# EDGAR Filing Document

**Accession Number:** 0001557794
**File Stem:** 0001193125-25-306993
**Filing Date:** 2025-12
**Character Count:** 780230
**Document Hash:** 51afd14046cf195d85844f4bf7f6d7c1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-306993.hdr.sgml**: 20251203

**ACCESSION NUMBER**: 0001193125-25-306993

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251203

**DATE AS OF CHANGE**: 20251203

**EFFECTIVENESS DATE**: 20251203

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22743
- **FILM NUMBER:** 251547473

**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: September 30, 2025

------

#### 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](g14042ifa86638897d2138cf304.jpg)

SEPTEMBER 30, 2025

#### Semi-Annual Shareholder Report

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

\| BXMIX

#### Fund Overview
This semi-annual shareholder report contains important information about Blackstone Alternative Multi-Strategy Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (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.

# 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 | $164<sup>Footnote Reference\*</sup> | 3.16%<sup>Footnote Reference\*\*</sup> |

---

# **Key Fund Statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $3861813534 |
| Total Number of Portfolio Holdings | 4890 |
| Portfolio Turnover Rate<sup>Footnote Reference\*\*\*</sup> | 202% |

---

**What did the Fund invest in?** (as of September 30, 2025)

---

| | |
|:---|:---|
| Portfolio Composition | Percentage of Total Net Assets |
| Mortgage-Backed Securities<sup>Footnote Reference(1)</sup> | 34.6% |
| Common Stock | 31.0% |
| Investments in Investee Funds | 11.2% |
| Corporate Bonds & Notes | 7.7% |
| Asset-Backed Securities | 5.7% |
| Bank Debt | 4.1% |
| Sovereign Debt | 3.6% |
| Undertakings For Collective Investment in Transferable Securities | 2.1% |
| U.S. Treasury Obligations | 1.4% |
| Closed-End Fund | 1.2% |
| Purchased Options | 1.2% |
| Exchange-Traded Funds | 0.1% |
| Convertible Bonds | 0.1% |
| Preferred Stock<sup>Footnote Reference(2)</sup> | 0.0% |
| Warrants<sup>Footnote Reference(2)</sup> | 0.0% |
| Money Market Fund<sup>Footnote Reference(2)</sup> | 0.0% |
| Rights<sup>Footnote Reference(2)</sup> | 0.0% |
| Securities Sold Short | -42.3% |
| Repurchase Agreements | 1.9% |
| Other Assets and Liabilities<sup>Footnote Reference(3)</sup> | 36.4% |
| **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/](g14042i24ae37817c51ce5d82fa.jpg)

Blackstone Alternative Multi-Strategy Fund

Class I

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.

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Excludes acquired fund fees & expenses. Amounts would be higher if such fees & expenses were included. |
| Footnote<sup>\*\*</sup> | Cost paid as a percentage of a hypothetical $10,000 investment is an annualized figure. 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 89% for the period ended September 30, 2025. |
| Footnote<sup>(1)</sup> | Includes Agency-Guaranteed TBA securities that are guaranteed by the Federal National Mortgage Association or the Government National Mortgage Association, which represent 26.9% of Total Net Assets. |
| Footnote<sup>(2)</sup> | Represents less than 0.1% of Total Net Assets. |
| Footnote<sup>(3)</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](g14042ifa86638897d2138cf304.jpg)

SEPTEMBER 30, 2025

#### Semi-Annual Shareholder Report

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

\| BXMDX

#### Fund Overview
This semi-annual shareholder report contains important information about Blackstone Alternative Multi-Strategy Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (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.

# 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 | $176<sup>Footnote Reference\*</sup> | 3.41%<sup>Footnote Reference\*\*</sup> |

---

# **Key Fund Statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $3861813534 |
| Total Number of Portfolio Holdings | 4890 |
| Portfolio Turnover Rate<sup>Footnote Reference\*\*\*</sup> | 202% |

---

**What did the Fund invest in?** (as of September 30, 2025)

---

| | |
|:---|:---|
| Portfolio Composition | Percentage of Total Net Assets |
| Mortgage-Backed Securities<sup>Footnote Reference(1)</sup> | 34.6% |
| Common Stock | 31.0% |
| Investments in Investee Funds | 11.2% |
| Corporate Bonds & Notes | 7.7% |
| Asset-Backed Securities | 5.7% |
| Bank Debt | 4.1% |
| Sovereign Debt | 3.6% |
| Undertakings For Collective Investment in Transferable Securities | 2.1% |
| U.S. Treasury Obligations | 1.4% |
| Closed-End Fund | 1.2% |
| Purchased Options | 1.2% |
| Exchange-Traded Funds | 0.1% |
| Convertible Bonds | 0.1% |
| Preferred Stock<sup>Footnote Reference(2)</sup> | 0.0% |
| Warrants<sup>Footnote Reference(2)</sup> | 0.0% |
| Money Market Fund<sup>Footnote Reference(2)</sup> | 0.0% |
| Rights<sup>Footnote Reference(2)</sup> | 0.0% |
| Securities Sold Short | -42.3% |
| Repurchase Agreements | 1.9% |
| Other Assets and Liabilities<sup>Footnote Reference(3)</sup> | 36.4% |
| **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/](g14042i24ae37817c51ce5d82fa.jpg)

Blackstone Alternative Multi-Strategy Fund

Class D

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.

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Excludes acquired fund fees & expenses. Amounts would be higher if such fees & expenses were included. |
| Footnote<sup>\*\*</sup> | Cost paid as a percentage of a hypothetical $10,000 investment is an annualized figure. 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 89% for the period ended September 30, 2025. |
| Footnote<sup>(1)</sup> | Includes Agency-Guaranteed TBA securities that are guaranteed by the Federal National Mortgage Association or the Government National Mortgage Association, which represent 26.9% of Total Net Assets. |
| Footnote<sup>(2)</sup> | Represents less than 0.1% of Total Net Assets. |
| Footnote<sup>(3)</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](g14042ifa86638897d2138cf304.jpg)

SEPTEMBER 30, 2025

#### Semi-Annual Shareholder Report

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

\| BXMYX

#### Fund Overview
This semi-annual shareholder report contains important information about Blackstone Alternative Multi-Strategy Fund (the "Fund") for the period of April 1, 2025 to September 30, 2025 (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.

# 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 | $160<sup>Footnote Reference\*</sup> | 3.09%<sup>Footnote Reference\*\*</sup> |

---

# **Key Fund Statistics** (as of September 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $3861813534 |
| Total Number of Portfolio Holdings | 4890 |
| Portfolio Turnover Rate<sup>Footnote Reference\*\*\*</sup> | 202% |

---

**What did the Fund invest in?** (as of September 30, 2025)

---

| | |
|:---|:---|
| Portfolio Composition | Percentage of Total Net Assets |
| Mortgage-Backed Securities<sup>Footnote Reference(1)</sup> | 34.6% |
| Common Stock | 31.0% |
| Investments in Investee Funds | 11.2% |
| Corporate Bonds & Notes | 7.7% |
| Asset-Backed Securities | 5.7% |
| Bank Debt | 4.1% |
| Sovereign Debt | 3.6% |
| Undertakings For Collective Investment in Transferable Securities | 2.1% |
| U.S. Treasury Obligations | 1.4% |
| Closed-End Fund | 1.2% |
| Purchased Options | 1.2% |
| Exchange-Traded Funds | 0.1% |
| Convertible Bonds | 0.1% |
| Preferred Stock<sup>Footnote Reference(2)</sup> | 0.0% |
| Warrants<sup>Footnote Reference(2)</sup> | 0.0% |
| Money Market Fund<sup>Footnote Reference(2)</sup> | 0.0% |
| Rights<sup>Footnote Reference(2)</sup> | 0.0% |
| Securities Sold Short | -42.3% |
| Repurchase Agreements | 1.9% |
| Other Assets and Liabilities<sup>Footnote Reference(3)</sup> | 36.4% |
| **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/](g14042i24ae37817c51ce5d82fa.jpg)

Blackstone Alternative Multi-Strategy Fund

Class Y

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.

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Excludes acquired fund fees & expenses. Amounts would be higher if such fees & expenses were included. |
| Footnote<sup>\*\*</sup> | Cost paid as a percentage of a hypothetical $10,000 investment is an annualized figure. 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 89% for the period ended September 30, 2025. |
| Footnote<sup>(1)</sup> | Includes Agency-Guaranteed TBA securities that are guaranteed by the Federal National Mortgage Association or the Government National Mortgage Association, which represent 26.9% of Total Net Assets. |
| Footnote<sup>(2)</sup> | Represents less than 0.1% of Total Net Assets. |
| Footnote<sup>(3)</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.
Not applicable to this semi-annual report.

#### Item 3. Audit Committee Financial Expert.
Not applicable to this semi-annual report.

#### Item 4. Principal Accountant Fees and Services.
Not applicable to this semi-annual report.

#### 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* 

Semi-Annual Report (Unaudited) For the Six Months Ended September 30, 2025

------

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  [Consolidated Schedule of Investments](#tx14042_1) | 1 |
|  [Consolidated Statement of Assets and Liabilities](#tx14042_2) | 180 |
|  [Consolidated Statement of Operations](#tx14042_3) | 182 |
|  [Consolidated Statement of Changes in Net Assets](#tx14042_4) | 183 |
|  [Consolidated Statement of Cash Flows](#tx14042_5) | 185 |
|  [Consolidated Financial Highlights](#tx14042_6) | 187 |
|  [Notes to Consolidated Financial Statements](#tx14042_7) | 192 |

