# EDGAR Filing Document

**Accession Number:** 0001557794
**File Stem:** 0001193125-25-137187
**Filing Date:** 2025-6
**Character Count:** 873050
**Document Hash:** ac8b71cc375f7a277184480ba9c9391d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-137187.hdr.sgml**: 20250606

**ACCESSION NUMBER**: 0001193125-25-137187

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250606

**DATE AS OF CHANGE**: 20250606

**EFFECTIVENESS DATE**: 20250606

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22743
- **FILM NUMBER:** 251032125

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

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

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

## Series and Classes Contracts Data

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

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

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

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

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

## Blackstone Alternative Investment Funds

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

#### 345 Park Avenue

#### New York, NY 10154

#### (Address of Principal Executive Offices)

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

#### Peter Koffler, Esq.

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

#### 345 Park Avenue

#### New York, NY 10154

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

#### With a copy to:

#### James E. Thomas, Esq.

#### Sarah Clinton, Esq.

#### Ropes & Gray LLP

#### Prudential Tower

#### 800 Boylston Street

#### Boston, MA 02199-3600

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

#### Date of reporting period: March 31, 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](g854037i9839e05dd61b98e6fd5b.jpg)

MARCH 31, 2025

#### Annual Shareholder Report

#### MARCH 31, 2025

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

\| BXMIX

#### Fund Overview
This annual shareholder report contains important information about Blackstone Alternative Multi-Strategy Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "Period"). **This report describes changes to the Fund that occurred during 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 | $313<sup>Footnote Reference\*</sup> | 3.06%<sup>Footnote Reference\*</sup> |

---

#### How did the Fund perform during the Period and what primarily impacted performance?
The Fund's Institutional Share Class delivered a return of 4.3%<sup>Footnote Reference(1)</sup> for the Period. In comparison, the HFRX Global Hedge Fund Index returned 3.2%, the MSCI World Total Return Index returned 7.5% and the Bloomberg Global Aggregate Bond Index returned 3.0% for the Period.

**What contributed to performance?**

* Quantitative equity strategies were the largest contributors to performance, capitalizing on increased dispersion within equity markets. 

* Emerging market debt and sovereign bond trading strategies added positively to returns.

* Macro interest rates trading strategies benefited from long positions in interest rates across multiple geographies.

**What detracted from performance?**

* Commodity trading advisors and mean reversion strategies performed negatively during periods of heightened volatility in global interest rates and currency markets.

* Healthcare-focused equity strategies experienced losses, reflecting broader weakness in the sector.

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

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance.** The line graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. To obtain the most recent month-end performance,visit www.bxmix.com. The following line graph represents the historical performance of a hypothetical $100,000 initial investment made on March 31, 2015, assuming the reinvestment of distributions. The line graph and table also show the average total returns of two broad-based securities market indices and an additional index that reflects the performance of the hedge fund universe over the same periods.

Cumulative performance: 03/31/2015 - 03/31/2025

Initial investment of $100,000

![Growth of 10K Chart](g854037i1662d807fb15ef6a6db5.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **HFRX Global Hedge Fund Index** | **MSCI World Total Return Index** | **Bloomberg Global Aggregate Bond Index** |
| **Mar-15** | $100000 | $100000 | $100000 | $100000 |
| **Apr-15** | $99615 | $100214 | $102397 | $101063 |
| **May-15** | $100867 | $100474 | $102837 | $99257 |
| **Jun-15** | $99711 | $99224 | $100487 | $98822 |
| **Jul-15** | $101638 | $99198 | $102324 | $99043 |
| **Aug-15** | $100578 | $97001 | $95595 | $99158 |
| **Sep-15** | $99904 | $94992 | $92112 | $99664 |
| **Oct-15** | $100193 | $96382 | $99438 | $99874 |
| **Nov-15** | $100674 | $95685 | $98992 | $98221 |
| **Dec-15** | $99957 | $94413 | $97292 | $98743 |
| **Jan-16** | $97784 | $91804 | $91496 | $99599 |
| **Feb-16** | $95611 | $91509 | $90871 | $101816 |
| **Mar-16** | $96994 | $92644 | $97104 | $104568 |
| **Apr-16** | $98278 | $93022 | $98702 | $105959 |
| **May-16** | $99167 | $93449 | $99347 | $104537 |
| **Jun-16** | $98673 | $93633 | $98282 | $107590 |
| **Jul-16** | $99760 | $94994 | $102460 | $108401 |
| **Aug-16** | $99760 | $95145 | $102597 | $107874 |
| **Sep-16** | $100649 | $95672 | $103189 | $108468 |
| **Oct-16** | $100649 | $95125 | $101218 | $105458 |
| **Nov-16** | $100451 | $95955 | $102729 | $101268 |
| **Dec-16** | $101305 | $96777 | $105224 | $100803 |
| **Jan-17** | $102992 | $97262 | $107788 | $101939 |
| **Feb-17** | $103786 | $98355 | $110832 | $102421 |
| **Mar-17** | $104778 | $98382 | $112092 | $102578 |
| **Apr-17** | $106366 | $98800 | $113807 | $103734 |
| **May-17** | $107556 | $99041 | $116325 | $105340 |
| **Jun-17** | $106465 | $99253 | $116816 | $105247 |
| **Jul-17** | $107457 | $100173 | $119648 | $107017 |
| **Aug-17** | $108449 | $100467 | $119877 | $108077 |
| **Sep-17** | $108350 | $101065 | $122615 | $107103 |
| **Oct-17** | $109342 | $101763 | $124963 | $106698 |
| **Nov-17** | $108648 | $101830 | $127735 | $107883 |
| **Dec-17** | $108592 | $102578 | $129502 | $108257 |
| **Jan-18** | $108896 | $105086 | $136369 | $109547 |
| **Feb-18** | $107479 | $102542 | $130777 | $108575 |
| **Mar-18** | $107884 | $101535 | $128011 | $109731 |
| **Apr-18** | $108896 | $101629 | $129561 | $107973 |
| **May-18** | $107276 | $101897 | $130496 | $107154 |
| **Jun-18** | $107175 | $101708 | $130481 | $106678 |
| **Jul-18** | $108187 | $101557 | $134589 | $106499 |
| **Aug-18** | $108491 | $102016 | $136318 | $106611 |
| **Sep-18** | $109807 | $101314 | $137134 | $105692 |
| **Oct-18** | $108086 | $98167 | $127097 | $104511 |
| **Nov-18** | $108187 | $97562 | $128607 | $104838 |
| **Dec-18** | $106939 | $95684 | $118877 | $106958 |
| **Jan-19** | $109826 | $97717 | $128166 | $108586 |
| **Feb-19** | $111064 | $98335 | $132085 | $107961 |
| **Mar-19** | $110960 | $98168 | $133909 | $109313 |
| **Apr-19** | $111889 | $98818 | $138735 | $108989 |
| **May-19** | $110754 | $98142 | $130855 | $110465 |
| **Jun-19** | $112404 | $99723 | $139532 | $112914 |
| **Jul-19** | $113332 | $100492 | $140262 | $112601 |
| **Aug-19** | $111889 | $100877 | $137461 | $114890 |
| **Sep-19** | $111785 | $101328 | $140451 | $113722 |
| **Oct-19** | $111992 | $101637 | $144064 | $114479 |
| **Nov-19** | $112610 | $102683 | $148145 | $113611 |
| **Dec-19** | $114179 | $103932 | $152640 | $114273 |
| **Jan-20** | $114714 | $104358 | $151754 | $115732 |
| **Feb-20** | $113645 | $102858 | $138992 | $116511 |
| **Mar-20** | $97288 | $96808 | $120689 | $113900 |
| **Apr-20** | $98891 | $99596 | $133940 | $116136 |
| **May-20** | $101778 | $101030 | $140503 | $116647 |
| **Jun-20** | $104878 | $102798 | $144282 | $117685 |
| **Jul-20** | $106268 | $104175 | $151237 | $121439 |
| **Aug-20** | $107444 | $105780 | $161400 | $121257 |
| **Sep-20** | $107230 | $105600 | $155896 | $120821 |
| **Oct-20** | $106482 | $105368 | $151157 | $120942 |
| **Nov-20** | $109582 | $108339 | $170550 | $123143 |
| **Dec-20** | $112923 | $110993 | $177833 | $124793 |
| **Jan-21** | $113475 | $110816 | $176108 | $123695 |
| **Feb-21** | $114908 | $112500 | $180687 | $121567 |
| **Mar-21** | $115129 | $112433 | $186794 | $119233 |
| **Apr-21** | $118217 | $114265 | $195573 | $120735 |
| **May-21** | $118658 | $114699 | $198507 | $121870 |
| **Jun-21** | $119650 | $115135 | $201524 | $120798 |
| **Jul-21** | $119209 | $114629 | $205192 | $122404 |
| **Aug-21** | $119650 | $115408 | $210362 | $121890 |
| **Sep-21** | $119540 | $114970 | $201717 | $119721 |
| **Oct-21** | $119430 | $116004 | $213194 | $119433 |
| **Nov-21** | $118217 | $114508 | $208589 | $119087 |
| **Dec-21** | $118879 | $115046 | $217559 | $118920 |
| **Jan-22** | $116636 | $113355 | $206093 | $116482 |
| **Feb-22** | $116075 | $112947 | $200941 | $115096 |
| **Mar-22** | $117533 | $113489 | $206587 | $111586 |
| **Apr-22** | $115851 | $112468 | $189508 | $105471 |
| **May-22** | $115178 | $111230 | $189798 | $105756 |
| **Jun-22** | $112598 | $109228 | $173425 | $102361 |
| **Jul-22** | $111813 | $109818 | $187244 | $104541 |
| **Aug-22** | $112150 | $110861 | $179489 | $100412 |
| **Sep-22** | $110916 | $109797 | $162877 | $95251 |
| **Oct-22** | $111589 | $109885 | $174618 | $94593 |
| **Nov-22** | $112486 | $110050 | $186846 | $99049 |
| **Dec-22** | $113383 | $109984 | $178982 | $99584 |
| **Jan-23** | $114505 | $111820 | $191694 | $102850 |
| **Feb-23** | $115066 | $111295 | $187161 | $99435 |
| **Mar-23** | $114281 | $109971 | $193080 | $102578 |
| **Apr-23** | $114168 | $110346 | $196563 | $103030 |
| **May-23** | $113608 | $109833 | $194751 | $101016 |
| **Jun-23** | $115626 | $110669 | $206603 | $101008 |
| **Jul-23** | $118094 | $111246 | $213596 | $101708 |
| **Aug-23** | $118206 | $111611 | $208581 | $100316 |
| **Sep-23** | $118318 | $111497 | $199656 | $97386 |
| **Oct-23** | $117869 | $110585 | $193911 | $96222 |
| **Nov-23** | $120225 | $111838 | $212189 | $101074 |
| **Dec-23** | $122366 | $113388 | $222681 | $105275 |
| **Jan-24** | $123178 | $113753 | $225404 | $103822 |
| **Feb-24** | $124571 | $114796 | $235049 | $102517 |
| **Mar-24** | $126545 | $116237 | $242735 | $103082 |
| **Apr-24** | $126313 | $115609 | $233827 | $100484 |
| **May-24** | $127474 | $116303 | $244419 | $101800 |
| **Jun-24** | $128170 | $116663 | $249479 | $101943 |
| **Jul-24** | $127706 | $117527 | $253919 | $104757 |
| **Aug-24** | $128403 | $118020 | $260724 | $107239 |
| **Sep-24** | $128867 | $119142 | $265600 | $109062 |
| **Oct-24** | $129564 | $118355 | $260394 | $105409 |
| **Nov-24** | $130841 | $119349 | $272424 | $105767 |
| **Dec-24** | $131508 | $119361 | $265423 | $103493 |
| **Jan-25** | $133104 | $120555 | $274845 | $104083 |
| **Feb-25** | $132736 | $120893 | $272949 | $105571 |
| **Mar-25** | $131999 | $120001 | $260792 | $106270 |

---

**Average Annual Total Returns (%)** (as of March 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Class I | 4.31% | 6.29% | 2.82% |
| HFRX Global Hedge Fund Index | 3.23% | 4.39% | 1.84% |
| MSCI World Total Return Index | 7.50% | 16.67% | 10.06% |
| Bloomberg Global Aggregate Bond Index | 3.04% | (1.38%) | 0.61% |

---

# **Key Fund Statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $3708064169 |
| Total Number of Portfolio Holdings | 5139 |
| Portfolio Turnover Rate<sup>Footnote Reference\*\*</sup> | 397% |
| Total Advisory Fees Paid | $68245875 |

---

#### Material Fund Changes
This is a summary of certain changes of the Fund since April 1, 2024. For more complete information, you may review the Fund's prospectus, including any applicable amendments, at <u>www.bxmix.com</u>.

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

**Catalio Capital Management, L.P.** \| Equity Hedge Strategies \| Effective 10/1/24

**Oak Hill Advisors, L.P.** \| Relative Value Strategies \| Effective 6/10/24

**Oak Thistle LLC** (doing business as OT Research) \| Equity Hedge Strategies \| Effective 9/4/24

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

**Clear Sky Advisers, LLC** \|Macro Strategies \| 12/16/24

**Endeavour Capital Advisors Inc.** \| Equity Hedge Strategies \| Effective 11/30/24

**Magnetar Asset Management LLC** \| Event-Driven Strategies \| Effective 1/23/25

**Waterfall Asset Management LLC** \| Relative Value Strategies \| Effective 12/20/24

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

**What did the Fund invest in?** (as of March 31, 2025)

---

| | |
|:---|:---|
| Portfolio Composition | Percentage of Total Net Assets |
| Common Stock | 27.5% |
| Mortgage-Backed Securities<sup>Footnote Reference(2)</sup> | 16.9% |
| Investments in Investee Funds | 10.6% |
| Corporate Bonds & Notes | 8.1% |
| Asset-Backed Securities | 6.5% |
| Sovereign Debt | 4.1% |
| Bank Debt | 3.6% |
| Purchased Options | 1.1% |
| U.S. Treasury Obligations | 1.0% |
| Closed-End Fund | 0.9% |
| Money Market Fund | 0.1% |
| Warrants | 0.1% |
| Preferred Stock | 0.1% |
| Exchange-Traded Funds<sup>Footnote Reference(3)</sup> | 0.0% |
| Convertible Bonds<sup>Footnote Reference(3)</sup> | 0.0% |
| Rights<sup>Footnote Reference(3)</sup> | 0.0% |
| Securities Sold Short | -34.8% |
| Repurchase Agreements | 1.3% |
| Other Assets and Liabilities<sup>Footnote Reference(4)</sup> | 52.9% |
| **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/](g854037ic6b943ae6caf240960e1.jpg)

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

Blackstone Alternative Multi-Strategy Fund

Class I

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Excludes acquired fund fees & expenses. Amounts would be higher if such fees & expenses were included. |
| Footnote<sup>\*\*</sup> | Includes TBA roll transactions. Had TBA roll transactions been excluded, the portfolio turnover rate would have been 156% for the year ended March 31, 2025. |
| Footnote<sup>(1)</sup> | Performance is shown net of the Expense Ratio less waived expenses. Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance data above. There can be no assurance that the Fund will achieve its goals or avoid losses. |
| Footnote<sup>(2)</sup> | Includes Agency-Guaranteed TBA securities that are guaranteed by the Federal National Mortgage Association or the Government National Mortgage Association, which represent 8.9% of Total Net Assets. |
| Footnote<sup>(3)</sup> | Represents less than 0.1% of Total Net Assets. |
| Footnote<sup>(4)</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](g854037i9839e05dd61b98e6fd5b.jpg)

MARCH 31, 2025

#### Annual Shareholder Report

#### MARCH 31, 2025

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

\| BXMDX

#### Fund Overview
This annual shareholder report contains important information about Blackstone Alternative Multi-Strategy Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "Period"). **This report describes changes to the Fund that occurred during 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 | $338<sup>Footnote Reference\*</sup> | 3.31%<sup>Footnote Reference\*</sup> |

---

#### How did the Fund perform during the Period and what primarily impacted performance?
The Fund's Class D delivered a return of 4.1%<sup>Footnote Reference(1)</sup> for the Period. In comparison, the HFRX Global Hedge Fund Index returned 3.2%, the MSCI World Total Return Index returned 7.5% and the Bloomberg Global Aggregate Bond Index returned 3.0% for the Period.

**What contributed to performance?**

* Quantitative equity strategies were the largest contributors to performance, capitalizing on increased dispersion within equity markets. 

* Emerging market debt and sovereign bond trading strategies added positively to returns.

* Macro interest rates trading strategies benefited from long positions in interest rates across multiple geographies.

**What detracted from performance?**

* Commodity trading advisors and mean reversion strategies performed negatively during periods of heightened volatility in global interest rates and currency markets.

* Healthcare-focused equity strategies experienced losses, reflecting broader weakness in the sector.

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

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance.** The line graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. To obtain the most recent month-end performance,visit www.bxmix.com. The following line graph represents the historical performance of a hypothetical $10,000 initial investment made on March 31, 2015, assuming the reinvestment of distributions. The line graph and table also show the average total returns of two broad-based securities market indices and an additional index that reflects the performance of the hedge fund universe over the same periods.

Cumulative performance: 03/31/2015 - 03/31/2025

Initial investment of $10,000

![Growth of 10K Chart](g854037i339b149f91043e2fabf4.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class D** | **HFRX Global Hedge Fund Index** | **MSCI World Total Return Index** | **Bloomberg Global Aggregate Bond Index** |
| **Mar-15** | $10000 | $10000 | $10000 | $10000 |
| **Apr-15** | $9961 | $10021 | $10240 | $10106 |
| **May-15** | $10077 | $10047 | $10284 | $9926 |
| **Jun-15** | $9961 | $9922 | $10049 | $9882 |
| **Jul-15** | $10154 | $9920 | $10232 | $9904 |
| **Aug-15** | $10039 | $9700 | $9560 | $9916 |
| **Sep-15** | $9981 | $9499 | $9211 | $9966 |
| **Oct-15** | $10000 | $9638 | $9944 | $9987 |
| **Nov-15** | $10048 | $9569 | $9899 | $9822 |
| **Dec-15** | $9984 | $9441 | $9729 | $9874 |
| **Jan-16** | $9757 | $9180 | $9150 | $9960 |
| **Feb-16** | $9540 | $9151 | $9087 | $10182 |
| **Mar-16** | $9678 | $9264 | $9710 | $10457 |
| **Apr-16** | $9797 | $9302 | $9870 | $10596 |
| **May-16** | $9886 | $9345 | $9935 | $10454 |
| **Jun-16** | $9826 | $9363 | $9828 | $10759 |
| **Jul-16** | $9935 | $9499 | $10246 | $10840 |
| **Aug-16** | $9945 | $9515 | $10260 | $10787 |
| **Sep-16** | $10024 | $9567 | $10319 | $10847 |
| **Oct-16** | $10024 | $9513 | $10122 | $10546 |
| **Nov-16** | $10004 | $9596 | $10273 | $10127 |
| **Dec-16** | $10087 | $9678 | $10522 | $10080 |
| **Jan-17** | $10255 | $9726 | $10779 | $10194 |
| **Feb-17** | $10334 | $9835 | $11083 | $10242 |
| **Mar-17** | $10423 | $9838 | $11209 | $10258 |
| **Apr-17** | $10582 | $9880 | $11381 | $10373 |
| **May-17** | $10691 | $9904 | $11632 | $10534 |
| **Jun-17** | $10582 | $9925 | $11682 | $10525 |
| **Jul-17** | $10681 | $10017 | $11965 | $10702 |
| **Aug-17** | $10770 | $10047 | $11988 | $10808 |
| **Sep-17** | $10750 | $10107 | $12261 | $10710 |
| **Oct-17** | $10849 | $10176 | $12496 | $10670 |
| **Nov-17** | $10780 | $10183 | $12773 | $10788 |
| **Dec-17** | $10775 | $10258 | $12950 | $10826 |
| **Jan-18** | $10805 | $10509 | $13637 | $10955 |
| **Feb-18** | $10654 | $10254 | $13078 | $10857 |
| **Mar-18** | $10695 | $10154 | $12801 | $10973 |
| **Apr-18** | $10795 | $10163 | $12956 | $10797 |
| **May-18** | $10624 | $10190 | $13050 | $10715 |
| **Jun-18** | $10614 | $10171 | $13048 | $10668 |
| **Jul-18** | $10705 | $10156 | $13459 | $10650 |
| **Aug-18** | $10735 | $10202 | $13632 | $10661 |
| **Sep-18** | $10865 | $10131 | $13713 | $10569 |
| **Oct-18** | $10695 | $9817 | $12710 | $10451 |
| **Nov-18** | $10695 | $9756 | $12861 | $10484 |
| **Dec-18** | $10574 | $9568 | $11888 | $10696 |
| **Jan-19** | $10860 | $9772 | $12817 | $10859 |
| **Feb-19** | $10972 | $9834 | $13208 | $10796 |
| **Mar-19** | $10962 | $9817 | $13391 | $10931 |
| **Apr-19** | $11023 | $9882 | $13873 | $10899 |
| **May-19** | $10911 | $9814 | $13085 | $11047 |
| **Jun-19** | $11064 | $9972 | $13953 | $11291 |
| **Jul-19** | $11156 | $10049 | $14026 | $11260 |
| **Aug-19** | $11034 | $10088 | $13746 | $11489 |
| **Sep-19** | $11023 | $10133 | $14045 | $11372 |
| **Oct-19** | $11034 | $10164 | $14406 | $11448 |
| **Nov-19** | $11095 | $10268 | $14815 | $11361 |
| **Dec-19** | $11241 | $10393 | $15264 | $11427 |
| **Jan-20** | $11293 | $10436 | $15175 | $11573 |
| **Feb-20** | $11188 | $10286 | $13899 | $11651 |
| **Mar-20** | $9581 | $9681 | $12069 | $11390 |
| **Apr-20** | $9738 | $9960 | $13394 | $11614 |
| **May-20** | $10022 | $10103 | $14050 | $11665 |
| **Jun-20** | $10327 | $10280 | $14428 | $11769 |
| **Jul-20** | $10453 | $10418 | $15124 | $12144 |
| **Aug-20** | $10568 | $10578 | $16140 | $12126 |
| **Sep-20** | $10537 | $10560 | $15590 | $12082 |
| **Oct-20** | $10463 | $10537 | $15116 | $12094 |
| **Nov-20** | $10778 | $10834 | $17055 | $12314 |
| **Dec-20** | $11096 | $11099 | $17783 | $12479 |
| **Jan-21** | $11139 | $11082 | $17611 | $12369 |
| **Feb-21** | $11290 | $11250 | $18069 | $12157 |
| **Mar-21** | $11312 | $11243 | $18679 | $11923 |
| **Apr-21** | $11603 | $11427 | $19557 | $12074 |
| **May-21** | $11646 | $11470 | $19851 | $12187 |
| **Jun-21** | $11743 | $11514 | $20152 | $12080 |
| **Jul-21** | $11700 | $11463 | $20519 | $12240 |
| **Aug-21** | $11733 | $11541 | $21036 | $12189 |
| **Sep-21** | $11722 | $11497 | $20172 | $11972 |
| **Oct-21** | $11700 | $11600 | $21319 | $11943 |
| **Nov-21** | $11581 | $11451 | $20859 | $11909 |
| **Dec-21** | $11646 | $11505 | $21756 | $11892 |
| **Jan-22** | $11427 | $11335 | $20609 | $11648 |
| **Feb-22** | $11372 | $11295 | $20094 | $11510 |
| **Mar-22** | $11504 | $11349 | $20659 | $11159 |
| **Apr-22** | $11328 | $11247 | $18951 | $10547 |
| **May-22** | $11273 | $11123 | $18980 | $10576 |
| **Jun-22** | $11010 | $10923 | $17342 | $10236 |
| **Jul-22** | $10933 | $10982 | $18724 | $10454 |
| **Aug-22** | $10966 | $11086 | $17949 | $10041 |
| **Sep-22** | $10845 | $10980 | $16288 | $9525 |
| **Oct-22** | $10911 | $10988 | $17462 | $9459 |
| **Nov-22** | $10988 | $11005 | $18685 | $9905 |
| **Dec-22** | $11065 | $10998 | $17898 | $9958 |
| **Jan-23** | $11174 | $11182 | $19169 | $10285 |
| **Feb-23** | $11229 | $11129 | $18716 | $9944 |
| **Mar-23** | $11152 | $10997 | $19308 | $10258 |
| **Apr-23** | $11141 | $11035 | $19656 | $10303 |
| **May-23** | $11086 | $10983 | $19475 | $10102 |
| **Jun-23** | $11273 | $11067 | $20660 | $10101 |
| **Jul-23** | $11515 | $11125 | $21360 | $10171 |
| **Aug-23** | $11526 | $11161 | $20858 | $10032 |
| **Sep-23** | $11537 | $11150 | $19966 | $9739 |
| **Oct-23** | $11493 | $11058 | $19391 | $9622 |
| **Nov-23** | $11712 | $11184 | $21219 | $10107 |
| **Dec-23** | $11919 | $11339 | $22268 | $10527 |
| **Jan-24** | $11987 | $11375 | $22540 | $10382 |
| **Feb-24** | $12135 | $11480 | $23505 | $10252 |
| **Mar-24** | $12317 | $11624 | $24274 | $10308 |
| **Apr-24** | $12294 | $11561 | $23383 | $10048 |
| **May-24** | $12407 | $11630 | $24442 | $10180 |
| **Jun-24** | $12476 | $11666 | $24948 | $10194 |
| **Jul-24** | $12419 | $11753 | $25392 | $10476 |
| **Aug-24** | $12487 | $11802 | $26072 | $10724 |
| **Sep-24** | $12532 | $11914 | $26560 | $10906 |
| **Oct-24** | $12600 | $11836 | $26039 | $10541 |
| **Nov-24** | $12714 | $11935 | $27242 | $10577 |
| **Dec-24** | $12781 | $11936 | $26542 | $10349 |
| **Jan-25** | $12936 | $12055 | $27485 | $10408 |
| **Feb-25** | $12900 | $12089 | $27295 | $10557 |
| **Mar-25** | $12817 | $12000 | $26079 | $10627 |

---

**Average Annual Total Returns (%)** (as of March 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Class D | 4.06% | 5.99% | 2.51% |
| HFRX Global Hedge Fund Index | 3.23% | 4.39% | 1.84% |
| MSCI World Total Return Index | 7.50% | 16.67% | 10.06% |
| Bloomberg Global Aggregate Bond Index | 3.04% | (1.38%) | 0.61% |

---

# **Key Fund Statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $3708064169 |
| Total Number of Portfolio Holdings | 5139 |
| Portfolio Turnover Rate<sup>Footnote Reference\*\*</sup> | 397% |
| Total Advisory Fees Paid | $68245875 |

---

#### Material Fund Changes
This is a summary of certain changes of the Fund since April 1, 2024. For more complete information, you may review the Fund's prospectus, including any applicable amendments, at <u>www.bxmix.com</u>.

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

**Catalio Capital Management, L.P.** \| Equity Hedge Strategies \| Effective 10/1/24

**Oak Hill Advisors, L.P.** \| Relative Value Strategies \| Effective 6/10/24

**Oak Thistle LLC** (doing business as OT Research) \| Equity Hedge Strategies \| Effective 9/4/24

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

**Clear Sky Advisers, LLC** \|Macro Strategies \| 12/16/24

**Endeavour Capital Advisors Inc.** \| Equity Hedge Strategies \| Effective 11/30/24

**Magnetar Asset Management LLC** \| Event-Driven Strategies \| Effective 1/23/25

**Waterfall Asset Management LLC** \| Relative Value Strategies \| Effective 12/20/24

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

**What did the Fund invest in?** (as of March 31, 2025)

---

| | |
|:---|:---|
| Portfolio Composition | Percentage of Total Net Assets |
| Common Stock | 27.5% |
| Mortgage-Backed Securities<sup>Footnote Reference(2)</sup> | 16.9% |
| Investments in Investee Funds | 10.6% |
| Corporate Bonds & Notes | 8.1% |
| Asset-Backed Securities | 6.5% |
| Sovereign Debt | 4.1% |
| Bank Debt | 3.6% |
| Purchased Options | 1.1% |
| U.S. Treasury Obligations | 1.0% |
| Closed-End Fund | 0.9% |
| Money Market Fund | 0.1% |
| Warrants | 0.1% |
| Preferred Stock | 0.1% |
| Exchange-Traded Funds<sup>Footnote Reference(3)</sup> | 0.0% |
| Convertible Bonds<sup>Footnote Reference(3)</sup> | 0.0% |
| Rights<sup>Footnote Reference(3)</sup> | 0.0% |
| Securities Sold Short | -34.8% |
| Repurchase Agreements | 1.3% |
| Other Assets and Liabilities<sup>Footnote Reference(4)</sup> | 52.9% |
| **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/](g854037ic6b943ae6caf240960e1.jpg)

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

Blackstone Alternative Multi-Strategy Fund

Class D

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Excludes acquired fund fees & expenses. Amounts would be higher if such fees & expenses were included. |
| Footnote<sup>\*\*</sup> | Includes TBA roll transactions. Had TBA roll transactions been excluded, the portfolio turnover rate would have been 156% for the year ended March 31, 2025. |
| Footnote<sup>(1)</sup> | Performance is shown net of the Expense Ratio less waived expenses. Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance data above. There can be no assurance that the Fund will achieve its goals or avoid losses. |
| Footnote<sup>(2)</sup> | Includes Agency-Guaranteed TBA securities that are guaranteed by the Federal National Mortgage Association or the Government National Mortgage Association, which represent 8.9% of Total Net Assets. |
| Footnote<sup>(3)</sup> | Represents less than 0.1% of Total Net Assets. |
| Footnote<sup>(4)</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](g854037i9839e05dd61b98e6fd5b.jpg)

MARCH 31, 2025

#### Annual Shareholder Report

#### MARCH 31, 2025

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

\| BXMYX

#### Fund Overview
This annual shareholder report contains important information about Blackstone Alternative Multi-Strategy Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025 (the "Period"). **This report describes changes to the Fund that occurred during 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 | $311<sup>Footnote Reference\*</sup> | 3.04%<sup>Footnote Reference\*</sup> |

---

#### How did the Fund perform during the Period and what primarily impacted performance?
The Fund's Class Y delivered a return of 4.4%<sup>Footnote Reference(1)</sup> for the Period. In comparison, the HFRX Global Hedge Fund Index returned 3.2%, the MSCI World Total Return Index returned 7.5% and the Bloomberg Global Aggregate Bond Index returned 3.0% for the Period.

**What contributed to performance?**

* Quantitative equity strategies were the largest contributors to performance, capitalizing on increased dispersion within equity markets. 

* Emerging market debt and sovereign bond trading strategies added positively to returns.

* Macro interest rates trading strategies benefited from long positions in interest rates across multiple geographies.

**What detracted from performance?**

* Commodity trading advisors and mean reversion strategies performed negatively during periods of heightened volatility in global interest rates and currency markets.

* Healthcare-focused equity strategies experienced losses, reflecting broader weakness in the sector.

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

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance.** The line graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. To obtain the most recent month-end performance,visit www.bxmix.com. The following line graph represents the historical performance of a hypothetical $10,000 initial investment made on March 31, 2015, assuming the reinvestment of distributions. The line graph and table also show the average total returns of two broad-based securities market indices and an additional index that reflects the performance of the hedge fund universe over the same periods.

Cumulative performance: 03/31/2015 - 03/31/2025

Initial investment of $10,000

![Growth of 10K Chart](g854037i302483077ce0d8c58248.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class Y** | **HFRX Global Hedge Fund Index** | **MSCI World Total Return Index** | **Bloomberg Global Aggregate Bond Index** |
| **Mar-15** | $10000 | $10000 | $10000 | $10000 |
| **Apr-15** | $9951 | $10021 | $10240 | $10106 |
| **May-15** | $10078 | $10047 | $10284 | $9926 |
| **Jun-15** | $9961 | $9922 | $10049 | $9882 |
| **Jul-15** | $10165 | $9920 | $10232 | $9904 |
| **Aug-15** | $10058 | $9700 | $9560 | $9916 |
| **Sep-15** | $9990 | $9499 | $9211 | $9966 |
| **Oct-15** | $10019 | $9638 | $9944 | $9987 |
| **Nov-15** | $10068 | $9569 | $9899 | $9822 |
| **Dec-15** | $10009 | $9441 | $9729 | $9874 |
| **Jan-16** | $9789 | $9180 | $9150 | $9960 |
| **Feb-16** | $9570 | $9151 | $9087 | $10182 |
| **Mar-16** | $9710 | $9264 | $9710 | $10457 |
| **Apr-16** | $9839 | $9302 | $9870 | $10596 |
| **May-16** | $9929 | $9345 | $9935 | $10454 |
| **Jun-16** | $9869 | $9363 | $9828 | $10759 |
| **Jul-16** | $9979 | $9499 | $10246 | $10840 |
| **Aug-16** | $9989 | $9515 | $10260 | $10787 |
| **Sep-16** | $10078 | $9567 | $10319 | $10847 |
| **Oct-16** | $10078 | $9513 | $10122 | $10546 |
| **Nov-16** | $10058 | $9596 | $10273 | $10127 |
| **Dec-16** | $10155 | $9678 | $10522 | $10080 |
| **Jan-17** | $10316 | $9726 | $10779 | $10194 |
| **Feb-17** | $10406 | $9835 | $11083 | $10242 |
| **Mar-17** | $10496 | $9838 | $11209 | $10258 |
| **Apr-17** | $10666 | $9880 | $11381 | $10373 |
| **May-17** | $10776 | $9904 | $11632 | $10534 |
| **Jun-17** | $10676 | $9925 | $11682 | $10525 |
| **Jul-17** | $10766 | $10017 | $11965 | $10702 |
| **Aug-17** | $10866 | $10047 | $11988 | $10808 |
| **Sep-17** | $10856 | $10107 | $12261 | $10710 |
| **Oct-17** | $10957 | $10176 | $12496 | $10670 |
| **Nov-17** | $10886 | $10183 | $12773 | $10788 |
| **Dec-17** | $10890 | $10258 | $12950 | $10826 |
| **Jan-18** | $10921 | $10509 | $13637 | $10955 |
| **Feb-18** | $10778 | $10254 | $13078 | $10857 |
| **Mar-18** | $10829 | $10154 | $12801 | $10973 |
| **Apr-18** | $10931 | $10163 | $12956 | $10797 |
| **May-18** | $10757 | $10190 | $13050 | $10715 |
| **Jun-18** | $10757 | $10171 | $13048 | $10668 |
| **Jul-18** | $10849 | $10156 | $13459 | $10650 |
| **Aug-18** | $10890 | $10202 | $13632 | $10661 |
| **Sep-18** | $11023 | $10131 | $13713 | $10569 |
| **Oct-18** | $10849 | $9817 | $12710 | $10451 |
| **Nov-18** | $10849 | $9756 | $12861 | $10484 |
| **Dec-18** | $10731 | $9568 | $11888 | $10696 |
| **Jan-19** | $11023 | $9772 | $12817 | $10859 |
| **Feb-19** | $11148 | $9834 | $13208 | $10796 |
| **Mar-19** | $11137 | $9817 | $13391 | $10931 |
| **Apr-19** | $11231 | $9882 | $13873 | $10899 |
| **May-19** | $11127 | $9814 | $13085 | $11047 |
| **Jun-19** | $11283 | $9972 | $13953 | $11291 |
| **Jul-19** | $11377 | $10049 | $14026 | $11260 |
| **Aug-19** | $11231 | $10088 | $13746 | $11489 |
| **Sep-19** | $11231 | $10133 | $14045 | $11372 |
| **Oct-19** | $11242 | $10164 | $14406 | $11448 |
| **Nov-19** | $11304 | $10268 | $14815 | $11361 |
| **Dec-19** | $11461 | $10393 | $15264 | $11427 |
| **Jan-20** | $11515 | $10436 | $15175 | $11573 |
| **Feb-20** | $11418 | $10286 | $13899 | $11651 |
| **Mar-20** | $9773 | $9681 | $12069 | $11390 |
| **Apr-20** | $9935 | $9960 | $13394 | $11614 |
| **May-20** | $10227 | $10103 | $14050 | $11665 |
| **Jun-20** | $10541 | $10280 | $14428 | $11769 |
| **Jul-20** | $10682 | $10418 | $15124 | $12144 |
| **Aug-20** | $10801 | $10578 | $16140 | $12126 |
| **Sep-20** | $10779 | $10560 | $15590 | $12082 |
| **Oct-20** | $10703 | $10537 | $15116 | $12094 |
| **Nov-20** | $11017 | $10834 | $17055 | $12314 |
| **Dec-20** | $11345 | $11099 | $17783 | $12479 |
| **Jan-21** | $11401 | $11082 | $17611 | $12369 |
| **Feb-21** | $11557 | $11250 | $18069 | $12157 |
| **Mar-21** | $11580 | $11243 | $18679 | $11923 |
| **Apr-21** | $11893 | $11427 | $19557 | $12074 |
| **May-21** | $11926 | $11470 | $19851 | $12187 |
| **Jun-21** | $12038 | $11514 | $20152 | $12080 |
| **Jul-21** | $11993 | $11463 | $20519 | $12240 |
| **Aug-21** | $12027 | $11541 | $21036 | $12189 |
| **Sep-21** | $12027 | $11497 | $20172 | $11972 |
| **Oct-21** | $12016 | $11600 | $21319 | $11943 |
| **Nov-21** | $11893 | $11451 | $20859 | $11909 |
| **Dec-21** | $11960 | $11505 | $21756 | $11892 |
| **Jan-22** | $11744 | $11335 | $20609 | $11648 |
| **Feb-22** | $11675 | $11295 | $20094 | $11510 |
| **Mar-22** | $11823 | $11349 | $20659 | $11159 |
| **Apr-22** | $11653 | $11247 | $18951 | $10547 |
| **May-22** | $11596 | $11123 | $18980 | $10576 |
| **Jun-22** | $11334 | $10923 | $17342 | $10236 |
| **Jul-22** | $11255 | $10982 | $18724 | $10454 |
| **Aug-22** | $11289 | $11086 | $17949 | $10041 |
| **Sep-22** | $11175 | $10980 | $16288 | $9525 |
| **Oct-22** | $11243 | $10988 | $17462 | $9459 |
| **Nov-22** | $11323 | $11005 | $18685 | $9905 |
| **Dec-22** | $11414 | $10998 | $17898 | $9958 |
| **Jan-23** | $11528 | $11182 | $19169 | $10285 |
| **Feb-23** | $11584 | $11129 | $18716 | $9944 |
| **Mar-23** | $11505 | $10997 | $19308 | $10258 |
| **Apr-23** | $11494 | $11035 | $19656 | $10303 |
| **May-23** | $11448 | $10983 | $19475 | $10102 |
| **Jun-23** | $11653 | $11067 | $20660 | $10101 |
| **Jul-23** | $11891 | $11125 | $21360 | $10171 |
| **Aug-23** | $11903 | $11161 | $20858 | $10032 |
| **Sep-23** | $11926 | $11150 | $19966 | $9739 |
| **Oct-23** | $11880 | $11058 | $19391 | $9622 |
| **Nov-23** | $12119 | $11184 | $21219 | $10107 |
| **Dec-23** | $12329 | $11339 | $22268 | $10527 |
| **Jan-24** | $12412 | $11375 | $22540 | $10382 |
| **Feb-24** | $12565 | $11480 | $23505 | $10252 |
| **Mar-24** | $12753 | $11624 | $24274 | $10308 |
| **Apr-24** | $12730 | $11561 | $23383 | $10048 |
| **May-24** | $12847 | $11630 | $24442 | $10180 |
| **Jun-24** | $12930 | $11666 | $24948 | $10194 |
| **Jul-24** | $12883 | $11753 | $25392 | $10476 |
| **Aug-24** | $12953 | $11802 | $26072 | $10724 |
| **Sep-24** | $13001 | $11914 | $26560 | $10906 |
| **Oct-24** | $13071 | $11836 | $26039 | $10541 |
| **Nov-24** | $13189 | $11935 | $27242 | $10577 |
| **Dec-24** | $13271 | $11936 | $26542 | $10349 |
| **Jan-25** | $13420 | $12055 | $27485 | $10408 |
| **Feb-25** | $13395 | $12089 | $27295 | $10557 |
| **Mar-25** | $13308 | $12000 | $26079 | $10627 |

---

**Average Annual Total Returns (%)** (as of March 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Class Y | 4.35% | 6.37% | 2.90% |
| HFRX Global Hedge Fund Index | 3.23% | 4.39% | 1.84% |
| MSCI World Total Return Index | 7.50% | 16.67% | 10.06% |
| Bloomberg Global Aggregate Bond Index | 3.04% | (1.38%) | 0.61% |

---

# **Key Fund Statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $3708064169 |
| Total Number of Portfolio Holdings | 5139 |
| Portfolio Turnover Rate<sup>Footnote Reference\*\*</sup> | 397% |
| Total Advisory Fees Paid | $68245875 |

---

#### Material Fund Changes
This is a summary of certain changes of the Fund since April 1, 2024. For more complete information, you may review the Fund's prospectus, including any applicable amendments, at <u>www.bxmix.com</u>.

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

**Catalio Capital Management, L.P.** \| Equity Hedge Strategies \| Effective 10/1/24

**Oak Hill Advisors, L.P.** \| Relative Value Strategies \| Effective 6/10/24

**Oak Thistle LLC** (doing business as OT Research) \| Equity Hedge Strategies \| Effective 9/4/24

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

**Clear Sky Advisers, LLC** \|Macro Strategies \| 12/16/24

**Endeavour Capital Advisors Inc.** \| Equity Hedge Strategies \| Effective 11/30/24

**Magnetar Asset Management LLC** \| Event-Driven Strategies \| Effective 1/23/25

**Waterfall Asset Management LLC** \| Relative Value Strategies \| Effective 12/20/24

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

**What did the Fund invest in?** (as of March 31, 2025)

---

| | |
|:---|:---|
| Portfolio Composition | Percentage of Total Net Assets |
| Common Stock | 27.5% |
| Mortgage-Backed Securities<sup>Footnote Reference(2)</sup> | 16.9% |
| Investments in Investee Funds | 10.6% |
| Corporate Bonds & Notes | 8.1% |
| Asset-Backed Securities | 6.5% |
| Sovereign Debt | 4.1% |
| Bank Debt | 3.6% |
| Purchased Options | 1.1% |
| U.S. Treasury Obligations | 1.0% |
| Closed-End Fund | 0.9% |
| Money Market Fund | 0.1% |
| Warrants | 0.1% |
| Preferred Stock | 0.1% |
| Exchange-Traded Funds<sup>Footnote Reference(3)</sup> | 0.0% |
| Convertible Bonds<sup>Footnote Reference(3)</sup> | 0.0% |
| Rights<sup>Footnote Reference(3)</sup> | 0.0% |
| Securities Sold Short | -34.8% |
| Repurchase Agreements | 1.3% |
| Other Assets and Liabilities<sup>Footnote Reference(4)</sup> | 52.9% |
| **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/](g854037ic6b943ae6caf240960e1.jpg)

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

Blackstone Alternative Multi-Strategy Fund

Class Y

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Excludes acquired fund fees & expenses. Amounts would be higher if such fees & expenses were included. |
| Footnote<sup>\*\*</sup> | Includes TBA roll transactions. Had TBA roll transactions been excluded, the portfolio turnover rate would have been 156% for the year ended March 31, 2025. |
| Footnote<sup>(1)</sup> | Performance is shown net of the Expense Ratio less waived expenses. Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance data above. There can be no assurance that the Fund will achieve its goals or avoid losses. |
| Footnote<sup>(2)</sup> | Includes Agency-Guaranteed TBA securities that are guaranteed by the Federal National Mortgage Association or the Government National Mortgage Association, which represent 8.9% of Total Net Assets. |
| Footnote<sup>(3)</sup> | Represents less than 0.1% of Total Net Assets. |
| Footnote<sup>(4)</sup> | Assets, other than investments, less liabilities. See Consolidated Statement of Assets and Liabilities. A portion of this balance represents cash collateral for derivatives. |

---

------

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

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

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

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

(e) Not applicable.

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

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

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

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

Item 3 of Form N-CSR.

(3) Not applicable.

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

---

| | | |
|:---|:---|:---|
|  | *Current Fiscal Year<sup>(1)</sup>* | *Previous Fiscal Year* |
| (a) Audit Fees | $325000 | $415000 |
| (b) Audit-Related Fees | $0 | $0 |
| (c) Tax Fees<sup>(2)</sup> | $45150 | $43400 |
| (d) All Other Fees | $0 | $0 |

---

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

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

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

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

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

------

---

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

---

(f) Not applicable.

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

---

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

---

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

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

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

(b) Not applicable.

