology Solutions Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 89,999 USD | (857) |
|  Cognizant Technology Solutions Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 425,218 USD | (4050) |
|  Coherent Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,549,781 USD | (60969) |
|  Colgate-Palmolive Co. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 287,592 USD | 59 |
|  Colruyt Group NV | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 31,270 EUR | 3401 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Columbia Banking System, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 715,309 USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99) |
|  Columbia Sportswear Co. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 30,864 USD | (61) |
|  Comfort Systems USA, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 126,742 USD | (2633) |
|  Comfort Systems USA, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 130,776 USD | 228 |
|  Commerce Bancshares, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 33,478 USD | 766 |
|  Commercial Metals Co. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 10,953 USD | (80) |
|  Commercial Metals Co. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 59,157 USD | (430) |
|  Commvault Systems, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 111,878 USD | (3065) |
|  Computacenter PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 18,016 GBP | 1245 |
|  Computershare Ltd. | 04/21/26 M | 4.60% | Morgan Stanley & Co. LLC | 196,667 AUD | 1479 |
|  COMSYS Holdings Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 6,431,100 JPY | 1030 |
|  Conagra Brands, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 28,767 USD | (125) |
|  Conagra Brands, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 441,924 USD | 7432 |
|  Concentra Group Holdings Parent, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,854,136 USD | (58792) |
|  Consolidated Edison, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 530,658 USD | 19170 |
|  Constellation Software, Inc. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 126,895 CAD | (3447) |
|  Constellium SE | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 32,528 USD | 1024 |
|  Constellium SE | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 293,681 USD | 9243 |
|  Construcciones y Auxiliar de Ferrocarriles SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 3,018 EUR | 314 |
|  Contemporary Amperex Technology Co., Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 1,125,400 HKD | (8020) |
|  Continental AG | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 341,655 EUR | 4115 |
|  Copa Holdings SA | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 13,719 USD | 28 |
|  Copart, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 33,085 USD | 613 |
|  Copart, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 807,370 USD | (4594) |
|  COPT Defense Properties | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 3,529 USD | (102) |
|  Corbion NV | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 22,124 EUR | 1275 |
|  Corcept Therapeutics, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 29,235 USD | 5754 |
|  Corcept Therapeutics, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 267,851 USD | 453 |
|  Core & Main, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 906,674 USD | (332) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Core Natural Resources, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 645,942 USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1603 |
|  Core Scientific, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 17,227 USD | (1683) |
|  Core Scientific, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,284,424 USD | (104320) |
|  CoreCivic, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 23,811 USD | (1554) |
|  Corp. ACCIONA Energias Renovables SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 56,397 EUR | 2824 |
|  Corticeira Amorim SGPS SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 7,338 EUR | 326 |
|  COSCO SHIPPING Holdings Co., Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 1,455,966 HKD | (1919) |
|  Cosmo Energy Holdings Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 9,116,100 JPY | 1968 |
|  CosmoAM&T Co., Ltd. | 04/21/26 M | 3.00% | Morgan Stanley & Co. LLC | 14,964,472 KRW | 210 |
|  Cosmos Pharmaceutical Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 6,533,000 JPY | 1922 |
|  Costain Group PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 23,158 GBP | (822) |
|  CoStar Group, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 148,597 USD | (8900) |
|  Costco Wholesale Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 122,648 USD | 3899 |
|  Coupang, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 227,074 USD | (4366) |
|  Covivio SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 64,828 EUR | (1064) |
|  CPFL Energia SA | 04/21/26 M | 15.05% | Morgan Stanley & Co. LLC | 150,078 BRL | 989 |
|  Crane Co. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 40,038 USD | (708) |
|  Crane NXT Co. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 29,842 USD | (1469) |
|  Cranswick PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 12,598 GBP | 492 |
|  Credo Technology Group Holding Ltd. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 15,134 USD | (1617) |
|  Crest Nicholson Holdings PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 10,245 GBP | (514) |
|  CRH PLC | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 525,233 USD | 3521 |
|  Crinetics Pharmaceuticals, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 13,641 USD | 633 |
|  Crinetics Pharmaceuticals, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 504,526 USD | 13107 |
|  CRISPR Therapeutics AG | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 87,384 USD | 1286 |
|  Crowdstrike Holdings, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 279,836 USD | 88 |
|  Crown Castle, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,663,907 USD | (223) |
|  Crown Holdings, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 167,899 USD | (982) |
|  CSL Ltd. | 04/21/26 M | 4.60% | Morgan Stanley & Co. LLC | 286,282 AUD | 3632 |
|  CSPC Pharmaceutical Group Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 396,960 HKD | 6023 |
|  CSX Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 5,724 USD | 310 |
|  CSX Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 451,299 USD | (36) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  CTS Eventim AG & Co. KGaA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 30,676 EUR | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7050) |
|  CTT-Correios de Portugal SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 36,749 EUR | 284 |
|  Cullen/Frost Bankers, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 19,773 USD | 515 |
|  Cummins, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 44,605 USD | (487) |
|  Cummins, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 518,096 USD | (9667) |
|  Currys PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 6,602 GBP | (13) |
|  Curtiss-Wright Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 511,636 USD | (4883) |
|  Cury Construtora e Incorporadora SA | 04/21/26 M | 15.05% | Morgan Stanley & Co. LLC | 97,014 BRL | 123 |
|  Customers Bancorp, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 103,729 USD | 3093 |
|  CVB Financial Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 6,445 USD | 51 |
|  CVB Financial Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 262,913 USD | 2188 |
|  CyberAgent, Inc. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 7,520,800 JPY | 520 |
|  Cyrela Brazil Realty SA Empreendimentos e Participacoes | 04/21/26 M | 15.05% | Morgan Stanley & Co. LLC | 107,127 BRL | (75) |
|  D/S Norden AS | 04/21/26 M | 2.32% | Morgan Stanley & Co. LLC | 303,998 DKK | 4159 |
|  Daehan Shipbuilding Co., Ltd. | 04/21/26 M | 3.00% | Morgan Stanley & Co. LLC | 25,130,400 KRW | (257) |
|  Dai-Dan Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 2,758,000 JPY | (851) |
|  Dai-ichi Life Holdings, Inc. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 13,710,750 JPY | 6751 |
|  Daiichi Sankyo Co.,, Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 7,402,500 JPY | (1916) |
|  Daikin Industries Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 5,589,000 JPY | 768 |
|  Daily Journal Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 9,283 USD | (118) |
|  Daimler Truck Holding AG | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 26,177 EUR | 1162 |
|  d'Amico International Shipping SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 36,630 EUR | 224 |
|  Dana, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 61,801 USD | 1663 |
|  Danaher Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 90,654 USD | (25) |
|  Danieli & C Officine Meccaniche SpA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 4,909 EUR | 2 |
|  Danone SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 1,051,307 EUR | 15177 |
|  Danske Bank AS | 04/21/26 M | 2.32% | Morgan Stanley & Co. LLC | 2,886,554 DKK | 3277 |
|  Daqo New Energy Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 3,230 USD | 3 |
|  Darling Ingredients, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 641,309 USD | 199 |
|  Dave, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 994,062 USD | (96105) |
|  DBV Technologies SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 4,238 EUR | 422 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  DCC PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 113,342 GBP | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4947 |
|  Deckers Outdoor Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 262,035 USD | (3803) |
|  Delta Air Lines, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 58,617 USD | 1215 |
|  Demant AS | 04/21/26 M | 2.32% | Morgan Stanley & Co. LLC | 10,502 DKK | 164 |
|  DeNA Co.,, Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 9,264,800 JPY | (705) |
|  Denison Mines Corp | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 570,650 USD | (2655) |
|  DENTSPLY SIRONA, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 14,640 USD | 80 |
|  DENTSPLY SIRONA, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 172,369 USD | 436 |
|  Dentsu Group, Inc. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 3,249,000 JPY | 153 |
|  Derichebourg SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 14,609 EUR | 459 |
|  Derwent London PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 66,701 GBP | 3152 |
|  Deutsche Bank AG | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 1,187,190 EUR | 35110 |
|  Deutsche Bank AG | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 110,699 USD | 1929 |
|  Deutsche Boerse AG | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 302,057 EUR | 19100 |
|  Deutsche Lufthansa AG | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 687,155 EUR | (23187) |
|  Deutsche Post AG | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 701,752 EUR | 19119 |
|  Deutsche Telekom AG | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 11,821 EUR | 109 |
|  Deutz AG | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 38,060 EUR | (2215) |
|  Devon Energy Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 166,903 USD | 6299 |
|  Dexcom, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 383,705 USD | (18272) |
|  Dfds AS | 04/21/26 M | 2.32% | Morgan Stanley & Co. LLC | 131,929 DKK | 1352 |
|  DHT Holdings, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 19,956 USD | 562 |
|  Diamondback Energy, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 143,068 USD | 4483 |
|  Dianthus Therapeutics, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 504,502 USD | 25 |
|  DIC Corp | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 365,456 JPY | 44 |
|  Dick's Sporting Goods, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 550,947 USD | 696 |
|  Digital Value SpA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 3,306 EUR | 36 |
|  DigitalOcean Holdings, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,058,390 USD | (2953) |
|  Dillard's, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 82,499 USD | 457 |
|  Dillard's, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 613,631 USD | 2532 |
|  Dios Fastigheter AB | 04/21/26 M | 2.26% | Morgan Stanley & Co. LLC | 30,138 SEK | 36 |
|  Diploma PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 11,952 GBP | 549 |
|  Direcional Engenharia SA | 04/21/26 M | 15.05% | Morgan Stanley & Co. LLC | 166,586 BRL | (1803) |
|  Distribuidora Internacional de Alimentacion SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 5,454 EUR | (8) |
|  DKSH Holding AG | 04/21/26 M | 0.46% | Morgan Stanley & Co. LLC | 13,505 CHF | (112) |
|  DNO ASA | 04/21/26 M | 4.41% | Morgan Stanley & Co. LLC | 57,441 NOK | 289 |
|  DNOW, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 114,104 USD | 1554 |
|  Docusign, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 643,052 USD | (18188) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  DOF Group ASA | 04/21/26 M | 4.47% | Morgan Stanley & Co. LLC | 118,530 NOK | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951 |
|  Dolby Laboratories, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 104,858 USD | 848 |
|  Dollar General Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 79,889 USD | (2833) |
|  Dollar General Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 726,855 USD | (24449) |
|  Dollarama, Inc. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 41,136 CAD | (2448) |
|  Dominion Energy, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 172,999 USD | 5784 |
|  Dominion Energy, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 661,882 USD | 87 |
|  Domino's Pizza, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 73,360 USD | (1602) |
|  Domino's Pizza, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 36,313 USD | (793) |
|  Donaldson Co., Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 73,916 USD | (673) |
|  Dongyue Group Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 299,320 HKD | 927 |
|  Doosan Co. Ltd. | 04/21/26 M | 4.09% | Morgan Stanley Capital Services LLC | 78,973 USD | 2363 |
|  Doosan Enerbility Co., Ltd. | 04/21/26 M | 4.09% | Morgan Stanley Capital Services LLC | 397,125 USD | (22485) |
|  dormakaba Holding AG | 04/21/26 M | 0.46% | Morgan Stanley & Co. LLC | 45,949 CHF | 1683 |
|  Dorman Products, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 2,377 USD | 23 |
|  DoubleVerify Holdings, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 33,481 USD | (2188) |
|  Douglas Emmett, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 39,672 USD | (42) |
|  Dow, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 187,228 USD | 29144 |
|  Doximity, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 13,166 USD | (910) |
|  DPM Metals, Inc. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 41,669 CAD | 3037 |
|  DR Horton, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 76,221 USD | (750) |
|  Dr. Ing hc F Porsche AG | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 253,745 EUR | 16523 |
|  Dr. Martens PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 11,534 GBP | (12) |
|  Draegerwerk AG & Co.,, KGaA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 9,459 EUR | 455 |
|  Drax Group PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 120,005 GBP | 9293 |
|  Driven Brands Holdings, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 877,181 USD | (1694) |
|  Dropbox, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 46,960 USD | (3269) |
|  DSM-Firmenich AG | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 31,385 EUR | 2347 |
|  DT Midstream, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 3,205,366 USD | (55434) |
|  DTE Energy Co. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 302,793 USD | 8363 |
|  Duerr AG | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 30,518 EUR | 1665 |
|  Duke Energy Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 565,517 USD | 15988 |
|  Dunelm Group PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 50,730 GBP | (1387) |
|  Duolingo, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 6,663 USD | (59) |
|  Duolingo, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 228,921 USD | (140) |
|  DuPont de Nemours, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 127,499 USD | 4634 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  D-Wave Quantum, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 15,739 USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1814) |
|  DWS Group GmbH & Co., KGaA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 37,308 EUR | 1845 |
|  DXC Technology Co. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 694,707 USD | 3645 |
|  Dycom Industries, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 10,142 USD | (317) |
|  Dynatrace, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 129,554 USD | (3896) |
|  Dynatrace, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 358,111 USD | (255) |
|  Dynex Capital, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 83,289 USD | 2280 |
|  Dyno Nobel Ltd. | 04/21/26 M | 4.60% | Morgan Stanley & Co. LLC | 62,543 AUD | 3643 |
|  Eagle Materials, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 32,295 USD | 1237 |
|  East Japan Railway Co. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 14,939,400 JPY | 1927 |
|  Eastman Chemical Co. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 15,030 USD | 1837 |
|  easyJet PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 119,961 GBP | (4256) |
|  Eaton Corp. PLC | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 755,814 USD | (4349) |
|  eBay, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 714,884 USD | (377) |
|  EchoStar Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 54,417 USD | 3767 |
|  EchoStar Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 2,782,301 USD | 179921 |
|  Eckert & Ziegler SE | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 22,424 EUR | 172 |
|  Edenred SE | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 94,112 EUR | (5300) |
|  Edison International | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 53,003 USD | 1883 |
|  EDP SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 305,557 EUR | 17519 |
|  Eisai Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 12,170,600 JPY | 4711 |
|  Elastic NV | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 37,182 USD | (2039) |
|  Eldorado Gold Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 283,342 USD | 7948 |
|  Elecnor SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 40,132 EUR | 3410 |
|  Electrolux Professional AB | 04/21/26 M | 2.17% | Morgan Stanley & Co. LLC | 31,086 SEK | 105 |
|  Elevance Health, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 112,147 USD | 1732 |
|  Eli Lilly & Co. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 912,371 USD | 9238 |
|  Elkem ASA | 04/21/26 M | 4.47% | Morgan Stanley & Co. LLC | 206,787 NOK | 812 |
|  Embracer Group AB | 04/21/26 M | 2.26% | Morgan Stanley & Co. LLC | 660,018 SEK | 4037 |
|  Emeis SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 15,359 EUR | (352) |
|  Empire Co., Ltd. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 130,260 CAD | (75) |
|  EMS-Chemie Holding AG | 04/21/26 M | 0.46% | Morgan Stanley & Co. LLC | 42,595 CHF | 1770 |
|  Enagas SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 615,661 EUR | 124087 |
|  Enbridge, Inc. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 25,799 CAD | 264 |
|  Enbridge, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 9,064,128 USD | (50738) |
|  Ence Energia y Celulosa SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 11,105 EUR | 423 |
|  Encompass Health Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 152,716 USD | (1237) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Endeavour Silver Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 5,581 USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378 |
|  Endesa SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 133,102 EUR | 8504 |
|  ENEOS Holdings, Inc. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 19,919,900 JPY | 13241 |
|  Energy Transfer LP | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 6,562,252 USD | 20419 |
|  EnerSys | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 904,898 USD | 5569 |
|  Engie Brasil Energia SA | 04/21/26 M | 15.05% | Morgan Stanley & Co. LLC | 68,856 BRL | 327 |
|  Engie SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 848,490 EUR | 57415 |
|  Enliven Therapeutics, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 780,501 USD | 2323 |
|  Enova International, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 18,816 USD | (207) |
|  Enova International, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 386,128 USD | (370) |
|  Enovix Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 76,797 USD | 2395 |
|  Enphase Energy, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 57,268 USD | (4145) |
|  Enpro, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,381,657 USD | 427 |
|  Entegris, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 190,181 USD | (18) |
|  Entergy Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 946,112 USD | 100634 |
|  Enterprise Products Partners LP | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 11,315,031 USD | (88092) |
|  Entra ASA | 04/21/26 M | 4.47% | Morgan Stanley & Co. LLC | 14,545 NOK | (9) |
|  Envista Holdings Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 9,889 USD | (172) |
|  Eos Energy Enterprises, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 89,696 USD | (6383) |
|  Equifax, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 142,642 USD | 333 |
|  Equifax, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 103,119 USD | 241 |
|  Equinor ASA | 04/21/26 M | 4.47% | Morgan Stanley & Co. LLC | 6,255,648 NOK | 65612 |
|  Equinox Gold Corp | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 262,632 USD | 5 |
|  Eramet SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 4,676 EUR | 215 |
|  Erie Indemnity Co. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 24,298 USD | 582 |
|  ESCO Technologies, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 20,634 USD | 1032 |
|  Esprinet SpA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 4,688 EUR | 233 |
|  Essent Group Ltd. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 12,341 USD | 165 |
|  Essex Property Trust, Inc. | 04/21/26 M | 3.94% | Morgan Stanley & Co. LLC | 1,820,636 USD | (4118) |
|  EssilorLuxottica SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 992,084 EUR | 50816 |
|  Establishment Labs Holdings, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 8,524 USD | (405) |
|  Estee Lauder Cos., Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 100,076 USD | 43 |
|  Etablissements Maurel et Prom SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 12,251 EUR | 468 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Eurazeo SE | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 120,162 EUR | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7391 |
|  Eurocommercial Properties NV | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 24,881 EUR | 619 |
|  Eurofins Scientific SE | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 123,525 EUR | 4465 |
|  Evercore, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 34,053 USD | 2366 |
|  Evercore, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 250,692 USD | 56 |
|  Everest Group Ltd. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 182,581 USD | 1436 |
|  Everest Medicines Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 83,983 HKD | 1425 |
|  Evergreen Marine Corp. Taiwan Ltd. | 04/21/26 M | 2.10% | Morgan Stanley & Co. LLC | 1,019,302 TWD | (343) |
|  Evergy, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 157,391 USD | 4975 |
|  Everpure, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 41,770 USD | (3512) |
|  Everpure, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 408,085 USD | (1) |
|  Eversource Energy | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 538,350 USD | 94 |
|  Everus Construction Group, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 17,004 USD | 115 |
|  Evolv Technologies Holdings, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 7,759 USD | 252 |
|  Evonik Industries AG | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 99,687 EUR | 21664 |
|  Exelixis, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 215,539 USD | 7703 |
|  Exelon Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 186,888 USD | 7330 |
|  EXEO Group, Inc. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 787,500 JPY | 195 |
|  ExlService Holdings, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 41,379 USD | (576) |
|  Expand Energy Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 44,455 USD | 884 |
|  Expand Energy Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 396,725 USD | 129 |
|  Expedia Group, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 347,402 USD | (8456) |
|  Expedia Group, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,001,739 USD | (24382) |
|  Expeditors International of Washington, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 258,734 USD | 4952 |
|  Experian PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 297,250 GBP | (2661) |
|  Exponent, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 81,243 USD | (1312) |
|  Extreme Networks, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 24,060 USD | (143) |
|  FactSet Research Systems, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 138,176 USD | 2433 |
|  Fair Isaac Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,072,614 USD | 2399 |
|  Fairfax Financial Holdings Ltd. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 173,739 CAD | (507) |
|  FDJ UNITED | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 12,263 EUR | 158 |
|  Federated Hermes, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 20,490 USD | 153 |
|  Ferguson Enterprises, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 635,015 USD | 30709 |
|  Ferrari NV | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 255,757 USD | 7218 |
|  Ferrovial SE | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 6,556 USD | 209 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Fidelity National Information Services, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 281,848 USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16196) |
|  Fidelity National Information Services, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,662,029 USD | (83789) |
|  Fielmann Group AG | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 63,087 EUR | 1308 |
|  Figs, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 47,722 USD | (856) |
|  Figs, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 84,301 USD | (156) |
|  Firefly Aerospace, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 42,498 USD | 7894 |
|  First American Financial Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 14,921 USD | 573 |
|  First BanCorp | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 6,602 USD | 191 |
|  First Citizens BancShares Inc/NC | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 528,376 USD | (671) |
|  First Horizon Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 57,706 USD | 901 |
|  First Horizon Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 768,561 USD | 9968 |
|  First Solar, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 74,939 USD | 2979 |
|  First Solar, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 2,546,556 USD | 69703 |
|  FirstEnergy Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 41,650 USD | 1614 |
|  Firstgroup PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 50,144 GBP | (1825) |
|  Fiserv, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 918,738 USD | (2391) |
|  Five Below, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 671,907 USD | (5888) |
|  Five9, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 3,728 USD | (209) |
|  Flagstar Bank NA | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 99,411 USD | 4250 |
|  Flex Ltd. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 415,326 USD | 280 |
|  Flowers Foods, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 10,639 USD | (142) |
|  Flowserve Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 42,402 USD | (428) |
|  Flowserve Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 696,125 USD | (427) |
|  Fluence Energy, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 38,676 USD | (4029) |
|  Fluence Energy, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 788,690 USD | 488 |
|  Fluor Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 52,454 USD | (346) |
|  FMC Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 196,949 USD | 38706 |
|  Food & Life Cos. Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 5,657,400 JPY | 147 |
|  Ford Motor Co. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 191,629 USD | (3585) |
|  FormFactor, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 28,382 USD | (61) |
|  Formosa Chemicals & Fibre Corp. | 04/21/26 M | 2.10% | Morgan Stanley & Co. LLC | 431,000 TWD | 795 |
|  Formosa Petrochemical Corp. | 04/21/26 M | 2.10% | Morgan Stanley & Co. LLC | 279,213 TWD | (133) |
|  Forterra PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 11,445 GBP | (456) |
|  Fortescue Ltd. | 04/21/26 M | 4.60% | Morgan Stanley & Co. LLC | 633,635 AUD | 32694 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Fortis, Inc. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 16,576 CAD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302 |
|  Fortive Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 33,733 USD | (67) |
|  Fortuna Mining Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 87,168 USD | 8160 |
|  Fortune Brands Innovations, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 563,804 USD | (415) |
|  Four Corners Property Trust, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 10,718 USD | (218) |
|  Fox Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 202,370 USD | 3957 |
|  Fox Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 2,185,738 USD | (1870) |
|  Franklin Electric Co., Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 24,694 USD | 8 |
|  Franklin Resources, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 455,701 USD | (5339) |
|  Frasers Group PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 2,008 GBP | 55 |
|  Freehold Royalties Ltd. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 16,804 CAD | 7 |
|  Freenet AG | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 49,250 EUR | 1670 |
|  Freeport-McMoRan, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 473,363 USD | 33085 |
|  Freeport-McMoRan, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,261,251 USD | 56303 |
|  Freshpet, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 62,725 USD | (4119) |
|  Freshworks, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 40,303 USD | (691) |
|  Fresnillo PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 207,329 GBP | 15205 |
|  Friedrich Vorwerk Group SE | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 2,307 EUR | (184) |
|  Frontdoor, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 15,398 USD | (1285) |
|  Frontline PLC | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 49,121 USD | 1496 |
|  FS KKR Capital Corp. | 04/21/26 M | 3.94% | Morgan Stanley & Co. LLC | 1,041,722 USD | (19610) |
|  FTI Consulting, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 79,757 USD | 2264 |
|  FUCHS SE | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 79,903 EUR | 6248 |
|  Fugro NV | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 36,070 EUR | 3184 |
|  FUJIFILM Holdings Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 7,807,050 JPY | 2258 |
|  Fujitsu Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 35,735,665 JPY | (2258) |
|  Furukawa Electric Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 38,752,000 JPY | 24596 |
|  Future PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 49,892 GBP | (17642) |
|  Fuyao Glass Industry Group Co., Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 435,324 HKD | 1653 |
|  Galapagos NV | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 7,288 EUR | (337) |
|  Galderma Group AG | 04/21/26 M | 0.46% | Morgan Stanley & Co. LLC | 112,005 CHF | 14399 |
|  Galliford Try Holdings PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 6,585 GBP | (257) |
|  Gaming and Leisure Properties, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 210,684 USD | 29 |
|  Gamma Communications PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 33,182 GBP | (5164) |
|  Ganfeng Lithium Group Co., Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 831,410 HKD | 28625 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Gap, Inc. (The) | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 12,918 USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(262) |
|  Gap, Inc. (The) | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 132,728 USD | (209) |
|  Garmin Ltd. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 162,628 USD | (4630) |
|  Gartner, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 13,007 USD | (340) |
|  Gartner, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 231,097 USD | (79) |
|  Gaztransport Et Technigaz SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 361,457 EUR | 7910 |
|  GB Group PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 26,918 GBP | 797 |
|  GE HealthCare Technologies, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 896,649 USD | (4906) |
|  GE Vernova, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 932,950 USD | (10295) |
|  GEA Group AG | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 155,289 EUR | 5971 |
|  Geberit AG | 04/21/26 M | 0.46% | Morgan Stanley & Co. LLC | 258,256 CHF | 2383 |
|  Gecina SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 14,321 EUR | 490 |
|  Gen Digital, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 44,899 USD | (4678) |
|  General Electric Co. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 654,799 USD | (17451) |
|  General Electric Co. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 2,558,049 USD | (55765) |
|  General Mills, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 467,650 USD | (1060) |
|  General Motors Co. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 300,010 USD | (2010) |
|  General Motors Co. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 3,540,937 USD | (45993) |
|  Genesis Minerals Ltd. | 04/21/26 M | 4.60% | Morgan Stanley & Co. LLC | 19,528 AUD | 1562 |
|  Genmab AS | 04/21/26 M | 2.32% | Morgan Stanley & Co. LLC | 3,145,450 DKK | 25190 |
|  Genpact Ltd. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 493,286 USD | (14698) |
|  Gentex Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 32,203 USD | 987 |
|  Genuine Parts Co. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 524,560 USD | 172 |
|  Genuit Group PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 13,414 GBP | (245) |
|  Genworth Financial, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 24,965 USD | 28 |
|  George Weston Ltd. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 199,859 CAD | 1090 |
|  Gerdau SA | 04/21/26 M | 15.05% | Morgan Stanley & Co. LLC | 196,054 BRL | 1645 |
|  Gestamp Automocion SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 3,519 EUR | (76) |
|  Getlink SE | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 41,893 EUR | 3712 |
|  GFL Environmental, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 84,765 USD | 2597 |
|  GFL Environmental, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 824,949 USD | 22718 |
|  Gibraltar Industries, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 3,023 USD | (73) |
|  Gibson Energy, Inc. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 6,550 CAD | (36) |
|  GigaCloud Technology, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 31,465 USD | 1527 |
|  Gildan Activewear, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 791,882 USD | (13339) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Gilead Sciences, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 728,511 USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10289 |
|  Gitlab, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,547,887 USD | (9434) |
|  Gjensidige Forsikring ASA | 04/21/26 M | 4.47% | Morgan Stanley & Co. LLC | 431,252 NOK | (1480) |
|  Glencore PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 602,680 GBP | 87595 |
|  Global Foundries, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 633,045 USD | 3953 |
|  Global X MSCI Argentina ETF | 04/21/26 M | 3.94% | Morgan Stanley & Co. LLC | 4,003,618 USD | 273124 |
|  Globe Life, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 25,415 USD | 331 |
|  Globe-ing, Inc. | 04/21/26 M | 1.08% | Goldman Sachs & Co. | 24,864,000 JPY | (4343) |
|  Globus Medical, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 6,279 USD | (76) |
|  GLP J-Reit | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 404,100 JPY | (98) |
|  GoDaddy, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 312,627 USD | (5425) |
|  GoDaddy, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 23,479 USD | (1) |
|  Goldman Sachs BDC, Inc. | 04/21/26 M | 3.94% | Morgan Stanley & Co. LLC | 1,000,168 USD | (35116) |
|  Goldman Sachs Group, Inc. (The) | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 485,462 USD | 8596 |
|  Golub Capital BDC, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 573,739 USD | (1798) |
|  Goodman Group | 04/21/26 M | 4.60% | Morgan Stanley & Co. LLC | 59,823 AUD | 1652 |
|  Goodyear Tire & Rubber Co. (The) | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 11,944 USD | 527 |
|  GPGI, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 516,668 USD | (16100) |
|  GPT Group (The) | 04/21/26 M | 4.60% | Morgan Stanley & Co. LLC | 74,091 AUD | 726 |
|  Graco, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 92,857 USD | (589) |
|  Graham Holdings Co. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 7,440 USD | (39) |
|  Graham Holdings Co. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 818,058 USD | (2910) |
|  GRAIL, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 58,219 USD | 3022 |
|  Grainger PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 14,403 GBP | 24 |
|  Grand Canyon Education, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 18,456 USD | 248 |
|  Grand Canyon Education, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 968,579 USD | 12665 |
|  Granges AB | 04/21/26 M | 2.14% | Morgan Stanley & Co. LLC | 89,891 SEK | 550 |
|  Granite Construction, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 20,699 USD | 40 |
|  Granite Construction, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 507,136 USD | 436 |
|  Graphic Packaging Holding Co. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 123,674 USD | 9025 |
|  Great Wall Motor Co., Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 303,840 HKD | 106 |
|  Grieg Seafood ASA | 04/21/26 M | 4.47% | Morgan Stanley & Co. LLC | 321,427 NOK | 2855 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Griffon Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 3,131 USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 |
|  Grindr, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 16,520 USD | (719) |
|  Grocery Outlet Holding Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 16,957 USD | 1577 |
|  Group 1 Automotive, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 57,355 USD | 1497 |
|  GS Equity Index Swap - GSCBBXHV | 04/21/26 M | 3.64% | Goldman Sachs International | 1,960,000 USD | (31840) |
|  GSK PLC | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,685,207 USD | 1455 |
|  Guangdong Investment Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 144,800 HKD | 1565 |
|  Guardant Health, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 59,727 USD | 5209 |
|  Gubra AS | 04/21/26 M | 2.32% | Morgan Stanley & Co. LLC | 212,774 DKK | (700) |
|  Guotai Junan International Holdings Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 742,118 HKD | 2266 |
|  GXO Logistics, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 450,476 USD | 256 |
|  H World Group Ltd. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 593,070 USD | 6437 |
|  H&R Block, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 133,694 USD | 788 |
|  H&R Block, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 721,471 USD | 1820 |
|  H2O America | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 105,418 USD | (47) |
|  Hachijuni Nagano Bank Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 3,907,000 JPY | 528 |
|  Hafnia Ltd. | 04/21/26 M | 4.47% | Morgan Stanley & Co. LLC | 1,007,765 NOK | 6620 |
|  Haleon plc | 04/21/26 M | 0.50% | Morgan Stanley Capital Services LLC | 15,620 GBP | 472 |
|  Halliburton Co. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 77,110 USD | 1338 |
|  Halliburton Co. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 724,735 USD | 11943 |
|  Halma PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 77,568 GBP | 3169 |
|  Halozyme Therapeutics, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 111,451 USD | 3138 |
|  Hamilton Lane, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 25,503 USD | (652) |
|  Hang Lung Properties Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 127,500 HKD | 525 |
|  Hannover Rueck SE | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 276,304 EUR | 20502 |
|  Hansa Biopharma AB | 04/21/26 M | 2.29% | Morgan Stanley & Co. LLC | 16,541 SEK | (6) |
|  Hanwha Corp. | 04/21/26 M | 4.09% | Morgan Stanley Capital Services LLC | 21,981 USD | 811 |
|  Hanwha Engine | 04/21/26 M | 3.00% | Morgan Stanley & Co. LLC | 79,911,500 KRW | 848 |
|  Hanza AB | 04/21/26 M | 2.26% | Morgan Stanley & Co. LLC | 84,915 SEK | (300) |
|  Harley-Davidson, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 21,508 USD | 2938 |
|  Harmony Biosciences Holdings, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 6,707 USD | 100 |
|  Harmony Gold Mining Co., Ltd. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 32,440 USD | 2972 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Haseko Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 3,432,000 JPY | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544 |
|  Havas NV | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 15,642 EUR | 275 |
|  Hawaiian Electric Industries, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 277,200 USD | 11 |
|  Hays PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 7,937 GBP | 506 |
|  HCA Healthcare, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 747,319 USD | 400 |
|  HD Hyundai Co., Ltd. | 04/21/26 M | 3.00% | Morgan Stanley & Co. LLC | 23,473,818 KRW | 774 |
|  HD Hyundai Heavy Industries Co. Ltd. | 04/21/26 M | 3.00% | Morgan Stanley & Co. LLC | 42,670,000 KRW | (632) |
|  HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 04/21/26 M | 3.00% | Morgan Stanley & Co. LLC | 43,554,000 KRW | (856) |
|  HDFC Bank Ltd. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 40,359 USD | 568 |
|  Healthcare Realty Trust, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 21,348 USD | (705) |
|  HealthEquity, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 15,255 USD | 289 |
|  HeartFlow, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 353,430 USD | (255) |
|  Hecla Mining Co. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 270,854 USD | 12471 |
|  Heidelberger Druckmaschinen AG | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 13,713 EUR | (335) |
|  HelloFresh SE | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 13,458 EUR | 764 |
|  Hemnet Group AB | 04/21/26 M | 2.26% | Morgan Stanley & Co. LLC | 775,310 SEK | 3924 |
|  Henkel AG & Co., KGaA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 121,835 EUR | 620 |
|  Henry Schein, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 72,008 USD | (592) |
|  Hercules Capital, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 8,062 USD | 150 |
|  Hershey Co., (The) | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 230,579 USD | (6889) |
|  Hess Midstream LP | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,323,630 USD | (40920) |
|  Hexcel Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 16,676 USD | 562 |
|  HF Sinclair Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 307,068 USD | 202 |
|  Hiab OYJ | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 33,959 EUR | (1089) |
|  Highwoods Properties, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 33,575 USD | 253 |
|  Highwoods Properties, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 169,979 USD | 1280 |
|  Hikma Pharmaceuticals PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 112,034 GBP | 4487 |
|  Hill & Smith PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 23,564 GBP | 123 |
|  Hilton Worldwide Holdings, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 348,477 USD | 3952 |
|  Hinge Health, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 24,676 USD | (2080) |
|  Hino Motors Ltd | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 1,830,825 JPY | (563) |
|  Hirose Electric Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 2,067,500 JPY | 64 |
|  Hiscox Ltd. | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 120,894 GBP | 3019 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Hitachi Construction Machinery Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 6,751,762 JPY | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2096 |
|  Hitachi Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 72,480,000 JPY | (13731) |
|  HMS Networks AB | 04/21/26 M | 2.26% | Morgan Stanley & Co. LLC | 385,172 SEK | 1455 |
|  HNI Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 12,278 USD | (1092) |
|  HNI Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 361,356 USD | (277) |
|  Hochschild Mining PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 87,683 GBP | 9642 |
|  Hoegh Autoliners ASA | 04/21/26 M | 4.47% | Morgan Stanley & Co. LLC | 877,095 NOK | 5170 |
|  Hoist Finance AB | 04/21/26 M | 2.26% | Morgan Stanley & Co. LLC | 101,516 SEK | 371 |
|  Hokkaido Electric Power Co., Inc. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 102,850 JPY | 33 |
|  Holcim AG | 04/21/26 M | 0.46% | Morgan Stanley & Co. LLC | 297,830 CHF | 10169 |
|  Holmen AB | 04/21/26 M | 2.26% | Morgan Stanley & Co. LLC | 81,046 SEK | 332 |
|  Honeywell International, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 292,589 USD | 3962 |
|  Hong Kong Exchanges & Clearing Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 4,208,600 HKD | 18199 |
|  Hormel Foods Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 257,564 USD | (78) |
|  Hornbach Holding AG & Co., KGaA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 7,253 EUR | 205 |
|  Host Hotels & Resorts, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 118,180 USD | 420 |
|  Howden Joinery Group PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 131,564 GBP | 595 |
|  Howmet Aerospace, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 311,101 USD | (7354) |
|  HSBC Holdings PLC | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 713,400 HKD | 7115 |
|  HSBC Holdings PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 433,995 GBP | 28043 |
|  HubSpot, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 297,176 USD | (20367) |
|  Hudbay Minerals, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 542,160 USD | 40009 |
|  Hufvudstaden AB | 04/21/26 M | 2.26% | Morgan Stanley & Co. LLC | 111,071 SEK | 489 |
|  HUGO BOSS AG | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 211,256 EUR | 3502 |
|  Humana, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 415,142 USD | 7930 |
|  Hunting PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 23,150 GBP | 1396 |
|  Huntsman Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 87,216 USD | 19331 |
|  Hydro One Ltd. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 174,596 CAD | 2020 |
|  Hypera SA | 04/21/26 M | 15.05% | Morgan Stanley & Co. LLC | 40,866 BRL | 124 |
|  iA Financial Corp., Inc. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 64,970 CAD | 1460 |
|  IAC, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 12,568 USD | 442 |
|  IAMGOLD Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 114,463 USD | 13231 |
|  IAMGOLD Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 86,425 USD | 9990 |
|  Ibiden Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 20,358,000 JPY | 6834 |
|  Ibstock PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 10,232 GBP | (263) |
|  ICADE | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 20,675 EUR | 165 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  ICF International, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 1,842 USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) |
|  ICG PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 62,817 GBP | 2974 |
|  Ichor Holdings Ltd. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 2,974 USD | 335 |
|  ICON plc | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,133,187 USD | 90270 |
|  IDACORP, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 58,486 USD | 2705 |
|  Ideaya Biosciences Inc | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 570,364 USD | (92) |
|  Idemitsu Kosan Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 3,659,500 JPY | 2467 |
|  IDEXX Laboratories, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 269,586 USD | (7745) |
|  IES Holdings, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 9,440 USD | 89 |
|  IG Group Holdings PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 81,694 GBP | 1192 |
|  IGO Ltd. | 04/21/26 M | 4.60% | Morgan Stanley & Co. LLC | 53,125 AUD | 5541 |
|  IHI Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 36,088,000 JPY | (12807) |
|  IHS Holding Ltd. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 588,468 USD | (714) |
|  Illinois Tool Works, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 377,046 USD | (3530) |
|  Illumina, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 969,472 USD | (3976) |
|  Iluka Resources Ltd. | 04/21/26 M | 4.60% | Morgan Stanley & Co. LLC | 61,924 AUD | 6943 |
|  Imerys SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 13,721 EUR | 538 |
|  Immunovant, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 18,285 USD | 345 |
|  Immunovant, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 937,723 USD | 15189 |
|  Imperial Brands PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 114,571 GBP | 2233 |
|  Imperial Oil Ltd. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 349,887 CAD | 12019 |
|  Impinj, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 982,140 USD | 8093 |
|  Incyte Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 263,655 USD | 10705 |
|  Incyte Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 126,181 USD | 34 |
|  Indivior Pharmaceuticals, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 56,605 USD | 2099 |
|  Industria de Diseno Textil SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 838,423 EUR | 5032 |
|  Infosys Ltd. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 28,090 USD | 444 |
|  ING Groep NV | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 7,230 USD | 377 |
|  Ingevity Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 881,331 USD | (857) |
|  Ingredion, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 30,816 USD | 617 |
|  InnoCare Pharma Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 270,480 HKD | 5533 |
|  InnoScience Suzhou Technology Holding Co. Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 73,515 HKD | (880) |
|  Innospec, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 22,821 USD | 1932 |
|  Innovative Industrial Properties, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 5,552 USD | (235) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Inpex Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 896,600 JPY | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266 |
|  Insight Enterprises, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 28,661 USD | (1656) |
|  Insperity, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 40,575 USD | 1094 |
|  Inspire Medical Systems, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 84,395 USD | (938) |
|  Instalco AB | 04/21/26 M | 2.29% | Morgan Stanley & Co. LLC | 31,918 SEK | 9 |
|  Insulet Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 132,989 USD | (9603) |
|  Intact Financial Corp. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 138,689 CAD | (758) |
|  Intapp, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 150,558 USD | (143) |
|  Integer Holdings Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 44,002 USD | (2) |
|  IntegraFin Holdings PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 22,713 GBP | 210 |
|  Intel Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 52,020 USD | 142 |
|  Intellia Therapeutics, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 104,185 USD | (2305) |
|  Intercontinental Exchange, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 836,906 USD | 452 |
|  InterContinental Hotels Group PLC | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 13,470 USD | 143 |
|  InterDigital, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 151,270 USD | (4498) |
|  InterDigital, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,484,893 USD | (23515) |
|  Intermestic, Inc. | 04/21/26 M | 1.08% | Goldman Sachs & Co. | 310,636,244 JPY | (48535) |
|  International Bancshares Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 57,983 USD | 21 |
|  International Business Machines Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 442,720 USD | (10781) |
|  International Consolidated Airlines Group SA | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 512,545 GBP | (8807) |
|  International Paper Co. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 445,922 USD | 1756 |
|  International Petroleum Corp. | 04/21/26 M | 2.26% | Morgan Stanley & Co. LLC | 498,043 SEK | 5461 |
|  Internet Initiative Japan, Inc. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 2,386,500 JPY | 496 |
|  Interroll Holding AG | 04/21/26 M | 0.46% | Morgan Stanley & Co. LLC | 22,650 CHF | (572) |
|  Intuit, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 861,395 USD | (36414) |
|  Intuitive Machines, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 120,723 USD | (10402) |
|  Intuitive Surgical, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 239,976 USD | (8559) |
|  Invesco Ltd. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 96,316 USD | 2107 |
|  Investec PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 27,721 GBP | 1192 |
|  Investor AB | 04/21/26 M | 2.26% | Morgan Stanley & Co. LLC | 5,427,731 SEK | 34764 |
|  Invitation Homes, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 108,969 USD | 396 |
|  Ionis Pharmaceuticals, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 95,081 USD | 5389 |
|  Ipsen SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 102,368 EUR | 10441 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  IPSOS SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 41,124 EUR | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420 |
|  IQVIA Holdings, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 491,530 USD | 10540 |
|  IREN Ltd. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 38,113 USD | (7124) |
|  IRhythm Holdings, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 36,033 USD | (37) |
|  Iridium Communications, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 155,572 USD | 216 |
|  Isetan Mitsukoshi Holdings Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 6,405,500 JPY | 2017 |
|  ISS AS | 04/21/26 M | 2.32% | Morgan Stanley & Co. LLC | 232,632 DKK | 1644 |
|  Itron, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 5,791 USD | (234) |
|  ITT, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 54,335 USD | 728 |
|  ITV PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 20,375 GBP | (14) |
|  J D Wetherspoon PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 15,054 GBP | (509) |
|  J Sainsbury PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 92,498 GBP | 5126 |
|  J&J Snack Foods Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 11,770 USD | 437 |
|  J.M. Smucker Co.(The) | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 60,118 USD | 832 |
|  Jabil, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 204,488 USD | (484) |
|  Jack Henry & Associates, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 119,275 USD | 45 |
|  Jackson Financial, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 30,308 USD | 351 |
|  Jacobs Solutions, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 70,032 USD | (1046) |
|  Jacobs Solutions, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 171,171 USD | 21 |
|  Janux Therapeutics, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 20,419 USD | 0 |
|  Japan Airlines Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 1,799,000 JPY | 93 |
|  Japan Exchange Group, Inc. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 10,782,250 JPY | 961 |
|  Japan Metropolitan Fund Invest | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 2,356,000 JPY | (761) |
|  Japan Petroleum Exploration Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 1,051,179 JPY | (35) |
|  Japan Real Estate Investment Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 5,997,600 JPY | (1822) |
|  Japan Tobacco, Inc. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 105,397,069 JPY | 45625 |
|  JB Hi-Fi Ltd. | 04/21/26 M | 4.60% | Morgan Stanley & Co. LLC | 10,465 AUD | 16 |
|  JD Health International, Inc. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 63,878 HKD | 94 |
|  Jefferies Financial Group, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 222,271 USD | 9666 |
|  JetBlue Airways Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 13,906 USD | 728 |
|  JGC Holdings Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 6,959,800 JPY | 6154 |
|  Jiangxi Copper Co., Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 102,540 HKD | 247 |
|  JM AB | 04/21/26 M | 2.26% | Morgan Stanley & Co. LLC | 421,462 SEK | 3709 |
|  Joby Aviation, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 156,201 USD | (17169) |
|  Johnson Electric Holdings Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 23,360 HKD | 55 |
|  Johnson Matthey PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 74,908 GBP | 5166 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Johnson Service Group PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 6,261 GBP | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(153) |
|  Jones Lang LaSalle, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 2,751,431 USD | 20620 |
|  JPMorgan Chase & Co. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 556,137 USD | 13651 |
|  JTEKT Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 1,299,200 JPY | 396 |
|  Jumia Technologies AG | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 6,641 USD | (169) |
|  Jungheinrich AG | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 74,561 EUR | (4347) |
|  Jupiter Fund Management PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 19,689 GBP | 209 |
|  JX Advanced Metals Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 46,155,300 JPY | 12820 |
|  Jyske Bank AS | 04/21/26 M | 2.32% | Morgan Stanley & Co. LLC | 357,856 DKK | 2557 |
|  K+S AG | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 39,965 EUR | 3832 |
|  Kainos Group PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 10,380 GBP | 173 |
|  Kandenko Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 1,183,600 JPY | 138 |
|  Kansai Electric Power Co., Inc. (The) | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 10,653,250 JPY | 4366 |
|  Kao Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 14,412,000 JPY | 2616 |
|  Kaspi.KZ JSC | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 707,846 USD | 3226 |
|  Kaufman & Broad SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 12,197 EUR | (370) |
|  Kawasaki Kisen Kaisha Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 34,796,250 JPY | 8772 |
|  KB Home | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 62,711 USD | (1698) |
|  KBR, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 161,425 USD | (15) |
|  KDDI Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 30,369,600 JPY | 2746 |
|  KDX Realty Investment Corp | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 483,500 JPY | 7 |
|  Keller Group PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 31,317 GBP | (1180) |
|  Kennametal, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 21,984 USD | 309 |
|  Kering SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 156,192 EUR | 12899 |
|  Keurig Dr. Pepper, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 25,010 USD | (207) |
|  Kewpie Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 3,647,700 JPY | (125) |
|  KeyCorp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 185,299 USD | 3772 |
|  Keyera Corp. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 28,532 CAD | 185 |
|  Keysight Technologies, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 158,559 USD | (3538) |
|  Kier Group PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 31,840 GBP | (2473) |
|  Kilroy Realty Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 46,252 USD | (805) |
|  Kimberly-Clark Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 206,259 USD | (6181) |
|  Kimberly-Clark Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,588,117 USD | (47588) |
|  Kinaxis, Inc. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 27,327 CAD | 36 |
|  Kinden Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 4,855,900 JPY | 895 |
|  Kinder Morgan, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 6,781,254 USD | (32403) |
|  Kingfisher PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 98,428 GBP | (1650) |
|  Kingsoft Corp. Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 191,060 HKD | (475) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Kinnevik AB | 04/21/26 M | 2.26% | Morgan Stanley & Co. LLC | 1,436,529 SEK | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5776 |
|  Kinross Gold Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 238,399 USD | 23219 |
|  Kinross Gold Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 229,125 USD | 263 |
|  Kinsale Capital Group, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 353,966 USD | 14685 |
|  KION Group AG | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 114,705 EUR | 2120 |
|  Kioxia Holdings Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 6,439,500 JPY | (1395) |
|  Kirby Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 12,358 USD | 0 |
|  Kitron ASA | 04/21/26 M | 4.47% | Morgan Stanley & Co. LLC | 820,159 NOK | (2740) |
|  KKR & Co., Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 485,176 USD | 8866 |
|  Klaviyo, Inc. | 04/21/26 M | 3.64% | Citibank N.A. | 534,309 USD | 13801 |
|  Klaviyo, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 37,618 USD | 972 |
|  Klaviyo, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 315,047 USD | 1470 |
|  Klepierre SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 420,099 EUR | 14791 |
|  Knight-Swift Transportation Holdings, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 8,983 USD | 0 |
|  Knorr-Bremse AG | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 92,857 EUR | (274) |
|  Kobe Steel Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 6,795,250 JPY | (340) |
|  Kodiak Gas Services, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 539,670 USD | (1435) |
|  Kohl's Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 14,452 USD | (275) |
|  Koito Manufacturing Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 3,910,400 JPY | 636 |
|  Komatsu Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 2,974,500 JPY | 1168 |
|  Komax Holding AG | 04/21/26 M | 0.46% | Morgan Stanley & Co. LLC | 5,515 CHF | 310 |
|  Konami Group Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 13,881,000 JPY | (1205) |
|  Kone OYJ | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 155,715 EUR | 303 |
|  Kongsberg Gruppen ASA | 04/21/26 M | 4.47% | Morgan Stanley & Co. LLC | 3,356,179 NOK | 11541 |
|  Koninklijke Ahold Delhaize NV | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 305,898 EUR | 2030 |
|  Koninklijke BAM Groep NV | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 104,522 EUR | (2472) |
|  Koninklijke KPN NV | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 368,508 EUR | 14722 |
|  Koninklijke Philips NV | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 11,884 USD | 226 |
|  Koninklijke Vopak NV | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 133,054 EUR | 4904 |
|  KOREA GAS Corp. | 04/21/26 M | 3.00% | Morgan Stanley & Co. LLC | 2,833,777 KRW | 54 |
|  Kose Holdings Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 581,100 JPY | 79 |
|  Kraft Heinz Co., (The) | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 133,220 USD | 8040 |
|  Kraft Heinz Co., (The) | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 147,483 USD | (83) |
|  Kraftia Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 3,679,200 JPY | 1012 |
|  KraneShares CSI China Internet ETF | 04/21/26 M | 4.39% | Morgan Stanley Capital Services LLC | 7,357,144 USD | (2587) |
|  Krones AG | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 27,798 EUR | 197 |
|  KT Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 91,290 USD | 816 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  KT&G Corp. | 04/21/26 M | 3.00% | Morgan Stanley & Co. LLC | 12,682,180 KRW | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107 |
|  Kulicke & Soffa Industries, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 19,394 USD | 125 |
|  Kulicke & Soffa Industries, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 63,994 USD | 412 |
|  Kunlun Energy Co., Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 334,979 HKD | (6171) |
|  Kyowa Kirin Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 516,989 JPY | 16 |
|  Kyushu Electric Power Co., Inc. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 2,576,250 JPY | 1154 |
|  Kyushu Railway Co., | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 8,146,600 JPY | 832 |
|  L&K Engineering Co., Ltd. | 04/21/26 M | 2.10% | Morgan Stanley & Co. LLC | 659,574 TWD | (3509) |
|  L3Harris Technologies, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 487,171 USD | (165) |
|  Labcorp Holdings, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 51,826 USD | 468 |
|  Laboratorios Farmaceuticos Rovi SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 138,528 EUR | 7977 |
|  Lam Research Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 735,459 USD | (58798) |
|  Lam Research Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 561,810 USD | (47317) |
|  Lamar Advertising Co. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 175,032 USD | 12 |
|  Lancashire Holdings Ltd. | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 34,140 GBP | 1265 |
|  Landbridge Co. LLC | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 463,941 USD | (20916) |
|  Landis & Gyr Group AG | 04/21/26 M | 0.46% | Morgan Stanley & Co. LLC | 38,777 CHF | 1166 |
|  Lanxess AG | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 52,007 EUR | 15545 |
|  Lasertec Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 28,827,000 JPY | 18677 |
|  Lattice Semiconductor Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 11,170 USD | 54 |
|  Lazard, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 46,184 USD | 2668 |
|  Lazard, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 494,390 USD | (348) |
|  La-Z-Boy, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 24,984 USD | (525) |
|  Lear Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 243,823 USD | 4512 |
|  LEG Immobilien SE | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 16,052 EUR | 510 |
|  Legalzoom.com, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 20,366 USD | (1978) |
|  Legend Biotech Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 631,548 USD | 31522 |
|  Leidos Holdings, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 33,413 USD | (287) |
|  LEM Holding SA | 04/21/26 M | 0.46% | Morgan Stanley & Co. LLC | 17,130 CHF | 692 |
|  Lemonade, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 214,720 USD | (13454) |
|  Lennar Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 314,493 USD | (22276) |
|  Lennar Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,236,298 USD | (391) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Lenovo Group Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 177,200 HKD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1456 |
|  Leroy Seafood Group ASA | 04/21/26 M | 4.47% | Morgan Stanley & Co. LLC | 186,966 NOK | 630 |
|  Levi Strauss & Co. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 96,612 USD | (575) |
|  LG Chem Ltd. | 04/21/26 M | 4.09% | Morgan Stanley Capital Services LLC | 51,409 USD | 3370 |
|  LG Corp. | 04/21/26 M | 4.09% | Morgan Stanley Capital Services LLC | 14,067 USD | (214) |
|  LG Uplus Corp. | 04/21/26 M | 3.00% | Morgan Stanley & Co. LLC | 64,378,150 KRW | 2219 |
|  LGI Homes, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 3,159 USD | 280 |
|  Li Ning Co. Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 63,240 HKD | 223 |
|  Liberty Broadband Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,350,168 USD | (1876) |
|  Liberty Energy, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 15,632 USD | (166) |
|  Liberty Media Corp.-Liberty Formula One | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 130,233 USD | 3589 |
|  Life360, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 2,883 USD | (26) |
|  Life360, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 528,863 USD | 450 |
|  Lincoln Electric Holdings, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 48,013 USD | (688) |
|  Lincoln National Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 10,028 USD | 231 |
|  Lindab International AB | 04/21/26 M | 2.26% | Morgan Stanley & Co. LLC | 55,818 SEK | 247 |
|  Lindsay Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 12,975 USD | 4 |
|  Linea Directa Aseguradora SA Cia de Seguros y Reaseguros | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 8,581 EUR | 82 |
|  Link REIT | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 177,300 HKD | 563 |
|  Lion Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 1,116,850 JPY | 304 |
|  Lion Finance Group PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 53,581 GBP | 822 |
|  Liontrust Asset Management PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 7,587 GBP | (99) |
|  Liquidia Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 46,221 USD | 2916 |
|  Liquidia Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 379,948 USD | 660 |
|  LISI SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 16,628 EUR | 957 |
|  Lithium Americas Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 10,965 USD | 28 |
|  Littelfuse, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 289,395 USD | 410 |
|  Live Nation Entertainment, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 196,186 USD | (211) |
|  Lixil Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 2,120,300 JPY | 64 |
|  Lloyds Banking Group PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 974,811 GBP | 13381 |
|  Loblaw Cos. Ltd. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 107,846 CAD | 159 |
|  Loews Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 104,341 USD | 478 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Loews Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 92,854 USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
|  Logista Integral SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 89,432 EUR | 5083 |
|  Logitech International SA | 04/21/26 M | 0.46% | Morgan Stanley & Co. LLC | 880,897 CHF | 51147 |
|  Logitech International SA | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 115,170 USD | 279 |
|  Lojas Renner SA | 04/21/26 M | 15.05% | Morgan Stanley & Co. LLC | 117,152 BRL | (1011) |
|  London Stock Exchange Group PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 71,875 GBP | 5477 |
|  LondonMetric Property PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 39,815 GBP | 379 |
|  Lonza Group AG | 04/21/26 M | 0.46% | Morgan Stanley & Co. LLC | 574,902 CHF | 70081 |
|  Loomis AB | 04/21/26 M | 2.26% | Morgan Stanley & Co. LLC | 849,872 SEK | 5331 |
|  L'Oreal SA | 04/21/26 M | 2.43% | Morgan Stanley Capital Services LLC | 135,201 EUR | 3778 |
|  Louisiana-Pacific Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 578,093 USD | (385) |
|  LPL Financial Holdings, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 191,858 USD | (230) |
|  LS Corp. | 04/21/26 M | 3.00% | Morgan Stanley & Co. LLC | 24,341,500 KRW | 14 |
|  LS Corp. | 04/21/26 M | 4.09% | Morgan Stanley Capital Services LLC | 28,222 USD | (341) |
|  Lumen Technologies, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 44,946 USD | 1195 |
|  Lumentum Holdings, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 3,841,346 USD | (130773) |
|  Lundin Gold, Inc. | 04/21/26 M | 2.11% | Morgan Stanley & Co. LLC | 84,505 SEK | 795 |
|  Lundin Mining Corp. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 83,120 CAD | 5185 |
|  LVMH Moet Hennessy Louis Vuitton SE | 04/21/26 M | 2.19% | Morgan Stanley Capital Services LLC | 42,927 EUR | 674 |
|  LVMH Moet Hennessy Louis Vuitton SE | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 2,056,097 EUR | 33090 |
|  M/I Homes, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 8,033 USD | (74) |
|  Macquarie Group Ltd. | 04/21/26 M | 4.60% | Morgan Stanley Capital Services LLC | 21,391 AUD | 868 |
|  Macy's, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 112,940 USD | 376 |
|  Madison Square Garden Sports Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 198,909 USD | 7109 |
|  Madrigal Pharmaceuticals, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 48,801 USD | 8257 |
|  Magna International, Inc. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 149,391 CAD | 5645 |
|  Magnolia Oil & Gas Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 13,296 USD | 280 |
|  Makita Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 3,584,700 JPY | 419 |
|  Manhattan Associates, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 130,551 USD | (4753) |
|  Manhattan Associates, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 225,854 USD | (10066) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  ManpowerGroup, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 41,329 USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2389 |
|  Manulife Financial Corp. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 466,143 CAD | 5184 |
|  Maplebear, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 97,130 USD | (1682) |
|  Marathon Petroleum Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 211,370 USD | 10590 |
|  Marathon Petroleum Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 675,027 USD | 131 |
|  Markel Group, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 32,116 USD | 423 |
|  MarketAxess Holdings, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 509,345 USD | 443 |
|  Marks & Spencer Group PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 70,982 GBP | 2178 |
|  Marsh & McLennan Cos., Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 402,683 USD | (973) |
|  Marsh & McLennan Cos., Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 646,435 USD | (1374) |
|  Marshalls PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 10,190 GBP | (693) |
|  Martin Marietta Materials, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 486,380 USD | (719) |
|  Marui Group Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 5,416,200 JPY | 760 |
|  Marvell Technology, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 109,593 USD | 14219 |
|  Marvell Technology, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 927,081 USD | 621 |
|  Marzetti Co., (The) | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 2,574 USD | (84) |
|  Marzetti Co., (The) | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 114,114 USD | (3727) |
|  MasTec, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 653,255 USD | 23364 |
|  Mastercard, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 61,547 USD | (89) |
|  Mastercard, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 4,355,019 USD | (5479) |
|  Matador Resources Co. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 286,432 USD | 16453 |
|  Materion Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,584,931 USD | (290) |
|  MatsukiyoCocokara & Co. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 5,008,500 JPY | 1866 |
|  Mattel, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 116,884 USD | (3870) |
|  MBB SE | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 1,696 EUR | (185) |
|  McCormick & Co., Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 131,368 USD | (6932) |
|  McCormick & Co., Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 18,212 USD | (961) |
|  McDonald's Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 509,284 USD | 3830 |
|  McDonald's Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,708,339 USD | 12195 |
|  McKesson Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 353,990 USD | (4384) |
|  McKesson Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,186,091 USD | (12663) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  MDU Resources Group, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 42,993 USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1348 |
|  MDU Resources Group, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 198,493 USD | (36) |
|  Mebuki Financial Group, Inc. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 8,431,500 JPY | 3805 |
|  Medibank Pvt Ltd. | 04/21/26 M | 4.60% | Morgan Stanley & Co. LLC | 40,510 AUD | 490 |
|  Medpace Holdings, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 123,371 USD | 6280 |
|  Medpace Holdings, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 101,818 USD | (18) |
|  Medtronic PLC | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 214,438 USD | (1279) |
|  Medtronic PLC | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,034,382 USD | (994) |
|  MEIJI Holdings Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 7,720,000 JPY | 132 |
|  Melia Hotels International SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 53,162 EUR | 2633 |
|  Melrose Industries PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 58,590 GBP | 3161 |
|  MercadoLibre, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 151,613 USD | 5728 |
|  MercadoLibre, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 594,519 USD | 1993 |
|  Mercedes-Benz Group AG | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 826,674 EUR | 22917 |
|  Mercialys SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 42,548 EUR | 619 |
|  Mercury Systems, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 361,364 USD | (459) |
|  Merit Medical Systems, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 39,136 USD | 361 |
|  Meritage Homes Corp. | 04/21/26 M | 3.64% | Citibank N.A. | 313,877 USD | 2559 |
|  Merlin Properties Socimi SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 264,281 EUR | 14186 |
|  Meta Platforms, Inc. | 04/21/26 M | 3.94% | Morgan Stanley & Co. LLC | 1,156,079 USD | 64846 |
|  Meta Platforms, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 3,905,781 USD | (134872) |
|  Metalurgica Gerdau SA | 04/21/26 M | 15.05% | Morgan Stanley & Co. LLC | 107,311 BRL | 991 |
|  MetLife, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 350,429 USD | 8829 |
|  Metro, Inc. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 28,803 CAD | (110) |
|  Metsa Board OYJ | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 16,182 EUR | 2178 |
|  Mettler-Toledo International, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 174,709 USD | 3120 |