---

------

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

#### Consolidated Schedule of Investments ^

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
|  **INVESTMENT IN SECURITIES — 102.8%** |  |  |
|  **COMMON STOCK — 31.0%** |  |  |
|  **Africa — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Energy — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kosmos Energy Ltd. (a) | 4400 | $7304 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Materials — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sasol Ltd., ADR (a) | 5000 | 31100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sibanye Stillwater Ltd., ADR (a) | 33900 | 381036 |
|  |  | 412136 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Telecommunication Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IHS Holding Ltd. (a) | 11400 | 77748 |
|  **Total Africa** |  | **497188** |
|  **Asia — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Automobiles & Components — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hesai Group, ADR (a) | 2900 | 81490 |
| &nbsp;&nbsp;&nbsp;&nbsp; NIO, Inc., ADR (a) | 7900 | 60198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Niu Technologies, ADR (a) | 200 | 938 |
|  |  | 142626 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Banks — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (b) | 31700 | 513168 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Capital Goods — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BioNexus Gene Lab Corp. (a) | 3 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Yuchai International Ltd. | 200 | 8274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fujikura Ltd. (a),(b) | 4200 | 410529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greenland Technologies Holding Corp. (a) | 100 | 132 |
|  |  | 418951 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Commercial & Professional Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunrise New Energy Co., Ltd., Class A (a),(c) | 27 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Consumer Durables & Apparel — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Viomi Technology Co., Ltd., ADR (a) | 300 | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Consumer Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Genius Group Ltd. (a) | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Golden Heaven Group Holdings Ltd. (a) | 7 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jiade Ltd., Class A (a) | 1 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; MakeMyTrip Ltd. (a) | 7568 | 708365 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Oriental Education & Technology Group, Inc., ADR (a) | 110 | 5837 |
| &nbsp;&nbsp;&nbsp;&nbsp; TAL Education Group, ADR (a) | 8300 | 92960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wah Fu Education Group Ltd. (a) | 700 | 1288 |
|  |  | 808512 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Diversified Financials — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chenghe Acquisition III Co. (a) | 36872 | $367983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futu Holdings Ltd., ADR (a) | 7300 | 1269543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Exchange Group, Inc. (b) | 22500 | 251419 |
| &nbsp;&nbsp;&nbsp;&nbsp; LexinFintech Holdings Ltd., ADR | 22400 | 119392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lufax Holding Ltd., ADR (a) | 10300 | 41818 |
| &nbsp;&nbsp;&nbsp;&nbsp; X Financial, ADR | 400 | 5504 |
|  |  | 2055659 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Energy — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Leishen Energy Holding Co., Ltd. (a) | 29 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp; OMS Energy Technologies, Inc. (a) | 100 | 425 |
| &nbsp;&nbsp;&nbsp;&nbsp; PTL Ltd., Class A (a) | 7 | 1 |
|  |  | 576 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Food & Staples Retailing — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DingDong Cayman Ltd., ADR (a) | 1500 | 3105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meiwu Technology Co. Ltd. (a) | 50 | 99 |
|  |  | 3204 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Food, Beverage & Tobacco — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RLX Technology, Inc., ADR | 600 | 1578 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Materials — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CN Energy Group, Inc., Class A (a) | 2 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silvercorp Metals, Inc. | 20000 | 126400 |
|  |  | 126405 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Media & Entertainment — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bilibili, Inc., ADR (a) | 2300 | 64607 |
| &nbsp;&nbsp;&nbsp;&nbsp; GD Culture Group Ltd. (a) | 6 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grindr, Inc. (a) | 23400 | 351468 |
| &nbsp;&nbsp;&nbsp;&nbsp; HUYA, Inc., ADR (a) | 100 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp; iQIYI, Inc., ADR (a) | 73800 | 188928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nintendo Co., Ltd. (b) | 9300 | 805265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pop Culture Group Co. Ltd., Class A (a) | 40 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tencent Music Entertainment Group, ADR | 3000 | 70020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weibo Corp., ADR | 6900 | 85560 |
| &nbsp;&nbsp;&nbsp;&nbsp; WiMi Hologram Cloud, Inc., Class B (a) | 93 | 424 |
|  |  | 1566676 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Retailing — 0.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ATRenew, Inc., ADR (a) | 1900 | 8740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baozun, Inc., ADR (a) | 9500 | 38475 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Coupang, Inc. (a),(b) | 152853 | $4921867 |
| &nbsp;&nbsp;&nbsp;&nbsp; J-Long Group Ltd., Class A (a) | 45 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sea Ltd., ADR (a) | 29200 | 5218916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Lifestyle Co., Ltd., ADR (a) | 10 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vipshop Holdings Ltd., ADR | 1800 | 35352 |
|  |  | 10223681 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Semiconductors & Semiconductor Equipment — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnachip Semiconductor Corp. (a) | 4700 | 14711 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Microelectronics Corp., ADR | 13100 | 99298 |
|  |  | 114009 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Software & Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agora, Inc., ADR (a) | 800 | 3056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vnet Group, Inc., ADR (a) | 60400 | 623932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xunlei Ltd., ADR (a) | 100 | 957 |
|  |  | 627945 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Technology Hardware & Equipment — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Canaan, Inc., ADR (a) | 79200 | 69823 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Telecommunication Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; KT Corp., ADR | 2400 | 46800 |
| &nbsp;&nbsp;&nbsp;&nbsp; VEON Ltd., ADR (a) | 400 | 21772 |
|  |  | 68572 |
|  **Total Asia** |  | **16742425** |
|  **Europe — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Automobiles & Components — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrari NV (b) | 3163 | 1528485 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Capital Goods — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Holdings NV | 9700 | 1173700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Luxfer Holdings PLC, ADR | 2100 | 29190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rheinmetall AG (b) | 226 | 526558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens AG (b) | 6404 | 1723267 |
|  |  | 3452715 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Consumer Durables & Apparel — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Birkenstock Holding PLC (a) | 18921 | 856175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Financiere Richemont SA (b) | 1511 | 287755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ermenegildo Zegna NV | 800 | 7560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moncler SpA (b) | 1063 | 62239 |
|  |  | 1213729 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Diversified Financials — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Klarna Group PLC (a) | 9460 | $346709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marex Group PLC | 60187 | 2023487 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG (b) | 37608 | 1536289 |
|  |  | 3906485 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Energy — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinor ASA (b) | 8563 | 208850 |
| &nbsp;&nbsp;&nbsp;&nbsp; FLEX LNG Ltd. | 200 | 5040 |
| &nbsp;&nbsp;&nbsp;&nbsp; KNOT Offshore Partners LP | 2800 | 24696 |
| &nbsp;&nbsp;&nbsp;&nbsp; StealthGas, Inc. (a) | 3800 | 24890 |
|  |  | 263476 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Food, Beverage & Tobacco — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomad Foods Ltd. | 6800 | 89420 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Health Care Equipment & Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; OneMedNet Corp. (a) | 31 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Media & Entertainment — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Criteo SA, ADR (a) | 2800 | 63280 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Pharmaceuticals, Biotechnology & Life Sciences — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AC Immune SA (a) | 200 | 578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Achilles Therapeutics PLC, ADR (a),(d) | 1700 | 2516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amarin Corp. PLC, ADR (a) | 685 | 11220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argenx SE, ADR (a) | 1400 | 1032584 |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC, ADR (b) | 5170 | 396643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bicycle Therapeutics PLC, ADR (a) | 1500 | 11610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Pathways PLC, ADR (a) | 8700 | 49851 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRISPR Therapeutics AG (a) | 7800 | 505518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genmab AS, ADR (a) | 17000 | 521390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Immunocore Holdings PLC, ADR (a) | 4100 | 148953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mereo Biopharma Group PLC, ADR (a) | 3300 | 6798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk AS, ADR | 11300 | 627037 |
| &nbsp;&nbsp;&nbsp;&nbsp; ProQR Therapeutics NV (a) | 4500 | 9585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prothena Corp. PLC (a) | 3000 | 29280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silence Therapeutics PLC, ADR (a) | 1500 | 7785 |
| &nbsp;&nbsp;&nbsp;&nbsp; uniQure NV (a) | 10700 | 624559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zura Bio Ltd. (a) | 3100 | 13423 |
|  |  | 3999330 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Retailing — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jumia Technologies AG, ADR (a) | 9700 | 112617 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Semiconductors & Semiconductor Equipment — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Infineon Technologies AG (b) | 5428 | $211575 |
| &nbsp;&nbsp;&nbsp;&nbsp; NXP Semiconductors NV (b) | 4413 | 1004973 |
|  |  | 1216548 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Software & Services — 0.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture PLC, Class A | 5500 | 1356300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argo Blockchain PLC, ADR (a) | 100 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materialise NV, ADR (a) | 100 | 557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nebius Group NV (a) | 89241 | 10019087 |
|  |  | 11375970 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Transportation — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diana Shipping, Inc. | 100 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Ship Lease, Inc., Class A | 8300 | 254810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryanair Holdings PLC, ADR | 50 | 3011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safe Bulkers, Inc. | 2700 | 11988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Star Bulk Carriers Corp. | 24 | 446 |
|  |  | 270423 |
|  **Total Europe** |  | **27492512** |
|  **Middle East — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Automobiles & Components — 0.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mobileye Global, Inc., Class A (a) | 430213 | 6074607 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Capital Goods — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Elbit Systems Ltd. | 9460 | 4822708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nano Dimension Ltd., ADR (a) | 2800 | 4396 |
|  |  | 4827104 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Diversified Financials — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Etoro Group Ltd., Class A (a) | 18921 | 780870 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Health Care Equipment & Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brainsway Ltd., ADR (a) | 700 | 10549 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Household & Personal Products — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oddity Tech Ltd., Class A (a) | 3400 | 211820 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Media & Entertainment — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Taboola.com Ltd. (a) | 14300 | 48763 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Pharmaceuticals, Biotechnology & Life Sciences — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Compugen Ltd. (a) | 4900 | 7203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kamada Ltd. (a) | 600 | 4164 |
|  |  | 11367 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Semiconductors & Semiconductor Equipment — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Camtek Ltd. (a) | 4300 | $451715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valens Semiconductor Ltd. (a) | 1800 | 3222 |
|  |  | 454937 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Software & Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alarum Technologies Ltd., ADR (a) | 300 | 4482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allot Ltd. (a) | 300 | 3174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognyte Software Ltd. (a) | 500 | 4200 |
| &nbsp;&nbsp;&nbsp;&nbsp; SimilarWeb Ltd. (a) | 100 | 930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wix.com Ltd. (a) | 1600 | 284208 |
|  |  | 296994 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Technology Hardware & Equipment — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AudioCodes Ltd. | 1400 | 13328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ceragon Networks Ltd. (a) | 1000 | 2330 |
|  |  | 15658 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Telecommunication Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkcell Iletisim Hizmetleri AS, ADR | 1500 | 9030 |
|  **Total Middle East** |  | **12741699** |
|  **North America — 29.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Automobiles & Components — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Axle & Manufacturing Holdings, Inc. (a) | 2434 | 14628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Empery Digital, Inc. (a) | 49 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Co. (b) | 33763 | 2058530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Holley, Inc. (a) | 800 | 2512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Motorcar Parts of America, Inc. (a) | 800 | 13232 |
| &nbsp;&nbsp;&nbsp;&nbsp; QuantumScape Corp. (a) | 15000 | 184800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rivian Automotive, Inc., Class A (a) | 230900 | 3389612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stoneridge, Inc. (a) | 1500 | 11430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc. (a) | 100 | 44472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Winnebago Industries, Inc. | 200 | 6688 |
|  |  | 5726273 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Banks — 3.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1st Source Corp. | 300 | 18468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amerant Bancorp, Inc. | 2100 | 40467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameris Bancorp | 144380 | 10584498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arrow Financial Corp. | 522 | 14773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Associated Banc-Corp. | 1400 | 35994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlantic Union Bankshares Corp. | 270408 | 9542698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avidbank Holdings, Inc. (a) | 10264 | 261732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banc of California, Inc. | 1774 | 29360 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. (b) | 271010 | $13981406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Hawaii Corp. | 200 | 13128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Marin Bancorp | 600 | 14568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bar Harbor Bankshares | 200 | 6092 |
| &nbsp;&nbsp;&nbsp;&nbsp; BayCom Corp. | 200 | 5750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blue Ridge Bankshares, Inc. (a) | 500 | 2115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bridgewater Bancshares, Inc. (a) | 600 | 10560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Business First Bancshares, Inc. | 600 | 14166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Byline Bancorp, Inc. | 300 | 8319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadence Bank | 405089 | 15207041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camden National Corp. | 300 | 11577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital City Bank Group, Inc. | 200 | 8358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capitol Federal Financial, Inc. | 12400 | 78740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carter Bankshares, Inc. (a) | 400 | 7764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Pacific Financial Corp. | 2300 | 69782 |
| &nbsp;&nbsp;&nbsp;&nbsp; ChoiceOne Financial Services, Inc. | 200 | 5792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. (b) | 1837 | 186456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Civista Bancshares, Inc. | 2260 | 45901 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNB Financial Corp. | 500 | 12100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coastal Financial Corp. (a) | 300 | 32451 |
| &nbsp;&nbsp;&nbsp;&nbsp; CoastalSouth Bancshares, Inc. (a) | 16004 | 349047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colony Bankcorp, Inc. | 900 | 15309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia Banking System, Inc. | 7291 | 187670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia Financial, Inc. (a) | 100 | 1501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comerica, Inc. | 228320 | 15644486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commerce Bancshares, Inc. | 900 | 53784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Community Trust Bancorp, Inc. | 400 | 22380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Community West Bancshares | 100 | 2084 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConnectOne Bancorp, Inc. | 1042 | 25852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cullen/Frost Bankers, Inc. | 1300 | 164801 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVB Financial Corp. | 200 | 3782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eagle Bancorp, Inc. | 168727 | 3411660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Farmers National Banc Corp. | 800 | 11528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Institutions, Inc. | 400 | 10880 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Bank | 200 | 3258 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Busey Corp. | 33 | 764 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Community Bankshares, Inc. | 200 | 6960 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Community Corp. | 1100 | 31042 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Financial Corp. | 200 | 11288 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Foundation, Inc. (a) | 481090 | 2679671 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Horizon Corp. | 688490 | 15566759 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Internet Bancorp | 200 | 4486 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Interstate BancSystem, Inc., Class A | 61937 | 1973932 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Western Financial, Inc. (a) | 30202 | 695401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Firstsun Capital Bancorp (a) | 600 | 23274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Five Star Bancorp | 100 | 3220 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Flagstar Financial, Inc. | 1668 | $19265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flushing Financial Corp. | 7100 | 98051 |
| &nbsp;&nbsp;&nbsp;&nbsp; FS Bancorp, Inc. | 100 | 3992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Great Southern Bancorp, Inc. | 100 | 6125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hanmi Financial Corp. | 1700 | 41973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heritage Commerce Corp. | 4300 | 42699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heritage Financial Corp. | 1800 | 43542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilltop Holdings, Inc. | 600 | 20052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hingham Institution For Savings | 18752 | 4946403 |
| &nbsp;&nbsp;&nbsp;&nbsp; HomeTrust Bancshares, Inc. | 300 | 12282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hope Bancorp, Inc. | 15700 | 169089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Horizon Bancorp, Inc. | 1800 | 28818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent Bank Corp. | 600 | 18585 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 42200 | 13311146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kearny Financial Corp. | 10900 | 71613 |
| &nbsp;&nbsp;&nbsp;&nbsp; LCNB Corp. | 200 | 2998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Live Oak Bancshares, Inc. | 1400 | 49308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercantile Bank Corp. | 300 | 13500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metrocity Bankshares, Inc. | 100 | 2769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Bank Holding Corp. | 400 | 29928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Midland States Bancorp, Inc. | 1100 | 18854 |
| &nbsp;&nbsp;&nbsp;&nbsp; MidWestOne Financial Group, Inc. | 200 | 5658 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Bank Holdings Corp., Class A | 400 | 15456 |
| &nbsp;&nbsp;&nbsp;&nbsp; NB Bancorp, Inc. | 600 | 10590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northfield Bancorp, Inc. | 2600 | 30680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northpointe Bancshares, Inc. | 20665 | 352958 |
| &nbsp;&nbsp;&nbsp;&nbsp; OceanFirst Financial Corp. | 3400 | 59738 |
| &nbsp;&nbsp;&nbsp;&nbsp; OFG Bancorp | 1300 | 56537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Second Bancorp, Inc. | 100 | 1729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orrstown Financial Services, Inc. | 487 | 16548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pathward Financial, Inc. | 600 | 44406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peapack-Gladstone Financial Corp. | 600 | 16560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peoples Bancorp, Inc. | 600 | 17994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Bank | 400 | 36156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Primis Financial Corp. | 33714 | 354334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Provident Financial Services, Inc. | 1243 | 23965 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBB Bancorp | 400 | 7504 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&T Bancorp, Inc. | 200 | 7518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seacoast Banking Corp. of Florida | 367101 | 11170883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shore Bancshares, Inc. | 200 | 3282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sierra Bancorp | 200 | 5782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simmons First National Corp., Class A | 14491 | 277792 |
| &nbsp;&nbsp;&nbsp;&nbsp; SmartFinancial, Inc. | 6335 | 226350 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Plains Financial, Inc. | 400 | 15460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern First Bancshares, Inc. (a) | 100 | 4412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Missouri Bancorp, Inc. | 100 | 5256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southside Bancshares, Inc. | 1700 | 48025 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Southstate Bank Corp. | 32 | $3164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stellar Bancorp, Inc. | 119184 | 3616043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Capital Bancshares, Inc. (a) | 40497 | 3423211 |
| &nbsp;&nbsp;&nbsp;&nbsp; TFS Financial Corp. | 300 | 3953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tompkins Financial Corp. | 100 | 6621 |
| &nbsp;&nbsp;&nbsp;&nbsp; TriCo Bancshares | 700 | 31087 |
| &nbsp;&nbsp;&nbsp;&nbsp; TrustCo Bank Corp. | 420 | 15246 |
| &nbsp;&nbsp;&nbsp;&nbsp; UMB Financial Corp. | 20 | 2367 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Bankshares, Inc. | 100 | 3721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Univest Financial Corp. | 1000 | 30020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Trust Bancorp, Inc. | 700 | 20230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. (b) | 6359 | 533011 |
| &nbsp;&nbsp;&nbsp;&nbsp; West BanCorp, Inc. | 200 | 4064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westamerica BanCorp | 900 | 44991 |
|  |  | 130659169 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Capital Goods — 3.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3D Systems Corp. (a) | 30700 | 89030 |
| &nbsp;&nbsp;&nbsp;&nbsp; AeroVironment, Inc. (a) | 22705 | 7149577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allient, Inc. | 300 | 13425 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMETEK, Inc. | 91250 | 17155000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amprius Technologies, Inc. (a) | 8300 | 87316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apogee Enterprises, Inc. | 1200 | 52284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Armstrong World Industries, Inc. | 300 | 58803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atkore, Inc. | 200 | 12548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atmus Filtration Technologies, Inc. | 30 | 1353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ballard Power Systems, Inc. (a) | 72100 | 196112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bloom Energy Corp., Class A (a) | 52638 | 4451596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blue Bird Corp. (a) | 1200 | 69060 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlueLinx Holdings, Inc. (a) | 600 | 43848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boise Cascade Co. | 200 | 15464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centuri Holdings, Inc. (a) | 113524 | 2403303 |
| &nbsp;&nbsp;&nbsp;&nbsp; ChargePoint Holdings, Inc. (a) | 25 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cleancore Solutions, Inc., Class B (a) | 30 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbus McKinnon Corp. | 400 | 5736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Vehicle Group, Inc. (a) | 7200 | 12240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Concrete Pumping Holdings, Inc. (a) | 1100 | 7755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cummins, Inc. | 31 | 13093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dover Corp. | 100 | 16683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enovix Corp. (a) | 3100 | 30907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Signal Corp. | 400 | 47596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Firefly Aerospace, Inc. (a) | 28182 | 826296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fluence Energy, Inc. (a) | 18500 | 199800 |
| &nbsp;&nbsp;&nbsp;&nbsp; FreightCar America, Inc. (a) | 400 | 3912 |
| &nbsp;&nbsp;&nbsp;&nbsp; FTAI Aviation Ltd. | 800 | 133488 |
| &nbsp;&nbsp;&nbsp;&nbsp; FTC Solar, Inc. (a) | 0 | 164 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; FuelCell Energy, Inc. (a) | 7421 | $57884 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE Vernova, Inc. | 15600 | 9592440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Industrial Co. | 700 | 25669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gorman-Rupp Co. (The) | 400 | 18564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Graco, Inc. | 75313 | 6398593 |
| &nbsp;&nbsp;&nbsp;&nbsp; GrafTech International Ltd. (a) | 130 | 1667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Granite Construction, Inc. | 100 | 10965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Great Lakes Dredge & Dock Corp. (a) | 3400 | 40766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Griffon Corp. | 1300 | 98995 |
| &nbsp;&nbsp;&nbsp;&nbsp; HEICO Corp. | 4700 | 1517254 |
| &nbsp;&nbsp;&nbsp;&nbsp; HEICO Corp., Class A | 67800 | 17227302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Helios Technologies, Inc. | 200 | 10426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 2300 | 484150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hudson Technologies, Inc. (a) | 2600 | 25818 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEX Corp. | 31312 | 5096341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insteel Industries, Inc. | 300 | 11502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuitive Machines, Inc. (a) | 3300 | 34716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Karat Packaging, Inc. | 100 | 2521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Karman Holdings, Inc. (a) | 66222 | 4781228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kennametal, Inc. | 300 | 6279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kratos Defense & Security Solutions, Inc. (a) | 94603 | 8643876 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. (b) | 3506 | 1070767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legence Corp., Class A (a) | 75683 | 2331793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 26100 | 13029381 |
| &nbsp;&nbsp;&nbsp;&nbsp; LSI Industries, Inc. | 100 | 2361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Manitowoc Co., Inc. (The) (a) | 3800 | 38038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microvast Holdings, Inc. (a) | 900 | 3465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miller Industries, Inc. | 300 | 12126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Momentus, Inc. (a) | 2 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Power, Inc. (a) | 2600 | 7826 |
| &nbsp;&nbsp;&nbsp;&nbsp; NPK International, Inc. (a) | 1100 | 12441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nuvve Holding Corp. (a) | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NWPX Infrastructure, Inc. (a) | 400 | 21172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Park Aerospace Corp. | 500 | 10170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Plug Power, Inc. (a) | 13400 | 31222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanex Building Products Corp. | 100 | 1422 |
| &nbsp;&nbsp;&nbsp;&nbsp; QXO, Inc. (a) | 75683 | 1442518 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Bearings, Inc. (a) | 46338 | 18085258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redwire Corp. (a) | 1400 | 12586 |
| &nbsp;&nbsp;&nbsp;&nbsp; SES AI Corp. (a) | 5600 | 9352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simpson Manufacturing Co., Inc. | 46802 | 7837463 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPX Technologies, Inc. (a) | 14191 | 2650595 |
| &nbsp;&nbsp;&nbsp;&nbsp; StandardAero, Inc. (a) | 70952 | 1936280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stem, Inc. (a) | 100 | 1752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stratasys Ltd. (a) | 100 | 1120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunrun, Inc. (a) | 39885 | 689612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Symbotic, Inc. (a) | 700 | 37730 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Tecogen, Inc. (a) | 400 | $3524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermon Group Holdings, Inc. (a) | 1500 | 40080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tigo Energy, Inc. (a) | 400 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Timken Co. | 600 | 45108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Titan Machinery, Inc. (a) | 1000 | 16740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tutor Perini Corp. (a) | 1600 | 104944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultralife Corp. (a) | 400 | 2728 |
| &nbsp;&nbsp;&nbsp;&nbsp; V2X, Inc. (a) | 18921 | 1099121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voyager Technologies, Inc., Class A (a) | 35486 | 1056773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wabash National Corp. | 500 | 4935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westwater Resources, Inc. (a) | 3300 | 3131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Willis Lease Finance Corp. | 800 | 109672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xos, Inc. (a) | 700 | 1890 |
|  |  | 138949778 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Commercial & Professional Services — 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABM Industries, Inc. | 100 | 4612 |
| &nbsp;&nbsp;&nbsp;&nbsp; ACCO Brands Corp. | 8400 | 33516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amentum Holdings, Inc. (a) | 791 | 18944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bitcoin Depot, Inc. (a) | 5800 | 19488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding Corp. | 200 | 19990 |
| &nbsp;&nbsp;&nbsp;&nbsp; BrightView Holdings, Inc. (a) | 2800 | 37520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cintas Corp. | 1200 | 246312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Civeo Corp. | 325 | 7475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clean Harbors, Inc. (a) | 700 | 162554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Copart, Inc. (a) | 200000 | 8994000 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRA International, Inc. | 1500 | 312795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ennis, Inc. | 500 | 9140 |
| &nbsp;&nbsp;&nbsp;&nbsp; ExlService Holdings, Inc. (a) | 12800 | 563584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exponent, Inc. | 3600 | 250128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiverr International Ltd. (a) | 5300 | 129373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forrester Research, Inc. (a) | 1500 | 15900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin Covey Co. (a) | 600 | 11646 |
| &nbsp;&nbsp;&nbsp;&nbsp; GEE Group, Inc. (a) | 5200 | 1075 |
| &nbsp;&nbsp;&nbsp;&nbsp; GEO Group, Inc. (a) | 1000 | 20490 |
| &nbsp;&nbsp;&nbsp;&nbsp; HNI Corp. | 34 | 1593 |
| &nbsp;&nbsp;&nbsp;&nbsp; IBEX Holdings Ltd. (a) | 1600 | 64832 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICF International, Inc. | 1000 | 92800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insperity, Inc. | 1900 | 93480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kelly Services, Inc., Class A | 5600 | 73472 |
| &nbsp;&nbsp;&nbsp;&nbsp; ManpowerGroup, Inc. | 100 | 3790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Millennium Corp. (a),(b),(d) | 60879 | 2906972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mistras Group, Inc. (a) | 400 | 3936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paycom Software, Inc. | 2100 | 437094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paylocity Holding Corp. (a) | 400 | 63708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Planet Labs PBC (a) | 1200 | 15576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quad/Graphics, Inc. | 2400 | 15024 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; RCM Technologies, Inc. (a) | 500 | $13275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic Services, Inc. | 300 | 68844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resources Connection, Inc. | 300 | 1515 |
| &nbsp;&nbsp;&nbsp;&nbsp; ShiftPixy, Inc. (a),(d) | 1 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spire Global, Inc. (a) | 350 | 3847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tetra Tech, Inc. | 100 | 3338 |
| &nbsp;&nbsp;&nbsp;&nbsp; TrueBlue, Inc. (a) | 700 | 4291 |
| &nbsp;&nbsp;&nbsp;&nbsp; TTEC Holdings, Inc. (a) | 10900 | 36624 |
| &nbsp;&nbsp;&nbsp;&nbsp; UL Solutions, Inc., Class A | 37841 | 2681413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Upwork, Inc. (a) | 5900 | 109563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verisk Analytics, Inc., Class A (b) | 4994 | 1256041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Connections, Inc. | 5500 | 966900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Willdan Group, Inc. (a) | 1100 | 106359 |
|  |  | 19882836 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Consumer Durables & Apparel — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Algorhythm Holdings, Inc. (a) | 5 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allbirds, Inc., Class A (a) | 395 | 2240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capri Holdings Ltd. (a) | 200 | 3984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carter's, Inc. | 800 | 22576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cricut, Inc., Class A | 500 | 3145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crocs, Inc. (a) | 100 | 8355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Figs, Inc., Class A (a) | 2100 | 14049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fossil Group, Inc. (a) | 10800 | 27756 |
| &nbsp;&nbsp;&nbsp;&nbsp; GoPro, Inc., Class A (a) | 21800 | 46216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hooker Furnishings Corp. | 300 | 3045 |
| &nbsp;&nbsp;&nbsp;&nbsp; iRobot Corp. (a) | 7200 | 25848 |
| &nbsp;&nbsp;&nbsp;&nbsp; JAKKS Pacific, Inc. | 400 | 7492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Outdoors, Inc., Class A | 300 | 12117 |
| &nbsp;&nbsp;&nbsp;&nbsp; KB Home | 200 | 12728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legacy Housing Corp. (a) | 500 | 13755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leggett & Platt, Inc. | 12500 | 111000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennar Corp., Class A | 300 | 37812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Levi Strauss & Co., Class A | 1300 | 30290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lululemon Athletica, Inc. (a) | 100 | 17793 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/I Homes, Inc. (a) | 200 | 28888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oxford Industries, Inc. | 600 | 24324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peloton Interactive, Inc., Class A (a) | 75500 | 679500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Polaris, Inc. | 6700 | 389471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purple Innovation, Inc. (a) | 2400 | 2242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ralph Lauren Corp. | 300 | 94068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smith & Wesson Brands, Inc. | 10600 | 104198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonos, Inc. (a) | 2500 | 39500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sturm Ruger & Co., Inc. | 1500 | 65205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Superior Group of Cos., Inc. | 200 | 2144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tapestry, Inc. | 1800 | 203796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tri Pointe Homes, Inc. (a) | 900 | 30573 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Twin Vee PowerCats Co. (a) | 100 | $274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unifi, Inc. (a) | 1800 | 8568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Electronics, Inc. (a) | 1200 | 5592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vera Bradley, Inc. (a) | 900 | 1809 |
|  |  | 2080366 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Consumer Services — 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accel Entertainment, Inc. (a) | 100 | 1107 |
| &nbsp;&nbsp;&nbsp;&nbsp; ADT, Inc. | 99903 | 870155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbnb, Inc., Class A (a) | 72600 | 8815092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amesite, Inc. (a) | 33 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Rock Coffee Bar, Inc., Class A (a) | 18921 | 451455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bloomin' Brands, Inc. | 19700 | 141249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions, Inc. (a) | 900 | 97713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brinker International, Inc. (a) | 5800 | 734744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc. (a) | 24 | 648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carriage Services, Inc. | 900 | 40086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chegg, Inc. (a) | 22800 | 34428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coursera, Inc. (a) | 2500 | 29275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dine Brands Global, Inc. | 3600 | 88992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Domino's Pizza, Inc. | 100 | 43171 |
| &nbsp;&nbsp;&nbsp;&nbsp; DoorDash, Inc., Class A (a),(b) | 33367 | 9075490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duolingo, Inc. (a) | 7400 | 2381616 |
| &nbsp;&nbsp;&nbsp;&nbsp; El Pollo Loco Holdings, Inc. (a) | 500 | 4850 |
| &nbsp;&nbsp;&nbsp;&nbsp; European Wax Center, Inc., Class A (a) | 1900 | 7581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Frontdoor, Inc. (a) | 200 | 13458 |
| &nbsp;&nbsp;&nbsp;&nbsp; GEN Restaurant Group, Inc. (a) | 300 | 825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Golden Entertainment, Inc. | 100 | 2358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilton Grand Vacations, Inc. (a) | 28381 | 1186610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | 1200 | 311328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jack in the Box, Inc. | 1700 | 33609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kura Sushi USA, Inc., Class A (a) | 300 | 17823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Life Time Group Holdings, Inc. (a) | 9600 | 264960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Light & Wonder, Inc. (a) | 100 | 8394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln Educational Services Corp. (a) | 800 | 18800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lindblad Expeditions Holdings, Inc. (a) | 2100 | 26880 |
| &nbsp;&nbsp;&nbsp;&nbsp; McGraw Hill, Inc. (a) | 37794 | 474315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perdoceo Education Corp. | 200 | 7532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Red Robin Gourmet Burgers, Inc. (a) | 1100 | 7546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rush Street Interactive, Inc. (a) | 10900 | 223232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabre Corp. (a) | 29300 | 53619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonder Holdings, Inc. (a) | 25 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stubhub Holdings, Inc., Class A (a) | 28381 | 477936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sweetgreen, Inc., Class A (a) | 9500 | 75810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Udemy, Inc. (a) | 4000 | 28040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viking Holdings Ltd. (a) | 30800 | 1914528 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Wendy's Co. | 2600 | $23816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wingstop, Inc. (b) | 563 | 141696 |
|  |  | 28130900 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Diversified Financials — 2.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acadian Asset Management, Inc. | 40102 | 1931312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alerus Financial Corp. | 400 | 8856 |
| &nbsp;&nbsp;&nbsp;&nbsp; ARMOUR Residential REIT, Inc. | 40 | 598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlanticus Holdings Corp. (a) | 100 | 5858 |
| &nbsp;&nbsp;&nbsp;&nbsp; B Riley Financial, Inc. (a) | 100 | 597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bain Capital Specialty Finance, Inc. | 1400 | 19950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barings BDC, Inc. | 2200 | 19272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B (a),(b) | 490 | 246343 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock TCP Capital Corp. | 8401 | 52086 |
| &nbsp;&nbsp;&nbsp;&nbsp; BrightSpire Capital, Inc. | 1300 | 7059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bullish (a) | 34807 | 2214073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. (b) | 5583 | 1186834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Southwest Corp. | 9600 | 209856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlyle Secured Lending, Inc. | 700 | 8750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cass Information Systems, Inc. | 200 | 7866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | 101600 | 9699752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cherry Hill Mortgage Investment Corp. | 2900 | 6931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chime Financial, Inc., Class A (a) | 28981 | 584547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chimera Investment Corp. | 698 | 9228 |
| &nbsp;&nbsp;&nbsp;&nbsp; CION Investment Corp. | 800 | 7584 |
| &nbsp;&nbsp;&nbsp;&nbsp; CME Group, Inc. | 16212 | 4380320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Diversified Holdings | 2400 | 15888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corebridge Financial, Inc. | 94603 | 3032026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Acceptance Corp. (a) | 200 | 93386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crescent Capital BDC, Inc. | 1100 | 15686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dave, Inc. (a) | 2400 | 478440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essent Group Ltd. | 1100 | 69916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euronet Worldwide, Inc. (a) | 100 | 8781 |
| &nbsp;&nbsp;&nbsp;&nbsp; EZCORP, Inc., Class A (a) | 13800 | 262752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. (b) | 26674 | 1758884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Figure Technology Solutions, Inc., Class A (a) | 55330 | 2012352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc. (a) | 1000 | 128930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flywire Corp. (a) | 47362 | 641281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galaxy Digital, Inc., Class A (a) | 378413 | 12794144 |
| &nbsp;&nbsp;&nbsp;&nbsp; GCM Grosvenor, Inc., Class A | 47186 | 569535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gemini Space Station, Inc., Class A (a) | 27339 | 655042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. | 200 | 159270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Granite Point Mortgage Trust, Inc. | 1500 | 4500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Green Dot Corp., Class A (a) | 11700 | 157131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hercules Capital, Inc. | 7900 | 149389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Brokers Group, Inc., Class A | 50800 | 3495548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco Mortgage Capital, Inc. | 3600 | 27216 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Jackson Financial, Inc., Class A | 200 | $20246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies Financial Group, Inc. | 9000 | 588780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferson Capital, Inc. | 21841 | 376976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ladder Capital Corp., Class A | 11300 | 123283 |
| &nbsp;&nbsp;&nbsp;&nbsp; LendingClub Corp. (a) | 5100 | 77469 |
| &nbsp;&nbsp;&nbsp;&nbsp; LPL Financial Holdings, Inc. | 4730 | 1573624 |
| &nbsp;&nbsp;&nbsp;&nbsp; MarketAxess Holdings, Inc. | 67402 | 11744798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marqeta, Inc., Class A (a) | 339388 | 1791969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | 19600 | 11148676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medallion Financial Corp. | 1400 | 14140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merchants Bancorp | 50 | 1590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miami International Holdings, Inc. (a) | 109666 | 4415153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mogo, Inc. (a) | 3 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 300 | 47688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morningstar, Inc. | 400 | 92804 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI, Inc., Class A | 2000 | 1134820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nasdaq, Inc. | 95003 | 8403015 |
| &nbsp;&nbsp;&nbsp;&nbsp; NewtekOne, Inc. | 28168 | 322524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Trust Corp. | 13836 | 1862326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nuveen Churchill Direct Lending Corp. | 1600 | 22080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oaktree Specialty Lending Corp. | 31 | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp; OFS Capital Corp. | 1900 | 14611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Onity Group, Inc. (a) | 94 | 3756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Open Lending Corp., Class A (a) | 19100 | 40301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oportun Financial Corp. (a) | 8700 | 53679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oppenheimer Holdings, Inc., Class A | 600 | 44346 |
| &nbsp;&nbsp;&nbsp;&nbsp; OppFi, Inc. (a) | 6800 | 77044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oxford Square Capital Corp. | 3000 | 4770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palmer Square Capital BDC, Inc. | 900 | 11043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payoneer Global, Inc. (a) | 35700 | 215985 |
| &nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc. (a) | 2300 | 154238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paysafe Ltd. (a) | 975 | 12597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paysign, Inc. (a) | 2900 | 18241 |
| &nbsp;&nbsp;&nbsp;&nbsp; PennyMac Financial Services, Inc. | 1600 | 198208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Piper Sandler Cos. | 11060 | 3837709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prestige Wealth, Inc. (a) | 20 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Priority Technology Holdings, Inc. (a) | 1400 | 9618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prospect Capital Corp. | 59000 | 162250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Radian Group, Inc. | 1200 | 43464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regional Management Corp. | 200 | 7792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rithm Property Trust, Inc. | 6200 | 15624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Robinhood Markets, Inc., Class A (a) | 1100 | 157498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rocket Cos., Inc., Class A (a) | 61336 | 1188692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Runway Growth Finance Corp. | 8600 | 87376 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc. | 12 | 5841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shift4 Payments, Inc., Class A (a) | 7730 | 598302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silvercrest Asset Management Group, Inc., Class A | 400 | 6300 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sixth Street Specialty Lending, Inc. | 605 | $13830 |
| &nbsp;&nbsp;&nbsp;&nbsp; SLM Corp. | 1600 | 44288 |
| &nbsp;&nbsp;&nbsp;&nbsp; SLR Investment Corp. | 3900 | 59631 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoFi Technologies, Inc. (a) | 266905 | 7051630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc. | 189206 | 3664920 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Corp. | 1200 | 139212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stellus Capital Investment Corp. | 2100 | 27426 |
| &nbsp;&nbsp;&nbsp;&nbsp; SuRo Capital Corp. | 100 | 900 |
| &nbsp;&nbsp;&nbsp;&nbsp; TPG RE Finance Trust, Inc. | 10900 | 93304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tradeweb Markets, Inc., Class A | 3149 | 349476 |
| &nbsp;&nbsp;&nbsp;&nbsp; TriplePoint Venture Growth BDC Corp., Class B | 4300 | 24811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Two Harbors Investment Corp. | 50 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Upstart Holdings, Inc. (a) | 1900 | 96520 |
| &nbsp;&nbsp;&nbsp;&nbsp; UWM Holdings Corp. | 49800 | 303282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Velocity Financial, Inc. (a) | 100 | 1814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 7651 | 2611898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walker & Dunlop, Inc. | 500 | 41810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waterstone Financial, Inc. | 300 | 4680 |
| &nbsp;&nbsp;&nbsp;&nbsp; WhiteHorse Finance, Inc. | 3500 | 24220 |
| &nbsp;&nbsp;&nbsp;&nbsp; WisdomTree, Inc. | 11100 | 154290 |
|  |  | 112577875 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Energy — 0.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aemetis, Inc. (a) | 200 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp; APA Corp. | 337 | 8182 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Resources Corp. | 500 | 26590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 100 | 23498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crescent Energy Co., Class A | 830 | 7404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delek U.S. Holdings, Inc. | 2700 | 87129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denison Mines Corp. (a) | 131900 | 362725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corp. | 17 | 596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. (b) | 7485 | 1071104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Energy Co. PLC (c) | 8838 | 123820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dorian LPG Ltd. (a) | 400 | 11920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Encore Energy Corp. (a) | 2700 | 8667 |
| &nbsp;&nbsp;&nbsp;&nbsp; EON Resources, Inc. (a) | 900 | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT Corp. (b) | 14052 | 764850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flowco Holdings, Inc., Class A | 13244 | 196673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forum Energy Technologies, Inc. (a) | 400 | 10684 |
| &nbsp;&nbsp;&nbsp;&nbsp; FutureFuel Corp. | 5000 | 19400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Green Plains, Inc. (a) | 10300 | 90537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Houston American Energy Corp. (a) | 40 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infinity Natural Resources, Inc., Class A (a) | 9460 | 124021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kodiak Gas Services, Inc. | 28221 | 1043330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lightbridge Corp. (a) | 700 | 14847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 5200 | 1002248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nabors Industries Ltd. (a) | 200 | 8174 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; NACCO Industries, Inc., Class A | 100 | $4216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natural Gas Services Group, Inc. | 400 | 11196 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Fortress Energy, Inc. (a) | 15800 | 34918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordic American Tankers Ltd. | 5500 | 17270 |
| &nbsp;&nbsp;&nbsp;&nbsp; North American Construction Group Ltd. | 1600 | 22720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Obsidian Energy Ltd. (a) | 200 | 1308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil States International, Inc. (a) | 600 | 3636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ovintiv, Inc. | 1318 | 53221 |
| &nbsp;&nbsp;&nbsp;&nbsp; PBF Energy, Inc., Class A | 7100 | 214207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Precision Drilling Corp. (a) | 400 | 22544 |
| &nbsp;&nbsp;&nbsp;&nbsp; ProPetro Holding Corp. (a) | 1100 | 5764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ring Energy, Inc. (a) | 17100 | 18639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC, ADR (b) | 12031 | 860578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC (b) | 58555 | 2094362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solaris Energy Infrastructure, Inc., Class A | 1800 | 71946 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Bow Corp. | 1900 | 53751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transocean Ltd. (a) | 718194 | 2240765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uranium Energy Corp. (a) | 200 | 2668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ur-Energy, Inc. (a) | 500 | 895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp. | 4400 | 749144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Venture Global, Inc., Class A | 14100 | 200079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vermilion Energy, Inc. | 4800 | 37536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viper Energy, Inc., Class A (b) | 55157 | 2108101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vital Energy, Inc. (a) | 550 | 9290 |
| &nbsp;&nbsp;&nbsp;&nbsp; W&T Offshore, Inc. | 19700 | 35854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weatherford International PLC (b) | 7280 | 498170 |
|  |  | 14380315 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Financial Services — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Curo Group Holdings LLC (a),(b),(d) | 645803 | 5004973 |
| &nbsp;&nbsp;&nbsp;&nbsp; PennantPark Investment Corp. | 11600 | 77836 |
|  |  | 5082809 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Food & Staples Retailing — 0.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Andersons, Inc. | 100 | 3981 |
| &nbsp;&nbsp;&nbsp;&nbsp; BBB Foods, Inc., Class A (a) | 23651 | 637631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 10100 | 9348863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar General Corp. | 800 | 82680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guardian Pharmacy Services, Inc., Class A (a) | 18921 | 496298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingles Markets, Inc., Class A | 500 | 34780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maison Solutions, Inc., Class A (a) | 46 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natural Grocers by Vitamin Cottage, Inc., Class C | 100 | 4000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sprouts Farmers Market, Inc. (a) | 1100 | 119680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Village Super Market, Inc., Class A | 200 | 7472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 31800 | 3277308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weis Markets, Inc. | 1100 | 79057 |
|  |  | 14091802 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Food, Beverage & Tobacco — 0.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AgriFORCE Growing Systems Ltd. (a) | 1 | $3 |
| &nbsp;&nbsp;&nbsp;&nbsp; B&G Foods, Inc., Class A | 19200 | 85056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beeline Holdings, Inc. (a) | 19 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Calavo Growers, Inc. | 300 | 7722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Campbell's Co. | 39000 | 1231620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celsius Holdings, Inc. (a) | 13700 | 787613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Co. (b) | 92 | 6102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands, Inc. | 114900 | 2103819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darling Ingredients, Inc. (a) | 100 | 3087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flowers Foods, Inc. | 1100 | 14355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hain Celestial Group, Inc. (The) (a) | 21600 | 34128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hormel Foods Corp. | 25000 | 618500 |
| &nbsp;&nbsp;&nbsp;&nbsp; J.M. Smucker Co. | 12100 | 1314060 |
| &nbsp;&nbsp;&nbsp;&nbsp; JBS NV, Class A (a),(b) | 59366 | 886334 |
| &nbsp;&nbsp;&nbsp;&nbsp; John B Sanfilippo & Son, Inc. | 1300 | 83564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Co. (b) | 75 | 1953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Laird Superfood, Inc. (a) | 400 | 2232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lifeway Foods, Inc. (a) | 100 | 2776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Limoneira Co. | 400 | 5940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marzetti Co. | 200 | 34558 |
| &nbsp;&nbsp;&nbsp;&nbsp; MGP Ingredients, Inc. | 2100 | 50799 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Beverage Corp. (a) | 2600 | 95992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp. (a) | 2600 | 105872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Post Holdings, Inc. (a) | 800 | 85984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Primo Brands Corp., Class A | 94603 | 2090726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simply Good Foods Co. (a) | 300 | 7446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smithfield Foods, Inc. | 79192 | 1859428 |
| &nbsp;&nbsp;&nbsp;&nbsp; SunOpta, Inc. (a) | 900 | 5274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tootsie Roll Industries, Inc. | 1345 | 56383 |
| &nbsp;&nbsp;&nbsp;&nbsp; TreeHouse Foods, Inc. (a) | 1500 | 30315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turning Point Brands, Inc. | 200 | 19772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyson Foods, Inc., Class A | 6700 | 363810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Corp. | 1900 | 106153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utz Brands, Inc. | 400 | 4860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Village Farms International, Inc. (a) | 12600 | 39438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vita Coco Co., Inc. (The) (a) | 3000 | 127410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vital Farms, Inc. (a) | 3800 | 156370 |
|  |  | 12429529 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Health Care Equipment & Services — 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accuray, Inc. (a) | 900 | 1503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alignment Healthcare, Inc. (a) | 9100 | 158795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphatec Holdings, Inc. (a) | 16500 | 239910 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Well Corp., Class A (a) | 335 | 2060 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMN Healthcare Services, Inc. (a) | 4300 | 83248 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; AngioDynamics, Inc. (a) | 600 | $6702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Artivion, Inc. (a) | 1000 | 42340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assure Holdings Corp. (a) | 0 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp; ATI Physical Therapy, Inc. (a),(b),(d) | 876 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ATI Physical Therapy, Inc. (a),(b),(d) | 214905 | 290122 |
| &nbsp;&nbsp;&nbsp;&nbsp; AtriCure, Inc. (a) | 5300 | 186825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aveanna Healthcare Holdings, Inc. (a) | 100 | 887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beta Bionics, Inc. (a) | 300 | 5961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bioventus, Inc., Class A (a) | 600 | 4014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp. (a) | 71700 | 7000071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookdale Senior Living, Inc. (a) | 9 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp; CareCloud, Inc. (a) | 1700 | 5457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centene Corp. (a) | 105300 | 3757104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ceribell, Inc. (a) | 2800 | 32172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cerus Corp. (a) | 11900 | 18921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cigna Group (b) | 1380 | 397785 |
| &nbsp;&nbsp;&nbsp;&nbsp; ClearPoint Neuro, Inc. (a) | 1300 | 28327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Community Health Systems, Inc. (a) | 29400 | 94374 |
| &nbsp;&nbsp;&nbsp;&nbsp; CorVel Corp. (a) | 200 | 15484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cosmos Health, Inc. (a) | 47 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVRx, Inc. (a) | 700 | 5649 |
| &nbsp;&nbsp;&nbsp;&nbsp; DaVita, Inc. (a),(b) | 8 | 1063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Definitive Healthcare Corp. (a) | 1300 | 5278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dexcom, Inc. (a) | 1900 | 127851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electromed, Inc. (a) | 1800 | 44190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Encompass Health Corp. | 300 | 38106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolent Health, Inc., Class A (a) | 500 | 4230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fulgent Genetics, Inc. (a) | 700 | 15820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glaukos Corp. (a) | 300 | 24465 |
| &nbsp;&nbsp;&nbsp;&nbsp; GoodRx Holdings, Inc., Class A (a) | 10100 | 42723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guardant Health, Inc. (a) | 28800 | 1799424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Catalyst, Inc. (a) | 900 | 2565 |
| &nbsp;&nbsp;&nbsp;&nbsp; HealthStream, Inc. | 1900 | 53656 |
| &nbsp;&nbsp;&nbsp;&nbsp; HeartFlow, Inc. (a) | 9460 | 318424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hinge Health, Inc., Class A (a) | 47301 | 2321533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc. | 12400 | 3226108 |
| &nbsp;&nbsp;&nbsp;&nbsp; InfuSystem Holdings, Inc. (a) | 500 | 5180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inogen, Inc. (a) | 400 | 3268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Integra LifeSciences Holdings Corp. (a) | 5600 | 80248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc. (a),(b) | 29694 | 13280048 |
| &nbsp;&nbsp;&nbsp;&nbsp; iRadimed Corp. | 400 | 28464 |
| &nbsp;&nbsp;&nbsp;&nbsp; iSpecimen, Inc. (a) | 26 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; LeMaitre Vascular, Inc. | 200 | 17502 |
| &nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. | 11352 | 8769874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic PLC | 75683 | 7208049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merit Medical Systems, Inc. (a) | 1500 | 124845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Molina Healthcare, Inc. (a) | 5000 | 956800 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; National HealthCare Corp. | 400 | $48604 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Research Corp. | 100 | 1278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neuronetics, Inc. (a) | 1200 | 3276 |
| &nbsp;&nbsp;&nbsp;&nbsp; NeuroPace, Inc. (a) | 200 | 2062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novocure Ltd. (a) | 1000 | 12920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omnicell, Inc. (a) | 1200 | 36540 |
| &nbsp;&nbsp;&nbsp;&nbsp; OPKO Health, Inc. (a) | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; OptimizeRx Corp. (a) | 100 | 2050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Option Care Health, Inc. (a) | 2100 | 58296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Outset Medical, Inc. (a) | 366 | 5168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Owens & Minor, Inc. (a) | 7400 | 35520 |
| &nbsp;&nbsp;&nbsp;&nbsp; PACS Group, Inc. (a) | 3600 | 49428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennant Group, Inc. (a) | 2100 | 52962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pulmonx Corp. (a) | 3000 | 4860 |
| &nbsp;&nbsp;&nbsp;&nbsp; RxSight, Inc. (a) | 9800 | 88102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schrodinger, Inc. (a) | 8300 | 166498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Select Medical Holdings Corp. | 900 | 11556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senseonics Holdings, Inc. (a) | 7700 | 3356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sensus Healthcare, Inc. (a) | 300 | 942 |
| &nbsp;&nbsp;&nbsp;&nbsp; SI-BONE, Inc. (a) | 2700 | 39744 |
| &nbsp;&nbsp;&nbsp;&nbsp; SiNtx Technologies, Inc. (a) | 43 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stereotaxis, Inc. (a) | 2300 | 7153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tactile Systems Technology, Inc. (a) | 400 | 5536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tandem Diabetes Care, Inc. (a) | 15600 | 189384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teladoc Health, Inc. (a) | 10900 | 84257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenet Healthcare Corp. (a),(b) | 2103 | 426993 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransMedics Group, Inc. (a) | 5500 | 617100 |
| &nbsp;&nbsp;&nbsp;&nbsp; TruBridge, Inc. (a) | 1200 | 24204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Varex Imaging Corp. (a) | 3400 | 42160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viemed Healthcare, Inc. (a) | 1600 | 10864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waystar Holding Corp. (a) | 58495 | 2218130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zynex, Inc. (a) | 4800 | 6960 |
|  |  | 55133746 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Household & Personal Products — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Church & Dwight Co., Inc. | 200 | 17526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clorox Co. | 14900 | 1837170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 4700 | 375718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coty, Inc., Class A (a) | 24600 | 99384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edgewell Personal Care Co. | 3100 | 63116 |
| &nbsp;&nbsp;&nbsp;&nbsp; elf Beauty, Inc. (a) | 200 | 26496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energizer Holdings, Inc. | 400 | 9956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc., Class A | 600 | 52872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Herbalife Ltd. (a) | 8900 | 75116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kenvue, Inc. (b) | 93301 | 1514275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medifast, Inc. (a) | 2600 | 35542 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Nature's Sunshine Products, Inc. (a) | 600 | $9312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nu Skin Enterprises, Inc., Class A | 11400 | 138966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olaplex Holdings, Inc. (a) | 12200 | 15982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reynolds Consumer Products, Inc. | 3000 | 73410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spectrum Brands Holdings, Inc. | 5000 | 262650 |
| &nbsp;&nbsp;&nbsp;&nbsp; USANA Health Sciences, Inc. (a) | 400 | 11020 |
|  |  | 4618511 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Insurance — 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accelerant Holdings, Class A (a) | 37841 | 563452 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Coastal Insurance Corp., Class C (a) | 800 | 9112 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Integrity Insurance Group, Inc. (a) | 300 | 6693 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMERISAFE, Inc. | 100 | 4384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arch Capital Group Ltd. (a) | 121400 | 11014622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bowhead Specialty Holdings, Inc. (a) | 17391 | 470253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown & Brown, Inc. | 70952 | 6654588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubb Ltd. (b) | 10106 | 2852419 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNA Financial Corp. | 300 | 13938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crawford & Co., Class A | 300 | 3210 |
| &nbsp;&nbsp;&nbsp;&nbsp; eHealth, Inc. (a) | 5800 | 24998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Employers Holdings, Inc. | 200 | 8496 |
| &nbsp;&nbsp;&nbsp;&nbsp; F&G Annuities & Life, Inc. | 800 | 25016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Financial, Inc. | 100 | 6049 |
| &nbsp;&nbsp;&nbsp;&nbsp; First American Financial Corp. | 500 | 32120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greenlight Capital Re Ltd., Class A (a) | 800 | 10160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hagerty, Inc., Class A (a) | 1400 | 16856 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCI Group, Inc. | 1100 | 211123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hearthside Equity (a),(b) | 215636 | 4135683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heritage Insurance Holdings, Inc. (a) | 2700 | 67986 |
| &nbsp;&nbsp;&nbsp;&nbsp; James River Group Holdings Ltd. | 6900 | 38295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kemper Corp. | 200 | 10310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingstone Cos., Inc. | 400 | 5880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinsale Capital Group, Inc. | 22100 | 9398246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lemonade, Inc. (a) | 7427 | 397567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 11600 | 2337748 |
| &nbsp;&nbsp;&nbsp;&nbsp; MBIA, Inc. (a) | 1500 | 11175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercury General Corp. | 2200 | 186516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progressive Corp. | 16700 | 4124065 |
| &nbsp;&nbsp;&nbsp;&nbsp; RLI Corp. | 168750 | 11005875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Selectquote, Inc. (a) | 500 | 980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skyward Specialty Insurance Group, Inc. (a) | 4000 | 190240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Slide Insurance Holdings, Inc. (a) | 200 | 3157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trupanion, Inc. (a) | 300 | 12984 |
| &nbsp;&nbsp;&nbsp;&nbsp; TWFG, Inc. (a) | 10160 | 278790 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Fire Group, Inc. | 1300 | 39546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Insurance Holdings, Inc. | 4300 | 113090 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Unum Group | 2900 | $225562 |
| &nbsp;&nbsp;&nbsp;&nbsp; W R Berkley Corp. | 130500 | 9998910 |
|  |  | 64510094 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Materials — 0.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AdvanSix, Inc. | 400 | 7752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Albemarle Corp. | 7500 | 608100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alto Ingredients, Inc. (a) | 200 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Vanguard Corp. (a) | 2700 | 15498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ampco-Pittsburgh Corp. (a) | 300 | 687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aspen Aerogels, Inc. (a) | 1000 | 6960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aura Minerals, Inc. | 1000 | 37210 |
| &nbsp;&nbsp;&nbsp;&nbsp; B2Gold Corp. | 148100 | 733095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Balchem Corp. | 1200 | 180072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celanese Corp. (b) | 7415 | 312023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centerra Gold, Inc. | 4800 | 51504 |
| &nbsp;&nbsp;&nbsp;&nbsp; CF Industries Holdings, Inc. | 400 | 35880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearwater Paper Corp. (a) | 200 | 4152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc. (a) | 6300 | 76860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coeur Mining, Inc. (a) | 1 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Holdings, Inc. | 1000 | 96590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dow, Inc. | 3600 | 82548 |
| &nbsp;&nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. (b) | 25363 | 1975778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eastman Chemical Co. | 3500 | 220675 |
| &nbsp;&nbsp;&nbsp;&nbsp; EMX Royalty Corp. (a) | 1400 | 7210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinox Gold Corp. (a) | 1700 | 19074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franco-Nevada Corp. | 7000 | 1560370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galiano Gold, Inc. (a) | 2600 | 5694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gold Resource Corp. (a) | 2800 | 2341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gold Royalty Corp. (a) | 7400 | 28564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntsman Corp. | 13800 | 123924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hycroft Mining Holding Corp. (a) | 1640 | 10168 |
| &nbsp;&nbsp;&nbsp;&nbsp; i-80 Gold Corp. (a) | 28100 | 26847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Innospec, Inc. | 600 | 46296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Integra Resources Corp. (a) | 1100 | 3245 |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Tech Packaging, Inc. (a) | 4000 | 1155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koppers Holdings, Inc. | 400 | 11200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde PLC | 26000 | 12350000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana-Pacific Corp. | 200 | 17768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mativ Holdings, Inc. | 100 | 1131 |
| &nbsp;&nbsp;&nbsp;&nbsp; McEwen, Inc. (a) | 300 | 5130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metalla Royalty & Streaming Ltd. (a) | 3600 | 22860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mosaic Co. | 11700 | 405756 |
| &nbsp;&nbsp;&nbsp;&nbsp; MP Materials Corp. (a) | 37841 | 2537996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Dynasty Minerals Ltd. (a) | 10500 | 12600 |
| &nbsp;&nbsp;&nbsp;&nbsp; O-I Glass, Inc. (a) | 1600 | 20752 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; OR Royalties, Inc. | 8500 | $340680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Osisko Development Corp. (a) | 4000 | 13560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rayonier Advanced Materials, Inc. (a) | 1100 | 7942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scotts Miracle-Gro Co. | 1300 | 74035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (b) | 805 | 278739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tredegar Corp. (a) | 1300 | 10439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trilogy Metals, Inc. (a) | 2000 | 4200 |
| &nbsp;&nbsp;&nbsp;&nbsp; TriMas Corp. | 900 | 34776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triple Flag Precious Metals Corp. | 6500 | 190190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vox Royalty Corp. | 100 | 430 |
|  |  | 22620691 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Media & Entertainment — 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C (b) | 1074 | 261573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A (b) | 5093 | 1238108 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMC Networks, Inc., Class A (a) | 6300 | 51912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Omaha Corp., Class A (a) | 100 | 1308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bumble, Inc., Class A (a) | 17400 | 105966 |
| &nbsp;&nbsp;&nbsp;&nbsp; BuzzFeed, Inc. (a) | 23 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cineverse Corp. (a) | 19 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc. (a) | 2300 | 3634 |
| &nbsp;&nbsp;&nbsp;&nbsp; CuriosityStream, Inc. | 200 | 1060 |
| &nbsp;&nbsp;&nbsp;&nbsp; DoubleVerify Holdings, Inc. (a) | 1300 | 15574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entravision Communications Corp., Class A | 700 | 1631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eventbrite, Inc., Class A (a) | 13800 | 34776 |
| &nbsp;&nbsp;&nbsp;&nbsp; EW Scripps Co. (The), Class A (a) | 8700 | 21402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Corp., Class A | 1900 | 119814 |
| &nbsp;&nbsp;&nbsp;&nbsp; fuboTV, Inc. (a) | 73500 | 305025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gannett Co., Inc. (a) | 800 | 3304 |
| &nbsp;&nbsp;&nbsp;&nbsp; iHeartMedia, Inc., Class A (a) | 3100 | 8897 |
| &nbsp;&nbsp;&nbsp;&nbsp; IMAX Corp. (a) | 1400 | 45850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Learfield Communications LLC (a),(b),(d) | 91802 | 9639210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty Formula One, Class C (a),(b) | 5234 | 546691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty Live, Class C (a),(b) | 5323 | 516171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty Live, Class A (a),(b) | 3290 | 310247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc. (a) | 14191 | 2318809 |
| &nbsp;&nbsp;&nbsp;&nbsp; LQR House, Inc. (a) | 29 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A (b) | 7772 | 5707601 |
| &nbsp;&nbsp;&nbsp;&nbsp; MNTN, Inc., Class A (a) | 9460 | 175483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc. (a),(b) | 11406 | 13674882 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Times Co., Class A | 18600 | 1067640 |
| &nbsp;&nbsp;&nbsp;&nbsp; News Corp., Class B | 47301 | 1634250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nextdoor Holdings, Inc. (a) | 10200 | 21318 |
| &nbsp;&nbsp;&nbsp;&nbsp; NIQ Global Intelligence PLC (a) | 113524 | 1782327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinterest, Inc., Class A (a) | 400 | 12868 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Playstudios, Inc. (a) | 4500 | $4332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Playtika Holding Corp. | 20898 | 81293 |
| &nbsp;&nbsp;&nbsp;&nbsp; PubMatic, Inc., Class A (a) | 1600 | 13248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reddit, Inc., Class A (a) | 28400 | 6531716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reservoir Media, Inc. (a) | 600 | 4884 |
| &nbsp;&nbsp;&nbsp;&nbsp; ROBLOX Corp., Class A (a) | 96300 | 13339476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roku, Inc. (a) | 21100 | 2112743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sirius XM Holdings, Inc. | 5281 | 122915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skillz, Inc. (a) | 200 | 1600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snap, Inc., Class A (a) | 174700 | 1346937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stagwell, Inc. (a) | 100 | 563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc. (a),(b) | 24626 | 6362373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teads Holding Co. (a) | 800 | 1320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thryv Holdings, Inc. (a) | 200 | 2412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Townsquare Media, Inc., Class A | 2600 | 17472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trade Desk, Inc., Class A (a) | 10800 | 529308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travelzoo (a) | 1300 | 12779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Treasure Global, Inc. (a) | 4 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; TrueCar, Inc. (a) | 700 | 1288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vimeo, Inc. (a) | 601 | 4658 |
| &nbsp;&nbsp;&nbsp;&nbsp; ZipRecruiter, Inc., Class A (a) | 1800 | 7596 |
|  |  | 70126376 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Pharmaceuticals, Biotechnology & Life Sciences — 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10X Genomics, Inc., Class A (a) | 15700 | 183533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4D Molecular Therapeutics, Inc. (a) | 9300 | 80817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aardvark Therapeutics, Inc. (a) | 200 | 2658 |
| &nbsp;&nbsp;&nbsp;&nbsp; AbCellera Biologics, Inc. (a) | 71300 | 358639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Achieve Life Sciences, Inc. (a) | 1600 | 5040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aclaris Therapeutics, Inc. (a) | 6300 | 11970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Acrivon Therapeutics, Inc. (a) | 2600 | 4706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Actinium Pharmaceuticals, Inc. (a) | 3114 | 4982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Acumen Pharmaceuticals, Inc. (a) | 6300 | 10773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adicet Bio, Inc. (a) | 13742 | 11134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adverum Biotechnologies, Inc. (a) | 270 | 1223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aldeyra Therapeutics, Inc. (a) | 1500 | 7830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alector, Inc. (a) | 11200 | 33152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alkermes PLC (a) | 800 | 24000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allogene Therapeutics, Inc. (a) | 53200 | 65968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, Inc. (a) | 13400 | 6110400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Altimmune, Inc. (a) | 20600 | 77662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alto Neuroscience, Inc. (a) | 1200 | 4824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alumis, Inc. (a) | 512 | 2043 |
| &nbsp;&nbsp;&nbsp;&nbsp; ALX Oncology Holdings, Inc. (a) | 12800 | 23424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amicus Therapeutics, Inc. (a) | 300 | 2364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amylyx Pharmaceuticals, Inc. (a) | 6400 | 86976 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; AN2 Therapeutics, Inc. (a) | 3100 | $3937 |
| &nbsp;&nbsp;&nbsp;&nbsp; AnaptysBio, Inc. (a) | 5100 | 156162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anavex Life Sciences Corp. (a) | 12600 | 112140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anika Therapeutics, Inc. (a) | 800 | 7520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Therapeutics, Inc. (a) | 200 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arcus Biosciences, Inc. (a) | 2800 | 38080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ardelyx, Inc. (a) | 23300 | 128383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assertio Holdings, Inc. (a) | 11150 | 9821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atea Pharmaceuticals, Inc. (a) | 9200 | 26680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Athira Pharma, Inc. (a) | 360 | 1490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aurinia Pharmaceuticals, Inc. (a) | 2800 | 30940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aytu BioPharma, Inc. (a) | 200 | 376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bausch Health Cos., Inc. (a) | 2500 | 16125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beam Therapeutics, Inc. (a) | 3500 | 84945 |
| &nbsp;&nbsp;&nbsp;&nbsp; BioAge Labs, Inc. (a) | 400 | 2352 |
| &nbsp;&nbsp;&nbsp;&nbsp; BioAtla, Inc. (a) | 1000 | 688 |
| &nbsp;&nbsp;&nbsp;&nbsp; BioCardia, Inc. (a) | 47 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp; BioCryst Pharmaceuticals, Inc. (a) | 50300 | 381777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biofrontera, Inc. (a) | 14 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biohaven Ltd. (a) | 2200 | 33022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biomea Fusion, Inc. (a) | 6800 | 13736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bridgebio Pharma, Inc. (a) | 21900 | 1137486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 23300 | 1050830 |
| &nbsp;&nbsp;&nbsp;&nbsp; C4 Therapeutics, Inc. (a) | 14700 | 32634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cabaletta Bio, Inc. (a) | 7800 | 18252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canopy Growth Corp. (a) | 20 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capricor Therapeutics, Inc. (a) | 400 | 2884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardiol Therapeutics, Inc., Class A (a) | 200 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caribou Biosciences, Inc. (a) | 20200 | 47066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caris Life Sciences, Inc. (a) | 18921 | 572360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cassava Sciences, Inc. (a) | 11500 | 33465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cellectar Biosciences, Inc. (a) | 1 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; CEL-SCI Corp. (a) | 45 | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Century Therapeutics, Inc. (a) | 12100 | 6026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citius Pharmaceuticals, Inc. (a) | 38 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Climb Bio, Inc. (a) | 1900 | 3819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collegium Pharmaceutical, Inc. (a) | 200 | 6998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corcept Therapeutics, Inc. (a) | 1700 | 141287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corvus Pharmaceuticals, Inc. (a) | 4400 | 32428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cronos Group, Inc. (a) | 900 | 2502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cytek Biosciences, Inc. (a) | 200 | 694 |
| &nbsp;&nbsp;&nbsp;&nbsp; CytomX Therapeutics, Inc. (a) | 200 | 638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Design Therapeutics, Inc. (a) | 2700 | 20331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominari Holdings, Inc. (a) | 300 | 2127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dynavax Technologies Corp. (a) | 18200 | 180726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Editas Medicine, Inc. (a) | 18900 | 65583 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 200 | $152600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enanta Pharmaceuticals, Inc. (a) | 3700 | 44289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entrada Therapeutics, Inc. (a) | 200 | 1160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Erasca, Inc. (a) | 5500 | 11990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Esperion Therapeutics, Inc. (a) | 34000 | 90100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essa Pharma, Inc. | 3700 | 707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ethzilla Corp. (a) | 31 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eton Pharmaceuticals, Inc. (a) | 1900 | 41287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exagen, Inc. (a) | 700 | 7693 |
| &nbsp;&nbsp;&nbsp;&nbsp; EyePoint Pharmaceuticals, Inc. (a) | 300 | 4272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fate Therapeutics, Inc. (a) | 18700 | 23562 |
| &nbsp;&nbsp;&nbsp;&nbsp; FibroGen, Inc. (a) | 185 | 2266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortrea Holdings, Inc. (a) | 1500 | 12630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortress Biotech, Inc. (a) | 20 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fulcrum Therapeutics, Inc. (a) | 1400 | 12880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Generation Bio Co. (a) | 50 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Geron Corp. (a) | 7200 | 9864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ginkgo Bioworks Holdings, Inc. (a) | 12 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gossamer Bio, Inc. (a) | 31400 | 82582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halozyme Therapeutics, Inc. (a) | 4800 | 352032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harvard Bioscience, Inc. (a) | 3100 | 1359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heron Therapeutics, Inc. (a) | 5200 | 6552 |
| &nbsp;&nbsp;&nbsp;&nbsp; High Tide, Inc. (a) | 1600 | 5808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Humacyte, Inc. (a) | 4700 | 8178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyperion DeFi, Inc. (a) | 49 | 469 |
| &nbsp;&nbsp;&nbsp;&nbsp; ImmunityBio, Inc. (a) | 102 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp; IN8bio, Inc. (a) | 500 | 1085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inovio Pharmaceuticals, Inc. (a) | 1308 | 3061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insmed, Inc. (a),(b) | 17614 | 2536592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intellia Therapeutics, Inc. (a) | 25700 | 443839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ionis Pharmaceuticals, Inc. (a) | 32000 | 2093440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iovance Biotherapeutics, Inc. (a) | 21600 | 46872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ironwood Pharmaceuticals, Inc. (a) | 38900 | 50959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jade Biosciences, Inc. (a) | 5 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kairos Pharma Ltd. (a) | 35 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keros Therapeutics, Inc. (a) | 500 | 7910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kezar Life Sciences, Inc. (a) | 1050 | 4095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kiniksa Pharmaceuticals International PLC, Class A (a) | 1300 | 50479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kodiak Sciences, Inc. (a) | 4600 | 75302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kura Oncology, Inc. (a) | 2500 | 22125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kymera Therapeutics, Inc. (a) | 7000 | 396200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyverna Therapeutics, Inc. (a) | 1400 | 8400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Larimar Therapeutics, Inc. (a) | 5733 | 18517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leap Therapeutics, Inc. (a) | 1900 | 863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legend Biotech Corp., ADR (a) | 7400 | 241314 |
| &nbsp;&nbsp;&nbsp;&nbsp; LENZ Therapeutics, Inc. (a) | 28 | 1304 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Liquidia Corp. (a) | 4700 | $106878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lyell Immunopharma, Inc. (a) | 145 | 2355 |
| &nbsp;&nbsp;&nbsp;&nbsp; MacroGenics, Inc. (a) | 13000 | 21840 |