------

Blackstone

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

Annual Report For the Year Ended March 31, 2025

------

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  [Consolidated Schedule of Investments](#toc854037_1) | 1 |
|  [Consolidated Statement of Assets and Liabilities](#toc854037_2) | 184 |
|  [Consolidated Statement of Operations](#toc854037_3) | 186 |
|  [Consolidated Statement of Changes in Net Assets](#toc854037_4) | 187 |
|  [Consolidated Statement of Cash Flows](#toc854037_5) | 189 |
|  [Consolidated Financial Highlights](#toc854037_6) | 191 |
|  [Notes to Consolidated Financial Statements](#toc854037_7) | 194 |
|  [Report of Independent Registered Public Accounting Firm](#toc854037_8) | 225 |

---

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

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

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

------

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

------

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

#### Consolidated Schedule of Investments ^

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
|  **INVESTMENT IN SECURITIES — 79.4%** |  |  |
|  **COMMON STOCK — 27.5%** |  |  |
|  **Africa — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Materials — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IAMGOLD Corp. (a) | 68800 | $430000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sasol Ltd., ADR (a) | 16000 | 67680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sibanye Stillwater Ltd., ADR (a) | 80100 | 366858 |
|  |  | 864538 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Telecommunication Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IHS Holding Ltd. (a) | 1700 | 8874 |
|  **Total Africa** |  | **873412** |
|  **Asia — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Automobiles & Components — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hesai Group, ADR (a) | 16200 | 239760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Niu Technologies, ADR (a) | 1099 | 4484 |
|  |  | 244244 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Banks — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HDFC Bank Ltd., ADR | 5600 | 372064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (b) | 36400 | 496270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shinhan Financial Group Co., Ltd., ADR | 200 | 6416 |
|  |  | 874750 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Capital Goods — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BioNexus Gene Lab Corp. (a) | 33 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Yuchai International Ltd. | 100 | 1699 |
| &nbsp;&nbsp;&nbsp;&nbsp; EHang Holdings Ltd., ADR (a) | 200 | 4178 |
|  |  | 5885 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Commercial & Professional Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunrise New Energy Co., Ltd., Class A (a),(c) | 27 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp; TaskUS, Inc., Class A (a) | 4000 | 54520 |
| &nbsp;&nbsp;&nbsp;&nbsp; VCI Global Ltd. (a) | 35 | 15 |
|  |  | 54562 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Consumer Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; E-Home Household Service Holdings Ltd. (a) | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jiade Ltd. (a) | 5 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; MakeMyTrip Ltd. (a) | 500 | 48995 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Oriental Education & Technology Group, Inc., ADR (a) | 10 | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp; TAL Education Group, ADR (a) | 5000 | 66050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tuniu Corp., ADR | 1500 | 1650 |
|  |  | 117177 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Diversified Financials — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FinVolution Group, ADR | 100 | $963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Exchange Group, Inc. (b) | 15700 | 161568 |
| &nbsp;&nbsp;&nbsp;&nbsp; LexinFintech Holdings Ltd., ADR | 18100 | 182629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lufax Holding Ltd., ADR (a) | 20700 | 61479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Noah Holdings Ltd., ADR | 600 | 5670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qudian, Inc., ADR (a) | 100 | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solowin Holdings (a) | 11 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Up Fintech Holding Ltd., ADR (a) | 18600 | 159774 |
|  |  | 572370 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Energy — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bw Lpg Ltd. (d) | 200 | 2176 |
| &nbsp;&nbsp;&nbsp;&nbsp; PTL Ltd. (a) | 7 | 9 |
|  |  | 2185 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Food & Staples Retailing — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dada Nexus Ltd., ADR (a) | 1800 | 3330 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Materials — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CN Energy Group, Inc., Class A (a) | 34 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silvercorp Metals, Inc. | 7300 | 28251 |
|  |  | 28256 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Media & Entertainment — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bilibili, Inc., ADR (a) | 14200 | 271362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grindr, Inc. (a) | 14400 | 257760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hello Group, Inc., ADR (a) | 2300 | 14513 |
| &nbsp;&nbsp;&nbsp;&nbsp; iQIYI, Inc., ADR (a) | 49100 | 110966 |
| &nbsp;&nbsp;&nbsp;&nbsp; JOYY, Inc., ADR (a) | 500 | 20990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nintendo Co., Ltd. (b) | 9800 | 666181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pop Culture Group Co. Ltd., Class A (a) | 40 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sea Ltd., ADR (a) | 8200 | 1070018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weibo Corp., ADR (a) | 12700 | 120269 |
|  |  | 2532084 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Pharmaceuticals, Biotechnology & Life Sciences — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BeiGene Ltd., ADR (a) | 500 | 136085 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-Mab, ADR (a) | 7500 | 6179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zai Lab Ltd., ADR (a) | 200 | 7228 |
|  |  | 149492 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Retailing — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Baozun, Inc., ADR (a) | 11900 | 32487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coupang, Inc. (a) | 50600 | 1109658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jiuzi Holdings, Inc. (a) | 1 | 4 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; J-Long Group Ltd. (a) | 45 | $179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Lifestyle Co., Ltd., ADR (a) | 10 | 34 |
|  |  | 1142362 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Semiconductors & Semiconductor Equipment — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Himax Technologies, Inc., ADR | 13800 | 101430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnachip Semiconductor Corp. (a) | 5100 | 17493 |
| &nbsp;&nbsp;&nbsp;&nbsp; NXP Semiconductors NV (b) | 459 | 87238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silicon Motion Technology Corp., ADR | 400 | 20224 |
| &nbsp;&nbsp;&nbsp;&nbsp; STMicroelectronics NV | 28900 | 634644 |
|  |  | 861029 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Software & Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GDS Holdings Ltd., ADR (a) | 3800 | 96254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infosys Ltd., ADR | 15400 | 281050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingsoft Cloud Holdings Ltd., ADR (a) | 800 | 11488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tuya, Inc., ADR | 16500 | 49995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vnet Group, Inc., ADR (a) | 34800 | 285360 |
|  |  | 724147 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Technology Hardware & Equipment — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Canaan, Inc., ADR (a) | 35300 | 30986 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Telecommunication Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Telkom Indonesia Persero Tbk. PT, ADR | 200 | 2954 |
| &nbsp;&nbsp;&nbsp;&nbsp; VEON Ltd., ADR (a) | 100 | 4361 |
|  |  | 7315 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Transportation — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Grab Holdings Ltd., Class A (a) | 129500 | 586635 |
|  **Total Asia** |  | **7936809** |
|  **Europe — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Automobiles & Components — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrari NV (b) | 2473 | 1056121 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Capital Goods — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Holdings NV | 5500 | 561935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbus SE (a),(b) | 9098 | 1602028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Luxfer Holdings PLC, ADR | 2300 | 27278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens AG (b) | 9510 | 2196299 |
| &nbsp;&nbsp;&nbsp;&nbsp; T1 Energy, Inc. (a) | 300 | 378 |
|  |  | 4387918 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Consumer Durables & Apparel — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amer Sports, Inc. (a) | 124093 | 3317006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ermenegildo Zegna NV | 5000 | 37000 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; On Holding AG, Class A (a) | 2300 | $101016 |
|  |  | 3455022 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Diversified Financials — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Marex Group PLC | 79186 | 2796850 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Energy — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Eni SpA (b) | 7207 | 111467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinor ASA (b) | 21352 | 563879 |
| &nbsp;&nbsp;&nbsp;&nbsp; KNOT Offshore Partners LP | 2800 | 19544 |
| &nbsp;&nbsp;&nbsp;&nbsp; StealthGas, Inc. (a) | 4400 | 24860 |
| &nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies SE (b) | 9041 | 582539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tsakos Energy Navigation Ltd. | 4500 | 76770 |
|  |  | 1379059 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Food, Beverage & Tobacco — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; British American Tobacco PLC, ADR | 500 | 20685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners PLC | 1400 | 121842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomad Foods Ltd. | 12600 | 247590 |
|  |  | 390117 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Insurance — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelis Insurance Holdings Ltd. | 2100 | 34020 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Materials — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Anglogold Ashanti PLC | 200 | 7424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercer International, Inc. | 3000 | 18450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Titan America SA (a) | 28674 | 387672 |
|  |  | 413546 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Media & Entertainment — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Criteo SA, ADR (a) | 3500 | 123935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gambling.com Group Ltd. (a) | 100 | 1262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trivago NV, ADR (a) | 1500 | 6150 |
|  |  | 131347 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Pharmaceuticals, Biotechnology & Life Sciences — 0.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AC Immune SA (a) | 100 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Achilles Therapeutics PLC, ADR (a),(e) | 1700 | 2516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akanda Corp. (a) | 3 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amarin Corp. PLC, ADR (a) | 28400 | 12726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argenx SE, ADR (a) | 100 | 59187 |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC, ADR (b) | 18475 | 1357912 |
| &nbsp;&nbsp;&nbsp;&nbsp; ATAI Life Sciences NV (a) | 600 | 816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autolus Therapeutics PLC, ADR (a) | 3400 | 5270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Pathways PLC, ADR (a) | 200 | 572 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRISPR Therapeutics AG (a) | 11800 | 401554 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Galapagos NV, ADR (a) | 200 | $5024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genmab AS, ADR (a) | 25100 | 491458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Immunocore Holdings PLC, ADR (a) | 6500 | 192855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merus NV (a) | 10500 | 441945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk AS, ADR (b) | 117700 | 8173088 |
| &nbsp;&nbsp;&nbsp;&nbsp; ProQR Therapeutics NV (a) | 3000 | 3990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silence Therapeutics PLC, ADR (a) | 1200 | 3384 |
| &nbsp;&nbsp;&nbsp;&nbsp; uniQure NV (a) | 12300 | 130380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zura Bio Ltd. (a) | 2100 | 2709 |
|  |  | 11285577 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Semiconductors & Semiconductor Equipment — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Infineon Technologies AG (b) | 6187 | 206243 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Software & Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture PLC, Class A | 100 | 31204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materialise NV, ADR (a) | 300 | 1476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Opera Ltd., ADR | 200 | 3188 |
|  |  | 35868 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Transportation — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Danaos Corp. | 100 | 7803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Ship Lease, Inc., Class A | 8100 | 185085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Golden Ocean Group Ltd. | 20100 | 160398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safe Bulkers, Inc. | 5800 | 21402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Star Bulk Carriers Corp. | 3824 | 59501 |
|  |  | 434189 |
|  **Total Europe** |  | **26005877** |
|  **Middle East — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Automobiles & Components — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mobileye Global, Inc., Class A (a) | 17500 | 251913 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Capital Goods — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nano Dimension Ltd., ADR (a) | 100 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Health Care Equipment & Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brainsway Ltd., ADR (a) | 600 | 5682 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Media & Entertainment — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Taboola.com Ltd. (a) | 5800 | 17110 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Pharmaceuticals, Biotechnology & Life Sciences — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Compugen Ltd. (a) | 3800 | 5548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oramed Pharmaceuticals, Inc. (a) | 4000 | 8560 |
|  |  | 14108 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Retailing — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; D-MARKET Elektronik Hizmetler ve Ticaret AS, ADR (a) | 2000 | $5700 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Semiconductors & Semiconductor Equipment — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Camtek Ltd. | 8200 | 480766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nova Ltd. (a) | 2400 | 442392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valens Semiconductor Ltd. (a) | 1800 | 3672 |
|  |  | 926830 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Software & Services — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alarum Technologies Ltd., ADR (a) | 400 | 2500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cellebrite DI Ltd. (a) | 22100 | 429403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Check Point Software Technologies Ltd. (a) | 1400 | 319088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Radware Ltd. (a) | 1900 | 41078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sapiens International Corp. NV | 600 | 16254 |
| &nbsp;&nbsp;&nbsp;&nbsp; SimilarWeb Ltd. (a) | 500 | 4135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wix.com Ltd. (a) | 5000 | 816900 |
|  |  | 1629358 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Technology Hardware & Equipment — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AudioCodes Ltd. | 1300 | 12246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ceragon Networks Ltd. (a) | 3400 | 7990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilat Satellite Networks Ltd. (a) | 1300 | 8255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ituran Location & Control Ltd. | 400 | 14464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silicom Ltd. (a) | 400 | 5952 |
|  |  | 48907 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Transportation — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ZIM Integrated Shipping Services Ltd. | 26700 | 389553 |
|  **Total Middle East** |  | **3289320** |
|  **North America — 26.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Automobiles & Components — 0.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adient PLC (a) | 200 | 2572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Co. (b) | 17600 | 176528 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Co. (b) | 21359 | 1004514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Motorcar Parts of America, Inc. (a) | 800 | 7600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rivian Automotive, Inc., Class A (a) | 5600 | 69720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stoneridge, Inc. (a) | 200 | 918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc. (a),(b) | 39400 | 10210904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volcon, Inc. (a) | 11 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Winnebago Industries, Inc. | 100 | 3446 |
|  |  | 11476212 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Banks — 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1st Source Corp. | 300 | 17943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amalgamated Financial Corp. | 300 | 8625 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Amerant Bancorp, Inc. | 800 | $16512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameris Bancorp | 162421 | 9350577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ames National Corp. | 100 | 1752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arrow Financial Corp. | 522 | 13723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlantic Union Bankshares Corp. | 111016 | 3457038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axos Financial, Inc. (a) | 100 | 6452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bancorp, Inc. (a) | 1700 | 89828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. (b) | 210114 | 8768057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Marin Bancorp | 37266 | 822461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of NT Butterfield & Son Ltd. | 300 | 11676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank OZK | 700 | 30415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bar Harbor Bankshares | 200 | 5900 |
| &nbsp;&nbsp;&nbsp;&nbsp; BayCom Corp. | 200 | 5034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hills Bancorp, Inc. | 2500 | 65225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blue Ridge Bankshares, Inc. (a) | 400 | 1304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bridgewater Bancshares, Inc. (a) | 600 | 8334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookline Bancorp, Inc. | 5497 | 59917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Business First Bancshares, Inc. | 600 | 14610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Byline Bancorp, Inc. | 1000 | 26160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camden National Corp. | 300 | 12141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital City Bank Group, Inc. | 300 | 10788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capitol Federal Financial, Inc. | 13600 | 76160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carter Bankshares, Inc. (a) | 800 | 12944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Pacific Financial Corp. | 21666 | 585849 |
| &nbsp;&nbsp;&nbsp;&nbsp; ChoiceOne Financial Services, Inc. | 300 | 8631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Civista Bancshares, Inc. | 200 | 3908 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNB Financial Corp. | 600 | 13350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coastal Financial Corp. (a) | 400 | 36164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colony Bankcorp, Inc. | 700 | 11305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia Financial, Inc. (a) | 100 | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comerica, Inc. | 264575 | 15625799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Community Trust Bancorp, Inc. | 400 | 20144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Community West Bancshares | 100 | 1848 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConnectOne Bancorp, Inc. | 1800 | 43758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eagle Bancorp, Inc. | 72476 | 1521996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eastern Bankshares, Inc. | 6442 | 105649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Bancshares, Inc., Class A | 200 | 7880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Esquire Financial Holdings, Inc. | 100 | 7538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Farmers National Banc Corp. | 900 | 11745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fifth Third Bancorp | 300 | 11760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Institutions, Inc. | 800 | 19968 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Bank | 200 | 2962 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Busey Corp. | 17724 | 382838 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc., Class A (b) | 35 | 64894 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Commonwealth Financial Corp. | 100 | 1554 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Community Bankshares, Inc. | 200 | 7538 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Community Corp. | 1500 | 33840 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; First Financial Corp. | 300 | $14694 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Foundation, Inc. | 358210 | 1859110 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Horizon Corp. | 802177 | 15578277 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Internet Bancorp | 200 | 5356 |
| &nbsp;&nbsp;&nbsp;&nbsp; First of Long Island Corp. (The) | 2400 | 29640 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Western Financial, Inc. (a) | 20884 | 410371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Firstsun Capital Bancorp (a) | 2670 | 96520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Five Star Bancorp | 100 | 2780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flushing Financial Corp. | 5200 | 66040 |
| &nbsp;&nbsp;&nbsp;&nbsp; FS Bancorp, Inc. | 100 | 3801 |
| &nbsp;&nbsp;&nbsp;&nbsp; FVCBankcorp, Inc. (a) | 175 | 1850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Great Southern Bancorp, Inc. | 100 | 5537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guaranty Bancshares, Inc. | 106 | 4243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hanmi Financial Corp. | 2700 | 61182 |
| &nbsp;&nbsp;&nbsp;&nbsp; HarborOne Bancorp, Inc. | 1500 | 15555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heritage Commerce Corp. | 5300 | 50456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heritage Financial Corp. | 1500 | 36495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilltop Holdings, Inc. | 77765 | 2367944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hingham Institution For Savings | 18752 | 4459226 |
| &nbsp;&nbsp;&nbsp;&nbsp; HomeTrust Bancshares, Inc. | 300 | 10284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hope Bancorp, Inc. | 5400 | 56538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Horizon Bancorp, Inc. | 1600 | 24128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent Bank Corp. | 500 | 15395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kearny Financial Corp. | 6700 | 41942 |
| &nbsp;&nbsp;&nbsp;&nbsp; KeyCorp | 39251 | 627623 |
| &nbsp;&nbsp;&nbsp;&nbsp; LCNB Corp. | 200 | 2958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Live Oak Bancshares, Inc. | 1700 | 45322 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&T Bank Corp. (b) | 1924 | 343915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercantile Bank Corp. | 300 | 13032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metrocity Bankshares, Inc. | 100 | 2757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Bank Holding Corp. (a) | 1000 | 55990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid Penn Bancorp, Inc. | 300 | 7773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Midland States Bancorp, Inc. | 1100 | 18832 |
| &nbsp;&nbsp;&nbsp;&nbsp; MidWestOne Financial Group, Inc. | 200 | 5922 |
| &nbsp;&nbsp;&nbsp;&nbsp; NB Bancorp, Inc. (a) | 300 | 5421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northeast Bank | 100 | 9154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northfield Bancorp, Inc. | 2700 | 29457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northpointe Bancshares, Inc. (a) | 38908 | 561832 |
| &nbsp;&nbsp;&nbsp;&nbsp; OceanFirst Financial Corp. | 3200 | 54432 |
| &nbsp;&nbsp;&nbsp;&nbsp; OFG Bancorp | 1900 | 76038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Second Bancorp, Inc. | 1400 | 23296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Onity Group, Inc. (a) | 94 | 3038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Origin Bancorp, Inc. | 100 | 3467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orrstown Financial Services, Inc. | 687 | 20617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pacific Premier Bancorp, Inc. | 38203 | 814488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pathward Financial, Inc. | 700 | 51065 |
| &nbsp;&nbsp;&nbsp;&nbsp; PCB Bancorp | 100 | 1871 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Peapack-Gladstone Financial Corp. | 600 | $17040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Penns Woods Bancorp, Inc. | 200 | 5582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peoples Bancorp, Inc. | 800 | 23728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinnacle Financial Partners, Inc. | 77096 | 8175260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Popular, Inc. | 100 | 9237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Bank | 400 | 33464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Primis Financial Corp. | 1200 | 11724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Provident Bancorp, Inc. (a) | 500 | 5740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Provident Financial Services, Inc. | 2243 | 38512 |
| &nbsp;&nbsp;&nbsp;&nbsp; QCR Holdings, Inc. | 200 | 14264 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBB Bancorp | 400 | 6600 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&T Bancorp, Inc. | 200 | 7410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandy Spring Bancorp, Inc. | 300 | 8385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seacoast Banking Corp. of Florida | 339730 | 8741253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shore Bancshares, Inc. | 500 | 6770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sierra Bancorp | 200 | 5576 |
| &nbsp;&nbsp;&nbsp;&nbsp; SmartFinancial, Inc. | 200 | 6216 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Plains Financial, Inc. | 400 | 13248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern First Bancshares, Inc. (a) | 100 | 3292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Missouri Bancorp, Inc. | 100 | 5202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southside Bancshares, Inc. | 1300 | 37648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stock Yards Bancorp, Inc. | 100 | 6906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synovus Financial Corp. | 155271 | 7257367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Capital Bancshares, Inc. (a) | 138177 | 10321822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Third Coast Bancshares, Inc. (a) | 100 | 3337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tompkins Financial Corp. | 100 | 6298 |
| &nbsp;&nbsp;&nbsp;&nbsp; TriCo Bancshares | 700 | 27979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp. | 32741 | 1347292 |
| &nbsp;&nbsp;&nbsp;&nbsp; TrustCo Bank Corp. | 520 | 15850 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Bancorp | 1300 | 54886 |
| &nbsp;&nbsp;&nbsp;&nbsp; UMB Financial Corp. | 20 | 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Community Banks, Inc. | 39193 | 1102499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Univest Financial Corp. | 1000 | 28360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veritex Holdings, Inc. | 100 | 2497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Trust Bancorp, Inc. | 500 | 15430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. (b) | 162063 | 11634503 |
| &nbsp;&nbsp;&nbsp;&nbsp; West BanCorp, Inc. | 200 | 3988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westamerica BanCorp | 800 | 40504 |
|  |  | 118469349 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Capital Goods — 2.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3D Systems Corp. (a) | 26700 | 56604 |
| &nbsp;&nbsp;&nbsp;&nbsp; AAR Corp. (a) | 200 | 11198 |
| &nbsp;&nbsp;&nbsp;&nbsp; AECOM | 1400 | 129822 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGCO Corp. | 100 | 9257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Industries Group (a) | 100 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Albany International Corp., Class A | 600 | 41424 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Allient, Inc. | 500 | $10990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allison Transmission Holdings, Inc. | 1000 | 95670 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMETEK, Inc. | 80026 | 13775676 |
| &nbsp;&nbsp;&nbsp;&nbsp; API Group Corp. (a) | 2000 | 71520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apogee Enterprises, Inc. | 1200 | 55596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Archer Aviation, Inc., Class A (a) | 300 | 2133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argan, Inc. | 500 | 65585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astronics Corp. (a) | 2100 | 50757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atmus Filtration Technologies, Inc. | 1230 | 45178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axon Enterprise, Inc. (a) | 1900 | 999305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ballard Power Systems, Inc. (a) | 18700 | 20570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bloom Energy Corp., Class A (a) | 55238 | 1085979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blue Bird Corp. (a) | 1900 | 61503 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlueLinx Holdings, Inc. (a) | 600 | 44988 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNH Industrial NV | 4600 | 56488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comfort Systems USA, Inc. | 400 | 128932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Vehicle Group, Inc. (a) | 4900 | 5635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Concrete Pumping Holdings, Inc. (a) | 1800 | 9828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Curtiss-Wright Corp. | 200 | 63454 |
| &nbsp;&nbsp;&nbsp;&nbsp; DNOW, Inc. (a) | 100 | 1708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Douglas Dynamics, Inc. | 2100 | 48783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ducommun, Inc. (a) | 200 | 11606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Recovery, Inc. (a) | 400 | 6356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enpro, Inc. | 100 | 16179 |
| &nbsp;&nbsp;&nbsp;&nbsp; EVI Industries, Inc. (a) | 100 | 1678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Signal Corp. | 600 | 44130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fluence Energy, Inc. (a) | 2600 | 12610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fluor Corp. (a) | 100 | 3582 |
| &nbsp;&nbsp;&nbsp;&nbsp; FTAI Aviation Ltd. (b) | 20400 | 2265012 |
| &nbsp;&nbsp;&nbsp;&nbsp; FTC Solar, Inc. (a) | 0 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp; FuelCell Energy, Inc. (a) | 21 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp; GATX Corp. | 700 | 108689 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE Vernova, Inc. (b) | 11902 | 3633442 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Dynamics Corp. (b) | 400 | 109032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Industrial Co. | 700 | 15680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gorman-Rupp Co. (The) | 400 | 14040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Graco, Inc. | 71200 | 5945912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Granite Construction, Inc. | 100 | 7540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Great Lakes Dredge & Dock Corp. (a) | 3300 | 28710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greenbrier Cos., Inc. | 100 | 5122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Griffon Corp. | 2000 | 143000 |
| &nbsp;&nbsp;&nbsp;&nbsp; HEICO Corp. (b) | 4900 | 1309231 |
| &nbsp;&nbsp;&nbsp;&nbsp; HEICO Corp., Class A | 67800 | 14303766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Helios Technologies, Inc. | 400 | 12836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hexcel Corp. | 800 | 43808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 100 | 21175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hudson Technologies, Inc. (a) | 7100 | 43807 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyliion Holdings Corp. (a) | 2100 | $2940 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEX Corp. (b) | 31012 | 5612242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insteel Industries, Inc. | 400 | 10520 |
| &nbsp;&nbsp;&nbsp;&nbsp; JELD-WEN Holding, Inc. (a) | 200 | 1194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Karat Packaging, Inc. | 100 | 2658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Karman Holdings, Inc. (a) | 143373 | 4791526 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. (b) | 13240 | 2771264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp. (b) | 27700 | 12373867 |
| &nbsp;&nbsp;&nbsp;&nbsp; LSI Industries, Inc. | 100 | 1700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Manitowoc Co., Inc. (The) (a) | 4200 | 36078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Matrix Service Co. (a) | 900 | 11187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mayville Engineering Co., Inc. (a) | 600 | 8058 |
| &nbsp;&nbsp;&nbsp;&nbsp; McGrath RentCorp | 900 | 100260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miller Industries, Inc. | 300 | 12711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Momentus, Inc. (a) | 2 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; MRC Global, Inc. (a) | 3300 | 37884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northann Corp. (a) | 21 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp. (b) | 10300 | 5273703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwest Pipe Co. (a) | 400 | 16520 |
| &nbsp;&nbsp;&nbsp;&nbsp; NuScale Power Corp. (a) | 2700 | 38232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nuvve Holding Corp. (a) | 2 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orion Group Holdings, Inc. (a) | 200 | 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Owens Corning | 100 | 14282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palladyne AI Corp. (a) | 33 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Park Aerospace Corp. | 500 | 6725 |
| &nbsp;&nbsp;&nbsp;&nbsp; PennantPark Floating Rate Capital Ltd. | 5400 | 60426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Primoris Services Corp. | 700 | 40187 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Bearings, Inc. (a) | 45540 | 14653406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redwire Corp. (a) | 300 | 2487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rocket Lab USA, Inc. (a) | 20200 | 361176 |
| &nbsp;&nbsp;&nbsp;&nbsp; SES AI Corp. (a) | 1100 | 573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shyft Group, Inc. (The) | 3400 | 27506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simpson Manufacturing Co., Inc. | 32000 | 5026560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standardaero, Inc. (a) | 256117 | 6822957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sterling Infrastructure, Inc. (a) | 4600 | 520766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tecnoglass, Inc. | 1400 | 100170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terex Corp. | 500 | 18890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Textron, Inc. | 100 | 7225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermon Group Holdings, Inc. (a) | 1100 | 30635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Titan Machinery, Inc. (a) | 1800 | 30672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transcat, Inc. (a) | 300 | 22335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tutor Perini Corp. (a) | 3100 | 71858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultralife Corp. (a) | 900 | 4842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vicor Corp. (a) | 700 | 32746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wabash National Corp. | 900 | 9945 |
| &nbsp;&nbsp;&nbsp;&nbsp; WillScot Holdings Corp. | 41615 | 1156897 |
|  |  | 105183195 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Commercial & Professional Services — 0.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ACCO Brands Corp. | 12800 | $53632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amentum Holdings, Inc. (a) | 40965 | 745563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asure Software, Inc. (a) | 100 | 955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bitcoin Depot, Inc. (a) | 4300 | 6493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding Corp. (b) | 8100 | 847098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bridger Aerospace Group Holdings, Inc. (a) | 100 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBIZ, Inc. (a) | 400 | 30344 |
| &nbsp;&nbsp;&nbsp;&nbsp; CECO Environmental Corp. (a) | 400 | 9120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Civeo Corp. | 1125 | 25875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Concentrix Corp. | 1200 | 66768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Copart, Inc. (a) | 117344 | 6640497 |
| &nbsp;&nbsp;&nbsp;&nbsp; CoreCivic, Inc. (a) | 3200 | 64928 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRA International, Inc. | 100 | 17320 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSG Systems International, Inc. | 100 | 6047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ennis, Inc. | 600 | 12054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equifax, Inc. (b) | 2800 | 681968 |
| &nbsp;&nbsp;&nbsp;&nbsp; ExlService Holdings, Inc. (a) | 200 | 9442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiverr International Ltd. (a) | 4400 | 104192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forrester Research, Inc. (a) | 1500 | 13860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin Covey Co. (a) | 600 | 16572 |
| &nbsp;&nbsp;&nbsp;&nbsp; GEE Group, Inc. (a) | 5400 | 1091 |
| &nbsp;&nbsp;&nbsp;&nbsp; GEO Group, Inc. (a) | 2000 | 58420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare Services Group, Inc. (a) | 4600 | 46368 |
| &nbsp;&nbsp;&nbsp;&nbsp; HNI Corp. | 34 | 1508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huron Consulting Group, Inc. (a) | 1200 | 172140 |
| &nbsp;&nbsp;&nbsp;&nbsp; IBEX Holdings Ltd. (a) | 2000 | 48700 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICF International, Inc. | 1000 | 84970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. | 1000 | 120890 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBR, Inc. | 2600 | 129506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kelly Services, Inc., Class A | 2600 | 34242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legalzoom.com, Inc. (a) | 3700 | 31857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. (b) | 1900 | 256386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liquidity Services, Inc. (a) | 1000 | 31010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Matthews International Corp., Class A | 700 | 15568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Millennium Corp. (a),(b),(e) | 60879 | 2830873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mistras Group, Inc. (a) | 600 | 6348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parsons Corp. (a) | 200 | 11842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paylocity Holding Corp. (a) | 700 | 131138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quad/Graphics, Inc. | 2300 | 12535 |
| &nbsp;&nbsp;&nbsp;&nbsp; RCM Technologies, Inc. (a) | 500 | 7800 |
| &nbsp;&nbsp;&nbsp;&nbsp; ShiftPixy, Inc. (a),(e) | 1 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; SS&C Technologies Holdings, Inc. | 600 | 50118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Steelcase, Inc., Class A | 100 | 1096 |
| &nbsp;&nbsp;&nbsp;&nbsp; TELUS International CDA, Inc. (a) | 500 | 1345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tetra Tech, Inc. | 2800 | 81900 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; TriNet Group, Inc. | 700 | $55468 |
| &nbsp;&nbsp;&nbsp;&nbsp; TrueBlue, Inc. (a) | 1100 | 5841 |
| &nbsp;&nbsp;&nbsp;&nbsp; TTEC Holdings, Inc. | 11400 | 37506 |
| &nbsp;&nbsp;&nbsp;&nbsp; UL Solutions, Inc., Class A | 106608 | 6012691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Upwork, Inc. (a) | 23900 | 311895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verisk Analytics, Inc., Class A (b) | 6267 | 1865185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Connections, Inc. | 4800 | 936912 |
|  |  | 22745996 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Consumer Durables & Apparel — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acushnet Holdings Corp. | 2800 | 192248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Algorhythm Holdings, Inc. (a) | 5 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allbirds, Inc., Class A (a) | 395 | 2544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bassett Furniture Industries, Inc. | 200 | 3050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beazer Homes USA, Inc. (a) | 3100 | 63209 |
| &nbsp;&nbsp;&nbsp;&nbsp; DR Horton, Inc. | 9500 | 1207735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ethan Allen Interiors, Inc. | 1000 | 27700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Figs, Inc., Class A (a) | 1400 | 6426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fossil Group, Inc. (a) | 12600 | 14490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Funko, Inc., Class A (a) | 700 | 4802 |
| &nbsp;&nbsp;&nbsp;&nbsp; G-III Apparel Group Ltd. (a) | 1300 | 35555 |
| &nbsp;&nbsp;&nbsp;&nbsp; GoPro, Inc., Class A (a) | 31400 | 20815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hooker Furnishings Corp. | 200 | 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Installed Building Products, Inc. | 300 | 51438 |
| &nbsp;&nbsp;&nbsp;&nbsp; iRobot Corp. (a) | 3300 | 8910 |
| &nbsp;&nbsp;&nbsp;&nbsp; JAKKS Pacific, Inc. | 600 | 14802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Outdoors, Inc., Class A | 300 | 7452 |
| &nbsp;&nbsp;&nbsp;&nbsp; KB Home | 6400 | 371968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Landsea Homes Corp. (a) | 100 | 642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legacy Housing Corp. (a) | 500 | 12610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leggett & Platt, Inc. | 13300 | 105203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennar Corp., Class A | 2500 | 286950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lovesac Co. (a) | 100 | 1818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lululemon Athletica, Inc. (a),(b) | 1342 | 379866 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/I Homes, Inc. (a) | 400 | 45672 |
| &nbsp;&nbsp;&nbsp;&nbsp; MasterCraft Boat Holdings, Inc. (a) | 100 | 1722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meritage Homes Corp. | 700 | 49616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peloton Interactive, Inc., Class A (a) | 89700 | 566904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Polaris, Inc. | 3200 | 131008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ralph Lauren Corp. | 100 | 22074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skechers USA, Inc., Class A (a) | 8500 | 482630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smith & Wesson Brands, Inc. | 1400 | 13048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Superior Group of Cos., Inc. | 200 | 2188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Topgolf Callaway Brands Corp. (a) | 2700 | 17793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tri Pointe Homes, Inc. (a) | 5500 | 175560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Under Armour, Inc., Class A (a) | 100 | 625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unifi, Inc. (a) | 1800 | 8658 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Electronics, Inc. (a) | 1200 | $7344 |
|  |  | 4347094 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Consumer Services — 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accel Entertainment, Inc. (a) | 800 | 7936 |
| &nbsp;&nbsp;&nbsp;&nbsp; ADT, Inc. | 231022 | 1880519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbnb, Inc., Class A (a),(b) | 61400 | 7334844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allurion Technologies, Inc. (a) | 48 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Public Education, Inc. (a) | 800 | 17856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amesite, Inc. (a) | 33 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bloomin' Brands, Inc. | 3900 | 27963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brinker International, Inc. (a) | 2800 | 417340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carriage Services, Inc. | 900 | 34875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cava Group, Inc. (a) | 18200 | 1572662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chegg, Inc. (a) | 25200 | 16108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coursera, Inc. (a) | 4200 | 27972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denny's Corp. (a) | 300 | 1101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dine Brands Global, Inc. | 2900 | 67483 |
| &nbsp;&nbsp;&nbsp;&nbsp; DoorDash, Inc., Class A (a) | 64900 | 11861773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duolingo, Inc. (a) | 4900 | 1521646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dutch Bros, Inc., Class A (a) | 1500 | 92610 |
| &nbsp;&nbsp;&nbsp;&nbsp; European Wax Center, Inc., Class A (a) | 3000 | 11850 |
| &nbsp;&nbsp;&nbsp;&nbsp; GEN Restaurant Group, Inc. (a) | 500 | 2760 |
| &nbsp;&nbsp;&nbsp;&nbsp; H&R Block, Inc. | 200 | 10982 |
| &nbsp;&nbsp;&nbsp;&nbsp; KinderCare Learning Cos., Inc. (a) | 61445 | 712147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kura Sushi USA, Inc., Class A (a) | 300 | 15360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Life Time Group Holdings, Inc. (a) | 15100 | 456020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln Educational Services Corp. (a) | 500 | 7935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lindblad Expeditions Holdings, Inc. (a) | 2100 | 19467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norwegian Cruise Line Holdings Ltd. (a),(b) | 33300 | 631368 |