|  Mettler-Toledo International, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 24,781 USD | 443 |
|  MGIC Investment Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 40,280 USD | 592 |
|  MGM Resorts International | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,373,167 USD | 2125 |
|  Miami International Holdings, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 205,119 USD | 28 |
|  Microchip Technology, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 72,061 USD | 302 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Micron Technology, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 323,397 USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51098) |
|  Micron Technology, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 3,603,567 USD | (592737) |
|  Microsoft Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 622,758 USD | (20862) |
|  Microsoft Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 5,263,124 USD | (155889) |
|  Mid-America Apartment Communities, Inc. | 04/21/26 M | 3.94% | Morgan Stanley & Co. LLC | 1,806,457 USD | (3699) |
|  Middleby Corp. (The) | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 53,051 USD | (19) |
|  Midea Group Co., Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 629,460 HKD | 3669 |
|  Millrose Properties, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 11,881 USD | (261) |
|  Millrose Properties, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 584,138 USD | (12854) |
|  Minebea Mitsumi, Inc. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 1,524,600 JPY | 357 |
|  Mineral Resources Ltd. | 04/21/26 M | 4.60% | Morgan Stanley & Co. LLC | 136,285 AUD | 9070 |
|  Mineralys Therapeutics, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 37,343 USD | 5432 |
|  Mini Bovespa Index | 04/21/26 M | 0.00% | Morgan Stanley & Co. LLC | 5,105,304 BRL | 133675 |
|  MIPS AB | 04/21/26 M | 2.26% | Morgan Stanley & Co. LLC | 171,345 SEK | 1383 |
|  Mirvac Group | 04/21/26 M | 4.60% | Morgan Stanley & Co. LLC | 144,455 AUD | 336 |
|  MISUMI Group, Inc. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 794,550 JPY | 136 |
|  Mitchells & Butlers PLC | 04/21/26 M | 3.95% | Morgan Stanley & Co. LLC | 3,001 GBP | (40) |
|  Mitsubishi Chemical Group Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 519,660 JPY | 233 |
|  Mitsubishi Electric Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 13,374,400 JPY | 766 |
|  Mitsubishi Gas Chemical Co., Inc. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 720,254 JPY | 154 |
|  Mitsubishi Heavy Industries Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 100,277,400 JPY | (21866) |
|  Mitsubishi Logistics Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 667,000 JPY | 19 |
|  Mitsubishi UFJ Financial Group, Inc. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 41,544,900 JPY | 12555 |
|  Mitsui Fudosan Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 54,762,500 JPY | 1406 |
|  Mitsui Kinzoku Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 29,190,000 JPY | 5759 |
|  Mitsui OSK Lines Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 8,296,600 JPY | 1752 |
|  MKS, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 104,819 USD | (2324) |
|  MKS, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 324,534 USD | (3949) |
|  MMG Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 85,440 HKD | 473 |
|  Mobico Group PLC | 04/21/26 M | 4.04% | Morgan Stanley & Co. LLC | 3,087 GBP | (450) |
|  Mobileye Global, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 4,394 USD | (519) |
|  Modec, Inc. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 1,452,000 JPY | 317 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Modern Times Group MTG AB | 04/21/26 M | 2.26% | Morgan Stanley & Co. LLC | 102,017 SEK | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736 |
|  Moderna, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 138,097 USD | (1293) |
|  Modine Manufacturing Co. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 346,811 USD | 8594 |
|  Mohawk Industries, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 42,361 USD | (1402) |
|  Molina Healthcare, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 693,858 USD | (8430) |
|  Molten Ventures PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 16,838 GBP | 49 |
|  Monday.com Ltd. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 102,035 USD | (8599) |
|  MongoDB, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 757,555 USD | 253 |
|  Moody's Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 202,451 USD | (2212) |
|  Moody's Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 2,135,326 USD | (17768) |
|  Moog, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 33,590 USD | (229) |
|  MoonLake Immunotherapeutics | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 5,382 USD | 565 |
|  Moonpig Group PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 38,804 GBP | (844) |
|  Morgan Sindall Group PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 40,957 GBP | (902) |
|  Morningstar, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 51,046 USD | 7 |
|  Mosaic Co., (The) | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 90,444 USD | 5334 |
|  MP Materials Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 32,234 USD | (3037) |
|  MPC Container Ships ASA | 04/21/26 M | 4.47% | Morgan Stanley & Co. LLC | 834,766 NOK | 3535 |
|  MPLX LP | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 9,954,195 USD | (268161) |
|  MRV Engenharia e Participacoes SA | 04/21/26 M | 15.05% | Morgan Stanley & Co. LLC | 11,689 BRL | 65 |
|  MS Alpha Swap | 04/21/26 M | 0.20% | Morgan Stanley Capital Services LLC | 138,869,230 USD | 890187 |
|  MS Alpha Swap | 04/21/26 M | 0.30% | Morgan Stanley Capital Services LLC | 174,482,646 USD | 556139 |
|  MS Alpha Swap | 04/21/26 M | 0.30% | Morgan Stanley Capital Services LLC | 136,674,007 USD | 1413881 |
|  MS Alpha Swap | 04/21/26 M | 0.75% | Morgan Stanley Capital Services LLC | 208,440,363 USD | (536262) |
|  MS Alpha Swap | 04/21/26 M | 4.29% | Morgan Stanley Capital Services LLC | 180,874,038 USD | (2426907) |
|  MS&AD Insurance Group Holdings, Inc. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 14,004,000 JPY | 5705 |
|  MSCI, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 779,019 USD | (12007) |
|  MTU Aero Engines AG | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 135,372 EUR | 2226 |
|  Mueller Water Products, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 19,670 USD | (289) |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 137,227 EUR | 8113 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Multiplan Empreendimentos Imobiliarios SA | 04/21/26 M | 15.05% | Morgan Stanley & Co. LLC | 144,755 BRL | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524 |
|  Murata Manufacturing Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 8,068,400 JPY | 767 |
|  Murphy Oil Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 21,174 USD | 2049 |
|  Murphy USA, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 21,562 USD | 1654 |
|  Mycronic AB | 04/21/26 M | 2.26% | Morgan Stanley & Co. LLC | 590,897 SEK | 1646 |
|  MYR Group, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 51,585 USD | 1491 |
|  MYR Group, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,647,891 USD | 25138 |
|  Nagarro SE | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 35,530 EUR | 143 |
|  NANO Nuclear Energy, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 7,157 USD | (500) |
|  Nanya Technology Corp. | 04/21/26 M | 2.10% | Morgan Stanley & Co. LLC | 13,603,000 TWD | (18895) |
|  Natera, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 171,677 USD | (86) |
|  National Australia Bank Ltd. | 04/21/26 M | 4.60% | Morgan Stanley Capital Services LLC | 24,607 AUD | (1068) |
|  National Bank of Canada | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 763,844 CAD | 2544 |
|  National Energy Services Reunited Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 599,173 USD | (5270) |
|  National Fuel Gas Co. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,002,011 USD | 5992 |
|  National Grid plc | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 18,053 USD | 559 |
|  National Grid PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 211,102 GBP | 14840 |
|  National Grid PLC | 04/21/26 M | 4.23% | Morgan Stanley Capital Services LLC | 10,088 GBP | 709 |
|  National Health Investors, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 19,757 USD | (350) |
|  National Health Investors, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 331,397 USD | 48 |
|  Naturgy Energy Group SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 235,785 EUR | 4710 |
|  NatWest Group PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 1,177,590 GBP | 86668 |
|  NCC AB | 04/21/26 M | 2.26% | Morgan Stanley & Co. LLC | 734,822 SEK | 1380 |
|  NCR Voyix Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 15,575 USD | (592) |
|  Nebius Group NV | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 6,392 USD | (582) |
|  Nebius Group NV | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 612,415 USD | (55742) |
|  NEC Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 17,283,200 JPY | 584 |
|  Neinor Homes SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 35,095 EUR | 1159 |
|  NEL ASA | 04/21/26 M | 4.47% | Morgan Stanley & Co. LLC | 89,706 NOK | (81) |
|  Nelnet, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 9,271 USD | 14 |
|  Nelnet, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 136,357 USD | 212 |
|  Nemetschek SE | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 232,655 EUR | (15214) |
|  NetEase Cloud Music, Inc. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 197,315 HKD | 586 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  NetEase, Inc. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 562,560 HKD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(241) |
|  NetEase, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 290,026 USD | (3684) |
|  Netflix, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 744,819 USD | 21977 |
|  NetScout Systems, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 392,157 USD | 132 |
|  NETSTREIT Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 24,136 USD | (241) |
|  Neurocrine Biosciences, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 215,350 USD | 7950 |
|  New China Life Insurance Co., Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 403,536 HKD | (1455) |
|  New Hope Corp. Ltd. | 04/21/26 M | 4.60% | Morgan Stanley & Co. LLC | 22,578 AUD | 661 |
|  New Jersey Resources Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 67,799 USD | 1181 |
|  New York Times Co. (The) | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 11,806 USD | 0 |
|  Newmark Group, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 2,692 USD | 81 |
|  Newmark Group, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 451,645 USD | 63 |
|  NewMarket Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 2,465 USD | 98 |
|  NewMarket Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 219,073 USD | 132 |
|  Newmont Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 173,082 USD | 16139 |
|  Newmont Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,128,036 USD | 16166 |
|  NewPrinces SpA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 1,558 EUR | 367 |
|  News Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 123,022 USD | 3398 |
|  News Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 222,131 USD | (303) |
|  Nexans SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 21,442 EUR | 384 |
|  NexGen Energy Ltd. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 128,859 USD | 40 |
|  Nexity SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 2,089 EUR | 57 |
|  Nexstar Media Group, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 180,738 USD | (38787) |
|  Next PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 409,533 GBP | 30510 |
|  NGK Insulators Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 5,308,800 JPY | 2631 |
|  NH Foods Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 13,422,000 JPY | 4248 |
|  Nice Ltd. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 7,606 USD | (439) |
|  Nichirei Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 4,030,950 JPY | 662 |
|  Nicolet Bankshares, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 392,999 USD | (48) |
|  NIDEC Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 45,449,400 JPY | (18444) |
|  NIKE, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 461,078 USD | 621 |
|  Nikon Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 3,080,000 JPY | 132 |
|  Nine Dragons Paper Holdings Ltd | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 13,057 HKD | 30 |
|  Nintendo Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 19,807,200 JPY | (4925) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  NioCorp Developments Ltd. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 7,248 USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(326) |
|  Nippon Electric Glass Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 3,565,800 JPY | 624 |
|  Nippon Sanso Holdings Corp | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 1,136,585 JPY | (70) |
|  Nippon Shinyaku Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 1,970,400 JPY | 743 |
|  Nippon Shokubai Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 911,000 JPY | 49 |
|  Nippon Television Holdings, Inc. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 2,175,600 JPY | 400 |
|  Nippon Yusen KK | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 9,713,800 JPY | 1242 |
|  Nissan Chemical Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 9,468,800 JPY | 2555 |
|  Nisshin Seifun Group, Inc. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 1,818,450 JPY | 425 |
|  Nissin Foods Holdings Co. Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 1,999,900 JPY | 684 |
|  Nitto Denko Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 3,687,600 JPY | 770 |
|  nLight, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 46,936 USD | (8676) |
|  NMI Holdings, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 8,105 USD | 72 |
|  NN Group NV | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 449,659 EUR | 13344 |
|  NNN REIT, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 2,126 USD | (25) |
|  Noble Corp. PLC | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 866,638 USD | 21725 |
|  Nokia OYJ | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 61,231 USD | 202 |
|  Nomura Research Institute Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 21,145,000 JPY | 3604 |
|  Nongfu Spring Co., Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 394,176 HKD | 7782 |
|  Nordex SE | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 87,956 EUR | 6830 |
|  Nordic Semiconductor ASA | 04/21/26 M | 4.47% | Morgan Stanley & Co. LLC | 1,276,989 NOK | 7357 |
|  Norsk Hydro ASA | 04/21/26 M | 4.47% | Morgan Stanley & Co. LLC | 1,028,642 NOK | 18811 |
|  North Pacific Bank Ltd | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 281,171 JPY | 57 |
|  Northern Trust Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 46,844 USD | 749 |
|  Northern Trust Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 353,159 USD | 2187 |
|  Northland Power, Inc. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 144,006 CAD | 5907 |
|  Northrop Grumman Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 415,269 USD | 215 |
|  Northsand, Inc. | 04/21/26 M | 1.08% | Goldman Sachs & Co. | 42,022,800 JPY | (11976) |
|  Norwegian Air Shuttle ASA | 04/21/26 M | 4.47% | Morgan Stanley & Co. LLC | 1,312,246 NOK | (482) |
|  Norwegian Cruise Line Holdings Ltd. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 70,487 USD | (3241) |
|  NOS SGPS SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 26,623 EUR | 1100 |
|  Note AB | 04/21/26 M | 2.26% | Morgan Stanley & Co. LLC | 79,324 SEK | (114) |
|  NOV, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 51,266 USD | (1250) |
|  NOV, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 168,869 USD | (125) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Novanta, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 739,820 USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(215) |
|  Novo Nordisk A/S | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 138,075 USD | (263) |
|  Novocure Ltd. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 16,749 USD | (1304) |
|  NRG Energy, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 248,903 USD | (9233) |
|  NRG Energy, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 634,792 USD | (398) |
|  NSK Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 6,859,566 JPY | 714 |
|  Nucor Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,503,716 USD | 60290 |
|  NuScale Power Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 361,846 USD | (26597) |
|  Nutex Health, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 5,889 USD | 4 |
|  Nutrien Ltd. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 274,200 CAD | 9875 |
|  NVIDIA Corp. | 04/21/26 M | 3.94% | Bank Of America Merrill Lynch | 230,791 USD | (1629) |
|  NVR, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 104,491 USD | 946 |
|  Obic Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 25,792,800 JPY | (2329) |
|  Ocado Group PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 21,267 GBP | (1442) |
|  OceanaGold Corp. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 12,491 CAD | 479 |
|  Odfjell Drilling Ltd. | 04/21/26 M | 4.47% | Morgan Stanley & Co. LLC | 433,299 NOK | 2046 |
|  OGE Energy Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 94,140 USD | 2644 |
|  O-I Glass, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 4,467 USD | (126) |
|  Okeanis Eco Tankers Corp. | 04/21/26 M | 4.47% | Morgan Stanley & Co. LLC | 523,246 NOK | 4922 |
|  Old Republic International Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 3,673 USD | 157 |
|  Olympus Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 2,340,900 JPY | 1446 |
|  Omega Healthcare Investors, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 12,779 USD | (291) |
|  ON Semiconductor Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 208,836 USD | 7079 |
|  ON Semiconductor Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 55,463 USD | 17 |
|  On the Beach Group PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 15,217 GBP | (1163) |
|  Ondas, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 139,869 USD | (23868) |
|  ONE Gas, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 83,624 USD | 1042 |
|  OneMain Holdings, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 60,401 USD | 952 |
|  OneMain Holdings, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 679,922 USD | 8281 |
|  ONEOK, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 491,143 USD | 2567 |
|  Ono Pharmaceutical Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 11,660,000 JPY | 6780 |
|  Onto Innovation, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 67,762 USD | (1525) |
|  Onto Innovation, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 437,134 USD | (3206) |
|  Open House Group Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 1,931,600 JPY | 647 |
|  Opendoor Technologies, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 89,197 USD | (7363) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  OPENLANE, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 2,254 USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 |
|  OPENLANE, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 506,598 USD | 87 |
|  Opmobility | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 6,465 EUR | 117 |
|  Option Care Health, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 19,290 USD | (1012) |
|  OR Royalties, Inc. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 30,560 CAD | 2706 |
|  OR Royalties, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 270,276 USD | 28790 |
|  Orchid Island Capital, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 22,984 USD | 433 |
|  O'Reilly Automotive, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 382,752 USD | 8920 |
|  O'Reilly Automotive, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 862,403 USD | 35035 |
|  Organon & Co. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 14,543 USD | (239) |
|  Orica Ltd. | 04/21/26 M | 4.60% | Morgan Stanley & Co. LLC | 227,592 AUD | 12063 |
|  Orient Overseas International Ltd | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 70,986 HKD | (136) |
|  Origin Energy Ltd. | 04/21/26 M | 4.60% | Morgan Stanley & Co. LLC | 225,020 AUD | 3048 |
|  Orion Corp. | 04/21/26 M | 3.00% | Morgan Stanley & Co. LLC | 10,108,800 KRW | 149 |
|  Orkla ASA | 04/21/26 M | 4.47% | Morgan Stanley & Co. LLC | 322,293 NOK | 1801 |
|  Ormat Technologies, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 11,241 USD | 286 |
|  Ormat Technologies, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 113,615 USD | 2894 |
|  Osaka Gas Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 17,178,000 JPY | 5174 |
|  OSB Group PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 59,042 GBP | (1838) |
|  Oshkosh Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 621,231 USD | 290 |
|  OSI Systems, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 827,525 USD | (32588) |
|  Otis Worldwide Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 285,176 USD | (7072) |
|  Otsuka Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 6,430,600 JPY | 1599 |
|  Otsuka Holdings Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 18,855,000 JPY | 8942 |
|  Otter Tail Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 24,940 USD | 513 |
|  Outfront Media, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 770,347 USD | (24955) |
|  Ovintiv, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 47,602 USD | 2023 |
|  Ovintiv, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 55,530 USD | 31 |
|  OVS SpA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 6,763 EUR | 148 |
|  Ovzon AB | 04/21/26 M | 2.26% | Morgan Stanley & Co. LLC | 35,628 SEK | (201) |
|  Owens Corning | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 10,968 USD | 178 |
|  Oxford Industries, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 5,205 USD | 764 |
|  Pagaya Technologies Ltd. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 33,579 USD | (144) |
|  Pagseguro Digital Ltd. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 55,335 USD | 166 |
|  PAL GROUP Holdings Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 5,561,400 JPY | 738 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Palantir Technologies, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 521,765 USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47233) |
|  Pampa Energia SA | 04/21/26 M | 3.64% | Citibank N.A. | 636,264 USD | 24743 |
|  Pan African Resources PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 27,045 GBP | 4101 |
|  Pan American Silver Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 311,204 USD | 34768 |
|  Pan Pacific International Holdings Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 9,535,400 JPY | (300) |
|  Pandora AS | 04/21/26 M | 2.32% | Morgan Stanley & Co. LLC | 2,102,755 DKK | (13044) |
|  Pandox AB | 04/21/26 M | 2.26% | Morgan Stanley & Co. LLC | 177,377 SEK | 233 |
|  Par Pacific Holdings, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 99,367 USD | 43 |
|  Paradise Co., Ltd. | 04/21/26 M | 3.00% | Morgan Stanley & Co. LLC | 6,713,400 KRW | 25 |
|  Paragon Banking Group PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 37,528 GBP | (2460) |
|  Park Hotels & Resorts, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 53,087 USD | 458 |
|  Parker-Hannifin Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 185,349 USD | (1825) |
|  Parsons Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 933,527 USD | (124) |
|  Patterson-UTI Energy, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 113,617 USD | 33 |
|  Paychex, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 21,557 USD | (1) |
|  Paycom Software, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 40,382 USD | (1611) |
|  Paylocity Holding Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 124,642 USD | (7635) |
|  Paylocity Holding Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 24,418 USD | (1) |
|  PayPal Holdings, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 158,715 USD | (907) |
|  PBF Energy, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 41,092 USD | 908 |
|  PBF Energy, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 300,145 USD | (234) |
|  Peab AB | 04/21/26 M | 2.26% | Morgan Stanley & Co. LLC | 607,146 SEK | 1887 |
|  Peabody Energy Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 7,361 USD | (508) |
|  Pearson PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 381,513 GBP | 25601 |
|  Pebblebrook Hotel Trust | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 24,624 USD | 396 |
|  Pegasystems, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 35,577 USD | (1444) |
|  Pembina Pipeline Corp. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 205,183 CAD | 714 |
|  People's Insurance Co., Group of China Ltd. (The) | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 23,400 HKD | (199) |
|  PeptiDream, Inc. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 935,547 JPY | 255 |
|  Per Aarsleff Holding AS | 04/21/26 M | 2.32% | Morgan Stanley & Co. LLC | 269,005 DKK | 656 |
|  Perrigo Co., PLC | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 42,816 USD | 5235 |
|  Perseus Mining Ltd. | 04/21/26 M | 4.60% | Morgan Stanley & Co. LLC | 18,775 AUD | 2056 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Persimmon PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 227,827 GBP | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16087) |
|  Persol Holdings Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 3,484,400 JPY | 918 |
|  PetroChina Co.,, Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 3,056,271 HKD | (163) |
|  Petroleo Brasileiro SA - Petrobras | 04/21/26 M | 15.05% | Morgan Stanley & Co. LLC | 919,587 BRL | 10182 |
|  Pets at Home Group PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 13,706 GBP | 284 |
|  Pexip Holding ASA | 04/21/26 M | 4.47% | Morgan Stanley & Co. LLC | 194,373 NOK | (545) |
|  Peyto Exploration & Development Corp. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 31,376 CAD | (359) |
|  Pfizer, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 299,461 USD | 14446 |
|  Pharma Mar SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 28,625 EUR | 364 |
|  Pharming Group NV | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 124,115 EUR | 9989 |
|  Philip Morris International, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 111,330 USD | 1432 |
|  Phinia, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 29,733 USD | 1202 |
|  Photronics, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 33,144 USD | 962 |
|  Photronics, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 509,332 USD | 562 |
|  PICC Property & Casualty Co., Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 2,597,020 HKD | (3544) |
|  Picton Property Income Ltd. | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 11,401 GBP | (7) |
|  Pigeon Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 2,056,600 JPY | 418 |
|  Pilgrim's Pride Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 60,767 USD | 4596 |
|  Ping An Insurance Group Co. of China Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 805,000 HKD | 4986 |
|  Pinnacle West Capital Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 241,291 USD | 7864 |
|  Pinterest, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 194,214 USD | (5954) |
|  Pinterest, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,816 USD | (56) |
|  Piper Sandler Cos. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 466,014 USD | (437) |
|  Pitney Bowes, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 8,657 USD | 393 |
|  PJT Partners, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 14,307 USD | 643 |
|  PJT Partners, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 700,106 USD | 31468 |
|  Plains All American Pipeline LP | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 5,189,362 USD | 97957 |
|  Plains GP Holdings LP | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 564,942 USD | 855 |
|  Planet Fitness, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 125,131 USD | (1065) |
|  Planet Labs PBC | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 194,093 USD | (33688) |
|  Planet Labs PBC | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 48,261 USD | (8376) |
|  Planisware SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 11,538 EUR | (12) |
|  Platzer Fastigheter Holding AB | 04/21/26 M | 2.26% | Morgan Stanley & Co. LLC | 46,353 SEK | 31 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Plexus Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 325,007 USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(133) |
|  PLS Group Ltd. | 04/21/26 M | 4.60% | Morgan Stanley & Co. LLC | 437,154 AUD | 72272 |
|  Plus500 Ltd. | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 32,111 GBP | (1232) |
|  Pluxee NV | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 3,374 EUR | 48 |
|  Polaris, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 35,452 USD | (845) |
|  Polaris, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 870,550 USD | (14737) |
|  PolyPeptide Group AG | 04/21/26 M | 0.46% | Morgan Stanley & Co. LLC | 6,224 CHF | 1187 |
|  Pony AI, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 15,533 USD | (2251) |
|  Pony AI, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 683,682 USD | (16775) |
|  Portland General Electric Co. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 96,233 USD | 3555 |
|  Post Holdings, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 68,048 USD | 1055 |
|  Postal Savings Bank of China Co., Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 14,653 HKD | 16 |
|  Powell Industries, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 48,833 USD | (136) |
|  Power Assets Holdings Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 241,800 HKD | 371 |
|  Power Corp. of Canada | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 513,317 CAD | 5253 |
|  Power Solutions International, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 37,692 USD | 2793 |
|  Praxis Precision Medicines, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 23,529 USD | 2246 |
|  Preformed Line Products Co. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 41,154 USD | (541) |
|  Primary Health Properties PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 3,272 GBP | (14) |
|  Primerica, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 18,491 USD | 44 |
|  Primo Brands Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 347,408 USD | 740 |
|  Primoris Services Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 679,018 USD | 279 |
|  Privia Health Group, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 110,559 USD | 46 |
|  PROCEPT BioRobotics Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 23,002 USD | (893) |
|  Procter & Gamble Co. (The) | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 127,431 USD | 398 |
|  PROG Holdings, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 7,881 USD | 8 |
|  Progress Software Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 45,963 USD | (7591) |
|  Progressive Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 2,446,185 USD | (44111) |
|  Progyny, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 47,889 USD | (2739) |
|  Prosperity Bancshares, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 514,182 USD | 9352 |
|  Proximus SADP | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 30,656 EUR | 385 |
|  Prudential Financial, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 97,213 USD | 3505 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Prudential PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 155,345 GBP | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2533) |
|  PTC Therapeutics, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 55,062 USD | 1418 |
|  PTC, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 111,773 USD | (5048) |
|  Public Property Invest AS | 04/21/26 M | 4.47% | Morgan Stanley & Co. LLC | 106,500 NOK | 207 |
|  Public Service Enterprise Group, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 266,918 USD | 3779 |
|  Public Service Enterprise Group, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 918,509 USD | 12740 |
|  PulteGroup, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 677,430 USD | (5524) |
|  PureCycle Technologies, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 35,446 USD | (4213) |
|  PVA TePla AG | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 6,043 EUR | (133) |
|  PVH Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 199,328 USD | 10371 |
|  Q Technology Group Co., Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 178,020 HKD | (795) |
|  QinetiQ Group PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 11,500 GBP | (600) |
|  Qnity Electronics, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 43,449 USD | 857 |
|  Quadient SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 3,003 EUR | (519) |
|  QUALCOMM, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 396,088 USD | 1327 |
|  Qualys, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 36,308 USD | (3540) |
|  Qualys, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 63,271 USD | (6168) |
|  Quantum Computing, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 144,224 USD | (9628) |
|  Quebecor, Inc. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 113,536 CAD | (1319) |
|  Quest Diagnostics, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 45,379 USD | 88 |
|  Quilter PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 21,534 GBP | 616 |
|  QXO, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 118,856 USD | (5152) |
|  Radian Group, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 33,093 USD | 252 |
|  RadNet, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 60,567 USD | (5739) |
|  Rakus Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 1,456,000 JPY | 360 |
|  Ralliant Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 5,836 USD | (97) |
|  Rambus, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 33,046 USD | (2591) |
|  Ramelius Resources Ltd. | 04/21/26 M | 4.60% | Morgan Stanley & Co. LLC | 95,067 AUD | 8938 |
|  Range Resources Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 27,178 USD | 292 |
|  Rapid7, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 10,001 USD | (1296) |
|  Raspberry PI Holdings PLC | 04/21/26 M | 4.01% | Morgan Stanley & Co. LLC | 4,994 GBP | 1787 |
|  Rational AG | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 35,448 EUR | 112 |
|  Raymond James Financial, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 47,413 USD | (212) |
|  RaySearch Laboratories AB | 04/21/26 M | 2.26% | Morgan Stanley & Co. LLC | 95,472 SEK | 534 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  RB Global, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 828,450 USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9412) |
|  RBC Bearings, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 182,111 USD | 2007 |
|  RealReal, Inc. (The) | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 4,572 USD | (123) |
|  Realty Income Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 609,331 USD | 2285 |
|  Reckitt Benckiser Group PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 222,199 GBP | 6 |
|  Recruit Holdings Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 73,838,700 JPY | 44511 |
|  Recursion Pharmaceuticals, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 7,248 USD | (359) |
|  Redeia Corp. SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 792,785 EUR | 13623 |
|  Regeneron Pharmaceuticals, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 337,651 USD | (7) |
|  Regis Resources Ltd. | 04/21/26 M | 4.60% | Morgan Stanley & Co. LLC | 33,956 AUD | 4304 |
|  Reinsurance Group of America, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 15,278 USD | 238 |
|  RELX PLC | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 55,043 USD | (1074) |
|  RELX PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 159,768 GBP | 1224 |
|  Remegen Co., Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 96,103 HKD | 207 |
|  Remitly Global, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 112,358 USD | (3671) |
|  REN - Redes Energeticas Nacionais SGPS SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 13,731 EUR | 150 |
|  RenaissanceRe Holdings Ltd. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 42,812 USD | 584 |
|  Renault SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 159,109 EUR | 10449 |
|  Renesas Electronics Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 43,926,800 JPY | (846) |
|  Rentokil Initial PLC | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 10,652 USD | 114 |
|  Repligen Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 543,738 USD | 4949 |
|  Repsol SA | 04/21/26 M | 2.19% | Morgan Stanley Capital Services LLC | 76,375 EUR | 6470 |
|  Repsol SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 1,622,948 EUR | 137491 |
|  Republic Services, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 75,422 USD | 797 |
|  Republic Services, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 398,877 USD | 3682 |
|  ResMed, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 397,235 USD | (4844) |
|  Resolute Holdings Management, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 10,399 USD | 313 |
|  Resolute Mining Ltd | 04/21/26 M | 4.60% | Morgan Stanley & Co. LLC | 20,919 AUD | 640 |
|  Restaurant Brands International, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 4,516 USD | (8) |
|  Revolve Group, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 26,536 USD | 529 |
|  Reynolds Consumer Products, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 31,588 USD | 415 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Ricoh Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 10,716,350 JPY | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(741) |
|  Rightmove PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 345,676 GBP | 5501 |
|  RingCentral, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 649,653 USD | 56 |
|  Ringkjoebing Landbobank AS | 04/21/26 M | 2.32% | Morgan Stanley & Co. LLC | 450,296 DKK | 2002 |
|  Rinnai Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 3,276,685 JPY | 385 |
|  Rio Tinto PLC | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 804,922 USD | 69859 |
|  RioCan Real Estate Investment Trust | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 93,757 CAD | (71) |
|  Rithm Capital Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 60,702 USD | 2814 |
|  RLI Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 736,536 USD | (7793) |
|  Robinhood Markets, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 290,757 USD | (12795) |
|  ROBLOX Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 254,700 USD | (1255) |
|  Rockwell Automation, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 285,906 USD | 839 |
|  Rogers Communications, Inc. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 37,110 CAD | (25) |
|  Rogers Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 12,595 USD | 606 |
|  Roivant Sciences Ltd. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 18,713 USD | (154) |
|  Roivant Sciences Ltd. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,617,287 USD | (13318) |
|  Roku, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 174,724 USD | (813) |
|  Rollins, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 35,065 USD | 132 |
|  Rolls-Royce Holdings PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 1,021,532 GBP | (40219) |
|  Roper Technologies, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 182,749 USD | 196 |
|  Roper Technologies, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,525,939 USD | 967 |
|  Ross Stores, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 151,827 USD | 31 |
|  Rotork PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 60,020 GBP | 1587 |
|  Round One Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 2,653,443 JPY | 108 |
|  Royal Bank of Canada | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 644,841 CAD | 6225 |
|  Royal Caribbean Cruises Ltd. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 303,452 USD | (2405) |
|  Royal Gold, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 35,209 USD | 5001 |
|  Royalty Pharma PLC | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 23,900 USD | 1237 |
|  Royalty Pharma PLC | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 749,508 USD | 311 |
|  RS Group PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 19,654 GBP | (727) |
|  RTX Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 539,846 USD | (5320) |
|  Rubis SCA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 59,421 EUR | 4462 |
|  Rvrc Holding AB | 04/21/26 M | 2.26% | Morgan Stanley & Co. LLC | 282,207 SEK | 11 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  RXO, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 6,362 USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626 |
|  Ryohin Keikaku Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 38,657,400 JPY | (309) |
|  S&P Global, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 2,536,723 USD | (20411) |
|  Sabra Health Care REIT, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 31,130 USD | (727) |
|  Safestore Holdings PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 22,762 GBP | (305) |
|  Safran SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 1,592,791 EUR | (26868) |
|  Saga PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 3,760 GBP | (526) |
|  SailPoint, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 264,628 USD | 40 |
|  Saizeriya Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 3,930,000 JPY | (464) |
|  Salesforce, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 339,613 USD | (14807) |
|  Salesforce, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 679,226 USD | (29615) |
|  Sally Beauty Holdings, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 10,630 USD | 62 |
|  Salvatore Ferragamo SpA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 19,837 EUR | 1770 |
|  Salzgitter AG | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 10,612 EUR | 420 |
|  Sampo OYJ | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 202,884 EUR | 3151 |
|  Samsara, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 9,196 USD | (418) |
|  Samsara, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 436,859 USD | (456) |
|  Samsung C&T Corp. | 04/21/26 M | 4.09% | Morgan Stanley Capital Services LLC | 69,360 USD | (2412) |
|  Samsung E&A Co., Ltd. | 04/21/26 M | 3.00% | Morgan Stanley & Co. LLC | 63,343,900 KRW | 1924 |
|  Samsung Electronics Co., Ltd. | 04/21/26 M | 4.09% | Morgan Stanley Capital Services LLC | 150,095 USD | (7636) |
|  Samsung Heavy Industries Co., Ltd. | 04/21/26 M | 3.00% | Morgan Stanley & Co. LLC | 100,490,000 KRW | (843) |
|  Sandfire Resources Ltd. | 04/21/26 M | 4.60% | Morgan Stanley & Co. LLC | 79,795 AUD | 7061 |
|  Sandisk Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 454,831 USD | (37413) |
|  Sandisk Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,230,060 USD | (117580) |
|  Sankyo Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 8,848,400 JPY | (1328) |
|  Sankyu, Inc. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 854,000 JPY | 209 |
|  Sanmina Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 303,678 USD | 976 |
|  Sanofi SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 1,649,463 EUR | 166724 |
|  Sanofi SA | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,587,045 USD | 1787 |
|  Sanoma OYJ | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 4,442 EUR | (44) |
|  Sansan, Inc. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 226,634 JPY | 60 |
|  Santen Pharmaceutical Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 6,105,000 JPY | 3159 |
|  Santos Ltd. | 04/21/26 M | 4.60% | Morgan Stanley & Co. LLC | 449,850 AUD | (4502) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Sanwa Holdings Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 3,509,000 JPY | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632 |
|  Sapiens International Corp NV<sup>3</sup> | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 198,403 USD | 0 |
|  Sapporo Holdings Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 1,894,200 JPY | 1005 |
|  Saputo, Inc. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 54,554 CAD | 54 |
|  Sarepta Therapeutics, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 55,556 USD | 12705 |
|  Savills PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 3,604 GBP | (135) |
|  SBA Communications Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,731,505 USD | 1127 |
|  SBM Offshore NV | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 162,248 EUR | 6351 |
|  Scandinavian Tobacco Group AS | 04/21/26 M | 2.32% | Morgan Stanley & Co. LLC | 159,125 DKK | 899 |
|  Schindler Holding AG | 04/21/26 M | 0.46% | Morgan Stanley & Co. LLC | 142,637 CHF | 804 |
|  Scholar Rock Holding Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 555,903 USD | 244 |
|  Schouw & Co. AS | 04/21/26 M | 2.32% | Morgan Stanley & Co. LLC | 115,900 DKK | 1686 |
|  Schweiter Technologies AG | 04/21/26 M | 0.46% | Morgan Stanley & Co. LLC | 2,226 CHF | 147 |
|  SCOR SE | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 214,597 EUR | 6429 |
|  Scorpio Tankers, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 73,760 USD | 3513 |
|  Scotts Miracle-Gro Co. (The) | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 651,944 USD | 0 |
|  Scout24 SE | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 132,096 EUR | 5337 |
|  SCREEN Holdings Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 22,608,000 JPY | 531 |
|  Sea Ltd. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 198,358 USD | 7508 |
|  Sea Ltd. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,866,993 USD | 18840 |
|  Seadrill Ltd. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 6,201 USD | 169 |
|  Seadrill Ltd. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 588,884 USD | 14810 |
|  SEALSQ Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 4,159 USD | (478) |
|  Sectra AB | 04/21/26 M | 2.26% | Morgan Stanley & Co. LLC | 430,271 SEK | 1564 |
|  SEEK Ltd. | 04/21/26 M | 4.60% | Morgan Stanley & Co. LLC | 21,829 AUD | (16) |
|  Seibu Holdings, Inc. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 14,086,200 JPY | 6235 |
|  Seiko Epson Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 965,500 JPY | 98 |
|  Sempra | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 234,117 USD | 9294 |
|  Sempra | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 819,453 USD | 21554 |
|  Sensata Technologies Holding PLC | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 620,337 USD | 11298 |
|  Sensirion Holding AG | 04/21/26 M | 0.46% | Morgan Stanley & Co. LLC | 2,544 CHF | 153 |
|  SentinelOne, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 2,387 USD | (249) |
|  SentinelOne, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 293,482 USD | (7803) |
|  Serco Group PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 5,955 GBP | (409) |
|  Seres Group Co., Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 70,240 HKD | (684) |
|  Serve Robotics, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 14,626 USD | (1535) |
|  ServiceNow, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 573,390 USD | (33075) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  SES SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 52,569 EUR | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1208 |
|  Seven & i Holdings Co.,, Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 22,758,400 JPY | 7235 |
|  Sezzle, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 479,336 USD | (57635) |
|  SGL Carbon SE | 04/21/26 M | 2.16% | Morgan Stanley & Co. LLC | 3,551 EUR | 143 |
|  Shaftesbury Capital PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 43,371 GBP | (358) |
|  Shandong Gold Mining Co., Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 292,110 HKD | 3870 |
|  Shanghai Fosun Pharmaceutical Group Co., Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 234,072 HKD | 3281 |
|  Sharp Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 2,374,680 JPY | 629 |
|  Shell PLC | 04/21/26 M | 3.76% | Morgan Stanley Capital Services LLC | 166,148 GBP | 9484 |
|  Shell PLC | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 198,383 USD | 5008 |
|  Sherwin-Williams Co., (The) | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 47,406 USD | 997 |
|  SHIFT, Inc. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 4,153,330 JPY | 1172 |
|  Shimadzu Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 5,168,800 JPY | 699 |
|  Shimizu Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 21,124,950 JPY | 5038 |
|  Shinhan Financial Group Co.,, Ltd. | 04/21/26 M | 3.00% | Morgan Stanley & Co. LLC | 58,141,149 KRW | 841 |
|  Shizuoka Financial Group, Inc. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 9,789,000 JPY | 3077 |
|  Shopify, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 475,802 USD | (9744) |
|  Shopify, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 2,053,454 USD | (20070) |
|  Sibanye Stillwater Ltd. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 41,176 USD | 3558 |
|  Siemens AG | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 222,141 EUR | (1190) |
|  Siemens Energy AG | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 547,448 EUR | 6847 |
|  Signet Jewelers Ltd. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 395,591 USD | 185 |
|  Silgan Holdings, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 238,907 USD | 62 |
|  Silicon Motion Technology Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 23,014 USD | (2128) |
|  Silicon Motion Technology Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 599,101 USD | (55392) |
|  Silvercorp Metals, Inc. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 13,127 CAD | 1532 |
|  Simmons First National Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 5,329 USD | 78 |
|  Simpson Manufacturing Co., Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 12,678 USD | 21 |
|  Simpson Manufacturing Co., Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 558,061 USD | 905 |
|  Sims Ltd. | 04/21/26 M | 4.60% | Morgan Stanley & Co. LLC | 12,907 AUD | (835) |
|  Sino Biopharmaceutical Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 898,040 HKD | 4748 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Sinopharm Group Co., Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 196,032 HKD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94) |
|  Sirius Real Estate Ltd. | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 8,842 GBP | 57 |
|  SITC International Holdings Co., Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 33,220 HKD | 142 |
|  SiteOne Landscape Supply, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 43,327 USD | (333) |
|  Sixt SE | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 94,882 EUR | 8028 |
|  SK Hynix, Inc. | 04/21/26 M | 4.09% | Morgan Stanley Capital Services LLC | 1,569,400 USD | (126591) |
|  SK Square Co., Ltd. | 04/21/26 M | 4.09% | Morgan Stanley Capital Services LLC | 133,742 USD | (14223) |
|  SK Telecom Co., Ltd. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 7,653 USD | 109 |
|  SK, Inc. | 04/21/26 M | 4.09% | Morgan Stanley Capital Services LLC | 62,240 USD | (3440) |
|  Skylark Holdings Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 11,854,800 JPY | 2907 |
|  SkyWest, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 42,039 USD | 295 |
|  SM Energy Co | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 605,539 USD | 101 |
|  Smith & Nephew PLC | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 24,817 USD | (124) |
|  Smith & Nephew PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 109,867 GBP | 1168 |
|  Smiths Group PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 157,093 GBP | 5319 |
|  Smoore International Holdings Ltd | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 316,080 HKD | 459 |
|  Smurfit Westrock PLC | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 108,205 USD | 3215 |
|  Snap, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 77,252 USD | 1542 |
|  Sociedad Quimica y Minera de Chile SA | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 30,382 USD | 2237 |
|  Societe BIC SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 11,292 EUR | 590 |
|  Socionext, Inc. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 20,645,061 JPY | 15185 |
|  SoFi Technologies, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 210,156 USD | (15563) |
|  SoftBank Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 28,227,150 JPY | (3234) |
|  Softcat PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 65,436 GBP | 341 |
|  SolarEdge Technologies, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 237,902 USD | 21993 |
|  Solaria Energia y Medio Ambiente SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 172,514 EUR | 16742 |
|  Solstice Advanced Materials, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 370,550 USD | 3395 |
|  Solvay SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 179,862 EUR | 13329 |
|  Sompo Holdings, Inc. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 25,948,600 JPY | 15568 |
|  Sonae SGPS SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 62,606 EUR | 2910 |
|  Sonic Automotive, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 8,859 USD | 809 |
|  Sonova Holding AG | 04/21/26 M | 0.46% | Morgan Stanley & Co. LLC | 305,347 CHF | 32426 |
|  Sony Group Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 144,327,650 JPY | 32683 |
|  Sony Group Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 58,483 USD | 57 |
|  Sopra Steria Group | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 37,307 EUR | 2109 |
|  South Bow Corp. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 97,714 CAD | (45) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  South32 Ltd. | 04/21/26 M | 4.60% | Morgan Stanley & Co. LLC | 40,333 AUD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3894 |
|  Southern Co., (The) | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 509,437 USD | 15052 |
|  Southern Co., (The) | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 437,248 USD | 11570 |
|  Southern Copper Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,011,358 USD | 527 |
|  Southstate Bank Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 101,799 USD | (27) |
|  Southwest Airlines Co. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 90,747 USD | (6252) |
|  Southwest Airlines Co. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 366,015 USD | (25217) |
|  Southwest Gas Holdings, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 49,438 USD | 616 |
|  Spectrum Brands Holdings, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 19,306 USD | 298 |
|  Sportradar Group AG | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 278,556 USD | (39794) |
|  Spotify Technology SA | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 616,472 USD | (9365) |
|  Spotify Technology SA | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 17,457 USD | 0 |
|  Sprott, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 307,288 USD | 662 |
|  Sprouts Farmers Market, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 206,402 USD | (4630) |
|  SPS Commerce, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 351,628 USD | (16495) |
|  Square Enix Holdings Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 7,771,700 JPY | 432 |
|  SS&C Technologies Holdings, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 80,963 USD | (4203) |
|  SSR Mining, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 63,387 USD | 13229 |
|  St. James's Place PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 173,071 GBP | (5147) |
|  Standard Chartered PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 745,317 GBP | 6621 |
|  Stanley Electric Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 3,088,250 JPY | 739 |
|  Stantec, Inc. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 78,902 CAD | (873) |
|  Star Bulk Carriers Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 12,483 USD | 82 |
|  Stellantis NV | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 150,702 USD | 10886 |
|  Sterling Infrastructure, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 483,820 USD | (17496) |
|  Stifel Financial Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 62,941 USD | 1517 |
|  STMicroelectronics NV | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 414,619 USD | 37847 |
|  Stockland | 04/21/26 M | 4.60% | Morgan Stanley & Co. LLC | 41,816 AUD | 585 |
|  Stolt-Nielsen Ltd. | 04/21/26 M | 4.47% | Morgan Stanley & Co. LLC | 308,364 NOK | 3539 |
|  StoneX Group, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 735,592 USD | 16 |
|  Storebrand ASA | 04/21/26 M | 4.47% | Morgan Stanley & Co. LLC | 1,066,410 NOK | 3093 |
|  Stride, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 8,756 USD | (28) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Strive, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 14,073 USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(566) |
|  Structure Therapeutics, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 4,563 USD | (80) |
|  Stryker Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 418,731 USD | (5036) |
|  Stryker Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 136,029 USD | (1636) |
|  Subaru Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 8,229,257 JPY | (296) |
|  Suedzucker AG | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 14,127 EUR | 5270 |
|  Sugi Holdings Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 681,400 JPY | 111 |
|  SUMCO Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 2,713,200 JPY | 1687 |
|  Sumitomo Chemical Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 19,278,000 JPY | 14423 |
|  Sumitomo Mitsui Trust Group, Inc. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 8,715,600 JPY | 2425 |
|  Sumitomo Realty & Development Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 19,548,000 JPY | 4519 |
|  Sunbelt Rentals Holdings, Inc. | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 212,009 GBP | 3 |
|  Suncor Energy, Inc. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 1,266,947 CAD | 55780 |
|  Suncor Energy, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 291,621 USD | 10833 |
|  Suncorp Group Ltd. | 04/21/26 M | 4.60% | Morgan Stanley & Co. LLC | 281,455 AUD | 1758 |
|  Sunny Optical Technology Group Co., Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 258,230 HKD | 1232 |
|  Sunococorp LLC | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 9,514,822 USD | 52765 |
|  Sunrun, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 30,258 USD | 2965 |
|  Suntory Beverage & Food Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 2,166,500 JPY | 469 |
|  Super Group SGHC Ltd. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 9,014 USD | 101 |
|  Super Group SGHC Ltd. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,257,088 USD | 11858 |
|  Super Micro Computer, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 52,763 USD | 2910 |
|  Supermarket Income REIT PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 7,189 GBP | (119) |
|  Supernus Pharmaceuticals, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 12,608 USD | 625 |
|  Supernus Pharmaceuticals, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 538,128 USD | 18056 |
|  Suzano SA | 04/21/26 M | 15.05% | Morgan Stanley & Co. LLC | 16,785 BRL | 76 |
|  Suzuki Motor Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 16,126,426 JPY | 1992 |
|  Sveafastigheter AB | 04/21/26 M | 2.26% | Morgan Stanley & Co. LLC | 195,690 SEK | 298 |
|  Swatch Group AG | 04/21/26 M | 0.46% | Morgan Stanley & Co. LLC | 230,166 CHF | 9293 |
|  Sweco AB | 04/21/26 M | 2.26% | Morgan Stanley & Co. LLC | 378,246 SEK | 1068 |
|  Swedbank AB | 04/21/26 M | 2.15% | Morgan Stanley & Co. LLC | 608,927 SEK | (1030) |
|  SY Holdings Group Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 27,690 HKD | (2) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Sylvamo Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 8,466 USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573 |
|  Symbotic, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 148,858 USD | 1698 |
|  Symrise AG | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 38,610 EUR | 2594 |
|  Synchrony Financial | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 83,786 USD | 1851 |
|  Syndax Pharmaceuticals, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 41,170 USD | (1248) |
|  Sysco Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,624,545 USD | (182323) |
|  T&D Holdings, Inc. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 3,626,000 JPY | 2767 |
| T. Rowe Price Group, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 13,109 USD | 322 |
|  Taiwan Semiconductor Manufacturing Co., Ltd. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 806,526 USD | (1191) |
|  Taiwan Semiconductor Manufacturing Co., Ltd. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 2,150,250 USD | (2916) |
|  Taiwan Semiconductor Manufacturing Co., Ltd. | 04/21/26 M | 4.09% | Morgan Stanley Capital Services LLC | 3,384,762 USD | 85309 |
|  Takasago Thermal Engineering Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 3,083,500 JPY | 31 |
|  Takashimaya Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 539,700 JPY | 198 |
|  Takeuchi Manufacturing Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 608,000 JPY | 167 |
|  Tapestry, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 223,707 USD | (5127) |
|  Targa Resources Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 9,316,573 USD | 419774 |
|  Target Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,508,431 USD | 1842 |
|  Taseko Mines Ltd | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 718,349 USD | (2541) |
|  Taylor Morrison Home Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 51,905 USD | (945) |
|  Taylor Wimpey PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 87,333 GBP | 1511 |
|  TC Energy Corp. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 309,263 CAD | (1269) |
|  TC Energy Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 380,010 USD | (7289) |
|  TC Energy Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 3,713,054 USD | (77246) |
|  TD SYNNEX Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 27,834 USD | 2197 |
|  TD SYNNEX Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 322,451 USD | (384) |
|  TDK Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 63,930,250 JPY | 3771 |
|  TE Connectivity PLC | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 949,799 USD | 38239 |
|  TE Connectivity PLC | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 247,373 USD | 10139 |
|  Tecan Group AG | 04/21/26 M | 0.46% | Morgan Stanley & Co. LLC | 46,338 CHF | 9282 |
|  TechnipFMC PLC | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 46,648 USD | 775 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Technogym SpA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 2,536 EUR | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
|  Tecnicas Reunidas SA | 04/21/26 M | 2.16% | Morgan Stanley & Co. LLC | 7,971 EUR | 265 |
|  Teekay Tankers Ltd. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 6,177 USD | 349 |
|  Teledyne Technologies, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 650,687 USD | (18452) |
|  Teleflex, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 3,176 USD | 413 |
|  Teleflex, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 289,500 USD | 37634 |
|  Telefonaktiebolaget LM Ericsson | 04/21/26 M | 2.26% | Morgan Stanley & Co. LLC | 4,298,532 SEK | 11971 |
|  Telefonaktiebolaget LM Ericsson | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 115,260 USD | (509) |
|  Telefonica Brasil SA | 04/21/26 M | 15.05% | Morgan Stanley & Co. LLC | 32,177 BRL | 156 |
|  Telefonica SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 168,811 EUR | 12713 |
|  Telenor ASA | 04/21/26 M | 4.47% | Morgan Stanley & Co. LLC | 139,695 NOK | 259 |
|  Telephone & Data Systems, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 11,317 USD | (245) |
|  Telephone & Data Systems, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 716,547 USD | (14571) |
|  Television Francaise 1 SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 16,740 EUR | 321 |
|  Telia Co. AB | 04/21/26 M | 2.26% | Morgan Stanley & Co. LLC | 764,545 SEK | 4930 |
|  TELUS Corp. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 760,761 CAD | (6647) |
|  Tenable Holdings, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 56,959 USD | (8904) |
|  Tenet Healthcare Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 72,007 USD | (5204) |
|  Teradata Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 45,852 USD | (2230) |
|  Teradata Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 550,994 USD | (410) |
|  Teradyne, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 163,300 USD | (3212) |
|  Terawulf, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 60,551 USD | (6582) |
|  Terex Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 240,707 USD | (229) |
|  Terns Pharmaceuticals, Inc. | 04/21/26 M | 3.64% | Citibank N.A. | 1,507,747 USD | 94519 |
|  Terumo Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 38,250,900 JPY | 8867 |
|  Tesco PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 261,618 GBP | 16048 |
|  Tesla, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 1,180,324 USD | (27528) |
|  Texas Capital Bancshares, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 28,073 USD | 296 |
|  Texas Capital Bancshares, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 21,918 USD | (1) |
|  Textron, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 135,861 USD | (2069) |
|  TFI International, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 303,032 USD | (389) |
|  TG Therapeutics, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 9,135 USD | 831 |
|  Thales SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 575,992 EUR | 40667 |
|  TIM SA | 04/21/26 M | 15.05% | Morgan Stanley & Co. LLC | 229,862 BRL | 939 |
|  TIS, Inc. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 8,790,600 JPY | 202 |
|  TMC the metals Co., Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 4,529 USD | (349) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  T-Mobile US, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 1,090,562 USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6634 |
|  TMX Group Ltd. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 120,589 CAD | 513 |
|  Toast, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 216,732 USD | (8257) |
|  Tobu Railway Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 282,650 JPY | 26 |
|  Toho Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 11,669,050 JPY | 3151 |
|  Tokai Carbon Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 868,196 JPY | 60 |
|  Tokio Marine Holdings, Inc. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 62,669,900 JPY | 107385 |
|  Tokyo Gas Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 4,248,000 JPY | 1491 |
|  Tokyo Seimitsu Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 4,126,500 JPY | 675 |
|  Tokyo Tatemono Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 714,800 JPY | 110 |
|  Tokyu Fudosan Holdings Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 1,058,000 JPY | 162 |
|  Toll Brothers, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 35,549 USD | 206 |
|  Tomy Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 2,187,200 JPY | (429) |
|  Toray Industries, Inc. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 5,454,800 JPY | 2667 |
|  Torex Gold Resources, Inc. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 14,735 CAD | 1296 |
|  Toridoll Holdings Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 1,294,500 JPY | 79 |
|  TORM PLC | 04/21/26 M | 2.32% | Morgan Stanley & Co. LLC | 496,232 DKK | 6901 |
|  Toro Co. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 17,769 USD | (15) |
|  Toromont Industries Ltd. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 66,998 CAD | (280) |
|  Toronto-Dominion Bank (The) | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 264,057 CAD | 2292 |
|  TotalEnergies SE | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 577,600 EUR | 29864 |
|  TOTVS SA | 04/21/26 M | 0.40% | Morgan Stanley & Co. LLC | 98,453 BRL | (59) |
|  Tourmaline Oil Corp. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 348,348 CAD | (5409) |
|  Toyo Tire Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 13,539,400 JPY | 3839 |
|  Toyota Boshoku Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 254,050 JPY | (33) |
|  TP ICAP Group PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 61,043 GBP | 1982 |
|  TPG, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 481,174 USD | 935 |
|  Trade Desk, Inc. (The) | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 91,896 USD | (4835) |
|  Trane Technologies PLC | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 287,259 USD | (5543) |
|  TransAlta Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 427,221 USD | 37999 |
|  TransDigm Group, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 159,110 USD | 827 |
|  TransDigm Group, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 2,020,746 USD | 8593 |
|  TransMedics Group, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 19,278 USD | (2179) |
|  Transmissora Alianca de Energia Eletrica SA | 04/21/26 M | 15.05% | Morgan Stanley & Co. LLC | 150,436 BRL | 376 |
|  TransThera Sciences Nanjing, Inc. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 138,960 HKD | (760) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  TransUnion | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 668,029 USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 |
|  Travel + Leisure Co. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 100,101 USD | (52) |
|  TravelSky Technology Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 221,295 HKD | (845) |
|  Travere Therapeutics, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 15,845 USD | 1119 |
|  Treasury Wine Estates Ltd. | 04/21/26 M | 4.60% | Morgan Stanley & Co. LLC | 58,675 AUD | 1808 |
|  Trelleborg AB | 04/21/26 M | 2.26% | Morgan Stanley & Co. LLC | 2,277,691 SEK | 13977 |
|  Trex Co., Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 90,749 USD | (1229) |
|  TriMas Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 11,964 USD | 183 |
|  Trimble, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 146,692 USD | (3512) |
|  TriNet Group, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 26,335 USD | (1672) |
|  Trinity Industries, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 27,029 USD | 1386 |
|  Triple Flag Precious Metals Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 5,381 USD | 520 |
|  Tritax Big Box REIT PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 90,003 GBP | (2554) |
|  Tronox Holdings PLC | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 2,815 USD | 927 |
|  Truecaller AB | 04/21/26 M | 2.26% | Morgan Stanley & Co. LLC | 450,982 SEK | 308 |
|  Truist Financial Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 909,626 USD | 22507 |
|  Trupanion, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 5,698 USD | (141) |
|  Trustpilot Group PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 66,165 GBP | (11368) |
|  Tsingtao Brewery Co., Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 475,000 HKD | 1545 |
|  TTM Technologies, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 42,495 USD | (1676) |
|  TTM Technologies, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 859,720 USD | (9926) |
|  Tutor Perini Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 39,480 USD | 2589 |
|  Twilio, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 43,780 USD | (372) |
|  Twilio, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,101,529 USD | (1736) |
|  Tyson Foods, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 237,964 USD | 17419 |
|  UACJ Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 214,000 JPY | 148 |
|  UBE Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 242,500 JPY | 40 |
|  Uber Technologies, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 97,055 USD | (4121) |
|  Uber Technologies, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 906,774 USD | (38506) |
|  Ubisoft Entertainment SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 56,211 EUR | (1799) |
|  UCB SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 699,312 EUR | 39248 |
|  UFP Industries, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 37,003 USD | 1134 |
|  UGI Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 689,900 USD | 7944 |
|  U-Haul Holding Co. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 5,893 USD | 361 |
|  U-Haul Holding Co. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 116,382 USD | 118 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  UiPath, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,370,638 USD | $&nbsp;&nbsp;&nbsp;&nbsp;(79419) |
|  UL Solutions, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 23,830 USD | (89) |
|  UL Solutions, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 483,961 USD | (642) |
|  Ulta Beauty, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 142,446 USD | 1822 |
|  Ultra Clean Holdings, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 783,925 USD | 13596 |
|  Ultrapar Participacoes SA | 04/21/26 M | 15.05% | Morgan Stanley & Co. LLC | 187,525 BRL | 1716 |
|  Ulvac, Inc. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 4,323,500 JPY | (305) |
|  Unicaja Banco SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 319,948 EUR | 4901 |
|  Unicharm Corp. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 12,346,080 JPY | 1945 |
|  Unilever PLC | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 270,862 USD | (17403) |
|  Union Pacific Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 3,402,434 USD | 49806 |
|  Unisound AI Technology Co., Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 40,087 HKD | (27) |
|  UNITE Group PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 89,549 GBP | 717 |
|  United Airlines Holdings, Inc. | 04/21/26 M | 3.64% | Citibank N.A. | 61,874 USD | (3) |
|  United Airlines Holdings, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 524,955 USD | (10559) |
|  United Airlines Holdings, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 774,700 USD | (15583) |
|  United Bankshares, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 373 USD | 0 |
|  United Microelectronics Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 18,324 USD | (5) |
|  United Rentals, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 300,394 USD | (227) |
|  United Therapeutics Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 462,403 USD | 63571 |
|  UnitedHealth Group, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 350,021 USD | 123 |
|  Universal Display Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 114,293 USD | (2926) |
|  Universal Display Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 894,539 USD | (4612) |
|  Universal Health Services, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 6,019 USD | (292) |
|  Unum Group | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 113,757 USD | (342) |
|  UPM-Kymmene OYJ | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 57,943 EUR | 4484 |
|  Upstart Holdings, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 230,732 USD | (18683) |
|  Urban Outfitters, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 108,822 USD | 2928 |
|  Urban Outfitters, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 83,115 USD | 2154 |
|  USS Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 5,916,600 JPY | 587 |
|  UWM Holdings Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 552,529 USD | (17728) |
|  Vail Resorts, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 615,195 USD | (6701) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Vale SA | 04/21/26 M | 15.05% | Morgan Stanley & Co. LLC | 654,266 BRL | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6968 |
|  Valeo SE | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 18,355 EUR | 19 |
|  Valero Energy Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 15,430 USD | 630 |
|  Valiant Holding AG | 04/21/26 M | 0.46% | Morgan Stanley & Co. LLC | 12,527 CHF | 575 |
|  Valley National Bancorp | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 63,456 USD | 1481 |
|  Vallourec SACA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 160,003 EUR | 21443 |
|  Valmont Industries, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 79,176 USD | 338 |
|  Valterra Platinum Ltd. | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 7,556 GBP | 1009 |
|  Valvoline, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 718,855 USD | (158) |
|  Varonis Systems, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 45,661 USD | (4331) |
|  Vault Minerals Ltd. | 04/21/26 M | 4.60% | Morgan Stanley & Co. LLC | 26,334 AUD | 3541 |
|  Veeva Systems, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 364,903 USD | (18853) |
|  Veeva Systems, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,105,082 USD | (57095) |
|  Veidekke ASA | 04/21/26 M | 4.47% | Morgan Stanley & Co. LLC | 160,202 NOK | (259) |
|  Velo3D, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 3,988 USD | (16) |
|  Ventas, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 921,034 USD | (600) |
|  Venture Global, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 92,082 USD | (233) |
|  Vera Therapeutics, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 17,718 USD | (218) |
|  Verallia SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 1,390 EUR | (31) |
|  Veralto Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 52,658 USD | (48) |
|  Veralto Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 178,989 USD | (27) |
|  Verisk Analytics, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 64,152 USD | (3242) |
|  Verra Mobility Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 34,695 USD | (699) |
|  Verra Mobility Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 792,445 USD | (3966) |
|  Vertex Pharmaceuticals, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 271,702 USD | (2438) |
|  Vestas Wind Systems AS | 04/21/26 M | 2.32% | Morgan Stanley & Co. LLC | 105,035 DKK | 3365 |
|  Vesuvius PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 4,349 GBP | (32) |
|  VF Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 730,252 USD | 1677 |
|  Viatris, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 871,425 USD | 14425 |
|  Viavi Solutions, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 576,042 USD | (5656) |
|  Vibra Energia SA | 04/21/26 M | 15.05% | Morgan Stanley & Co. LLC | 200,906 BRL | 1332 |
|  Vicat SACA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 39,614 EUR | 1000 |
|  VICI Properties, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 328,657 USD | 3281 |
|  Vicor Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 30,806 USD | (2148) |
|  Victoria's Secret & Co. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 159,717 USD | 3377 |
|  Victrex PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 4,008 GBP | 173 |
|  Vidrala SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 9,916 EUR | 557 |
|  Viking Holdings Ltd. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 2,076,112 USD | 14394 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Viking Therapeutics, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 38,214 USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) |