| &nbsp;&nbsp;&nbsp;&nbsp; MannKind Corp. (a) | 31800 | 170766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maravai LifeSciences Holdings, Inc., Class A (a) | 27900 | 80073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medpace Holdings, Inc. (a) | 1800 | 925488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. (b) | 4093 | 343525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mersana Therapeutics, Inc. (a) | 992 | 7698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metagenomi, Inc. (a) | 300 | 711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Milestone Pharmaceuticals, Inc. (a) | 2700 | 5400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mind Medicine MindMed, Inc. (a) | 294 | 3466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mirum Pharmaceuticals, Inc. (a) | 4300 | 315233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moderna, Inc. (a) | 93300 | 2409939 |
| &nbsp;&nbsp;&nbsp;&nbsp; MoonLake Immunotherapeutics (a) | 100 | 717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mural Oncology PLC (a) | 200 | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Myriad Genetics, Inc. (a) | 5700 | 41211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nektar Therapeutics (a) | 2160 | 122904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neumora Therapeutics, Inc. (a) | 17400 | 31668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc. (a) | 1500 | 210570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nkarta, Inc. (a) | 2400 | 4968 |
| &nbsp;&nbsp;&nbsp;&nbsp; NovaBay Pharmaceuticals, Inc. (a) | 31 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nurix Therapeutics, Inc. (a) | 2600 | 24024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nuvation Bio, Inc. (a) | 11800 | 43660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ocular Therapeutix, Inc. (a) | 100 | 1169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olema Pharmaceuticals, Inc. (a) | 1400 | 13706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omeros Corp. (a) | 9500 | 38950 |
| &nbsp;&nbsp;&nbsp;&nbsp; OmniAb, Inc. (a) | 600 | 960 |
| &nbsp;&nbsp;&nbsp;&nbsp; OnKure Therapeutics, Inc., Class A (a) | 470 | 1292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Opus Genetics, Inc. (a) | 200 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Organon & Co. | 1700 | 18156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ovid therapeutics, Inc. (a) | 1800 | 2340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perspective Therapeutics, Inc. (a) | 8710 | 29875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phio Pharmaceuticals Corp. (a) | 4 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pliant Therapeutics, Inc. (a) | 14700 | 21756 |
| &nbsp;&nbsp;&nbsp;&nbsp; PMV Pharmaceuticals, Inc. (a) | 5200 | 7280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Precision BioSciences, Inc. (a) | 1011 | 5581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prelude Therapeutics, Inc. (a) | 5600 | 8064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Puma Biotechnology, Inc. (a) | 1800 | 9558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pyxis Oncology, Inc. (a) | 900 | 1998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanterix Corp. (a) | 1845 | 10018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rani Therapeutics Holdings, Inc., Class A (a) | 200 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp; RAPT Therapeutics, Inc. (a) | 812 | 20941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recursion Pharmaceuticals, Inc., Class A (a) | 2200 | 10736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 23000 | 12932210 |
| &nbsp;&nbsp;&nbsp;&nbsp; REGENXBIO, Inc. (a) | 2000 | 19300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Relay Therapeutics, Inc. (a) | 18700 | 97614 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Relmada Therapeutics, Inc. (a) | 2300 | $4623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rigel Pharmaceuticals, Inc. (a) | 390 | 11049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rocket Pharmaceuticals, Inc. (a) | 25300 | 82478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royalty Pharma PLC, Class A | 100 | 3528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sangamo Therapeutics, Inc. (a) | 37000 | 24916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sarepta Therapeutics, Inc. (a) | 23400 | 450918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Savara, Inc. (a) | 900 | 3213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seer, Inc. (a) | 5700 | 12369 |
| &nbsp;&nbsp;&nbsp;&nbsp; SELLAS Life Sciences Group, Inc. (a) | 33 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Septerna, Inc. (a) | 100 | 1881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shattuck Labs, Inc. (a) | 2700 | 6453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spyre Therapeutics, Inc. (a) | 4700 | 78772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Structure Therapeutics, Inc., ADR (a) | 3000 | 84000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Summit Therapeutics, Inc. (a),(b) | 349 | 7210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sutro Biopharma, Inc. (a) | 7100 | 6166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Syndax Pharmaceuticals, Inc. (a) | 6500 | 100003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tango Therapeutics, Inc. (a) | 900 | 7560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tempus AI, Inc. (a) | 400 | 32284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenaya Therapeutics, Inc. (a) | 3000 | 4860 |
| &nbsp;&nbsp;&nbsp;&nbsp; TG Therapeutics, Inc. (a) | 3100 | 111988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Theravance Biopharma, Inc. (a) | 1800 | 26280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Theriva Biologics, Inc. (a) | 431 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransCode Therapeutics, Inc. (a) | 1 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travere Therapeutics, Inc. (a) | 16100 | 384790 |
| &nbsp;&nbsp;&nbsp;&nbsp; TScan Therapeutics, Inc. (a) | 3700 | 6734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tvardi Therapeutics, Inc. (a) | 222 | 8651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyra Biosciences, Inc. (a) | 700 | 9793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultragenyx Pharmaceutical, Inc. (a) | 8600 | 258688 |
| &nbsp;&nbsp;&nbsp;&nbsp; UroGen Pharma Ltd. (a) | 700 | 13965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanda Pharmaceuticals, Inc. (a) | 13800 | 68862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ventyx Biosciences, Inc. (a) | 9000 | 27990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verastem, Inc. (a) | 308 | 2720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viking Therapeutics, Inc. (a) | 24500 | 643860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vir Biotechnology, Inc. (a) | 5700 | 32547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vistagen Therapeutics, Inc. (a) | 1747 | 6202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voyager Therapeutics, Inc. (a) | 400 | 1868 |
| &nbsp;&nbsp;&nbsp;&nbsp; VYNE Therapeutics, Inc. (a) | 400 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp; WaVe Life Sciences Ltd. (a) | 1700 | 12444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Werewolf Therapeutics, Inc. (a) | 3000 | 5910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Whitehawk Therapeutics, Inc. (a) | 700 | 1330 |
| &nbsp;&nbsp;&nbsp;&nbsp; X4 Pharmaceuticals, Inc. (a) | 50 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xencor, Inc. (a) | 12300 | 144279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xeris Biopharma Holdings, Inc. (a) | 13764 | 112039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xilio Therapeutics, Inc. (a) | 400 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zentalis Pharmaceuticals, Inc. (a) | 17300 | 26123 |
|  |  | 39352655 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Real Estate — 0.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agree Realty Corp. | 24900 | $1768896 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp., Class A | 100 | 19232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brandywine Realty Trust | 300 | 1251 |
| &nbsp;&nbsp;&nbsp;&nbsp; CareTrust REIT, Inc. | 75683 | 2624686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Community Healthcare Trust, Inc. | 400 | 6120 |
| &nbsp;&nbsp;&nbsp;&nbsp; COPT Defense Properties | 2700 | 78462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc. (b) | 204 | 159781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Four Corners Property Trust, Inc. | 6200 | 151280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin Street Properties Corp. | 800 | 1280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Getty Realty Corp. | 1800 | 48294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hudson Pacific Properties, Inc. (a) | 12400 | 34224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lineage, Inc. | 37841 | 1462176 |
| &nbsp;&nbsp;&nbsp;&nbsp; LTC Properties, Inc. | 2300 | 84778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medical Properties Trust, Inc. | 19900 | 100893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Millrose Properties, Inc., Class A | 1600 | 53776 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Health Investors, Inc. | 800 | 63600 |
| &nbsp;&nbsp;&nbsp;&nbsp; NETSTREIT Corp. | 16200 | 292572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Office Properties Income Trust | 15200 | 5004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orion Properties, Inc. | 700 | 1890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Piedmont Realty Trust, Inc., Class A | 2300 | 20700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Postal Realty Trust, Inc., Class A | 3100 | 48639 |
| &nbsp;&nbsp;&nbsp;&nbsp; SL Green Realty Corp. | 49 | 2931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Strawberry Fields REIT, Inc. | 700 | 8610 |
|  |  | 7039075 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Real Estate Management & Development — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Avalon GloboCare Corp. (a) | 3 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Douglas Elliman, Inc. (a) | 2800 | 8008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forestar Group, Inc. (a) | 1100 | 29249 |
| &nbsp;&nbsp;&nbsp;&nbsp; FRP Holdings, Inc. (a) | 300 | 7308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Landbridge Co. LLC, Class A | 19721 | 1052116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newmark Group, Inc., Class A | 100 | 1865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Brokerage, Inc. (a) | 400 | 1672 |
| &nbsp;&nbsp;&nbsp;&nbsp; RMR Group, Inc. (The), Class A | 500 | 7865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seritage Growth Properties, Class A (a) | 800 | 3400 |
|  |  | 1111490 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Retailing — 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1stdibs.com, Inc. (a) | 2200 | 5698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc. (a),(b) | 64722 | 14211010 |
| &nbsp;&nbsp;&nbsp;&nbsp; America's Car-Mart, Inc. (a) | 19600 | 572516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bed Bath & Beyond, Inc. (a) | 10500 | 102795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | 700 | 52934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Big 5 Sporting Goods Corp. (a) | 800 | 1152 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Brilliant Earth Group, Inc., Class A | 1200 | $2484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Burlington Stores, Inc. (a),(b) | 2470 | 628615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camping World Holdings, Inc., Class A | 6500 | 102635 |
| &nbsp;&nbsp;&nbsp;&nbsp; CarMax, Inc. (a) | 500 | 22435 |
| &nbsp;&nbsp;&nbsp;&nbsp; CarParts.com, Inc. (a) | 5000 | 3556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carvana Co. (a) | 26800 | 10110032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cato Corp. (The), Class A | 1500 | 6315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chewy, Inc., Class A (a) | 70681 | 2859046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Children's Place, Inc. (a) | 100 | 621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citi Trends, Inc. (a) | 900 | 27927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Designer Brands, Inc., Class A | 8900 | 31506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Destination XL Group, Inc. (a) | 100 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp; EVgo, Inc. (a) | 7200 | 34056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Five Below, Inc. (a) | 5800 | 897260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gap, Inc. | 4500 | 96255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Groupon, Inc. (a) | 22 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp; GrowGeneration Corp. (a) | 900 | 1683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot, Inc. (b) | 7864 | 3186414 |
| &nbsp;&nbsp;&nbsp;&nbsp; J Jill, Inc. | 300 | 5145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kohl's Corp. | 9700 | 149089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leslie's, Inc. (a) | 1150 | 6325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newegg Commerce, Inc. (a) | 5 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp; ODP Corp. (a) | 3300 | 91905 |
| &nbsp;&nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc. (a),(b) | 3509 | 378305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pattern Group, Inc., Class A (a) | 28381 | 388820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Petco Health & Wellness Co., Inc. (a) | 41700 | 161379 |
| &nbsp;&nbsp;&nbsp;&nbsp; PetMed Express, Inc. (a) | 300 | 753 |
| &nbsp;&nbsp;&nbsp;&nbsp; QVC Group, Inc. (a) | 992 | 13382 |
| &nbsp;&nbsp;&nbsp;&nbsp; RealReal, Inc. (The) (a) | 27600 | 293388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rent the Runway, Inc., Class A (a) | 25 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp; RH (a) | 1200 | 243792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ross Stores, Inc. (b) | 4901 | 746863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sleep Number Corp. (a) | 1100 | 7722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonic Automotive, Inc., Class A | 100 | 7609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sportsman's Warehouse Holdings, Inc. (a) | 7100 | 19667 |
| &nbsp;&nbsp;&nbsp;&nbsp; ThredUp, Inc., Class A (a) | 9300 | 87885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tilly's, Inc., Class A (a) | 2300 | 4738 |
| &nbsp;&nbsp;&nbsp;&nbsp; TJX Cos., Inc. | 500 | 72270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wayfair, Inc., Class A (a) | 25200 | 2251116 |
|  |  | 37888076 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Semiconductors & Semiconductor Equipment — 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ACM Research, Inc., Class A (a) | 200 | 7826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc. (a),(b) | 6015 | 973167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alpha & Omega Semiconductor Ltd. (a) | 600 | 16776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ambiq Micro, Inc. (a) | 9460 | 283043 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; ARM Holdings PLC, ADR (a) | 500 | $70745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astera Labs, Inc. (a) | 20800 | 4072640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atomera, Inc. (a) | 100 | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp; AXT, Inc. (a) | 1600 | 7184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. (b) | 8710 | 2873516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Solar, Inc. (a) | 3400 | 44336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credo Technology Group Holding Ltd. (a) | 34700 | 5052667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enphase Energy, Inc. (a) | 31300 | 1107707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Everspin Technologies, Inc. (a) | 1600 | 14896 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Solar, Inc. (a),(b) | 2349 | 518025 |
| &nbsp;&nbsp;&nbsp;&nbsp; FormFactor, Inc. (a) | 600 | 21852 |
| &nbsp;&nbsp;&nbsp;&nbsp; GLOBALFOUNDRIES, Inc. (a) | 500 | 17920 |
| &nbsp;&nbsp;&nbsp;&nbsp; GSI Technology, Inc. (a) | 200 | 736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intel Corp. (a) | 124800 | 4187040 |
| &nbsp;&nbsp;&nbsp;&nbsp; inTEST Corp. (a) | 1100 | 8591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marvell Technology, Inc. (b) | 5753 | 483655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maxeon Solar Technologies Ltd. (a) | 21 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp; MaxLinear, Inc. (a) | 13800 | 221904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 29000 | 4852280 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. (b) | 51210 | 9554762 |
| &nbsp;&nbsp;&nbsp;&nbsp; ON Semiconductor Corp. (a),(b) | 22416 | 1105333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Onto Innovation, Inc. (a) | 4400 | 568568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Penguin Solutions, Inc. (a) | 400 | 10512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qorvo, Inc. (a),(b) | 4336 | 394923 |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 8800 | 1463968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | 15800 | 1216284 |
| &nbsp;&nbsp;&nbsp;&nbsp; SolarEdge Technologies, Inc. (a) | 14200 | 525400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synaptics, Inc. (a) | 1100 | 75174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veeco Instruments, Inc. (a) | 30 | 913 |
|  |  | 39752855 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Software & Services — 4.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8x8, Inc. (a) | 12300 | 26076 |
| &nbsp;&nbsp;&nbsp;&nbsp; A10 Networks, Inc. | 5800 | 105270 |
| &nbsp;&nbsp;&nbsp;&nbsp; ACI Worldwide, Inc. (a) | 129978 | 6858939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adeia, Inc. | 100 | 1680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc. (a) | 36900 | 13016475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akamai Technologies, Inc. (a) | 700 | 53032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alkami Technology, Inc. (a) | 9257 | 229944 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Bitcoin Corp., Class A (a) | 40 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amplitude, Inc., Class A (a) | 1800 | 19296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Digital Corp. (a) | 600 | 13764 |
| &nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corp., Class A (a),(b) | 714 | 513037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlassian Corp., Class A (a),(b) | 32710 | 5223787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autodesk, Inc. (a) | 100 | 31767 |
| &nbsp;&nbsp;&nbsp;&nbsp; AvePoint, Inc. (a) | 5300 | 79553 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Backblaze, Inc., Class A (a) | 3300 | $30624 |
| &nbsp;&nbsp;&nbsp;&nbsp; BigBear.ai Holdings, Inc. (a) | 493 | 3214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bit Digital, Inc. (a) | 4300 | 12900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bitfarms Ltd. (a) | 5000 | 14100 |
| &nbsp;&nbsp;&nbsp;&nbsp; C3.ai, Inc., Class A (a) | 2500 | 43350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cerence, Inc. (a) | 2900 | 36134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cipher Mining, Inc. (a) | 61600 | 775544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Circle Internet Group, Inc. (a) | 23651 | 3135650 |
| &nbsp;&nbsp;&nbsp;&nbsp; CISO Global, Inc. (a) | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clear Secure, Inc., Class A | 300 | 10014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearwater Analytics Holdings, Inc., Class A (a) | 94603 | 1704746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cloudflare, Inc., Class A (a) | 23600 | 5064324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commerce.com, Inc. (a) | 300 | 1497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commvault Systems, Inc. (a) | 2000 | 377560 |
| &nbsp;&nbsp;&nbsp;&nbsp; CoreCard Corp. (a) | 100 | 2692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crexendo, Inc. (a) | 400 | 2600 |
| &nbsp;&nbsp;&nbsp;&nbsp; CS Disco, Inc. (a) | 100 | 646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Datadog, Inc., Class A (a) | 1400 | 199360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digital Turbine, Inc. (a) | 7400 | 47360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Docebo, Inc. (a) | 200 | 5466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dropbox, Inc., Class A (a) | 500 | 15105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dynatrace, Inc. (a) | 100 | 4845 |
| &nbsp;&nbsp;&nbsp;&nbsp; eGain Corp. (a) | 900 | 7839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elastic NV (a) | 23700 | 2002413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expensify, Inc., Class A (a) | 5900 | 10915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fair Isaac Corp. (a),(b) | 1274 | 1906579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fastly, Inc., Class A (a) | 11000 | 94050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Figma, Inc., Class A (a) | 48901 | 2536495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortinet, Inc. (a) | 16200 | 1362096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gartner, Inc. (a) | 800 | 210296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globant SA (a) | 3500 | 200830 |
| &nbsp;&nbsp;&nbsp;&nbsp; GoDaddy, Inc., Class A (a) | 31600 | 4323828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hackett Group, Inc. (The) | 5600 | 106456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hive Digital Technologies Ltd. (a) | 39800 | 160394 |
| &nbsp;&nbsp;&nbsp;&nbsp; HubSpot, Inc. (a) | 8500 | 3976300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Services Group, Inc. | 900 | 5175 |
| &nbsp;&nbsp;&nbsp;&nbsp; JFrog Ltd. (a) | 2600 | 123058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kaltura, Inc. (a) | 300 | 432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Klaviyo, Inc., Class A (a) | 50481 | 1397819 |
| &nbsp;&nbsp;&nbsp;&nbsp; MARA Holdings, Inc. (a) | 88889 | 1623113 |
| &nbsp;&nbsp;&nbsp;&nbsp; MicroCloud Hologram, Inc. (a) | 33 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. (b) | 83288 | 43139020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monday.com Ltd. (a) | 300 | 58107 |
| &nbsp;&nbsp;&nbsp;&nbsp; N-able, Inc. (a) | 1100 | 8580 |
| &nbsp;&nbsp;&nbsp;&nbsp; NCR Voyix Corp. (a) | 60964 | 765098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netskope, Inc., Class A (a) | 86942 | 1976192 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Oblong, Inc. (a) | 1 | $3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Okta, Inc. (a),(b) | 3295 | 302151 |
| &nbsp;&nbsp;&nbsp;&nbsp; ON24, Inc. (a) | 1800 | 10296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Onestream, Inc. (a) | 94603 | 1743533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ooma, Inc. (a) | 1200 | 14388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pagaya Technologies Ltd., Class A (a) | 15600 | 463164 |
| &nbsp;&nbsp;&nbsp;&nbsp; PagerDuty, Inc. (a) | 4300 | 71036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Inc., Class A (a) | 77300 | 14101066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pivotal Software, Inc. (a),(d) | 31000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Porch Group, Inc. (a) | 800 | 13424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Q2 Holdings, Inc. (a) | 123594 | 8946970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rackspace Technology, Inc. (a) | 6100 | 8601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rimini Street, Inc. (a) | 1900 | 8892 |
| &nbsp;&nbsp;&nbsp;&nbsp; RingCentral, Inc., Class A (a) | 400 | 11336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Riot Platforms, Inc. (a) | 76600 | 1457698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Riskified Ltd., Class A (a) | 400 | 1872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rubrik, Inc., Class A (a) | 2400 | 197400 |
| &nbsp;&nbsp;&nbsp;&nbsp; SailPoint, Inc. (a) | 94603 | 2088834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. (b) | 34704 | 8224848 |
| &nbsp;&nbsp;&nbsp;&nbsp; SEMrush Holdings, Inc., Class A (a) | 300 | 2124 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceTitan, Inc., Class A (a) | 31481 | 3174229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snowflake, Inc., Class A (a) | 26800 | 6044740 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoundThinking, Inc. (a) | 300 | 3618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sprout Social, Inc., Class A (a) | 1900 | 24548 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPS Commerce, Inc. (a) | 100 | 10414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synchronoss Technologies, Inc. (a) | 700 | 4256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synopsys, Inc. (a),(b) | 1061 | 523487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telos Corp. (a) | 5500 | 37620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenable Holdings, Inc. (a) | 2800 | 81648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teradata Corp. (a) | 1600 | 34416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terawulf, Inc. (a) | 97900 | 1118018 |
| &nbsp;&nbsp;&nbsp;&nbsp; UiPath, Inc., Class A (a) | 1000 | 13380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unisys Corp. (a) | 2900 | 11310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Upland Software, Inc. (a) | 5000 | 11850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Varonis Systems, Inc. (a) | 19500 | 1120665 |
| &nbsp;&nbsp;&nbsp;&nbsp; VeriSign, Inc. | 23651 | 6612110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veritone, Inc. (a) | 100 | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Via Transportation, Inc., Class A (a) | 9460 | 454837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viant Technology, Inc., Class A (a) | 200 | 1726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weave Communications, Inc. (a) | 600 | 4008 |
| &nbsp;&nbsp;&nbsp;&nbsp; WM Technology, Inc. (a) | 9900 | 11484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yext, Inc. (a) | 3000 | 25560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoom Communications, Inc. (a) | 3900 | 321750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zscaler, Inc. (a) | 14300 | 4285138 |
|  |  | 165254807 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Technology Hardware & Equipment — 2.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aeva Technologies, Inc. (a) | 8540 | $123830 |
| &nbsp;&nbsp;&nbsp;&nbsp; AEye, Inc. (a) | 30 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp., Class A | 172109 | 21298489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. (b) | 154089 | 39235682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arista Networks, Inc. (a) | 500 | 72855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bel Fuse, Inc., Class B | 300 | 42306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cambium Networks Corp. (a) | 6600 | 5902 |
| &nbsp;&nbsp;&nbsp;&nbsp; CommScope Holding Co., Inc. (a) | 19600 | 303408 |
| &nbsp;&nbsp;&nbsp;&nbsp; CompoSecure, Inc., Class A (a) | 6900 | 143658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comtech Telecommunications Corp. (a) | 2500 | 6450 |
| &nbsp;&nbsp;&nbsp;&nbsp; CPI Card Group, Inc. (a) | 200 | 3028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crane NXT Co. | 300 | 20121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eastman Kodak Co. (a) | 400 | 2564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolv Technologies Holdings, Inc. (a) | 27800 | 209890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Extreme Networks, Inc. (a) | 1600 | 33040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Frequency Electronics, Inc. (a) | 500 | 16955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Immersion Corp. | 200 | 1468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimball Electronics, Inc. (a) | 200 | 5972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lantronix, Inc. (a) | 3300 | 15081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lumentum Holdings, Inc. (a) | 600 | 97626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Methode Electronics, Inc. | 4800 | 36240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ondas Holdings, Inc. (a) | 2900 | 22388 |
| &nbsp;&nbsp;&nbsp;&nbsp; One Stop Systems, Inc. (a) | 100 | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ouster, Inc. (a) | 30 | 812 |
| &nbsp;&nbsp;&nbsp;&nbsp; PC Connection, Inc. | 100 | 6199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ralliant Corp. | 300 | 13119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandisk Corp. (a) | 56862 | 6379916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc. (a) | 34200 | 20042568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vishay Intertechnology, Inc. | 2900 | 44370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vishay Precision Group, Inc. (a) | 400 | 12820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Digital Corp. (b) | 9621 | 1155097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xerox Holdings Corp. | 22900 | 86104 |
|  |  | 89438569 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Telecommunication Services — 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc. (b) | 22271 | 628933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bandwidth, Inc., Class A (a) | 2300 | 38341 |
| &nbsp;&nbsp;&nbsp;&nbsp; GCI Liberty, Inc., Class C (a) | 900 | 33543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gogo, Inc. (a) | 2800 | 24052 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDT Corp., Class B | 700 | 36617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iridium Communications, Inc. | 900 | 15714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lumen Technologies, Inc. (a) | 63600 | 389232 |
| &nbsp;&nbsp;&nbsp;&nbsp; NII Holdings, Inc. (a),(d) | 50677 | 13176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spok Holdings, Inc. | 400 | 6900 |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile U.S., Inc. (b) | 75645 | 18107900 |
|  |  | 19294408 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Transportation — 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alaska Air Group, Inc. (a) | 2800 | $139384 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Airlines Group, Inc. (a) | 142900 | 1606196 |
| &nbsp;&nbsp;&nbsp;&nbsp; ArcBest Corp. | 700 | 48909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Kansas City Ltd. | 140000 | 10428600 |
| &nbsp;&nbsp;&nbsp;&nbsp; CH Robinson Worldwide, Inc. (b) | 8095 | 1071778 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSX Corp. (b) | 632 | 22442 |
| &nbsp;&nbsp;&nbsp;&nbsp; FedEx Corp. | 2500 | 589525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Frontier Group Holdings, Inc. (a) | 1500 | 6623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heartland Express, Inc. | 8600 | 72068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hertz Global Holdings, Inc. (a) | 5400 | 36720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hub Group, Inc., Class A | 800 | 27552 |
| &nbsp;&nbsp;&nbsp;&nbsp; JB Hunt Transport Services, Inc. | 900 | 120753 |
| &nbsp;&nbsp;&nbsp;&nbsp; JetBlue Airways Corp. (a) | 18900 | 92988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lyft, Inc., Class A (a) | 16877 | 371463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marten Transport Ltd. | 299 | 3187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norfolk Southern Corp. (b) | 84 | 25234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc. | 14900 | 2097622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Radiant Logistics, Inc. (a) | 2500 | 14750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seanergy Maritime Holdings Corp. | 930 | 7682 |
| &nbsp;&nbsp;&nbsp;&nbsp; TFI International, Inc. | 500 | 44030 |
| &nbsp;&nbsp;&nbsp;&nbsp; U-Haul Holding Co. (a) | 1000 | 57070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | 4200 | 992754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Logistics Holdings, Inc. | 300 | 7032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Werner Enterprises, Inc. | 300 | 7896 |
|  |  | 17892258 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Utilities — 0.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Artesian Resources Corp., Class A | 400 | 13038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edison International | 3400 | 187952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evergy, Inc. | 200 | 15204 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDACORP, Inc. | 7568 | 1000111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklo, Inc. (a) | 18921 | 2112151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinnacle West Capital Corp. | 600 | 53796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unitil Corp. | 300 | 14358 |
| &nbsp;&nbsp;&nbsp;&nbsp; WaterBridge Infrastructure LLC, Class A (a) | 443098 | 11174932 |
| &nbsp;&nbsp;&nbsp;&nbsp; XPLR Infrastructure LP | 4500 | 45765 |
| &nbsp;&nbsp;&nbsp;&nbsp; York Water Co. (The) | 200 | 6084 |
|  |  | 14623391 |
|  **Total North America** |  | **1132648654** |
|  **Oceania — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Energy — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Heidmar Maritime Holdings Corp. (a) | 38 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Petroleum, Inc. (a) | 40 | 191 |
|  |  | 241 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Software & Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IREN Ltd. (a) | 21300 | $999609 |
|  **Total Oceania** |  | **999850** |
|  **South America — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Banks — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bradesco SA, ADR | 315400 | 1066052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Financiero Galicia SA, ADR | 37841 | 1042898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inter & Co., Inc., Class A | 2700 | 24921 |
| &nbsp;&nbsp;&nbsp;&nbsp; NU Holdings Ltd., Class A (a) | 111400 | 1783514 |
|  |  | 3917385 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Consumer Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Afya Ltd., Class A | 2800 | 43680 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Diversified Financials — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dlocal Ltd. (a) | 40341 | 576070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pagseguro Digital Ltd., Class A | 800 | 8000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vinci Compass Investments Ltd. | 100 | 1075 |
|  |  | 585145 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Materials — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aris Mining Corp. (a) | 900 | 8820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexa Resources SA (a) | 500 | 2495 |
|  |  | 11315 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Telecommunication Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonica Brasil SA, ADR | 1100 | 14025 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Transportation — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Latam Airlines Group SA, ADR | 23221 | 1050750 |
|  **Total South America** |  | **5622300** |
|  **TOTAL COMMON STOCK<br>(COST $1,057,974,106)** |  | **1196744628** |
|  **PREFERRED STOCK — 0.0%** |  |  |
|  **North America — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Health Care Equipment & Services — 0.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *Health Care Equipment & Services — 0.0%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ATI Physical Therapy, Inc. (a),(b),(d) | 3039 | 2013337 |
|  **Total North America** |  | **2013337** |
|  **TOTAL PREFERRED STOCK<br>(COST $3,008,610)** |  | **2013337** |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
|  **ASSET-BACKED SECURITIES — 5.7%** |  |  |
|  **Europe — 0.5%** |  |  |
| &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%, 8.02%, 07/15/37 (b),(e),(f) | $1000000 | $1002379 |
| &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%, 10.72%, 10/16/37 (b),(e),(f) | 1300000 | 1305873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Birch Grove CLO 7 Ltd., Series 2023-7A, Class E, 3 mo. TSFR + 8.64%, 12.97%, 10/20/36 (b),(e),(f) | 3100000 | 3088375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canyon Capital CLO Ltd., Series 2022-2A, Class D2R, 3 mo. TSFR + 4.00%, 8.32%, 04/15/38 (b),(e),(f) | 2000000 | 2003016 |
| &nbsp;&nbsp;&nbsp;&nbsp; CarVal CLO IX-C Ltd., Series 2024-1A, Class E, 3 mo. TSFR + 6.75%, 11.08%, 04/20/37 (b),(e),(f) | 1000000 | 1000649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Katayma CLO I Ltd., Series 2023-1A, Class D, 3 mo. TSFR + 5.25%, 9.58%, 10/20/36 (b),(e),(f) | 4080000 | 4085773 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR CLO 43 Ltd., Series 2022-43A, Class ER, 3 mo. TSFR + 7.97%, 12.29%, 01/15/36 (b),(e),(f) | 2000000 | 2008412 |
| &nbsp;&nbsp;&nbsp;&nbsp; MidOcean Credit CLO XV Ltd., Series 2024-15A, Class D, 3 mo. TSFR + 3.35%, 7.68%, 07/21/37 (b),(e),(f) | 2000000 | 1990072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pikes Peak CLO 17 Ltd., Series 2024-17A, Class E, 3 mo. TSFR + 5.75%, 10.07%, 01/15/38 (b),(e),(f) | 1500000 | 1503422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pikes Peak CLO Ltd., Series 2023-14A, Class ER, 3 mo. TSFR + 6.00%, 10.33%, 07/20/38 (b),(e),(f) | 1000000 | 1012886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Storm King Park CLO Ltd., Series 2022-1A, Class ER, 3 mo. TSFR + 6.15%, 10.47%, 10/15/37 (b),(e),(f) | 1687000 | 1694170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vibrant CLO XVI Ltd., Series 2023-16A, Class DR, 3 mo. TSFR + 7.06%, 11.38%, 07/15/36 (b),(e),(f) | 1000000 | 999292 |
|  **Total Europe** |  | **21694319** |
|  **North America — 5.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ACE Securities Corp. Home Equity Loan Trust, Series 2006-ASP6, Class A2C, 1 mo. TSFR + .43%,<br>4.59%, 12/25/36 (b),(f) | 2251783 | 696616 |
| &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%, 9.04%, 03/19/38 (b),(e),(f) | 500000 | 506413 |
| &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%, 10.54%, 03/19/38 (b),(e),(f) | 500000 | 506687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anchorage Capital CLO 29 Ltd., Series 2024-29A,<br>Class E, 3 mo. TSFR + 6.84%, 11.17%, 07/20/37 (b),(e),(f) | 1250000 | 1266974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anchorage Capital CLO 33 Ltd., Series 2025-33A, Class D2, 3 mo. TSFR + 4.50%, 8.77%, 10/20/38 (b),(e),(f) | 2000000 | 2032500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apidos CLO LIII Ltd., Series 2025-53A, Class E, 3 mo. TSFR + 6.43%, 10.76%, 07/20/38 (b),(e),(f) | 1125000 | 1133130 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; ARES LIV CLO Ltd., Series 2019-54A, Class ER2, 3 mo. TSFR + 6.00%, 10.31%, 07/15/38 (b),(e),(f) | $1000000 | $999281 |
| &nbsp;&nbsp;&nbsp;&nbsp; ARES Loan Funding II Ltd., Series 2022-ALF2A,<br>Class ER, 3 mo. TSFR + 8.24%, 12.57%, 10/20/36 (b),(e),(f) | 1150000 | 1145688 |
| &nbsp;&nbsp;&nbsp;&nbsp; ARES Loan Funding VIII Ltd., Series 2024-ALF8,<br>Class E, 3 mo. TSFR + 5.25%, 9.57%, 01/24/38 (b),(e),(f) | 1000000 | 1002440 |
| &nbsp;&nbsp;&nbsp;&nbsp; ARES LVI CLO Ltd., Series 2020-56A, Class ER2, 3 mo. TSFR + 5.35%, 9.67%, 01/25/38 (b),(e),(f) | 2000000 | 2004784 |
| &nbsp;&nbsp;&nbsp;&nbsp; ARES LXI CLO Ltd., Series 2021-61A, Class DR, 3 mo. TSFR + 3.90%, 8.23%, 04/20/37 (b),(e),(f) | 1000000 | 1007188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlantic Avenue Ltd., |  |  |
| &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%, 0.00%, 10/15/38 (b),(e),(f),(g) | 2500000 | 2500000 |
| &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%, 9.08%, 04/20/37 (b),(e),(f) | 2500000 | 2509287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Balboa Bay Loan Funding Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class C, 3 mo. TSFR + 1.95%, 6.23%, 07/20/38 (b),(e),(f) | 3100000 | 3117410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class E, 3 mo. TSFR + 6.25%, 10.58%, 07/20/37 (b),(e),(f) | 1000000 | 1007227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barings CLO Ltd., |  |  |
| &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%, 8.97%, 10/15/38 (b),(e),(f) | 2000000 | 2000000 |
| &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%, 9.17%, 10/15/38 (b),(e),(f) | 1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; BBAM U.S. CLO II Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A, Class C2, 3 mo. TSFR + 7.00%, 11.32%, 10/15/38 (b),(e),(f) | 2000000 | 1999058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A, Class D, 3 mo. TSFR + 8.15%, 12.47%, 10/15/38 (b),(e),(f) | 4300000 | 4293834 |
| &nbsp;&nbsp;&nbsp;&nbsp; BBAM U.S. CLO III Ltd., Series 2023-3A, Class C2,<br>3 mo. TSFR + 7.35%, 11.67%, 10/15/38 (b),(e),(f) | 4600000 | 4591950 |
| &nbsp;&nbsp;&nbsp;&nbsp; BCAPB LLC Trust, Series 2007-AB1, Class A1, 1 mo. TSFR + .41%, 4.34%, 03/25/37 (b),(f) | 641128 | 223218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XL Ltd., Series 2025-40A, Class E, 3 mo. TSFR + 5.25%,<br>9.50%, 07/25/38 (b),(e),(f) | 1000000 | 997862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XXVI Ltd., Series 2022-26A, Class ER, 3 mo. TSFR + 6.00%,<br>10.33%, 07/20/37 (b),(e),(f) | 1000000 | 1002071 |
| &nbsp;&nbsp;&nbsp;&nbsp; BHG Securitization Trust, Series 2022-A, Class C, 3.08%, 02/20/35 (b),(e) | 312000 | 306092 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlueMountain CLO XXIX Ltd., Series 2020-29A, Class ER, 3 mo. TSFR + 7.12%, 11.44%, 07/25/34 (b),(e),(f) | 1000000 | 988440 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &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%, 7.69%, 07/20/34 (b),(e),(f) | $1400000 | $1399562 |
| &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%, 11.09%, 07/20/34 (b),(e),(f) | 2000000 | 1992598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bryant Park Funding Ltd., |  |  |
| &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%, 7.81%, 10/18/38 (b),(e),(f) | 2000000 | 2000000 |
| &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%, 8.06%, 05/15/37 (b),(e),(f) | 1250000 | 1254170 |
| &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%, 9.26%, 05/15/37 (b),(e),(f) | 2000000 | 2012060 |
| &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%, 11.08%, 04/15/38 (b),(e),(f) | 1000000 | 1023242 |
| &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%, 11.45%, 04/15/37 (b),(e),(f) | 1250000 | 1248659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlyle U.S. CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-8A, Class E, 3 mo. TSFR + 5.50%, 9.82%, 01/25/37 (b),(e),(f) | 1350000 | 1353152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class E, 3 mo. TSFR + 5.70%, 10.01%, 04/25/38 (b),(e),(f) | 1000000 | 999081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5A, Class E, 3 mo. TSFR + 7.90%, 12.21%, 01/27/36 (b),(e),(f) | 1500000 | 1504338 |
| &nbsp;&nbsp;&nbsp;&nbsp; CarMax Select Receivables Trust, Series 2025-B, Class E, 6.89%, 09/15/32 (b),(e) | 342000 | 341860 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBAMR Ltd., Series 2019-9A, Class ER, 3 mo. TSFR + 7.05%, 11.37%, 07/15/37 (b),(e),(f) | 1000000 | 998938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cedar Funding VI CLO Ltd., Series 2016-6A, Class DRR, 3 mo. TSFR + 3.57%, 7.90%, 04/20/34 (b),(e),(f) | 1000000 | 1003444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centex Home Equity Loan Trust, Series 2004-D, Class BF, 6.40%, 09/25/34 (b),(h) | 343182 | 311972 |
| &nbsp;&nbsp;&nbsp;&nbsp; CFG Investments Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class B, 9.16%, 03/25/36 (b),(e) | 251000 | 257127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class C, 12.72%, 03/25/36 (b),(e) | 400000 | 419900 |
| &nbsp;&nbsp;&nbsp;&nbsp; CIFC Funding Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class D2R, 3 mo. TSFR + 3.65%, 0.00%, 10/15/38 (b),(e),(f),(g) | 2500000 | 2500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-5A, Class ER, 3 mo. TSFR + 5.10%, 9.42%, 01/15/38 (b),(e),(f) | 1000000 | 974510 |
| &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),(e) | 1671000 | 1733114 |
| &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),(e) | 2080000 | 2153682 |
| &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, 2.15%, 10/15/52 (b),(e),(f),(i) | 1193336 | 3516 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4, Class XB,<br>2.93%, 12/15/52 (b),(e),(f),(i) | $1000000 | $45625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class XA,<br>2.99%, 04/15/53 (b),(e),(f),(i) | 452058 | 6439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class XA,<br>3.09%, 07/15/54 (b),(e),(f),(i) | 517658 | 12539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4, Class XA,<br>3.98%, 12/15/52 (b),(e),(f),(i) | 95641 | 764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class E, 4.73%, 03/15/50 (b),(e),(f) | 125000 | 116709 |
| &nbsp;&nbsp;&nbsp;&nbsp; CPS Auto Receivables Trust, Series 2024-D, Class E, 7.13%, 06/15/32 (b),(e) | 1000000 | 1025149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crockett Partners Equipment Co. IIA LLC,<br>Series 2024-1C, Class C, 10.16%, 01/20/31 (b),(e) | 201697 | 206232 |
| &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%, 0.00%, 10/20/38 (b),(e),(f),(g) | 3000000 | 3000000 |
| &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%, 11.08%, 07/15/38 (b),(e),(f) | 2000000 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; CWABS Asset-Backed Certificates Trust, Series 2005-10, Class MF2, 4.13%, 02/25/36 (b),(f) | 268480 | 277611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend Solar Loans LLC, Series 2018-1, Class B, 4.29%, 07/20/38 (b),(e) | 1537916 | 1455803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elmwood CLO 42 Ltd., Series 2025-5A, Class E, 3 mo. TSFR + 6.50%, 10.78%, 03/31/38 (b),(e),(f) | 2000000 | 2059504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Empower CLO Ltd., Series 2022-1A, Class ER, 3 mo. TSFR + 5.90%, 10.23%, 10/20/37 (b),(e),(f) | 500000 | 503552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust, |  |  |
| &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),(e) | 1414000 | 1465069 |
| &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),(e) | 1558000 | 1602718 |
| &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),(e) | 1426000 | 1496459 |
| &nbsp;&nbsp;&nbsp;&nbsp; FIGRE Trust, |  |  |
| &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),(e),(f) | 251000 | 255215 |
| &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),(e),(f) | 364000 | 372534 |
| &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),(e),(f) | 251000 | 255330 |
| &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),(e),(f) | 506000 | 506023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fort Washington CLO Ltd., Series 2021-2A, Class E, 3 mo. TSFR + 6.87%, 11.20%, 10/20/34 (b),(e),(f) | 1500000 | 1473650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galaxy 30 CLO Ltd., Series 2022-30A, Class ER, 3 mo. TSFR + 5.90%, 10.22%, 01/15/38 (b),(e),(f) | 1000000 | 1002310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galaxy 31 CLO Ltd., Series 2023-31A, Class ER, 3 mo. TSFR + 5.50%, 9.81%, 07/15/38 (b),(e),(f) | 1000000 | 996135 |
| &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 2025-3A, Class E, 6.52%, 08/16/32 (b),(e) | 1400000 | 1396665 |
| &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),(e) | 1045000 | 1072189 |
| &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),(e) | 813000 | 841535 |
| &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),(e) | 1666000 | 1738529 |
| &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),(e) | 1410000 | 1458460 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodleap Sustainable Home Solutions Trust,<br>Series 2023-3C, Class B, 7.80%, 07/20/55 (b),(e) | $361000 | $243659 |
| &nbsp;&nbsp;&nbsp;&nbsp; GreenSky Home Improvement Trust, Series 2024-1, Class E, 9.00%, 06/25/59 (b),(e) | 767685 | 799102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greywolf CLO II Ltd., Series 2013-1A, Class C1RR, 3 mo. TSFR + 3.61%, 7.93%, 04/15/34 (b),(e),(f) | 1000000 | 998272 |
| &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, 4.31%, 06/25/34 (b),(h) | 293801 | 243435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-8, Class 2A3B, 1 mo. TSFR + .67%, 4.83%, 05/25/36 (b),(f) | 1527000 | 299364 |
| &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),(f) | 760012 | 216814 |
| &nbsp;&nbsp;&nbsp;&nbsp; GSAA Trust, Series 2005-7, Class M1,<br>5.36%, 05/25/35 (b),(h) | 323744 | 255121 |
| &nbsp;&nbsp;&nbsp;&nbsp; HalseyPoint CLO 4 Ltd., Series 2021-4A, Class E, 3 mo. TSFR + 6.97%, 11.30%, 04/20/34 (b),(e),(f) | 1500000 | 1497702 |
| &nbsp;&nbsp;&nbsp;&nbsp; HalseyPoint CLO 5 Ltd., Series 2021-5A, Class E, 3 mo. TSFR + 7.20%, 11.51%, 01/30/35 (b),(e),(f) | 1000000 | 988672 |
| &nbsp;&nbsp;&nbsp;&nbsp; HalseyPoint CLO II Ltd., Series 2020-2A, Class ER, 3 mo. TSFR + 7.50%, 11.83%, 07/20/37 (b),(e),(f) | 1500000 | 1502594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harvest U.S. CLO Ltd., Series 2025-1A, Class E, 3 mo. TSFR + 5.35%, 9.63%, 04/18/38 (b),(e),(f) | 1000000 | 1001786 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR CLO 49 Ltd., Series 49A, Class ER, 3 mo. TSFR + 6.82%, 11.15%, 10/20/37 (b),(e),(f) | 2000000 | 1998640 |
| &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),(e),(f) | 1000000 | 1003248 |
| &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),(e),(f) | 1500000 | 1507500 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR CLO 60 Ltd., Series 2024-60A, Class E, 3 mo. TSFR + 6.10%, 10.42%, 01/15/38 (b),(e),(f) | 1000000 | 1017217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Menlo CLO I Ltd., Series 2024-1X, Class E, 3 mo. TSFR + 6.25%, 10.58%, 01/20/38 (b),(c),(f) | 500000 | 506745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-H1, Class 2A2, 1 mo. TSFR + 3.61%,<br>7.77%, 10/25/37 (b),(f) | 708462 | 515233 |
| &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%, 4.51%, 10/25/37 (b),(f) | 1463044 | 214460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-RM5, Class A2C, 1 mo. TSFR + .47%, 4.63%, 10/25/37 (b),(f) | 2131174 | 315126 |
| &nbsp;&nbsp;&nbsp;&nbsp; MidOcean Credit CLO XI Ltd., Series 2022-11A, Class ER2, 3 mo. TSFR + 6.00%, 10.33%, 01/18/36 (b),(e),(f) | 1000000 | 998715 |
| &nbsp;&nbsp;&nbsp;&nbsp; MidOcean Credit CLO XIII Ltd., Series 2023-13A, Class D, 3 mo. TSFR + 5.09%, 9.42%, 01/21/37 (b),(e),(f) | 1000000 | 1003788 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &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%, 8.22%, 07/20/36 (b),(e),(f) | $2000000 | $1999710 |
| &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%, 10.57%, 07/20/36 (b),(e),(f) | 1000000 | 997705 |
| &nbsp;&nbsp;&nbsp;&nbsp; MidOcean Credit CLO XVIII LLC, Series 2025-18A, Class E, 3 mo. TSFR + 5.40%,<br>9.72%, 10/18/35 (b),(e),(f) | 1000000 | 997199 |
| &nbsp;&nbsp;&nbsp;&nbsp; MidOcean Credit CLO XXI, Series 2025-21A, Class E, 3 mo. TSFR + 5.00%, 0.00%, 10/20/38 (b),(e),(f),(g) | 1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Mortgage Loan Trust, Series 2006-17XS, Class A3A, 6.15%, 10/25/46 (b),(h) | 826872 | 211213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO 30 Ltd., Series 2018-30A, Class ER2, 3 mo. TSFR + 5.15%, 9.48%, 01/20/39 (b),(e),(f) | 1000000 | 999309 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Mountain CLO 2 Ltd., Series CLO-2A, Class ER, 3 mo. TSFR + 5.70%, 10.02%, 01/15/38 (b),(e),(f) | 1500000 | 1503494 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Mountain CLO 4 Ltd., Series CLO-4A, Class ER, 3 mo. TSFR + 6.91%, 11.24%, 03/20/38 (b),(e),(f) | 2000000 | 2045232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oaktree CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-32A, Class E, 3 mo. TSFR + 5.35%, 9.68%, 07/15/38 (b),(e),(f) | 1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A, Class ER2, 3 mo. TSFR + 6.40%, 10.72%, 10/15/37 (b),(e),(f) | 1000000 | 1009181 |
| &nbsp;&nbsp;&nbsp;&nbsp; OCP CLO Ltd., Series 2017-13A, Class ER2, 3 mo. TSFR + 5.90%, 10.23%, 11/26/37 (b),(e),(f) | 1500000 | 1512609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Octane Receivables Trust, Series 2024-3A, Class E,<br>7.66%, 11/22/32 (b),(e) | 475000 | 485227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oportun Funding Trust, Series 2025-1, Class D,<br>8.27%, 08/16/32 (b),(e) | 661000 | 664951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pagaya AI Debt Trust, Series 2022-2, Class C,<br>7.50%, 01/15/30 (b),(e) | 2947566 | 2953867 |
| &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%, 7.42%, 07/20/38 (b),(e),(f) | 1000000 | 1001572 |
| &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%, 8.22%, 04/16/37 (b),(e),(f) | 1000000 | 1000694 |
| &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%, 10.07%, 07/20/38 (b),(e),(f) | 2250000 | 2241166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palmer Square Loan Funding Ltd., Series 2022-3A, Class CR, 3 mo. TSFR + 3.00%, 7.32%, 04/15/31 (b),(e),(f) | 1500000 | 1503793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Park Avenue Institutional Advisers CLO Ltd., Series 2022-1A, Class D, 3 mo. TSFR + 7.29%, 11.62%, 04/20/35 (b),(e),(f) | 1000000 | 998014 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; People's Choice Home Loan Securities Trust, Series 2005-2, Class M5, 1 mo. TSFR + 1.09%,<br>5.25%, 05/25/35 (b),(f) | $488000 | $324864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pikes Peak CLO 10, Series 2022-10A, Class ER, 3 mo. TSFR + 5.90%, 10.23%, 01/22/38 (b),(e),(f) | 1000000 | 999203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pikes Peak CLO 8, Series 2021-8A, Class ER, 3 mo. TSFR + 5.75%, 10.08%, 01/20/38 (b),(e),(f) | 1000000 | 1002336 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPM CLO 3 Ltd., Series 2019-3A, Class ER, 3 mo. TSFR + 6.87%, 11.19%, 04/17/34 (b),(e),(f) | 500000 | 454278 |
| &nbsp;&nbsp;&nbsp;&nbsp; RAD CLO 28 Ltd., Series 2024-28A, Class E, 3 mo. TSFR + 5.25%, 9.51%, 04/20/38 (b),(e),(f) | 1000000 | 973960 |
| &nbsp;&nbsp;&nbsp;&nbsp; RAD CLO 30 Ltd., Series 2025-30A, Class D, 3 mo. TSFR + 5.10%, 9.07%, 10/15/38 (b),(e),(f) | 2000000 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RAD CLO 9 Ltd., Series 2020-9A, Class ER, 3 mo. TSFR + 5.75%, 10.07%, 01/15/38 (b),(e),(f) | 1000000 | 980869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential Asset Securities Corporation Trust, Series 2006-KS1, Class M4, 1 mo. TSFR + .64%, 5.07%, 02/25/36 (b),(f) | 337000 | 271494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Romark CLO II Ltd., Series 2018-2A, Class D, 3 mo. TSFR + 6.51%, 10.83%, 07/25/31 (b),(e),(f) | 2250000 | 2221387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Romark CLO IV Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A, Class C1, 3 mo. TSFR + 3.46%, 7.79%, 07/10/34 (b),(e),(f) | 1000000 | 998250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A, Class D, 3 mo. TSFR + 7.21%, 11.54%, 07/10/34 (b),(e),(f) | 500000 | 498125 |
| &nbsp;&nbsp;&nbsp;&nbsp; RR 32 Ltd., Series 2024-32RA, Class DR, 3 mo. TSFR + 6.10%, 10.42%, 10/15/39 (b),(e),(f) | 1000000 | 1008732 |
| &nbsp;&nbsp;&nbsp;&nbsp; RR 34 Ltd., Series 2024-34RA, Class DR, 3 mo. TSFR + 5.50%, 9.82%, 10/15/39 (b),(e),(f) | 2000000 | 2013168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saluda Grade Alternative Mortgage Trust, Series 2023-FIG4, Class C, 8.01%, 11/25/53 (b),(e),(f) | 767772 | 792961 |
| &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, 3.03%, 08/25/35 (b),(h) | 333674 | 273035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-2, Class MF4, 3.03%, 08/25/35 (b),(h) | 363971 | 273652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Signal Peak CLO 5 Ltd., Series 2018-5A, Class D1R, 3 mo. TSFR + 4.20%, 8.52%, 04/25/37 (b),(e),(f) | 1000000 | 1004119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silver Point CLO 5 Ltd., Series 2024-5A, Class D2, 3 mo. TSFR + 4.35%, 8.68%, 10/20/37 (b),(e),(f) | 1095000 | 1100017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silver Point CLO 9 Ltd., Series 2025-9A, Class D2, 3 mo. TSFR + 5.00%, 9.29%, 03/31/38 (b),(e),(f) | 3500000 | 3587139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sixth Street CLO XIX Ltd., Series 2021-19A, Class D2R, 3 mo. TSFR + 3.95%, 8.23%, 07/17/38 (b),(e),(f) | 1050000 | 1056143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sound Point CLO XXIII Ltd., Series 2019-2A, Class ER, 3 mo. TSFR + 6.73%, 11.05%, 07/15/34 (b),(e),(f) | 2400000 | 2140378 |
| &nbsp;&nbsp;&nbsp;&nbsp; STAR Trust, Series 2022-SFR3, Class E2, 1 mo. TSFR + 3.70%, 7.85%, 05/17/39 (b),(e),(f) | 1000000 | 995057 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunnova Helios XIII Issuer LLC, Series 2024-A, Class C, 7.00%, 02/20/51 (b),(e) | $680176 | $577857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunnova Helios XIV Issuer LLC, Series 2024-B, Class B, 7.00%, 05/22/51 (b),(e) | 1100317 | 815748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Symphony CLO 40 Ltd., Series 2023-40A, Class D2R, 3 mo. TSFR + 4.00%, 8.32%, 01/05/38 (b),(e),(f) | 2700000 | 2716988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Symphony CLO 43 Ltd., Series 2024-43X, Class E, 3 mo. TSFR + 6.75%, 11.07%, 04/15/37 (b),(c),(f) | 1000000 | 1010752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Symphony CLO 46 Ltd., Series 2024-46A, Class E, 3 mo. TSFR + 5.65%, 9.98%, 01/20/38 (b),(e),(f) | 2000000 | 2004690 |
| &nbsp;&nbsp;&nbsp;&nbsp; TIC Home Improvement Trust, Series 2024-A, Class B, 7.89%, 10/15/46 (b),(e) | 252000 | 257303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tikehau U.S. CLO VII Ltd., Series 2025-1A, Class E, 3 mo. TSFR + 5.50%, 9.77%, 02/25/38 (b),(e),(f) | 1000000 | 1002183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust, Series 2023-CES2, Class M1, 8.08%, 10/25/63 (b),(e),(f) | 3644000 | 3723734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tricolor Auto Securitization Trust, Series 2025-1A, Class D, 6.84%, 04/15/31 (b),(e) | 498000 | 62250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trinitas CLO XXI Ltd., Series 2022-21A, Class ER, 3 mo. TSFR + 5.50%, 9.83%, 04/20/38 (b),(e),(f) | 2000000 | 1982500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trinitas CLO XXIV Ltd., Series 2024-24A, Class E, 3 mo. TSFR + 7.34%, 11.66%, 04/25/37 (b),(e),(f) | 1000000 | 996286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trinitas CLO XXVI Ltd., Series 2023-26A, Class DR, 3 mo. TSFR + 3.70%, 7.99%, 07/20/38 (b),(e),(f) | 1000000 | 1011823 |
| &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%, 8.63%, 04/18/37 (b),(e),(f) | 3940000 | 3962537 |
| &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%, 8.63%, 04/18/37 (b),(c),(f) | 1000000 | 1005720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trinitas CLO XXVIII Ltd., Series 2024-28A, Class D, 3 mo. TSFR + 4.00%, 8.32%, 04/25/37 (b),(e),(f) | 4750000 | 4770406 |
| &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%, 7.82%, 10/23/37 (b),(e),(f) | 3000000 | 3011562 |
| &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%, 11.22%, 10/23/37 (b),(e),(f) | 1750000 | 1768821 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Auto Credit Securitization Trust, Series 2025-1, Class E, 7.71%, 10/10/31 (b),(e) | 1402000 | 1434549 |
| &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),(e) | 458703 | 452055 |
| &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),(e) | 1187000 | 1211306 |
| &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),(e) | 1415000 | 1484386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vibrant CLO XIV Ltd., Series 2021-14A, Class D, 3 mo. TSFR + 7.12%, 11.45%, 10/20/34 (b),(e),(f) | 1000000 | 999373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warwick Capital CLO 7 Ltd., Series 2025-7A, Class E, 3 mo. TSFR + 5.25%, 9.05%, 10/21/38 (b),(e),(f) | 1500000 | 1500000 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Principal<br>Amount** | | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Wellfleet CLO Ltd., Series 2022-2A, Class ER, 3 mo. TSFR + 7.75%, 12.08%, 10/18/37 (b),(e),(f) | $| 2000000 |  | $1997812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Home Equity Asset-Backed Securities Trust, Series 2006-1, Class M6, 1 mo. TSFR + .79%, 4.95%, 05/25/36 (b),(f) |  | 3146401 |  | 3258583 |
|  **Total North America** |  |  |  | **200206343** |
|  **TOTAL ASSET-BACKED SECURITIES<br>(COST $224,446,362)** |  |  |  | **221900662** |
|  **CONVERTIBLE BONDS — 0.1%** |  |  |  |  |
|  **North America — 0.1%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Healthcare-Services — 0.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *Healthcare-Services — 0.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *Healthcare-Services — 0.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *Healthcare-Services — 0.0%* |  |
| &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),(d),(g) |  | 132658 |  | 132658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 08/24/28 (b),(d) |  | 57079 |  | 57079 |
|  |  |  |  | 189737 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Software — 0.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *Software — 0.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *Software — 0.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *Software — 0.1%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MicroStrategy, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 03/01/30 (b),(e),(g),(h) |  | 800000 |  | 842000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 12/01/29 (b),(e),(g) |  | 1000000 |  | 895011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Strategy, Inc., 0.63%, 09/15/28 (b) |  | 300000 |  | 566250 |
|  |  |  |  | 2303261 |
|  **Total North America** |  |  |  | **2492998** |
|  **TOTAL CONVERTIBLE BONDS<br>(COST $2,630,896)** |  |  |  | **2492998** |
|  **BANK DEBT — 4.1%** |  |  |  |  |
|  **Europe — 0.1%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Software — 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%, 6.79%, 06/29/29 (b),(f) |  | 1854029 | EUR | 1831712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GBP Term Loan B2, 6 mo. SONIA + 5.63%, 9.59%, 07/30/29 (b),(f) |  | 2600970 | GBP | 2947557 |
|  |  |  |  | 4779269 |
|  **Total Europe** |  |  |  | **4779269** |
|  **North America — 3.9%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Chemicals — 0.0%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TPC Group, Inc., 2024 Term Loan B, 3 mo. USD Term SOFR + 5.75%, 9.77%, 12/16/31 (b),(f) |  | 878341 |  | 844306 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Commercial Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brock Holdings III, Inc., 2024 Term Loan B, 3 mo. USD Term SOFR + 5.75%, 9.75%, 05/02/30 (b),(d),(f) | $1153206 | $1130142 |
| &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%, 9.41%, 07/08/30 (b),(f) | 1700491 | 1662230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oscar AcquisitionCo LLC, Term Loan B, 3 mo. USD Term SOFR + 4.25%, 8.25%, 04/29/29 (b),(f) | 2490641 | 2321402 |
|  |  | 3983632 |
| &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%,<br>11.11%, 05/02/28 (b),(f) | 8581281 | 8470411 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Diversified Financial Services — 0.4%* |  |  |
| &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%, 8.83%, 05/25/29 (b),(f) | 4266715 | 2430705 |
| &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 + 4.25%, 8.25%, 05/25/29 (b),(f) | 612521 | 348947 |
| &nbsp;&nbsp;&nbsp;&nbsp; CPC Acquisition Corp., Term Loan, 3 mo. USD Term SOFR + 3.75%, 8.01%, 12/29/27 (b),(f) | 5879771 | 4897849 |
| &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 + 14.33%, 14.33%, 07/19/28 (b),(f) | 1504367 | 1493085 |
| &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) | 6328781 | 5885766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Form Technologies LLC, 2025 Term Loan, 3 mo. USD Term SOFR + 5.75%, 10.08%, 07/19/30 (b),(f) | 1853917 | 1623716 |
|  |  | 16680068 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Engineering & Construction — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brand Industrial Services, Inc., 2024 Term Loan B, 3 mo. USD Term SOFR + 4.50%, 8.80%, 08/01/30 (b),(f) | 1315783 | 1189468 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Food — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; H-Food Holdings LLC, 2025 Exit Term Loan, 3 mo. USD Term SOFR + 6.50%, 10.81%, 03/29/30 (b),(f) | 3404118 | 3435334 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Natural Foods, Inc., 2024 Term Loan, 1 mo. USD Term SOFR + 4.75%, 8.91%, 05/01/31 (b),(f) | 1364766 | 1368464 |
|  |  | 4803798 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Food Service — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TKC Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 PIK Toggle Holdco Term Loan,<br>12.00%, 02/15/27 (b),(d) | $4099930 | $4120429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan, 1 mo. USD Term SOFR + 5.00%, 9.17%, 05/15/28 (b),(f) | 1183894 | 1184392 |
|  |  | 5304821 |
| &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%, 9.25%, 12/14/29 (b),(f) | 2788533 | 2478810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bausch & Lomb Corp., 2025 Term Loan B, 1 mo. USD Term SOFR + 4.25%, 8.41%, 01/15/31 (b),(f) | 214119 | 213942 |
|  |  | 2692752 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Healthcare-Services — 0.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gainwell Acquisition Corp., Term Loan B, 3 mo. USD Term SOFR + 4.00%, 8.10%, 10/01/27 (b),(f) | 98021 | 96331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Symplr Software, Inc., 2020 Term Loan, 3 mo. USD Term SOFR + 4.50%, 8.91%, 12/22/27 (b),(f) | 7026003 | 6300358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Team Health Holdings, Inc., 2025 Term Loan B, 3 mo. USD Term SOFR + 4.50%, 8.80%, 06/30/28 (b),(f) | 5104523 | 5090690 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Renal Care, Inc., 2023 Superpriority Term Loan, 1 mo. USD Term SOFR + 5.00%, 9.28%, 06/28/28 (b),(f) | 5592269 | 5324007 |
| &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%, 12.66%, 01/12/29 (b),(f) | 3131691 | 2411402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 mo. USD Term SOFR + 4.50%, 8.91%, 01/15/28 (b),(d),(f) | 3221182 | 2923222 |
|  |  | 22146010 |
| &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%, 7.51%, 06/29/28 (b),(f) | 1805716 | 1682512 |
| &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%, 8.00%, 07/08/31 (b),(f) | 5673577 | 4157654 |
| &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%, 8.28%, 10/06/28 (b),(f) | 8742239 | 7111812 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Insurance — 0.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asurion LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 2nd Lien Term Loan B3, 1 mo. USD Term SOFR + 5.25%, 9.53%, 01/31/28 (b),(f) | $1429835 | $1390515 |
| &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%, 9.53%, 01/20/29 (b),(f) | 2774471 | 2650008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 Term Loan B11, 1 mo. USD Term SOFR + 4.25%, 8.51%, 08/19/28 (b),(f) | 768111 | 770300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B12, 1 mo. USD Term SOFR + 4.25%, 8.41%, 09/19/30 (b),(f) | 1490454 | 1484164 |
|  |  | 6294987 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Internet — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MH Sub I LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 2nd Lien Term Loan, 1 mo. USD Term SOFR + 6.25%, 10.41%, 02/23/29 (b),(f) | 492215 | 424767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 Term Loan, 3 mo. USD Term SOFR + 4.25%, 8.25%, 05/03/28 (b),(f) | 2661627 | 2556279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B4, 3 mo. USD Term SOFR + 4.25%, 4.25%, 12/31/31 (b),(d),(f),(j) | 1804047 | 1657468 |
|  |  | 4638514 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Investment Company Security — 0.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ATI Holdings Acquisition, Inc., 2023 2nd Lien Delayed Draw Term Loan, 8.00%, 08/24/28 (b),(d) | 894655 | 894655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bulldog Purchaser, Inc., 2025 Term Loan, 3 mo. USD Term SOFR + 3.75%, 8.04%, 06/27/31 (b),(f) | 1001988 | 1005746 |
| &nbsp;&nbsp;&nbsp;&nbsp; FTAI Infrastructure, Inc., Bridge Term Loan, 3 mo. USD Term SOFR + 4.00%, 8.20%, 08/24/26 (b),(d),(f) | 10429260 | 10507479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infinity Bidco U.S. LLC, 2025 PIK Tranche 1 Term Loan, 3 mo. USD Term SOFR + 5.50%,<br>9.50%, 04/30/26 (b),(d),(f) | 5513257 | 5513257 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Millennium HoldCo, Inc., 2020 Term Loan, 1 mo. USD Term SOFR + 5.50%, 9.66%, 05/14/26 (b),(d),(f) | 840494 | 844696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solaris U.S. Bidco LLC, Term Loan B, 3 mo. USD Term SOFR + 5.25%, 9.45%, 11/29/30 (b),(d),(f) | 3163111 | 3091941 |
|  |  | 21857774 |
| &nbsp;&nbsp;&nbsp;&nbsp; *IT Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Peraton Corp., Term Loan B, 1 mo. USD Term SOFR + 3.75%, 8.01%, 02/01/28 (b),(f) | 36635 | 30833 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** |  | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Machinery-Diversified — 0.3%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Engineered Machinery Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 USD 2nd Lien Incremental Term Loan, 3 mo. USD Term SOFR + 6.50%, 10.76%, 05/21/29 (b),(d),(f) | $1122432 |  | $1123139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 USD 2nd Lien Term Loan, 3 mo. USD Term SOFR + 6.00%, 10.26%, 05/21/29 (b),(f) | 9045028 |  | 9048827 |
|  |  |  | 10171966 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Media — 0.1%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Learfield Communications LLC, 2024 Term Loan B, 1 mo. USD Term SOFR + 4.50%, 8.66%, 06/30/28 (b),(f) | 5323145 |  | 5369722 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Mining — 0.0%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Rock Salt Co. LLC, 2021 Term Loan, 3 mo. USD Term SOFR + 4.00%, 8.46%, 06/09/28 (b),(f) | 49006 |  | 36479 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Pharmaceuticals — 0.1%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bausch Health Cos., Inc., 2025 Term Loan B, 1 mo. USD Term SOFR + 6.25%, 10.41%, 10/08/30 (b),(f) | 1252970 |  | 1232997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pathway Vet Alliance LLC, 2025 Tranche A Term Loan A, 3 mo. USD Term SOFR + 5.00%, 9.31%, 06/30/28 (b),(f) | 777626 |  | 783599 |
|  |  |  | 2016596 |
| &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%,<br>7.40%, 06/13/30 (b),(f) | 997500 |  | 1002488 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Retail — 0.0%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Michaels Cos., Inc., 2021 Term Loan B, 3 mo. USD Term SOFR + 4.25%, 8.51%, 04/17/28 (b),(f) | 1015743 |  | 957338 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Software — 0.4%* |  |  |  |
| &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, 1 mo. EURIBOR + 4.25%, 6.15%, 05/31/30 (b),(f) | 2503908 | EUR | 1315522 |
| &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%, 9.20%, 04/29/30 (b),(f) | 1301612 |  | 1312297 |
| &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%, 8.72%, 05/31/30 (b),(f) | 7434215 |  | 3419739 |
| &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%, 8.97%, 05/31/30 (b),(f) | 148296 |  | 66257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constant Contact, Inc., Term Loan, 3 mo. USD Term SOFR + 4.00%, 8.58%, 02/10/28 (b),(f) | 7763422 |  | 7183572 |
|  |  |  | 13297387 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | | **Value** |
| &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%, 11.66%, 08/06/29 (b),(f) | $3587910 |  | $3496418 |
|  **Total North America** |  |  | **149367888** |
|  **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%, 10.24%, 08/07/29 (b),(d),(f) | 3574470 | AUD | 2329749 |
|  **Total Oceania** |  |  | **2329749** |
|  **TOTAL BANK DEBT<br>(COST $159,912,802)** |  |  | **156476906** |
|  **CORPORATE BONDS & NOTES — 7.7%** |  |  |  |
|  **Africa — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Chemicals — 0.1%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sasol Financing USA LLC, 6.50%, 09/27/28 (b) | 3254000 |  | 3232085 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Engineering & Construction — 0.0%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IHS Holding Ltd., 5.63%, 11/29/26 (b),(c) | 1533000 |  | 1519653 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Pipelines — 0.1%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Golar LNG Ltd., 7.50%, 10/02/30 (b),(c) | 3158000 |  | 3128838 |
|  **Total Africa** |  |  | **7880576** |
|  **Asia — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Auto Manufacturers — 0.1%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Uzauto Motors AJ, 4.85%, 05/04/26 (b),(c) | 2842000 |  | 2813364 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Lodging — 0.1%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Melco Resorts Finance Ltd., 5.75%, 07/21/28 (b),(c) | 3231000 |  | 3219973 |
| &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),(k) | 3607000 |  | 40579 |
|  **Total Asia** |  |  | **6073916** |
|  **Europe — 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Agriculture — 0.2%* |  |  |  |
| &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),(e) | 689000 |  | 555334 |
| &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) | 3232000 |  | 2604992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GBP Term Loan B2, 6.95%, 04/03/26 (b),(c) | 3057000 |  | 2887425 |
|  |  |  | 6047751 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Internet — 0.0%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Telegram Group, Inc., 9.00%, 06/05/30 (b),(c) | $716000 |  | $728510 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Oil & Gas — 0.1%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trident Energy Finance PLC, 12.50%, 11/30/29 (b),(c) | 2520000 |  | 2627498 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Retail — 0.3%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Stonegate Pub Co. Financing 2019 PLC, 10.75%, 07/31/29 (b),(e) | 9899000 | GBP | 13349575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stonegate Pub Co. Financing PLC, 10.75%, 07/31/29 (b),(c) | 200000 | GBP | 269716 |
|  |  |  | 13619291 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Water — 0.4%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Water Services Finance Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 03/30/27 (b),(c) | 1721000 | GBP | 2168437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.64%, 03/31/26 (b),(c) | 2432000 | GBP | 3270108 |
| &nbsp;&nbsp;&nbsp;&nbsp; SW Finance I PLC, 7.75%, 10/31/31 (b),(c) | 1990000 | GBP | 2802839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thames Water Super Senior Issuer PLC, 9.75%, 10/10/27 (b),(e) | 612832 | GBP | 918427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thames Water Utilities Finance PLC,<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/31/32 (b),(c) | 1186000 | EUR | 952950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 04/22/40 (b),(c) | £495,000 | GBP | 448756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 01/24/32 (b),(c) | 1188000 | GBP | 1085207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/18/27 (b),(c) | 545000 | EUR | 445875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 09/28/37 (b),(c) | 295000 | GBP | 275366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/11/41 (b),(c) | 200000 | GBP | 187349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 11/16/28 (b) | 1380000 | GBP | 1306618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 04/30/31 (b),(c) | 612000 | GBP | 575692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 04/30/44 (b),(c) | 200000 | GBP | 190062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 04/25/40 (b),(c) | 200000 | GBP | 190140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thames Water Utilities Ltd., 0.00%, 03/22/27 (b),(e),(g) | 45204 | GBP | 51980 |
|  |  |  | 14869806 |
|  **Total Europe** |  |  | **37892856** |
|  **Middle East — 0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Commercial Services — 0.1%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mersin Uluslararasi Liman Isletmeciligi AS, 8.25%, 11/15/28 (b),(c) | 3241000 |  | 3368249 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Electric — 0.1%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zorlu Enerji Elektrik Uretim AS, 11.00%, 04/23/30 (b),(c) | 4539000 |  | 4173267 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Oil & Gas — 0.5%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SA Global Sukuk Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 09/17/30 (b),(c) | 9474000 |  | 9339703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/17/35 (b),(c) | 8685000 |  | 8463484 |
|  |  |  | 17803187 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Real Estate — 0.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arabian Centres Sukuk II Ltd., 5.63%, 10/07/26 (b),(c) | $4123000 | $3993785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Binghatti Sukuk 2 SPV Ltd., 7.75%, 07/01/29 (b),(c) | 4737000 | 4717415 |
|  |  | 8711200 |
|  **Total Middle East** |  | **34055903** |
|  **North America — 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Advertising — 0.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc.,<br>7.50%, 06/01/29 (b),(e) | 9893000 | 9608214 |
| &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) | 1226000 | 727672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.45%, 11/15/29 (b),(c) | 4037000 | 2454690 |
| &nbsp;&nbsp;&nbsp;&nbsp; WR Grace Holdings LLC, 5.63%, 08/15/29 (b),(e) | 3578000 | 3325743 |
|  |  | 6508105 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Commercial Services — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sotheby's, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/01/29 (b),(e) | 1505000 | 1371328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 10/15/27 (b),(e) | 534000 | 532495 |
|  |  | 1903823 |
| &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),(e) | 1355000 | 1419091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIK, 12.75%, 01/15/31 (b),(e) | 1455081 | 1453282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oscar AcquisitionCo LLC, 9.50%, 04/15/30 (b),(e) | 808000 | 661635 |
|  |  | 3534008 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Diversified Financial Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MF Global Holdings Ltd., 6.75%, 08/08/49 (b),(d),(h),(k) | 436000 | 100280 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Engineering & Construction — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brand Industrial Services, Inc., 10.38%, 08/01/30 (b),(e) | 2527000 | 2518946 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Food Service — 0.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TKC Holdings, Inc., 10.50%, 05/15/29 (b),(e) | 9832000 | 10068823 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Healthcare-Services — 0.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Akumin, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 08/01/28 (b),(e) | 6650000 | 5918347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIK, 9.00%, 08/01/27 (b),(e) | 1639485 | 1530851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Team Health Holdings, Inc., PIK, 9.00%, 06/30/28 (b),(e) | 1578928 | 1705242 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Renal Care, Inc., 10.63%, 06/28/28 (b),(e) | 1563050 | 1359854 |
|  |  | 10514294 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &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),(e) | $3167000 | $2454976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 06/30/32 (b),(e) | 3976000 | 2168237 |
|  |  | 4623213 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Housewares — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SWF Holdings I Corp., 6.50%, 10/06/29 (b),(e) | 2853400 | 1426700 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Insurance — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nature Coast Re Ltd., 13.65%, 04/10/29 (b),(e),(f) | 250000 | 261150 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Leisure Time — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Viking Cruises Ltd., 5.88%, 10/15/33 (b),(e) | 72000 | 72051 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Media — 0.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; McGraw-Hill Education, Inc.,<br>8.00%, 08/01/29 (b),(e) | 6820000 | 6945618 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Oil & Gas — 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Calumet Specialty Products Partners LP,<br>9.75%, 07/15/28 (e) | 4448000 | 4421623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Petroleos Mexicanos, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/23/29 (b) | 259000 | 263403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/21/47 (b) | 13241000 | 10927876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 01/28/60 (b) | 3240000 | 2664932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.69%, 01/23/50 (b) | 25981000 | 23622344 |
|  |  | 41900178 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Packaging & Containers — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mauser Packaging Solutions Holding Co., 9.25%, 04/15/27 (b),(e) | 2026000 | 2030636 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Pharmaceuticals — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1261229 BC Ltd., 10.00%, 04/15/32 (b),(e) | 5473000 | 5610110 |
| &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),(e) | 8352000 | 8882811 |
| &nbsp;&nbsp;&nbsp;&nbsp; *REITS — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IIP Operating Partnership LP, 5.50%, 05/25/26 (b) | 3794000 | 3772009 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Retail — 0.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GPS Hospitality Holding Co. LLC, 7.00%, 08/15/28 (b),(e) | 4829000 | 2766920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guitar Center Holdings, Inc., 0.00%, 12/13/30 (b),(d),(g) | 5935821 | 1632351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michaels Cos., Inc. (The), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/28 (b),(e) | 1694000 | 1559173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 05/01/29 (b),(e) | 2270000 | 1895450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Park River Holdings, Inc., 8.00%, 03/15/31 (b),(e) | 364000 | 368613 |
|  |  | 8222507 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Software — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Parent LLC, 8.00%, 06/15/29 (b),(e) | $970000 | $854819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/29 (b),(e) | 859000 | 739646 |
|  |  | 1594465 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Telecommunications — 0.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Digicel International Finance Ltd./Difl U.S. LLC, 8.63%, 08/01/32 (b),(c) | 5090000 | 5233453 |
| &nbsp;&nbsp;&nbsp;&nbsp; EchoStar Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 11/30/29 (b) | 214898 | 236424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIK, 6.75%, 11/30/30 (b) | 368106 | 379499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Millicom International Cellular SA, 4.50%, 04/27/31 (b),(c) | 7532000 | 7128231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Play Telecomunicaciones SA de CV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 12/31/28 (b),(c) | 498000 | 498313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.13%, 12/31/32 (b),(c),(e) | 3504650 | 3456795 |
|  |  | 16932715 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Transportation — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brightline East LLC, 11.00%, 01/31/30 (b),(e) | 2425000 | 994250 |
|  **Total North America** |  | **148024906** |
|  **South America — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Airlines — 0.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Azul Secured Finance LLP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.88%, 08/28/30 (b),(k) | 802022 | 28071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 08/28/29 (b),(k) | 2385785 | 131218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.93%, 08/28/28 (b),(d),(k) | 2699274 | 1071274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIK, 15.00%, 02/27/26 (b),(e) | 4540842 | 4648937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Latam Airlines Group SA, 7.88%, 04/15/30 (b),(c) | 4000000 | 4161800 |
|  |  | 10041300 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Chemicals — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Braskem Netherlands Finance BV, 4.50%, 01/10/28 (b),(c) | 4905000 | 2112338 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Electric — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Generacion Mediterranea SA, 11.00%, 11/01/31 (b),(c) | 1909000 | 1049950 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Iron/Steel — 0.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Samarco Mineracao SA, PIK, 9.50%, 06/30/31 (b),(e) | 9450854 | 9499904 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Media — 0.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; VTR Comunicaciones SpA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/29 (b),(c) | 3800000 | 3534000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 01/15/28 (b),(c) | 2840000 | 2740600 |
|  |  | 6274600 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Oil & Gas — 0.8%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecopetrol SA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/29/30 (b) | $2386000 |  | $2445022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/01/32 (b) | 5282000 |  | 5465882 |
| &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 |  | 10343223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 06/19/47 (b),(c) | 10058000 |  | 7405202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raizen Fuels Finance SA, 6.95%, 03/05/54 (b),(c) | 5520000 |  | 5077756 |
|  |  |  | 30737085 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Oil & Gas Services — 0.0%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceanica Lux, 13.00%, 10/02/29 (b),(c) | 753000 |  | 765726 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Telecommunications — 0.1%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Telecom Argentina SA, 9.50%, 07/18/31 (b),(c) | 3006000 |  | 2998485 |
|  **Total South America** |  |  | **63479388** |
|  **Supranational — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Multi-National — 0.0%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Bank for Reconstruction & Development, 15.40%, 04/24/28 (b),(e),(f) | 250000 |  | 255650 |
|  **Total Supranational** |  |  | **255650** |
|  **TOTAL CORPORATE BONDS & NOTES<br>(COST $293,413,207)** |  |  | **297663195** |
|  **SOVEREIGN DEBT — 3.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bulgaria Government International Bonds,<br>4.13%, 07/18/45 (b),(c) | 2669000 | EUR | 3031360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecuador Government International Bonds, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 07/31/30 (b),(c),(g) | 3243630 |  | 2481377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 07/31/30 (b),(c),(h) | 5052904 |  | 4471820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Egypt Government International Bonds,<br>7.50%, 02/16/61 (b),(c) | 6616000 |  | 5186263 |
| &nbsp;&nbsp;&nbsp;&nbsp; El Salvador Government International Bonds,<br>0.25%, 04/17/30 (b),(c) | 4700000 |  | 117500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honduras Government International Bonds,<br>8.63%, 11/27/34 (b),(c) | 10273000 |  | 11274617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ivory Coast Government International Bonds, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/31/32 (b),(c),(h) | 1520507 |  | 1499724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/03/28 (b),(c) | 3400000 |  | 3449358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 01/30/33 (b),(c) | 2005000 |  | 2085173 |
| &nbsp;&nbsp;&nbsp;&nbsp; KSA Ijarah Sukuk Ltd., 4.88%, 09/09/35 (b),(c) | 16496000 |  | 16588889 |
| &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%, 03/09/49 (b),(c),(k) | 41209000 |  | 9210212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 04/19/30 (b),(c),(k) | 36333000 |  | 8140227 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Lithuania Government International Bonds, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/10/36 (b),(c) | 2650000 | EUR | $3094124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/10/45 (b),(c) | 3710000 | EUR | 4333258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexico Government International Bonds, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 03/19/38 (b) | 3858000 | EUR | 4613183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/17/30 (b),(c) | 30300000 |  | 30741168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Montenegro Government International Bonds, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/01/32 (b),(c) | 2148000 | EUR | 2527716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 03/12/31 (b),(c) | 4119000 |  | 4392583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Provincia de Buenos Aires Government International Bonds, 6.63%, 09/01/37 (b),(c),(h) | 2885707 |  | 1680925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic of Tajikistan International Bonds,<br>7.13%, 09/14/27 (b),(c) | 2346667 |  | 2334520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic of Uzbekistan International Bonds,<br>5.38%, 05/29/27 (b),(c) | 3972000 | EUR | 4809378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Romania Government International Bonds, 5.38%, 03/22/31 (b),(c) | 2686000 | EUR | 3208510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sri Lanka Government International Bonds,<br>4.00%, 04/15/28 (b),(c) | 4207816 |  | 4020569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viet Nam Debt & Asset Trading Corp.,<br>1.00%, 10/10/25 (b),(c) | 7430000 |  | 7371865 |
|  **TOTAL SOVEREIGN DEBT<br>(COST $128,316,528)** |  |  | **140664319** |
|  **MORTGAGE-BACKED SECURITIES — 34.6%** |  |  |  |
|  **Europe — 0.1%** |  |  |  |
| &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, 6.05%, 11/25/33 (b),(f) | 195981 |  | 177958 |
| &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%, 5.53%, 02/17/35 (b),(e),(f) | 999933 | EUR | 1153011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taurus NL DAC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-NL1X, Class C, 3 mo. EURIBOR + 2.05%, 4.08%, 02/20/30 (b),(c),(f) | 51393 | EUR | 58248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-NL1X, Class D, 3 mo. EURIBOR + 2.50%, 4.53%, 02/20/30 (b),(c),(f) | 513926 | EUR | 526921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taurus UK DAC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-UK4X, Class E, 3 mo. SONIO+ 3.10%, 7.09%, 08/17/31 (b),(c),(f) | 69652 | GBP | 93628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series UK3A, Class E, 3 mo. SONIO+ 3.80%, 8.02%, 07/20/35 (b),(e),(f) | 142000 | GBP | 191444 |
|  |  |  | 2023252 |
|  **Total Europe** |  |  | **2201210** |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
|  **North America — 34.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Collateralized Mortgage Obligation (Residential) — 2.3%* |  |  |
| &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),(e),(f) | $972000 | $640600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-E, Class B2, 3.95%, 12/25/60 (b),(e),(f) | 762000 | 466627 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Home Mortgage Investment Trust, Series 2004-4, Class 6A2, 6.00%, 02/25/45 (b),(h) | 7500000 | 6775237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Angel Oak Mortgage Trust, Series 2021-8, Class B1,<br>4.11%, 11/25/66 (b),(e),(f) | 109000 | 89354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banc of America Funding Trust, Series 2006-H, Class 5A1, 1 mo. TSFR + .47%, 4.61%, 10/20/36 (b),(f) | 3729167 | 1161061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banc of America Mortgage Trust, Series 2004-F,<br>Class B1, 5.88%, 07/25/34 (b),(f) | 194174 | 173134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Mortgage Loan Trust, Series 2021-NQM1,<br>Class B2, 5.43%, 09/25/51 (b),(e) | 100000 | 89106 |
| &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, 5.76%, 09/25/34 (b),(f) | 209643 | 203184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-10, Class 2B1, 4.81%, 01/25/36 (b),(f) | 378787 | 237475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-1, Class 11A2, 1 mo. TSFR + .75%, 4.91%, 02/25/36 (b),(f) | 1093079 | 945545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-3, Class 22A1, 4.16%, 05/25/36 (b),(f) | 325448 | 235098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-4, Class 13A1, 1 mo. TSFR + .43%, 4.59%, 08/25/36 (b),(f) | 226399 | 190472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bear Stearns Asset-Backed Securities I Trust, Series 2007-AC5, Class A5, 1 mo. TSFR + .56%, 4.72%, 07/25/37 (b),(f) | 2513950 | 568507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Calcon Mutual Mortgage, Series 2023-1, Class M1,<br>4.97%, 06/25/54 (b),(e),(f) | 3006000 | 3039219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chase Mortgage Finance Trust, Series 2007-A1, Class 1M,<br>6.33%, 02/25/37 (b),(f) | 215327 | 187466 |
| &nbsp;&nbsp;&nbsp;&nbsp; ChaseFlex Trust, Series 2007-1, Class 1A1, 6.50%, 02/25/37 (b) | 1002759 | 351544 |
| &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%, 5.05%, 02/25/35 (b),(f) | 391337 | 376166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-3, Class 1A4, 1 mo. TSFR + .83%,<br>4.99%, 04/25/35 (b),(f) | 389269 | 354399 |
| &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, 7.43%, 08/25/34 (b),(f) | 658346 | 263369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR6, Class 2A4, 1 mo. TSFR + .55%, 4.71%, 09/25/36 (b),(f) | 809988 | 291286 |