| &nbsp;&nbsp;&nbsp;&nbsp; PlayAGS, Inc. (a) | 9300 | 112623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Potbelly Corp. (a) | 400 | 3804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Red Robin Gourmet Burgers, Inc. (a) | 1100 | 3916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. (b) | 7350 | 1509984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabre Corp. (a) | 80200 | 225362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Corp. International | 600 | 48120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonder Holdings, Inc. (a) | 25 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sweetgreen, Inc., Class A (a) | 6200 | 155124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Roadhouse, Inc., Class A | 100 | 16663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viking Holdings Ltd. (a),(b) | 34100 | 1355475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wingstop, Inc. | 5400 | 1218132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xponential Fitness, Inc., Class A (a) | 200 | 1666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 3400 | 535024 |
|  |  | 31936754 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Diversified Financials — 2.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acadian Asset Management, Inc. | 36201 | $936158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated Managers Group, Inc. | 3264 | 548450 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Mortgage Investment Trust, Inc. | 800 | 5840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alerus Financial Corp. | 400 | 7384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Angel Oak Mortgage REIT, Inc. | 100 | 953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apollo Global Management, Inc. (b) | 6375 | 872993 |
| &nbsp;&nbsp;&nbsp;&nbsp; ARES Capital Corp. | 3200 | 70912 |
| &nbsp;&nbsp;&nbsp;&nbsp; ARES Commercial Real Estate Corp. | 800 | 3704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlanticus Holdings Corp. (a) | 100 | 5115 |
| &nbsp;&nbsp;&nbsp;&nbsp; AvidXchange Holdings, Inc. (a) | 566784 | 4806328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bain Capital Specialty Finance, Inc. | 2500 | 41500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barings BDC, Inc. | 10400 | 99216 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock TCP Capital Corp. | 7901 | 63287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone Secured Lending Fund | 100 | 3236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bridge Investment Group Holdings, Inc., Class A | 2800 | 26824 |
| &nbsp;&nbsp;&nbsp;&nbsp; BrightSpire Capital, Inc. | 1700 | 9452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Southwest Corp. | 12100 | 270072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlyle Secured Lending, Inc. | 4200 | 67956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cass Information Systems, Inc. | 400 | 17300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc. | 1500 | 339435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | 60363 | 4725216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cherry Hill Mortgage Investment Corp. | 3900 | 12870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago Atlantic Real Estate Finance, Inc. | 600 | 8820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chimera Investment Corp. | 3098 | 39747 |
| &nbsp;&nbsp;&nbsp;&nbsp; CION Investment Corp. | 5800 | 60030 |
| &nbsp;&nbsp;&nbsp;&nbsp; CME Group, Inc. | 44700 | 11858463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Acceptance Corp. (a) | 200 | 103270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crescent Capital BDC, Inc. | 2800 | 47936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Donnelley Financial Solutions, Inc. (a) | 700 | 30597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dynex Capital, Inc. | 5200 | 67704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ellington Credit Co. | 6200 | 33542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ellington Financial, Inc. | 712 | 9441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enact Holdings, Inc. | 700 | 24325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Encore Capital Group, Inc. (a) | 600 | 20568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essent Group Ltd. | 1300 | 75036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evercore, Inc., Class A | 2600 | 519272 |
| &nbsp;&nbsp;&nbsp;&nbsp; EVERTEC, Inc. | 500 | 18385 |
| &nbsp;&nbsp;&nbsp;&nbsp; EZCORP, Inc., Class A (a) | 12400 | 182528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federated Hermes, Inc. | 2000 | 81540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidus Investment Corp. | 2000 | 40780 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstCash Holdings, Inc. | 300 | 36096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flywire Corp. (a) | 78608 | 746776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin Resources, Inc. | 24100 | 463925 |
| &nbsp;&nbsp;&nbsp;&nbsp; GCM Grosvenor, Inc., Class A | 31190 | 412644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gesher Acquisition Corp. II (a) | 20448 | 205093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gladstone Capital Corp. | 300 | 8238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc. | 131797 | 12905562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Green Dot Corp., Class A (a) | 12200 | 102968 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Hercules Capital, Inc. | 17500 | $336175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Horizon Technology Finance Corp. | 1700 | 16014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Brokers Group, Inc., Class A | 9300 | 1539987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 400 | 69000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco Mortgage Capital, Inc. | 14400 | 113616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson Group PLC | 200 | 7230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies Financial Group, Inc. | 1600 | 85712 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR Real Estate Finance Trust, Inc. | 1300 | 14040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ladder Capital Corp., Class A | 7100 | 81011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lazard, Inc. | 6100 | 264130 |
| &nbsp;&nbsp;&nbsp;&nbsp; LendingClub Corp. (a) | 6800 | 70176 |
| &nbsp;&nbsp;&nbsp;&nbsp; LendingTree, Inc. (a) | 2700 | 135729 |
| &nbsp;&nbsp;&nbsp;&nbsp; LPL Financial Holdings, Inc. | 20479 | 6699500 |
| &nbsp;&nbsp;&nbsp;&nbsp; MarketAxess Holdings, Inc. | 27026 | 5847075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marqeta, Inc., Class A (a) | 659882 | 2718714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | 22500 | 12332700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medallion Financial Corp. | 1400 | 12194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merchants Bancorp | 50 | 1850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moneylion, Inc. (a) | 13 | 1125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monroe Capital Corp. | 1800 | 14040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Direct Lending Fund | 100 | 1996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morningstar, Inc. | 500 | 149935 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI, Inc., Class A (b) | 10500 | 5937750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nasdaq, Inc. | 204818 | 15537493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Navient Corp. | 1800 | 22734 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Mountain Finance Corp. | 7400 | 81622 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Mortgage Trust, Inc. | 675 | 4381 |
| &nbsp;&nbsp;&nbsp;&nbsp; NMI Holdings, Inc. (a) | 1400 | 50470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nuveen Churchill Direct Lending Corp. | 2499 | 42433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oaktree Specialty Lending Corp. | 31 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp; OFS Capital Corp. | 1900 | 17651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Open Lending Corp., Class A (a) | 5800 | 16008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oportun Financial Corp. (a) | 8600 | 47214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oppenheimer Holdings, Inc., Class A | 700 | 41741 |
| &nbsp;&nbsp;&nbsp;&nbsp; OppFi, Inc. (a) | 5000 | 46500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oxford Square Capital Corp. | 16100 | 42021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palmer Square Capital BDC, Inc. | 800 | 10656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paymentus Holdings, Inc., Class A (a) | 400 | 10440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payoneer Global, Inc. (a) | 42400 | 309944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paysafe Ltd. (a) | 1975 | 30988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paysign, Inc. (a) | 2000 | 4240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perella Weinberg Partners | 2300 | 42320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Piper Sandler Cos. | 7077 | 1752690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portman Ridge Finance Corp. | 1800 | 25830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prestige Wealth, Inc. (a) | 20 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Priority Technology Holdings, Inc. (a) | 23527 | 160337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prospect Capital Corp. | 66600 | 273060 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Radian Group, Inc. | 100 | $3307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regional Management Corp. | 200 | 6022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repay Holdings Corp. (a) | 18211 | 101435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rithm Property Trust, Inc. | 2600 | 7462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Robinhood Markets, Inc., Class A (a) | 160000 | 6659200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rocket Cos., Inc., Class A (a) | 2900 | 35003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Runway Growth Finance Corp. | 8700 | 90045 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc. (b) | 12 | 6097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saratoga Investment Corp. | 3000 | 75990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shift4 Payments, Inc., Class A (a) | 5241 | 428242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silvercrest Asset Management Group, Inc., Class A | 300 | 4908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sixth Street Specialty Lending, Inc. | 3800 | 85044 |
| &nbsp;&nbsp;&nbsp;&nbsp; SLR Investment Corp. | 5200 | 87672 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoFi Technologies, Inc. (a) | 168500 | 1959655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sprott, Inc. | 200 | 8974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stellus Capital Investment Corp. | 4200 | 58800 |
| &nbsp;&nbsp;&nbsp;&nbsp; TPG RE Finance Trust, Inc. | 17600 | 143440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trinity Capital, Inc. | 14000 | 212240 |
| &nbsp;&nbsp;&nbsp;&nbsp; TriplePoint Venture Growth BDC Corp., Class B | 8500 | 59330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Two Harbors Investment Corp. | 2950 | 39412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Upstart Holdings, Inc. (a) | 21200 | 975836 |
| &nbsp;&nbsp;&nbsp;&nbsp; UWM Holdings Corp. | 6100 | 33306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtu Financial, Inc., Class A | 100 | 3812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 3267 | 1144953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Financial, Inc. | 200 | 13552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waterstone Financial, Inc. | 200 | 2690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Union Co. | 2500 | 26450 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEX, Inc. (a) | 200 | 31404 |
| &nbsp;&nbsp;&nbsp;&nbsp; WhiteHorse Finance, Inc. | 3800 | 36670 |
| &nbsp;&nbsp;&nbsp;&nbsp; WisdomTree, Inc. | 17500 | 156100 |
|  |  | 108555494 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Energy — 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Antero Midstream Corp. | 2600 | 46800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Antero Resources Corp. (a) | 10800 | 436752 |
| &nbsp;&nbsp;&nbsp;&nbsp; APA Corp. (b) | 21337 | 448504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Energy Solutions, Inc. | 102408 | 1826959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baytex Energy Corp. | 32514 | 72506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berry Corp. | 3800 | 12198 |
| &nbsp;&nbsp;&nbsp;&nbsp; BP PLC (b) | 94273 | 529008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Natural Resources Ltd. | 900 | 27720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrus Energy Corp., Class A (a) | 900 | 55989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 19900 | 4604860 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNX Resources Corp. (a),(b) | 5700 | 179436 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips (b) | 15200 | 1596304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crescent Energy Co., Class A | 102411 | 1151100 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVR Energy, Inc. | 6100 | 118340 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; DHT Holdings, Inc. | 3200 | $33600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. (b) | 6873 | 1098855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dorian LPG Ltd. (a) | 1200 | 26808 |
| &nbsp;&nbsp;&nbsp;&nbsp; DT Midstream, Inc. | 200 | 19296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enerflex Ltd. | 2200 | 17006 |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT Corp. (b) | 21526 | 1150134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Excelerate Energy, Inc., Class A | 2500 | 71700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expand Energy Corp. (b) | 8256 | 919058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flowco Holdings, Inc., Class A (a) | 28674 | 735488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forum Energy Technologies, Inc. (a) | 400 | 8044 |
| &nbsp;&nbsp;&nbsp;&nbsp; FutureFuel Corp. | 3800 | 14820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Granite Ridge Resources, Inc. | 1600 | 9728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Green Plains, Inc. (a) | 700 | 3395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gulfport Energy Corp. (a) | 600 | 110484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hallador Energy Co. (a) | 100 | 1228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halliburton Co. | 100 | 2537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hess Corp. (b) | 16319 | 2606634 |
| &nbsp;&nbsp;&nbsp;&nbsp; HF Sinclair Corp. | 100 | 3288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Houston American Energy Corp. (a) | 300 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infinity Natural Resources, Inc., Class A (a) | 14437 | 270694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | 8600 | 245358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinetik Holdings, Inc. | 2480 | 128811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kodiak Gas Services, Inc. | 94426 | 3522090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 7800 | 1136382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nabors Industries Ltd. (a) | 200 | 8342 |
| &nbsp;&nbsp;&nbsp;&nbsp; NACCO Industries, Inc., Class A | 100 | 3373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natural Gas Services Group, Inc. (a) | 400 | 8788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Navigator Holdings Ltd. | 5400 | 71874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordic American Tankers Ltd. | 41400 | 101844 |
| &nbsp;&nbsp;&nbsp;&nbsp; North American Construction Group Ltd. | 1600 | 25264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Obsidian Energy Ltd. (a) | 400 | 2344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. (b) | 4400 | 217184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil States International, Inc. (a) | 3000 | 15450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ovintiv, Inc. | 18 | 770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Par Pacific Holdings, Inc. (a) | 400 | 5704 |
| &nbsp;&nbsp;&nbsp;&nbsp; PBF Energy, Inc., Class A (b) | 21300 | 406617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Precision Drilling Corp. (a) | 700 | 32634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Range Resources Corp. (b) | 2500 | 99825 |
| &nbsp;&nbsp;&nbsp;&nbsp; RPC, Inc. | 900 | 4950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Select Water Solutions, Inc. | 200 | 2100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC (b) | 45721 | 1673141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solaris Energy Infrastructure, Inc., Class A | 3900 | 84864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suncor Energy, Inc. | 5800 | 224576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Corp. | 400 | 80188 |
| &nbsp;&nbsp;&nbsp;&nbsp; TC Energy Corp. | 100 | 4721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teekay Corp. (a) | 3800 | 24966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teekay Tankers Ltd., Class A | 763 | 29200 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Transocean Ltd. (a) | 86833 | $275261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vermilion Energy, Inc. | 12700 | 102870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viper Energy, Inc. | 82026 | 3703474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vital Energy, Inc. (a) | 50 | 1061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vitesse Energy, Inc. | 1500 | 36885 |
| &nbsp;&nbsp;&nbsp;&nbsp; W&T Offshore, Inc. | 29400 | 45570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams Cos., Inc. | 9100 | 543816 |
| &nbsp;&nbsp;&nbsp;&nbsp; World Kinect Corp. | 700 | 19852 |
|  |  | 31099653 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Financial Services — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Curo Group Holdings LLC (a),(b) | 645803 | 3229015 |
| &nbsp;&nbsp;&nbsp;&nbsp; PennantPark Investment Corp. | 15600 | 109668 |
|  |  | 3338683 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Food & Staples Retailing — 0.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BBB Foods, Inc., Class A (a) | 102409 | 2732272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar General Corp. | 29500 | 2593935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar Tree, Inc. (a) | 500 | 37535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grocery Outlet Holding Corp. (a) | 5200 | 72696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guardian Pharmacy Services, Inc., Class A (a) | 40963 | 870874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingles Markets, Inc., Class A | 500 | 32565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kroger Co. | 1400 | 94766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maison Solutions, Inc., Class A (a) | 46 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maplebear, Inc. (a) | 19900 | 793811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natural Grocers by Vitamin Cottage, Inc., Class C | 100 | 4020 |
| &nbsp;&nbsp;&nbsp;&nbsp; PriceSmart, Inc. | 100 | 8785 |
| &nbsp;&nbsp;&nbsp;&nbsp; SpartanNash Co. | 1400 | 28364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Village Super Market, Inc., Class A | 200 | 7602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weis Markets, Inc. | 1100 | 84755 |
|  |  | 7362027 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Food, Beverage & Tobacco — 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co. | 200 | 9602 |
| &nbsp;&nbsp;&nbsp;&nbsp; B&G Foods, Inc., Class A | 10500 | 72135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Campbell's Co. | 1500 | 59880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celsius Holdings, Inc. (a) | 7500 | 267150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands, Inc. | 55300 | 1474851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darling Ingredients, Inc. (a) | 600 | 18744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freshpet, Inc. (a) | 1300 | 108121 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc. | 300 | 17937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hain Celestial Group, Inc. (The) (a) | 9400 | 39010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hormel Foods Corp. | 15100 | 467194 |
| &nbsp;&nbsp;&nbsp;&nbsp; John B Sanfilippo & Son, Inc. | 400 | 28344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keurig Dr. Pepper, Inc. | 616020 | 21080204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Laird Superfood, Inc. (a) | 400 | 2460 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc. | 6700 | $357110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lifeway Foods, Inc. (a) | 100 | 2445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Limoneira Co. | 400 | 7088 |
| &nbsp;&nbsp;&nbsp;&nbsp; MGP Ingredients, Inc. | 3400 | 99892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monster Beverage Corp. (a) | 7900 | 462308 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Beverage Corp. (a) | 1700 | 70618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Primo Brands Corp., Class A | 410437 | 14566409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smithfield Foods, Inc. (a) | 102709 | 2094236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tootsie Roll Industries, Inc. | 1245 | 39193 |
| &nbsp;&nbsp;&nbsp;&nbsp; TreeHouse Foods, Inc. (a) | 600 | 16254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turning Point Brands, Inc. | 600 | 35664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyson Foods, Inc., Class A | 1600 | 102096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Corp. | 700 | 39235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Village Farms International, Inc. (a) | 3400 | 2057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vita Coco Co., Inc. (The) (a) | 5500 | 168575 |
| &nbsp;&nbsp;&nbsp;&nbsp; WK Kellogg Co. | 900 | 17937 |
|  |  | 41726749 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Health Care Equipment & Services — 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accolade, Inc. (a) | 1300 | 9074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accuray, Inc. (a) | 500 | 895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphatec Holdings, Inc. (a) | 2500 | 25350 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Well Corp., Class A (a) | 435 | 3428 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMN Healthcare Services, Inc. (a) | 2700 | 66042 |
| &nbsp;&nbsp;&nbsp;&nbsp; AngioDynamics, Inc. (a) | 2400 | 22536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ardent Health Partners, Inc. (a) | 40963 | 563241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assure Holdings Corp. (a) | 0 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp; AtriCure, Inc. (a) | 10200 | 329052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axogen, Inc. (a) | 1400 | 25900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp. (a) | 46900 | 4731272 |
| &nbsp;&nbsp;&nbsp;&nbsp; BrightSpring Health Services, Inc. (a) | 61845 | 1118776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookdale Senior Living, Inc. (a) | 109 | 682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Butterfly Network, Inc. (a) | 8600 | 19608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | 400 | 55108 |
| &nbsp;&nbsp;&nbsp;&nbsp; CareCloud, Inc. (a) | 900 | 1251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Castle Biosciences, Inc. (a) | 600 | 12012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cencora, Inc. | 18100 | 5033429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centene Corp. (a) | 45800 | 2780518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cerus Corp. (a) | 8900 | 12371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cigna Group | 6800 | 2237200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Community Health Systems, Inc. (a) | 27600 | 74520 |
| &nbsp;&nbsp;&nbsp;&nbsp; CONMED Corp. | 300 | 18117 |
| &nbsp;&nbsp;&nbsp;&nbsp; CorVel Corp. (a) | 400 | 44788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cosmos Health, Inc. (a) | 47 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVRx, Inc. (a) | 700 | 8561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Definitive Healthcare Corp. (a) | 2600 | 7514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dexcom, Inc. (a) | 5200 | 355108 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Doximity, Inc., Class A (a) | 100 | $5803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electromed, Inc. (a) | 1200 | 28632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc. (b) | 32 | 13919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fulgent Genetics, Inc. (a) | 800 | 13520 |
| &nbsp;&nbsp;&nbsp;&nbsp; GoodRx Holdings, Inc., Class A (a) | 12500 | 55125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guardant Health, Inc. (a) | 29600 | 1260960 |
| &nbsp;&nbsp;&nbsp;&nbsp; HealthStream, Inc. | 600 | 19308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc. (b) | 24257 | 6418402 |
| &nbsp;&nbsp;&nbsp;&nbsp; iCAD, Inc. (a) | 1400 | 2884 |
| &nbsp;&nbsp;&nbsp;&nbsp; InfuSystem Holdings, Inc. (a) | 500 | 2690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inspire Medical Systems, Inc. (a) | 100 | 15928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Integra LifeSciences Holdings Corp. (a) | 6600 | 145134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc. (a),(b) | 6799 | 3367341 |
| &nbsp;&nbsp;&nbsp;&nbsp; iRadimed Corp. | 400 | 20992 |
| &nbsp;&nbsp;&nbsp;&nbsp; iSpecimen, Inc. (a) | 26 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; LeMaitre Vascular, Inc. | 600 | 50340 |
| &nbsp;&nbsp;&nbsp;&nbsp; LivaNova PLC (a) | 2400 | 94272 |
| &nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. | 1899 | 1278008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic PLC | 3600 | 323496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merit Medical Systems, Inc. (a) | 4300 | 454553 |
| &nbsp;&nbsp;&nbsp;&nbsp; ModivCare, Inc. (a) | 3400 | 4471 |
| &nbsp;&nbsp;&nbsp;&nbsp; National HealthCare Corp. | 380 | 35264 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Research Corp. | 100 | 1280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neuronetics, Inc. (a) | 2700 | 9936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nevro Corp. (a) | 5800 | 33872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novocure Ltd. (a) | 10600 | 188892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omnicell, Inc. (a) | 300 | 10488 |
| &nbsp;&nbsp;&nbsp;&nbsp; OPKO Health, Inc. (a) | 1301 | 2160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Outset Medical, Inc. (a) | 366 | 4048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Owens & Minor, Inc. (a) | 3000 | 27090 |
| &nbsp;&nbsp;&nbsp;&nbsp; PACS Group, Inc. (a) | 5500 | 61820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennant Group, Inc. (a) | 2500 | 62875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Privia Health Group, Inc. (a) | 200 | 4490 |
| &nbsp;&nbsp;&nbsp;&nbsp; PROCEPT BioRobotics Corp. (a) | 1000 | 58260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pulmonx Corp. (a) | 3500 | 23555 |
| &nbsp;&nbsp;&nbsp;&nbsp; RxSight, Inc. (a) | 3000 | 75750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schrodinger, Inc. (a) | 600 | 11844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senseonics Holdings, Inc. (a) | 10700 | 7020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sensus Healthcare, Inc. (a) | 600 | 2838 |
| &nbsp;&nbsp;&nbsp;&nbsp; SI-BONE, Inc. (a) | 2900 | 40687 |
| &nbsp;&nbsp;&nbsp;&nbsp; SiNtx Technologies, Inc. (a) | 43 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tactile Systems Technology, Inc. (a) | 1300 | 17186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talkspace, Inc. (a) | 4100 | 10496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tandem Diabetes Care, Inc. (a) | 12500 | 239500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teladoc Health, Inc. (a) | 34900 | 277804 |
| &nbsp;&nbsp;&nbsp;&nbsp; TruBridge, Inc. (a) | 1200 | 33024 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Physical Therapy, Inc. | 200 | 14472 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Varex Imaging Corp. (a) | 3100 | $35960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veeva Systems, Inc., Class A (a) | 6900 | 1598247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viemed Healthcare, Inc. (a) | 1700 | 12376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waystar Holding Corp. (a) | 211819 | 7913558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zynex, Inc. (a) | 2500 | 5500 |
|  |  | 41952665 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Household & Personal Products — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 100 | 9370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energizer Holdings, Inc. | 400 | 11968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Herbalife Ltd. (a) | 3900 | 33657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medifast, Inc. (a) | 2600 | 35048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nature's Sunshine Products, Inc. (a) | 400 | 5020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nu Skin Enterprises, Inc., Class A | 11500 | 83490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olaplex Holdings, Inc. (a) | 23400 | 29718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spectrum Brands Holdings, Inc. | 1200 | 85860 |
| &nbsp;&nbsp;&nbsp;&nbsp; USANA Health Sciences, Inc. (a) | 200 | 5394 |
| &nbsp;&nbsp;&nbsp;&nbsp; WD-40 Co. | 100 | 24400 |
|  |  | 323925 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Insurance — 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Coastal Insurance Corp., Class C (a) | 900 | 10413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arch Capital Group Ltd. (a) | 51398 | 4943460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bowhead Specialty Holdings, Inc. (a) | 20982 | 852918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brighthouse Financial, Inc. (a) | 4000 | 231960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crawford & Co., Class A | 300 | 3426 |
| &nbsp;&nbsp;&nbsp;&nbsp; eHealth, Inc. (a) | 5900 | 39412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Employers Holdings, Inc. | 200 | 10128 |
| &nbsp;&nbsp;&nbsp;&nbsp; F&G Annuities & Life, Inc. | 103509 | 3731499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globe Life, Inc. | 800 | 105376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greenlight Capital Re Ltd., Class A (a) | 1100 | 14905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hagerty, Inc., Class A (a) | 1400 | 12656 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCI Group, Inc. | 1600 | 238768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hearthside Food Solutions LLC (a),(b),(e) | 58524 | 1133560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hearthside Food Solutions LLC (a),(b),(d),(e) | 157112 | 1885344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heritage Insurance Holdings, Inc. (a) | 4300 | 62006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Horace Mann Educators Corp. | 1900 | 81187 |
| &nbsp;&nbsp;&nbsp;&nbsp; James River Group Holdings Ltd. | 7600 | 31920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinsale Capital Group, Inc. | 18900 | 9198819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lemonade, Inc. (a) | 6327 | 198858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln National Corp. | 14300 | 513513 |
| &nbsp;&nbsp;&nbsp;&nbsp; MBIA, Inc. (a) | 1400 | 6972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercury General Corp. | 2800 | 156520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oscar Health, Inc., Class A (a) | 500 | 6555 |
| &nbsp;&nbsp;&nbsp;&nbsp; ProAssurance Corp. (a) | 1900 | 44365 |
| &nbsp;&nbsp;&nbsp;&nbsp; RLI Corp. | 165000 | 13254450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Selective Insurance Group, Inc. | 100 | 9154 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Selectquote, Inc. (a) | 300 | $1002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skyward Specialty Insurance Group, Inc. (a) | 5000 | 264600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tiptree, Inc. | 700 | 16863 |
| &nbsp;&nbsp;&nbsp;&nbsp; TWFG, Inc. (a) | 12789 | 395308 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Fire Group, Inc. | 1400 | 41244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Insurance Holdings, Inc. | 3400 | 80580 |
| &nbsp;&nbsp;&nbsp;&nbsp; W R Berkley Corp. | 130500 | 9286380 |
|  |  | 46864121 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Materials — 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AdvanSix, Inc. | 500 | 11325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alamos Gold, Inc., Class A | 1300 | 34762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amcor PLC | 157900 | 1531630 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Vanguard Corp. | 2800 | 12320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ampco-Pittsburgh Corp. (a) | 300 | 651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ardagh Metal Packaging SA | 3600 | 10872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aspen Aerogels, Inc. (a) | 200 | 1278 |
| &nbsp;&nbsp;&nbsp;&nbsp; B2Gold Corp. | 286600 | 816810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Balchem Corp. | 100 | 16600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ball Corp. | 1100 | 57277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berry Global Group, Inc. | 1900 | 132639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celanese Corp. | 4900 | 278173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centerra Gold, Inc. | 10400 | 66040 |
| &nbsp;&nbsp;&nbsp;&nbsp; CF Industries Holdings, Inc. | 5800 | 453270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemours Co. (The) | 7600 | 102828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearwater Paper Corp. (a) | 1000 | 25370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coeur Mining, Inc. (a) | 34401 | 203654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Holdings, Inc. | 3100 | 276706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dakota Gold Corp. (a) | 600 | 1590 |
| &nbsp;&nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. (b) | 17370 | 1297192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecovyst, Inc. (a) | 900 | 5580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinox Gold Corp. (a) | 22200 | 152736 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Majestic Silver Corp. | 11980 | 80146 |
| &nbsp;&nbsp;&nbsp;&nbsp; FMC Corp. | 17600 | 742544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortuna Mining Corp. (a) | 25000 | 152500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franco-Nevada Corp. | 13900 | 2190084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. (b) | 9199 | 348274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galiano Gold, Inc. (a) | 1200 | 1488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ginkgo Bioworks Holdings, Inc. (a) | 7512 | 42818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gold Royalty Corp. (a) | 4600 | 6624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntsman Corp. | 2000 | 31580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hycroft Mining Holding Corp. (a) | 40 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Innospec, Inc. | 100 | 9475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intrepid Potash, Inc. (a) | 1200 | 35268 |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Tech Packaging, Inc. (a) | 600 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Knife River Corp. (a) | 1000 | 90210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koppers Holdings, Inc. | 400 | 11200 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Kronos Worldwide, Inc. | 200 | $1496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde PLC | 24392 | 11357891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lithium Americas Corp. (a) | 15 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; LSB Industries, Inc. (a) | 3700 | 24383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | 800 | 382504 |
| &nbsp;&nbsp;&nbsp;&nbsp; McEwen Mining, Inc. (a) | 3500 | 26425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metalla Royalty & Streaming Ltd. (a) | 600 | 1716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metallus, Inc. (a) | 1200 | 16032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mosaic Co. | 48100 | 1299181 |
| &nbsp;&nbsp;&nbsp;&nbsp; MP Materials Corp. (a) | 5100 | 124491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Myers Industries, Inc. | 400 | 4772 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Gold, Inc. (a) | 34100 | 126511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Dynasty Minerals Ltd. (a) | 1900 | 2185 |
| &nbsp;&nbsp;&nbsp;&nbsp; O-I Glass, Inc. (a) | 5400 | 61938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olin Corp. | 3900 | 94536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Origin Materials, Inc. (a) | 1800 | 1195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Osisko Gold Royalties Ltd. | 5300 | 111936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Packaging Corp. of America | 2900 | 574258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ramaco Resources, Inc., Class A | 700 | 5761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ranpak Holdings Corp. (a) | 2800 | 15176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rayonier Advanced Materials, Inc. (a) | 9400 | 54050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryerson Holding Corp. | 300 | 6888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandstorm Gold Ltd. | 41000 | 309550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schnitzer Steel Industries, Inc. | 100 | 2888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (b) | 2249 | 785328 |
| &nbsp;&nbsp;&nbsp;&nbsp; SSR Mining, Inc. (a) | 31700 | 317951 |
| &nbsp;&nbsp;&nbsp;&nbsp; SunCoke Energy, Inc. | 1300 | 11960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teck Resources Ltd., Class B (b) | 19885 | 724386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tredegar Corp. (a) | 1800 | 13860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trilogy Metals, Inc. (a) | 2700 | 4185 |
| &nbsp;&nbsp;&nbsp;&nbsp; TriMas Corp. | 600 | 14058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trinseo PLC | 3400 | 12512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triple Flag Precious Metals Corp. | 5600 | 107240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tronox Holdings PLC, Class A | 1200 | 8448 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Antimony Corp. (a) | 3600 | 7920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vulcan Materials Co. | 400 | 93320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westlake Corp. | 200 | 20006 |
|  |  | 25958786 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Media & Entertainment — 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A (b) | 81930 | 12669655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Altice USA, Inc., Class A (a) | 16100 | 42826 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMC Networks, Inc., Class A (a) | 6300 | 43344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Angi, Inc. (a) | 839 | 12929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Omaha Corp., Class A (a) | 100 | 1458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bumble, Inc., Class A (a) | 9800 | 42532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cinemark Holdings, Inc. | 8400 | 209076 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp., Class A (b) | 32400 | $1195560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entravision Communications Corp., Class A | 900 | 1890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eventbrite, Inc., Class A (a) | 16400 | 34604 |
| &nbsp;&nbsp;&nbsp;&nbsp; EverQuote, Inc., Class A (a) | 200 | 5238 |
| &nbsp;&nbsp;&nbsp;&nbsp; EW Scripps Co. (The), Class A (a) | 10000 | 29600 |
| &nbsp;&nbsp;&nbsp;&nbsp; fuboTV, Inc. (a) | 5200 | 15184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gannett Co., Inc. (a) | 4500 | 13005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gray Media, Inc. | 900 | 3888 |
| &nbsp;&nbsp;&nbsp;&nbsp; iHeartMedia, Inc., Class A (a) | 5500 | 9075 |
| &nbsp;&nbsp;&nbsp;&nbsp; IMAX Corp. (a) | 3800 | 100130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Learfield Communications LLC (a),(b),(e) | 91802 | 6976952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty Formula One, Class C (a),(b) | 4812 | 433128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty Live, Class C (a),(b) | 5586 | 380630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty Live, Class A (a),(b) | 3438 | 231171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lionsgate Studios Corp. (a) | 200 | 1494 |
| &nbsp;&nbsp;&nbsp;&nbsp; MediaAlpha, Inc., Class A (a) | 1400 | 12936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A (b) | 3261 | 1879510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc. (a) | 400 | 373012 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Times Co., Class A | 11800 | 585280 |
| &nbsp;&nbsp;&nbsp;&nbsp; News Corp., Class A | 900 | 24498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nextdoor Holdings, Inc. (a) | 7000 | 10710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paramount Global, Class B | 300 | 3588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Playstudios, Inc. (a) | 4500 | 5715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Playtika Holding Corp. | 5400 | 27918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reddit, Inc., Class A (a) | 18300 | 1919670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reservoir Media, Inc. (a) | 600 | 4578 |
| &nbsp;&nbsp;&nbsp;&nbsp; ROBLOX Corp., Class A (a) | 148500 | 8656065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roku, Inc. (a) | 3300 | 232452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scholastic Corp. | 100 | 1888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skillz, Inc. (a) | 100 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snap, Inc., Class A (a) | 127200 | 1107912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spotify Technology SA (a) | 7600 | 4180228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc. (a),(b) | 4729 | 980085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Townsquare Media, Inc., Class A | 1200 | 9768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trade Desk, Inc., Class A (a) | 5901 | 322903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travelzoo (a) | 1300 | 17719 |
| &nbsp;&nbsp;&nbsp;&nbsp; TrueCar, Inc. (a) | 600 | 948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vimeo, Inc. (a) | 1300 | 6838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warner Music Group Corp., Class A | 1100 | 34485 |
| &nbsp;&nbsp;&nbsp;&nbsp; ZoomInfo Technologies, Inc., Class A (a) | 27600 | 276000 |
|  |  | 43128525 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Pharmaceuticals, Biotechnology & Life Sciences — 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10X Genomics, Inc., Class A (a) | 25900 | 226107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 180 Life Sciences Corp. (a) | 31 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4D Molecular Therapeutics, Inc. (a) | 8300 | 26809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 89bio, Inc. (a) | 3500 | 25445 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; AbCellera Biologics, Inc. (a) | 40000 | $89200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Absci Corp. (a) | 9400 | 23594 |
| &nbsp;&nbsp;&nbsp;&nbsp; ACADIA Pharmaceuticals, Inc. (a) | 17200 | 285692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aclaris Therapeutics, Inc. (a) | 12600 | 19278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Acumen Pharmaceuticals, Inc. (a) | 6300 | 6930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adaptimmune Therapeutics PLC, ADR (a) | 4621 | 910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adicet Bio, Inc. (a) | 11842 | 8941 |
| &nbsp;&nbsp;&nbsp;&nbsp; ADMA Biologics, Inc. (a) | 41900 | 831296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adverum Biotechnologies, Inc. (a) | 170 | 743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerovate Therapeutics, Inc. (a) | 3700 | 9287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alector, Inc. (a) | 9300 | 11439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alkermes PLC (a) | 600 | 19812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allogene Therapeutics, Inc. (a) | 46400 | 67744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, Inc. (a) | 3600 | 972072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Altimmune, Inc. (a) | 3100 | 15500 |
| &nbsp;&nbsp;&nbsp;&nbsp; ALX Oncology Holdings, Inc. (a) | 12000 | 7476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc. | 12100 | 3769755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amicus Therapeutics, Inc. (a) | 12800 | 104448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amneal Pharmaceuticals, Inc. (a) | 600 | 5028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphastar Pharmaceuticals, Inc. (a) | 1400 | 40586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amylyx Pharmaceuticals, Inc. (a) | 13500 | 47790 |
| &nbsp;&nbsp;&nbsp;&nbsp; AN2 Therapeutics, Inc. (a) | 5800 | 7888 |
| &nbsp;&nbsp;&nbsp;&nbsp; AnaptysBio, Inc. (a) | 4400 | 81796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anavex Life Sciences Corp. (a) | 8800 | 75504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anika Therapeutics, Inc. (a) | 800 | 12024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Annovis Bio, Inc. (a) | 1200 | 1800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apellis Pharmaceuticals, Inc. (a) | 2000 | 43740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apogee Therapeutics, Inc. (a) | 300 | 11208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied DNA Sciences, Inc. (a) | 1 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Therapeutics, Inc. (a) | 13800 | 6747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aquestive Therapeutics, Inc. (a) | 9900 | 28710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arcus Biosciences, Inc. (a) | 700 | 5495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arcutis Biotherapeutics, Inc. (a) | 900 | 14076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ardelyx, Inc. (a) | 10300 | 50573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arrowhead Pharmaceuticals, Inc. (a) | 12500 | 159250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assertio Holdings, Inc. (a) | 12550 | 8466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atea Pharmaceuticals, Inc. (a) | 5900 | 17641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Athira Pharma, Inc. (a) | 3600 | 1026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atossa Therapeutics, Inc. (a) | 800 | 538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aurinia Pharmaceuticals, Inc. (a) | 1200 | 9648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axsome Therapeutics, Inc. (a) | 2000 | 233260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bausch Health Cos., Inc. (a) | 2700 | 17469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beam Therapeutics, Inc. (a) | 700 | 13671 |
| &nbsp;&nbsp;&nbsp;&nbsp; BioAtla, Inc. (a) | 5500 | 1907 |
| &nbsp;&nbsp;&nbsp;&nbsp; BioCardia, Inc. (a) | 47 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp; BioCryst Pharmaceuticals, Inc. (a) | 50100 | 375750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biofrontera, Inc. (a) | 14 | 11 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Biogen, Inc. (a) | 6200 | $848408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biohaven Ltd. (a) | 600 | 14424 |
| &nbsp;&nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical, Inc. (a) | 4400 | 311036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biomea Fusion, Inc. (a) | 8400 | 17892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bridgebio Pharma, Inc. (a) | 2100 | 72597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 1200 | 73188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bruker Corp. | 300 | 12522 |