|  Viking Therapeutics, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 340,840 USD | (146) |
|  Vincorion SE | 04/21/26 M | 2.02% | Morgan Stanley Capital Services LLC | 93,891 EUR | 3192 |
|  Virtu Financial, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 47,683 USD | 1223 |
|  Visa, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 3,753,301 USD | (21543) |
|  Viscofan SA | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 90,994 EUR | 6378 |
|  Vishay Intertechnology, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 28,242 USD | 900 |
|  Vista Energy SAB de CV | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 84,821 USD | 158 |
|  Vistance Networks, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 138,988 USD | 3846 |
|  Vistra Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 153,559 USD | (974) |
|  Vivendi SE | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 119,049 EUR | 7889 |
|  Vodafone Group PLC | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 57,587 USD | 2148 |
|  Vodafone Group PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 241,227 GBP | 18366 |
|  Volvo Car AB | 04/21/26 M | 2.26% | Morgan Stanley & Co. LLC | 2,086,901 SEK | (8018) |
|  Vonovia SE | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 85,113 EUR | 2998 |
|  Vornado Realty Trust | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 10,876 USD | (13) |
|  Voya Financial, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 366,491 USD | 46 |
|  VSE Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,115,119 USD | 25763 |
|  VZ Holding AG | 04/21/26 M | 0.46% | Morgan Stanley & Co. LLC | 5,572 CHF | 72 |
|  W.R. Berkley Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 416,019 USD | (112) |
|  Wacker Neuson SE | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 17,043 EUR | 658 |
|  WaFd, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 8,073 USD | (66) |
|  WaFd, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 152,380 USD | (1251) |
|  Wallenius Wilhelmsen ASA | 04/21/26 M | 4.47% | Morgan Stanley & Co. LLC | 916,648 NOK | 4445 |
|  Walmart, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,273,837 USD | 37565 |
|  Wan Hai Lines Ltd. | 04/21/26 M | 2.10% | Morgan Stanley & Co. LLC | 541,682 TWD | 83 |
|  Warrior Met Coal, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 20,498 USD | 1578 |
|  Warrior Met Coal, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 493,841 USD | 972 |
|  Washington H Soul Pattinson & Co., Ltd. | 04/21/26 M | 4.60% | Morgan Stanley & Co. LLC | 58,334 AUD | 3087 |
|  Waste Connections, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 226,895 USD | 196 |
|  Waste Connections, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 842,342 USD | 721 |
|  Watches of Switzerland Group PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 28,782 GBP | (58) |
|  Watsco, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 344,949 USD | (76) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  WaVe Life Sciences Ltd. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 28,457 USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10702) |
|  Wayfair, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,305,425 USD | (23019) |
|  Waystar Holding Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 36,995 USD | (11) |
|  WD-40 Co. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 27,174 USD | (1478) |
|  WD-40 Co. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 319,632 USD | 350 |
|  Webull Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 4,869 USD | (468) |
|  WeRide, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 17,036 USD | 2396 |
|  WESCO International, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,279,567 USD | 30252 |
|  Wesdome Gold Mines Ltd | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 45,166 CAD | 4888 |
|  West Fraser Timber Co., Ltd. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 32,863 CAD | 1457 |
|  West Pharmaceutical Services, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 76,041 USD | 2911 |
|  Western Alliance Bancorp | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 50,878 USD | (7) |
|  Western Digital Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 255,878 USD | (21092) |
|  Western Digital Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 2,778,985 USD | (229076) |
|  Western Midstream Partners LP | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 3,770,666 USD | (63925) |
|  Westpac Banking Corp. | 04/21/26 M | 4.60% | Morgan Stanley Capital Services LLC | 25,824 AUD | (131) |
|  WEX, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 269,501 USD | 308 |
|  Weyerhaeuser Co. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 14,799 USD | 812 |
|  WH Group Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 744,910 HKD | 12127 |
|  Whirlpool Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 98,518 USD | (923) |
|  Whirlpool Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 195,792 USD | (1680) |
|  Whitbread PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 128,981 GBP | 871 |
|  White Mountains Insurance Group Ltd. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 34,608 USD | 544 |
|  Whitecap Resources, Inc. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 37,608 CAD | 2117 |
|  Whitehaven Coal Ltd. | 04/21/26 M | 4.60% | Morgan Stanley & Co. LLC | 194,044 AUD | (541) |
|  Wickes Group PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 14,746 GBP | (139) |
|  Wilh Wilhelmsen Holding ASA | 04/21/26 M | 4.47% | Morgan Stanley & Co. LLC | 129,555 NOK | (127) |
|  Willdan Group, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 5,792 USD | (280) |
|  Williams Cos., Inc. (The) | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 21,043,123 USD | (234448) |
|  Willis Towers Watson PLC | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 144,368 USD | (1343) |
|  Winbond Electronics Corp. | 04/21/26 M | 2.10% | Morgan Stanley & Co. LLC | 3,762,500 TWD | (11422) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Winnebago Industries, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 6,353 USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(620) |
|  Wise PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 13,289 GBP | 534 |
|  WiseTech Global Ltd. | 04/21/26 M | 4.60% | Morgan Stanley & Co. LLC | 28,647 AUD | 93 |
|  Wix.com Ltd. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 272,418 USD | 44 |
|  Wolters Kluwer - Cva | 04/21/26 M | 2.43% | Morgan Stanley & Co. LLC | 1,198,157 EUR | 17307 |
|  Wolverine World Wide, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 18,964 USD | (376) |
|  Woodside Energy Group Ltd. | 04/21/26 M | 4.60% | Morgan Stanley & Co. LLC | 280,964 AUD | (2147) |
|  Woodward, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 15,775 USD | (27) |
|  Woodward, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 1,432,630 USD | (6676) |
|  Workday, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 38,651 USD | (2013) |
|  Workiva, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 141,046 USD | (21) |
|  Workspace Group PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 4,379 GBP | (50) |
|  World Kinect Corp. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 15,291 USD | 120 |
|  Worley Ltd. | 04/21/26 M | 4.60% | Morgan Stanley & Co. LLC | 267,136 AUD | 14216 |
|  WPG Holdings Ltd. | 04/21/26 M | 2.10% | Morgan Stanley & Co. LLC | 276,808 TWD | (258) |
|  WSP Global, Inc. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | 163,146 CAD | (1955) |
|  WW Grainger, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 51,669 USD | 1781 |
|  Xcel Energy, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 304,260 USD | 9845 |
|  Xero Ltd. | 04/21/26 M | 4.60% | Morgan Stanley & Co. LLC | 193,378 AUD | 341 |
|  XPO, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 8,909 USD | 430 |
|  Xylem, Inc. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 70,186 USD | (39) |
|  Yadea Group Holdings Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 120,000 HKD | 1700 |
|  Yakult Honsha Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 8,530,500 JPY | 1469 |
|  Yamada Holdings Co., Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 316,800 JPY | (5) |
|  Yamazaki Baking Co. Ltd. | 04/21/26 M | 1.23% | Morgan Stanley & Co. LLC | 965,400 JPY | 623 |
|  Yang Ming Marine Transport Corp. | 04/21/26 M | 2.10% | Morgan Stanley & Co. LLC | 2,851,200 TWD | (334) |
|  Yankuang Energy Group Co., Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 199,200 HKD | (3061) |
|  Yara International ASA | 04/21/26 M | 4.47% | Morgan Stanley & Co. LLC | 749,778 NOK | 11359 |
|  Yelp, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 37,642 USD | (136) |
|  YETI Holdings, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 13,214 USD | (334) |
|  Yubico AB | 04/21/26 M | 2.26% | Morgan Stanley & Co. LLC | 50,840 SEK | (1284) |
|  Yum China Holdings, Inc. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 262,340 HKD | (1170) |
|  Zai Lab Ltd | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 325,594 USD | 139 |
|  Zebra Technologies Corp. | 04/21/26 M | 3.94% | Morgan Stanley Capital Services LLC | 585,641 USD | 6892 |
|  Zehnder Group AG | 04/21/26 M | 0.46% | Morgan Stanley & Co. LLC | 9,447 CHF | (187) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Zhejiang Leapmotor Technology Co., Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 301,634 HKD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2389 |
|  ZhongAn Online P&C Insurance Co., Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 235,385 HKD | (591) |
|  Zhongsheng Group Holdings Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 331,561 HKD | 1661 |
|  Zigup PLC | 04/21/26 M | 4.23% | Morgan Stanley & Co. LLC | 28,187 GBP | 196 |
|  Zijin Mining Group Co., Ltd. | 04/21/26 M | 2.67% | Morgan Stanley & Co. LLC | 585,360 HKD | 6321 |
|  Zions Bancorp NA | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 34,131 USD | 1593 |
|  Zoetis, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 7,375 USD | 191 |
|  ZoomInfo Technologies, Inc. | 04/21/26 M | 3.84% | Morgan Stanley & Co. LLC | 19,931 USD | (645) |
|  Zurich Insurance Group AG | 04/21/26 M | 0.46% | Morgan Stanley & Co. LLC | 785,386 CHF | 51144 |
|  Total Buys |  |  |  |  | $1613258 |
|  **Sells** |  |  |  |  |  |
|  10X Genomics, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (654703) USD | $(47140) |
|  10X Genomics, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (38146) USD | (4165) |
|  3i Group PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (259643) GBP | 29324 |
|  a2 Milk Co. Ltd. (The) | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (9669) AUD | (208) |
|  AAK AB | 04/21/26 M | 1.42% | Morgan Stanley & Co. LLC | (212837) SEK | (2163) |
|  Aalberts NV | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (98845) EUR | 1342 |
|  AAON, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (54044) USD | (1316) |
|  AAR Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (156670) USD | (186) |
|  AAR Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (80693) USD | (4248) |
|  Abbott Laboratories | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (345279) USD | 6981 |
|  AbbVie, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (1430206) USD | (87656) |
|  Abivax SA | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (985403) USD | (44) |
|  ABM Industries, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (78185) USD | (627) |
|  Academy Sports & Outdoors, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (396303) USD | (484) |
|  Acadia Healthcare Co., Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (10303) USD | (222) |
|  Acadia Realty Trust | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (8622) USD | 133 |
|  AcBel Polytech, Inc. | 04/21/26 M | 3.40% | Morgan Stanley & Co. LLC | (1473600) TWD | (1556) |
|  Accelerant Holdings | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (471895) USD | (1062) |
|  Accelleron Industries AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (25150) CHF | 1315 |
|  Accenture PLC | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (56314) USD | (1) |
|  Accenture PLC | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (226223) USD | 1957 |
|  Acciona SA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (296910) EUR | (25752) |
|  Acerinox SA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (21822) EUR | 29 |
|  ACI Worldwide, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (240883) USD | (707) |
|  ACV Auctions, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (7504) USD | 889 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  AddLife AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (33518) SEK | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99) |
|  Addnode Group AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (166684) SEK | (795) |
|  AddTech AB | 04/21/26 M | 1.42% | Morgan Stanley & Co. LLC | (568882) SEK | (3952) |
|  Adesso SE | 04/21/26 M | 1.20% | Morgan Stanley & Co. LLC | (2759) EUR | 44 |
|  ADMA Biologics, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (148227) USD | 300 |
|  ADMA Biologics, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (12897) USD | 4346 |
|  ADT, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (581016) USD | (443) |
|  ADT, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (384947) USD | 64 |
|  Advance Auto Parts, Inc. | 04/21/26 M | 3.02% | Morgan Stanley Capital Services LLC | (539832) USD | (8715) |
|  Advance Auto Parts, Inc. | 04/21/26 M | 3.05% | Morgan Stanley & Co. LLC | (4364) USD | (173) |
|  Advanced Drainage Systems, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (962427) USD | 2655 |
|  Advanced Drainage Systems, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (15579) USD | 84 |
|  Advanced Energy Industries, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (674848) USD | 11679 |
|  Advanced Micro Devices, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (676749) USD | (2504) |
|  Adyen NV | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (1373913) EUR | 21707 |
|  AECOM | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (56017) USD | 3259 |
|  Aena SME SA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (31364) EUR | (265) |
|  Aeon Co., Ltd. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (15321150) JPY | (305) |
|  Aeroports de Paris SA | 04/21/26 M | 1.20% | Morgan Stanley & Co. LLC | (146632) EUR | (3260) |
|  AeroVironment, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (2429922) USD | (66) |
|  AeroVironment, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1705751) USD | 27915 |
|  AeroVironment, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (311414) USD | 32995 |
|  AFRY AB | 04/21/26 M | 1.42% | Morgan Stanley & Co. LLC | (143804) SEK | (570) |
|  Ageas SA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (163272) EUR | (12614) |
|  AGI, Inc. | 04/21/26 M | 10.65% | Goldman Sachs & Co. | (126879) USD | (1800) |
|  Agilysys, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (10439) USD | 194 |
|  AgomAb Therapeutics NV | 04/21/26 M | 10.83% | Goldman Sachs & Co. | (371179) USD | (177) |
|  Air France-KLM | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (255889) EUR | 15933 |
|  Air Liquide SA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (203564) EUR | (15643) |
|  Air Products & Chemicals, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (1285396) USD | (22) |
|  Airbnb, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (275522) USD | 13112 |
|  Airbus SE | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (16640) EUR | 326 |
|  Airtel Africa PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (238717) GBP | 5530 |
|  AIXTRON SE | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (39586) EUR | 257 |
|  Akamai Technologies, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1093070) USD | (3059) |
|  Aker ASA | 04/21/26 M | 3.62% | Morgan Stanley & Co. LLC | (192689) NOK | 96 |
|  Aker BP ASA | 04/21/26 M | 3.62% | Morgan Stanley & Co. LLC | (6912910) NOK | (61678) |
|  Akeso, Inc. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (2354100) HKD | (57343) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Aktis Oncology, Inc. | 04/21/26 M | 0.30% | Goldman Sachs & Co. | (80238) USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075 |
|  AL Sydbank | 04/21/26 M | 1.47% | Morgan Stanley & Co. LLC | (1031209) DKK | (7110) |
|  Alamo Group, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (23751) USD | 325 |
|  Alaska Air Group, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (429890) USD | 557 |
|  Albemarle Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (520808) USD | (22629) |
|  Alchip Technologies Ltd. | 04/21/26 M | 2.40% | Morgan Stanley & Co. LLC | (3190000) TWD | 18229 |
|  Alcoa Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1278231) USD | (233628) |
|  Alfa Laval AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (2654918) SEK | (4975) |
|  Alibaba Group Holding Ltd. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (2549610) HKD | (8711) |
|  Alibaba Health Information Technology Ltd. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (864800) HKD | (666) |
|  Alignment Healthcare, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (467696) USD | (133) |
|  Alignment Healthcare, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (31471) USD | (210) |
|  Alimak Group AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (87149) SEK | (116) |
|  Alimentation Couche-Tard, Inc. | 04/21/26 M | 2.05% | Morgan Stanley & Co. LLC | (126494) CAD | 127 |
|  Alkami Technology, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (266255) USD | 20252 |
|  Alkami Technology, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (76981) USD | 5855 |
|  Allegiant Travel Co. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (47129) USD | 936 |
|  Allegion PLC | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (41715) USD | (419) |
|  Alleima AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (94999) SEK | (194) |
|  Alliance Laundry Holdings, Inc. | 04/21/26 M | 2.88% | Goldman Sachs & Co. | (1056825) USD | (44490) |
|  Alliant Energy Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (31169) USD | (836) |
|  Allison Transmission Holdings, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (844127) USD | (17669) |
|  Allison Transmission Holdings, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (15479) USD | (324) |
|  Allreal Holding AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (40040) CHF | (1265) |
|  Allstate Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (175765) USD | 355 |
|  Ally Financial, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (22904) USD | (6) |
|  Alm Brand AS | 04/21/26 M | 1.47% | Morgan Stanley & Co. LLC | (114485) DKK | (113) |
|  Alphatec Holdings, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (16245) USD | 1698 |
|  ALS Ltd. | 04/21/26 M | 3.80% | Morgan Stanley & Co. LLC | (112480) AUD | (8035) |
|  ALSO Holding AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (16422) CHF | 257 |
|  Alstom SA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (298342) EUR | (12525) |
|  Altarea SCA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (18388) EUR | (327) |
|  Alten SA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (16038) EUR | 123 |
|  Amadeus IT Group SA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (216941) EUR | 300 |
|  Ambarella, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (15554) USD | 884 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Ambev SA | 04/21/26 M | 13.90% | Morgan Stanley & Co. LLC | (42138) BRL | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(229) |
|  Ambu AS | 04/21/26 M | 1.47% | Morgan Stanley & Co. LLC | (544831) DKK | (1793) |
|  Amcor PLC | 04/21/26 M | 3.31% | Morgan Stanley & Co. LLC | (106834) AUD | (2099) |
|  Amentum Holdings, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (7170) USD | (2) |
|  Amentum Holdings, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (98744) USD | 2274 |
|  Amer Sports, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (2330448) USD | (354) |
|  Amer Sports, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (11121) USD | (71) |
|  America Movil SAB de CV | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (197830) USD | (13884) |
|  American Express Co. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (989116) USD | (296) |
|  American Financial Group, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (70188) USD | (52) |
|  American Healthcare REIT, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (74427) USD | 1093 |
|  American International Group, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (579545) USD | (1235) |
|  American Superconductor Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (12220) USD | (982) |
|  Americold Realty Trust, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (507735) USD | (745) |
|  Americold Realty Trust, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (49160) USD | (829) |
|  Ameriprise Financial, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1376564) USD | (4631) |
|  Ameris Bancorp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (8031) USD | (236) |
|  AMETEK, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (310277) USD | (2260) |
|  Amgen, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (441410) USD | (2625) |
|  Amkor Technology, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (1992401) USD | (221) |
|  Amneal Pharmaceuticals, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (664230) USD | (5461) |
|  Amneal Pharmaceuticals, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (31254) USD | (1337) |
|  Amphenol Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (101792) USD | 3365 |
|  Amplifon SpA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (84294) EUR | (13283) |
|  Amprius Technologies, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (204143) USD | (31) |
|  Amprius Technologies, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (26168) USD | 811 |
|  Amrize Ltd. | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (430714) CHF | (13446) |
|  Amrize Ltd. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (317136) USD | (161) |
|  ams-OSRAM AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (48923) CHF | (3591) |
|  Amundi SA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (46793) EUR | (1688) |
|  Analog Devices, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (2473169) USD | (47136) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Analog Devices, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (329360) USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6277) |
|  Andersen Group, Inc. | 04/21/26 M | 1.80% | Goldman Sachs & Co. | (2309295) USD | (97959) |
|  Andersons, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (260076) USD | (15918) |
|  Anglogold Ashanti PLC | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1720245) USD | 2134 |
|  Anglogold Ashanti PLC | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (146633) USD | (20145) |
|  Anheuser-Busch InBev SA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (1865816) EUR | (31336) |
|  Anheuser-Busch InBev SA | 04/21/26 M | 2.80% | Morgan Stanley & Co. LLC | (17686) USD | (212) |
|  Anhui Conch Cement Co., Ltd. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (31290) HKD | (92) |
|  ANI Pharmaceuticals, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (15278) USD | (640) |
|  Annaly Capital Management, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (103589) USD | 59 |
|  ANTA Sports Products Ltd. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (1327920) HKD | (2700) |
|  Anteris Technologies Global Corp. | 04/21/26 M | 1.59% | Goldman Sachs & Co. | (307723) USD | (11547) |
|  Antero Midstream Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (58089) USD | 405 |
|  Anycolor, Inc. | 04/21/26 M | 0.90% | Morgan Stanley & Co. LLC | (1821000) JPY | 310 |
|  ANZ Group Holdings Ltd. | 04/21/26 M | 3.80% | Morgan Stanley & Co. LLC | (379275) AUD | (1263) |
|  Aon PLC | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (105940) USD | 1037 |
|  Aperam SA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (64368) EUR | (730) |
|  API Group Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (811785) USD | (154) |
|  API Group Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (102282) USD | 2319 |
|  Apogee Therapeutics, Inc. | 04/21/26 M | 3.39% | Goldman Sachs & Co. | (1360810) USD | (44324) |
|  Apogee Therapeutics, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (68545) USD | (4178) |
|  Apollo Global Management, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (836106) USD | (7343) |
|  Appian Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (7378) USD | 531 |
|  Appier Group, Inc. | 04/21/26 M | 0.05% | Morgan Stanley & Co. LLC | (3132600) JPY | (3581) |
|  Applied Digital Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (251828) USD | 32518 |
|  Applied Industrial Technologies, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1241567) USD | 665 |
|  Applied Materials, Inc. | 04/21/26 M | 3.39% | Goldman Sachs & Co. | (54268500) USD | 3000000 |
|  Applied Optoelectronics, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (578052) USD | (375) |
|  AppLovin Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (697604) USD | 92644 |
|  AptarGroup, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (294629) USD | 120 |
|  Aptiv PLC | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (606113) USD | 6985 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Aptiv PLC | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (14409) USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313 |
|  Aramark | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (110176) USD | 29 |
|  Aramark | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (29734) USD | (185) |
|  ArcBest Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (580157) USD | (39904) |
|  ArcBest Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (20431) USD | (1405) |
|  ArcelorMittal SA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (31699) EUR | (546) |
|  Archer Aviation, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (1371344) USD | (1328) |
|  Archrock, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (66049) USD | 33 |
|  Archrock, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (38530) USD | 2094 |
|  Arcosa, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (51106) USD | (1008) |
|  Arcus Biosciences, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (9934) USD | (88) |
|  ARE Holdings, Inc. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (4355000) JPY | (41) |
|  ARGAN SA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (12555) EUR | 737 |
|  Argan, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (479823) USD | (84434) |
|  Arista Networks, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1289909) USD | 124358 |
|  Arista Networks, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (274070) USD | 26423 |
|  Aristocrat Leisure Ltd. | 04/21/26 M | 3.80% | Morgan Stanley & Co. LLC | (71874) AUD | 386 |
|  ARKO Petroleum Corp. | 04/21/26 M | 3.39% | Goldman Sachs & Co. | (157237) USD | (1089) |
|  ARM Holdings plc | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (799369) USD | (902) |
|  ARM Holdings plc | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (59509) USD | (6146) |
|  ARMOUR Residential REIT, Inc. | 04/21/26 M | 3.10% | Morgan Stanley & Co. LLC | (14221) USD | (824) |
|  Arrow Electronics, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (314495) USD | (7890) |
|  Arrowhead Pharmaceuticals, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (83196) USD | (7) |
|  Arrowhead Pharmaceuticals, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (36779) USD | (3913) |
|  Arthur J Gallagher & Co. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (13644) USD | 0 |
|  Arthur J Gallagher & Co. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (104685) USD | 77 |
|  Artisan Partners Asset Management, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (6144) USD | (79) |
|  Aryzta AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (50841) CHF | (3868) |
|  Asana, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (18891) USD | 600 |
|  Asbury Automotive Group, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (603088) USD | (11672) |
|  Ascendis Pharma A/S | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (8504) USD | (416) |
|  Asia Vital Components Co., Ltd. | 04/21/26 M | 2.27% | Morgan Stanley Capital Services LLC | (30468) USD | (1897) |
|  Asker Healthcare Group AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (601710) SEK | (7410) |
|  ASM International NV | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (346173) EUR | 6747 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Asmodee Group AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (328143) SEK | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3653) |
|  ASP Isotopes, Inc. | 04/21/26 M | 2.15% | Morgan Stanley & Co. LLC | (9382) USD | 463 |
|  ASR Nederland NV | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (79424) EUR | (2174) |
|  Assa Abloy AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (9219681) SEK | (40614) |
|  Assurant, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (98460) USD | 10 |
|  AST SpaceMobile, Inc. | 04/21/26 M | 0.30% | Goldman Sachs & Co. | (1466710) USD | (89) |
|  AST SpaceMobile, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (312211) USD | 19597 |
|  Astera Labs, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (226638) USD | 23878 |
|  AstraZeneca PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (1365955) GBP | (124724) |
|  Atea ASA | 04/21/26 M | 3.62% | Morgan Stanley & Co. LLC | (127644) NOK | (411) |
|  AtkinsRealis Group, Inc. | 04/21/26 M | 2.05% | Morgan Stanley & Co. LLC | (148065) CAD | 2982 |
|  Atkore, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (9764) USD | (133) |
|  Atlanta Braves Holdings, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (603458) USD | (10483) |
|  Atlantic Union Bankshares Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (63830) USD | (1932) |
|  Atlas Copco AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (914858) SEK | (3170) |
|  Atlas Energy Solutions, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (62748) USD | (1868) |
|  Atlassian Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1548820) USD | (1206) |
|  Auction Technology Group PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (24198) GBP | (686) |
|  Aumovio SE | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (5843) EUR | 253 |
|  Aura Minerals, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (22119) USD | (5462) |
|  Aurora Innovation, Inc. | 04/21/26 M | 3.37% | Morgan Stanley Capital Services LLC | (325885) USD | 19345 |
|  Auto1 Group SE | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (197129) EUR | 11870 |
|  Autodesk, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (89326) USD | 2902 |
|  Autohome, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (386808) USD | 6144 |
|  Autoliv, Inc. | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (711743) SEK | (1239) |
|  Autoliv, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (64131) USD | (17) |
|  AutoNation, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (217420) USD | (6739) |
|  AutoStore Holdings Ltd. | 04/21/26 M | 3.62% | Morgan Stanley & Co. LLC | (513052) NOK | 3257 |
|  AutoZone, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (211254) USD | (1546) |
|  AvalonBay Communities, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (108085) USD | (53) |
|  Avantor, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (3332) USD | (118) |
|  Avanza Bank Holding AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (520087) SEK | (5568) |
|  Avnet, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (118922) USD | (3763) |
|  Avolta AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (59039) CHF | (2849) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Axcelis Technologies, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (569695) USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48) |
|  Axfood AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (995225) SEK | (6231) |
|  Axogen, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (439734) USD | (66) |
|  Axogen, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (14901) USD | (571) |
|  Axon Enterprise, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (498785) USD | 80466 |
|  Axos Financial, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (59232) USD | (926) |
|  Axsome Therapeutics, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (960331) USD | (74578) |
|  Ayvens SA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (193891) EUR | (6577) |
|  Azelis Group NV | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (87062) EUR | (17864) |
|  AZZ, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (40464) USD | (704) |
|  B3 SA - Brasil Bolsa Balcao | 04/21/26 M | 14.25% | Morgan Stanley & Co. LLC | (789576) BRL | (10068) |
|  Bachem Holding AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (88456) CHF | (8445) |
|  Baidu, Inc. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (4155930) HKD | 938 |
|  Baidu, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (695030) USD | (7) |
|  Bakkafrost P | 04/21/26 M | 3.62% | Morgan Stanley & Co. LLC | (167594) NOK | (468) |
|  Baldwin Insurance Group, Inc. (The) | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (47313) USD | 427 |
|  Baltic Classifieds Group PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (17389) GBP | (673) |
|  Banc of California, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (917320) USD | (16196) |
|  Banc of California, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (538262) USD | (5751) |
|  Banco Bilbao Vizcaya Argentaria SA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (663453) EUR | (10279) |
|  Banco Santander SA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (896549) EUR | (8631) |
|  Banco Santander SA | 04/21/26 M | 3.04% | Morgan Stanley Capital Services LLC | (1758779) USD | (20506) |
|  Bank of Hawaii Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (8169) USD | (221) |
|  Bank OZK | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (90147) USD | 19 |
|  Banque Cantonale Vaudoise | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (90275) CHF | (6481) |
|  Barclays PLC | 04/21/26 M | 3.43% | Morgan Stanley Capital Services LLC | (386) GBP | (18) |
|  Barratt Redrow PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (170797) GBP | 3661 |
|  Barry Callebaut AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (269165) CHF | (23887) |
|  Basic-Fit NV | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (1025) EUR | (18) |
|  Bath & Body Works, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (343505) USD | 817 |
|  Bayerische Motoren Werke AG | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (261620) EUR | (8521) |
|  BBB Foods, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (380644) USD | (8) |
|  Beam Therapeutics, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (17518) USD | 933 |
|  Bechtle AG | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (83476) EUR | (12385) |
|  Becton Dickinson & Co. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1189132) USD | (2514) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Becton Dickinson & Co. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (907477) USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6658) |
|  Beijer Alma AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (46431) SEK | (236) |
|  Beijer Ref AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (714139) SEK | (1697) |
|  Belimo Holding AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (140812) CHF | 2303 |
|  Belite Bio, Inc. | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | (2569) USD | (141) |
|  Bellway PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (12882) GBP | (41) |
|  Bentley Systems, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (354275) USD | 265 |
|  BeOne Medicines Ltd. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (178090) HKD | (1964) |
|  BeOne Medicines Ltd. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (174471) USD | (13808) |
|  Berkeley Group Holdings PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (49194) GBP | 431 |
|  Berner Kantonalbank AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (12261) CHF | (174) |
|  Best Buy Co., Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (278764) USD | (827) |
|  Best Buy Co., Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (143574) USD | (426) |
|  Beta Technologies, Inc. | 04/21/26 M | 3.39% | Goldman Sachs & Co. | (746457) USD | (30379) |
|  Betsson AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (227483) SEK | (590) |
|  BHG Group AB | 04/21/26 M | 0.75% | Morgan Stanley & Co. LLC | (30149) SEK | (73) |
|  BHP Group Ltd. | 04/21/26 M | 1.60% | Morgan Stanley Capital Services LLC | (3520087) USD | (121714) |
|  BHP Group Ltd. | 04/21/26 M | 3.22% | Morgan Stanley & Co. LLC | (125250) GBP | (13091) |
|  Bicara Therapeutics, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (215286) USD | (4757) |
|  Big Yellow Group PLC | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (12700) GBP | 283 |
|  BigBear.ai Holdings, Inc. | 04/21/26 M | 2.04% | Morgan Stanley & Co. LLC | (221111) USD | 8746 |
|  Bilia AB | 04/21/26 M | 1.42% | Morgan Stanley & Co. LLC | (21997) SEK | (93) |
|  Bilibili, Inc. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (1343904) HKD | 5939 |
|  BioAge Labs, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (154742) USD | (44) |
|  Biogen, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (114408) USD | 193 |
|  BioMerieux | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (31898) EUR | (1377) |
|  BioNTech SE | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (29706) USD | (158) |
|  Bio-Rad Laboratories, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (16722) USD | (839) |
|  Bio-Techne Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (256308) USD | (1282) |
|  Bio-Techne Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (155005) USD | (1044) |
|  Birkenstock Holding PLC | 04/21/26 M | 3.15% | Morgan Stanley & Co. LLC | (163447) USD | (3450) |
|  Bizlink Holding, Inc. | 04/21/26 M | 0.78% | Morgan Stanley & Co. LLC | (3540000) TWD | (4114) |
|  BJ's Wholesale Club Holdings, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (72605) USD | (29) |
|  BKV Corp. | 04/21/26 M | 3.39% | Goldman Sachs & Co. | (1034943) USD | 25306 |
|  BKV Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (190579) USD | 2376 |
|  BKV Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (8924) USD | 111 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  BKW AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (41596) CHF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3183) |
|  Black Rock Coffee Bar, Inc. | 04/21/26 M | 2.06% | Goldman Sachs & Co. | (222754) USD | (5930) |
|  BlackLine, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (721160) USD | (451) |
|  Blackrock, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (4055110) USD | (421) |
|  BlackSky Technology, Inc. | 04/21/26 M | 3.10% | Morgan Stanley & Co. LLC | (26205) USD | 944 |
|  Bloomin' Brands, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (7709) USD | 262 |
|  Bloomsbury Publishing PLC | 04/21/26 M | 3.17% | Morgan Stanley & Co. LLC | (3102) GBP | (125) |
|  Blue Owl Capital Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (6315) USD | (100) |
|  BlueScope Steel Ltd. | 04/21/26 M | 3.80% | Morgan Stanley & Co. LLC | (29669) AUD | 469 |
|  BMF U.S. Dollar | 04/21/26 M | 0.00% | Morgan Stanley & Co. LLC | (12321453) BRL | 113854 |
|  Bob's Discount Furniture, Inc. | 04/21/26 M | 1.85% | Goldman Sachs & Co. | (311841) USD | (133) |
|  Boeing Co., (The) | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (2019001) USD | (5134) |
|  Boise Cascade Co. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (8626) USD | (476) |
|  BOK Financial Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (15250) USD | (246) |
|  Bombardier, Inc. | 04/21/26 M | 2.05% | Morgan Stanley & Co. LLC | (174051) CAD | (3277) |
|  Booking Holdings, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (3345515) USD | (1689) |
|  Booz Allen Hamilton Holding Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1124488) USD | 622 |
|  Booz Allen Hamilton Holding Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (144779) USD | 3388 |
|  Borregaard ASA | 04/21/26 M | 3.62% | Morgan Stanley & Co. LLC | (138607) NOK | (795) |
|  Bosideng International Holdings Ltd. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (105560) HKD | 79 |
|  Bowhead Specialty Holdings, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (148237) USD | (630) |
|  Box, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (358140) USD | 230 |
|  Boyd Gaming Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (70223) USD | (206) |
|  Boyd Group, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (459831) USD | 7207 |
|  Bravida Holding AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (861323) SEK | (1743) |
|  Braze, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (12487) USD | (3095) |
|  Breedon Group PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (10049) GBP | 876 |
|  Brenntag SE | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (286356) EUR | (45708) |
|  Bridgebio Pharma, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (97514) USD | (6152) |
|  Bridgepoint Group PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (69354) GBP | (4668) |
|  Bright Horizons Family Solutions, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (72280) USD | (3691) |
|  Bright Minds Biosciences, Inc. | 04/21/26 M | 3.45% | Goldman Sachs & Co. | (1524657) USD | (25226) |
|  BrightSpring Health Services, Inc. | 04/21/26 M | 3.39% | Goldman Sachs & Co. | (4476897) USD | (48413) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  BrightSpring Health Services, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (881617) USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5311) |
|  BrightSpring Health Services, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (194334) USD | (2354) |
|  Brinker International, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (323753) USD | 9231 |
|  Brink's Co., (The) | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (520599) USD | 169 |
|  Bristol-Myers Squibb Co. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1175625) USD | (75281) |
|  British American Tobacco PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (782515) GBP | (24764) |
|  Brixmor Property Group, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (271390) USD | 122 |
|  Brixmor Property Group, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (82771) USD | 115 |
|  Brookdale Senior Living, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1391064) USD | 4063 |
|  Brown & Brown, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (128169) USD | 2901 |
|  Brown-Forman Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (193667) USD | (29645) |
|  Bruker Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (590010) USD | (335) |
|  Bruker Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (47305) USD | (1710) |
|  BT Group PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (381933) GBP | (29862) |
|  Bucher Industries AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (63959) CHF | (2437) |
|  Budweiser Brewing Co., APAC Ltd. | 04/21/26 M | 0.92% | Morgan Stanley & Co. LLC | (122670) HKD | (440) |
|  Bufab AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (43118) SEK | (161) |
|  Build-A-Bear Workshop, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (15086) USD | 1267 |
|  Bullish | 04/21/26 M | 1.30% | Goldman Sachs & Co. | (948534) USD | (133) |
|  Bullish | 04/21/26 M | 2.50% | Morgan Stanley & Co. LLC | (94406) USD | 9118 |
|  Bunge Global SA | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (188842) USD | (9972) |
|  Bure Equity AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (89303) SEK | (624) |
|  Burford Capital Ltd. | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (6693) USD | 2820 |
|  Burkhalter Holding AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (14778) CHF | 142 |
|  BWX Technologies, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (23967) USD | 42 |
|  BYD Electronic International Co., Ltd. | 04/21/26 M | 1.60% | Morgan Stanley & Co. LLC | (820800) HKD | 7557 |
|  Cable One, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (11248) USD | 302 |
|  CACI International, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (465153) USD | 689 |
|  CACI International, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (98935) USD | 7565 |
|  Cactus, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (53330) USD | 512 |
|  Cadeler AS | 04/21/26 M | 2.96% | Morgan Stanley & Co. LLC | (480914) NOK | (678) |
|  Cadence Design Systems, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (176097) USD | 8819 |
|  CAE, Inc. | 04/21/26 M | 2.05% | Morgan Stanley & Co. LLC | (122453) CAD | 2598 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  California Resources Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (122081) USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10267) |
|  Callaway Golf Co. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (6936) USD | (240) |
|  Cal-Maine Foods, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (169682) USD | 64 |
|  Cal-Maine Foods, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (186855) USD | (5004) |
|  Camden Property Trust | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (29739) USD | 148 |
|  Campbell's Co. (The) | 04/21/26 M | 1.50% | Morgan Stanley Capital Services LLC | (36526) USD | 26 |
|  Campbell's Co. (The) | 04/21/26 M | 1.70% | Morgan Stanley & Co. LLC | (108423) USD | (6557) |
|  Camping World Holdings, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (32372) USD | 551 |
|  Camtek Ltd. | 04/21/26 M | 2.75% | Morgan Stanley & Co. LLC | (60674) USD | 7459 |
|  Canadian Imperial Bank of Commerce | 04/21/26 M | 2.05% | Morgan Stanley & Co. LLC | (80970) CAD | (1881) |
|  Canadian Natural Resources Ltd. | 04/21/26 M | 2.05% | Morgan Stanley & Co. LLC | (109642) CAD | (1624) |
|  Canadian Pacific Kansas City Ltd. | 04/21/26 M | 2.05% | Morgan Stanley & Co. LLC | (135068) CAD | (485) |
|  CANCOM SE | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (6535) EUR | (1071) |
|  Capcom Co., Ltd. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (17666400) JPY | 3543 |
|  Capgemini SE | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (174412) EUR | (9269) |
|  Capita PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (20032) GBP | (3229) |
|  Capital One Financial Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (163024) USD | 1391 |
|  Capri Holdings Ltd. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (490190) USD | 17957 |
|  Capri Holdings Ltd. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (21271) USD | 779 |
|  Capricor Therapeutics, Inc. | 04/21/26 M | 0.51% | Goldman Sachs & Co. | (537991) USD | (89) |
|  Card Factory PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (5843) GBP | (242) |
|  Cardinal Health, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1307436) USD | (361) |
|  Cardinal Health, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (285108) USD | (6711) |
|  CareTrust REIT, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (796997) USD | 189 |
|  Cargurus, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (237599) USD | 2075 |
|  Carlyle Group, Inc. (The) | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (189726) USD | (60) |
|  Carlyle Group, Inc. (The) | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (17260) USD | (257) |
|  CarMax, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (62686) USD | 66 |
|  Carrier Global Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (786891) USD | 184 |
|  Carrier Global Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (177115) USD | 6046 |
|  Carvana Co. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (671104) USD | (33107) |
|  Casella Waste Systems, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (55231) USD | (942) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Casey's General Stores, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (69733) USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5237) |
|  Casio Computer Co., Ltd. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (2531700) JPY | (209) |
|  Castellum AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (581667) SEK | (3909) |
|  Catena AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (440031) SEK | (1604) |
|  Caterpillar, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (751275) USD | (5361) |
|  Cathay Pacific Airways Ltd. | 04/21/26 M | 1.42% | Morgan Stanley & Co. LLC | (156260) HKD | 1157 |
|  Cava Group, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (713767) USD | 1523 |
|  Cava Group, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (88637) USD | 6281 |
|  Cboe Global Markets, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (216562) USD | (424) |
|  CBRE Group, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (92174) USD | 197 |
|  CCC Intelligent Solutions Holdings, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (98243) USD | 2861 |
|  CCL Industries, Inc. | 04/21/26 M | 2.05% | Morgan Stanley & Co. LLC | (50821) CAD | (309) |
|  CECO Environmental Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (26577) USD | (532) |
|  Celcuity, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (255764) USD | (366) |
|  Cellebrite DI Ltd. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (31312) USD | 2237 |
|  Cembra Money Bank AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (46768) CHF | (2258) |
|  Cencora, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (113817) USD | 2297 |
|  CenterPoint Energy, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (56084) USD | (1880) |
|  Centessa Pharmaceuticals PLC | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (40807) USD | (21276) |
|  Central BanCo, Inc. | 04/21/26 M | 3.39% | Goldman Sachs & Co. | (421057) USD | (2858) |
|  Centrus Energy Corp. | 04/21/26 M | 3.15% | Morgan Stanley & Co. LLC | (28200) USD | (1137) |
|  Centuri Holdings, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (1008929) USD | (25134) |
|  Centuri Holdings, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (615880) USD | 12869 |
|  Centuri Holdings, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (52318) USD | 1581 |
|  Century Aluminum Co. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (91548) USD | (8) |
|  Century Aluminum Co. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (11883) USD | (2144) |
|  Certara, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (20530) USD | 2101 |
|  CF Industries Holdings, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (219208) USD | (17620) |
|  CF Industries Holdings, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (132679) USD | (10665) |
|  CG oncology, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (62946) USD | (2636) |
|  CGN Mining Co., Ltd. | 04/21/26 M | 0.08% | Morgan Stanley & Co. LLC | (818400) HKD | (4880) |
|  CH Robinson Worldwide, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (47883) USD | 221 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Champion Homes, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1521630) USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15191 |
|  Charles River Laboratories International, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (2623560) USD | (175080) |
|  Charles River Laboratories International, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (164320) USD | (15080) |
|  Charles Schwab Corp. (The) | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (2752568) USD | (952) |
|  Charter Communications, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1066219) USD | 1499 |
|  Charter Communications, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (199714) USD | 673 |
|  Cheesecake Factory, Inc. (The) | 04/21/26 M | 3.10% | Morgan Stanley & Co. LLC | (39847) USD | 1248 |
|  Chefs' Warehouse, Inc. (The) | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (24602) USD | (546) |
|  Chemring Group PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (19488) GBP | (1240) |
|  Chesapeake Utilities Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (9369) USD | 18 |
|  Chesnara PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (12198) GBP | (110) |
|  Chevron Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (476292) USD | (3922) |
|  Chiba Bank Ltd. (The) | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (9350400) JPY | (3217) |
|  Chime Financial, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (497167) USD | (133) |
|  China Feihe Ltd. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (14800) HKD | 100 |
|  China Galaxy Securities Co., Ltd. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (450840) HKD | 4486 |
|  China International Capital Corp. Ltd. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (187305) HKD | (90) |
|  China Literature Ltd. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (593152) HKD | 2216 |
|  China Medical System Holdings Ltd. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (156960) HKD | (627) |
|  China Mengniu Dairy Co., Ltd. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (124080) HKD | (1850) |
|  China National Building Material Co., Ltd. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (358731) HKD | 353 |
|  China Overseas Land & Investment Ltd. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (380480) HKD | 802 |
|  China Railway Group Ltd. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (557184) HKD | (1126) |
|  China Resources Land Ltd. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (1140000) HKD | (2867) |
|  China Resources Mixc Lifestyle Services Ltd. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (620824) HKD | (6629) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  China Resources Power Holdings Co., Ltd. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (559200) HKD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235 |
|  China Southern Airlines Co., Ltd. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (78800) HKD | (7) |
|  Choice Hotels International, Inc. | 04/21/26 M | 1.40% | Morgan Stanley & Co. LLC | (17542) USD | (467) |
|  Chord Energy Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (56933) USD | (4915) |
|  Chow Tai Fook Jewellery Group Ltd. | 04/21/26 M | 1.29% | Morgan Stanley & Co. LLC | (323760) HKD | (1440) |
|  Christian Dior SE | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (60738) EUR | (1367) |
|  Chubb Ltd. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (3290711) USD | (1508) |
|  Chubb Ltd. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (135444) USD | 183 |
|  Church & Dwight Co., Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (714601) USD | 6022 |
|  Church & Dwight Co., Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (27115) USD | 239 |
|  Churchill Downs, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (391621) USD | (24112) |
|  Churchill Downs, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (63127) USD | (3887) |
|  Cia de Minas Buenaventura SAA | 04/21/26 M | 3.64% | Citibank N.A. | (1026205) USD | (142) |
|  Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 04/21/26 M | 14.25% | Morgan Stanley & Co. LLC | (332382) BRL | (2948) |
|  Cia de Saneamento de Minas Gerais Copasa MG | 04/21/26 M | 1.90% | Morgan Stanley & Co. LLC | (51591) BRL | (478) |
|  Cia Energetica de Minas Gerais | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1006943) USD | 0 |
|  Cicor Technologies Ltd. | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (4800) CHF | 58 |
|  CIE Automotive SA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (7503) EUR | (175) |
|  Cie de Saint-Gobain SA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (512383) EUR | (6780) |
|  Cincinnati Financial Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (7048) USD | 125 |
|  Cintas Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (593891) USD | 17631 |
|  Cipher Digital, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (295135) USD | 40038 |
|  Cipher Digital, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (337023) USD | 44346 |
|  Circle Internet Group, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (2110836) USD | (111) |
|  Circle Internet Group, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (380143) USD | 315 |
|  Circle Internet Group, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (120181) USD | 29637 |
|  Cirsa Enterprises SA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (4812) EUR | (122) |
|  Cisco Systems, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (5177528) USD | 80796 |
|  Cisco Systems, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (1060917) USD | 16556 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  CK Asset Holdings Ltd. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (376040) HKD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(678) |
|  Clariane SE | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (22678) EUR | 215 |
|  Clariant AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (24629) CHF | (3497) |
|  Clean Harbors, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (743002) USD | (1636) |
|  Clean Harbors, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (82111) USD | (181) |
|  Cleveland-Cliffs, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (41024) USD | (93) |
|  Cloudflare, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1556405) USD | 55900 |
|  Cloudflare, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (446816) USD | 28978 |
|  CMB Tech NV | 04/21/26 M | 0.86% | Morgan Stanley & Co. LLC | (52724) EUR | (2937) |
|  CME Group, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (298283) USD | 10907 |
|  CMS Energy Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (143867) USD | (5707) |
|  CMS Energy Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (44563) USD | (976) |
|  CNA Financial Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (265012) USD | (2564) |
|  Coats Group PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (36611) GBP | 563 |
|  Coca-Cola Co. (The) | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (229386) USD | (2871) |
|  Coca-Cola Consolidated, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (202224) USD | (61) |
|  Coca-Cola Consolidated, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (72153) USD | (1283) |
|  Coca-Cola Europacific Partners PLC | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (995530) USD | 18833 |
|  Coca-Cola Europacific Partners PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (60291) GBP | 805 |
|  Coca-Cola Europacific Partners PLC | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (17962) USD | 372 |
|  Coca-Cola HBC AG | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (24512) GBP | (509) |
|  Codan Ltd. | 04/21/26 M | 3.80% | Morgan Stanley & Co. LLC | (55038) AUD | 1041 |
|  Coeur Mining, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (533174) USD | (1170) |
|  Coeur Mining, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (2816) USD | (393) |
|  Cogent Biosciences, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (238415) USD | (31) |
|  Cogent Biosciences, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (593309) USD | (14) |
|  Cogent Communications Holdings, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (11253) USD | 6 |
|  Coherent Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (136662) USD | 406 |
|  Coinbase Global, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (587806) USD | 75326 |
|  Colgate-Palmolive Co. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (224881) USD | (211) |
|  Colliers International Group, Inc. | 04/21/26 M | 2.05% | Morgan Stanley & Co. LLC | (26665) CAD | (1146) |
|  Colonial SFL Socimi SA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (66627) EUR | (1713) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Coloplast AS | 04/21/26 M | 1.47% | Morgan Stanley & Co. LLC | (2405025) DKK | $&nbsp;&nbsp;&nbsp;&nbsp;(16146) |
|  Columbia Banking System, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (84130) USD | (1753) |
|  Columbia Sportswear Co. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (144543) USD | (46) |
|  Comcast Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (3274823) USD | 33866 |
|  Comcast Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (292421) USD | 3024 |
|  Comet Holding AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (80122) CHF | (2168) |
|  Commonwealth Bank of Australia | 04/21/26 M | 3.79% | Morgan Stanley Capital Services LLC | (602382) AUD | 10776 |
|  Compass Pathways Plc | 04/21/26 M | 0.49% | Goldman Sachs & Co. | (293383) USD | (266) |
|  Compass, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (2145501) USD | 186355 |
|  Comstock Resources, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (92681) USD | 730 |
|  Concentra Group Holdings Parent, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (17046) USD | 701 |
|  Concentrix Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (30463) USD | 5237 |
|  Consolidated Edison, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (766716) USD | (28600) |
|  Constellation Brands, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (411492) USD | 6642 |
|  Constellation Energy Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (439107) USD | (433) |
|  Constellation Energy Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (84215) USD | 3791 |
|  Construction Partners, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (85063) USD | 834 |
|  Convatec Group PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (54359) GBP | (107) |
|  Coor Service Management Holding AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (142831) SEK | 361 |
|  Core & Main, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (105001) USD | (2147) |
|  Core Natural Resources, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (27335) USD | (419) |
|  Corebridge Financial, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (1055608) USD | (221) |
|  Corem Property Group AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (146582) SEK | (105) |
|  CoreWeave, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1291988) USD | 41777 |
|  CoreWeave, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (255305) USD | 13986 |
|  CorMedix, Inc. | 04/21/26 M | 2.85% | Morgan Stanley & Co. LLC | (17148) USD | (988) |
|  Corning, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (799697) USD | (1438) |
|  Corning, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (87619) USD | (3345) |
|  Corpay, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1287924) USD | 10187 |
|  Corpay, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (234941) USD | 1858 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Corteva, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (340310) USD | $&nbsp;&nbsp;&nbsp;&nbsp;(25587) |
|  Corvus Pharmaceuticals, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (129431) USD | (44) |
|  COSMO Pharmaceuticals NV | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (11766) CHF | (927) |
|  Costco Wholesale Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1840751) USD | (35527) |
|  Coupang, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (702189) USD | 14315 |
|  Coursera, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (27723) USD | 742 |
|  Cousins Properties, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (72933) USD | (916) |
|  Cousins Properties, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (6620) USD | (83) |
|  Crane Co. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1203120) USD | (207) |
|  Credicorp Ltd. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (150402) USD | (4264) |
|  Credit Saison Co., Ltd. | 04/21/26 M | 0.68% | Morgan Stanley & Co. LLC | (404770) JPY | (64) |
|  Credo Technology Group Holding Ltd. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (45193) USD | 4829 |
|  Crescent Energy Co. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (61597) USD | (3865) |
|  CRH PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (125755) GBP | (421) |
|  Croda International PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (189114) GBP | (13009) |
|  Crowdstrike Holdings, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (119033) USD | 6595 |
|  Crown Castle, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (112317) USD | 28 |
|  Crown Holdings, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (797486) USD | 2604 |
|  CRRC Corp. Ltd. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (41680) HKD | 104 |
|  CSW Industrials, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (101123) USD | 279 |
|  CTP NV | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (26229) EUR | 1057 |
|  CubeSmart | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (15187) USD | (279) |
|  Curbline Properties Corp | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (228197) USD | (44) |
|  Cushman & Wakefield Ltd. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (28687) USD | 23 |
|  Customers Bancorp, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (9301) USD | (277) |
|  CVC Capital Partners PLC | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (299521) EUR | (12545) |
|  CVR Energy, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (30082) USD | (977) |
|  CVS Group PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (8519) GBP | (309) |
|  CVS Health Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (102586) USD | (763) |
|  Cytokinetics, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (31511) USD | (2564) |
|  CytomX Therapeutics, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (270085) USD | (288) |
|  Daetwyler Holding AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (6778) CHF | (186) |
|  Daido Steel Co., Ltd. | 04/21/26 M | 0.68% | Morgan Stanley & Co. LLC | (753400) JPY | 2 |
|  Daifuku Co., Ltd. | 04/21/26 M | 0.68% | Morgan Stanley & Co. LLC | (21476870) JPY | (2380) |
|  Daihen Corp. | 04/21/26 M | 0.68% | Morgan Stanley & Co. LLC | (3483000) JPY | 832 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Daito Trust Construction Co., Ltd. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (6904000) JPY | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3366) |
|  Daiwa House Industry Co., Ltd. | 04/21/26 M | 0.68% | Morgan Stanley & Co. LLC | (4543200) JPY | 391 |
|  Daiwa Securities Group, Inc. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (15094650) JPY | (2485) |
|  Dana, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (143269) USD | (4252) |
|  Darden Restaurants, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (478755) USD | (171) |
|  Darling Ingredients, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (25802) USD | (2463) |
|  Dassault Aviation SA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (81719) EUR | 288 |
|  Dassault Systemes SE | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (288048) EUR | (5188) |
|  Datadog, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (2044207) USD | 34406 |
|  Datadog, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (115179) USD | 7871 |
|  Dave, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (29835) USD | 3896 |
|  DaVita, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (79895) USD | (639) |
|  Deere & Co. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (4975763) USD | 41818 |
|  Deere & Co. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (274841) USD | 2768 |
|  Definium Therapeutics, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (724634) USD | (28077) |
|  Delek U.S. Holdings, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (707765) USD | (32194) |
|  Delivery Hero SE | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (393417) EUR | 11366 |
|  Dell Technologies, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (1145053) USD | 3200 |
|  Delta Air Lines, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1520445) USD | (19231) |
|  Denali Therapeutics, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (22185) USD | 2063 |
|  Denka Co., Ltd. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (2233000) JPY | (1922) |
|  Denso Corp. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (17894400) JPY | (5051) |
|  Dermapharm Holding SE | 04/21/26 M | 1.42% | Morgan Stanley & Co. LLC | (7030) EUR | (187) |
|  Descartes Systems Group, Inc. (The) | 04/21/26 M | 2.05% | Morgan Stanley & Co. LLC | (29348) CAD | 39 |
|  Dexcom, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (516425) USD | 9315 |
|  Diageo PLC | 04/21/26 M | 2.85% | Morgan Stanley & Co. LLC | (69905) USD | (302) |
|  Diageo PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (203908) GBP | (5198) |
|  Diamondback Energy, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (10502581) USD | (266) |
|  Diamondback Energy, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (588866) USD | (13206) |
|  Dianthus Therapeutics, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (1485295) USD | (89) |
|  Dianthus Therapeutics, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (22765) USD | (1320) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Dick's Sporting Goods, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (76234) USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2289) |
|  D'ieteren Group | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (109659) EUR | 1030 |
|  Digital Realty Trust, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (249780) USD | 189 |
|  Digital Realty Trust, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (313411) USD | (6642) |
|  DigitalOcean Holdings, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (17039) USD | (1061) |
|  Diodes, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (21306) USD | (59) |
|  Disc Medicine, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (396077) USD | (31) |
|  Disc Medicine, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (22350) USD | (1564) |
|  Discovery Silver Corp. | 04/21/26 M | 1.36% | Morgan Stanley & Co. LLC | (67189) CAD | (6847) |
|  DMG Mori Co., Ltd. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (3566250) JPY | (701) |
|  DNB Bank ASA | 04/21/26 M | 3.62% | Morgan Stanley & Co. LLC | (3967635) NOK | (12640) |
|  DNOW, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (20595) USD | (93) |
|  Docusign, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1551718) USD | 605 |
|  Dolby Laboratories, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (57035) USD | (382) |
|  Dollar Tree, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (63879) USD | (732) |
|  Dometic Group AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (140921) SEK | (609) |
|  Domino's Pizza Enterprises Ltd. | 04/21/26 M | 3.23% | Morgan Stanley & Co. LLC | (80597) AUD | 2658 |
|  Domino's Pizza Group PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (13527) GBP | 191 |
|  Donaldson Co., Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1105981) USD | (300) |
|  DoorDash, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (390191) USD | 23975 |
|  Doosan Co. Ltd. | 04/21/26 M | 1.10% | Morgan Stanley & Co. LLC | (3198000) KRW | (91) |
|  Dottikon Es Holding AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (14255) CHF | (645) |
|  Douglas AG | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (20150) EUR | 46 |
|  Dover Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (16346) USD | 296 |
|  Dow, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (267825) USD | (734) |
|  Doximity, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (355626) USD | 24580 |
|  DraftKings, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (74611) USD | 7287 |
|  Dropbox, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (687343) USD | 45912 |
|  DSV AS | 04/21/26 M | 1.47% | Morgan Stanley & Co. LLC | (10523021) DKK | (28139) |
|  DT Midstream, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (251983) USD | 15 |
|  DT Midstream, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (91543) USD | 1583 |
|  DTE Energy Co. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (44772) USD | (118) |
|  Dutch Bros, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (600533) USD | 20274 |
|  Dutch Bros, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (52220) USD | 1763 |
|  D-Wave Quantum, Inc. | 04/21/26 M | 0.45% | Goldman Sachs & Co. | (127661) USD | (44) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  D-Wave Quantum, Inc. | 04/21/26 M | 3.10% | Morgan Stanley & Co. LLC | (146529) USD | $&nbsp;&nbsp;&nbsp;&nbsp;16890 |
|  DXP Enterprises, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (31929) USD | (768) |
|  Dycom Industries, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (42319) USD | 1321 |
|  Dynavox Group AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (88942) SEK | (978) |
|  Dyne Therapeutics, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (112284) USD | (31) |
|  Dyne Therapeutics, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (12420) USD | (181) |
|  E.ON SE | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (1178280) EUR | (30799) |
|  East West Bancorp, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (51855) USD | (884) |
|  Eastern Bankshares, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (5220) USD | (140) |
|  EastGroup Properties, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1339086) USD | (225) |
|  EastGroup Properties, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (88282) USD | (562) |
|  Ebara Corp. | 04/21/26 M | 0.68% | Morgan Stanley & Co. LLC | (10476000) JPY | (1930) |
|  eBay, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (40792) USD | (531) |
|  EchoStar Corp. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (14204857) USD | (300467) |
|  Ecolab, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (116725) USD | (2186) |
|  Ecopetrol SA | 04/21/26 M | 2.10% | Morgan Stanley & Co. LLC | (29383) USD | (987) |
|  Edgewise Therapeutics, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (980510) USD | 1427 |
|  Edgewise Therapeutics, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (8914) USD | (410) |
|  EDP Renovaveis SA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (228110) EUR | (19439) |
|  Edwards Lifesciences Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (73575) USD | (19) |
|  EFG International AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (83461) CHF | 2932 |
|  Eiffage SA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (451923) EUR | (9370) |
|  Eikon Therapeutics, Inc. | 04/21/26 M | 6.92% | Goldman Sachs & Co. | (143370) USD | (6443) |
|  Elanco Animal Health, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (39585) USD | 866 |
|  Elastic NV | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (768351) USD | (695) |
|  Elbit Systems Ltd. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (65916) USD | 3933 |
|  Electrolux AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (1567732) SEK | 2080 |
|  Elekta AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (256525) SEK | (46) |
|  Element Fleet Management Corp. | 04/21/26 M | 2.05% | Morgan Stanley & Co. LLC | (12464) CAD | 155 |
|  Element Solutions, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (69101) USD | (2150) |
|  Elementis PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (6745) GBP | (220) |
|  elf Beauty, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (190186) USD | (372) |
|  elf Beauty, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (141826) USD | 22303 |
|  Eli Lilly & Co. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (912371) USD | (9238) |
|  Elia Group SA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (284695) EUR | (16072) |
|  Elior Group SA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (41862) EUR | (264) |
|  Elis SA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (85624) EUR | 80 |
|  Elisa OYJ | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (120109) EUR | 831 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Ellington Financial, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (626592) USD | $&nbsp;&nbsp;&nbsp;&nbsp;(2655) |
|  Elmos Semiconductor SE | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (11566) EUR | (245) |
|  EMCOR Group, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (17127) USD | 146 |
|  Emerson Electric Co. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (265113) USD | (2430) |
|  Emmi AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (4794) CHF | (419) |
|  Encompass Health Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1061685) USD | (314) |
|  Endeavour Group Ltd. | 04/21/26 M | 3.80% | Morgan Stanley & Co. LLC | (26096) AUD | 1732 |
|  Endeavour Mining PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (32155) GBP | (2567) |
|  Enerflex Ltd. | 04/21/26 M | 2.05% | Morgan Stanley & Co. LLC | (17446) CAD | (31) |
|  Energean PLC | 04/21/26 M | 3.05% | Morgan Stanley & Co. LLC | (63236) GBP | (2762) |
|  Energizer Holdings, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (12605) USD | 487 |
|  Energy Fuels, Inc. | 04/21/26 M | 1.66% | Morgan Stanley & Co. LLC | (239913) CAD | (6993) |
|  Energy Fuels, Inc. | 04/21/26 M | 3.04% | Morgan Stanley Capital Services LLC | (336623) USD | (7627) |
|  EnerSys | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (8049) USD | (116) |
|  Eneva SA | 04/21/26 M | 14.25% | Morgan Stanley & Co. LLC | (172563) BRL | 743 |
|  Enphase Energy, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (280390) USD | 10124 |
|  Enpro, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (29907) USD | 330 |
|  Ensign Group, Inc. (The) | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (16599) USD | 76 |
|  Entain PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (244093) GBP | 11647 |
|  Entegris, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (101554) USD | (1969) |
|  Entergy Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (59359) USD | (754) |
|  Enviri Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (8814) USD | (564) |
|  EOG Resources, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (34840) USD | 722 |
|  EPAM Systems, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (8936) USD | 0 |
|  Epiroc AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (3745636) SEK | (16887) |
|  EPR Properties | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (40820) USD | (397) |
|  EQT AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (8865497) SEK | (72584) |
|  Equatorial SA | 04/21/26 M | 14.25% | Morgan Stanley & Co. LLC | (209447) BRL | (588) |
|  Equinix, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (413954) USD | (1668) |
|  Equinix, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (196293) USD | (2696) |
|  Equinor ASA | 04/21/26 M | 2.50% | Morgan Stanley & Co. LLC | (35433) USD | (2547) |
|  Equinox Gold Corp. | 04/21/26 M | 2.05% | Morgan Stanley & Co. LLC | (34554) CAD | (3857) |
|  EquipmentShare.com, Inc. | 04/21/26 M | 1.66% | Goldman Sachs & Co. | (1063718) USD | (17950) |
|  Equitable Holdings, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (14508) USD | 370 |
|  Equity LifeStyle Properties, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (79051) USD | 901 |
|  Equity Residential | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (128802) USD | (1624) |
|  Erasca, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (286297) USD | (89) |
|  Erasca, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (81303) USD | (1927) |
|  ERO Copper Corp. | 04/21/26 M | 2.05% | Morgan Stanley & Co. LLC | (9582) CAD | (626) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Esab Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (29581) USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(287) |
|  Essential Properties Realty Trust, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (1352310) USD | 8850 |
|  Essential Properties Realty Trust, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (171576) USD | 2167 |
|  Estee Lauder Cos., Inc. (The) | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (153188) USD | 14529 |
|  Ethos Technologies, Inc. | 04/21/26 M | 2.18% | Goldman Sachs & Co. | (117139) USD | (1487) |