| &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%, 4.92%, 09/25/36 (b),(f) | 695144 | 567241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A6, Class 1A1, 1 mo. TSFR + .71%, 4.87%, 06/25/37 (b),(f) | 258643 | 216610 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; COLT Funding LLC, Series 2025-1, Class B1,<br>7.14%, 01/25/70 (b),(e),(f) | $627000 | $617950 |
| &nbsp;&nbsp;&nbsp;&nbsp; COLT Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class B1, 3.96%, 02/25/67 (b),(e),(f) | 100000 | 82796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-5, Class B1, 4.74%, 03/25/67 (b),(e),(f) | 1000000 | 935262 |
| &nbsp;&nbsp;&nbsp;&nbsp; COLT Trust, Series 2021-RPL1, Class B2,<br>4.53%, 09/25/61 (b),(e),(f) | 446000 | 343317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Countrywide Alternative Loan Trust, |  |  |
| &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),(f) | 277294 | 248021 |
| &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),(f) | 351441 | 245398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-2CB, Class M, 5.92%, 03/25/34 (b),(f) | 290038 | 246792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-4CB, Class M, 5.68%, 04/25/34 (b),(f) | 151604 | 123246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-10CB, Class 1A1, 1 mo. TSFR + .61%, 4.77%, 05/25/35 (b),(f) | 247246 | 187042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-11CB, Class 3A2, 1 mo. TSFR + .61%, 4.77%, 06/25/35 (b),(f) | 266104 | 197404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-28CB, Class 2A8, 1 mo. TSFR + .51%, 4.67%, 08/25/35 (b),(f) | 1572425 | 880088 |
| &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%, 5.43%, 11/25/35 (b),(f) | 268645 | 253950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-59, Class 1A1, 1 mo. TSFR + .77%, 4.91%, 11/20/35 (b),(f) | 5857185 | 5541641 |
| &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%, 5.85%, 12/25/35 (b),(f) | 251530 | 253303 |
| &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%, 6.15%, 01/25/36 (b),(f) | 1512828 | 1327802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-J9, Class 1A1, 1 mo. TSFR + .81%, 4.97%, 08/25/35 (b),(f) | 464667 | 243570 |
| &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 | 167759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-19CB, Class A19, 1 mo. TSFR + .91%, 5.07%, 08/25/36 (b),(f) | 544547 | 236866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-20CB, Class A1, 1 mo. TSFR + .45%, 4.61%, 07/25/36 (b),(f) | 697518 | 198430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-20CB, Class A6, 1 mo. TSFR + .61%, 4.77%, 07/25/36 (b),(f) | 677973 | 206070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-21CB, Class A5, 1 mo. TSFR + .51%, 4.67%, 07/25/36 (b),(f) | 491816 | 196834 |
| &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) | 714003 | 204886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-28CB, Class A10, 1 mo. TSFR + .81%, 4.97%, 10/25/36 (b),(f) | 667592 | 237566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-28CB, Class A19, 1 mo. TSFR + .51%, 4.67%, 10/25/36 (b),(f) | 705642 | 231249 |
| &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) | 567830 | 149360 |
| &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) | 420810 | 246533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-31CB, Class A5, 1 mo. TSFR + .86%, 5.02%, 11/25/36 (b),(f) | 475728 | 204799 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-39CB, Class 1A6, 1 mo. TSFR + .71%, 4.87%, 01/25/37 (b),(f) | $268940 | $190914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-41CB, Class 2A7, 1 mo. TSFR + .71%, 4.87%, 01/25/37 (b),(f) | 1100304 | 432844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-41CB, Class 2A8, 1 mo. TSFR + .76%, 4.92%, 01/25/37 (b),(f) | 1137523 | 451758 |
| &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) | 739684 | 381387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-8T1, Class 1A1, 1 mo. TSFR + .61%, 4.77%, 04/25/36 (b),(f) | 685791 | 228793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-J1, Class 1A4, 1 mo. TSFR + .61%, 4.77%, 02/25/36 (b),(f) | 329727 | 197507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-J2, Class A1, 1 mo. TSFR + .61%,<br>4.77%, 04/25/36 (b),(f) | 587958 | 213704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA12, Class A1C, 1 mo. TSFR + .39%, 4.53%, 09/20/46 (b),(f) | 306948 | 267882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA12, Class A2, 1 mo. TSFR + .32%, 4.46%, 09/20/46 (b),(f) | 167580 | 151351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA16, Class A3, 1 mo. TSFR + .61%, 4.77%, 10/25/46 (b),(f) | 248592 | 211023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA19, Class A1, 1 mo. TSFR + .29%, 4.43%, 02/20/47 (b),(f) | 489028 | 376887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA19, Class A4, 1 mo. TSFR + .32%, 4.46%, 02/20/47 (b),(f) | 291930 | 231909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA2, Class A1, 1 mo. TSFR + .53%, 4.67%, 05/20/46 (b),(f) | 495003 | 425388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA8, Class 2A3, 1 mo. TSFR + .49%, 4.65%, 07/25/46 (b),(f) | 89420 | 95605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA8, Class 2A4, 1 mo. TSFR + .63%, 4.79%, 07/25/46 (b),(f) | 339361 | 259907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA9, Class 2A1A, 1 mo. TSFR + .53%, 4.67%, 07/20/46 (b),(f) | 556250 | 452478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-16CB, Class 1A2, 1 mo. TSFR + .51%, 4.67%, 08/25/37 (b),(f) | 364554 | 233956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-16CB, Class 2A1, 1 mo. TSFR + .56%, 4.72%, 08/25/37 (b),(f) | 2115828 | 701207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-17CB, Class 1A6, 1 mo. TSFR + .61%, 4.77%, 08/25/37 (b),(f) | 802835 | 347131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-18CB, Class 1A2, 1 mo. TSFR + .58%, 4.74%, 08/25/37 (b),(f) | 702176 | 196337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-20, Class A1, 1 mo. TSFR + .61%,<br>4.77%, 08/25/47 (b),(f) | 856604 | 304912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-23CB, Class A3, 1 mo. TSFR + .61%, 4.77%, 09/25/37 (b),(f) | 1778657 | 616865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-23CB, Class A7, 1 mo. TSFR + .51%, 4.67%, 09/25/37 (b),(f) | 622624 | 220055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-2CB, Class 1A7, 1 mo. TSFR + .61%, 4.77%, 03/25/37 (b),(f) | 548546 | 212542 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-8CB, Class A5, 1 mo. TSFR + .61%, 4.77%, 05/25/37 (b),(f) | $869920 | $349500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HY6, Class A1, 1 mo. TSFR + .53%, 4.69%, 08/25/47 (b),(f) | 374379 | 319343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-J1, Class 3A1, 4.24%, 11/25/36 (b),(h) | 325115 | 229626 |
| &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%, 5.53%, 11/25/47 (b),(f) | 286912 | 252073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA2, Class 1A1, 12 mo. MTA + .84%, 4.99%, 03/25/47 (b),(f) | 177501 | 152119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OH2, Class A2B, 1 mo. TSFR + .47%, 4.63%, 08/25/47 (b),(f) | 121227 | 121498 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSFB Mortgage-Backed Pass-Through Certificates, Series 2004-8, Class DB1, 5.59%, 12/25/34 (b),(f) | 328994 | 242224 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSMC Trust, Series 2021-NQM3, Class B2, 4.13%, 04/25/66 (b),(e),(f) | 800000 | 552883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deephaven Residential Mortgage Trust, Series 2021-4, Class B2, 4.43%, 11/25/66 (b),(e),(f) | 100000 | 75535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Alt-A Securities Mortgage Loan Trust, Series 2006-AR5, Class 1A1, 1 mo. TSFR + .37%,<br>4.53%, 10/25/36 (b),(f) | 1250359 | 397778 |
| &nbsp;&nbsp;&nbsp;&nbsp; DSLA Mortgage Loan Trust, Series 2005-AR2, Class 2A1A, 1 mo. TSFR + .53%, 4.67%, 03/19/45 (b),(f) | 925740 | 861168 |
| &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%, 4.77%, 02/25/37 (b),(f) | 730025 | 193964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-FA2, Class 1A2, 1 mo. TSFR + .66%, 4.82%, 04/25/37 (b),(f) | 952632 | 233096 |
| &nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Corp. Trust, Series 2021-PJ1, Class B3, 2.75%, 06/25/51 (b),(e),(f) | 3649071 | 3010520 |
| &nbsp;&nbsp;&nbsp;&nbsp; GSR Mortgage Loan Trust, Series 2005-AR6, Class B1, 5.79%, 09/25/35 (b),(f) | 259809 | 212656 |
| &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%, 5.01%, 11/19/35 (b),(f) | 981763 | 646585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-4, Class 1A1A, 1 mo. TSFR + .47%, 4.61%, 05/19/46 (b),(f) | 531595 | 267164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-6, Class 2A1B, 1 mo. TSFR + .34%, 4.48%, 08/19/37 (b),(f) | 6970937 | 5961489 |
| &nbsp;&nbsp;&nbsp;&nbsp; IndyMac IMSC Mortgage Loan Trust, Series 2007-HOA1, Class A22, 1 mo. TSFR + .47%, 4.63%, 07/25/47 (b),(f) | 387053 | 284077 |
| &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, 3.76%, 05/25/36 (b),(f) | 194433 | 168183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-FLX2, Class A2, 1 mo. TSFR + .49%, 4.65%, 04/25/37 (b),(f) | 199686 | 203968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-FLX5, Class 2A2, 1 mo. TSFR + .59%, 4.75%, 08/25/37 (b),(f) | 4074073 | 3489660 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; JP Morgan Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A5, Class IB1, 5.11%, 08/25/35 (b),(f) | $554480 | $451510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE2, Class M3, 1 mo. SOFR + 3.25%, 7.64%, 03/25/54 (b),(e),(f) | 3751935 | 3806278 |
| &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%,<br>5.02%, 12/25/35 (b),(f) | 494746 | 228688 |
| &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) | 460552 | 457269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lehman XS Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-17, Class WF41, 6.23%, 11/25/36 (b),(h) | 245542 | 232425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-15N, Class 4A1, 1 mo. TSFR + 1.01%, 5.17%, 08/25/47 (b),(f) | 236211 | 217914 |
| &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, 5.44%, 11/25/35 (b),(f) | 265979 | 145160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A5, Class M1, 4.68%, 06/25/35 (b),(f) | 607629 | 533515 |
| &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, 5.65%, 09/25/34 (b),(f) | 243788 | 189393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-9, Class B1, 5.40%, 11/25/34 (b),(f) | 259152 | 226134 |
| &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),(f) | 414863 | 183577 |
| &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,<br>3.76%, 01/25/26 (b),(e),(f) | 100000 | 59156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM1, Class B2,<br> 7.99%, 03/25/64 (b),(e),(f) | 100000 | 100600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-AR3, Class A3A, 1 mo. TSFR + .45%, 4.61%, 10/25/36 (b),(f) | 270331 | 240854 |
| &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,<br>8.17%, 06/25/58 (b),(e),(f) | 100000 | 101248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-AFC1, Class B2,<br>8.42%, 03/25/59 (b),(e),(f) | 1409000 | 1424582 |
| &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%, 4.95%, 09/25/46 (b),(f) | 300653 | 232870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-QH5, Class AI1, 1 mo. TSFR + .53%, 4.69%, 06/25/37 (b),(f) | 1364523 | 1029478 |
| &nbsp;&nbsp;&nbsp;&nbsp; RCKT Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CES1, Class M2,<br>7.98%, 06/25/43 (b),(e),(f) | 251000 | 254869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CES2, Class M1,<br>7.36%, 09/25/43 (b),(e),(f) | 5513000 | 5601533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential Asset Mortgage Products Trust, Series 2005-RS4, Class M7, 1 mo. TSFR + 1.39%,<br>6.19%, 04/25/35 (b),(f) | 2253000 | 1917161 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential Asset Securitization Trust, Series 2006-A7CB, Class 1A4, 6.25%, 07/25/36 (b) | $300846 | $238452 |
| &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),(e) | 1255351 | 1278079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-INV1, Class B1,<br>7.18%, 08/25/59 (b),(e),(f) | 1054000 | 1066087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sequoia Mortgage Trust, Series 2019-4, Class B4,<br>3.78%, 11/25/49 (b),(e),(f) | 2158000 | 1517154 |
| &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),(e) | 123000 | 113193 |
| &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),(e),(f) | 268000 | 216802 |
| &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),(e),(f) | 135000 | 101393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Structured Asset Mortgage Investments II Trust, Series 2007-AR1, Class 2A2, 1 mo. TSFR + .53%,<br>4.69%, 01/25/37 (b),(f) | 383441 | 427042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2003-26A, Class B1II,<br>5.03%, 09/25/33 (b),(f) | 165350 | 113106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thornburg Mortgage Securities Trust, Series 2005-3, Class B1, 5.61%, 10/25/45 (b),(f) | 581357 | 468765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class B3, 4.55%, 01/25/60 (b),(e),(f) | 2690000 | 1991676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class B2, 4.30%, 11/25/61 (b),(e),(f) | 494000 | 385024 |
| &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,<br>4.35%, 11/25/56 (b),(e),(f) | 1000000 | 735815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-INV1, Class B1,<br>3.99%, 02/25/57 (b),(e),(f) | 111000 | 84902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-INV1, Class B2,<br>3.99%, 02/25/57 (b),(e),(f) | 100000 | 62603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verus Securitization Trust, Series 2024-1, Class B1,<br>7.91%, 01/25/69 (b),(e),(f) | 2149000 | 2175615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visio Trust, Series 2023-2, Class B2,<br>7.71%, 10/25/58 (b),(e),(f) | 100000 | 99754 |
| &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%, 5.10%, 01/25/45 (b),(f) | 217680 | 193285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR17, Class A1C4, 1 mo. TSFR + .91%, 5.07%, 12/25/45 (b),(f) | 429490 | 372718 |
| &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%, 5.17%, 04/25/45 (b),(f) | 446716 | 359459 |
| &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%, 5.22%, 07/25/45 (b),(f) | 140648 | 133819 |
| &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%, 5.22%, 01/25/46 (b),(f) | 173627 | 171775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR17, Class 1A, 12 mo. MTA + .82%, 3.95%, 12/25/46 (b),(f) | 1156928 | 946970 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR7, Class 2A, 12 mo. MTA + .98%, 5.13%, 07/25/46 (b),(f) | $289861 | $278362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HY6, Class 1A1, 4.04%, 06/25/37 (b),(f) | 265060 | 220047 |
| &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) | 201242 | 172408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR1, Class A1B, 1 mo. TSFR + .79%, 4.95%, 12/25/35 (b),(f) | 238450 | 259314 |
| &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) | 324619 | 257287 |
| &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) | 460168 | 414600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA3, Class 2A, 12 mo. MTA + .75%, 4.90%, 02/25/47 (b),(f) | 213493 | 180663 |
|  |  | 89728468 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Commercial Mortgage-Backed Securities — 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arbor Multifamily Mortgage Securities Trust, Series 2022-MF4, Class E, 2.00%, 02/15/55 (b),(e) | 130000 | 98328 |
| &nbsp;&nbsp;&nbsp;&nbsp; AREIT Trust, Series 2022-CRE7, Class C, 1 mo. TSFR + 3.84%, 7.99%, 06/17/39 (b),(e),(f) | 1000000 | 1000654 |
| &nbsp;&nbsp;&nbsp;&nbsp; ARES Trust, Series 2025-IND3, Class E, 1 mo. TSFR + 3.55%, 7.70%, 04/15/27 (b),(e),(f) | 1010000 | 1013904 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAHA Trust, Series 2024-MAR, Class C,<br>7.77%, 12/10/29 (b),(e),(f) | 202000 | 210266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B7, Class D, 3.00%, 05/15/53 (b),(e) | 290000 | 236768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V11, Class XD,<br>2.09%, 11/15/57 (b),(e),(f),(i) | 1000000 | 66731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V7, Class XD,<br>3.08%, 06/15/29 (b),(e),(f),(i) | 1000000 | 88272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V8, Class XD,<br>3.18%, 07/15/57 (b),(e),(f),(i) | 1000000 | 95474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-V17, Class XD,<br>1.97%, 09/15/58 (b),(e),(f),(i) | 1000000 | 87079 |
| &nbsp;&nbsp;&nbsp;&nbsp; BLP Commercial Mortgage Trust, Series 2024-IND2,<br>Class E, 1 mo. TSFR + 3.69%, 7.84%, 03/15/41 (b),(e),(f) | 4734648 | 4732972 |
| &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,<br>2.50%, 05/15/58 (b),(e),(f),(i) | 1000000 | 91184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C9, Class XD, 2.20%, 12/15/57 (b),(e),(f),(i) | 1000000 | 79362 |
| &nbsp;&nbsp;&nbsp;&nbsp; BSPRT Issuer Ltd., Series 2022-FL9, Class C, 1 mo.<br>TSFR + 3.92%, 8.07%, 07/15/39 (b),(e),(f) | 1277000 | 1277103 |
| &nbsp;&nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-VIVA, Class E, 3.67%, 03/11/44 (b),(e),(f) | 5006000 | 4546069 |
| &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%, 7.48%, 12/15/38 (b),(e),(f) | 134586 | 134323 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &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%, 7.35%, 04/15/34 (b),(e),(f) | $100000 | $97611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SOAR, Class F, 1 mo. TSFR + 2.46%, 6.62%, 06/15/38 (b),(e),(f) | 460287 | 460717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SOAR, Class G, 1 mo. TSFR + 2.91%, 7.07%, 06/15/38 (b),(e),(f) | 208663 | 208901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SOAR, Class J, 1 mo. TSFR + 3.86%, 8.02%, 06/15/38 (b),(e),(f) | 876738 | 877428 |
| &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%, 7.19%, 01/17/39 (b),(e),(f) | 227000 | 226416 |
| &nbsp;&nbsp;&nbsp;&nbsp; BX Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ARIA, Class G, 1 mo. TSFR + 3.26%, 7.41%, 10/15/36 (b),(e),(f) | 1000000 | 997030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FOX2, Class E, 1 mo. TSFR + 2.96%, 7.11%, 04/15/39 (b),(e),(f) | 700000 | 698750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cali, Series 2024-SUN, Class E, 1 mo. TSFR + 4.62%, 8.84%, 07/15/41 (b),(e),(f) | 1000000 | 1004029 |
| &nbsp;&nbsp;&nbsp;&nbsp; CD Mortgage Trust, Series 2016-CD1, Class D, 2.89%, 08/10/49 (b),(e),(f) | 422000 | 222194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-GC8, Class C, 5.30%, 09/10/45 (b),(e),(f) | 91143 | 86660 |
| &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),(e) | 100000 | 85033 |
| &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),(e) | 697000 | 473195 |
| &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, 3.79%, 02/10/47 (b),(e),(f) | 591000 | 506499 |
| &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),(e) | 239000 | 190194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR23, Class D, 4.35%, 05/10/48 (b),(f) | 128985 | 124356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR25, Class D, 3.74%, 08/10/48 (b),(f) | 479000 | 456621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR27, Class D, 3.45%, 10/10/48 (b),(e),(f) | 3065000 | 2654477 |
| &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),(e) | 1439000 | 1172566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC21, Class C, 4.44%, 07/10/48 (b),(f) | 1113000 | 1089594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC21, Class D, 4.44%, 07/10/48 (b),(f) | 1348000 | 1294464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-180W, Class E, 7.61%, 08/10/42 (b),(e),(f) | 1000000 | 1005300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-180W, Class X,<br>1.60%, 08/10/42 (b),(e),(f),(i) | 1000000 | 60082 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSAIL Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C2, Class D, 4.19%, 06/15/57 (b),(f) | 843000 | 632050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C4, Class E, 3.93%, 11/15/48 (b),(f) | 100000 | 98639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C4, Class F, 3.50%, 11/15/48 (b),(e),(f) | 5568000 | 5425587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C5, Class C, 4.74%, 11/15/48 (b),(f) | 355000 | 352832 |
| &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),(e),(f) | 604000 | 497121 |
| &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),(e) | 163000 | 138081 |
| &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),(e) | 1409000 | 1037389 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSTL Commercial Mortgage Trust, Series 2024-GATE, Class E, 7.19%, 11/10/41 (b),(e),(f) | 855000 | 877804 |
| &nbsp;&nbsp;&nbsp;&nbsp; ELP Commercial Mortgage Trust, Series 2021-ELP, Class J, 1 mo. TSFR + 3.73%, 7.88%, 11/15/38 (b),(e),(f) | 1028431 | 1027975 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily Structured Credit Risk, Series 2021-MN1, Class M2, 1 mo. SOFR + 3.75%, 8.11%, 01/25/51 (b),(e),(f) | $102000 | $105020 |
| &nbsp;&nbsp;&nbsp;&nbsp; FREMF Mortgage Trust, Series 2017-KGX1, Class CFX, 3.71%, 10/25/27 (b),(e),(f) | 1000000 | 901816 |
| &nbsp;&nbsp;&nbsp;&nbsp; FS Rialto Issuer LLC, Series 2022-FL4, Class C, 1 mo. SOFR + 3.25%, 7.64%, 01/19/39 (b),(e),(f) | 1000000 | 999990 |
| &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-DM, Class F, 1 mo. TSFR + 3.55%, 7.70%, 11/15/36 (b),(e),(f) | 312000 | 307121 |
| &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%, 8.32%, 05/15/26 (b),(e),(f) | 1019000 | 584799 |
| &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%, 9.07%, 05/15/26 (b),(e),(f) | 1000000 | 399182 |
| &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%, 10.32%, 05/15/26 (b),(e),(f) | 1000000 | 124457 |
| &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, 4.53%, 09/10/47 (b),(f) | 100000 | 96241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC24, Class C, 4.55%, 09/10/47 (b),(f) | 303000 | 268528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS2, Class D, 2.75%, 05/10/49 (b),(e) | 1415000 | 1323458 |
| &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),(e) | 1593000 | 1205584 |
| &nbsp;&nbsp;&nbsp;&nbsp; HarborView Mortgage Loan Trust, Series 2005-12, Class 2A1B, 12 mo. MTA + 2.00%, 6.15%, 10/19/35 (b),(f) | 359833 | 286852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilton USA Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-HHV, Class F, 4.33%, 11/05/38 (b),(e),(f) | 11467000 | 11142094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-SFP, Class F, 6.16%, 11/05/35 (b),(e) | 1068000 | 22124 |
| &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 E, 6.56%, 11/06/34 (b),(e),(f) | 1702000 | 1714111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MF, Class F, 6.56%, 11/06/34 (b),(e),(f) | 1000000 | 976246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MF, Class X,<br>0.63%, 12/10/34 (b),(e),(f),(i) | 1000000 | 17092 |
| &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, 4.89%, 01/15/49 (b),(f) | 102000 | 95201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP3, Class D, 3.55%, 08/15/49 (b),(e),(f) | 100000 | 88790 |
| &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, 4.19%, 09/15/47 (b),(e),(f) | 100000 | 88260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C26, Class C, 4.20%, 01/15/48 (b),(f) | 642000 | 606159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C31, Class E, 4.71%, 08/15/48 (b),(e),(f) | 1093000 | 387075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C1, Class C, 4.85%, 03/17/49 (b),(f) | 651000 | 640424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C1, Class E, 4.85%, 03/15/49 (b),(e),(f) | 3126000 | 2864666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Life Mortgage Trust, Series 2021-BMR, Class F, 1 mo. TSFR + 2.46%, 6.61%, 03/15/38 (b),(e),(f) | 805000 | 799449 |
| &nbsp;&nbsp;&nbsp;&nbsp; LSTAR Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-5, Class C, 4.82%, 03/10/50 (b),(e),(f) | 967000 | 905217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-5, Class D, 4.82%, 03/10/50 (b),(e),(f) | 1125000 | 936646 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; MF1 LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL9, Class B, 1 mo. TSFR + 3.15%, 7.28%, 06/19/37 (b),(e),(f) | $1213000 | $1213713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL9, Class C, 1 mo. TSFR + 3.70%, 7.83%, 06/19/37 (b),(e),(f) | 1000000 | 1000551 |
| &nbsp;&nbsp;&nbsp;&nbsp; MF1 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL6, Class D, 1 mo. TSFR + 2.66%, 6.80%, 07/16/36 (b),(e),(f) | 100000 | 99592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL8, Class C, 1 mo. TSFR + 2.20%, 6.33%, 02/19/37 (b),(e),(f) | 847000 | 842682 |
| &nbsp;&nbsp;&nbsp;&nbsp; MF1 Multifamily Housing Mortgage Loan Trust, Series 2021-FL5, Class E, 1 mo. TSFR + 3.11%,<br>7.26%, 07/15/36 (b),(e),(f) | 100000 | 99767 |
| &nbsp;&nbsp;&nbsp;&nbsp; MHC Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC2, Class E, 1 mo. TSFR + 2.06%, 6.21%, 05/15/38 (b),(e),(f) | 265600 | 265785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC2, Class F, 1 mo. TSFR + 2.51%, 6.66%, 05/15/38 (b),(e),(f) | 876000 | 876877 |
| &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%, 7.41%, 01/15/27 (b),(e),(f) | 80000 | 79810 |
| &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%, 8.11%, 01/15/27 (b),(e),(f) | 626400 | 625289 |
| &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 2016-C31, Class D, 3.00%, 11/15/49 (b),(e),(f) | 1441000 | 1155208 |
| &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),(e),(f) | 991000 | 782909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, Series 2016-UB11, Class E, 2.72%, 08/15/49 (b),(e),(f) | 3200500 | 2884531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natixis Commercial Mortgage Securities Trust, Series 2022-RRI, Class C, 1 mo. TSFR + 3.10%,<br>7.25%, 03/15/35 (b),(e),(f) | 85909 | 85940 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Orleans Hotel Trust, Series 2019-HNLA, Class E, 1 mo. TSFR + 2.74%, 6.89%, 04/15/32 (b),(e),(f) | 1301000 | 1273160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prima Capital CRE Securitization Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-RK1, Class CG, 4.00%, 04/15/38 (b),(e) | 339000 | 295043 |
| &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),(e) | 121000 | 106576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ready Capital Mortgage Financing LLC, Series 2021-FL7, Class D, 1 mo. TSFR + 3.06%, 7.22%, 11/25/36 (b),(e),(f) | 100000 | 99821 |
| &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),(e),(f) | 1691000 | 1543563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-6, Class D, 4.66%, 10/25/52 (b),(e),(f) | 227000 | 191898 |
| &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 E,<br>7.51%, 03/11/29 (b),(e),(f) | 2895000 | 2969645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SGRM, Class X,<br>0.11%, 03/11/29 (b),(e),(f),(i) | 1204000 | 2963 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; RIDE, Series 2025-SHRE, Class E,<br>8.07%, 02/14/35 (b),(e),(f) | $| 1000000 | $1010619 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCG Trust, Series 2025-SNIP, Class E, 1 mo. TSFR + 3.40%, 7.65%, 09/15/30 (b),(e),(f) |  | 1000000 | 1002505 |
| &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, 4.97%, 10/10/48 (b),(e),(f) |  | 205000 | 172015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-PREZ, Class E, 3.59%, 09/15/39 (b),(e),(f) |  | 1720000 | 1442325 |
| &nbsp;&nbsp;&nbsp;&nbsp; SHR Trust, Series 2024-LXRY, Class D, 1 mo. TSFR + 3.60%, 7.75%, 10/15/41 (b),(e),(f) |  | 674000 | 677069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starwood Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-LIH, Class F, 1 mo. TSFR + 3.67%, 7.82%, 11/15/36 (b),(e),(f) |  | 125000 | 123939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-LIH, Class G, 1 mo. TSFR + 4.31%, 8.47%, 11/15/36 (b),(e),(f) |  | 1000000 | 986183 |
| &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),(e),(f) |  | 112000 | 85332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C9, Class D, 5.11%, 03/15/51 (b),(e),(f) |  | 331000 | 224692 |
| &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),(e) |  | 103000 | 72052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Velocity Commercial Capital Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3, Class M1, 7.51%, 08/25/53 (b),(e),(f) |  | 2561522 | 2634285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3, Class M2, 8.27%, 08/25/53 (b),(e),(f) |  | 214126 | 219983 |
| &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 2014-LC18, Class D, 3.96%, 12/15/47 (b),(e),(f) |  | 992000 | 907882 |
| &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),(e) |  | 2991000 | 1608647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-NXS4, Class D, 3.90%, 12/15/48 (b),(f) |  | 100000 | 99199 |
| &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),(e),(f) |  | 465000 | 455738 |
| &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),(e) |  | 4253000 | 3816502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXS5, Class E, 5.12%, 01/15/59 (b),(e),(f) |  | 100000 | 61598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C4, Class XD,<br>2.45%, 05/15/58 (b),(e),(f),(i) |  | 1000000 | 92037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C6, Class XD,<br>2.43%, 10/15/58 (b),(e),(f),(i) |  | 1000000 | 98842 |
| &nbsp;&nbsp;&nbsp;&nbsp; WMRK Commercial Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-WMRK, Class C, 1 mo. TSFR + 4.08%, 8.23%, 11/15/27 (b),(e),(f) |  | 2696000 | 2722356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-WMRK, Class D, 1 mo. TSFR + 4.93%, 9.08%, 11/15/27 (b),(e),(f) |  | 1000000 | 1010000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Worldwide Plaza Trust, Series 2017-WWP, Class F, 3.72%, 11/10/36 (b),(e),(f) |  | 109000 | 5348 |
|  |  |  | 101749157 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Interest Only Commercial Mortgage-Backed Securities — 2.7%* | &nbsp;&nbsp;&nbsp;&nbsp; *Interest Only Commercial Mortgage-Backed Securities — 2.7%* | &nbsp;&nbsp;&nbsp;&nbsp; *Interest Only Commercial Mortgage-Backed Securities — 2.7%* |  |
| &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,<br>2.53%, 11/15/57 (b),(e),(f),(i) |  | 1000000 | 83421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5YR5, Class XD,<br> 3.24%, 02/15/29 (b),(e),(f),(i) |  | 1000000 | 90918 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5YR14, Class XD,<br>2.50%, 04/15/58 (b),(e),(f),(i) | $1000000 | $92380 |
| &nbsp;&nbsp;&nbsp;&nbsp; BBCMS Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C16, Class XD,<br>2.33%, 06/15/55 (b),(e),(f),(i) | 4299000 | 520510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C34, Class XD,<br>2.78%, 05/15/58 (b),(e),(f),(i) | 1000000 | 104992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C37, Class XD,<br>2.10%, 09/15/58 (b),(e),(f),(i) | 1000000 | 91886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, Series 2023-V3, Class XD, 3.41%, 07/15/56 (b),(e),(f),(i) | 1000000 | 82837 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Housing Finance Agency, Series X, Class X, 0.29%, 01/15/35 (b),(f),(i) | 14004534 | 200699 |
| &nbsp;&nbsp;&nbsp;&nbsp; CFK Trust, Series 2020-MF2, Class X,<br>0.89%, 03/15/39 (b),(e),(f),(i) | 19612000 | 157014 |
| &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,<br>1.30%, 12/15/72 (b),(e),(f),(i) | 5347000 | 306618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC43, Class XD,<br>0.72%, 11/10/52 (b),(e),(f),(i) | 5918000 | 138600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COMM Mortgage Trust, Series 2014-UBS4, Class XA, 0.90%, 08/10/47 (b),(f),(i) | 1954523 | 649 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSAIL Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C3, Class XA, 0.20%, 08/15/48 (b),(f),(i) | 7447204 | 1281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C18, Class XD,<br>1.54%, 12/15/52 (b),(e),(f),(i) | 4452333 | 217724 |
| &nbsp;&nbsp;&nbsp;&nbsp; DC Office Trust, Series 2019-MTC, Class X,<br>0.21%, 09/15/45 (b),(e),(f),(i) | 64579000 | 340977 |
| &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, 4.19%, 10/25/43 (b),(f),(i) | 134940 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K061, Class X1, 0.28%, 11/25/26 (b),(f),(i) | 15186134 | 22233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K071, Class X1, 0.41%, 11/25/27 (b),(f),(i) | 84028599 | 401741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K085, Class X3, 2.39%, 12/25/45 (b),(f),(i) | 1000000 | 64484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K095, Class X3, 2.17%, 08/25/47 (b),(f),(i) | 9297000 | 659920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K102, Class X3, 1.96%, 12/25/46 (b),(f),(i) | 1000000 | 69342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K115, Class X3, 3.06%, 09/25/48 (b),(f),(i) | 1000000 | 116782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K118, Class X3, 2.78%, 10/25/48 (b),(f),(i) | 652000 | 71644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K119, Class X3, 2.82%, 09/25/48 (b),(f),(i) | 1525000 | 172090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K122, Class X3, 2.72%, 01/25/49 (b),(f),(i) | 1000000 | 110971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K128, Class X3, 2.88%, 04/25/31 (b),(f),(i) | 1000000 | 124181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K143, Class X3, 3.25%, 04/25/50 (b),(f),(i) | 1000000 | 163620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K154, Class X1, 0.42%, 11/25/32 (b),(f),(i) | 30127742 | 443179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KLU1, Class X3, 4.17%, 01/25/31 (b),(f),(i) | 11400847 | 1078611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KLU2, Class X1, 1.09%, 08/25/29 (b),(f),(i) | 36639455 | 1467557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KLU2, Class X3, 4.05%, 08/25/29 (b),(f),(i) | 5441832 | 684566 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KS11, Class XFX, 1.75%, 06/25/29 (b),(f),(i) | $24568198 | $1060339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KW10, Class X3, 2.82%, 10/25/32 (b),(f),(i) | 5935000 | 555534 |
| &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 4976, Class MI, 4.50%, 05/25/50 (i) | 11964285 | 2569749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5036, Class IB, 5.00%, 10/25/48 (i) | 9541411 | 2380620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5036, Class KI, 4.00%, 06/25/48 (i) | 14317791 | 2908530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5093, Class AI, 3.50%, 04/25/51 (i) | 10599335 | 1753162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5104, Class GI, 3.50%, 06/25/49 (i) | 8008236 | 1578231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5134, Class BI, 4.50%, 08/25/51 (i) | 14579732 | 3370805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5146, Class BI, 4.00%, 08/25/50 (i) | 18664423 | 3750467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5236, Class KI, 4.00%, 11/25/51 (i) | 24835368 | 5047490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5322, Class DI, 3.00%, 10/25/51 (i) | 13215147 | 1995197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. STRIPS, Series 303, Class C28, 4.50%, 01/15/43 (i) | 7834296 | 1456615 |
| &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 (i) | 10828744 | 1691840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 413, Class C35, 4.50%, 10/25/40 (i) | 8795089 | 1674972 |
| &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 (i) | 29329345 | 5618623 |
| &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 (i) | 9746134 | 2105886 |
| &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 (i) | 23912834 | 4246943 |
| &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 (i) | 24983989 | 2875532 |
| &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%,<br>2.69%, 03/25/55 (f),(i) | 73134089 | 5563383 |
| &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 (i) | 10596473 | 2360386 |
| &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 (i) | 18150657 | 3471567 |
| &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%,<br>1.46%, 08/20/53 (f),(i) | 67814756 | 3551391 |
| &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%,<br>2.61%, 10/20/53 (f),(i) | 34281062 | 3077822 |
| &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%,<br>1.46%, 12/20/53 (f),(i) | 51956449 | 3120348 |
| &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%,<br>1.61%, 07/20/53 (f),(i) | 28439937 | 1798542 |
| &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%,<br>1.43%, 02/20/54 (f),(i) | 26735928 | 1591456 |
| &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%,<br>1.21%, 02/20/54 (f),(i) | 26735928 | 1430238 |
| &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%,<br>1.06%, 05/20/53 (f),(i) | 61354806 | 3073446 |
| &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%,<br>2.63%, 01/20/54 (f),(i) | 25396111 | 2257511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-120, Class IA, 4.00%, 03/20/52 (i) | 17092566 | 3331136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-120, Class IB, 4.00%, 01/20/51 (i) | 35053854 | 7003515 |
| &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 (i) | 15465736 | 3346615 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &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 (i) | $22671677 | $4401253 |
| &nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage Securities Corp. Trust, Series 2020-DUNE, Class XCP, 0.00%, 12/15/36 (b),(e),(f),(g),(i) | 15243000 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust, Series 2019-GC40, Class XD, 1.37%, 07/10/52 (b),(e),(f),(i) | 2219000 | 87857 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMDB Commercial Mortgage Securities Trust, Series 2019-COR6, Class XD, 1.54%, 11/13/52 (b),(e),(f),(i) | 4231000 | 211795 |
| &nbsp;&nbsp;&nbsp;&nbsp; MFT Mortgage Trust, Series 2020-ABC, Class XA,<br>0.23%, 02/10/42 (b),(e),(f),(i) | 20401000 | 116163 |
|  |  | 104516551 |
| &nbsp;&nbsp;&nbsp;&nbsp; *U.S. Government Sponsored Agency Securities — 26.9%* |  |  |
| &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%, 06/25/52 (l) | 280000000 | 277703160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 30 Year Maturity, 5.00%, 06/25/52 (l) | 155000000 | 153643750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 30 Year Maturity, 5.50%, 11/13/71 (l) | 120000000 | 120923400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 30 Year Maturity, 6.50%, 12/11/71 (l) | 161000000 | 166496701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 30 Year Maturity , 5.50%, 10/13/71 (l) | 235000000 | 236964365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 30 Year Maturity , 6.50%, 11/11/72 (l) | 80000000 | 82728160 |
|  |  | 1038459536 |
|  **Total North America** |  | **1334453712** |
|  **TOTAL MORTGAGE-BACKED SECURITIES<br>(COST $1,352,612,764)** |  | **1336654922** |
|  **U.S. TREASURY OBLIGATIONS — 1.4%** |  |  |
|  **North America — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills, 0.00%, 12/18/25 (g) | 12500000 | 12395274 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Inflation-Indexed Notes, 1.88%, 07/15/35 (b) | 40242800 | 40568614 |
|  **Total North America** |  | **52963888** |
|  **TOTAL U.S. TREASURY OBLIGATIONS<br>(COST $52,852,161)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(COST $52,852,161)** | **52963888** |
|  | **Shares** |  |
|  **CLOSED-END FUND — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pershing Square Holdings Ltd. | 717214 | 44323825 |
|  **TOTAL CLOSED-END FUND<br>(COST $37,812,972)** |  | **44323825** |
|  **EXCHANGE-TRADED FUNDS — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Gold Trust (a),(b) | 5749 | 418355 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P Insurance ETF (b) | 125 | 7415 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P Regional Banking ETF | 75000 | 4747500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities Select Sector SPDR Fund (b) | 284 | 24767 |
|  **TOTAL EXCHANGE-TRADED FUNDS<br>(COST $5,045,715)** |  | **5198037** |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
|  **UNDERTAKINGS FOR COLLECTIVE INVESTMENT IN TRANSFERABLE SECURITIES — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ruffer SICAV — Ruffer Total Return International Class I (a) | 40229307 | $81745952 |
|  **TOTAL UNDERTAKINGS FOR COLLECTIVE INVESTMENT IN TRANSFERABLE SECURITIES<br>(COST $80,000,000)** |  | **81745952** |
|  **WARRANTS — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ATI Penny Warrant (a),(b) | 111184 | 2224 |
| &nbsp;&nbsp;&nbsp;&nbsp; ATI Warrant (a),(b) | 100595 | 0 |
|  **TOTAL WARRANTS<br>(COST $0)** |  | **2224** |
|  **INVESTMENTS IN INVESTEE FUNDS — 11.2%** |  |  |
|  **North America — 11.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aeolus Property Catastrophe Keystone PF Fund LP<br>(cost $5,995,056) (a),(m) | 3 | 9693784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asgard Fixed Income Risk Premia Fund<br>(cost $114,197,961) (a),(m) | 116686 | 177230449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atreides Special Circumstances Fund, LLC<br>(cost $1,762,684) (a),(m) | 1 | 5215717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kirkoswald Global Macro Fund Ltd.<br> (cost $52,567,982) (a),(m) | 476987 | 54918957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rokos Global Macro Fund Ltd.<br>(cost $93,000,000) (a),(m) | 1 | 184731722 |
|  **Total North America** |  | **431790629** |
|  **TOTAL INVESTMENTS IN INVESTEE FUNDS<br>(COST $267,523,683)** |  | **431790629** |
|  **RIGHTS — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aduro Biotech, Inc. (a),(d) | 1040 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gracell Biotechnologies, Inc. (a),(d) | 5000 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; ImageneBio, Inc. (a),(d) | 1700 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pershing Square SPARC Holdings Ltd. (a),(d) | 505024 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pershing Square Tontine Holdings Ltd. (a),(d) | 2020101 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tectonic Therapeutic, Inc. (a),(d) | 450 | 0 |
|  **TOTAL RIGHTS<br>(COST $0)** |  | **0** |
|  **TOTAL LONG-TERM INVESTMENTS<br>(COST $3,665,549,806)** |  | **3970635522** |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Strike** | **Expiration<br>Date** | **Contracts** | **Notional<br>Amount** | **Premium<br>Paid** | **Market<br>Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **PURCHASED OPTIONS — 1.2%** | **PURCHASED OPTIONS — 1.2%** | **PURCHASED OPTIONS — 1.2%** | **PURCHASED OPTIONS — 1.2%** | **PURCHASED OPTIONS — 1.2%** |  |  |  |
|  **Exchange-Traded Call Options — 0.4%** | **Exchange-Traded Call Options — 0.4%** | **Exchange-Traded Call Options — 0.4%** | **Exchange-Traded Call Options — 0.4%** | **Exchange-Traded Call Options — 0.4%** |  |  |  |
|  NAT GAS EURO OPT JAN 26 | 6.00 USD | 12/26/25 | 25 | 150 | $95500 | $32950 | $(62550) |
|  NAT GAS EURO OPT FEB 26 | 6.00 USD | 1/27/26 | 25 | 150 | 95500 | 49275 | (46225) |
|  NAT GAS EURO OPT MAR 26 | 6.00 USD | 2/24/26 | 25 | 150 | 95500 | 32450 | (63050) |
|  NAT GAS EURO OPT APR 26 | 6.00 USD | 3/26/26 | 25 | 150 | 95500 | 17925 | (77575) |
|  NAT GAS EURO OPT MAY 26 | 6.00 USD | 4/27/26 | 25 | 150 | 95500 | 18475 | (77025) |
|  NAT GAS EURO OPT JUN 26 | 6.00 USD | 5/26/26 | 25 | 150 | 95500 | 23300 | (72200) |
|  NAT GAS EURO OPT JUL 26 | 6.00 USD | 6/25/26 | 25 | 150 | 95500 | 30700 | (64800) |
|  NAT GAS EURO OPT AUG 26 | 6.00 USD | 7/28/26 | 25 | 150 | 95500 | 35050 | (60450) |
|  NAT GAS EURO OPT SEP 26 | 6.00 USD | 8/26/26 | 25 | 150 | 95500 | 37550 | (57950) |
|  NAT GAS EURO OPT OCT 26 | 6.00 USD | 9/25/26 | 25 | 150 | 95500 | 45825 | (49675) |
|  NAT GAS EURO OPT NOV 26 | 6.00 USD | 10/27/26 | 25 | 150 | 95500 | 52125 | (43375) |
|  NAT GAS EURO OPT DEC 26 | 6.00 USD | 11/24/26 | 25 | 150 | 95500 | 85250 | (10250) |
|  NAT GAS EURO OPT JAN 26 | 4.50 USD | 12/26/25 | 165 | 742 | 729650 | 615450 | (114200) |
|  NAT GAS EURO OPT FEB 26 | 4.50 USD | 1/27/26 | 225 | 1012 | 996750 | 950175 | (46575) |
|  NAT GAS EURO OPT MAR 26 | 4.50 USD | 2/24/26 | 25 | 112 | 118250 | 74400 | (43850) |
|  NAT GAS EURO OPT APR 26 | 4.50 USD | 3/26/26 | 25 | 112 | 118250 | 51975 | (66275) |
|  NAT GAS EURO OPT MAY 26 | 4.50 USD | 4/27/26 | 25 | 112 | 118250 | 53850 | (64400) |
|  NAT GAS EURO OPT JUN 26 | 4.50 USD | 5/26/26 | 25 | 112 | 118250 | 69025 | (49225) |
|  NAT GAS EURO OPT JUL 26 | 4.50 USD | 6/25/26 | 25 | 113 | 118250 | 88425 | (29825) |
|  NAT GAS EURO OPT AUG 26 | 4.50 USD | 7/28/26 | 25 | 113 | 118250 | 97625 | (20625) |
|  NAT GAS EURO OPT SEP 26 | 4.50 USD | 8/26/26 | 25 | 113 | 118250 | 98975 | (19275) |
|  NAT GAS EURO OPT OCT 26 | 4.50 USD | 9/25/26 | 25 | 113 | 118250 | 110425 | (7825) |
|  NAT GAS EURO OPT NOV 26 | 4.50 USD | 10/27/26 | 25 | 113 | 118250 | 128275 | 10025 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Strike** | **Expiration<br>Date** | **Contracts** | **Notional<br>Amount** | **Premium<br>Paid** | **Market<br>Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  NAT GAS EURO OPT DEC 26 | 4.50 USD | 11/24/26 | 25 | 113 | $118250 | $181825 | $63575 |
|  CRUDE OIL FUT DEC 25 | 90.00 USD | 11/17/25 | 5 | 450 | 650 | 650 | 0 |
|  SOYBEAN OIL DEC 25 | 50.00 USD | 11/21/25 | 31 | 1550 | 80373 | 28644 | (51729) |
|  LME Copper 3Mo Call | 12,500.00 USD | 12/03/25 | 10 | 125000 | 40531 | 5070 | (35461) |
|  California Carbon Allowance Vintage DEC 25 | 40.00 USD | 12/15/25 | 36 | 1440 | 131790 | 3780 | (128010) |
|  California Carbon Allowance Vintage DEC 25 | 45.00 USD | 12/15/25 | 1725 | 77625 | 1428915 | 91425 | (1337490) |
|  NAT GAS EURO FUT JAN 26 | 50.00 EUR | 12/24/25 | 55 | 2750 | 300742 | 16046 | (284696) |
|  NAT GAS EURO FUT MAR 26 | 50.00 EUR | 2/24/26 | 55 | 2750 | 300338 | 33728 | (266610) |
|  NAT GAS EURO FUT DEC 25 | 50.00 EUR | 11/26/25 | 11 | 550 | 60148 | 1758 | (58390) |
|  NAT GAS EURO FUT FEB 26 | 50.00 EUR | 1/27/26 | 55 | 2750 | 271638 | 24344 | (247294) |
|  CRUDE OIL FUT DEC 25 | 110.00 USD | 11/17/25 | 100 | 11000 | 32367 | 5000 | (27367) |
|  California Carbon Allowance Vintage DEC 25 | 35.00 USD | 12/15/25 | 275 | 9625 | 580476 | 97625 | (482851) |
|  LME Copper 3Mo Call | 11,500.00 USD | 12/02/26 | 40 | 460000 | 503128 | 455530 | (47598) |
|  SOYBEAN DEC 25 | 350.00 USD | 11/21/25 | 315 | 110250 | 194755 | 3150 | (191605) |
|  SOYBEAN OIL MAR 26 | 55.00 USD | 2/20/26 | 63 | 3465 | 117411 | 56322 | (61089) |
|  LME Copper 3Mo Call | 11,500.00 USD | 6/03/26 | 80 | 920000 | 462256 | 553540 | 91284 |
|  CRUDE OIL FUT DEC 26 | 75.00 USD | 11/17/26 | 89 | 6675 | 217569 | 218940 | 1371 |
|  California Carbon Allowance Vintage DEC 25 | 32.00 USD | 12/15/25 | 660 | 21120 | 931141 | 648120 | (283021) |
|  S&P 500 Index | 9,000.00 USD | 12/18/26 | 4382 | 39438000 | 1741887 | 4587954 | 2846067 |
|  SOYBEAN OIL DEC 25 | 60.00 USD | 11/21/25 | 63 | 3780 | 87146 | 4347 | (82799) |
|  SOYBEAN MAR 26 | 320.00 USD | 2/20/26 | 168 | 53760 | 109300 | 42000 | (67300) |
|  SOYBEAN MAR 26 | 300.00 USD | 2/20/26 | 63 | 18900 | 78956 | 37170 | (41786) |
|  LME Copper 3Mo Call | 11,000.00 USD | 6/03/26 | 80 | 880000 | 675256 | 777740 | 102484 |
|  LME Copper 3Mo Call | 11,000.00 USD | 12/03/25 | 40 | 440000 | 140128 | 117440 | (22688) |
|  CRUDE OIL FUT JAN 26 | 85.00 USD | 12/16/25 | 105 | 8925 | 39162 | 29400 | (9762) |
|  SILVER MAR 26 | 42.50 USD | 2/24/26 | 42 | 1785 | 472585 | 1243830 | 771245 |
|  NAT GAS EURO OPT NOV 25 | 5.00 USD | 10/28/25 | 14 | 70 | 1816 | 742 | (1074) |
|  GOLD DEC 25 | 3,750.00 USD | 11/24/25 | 21 | 78750 | 188202 | 367920 | 179718 |
|  CORN FUT DEC 25 | 420.00 USD | 11/21/25 | 92 | 38640 | 46596 | 34500 | (12096) |
|  NAT GAS EURO OPT MAR 26 | 7.00 USD | 2/24/26 | 75 | 525 | 76750 | 61725 | (15025) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Strike** | **Expiration<br>Date** | **Contracts** | **Notional<br>Amount** | **Premium<br>Paid** | **Market<br>Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  PALLADIUM DEC 25 | 1,250.00 USD | 11/19/25 | 32 | 40000 | $136092 | $332480 | $196388 |
|  NAT GAS EURO OPT DEC 25 | 4.00 USD | 11/24/25 | 21 | 84 | 52351 | 58842 | 6491 |
|  NAT GAS EURO OPT NOV 25 | 3.50 USD | 10/28/25 | 42 | 147 | 63673 | 51492 | (12181) |
|  NAT GAS EURO OPT NOV 25 | 4.50 USD | 10/28/25 | 20 | 90 | 3301 | 2220 | (1081) |
|  NAT GAS EURO OPT JAN 26 | 5.25 USD | 12/26/25 | 503 | 2641 | 1087340 | 1080444 | (6896) |
|  NAT GAS EURO OPT JAN 26 | 7.50 USD | 12/26/25 | 504 | 3780 | 299800 | 290304 | (9496) |
|  SILVER DEC 25 | 44.50 USD | 11/24/25 | 25 | 1112 | 258801 | 409500 | 150699 |
|  NAT GAS EURO OPT DEC 25 | 6.00 USD | 12/01/25 | 4 | 24 | 1070 | 1004 | (66) |
|  |  |  |  |  | $15269340 | $14756026 | $(513314) |
|  **Exchange-Traded Put Options — 0.2%** | **Exchange-Traded Put Options — 0.2%** | **Exchange-Traded Put Options — 0.2%** | **Exchange-Traded Put Options — 0.2%** | **Exchange-Traded Put Options — 0.2%** |  |  |  |
|  California Carbon Allowance Vintage DEC 25 | 30.00 USD | 12/15/25 | 575 | 17250 | 1443721 | 497950 | (945771) |
|  California Carbon Allowance Vintage DEC 25 | 25.00 USD | 12/15/25 | 3420 | 85500 | 6892904 | 766080 | (6126824) |
|  California Carbon Allowance Vintage DEC 25 | 20.00 USD | 12/15/25 | 1880 | 37600 | 2937942 | 144760 | (2793182) |
|  NAT GAS EURO OPT NOV 25 | 3.60 USD | 10/28/25 | 100 | 360 | 149292 | 389900 | 240608 |
|  NAT GAS EURO OPT NOV 25 | 2.90 USD | 10/28/25 | 100 | 290 | 46292 | 55100 | 8808 |
|  LME Copper 3Mo Call | 8,500.00 USD | 12/02/26 | 40 | 340000 | 463128 | 216380 | (246748) |
|  SOYBEAN DEC 25 | 280.00 USD | 11/21/25 | 315 | 88200 | 208930 | 322875 | 113945 |
|  LME Copper 3Mo Call | 8,500.00 USD | 6/03/26 | 160 | 1360000 | 1084512 | 388840 | (695672) |
|  CRUDE OIL FUT DEC 26 | 50.00 USD | 11/17/26 | 84 | 4200 | 304329 | 267120 | (37209) |
|  SOYBEAN MAR 26 | 280.00 USD | 2/20/26 | 168 | 47040 | 109720 | 141120 | 31400 |
|  SOYBEAN MAR 26 | 300.00 USD | 2/20/26 | 63 | 18900 | 101321 | 129465 | 28144 |
|  SGX IRON ORE OCT 25 | 95.00 USD | 10/31/25 | 84 | 7980 | 18942 | 168 | (18774) |
|  SGX IRON ORE NOV 25 | 95.00 USD | 11/28/25 | 84 | 7980 | 18942 | 3948 | (14994) |
|  SGX IRON ORE DEC 25 | 95.00 USD | 12/31/25 | 84 | 7980 | 18942 | 8232 | (10710) |
|  E-Mini S&P 500 Index | 6,100.00 USD | 10/31/25 | 42 | 256200 | 291439 | 26775 | (264664) |
|  E-Mini S&P 500 Index | 6,350.00 USD | 11/21/25 | 105 | 666750 | 540910 | 257250 | (283660) |
|  S&P 500 Index | 6,250.00 USD | 11/21/25 | 732 | 4575000 | 4122307 | 2871636 | (1250671) |
|  California Carbon Allowance Vintage DEC 26 | 20.00 USD | 12/15/26 | 500 | 10000 | 250410 | 240000 | (10410) |
|  CORN FUT DEC 25 | 420.00 USD | 11/21/25 | 92 | 38640 | 52511 | 55200 | 2689 |
|  |  |  |  |  | $19056494 | $6782799 | $(12273695) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Counterparty** | **Strike** | **Expiration<br>Date** | **Contracts** | **Notional<br>Amount** | **Premium<br>Paid** | **Market<br>Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **OTC Call Options — 0.4%** | **OTC Call Options — 0.4%** | **OTC Call Options — 0.4%** | **OTC Call Options — 0.4%** | **OTC Call Options — 0.4%** | **OTC Call Options — 0.4%** | **OTC Call Options — 0.4%** | **OTC Call Options — 0.4%** | **OTC Call Options — 0.4%** |
|  XAG USD FX<br> Option Call 35<br> 12/29/25 | J.P. Morgan<br> Securities LLC | 35.00 USD | 12/29/25 | 200000 | 7000000 | $652000 | $2303388 | $1651388 |
|  LME Copper 3Mo Call | Citibank N.A. | 12,500.00 USD | 3/04/26 | 3739 | 46737500 | 661803 | 325771 | (336032) |
|  LME Copper 3Mo Call | Goldman<br> Sachs & Co. | 12,500.00 USD | 3/04/26 | 2917 | 36462500 | 555688 | 254073 | (301615) |
|  LME Copper 3Mo Call | Morgan<br> Stanley Capital Services LLC | 12,500.00 USD | 3/04/26 | 2992 | 37400000 | 523899 | 260666 | (263233) |
|  XAG USD FX<br> Option Call<br> 37.5 12/18/25 | J.P. Morgan<br> Securities LLC | 37.50 USD | 12/18/25 | 210000 | 7875000 | 625800 | 1910771 | 1284971 |
|  LME Copper 3Mo Call | Goldman<br> Sachs & Co. | 12,000.00 USD | 6/03/26 | 7179 | 86148000 | 1418952 | 1570066 | 151114 |
|  LME Copper 3Mo Call | Citibank N.A. | 12,000.00 USD | 6/03/26 | 2639 | 31668000 | 567385 | 577215 | 9830 |
|  Advanced Micro Devices, Inc. | Bank Of<br> America<br> Merrill Lynch | 165.00 USD | 12/19/25 | 15 | 2475 | 12751 | 21640 | 8889 |
|  Micron<br> Technology,<br> Inc. | Bank Of<br> America<br> Merrill Lynch | 145.00 USD | 12/19/25 | 5 | 725 | 4125 | 14981 | 10856 |
|  Broadcom, Inc. | Bank Of<br> America<br> Merrill Lynch | 300.00 USD | 12/19/25 | 5 | 1500 | 10825 | 23972 | 13147 |
|  XPT USD FX<br> Option Call<br> 1500 1/19/26 | J.P. Morgan<br> Securities LLC | 1,500.00 USD | 1/19/26 | 2000 | 3000000 | 108000 | 240056 | 132056 |
|  XAG USD FX<br> Option Call 45<br> 1/22/26 | J.P. Morgan<br> Securities LLC | 45.00 USD | 1/22/26 | 210000 | 9450000 | 288750 | 739583 | 450833 |
|  XAU USD FX<br> Option Call<br> 3500 1/22/26 | J.P. Morgan<br> Securities LLC | 3,500.00 USD | 1/22/26 | 2100 | 7350000 | 336000 | 893209 | 557209 |
|  XAU USD FX<br> Option Call<br> 3500 1/28/26 | J.P. Morgan<br> Securities LLC | 3,500.00 USD | 1/28/26 | 4000 | 14000000 | 468000 | 1713598 | 1245598 |
|  SOFR Interest<br> Rate Swaption<br> Call 4.3725<br> 8/29/35 | Deutsche Bank AG | 4.37 USD | 8/27/35 | 3500000 | 15303750 | 472,325(n) | 493772 | 21447 |
|  SOFR Interest Rate Swaption Call<br>4.67 8/29/35 | Barclays Bank PLC | 4.67 USD | 8/27/35 | 2500000 | 11675000 | 215,000(n) | 226975 | 11975 |
|  SOFR Interest Rate Swaption Call<br>3.21 8/23/34 | Bank Of<br> America<br> Merrill Lynch | 3.21 USD | 8/21/34 | 2500000 | 8025000 | 351,875(n) | 205767 | (146108) |
|  SOFR Interest Rate Swaption Call<br>3.21 8/31/29 | Bank Of<br> America<br> Merrill Lynch | 3.21 USD | 8/29/29 | 2500000 | 8025000 | 357,500(n) | 152554 | (204946) |
|  SOFR Interest Rate Swaption Call<br>3.265 8/18/34 | Bank Of<br> America<br> Merrill Lynch | 3.27 USD | 8/16/34 | 2500000 | 8162500 | 351,000(n) | 210167 | (140833) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Counterparty** | **Strike** | **Expiration<br>Date** | **Contracts** | **Notional<br>Amount** | **Premium<br>Paid** | **Market<br>Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  SOFR Interest Rate Swaption Call<br>3.745 3/1/34 | Deutsche Bank AG | 3.75 USD | 2/27/34 | 4000000 | 14980000 | $525,000(n) | $394273 | $(130727) |
|  SOFR Interest rate Swaption Call<br>3.187 8/23/34 | Barclays Bank PLC | 3.19 USD | 8/21/34 | 2500000 | 7967500 | 354,625(n) | 204524 | (150101) |
|  SOFR Interest Rate Swaption Call<br>3.22 8/31/29 | Bank Of<br> America<br> Merrill Lynch | 3.22 USD | 8/29/29 | 2500000 | 8050000 | 357,500(n) | 153730 | (203770) |
|  SOFR Interest Rate Swaption Call<br>3.225 8/25/34 | Bank Of<br> America<br> Merrill Lynch | 3.23 USD | 8/23/34 | 2500000 | 8062500 | 350,000(n) | 206643 | (143357) |
|  SOFR Interest Rate Swaption Call<br>4.1725 9/12/35 | Bank Of<br> America<br> Merrill Lynch | 4.17 USD | 9/10/35 | 3000000 | 12517500 | 399,225(n) | 388768 | (10457) |
|  |  |  |  |  |  | $9968028 | $13486162 | $3518134 |
|  **OTC Put Options — 0.2%** | **OTC Put Options — 0.2%** | **OTC Put Options — 0.2%** |  |  |  |  |  |  |
|  USD XAU FX Option<br>Put 2300 12/18/25 | Deutsche Bank AG | 2,300.00 USD | 12/18/25 | 21850000 | 50255000000 | 44032 | 368 | (43664) |
|  XAU USD FX Option<br>Put 3300 1/28/26 | J.P. Morgan<br> Securities LLC | 3,300.00 USD | 1/28/26 | 4000 | 13200000 | 260000 | 29921 | (230079) |
|  SOFR Interest Rate Swaption Put 4.3725 8/29/35 | Deutsche Bank AG | 4.37 USD | 8/27/35 | 3500000 | 15303750 | 472,325(n) | 435382 | (36943) |
|  SOFR Interest Rate Swaption Put 4.67 8/29/35 | Barclays Bank PLC | 4.67 USD | 8/27/35 | 2500000 | 11675000 | 215,500(n) | 194978 | (20522) |
|  CDX IG44 Credit Swaption Put 67.5 12/17/2025 | Barclays Bank PLC | 67.50 USD | 12/17/25 | 5000000000 | 337500000000 | 5125000 | 2377783 | (2747217) |
|  CDX IG44 Credit Swaption Put 67.5 12/17/2025 | Goldman<br> Sachs & Co. | 67.50 USD | 12/17/25 | 1960784000 | 132352920000 | 2058823 | 932463 | (1126360) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Counterparty** | **Strike** | **Expiration<br>Date** | **Contracts** | **Notional<br>Amount** | **Premium<br>Paid** | **Market<br>Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  CDX IG44 Credit Swaption Put 67.5 12/17/2025 | Morgan Stanley Capital Services LLC | 67.50 USD | 12/17/25 | 3400000000 | 229500000000 | $3281000 | $1616892 | $(1664108) |
|  SOFR Interest Rate Swaption Put 3.745 3/1/34 | Deutsche Bank AG | 3.75 USD | 2/27/34 | 4000000 | 14980000 | 525,000(n) | 586503 | 61503 |
|  SOFR Interest Rate Swaption Put 5.375 6/30/27 | Barclays Bank PLC | 5.38 USD | 6/28/27 | 11050000 | 59393750 | 18,343(n) | 4537 | (13806) |
|  SOFR Interest Rate Swaption Put 6.0 10/7/25 | Barclays Bank PLC | 6.00 USD | 10/03/25 | 8250000 | 49500000 | 1,155(n) | 1 | (1154) |
|  SOFR Interest Rate Swaption Put 3.21 8/23/34 | Bank Of<br> America<br> Merrill Lynch | 3.21 USD | 8/21/34 | 2500000 | 8025000 | 351,875(n) | 451211 | 99336 |
|  SOFR Interest Rate Swaption Put 3.21 8/31/29 | Bank Of<br> America<br> Merrill Lynch | 3.21 USD | 8/29/29 | 2500000 | 8025000 | 357,500(n) | 462520 | 105020 |
|  SOFR Interest Rate Swaption Put 3.22 8/31/29 | Bank Of<br> America<br> Merrill Lynch | 3.22 USD | 8/29/29 | 2500000 | 8050000 | 357,500(n) | 459915 | 102415 |
|  SOFR Interest Rate Swaption Put 6.25 10/7/25 | Barclays Bank PLC | 6.25 USD | 10/03/25 | 11000000 | 68750000 | 1,265(n) | 1 | (1264) |
|  SOFR Interest Rate Swaption Put 5.375 7/14/27 | Barclays Bank PLC | 5.38 USD | 7/12/27 | 5500000 | 29562500 | 9,295(n) | 2390 | (6905) |
|  SOFR Interest Rate Swaption Put 3.265 8/18/34 | Bank Of<br> America<br> Merrill Lynch | 3.27 USD | 8/16/34 | 2500000 | 8162500 | 351,000(n) | 442465 | 91465 |
|  SOFR Interest Rate Swaption Put 5.375 12/18/26 | Barclays Bank PLC | 5.38 USD | 12/16/26 | 5500000 | 29562500 | 7,783(n) | 845 | (6938) |
|  SOFR Interest Rate Swaption Put 3.187 8/23/34 | Barclays Bank PLC | 3.19 USD | 8/21/34 | 2500000 | 7967500 | 354,625(n) | 455550 | 100925 |
|  SOFR Interest Rate Swaption Put 3.225 8/25/34 | Bank Of<br> America<br> Merrill Lynch | 3.23 USD | 8/23/34 | 2500000 | 8062500 | 350,000(n) | 448362 | 98362 |
|  SOFR Interest Rate Swaption Put 6.25 12/17/25 | Barclays Bank PLC | 6.25 USD | 12/15/25 | 35000000 | 218750000 | 9,625(n) | 82 | (9543) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Counterparty** | **Strike** | **Expiration<br>Date** | **Contracts** | **Notional<br>Amount** | **Premium<br>Paid** | **Market<br>Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  SOFR Interest Rate Swaption Put 4.1725 9/12/35 | Bank Of<br> America<br> Merrill Lynch | 4.17 USD | 9/10/35 | 3000000 | 12517500 | $399,225(n) | $394207 | $(5018) |
|  |  |  |  |  |  | $14550871 | $9296376 | $(5254495) |
|  **Total Purchased Options Outstanding** | **Total Purchased Options Outstanding** | **Total Purchased Options Outstanding** | **Total Purchased Options Outstanding** | **Total Purchased Options Outstanding** | **Total Purchased Options Outstanding** | $58844733 | $44321363 | $(14523370) |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
|  **REPURCHASE AGREEMENTS (o) — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.85%, dated 11/28/2024, due On Demand (collateralized by Bahrain International Bond, 5.45% due 09/16/2032, market value $1,253,053) (p) | 1233853 | $1233853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.85%, dated 11/28/2024, due On Demand (collateralized by Bahrain International Bond, 5.45% due 09/16/2032, market value $728,656) (p) | 717492 | 717492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.70%, dated 03/26/2025, due On Demand (collateralized by Bahrain International Bond, 5.88% due 06/05/2032, market value $2,858,432) (p) | 2940668 | 2940668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.70%, dated 03/26/2025, due On Demand (collateralized by Bahrain International Bond, 5.88% due 06/05/2032, market value $1,672,530) (p) | 1720648 | 1720648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.65%, dated 04/03/2025, due On Demand (collateralized by Bahrain International Bond, 5.88% due 06/05/2032, market value $525,477) (p) | 541607 | 541607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.65%, dated 04/03/2025, due On Demand (collateralized by Bahrain International Bond, 5.88% due 06/05/2032, market value $905,784) (p) | 933587 | 933587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.50%, dated 04/07/2025, due On Demand (collateralized by Bahrain International Bond, 6.00% due 02/12/2031, market value $1,054,568) (p) | 1059138 | 1059138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.50%, dated 04/07/2025, due On Demand (collateralized by Bahrain International Bond, 6.00% due 02/12/2031, market value $615,423) (p) | 618089 | 618089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.50%, dated 04/07/2025, due On Demand (collateralized by Bahrain International Bond, 6.00% due 02/12/2031, market value $526,769) (p) | 529562 | 529562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.50%, dated 04/07/2025, due On Demand (collateralized by Bahrain International Bond, 6.00% due 02/12/2031, market value $308,227) (p) | 309861 | 309861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.50%, dated 04/08/2025, due On Demand (collateralized by Bahrain International Bond, 6.00% due 02/12/2031, market value $1,054,568) (p) | 1065909 | 1065909 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.50%, dated 04/08/2025, due On Demand (collateralized by Bahrain International Bond, 6.00% due 02/12/2031, market value $615,423) (p) | 622041 | $622041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.65%, dated 04/08/2025, due On Demand (collateralized by Bahrain International Bond, 5.88% due 06/05/2032, market value $556,147) (p) | 562884 | 562884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.50%, dated 04/10/2025, due On Demand (collateralized by Bahrain International Bond, 5.88% due 06/05/2032, market value $611,353) (p) | 617173 | 617173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.50%, dated 04/10/2025, due On Demand (collateralized by Bahrain International Bond, 5.88% due 06/05/2032, market value $489,696) (p) | 494368 | 494368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.80%, dated 04/14/2025, due On Demand (collateralized by The National Copper Corporation of Chile, 6.44% due 01/26/2036, market value $3,758,165) (p) | 3653020 | 3653020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.80%, dated 04/14/2025, due On Demand (collateralized by The National Copper Corporation of Chile, 6.44% due 01/26/2036, market value $2,195,236) (p) | 2133817 | 2133817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.85%, dated 04/23/2025, due On Demand (collateralized by Mexican International Bond, 7.38% due 05/13/2055, market value $1,968,933) (p) | 1853014 | 1853014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.85%, dated 04/23/2025, due On Demand (collateralized by Mexican International Bond, 7.38% due 05/13/2055, market value $3,370,453) (p) | 3172021 | 3172021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.75%, dated 05/06/2025, due On Demand (collateralized by Bahrain International Bond, 7.50% due 07/07/2037, market value $1,029,686) (p) | 964306 | 964306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.75%, dated 05/06/2025, due On Demand (collateralized by Bahrain International Bond, 7.50% due 07/07/2037, market value $1,767,827) (p) | 1655580 | 1655580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.75%, dated 05/07/2025, due On Demand (collateralized by Bahrain International Bond, 7.50% due 07/07/2037, market value $442,230) (p) | 415698 | 415698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.75%, dated 05/07/2025, due On Demand (collateralized by Bahrain International Bond, 7.50% due 07/07/2037, market value $257,694) (p) | 242234 | 242234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets Limited, 3.65%, dated 05/13/2025, due On Demand (collateralized by African Export Import Bank, 3.80% due 05/17/2031, market value $364,511) (p) | 380903 | 380903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.75%, dated 05/21/2025, due On Demand (collateralized by Bahrain International Bond, 7.50% due 07/07/2037, market value $1,105,028) (p) | 1039299 | 1039299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.75%, dated 05/21/2025, due On Demand (collateralized by Bahrain International Bond, 7.50% due 07/07/2037, market value $643,144) (p) | 604888 | 604888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.85%, dated 06/04/2025, due On Demand (collateralized by Israel International Bond, 5.63% due 02/19/2035, market value $4,702,283) (p) | 4689295 | 4689295 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.85%, dated 06/04/2025, due On Demand (collateralized by Israel International Bond, 5.63% due 02/19/2035, market value $2,745,496)(p) | 2737913 | $2737913 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase Bank, N.A., 3.80%, dated 07/29/2025, due 10/08/2025 (collateralized by African Export Import Bank, 3.99% due 09/21/2029, market value $663,099) | 684821 | 684821 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase Bank, N.A., 3.75%, dated 07/29/2025, due 10/08/2025 (collateralized by Dominican Republic International Bond, 6.00% due 02/22/2033, market value $361,611) | 379382 | 379382 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase Bank, N.A., 3.80%, dated 07/29/2025, due 10/08/2025 (collateralized by African Export Import Bank, 3.99% due 09/21/2029, market value $1,067,220) | 1102179 | 1102179 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase Bank, N.A., 3.75%, dated 07/29/2025, due 10/08/2025 (collateralized by Dominican Republic International Bond, 6.00% due 02/22/2033, market value $620,051) | 650522 | 650522 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase Bank, N.A., 3.85%, dated 07/29/2025, due 10/08/2025 (collateralized by Bahrain International Bond, 5.45% due 09/16/2032, market value $728,656) | 751081 | 751081 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase Bank, N.A., 3.85%, dated 07/29/2025, due 10/08/2025 (collateralized by Bahrain International Bond, 5.45% due 09/16/2032, market value $1,252,071) | 1290603 | 1290603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.85%, dated 08/01/2025, due On Demand (collateralized by African Export Import Bank, 3.80% due 05/17/2031, market value $555,317) (p) | 556143 | 556143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.85%, dated 08/01/2025, due On Demand (collateralized by African Export Import Bank, 3.80% due 05/17/2031, market value $535,517) (p) | 536313 | 536313 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase Bank, N.A., 3.75%, dated 08/01/2025, due 10/08/2025 (collateralized by African Export Import Bank, 3.80% due 05/17/2031, market value $254,708) | 260563 | 260563 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase Bank, N.A., 3.75%, dated 08/01/2025, due 10/08/2025 (collateralized by African Export Import Bank, 3.80% due 05/17/2031, market value $437,414) | 447469 | 447469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 1.93%, dated 09/09/2025, due On Demand (collateralized by Germany Government Bond, 2.60% due 08/15/2035, market value $3,081,937) (p) | 2665233 | 3129117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 1.89%, dated 09/09/2025, due On Demand (collateralized by Germany Government Bond, 2.50% due 07/04/2044, market value $3,920,498) (p) | 3398753 | 3990306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.90%, dated 09/15/2025, due On Demand (collateralized by Mexican International Bond, 6.88% due 05/13/2037, market value $1,995,225) (p) | 2096124 | 2096124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.90%, dated 09/15/2025, due On Demand (collateralized by Mexican International Bond, 6.88% due 05/13/2037, market value $3,451,200) (p) | 3625727 | 3625727 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase Bank, N.A., 4.05%, dated 09/24/2025, due 10/01/2025 (collateralized by US Treasury Notes, 4.25% due 08/15/2035, market value $5,258,783) | 5323425 | $5323425 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase Bank, N.A., 4.05%, dated 09/24/2025, due 10/01/2025 (collateralized by US Treasury Notes, 4.25% due 08/15/2035, market value $3,058,752) | 3096351 | 3096351 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase Bank, N.A., 3.85%, dated 09/24/2025, due 10/01/2025 (collateralized by US Treasury Notes, 3.63% due 08/31/2030, market value $5,840,031) | 5900003 | 5900003 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase Bank, N.A., 3.85%, dated 09/24/2025, due 10/01/2025 (collateralized by US Treasury Notes, 3.63% due 08/31/2030, market value $3,396,795) | 3431676 | 3431676 |
|  **TOTAL REPURCHASE AGREEMENTS<br>(COST $74,740,358)** | **73705236** | **74760673** |
|  **SHORT-TERM INVESTMENTS — 0.0%** |  |  |
|  **MONEY MARKET FUND — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds Treasury Trust Fund Portfolio, Institutional Class (b) | 1 | 1 |
|  **TOTAL MONEY MARKET FUND<br>(COST $1)** |  | **1** |
|  **TOTAL SHORT-TERM INVESTMENTS<br>(COST $1)** |  | **1** |
|  **TOTAL INVESTMENTS IN SECURITIES — 105.9%<br>(COST $3,799,134,898)** |  | **4089717559** |
|  **TOTAL SECURITIES SOLD SHORT — (42.3)%<br>(PROCEEDS $1,567,936,197)** |  | **(1633922640)** |
|  **Other Assets and Liabilities (q) — 36.4%** |  | **1406018615** |
|  **Net Assets — 100.0%** |  | $**3861813534** |
|  **SECURITIES SOLD SHORT — (42.3)%** |  |  |
|  **COMMON STOCK — (17.2)%** |  |  |
|  **Africa — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Materials — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DRDGOLD Ltd., ADR | 600 | (16560) |
| &nbsp;&nbsp;&nbsp;&nbsp; IAMGOLD Corp. (a) | 11400 | (147402) |
|  |  | (163962) |
|  **Total Africa** |  | **(163962)** |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
|  **Asia — (1.0)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Automobiles & Components — (0.1)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ECARX Holdings, Inc. (a) | 47 | $(94) |
| &nbsp;&nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd., ADR | 10600 | (326480) |
| &nbsp;&nbsp;&nbsp;&nbsp; Li Auto, Inc., ADR (a) | 16400 | (415576) |
| &nbsp;&nbsp;&nbsp;&nbsp; Polestar Automotive Holding U.K. PLC, ADR (a) | 740 | (696) |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor Corp., ADR | 13600 | (2598824) |
|  |  | (3341670) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Banks — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc., ADR | 69400 | (1106236) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc., ADR | 3600 | (24120) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc., ADR | 14300 | (239382) |
|  |  | (1369738) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Capital Goods — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BAIYU Holdings, Inc. (a),(d) | 5388 | (964) |
| &nbsp;&nbsp;&nbsp;&nbsp; EHang Holdings Ltd., ADR (a) | 4600 | (85422) |
| &nbsp;&nbsp;&nbsp;&nbsp; Emeren Group Ltd., ADR (a) | 1200 | (2268) |
| &nbsp;&nbsp;&nbsp;&nbsp; FBS Global Ltd. (a) | 500 | (385) |
| &nbsp;&nbsp;&nbsp;&nbsp; Graphjet Technology (a) | 300 | (1038) |
|  |  | (90077) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Commercial & Professional Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Earlyworks Co., Ltd., ADR (a) | 40 | (102) |
| &nbsp;&nbsp;&nbsp;&nbsp; Guardforce AI Co., Ltd. (a) | 1800 | (1980) |
| &nbsp;&nbsp;&nbsp;&nbsp; VCI Global Ltd. (a) | 9 | (57) |
|  |  | (2139) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Consumer Durables & Apparel — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Neo-Concept International Group Holdings Ltd. (a) | 7 | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp., ADR | 9400 | (270626) |
|  |  | (270639) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Consumer Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BTC Digital Ltd. (a) | 36 | (99) |
| &nbsp;&nbsp;&nbsp;&nbsp; Golden Sun Health Technology Group Ltd. (a) | 400 | (1108) |
| &nbsp;&nbsp;&nbsp;&nbsp; H World Group Ltd., ADR | 300 | (11733) |
| &nbsp;&nbsp;&nbsp;&nbsp; Quantasing Group Ltd., ADR (a) | 4000 | (36080) |
| &nbsp;&nbsp;&nbsp;&nbsp; VisionSys AI, Inc., ADR (a) | 18 | (63) |
| &nbsp;&nbsp;&nbsp;&nbsp; Youdao, Inc., ADR (a) | 1800 | (17892) |
|  |  | (66975) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Diversified Financials — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FinVolution Group, ADR | 300 | (2211) |
| &nbsp;&nbsp;&nbsp;&nbsp; Freedom Holding Corp. (a) | 100 | (17213) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Garden Stage Ltd. (a) | 27 | $(4) |
| &nbsp;&nbsp;&nbsp;&nbsp; mF International Ltd. (a) | 100 | (3675) |
| &nbsp;&nbsp;&nbsp;&nbsp; Qfin Holdings, Inc., ADR | 400 | (11512) |
| &nbsp;&nbsp;&nbsp;&nbsp; Solowin Holdings (a) | 689 | (1785) |
| &nbsp;&nbsp;&nbsp;&nbsp; Triller Group, Inc. (a) | 21 | (17) |
|  |  | (36417) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Energy — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bw Lpg Ltd. (e) | 400 | (5712) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Food, Beverage & Tobacco — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oriental Rise Holdings Ltd. (a) | 12500 | (2340) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Household & Personal Products — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Yatsen Holding Ltd., ADR (a) | 20 | (181) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Insurance — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential PLC, ADR | 5000 | (139950) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Financial Group, Inc. (a) | 1660 | 0 |
|  |  | (139950) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Materials — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tantech Holdings Ltd. (a) | 40 | (67) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Media & Entertainment — (0.2)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Baidu, Inc., ADR (a) | 54200 | (7141934) |
| &nbsp;&nbsp;&nbsp;&nbsp; Blue Hat Interactive Entertainment Technology (a) | 42 | (81) |
| &nbsp;&nbsp;&nbsp;&nbsp; Haoxi Health Technology Ltd. (a) | 200 | (240) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hello Group, Inc., ADR (a) | 300 | (2226) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sohu.com Ltd., ADR (a) | 100 | (1563) |
| &nbsp;&nbsp;&nbsp;&nbsp; Webtoon Entertainment, Inc. (a) | 1300 | (25233) |
| &nbsp;&nbsp;&nbsp;&nbsp; Zhihu, Inc., ADR (a) | 866 | (4391) |
|  |  | (7175668) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Pharmaceuticals, Biotechnology & Life Sciences — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Artiva Biotherapeutics, Inc. (a) | 500 | (1435) |
| &nbsp;&nbsp;&nbsp;&nbsp; BeOne Medicines Ltd., ADR (a) | 100 | (34070) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dr. Reddy's Laboratories Ltd., ADR | 14000 | (195720) |
| &nbsp;&nbsp;&nbsp;&nbsp; Scilex Holding Co. (a) | 118 | (2322) |
| &nbsp;&nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd., ADR | 41900 | (613416) |
| &nbsp;&nbsp;&nbsp;&nbsp; Zai Lab Ltd., ADR (a) | 100 | (3389) |
|  |  | (850352) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Real Estate Management & Development — (0.1)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; KE Holdings, Inc., ADR | 89500 | (1700500) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Retailing — (0.5)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd., ADR | 77600 | (13869448) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cango, Inc., ADR (a) | 1000 | (4240) |
| &nbsp;&nbsp;&nbsp;&nbsp; GigaCloud Technology, Inc. (a) | 9900 | (281160) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; NaaS Technology, Inc., ADR (a) | 100 | $(369) |
| &nbsp;&nbsp;&nbsp;&nbsp; PDD Holdings, Inc., ADR (a) | 36900 | (4877073) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uxin Ltd., ADR (a) | 1288 | (4456) |
|  |  | (19036746) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Semiconductors & Semiconductor Equipment — (0.1)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advantest Corp. (b) | 1200 | (118876) |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegro MicroSystems, Inc. (a) | 7900 | (230680) |
| &nbsp;&nbsp;&nbsp;&nbsp; Disco Corp. (b) | 600 | (188701) |
| &nbsp;&nbsp;&nbsp;&nbsp; JinkoSolar Holding Co. Ltd., ADR | 2000 | (48060) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lasertec Corp. (a),(b) | 700 | (96112) |
| &nbsp;&nbsp;&nbsp;&nbsp; STMicroelectronics NV (b) | 1040 | (29390) |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd., ADR (b) | 8797 | (2456914) |
| &nbsp;&nbsp;&nbsp;&nbsp; United Microelectronics Corp., ADR (b) | 498 | (3775) |
|  |  | (3172508) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Software & Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMTD Digital, Inc., ADR (a) | 24 | (43) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bit Origin Ltd. (a) | 19500 | (7465) |
| &nbsp;&nbsp;&nbsp;&nbsp; Datasea, Inc. (a) | 33 | (67) |
| &nbsp;&nbsp;&nbsp;&nbsp; GDS Holdings Ltd., ADR (a) | 100 | (3870) |
| &nbsp;&nbsp;&nbsp;&nbsp; Heartcore Enterprises, Inc. | 1000 | (810) |
| &nbsp;&nbsp;&nbsp;&nbsp; Infosys Ltd., ADR (b) | 63130 | (1027125) |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingsoft Cloud Holdings Ltd., ADR (a) | 5300 | (79076) |
| &nbsp;&nbsp;&nbsp;&nbsp; Link Motion, Inc., ADR (a),(d) | 11000 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercurity Fintech Holding, Inc. (a) | 2000 | (49160) |
| &nbsp;&nbsp;&nbsp;&nbsp; MMTEC, Inc. (a) | 995 | (826) |
| &nbsp;&nbsp;&nbsp;&nbsp; Nukkleus, Inc. (a) | 1100 | (7700) |
| &nbsp;&nbsp;&nbsp;&nbsp; Pony AI, Inc., ADR (a) | 4800 | (107952) |
| &nbsp;&nbsp;&nbsp;&nbsp; The9 Ltd., ADR (a) | 237 | (2519) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tuya, Inc., ADR (a) | 100 | (247) |
| &nbsp;&nbsp;&nbsp;&nbsp; Xiao I Corp., ADR (a) | 1400 | (1750) |
|  |  | (1288610) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Technology Hardware & Equipment — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Creative Global Technology Holdings Ltd. (a) | 6 | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fabrinet (a),(b) | 26 | (9480) |
| &nbsp;&nbsp;&nbsp;&nbsp; UTime Ltd. (a) | 388 | (435) |
|  |  | (9918) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Telecommunication Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FingerMotion, Inc. (a) | 1125 | (1777) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Transportation — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Full Truck Alliance Co., Ltd., ADR | 1100 | (14267) |
| &nbsp;&nbsp;&nbsp;&nbsp; ZTO Express Cayman, Inc., ADR | 15100 | (289920) |
|  |  | (304187) |
|  **Total Asia** |  | **(38866171)** |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
|  **Europe — (0.8)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Automobiles & Components — (0.1)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aptiv PLC (a) | 20200 | $1741644) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG (a),(b) | 398 | (39924) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Group AG (b) | 731 | (45890) |
|  |  | (1827458) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Banks — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays PLC, ADR | 25900 | (535353) |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Groep NV, ADR | 42500 | (1108400) |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Groep NV (b) | 439 | (11378) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, ADR | 24200 | (109868) |
|  |  | (1764999) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Capital Goods — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABB Ltd. (b) | 4218 | (303719) |
| &nbsp;&nbsp;&nbsp;&nbsp; Alfa Laval AB (b) | 448 | (20386) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadeler AS, ADR (a) | 100 | (2065) |
| &nbsp;&nbsp;&nbsp;&nbsp; Daimler Truck Holding AG (b) | 445 | (18296) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fusion Fuel Green PLC (a) | 11 | (49) |
| &nbsp;&nbsp;&nbsp;&nbsp; Geberit AG (b) | 103 | (77271) |
| &nbsp;&nbsp;&nbsp;&nbsp; Knorr-Bremse AG (b) | 319 | (29906) |
| &nbsp;&nbsp;&nbsp;&nbsp; MTU Aero Engines AG (b) | 87 | (39927) |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Energy AG (a),(b) | 793 | (92562) |
| &nbsp;&nbsp;&nbsp;&nbsp; SKF AB (a),(b) | 1660 | (41119) |
| &nbsp;&nbsp;&nbsp;&nbsp; T1 Energy, Inc. (a) | 700 | (1526) |
| &nbsp;&nbsp;&nbsp;&nbsp; Vestas Wind Systems AS (b) | 4152 | (78233) |
| &nbsp;&nbsp;&nbsp;&nbsp; Wallbox NV (a) | 155 | (693) |
| &nbsp;&nbsp;&nbsp;&nbsp; Wartsila OYJ Abp (b) | 1410 | (42130) |
|  |  | (747882) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Commercial & Professional Services — 0.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *Commercial & Professional Services — 0.0%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cimpress PLC (a) | 700 | (44128) |
| &nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial PLC, ADR | 9200 | (232300) |
| &nbsp;&nbsp;&nbsp;&nbsp; Securitas AB (a),(b) | 432 | (6498) |
| &nbsp;&nbsp;&nbsp;&nbsp; SGS SA (b) | 307 | (31809) |
|  |  | (314735) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Consumer Durables & Apparel — 0.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *Consumer Durables & Apparel — 0.0%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amer Sports, Inc. (a) | 100 | (3475) |
| &nbsp;&nbsp;&nbsp;&nbsp; Birkenstock Holding PLC (a) | 8000 | (362000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Connexa Sports Technologies In (a) | 1 | (2) |
|  |  | (365477) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Consumer Services — (0.1)%* | &nbsp;&nbsp;&nbsp;&nbsp; *Consumer Services — (0.1)%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Flutter Entertainment PLC (a) | 13800 | (3505200) |
| &nbsp;&nbsp;&nbsp;&nbsp; Pearson PLC, ADR | 600 | (8496) |
| &nbsp;&nbsp;&nbsp;&nbsp; Soho House & Co., Inc., A Shares (a) | 1100 | (9735) |
|  |  | (3523431) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Diversified Financials — (0.2)%* | &nbsp;&nbsp;&nbsp;&nbsp; *Diversified Financials — (0.2)%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Coincheck Group NV (a) | 49 | $(227) |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank AG | 41000 | (1451810) |
| &nbsp;&nbsp;&nbsp;&nbsp; Julius Baer Group Ltd. (b) | 1054 | (72769) |
| &nbsp;&nbsp;&nbsp;&nbsp; Partners Group Holding AG (b) | 15 | (19474) |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG | 38965 | (1597565) |
|  |  | (3141845) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Energy — 0.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *Energy — 0.0%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ardmore Shipping Corp. | 6100 | (72407) |
| &nbsp;&nbsp;&nbsp;&nbsp; Eni SpA (b) | 1317 | (22986) |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinor ASA, ADR | 6600 | (160908) |
| &nbsp;&nbsp;&nbsp;&nbsp; Frontline PLC | 200 | (4558) |
| &nbsp;&nbsp;&nbsp;&nbsp; Seadrill Ltd. (a) | 21100 | (637431) |
| &nbsp;&nbsp;&nbsp;&nbsp; SFL Corp. Ltd. | 7200 | (54216) |
|  |  | (952506) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Food & Staples Retailing — 0.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *Food & Staples Retailing — 0.0%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize NV (b) | 1228 | (49668) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Food, Beverage & Tobacco — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diageo PLC, ADR | 5900 | (563037) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Health Care Equipment & Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Philips NV | 21904 | (597103) |
| &nbsp;&nbsp;&nbsp;&nbsp; Nyxoah SA (a) | 200 | (920) |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Healthineers AG (b),(e) | 2616 | (141342) |
| &nbsp;&nbsp;&nbsp;&nbsp; Smith & Nephew PLC, ADR | 14000 | (508060) |
|  |  | (1247425) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Household & Personal Products — 0.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *Household & Personal Products — 0.0%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC, ADR | 700 | (41496) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Insurance — 0.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *Insurance — 0.0%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allianz SE (b) | 28 | (11749) |
| &nbsp;&nbsp;&nbsp;&nbsp; Zurich Financial Services UKISA Ltd. (a),(b) | 64 | (45553) |
|  |  | (57302) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Materials — 0.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *Materials — 0.0%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Anglogold Ashanti PLC | 13500 | (949455) |
| &nbsp;&nbsp;&nbsp;&nbsp; ArcelorMittal SA | 15400 | (556710) |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Lithium Corp. (a) | 3100 | (14756) |
| &nbsp;&nbsp;&nbsp;&nbsp; BASF SE (b) | 2272 | (113073) |
| &nbsp;&nbsp;&nbsp;&nbsp; Critical Metals Corp. (a) | 2300 | (14306) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lifezone Metals Ltd. (a) | 500 | (2740) |
|  |  | (1651040) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Media & Entertainment — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gambling.com Group Ltd. (a) | 100 | (818) |
| &nbsp;&nbsp;&nbsp;&nbsp; WPP PLC, ADR | 5800 | (145290) |
|  |  | (146108) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Pharmaceuticals, Biotechnology & Life Sciences — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abivax SA, ADR (a) | 300 | $(25470) |
| &nbsp;&nbsp;&nbsp;&nbsp; ADC Therapeutics SA (a) | 9 | (36) |
| &nbsp;&nbsp;&nbsp;&nbsp; Alvotech SA (a) | 600 | (4914) |
| &nbsp;&nbsp;&nbsp;&nbsp; ATAI Life Sciences NV (a) | 100 | (529) |
| &nbsp;&nbsp;&nbsp;&nbsp; Autolus Therapeutics PLC, ADR (a) | 1600 | (2608) |
| &nbsp;&nbsp;&nbsp;&nbsp; BioNTech SE, ADR (a) | 9600 | (946752) |
| &nbsp;&nbsp;&nbsp;&nbsp; CureVac NV (a) | 1100 | (5929) |
| &nbsp;&nbsp;&nbsp;&nbsp; Evaxion AS, ADR (a) | 100 | (376) |
| &nbsp;&nbsp;&nbsp;&nbsp; Evotec SE, ADR (a) | 400 | (1452) |
| &nbsp;&nbsp;&nbsp;&nbsp; Galapagos NV, ADR (a) | 100 | (3464) |
| &nbsp;&nbsp;&nbsp;&nbsp; Immatics NV (a) | 3000 | (25560) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mainz Biomed NV (a) | 200 | (298) |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck KGaA (a),(b) | 591 | (75943) |
| &nbsp;&nbsp;&nbsp;&nbsp; Newamsterdam Pharma Co. NV (a) | 3100 | (88164) |
| &nbsp;&nbsp;&nbsp;&nbsp; NuCana PLC, ADR (a) | 371 | (1721) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tiziana Life Sciences Ltd. (a) | 300 | (648) |
| &nbsp;&nbsp;&nbsp;&nbsp; Verona Pharma PLC, ADR (a) | 8400 | (896364) |
|  |  | (2080228) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Retailing — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; LuxExperience BV, ADR (a) | 500 | (4250) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Semiconductors & Semiconductor Equipment — (0.2)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV | 2100 | (2032989) |
| &nbsp;&nbsp;&nbsp;&nbsp; NXP Semiconductors NV | 13800 | (3142674) |
|  |  | (5175663) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Software & Services — (0.1)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture PLC, Class A (b) | 5314 | (1310432) |
| &nbsp;&nbsp;&nbsp;&nbsp; Arqit Quantum, Inc. (a) | 1110 | (43012) |
| &nbsp;&nbsp;&nbsp;&nbsp; Endava PLC, ADR (a) | 100 | (910) |
| &nbsp;&nbsp;&nbsp;&nbsp; SAP SE, ADR | 9800 | (2618658) |
|  |  | (3973012) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Technology Hardware & Equipment — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Logitech International SA | 1100 | (120648) |
| &nbsp;&nbsp;&nbsp;&nbsp; Nokia OYJ, ADR | 200100 | (962481) |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson, ADR | 28800 | (238176) |
|  |  | (1321305) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Telecommunication Services — (0.1)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom AG (a),(b) | 42000 | (1430486) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Transportation — 0.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *Transportation — 0.0%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller—Maersk AS (b) | 32 | (62736) |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Lufthansa AG (b) | 6881 | (58231) |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Post AG (b) | 3331 | (148374) |
| &nbsp;&nbsp;&nbsp;&nbsp; Icon Energy Corp. | 100 | (210) |
|  |  | (269551) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Utilities — 0.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *Utilities — 0.0%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; National Grid PLC, ADR | 1600 | $(116272) |
|  **Total Europe** |  | **(30765176)** |
|  **Middle East — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Automobiles & Components — 0.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *Automobiles & Components — 0.0%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foresight Autonomous Holdings Ltd., ADR (a) | 12 | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mobileye Global, Inc., Class A (a),(b) | 792 | (11183) |
| &nbsp;&nbsp;&nbsp;&nbsp; REE Automotive Ltd. (a) | 100 | (71) |
|  |  | (11279) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Capital Goods — 0.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *Capital Goods — 0.0%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brenmiller Energy Ltd. (a) | 2 | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Kornit Digital Ltd. (a) | 600 | (8100) |
|  |  | (8103) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Health Care Equipment & Services — 0.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *Health Care Equipment & Services — 0.0%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Inspira Technologies Oxy BHN Ltd. (a) | 400 | (508) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lifeward Ltd. (a) | 600 | (427) |
|  |  | (935) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Materials — 0.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *Materials — 0.0%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ICL Group Ltd. | 1800 | (11196) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Media & Entertainment — 0.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *Media & Entertainment — 0.0%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Yalla Group Ltd., ADR (a) | 500 | (3755) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Pharmaceuticals, Biotechnology & Life Sciences — 0.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *Pharmaceuticals, Biotechnology & Life Sciences — 0.0%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BioLine RX Ltd., ADR (a) | 300 | (1134) |
| &nbsp;&nbsp;&nbsp;&nbsp; Teva Pharmaceutical Industries Ltd., ADR (a) | 1700 | (34340) |
|  |  | (35474) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Retailing — 0.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *Retailing — 0.0%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Global-e Online Ltd. (a) | 15800 | (565008) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Software & Services — 0.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *Software & Services — 0.0%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cellebrite DI Ltd. (a) | 200 | (3706) |
| &nbsp;&nbsp;&nbsp;&nbsp; Check Point Software Technologies Ltd. (a),(b) | 1017 | (210427) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hub Cyber Security Ltd. (a) | 1560 | (3073) |
| &nbsp;&nbsp;&nbsp;&nbsp; Nice Ltd., ADR (a) | 3700 | (535686) |
|  |  | (752892) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Technology Hardware & Equipment — 0.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *Technology Hardware & Equipment — 0.0%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gauzy Ltd. (a) | 690 | (4368) |
| &nbsp;&nbsp;&nbsp;&nbsp; Innoviz Technologies Ltd. (a) | 14300 | (29172) |
| &nbsp;&nbsp;&nbsp;&nbsp; ParaZero Technologies Ltd. (a) | 5850 | (9243) |
| &nbsp;&nbsp;&nbsp;&nbsp; Rail Vision Ltd. (a) | 1000 | (430) |
|  |  | (43213) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Transportation — 0.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *Transportation — 0.0%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ZIM Integrated Shipping Services Ltd. | 26100 | $(353655) |
|  **Total Middle East** |  | **(1785510)** |
|  **North America — (15.3)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Automobiles & Components — (0.1)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BorgWarner, Inc. | 800 | (35168) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cooper-Standard Holdings, Inc. (a) | 500 | (18465) |
| &nbsp;&nbsp;&nbsp;&nbsp; Faraday Future Intelligent Electric, Inc. (a) | 25000 | (32500) |
| &nbsp;&nbsp;&nbsp;&nbsp; FLY-E Group, Inc. (a) | 40 | (28) |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co. (a) | 72900 | (545292) |
| &nbsp;&nbsp;&nbsp;&nbsp; Harley-Davidson, Inc. | 1800 | (50220) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lear Corp. | 5700 | (573477) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lucid Group, Inc. (a) | 0 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lucid Group, Inc. (a) | 13743 | (326946) |
| &nbsp;&nbsp;&nbsp;&nbsp; Magna International, Inc. | 100 | (4738) |
| &nbsp;&nbsp;&nbsp;&nbsp; Modine Manufacturing Co. (a) | 15100 | (2146616) |
| &nbsp;&nbsp;&nbsp;&nbsp; Patrick Industries, Inc. | 1150 | (118944) |
| &nbsp;&nbsp;&nbsp;&nbsp; Solid Power, Inc. (a) | 28600 | (99242) |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Motor Products, Inc. | 100 | (4082) |
| &nbsp;&nbsp;&nbsp;&nbsp; Stellantis NV (b) | 78968 | (737561) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc. (a),(b) | 504 | (224139) |
| &nbsp;&nbsp;&nbsp;&nbsp; Visteon Corp. | 500 | (59930) |
| &nbsp;&nbsp;&nbsp;&nbsp; Workhorse Group, Inc. (a) | 1 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Worksport Ltd. (a) | 1705 | (5916) |
| &nbsp;&nbsp;&nbsp;&nbsp; XPEL, Inc. (a) | 1300 | (42991) |
|  |  | (5026258) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Banks — (3.0)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlantic Union Bankshares Corp. | 30 | (1059) |
| &nbsp;&nbsp;&nbsp;&nbsp; Axos Financial, Inc. (a) | 47338 | (4007162) |