| &nbsp;&nbsp;&nbsp;&nbsp; C4 Therapeutics, Inc. (a) | 14500 | 23200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cabaletta Bio, Inc. (a) | 9100 | 12604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cara Therapeutics, Inc. (a) | 666 | 3377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardiff Oncology, Inc. (a) | 1200 | 3768 |
| &nbsp;&nbsp;&nbsp;&nbsp; CareDx, Inc. (a) | 11000 | 195250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caribou Biosciences, Inc. (a) | 21900 | 19997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carisma Therapeutics, Inc. (a) | 22 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cassava Sciences, Inc. (a) | 11500 | 17250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celcuity, Inc. (a) | 400 | 4044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Century Therapeutics, Inc. (a) | 1500 | 714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles River Laboratories International, Inc. (a) | 100 | 15052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Climb Bio, Inc. (a) | 1900 | 2318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Codexis, Inc. (a) | 4600 | 12374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collegium Pharmaceutical, Inc. (a) | 700 | 20895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corcept Therapeutics, Inc. (a) | 6100 | 696742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corvus Pharmaceuticals, Inc. (a) | 5098 | 16212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cullinan Therapeutics, Inc. (a) | 100 | 757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Curis, Inc. (a) | 95 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danaher Corp. | 29600 | 6068000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denali Therapeutics, Inc. (a) | 100 | 1359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Design Therapeutics, Inc. (a) | 3900 | 15054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dynavax Technologies Corp. (a) | 8500 | 110245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Editas Medicine, Inc. (a) | 18600 | 21576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevation Oncology, Inc. (a) | 5700 | 1477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. (b) | 431 | 355967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emergent BioSolutions, Inc. (a) | 11000 | 53460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enanta Pharmaceuticals, Inc. (a) | 3700 | 20424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Erasca, Inc. (a) | 9400 | 12878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Esperion Therapeutics, Inc. (a) | 40100 | 57744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essa Pharma, Inc. (a) | 4100 | 6478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eton Pharmaceuticals, Inc. (a) | 500 | 6490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolus, Inc. (a) | 800 | 9624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelixis, Inc. (a) | 34500 | 1273740 |
| &nbsp;&nbsp;&nbsp;&nbsp; EyePoint Pharmaceuticals, Inc. (a) | 1400 | 7588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fate Therapeutics, Inc. (a) | 15400 | 12168 |
| &nbsp;&nbsp;&nbsp;&nbsp; FibroGen, Inc. (a) | 17825 | 5524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fulcrum Therapeutics, Inc. (a) | 10500 | 30240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Generation Bio Co. (a) | 2500 | 1013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gossamer Bio, Inc. (a) | 23700 | 26070 |
| &nbsp;&nbsp;&nbsp;&nbsp; GRAIL, Inc. (a) | 1000 | 25540 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Halozyme Therapeutics, Inc. (a) | 2390 | $152506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harmony Biosciences Holdings, Inc. (a) | 2000 | 66380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harrow, Inc. (a) | 3300 | 87780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harvard Bioscience, Inc. (a) | 2300 | 1302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heron Therapeutics, Inc. (a) | 12500 | 27500 |
| &nbsp;&nbsp;&nbsp;&nbsp; HilleVax, Inc. (a) | 800 | 1160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hookipa Pharma, Inc. (a) | 60 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Humacyte, Inc. (a) | 1700 | 2899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ideaya Biosciences, Inc. (a) | 8500 | 139230 |
| &nbsp;&nbsp;&nbsp;&nbsp; IGM Biosciences, Inc. (a) | 1900 | 2185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ikena Oncology, Inc. (a) | 1700 | 2176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Incyte Corp. (a) | 200 | 12110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Innoviva, Inc. (a) | 3300 | 59829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inotiv, Inc. (a) | 300 | 663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inovio Pharmaceuticals, Inc. (a) | 108 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inozyme Pharma, Inc. (a) | 900 | 819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insmed, Inc. (a) | 4400 | 335676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intellia Therapeutics, Inc. (a) | 24800 | 176328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intra-Cellular Therapies, Inc. (a),(b) | 3776 | 498130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ionis Pharmaceuticals, Inc. (a) | 26900 | 811573 |
| &nbsp;&nbsp;&nbsp;&nbsp; IQVIA Holdings, Inc. (a) | 8100 | 1428030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ironwood Pharmaceuticals, Inc. (a) | 31500 | 46305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kairos Pharma Ltd. (a) | 35 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kalaris Therapeutics, Inc. (a) | 265 | 2128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keros Therapeutics, Inc. (a) | 2400 | 24456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kezar Life Sciences, Inc. (a) | 1050 | 5124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kodiak Sciences, Inc. (a) | 4700 | 13184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kura Oncology, Inc. (a) | 4600 | 30360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kymera Therapeutics, Inc. (a) | 5700 | 156009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyverna Therapeutics, Inc. (a) | 1400 | 2702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Larimar Therapeutics, Inc. (a) | 6733 | 14476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legend Biotech Corp., ADR (a) | 5700 | 193401 |
| &nbsp;&nbsp;&nbsp;&nbsp; LENZ Therapeutics, Inc. (a) | 128 | 3291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lexeo Therapeutics, Inc. (a) | 1500 | 5205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lineage Cell Therapeutics, Inc. (a) | 3400 | 1535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liquidia Corp. (a) | 6000 | 88500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lyell Immunopharma, Inc. (a) | 7200 | 3874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lyra Therapeutics, Inc. (a) | 9300 | 1175 |
| &nbsp;&nbsp;&nbsp;&nbsp; MacroGenics, Inc. (a) | 15000 | 19050 |
| &nbsp;&nbsp;&nbsp;&nbsp; MannKind Corp. (a) | 56400 | 283692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maravai LifeSciences Holdings, Inc., Class A (a) | 34100 | 75361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medpace Holdings, Inc. (a) | 2900 | 883601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 37400 | 3357024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mersana Therapeutics, Inc. (a) | 12100 | 4165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Milestone Pharmaceuticals, Inc. (a) | 1700 | 1360 |
| &nbsp;&nbsp;&nbsp;&nbsp; MiMedx Group, Inc. (a) | 3000 | 22800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mirum Pharmaceuticals, Inc. (a) | 3700 | 166685 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Moderna, Inc. (a) | 62000 | $1757700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mural Oncology PLC (a) | 800 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natera, Inc. (a) | 3400 | 480794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nektar Therapeutics (a) | 27100 | 18428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neumora Therapeutics, Inc. (a) | 1800 | 1800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nkarta, Inc. (a) | 2500 | 4600 |
| &nbsp;&nbsp;&nbsp;&nbsp; NovaBay Pharmaceuticals, Inc. (a) | 31 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novavax, Inc. (a) | 18000 | 115380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nurix Therapeutics, Inc. (a) | 2800 | 33264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nuvalent, Inc., Class A (a) | 1000 | 70920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nuvation Bio, Inc. (a) | 8000 | 14080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ocean Biomedical, Inc. (a) | 34 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ocular Therapeutix, Inc. (a) | 600 | 4398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olema Pharmaceuticals, Inc. (a) | 4100 | 15416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omeros Corp. (a) | 1100 | 9042 |
| &nbsp;&nbsp;&nbsp;&nbsp; OnKure Therapeutics, Inc., Class A (a) | 470 | 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Organogenesis Holdings, Inc. (a) | 7700 | 33264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pacira BioSciences, Inc. (a) | 100 | 2485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Personalis, Inc. (a) | 2900 | 10179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perspective Therapeutics, Inc. (a) | 3910 | 8328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Petros Pharmaceuticals, Inc. (a) | 35 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phathom Pharmaceuticals, Inc. (a) | 300 | 1881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phio Pharmaceuticals Corp. (a) | 4 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pliant Therapeutics, Inc. (a) | 5900 | 7965 |
| &nbsp;&nbsp;&nbsp;&nbsp; PMV Pharmaceuticals, Inc. (a) | 5800 | 6322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prelude Therapeutics, Inc. (a) | 5900 | 4531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prime Medicine, Inc. (a) | 100 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Protalix BioTherapeutics, Inc. (a) | 100 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp; PTC Therapeutics, Inc. (a) | 5500 | 280280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Puma Biotechnology, Inc. (a) | 4200 | 12432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanterix Corp. (a) | 800 | 5208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rallybio Corp. (a) | 1200 | 785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rapport Therapeutics, Inc. (a) | 100 | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp; RAPT Therapeutics, Inc. (a) | 6900 | 8418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 9000 | 5708070 |
| &nbsp;&nbsp;&nbsp;&nbsp; REGENXBIO, Inc. (a) | 3200 | 22880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Relay Therapeutics, Inc. (a) | 12200 | 31964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Relmada Therapeutics, Inc. (a) | 5500 | 1485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Replimune Group, Inc. (a) | 2600 | 25350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rigel Pharmaceuticals, Inc. (a) | 990 | 17810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royalty Pharma PLC, Class A | 19900 | 619487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sage Therapeutics, Inc. (a) | 4300 | 34185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sangamo Therapeutics, Inc. (a) | 18900 | 12395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sarepta Therapeutics, Inc. (a) | 4000 | 255280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Savara, Inc. (a) | 4100 | 11357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scholar Rock Holding Corp. (a) | 6700 | 215405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seer, Inc. (a) | 7900 | 13351 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; SELLAS Life Sciences Group, Inc. (a) | 33 | $36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shattuck Labs, Inc. (a) | 2600 | 2470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spruce Biosciences, Inc. (a) | 500 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spyre Therapeutics, Inc. (a) | 4700 | 75834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sutro Biopharma, Inc. (a) | 8500 | 5530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Syndax Pharmaceuticals, Inc. (a) | 8200 | 100737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tango Therapeutics, Inc. (a) | 1000 | 1370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tectonic Therapeutic, Inc. (a) | 50 | 885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenaya Therapeutics, Inc. (a) | 300 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terns Pharmaceuticals, Inc. (a) | 1300 | 3588 |
| &nbsp;&nbsp;&nbsp;&nbsp; TG Therapeutics, Inc. (a) | 700 | 27601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Theriva Biologics, Inc. (a) | 31 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 5800 | 2886080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tourmaline Bio, Inc. (a) | 270 | 4107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travere Therapeutics, Inc. (a) | 21000 | 376320 |
| &nbsp;&nbsp;&nbsp;&nbsp; TScan Therapeutics, Inc. (a) | 600 | 828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Twist Bioscience Corp. (a) | 1200 | 47112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyra Biosciences, Inc. (a) | 200 | 1860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultragenyx Pharmaceutical, Inc. (a) | 13500 | 488835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanda Pharmaceuticals, Inc. (a) | 5600 | 25704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ventyx Biosciences, Inc. (a) | 8807 | 10128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verastem, Inc. (a) | 1108 | 6681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verve Therapeutics, Inc. (a) | 4000 | 18280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viatris, Inc. | 300 | 2613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vigil Neuroscience, Inc. (a) | 300 | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vir Biotechnology, Inc. (a) | 900 | 5832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viridian Therapeutics, Inc. (a) | 4400 | 59312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vistagen Therapeutics, Inc. (a) | 147 | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vor BioPharma, Inc. (a) | 500 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp; WaVe Life Sciences Ltd. (a) | 200 | 1616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Werewolf Therapeutics, Inc. (a) | 3200 | 3111 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Pharmaceutical Services, Inc. | 4100 | 917908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Whitehawk Therapeutics, Inc. (a) | 1000 | 1780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Windtree Therapeutics, Inc. (a) | 38 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xencor, Inc. (a) | 7100 | 75544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xenon Pharmaceuticals, Inc. (a) | 2900 | 97295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xeris Biopharma Holdings, Inc. (a) | 12764 | 70074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Y-mAbs Therapeutics, Inc. (a) | 3900 | 17277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zentalis Pharmaceuticals, Inc. (a) | 16100 | 25599 |
|  |  | 42768769 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Real Estate — 0.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agree Realty Corp. (b) | 25700 | 1983783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apartment Investment & Management Co., Class A (a) | 600 | 5280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brandywine Realty Trust | 100 | 446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camden Property Trust | 600 | 73380 |
| &nbsp;&nbsp;&nbsp;&nbsp; CareTrust REIT, Inc. | 14100 | 402978 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Chatham Lodging Trust | 600 | $4278 |
| &nbsp;&nbsp;&nbsp;&nbsp; City Office REIT, Inc. | 100 | 519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Community Healthcare Trust, Inc. | 2300 | 41768 |
| &nbsp;&nbsp;&nbsp;&nbsp; CTO Realty Growth, Inc. | 2500 | 48275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Healthcare Trust | 6500 | 15600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Easterly Government Properties, Inc. | 8200 | 86920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Empire State Realty Trust, Inc., Class A | 100 | 782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc. (b) | 737 | 600913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Commonwealth (a) | 25700 | 41377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essential Properties Realty Trust, Inc. (b) | 100 | 3264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Farmland Partners, Inc. | 400 | 4460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Four Corners Property Trust, Inc. | 1900 | 54530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin Street Properties Corp. | 3200 | 5696 |
| &nbsp;&nbsp;&nbsp;&nbsp; FrontView REIT, Inc. | 100 | 1279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Getty Realty Corp. | 5300 | 165254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Net Lease, Inc. | 794 | 6384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hudson Pacific Properties, Inc. | 4700 | 13865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lineage, Inc. | 81926 | 4803321 |
| &nbsp;&nbsp;&nbsp;&nbsp; LTC Properties, Inc. | 100 | 3545 |
| &nbsp;&nbsp;&nbsp;&nbsp; LXP Industrial Trust | 2000 | 17300 |
| &nbsp;&nbsp;&nbsp;&nbsp; NNN REIT, Inc. (b) | 200 | 8530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Office Properties Income Trust | 1600 | 730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paramount Group, Inc. | 1300 | 5590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Piedmont Office Realty Trust, Inc., Class A | 4800 | 35376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Plymouth Industrial REIT, Inc. | 800 | 13040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Postal Realty Trust, Inc., Class A | 896 | 12795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rayonier, Inc. | 200 | 5576 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBA Communications Corp. (b) | 3591 | 790056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Properties Trust | 4400 | 11484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sila Realty Trust, Inc. | 100 | 2671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Strawberry Fields REIT, Inc. | 100 | 1191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniti Group, Inc. | 1900 | 9576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Health Realty Income Trust | 300 | 12288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veris Residential, Inc. | 2800 | 47376 |
| &nbsp;&nbsp;&nbsp;&nbsp; WP Carey, Inc. (b) | 100 | 6311 |
|  |  | 9347787 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Real Estate Management & Development — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Anywhere Real Estate, Inc. (a) | 1100 | 3663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avalon GloboCare Corp. (a) | 3 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Douglas Elliman, Inc. (a) | 100 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forestar Group, Inc. (a) | 1200 | 25368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Landbridge Co. LLC, Class A | 41264 | 2968532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Opendoor Technologies, Inc. (a) | 8000 | 8160 |
| &nbsp;&nbsp;&nbsp;&nbsp; RE/MAX Holdings, Inc., Class A (a) | 100 | 837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redfin Corp. (a) | 21800 | 200778 |
| &nbsp;&nbsp;&nbsp;&nbsp; RMR Group, Inc. (The), Class A | 700 | 11655 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Seritage Growth Properties, Class A (a) | 1200 | $3876 |
|  |  | 3223056 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Retailing — 0.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1stdibs.com, Inc. (a) | 2200 | 6688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Abercrombie & Fitch Co., Class A (a) | 1600 | 122192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advance Auto Parts, Inc. | 13200 | 517572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc. (a),(b) | 61215 | 11646766 |
| &nbsp;&nbsp;&nbsp;&nbsp; America's Car-Mart, Inc. (a) | 18068 | 820106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beyond, Inc. (a) | 8700 | 50460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Big 5 Sporting Goods Corp. | 1000 | 967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camping World Holdings, Inc., Class A | 300 | 4848 |
| &nbsp;&nbsp;&nbsp;&nbsp; CarMax, Inc. (a) | 2000 | 155840 |
| &nbsp;&nbsp;&nbsp;&nbsp; CarParts.com, Inc. (a) | 3200 | 3200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carvana Co. (a) | 29300 | 6126044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cato Corp. (The), Class A | 1500 | 4995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chewy, Inc., Class A (a) | 200 | 6502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Children's Place, Inc. (a) | 800 | 6992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citi Trends, Inc. (a) | 900 | 19921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Designer Brands, Inc., Class A | 9400 | 34310 |
| &nbsp;&nbsp;&nbsp;&nbsp; EVgo, Inc. (a) | 32000 | 85120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Five Below, Inc. (a) | 2500 | 187313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Groupon, Inc. (a) | 422 | 7921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guess?, Inc. | 4800 | 53136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haverty Furniture Cos., Inc. | 400 | 7888 |
| &nbsp;&nbsp;&nbsp;&nbsp; J Jill, Inc. | 800 | 15624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kohl's Corp. | 21700 | 177506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leslie's, Inc. (a) | 11700 | 8605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newegg Commerce, Inc. (a) | 100 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nxu, Inc. (a) | 1 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; ODP Corp. (a) | 1000 | 14330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Petco Health & Wellness Co., Inc. (a) | 45900 | 139995 |
| &nbsp;&nbsp;&nbsp;&nbsp; PetMed Express, Inc. (a) | 1700 | 7123 |
| &nbsp;&nbsp;&nbsp;&nbsp; QVC Group, Inc., Series A (a) | 76900 | 15465 |
| &nbsp;&nbsp;&nbsp;&nbsp; RealReal, Inc. (The) (a) | 26600 | 143374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rent the Runway, Inc., Class A (a) | 25 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ross Stores, Inc. (b) | 3807 | 486497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sportsman's Warehouse Holdings, Inc. (a) | 2400 | 2386 |
| &nbsp;&nbsp;&nbsp;&nbsp; ThredUp, Inc., Class A (a) | 6200 | 14942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warby Parker, Inc., Class A (a) | 900 | 16407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wayfair, Inc., Class A (a) | 20200 | 647006 |
|  |  | 21558181 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Semiconductors & Semiconductor Equipment — 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc. (a),(b) | 10089 | 1036544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alpha & Omega Semiconductor Ltd. (a) | 500 | 12430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 300 | 43536 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Astera Labs, Inc. (a) | 2400 | $143208 |
| &nbsp;&nbsp;&nbsp;&nbsp; AXT, Inc. (a) | 7300 | 10293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. (b) | 76966 | 12886417 |
| &nbsp;&nbsp;&nbsp;&nbsp; CEVA, Inc. (a) | 100 | 2561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credo Technology Group Holding Ltd. (a) | 25200 | 1012032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enphase Energy, Inc. (a) | 21900 | 1358895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Everspin Technologies, Inc. (a) | 1700 | 8670 |
| &nbsp;&nbsp;&nbsp;&nbsp; GSI Technology, Inc. (a) | 1000 | 2030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Impinj, Inc. (a) | 1900 | 172330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intel Corp. | 250500 | 5688855 |
| &nbsp;&nbsp;&nbsp;&nbsp; inTEST Corp. (a) | 1200 | 8388 |
| &nbsp;&nbsp;&nbsp;&nbsp; KLA Corp. (b) | 705 | 479259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marvell Technology, Inc. (b) | 63456 | 3906986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maxeon Solar Technologies Ltd. (a) | 21 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp; MaxLinear, Inc. (a) | 15600 | 169416 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. (b) | 146130 | 15837570 |
| &nbsp;&nbsp;&nbsp;&nbsp; PDF Solutions, Inc. (a) | 1300 | 24843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Penguin Solutions, Inc. (a) | 4400 | 76428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pixelworks, Inc. (a) | 600 | 376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qorvo, Inc. (a) | 900 | 65169 |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc. (b) | 36000 | 5529960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rambus, Inc. (a) | 5500 | 284763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Semtech Corp. (a) | 15000 | 516000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silicon Laboratories, Inc. (a) | 400 | 45028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | 22900 | 1480027 |
| &nbsp;&nbsp;&nbsp;&nbsp; SolarEdge Technologies, Inc. (a) | 13900 | 224902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synaptics, Inc. (a) | 2200 | 140184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teradyne, Inc. | 200 | 16520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veeco Instruments, Inc. (a) | 3630 | 72890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wolfspeed, Inc. (a) | 33800 | 103428 |
|  |  | 51360000 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Software & Services — 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8x8, Inc. (a) | 19200 | 38400 |
| &nbsp;&nbsp;&nbsp;&nbsp; A10 Networks, Inc. | 4300 | 70262 |
| &nbsp;&nbsp;&nbsp;&nbsp; ACI Worldwide, Inc. (a) | 164860 | 9019491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc. (a) | 31700 | 12157901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akamai Technologies, Inc. (a) | 1700 | 136850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alkami Technology, Inc. (a) | 9045 | 237431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amdocs Ltd. | 500 | 45750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amplitude, Inc., Class A (a) | 200 | 2038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Digital Corp. (a),(b) | 15879 | 89240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arteris, Inc. (a) | 100 | 691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asana, Inc., Class A (a) | 23300 | 339481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlassian Corp., Class A (a) | 5100 | 1082271 |
| &nbsp;&nbsp;&nbsp;&nbsp; AudioEye, Inc. (a) | 100 | 1110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autodesk, Inc. (a) | 2400 | 628320 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; AvePoint, Inc. (a) | 2000 | $28880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Backblaze, Inc., Class A (a) | 3900 | 18837 |
| &nbsp;&nbsp;&nbsp;&nbsp; BigCommerce Holdings, Inc. (a) | 300 | 1728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bill Holdings, Inc. (a) | 27170 | 1246831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bitdeer Technologies Group, Class A (a),(b) | 6501 | 57404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blend Labs, Inc., Class A (a) | 3100 | 10385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Box, Inc., Class A (a) | 18700 | 577082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cipher Mining, Inc. (a),(b) | 4198 | 9655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cleanspark, Inc. (a),(b) | 4458 | 29958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clear Secure, Inc., Class A | 4000 | 103640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearwater Analytics Holdings, Inc., Class A (a) | 41365 | 1108582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cloudflare, Inc., Class A (a) | 11200 | 1262128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commvault Systems, Inc. (a) | 2000 | 315520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Scientific, Inc. (a),(b) | 14230 | 103025 |
| &nbsp;&nbsp;&nbsp;&nbsp; CoreCard Corp. (a) | 200 | 3742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coreweave, Inc., Class A (a) | 53127 | 1969949 |
| &nbsp;&nbsp;&nbsp;&nbsp; CPI Card Group, Inc. (a) | 200 | 5834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crexendo, Inc. (a) | 200 | 974 |
| &nbsp;&nbsp;&nbsp;&nbsp; CyberArk Software Ltd. (a) | 22082 | 7463716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Datadog, Inc., Class A (a) | 400 | 39684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digital Turbine, Inc. (a) | 24100 | 65432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dropbox, Inc., Class A (a) | 2400 | 64104 |
| &nbsp;&nbsp;&nbsp;&nbsp; DXC Technology Co. (a) | 300 | 5115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dynatrace, Inc. (a) | 1200 | 56580 |
| &nbsp;&nbsp;&nbsp;&nbsp; eGain Corp. (a) | 1100 | 5335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elastic NV (a) | 11100 | 989010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expensify, Inc., Class A (a) | 9900 | 30096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fastly, Inc., Class A (a) | 10700 | 67731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Five9, Inc. (a) | 500 | 13575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortinet, Inc. (a) | 90500 | 8711530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freshworks, Inc., Class A (a) | 4400 | 62084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gartner, Inc. (a),(b) | 5500 | 2308570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hackett Group, Inc. (The) | 1600 | 46752 |
| &nbsp;&nbsp;&nbsp;&nbsp; HubSpot, Inc. (a) | 2800 | 1599612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hut 8 Corp. (a),(b) | 4631 | 53812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Informatica, Inc., Class A (a) | 5400 | 94230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Services Group, Inc. | 2200 | 8602 |
| &nbsp;&nbsp;&nbsp;&nbsp; InterDigital, Inc. | 1300 | 268775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kaltura, Inc. (a) | 300 | 564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Klaviyo, Inc., Class A (a) | 13200 | 399432 |
| &nbsp;&nbsp;&nbsp;&nbsp; LivePerson, Inc. (a) | 14000 | 11187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Manhattan Associates, Inc. (a) | 400 | 69216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. (b) | 19031 | 7144047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monday.com Ltd. (a) | 3900 | 948324 |
| &nbsp;&nbsp;&nbsp;&nbsp; MongoDB, Inc. (a) | 2200 | 385880 |
| &nbsp;&nbsp;&nbsp;&nbsp; N-able, Inc. (a) | 1700 | 12053 |
| &nbsp;&nbsp;&nbsp;&nbsp; nCino, Inc. (a) | 3266 | 89717 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; NCR Voyix Corp. (a) | 57525 | $560869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nutanix, Inc., Class A (a) | 8900 | 621309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oblong, Inc. (a) | 1 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Okta, Inc. (a),(b) | 7184 | 755901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olo, Inc., Class A (a) | 18500 | 111740 |
| &nbsp;&nbsp;&nbsp;&nbsp; ON24, Inc. (a) | 3000 | 15600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Onestream, Inc. (a) | 204817 | 4370795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ooma, Inc. (a) | 1300 | 17017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pagaya Technologies Ltd., Class A (a) | 12100 | 126808 |
| &nbsp;&nbsp;&nbsp;&nbsp; PagerDuty, Inc. (a) | 7300 | 133371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Inc., Class A (a) | 36700 | 3097480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc. (a) | 7600 | 1296864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Porch Group, Inc. (a) | 1900 | 13851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Q2 Holdings, Inc. (a) | 53913 | 4313579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qualys, Inc. (a) | 1500 | 188895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rackspace Technology, Inc. (a) | 3100 | 5239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rapid7, Inc. (a) | 100 | 2651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Red Violet, Inc. (a) | 300 | 11277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rimini Street, Inc. (a) | 1300 | 4524 |
| &nbsp;&nbsp;&nbsp;&nbsp; RingCentral, Inc., Class A (a) | 5000 | 123800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Riot Platforms, Inc. (a),(b) | 7993 | 56910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rubrik, Inc., Class A (a) | 4100 | 250018 |
| &nbsp;&nbsp;&nbsp;&nbsp; SailPoint, Inc. (a),(b) | 204854 | 3841013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. | 20500 | 5501380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsara, Inc., Class A (a) | 14100 | 540453 |
| &nbsp;&nbsp;&nbsp;&nbsp; SEMrush Holdings, Inc., Class A (a) | 2200 | 20526 |
| &nbsp;&nbsp;&nbsp;&nbsp; SentinelOne, Inc., Class A (a) | 7600 | 138168 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc. (a) | 300 | 238842 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceTitan, Inc., Class A (a) | 30722 | 2921969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snowflake, Inc., Class A (a) | 80100 | 11707416 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoundThinking, Inc. (a) | 300 | 5085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sprout Social, Inc., Class A (a) | 1500 | 32985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synchronoss Technologies, Inc. (a) | 700 | 7623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telos Corp. (a) | 100 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenable Holdings, Inc. (a) | 4400 | 153912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teradata Corp. (a) | 4300 | 96664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terawulf, Inc. (a),(b) | 24015 | 65561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Twilio, Inc., Class A (a) | 23400 | 2291094 |
| &nbsp;&nbsp;&nbsp;&nbsp; UiPath, Inc., Class A (a) | 62200 | 640660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unisys Corp. (a) | 10400 | 47736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Upland Software, Inc. (a) | 6500 | 18590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Varonis Systems, Inc. (a) | 27000 | 1092150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertex, Inc., Class A (a) | 200 | 7002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weave Communications, Inc. (a) | 6500 | 72085 |
| &nbsp;&nbsp;&nbsp;&nbsp; WM Technology, Inc. (a) | 11400 | 12882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Workiva, Inc. (a) | 1600 | 121456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yext, Inc. (a) | 3200 | 19712 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Zeta Global Holdings Corp., Class A (a) | 31900 | $432564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zscaler, Inc. (a) | 17500 | 3472350 |
|  |  | 111296772 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Technology Hardware & Equipment — 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp., Class A | 195204 | 12803430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. (b) | 64635 | 14357373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Optoelectronics, Inc. (a) | 900 | 13815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arista Networks, Inc. (a),(b) | 25600 | 1983488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aviat Networks, Inc. (a) | 100 | 1917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bel Fuse, Inc., Class B | 300 | 22458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cambium Networks Corp. (a) | 1600 | 1129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ciena Corp. (a) | 900 | 54387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 100 | 6171 |
| &nbsp;&nbsp;&nbsp;&nbsp; CommScope Holding Co., Inc. (a) | 51900 | 275589 |
| &nbsp;&nbsp;&nbsp;&nbsp; CompoSecure, Inc., Class A (a) | 6800 | 73916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comtech Telecommunications Corp. (a) | 3200 | 5120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crane NXT Co. | 2000 | 102800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Extreme Networks, Inc. (a) | 5700 | 75411 |
| &nbsp;&nbsp;&nbsp;&nbsp; FARO Technologies, Inc. (a) | 1300 | 35490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Frequency Electronics, Inc. (a) | 600 | 9390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Identiv, Inc. (a) | 400 | 1276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Immersion Corp. | 500 | 3790 |
| &nbsp;&nbsp;&nbsp;&nbsp; IonQ, Inc. (a) | 24500 | 540715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Juniper Networks, Inc. | 63900 | 2312541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimball Electronics, Inc. (a) | 700 | 11515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lantronix, Inc. (a) | 5500 | 13695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Methode Electronics, Inc. | 3200 | 20416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | 200 | 87562 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetScout Systems, Inc. (a) | 5200 | 109252 |
| &nbsp;&nbsp;&nbsp;&nbsp; nLight, Inc. (a) | 800 | 6216 |
| &nbsp;&nbsp;&nbsp;&nbsp; PC Connection, Inc. | 100 | 6242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc. (a) | 33002 | 16425425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viasat, Inc. (a) | 8900 | 92738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vishay Intertechnology, Inc. | 400 | 6360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vishay Precision Group, Inc. (a) | 500 | 12045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xerox Holdings Corp. | 100 | 483 |
|  |  | 49472155 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Telecommunication Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc. (b) | 15408 | 435738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bandwidth, Inc., Class A (a) | 2500 | 32750 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDT Corp., Class B | 800 | 41048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lumen Technologies, Inc. (a) | 115400 | 452368 |
| &nbsp;&nbsp;&nbsp;&nbsp; NII Holdings, Inc. (a),(e) | 50677 | 13176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spok Holdings, Inc. | 900 | 14796 |
| &nbsp;&nbsp;&nbsp;&nbsp; TELUS Corp. | 100 | 1434 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile U.S., Inc. | 200 | $53342 |
|  |  | 1044652 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Transportation — 0.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Airlines Group, Inc. (a),(b) | 93500 | 986425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avis Budget Group, Inc. (a) | 300 | 22770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Kansas City Ltd. | 140000 | 9829400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Covenant Logistics Group, Inc. | 800 | 17760 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSX Corp. | 4300 | 126549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expeditors International of Washington, Inc. | 2300 | 276575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Frontier Group Holdings, Inc. (a) | 11700 | 50778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genco Shipping & Trading Ltd. | 4500 | 60120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heartland Express, Inc. | 8100 | 74682 |
| &nbsp;&nbsp;&nbsp;&nbsp; JB Hunt Transport Services, Inc. | 1400 | 207130 |
| &nbsp;&nbsp;&nbsp;&nbsp; JetBlue Airways Corp. (a) | 60400 | 291128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Knight-Swift Transportation Holdings, Inc. | 100 | 4349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lyft, Inc., Class A (a) | 87877 | 1043100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marten Transport Ltd. | 2699 | 37030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Radiant Logistics, Inc. (a) | 1600 | 9840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider National, Inc., Class B | 4000 | 91400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seanergy Maritime Holdings Corp. | 2830 | 18112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Country Airlines Holdings, Inc. (a) | 100 | 1232 |
| &nbsp;&nbsp;&nbsp;&nbsp; U-Haul Holding Co. (a) | 800 | 52288 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc., Class B | 1500 | 164985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Logistics Holdings, Inc. | 300 | 7872 |
|  |  | 13373525 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Utilities — 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AES Corp. | 15800 | 196236 |
| &nbsp;&nbsp;&nbsp;&nbsp; ALLETE, Inc. | 8900 | 584730 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. | 65256 | 7130523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Artesian Resources Corp., Class A | 400 | 13060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avista Corp. | 400 | 16748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edison International | 31700 | 1867764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Corp. | 125193 | 10702750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evergy, Inc. | 100 | 6895 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Corp. | 700 | 28294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genie Energy Ltd., Class B | 200 | 3010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hawaiian Electric Industries, Inc. (a) | 8600 | 94170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwestern Energy Group, Inc. | 200 | 11574 |
| &nbsp;&nbsp;&nbsp;&nbsp; OGE Energy Corp. | 200 | 9192 |
| &nbsp;&nbsp;&nbsp;&nbsp; PG&E Corp. | 4500 | 77310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinnacle West Capital Corp. | 4400 | 419100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portland General Electric Co. | 400 | 17840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | 200 | 16460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Co. | 122893 | 11300011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunnova Energy International, Inc. (a) | 30000 | 11160 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; TransAlta Corp. | 500 | $4675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unitil Corp. | 200 | 11538 |
| &nbsp;&nbsp;&nbsp;&nbsp; XPLR Infrastructure LP | 2900 | 27550 |
| &nbsp;&nbsp;&nbsp;&nbsp; York Water Co. (The) | 500 | 17340 |
|  |  | 32567930 |
|  **Total North America** |  | **980482055** |
|  **Oceania — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Energy — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Petroleum, Inc. (a) | 40 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Software & Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IREN Ltd. (a),(b) | 16134 | 98256 |
|  **Total Oceania** |  | **98354** |
|  **South America — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Banks — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bradesco SA, ADR | 463600 | 1033828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander Brasil SA, ADR | 700 | 3297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bancolombia SA, ADR | 400 | 16080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credicorp Ltd. | 100 | 18616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inter & Co., Inc., Class A | 1400 | 7672 |
|  |  | 1079493 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Capital Goods — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Embraer SA, ADR (a) | 1800 | 83160 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Consumer Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Afya Ltd., Class A | 1000 | 17930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arcos Dorados Holdings, Inc., Class A | 263 | 2120 |
|  |  | 20050 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Diversified Financials — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dlocal Ltd. (a) | 10800 | 90072 |
| &nbsp;&nbsp;&nbsp;&nbsp; XP, Inc., Class A | 600 | 8250 |
|  |  | 98322 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Energy — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Geopark Ltd. | 3800 | 30704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gran Tierra Energy, Inc. (a) | 3590 | 17699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultrapar Participacoes SA, ADR | 11500 | 35420 |
|  |  | 83823 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Food, Beverage & Tobacco — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ambev SA, ADR | 245500 | 572015 |
| &nbsp;&nbsp;&nbsp;&nbsp; BRF SA, ADR | 1000 | 3440 |
|  |  | 575455 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Materials — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aris Mining Corp. (a) | 200 | $928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gerdau SA, ADR | 88780 | 252135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loma Negra Cia Industrial Argentina SA, ADR (a) | 200 | 2198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexa Resources SA (a) | 500 | 3100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suzano SA, ADR | 1800 | 16722 |
|  |  | 275083 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Media & Entertainment — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; VTEX, Class A (a) | 2500 | 12675 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Utilities — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cia Energetica de Minas Gerais, ADR | 100 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cia Paranaense de Energia - Copel, ADR | 800 | 5848 |
|  |  | 6024 |
|  **Total South America** |  | **2234085** |
|  **TOTAL COMMON STOCK<br>(COST $989,710,172)** |  | **1020919912** |
|  **PREFERRED STOCK — 0.1%** |  |  |
|  **North America — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Health Care Equipment & Services — 0.1%* | &nbsp;&nbsp;&nbsp;&nbsp; *Health Care Equipment & Services — 0.1%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ATI Physical Therapy, Inc. (a),(b),(e) | 3039 | 2013337 |
|  **Total North America** |  | **2013337** |
|  **TOTAL PREFERRED STOCK<br>(COST $3,008,610)** |  | **2013337** |
|  | **Principal<br>Amount** |  |
|  **ASSET-BACKED SECURITIES — 6.5%** |  |  |
|  **Europe — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AGL CLO 25 Ltd., Series 2023-25A, Class E, 3 mo. TSFR + 8.66%, 12.95%, 07/21/36 (b),(d),(f) | $2500000 | 2520517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ares Loan Funding IV Ltd., Series 2023-ALF4A, Class D, 3 mo. TSFR + 4.68%, 8.98%,<br>10/15/36 (b),(d),(f) | 1000000 | 1007781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ares LXVI CLO Ltd., Series 2022-66A, Class ER, 3 mo. TSFR + 7.00%, 11.30%,<br>07/25/36 (b),(d),(f) | 2000000 | 2015200 |
| &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%, 8.00%, 07/15/37 (b),(d),(f) | 1000000 | 1004381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class D, 3 mo. TSFR + 4.90%, 9.21%, 04/16/36 (b),(d),(f) | 1000000 | 999672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A, Class E, 3 mo. TSFR + 8.48%, 12.77%, 07/18/36 (b),(d),(f) | 1000000 | 1007227 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Birch Grove CLO 7 Ltd., Series 2023-7A, Class E, 3 mo. TSFR + 8.64%, 12.93%, 10/20/36 (b),(d),(f) | $3100000 | $3149228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canyon Capital CLO Ltd., Series 2022-2A, Class D2R, 3 mo. TSFR + 4.00%, 8.31%,<br>04/15/38 (b),(d),(f) | 2000000 | 1996462 |
| &nbsp;&nbsp;&nbsp;&nbsp; CarVal CLO IX-C Ltd., Series 2024-1A, Class E, 3 mo. TSFR + 6.75%, 11.04%, 04/20/37 (b),(d),(f) | 1000000 | 1016099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dryden 107 CLO Ltd., Series 2023-107A, Class E, 3 mo. TSFR + 7.73%, 12.05%, 08/15/35 (b),(d),(f) | 500000 | 503886 |