|  Etoro Group Ltd. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (531442) USD | (89) |
|  Etsy, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (337690) USD | 6972 |
|  Etsy, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (153638) USD | 7347 |
|  Euronet Worldwide, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (523525) USD | 6436 |
|  Euronet Worldwide, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (82637) USD | 1600 |
|  Euronext NV | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (20732) EUR | (1087) |
|  Europris ASA | 04/21/26 M | 3.62% | Morgan Stanley & Co. LLC | (230154) NOK | (670) |
|  Eutelsat Communications SACA | 04/21/26 M | 0.24% | Morgan Stanley & Co. LLC | (6155) EUR | (58) |
|  Eversource Energy | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (53660) USD | (1141) |
|  Evolution AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (1792038) SEK | (2765) |
|  Evolution Mining Ltd. | 04/21/26 M | 3.80% | Morgan Stanley & Co. LLC | (65884) AUD | (6132) |
|  Evommune, Inc. | 04/21/26 M | 8.75% | Goldman Sachs & Co. | (305126) USD | (66) |
|  Evotec SE | 04/21/26 M | 1.54% | Morgan Stanley & Co. LLC | (24012) EUR | (1652) |
|  Excelerate Energy, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1191125) USD | 25970 |
|  ExlService Holdings, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (164894) USD | 38 |
|  Exosens SAS | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (116483) EUR | 1709 |
|  Extra Space Storage, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (153450) USD | 815 |
|  Extreme Networks, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (77079) USD | 20 |
|  Exxon Mobil Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1703080) USD | (1155) |
|  Exzeo Group, Inc. | 04/21/26 M | 3.39% | Goldman Sachs & Co. | (251168) USD | (8491) |
|  F5, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (125220) USD | (60) |
|  F5, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (50417) USD | 73 |
|  Fabege AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (443795) SEK | (883) |
|  Fabrinet | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (27578) USD | (62) |
|  Fabrinet | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (289096) USD | 13212 |
|  FactSet Research Systems, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (60873) USD | (2488) |
|  Faes Farma SA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (6531) EUR | (346) |
|  Fair Isaac Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (95700) USD | (379) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  FANUC Corp. | 04/21/26 M | 0.68% | Morgan Stanley & Co. LLC | (5085900) JPY | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675 |
|  Fast Retailing Co., Ltd. | 04/21/26 M | 0.68% | Morgan Stanley & Co. LLC | (61830000) JPY | (5515) |
|  Fastenal Co. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (78318) USD | (2835) |
|  Fastighets AB Balder | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (1515172) SEK | (3428) |
|  Fastly, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (928079) USD | (10007) |
|  FB Financial Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (75349) USD | (16) |
|  FB Financial Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (16027) USD | (74) |
|  Federal Realty Investment Trust | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (315327) USD | (7446) |
|  Federal Realty Investment Trust | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (124408) USD | (2938) |
|  Federal Signal Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (32776) USD | 118 |
|  FedEx Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (653494) USD | (96) |
|  FedEx Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (18145) USD | (20) |
|  Ferguson Enterprises, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (174487) USD | (8389) |
|  Ferrovial SE | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (333213) EUR | (13782) |
|  Fifth Third Bancorp | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (67634) USD | (11) |
|  Fifth Third Bancorp | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (502654) USD | (12076) |
|  Figma, Inc. | 04/21/26 M | 0.40% | Goldman Sachs & Co. | (935245) USD | (221) |
|  Figure Technology Solutions, Inc. | 04/21/26 M | 1.00% | Morgan Stanley Capital Services LLC | (1434614) USD | 1924 |
|  Figure Technology Solutions, Inc. | 04/21/26 M | 1.15% | Morgan Stanley & Co. LLC | (87402) USD | (5315) |
|  Figure Technology Solutions, Inc. | 04/21/26 M | 3.38% | Goldman Sachs & Co. | (1201687) USD | (177) |
|  Financiere de Tubize SA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (100394) EUR | (2783) |
|  Finnair Oyj | 04/21/26 M | 1.56% | Morgan Stanley & Co. LLC | (3418) EUR | 306 |
|  Firefly Aerospace, Inc. | 04/21/26 M | 1.72% | Goldman Sachs & Co. | (755774) USD | (133) |
|  Firefly Aerospace, Inc. | 04/21/26 M | 2.50% | Morgan Stanley Capital Services LLC | (270233) USD | (50197) |
|  First American Financial Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (8380) USD | 0 |
|  First Financial Bancorp | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (5982) USD | (179) |
|  First Industrial Realty Trust, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (57305) USD | 207 |
|  First Interstate BancSystem, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (56704) USD | (410) |
|  First Majestic Silver Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (85843) USD | (10194) |
|  First Quantum Minerals Ltd. | 04/21/26 M | 2.05% | Morgan Stanley & Co. LLC | (8733) CAD | (512) |
|  FirstCash Holdings, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (94099) USD | 2731 |
|  FirstService Corp. | 04/21/26 M | 2.05% | Morgan Stanley & Co. LLC | (88429) CAD | (1537) |
|  Fiserv, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (323678) USD | 6846 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Fisher & Paykel Healthcare Corp. Ltd. | 04/21/26 M | 3.80% | Morgan Stanley & Co. LLC | (52057) AUD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(423) |
|  Five Below, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (59008) USD | 517 |
|  flatexDEGIRO SE | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (177519) EUR | 15067 |
|  Floor & Decor Holdings, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (236189) USD | 7081 |
|  Floor & Decor Holdings, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (38754) USD | 1162 |
|  Flow Traders Ltd. | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (6214) EUR | (35) |
|  Flowco Holdings, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (254243) USD | (991) |
|  FLSmidth & Co., AS | 04/21/26 M | 1.47% | Morgan Stanley & Co. LLC | (963977) DKK | (3774) |
|  Flughafen Zurich AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (146198) CHF | (5043) |
|  Fluidra SA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (67997) EUR | (2291) |
|  Fluor Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (167986) USD | (187) |
|  Flutter Entertainment PLC | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1491199) USD | 58699 |
|  Flutter Entertainment PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (52045) GBP | 3249 |
|  Flywire Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (24645) USD | 1714 |
|  FNB Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (43244) USD | (1114) |
|  Fomento Economico Mexicano SAB de CV | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (62049) USD | (4920) |
|  Forbo Holding AG | 04/21/26 M | 1.05% | Morgan Stanley & Co. LLC | (10038) CHF | (518) |
|  Foresight Group Holdings Ltd. | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (4707) GBP | 205 |
|  Forgent Power Solutions, Inc. | 04/21/26 M | 0.30% | Goldman Sachs & Co. | (769788) USD | (7360) |
|  FormFactor, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (442840) USD | (501) |
|  Fortinet, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (650903) USD | 8257 |
|  Fortinet, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (495378) USD | 6284 |
|  Fortrea Holdings, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (3559) USD | 120 |
|  Fortune Brands Innovations, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (66198) USD | 689 |
|  Forvia SE | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (142991) EUR | (5567) |
|  Forward Air Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (13056) USD | (579) |
|  Four Corners Property Trust, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (256661) USD | (130) |
|  Franco-Nevada Corp. | 04/21/26 M | 2.05% | Morgan Stanley & Co. LLC | (15556) CAD | (1198) |
|  Franklin Resources, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (17519) USD | 205 |
|  Fraport AG Frankfurt Airport Services Worldwide | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (165560) EUR | (2558) |
|  Freedom Holding Corp/NV | 04/21/26 M | 1.15% | Morgan Stanley Capital Services LLC | (261283) USD | (515) |
|  Fresenius Medical Care AG | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (408461) EUR | (21162) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Fresenius SE & Co.,, KGaA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (500613) EUR | $&nbsp;&nbsp;&nbsp;&nbsp;(12095) |
|  Freshpet, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (270168) USD | 23892 |
|  Freshworks, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (227963) USD | 136 |
|  Frontline PLC | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (320936) USD | (334) |
|  Frontline PLC | 04/21/26 M | 3.62% | Morgan Stanley & Co. LLC | (77196) NOK | (312) |
|  FTAI Aviation Ltd. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (108148) USD | (2102) |
|  Fuji Electric Co., Ltd. | 04/21/26 M | 0.68% | Morgan Stanley & Co. LLC | (2106754) JPY | (736) |
|  Fujikura Ltd. | 04/21/26 M | 0.68% | Morgan Stanley & Co. LLC | (9732000) JPY | (4684) |
|  Fulton Financial Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (63671) USD | (1539) |
|  G Mining Ventures Corp. | 04/21/26 M | 1.31% | Morgan Stanley & Co. LLC | (60838) CAD | (7884) |
|  Galaxy Digital, Inc. | 04/21/26 M | 3.15% | Morgan Stanley & Co. LLC | (22921) USD | (566) |
|  Galaxy Digital, Inc. | 04/21/26 M | 3.26% | Goldman Sachs & Co. | (3951836) USD | (130319) |
|  Galaxy Entertainment Group Ltd. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (310320) HKD | (1103) |
|  Galenica AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (26443) CHF | (287) |
|  Galp Energia SGPS SA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (102659) EUR | (165) |
|  GameStop Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (13081) USD | (6) |
|  Gaming and Leisure Properties, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (52887) USD | 2128 |
|  Garrett Motion, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (786559) USD | (8324) |
|  GATX Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (2875) USD | (28) |
|  GDS Holdings Ltd. | 04/21/26 M | 0.04% | Morgan Stanley & Co. LLC | (732000) HKD | 752 |
|  GDS Holdings Ltd. | 04/21/26 M | 2.30% | Morgan Stanley Capital Services LLC | (1231999) USD | (673) |
|  GE HealthCare Technologies, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (236588) USD | 1552 |
|  GE Vernova, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (3661191) USD | 40402 |
|  Geely Automobile Holdings Ltd. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (400000) HKD | (2347) |
|  Gen Digital, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (312384) USD | 15303 |
|  GeneDx Holdings Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (33834) USD | 3714 |
|  Generac Holdings, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (916957) USD | 20587 |
|  Generac Holdings, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (162468) USD | 5227 |
|  General Mills, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (17357) USD | (360) |
|  Generate Biomedicines, Inc. | 04/21/26 M | 6.42% | Goldman Sachs & Co. | (218329) USD | (2921) |
|  Genpact Ltd. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (50737) USD | 1977 |
|  Genscript Biotech Corp. | 04/21/26 M | 0.67% | Morgan Stanley & Co. LLC | (254400) HKD | (1594) |
|  Genuine Parts Co. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (183424) USD | (8512) |
|  Genus PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (15565) GBP | 1131 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Genworth Financial, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (63042) USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(156) |
|  GEO Group, Inc. (The) | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (2197771) USD | (994) |
|  GEO Group, Inc. (The) | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (8327) USD | 74 |
|  Georg Fischer AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (54166) CHF | (614) |
|  Getinge AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (239214) SEK | (1256) |
|  Getty Realty Corp | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (281386) USD | (44) |
|  GFT Technologies SE | 04/21/26 M | 1.03% | Morgan Stanley & Co. LLC | (5482) EUR | (118) |
|  Gildan Activewear, Inc. | 04/21/26 M | 2.05% | Morgan Stanley & Co. LLC | (119795) CAD | 1022 |
|  Gilead Sciences, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (475334) USD | (7026) |
|  Gitlab, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (4075) USD | 115 |
|  Givaudan SA | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (414115) CHF | (9611) |
|  Glacier Bancorp, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (64648) USD | (525) |
|  Glaukos Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (13218) USD | (24) |
|  Global Brands Manufacture Ltd. | 04/21/26 M | 2.15% | Morgan Stanley & Co. LLC | (278400) TWD | 80 |
|  Global Foundries, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (1968063) USD | (221) |
|  Global Foundries, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (103218) USD | (1221) |
|  Global Payments, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (458905) USD | 24282 |
|  Global Payments, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (93657) USD | 4956 |
|  Globalstar, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1106132) USD | (106232) |
|  Globalstar, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (79549) USD | (7195) |
|  Globus Medical, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1150941) USD | 6306 |
|  GMO Payment Gateway, Inc. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (3817500) JPY | (2078) |
|  GN Store Nord AS | 04/21/26 M | 0.81% | Morgan Stanley & Co. LLC | (1374834) DKK | (16980) |
|  Golar LNG Ltd. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (437976) USD | (10866) |
|  Gold Fields Ltd. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (47637) USD | (5254) |
|  Goldman Sachs Group, Inc. (The) | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (24107) USD | (427) |
|  Goodwin PLC | 04/21/26 M | 3.50% | Morgan Stanley & Co. LLC | (1793) GBP | 101 |
|  Goosehead Insurance, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (19161) USD | 476 |
|  GPGI, Inc. | 04/21/26 M | 3.10% | Morgan Stanley & Co. LLC | (7359) USD | 6 |
|  Grab Holdings Ltd. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (119567) USD | (301) |
|  Grab Holdings Ltd. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (51499) USD | (283) |
|  Graco, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (30727) USD | (1) |
|  Grafton Group PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (19865) GBP | 505 |
|  Graphic Packaging Holding Co. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (206620) USD | (331) |
|  Great Portland Estates PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (18630) GBP | 309 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Greatland Resources Ltd. | 04/21/26 M | 2.53% | Morgan Stanley & Co. LLC | (69274) AUD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13720) |
|  Great-West Lifeco, Inc. | 04/21/26 M | 2.05% | Morgan Stanley & Co. LLC | (72219) CAD | (1148) |
|  Green Brick Partners, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (9522) USD | (146) |
|  Green Plains, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (3133) USD | (222) |
|  Greenbrier Cos., Inc. (The) | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (4084) USD | (76) |
|  Greencore Group PLC | 04/21/26 M | 3.50% | Morgan Stanley & Co. LLC | (2287) GBP | (32) |
|  Greggs PLC | 04/21/26 M | 2.88% | Morgan Stanley & Co. LLC | (125931) GBP | (3278) |
|  Greif, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (298926) USD | (72) |
|  Grenergy Renovables SA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (103223) EUR | (6728) |
|  Grenke AG | 04/21/26 M | 0.81% | Morgan Stanley & Co. LLC | (6251) EUR | (33) |
|  Griffon Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (482564) USD | (2866) |
|  Grifols SA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (222538) EUR | (7260) |
|  Group 1 Automotive, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (141132) USD | (3684) |
|  Groupe Bruxelles Lambert NV | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (41538) EUR | (1836) |
|  Groupon, Inc. | 04/21/26 M | 2.75% | Morgan Stanley & Co. LLC | (41024) USD | (1876) |
|  Grupo Aeromexico SAB de CV | 04/21/26 M | 0.41% | Goldman Sachs & Co. | (366180) USD | (5800) |
|  Grupo Aeroportuario del Pacifico SAB de CV | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (56473) USD | (3023) |
|  Grupo Aeroportuario del Sureste SAB de CV | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (39438) USD | (1906) |
|  Grupo Cibest SA | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (37279) USD | (1165) |
|  Grupo Financiero Galicia SA | 04/21/26 M | 2.85% | Morgan Stanley & Co. LLC | (131913) USD | (3686) |
|  GS Japan Consumption Index | 04/21/26 M | 0.35% | Goldman Sachs & Co. | (403301420) JPY | 8597 |
|  GS Japan Pharma Index | 04/21/26 M | 0.38% | Goldman Sachs & Co. | (505351086) JPY | (181286) |
|  GS JP Pc-Printer | 04/21/26 M | 0.33% | Goldman Sachs & Co. | (749223959) JPY | (97556) |
|  GS Yuasa Corp. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (8755200) JPY | (6709) |
|  GSCBBXMS Index | 04/21/26 M | 3.64% | Goldman Sachs International | (1926670) USD | 5550 |
|  GSK PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (65645) GBP | (6464) |
|  GSK PLC | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (176712) USD | (10382) |
|  Guardant Health, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (653944) USD | (35) |
|  Guardant Health, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (804826) USD | (70195) |
|  Guardian Pharmacy Services, Inc. | 04/21/26 M | 3.39% | Goldman Sachs & Co. | (1281362) USD | (51840) |
|  Guidewire Software, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (170326) USD | (23) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Guidewire Software, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (29480) USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1363 |
|  Gulfport Energy Corp. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (187235) USD | (4) |
|  Gulfport Energy Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (23231) USD | (465) |
|  Guotai Haitong Securities Co., Ltd. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (353460) HKD | 832 |
|  GXO Logistics, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (36279) USD | (275) |
|  H & M Hennes & Mauritz AB | 04/21/26 M | 1.26% | Morgan Stanley & Co. LLC | (2491902) SEK | (7113) |
|  H2O America | 04/21/26 M | 0.37% | Goldman Sachs & Co. | (155756) USD | (13) |
|  Hacksaw AB | 04/21/26 M | 1.37% | Morgan Stanley & Co. LLC | (279702) SEK | (901) |
|  Haemonetics Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (23457) USD | 11 |
|  Haemonetics Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (19350) USD | 695 |
|  HAL Trust | 04/21/26 M | 1.62% | Morgan Stanley & Co. LLC | (19641) EUR | (410) |
|  Haleon plc | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (82866) GBP | (3487) |
|  Haleon PLC | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (31813) USD | (48) |
|  Hamamatsu Photonics KK | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (7467600) JPY | (1809) |
|  Hammerson PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (18602) GBP | 1441 |
|  Hancock Whitney Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (19820) USD | (275) |
|  Hankyu Hanshin Holdings, Inc. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (16710536) JPY | (10367) |
|  Hannstar Board Corp. | 04/21/26 M | 2.65% | Morgan Stanley & Co. LLC | (1230496) TWD | (310) |
|  Hanover Insurance Group, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (22087) USD | (275) |
|  Hanwha Aerospace Co., Ltd. | 04/21/26 M | 1.73% | Morgan Stanley & Co. LLC | (24282000) KRW | (348) |
|  Hanwha Life Insurance Co., Ltd. | 04/21/26 M | 4.11% | Morgan Stanley Capital Services LLC | (797) USD | 36 |
|  Harbour Energy PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (126655) GBP | (10077) |
|  Harley-Davidson, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (81548) USD | (181) |
|  Harmonic Drive Systems, Inc. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (8797500) JPY | 2457 |
|  Harrow, Inc. | 04/21/26 M | 3.15% | Morgan Stanley & Co. LLC | (7212) USD | (299) |
|  Hartford Insurance Group, Inc. (The) | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (364713) USD | 539 |
|  Hartford Insurance Group, Inc. (The) | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (2031) USD | 3 |
|  Harvey Norman Holdings Ltd. | 04/21/26 M | 3.80% | Morgan Stanley & Co. LLC | (20903) AUD | 117 |
|  Harvia OYJ | 04/21/26 M | 1.31% | Morgan Stanley & Co. LLC | (13002) EUR | (136) |
|  Hasbro, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (420805) USD | (675) |
|  Hawaiian Electric Industries, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (44266) USD | (1353) |
|  Hawkins, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (17874) USD | (1633) |
|  Hayward Holdings, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (60621) USD | 2057 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  HB Fuller Co. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (4839) USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(897) |
|  HBX Group International PLC | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (13179) EUR | (672) |
|  HCI Group, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (658866) USD | (4257) |
|  HCI Group, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (3377) USD | (24) |
|  HDFC Bank Ltd. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (2969908) USD | 51807 |
|  HealthEquity, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (694026) USD | (23) |
|  Healthpeak Properties, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (164780) USD | 7102 |
|  HeartFlow, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (17314) USD | 1719 |
|  HEICO Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (33557) USD | 653 |
|  Heidelberg Materials AG | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (96228) EUR | (2735) |
|  Heineken Holding NV | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (44591) EUR | (482) |
|  Heineken NV | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (72971) EUR | (1035) |
|  Helen of Troy Ltd. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (18867) USD | 496 |
|  Helios Towers PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (56603) GBP | (4307) |
|  Helmerich & Payne, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (785708) USD | 23277 |
|  Helmerich & Payne, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (45203) USD | 1390 |
|  Helvetia Baloise Holding AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (243559) CHF | (12958) |
|  Henry Schein, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1437227) USD | 14670 |
|  Hensoldt AG | 04/21/26 M | 1.20% | Morgan Stanley & Co. LLC | (340030) EUR | (15139) |
|  Herbalife Ltd. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (36301) USD | 61 |
|  Herc Holdings, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (39990) USD | 1763 |
|  Hermes International SCA | 04/21/26 M | 1.62% | Morgan Stanley Capital Services LLC | (211147) EUR | 1578 |
|  Hershey Co., (The) | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1224424) USD | (464) |
|  Hesai Group | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (37678) USD | (26) |
|  Hess Midstream LP | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1176025) USD | 36357 |
|  Hewlett Packard Enterprise Co. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1705944) USD | (1090) |
|  Hewlett Packard Enterprise Co. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (687682) USD | (39142) |
|  Hexagon AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (6002565) SEK | 16338 |
|  Hexatronic Group AB | 04/21/26 M | 0.75% | Morgan Stanley & Co. LLC | (264119) SEK | 1192 |
|  Hexpol AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (327831) SEK | (1352) |
|  HF Sinclair Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (99455) USD | (5235) |
|  Hikari Tsushin, Inc. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (12510000) JPY | 2502 |
|  Hinge Health, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (534910) USD | 35443 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  HOCHTIEF AG | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (349386) EUR | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822 |
|  Hokuhoku Financial Group, Inc. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (1184444) JPY | (123) |
|  Hollywood Bowl Group PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (14513) GBP | 99 |
|  Home BancShares, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (26934) USD | (427) |
|  Home Depot, Inc. (The) | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (704155) USD | 4277 |
|  Home Depot, Inc. (The) | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (1325585) USD | 8052 |
|  Hon Hai Precision Industry Co., Ltd. | 04/21/26 M | 3.29% | Morgan Stanley Capital Services LLC | (18326) USD | (12) |
|  Honda Motor Co., Ltd. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (41986800) JPY | (101) |
|  Honda Motor Co., Ltd. | 04/21/26 M | 2.80% | Morgan Stanley & Co. LLC | (70930) USD | 1233 |
|  Honeywell International, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (2924553) USD | (39604) |
|  Hong Kong & China Gas Co., Ltd. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (467280) HKD | (444) |
|  Horiba Ltd. | 04/21/26 M | 0.68% | Morgan Stanley & Co. LLC | (1809000) JPY | (297) |
|  Horizon Robotics | 04/21/26 M | 0.67% | Morgan Stanley & Co. LLC | (3959670) HKD | 25352 |
|  Hoshizaki Corp. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (3944318) JPY | (901) |
|  Houlihan Lokey, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (944681) USD | (195) |
|  Howard Hughes Holdings, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (178308) USD | 41 |
|  Howard Hughes Holdings, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (9514) USD | 25 |
|  Howmet Aerospace, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (430086) USD | 4657 |
|  Hoya Corp. | 04/21/26 M | 0.68% | Morgan Stanley & Co. LLC | (54530000) JPY | (3127) |
|  HP, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (943660) USD | (18319) |
|  HP, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (111532) USD | (4093) |
|  HSBC Holdings PLC | 04/21/26 M | 3.43% | Morgan Stanley Capital Services LLC | (44008) GBP | (2844) |
|  HSBC Holdings PLC | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (171354) USD | (5834) |
|  Hua Hong Semiconductor Ltd. | 04/21/26 M | 1.38% | Morgan Stanley & Co. LLC | (1915900) HKD | 12259 |
|  Huaneng Power International, Inc. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (266800) HKD | (805) |
|  Hub Group, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (27330) USD | (565) |
|  HUB24 Ltd. | 04/21/26 M | 3.80% | Morgan Stanley & Co. LLC | (72733) AUD | (3370) |
|  Hubbell, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (22083) USD | 0 |
|  Hubbell, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (298333) USD | (1019) |
|  Huber & Suhner AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (39861) CHF | (853) |
|  HubSpot, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (162339) USD | 12 |
|  Hudbay Minerals, Inc. | 04/21/26 M | 2.05% | Morgan Stanley & Co. LLC | (91128) CAD | (8369) |
|  Huhtamaki OYJ | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (44897) EUR | (584) |
|  Hulic Co., Ltd. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (10669211) JPY | (1547) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Huntington Bancshares, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (82874) USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71) |
|  Huntington Bancshares, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (14143) USD | (333) |
|  Huntington Ingalls Industries, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (715072) USD | 28972 |
|  Huntington Ingalls Industries, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (55520) USD | 2334 |
|  Huntsman Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (195341) USD | (44732) |
|  Huron Consulting Group, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (338611) USD | 4714 |
|  Huron Consulting Group, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (2327) USD | 32 |
|  Husqvarna AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (188177) SEK | (730) |
|  Hut 8 Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (347869) USD | 39623 |
|  Hut 8 Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (16368) USD | 1872 |
|  HUTCHMED China Ltd. | 04/21/26 M | 0.04% | Morgan Stanley & Co. LLC | (54250) HKD | (362) |
|  Hyatt Hotels Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (467620) USD | 5623 |
|  Hyatt Hotels Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (113521) USD | 1365 |
|  Hycroft Mining Holding Corp | 04/21/26 M | 3.00% | Morgan Stanley Capital Services LLC | (1013197) USD | (5702) |
|  Hyundai Mobis Co., Ltd. | 04/21/26 M | 2.25% | Morgan Stanley & Co. LLC | (8817229) KRW | (178) |
|  Hyundai Motor Co., | 04/21/26 M | 1.60% | Morgan Stanley & Co. LLC | (3339720) KRW | 24 |
|  IAC, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (499230) USD | (17558) |
|  Iberdrola SA | 04/21/26 M | 1.71% | Morgan Stanley & Co. LLC | (60697) EUR | (2693) |
|  ICICI Bank Ltd. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (3994) USD | 83 |
|  ICON plc | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (216455) USD | (22239) |
|  ID Logistics Group SACA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (14674) EUR | (214) |
|  IDEX Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (227669) USD | (1118) |
|  IDEXX Laboratories, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1360656) USD | 39090 |
|  Idorsia Ltd. | 04/21/26 M | 1.05% | Morgan Stanley & Co. LLC | (34954) CHF | (4483) |
|  IES Holdings, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (611240) USD | (5789) |
|  IGM Financial, Inc. | 04/21/26 M | 2.05% | Morgan Stanley & Co. LLC | (53441) CAD | (1701) |
|  Illumina, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (10867) USD | (349) |
|  IMAX Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (682889) USD | 1940 |
|  IMAX Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (17422) USD | 14 |
|  IMCD NV | 04/21/26 M | 1.56% | Morgan Stanley & Co. LLC | (298246) EUR | (76786) |
|  IMI PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (19879) GBP | 696 |
|  Immunome, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (20007) USD | (1119) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Impinj, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (21853) USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(330) |
|  Implenia AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (39337) CHF | 2866 |
|  Inchcape PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (39544) GBP | 2397 |
|  Independence Realty Trust, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (19260) USD | 306 |
|  Independent Bank Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (11872) USD | (11) |
|  Indra Sistemas SA | 04/21/26 M | 1.42% | Morgan Stanley & Co. LLC | (111785) EUR | (4148) |
|  Industrivarden AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (3803613) SEK | (19295) |
|  Indutrade AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (188252) SEK | (1232) |
|  Inficon Holding AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (42806) CHF | 3923 |
|  Infineon Technologies AG | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (1088459) EUR | (24813) |
|  Infinity Natural Resources, Inc. | 04/21/26 M | 3.39% | Goldman Sachs & Co. | (163025) USD | 7177 |
|  Informa PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (54278) GBP | (613) |
|  ING Groep NV | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (188870) EUR | (3625) |
|  Ingersoll Rand, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (241686) USD | 6373 |
|  Ingevity Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (3206) USD | (213) |
|  Ingram Micro Holding Corp. | 04/21/26 M | 0.45% | Goldman Sachs & Co. | (807851) USD | (17346) |
|  Ingram Micro Holding Corp. | 04/21/26 M | 2.95% | Morgan Stanley Capital Services LLC | (862743) USD | (822) |
|  Innodata, Inc. | 04/21/26 M | 3.15% | Morgan Stanley & Co. LLC | (61414) USD | 7268 |
|  Innovent Biologics, Inc. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (465000) HKD | (6695) |
|  Innovex International, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (172646) USD | (35) |
|  Insmed, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (260430) USD | 28822 |
|  Installed Building Products, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (37651) USD | 0 |
|  Installed Building Products, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (24070) USD | 206 |
|  Insulet Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (393075) USD | 29842 |
|  Insurance Australia Group Ltd | 04/21/26 M | 3.80% | Morgan Stanley & Co. LLC | (50586) AUD | 232 |
|  Intea Fastigheter AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (78822) SEK | (302) |
|  Integer Holdings Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (41033) USD | (1207) |
|  Intel Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1421639) USD | (3539) |
|  Inter & Co., Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (22554) USD | 1094 |
|  Interactive Brokers Group, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (460159) USD | 5223 |
|  Interactive Brokers Group, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (259102) USD | 1822 |
|  Intercontinental Exchange, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (356933) USD | (250) |
|  International Business Machines Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (4269441) USD | 103969 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  International Flavors & Fragrances, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (130946) USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8495) |
|  International Seaways, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (30800) USD | (1267) |
|  International Workplace Group PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (73032) GBP | (2524) |
|  Interparfums SA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (2697) EUR | (48) |
|  Interparfums, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (20677) USD | (34) |
|  Intertek Group PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (31117) GBP | (368) |
|  Intuitive Surgical, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1456588) USD | 51951 |
|  Inventec Co., Ltd. | 04/21/26 M | 1.61% | Morgan Stanley Capital Services LLC | (1308) USD | 26 |
|  InvenTrust Properties Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (233312) USD | 3248 |
|  Investment AB Latour | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (329876) SEK | (2211) |
|  Inwido AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (198288) SEK | (839) |
|  IONOS Group SE | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (111701) EUR | (2631) |
|  IonQ, Inc. | 04/21/26 M | 0.37% | Goldman Sachs & Co. | (255101) USD | (44) |
|  IonQ, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (410926) USD | 47062 |
|  IP Group PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (1071) GBP | (43) |
|  IPG Photonics Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (26570) USD | 1017 |
|  IQVIA Holdings, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (374692) USD | (8682) |
|  IREN Ltd. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (484505) USD | 42053 |
|  IRhythm Holdings, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1095630) USD | 1113 |
|  Iridium Communications, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (16068) USD | (742) |
|  Iron Mountain, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (74008) USD | (145) |
|  IsuPetasys Co., Ltd. | 04/21/26 M | 0.85% | Morgan Stanley & Co. LLC | (5544000) KRW | 293 |
|  Itron, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (441087) USD | 10952 |
|  ITT, Inc. | 04/21/26 M | 3.39% | Goldman Sachs & Co. | (8204812) USD | (226331) |
|  Ivanhoe Mines Ltd. | 04/21/26 M | 2.05% | Morgan Stanley & Co. LLC | (53297) CAD | (1577) |
|  Iwatani Corp. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (1983000) JPY | (370) |
|  Iyogin Holdings, Inc. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (8419500) JPY | (2374) |
|  J Front Retailing Co., Ltd. | 04/21/26 M | 0.68% | Morgan Stanley & Co. LLC | (3755200) JPY | (1009) |
|  J&T Global Express Ltd. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (703780) HKD | (9525) |
|  J.M. Smucker Co.(The) | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (99606) USD | (16) |
|  Jabil, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (610800) USD | 1445 |
|  Jack Henry & Associates, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (149583) USD | 4818 |
|  James Hardie Industries PLC | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1212625) USD | 2492 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  James Hardie Industries PLC | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (36405) USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1082 |
|  James Hardie Industries PLC | 04/21/26 M | 3.60% | Morgan Stanley & Co. LLC | (335885) AUD | 3521 |
|  Japan Airport Terminal Co., Ltd | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (1031923) JPY | (119) |
|  Japan Hotel REIT Investment Corp. | 04/21/26 M | 0.68% | Morgan Stanley & Co. LLC | (1360800) JPY | 31 |
|  Japan Steel Works Ltd. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (11482800) JPY | 6253 |
|  Jazz Pharmaceuticals plc | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (11668) USD | (431) |
|  Jazz Pharmaceuticals plc | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (22790) USD | (841) |
|  JB Hunt Transport Services, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (683749) USD | (16793) |
|  JB Hunt Transport Services, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (208255) USD | (9366) |
|  JBS NV | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (48767) USD | (9352) |
|  JBT Marel Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (85316) USD | 27 |
|  JCDecaux SE | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (22442) EUR | 913 |
|  JD Logistics, Inc. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (130756) HKD | (448) |
|  JD Sports Fashion PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (184888) GBP | (8349) |
|  JD.com, Inc. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (136630) HKD | (1343) |
|  Jefferies Financial Group, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1002932) USD | (13341) |
|  Jefferson Capital, Inc. | 04/21/26 M | 1.66% | Goldman Sachs & Co. | (234047) USD | (4212) |
|  Jenoptik AG | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (55299) EUR | (8199) |
|  Jentech Precision Industrial Co., Ltd. | 04/21/26 M | 0.15% | Morgan Stanley & Co. LLC | (7700000) TWD | (10627) |
|  Jeol Ltd. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (1116200) JPY | (416) |
|  Jeronimo Martins SGPS SA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (18940) EUR | (351) |
|  JFE Holdings, Inc. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (23981100) JPY | 81 |
|  JFrog Ltd. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (103134) USD | (205) |
|  JFrog Ltd. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (73182) USD | (6176) |
|  Jiaxin International Resources Investment Ltd. | 04/21/26 M | 4.13% | Morgan Stanley & Co. LLC | (42400) HKD | 17 |
|  Joby Aviation, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (2557052) USD | (1549) |
|  John Wiley & Sons, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (9206) USD | (281) |
|  Johnson & Johnson | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (362311) USD | (13882) |
|  Johnson & Johnson | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (1548742) USD | (58451) |
|  Jones Lang LaSalle, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (42543) USD | (670) |
|  JOST Werke SE | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (13018) EUR | 1654 |
|  JPMorgan Chase & Co. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (563348) USD | 31 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Julius Baer Group Ltd. | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (249367) CHF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10376) |
|  Jungfraubahn Holding AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (30140) CHF | 1108 |
|  JVCKenwood Corp. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (446800) JPY | (27) |
|  Kadant, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (55903) USD | 3573 |
|  Kadokawa Corp. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (3397000) JPY | (2778) |
|  Kajima Corp. | 04/21/26 M | 0.68% | Morgan Stanley & Co. LLC | (17772300) JPY | (6278) |
|  Kalmar OYJ | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (10575) EUR | 145 |
|  Kansai Paint Co., Ltd. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (3107000) JPY | 88 |
|  Kardex Holding AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (6096) CHF | 403 |
|  Karman Holdings, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (404473) USD | 1901 |
|  Karman Holdings, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (23193) USD | 1660 |
|  Karnov Group AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (191589) SEK | (603) |
|  KB Home | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (232713) USD | 4340 |
|  KBC Ancora | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (59672) EUR | (1133) |
|  KBC Group NV | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (612579) EUR | (11860) |
|  KE Holdings, Inc. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (396324) HKD | 524 |
|  Keio Corp. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (1934440) JPY | (78) |
|  Keisei Electric Railway Co., Ltd. | 04/21/26 M | 0.68% | Morgan Stanley & Co. LLC | (4316400) JPY | 263 |
|  Kemira OYJ | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (37484) EUR | (213) |
|  Kemper Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (17927) USD | 172 |
|  Kering SA | 04/21/26 M | 1.62% | Morgan Stanley Capital Services LLC | (8337) EUR | (688) |
|  Kesko OYJ | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (46113) EUR | (600) |
|  Kestra Medical Technologies Ltd. | 04/21/26 M | 3.39% | Goldman Sachs & Co. | (342391) USD | (10370) |
|  Keyence Corp. | 04/21/26 M | 0.68% | Morgan Stanley & Co. LLC | (45024000) JPY | (1030) |
|  Keysight Technologies, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (90354) USD | (5) |
|  Kia Corp. | 04/21/26 M | 2.22% | Morgan Stanley & Co. LLC | (8008053) KRW | 292 |
|  Kimco Realty Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (263180) USD | 78 |
|  Kinder Morgan, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (49351) USD | 264 |
|  Kinepolis Group NV | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (5828) EUR | (367) |
|  Kingboard Laminates Holdings Ltd. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (311680) HKD | (93) |
|  Kingdee International Software Group Co., Ltd. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (204160) HKD | 1614 |
|  Kiniksa Pharmaceuticals International PLC | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (118231) USD | (5418) |
|  Kinsale Capital Group, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (101039) USD | (4192) |
|  Kintetsu Group Holdings Co., Ltd. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (4752000) JPY | (799) |
|  Kirby Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (2545) USD | 20 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Kirin Holdings Co., Ltd. | 04/21/26 M | 0.68% | Morgan Stanley & Co. LLC | (1434000) JPY | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(508) |
|  Kite Realty Group Trust | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (215247) USD | 116 |
|  Kite Realty Group Trust | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (39654) USD | 129 |
|  Kitz Corp. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (345400) JPY | (125) |
|  KIWOOM Securities Co., Ltd. | 04/21/26 M | 0.92% | Morgan Stanley & Co. LLC | (14970805) KRW | (410) |
|  KLA Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (3527678) USD | 91073 |
|  Knife River Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (19142) USD | 689 |
|  Knight-Swift Transportation Holdings, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (155197) USD | (9770) |
|  Kobe Bussan Co., Ltd. | 04/21/26 M | 0.68% | Morgan Stanley & Co. LLC | (7450800) JPY | 1506 |
|  Kodiak Gas Services, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (2561470) USD | (19249) |
|  Kodiak Gas Services, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (63590) USD | 196 |
|  Kokusai Electric Corp. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (19524900) JPY | (2088) |
|  Konecranes OYJ | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (4534) EUR | 219 |
|  Konica Minolta, Inc. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (145650) JPY | (89) |
|  Koninklijke Heijmans NV | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (34448) EUR | (520) |
|  Koninklijke Philips NV | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (159875) EUR | (4759) |
|  Kontoor Brands, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (185897) USD | (1144) |
|  Kontoor Brands, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (22774) USD | (140) |
|  Korea Aerospace Industries Ltd. | 04/21/26 M | 2.14% | Morgan Stanley Capital Services LLC | (11575) USD | 500 |
|  Korn Ferry | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (12697) USD | (19) |
|  Kratos Defense & Security Solutions, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (932604) USD | (3346) |
|  Kratos Defense & Security Solutions, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (12286) USD | (53) |
|  Kratos Defense & Security Solutions, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (269565) USD | 42453 |
|  Kroger Co. (The) | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1802306) USD | 3943 |
|  Kroger Co. (The) | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (187057) USD | 875 |
|  Krystal Biotech, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (245328) USD | (8083) |
|  Krystal Biotech, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (72023) USD | (2373) |
|  Kuaishou Technology | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (1778480) HKD | 24185 |
|  Kuehne + Nagel International AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (272390) CHF | (29872) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Kumagai Gumi Co., Ltd. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (1527623) JPY | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(287) |
|  Kura Sushi USA, Inc. | 04/21/26 M | 3.05% | Morgan Stanley & Co. LLC | (12833) USD | (1823) |
|  Kuros Biosciences AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (47911) CHF | 4575 |
|  KWS Saat SE & Co., KGaA | 04/21/26 M | 0.91% | Morgan Stanley & Co. LLC | (2782) EUR | (483) |
|  Kyivstar Group Ltd. | 04/21/26 M | 7.79% | Goldman Sachs & Co. | (712718) USD | (3799) |
|  Kymera Therapeutics, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (442243) USD | (27) |
|  Kymera Therapeutics, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (565455) USD | (84) |
|  Kymera Therapeutics, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (33475) USD | (2590) |
|  Kyndryl Holdings, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (106634) USD | (110) |
|  Kyndryl Holdings, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (44599) USD | (783) |
|  Kyoritsu Maintenance Co., Ltd. | 04/21/26 M | 0.06% | Morgan Stanley & Co. LLC | (719550) JPY | (122) |
|  Kyoto Financial Group, Inc. | 04/21/26 M | 0.46% | Morgan Stanley & Co. LLC | (3435200) JPY | 566 |
|  L E Lundbergforetagen AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (620471) SEK | (3762) |
|  L3Harris Technologies, Inc. | 04/21/26 M | 3.39% | Goldman Sachs & Co. | (16680620) USD | (119901) |
|  L3Harris Technologies, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (200033) USD | 191 |
|  Lagercrantz Group AB | 04/21/26 M | 1.42% | Morgan Stanley & Co. LLC | (410896) SEK | (1563) |
|  Lamar Advertising Co. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (28094) USD | 102 |
|  Lamb Weston Holdings, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (82242) USD | (2785) |
|  Land Securities Group PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (51896) GBP | (1164) |
|  Landbridge Co. LLC | 04/21/26 M | 1.32% | Goldman Sachs & Co. | (1213069) USD | (9116) |
|  Lantheus Holdings, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (135831) USD | 60 |
|  Lantheus Holdings, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (23931) USD | (38) |
|  Larimar Therapeutics, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (99452) USD | (111) |
|  Las Vegas Sands Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (13739) USD | (1) |
|  Las Vegas Sands Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (126996) USD | (1293) |
|  Latam Airlines Group SA | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (1693054) USD | (57171) |
|  Latam Airlines Group SA | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (60139) USD | 218 |
|  Lattice Semiconductor Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (531429) USD | (2591) |
|  Laureate Education, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (349218) USD | (2143) |
|  Laureate Education, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (22116) USD | 201 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  LCI Industries | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (300070) USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1969) |
|  LCI Industries | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (10560) USD | (139) |
|  Lear Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (37209) USD | (689) |
|  Legal & General Group PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (35277) GBP | (1508) |
|  Legence Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (69022) USD | (5618) |
|  Leggett & Platt, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (9739) USD | 146 |
|  Legrand SA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (72980) EUR | 152 |
|  Leidos Holdings, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (50062) USD | 2162 |
|  LendingClub Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (4944) USD | 118 |
|  Lennox International, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (32910) USD | 885 |
|  Lenovo Group Ltd. | 04/21/26 M | 1.85% | Morgan Stanley Capital Services LLC | (248080) HKD | (2038) |
|  Leonardo DRS, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (184601) USD | 21 |
|  Leonardo DRS, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (36016) USD | (1) |
|  LG Electronics, Inc. | 04/21/26 M | 3.29% | Morgan Stanley Capital Services LLC | (3694) USD | (4) |
|  LG Energy Solution Ltd. | 04/21/26 M | 0.36% | Morgan Stanley Capital Services LLC | (105495) USD | (17064) |
|  Li Auto, Inc. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (1652400) HKD | (14348) |
|  Liberty Energy, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (995902) USD | (635) |
|  Liberty Global Ltd. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (658672) USD | 359 |
|  Liberty Live Holdings, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (3904) USD | (49) |
|  Liberty Media Corp.-Liberty Formula One | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (305351) USD | (41) |
|  Liechtensteinische Landesbank AG | 04/21/26 M | 1.52% | Morgan Stanley & Co. LLC | (17939) CHF | 171 |
|  Lifco AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (393347) SEK | (1377) |
|  Life Time Group Holdings, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (22992) USD | (580) |
|  Lifedrink Co., Inc. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (403200) JPY | (491) |
|  LifeStance Health Group, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (281658) USD | (221) |
|  LifeStance Health Group, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (216768) USD | (194) |
|  Ligand Pharmaceuticals, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (24644) USD | 87 |
|  Lightbridge Corp. | 04/21/26 M | 3.05% | Morgan Stanley & Co. LLC | (15088) USD | 175 |
|  Lincoln Electric Holdings, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (279241) USD | 23 |
|  Linde PLC | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (715279) USD | (103) |
|  Linde PLC | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (203171) USD | (7527) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Lineage, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (1143276) USD | $(16461) |
|  Lineage, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (116038) USD | (64) |
|  LINK Mobility Group Holding ASA | 04/21/26 M | 1.95% | Morgan Stanley & Co. LLC | (652564) NOK | (3271) |
|  Lionsgate Studios Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (5900) USD | 12 |
|  Liontown Ltd. | 04/21/26 M | 3.80% | Morgan Stanley & Co. LLC | (41283) AUD | (6148) |
|  Lithia Motors, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (202030) USD | 256 |
|  Lithia Motors, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (61049) USD | 616 |
|  Littelfuse, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (31039) USD | (860) |
|  LivaNova PLC | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (561780) USD | (1235) |
|  LivaNova PLC | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (23349) USD | (105) |
|  Live Nation Entertainment, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (545995) USD | (5786) |
|  LiveRamp Holdings, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (4523) USD | 147 |
|  LKQ Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (296843) USD | (852) |
|  LKQ Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (120227) USD | (2422) |
|  Loar Holdings, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (78787) USD | 2075 |
|  Localiza Rent a Car SA | 04/21/26 M | 12.78% | Morgan Stanley & Co. LLC | (196345) BRL | 48 |
|  Lockheed Martin Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (3884821) USD | (1407) |
|  Logistea AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (99134) SEK | (229) |
|  London Stock Exchange Group PLC | 04/21/26 M | 3.43% | Morgan Stanley Capital Services LLC | (64579) GBP | (5923) |
|  Longfor Group Holdings Ltd. | 04/21/26 M | 5.58% | Morgan Stanley & Co. LLC | (20400) HKD | 168 |
|  L'Oreal SA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (244534) EUR | (6833) |
|  Lottery Corp. Ltd. (The) | 04/21/26 M | 3.80% | Morgan Stanley & Co. LLC | (57856) AUD | (169) |
|  Lottomatica Group SpA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (121113) EUR | 1129 |
|  Lotus Bakeries NV | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (77040) EUR | (1279) |
|  Louisiana-Pacific Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (14092) USD | (21) |
|  Lowe's Cos., Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (258664) USD | (62) |
|  Lowe's Cos., Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (701813) USD | (6082) |
|  LPL Financial Holdings, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (360905) USD | (1294) |
|  Lululemon Athletica, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (456953) USD | 8829 |
|  Lululemon Athletica, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (389745) USD | 26745 |
|  Lumentum Holdings, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (95492) USD | 3431 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Lumexa Imaging Holdings, Inc. | 04/21/26 M | 3.39% | Goldman Sachs & Co. | (215241) USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47799 |
|  Lumo Kodit OYJ | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (4489) EUR | (16) |
|  Lundin Gold, Inc. | 04/21/26 M | 2.05% | Morgan Stanley & Co. LLC | (40605) CAD | (2755) |
|  Lundin Mining Corp. | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (550962) SEK | (4181) |
|  Luzerner Kantonalbank AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (31297) CHF | (444) |
|  Lyft, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (29590) USD | (1239) |
|  Lynas Rare Earths Ltd. | 04/21/26 M | 3.80% | Morgan Stanley & Co. LLC | (97953) AUD | (2600) |
|  LyondellBasell Industries NV | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (118855) USD | (15117) |
|  M&G PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (31838) GBP | (82) |
|  M&T Bank Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (24806) USD | 0 |
|  M&T Bank Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (88892) USD | (2685) |
|  M3, Inc. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (3604100) JPY | (899) |
|  Macerich Co., (The) | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (737935) USD | 230 |
|  Macerich Co., (The) | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (85277) USD | (1852) |
|  Macnica Holdings, Inc. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (3412500) JPY | (336) |
|  MACOM Technology Solutions Holdings, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (213127) USD | (60) |
|  MACOM Technology Solutions Holdings, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (232729) USD | 7328 |
|  Madison Square Garden Sports Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (148949) USD | (5323) |
|  Magnite, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (72437) USD | 3118 |
|  Magnolia Oil & Gas Corp. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (838082) USD | (133) |
|  Magnum Ice Cream Co., NV (The) | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (21717) EUR | 494 |
|  MakeMyTrip Ltd. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (326899) USD | 761 |
|  MakeMyTrip Ltd. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (88537) USD | 7282 |
|  Man Group PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (30291) GBP | (1941) |
|  Mandatum OYJ | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (4743) EUR | (221) |
|  Mapfre SA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (49943) EUR | (2525) |
|  Maplebear, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (997334) USD | 17268 |
|  MapLight Therapeutics, Inc. | 04/21/26 M | 0.07% | Goldman Sachs & Co. | (336105) USD | (23736) |
|  Marex Group PLC | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (974274) USD | (12059) |
|  Marex Group PLC | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (152437) USD | 241 |
|  Marex Group PLC | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (3736) USD | (767) |
|  MarketAxess Holdings, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (94887) USD | 3158 |
|  Marriott International, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (7836) USD | (13) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Marriott Vacations Worldwide Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (83389) USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6287 |
|  Marubeni Corp. | 04/21/26 M | 0.46% | Morgan Stanley & Co. LLC | (23363553) JPY | (17405) |
|  Maruwa Co., Ltd. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (16137000) JPY | (4273) |
|  Masco Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (12076) USD | (58) |
|  MasTec, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (108410) USD | (3877) |
|  Matador Resources Co. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (70993) USD | (3117) |
|  Match Group, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (900427) USD | 317 |
|  Match Group, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (19032) USD | 299 |
|  Matson, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (4958) USD | (124) |
|  Maximus, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (31656) USD | 2042 |
|  MBRF Global Foods Co., SA | 04/21/26 M | 9.11% | Morgan Stanley Capital Services LLC | (39829) USD | (5976) |
|  MBRF Global Foods Co., SA | 04/21/26 M | 18.35% | Morgan Stanley & Co. LLC | (340539) BRL | (9214) |
|  McGrath RentCorp | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (10764) USD | (153) |
|  McGraw Hill, Inc. | 04/21/26 M | 3.11% | Goldman Sachs & Co. | (712607) USD | (14877) |
|  MDA Space Ltd. | 04/21/26 M | 2.05% | Morgan Stanley & Co. LLC | (115884) CAD | 17718 |
|  MDA Space Ltd. | 04/21/26 M | 3.39% | Goldman Sachs & Co. | (1116131) USD | (4305) |
|  MDU Resources Group, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (274992) USD | (66) |
|  Medacta Group SA | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (21727) CHF | (609) |
|  MediaTek, Inc. | 04/21/26 M | 1.20% | Morgan Stanley & Co. LLC | (4875000) TWD | 8591 |
|  Medicover AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (211600) SEK | (510) |
|  Medincell SA | 04/21/26 M | 1.37% | Morgan Stanley & Co. LLC | (59942) EUR | (4013) |
|  Medline, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (23718) USD | (1113) |
|  Meitu, Inc. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (248040) HKD | 2636 |
|  Meituan | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (1714720) HKD | (25753) |
|  MEKO AB | 04/21/26 M | 1.42% | Morgan Stanley & Co. LLC | (84362) SEK | (500) |
|  Melexis NV | 04/21/26 M | 1.56% | Morgan Stanley & Co. LLC | (40109) EUR | (2352) |
|  Merck & Co., Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1264035) USD | (50373) |
|  Merck & Co., Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (753655) USD | (30034) |
|  Merck KGaA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (229758) EUR | (18399) |
|  Mercury General Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (9279) USD | (65) |
|  Mercury Systems, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (53864) USD | 3701 |
|  Meren Energy, Inc. | 04/21/26 M | 0.23% | Morgan Stanley & Co. LLC | (84708) SEK | (1499) |
|  Mersen SA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (8653) EUR | (346) |
|  Meta Platforms, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (63426) USD | 3353 |
|  Methanex Corp. | 04/21/26 M | 2.05% | Morgan Stanley & Co. LLC | (49284) CAD | (3601) |
|  Metlen Energy & Metals PLC | 04/21/26 M | 1.42% | Morgan Stanley & Co. LLC | (54047) EUR | 1568 |
|  MetLife, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (408992) USD | (9104) |
|  Metro Bank Holdings PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (11721) GBP | (716) |
|  Metropolitan Bank Holding Corp. | 04/21/26 M | 3.39% | Goldman Sachs & Co. | (580621) USD | (9073) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Metso OYJ | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (302523) EUR | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18216) |
|  MGE Energy, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (351021) USD | (107) |
|  MGM Resorts International | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (282113) USD | (458) |
|  Miami International Holdings, Inc. | 04/21/26 M | 3.39% | Goldman Sachs & Co. | (3700082) USD | (88858) |
|  Miami International Holdings, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (15827) USD | 65 |
|  Microchip Technology, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (121989) USD | (512) |
|  Micronics Japan Co., Ltd. | 04/21/26 M | 0.68% | Morgan Stanley & Co. LLC | (8144000) JPY | 1491 |
|  Micro-Star International Co., Ltd. | 04/21/26 M | 1.53% | Morgan Stanley & Co. LLC | (181723) TWD | 252 |
|  Mid-America Apartment Communities, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (3427) USD | 8 |
|  Millicom International Cellular S.A. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (17668) USD | (92) |
|  Minerva SA | 04/21/26 M | 2.64% | Morgan Stanley Capital Services LLC | (26527) USD | (2191) |
|  MINISO Group Holding Ltd. | 04/21/26 M | 0.92% | Morgan Stanley & Co. LLC | (442960) HKD | (52) |
|  Minth Group Ltd. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (533922) HKD | 1669 |
|  Mirion Technologies, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (56446) USD | (30) |
|  Mirion Technologies, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (140862) USD | 5322 |
|  Mirum Pharmaceuticals, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (6007) USD | (275) |
|  Mitie Group PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (17292) GBP | 81 |
|  Mitsubishi Estate Co., Ltd. | 04/21/26 M | 0.68% | Morgan Stanley & Co. LLC | (60172000) JPY | (9447) |
|  Mitsubishi Materials Corp. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (1893200) JPY | (676) |
|  Mitsubishi UFJ Financial Group, Inc. | 04/21/26 M | 3.64% | Citibank N.A. | (2843987) USD | (39063) |
|  Mitsui & Co., Ltd. | 04/21/26 M | 0.68% | Morgan Stanley & Co. LLC | (56977800) JPY | (15914) |
|  Mitsui E&S Co., Ltd. | 04/21/26 M | 0.68% | Morgan Stanley & Co. LLC | (6186072) JPY | (1297) |
|  Mizuho Financial Group, Inc. | 04/21/26 M | 0.68% | Morgan Stanley & Co. LLC | (120951600) JPY | (20309) |
|  Mizuho Financial Group, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (79947) USD | (1906) |
|  Mobileye Global, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (149708) USD | 17681 |
|  Mobimo Holding AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (82102) CHF | (2211) |
|  Moderna, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (114675) USD | 172 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Modine Manufacturing Co. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (88820) USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1981) |
|  Moelis & Co. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (464640) USD | (24) |
|  Moelis & Co. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (3649) USD | (170) |
|  Molina Healthcare, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (74923) USD | 1075 |
|  Molson Coors Beverage Co. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (9856) USD | (263) |
|  Monday.com Ltd. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (469546) USD | 20953 |
|  Mondi PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (22196) GBP | (570) |
|  Monex Group, Inc. | 04/21/26 M | 0.68% | Morgan Stanley & Co. LLC | (2923200) JPY | 209 |
|  Money Forward, Inc. | 04/21/26 M | 0.52% | Morgan Stanley & Co. LLC | (6855200) JPY | (5843) |
|  MongoDB, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (137445) USD | 14325 |
|  Monolithic Power Systems, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (217423) USD | (3434) |
|  Monolithic Power Systems, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (746987) USD | (11798) |
|  MonotaRO Co., Ltd. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (4020400) JPY | 402 |
|  Monster Beverage Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (298355) USD | 6051 |
|  Montana Aerospace AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (68174) CHF | 2836 |
|  Monte Rosa Therapeutics, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (130984) USD | (40) |
|  Montea NV | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (35548) EUR | (294) |
|  Morgan Stanley | 04/21/26 M | 3.64% | Citibank N.A. | (4730773) USD | (7198) |
|  Morningstar, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (167740) USD | 42 |
|  Motorola Solutions, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (574186) USD | 44 |
|  Motorola Solutions, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (70779) USD | 3514 |
|  Mowi ASA | 04/21/26 M | 3.62% | Morgan Stanley & Co. LLC | (2017374) NOK | (7745) |
|  MP Materials Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (612454) USD | 57705 |
|  MS Equity Index Swap - MSHVHEAT | 04/21/26 M | 3.32% | Morgan Stanley Capital Services LLC | (97600309) USD | 264254 |
|  MSA Safety, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (17876) USD | 989 |
|  MSC Industrial Direct Co., Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (13763) USD | (815) |
|  MSCI, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (18754) USD | 428 |
|  MTR Corp. Ltd. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (883680) HKD | (2046) |
|  Mueller Industries, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (10013) USD | (70) |
|  Munters Group AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (927132) SEK | (4407) |
|  Murphy USA, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (11361) USD | 0 |
|  Musashi Seimitsu Industry Co. Ltd. | 04/21/26 M | 0.68% | Morgan Stanley & Co. LLC | (1720600) JPY | (1311) |
|  Nabtesco Corp. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (3658500) JPY | 453 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Namura Shipbuilding Co. Ltd. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (9418500) JPY | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102 |
|  Nasdaq, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (3756246) USD | (221) |
|  Nasdaq, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1509667) USD | 26384 |
|  Nasdaq, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (46397) USD | 811 |
|  Natera, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (42197) USD | (1) |
|  National Australia Bank Ltd. | 04/21/26 M | 3.80% | Morgan Stanley & Co. LLC | (472226) AUD | 17262 |
|  National Fuel Gas Co. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (21480) USD | 151 |
|  National Grid plc | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (2190319) USD | (821) |
|  National Vision Holdings, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (73215) USD | 3907 |
|  Natura Cosmeticos SA | 04/21/26 M | 0.40% | Morgan Stanley & Co. LLC | (172289) BRL | (2042) |
|  Navitas Semiconductor Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (60585) USD | 2370 |
|  NCAB Group AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (42332) SEK | (836) |
|  nCino, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (30373) USD | 1057 |
|  Nektar Therapeutics | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (1591783) USD | (111) |
|  Neogen Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (52032) USD | (2649) |
|  NeoGenomics, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (26398) USD | 2216 |
|  Neste OYJ | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (205155) EUR | (4946) |
|  Nestle SA | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (341511) CHF | (20094) |
|  NetApp, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (672083) USD | (5023) |
|  NetApp, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (6290) USD | (58) |
|  Netcompany Group AS | 04/21/26 M | 1.45% | Morgan Stanley & Co. LLC | (487952) DKK | (18394) |
|  Netflix, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (455227) USD | (13504) |
|  Netskope, Inc. | 04/21/26 M | 0.68% | Goldman Sachs & Co. | (375470) USD | (221) |
|  Netskope, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (11278) USD | 971 |
|  NETSTREIT Corp. | 04/21/26 M | 0.68% | Goldman Sachs & Co. | (166601) USD | (44) |
|  Netwealth Group Ltd. | 04/21/26 M | 3.80% | Morgan Stanley & Co. LLC | (21362) AUD | (1026) |
|  New Wave Group AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (200403) SEK | (1446) |
|  New York Times Co. (The) | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (193420) USD | (2425) |
|  Newamsterdam Pharma Co., NV | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (113348) USD | (7554) |
|  Newmont Corp. | 04/21/26 M | 3.60% | Morgan Stanley & Co. LLC | (14502) AUD | (1853) |
|  NexGen Energy Ltd | 04/21/26 M | 2.05% | Morgan Stanley & Co. LLC | (147062) CAD | (3519) |
|  Nexon Co., Ltd. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (2561850) JPY | (811) |
|  Nexstar Media Group, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (65849) USD | 14131 |
|  NEXTDC Ltd. | 04/21/26 M | 3.80% | Morgan Stanley & Co. LLC | (41725) AUD | 2037 |
|  NextDecade Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (870795) USD | (1059) |
|  NextDecade Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (10880) USD | (679) |
|  Nexteer Automotive Group Ltd. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (38640) HKD | 352 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  NextEra Energy, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (2576921) USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(314) |
|  NextEra Energy, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (559080) USD | (15662) |
|  NextNav, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (33499) USD | 4791 |
|  Nextpower, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (865719) USD | (26954) |
|  Nextpower, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (427191) USD | (12455) |
|  NHK Spring Co., Ltd. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (4631400) JPY | 481 |
|  Nibe Industrier AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (3498371) SEK | (39773) |
|  Nichias Corp. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (2476800) JPY | (1186) |
|  Nicolet Bankshares, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (8680) USD | (386) |
|  Nihon M&A Center Holdings, Inc. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (2948780) JPY | (451) |
|  NIKE, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (1203158) USD | (2511) |
|  NIO, Inc. | 04/21/26 M | 1.42% | Morgan Stanley & Co. LLC | (250929) HKD | (2573) |
|  Nippon Paint Holdings Co., Ltd. | 04/21/26 M | 0.68% | Morgan Stanley & Co. LLC | (8833370) JPY | (1403) |
|  Nippon Steel Corp. | 04/21/26 M | 0.15% | Morgan Stanley & Co. LLC | (45306500) JPY | (309) |
|  NIQ Global Intelligence PLC | 04/21/26 M | 2.94% | Goldman Sachs & Co. | (566086) USD | (37672) |
|  Nissan Motor Co., Ltd. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (9905870) JPY | (2387) |
|  Nitori Holdings Co., Ltd. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (17527200) JPY | 3993 |
|  Nittetsu Mining Co., Ltd. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (6002400) JPY | 287 |
|  Nitto Boseki Co., Ltd. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (28168000) JPY | 259 |
|  NKT AS | 04/21/26 M | 1.47% | Morgan Stanley & Co. LLC | (1116207) DKK | (14031) |
|  nLight, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (179946) USD | 9627 |
|  NOBA Bank Group AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (631212) SEK | (1188) |
|  Noble Corp. PLC | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (253137) USD | (6346) |
|  Nokia OYJ | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (249325) EUR | (4228) |
|  Nokian Renkaat OYJ | 04/21/26 M | 0.86% | Morgan Stanley & Co. LLC | (44902) EUR | (276) |
|  Nomura Holdings, Inc. | 04/21/26 M | 0.68% | Morgan Stanley & Co. LLC | (37497150) JPY | (7038) |
|  Nomura Real Estate Holdings, Inc. | 04/21/26 M | 0.68% | Morgan Stanley & Co. LLC | (1518000) JPY | (161) |
|  Nordea Bank Abp | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (928021) EUR | 37696 |
|  Nordnet AB publ | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (144799) SEK | (1214) |
|  Nordson Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (33023) USD | 298 |
|  Norion Bank AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (167679) SEK | (255) |
|  Norma Group SE | 04/21/26 M | 0.30% | Morgan Stanley & Co. LLC | (4933) EUR | (770) |
|  Northern Oil & Gas, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (1293235) USD | (221) |
|  Northern Oil & Gas, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (5062) USD | (112) |
|  Northern Star Resources Ltd. | 04/21/26 M | 3.80% | Morgan Stanley & Co. LLC | (113414) AUD | (17548) |
|  Novagold Resources, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (11358) USD | (1187) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Novanta, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (111564) USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(995) |
|  Novartis AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (725518) CHF | (51682) |
|  Novartis AG | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1969727) USD | (1970) |
|  Novartis AG | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (653373) USD | (20560) |
|  Novavax, Inc. | 04/21/26 M | 2.80% | Morgan Stanley & Co. LLC | (4724) USD | 768 |
|  Novo Nordisk A/S | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1897114) USD | 3607 |
|  Novo Nordisk AS | 04/21/26 M | 1.47% | Morgan Stanley & Co. LLC | (1071791) DKK | 3100 |
|  Novonesis Novozymes B | 04/21/26 M | 1.47% | Morgan Stanley & Co. LLC | (1774542) DKK | (26144) |
|  NP3 Fastigheter AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (78996) SEK | (429) |
|  NTG Nordic Transport Group AS | 04/21/26 M | 1.45% | Morgan Stanley & Co. LLC | (86002) DKK | (596) |
|  NTT, Inc. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (94211627) JPY | (7452) |
|  NU Holdings Ltd. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (537097) USD | 11342 |
|  NU Holdings Ltd. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (130314) USD | 2752 |
|  Nucor Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (31482) USD | (1662) |
|  Nurix Therapeutics, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (7280) USD | (299) |
|  NuScale Power Corp. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (239724) USD | (111) |
|  NuScale Power Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1029349) USD | (1503) |
|  Nutanix, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (249529) USD | 14704 |
|  Nutanix, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (106266) USD | 6262 |
|  Nuvalent, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (246584) USD | (218) |
|  Nuvalent, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (62197) USD | (3883) |
|  nVent Electric PLC | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (72682) USD | 58 |
|  nVent Electric PLC | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (224328) USD | 5037 |
|  NVIDIA Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (128920) USD | 910 |
|  NXP Semiconductors NV | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (812103) USD | 56 |
|  Nyfosa AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (149739) SEK | (774) |
|  Obayashi Corp. | 04/21/26 M | 0.68% | Morgan Stanley & Co. LLC | (5530500) JPY | (1483) |
|  OC Oerlikon Corp. AG Pfaeffikon | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (31210) CHF | 5684 |
|  Oceaneering International, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (22972) USD | 519 |
|  Ocular Therapeutix, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (47336) USD | (2154) |
|  Oddity Tech Ltd. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (18762) USD | 900 |
|  OGE Energy Corp. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (636603) USD | (66) |
|  Oklo, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (250639) USD | 8888 |
|  Oklo, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (315593) USD | 32930 |
|  Okta, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (366528) USD | 3754 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Okta, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (295628) USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6684 |
|  Old Dominion Freight Line, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (888983) USD | (26075) |
|  Old Dominion Freight Line, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (280424) USD | (11504) |
|  Old National Bancorp | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (121240) USD | (3094) |
|  Ollie's Bargain Outlet Holdings, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (759620) USD | 14 |
|  Omnicell, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (6793) USD | 184 |
|  Omnicom Group, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (221225) USD | (186) |
|  Omron Corp. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (16338852) JPY | (6371) |