| &nbsp;&nbsp;&nbsp;&nbsp; Banc of California, Inc. | 100516 | (1663540) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bancorp, Inc. (a) | 28736 | (2152039) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Marin Bancorp | 7850 | (190598) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Montreal | 8550 | (1113637) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Nova Scotia | 800 | (51720) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank OZK | 159592 | (8136000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bankwell Financial Group, Inc. | 7397 | (327317) |
| &nbsp;&nbsp;&nbsp;&nbsp; Beacon Financial Corp. | 38 | (901) |
| &nbsp;&nbsp;&nbsp;&nbsp; Burke & Herbert Financial Services Corp. | 3330 | (205428) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadence Bank | 200 | (7508) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Bancorp, Inc. | 6052 | (193059) |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. | 1822 | (184933) |
| &nbsp;&nbsp;&nbsp;&nbsp; City Holding Co. | 39213 | (4857314) |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia Banking System, Inc. | 3200 | (82368) |
| &nbsp;&nbsp;&nbsp;&nbsp; East West Bancorp, Inc. | 79051 | (8414979) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; FB Financial Corp. | 5461 | $(304396) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fifth Third Bancorp | 306616 | (13659743) |
| &nbsp;&nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc. | 600 | (1073496) |
| &nbsp;&nbsp;&nbsp;&nbsp; Firstsun Capital Bancorp (a) | 10421 | (404231) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hancock Whitney Corp. | 66368 | (4155300) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilltop Holdings, Inc. | 15597 | (521252) |
| &nbsp;&nbsp;&nbsp;&nbsp; Home BancShares, Inc. | 91904 | (2600883) |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. | 906455 | (15654478) |
| &nbsp;&nbsp;&nbsp;&nbsp; International Bancshares Corp. | 10965 | (753844) |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. (b) | 11616 | (3664035) |
| &nbsp;&nbsp;&nbsp;&nbsp; KeyCorp | 291590 | (5449817) |
| &nbsp;&nbsp;&nbsp;&nbsp; MidWestOne Financial Group, Inc. | 7182 | (203179) |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwest Bancshares, Inc. | 23 | (285) |
| &nbsp;&nbsp;&nbsp;&nbsp; OceanFirst Financial Corp. | 12994 | (228305) |
| &nbsp;&nbsp;&nbsp;&nbsp; Old National Bancorp | 36500 | (801175) |
| &nbsp;&nbsp;&nbsp;&nbsp; Pathward Financial, Inc. | 49198 | (3641144) |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinnacle Financial Partners, Inc. | 21884 | (2052500) |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Bank | 58464 | (5284561) |
| &nbsp;&nbsp;&nbsp;&nbsp; Regions Financial Corp. | 89567 | (2361882) |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada | 300 | (44196) |
| &nbsp;&nbsp;&nbsp;&nbsp; ServisFirst Bancshares, Inc. | 7586 | (610901) |
| &nbsp;&nbsp;&nbsp;&nbsp; Southstate Bank Corp. | 47613 | (4707497) |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank | 52600 | (4205370) |
| &nbsp;&nbsp;&nbsp;&nbsp; Triumph Financial, Inc. (a) | 10306 | (515712) |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustmark Corp. | 49572 | (1963051) |
| &nbsp;&nbsp;&nbsp;&nbsp; UMB Financial Corp. | 6529 | (772707) |
| &nbsp;&nbsp;&nbsp;&nbsp; Valley National Bancorp | 66811 | (708197) |
| &nbsp;&nbsp;&nbsp;&nbsp; Veritex Holdings, Inc. | 800 | (26824) |
| &nbsp;&nbsp;&nbsp;&nbsp; WaFd, Inc. | 33 | (1000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Trust Bancorp, Inc. | 15988 | (462053) |
| &nbsp;&nbsp;&nbsp;&nbsp; Wintrust Financial Corp. | 5 | (662) |
| &nbsp;&nbsp;&nbsp;&nbsp; Zions Bancorp NA | 87102 | (4928231) |
|  |  | (113350469) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Capital Goods — (0.6)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; A.O. Smith Corp. (b) | 1847 | (135588) |
| &nbsp;&nbsp;&nbsp;&nbsp; AAR Corp. (a) | 300 | (26901) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Drainage Systems, Inc. | 700 | (97090) |
| &nbsp;&nbsp;&nbsp;&nbsp; AeroVironment, Inc. (a),(b) | 6219 | (1958301) |
| &nbsp;&nbsp;&nbsp;&nbsp; AgEagle Aerial Systems, Inc. (a) | 8900 | (17889) |
| &nbsp;&nbsp;&nbsp;&nbsp; AirJoule Technologies Corp. (a) | 100 | (469) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameresco, Inc., Class A (a) | 2100 | (70518) |
| &nbsp;&nbsp;&nbsp;&nbsp; American Woodmark Corp. (a) | 200 | (13352) |
| &nbsp;&nbsp;&nbsp;&nbsp; Archer Aviation, Inc. (a) | 13700 | (131246) |
| &nbsp;&nbsp;&nbsp;&nbsp; Astronics Corp. (a) | 200 | (9122) |
| &nbsp;&nbsp;&nbsp;&nbsp; ATI, Inc. (a) | 3100 | (252154) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; ATS Corp. (a) | 2800 | $(73360) |
| &nbsp;&nbsp;&nbsp;&nbsp; Axon Enterprise, Inc. (a) | 700 | (502348) |
| &nbsp;&nbsp;&nbsp;&nbsp; Babcock & Wilcox Enterprises, Inc. (a) | 1600 | (4640) |
| &nbsp;&nbsp;&nbsp;&nbsp; Builders FirstSource, Inc. (a),(b) | 3166 | (383877) |
| &nbsp;&nbsp;&nbsp;&nbsp; Byrna Technologies, Inc. (a) | 1700 | (37672) |
| &nbsp;&nbsp;&nbsp;&nbsp; CAE, Inc. (a) | 100 | (2964) |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlisle Cos., Inc. (b) | 1129 | (371396) |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar, Inc. (b) | 122 | (58212) |
| &nbsp;&nbsp;&nbsp;&nbsp; Complete Solaria, Inc. (a) | 2570 | (4523) |
| &nbsp;&nbsp;&nbsp;&nbsp; Core & Main, Inc., Class A (a) | 4900 | (263767) |
| &nbsp;&nbsp;&nbsp;&nbsp; Custom Truck One Source, Inc. (a) | 100 | (642) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dover Corp. (b) | 508 | (84750) |
| &nbsp;&nbsp;&nbsp;&nbsp; Eaton Corp. PLC (b) | 166 | (62125) |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerson Electric Co. (b) | 7679 | (1007331) |
| &nbsp;&nbsp;&nbsp;&nbsp; Energous Corp. (a) | 16 | (124) |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Focus, Inc. (a) | 7 | (19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Recovery, Inc. (a) | 100 | (1542) |
| &nbsp;&nbsp;&nbsp;&nbsp; ESS Tech, Inc. (a) | 1613 | (2452) |
| &nbsp;&nbsp;&nbsp;&nbsp; Everus Construction Group, Inc. (a) | 1000 | (85750) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fastenal Co. | 52398 | (2569598) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrovial SE | 1101 | (64519) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortive Corp. (b) | 1502 | (73583) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortune Brands Innovations, Inc. (b) | 3659 | (195354) |
| &nbsp;&nbsp;&nbsp;&nbsp; FTAI Aviation Ltd. (b) | 4352 | (726175) |
| &nbsp;&nbsp;&nbsp;&nbsp; FTC Solar, Inc. (a) | 1934 | (13635) |
| &nbsp;&nbsp;&nbsp;&nbsp; General Electric Co. | 4300 | (1293526) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hayward Holdings, Inc. (a) | 900 | (13608) |
| &nbsp;&nbsp;&nbsp;&nbsp; HEICO Corp. (b) | 19 | (6134) |
| &nbsp;&nbsp;&nbsp;&nbsp; Herc Holdings, Inc. | 25 | (2916) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hexcel Corp. | 400 | (25080) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hillenbrand, Inc. | 3000 | (81120) |
| &nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 6400 | (1255872) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hubbell, Inc. | 700 | (301217) |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc. (b) | 93 | (26776) |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEX Corp. (b) | 276 | (44922) |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc. (b) | 435 | (113431) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. (b) | 4081 | (337172) |
| &nbsp;&nbsp;&nbsp;&nbsp; ITT, Inc. (b) | 58 | (10368) |
| &nbsp;&nbsp;&nbsp;&nbsp; Janus International Group, Inc. (a) | 2900 | (28623) |
| &nbsp;&nbsp;&nbsp;&nbsp; JBT Marel Corp. | 1500 | (210675) |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International PLC | 800 | (87960) |
| &nbsp;&nbsp;&nbsp;&nbsp; Kratos Defense & Security Solutions, Inc. (a) | 9400 | (858878) |
| &nbsp;&nbsp;&nbsp;&nbsp; KULR Technology Group, Inc. (a) | 700 | (2912) |
| &nbsp;&nbsp;&nbsp;&nbsp; Laser Photonics Corp. (a) | 30 | (129) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp. (b) | 81 | (40436) |
| &nbsp;&nbsp;&nbsp;&nbsp; Masco Corp. (b) | 6135 | (431843) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Mueller Industries, Inc. | 100 | $(10111) |
| &nbsp;&nbsp;&nbsp;&nbsp; NANO Nuclear Energy, Inc. (a) | 12900 | (497424) |
| &nbsp;&nbsp;&nbsp;&nbsp; Nauticus Robotics, Inc. (a) | 1900 | (5472) |
| &nbsp;&nbsp;&nbsp;&nbsp; NeoVolta, Inc. (a) | 1200 | (5352) |
| &nbsp;&nbsp;&nbsp;&nbsp; New Horizon Aircraft Ltd. (a) | 6100 | (15494) |
| &nbsp;&nbsp;&nbsp;&nbsp; NEXTracker, Inc., Class A (a) | 6396 | (473240) |
| &nbsp;&nbsp;&nbsp;&nbsp; Northann Corp. (a) | 5779 | (745) |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp. (b) | 100 | (60932) |
| &nbsp;&nbsp;&nbsp;&nbsp; NuScale Power Corp. (a) | 45500 | (1638000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Palladyne AI Corp. (a) | 1767 | (15179) |
| &nbsp;&nbsp;&nbsp;&nbsp; Pentair PLC (b) | 2066 | (228830) |
| &nbsp;&nbsp;&nbsp;&nbsp; Powell Industries, Inc. | 1100 | (335291) |
| &nbsp;&nbsp;&nbsp;&nbsp; Primoris Services Corp. | 900 | (123597) |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanta Services, Inc. | 3700 | (1533354) |
| &nbsp;&nbsp;&nbsp;&nbsp; QXO, Inc. (a) | 25 | (477) |
| &nbsp;&nbsp;&nbsp;&nbsp; Regal Rexnord Corp. | 2600 | (372944) |
| &nbsp;&nbsp;&nbsp;&nbsp; Resideo Technologies, Inc. (a) | 6900 | (297942) |
| &nbsp;&nbsp;&nbsp;&nbsp; Rocket Lab Corp. (a) | 26500 | (1269615) |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. (b) | 154 | (53828) |
| &nbsp;&nbsp;&nbsp;&nbsp; RTX Corp. | 19600 | (3279668) |
| &nbsp;&nbsp;&nbsp;&nbsp; RYTHM, Inc. (a) | 100 | (4100) |
| &nbsp;&nbsp;&nbsp;&nbsp; Shoals Technologies Group, Inc. (a) | 100 | (741) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sidus Space, Inc. (a) | 2200 | (2288) |
| &nbsp;&nbsp;&nbsp;&nbsp; Spirit AeroSystems Holdings, Inc. (a) | 300 | (11580) |
| &nbsp;&nbsp;&nbsp;&nbsp; Standex International Corp. | 100 | (21190) |
| &nbsp;&nbsp;&nbsp;&nbsp; Stanley Black & Decker, Inc. | 2800 | (208124) |
| &nbsp;&nbsp;&nbsp;&nbsp; Stardust Power, Inc. (a) | 160 | (496) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sterling Infrastructure, Inc. (a) | 1900 | (645392) |
| &nbsp;&nbsp;&nbsp;&nbsp; TransDigm Group, Inc. (a),(b) | 24 | (31632) |
| &nbsp;&nbsp;&nbsp;&nbsp; Valmont Industries, Inc. | 400 | (155092) |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertiv Holdings Co. (b) | 14365 | (2167104) |
| &nbsp;&nbsp;&nbsp;&nbsp; Vicor Corp. (a) | 100 | (4972) |
| &nbsp;&nbsp;&nbsp;&nbsp; Virgin Galactic Holdings, Inc. (a) | 10 | (39) |
| &nbsp;&nbsp;&nbsp;&nbsp; Voyager Technologies, Inc. (a) | 300 | (8934) |
| &nbsp;&nbsp;&nbsp;&nbsp; VSE Corp. | 600 | (99744) |
| &nbsp;&nbsp;&nbsp;&nbsp; WW Grainger, Inc. (b) | 29 | (27636) |
|  |  | (28083145) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Commercial & Professional Services — (0.2)%* | &nbsp;&nbsp;&nbsp;&nbsp; *Commercial & Professional Services — (0.2)%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acuren Corp. (a) | 800 | (10648) |
| &nbsp;&nbsp;&nbsp;&nbsp; Alight, Inc. | 2200 | (7172) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackSky Technology, Inc. (a) | 1558 | (31394) |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc. (b) | 422 | (100508) |
| &nbsp;&nbsp;&nbsp;&nbsp; Clarivate PLC (a) | 47400 | (181542) |
| &nbsp;&nbsp;&nbsp;&nbsp; Concentrix Corp. | 2400 | (110760) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dayforce, Inc. (a) | 18000 | (1240020) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Enviri Corp. (a) | 1900 | $(24111) |
| &nbsp;&nbsp;&nbsp;&nbsp; Equifax, Inc. (b) | 1341 | (344007) |
| &nbsp;&nbsp;&nbsp;&nbsp; First Advantage Corp. (a) | 886 | (13636) |
| &nbsp;&nbsp;&nbsp;&nbsp; Greenwave Technology Solutions, Inc. (a) | 29 | (197) |
| &nbsp;&nbsp;&nbsp;&nbsp; Knightscope, Inc. (a) | 3344 | (19295) |
| &nbsp;&nbsp;&nbsp;&nbsp; LanzaTech Global, Inc. (a) | 46 | (1127) |
| &nbsp;&nbsp;&nbsp;&nbsp; Legalzoom.com, Inc. (a) | 400 | (4152) |
| &nbsp;&nbsp;&nbsp;&nbsp; Montrose Environmental Group, Inc. (a) | 4600 | (126316) |
| &nbsp;&nbsp;&nbsp;&nbsp; Nixxy, Inc. (a) | 1000 | (1410) |
| &nbsp;&nbsp;&nbsp;&nbsp; Odyssey Marine Exploration, Inc. (a) | 3600 | (7020) |
| &nbsp;&nbsp;&nbsp;&nbsp; Paychex, Inc. | 300 | (38028) |
| &nbsp;&nbsp;&nbsp;&nbsp; Perma-Fix Environmental Services, Inc. (a) | 3200 | (32320) |
| &nbsp;&nbsp;&nbsp;&nbsp; Quest Resource Holding Corp. (a) | 300 | (468) |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Global, Inc. | 25400 | (2752344) |
| &nbsp;&nbsp;&nbsp;&nbsp; SS&C Technologies Holdings, Inc. (b) | 15606 | (1385189) |
| &nbsp;&nbsp;&nbsp;&nbsp; Thomson Reuters Corp. (b) | 574 | (89159) |
| &nbsp;&nbsp;&nbsp;&nbsp; TransUnion (b) | 8739 | (732153) |
| &nbsp;&nbsp;&nbsp;&nbsp; Veralto Corp. (b) | 598 | (63753) |
| &nbsp;&nbsp;&nbsp;&nbsp; Vestis Corp. | 2000 | (9060) |
|  |  | (7325789) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Consumer Durables & Apparel — (0.2)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beazer Homes USA, Inc. (a) | 900 | (22095) |
| &nbsp;&nbsp;&nbsp;&nbsp; Century Communities, Inc. | 100 | (6337) |
| &nbsp;&nbsp;&nbsp;&nbsp; Champion Homes, Inc. (a) | 2500 | (190925) |
| &nbsp;&nbsp;&nbsp;&nbsp; DR Horton, Inc. | 4100 | (694827) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dream Finders Homes, Inc. (a) | 2900 | (75168) |
| &nbsp;&nbsp;&nbsp;&nbsp; Green Brick Partners, Inc. (a) | 700 | (51702) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hasbro, Inc. | 8200 | (621970) |
| &nbsp;&nbsp;&nbsp;&nbsp; Installed Building Products, Inc. (b) | 1641 | (404769) |
| &nbsp;&nbsp;&nbsp;&nbsp; KB Home (b) | 1026 | (65295) |
| &nbsp;&nbsp;&nbsp;&nbsp; Kontoor Brands, Inc. | 1600 | (127632) |
| &nbsp;&nbsp;&nbsp;&nbsp; Koss Corp. (a) | 100 | (508) |
| &nbsp;&nbsp;&nbsp;&nbsp; Latham Group, Inc. (a) | 100 | (761) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennar Corp., Class A (b) | 228 | (28737) |
| &nbsp;&nbsp;&nbsp;&nbsp; LGI Homes, Inc. (a) | 400 | (20684) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lifetime Brands, Inc. | 500 | (1935) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mattel, Inc. (a) | 2800 | (47124) |
| &nbsp;&nbsp;&nbsp;&nbsp; Newell Brands, Inc. | 1800 | (9432) |
| &nbsp;&nbsp;&nbsp;&nbsp; Playboy, Inc. (a) | 12864 | (18910) |
| &nbsp;&nbsp;&nbsp;&nbsp; PulteGroup, Inc. (b) | 3135 | (414228) |
| &nbsp;&nbsp;&nbsp;&nbsp; PVH Corp. | 10300 | (862831) |
| &nbsp;&nbsp;&nbsp;&nbsp; Smith Douglas Homes Corp. (a) | 100 | (1766) |
| &nbsp;&nbsp;&nbsp;&nbsp; Somnigroup International, Inc. | 50600 | (4267098) |
| &nbsp;&nbsp;&nbsp;&nbsp; Steven Madden Ltd. | 7300 | (244404) |
| &nbsp;&nbsp;&nbsp;&nbsp; Toll Brothers, Inc. (b) | 826 | (114104) |
| &nbsp;&nbsp;&nbsp;&nbsp; TopBuild Corp. (a),(b) | 5444 | (2127842) |
| &nbsp;&nbsp;&nbsp;&nbsp; Under Armour, Inc. (a) | 400 | (1996) |
| &nbsp;&nbsp;&nbsp;&nbsp; Whirlpool Corp. | 6100 | (479460) |
| &nbsp;&nbsp;&nbsp;&nbsp; Wolverine World Wide, Inc. | 2900 | (79576) |
| &nbsp;&nbsp;&nbsp;&nbsp; YETI Holdings, Inc. (a) | 500 | (16590) |
|  |  | (10998706) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Consumer Services — (0.7)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbnb, Inc., Class A (a),(b) | 2693 | $(326984) |
| &nbsp;&nbsp;&nbsp;&nbsp; Allied Gaming & Entertainment, Inc. (a) | 200 | (184) |
| &nbsp;&nbsp;&nbsp;&nbsp; Allurion Technologies, Inc. (a) | 151 | (310) |
| &nbsp;&nbsp;&nbsp;&nbsp; American Public Education, Inc. (a) | 300 | (11841) |
| &nbsp;&nbsp;&nbsp;&nbsp; Aramark | 27500 | (1056000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Aureus Greenway Holdings, Inc. (a) | 100 | (326) |
| &nbsp;&nbsp;&nbsp;&nbsp; Boyd Gaming Corp. | 600 | (51870) |
| &nbsp;&nbsp;&nbsp;&nbsp; Brinker International, Inc. (a),(b) | 177 | (22422) |
| &nbsp;&nbsp;&nbsp;&nbsp; Carnival Corp. (a),(b) | 3010 | (87019) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cava Group, Inc. (a),(b) | 706 | (42649) |
| &nbsp;&nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc. (a),(b) | 1925 | (75441) |
| &nbsp;&nbsp;&nbsp;&nbsp; Darden Restaurants, Inc. (b) | 273 | (51968) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dave & Buster's Entertainment, Inc. (a) | 11700 | (212472) |
| &nbsp;&nbsp;&nbsp;&nbsp; Denny's Corp. (a) | 1200 | (6276) |
| &nbsp;&nbsp;&nbsp;&nbsp; Domino's Pizza, Inc. (b) | 1741 | (751607) |
| &nbsp;&nbsp;&nbsp;&nbsp; DraftKings, Inc. (a) | 30 | (1122) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dutch Bros, Inc., Class A (a),(b) | 3732 | (195333) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expedia Group, Inc. | 9500 | (2030625) |
| &nbsp;&nbsp;&nbsp;&nbsp; Full House Resorts, Inc. (a) | 2600 | (8346) |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Business Travel Group I (a) | 1100 | (8888) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilton Grand Vacations, Inc. (a) | 4200 | (175602) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyatt Hotels Corp. | 3900 | (553527) |
| &nbsp;&nbsp;&nbsp;&nbsp; Inspirato, Inc. (a) | 29 | (86) |
| &nbsp;&nbsp;&nbsp;&nbsp; Krispy Kreme, Inc. | 15400 | (59598) |
| &nbsp;&nbsp;&nbsp;&nbsp; Las Vegas Sands Corp. | 42700 | (2296833) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lucky Strike Entertainment Corp. | 200 | (2048) |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott International, Inc. | 14900 | (3880556) |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott Vacations Worldwide Corp. | 1000 | (66560) |
| &nbsp;&nbsp;&nbsp;&nbsp; MGM Resorts International (a),(b) | 5471 | (189625) |
| &nbsp;&nbsp;&nbsp;&nbsp; Nerdy, Inc. (a) | 15600 | (19656) |
| &nbsp;&nbsp;&nbsp;&nbsp; Norwegian Cruise Line Holdings Ltd. (a),(b) | 2502 | (61624) |
| &nbsp;&nbsp;&nbsp;&nbsp; ONE Group Hospitality, Inc. (a) | 400 | (1184) |
| &nbsp;&nbsp;&nbsp;&nbsp; Papa John's International, Inc. | 7700 | (370755) |
| &nbsp;&nbsp;&nbsp;&nbsp; Penn Entertainment, Inc. (a) | 14500 | (279270) |
| &nbsp;&nbsp;&nbsp;&nbsp; Planet Fitness, Inc., Class A (a) | 8900 | (923820) |
| &nbsp;&nbsp;&nbsp;&nbsp; Portillo's, Inc. (a) | 4500 | (29025) |
| &nbsp;&nbsp;&nbsp;&nbsp; Pursuit Attractions & Hospitality, Inc. (a) | 300 | (10854) |
| &nbsp;&nbsp;&nbsp;&nbsp; Restaurant Brands International, Inc. | 10900 | (699126) |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. | 27600 | (8930808) |
| &nbsp;&nbsp;&nbsp;&nbsp; Serve Robotics, Inc. (a) | 1800 | (20934) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sharplink Gaming, Inc. (a) | 50600 | (860706) |
| &nbsp;&nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp. (a) | 27788 | (631343) |
| &nbsp;&nbsp;&nbsp;&nbsp; Starbucks Corp. | 98300 | (8316180) |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Roadhouse, Inc. (b) | 164 | (27249) |
| &nbsp;&nbsp;&nbsp;&nbsp; Travel & Leisure Co. | 300 | (17847) |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parks & Resorts, Inc. (a),(b) | 1732 | (89544) |
| &nbsp;&nbsp;&nbsp;&nbsp; Viking Holdings Ltd. (a),(b) | 3440 | (213830) |
| &nbsp;&nbsp;&nbsp;&nbsp; Wingstop, Inc. | 800 | (201344) |
| &nbsp;&nbsp;&nbsp;&nbsp; Wyndham Hotels & Resorts, Inc. (b) | 3780 | (302022) |
| &nbsp;&nbsp;&nbsp;&nbsp; Wynn Resorts Ltd. | 3800 | (487426) |
| &nbsp;&nbsp;&nbsp;&nbsp; Xponential Fitness, Inc. (a) | 1100 | (8569) |
|  |  | (34669234) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Diversified Financials — (1.9)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acacia Research Corp. (a) | 700 | $(2275) |
| &nbsp;&nbsp;&nbsp;&nbsp; Adamas Trust, Inc. | 25 | (174) |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Mortgage Investment Trust, Inc. | 200 | (1448) |
| &nbsp;&nbsp;&nbsp;&nbsp; AGNC Investment Corp. | 79500 | (778305) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ally Financial, Inc. (b) | 4302 | (168638) |
| &nbsp;&nbsp;&nbsp;&nbsp; AlTi Global, Inc. (a) | 2200 | (7832) |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co. (b) | 22917 | (7612111) |
| &nbsp;&nbsp;&nbsp;&nbsp; Annaly Capital Management, Inc. | 50 | (1010) |
| &nbsp;&nbsp;&nbsp;&nbsp; Apollo Global Management, Inc. | 73 | (9729) |
| &nbsp;&nbsp;&nbsp;&nbsp; ARES Management Corp. | 11900 | (1902691) |
| &nbsp;&nbsp;&nbsp;&nbsp; AtlasClear Holdings, Inc. (a) | 5300 | (2703) |
| &nbsp;&nbsp;&nbsp;&nbsp; AvidXchange Holdings, Inc. (a) | 35100 | (349245) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bakkt Holdings, Inc. (a) | 1540 | (51821) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. | 19525 | (2127444) |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc. (a),(b) | 1 | (754200) |
| &nbsp;&nbsp;&nbsp;&nbsp; Better Home & Finance Holding Co. (a) | 1592 | (89375) |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone Mortgage Trust, Inc. | 200 | (3682) |
| &nbsp;&nbsp;&nbsp;&nbsp; Block, Inc. (a) | 200 | (14454) |
| &nbsp;&nbsp;&nbsp;&nbsp; Blue Owl Capital, Inc. | 200 | (3386) |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Asset Management Ltd. | 16000 | (911040) |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Corp. | 40567 | (2782085) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cantaloupe, Inc. (a) | 2100 | (22197) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 24 | (5102) |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlyle Group, Inc. | 1300 | (81510) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc. | 30997 | (7602014) |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago Atlantic Real Estate Finance, Inc. | 100 | (1279) |
| &nbsp;&nbsp;&nbsp;&nbsp; Claros Mortgage Trust, Inc. | 900 | (2988) |
| &nbsp;&nbsp;&nbsp;&nbsp; CME Group, Inc. (b) | 3574 | (965659) |
| &nbsp;&nbsp;&nbsp;&nbsp; Coinbase Global, Inc. (a) | 6188 | (2088388) |
| &nbsp;&nbsp;&nbsp;&nbsp; Corpay, Inc. (a) | 1868 | (538096) |
| &nbsp;&nbsp;&nbsp;&nbsp; Defi Technologies, Inc. (a) | 4800 | (10128) |
| &nbsp;&nbsp;&nbsp;&nbsp; DigitalBridge Group, Inc. | 1306 | (15280) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ellington Financial, Inc. | 1788 | (23208) |
| &nbsp;&nbsp;&nbsp;&nbsp; Enova International, Inc. (a) | 64927 | (7472448) |
| &nbsp;&nbsp;&nbsp;&nbsp; Euronet Worldwide, Inc. (a) | 29018 | (2548071) |
| &nbsp;&nbsp;&nbsp;&nbsp; FactSet Research Systems, Inc. (b) | 241 | (69044) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 84600 | (5578524) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc. (a),(b) | 10067 | (1297938) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forge Global Holdings, Inc. (a) | 1331 | (22494) |
| &nbsp;&nbsp;&nbsp;&nbsp; FS KKR Capital Corp. | 200 | (2986) |
| &nbsp;&nbsp;&nbsp;&nbsp; Galaxy Digital, Inc. (a) | 2300 | (77763) |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc. | 6000 | (498480) |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. | 1092 | (869614) |
| &nbsp;&nbsp;&nbsp;&nbsp; HA Sustainable Infrastructure Capital, Inc. | 5800 | (178060) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 10713 | $(1804926) |
| &nbsp;&nbsp;&nbsp;&nbsp; Jack Henry & Associates, Inc. (b) | 5002 | (744948) |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR & Co., Inc. | 14800 | (1923260) |
| &nbsp;&nbsp;&nbsp;&nbsp; LPL Financial Holdings, Inc. | 100 | (33269) |
| &nbsp;&nbsp;&nbsp;&nbsp; Moody's Corp. (b) | 238 | (113402) |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley (b) | 1999 | (317761) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mr. Cooper Group, Inc. | 1000 | (210790) |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI, Inc., Class A (b) | 413 | (234340) |
| &nbsp;&nbsp;&nbsp;&nbsp; Netcapital, Inc. (a) | 100 | (240) |
| &nbsp;&nbsp;&nbsp;&nbsp; Oportun Financial Corp. (a) | 2031 | (12531) |
| &nbsp;&nbsp;&nbsp;&nbsp; P10, Inc., Class A | 100 | (1088) |
| &nbsp;&nbsp;&nbsp;&nbsp; Patria Investments Ltd., Class A | 5200 | (75920) |
| &nbsp;&nbsp;&nbsp;&nbsp; Perella Weinberg Partners | 200 | (4264) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ready Capital Corp. | 5900 | (22833) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redwood Trust, Inc. | 300 | (1737) |
| &nbsp;&nbsp;&nbsp;&nbsp; Regional Management Corp. | 7790 | (303498) |
| &nbsp;&nbsp;&nbsp;&nbsp; Robinhood Markets, Inc. (a) | 75893 | (10866360) |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc. (b) | 374 | (182030) |
| &nbsp;&nbsp;&nbsp;&nbsp; SEI Investments Co. | 400 | (33940) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sezzle, Inc. (a) | 800 | (63624) |
| &nbsp;&nbsp;&nbsp;&nbsp; Shift4 Payments, Inc. (a) | 9800 | (758520) |
| &nbsp;&nbsp;&nbsp;&nbsp; StepStone Group, Inc. | 3600 | (235116) |
| &nbsp;&nbsp;&nbsp;&nbsp; StoneX Group, Inc. (a) | 13468 | (1359191) |
| &nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial (b) | 12823 | (911074) |
| &nbsp;&nbsp;&nbsp;&nbsp; Toast, Inc., Class A (a),(b) | 6503 | (237425) |
| &nbsp;&nbsp;&nbsp;&nbsp; TPG, Inc. | 300 | (17235) |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Financial, Inc. | 100 | (7480) |
| &nbsp;&nbsp;&nbsp;&nbsp; WEX, Inc. (a) | 4600 | (724638) |
|  |  | (68746359) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Energy — (0.4)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amplify Energy Corp. (a) | 3334 | (17503) |
| &nbsp;&nbsp;&nbsp;&nbsp; APA Corp. (b) | 11316 | (274752) |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Energy Solutions, Inc. | 5400 | (61398) |
| &nbsp;&nbsp;&nbsp;&nbsp; Baker Hughes Co. | 83700 | (4077864) |
| &nbsp;&nbsp;&nbsp;&nbsp; Baytex Energy Corp. | 44586 | (104331) |
| &nbsp;&nbsp;&nbsp;&nbsp; Berry Corp. | 200 | (756) |
| &nbsp;&nbsp;&nbsp;&nbsp; Borr Drilling Ltd. | 15000 | (40350) |
| &nbsp;&nbsp;&nbsp;&nbsp; BP PLC, ADR | 51100 | (1760906) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cactus, Inc. | 2600 | (102622) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cenovus Energy, Inc. | 43700 | (742463) |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron Corp. (b) | 6326 | (982365) |
| &nbsp;&nbsp;&nbsp;&nbsp; Chord Energy Corp. (b) | 1642 | (163166) |
| &nbsp;&nbsp;&nbsp;&nbsp; Civitas Resources, Inc. (b) | 26628 | (865410) |
| &nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Fuels Corp. (a) | 2300 | (5934) |
| &nbsp;&nbsp;&nbsp;&nbsp; CNX Resources Corp. (a),(b) | 8490 | (272699) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Comstock Resources, Inc. (a),(b) | 5429 | $(107657) |
| &nbsp;&nbsp;&nbsp;&nbsp; Comstock, Inc. (a) | 3180 | (10876) |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips (b) | 543 | (51362) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cool Co., Ltd. | 200 | (1900) |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Laboratories, Inc. | 1000 | (12360) |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Natural Resources, Inc. | 21 | (1753) |
| &nbsp;&nbsp;&nbsp;&nbsp; Coterra Energy, Inc. | 88600 | (2095390) |
| &nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corp. (b) | 8526 | (298922) |
| &nbsp;&nbsp;&nbsp;&nbsp; DHT Holdings, Inc. | 100 | (1195) |
| &nbsp;&nbsp;&nbsp;&nbsp; DMC Global, Inc. (a) | 500 | (4225) |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Fuels, Inc. (a) | 24500 | (376075) |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Vault Holdings, Inc. (a) | 3800 | (11286) |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. (b) | 3936 | (441304) |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT Corp. | 12290 | (668945) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expand Energy Corp. (b) | 1874 | (199094) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expro Group Holdings NV (a) | 21300 | (253044) |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. (b) | 20309 | (2289840) |
| &nbsp;&nbsp;&nbsp;&nbsp; Gevo, Inc. (a) | 20500 | (40180) |
| &nbsp;&nbsp;&nbsp;&nbsp; Halliburton Co. (b) | 33344 | (820262) |
| &nbsp;&nbsp;&nbsp;&nbsp; Helix Energy Solutions Group, Inc. (a) | 3200 | (20992) |
| &nbsp;&nbsp;&nbsp;&nbsp; Helmerich & Payne, Inc. | 10200 | (225318) |
| &nbsp;&nbsp;&nbsp;&nbsp; Innovex International, Inc. (a) | 1200 | (22248) |
| &nbsp;&nbsp;&nbsp;&nbsp; International Seaways, Inc. | 2300 | (105984) |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinetik Holdings, Inc. | 820 | (35047) |
| &nbsp;&nbsp;&nbsp;&nbsp; KLX Energy Services Holdings, Inc. (a) | 4700 | (9024) |
| &nbsp;&nbsp;&nbsp;&nbsp; Matador Resources Co. (b) | 1299 | (58364) |
| &nbsp;&nbsp;&nbsp;&nbsp; Murphy Oil Corp. (b) | 11284 | (320578) |
| &nbsp;&nbsp;&nbsp;&nbsp; NextDecade Corp. (a) | 500 | (3395) |
| &nbsp;&nbsp;&nbsp;&nbsp; Nine Energy Service, Inc. (a) | 3261 | (2061) |
| &nbsp;&nbsp;&nbsp;&nbsp; Noble Corp. PLC | 10948 | (309609) |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Oil & Gas, Inc. | 9900 | (245520) |
| &nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. (b) | 6656 | (314496) |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceaneering International, Inc. (a) | 2700 | (66906) |
| &nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc. | 16476 | (1202254) |
| &nbsp;&nbsp;&nbsp;&nbsp; OPAL Fuels, Inc. (a) | 1900 | (4180) |
| &nbsp;&nbsp;&nbsp;&nbsp; Patterson-UTI Energy, Inc. (b) | 45042 | (233318) |
| &nbsp;&nbsp;&nbsp;&nbsp; PBF Energy, Inc. (b) | 349 | (10529) |
| &nbsp;&nbsp;&nbsp;&nbsp; Peabody Energy Corp. | 10200 | (270504) |
| &nbsp;&nbsp;&nbsp;&nbsp; Permian Resources Corp. (b) | 7352 | (94106) |
| &nbsp;&nbsp;&nbsp;&nbsp; Prairie Operating Co. (a) | 3900 | (7742) |
| &nbsp;&nbsp;&nbsp;&nbsp; ProFrac Holding Corp. (a) | 21 | (78) |
| &nbsp;&nbsp;&nbsp;&nbsp; Range Resources Corp. (b) | 7746 | (291559) |
| &nbsp;&nbsp;&nbsp;&nbsp; Schlumberger NV | 8300 | (285271) |
| &nbsp;&nbsp;&nbsp;&nbsp; SEACOR Marine Holdings, Inc. (a) | 2000 | (12980) |
| &nbsp;&nbsp;&nbsp;&nbsp; Select Water Solutions, Inc. | 1900 | (20311) |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC, ADR | 300 | (21459) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Talos Energy, Inc. (a) | 7400 | $(70966) |
| &nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Corp. | 1100 | (184294) |
| &nbsp;&nbsp;&nbsp;&nbsp; Teekay Tankers Ltd. | 437 | (22090) |
| &nbsp;&nbsp;&nbsp;&nbsp; TETRA Technologies, Inc. (a) | 1800 | (10350) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tidewater, Inc. (a) | 3100 | (165323) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uranium Royalty Corp. (a) | 15900 | (68370) |
| &nbsp;&nbsp;&nbsp;&nbsp; VAALCO Energy, Inc. | 5141 | (20667) |
| &nbsp;&nbsp;&nbsp;&nbsp; Valaris Ltd. (a) | 21400 | (1043678) |
| &nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp. (b) | 4572 | (778429) |
| &nbsp;&nbsp;&nbsp;&nbsp; Viper Energy, Inc. | 3 | (115) |
| &nbsp;&nbsp;&nbsp;&nbsp; Weatherford International PLC | 2300 | (157389) |
|  |  | (23873693) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Financial Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PennantPark Floating Rate Capital Ltd. | 100 | (889) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Food & Staples Retailing — (0.4)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Albertsons Cos., Inc., Class A | 1300 | (22763) |
| &nbsp;&nbsp;&nbsp;&nbsp; BBB Foods, Inc. (a) | 1000 | (26960) |
| &nbsp;&nbsp;&nbsp;&nbsp; Casey's General Stores, Inc. | 2900 | (1639428) |
| &nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp. (b) | 479 | (443377) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar Tree, Inc. (a) | 200 | (18874) |
| &nbsp;&nbsp;&nbsp;&nbsp; Grocery Outlet Holding Corp. (a) | 300 | (4815) |
| &nbsp;&nbsp;&nbsp;&nbsp; Kroger Co. | 2500 | (168525) |
| &nbsp;&nbsp;&nbsp;&nbsp; Maplebear, Inc. (a),(b) | 2467 | (90687) |
| &nbsp;&nbsp;&nbsp;&nbsp; Performance Food Group Co. (a) | 29100 | (3027564) |
| &nbsp;&nbsp;&nbsp;&nbsp; PriceSmart, Inc. | 100 | (12119) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sysco Corp. | 52500 | (4322850) |
| &nbsp;&nbsp;&nbsp;&nbsp; Target Corp. (b) | 19730 | (1769781) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Foods Holding Corp. (a) | 3000 | (229860) |
| &nbsp;&nbsp;&nbsp;&nbsp; United Natural Foods, Inc. (a) | 700 | (26334) |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. (b) | 965 | (99453) |
|  |  | (11903390) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Food, Beverage & Tobacco — (0.3)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co. | 2400 | (143376) |
| &nbsp;&nbsp;&nbsp;&nbsp; BranchOut Food, Inc. (a) | 300 | (627) |
| &nbsp;&nbsp;&nbsp;&nbsp; BRC, Inc. (a) | 4000 | (6240) |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown-Forman Corp., Class B | 600 | (16248) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bunge Global SA | 1700 | (138125) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cal-Maine Foods, Inc. | 900 | (84690) |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Co. | 5100 | (338232) |
| &nbsp;&nbsp;&nbsp;&nbsp; Edible Garden AG, Inc. (a) | 16 | (29) |
| &nbsp;&nbsp;&nbsp;&nbsp; Heritage Distilling Holding Co., Inc. (a) | 3000 | (2462) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ispire Technology, Inc. (a) | 1500 | (3840) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc. (b) | 834 | (48439) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mama's Creations, Inc. (a) | 200 | (2102) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; McCormick & Co., Inc. | 100 | $(6691) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondelez International, Inc., Class A | 159400 | (9957718) |
| &nbsp;&nbsp;&nbsp;&nbsp; Oatly Group AB, ADR (a) | 25 | (405) |
| &nbsp;&nbsp;&nbsp;&nbsp; Primo Brands Corp. | 1600 | (35360) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sow Good, Inc. (a) | 3300 | (2487) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyson Foods, Inc. (b) | 5961 | (323682) |
| &nbsp;&nbsp;&nbsp;&nbsp; Westrock Coffee Co. (a) | 1200 | (5832) |
|  |  | (11116585) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Health Care Equipment & Services — (0.8)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AdaptHealth Corp. (a) | 2200 | (19690) |
| &nbsp;&nbsp;&nbsp;&nbsp; agilon health, Inc. (a) | 1400 | (1442) |
| &nbsp;&nbsp;&nbsp;&nbsp; Alcon AG | 21000 | (1564710) |
| &nbsp;&nbsp;&nbsp;&nbsp; Avinger, Inc. (a),(d) | 266 | (126) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bausch & Lomb Corp. (a) | 800 | (12056) |
| &nbsp;&nbsp;&nbsp;&nbsp; Baxter International, Inc. | 16800 | (382536) |
| &nbsp;&nbsp;&nbsp;&nbsp; Becton Dickinson & Co. | 200 | (37434) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bullfrog AI Holdings, Inc. (a) | 1300 | (1820) |
| &nbsp;&nbsp;&nbsp;&nbsp; Butterfly Network, Inc. (a) | 800 | (1544) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health, Inc. (b) | 71 | (11144) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cencora, Inc. (b) | 3 | (938) |
| &nbsp;&nbsp;&nbsp;&nbsp; Centene Corp. (a),(b) | 2440 | (87059) |
| &nbsp;&nbsp;&nbsp;&nbsp; Certara, Inc. (a) | 100 | (1222) |
| &nbsp;&nbsp;&nbsp;&nbsp; Claritev Corp. (a) | 605 | (32113) |
| &nbsp;&nbsp;&nbsp;&nbsp; Clover Health Investments Corp. (a) | 30900 | (94554) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cooper Cos., Inc. (a) | 4400 | (301664) |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. | 161200 | (12152868) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dentsply Sirona, Inc. | 6400 | (81216) |
| &nbsp;&nbsp;&nbsp;&nbsp; Doximity, Inc., Class A (a) | 100 | (7315) |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc. (b) | 248 | (80134) |
| &nbsp;&nbsp;&nbsp;&nbsp; Embecta Corp. | 4400 | (62084) |
| &nbsp;&nbsp;&nbsp;&nbsp; Enovis Corp. (a) | 15300 | (464202) |
| &nbsp;&nbsp;&nbsp;&nbsp; Envista Holdings Corp. (a) | 42400 | (863688) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fractyl Health, Inc. (a) | 2300 | (3657) |
| &nbsp;&nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc. | 45500 | (3417050) |
| &nbsp;&nbsp;&nbsp;&nbsp; GeneDx Holdings Corp. (a) | 2800 | (301672) |
| &nbsp;&nbsp;&nbsp;&nbsp; Haemonetics Corp. (a) | 3100 | (151094) |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. (b) | 1519 | (647398) |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare Triangle, Inc. (a) | 1200 | (3156) |
| &nbsp;&nbsp;&nbsp;&nbsp; HealthEquity, Inc. (a) | 900 | (85293) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hims & Hers Health, Inc. (a) | 25300 | (1435016) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hinge Health, Inc. (a) | 700 | (34356) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyperfine, Inc. (a) | 15300 | (22185) |
| &nbsp;&nbsp;&nbsp;&nbsp; ICU Medical, Inc. (a) | 3100 | (371876) |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc. (a) | 6700 | (4280563) |
| &nbsp;&nbsp;&nbsp;&nbsp; Intelligent Bio Solutions, Inc. (a) | 1300 | (1326) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; INVO Fertility, Inc. (a) | 34 | $(26) |
| &nbsp;&nbsp;&nbsp;&nbsp; iRhythm Technologies, Inc. (a) | 1200 | (206388) |
| &nbsp;&nbsp;&nbsp;&nbsp; Joint Corp. (a) | 200 | (1908) |
| &nbsp;&nbsp;&nbsp;&nbsp; LifeStance Health Group, Inc. (a) | 700 | (3850) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lucid Diagnostics, Inc. (a) | 2500 | (2525) |
| &nbsp;&nbsp;&nbsp;&nbsp; Masimo Corp. (a) | 1800 | (265590) |
| &nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. | 400 | (309016) |
| &nbsp;&nbsp;&nbsp;&nbsp; Monogram Technologies, Inc. (a) | 900 | (5283) |
| &nbsp;&nbsp;&nbsp;&nbsp; MSP Recovery, Inc. (a) | 51 | (58) |
| &nbsp;&nbsp;&nbsp;&nbsp; Neogen Corp. (a) | 21200 | (121052) |
| &nbsp;&nbsp;&nbsp;&nbsp; NeoGenomics, Inc. (a) | 3100 | (23932) |
| &nbsp;&nbsp;&nbsp;&nbsp; Nutex Health, Inc. (a) | 700 | (72324) |
| &nbsp;&nbsp;&nbsp;&nbsp; OraSure Technologies, Inc. (a) | 400 | (1284) |
| &nbsp;&nbsp;&nbsp;&nbsp; Orchestra BioMed Holdings, Inc. (a) | 38 | (94) |
| &nbsp;&nbsp;&nbsp;&nbsp; Orthofix Medical, Inc. (a) | 194 | (2840) |
| &nbsp;&nbsp;&nbsp;&nbsp; OrthoPediatrics Corp. (a) | 200 | (3706) |
| &nbsp;&nbsp;&nbsp;&nbsp; PDL BioPharma, Inc. (a),(d) | 4500 | (11115) |
| &nbsp;&nbsp;&nbsp;&nbsp; Performant Healthcare, Inc. (a) | 1900 | (14687) |
| &nbsp;&nbsp;&nbsp;&nbsp; Predictive Oncology, Inc. (a) | 1 | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp; PROCEPT BioRobotics Corp. (a) | 200 | (7138) |
| &nbsp;&nbsp;&nbsp;&nbsp; Pulse Biosciences, Inc. (a) | 2 | (35) |
| &nbsp;&nbsp;&nbsp;&nbsp; QuidelOrtho Corp. (a) | 8956 | (263754) |
| &nbsp;&nbsp;&nbsp;&nbsp; Quipt Home Medical Corp. (a) | 1100 | (2871) |
| &nbsp;&nbsp;&nbsp;&nbsp; RadNet, Inc. (a) | 2025 | (154325) |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockwell Medical, Inc. (a) | 2636 | (3163) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanara Medtech, Inc. (a) | 100 | (3173) |
| &nbsp;&nbsp;&nbsp;&nbsp; Scienture Holdings, Inc. (a) | 400 | (340) |
| &nbsp;&nbsp;&nbsp;&nbsp; Semler Scientific, Inc. (a) | 4200 | (126000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sight Sciences, Inc. (a) | 300 | (1032) |
| &nbsp;&nbsp;&nbsp;&nbsp; Solventum Corp. (a) | 2700 | (197100) |
| &nbsp;&nbsp;&nbsp;&nbsp; Spectral AI, Inc. (a) | 900 | (2052) |
| &nbsp;&nbsp;&nbsp;&nbsp; STAAR Surgical Co. (a) | 300 | (8061) |
| &nbsp;&nbsp;&nbsp;&nbsp; Streamex Corp. (a) | 1000 | (5760) |
| &nbsp;&nbsp;&nbsp;&nbsp; Surgery Partners, Inc. (a) | 2100 | (45444) |
| &nbsp;&nbsp;&nbsp;&nbsp; Surmodics, Inc. (a) | 500 | (14945) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tela Bio, Inc. (a) | 2100 | (3129) |
| &nbsp;&nbsp;&nbsp;&nbsp; Teleflex, Inc. | 800 | (97888) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenon Medical, Inc. (a) | 49 | (58) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tivic Health Systems, Inc. (a) | 2 | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 12000 | (4143600) |
| &nbsp;&nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. | 5500 | (541750) |
|  |  | (33683517) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Household & Personal Products — (0.2)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beauty Health Co. (a) | 13100 | (26069) |
| &nbsp;&nbsp;&nbsp;&nbsp; Flora Growth Corp. (a) | 35 | (604) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Kenvue, Inc. | 527500 | $(8561325) |
| &nbsp;&nbsp;&nbsp;&nbsp; Safety Shot, Inc. (a) | 1000 | (268) |
|  |  | (8588266) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Insurance — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abacus Global Management, Inc. (a) | 400 | (2292) |
| &nbsp;&nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co. | 100 | (30974) |
| &nbsp;&nbsp;&nbsp;&nbsp; Baldwin Insurance Group, Inc. (a) | 2800 | (78988) |
| &nbsp;&nbsp;&nbsp;&nbsp; Brighthouse Financial, Inc. (a) | 400 | (21232) |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown & Brown, Inc. | 2300 | (215717) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Financial, Inc. (b) | 2713 | (164109) |
| &nbsp;&nbsp;&nbsp;&nbsp; First American Financial Corp. (b) | 2343 | (150514) |
| &nbsp;&nbsp;&nbsp;&nbsp; Genworth Financial, Inc., Class A (a) | 4000 | (35600) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hippo Holdings, Inc. (a) | 524 | (18948) |
| &nbsp;&nbsp;&nbsp;&nbsp; Markel Group, Inc. (a) | 200 | (382272) |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Republic International Corp. (b) | 2648 | (112461) |
| &nbsp;&nbsp;&nbsp;&nbsp; Oscar Health, Inc. (a),(b) | 5561 | (105270) |
| &nbsp;&nbsp;&nbsp;&nbsp; ProAssurance Corp. (a) | 5200 | (124748) |
| &nbsp;&nbsp;&nbsp;&nbsp; Root, Inc. (a) | 2217 | (198444) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryan Specialty Holdings, Inc. | 400 | (22544) |
| &nbsp;&nbsp;&nbsp;&nbsp; Willis Towers Watson PLC | 100 | (34545) |
|  |  | (1698658) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Materials — (0.2)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agnico Eagle Mines Ltd. | 1900 | (320264) |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Products & Chemicals, Inc. | 4300 | (1172696) |
| &nbsp;&nbsp;&nbsp;&nbsp; Alamos Gold, Inc. | 400 | (13944) |
| &nbsp;&nbsp;&nbsp;&nbsp; Albemarle Corp. (b) | 38 | (3081) |
| &nbsp;&nbsp;&nbsp;&nbsp; Alcoa Corp. | 43300 | (1424137) |
| &nbsp;&nbsp;&nbsp;&nbsp; Amcor PLC | 38400 | (314112) |
| &nbsp;&nbsp;&nbsp;&nbsp; Americas Gold & Silver Corp. (a) | 2100 | (7812) |
| &nbsp;&nbsp;&nbsp;&nbsp; Amrize Ltd. (a) | 1300 | (63089) |
| &nbsp;&nbsp;&nbsp;&nbsp; Arq, Inc. (a) | 1300 | (9308) |
| &nbsp;&nbsp;&nbsp;&nbsp; Avient Corp. (b) | 1264 | (41649) |
| &nbsp;&nbsp;&nbsp;&nbsp; Avino Silver & Gold Mines Ltd. (a) | 2200 | (11550) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cabot Corp. | 800 | (60840) |
| &nbsp;&nbsp;&nbsp;&nbsp; Century Aluminum Co. (a) | 1500 | (44040) |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemours Co. (The) | 100 | (1584) |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Metals Co. | 4300 | (246304) |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Minerals International, Inc. (a) | 1000 | (19200) |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellium SE (a) | 2400 | (35712) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contango ORE, Inc. (a) | 200 | (4986) |
| &nbsp;&nbsp;&nbsp;&nbsp; Corteva, Inc. (b) | 1951 | (131946) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dow, Inc. (b) | 3733 | (85598) |
| &nbsp;&nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | 100 | (7790) |
| &nbsp;&nbsp;&nbsp;&nbsp; Eastman Chemical Co. (b) | 986 | (62167) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecolab, Inc. (b) | 47 | (12871) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Element Solutions, Inc. (b) | 5442 | $(136975) |
| &nbsp;&nbsp;&nbsp;&nbsp; Endeavour Silver Corp. (a) | 8700 | (68208) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferroglobe PLC | 2500 | (11375) |
| &nbsp;&nbsp;&nbsp;&nbsp; First Majestic Silver Corp. | 920 | (11307) |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 18400 | (721648) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hawkins, Inc. | 500 | (91360) |
| &nbsp;&nbsp;&nbsp;&nbsp; HB Fuller Co. | 400 | (23712) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hecla Mining Co. | 40 | (484) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingevity Corp. (a) | 1300 | (71747) |
| &nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc. | 18600 | (1144644) |
| &nbsp;&nbsp;&nbsp;&nbsp; International Paper Co. | 11200 | (519680) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ivanhoe Electric, Inc. (a) | 7700 | (96635) |
| &nbsp;&nbsp;&nbsp;&nbsp; James Hardie Industries PLC (a) | 6022 | (115683) |
| &nbsp;&nbsp;&nbsp;&nbsp; Kaiser Aluminum Corp. | 500 | (38580) |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinross Gold Corp. | 12800 | (318080) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lithium Americas Corp. (a) | 11085 | (63295) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lithium Argentina AG (a) | 6900 | (23046) |
| &nbsp;&nbsp;&nbsp;&nbsp; LyondellBasell Industries NV (b) | 6260 | (306990) |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnera Corp. (a) | 979 | (11474) |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. (b) | 32 | (20169) |
| &nbsp;&nbsp;&nbsp;&nbsp; Materion Corp. | 100 | (12081) |
| &nbsp;&nbsp;&nbsp;&nbsp; Methanex Corp. | 600 | (23856) |
| &nbsp;&nbsp;&nbsp;&nbsp; Newmont Corp. | 6300 | (531153) |
| &nbsp;&nbsp;&nbsp;&nbsp; NioCorp Developments Ltd. (a) | 100 | (668) |
| &nbsp;&nbsp;&nbsp;&nbsp; Novagold Resources, Inc. (a) | 2700 | (23760) |
| &nbsp;&nbsp;&nbsp;&nbsp; Olin Corp. (b) | 2415 | (60351) |
| &nbsp;&nbsp;&nbsp;&nbsp; Perimeter Solutions, Inc. (a) | 1200 | (26868) |
| &nbsp;&nbsp;&nbsp;&nbsp; PPG Industries, Inc. (b) | 573 | (60228) |
| &nbsp;&nbsp;&nbsp;&nbsp; PureCycle Technologies, Inc. (a) | 23300 | (306395) |
| &nbsp;&nbsp;&nbsp;&nbsp; Quaker Chemical Corp. | 600 | (79050) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ranpak Holdings Corp. (a) | 400 | (2248) |
| &nbsp;&nbsp;&nbsp;&nbsp; Skeena Resources Ltd. (a) | 600 | (11058) |
| &nbsp;&nbsp;&nbsp;&nbsp; Smurfit WestRock PLC | 56000 | (2383920) |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Copper Corp. | 41 | (4976) |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Lithium Ltd. (a) | 20600 | (69422) |
| &nbsp;&nbsp;&nbsp;&nbsp; Steel Dynamics, Inc. | 3600 | (501948) |
| &nbsp;&nbsp;&nbsp;&nbsp; Taseko Mines Ltd. (a) | 9900 | (41877) |
| &nbsp;&nbsp;&nbsp;&nbsp; Teck Resources Ltd., Class B | 1900 | (83391) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ternium SA, ADR | 1000 | (34730) |
| &nbsp;&nbsp;&nbsp;&nbsp; TMC the metals Co., Inc. (a) | 40400 | (257348) |
| &nbsp;&nbsp;&nbsp;&nbsp; Trinseo PLC | 200 | (470) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Antimony Corp. (a) | 700 | (4340) |
| &nbsp;&nbsp;&nbsp;&nbsp; Vulcan Materials Co. (b) | 59 | (18150) |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrior Met Coal, Inc. | 5400 | (343656) |
|  |  | (12771716) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Media & Entertainment — (0.7)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advantage Solutions, Inc. (a) | 2600 | $(3978) |
| &nbsp;&nbsp;&nbsp;&nbsp; Altice USA, Inc. (a) | 900 | (2169) |
| &nbsp;&nbsp;&nbsp;&nbsp; Angi, Inc. (a) | 6310 | (102601) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cable One, Inc. | 300 | (53115) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardlytics, Inc. (a) | 800 | (1944) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cargurus, Inc. (a) | 700 | (26061) |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. (a) | 16260 | (4473208) |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp. (b) | 13220 | (415372) |
| &nbsp;&nbsp;&nbsp;&nbsp; EchoStar Corp. (a) | 8558 | (653489) |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Arts, Inc. (b) | 12834 | (2588618) |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerald Holding, Inc. | 200 | (1018) |
| &nbsp;&nbsp;&nbsp;&nbsp; GameSquare Holdings, Inc. (a) | 17100 | (11607) |
| &nbsp;&nbsp;&nbsp;&nbsp; Getty Images Holdings, Inc. (a) | 800 | (1584) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ibotta, Inc. (a) | 100 | (2785) |
| &nbsp;&nbsp;&nbsp;&nbsp; Integral Ad Science Holding Corp. (a) | 100 | (1017) |
| &nbsp;&nbsp;&nbsp;&nbsp; John Wiley & Sons, Inc. | 1300 | (52611) |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Broadband Corp. (a) | 28500 | (1810890) |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty Formula One (a) | 800 | (76176) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lionsgate Studios Corp. (a) | 5508 | (38005) |
| &nbsp;&nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc. (a),(b) | 2084 | (340526) |
| &nbsp;&nbsp;&nbsp;&nbsp; Marcus Corp. (The) | 500 | (7755) |
| &nbsp;&nbsp;&nbsp;&nbsp; Match Group, Inc. | 57600 | (2034432) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mega Matrix, Inc. (a) | 900 | (1080) |
| &nbsp;&nbsp;&nbsp;&nbsp; National CineMedia, Inc. | 11160 | (50332) |
| &nbsp;&nbsp;&nbsp;&nbsp; News Corp. | 100 | (3071) |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexstar Media Group, Inc. | 1311 | (259237) |
| &nbsp;&nbsp;&nbsp;&nbsp; NIQ Global Intelligence PLC (a) | 300 | (4710) |
| &nbsp;&nbsp;&nbsp;&nbsp; Paramount Skydance Corp. | 7000 | (132440) |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinterest, Inc. (a),(b) | 3301 | (106193) |
| &nbsp;&nbsp;&nbsp;&nbsp; PSQ Holdings, Inc. (a) | 12000 | (22920) |
| &nbsp;&nbsp;&nbsp;&nbsp; Reddit, Inc. (a),(b) | 225 | (51748) |
| &nbsp;&nbsp;&nbsp;&nbsp; Roku, Inc. (a),(b) | 2432 | (243516) |
| &nbsp;&nbsp;&nbsp;&nbsp; Rumble, Inc. (a) | 300 | (2172) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sinclair, Inc. | 1400 | (21140) |
| &nbsp;&nbsp;&nbsp;&nbsp; Spotify Technology SA (a),(b) | 1323 | (923454) |
| &nbsp;&nbsp;&nbsp;&nbsp; System1, Inc. (a) | 180 | (1267) |
| &nbsp;&nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc. (a) | 2900 | (749244) |
| &nbsp;&nbsp;&nbsp;&nbsp; TEGNA, Inc. | 9100 | (185003) |
| &nbsp;&nbsp;&nbsp;&nbsp; Trade Desk, Inc., Class A (a),(b) | 7 | (343) |
| &nbsp;&nbsp;&nbsp;&nbsp; TripAdvisor, Inc. (a) | 5400 | (87804) |
| &nbsp;&nbsp;&nbsp;&nbsp; Vivid Seats, Inc. (a) | 30 | (499) |
| &nbsp;&nbsp;&nbsp;&nbsp; Warner Bros Discovery, Inc. (a) | 512874 | (10016429) |
| &nbsp;&nbsp;&nbsp;&nbsp; WideOpenWest, Inc. (a) | 1100 | (5676) |
|  |  | (25567239) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Pharmaceuticals, Biotechnology & Life Sciences — (1.0)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abeona Therapeutics, Inc. (a) | 828 | $(4372) |
| &nbsp;&nbsp;&nbsp;&nbsp; ABVC BioPharma, Inc. (a) | 400 | (1216) |
| &nbsp;&nbsp;&nbsp;&nbsp; Aceragen, Inc. (a),(d) | 735 | (283) |
| &nbsp;&nbsp;&nbsp;&nbsp; Adaptimmune Therapeutics PLC, ADR (a) | 40879 | (5314) |
| &nbsp;&nbsp;&nbsp;&nbsp; Adaptive Biotechnologies Corp. (a) | 1000 | (14960) |
| &nbsp;&nbsp;&nbsp;&nbsp; Adial Pharmaceuticals, Inc. (a) | 32 | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Aditxt, Inc. (a) | 200 | (150) |
| &nbsp;&nbsp;&nbsp;&nbsp; Agenus, Inc. (a) | 2375 | (9144) |
| &nbsp;&nbsp;&nbsp;&nbsp; Akebia Therapeutics, Inc. (a) | 2900 | (7917) |
| &nbsp;&nbsp;&nbsp;&nbsp; Akero Therapeutics, Inc. (a) | 1100 | (52228) |
| &nbsp;&nbsp;&nbsp;&nbsp; Aligos Therapeutics, Inc. (a) | 1100 | (10780) |
| &nbsp;&nbsp;&nbsp;&nbsp; ALT5 Sigma Corp. (a) | 3300 | (8877) |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied DNA Sciences, Inc. (a) | 99 | (384) |
| &nbsp;&nbsp;&nbsp;&nbsp; Aquestive Therapeutics, Inc. (a) | 400 | (2236) |
| &nbsp;&nbsp;&nbsp;&nbsp; Arbutus Biopharma Corp. (a) | 3600 | (16344) |
| &nbsp;&nbsp;&nbsp;&nbsp; Arcellx, Inc. (a) | 2100 | (172410) |
| &nbsp;&nbsp;&nbsp;&nbsp; Arrowhead Pharmaceuticals, Inc. (a) | 100 | (3449) |
| &nbsp;&nbsp;&nbsp;&nbsp; ARS Pharmaceuticals, Inc. (a) | 900 | (9045) |
| &nbsp;&nbsp;&nbsp;&nbsp; Astria Therapeutics, Inc. (a) | 1400 | (10192) |
| &nbsp;&nbsp;&nbsp;&nbsp; Atara Biotherapeutics, Inc. (a) | 1764 | (25278) |
| &nbsp;&nbsp;&nbsp;&nbsp; aTyr Pharma, Inc. (a) | 17900 | (12913) |
| &nbsp;&nbsp;&nbsp;&nbsp; Aura Biosciences, Inc. (a) | 400 | (2472) |
| &nbsp;&nbsp;&nbsp;&nbsp; Aurora Cannabis, Inc. (a) | 5500 | (32780) |
| &nbsp;&nbsp;&nbsp;&nbsp; Avadel Pharmaceuticals PLC (a) | 5400 | (82458) |
| &nbsp;&nbsp;&nbsp;&nbsp; Avantor, Inc. (a) | 70300 | (877344) |
| &nbsp;&nbsp;&nbsp;&nbsp; Avidity Biosciences, Inc. (a) | 10200 | (444414) |
| &nbsp;&nbsp;&nbsp;&nbsp; Azenta, Inc. (a) | 500 | (14360) |
| &nbsp;&nbsp;&nbsp;&nbsp; Azitra, Inc. (a) | 15 | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bionano Genomics, Inc. (a) | 500 | (855) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bio-Rad Laboratories, Inc. (a) | 600 | (168234) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bio-Techne Corp. | 5900 | (328217) |
| &nbsp;&nbsp;&nbsp;&nbsp; BioVie, Inc. (a) | 90 | (171) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bioxcel Therapeutics, Inc. (a) | 18 | (46) |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Diamond Therapeutics, Inc. (a) | 16000 | (60640) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. (b) | 2140 | (96514) |
| &nbsp;&nbsp;&nbsp;&nbsp; Calidi Biotherapeutics, Inc. (a) | 16 | (24) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardio Diagnostics Holdings, Inc. (a) | 15 | (60) |
| &nbsp;&nbsp;&nbsp;&nbsp; Caris Life Sciences, Inc. (a) | 700 | (21175) |
| &nbsp;&nbsp;&nbsp;&nbsp; Carisma Therapeutics, Inc. (a) | 45 | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cartesian Therapeutics, Inc. (a) | 160 | (1635) |
| &nbsp;&nbsp;&nbsp;&nbsp; CASI Pharmaceuticals Holdings, Inc. (a) | 47 | (78) |
| &nbsp;&nbsp;&nbsp;&nbsp; Catalyst Pharmaceuticals, Inc. (a) | 28500 | (561450) |
| &nbsp;&nbsp;&nbsp;&nbsp; cbdMD, Inc. (a) | 30 | (36) |
| &nbsp;&nbsp;&nbsp;&nbsp; CDT Equity, Inc. (a) | 1 | (1) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Centessa Pharmaceuticals PLC, ADR (a) | 6900 | $(167325) |
| &nbsp;&nbsp;&nbsp;&nbsp; CG oncology, Inc. (a) | 2800 | (112784) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cibus, Inc. (a) | 900 | (1161) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cidara Therapeutics, Inc. (a) | 2055 | (196787) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cingulate, Inc. (a) | 1500 | (5880) |
| &nbsp;&nbsp;&nbsp;&nbsp; CNS Pharmaceuticals, Inc. (a) | 149 | (1326) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cogent Biosciences, Inc. (a) | 3300 | (47388) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognition Therapeutics, Inc. (a) | 26400 | (35640) |
| &nbsp;&nbsp;&nbsp;&nbsp; Coherus Oncology, Inc. (a) | 700 | (1148) |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Therapeutics, Inc. (a) | 4500 | (15750) |
| &nbsp;&nbsp;&nbsp;&nbsp; CorMedix, Inc. (a) | 3600 | (41868) |
| &nbsp;&nbsp;&nbsp;&nbsp; CryoPort, Inc. (a) | 1200 | (11376) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cue Biopharma, Inc. (a) | 100 | (72) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cybin, Inc. (a) | 500 | (2945) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cytokinetics, Inc. (a) | 9500 | (522120) |
| &nbsp;&nbsp;&nbsp;&nbsp; Day One Biopharmaceuticals, Inc. (a) | 200 | (1410) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dianthus Therapeutics, Inc. (a) | 600 | (23610) |
| &nbsp;&nbsp;&nbsp;&nbsp; Disc Medicine, Inc. (a) | 100 | (6608) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dyne Therapeutics, Inc. (a) | 1000 | (12650) |
| &nbsp;&nbsp;&nbsp;&nbsp; Edgewise Therapeutics, Inc. (a) | 1300 | (21086) |
| &nbsp;&nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc. (a) | 79500 | (1601130) |
| &nbsp;&nbsp;&nbsp;&nbsp; Eledon Pharmaceuticals, Inc. (a) | 2600 | (6734) |
| &nbsp;&nbsp;&nbsp;&nbsp; Emergent BioSolutions, Inc. (a) | 200 | (1764) |
| &nbsp;&nbsp;&nbsp;&nbsp; Enliven Therapeutics, Inc. (a) | 1100 | (22517) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ernexa Therapeutics, Inc. (a) | 26 | (28) |
| &nbsp;&nbsp;&nbsp;&nbsp; Exact Sciences Corp. (a) | 20900 | (1143439) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fennec Pharmaceuticals, Inc. (a) | 700 | (6552) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fibrobiologics, Inc. (a) | 2200 | (1202) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foghorn Therapeutics, Inc. (a) | 900 | (4401) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forte Biosciences, Inc. (a) | 171 | (2565) |
| &nbsp;&nbsp;&nbsp;&nbsp; Genelux Corp. (a) | 300 | (1260) |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 66000 | (7326000) |
| &nbsp;&nbsp;&nbsp;&nbsp; GRI Bio, Inc. (a) | 35 | (72) |
| &nbsp;&nbsp;&nbsp;&nbsp; GSK PLC, ADR (b) | 17442 | (752797) |
| &nbsp;&nbsp;&nbsp;&nbsp; Gyre Therapeutics, Inc. (a) | 400 | (2984) |
| &nbsp;&nbsp;&nbsp;&nbsp; Haleon PLC, ADR | 188800 | (1693536) |
| &nbsp;&nbsp;&nbsp;&nbsp; Harrow, Inc. (a) | 900 | (43362) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hoth Therapeutics, Inc. (a) | 100 | (162) |
| &nbsp;&nbsp;&nbsp;&nbsp; iBio, Inc. (a) | 2900 | (2401) |
| &nbsp;&nbsp;&nbsp;&nbsp; ICON PLC (a) | 8500 | (1487500) |
| &nbsp;&nbsp;&nbsp;&nbsp; Illumina, Inc. (a) | 6400 | (607808) |
| &nbsp;&nbsp;&nbsp;&nbsp; Immuneering Corp. (a) | 100 | (700) |
| &nbsp;&nbsp;&nbsp;&nbsp; Immunome, Inc. (a) | 1000 | (11710) |
| &nbsp;&nbsp;&nbsp;&nbsp; Incannex Healthcare, Inc. (a) | 10000 | (4643) |
| &nbsp;&nbsp;&nbsp;&nbsp; Incyte Corp. (a) | 200 | (16962) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Inhibikase Therapeutics, Inc. (a) | 600 | $(972) |
| &nbsp;&nbsp;&nbsp;&nbsp; Inhibrx Biosciences, Inc. (a) | 200 | (6736) |
| &nbsp;&nbsp;&nbsp;&nbsp; Inotiv, Inc. (a) | 400 | (580) |
| &nbsp;&nbsp;&nbsp;&nbsp; Instil Bio, Inc. (a) | 900 | (16074) |
| &nbsp;&nbsp;&nbsp;&nbsp; Invivyd, Inc. (a) | 18300 | (20130) |
| &nbsp;&nbsp;&nbsp;&nbsp; Iterum Therapeutics PLC (a) | 5613 | (3761) |
| &nbsp;&nbsp;&nbsp;&nbsp; Jaguar Health, Inc. (a) | 19 | (44) |
| &nbsp;&nbsp;&nbsp;&nbsp; Janux Therapeutics, Inc. (a) | 100 | (2444) |
| &nbsp;&nbsp;&nbsp;&nbsp; Jasper Therapeutics, Inc. (a) | 300 | (714) |
| &nbsp;&nbsp;&nbsp;&nbsp; Jazz Pharmaceuticals PLC (a) | 900 | (118620) |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson (b) | 2 | (371) |
| &nbsp;&nbsp;&nbsp;&nbsp; Jupiter Neurosciences, Inc. (a) | 600 | (1056) |
| &nbsp;&nbsp;&nbsp;&nbsp; KalVista Pharmaceuticals, Inc. (a) | 7600 | (92568) |
| &nbsp;&nbsp;&nbsp;&nbsp; Karyopharm Therapeutics, Inc. (a) | 33 | (216) |
| &nbsp;&nbsp;&nbsp;&nbsp; Krystal Biotech, Inc. (a) | 2000 | (353060) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lexicon Pharmaceuticals, Inc. (a) | 4200 | (5670) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lifecore Biomedical, Inc. (a) | 300 | (2208) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ligand Pharmaceuticals, Inc. (a) | 100 | (17714) |
| &nbsp;&nbsp;&nbsp;&nbsp; Longeveron, Inc. (a) | 100 | (75) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lyra Therapeutics, Inc. (a) | 70 | (461) |
| &nbsp;&nbsp;&nbsp;&nbsp; Madrigal Pharmaceuticals, Inc. (a) | 7400 | (3394084) |
| &nbsp;&nbsp;&nbsp;&nbsp; MBX Biosciences, Inc. (a) | 100 | (1750) |
| &nbsp;&nbsp;&nbsp;&nbsp; MeiraGTx Holdings PLC (a) | 3800 | (31274) |
| &nbsp;&nbsp;&nbsp;&nbsp; Metsera, Inc. (a) | 1400 | (73262) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mettler-Toledo International, Inc. (a) | 2000 | (2455220) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mira Pharmaceuticals, Inc. (a) | 900 | (1224) |
| &nbsp;&nbsp;&nbsp;&nbsp; NeuBase Therapeutics, Inc. (a),(d) | 49 | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Neurogene, Inc. (a) | 300 | (5199) |
| &nbsp;&nbsp;&nbsp;&nbsp; Niagen Bioscience, Inc. (a) | 900 | (8397) |
| &nbsp;&nbsp;&nbsp;&nbsp; Novavax, Inc. (a) | 200 | (1734) |
| &nbsp;&nbsp;&nbsp;&nbsp; NRX Pharmaceuticals, Inc. (a) | 11 | (36) |
| &nbsp;&nbsp;&nbsp;&nbsp; Nutriband, Inc. (a) | 300 | (2115) |
| &nbsp;&nbsp;&nbsp;&nbsp; Onconetix, Inc. (a) | 25 | (78) |
| &nbsp;&nbsp;&nbsp;&nbsp; Organigram Global, Inc. (a) | 1075 | (2182) |
| &nbsp;&nbsp;&nbsp;&nbsp; Organogenesis Holdings, Inc. (a) | 1300 | (5486) |
| &nbsp;&nbsp;&nbsp;&nbsp; ORIC Pharmaceuticals, Inc. (a) | 200 | (2400) |
| &nbsp;&nbsp;&nbsp;&nbsp; Outlook Therapeutics, Inc. (a) | 10 | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Palisade Bio, Inc. (a) | 1000 | (860) |
| &nbsp;&nbsp;&nbsp;&nbsp; PDS Biotechnology Corp. (a) | 1700 | (1717) |
| &nbsp;&nbsp;&nbsp;&nbsp; PepGen, Inc. (a) | 762 | (3520) |
| &nbsp;&nbsp;&nbsp;&nbsp; Perrigo Co. PLC | 1700 | (37859) |
| &nbsp;&nbsp;&nbsp;&nbsp; Personalis, Inc. (a) | 200 | (1304) |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. (b) | 7110 | (181163) |
| &nbsp;&nbsp;&nbsp;&nbsp; Phathom Pharmaceuticals, Inc. (a) | 5300 | (62381) |
| &nbsp;&nbsp;&nbsp;&nbsp; Praxis Precision Medicines, Inc. (a) | 860 | (45580) |
| &nbsp;&nbsp;&nbsp;&nbsp; Precigen, Inc. (a) | 9000 | (29610) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Prestige Consumer Healthcare, Inc. (a) | 10800 | $(673920) |
| &nbsp;&nbsp;&nbsp;&nbsp; ProKidney Corp. (a) | 3500 | (8470) |
| &nbsp;&nbsp;&nbsp;&nbsp; Protagonist Therapeutics, Inc. (a) | 18600 | (1235598) |
| &nbsp;&nbsp;&nbsp;&nbsp; Protalix BioTherapeutics, Inc. (a) | 500 | (1110) |
| &nbsp;&nbsp;&nbsp;&nbsp; Protara Therapeutics, Inc. (a) | 700 | (3045) |
| &nbsp;&nbsp;&nbsp;&nbsp; PTC Therapeutics, Inc. (a) | 1400 | (85918) |
| &nbsp;&nbsp;&nbsp;&nbsp; Q/C Technologies, Inc. (a) | 600 | (2490) |
| &nbsp;&nbsp;&nbsp;&nbsp; Qiagen NV | 12800 | (571904) |
| &nbsp;&nbsp;&nbsp;&nbsp; Quantum-Si, Inc. (a) | 7000 | (9870) |
| &nbsp;&nbsp;&nbsp;&nbsp; Repligen Corp. (a) | 600 | (80202) |
| &nbsp;&nbsp;&nbsp;&nbsp; Replimune Group, Inc. (a) | 800 | (3352) |
| &nbsp;&nbsp;&nbsp;&nbsp; Revolution Medicines, Inc. (a) | 45 | (2101) |
| &nbsp;&nbsp;&nbsp;&nbsp; Revvity, Inc. | 2400 | (210360) |
| &nbsp;&nbsp;&nbsp;&nbsp; Rezolute, Inc. (a) | 3300 | (31020) |
| &nbsp;&nbsp;&nbsp;&nbsp; Rhythm Pharmaceuticals, Inc. (a) | 6500 | (656435) |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG (a),(b) | 349 | (113944) |
| &nbsp;&nbsp;&nbsp;&nbsp; Roivant Sciences Ltd. (a) | 99200 | (1500896) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sagimet Biosciences, Inc. (a) | 1700 | (11662) |
| &nbsp;&nbsp;&nbsp;&nbsp; Scholar Rock Holding Corp. (a) | 1900 | (70756) |
| &nbsp;&nbsp;&nbsp;&nbsp; scPharmaceuticals, Inc. (a) | 5200 | (29484) |
| &nbsp;&nbsp;&nbsp;&nbsp; SCYNEXIS, Inc. (a) | 500 | (385) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sera Prognostics, Inc. (a) | 629 | (1925) |
| &nbsp;&nbsp;&nbsp;&nbsp; Seres Therapeutics, Inc. (a) | 45 | (866) |
| &nbsp;&nbsp;&nbsp;&nbsp; SNDL, Inc. (a) | 15040 | (40307) |
| &nbsp;&nbsp;&nbsp;&nbsp; Soleno Therapeutics, Inc. (a) | 9700 | (655720) |
| &nbsp;&nbsp;&nbsp;&nbsp; Solid Biosciences, Inc. (a) | 1027 | (6337) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sotera Health Co. (a) | 400 | (6292) |
| &nbsp;&nbsp;&nbsp;&nbsp; Spyre Therapeutics, Inc. (a) | 1648 | (27620) |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard BioTools, Inc. (a) | 17500 | (22750) |
| &nbsp;&nbsp;&nbsp;&nbsp; Stoke Therapeutics, Inc. (a) | 2000 | (47000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Summit Therapeutics, Inc. (a) | 60800 | (1256128) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tectonic Therapeutic, Inc. (a) | 50 | (784) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tempest Therapeutics, Inc. (a) | 527 | (5418) |
| &nbsp;&nbsp;&nbsp;&nbsp; Terns Pharmaceuticals, Inc. (a) | 200 | (1502) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tevogen Bio Holdings, Inc. (a) | 1000 | (785) |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 6200 | (3007124) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tilray Brands, Inc. (a) | 327822 | (567132) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tonix Pharmaceuticals Holding Corp. (a) | 35 | (846) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tourmaline Bio, Inc. (a) | 630 | (30133) |
| &nbsp;&nbsp;&nbsp;&nbsp; Trevi Therapeutics, Inc. (a) | 3800 | (34770) |
| &nbsp;&nbsp;&nbsp;&nbsp; TuHURA Biosciences, Inc. (a) | 4000 | (9920) |
| &nbsp;&nbsp;&nbsp;&nbsp; Unicycive Therapeutics, Inc. (a) | 1300 | (5668) |
| &nbsp;&nbsp;&nbsp;&nbsp; United Therapeutics Corp. (a) | 100 | (41921) |
| &nbsp;&nbsp;&nbsp;&nbsp; Upstream Bio, Inc. (a) | 100 | (1881) |
| &nbsp;&nbsp;&nbsp;&nbsp; Vaxcyte, Inc. (a) | 11300 | (407026) |
| &nbsp;&nbsp;&nbsp;&nbsp; Veracyte, Inc. (a) | 3300 | (113289) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Verrica Pharmaceuticals, Inc. (a) | 10 | $(43) |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc. (a) | 200 | (78328) |
| &nbsp;&nbsp;&nbsp;&nbsp; Veru, Inc. (a) | 2182 | (8292) |
| &nbsp;&nbsp;&nbsp;&nbsp; Viatris, Inc. | 11500 | (113850) |
| &nbsp;&nbsp;&nbsp;&nbsp; Waters Corp. (a) | 7900 | (2368499) |
| &nbsp;&nbsp;&nbsp;&nbsp; West Pharmaceutical Services, Inc. | 500 | (131165) |
| &nbsp;&nbsp;&nbsp;&nbsp; Zevra Therapeutics, Inc. (a) | 2800 | (26628) |
| &nbsp;&nbsp;&nbsp;&nbsp; Zymeworks, Inc. (a) | 2000 | (34160) |
|  |  | (40380621) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Real Estate — (0.2)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp. (b) | 57 | (10962) |
| &nbsp;&nbsp;&nbsp;&nbsp; Americold Realty Trust, Inc. | 23600 | (288864) |
| &nbsp;&nbsp;&nbsp;&nbsp; Apartment Investment & Management Co. (a) | 300 | (2379) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashford Hospitality Trust, Inc. (a) | 120 | (708) |
| &nbsp;&nbsp;&nbsp;&nbsp; Braemar Hotels & Resorts, Inc. | 5000 | (13650) |
| &nbsp;&nbsp;&nbsp;&nbsp; BXP, Inc. | 11700 | (869778) |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc. (b) | 9197 | (887419) |
| &nbsp;&nbsp;&nbsp;&nbsp; Curbline Properties Corp. | 300 | (6690) |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Healthcare Trust | 300 | (1323) |
| &nbsp;&nbsp;&nbsp;&nbsp; Douglas Emmett, Inc. | 2000 | (31140) |
| &nbsp;&nbsp;&nbsp;&nbsp; Easterly Government Properties, Inc. | 20 | (459) |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Residential | 10600 | (686138) |
| &nbsp;&nbsp;&nbsp;&nbsp; Essex Property Trust, Inc. | 1200 | (321192) |
| &nbsp;&nbsp;&nbsp;&nbsp; Extra Space Storage, Inc. | 12600 | (1775844) |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Medical REIT, Inc. | 200 | (6742) |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Net Lease, Inc. | 6 | (49) |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. | 27 | (517) |
| &nbsp;&nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. (b) | 124042 | (2111195) |
| &nbsp;&nbsp;&nbsp;&nbsp; Independence Realty Trust, Inc. | 5800 | (95062) |
| &nbsp;&nbsp;&nbsp;&nbsp; Innovative Industrial Properties, Inc. | 1700 | (91086) |
| &nbsp;&nbsp;&nbsp;&nbsp; Invitation Homes, Inc. | 2100 | (61593) |
| &nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain, Inc. (b) | 569 | (58004) |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimco Realty Corp. | 9600 | (209760) |
| &nbsp;&nbsp;&nbsp;&nbsp; Kite Realty Group Trust | 11800 | (263140) |
| &nbsp;&nbsp;&nbsp;&nbsp; Macerich Co. | 14500 | (263900) |
| &nbsp;&nbsp;&nbsp;&nbsp; National Storage Affiliates Trust | 1700 | (51374) |
| &nbsp;&nbsp;&nbsp;&nbsp; NexPoint Diversified Real Estate Trust | 779 | (2875) |
| &nbsp;&nbsp;&nbsp;&nbsp; NNN REIT, Inc. (b) | 2259 | (96166) |
| &nbsp;&nbsp;&nbsp;&nbsp; Outfront Media, Inc. | 35496 | (650287) |
| &nbsp;&nbsp;&nbsp;&nbsp; Park Hotels & Resorts, Inc. | 9300 | (103044) |
| &nbsp;&nbsp;&nbsp;&nbsp; Peakstone Realty Trust | 1400 | (18368) |
| &nbsp;&nbsp;&nbsp;&nbsp; Plymouth Industrial REIT, Inc. | 700 | (15631) |
| &nbsp;&nbsp;&nbsp;&nbsp; PotlatchDeltic Corp. | 21 | (856) |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | 5700 | (652764) |
| &nbsp;&nbsp;&nbsp;&nbsp; Realty Income Corp. (b) | 15004 | (912093) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Regency Centers Corp. | 3800 | $(277020) |
| &nbsp;&nbsp;&nbsp;&nbsp; Rexford Industrial Realty, Inc. | 6300 | (258993) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryman Hospitality Properties, Inc. | 7900 | (707761) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabra Health Care REIT, Inc. (b) | 551 | (10271) |
| &nbsp;&nbsp;&nbsp;&nbsp; Safehold, Inc. | 2100 | (32529) |
| &nbsp;&nbsp;&nbsp;&nbsp; Summit Hotel Properties, Inc. | 700 | (3843) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Communities, Inc. | 2500 | (322500) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunstone Hotel Investors, Inc. | 20400 | (191148) |
| &nbsp;&nbsp;&nbsp;&nbsp; UDR, Inc. | 5900 | (219834) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ventas, Inc. | 38 | (2660) |
| &nbsp;&nbsp;&nbsp;&nbsp; VICI Properties, Inc. (b) | 16533 | (539141) |
| &nbsp;&nbsp;&nbsp;&nbsp; Vornado Realty Trust | 9900 | (401247) |
| &nbsp;&nbsp;&nbsp;&nbsp; Weyerhaeuser Co. | 17100 | (423909) |
| &nbsp;&nbsp;&nbsp;&nbsp; WP Carey, Inc. (b) | 7270 | (491234) |
|  |  | (14443142) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Real Estate Management & Development — (0.1)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CBRE Group, Inc. (a) | 12600 | (1985256) |
| &nbsp;&nbsp;&nbsp;&nbsp; Colliers International Group, Inc. | 500 | (78105) |
| &nbsp;&nbsp;&nbsp;&nbsp; CoStar Group, Inc. (a) | 6619 | (558445) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cushman & Wakefield PLC (a) | 8900 | (141688) |
| &nbsp;&nbsp;&nbsp;&nbsp; Kennedy-Wilson Holdings, Inc. | 700 | (5824) |
| &nbsp;&nbsp;&nbsp;&nbsp; La Rosa Holdings Corp. (a) | 26 | (184) |
| &nbsp;&nbsp;&nbsp;&nbsp; Safe & Green Development Corp. (a) | 5 | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp; Seaport Entertainment Group, Inc. (a) | 500 | (11460) |
|  |  | (2780969) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Retailing — (0.5)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Academy Sports & Outdoors, Inc. | 2700 | (135054) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advance Auto Parts, Inc. | 2600 | (159640) |
| &nbsp;&nbsp;&nbsp;&nbsp; Arhaus, Inc. (a) | 500 | (5315) |
| &nbsp;&nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc. (a) | 1200 | (293340) |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoZone, Inc. (a),(b) | 26 | (111546) |
| &nbsp;&nbsp;&nbsp;&nbsp; BARK, Inc. (a) | 2400 | (1994) |
| &nbsp;&nbsp;&nbsp;&nbsp; Barnes & Noble Education, Inc. (a) | 5235 | (52088) |
| &nbsp;&nbsp;&nbsp;&nbsp; Boot Barn Holdings, Inc. (a) | 7600 | (1259472) |
| &nbsp;&nbsp;&nbsp;&nbsp; Burlington Stores, Inc. (a) | 9900 | (2519550) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dick's Sporting Goods, Inc. | 2 | (444) |
| &nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. (b) | 1276 | (116052) |
| &nbsp;&nbsp;&nbsp;&nbsp; Etsy, Inc. (a),(b) | 1346 | (89361) |
| &nbsp;&nbsp;&nbsp;&nbsp; Express, Inc. (a) | 0 | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Floor & Decor Holdings, Inc. (a) | 1300 | (95810) |
| &nbsp;&nbsp;&nbsp;&nbsp; Genesco, Inc. (a) | 100 | (2899) |
| &nbsp;&nbsp;&nbsp;&nbsp; Genuine Parts Co. | 10300 | (1427580) |
| &nbsp;&nbsp;&nbsp;&nbsp; Guess?, Inc. | 2000 | (33420) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hour Loop, Inc. (a) | 6 | (18) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Lands' End, Inc. (a) | 1100 | $(15510) |
| &nbsp;&nbsp;&nbsp;&nbsp; LKQ Corp. | 11300 | (345102) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. (b) | 1887 | (474222) |
| &nbsp;&nbsp;&nbsp;&nbsp; Macy's, Inc. (b) | 4495 | (80595) |
| &nbsp;&nbsp;&nbsp;&nbsp; National Vision Holdings, Inc. (a) | 3800 | (110922) |
| &nbsp;&nbsp;&nbsp;&nbsp; OneWater Marine, Inc. (a) | 500 | (7920) |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool Corp. | 5500 | (1705385) |
| &nbsp;&nbsp;&nbsp;&nbsp; Revolve Group, Inc. (a) | 2900 | (61770) |
| &nbsp;&nbsp;&nbsp;&nbsp; RideNow Group, Inc. (a) | 249 | (1096) |
| &nbsp;&nbsp;&nbsp;&nbsp; Shoe Carnival, Inc. | 200 | (4158) |
| &nbsp;&nbsp;&nbsp;&nbsp; Signet Jewelers Ltd. | 12800 | (1227776) |
| &nbsp;&nbsp;&nbsp;&nbsp; Stitch Fix, Inc. (a) | 4700 | (20445) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tractor Supply Co. | 3900 | (221793) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ulta Beauty, Inc. (a) | 15100 | (8255925) |
| &nbsp;&nbsp;&nbsp;&nbsp; Victoria's Secret & Co. (a) | 5500 | (149270) |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams-Sonoma, Inc. | 5700 | (1114065) |
|  |  | (20099540) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Semiconductors & Semiconductor Equipment — (0.5)%* | &nbsp;&nbsp;&nbsp;&nbsp; *Semiconductors & Semiconductor Equipment — (0.5)%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 7000 | (1719900) |
| &nbsp;&nbsp;&nbsp;&nbsp; Astera Labs, Inc. (a),(b) | 21 | (4112) |
| &nbsp;&nbsp;&nbsp;&nbsp; Axcelis Technologies, Inc. (a) | 1200 | (117168) |
| &nbsp;&nbsp;&nbsp;&nbsp; Blaize Holdings, Inc. (a) | 1000 | (3450) |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 1300 | (428883) |
| &nbsp;&nbsp;&nbsp;&nbsp; Credo Technology Group Holding Ltd. (a),(b) | 28 | (4077) |
| &nbsp;&nbsp;&nbsp;&nbsp; Datavault AI, Inc. (a) | 900 | (981) |
| &nbsp;&nbsp;&nbsp;&nbsp; Enphase Energy, Inc. (a),(b) | 15216 | (538494) |
| &nbsp;&nbsp;&nbsp;&nbsp; Entegris, Inc. (b) | 10527 | (973326) |
| &nbsp;&nbsp;&nbsp;&nbsp; First Solar, Inc. (a) | 36400 | (8027292) |
| &nbsp;&nbsp;&nbsp;&nbsp; Intel Corp. (a),(b) | 13563 | (455039) |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc. (b) | 9126 | (1526962) |
| &nbsp;&nbsp;&nbsp;&nbsp; MKS, Inc. | 5500 | (680735) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mobix Labs, Inc. (a) | 100 | (81) |
| &nbsp;&nbsp;&nbsp;&nbsp; Monolithic Power Systems, Inc. (b) | 5546 | (5105869) |
| &nbsp;&nbsp;&nbsp;&nbsp; Navitas Semiconductor Corp. (a) | 33300 | (240426) |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc. (b) | 1565 | (260353) |
| &nbsp;&nbsp;&nbsp;&nbsp; SiTime Corp. (a) | 400 | (120524) |
| &nbsp;&nbsp;&nbsp;&nbsp; SkyWater Technology, Inc. (a) | 600 | (11196) |
| &nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. (b) | 3033 | (233480) |
| &nbsp;&nbsp;&nbsp;&nbsp; Teradyne, Inc. (b) | 3215 | (442513) |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc. (b) | 867 | (159294) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultra Clean Holdings, Inc. (a) | 100 | (2725) |
|  |  | (21056880) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Software & Services — (1.8)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Airship AI Holdings, Inc. (a) | 2260 | (11684) |
| &nbsp;&nbsp;&nbsp;&nbsp; Alkami Technology, Inc. (a) | 1600 | (39744) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corp., Class A (a) | 19500 | $(14011530) |
| &nbsp;&nbsp;&nbsp;&nbsp; Auddia, Inc. (a) | 23 | (47) |
| &nbsp;&nbsp;&nbsp;&nbsp; Aurora Innovation, Inc. (a) | 36700 | (197813) |
| &nbsp;&nbsp;&nbsp;&nbsp; Banzai International, Inc. (a) | 700 | (2058) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bentley Systems, Inc. | 1200 | (61776) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bio-key International, Inc. (a) | 9 | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bitdeer Technologies Group (a) | 12100 | (206789) |
| &nbsp;&nbsp;&nbsp;&nbsp; BitMine Immersion Technologies, Inc. (a) | 25100 | (1303443) |
| &nbsp;&nbsp;&nbsp;&nbsp; Braze, Inc. (a) | 13900 | (395316) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc. (a),(b) | 1134 | (398329) |
| &nbsp;&nbsp;&nbsp;&nbsp; Castellum, Inc. (a) | 1800 | (1962) |
| &nbsp;&nbsp;&nbsp;&nbsp; CCC Intelligent Solutions Holdings, Inc. (a) | 57800 | (526558) |
| &nbsp;&nbsp;&nbsp;&nbsp; Circle Internet Group, Inc. (a) | 13000 | (1723540) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cleanspark, Inc. (a) | 26800 | (388600) |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearwater Analytics Holdings, Inc. (a) | 1600 | (28832) |
| &nbsp;&nbsp;&nbsp;&nbsp; Consensus Cloud Solutions, Inc. (a) | 300 | (8811) |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Scientific, Inc. (a) | 13600 | (243984) |
| &nbsp;&nbsp;&nbsp;&nbsp; CoreWeave, Inc. (a) | 51900 | (7102515) |
| &nbsp;&nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc. (a),(b) | 325 | (159373) |
| &nbsp;&nbsp;&nbsp;&nbsp; CXApp, Inc. (a) | 5200 | (3832) |
| &nbsp;&nbsp;&nbsp;&nbsp; CyberArk Software Ltd. (a) | 3300 | (1594395) |
| &nbsp;&nbsp;&nbsp;&nbsp; CYNGN, Inc. (a) | 800 | (4824) |
| &nbsp;&nbsp;&nbsp;&nbsp; Digimarc Corp. (a) | 700 | (6839) |
| &nbsp;&nbsp;&nbsp;&nbsp; Domo, Inc. (a) | 100 | (1584) |
| &nbsp;&nbsp;&nbsp;&nbsp; D-Wave Quantum, Inc. (a) | 41400 | (1022994) |
| &nbsp;&nbsp;&nbsp;&nbsp; Gartner, Inc. (a),(b) | 1159 | (304666) |
| &nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc. | 14800 | (420172) |
| &nbsp;&nbsp;&nbsp;&nbsp; Gitlab, Inc., Class A (a),(b) | 1149 | (51797) |
| &nbsp;&nbsp;&nbsp;&nbsp; Greenidge Generation Holdings, Inc. (a) | 1330 | (2421) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hut 8 Corp. (a) | 20200 | (703162) |
| &nbsp;&nbsp;&nbsp;&nbsp; I3 Verticals, Inc. (a) | 400 | (12984) |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp. | 300 | (84648) |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 200 | (136582) |
| &nbsp;&nbsp;&nbsp;&nbsp; Life360, Inc. (a) | 2900 | (308270) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lightspeed Commerce, Inc. (a) | 3400 | (39270) |
| &nbsp;&nbsp;&nbsp;&nbsp; Manhattan Associates, Inc. (a) | 200 | (40996) |
| &nbsp;&nbsp;&nbsp;&nbsp; MicroAlgo, Inc. (a) | 1463 | (13386) |
| &nbsp;&nbsp;&nbsp;&nbsp; nCino, Inc. (a) | 500 | (13555) |
| &nbsp;&nbsp;&nbsp;&nbsp; NCR Voyix Corp. (a) | 6900 | (86595) |
| &nbsp;&nbsp;&nbsp;&nbsp; NextNav, Inc. (a) | 1600 | (22880) |
| &nbsp;&nbsp;&nbsp;&nbsp; Okta, Inc. (a) | 4300 | (394310) |
| &nbsp;&nbsp;&nbsp;&nbsp; Onestream, Inc. (a) | 2300 | (42389) |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. | 37300 | (10490252) |
| &nbsp;&nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc. (a),(b) | 505 | (102828) |
| &nbsp;&nbsp;&nbsp;&nbsp; PAR Technology Corp. (a) | 400 | (15832) |
| &nbsp;&nbsp;&nbsp;&nbsp; Phunware, Inc. (a) | 4353 | (11971) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Procore Technologies, Inc. (a) | 21100 | $(1538612) |
| &nbsp;&nbsp;&nbsp;&nbsp; Rekor Systems, Inc. (a) | 20600 | (32342) |
| &nbsp;&nbsp;&nbsp;&nbsp; SailPoint, Inc. (a),(b) | 1709 | (37735) |
| &nbsp;&nbsp;&nbsp;&nbsp; SentinelOne, Inc., Class A (a),(b) | 2705 | (47635) |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc. (a),(b) | 812 | (747267) |
| &nbsp;&nbsp;&nbsp;&nbsp; Shopify, Inc. (a),(b) | 31970 | (4751062) |
| &nbsp;&nbsp;&nbsp;&nbsp; SoundHound AI, Inc., Class A (a) | 125300 | (2014824) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sphere 3D Corp. (a) | 914 | (672) |
| &nbsp;&nbsp;&nbsp;&nbsp; Strategy, Inc. (a),(b) | 16263 | (5240101) |
| &nbsp;&nbsp;&nbsp;&nbsp; Synopsys, Inc. (a) | 12921 | (6375092) |
| &nbsp;&nbsp;&nbsp;&nbsp; Thumzup Media Corp. (a) | 1000 | (5000) |
| &nbsp;&nbsp;&nbsp;&nbsp; TSS, Inc. (a) | 1400 | (25354) |
| &nbsp;&nbsp;&nbsp;&nbsp; Varonis Systems, Inc. (a),(b) | 625 | (35919) |
| &nbsp;&nbsp;&nbsp;&nbsp; VeriSign, Inc. (b) | 280 | (78280) |
|  |  | (63676039) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Technology Hardware & Equipment — (0.6)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 908 Devices, Inc. (a) | 2800 | (24528) |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp., Class A (b) | 254 | (31432) |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Optoelectronics, Inc. (a) | 400 | (10372) |
| &nbsp;&nbsp;&nbsp;&nbsp; Arista Networks, Inc. (a),(b) | 206 | (30016) |
| &nbsp;&nbsp;&nbsp;&nbsp; Arlo Technologies, Inc. (a) | 2700 | (45765) |
| &nbsp;&nbsp;&nbsp;&nbsp; Calix, Inc. (a) | 300 | (18411) |
| &nbsp;&nbsp;&nbsp;&nbsp; Celestica, Inc. (a),(b) | 22374 | (5512484) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ciena Corp. (a),(b) | 63 | (9177) |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearfield, Inc. (a) | 1200 | (41256) |
| &nbsp;&nbsp;&nbsp;&nbsp; Coherent Corp. (a) | 16000 | (1723520) |
| &nbsp;&nbsp;&nbsp;&nbsp; Corning, Inc. (b) | 163 | (13371) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dell Technologies, Inc. (b) | 932 | (132130) |
| &nbsp;&nbsp;&nbsp;&nbsp; Flex Ltd. (a) | 30800 | (1785476) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | 71700 | (1760952) |
| &nbsp;&nbsp;&nbsp;&nbsp; IonQ, Inc. (a) | 35900 | (2207850) |
| &nbsp;&nbsp;&nbsp;&nbsp; Knowles Corp. (a) | 500 | (11655) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lianhe Sowell International Group Ltd. (a) | 56 | (116) |
| &nbsp;&nbsp;&nbsp;&nbsp; LightPath Technologies, Inc., Class A (a) | 1800 | (14274) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lightwave Logic, Inc. (a) | 5000 | (18550) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mirion Technologies, Inc. (a) | 23000 | (534980) |
| &nbsp;&nbsp;&nbsp;&nbsp; MultiSensor AI Holdings, Inc. (a) | 1553 | (1002) |
| &nbsp;&nbsp;&nbsp;&nbsp; NETGEAR, Inc. (a) | 2100 | (68019) |
| &nbsp;&nbsp;&nbsp;&nbsp; Novanta, Inc. (a) | 1300 | (130195) |
| &nbsp;&nbsp;&nbsp;&nbsp; Powerfleet, Inc. NJ (a) | 18000 | (94320) |
| &nbsp;&nbsp;&nbsp;&nbsp; Quantum Computing, Inc. (a) | 7574 | (139437) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandisk Corp. (a),(b) | 65 | (7293) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanmina Corp. (a) | 1600 | (184176) |
| &nbsp;&nbsp;&nbsp;&nbsp; Super Micro Computer, Inc. (a),(b) | 578 | (27709) |
| &nbsp;&nbsp;&nbsp;&nbsp; Syntec Optics Holdings, Inc. (a) | 9 | (14) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; TD SYNNEX Corp. | 1600 | $(262000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Trimble, Inc. (a) | 7400 | (604210) |
| &nbsp;&nbsp;&nbsp;&nbsp; TTM Technologies, Inc. (a) | 400 | (23040) |
| &nbsp;&nbsp;&nbsp;&nbsp; Turtle Beach Corp. (a) | 1600 | (25440) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ubiquiti, Inc. | 600 | (396348) |
| &nbsp;&nbsp;&nbsp;&nbsp; Unusual Machines, Inc. (a) | 3500 | (52850) |
| &nbsp;&nbsp;&nbsp;&nbsp; Vontier Corp. | 4000 | (167880) |
|  |  | (16110248) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Telecommunication Services — (0.1)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Array Digital Infrastructure, Inc. (a) | 1300 | (65013) |
| &nbsp;&nbsp;&nbsp;&nbsp; AST SpaceMobile, Inc. (a) | 53000 | (2601240) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cogent Communications Holdings, Inc. | 500 | (19175) |
| &nbsp;&nbsp;&nbsp;&nbsp; Globalstar, Inc. (a) | 47 | (1710) |
| &nbsp;&nbsp;&nbsp;&nbsp; Millicom International Cellular SA | 3200 | (155328) |
| &nbsp;&nbsp;&nbsp;&nbsp; Rogers Communications, Inc. | 1600 | (55152) |
| &nbsp;&nbsp;&nbsp;&nbsp; SurgePays, Inc. (a) | 800 | (2248) |
| &nbsp;&nbsp;&nbsp;&nbsp; Telephone & Data Systems, Inc. | 24200 | (949608) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniti Group, Inc. (a) | 13100 | (80172) |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. (b) | 44 | (1934) |
|  |  | (3931580) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Transportation — (0.2)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian National Railway Co. (b) | 37 | (3489) |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Kansas City Ltd. | 29830 | (2222037) |
| &nbsp;&nbsp;&nbsp;&nbsp; CSX Corp. | 500 | (17755) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expeditors International of Washington, Inc. (b) | 1052 | (128965) |
| &nbsp;&nbsp;&nbsp;&nbsp; FedEx Corp. (b) | 418 | (98569) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Air Corp. (a) | 2700 | (69228) |
| &nbsp;&nbsp;&nbsp;&nbsp; FTAI Infrastructure, Inc. | 4400 | (19184) |
| &nbsp;&nbsp;&nbsp;&nbsp; GXO Logistics, Inc. (a) | 1400 | (74046) |
| &nbsp;&nbsp;&nbsp;&nbsp; Joby Aviation, Inc. (a) | 163700 | (2642118) |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc. (b) | 380 | (53496) |
| &nbsp;&nbsp;&nbsp;&nbsp; Proficient Auto Logistics, Inc. (a) | 500 | (3445) |
| &nbsp;&nbsp;&nbsp;&nbsp; RXO, Inc. (a) | 7900 | (121502) |
| &nbsp;&nbsp;&nbsp;&nbsp; Strata Critical Medical, Inc. (a) | 5200 | (26312) |
| &nbsp;&nbsp;&nbsp;&nbsp; Surf Air Mobility, Inc. (a) | 12171 | (52214) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc. (a),(b) | 7884 | (772395) |
| &nbsp;&nbsp;&nbsp;&nbsp; United Airlines Holdings, Inc. (a) | 500 | (48250) |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc. (b) | 998 | (83363) |
| &nbsp;&nbsp;&nbsp;&nbsp; Volato Group, Inc. (a) | 24 | (42) |
| &nbsp;&nbsp;&nbsp;&nbsp; Wheels Up Experience, Inc. (a) | 10 | (18) |
|  |  | (6436428) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Utilities — (0.6)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AES Corp. | 11300 | (148708) |
| &nbsp;&nbsp;&nbsp;&nbsp; Algonquin Power & Utilities Corp. | 12100 | (64977) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Infrastructure Corp. | 5300 | $(217936) |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Renewable Corp. | 13300 | (457786) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadiz, Inc. (a) | 2446 | (11545) |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 20800 | (6844656) |
| &nbsp;&nbsp;&nbsp;&nbsp; Eversource Energy | 600 | (42684) |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelon Corp. | 6600 | (297066) |
| &nbsp;&nbsp;&nbsp;&nbsp; Montauk Renewables, Inc. (a) | 200 | (402) |
| &nbsp;&nbsp;&nbsp;&nbsp; National Fuel Gas Co. | 200 | (18474) |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 1100 | (83039) |
| &nbsp;&nbsp;&nbsp;&nbsp; NiSource, Inc. | 4000 | (173200) |
| &nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 6200 | (1004090) |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklo, Inc. (a) | 50100 | (5592663) |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | 100 | (8346) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sempra | 21400 | (1925572) |
| &nbsp;&nbsp;&nbsp;&nbsp; Spire, Inc. | 100 | (8152) |
| &nbsp;&nbsp;&nbsp;&nbsp; UGI Corp. | 2500 | (83150) |
| &nbsp;&nbsp;&nbsp;&nbsp; Vistra Corp. | 15400 | (3017168) |
|  |  | (19999614) |
|  **Total North America** |  | **(606318974)** |
|  **Oceania — (0.1)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Energy — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodside Energy Group Ltd., ADR | 4400 | (66220) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Food, Beverage & Tobacco — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Innovation Beverage Group Ltd. (a) | 340 | (1493) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Materials — (0.1)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BHP Group Ltd., ADR | 39800 | (2218850) |
| &nbsp;&nbsp;&nbsp;&nbsp; IperionX Ltd., ADR (a) | 200 | (9870) |
|  |  | (2228720) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Pharmaceuticals, Biotechnology & Life Sciences — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alterity Therapeutics Ltd., ADR (a) | 10 | (38) |
| &nbsp;&nbsp;&nbsp;&nbsp; Benitec Biopharma, Inc. (a) | 100 | (1403) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mesoblast Ltd., ADR (a) | 700 | (11277) |
|  |  | (12718) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Software & Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mawson Infrastructure Group, Inc. (a) | 66 | (28) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Utilities — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; VivoPower International PLC (a) | 700 | (3150) |
|  **Total Oceania** |  | **(2312329)** |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
|  **South America — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Banks — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco BBVA Argentina SA, ADR | 100 | $(832) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Capital Goods — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Embraer SA, ADR | 6400 | (386880) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Consumer Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arcos Dorados Holdings, Inc. | 937 | (6325) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Energy — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Geopark Ltd. | 2400 | (15288) |
| &nbsp;&nbsp;&nbsp;&nbsp; Gran Tierra Energy, Inc. (a) | 510 | (2218) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportadora de Gas del Sur SA, ADR | 1000 | (21030) |
|  |  | (38536) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Food, Beverage & Tobacco — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ambev SA, ADR | 500 | (1115) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cia Cervecerias Unidas SA, ADR | 100 | (1212) |
|  |  | (2327) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Materials — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bioceres Crop Solutions Corp. (a) | 1300 | (1833) |
| &nbsp;&nbsp;&nbsp;&nbsp; Braskem SA, ADR (a) | 2900 | (7018) |
| &nbsp;&nbsp;&nbsp;&nbsp; ERO Copper Corp. (a) | 900 | (18207) |
| &nbsp;&nbsp;&nbsp;&nbsp; Gerdau SA, ADR | 20 | (62) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sigma Lithium Corp. (a) | 18500 | (118585) |
| &nbsp;&nbsp;&nbsp;&nbsp; Wheaton Precious Metals Corp. | 500 | (55920) |
|  |  | (201625) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Retailing — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cosan SA, ADR (a) | 2100 | (9660) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultrapar Participacoes SA, ADR | 100 | (410) |
|  |  | (10070) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Utilities — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cia de Saneamento Basico do Estado de Sao Paulo SABESP, ADR | 10100 | (251389) |
| &nbsp;&nbsp;&nbsp;&nbsp; Pampa Energia SA, ADR (a) | 100 | (6006) |
|  |  | (257395) |
|  **Total South America** |  | **(903990)** |
|  **TOTAL COMMON STOCK<br>(PROCEEDS $613,536,002)** |  | **(681116112)** |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
|  **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 | $(5953401) |
|  **Total South America** |  | **(5953401)** |
|  **Supranational — (0.2)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Multi-National — (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 | (2147467) |
| &nbsp;&nbsp;&nbsp;&nbsp; African Export-Import Bank, 3.99%, 09/21/29 (b),(c) | 1824000 | (1730319) |
|  |  | (3877786) |
|  **Total Supranational** |  | **(3877786)** |
|  **TOTAL CORPORATE BONDS AND NOTES<br>(PROCEEDS $9,493,241)** |  | **(9831187)** |
| **Security Description** | **Shares** | **Value** |
|  **EXCHANGE-TRADED FUNDS — (0.1)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Select Sector SPDR Fund(b) | 2926 | (229311) |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Select Sector SPDR Fund (b) | 8500 | (759390) |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Select Sector SPDR Fund (b) | 77 | (10716) |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Select Sector SPDR Fund(b) | 4384 | (676144) |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Expanded Tech-Software Sector ETF (a),(b) | 1734 | (199427) |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares MSCI Taiwan ETF (b) | 3333 | (212045) |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares U.S. Home Construction ETF (b) | 3101 | (332582) |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | 7453 | (4965040) |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P Biotech ETF (b) | 3925 | (393285) |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P Homebuilders ETF (b) | 3433 | (380376) |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P Oil & Gas Exploration & Production ETF (b) | 52 | (6874) |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P Regional Banking ETF (b) | 1304 | (82543) |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard Real Estate ETF (b) | 127 | (11610) |
|  **TOTAL EXCHANGE-TRADED FUNDS<br>(PROCEEDS $7,906,263)** |  | **(8259343)** |
| **Security Description** | **Principal<br>Amount** | **Value** |
|  **MORTGAGE BACKED SECURITIES — (22.7)%** |  |  |
|  **North America — (22.7)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *U.S. Government Sponsored Agency Securities — (22.7)%* |  |  |
| &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%, 06/25/52 (b),(l) | $794000000 | (787213318) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 30 Year Maturity, 6.50%, 11/11/72 (l) | 80000000 | (82728160) |
|  **Total North America** |  | **(869941478)** |
|  **TOTAL MORTGAGE BACKED SECURITIES<br>(PROCEEDS $874,068,516)** |  | **(869941478)** |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | | **Value** |
|  **SOVEREIGN DEBT — (1.4)%** |  |  |  |
| &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 |  | $(3962438) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/05/32 (b),(c) | 7453000 |  | (7619419) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/12/31 (b),(c) | 4050000 |  | (4174978) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 07/07/37 (b),(c) | 4804000 |  | (5245609) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bundesrepublik Deutschland Bundesanleihe, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/04/44 (b),(c) | 3672544 | EUR | (3920498) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 08/15/35 (b),(c) | 2649743 | EUR | (3081937) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominican Republic International Bonds,<br>6.00%, 02/22/33 (b),(c) | 961000 |  | (981661) |
| &nbsp;&nbsp;&nbsp;&nbsp; Israel Government International Bonds,<br>5.63%, 02/19/35 (b) | 7205000 |  | (7447779) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexico Government International Bonds, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 05/13/37 (b) | 5050000 |  | (5446425) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 05/13/55 (b) | 4865000 |  | (5339386) |
|  **TOTAL SOVEREIGN DEBT<br>(PROCEEDS $45,230,137)** |  |  | **(47220130)** |
|  **U.S. TREASURY OBLIGATIONS — (0.5)%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 08/31/30 (b) | 9284700 |  | (9236826) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/15/35 (b) | 8250500 |  | (8317535) |
|  **TOTAL U.S. TREASURY OBLIGATIONS<br>(PROCEEDS $17,701,497)** |  |  | **(17554361)** |
|  **WARRANTS — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Galectin Therapeutics, Inc. (a),(d) | 1340 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pulse Biosciences, Inc. (a),(d) | 68 |  | 0 |
|  **TOTAL WARRANTS<br>(PROCEEDS $0)** |  |  | **0** |
|  **RIGHTS — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NeuroBo Pharmaceuticals, Inc. (a),(d) | 92 |  | (29) |
| &nbsp;&nbsp;&nbsp;&nbsp; Catalyst Biosciences, Inc. (a),(d) | 4600 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sesen Bio, Inc. (a),(d) | 25568 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novusterra, Inc. (a),(d) | 383 |  | 0 |
|  **TOTAL RIGHTS<br>(PROCEEDS $541)** |  |  | **(29)** |
|  **TOTAL SECURITIES SOLD SHORT — (42.3)%<br>(PROCEEDS $1,567,936,197)** |  |  | **(1633922640)** |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