| &nbsp;&nbsp;&nbsp;&nbsp; HalseyPoint CLO 7 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-7A, Class D, 3 mo. TSFR + 5.84%, 10.13%, 07/20/36 (b),(d),(f) | 1000000 | 1007008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-7A, Class E, 3 mo. TSFR + 8.78%, 13.07%, 07/20/36 (b),(d),(f) | 2880000 | 2907495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Katayma CLO I Ltd., Series 2023-1A, Class D, 3 mo. TSFR + 5.25%, 9.54%, 10/20/36 (b),(d),(f) | 3580000 | 3620372 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR CLO 43 Ltd., Series 2022-43A, Class ER, 3 mo. TSFR + 7.97%, 12.27%, 01/15/36 (b),(d),(f) | 2000000 | 2040934 |
| &nbsp;&nbsp;&nbsp;&nbsp; MidOcean Credit CLO XV Ltd., Series 2024-15A, Class D, 3 mo. TSFR + 3.35%, 7.64%,<br>07/21/37 (b),(d),(f) | 2000000 | 2009490 |
| &nbsp;&nbsp;&nbsp;&nbsp; OCP CLO Ltd., Series 2023-28A, Class E, 3 mo. TSFR + 8.40%, 12.71%, 07/16/36 (b),(d),(f) | 1000000 | 1006799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pikes Peak CLO 14 Ltd., Series 2023-14A, Class E, 3 mo. TSFR + 8.58%, 12.87%, 04/20/36 (b),(d),(f) | 2000000 | 1997802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pikes Peak CLO 17 Ltd., Series 2024-17A, Class E, 3 mo. TSFR + 5.75%, 10.05%, 01/15/38 (b),(d),(f) | 1500000 | 1489341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silver Point CLO 2 Ltd., Series 2023 - 2X, Class D1, 3 mo. TSFR + 5.56%, 9.85%, 04/20/35 (b),(c),(f) | 1000000 | 999821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vibrant CLO XVI Ltd., Series 2023-16A, Class C, 3 mo. TSFR + 5.84%, 10.14%, 04/15/36 (b),(d),(f) | 1000000 | 999548 |
|  **Total Europe** |  | **33299063** |
|  **North America — 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ACE Securities Corp. Home Equity Loan Trust, Series 2006-ASP6, Class A2C, 1 mo. TSFR + .43%, 4.75%, 12/25/36 (b),(f) | 2301208 | 696893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anchorage Capital CLO 29 Ltd., Series 2024-29A, Class E, 3 mo. TSFR + 6.84%, 11.13%, 07/20/37 (b),(d),(f) | 1250000 | 1246975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apidos CLO XXV Ltd., Series 2016-25A, Class E1R3, 3 mo. TSFR + 5.35%, 9.68%,<br>01/20/37 (b),(d),(f) | 1000000 | 990655 |
| &nbsp;&nbsp;&nbsp;&nbsp; ARES LI CLO Ltd., Series 2019-51A, Class ER2, 3 mo. TSFR + 6.25%, 10.81%, 10/15/37 (b),(d),(f) | 2000000 | 1999252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ares LIV CLO Ltd., Series 2019-54A, Class E, 3 mo. TSFR + 7.60%, 11.90%, 10/15/32 (b),(d),(f) | 250000 | 246493 |
| &nbsp;&nbsp;&nbsp;&nbsp; ARES Loan Funding II Ltd., Series 2022-ALF2A, Class ER, 3 mo. TSFR + 8.24%, 12.53%, 10/20/36 (b),(d),(f) | 1150000 | 1166029 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; ARES Loan Funding VIII Ltd., Series 2024-ALF8, Class E, 3 mo. TSFR + 5.25%, 9.54%,<br>01/24/38 (b),(d),(f) | $1000000 | $992421 |
| &nbsp;&nbsp;&nbsp;&nbsp; ARES LVI CLO Ltd., Series 2020-56A, Class ER2, 3 mo. TSFR + 5.35%, 9.65%, 01/25/38 (b),(d),(f) | 2000000 | 1985934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ares LXI CLO Ltd., Series 2021-61A, Class DR, 3 mo. TSFR + 3.90%, 8.19%, 04/20/37 (b),(d),(f) | 1000000 | 1005310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlantic Avenue Ltd., Series 2024-2A, Class D, 3 mo. TSFR + 4.75%, 9.04%, 04/20/37 (b),(d),(f) | 2500000 | 2532062 |
| &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 2020-4A, Class D1AR, 3 mo. TSFR + 4.75%, 9.04%, 10/20/36 (b),(d),(f) | 1000000 | 1008827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4A, Class ER, 3 mo. TSFR + 7.98%, 12.27%, 10/20/36 (b),(d),(f) | 1000000 | 1012588 |
| &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 2024-1A, Class E, 3 mo. TSFR + 6.25%, 10.54%, 07/20/37 (b),(d),(f) | 1000000 | 993148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class E, 3 mo. TSFR + 6.42%, 10.71%, 07/20/34 (b),(d),(f) | 1000000 | 975711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A, Class E, 3 mo. TSFR + 7.25%, 11.54%, 10/20/36 (b),(d),(f) | 1100000 | 1108544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ballyrock CLO Ltd., Series 2022-19A, Class C, 3 mo. TSFR + 3.50%, 7.79%, 04/20/35 (b),(d),(f) | 1350000 | 1354659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barings CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A, Class D, 3 mo. TSFR + 4.50%, 8.80%, 10/15/36 (b),(d),(f) | 1500000 | 1510961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3A, Class ERR, 3 mo. TSFR + 5.85%, 10.20%, 01/20/36 (b),(d),(f) | 1000000 | 993397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class E, 3 mo. TSFR + 6.51%, 10.81%, 07/15/34 (b),(d),(f) | 1000000 | 985509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A, Class E, 3 mo. TSFR + 7.33%, 11.63%, 10/15/36 (b),(d),(f) | 1000000 | 1008680 |
| &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%, 11.30%, 10/15/38 (b),(d),(f) | 2000000 | 2037750 |
| &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%, 12.45%, 10/15/38 (b),(d),(f) | 4300000 | 4355461 |
| &nbsp;&nbsp;&nbsp;&nbsp; BBAM U.S. CLO III Ltd., Series 2023-3A, Class C2, 3 mo. TSFR + 7.35%, 11.65%,<br>10/15/38 (b),(d),(f) | 4600000 | 4694134 |
| &nbsp;&nbsp;&nbsp;&nbsp; BCAPB LLC Trust, Series 2007-AB1, Class A1, 1 mo. TSFR + .41%, 4.73%, 03/25/37 (b),(f) | 655148 | 232314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Benefit Street Partners CLO X Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-10A, Class CRR, 3 mo. TSFR + 3.76%, 8.05%, 04/20/34 (b),(d),(f) | 2000000 | 2002338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-10A, Class DRR, 3 mo. TSFR + 7.01%, 11.30%, 04/20/34 (b),(d),(f) | 1000000 | 990497 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XX Ltd., Series 2020-20A, Class ER, 3 mo. TSFR + 7.01%, 11.31%, 07/15/34 (b),(d),(f) | $1000000 | $984173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XXI Ltd., Series 2020-21A, Class ER, 3 mo. TSFR + 6.96%, 11.26%, 10/15/34 (b),(d),(f) | 1000000 | 985755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XXII Ltd., Series 2020-22A, Class ER, 3 mo. TSFR + 6.93%, 11.22%, 04/20/35 (b),(d),(f) | 1000000 | 987876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XXIII Ltd., Series 2021-23A, Class D, 3 mo. TSFR + 3.91%, 8.21%, 04/25/34 (b),(d),(f) | 1800000 | 1801201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XXVI Ltd., Series 2022-26A, Class ER, 3 mo. TSFR + 6.00%, 10.29%, 07/20/37 (b),(d),(f) | 1000000 | 993107 |
| &nbsp;&nbsp;&nbsp;&nbsp; BHG Securitization Trust, Series 2022-A, Class C, 3.08%, 02/20/35 (b),(d) | 312000 | 299985 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlueMountain CLO XXIX Ltd., Series 2020-29A, Class ER, 3 mo. TSFR + 7.12%, 11.42%,<br>07/25/34 (b),(d),(f) | 1000000 | 976813 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlueMountain CLO XXVIII Ltd., Series 2021-28A, Class E, 3 mo. TSFR + 6.66%, 10.96%,<br>04/15/34 (b),(d),(f) | 250000 | 245670 |
| &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%, 7.65%, 07/20/34 (b),(d),(f) | 1400000 | 1403069 |
| &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%, 11.05%, 07/20/34 (b),(d),(f) | 2000000 | 1971590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bryant Park Funding Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-23A, Class D1, 3 mo. TSFR + 3.85%, 8.17%, 05/15/37 (b),(d),(f) | 1250000 | 1257855 |
| &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%, 9.37%, 05/15/37 (b),(d),(f) | 2000000 | 2014112 |
| &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%, 11.43%, 04/15/37 (b),(d),(f) | 1250000 | 1245179 |
| &nbsp;&nbsp;&nbsp;&nbsp; BSPRT Issuer Ltd., Series 2022-FL9, Class C, 1 mo. TSFR + 3.92%, 8.24%, 07/15/39 (b),(d),(f) | 1277000 | 1277171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canyon CLO Ltd., Series 2021-3A, Class D, 3 mo. TSFR + 3.31%, 7.61%, 07/15/34 (b),(d),(f) | 1000000 | 999774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Four US CLO III Ltd., Series 2022-2A, Class D1, 3 mo. TSFR + 5.80%, 10.09%,<br>01/21/35 (b),(d),(f) | 1000000 | 998250 |
| &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 2019-1A, Class CR, 3 mo. TSFR + 3.61%, 7.90%, 04/20/31 (b),(d),(f) | 1500000 | 1501760 |
| &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),(d),(f) | 1350000 | 1339274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-9A, Class E, 3 mo. TSFR + 6.89%, 11.18%, 10/20/34 (b),(d),(f) | 1000000 | 982106 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &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%, 12.20%, 01/27/36 (b),(d),(f) | $1500000 | $1530393 |
| &nbsp;&nbsp;&nbsp;&nbsp; CarVal CLO IV Ltd., Series 2021-1A, Class E, 3 mo. TSFR + 6.86%, 11.15%, 07/20/34 (b),(d),(f) | 1000000 | 977181 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBAMR Ltd., Series 2019-9A, Class ER, 3 mo. TSFR + 7.05%, 11.35%, 07/15/37 (b),(d),(f) | 1000000 | 1001897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cedar Funding VI CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-6A, Class DRR, 3 mo. TSFR + 3.57%, 7.86%, 04/20/34 (b),(d),(f) | 1000000 | 1010913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-6A, Class ERR, 3 mo. TSFR + 6.98%, 11.27%, 04/20/34 (b),(d),(f) | 1250000 | 1230513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cedar Funding XVII CLO Ltd., Series 2023-17A, Class E, 3 mo. TSFR + 8.16%, 12.45%,<br>07/20/36 (b),(d),(f) | 1000000 | 1005851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centex Home Equity Loan Trust, Series 2004-D, Class BF, 6.40%, 09/25/34 (b),(g) | 343182 | 299771 |
| &nbsp;&nbsp;&nbsp;&nbsp; CFG Investments Ltd., Series 2025-1, Class B, 9.16%, 03/25/36 (b),(d) | 251000 | 250811 |
| &nbsp;&nbsp;&nbsp;&nbsp; CIFC Funding Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-6A, Class D, 3 mo. TSFR + 3.36%, 7.66%, 10/15/34 (b),(d),(f) | 1000000 | 1002429 |
| &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%, 9.41%, 01/15/38 (b),(d),(f) | 1000000 | 990402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class E, 3 mo. TSFR + 6.46%, 10.76%, 04/15/34 (b),(d),(f) | 1000000 | 988299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class ER, 3 mo. TSFR + 6.85%, 11.15%, 04/17/34 (b),(d),(f) | 1000000 | 989991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Portfolio Services Auto Trust, Series 2025-A, Class E, 7.65%, 08/16/32 (b),(d) | 1671000 | 1676202 |
| &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, 2.01%, 10/15/52 (b),(d),(f),(h) | 1668017 | 18141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4, Class XB, 2.70%, 12/15/52 (b),(d),(f),(h) | 1000000 | 59060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class XA, 2.85%, 04/15/53 (b),(d),(f),(h) | 534671 | 12457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class XA, 2.98%, 07/15/54 (b),(d),(f),(h) | 573485 | 18088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4, Class XA, 3.75%, 12/15/52 (b),(d),(f),(h) | 396167 | 6796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class E, 4.62%, 03/15/50 (b),(d),(f) | 125000 | 113901 |
| &nbsp;&nbsp;&nbsp;&nbsp; CPS Auto Receivables Trust, Series 2024-D, Class E, 7.13%, 06/15/32 (b),(d) | 1000000 | 996377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crockett Partners Equipment Co. IIA LLC, Series 2024-1C, Class C, 10.16%, 01/20/31 (b),(d) | 224970 | 229177 |
| &nbsp;&nbsp;&nbsp;&nbsp; CWABS Asset-Backed Certificates Trust, Series 2005-10, Class MF2, 4.13%, 02/25/36 (b),(f) | 268207 | 264038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend Solar Loans LLC, Series 2018-1, Class B, 4.29%, 07/20/38 (b),(d) | 1672537 | 1471349 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dryden 95 CLO Ltd., Series 2021-95A, Class E, 3 mo. TSFR + 6.41%, 10.73%, 08/20/34 (b),(d),(f) | $1000000 | $975293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eaton Vance CLO Ltd., Series 2013-1A, Class C3R, 3 mo. TSFR + 3.66%, 7.96%,<br>01/15/34 (b),(d),(f) | 2500000 | 2504122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elmwood CLO 21 Ltd., Series 2022-8A, Class DR, 3 mo. TSFR + 4.00%, 8.29%, 10/20/36 (b),(d),(f) | 1000000 | 1004464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elmwood CLO 26 Ltd., Series 2024-1A, Class E, 3 mo. TSFR + 6.45%, 10.74%, 04/18/37 (b),(d),(f) | 1605200 | 1611272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Empower CLO Ltd., Series 2023-1A, Class E, 3 mo. TSFR + 8.22%, 12.52%, 04/25/36 (b),(d),(f) | 375000 | 375197 |
| &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),(d) | 1414000 | 1414267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class E, 7.48%, 09/15/32 (b),(d) | 1558000 | 1561502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4A, Class E, 7.65%, 02/17/32 (b),(d) | 1480000 | 1488659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class E, 7.89%, 08/15/31 (b),(d) | 1426000 | 1454714 |
| &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),(d),(f) | 251000 | 255816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HE1, Class F, 8.53%, 01/25/55 (b),(d),(f) | 364000 | 370127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE5, Class F, 8.63%, 10/25/54 (b),(d),(f) | 251000 | 257845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HE2, Class F, 8.73%, 04/25/49 (b),(d),(f) | 506000 | 507146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flatiron CLO 21 Ltd., Series 2021-1A, Class ER, 3 mo. TSFR + 5.90%, 10.19%, 10/19/37 (b),(d),(f) | 2500000 | 2498077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fort Washington CLO Ltd., Series 2021-2A, Class E, 3 mo. TSFR + 6.87%, 11.16%,<br>10/20/34 (b),(d),(f) | 1500000 | 1468013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foundation Finance Trust, Series 2024-1A, Class D, 8.13%, 12/15/49 (b),(d) | 673037 | 702604 |
| &nbsp;&nbsp;&nbsp;&nbsp; FS Rialto Issuer LLC, Series 2022-FL4, Class C, 1 mo. SOFR + 3.25%, 7.59%, 01/19/39 (b),(d),(f) | 1000000 | 986321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galaxy 30 CLO Ltd., Series 2022-30A, Class ER, 3 mo. TSFR + 5.90%, 10.30%, 01/15/38 (b),(d),(f) | 1000000 | 992967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galaxy 31 CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-31A, Class D, 3 mo. TSFR + 5.25%, 9.55%, 04/15/36 (b),(d),(f) | 1500000 | 1498688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-31A, Class E, 3 mo. TSFR + 8.43%, 12.73%, 04/15/36 (b),(d),(f) | 2000000 | 1995882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galaxy 32 CLO Ltd., Series 2023-32A, Class D, 3 mo. TSFR + 4.30%, 8.59%, 10/20/36 (b),(d),(f) | 1000000 | 1005329 |
| &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 2025-1A, Class E, 7.19%, 03/15/32 (b),(d) | 1045000 | 1026853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class E, 7.25%, 06/16/31 (b),(d) | 813000 | 807003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4A, Class E, 7.51%, 08/15/31 (b),(d) | 1005000 | 1007271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodleap Sustainable Home Solutions Trust, Series 2023-3C, Class B, 7.80%, 07/20/55 (b),(d) | 361000 | 355882 |
| &nbsp;&nbsp;&nbsp;&nbsp; GreenSky Home Improvement Trust, Series 2024-1, Class E, 9.00%, 06/25/59 (b),(d) | 829000 | 854203 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Greywolf CLO II Ltd., Series 2013-1A, Class C1RR, 3 mo. TSFR + 3.61%, 7.91%, 04/15/34 (b),(d),(f) | $1000000 | $1000662 |
| &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, 4.29%, 06/25/34 (b),(g) | 293502 | 236093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-8, Class 2A3B, 1 mo. TSFR + .67%, 4.99%, 05/25/36 (b),(f) | 1527000 | 308698 |
| &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) | 784879 | 220537 |
| &nbsp;&nbsp;&nbsp;&nbsp; GSAA Trust, Series 2005-7, Class M1, 5.36%, 05/25/35 (b),(g) | 323685 | 253805 |
| &nbsp;&nbsp;&nbsp;&nbsp; HalseyPoint CLO 4 Ltd., Series 2021-4A, Class E, 3 mo. TSFR + 6.97%, 11.26%, 04/20/34 (b),(d),(f) | 1500000 | 1474995 |
| &nbsp;&nbsp;&nbsp;&nbsp; HalseyPoint CLO 5 Ltd., Series 2021-5A, Class E, 3 mo. TSFR + 7.20%, 11.49%, 01/30/35 (b),(d),(f) | 1000000 | 987864 |
| &nbsp;&nbsp;&nbsp;&nbsp; HalseyPoint CLO II Ltd., Series 2020-2A, Class ER, 3 mo. TSFR + 7.50%, 11.79%,<br>07/20/37 (b),(d),(f) | 1500000 | 1489872 |
| &nbsp;&nbsp;&nbsp;&nbsp; HPS Loan Management Ltd., Series 2021-16A, Class E, 3 mo. TSFR + 6.76%, 11.05%,<br>01/23/35 (b),(d),(f) | 1000000 | 993261 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR CLO 49 Ltd., Series 49A, Class ER, 3 mo. TSFR + 6.82%, 11.11%, 10/20/37 (b),(d),(f) | 2000000 | 1994600 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR CLO 60 Ltd., Series 2024-60A, Class E, 3 mo. TSFR + 6.10%, 10.44%, 01/15/38 (b),(d),(f) | 1000000 | 1017715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long Beach Mortgage Loan Trust, Series 2006-10, Class 2A3, 1 mo. TSFR + .43%, 4.75%,<br>11/25/36 (b),(f) | 2792814 | 831669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-H1, Class 2A2, 1 mo. TSFR + 3.61%, 7.93%, 10/25/37 (b),(f) | 707680 | 497261 |
| &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%, 4.67%, 10/25/37 (b),(f) | 1470960 | 216927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-RM5, Class A2C, 1 mo. TSFR + .47%, 4.79%, 10/25/37 (b),(f) | 2142705 | 318989 |
| &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%, 7.47%, 06/19/37 (b),(d),(f) | 1213000 | 1214003 |
| &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%, 8.02%, 06/19/37 (b),(d),(f) | 1000000 | 1000772 |
| &nbsp;&nbsp;&nbsp;&nbsp; MF1 Ltd., Series 2022-FL8, Class C, 1 mo. TSFR + 2.20%, 6.52%, 02/19/37 (b),(d),(f) | 847000 | 834047 |
| &nbsp;&nbsp;&nbsp;&nbsp; MidOcean Credit CLO XI Ltd., Series 2022-11A, Class ER2, 3 mo. TSFR + 6.00%, 10.32%, 01/15/36 (b),(d),(f) | 1000000 | 985539 |
| &nbsp;&nbsp;&nbsp;&nbsp; MidOcean Credit CLO XIII Ltd., Series 2023-13A, Class D, 3 mo. TSFR + 5.09%, 9.38%,<br>01/21/37 (b),(d),(f) | 1000000 | 1013720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Mortgage Loan Trust, Series 2006-17XS, Class A3A, 6.15%, 10/25/46 (b),(g) | 842963 | 224963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO 30 Ltd., Series 2018-30A, Class ER2, 3 mo. TSFR + 5.15%, 9.43%, 01/20/39 (b),(d),(f) | 1000000 | 992937 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; New Mountain CLO 2 Ltd., Series CLO-2A, Class ER, 3 mo. TSFR + 5.70%, 10.06%,<br>01/15/38 (b),(d),(f) | $1500000 | $1489500 |
| &nbsp;&nbsp;&nbsp;&nbsp; OCP CLO Ltd., Series 2017-13A, Class ER2, 3 mo. TSFR + 5.90%, 10.46%, 11/26/37 (b),(d),(f) | 1500000 | 1484547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Octane Receivables Trust, Series 2024-3A, Class E, 7.66%, 11/22/32 (b),(d) | 475000 | 474392 |
| &nbsp;&nbsp;&nbsp;&nbsp; OHA Credit Funding 10 Ltd., Series 2021-10A, Class E, 3 mo. TSFR + 6.51%, 10.80%,<br>01/18/36 (b),(d),(f) | 1000000 | 991873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oportun Funding Trust, Series 2025-1, Class D, 8.27%, 08/16/32 (b),(d) | 661000 | 662088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oportun Issuance Trust, Series 2025-A, Class D, 7.25%, 02/08/33 (b),(d) | 778000 | 768324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pagaya AI Debt Trust, Series 2022-2, Class C, 7.50%, 01/15/30 (b),(d) | 4199750 | 4193316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palmer Square CLO Ltd., Series 2018-2A, Class CR, 3 mo. TSFR + 3.90%, 8.21%, 04/16/37 (b),(d),(f) | 1000000 | 1005960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palmer Square Loan Funding Ltd., Series 2022-3A, Class CR, 3 mo. TSFR + 3.00%, 7.30%, 04/15/31 (b),(d),(f) | 1500000 | 1497309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Park Avenue Institutional Advisers CLO Ltd., Series 2022-1A, Class D, 3 mo. TSFR + 7.29%, 11.58%, 04/20/35 (b),(d),(f) | 1000000 | 985961 |
| &nbsp;&nbsp;&nbsp;&nbsp; People's Choice Home Loan Securities Trust, Series 2005-2, Class M5, 1 mo. TSFR + 1.09%, 5.41%, 05/25/35 (b),(f) | 488000 | 312964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pikes Peak CLO 10, Series 2022-10A, Class ER, 3 mo. TSFR + 5.90%, 10.29%, 01/22/38 (b),(d),(f) | 1000000 | 989826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pikes Peak CLO 8, Series 2021-8A, Class ER, 3 mo. TSFR + 5.75%, 10.04%, 01/20/38 (b),(d),(f) | 1000000 | 986773 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPM CLO 3 Ltd., Series 2019-3A, Class ER, 3 mo. TSFR + 6.87%, 11.17%, 04/17/34 (b),(d),(f) | 500000 | 442259 |
| &nbsp;&nbsp;&nbsp;&nbsp; RAD CLO 28 Ltd., Series 2024-28A, Class E, 3 mo. TSFR + 5.25%, 9.51%, 04/20/38 (b),(d),(f) | 1000000 | 990151 |
| &nbsp;&nbsp;&nbsp;&nbsp; RAD CLO 9 Ltd., Series 2020-9A, Class ER, 3 mo. TSFR + 5.75%, 10.05%, 01/15/38 (b),(d),(f) | 1000000 | 999327 |
| &nbsp;&nbsp;&nbsp;&nbsp; RAMP Trust, Series 2005-RS4, Class M7, 1 mo. TSFR + 1.39%, 6.35%, 04/25/35 (b),(f) | 2253000 | 1890418 |
| &nbsp;&nbsp;&nbsp;&nbsp; RASC Trust, Series 2006-KS1, Class M4, 1 mo. TSFR + .64%, 5.23%, 02/25/36 (b),(f) | 337000 | 260467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regional Management Issuance Trust, Series 2022-1, Class D, 6.72%, 03/15/32 (b),(d) | 256000 | 252164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Romark CLO II Ltd., Series 2018-2A, Class D, 3 mo. TSFR + 6.51%, 10.81%, 07/25/31 (b),(d),(f) | 2250000 | 2214988 |
| &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%, 7.75%, 07/10/34 (b),(d),(f) | 1000000 | 1001328 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &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%, 11.50%, 07/10/34 (b),(d),(f) | $500000 | $475625 |
| &nbsp;&nbsp;&nbsp;&nbsp; RR 19 Ltd., Series 2021-19A, Class DR, 3 mo. TSFR + 4.70%, 0.00%, 04/15/40 (b),(d),(f),(i) | 1000000 | 996800 |
| &nbsp;&nbsp;&nbsp;&nbsp; RR 2 Ltd., Series 2017-2A, Class DR, 3 mo. TSFR + 6.06%, 10.36%, 04/15/36 (b),(d),(f) | 1000000 | 978022 |
| &nbsp;&nbsp;&nbsp;&nbsp; RR 34 Ltd., Series 2024-34RA, Class DR, 3 mo. TSFR + 5.50%, 9.80%, 10/15/39 (b),(d),(f) | 2000000 | 1992342 |
| &nbsp;&nbsp;&nbsp;&nbsp; RR15 Ltd., Series 2021-15A, Class C, 3 mo. TSFR + 3.16%, 7.46%, 04/15/36 (b),(d),(f) | 1000000 | 996321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saluda Grade Alternative Mortgage Trust, Series 2023-FIG4, Class C, 8.01%, 11/25/53 (b),(d),(f) | 872928 | 902771 |
| &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, 3.65%, 08/25/35 (b),(g) | 333674 | 264254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-2, Class MF4, 3.65%, 08/25/35 (b),(g) | 363971 | 266330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sculptor CLO XXIX Ltd., Series 29A, Class D1, 3 mo. TSFR + 3.46%, 7.75%, 10/22/34 (b),(d),(f) | 2000000 | 2002598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Signal Peak CLO 5 Ltd., Series 2018-5A, Class D1R, 3 mo. TSFR + 4.20%, 8.50%,<br>04/25/37 (b),(d),(f) | 1000000 | 1009264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silver Point CLO 2 Ltd., Series 2023-2A, Class D2, 3 mo. TSFR + 7.64%, 11.93%,<br>04/20/35 (b),(d),(f) | 4958678 | 4962268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silver Point CLO 5 Ltd., Series 2024-5A, Class D2, 3 mo. TSFR + 4.35%, 8.64%,<br>10/20/37 (b),(d),(f) | 1095000 | 1106559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sound Point CLO XXIII Ltd., Series 2019-2A, Class ER, 3 mo. TSFR + 6.73%, 11.03%,<br>07/15/34 (b),(d),(f) | 2400000 | 2164690 |
| &nbsp;&nbsp;&nbsp;&nbsp; STAR Trust, Series 2022-SFR3, Class E2, 1 mo. TSFR + 3.70%, 8.02%, 05/17/39 (b),(d),(f) | 1000000 | 994748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunnova Helios XIII Issuer LLC, Series 2024-A, Class C, 7.00%, 02/20/51 (b),(d) | 709010 | 624306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunnova Helios XIV Issuer LLC, Series 2024-B, Class B, 7.00%, 05/22/51 (b),(d) | 1157830 | 1087165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Symphony CLO 40 Ltd., Series 2023-40A, Class D2R, 3 mo. TSFR + 4.00%, 8.42%,<br>01/05/38 (b),(d),(f) | 1300000 | 1309617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Symphony CLO 43 Ltd., Series 2024-43X, Class E, 3 mo. TSFR + 6.75%, 11.05%,<br>04/15/37 (b),(c),(f) | 1000000 | 1014342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Symphony CLO 46 Ltd., Series 2024-46A, Class E, 3 mo. TSFR + 5.65%, 10.09%,<br>01/20/38 (b),(d),(f) | 2000000 | 1985698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Symphony CLO Ltd., Series 2023-38A, Class D, 3 mo. TSFR + 5.20%, 9.50%, 04/24/36 (b),(d),(f) | 1000000 | 999930 |
| &nbsp;&nbsp;&nbsp;&nbsp; TIC Home Improvement Trust, Series 2024-A, Class B, 7.89%, 10/15/46 (b),(d) | 252000 | 255530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust, Series 2023-CES2, Class M1, 8.08%, 10/25/63 (b),(d),(f) | 3644000 | 3750223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trestles CLO V Ltd., Series 2021-5A, Class E, 3 mo. TSFR + 6.61%, 10.90%, 10/20/34 (b),(d),(f) | 1500000 | 1481300 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Tricolor Auto Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class D, 6.84%, 04/15/31 (b),(d) | $498000 | $500593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class E, 13.45%, 06/15/28 (b),(d) | 577000 | 616276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trinitas CLO IV Ltd., Series 2024-27X, Class D1, 3 mo. TSFR + 4.30%, 8.59%, 04/18/37 (b),(c),(f) | 1000000 | 1008978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trinitas CLO VI Ltd., Series 2017-6A, Class ER, 3 mo. TSFR + 7.08%, 11.38%, 01/25/34 (b),(d),(f) | 1000000 | 929619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trinitas CLO XXIV Ltd., Series 2024-24A, Class E, 3 mo. TSFR + 7.34%, 11.64%,<br>04/05/37 (b),(d),(f) | 1000000 | 1021643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trinitas CLO XXVII Ltd., Series 2024-27A, Class D1, 3 mo. TSFR + 4.30%, 8.59%,<br>04/18/37 (b),(d),(f) | 2750000 | 2774689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trinitas CLO XXVIII Ltd., Series 2024-28A, Class D, 3 mo. TSFR + 4.00%, 8.30%,<br>04/25/37 (b),(d),(f) | 4750000 | 4785653 |
| &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%, 8.17%, 10/23/37 (b),(d),(f) | 3000000 | 3005451 |
| &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%, 11.57%, 10/23/37 (b),(d),(f) | 1750000 | 1786823 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Auto Credit Securitization Trust, Series 2025-1, Class E, 7.71%, 10/10/31 (b),(d) | 1402000 | 1389466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Upstart Securitization Trust, Series 2021-5, Class C, 4.15%, 11/20/31 (b),(d) | 1008870 | 983934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vibrant CLO XII Ltd., Series 2021-12A, Class DR, 3 mo. TSFR + 6.94%, 11.23%,<br>04/20/34 (b),(d),(f) | 1000000 | 977579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vibrant CLO XIV Ltd., Series 2021-14A, Class D, 3 mo. TSFR + 7.12%, 11.41%,<br>10/20/34 (b),(d),(f) | 1000000 | 976366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya CLO Ltd., Series 2018-3A, Class E, 3 mo. TSFR + 6.01%, 10.31%, 10/15/31 (b),(d),(f) | 1500000 | 1421786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wellfleet CLO Ltd., Series 2022-2A, Class ER, 3 mo. TSFR + 7.75%, 12.04%, 10/18/37 (b),(d),(f) | 2000000 | 2022304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Home Equity Asset-Backed Securities Trust, Series 2006-1, Class M6, 1 mo. TSFR + .79%, 5.11%, 05/25/36 (b),(f) | 3129889 | 3025438 |
|  **Total North America** |  | **206364981** |
|  **TOTAL ASSET-BACKED SECURITIES<br>(COST $242,102,230)** |  | **239664044** |
|  **CONVERTIBLE BONDS — 0.0%** |  |  |
|  **Asia — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Internet — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 06/01/31 (b),(d) | 333000 | 475524 |
|  **Total Asia** |  | **475524** |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | | **Value** |
|  **North America — 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; 8.00%, 08/24/28 (b),(e) | $337339 |  | $337339 |
|  **Total North America** |  |  | **337339** |
|  **TOTAL CONVERTIBLE BONDS<br>(COST $666,970)** |  |  | **812863** |
|  **BANK DEBT — 3.6%** |  |  |  |
|  **Europe — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Entertainment — 0.1%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; McLaren Racing Ltd., GBP Term Loan, 3 mo. GBP LIBOR + 5.50%, 0.00%, 12/31/35 (b),(e),(f),(i) | 2484942 | GBP | 3318965 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Pharmaceuticals — 0.0%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mallinckrodt International Finance SA, 2023 Second Out Term Loan, 1 mo. USD Term SOFR + 9.50%, 14.00%, 11/14/28 (b),(f) | $605379 |  | 626677 |
| &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%, 7.33%, 06/29/29 (b),(f) | 1854029 | EUR | 1845884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GBP Term Loan B2, 12 mo. SONIA + 5.63%, 10.33%, 07/30/29 (b),(f) | 2600970 | GBP | 3109498 |
|  |  |  | 4955382 |
|  **Total Europe** |  |  | **8901024** |
|  **North America — 3.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Chemicals — 0.0%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TPC Group, Inc., 2024 Term Loan B, 6 mo. USD Term SOFR + 5.75%, 9.95%, 12/16/31 (b),(f) | $738589 |  | 722584 |
| &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%, 11.28%, 05/02/28 (b),(f) | 8387925 |  | 8115317 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distribution/Wholesale — 0.0%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Veritiv Corp., Term Loan B, 3 mo. USD Term SOFR + 4.00%, 8.30%, 11/30/30 (b),(f) | 567267 |  | 563483 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Diversified Financial Services — 0.3%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arcline FM Holdings LLC, 2024 Term Loan, 3 mo. USD Term SOFR + 4.50%, 8.80%,<br>06/23/28 (b),(f) | 1110809 |  | 1103588 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas CC Acquisition Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 3 mo. USD Term SOFR + 4.25%, 8.82%, 05/25/28 (b),(f) | $847163 | $504325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan C, 3 mo. USD Term SOFR + 4.25%, 8.82%, 05/25/28 (b),(f) | 172311 | 102579 |
| &nbsp;&nbsp;&nbsp;&nbsp; CPC Acquisition Corp., Term Loan, 3 mo. USD Term SOFR + 3.75%, 8.31%, 12/29/27 (b),(f) | 3090745 | 2544703 |
| &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 + 9.99%, 0.00%, 07/19/28 (b),(e),(f),(i) | 1401900 | 1422928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 PIK 2nd Out Term Loan, 0.00%, 07/19/28 (b),(e),(i) | 5939703 | 5316034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Form Technologies LLC, 2025 Term Loan, 3 mo. USD Term SOFR + 5.75%, 10.04%,<br>07/19/30 (b),(f) | 1858563 | 1812100 |
|  |  | 12806257 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Food — 0.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; H-Food Holdings LLC, 2025 Exit Term Loan, PRIME + 5.50%, 13.00%, 03/31/30 (b),(e),(f) | 3032127 | 3032128 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Natural Foods, Inc., 2024 Term Loan, 1 mo. USD Term SOFR + 4.75%, 9.07%,<br>05/01/31 (b),(f) | 3232590 | 3263558 |
|  |  | 6295686 |
| &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, 6 mo. USD Term SOFR + 12.00%, 12.00%,<br>02/15/27 (b),(e),(f) | 3860610 | 3571064 |
| &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%, 9.32%, 05/15/28 (b),(f) | 1195168 | 1181220 |
|  |  | 4752284 |
| &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%, 9.55%, 12/14/29 (b),(f) | 2802688 | 2451175 |
| &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%, 8.40%,<br>10/01/27 (b),(f) | 98536 | 92213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Symplr Software, Inc., 2020 Term Loan, 3 mo. USD Term SOFR + 4.50%, 8.89%, 12/22/27 (b),(f) | 4759767 | 4126432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Team Health Holdings, Inc., 2022 Term Loan B, 3 mo. USD Term SOFR + 5.25%, 9.54%,<br>03/02/27 (b),(f) | 10415885 | 10125907 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Renal Care, Inc., 2023 Superpriority Term Loan, 1 mo. USD Term SOFR + 5.00%, 9.44%, 06/20/28 (b),(f) | 1370634 | 1274114 |
| &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%, 12.64%, 01/12/29 (b),(f) | 2998891 | 2339135 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 mo. USD Term SOFR + 4.50%, 8.89%, 01/15/28 (b),(f) | $2893583 | $2663919 |
|  |  | 20621720 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Home Furnishings — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Weber-Stephen Products LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 Incremental Term Loan B, 1 mo. USD Term SOFR + 4.25%, 8.67%, 10/30/27 (b),(f) | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, 1 mo. USD Term SOFR + 3.25%, 7.69%, 10/30/27 (b),(f) | 2479305 | 2394587 |
|  |  | 2394588 |
| &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%, 8.30%, 07/08/31 (b),(f) | 3730275 | 3189385 |
| &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%, 8.44%, 10/06/28 (b),(f) | 8742239 | 7149228 |
| &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%, 9.69%, 01/31/28 (b),(f) | 1390178 | 1312732 |
| &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%, 9.69%, 01/20/29 (b),(f) | 2633350 | 2432978 |
| &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%, 8.67%, 08/19/28 (b),(f) | 772050 | 764190 |
| &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%, 8.57%, 09/19/30 (b),(f) | 1497981 | 1476920 |
|  |  | 5986820 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Investment Company Security — 0.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ATI Holdings Acquisition, Inc. , 2023 2nd Lien Delayed Draw Term Loan, 8.00%, 08/24/28 (b),(e) | 859353 | 859353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bulldog Purchaser, Inc., 2025 Term Loan, 3 mo. USD Term SOFR + 3.75%, 8.05%, 06/27/31 (b),(f) | 995006 | 991066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infinity Bidco U.S. LLC, 2025 PIK Tranche 1 Term Loan, 3 mo. USD Term SOFR + 5.50%, 9.80%, 04/30/26 (b),(e),(f) | 5252100 | 5252100 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Millennium HoldCo, Inc., 2020 Term Loan, 1 mo. USD Term SOFR + 5.50%, 9.82%,<br>05/14/25 (b),(e),(f) | 1020717 | 1025820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solaris U.S. Bidco LLC, Term Loan B, 3 mo. USD Term SOFR + 5.25%, 9.56%, 11/29/30 (b),(f) | 2959709 | 2878317 |
|  |  | 11006656 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Iron/Steel — 0.1%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Titan Purchaser, Inc., Term Loan B, 3 mo. USD Term SOFR + 6.00%, 10.30%, 03/01/30 (b),(e),(f) | $2115633 |  | $2102410 |
| &nbsp;&nbsp;&nbsp;&nbsp; *IT Services — 0.0%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Optiv Security, Inc., 2023 Term Loan, 3 mo. USD Term SOFR + 5.25%, 9.55%, 07/31/26 (b),(f) | 1374434 |  | 1047319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peraton Corp., Term Loan B, 3.75%, 02/01/28 (b),(f),(j) | 36832 |  | 32717 |
|  |  |  | 1080036 |
| &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%, 11.06%, 05/21/29 (b),(f) | 1122432 |  | 1121961 |
| &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%, 10.56%, 05/21/29 (b),(f) | 9045028 |  | 9039420 |
|  |  |  | 10161381 |
| &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%, 8.82%, 06/30/28 (b),(f) | 5349962 |  | 5347287 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Mining — 0.0%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Rock Salt Co. LLC, 2021 Term Loan, 1 mo. USD Term SOFR + 4.00%, 8.44%,<br>06/09/28 (b),(f) | 49261 |  | 40247 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Pipelines — 0.0%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Epic Y-Grade Services LP, 2024 Term Loan B, 3 mo. USD Term SOFR + 5.75%, 10.04%,<br>06/29/29 (b),(f) | 1226776 |  | 1225438 |
| &nbsp;&nbsp;&nbsp;&nbsp; *REITS — 0.0%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; KREF Holdings X LLC, 2025 Term Loan B, 1 mo. USD Term SOFR + 3.25%, 7.57%,<br>03/05/32 (b),(e),(f) | 245000 |  | 243317 |
| &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%, 8.81%, 04/17/28 (b),(f) | 2092768 |  | 1545802 |
| &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; EUR Term Loan, 3 mo. EURIBOR + 3.75%, 6.25%, 01/29/27 (b),(f) | 2066966 | EUR | 1366151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD Term Loan B, 3 mo. USD Term SOFR + 3.75%, 8.32%, 01/29/27 (b),(f) | $7277483 |  | 4451782 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Constant Contact, Inc., Term Loan, 3 mo. USD Term SOFR + 4.00%, 8.56%, 02/10/28 (b),(f) | $7797428 |  | $7265253 |
|  |  |  | 13083186 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Telecommunications — 0.0%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Tel\*Link Corp., 2024 Term Loan, 1 mo. USD Term SOFR + 7.50%, 11.82%, 08/06/29 (b),(f) | 1451271 |  | 1444014 |
|  **Total North America** |  |  | **122328301** |
|  **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%, 10.71%, 08/06/29 (b),(e),(f) | 3574470 | AUD | 2200005 |
|  **Total Oceania** |  |  | **2200005** |
|  **TOTAL BANK DEBT<br>(COST $134,206,093)** |  |  | **133429330** |
|  **CORPORATE BONDS & NOTES — 8.1%** |  |  |  |
|  **Africa — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Chemicals — 0.2%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sasol Financing USA LLC, 6.50%, 09/27/28 (b) | $7908000 |  | 7587282 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Engineering & Construction — 0.0%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IHS Holding Ltd., 5.63%, 11/29/26 (b),(c) | 1533000 |  | 1502540 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Multi-National — 0.1%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banque Ouest Africaine de Developpement, 8.20%, 02/13/55 (b),(c),(f) | 2503000 |  | 2531184 |
|  **Total Africa** |  |  | **11621006** |
|  **Asia — 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Commercial Services — 0.3%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adani Ports & Special Economic Zone Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/30/27 (b),(c) | 2424000 |  | 2277216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 08/04/27 (b),(c) | 5774000 |  | 5429850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kaspi.KZ JSC, 6.25%, 03/26/30 (b),(c) | 3561000 |  | 3523657 |
|  |  |  | 11230723 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Electric — 0.1%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Clean Renewable Power Mauritius Pte. Ltd., 4.25%, 03/25/27 (b),(c) | 1298465 |  | 1248935 |
| &nbsp;&nbsp;&nbsp;&nbsp; LLPL Capital Pte. Ltd., 6.88%, 02/04/39 (b),(c) | 2278318 |  | 2286217 |
|  |  |  | 3535152 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Lodging — 0.1%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Melco Resorts Finance Ltd., 5.75%, 07/21/28 (b),(c) | $3231000 |  | $3101568 |
| &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 |  | 45088 |
|  **Total Asia** |  |  | **17912531** |
|  **Europe — 1.5%** |  |  |  |
| &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),(d) | 689000 |  | 585650 |
| &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 |  | 2747200 |
| &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) | 2457000 |  | 2329064 |
|  |  |  | 5661914 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Auto Manufacturers — 0.1%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mclaren Finance PLC, 7.50%, 08/01/26 (b),(d) | 4193000 |  | 4156311 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Commercial Banks — 0.1%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; OTP Bank Nyrt, 7.30%, 07/30/35 (b),(c),(f) | 4769000 |  | 4866371 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Distribution/Wholesale — 0.2%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Telecommunications Co. Telekom Srbija AD Belgrade, 7.00%, 10/28/29 (b),(c) | 8877000 |  | 8852331 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Electric — 0.1%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Energo-Pro AS, 8.50%, 02/04/27 (b),(c) | 2561000 |  | 2593494 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Healthcare-Services — 0.1%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kedrion SpA, 6.50%, 09/01/29 (b),(d) | 4693000 |  | 4441596 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Retail — 0.3%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Stonegate Pub Co. Financing 2019 PLC, 10.75%, 07/31/29 (b),(d) | 8565000 | GBP | 11423413 |
| &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) | 1521000 | GBP | 1725159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.64%, 03/31/26 (b),(c) | 2432000 | GBP | 3064162 |
| &nbsp;&nbsp;&nbsp;&nbsp; SW Finance I PLC, 7.75%, 10/31/31 (b),(c) | 1990000 | GBP | 2604857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thames Water Utilities Finance PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/31/32 (b),(c) | 1186000 | EUR | 927004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 04/22/40 (b),(c) | 495000 | GBP | 465150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 01/24/32 (b),(c) | 1188000 | GBP | 1114408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/18/27 (b),(c) | 545000 | EUR | 438316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 09/28/37 (b),(c) | 295000 | GBP | 282147 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/11/41 (b),(c) | 200000 | GBP | $194267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 11/16/28 (b) | 1380000 | GBP | 1335811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 04/30/31 (b),(c) | 612000 | GBP | 600437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 04/30/44 (b),(c) | 200000 | GBP | 200035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 04/25/40 (b),(c) | 200000 | GBP | 204248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thames Water Utilities Ltd., 0.00%, 03/22/27 (b),(d),(e),(i) | 45204 | GBP | 48174 |
|  |  |  | 13204175 |
|  **Total Europe** |  |  | **55199605** |
|  **Middle East — 1.0%** |  |  |  |
| &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 |  | 3324339 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Electric — 0.4%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aydem Yenilenebilir Enerji AS, 7.75%, 02/02/27 (b),(c) | 7008300 |  | 6977365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zorlu Enerji Elektrik Uretim AS, 11.00%, 04/23/30 (b),(c) | 7651000 |  | 7423891 |
|  |  |  | 14401256 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Investment Company Security — 0.1%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gaci First Investment Co., 5.38%, 10/13/22 (b),(c) | 7473000 |  | 6318422 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Real Estate — 0.2%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alpha Star Holding VIII Ltd., 8.38%, 04/12/27 (b),(c) | 3667000 |  | 3813863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arabian Centres Sukuk II Ltd., 5.63%, 10/07/26 (b),(c) | 3023000 |  | 2850671 |
|  |  |  | 6664534 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Telecommunications — 0.2%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Turk Telekomunikasyon AS, 7.38%, 05/20/29 (b),(c) | 7014000 |  | 7070252 |
|  **Total Middle East** |  |  | **37778803** |
|  **North America — 3.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Advertising — 0.2%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc., 7.50%, 06/01/29 (b),(d) | 8498000 |  | 7018130 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Airlines — 0.1%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Aeromexico SAB de CV, 8.25%, 11/15/29 (b),(c) | 2878000 |  | 2774680 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Auto Manufacturers — 0.1%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Rivian Holdings LLC, 10.50%, 10/15/26 (b),(d),(f) | 2624000 |  | 2633688 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Chemicals — 0.1%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; WR Grace Holdings LLC, 5.63%, 08/15/29 (b),(d) | 2795000 |  | 2405396 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Commercial Banks — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Mercantil del Norte SA, 8.38%, 02/20/49 (b),(c),(f),(l) | $3029000 | $3002608 |
| &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),(d) | 1505000 | 1321314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 10/15/27 (b),(d) | 1258000 | 1211216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verde Purchaser LLC, 10.50%, 11/30/30 (b),(d) | 1757000 | 1860356 |
|  |  | 4392886 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Construction Materials — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oscar AcquisitionCo LLC, 9.50%, 04/15/30 (b),(d) | 254000 | 228067 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Diversified Financial Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MF Global Holdings Ltd., 6.75%, 08/08/49 (b),(e),(g),(k) | 436000 | 103550 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Electric — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; XPLR Infrastructure Operating Partners LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 01/15/31 (b),(d) | 72000 | 70804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 03/15/33 (b),(d) | 72000 | 70048 |
|  |  | 140852 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Engineering & Construction — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brand Industrial Services, Inc., 10.38%, 08/01/30 (b),(d) | 184000 | 175536 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Food Service — 0.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TKC Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 05/15/28 (b),(d) | 2026000 | 2012897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 05/15/29 (b),(d) | 9832000 | 9794370 |
|  |  | 11807267 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Hand/Machine Tools — 0.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Werner FinCo LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 06/15/28 (b),(d) | 4355000 | 4725410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIK, 14.50%, 10/15/28 (b),(d) | 2494219 | 2556575 |
|  |  | 7281985 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Healthcare-Services — 0.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 08/01/27 - 08/01/28 (b),(d) | 8289485 | 6970029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Team Health Holdings, Inc., PIK, 13.50%, 06/30/28 (b),(d) | 1544185 | 1663859 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Renal Care, Inc., 10.63%, 06/28/28 (b),(d) | 1544200 | 1312570 |
|  |  | 9946458 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **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),(d) | $924000 | $819483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 06/30/32 (b),(d) | 3258000 | 2467393 |
|  |  | 3286876 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Housewares — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SWF Holdings I Corp., 6.50%, 10/06/29 (b),(d) | 2853400 | 1570467 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Insurance — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acrisure LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/01/29 (b),(d) | 1119000 | 1072220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 02/01/29 (b),(d) | 1335000 | 1371614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 06/15/29 (b),(d) | 80000 | 83336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nature Coast Re Ltd., 0.00%, 04/10/29 (b),(d),(f),(i) | 250000 | 250000 |
|  |  | 2777170 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Lodging — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Full House Resorts, Inc., 8.25%, 02/15/28 (b),(d) | 3534000 | 3492414 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Media — 0.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; McGraw-Hill Education, Inc., 8.00%, 08/01/29 (b),(d) | 8298000 | 8161025 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Multi-National — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Bank for Reconstruction & Development, 15.61%, 04/24/28 (b),(d),(f) | 250000 | 251275 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Packaging & Containers — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mauser Packaging Solutions Holding Co., 9.25%, 04/15/27 (b),(d) | 2026000 | 1911122 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Pharmaceuticals — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1261229 BC Ltd., 10.00%, 04/15/32 (b),(d) | 72000 | 71558 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Pipelines — 0.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin Midstream Partners LP/Martin Midstream Finance Corp., 11.50%, 02/15/28 (b),(d) | 8352000 | 8842354 |