|  Once Upon a Farm PBC | 04/21/26 M | 3.75% | Goldman Sachs & Co. | (289306) USD | (89) |
|  Ondas, Inc. | 04/21/26 M | 0.20% | Morgan Stanley Capital Services LLC | (585844) USD | 81339 |
|  ONEOK, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (449109) USD | (1846) |
|  Open Text Corp. | 04/21/26 M | 2.05% | Morgan Stanley & Co. LLC | (114817) CAD | 1644 |
|  Option Care Health, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (38609) USD | 2025 |
|  Oracle Corp Japan | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (860635) JPY | 0 |
|  Oracle Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1725628) USD | 77261 |
|  Oracle Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (98160) USD | 4598 |
|  Orange SA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (1322373) EUR | (68641) |
|  Oriental Land Co., Ltd. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (31203900) JPY | (2516) |
|  Orion OYJ | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (90854) EUR | (4263) |
|  ORIX Corp. | 04/21/26 M | 0.68% | Morgan Stanley & Co. LLC | (19160400) JPY | (3890) |
|  Orla Mining Ltd. | 04/21/26 M | 2.05% | Morgan Stanley & Co. LLC | (118216) CAD | (12534) |
|  Orsted AS | 04/21/26 M | 1.47% | Morgan Stanley & Co. LLC | (407084) DKK | (9820) |
|  Oruka Therapeutics, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (4463) USD | 0 |
|  Oscar Health, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1022479) USD | 20219 |
|  Oshkosh Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (14052) USD | (227) |
|  OSI Systems, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (133000) USD | 10865 |
|  Ouster, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (19844) USD | 2392 |
|  Outfront Media, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (138891) USD | 4562 |
|  Outokumpu OYJ | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (99676) EUR | (1673) |
|  OXB | 04/21/26 M | 2.21% | Morgan Stanley & Co. LLC | (7856) GBP | 815 |
|  Oxford Nanopore Technologies PLC | 04/21/26 M | 2.49% | Morgan Stanley & Co. LLC | (6102) GBP | 247 |
|  Pacific Metals Co.,, Ltd. | 04/21/26 M | 0.05% | Morgan Stanley & Co. LLC | (1336500) JPY | (146) |
|  Packaging Corp., of America | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (189408) USD | (2863) |
|  PACS Group, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (14403) USD | 848 |
|  PACS Group, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (34812) USD | 1728 |
|  Pagegroup PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (6252) GBP | (266) |
|  Pagseguro Digital Ltd. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (137462) USD | (413) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Paladin Energy Ltd. | 04/21/26 M | 3.80% | Morgan Stanley & Co. LLC | (155668) AUD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14825) |
|  Palo Alto Networks, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (597054) USD | 12367 |
|  Palomar Holdings, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (27113) USD | 225 |
|  Palvella Therapeutics, Inc. | 04/21/26 M | 0.32% | Goldman Sachs & Co. | (1249443) USD | (74340) |
|  Pan American Silver Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (14693) USD | (1642) |
|  Panasonic Holdings Corp. | 04/21/26 M | 0.68% | Morgan Stanley & Co. LLC | (44848450) JPY | (17617) |
|  Papa John's International, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (63576) USD | 2677 |
|  Par Pacific Holdings, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (42171) USD | (2805) |
|  PAR Technology Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (15837) USD | 787 |
|  Park24 Co. Ltd. | 04/21/26 M | 0.68% | Morgan Stanley & Co. LLC | (4901000) JPY | (836) |
|  Parsons Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (60893) USD | (3244) |
|  Partners Group Holding AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (619045) CHF | (54666) |
|  Patrick Industries, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (57438) USD | 15 |
|  Patrick Industries, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (25568) USD | 133 |
|  Pattern Group, Inc. | 04/21/26 M | 2.06% | Goldman Sachs & Co. | (322727) USD | (7302) |
|  Patterson-UTI Energy, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (78790) USD | (659) |
|  Paycom Software, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (276355) USD | 8602 |
|  Payoneer Global, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (2481) USD | (21) |
|  PayPal Holdings, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1305831) USD | 3071 |
|  PayPay Corp | 04/21/26 M | 9.65% | Goldman Sachs & Co. | (566693) USD | 116 |
|  PDD Holdings, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (4504341) USD | (191852) |
|  Peabody Energy Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (762867) USD | 52597 |
|  Pegasystems, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (303910) USD | 12332 |
|  Penguin Solutions, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (15117) USD | 157 |
|  Penn Entertainment, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (110146) USD | (5013) |
|  Pennon Group PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (33263) GBP | (1416) |
|  PennyMac Financial Services, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (14786) USD | (334) |
|  Penske Automotive Group, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1119370) USD | 811 |
|  Penske Automotive Group, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (50357) USD | (1377) |
|  Pentair PLC | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (48819) USD | 734 |
|  Penta-Ocean Construction Co., Ltd. | 04/21/26 M | 0.68% | Morgan Stanley & Co. LLC | (2779766) JPY | (566) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  PepsiCo, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (3252369) USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95062) |
|  Perdoceo Education Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (591768) USD | (22792) |
|  Performance Food Group Co. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1040985) USD | (8607) |
|  Performance Food Group Co. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (177705) USD | (5265) |
|  Perimeter Solutions, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (670151) USD | (55562) |
|  Permian Resources Corp. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (943210) USD | (221) |
|  Permian Resources Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (2232073) USD | (408) |
|  Permian Resources Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (125723) USD | (8529) |
|  Pernod Ricard SA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (45312) EUR | (572) |
|  Perpetua Resources Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (18953) USD | (2306) |
|  Pfizer, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (2536754) USD | (113156) |
|  PG&E Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (194945) USD | (240) |
|  PG&E Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (66412) USD | (687) |
|  Philip Morris International, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (894209) USD | (6894) |
|  Phillips 66 | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (391700) USD | (12011) |
|  Phillips 66 | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (166861) USD | (5116) |
|  Phillips Edison & Co., Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (286801) USD | (3841) |
|  Phillips Edison & Co., Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (17845) USD | (266) |
|  Phinia, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (557485) USD | (22543) |
|  Phoenix Education Partners, Inc. | 04/21/26 M | 1.77% | Goldman Sachs & Co. | (275611) USD | (2810) |
|  Piaggio & C SpA | 04/21/26 M | 0.60% | Morgan Stanley & Co. LLC | (1142) EUR | (44) |
|  PicS NV | 04/21/26 M | 0.14% | Goldman Sachs & Co. | (270596) USD | (6862) |
|  Pinewood Technologies Group PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (8021) GBP | 1582 |
|  Ping An Healthcare & Technology Co., Ltd. | 04/21/26 M | 0.21% | Morgan Stanley & Co. LLC | (468561) HKD | (1366) |
|  Pinnacle Financial Partners, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (88294) USD | (2411) |
|  Pinnacle West Capital Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (310662) USD | (1864) |
|  Piper Sandler Cos. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (50230) USD | (1211) |
|  Plains All American Pipeline LP | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (22608) USD | (571) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Plains GP Holdings LP | 04/21/26 M | 3.01% | Morgan Stanley Capital Services LLC | (17124) USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(382) |
|  Plexus Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (37516) USD | 46 |
|  PNC Financial Services Group, Inc. (The) | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (52438) USD | (1) |
|  PNC Financial Services Group, Inc. (The) | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (214126) USD | (4368) |
|  Pool Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (6363) USD | 91 |
|  Portland General Electric Co. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (933940) USD | (89) |
|  Post Holdings, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (101310) USD | (1109) |
|  Powell Industries, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (785048) USD | (1141) |
|  Power Integrations, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (45812) USD | (64) |
|  Power Integrations, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (9231) USD | (702) |
|  PPG Industries, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (52061) USD | (2448) |
|  PRADA SpA | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (307930) HKD | (292) |
|  Premier Foods PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (3544) GBP | (104) |
|  Prestige Consumer Healthcare, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (217228) USD | (174) |
|  Prestige Consumer Healthcare, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (112753) USD | 6304 |
|  PriceSmart, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (38767) USD | (1266) |
|  Primo Brands Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (25404) USD | (54) |
|  Primoris Services Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (150147) USD | (474) |
|  Principal Financial Group, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (167643) USD | 38 |
|  Principal Financial Group, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (25446) USD | (1047) |
|  Privia Health Group, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (14268) USD | 630 |
|  Pro Medicus Ltd. | 04/21/26 M | 3.80% | Morgan Stanley & Co. LLC | (70708) AUD | 983 |
|  Procore Technologies, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (561680) USD | 17102 |
|  Procore Technologies, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (35098) USD | 1069 |
|  Procter & Gamble Co. (The) | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (627076) USD | (1960) |
|  Prologis, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (307401) USD | (4411) |
|  ProPetro Holding Corp. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (127484) USD | (44) |
|  ProPetro Holding Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (20047) USD | 218 |
|  ProSiebenSat.1 Media SE | 04/21/26 M | 0.79% | Morgan Stanley & Co. LLC | (1414) EUR | 38 |
|  Prosperity Bancshares, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (8511) USD | (155) |
|  Protagonist Therapeutics, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (15470) USD | (867) |
|  Protector Forsikring ASA | 04/21/26 M | 3.62% | Morgan Stanley & Co. LLC | (203375) NOK | 1567 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Provident Financial Services, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (5989) USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(148) |
|  PSP Swiss Property AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (86829) CHF | (2995) |
|  Public Storage | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (187753) USD | 304 |
|  Publicis Groupe SA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (90809) EUR | (1894) |
|  Puig Brands SA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (168654) EUR | (19935) |
|  PulteGroup, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (40338) USD | 350 |
|  Puma SE | 04/21/26 M | 1.56% | Morgan Stanley & Co. LLC | (188150) EUR | (21482) |
|  Puuilo OYJ | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (4544) EUR | (201) |
|  PVH Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (11074) USD | (576) |
|  Q2 Holdings, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (350381) USD | 9442 |
|  Qiagen NV | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (43114) EUR | (1168) |
|  Qiagen NV | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (590806) USD | 416 |
|  Qiagen NV | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (25432) USD | (354) |
|  Qnity Electronics, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (816690) USD | (2162) |
|  QT Group OYJ | 04/21/26 M | 1.56% | Morgan Stanley & Co. LLC | (12126) EUR | (359) |
|  Quaker Chemical Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (10759) USD | (546) |
|  QUALCOMM, Inc. | 04/21/26 M | 3.64% | Citibank N.A. | (667754) USD | (1902) |
|  Quanta Computer, Inc. | 04/21/26 M | 2.14% | Morgan Stanley Capital Services LLC | (61088) USD | (1905) |
|  Quanta Services, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (32392) USD | 0 |
|  Quanta Services, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (901678) USD | 29285 |
|  QuantumScape Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (25662) USD | 2439 |
|  Quest Diagnostics, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (212226) USD | (412) |
|  QuidelOrtho Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (32107) USD | 233 |
|  QXO, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (859133) USD | (221) |
|  QXO, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (115199) USD | 4214 |
|  R&S Group Holding AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (79322) CHF | 4786 |
|  RadNet, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (102674) USD | 9729 |
|  Raia Drogasil SA | 04/21/26 M | 14.25% | Morgan Stanley & Co. LLC | (223395) BRL | (463) |
|  Rakuten Group, Inc. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (19723380) JPY | (2403) |
|  Ralliant Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (225628) USD | (248) |
|  Ralph Lauren Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (124453) USD | (1791) |
|  Ralph Lauren Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (56631) USD | (815) |
|  Ramaco Resources, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (93749) USD | (13698) |
|  Rambus, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (989655) USD | 4009 |
|  Ramsay Health Care Ltd. | 04/21/26 M | 3.80% | Morgan Stanley & Co. LLC | (116932) AUD | 767 |
|  Randstad NV | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (188246) EUR | 10247 |
|  Range Resources Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (828135) USD | (692) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Rathbones Group PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (30124) GBP | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 |
|  Ratos AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (134246) SEK | 318 |
|  Raymond James Financial, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (287285) USD | (123) |
|  Rayonier, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (3623) USD | (7) |
|  RB Global, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (257730) USD | 3632 |
|  RBC Bearings, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (90250) USD | (995) |
|  REA Group Ltd. | 04/21/26 M | 3.80% | Morgan Stanley & Co. LLC | (62912) AUD | (198) |
|  Realty Income Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (180071) USD | (961) |
|  Red Cat Holdings, Inc. | 04/21/26 M | 2.70% | Morgan Stanley & Co. LLC | (4338) USD | 293 |
|  Red Rock Resorts, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (13649) USD | 1109 |
|  Reddit, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (253851) USD | 8788 |
|  Rede D'Or Sao Luiz SA | 04/21/26 M | 14.25% | Morgan Stanley & Co. LLC | (87601) BRL | (572) |
|  Redwire Corp. | 04/21/26 M | 0.42% | Goldman Sachs & Co. | (601463) USD | (354) |
|  Redwire Corp. | 04/21/26 M | 3.05% | Morgan Stanley & Co. LLC | (29552) USD | 354 |
|  Regal Rexnord Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (719316) USD | 1174 |
|  Regal Rexnord Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (242985) USD | (4386) |
|  Regency Centers Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (342501) USD | (3341) |
|  Regency Centers Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (99508) USD | (1346) |
|  Regeneron Pharmaceuticals, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (237163) USD | (11627) |
|  Reliance, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (7586) USD | (316) |
|  RELX PLC | 04/21/26 M | 3.43% | Morgan Stanley Capital Services LLC | (73281) GBP | (2996) |
|  Remitly Global, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (970478) USD | (310) |
|  Remitly Global, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1072101) USD | 25173 |
|  Remy Cointreau SA | 04/21/26 M | 1.20% | Morgan Stanley & Co. LLC | (65118) EUR | (4170) |
|  Renasant Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (170325) USD | (534) |
|  Renasant Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (38769) USD | (721) |
|  RENK Group AG | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (267651) EUR | (133) |
|  Rentokil Initial PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (181453) GBP | (3623) |
|  Repligen Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (136595) USD | (1726) |
|  Resideo Technologies, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (90107) USD | 2124 |
|  Resideo Technologies, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (8745) USD | (289) |
|  ResMed, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (351074) USD | 5375 |
|  Resona Holdings, Inc. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (22191400) JPY | (9613) |
|  Resonac Holdings Corp. | 04/21/26 M | 0.68% | Morgan Stanley & Co. LLC | (35428000) JPY | 1947 |
|  Restaurant Brands International, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (2288972) USD | (155) |
|  Restaurant Brands International, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (5101) USD | 75 |
|  Retail Estates NV | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (3537) EUR | (108) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Revolution Medicines, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (287838) USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119) |
|  Revolution Medicines, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (342070) USD | (2195) |
|  Revvity, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (797685) USD | (4) |
|  Revvity, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (337271) USD | (1692) |
|  Rexel SA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (178289) EUR | (10402) |
|  Rexford Industrial Realty, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (76974) USD | 3626 |
|  RH | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (20957) USD | (1554) |
|  Rheinmetall AG | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (633037) EUR | 3004 |
|  Rigaku Holdings Corp. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (3715176) JPY | 998 |
|  Rigetti Computing, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (124210) USD | (44) |
|  Rigetti Computing, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1759479) USD | 133493 |
|  Rigetti Computing, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (414929) USD | 48077 |
|  RingCentral, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (18663) USD | 700 |
|  Rio Tinto Ltd. | 04/21/26 M | 3.80% | Morgan Stanley & Co. LLC | (341818) AUD | (33086) |
|  Rio Tinto PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (682762) GBP | (89901) |
|  Rio Tinto PLC | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (27469) USD | (2384) |
|  Riot Platforms, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (64802) USD | 7612 |
|  Rithm Capital Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (338862) USD | (15709) |
|  Rivian Automotive, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (258439) USD | 11799 |
|  Roche Holding AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (1535911) CHF | (96156) |
|  Rocket Lab Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (42464) USD | (5573) |
|  Rockwool AS | 04/21/26 M | 1.47% | Morgan Stanley & Co. LLC | (588319) DKK | (3492) |
|  Rohm Co., Ltd. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (22334400) JPY | (2728) |
|  Rohto Pharmaceutical Co. Ltd. | 04/21/26 M | 0.68% | Morgan Stanley & Co. LLC | (1172250) JPY | (294) |
|  Roku, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (34136) USD | 1113 |
|  Rolls-Royce Holdings PLC | 04/21/26 M | 3.43% | Morgan Stanley Capital Services LLC | (30461) GBP | 89 |
|  Ross Stores, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (337108) USD | (5600) |
|  Royal Caribbean Cruises Ltd. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (746497) USD | 10115 |
|  Royal Gold, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (412401) USD | (128) |
|  Royal Unibrew AS | 04/21/26 M | 1.47% | Morgan Stanley & Co. LLC | (256649) DKK | 188 |
|  RPM International, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (281101) USD | 98 |
|  RTX Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (905161) USD | 7791 |
|  Rubrik, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (319107) USD | 13779 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Rubrik, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (220893) USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9538 |
|  Rumo SA | 04/21/26 M | 14.25% | Morgan Stanley & Co. LLC | (196035) BRL | 1188 |
|  Rush Enterprises, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (348878) USD | 214 |
|  Rush Enterprises, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (2623) USD | (21) |
|  Rush Street Interactive, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (39281) USD | 0 |
|  Rusta AB | 04/21/26 M | 1.42% | Morgan Stanley & Co. LLC | (60851) SEK | (300) |
|  RWE AG | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (355556) EUR | (22911) |
|  RXO, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (49540) USD | (4876) |
|  Ryan Specialty Holdings, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (11000) USD | 270 |
|  Ryder System, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (32557) USD | (1015) |
|  Ryman Hospitality Properties, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (56782) USD | (241) |
|  S&P Global, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (187416) USD | 1543 |
|  Saab AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (1349407) SEK | 1932 |
|  SAB Biotherapeutics, Inc. | 04/21/26 M | 43.48% | Goldman Sachs & Co. | (185792) USD | (637) |
|  Sacyr SA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (197367) EUR | (7467) |
|  SAF-Holland SE | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (11785) EUR | 603 |
|  Sagax AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (672839) SEK | (5411) |
|  Sage Group PLC (The) | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (93901) GBP | (3725) |
|  Saia, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (383185) USD | (25353) |
|  Saia, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (64249) USD | (4251) |
|  SailPoint, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (53420) USD | (2982) |
|  Salmar ASA | 04/21/26 M | 3.62% | Morgan Stanley & Co. LLC | (2684670) NOK | (10175) |
|  Samsung Biologics Co., Ltd. | 04/21/26 M | 3.29% | Morgan Stanley Capital Services LLC | (7052) USD | (122) |
|  Samsung Electro-Mechanics Co., Ltd. | 04/21/26 M | 2.25% | Morgan Stanley & Co. LLC | (7191896) KRW | (175) |
|  Samsung Electronics Co., Ltd. | 04/21/26 M | 2.25% | Morgan Stanley & Co. LLC | (551852227) KRW | 8947 |
|  Samsung Episholdings Co., Ltd. | 04/21/26 M | 0.36% | Morgan Stanley Capital Services LLC | (676) USD | (3) |
|  Samsung Life Insurance Co., Ltd. | 04/21/26 M | 2.25% | Morgan Stanley & Co. LLC | (3886476) KRW | (58) |
|  Samsung Life Insurance Co., Ltd. | 04/21/26 M | 3.29% | Morgan Stanley Capital Services LLC | (5179) USD | (12) |
|  Samsung SDI Co. Ltd. | 04/21/26 M | 3.29% | Morgan Stanley Capital Services LLC | (112566) USD | (12676) |
|  Sandisk Corp. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (5622715) USD | (44) |
|  Sandoz Group AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (491598) CHF | (30806) |
|  Sands China Ltd. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (429750) HKD | (1461) |
|  Sandvik AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (5879664) SEK | (39800) |
|  Sanlorenzo SpA | 04/21/26 M | 1.20% | Morgan Stanley & Co. LLC | (9568) EUR | (333) |
|  Sanmina Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (24570) USD | 327 |
|  Sanrio Co., Ltd. | 04/21/26 M | 0.02% | Morgan Stanley & Co. LLC | (43566600) JPY | 19606 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  SAP SE | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (4601998) USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167317 |
|  SAP SE | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (73580) USD | 2870 |
|  Sartorius AG | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (93660) EUR | (3340) |
|  Sartorius Stedim Biotech | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (318467) EUR | (11492) |
|  SATS ASA | 04/21/26 M | 1.95% | Morgan Stanley & Co. LLC | (283269) NOK | (99) |
|  Scandic Hotels Group AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (1205786) SEK | (6138) |
|  Scatec ASA | 04/21/26 M | 3.62% | Morgan Stanley & Co. LLC | (197296) NOK | (2176) |
|  Schaeffler AG | 04/21/26 M | 1.56% | Morgan Stanley & Co. LLC | (93775) EUR | (4447) |
|  Schneider Electric SE | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (998017) EUR | 36248 |
|  Schneider Electric SE | 04/21/26 M | 1.62% | Morgan Stanley Capital Services LLC | (121893) EUR | 4427 |
|  Schneider National, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (10069) USD | (791) |
|  Scholar Rock Holding Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (8244) USD | (753) |
|  Science Applications International Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (404737) USD | 5504 |
|  Science Applications International Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (9203) USD | 185 |
|  Scorpio Tankers, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (909042) USD | (35108) |
|  Scotts Miracle-Gro Co. (The) | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (21229) USD | 1222 |
|  Sdiptech AB | 04/21/26 M | 1.42% | Morgan Stanley & Co. LLC | (160890) SEK | (1513) |
|  Seabridge Gold, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (28893) USD | (2841) |
|  Seacoast Banking Corp. of Florida | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (24331) USD | (234) |
|  Seagate Technology Holdings PLC | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (37609) USD | 0 |
|  Seagate Technology Holdings PLC | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (12121) USD | 368 |
|  SEB SA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (35387) EUR | (1206) |
|  Secunet Security Networks AG | 04/21/26 M | 0.92% | Morgan Stanley & Co. LLC | (5982) EUR | 178 |
|  Secure Waste Infrastructure Corp. | 04/21/26 M | 2.05% | Morgan Stanley & Co. LLC | (16336) CAD | 272 |
|  Securitas AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (2167924) SEK | (11242) |
|  Sega Sammy Holdings, Inc. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (1495200) JPY | 184 |
|  Segro PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (3673) GBP | 266 |
|  SEI Investments Co. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (186023) USD | 284 |
|  Sekisui Chemical Co., Ltd. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (23850410) JPY | (5853) |
|  Select Water Solutions, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (675049) USD | (1991) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Select Water Solutions, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (918601) USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678 |
|  Selective Insurance Group, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (29503) USD | (126) |
|  Semtech Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (9106) USD | (44) |
|  Senior PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (25966) GBP | (2659) |
|  SenseTime Group, Inc. | 04/21/26 M | 0.70% | Morgan Stanley & Co. LLC | (1092080) HKD | 183 |
|  Sensient Technologies Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (782334) USD | 224 |
|  Sensient Technologies Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (15269) USD | (290) |
|  ServiceNow, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (510370) USD | 29440 |
|  ServiceTitan, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (212046) USD | 4531 |
|  ServiceTitan, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (26766) USD | 1508 |
|  ServisFirst Bancshares, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (11396) USD | 107 |
|  Severn Trent PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (85884) GBP | (6452) |
|  Sezzle, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (52695) USD | 6113 |
|  SFS Group AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (7888) CHF | (312) |
|  SG Holdings Co., Ltd. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (20047569) JPY | 2417 |
|  SGH Ltd. | 04/21/26 M | 3.80% | Morgan Stanley & Co. LLC | (59702) AUD | (1713) |
|  SGS SA | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (374396) CHF | 3358 |
|  Shake Shack, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (28624) USD | 756 |
|  Shandong Weigao Group Medical Polymer Co. Ltd. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (78369) HKD | 1527 |
|  SharkNinja, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1792337) USD | (4044) |
|  SharkNinja, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (406205) USD | (3205) |
|  Shawbrook Group PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (14772) GBP | 1390 |
|  Shell PLC | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (144996) EUR | (7153) |
|  Shenzhou International Group Holdings Ltd. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (260500) HKD | 2671 |
|  Shibaura Mechatronics Corp. | 04/21/26 M | 0.46% | Morgan Stanley & Co. LLC | (9660000) JPY | (310) |
|  Shimamura Co., Ltd. | 04/21/26 M | 0.46% | Morgan Stanley & Co. LLC | (2049000) JPY | 349 |
|  Shimano, Inc. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (16215000) JPY | (2232) |
|  Shin-Etsu Chemical Co., Ltd. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (51013200) JPY | (20604) |
|  Shinmaywa Industries Ltd | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (461765) JPY | (84) |
|  Shionogi & Co., Ltd. | 04/21/26 M | 1.07% | Morgan Stanley & Co. LLC | (9827779) JPY | (4438) |
|  Shiseido Co., Ltd. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (15890356) JPY | (10198) |
|  Shoals Technologies Group, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (7541) USD | (407) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Shurgard Self Storage Ltd. | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (12172) EUR | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 |
|  Siegfried Holding AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (50688) CHF | (2641) |
|  Siemens Healthineers AG | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (699049) EUR | (6201) |
|  SIG Group AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (172299) CHF | (15954) |
|  Sigma Healthcare Ltd. | 04/21/26 M | 3.80% | Morgan Stanley & Co. LLC | (238047) AUD | (516) |
|  Signet Jewelers Ltd. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (208752) USD | 11033 |
|  Sika AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (319202) CHF | (12276) |
|  Silergy Corp. | 04/21/26 M | 0.65% | Morgan Stanley & Co. LLC | (557000) TWD | (805) |
|  Simcere Pharmaceutical Group Ltd. | 04/21/26 M | 1.29% | Morgan Stanley & Co. LLC | (210520) HKD | (4122) |
|  Simon Property Group, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (558228) USD | 130 |
|  Simon Property Group, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (63340) USD | (1759) |
|  Simply Good Foods Co., (The) | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (5156) USD | (110) |
|  Sinbon Electronics Co., Ltd. | 04/21/26 M | 1.15% | Morgan Stanley & Co. LLC | (822000) TWD | 1678 |
|  Sinch AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (1632682) SEK | (22046) |
|  Sinfonia Technology Co., Ltd. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (9280000) JPY | 3356 |
|  Sinotruk Hong Kong Ltd. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (500850) HKD | (3480) |
|  Sionna Therapeutics, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (339574) USD | (15222) |
|  Sirius XM Holdings, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (748424) USD | (10816) |
|  SiriusPoint Ltd. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (298705) USD | (8412) |
|  SiteOne Landscape Supply, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (296181) USD | 2274 |
|  SiTime Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1284247) USD | (1146) |
|  SiTime Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (26309) USD | 62 |
|  Six Flags Entertainment Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (81153) USD | (4739) |
|  SK Biopharmaceuticals Co., Ltd. | 04/21/26 M | 2.89% | Morgan Stanley Capital Services LLC | (4585) USD | (203) |
|  SK Innovation Co., Ltd. | 04/21/26 M | 2.14% | Morgan Stanley Capital Services LLC | (11036) USD | (559) |
|  SK Square Co., Ltd. | 04/21/26 M | 2.25% | Morgan Stanley & Co. LLC | (15964018) KRW | 874 |
|  SKAN Group AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (11038) CHF | 183 |
|  Skandinaviska Enskilda Banken AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (2951581) SEK | 2783 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Skanska AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (985579) SEK | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4951) |
|  Skeena Resources Ltd | 04/21/26 M | 2.05% | Morgan Stanley & Co. LLC | (10036) CAD | (827) |
|  SKF AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (1543630) SEK | (9852) |
|  SkiStar AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (14053) SEK | (59) |
|  Skyward Specialty Insurance Group, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (13447) USD | (312) |
|  Skyworks Solutions, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (89091) USD | 1537 |
|  SL Green Realty Corp. | 04/21/26 M | 3.10% | Morgan Stanley & Co. LLC | (43244) USD | 1908 |
|  SL Green Realty Corp. | 04/21/26 M | 3.10% | Morgan Stanley Capital Services LLC | (332492) USD | 15694 |
|  SLB Ltd. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (427441) USD | (18573) |
|  SLB Ltd. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (114162) USD | (4961) |
|  Slide Insurance Holdings, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (540546) USD | 762 |
|  Slide Insurance Holdings, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (4515) USD | (201) |
|  SLM Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (24416) USD | (1490) |
|  SM Energy Co | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (275899) USD | (44) |
|  SMA Solar Technology AG | 04/21/26 M | 1.31% | Morgan Stanley & Co. LLC | (14881) EUR | (4500) |
|  Smartfit Escola de Ginastica e Danca SA | 04/21/26 M | 14.25% | Morgan Stanley & Co. LLC | (62684) BRL | (272) |
|  Smartstop Self Storage REIT, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (10402) USD | (44) |
|  SMC Corp. | 04/21/26 M | 0.68% | Morgan Stanley & Co. LLC | (6033000) JPY | (1316) |
|  SMCP SA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (6568) EUR | 239 |
|  Smurfit Westrock PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (113749) GBP | (9153) |
|  Smurfit Westrock PLC | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (273996) USD | (8142) |
|  Snap-on, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (199040) USD | (368) |
|  Snowflake, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (982871) USD | 95144 |
|  Snowflake, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (135179) USD | 18143 |
|  Societe Generale SA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (94611) EUR | 1145 |
|  Sodexo SA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (315539) EUR | (20429) |
|  Sofina SA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (69805) EUR | 2009 |
|  SoftBank Group Corp. | 04/21/26 M | 0.68% | Morgan Stanley & Co. LLC | (54358500) JPY | (34908) |
|  Softwareone Holding AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (49999) CHF | (1937) |
|  SOITEC | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (70295) EUR | (1923) |
|  Sojitz Corp. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (598900) JPY | (186) |
|  Solaris Energy Infrastructure, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (115061) USD | (50) |
|  Solaris Energy Infrastructure, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (62402) USD | 4479 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Soleno Therapeutics, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (13937) USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(693) |
|  Solstice Advanced Materials, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (25400) USD | (1865) |
|  Solv Energy, Inc. | 04/21/26 M | 3.39% | Goldman Sachs & Co. | (767640) USD | (29686) |
|  Solventum Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (458740) USD | 268 |
|  Somnigroup International, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (76455) USD | 2239 |
|  Sonic Automotive, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (369503) USD | (33757) |
|  Sonoco Products Co. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (48207) USD | (2151) |
|  Sonos, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (44494) USD | 622 |
|  Sotera Health Co. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (10674) USD | (354) |
|  Southern Copper Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (451321) USD | (35265) |
|  Southstate Bank Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (54197) USD | (1130) |
|  SpareBank 1 Sor-Norge ASA | 04/21/26 M | 3.62% | Morgan Stanley & Co. LLC | (364372) NOK | (1067) |
|  Sphere Entertainment Co. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (144144) USD | (23) |
|  SPIE SA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (90733) EUR | 2219 |
|  Spirax Group PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (9805) GBP | (300) |
|  Sportradar Group AG | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (74090) USD | 10327 |
|  Sprott, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (2180) USD | (106) |
|  Sprouts Farmers Market, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (90472) USD | 615 |
|  SPS Commerce, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (8586) USD | 403 |
|  SPX Technologies, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1215101) USD | 1665 |
|  SPX Technologies, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (90841) USD | (2531) |
|  Spyre Therapeutics, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (848272) USD | (44515) |
|  Spyre Therapeutics, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (340031) USD | 217 |
|  SS&C Technologies Holdings, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (207082) USD | 48 |
|  SSAB AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (372361) SEK | (2533) |
|  SSE PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (531398) GBP | (32606) |
|  SSP Group PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (59783) GBP | 850 |
|  SSR Mining, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (117506) USD | (152) |
|  St Joe Co., (The) | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (95402) USD | 9 |
|  St. Galler Kantonalbank AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (20860) CHF | (653) |
|  Stabilus SE | 04/21/26 M | 0.69% | Morgan Stanley & Co. LLC | (1906) EUR | (51) |
|  Stadler Rail AG | 04/21/26 M | 0.42% | Morgan Stanley & Co. LLC | (18463) CHF | (497) |
|  STAG Industrial, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (222318) USD | 2352 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  STAG Industrial, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (51587) USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1283 |
|  Standard Life PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (75724) GBP | (3595) |
|  Standardaero, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (122440) USD | 1452 |
|  StandardAero, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (2879677) USD | (34980) |
|  StandardAero, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (158775) USD | 1367 |
|  Standex International Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1019) USD | 0 |
|  Standex International Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (19827) USD | (52) |
|  Stanley Black & Decker, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (67431) USD | (76) |
|  Stanley Black & Decker, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (124197) USD | (2147) |
|  Starbucks Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (555849) USD | 25118 |
|  State Street Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (260631) USD | (7043) |
|  State Street Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (8749) USD | (236) |
|  Steadfast Group Ltd. | 04/21/26 M | 3.80% | Morgan Stanley & Co. LLC | (87051) AUD | (382) |
|  Steel Dynamics, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (110657) USD | (43) |
|  Steel Dynamics, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (36161) USD | (2899) |
|  StepStone Group, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (44543) USD | (75) |
|  STERIS PLC | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (320439) USD | (199) |
|  Sterling Infrastructure, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (251415) USD | 9090 |
|  Steven Madden Ltd. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (457168) USD | (379) |
|  Steven Madden Ltd. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (40065) USD | (333) |
|  Stillfront Group AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (146252) SEK | (1133) |
|  STMicroelectronics NV | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (266354) EUR | (23941) |
|  STMicroelectronics NV | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (44736) USD | (4084) |
|  Stoke Therapeutics, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (10688) USD | 269 |
|  StoneCo Ltd. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (69513) USD | (297) |
|  StoneX Group, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (59089) USD | (7931) |
|  Stora Enso OYJ | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (146125) EUR | (4849) |
|  Storskogen Group AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (382666) SEK | (2367) |
|  Straumann Holding AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (276450) CHF | (33733) |
|  Stride, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (584028) USD | (3713) |
|  Stroeer SE & Co., KGaA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (67993) EUR | (2266) |
|  Structure Therapeutics, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (426526) USD | (44) |
|  Structure Therapeutics, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (649225) USD | 1851 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Sulzer AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (45597) CHF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2304) |
|  Sumitomo Bakelite Co., Ltd. | 04/21/26 M | 0.68% | Morgan Stanley & Co. LLC | (1476000) JPY | (162) |
|  Sumitomo Corp. | 04/21/26 M | 0.68% | Morgan Stanley & Co. LLC | (21888000) JPY | (11760) |
|  Sumitomo Electric Industries Ltd. | 04/21/26 M | 0.68% | Morgan Stanley & Co. LLC | (9787394) JPY | (832) |
|  Sumitomo Forestry Co., Ltd. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (7114500) JPY | (1575) |
|  Sumitomo Mitsui Financial Group, Inc. | 04/21/26 M | 0.68% | Morgan Stanley & Co. LLC | (82147600) JPY | (21625) |
|  Sumitomo Mitsui Financial Group, Inc. | 04/21/26 M | 1.70% | Morgan Stanley & Co. LLC | (169762) USD | (2004) |
|  Sumitomo Rubber Industries Ltd. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (6984250) JPY | (2155) |
|  Summit Therapeutics, Inc. | 04/21/26 M | 2.95% | Morgan Stanley & Co. LLC | (25007) USD | (5386) |
|  Sun Communities, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (27615) USD | 659 |
|  Sun Hung Kai Properties Ltd. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (1073550) HKD | (4621) |
|  Sunoco LP | 04/21/26 M | 0.05% | Morgan Stanley Capital Services LLC | (7064417) USD | (2175) |
|  Sunrise Communications AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (48530) CHF | (3498) |
|  Surgery Partners, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (59406) USD | 199 |
|  SUSS MicroTec SE | 04/21/26 M | 0.92% | Morgan Stanley & Co. LLC | (16866) EUR | 3096 |
|  Svenska Cellulosa AB SCA | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (222368) SEK | (696) |
|  Svenska Handelsbanken AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (1757159) SEK | 10865 |
|  SWCC Corp. | 04/21/26 M | 0.68% | Morgan Stanley & Co. LLC | (1230000) JPY | (306) |
|  Swedish Orphan Biovitrum AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (1952640) SEK | (21057) |
|  Sweetgreen, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (5138) USD | 36 |
|  Swire Pacific Ltd. | 04/21/26 M | 0.67% | Morgan Stanley & Co. LLC | (383276) HKD | (304) |
|  Swire Properties Ltd. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (27936) HKD | 48 |
|  Swiss Life Holding AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (610354) CHF | (42694) |
|  Swiss Prime Site AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (350084) CHF | (3080) |
|  Swiss Re AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (777193) CHF | (49660) |
|  Swisscom AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (351929) CHF | 12158 |
|  Swissquote Group Holding SA | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (158509) CHF | (6917) |
|  Syensqo SA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (23240) EUR | (2984) |
|  Symbotic, Inc. | 04/21/26 M | 0.39% | Goldman Sachs & Co. | (353055) USD | (33) |
|  Synaptics, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (2129) USD | (42) |
|  Synopsys, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (31139) USD | 2592 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Synopsys, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (607634) USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50580 |
|  Synsam AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (229103) SEK | (1256) |
|  Sysco Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (12158) USD | 1530 |
|  Sysmex Corp. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (12499200) JPY | (2347) |
|  T1 Energy, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (59125) USD | 18653 |
|  TAG Immobilien AG | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (178324) EUR | (12080) |
|  Taiheiyo Cement Corp. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (3665200) JPY | (1692) |
|  Taisei Corp. | 04/21/26 M | 0.68% | Morgan Stanley & Co. LLC | (31130000) JPY | (11053) |
|  Takeda Pharmaceutical Co., Ltd. | 04/21/26 M | 0.68% | Morgan Stanley & Co. LLC | (37014277) JPY | (9837) |
|  Takeda Pharmaceutical Co., Ltd. | 04/21/26 M | 3.00% | Morgan Stanley & Co. LLC | (64949) USD | (2278) |
|  Take-Two Interactive Software, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (2168905) USD | 157 |
|  Take-Two Interactive Software, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (140588) USD | 2338 |
|  Talanx AG | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (17725) EUR | (732) |
|  Talen Energy Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1824757) USD | 38 |
|  Talen Energy Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (68735) USD | (1814) |
|  Talos Energy, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (291555) USD | (257) |
|  Talos Energy, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (27340) USD | (745) |
|  Tamarack Valley Energy Ltd. | 04/21/26 M | 2.05% | Morgan Stanley & Co. LLC | (14007) CAD | (554) |
|  Tandem Diabetes Care, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (5294) USD | 1249 |
|  Tanger, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (23495) USD | 151 |
|  Tango Therapeutics, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (15002) USD | (1379) |
|  Tapestry, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (83000) USD | 1297 |
|  Targa Resources Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (339109) USD | (14671) |
|  Target Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (28158) USD | (1536) |
|  Target Healthcare REIT PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (6561) GBP | (26) |
|  Tarsus Pharmaceuticals, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (133929) USD | 13 |
|  Taseko Mines Ltd. | 04/21/26 M | 2.05% | Morgan Stanley & Co. LLC | (10506) CAD | (823) |
|  Tate & Lyle PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (53098) GBP | (6862) |
|  Taylor Morrison Home Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (198061) USD | 45 |
|  TBC Bank Group PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (47998) GBP | (292) |
|  TeamViewer SE | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (107668) EUR | (357) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Technip Energies NV | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (109359) EUR | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9118) |
|  TechnipFMC PLC | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (107236) USD | (1782) |
|  Technology One Ltd. | 04/21/26 M | 3.80% | Morgan Stanley & Co. LLC | (95800) AUD | 400 |
|  Technoprobe SpA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (3514) EUR | (28) |
|  Techtronic Industries Co., Ltd. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (2667600) HKD | (5083) |
|  Teco Electric & Machinery Co., Ltd. | 04/21/26 M | 1.28% | Morgan Stanley & Co. LLC | (2008800) TWD | 1957 |
|  Tekscend Photomask Corp. | 04/21/26 M | 1.40% | Morgan Stanley & Co. LLC | (4758300) JPY | (2775) |
|  Teladoc Health, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (31307) USD | 51 |
|  Tele2 AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (1062060) SEK | (5993) |
|  Telecom Argentina SA | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (70623) USD | (1797) |
|  Telecom Plus PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (25848) GBP | (708) |
|  Teledyne Technologies, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (197121) USD | 5938 |
|  Telefonaktiebolaget LM Ericsson | 04/21/26 M | 1.90% | Morgan Stanley Capital Services LLC | (488107) USD | 2156 |
|  Teleperformance SE | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (37761) EUR | (1542) |
|  Teleperformance SE | 04/21/26 M | 1.58% | Morgan Stanley Capital Services LLC | (11193) EUR | (813) |
|  Telix Pharmaceuticals Ltd. | 04/21/26 M | 2.20% | Morgan Stanley & Co. LLC | (116570) AUD | (6763) |
|  Temenos AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (67536) CHF | 2250 |
|  Tenaris SA | 04/21/26 M | 2.80% | Morgan Stanley & Co. LLC | (13307) USD | (191) |
|  Tencent Holdings Ltd. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (968867) HKD | (2584) |
|  Tenet Healthcare Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (684220) USD | 23358 |
|  Teradyne, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1813091) USD | 40853 |
|  Terreno Realty Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (248184) USD | (1550) |
|  Terreno Realty Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (17813) USD | (122) |
|  Terveystalo OYJ | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (16114) EUR | 728 |
|  Tesla, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (11844167) USD | (159) |
|  Tetra Tech, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (27630) USD | 974 |
|  Texas Instruments, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (2977147) USD | (86964) |
|  Texas Instruments, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (172219) USD | (5031) |
|  Texas Pacific Land Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (129328) USD | 13061 |
|  Texas Roadhouse, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (766237) USD | 9070 |
|  Texas Roadhouse, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (10534) USD | 130 |
|  TF Bank AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (123881) SEK | (1049) |
|  TFI International, Inc. | 04/21/26 M | 2.05% | Morgan Stanley & Co. LLC | (22244) CAD | (881) |
|  TGS ASA | 04/21/26 M | 3.62% | Morgan Stanley & Co. LLC | (911035) NOK | (7796) |
|  Thermo Fisher Scientific, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (441783) USD | (12391) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Thermo Fisher Scientific, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (18169) USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(510) |
|  THK Co., Ltd. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (899600) JPY | (244) |
|  Thomson Reuters Corp. | 04/21/26 M | 2.05% | Morgan Stanley & Co. LLC | (239305) CAD | (821) |
|  Thor Industries, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (12792) USD | 89 |
|  Thule Group AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (826984) SEK | (2405) |
|  thyssenkrupp AG | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (87435) EUR | 3440 |
|  Tidewater, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (85624) USD | (9205) |
|  TietoEVRY OYJ | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (95739) EUR | (6741) |
|  Timken Co. (The) | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (60879) USD | (972) |
|  TKH Group NV | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (41154) EUR | (34) |
|  Tkms AG& Co., KGaA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (84187) EUR | 828 |
|  TKO Group Holdings, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (320271) USD | 656 |
|  TKO Group Holdings, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (89369) USD | (3390) |
|  T-Mobile US, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (25051) USD | (152) |
|  Toast, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1320074) USD | 37308 |
|  Tokmanni Group Corp. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (15578) EUR | (704) |
|  Tokyo Keiki, Inc. | 04/21/26 M | 0.40% | Morgan Stanley & Co. LLC | (6561000) JPY | 6408 |
|  Tokyo Ohka Kogyo Co., Ltd. | 04/21/26 M | 0.68% | Morgan Stanley & Co. LLC | (9483600) JPY | 1034 |
|  Tokyo Stock Exchange TOPIX Machinery Index | 04/21/26 M | 0.33% | Goldman Sachs & Co. | (256358562) JPY | 50361 |
|  Tokyu Corp. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (7328120) JPY | (1042) |
|  Toll Brothers, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (225027) USD | 125 |
|  TOMRA Systems ASA | 04/21/26 M | 3.62% | Morgan Stanley & Co. LLC | (1086065) NOK | (5481) |
|  Tong Yang Industry Co. Ltd. | 04/21/26 M | 3.03% | Morgan Stanley & Co. LLC | (573872) TWD | 21 |
|  Tongcheng Travel Holdings Ltd. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (118815) HKD | 346 |
|  TopBuild Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1814938) USD | (229) |
|  TopBuild Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (45109) USD | (560) |
|  TOPPAN Holdings, Inc. | 04/21/26 M | 0.68% | Morgan Stanley & Co. LLC | (9515100) JPY | 4568 |
|  TotalEnergies SE | 04/21/26 M | 1.37% | Morgan Stanley Capital Services LLC | (102600) EUR | (5305) |
|  TotalEnergies SE | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (170971) USD | (3529) |
|  TOTO Ltd. | 04/21/26 M | 0.46% | Morgan Stanley & Co. LLC | (11105260) JPY | 3852 |
|  Tower Semiconductor Ltd. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (21528) USD | 1347 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Toyo Tanso Co. Ltd. | 04/21/26 M | 0.02% | Morgan Stanley & Co. LLC | (1028000) JPY | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(139) |
|  Toyota Motor Corp. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (77048700) JPY | (7176) |
|  Toyota Motor Corp. | 04/21/26 M | 2.65% | Morgan Stanley & Co. LLC | (437078) USD | 9441 |
|  Toyota Tsusho Corp. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (20813292) JPY | (4504) |
|  TPG, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (65175) USD | (897) |
|  Tractor Supply Co. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (356591) USD | 2889 |
|  Tradeweb Markets, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (486772) USD | 4836 |
|  TransMedics Group, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (191019) USD | (147) |
|  TransUnion | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (142373) USD | 4754 |
|  Traton SE | 04/21/26 M | 0.24% | Morgan Stanley & Co. LLC | (94524) EUR | (3136) |
|  Travel + Leisure Co. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (83867) USD | 2015 |
|  Travelers Cos., Inc. (The) | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (345305) USD | (44) |
|  Travelers Cos., Inc. (The) | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (78313) USD | 1018 |
|  Travis Perkins PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (31150) GBP | (395) |
|  Trend Micro, Inc. | 04/21/26 M | 0.68% | Morgan Stanley & Co. LLC | (12178500) JPY | 63 |
|  Trex Co., Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (891210) USD | 6241 |
|  Tri Chemical Laboratories, Inc. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (7803000) JPY | (3124) |
|  Trigano SA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (28506) EUR | 1174 |
|  Trimble, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (342833) USD | 6702 |
|  Trip.com Group Ltd. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (839360) HKD | 795 |
|  TripAdvisor, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (3783) USD | (215) |
|  Tryg AS | 04/21/26 M | 1.47% | Morgan Stanley & Co. LLC | (593059) DKK | (1513) |
|  Tsuruha Holdings, Inc. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (7981500) JPY | (2849) |
|  TUI AG | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (352360) EUR | 1421 |
|  Turning Point Brands, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (14222) USD | 75 |
|  Tutor Perini Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (639718) USD | (41947) |
|  Twist Bioscience Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (19435) USD | (1094) |
|  TX Group AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (3444) CHF | 155 |
|  Tyler Technologies, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (108078) USD | (114) |
|  Tyler Technologies, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (92509) USD | 1778 |
|  Tyson Foods, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (13313) USD | (975) |
|  U.S. Bancorp | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (67550) USD | (11) |
|  U.S. Foods Holding Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (280680) USD | (7) |
|  U.S. Foods Holding Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (237641) USD | (7546) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Ubiquiti, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1253699) USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29539 |
|  Ubiquiti, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (125451) USD | 2956 |
|  UBS Group AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (784475) CHF | (59260) |
|  UBS Group AG | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (190853) USD | (7779) |
|  UDR, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (156123) USD | 2187 |
|  UFP Technologies, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (3964) USD | (102) |
|  UiPath, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (125485) USD | 10655 |
|  UL Solutions, Inc. | 04/21/26 M | 3.39% | Goldman Sachs & Co. | (2971386) USD | (62833) |
|  Ulta Beauty, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (682798) USD | 139 |
|  Ultragenyx Pharmaceutical, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (2534) USD | (85) |
|  UMB Financial Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (63222) USD | (956) |
|  Umicore SA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (76134) EUR | (4279) |
|  Under Armour, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (76097) USD | 2807 |
|  Unibail-Rodamco-Westfield | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (264880) EUR | (2750) |
|  Unilever PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (56098) GBP | 6341 |
|  United Community Banks, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (18175) USD | (498) |
|  United Internet AG | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (97654) EUR | (2217) |
|  United Laboratories International Holdings Ltd. (The) | 04/21/26 M | 1.42% | Morgan Stanley & Co. LLC | (141400) HKD | 680 |
|  United Natural Foods, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (195864) USD | (9339) |
|  United Parcel Service, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (392047) USD | (2850) |
|  United Rentals, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (333815) USD | 1591 |
|  United Utilities Group PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (109121) GBP | (7052) |
|  UnitedHealth Group, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (314284) USD | (1224) |
|  Unity Software, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (96402) USD | 261 |
|  Universal Music Group NV | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (116408) EUR | (7696) |
|  Universal Technical Institute, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (51788) USD | 2620 |
|  Upwork, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (10758) USD | 433 |
|  Uranium Energy Corp. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (179146) USD | (66) |
|  Uranium Energy Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (98523) USD | (13) |
|  Uranium Energy Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (248336) USD | (19652) |
|  Urban Edge Properties | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (266704) USD | 71 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Urban Edge Properties | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (8602) USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 |
|  UroGen Pharma Ltd. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (9238) USD | (363) |
|  USA Rare Earth, Inc. | 04/21/26 M | 2.90% | Morgan Stanley & Co. LLC | (44226) USD | (3176) |
|  V2X, Inc. | 04/21/26 M | 3.39% | Goldman Sachs & Co. | (1802892) USD | (15851) |
|  V2X, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (35998) USD | 173 |
|  V2X, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (3510) USD | 17 |
|  Vail Resorts, Inc. | 04/21/26 M | 3.15% | Morgan Stanley & Co. LLC | (77333) USD | 597 |
|  Vaisala OYJ | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (10872) EUR | 319 |
|  Valero Energy Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (66963) USD | (1478) |
|  Valmet OYJ | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (189851) EUR | 2234 |
|  Van Lanschot Kempen NV | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (15341) EUR | (332) |
|  Var Energi ASA | 04/21/26 M | 3.62% | Morgan Stanley & Co. LLC | (1165931) NOK | (12234) |
|  VAT Group AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (442366) CHF | 21097 |
|  Vaudoise Assurances Holding SA | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (3745) CHF | (344) |
|  Vaxcyte, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (140745) USD | (5460) |
|  Vend Marketplaces ASA | 04/21/26 M | 3.62% | Morgan Stanley & Co. LLC | (1188472) NOK | 773 |
|  Ventas, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (254460) USD | 452 |
|  Veolia Environnement SA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (465088) EUR | (25415) |
|  Veracyte, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (17038) USD | 676 |
|  VeraDermics, Inc. | 04/21/26 M | 2.52% | Goldman Sachs & Co. | (865369) USD | 29831 |
|  Vericel Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (6587) USD | 57 |
|  VeriSign, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (62639) USD | (1934) |
|  Verisure PLC | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (251748) EUR | (16323) |
|  Verizon Communications, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (1396564) USD | 10492 |
|  Vertex, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (21079) USD | 1888 |
|  Vertiv Holdings Co. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (861105) USD | (1642) |
|  Vertiv Holdings Co. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (273708) USD | 4585 |
|  VF Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (16991) USD | (50) |
|  VGP NV | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (37665) EUR | 1241 |
|  Viasat, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (374918) USD | (1) |
|  Viasat, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (169405) USD | 11579 |
|  Viatris, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (241094) USD | (3991) |
|  Viavi Solutions, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (18964) USD | 494 |
|  Vicinity Ltd. | 04/21/26 M | 3.80% | Morgan Stanley & Co. LLC | (14563) AUD | (62) |
|  Vicor Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (74172) USD | (210) |
|  Victoria's Secret & Co. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (366287) USD | (7745) |
|  Victory Capital Holdings, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (20776) USD | 608 |
|  Viking Holdings Ltd. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (148987) USD | (3338) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Vimian Group AB | 04/21/26 M | 0.64% | Morgan Stanley & Co. LLC | (103265) SEK | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1289) |
|  Vinci SA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (416425) EUR | (12201) |
|  Vincorion SE | 04/21/26 M | 2.02% | Morgan Stanley Capital Services LLC | (99182) EUR | 2924 |
|  Viper Energy, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (6633393) USD | (20532) |
|  Virbac SACA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (7719) EUR | (164) |
|  Viridian Therapeutics, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (8487) USD | 2501 |
|  Viridien | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (105285) EUR | (7591) |
|  Vishay Intertechnology, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (238696) USD | (6608) |
|  Vista Energy SAB de CV | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (2003671) USD | (133) |
|  Vistance Networks, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (353695) USD | (113) |
|  Visteon Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (578264) USD | (34360) |
|  Visteon Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (2660) USD | (164) |
|  Vistra Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1894939) USD | 4238 |
|  Vistry Group PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (102545) GBP | 2335 |
|  Vita Coco Co., Inc. (The) | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (127577) USD | 1046 |
|  Vita Coco Co., Inc. (The) | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (14500) USD | 2044 |
|  Vital Farms, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (16661) USD | (523) |
|  Vitec Software Group AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (407495) SEK | (3270) |
|  Vitrolife AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (248488) SEK | (1840) |
|  Volkswagen AG | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (281633) EUR | (9073) |
|  Volution Group PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (3526) GBP | 65 |
|  Volvo AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (2158398) SEK | (10704) |
|  Vontobel Holding AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (34218) CHF | (1540) |
|  Vossloh AG | 04/21/26 M | 0.69% | Morgan Stanley & Co. LLC | (42110) EUR | 830 |
|  Voya Financial, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (21672) USD | (54) |
|  Voyager Technologies, Inc. | 04/21/26 M | 3.31% | Goldman Sachs & Co. | (1004405) USD | (30626) |
|  Voyager Technologies, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (41043) USD | 6356 |
|  VSE Corp. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (2785838) USD | (151654) |
|  VSE Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (84948) USD | (4118) |
|  Vulcan Materials Co. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (287828) USD | 279 |
|  Vulcan Materials Co. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (92313) USD | (2993) |
|  Vusion | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (27562) EUR | (1767) |
|  W.R. Berkley Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (84101) USD | (937) |
|  Wacker Chemie AG | 04/21/26 M | 1.03% | Morgan Stanley & Co. LLC | (82466) EUR | (16746) |
|  Wallenstam AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (115710) SEK | (282) |
|  Walmart, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (1127887) USD | (33261) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Walt Disney Co. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1419863) USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2210 |
|  Warby Parker, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (629986) USD | 81028 |
|  Warby Parker, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (122614) USD | 15325 |
|  Warehouses De Pauw CVA | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (88968) EUR | (1001) |
|  Warner Music Group Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (29756) USD | 53 |
|  Warner Music Group Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (9853) USD | (567) |
|  Wartsila OYJ Abp | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (35478) EUR | (263) |
|  Waste Management, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (420246) USD | (4177) |
|  WaterBridge Infrastructure LLC | 04/21/26 M | 3.39% | Goldman Sachs & Co. | (1206712) USD | 21227 |
|  Waters Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (26257) USD | 349 |
|  Waters Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (108652) USD | 1444 |
|  Watsco, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (299355) USD | 16690 |
|  Watts Water Technologies, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (8542) USD | 124 |
|  Wavestone | 04/21/26 M | 1.37% | Morgan Stanley & Co. LLC | (9548) EUR | (185) |
|  Wayfair, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (188720) USD | 3328 |
|  Waystar Holding Corp. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (1280000) USD | (266) |
|  Waystar Holding Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (95475) USD | 1953 |
|  Wealthfront Corp. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (122727) USD | (66) |
|  Weatherford International PLC | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (621668) USD | 277 |
|  Weatherford International PLC | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (29754) USD | (985) |
|  WEC Energy Group, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (96739) USD | (2592) |
|  WEG SA | 04/21/26 M | 0.63% | Morgan Stanley & Co. LLC | (533493) BRL | (7390) |
|  Weichai Power Co., Ltd. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (809311) HKD | (6720) |
|  Weir Group PLC (The) | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (310802) GBP | (11166) |
|  Wells Fargo & Co. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (942347) USD | (11699) |
|  Welltower, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (3591510) USD | (49913) |
|  Welltower, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (281775) USD | (3916) |
|  Wendel SE | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (23739) EUR | (1211) |
|  Wendy's Co., (The) | 04/21/26 M | 2.45% | Morgan Stanley & Co. LLC | (60839) USD | 1784 |
|  Werner Enterprises, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (25087) USD | (1235) |
|  WesBanco, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (8467) USD | (224) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  WESCO International, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (219416) USD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6594) |
|  Wesfarmers Ltd. | 04/21/26 M | 3.80% | Morgan Stanley & Co. LLC | (56022) AUD | (508) |
|  West China Cement Ltd. | 04/21/26 M | 0.06% | Morgan Stanley & Co. LLC | (71614) HKD | (395) |
|  West Japan Railway Co. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (1570000) JPY | 38 |
|  Western Union Co. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (67942) USD | 3401 |
|  Westgold Resources Ltd. | 04/21/26 M | 3.80% | Morgan Stanley & Co. LLC | (18002) AUD | (2666) |
|  Westinghouse Air Brake Technologies Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (353094) USD | (12024) |
|  Westlake Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (663629) USD | (22455) |
|  Westlake Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (84088) USD | (6448) |
|  Westpac Banking Corp. | 04/21/26 M | 3.80% | Morgan Stanley & Co. LLC | (125022) AUD | 451 |
|  WEX, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (119262) USD | 2034 |
|  WH Smith PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (52483) GBP | (3398) |
|  Wheaton Precious Metals Corp. | 04/21/26 M | 2.05% | Morgan Stanley & Co. LLC | (109699) CAD | (8826) |
|  Whirlpool Corp. | 04/21/26 M | 1.50% | Goldman Sachs & Co. | (1431497) USD | (133) |
|  Wihlborgs Fastigheter AB | 04/21/26 M | 1.41% | Morgan Stanley & Co. LLC | (248862) SEK | (1181) |
|  Wiit SpA | 04/21/26 M | 1.37% | Morgan Stanley & Co. LLC | (14983) EUR | 857 |
|  Williams Cos., Inc. (The) | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (19946) USD | 222 |
|  Williams-Sonoma, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (467726) USD | (133) |
|  Williams-Sonoma, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (480047) USD | 2707 |
|  WillScot Mobile Mini Holdings Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (43476) USD | 1777 |
|  Wingstop, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (557758) USD | 30085 |
|  Wingstop, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (152822) USD | 23577 |
|  Winmark Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (14381) USD | (583) |
|  Wintrust Financial Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (22042) USD | (745) |
|  WisdomTree, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (6974) USD | (553) |
|  Wistron Corp. | 04/21/26 M | 1.77% | Morgan Stanley Capital Services LLC | (15646) USD | (260) |
|  Wix.com Ltd. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (294234) USD | (2006) |
|  WNC Corp. | 04/21/26 M | 2.28% | Morgan Stanley & Co. LLC | (178133) TWD | 87 |
|  Woodside Energy Group Ltd | 04/21/26 M | 1.20% | Morgan Stanley Capital Services LLC | (593377) USD | (948) |
|  Woolworths Group Ltd. | 04/21/26 M | 3.80% | Morgan Stanley & Co. LLC | (390555) AUD | (887) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Workday, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (420363) USD | $21898 |
|  Workiva, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (41438) USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188 |
|  WP Carey, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (1803609) USD | (797) |
|  WPP PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (128964) GBP | (8641) |
|  WSFS Financial Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (4550) USD | (97) |
|  Wuxi Biologics Cayman, Inc. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (307800) HKD | (1600) |
|  WW Grainger, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (511054) USD | (16898) |
|  Wynn Resorts Ltd. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (605714) USD | (2367) |
|  Wynn Resorts Ltd. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (174368) USD | (1110) |
|  XD, Inc. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (538400) HKD | 6242 |
|  Xenon Pharmaceuticals, Inc. | 04/21/26 M | 0.25% | Goldman Sachs & Co. | (771875) USD | (66) |
|  Xiaomi Corp. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (2481007) HKD | (2480) |
|  Xinyi Solar Holdings Ltd. | 04/21/26 M | 1.17% | Morgan Stanley & Co. LLC | (648000) HKD | 7683 |
|  Xometry, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (3941) USD | 61 |
|  XP, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1298863) USD | (293) |
|  XP, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (219620) USD | 5400 |
|  XPeng, Inc. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (4875960) HKD | 39748 |
|  XPO, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (253715) USD | (12235) |
|  XPS Pensions Group PLC | 04/21/26 M | 3.43% | Morgan Stanley & Co. LLC | (22739) GBP | 103 |
|  Xvivo Perfusion AB | 04/21/26 M | 0.75% | Morgan Stanley & Co. LLC | (265709) SEK | (6386) |
|  Xylem, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (131574) USD | 483 |
|  YAMABIKO Corp. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (339500) JPY | (60) |
|  Yamaha Corp. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (881715) JPY | (108) |
|  YETI Holdings, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1545017) USD | 333 |
|  Yokohama Financial Group, Inc. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (3332500) JPY | (1317) |
|  Yokohama Rubber Co., Ltd. | 04/21/26 M | 0.68% | Morgan Stanley & Co. LLC | (6444900) JPY | (1596) |
|  York Space Systems, Inc. | 04/21/26 M | 1.73% | Goldman Sachs & Co. | (573501) USD | (15135) |
|  Ypsomed Holding AG | 04/21/26 M | 0.39% | Morgan Stanley & Co. LLC | (29561) CHF | 861 |
|  Yum! Brands, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (1192062) USD | 23008 |
|  Yum! Brands, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (291714) USD | 5630 |
|  Zai Lab Ltd. | 04/21/26 M | 1.29% | Morgan Stanley & Co. LLC | (15015) HKD | (7) |
|  Zalando SE | 04/21/26 M | 1.58% | Morgan Stanley & Co. LLC | (393843) EUR | 1789 |
|  Zebra Technologies Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (120640) USD | (1881) |
|  Zenas Biopharma, Inc. | 04/21/26 M | 0.93% | Goldman Sachs & Co. | (345946) USD | (89) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Zensho Holdings Co., Ltd. | 04/21/26 M | 0.43% | Morgan Stanley & Co. LLC | (8286300) JPY | $(333) |
|  Zeta Global Holdings Corp. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (519944) USD | 140 |
|  Zeta Global Holdings Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (32965) USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1539 |
|  Zhaojin Mining Industry Co., Ltd. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (646560) HKD | (17252) |
|  Zhuzhou CRRC Times Electric Co., Ltd. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (65889) HKD | (14) |
|  Zijin Gold International Co., Ltd. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (2191710) HKD | (14076) |
|  Zillow Group, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (797182) USD | 28507 |
|  Zimmer Biomet Holdings, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (150057) USD | (41) |
|  Zimmer Biomet Holdings, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (83086) USD | (2361) |
|  Zip Co., Ltd. | 04/21/26 M | 3.23% | Morgan Stanley & Co. LLC | (205611) AUD | (3758) |
|  Zoetis, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (654102) USD | (781) |
|  Zoom Communications, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (484534) USD | (2790) |
|  Zoom Communications, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (211712) USD | (6627) |
|  Zscaler, Inc. | 04/21/26 M | 3.39% | Morgan Stanley Capital Services LLC | (419617) USD | 10 |
|  Zscaler, Inc. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (510498) USD | 36037 |
|  ZTE Corp. | 04/21/26 M | 0.08% | Morgan Stanley & Co. LLC | (1048500) HKD | 2016 |
|  ZTO Express Cayman, Inc. | 04/21/26 M | 1.87% | Morgan Stanley & Co. LLC | (38000) HKD | 38 |
|  Zurn Elkay Water Solutions Corp. | 04/21/26 M | 3.44% | Morgan Stanley & Co. LLC | (17341) USD | 123 |
|  Total Sells |  |  |  |  | $(1291025) |
|  Total OTC Total Return Swaps Outstanding | Total OTC Total Return Swaps Outstanding | Total OTC Total Return Swaps Outstanding |  |  | $322233 |