#### Footnote Legend:

---

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

---

(a) Non-income producing.

(b) Security 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 valued using significant unobservable inputs.

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

(f) Variable/Floating interest rate security. Certain variable/floating interest rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities may not indicate a reference rate and spread in their description above. Rate presented is as of September 30, 2025.

(g) Non-interest bearing bond.

(h) Represents a step-up bond. Coupon rate increases in increments to maturity. Rate presented is as of September 30, 2025. Maturity date presented is the ultimate maturity.

(i) 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.

(j) All or a portion of the security represents an unsettled loan commitment at September 30, 2025 where the rate will be determined at time of settlement.

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

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

(m) Security is restricted per Rule 12-12.8 of Regulation S-X. First acquisition dates of Aeolus Property Catastrophe Keystone PF Fund LP, Atreides Special Circumstances Fund, LLC, Asgard Fixed Income Risk Premia Fund, Rokos Global Macro Fund Ltd., and Kirkoswald Global Macro Fund Ltd. 1/2/2019, 7/1/2021, 8/2/2021, 9/1/2021 and 5/1/2024. Amounts to $431,790,629 and represents 11.20% of Net Assets.

(n) Premium due at a future settlement date.

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

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

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

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

#### Options Written Contracts Outstanding at September 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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** |  |  |  |  |
|  CALIFORNIA CARBON ALLOWANCE VINTAGE DEC 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.00 USD | 12/15/25 | (660) | (17820) | $(2203859) | $(2900040) | $(696181) |
|  CALIFORNIA CARBON ALLOWANCE VINTAGE DEC 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.00 USD | 12/15/25 | (660) | (25080) | (289859) | (89100) | 200759 |
|  CALIFORNIA CARBON ALLOWANCE VINTAGE DEC 25 | &nbsp;&nbsp;&nbsp;&nbsp;50.00 USD | 12/15/25 | (850) | (42500) | (343803) | (21250) | 322553 |
|  CALIFORNIA CARBON ALLOWANCE VINTAGE DEC 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.00 USD | 12/15/25 | (1315) | (78900) | (360772) | (7890) | 352882 |
|  CALIFORNIA CARBON ALLOWANCE VINTAGE DEC 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.00 USD | 12/15/26 | (750) | (30000) | (1316885) | (1313250) | 3635 |
|  CRUDE OIL FUT JAN 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95.00 USD | 01/01/26 | (105) | (9975) | (24888) | (18900) | 5988 |
|  GOLD DEC 25 | 4,000.00 USD | 11/24/25 | (21) | (84000) | (35280) | (124530) | (89250) |
|  LME COPPER 3MO CALL | 11,500.00 USD | 12/03/25 | (40) | (460000) | (52872) | (60910) | (8038) |
|  NAT GAS EURO OPT APR 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00 USD | 03/26/26 | (50) | (400) | (85500) | (12400) | 73100 |
|  NAT GAS EURO OPT AUG 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00 USD | 07/28/26 | (50) | (400) | (85500) | (23000) | 62500 |
|  NAT GAS EURO OPT DEC 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00 USD | 11/24/26 | (50) | (400) | (85500) | (73600) | 11900 |
|  NAT GAS EURO OPT FEB 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25 USD | 01/27/26 | (200) | (1050) | (591500) | (565800) | 25700 |
|  NAT GAS EURO OPT FEB 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00 USD | 01/27/26 | (50) | (400) | (85500) | (43300) | 42200 |
|  NAT GAS EURO OPT JAN 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00 USD | 12/26/25 | (140) | (700) | (437000) | (358820) | 78180 |
|  NAT GAS EURO OPT JAN 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50 USD | 12/26/25 | (1007) | (6545) | (1006530) | (986860) | 19670 |
|  NAT GAS EURO OPT JAN 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00 USD | 12/26/25 | (50) | (400) | (85500) | (22650) | 62850 |
|  NAT GAS EURO OPT JUL 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00 USD | 06/25/26 | (50) | (400) | (85500) | (19200) | 66300 |
|  NAT GAS EURO OPT JUN 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00 USD | 05/26/26 | (50) | (400) | (85500) | (15600) | 69900 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Strike** | **Expiration<br>Date** | **Contracts** | **Notional<br>Amount** | **Premium<br>Received** | **Market<br>Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  NAT GAS EURO OPT MAR 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00 USD | 02/24/26 | (50) | (400) | $(85500) | $(27700) | $57800 |
|  NAT GAS EURO OPT MAY 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00 USD | 04/27/26 | (50) | (400) | (85500) | (12000) | 73500 |
|  NAT GAS EURO OPT NOV 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00 USD | 10/28/25 | (21) | (84) | (6069) | (6825) | (756) |
|  NAT GAS EURO OPT NOV 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00 USD | 10/27/26 | (50) | (400) | (85500) | (37000) | 48500 |
|  NAT GAS EURO OPT OCT 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00 USD | 09/25/26 | (50) | (400) | (85500) | (34750) | 50750 |
|  NAT GAS EURO OPT SEP 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00 USD | 08/26/26 | (50) | (400) | (85500) | (26700) | 58800 |
|  S&P 500 INDEX | 10,000.00 USD | 12/18/26 | (4382) | (43820000) | (384330) | (512694) | (128364) |
|  SILVER DEC 25 | &nbsp;&nbsp;&nbsp;&nbsp;50.50 USD | 11/24/25 | (25) | (1263) | (83449) | (127250) | (43801) |
|  SILVER MAR 26 | &nbsp;&nbsp;&nbsp;&nbsp;52.50 USD | 02/24/26 | (42) | (2205) | (144815) | (390390) | (245575) |
|  SOYBEAN OIL DEC 25 | &nbsp;&nbsp;&nbsp;&nbsp;70.00 USD | 11/21/25 | (94) | (6580) | (36709) | (1692) | 35017 |
|  SOYBEAN OIL MAR 26 | &nbsp;&nbsp;&nbsp;&nbsp;75.00 USD | 02/20/26 | (63) | (4725) | (23583) | (4914) | 18669 |
|  |  |  |  |  | $(8368203) | $(7839015) | $529188 |
|  **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 25 | &nbsp;&nbsp;&nbsp;&nbsp;15.00 USD | 12/15/25 | (4150) | (62250) | $(3171097) | $(124500) | $3046597 |
|  CALIFORNIA CARBON ALLOWANCE VINTAGE DEC 25 | &nbsp;&nbsp;&nbsp;&nbsp;27.00 USD | 12/15/25 | (1135) | (30645) | (3849419) | (345040) | 3504379 |
|  CALIFORNIA CARBON ALLOWANCE VINTAGE DEC 25 | &nbsp;&nbsp;&nbsp;&nbsp;35.00 USD | 12/15/25 | (1445) | (50575) | (6447715) | (6162925) | 284790 |
|  CALIFORNIA CARBON ALLOWANCE VINTAGE DEC 26 | &nbsp;&nbsp;&nbsp;&nbsp;30.00 USD | 12/15/26 | (500) | (15000) | (1212090) | (1214500) | (2410) |
|  E-MINI S&P 500 INDEX | 5,600.00 USD | 10/31/25 | (42) | (235200) | (133811) | (10290) | 123521 |
|  E-MINI S&P 500 INDEX | 5,850.00 USD | 11/21/25 | (105) | (614250) | (211153) | (89250) | 121903 |
|  NAT GAS EURO OPT NOV 25 | &nbsp;&nbsp;&nbsp;&nbsp;3.20 USD | 10/28/25 | (200) | (640) | (151416) | (303400) | (151984) |
|  S&P 500 INDEX | 5,920.00 USD | 11/21/25 | (732) | (4333440) | (2125687) | (1438380) | 687307 |
|  SGX IRON ORE DEC 25 | &nbsp;&nbsp;&nbsp;&nbsp;85.00 USD | 12/31/25 | (168) | (14280) | (6300) | (1344) | 4956 |
|  SGX IRON ORE NOV 25 | &nbsp;&nbsp;&nbsp;&nbsp;85.00 USD | 11/28/25 | (168) | (14280) | (6300) | (168) | 6132 |
|  SGX IRON ORE OCT 25 | &nbsp;&nbsp;&nbsp;&nbsp;85.00 USD | 10/31/25 | (168) | (14280) | (6300) | 0 | 6300 |
|  |  |  |  |  | $(17321288) | $(9689797) | $7631491 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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** |  |  |  |  |  |  |
|  CDX IG44 CREDIT SWAPTION CALL 82.5 12/17/2025 | Barclays<br> BankPLC | 82.50 USD | 12/17/25 | (5000000000) | (412500000000) | $(2800000) | $(1290587) | $1509413 |
|  CDX IG44 CREDIT SWAPTION CALL 82.5 12/17/2025 | Goldman<br>Sachs &<br>Co. | 82.50 USD | 12/17/25 | (1960784000) | (161764680000) | (1058823) | (506112) | 552711 |
|  CDX IG44 CREDIT SWAPTION CALL 82.5 12/17/2025 | Morgan<br>Stanley<br> CapitalServices<br>LLC | 82.50 USD | 12/17/25 | (3400000000) | (280500000000) | (1785000) | (877599) | 907401 |
|  XAG USD FX OPTION CALL 42.5 12/18/25 | J.P. Morgan<br> Securities<br>LLC | 42.50 USD | 12/18/25 | (210000) | (8925000) | (294000) | (952864) | (658864) |
|  XAG USD FX OPTION CALL 45 12/29/25 | J.P. Morgan<br> Securities<br>LLC | 45.00 USD | 12/29/25 | (200000) | (9000000) | (240000) | (272223) | (32223) |
|  XAG USD FX OPTION CALL 50 1/22/26 | J.P. Morgan<br> Securities<br>LLC | 50.00 USD | 01/22/26 | (210000) | (10500000) | (147000) | (326521) | (179521) |
|  XAU USD FX OPTION CALL 3800 1/28/26 | J.P. Morgan<br> Securities<br>LLC | 3,800.00 USD | 01/28/26 | (4000) | (15200000) | (148000) | (767616) | (619616) |
|  XAU USD FX OPTION CALL 4000 1/22/26 | J.P. Morgan<br> Securities<br>LLC | 4,000.00 USD | 01/22/26 | (2100) | (8400000) | (56490) | (155126) | (98636) |
|  XPT USD FX OPTION CALL 2000 1/19/26 | J.P. Morgan<br> Securities<br>LLC | 2,000.00 USD | 01/19/26 | (2000) | (4000000) | (21000) | (52570) | (31570) |
|  |  |  |  |  |  | $(6550313) | $(5201218) | $1349095 |
|  **OTC Put Options Written** | **OTC Put Options Written** | **OTC Put Options Written** |  |  |  |  |  |  |
|  XAU USD FX PUT 3000 1/28/26 | J.P. Morgan<br> Securities<br>LLC | 3,000.00 USD | 01/28/26 | (4000) | (12000000) | $(33000) | $(4636) | $28364 |
|  Total Options Written Outstanding | Total Options Written Outstanding | Total Options Written Outstanding | Total Options Written Outstanding | Total Options Written Outstanding | Total Options Written Outstanding | $(32272804) | $(22734666) | $9538138 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)
At September 30, 2025 the Fund had the following unfunded loan commitment(s) for the loan agreement(s) noted, which could be extended at the option of the borrower:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower** | **Unfunded<br>Loan<br>Commitment** | **Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Azul Secured Finance LLP, New Money DIP Term Loan, 4.50, 02/27/26 | $513889 | $634304 | $120415 |
|  Total Unfunded Loan Commitment | $513889 | $634304 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120415 |

---

#### Future Contracts Outstanding at September 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts** | **Exchange** | **Notional<br>Amount** | **Expiration<br>Date** | **Value/<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Futures** |  |  |  |  |  |
|  1 Year Mid-Curve 3 Month Eurodollar Option | 87 | EUREX | 10,272,688 EUR | 12/08/25 | $(27260) |
|  3 Month Eurodollar | 19 | LIFFE | 4,657,025 EUR | 06/15/26 | (704) |
|  3 Month Eurodollar | 3 | LIFFE | 734,325 EUR | 03/15/27 | 44 |
|  3 Month Eurodollar | 93 | LIFFE | 22,754,127 EUR | 09/13/27 | (19712) |
|  3 Month SOFR | 99 | CME | 23,847,513 USD | 03/18/26 | (9550) |
|  3 Month SOFR | 87 | CME | 21,104,025 USD | 12/15/27 | (35887) |
|  Aluminium | 219 | LME | 14,710,708 USD | 10/15/25 | (22378) |
|  Australian 10-Year Bond | 74 | SFE | 8,432,529 AUD | 12/15/25 | (29450) |
|  Australian Dollar Currency | 293 | CME | 19,415,723 USD | 12/15/25 | (13263) |
|  Brazilian Real Currency | 428 | CME | 7,966,364 USD | 11/03/25 | 17976 |
|  Brent Crude | 4 | ICE | 7,160 USD | 10/28/25 | (5720) |
|  Brent Crude | 105 | ICE | 410,550 USD | 10/28/25 | (249900) |
|  Brent Crude | 2 | ICE | 320 USD | 10/28/25 | (100) |
|  Brent Crude | 5 | ICE | 1,100 USD | 10/28/25 | (350) |
|  Brent Crude | 40 | NYMEX | 2,665,160 USD | 10/31/25 | (23960) |
|  Brent Crude | 447 | ICE | 29,928,369 USD | 10/31/25 | (412959) |
|  Brent Crude | 95 | ICE | 6,367,565 USD | 11/28/25 | (133665) |
|  Brent Crude | 77 | ICE | 5,128,629 USD | 12/30/25 | (98989) |
|  Brent Crude | 105 | ICE | 273,000 USD | 01/27/26 | (34650) |
|  Brent Crude | 1 | ICE | 66,250 USD | 01/30/26 | (1110) |
|  Brent Crude | 602 | ICE | 3,238,160 USD | 04/27/26 | 199260 |
|  Brent Crude | 79 | ICE | 5,281,470 USD | 04/30/26 | (147260) |
|  Brent Crude | 296 | ICE | 653,620 USD | 10/27/26 | 59740 |
|  Brent Crude | 294 | ICE | 1,013,460 USD | 10/27/26 | (351960) |
|  Brent Crude | 305 | ICE | 20,017,920 USD | 10/30/26 | (241720) |
|  British Pound Currency | 323 | GBX | 27,354,505 USD | 12/15/25 | (200299) |
|  CAC40 Index | 41 | MAT | 3,224,250 EUR | 10/17/25 | 14910 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts** | **Exchange** | **Notional<br>Amount** | **Expiration<br>Date** | **Value/<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  California Carbon Allowance Vintage DEC 25 | 4243 | ICE | 130,922,557 USD | 12/24/25 | $992313 |
|  California Carbon Allowance Vintage DEC 26 | 417 | ICE | 13,657,400 USD | 12/24/26 | 24370 |
|  Canadian 10-Year Bond | 247 | MOE | 29,626,190 CAD | 12/18/25 | 446526 |
|  Carbon Emission | 52 | ICE | 31,200 EUR | 12/10/25 | (4274) |
|  Carbon Emission | 50 | ICE | 127,980 EUR | 12/10/25 | (50461) |
|  Carbon Emission | 9 | ICE | 698,900 EUR | 12/15/25 | (20452) |
|  Carbon Emission | 63 | ICE | 121,800 EUR | 12/09/26 | (37969) |
|  Carbon Emission | 105 | ICE | 856,800 EUR | 12/09/26 | 91840 |
|  Carbon Emission | 105 | ICE | 307,650 EUR | 12/09/26 | 57323 |
|  Cattle | 90 | CME | 8,159,728 USD | 12/31/25 | 292172 |
|  Cattle | 328 | CME | 31,059,886 USD | 02/27/26 | 57474 |
|  CBOE Volatility Index | 209 | CBOE | 3,765,424 USD | 10/22/25 | (89532) |
|  CBOE Volatility Index | 330 | CBOE | 6,444,662 USD | 11/19/25 | (92427) |
|  CBOE Volatility Index | 213 | CBOE | 4,255,975 USD | 12/17/25 | (38575) |
|  CBOE Volatility Index | 606 | CBOE | 13,087,693 USD | 03/18/26 | (221040) |
|  Cocoa | 159 | NYBOT | 11,119,860 USD | 12/15/25 | (388950) |
|  Coffee 'C' | 23 | NYBOT | 3,267,806 USD | 12/18/25 | (34725) |
|  Coffee 'C' | 59 | NYBOT | 7,861,053 USD | 03/19/26 | 80716 |
|  Copper | 32 | LME | 7,942,110 USD | 10/13/25 | 251850 |
|  Copper | 71 | LME | 16,787,231 USD | 12/17/25 | 1444557 |
|  Copper | 84 | COMEX | 9,664,433 USD | 12/29/25 | 534217 |
|  Copper | 10 | LME | 2,449,345 USD | 03/18/26 | 120548 |
|  Copper | 9 | LME | 2,225,475 USD | 06/17/26 | 88328 |
|  Corn | 367 | CBT | 7,781,887 USD | 12/12/25 | (157462) |
|  Cotton No.2 | 621 | NYBOT | 20,803,236 USD | 12/08/25 | (381651) |
|  DAX Index | 10 | EUREX | 5,948,025 EUR | 12/19/25 | 64250 |
|  DJIA mini E-CBOT | 82 | CBT | 19,016,684 USD | 12/19/25 | 125806 |
|  E-Mini Russell Index | 100 | ICE | 12,236,943 USD | 12/19/25 | 40557 |
|  E-Mini S&P 500 Index | 211 | CME | 70,510,501 USD | 12/19/25 | 583311 |
|  E-Mini S&P Mid Cap 400 Index | 3 | CME | 990,068 USD | 12/19/25 | (4208) |
|  Euro FX | 134 | CME | 19,712,058 USD | 12/15/25 | 39542 |
|  Euro OAT | 124 | EUREX | 15,032,386 EUR | 12/08/25 | 17627 |
|  Euro Stoxx 50 | 114 | EUREX | 6,216,592 EUR | 12/19/25 | 117579 |
|  Euro-BTP | 67 | EUREX | 8,059,890 EUR | 12/08/25 | (35938) |
|  Euro-Schatz | 3468 | EUREX | 371,386,670 EUR | 12/08/25 | (446174) |
|  FTSE 100 Index | 165 | LIFFE | 15,375,762 GBP | 12/19/25 | 197180 |
|  FTSE/MIB Index | 13 | MIL | 2,761,635 EUR | 12/19/25 | 558 |
|  Gas Oil | 78 | ICE | 5,399,500 USD | 10/10/25 | 17600 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts** | **Exchange** | **Notional<br>Amount** | **Expiration<br>Date** | **Value/<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  Gas Oil | 80 | ICE | 5,347,075 USD | 11/12/25 | $148925 |
|  Gas Oil | 1137 | ICE | 76,321,966 USD | 12/11/25 | 254984 |
|  Gas Oil | 60 | ICE | 4,018,917 USD | 01/12/26 | (30417) |
|  Gas Oil | 5 | ICE | 332,537 USD | 02/12/26 | (3038) |
|  Gas Oil | 200 | ICE | 12,912,875 USD | 03/12/26 | 147125 |
|  Gasoline RBOB | 350 | NYMEX | 28,506,251 USD | 10/31/25 | (248441) |
|  Gasoline RBOB | 135 | NYMEX | 10,759,953 USD | 11/28/25 | (130404) |
|  Gold | 167 | COMEX | 57,422,783 USD | 12/29/25 | 7259657 |
|  Henry Hub | 620 | ICE | 6,261,155 USD | 12/29/25 | 213195 |
|  Henry Hub | 672 | ICE | 6,557,969 USD | 02/01/26 | 126751 |
|  Henry Hub | 744 | ICE | 7,260,609 USD | 03/01/26 | (521829) |
|  Henry Hub | 660 | ICE | 6,328,521 USD | 04/01/26 | (570021) |
|  Henry Hub | 682 | ICE | 6,539,471 USD | 05/01/26 | (541281) |
|  Henry Hub | 660 | ICE | 6,328,521 USD | 06/01/26 | (244971) |
|  Henry Hub | 682 | ICE | 6,539,471 USD | 07/01/26 | 84454 |
|  Henry Hub | 682 | ICE | 6,539,471 USD | 08/01/26 | 152654 |
|  Henry Hub | 660 | ICE | 6,328,521 USD | 09/01/26 | 76779 |
|  Henry Hub | 682 | ICE | 6,539,471 USD | 10/01/26 | 159474 |
|  Henry Hub | 690 | ICE | 6,499,940 USD | 11/01/26 | 622585 |
|  Henry Hub | 713 | ICE | 6,716,605 USD | 12/01/26 | 1374163 |
|  Henry Hub | 61 | ICE | 653,275 USD | 12/29/26 | 76590 |
|  Henry Hub | 52 | ICE | 558,700 USD | 01/27/27 | 21360 |
|  Henry Hub | 92 | ICE | 946,000 USD | 02/24/27 | (53600) |
|  Henry Hub | 88 | ICE | 809,650 USD | 03/29/27 | (45150) |
|  Henry Hub | 61 | ICE | 596,475 USD | 04/28/27 | (68825) |
|  Henry Hub | 58 | ICE | 567,510 USD | 05/26/27 | (45365) |
|  Henry Hub | 61 | ICE | 596,475 USD | 06/28/27 | (21397) |
|  Henry Hub | 61 | ICE | 596,475 USD | 07/28/27 | (14230) |
|  Henry Hub | 58 | ICE | 567,510 USD | 08/27/27 | (18540) |
|  Henry Hub | 92 | ICE | 869,370 USD | 09/28/27 | 16130 |
|  Henry Hub | 58 | ICE | 567,510 USD | 10/27/27 | 21190 |
|  Henry Hub | 61 | ICE | 596,475 USD | 11/26/27 | 87793 |
|  Henry Hub | 22 | ICE | 199,650 USD | 12/27/29 | 47630 |
|  Henry Hub | 22 | ICE | 199,650 USD | 01/29/30 | 33220 |
|  Henry Hub | 22 | ICE | 199,650 USD | 02/26/30 | (1375) |
|  Henry Hub | 22 | ICE | 199,650 USD | 03/27/30 | (29425) |
|  Henry Hub | 22 | ICE | 199,650 USD | 04/26/30 | (31240) |
|  Henry Hub | 22 | ICE | 199,650 USD | 05/29/30 | (23320) |
|  Henry Hub | 22 | ICE | 199,650 USD | 06/26/30 | (14795) |
|  Henry Hub | 22 | ICE | 199,650 USD | 07/29/30 | (11825) |
|  Henry Hub | 22 | ICE | 199,650 USD | 08/28/30 | (13255) |
|  Henry Hub | 22 | ICE | 199,650 USD | 09/26/30 | (8250) |
|  Henry Hub | 22 | ICE | 199,650 USD | 10/29/30 | 2530 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts** | **Exchange** | **Notional<br>Amount** | **Expiration<br>Date** | **Value/<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  Henry Hub | 22 | ICE | 199,650 USD | 11/26/30 | $25850 |
|  HKG Hang Seng Index | 20 | HFE | 26,212,600 HKD | 10/30/25 | 89875 |
|  HSC Basis | 30 | ICE | 40,500 USD | 11/04/25 | 14250 |
|  HSC Basis | 31 | ICE | 23,250 USD | 12/02/25 | 4263 |
|  HSC Basis | 31 | ICE | 11,044 USD | 01/05/26 | 8331 |
|  HSC Basis | 28 | ICE | 10,500 USD | 02/03/26 | 9450 |
|  HSC Basis | 31 | ICE | 27,900 USD | 03/03/26 | 1938 |
|  ICE 3 Month Sonia | 20 | ICE | 4,817,475 GBP | 09/15/26 | (975) |
|  ICE 3 Month Sonia | 209 | ICE | 50,352,075 GBP | 12/14/27 | (36968) |
|  Iron Ore | 635 | SING | 6,711,765 USD | 11/28/25 | (134435) |
|  Korean 10-Year Bond | 7 | KFE | 829,920,000 KRW | 12/16/25 | (5887) |
|  Korean 3-Year Bond | 873 | KFE | 93,698,820,000 KRW | 12/16/25 | (335804) |
|  Lean Hogs | 151 | CME | 5,179,350 USD | 12/12/25 | 179640 |
|  Lean Hogs | 411 | CME | 14,841,627 USD | 02/13/26 | 3693 |
|  Mexican Peso Currency | 717 | CME | 19,057,854 USD | 12/15/25 | 344166 |
|  MSCI Emerging Markets Index | 80 | NYSE | 5,409,285 USD | 12/19/25 | 29515 |
|  NASDAQ 100 E-Mini | 37 | CME | 18,171,114 USD | 12/19/25 | 256181 |
|  Natural Gas | 1422 | NYMEX | 45,508,445 USD | 10/29/25 | 1460215 |
|  Natural Gas | 26 | NYMEX | 800,845 USD | 10/29/25 | 57935 |
|  Natural Gas | 10 | NYMEX | 484,500 USD | 11/25/25 | (96500) |
|  Natural Gas | 32 | NYMEX | 971,555 USD | 11/25/25 | 270045 |
|  Natural Gas | 401 | NYMEX | 15,880,195 USD | 01/28/26 | 75595 |
|  Natural Gas | 562 | NYMEX | 20,023,164 USD | 02/25/26 | 338096 |
|  Natural Gas | 411 | NYMEX | 14,330,245 USD | 03/27/26 | 13655 |
|  Natural Gas | 12 | ICE | 332,640 EUR | 03/30/26 | (79304) |
|  Natural Gas | 12 | ICE | 343,728 EUR | 04/29/26 | (85878) |
|  Natural Gas | 12 | ICE | 332,640 EUR | 05/28/26 | (82865) |
|  Natural Gas | 416 | NYMEX | 16,089,049 USD | 06/26/26 | 72551 |
|  Natural Gas | 47 | ICE | 1,346,268 EUR | 06/29/26 | (334509) |
|  Natural Gas | 47 | ICE | 1,346,268 EUR | 07/30/26 | (329378) |
|  Natural Gas | 313 | NYMEX | 12,133,147 USD | 08/27/26 | 17513 |
|  Natural Gas | 47 | ICE | 1,302,840 EUR | 08/27/26 | (309217) |
|  Natural Gas | 5 | NYMEX | 206,040 USD | 10/28/26 | 410 |
|  Natural Gas | 5 | NYMEX | 226,300 USD | 11/25/26 | 650 |
|  Natural Gas | 5 | NYMEX | 239,160 USD | 12/29/26 | 140 |
|  Natural Gas | 54 | NYMEX | 2,034,693 USD | 01/01/27 | 549747 |
|  Natural Gas | 5 | NYMEX | 222,240 USD | 01/27/27 | 860 |
|  Natural Gas | 54 | NYMEX | 2,034,693 USD | 02/01/27 | 374787 |
|  Natural Gas | 6 | NYMEX | 231,050 USD | 02/24/27 | 1750 |
|  Natural Gas | 54 | NYMEX | 2,034,693 USD | 03/01/27 | 60507 |
|  Natural Gas | 54 | NYMEX | 2,034,693 USD | 04/01/27 | (158193) |
|  Natural Gas | 54 | NYMEX | 2,034,693 USD | 05/01/27 | (166293) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts** | **Exchange** | **Notional<br>Amount** | **Expiration<br>Date** | **Value/<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  Natural Gas | 54 | NYMEX | 2,034,693 USD | 06/01/27 | $(90153) |
|  Natural Gas | 54 | NYMEX | 2,034,693 USD | 07/01/27 | 1647 |
|  Natural Gas | 54 | NYMEX | 2,034,693 USD | 08/01/27 | 27027 |
|  Natural Gas | 54 | NYMEX | 2,034,693 USD | 09/01/27 | 9747 |
|  Natural Gas | 54 | NYMEX | 2,034,693 USD | 10/01/27 | 44307 |
|  Natural Gas | 54 | NYMEX | 2,034,693 USD | 11/01/27 | 157707 |
|  Natural Gas | 54 | NYMEX | 2,034,693 USD | 12/01/27 | 388287 |
|  Nikkei Index | 10 | OSE | 432,900,000 JPY | 12/11/25 | 114954 |
|  NY Harbor ULSD | 69 | NYMEX | 6,765,108 USD | 10/31/25 | (29867) |
|  NY Harbor ULSD | 473 | NYMEX | 46,118,672 USD | 11/28/25 | (420912) |
|  NY Harbor ULSD | 208 | NYMEX | 20,141,516 USD | 12/31/25 | (195481) |
|  OMXS30 Index | 116 | SOM | 30,639,465 SEK | 10/17/25 | 29161 |
|  Palladium | 6 | NYMEX | 753,450 USD | 12/29/25 | 18990 |
|  Platinum | 13 | NYMEX | 984,240 USD | 01/28/26 | 59465 |
|  S&P ASX Share Price Index 200 | 29 | SFE | 6,423,500 AUD | 12/18/25 | 6237 |
|  S&P TSX 60 Index | 19 | MOE | 6,580,588 CAD | 12/19/25 | 112130 |
|  Silver | 30 | COMEX | 5,899,218 USD | 12/29/25 | 1096782 |
|  Soybean | 1145 | CBT | 57,940,214 USD | 11/14/25 | (590026) |
|  Soybean | 791 | CBT | 22,520,554 USD | 12/12/25 | (902524) |
|  Soybean | 12 | CBT | 347,760 USD | 03/13/26 | (5520) |
|  Soybean Oil | 399 | CBT | 12,034,542 USD | 01/14/26 | (102846) |
|  Sugar | 888 | NYBOT | 16,391,920 USD | 02/27/26 | 117776 |
|  Swiss Franc Currency | 5 | CME | 795,922 USD | 12/15/25 | (3859) |
|  TOPIX | 75 | OSE | 2,334,145,000 JPY | 12/12/25 | 146093 |
|  U.S. Treasury 10-Year Note | 385 | CBT | 43,363,490 USD | 12/19/25 | (50990) |
|  U.S. Treasury 2-Year Note | 790 | CBT | 164,542,597 USD | 12/31/25 | 92169 |
|  U.S. Treasury 5-Year Note | 583 | CBT | 63,701,370 USD | 12/31/25 | (40503) |
|  U.S. Treasury Long Bond | 44 | CBT | 5,146,957 USD | 12/19/25 | (16832) |
|  U.S. Treasury Ultra 10-Year Bond | 212 | CBT | 24,143,164 USD | 12/19/25 | 253398 |
|  U.S. Treasury Ultra Bond | 32 | CBT | 3,785,201 USD | 12/19/25 | 56799 |
|  Wheat | 2058 | CBT | 53,558,921 USD | 12/12/25 | (1285721) |
|  WTI Crude | 3 | ICE | 198,930 USD | 10/20/25 | (11820) |
|  WTI Crude | 336 | NYMEX | 21,335,409 USD | 10/21/25 | (379089) |
|  WTI Crude | 601 | ICE | 38,481,390 USD | 11/19/25 | (1243430) |
|  WTI Crude | 42 | NYMEX | 2,624,675 USD | 12/19/25 | (34115) |
|  WTI Crude | 236 | NYMEX | 14,722,080 USD | 02/20/26 | (241120) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts** | **Exchange** | **Notional<br>Amount** | **Expiration<br>Date** | **Value/<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  WTI Crude | 49 | NYMEX | 3,092,610 USD | 05/19/26 | $(92830) |
|  WTI Crude | 78 | NYMEX | 4,857,190 USD | 11/20/26 | (97630) |
|  Zinc | 127 | LME | 9,317,247 USD | 10/15/25 | 189783 |
|  |  |  |  |  | $9342278 |
|  **Short Futures** |  |  |  |  |  |
|  1 Year Mid-Curve 3 Month Eurodollar Option | 156 | EUREX | 18,361,940 EUR | 12/08/25 | $(19278) |
|  3 Month Eurodollar | 792 | LIFFE | 194,029,151 EUR | 12/15/25 | 45378 |
|  3 Month Eurodollar | 161 | LIFFE | 39,462,043 EUR | 03/16/26 | 15284 |
|  3 Month Eurodollar | 477 | LIFFE | 116,878,763 EUR | 09/14/26 | (4843) |
|  3 Month Eurodollar | 20 | LIFFE | 4,899,200 EUR | 12/14/26 | 528 |
|  3 Month Eurodollar | 27 | LIFFE | 6,606,450 EUR | 06/14/27 | 1453 |
|  3 Month SOFR | 113 | CME | 27,190,537 USD | 03/18/26 | (18450) |
|  3 Month SOFR | 152 | CME | 36,655,332 USD | 06/17/26 | (16568) |
|  3 Month SOFR | 110 | CME | 26,578,987 USD | 09/16/26 | (17638) |
|  3 Month SOFR | 231 | CME | 55,908,912 USD | 12/16/26 | (21963) |
|  3 Month SOFR | 138 | CME | 33,436,816 USD | 03/17/27 | 4591 |
|  3 Month SOFR | 73 | CME | 17,652,947 USD | 06/16/27 | (34041) |
|  3 Month SOFR | 28 | CME | 6,780,175 USD | 09/15/27 | (2825) |
|  3 Month SOFR | 28 | CME | 6,751,412 USD | 12/15/27 | (29137) |
|  3 Month SOFR | 35 | CME | 8,434,637 USD | 03/15/28 | (37112) |
|  3 Month SOFR | 20 | CME | 4,813,687 USD | 06/20/28 | (24813) |
|  3 Month SOFR | 38 | CME | 9,156,975 USD | 09/19/28 | (31900) |
|  3 Month SOFR | 47 | CME | 11,332,700 USD | 12/20/28 | (27200) |
|  3 Month SOFR | 29 | CME | 6,991,837 USD | 03/20/29 | (14200) |
|  3 Month SOFR | 24 | CME | 5,781,787 USD | 06/18/29 | (13913) |
|  3 Month SOFR | 14 | CME | 3,374,600 USD | 09/18/29 | (4650) |
|  3 Month SOFR | 13 | CME | 3,133,475 USD | 12/18/29 | (3100) |
|  3 Month SOFR | 7 | CME | 1,687,012 USD | 03/20/30 | (1125) |
|  3 Month SOFR | 14 | CME | 3,371,400 USD | 06/20/30 | (3300) |
|  Aluminium | 132 | LME | 8,649,300 USD | 10/15/25 | (203940) |
|  Brent Crude | 105 | ICE | 133,350 USD | 10/28/25 | 121800 |
|  Brent Crude | 151 | ICE | 237,920 USD | 10/28/25 | 126180 |
|  Brent Crude | 4 | ICE | 24,640 USD | 10/28/25 | 5800 |
|  Brent Crude | 2 | ICE | 100 USD | 10/28/25 | 40 |
|  Brent Crude | 326 | ICE | 21,661,386 USD | 10/31/25 | 135606 |
|  Brent Crude | 200 | ICE | 380,820 USD | 11/25/25 | 106820 |
|  Brent Crude | 105 | ICE | 79,800 USD | 01/27/26 | 21000 |
|  Brent Crude | 927 | ICE | 60,987,291 USD | 01/30/26 | 602511 |
|  Brent Crude | 213 | ICE | 14,127,840 USD | 02/27/26 | 270060 |
|  Brent Crude | 170 | ICE | 11,231,846 USD | 03/31/26 | 178446 |
|  Brent Crude | 602 | ICE | 1,310,950 USD | 04/27/26 | 34710 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts** | **Exchange** | **Notional<br>Amount** | **Expiration<br>Date** | **Value/<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  Brent Crude | 20 | NYMEX | 1,310,800 USD | 04/30/26 | $11000 |
|  Brent Crude | 38 | ICE | 2,543,694 USD | 10/30/26 | 79774 |
|  Brent Crude | 9 | NYMEX | 599,850 USD | 10/31/26 | 16290 |
|  Brent Crude | 11 | ICE | 722,800 USD | 10/29/27 | 2520 |
|  Canadian 10-Year Bond | 5 | MOE | 598,650 CAD | 12/18/25 | (9808) |
|  Canadian Dollar Currency | 500 | CME | 36,223,430 USD | 12/16/25 | 173430 |
|  Carbon Emission | 50 | ICE | 28,500 EUR | 12/10/25 | 27590 |
|  Carbon Emission | 52 | ICE | 70,200 EUR | 12/10/25 | 3358 |
|  Carbon Emission | 63 | ICE | 252,000 EUR | 12/09/26 | 69157 |
|  Cattle | 310 | CME | 29,183,918 USD | 12/31/25 | 71818 |
|  CBOE Volatility Index | 282 | CBOE | 5,896,971 USD | 01/21/26 | 62814 |
|  CBOE Volatility Index | 30 | CBOE | 635,323 USD | 02/18/26 | 1765 |
|  Cocoa | 179 | NYBOT | 12,556,484 USD | 03/16/26 | 391644 |
|  Coffee 'C' | 53 | NYBOT | 7,443,899 USD | 12/18/25 | (6244) |
|  Copper | 71 | LME | 17,054,512 USD | 12/17/25 | (1177276) |
|  Copper | 10 | LME | 2,438,912 USD | 03/18/26 | (130980) |
|  Copper | 30 | COMEX | 3,638,445 USD | 03/27/26 | (51555) |
|  Copper | 22 | LME | 5,490,350 USD | 06/17/26 | (165613) |
|  Corn | 161 | CBT | 3,302,288 USD | 12/12/25 | (42487) |
|  Corn | 533 | CBT | 11,677,539 USD | 03/13/26 | 164739 |
|  Cotton No.2 | 210 | NYBOT | 7,051,506 USD | 12/08/25 | 145656 |
|  Cotton No.2 | 686 | NYBOT | 23,612,217 USD | 03/09/26 | 435707 |
|  Euro FX | 3 | CME | 442,422 USD | 12/15/25 | 223 |
|  Euro OAT | 36 | EUREX | 4,354,580 EUR | 12/08/25 | (16460) |
|  Euro Stoxx 50 | 43 | EUREX | 2,329,645 EUR | 12/19/25 | (62207) |
|  Euro Stoxx 600 | 8 | EUREX | 208,560 EUR | 12/19/25 | (798) |
|  Euro Stoxx Banks | 58 | EUREX | 661,490 EUR | 12/19/25 | (14981) |
|  Euro-BTP | 229 | EUREX | 24,724,620 EUR | 12/08/25 | 8811 |
|  Euro-Bund | 165 | EUREX | 21,173,694 EUR | 12/08/25 | (47380) |
|  Euro-Buxl | 38 | EUREX | 4,327,059 EUR | 12/08/25 | (27216) |
|  Euro-Schatz | 532 | EUREX | 56,916,541 EUR | 12/08/25 | 3735 |
|  FTSE Taiwan Index | 32 | SING | 2,751,400 USD | 10/30/25 | 14440 |
|  Gas Oil | 989 | ICE | 67,985,547 USD | 11/12/25 | 41247 |
|  Gas Oil | 202 | ICE | 13,412,950 USD | 12/11/25 | (191750) |
|  Gasoline RBOB | 10 | ICE | 800,100 USD | 10/30/25 | (7266) |
|  Gasoline RBOB | 92 | NYMEX | 7,510,159 USD | 10/31/25 | 82392 |
|  Gasoline RBOB | 6 | NYMEX | 412,440 USD | 11/28/25 | (59984) |
|  Gasoline RBOB | 6 | NYMEX | 475,297 USD | 12/31/25 | 8795 |
|  Gasoline RBOB | 29 | NYMEX | 2,303,266 USD | 01/30/26 | 43876 |
|  Globex Natural Gas | 6 | NYMEX | 233,900 USD | 10/28/25 | 35720 |
|  Henry Hub | 58 | NYMEX | 583,700 USD | 10/28/25 | 104765 |
|  Henry Hub | 150 | ICE | 1,458,900 USD | 10/29/25 | 220275 |
|  Henry Hub | 186 | ICE | 1,769,635 USD | 11/25/25 | (34565) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts** | **Exchange** | **Notional<br>Amount** | **Expiration<br>Date** | **Value/<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  Henry Hub | 58 | NYMEX | 583,700 USD | 12/01/25 | $21100 |
|  Henry Hub | 30 | NYMEX | 279,750 USD | 12/26/25 | (33525) |
|  Henry Hub | 30 | NYMEX | 279,750 USD | 01/27/26 | (18675) |
|  Henry Hub | 30 | NYMEX | 279,750 USD | 02/24/26 | 8025 |
|  Henry Hub | 30 | NYMEX | 279,750 USD | 03/26/26 | 18000 |
|  Henry Hub | 30 | NYMEX | 279,750 USD | 04/27/26 | 15900 |
|  Henry Hub | 30 | NYMEX | 279,750 USD | 05/26/26 | 3225 |
|  Henry Hub | 30 | NYMEX | 279,750 USD | 06/25/26 | (11625) |
|  Henry Hub | 30 | NYMEX | 279,750 USD | 07/28/26 | (14625) |
|  Henry Hub | 30 | NYMEX | 279,750 USD | 08/26/26 | (11400) |
|  Henry Hub | 30 | NYMEX | 279,750 USD | 09/25/26 | (14925) |
|  Henry Hub | 30 | NYMEX | 279,750 USD | 10/27/26 | (29925) |
|  Henry Hub | 30 | NYMEX | 279,750 USD | 11/24/26 | (60675) |
|  Henry Hub | 13 | ICE | 128,537 USD | 12/29/26 | (27008) |
|  Henry Hub | 13 | ICE | 128,538 USD | 01/27/27 | (16478) |
|  Henry Hub | 13 | ICE | 128,538 USD | 02/24/27 | 2438 |
|  Henry Hub | 13 | ICE | 128,538 USD | 03/29/27 | 15600 |
|  Henry Hub | 13 | ICE | 128,538 USD | 04/28/27 | 16088 |
|  Henry Hub | 13 | ICE | 128,538 USD | 05/26/27 | 11505 |
|  Henry Hub | 13 | ICE | 128,538 USD | 06/28/27 | 5980 |
|  Henry Hub | 13 | ICE | 128,538 USD | 07/28/27 | 4453 |
|  Henry Hub | 13 | ICE | 128,538 USD | 08/27/27 | 5493 |
|  Henry Hub | 13 | ICE | 128,538 USD | 09/28/27 | 3413 |
|  Henry Hub | 13 | ICE | 128,538 USD | 10/27/27 | (3413) |
|  Henry Hub | 13 | ICE | 128,538 USD | 11/26/27 | (17290) |
|  ICE 3 Month Sonia | 537 | ICE | 129,225,860 GBP | 06/16/26 | 13765 |
|  ICE 3 Month Sonia | 199 | ICE | 47,949,387 GBP | 12/15/26 | 454 |
|  ICE 3 Month Sonia | 94 | ICE | 22,659,926 GBP | 03/16/27 | 9550 |
|  ICE 3 Month Sonia | 186 | ICE | 44,803,862 GBP | 06/15/27 | (17265) |
|  ICE 3 Month Sonia | 8 | ICE | 1,926,800 GBP | 09/14/27 | (269) |
|  Japan Yen Currency | 320 | CME | 27,376,484 USD | 12/15/25 | 120484 |
|  Japanese 10-Year Bond | 53 | OSE | 7,269,025,000 JPY | 12/15/25 | 487913 |
|  KOSPI 200 Index | 13 | KFE | 1,477,387,500 KRW | 12/11/25 | (49268) |
|  Lean Hogs | 389 | CME | 13,685,457 USD | 12/12/25 | (120153) |
|  Long Gilt | 139 | LIFFE | 12,627,600 GBP | 12/29/25 | 1130 |
|  NASDAQ 100 E-Mini | 30 | CME | 14,644,918 USD | 12/19/25 | (296132) |
|  Natural Gas | 28 | NYMEX | 273,860 USD | 10/29/25 | 42650 |
|  Natural Gas | 116 | NYMEX | 3,792,064 USD | 10/29/25 | (39416) |
|  Natural Gas | 160 | ICE | 3,834,900 EUR | 10/30/25 | 254009 |
|  Natural Gas | 13 | NYMEX | 538,400 USD | 11/24/25 | 34000 |
|  Natural Gas | 28 | NYMEX | 273,860 USD | 11/25/25 | 2260 |
|  Natural Gas | 1305 | NYMEX | 49,952,760 USD | 11/25/25 | (681240) |
|  Natural Gas | 3 | NYMEX | 121,200 USD | 12/26/25 | (4110) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts** | **Exchange** | **Notional<br>Amount** | **Expiration<br>Date** | **Value/<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  Natural Gas | 1076 | NYMEX | 44,929,266 USD | 12/29/25 | $(15254) |
|  Natural Gas | 138 | NYMEX | 5,035,763 USD | 12/29/25 | (728497) |
|  Natural Gas | 55 | ICE | 1,401,934 EUR | 12/30/25 | 102539 |
|  Natural Gas | 3 | NYMEX | 121,200 USD | 01/27/26 | 1830 |
|  Natural Gas | 138 | NYMEX | 5,035,763 USD | 01/28/26 | (455257) |
|  Natural Gas | 59 | ICE | 1,359,469 EUR | 01/29/26 | 99497 |
|  Natural Gas | 3 | NYMEX | 121,200 USD | 02/24/26 | 12510 |
|  Natural Gas | 67 | NYMEX | 2,419,340 USD | 02/25/26 | (8070) |
|  Natural Gas | 63 | ICE | 1,609,026 EUR | 02/26/26 | 146034 |
|  Natural Gas | 138 | NYMEX | 5,035,763 USD | 03/01/26 | 36023 |
|  Natural Gas | 3 | NYMEX | 121,200 USD | 03/26/26 | 16500 |
|  Natural Gas | 187 | NYMEX | 6,570,690 USD | 03/27/26 | 44390 |
|  Natural Gas | 138 | NYMEX | 5,035,763 USD | 04/01/26 | 219563 |
|  Natural Gas | 3 | NYMEX | 121,200 USD | 04/27/26 | 15660 |
|  Natural Gas | 325 | NYMEX | 11,491,808 USD | 04/28/26 | 58308 |
|  Natural Gas | 138 | NYMEX | 5,035,763 USD | 05/01/26 | 180923 |
|  Natural Gas | 3 | NYMEX | 121,200 USD | 05/26/26 | 10590 |
|  Natural Gas | 621 | NYMEX | 22,903,605 USD | 05/27/26 | 7335 |
|  Natural Gas | 138 | NYMEX | 5,035,763 USD | 06/01/26 | (52297) |
|  Natural Gas | 3 | NYMEX | 121,200 USD | 06/25/26 | 4650 |
|  Natural Gas | 33 | NYMEX | 1,422,268 USD | 06/26/26 | 140218 |
|  Natural Gas | 138 | NYMEX | 5,035,763 USD | 07/01/26 | (325537) |
|  Natural Gas | 3 | NYMEX | 121,200 USD | 07/28/26 | 3450 |
|  Natural Gas | 54 | NYMEX | 2,281,869 USD | 07/29/26 | 162369 |
|  Natural Gas | 138 | NYMEX | 5,035,763 USD | 08/01/26 | (380737) |
|  Natural Gas | 3 | NYMEX | 121,200 USD | 08/26/26 | 4740 |
|  Natural Gas | 28 | NYMEX | 1,225,159 USD | 08/27/26 | 138199 |
|  Natural Gas | 138 | NYMEX | 5,035,763 USD | 09/01/26 | (321397) |
|  Natural Gas | 3 | NYMEX | 121,200 USD | 09/25/26 | 3330 |
|  Natural Gas | 263 | NYMEX | 10,261,280 USD | 09/28/26 | (71990) |
|  Natural Gas | 138 | NYMEX | 5,035,763 USD | 10/01/26 | (386257) |
|  Natural Gas | 3 | NYMEX | 121,200 USD | 10/27/26 | (2670) |
|  Natural Gas | 15 | NYMEX | 636,391 USD | 10/28/26 | 17041 |
|  Natural Gas | 138 | NYMEX | 5,035,763 USD | 11/01/26 | (662257) |
|  Natural Gas | 3 | NYMEX | 121,200 USD | 11/24/26 | (14970) |
|  Natural Gas | 22 | NYMEX | 971,241 USD | 11/25/26 | (27339) |
|  Natural Gas | 138 | NYMEX | 5,035,763 USD | 12/01/26 | (1228057) |
|  Natural Gas | 35 | NYMEX | 1,553,600 USD | 12/29/26 | (121500) |
|  Natural Gas | 33 | NYMEX | 1,458,300 USD | 01/27/27 | (14160) |
|  Natural Gas | 41 | NYMEX | 1,730,490 USD | 02/24/27 | 139690 |
|  Natural Gas | 60 | NYMEX | 2,593,710 USD | 03/29/27 | 508710 |
|  Natural Gas | 53 | NYMEX | 2,370,900 USD | 04/28/27 | 537100 |
|  Natural Gas | 53 | NYMEX | 2,370,900 USD | 05/26/27 | 462370 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts** | **Exchange** | **Notional<br>Amount** | **Expiration<br>Date** | **Value/<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  Natural Gas | 53 | NYMEX | 2,370,900 USD | 06/28/27 | $372270 |
|  Natural Gas | 53 | NYMEX | 2,370,900 USD | 07/28/27 | 347360 |
|  Natural Gas | 53 | NYMEX | 2,370,900 USD | 08/27/27 | 364320 |
|  Natural Gas | 60 | NYMEX | 2,620,100 USD | 09/28/27 | 310100 |
|  Natural Gas | 53 | NYMEX | 2,370,900 USD | 10/27/27 | 219100 |
|  Natural Gas | 53 | NYMEX | 2,370,900 USD | 11/26/27 | (7210) |
|  New Zealand Dollar | 90 | ICE | 5,260,608 USD | 12/15/25 | 27558 |
|  Nikkei Index | 7 | OSE | 306,580,000 JPY | 12/11/25 | (56463) |
|  NWP Rockies Basis | 90 | ICE | 11,625 USD | 11/04/25 | 61500 |
|  NY Harbor ULSD | 317 | NYMEX | 31,177,984 USD | 10/31/25 | 234916 |
|  NY Harbor ULSD | 25 | NYMEX | 2,378,158 USD | 11/28/25 | (37157) |
|  NY Harbor ULSD | 9 | NYMEX | 866,552 USD | 12/31/25 | 3503 |
|  NY Harbor ULSD | 103 | NYMEX | 9,957,364 USD | 01/30/26 | 139939 |
|  NY Harbor ULSD | 25 | NYMEX | 2,358,430 USD | 03/31/26 | 34990 |
|  NY Harbor ULSD | 193 | NYMEX | 17,813,876 USD | 05/29/26 | 152523 |
|  S&P ASX Share Price Index 200 | 1 | SFE | 223,200 AUD | 12/18/25 | 910 |
|  Silver | 25 | COMEX | 5,464,220 USD | 12/29/25 | (365780) |
|  Soybean | 122 | CBT | 6,094,150 USD | 11/14/25 | (16525) |
|  Soybean | 303 | CBT | 8,620,082 USD | 12/12/25 | 339092 |
|  Soybean | 574 | CBT | 16,543,736 USD | 01/14/26 | 592276 |
|  Soybean | 1046 | CBT | 53,899,255 USD | 01/14/26 | 540180 |
|  Soybean Oil | 522 | CBT | 15,817,979 USD | 12/12/25 | 317711 |
|  Sugar | 315 | NYBOT | 5,721,146 USD | 02/27/26 | (135334) |
|  Sugar | 960 | NYBOT | 17,309,777 USD | 04/30/26 | (43951) |
|  Swiss Franc Currency | 37 | CME | 5,874,962 USD | 12/15/25 | 13700 |
|  Trans Z4 Basis | 93 | ICE | 56,963 USD | 10/02/25 | (15694) |
|  Trans Z4 Basis | 30 | ICE | 22,688 USD | 11/04/25 | (8438) |
|  U.S. Treasury 10-Year Note | 1368 | CBT | 154,095,156 USD | 12/19/25 | 195156 |
|  U.S. Treasury 2-Year Note | 244 | CBT | 50,836,977 USD | 12/31/25 | (12242) |
|  U.S. Treasury 5-Year Note | 125 | CBT | 13,634,766 USD | 12/31/25 | (14649) |
|  U.S. Treasury Long Bond | 129 | CBT | 14,724,547 USD | 12/19/25 | (316047) |
|  U.S. Treasury Ultra Bond | 13 | CBT | 1,551,969 USD | 12/19/25 | (8844) |
|  VSTOXX | 73 | EUREX | 127,763 EUR | 10/22/25 | (2127) |
|  Wheat | 1971 | CBT | 52,803,323 USD | 03/13/26 | 867473 |
|  WTI Crude | 16 | NYMEX | 1,013,900 USD | 10/21/25 | 15980 |
|  WTI Crude | 3 | ICE | 188,240 USD | 11/19/25 | 2360 |
|  WTI Crude | 424 | NYMEX | 26,738,237 USD | 11/20/25 | 467197 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts** | **Exchange** | **Notional<br>Amount** | **Expiration<br>Date** | **Value/<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  WTI Crude | 1 | NYMEX | 65,110 USD | 12/19/25 | $3430 |
|  WTI Crude | 12 | NYMEX | 752,421 USD | 01/20/26 | 14661 |
|  WTI Crude | 98 | NYMEX | 6,133,006 USD | 02/20/26 | 119726 |
|  WTI Crude | 158 | NYMEX | 9,864,886 USD | 03/20/26 | 181066 |
|  WTI Crude | 30 | NYMEX | 1,876,480 USD | 05/19/26 | 39880 |
|  WTI Crude | 19 | NYMEX | 1,211,234 USD | 11/20/26 | 51854 |
|  Zinc | 73 | LME | 5,273,337 USD | 10/15/25 | (191333) |
|  |  |  |  |  | $4001460 |
|  Total Futures Contracts Outstanding | Total Futures Contracts Outstanding | Total Futures Contracts Outstanding | Total Futures Contracts Outstanding | Total Futures Contracts Outstanding | $13343738 |

---

#### Forward Foreign Currency Exchange Contracts Outstanding at September 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 9284200000 | USD | 2258272 | State Street Bank and<br>Trust Company | 10/31/25 | $101302 |
|  COP | 1002200000 | USD | 257663 | State Street Bank and<br>Trust Company | 10/31/25 | (2955) |
|  HKD | 2231000 | USD | 286317 | State Street Bank and<br>Trust Company | 10/31/25 | 564 |
|  IDR | 4105500000 | USD | 251280 | State Street Bank and<br>Trust Company | 10/31/25 | (5337) |
|  PEN | 70000 | USD | 19642 | State Street Bank and<br>Trust Company | 10/31/25 | 504 |
|  PHP | 1400000 | USD | 24427 | State Street Bank and<br>Trust Company | 10/30/25 | (448) |
|  SGD | 537500 | USD | 421548 | State Street Bank and<br>Trust Company | 10/31/25 | (3902) |
|  THB | 3400000 | USD | 107673 | State Street Bank and<br>Trust Company | 10/31/25 | (2506) |
|  TWD | 7500000 | USD | 246626 | State Street Bank and<br>Trust Company | 10/31/25 | 3 |
|  TWD | 35100000 | USD | 1160636 | State Street Bank and<br>Trust Company | 10/31/25 | (6408) |
|  USD | 261636 | IDR | 4222600000 | State Street Bank and<br>Trust Company | 10/31/25 | 8678 |
|  USD | 24506 | PHP | 1400000 | State Street Bank and<br>Trust Company | 10/30/25 | 527 |
|  USD | 1877166 | SGD | 2400000 | State Street Bank and<br>Trust Company | 10/31/25 | 12330 |
|  USD | 2630862 | THB | 84500000 | State Street Bank and<br>Trust Company | 10/31/25 | 17155 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 447569 | THB | 14500000 | State Street Bank and<br>Trust Company | 10/31/25 | $(937) |
|  USD | 7898618 | TWD | 231100000 | State Street Bank and<br>Trust Company | 10/31/25 | 299134 |
|  USD | 22934 | TWD | 700000 | State Street Bank and<br>Trust Company | 10/31/25 | (85) |
|  BRL | 23900000 | USD | 4372684 | State Street Bank and<br>Trust Company | 10/02/25 | 117898 |
|  BRL | 23900000 | USD | 4474776 | State Street Bank and<br>Trust Company | 11/04/25 | (20194) |
|  CNH | 78800000 | USD | 11031935 | State Street Bank and<br>Trust Company | 10/31/25 | 39822 |
|  EUR | 3015000 | USD | 3567359 | Morgan Stanley<br>Capital Services LLC | 10/15/25 | (24788) |
|  GBP | 13721000 | USD | 18539953 | State Street Bank and<br>Trust Company | 10/27/25 | (84020) |
|  HUF | 259100000 | USD | 759556 | State Street Bank and<br>Trust Company | 10/31/25 | 19055 |
|  HUF | 72000000 | USD | 218294 | State Street Bank and<br>Trust Company | 10/31/25 | (1930) |
|  ILS | 7700000 | USD | 2274646 | State Street Bank and<br>Trust Company | 10/31/25 | 50092 |
|  INR | 635300000 | USD | 7294504 | State Street Bank and<br>Trust Company | 10/31/25 | (155399) |
|  KRW | 811400000 | USD | 583750 | State Street Bank and<br>Trust Company | 10/31/25 | (5226) |
|  MXN | 4400000 | USD | 234847 | State Street Bank and<br>Trust Company | 10/31/25 | 4677 |
|  NOK | 31986566 | USD | 3160436 | State Street Bank and<br>Trust Company | 10/31/25 | 45388 |
|  SEK | 3800000 | USD | 397118 | State Street Bank and<br>Trust Company | 10/31/25 | 7286 |
|  SEK | 2200000 | USD | 238354 | State Street Bank and<br>Trust Company | 10/31/25 | (4226) |
|  TRY | 114500000 | USD | 2599319 | State Street Bank and<br>Trust Company | 10/31/25 | 89743 |
|  USD | 2402638 | AUD | 3637000 | State Street Bank and<br>Trust Company | 10/27/25 | (4835) |
|  USD | 4509519 | BRL | 23900000 | State Street Bank and<br>Trust Company | 10/02/25 | 18937 |
|  USD | 4486690 | CHF | 3535000 | State Street Bank and<br>Trust Company | 10/31/25 | 30432 |
|  USD | 831075 | CLP | 790500000 | State Street Bank and<br>Trust Company | 10/30/25 | 8749 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 6436006 | CNH | 45668000 | State Street Bank and<br>Trust Company | 10/31/25 | $19444 |
|  USD | 1330402 | CNH | 9500000 | State Street Bank and<br>Trust Company | 10/31/25 | (4391) |
|  USD | 989247 | CZK | 20800000 | State Street Bank and<br>Trust Company | 10/31/25 | (14592) |
|  USD | 27873287 | EUR | 23580000 | Morgan Stanley<br>Capital Services LLC | 10/15/25 | 167205 |
|  USD | 4431458 | EUR | 3741000 | State Street Bank and<br>Trust Company | 10/27/25 | 32653 |
|  USD | 1172200 | EUR | 1000000 | Citibank N.A. | 11/24/25 | (5492) |
|  USD | 665514 | EUR | 565000 | Citibank N.A. | 12/09/25 | (436) |
|  USD | 8655094 | GBP | 6544000 | State Street Bank and<br>Trust Company | 10/06/25 | (146144) |
|  USD | 40017722 | GBP | 29456000 | State Street Bank and<br>Trust Company | 10/27/25 | 396851 |
|  USD | 1056776 | GBP | 793000 | State Street Bank and<br>Trust Company | 10/27/25 | (9878) |
|  USD | 193830 | GBP | 142000 | Citibank N.A. | 10/28/25 | 2827 |
|  USD | 94031 | GBP | 70000 | Citibank N.A. | 12/05/25 | (126) |
|  USD | 772836 | ILS | 2585000 | State Street Bank and<br>Trust Company | 10/31/25 | (7612) |
|  USD | 3557267 | INR | 312900000 | State Street Bank and<br>Trust Company | 10/31/25 | 41091 |
|  USD | 5585838 | KRW | 7622100000 | State Street Bank and<br>Trust Company | 10/31/25 | 151316 |
|  USD | 578261 | KRW | 812200000 | State Street Bank and<br>Trust Company | 10/31/25 | (833) |
|  USD | 547465 | NOK | 5400000 | State Street Bank and<br>Trust Company | 10/31/25 | 6256 |
|  USD | 294573 | NOK | 3000000 | State Street Bank and<br>Trust Company | 10/31/25 | (6099) |
|  USD | 82613 | PLN | 300000 | State Street Bank and<br>Trust Company | 10/31/25 | 106 |
|  USD | 2396506 | SEK | 22709723 | State Street Bank and<br>Trust Company | 10/31/25 | (20309) |
|  USD | 969724 | ZAR | 17400000 | State Street Bank and<br>Trust Company | 10/31/25 | (35791) |
|  ZAR | 10100000 | USD | 564512 | State Street Bank and<br>Trust Company | 10/31/25 | 19149 |
|  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 | $1134275 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

#### Centrally Cleared Credit Default Swaps on Single-Name Issuer (Buy Protection) — Outstanding at September 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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<br>International Bonds | 1.00 | 3M | 12/20/29 | Morgan Stanley<br> CapitalServices LLC | 12,000,000USD | $(325676) | $(225519) | $(100157) |
|  China Government International Bonds | 1.00 | 3M | 12/20/29 | Morgan Stanley<br>Capital<br>Services LLC | 7,000,000USD | (189978) | (131553) | (58425) |
|  China Government International Bonds | 1.00 | 3M | 12/20/29 | Morgan Stanley<br>Capital<br>Services LLC | 1,500,000USD | (40710) | (29826) | (10884) |
|  China Government International Bonds | 1.00 | 3M | 12/20/29 | Morgan Stanley<br>Capital<br>Services LLC | 2,600,000USD | (70563) | (51698) | (18865) |
|  China Government International Bonds | 1.00 | 3M | 6/20/30 | Morgan Stanley<br>Capital<br>Services LLC | 15,200,000<br> USD | (432282) | (359114) | (73168) |
|  China Government International Bonds | 1.00 | 3M | 6/20/30 | Morgan Stanley<br>Capital<br>Services LLC | 8,900,000USD | (253113) | (210271) | (42842) |
|  China Government International Bonds | 1.00 | 3M | 6/20/30 | Morgan Stanley<br>Capital<br>Services LLC | 3,000,000USD | (85319) | (72443) | (12876) |
|  China Government International Bonds | 1.00 | 3M | 6/20/30 | Morgan Stanley<br>Capital<br>Services LLC | 1,800,000USD | (51191) | (43465) | (7726) |
|  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;(1448832) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1123889) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(324943) |

---

#### Centrally Cleared Credit Default Swaps on Index (Buy Protection) — Outstanding at September 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
|  iTraxx Europe Xover Series 43 | 5.00% | 3M | 6/20/2030 | Morgan Stanley Capital<br> Services LLC | 10,900,000 EUR | $(1375380) | $(828850) | $(546530) |
|  iTraxx Europe Xover Series 43 | 5.00% | 3M | 6/20/2030 | Morgan Stanley Capital<br> Services LLC | 5,400,000 EUR | (681381) | (408586) | (272795) |
|  iTraxx Europe Xover Series 43 | 5.00% | 3M | 6/20/2030 | Morgan Stanley Capital<br> Services LLC | 5,200,000 EUR | (656145) | (394125) | (262020) |
|  CDX.NA.HY.44 | 5.00% | 3M | 6/20/2030 | Morgan Stanley Capital<br> Services LLC | 10,100,000 USD | (811424) | (386830) | (424594) |
|  CDX.NA.HY.44 | 5.00% | 3M | 6/20/2030 | Morgan Stanley Capital<br> Services LLC | 5,900,000 USD | (474000) | (225970) | (248030) |
|  CDX.NA.HY.44 | 5.00% | 3M | 6/20/2030 | Morgan Stanley Capital<br> Services LLC | 10,100,000 USD | (811424) | (431270) | (380154) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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.44 | 5.00% | 3M | 6/20/2030 | Morgan Stanley Capital<br> Services LLC | 5,900,000 USD | $(474000) | $(251930) | $(222070) |
|  iTraxx Europe Xover Series 43 | 5.00% | 3M | 6/20/2030 | Morgan Stanley Capital<br> Services LLC | 8,400,000 EUR | (1059926) | (672703) | (387223) |
|  CDX.NA.HY.44 | 5.00% | 3M | 6/20/2030 | Morgan Stanley Capital<br> Services LLC | 9,400,000 USD | (755187) | (418770) | (336417) |
|  CDX.NA.HY.44 | 5.00% | 3M | 6/20/2030 | Morgan Stanley Capital<br> Services LLC | 5,400,000 USD | (433831) | (240570) | (193261) |
|  CDX.EM.43 | 1.00% | 3M | 6/20/2030 | Morgan Stanley Capital<br> Services LLC | 5,500,000 USD | 83738 | 168301 | (84563) |
|  CDX.EM.43 | 1.00% | 3M | 6/20/2030 | Morgan Stanley Capital<br> Services LLC | 9,400,000 USD | 143115 | 287640 | (144525) |
|  CDX.EM.43 | 1.00% | 3M | 6/20/2030 | Morgan Stanley Capital<br> Services LLC | 7,700,000 USD | 117233 | 230231 | (112998) |
|  CDX.EM.43 | 1.00% | 3M | 6/20/2030 | Morgan Stanley Capital<br> Services LLC | 13,200,000 USD | 200970 | 394680 | (193710) |
|  CDX.EM.43 | 1.00% | 3M | 6/20/2030 | Morgan Stanley Capital<br> Services LLC | 17,100,000 USD | 260348 | 513000 | (252652) |
|  CDX.EM.43 | 1.00% | 3M | 6/20/2030 | Morgan Stanley Capital<br> Services LLC | 29,400,000 USD | 447615 | 882000 | (434385) |
|  iTraxx Asia Ex-Japan IG Series 43 | 1.00% | 3M | 6/20/2030 | Morgan Stanley Capital<br> Services LLC | 10,800,000 USD | (186608) | (96562) | (90046) |
|  CDX.EM.43 | 1.00% | 3M | 6/20/2030 | Morgan Stanley Capital<br> Services LLC | 34,300,000 USD | 522217 | 1068444 | (546227) |
|  CDX.EM.43 | 1.00% | 3M | 6/20/2030 | Morgan Stanley Capital<br> Services LLC | 48,800,000 USD | 742980 | 1520120 | (777140) |
|  CDX.EM.43 | 1.00% | 3M | 6/20/2030 | Morgan Stanley Capital<br> Services LLC | 20,000,000 USD | 304500 | 617000 | (312500) |
|  CDX.EM.43 | 1.00% | 3M | 6/20/2030 | Morgan Stanley Capital<br> Services LLC | 22,300,000USD | 339517 | 665654 | (326137) |
|  CDX.EM.43 | 1.00% | 3M | 6/20/2030 | Morgan Stanley Capital<br> Services LLC | 13,900,000USD | 211628 | 416306 | (204678) |
|  CDX.EM.43 | 1.00% | 3M | 6/20/2030 | Morgan Stanley Capital<br> Services LLC | 18,300,000USD | 278618 | 546255 | (267637) |
|  CDX.EM.43 | 1.00% | 3M | 6/20/2030 | Morgan Stanley Capital<br> Services LLC | 19,500,000USD | 296887 | 584024 | (287137) |
|  CDX.EM.43 | 1.00% | 3M | 6/20/2030 | Morgan Stanley Capital<br> Services LLC | 42,000,000USD | 639450 | 1247400 | (607950) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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.43 | 1.00% | 3M | 6/20/2030 | Morgan Stanley Capital<br> Services LLC | 10,000,000 USD | $152250 | $297000 | $(144750) |
|  CDX.NA.HY.45 | 5.00% | 3M | 12/20/2030 | Bank of America<br> Securities, Inc. | 500,000 USD | (38843) | (38706) | (137) |
|  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) | $(3017083) | $5043183 | $(8060266) |

---

#### Centrally Cleared Credit Default Swaps on Index (Sell Protection) — Outstanding at September 30, 2025

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Obligation** | **Financing**<br>**Fee** | **Payment**<br>**Frequency** | **Maturity**<br> **Date** | **Counterparty** | **Rating** | **Notional**<br>**Amount** | **Market**<br>**Value** | **Upfront**<br>**Premium**<br>**Paid<br>(Received)** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  iTraxx Europe Main Series 43 | 1.00% | 3M | 6/20/2030 | Bank of America<br> Securities, Inc. | NR | 91,100,000 EUR | $2421575 | $1862013 | $559562 |
|  iTraxx Europe Xover Series 44 | 5.00% | 3M | 12/20/2030 | Bank of America<br> Securities, Inc. | NR | 3,700,000 EUR | 467521 | 461211 | 6310 |
|  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) | $2889096 | $2323224 | $565872 |

---

#### OTC Credit Default Swaps on Single-Name Issuer (Buy Protection) — Outstanding at September 30, 2025

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
|  Qatar Government International Bonds | 1.00% | 3M | 06/20/2029 | Goldman Sachs<br>International | 13000000 | USD | $(365268) | $(333748) | $(31520) |
|  Qatar Government International Bonds | 1.00% | 3M | 06/20/2029 | Goldman Sachs<br>International | 7000000 | USD | (196683) | (179711) | (16972) |
|  China Government International Bonds | 1.00% | 3M | 12/20/2027 | Citibank N.A. | 23700000 | USD | (393299) | (411704) | 18405 |
|  China Government International Bonds | 1.00% | 3M | 12/20/2027 | Citibank N.A. | 13800000 | USD | (229010) | (239727) | 10717 |
|  Industrial & Commercial Bank of China Ltd. | 1.00% | 3M | 12/20/2027 | Goldman Sachs<br>International | 2200000 | USD | (39369) | (37175) | (2194) |
|  Industrial & Commercial Bank of China Ltd. | 1.00% | 3M | 12/20/2027 | Goldman Sachs<br>International | 3800000 | USD | (68000) | (64210) | (3790) |
|  China Construction Bank Corp. | 1.00% | 3M | 12/20/2027 | Barclays Bank PLC | 6700000 | USD | (121033) | (115160) | (5873) |
|  China Construction Bank Corp. | 1.00% | 3M | 12/20/2027 | Barclays Bank PLC | 11400000 | USD | (205937) | (195944) | (9993) |
|  China Development Bank | 1.00% | 3M | 12/20/2027 | Morgan Stanley<br> CapitalServices LLC | 3600000 | USD | (61142) | (60307) | (835) |
|  China Development Bank | 1.00% | 3M | 12/20/2027 | Morgan Stanley<br> CapitalServices LLC | 2200000 | USD | (37365) | (36855) | (510) |
|  Bank of China Ltd. | 1.00% | 3M | 12/20/2027 | Goldman Sachs<br>International | 8500000 | USD | (145261) | (143460) | (1801) |
|  Bank of China Ltd. | 1.00% | 3M | 12/20/2027 | Goldman Sachs<br>International | 4800000 | USD | (82030) | (81013) | (1017) |
|  Turkiye Government International Bonds | 1.00% | 3M | 06/20/2027 | Goldman Sachs<br>International | 1900000 | USD | 8979 | 82827 | (73848) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 1100000 | USD | $5198 | $47504 | $(42306) |
|  Turkiye Government International Bonds | 1.00% | 3M | 12/20/2026 | Goldman Sachs<br>International | 4800000 | USD | 853 | 26878 | (26025) |
|  Turkiye Government International Bonds | 1.00% | 3M | 12/20/2026 | Goldman Sachs<br>International | 8300000 | USD | 1475 | 46476 | (45001) |
|  Turkiye Government International Bonds | 1.00% | 3M | 06/20/2027 | Goldman Sachs<br>International | 3300000 | USD | 15595 | 82887 | (67292) |
|  Turkiye Government International Bonds | 1.00% | 3M | 12/20/2026 | Goldman Sachs<br>International | 4800000 | USD | 853 | 29986 | (29133) |
|  Turkiye Government International Bonds | 1.00% | 3M | 12/20/2026 | Goldman Sachs<br>International | 8200000 | USD | 1457 | 51225 | (49768) |
|  Turkiye Government International Bonds | 1.00% | 3M | 06/20/2027 | Goldman Sachs<br>International | 2000000 | USD | 9451 | 48247 | (38796) |
|  Turkiye Government International Bonds | 1.00% | 3M | 12/20/2026 | Goldman Sachs<br>International | 3400000 | USD | 604 | 29855 | (29251) |
|  Turkiye Government International Bonds | 1.00% | 3M | 12/20/2026 | Goldman Sachs<br>International | 5800000 | USD | 1031 | 50929 | (49898) |
|  Republic of Peru | 1.00% | 3M | 06/20/2030 | JP Morgan Chase<br>& Co. | 4215000 | USD | (66992) | (15733) | (51259) |
|  Republic of Peru | 1.00% | 3M | 06/20/2030 | JP Morgan<br>Chase Bank N.A. | 7206000 | USD | (114530) | (26898) | (87632) |
|  Mexico Government International Bonds | 1.00% | 3M | 06/20/2030 | Goldman Sachs<br>International | 11800000 | USD | (90705) | 179194 | (269899) |
|  Saudi Government International Bonds | 1.00% | 3M | 06/20/2035 | Goldman Sachs<br>International | 19900000 | USD | 20945 | 509699 | (488754) |
|  Saudi Government International Bonds | 1.00% | 3M | 06/20/2035 | Goldman Sachs<br>International | 11600000 | USD | 12209 | 297111 | (284902) |
|  Mexico Government International Bonds | 1.00% | 3M | 06/20/2030 | Morgan Stanley<br>Capital Services<br>LLC | 6900000 | USD | (53039) | 123654 | (176693) |
|  Saudi Government International Bonds | 1.00% | 3M | 06/20/2035 | Goldman Sachs<br>International | 10200000 | USD | 10735 | 177102 | (166367) |
|  Saudi Government International Bonds | 1.00% | 3M | 06/20/2035 | Goldman Sachs<br>International | 17500000 | USD | 18419 | 303852 | (285433) |
|  Mexico Government International Bonds | 1.00% | 3M | 06/20/2030 | Citibank N.A. | 4900000 | USD | (37666) | 95668 | (133334) |
|  Mexico Government International Bonds | 1.00% | 3M | 06/20/2030 | Citibank N.A. | 2800000 | USD | (21523) | 54668 | (76191) |
|  Mexico Government International Bonds | 1.00% | 3M | 06/20/2030 | JP Morgan Chase<br>& Co. | 2400000 | USD | (18448) | 46591 | (65039) |
|  Mexico Government International Bonds | 1.00% | 3M | 06/20/2030 | JP Morgan Chase<br>Bank N.A. | 4000000 | USD | (30747) | 77652 | (108399) |
|  Turkiye Government International Bonds | 1.00% | 3M | 12/20/2027 | Goldman Sachs<br>International | 200000 | USD | 1834 | 4919 | (3085) |
|  Turkiye Government International Bonds | 1.00% | 3M | 12/20/2027 | Goldman Sachs<br>International | 500000 | USD | 4585 | 12296 | (7711) |
|  Republic of South Africa | 1.00% | 3M | 06/20/2030 | Goldman Sachs<br>International | 10100000 | USD | 216673 | 478177 | (261504) |
|  Republic of South Africa | 1.00% | 3M | 06/20/2030 | Goldman Sachs<br>International | 5900000 | USD | 126571 | 279331 | (152760) |
|  Mexico Government International Bonds | 1.00% | 3M | 06/20/2030 | Barclays Bank PLC | 2800000 | USD | (21523) | 8113 | (29636) |
|  Mexico Government International Bonds | 1.00% | 3M | 06/20/2030 | Barclays Bank PLC | 1700000 | USD | (13068) | 4925 | (17993) |
|  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) |  | $(1955171) | $1208121 | $(3163292) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

#### OTC Credit Default Swaps on Index (Sell Protection) — Outstanding at September 30, 2025

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
|  CMBX.NA.A.8 | 2.00% | M | 10/17/2057 | Goldman Sachs<br>International | A | 432,000 USD | $(11123) | $(3376) | $(7747) |
|  CMBX.NA.BBB-.10 | 3.00% | M | 11/17/2059 | Goldman Sachs<br>International | BBB | 5,052,000 USD | (1002317) | (207050) | (795267) |
|  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) | $(1013440) | $(210426) | $(803014) |

---

<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. 