| &nbsp;&nbsp;&nbsp;&nbsp; *REITS — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IIP Operating Partnership LP, 5.50%, 05/25/26 (b) | 1779000 | 1745829 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Retail — 0.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GPS Hospitality Holding Co. LLC, 7.00%, 08/15/28 (b),(d) | 4829000 | 2699133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guitar Center Holdings, Inc., 0.00%, 12/13/30 (b),(e),(i) | 5581525 | 1507012 |
| &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),(d) | 1387000 | 952172 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 05/01/29 (b),(d) | $6114000 | $3243394 |
|  |  | 8401711 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Software — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Parent, Inc., 7.25%, 06/15/29 (b),(d) | 179000 | 154903 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Telecommunications — 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Digicel Intermediate Holdings Ltd., 9.00%, 05/25/27 (b),(g) | 2149571 | 2149571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digicel Midco Ltd., PIK, 10.50%, 11/25/28 (b),(g) | 4716113 | 4296585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Millicom International Cellular SA, 4.50%, 04/27/31 (b),(c) | 7532000 | 6673742 |
| &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 | 461952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.13%, 12/31/32 (b),(c),(d) | 3504650 | 3206360 |
|  |  | 16788210 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Trucking & Leasing — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortress Transportation & Infrastructure Investors LLC, 7.00%, 06/15/32 (b),(d) | 156000 | 158193 |
|  **Total North America** |  | **109524210** |
|  **South America — 1.8%** |  |  |
| &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) | 2254576 | 1151795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 08/28/29 (b) | 4230287 | 2138562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.93%, 08/28/28 (b) | 2699274 | 2361865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIK, 4.39%, 01/28/30 (b),(d) | 1585293 | 1767578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Latam Airlines Group SA, 7.88%, 04/15/30 (b),(c) | 4000000 | 3965500 |
|  |  | 11385300 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Chemicals — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Braskem Netherlands Finance BV, 4.50%, 01/10/28 (b),(c) | 2883000 | 2696662 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Electric — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Generacion Mediterranea SA, 11.00%, 11/01/31 (b),(c) | 1909000 | 1726690 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Forest Products&Paper — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; LD Celulose International GmbH, 7.95%, 01/26/32 (b),(c) | 4422000 | 4559414 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Iron/Steel — 0.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Samarco Mineracao SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIK, 0.00%, 06/30/31 (b),(c),(i) | 6373104 | 6170663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIK, 9.50%, 06/30/31 (b),(d) | 9038167 | 8751071 |
|  |  | 14921734 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | | **Value** |
| &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 |  | $3391472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 01/15/28 (b),(c) | 2840000 |  | 2671229 |
|  |  |  | 6062701 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Oil & Gas — 0.6%* |  |  |  |
| &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 |  | 8928771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 06/19/47 (b),(c) | 6987000 |  | 4384342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Petrorio Luxembourg Holding SARL, 6.13%, 06/09/26 (b),(c) | 2759000 |  | 2774218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raizen Fuels Finance SA, 6.95%, 03/05/54 (b),(c) | 5520000 |  | 5380929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trident Energy Finance PLC, 12.50%, 11/30/29 (b),(c) | 2520000 |  | 2592576 |
|  |  |  | 24060836 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Telecommunications — 0.1%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Telecom Argentina SA, 9.50%, 07/18/31 (b),(c) | 3006000 |  | 3099186 |
|  **Total South America** |  |  | **68512523** |
|  **TOTAL CORPORATE BONDS & NOTES<br>(COST $303,588,313)** |  |  | **300548678** |
|  **SOVEREIGN DEBT — 4.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bhama Government International Bonds, 6.00%, 11/21/28 (b),(c) | 2608000 |  | 2493900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chile Government International Bonds, 5.65%, 01/13/37 (b) | 13353000 |  | 13542613 |
| &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),(i) | 2060753 |  | 984148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/31/35 (b),(c),(g) | 2704919 |  | 1315450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 07/31/30 (b),(c),(g) | 7778878 |  | 4599638 |
| &nbsp;&nbsp;&nbsp;&nbsp; El Salvador Government International Bonds, 0.25%, 04/17/30 (b),(c) | 4700000 |  | 107449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iraq International Bonds, 5.80%, 01/15/28 (b),(c) | 11290125 |  | 11067710 |
| &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),(g) | 775513 |  | 734798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/03/28 (b),(c) | 10861000 |  | 10897862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lebanon Government International Bonds, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 04/14/23 (b),(c),(k) | 5567000 |  | 890720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/09/24 (b),(c),(k) | 43778000 |  | 6850163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 04/22/30 (b),(c),(k) | 6000000 |  | 967800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 04/19/30 (b),(c),(k) | 24667000 |  | 3983721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexico Government International Bonds, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/16/30 (b),(m) | 4762000 |  | 4292599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/04/33 (b) | 3887000 | EUR | 4105419 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/07/29 (b),(m) | $10854000 |  | $10728651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 05/13/55 (b) | 14500000 |  | 14811750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexico Udibonos, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/40 (b) | 11203082 | MXN | 491502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/22/35 (b) | 32008806 | MXN | 1509730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pakistan Government International Bonds, 6.00%, 04/08/26 (b),(c) | $3000000 |  | 2843640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Provincia de Buenos Aires, 6.63%, 09/01/37 (b),(c),(g) | 2429083 |  | 1560686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic of Tajikistan International Bonds, 7.13%, 09/14/27 (b),(c) | 2933333 |  | 2895200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic of Uzbekistan International Bonds, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 02/25/29 (b),(c) | 5002000 | EUR | 5391896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 05/29/27 - 02/20/29 (b),(c) | 5567000 | EUR | 6048196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 02/28/32 (b),(c) | $4584000 |  | 4538160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.85%, 10/12/28 (b),(c) | 3407000 |  | 3553327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Romanian Government International Bonds, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 09/24/31 (b),(c) | 3200000 | EUR | 3342445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/24/35 (b),(c) | $8400000 |  | 7591485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/24/44 (b),(c) | 3209000 | EUR | 3130659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Government International Bonds, 5.75%, 01/16/54 (b),(c) | $8902000 |  | 8488725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viet Nam Debt & Asset Trading Corp., 1.00%, 10/10/25 (b),(c) | 7430000 |  | 7125673 |
|  **TOTAL SOVEREIGN DEBT<br>(COST $146,489,209)** |  |  | **150885715** |
|  **MORTGAGE-BACKED SECURITIES — 16.9%** |  |  |  |
|  **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, 6.37%, 11/25/33 (b),(f) | 206278 |  | 186554 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Commercial Mortgage-Backed Securities — 0.1%* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Atom Mortgage Securities DAC, Series 1A, Class E, 3 mo. SONIO + 2.80%, 7.34%,<br>07/22/31 (b),(d),(f) | 550695 | GBP | 612109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taurus EU DAC, Series 2025-EU1A, Class E, 3 mo. EURIBOR + 3.50%, 0.00%,<br>02/17/35 (b),(d),(f),(i) | 1000000 | EUR | 1080675 |
| &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%, 4.57%, 02/20/30 (b),(c),(f) | 53144 | EUR | 54272 |
| &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%, 5.02%, 02/20/30 (b),(c),(f) | 531446 | EUR | 504916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taurus UK DAC, Series 2021-UK4X, Class E, 1 Day SONIO + 3.10%, 7.58%, 08/17/31 (b),(c),(f) | 69652 | GBP | 89072 |
|  |  |  | 2341044 |
|  **Total Europe** |  |  | **2527598** |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
|  **North America — 16.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Collateralized Mortgage Obligation (Residential) — 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ajax Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-E, Class B1, 3.73%, 12/25/60 (b),(d),(f) | $972000 | $634065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-E, Class B2, 3.81%, 12/25/60 (b),(d),(f) | 762000 | 454497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alternative Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-16CB, Class M, 5.80%, 08/25/34 (b),(f) | 286639 | 245477 |
| &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) | 361679 | 251249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-2CB, Class M, 5.98%, 03/25/34 (b),(f) | 308047 | 254507 |
| &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) | 161108 | 124676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-10CB, Class 1A1, 1 mo. TSFR + .61%, 4.93%, 05/25/35 (b),(f) | 259413 | 195095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-11CB, Class 3A2, 1 mo. TSFR + .61%, 4.93%, 06/25/35 (b),(f) | 277375 | 208387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-28CB, Class 2A8, 1 mo. TSFR + .51%, 4.83%, 08/25/35 (b),(f) | 1602747 | 986332 |
| &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%, 5.59%, 11/25/35 (b),(f) | 278055 | 245057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-59, Class 1A1, 1 mo. TSFR + .77%, 5.09%, 11/20/35 (b),(f) | 6155384 | 5503935 |
| &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%, 6.34%, 12/25/35 (b),(f) | 256966 | 257402 |
| &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%, 6.64%, 01/25/36 (b),(f) | 1590641 | 1371198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-J9, Class 1A1, 1 mo. TSFR + .81%, 5.13%, 08/25/35 (b),(f) | 465840 | 251454 |
| &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) | 398150 | 175914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-19CB, Class A19, 1 mo. TSFR + .91%, 5.23%, 08/25/36 (b),(f) | 550066 | 254668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-20CB, Class A1, 1 mo. TSFR + .45%, 4.77%, 07/25/36 (b),(f) | 703152 | 206427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-20CB, Class A6, 1 mo. TSFR + .61%, 4.93%, 07/25/36 (b),(f) | 683449 | 228824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-21CB, Class A5, 1 mo. TSFR + .51%, 4.83%, 07/25/36 (b),(f) | 501213 | 213880 |
| &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) | 713148 | 221044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-28CB, Class A10, 1 mo. TSFR + .81%, 5.13%, 10/25/36 (b),(f) | 672486 | 268010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-28CB, Class A19, 1 mo. TSFR + .51%, 4.83%, 10/25/36 (b),(f) | 710814 | 253601 |
| &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) | 565734 | 138105 |
| &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) | 432096 | 251167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-31CB, Class A5, 1 mo. TSFR + .86%, 5.18%, 11/25/36 (b),(f) | 488487 | 224858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-39CB, Class 1A6, 1 mo. TSFR + .71%, 5.03%, 01/25/37 (b),(f) | 282517 | 202396 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-41CB, Class 2A7, 1 mo. TSFR + .71%, 5.03%, 01/25/37 (b),(f) | $1109887 | $454247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-41CB, Class 2A8, 1 mo. TSFR + .76%, 5.08%, 01/25/37 (b),(f) | 1147453 | 472031 |
| &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) | 739623 | 399249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-8T1, Class 1A1, 1 mo. TSFR + .61%, 4.93%, 04/25/36 (b),(f) | 685792 | 237850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-J1, Class 1A4, 1 mo. TSFR + .61%, 4.93%, 02/25/36 (b),(f) | 335022 | 207129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-J2, Class A1, 1 mo. TSFR + .61%, 4.93%, 04/25/36 (b),(f) | 602672 | 240728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA12, Class A1C, 1 mo. TSFR + .39%, 4.71%, 09/20/46 (b),(f) | 307074 | 254769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA12, Class A2, 1 mo. TSFR + .32%, 4.64%, 09/20/46 (b),(f) | 172909 | 157861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA16, Class A3, 1 mo. TSFR + .61%, 4.93%, 10/25/46 (b),(f) | 261438 | 221075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA19, Class A1, 1 mo. TSFR + .29%, 4.61%, 02/20/47 (b),(f) | 317844 | 256905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA19, Class A4, 1 mo. TSFR + .32%, 4.64%, 02/20/47 (b),(f) | 306539 | 246506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA2, Class A1, 1 mo. TSFR + .53%, 4.85%, 05/20/46 (b),(f) | 513002 | 433335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA8, Class 2A3, 1 mo. TSFR + .49%, 4.81%, 07/25/46 (b),(f) | 121606 | 126349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA8, Class 2A4, 1 mo. TSFR + .63%, 4.95%, 07/25/46 (b),(f) | 343154 | 276161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA9, Class 2A1A, 1 mo. TSFR + .53%, 4.85%, 07/20/46 (b),(f) | 581430 | 458171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-16CB, Class 1A2, 1 mo. TSFR + .51%, 4.83%, 08/25/37 (b),(f) | 378354 | 258878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-16CB, Class 2A1, 1 mo. TSFR + .56%, 4.88%, 08/25/37 (b),(f) | 2142679 | 762110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-17CB, Class 1A6, 1 mo. TSFR + .61%, 4.93%, 08/25/37 (b),(f) | 807807 | 367229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-18CB, Class 1A2, 1 mo. TSFR + .58%, 4.90%, 08/25/37 (b),(f) | 703300 | 203238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-20, Class A1, 1 mo. TSFR + .61%, 4.93%, 08/25/47 (b),(f) | 857994 | 322882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-23CB, Class A3, 1 mo. TSFR + .61%, 4.93%, 09/25/37 (b),(f) | 1803155 | 678980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-23CB, Class A7, 1 mo. TSFR + .51%, 4.83%, 09/25/37 (b),(f) | 631200 | 238996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-2CB, Class 1A7, 1 mo. TSFR + .61%, 4.93%, 03/25/37 (b),(f) | 559761 | 229908 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **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%, 4.93%, 05/25/37 (b),(f) | $881797 | $388509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HY6, Class A1, 1 mo. TSFR + .53%, 4.85%, 08/25/47 (b),(f) | 387908 | 328715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-J1, Class 3A1, 4.16%, 11/25/36 (b),(g) | 332264 | 229104 |
| &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%, 6.02%, 11/25/47 (b),(f) | 294973 | 246153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA2, Class 1A1, 12 mo. MTA + .84%, 5.48%, 03/25/47 (b),(f) | 199021 | 165630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OH2, Class A2B, 1 mo. TSFR + .47%, 4.79%, 08/25/47 (b),(f) | 126343 | 127425 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Home Mortgage Investment Trust, Series 2004-4, Class 6A2, 6.00%, 02/25/45 (b),(g) | 7500000 | 6487905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Angel Oak Mortgage Trust, Series 2021-8, Class B1, 4.11%, 11/25/66 (b),(d),(f) | 109000 | 88526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Balboa Bay Loan Funding Ltd., Series 2023-2A, Class D, 3 mo. TSFR + 4.50%, 8.79%,<br>10/20/36 (b),(d),(f) | 1250000 | 1258918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banc of America Funding Trust, Series 2006-H, Class 5A1, 1 mo. TSFR + .47%, 4.79%,<br>10/20/36 (b),(f) | 3790848 | 1195971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banc of America Mortgage Trust, Series 2004-F, Class B1, 6.72%, 07/25/34 (b),(f) | 207285 | 185852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Mortgage Loan Trust, Series 2021-NQM1, Class B2, 5.43%, 09/25/51 (b),(d) | 100000 | 89500 |
| &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, 5.97%, 09/25/34 (b),(f) | 220029 | 200973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-10, Class 2B1, 5.10%, 01/25/36 (b),(f) | 399125 | 248662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-1, Class 11A2, 1 mo. TSFR + .75%, 5.07%, 02/25/36 (b),(f) | 1139481 | 980500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-3, Class 22A1, 4.24%, 05/25/36 (b),(f) | 330840 | 237733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-4, Class 13A1, 1 mo. TSFR + .43%, 4.75%, 08/25/36 (b),(f) | 237541 | 194612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bear Stearns Asset-Backed Securities I Trust, Series 2007-AC5, Class A5, 1 mo. TSFR + .56%, 4.88%, 07/25/37 (b),(f) | 2521499 | 605467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Calcon Mutual Mortgage, Series 2023-1, Class M1, 4.98%, 06/25/54 (b),(d),(f) | 3006000 | 3036039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chase Mortgage Finance Trust, Series 2007-A1, Class 1M, 6.70%, 02/25/37 (b),(f) | 220717 | 176591 |
| &nbsp;&nbsp;&nbsp;&nbsp; ChaseFlex Trust, Series 2007-1, Class 1A1, 6.50%, 02/25/37 (b) | 1008817 | 349436 |
| &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%, 5.21%, 02/25/35 (b),(f) | 418498 | 396989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-3, Class 1A4, 1 mo. TSFR + .83%, 5.15%, 04/25/35 (b),(f) | 407786 | 369506 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &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, 7.20%, 08/25/34 (b),(f) | $658346 | $261439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR6, Class 2A4, 1 mo. TSFR + .55%, 4.87%, 09/25/36 (b),(f) | 809988 | 292185 |
| &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%, 5.08%, 09/25/36 (b),(f) | 728458 | 589704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A6, Class 1A1, 1 mo. TSFR + .71%, 5.03%, 06/25/37 (b),(f) | 272344 | 226849 |
| &nbsp;&nbsp;&nbsp;&nbsp; COLT Funding LLC, Series 2025-1, Class B1, 7.16%, 01/25/70 (b),(d),(f) | 627000 | 626574 |
| &nbsp;&nbsp;&nbsp;&nbsp; COLT Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HX1, Class B3A, 4.16%, 10/25/66 (b),(d),(f) | 100000 | 66828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class B2, 4.16%, 12/27/66 (b),(d),(f) | 100000 | 81067 |
| &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),(d),(f) | 100000 | 82844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-5, Class B1, 4.67%, 03/25/67 (b),(d),(f) | 1000000 | 912849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3, Class B1, 7.93%, 06/25/69 (b),(d),(f) | 3201000 | 3259828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-INV2, Class B1, 8.15%, 05/25/69 (b),(d),(f) | 1816000 | 1857768 |
| &nbsp;&nbsp;&nbsp;&nbsp; COLT Trust, Series 2021-RPL1, Class B2, 4.58%, 09/25/61 (b),(d),(f) | 446000 | 308781 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSFB Mortgage-Backed Pass-Through Certificates, Series 2004-8, Class DB1, 5.59%,<br>12/25/34 (b),(f) | 339026 | 248333 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSMC Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM3, Class B2, 4.13%, 04/25/66 (b),(d),(f) | 800000 | 559205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM7, Class B1, 3.72%, 10/25/66 (b),(d),(f) | 100000 | 77391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM8, Class B1, 4.21%, 10/25/66 (b),(d),(f) | 226899 | 181557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM8, Class B2, 4.26%, 10/25/66 (b),(d),(f) | 100000 | 81293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deephaven Residential Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class B1, 3.17%, 04/25/66 (b),(d),(f) | 100000 | 76158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class B2, 3.93%, 04/25/66 (b),(d),(f) | 100000 | 72788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class B2, 4.13%, 08/25/66 (b),(d),(f) | 100000 | 74243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4, Class B2, 4.44%, 11/25/66 (b),(d),(f) | 100000 | 78518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class B1, 4.27%, 01/25/67 (b),(d),(f) | 100000 | 80793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Alt-A Securities Mortgage Loan Trust, Series 2006-AR5, Class 1A1, 1 mo. TSFR + .37%, 4.69%, 10/25/36 (b),(f) | 1274851 | 400506 |
| &nbsp;&nbsp;&nbsp;&nbsp; DSLA Mortgage Loan Trust, Series 2005-AR2, Class 2A1A, 1 mo. TSFR + .53%, 4.85%, 03/19/45 (b),(f) | 949023 | 876769 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &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%, 4.93%, 02/25/37 (b),(f) | $739243 | $214307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-FA2, Class 1A2, 1 mo. TSFR + .66%, 4.98%, 04/25/37 (b),(f) | 952641 | 246448 |
| &nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Corp. Trust, Series 2021-PJ1, Class B3, 2.75%, 06/25/51 (b),(d),(f) | 3707829 | 2997590 |
| &nbsp;&nbsp;&nbsp;&nbsp; GSR Mortgage Loan Trust, Series 2005-AR6, Class B1, 6.11%, 09/25/35 (b),(f) | 266612 | 213837 |
| &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%, 5.19%, 11/19/35 (b),(f) | 1020878 | 675099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-4, Class 1A1A, 1 mo. TSFR + .47%, 4.79%, 05/19/46 (b),(f) | 536612 | 272173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-6, Class 2A1B, 1 mo. TSFR + .34%, 4.66%, 08/19/37 (b),(f) | 7135006 | 5780204 |
| &nbsp;&nbsp;&nbsp;&nbsp; IndyMac IMSC Mortgage Loan Trust, Series 2007-HOA1, Class A22, 1 mo. TSFR + .47%, 4.79%, 07/25/47 (b),(f) | 399210 | 290982 |
| &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, 3.98%, 05/25/36 (b),(f) | 212496 | 180586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-FLX2, Class A2, 1 mo. TSFR + .49%, 4.81%, 04/25/37 (b),(f) | 215978 | 214079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-FLX5, Class 2A2, 1 mo. TSFR + .59%, 4.91%, 08/25/37 (b),(f) | 4247842 | 3613703 |
| &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, 5.47%, 08/25/35 (b),(f) | 567553 | 422199 |
| &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%, 7.59%, 03/25/54 (b),(d),(f) | 4000000 | 4083248 |
| &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%, 5.18%, 12/25/35 (b),(f) | 513613 | 249882 |
| &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) | 487328 | 465701 |
| &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),(g) | 279202 | 263046 |
| &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%, 5.33%, 08/25/47 (b),(f) | 245920 | 224528 |
| &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, 5.58%, 11/25/35 (b),(f) | 282571 | 152963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A5, Class M1, 5.05%, 06/25/35 (b),(f) | 618486 | 546509 |
| &nbsp;&nbsp;&nbsp;&nbsp; MFA Trust, Series 2021-INV2, Class B1, 4.39%, 11/25/56 (b),(d),(f) | 100000 | 81473 |
| &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, 5.96%, 09/25/34 (b),(f) | 247379 | 184042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-9, Class B1, 5.42%, 11/25/34 (b),(f) | 267205 | 228507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-1, Class B1, 5.63%, 03/25/35 (b),(f) | 461896 | 303148 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, Series 2022-NQM1, Class B2, 3.80%, 01/25/26 (b),(d),(f) | $100000 | $64601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-AR3, Class A3A, 1 mo. TSFR + .45%, 4.77%, 10/25/36 (b),(f) | 283523 | 245575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preston Ridge Partners Mortgage LLC, Series 2021-8, Class A2, 6.60%, 09/25/26 (b),(d),(f) | 133714 | 131315 |
| &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%, 5.44%, 09/25/46 (b),(f) | 303588 | 240700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-QH5, Class AI1, 1 mo. TSFR + .53%, 4.85%, 06/25/37 (b),(f) | 1385241 | 1039379 |
| &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, 7.98%, 06/25/43 (b),(d),(f) | 251000 | 262661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CES2, Class M1, 7.36%, 09/25/43 (b),(d),(f) | 5513000 | 5723983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential Asset Securitization Trust, Series 2006-A7CB, Class 1A4, 6.25%, 07/25/36 (b) | 302082 | 238233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saluda Grade Alternative Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-FIG3, Class B, 7.71%, 08/25/53 (b),(d) | 1399596 | 1451801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-INV1, Class B1, 7.22%, 08/25/59 (b),(d),(f) | 1054000 | 1061419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sequoia Mortgage Trust, Series 2019-4, Class B4, 3.78%, 11/25/49 (b),(d),(f) | 2158000 | 1524892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starwood Mortgage Residential Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV1, Class B1, 3.26%, 11/25/55 (b),(d) | 123000 | 110268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class B1, 3.35%, 06/25/56 (b),(d),(f) | 100000 | 72636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4, Class B2, 4.14%, 08/25/56 (b),(d),(f) | 268000 | 200671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-6, Class B2, 3.94%, 11/25/66 (b),(d),(f) | 100000 | 70164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class B1, 3.96%, 12/25/66 (b),(d),(f) | 135000 | 102141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Structured Asset Mortgage Investments II Trust, Series 2007-AR1, Class 2A2, 1 mo. TSFR + .53%, 4.85%, 01/25/37 (b),(f) | 401416 | 427647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2003-26A, Class B1II, 5.34%, 09/25/33 (b),(f) | 191278 | 129074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thornburg Mortgage Securities Trust, Series 2005-3, Class B1, 6.29%, 10/25/45 (b),(f) | 583653 | 452381 |
| &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, 4.57%, 01/25/60 (b),(d),(f) | 2690000 | 1968873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class B2, 4.34%, 11/25/61 (b),(d),(f) | 494000 | 375100 |
| &nbsp;&nbsp;&nbsp;&nbsp; TRK Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV2, Class B2, 4.37%, 11/25/56 (b),(d),(f) | 1000000 | 741395 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-INV1, Class B1, 4.00%, 02/25/57 (b),(d),(f) | $111000 | $84606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-INV1, Class B2, 4.00%, 02/25/57 (b),(d),(f) | 100000 | 60800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verus Securitization Trust, Series 2024-1, Class B1, 7.91%, 01/25/69 (b),(d),(f) | 2138000 | 2165373 |
| &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%, 5.26%, 01/25/45 (b),(f) | 237261 | 211363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR17, Class A1C4, 1 mo. TSFR + .91%, 5.23%, 12/25/45 (b),(f) | 461124 | 355701 |
| &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%, 5.33%, 04/25/45 (b),(f) | 452253 | 350669 |
| &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%, 5.38%, 07/25/45 (b),(f) | 150541 | 144834 |
| &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%, 5.71%, 01/25/46 (b),(f) | 181677 | 177111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR17, Class 1A, 12 mo. MTA + .82%, 4.17%, 12/25/46 (b),(f) | 1214414 | 976787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR7, Class 2A, 12 mo. MTA + .98%, 5.62%, 07/25/46 (b),(f) | 306137 | 290815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HY6, Class 1A1, 4.20%, 06/25/37 (b),(f) | 272515 | 225165 |
| &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) | 213400 | 180403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR1, Class A1B, 1 mo. TSFR + .79%, 5.11%, 12/25/35 (b),(f) | 243231 | 263805 |
| &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) | 329665 | 257851 |
| &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) | 482777 | 429458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA3, Class 2A, 12 mo. MTA + .75%, 5.39%, 02/25/47 (b),(f) | 221032 | 180921 |
|  |  | 94984623 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Commercial Mortgage-Backed Securities — 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arbor Multifamily Mortgage Securities Trust, Series 2022-MF4, Class E, 2.00%, 02/15/55 (b),(d) | 130000 | 84288 |
| &nbsp;&nbsp;&nbsp;&nbsp; AREIT LLC, Series 2022-CRE7, Class C, 1 mo. TSFR + 3.84%, 8.16%, 06/17/39 (b),(d),(f) | 1000000 | 1001835 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAHA Trust, Series 2024-MAR, Class C, 7.01%, 12/10/29 (b),(d),(f) | 166000 | 175136 |
| &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),(d) | 290000 | 227570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V11, Class XD, 1.87%, 11/15/57 (b),(d),(f),(h) | 1000000 | 74640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V7, Class XD, 2.85%, 06/15/29 (b),(d),(f),(h) | 1000000 | 100053 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V8, Class XD, 2.95%, 07/15/57 (b),(d),(f),(h) | $1000000 | $107385 |
| &nbsp;&nbsp;&nbsp;&nbsp; BHMS Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-ATLS, Class C, 1 mo. TSFR + 2.20%, 6.52%, 07/15/35 (b),(d),(f) | 525000 | 523771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-ATLS, Class E, 1 mo. TSFR + 3.30%, 7.62%, 07/15/35 (b),(d),(f) | 2103000 | 2085133 |
| &nbsp;&nbsp;&nbsp;&nbsp; BLP Commercial Mortgage Trust, Series 2024-IND2, Class E, 1 mo. TSFR + 3.69%, 8.01%, 03/15/41 (b),(d),(f) | 4734649 | 4676559 |
| &nbsp;&nbsp;&nbsp;&nbsp; BMO Mortgage Trust, Series 2025-5C9, Class XD, 2.20%, 12/15/57 (b),(d),(f),(h) | 1000000 | 87518 |
| &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, 3.55%, 03/11/44 (b),(d),(f) | 5006000 | 4449468 |
| &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%, 7.65%, 12/15/38 (b),(d),(f) | 140169 | 139791 |
| &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%, 7.52%, 04/15/34 (b),(d),(f) | 100000 | 95544 |
| &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%, 6.78%, 06/15/38 (b),(d),(f) | 460287 | 461009 |
| &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%, 7.23%, 06/15/38 (b),(d),(f) | 208664 | 208698 |
| &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%, 8.18%, 06/15/38 (b),(d),(f) | 876738 | 876881 |
| &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%, 7.36%, 01/17/39 (b),(d),(f) | 216000 | 210737 |
| &nbsp;&nbsp;&nbsp;&nbsp; BX Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-GW, Class F, 1 mo. TSFR + 2.72%, 7.04%, 05/15/35 (b),(d),(f) | 106000 | 105847 |
| &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%, 7.58%, 10/15/36 (b),(d),(f) | 1000000 | 986284 |
| &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%, 7.28%, 04/15/39 (b),(d),(f) | 722095 | 720424 |
| &nbsp;&nbsp;&nbsp;&nbsp; BXSC Commercial Mortgage Trust, Series 2022-WSS, Class E, 1 mo. TSFR + 4.13%, 8.45%, 03/15/35 (b),(d),(f) | 148000 | 148845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cali, Series 2024-SUN, Class E, 1 mo. TSFR + 4.62%, 8.95%, 07/15/41 (b),(d),(f) | 1000000 | 1000130 |
| &nbsp;&nbsp;&nbsp;&nbsp; CAMB Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-LIFE, Class E, 1 mo. TSFR + 2.45%, 6.77%, 12/15/37 (b),(d),(f) | 1000000 | 999976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-LIFE, Class F, 1 mo. TSFR + 2.85%, 7.17%, 12/15/37 (b),(d),(f) | 1000000 | 999975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-LIFE, Class G, 1 mo. TSFR + 3.55%, 7.87%, 12/15/37 (b),(d),(f) | 129000 | 128997 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; CD Mortgage Trust, Series 2016-CD1, Class D, 2.75%, 08/10/49 (b),(d),(f) | $422000 | $196588 |
| &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, 4.78%, 09/10/45 (b),(d),(f) | 91143 | 84143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GC37, Class D, 2.79%, 04/10/49 (b),(d) | 100000 | 87347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C7, Class E, 2.75%, 12/15/72 (b),(d) | 697000 | 467426 |
| &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, 3.57%, 02/10/47 (b),(d),(f) | 591000 | 467462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR27, Class E, 3.25%, 10/10/48 (b),(d) | 1439000 | 1294340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC44, Class 180B, 3.40%, 08/15/57 (b),(d),(f) | 160000 | 141342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR22, Class E, 3.00%, 03/10/48 (b),(d) | 239000 | 194220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR23, Class C, 4.49%, 05/10/48 (b),(f) | 123000 | 117469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR23, Class D, 4.49%, 05/10/48 (b),(f) | 502000 | 415662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR25, Class D, 3.77%, 08/10/48 (b),(f) | 479000 | 452997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR27, Class D, 3.44%, 10/10/48 (b),(d),(f) | 3065000 | 2809474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC21, Class C, 4.33%, 07/10/48 (b),(f) | 1113000 | 1102803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC21, Class D, 4.33%, 07/10/48 (b),(f) | 1348000 | 1315331 |
| &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, 4.24%, 06/15/57 (b),(f) | 843000 | 684059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C4, Class E, 3.55%, 11/15/48 (b),(f) | 100000 | 93835 |
| &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),(d),(f) | 5568000 | 4914940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C5, Class C, 4.63%, 11/15/48 (b),(f) | 355000 | 346774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX11, Class D, 2.75%, 04/15/51 (b),(d),(f) | 604000 | 475452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class D, 3.00%, 06/15/52 (b),(d) | 163000 | 133808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class D, 2.50%, 09/15/52 (b),(d) | 1409000 | 990078 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSTL Commercial Mortgage Trust, Series 2024-GATE, Class E, 6.96%, 11/10/41 (b),(d),(f) | 1000000 | 1012472 |
| &nbsp;&nbsp;&nbsp;&nbsp; ELP Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ELP, Class G, 1 mo. TSFR + 3.23%, 7.55%, 11/15/38 (b),(d),(f) | 1210591 | 1204280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ELP, Class J, 1 mo. TSFR + 3.73%, 8.05%, 11/15/38 (b),(d),(f) | 1034795 | 1021551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MN1, Class M2, 1 mo. SOFR + 3.75%, 8.09%, 01/25/51 (b),(d),(f) | 102000 | 105447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MN2, Class M2, 1 mo. SOFR + 3.35%, 7.69%, 07/25/41 (b),(d),(f) | 128000 | 127377 |
| &nbsp;&nbsp;&nbsp;&nbsp; FREMF Mortgage Trust, Series 2017-KGX1, Class CFX, 3.59%, 10/25/27 (b),(d),(f) | 1000000 | 881098 |
| &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%, 7.87%, 11/15/36 (b),(d),(f) | 312000 | 305837 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &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%, 8.48%, 05/15/26 (b),(d),(f) | $1019000 | $487022 |
| &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%, 9.23%, 05/15/26 (b),(d),(f) | 1000000 | 364655 |
| &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%, 10.48%, 05/15/26 (b),(d),(f) | 1000000 | 126557 |
| &nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-GCJ9, Class D, 4.36%, 11/10/45 (b),(d),(f) | 170563 | 158700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC24, Class B, 4.42%, 09/10/47 (b),(f) | 100000 | 92928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC24, Class C, 4.44%, 09/10/47 (b),(f) | 303000 | 271629 |
| &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),(d) | 1415000 | 1262464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS8, Class D, 2.70%, 11/10/50 (b),(d) | 1593000 | 1125023 |
| &nbsp;&nbsp;&nbsp;&nbsp; HarborView Mortgage Loan Trust, Series 2005-12, Class 2A1B, 12 mo. MTA + 2.00%, 6.64%, 10/19/35 (b),(f) | 367079 | 291310 |
| &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, 4.19%, 11/05/38 (b),(d),(f) | 11467000 | 11108691 |
| &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),(d) | 1068000 | 30439 |
| &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, 6.35%, 11/06/34 (b),(d),(f) | 1827000 | 1823284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MF, Class F, 6.35%, 11/06/34 (b),(d),(f) | 1000000 | 963520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MF, Class X, 0.45%, 11/06/34 (b),(d),(f),(h) | 1000000 | 19163 |
| &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, 4.72%, 01/15/49 (b),(f) | 102000 | 92206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP3, Class D, 3.41%, 08/15/49 (b),(d),(f) | 100000 | 81163 |
| &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, 3.97%, 09/15/47 (b),(d),(f) | 100000 | 87510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C26, Class C, 4.19%, 01/15/48 (b),(f) | 642000 | 618378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C31, Class E, 4.60%, 08/15/48 (b),(d),(f) | 1093000 | 400664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C1, Class C, 4.70%, 03/17/49 (b),(f) | 651000 | 629516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C1, Class E, 4.70%, 03/15/49 (b),(d),(f) | 3126000 | 2560013 |
| &nbsp;&nbsp;&nbsp;&nbsp; JW Trust, Series 2024-BERY, Class E, 1 mo. TSFR + 3.54%, 7.86%, 11/15/39 (b),(d),(f) | 1000000 | 1006660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Life Mortgage Trust, Series 2021-BMR, Class F, 1 mo. TSFR + 2.46%, 6.78%, 03/15/38 (b),(d),(f) | 805000 | 794640 |
| &nbsp;&nbsp;&nbsp;&nbsp; LSTAR Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-3, Class E, 3.33%, 04/20/48 (b),(d),(f) | 121000 | 120008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-5, Class C, 4.67%, 03/10/50 (b),(d),(f) | 967000 | 869951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-5, Class D, 4.67%, 03/10/50 (b),(d),(f) | 1125000 | 897442 |
| &nbsp;&nbsp;&nbsp;&nbsp; MF1 Multifamily Housing Mortgage Loan Trust, Series 2021-FL5, Class E, 1 mo. TSFR + 3.11%, 7.43%, 07/15/36 (b),(d),(f) | 100000 | 99547 |
| &nbsp;&nbsp;&nbsp;&nbsp; MHC Commercial Mortgage Trust, Series 2021-MHC, Class G, 1 mo. TSFR + 3.32%, 7.63%, 04/15/38 (b),(d),(f) | 1149600 | 1149762 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &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%, 6.38%, 05/15/38 (b),(d),(f) | $265600 | $262338 |
| &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%, 6.83%, 05/15/38 (b),(d),(f) | 876000 | 857648 |
| &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%, 7.58%, 01/15/27 (b),(d),(f) | 91161 | 90867 |
| &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%, 8.28%, 01/15/27 (b),(d),(f) | 713794 | 712082 |
| &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 2015-C20, Class D, 3.07%, 02/15/48 (b),(d) | 27931 | 25755 |
| &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),(d),(f) | 1441000 | 1038490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C32, Class D, 3.40%, 12/15/49 (b),(d),(f) | 991000 | 728503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, Series 2016-UB11, Class E, 2.59%, 08/15/49 (b),(d),(f) | 3200500 | 2713966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natixis Commercial Mortgage Securities Trust, Series 2022-RRI, Class C, 1 mo. TSFR + 3.10%, 7.42%, 03/15/35 (b),(d),(f) | 98250 | 98602 |
| &nbsp;&nbsp;&nbsp;&nbsp; NCMF Trust, Series 2022-MFP, Class C, 1 mo. TSFR + 2.84%, 7.16%, 03/15/39 (b),(d),(f) | 1000000 | 992801 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Orleans Hotel Trust, Series 2019-HNLA, Class E, 1 mo. TSFR + 2.74%, 7.06%,<br>04/15/32 (b),(d),(f) | 1301000 | 1248946 |
| &nbsp;&nbsp;&nbsp;&nbsp; OPG Trust, Series 2021-PORT, Class J, 1 mo. TSFR + 3.46%, 7.78%, 10/15/36 (b),(d),(f) | 78650 | 78318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prima Capital CRE Securitization Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-RK1, Class CG, 4.00%, 04/15/38 (b),(d) | 339000 | 266311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-RK1, Class CT, 4.45%, 04/15/38 (b),(d) | 121000 | 97542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ready Capital Mortgage Financing LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL7, Class D, 1 mo. TSFR + 3.06%, 7.38%, 11/25/36 (b),(d),(f) | 100000 | 99892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL9, Class B, 1 mo. TSFR + 3.61%, 7.93%, 06/25/37 (b),(d),(f) | 290000 | 290045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL9, Class C, 1 mo. TSFR + 4.31%, 8.63%, 06/25/37 (b),(d),(f) | 1303000 | 1303507 |
| &nbsp;&nbsp;&nbsp;&nbsp; ReadyCap Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-6, Class C, 4.13%, 10/25/52 (b),(d),(f) | 1691000 | 1508668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-6, Class D, 4.63%, 10/25/52 (b),(d),(f) | 227000 | 186067 |
| &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, 7.51%, 03/11/29 (b),(d),(f) | 1009000 | 1022416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SGRM, Class X, 0.11%, 03/11/29 (b),(d),(f),(h) | 1204000 | 3527 |
| &nbsp;&nbsp;&nbsp;&nbsp; RIDE, Series 2025-SHRE, Class E, 7.29%, 02/14/35 (b),(d),(f) | 1000000 | 1016912 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; SFO Commercial Mortgage Trust, Series 2021-555, Class D, 1 mo. TSFR + 2.51%, 6.83%, 05/15/38 (b),(d),(f) | $1001000 | $952720 |
| &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, 4.81%, 10/10/48 (b),(d),(f) | 205000 | 154065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-PREZ, Class E, 3.48%, 09/15/39 (b),(d),(f) | 1720000 | 1398384 |
| &nbsp;&nbsp;&nbsp;&nbsp; SREIT Trust, Series 2021-IND, Class G, 1 mo. TSFR + 3.38%, 7.70%, 10/15/38 (b),(d),(f) | 1556000 | 1525162 |
| &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 E, 1 mo. TSFR + 3.02%, 7.34%, 11/15/36 (b),(d),(f) | 1000000 | 992122 |
| &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%, 7.99%, 11/15/36 (b),(d),(f) | 125000 | 123505 |
| &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%, 8.63%, 11/15/36 (b),(d),(f) | 1000000 | 980586 |
| &nbsp;&nbsp;&nbsp;&nbsp; STWD Trust, Series 2021-FLWR, Class G, 1 mo. TSFR + 3.79%, 8.10%, 07/15/36 (b),(d),(f) | 178400 | 177380 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C11, Class D, 3.00%, 06/15/51 (b),(d),(f) | 112000 | 75260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C9, Class D, 4.94%, 03/15/51 (b),(d),(f) | 331000 | 210918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class D, 2.50%, 10/15/52 (b),(d) | 103000 | 68419 |
| &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),(d),(f) | 2984940 | 3050716 |
| &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),(d),(f) | 245335 | 250791 |
| &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),(d),(f) | 992000 | 885354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C26, Class D, 3.59%, 02/15/48 (b),(d) | 4590000 | 4541493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C27, Class D, 3.77%, 02/15/48 (b),(d) | 5146000 | 2598776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-NXS4, Class D, 3.66%, 12/15/48 (b),(f) | 100000 | 94784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C32, Class D, 3.79%, 01/15/59 (b),(d),(f) | 465000 | 441001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC24, Class D, 3.21%, 10/15/49 (b),(d) | 4253000 | 3584207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXS5, Class E, 4.97%, 01/15/59 (b),(d),(f) | 100000 | 77764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-JWDR, Class G, 5.38%, 09/15/31 (b),(d),(f) | 2074000 | 2007615 |
| &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%, 8.40%, 11/15/27 (b),(d),(f) | 2696000 | 2708267 |
| &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%, 9.24%, 11/15/27 (b),(d),(f) | 1000000 | 1006299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Worldwide Plaza Trust, Series 2017-WWP, Class F, 3.60%, 11/10/36 (b),(d),(f) | 109000 | 7990 |
|  |  | 112209732 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Interest Only Commercial Mortgage-Backed Securities — 2.3%* | &nbsp;&nbsp;&nbsp;&nbsp; *Interest Only Commercial Mortgage-Backed Securities — 2.3%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank5, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5YR11, Class XD, 2.32%, 11/15/57 (b),(d),(f),(h) | $1000000 | $93143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5YR5, Class XD, 3.01%, 02/15/29 (b),(d),(f),(h) | 1000000 | 101946 |
| &nbsp;&nbsp;&nbsp;&nbsp; BBCMS Mortgage Trust, Series 2022-C16, Class XD, 2.18%, 06/15/55 (b),(d),(f),(h) | 4299000 | 542242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, Series 2023-V3, Class XD, 3.17%, 07/15/56 (b),(d),(f),(h) | 1000000 | 95591 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Housing Finance Agency, Series X, 0.29%, 01/15/35 (b),(f),(h) | 14145452 | 213271 |
| &nbsp;&nbsp;&nbsp;&nbsp; CFK Trust, Series 2020-MF2, Class X, 0.77%, 03/15/39 (b),(d),(f),(h) | 19612000 | 232696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C7, Class XD, 1.17%, 12/15/72 (b),(d),(f),(h) | 5347000 | 306618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC43, Class XD, 0.60%, 11/10/52 (b),(d),(f),(h) | 5918000 | 152773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage Trust, Series 2014-UBS4, Class XA, 0.63%, 08/10/47 (b),(f),(h) | 2169881 | 1083 |
| &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 XA, 0.64%, 06/15/57 (b),(f),(h) | 14954268 | 13309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C3, Class XA, 0.63%, 08/15/48 (b),(f),(h) | 44232837 | 38925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C18, Class XD, 1.41%, 12/15/52 (b),(d),(f),(h) | 4452333 | 239264 |
| &nbsp;&nbsp;&nbsp;&nbsp; DC Office Trust, Series 2019-MTC, Class X, 0.11%, 09/15/45 (b),(d),(f),(h) | 64579000 | 377012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 303, Class C28, 4.50%, 01/15/43 (h) | 8344944 | 1598599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4941, Class IO, 4.00%, 12/15/47 (h) | 5940162 | 1176485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4976, Class MI, 4.50%, 05/25/50 (h) | 12768328 | 2638422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5036, Class IB, 5.00%, 10/25/48 (h) | 10282808 | 2462681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5036, Class KI, 4.00%, 06/25/48 (h) | 15283494 | 2982207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5093, Class AI, 3.50%, 04/25/51 (h) | 11309047 | 1811449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5104, Class GI, 3.50%, 06/25/49 (h) | 8492568 | 1619168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5134, Class BI, 4.50%, 08/25/51 (h) | 15472846 | 3441733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5146, Class BI, 4.00%, 08/25/50 (h) | 19829607 | 3840004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5236, Class KI, 4.00%, 11/25/51 (h) | 26559074 | 5191715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5322, Class DI, 3.00%, 10/25/51 (h) | 13979355 | 2144559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K049, Class X3, 1.55%, 10/25/43 (b),(f),(h) | 2177000 | 1076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K061, Class X1, 0.15%, 11/25/26 (b),(f),(h) | 15359538 | 36924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K071, Class X1, 0.28%, 11/25/27 (b),(f),(h) | 84934757 | 505107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K085, Class X3, 2.31%, 12/25/45 (b),(f),(h) | 1000000 | 73735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K095, Class X3, 2.10%, 08/25/47 (b),(f),(h) | 9297000 | 734974 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K102, Class X3, 1.89%, 12/25/46 (b),(f),(h) | $1000000 | $75647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K115, Class X3, 2.96%, 09/25/48 (b),(f),(h) | 1000000 | 126877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K118, Class X3, 2.69%, 10/25/48 (b),(f),(h) | 652000 | 77532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K119, Class X3, 2.73%, 09/25/48 (b),(f),(h) | 1525000 | 185933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K122, Class X3, 2.63%, 01/25/49 (b),(f),(h) | 1000000 | 119351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K128, Class X3, 2.78%, 04/25/31 (b),(f),(h) | 1000000 | 133016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K143, Class X3, 3.14%, 04/25/50 (b),(f),(h) | 1000000 | 172569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K154, Class X1, 0.29%, 11/25/32 (b),(f),(h) | 30412371 | 481367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KLU1, Class X3, 4.09%, 01/25/31 (b),(f),(h) | 11517376 | 1265610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KLU2, Class X1, 0.96%, 08/25/29 (b),(f),(h) | 54368316 | 1812477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KLU2, Class X3, 3.92%, 08/25/29 (b),(f),(h) | 8074990 | 828421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KS11, Class XFX, 1.59%, 06/25/29 (b),(f),(h) | 24784618 | 1225178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KW10, Class X3, 2.72%, 10/25/32 (b),(f),(h) | 5935000 | 614296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal National Mortgage Association, |  |  |