---

<sup>1</sup> The termination date presented for OTC Total Return Swaps is the monthly settlement date. 

<sup>2</sup> Restricted security as to resale.

<sup>3</sup> Security is valued using significant unobservable inputs.

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

#### Centrally Cleared Interest Rate Swaps Outstanding at March 31, 2026

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **The<br>Fund<br>Pays/<br>Receives<br>Floating<br>Rate** | **Floating**<br> **Rate**<br> **Index** | **Fixed<br>Rate** | **Pay/<br>Receive<br>Payment<br>Frequency** | **Maturity<br>Date** | **Counterparty** | **Notional**<br>**Amount** | **Market<br>Value** | **Upfront<br>Premium<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Pays | USD SOFR | 4.21% | 1Y/1Y | 04/18/2026 | Morgan<br> Stanley<br> Capital<br> Services LLC | 500,000 USD | $(443) | $— | $(443) |
|  Pays | USD SOFR | 3.19% | 1Y/1Y | 12/01/2037 | Morgan<br> Stanley<br> Capital<br> Services LLC | 3,000,000 USD | 217614 |  | 217614 |
|  Pays | USD SOFR | 2.72% | 6M/3M | 09/08/2028 | Morgan<br> Stanley<br> Capital<br> Services LLC | 1,000,000 USD | 26835 | (191) | 27026 |
|  Pays | USD SOFR | 2.39% | 6M/3M | 11/16/2028 | Morgan<br> Stanley<br> Capital<br> Services LLC | 4,000,000 USD | 127062 | (930) | 127992 |
|  Pays | USD SOFR | 2.67% | 6M/3M | 09/13/2028 | Morgan<br> Stanley<br> Capital<br> Services LLC | 2,500,000 USD | 69599 | (306) | 69905 |
|  Pays | USD SOFR | 2.43% | 6M/3M | 10/11/2026 | Morgan<br> Stanley<br> Capital<br> Services LLC | 3,000,000 USD | 15767 | (796) | 16563 |
|  Pays | USD SOFR | 1.88% | 6M/3M | 01/24/2027 | Morgan<br> Stanley<br> Capital<br> Services LLC | 1,500,000 USD | 30627 | (244) | 30871 |
|  Pays | USD SOFR | 1.32% | 6M/3M | 02/28/2027 | Morgan<br> Stanley<br> Capital<br> Services LLC | 5,000,000 USD | 129411 | (1378) | 130789 |
|  Pays | USD SOFR | 1.61% | 6M/3M | 03/23/2027 | Morgan<br> Stanley<br> Capital<br> Services LLC | 7,000,000 USD | 160568 | (2069) | 162637 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **The<br>Fund<br>Pays/<br>Receives<br>Floating<br>Rate** | **Floating**<br> **Rate**<br> **Index** | **Fixed<br>Rate** | **Pay/<br>Receive<br>Payment<br>Frequency** | **Maturity<br>Date** | **Counterparty** | **Notional**<br>**Amount** | **Market<br>Value** | **Upfront<br>Premium<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Pays | USD SOFR | 1.62% | 6M/3M | 03/24/2027 | Morgan<br> Stanley<br> Capital<br> Services LLC | 7,000,000 USD | $160133 | $(1880) | $162013 |
|  Pays | USD SOFR | 0.95% | 6M/3M | 01/13/2027 | Morgan<br> Stanley<br> Capital<br> Services LLC | 940,000 USD | 28003 | (268) | 28271 |
|  Pays | USD SOFR | 2.72% | 6M/3M | 08/08/2028 | Morgan<br> Stanley<br> Capital<br> Services LLC | 3,000,000 USD | 80880 | (632) | 81512 |
|  Receives | USD SOFR | 0.98% | 3M/6M | 03/25/2030 | Morgan<br> Stanley<br> Capital<br> Services LLC | (3000000) USD | (289198) |  | (289198) |
|  Pays | USD SOFR | 2.40% | 6M/3M | 01/25/2027 | Morgan<br> Stanley<br> Capital<br> Services LLC | 2,900,000 USD | 36922 |  | 36922 |
|  Pays | USD SOFR | 1.56% | 6M/3M | 09/26/2026 | Morgan<br> Stanley<br> Capital<br> Services LLC | 1,800,000 USD | 19415 |  | 19415 |
|  Pays | USD SOFR | 1.24% | 6M/3M | 04/19/2028 | Morgan<br> Stanley<br> Capital<br> Services LLC | 700,000 USD | 33793 |  | 33793 |
|  Pays | USD SOFR | 1.62% | 6M/3M | 07/25/2026 | Morgan<br> Stanley<br> Capital<br> Services LLC | 1,900,000 USD | 19644 |  | 19644 |
|  Pays | USD SOFR | 1.90% | 6M/3M | 08/27/2029 | Morgan<br> Stanley<br> Capital<br> Services LLC | 1,650,000 USD | 90259 |  | 90259 |
|  Pays | USD SOFR | 3.17% | 1Y/1Y | 05/04/2032 | Morgan<br> Stanley<br> Capital<br> Services LLC | 6,500,000 USD | 237030 |  | 237030 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **The<br>Fund<br>Pays/<br>Receives<br>Floating<br>Rate** | **Floating**<br> **Rate**<br> **Index** | **Fixed<br>Rate** | **Pay/<br>Receive<br>Payment<br>Frequency** | **Maturity<br>Date** | **Counterparty** | **Notional**<br>**Amount** | **Market<br>Value** | **Upfront<br>Premium<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Pays | USD SOFR | 0.66% | 6M/3M | 03/11/2035 | Morgan<br> Stanley<br> Capital<br> Services LLC | 1,500,000 USD | $360548 | $— | $360548 |
|  Pays | USD SOFR | 3.68% | 1Y/1Y | 02/01/2034 | Morgan<br> Stanley<br> Capital<br> Services LLC | 5,000,000 USD | 25821 |  | 25821 |
|  Receives | EUR-EURIBOR | 2.67% | 1Y/6M | 03/28/2039 | Bank of<br> America<br> Securities,<br> Inc. | (600000) EUR | (36839) | 1463 | (38302) |
|  Receives | EUR-EURIBOR | 2.65% | 1Y/6M | 04/04/2039 | Bank of<br> America<br> Securities,<br> Inc. | (600000) EUR | (26993) | 3728 | (30721) |
|  Receives | EUR-EURIBOR | 2.58% | 1Y/6M | 04/03/2034 | Bank of<br> America<br> Securities,<br> Inc. | (300000) EUR | (4825) | (297) | (4528) |
|  Receives | EUR-EURIBOR | 2.61% | 1Y/6M | 04/04/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (10327) | (161) | (10166) |
|  Pays | USD SOFR | 3.83% | 1Y/1Y | 04/03/2034 | Bank of<br> America<br> Securities,<br> Inc. | 300,000 USD | (451) | 86 | (537) |
|  Receives | GBP SONIA | 3.72% | 1Y/1Y | 03/28/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) GBP | (22495) | 289 | (22784) |
|  Pays | CAD CORRA | 3.45% | 6M/6M | 04/03/2034 | Bank of<br> America<br> Securities,<br> Inc. | 600,000 CAD | (13625) | 1451 | (15076) |
|  Pays | CAD CORRA | 3.48% | 6M/6M | 04/03/2034 | Bank of<br> America<br> Securities,<br> Inc. | 300,000 CAD | (7387) | 2215 | (9602) |
|  Receives | EUR-EURIBOR | 2.58% | 1Y/6M | 04/04/2034 | Bank of<br> America<br> Securities,<br> Inc. | (300000) EUR | (4838) | (3392) | (1446) |
|  Receives | EUR-EURIBOR | 2.61% | 1Y/6M | 04/04/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (10211) | (3176) | (7035) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **The<br>Fund<br>Pays/<br>Receives<br>Floating<br>Rate** | **Floating**<br> **Rate**<br> **Index** | **Fixed<br>Rate** | **Pay/<br>Receive<br>Payment<br>Frequency** | **Maturity<br>Date** | **Counterparty** | **Notional**<br>**Amount** | **Market<br>Value** | **Upfront<br>Premium<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Pays | USD SOFR | 3.94% | 1Y/1Y | 04/04/2034 | Bank of<br> America<br> Securities,<br> Inc. | 300,000 USD | $(3128) | $1119 | $(4247) |
|  Pays | CAD CORRA | 3.60% | 6M/6M | 04/03/2034 | Bank of<br> America<br> Securities,<br> Inc. | 300,000 CAD | (9234) | 1363 | (10597) |
|  Receives | GBP SONIA | 3.72% | 1Y/1Y | 04/04/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) GBP | (23536) | (4114) | (19422) |
|  Receives | EUR-EURIBOR | 2.71% | 1Y/6M | 04/05/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (7535) | (246) | (7289) |
|  Pays | CAD CORRA | 3.62% | 6M/6M | 04/04/2034 | Bank of<br> America<br> Securities,<br> Inc. | 300,000 CAD | (9559) | 863 | (10422) |
|  Pays | SEK STIBOR | 2.55% | 1Y/3M | 04/06/2054 | Bank of<br> America<br> Securities,<br> Inc. | 1,300,000 SEK | 11900 | 342 | 11558 |
|  Receives | EUR-EURIBOR | 2.68% | 1Y/6M | 04/11/2034 | Bank of<br> America<br> Securities,<br> Inc. | (300000) EUR | (2117) | 1236 | (3353) |
|  Receives | EUR-EURIBOR | 2.69% | 1Y/6M | 04/12/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (8111) | 694 | (8805) |
|  Pays | USD SOFR | 3.97% | 1Y/1Y | 04/10/2034 | Bank of<br> America<br> Securities,<br> Inc. | 300,000 USD | (3827) | (280) | (3547) |
|  Receives | GBP SONIA | 3.82% | 1Y/1Y | 04/04/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) GBP | (20781) | 657 | (21438) |
|  Pays | SEK STIBOR | 2.54% | 1Y/3M | 04/08/2054 | Bank of<br> America<br> Securities,<br> Inc. | 1,300,000 SEK | 12142 | (474) | 12616 |
|  Pays | CAD CORRA | 3.56% | 6M/6M | 04/10/2034 | Bank of<br> America<br> Securities,<br> Inc. | 300,000 CAD | (8517) | 101 | (8618) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **The<br>Fund<br>Pays/<br>Receives<br>Floating<br>Rate** | **Floating**<br> **Rate**<br> **Index** | **Fixed<br>Rate** | **Pay/<br>Receive<br>Payment<br>Frequency** | **Maturity<br>Date** | **Counterparty** | **Notional**<br>**Amount** | **Market<br>Value** | **Upfront<br>Premium<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Receives | EUR-EURIBOR | 2.71% | 1Y/6M | 04/12/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | $(7596) | $(522) | $(7074) |
|  Pays | USD SOFR | 4.02% | 1Y/1Y | 04/10/2034 | Bank of<br> America<br> Securities,<br> Inc. | 300,000 USD | (5115) | 711 | (5826) |
|  Pays | USD SOFR | 4.02% | 1Y/1Y | 04/11/2039 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 USD | (481) | 658 | (1139) |
|  Pays | CAD CORRA | 3.61% | 6M/6M | 04/10/2034 | Bank of<br> America<br> Securities,<br> Inc. | 300,000 CAD | (9368) | 372 | (9740) |
|  Receives | EUR-EURIBOR | 2.73% | 1Y/6M | 04/12/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (7000) | 1610 | (8610) |
|  Pays | SEK STIBOR | 2.55% | 1Y/3M | 04/13/2054 | Bank of<br> America<br> Securities,<br> Inc. | 1,300,000 SEK | 11982 | 526 | 11456 |
|  Receives | EUR-EURIBOR | 2.72% | 1Y/6M | 04/15/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (7429) | (1350) | (6079) |
|  Pays | CAD CORRA | 3.71% | 6M/6M | 04/12/2034 | Bank of<br> America<br> Securities,<br> Inc. | 300,000 CAD | (10992) | 285 | (11277) |
|  Receives | EUR-EURIBOR | 2.76% | 1Y/6M | 04/18/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (6226) | 2411 | (8637) |
|  Receives | GBP SONIA | 3.96% | 1Y/1Y | 04/12/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) GBP | (16563) | 2176 | (18739) |
|  Receives | EUR-EURIBOR | 2.76% | 1Y/6M | 04/18/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (6341) | (1709) | (4632) |
|  Receives | EUR-EURIBOR | 2.75% | 1Y/6M | 04/18/2034 | Bank of<br> America<br> Securities,<br> Inc. | (300000) EUR | (431) | (1780) | 1349 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **The<br>Fund<br>Pays/<br>Receives<br>Floating<br>Rate** | **Floating**<br> **Rate**<br> **Index** | **Fixed<br>Rate** | **Pay/<br>Receive<br>Payment<br>Frequency** | **Maturity<br>Date** | **Counterparty** | **Notional**<br>**Amount** | **Market<br>Value** | **Upfront<br>Premium<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Pays | SEK STIBOR | 2.62% | 1Y/3M | 04/20/2054 | Bank of<br> America<br> Securities,<br> Inc. | 1,300,000 SEK | $10249 | $2015 | $8234 |
|  Receives | EUR-EURIBOR | 2.78% | 1Y/6M | 04/22/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (5865) | (22) | (5843) |
|  Pays | CAD CORRA | 3.88% | 6M/6M | 05/01/2034 | Bank of<br> America<br> Securities,<br> Inc. | 300,000 CAD | (13590) | (773) | (12817) |
|  Receives | GBP SONIA | 4.11% | 1Y/1Y | 04/29/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) GBP | (12527) | 856 | (13383) |
|  Pays | USD SOFR | 4.25% | 1Y/1Y | 05/06/2039 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 USD | (5470) | 314 | (5784) |
|  Pays | CAD CORRA | 3.61% | 6M/6M | 05/08/2034 | Bank of<br> America<br> Securities,<br> Inc. | 300,000 CAD | (9195) | (716) | (8479) |
|  Pays | CAD CORRA | 3.67% | 6M/6M | 05/15/2034 | Bank of<br> America<br> Securities,<br> Inc. | 300,000 CAD | (10016) | 365 | (10381) |
|  Pays | EUR-EURIBOR | 2.79% | 1Y/6M | 05/22/2034 | Bank of<br> America<br> Securities,<br> Inc. | 300,000 EUR | (458) | 198 | (656) |
|  Receives | AUD BBSW | 4.56% | 6M/6M | 05/23/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) AUD | (7195) | (147) | (7048) |
|  Pays | EUR-EURIBOR | 2.79% | 1Y/6M | 05/24/2039 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 EUR | 5895 | 689 | 5206 |
|  Receives | AUD BBSW | 4.42% | 6M/6M | 05/25/2054 | Bank of<br> America<br> Securities,<br> Inc. | (300000) AUD | (19308) | (1917) | (17391) |
|  Pays | EUR-EURIBOR | 2.84% | 1Y/6M | 05/30/2039 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 EUR | 4485 | (22) | 4507 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **The<br>Fund<br>Pays/<br>Receives<br>Floating<br>Rate** | **Floating**<br> **Rate**<br> **Index** | **Fixed<br>Rate** | **Pay/<br>Receive<br>Payment<br>Frequency** | **Maturity<br>Date** | **Counterparty** | **Notional**<br>**Amount** | **Market<br>Value** | **Upfront<br>Premium<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Receives | AUD BBSW | 4.57% | 6M/6M | 05/30/2039 | Bank of<br> America<br> Securities,<br> Inc. | (500000) AUD | $(17531) | $(4523) | $(13008) |
|  Pays | EUR-EURIBOR | 2.84% | 1Y/6M | 05/31/2034 | Bank of<br> America<br> Securities,<br> Inc. | 300,000 EUR | (1829) | 1138 | (2967) |
|  Pays | EUR-EURIBOR | 2.89% | 1Y/6M | 06/06/2039 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 EUR | 2994 | 594 | 2400 |
|  Receives | GBP SONIA | 4.07% | 1Y/1Y | 06/03/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) GBP | (13553) | 2283 | (15836) |
|  Pays | EUR-EURIBOR | 2.78% | 1Y/6M | 06/07/2039 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 EUR | 6019 | (37) | 6056 |
|  Receives | GBP SONIA | 3.89% | 1Y/1Y | 06/08/2054 | Bank of<br> America<br> Securities,<br> Inc. | (100000) GBP | (19094) | 72 | (19166) |
|  Receives | USD SOFR | 3.91% | 1Y/1Y | 06/13/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) USD | (2130) | (2893) | 763 |
|  Receives | USD SOFR | 3.91% | 1Y/1Y | 06/12/2034 | Bank of<br> America<br> Securities,<br> Inc. | (300000) USD | 2594 | (3246) | 5840 |
|  Pays | EUR-EURIBOR | 2.80% | 1Y/6M | 06/19/2034 | Bank of<br> America<br> Securities,<br> Inc. | 300,000 EUR | (393) | 796 | (1189) |
|  Receives | GBP SONIA | 3.79% | 1Y/1Y | 06/17/2054 | Bank of<br> America<br> Securities,<br> Inc. | (100000) GBP | (21170) | (437) | (20733) |
|  Pays | SEK STIBOR | 2.33% | 1Y/3M | 06/22/2054 | Bank of<br> America<br> Securities,<br> Inc. | 1,200,000 SEK | 16583 | (301) | 16884 |
|  Pays | EUR-EURIBOR | 2.75% | 1Y/6M | 06/24/2039 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 EUR | 6988 | 825 | 6163 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **The<br>Fund<br>Pays/<br>Receives<br>Floating<br>Rate** | **Floating**<br> **Rate**<br> **Index** | **Fixed<br>Rate** | **Pay/<br>Receive<br>Payment<br>Frequency** | **Maturity<br>Date** | **Counterparty** | **Notional**<br>**Amount** | **Market<br>Value** | **Upfront<br>Premium<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Pays | USD SOFR | 3.81% | 1Y/1Y | 06/21/2036 | Morgan<br> Stanley<br> Capital<br> Services LLC | 1,500,000 USD | $10353 | $— | $10353 |
|  Pays | SEK STIBOR | 2.33% | 1Y/3M | 06/26/2054 | Bank of<br> America<br> Securities,<br> Inc. | 1,300,000 SEK | 18064 | 1355 | 16709 |
|  Receives | GBP SONIA | 3.86% | 1Y/1Y | 06/27/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) GBP | (19755) | 608 | (20363) |
|  Pays | CAD CORRA | 3.33% | 6M/6M | 07/02/2054 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 CAD | 2630 | (395) | 3025 |
|  Receives | GBP SONIA | 3.95% | 1Y/1Y | 07/01/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) GBP | (17134) | (1315) | (15819) |
|  Receives | USD SOFR | 4.05% | 1Y/1Y | 07/05/2034 | Bank of<br> America<br> Securities,<br> Inc. | (300000) USD | 5813 | 478 | 5335 |
|  Pays | CAD CORRA | 3.36% | 6M/6M | 07/03/2054 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 CAD | 2249 | 1659 | 590 |
|  Receives | CHF SARON | 1.09% | 1Y/1Y | 07/06/2054 | Bank of<br> America<br> Securities,<br> Inc. | (100000) CHF | 10416 | (535) | 10951 |
|  Pays | CAD CORRA | 3.47% | 6M/6M | 07/06/2054 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 CAD | 816 | 86 | 730 |
|  Pays | SEK STIBOR | 2.37% | 1Y/3M | 07/13/2054 | Bank of<br> America<br> Securities,<br> Inc. | 1,300,000 SEK | 17676 | 711 | 16965 |
|  Pays | CAD CORRA | 3.35% | 6M/6M | 07/10/2054 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 CAD | 2280 | 125 | 2155 |
|  Receives | GBP SONIA | 3.93% | 1Y/1Y | 07/10/2054 | Bank of<br> America<br> Securities,<br> Inc. | (100000) GBP | (18234) | 676 | (18910) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **The<br>Fund<br>Pays/<br>Receives<br>Floating<br>Rate** | **Floating**<br> **Rate**<br> **Index** | **Fixed<br>Rate** | **Pay/<br>Receive<br>Payment<br>Frequency** | **Maturity<br>Date** | **Counterparty** | **Notional**<br>**Amount** | **Market<br>Value** | **Upfront<br>Premium<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Pays | CAD CORRA | 3.35% | 6M/6M | 07/29/2054 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 CAD | $2401 | $(715) | $3116 |
|  Receives | CAD CORRA | 3.13% | 6M/6M | 07/30/2029 | Bank of<br> America<br> Securities,<br> Inc. | (500000) CAD | 4096 | 490 | 3606 |
|  Pays | CAD CORRA | 3.26% | 6M/6M | 07/31/2054 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 CAD | 3497 | (421) | 3918 |
|  Receives | CAD CORRA | 3.04% | 6M/6M | 08/01/2029 | Bank of<br> America<br> Securities,<br> Inc. | (500000) CAD | 3084 | 196 | 2888 |
|  Pays | SEK STIBOR | 2.11% | 1Y/3M | 08/10/2054 | Bank of<br> America<br> Securities,<br> Inc. | 1,200,000 SEK | 22881 | 1589 | 21292 |
|  Pays | CAD CORRA | 3.10% | 6M/6M | 08/10/2054 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 CAD | 5585 | 597 | 4988 |
|  Pays | CAD CORRA | 3.13% | 6M/6M | 08/10/2054 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 CAD | 5235 | 485 | 4750 |
|  Receives | CAD CORRA | 2.98% | 6M/6M | 08/21/2034 | Bank of<br> America<br> Securities,<br> Inc. | (300000) CAD | (1886) | 342 | (2228) |
|  Pays | SEK STIBOR | 2.12% | 1Y/3M | 08/20/2054 | Bank of<br> America<br> Securities,<br> Inc. | 1,200,000 SEK | 22526 | (534) | 23060 |
|  Receives | USD SOFR | 3.44% | 1Y/1Y | 08/21/2034 | Bank of<br> America<br> Securities,<br> Inc. | (300000) USD | (8178) | 684 | (8862) |
|  Receives | USD SOFR | 3.10% | 1Y/1Y | 12/20/2027 | Bank of<br> America<br> Securities,<br> Inc. | (465000) USD | (2276) |  | (2276) |
|  Receives | CAD CORRA | 2.90% | 6M/6M | 08/23/2034 | Bank of<br> America<br> Securities,<br> Inc. | (300000) CAD | (3143) | (459) | (2684) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **The<br>Fund<br>Pays/<br>Receives<br>Floating<br>Rate** | **Floating**<br> **Rate**<br> **Index** | **Fixed<br>Rate** | **Pay/<br>Receive<br>Payment<br>Frequency** | **Maturity<br>Date** | **Counterparty** | **Notional**<br>**Amount** | **Market<br>Value** | **Upfront<br>Premium<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Pays | EUR-EURIBOR | 2.45% | 1Y/6M | 08/27/2029 | Bank of<br> America<br> Securities,<br> Inc. | 600,000 EUR | $(638) | $(143) | $(495) |
|  Pays | EUR-EURIBOR | 2.47% | 1Y/6M | 08/28/2034 | Bank of<br> America<br> Securities,<br> Inc. | 300,000 EUR | 9003 | (115) | 9118 |
|  Receives | CAD CORRA | 2.91% | 6M/6M | 08/28/2034 | Bank of<br> America<br> Securities,<br> Inc. | (300000) CAD | (3027) | (161) | (2866) |
|  Receives | USD SOFR | 3.36% | 1Y/1Y | 08/28/2034 | Bank of<br> America<br> Securities,<br> Inc. | (300000) USD | (10037) | 369 | (10406) |
|  Pays | GBP SONIA | 3.69% | 1Y/1Y | 08/28/2029 | Bank of<br> America<br> Securities,<br> Inc. | 500,000 GBP | 11917 | 1881 | 10036 |
|  Pays | GBP SONIA | 3.73% | 1Y/1Y | 08/28/2029 | Bank of<br> America<br> Securities,<br> Inc. | 500,000 GBP | 10813 | 397 | 10416 |
|  Pays | EUR-EURIBOR | 2.59% | 1Y/6M | 08/30/2039 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 EUR | 11610 | (689) | 12299 |
|  Receives | USD SOFR | 3.10% | 1Y/1Y | 07/14/2028 | Bank of<br> America<br> Securities,<br> Inc. | (545000) USD | (1930) |  | (1930) |
|  Receives | USD SOFR | 3.10% | 1Y/1Y | 06/30/2028 | Bank of<br> America<br> Securities,<br> Inc. | (1080000) USD | (3922) |  | (3922) |
|  Receives | AUD BBSW | 4.04% | 6M/6M | 08/30/2034 | Bank of<br> America<br> Securities,<br> Inc. | (300000) AUD | (13654) | (1127) | (12527) |
|  Receives | GBP SONIA | 3.79% | 1Y/1Y | 09/01/2054 | Bank of<br> America<br> Securities,<br> Inc. | (100000) GBP | (21123) | (401) | (20722) |
|  Pays | GBP SONIA | 3.75% | 1Y/1Y | 08/30/2029 | Bank of<br> America<br> Securities,<br> Inc. | 500,000 GBP | 10528 | (938) | 11466 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **The<br>Fund<br>Pays/<br>Receives<br>Floating<br>Rate** | **Floating**<br> **Rate**<br> **Index** | **Fixed<br>Rate** | **Pay/<br>Receive<br>Payment<br>Frequency** | **Maturity<br>Date** | **Counterparty** | **Notional**<br>**Amount** | **Market<br>Value** | **Upfront<br>Premium<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Pays | SEK STIBOR | 2.23% | 1Y/3M | 09/07/2054 | Bank of<br> America<br> Securities,<br> Inc. | 1,100,000 SEK | $18173 | $(48) | $18221 |
|  Pays | EUR-EURIBOR | 2.57% | 1Y/6M | 09/06/2039 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 EUR | 12186 | (771) | 12957 |
|  Pays | GBP SONIA | 3.64% | 1Y/1Y | 09/05/2029 | Bank of<br> America<br> Securities,<br> Inc. | 500,000 GBP | 12998 | (752) | 13750 |
|  Receives | GBP SONIA | 3.58% | 1Y/1Y | 09/17/2054 | Bank of<br> America<br> Securities,<br> Inc. | (100000) GBP | (25598) | 427 | (26025) |
|  Pays | EUR-EURIBOR | 2.48% | 1Y/6M | 09/20/2039 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 EUR | 14853 | 1132 | 13721 |
|  Receives | GBP SONIA | 3.58% | 1Y/1Y | 09/18/2054 | Bank of<br> America<br> Securities,<br> Inc. | (100000) GBP | (25465) | (1293) | (24172) |
|  Pays | CAD CORRA | 2.88% | 6M/6M | 09/21/2054 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 CAD | 8502 | 217 | 8285 |
|  Receives | CAD CORRA | 2.60% | 6M/6M | 09/19/2029 | Bank of<br> America<br> Securities,<br> Inc. | (500000) CAD | (2525) | (184) | (2341) |
|  Pays | CAD CORRA | 2.93% | 6M/6M | 09/21/2054 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 CAD | 7970 | 845 | 7125 |
|  Receives | CAD CORRA | 2.82% | 6M/6M | 09/25/2034 | Bank of<br> America<br> Securities,<br> Inc. | (300000) CAD | (4775) | (843) | (3932) |
|  Receives | GBP SONIA | 3.70% | 1Y/1Y | 09/21/2054 | Bank of<br> America<br> Securities,<br> Inc. | (100000) GBP | (23099) | (353) | (22746) |
|  Pays | CAD CORRA | 2.94% | 6M/6M | 09/23/2054 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 CAD | 7735 | 436 | 7299 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **The<br>Fund<br>Pays/<br>Receives<br>Floating<br>Rate** | **Floating**<br> **Rate**<br> **Index** | **Fixed<br>Rate** | **Pay/<br>Receive<br>Payment<br>Frequency** | **Maturity<br>Date** | **Counterparty** | **Notional**<br>**Amount** | **Market<br>Value** | **Upfront<br>Premium<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Receives | CAD CORRA | 2.63% | 6M/6M | 09/24/2029 | Bank of<br> America<br> Securities,<br> Inc. | (500000) CAD | $(2204) | $355 | $(2559) |
|  Pays | CAD CORRA | 2.97% | 6M/6M | 09/24/2054 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 CAD | 7421 | (193) | 7614 |
|  Pays | CAD CORRA | 2.97% | 6M/6M | 09/28/2054 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 CAD | 7345 | 600 | 6745 |
|  Receives | GBP SONIA | 3.73% | 1Y/1Y | 09/25/2054 | Bank of<br> America<br> Securities,<br> Inc. | (100000) GBP | (22427) | (1316) | (21111) |
|  Receives | CAD CORRA | 2.67% | 6M/6M | 09/27/2029 | Bank of<br> America<br> Securities,<br> Inc. | (500000) CAD | (1790) | (165) | (1625) |
|  Pays | CAD CORRA | 3.02% | 6M/6M | 09/28/2054 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 CAD | 6749 | (14) | 6763 |
|  Pays | CAD CORRA | 3.03% | 6M/6M | 10/01/2054 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 CAD | 6437 | (464) | 6901 |
|  Pays | CAD CORRA | 2.97% | 6M/6M | 10/02/2054 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 CAD | 7219 | (414) | 7633 |
|  Receives | EUR-EURIBOR | 2.43% | 1Y/6M | 10/07/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (18949) | (1022) | (17927) |
|  Pays | CAD CORRA | 3.04% | 6M/6M | 10/05/2054 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 CAD | 6223 | 387 | 5836 |
|  Receives | EUR-EURIBOR | 2.47% | 6M/1Y | 10/10/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (16783) | (1336) | (15447) |
|  Pays | CAD CORRA | 3.10% | 6M/6M | 10/07/2054 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 CAD | 5463 | 887 | 4576 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **The<br>Fund<br>Pays/<br>Receives<br>Floating<br>Rate** | **Floating**<br> **Rate**<br> **Index** | **Fixed<br>Rate** | **Pay/<br>Receive<br>Payment<br>Frequency** | **Maturity<br>Date** | **Counterparty** | **Notional**<br>**Amount** | **Market<br>Value** | **Upfront<br>Premium<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Receives | EUR-EURIBOR | 2.43% | 1Y/6M | 10/09/2034 | Bank of<br> America<br> Securities,<br> Inc. | (300000) EUR | $(14649) | $(940) | $(13709) |
|  Pays | USD SOFR | 3.43% | 1Y/1Y | 10/09/2054 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 USD | 11977 | 733 | 11244 |
|  Pays | SEK STIBOR | 2.27% | 1Y/3M | 10/09/2054 | Bank of<br> America<br> Securities,<br> Inc. | 1,100,000 SEK | 18004 | 2584 | 15420 |
|  Pays | CAD CORRA | 3.20% | 6M/6M | 10/09/2054 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 CAD | 4173 | 366 | 3807 |
|  Pays | USD SOFR | 3.47% | 1Y/1Y | 10/13/2054 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 USD | 11134 | 559 | 10575 |
|  Pays | CAD CORRA | 3.19% | 6M/6M | 10/13/2054 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 CAD | 4216 | 307 | 3909 |
|  Receives | SEK STIBOR | 2.47% | 1Y/3M | 10/11/2034 | Bank of<br> America<br> Securities,<br> Inc. | (2800000) SEK | (10119) | 178 | (10297) |
|  Receives | CAD CORRA | 2.86% | 6M/6M | 10/16/2029 | Bank of<br> America<br> Securities,<br> Inc. | (500000) CAD | 1439 | 875 | 564 |
|  Pays | USD SOFR | 3.71% | 1Y/1Y | 10/17/2039 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 USD | 6511 | (1208) | 7719 |
|  Receives | SEK STIBOR | 2.46% | 1Y/3M | 10/17/2034 | Bank of<br> America<br> Securities,<br> Inc. | (2800000) SEK | (10406) | 1720 | (12126) |
|  Receives | EUR-EURIBOR | 2.50% | 1Y/6M | 10/18/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (17048) | 795 | (17843) |
|  Receives | SEK STIBOR | 2.38% | 1Y/3M | 10/18/2034 | Bank of<br> America<br> Securities,<br> Inc. | (2800000) SEK | (12355) | 734 | (13089) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **The<br>Fund<br>Pays/<br>Receives<br>Floating<br>Rate** | **Floating**<br> **Rate**<br> **Index** | **Fixed<br>Rate** | **Pay/<br>Receive<br>Payment<br>Frequency** | **Maturity<br>Date** | **Counterparty** | **Notional**<br>**Amount** | **Market<br>Value** | **Upfront<br>Premium<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Pays | USD SOFR | 3.63% | 1Y/1Y | 10/18/2039 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 USD | $8126 | $(503) | $8629 |
|  Receives | EUR-EURIBOR | 2.47% | 1Y/6M | 10/21/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (17985) | (222) | (17763) |
|  Pays | USD SOFR | 3.62% | 1Y/1Y | 10/21/2039 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 USD | 8446 | 1781 | 6665 |
|  Pays | GBP SONIA | 3.81% | 1Y/1Y | 10/17/2039 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 GBP | 21427 | 350 | 21077 |
|  Receives | EUR-EURIBOR | 2.48% | 6M/1Y | 10/24/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (16492) | 212 | (16704) |
|  Pays | USD SOFR | 3.70% | 1Y/1Y | 10/24/2039 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 USD | 6724 | (400) | 7124 |
|  Pays | USD SOFR | 3.70% | 1Y/1Y | 10/24/2039 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 USD | 6713 | 1205 | 5508 |
|  Receives | SEK STIBOR | 2.21% | 1Y/3M | 10/24/2029 | Bank of<br> America<br> Securities,<br> Inc. | (5900000) SEK | (8317) | (1432) | (6885) |
|  Receives | EUR-EURIBOR | 2.53% | 1Y/6M | 10/24/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (16258) | (76) | (16182) |
|  Pays | USD SOFR | 3.81% | 1Y/1Y | 10/24/2039 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 USD | 4322 | (325) | 4647 |
|  Receives | EUR-EURIBOR | 2.55% | 1Y/6M | 10/25/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (15868) | 535 | (16403) |
|  Pays | USD SOFR | 3.81% | 1Y/1Y | 10/25/2039 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 USD | 4278 | 794 | 3484 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **The<br>Fund<br>Pays/<br>Receives<br>Floating<br>Rate** | **Floating**<br> **Rate**<br> **Index** | **Fixed<br>Rate** | **Pay/<br>Receive<br>Payment<br>Frequency** | **Maturity<br>Date** | **Counterparty** | **Notional**<br>**Amount** | **Market<br>Value** | **Upfront<br>Premium<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Pays | USD SOFR | 3.84% | 1Y/1Y | 10/28/2039 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 USD | $3608 | $(988) | $4596 |
|  Receives | SEK STIBOR | 2.43% | 1Y/3M | 10/30/2034 | Bank of<br> America<br> Securities,<br> Inc. | (3000000) SEK | (12245) | 94 | (12339) |
|  Pays | USD SOFR | 3.80% | 1Y/1Y | 10/31/2039 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 USD | 4439 | (560) | 4999 |
|  Receives | EUR-EURIBOR | 2.50% | 1Y/6M | 10/31/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (17150) | 5 | (17155) |
|  Pays | USD SOFR | 3.82% | 1Y/1Y | 10/31/2039 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 USD | 3914 | 147 | 3767 |
|  Receives | EUR-EURIBOR | 2.40% | 1Y/6M | 10/31/2034 | Bank of<br> America<br> Securities,<br> Inc. | (300000) EUR | (15736) | (373) | (15363) |
|  Receives | GBP SONIA | 3.86% | 1Y/1Y | 10/29/2029 | Bank of<br> America<br> Securities,<br> Inc. | (500000) GBP | (7725) | (791) | (6934) |
|  Receives | EUR-EURIBOR | 2.51% | 1Y/6M | 11/04/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (16955) | (114) | (16841) |
|  Receives | CAD CORRA | 2.89% | 6M/6M | 11/01/2029 | Bank of<br> America<br> Securities,<br> Inc. | (500000) CAD | 1755 | 274 | 1481 |
|  Pays | GBP SONIA | 4.07% | 1Y/1Y | 10/31/2039 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 GBP | 14324 | 960 | 13364 |
|  Receives | EUR-EURIBOR | 2.46% | 1Y/6M | 11/07/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (18282) | (554) | (17728) |
|  Receives | GBP SONIA | 4.05% | 1Y/1Y | 11/01/2029 | Bank of<br> America<br> Securities,<br> Inc. | (500000) GBP | (3186) | (643) | (2543) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **The<br>Fund<br>Pays/<br>Receives<br>Floating<br>Rate** | **Floating**<br> **Rate**<br> **Index** | **Fixed<br>Rate** | **Pay/<br>Receive<br>Payment<br>Frequency** | **Maturity<br>Date** | **Counterparty** | **Notional**<br>**Amount** | **Market<br>Value** | **Upfront<br>Premium<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Receives | EUR-EURIBOR | 2.50% | 1Y/6M | 11/08/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | $(17224) | $769 | $(17993) |
|  Pays | GBP SONIA | 4.14% | 1Y/1Y | 11/07/2039 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 GBP | 12402 | 1366 | 11036 |
|  Pays | GBP SONIA | 4.12% | 1Y/1Y | 11/06/2054 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 GBP | 14105 | 1266 | 12839 |
|  Pays | GBP SONIA | 4.07% | 1Y/1Y | 11/09/2054 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 GBP | 15219 | (73) | 15292 |
|  Receives | USD SOFR | 3.75% | 1Y/1Y | 11/16/2054 | Bank of<br> America<br> Securities,<br> Inc. | (100000) USD | (6279) | (714) | (5565) |
|  Receives | EUR-EURIBOR | 2.40% | 1Y/6M | 11/18/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (19874) | 1447 | (21321) |
|  Pays | GBP SONIA | 4.07% | 1Y/1Y | 11/21/2039 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 GBP | 14417 | (968) | 15385 |
|  Receives | USD SOFR | 3.77% | 1Y/1Y | 11/23/2054 | Bank of<br> America<br> Securities,<br> Inc. | (100000) USD | (5919) | 868 | (6787) |
|  Receives | GBP SONIA | 3.93% | 1Y/1Y | 11/26/2029 | Bank of<br> America<br> Securities,<br> Inc. | (500000) GBP | (6026) | (4) | (6022) |
|  Receives | EUR-EURIBOR | 2.16% | 6M/1Y | 12/05/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (25373) | 161 | (25534) |
|  Receives | EUR-EURIBOR | 2.15% | 6M/1Y | 12/06/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (25720) | (519) | (25201) |
|  Receives | EUR-EURIBOR | 2.15% | 6M/1Y | 12/09/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (25659) | (160) | (25499) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **The<br>Fund<br>Pays/<br>Receives<br>Floating<br>Rate** | **Floating**<br> **Rate**<br> **Index** | **Fixed<br>Rate** | **Pay/<br>Receive<br>Payment<br>Frequency** | **Maturity<br>Date** | **Counterparty** | **Notional**<br>**Amount** | **Market<br>Value** | **Upfront<br>Premium<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Pays | GBP SONIA | 3.93% | 1Y/1Y | 12/07/2054 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 GBP | $18110 | $(74) | $18184 |
|  Pays | GBP SONIA | 3.99% | 1Y/1Y | 12/11/2054 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 GBP | 16890 | 191 | 16699 |
|  Receives | EUR-EURIBOR | 2.27% | 1Y/6M | 12/19/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (23497) | (503) | (22994) |
|  Pays | USD SOFR | 3.89% | 1Y/1Y | 12/19/2039 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 USD | 2671 | 360 | 2311 |
|  Pays | USD SOFR | 3.94% | 1Y/1Y | 12/19/2039 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 USD | 1433 | (576) | 2009 |
|  Receives | GBP SONIA | 4.07% | 1Y/1Y | 12/18/2029 | Bank of<br> America<br> Securities,<br> Inc. | (500000) GBP | (2738) | (641) | (2097) |
|  Receives | USD SOFR | 3.79% | 1Y/1Y | 08/24/2054 | Bank of<br> America<br> Securities,<br> Inc. | (850000) USD | (48555) |  | (48555) |
|  Receives | USD SOFR | 3.75% | 1Y/1Y | 09/02/2059 | Bank of<br> America<br> Securities,<br> Inc. | (550000) USD | (35496) |  | (35496) |
|  Pays | USD SOFR | 4.09% | 1Y/1Y | 12/27/2039 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 USD | (1827) | (900) | (927) |
|  Pays | USD SOFR | 4.13% | 1Y/1Y | 12/27/2039 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 USD | (2686) | 712 | (3398) |
|  Pays | USD SOFR | 4.09% | 1Y/1Y | 01/02/2035 | Bank of<br> America<br> Securities,<br> Inc. | 300,000 USD | (6985) | 471 | (7456) |
|  Pays | GBP SONIA | 4.22% | 1Y/1Y | 12/29/2054 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 GBP | 12096 | 953 | 11143 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **The<br>Fund<br>Pays/<br>Receives<br>Floating<br>Rate** | **Floating**<br> **Rate**<br> **Index** | **Fixed<br>Rate** | **Pay/<br>Receive<br>Payment<br>Frequency** | **Maturity<br>Date** | **Counterparty** | **Notional**<br>**Amount** | **Market<br>Value** | **Upfront<br>Premium<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Receives | SEK STIBOR | 2.81% | 1Y/3M | 01/09/2040 | Bank of<br> America<br> Securities,<br> Inc. | (2200000) SEK | $(9567) | $2971 | $(12538) |
|  Receives | EUR-EURIBOR | 2.44% | 6M/1Y | 01/09/2040 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (17872) | (67) | (17805) |
|  Pays | USD SOFR | 4.09% | 1Y/1Y | 01/08/2035 | Bank of<br> America<br> Securities,<br> Inc. | 300,000 USD | (6967) | (243) | (6724) |
|  Receives | EUR-EURIBOR | 2.49% | 6M/1Y | 01/09/2040 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (16630) | (984) | (15646) |
|  Receives | EUR-EURIBOR | 2.53% | 6M/1Y | 01/10/2040 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (15455) | (441) | (15014) |
|  Receives | USD SOFR | 3.94% | 1Y/1Y | 09/02/2059 | Bank of<br> America<br> Securities,<br> Inc. | (650000) USD | (23607) | (1) | (23606) |
|  Receives | EUR-EURIBOR | 2.60% | 1Y/6M | 01/16/2040 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (14819) | (325) | (14494) |
|  Pays | CAD CORRA | 3.22% | 6M/6M | 01/14/2055 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 CAD | 4043 | 523 | 3520 |
|  Pays | USD SOFR | 4.30% | 1Y/1Y | 01/16/2035 | Bank of<br> America<br> Securities,<br> Inc. | 300,000 USD | (11694) | 141 | (11835) |
|  Receives | SEK STIBOR | 2.88% | 3M/1Y | 01/17/2040 | Bank of<br> America<br> Securities,<br> Inc. | (2200000) SEK | (5865) | 868 | (6733) |
|  Receives | CAD CORRA | 2.93% | 6M/6M | 01/17/2030 | Bank of<br> America<br> Securities,<br> Inc. | (500000) CAD | 1727 | (193) | 1920 |
|  Pays | GBP SONIA | 4.35% | 1Y/1Y | 01/18/2055 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 GBP | 9392 | 341 | 9051 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **The<br>Fund<br>Pays/<br>Receives<br>Floating<br>Rate** | **Floating**<br> **Rate**<br> **Index** | **Fixed<br>Rate** | **Pay/<br>Receive<br>Payment<br>Frequency** | **Maturity<br>Date** | **Counterparty** | **Notional**<br>**Amount** | **Market<br>Value** | **Upfront<br>Premium<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Receives | SEK STIBOR | 2.70% | 3M/1Y | 01/24/2040 | Bank of<br> America<br> Securities,<br> Inc. | (2200000) SEK | $(10623) | $729 | $(11352) |
|  Pays | USD SOFR | 4.17% | 1Y/1Y | 01/24/2040 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 USD | (3433) | (353) | (3080) |
|  Receives | JPY TONA | 1.83% | 1Y/1Y | 02/03/2055 | Bank of<br> America<br> Securities,<br> Inc. | (14700000) JPY | (21741) | 289 | (22030) |
|  Receives | CAD CORRA | 2.59% | 6M/6M | 02/04/2030 | Bank of<br> America<br> Securities,<br> Inc. | (500000) CAD | (2963) | 155 | (3118) |
|  Pays | USD SOFR | 4.02% | 1Y/1Y | 02/04/2030 | Bank of<br> America<br> Securities,<br> Inc. | 300,000 USD | (4852) | (68) | (4784) |
|  Receives | CHF SARON | 0.29% | 1Y/1Y | 02/04/2030 | Bank of<br> America<br> Securities,<br> Inc. | (800000) CHF | 2040 | 1857 | 183 |
|  Pays | USD SOFR | 4.03% | 1Y/1Y | 02/05/2030 | Bank of<br> America<br> Securities,<br> Inc. | 500,000 USD | (8328) | (219) | (8109) |
|  Pays | USD SOFR | 4.07% | 1Y/1Y | 02/06/2030 | Bank of<br> America<br> Securities,<br> Inc. | 500,000 USD | (8936) | (570) | (8366) |
|  Receives | CAD CORRA | 2.53% | 6M/6M | 02/05/2030 | Bank of<br> America<br> Securities,<br> Inc. | (500000) CAD | (3868) | 599 | (4467) |
|  Pays | USD SOFR | 4.02% | 1Y/1Y | 02/07/2030 | Bank of<br> America<br> Securities,<br> Inc. | 500,000 USD | (8090) | (1836) | (6254) |
|  Receives | CAD CORRA | 2.49% | 6M/6M | 02/06/2030 | Bank of<br> America<br> Securities,<br> Inc. | (500000) CAD | (4438) | 658 | (5096) |
|  Receives | CAD CORRA | 2.45% | 6M/6M | 02/07/2030 | Bank of<br> America<br> Securities,<br> Inc. | (500000) CAD | (4971) | (848) | (4123) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **The<br>Fund<br>Pays/<br>Receives<br>Floating<br>Rate** | **Floating**<br> **Rate**<br> **Index** | **Fixed<br>Rate** | **Pay/<br>Receive<br>Payment<br>Frequency** | **Maturity<br>Date** | **Counterparty** | **Notional**<br>**Amount** | **Market<br>Value** | **Upfront<br>Premium<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Receives | CAD CORRA | 2.59% | 6M/6M | 02/11/2030 | Bank of<br> America<br> Securities,<br> Inc. | (500000) CAD | $(3105) | $1029 | $(4134) |
|  Pays | USD SOFR | 4.28% | 1Y/1Y | 02/21/2040 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 USD | (5746) | (1039) | (4707) |
|  Receives | EUR-EURIBOR | 1.51% | 6M/1Y | 02/18/2075 | Bank of<br> America<br> Securities,<br> Inc. | (500000) EUR | (14948) | 1529 | (16477) |
|  Pays | EUR-EURIBOR | 2.13% | 1Y/6M | 02/19/2055 | Bank of<br> America<br> Securities,<br> Inc. | 300,000 EUR | 41078 | 113 | 40965 |
|  Receives | CAD CORRA | 2.65% | 6M/6M | 02/19/2030 | Bank of<br> America<br> Securities,<br> Inc. | (500000) CAD | (2338) | 226 | (2564) |
|  Receives | GBP SONIA | 3.25% | 1Y/1Y | 02/15/2075 | Bank of<br> America<br> Securities,<br> Inc. | (720000) GBP | (20347) | (181) | (20166) |
|  Pays | GBP SONIA | 4.45% | 1Y/1Y | 02/15/2055 | Bank of<br> America<br> Securities,<br> Inc. | 280,000 GBP | 22759 | (388) | 23147 |
|  Receives | EUR-EURIBOR | 1.55% | 6M/1Y | 02/22/2075 | Bank of<br> America<br> Securities,<br> Inc. | (300000) EUR | (7953) | 579 | (8532) |
|  Pays | EUR-EURIBOR | 2.22% | 1Y/6M | 02/22/2055 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 EUR | 12487 | 4 | 12483 |
|  Pays | GBP SONIA | 4.50% | 1Y/1Y | 02/19/2055 | Bank of<br> America<br> Securities,<br> Inc. | 320,000 GBP | 24015 | 153 | 23862 |
|  Receives | GBP SONIA | 3.31% | 1Y/1Y | 02/19/2075 | Bank of<br> America<br> Securities,<br> Inc. | (760000) GBP | (19387) | 388 | (19775) |
|  Receives | GBP SONIA | 3.33% | 1Y/1Y | 02/22/2075 | Bank of<br> America<br> Securities,<br> Inc. | (700000) GBP | (17096) | 738 | (17834) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **The<br>Fund<br>Pays/<br>Receives<br>Floating<br>Rate** | **Floating**<br> **Rate**<br> **Index** | **Fixed<br>Rate** | **Pay/<br>Receive<br>Payment<br>Frequency** | **Maturity<br>Date** | **Counterparty** | **Notional**<br>**Amount** | **Market<br>Value** | **Upfront<br>Premium<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Pays | GBP SONIA | 4.54% | 1Y/1Y | 02/22/2055 | Bank of<br> America<br> Securities,<br> Inc. | 300,000 GBP | $21291 | $(284) | $21575 |
|  Pays | CHF SARON | 0.58% | 1Y/1Y | 02/26/2035 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 CHF | (2006) | 1819 | (3825) |
|  Receives | USD SOFR | 4.11% | 1Y/1Y | 02/26/2035 | Bank of<br> America<br> Securities,<br> Inc. | (300000) USD | 7115 | 329 | 6786 |
|  Pays | GBP SONIA | 4.47% | 1Y/1Y | 02/26/2055 | Bank of<br> America<br> Securities,<br> Inc. | 300,000 GBP | 23501 | (1939) | 25440 |
|  Receives | GBP SONIA | 3.28% | 1Y/1Y | 02/25/2075 | Bank of<br> America<br> Securities,<br> Inc. | (800000) GBP | (21404) | 1895 | (23299) |
|  Pays | EUR-EURIBOR | 2.16% | 1Y/6M | 03/01/2055 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 EUR | 26589 | (319) | 26908 |
|  Receives | EUR-EURIBOR | 1.50% | 6M/1Y | 02/26/2075 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (6120) | 382 | (6502) |
|  Pays | CHF SARON | 0.58% | 1Y/1Y | 02/28/2035 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 CHF | (1840) | (765) | (1075) |
|  Receives | USD SOFR | 3.89% | 1Y/1Y | 02/28/2035 | Bank of<br> America<br> Securities,<br> Inc. | (300000) USD | 1955 | 224 | 1731 |
|  Pays | GBP SONIA | 4.40% | 1Y/1Y | 02/26/2055 | Bank of<br> America<br> Securities,<br> Inc. | 600,000 GBP | 51752 | 1539 | 50213 |
|  Receives | GBP SONIA | 3.23% | 1Y/1Y | 02/26/2075 | Bank of<br> America<br> Securities,<br> Inc. | (1400000) GBP | (40771) | (190) | (40581) |
|  Pays | GBP SONIA | 4.22% | 1Y/1Y | 02/26/2055 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 GBP | 12122 | (456) | 12578 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **The<br>Fund<br>Pays/<br>Receives<br>Floating<br>Rate** | **Floating**<br> **Rate**<br> **Index** | **Fixed<br>Rate** | **Pay/<br>Receive<br>Payment<br>Frequency** | **Maturity<br>Date** | **Counterparty** | **Notional**<br>**Amount** | **Market<br>Value** | **Upfront<br>Premium<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Receives | EUR-EURIBOR | 1.49% | 6M/1Y | 03/04/2075 | Bank of<br> America<br> Securities,<br> Inc. | (500000) EUR | $(15490) | $486 | $(15976) |
|  Pays | EUR-EURIBOR | 2.43% | 1Y/6M | 03/05/2040 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 EUR | 19484 | 697 | 18787 |
|  Pays | EUR-EURIBOR | 2.16% | 1Y/6M | 03/05/2055 | Bank of<br> America<br> Securities,<br> Inc. | 300,000 EUR | 39581 | 33 | 39548 |
|  Receives | CAD CORRA | 2.53% | 6M/6M | 02/28/2030 | Bank of<br> America<br> Securities,<br> Inc. | (500000) CAD | (4000) | 236 | (4236) |
|  Receives | USD SOFR | 3.80% | 1Y/1Y | 03/04/2030 | Bank of<br> America<br> Securities,<br> Inc. | (500000) USD | 3970 | (656) | 4626 |
|  Receives | USD SOFR | 3.84% | 1Y/1Y | 03/05/2035 | Bank of<br> America<br> Securities,<br> Inc. | (300000) USD | 930 | (947) | 1877 |
|  Receives | USD SOFR | 3.90% | 1Y/1Y | 03/05/2040 | Bank of<br> America<br> Securities,<br> Inc. | (200000) USD | (2536) | (954) | (1582) |
|  Pays | GBP SONIA | 4.15% | 1Y/1Y | 02/27/2040 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 GBP | 12797 | 606 | 12191 |
|  Pays | GBP SONIA | 4.44% | 1Y/1Y | 03/01/2055 | Bank of<br> America<br> Securities,<br> Inc. | 300,000 GBP | 24480 | 386 | 24094 |
|  Receives | GBP SONIA | 3.25% | 1Y/1Y | 02/26/2075 | Bank of<br> America<br> Securities,<br> Inc. | (800000) GBP | (22504) | 13 | (22517) |
|  Pays | EUR-EURIBOR | 2.43% | 1Y/6M | 03/05/2040 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 EUR | 19633 | 2113 | 17520 |
|  Pays | CHF SARON | 0.49% | 1Y/1Y | 03/05/2035 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 CHF | 182 | 1854 | (1672) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **The<br>Fund<br>Pays/<br>Receives<br>Floating<br>Rate** | **Floating**<br> **Rate**<br> **Index** | **Fixed<br>Rate** | **Pay/<br>Receive<br>Payment<br>Frequency** | **Maturity<br>Date** | **Counterparty** | **Notional**<br>**Amount** | **Market<br>Value** | **Upfront<br>Premium<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Receives | USD SOFR | 3.86% | 1Y/1Y | 03/05/2040 | Bank of<br> America<br> Securities,<br> Inc. | (200000) USD | $(3501) | $(839) | $(2662) |
|  Receives | EUR-EURIBOR | 1.62% | 6M/1Y | 03/08/2075 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (4224) | (96) | (4128) |
|  Pays | EUR-EURIBOR | 2.28% | 1Y/6M | 03/08/2055 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 EUR | 11626 | 50 | 11576 |
|  Pays | EUR-EURIBOR | 2.31% | 1Y/6M | 03/08/2055 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 EUR | 17707 | 138 | 17569 |
|  Receives | CAD CORRA | 2.36% | 6M/6M | 03/05/2030 | Bank of<br> America<br> Securities,<br> Inc. | (500000) CAD | (6329) | 334 | (6663) |
|  Receives | USD SOFR | 3.68% | 1Y/1Y | 03/06/2030 | Bank of<br> America<br> Securities,<br> Inc. | (500000) USD | 1789 | 985 | 804 |
|  Receives | USD SOFR | 3.81% | 1Y/1Y | 03/06/2040 | Bank of<br> America<br> Securities,<br> Inc. | (200000) USD | (4503) | 489 | (4992) |
|  Pays | GBP SONIA | 4.42% | 1Y/1Y | 03/05/2055 | Bank of<br> America<br> Securities,<br> Inc. | 300,000 GBP | 25101 | (743) | 25844 |
|  Receives | GBP SONIA | 3.24% | 1Y/1Y | 03/04/2075 | Bank of<br> America<br> Securities,<br> Inc. | (700000) GBP | (19913) | 928 | (20841) |
|  Pays | EUR-EURIBOR | 2.35% | 1Y/6M | 03/08/2055 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 EUR | 16823 | 2705 | 14118 |
|  Pays | CHF SARON | 0.53% | 1Y/1Y | 03/07/2035 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 CHF | (726) | 1388 | (2114) |
|  Receives | USD SOFR | 3.89% | 1Y/1Y | 03/07/2040 | Bank of<br> America<br> Securities,<br> Inc. | (200000) USD | (2864) | 954 | (3818) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **The<br>Fund<br>Pays/<br>Receives<br>Floating<br>Rate** | **Floating**<br> **Rate**<br> **Index** | **Fixed<br>Rate** | **Pay/<br>Receive<br>Payment<br>Frequency** | **Maturity<br>Date** | **Counterparty** | **Notional**<br>**Amount** | **Market<br>Value** | **Upfront<br>Premium<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Pays | EUR-EURIBOR | 2.72% | 1Y/6M | 03/12/2040 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 EUR | $12084 | $2372 | $9712 |
|  Receives | USD SOFR | 3.79% | 1Y/1Y | 03/11/2030 | Bank of<br> America<br> Securities,<br> Inc. | (500000) USD | 3859 | (467) | 4326 |
|  Pays | GBP SONIA | 4.29% | 1Y/1Y | 03/06/2040 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 GBP | 9029 | 791 | 8238 |
|  Receives | USD SOFR | 3.93% | 1Y/1Y | 03/12/2040 | Bank of<br> America<br> Securities,<br> Inc. | (200000) USD | (2032) | (955) | (1077) |
|  Pays | EUR-EURIBOR | 2.74% | 1Y/6M | 03/12/2040 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 EUR | 11617 | 1199 | 10418 |
|  Pays | EUR-EURIBOR | 2.53% | 1Y/6M | 03/11/2055 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 EUR | 12803 | 1427 | 11376 |
|  Pays | GBP SONIA | 4.33% | 1Y/1Y | 03/08/2055 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 GBP | 10000 | (406) | 10406 |
|  Pays | CHF SARON | 0.84% | 1Y/1Y | 03/15/2055 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 CHF | (1518) | 2431 | (3949) |
|  Receives | EUR-EURIBOR | 1.89% | 6M/1Y | 03/18/2075 | Bank of<br> America<br> Securities,<br> Inc. | (3500000) EUR | 1443 | 7020 | (5577) |
|  Pays | EUR-EURIBOR | 2.61% | 1Y/6M | 03/19/2055 | Bank of<br> America<br> Securities,<br> Inc. | 1,900,000 EUR | 140679 | (2239) | 142918 |
|  Pays | GBP SONIA | 4.67% | 1Y/1Y | 03/15/2055 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 GBP | 11150 | 228 | 10922 |
|  Receives | GBP SONIA | 3.41% | 1Y/1Y | 03/15/2075 | Bank of<br> America<br> Securities,<br> Inc. | (600000) GBP | (12423) | 180 | (12603) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **The<br>Fund<br>Pays/<br>Receives<br>Floating<br>Rate** | **Floating**<br> **Rate**<br> **Index** | **Fixed<br>Rate** | **Pay/<br>Receive<br>Payment<br>Frequency** | **Maturity<br>Date** | **Counterparty** | **Notional**<br>**Amount** | **Market<br>Value** | **Upfront<br>Premium<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Receives | GBP SONIA | 4.00% | 1Y/1Y | 03/14/2030 | Bank of<br> America<br> Securities,<br> Inc. | (500000) GBP | $(4982) | $(376) | $(4606) |
|  Receives | CHF SARON | 0.79% | 1Y/1Y | 03/20/2035 | Bank of<br> America<br> Securities,<br> Inc. | (200000) CHF | 6475 | (385) | 6860 |
|  Pays | USD SOFR | 3.97% | 1Y/1Y | 03/20/2040 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 USD | 1107 | 418 | 689 |
|  Receives | GBP SONIA | 3.99% | 1Y/1Y | 03/19/2030 | Bank of<br> America<br> Securities,<br> Inc. | (500000) GBP | (5215) | (104) | (5111) |
|  Pays | USD SOFR | 3.79% | 1Y/1Y | 03/21/2030 | Bank of<br> America<br> Securities,<br> Inc. | 500,000 USD | (3810) | 824 | (4634) |
|  Receives | SEK STIBOR | 3.07% | 1Y/3M | 03/26/2040 | Bank of<br> America<br> Securities,<br> Inc. | (1900000) SEK | (2881) | 1061 | (3942) |
|  Receives | CHF SARON | 0.78% | 1Y/1Y | 03/27/2035 | Bank of<br> America<br> Securities,<br> Inc. | (200000) CHF | 6136 | (284) | 6420 |
|  Receives | EUR-EURIBOR | 2.63% | 6M/1Y | 03/31/2055 | Bank of<br> America<br> Securities,<br> Inc. | (100000) EUR | (9752) | (551) | (9201) |
|  Receives | SEK STIBOR | 3.07% | 1Y/3M | 04/03/2040 | Bank of<br> America<br> Securities,<br> Inc. | (1900000) SEK | 2481 | 976 | 1505 |
|  Receives | CHF SARON | 0.70% | 1Y/1Y | 04/02/2035 | Bank of<br> America<br> Securities,<br> Inc. | (200000) CHF | 6242 | 889 | 5353 |
|  Pays | USD SOFR | 4.02% | 1Y/1Y | 04/02/2040 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 USD | 518 | (1089) | 1607 |
|  Pays | EUR-EURIBOR | 2.78% | 1Y/6M | 04/03/2040 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 EUR | 6904 | (2089) | 8993 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **The<br>Fund<br>Pays/<br>Receives<br>Floating<br>Rate** | **Floating**<br> **Rate**<br> **Index** | **Fixed<br>Rate** | **Pay/<br>Receive<br>Payment<br>Frequency** | **Maturity<br>Date** | **Counterparty** | **Notional**<br>**Amount** | **Market<br>Value** | **Upfront<br>Premium<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Receives | USD SOFR | 3.65% | 1Y/1Y | 04/03/2030 | Bank of<br> America<br> Securities,<br> Inc. | (500000) USD | $(1454) | $505 | $(1959) |
|  Receives | GBP SONIA | 3.99% | 1Y/1Y | 04/02/2030 | Bank of<br> America<br> Securities,<br> Inc. | (500000) GBP | (6183) | (171) | (6012) |
|  Pays | EUR-EURIBOR | 2.59% | 1Y/6M | 04/07/2055 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 EUR | 9758 | (788) | 10546 |
|  Receives | EUR-EURIBOR | 2.29% | 6M/1Y | 04/08/2030 | Bank of<br> America<br> Securities,<br> Inc. | (500000) EUR | (17800) | 2111 | (19911) |
|  Receives | SEK STIBOR | 2.58% | 3M/1Y | 04/08/2030 | Bank of<br> America<br> Securities,<br> Inc. | (4800000) SEK | (10768) | 3894 | (14662) |
|  Pays | EUR-EURIBOR | 2.68% | 1Y/6M | 04/09/2040 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 EUR | 9779 | (2629) | 12408 |
|  Receives | EUR-EURIBOR | 2.56% | 1Y/6M | 04/09/2035 | Bank of<br> America<br> Securities,<br> Inc. | (300000) EUR | (7814) | 2574 | (10388) |
|  Pays | EUR-EURIBOR | 2.54% | 1Y/6M | 04/08/2055 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 EUR | 10902 | (2905) | 13807 |
|  Pays | CAD CORRA | 2.89% | 6M/6M | 04/07/2055 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 CAD | 8207 | (1371) | 9578 |
|  Receives | USD SOFR | 3.59% | 1Y/1Y | 04/07/2035 | Morgan<br> Stanley<br> Capital<br> Services LLC | (3500000) USD | (79401) | (1215) | (78186) |
|  Pays | USD SOFR | 3.73% | 1Y/1Y | 04/07/2040 | Morgan<br> Stanley<br> Capital<br> Services LLC | 3,500,000 USD | 129416 | (115) | 129531 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **The<br>Fund<br>Pays/<br>Receives<br>Floating<br>Rate** | **Floating**<br> **Rate**<br> **Index** | **Fixed<br>Rate** | **Pay/<br>Receive<br>Payment<br>Frequency** | **Maturity<br>Date** | **Counterparty** | **Notional**<br>**Amount** | **Market<br>Value** | **Upfront<br>Premium<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Pays | CAD CORRA | 2.83% | 6M/6M | 04/08/2055 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 CAD | $9001 | $1270 | $7731 |
|  Receives | JPY TONA | 1.68% | 1Y/1Y | 04/09/2055 | Bank of<br> America<br> Securities,<br> Inc. | (13300000) JPY | (21517) | 3247 | (24764) |
|  Receives | EUR-EURIBOR | 2.60% | 6M/1Y | 04/10/2035 | Bank of<br> America<br> Securities,<br> Inc. | (300000) EUR | (13668) | 590 | (14258) |
|  Receives | GBP SONIA | 3.86% | 1Y/1Y | 04/08/2030 | Bank of<br> America<br> Securities,<br> Inc. | (500000) GBP | (9892) | 1198 | (11090) |
|  Pays | USD SOFR | 3.78% | 1Y/1Y | 04/10/2040 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 USD | 5964 | 594 | 5370 |
|  Pays | CAD CORRA | 2.99% | 6M/6M | 04/09/2055 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 CAD | 6854 | (38) | 6892 |
|  Pays | USD SOFR | 3.73% | 1Y/1Y | 04/12/2055 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 USD | 7120 | 449 | 6671 |
|  Receives | EUR-EURIBOR | 2.57% | 6M/1Y | 04/11/2035 | Bank of<br> America<br> Securities,<br> Inc. | (300000) EUR | (14901) | (1136) | (13765) |
|  Pays | EUR-EURIBOR | 2.53% | 1Y/6M | 04/12/2055 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 EUR | 11348 | 1218 | 10130 |
|  Pays | USD SOFR | 3.80% | 1Y/1Y | 04/12/2055 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 USD | 5850 | 2372 | 3478 |
|  Pays | EUR-EURIBOR | 2.51% | 1Y/6M | 04/14/2055 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 EUR | 11604 | 523 | 11081 |
|  Receives | CHF SARON | 0.55% | 1Y/1Y | 04/16/2035 | Bank of<br> America<br> Securities,<br> Inc. | (200000) CHF | 2290 | (20) | 2310 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **The<br>Fund<br>Pays/<br>Receives<br>Floating<br>Rate** | **Floating**<br> **Rate**<br> **Index** | **Fixed<br>Rate** | **Pay/<br>Receive<br>Payment<br>Frequency** | **Maturity<br>Date** | **Counterparty** | **Notional**<br>**Amount** | **Market<br>Value** | **Upfront<br>Premium<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Receives | CHF SARON | 0.72% | 1Y/1Y | 04/16/2040 | Bank of<br> America<br> Securities,<br> Inc. | (100000) CHF | $1135 | $193 | $942 |
|  Receives | EUR-EURIBOR | 2.55% | 6M/1Y | 04/16/2035 | Bank of<br> America<br> Securities,<br> Inc. | (300000) EUR | (15388) | (1183) | (14205) |
|  Pays | EUR-EURIBOR | 2.49% | 1Y/6M | 04/15/2055 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 EUR | 12266 | 793 | 11473 |
|  Receives | EUR-EURIBOR | 2.57% | 6M/1Y | 04/16/2035 | Bank of<br> America<br> Securities,<br> Inc. | (300000) EUR | (14909) | 2213 | (17122) |
|  Pays | EUR-EURIBOR | 2.44% | 1Y/6M | 04/20/2055 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 EUR | 13443 | (457) | 13900 |
|  Pays | GBP SONIA | 3.86% | 1Y/1Y | 04/15/2030 | Bank of<br> America<br> Securities,<br> Inc. | 500,000 GBP | 9765 | (855) | 10620 |
|  Pays | EUR-EURIBOR | 2.42% | 1Y/6M | 04/20/2055 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 EUR | 13839 | 1404 | 12435 |
|  Receives | USD SOFR | 4.01% | 1Y/1Y | 04/17/2040 | Bank of<br> America<br> Securities,<br> Inc. | (200000) USD | (740) | (50) | (690) |
|  Pays | USD CPURNSA | 2.82% | M/M | 04/25/2027 | Bank of<br> America<br> Securities,<br> Inc. | 11,000,000 USD | (10933) |  | (10933) |
|  Pays | USD CPURNSA | 2.86% | M/M | 04/28/2027 | Bank of<br> America<br> Securities,<br> Inc. | 3,000,000 USD | (5588) |  | (5588) |
|  Receives | USD SOFR | 4.33% | 1Y/1Y | 08/24/2054 | Bank of<br> America<br> Securities,<br> Inc. | (1300000) USD | (7100) |  | (7100) |
|  Receives | USD SOFR | 4.19% | 1Y/1Y | 09/02/2059 | Bank of<br> America<br> Securities,<br> Inc. | (400000) USD | 593 |  | 593 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **The<br>Fund<br>Pays/<br>Receives<br>Floating<br>Rate** | **Floating**<br> **Rate**<br> **Index** | **Fixed<br>Rate** | **Pay/<br>Receive<br>Payment<br>Frequency** | **Maturity<br>Date** | **Counterparty** | **Notional**<br>**Amount** | **Market<br>Value** | **Upfront<br>Premium<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Pays | USD CPURNSA | 2.61% | M/M | 07/16/2035 | Bank of<br> America<br> Securities,<br> Inc. | 21,500,000 USD | $(296215) | $– $| (296215) |
|  Receives | GBP SONIA | 3.61% | 1Y/1Y | 07/29/2075 | Bank of<br> America<br> Securities,<br> Inc. | (13900000) GBP | (147400) | – | (147400) |
|  Pays | GBP SONIA | 5.10% | 1Y/1Y | 07/30/2055 | Bank of<br> America<br> Securities,<br> Inc. | 3,700,000 GBP | 32145 | – | 32145 |
|  Pays | USD CPURNSA | 2.94% | M/M | 08/21/2027 | Bank of<br> America<br> Securities,<br> Inc. | 8,000,000 USD | (9210) | – | (9210) |
|  Pays | USD CPURNSA | 2.63% | M/M | 08/21/2030 | Bank of<br> America<br> Securities,<br> Inc. | 9,000,000 USD | (25831) | – | (25831) |
|  Pays | USD CPURNSA | 2.94% | M/M | 08/21/2027 | Bank of<br> America<br> Securities,<br> Inc. | 16,000,000 USD | (17637) | – | (17637) |
|  Pays | USD CPURNSA | 2.62% | M/M | 08/21/2030 | Bank of<br> America<br> Securities,<br> Inc. | 13,000,000 USD | (32076) | – | (32076) |
|  Pays | USD CPURNSA | 2.63% | M/M | 08/21/2030 | Bank of<br> America<br> Securities,<br> Inc. | 5,000,000 USD | (14114) | – | (14114) |
|  Pays | USD CPURNSA | 2.93% | M/M | 08/21/2027 | Bank of<br> America<br> Securities,<br> Inc. | 8,000,000 USD | (8427) | – | (8427) |
|  Pays | USD CPURNSA | 2.95% | M/M | 08/22/2027 | Bank of<br> America<br> Securities,<br> Inc. | 20,000,000 USD | (26917) | – | (26917) |
|  Pays | USD CPURNSA | 2.94% | M/M | 08/22/2027 | Bank of<br> America<br> Securities,<br> Inc. | 8,000,000 USD | (10375) | – | (10375) |
|  Pays | USD CPURNSA | 2.95% | M/M | 08/22/2027 | Bank of<br> America<br> Securities,<br> Inc. | 8,000,000 USD | (11158) | – | (11158) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **The<br>Fund<br>Pays/<br>Receives<br>Floating<br>Rate** | **Floating**<br> **Rate**<br> **Index** | **Fixed<br>Rate** | **Pay/<br>Receive<br>Payment<br>Frequency** | **Maturity<br>Date** | **Counterparty** | **Notional**<br>**Amount** | **Market<br>Value** | **Upfront<br>Premium<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Pays | USD CPURNSA | 2.99% | M/M | 08/26/2027 | Bank of<br> America<br> Securities,<br> Inc. | 16,000,000 USD | $(37892) | $– $| (37892) |
|  Pays | USD CPURNSA | 3.00% | M/M | 08/27/2027 | Bank of<br> America<br> Securities,<br> Inc. | 9,000,000 USD | (23503) | – | (23503) |
|  Pays | USD CPURNSA | 3.07% | M/M | 08/29/2027 | Bank of<br> America<br> Securities,<br> Inc. | 9,000,000 USD | (37119) | – | (37119) |
|  Pays | USD CPURNSA | 3.03% | M/M | 09/05/2027 | Bank of<br> America<br> Securities,<br> Inc. | 4,000,000 USD | (13692) | – | (13692) |
|  Pays | USD CPURNSA | 2.93% | M/M | 09/10/2027 | Bank of<br> America<br> Securities,<br> Inc. | 3,600,000 USD | (5634) | – | (5634) |
|  Pays | EUR-EURIBOR | 2.94% | 1Y/6M | 10/04/2055 | Bank of<br> America<br> Securities,<br> Inc. | 700,000 EUR | 24076 | – | 24076 |
|  Receives | EUR ESTR | 1.99% | 1Y/1Y | 03/20/2028 | Bank of<br> America<br> Securities,<br> Inc. | (16800000) EUR | (211269) | – | (211269) |
|  Pays | EUR-EURIBOR | 2.94% | 1Y/6M | 10/04/2055 | Bank of<br> America<br> Securities,<br> Inc. | 1,500,000 EUR | 50906 | – | 50906 |
|  Pays | USD CPURNSA | 2.75% | M/M | 10/28/2027 | Bank of<br> America<br> Securities,<br> Inc. | 5,000,000 USD | 3968 | – | 3968 |
|  Pays | USD CPURNSA | 2.53% | M/M | 12/09/2027 | Bank of<br> America<br> Securities,<br> Inc. | 12,000,000 USD | 39128 | – | 39128 |
|  Pays | USD CPURNSA | 2.53% | M/M | 12/09/2027 | Bank of<br> America<br> Securities,<br> Inc. | 6,000,000 USD | 19737 | – | 19737 |
|  Pays | USD CPURNSA | 2.53% | M/M | 12/09/2027 | Bank of<br> America<br> Securities,<br> Inc. | 10,000,000 USD | 34052 | – | 34052 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **The<br>Fund<br>Pays/<br>Receives<br>Floating<br>Rate** | **Floating**<br> **Rate**<br> **Index** | **Fixed<br>Rate** | **Pay/<br>Receive<br>Payment<br>Frequency** | **Maturity<br>Date** | **Counterparty** | **Notional**<br>**Amount** | **Market<br>Value** | **Upfront<br>Premium<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Pays | EUR CPTFEMU | 1.96% | M/M | 12/15/2035 | Bank of<br> America<br> Securities,<br> Inc. | 2,000,000 EUR | $49769 | $— | $49769 |
|  Pays | EUR CPTFEMU | 1.97% | M/M | 12/15/2035 | Bank of<br> America<br> Securities,<br> Inc. | 4,000,000 EUR | 94529 |  | 94529 |
|  Pays | EUR CPTFEMU | 1.97% | M/M | 12/15/2035 | Bank of<br> America<br> Securities,<br> Inc. | 5,000,000 EUR | 117900 |  | 117900 |
|  Pays | USD CPURNSA | 2.52% | M/M | 12/10/2027 | Bank of<br> America<br> Securities,<br> Inc. | 2,000,000 USD | 6907 |  | 6907 |
|  Pays | USD CPURNSA | 2.45% | M/M | 12/10/2035 | Bank of<br> America<br> Securities,<br> Inc. | 3,000,000 USD | (12858) |  | (12858) |
|  Pays | USD SOFR | 3.32% | 1Y/1Y | 09/22/2037 | Morgan<br> Stanley<br> Capital<br> Services LLC | 1,400,000 USD | 83054 |  | 83054 |
|  Pays | JPY TONA | 1.36% | 1Y/1Y | 06/21/2028 | Bank of<br> America<br> Securities,<br> Inc. | 1,800,000,000 JPY | 25174 |  | 25174 |
|  Pays | EURCPTFEMU | 2.01% | M/M | 02/15/2036 | Bank of<br> America<br> Securities,<br> Inc. | 9,000,000 EUR | 194994 |  | 194994 |
|  Pays | JPY TONA | 1.45% | 1Y/1Y | 06/21/2028 | Bank of<br> America<br> Securities,<br> Inc. | 1,400,000,000 JPY | 2646 |  | 2646 |
|  Pays | USD SOFR | 3.90% | 1Y/1Y | 02/20/2041 | Morgan<br> Stanley<br> Capital<br> Services LLC | 4,100,000 USD | 73282 | 1630 | 71652 |
|  Pays | USD CPURNSA | 2.39% | M/M | 03/03/2036 | Bank of<br> America<br> Securities,<br> Inc. | 12,500,000 USD | 37614 |  | 37614 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **The<br>Fund<br>Pays/<br>Receives<br>Floating<br>Rate** | **Floating**<br> **Rate**<br> **Index** | **Fixed<br>Rate** | **Pay/<br>Receive<br>Payment<br>Frequency** | **Maturity<br>Date** | **Counterparty** | **Notional**<br>**Amount** | **Market<br>Value** | **Upfront<br>Premium<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Pays | INR MIBOR | 6.18% | 6M/6M | 06/17/2031 | Bank of<br> America<br> Securities,<br> Inc. | 270,000,000 INR | $76861 | $— | $76861 |
|  Receives | SEK STIBOR | 2.55% | 1Y/3M | 06/18/2031 | Bank of<br> America<br> Securities,<br> Inc. | (9100000) SEK | (15735) |  | (15735) |
|  Pays | USD CPURNSA | 2.43% | M/M | 03/09/2036 | Bank of<br> America<br> Securities,<br> Inc. | 7,000,000 USD | (5594) |  | (5594) |
|  Pays | EUR CPTFEMU | 2.05% | M/M | 03/15/2036 | Bank of<br> America<br> Securities,<br> Inc. | 5,000,000 EUR | 94190 |  | 94190 |
|  Receives | CNY CNREPOFIX | 1.54% | 3M/3M | 06/17/2031 | Bank of<br> America<br> Securities,<br> Inc. | (60000000) CNY | (28667) |  | (28667) |
|  Receives | SEK STIBOR | 2.67% | 1Y/3M | 06/18/2031 | Bank of<br> America<br> Securities,<br> Inc. | (123000000) SEK | (137846) |  | (137846) |
|  Receives | SGD SORA | 1.86% | 6M/6M | 06/17/2031 | Bank of<br> America<br> Securities,<br> Inc. | (5500000) SGD | (41785) | 2739 | (44524) |
|  Receives | NZD BKBM | 3.95% | 6M/3M | 06/18/2031 | Bank of<br> America<br> Securities,<br> Inc. | (103000000) NZD | (376927) | 1454 | (378381) |
|  Receives | CNY CNREPOFIX | 1.60% | 3M/3M | 06/17/2031 | Bank of<br> America<br> Securities,<br> Inc. | (257000000) CNY | (19486) | (7425) | (12061) |
|  Receives | INR MIBOR | 6.47% | 6M/6M | 06/17/2031 | Bank of<br> America<br> Securities,<br> Inc. | (1600700000) INR | (262948) |  | (262948) |
|  Receives | USD SOFR | 3.50% | 1Y/1Y | 06/20/2028 | Bank of<br> America<br> Securities,<br> Inc. | (193000000) USD | (364954) | (2759) | (362195) |
|  Receives | INR MIBOR | 6.49% | 6M/6M | 06/17/2031 | Bank of<br> America<br> Securities,<br> Inc. | (2311600000) INR | (353667) | (3995) | (349672) |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **The<br>Fund<br>Pays/<br>Receives<br>Floating<br>Rate** | **Floating**<br> **Rate**<br> **Index** | **Fixed<br>Rate** | **Pay/<br>Receive<br>Payment<br>Frequency** | **Maturity<br>Date** | **Counterparty** | **Notional**<br>**Amount** | **Market<br>Value** | **Upfront<br>Premium<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Receives | USD SOFR | 3.49% | 1Y/1Y | 10/04/2034 | Morgan<br> Stanley<br> Capital<br> Services LLC | (1500000) USD | $(35644) | $— | $(35644) |
|  Total Centrally Cleared Interest Rate Swaps Outstanding | Total Centrally Cleared Interest Rate Swaps Outstanding | Total Centrally Cleared Interest Rate Swaps Outstanding | Total Centrally Cleared Interest Rate Swaps Outstanding | Total Centrally Cleared Interest Rate Swaps Outstanding | Total Centrally Cleared Interest Rate Swaps Outstanding |  | $(257704) | $36940 | $(294644) |