#### OTC Total Return Swaps Outstanding at September 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Payment**<br>**Frequency** | **Financing**<br>**Rate** | **Counterparty** | **Notional**<br>**Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  **Buys** |  |  |  |  |  |  |
|  Admiral Acquisition Ltd. | 10/21/25 | M | 4.09% | Morgan Stanley Capital<br> Services LLC | 136,562 USD | $174188 |
|  Airbus SE | 10/21/25 | M | 2.43% | Morgan Stanley Capital<br> Services LLC | 1,199,135 EUR | 16305 |
|  Asker Healthcare Group AB | 10/21/25 | M | 2.50% | Morgan Stanley Capital<br> Services LLC | 4,662,013 SEK | 14892 |
|  BP PLC | 10/21/25 | M | 4.47% | Morgan Stanley Capital<br> Services LLC | 231,123 GBP | 915 |
|  Cheniere Energy, Inc. | 10/21/25 | M | 4.39% | Morgan Stanley Capital<br> Services LLC | 12,138,234 USD | 219835 |
|  DT Midstream, Inc. | 10/21/25 | M | 4.39% | Morgan Stanley Capital<br> Services LLC | 1,942,162 USD | 94388 |
|  Egypt Treasury Bills | 10/21/25 | M | 0.00% | Goldman Sachs International | 0 USD | 16145750 |
|  Egypt Treasury Bills | 10/21/25 | M | 0.00% | Goldman Sachs International | 0 USD | 9427982 |
|  Enbridge, Inc. | 10/21/25 | M | 4.39% | Morgan Stanley Capital<br> Services LLC | 7,727,946 USD | 199522 |
|  Energy Transfer LP | 10/21/25 | M | 4.97% | Morgan Stanley Capital<br> Services LLC | 4,127,285 USD | 7228 |
|  Enterprise Products Partners LP | 10/21/25 | M | 4.89% | Morgan Stanley Capital<br> Services LLC | 9,923,931 USD | (31635) |
|  GS Equity Index Swap - CSIN0852 | 10/21/25 | M | 13.37% | Goldman Sachs International | 20,101,161 USD | 216345 |
|  Hacksaw AB | 10/21/25 | M | 2.52% | Morgan Stanley Capital<br> Services LLC | 30,338,608 SEK | (116162) |
|  Howden Joinery Group PLC | 10/21/25 | M | 1.56% | Morgan Stanley Capital<br> Services LLC | 387,920 GBP | 11113 |
|  Kinder Morgan, Inc. | 10/21/25 | M | 4.39% | Morgan Stanley Capital<br> Services LLC | 3,836,702 USD | 159510 |
|  KraneShares CSI China Internet ETF | 10/21/25 | M | 4.62% | Morgan Stanley Capital<br> Services LLC | 10,720,114 USD | 147453 |
|  L'Oreal SA | 10/21/25 | M | 0.50% | Morgan Stanley Capital<br> Services LLC | 206,803 EUR | 4239 |
|  Martin Midstream Partners LP | 10/21/25 | M | 4.99% | Morgan Stanley Capital<br> Services LLC | 295,099 USD | 1941 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **Counterparty** | **Notional**<br>**Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Movin Strategic Career Co., Ltd. | 10/21/25 M | 0.50% | Morgan Stanley Capital<br> Services LLC | 1,173,120 JPY | $0 |
|  MPLX LP | 10/21/25 M | 4.97% | Morgan Stanley Capital<br> Services LLC | 7,894,461 USD | (14199) |
|  MS Alpha Swap | 10/21/25 M | 0.20% | Morgan Stanley Capital<br> Services LLC | 175,530,051 USD | 7319475 |
|  MS Alpha Swap | 10/21/25 M | 0.30% | Morgan Stanley Capital<br> Services LLC | 126,197,025 USD | (77886) |
|  MS Alpha Swap | 10/21/25 M | 0.30% | Morgan Stanley Capital<br> Services LLC | 101,212,200 USD | (676376) |
|  MS Alpha Swap | 10/21/25 M | 0.75% | Morgan Stanley Capital<br> Services LLC | 167,688,172 USD | 715577 |
|  MS Alpha Swap | 10/21/25 M | 4.74% | Morgan Stanley Capital<br> Services LLC | 206,500,137 USD | 406762 |
|  NOBA Bank Group AB | 10/21/25 M | 2.50% | Morgan Stanley Capital<br> Services LLC | 1,568,599 SEK | 56791 |
|  Overlap Holdings, Inc. | 10/21/25 M | 0.98% | Morgan Stanley Capital<br> Services LLC | 3,100,350 JPY | 0 |
|  Ping An Insurance Group Co. of China Ltd. | 10/21/25 M | 4.84% | Citibank N.A. | 680,327 USD | (5327) |
|  Plains All American Pipeline LP | 10/21/25 M | 4.97% | Morgan Stanley Capital<br> Services LLC | 2,053,857 USD | 21901 |
|  Repsol SA | 10/21/25 M | 2.43% | Morgan Stanley Capital<br> Services LLC | 235,275 EUR | 11756 |
|  Samsung Electronics Co., Ltd. | 10/21/25 M | 4.54% | Morgan Stanley Capital<br> Services LLC | 315,523 USD | (1582) |
|  Shell PLC | 10/21/25 M | 4.47% | Morgan Stanley Capital<br> Services LLC | 350,108 GBP | 5763 |
|  SK Hynix, Inc. | 10/21/25 M | 4.54% | Morgan Stanley Capital<br> Services LLC | 1,264,447 USD | (27065) |
|  SMG Swiss Marketplace Group AG | 10/21/25 M | 0.45% | Morgan Stanley Capital<br> Services LLC | 1,311,898 CHF | (55419) |
|  SPDR S&P Biotech ETF | 10/21/25 M | 4.24% | Morgan Stanley Capital<br> Services LLC | 20,919,500 USD | 623500 |
|  Synspective, Inc. | 10/21/25 M | 0.98% | Morgan Stanley Capital<br> Services LLC | 249,031,456 JPY | (45316) |
|  Taiwan Semiconductor Manufacturing Co., Ltd. | 10/21/25 M | 4.54% | Morgan Stanley Capital<br> Services LLC | 7,120,629 USD | (12879) |
|  Targa Resources Corp. | 10/21/25 M | 4.39% | Morgan Stanley Capital<br> Services LLC | 7,331,142 USD | 102943 |
|  Western Midstream Partners LP | 10/21/25 M | 4.97% | Morgan Stanley Capital<br> Services LLC | 2,174,667 USD | 55630 |
|  Williams Cos., Inc. (The) | 10/21/25 M | 4.39% | Morgan Stanley Capital<br> Services LLC | 16,568,305 USD | 878539 |
|  Total Buys |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35976397 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Payment**<br>**Frequency** | **Financing**<br>**Rate** | **Counterparty** | **Notional**<br>**Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  **Sells** |  |  |  |  |  |  |
|  Accelerant Holdings | 10/21/25 | M | 0.25% | Goldman Sachs & Co. | (555506) USD | $(7947) |
|  Acuren Corp. | 10/21/25 | M | 3.69% | Morgan Stanley Capital<br> Services LLC | (987384) USD | 55844 |
|  ADT, Inc. | 10/21/25 | M | 0.25% | Goldman Sachs & Co. | (823046) USD | (946) |
|  Advanced Micro Devices, Inc. | 10/21/25 | M | 3.67% | Bank Of America Merrill Lynch | (83890) USD | (1050) |
|  AeroVironment, Inc. | 10/21/25 | M | 0.25% | Goldman Sachs & Co. | (7078962) USD | (70616) |
|  Alerian MLP Index ETN | 10/21/25 | M | 3.45% | Morgan Stanley Capital<br> Services LLC | (4183765) USD | (60384) |
|  Ambiq Micro, Inc. | 10/21/25 | M | 26.27% | Goldman Sachs & Co. | (284969) USD | 1926 |
|  Apple, Inc. | 10/21/25 | M | 3.84% | Goldman Sachs & Co. | (32010000) USD | 181250 |
|  Asia Vital Components Co., Ltd. | 10/21/25 | M | 1.22% | Morgan Stanley Capital<br> Services LLC | (47658) USD | (300) |
|  BBB Foods, Inc. | 10/21/25 | M | 3.74% | Goldman Sachs & Co. | (630099) USD | (7532) |
|  Birkenstock Holding PLC | 10/21/25 | M | 0.25% | Goldman Sachs & Co. | (855986) USD | (189) |
|  Black Rock Coffee Bar, Inc. | 10/21/25 | M | 0.79% | Goldman Sachs & Co. | (451266) USD | (189) |
|  BNP Paribas SA | 10/21/25 | M | 1.63% | Morgan Stanley Capital<br> Services LLC | (43667) EUR | 880 |
|  Bowhead Specialty Holdings, Inc. | 10/21/25 | M | 0.25% | Goldman Sachs & Co. | (381099) USD | (2626) |
|  Broadcom, Inc. | 10/21/25 | M | 10.41% | Bank Of America Merrill Lynch | (74534) USD | 1954 |
|  Brown & Brown, Inc. | 10/21/25 | M | 4.58% | Goldman Sachs & Co. | (6626562) USD | (28026) |
|  Bullish | 10/21/25 | M | 1.51% | Goldman Sachs & Co. | (1805032) USD | (284) |
|  Bureau Veritas SA | 10/21/25 | M | 1.63% | Morgan Stanley Capital<br> Services LLC | (17585) EUR | (623) |
|  CareTrust REIT, Inc. | 10/21/25 | M | 0.25% | Goldman Sachs & Co. | (2610307) USD | (14380) |
|  Caris Life Sciences, Inc. | 10/21/25 | M | 4.21% | Goldman Sachs & Co. | (569806) USD | (2554) |
|  Centuri Holdings, Inc. | 10/21/25 | M | 1.84% | Goldman Sachs & Co. | (2386615) USD | (16688) |
|  Chewy, Inc. | 10/21/25 | M | 0.25% | Goldman Sachs & Co. | (1147728) USD | (284) |
|  Chime Financial, Inc. | 10/21/25 | M | 0.92% | Goldman Sachs & Co. | (572161) USD | (284) |
|  Circle Internet Group, Inc. | 10/21/25 | M | 4.30% | Goldman Sachs & Co. | (3135413) USD | (237) |
|  Clearwater Analytics Holdings, Inc. | 10/21/25 | M | 0.25% | Goldman Sachs & Co. | (1712314) USD | 7568 |
|  Corebridge Financial, Inc. | 10/21/25 | M | 0.25% | Goldman Sachs & Co. | (3078382) USD | 46356 |
|  Danone SA | 10/21/25 | M | 1.63% | Morgan Stanley Capital<br> Services LLC | (59314) EUR | (1496) |
|  Dassault Systemes SE | 10/21/25 | M | 1.63% | Morgan Stanley Capital<br> Services LLC | (88700) EUR | (1935) |
|  Dlocal Ltd. | 10/21/25 | M | 0.64% | Goldman Sachs & Co. | (539991) USD | (378) |
|  Elbit Systems Ltd. | 10/21/25 | M | 3.69% | Goldman Sachs & Co. | (4712580) USD | (110128) |
|  Etoro Group Ltd. | 10/21/25 | M | 0.40% | Goldman Sachs & Co. | (780680) USD | (189) |
|  Figma, Inc. | 10/21/25 | M | 4.25% | Goldman Sachs & Co. | (2453030) USD | (473) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **Counterparty** | **Notional**<br>**Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Figure Technology Solutions, Inc. | 10/21/25 M | 1.23% | Goldman Sachs & Co. | (1375899) USD | $(378) |
|  Flowco Holdings, Inc. | 10/21/25 M | 0.25% | Goldman Sachs & Co. | (199521) USD | 2847 |
|  Galaxy Digital, Inc. | 10/21/25 M | 3.84% | Goldman Sachs & Co. | (12487819) USD | (306324) |
|  Gemini Space Station, Inc. | 10/21/25 M | 11.11% | Goldman Sachs & Co. | (226567) USD | (95) |
|  Grupo Financiero Galicia SA | 10/21/25 M | 1.28% | Goldman Sachs & Co. | (1042520) USD | (378) |
|  GS Equity Index Swap — GS.SPE1.GSPB | 10/21/25 M | 1.25% | Goldman Sachs & Co. | (761861655) JPY | 43212 |
|  GS Japan Pharma Index | 10/21/25 M | 0.13% | Goldman Sachs & Co. | (656680302) JPY | 95499 |
|  Guardian Pharmacy Services, Inc. | 10/21/25 M | 3.84% | Goldman Sachs & Co. | (490628) USD | (5670) |
|  HeartFlow, Inc. | 10/21/25 M | 1.49% | Goldman Sachs & Co. | (322302) USD | 3879 |
|  Hermes International SCA | 10/21/25 M | 1.63% | Morgan Stanley Capital<br> Services LLC | (274820) EUR | 4731 |
|  Hilton Grand Vacations, Inc. | 10/21/25 M | 0.25% | Goldman Sachs & Co. | (1207753) USD | 21143 |
|  Hinge Health, Inc. | 10/21/25 M | 0.25% | Goldman Sachs & Co. | (2340217) USD | 18684 |
|  Hon Hai Precision Industry Co., Ltd. | 10/21/25 M | 3.69% | Morgan Stanley Capital<br> Services LLC | (35726) USD | 291 |
|  HSBC Holdings PLC | 10/21/25 M | 3.67% | Morgan Stanley Capital<br> Services LLC | (39851) GBP | (696) |
|  IDACORP, Inc. | 10/21/25 M | 4.58% | Goldman Sachs & Co. | (994549) USD | (5562) |
|  Infinity Natural Resources, Inc. | 10/21/25 M | 2.26% | Goldman Sachs & Co. | (124257) USD | 237 |
|  Karman Holdings, Inc. | 10/21/25 M | 3.84% | Goldman Sachs & Co. | (4679105) USD | (102123) |
|  Kering SA | 10/21/25 M | 1.39% | Morgan Stanley Capital<br> Services LLC | (6625) EUR | (515) |
|  Klarna Group PLC | 10/21/25 M | 5.03% | Goldman Sachs & Co. | (346614) USD | (95) |
|  Klaviyo, Inc. | 10/21/25 M | 0.25% | Goldman Sachs & Co. | (878669) USD | 92799 |
|  Kodiak Gas Services, Inc. | 10/21/25 M | 0.25% | Goldman Sachs & Co. | (699320) USD | (189) |
|  Kratos Defense & Security Solutions, Inc. | 10/21/25 M | 0.25% | Goldman Sachs & Co. | (8487307) USD | (156570) |
|  Landbridge Co., LLC | 10/21/25 M | 2.84% | Goldman Sachs & Co. | (1013633) USD | 4198 |
|  Latam Airlines Group SA | 10/21/25 M | 0.64% | Goldman Sachs & Co. | (855986) USD | (189) |
|  Legence Corp. | 10/21/25 M | 0.39% | Goldman Sachs & Co. | (2342767) USD | 10974 |
|  Lineage, Inc. | 10/21/25 M | 0.25% | Goldman Sachs & Co. | (1468799) USD | 6622 |
|  Live Nation Entertainment, Inc. | 10/21/25 M | 0.25% | Goldman Sachs & Co. | (2318668) USD | (142) |
|  LPL Financial Holdings, Inc. | 10/21/25 M | 0.25% | Goldman Sachs & Co. | (1573576) USD | (47) |
|  MakeMyTrip Ltd. | 10/21/25 M | 0.25% | Goldman Sachs & Co. | (708289) USD | (76) |
|  Marex Group PLC | 10/21/25 M | 3.84% | Goldman Sachs & Co. | (1602541) USD | 12282 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **Counterparty** | **Notional**<br>**Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  MBRF Global Foods Co., SA | 10/21/25 M | 10.41% | Morgan Stanley Capital<br> Services LLC | (43328) USD | $3323 |
|  McGraw Hill, Inc. | 10/21/25 M | 0.65% | Goldman Sachs & Co. | (515219) USD | 40904 |
|  McKesson Corp. | 10/21/25 M | 0.25% | Goldman Sachs & Co. | (8769761) USD | (114) |
|  MediaTek, Inc. | 10/21/25 M | 3.71% | Morgan Stanley Capital<br> Services LLC | (92954) USD | 6662 |
|  Medtronic PLC | 10/21/25 M | 0.25% | Goldman Sachs & Co. | (7207292) USD | (757) |
|  Miami International Holdings, Inc. | 10/21/25 M | 2.35% | Goldman Sachs & Co. | (2336357) USD | 51119 |
|  Micron Technology, Inc. | 10/21/25 M | 1.63% | Bank Of America Merrill Lynch | (31278) USD | (513) |
|  Microsoft Corp. | 10/21/25 M | 3.84% | Goldman Sachs & Co. | (25722500) USD | (175000) |
|  Minerva SA | 10/21/25 M | 3.59% | Morgan Stanley Capital<br> Services LLC | (42035) USD | (2354) |
|  MNTN, Inc. | 10/21/25 M | 3.39% | Goldman Sachs & Co. | (175388) USD | (95) |
|  Mobileye Global, Inc. | 10/21/25 M | 3.45% | Goldman Sachs & Co. | (5283614) USD | (59578) |
|  MP Materials Corp. | 10/21/25 M | 0.35% | Goldman Sachs & Co. | (2537617) USD | (378) |
|  MS Equity Index Swap - MSHDGHAC | 10/21/25 M | 1.56% | Morgan Stanley Capital<br> Services LLC | (24128980) SEK | (11613) |
|  MS Equity Index Swap - MSHVHEAT | 10/21/25 M | 3.77% | Morgan Stanley Capital<br> Services LLC | (80720228) USD | (1779647) |
|  Nasdaq, Inc. | 10/21/25 M | 0.25% | Goldman Sachs & Co. | (8378988) USD | 11352 |
|  Nebius Group NV | 10/21/25 M | 0.52% | Goldman Sachs & Co. | (4248031) USD | (378) |
|  News Corp. | 10/21/25 M | 0.25% | Goldman Sachs & Co. | (1631648) USD | (2602) |
|  NIQ Global Intelligence PLC | 10/21/25 M | 3.17% | Goldman Sachs & Co. | (1779393) USD | (2934) |
|  Oklo, Inc. | 10/21/25 M | 0.48% | Goldman Sachs & Co. | (2111962) USD | (189) |
|  Onestream, Inc. | 10/21/25 M | 3.84% | Goldman Sachs & Co. | (1809512) USD | 65978 |
|  Pattern Group, Inc. | 10/21/25 M | 9.92% | Goldman Sachs & Co. | (388536) USD | (284) |
|  Pernod Ricard SA | 10/21/25 M | 1.63% | Morgan Stanley Capital<br> Services LLC | (40815) EUR | 1821 |
|  Ping An Insurance Group Co. of China Ltd. | 10/21/25 M | 3.88% | Citibank N.A. | (4077150) HKD | (990) |
|  Primo Brands Corp. | 10/21/25 M | 0.25% | Goldman Sachs & Co. | (2089780) USD | (946) |
|  Quanta Computer, Inc. | 10/21/25 M | 3.44% | Morgan Stanley Capital<br> Services LLC | (130136) USD | (3075) |
|  QXO, Inc. | 10/21/25 M | 0.25% | Goldman Sachs & Co. | (1441761) USD | (757) |
|  Rexel SA | 10/21/25 M | 1.63% | Morgan Stanley Capital<br> Services LLC | (9539) EUR | (77) |
|  SailPoint, Inc. | 10/21/25 M | 0.59% | Goldman Sachs & Co. | (2098768) USD | 9933 |
|  Sandisk Corp. | 10/21/25 M | 0.25% | Goldman Sachs & Co. | (6368129) USD | (568) |
|  Schneider Electric SE | 10/21/25 M | 1.63% | Morgan Stanley Capital<br> Services LLC | (162840) EUR | (6317) |
|  ServiceTitan, Inc. | 10/21/25 M | 0.25% | Goldman Sachs & Co. | (2892023) USD | 30367 |
|  Simmons First National Corp. | 10/21/25 M | 0.25% | Goldman Sachs & Co. | (271900) USD | (142) |
|  Smithfield Foods, Inc. | 10/21/25 M | 0.25% | Goldman Sachs & Co. | (1440450) USD | (3382) |
|  SoFi Technologies, Inc. | 10/21/25 M | 0.25% | Goldman Sachs & Co. | (3747711) USD | (1419) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Instrument** | **Termination**<br>**Date<sup>1</sup>** | **Financing**<br>**Rate** | **Counterparty** | **Notional**<br>**Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Spirax Group PLC | 10/21/25 M | 3.67% | Morgan Stanley Capital<br> Services LLC | (5534) GBP | $202 |
|  SPX Technologies, Inc. | 10/21/25 M | 0.25% | Goldman Sachs & Co. | (2632429) USD | (18166) |
|  Standardaero, Inc. | 10/21/25 M | 3.84% | Goldman Sachs & Co. | (1902730) USD | (33550) |
|  Starwood Property Trust, Inc. | 10/21/25 M | 3.84% | Goldman Sachs & Co. | (3754827) USD | 89907 |
|  Stubhub Holdings, Inc. | 10/21/25 M | 10.50% | Goldman Sachs & Co. | (477652) USD | (284) |
|  Take-Two Interactive Software, Inc. | 10/21/25 M | 0.25% | Goldman Sachs & Co. | (4888240) USD | (189) |
|  T-Mobile US, Inc. | 10/21/25 M | 4.01% | Goldman Sachs & Co. | (9058000) USD | (378) |
|  TotalEnergies SE | 10/21/25 M | 1.63% | Morgan Stanley Capital<br> Services LLC | (397700) EUR | 0 |
|  TotalEnergies SE | 10/21/25 M | 3.84% | Morgan Stanley Capital<br> Services LLC | (116557) USD | 2071 |
|  TWFG, Inc. | 10/21/25 M | 3.84% | Goldman Sachs & Co. | (255542) USD | (4040) |
|  UL Solutions, Inc. | 10/21/25 M | 3.84% | Goldman Sachs & Co. | (2654555) USD | (26859) |
|  V2X, Inc. | 10/21/25 M | 3.84% | Goldman Sachs & Co. | (1067171) USD | (31950) |
|  VeriSign, Inc. | 10/21/25 M | 4.58% | Goldman Sachs & Co. | (6667929) USD | 55819 |
|  Via Transportation, Inc. | 10/21/25 M | 7.57% | Goldman Sachs & Co. | (454742) USD | (95) |
|  Viper Energy, Inc. | 10/21/25 M | 0.25% | Goldman Sachs & Co. | (1445905) USD | (378) |
|  WaterBridge Infrastructure LLC | 10/21/25 M | 6.34% | Goldman Sachs & Co. | (123692) USD | (643) |
|  Waystar Holding Corp. | 10/21/25 M | 0.25% | Goldman Sachs & Co. | (1783011) USD | (10643) |
|  Wistron Corp. | 10/21/25 M | 1.16% | Morgan Stanley Capital<br> Services LLC | (48230) USD | (7088) |
|  Total Sells | Total Sells | Total Sells | Total Sells |  | $(2114525) |
|  Total OTC Total Return Swaps Outstanding | Total OTC Total Return Swaps Outstanding | Total OTC Total Return Swaps Outstanding | Total OTC Total Return Swaps Outstanding |  | $33861872 |

---

<sup>1</sup> The termination date presented for OTC Total Return Swaps is the monthly settlement date. 

#### Centrally Cleared Interest Rate Swaps Outstanding at September 30, 2025

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 3.32% | 1Y/1Y | 09/22/2037 | Morgan<br> Stanley<br> Capital<br> Services LLC | 2,800,000 USD | $133684 | $– $| 133684 |
|  Pays | USD SOFR | 4.21% | 1Y/1Y | 04/18/2026 | Morgan<br> Stanley<br> Capital<br> Services LLC | 500,000 USD | (546) | – | (546) |
|  Pays | USD SOFR | 3.19% | 1Y/1Y | 12/01/2037 | Morgan<br> Stanley<br> Capital<br> Services LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,000,000 USD | 219362 | – | 219362 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 3.87% | 1Y/1Y | 02/23/2029 | Morgan<br> Stanley<br> Capital<br> Services LLC | 4,000,000 USD | $(54317) | $— | $(54317) |
|  Pays | USD SOFR | 2.72% | 6M/3M | 09/08/2028 | Morgan<br> Stanley<br> Capital<br> Services LLC | 1,000,000 USD | 26513 | (191) | 26704 |
|  Pays | USD SOFR | 2.39% | 6M/3M | 11/16/2028 | Morgan<br> Stanley<br> Capital<br> Services LLC | 4,000,000 USD | 132421 | (930) | 133351 |
|  Pays | USD SOFR | 2.67% | 6M/3M | 09/13/2028 | Morgan<br> Stanley<br> Capital<br> Services LLC | 2,500,000 USD | 68543 | (306) | 68849 |
|  Pays | USD SOFR | 2.43% | 6M/3M | 10/11/2026 | Morgan<br> Stanley<br> Capital<br> Services LLC | 3,000,000 USD | 41420 | (796) | 42216 |
|  Pays | USD SOFR | 1.88% | 6M/3M | 01/24/2027 | Morgan<br> Stanley<br> Capital<br> Services LLC | 1,500,000 USD | 44917 | (244) | 45161 |
|  Pays | USD SOFR | 1.32% | 6M/3M | 02/28/2027 | Morgan<br> Stanley<br> Capital<br> Services LLC | 5,000,000 USD | 183345 | (1377) | 184722 |
|  Pays | USD SOFR | 1.61% | 6M/3M | 03/23/2027 | Morgan<br> Stanley<br> Capital<br> Services LLC | 7,000,000 USD | 218558 | (2068) | 220626 |
|  Pays | USD SOFR | 1.62% | 6M/3M | 03/24/2027 | Morgan<br> Stanley<br> Capital<br> Services LLC | 7,000,000 USD | 217710 | (1880) | 219590 |
|  Pays | USD SOFR | 0.80% | 6M/3M | 01/13/2026 | Morgan<br> Stanley<br> Capital<br> Services LLC | 80,000 USD | 1457 | (21) | 1478 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 0.95% | 6M/3M | 01/13/2027 | Morgan<br> Stanley<br> Capital<br> Services LLC | 940,000 USD | $41197 | $(268) | $41465 |
|  Pays | USD SOFR | 0.71% | 6M/3M | 01/22/2026 | Morgan<br> Stanley<br> Capital<br> Services LLC | 12,000,000 USD | 223180 | (5364) | 228544 |
|  Pays | USD SOFR | 2.72% | 6M/3M | 08/08/2028 | Morgan<br> Stanley<br> Capital<br> Services LLC | 3,000,000 USD | 82371 | (632) | 83003 |
|  Pays | USD SOFR | 2.83% | 6M/3M | 07/29/2029 | Morgan<br> Stanley<br> Capital<br> Services LLC | 3,000,000 USD | 95233 | (725) | 95958 |
|  Receives | USD SOFR | 0.98% | 3M/6M | 03/25/2030 | Morgan<br> Stanley<br> Capital<br> Services LLC | (3000000) USD | (291700) |  | (291700) |
|  Pays | USD SOFR | 2.40% | 6M/3M | 01/25/2027 | Morgan<br> Stanley<br> Capital<br> Services LLC | 2,900,000 USD | 53653 |  | 53653 |
|  Pays | USD SOFR | 1.56% | 6M/3M | 09/26/2026 | Morgan<br> Stanley<br> Capital<br> Services LLC | 1,800,000 USD | 37143 |  | 37143 |
|  Pays | USD SOFR | 2.27% | 6M/3M | 01/25/2026 | Morgan<br> Stanley<br> Capital<br> Services LLC | 2,000,000 USD | 19126 |  | 19126 |
|  Pays | USD SOFR | 1.24% | M/M | 04/19/2028 | Morgan<br> Stanley<br> Capital<br> Services LLC | 700,000 USD | 38309 |  | 38309 |
|  Pays | USD SOFR | 1.62% | 6M/3M | 07/25/2026 | Morgan<br> Stanley<br> Capital<br> Services LLC | 1,900,000 USD | 42023 |  | 42023 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 1.90% | 6M/3M | 08/27/2029 | Morgan<br> Stanley<br> Capital<br> Services LLC | 1,650,000 USD | $91979 | $— | $91979 |
|  Pays | USD SOFR | 3.17% | M/M | 05/04/2032 | Morgan<br> Stanley<br> Capital<br> Services LLC | 6,500,000 USD | 150349 | (1) | 150350 |
|  Pays | USD SOFR | 0.66% | 6M/3M | 03/11/2035 | Morgan<br> Stanley<br> Capital<br> Services LLC | 1,500,000 USD | 361097 |  | 361097 |
|  Pays | USD SOFR | 3.49% | 1Y/1Y | 06/30/2038 | Morgan<br> Stanley<br> Capital<br> Services LLC | 8,000,000 USD | 316132 |  | 316132 |
|  Pays | JPY TONA | 0.69% | M/M | 09/29/2027 | Bank of<br> America<br> Securities,<br> Inc. | 1,866,000,000 JPY | 65458 |  | 65458 |
|  Receives | USD SOFR | 3.96% | M/M | 09/29/2027 | Bank of<br> America<br> Securities,<br> Inc. | (2100000) USD | 22882 | (308) | 23190 |
|  Pays | JPY TONA | 0.71% | M/M | 09/29/2027 | Bank of<br> America<br> Securities,<br> Inc. | 1,302,000,000 JPY | 42772 |  | 42772 |
|  Receives | USD SOFR | 3.92% | M/M | 11/10/2027 | Bank of<br> America<br> Securities,<br> Inc. | (1800000) USD | 20042 |  | 20042 |
|  Pays | USD SOFR | 3.68% | 1Y/1Y | 02/01/2034 | Morgan Stanley Capital Services LLC | 5,000,000 USD | (15851) |  | (15851) |
|  Receives | EUR-EURIBOR | 2.67% | 1Y/6M | 03/28/2039 | Bank of<br> America<br> Securities,<br> Inc. | (600000) EUR | (2600) | 1463 | (4063) |
|  Receives | EUR-EURIBOR | 2.65% | 1Y/6M | 04/04/2039 | Bank of<br> America<br> Securities,<br> Inc. | (600000) EUR | (12607) | 3728 | (16335) |
|  Receives | EUR-EURIBOR | 2.58% | 1Y/6M | 04/03/2034 | Bank of<br> America<br> Securities,<br> Inc. | (300000) EUR | (157) | (298) | 141 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 2.61% | 1Y/6M | 04/04/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | $(5566) | $(161) | $(5405) |
|  Pays | USD SOFR | 3.83% |  | 04/03/2034 | Bank of<br> America<br> Securities,<br> Inc. | 300,000 USD | (4695) | 86 | (4781) |
|  Receives | GBP SONIA | 3.72% |  | 03/28/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) GBP | (18377) | 289 | (18666) |
|  Pays | CAD CORRA | 3.45% | 6M/6M | 04/03/2034 | Bank of<br> America<br> Securities,<br> Inc. | 600,000 CAD | (23359) | 1452 | (24811) |
|  Pays | CAD CORRA | 3.48% | 6M/6M | 04/03/2034 | Bank of<br> America<br> Securities,<br> Inc. | 300,000 CAD | (12292) | 2215 | (14507) |
|  Receives | EUR-EURIBOR | 2.58% | 1Y/6M | 04/04/2034 | Bank of<br> America<br> Securities,<br> Inc. | (300000) EUR | (225) | (3392) | 3167 |
|  Receives | EUR-EURIBOR | 2.61% | 1Y/6M | 04/04/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (5447) | (3176) | (2271) |
|  Pays | USD SOFR | 3.94% | 1Y/1Y | 04/04/2034 | Bank of<br> America<br> Securities,<br> Inc. | 300,000 USD | (7346) | 1119 | (8465) |
|  Pays | CAD CORRA | 3.60% | 6M/6M | 04/03/2034 | Bank of<br> America<br> Securities,<br> Inc. | 300,000 CAD | (14260) | 1363 | (15623) |
|  Receives | GBP SONIA | 3.72% | 1Y/1Y | 04/04/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) GBP | (18407) | (4114) | (14293) |
|  Receives | EUR-EURIBOR | 2.71% | 1Y/6M | 04/05/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (2634) | (246) | (2388) |
|  Pays | CAD CORRA | 3.62% | 6M/6M | 04/04/2034 | Bank of<br> America<br> Securities,<br> Inc. | 300,000 CAD | (14621) | 863 | (15484) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 2.55% | 1Y/3M | 04/06/2054 | Bank of<br> America<br> Securities,<br> Inc. | 1,300,000 SEK | $8118 | $343 | $7775 |
|  Receives | EUR-EURIBOR | 2.68% | 1Y/6M | 04/11/2034 | Bank of<br> America<br> Securities,<br> Inc. | (300000) EUR | 2749 | 1236 | 1513 |
|  Receives | EUR-EURIBOR | 2.69% | 1Y/6M | 04/12/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (3066) | 695 | (3761) |
|  Pays | USD SOFR | 3.97% | 1Y/1Y | 04/10/2034 | Bank of<br> America<br> Securities,<br> Inc. | 300,000 USD | (8040) | (280) | (7760) |
|  Receives | GBP SONIA | 3.82% | 1Y/1Y | 04/04/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) GBP | (15618) | 657 | (16275) |
|  Pays | SEK STIBOR | 2.54% | 1Y/3M | 04/08/2054 | Bank of<br> America<br> Securities,<br> Inc. | 1,300,000 SEK | 8376 | (473) | 8849 |
|  Pays | SEK STIBOR | 2.54% | 1Y/3M | 04/08/2054 | Bank of<br> America<br> Securities,<br> Inc. | 1,300,000 SEK | 8376 | (473) | 8849 |
|  Receives | EUR-EURIBOR | 2.71% | 1Y/6M | 04/12/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (2538) | (522) | (2016) |
|  Pays | USD SOFR | 4.02% | 1Y/1Y | 04/10/2034 | Bank of<br> America<br> Securities,<br> Inc. | 300,000 USD | (9316) | 711 | (10027) |
|  Pays | USD SOFR | 4.02% | 1Y/1Y | 04/11/2039 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 USD | (3856) | 658 | (4514) |
|  Pays | CAD CORRA | 3.61% | 6M/6M | 04/10/2034 | Bank of<br> America<br> Securities,<br> Inc. | 300,000 CAD | (14421) | 373 | (14794) |
|  Receives | EUR-EURIBOR | 2.73% | 1Y/6M | 04/12/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (1927) | 1610 | (3537) |
|  Pays | SEK STIBOR | 2.55% | 1Y/3M | 04/13/2054 | Bank of<br> America<br> Securities,<br> Inc. | 1,300,000 SEK | 8209 | 527 | 7682 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 2.72% | 1Y/6M | 04/15/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | $(2449) | $(1351) | $(1098) |
|  Pays | CAD CORRA | 3.71% | 6M/6M | 04/12/2034 | Bank of<br> America<br> Securities,<br> Inc. | 300,000 CAD | (16162) | 285 | (16447) |
|  Receives | EUR-EURIBOR | 2.76% | 1Y/6M | 04/18/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (1118) | 2411 | (3529) |
|  Receives | GBP SONIA | 3.96% | 1Y/1Y | 04/12/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) GBP | (11347) | 2175 | (13522) |
|  Receives | EUR-EURIBOR | 2.76% | 1Y/6M | 04/18/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (1236) | (1709) | 473 |
|  Receives | EUR-EURIBOR | 2.75% | 1Y/6M | 04/18/2034 | Bank of<br> America<br> Securities,<br> Inc. | (300000) EUR | 4634 | (1780) | 6414 |
|  Pays | SEK STIBOR | 2.62% | 1Y/3M | 04/20/2054 | Bank of<br> America<br> Securities,<br> Inc. | 1,300,000 SEK | 6434 | 2016 | 4418 |
|  Receives | EUR-EURIBOR | 2.78% | 1Y/6M | 04/22/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (789) | (23) | (766) |
|  Pays | CAD CORRA | 3.88% | 6M/6M | 05/01/2034 | Bank of<br> America<br> Securities,<br> Inc. | 300,000 CAD | (19011) | (773) | (18238) |
|  Receives | GBP SONIA | 4.11% | 1Y/1Y | 04/29/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) GBP | (7259) | 855 | (8114) |
|  Pays | USD SOFR | 4.25% | 1Y/1Y | 05/06/2039 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 USD | (8822) | 314 | (9136) |
|  Pays | CAD CORRA | 3.61% | 6M/6M | 05/08/2034 | Bank of<br> America<br> Securities,<br> Inc. | 300,000 CAD | (14353) | (716) | (13637) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 3.67% | 6M/6M | 05/15/2034 | Bank of<br> America<br> Securities,<br> Inc. | 300,000 CAD | $(15261) | $365 | $(15626) |
|  Pays | EUR-EURIBOR | 2.79% | 1Y/6M | 05/22/2034 | Bank of<br> America<br> Securities,<br> Inc. | 300,000 EUR | (5608) | 197 | (5805) |
|  Receives | AUD BBSW | 4.56% | 6M/6M | 05/23/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) AUD | 2130 | (147) | 2277 |
|  Pays | EUR-EURIBOR | 2.79% | 1Y/6M | 05/24/2039 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 EUR | 671 | 689 | (18) |
|  Receives | AUD BBSW | 4.42% | 6M/6M | 05/25/2054 | Bank of<br> America<br> Securities,<br> Inc. | (300000) AUD | (3349) | (1917) | (1432) |
|  Pays | EUR-EURIBOR | 2.84% | 1Y/6M | 05/30/2039 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 EUR | (848) | (23) | (825) |
|  Receives | AUD BBSW | 4.57% | 6M/6M | 05/30/2039 | Bank of<br> America<br> Securities,<br> Inc. | (500000) AUD | 5923 | (4524) | 10447 |
|  Pays | EUR-EURIBOR | 2.84% | 1Y/6M | 05/31/2034 | Bank of<br> America<br> Securities,<br> Inc. | 300,000 EUR | (7211) | 1138 | (8349) |
|  Pays | EUR-EURIBOR | 2.89% | 1Y/6M | 06/06/2039 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 EUR | (2321) | 594 | (2915) |
|  Receives | GBP SONIA | 4.07% | 1Y/1Y | 06/03/2039 | Bank of America<br> Securities, Inc. | (200000) GBP | (8290) | 2282 | (10572) |
|  Pays | EUR-EURIBOR | 2.78% | 1Y/6M | 06/07/2039 | Bank of America<br> Securities, Inc. | 200,000 EUR | 719 | (37) | 756 |
|  Receives | GBP SONIA | 3.89% | 1Y/1Y | 06/08/2054 | Bank of America<br> Securities,<br> Inc. | (100000) GBP | (16253) | 73 | (16326) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 3.91% | 1Y/1Y | 06/13/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) USD | $1296 | $(2893) | $4189 |
|  Receives | USD SOFR | 3.91% | 1Y/1Y | 06/12/2034 | Bank of<br> America<br> Securities,<br> Inc. | (300000) USD | 6836 | (3246) | 10082 |
|  Pays | EUR-EURIBOR | 2.80% | 1Y/6M | 06/19/2034 | Bank of<br> America<br> Securities,<br> Inc. | 300,000 EUR | (5715) | 796 | (6511) |
|  Receives | GBP SONIA | 3.79% | 1Y/1Y | 06/17/2054 | Bank of<br> America<br> Securities,<br> Inc. | (100000) GBP | (18364) | (437) | (17927) |
|  Pays | SEK STIBOR | 2.33% | 1Y/3M | 06/22/2054 | Bank of<br> America<br> Securities,<br> Inc. | 1,200,000 SEK | 13224 | (302) | 13526 |
|  Pays | EUR-EURIBOR | 2.75% | 1Y/6M | 06/24/2039 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 EUR | 1717 | 825 | 892 |
|  Pays | USD SOFR | 3.81% | 1Y/1Y | 06/21/2036 | Morgan<br> Stanley<br> Capital<br> Services LLC | 1,500,000 USD | (12471) |  | (12471) |
|  Pays | SEK STIBOR | 2.33% | 1Y/3M | 06/26/2054 | Bank of<br> America<br> Securities,<br> Inc. | 1,300,000 SEK | 14356 | 1355 | 13001 |
|  Receives | GBP SONIA | 3.86% | 1Y/1Y | 06/27/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) GBP | (14565) | 608 | (15173) |
|  Pays | CAD CORRA | 3.33% | 6M/6M | 07/02/2054 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 CAD | (1852) | (395) | (1457) |
|  Receives | GBP SONIA | 3.95% | 1Y/1Y | 07/01/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) GBP | (11910) | (1315) | (10595) |
|  Receives | USD SOFR | 4.05% | 1Y/1Y | 07/05/2034 | Bank of<br> America<br> Securities,<br> Inc. | (300000) USD | 10032 | 478 | 9554 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 3.36% | 6M/6M | 07/03/2054 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 CAD | $(2258) | $1660 | $(3918) |
|  Receives | CHF SARON | 1.09% | 1Y/1Y | 07/06/2054 | Bank of<br> America<br> Securities,<br> Inc. | (100000) CHF | 13153 | (535) | 13688 |
|  Pays | CAD CORRA | 3.47% | 6M/6M | 07/06/2054 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 CAD | (3764) | 85 | (3849) |
|  Pays | SEK STIBOR | 2.37% | 1Y/3M | 07/13/2054 | Bank of<br> America<br> Securities,<br> Inc. | 1,300,000 SEK | 14011 | 712 | 13299 |
|  Pays | CAD CORRA | 3.35% | 6M/6M | 07/10/2054 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 CAD | (2235) | 125 | (2360) |
|  Receives | GBP SONIA | 3.93% | 1Y/1Y | 07/10/2054 | Bank of<br> America<br> Securities,<br> Inc. | (100000) GBP | (15379) | 676 | (16055) |
|  Pays | CAD CORRA | 3.35% | 6M/6M | 07/29/2054 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 CAD | (2128) | (715) | (1413) |
|  Receives | CAD CORRA | 3.13% | 6M/6M | 07/30/2029 | Bank of<br> America<br> Securities,<br> Inc. | (500000) CAD | 9201 | 490 | 8711 |
|  Pays | CAD CORRA | 3.26% | 6M/6M | 07/31/2054 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 CAD | (976) | (421) | (555) |
|  Receives | CAD CORRA | 3.04% | 6M/6M | 08/01/2029 | Bank of<br> America<br> Securities,<br> Inc. | (500000) CAD | 8068 | 196 | 7872 |
|  Pays | SEK STIBOR | 2.11% | 1Y/3M | 08/10/2054 | Bank of<br> America<br> Securities,<br> Inc. | 1,200,000 SEK | 19633 | 1589 | 18044 |
|  Pays | CAD CORRA | 3.10% | 6M/6M | 08/10/2054 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 CAD | 1207 | 597 | 610 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 3.13% | 6M/6M | 08/10/2054 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 CAD | $839 | $486 | $353 |
|  Receives | USD SOFR | 3.28% | 1Y/1Y | 12/17/2026 | Bank of<br> America<br> Securities,<br> Inc. | (700000) USD | (1165) |  | (1165) |
|  Receives | CAD CORRA | 2.98% | 6M/6M | 08/21/2034 | Bank of<br> America<br> Securities,<br> Inc. | (300000) CAD | 2999 | 341 | 2658 |
|  Pays | SEK STIBOR | 2.12% | 1Y/3M | 08/20/2054 | Bank of<br> America<br> Securities,<br> Inc. | 1,200,000 SEK | 19280 | (534) | 19814 |
|  Receives | USD SOFR | 3.44% | 1Y/1Y | 08/21/2034 | Bank of<br> America<br> Securities,<br> Inc. | (300000) USD | (3817) | 684 | (4501) |
|  Receives | USD SOFR | 3.10% | 1Y/1Y | 12/20/2027 | Bank of<br> America<br> Securities,<br> Inc. | (465000) USD | (160) |  | (160) |
|  Receives | CAD<br> CORRA | 2.90% | 6M/6M | 08/23/2034 | Bank of<br> America<br> Securities,<br> Inc. | (300000) CAD | 1658 | (459) | 2117 |
|  Pays | EUR-EURIBOR | 2.45% | 1Y/6M | 08/27/2029 | Bank of<br> America<br> Securities,<br> Inc. | 600,000 EUR | (4112) | (143) | (3969) |
|  Pays | EUR-EURIBOR | 2.47% | 1Y/6M | 08/28/2034 | Bank of<br> America<br> Securities,<br> Inc. | 300,000 EUR | 4093 | (115) | 4208 |
|  Receives | CAD CORRA | 2.91% | 6M/6M | 08/28/2034 | Bank of<br> America<br> Securities,<br> Inc. | (300000) CAD | 1801 | (162) | 1963 |
|  Receives | USD SOFR | 3.36% | 1Y/1Y | 08/28/2034 | Bank of<br> America<br> Securities,<br> Inc. | (300000) USD | (5657) | 369 | (6026) |
|  Pays | GBP SONIA | 3.69% | 1Y/1Y | 08/28/2029 | Bank of<br> America<br> Securities,<br> Inc. | 500,000 GBP | 2867 | 1881 | 986 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 3.73% | 1Y/1Y | 08/28/2029 | Bank of<br> America<br> Securities,<br> Inc. | 500,000 GBP | $1757 | $397 | $1360 |
|  Pays | EUR-EURIBOR | 2.59% | 1Y/6M | 08/30/2039 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 EUR | 6610 | (689) | 7299 |
|  Receives | USD SOFR | 3.10% | 1Y/1Y | 07/14/2028 | Bank of<br> America<br> Securities,<br> Inc. | (545000) USD | (492) |  | (492) |
|  Receives | USD SOFR | 3.10% | 1Y/1Y | 06/30/2028 | Bank of<br> America<br> Securities,<br> Inc. | (1080000) USD | (946) |  | (946) |
|  Receives | AUD BBSW | 4.04% | 6M/6M | 08/30/2034 | Bank of<br> America<br> Securities,<br> Inc. | (300000) AUD | (1987) | (1127) | (860) |
|  Receives | GBP SONIA | 3.79% | 1Y/1Y | 09/01/2054 | Bank of<br> America<br> Securities,<br> Inc. | (100000) GBP | (18318) | (402) | (17916) |
|  Pays | GBP SONIA | 3.75% | 1Y/1Y | 08/30/2029 | Bank of<br> America<br> Securities,<br> Inc. | 500,000 GBP | 1465 | (938) | 2403 |
|  Pays | JPY TONA | 0.69% | 1Y/1Y | 09/07/2028 | Bank of<br> America<br> Securities,<br> Inc. | 1,700,000,000 JPY | 114663 |  | 114663 |
|  Pays | SEK STIBOR | 2.23% | 1Y/3M | 09/07/2054 | Bank of<br> America<br> Securities,<br> Inc. | 1,100,000 SEK | 15156 | (49) | 15205 |
|  Receives | USD SOFR | 3.14% | 1Y/1Y | 09/08/2028 | Bank of<br> America<br> Securities,<br> Inc. | (4700000) USD | (3504) |  | (3504) |
|  Pays | EUR-EU<br> RIBOR | 2.57% | 1Y/6M | 09/06/2039 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 EUR | 7225 | (772) | 7997 |
|  Pays | GBP SONIA | 3.64% | 1Y/1Y | 09/05/2029 | Bank of<br> America<br> Securities,<br> Inc. | 500,000 GBP | 3931 | (752) | 4683 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 3.58% | 1Y/1Y | 09/17/2054 | Bank of<br> America<br> Securities,<br> Inc. | (100000) GBP | $(22869) | $427 | $(23296) |
|  Pays | EUR-EURIBOR | 2.48% | 1Y/6M | 09/20/2039 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 EUR | 9783 | 1132 | 8651 |
|  Receives | GBP SONIA | 3.58% | 1Y/1Y | 09/18/2054 | Bank of<br> America<br> Securities,<br> Inc. | (100000) GBP | (22734) | (1292) | (21442) |
|  Pays | CAD<br> CORRA | 2.88% | 6M/6M | 09/21/2054 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 CAD | 4224 | 218 | 4006 |
|  Receives | CAD<br> CORRA | 2.60% | 6M/6M | 09/19/2029 | Bank of<br> America<br> Securities,<br> Inc. | (500000) CAD | 2047 | (183) | 2230 |
|  Pays | CAD<br> CORRA | 2.93% | 6M/6M | 09/21/2054 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 CAD | 3665 | 846 | 2819 |
|  Receives | CAD<br> CORRA | 2.82% | 6M/6M | 09/25/2034 | Bank of<br> America<br> Securities,<br> Inc. | (300000) CAD | 50 | (843) | 893 |
|  Receives | GBP SONIA | 3.70% | 1Y/1Y | 09/21/2054 | Bank of<br> America<br> Securities,<br> Inc. | (100000) GBP | (20327) | (352) | (19975) |
|  Pays | CAD<br> CORRA | 2.94% | 6M/6M | 09/23/2054 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 CAD | 3417 | 436 | 2981 |
|  Receives | CAD<br> CORRA | 2.63% | 6M/6M | 09/24/2029 | Bank of<br> America<br> Securities,<br> Inc. | (500000) CAD | 2443 | 355 | 2088 |
|  Pays | CAD<br> CORRA | 2.97% | 6M/6M | 09/24/2054 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 CAD | 3086 | (194) | 3280 |
|  Pays | CAD<br> CORRA | 2.97% | 6M/6M | 09/28/2054 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 CAD | 2926 | 599 | 2327 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 3.73% | 1Y/1Y | 09/25/2054 | Bank of<br> America<br> Securities,<br> Inc. | (100000) GBP | $(19643) | $(1316) | $(18327) |
|  Receives | CAD<br> CORRA | 2.67% | 6M/6M | 09/27/2029 | Bank of<br> America<br> Securities,<br> Inc. | (500000) CAD | 2744 | (164) | 2908 |
|  Pays | CAD<br> CORRA | 3.02% | 6M/6M | 09/28/2054 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 CAD | 2282 | (14) | 2296 |
|  Pays | CAD<br> CORRA | 3.03% | 6M/6M | 10/01/2054 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 CAD | 2214 | (464) | 2678 |
|  Pays | CAD<br> CORRA | 2.97% | 6M/6M | 10/02/2054 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 CAD | 3035 | (414) | 3449 |
|  Receives | EUR-EURIBOR | 2.43% | 1Y/6M | 10/07/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (8408) | (1021) | (7387) |
|  Pays | CAD<br> CORRA | 3.04% | 6M/6M | 10/05/2054 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 CAD | 1986 | 387 | 1599 |
|  Receives | EUR-EURIBOR | 2.47% | 6M/1Y | 10/10/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (12628) | (1336) | (11292) |
|  Pays | CAD<br> CORRA | 3.10% | 6M/6M | 10/07/2054 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 CAD | 1186 | 887 | 299 |
|  Receives | EUR-EURIBOR | 2.43% | 1Y/6M | 10/09/2034 | Bank of<br> America<br> Securities,<br> Inc. | (300000) EUR | (1181) | (941) | (240) |
|  Pays | USD SOFR | 3.43% | 1Y/1Y | 10/09/2054 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 USD | 10057 | 733 | 9324 |
|  Pays | SEK<br> STIBOR | 2.27% | 1Y/3M | 10/09/2054 | Bank of<br> America<br> Securities,<br> Inc. | 1,100,000 SEK | 12310 | 2583 | 9727 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | (2500000) USD | $(48524) | $(819) | $(47705) |
|  Pays | CAD<br> CORRA | 3.20% | 6M/6M | 10/09/2054 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 CAD | (171) | 367 | (538) |
|  Pays | USD SOFR | 3.47% | 1Y/1Y | 10/13/2054 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 USD | 9148 | 559 | 8589 |
|  Pays | CAD<br> CORRA | 3.19% | 6M/6M | 10/13/2054 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 CAD | (129) | 307 | (436) |
|  Receives | SEK<br> STIBOR | 2.47% | 1Y/3M | 10/11/2034 | Bank of<br> America<br> Securities,<br> Inc. | (2800000) SEK | 1148 | 178 | 970 |
|  Receives | CAD<br> CORRA | 2.86% | 6M/6M | 10/16/2029 | Bank of<br> America<br> Securities,<br> Inc. | (500000) CAD | 5809 | 875 | 4934 |
|  Pays | USD SOFR | 3.71% | 1Y/1Y | 10/17/2039 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 USD | 4559 | (1208) | 5767 |
|  Receives | SEK<br> STIBOR | 2.46% | 1Y/3M | 10/17/2034 | Bank of<br> America<br> Securities,<br> Inc. | (2800000) SEK | 810 | 1720 | (910) |
|  Receives | EUR-EURIBOR | 2.50% | 1Y/6M | 10/18/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (6079) | 795 | (6874) |
|  Receives | SEK<br> STIBOR | 2.38% | 1Y/3M | 10/18/2034 | Bank of<br> America<br> Securities,<br> Inc. | (2800000) SEK | (1360) | 734 | (2094) |
|  Pays | USD SOFR | 3.63% | 1Y/1Y | 10/18/2039 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 USD | 6316 | (503) | 6819 |
|  Receives | EUR-EURIBOR | 2.47% | 1Y/6M | 10/21/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (7165) | (222) | (6943) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 3.62% | 1Y/1Y | 10/21/2039 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 USD | $6643 | $1781 | $4862 |
|  Pays | GBP SONIA | 3.81% | 1Y/1Y | 10/17/2039 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 GBP | 18046 | 350 | 17696 |
|  Receives | EUR-EURIBOR | 2.48% | 6M/1Y | 10/24/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (12172) | 211 | (12383) |
|  Pays | USD SOFR | 3.70% | 1Y/1Y | 10/24/2039 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 USD | 4759 | (400) | 5159 |
|  Pays | USD SOFR | 3.70% | 1Y/1Y | 10/24/2039 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 USD | 4747 | 1205 | 3542 |
|  Receives | SEK<br> STIBOR | 2.21% | 1Y/3M | 10/24/2029 | Bank of<br> America<br> Securities,<br> Inc. | (5900000) SEK | 8842 | (1432) | 10274 |
|  Receives | EUR-EURIBOR | 2.53% | 1Y/6M | 10/24/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (5247) | (76) | (5171) |
|  Pays | USD SOFR | 3.81% | 1Y/1Y | 10/24/2039 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 USD | 2151 | (325) | 2476 |
|  Receives | EUR-EURIBOR | 2.55% | 1Y/6M | 10/25/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (4725) | 535 | (5260) |
|  Pays | USD SOFR | 3.81% | 1Y/1Y | 10/25/2039 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 USD | 2107 | 794 | 1313 |
|  Pays | USD SOFR | 3.84% | 1Y/1Y | 10/28/2039 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 USD | 1361 | (988) | 2349 |
|  Receives | SEK<br> STIBOR | 2.43% | 1Y/3M | 10/30/2034 | Bank of<br> America<br> Securities,<br> Inc. | (3000000) SEK | (327) | 94 | (421) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 3.80% | 1Y/1Y | 10/31/2039 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 USD | $2251 | $(560) | $2811 |
|  Receives | EUR-EURIBOR | 2.50% | 1Y/6M | 10/31/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (6167) | 5 | (6172) |
|  Pays | USD SOFR | 3.82% | 1Y/1Y | 10/31/2039 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 USD | 1681 | 147 | 1534 |
|  Receives | EUR-EURIBOR | 2.40% | 1Y/6M | 10/31/2034 | Bank of<br> America<br> Securities,<br> Inc. | (300000) EUR | (2140) | (373) | (1767) |
|  Receives | GBP SONIA | 3.86% | 1Y/1Y | 10/29/2029 | Bank of<br> America<br> Securities,<br> Inc. | (500000) GBP | (2438) | (791) | (1647) |
|  Receives | EUR-EURIBOR | 2.51% | 1Y/6M | 11/04/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (5918) | (115) | (5803) |
|  Receives | CAD<br> CORRA | 2.89% | 6M/6M | 11/01/2029 | Bank of<br> America<br> Securities,<br> Inc. | (500000) CAD | 6266 | 274 | 5992 |
|  Pays | GBP SONIA | 4.07% | 1Y/1Y | 10/31/2039 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 GBP | 10044 | 961 | 9083 |
|  Receives | EUR-EURIBOR | 2.46% | 1Y/6M | 11/07/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (7448) | (554) | (6894) |
|  Receives | GBP SONIA | 4.05% | 1Y/1Y | 11/01/2029 | Bank of<br> America<br> Securities,<br> Inc. | (500000) GBP | 3441 | (643) | 4084 |
|  Receives | EUR-EURIBOR | 2.50% | 1Y/6M | 11/08/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (6259) | 769 | (7028) |
|  Pays | GBP SONIA | 4.14% | 1Y/1Y | 11/07/2039 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 GBP | 7850 | 1366 | 6484 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 4.12% | 1Y/1Y | 11/06/2054 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 GBP | $11591 | $1267 | $10324 |
|  Pays | GBP SONIA | 4.07% | 1Y/1Y | 11/09/2054 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 GBP | 12779 | (72) | 12851 |
|  Receives | USD SOFR | 3.75% | 1Y/1Y | 11/16/2054 | Bank of<br> America<br> Securities,<br> Inc. | (100000) USD | (3933) | (714) | (3219) |
|  Receives | EUR-EURIBOR | 2.40% | 1Y/6M | 11/18/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (9204) | 1447 | (10651) |
|  Pays | GBP SONIA | 4.07% | 1Y/1Y | 11/21/2039 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 GBP | 9998 | (967) | 10965 |
|  Receives | USD SOFR | 3.77% | 1Y/1Y | 11/23/2054 | Bank of<br> America<br> Securities,<br> Inc. | (100000) USD | (3538) | 868 | (4406) |
|  Receives | GBP SONIA | 3.93% | 1Y/1Y | 11/26/2029 | Bank of<br> America<br> Securities,<br> Inc. | (500000) GBP | 271 | (4) | 275 |
|  Receives | EUR-EURIBOR | 2.16% | 6M/1Y | 12/05/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (21150) | 161 | (21311) |
|  Receives | EUR-EURIBOR | 2.15% | 6M/1Y | 12/06/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (21481) | (519) | (20962) |
|  Receives | EUR-EURIBOR | 2.15% | 6M/1Y | 12/09/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (21388) | (160) | (21228) |
|  Pays | GBP SONIA | 3.93% | 1Y/1Y | 12/07/2054 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 GBP | 15823 | (74) | 15897 |
|  Pays | GBP SONIA | 3.99% | 1Y/1Y | 12/11/2054 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 GBP | 14499 | 191 | 14308 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 2.27% | 1Y/6M | 12/19/2039 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | $(13130) | $(503) | $(12627) |
|  Pays | USD SOFR | 3.89% | 1Y/1Y | 12/19/2039 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 USD | 94 | 360 | (266) |
|  Pays | USD SOFR | 3.94% | 1Y/1Y | 12/19/2039 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 USD | (1250) | (576) | (674) |
|  Receives | GBP SONIA | 4.07% | 1Y/1Y | 12/18/2029 | Bank of<br> America<br> Securities,<br> Inc. | (500000) GBP | 4864 | (641) | 5505 |
|  Receives | USD SOFR | 3.79% | 1Y/1Y | 08/24/2054 | Bank of<br> America<br> Securities,<br> Inc. | (850000) USD | (35159) |  | (35159) |
|  Receives | USD SOFR | 3.75% | 1Y/1Y | 09/02/2059 | Bank of<br> America<br> Securities,<br> Inc. | (550000) USD | (22971) |  | (22971) |
|  Pays | USD SOFR | 4.09% | 1Y/1Y | 12/27/2039 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 USD | (4831) | (900) | (3931) |
|  Pays | USD SOFR | 4.13% | 1Y/1Y | 12/27/2039 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 USD | (5765) | 711 | (6476) |
|  Pays | USD SOFR | 4.09% | 1Y/1Y | 01/02/2035 | Bank of<br> America<br> Securities,<br> Inc. | 300,000 USD | (10547) | 471 | (11018) |
|  Pays | GBP SONIA | 4.22% | 1Y/1Y | 12/29/2054 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 GBP | 9249 | 952 | 8297 |
|  Receives | SEK<br> STIBOR | 2.81% | 1Y/3M | 01/09/2040 | Bank of<br> America<br> Securities,<br> Inc. | (2200000) SEK | 1429 | 2971 | (1542) |
|  Receives | EUR-EURIBOR | 2.44% | 6M/1Y | 01/09/2040 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (13092) | (67) | (13025) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 4.09% | 1Y/1Y | 01/08/2035 | Bank of<br> America<br> Securities,<br> Inc. | 300,000 USD | $(10564) | $(243) | $(10321) |
|  Receives | EUR-EURIBOR | 2.49% | 6M/1Y | 01/09/2040 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (11762) | (984) | (10778) |
|  Receives | EUR-EURIBOR | 2.53% | 6M/1Y | 01/10/2040 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (10498) | (441) | (10057) |
|  Receives | USD SOFR | 3.94% | 1Y/1Y | 09/02/2059 | Bank of<br> America<br> Securities,<br> Inc. | (650000) USD | (8657) |  | (8657) |
|  Receives | EUR-EURIBOR | 2.60% | 1Y/6M | 01/16/2040 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (3534) | (325) | (3209) |
|  Pays | CAD<br> CORRA | 3.22% | 6M/6M | 01/14/2055 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 CAD | (421) | 523 | (944) |
|  Pays | USD SOFR | 4.30% | 1Y/1Y | 01/16/2035 | Bank of<br> America<br> Securities,<br> Inc. | 300,000 USD | (15920) | 141 | (16061) |
|  Receives | SEK<br> STIBOR | 2.88% | 3M/1Y | 01/17/2040 | Bank of<br> America<br> Securities,<br> Inc. | (2200000) SEK | (920) | 868 | (1788) |
|  Receives | CAD<br> CORRA | 2.93% | 6M/6M | 01/17/2030 | Bank of<br> America<br> Securities,<br> Inc. | (500000) CAD | 6852 | (193) | 7045 |
|  Pays | GBP SONIA | 4.35% | 1Y/1Y | 01/18/2055 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 GBP | 6245 | 341 | 5904 |
|  Receives | SEK<br> STIBOR | 2.70% | 3M/1Y | 01/24/2040 | Bank of<br> America<br> Securities,<br> Inc. | (2200000) SEK | (5932) | 729 | (6661) |
|  Pays | USD SOFR | 4.17% | 1Y/1Y | 01/24/2040 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 USD | (6707) | (353) | (6354) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | JPY TONA | 1.83% | 1Y/1Y | 02/03/2055 | Bank of<br> America<br> Securities,<br> Inc. | (14700000) JPY | $(12469) | $290 | $(12759) |
|  Receives | CAD CORRA | 2.59% | 6M/6M | 02/04/2030 | Bank of<br> America<br> Securities,<br> Inc. | (500000) CAD | 1695 | 155 | 1540 |
|  Pays | USD SOFR | 4.02% | 1Y/1Y | 02/04/2030 | Bank of<br> America<br> Securities,<br> Inc. | 300,000 USD | (7196) | (68) | (7128) |
|  Receives | CHF SARON | 0.29% | 1Y/1Y | 02/04/2030 | Bank of<br> America<br> Securities,<br> Inc. | (800000) CHF | 9139 | 1856 | 7283 |
|  Pays | USD SOFR | 4.03% | 1Y/1Y | 02/05/2030 | Bank of<br> America<br> Securities,<br> Inc. | 500,000 USD | (12310) | (219) | (12091) |
|  Pays | USD SOFR | 4.07% | 1Y/1Y | 02/06/2030 | Bank of<br> America<br> Securities,<br> Inc. | 500,000 USD | (13085) | (570) | (12515) |
|  Receives | CAD CORRA | 2.53% | 6M/6M | 02/05/2030 | Bank of<br> America<br> Securities,<br> Inc. | (500000) CAD | 681 | 599 | 82 |
|  Pays | USD SOFR | 4.02% | 1Y/1Y | 02/07/2030 | Bank of<br> America<br> Securities,<br> Inc. | 500,000 USD | (12042) | (1836) | (10206) |
|  Receives | CAD CORRA | 2.49% | 6M/6M | 02/06/2030 | Bank of<br> America<br> Securities,<br> Inc. | (500000) CAD | 46 | 658 | (612) |
|  Receives | CAD CORRA | 2.45% | 6M/6M | 02/07/2030 | Bank of<br> America<br> Securities,<br> Inc. | (500000) CAD | (544) | (847) | 303 |
|  Receives | CAD CORRA | 2.59% | 6M/6M | 02/11/2030 | Bank of<br> America<br> Securities,<br> Inc. | (500000) CAD | 1585 | 1029 | 556 |
|  Pays | USD SOFR | 4.28% | 1Y/1Y | 02/21/2040 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 USD | (9358) | (1039) | (8319) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 1.51% | 6M/1Y | 02/18/2075 | Bank of<br> America<br> Securities,<br> Inc. | (500000) EUR | $(39076) | $1528 | $(40604) |
|  Pays | EUR-EURIBOR | 2.13% | 1Y/6M | 02/19/2055 | Bank of<br> America<br> Securities,<br> Inc. | 300,000 EUR | 39207 | 114 | 39093 |
|  Receives | CAD CORRA | 2.65% | 6M/6M | 02/19/2030 | Bank of<br> America<br> Securities,<br> Inc. | (500000) CAD | 2513 | 225 | 2288 |
|  Receives | GBP SONIA | 3.25% | 1Y/1Y | 02/15/2075 | Bank of<br> America<br> Securities,<br> Inc. | (720000) GBP | (17358) | (181) | (17177) |
|  Pays | GBP SONIA | 4.45% | 1Y/1Y | 02/15/2055 | Bank of<br> America<br> Securities,<br> Inc. | 280,000 GBP | 21310 | (388) | 21698 |
|  Receives | EUR-EURIBOR | 1.55% | 6M/1Y | 02/22/2075 | Bank of<br> America<br> Securities,<br> Inc. | (300000) EUR | (22427) | 579 | (23006) |
|  Pays | EUR-EURIBOR | 2.22% | 1Y/6M | 02/22/2055 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 EUR | 11806 | 4 | 11802 |
|  Pays | GBP SONIA | 4.50% | 1Y/1Y | 02/19/2055 | Bank of<br> America<br> Securities,<br> Inc. | 320,000 GBP | 22315 | 152 | 22163 |
|  Receives | GBP SONIA | 3.31% | 1Y/1Y | 02/19/2075 | Bank of<br> America<br> Securities,<br> Inc. | (760000) GBP | (16150) | 388 | (16538) |
|  Receives | GBP SONIA | 3.33% | 1Y/1Y | 02/22/2075 | Bank of<br> America<br> Securities,<br> Inc. | (700000) GBP | (14083) | 738 | (14821) |
|  Pays | GBP SONIA | 4.54% | 1Y/1Y | 02/22/2055 | Bank of<br> America<br> Securities,<br> Inc. | 300,000 GBP | 19670 | (284) | 19954 |
|  Pays | CHF SARON | 0.58% | 1Y/1Y | 02/26/2035 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 CHF | (4535) | 1819 | (6354) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 4.11% | 1Y/1Y | 02/26/2035 | Bank of<br> America<br> Securities,<br> Inc. | (300000) USD | $11059 | $329 | $10730 |
|  Pays | GBP SONIA | 4.47% | 1Y/1Y | 02/26/2055 | Bank of<br> America<br> Securities,<br> Inc. | 300,000 GBP | 21936 | (1938) | 23874 |
|  Receives | GBP SONIA | 3.28% | 1Y/1Y | 02/25/2075 | Bank of<br> America<br> Securities,<br> Inc. | (800000) GBP | (18029) | 1896 | (19925) |
|  Pays | EUR-EURIBOR | 2.16% | 1Y/6M | 03/01/2055 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 EUR | 25320 | (319) | 25639 |
|  Receives | EUR-EURIBOR | 1.50% | 6M/1Y | 02/26/2075 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (15779) | 383 | (16162) |
|  Pays | CHF SARON | 0.58% | 1Y/1Y | 02/28/2035 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 CHF | (4352) | (765) | (3587) |
|  Receives | USD SOFR | 3.89% | 1Y/1Y | 02/28/2035 | Bank of<br> America<br> Securities,<br> Inc. | (300000) USD | 5280 | 224 | 5056 |
|  Pays | GBP SONIA | 4.40% | 1Y/1Y | 02/26/2055 | Bank of<br> America<br> Securities,<br> Inc. | 600,000 GBP | 48732 | 1538 | 47194 |
|  Receives | GBP SONIA | 3.23% | 1Y/1Y | 02/26/2075 | Bank of<br> America<br> Securities,<br> Inc. | (1400000) GBP | (34991) | (190) | (34801) |
|  Pays | GBP SONIA | 4.22% | 1Y/1Y | 02/26/2055 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 GBP | 9072 | (456) | 9528 |
|  Receives | EUR-EURIBOR | 1.49% | 6M/1Y | 03/04/2075 | Bank of<br> America<br> Securities,<br> Inc. | (500000) EUR | (39656) | 486 | (40142) |
|  Pays | EUR-EURIBOR | 2.43% | 1Y/6M | 03/05/2040 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 EUR | 8858 | 697 | 8161 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 2.16% | 1Y/6M | 03/05/2055 | Bank of<br> America<br> Securities,<br> Inc. | 300,000 EUR | $37675 | $33 | $37642 |
|  Receives | CAD CORRA | 2.53% | 6M/6M | 02/28/2030 | Bank of<br> America<br> Securities,<br> Inc. | (500000) CAD | 708 | 236 | 472 |
|  Receives | USD SOFR | 3.80% | 1Y/1Y | 03/04/2030 | Bank of<br> America<br> Securities,<br> Inc. | (500000) USD | 7137 | (656) | 7793 |
|  Receives | USD SOFR | 3.84% | 1Y/1Y | 03/05/2035 | Bank of<br> America<br> Securities,<br> Inc. | (300000) USD | 4164 | (947) | 5111 |
|  Receives | USD SOFR | 3.90% | 1Y/1Y | 03/05/2040 | Bank of<br> America<br> Securities,<br> Inc. | (200000) USD | 414 | (954) | 1368 |
|  Pays | GBP SONIA | 4.15% | 1Y/1Y | 02/27/2040 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 GBP | 7472 | 606 | 6866 |
|  Pays | GBP SONIA | 4.44% | 1Y/1Y | 03/01/2055 | Bank of<br> America<br> Securities,<br> Inc. | 300,000 GBP | 22938 | 386 | 22552 |
|  Receives | GBP SONIA | 3.25% | 1Y/1Y | 02/26/2075 | Bank of<br> America<br> Securities,<br> Inc. | (800000) GBP | (19171) | 12 | (19183) |
|  Pays | EUR-EURIBOR | 2.43% | 1Y/6M | 03/05/2040 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 EUR | 9025 | 2113 | 6912 |
|  Pays | CHF SARON | 0.49% | 1Y/1Y | 03/05/2035 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 CHF | (2107) | 1855 | (3962) |
|  Receives | USD SOFR | 3.86% | 1Y/1Y | 03/05/2040 | Bank of<br> America<br> Securities,<br> Inc. | (200000) USD | (635) | (839) | 204 |
|  Receives | EUR-EURIBOR | 1.62% | 6M/1Y | 03/08/2075 | Bank of<br> America<br> Securities,<br> Inc. | (200000) EUR | (13878) | (96) | (13782) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 2.28% | 1Y/6M | 03/08/2055 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 EUR | $10915 | $50 | $10865 |
|  Pays | EUR-EURIBOR | 2.31% | 1Y/6M | 03/08/2055 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 EUR | 12661 | 138 | 12523 |
|  Receives | CAD CORRA | 2.36% | 6M/6M | 03/05/2030 | Bank of<br> America<br> Securities,<br> Inc. | (500000) CAD | (1864) | 334 | (2198) |
|  Receives | USD SOFR | 3.68% | 1Y/1Y | 03/06/2030 | Bank of<br> America<br> Securities,<br> Inc. | (500000) USD | 4418 | 985 | 3433 |
|  Receives | USD SOFR | 3.81% | 1Y/1Y | 03/06/2040 | Bank of<br> America<br> Securities,<br> Inc. | (200000) USD | (1718) | 489 | (2207) |
|  Pays | GBP SONIA | 4.42% | 1Y/1Y | 03/05/2055 | Bank of<br> America<br> Securities,<br> Inc. | 300,000 GBP | 23577 | (743) | 24320 |
|  Receives | GBP SONIA | 3.24% | 1Y/1Y | 03/04/2075 | Bank of<br> America<br> Securities,<br> Inc. | (700000) GBP | (17001) | 928 | (17929) |
|  Pays | EUR-EURIBOR | 2.35% | 1Y/6M | 03/08/2055 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 EUR | 11697 | 2706 | 8991 |
|  Pays | CHF SARON | 0.53% | 1Y/1Y | 03/07/2035 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 CHF | (3144) | 1388 | (4532) |
|  Receives | USD SOFR | 3.89% | 1Y/1Y | 03/07/2040 | Bank of<br> America<br> Securities,<br> Inc. | (200000) USD | 68 | 954 | (886) |
|  Pays | EUR-EURIBOR | 2.72% | 1Y/6M | 03/12/2040 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 EUR | 397 | 2372 | (1975) |
|  Receives | USD SOFR | 3.79% | 1Y/1Y | 03/11/2030 | Bank of<br> America<br> Securities,<br> Inc. | (500000) USD | 7076 | (467) | 7543 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 4.29% | 1Y/1Y | 03/06/2040 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 GBP | $3240 | $791 | $2449 |
|  Receives | USD SOFR | 3.93% | 1Y/1Y | 03/12/2040 | Bank of<br> America<br> Securities,<br> Inc. | (200000) USD | 995 | (955) | 1950 |
|  Pays | EUR-EURIBOR | 2.74% | 1Y/6M | 03/12/2040 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 EUR | (125) | 1199 | (1324) |
|  Pays | EUR-EURIBOR | 2.53% | 1Y/6M | 03/11/2055 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 EUR | 7276 | 1428 | 5848 |
|  Pays | GBP SONIA | 4.33% | 1Y/1Y | 03/08/2055 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 GBP | 6744 | (406) | 7150 |
|  Pays | CHF SARON | 0.84% | 1Y/1Y | 03/15/2055 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 CHF | (5145) | 2431 | (7576) |
|  Receives | EUR-EURIBOR | 1.89% | 6M/1Y | 03/18/2075 | Bank of<br> America<br> Securities,<br> Inc. | (3500000) EUR | (167106) | 7020 | (174126) |
|  Pays | EUR-EURIBOR | 2.61% | 1Y/6M | 03/19/2055 | Bank of<br> America<br> Securities,<br> Inc. | 1,900,000 EUR | 123431 | (2239) | 125670 |
|  Pays | GBP SONIA | 4.67% | 1Y/1Y | 03/15/2055 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 GBP | 10005 | 228 | 9777 |
|  Receives | GBP SONIA | 3.41% | 1Y/1Y | 03/15/2075 | Bank of<br> America<br> Securities,<br> Inc. | (600000) GBP | (9743) | 180 | (9923) |
|  Receives | GBP SONIA | 4.00% | 1Y/1Y | 03/14/2030 | Bank of<br> America<br> Securities,<br> Inc. | (500000) GBP | 3797 | (375) | 4172 |
|  Receives | CHF SARON | 0.79% | 1Y/1Y | 03/20/2035 | Bank of<br> America<br> Securities,<br> Inc. | (200000) CHF | 9642 | (385) | 10027 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 3.97% | 1Y/1Y | 03/20/2040 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 USD | $(2037) | $418 | $(2455) |
|  Receives | GBP SONIA | 3.99% | 1Y/1Y | 03/19/2030 | Bank of<br> America<br> Securities,<br> Inc. | (500000) GBP | 3582 | (104) | 3686 |
|  Pays | USD SOFR | 3.79% | 1Y/1Y | 03/21/2030 | Bank of<br> America<br> Securities,<br> Inc. | 500,000 USD | (7125) | 824 | (7949) |
|  Receives | SEK STIBOR | 3.07% | 1Y/3M | 03/26/2040 | Bank of<br> America<br> Securities,<br> Inc. | (1900000) SEK | 7330 | 1062 | 6268 |
|  Receives | EUR ESTR | 2.07% | 1Y/1Y | 03/25/2026 | Bank of<br> America<br> Securities,<br> Inc. | (18500000) EUR | 13438 |  | 13438 |
|  Receives | CHF SARON | 0.78% | 1Y/1Y | 03/27/2035 | Bank of<br> America<br> Securities,<br> Inc. | (200000) CHF | 9278 | (285) | 9563 |
|  Receives | SEK STIBOR | 3.07% | 1Y/3M | 04/03/2040 | Bank of<br> America<br> Securities,<br> Inc. | (1900000) SEK | 6422 | 976 | 5446 |
|  Receives | CHF SARON | 0.70% | 1Y/1Y | 04/02/2035 | Bank of<br> America<br> Securities,<br> Inc. | (200000) CHF | 7427 | 889 | 6538 |
|  Pays | USD SOFR | 4.02% | 1Y/1Y | 04/02/2040 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 USD | (3058) | (1089) | (1969) |
|  Pays | EUR-EURIBOR | 2.78% | 1Y/6M | 04/03/2040 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 EUR | 1650 | (2089) | 3739 |
|  Receives | USD SOFR | 3.65% | 1Y/1Y | 04/03/2030 | Bank of<br> America<br> Securities,<br> Inc. | (500000) USD | 3921 | 505 | 3416 |
|  Receives | GBP SONIA | 3.99% | 1Y/1Y | 04/02/2030 | Bank of<br> America<br> Securities,<br> Inc. | (500000) GBP | 3488 | (171) | 3659 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 2.59% | 1Y/6M | 04/07/2055 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 EUR | $7136 | $(789) | $7925 |
|  Receives | EUR-EURIBOR | 2.29% | 6M/1Y | 04/08/2030 | Bank of<br> America<br> Securities,<br> Inc. | (500000) EUR | (832) | 2111 | (2943) |
|  Receives | SEK STIBOR | 2.58% | 3M/1Y | 04/08/2030 | Bank of<br> America<br> Securities,<br> Inc. | (4800000) SEK | 4149 | 3895 | 254 |
|  Pays | EUR-EURIBOR | 2.68% | 1Y/6M | 04/09/2040 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 EUR | 4527 | (2629) | 7156 |
|  Receives | EUR-EURIBOR | 2.56% | 1Y/6M | 04/09/2035 | Bank of<br> America<br> Securities,<br> Inc. | (300000) EUR | (2556) | 2574 | (5130) |
|  Pays | EUR-EURIBOR | 2.54% | 1Y/6M | 04/08/2055 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 EUR | 8293 | (2905) | 11198 |
|  Pays | CAD CORRA | 2.89% | 6M/6M | 04/07/2055 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 CAD | 4034 | (1372) | 5406 |
|  Receives | USD SOFR | 3.59% | 1Y/1Y | 04/07/2035 | Morgan<br> Stanley<br> Capital<br> Services LLC | (3500000) USD | (27075) | (1216) | (25859) |
|  Pays | USD SOFR | 3.73% | 1Y/1Y | 04/07/2040 | Morgan<br> Stanley<br> Capital<br> Services LLC | 3,500,000 USD | 65186 | (115) | 65301 |
|  Pays | CAD CORRA | 2.83% | 6M/6M | 04/08/2055 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 CAD | 4869 | 1271 | 3598 |
|  Receives | JPY TONA | 1.68% | 1Y/1Y | 04/09/2055 | Bank of<br> America<br> Securities,<br> Inc. | (13300000) JPY | (14647) | 3247 | (17894) |
|  Receives | EUR-EURIBOR | 2.60% | 6M/1Y | 04/10/2035 | Bank of<br> America<br> Securities,<br> Inc. | (300000) EUR | 74 | 590 | (516) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 3.86% | 1Y/1Y | 04/08/2030 | Bank of<br> America<br> Securities,<br> Inc. | (500000) GBP | $(225) | $1197 | $(1422) |
|  Pays | USD SOFR | 3.78% | 1Y/1Y | 04/10/2040 | Bank of<br> America<br> Securities,<br> Inc. | 200,000 USD | 2346 | 594 | 1752 |
|  Pays | CAD CORRA | 2.99% | 6M/6M | 04/09/2055 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 CAD | 2610 | (38) | 2648 |
|  Pays | USD SOFR | 3.73% | 1Y/1Y | 04/12/2055 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 USD | 4072 | 449 | 3623 |
|  Receives | EUR-EURIBOR | 2.57% | 6M/1Y | 04/11/2035 | Bank of<br> America<br> Securities,<br> Inc. | (300000) EUR | (1200) | (1135) | (65) |
|  Pays | EUR-EURIBOR | 2.53% | 1Y/6M | 04/12/2055 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 EUR | 8709 | 1218 | 7491 |
|  Pays | USD SOFR | 3.80% | 1Y/1Y | 04/12/2055 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 USD | 2800 | 2372 | 428 |
|  Pays | EUR-EURIBOR | 2.51% | 1Y/6M | 04/14/2055 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 EUR | 8988 | 523 | 8465 |
|  Pays | EUR ESTR | 1.79% | 1Y/1Y | 04/14/2027 | Bank of<br> America<br> Securities,<br> Inc. | 5,600,000 EUR | 19057 |  | 19057 |
|  Receives | CHF SARON | 0.55% | 1Y/1Y | 04/16/2035 | Bank of<br> America<br> Securities,<br> Inc. | (200000) CHF | 3436 | (21) | 3457 |
|  Receives | CHF SARON | 0.72% | 1Y/1Y | 04/16/2040 | Bank of<br> America<br> Securities,<br> Inc. | (100000) CHF | 2037 | 193 | 1844 |
|  Pays | USD SOFR | 3.83% | 1Y/1Y | 04/10/2035 | Morgan<br> Stanley<br> Capital<br> Services LLC | 2,200,000 USD | (27140) | 9710 | (36850) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 2.55% | 6M/1Y | 04/16/2035 | Bank of<br> America<br> Securities,<br> Inc. | (300000) EUR | $(1779) | $(1183) | $(596) |
|  Pays | EUR-EURIBOR | 2.49% | 1Y/6M | 04/15/2055 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 EUR | 9705 | 793 | 8912 |
|  Receives | EUR-EURIBOR | 2.57% | 6M/1Y | 04/16/2035 | Bank of<br> America<br> Securities,<br> Inc. | (300000) EUR | (1260) | 2213 | (3473) |
|  Pays | EUR-EURIBOR | 2.44% | 1Y/6M | 04/20/2055 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 EUR | 10882 | (457) | 11339 |
|  Pays | GBP SONIA | 3.86% | 1Y/1Y | 04/15/2030 | Bank of<br> America<br> Securities,<br> Inc. | 500,000 GBP | 78 | (856) | 934 |
|  Pays | EUR-EURIBOR | 2.42% | 1Y/6M | 04/20/2055 | Bank of<br> America<br> Securities,<br> Inc. | 100,000 EUR | 11292 | 1403 | 9889 |
|  Receives | USD SOFR | 4.01% | 1Y/1Y | 04/17/2040 | Bank of<br> America<br> Securities,<br> Inc. | (200000) USD | 2845 | (50) | 2895 |
|  Pays | USD CPURNSA | 2.82% | M/M | 04/25/2027 | Bank of<br> America<br> Securities,<br> Inc. | 11,000,000 USD | (3569) |  | (3569) |
|  Pays | USD CPURNSA | 2.86% | M/M | 04/28/2027 | Bank of<br> America<br> Securities,<br> Inc. | 3,000,000 USD | (3377) |  | (3377) |
|  Receives | EUR ESTR | 1.83% | 1Y/1Y | 04/14/2026 | Bank of<br> America<br> Securities,<br> Inc. | (14800000) EUR | (19202) |  | (19202) |
|  Receives | USD SOFR | 3.47% | 1Y/1Y | 05/22/2028 | Bank of<br> America<br> Securities,<br> Inc. | (7650000) USD | 39137 |  | 39137 |
|  Receives | USD SOFR | 4.33% | 1Y/1Y | 08/24/2054 | Bank of<br> America<br> Securities,<br> Inc. | (1300000) USD | 14028 |  | 14028 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 4.19% | 1Y/1Y | 09/02/2059 | Bank of<br> America<br> Securities,<br> Inc. | (400000) USD | $9916 | $– $| 9916 |
|  Pays | USD CPURNSA | 2.85% | M/M | 06/05/2027 | Bank of<br> America<br> Securities,<br> Inc. | 10,000,000 USD | 14715 | – | 14715 |
|  Pays | USD CPURNSA | 2.54% | M/M | 06/05/2030 | Bank of<br> America<br> Securities,<br> Inc. | 10,000,000 USD | 54445 | – | 54445 |
|  Pays | USD CPURNSA | 2.66% | M/M | 07/16/2030 | Bank of<br> America<br> Securities,<br> Inc. | 15,000,000 USD | 3868 | – | 3868 |
|  Pays | USD CPURNSA | 2.61% | M/M | 07/16/2035 | Bank of<br> America<br> Securities,<br> Inc. | 28,000,000 USD | (102618) | – | (102618) |
|  Pays | USD CPURNSA | 2.98% | M/M | 07/17/2027 | Bank of<br> America<br> Securities,<br> Inc. | 31,000,000 USD | (9431) | – | (9431) |
|  Pays | USD CPURNSA | 2.62% | M/M | 07/17/2035 | Bank of<br> America<br> Securities,<br> Inc. | 10,000,000 USD | (44372) | – | (44372) |
|  Receives | GBP SONIA | 3.61% | 1Y/1Y | 07/29/2075 | Bank of<br> America<br> Securities,<br> Inc. | (13900000) GBP | (78134) | – | (78134) |
|  Pays | GBP SONIA | 5.10% | 1Y/1Y | 07/30/2055 | Bank of<br> America<br> Securities,<br> Inc. | 3,700,000 GBP | 7726 | – | 7726 |
|  Pays | USD CPURNSA | 2.94% | M/M | 08/21/2027 | Bank of<br> America<br> Securities,<br> Inc. | 8,000,000 USD | (675) | – | (675) |
|  Pays | USD CPURNSA | 2.63% | M/M | 08/21/2030 | Bank of<br> America<br> Securities,<br> Inc. | 26,000,000 USD | 34599 | – | 34599 |
|  Pays | USD CPURNSA | 2.94% | M/M | 08/21/2027 | Bank of<br> America<br> Securities,<br> Inc. | 16,000,000 USD | (577) | – | (577) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 2.62% | M/M | 08/21/2030 | Bank of<br> America<br> Securities,<br> Inc. | 13,000,000 USD | $22496 | $– $| 22496 |
|  Pays | USD CPURNSA | 2.63% | M/M | 08/21/2030 | Bank of<br> America<br> Securities,<br> Inc. | 16,000,000 USD | 22045 | – | 22045 |
|  Pays | USD CPURNSA | 2.93% | M/M | 08/21/2027 | Bank of<br> America<br> Securities,<br> Inc. | 8,000,000 USD | 97 | – | 97 |
|  Pays | USD CPURNSA | 2.95% | M/M | 08/22/2027 | Bank of<br> America<br> Securities,<br> Inc. | 20,000,000 USD | (5479) | – | (5479) |
|  Pays | USD CPURNSA | 2.94% | M/M | 08/22/2027 | Bank of<br> America<br> Securities,<br> Inc. | 8,000,000 USD | (1805) | – | (1805) |
|  Pays | USD CPURNSA | 2.95% | M/M | 08/22/2027 | Bank of<br> America<br> Securities,<br> Inc. | 8,000,000 USD | (2578) | – | (2578) |
|  Pays | USD CPURNSA | 2.57% | M/M | 08/26/2035 | Bank of<br> America<br> Securities,<br> Inc. | 6,000,000 USD | (6955) | – | (6955) |
|  Pays | USD CPURNSA | 2.99% | M/M | 08/26/2027 | Bank of<br> America<br> Securities,<br> Inc. | 16,000,000 USD | (20374) | – | (20374) |
|  Pays | USD CPURNSA | 3.00% | M/M | 08/27/2027 | Bank of<br> America<br> Securities,<br> Inc. | 9,000,000 USD | (13599) | – | (13599) |
|  Receives | INR MIBOR | 5.72% | 6M/6M | 12/17/2030 | Bank of<br> America<br> Securities,<br> Inc. | (737500000) INR | (11167) | – | (11167) |
|  Pays | USD SOFR | 3.73% | 1Y/1Y | 07/16/2035 | Bank of<br> America<br> Securities,<br> Inc. | 21,800,000 USD | (146475) | – | (146475) |
|  Pays | USD CPURNSA | 3.07% | M/M | 08/29/2027 | Bank of<br> America<br> Securities,<br> Inc. | 9,000,000 USD | (26999) | – | 26999) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 3.67% | 1Y/1Y | 07/16/2035 | Bank of<br> America<br> Securities,<br> Inc. | 11,000,000 USD | $(18435) | $— | $(18435) |
|  Pays | USD SOFR | 3.67% | 1Y/1Y | 07/16/2035 | Bank of<br> America<br> Securities,<br> Inc. | 11,000,000 USD | (18893) |  | (18893) |
|  Pays | USD CPURNSA | 3.08% | M/M | 09/02/2027 | Bank of<br> America<br> Securities,<br> Inc. | 18,000,000 USD | (59128) |  | (59128) |
|  Pays | USD CPURNSA | 3.07% | M/M | 09/03/2027 | Bank of<br> America<br> Securities,<br> Inc. | 17,000,000 USD | (54721) |  | (54721) |
|  Pays | USD CPURNSA | 3.03% | M/M | 09/05/2027 | Bank of<br> America<br> Securities,<br> Inc. | 4,000,000 USD | (9161) |  | (9161) |
|  Pays | USD CPURNSA | 2.93% | M/M | 09/10/2027 | Bank of<br> America<br> Securities,<br> Inc. | 3,600,000 USD | (1594) |  | (1594) |
|  Receives | ZAR JIBAR | 7.06% | 3M/3M | 12/18/2030 | Bank of<br> America<br> Securities,<br> Inc. | (262000000) ZAR | (1064) | (3243) | 2179 |
|  Receives | CNYC-NREPOFIX | 1.65% | 3M/3M | 12/17/2030 | Bank of<br> America<br> Securities,<br> Inc. | (84000000) CNY | (6073) | (856) | (5217) |
|  Receives | USD SOFR | 3.13% | 1Y/1Y | 12/17/2027 | Bank of<br> America<br> Securities,<br> Inc. | (532000000) USD | (1621106) | (110449) | (1510657) |
|  Receives | NZD BKBM | 3.37% | 3M/6M | 12/18/2030 | Bank of<br> America<br> Securities,<br> Inc. | (61000000) NZD | 397712 |  | 397712 |
|  Receives | ZAR JIBAR | 7.06% | 3M/3M | 12/18/2030 | Bank of<br> America<br> Securities,<br> Inc. | (587000000) ZAR | (3793) | (23592) | 19799 |
|  Receives | EUR ESTR | 1.85% | 1Y/1Y | 12/15/2027 | Bank of<br> America<br> Securities,<br> Inc. | (101000000) EUR | (202439) | (17012) | (185427) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | INR MIBOR | 5.72% | 6M/6M | 12/17/2030 | Bank of<br> America<br> Securities,<br> Inc. | (875000000) INR | $(14895) | $— | $(14895) |
|  Receives | INR MIBOR | 5.70% | 6M/6M | 12/17/2030 | Bank of<br> America<br> Securities,<br> Inc. | (2072000000) INR | (55726) |  | (55726) |
|  Receives | NZD BKBM | 3.31% | 3M/6M | 12/18/2030 | Bank of<br> America<br> Securities,<br> Inc. | (67000000) NZD | 323327 | 2551 | 320776 |
|  Receives | CNY-CNREPOFIX | 1.64% | 3M/3M | 12/17/2030 | Bank of<br> America<br> Securities,<br> Inc. | (131000000) CNY | (16463) |  | (16463) |
|  Pays | ZAR JIBAR | 6.94% | 3M/3M | 12/18/2030 | Bank of<br> America<br> Securities,<br> Inc. | 262,000,000 ZAR | 75916 |  | 75916 |
|  Receives | NZD BKBM | 3.28% | 3M/6M | 12/18/2030 | Bank of<br> America<br> Securities,<br> Inc. | (23500000) NZD | 95712 |  | 95712 |
|  Receives | EUR-EURIBOR | 2.40% | 6M/1Y | 10/03/2030 | Bank of<br> America<br> Securities,<br> Inc. | (8500000) EUR | 18390 |  | 18390 |
|  Pays | EUR-EURIBOR | 2.95% | 1Y/6M | 10/04/2055 | Bank of<br> America<br> Securities,<br> Inc. | 2,000,000 EUR | (21396) |  | (21396) |
|  Pays | EUR-EURIBOR | 2.94% | 1Y/6M | 10/04/2055 | Bank of<br> America<br> Securities,<br> Inc. | 1,600,000 EUR | (12492) |  | (12492) |
|  Receives | EUR ESTR | 1.99% | 1Y/1Y | 03/20/2028 | Bank of<br> America<br> Securities,<br> Inc. | (16800000) EUR | 7967 |  | 7967 |
|  Pays | EUR-EURIBOR | 2.94% | 1Y/6M | 10/04/2055 | Bank of<br> America<br> Securities,<br> Inc. | 1,500,000 EUR | (12423) |  | (12423) |
|  Receives | USD SOFR | 3.41% | 1Y/1Y | 10/04/2027 | Bank of<br> America<br> Securities,<br> Inc. | (5500000) USD |  |  |  |
|  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 |  | $981235 | $(104830) | $1086065 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Abbreviation Legend:** | **Abbreviation Legend:** |
| 1Y | Yearly |
| 3M | Quarterly |
| 6M | Semi-Annually |
| ADR | American Depository Receipt |
| ASX | Australian Securities Exchange |
| BBSW | Bank Bill Swap Rate |
| 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 |
| CPURNSA | US CPI Urban Consumers NSA |
| ETF | Exchange-Traded Fund |
| Eurex | Eurex Exchange |
| EURIBOR | Euro Interbank Offered Rate |
| FTSE | Financial Times and Stock Exchange |
| FX | Foreign Exchange |
| ICE | Ice Futures Europe |
| LIFFE | London International Financial Futures and Options Exchange |
| LME | London Metal Exchange |
| M | Monthly |
| NYMEX | New York Mercantile Exchange |
| OSE | Osaka Exchange |
| OTC | Over the Counter |
| PIK | Payment in Kind |
| REIT | Real Estate Investment Trust |
| S&P | S&P 500 Index |
| 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 |
| **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 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### September 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| CZK | Czech Republic Koruna |
| 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 |
| 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 September 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investment in securities, at fair value (cost $3,799,134,898) | $4089717559.0 |
|  Cash | 482760411.0 |
|  Cash denominated in foreign currencies (cost of $11,481,387) | 10904950.0 |
|  Segregated cash balance with broker for securities sold short | 638176915.0 |
|  Segregated cash balance with custodian for derivative financial instruments | 189570844.0 |
|  Segregated cash balance with counterparties for futures contracts | 118076791.0 |
|  Segregated cash balance with counterparties for centrally cleared derivatives | 249269882.0 |
|  Segregated cash balance with counterparties for OTC derivatives | 42771294.0 |
|  Unrealized appreciation on unfunded loan commitmentss | 120415.0 |
|  Unrealized appreciation on forward foreign currency exchange contracts | 1709174.0 |
|  Income receivable | 21348691.0 |
|  Receivable for investments sold | 1711431049.0 |
|  Receivable for Fund shares sold | 4143711.0 |
|  Receivable for periodic payments from swap contracts | 6137688.0 |
|  Variation margin receivable on futures | 18371620.0 |
|  Variation margin receivable on centrally cleared swaps | 4225047.0 |
|  Swap contracts, at fair value (net premiums paid $3,149,766) | 38480344.0 |
|  Receivable from Investment Adviser | 332240.0 |
|  Prepaid expenses and other assets | 461414.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 7628010039.0 |
|  **Liabilities:** |  |
|  Securities sold short, at fair value (proceeds of $1,567,936,197) | 1633922640.0 |
|  Cash received as collateral from custodian for derivative financial instruments | 37745751.0 |
|  Cash received as collateral from counterparty for OTC derivatives | 6790667.0 |
|  Options written, at fair value (premiums received $32,272,804) | 22734666.0 |
|  Unrealized depreciation on forward foreign currency exchange contracts | 574899.0 |
|  Payable for investments purchased | 2012575652.0 |
|  Payable for Fund shares redeemed | 1910458.0 |
|  Payable for periodic payments from swap contracts | 221279.0 |
|  Variation margin payable on futures | 4026114.0 |
|  Variation margin payable on centrally cleared swaps | 7883253.0 |
|  Swap contracts, at fair value (net premiums received $2,152,071) | 7587083.0 |
|  Dividend and interest income payable on securities sold short | 2013999.0 |
|  Management fee payable | 18399444.0 |
|  Trustees' fee payable | 25995.0 |
|  Payable to Affiliate | 1449848.0 |
|  Accrued expenses and other liabilities | 8334757.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 3766196505.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commitments and contingencies | $0.0 |
|  Net assets | $3861813534.0 |
|  **Net Assets Consist of:** |  |
|  Paid-in capital | $3628739799.0 |
|  Total distributable earnings (loss) | 233073735.0 |
|  Net assets | $3861813534.0 |