| &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 (h) | 30862753 | 5725257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-62, Class GI, 4.00%, 06/25/48 (h) | 12984989 | 2582922 |
| &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 (h) | 10369939 | 2158928 |
| &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 (h) | 25411727 | 4368937 |
| &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 (h) | 27061022 | 3055541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 409, Class C14, 3.50%, 04/25/42 (h) | 11535050 | 1808258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 413, Class C35, 4.50%, 10/25/40 (h) | 9350228 | 1695019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Association, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-188, Class IB, 4.00%, 12/20/44 (h) | 11059734 | 1477669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-127, Class IY, 4.00%, 08/20/50 (h) | 10900487 | 2199446 |
| &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 (h) | 10978949 | 2320741 |
| &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 (h) | 19458069 | 3614239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-125, Class IO, 4.50%, 06/20/52 (h) | 24185843 | 4787515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-159, Class IA, 4.50%, 12/20/48 (h) | 16513915 | 2978565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-85, Class IB, 4.00%, 05/20/51 (h) | 17816748 | 3474408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-93, Class ID, 4.00%, 07/20/50 (h) | 15157344 | 2914863 |
| &nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage Securities Corp. Trust, Series 2020-DUNE, Class XCP, 0.00%, 12/15/36 (b),(d),(f),(h),(i) | 15243000 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust, Series 2019-GC40, Class XD, 1.23%, 07/10/52 (b),(d),(f),(h) | 2219000 | 97860 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMDB Commercial Mortgage Securities Trust, Series 2019-COR6, Class XD, 1.41%,<br>11/13/52 (b),(d),(f),(h) | 4231000 | 226896 |
| &nbsp;&nbsp;&nbsp;&nbsp; MFT Mortgage Trust, Series 2020-ABC, Class XA, 0.12%, 02/10/42 (b),(d),(f),(h) | 20401000 | 129179 |
|  |  | 85401380 |
| &nbsp;&nbsp;&nbsp;&nbsp; *U.S. Government Sponsored Agency Securities — 8.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Association, TBA, 30 Year Maturity, 6.50%, 05/18/72 (n) | 90000000 | 92070000 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 30 Year Maturity, 2.00%, 05/25/51 (n) | $150000000 | $119209050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 30 Year Maturity, 2.50%, 05/12/72 (n) | 60000000 | 49849200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 30 Year Maturity, 5.50%, 04/13/72 (n) | 71000000 | 70858568 |
|  |  | 331986818 |
|  **Total North America** |  | **624582553** |
|  **TOTAL MORTGAGE-BACKED SECURITIES<br>(COST $645,725,144)** |  | **627110151** |
|  **U.S. TREASURY OBLIGATIONS — 1.0%** |  |  |
|  **North America — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 06/12/25 (i) | 12500000 | 12395250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 04/22/25 (i) | 12500000 | 12469008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 05/27/25 (i) | 12500000 | 12417604 |
|  **Total North America** |  | **37281862** |
|  **TOTAL U.S. TREASURY OBLIGATIONS<br>(COST $37,281,784)** | **TOTAL U.S. TREASURY OBLIGATIONS<br>(COST $37,281,784)** | **37281862** |
|  | **Shares** |  |
|  **CLOSED-END FUND — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pershing Square Holdings Ltd. | 713182 | 34471979 |
|  **TOTAL CLOSED-END FUND<br>(COST $37,577,869)** |  | **34471979** |
|  **EXCHANGE-TRADED FUND — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Bitcoin Trust ETF (a),(b) | 23094 | 1081030 |
|  **TOTAL EXCHANGE-TRADED FUND<br>(COST $1,342,206)** |  | **1081030** |
|  **WARRANTS — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ATI Penny Warrant (a),(b) | 111184 | 2224 |
| &nbsp;&nbsp;&nbsp;&nbsp; ATI Warrant (a),(b) | 100595 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; McLaren Racing Ltd. (a),(b),(e) | 22935 | 4178965 |
|  **TOTAL WARRANTS<br>(COST $0)** |  | **4181189** |
|  **INVESTMENTS IN INVESTEE FUNDS — 10.6%** |  |  |
|  **North America — 10.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aeolus Property Catastrophe Keystone PF Fund LP<br>(cost $11,163,549) (a),(o) | 3 | 14741736 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
|  | **Shares** | |
| &nbsp;&nbsp;&nbsp;&nbsp; Asgard Fixed Income Risk Premia Fund<br>(cost $114,197,961) (a),(o) | $116681 | $164054610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atreides Co. Series K DIs - SpaceX (Common)<br>(cost $1,762,684) (a),(o) | 1 | 5218492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kirkoswald Global Ltd.<br>(cost $42,567,982) (a),(o) | 383878 | 42459851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rokos Global Macro Fund Ltd.<br>(cost $93,000,000) (a),(o) | 1 | 165189483 |
|  **Total North America** |  | **391664172** |
|  **TOTAL INVESTMENTS IN INVESTEE FUNDS<br>(COST $262,692,176)** |  | **391664172** |
|  **RIGHTS — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aduro Biotech, Inc. (a),(e) | 1040 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gracell Biotechnologies, Inc. (a),(e) | 5000 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pershing Square SPARC Holdings Ltd. (a),(e) | 505024 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pershing Square Tontine Holdings Ltd. (a),(e) | 2020101 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sinovac Biotech Ltd. (a),(e) | 200 | 1294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Strongbridge Biopharma (a),(e) | 5000 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tectonic Therapeutic (a),(e) | 450 | 0 |
|  **TOTAL RIGHTS<br>(COST $0)** |  | **1294** |
|  **TOTAL LONG-TERM INVESTMENTS<br>(COST $2,804,390,776)** |  | **2944065556** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Strike** | **Expiration<br>Date** | **Contracts** | **Notional<br>Amount** | **Premium<br>Paid** | **Market<br>Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **PURCHASED OPTIONS — 1.1%** | **PURCHASED OPTIONS — 1.1%** | **PURCHASED OPTIONS — 1.1%** | **PURCHASED OPTIONS — 1.1%** | **PURCHASED OPTIONS — 1.1%** |  |  |  |
|  **Exchange-Traded Call Options — 0.3%** | **Exchange-Traded Call Options — 0.3%** | **Exchange-Traded Call Options — 0.3%** | **Exchange-Traded Call Options — 0.3%** | **Exchange-Traded Call Options — 0.3%** |  |  |  |
|  NAT GAS EURO OPT JAN 26 | 6.00 USD | 12/26/25 | 25 | 150 | $95500 | $198650 | $103150 |
|  NAT GAS EURO OPT FEB 26 | 6.00 USD | 1/27/26 | 25 | 150 | 95500 | 192350 | 96850 |
|  NAT GAS EURO OPT MAR 26 | 6.00 USD | 2/24/26 | 25 | 150 | 95500 | 137300 | 41800 |
|  NAT GAS EURO OPT APR 26 | 6.00 USD | 3/26/26 | 25 | 150 | 95500 | 43975 | (51525) |
|  NAT GAS EURO OPT MAY 26 | 6.00 USD | 4/27/26 | 25 | 150 | 95500 | 40775 | (54725) |
|  NAT GAS EURO OPT JUN 26 | 6.00 USD | 5/26/26 | 25 | 150 | 95500 | 46875 | (48625) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Strike** | **Expiration<br>Date** | **Contracts** | **Notional<br>Amount** | **Premium<br>Paid** | **Market<br>Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  NAT GAS EURO OPT JUL 26 | 6.00 USD | 6/25/26 | 25 | 150 | $95500 | $55575 | $(39925) |
|  NAT GAS EURO OPT AUG 26 | 6.00 USD | 7/28/26 | 25 | 150 | 95500 | 61350 | (34150) |
|  NAT GAS EURO OPT SEP 26 | 6.00 USD | 8/26/26 | 25 | 150 | 95500 | 62475 | (33025) |
|  NAT GAS EURO OPT OCT 26 | 6.00 USD | 9/25/26 | 25 | 150 | 95500 | 69500 | (26000) |
|  NAT GAS EURO OPT NOV 26 | 6.00 USD | 10/27/26 | 25 | 150 | 95500 | 91950 | (3550) |
|  NAT GAS EURO OPT DEC 26 | 6.00 USD | 11/24/26 | 25 | 150 | 95500 | 123400 | 27900 |
|  NAT GAS EURO OPT JAN 26 | 4.50 USD | 12/26/25 | 25 | 112 | 118250 | 337100 | 218850 |
|  NAT GAS EURO OPT FEB 26 | 4.50 USD | 1/27/26 | 25 | 112 | 118250 | 296850 | 178600 |
|  NAT GAS EURO OPT MAR 26 | 4.50 USD | 2/24/26 | 25 | 112 | 118250 | 210850 | 92600 |
|  NAT GAS EURO OPT APR 26 | 4.50 USD | 3/26/26 | 25 | 112 | 118250 | 110850 | (7400) |
|  NAT GAS EURO OPT MAY 26 | 4.50 USD | 4/27/26 | 25 | 112 | 118250 | 105375 | (12875) |
|  NAT GAS EURO OPT JUN 26 | 4.50 USD | 5/26/26 | 25 | 113 | 118250 | 117650 | (600) |
|  NAT GAS EURO OPT JUL 26 | 4.50 USD | 6/25/26 | 25 | 113 | 118250 | 134225 | 15975 |
|  NAT GAS EURO OPT AUG 26 | 4.50 USD | 7/28/26 | 25 | 113 | 118250 | 143125 | 24875 |
|  NAT GAS EURO OPT SEP 26 | 4.50 USD | 8/26/26 | 25 | 113 | 118250 | 142700 | 24450 |
|  NAT GAS EURO OPT OCT 26 | 4.50 USD | 9/25/26 | 25 | 113 | 118250 | 153450 | 35200 |
|  NAT GAS EURO OPT NOV 26 | 4.50 USD | 10/27/26 | 25 | 113 | 118250 | 178375 | 60125 |
|  NAT GAS EURO OPT DEC 26 | 4.50 USD | 11/24/26 | 25 | 113 | 118250 | 228325 | 110075 |
|  CRUDE OIL FUT JUN 25 | 95.00 USD | 5/15/25 | 125 | 11875 | 86931 | 10000 | (76931) |
|  CRUDE OIL FUT DEC 25 | 90.00 USD | 11/17/25 | 168 | 15120 | 167187 | 127680 | (39507) |
|  LME Copper 3Mo Call (e) | 12,000.00 USD | 6/04/25 | 25 | 300000 | 171952 | 12694 | (159258) |
|  LME Copper 3Mo Call | 10,500.00 USD | 12/03/25 | 120 | 1260000 | 1101329 | 1024200 | (77129) |
|  LME Copper 3Mo Call | 11,500.00 USD | 12/03/25 | 40 | 460000 | 431623 | 170060 | (261563) |
|  LME Copper 3Mo Call | 12,500.00 USD | 12/03/25 | 50 | 625000 | 354372 | 109037 | (245335) |
|  California Carbon Allowance Vintage DEC 25 | 40.00 USD | 12/15/25 | 36 | 1440 | 131790 | 35280 | (96510) |
|  California Carbon Allowance Vintage DEC 25 | 45.00 USD | 12/15/25 | 1100 | 49500 | 1372152 | 551100 | (821052) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Strike** | **Expiration<br>Date** | **Contracts** | **Notional<br>Amount** | **Premium<br>Paid** | **Market<br>Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  NAT GAS EURO FUT JAN 26 | 50.00 EUR | 12/24/25 | 60 | 3000 | $328082 | $224549 | $(103533) |
|  NAT GAS EURO FUT NOV 25 | 50.00 EUR | 10/27/25 | 60 | 3000 | 317499 | 189558 | (127941) |
|  NAT GAS EURO FUT MAR 26 | 50.00 EUR | 2/24/26 | 60 | 3000 | 327641 | 231140 | (96501) |
|  NAT GAS EURO FUT DEC 25 | 50.00 EUR | 11/26/25 | 60 | 3000 | 328083 | 208620 | (119463) |
|  NAT GAS EURO FUT FEB 26 | 50.00 EUR | 1/27/26 | 60 | 3000 | 296332 | 214982 | (81350) |
|  CORN FUT DEC 25 | 500.00 USD | 11/21/25 | 205 | 102500 | 203190 | 155031 | (48159) |
|  CRUDE OIL OPT JUL 25 | 100.00 USD | 5/27/25 | 100 | 10000 | 61027 | 12000 | (49027) |
|  SOYBEANS NOV 25 | 1,160.00 USD | 10/24/25 | 125 | 145000 | 169741 | 110937 | (58804) |
|  SILVER JUL 25 | 32.00 USD | 6/25/25 | 49 | 1568 | 506267 | 874405 | 368138 |
|  NAT GAS EURO OPT MAY 25 | 4.00 USD | 4/25/25 | 20 | 80 | 45806 | 57140 | 11334 |
|  VIX Index Option Call 35 5/21/25 | 35.00 USD | 5/21/25 | 851 | 29785 | 85123 | 68080 | (17043) |
|  VIX Index Option Call 35 6/18/25 | 35.00 USD | 6/18/25 | 2553 | 89355 | 274592 | 262959 | (11633) |
|  LIVE CATTLE DEC 25 | 210.00 USD | 12/05/25 | 40 | 8400 | 57734 | 70000 | 12266 |
|  VIX Index Option Call 32 4/16/25 | 32.00 USD | 4/16/25 | 5957 | 190624 | 529133 | 285936 | (243197) |
|  CRUDE OIL FUT DEC 25 | 110.00 USD | 11/17/25 | 100 | 11000 | 32367 | 25000 | (7367) |
|  CRUDE OIL FUT SEP 25 | 90.00 USD | 8/15/25 | 100 | 9000 | 63297 | 54000 | (9297) |
|  VIX Index Option Call 38 4/16/25 | 38.00 USD | 4/16/25 | 1276 | 48488 | 70214 | 39556 | (30658) |
|  NAT GAS EURO OPT JUN 25 | 4.50 USD | 5/27/25 | 20 | 90 | 85020 | 51440 | (33580) |
|  SOYBEANS NOV 25 | 1,040.00 USD | 10/24/25 | 100 | 104000 | 303400 | 228750 | (74650) |
|  NAT GAS EURO OPT MAY 25 | 6.90 USD | 4/25/25 | 6 | 41 | 1515 | 234 | (1281) |
|  NAT GAS EURO OPT MAY 25 | 7.00 USD | 4/25/25 | 109 | 763 | 25358 | 3924 | (21434) |
|  California Carbon Allowance Vintage DEC 25 | 35.00 USD | 12/15/25 | 275 | 9625 | 580476 | 529375 | (51101) |
|  DJ EURO STOXX 50 APR 25 | 5,600.00 EUR | 4/17/25 | 851 | 4765600 | 352005 | 31286 | (320719) |
|  CRUDE OIL FUT DEC 25 | 80.00 USD | 11/17/25 | 294 | 23520 | 388054 | 520380 | 132326 |
|  NAT GAS EURO OPT MAY 25 | 6.50 USD | 4/25/25 | 98 | 637 | 16512 | 5292 | (11220) |
|  SOYBEAN OIL DEC 25 | 45.00 USD | 11/21/25 | 105 | 4725 | 217549 | 264285 | 46736 |
|  CRUDE OIL OPT JUL 25 | 75.00 USD | 5/27/25 | 10 | 750 | 18803 | 24700 | 5897 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Strike** | **Expiration<br>Date** | **Contracts** | **Notional<br>Amount** | **Premium<br>Paid** | **Market<br>Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  GOLD MAY 25 | 2,940.00 USD | 4/24/25 | 4 | 11760 | $26664 | $86080 | $59416 |
|  California Carbon Allowance Vintage JUN 25 | 35.00 USD | 6/16/25 | 475 | 16625 | 565640 | 199975 | (365665) |
|  VIX Index Option Call 34 5/21/25 | 34.00 USD | 5/21/25 | 2127 | 72318 | 182982 | 204192 | 21210 |
|  LME Copper 3Mo Call | 11,500.00 USD | 12/02/26 | 40 | 460000 | 503128 | 464520 | (38608) |
|  VIX Index Option Call 32 4/16/25 | 32.00 USD | 5/21/25 | 1276 | 40832 | 91270 | 119944 | 28674 |
|  SOYBEANS MAY 25 | 1,000.00 USD | 4/25/25 | 17 | 17000 | 15622 | 20612 | 4990 |
|  NAT GAS EURO OPT SEP 25 | 4.50 USD | 8/26/25 | 63 | 283 | 345890 | 373086 | 27196 |
|  NAT GAS EURO OPT MAY 25 | 5.50 USD | 4/25/25 | 4 | 22 | 610 | 648 | 38 |
|  COCOA JUN 25 | 8,000.00 USD | 5/09/25 | 8 | 64000 | 38408 | 31920 | (6488) |
|  FTSE 100 Index | 8,825.00 GBP | 5/16/25 | 213 | 1879725 | 177776 | 133444 | (44332) |
|  NAT GAS EURO OPT JUL 25 | 5.00 USD | 7/01/25 | 20 | 100 | 92059 | 55780 | (36279) |
|  NAT GAS EURO OPT MAY 25 | 7.00 USD | 5/27/25 | 4 | 28 | 710 | 696 | (14) |
|  NAT GAS EURO OPT MAY 25 | 6.00 USD | 5/01/25 | 14 | 84 | 2876 | 1204 | (1672) |
|  |  |  |  |  | $14110791 | $11758761 | $(2352030) |
|  **Exchange-Traded Put Options — 0.3%** | **Exchange-Traded Put Options — 0.3%** | **Exchange-Traded Put Options — 0.3%** | **Exchange-Traded Put Options — 0.3%** | **Exchange-Traded Put Options — 0.3%** | **Exchange-Traded Put Options — 0.3%** | **Exchange-Traded Put Options — 0.3%** | **Exchange-Traded Put Options — 0.3%** |
|  CRUDE OIL FUT DEC 25 | 55.00 USD | 11/17/25 | 252 | 13860 | $654980 | $456120 | $(198860) |
|  California Carbon Allowance Vintage DEC 25 | 30.00 USD | 12/15/25 | 575 | 17250 | 1443721 | 1761800 | 318079 |
|  SGX IRON ORE MAY 25 | 97.50 USD | 5/30/25 | 52 | 5070 | 37999 | 8320 | (29679) |
|  SGX IRON ORE JUN 25 | 97.50 USD | 6/30/25 | 52 | 5070 | 37999 | 14820 | (23179) |
|  SGX IRON ORE APR 25 | 97.50 USD | 4/30/25 | 52 | 5070 | 37999 | 1144 | (36855) |
|  California Carbon Allowance Vintage DEC 25 | 25.00 USD | 12/15/25 | 870 | 21750 | 1608063 | 1209300 | (398763) |
|  LME Copper 3Mo Call | 8,000.00 USD | 12/03/25 | 120 | 960000 | 779595 | 294660 | (484935) |
|  CORN FUT DEC 25 | 400.00 USD | 11/21/25 | 205 | 82000 | 149378 | 121719 | (27659) |
|  SOYBEANS NOV 25 | 980.00 USD | 10/24/25 | 125 | 122500 | 205957 | 216406 | 10449 |
|  SGX IRON ORE AUG 25 | 97.50 USD | 8/29/25 | 82 | 7995 | 58282 | 40016 | (18266) |
|  SGX IRON ORE JUL 25 | 97.50 USD | 7/31/25 | 82 | 7995 | 58281 | 32390 | (25891) |
|  SGX IRON ORE SEP 25 | 97.50 USD | 9/30/25 | 82 | 7995 | 58261 | 47396 | (10865) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Strike** | **Expiration<br>Date** | **Contracts** | **Notional<br>Amount** | **Premium<br>Paid** | **Market<br>Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  California Carbon Allowance Vintage DEC 25 | 20.00 USD | 12/15/25 | 460 | 9200 | $336177 | $276460 | $(59717) |
|  NAT GAS EURO FUT MAY 25 | 45.00 EUR | 4/25/25 | 42 | 1890 | 74310 | 174653 | 100343 |
|  LME Copper 3Mo Call | 8,500.00 USD | 12/03/25 | 80 | 680000 | 464256 | 356440 | (107816) |
|  NAT GAS EURO FUT JUL 25 | 45.00 EUR | 6/26/25 | 80 | 3600 | 179663 | 430690 | 251027 |
|  SILVER JUL 25 | 30.50 USD | 6/25/25 | 105 | 3203 | 488087 | 172725 | (315362) |
|  SOYBEANS NOV 25 | 1,040.00 USD | 10/24/25 | 100 | 104000 | 275900 | 330625 | 54725 |
|  NAT GAS EURO FUT JUL 25 | 25.00 EUR | 6/26/25 | 80 | 2000 | 6513 | 8688 | 2175 |
|  NAT GAS EURO FUT MAY 25 | 25.00 EUR | 4/25/25 | 42 | 1050 | 1454 | 203 | (1251) |
|  S&P 500 Index | 5,200.00 USD | 4/17/25 | 1660 | 8632000 | 6979380 | 2290800 | (4688580) |
|  E-Mini S&P 500 Index | 5,500.00 USD | 6/20/25 | 105 | 577500 | 553285 | 702188 | 148903 |
|  NAT GAS EURO OPT SEP 25 | 3.25 USD | 8/26/25 | 257 | 835 | 286220 | 220249 | (65971) |
|  NAT GAS EURO OPT SEP 25 | 4.05 USD | 8/26/25 | 256 | 1037 | 1045988 | 871168 | (174820) |
|  CRUDE OIL FUT DEC 25 | 50.00 USD | 11/17/25 | 210 | 10500 | 353382 | 222600 | (130782) |
|  GOLD MAY 25 | 2,940.00 USD | 4/24/25 | 4 | 11760 | 25600 | 2120 | (23480) |
|  VIX Index Option Put 16 5/21/25 | 16.00 USD | 5/21/25 | 1702 | 27232 | 67277 | 42550 | (24727) |
|  NAT GAS EURO OPT NOV 25 | 3.60 USD | 10/28/25 | 100 | 360 | 149292 | 179400 | 30108 |
|  NAT GAS EURO OPT NOV 25 | 2.90 USD | 10/28/25 | 200 | 580 | 92584 | 117600 | 25016 |
|  NAT GAS EURO OPT OCT 25 | 4.05 USD | 9/25/25 | 100 | 405 | 348292 | 381600 | 33308 |
|  LME Copper 3Mo Call | 8,500.00 USD | 12/02/26 | 40 | 340000 | 463128 | 464500 | 1372 |
|  FTSE 100 Index | 8,500.00 GBP | 4/17/25 | 171 | 1453500 | 119624 | 131429 | 11805 |
|  SOYBEANS MAY 25 | 1,000.00 USD | 4/25/25 | 17 | 17000 | 15322 | 8075 | (7247) |
|  COCOA JUN 25 | 8,000.00 USD | 5/09/25 | 8 | 64000 | 37788 | 40880 | 3092 |
|  |  |  |  |  | $17494037 | $11629734 | $(5864303) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Counterparty** | **Strike** | **Expiration<br>Date** | **Contracts** | **Notional<br>Amount** | **Premium<br>Paid** | **Market<br>Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **OTC Call Options — 0.2%** | **OTC Call Options — 0.2%** | **OTC Call Options — 0.2%** | **OTC Call Options — 0.2%** | **OTC Call Options — 0.2%** | **OTC Call Options — 0.2%** | **OTC Call Options — 0.2%** | **OTC Call Options — 0.2%** | **OTC Call Options — 0.2%** |
|  USD CNH FX Option Call 7.5 4/7/25 | J.P. Morgan Securities LLC | 7.50 USD | 4/07/25 | 500000 | 3750000 | $81425 | $221 | $(81204) |
|  USD CNH FX Option Call 7.65 4/7/25 | J.P. Morgan Securities LLC | 7.65 USD | 4/07/25 | 500000 | 3825000 | 57500 | 9 | (57491) |
|  USD CNH FX Option Call 7.4 7/18/25 | Citibank N.A. | 7.40 USD | 7/18/25 | 1245000 | 9213000 | 117342 | 207396 | 90054 |
|  XAG USD FX Option Call 35 6/18/25 | J.P. Morgan Securities LLC | 35.00 USD | 6/18/25 | 100000 | 3500000 | 192000 | 119828 | (72172) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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 3.265 8/16/2034 | Bank Of America Merrill Lynch | 3.27 USD | 8/16/34 | 2500000 | 8162500 | $351000 | $162906 | $(188094) |
|  SOFR Interest Rate Swaption Call 3.21 8/21/2034 | Bank Of America Merrill Lynch | 3.21 USD | 8/21/34 | 2500000 | 8025000 | 351875 | 157103 | (194772) |
|  SOFR Interest Rate Swaption Call 3.187 8/21/2034 | Barclays Bank PLC | 3.19 USD | 8/21/34 | 2500000 | 7967500 | 354625 | 154682 | (199943) |
|  SOFR Interest Rate Swaption Call 3.225 8/23/2034 | Bank Of America Merrill Lynch | 3.23 USD | 8/23/34 | 2500000 | 8062500 | 350000 | 158705 | (191295) |
|  SOFR Interest Rate Swaption Call 3.22 8/29/2029 | Bank Of America Merrill Lynch | 3.22 USD | 8/29/29 | 2500000 | 8050000 | 357500 | 172434 | (185066) |
|  SOFR Interest Rate Swaption Call 3.21 8/29/2029 | Bank Of America Merrill Lynch | 3.21 USD | 8/29/29 | 2500000 | 8025000 | 357500 | 170944 | (186556) |
|  USD CNH FX Option Call 7.36 5/23/25 | Citibank N.A. | 7.36 USD | 5/23/25 | 2127500 | 15658400 | 213814 | 323406 | 109592 |
|  XAG USD FX Option Call 35 12/29/25 | J.P. Morgan Securities LLC | 35.00 USD | 12/29/25 | 200000 | 7000000 | 652000 | 550802 | (101198) |
|  LME Copper 3Mo Call | Citibank N.A. | 12,500.00 USD | 3/04/26 | 3739 | 46737500 | 661803 | 547480 | (114323) |
|  LME Copper 3Mo Call | Goldman Sachs & Co. | 12,500.00 USD | 3/04/26 | 2917 | 36462500 | 555689 | 427120 | (128569) |
|  VSTOXX | Bank of America N.A. | 26.00 EUR | 4/16/25 | 170200 | 4425200 | 160587 | 165634 | 5047 |
|  LME Copper 3Mo Call | Morgan Stanley Capital Services LLC | 12,500.00 USD | 3/04/26 | 2992 | 37400000 | 523899 | 438101 | (85798) |
|  SOFR Interest Rate Swaption Call 3.745 3/1/2034 | Deutsche Bank AG | 3.75 USD | 2/27/34 | 4000000 | 14980000 | 524999 | 349573 | (175426) |
|  Dual Digital Option S&P 500 Index 6139.42 & EUR/USD 1.0696 6/20/2025 | Goldman Sachs International | 6,139.42 USD | 6/20/25 | 1702000 | 10449292840 | 80845 | 28910 | (51935) |
|  USD CNH FX Option Call 7.23 4/7/25 | JP Morgan Chase Bank N.A. | 7.23 USD | 4/07/25 | 85100000 | 615273000 | 340911 | 463089 | 122178 |
|  VSTOXX | Bank of America N.A. | 32.00 EUR | 6/18/25 | 85100 | 2723200 | 88118 | 96619 | 8501 |
|  XAU USD FX Option Call 3050 6/18/25 | J.P. Morgan Securities LLC | 3,050.00 USD | 6/18/25 | 1550 | 4727500 | 126170 | 223967 | 97797 |
|  VSTOXX | Bank of America N.A. | 32.00 EUR | 6/18/25 | 85100 | 2723200 | 75377 | 96621 | 21244 |
|  |  |  |  |  |  | $6574979 | $5015550 | $(1559429) |
|  **OTC Put Options — 0.3%** | **OTC Put Options — 0.3%** | **OTC Put Options — 0.3%** |  |  |  |  |  |  |
|  USD CLP FX Option Put 800 5/30/25 | Bank of America N.A. | 800.00 USD | 5/30/25 | 4324000 | 3459200000 | $464830 | $5482 | $(459348) |
|  SOFR Interest Rate Swaption Put 6.25 12/15/2025 | Barclays Bank PLC | 6.25 USD | 12/15/25 | 35000000 | 218750000 | 9625 | 799 | (8826) |
|  SOFR Interest Rate Swaption Put 3.265 8/16/2034 | Bank Of America Merrill Lynch | 3.27 USD | 8/16/34 | 2500000 | 8162500 | 351000 | 310551 | (40449) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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 3.21 8/21/2034 | Bank Of America Merrill Lynch | 3.21 USD | 8/21/34 | 2500000 | 8025000 | $351875 | $317792 | $(34083) |
|  SOFR Interest Rate Swaption Put 5.375 10/16/2026 | Barclays Bank PLC | 5.38 USD | 12/16/26 | 5500000 | 29562500 | 7782 | 5132 | (2650) |
|  SOFR Interest Rate Swaption Put 3.187 8/21/2034 | Barclays Bank PLC | 3.19 USD | 8/21/34 | 2500000 | 7967500 | 354625 | 320918 | (33707) |
|  SOFR Interest Rate Swaption Put 3.225 8/23/2034 | Bank Of America Merrill Lynch | 3.23 USD | 8/23/34 | 2500000 | 8062500 | 350000 | 315696 | (34304) |
|  SOFR Interest Rate Swaption Put 5.375 7/12/2027 | Barclays Bank PLC | 5.38 USD | 7/12/27 | 5500000 | 29562500 | 9294 | 8342 | (952) |
|  SOFR Interest Rate Swaption Put 5.375 6/28/2027 | Barclays Bank PLC | 5.38 USD | 6/28/27 | 11050000 | 59393750 | 18343 | 16343 | (2000) |
|  SOFR Interest Rate Swaption Put 3.22 8/29/2029 | Bank Of America Merrill Lynch | 3.22 USD | 8/29/29 | 2500000 | 8050000 | 357500 | 380590 | 23090 |
|  SOFR Interest Rate Swaption Put 3.21 8/29/2029 | Bank Of America Merrill Lynch | 3.21 USD | 8/29/29 | 2500000 | 8025000 | 357500 | 382849 | 25349 |
|  SOFR Interest Rate Swaption Put 6 10/3/2025 | Barclays Bank PLC | 6.00 USD | 10/03/25 | 8250000 | 49500000 | 1155 | 60 | (1095) |
|  SOFR Interest Rate Swaption Put 6.25 10/3/2025 | Barclays Bank PLC | 6.25 USD | 10/03/25 | 11000000 | 68750000 | 1265 | 50 | (1215) |
|  USD CLP FX Option Put 850 12/18/25 | Bank of America N.A. | 850.00 USD | 12/18/25 | 9500000 | 8075000000 | 950000 | 1316988 | 366988 |
|  USD XAU FX Option Put 2300 12/18/25 | Goldman Sachs & Co. | 2,300.00 USD | 12/18/25 | 10925000 | 25127500000 | 1220869 | 130426 | (1090443) |
|  USD TRY FX Option Put 35.5 4/14/25 | JP Morgan Chase Bank N.A. | 35.50 USD | 4/14/25 | 4170000 | 148035000 | 233103 | 12273 | (220830) |
|  XPD USD FX Option Put 1050 5/28/25 | J.P. Morgan Securities LLC | 1,050.00 USD | 5/28/25 | 2000 | 2100000 | 34000 | 121942 | 87942 |
|  USD TRY FX Option Put 37.2 7/9/25 | JP Morgan Chase Bank N.A. | 37.20 USD | 7/09/25 | 851000 | 31657200 | 106375 | 27832 | (78543) |
|  EUR TRY FX Option Put 37 5/23/25 | JP Morgan Chase Bank N.A. | 37.00 EUR | 5/23/25 | 2553000 | 94461000 | 133005 | 6633 | (126372) |
|  EUR HUF FX Option Put 400 5/8/25 | JP Morgan Chase Bank N.A. | 400.00 EUR | 5/08/25 | 63825000 | 25530000000 | 306351 | 297471 | (8880) |
|  SOFR Interest Rate Swaption Put 3.745 3/1/2034 | Deutsche Bank AG | 3.75 USD | 2/27/34 | 4000000 | 14980000 | 525000 | 408480 | (116520) |
|  EUR USD FX Option Put 1.065 4/4/25 | JP Morgan Chase Bank N.A. | 1.07 EUR | 4/04/25 | 42550000 | 45315750 | 151105 | 23119 | (127986) |
|  S&P 500 Index Option Put 5372.32 6/20/25 | Morgan Stanley & Co. International PLC | 5,372.32 USD | 6/20/25 | 10989 | 59036102 | 258460 | 367050 | 108590 |
|  USD JPY FX Option Put 139 8/26/25 | Bank Of America Merrill Lynch | 139.00 USD | 8/26/25 | 2000000 | 278000000 | 13980 | 16215 | 2235 |
|  USD JPY FX Option Put 140 9/25/25 | Bank Of America Merrill Lynch | 140.00 USD | 9/25/25 | 2000000 | 280000000 | 20952 | 23559 | 2607 |
|  CDX IG43 Credit Swaption Put 67.5 5/21/2025 | Bank of America N.A. | 67.50 USD | 5/21/25 | 7169811320 | 483962264100 | 5915095 | 6731882 | 816787 |
|  |  |  |  |  |  | $12503089 | $11548474 | $(954615) |
|  Total Purchased Options Outstanding | Total Purchased Options Outstanding | Total Purchased Options Outstanding | Total Purchased Options Outstanding | Total Purchased Options Outstanding | Total Purchased Options Outstanding | $50682896 | $39952519 | $(10730377) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
|  **REPURCHASE AGREEMENTS (p) — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 4.00%, dated 12/06/2023, due On Demand (collateralized by America Movil SAB de CV, 6.38% due 03/01/2035, market value $856,538) (q) | 895758 | $895758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 4.05%, dated 05/30/2024, due On Demand (collateralized by The National Copper Corporation of Chile, 6.44% due 01/26/2036, market value $793,676) (q) | 789664 | 789664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 4.05%, dated 05/30/2024, due On Demand (collateralized by The National Copper Corporation of Chile, 6.44% due 01/26/2036, market value $1,360,885) (q) | 1354006 | 1354006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 4.05%, dated 07/24/2024, due On Demand (collateralized by The National Copper Corporation of Chile, 6.44% due 01/26/2036, market value $386,450) (q) | 410296 | 410296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 4.05%, dated 07/24/2024, due On Demand (collateralized by The National Copper Corporation of Chile, 6.44% due 01/26/2036, market value $660,704) (q) | 701473 | 701473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 4.00%, dated 09/19/2024, due On Demand (collateralized by Vale Overseas Ltd., 6.13% due 06/12/2033, market value $2,395,063) (q) | 2572998 | 2572998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 4.05%, dated 11/26/2024, due On Demand (collateralized by The National Copper Corporation of Chile, 6.44% due 01/26/2036, market value $1,262,195) (q) | 1318086 | 1318086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 4.05%, dated 11/26/2024, due On Demand (collateralized by The National Copper Corporation of Chile, 6.44% due 01/26/2036, market value $728,229) (q) | 760476 | 760476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 4.05%, dated 11/27/2024, due On Demand (collateralized by The National Copper Corporation of Chile, 6.44% due 01/26/2036, market value $385,411) (q) | 404295 | 404295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 4.05%, dated 11/27/2024, due On Demand (collateralized by The National Copper Corporation of Chile, 6.44% due 01/26/2036, market value $662,782) (q) | 695256 | 695256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 4.10%, dated 11/28/2024, due On Demand (collateralized by Bahrain International Bond, 5.45% due 09/16/2032, market value $1,188,230) (q) | 1233853 | 1233853 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 4.10%, dated 11/28/2024, due On Demand (collateralized by Bahrain International Bond, 5.45% due 09/16/2032, market value $690,962) (q) | 717492 | $717492 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase Bank, N.A., 4.00%, dated 01/07/2025, due 04/29/2025 (collateralized by The National Copper Corporation of Chile, 6.44% due 01/26/2036, market value $1,352,574) | 1428495 | 1428495 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase Bank, N.A., 4.10%, dated 01/07/2025, due 04/29/2025 (collateralized by Bahrain International Bond, 5.45% due 09/16/2032, market value $1,187,299) | 1251205 | 1251205 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase Bank, N.A., 4.00%, dated 01/07/2025, due 04/29/2025 (collateralized by The National Copper Corporation of Chile, 6.44% due 01/26/2036, market value $790,560) | 834934 | 834934 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase Bank, N.A., 4.10%, dated 01/07/2025, due 04/29/2025 (collateralized by Bahrain International Bond, 5.45% due 09/16/2032, market value $690,962) | 728152 | 728152 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase Bank, N.A., 0.90%, dated 01/23/2025, due 04/29/2025 (collateralized by Sisecam U.K. PLC, 8.63% due 05/02/2032, market value $703,754) | 749884 | 749884 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase Bank, N.A., 0.90%, dated 01/23/2025, due 04/29/2025 (collateralized by Sisecam U.K. PLC, 8.63% due 05/02/2032, market value $1,205,291) | 1284296 | 1284296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets Limited, 2.15%, dated 01/30/2025, due 05/02/2032 (collateralized by Sisecam U.K. PLC, 8.63% due 05/02/2032, market value $1,206,292) | 1299110 | 1299110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 2.50%, dated 01/30/2025, due On Demand (collateralized by Sisecam U.K. PLC, 8.63% due 05/02/2032, market value $704,755) (q) | 744534 | 744534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merrill Lynch, Pierce, Fenner & Smith, Inc., 4.28%, dated 01/31/2025, due 05/05/2025 (collateralized by US Treasury Notes, 2.13% due 01/15/2035, market value $1,437,012) | 1398250 | 1398250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 2.00%, dated 02/10/2025, due On Demand (collateralized by Sisecam U.K. PLC, 8.63% due 05/02/2032, market value $504,540) (q) | 535409 | 535409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 2.00%, dated 02/10/2025, due On Demand (collateralized by Sisecam U.K. PLC, 8.63% due 05/02/2032, market value $298,319) (q) | 316571 | 316571 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 4.05%, dated 03/10/2025, due On Demand (collateralized by Sasol Financing USA LLC 4.38% due 09/18/2026, market value $1,352,970) (q) | 1424190 | $1424190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 4.05%, dated 03/10/2025, due On Demand (collateralized by Sasol Financing USA LLC 4.38% due 09/18/2026, market value $451,956) (q) | 475747 | 475747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 1.75%, dated 03/13/2025, due On Demand (collateralized by Sisecam U.K. PLC, 8.63% due 05/02/2032, market value $345,370) (q) | 372145 | 372145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 1.75%, dated 03/13/2025, due On Demand (collateralized by Sisecam U.K. PLC, 8.63% due 05/02/2032, market value $200,214) (q) | 215736 | 215736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 4.10%, dated 03/13/2025, due On Demand (collateralized by Saudi Arabia International Bond, 5.38% due 01/13/2031, market value $6,445,525) (q) | 6635816 | 6635816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 4.10%, dated 03/13/2025, due On Demand (collateralized by Saudi Arabia International Bond, 5.38% due 01/13/2031, market value $3,768,768) (q) | 3880033 | 3880033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 4.00%, dated 03/12/2025, due On Demand (collateralized by Vale Overseas Ltd., 6.88% due 11/10/2039 market value $542,387) (q) | 558366 | 558366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 4.05%, dated 03/14/2025, due On Demand (collateralized by Sasol Financing USA LLC, 4.38% due 09/18/2026, market value $829,552) (q) | 874833 | 874833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 4.05%, dated 03/14/2025, due On Demand (collateralized by Sasol Financing USA LLC, 4.38% due 09/18/2026, market value $824,723) (q) | 869741 | 869741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 4.10%, dated 03/17/2025, due On Demand (collateralized by Saudi Arabia International Bond, 5.38% due 01/13/2031, market value $1,150,401) (q) | 1183959 | 1183959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 4.10%, dated 03/17/2025, due On Demand (collateralized by Saudi Arabia International Bond, 5.38% due 01/13/2031, market value $673,031) (q) | 692663 | 692663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.95%, dated 03/26/2025, due On Demand (collateralized by Bahrain International Bond, 5.88% due 06/05/2032, market value $2,804,108) (q) | 2940668 | 2940668 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc., 3.95%, dated 03/26/2025, due On Demand (collateralized by Bahrain International Bond, 5.88% due 06/05/2032, market value $1,640,744) (q) | 1720648 | $1720648 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase Bank, N.A., 4.05%, dated 02/17/2025, due 04/29/2025 (collateralized by Hungary International Bond, 6.75% due 09/25/2052, market value $2,390,300) | 2621379 | 2621379 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase Bank, N.A., 4.05%, dated 02/17/2025, due 04/29/2025 (collateralized by Hungary International Bond, 6.75% due 09/25/2052, market value $1,399,125) | 1534384 | 1534384 |
|  **TOTAL REPURCHASE AGREEMENTS <br>(COST $48,424,801)** | **48424801** | **48424801** |
|  **SHORT-TERM INVESTMENTS — 0.1%** |  |  |
|  **MONEY MARKET FUND — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds Treasury Trust Fund Portfolio (b) | 4858737 | 4858737 |
|  **TOTAL MONEY MARKET FUND <br>(COST $4,858,737)** |  | **4858737** |
|  **TOTAL SHORT-TERM INVESTMENTS <br>(COST $4,858,737)** |  | **4858737** |
|  **TOTAL INVESTMENTS IN SECURITIES — 81.9% <br>(COST $2,908,357,210)** | **TOTAL INVESTMENTS IN SECURITIES — 81.9% <br>(COST $2,908,357,210)** | **3037301613** |
|  **TOTAL SECURITIES SOLD SHORT — (34.8)% <br>(PROCEEDS $1,304,926,974)** |  | **(1289320180)** |
|  **Other Assets and Liabilities (r) — 52.9%** |  | **1960082736** |
|  **Net Assets — 100.0%** |  | $**3708064169** |
|  **SECURITIES SOLD SHORT — (34.8)%** |  |  |
|  **COMMON STOCK — (16.8)%** |  |  |
|  **Africa — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Energy — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kosmos Energy Ltd. (a) | 5200 | (11856) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Materials — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gold Fields Ltd., ADR | 600 | (13254) |
| &nbsp;&nbsp;&nbsp;&nbsp; Harmony Gold Mining Co. Ltd., ADR | 15900 | (234843) |
|  |  | (248097) |
|  **Total Africa** |  | **(259953)** |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
|  **Asia — (1.2)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Automobiles & Components — (0.2)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ECARX Holdings, Inc. (a) | 147 | $(185) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ezgo Technologies Ltd. (a) | 20 | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd., ADR | 5100 | (138363) |
| &nbsp;&nbsp;&nbsp;&nbsp; Li Auto, Inc., ADR (a) | 43400 | (1093680) |
| &nbsp;&nbsp;&nbsp;&nbsp; NIO, Inc., ADR (a) | 643700 | (2452497) |
| &nbsp;&nbsp;&nbsp;&nbsp; Polestar Automotive Holding U.K. PLC, ADR (a) | 13840 | (14532) |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor Corp., ADR | 11100 | (1959483) |
| &nbsp;&nbsp;&nbsp;&nbsp; Vinfast Auto Ltd. (a) | 100 | (318) |
| &nbsp;&nbsp;&nbsp;&nbsp; XPeng, Inc., ADR (a) | 32700 | (677544) |
| &nbsp;&nbsp;&nbsp;&nbsp; ZEEKR Intelligent Technology Holding Ltd., ADR (a) | 6300 | (151767) |
|  |  | (6488376) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Banks — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc., ADR | 59100 | (805533) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc., ADR | 1500 | (8265) |
| &nbsp;&nbsp;&nbsp;&nbsp; Resona Holdings, Inc. (b) | 17900 | (156299) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc., ADR | 29500 | (456070) |
|  |  | (1426167) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Capital Goods — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BAIYU Holdings, Inc. (a),(e) | 5388 | (964) |
| &nbsp;&nbsp;&nbsp;&nbsp; Emeren Group Ltd., ADR (a) | 4900 | (7693) |
| &nbsp;&nbsp;&nbsp;&nbsp; FBS Global Ltd. (a) | 800 | (824) |
| &nbsp;&nbsp;&nbsp;&nbsp; Greenland Technologies Holding Corp. (a) | 100 | (175) |
| &nbsp;&nbsp;&nbsp;&nbsp; Simpple Ltd. (a) | 1 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Yaskawa Electric Corp. (b) | 1700 | (42599) |
|  |  | (52256) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Commercial & Professional Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Earlyworks Co., Ltd., ADR (a) | 40 | (90) |
| &nbsp;&nbsp;&nbsp;&nbsp; Guardforce AI Co., Ltd. (a) | 3300 | (3273) |
| &nbsp;&nbsp;&nbsp;&nbsp; WNS Holdings Ltd. (a) | 100 | (6149) |
|  |  | (9512) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Consumer Durables & Apparel — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Neo-Concept International Group Holdings Ltd. (a) | 39 | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp., ADR | 3800 | (96482) |
|  |  | (96500) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Consumer Services — (0.1)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Atour Lifestyle Holdings Ltd., ADR | 100 | (2835) |
| &nbsp;&nbsp;&nbsp;&nbsp; BTC Digital Ltd. (a) | 36 | (145) |
| &nbsp;&nbsp;&nbsp;&nbsp; China Liberal Education Holdings Ltd. (a) | 303 | (636) |
| &nbsp;&nbsp;&nbsp;&nbsp; Gaotu Techedu, Inc., ADR (a) | 2600 | (8450) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Genius Group Ltd. (a) | 19092 | $(4544) |
| &nbsp;&nbsp;&nbsp;&nbsp; Golden Heaven Group Holdings Ltd. (a) | 2000 | (9420) |
| &nbsp;&nbsp;&nbsp;&nbsp; Golden Sun Health Technology Group Ltd. (a) | 500 | (1413) |
| &nbsp;&nbsp;&nbsp;&nbsp; H World Group Ltd., ADR | 400 | (14804) |
| &nbsp;&nbsp;&nbsp;&nbsp; TCTM Kids IT Education, Inc., ADR (a) | 18 | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp; Trip.com Group Ltd., ADR | 19500 | (1239810) |
| &nbsp;&nbsp;&nbsp;&nbsp; Youdao, Inc., ADR (a) | 2300 | (17549) |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum China Holdings, Inc. | 1800 | (93708) |
|  |  | (1393321) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Diversified Financials — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futu Holdings Ltd., ADR (a) | 100 | (10235) |
| &nbsp;&nbsp;&nbsp;&nbsp; Garden Stage Ltd. (a) | 27 | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Kaspi.KZ JSC, ADR | 100 | (9285) |
| &nbsp;&nbsp;&nbsp;&nbsp; ORIX Corp., ADR | 300 | (6267) |
| &nbsp;&nbsp;&nbsp;&nbsp; Qifu Technology, Inc., ADR | 1200 | (53892) |
| &nbsp;&nbsp;&nbsp;&nbsp; Triller Group, Inc. (a) | 21 | (16) |
|  |  | (79708) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Food & Staples Retailing — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DingDong Cayman Ltd., ADR (a) | 300 | (810) |
| &nbsp;&nbsp;&nbsp;&nbsp; Meiwu Technology Co. Ltd. (a) | 15000 | (1410) |
|  |  | (2220) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Food, Beverage & Tobacco — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Origin Agritech Ltd. (a) | 674 | (1348) |
| &nbsp;&nbsp;&nbsp;&nbsp; Top Wealth Group Holding Ltd. (a) | 387 | (63) |
|  |  | (1411) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Health Care Equipment & Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jin Medical International Ltd. (a) | 300 | (223) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Household & Personal Products — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shineco, Inc. (a) | 500 | (451) |
| &nbsp;&nbsp;&nbsp;&nbsp; Yatsen Holding Ltd., ADR (a) | 4220 | (20298) |
|  |  | (20749) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Insurance — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Huize Holding Ltd., ADR (a) | 100 | (262) |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential PLC, ADR | 400 | (8600) |
|  |  | (8862) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Materials — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; POSCO Holdings, Inc., ADR | 200 | (9506) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tantech Holdings Ltd. (a) | 340 | (719) |
|  |  | (10225) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Media & Entertainment — (0.1)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Autohome, Inc., ADR | 1100 | $(30492) |
| &nbsp;&nbsp;&nbsp;&nbsp; Baidu, Inc., ADR (a) | 30700 | (2825321) |
| &nbsp;&nbsp;&nbsp;&nbsp; Blue Hat Interactive Entertainment Technology (a) | 300 | (546) |
| &nbsp;&nbsp;&nbsp;&nbsp; GD Culture Group Ltd. (a) | 1200 | (2916) |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Mofy AI Ltd. (a) | 100 | (329) |
| &nbsp;&nbsp;&nbsp;&nbsp; Haoxi Health Technology Ltd. (a) | 200 | (254) |
| &nbsp;&nbsp;&nbsp;&nbsp; QMMM Holdings Ltd. (a) | 1600 | (1664) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sohu.com Ltd., ADR (a) | 500 | (6585) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tencent Music Entertainment Group, ADR | 7500 | (108075) |
| &nbsp;&nbsp;&nbsp;&nbsp; Webtoon Entertainment, Inc. (a) | 1200 | (9204) |
| &nbsp;&nbsp;&nbsp;&nbsp; WiMi Hologram Cloud, Inc., ADR (a) | 13431 | (13063) |
| &nbsp;&nbsp;&nbsp;&nbsp; Zhihu, Inc., ADR (a) | 6666 | (28464) |
|  |  | (3026913) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Pharmaceuticals, Biotechnology & Life Sciences — 0.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *Pharmaceuticals, Biotechnology & Life Sciences — 0.0%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Artiva Biotherapeutics, Inc. (a) | 100 | (300) |
| &nbsp;&nbsp;&nbsp;&nbsp; China SXT Pharmaceuticals, Inc. (a) | 100 | (250) |
| &nbsp;&nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd., ADR | 4900 | (72863) |
|  |  | (73413) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Real Estate Management & Development — (0.1)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; KE Holdings, Inc., ADR | 156600 | (3146094) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Retailing — (0.5)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd., ADR (b) | 55287 | (7310600) |
| &nbsp;&nbsp;&nbsp;&nbsp; GigaCloud Technology, Inc. (a) | 10800 | (153360) |
| &nbsp;&nbsp;&nbsp;&nbsp; JD.com, Inc., ADR | 4600 | (189152) |
| &nbsp;&nbsp;&nbsp;&nbsp; MINISO Group Holding Ltd., ADR | 600 | (11094) |
| &nbsp;&nbsp;&nbsp;&nbsp; NaaS Technology, Inc., ADR (a) | 2100 | (1449) |
| &nbsp;&nbsp;&nbsp;&nbsp; PDD Holdings, Inc., ADR (a) | 95900 | (11349765) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uxin Ltd., ADR (a) | 2015 | (8040) |
|  |  | (19023460) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Semiconductors & Semiconductor Equipment — (0.2)%* | &nbsp;&nbsp;&nbsp;&nbsp; *Semiconductors & Semiconductor Equipment — (0.2)%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advantest Corp. (b) | 1200 | (53492) |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegro MicroSystems, Inc. (a) | 17200 | (432236) |
| &nbsp;&nbsp;&nbsp;&nbsp; ASE Technology Holding Co. Ltd., ADR | 23700 | (207612) |
| &nbsp;&nbsp;&nbsp;&nbsp; Daqo New Energy Corp., ADR (a) | 22300 | (403853) |
| &nbsp;&nbsp;&nbsp;&nbsp; indie Semiconductor, Inc. (a) | 11800 | (24013) |
| &nbsp;&nbsp;&nbsp;&nbsp; JinkoSolar Holding Co. Ltd., ADR | 14300 | (266552) |
| &nbsp;&nbsp;&nbsp;&nbsp; Kioxia Holdings Corp. (a),(b) | 3900 | (63935) |
| &nbsp;&nbsp;&nbsp;&nbsp; NXP Semiconductors NV | 5400 | (1026324) |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd., ADR (b) | 50581 | (8396446) |
|  |  | (10874463) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Software & Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BIT Mining Ltd., ADR (a) | 50 | $(86) |
| &nbsp;&nbsp;&nbsp;&nbsp; Datasea, Inc. (a) | 33 | (73) |
| &nbsp;&nbsp;&nbsp;&nbsp; Gorilla Technology Group, Inc. (a) | 5800 | (171680) |
| &nbsp;&nbsp;&nbsp;&nbsp; Link Motion, Inc., ADR (a),(e) | 11000 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercurity Fintech Holding, Inc. (a) | 1100 | (5896) |
| &nbsp;&nbsp;&nbsp;&nbsp; MMTEC, Inc. (a) | 1295 | (1098) |
| &nbsp;&nbsp;&nbsp;&nbsp; Pony AI, Inc., ADR (a) | 100 | (882) |
| &nbsp;&nbsp;&nbsp;&nbsp; Xiao I Corp., ADR (a) | 900 | (3816) |
|  |  | (183531) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Technology Hardware & Equipment — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ebang International Holdings, Inc. (a) | 73 | (284) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fabrinet (a) | 1600 | (316016) |
| &nbsp;&nbsp;&nbsp;&nbsp; UTime Ltd. (a) | 588 | (929) |
|  |  | (317229) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Telecommunication Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FingerMotion, Inc. (a) | 4925 | (6747) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Transportation — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Full Truck Alliance Co. Ltd., ADR | 13500 | (172395) |
| &nbsp;&nbsp;&nbsp;&nbsp; Shengfeng Development Ltd. (a) | 400 | (404) |
|  |  | (172799) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Utilities — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ReNew Energy Global PLC (a) | 4000 | (23560) |
|  **Total Asia** |  | **(46437739)** |
|  **Europe — (0.6)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Automobiles & Components — (0.1)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aptiv PLC (a) | 21800 | (1297100) |
| &nbsp;&nbsp;&nbsp;&nbsp; Autoliv, Inc. | 800 | (70760) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG (a),(b) | 300 | (24191) |
| &nbsp;&nbsp;&nbsp;&nbsp; Continental AG (b) | 442 | (31170) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrari NV | 600 | (256728) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Group AG (b) | 1392 | (82228) |
|  |  | (1762177) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Banks — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays PLC, ADR | 57200 | (878592) |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Groep NV, ADR | 27800 | (544602) |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Groep NV (b) | 3382 | (66258) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, ADR | 34200 | (130644) |
| &nbsp;&nbsp;&nbsp;&nbsp; NatWest Group PLC, ADR | 6800 | (81056) |
|  |  | (1701152) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Capital Goods — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABB Ltd. (b) | 6416 | $(331052) |
| &nbsp;&nbsp;&nbsp;&nbsp; Alfa Laval AB (b) | 280 | (12005) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bunzl PLC (a),(b) | 356 | (13694) |
| &nbsp;&nbsp;&nbsp;&nbsp; Daimler Truck Holding AG (b) | 3384 | (137084) |
| &nbsp;&nbsp;&nbsp;&nbsp; Epiroc AB (a),(b) | 521 | (10490) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fusion Fuel Green PLC, A Shares (a) | 500 | (129) |
| &nbsp;&nbsp;&nbsp;&nbsp; Geberit AG (a),(b) | 73 | (45734) |
| &nbsp;&nbsp;&nbsp;&nbsp; Knorr-Bremse AG (a),(b) | 402 | (36584) |
| &nbsp;&nbsp;&nbsp;&nbsp; Kone OYJ (b) | 457 | (25215) |
| &nbsp;&nbsp;&nbsp;&nbsp; MTU Aero Engines AG (b) | 117 | (40654) |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Energy AG (a),(b) | 1448 | (85840) |
| &nbsp;&nbsp;&nbsp;&nbsp; SKF AB (a),(b) | 3159 | (63997) |
| &nbsp;&nbsp;&nbsp;&nbsp; Vat Group AG (a),(b),(d) | 52 | (18744) |
| &nbsp;&nbsp;&nbsp;&nbsp; Vestas Wind Systems AS (a),(b) | 7318 | (101241) |
| &nbsp;&nbsp;&nbsp;&nbsp; Wallbox NV (a) | 4200 | (1376) |
| &nbsp;&nbsp;&nbsp;&nbsp; Wartsila OYJ Abp (b) | 563 | (10046) |