---

---

| | |
|:---|:---|
| **Abbreviation Legend:** | **Abbreviation Legend:** |
| 1Y | Yearly |
| 3M | Quarterly |
| 6M | Semi-Annually |
| ADR | American Depository Receipt |
| ASX | Australian Securities Exchange |
| BBSW | Bank Bill Swap Rate |
| BMF | Brazilian Mercantile and Futures Exchange |
| CBOE | Chicago Board Options Exchange |
| CBOT | Chicago Board of Trade |
| CME | Chicago Mercantile Exchange |
| CNREPOFIX | CFXS-Reuters to the floating-rate-index |
| COMEX | Commodities Exchange Center |
| CORRA | Canadian Overnight Repo Rate Average |
| CPTFEMU | Consumer Price Index — Total Excluding Tobacco for the European Monetary Union |
| CPURNSA | US CPI Urban Consumers NSA |
| EEX | European Energy Exchange |
| ETF | Exchange-Traded Fund |
| Eurex | Eurex Exchange |
| EURIBOR | Euro Interbank Offered Rate |
| Euronext | Euronext Paris |
| FTSE | Financial Times and Stock Exchange |
| FX | Foreign Exchange |
| GBX | Great British Pence |
| HKFE | Hong Kong Futures Exchange Ltd. |
| ICE | Ice Futures Europe |
| KBT | KoinBay exchange |
| LIFFE | London International Financial Futures and Options Exchange |
| LME | London Metal Exchange |
| M | Monthly |
| MEFF | MEFF Renta Variable |
| MIL | Milan Stock Exchange |
| MOE | Merchant Moe Liquidity Book (Mantle) |
| NSE | National Stock Exchange of India |
| NYBOT | New York Board of Trade |
| NYMEX | New York Mercantile Exchange |
| OMX | Stockholm 30 Index |
| OSE | Osaka Exchange |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Schedule of Investments ^ (Continued)

#### March 31, 2026

---

| | |
|:---|:---|
| OTC | Over the Counter |
| PIK | Payment in Kind |
| REIT | Real Estate Investment Trust |
| S&P | S&P 500 Index |
| Safex | South African Futures Exchange |
| SARON | Swiss Average Rate Overnight |
| SFE | ASX Trade24 |
| SGX | Singapore Exchange |
| SICAV | Société d'investissement à Capital Variable |
| SOFR | Secured Overnight Financing Rate |
| SONIA | Sterling Overnight Index Average |
| SPDR | Standard and Poor's Depository Receipt |
| STIBOR | Stockholm Interbank Offered Rate |
| TBA | To Be Announced |
| TONA | Tokyo Overnight Average |
| XKFE | Korea Exchange |
| **Currency Legend:** | **Currency Legend:** |
| AUD | Australia Dollar |
| BRL | Brazil Real |
| CAD | Canada Dollar |
| CHF | Switzerland Franc |
| CLP | Chile Peso |
| CNH | Chinese Renminbi |
| CNY | China Yuan Renminbi |
| COP | Colombia Peso |
| CZK | Czech Republic Koruna |
| EGP | Egypt Pound |
| EUR | Euro Member Countries |
| GBP | United Kingdom Pound |
| HKD | Hong Kong Dollar |
| HUF | Hungary Forint |
| IDR | Indonesian Rupiah |
| ILS | Israel Shekel |
| INR | Indian Rupee |
| JPY | Japan Yen |
| KRW | Korean Won |
| MXN | Mexico Peso |
| NOK | Norway Krone |
| NZD | New Zealand Dollar |
| PEN | Peru Nuevo Sol |
| PHP | Philippines Peso |
| PLN | Poland Zloty |
| RON | Romania New Leu |
| SEK | Sweden Krona |
| SGD | Singapore Dollar |
| THB | Thailand Baht |
| TRY | Turkish Lira |
| TWD | Taiwan New Dollar |
| USD | United States Dollar |
| ZAR | South African Rand |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Statement of Assets and Liabilities

#### As of March 31, 2026

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investment in securities, at fair value (cost $4,147,903,062) | $4205292473.0 |
|  Cash | 681049936.0 |
|  Cash denominated in foreign currencies (cost of $23,707,918) | 22811968.0 |
|  Segregated cash balance with broker for securities sold short | 640985114.0 |
|  Segregated cash balance with custodian for derivative financial instruments | 145543762.0 |
|  Segregated cash balance with counterparties for futures contracts | 137976094.0 |
|  Segregated cash balance with counterparties for centrally cleared derivatives | 354785135.0 |
|  Segregated cash balance with counterparties for OTC derivatives | 13843199.0 |
|  Unrealized appreciation on forward foreign currency exchange contracts | 3816804.0 |
|  Income receivable | 16577302.0 |
|  Receivable for investments sold | 2913084763.0 |
|  Receivable for Fund shares sold | 877320.0 |
|  Receivable for periodic payments from swap contracts | 1512926.0 |
|  Variation margin receivable on futures | 5130843.0 |
|  Variation margin receivable on centrally cleared swaps | 3505045.0 |
|  Swap contracts, at fair value (net premiums paid $1,784,576) | 23294913.0 |
|  Receivable from Investment Adviser | 469121.0 |
|  Prepaid expenses and other assets | 14087.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 9170570805.0 |
|  **Liabilities:** |  |
|  Securities sold short, at fair value (proceeds of $1,396,268,723) | 1389813367.0 |
|  Cash received as collateral from custodian for derivative financial instruments | 35294130.0 |
|  Cash received as collateral from counterparty for OTC derivatives | 1487047.0 |
|  Options written, at fair value (premiums received $12,443,776) | 11707874.0 |
|  Unrealized depreciation on forward foreign currency exchange contracts | 2324935.0 |
|  Payable for investments purchased | 4049477143.0 |
|  Payable for Fund shares redeemed | 3852862.0 |
|  Payable for periodic payments from swap contracts | 302792.0 |
|  Variation margin payable on futures | 18272610.0 |
|  Variation margin payable on centrally cleared swaps | 2260980.0 |
|  Swap contracts, at fair value (net premiums received $1,633,798) | 24943117.0 |
|  Dividend and interest income payable on securities sold short | 1899162.0 |
|  Management fee payable | 17533040.0 |
|  Trustee fee payable | 17559.0 |
|  Payable to Affiliate | 1176225.0 |
|  Accrued expenses and other liabilities | 8194408.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 5568557251.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commitments and contingencies | $0.0 |
|  Net assets | $3602013554.0 |
|  **Net Assets Consist of:** |  |
|  Paid-in capital | $3515297041.0 |
|  Total distributable earnings (loss) | 86716513.0 |
|  Net assets | $3602013554.0 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Statement of Assets and Liabilities (Continued)

#### As of March 31, 2026

---

| | |
|:---|:---|
|  **Net Asset Value:** |  |
|  **Class I Shares** |  |
|  Net Assets | $2318537912.0 |
|  Class I Shares outstanding, no par value, unlimited shares authorized | 211514423.0 |
|  Net asset value per share | $10.96 |
|  **Class D Shares** |  |
|  Net Assets | $15316205.0 |
|  Class D Shares outstanding, no par value, unlimited shares authorized | 1407907.0 |
|  Net asset value per share | $10.88 |
|  **Class Y Shares** |  |
|  Net Assets | $1268159437.0 |
|  Class Y Shares outstanding, no par value, unlimited shares authorized | 116308110.0 |
|  Net asset value per share | $10.9 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Statement of Operations

#### For the Year Ended March 31, 2026

---

| | |
|:---|:---|
|  **Investment Income:** |  |
|  Interest (including net foreign taxes withheld of $0) | $173307742 |
|  Dividends (including net foreign taxes withheld of $291,050) | 10595946 |
|  Other Income | 485918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income | 184389606 |
|  **Expenses:** |  |
|  Management fees | 71532314 |
|  Administration fees | 4701884 |
|  Custodian fees | 1672682 |
|  Trustees' fees | 985327 |
|  Distribution fees - Class D | 39102 |
|  Shareholder service fees | 3088662 |
|  Registration fees | 155399 |
|  Printing and postage fees | 286382 |
|  Professional fees | 6650466 |
|  Dividends on securities sold short | 11088334 |
|  Interest on securities sold short | 13412902 |
|  Line of credit fee | 1298998 |
|  Other | 1089791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 116002243 |
|  Expenses recouped (reimbursed) by Investment Adviser | (469121) |
|  Total Net Expenses | 115533122 |
|  Net investment income | 68856484 |
|  **Net Realized and Unrealized Gain (Loss):** |  |
|  Net realized gain (loss) on investments in securities | 364530911 |
|  Net realized gain (loss) on securities sold short | (68804629) |
|  Net realized gain (loss) on forward foreign currency exchange contracts | (4662499) |
|  Net realized gain (loss) on foreign currency transactions | 2983385 |
|  Net realized gain (loss) on futures contracts | (8322417) |
|  Net realized gain (loss) on options written | 8362676 |
|  Net realized gain (loss) on swap contracts | 104366825 |
|  Net change in unrealized appreciation (depreciation) on investments in securities | (71554992) |
|  Net change in unrealized appreciation (depreciation) on securities sold short | (9151438) |
|  Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts | 2836107 |
|  Net change in unrealized appreciation (depreciation) on foreign currency translations | (559325) |
|  Net change in unrealized appreciation (depreciation) on futures contracts | (7505246) |
|  Net change in unrealized appreciation (depreciation) on options written | 721645 |
|  Net change in unrealized appreciation (depreciation) on swap contracts | (19309808) |
|  Net realized and unrealized gain | 293931195 |
|  Net increase in net assets resulting from operations | $362787679 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year<br>Ended**<br>**3/31/2026** | **Year<br>Ended**<br>**3/31/2025** |
|  **Increase (Decrease) in Net Assets Operations:** |  |  |
|  Net investment income | $68856484 | $103054215 |
|  Net realized gain | 398454252 | 110719603 |
|  Net change in unrealized depreciation | (104523057) | (54759399) |
|  Net increase in net assets resulting from operations | 362787679 | 159014419 |
|  **Distributions:** |  |  |
|  Distributions from earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I Shares | (183520101) | (149028596) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class D Shares | (1160209) | (902418) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y Shares | (90400411) | (54134559) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (275080721) | (204065573) |
|  **Capital Transactions:** |  |  |
|  Shareholder subscriptions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of Class I Shares | 873946731 | 847799190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of Class D Shares | 7983945 | 9396570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of Class Y Shares | 415549807 | 200327460 |
|  Shareholder reinvestments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of Class I Shares issued to shareholders in payment of distributions declared | 151270147 | 121150272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of Class D Shares issued to shareholders in payment of distributions declared | 763679 | 633175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of Class Y Shares issued to shareholders in payment of distributions declared | 77029691 | 47078846 |
|  Shareholder redemptions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of Class I Shares redeemed | (1401568292) | (1176120843) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of Class D Shares redeemed | (10023205) | (12011213) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of Class Y Shares redeemed | (308710076) | (300071092) |
|  Net decrease in net assets resulting from capital transactions | (193757573) | (261817635) |
|  Net decrease in net assets | (106050615) | (306868789) |
|  **Net Assets:** |  |  |
|  Beginning of period | 3708064169 | 4014932958 |
|  End of period | $3602013554 | $3708064169 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Statement of Changes in Net Assets (Continued)

---

| | | |
|:---|:---|:---|
|  | **Year<br>Ended<br>3/31/2026** | **Year<br>Ended<br>3/31/2025** |
|  **Share Transactions:** |  |  |
|  **Class I Shares** |  |  |
|  Beginning of period | 244252400 | 263198882 |
|  Shares issued | 78723753 | 77297867 |
|  Reinvestment in Shares | 13941949 | 11333047 |
|  Shares redeemed | (125403679) | (107577396) |
|  Net change in shares resulting from share transactions | (32737977) | (18946482) |
|  End of period | 211514423 | 244252400 |
|  **Share Transactions:** |  |  |
|  **Class D Shares** |  |  |
|  Beginning of period | 1527543 | 1707045 |
|  Shares issued | 718527 | 863495 |
|  Reinvestment in Shares | 70777 | 59509 |
|  Shares redeemed | (908940) | (1102506) |
|  Net change in shares resulting from share transactions | (119636) | (179502) |
|  End of period | 1407907 | 1527543 |
|  **Share Transactions:** |  |  |
|  **Class Y Shares** |  |  |
|  Beginning of period | 99721617 | 104153920 |
|  Shares issued | 37546359 | 18503578 |
|  Reinvestment in Shares | 7145611 | 4433036 |
|  Shares redeemed | (28105477) | (27368917) |
|  Net change in shares resulting from share transactions | 16586493 | (4432303) |
|  End of period | 116308110 | 99721617 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Statement of Cash Flows

#### For the Year Ended March 31, 2026

---

| | |
|:---|:---|
|  **Cash Flows from Operating Activities:** |  |
|  Net increase in net assets resulting from operations | $362787679 |
|  **Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by operating activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of investments in securities | (16487901291) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposition of investments in securities | 16817308415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from securities sold short | 7786467085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to cover securities sold short | (7765009417) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term investments, net | 884004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash flows related to derivative transactions | 128489116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premiums paid on closing options written | (63946006) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from premiums received from options written | 106176339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | (364530911) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on securities sold short | 68804629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on options written | (8362676) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on futures contracts | 8322417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on swap contracts | (104366825) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on forward foreign currency exchange contracts | 1679114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in accretion of bond discount and amortization of bond and swap premium | 13801218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | 71554992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on securities sold short | 9151438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on options written | (721645) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures contracts | 7505246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on swap contracts | 19309808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on forward foreign currency | (2276782) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange contracts | (2104272) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income receivable | 11178573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for periodic payments from swap contracts | (513622) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin receivable on futures | 5543454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin receivable on centrally cleared swaps | 18663399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts, at fair value | 15372092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable from Investment Adviser | 430455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 27135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash received as collateral for reverse repurchase agreements | (2877000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash received as collateral from custodian for derivative financial instruments | (12783674) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash received as collateral from counterparty for OTC derivatives | (2732002) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash received as collateral from counterparty for futures contracts | (1318512) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts | (731835) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts, at fair value | 111885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin payable on futures | 309726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin payable on centrally cleared swaps | 2260980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for periodic payments from swap contracts | (449112) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend and interest income payable on securities sold short | 237390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest payable on reverse repurchase agreements | (135999) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 205088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to Affiliate | (1247908) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fee payable | 17559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 194276 |
|  Net cash provided by operating activities | $634784023 |
|  **Cash Flows from Financing Activities:** |  |
|  Proceeds from shares sold | 1010102237 |
|  Cost of shares repurchased | (1432330078) |
|  Proceeds from reverse repurchase agreements | 18129180 |
|  Repayment of reverse repurchase agreements | (32080664) |
|  Distributions paid (net of reinvestment) | (46017204) |
|  Net cash used in financing activities | (482196529) |
|  Net increase (decrease) in unrestricted and restricted cash and foreign currency | 152587494 |
|  Unrestricted and restricted cash and foreign currency, beginning of period | 1844407714 |
|  Unrestricted and restricted cash and foreign currency, end of period | $1996995208 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Statement of Cash Flows (Continued)

#### For the Year Ended March 31, 2026

---

| | |
|:---|:---|
|  **Supplemental disclosure of cash flow information:** |  |
|  Cash paid during the period for interest | $126033 |
|  **Non-Cash Financing Activities:** |  |
|  Capital shares issued | $288495083 |
|  Capital shares redeemed | $(288495083) |
|  Capital shares issued in reinvestment of distribution | $229063517 |

---

#### Reconciliation of unrestricted and restricted cash to the Consolidated Statement of Assets and Liabilities

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>March 31, 2026** | **Year Ended<br>March 31, 2025** |
|  Cash | $681049936 | $575921682 |
|  Foreign currency at value | 22811968 | 9242662 |
|  Cash Pledged: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities sold short | 640985114 | 608091626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Derivative financial instruments | 145543762 | 276466608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 137976094 | 134842816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally cleared derivatives | 354785135 | 211906692 |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC derivatives | 13843199 | 27935628 |
|  | $1996995208 | $1844407714 |

---

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Financial Highlights

#### (For Shares Outstanding Throughout the Period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Year<br>Ended<br>3/31/2026** | **Year<br>Ended<br>3/31/2025** | **Year<br>Ended<br>3/31/2024** | **Year<br>Ended<br>3/31/2023** | **Year<br>Ended<br>3/31/2022** |
|  **Net Asset Value, Beginning of Period** | $10.75 | $10.90 | $10.19 | $10.48 | $10.44 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss)<sup>1</sup> | 0.20 | 0.30 | 0.24 | 0.01 | (0.09) |
|  Net realized and unrealized gain (loss) | 0.86 | 0.17 | 0.84 | (0.30) | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Income (Loss) from Investment Operations | 1.06 | 0.47 | 1.08 | (0.29) | 0.22 |
|  **Less Distributions to Shareholders:** |  |  |  |  |  |
|  From net investment income | (0.62) | (0.62) | (0.37) |  |  |
|  From net realized capital gains | (0.23) |  |  |  | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.85) | (0.62) | (0.37) |  | (0.18) |
|  **Net Asset Value, End of Period** | $10.96 | $10.75 | $10.90 | $10.19 | $10.48 |
|  Total Return<sup>2</sup> | 9.94% | 4.31% | 10.73%<sup>3</sup> | (2.77)% | 2.09% |
|  **Ratios to Average Net Assets:<sup>4</sup>** |  |  |  |  |  |
|  Total expenses before recoupment (reimbursement) from Investment Adviser<sup>5</sup> | 1.21% | 1.24% | 1.35% | 1.51% | 0.96% |
|  Management Fees | 1.90% | 1.90% | 1.89% | 1.88% | 1.87% |
|  Total expenses before recoupment (reimbursement) from Investment Adviser | 3.11% | 3.14% | 3.24% | 3.39% | 2.83% |
|  Recoupment (reimbursement) from Investment Adviser | (0.02)% | (0.08)% | —%<sup>6</sup> | —%<sup>6</sup> | —%<sup>6</sup> |
|  Net expenses after recoupment (reimbursement) from Investment Adviser | 3.09% | 3.06% | 3.24% | 3.39% | 2.83% |
|  Net investment income (loss) | 1.80% | 2.77% | 2.33% | 0.13% | (0.83)% |
|  **Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of period (in thousands) | $2318538 | $2626575 | $2868551 | $3358347 | $3958328 |
|  Portfolio turnover | 547%<sup>7</sup> | 397%<sup>7</sup> | 556%<sup>7</sup> | 846%<sup>7</sup> | 193% |

---

<sup>1</sup> Calculated using average shares outstanding during the period.

<sup>2</sup> Net asset values and total returns have been calculated inclusive of adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. 

<sup>3</sup> For the year ended March 31, 2024, 0.14% of the Portfolio's total return consisted of a reimbursement by a Sub-adviser of the Fund. 

<sup>4</sup> The ratios do not reflect the Fund's share of the income and expenses of the underlying Investee Funds.

<sup>5</sup> Represents the ratio of other expenses excluding management fees which are separately presented, and prior to the impact of any recoupment (reimbursement).

<sup>6</sup> There have been no recoupments (reimbursements) from Investment Adviser in the years ended, 2024, 2023 and 2022. See Note 7.

<sup>7</sup> Including TBA roll transactions. Had TBA roll transactions been excluded, the portfolio turnover rate would have been 172% for the year ended March 31, 2026, 156% for the year ended March 31, 2025, 136% for the year ended March 31, 2024 and 182% for the year ended March 31, 2023. 

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Financial Highlights (Continued)

#### (For Shares Outstanding Throughout the Period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class D** | **Class D** | **Class D** | **Class D** | **Class D** |
|  | **Year<br>Ended<br>3/31/2026** | **Year<br>Ended<br>3/31/2025** | **Year<br>Ended<br>3/31/2024** | **Year<br>Ended<br>3/31/2023** | **Year<br>Ended<br>3/31/2022** |
|  **Net Asset Value, Beginning of Period** | $10.69 | $10.85 | $10.16 | $10.48 | $10.47 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss)<sup>1</sup> | 0.17 | 0.27 | 0.22 | (0.01) | (0.12) |
|  Net realized and unrealized gain (loss) | 0.84 | 0.17 | 0.83 | (0.31) | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Income (Loss) from Investment Operations | 1.01 | 0.44 | 1.05 | (0.32) | 0.19 |
|  **Less Distributions to Shareholders:** |  |  |  |  |  |
|  From net investment income | (0.59) | (0.60) | (0.36) |  |  |
|  From net realized capital gains | (0.23) |  |  |  | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.82) | (0.60) | (0.36) |  | (0.18) |
|  **Net Asset Value, End of Period** | $10.88 | $10.69 | $10.85 | $10.16 | $10.48 |
|  Total Return<sup>2</sup> | 9.59% | 4.06% | 10.44%<sup>3</sup> | (3.05)% | 1.70% |
|  **Ratios to Average Net Assets:<sup>4</sup>** |  |  |  |  |  |
|  Total expenses before recoupment (reimbursement) from Investment Adviser<sup>5</sup> | 1.46% | 1.49% | 1.64% | 1.78% | 1.27% |
|  Management Fees | 1.90% | 1.90% | 1.89% | 1.88% | 1.87% |
|  Total expenses before recoupment (reimbursement) from Investment Adviser | 3.36% | 3.39% | 3.53% | 3.66% | 3.14% |
|  Recoupment (reimbursement) from Investment Adviser | (0.02)% | (0.08)% | (0.03)% | —%<sup>6</sup> | —%<sup>6</sup> |
|  Net expenses after recoupment (reimbursement) from Investment Adviser | 3.34% | 3.31% | 3.50% | 3.66% | 3.14% |
|  Net investment income (loss) | 1.55% | 2.52% | 2.08% | (0.14)% | (1.14)% |
|  **Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of period (in thousands) | $15316 | $16330 | $18519 | $20179 | $25626 |
|  Portfolio turnover | 547%<sup>7</sup> | 397%<sup>7</sup> | 556%<sup>7</sup> | 846%<sup>7</sup> | 193% |

---

<sup>1</sup> Calculated using average shares outstanding during the period.

<sup>2</sup> Net asset values and total returns have been calculated inclusive of adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. 

<sup>3</sup> For the year ended March 31, 2024, 0.14% of the Portfolio's total return consisted of a reimbursement by a Sub-adviser of the Fund. 

<sup>4</sup> The ratios do not reflect the Fund's share of the income and expenses of the underlying Investee Funds.

<sup>5</sup> Represents the ratio of other expenses excluding management fees which are separately presented, and prior to the impact of any recoupment (reimbursement).

<sup>6</sup> There have been no recoupments (reimbursements) from Investment Adviser in the years ended, 2023 and 2022. See Note 7.

<sup>7</sup> Including TBA roll transactions. Had TBA roll transactions been excluded, the portfolio turnover rate would have been 172% for the year ended March 31, 2026, 156% for the year ended March 31, 2025, 136% for the year ended March 31, 2024 and 182% for the year ended March 31, 2023. 

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Consolidated Financial Highlights (Continued)

#### (For Shares Outstanding Throughout the Period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
|  | **Year<br>Ended<br>3/31/2026** | **Year<br>Ended<br>3/31/2025** | **Year<br>Ended<br>3/31/2024** | **Year<br>Ended<br>3/31/2023** | **Year<br>Ended<br>3/31/2022** |
|  **Net Asset Value, Beginning of Period** | $10.68 | $10.83 | $10.13 | $10.41 | $10.36 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss)<sup>1</sup> | 0.21 | 0.30 | 0.25 | 0.02 | (0.08) |
|  Net realized and unrealized gain (loss) | 0.86 | 0.17 | 0.82 | (0.30) | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Income (Loss) from Investment Operations | 1.07 | 0.47 | 1.07 | (0.28) | 0.23 |
|  **Less Distributions to Shareholders:** |  |  |  |  |  |
|  From net investment income | (0.62) | (0.62) | (0.37) |  |  |
|  From net realized capital gains | (0.23) |  |  |  | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.85) | (0.62) | (0.37) |  | (0.18) |
|  **Net Asset Value, End of Period** | $10.90 | $10.68 | $10.83 | $10.13 | $10.41 |
|  Total Return<sup>2</sup> | 10.16% | 4.35% | 10.74%<sup>3</sup> | (2.69)% | 2.10% |
|  **Ratios to Average Net Assets:<sup>4</sup>** |  |  |  |  |  |
|  Total expenses before recoupment (reimbursement) from Investment Adviser<sup>5</sup> | 1.11% | 1.14% | 1.27% | 1.44% | 0.86% |
|  Management Fees | 1.90% | 1.90% | 1.89% | 1.88% | 1.87% |
|  Net expenses after recoupment (reimbursement) from Investment Adviser<sup>6</sup> | 3.01% | 3.04% | 3.16% | 3.32% | 2.73% |
|  Net investment income (loss) | 1.91% | 2.80% | 2.41% | 0.22% | (0.72)% |
|  **Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of period (in thousands) | $1268159 | $1065158 | $1127862 | $1051621 | $1247505 |
|  Portfolio turnover | 547%<sup>7</sup> | 397%<sup>7</sup> | 556%<sup>7</sup> | 846%<sup>7</sup> | 193% |

---

<sup>1</sup> Calculated using average shares outstanding during the period.

<sup>2</sup> Net asset values and total returns have been calculated inclusive of adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. 

<sup>3</sup> For the year ended March 31, 2024, 0.14% of the Portfolio's total return consisted of a reimbursement by a Sub-adviser of the Fund. 

<sup>4</sup> The ratios do not reflect the Fund's share of the income and expenses of the underlying Investee Funds.

<sup>5</sup> Represents the ratio of other expenses excluding management fees which are separately presented, and prior to the impact of any recoupment (reimbursement).

<sup>6</sup> There have been no recoupments (reimbursements) from Investment Adviser in the years shown. See Note 7.

<sup>7</sup> Including TBA roll transactions. Had TBA roll transactions been excluded, the portfolio turnover rate would have been 172% for the year ended March 31, 2026, 156% for the year ended March 31, 2025, 136% for the year ended March 31, 2024 and 182% for the year ended March 31, 2023. 

See Notes to Consolidated Financial Statements

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Notes to Consolidated Financial Statements

#### For the Year Ended March 31, 2026
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 year ended March 31, 2026, 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 March 31, 2026, 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 objective principally by allocating the Fund's assets among a variety of non-traditional or alternative investment strategies. The Investment Adviser allocates the Fund's assets among sub-advisers with experience managing non-traditional or alternative investment strategies (the "Sub-Advisers") and among investment funds generally employing non-traditional or alternative investment strategies. 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 retain discretionary and non-discretionary Sub-Advisers for the Fund. 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. A non-discretionary Sub-Adviser implements its investment strategy in coordination with the Investment Adviser in the Investment Adviser's discretion. The Investment Adviser has the responsibility to oversee each Sub-Adviser (subject to the ultimate oversight of the Fund's 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 one or more of its 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, commodities, and other assets. The Domestic Subsidiary III and the Domestic Subsidiary IV invest, directly or indirectly through the use of derivatives, in securities. The Consolidated Financial Statements include the Financial Statements 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

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Notes to Consolidated Financial Statements (Continued)

#### For the Year Ended March 31, 2026
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 Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and are stated in U.S. dollars, except as otherwise noted. The preparation of Consolidated Financial Statements 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.

#### Consolidation
The Fund consolidates its investment in the Subsidiaries. Accordingly, the Consolidated Financial Statements include the assets and liabilities and the results of operations and cash flows of the Subsidiaries. All material intercompany balances and transactions have been eliminated.

3. Significant Accounting Policies

#### Valuation Policy
The net asset values ("NAV") of the Fund's shares are 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 as determined in good faith by the Board of the Fund, or its designee. The Board has delegated the day to day responsibility for valuing portfolio securities, derivative financial instruments, and other investments, including investments in private funds (the "Valuation Process") to the Custodian and has delegated responsibility for the supervision of the Custodian's implementation of the Valuation Process to the Investment Adviser. In accordance with Rule 2a-5 under the 1940 Act, the Board has designated the Investment Adviser as the "valuation designee" of the Fund. Each of the Board and the Investment Adviser has established procedures for determining the value of the Fund's portfolio securities, including securities sold short, derivative financial instruments and other investments (together, the "investments") (together, the "Valuation Procedures"). 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, in good faith by the Investment Adviser, acting in its capacity as the valuation designee under Rule 2a-5 of the 1940 Act. 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.

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Notes to Consolidated Financial Statements (Continued)

#### For the Year Ended March 31, 2026
A market quotation is "readily available" only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be "readily available" if it is not reliable. Accordingly, a security will not be considered to have readily available market quotations if its value is not determined solely by reference to Level 1 inputs in the fair value hierarchy outlined in U.S. GAAP, 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 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.

#### 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").

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.

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Notes to Consolidated Financial Statements (Continued)

#### For the Year Ended March 31, 2026
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 March 31, 2026, the total fair value of Level 3 investments was $68,954,720. The appropriateness of fair values for these securities are monitored on an ongoing basis, including through backtesting, pricing due diligence, unchanged price review, use of specialists, and consideration of macro security specific events.

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 March 31, 2026, a Fair Value Factor was applied to such 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.

*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.

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Notes to Consolidated Financial Statements (Continued)

#### For the Year Ended March 31, 2026
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. In determining the value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported price that consider observable inputs. The pricing service providers' internal models use observable inputs such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 within the fair value hierarchy.

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

*Investments in Investee Funds* 

The fair value of investments in unaffiliated investment 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

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Notes to Consolidated Financial Statements (Continued)

#### For the Year Ended March 31, 2026
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 March 31, 2026, the Fund did not have any outstanding unfunded commitments.

*Mortgage-Related and Other Asset-Backed Securities* 

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

*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 Statement of Assets and Liabilities 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 in the Consolidated Statement of Operations.

*Commodities* 

The Fund is permitted to invest in futures on California Carbon Allowances ("CCAs"), which are generally treated as commodity interests in this report. CCAs 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 permit delivery of Allowances

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Notes to Consolidated Financial Statements (Continued)

#### For the Year Ended March 31, 2026
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., 2022 Vintage, 2023 Vintage and 2024 Vintage). The most traded ICE CCA contracts allow delivery of the indicated vintage or an earlier vintage; hence a 2022 Vintage Allowance can be delivered against the 2023 Vintage Contract. This flexibility means futures contracts on earlier vintages are usually more liquid than, and worth at least as much as, later vintages.

*Repurchase Agreements* 

The Fund may invest in repurchase agreements, which are short term investments whereby the Fund acquires ownership of a debt security and the seller agrees to repurchase the security at a future date at a specified price. When entering into repurchase agreements, it is the Fund's policy that the repurchase agreement be fully collateralized and that its custodian take possession of the underlying collateral securities. The repurchase counterparty has the ability to request additional collateral depending on the market value of the collateral security compared to the principal amount of the repurchase transaction in line with the agreement. To the extent that any repurchase transaction exceeds one Business Day, the value of the collateral is marked-to-market to ensure the adequacy of the collateral. If the seller defaults and the market value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Fund may be delayed or limited. The information required to be disclosed by FASB Accounting Standards Update ("ASU") No. 2011-11 for the Fund's investments in repurchase agreements as of March 31, 2026, including the fair value of the repurchase agreement and the amount of collateral, can be found in the Fund's Consolidated Schedule of Investments.

*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 March 31, 2026, the Fund did not have any investment in reverse repurchase agreements. The weighted average daily balances of reverse repurchase agreements outstanding for the Fund during the year ended March 31, 2026 was approximately $241,971, at a weighted average weekly interest rate of 3.08%.

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 ("SLA") and related collateral governed by an SLA (see Securities Lending below).

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Notes to Consolidated Financial Statements (Continued)

#### For the Year Ended March 31, 2026
*Investment Transactions and Related Investment Income* 

Investment transactions are recorded as of the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, as of the date notified. Interest income, which includes amortization of premiums and accretion of discounts on non-defaulted fixed income securities, is recorded on an accrual basis and is accrued daily. The Fund held securities with payment-in-kind features representing an immaterial portion of investment income. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable.

*Allocation of Income and Expenses* 

The Fund uses the adjusted prior day net assets for each class of shares, adjusted for capital activity, to allocate Fund-level income and expenses and unrealized capital gains and losses pro-rata to each class of shares. Class-specific income and expenses are allocated directly to the applicable class.

*Cash* 

At March 31, 2026, the Fund had $681,049,936 in domestic cash and $22,811,968 in foreign cash held at State Street Bank and Trust Company ("State Street Bank"). These balances, at year end, exceeded insured limits.

*Foreign Currency* 

The functional currency of the Fund is the U.S. dollar. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the closing prices of such currencies on each Business Day. Purchases and sales of investments and income and expenses are translated on the respective dates of such transactions or when accrued. The Fund does not isolate the portion of realized or unrealized gains or losses resulting from changes in the foreign exchange rate on investments from fluctuations arising from changes in the fair value of the investments. Such gains and losses are included with net realized and unrealized gain or loss on investments. Net realized gains and losses on foreign currency transactions represent net realized exchange gains or losses on disposition of foreign currencies and currency gains and losses realized between trade and settlement dates on investment transactions. Net unrealized appreciation and depreciation of assets and liabilities, other than investments, attributable to foreign currency fluctuations are recorded as net unrealized appreciation or depreciation on foreign currency translations in the Consolidated Statement of Operations.

*Contingencies* 

Under the Trust's Amended and Restated Agreement and Declaration of Trust, the Fund's officers and Trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund may enter into contracts that contain a variety of representations and indemnifications. To date, the Fund has not had claims or losses pursuant to these contracts, although there is no assurance that it will not incur losses in connection with these indemnifications in the future.

*Income Taxes* 

The Fund's policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to regulated investment companies and to distribute all of its investment company taxable income and net long-term capital gains to its shareholders. Therefore, no federal income tax provision is expected to be required. The Fund plans to file U.S. federal and various state and local tax returns.

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Notes to Consolidated Financial Statements (Continued)

#### For the Year Ended March 31, 2026
For the current open tax years ending on October 31, 2022, October 31, 2023, and October 31, 2024, with respect to all major jurisdictions, management of the Fund has concluded that there are no significant uncertain tax positions that would require recognition in the Consolidated Financial Statements. As a result, no income tax liability or expense, including interest and penalties, has been recorded within these Consolidated Financial Statements.

*Dividends and Distributions to Shareholders* 

Dividends from net investment income and distributions of net realized capital gains of the Fund, if any, are generally declared and paid in December; however, the Fund may make additional distributions at other times consistent with Rule 19b-1 under the 1940 Act. Dividends and capital gain distributions paid by the Fund will be reinvested in additional Shares (see Note 11) of the Fund or, if elected by the Shareholder, paid in cash.

*Value-at-Risk and Collateralization* 

Rule 18f-4 under the 1940 Act applies to the Fund's use of derivative investments and certain financing transactions. As required by Rule 18f-4, the Fund has adopted and implemented a derivatives risk management program governing its use of derivatives through, among other things, the application of a value-at-risk based limit to the Fund's derivatives exposure. Furthermore, based on requirements and agreements with certain exchanges and third party broker-dealers, the Fund may have requirements to deliver/deposit securities to/with an exchange or broker-dealer as collateral for certain investments to the extent consistent with the 1940 Act and interpretive positions of the SEC and its staff.

The Fund may mitigate counterparty risk in part by procuring collateral and through netting provisions included within an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") entered into between the Fund and each of its respective counterparties. An ISDA Master Agreement may contain certain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. Certain ISDA Master Agreements, or similar agreements, may allow the Fund to offset certain derivative financial instruments with collateral. At March 31, 2026, the Fund used the gross method of presentation in its Consolidated Financial Statements and did not elect to offset amounts eligible for offset under enforceable master netting arrangements or similar agreements ("MNA"). The segregated cash balance with counterparties for OTC derivatives disclosed on the Consolidated Statement of Assets and Liabilities include amounts for various derivative types which are comingled per the Fund's ISDA Master Agreements. These amounts are shown gross. The amount of collateral moved to/from applicable counterparties is generally based upon minimum transfer amounts of up to $250,000. Collateral pledged by the Fund is segregated by the Fund's custodian and identified as such in the Fund's portfolio. Collateral can be in the form of cash or securities as agreed to by the Fund and the applicable counterparty. Typically, the Fund and counterparties are not permitted to sell, repledge or use the collateral they receive unless explicitly permitted by each respective governing agreement.

The Fund manages counterparty risk in part by entering into agreements only with counterparties that the Investment Adviser believes to have the financial resources to honor its obligations and by monitoring the financial stability of those counterparties. The agreements entered into by the Fund may contain credit risk related contingent features that may be triggered in certain circumstances to protect either party from a deterioration in creditworthiness of the other. Such circumstances may include a decrease in credit rating or, in the case of the Fund, a decrease in NAV. If triggered, the Fund or counterparty may be entitled to additional cash margin and/or to terminate the contract. See Note 9 for a further discussion of some of the risks of the Fund, including credit and counterparty risk.

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Notes to Consolidated Financial Statements (Continued)

#### For the Year Ended March 31, 2026
*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 right 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 March 31, 2026, 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.

*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.

*Operating Segments* 

The Fund follows FASB ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Operating segments are defined as components of a business that can earn revenues and incur expenses for which discrete financial information is available that is evaluated on a regular basis by the chief operating decision maker, or CODM. The Fund's CODM is, collectively, the Co-Presidents and Treasurer and Principal Financial and Accounting Officer. A single management team reports to the CODM, who manages the entire business.

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Notes to Consolidated Financial Statements (Continued)

#### For the Year Ended March 31, 2026
The CODM has concluded the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in the Prospectus, against which the CODM decides how to allocate resources and assess performance.

Segment assets are reflected in the Fund's Consolidated Statements of Assets and Liabilities as net assets, which consists primarily of investments at fair value, and significant segment expenses are listed in the accompanying Consolidated Statements of Operations.

*Improvement to Income Taxes Disclosures* 

In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including, among other requirements, disclosure of income taxes paid disaggregated by jurisdiction. Adoption of the new standard impacted only financial statement disclosures and did not affect the Fund's financial position or the results of its operations. During the year ended March 31, 2026, the Fund did not pay any material federal, state or local income taxes or any material income taxes in foreign jurisdictions.

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 help manage 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 year ended March 31, 2026 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. These contracts involve market and/or credit risk in excess of the amount recognized in the Consolidated Statement of Assets and Liabilities.

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Notes to Consolidated Financial Statements (Continued)

#### For the Year Ended March 31, 2026

#### 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 in the Consolidated Statement of Assets and Liabilities. 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 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.

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Notes to Consolidated Financial Statements (Continued)

#### For the Year Ended March 31, 2026
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, credit default, variance and volatility 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 and segregated cash, if any, is reflected in the Consolidated Statement of Assets and Liabilities.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risk in excess of the amounts recognized in the Consolidated Statement of Assets and Liabilities. 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 Swap 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.

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Notes to Consolidated Financial Statements (Continued)

#### For the Year Ended March 31, 2026
*Interest Rate Swaps:* The Fund may enter into OTC and/or centrally cleared interest rate swap contracts to hedge interest rate risk, to gain exposure on interest rates and to hedge prepayment risk. The Fund is subject to interest rate risk exposure in the normal course of pursuing their investment objectives. The Fund may hold fixed rate bonds, and the value of these bonds may decrease if interest rates rise. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating rate, for another party's stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. The Fund's maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of interest rate swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contracts remaining life, to the extent that amount is positive.

Interest rate swaps can be purchased or sold with an upfront premium. An upfront payment received by the Fund is recorded as a liability and an upfront payment made by the Fund is recorded as an asset in the Consolidated Statement of Assets and Liabilities. 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 on the Fund's Consolidated Statement of Assets and Liabilities. 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 may 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.

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#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Notes to Consolidated Financial Statements (Continued)

#### For the Year Ended March 31, 2026
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.

*Variance Swaps:* A variance swap is a negotiated contract used to hedge or speculate on the magnitude of a price movement of an underlying asset, which can include exchange rates, interest rates, commodity price or the price of an index, i.e. the variance is the difference between an expected result and the actual result.

*Volatility Swaps:* A volatility swap is a negotiated contract with a payoff based on the realized volatility of an underlying asset where the realized amount is the difference between the realized volatility and the volatility strike or predetermined fixed volatility level.

Interest rate swaps, total return swaps, credit default swaps, variance swaps, and volatility swaps outstanding at period end, if any, are listed at the end of the Fund's Consolidated Schedule of Investments.

At March 31, 2026, the Fund had the following derivative financial instruments, presented on a gross basis and categorized by risk exposure:

---

| | | | |
|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Fair<br>Value** | **Consolidated Statement of<br>Assets &<br>Liabilities Location** | **Fair<br>Value** |
|  Interest<br> Centrally cleared swaps, at fair value<sup>1</sup> | $4575944 | Centrally cleared swaps, at fair value<sup>1</sup> | $(4833648) |
| Unrealized appreciation on futures contracts<sup>1</sup> | 2578036 | Unrealized depreciation on futures contracts<sup>1</sup> | (5351235) |
| Purchased options, at fair value<sup>2</sup> | 7353047 | Options written, at fair value |  |
|  Equity<br> Swap contracts, at fair value<sup>3</sup> | 22559798 | Swap contracts, at fair value<sup>3</sup> | (22350631) |
| Unrealized appreciation on futures contracts<sup>1</sup> | 1702519 | Unrealized depreciation on futures contracts<sup>1</sup> | (3586740) |
| Purchased options, at fair value<sup>2</sup> | 1952478 | Options written, at fair value | (688407) |
|  Commodity<br> Unrealized appreciation on futures contracts<sup>1</sup> | 29156272 | Unrealized depreciation on futures contracts<sup>1</sup> | (38760837) |
| Purchased options, at fair value<sup>2</sup> | 12259529 | Options written, at fair value | (10201933) |
|  Credit<br> Centrally cleared swaps, at fair value<sup>1</sup> | 3220404 | Centrally cleared swaps, at fair value<sup>1</sup> | (2122727) |
| Swap contracts, at fair value<sup>3</sup> | 735115 | Swap contracts, at fair value<sup>3</sup> | (2592486) |
| Purchased options, at fair value<sup>2</sup> | 2061581 | Options written, at fair value | (801054) |

---

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#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Notes to Consolidated Financial Statements (Continued)

#### For the Year Ended March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Consolidated Statement of<br>Assets &<br>Liabilities Location** | **Fair<br>Value** | **Consolidated Statement of<br>Assets &<br>Liabilities Location** | **Fair<br>Value** |
|  Foreign Exchange | Unrealized appreciation on forward foreign currency exchange contracts | $3816804 | Unrealized depreciation on forward foreign currency exchange contracts | $(2324935) |
|  | Unrealized appreciation on futures contracts<sup>1</sup> | 2052150 | Unrealized depreciation on futures contracts<sup>1</sup> | (1064429) |
|  | Purchased options, at fair value<sup>2</sup> | 1352359 | Options written, at fair value | (16480) |
|  Total |  | $95376036 |  | $(94695542) |
|  Amounts not subject to MNA<sup>4</sup> | Amounts not subject to MNA<sup>4</sup> | $57933660 |  | $(66609956) |
|  Total gross amounts subject to MNA | Total gross amounts subject to MNA | $37442376 |  | $(28085586) |

---

<sup>1</sup> Includes unrealized appreciation/depreciation of futures contracts and centrally cleared swaps as reported in the Consolidated Statement of Operations. Only the current day's variation margin is reported in the Consolidated Statement of Assets and Liabilities.

<sup>2</sup> Includes purchased options that are part of investments in securities as shown in the Consolidated Statement of Assets and Liabilities and net realized gain on investments in securities and net unrealized appreciation on investments in securities as shown in the Consolidated Statement of Operations. 

<sup>3</sup> Includes swap contract premiums paid/received and unrealized appreciation/depreciation on swap contracts.

<sup>4</sup> See below for disclosure of financial instruments assets and liabilities subject to offset under enforceable MNA.

The following tables present information about the amount of net realized gain (loss) and net unrealized appreciation (depreciation) on derivative financial instruments for the year ended March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Primary Underlying Risk** | **Average<br>Number of<br>Contracts<sup>1</sup>** | **Average<br>Notional<br>USD<sup>1</sup>** | **Net<br>Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  *Interest Rate* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | $— | $(241714287) | $23267391 | $(28810420) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | 40238891 | (29510834) | (2249517) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options<sup>2</sup> | 105314080 | (1088090) | 52995 | 986313 |
|  *Equity* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  | 697409598 | 95794076 | 8971507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | 156250174 | (3319989) | 1811230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options<sup>2</sup> | 461851 | (5040967) | (15675103) | 4536951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | (32788) | 2431695 | 5398274 | (2540328) |
|  *Commodity* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  |  | 690000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | 236234709 | 20548539 | (8036552) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options<sup>2</sup> | 51866 | (4285803) | 15340394 | 2702330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | (27726) | 376673 | 1704427 | 2421322 |

---

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#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Notes to Consolidated Financial Statements (Continued)

#### For the Year Ended March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Primary Underlying Risk** | **Average<br>Number of<br>Contracts<sup>1</sup>** | **Average<br>Notional<br>USD<sup>1</sup>** | **Net<br>Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  *Credit* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | $— | $877149630 | $(15384642) | $529105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options<sup>2</sup> | 4340786511 | (2130340) | (20193133) | (20082) |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | (4337248049) | 1043353 | 9697511 | 871930 |
|  *Foreign Exchange* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts |  | 461017534 | (4662499) | 2836107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | 1484093 | 3959867 | 969593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options<sup>2</sup> | 94222123 | (112171) | 13728482 | 936908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | (22143873) | (29291) | (8437536) | (31279) |
|  |  |  | $92998220 | $(14114882) |

---

<sup>1</sup> Averages are based on monthly activity levels during the year ended March 31, 2026.

<sup>2</sup> Includes purchased options that are part of investments in securities as shown in the Consolidated Statement of Assets and Liabilities and net realized gain on investments in securities and net unrealized appreciation on investments in securities as shown in the Consolidated Statement of Operations. 

#### Netting Arrangements
The Fund enters into ISDA Master Agreements that contain MNAs that provide for payment netting and, in the case of default or similar event with respect to the counterparty to the MNA, can provide for netting across transactions. Generally, upon counterparty default, the Fund can terminate all transactions under the MNA and set-off amounts it owes across all transactions under a particular MNA and against collateral under such MNA. The Fund may not use derivatives contracts and related collateral governed by an ISDA to offset reverse repurchase agreements and related collateral governed by an MRA or SLAs and related collateral governed by an SLA (see Note 3).

The Fund has MNAs, which allows certain derivative financial instruments and collateral with the same counterparty to be offset to minimize counterparty credit exposure. The following table presents information related to derivative financial instruments and collateral related to securities loaned that are subject to an enforceable MNA and are not offset, as shown in the Consolidated Statement of Assets and Liabilities as of March 31, 2026.

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Notes to Consolidated Financial Statements (Continued)

#### For the Year Ended March 31, 2026
The following table represents the Fund's derivative financial instrument assets and liabilities by counterparty net of amounts available for offset under an MNA and net of related collateral received/pledged by the Fund as of March 31, 2026:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Gross Amounts Not Offset in the<br>Consolidated Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the<br>Consolidated Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the<br>Consolidated Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the<br>Consolidated Statement of Assets and Liabilities** |
|  |<br>**Gross Amount of<br>Assets Presented<br>in Consolidated<br>Statement of<br>Assets and<br>Liabilities** | **Derivative<br>Financial<br>Instruments<br>Available to<br>Offset** | **Cash<br>Collateral<br>Received<sup>1</sup>** | **Non-Cash<br>Collateral** | **Net<br>Amount<sup>2</sup>** |
|  <u>*By Counterparty*<sup>3</sup></u> |  |  |  |  |  |
|  Citibank N.A. | $135622 | $(135622) | $— | $— | $— |
|  Goldman Sachs & Co. | 3835367 | (2400835) |  |  | 1434532 |
|  Goldman Sachs International | 270994 | (85364) |  |  | 185630 |
|  Morgan Stanley & Co. LLC | 32654 | (32654) |  |  |  |
|  Morgan Stanley Capital Services LLC | 10077353 | (10016575) | (60778) |  |  |
|  <u>Cayman Subsidiary</u> |  |  |  |  |  |
|  Bank Of America Merrill Lynch | 4040015 | (131093) |  |  | 3908922 |
|  Barclays Bank PLC | 1083140 | (143140) |  |  | 940000 |
|  Citibank N.A. | 43337 | (43337) |  |  |  |
|  Deutsche Bank AG | 1854579 |  |  |  | 1854579 |
|  Goldman Sachs International | 469671 | (181802) |  |  | 287869 |
|  J.P. Morgan Securities LLC | 920716 | (45016) | (40129) |  | 835571 |
|  Morgan Stanley & Co. International PLC | 391624 |  |  |  | 391624 |
|  Morgan Stanley & Co. LLC | 9475447 | (7660501) |  |  | 1814946 |
|  Morgan Stanley Capital Services LLC | 1377786 | (1377786) |  |  |  |
|  State Street Bank and Trust Company | 2108890 | (853930) | (1200000) |  | 54960 |
|  <u>Domestic Subsidiary IV</u> |  |  |  |  |  |
|  Goldman Sachs & Co. | 58958 | (58958) |  |  |  |
|  Morgan Stanley Capital Services LLC | 890187 | (890187) |  |  |  |
|  State Street Bank and Trust Company | 376036 | (64523) |  |  | 311513 |
|  | $37442376 | $(24121323) | $(1300907) | $— | $12020146 |

---

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Notes to Consolidated Financial Statements (Continued)

#### For the Year Ended March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Gross Amounts Not Offset in the<br>Consolidated Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the<br>Consolidated Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the<br>Consolidated Statement of Assets and Liabilities** | **Gross Amounts Not Offset in the<br>Consolidated Statement of Assets and Liabilities** |
|  |<br>**Gross Amount of<br>Liabilities Presented<br>in Consolidated<br>Statement of<br>Assets and<br>Liabilities** | **Derivative<br>Financial<br>Instruments<br>Available to<br>Offset** | **Cash<br>Collateral<br>Pledged<sup>4</sup>** | **Non-Cash<br>Collateral** | **Net<br>Amount<sup>5</sup>** |
|  <u>By Counterparty<sup>3</sup></u> |  |  |  |  |  |
|  Barclays Bank PLC | $(84126) | $— | $84126 | $— | $— |
|  Citibank N.A. | (190402) | 135622 | 54780 |  |  |
|  Goldman Sachs & Co. | (2400835) | 2400835 |  |  |  |
|  Goldman Sachs International | (85364) | 85364 |  |  |  |
|  JP Morgan Chase & Co. | (46768) |  |  |  | (46768) |
|  Morgan Stanley & Co. LLC | (45053) | 32654 | 12399 |  |  |
|  Morgan Stanley Capital Services LLC | (10016575) | 10016575 |  |  |  |
|  <u>Cayman Subsidiary</u> |  |  |  |  |  |
|  Bank Of America Merrill Lynch | (131093) | 131093 |  |  |  |
|  Barclays Bank PLC | (143140) | 143140 |  |  |  |
|  Citibank N.A. | (372166) | 43337 | 328829 |  |  |
|  Goldman Sachs International | (181802) | 181802 |  |  |  |
|  J.P. Morgan Securities LLC | (45016) | 45016 |  |  |  |
|  JP Morgan Chase Bank N.A. | (79955) |  |  |  | (79955) |
|  Morgan Stanley & Co. LLC | (7660501) | 7660501 |  |  |  |
|  Morgan Stanley Capital Services LLC | (1559815) | 1377786 | 182029 |  |  |
|  State Street Bank and Trust Company | (853930) | 853930 |  |  |  |
|  <u>*Domestic Subsidiary* IV</u> |  |  |  |  |  |
|  Goldman Sachs & Co. | (343696) | 58958 |  |  | (284738) |
|  Goldman Sachs International | (1353919) |  |  |  | (1353919) |
|  Morgan Stanley Capital Services LLC | (2426907) | 890187 | 1536720 |  |  |
|  State Street Bank and Trust Company | (64523) | 64523 |  |  |  |
|  | $(28085586) | $24121323 | $2198883 | $— | $(1765380) |

---

<sup>1</sup> Additional required collateral received from the individual counterparty is not shown for financial reporting purposes.

<sup>2</sup> Net amount represents the net amount receivable from the counterparty in the event of default. 

<sup>3</sup> The Fund and each Subsidiary are subject to separate MNAs with each individual counterparty.

<sup>4</sup> Additional required collateral pledged to the individual counterparty is not shown for financial reporting purposes.

<sup>5</sup> Net amount represents the net amount payable to the individual counterparty in the event of default. 

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Notes to Consolidated Financial Statements (Continued)

#### For the Year Ended March 31, 2026
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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Investments in Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stock | $1166806423 | $9363136 | $24106058 | $1200275617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stock |  |  | 2013337 | 2013337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 189443986 |  | 189443986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Convertible Bonds |  | 3243384 | 383191 | 3626575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Debt |  | 110101883 | 40875617 | 150977500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes |  | 165405115 | 1589052 | 166994167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt |  | 95789251 |  | 95789251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | 1876352405 |  | 1876352405 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 12483615 |  | 12483615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Closed-End Fund |  | 37707486 |  | 37707486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants |  | 1890 |  | 1890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rights |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 47609840 |  | 47609840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Undertakings For Collective Investment in Transferable Security | 84429247 |  |  | 84429247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | 5366039 |  |  | 5366039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options | 14620830 | 10358164 |  | 24978994 |
|  **Subtotal** | **1271222539** | **2557860155** | **68967255** | **3898049949** |
|  **Investments Valued at NAV** | **—** | **—** | **—** | **307242524** |
|  **Total Investments in Securities** | $**1271222539** | $**2557860155** | $**68967255** | $**4205292473** |
|  Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 35488977 |  |  | 35488977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps |  | 3220404 |  | 3220404 |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC Credit Default Swaps |  | 735115 |  | 735115 |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC Total Return Swaps |  | 22559798 |  | 22559798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts |  | 3816804 |  | 3816804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps |  | 4575944 |  | 4575944 |
|  **Total Investments in Securities and Other Financial Instruments** | $**1306711516** | $**2592768220** | $**68967255** | $**4275689515** |

---

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Notes to Consolidated Financial Statements (Continued)

#### For the Year Ended March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Securities Sold Short: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stock | $(682144404) | $(1663557) | $(12506) | $(683820467) |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes |  | (9619962) |  | (9619962) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt |  | (23134883) |  | (23134883) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | (660614204) |  | (660614204) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | (10814436) |  | (10814436) |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | (1809386) |  |  | (1809386) |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrant |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Rights |  |  | (29) | (29) |
|  **Total Securities Sold Short** | **(683953790)** | **(705847042)** | **(12535)** | **(1389813367)** |
|  Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options Written | (10889066) | (818808) |  | (11707874) |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps |  | (2122727) |  | (2122727) |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC Total Return Swaps |  | (22237565) |  | (22237565) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts |  | (2324935) |  | (2324935) |
| &nbsp;&nbsp;&nbsp;&nbsp; Variance Swaps |  | (113066) |  | (113066) |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps |  | (4833648) |  | (4833648) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | (48763241) |  |  | (48763241) |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC Credit Default Swaps |  | (2592486) |  | (2592486) |
|  **Total Securities Sold Short and Other Financial Instruments** | $**(743606097)** | $**(740890277)** | $**(12535)** | $**(1484508909)** |

---

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 Financial Statements.

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.

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Notes to Consolidated Financial Statements (Continued)

#### For the Year Ended March 31, 2026
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.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Investments in**<br> **Investee Funds**<br> **by Strategy** | **Unfunded**<br> **Commitment**<br> **$** | **Non-Redeemable Investments**<br> (A) | **Non-Redeemable Investments**<br> (A) | **Other Restricted Investments**<br> (B) | **Other Restricted Investments**<br> (B) | **Investments**<br> **Subject to No**<br> **Restrictions** | **Total<br>$** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Investments in**<br> **Investee Funds**<br> **by Strategy** | **Unfunded**<br> **Commitment**<br> **$** | **Amount<br>$** | **Redemption**<br> **Restriction**<br> **Commencement**<br> **Date** | **Amount<br>$** | **Redemption**<br> **Restriction**<br> **Term** | **Amount<br>$** | **Total<br>$** |
| &nbsp;&nbsp;&nbsp;Event-Driven<sup>(1)</sup> | N/A | N/A | N/A | 6658753 | Semi-Annual<br> with 60 days'<br> notice |  | 6658753 |
| &nbsp;&nbsp;&nbsp;Macro Strategies<sup>(2)</sup> | N/A | N/A | N/A | 132178350 | Monthly with<br>90 days' notice |  | 132178350 |
| &nbsp;&nbsp;&nbsp; Macro<br> Strategies<sup>(2)</sup> | N/A | N/A | N/A | 99473244 | Daily with<br>6 days' notice |  | 99473244 |
| &nbsp;&nbsp;&nbsp; Macro<br> Strategies<sup>(2)</sup> | N/A | N/A | N/A | 68932177 | Monthly with<br>60 days' notice |  | 68932177 |

---

<sup>(1)</sup> 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.

<sup>(2)</sup> 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 when known.

(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 the Fund's valuation methodology.

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Notes to Consolidated Financial Statements (Continued)

#### For the Year Ended March 31, 2026
The changes in investments measured at fair value for which the Fund used Level 3 inputs to determine fair value are as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Valuation**<br> **Description** | **Beginning**<br> **Balance**<br> **as of**<br> **March 31,**<br> **2025** | **Transfers**<br> **In** | **Transfers**<br> **Out** | **Purchases** | **Sales** | **Amortization** | **Net**<br> **Realized**<br> **gain**<br> (loss) | **Net**<br> **change in**<br> **unrealized**<br> **appreciation**<br> (depreciation) | **Balance**<br> **as of**<br> **March 31,**<br> **2026** | **Unrealized**<br> **Gain/(Loss)**<br> **as of**<br> **March 31,**<br> **2026** |
|  Common Stocks | $12842427 | $3229015 | $(3018903) | $4520106 | $(18497) | $— | $(3128656) | $9680566 | $24106058 | $15130856 |
|  Preferred Stocks | 2013337 |  |  |  |  |  |  |  | 2013337 | (995273) |
|  Bank Debt | 28344124 | 14042474 | (10014407) | 26212044 | (18833387) | 282054 | 439893 | 402822 | 40875617 | 3455 |
|  Convertible Bonds | 337339 |  |  | 335973 | (290122) | 613 |  | (612) | 383191 | 1471 |
|  Corporate Bonds & Notes | 1658736 |  | (48174) | 556659 |  | 170698 |  | (748867) | 1589052 | (3467022) |
|  Warrants | 4178965 |  |  |  | (4178965) |  |  |  |  |  |
|  Rights | 1294 |  | (1294) |  |  |  |  |  |  |  |
|  Common Stock Sold Short | (12506) |  |  |  |  |  |  |  | (12506) | 35395 |
|  Rights<br>Sold Short | (29) |  |  |  |  |  |  |  | (29) | 512 |
|  Purchased Options | 12694 |  |  |  |  |  | (171952) | 159258 |  |  |
|  OTC Total Return Swaps |  |  |  |  | (907) |  | 907 |  |  |  |
|  | $49376381 | $17271489 | $(13082778) | $31624782 | $(23321878) | $453365 | $(2859808) | $9493167 | $68954720 | $10709394 |

---

The following table summarizes the quantitative inputs and assumptions used for investments classified within Level 3 of the fair value hierarchy as of March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Valuation<br>Technique** | **Unobservable<br>Input** | **Range of**<br> **Unobservable**<br> **Inputs/<br> (Weighted Average)**  | **Fair<br>Value at<br>March 31,<br>2026** |
|  Investments in Securities and Other Financial Instruments: |  |  |  |  |
| Bank Debt | Broker-dealer Quotations | Indicative Bid | N/A | $39944413 |
|  | Comparable Company<br> Multiples | Estimated Forward EBITDA | 12.0x-17.0x(a),(b) | 931204 |
| Common Stock | Broker-dealer Quotations | Indicative Bid | N/A | 23815936 |
|  | Comparable Company<br> Multiples | Estimated Forward EBITDA | 12.0x-17.0x(a),(b) | 290122 |
| Corporate Bonds & Notes | Broker-dealer Quotations | Indicative Bid | N/A | 1589052 |
| Convertible Bonds | Comparable Company<br> Multiples | Estimated Forward EBITDA | 12.0x-17.0x(a),(b) | 201702 |
|  | Broker-dealer Quotations | Indicative Bid | N/A | 181489 |
| Preferred Stock | Broker-dealer Quotations | Indicative Bid | N/A | 2013337 |
| Rights | Broker-dealer Quotations | Indicative Bid | N/A | 0^ |
| Total Investments in Securities and Other Financial Instruments |  |  |  | $68967255 |

---

<sup>(a)</sup> A significant change in unobservable input would have resulted in a correlated significant change to value.