---

See Notes to Consolidated Financial Statements.

------

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

#### Consolidated Statement of Assets and Liabilities (continued)

#### As of September 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **Net Asset Value:** |  |
|  **Class I Shares** |  |
|  Net Assets | $2690930970.0 |
|  Class I Shares outstanding, no par value, unlimited shares authorized | 235295447.0 |
|  Net asset value per share | $11.44 |
|  **Class D Shares** |  |
|  Net Assets | $15590889.0 |
|  Class D Shares outstanding, no par value, unlimited shares authorized | 1373039.0 |
|  Net asset value per share | $11.36 |
|  **Class Y Shares** |  |
|  Net Assets | $1155291675.0 |
|  Class Y Shares outstanding, no par value, unlimited shares authorized | 101662823.0 |
|  Net asset value per share | $11.36 |

---

See Notes to Consolidated Financial Statements.

------

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

#### Consolidated Statement of Operations

#### For the Six-Months Ended September 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **Investment Income:** |  |
|  Interest (including net foreign taxes withheld of $0) | $96251342 |
|  Dividends (including net foreign taxes withheld of $132,530) | 4820873 |
|  Other Income | 380724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income | 101452939 |
|  **Expenses:** |  |
|  Management fees | 35882580 |
|  Administration fees | 2358406 |
|  Custodian fees | 906928 |
|  Trustees' fees | 524716 |
|  Distribution fees - Class D | 19510 |
|  Shareholder service fees | 1572296 |
|  Registration fees | 77912 |
|  Printing and postage fees | 367402 |
|  Professional fees | 3186027 |
|  Dividends on securities sold short | 6073886 |
|  Interest on securities sold short | 7510486 |
|  Line of credit fee | 623532 |
|  Other | 575316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 59678997 |
|  Expenses recouped (reimbursed) by Investment Adviser | (339354) |
|  Total Net Expenses | 59339643 |
|  Net investment income | 42113296 |
|  **Net Realized and Unrealized Gain (Loss):** |  |
|  Net realized gain (loss) on investments in securities | 112595488 |
|  Net realized gain (loss) on securities sold short | (37920856) |
|  Net realized gain (loss) on forward foreign currency exchange contracts | (4802845) |
|  Net realized gain (loss) on foreign currency transactions | 2014266 |
|  Net realized gain (loss) on futures contracts | (28887675) |
|  Net realized gain (loss) on options written | (7133497) |
|  Net realized gain (loss) on swap contracts | 38722284 |
|  Net change in unrealized appreciation (depreciation) on investments in securities | 161638258 |
|  Net change in unrealized appreciation (depreciation) on securities sold short | (81593237) |
|  Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts | 2478513 |
|  Net change in unrealized appreciation (depreciation) on foreign currency translations | (241288) |
|  Net change in unrealized appreciation (depreciation) on futures contracts | 19112756 |
|  Net change in unrealized appreciation (depreciation) on options written | 9523881 |
|  Net change in unrealized appreciation (depreciation) on swap contracts | 6324421 |
|  Net change in unrealized appreciation (depreciation) on unfunded loan commitments | 120415 |
|  Net realized and unrealized gain | 191950884 |
|  Net increase in net assets resulting from operations | $234064180 |

---

See Notes to Consolidated Financial Statements.

------

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

#### Consolidated Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Six Months<br>Ended 9/30/2025<br>(unaudited)** | **Year<br>Ended<br>3/31/2025** |
|  **Increase (Decrease) in Net Assets Operations:** |  |  |
|  Net investment income | $42113296 | $103054215 |
|  Net realized gain | 74587165 | 110719603 |
|  Net change in unrealized appreciation (depreciation) | 117363719 | (54759399) |
|  Net increase in net assets resulting from operations | 234064180 | 159014419 |
|  **Distributions:** |  |  |
|  Distributions from earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I Shares |  | (149028596) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class D Shares |  | (902418) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y Shares |  | (54134559) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (204065573) |
|  **Capital Transactions:** |  |  |
|  Shareholder subscriptions: |  |  |
|  Proceeds from sale of Class I Shares | 342583327 | 847799190 |
|  Proceeds from sale of Class D Shares | 2872283 | 9396570 |
|  Proceeds from sale of Class Y Shares | 203948777 | 200327460 |
|  Shareholder reinvestments: |  |  |
|  Net asset value of Class I Shares issued to shareholders in payment of distributions declared |  | 121150272 |
|  Net asset value of Class D Shares issued to shareholders in payment of distributions declared |  | 633175 |
|  Net asset value of Class Y Shares issued to shareholders in payment of distributions declared |  | 47078846 |
|  Shareholder redemptions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of Class I Shares redeemed | (442746161) | (1176120843) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of Class D Shares redeemed | (4545670) | (12011213) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of Class Y Shares redeemed | (182427371) | (300071092) |
|  Net decrease in net assets resulting from capital transactions | (80314815) | (261817635) |
|  Net increase (decrease) in net assets | 153749365 | (306868789) |
|  **Net Assets:** |  |  |
|  Beginning of period | 3708064169 | 4014932958 |
|  End of period | $3861813534 | $3708064169 |

---

See Notes to Consolidated Financial Statements.

------

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

#### Consolidated Statement of Changes in Net Assets (Continued)

---

| | | |
|:---|:---|:---|
|  | **Six Months<br>Ended 9/30/2025<br>(unaudited)** | **Year<br>Ended<br>3/31/2025** |
|  **Share Transactions:** |  |  |
|  **Class I Shares** |  |  |
|  Beginning of period | 244252400 | 263198882 |
|  Shares issued | 31237782 | 77297867 |
|  Reinvestment in Shares |  | 11333047 |
|  Shares redeemed | (40194735) | (107577396) |
|  Net change in shares resulting from share transactions | (8956953) | (18946482) |
|  End of period | 235295447 | 244252400 |
|  **Share Transactions:** |  |  |
|  **Class D Shares** |  |  |
|  Beginning of period | 1527543 | 1707045 |
|  Shares issued | 263361 | 863495 |
|  Reinvestment in Shares |  | 59509 |
|  Shares redeemed | (417865) | (1102506) |
|  Net change in shares resulting from share transactions | (154504) | (179502) |
|  End of period | 1373039 | 1527543 |
|  **Share Transactions:** |  |  |
|  **Class Y Shares** |  |  |
|  Beginning of period | 99721617 | 104153920 |
|  Shares issued | 18595159 | 18503578 |
|  Reinvestment in Shares |  | 4433036 |
|  Shares redeemed | (16653953) | (27368917) |
|  Net change in shares resulting from share transactions | 1941206 | (4432303) |
|  End of period | 101662823 | 99721617 |

---

See Notes to Consolidated Financial Statements.

------

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

#### Consolidated Statement of Cash Flows

#### For the Six-Months Ended September 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **Cash Flows from Operating Activities:** |  |
|  Net increase in net assets resulting from operations | $234064180 |
|  **Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases of investments in securities | (6438746016) |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposition of investments in securities | 6143897346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from securities sold short | 3544551247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments to cover securities sold short | (3319463523) |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-term investments, net | (26298014) |
| &nbsp;&nbsp;&nbsp;&nbsp; Premiums paid on closing options written | (36759034) |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from premiums received from options written | 59371732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | (112595488) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on securities sold short | 37920856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on options written | 7133497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in accretion of bond discount and amortization of bond and swap premium | 8237354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | (161638258) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on securities sold short | 81593237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on options written | (9523881) |
| &nbsp;&nbsp;&nbsp;&nbsp; Changes in assets and liabilities: |  |
| &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; Unrealized appreciation on forward foreign currency exchange contracts | 3358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income receivable | 6407184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for periodic payments from swap contracts | (5138384) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin receivable on futures | (7697323) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin receivable on centrally cleared swaps | 17943397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts, at fair value | 186661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable from Investment Adviser | 567336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | (420192) |
| &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; Cash received as collateral for reverse repurchase agreements | (2877000) |
| &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 | (10332053) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash received as collateral from counterparty for OTC derivatives | 2571618 |
| &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; Unrealized depreciation on forward foreign currency exchange contracts | (2481871) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts, at fair value | (17244149) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin payable on futures | (13936770) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin payable on centrally cleared swaps | 7883253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for periodic payments from swap contracts | (530625) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend and interest income payable on securities sold short | 352227 |
| &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; Management fee payable | 1071492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to Affiliate | (974285) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fee payable | 25995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 334625 |
|  Net cash used in operating activities | $(13994782) |

---

See Notes to Consolidated Financial Statements.

------

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

#### Consolidated Statement of Cash Flows (continued)

#### For the Six-Months Ended September 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **Cash Flows from Financing Activities:** |  |
|  Proceeds from shares sold | 368554589 |
|  Cost of shares repurchased | (453484950) |
|  Proceeds from reverse repurchase agreements | 75472343 |
|  Repayment of reverse repurchase agreements | (89423827) |
|  Net cash used in financing activities | (98881845) |
|  Net increase (decrease) in unrestricted and restricted cash and foreign currency | (112876627) |
|  Unrestricted and restricted cash and foreign currency, beginning of period | 1844407714 |
|  Unrestricted and restricted cash and foreign currency, end of period | 1731531087 |
|  **Supplemental disclosure of cash flow information:** |  |
|  Cash paid during the period for interest | $(126796) |
|  **Non-Cash Financing Activities:** |  |
|  Capital shares issued | $123551032 |
|  Capital shares redeemed | $(123551032) |

---

#### Reconciliation of unrestricted and restricted cash to the Consolidated Statement of Assets and Liabilities

---

| | | |
|:---|:---|:---|
|  | **Six-Months Ended<br>September 30, 2025** | **Year Ended<br>March 31, 2025** |
|  Cash | $482760411 | $575921682 |
|  Foreign currency at value | 10904950 | 9242662 |
|  Cash Pledged: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities sold short | 638176915 | 608091626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Derivative financial instruments | 189570844 | 276466608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 118076791 | 134842816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally cleared derivatives | 249269882 | 211906692 |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC derivatives | 42771294 | 27935628 |
|  | $1731531087 | $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** | **Class I** |
|  | **Six Months<br>Ended<br>9/30/2025<br>(unaudited)** | **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** | **Year<br>Ended<br>3/31/2021** |
|  **Net Asset Value, Beginning of Period** | $10.75 | $10.90 | $10.19 | $10.48 | $10.44 | $9.08 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |  |
|  Net investment income (loss)<sup>1</sup> | 0.12 | 0.30 | 0.24 | 0.01 | (0.09) | 0.08 |
|  Net realized and unrealized gain (loss) | 0.57 | 0.17 | 0.84 | (0.30) | 0.31 | 1.60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income (Loss) from Investment Operations | 0.69 | 0.47 | 1.08 | (0.29) | 0.22 | 1.68 |
|  **Less Distributions to Shareholders:** |  |  |  |  |  |  |
|  From net investment income |  | (0.62) | (0.37) |  |  | (0.32) |
|  From net realized capital gains |  |  |  |  | (0.18) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions |  | (0.62) | (0.37) |  | (0.18) | (0.32) |
|  **Net Asset Value, End of Period** | $11.44 | $10.75 | $10.90 | $10.19 | $10.48 | $10.44 |
|  Total Return | 6.42%<sup>2</sup> | 4.31% | 10.73%<sup>3</sup> | (2.77)% | 2.09% | 18.34% |
|  **Ratios to Average Net Assets:<sup>4</sup>** |  |  |  |  |  |  |
|  Total expenses before recoupment (reimbursement) from Investment Adviser<sup>5</sup> | 1.29%<sup>6</sup> | 1.24% | 1.35% | 1.51% | 0.96% | 0.80% |
|  Management Fees | 1.90%<sup>6</sup> | 1.90% | 1.89% | 1.88% | 1.87% | 1.87% |
|  Total expenses before recoupment (reimbursement) from Investment Adviser | 3.19% | 3.14% | 3.24% | 3.39% | 2.83% | 2.67% |
|  Recoupment (reimbursement) from Investment Adviser | (0.03)% | (0.08)% | —%<sup>7</sup> | —%<sup>7</sup> | —%<sup>7</sup> | —%<sup>7</sup> |
|  Net expenses after recoupment (reimbursement) from Investment Adviser | 3.16%<sup>6</sup> | 3.06% | 3.24% | 3.39% | 2.83% | 2.67% |
|  Net investment income (loss) | 2.21%<sup>6</sup> | 2.77% | 2.33% | 0.13% | (0.83)% | 0.77% |
|  **Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (in thousands) | $2690931 | $2626575 | $2868551 | $3358347 | $3958328 | $3637018 |
|  Portfolio turnover | 202%<sup>8</sup> | 397%<sup>8</sup> | 556%<sup>8</sup> | 846%<sup>8</sup> | 193% | 135% |

---

<sup>1</sup> Calculated using average shares outstanding during the period.

<sup>2</sup> Percentage represents the results for the period and is not annualized. 

<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.

See Notes to Consolidated Financial Statements.

------

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

#### Consolidated Financial Highlights (continued)

#### (For Shares Outstanding Throughout the Period)

<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> Financial ratios have been annualized except for non-recurring costs.

<sup>7</sup> There have been no recoupments (reimbursements) from Investment Adviser in the years ended, 2024, 2023, 2022 and 2021. See Note 7.

<sup>8</sup> Including TBA roll transactions. Had TBA roll transactions been excluded, the portfolio turnover rate would have been 89% for the six months ended September 30, 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** | **Class D** |
|  | **Six Months<br>Ended<br>9/30/2025<br>(unaudited)** | **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** | **Year<br>Ended<br>3/31/2021** |
|  **Net Asset Value, Beginning of Period** | $10.69 | $10.85 | $10.16 | $10.48 | $10.47 | $9.10 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |  |
|  Net investment income (loss)<sup>1</sup> | 0.11 | 0.27 | 0.22 | (0.01) | (0.12) | 0.05 |
|  Net realized and unrealized gain (loss) | 0.56 | 0.17 | 0.83 | (0.31) | 0.31 | 1.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Income (Loss) from Investment Operations | 0.67 | 0.44 | 1.05 | (0.32) | 0.19 | 1.65 |
|  **Less Distributions to Shareholders:** |  |  |  |  |  |  |
|  From net investment income |  | (0.60) | (0.36) |  |  | (0.28) |
|  From net realized capital gains |  |  |  |  | (0.18) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions |  | (0.60) | (0.36) |  | (0.18) | (0.28) |
|  **Net Asset Value, End of Period** | $11.36 | $10.69 | $10.85 | $10.16 | $10.48 | $10.47 |
|  Total Return | 6.27%<sup>2</sup> | 4.06% | 10.44%<sup>3</sup> | (3.05)% | 1.70% | 18.07% |
|  **Ratios to Average Net Assets:<sup>4</sup>** |  |  |  |  |  |  |
|  Total expenses before recoupment (reimbursement) from Investment Adviser<sup>5</sup> | 1.54%<sup>6</sup> | 1.49% | 1.64% | 1.78% | 1.27% | 1.07% |
|  Management Fees | 1.90%<sup>6</sup> | 1.90% | 1.89% | 1.88% | 1.87% | 1.87% |
|  Total expenses before recoupment (reimbursement) from Investment Adviser | 3.44% | 3.39% | 3.53% | 3.66% | 3.14% | 2.94% |
|  Recoupment (reimbursement) from Investment Adviser | (0.03)% | (0.08)% | (0.03)% | —%<sup>7</sup> | —%<sup>7</sup> | —%<sup>7</sup> |
|  Net expenses after recoupment (reimbursement) from Investment Adviser | 3.41%<sup>6</sup> | 3.31% | 3.50% | 3.66% | 3.14% | 2.94% |
|  Net investment income (loss) | 1.95%<sup>6</sup> | 2.52% | 2.08% | (0.14)% | (1.14)% | 0.51% |
|  **Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (in thousands) | $15591 | $16330 | $18519 | $20179 | $25626 | $27031 |
|  Portfolio turnover | 202%<sup>8</sup> | 397%<sup>8</sup> | 556%<sup>8</sup> | 846%<sup>8</sup> | 193% | 135% |

---

<sup>1</sup> Calculated using average shares outstanding during the period.

<sup>2</sup> Percentage represents the results for the period and is not annualized. 

<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> Financial ratios have been annualized except for non-recurring costs.

<sup>7</sup> There have been no recoupments (reimbursements) from Investment Adviser in the years ended, 2023, 2022 and 2021. See Note 7.

<sup>8</sup> Including TBA roll transactions. Had TBA roll transactions been excluded, the portfolio turnover rate would have been 89% for the six months ended September 30, 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** | **Class Y** |
|  | **Six Months<br>Ended<br>9/30/2025<br>(unaudited)** | **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** | **Year<br>Ended<br>3/31/2021** |
|  **Net Asset Value, Beginning of Period** | $10.68 | $10.83 | $10.13 | $10.41 | $10.36 | $9.02 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |  |
|  Net investment income (loss)<sup>1</sup> | 0.13 | 0.30 | 0.25 | 0.02 | (0.08) | 0.08 |
|  Net realized and unrealized gain (loss) | 0.55 | 0.17 | 0.82 | (0.30) | 0.31 | 1.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Income (Loss) from Investment Operations | 0.68 | 0.47 | 1.07 | (0.28) | 0.23 | 1.67 |
|  **Less Distributions to Shareholders:** |  |  |  |  |  |  |
|  From net investment income |  | (0.62) | (0.37) |  |  | (0.33) |
|  From net realized capital gains |  |  |  |  | (0.18) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions |  | (0.62) | (0.37) |  | (0.18) | (0.33) |
|  **Net Asset Value, End of Period** | $11.36 | $10.68 | $10.83 | $10.13 | $10.41 | $10.36 |
|  Total Return | 6.37%<sup>2</sup> | 4.35% | 10.74%<sup>3</sup> | (2.69)% | 2.10% | 18.49% |
|  **Ratios to Average Net Assets:<sup>4</sup>** |  |  |  |  |  |  |
|  Total expenses before recoupment (reimbursement) from Investment Adviser<sup>5</sup> | 1.19%<sup>6</sup> | 1.14% | 1.27% | 1.44% | 0.86% | 0.72% |
|  Management Fees | 1.90%<sup>6</sup> | 1.90% | 1.89% | 1.88% | 1.87% | 1.87% |
|  Net expenses after recoupment (reimbursement) from Investment Adviser<sup>7</sup> | 3.09%<sup>6</sup> | 3.04% | 3.16% | 3.32% | 2.73% | 2.59% |
|  Net investment income (loss) | 2.29%<sup>6</sup> | 2.80% | 2.41% | 0.22% | (0.72)% | 0.85% |
|  **Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (in thousands) | $1155292 | $1065158 | $1127862 | $1051621 | $1247505 | $1341439 |
|  Portfolio turnover | 202%<sup>8</sup> | 397%<sup>8</sup> | 556%<sup>8</sup> | 846%<sup>8</sup> | 193% | 135% |

---

<sup>1</sup> Calculated using average shares outstanding during the period.

<sup>2</sup> Percentage represents the results for the period and is not annualized. 

<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).

See Notes to Consolidated Financial Statements.

------

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

#### Consolidated Financial Highlights (continued)

#### (For Shares Outstanding Throughout the Period)

<sup>6</sup> Financial ratios have been annualized except for non-recurring costs.

<sup>7</sup> There have been no recoupments (reimbursements) from Investment Adviser in the years shown. See Note 7.

<sup>8</sup> Including TBA roll transactions. Had TBA roll transactions been excluded, the portfolio turnover rate would have been 89% for the six months ended September 30, 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 Period Ended September 30, 2025 (Unaudited)
1. Organization

Blackstone Alternative Investment Funds (the "Trust") is a Massachusetts business trust authorized to issue an unlimited number of shares of beneficial interest, which may be divided into different series and classes. The Trust is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). During the period ended September 30, 2025, 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 September 30, 2025, 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, almost entirely 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

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

#### Notes to Consolidated Financial Statements (Continued)

#### For the Period Ended September 30, 2025 (Unaudited)
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.

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

#### Notes to Consolidated Financial Statements (Continued)

#### For the Period Ended September 30, 2025 (Unaudited)
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.

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

#### Notes to Consolidated Financial Statements (Continued)

#### For the Period Ended September 30, 2025 (Unaudited)
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 September 30, 2025, the total fair value of Level 3 investments was $56,987,597. 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 September 30, 2025, a Fair Value Factor was not 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.

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

#### Notes to Consolidated Financial Statements (Continued)

#### For the Period Ended September 30, 2025 (Unaudited)
Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the clearing exchange. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable levels across complete term structures. These levels along with external third-party prices are used to produce daily settlement prices. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates to produce the daily settlement price. These securities are categorized as Level 2 within the fair value hierarchy.

*Fixed Income Securities* 

Fixed income securities, including corporate and convertible bonds, U.S. government sponsored agency securities, municipal bonds, U.S. Treasury obligations, foreign debt obligations, and bank debt are normally valued by pricing service providers on the basis of last available bid price. 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

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

#### Notes to Consolidated Financial Statements (Continued)

#### For the Period Ended September 30, 2025 (Unaudited)
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 September 30, 2025, the Fund had an outstanding commitment of $634,304 related to held unfunded commitments.

*Mortgage-Related and Other Asset-Backed Securities* 

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

*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 California Carbon Allowances ("CCAs") or futures on 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

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

#### Notes to Consolidated Financial Statements (Continued)

#### For the Period Ended September 30, 2025 (Unaudited)
permit delivery of Allowances issued by California or any linked program (at this time Quebec and Ontario). Trading in these futures contracts are subject to ICE's market rules. ICE lists separate CCAs by vintage (e.g., 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 September 30, 2025, 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 September 30, 2025, 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 six months ended September 30, 2025 was approximately $442,260, at a weighted average weekly interest rate of 3.02%.

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).

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

#### Notes to Consolidated Financial Statements (Continued)

#### For the Period Ended September 30, 2025 (Unaudited)
*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 September 30, 2025, the Fund had $482,760,411 in domestic cash and $10,904,950 in foreign cash held at State Street Bank and Trust Company ("State Street Bank"). These balances, at period 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.

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

#### Notes to Consolidated Financial Statements (Continued)

#### For the Period Ended September 30, 2025 (Unaudited)
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 September 30, 2025, 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.

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

#### Notes to Consolidated Financial Statements (Continued)

#### For the Period Ended September 30, 2025 (Unaudited)
*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 September 30, 2025, 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 adopted 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 Period Ended September 30, 2025 (Unaudited)
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.

*Recently Issued Accounting Pronouncements* 

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) – Improvement to Income Taxes Disclosures, which enhances the transparency of income tax disclosures. The ASU 2023-09 requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliations, as well as disclosure of income taxes paid disaggregated by jurisdiction. The amendments under this ASU are required to be applied prospectively and are effective for fiscal years begining after December 15, 2024. Management expects that adoption of the guidance will not have a material impact on the Fund's financial statements.

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 the period ended September 30, 2025 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 Period Ended September 30, 2025 (Unaudited)

#### 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 Period Ended September 30, 2025 (Unaudited)
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 Period Ended September 30, 2025 (Unaudited)
*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.

------

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

#### Notes to Consolidated Financial Statements (Continued)

#### For the Period Ended September 30, 2025 (Unaudited)
*Credit Default Swaps:* The Fund may enter into OTC and/or centrally cleared credit default swap contracts to hedge credit risk, to hedge market risk, or to gain exposure on single-name issuers and/or baskets of securities.

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

*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 and credit default swaps outstanding at period end are listed at the end of the Fund's Consolidated Schedule of Investments.

At September 30, 2025, the Fund had the following derivative financial instruments, presented on a gross basis and categorized by risk exposure:

------

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

#### Notes to Consolidated Financial Statements (Continued)

#### For the Period Ended September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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** |
|  Interest | Centrally cleared swaps, at fair value<sup>1</sup> | $5576498 | Centrally cleared swaps, at fair value<sup>1</sup> | $(4595263) |
|  | Swap contracts, at fair value<sup>2</sup> | 25573732 | Swap contracts, at fair value<sup>2</sup> |  |
|  | Unrealized appreciation on futures contracts<sup>1</sup> | 1377144 | Unrealized depreciation on futures contracts<sup>1</sup> | (1803943) |
|  | Purchased options, at fair value<sup>3</sup> | 6976122 | Options written, at value |  |
|  Equity | Swap contracts, at fair value<sup>2</sup> | 12449145 | Swap contracts, at fair value<sup>2</sup> | (4161005) |
|  | Unrealized appreciation on futures contracts<sup>1</sup> | 2008226 | Unrealized depreciation on futures contracts<sup>1</sup> | (927758) |
|  | Purchased options, at fair value<sup>3</sup> | 7804208 | Options written, at value | (2050614) |
|  Commodity | Unrealized appreciation on futures contracts<sup>1</sup> | 34060464 | Unrealized depreciation on futures contracts<sup>1</sup> | (21890053) |
|  | Purchased options, at fair value<sup>3</sup> | 16783001 | Options written, at value | (15478198) |
|  Credit | Centrally cleared swaps, at fair value<sup>1</sup> | 7630162 | Centrally cleared swaps, at fair value<sup>1</sup> | (9206981) |
|  | Swap contracts, at fair value<sup>2</sup> | 457467 | Swap contracts, at fair value<sup>2</sup> | (3426078) |
|  | Purchased options, at fair value<sup>3</sup> | 4927138 | Options written, at value | (2674298) |
|  Foreign Exchange | Unrealized appreciation on forward foreign currency exchange contracts | 1709174 | Unrealized depreciation on forward foreign currency exchange contracts | (574899) |
|  | Unrealized appreciation on futures contracts<sup>1</sup> | 737079 | Unrealized depreciation on futures contracts<sup>1</sup> | (217421) |
|  | Purchased options, at fair value<sup>3</sup> | 7830894 | Options written, at value | (2531556) |
|  Total |  | $135900454 |  | $(69538067) |
|  Amounts not subject to MNA<sup>4</sup> | Amounts not subject to MNA<sup>4</sup> | $72928398 |  | $(56170231) |
|  Total gross amounts subject to MNA | Total gross amounts subject to MNA | $62972056 |  | $(13367836) |

---

<sup>1</sup> Includes unrealized appreciation/depreciation of futures contracts and centrally cleared swaps as reported in the Consolidated Schedule of Investments. Only the current day's variation margin is reported in the Consolidated Statement of Assets and Liabilities.

<sup>2</sup> Includes swap contract premiums paid/received and unrealized appreciation/depreciation on swap contracts.

<sup>3</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>4</sup> See below for disclosure of financial instruments assets and liabilities subject to offset under enforceable MNA.

------

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

#### Notes to Consolidated Financial Statements (Continued)

#### For the Period Ended September 30, 2025 (Unaudited)
The following tables present information about the amount of net realized gain (loss) and net unrealized appreciation (depreciation) on derivative financial instruments for the six months ended September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Primary Underlying Risk** | **Average<br>Number of<br>Contracts<sup>1</sup>** | **Average<br>Notional<br>USD** | **Net<br>Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  *Interest Rate* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | $— | $(276364224) | $1658158 | $(1855979) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | 147340272 | (19759403) | 96883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options<sup>2</sup> | 118682971 | (1421702) | 25200 | 1008570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written |  |  |  |  |
|  *Equity* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  | 647170324 | 41250681 | 17050480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | 118501742 | (6425486) | 4775919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options<sup>2</sup> | 852172 | (8901525) | 6952124 | 6158814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | (55439) | 3267516 | (7509176) | (1836935) |
|  *Commodity* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | 209790878 | (3016239) | 13738424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options<sup>2</sup> | 43877 | (7393308) | (2008743) | (11199291) |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | (10037) | (1260707) | (3515763) | 9004672 |
|  *Credit* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  | 1018732559 | (4186555) | (8870080) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options | 4864522377 | (1872798) | (9753510) | (6354472) |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | (4857950949) | 848166 | 4053688 | 4173009 |
|  *Foreign Exchange* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts |  | 189309287 | (4802845) | 2478513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | 29437962 | 313453 | 501530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options<sup>2</sup> | 131388929 | (400521) | (3129679) | 6593386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | (40996357) | 82553 | (162246) | (1816865) |
|  |  |  | $(10016341) | $33646578 |

---

<sup>1</sup> Averages are based on monthly activity levels during the six months ended September 30, 2025.

<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).

------

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

#### Notes to Consolidated Financial Statements (Continued)

#### For the Period Ended September 30, 2025 (Unaudited)
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 September 30, 2025.

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 September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **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>** |
|  *By Counterparty<sup>3</sup>* |  |  |  |  |  |
|  Barclays Bank PLC | $2377783 | $(1424688) | $(898653) | $— | $54442 |
|  Goldman Sachs & Co. | 1698607 | (1698607) |  |  |  |
|  Goldman Sachs International | 9812635 | (318082) |  |  | 9494553 |
|  Morgan Stanley Capital Services LLC | 5157687 | (3836640) |  |  | 1321047 |
|  *Cayman Subsidiary* |  |  |  |  |  |
|  Bank Of America Merrill Lynch | 4038856 | (1563) |  |  | 4037293 |
|  Barclays Bank PLC | 1089883 | (227460) |  |  | 862423 |
|  Citibank N.A. | 905813 | (443336) |  |  | 462477 |
|  Deutsche Bank AG | 1910298 |  |  |  | 1910298 |
|  Goldman Sachs & Co. | 1824139 |  |  |  | 1824139 |
|  Goldman Sachs International | 16434909 | (669234) | (2200000) |  | 13565675 |
|  J.P. Morgan Securities LLC | 7830526 | (2531556) | (40141) |  | 5258829 |
|  Morgan Stanley Capital Services LLC | 486830 | (151932) |  |  | 334898 |
|  State Street Bank and Trust Company | 1109638 | (299180) | (650000) |  | 160458 |
|  *Domestic Subsidiary IV* |  |  |  |  |  |
|  Goldman Sachs & Co. | 138711 |  |  |  | 138711 |
|  Morgan Stanley Capital Services LLC | 7726237 |  |  |  | 7726237 |
|  State Street Bank and Trust Company | 429504 | (244877) |  |  | 184627 |
|  | $62972056 | $(11847155) | $(3788794) | $— | $47336107 |

---

------

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

#### Notes to Consolidated Financial Statements (Continued)

#### For the Period Ended September 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **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>** |
|  *By Counterparty<sup>3</sup>* |  |  |  |  |  |
|  Barclays Bank PLC | $(1424688) | $1424688 | $— | $— | $— |
|  Citibank N.A. | (250533) |  | 250533 |  |  |
|  Goldman Sachs & Co. | (1724598) | 1698607 | 25991 |  |  |
|  Goldman Sachs International | (318082) | 318082 |  |  |  |
|  JP Morgan Chase & Co. | (85440) |  |  |  | (85440) |
|  Morgan Stanley Capital Services LLC | (3836640) | 3836640 |  |  |  |
|  *Cayman Subsidiary* |  |  |  |  |  |
|  Bank Of America Merrill Lynch | (1563) | 1563 |  |  |  |
|  Barclays Bank PLC | (227460) | 227460 |  |  |  |
|  Citibank N.A. | (443336) | 443336 |  |  |  |
|  Goldman Sachs International | (669234) | 669234 |  |  |  |
|  J.P. Morgan Securities LLC | (2531556) | 2531556 |  |  |  |
|  JP Morgan Chase Bank N.A. | (145277) |  |  |  | (145277) |
|  Morgan Stanley Capital Services LLC | (151932) | 151932 |  |  |  |
|  State Street Bank and Trust Company | (299180) | 299180 |  |  |  |
|  *Domestic Subsidiary IV* |  |  |  |  |  |
|  Goldman Sachs International | (1013440) |  |  |  | (1013440) |
|  State Street Bank and Trust Company | (244877) | 244877 |  |  |  |
|  | $**(13367836)** | $**11847155** | $**276524** | $**—** | $**(1244157)** |

---

<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 Period Ended September 30, 2025 (Unaudited)
5. Fair Value Measurements

The following table presents information about the classification of the Fund's investments measured at fair value within the fair value hierarchy as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Investments in Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stock | $1174751969 | $4135683 | $17856976 | $1196744628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stock |  |  | 2013337 | 2013337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 221900662 |  | 221900662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Convertible Bonds |  | 2303261 | 189737 | 2492998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Debt |  | 122340729 | 34136177 | 156476906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes |  | 294859290 | 2803905 | 297663195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt |  | 140664319 |  | 140664319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | 1336654922 |  | 1336654922 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 52963888 |  | 52963888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Closed-End Fund | 44323825 |  |  | 44323825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants |  | 2224 |  | 2224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rights |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 74760673 |  | 74760673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 1 |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Undertakings for Collective Investment in Transferable Securities | 81745952 |  |  | 81745952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | 5198037 |  |  | 5198037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options | 21538825 | 22782538 |  | 44321363 |
|  **Subtotal** | **1327558609** | **2273368189** | **57000132** | **3657926930** |
|  **Investments Valued at NAV** | **—** | **—** | **—** | **431790629** |
|  **Total Investments in Securities** | $**1327558609** | $**2273368189** | $**57000132** | $**4089717559** |
|  Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded Loan Commitments<sup>(a)</sup> |  | 120415 |  | 120415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 38182913 |  |  | 38182913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps |  | 7630162 |  | 7630162 |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC Credit Default Swaps |  | 457467 |  | 457467 |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC Total Return Swaps |  | 38022877 |  | 38022877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts |  | 1709174 |  | 1709174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps |  | 5576498 |  | 5576498 |
|  **Total Investments in Securities and Other Financial Instruments** | $**1365741522** | $**2326884782** | $**57000132** | $**4181417065** |

---

------

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

#### Notes to Consolidated Financial Statements (Continued)

#### For the Period Ended September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Securities Sold Short: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stock | $(681103606) | $— | $(12506) | $(681116112) |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes |  | (9831187) |  | (9831187) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt |  | (47220130) |  | (47220130) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | (869941478) |  | (869941478) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | (17554361) |  | (17554361) |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | (8259343) |  |  | (8259343) |
| &nbsp;&nbsp;&nbsp;&nbsp; Rights |  |  | (29) | (29) |
|  **Total Securities Sold Short** | **(689362949)** | **(944547156)** | **(12535)** | **(1633922640)** |
|  Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options Written | (17528812) | (5205854) |  | (22734666) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | (24839175) |  |  | (24839175) |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps |  | (9206981) |  | (9206981) |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC Total Return Swaps |  | (4161005) |  | (4161005) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts |  | (574899) |  | (574899) |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps |  | (4595263) |  | (4595263) |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC Credit Default Swaps |  | (3426078) |  | (3426078) |
|  **Total Securities Sold Short and Other Financial Instruments** | $**(731730936)** | $**(971717236)** | $**(12535)** | $**(1703460707)** |

---

<sup>(a)</sup> Represents unrealized appreciation (depreciation).

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

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.

------

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

#### Notes to Consolidated Financial Statements (Continued)

#### For the Period Ended September 30, 2025 (Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &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 $** | **Total**<br> **$** |
| &nbsp;&nbsp;&nbsp;Event-Driven<sup>(1)</sup> | N/A | 5215717 | N/A | 9693783 | Semi-Annual<br> with 60 days'<br> notice |  | 14909500 |
| &nbsp;&nbsp;&nbsp;Macro Strategies<sup>(2)</sup> | N/A | N/A | N/A | 184731722 | Monthly with<br>90 days'<br>notice |  | 184731722 |
| &nbsp;&nbsp;&nbsp; Macro<br> Strategies<sup>(2)</sup> | N/A | N/A | N/A | 177230449 | Daily with 6<br>days' notice |  | 177230449 |
| &nbsp;&nbsp;&nbsp; Macro<br> Strategies<sup>(2)</sup> | N/A | N/A | N/A | 54918957 | Monthly with<br>60 days'<br>notice |  | 54918957 |

---

<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 Period Ended September 30, 2025 (Unaudited)
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)** | **<br>Balance<br>as of<br>September 30,<br>2025** | **Unrealized<br>Gain/(Loss)<br>as of<br>September 30,<br>2025** |
|  Common Stocks | 12842427 | $3229015 | (3018903) | $290122 | $— | $— | $— | $4514315 | 17856976 | $9964605 |
|  Preferred Stocks | 2013337 |  |  |  |  |  |  |  | 2013337 | (995273) |
|  Bank Debt | 28344124 | 6664197 | (13333372) | 11309834 | 191993 | 82332 | (9932) | 887001 | 34136177 | 782037 |
|  Convertible Bonds | 337339 |  |  | 142519 | (290122) | 307 |  | (306) | 189737 | 1777 |
|  Corporate Bonds & Notes | 1658736 | 2361865 | (48174) | 179873 |  | 82736 | (147) | (1430984) | 2803905 | (4361404) |
|  Warrants | 4178965 |  | (4178965) |  |  |  |  |  |  |  |
|  Rights | 1294 |  | (1294) |  |  |  |  |  |  |  |
|  Common Stock Sold Short | (12506) |  |  |  |  |  |  |  | (12506) | (1049) |
|  Exchange-Traded Call Options | 12694 |  |  |  |  |  | (171952) | 159258 |  |  |
|  Rights Sold Short | (29) |  |  |  |  |  |  |  | (29) | 512 |
|  | $49376381 | $12255077 | $(20580708) | $11922348 | $(98129) | $165375 | $(182031) | $4129284 | $56987597 | $5391205 |

---

The following table summarizes the quantitative inputs and assumptions used for investments classified within Level 3 of the fair value hierarchy as of September 30, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Assets** | **Valuation<br>Technique** | **Unobservable<br>Input** | **Range of<br>Unobservable**<br> **Inputs/<br>Inputs<br>Utilized** | **Range of<br>Unobservable**<br> **Inputs/<br>Inputs<br>Utilized** | **Fair Value at<br>September 30,<br>2025** |  |
|  Investments in Securities and Other Financial Instruments: |  |  |  |  |  |  |
| Bank Debt | Broker-dealer Quotations | Indicative Bid |  | N/A | $27728265 |  |
|  | Comparable Company<br> Multiples | EBITDA Multiple |  | 10.0x(a) | 5513257 |  |
|  |  | Estimated Forward EBITDA |  | 12.0x-17.0x(a) | 894655 |  |
| Common Stock | Broker-dealer Quotations | Indicative Bid |  | N/A | 17566854 |  |
|  | Comparable Company<br> Multiples | Estimated Forward EBITDA |  | 12.0x-17.0x(a) | 290122 |  |
| Corporate Bonds & Notes | Broker-dealer Quotations | Indicative Bid |  | N/A | 2803905 |  |
| Convertible Bonds | Comparable Company<br> Multiples | Estimated Forward EBITDA |  | 12.0x-17.0x(a) | 189737 |  |
| 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 | Total Investments in Securities and Other Financial Instruments | Total Investments in Securities and Other Financial Instruments | Total Investments in Securities and Other Financial Instruments |  |  | $57000132.0 |

---

<sup>(a)</sup> A significant change in unobservable input would have resulted in a correlated significant change to value.

---

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

---

------

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

#### Notes to Consolidated Financial Statements (Continued)

#### For the Period Ended September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Valuation<br>Technique** | **Unobservable<br>Input** | **Range of<br>Unobservable**<br> **Inputs/<br>Inputs<br>Utilized** | **Fair Value at<br>September 30,<br>2025** |
|  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 six months ended September 30, 2025, 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 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

------

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

#### Notes to Consolidated Financial Statements (Continued)

#### For the Period Ended September 30, 2025 (Unaudited)
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 six months ended September 30, 2025, the Fund paid the Investment Adviser $35,882,580 in management fees. From this amount, the Investment Adviser paid $25,294,297 in sub-advisory fees to non-affiliated Sub-Advisers with respect to the Fund, which amounted to 1.34% (annualized) of the Fund's average daily net assets. The Investment Advisor paid, in the aggregate, $1,465,494 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% (annualized) 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 six month period ended September 30, 2025 the Fund has recorded a receivable from the Investment Adviser of $332,240.

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, 2027 upon written notice to the Fund. This agreement cannot be terminated prior to August 31, 2027 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 expense, to the extent the estimated annualized Specified Expenses for a given month are less than the lower

------

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

#### Notes to Consolidated Financial Statements (Continued)

#### For the Period Ended September 30, 2025 (Unaudited)
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 September 30, 2025, 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 six months ended September 30, 2025, the Fund has an amount payable to FINCO of $1,324,663.

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 six months ended September 30, 2025, the Fund has an amount payable to BAAM of $124,592.

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 six months ended September 30, 2025, the Fund has an amount payable to BASP of $593.

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 six months ended September 30, 2025, 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. U.S. Bank National Association ("U.S. Bank") serves as custodian for certain of the Fund's securities, commodities, cash, and other property. 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 Period Ended September 30, 2025 (Unaudited)
*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 development, or significant geopolitical events, such as war, 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, and/or commodity-related investments may be difficult to sell, or illiquid, particularly during times of market turmoil. 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 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

------

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

#### Notes to Consolidated Financial Statements (Continued)

#### For the Period Ended September 30, 2025 (Unaudited)
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. Governmental efforts to curb inflation often have negative effects on the level of economic activity. This risk is elevated compared to historical market conditions because of recent monetary policy measures, the current interest rate environment, and the historically high prevailing inflation rates. 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 Period Ended September 30, 2025 (Unaudited)
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 six months ended September 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Purchases** | **Sales** | **Sales** |
|  | **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
|  Including TBAs | $2520145995 | $4649432883 | $2534340476 | $3884694061 |
|  Excluding TBAs | $2520145995 | $88250929 | $2534340476 | $23835194 |

---

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, 2024. 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.

As of September 30, 2025, 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)** |
| $2382695869 | $395878020 | $(281039261) | $114838759 |

---

------

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

#### Notes to Consolidated Financial Statements (Continued)

#### For the Period Ended September 30, 2025 (Unaudited)
12. Borrowings Under Credit Facility

As of September 30, 2025, the Fund had a secured revolving borrowing facility (the "Facility") with State Street Bank in an aggregate principal amount of up to $400,000,000, 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 (4.09% at September 30, 2025). 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 six months ended September 30, 2025, the Fund had no borrowings.

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.

------

#### 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 the annualized equivalent of the rates included below 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"). Accordingly, for the period 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, and for the period from August 4, 2025 through September 30, 2025, 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 the six months ended September 30, 2025, 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 | $92500 |
|  Paul J. Lawler | $75000 |
|  Kristen M. Leopold | $82500 |

---

*Interested Trustee:* 

---

| | |
|:---|:---|
| **Name of Interested Trustee** | **Aggregate Compensation from the Fund** |
|  Peter Koffler |  |
|  John M. Brown<sup>1</sup> | $75000 |

---

<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 September 30, 2025.

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 the six months ended September 30, 2025, 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 | $50625 |

---

#### 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 May 21-22, 2025 and August 19, 2025, the Board, including a majority of the Independent Trustees, considered and approved for the Fund (i) the continuation 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 Sub-Advisory Agreements (approved at May meeting)

• Bayforest Capital Limited ("Bayforest")

• D. E. Shaw Investment Management, L.L.C ("D. E. Shaw")

• Two Sigma Advisers, LP ("Two Sigma")

• Varick Capital Partners LP ("Varick")

• Caspian Capital LP ("Caspian")

Continued Sub-Advisory Agreements (approved at August meeting)

• Bayview Asset Management, LLC ("Bayview")

• Fort Baker Capital Management LP ("Fort Baker")

• Harvest Fund Advisors LLC ("Harvest")

• Maren Capital LLC ("Maren")

• Nephila Capital Ltd. ("Nephila")

• North Reef Capital Management LP ("North Reef")

• Seiga Asset Management Limited ("Seiga")

------

• Seven Grand Managers LLC ("Seven Grand")

New Sub-Advisory Agreement (approved at May meeting)

• Callodine Capital Management, LP ("Callodine")

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 May 2025 meeting and August 2025 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 May 2025 meeting generally included:

(1) a Manager Investment Review, which covered, among other things, summary information regarding the Sub-Adviser, investment strategy, and risk management strategy; an assessment of business infrastructure, valuation, liquidity monitoring, and compliance; and a summary of the key terms of the New Sub-Advisory Agreement;

(2) a Summary of Investment Committee Memo, which covered, among other things, summary information regarding the Sub-Adviser's background, investment thesis and process, portfolio construction, historical and targeted performance, fit within the Fund's portfolio, key risks associated with the Sub-Adviser, and approach to risk management;

(3) a sub-adviser 15(c) questionnaire, which provided the Sub-Adviser's responses to the Independent Trustees' request for information; and

(4) 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, 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 HFRI Equity Hedge Total Index ("HFRIEHTI"); (vi) the HFR Quantitative Directional Index ("HFRQDI"); and (vii) the SG CTA Index ("SGCTA"). 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, HFRIEHTI, HFRQDI, and SGCTA, as applicable, such as annualized return, standard deviation (which is a common measure of volatility), Sharpe ratio, and alpha and beta statistics (where available). 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 Callodine is a newly proposed sub-adviser, there is no prior performance to consider with respect to BAMSF.

*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 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 "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 or continuation 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 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 approving each Sub-Adviser's Sub-Advisory Agreement.

------

#### 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) Not applicable.

(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.](d14042dex99cert.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.](d14042dex99906cert.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.

------

#### 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.

---

| | |
|:---|:---|
| (Registrant) Blackstone Alternative Investment Funds | (Registrant) Blackstone Alternative Investment Funds |
| By (Signature and Title) | **/s/ Brian F. Gavin** |
|  | **Brian F. Gavin, Co-President (Co-Principal Executive Officer)** |
| Date December 3, 2025 | Date December 3, 2025 |
| By (Signature and Title) | **/s/ Peter Koffler** |
|  | **Peter Koffler, Trustee and Co-President (Co-Principal Executive Officer)** |
| Date December 3, 2025 | Date December 3, 2025 |

---

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.

---

| | |
|:---|:---|
| By (Signature and Title) | **/s/ Brian F. Gavin** |
|  | **Brian F. Gavin, Co-President (Co-Principal Executive Officer)** |
| Date December 3, 2025 | Date December 3, 2025 |
| By (Signature and Title) | **/s/ Peter Koffler** |
|  | **Peter Koffler, Trustee and Co-President (Co-Principal Executive Officer)** |
| Date December 3, 2025 | Date December 3, 2025 |
| By (Signature and Title) | **/s/ Thomas Procida** |
|  | **Thomas Procida, Treasurer (Principal Financial and Accounting Officer)** |
| Date December 3, 2025 | Date December 3, 2025 |

---

## 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;&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;&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;&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 prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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.

---

| | |
|:---|:---|
| December 3, 2025 | /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;&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;&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;&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 prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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.

---

| | |
|:---|:---|
| December 3, 2025 | /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;&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;&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;&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 prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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.

---

| | |
|:---|:---|
| December 3, 2025 | /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 September 30, 2025 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: December 3, 2025 |
| /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 September 30, 2025 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: December 3, 2025 |
| /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 September 30, 2025 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: December 3, 2025 |
| /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.