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Notes to Consolidated Financial Statements (Continued)

#### For the Year Ended March 31, 2026
<sup>(b)</sup> Relates to unobservable inputs for a single investment using the relevant weighted average of such unobservable inputs.

---

| | |
|:---|:---|
| ^ | A balance indicated with a "0", reflects either a zero balance or an amount that rounds to less than 1.  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Valuation<br>Technique** | **Unobservable<br>Input** | **Range of**<br> **Unobservable**<br> **Inputs/<br> (Weighted Average)**  | **Fair Value at<br>March 31,<br>2026** |
|  Securities Sold Short and Other Financial Instruments: |  |  |  |  |
|  Common Stock Sold Short | Broker-dealer Quotations | Indicative Bid | N/A | $(12506) |
| Rights Sold Short | Broker-dealer Quotations | Indicative Bid | N/A | (29) |
| Warrants Sold Short | Broker-dealer Quotations | Indicative Bid | N/A | 0^ |
|  Total Securities Sold Short and Other Financial Instruments: |  |  |  | $(12535) |

---

---

| | |
|:---|:---|
| ^ | A balance indicated with a "0", reflects either a zero balance or an amount that rounds to less than 1.  |

---

6. Purchase and Sale of Fund Shares

The Fund currently offers Class D Shares, Class I Shares, Class R Shares and Class Y Shares. During the year ended March 31, 2026, only Class D Shares, Class I Shares and Class Y Shares were outstanding.

The Fund's Class D Shares are offered primarily through broker-dealers and other financial intermediaries with whom Blackstone Securities Partners L.P. ("BSP" or the "Distributor") has an agreement for the use of the Fund in investment products, programs, or accounts such as mutual fund supermarkets or other no transaction fee platforms. The Fund's Class I Shares are offered to institutional investors and individual investors who are clients of financial intermediaries, broker-dealers, financial institutions or registered investment advisors that: have entered into an arrangement approved by the Distributor to provide certain administrative services to investors in the Fund's Class I Shares. Shareholders of Class I Shares may be subject to additional advisory, administrative, servicing, account-level or other fees in addition to those described in the Fund's Prospectus, which are paid to financial intermediaries to support the additional services they may provide. The Fund's Class Y Shares are offered for institutional investors and individuals (including through individual retirement accounts) who purchase directly from the Fund. Class Y Shares may also be offered to employees, officers and directors/ trustees of the Investment Adviser, the Fund or their respective affiliates. In addition, Class Y Shares are offered for institutional investors and individuals who are clients of financial intermediaries, broker-dealers, financial institutions, or registered investment advisors that have entered into an arrangement approved by the Distributor and do not charge a fee to the Fund. The minimum investment in Class D Shares by an investor is $10,000, and the minimum subsequent investment in Class D Shares by an investor is $1,000. The minimum investment in Class I Shares by an investor is $100,000, and the minimum subsequent investment in Class I Shares by an investor is $10,000. Class Y Shares have no investment minimum requirements. The Fund's Class R Shares have no minimum investment requirement and are generally available only to special benefit plans.

Shares of the Fund may be purchased or redeemed at NAV each Business Day.

7. Investment Adviser Fees and Other Transactions with Affiliates

Pursuant to the investment management agreement between the Investment Adviser and the Trust, on behalf of the Fund, the Fund pays the Investment Adviser a management fee (the "Fund Management Fee") at an

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Notes to Consolidated Financial Statements (Continued)

#### For the Year Ended March 31, 2026
annual rate based on the Fund's average daily net assets, excluding the net assets of the applicable Subsidiaries. The Fund Management Fee accrues daily in arrears and is paid quarterly. The Investment Adviser receives additional compensation at an annual rate based on each Subsidiary's average daily net assets for providing management services to the Subsidiaries. For collective net assets of the Fund and the respective Subsidiaries up to $2.5 billion, the Fund Management Fee is calculated at a rate of 1.95%, and for collective net assets greater than or equal to $2.5 billion, the Fund Management Fee is calculated at a rate of 1.80%. During the year ended March 31, 2026, the Fund paid the Investment Adviser $71,532,314 in management fees. From this amount, the Investment Adviser paid $47,458,855 in sub-advisory fees to non-affiliated Sub-Advisers with respect to the Fund, which amounted to 1.26% of the Fund's average daily net assets. The Investment Advisor paid, in the aggregate, $2,827,656 in sub-advisory fees with respect to the Fund to Blackstone Real Estate Special Situations Advisors L.L.C., Blackstone Liquid Credit Strategies LLC, and Harvest Fund Advisors LLC, each an indirect wholly-owned subsidiary of Blackstone and an affiliate of the Investment Adviser, which amounted to 0.08% of the Fund's average daily net assets.

#### Sub-Advisory Fees
Pursuant to the sub-advisory agreements between the Investment Adviser and the Sub-Advisers, the Sub-Advisers are compensated for the services they provide to the Fund by the Investment Adviser from the Fund Management Fee received by the Investment Adviser.

#### Distribution and Service Fees
Pursuant to the amended and restated Distribution and Service Plan, the Fund's Class D Shares bear distribution and service fees at an annual rate of 0.25% of the average daily net assets of the Fund attributable to Class D Shares. Payments of the distribution and service fee may be made without regard to expenses actually incurred. The Distributor may pay all or a portion of the distribution and/or service fee to brokers, dealers, selling agents, other financial institutions, or other industry professionals (collectively, "intermediaries") for distribution services, sales support services, personal services, and/or the maintenance of shareholder account services provided and related expenses incurred by such intermediaries. The Fund's Class I Shares, Class Y Shares and Class R Shares are not subject to distribution and service fees.

#### Expense Limitation and Reimbursement
The Investment Adviser has entered into an Expense Limitation and Reimbursement Agreement with the Fund to limit the amount of Specified Expenses (as defined below) of the Fund to 2.40% per annum of the Fund's net assets for Class D Shares, Class I Shares and Class Y Shares and 2.55% per annum of the Fund's net assets for Class R Shares (collectively, the "Total Expense Cap") (computed and applied on a monthly basis). Specified Expenses include all expenses incurred by the Fund with the exception of (i) distribution or servicing fees, (ii) acquired fund fees and expenses, (iii) brokerage and trading costs, (iv) interest payments (including any interest expenses, commitment fees, or other expenses related to any line of credit of the Fund), (v) taxes, (vi) dividends and interest on short positions, and (vii) extraordinary expenses (in each case as determined in the sole discretion of BAIA). For the year ended March 31, 2026 the Fund has recorded a receivable from the Investment Adviser of $469,121.

To the extent the estimated annualized Specified Expenses for any month exceed the Total Expense Cap, the Investment Adviser will waive its fees and/or reimburse the Fund for expenses to the extent necessary to eliminate such excess. The Investment Adviser may discontinue its obligations under the Expense Limitation and Reimbursement Agreement at any time in its sole discretion after August 31, 2028 upon written notice to the Fund. This agreement cannot be terminated prior to August 31, 2028 without the Board's consent. The Fund has agreed to repay the amounts borne by the Investment Adviser under the Expense Limitation and Reimbursement Agreement within the thirty-six month period after the Investment Adviser bears the

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Notes to Consolidated Financial Statements (Continued)

#### For the Year Ended March 31, 2026
expense, to the extent the estimated annualized Specified Expenses for a given month are less than the lower of the Total Expense Cap or any expense limitation agreement then in effect with respect to the Fund. The repayment may not raise the level of estimated annualized Specified Expenses in the month of repayment to exceed the Total Expense Cap or any other expense limitation agreement then in effect. During the three-year period ended March 31, 2026, there were no repayments or potential repayments to the Investment Adviser.

#### Related Party Transactions
Blackstone Holdings Finance Co. L.L.C. ("FINCO"), an affiliate of the Fund, pays certain expenses on behalf of the Fund. The Fund reimburses FINCO for such expenses paid on behalf of the Fund. FINCO does not charge any fees for providing such administrative services. At the year ended March 31, 2026, the Fund has an amount payable to FINCO of $1,026,485.

Blackstone Alternative Asset Management L.P. ("BAAM"), an affiliate of the Fund, pays certain expenses on behalf of the Fund. The Fund reimburses BAAM for such expenses paid on behalf of the Fund. BAAM does not charge any fees for providing such administrative services. At the year ended March 31, 2026, the Fund has an amount payable to BAAM of $148,729.

Blackstone Administrative Services Partnership L.P. ("BASP"), an affiliate of the Fund, pays certain expenses on behalf of the Fund. The Fund reimburses BASP for such expenses paid on behalf of the Fund. BASP does not charge any fees for providing such administrative services. At the year ended March 31, 2026, the Fund has an amount payable to BASP of $1,011.

The Investment Adviser utilizes technology offered by Arcesium LLC ("Arcesium") to provide certain middle- and back-office services to the Fund, and the Fund bears the costs for such services. The parent company of a Sub-Adviser owns a controlling, majority interest in Arcesium and the Investment Adviser owns a non-controlling, minority interest in Arcesium. At the year ended March 31, 2026, the amounts related to Arcesium are included in the amount payable to FINCO and BAAM.

8. Other Agreements

State Street Bank serves as the administrator, custodian and transfer agent to the Fund. BSP, an affiliate of the Investment Adviser, serves as the Fund's distributor.

9. Principal Investment Risks

The investment program of the Fund entails substantial risks and includes alternative investment and trading strategies not employed by traditional mutual funds. An investor may lose part or all of their investment and/or their investment may not perform as well as other similar investments. An investment in the Fund should be viewed only as part of an overall investment program. No assurance can be given that the Fund's investment program will be successful. The following is a summary description of some, but not all, of the principal risks of investing in the Fund, including the indirect risks associated with the Fund's investments in the Subsidiaries and Investee Funds. Any decision to invest in the Fund should be made after a review of the full set of principal risks in the Fund's prospectus and should take into account that the Fund may make virtually any kind of investment, and be subject to related risks, which can be substantial. The relative significance of the principal risks identified below, at any given time, will vary depending on the specific composition of the Fund's investment portfolio from time to time and the allocation of the Fund's assets among the various investment strategies, which may change frequently and/or significantly over time. As applicable, references in these Risks to the "Fund" mean any one or more of the Fund, Subsidiaries, and Investments in Investee Funds, and references to a "Manager" mean any one or more of the Investment Adviser, Sub-Advisers, and advisers to the Investee Funds.

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Notes to Consolidated Financial Statements (Continued)

#### For the Year Ended March 31, 2026
*Market Risk and Selection Risk.* The Fund is subject to market risk and selection risk. Market risk is the risk that one or more markets in which the Fund invests will decline in value, including the possibility that the markets will decline sharply and unpredictably. While a Manager may make efforts to control the risks associated with market changes, and may attempt to identify changes as they occur, market environment changes can be sudden and extreme. Significant shocks to or disruptions of the financial markets or the economy, including those caused by bank closures, epidemics and pandemics, economic, natural, and man-made disasters, government action, rapid technological developments, or significant geopolitical events such as war and other military conflict, terrorism, sanctions, tariffs, or trade disputes could adversely affect the liquidity and volatility of securities held by the Fund and could increase the Fund's exposure to the other risks detailed in this report. Market environment changes may adversely affect the performance of a model and amplify losses. Selection risk is the risk that the investments held by the Fund will underperform the markets, the relevant indices, or the investments selected by other funds with similar investment objectives and investment strategies.

*Counterparty Credit Risk.* The stability and liquidity of many derivative and securities lending transactions depend in large part on the creditworthiness of the parties to the transactions. If a counterparty to such a transaction defaults, exercising contractual rights may involve delays or costs for the Fund. Furthermore, there is a risk that a counterparty could become the subject of insolvency proceedings, and that the recovery of the Fund's securities and other assets from such counterparty will be extinguished, delayed or be of a value less than the value of the securities or assets originally entrusted to such counterparty. At times, including when the Fund has entered into a Basket Swap, the Fund will have significant exposure to a single counterparty.

*Liquidity Risk.* Some securities held by the Fund, including, but not limited to, restricted, distressed, non-exchange traded, privately placed securities, credit instruments, and/or commodity-related investments may be difficult to sell, or illiquid, particularly during times of market turmoil and dealers may be unwilling or unable to make a market for certain securities. Investments in Investee Funds are often illiquid and some Investee Funds may not permit withdrawals or may make in-kind distributions of illiquid securities when the Fund desires to divest. Illiquid securities may be difficult to value. If the Fund is forced to sell an illiquid asset to meet redemption requests or for other cash needs, the Fund may suffer a loss.

*Equity Securities Risk.* Common and preferred stocks represent equity ownership in a company. Stock markets are volatile. The prices of equity securities will fluctuate and can decline and reduce the value of a portfolio investing in equities. The value of equity securities purchased by the Fund could decline if the financial condition of the companies the Fund invests in decline or if overall market and economic conditions deteriorate. They may also decline due to factors that affect a particular industry or industries, such as labor shortages or an increase in production costs and competitive conditions within an industry. In addition, they may decline due to general market conditions that are not specifically related to a company or industry, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or generally adverse investor sentiment.

*Derivatives Risk.* The use of derivatives involves the risk that their value may not move as expected relative to the value of the relevant underlying assets, rates, or indices. The Fund invests in derivatives for hedging and non-hedging purposes. Derivatives can be volatile and illiquid, are subject to counterparty credit risk, and may create investment exposure greater than the initial investment.

*Structured Products Risk.* Holders of structured products bear risks of the underlying investments, index, or reference obligation and are subject to counterparty credit, valuation, and liquidity risks. The Fund may have the right to receive payments only from the structured product, and generally does not have direct rights against the issuer or the entity that sold the assets to be securitized. Certain structured products may be thinly

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Notes to Consolidated Financial Statements (Continued)

#### For the Year Ended March 31, 2026
traded or have a limited trading market. In addition to the general risks associated with debt securities discussed herein, structured products carry additional risks, including, but not limited to: the possibility that distributions from collateral securities will not be adequate to make interest or other payments; the quality of the reference securities may decline in value or default; the possibility that changes in the reference instrument will reduce the interest rate and principal amount payable on maturity; and the possibility that the position is subordinate to other classes. Structured notes are based upon the movement of one or more factors, including currency exchange rates, interest rates, referenced bonds and stock indices, and changes in interest rates and impact of these factors may cause significant price fluctuations. Additionally, changes in the reference instrument or security may cause the interest rate on the structured note to be reduced to zero. Structured products may be less liquid than other types of securities and more volatile than the reference instrument.

*Inflation Risk.* Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. Inflation, and investors' expectation of future inflation, can impact the current value of portfolio investments, resulting in lower asset values and losses to Fund investors. For example, wages and prices of inputs increase during periods of inflation, which can negatively impact returns on investments. In an attempt to stabilize inflation, countries may impose wage and price controls or otherwise intervene in the economy. The inflation in the U.S. remains above targeted levels and, despite recent interest rate cuts by the U.S. Federal Reserve, interest rates remain high generally. Central banks may increase interest rates or, alternatively, decrease them as inflationary and market conditions change. Inflation rates may change frequently and drastically as a result of various factors, including unexpected shifts in the domestic or global economy, and the Fund's investments may not keep pace with inflation, which may result in losses to Fund investors or adversely affect the value of shareholders' investments in the Fund.

*Risks Specific to Investments in Investee Funds.* In addition to risks relating to their direct investments, Investee Funds often involve additional special risks not present in direct investments. Investors in the Fund bear two layers of fees and expenses at both the Fund level and the Investee Fund level. The Fund's investments in Investee Funds are priced, in the absence of readily available market values, based on estimates of fair value, which may prove to be inaccurate; these valuations are used to calculate fees payable to the Investment Adviser and the net asset value of the Fund's shares. The Investment Adviser is also dependent on information, including performance information, provided by the Investee Funds, which if inaccurate could adversely affect the Investment Adviser's ability to accurately value the Fund's shares. Some Investee Funds are not registered as investment companies under the 1940 Act, and therefore, the Fund is not able to avail itself of the protections of the 1940 Act with respect to such investments. Certain Investee Funds, including unaffiliated hedge funds and UCITS funds, are also subject to transfer or redemption restrictions that impair the liquidity of these investments, and some Investee Funds may suspend the withdrawal rights of their shareholders, including the Fund, from time to time. Incentive fees charged by advisors of Investee Funds also creates an incentive for such advisors to make investments that are riskier or more speculative than in the absence of these fees. To the extent an Investee Fund invests in a special situation investment (an investment in securities or other instruments that an Investee Fund determines to be illiquid or lacking a readily ascertainable fair value and which the Investee Fund designates as a special situation investment), the Fund's ownership interest with respect to such special situation investment generally may not be withdrawn until the special situation investment, or a portion thereof, is realized or deemed realized. The Fund also may purchase non-voting securities of, or to contractually forego the right to vote in respect of, Investee Funds in order to prevent the Fund from becoming an "affiliated person" of the Investee Fund for purposes of the 1940 Act and becoming subject to the prohibitions on transactions with affiliated persons contained in the 1940 Act. Consequently, the Fund will not be able to vote to the full extent of its economic interest on matters that require approval of investors in each Investee Fund, including matters that could adversely affect the Fund's investment.

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Notes to Consolidated Financial Statements (Continued)

#### For the Year Ended March 31, 2026
10. Investment Transactions

The aggregate cost of purchases and proceeds of sales of investments in securities (excluding short-term debt securities with maturities at the time of acquisition of one year or less (if applicable)), for the year ended March 31, 2026 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Purchases** | **Sales** | **Sales** |
|  | **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
|  Including TBAs | $5027474895 | $14181966608 | $5482412723 | $12821124959 |
|  Excluding TBAs | $5027474895 | $112419226 | $5482412723 | $109176893 |

---

11. Income Tax Information

The Fund intends to qualify each tax year as a regulated investment company under Subchapter M of the Code. The Fund has adopted a tax year-end of October 31, therefore the Consolidated Financial Statements, unless otherwise indicated, reflect tax adjusted balances as of October 31, 2025. The Fund intends to distribute substantially all of its net investment income and all of its net realized short-term and long-term capital gain, if any, after giving effect to any available capital loss carryforwards for U.S. federal income tax purposes. Therefore, the Fund makes no provision for U.S. federal income or excise taxes.

The Fund's policy is to declare and pay distributions from net investment income and from net realized short-term and long-term capital gain, if any, at least annually. All distributions are reinvested in additional shares of the Fund, at NAV, unless the shareholder elects to receive cash distributions. Distributions to shareholders are recorded by the Fund on the ex-dividend date.

The Fund is subject to authoritative guidance related to the accounting and disclosure of uncertain tax positions under U.S. GAAP. This guidance sets forth a minimum threshold for the financial statement recognition of tax positions taken based on the technical merits of such positions. United States and non-U.S. tax rules (including the interpretation and application of tax laws) are subject to change. The Fund files tax returns and/or adopts certain tax positions in various jurisdictions. Non-U.S. taxes are provided for based on the Fund's understanding of the prevailing tax rules of the non-U.S. markets in which they invest. Recently enacted tax rules, including interpretations of tax laws (e.g., regulations pertaining to the U.S. Foreign Account Tax Compliance Act) and proposed legislation currently under consideration in various jurisdictions, including the U.S., might affect the way the Fund and its investors are taxed prospectively and/or retroactively. Prior to the expiration of the relevant statutes of limitations, if any, the Fund is subject to examination by U.S. federal, state, local and non-U.S. jurisdictions with respect to the tax returns they have filed and the tax positions they have adopted. The Fund's U.S. federal income tax returns are generally subject to examination by the Internal Revenue Service for a period of three years after they were filed. State, local and/or non-U.S. tax returns and/or other filings may be subject to examination for different periods, depending upon the tax rules of each applicable jurisdiction.

The Fund made the following reclassification at March 31, 2026 due to permanent book and tax differences primarily attributable to gain or loss from passive foreign investment companies, certain derivative financial instrument transactions, and income from the wholly-owned Cayman Subsidiary as of its tax year ended October 31, 2025.

---

| | |
|:---|:---|
| **Paid-in Capital** | **Distributable Earnings/(Loss)** |
| $— | $— |

---

------

#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Notes to Consolidated Financial Statements (Continued)

#### For the Year Ended March 31, 2026
The tax basis components of distributable earnings of the Fund at the tax year-ended October 31, 2025 were:

---

| | | |
|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Undistributed Long-Term<br>Capital Gains** | **Capital Loss Carryforward<sup>1</sup>** |
| $232662283 | $24880441 | $— |

---

<sup>1</sup> Under the Regulated Investment Company Modernization Act of 2010, net capital losses recognized by the Cayman Fund Subsidiary may get carried forward indefinitely, and retain their character as short-term and/or long-term losses. Any such losses, will be deemed to arise on the first day of the next taxable year. For the tax year ended October 31, 2025, capital loss carry over used in current year by the Fund was $21,355,139. 

In addition, the tax character of distributions paid to shareholders for the tax year-ended October 31, 2024 by the Fund is as follows:

---

| | |
|:---|:---|
| **Ordinary Income** | **Long-Term Capital Gain** |
| $137081360 | $— |

---

In addition, the tax character of distributions paid to shareholders for the tax year-ended October 31, 2025 by the Fund is as follows:

---

| | |
|:---|:---|
| **Ordinary Income** | **Long-Term Capital Gain** |
| $204065573 | $— |

---

The Fund made an ordinary income and capital gains distribution in the amounts of $251,084,557 and $23,996,164, respectively, to shareholders in December 2025. The final tax character of that distribution will be determined after the Fund's October 31, 2026 tax year end.

As of March 31, 2026, the approximate cost for U.S. federal income tax purposes and gross and net unrealized appreciation (depreciation) in value of investments, securities sold short, and derivatives were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Aggregate Cost** | **Gross Unrealized<br>Appreciation** | **Gross Unrealized<br>(Depreciation)** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| $2981335481 | $174746704 | $(386466936) | $(211720232) |

---

12. Borrowings Under Credit Facility

As of March 31, 2026, the Fund had a secured revolving borrowing facility (the "Facility") with State Street Bank in an aggregate principal amount of up to $350,000,000, subject to a maximum loan value of not more than 25% of the Fund's NAV (the "Aggregate Commitment Amount"). Borrowings under the Facility are used primarily for bridge financing purposes and are secured by the assets of the Fund. Under the terms of the agreement, the Aggregate Commitment Amount may be terminated or reduced from time to time upon written notice from the Fund to the State Street Bank. Outstanding borrowings bear interest at a rate equal to 1.35% plus the Overnight Bank Funding Rate (3.64% at March 31, 2026). A commitment fee is charged in the amount of 0.25% per annum as well as an upfront underwriting fee equal to 0.10% of the Aggregate Commitment Amount per annum. Commitment fees accrued through the end of each calendar quarter are due no later than the 15th day of the immediately succeeding calendar month during the term of the Facility. For the year ended March 31, 2026, the Fund had no borrowings.

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#### Blackstone Alternative Multi-Strategy Fund and Subsidiaries

#### Notes to Consolidated Financial Statements (Continued)

#### For the Year Ended March 31, 2026
13. Subsequent Events

The Investment Adviser has evaluated the impact of subsequent events through the date of financial statement issuance and determined there were no subsequent events outside the normal course of business requiring adjustment to or disclosure in the Consolidated Financial Statements.

------

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the shareholders of Blackstone Alternative Multi-Strategy Fund and Subsidiaries and the Board of Directors of Blackstone Alternative Investment Funds

#### Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Blackstone Alternative Multi-Strategy Fund and Subsidiaries, one of the portfolios constituting the Blackstone Alternative Investment Funds (the "Fund"), as of March 31, 2026, the related consolidated statements of operations and cash flows for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of March 31, 2026, and the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of March 31, 2026, by correspondence with the custodian, brokers and agent banks; when replies were not received from brokers and agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

New York, New York

May 27, 2026

We have served as the auditor of one or more Blackstone investment companies since 2010.

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Each Trustee who is not an "interested person" (as defined in the 1940 Act) of Blackstone Alternative Multi-Strategy Fund (the "Fund") (each, an "Independent Trustee") is paid by the Fund at a rate of $150,000 per fiscal year in the aggregate for the services to the Fund (including the Fund's three wholly-owned and controlled subsidiaries, Blackstone Alternative Multi-Strategy Sub Fund II Ltd., Blackstone Alternative Multi-Strategy Sub Fund III L.L.C., and Blackstone Alternative Multi-Strategy Sub Fund IV L.L.C. (the "Subsidiaries")).

------

As of August 4, 2025, Mr. Brown is being treated as an "interested person" (as defined in the 1940 Act) of the Fund (an "Interested Trustee"). For his service as an Independent Trustee from April 1, 2025 through August 3, 2025, Mr. Brown was paid by the Fund at a rate of $150,000 per fiscal year in the aggregate, prorated for such period. For his service as an Interested Trustee from August 4, 2025 through March 31, 2026, Mr. Brown was paid by the Fund at a rate of $129,000 per fiscal year in the aggregate, prorated for such period, for his services to the Fund (excluding the Subsidiaries).

The Chairpersons of the Board of Trustees and the Audit Committee are paid by the Fund an additional $35,000 and $15,000 per fiscal year, respectively. The Fund pays for the Trustees' travel expenses related to Board of Trustees meetings.

The following tables set forth information covering the total compensation payable by the Fund during its fiscal year ended March 31, 2026, to the persons who served as Trustees and officers of the Fund during such period.

*Independent Trustees:* 

---

| | |
|:---|:---|
| **Name of Independent Trustee** | **Aggregate Compensation from the Fund** |
|  Frank J. Coates | $185000 |
|  Paul J. Lawler | $150000 |
|  Kristen M. Leopold | $165000 |

---

*Interested Trustees:* 

---

| | |
|:---|:---|
| **Name of Interested Trustee** | **Aggregate Compensation from the Fund** |
|  Peter Koffler |  |
|  John M. Brown<sup>1</sup> | $136794 |

---

<sup>1</sup> Mr. Brown was treated as an Interested Trustee due to a family member's relationship with a sub-adviser to the Fund from August 4, 2025 through the end of the period on March 31, 2026. For his service as an Independent Trustee, Mr. Brown was paid $51,844 from the Fund for the fiscal year ended March 31, 2026. Such amount is included in the aggregate compensation for Mr. Brown reflected in the table above. 

The Fund also pays for a portion of the compensation for the Fund's Chief Compliance Officer. The following table sets forth information covering the total compensation payable by the Fund, during its fiscal year ended March 31, 2026, to the Fund's Chief Compliance Officer, William Renahan, during the period. No other officer received any compensation from the Fund during the period.

*Compensated Officer:* 

---

| | |
|:---|:---|
| **Name of Officer** | **Aggregate Compensation from the Fund** |
|  Chief Compliance Officer | $84490 |

---

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
*Board Approval of the Sub-Advisory Agreements* 

At meetings of the Board held in-person on November 11, 2025 and February 25-26, 2026, the Board, including a majority of the Independent Trustees, considered and approved for the Fund (i) the continuation or novation of certain investment sub-advisory agreements ("Continued Sub-Advisory Agreements") and (ii) a new investment sub-advisory agreement ("New Sub-Advisory Agreement", and together with the Continued Sub-Advisory Agreements, the "Sub-Advisory Agreements") between BAIA and each of the following sub-advisers (the "Sub-Advisers"):

Continued or Novated Sub-Advisory Agreements (approved at November meeting)

• Blackstone Real Estate Special Situations Advisors L.L.C. ("BRESSA")

• Engelhart CTP Commodity Trading US, LLC ("Engelhart")

• Merritt Point Partners LLC ("Merritt Point")

• Mesarete Capital LLP ("Mesarete")

• Two Sigma Investments, LP ("Two Sigma")

------

Continued Sub-Advisory Agreements (approved at February meeting)

• Bayview Asset Management, LLC ("Bayview")

• Blackstone Liquid Credit Strategies LLC ("BX LCS")

• Caspian Capital LP ("Caspian")

• Mariner Investment Group, LLC ("Mariner")

• Oak Hill Advisors, L.P. ("Oak Hill")

New Sub-Advisory Agreement (approved at February meeting)

• Capital Fund Management, S.A. ("CFM")

The Board noted that BAIA and the Fund relied on an exemptive order from the U.S. Securities and Exchange Commission ("SEC") that permits the Fund to hire, and make material amendments to sub-advisory agreements with, discretionary or non-discretionary sub-advisers without a shareholder vote, provided that the Board, including a majority of Independent Trustees, approve any new sub-advisers and material amendments, and certain other conditions are met. The Independent Trustees were assisted in their review of the applicable sub-advisory arrangements by their independent legal counsel, and before the meetings, the Board received materials prepared by the Independent Trustees' independent legal counsel regarding the relevant factors to consider in connection with the approval of the Sub-Advisory Agreements between BAIA and each of the Sub-Advisers. The Board requested and evaluated all the information it deemed reasonably necessary under the circumstances in connection with the approval of the Sub-Advisory Agreements. Prior to the meetings, the Board had requested and received materials prepared by BAIA relating to each Sub-Adviser.

The information the Board received in connection with the consideration of the Continued Sub-Advisory Agreements for each of the Sub-Advisers considered at the November 2025 meeting and February 2026 meeting generally included, among other things:

(1) a Manager Investment Review, which covered, among other things, summary information regarding each Sub-Adviser's background, investment strategy, investment research and portfolio construction process, investment thesis, and risk management strategy; an assessment of business infrastructure, valuation, liquidity monitoring, and compliance; and a summary of the key terms of the applicable Sub-Advisory Agreement;

(2) a sub-adviser "tear sheet," which covered in greater detail the performance, returns, and risk characteristics of each Sub-Adviser that had, presently or in the past, been allocated Fund assets; and

(3) a completed sub-adviser 15(c) questionnaire, and responses to any follow-up questions, which provided each Sub-Adviser's responses to the Independent Trustees' request for information.

The information the Board received in connection with the consideration of the New Sub-Advisory Agreement at its February 2026 meeting generally included:

(1) a Summary of Investment Committee Memo, which covered, among other things, summary information regarding the Sub-Adviser's background, investment strategy, investment research and sourcing process, portfolio construction, strengths and considerations relating to the Sub-Adviser's investment thesis, key risks associated with the Sub-Adviser, and approach to risk management;

(2) a sub-adviser 15(c) questionnaire, which provided the Sub-Adviser's responses to the Independent Trustees' request for information; and

(3) information regarding the Sub-Adviser's affiliates.

Additionally, the Board received a copy of the new Sub-Adviser's compliance program under Rule 38a-1 under the 1940 Act and code of ethics.

At the meetings, the Board and BAIA discussed the materials that had been provided to the Board, the terms of the Sub-Advisory Agreements, and other relevant considerations. Additionally, the Board (and separately, the Independent Trustees) conferred with the Independent Trustees' independent legal counsel to consider the information provided. In evaluating each Sub-Advisory Agreement, the Board took into account the fact that the compensation paid to the Sub-Advisers would be paid by BAIA from the investment management fee it receives from the Fund and would not increase the fees or expenses otherwise incurred by the Fund or its shareholders.

------

Following this discussion, the Board, including a majority of the Independent Trustees, determined to approve each Continued Sub-Advisory Agreement and the New Sub-Advisory Agreement on the basis of the following factors, among others, for each Sub-Adviser:

*Nature, Extent, and Quality of the Services* 

Except as otherwise noted, the Board considered with respect to each Sub-Adviser:

(1) the Sub-Adviser's personnel, operations, and financial condition;

(2) the Sub-Adviser's strengths;

(3) the percentage of Fund assets that are, or are expected to be, allocated to the Sub-Adviser;

(4) where applicable, the investment return on assets that are, or were previously, managed by the Sub-Adviser and related investment risks;

(5) the Sub-Adviser's experience and performance investing in particular instruments or strategies or managing hedge funds or other products;

(6) where applicable, the extent to which the Sub-Adviser's strategy for the Fund would overlap with its strategy for hedge funds or other products;

(7) where applicable, the Sub-Adviser's experience and performance as a sub-adviser to the Fund since its inception or otherwise;

(8) the experience and depth of the Sub-Adviser's portfolio management team in managing hedge funds or other products, as applicable, and its ability to manage risk; and

(9) any other factors deemed relevant to the determination of whether to approve or continue the Sub-Advisory Agreements.

The Board concluded that the nature, extent, and quality of the sub-advisory services to be provided by each Sub-Adviser were appropriate and thus supported a decision to approve or continue the Sub-Advisory Agreements.

*Investment Performance of the Sub-Advisers* 

The Board considered the investment performance of each Sub-Adviser. With respect to each Sub-Adviser that previously had been allocated a portion of the Fund's assets, the Board considered information about the performance record of the Fund's assets managed by such Sub-Adviser (net of trading expenses and sub-advisory fees but gross of investment management fees paid to BAIA and other Fund operating expenses) over various periods, including in many cases the 2024 or 2025, year-to-date, and inception-to-date periods, all as compared to the investment returns of certain of the following indices: (i) S&P 500 TR Index (the "SPXT"); (ii) the Secured Overnight Financing Rate ("SOFR") +3%; (iii) the Sub-Adviser's hedge fund strategy (the "Sub-Adviser Hedge Fund Strategy"); (iv) the HFRI Credit Index ("HFRICI"); (v) the HFR Quantitative Directional Index ("HFRQDI"); and (vi) the HFRI Macro Total Index ("HFRIMTI"). In addition, the Board considered information about the inception-to-date performance risk measurements of the Fund assets that are or were managed by the Sub-Adviser, if any, and the inception-to-date performance risk measurements of the SPXT, SOFR +3%, the Sub-Adviser Hedge Fund Strategy, HFRICI, HFRQDI, and HFRIMTI, as applicable, such as annualized return, standard deviation, Sharpe ratio, and maximum drawdown. On the basis of the Board's assessment, while recognizing that there can be no assurance of any particular investment outcome, the Board concluded that the investment performance generated by the applicable Sub-Advisers was generally satisfactory and that the Sub-Advisers were capable of providing reasonable investment performance to the Fund. It was noted that, because CFM is a newly proposed sub-adviser, there is no prior performance to consider with respect to BAMSF.

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*Costs of Services and Profitability* 

In analyzing the cost of services and profitability of each Sub-Adviser, the Board considered (i) each Sub-Adviser's sub-advisory fee or proposed sub-advisory fee for managing the allocated Fund assets, including any fee breakpoints or fulcrum fee arrangements; (ii) each Sub-Adviser's resources devoted or expected to be devoted to the Fund; and (iii) any information provided in response to inquiries regarding the profitability to each Sub-Adviser from providing sub-advisory services to the Fund. The Board considered the specific resources that each Sub-Adviser devoted or expected to devote to the Fund for investment analysis, risk management, compliance, and order execution, and the extent to which each Sub-Adviser's investment process is or would be scalable. The Board also took into account the entrepreneurial, business, and other risks each Sub-Adviser has undertaken, or would undertake, in serving as a sub-adviser to the Fund.

The Board noted that the compensation paid, or to be paid, to each Sub-Adviser was paid by BAIA, not the Fund, and, accordingly, that the retention of each Sub-Adviser would not increase the fees or expenses otherwise incurred by shareholders of the Fund. It also noted that the terms of each Sub-Adviser's Sub-Advisory Agreement were the result of separate arm's-length negotiations between BAIA and the applicable Sub-Adviser. The Board also considered information regarding the impact that retaining the Sub-Advisers as sub-advisers to the Fund has or would have on BAIA's profitability, as well as information about the blended average of all sub-advisory fee rates that BAIA pays the Sub-Advisers based on allocations of Fund assets among all the Sub-Advisers. The Board concluded that the level of investment sub-advisory fees was appropriate in light of the services to be provided.

*Economies of Scale* 

The Board considered various financial and economic considerations relating to the arrangement with each Sub-Adviser, including economies of scale and the current or proposed breakpoints in the sub-advisory fees for certain Sub-Advisers. The Board noted challenges in identifying and measuring economies of scale, both generally and given the Fund's multi-manager structure and the different sub-adviser fee levels and fee structures. The Board noted that it would have the opportunity to periodically re-examine whether the Fund had achieved economies of scale, as well as the appropriateness of sub-advisory fees payable to each Sub-Adviser, with respect to different asset sizes of the portfolio, in the future. The Board also noted that although not directly related to the sub-advisory fees payable to the Sub-Advisers, certain Fund expenses were subject to an expense cap, an undertaking by BAIA intended to limit the Fund's overall expenses at smaller asset levels, and that the absence or presence of breakpoints in Sub-Advisory Agreements did not directly impact the Fund because BAIA paid the Sub-Advisers out of the fee it received from the Fund (which did not contain breakpoints).

*Other Benefits* 

The Board considered other potential benefits that each Sub-Adviser may receive from serving as a sub-adviser to the Fund, including soft dollar arrangements, receipt of brokerage and research services, and the opportunity to offer additional products and services to the Fund's shareholders or BAIA, as applicable. The Board noted that each Sub-Adviser benefited, or would benefit, from its relationship with BAIA. The Board concluded that other ancillary or "fall out" benefits derived by each Sub-Adviser from its relationship with BAIA, or the Fund, to the extent such benefits were identifiable or determinable, were reasonable and fair, resulted from the provision of appropriate services to the Fund and its shareholders, and were consistent with industry practice and the best interests of the Fund and its shareholders.

*Other Considerations* 

The Board reviewed and considered certain terms and conditions of each Sub-Adviser's Sub-Advisory Agreement. After discussion, the Board concluded that the terms of each Sub-Adviser's Sub-Advisory Agreement were reasonable and fair. It was noted that the Board would have the opportunity to periodically re-examine the terms of each Sub-Adviser's Sub-Advisory Agreement in the future.

*Conclusion* 

The Board, including a majority of the Independent Trustees, concluded that the fees payable under each of the Sub-Advisory Agreements were fair and reasonable with respect to the services that each Sub-Adviser provides or would provide to the Fund and in light of the other factors described above that the Board deemed relevant. The Board noted that both BAIA and the Board had previously determined, or determined at the meetings, that each Sub-Adviser's compliance program was reasonably designed to prevent the violation of federal securities laws within the meaning of Rule 38a-1 under the 1940 Act and that each Sub-Adviser's code of ethics was reasonably designed to prevent

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"access persons" (as defined in Rule 17j-1 under the 1940 Act) from engaging in any act, practice, or course of business prohibited by Rule 17j-1(b) under the 1940 Act. The Board based its approval, continuation, or novation (as applicable) of each Sub-Adviser's Sub-Advisory Agreement on a comprehensive consideration of all relevant information presented to the Board at its meetings throughout the year, as applicable, and not on any single controlling factor. The Board also gave due consideration to the recommendations of BAIA, which in each case recommended continuation, novation, or approval (as applicable) of the proposed Sub-Advisory Arrangements as in the best interests of the Fund and its shareholders, and BAIA's belief that the arrangements do not present any conflict of interest from which BAIA or any Sub-Adviser derives an inappropriate advantage. The Independent Trustees were assisted by the advice of independent legal counsel in the approval, continuation, or novation of each Sub-Adviser's Sub-Advisory Agreement.

*Board Approval of the Investment Management Agreement for Blackstone Alternative Multi-Strategy Fund, and each of its Wholly-Owned Subsidiaries* 

At a meeting of the Board held in-person on February 25-26, 2026, the Board, including all of the Independent Trustees, considered and approved (a) the investment management agreement by and between BAIA and the Trust, on behalf of the Blackstone Alternative Multi-Strategy Fund (the "BAMSF Investment Management Agreement"); and (b) the investment management agreements between BAIA and each of the Subsidiaries (collectively, the "Subsidiary Agreements" and together with the BAMSF Investment Management Agreement, the "BAIA Investment Management Agreements"). Because the Subsidiaries are wholly owned subsidiaries of the Fund, and because BAIA provides investment management services to the Fund and its Subsidiaries on a collective basis, the Trustees evaluated the arrangements between BAIA and the Fund collectively with BAIA's arrangements with the Subsidiaries.

The Independent Trustees were assisted in their review of the BAIA Investment Management Agreements by their independent legal counsel. The Board requested and evaluated all the information it deemed reasonably necessary under the circumstances in connection with the approval of the BAIA Investment Management Agreements. Before the meeting, the Board received, among other things, (1) materials prepared by the Independent Trustees' independent legal counsel regarding the relevant factors to consider in connection with the approval of the continuation of the BAIA Investment Management Agreements; (2) a presentation by BAIA relating to, among other things, BAIA's experience and qualifications to serve as adviser to the Fund and the Subsidiaries; (3) analysis of the fees and expenses of the Fund (on a combined basis with the fees and expenses of the Subsidiaries) as compared with a peer group of funds; (4) analysis of BAIA's profitability for providing services to the Fund (on a combined basis with the Subsidiaries); and (5) materials prepared by an outside firm, unaffiliated with the Fund or BAIA, that is in the business of regularly preparing reports for use by fund boards in considering investment advisory agreement approvals (the "Service Provider") comparing the management fee rate and total operating expenses of the Fund (on a combined basis with the fees and expenses of the Subsidiaries) to those of a peer group of funds determined by the Service Provider.

Prior to the meeting, the Board received BAIA's responses to an information request under Section 15(c) of the 1940 Act that addressed, among other things: (i) general financial information; (ii) any material business dealings with the Fund's service providers; (iii) BAIA's business plan for the Fund for the coming year; (iv) costs, fees, other benefits, and profitability; and (v) risk management and regulatory compliance matters.

At the meeting, there was a discussion regarding the materials that had been provided to the Board, the terms of the BAIA Investment Management Agreements, the services being provided by BAIA, and other relevant considerations. Following this discussion, the Board, including all of the Independent Trustees, determined to renew the BAIA Investment Management Agreements for an additional period of no more than twelve months ending March 31, 2027 on the basis of the following factors, among others:

*Nature, Extent, and Quality of the Services* 

The Board discussed BAIA's personnel, operations, and financial condition and considered:

(1) the background and experience of key investment personnel and BAIA's ability to attract and retain talent;

(2) BAIA's focus on analysis of complex asset categories, including alternative investments;

(3) BAIA's disciplined investment approach and commitment to investment principles;

(4) BAIA's manager selection and due diligence process;

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(5) BAIA's direct investing capabilities;

(6) BAIA's significant risk management, compliance, portfolio allocation, and operational efforts;

(7) BAIA and Blackstone Securities Partners L.P.'s ("BSP") strategic planning for BAMSF in the marketplace; and

(8) BAIA's oversight of and interaction with sub-advisers and other service providers.

The Board concluded that the nature, extent, and quality of the management services provided were appropriate and thus supported a decision to renew the BAIA Investment Management Agreements. The Board also concluded that BAIA likely would be able to provide during the coming year the same quality of investment management and related services as provided in the past and that these services are appropriate in scope and extent in light of BAMSF's and the BAMSF Sub Funds' operations, the competitive landscape, and shareholders' expectations.

*Investment Performance* 

The Board received and considered information about (i) the one-year, three-year, five-year, inception-to-date, and trailing three quarter performance information (net of fees and expenses), standard deviation (a measurement of volatility), Sharpe ratio (a measurement of risk-adjusted return), and beta ratio (a measure of sensitivity to changes in the price of an index) of BAMSF as of December 31, 2025, each as compared to the MSCI World Total Return Index ("MSCI World"), Bloomberg Global Aggregate Bond Index ("Bloomberg Agg"), S&P 500, and HFRX Global (the "BAIF Comparative Indices"); (ii) the historical monthly performance of BAMSF since inception (net of fees and expenses); (iii) information about inception-to-date, trailing three-quarter, one-year, three-year, and five-year performance and risk measurements of BAMSF and the BAIA-prepared peer group (which included six funds from the Broadridge-prepared peer group) such as (a) annualized return, (b) standard deviation, (c) Sharpe ratio, (d) beta and alpha against the S&P 500, and (e) beta and alpha against a custom 60/40 benchmark index; and (iv) one-year, two-year, three-year, four-year, five-year and ten-year performance of BAMSF as compared to the Broadridge-prepared peer group.

With respect to BAMSF, the Board noted that, as of December 31, 2025 (i) the inception-to-date and one-year, three-year, five-year and trailing three quarter performance returns were less than the corresponding returns of the MSCI World and the S&P 500 but greater than the corresponding returns of the HFRX Global and Bloomberg Agg; (ii) one-year, three-year, five-year and trailing three quarter performance returns were greater than the average returns of the BAIA-prepared peer group; and (iii) the inception-to-date performance return was less than the average returns of the BAIA-prepared peer group. In this regard, the Board noted BAIA's broad repositioning of the portfolio commencing in late 2022 and BAIA's representation that repositioning had materially contributed to the improved performance profile. The Board also noted market-leading performance both currently and during several periods since the strategy's inception, as well as downside protection during recent market drawdowns.

Taking into account such factors, the Board concluded that the investment performance generated by BAIA was strong and that BAIA was capable of generating a level of long-term investment performance that is appropriate in light of BAMSF's and the BAMSF Sub Funds' investment objectives, policies, and strategies, although recognizing that there can be no assurance of any particular investment outcome. The Board also considered BAIA's continuing efforts to deliver consistent, improved performance.

*Fees and Expenses* 

The Board, including the Independent Trustees, compared the fee and expense ratio of BAMSF's Class I shares (before and after any fee waivers and expense reimbursements) for the calendar year ended December 31, 2025 against the fee and expense ratios of the Broadridge-prepared peer group. The Board also considered the presentation provided by BAIA and Broadridge on the appropriateness of the Broadridge-prepared peer group. Specifically, the Board considered data based on information provided by Broadridge indicating that, for BAMSF's Class I shares: (i) the contractual management fee rate (adviser and administrator fees before fee waivers and/or reimbursement) was higher than the fee rate of all thirteen other funds in the Broadridge-prepared peer group; (ii) total net expenses (including the management fee and expenses after waiver) were higher than those of all thirteen other funds in the Broadridge-prepared peer group; and (iii) actual management fees (adviser and administrator fees net of fee waivers and/or expense reimbursement) were higher than those of all thirteen other funds in the Broadridge-prepared peer group.

The Board also took into consideration the peer group analysis prepared by BAIA, which showed fees and expenses of BAMSF's Class I and Class Y shares and a group of nine competitor funds selected by BAIA (including six funds from the Broadridge-prepared peer group). The Board noted that: the contractual (before waivers) management fee rate, total expenses, and net expense ratio for each of BAMSF's Class I and Class Y shares were higher than those of each of the nine funds in the BAIA-prepared peer group. The Board noted that certain expense information was not available for Class

------

R, as no Class R shares were outstanding as of December 31, 2025. The Board considered BAMSF's fees and expenses in light of the scope, quality, and complexity of services provided by BAIA, including the need to compensate a wide variety of high-quality sub-advisers, and Blackstone's overall brand and reputation, and determined that, given the scope, quality and complexity of services provided by BAIA, the fees, while generally higher than those charged by peers, were appropriate (and likely correlate with the increased cost of managing a more complicated fund with a large number of unaffiliated sub-advisers). On the basis of the factors considered and information presented, the Board determined that BAMSF's fees and expenses were reasonable.

*Costs of Services and Profitability* 

In analyzing the cost of services and profitability of BAIA, the Board considered BAIA's resources devoted to BAMSF, as well as the revenues earned and expenses incurred by BAIA. The Board considered profitability data provided by BAIA showing fees, revenues, and overhead expenses of BAMSF. The Board took into account the significant investment by, and cost to, BAIA regarding service infrastructure to support BAMSF and its investors as well as the cost to BAIA associated with identifying, retaining, and monitoring the performance of a large number of unaffiliated sub-advisers pursuing a wide variety of investment strategies and investing in a wide range of asset classes. The Board also took into account the entrepreneurial, business, and other risks BAIA has undertaken as investment adviser of the Funds for which it is entitled to reasonable compensation. On the basis of the Board's review of the fees to be charged by BAIA for investment advisory and related services, the relatively unique and highly specialized nature of BAMSF's investment program, BAIA's financial information, BAIA's entrepreneurial, business, and other risks, the estimated overhead costs associated with managing BAMSF, and comparisons of estimated profitability in respect of BAMSF relative to other Blackstone business lines and Blackstone's overall profit profile, the Board concluded that the level of investment management fees is appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies, and the cap on expenses established by the expense limitation agreements.

*Economies of Scale* 

The Board discussed various financial and economic considerations relating to the arrangement with BAIA, including economies of scale. The Board considered the management fee breakpoint for BAMSF, noting that, for collective net assets of BAMSF and the BAMSF Sub Funds up to $2.5 billion, the management fee is calculated at a rate of 1.95%, and for collective net assets greater than or equal to $2.5 billion, the management fee is calculated at a rate of 1.80%. The Board concluded that the management fees, with the current breakpoint in place, reflected the complexity of BAMSF's and the BAMSF Sub Funds' operations and were reasonable in light of BAMSF's and the BAMSF Sub Funds' current and anticipated size. The Board noted that it will have the opportunity to periodically re-examine whether BAMSF and the BAMSF Sub Funds had achieved economies of scale, as well as the appropriateness of management fees payable to BAIA, in the future. The Board further noted that certain Fund expenses were subject to an expense cap, an undertaking by BAIA intended to limit BAMSF's overall expenses at smaller asset levels.

*Other Benefits* 

The Board discussed other potential benefits that BAIA may receive from the relevant Funds. The Board noted that BAIA indicated that it does not expect to receive significant ancillary, soft dollar, or other "fall out" benefits as a result of its relationship with BAMSF. The Board concluded that other benefits derived by BAIA from its relationship with the Funds, to the extent such benefits are identifiable or determinable, are reasonable and fair, result from the provision of appropriate services to each of the Funds and its shareholders, and are consistent with industry practice and the best interests of each Fund and its shareholders. Retention of affiliated sub-advisers was reviewed as a possible fall out benefit with the recognition that each sub-advisory agreement, whether with an affiliate or not, is subject to consideration by the Board under its normal Section 15(c) processes, generally at least annually.

*Conclusion* 

The Board, including all of the Independent Trustees, concluded that the fees payable under the BAIA Investment Management Agreements were fair and reasonable with respect to the services that BAIA provides to the Funds that it manages and in light of the other factors described above that the Board deemed relevant. The Board, including all of the Independent Trustees, determined to approve the continuation of the BAIA Investment Management Agreements based on a comprehensive consideration of all information presented to the Board at its meetings throughout the year and not as a result of any single controlling factor. The Board was assisted by the advice of independent legal counsel in approving the BAIA Investment Management Agreements.

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#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrant's Board of Trustees.

#### Item 16. Controls and Procedures.
(a) The Registrant's co-principal executive officers and principal financial officer, or persons performing similar functions, have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
(a) Not applicable.

(b) Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

#### Item 19. Exhibits.
(a)(1) [Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.](d155897dex99codeeth.htm)

(2) Not applicable.

(3) [A separate certification for each principal executive and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act is attached hereto.](d155897dex99cert.htm)

(4) Not applicable.

(5) Not applicable.

(b) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act, Rule 13a-14(b) or Rule 15d-14(b) under the Securities Exchange Act of 1934, as amended, and Section 1350 of Chapter 63 of Title 18 of the United States Code are attached hereto.](d155897dex99906cert.htm)

(101) Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.

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| | |
|:---|:---|
| **SIGNATURES** | **SIGNATURES** |
| Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. | Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. |
| (Registrant) | Blackstone Alternative Investment Funds |

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| | |
|:---|:---|
| By (Signature and Title) | /s/ **Brian F. Gavin** |
|  | **Brian F. Gavin, Co-President (Co-Principal Executive Officer)** |

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Date: June 5, 2026

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| | |
|:---|:---|
| By (Signature and Title) | /s/ **Peter Koffler** |
|  | **Peter Koffler, Trustee and Co-President (Co-Principal Executive Officer)** |

---

---

| | |
|:---|:---|
| Date: | June 5, 2026 |
| Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. | Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. |

---

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| | |
|:---|:---|
| By (Signature and Title) | /s/ **Brian F. Gavin** |
|  | **Brian F. Gavin, Co-President (Co-Principal Executive Officer)** |

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Date: June 5, 2026

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| | |
|:---|:---|
| By (Signature and Title) | /s/ **Peter Koffler** |
|  | **Peter Koffler, Trustee and Co-President (Co-Principal Executive Officer)** |

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Date: June 5, 2026

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| | |
|:---|:---|
| By (Signature and Title) | /s/ **Thomas Procida** |
|  | **Thomas Procida, Treasurer (Principal Financial and Accounting Officer)** |

---

Date: June 5, 2026

## Ex-99.Code

**BAIF CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS** 

**Adopted Pursuant to Rules Promulgated under Section 406 of The Sarbanes-Oxley Act of 2002** 

**1.** **Covered Officers / Purpose of the Code** 

This code of ethics (the "**Code**") of Blackstone Alternative Investment Funds (the "**Trust**"), applies to the principal executive officer and principal financial officer (the "**Covered Officers**") of each series of the Trust (each, a "**Fund**") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full, fair, accurate, timely and understandable disclosure in reports and documents that each Fund files with, or
submits to, the Securities and Exchange Commission ()"**SEC**") and in other public communications made by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics, be sensitive to situations that may give rise to actual as well as apparent conflicts of interest, exercise independent judgement, and carry out his or her responsibilities honestly, in good faith, and with integrity, due care, and diligence.

**2.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

**Overview**. A "**conflict of interest**" occurs when a Covered Officer's private interest interferes with the interests of, or the Covered Officer's service to, the Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of the Covered Officer's family, receives improper personal benefits as a result of the Covered Officer's position with the Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fund and already are subject to conflict of interest provisions in the 1940 Act and the Advisers Act. For example, Covered Officers may not personally engage in certain transactions (such as the purchase or sale of portfolio securities or other property) with the Fund because of their status as "**affiliated persons**" of the Fund. The compliance programs and procedures of the Trust, its investment adviser, Blackstone Alternative Investment Advisors LLC (the "**Adviser**"), and its principal underwriter are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code. Although typically not presenting an opportunity for improper personal benefit, conflicts may also arise from, or as a result of, the contractual relationship between the Fund and the Adviser, an affiliated service provider, or a third-party service provider for which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers shall, in the normal course of their duties (whether formally for the Fund or for the Adviser or a service provider, or for one or more of them), be involved in establishing policies and implementing decisions that will have different effects on the Adviser, service provider, and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationships between the Fund and its Adviser or service provider and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. Thus, if performed in conformity with the provisions of the 1940 Act and the Advisers Act, other applicable laws, and the Fund's organizational documents, such activities shall be deemed to have been handled ethically and not to have involved any violation of this Code. In addition, it is recognized by the Board that the Covered Officers may also be trustees, officers, or employees of one or more other investment companies covered by this or other codes and that such service, by itself, does not give rise to a conflict of interest or to a violation of this Code.

BAIF CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS Blackstone \| 1

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Other conflicts of interest are covered by the Code, even if such conflicts of interest are not the subject of provisions of the 1940 Act and the Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Fund.

Each Covered Officer must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use his or her personal influence or personal relationships to influence investment decisions or financial
reporting by the Fund whereby the Covered Officer, or a member of his or her family, would knowingly benefit personally to the detriment of the Fund and its shareholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use his or her position with the Fund for private economic gain to himself or herself, his or her family or any
other person, or in a manner detrimental to the interests of the Fund and its shareholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exercise inappropriate influence in connection with his or her official duties that causes the Fund to violate
applicable laws, rules, and regulations and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cause the Fund to take action, or fail to take action, for the individual personal benefit of the Covered
Officer, or a member of his or her family, rather than the benefit of the Fund; or retaliate against any other Covered Officer or any employee of the Fund, their Adviser, service providers, or other entities doing business with the Fund for reports
of potential violations of this Code or applicable laws that are made in good faith.

Pursuant to this Code, Covered Officers are expected to engage in and promote ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships, and to disclose to the Chief Compliance Officer of the Fund any material transaction or relationship that reasonably could be expected to give rise to such a conflict.

There are some relationships that should always be disclosed to the Chief Compliance Officer of the Fund. These relationships are listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any entities doing business with
the Fund, other than the Adviser, the principal underwriter, or an affiliate of either of those entities. This disclosure requirement shall not apply to or otherwise limit the ownership of publicly traded securities so long as the Covered
Officer's ownership does not exceed more than 1% of the outstanding securities of the relevant class and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges, or spreads paid by the Fund for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment with the Adviser, the principal underwriter, or its affiliates. This disclosure requirement shall not
apply to or otherwise limit (i) the ownership of publicly traded securities so long as the Covered Officer's ownership does not exceed more than 1% of the particular class of security outstanding or (ii) the receipt by the Adviser,
the principal underwriter, or its affiliate of research or other benefits in exchange for "soft dollars."

BAIF CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS Blackstone \| 2

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**3.** **Disclosure and Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Covered Officer of the Fund should become familiar with the disclosure requirements generally applicable to
the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Covered Officer of the Fund should not knowingly misrepresent, or cause others to misrepresent, facts about
the Fund to others, whether within or outside the Fund, including to the Fund's Trustees and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Covered Officer of the Fund should, to the extent appropriate within the Covered Officer's area of
responsibility, consult with other officers and employees of the Fund and its Adviser with the goal of promoting full, fair, accurate, timely, and understandable disclosure in the reports and documents each Fund files with, or submits to, the SEC
and in other public communications made by the Fund and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions
imposed by applicable laws, rules, and regulations by (i) adhering personally to such standards and restrictions and (ii) encouraging and counseling other persons involved with the Fund to adhere to such standards and restrictions.

**4.** **Reporting and Accountability** 

Each Covered Officer of the Fund must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to
the Board that the Covered Officer has received, read and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually thereafter affirm to the Board that the Covered Officer has complied with the requirements of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provide full and fair responses to all questions asked in any Trustee and Officer Questionnaire as well as with
respect to any supplemental request for information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not retaliate against any other Covered Officer or any employee of the Fund or its affiliated persons for reports
of potential violations that are made in good faith and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notify (confidentially or anonymously, if the Covered Officer wishes to do so) the Chief Compliance Officer of
the Fund promptly if the Covered Officer knows of any material violation of this Code or any other matters that would compromise the integrity of the Fund's financial statements. Failure to do so is itself a violation of this Code.

The Chief Compliance Officer of the Fund is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. The Chief Compliance Officer of the Fund is authorized to consult, as appropriate, with counsel to the Fund and counsel to the Trustees of the Fund who are not "**interested persons**," as defined by Section 2(a)(19) of the 1940 Act, of the Fund (the "**Independent Trustees**"), and is encouraged to do so. However, any approvals or waivers<sup>1</sup> will be considered by Independent Trustees.

If a Covered Officer has any questions about how this Code should be applied in a particular situation, he or she should contact promptly the Chief Compliance Officer of the Fund.

The Fund will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Chief Compliance Officer will take all appropriate action to investigate any potential material violations,
reported to him or her, which may include the use of internal or external counsel, accountants, or other personnel;

<sup>1</sup> For this purpose, the term "**waiver**" includes the approval by the Fund of a material departure from a provision of the Code or the Fund's failure to take action within a reasonable period of time regarding a material departure from a provision of the Code that has been made known to Fund management. 

BAIF CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS Blackstone \| 3

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the Chief Compliance Officer believes that no material violation has occurred, the
Chief Compliance Officer is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matter that the Chief Compliance Officer believes is a material violation shall be reported to the
Independent Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the Independent Trustees concur that a violation has occurred, it will inform and make a recommendation to the
Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Adviser or Board; and/or disciplinary action (which may
include a recommendation to dismiss the Covered Officer as an officer or employee of the Fund); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

Violations of this Code also may constitute violations of law, which may expose both a Covered Officer and the Fund to criminal and civil penalties.

**5.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Fund for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Fund, the Adviser, principal underwriter (if applicable), or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The codes of ethics under Rule 17j-1 under the 1940 Act of the Fund, the Adviser and principal underwriter are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**6.** **Amendments** 

Any amendments to this Code must be approved or ratified by a majority vote of the Board, including a majority of the Independent Trustees.

**7.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code or upon advice of counsel, such matters shall not be disclosed to anyone other than the Adviser or Board, the Covered Officers, the Chief Compliance Officer, outside audit firms, legal counsel to the Fund, and legal counsel to the Independent Trustees.

**8.** **Internal Use** 

The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of the Fund, as to any fact, circumstance, or legal conclusion.

As Adopted, May 17, 2017; revised as of August 15, 2023.

BAIF CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS Blackstone \| 4

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![LOGO](g155897snap1.jpg)

![LOGO](g155897snap2.jpg)

---

| | |
|:---|:---|
| To: | The Board of Trustees of the Blackstone Alternative Investment Funds ("BAIF")<sup>1</sup> |
| From: | [Name], [Principal Executive Officer] / [Principal Financial Officer] of the Fund |
| Re: | Annual Sarbanes-Oxley Act Code of Ethics Certification of Compliance |
| Date: | [Insert Date] |

---

With respect to the Reporting Period<sup>2</sup> I hereby certify as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Fund has adopted Code of Ethics pursuant to the rules promulgated under Section 406 of the
Sarbanes-Oxley Act of 2002 for principal executive and senior financial officers of the Blackstone Alternative Investment Funds (the "**Code** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I acknowledge receiving, reading and understanding the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. During the period 4/01/[ ]-3/31/[ ], I have complied with the
requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. I will cooperate fully with any investigation or inquiry as to whether a possible violation of the Code has
occurred.

By:     <br> [______________] <br>[Principal Executive Officer] / [Principal Financial Officer], Blackstone Alternative Investment Funds

<sup>1</sup> With respect to its series Blackstone Alternative Multi-Strategy Fund (the "Fund").

<sup>2</sup> "Reporting Period" refers to the Trust Review Period (covering the period from April 1, [ ] to March 31, [ ]).

![LOGO](g155897snap3.jpg)

## Ex-99.Cert

<u>CERTIFICATIONS</u> 

I, Brian F. Gavin, certify that:

1. I have reviewed this report on Form N-CSR of Blackstone Alternative
Investment Funds (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days of the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| June 5, 2026 | /s/ Brian F. Gavin |
| Date | *Brian F. Gavin, Co-President (Co-Principal Executive Officer)* |

---

------

<u>CERTIFICATIONS</u> 

I, Peter Koffler, certify that:

1. I have reviewed this report on Form N-CSR of Blackstone Alternative
Investment Funds (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days of the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| June 5, 2026 | /s/ Peter Koffler |
| Date | *Peter Koffler, Co-President (Co-Principal Executive Officer)* |

---

------

<u>CERTIFICATIONS</u> 

I, Thomas Procida, certify that:

1. I have reviewed this report on Form N-CSR of Blackstone Alternative
Investment Funds (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days of the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| June 5, 2026 | /s/ Thomas Procida |
| Date | *Thomas Procida, Treasurer (Principal Financial and Accounting Officer)* |

---

## Exhibit 99.906

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended March 31, 2026 of Blackstone Alternative Investment Funds (the "registrant").

I, Brian F. Gavin, the Co-President of the registrant, certify that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Form N-CSR fully complies with the requirements of
Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. § 78m(a) or § 78o(d)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in the Form N-CSR fairly presents, in all
material respects, the financial condition and results of operations of the registrant.

---

| |
|:---|
| Date: June 5, 2026 |
| /s/ Brian F. Gavin |
| Brian F. Gavin |
| Co-President (Co-Principal Executive Officer) |

---

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the registrant and will be retained by the registrant and furnished to the Securities and Exchange Commission or its staff upon request.

------

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended March 31, 2026 of Blackstone Alternative Investment Funds (the "registrant").

I, Peter Koffler, the Co-President of the registrant, certify that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Form N-CSR fully complies with the requirements of
Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. § 78m(a) or § 78o(d)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in the Form N-CSR fairly presents, in all
material respects, the financial condition and results of operations of the registrant.

---

| |
|:---|
| Date: June 5, 2026 |
| /s/ Peter Koffler |
| Peter Koffler |
| Co-President (Co-Principal Executive Officer) |

---

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the registrant and will be retained by the registrant and furnished to the Securities and Exchange Commission or its staff upon request.

------

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended March 31, 2026 of Blackstone Alternative Investment Funds (the "registrant").

I, Thomas Procida, the Treasurer of the registrant, certify that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Form N-CSR fully complies with the requirements of
Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. § 78m(a) or § 78o(d)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in the Form N-CSR fairly presents, in all
material respects, the financial condition and results of operations of the registrant.

---

| |
|:---|
| Date: June 5, 2026 |
| /s/ Thomas Procida |
| Thomas Procida |
| Treasurer (Principal Financial and Accounting Officer) |

---

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the registrant and will be retained by the registrant and furnished to the Securities and Exchange Commission or its staff upon request.