|  |  | (933885) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Commercial & Professional Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cimpress PLC (a) | 800 | (36184) |
| &nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial PLC, ADR | 1200 | (27480) |
|  |  | (63664) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Consumer Durables & Apparel — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Birkenstock Holding PLC (a) | 11800 | (541030) |
| &nbsp;&nbsp;&nbsp;&nbsp; Connexa Sports Technologies In (a) | 1 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Kering SA (b) | 155 | (32246) |
| &nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE (b) | 187 | (115805) |
|  |  | (689082) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Consumer Services — (0.1)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Flutter Entertainment PLC (a) | 13800 | (3057390) |
| &nbsp;&nbsp;&nbsp;&nbsp; Genius Sports Ltd. (a) | 300 | (3003) |
| &nbsp;&nbsp;&nbsp;&nbsp; InterContinental Hotels Group PLC, ADR | 715 | (78357) |
| &nbsp;&nbsp;&nbsp;&nbsp; Pearson PLC, ADR | 2000 | (32020) |
| &nbsp;&nbsp;&nbsp;&nbsp; Soho House & Co., Inc., A Shares (a) | 2400 | (14832) |
|  |  | (3185602) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Diversified Financials — (0.1)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank AG | 32100 | (764943) |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Boerse AG (b) | 135 | (39833) |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG | 46065 | (1410971) |
|  |  | (2215747) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Energy — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ardmore Shipping Corp. | 5600 | $(54824) |
| &nbsp;&nbsp;&nbsp;&nbsp; Frontline PLC | 1900 | (28215) |
| &nbsp;&nbsp;&nbsp;&nbsp; Scorpio Tankers, Inc. | 1900 | (71402) |
| &nbsp;&nbsp;&nbsp;&nbsp; Seadrill Ltd. (a) | 11700 | (292500) |
| &nbsp;&nbsp;&nbsp;&nbsp; SFL Corp. Ltd. | 600 | (4920) |
| &nbsp;&nbsp;&nbsp;&nbsp; TechnipFMC PLC | 100 | (3169) |
|  |  | (455030) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Food & Staples Retailing — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize NV (a),(b) | 2253 | (84161) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Food, Beverage & Tobacco — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev SA, ADR | 2000 | (123120) |
| &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev SA (b) | 777 | (47771) |
| &nbsp;&nbsp;&nbsp;&nbsp; Danone SA (b) | 556 | (42526) |
| &nbsp;&nbsp;&nbsp;&nbsp; Pernod Ricard SA (b) | 302 | (29835) |
|  |  | (243252) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Health Care Equipment & Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EDAP TMS SA, ADR (a) | 200 | (392) |
| &nbsp;&nbsp;&nbsp;&nbsp; EssilorLuxottica SA (b) | 252 | (72618) |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Philips NV | 19250 | (488950) |
| &nbsp;&nbsp;&nbsp;&nbsp; OneMedNet Corp. (a) | 7 | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Healthineers AG (b) | 840 | (45318) |
| &nbsp;&nbsp;&nbsp;&nbsp; Smith & Nephew PLC, ADR | 9000 | (255330) |
|  |  | (862612) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Household & Personal Products — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC, ADR | 1000 | (59550) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Insurance — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aegon Ltd., ADR | 100 | (659) |
| &nbsp;&nbsp;&nbsp;&nbsp; Allianz SE (b) | 183 | (70036) |
| &nbsp;&nbsp;&nbsp;&nbsp; Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (b) | 113 | (71384) |
|  |  | (142079) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Materials — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Liquide SA (b) | 308 | (58503) |
| &nbsp;&nbsp;&nbsp;&nbsp; ArcelorMittal SA | 700 | (20195) |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Lithium Corp. (a) | 2300 | (11891) |
| &nbsp;&nbsp;&nbsp;&nbsp; BASF SE (b) | 2031 | (101812) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lifezone Metals Ltd. (a) | 400 | (1672) |
|  |  | (194073) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Media & Entertainment — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Manchester United PLC (a) | 1700 | $(22253) |
| &nbsp;&nbsp;&nbsp;&nbsp; WPP PLC, ADR | 2500 | (94900) |
|  |  | (117153) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Pharmaceuticals, Biotechnology & Life Sciences — 0.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *Pharmaceuticals, Biotechnology & Life Sciences — 0.0%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abivax SA, ADR (a) | 300 | (1875) |
| &nbsp;&nbsp;&nbsp;&nbsp; ADC Therapeutics SA (a) | 9 | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affimed NV (a) | 60 | (43) |
| &nbsp;&nbsp;&nbsp;&nbsp; Alvotech SA (a) | 1400 | (13538) |
| &nbsp;&nbsp;&nbsp;&nbsp; BioNTech SE, ADR (a) | 4000 | (364240) |
| &nbsp;&nbsp;&nbsp;&nbsp; Immatics NV (a) | 100 | (451) |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck KGaA (a),(b) | 743 | (102244) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mereo Biopharma Group PLC, ADR (a) | 400 | (900) |
| &nbsp;&nbsp;&nbsp;&nbsp; Newamsterdam Pharma Co. NV (a) | 100 | (2047) |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk AS, ADR (b) | 11181 | (776409) |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG (b) | 417 | (137246) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tiziana Life Sciences Ltd. (a) | 48 | (52) |
| &nbsp;&nbsp;&nbsp;&nbsp; Verona Pharma PLC, ADR (a) | 7300 | (463477) |
|  |  | (1862535) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Retailing — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jumia Technologies AG, ADR (a) | 29200 | (62780) |
| &nbsp;&nbsp;&nbsp;&nbsp; MYT Netherlands Parent BV, ADR (a) | 900 | (6804) |
|  |  | (69584) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Semiconductors & Semiconductor Equipment — (0.1)%* | &nbsp;&nbsp;&nbsp;&nbsp; *Semiconductors & Semiconductor Equipment — (0.1)%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV | 3000 | (1987890) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Software & Services — (0.2)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Argo Blockchain PLC, ADR (a) | 6733 | (2289) |
| &nbsp;&nbsp;&nbsp;&nbsp; Arqit Quantum, Inc. (a) | 10 | (139) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dassault Systemes SE (b) | 4352 | (164421) |
| &nbsp;&nbsp;&nbsp;&nbsp; Endava PLC, ADR (a) | 1100 | (21461) |
| &nbsp;&nbsp;&nbsp;&nbsp; Nebius Group NV (a) | 54600 | (1152606) |
| &nbsp;&nbsp;&nbsp;&nbsp; SAP SE, ADR | 5400 | (1449576) |
|  |  | (2790492) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Technology Hardware & Equipment — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nokia OYJ, ADR | 88300 | (465341) |
| &nbsp;&nbsp;&nbsp;&nbsp; Nokia OYJ (a),(b) | 6108 | (32170) |
| &nbsp;&nbsp;&nbsp;&nbsp; TE Connectivity PLC (b) | 5972 | (843963) |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson, ADR | 29000 | (225040) |
|  |  | (1566514) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Telecommunication Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunrise Communications AG, ADR (a) | 2200 | $(106238) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Transportation — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller - Maersk AS (b) | 56 | (97464) |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Lufthansa AG (b) | 11736 | (85511) |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Post AG (b) | 3289 | (141208) |
| &nbsp;&nbsp;&nbsp;&nbsp; Kuehne & Nagel International AG (b) | 52 | (12008) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryanair Holdings PLC, ADR | 50 | (2118) |
|  |  | (338309) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Utilities — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; National Grid PLC, ADR | 100 | (6561) |
|  **Total Europe** |  | **(21437342)** |
|  **Middle East — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Automobiles & Components — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foresight Autonomous Holdings Ltd., ADR (a) | 588 | (382) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Capital Goods — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brenmiller Energy Ltd. (a) | 12 | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Kornit Digital Ltd. (a) | 100 | (1908) |
|  |  | (1923) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Materials — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ICL Group Ltd. | 5700 | (32433) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Pharmaceuticals, Biotechnology & Life Sciences — 0.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *Pharmaceuticals, Biotechnology & Life Sciences — 0.0%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Teva Pharmaceutical Industries Ltd., ADR (a) | 25400 | (390398) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Retailing — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Global-e Online Ltd. (a) | 5600 | (199640) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Software & Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beamr Imaging Ltd. (a) | 500 | (1100) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hub Cyber Security Ltd. (a) | 643 | (1845) |
| &nbsp;&nbsp;&nbsp;&nbsp; Nice Ltd., ADR (a) | 300 | (46251) |
|  |  | (49196) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Technology Hardware & Equipment — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arbe Robotics Ltd. (a) | 200 | (206) |
| &nbsp;&nbsp;&nbsp;&nbsp; Gauzy Ltd. (a) | 200 | (1600) |
| &nbsp;&nbsp;&nbsp;&nbsp; Innoviz Technologies Ltd. (a) | 54900 | (35789) |
| &nbsp;&nbsp;&nbsp;&nbsp; ParaZero Technologies Ltd. (a) | 50 | (37) |
| &nbsp;&nbsp;&nbsp;&nbsp; Rail Vision Ltd. (a) | 3800 | (1642) |
|  |  | (39274) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Utilities — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Enlight Renewable Energy Ltd. (a) | 200 | $(3232) |
|  **Total Middle East** |  | **(716478)** |
|  **North America — (14.9)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Automobiles & Components — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BorgWarner, Inc. (b) | 7240 | (207426) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dana, Inc. | 400 | (5332) |
| &nbsp;&nbsp;&nbsp;&nbsp; Envirotech Vehicles, Inc. (a) | 100 | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp; FLY-E Group, Inc. (a) | 200 | (87) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Co. (b) | 25875 | (259526) |
| &nbsp;&nbsp;&nbsp;&nbsp; Gentex Corp. | 9500 | (221350) |
| &nbsp;&nbsp;&nbsp;&nbsp; Gentherm, Inc. (a) | 1300 | (34762) |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co. (a) | 50700 | (468468) |
| &nbsp;&nbsp;&nbsp;&nbsp; LCI Industries | 1800 | (157374) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lear Corp. | 6800 | (599896) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lucid Group, Inc. (a) | 7300 | (17666) |
| &nbsp;&nbsp;&nbsp;&nbsp; Magna International, Inc. | 1800 | (61182) |
| &nbsp;&nbsp;&nbsp;&nbsp; Modine Manufacturing Co. (a) | 11600 | (890300) |
| &nbsp;&nbsp;&nbsp;&nbsp; Patrick Industries, Inc. | 1850 | (156436) |
| &nbsp;&nbsp;&nbsp;&nbsp; Phinia, Inc. | 1400 | (59402) |
| &nbsp;&nbsp;&nbsp;&nbsp; QuantumScape Corp. (a) | 10100 | (42016) |
| &nbsp;&nbsp;&nbsp;&nbsp; Solid Power, Inc. (a) | 35200 | (36960) |
| &nbsp;&nbsp;&nbsp;&nbsp; Stellantis NV (b) | 100230 | (1123578) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc. (a),(b) | 158 | (40947) |
| &nbsp;&nbsp;&nbsp;&nbsp; Thor Industries, Inc. | 4300 | (325983) |
| &nbsp;&nbsp;&nbsp;&nbsp; Workhorse Group, Inc. (a) | 1101 | (2026) |
| &nbsp;&nbsp;&nbsp;&nbsp; Worksport Ltd. (a) | 1292 | (4121) |
| &nbsp;&nbsp;&nbsp;&nbsp; XPEL, Inc. (a),(d) | 1500 | (44070) |
| &nbsp;&nbsp;&nbsp;&nbsp; Zapp Electric Vehicles Group Ltd. (a) | 1117 | (825) |
|  |  | (4759758) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Banks — (3.0)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amerant Bancorp, Inc. | 6565 | (135502) |
| &nbsp;&nbsp;&nbsp;&nbsp; Associated Banc-Corp. | 19764 | (445283) |
| &nbsp;&nbsp;&nbsp;&nbsp; Axos Financial, Inc. (a) | 92352 | (5958551) |
| &nbsp;&nbsp;&nbsp;&nbsp; Banc of California, Inc. | 92190 | (1308176) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bancorp, Inc. (a) | 57568 | (3041893) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Montreal | 3600 | (343836) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Nova Scotia | 14400 | (682992) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank OZK | 141563 | (6150912) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bankwell Financial Group, Inc. | 4190 | (126454) |
| &nbsp;&nbsp;&nbsp;&nbsp; Blue Ridge Bankshares, Inc. (a) | 47869 | (156053) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadence Bank | 6462 | (196186) |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce | 4400 | (247720) |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. | 3300 | (234267) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. | 700 | $(28679) |
| &nbsp;&nbsp;&nbsp;&nbsp; City Holding Co. | 42396 | (4980258) |
| &nbsp;&nbsp;&nbsp;&nbsp; Civista Bancshares, Inc. | 5912 | (115520) |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia Banking System, Inc. | 34228 | (853646) |
| &nbsp;&nbsp;&nbsp;&nbsp; East West Bancorp, Inc. | 93103 | (8356925) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fifth Third Bancorp | 241852 | (9480598) |
| &nbsp;&nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc. | 600 | (1112472) |
| &nbsp;&nbsp;&nbsp;&nbsp; First Horizon Corp. | 3100 | (60202) |
| &nbsp;&nbsp;&nbsp;&nbsp; Flagstar Financial, Inc. | 67032 | (778912) |
| &nbsp;&nbsp;&nbsp;&nbsp; Home BancShares, Inc. | 84380 | (2385423) |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. | 861200 | (12926612) |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent Bank Corp. | 100 | (6265) |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 3903 | (957406) |
| &nbsp;&nbsp;&nbsp;&nbsp; KeyCorp | 200 | (3198) |
| &nbsp;&nbsp;&nbsp;&nbsp; MidWestOne Financial Group, Inc. | 6879 | (203687) |
| &nbsp;&nbsp;&nbsp;&nbsp; OceanFirst Financial Corp. | 12405 | (211009) |
| &nbsp;&nbsp;&nbsp;&nbsp; Old National Bancorp | 28267 | (598978) |
| &nbsp;&nbsp;&nbsp;&nbsp; Pathward Financial, Inc. | 50323 | (3671063) |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinnacle Financial Partners, Inc. | 700 | (74228) |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Bank | 63051 | (5274847) |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosperity Bancshares, Inc. | 1852 | (132177) |
| &nbsp;&nbsp;&nbsp;&nbsp; Regions Financial Corp. | 676228 | (14694434) |
| &nbsp;&nbsp;&nbsp;&nbsp; ServisFirst Bancshares, Inc. | 14972 | (1236687) |
| &nbsp;&nbsp;&nbsp;&nbsp; SouthState Corp. | 64703 | (6005732) |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank | 13600 | (815184) |
| &nbsp;&nbsp;&nbsp;&nbsp; Triumph Financial, Inc. (a) | 1500 | (86700) |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustmark Corp. | 58393 | (2013975) |
| &nbsp;&nbsp;&nbsp;&nbsp; United Bankshares, Inc. | 1300 | (45071) |
| &nbsp;&nbsp;&nbsp;&nbsp; United Community Banks, Inc. | 600 | (16878) |
| &nbsp;&nbsp;&nbsp;&nbsp; Valley National Bancorp | 61637 | (547953) |
| &nbsp;&nbsp;&nbsp;&nbsp; Veritex Holdings, Inc. | 3225 | (80528) |
| &nbsp;&nbsp;&nbsp;&nbsp; WaFd, Inc. | 33 | (943) |
| &nbsp;&nbsp;&nbsp;&nbsp; Webster Financial Corp. | 300 | (15465) |
| &nbsp;&nbsp;&nbsp;&nbsp; Wintrust Financial Corp. | 1005 | (113022) |
| &nbsp;&nbsp;&nbsp;&nbsp; WSFS Financial Corp. | 1900 | (98553) |
| &nbsp;&nbsp;&nbsp;&nbsp; Zions Bancorp NA | 68602 | (3420496) |
|  |  | (100431551) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Capital Goods — (0.6)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3M Co. | 100 | (14686) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Drainage Systems, Inc. | 2500 | (271625) |
| &nbsp;&nbsp;&nbsp;&nbsp; AeroVironment, Inc. (a),(b) | 726 | (86532) |
| &nbsp;&nbsp;&nbsp;&nbsp; AgEagle Aerial Systems, Inc. (a) | 100 | (129) |
| &nbsp;&nbsp;&nbsp;&nbsp; AirJoule Technologies Corp. (a) | 100 | (461) |
| &nbsp;&nbsp;&nbsp;&nbsp; Alta Equipment Group, Inc. | 200 | (938) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameresco, Inc., Class A (a) | 1800 | (21744) |
| &nbsp;&nbsp;&nbsp;&nbsp; American Superconductor Corp. (a) | 3500 | (63490) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Array Technologies, Inc. (a) | 9500 | $(46265) |
| &nbsp;&nbsp;&nbsp;&nbsp; ATS Corp. (a) | 2200 | (54846) |
| &nbsp;&nbsp;&nbsp;&nbsp; AZEK Co., Inc. (a) | 4899 | (239512) |
| &nbsp;&nbsp;&nbsp;&nbsp; Babcock & Wilcox Enterprises, Inc. (a) | 1600 | (1076) |
| &nbsp;&nbsp;&nbsp;&nbsp; Beacon Roofing Supply, Inc. (a) | 500 | (61850) |
| &nbsp;&nbsp;&nbsp;&nbsp; Blink Charging Co. (a) | 28200 | (25879) |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing Co. (a) | 38800 | (6617340) |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Business Corp. | 300 | (7986) |
| &nbsp;&nbsp;&nbsp;&nbsp; Builders FirstSource, Inc. (a) | 10300 | (1286882) |
| &nbsp;&nbsp;&nbsp;&nbsp; Byrna Technologies, Inc. (a) | 100 | (1684) |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlisle Cos., Inc. | 300 | (102150) |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar, Inc. (b) | 635 | (209423) |
| &nbsp;&nbsp;&nbsp;&nbsp; Chart Industries, Inc. (a) | 5100 | (736236) |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbus McKinnon Corp. | 100 | (1693) |
| &nbsp;&nbsp;&nbsp;&nbsp; Complete Solaria, Inc. (a) | 4370 | (6773) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cummins, Inc. | 1069 | (335067) |
| &nbsp;&nbsp;&nbsp;&nbsp; Custom Truck One Source, Inc. (a) | 100 | (422) |
| &nbsp;&nbsp;&nbsp;&nbsp; Deere & Co. | 17000 | (7978950) |
| &nbsp;&nbsp;&nbsp;&nbsp; Desktop Metal, Inc. (a) | 2867 | (14077) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dover Corp. (b) | 395 | (69394) |
| &nbsp;&nbsp;&nbsp;&nbsp; Draganfly, Inc. (a) | 200 | (548) |
| &nbsp;&nbsp;&nbsp;&nbsp; Eaton Corp. PLC (b) | 4905 | (1333326) |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerson Electric Co. (b) | 1960 | (214894) |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Focus, Inc. (a) | 7 | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Enovix Corp. (a) | 10100 | (74134) |
| &nbsp;&nbsp;&nbsp;&nbsp; Eos Energy Enterprises, Inc. (a) | 32800 | (123984) |
| &nbsp;&nbsp;&nbsp;&nbsp; Esab Corp. | 100 | (11650) |
| &nbsp;&nbsp;&nbsp;&nbsp; ESS Tech, Inc. (a) | 1713 | (5584) |
| &nbsp;&nbsp;&nbsp;&nbsp; Everus Construction Group, Inc. (a) | 100 | (3709) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fastenal Co. | 14700 | (1139985) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc. | 2399 | (384392) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrovial SE | 1 | (45) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortive Corp. (b) | 2001 | (146433) |
| &nbsp;&nbsp;&nbsp;&nbsp; FTAI Aviation Ltd. (b) | 4624 | (513403) |
| &nbsp;&nbsp;&nbsp;&nbsp; FTC Solar, Inc. (a) | 2034 | (5838) |
| &nbsp;&nbsp;&nbsp;&nbsp; General Dynamics Corp. (b) | 129 | (35163) |
| &nbsp;&nbsp;&nbsp;&nbsp; General Electric Co. | 5400 | (1080810) |
| &nbsp;&nbsp;&nbsp;&nbsp; GrafTech International Ltd. (a) | 100 | (87) |
| &nbsp;&nbsp;&nbsp;&nbsp; H&E Equipment Services, Inc. | 600 | (56874) |
| &nbsp;&nbsp;&nbsp;&nbsp; HEICO Corp. (b) | 98 | (26185) |
| &nbsp;&nbsp;&nbsp;&nbsp; Herc Holdings, Inc. | 100 | (13427) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hillenbrand, Inc. | 1100 | (26554) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hillman Solutions Corp. (a) | 2100 | (18459) |
| &nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 4300 | (557839) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hubbell, Inc. (b) | 525 | (173728) |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc. (b) | 181 | (36931) |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEX Corp. (b) | 244 | (44157) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc. (b) | 253 | $(62747) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. (b) | 7710 | (617031) |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuitive Machines, Inc. (a) | 200 | (1490) |
| &nbsp;&nbsp;&nbsp;&nbsp; Janus International Group, Inc. (a) | 100 | (720) |
| &nbsp;&nbsp;&nbsp;&nbsp; JBT Marel Corp. | 1700 | (207740) |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International PLC | 500 | (40055) |
| &nbsp;&nbsp;&nbsp;&nbsp; Kratos Defense & Security Solutions, Inc. (a) | 4000 | (118760) |
| &nbsp;&nbsp;&nbsp;&nbsp; KULR Technology Group, Inc. (a) | 59500 | (78540) |
| &nbsp;&nbsp;&nbsp;&nbsp; Laser Photonics Corp. (a) | 400 | (1228) |
| &nbsp;&nbsp;&nbsp;&nbsp; Loar Holdings, Inc. (a) | 400 | (28260) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp. (b) | 674 | (301083) |
| &nbsp;&nbsp;&nbsp;&nbsp; Markforged Holding Corp. (a) | 1000 | (4680) |
| &nbsp;&nbsp;&nbsp;&nbsp; Masco Corp. | 2700 | (187758) |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc. (a) | 600 | (7836) |
| &nbsp;&nbsp;&nbsp;&nbsp; Microvast Holdings, Inc. (a) | 21700 | (25389) |
| &nbsp;&nbsp;&nbsp;&nbsp; Middleby Corp. (a) | 100 | (15198) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mueller Industries, Inc. | 900 | (68526) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mueller Water Products, Inc. | 2400 | (61008) |
| &nbsp;&nbsp;&nbsp;&nbsp; NANO Nuclear Energy, Inc. (a) | 9800 | (259308) |
| &nbsp;&nbsp;&nbsp;&nbsp; NeoVolta, Inc. (a) | 400 | (868) |
| &nbsp;&nbsp;&nbsp;&nbsp; NEXTracker, Inc., Class A (a) | 22596 | (952195) |
| &nbsp;&nbsp;&nbsp;&nbsp; NN, Inc. (a) | 200 | (452) |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp. (b) | 643 | (329222) |
| &nbsp;&nbsp;&nbsp;&nbsp; Otis Worldwide Corp. (b) | 631 | (65119) |
| &nbsp;&nbsp;&nbsp;&nbsp; PACCAR, Inc. | 4000 | (389480) |
| &nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | 1000 | (607850) |
| &nbsp;&nbsp;&nbsp;&nbsp; Pentair PLC (b) | 133 | (11635) |
| &nbsp;&nbsp;&nbsp;&nbsp; Plug Power, Inc. (a) | 800 | (1080) |
| &nbsp;&nbsp;&nbsp;&nbsp; Powell Industries, Inc. | 1500 | (255495) |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanta Services, Inc. (b) | 4027 | (1023583) |
| &nbsp;&nbsp;&nbsp;&nbsp; QXO, Inc. (a) | 1125 | (15232) |
| &nbsp;&nbsp;&nbsp;&nbsp; Regal Rexnord Corp. | 1400 | (159390) |
| &nbsp;&nbsp;&nbsp;&nbsp; Resideo Technologies, Inc. (a) | 300 | (5310) |
| &nbsp;&nbsp;&nbsp;&nbsp; Richtech Robotics, Inc. (a) | 25300 | (50094) |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. (b) | 1048 | (270782) |
| &nbsp;&nbsp;&nbsp;&nbsp; RTX Corp. (b) | 259 | (34307) |
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider Electric SE (b) | 1118 | (258085) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sensata Technologies Holding PLC | 200 | (4854) |
| &nbsp;&nbsp;&nbsp;&nbsp; Shoals Technologies Group, Inc. (a) | 400 | (1328) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sidus Space, Inc. (a) | 100 | (148) |
| &nbsp;&nbsp;&nbsp;&nbsp; SKYX Platforms Corp. (a) | 1100 | (1254) |
| &nbsp;&nbsp;&nbsp;&nbsp; Spirit AeroSystems Holdings, Inc. (a) | 7000 | (241220) |
| &nbsp;&nbsp;&nbsp;&nbsp; Standex International Corp. | 200 | (32278) |
| &nbsp;&nbsp;&nbsp;&nbsp; Stanley Black & Decker, Inc. | 500 | (38440) |
| &nbsp;&nbsp;&nbsp;&nbsp; Stem, Inc. (a) | 13700 | (4799) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunrun, Inc. (a) | 76815 | (450136) |
| &nbsp;&nbsp;&nbsp;&nbsp; Symbotic, Inc. (a) | 800 | (16168) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; TPI Composites, Inc. (a) | 8700 | $(7012) |
| &nbsp;&nbsp;&nbsp;&nbsp; TransDigm Group, Inc. (a),(b) | 25 | (34582) |
| &nbsp;&nbsp;&nbsp;&nbsp; Trex Co., Inc. (a) | 300 | (17430) |
| &nbsp;&nbsp;&nbsp;&nbsp; UFP Industries, Inc. | 500 | (53520) |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertiv Holdings Co. | 9800 | (707560) |
| &nbsp;&nbsp;&nbsp;&nbsp; Virgin Galactic Holdings, Inc. (a) | 10 | (30) |
| &nbsp;&nbsp;&nbsp;&nbsp; WESCO International, Inc. | 200 | (31060) |
| &nbsp;&nbsp;&nbsp;&nbsp; WillScot Holdings Corp. | 6400 | (177920) |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodward, Inc. | 100 | (18249) |
| &nbsp;&nbsp;&nbsp;&nbsp; Xometry, Inc. (a) | 3000 | (74760) |
| &nbsp;&nbsp;&nbsp;&nbsp; Xylem, Inc. | 3100 | (370326) |
|  |  | (33085872) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Commercial & Professional Services — (0.4)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ACV Auctions, Inc., Class A (a) | 8600 | (121174) |
| &nbsp;&nbsp;&nbsp;&nbsp; Alight, Inc. | 29300 | (173749) |
| &nbsp;&nbsp;&nbsp;&nbsp; ALT5 Sigma Corp. (a) | 600 | (2328) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackSky Technology, Inc. (a) | 5058 | (39098) |
| &nbsp;&nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding Corp. (b) | 296 | (30956) |
| &nbsp;&nbsp;&nbsp;&nbsp; CACI International, Inc. (a),(b) | 688 | (252441) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ceridian HCM Holding, Inc. (a) | 25000 | (1458250) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cintas Corp. | 100 | (20553) |
| &nbsp;&nbsp;&nbsp;&nbsp; Clarivate PLC (a) | 66200 | (260166) |
| &nbsp;&nbsp;&nbsp;&nbsp; Copart, Inc. (a) | 55900 | (3163381) |
| &nbsp;&nbsp;&nbsp;&nbsp; Driven Brands Holdings, Inc. (a) | 200 | (3428) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dun & Bradstreet Holdings, Inc. | 12400 | (110856) |
| &nbsp;&nbsp;&nbsp;&nbsp; Enviri Corp. (a) | 600 | (3990) |
| &nbsp;&nbsp;&nbsp;&nbsp; Equifax, Inc. (b) | 107 | (26061) |
| &nbsp;&nbsp;&nbsp;&nbsp; First Advantage Corp. (a) | 1486 | (20938) |
| &nbsp;&nbsp;&nbsp;&nbsp; FiscalNote Holdings, Inc. (a) | 7400 | (5980) |
| &nbsp;&nbsp;&nbsp;&nbsp; Genpact Ltd. | 900 | (45342) |
| &nbsp;&nbsp;&nbsp;&nbsp; Greenwave Technology Solutions, Inc. (a) | 5000 | (1179) |
| &nbsp;&nbsp;&nbsp;&nbsp; Innodata, Inc. (a) | 1800 | (64620) |
| &nbsp;&nbsp;&nbsp;&nbsp; Knightscope, Inc. (a) | 1244 | (3508) |
| &nbsp;&nbsp;&nbsp;&nbsp; LanzaTech Global, Inc. (a) | 11400 | (2760) |
| &nbsp;&nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. (b) | 247 | (33330) |
| &nbsp;&nbsp;&nbsp;&nbsp; Montrose Environmental Group, Inc. (a) | 3800 | (54188) |
| &nbsp;&nbsp;&nbsp;&nbsp; Odyssey Marine Exploration, Inc. (a) | 5600 | (2243) |
| &nbsp;&nbsp;&nbsp;&nbsp; Paychex, Inc. | 15200 | (2345056) |
| &nbsp;&nbsp;&nbsp;&nbsp; Paycor HCM, Inc. (a) | 5400 | (121176) |
| &nbsp;&nbsp;&nbsp;&nbsp; Perma-Fix Environmental Services, Inc. (a) | 1600 | (11632) |
| &nbsp;&nbsp;&nbsp;&nbsp; Planet Labs PBC (a) | 8500 | (28730) |
| &nbsp;&nbsp;&nbsp;&nbsp; Quest Resource Holding Corp. (a) | 200 | (520) |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Global, Inc. | 29200 | (2928760) |
| &nbsp;&nbsp;&nbsp;&nbsp; Rollins, Inc. | 100 | (5403) |
| &nbsp;&nbsp;&nbsp;&nbsp; Science Applications International Corp. (b) | 412 | (46255) |
| &nbsp;&nbsp;&nbsp;&nbsp; Spire Global, Inc. (a) | 50 | (405) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; SS&C Technologies Holdings, Inc. | 2259 | $(188694) |
| &nbsp;&nbsp;&nbsp;&nbsp; TransUnion (b) | 522 | (43321) |
| &nbsp;&nbsp;&nbsp;&nbsp; Veralto Corp. (b) | 1105 | (107682) |
| &nbsp;&nbsp;&nbsp;&nbsp; Vestis Corp. | 700 | (6930) |
|  |  | (11735083) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Consumer Discretionary Distribution & Retail — 0.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *Consumer Discretionary Distribution & Retail — 0.0%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Destination XL Group, Inc. (a) | 100 | (146) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Consumer Durables & Apparel — (0.2)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMMO, Inc. (a) | 5200 | (7176) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capri Holdings Ltd. (a) | 21700 | (428141) |
| &nbsp;&nbsp;&nbsp;&nbsp; Carter's, Inc. | 200 | (8180) |
| &nbsp;&nbsp;&nbsp;&nbsp; Champion Homes, Inc. (a) | 500 | (47380) |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia Sportswear Co. | 200 | (15138) |
| &nbsp;&nbsp;&nbsp;&nbsp; Crocs, Inc. (a) | 2300 | (244260) |
| &nbsp;&nbsp;&nbsp;&nbsp; Deckers Outdoor Corp. (a) | 3700 | (413697) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dream Finders Homes, Inc. (a) | 500 | (11280) |
| &nbsp;&nbsp;&nbsp;&nbsp; Garmin Ltd. | 2200 | (477686) |
| &nbsp;&nbsp;&nbsp;&nbsp; Gildan Activewear, Inc. | 1500 | (66330) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hanesbrands, Inc. (a) | 2100 | (12117) |
| &nbsp;&nbsp;&nbsp;&nbsp; Helen of Troy Ltd. (a) | 900 | (48141) |
| &nbsp;&nbsp;&nbsp;&nbsp; Latham Group, Inc. (a) | 1800 | (11574) |
| &nbsp;&nbsp;&nbsp;&nbsp; La-Z-Boy, Inc. | 600 | (23454) |
| &nbsp;&nbsp;&nbsp;&nbsp; Levi Strauss & Co., Class A | 100 | (1559) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lululemon Athletica, Inc. (a) | 7400 | (2094644) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mattel, Inc. (a) | 8800 | (170984) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mohawk Industries, Inc. (a) | 500 | (57090) |
| &nbsp;&nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | 800 | (50784) |
| &nbsp;&nbsp;&nbsp;&nbsp; PLBY Group, Inc. (a) | 29264 | (32190) |
| &nbsp;&nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 500 | (51400) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purple Innovation, Inc. (a) | 3800 | (2885) |
| &nbsp;&nbsp;&nbsp;&nbsp; SharkNinja, Inc. (a) | 300 | (25023) |
| &nbsp;&nbsp;&nbsp;&nbsp; Somnigroup International, Inc. | 51100 | (3059868) |
| &nbsp;&nbsp;&nbsp;&nbsp; TopBuild Corp. (a) | 100 | (30495) |
| &nbsp;&nbsp;&nbsp;&nbsp; Traeger, Inc. (a) | 800 | (1344) |
| &nbsp;&nbsp;&nbsp;&nbsp; Vera Bradley, Inc. (a) | 400 | (900) |
| &nbsp;&nbsp;&nbsp;&nbsp; VF Corp. | 44700 | (693744) |
| &nbsp;&nbsp;&nbsp;&nbsp; Whirlpool Corp. | 600 | (54078) |
| &nbsp;&nbsp;&nbsp;&nbsp; YETI Holdings, Inc. (a) | 200 | (6620) |
|  |  | (8148162) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Consumer Services — (1.3)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbnb, Inc., Class A (a),(b) | 737 | (88042) |
| &nbsp;&nbsp;&nbsp;&nbsp; Aramark | 36000 | (1242720) |
| &nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc. (b) | 116 | (534402) |
| &nbsp;&nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc. (a) | 72076 | (1801900) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc. (a) | 71800 | $(3605078) |
| &nbsp;&nbsp;&nbsp;&nbsp; Color Star Technology Co., Ltd. (a) | 200 | (142) |
| &nbsp;&nbsp;&nbsp;&nbsp; Darden Restaurants, Inc. | 4600 | (955696) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dave & Buster's Entertainment, Inc. (a) | 13000 | (228410) |
| &nbsp;&nbsp;&nbsp;&nbsp; DraftKings, Inc. (a) | 112430 | (3733800) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expedia Group, Inc. (b) | 3267 | (549183) |
| &nbsp;&nbsp;&nbsp;&nbsp; Frontdoor, Inc. (a) | 2800 | (107576) |
| &nbsp;&nbsp;&nbsp;&nbsp; Full House Resorts, Inc. (a) | 2100 | (8778) |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Business Travel Group I (a) | 100 | (726) |
| &nbsp;&nbsp;&nbsp;&nbsp; Grand Canyon Education, Inc. (a) | 100 | (17302) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilton Grand Vacations, Inc. (a) | 3000 | (112230) |
| &nbsp;&nbsp;&nbsp;&nbsp; Inspirato, Inc. (a) | 29 | (120) |
| &nbsp;&nbsp;&nbsp;&nbsp; Jack in the Box, Inc. | 3200 | (87008) |
| &nbsp;&nbsp;&nbsp;&nbsp; Krispy Kreme, Inc. | 31800 | (156456) |
| &nbsp;&nbsp;&nbsp;&nbsp; Las Vegas Sands Corp. | 72500 | (2800675) |
| &nbsp;&nbsp;&nbsp;&nbsp; Light & Wonder, Inc. (a) | 500 | (43305) |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott International, Inc. | 200 | (47640) |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott Vacations Worldwide Corp. | 3000 | (192720) |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp. | 40600 | (12682222) |
| &nbsp;&nbsp;&nbsp;&nbsp; MGM Resorts International (a) | 62900 | (1864356) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mister Car Wash, Inc. (a) | 5200 | (41028) |
| &nbsp;&nbsp;&nbsp;&nbsp; Nerdy, Inc. (a) | 11000 | (15620) |
| &nbsp;&nbsp;&nbsp;&nbsp; Noodles & Co. (a) | 2900 | (3161) |
| &nbsp;&nbsp;&nbsp;&nbsp; Norwegian Cruise Line Holdings Ltd. (a),(b) | 4007 | (75973) |
| &nbsp;&nbsp;&nbsp;&nbsp; ONE Group Hospitality, Inc. (a) | 400 | (1196) |
| &nbsp;&nbsp;&nbsp;&nbsp; OneSpaWorld Holdings Ltd. | 300 | (5037) |
| &nbsp;&nbsp;&nbsp;&nbsp; Penn Entertainment, Inc. (a) | 50400 | (822024) |
| &nbsp;&nbsp;&nbsp;&nbsp; Planet Fitness, Inc., Class A (a) | 5900 | (569999) |
| &nbsp;&nbsp;&nbsp;&nbsp; Playa Hotels & Resorts NV (a) | 5600 | (74648) |
| &nbsp;&nbsp;&nbsp;&nbsp; Red Rock Resorts, Inc. | 300 | (13011) |
| &nbsp;&nbsp;&nbsp;&nbsp; Restaurant Brands International, Inc. | 26600 | (1772624) |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. | 13700 | (2814528) |
| &nbsp;&nbsp;&nbsp;&nbsp; SeaWorld Entertainment, Inc. (a),(b) | 2900 | (131834) |
| &nbsp;&nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp. | 22488 | (802147) |
| &nbsp;&nbsp;&nbsp;&nbsp; Starbucks Corp. | 3800 | (372742) |
| &nbsp;&nbsp;&nbsp;&nbsp; Travel & Leisure Co. | 100 | (4629) |
| &nbsp;&nbsp;&nbsp;&nbsp; Udemy, Inc. (a) | 3800 | (29488) |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Technical Institute, Inc. (a) | 200 | (5136) |
| &nbsp;&nbsp;&nbsp;&nbsp; Vacasa, Inc. (a) | 25 | (135) |
| &nbsp;&nbsp;&nbsp;&nbsp; Vail Resorts, Inc. | 2200 | (352044) |
| &nbsp;&nbsp;&nbsp;&nbsp; Viking Holdings Ltd. (a),(b) | 5801 | (230590) |
| &nbsp;&nbsp;&nbsp;&nbsp; Wendy's Co. | 23100 | (337953) |
| &nbsp;&nbsp;&nbsp;&nbsp; WW International, Inc. (a) | 9000 | (4703) |
| &nbsp;&nbsp;&nbsp;&nbsp; Wyndham Hotels & Resorts, Inc. (b) | 12245 | (1108295) |
| &nbsp;&nbsp;&nbsp;&nbsp; Wynn Resorts Ltd. | 23700 | (1978950) |
|  |  | (42427982) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Diversified Financials — (2.2)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affirm Holdings, Inc. (a) | 16207 | $(732394) |
| &nbsp;&nbsp;&nbsp;&nbsp; AGNC Investment Corp. | 127800 | (1224324) |
| &nbsp;&nbsp;&nbsp;&nbsp; AlTi Global, Inc. (a) | 1000 | (3040) |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co. | 15580 | (4191799) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | 500 | (242055) |
| &nbsp;&nbsp;&nbsp;&nbsp; Annaly Capital Management, Inc. | 1350 | (27418) |
| &nbsp;&nbsp;&nbsp;&nbsp; ARES Management Corp. | 4600 | (674406) |
| &nbsp;&nbsp;&nbsp;&nbsp; ARMOUR Residential REIT, Inc. | 960 | (16416) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bakkt Holdings, Inc. (a) | 340 | (2948) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. | 25200 | (2113524) |
| &nbsp;&nbsp;&nbsp;&nbsp; Beneficient (a) | 900 | (281) |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B (a) | 1000 | (532580) |
| &nbsp;&nbsp;&nbsp;&nbsp; Better Home & Finance Holding Co. (a) | 1192 | (13011) |
| &nbsp;&nbsp;&nbsp;&nbsp; Block, Inc. (a) | 39900 | (2167767) |
| &nbsp;&nbsp;&nbsp;&nbsp; Blue Owl Capital Corp. | 23200 | (340112) |
| &nbsp;&nbsp;&nbsp;&nbsp; Blue Owl Capital, Inc. | 5100 | (102204) |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Asset Management Ltd. | 27300 | (1322685) |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Corp. | 57767 | (3027568) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 24678 | (4424765) |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlyle Group, Inc. | 100 | (4359) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc. | 15354 | (3474457) |
| &nbsp;&nbsp;&nbsp;&nbsp; Claros Mortgage Trust, Inc. | 200 | (746) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cohen & Steers, Inc. | 300 | (24075) |
| &nbsp;&nbsp;&nbsp;&nbsp; Coinbase Global, Inc. (a) | 9000 | (1550070) |
| &nbsp;&nbsp;&nbsp;&nbsp; Corpay, Inc. (a) | 3087 | (1076499) |
| &nbsp;&nbsp;&nbsp;&nbsp; DigitalBridge Group, Inc. | 3206 | (28277) |
| &nbsp;&nbsp;&nbsp;&nbsp; Discover Financial Services | 2200 | (375540) |
| &nbsp;&nbsp;&nbsp;&nbsp; Enova International, Inc. (a) | 75298 | (7270775) |
| &nbsp;&nbsp;&nbsp;&nbsp; Euronet Worldwide, Inc. (a) | 25473 | (2721790) |
| &nbsp;&nbsp;&nbsp;&nbsp; FactSet Research Systems, Inc. (b) | 62 | (28188) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 48100 | (3592108) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc. (a) | 90796 | (20050481) |
| &nbsp;&nbsp;&nbsp;&nbsp; Flywire Corp. (a) | 1500 | (14250) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forge Global Holdings, Inc. (a) | 1400 | (787) |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc. | 8000 | (783360) |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. | 3454 | (1886886) |
| &nbsp;&nbsp;&nbsp;&nbsp; HA Sustainable Infrastructure Capital, Inc. | 6000 | (175440) |
| &nbsp;&nbsp;&nbsp;&nbsp; Jack Henry & Associates, Inc. | 3000 | (547800) |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR & Co., Inc. | 33600 | (3884496) |
| &nbsp;&nbsp;&nbsp;&nbsp; loanDepot, Inc. (a) | 2200 | (2618) |
| &nbsp;&nbsp;&nbsp;&nbsp; LPL Financial Holdings, Inc. | 1900 | (621566) |
| &nbsp;&nbsp;&nbsp;&nbsp; Moody's Corp. (b) | 61 | (28407) |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 2300 | (268341) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mr. Cooper Group, Inc. (a) | 500 | (59800) |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI, Inc., Class A (b) | 49 | (27709) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Nelnet, Inc. | 100 | $(11093) |
| &nbsp;&nbsp;&nbsp;&nbsp; NerdWallet, Inc. (a) | 400 | (3620) |
| &nbsp;&nbsp;&nbsp;&nbsp; NewtekOne, Inc. | 10567 | (126381) |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Trust Corp. | 2800 | (276220) |
| &nbsp;&nbsp;&nbsp;&nbsp; Patria Investments Ltd., Class A | 100 | (1129) |
| &nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc. (a) | 6300 | (411075) |
| &nbsp;&nbsp;&nbsp;&nbsp; PennyMac Financial Services, Inc. | 900 | (90099) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ready Capital Corp. | 13700 | (69733) |
| &nbsp;&nbsp;&nbsp;&nbsp; Regional Management Corp. | 14202 | (427622) |
| &nbsp;&nbsp;&nbsp;&nbsp; Remitly Global, Inc. (a) | 19200 | (399360) |
| &nbsp;&nbsp;&nbsp;&nbsp; Repay Holdings Corp. (a) | 1700 | (9469) |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc. (b) | 50 | (25405) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sachem Capital Corp. | 100 | (116) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sezzle, Inc. (a) | 100 | (3489) |
| &nbsp;&nbsp;&nbsp;&nbsp; Shift4 Payments, Inc. (a) | 9500 | (776245) |
| &nbsp;&nbsp;&nbsp;&nbsp; StepStone Group, Inc. | 3200 | (167136) |
| &nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial | 7500 | (397050) |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | 200 | (18374) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tradeweb Markets, Inc. | 17001 | (2523968) |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc. | 400 | (140184) |
|  |  | (75535890) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Energy — (0.6)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amplify Energy Corp. (a) | 134 | (501) |
| &nbsp;&nbsp;&nbsp;&nbsp; APA Corp. (b) | 5038 | (105899) |
| &nbsp;&nbsp;&nbsp;&nbsp; Archrock, Inc. | 700 | (18368) |
| &nbsp;&nbsp;&nbsp;&nbsp; Aris Water Solutions, Inc. | 400 | (12816) |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Energy Solutions, Inc. | 3200 | (57088) |
| &nbsp;&nbsp;&nbsp;&nbsp; Baker Hughes Co. | 58100 | (2553495) |
| &nbsp;&nbsp;&nbsp;&nbsp; Borr Drilling Ltd. | 14500 | (31755) |
| &nbsp;&nbsp;&nbsp;&nbsp; BP PLC, ADR | 3400 | (114886) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cactus, Inc. | 6400 | (293312) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cameco Corp. | 13700 | (563892) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cenovus Energy, Inc. | 3900 | (54249) |
| &nbsp;&nbsp;&nbsp;&nbsp; ChampionX Corp. | 600 | (17880) |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron Corp. (b) | 17261 | (2887593) |
| &nbsp;&nbsp;&nbsp;&nbsp; Chord Energy Corp. (b) | 1199 | (135151) |
| &nbsp;&nbsp;&nbsp;&nbsp; Civitas Resources, Inc. (b) | 20158 | (703313) |
| &nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Fuels Corp. (a) | 3000 | (4650) |
| &nbsp;&nbsp;&nbsp;&nbsp; CNX Resources Corp. (a),(b) | 7017 | (220895) |
| &nbsp;&nbsp;&nbsp;&nbsp; Comstock Resources, Inc. (a) | 300 | (6102) |
| &nbsp;&nbsp;&nbsp;&nbsp; Comstock, Inc. (a) | 3780 | (9223) |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips (b) | 377 | (39593) |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Laboratories, Inc. | 200 | (2998) |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Natural Resources, Inc. | 3221 | (248339) |
| &nbsp;&nbsp;&nbsp;&nbsp; Coterra Energy, Inc. | 80900 | (2338010) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Crescent Energy Co., Class A | 2170 | $(24391) |
| &nbsp;&nbsp;&nbsp;&nbsp; Denison Mines Corp. (a) | 188400 | (244920) |
| &nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corp. | 2283 | (85384) |
| &nbsp;&nbsp;&nbsp;&nbsp; Encore Energy Corp. (a) | 2800 | (3836) |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Fuels, Inc. (a) | 67500 | (251775) |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Vault Holdings, Inc. (a) | 19400 | (13491) |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. (b) | 3635 | (466152) |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT Corp. | 52990 | (2831256) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expand Energy Corp. (b) | 1782 | (198372) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expro Group Holdings NV (a) | 20700 | (205758) |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. (b) | 29190 | (3471567) |
| &nbsp;&nbsp;&nbsp;&nbsp; Gevo, Inc. (a) | 7100 | (8236) |
| &nbsp;&nbsp;&nbsp;&nbsp; Helmerich & Payne, Inc. | 1300 | (33956) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hess Corp. | 4800 | (766704) |
| &nbsp;&nbsp;&nbsp;&nbsp; International Seaways, Inc. | 2300 | (76360) |
| &nbsp;&nbsp;&nbsp;&nbsp; KLX Energy Services Holdings, Inc. (a) | 5100 | (17850) |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Energy, Inc. | 900 | (14247) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lightbridge Corp. (a) | 1200 | (8952) |
| &nbsp;&nbsp;&nbsp;&nbsp; Murphy Oil Corp. (b) | 3801 | (107948) |
| &nbsp;&nbsp;&nbsp;&nbsp; New Fortress Energy, Inc. | 35800 | (297498) |
| &nbsp;&nbsp;&nbsp;&nbsp; NexGen Energy Ltd. (a) | 20300 | (91147) |
| &nbsp;&nbsp;&nbsp;&nbsp; NextDecade Corp. (a) | 3600 | (28008) |
| &nbsp;&nbsp;&nbsp;&nbsp; Nine Energy Service, Inc. (a) | 3700 | (4181) |
| &nbsp;&nbsp;&nbsp;&nbsp; Noble Corp. PLC | 11548 | (273688) |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Oil & Gas, Inc. | 900 | (27207) |
| &nbsp;&nbsp;&nbsp;&nbsp; NPK International, Inc. (a) | 100 | (581) |
| &nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. (b) | 8729 | (430863) |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceaneering International, Inc. (a) | 1400 | (30534) |
| &nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc. | 576 | (57151) |
| &nbsp;&nbsp;&nbsp;&nbsp; OPAL Fuels, Inc. (a) | 2000 | (3680) |
| &nbsp;&nbsp;&nbsp;&nbsp; Patterson-UTI Energy, Inc. | 84815 | (697179) |
| &nbsp;&nbsp;&nbsp;&nbsp; PBF Energy, Inc. (b) | 10814 | (206439) |
| &nbsp;&nbsp;&nbsp;&nbsp; Peabody Energy Corp. | 2800 | (37940) |
| &nbsp;&nbsp;&nbsp;&nbsp; Permian Resources Corp. (b) | 4159 | (57602) |
| &nbsp;&nbsp;&nbsp;&nbsp; Phillips 66 (b) | 2567 | (316973) |
| &nbsp;&nbsp;&nbsp;&nbsp; ProFrac Holding Corp. (a) | 4700 | (35673) |
| &nbsp;&nbsp;&nbsp;&nbsp; Range Resources Corp. (b) | 6278 | (250681) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ring Energy, Inc. (a) | 2000 | (2300) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sable Offshore Corp. (a) | 1000 | (25370) |
| &nbsp;&nbsp;&nbsp;&nbsp; Schlumberger NV | 200 | (8360) |
| &nbsp;&nbsp;&nbsp;&nbsp; SEACOR Marine Holdings, Inc. (a) | 1500 | (7590) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sitio Royalties Corp. | 7 | (139) |
| &nbsp;&nbsp;&nbsp;&nbsp; Talos Energy, Inc. (a) | 400 | (3888) |
| &nbsp;&nbsp;&nbsp;&nbsp; TETRA Technologies, Inc. (a) | 600 | (2016) |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Pacific Land Corp. | 900 | (1192491) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tidewater, Inc. (a) | 300 | (12681) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uranium Energy Corp. (a) | 66100 | (315958) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Uranium Royalty Corp. (a) | 29000 | $(51040) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ur-Energy, Inc. (a) | 61000 | (41120) |
| &nbsp;&nbsp;&nbsp;&nbsp; VAALCO Energy, Inc. | 5641 | (21210) |
| &nbsp;&nbsp;&nbsp;&nbsp; Valaris Ltd. (a) | 18700 | (734162) |
| &nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp. (b) | 5282 | (697594) |
|  |  | (25214107) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Food & Staples Retailing — (0.5)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Albertsons Cos., Inc., Class A | 7500 | (164925) |
| &nbsp;&nbsp;&nbsp;&nbsp; BBB Foods, Inc. (a) | 200 | (5336) |
| &nbsp;&nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc. (a) | 200 | (22820) |
| &nbsp;&nbsp;&nbsp;&nbsp; Casey's General Stores, Inc. | 1400 | (607656) |
| &nbsp;&nbsp;&nbsp;&nbsp; Chefs' Warehouse, Inc. (a) | 200 | (10892) |
| &nbsp;&nbsp;&nbsp;&nbsp; Performance Food Group Co. (a) | 28200 | (2217366) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sysco Corp. | 50900 | (3819536) |
| &nbsp;&nbsp;&nbsp;&nbsp; Target Corp. | 7100 | (740956) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Foods Holding Corp. (a) | 8300 | (543318) |
| &nbsp;&nbsp;&nbsp;&nbsp; United Natural Foods, Inc. (a) | 1700 | (46563) |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 118100 | (10367999) |
|  |  | (18547367) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Food, Beverage & Tobacco — (0.2)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AgriFORCE Growing Systems Ltd. (a) | 486 | (535) |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group, Inc. | 9100 | (546182) |
| &nbsp;&nbsp;&nbsp;&nbsp; Beeline Holdings, Inc. (a) | 545 | (1003) |
| &nbsp;&nbsp;&nbsp;&nbsp; BRC, Inc. (a) | 600 | (1254) |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown-Forman Corp., Class B | 1900 | (64486) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bunge Global SA | 2700 | (206334) |
| &nbsp;&nbsp;&nbsp;&nbsp; CIMG, Inc. (a) | 190 | (102) |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | 1400 | (100268) |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Brands, Inc. | 4200 | (770784) |
| &nbsp;&nbsp;&nbsp;&nbsp; Edible Garden AG, Inc. (a) | 316 | (768) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hershey Co. (The) | 300 | (51309) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ispire Technology, Inc. (a) | 1700 | (4641) |
| &nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Co. | 16200 | (492966) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mama's Creations, Inc. (a) | 100 | (651) |
| &nbsp;&nbsp;&nbsp;&nbsp; McCormick & Co., Inc. | 300 | (24693) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mission Produce, Inc. (a) | 500 | (5240) |
| &nbsp;&nbsp;&nbsp;&nbsp; Molson Coors Beverage Co. | 100 | (6087) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondelez International, Inc., Class A | 49700 | (3372145) |
| &nbsp;&nbsp;&nbsp;&nbsp; Oatly Group AB, ADR (a) | 25 | (246) |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 8900 | (1334466) |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 300 | (47619) |
| &nbsp;&nbsp;&nbsp;&nbsp; Post Holdings, Inc. (a) | 2200 | (255992) |
| &nbsp;&nbsp;&nbsp;&nbsp; SunOpta, Inc. (a) | 400 | (1944) |
| &nbsp;&nbsp;&nbsp;&nbsp; Westrock Coffee Co. (a) | 3100 | (22382) |
|  |  | (7312097) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Health Care Equipment & Services — (0.3)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 8300 | $(1100995) |
| &nbsp;&nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc. (a) | 1300 | (39416) |
| &nbsp;&nbsp;&nbsp;&nbsp; AdaptHealth Corp. (a) | 200 | (2168) |
| &nbsp;&nbsp;&nbsp;&nbsp; agilon health, Inc. (a) | 800 | (3464) |
| &nbsp;&nbsp;&nbsp;&nbsp; Alcon AG | 22000 | (2088460) |
| &nbsp;&nbsp;&nbsp;&nbsp; Align Technology, Inc. (a) | 2700 | (428922) |
| &nbsp;&nbsp;&nbsp;&nbsp; Avinger, Inc. (a),(e) | 266 | (126) |
| &nbsp;&nbsp;&nbsp;&nbsp; Baxter International, Inc. | 2300 | (78729) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bullfrog AI Holdings, Inc. (a) | 1000 | (1650) |
| &nbsp;&nbsp;&nbsp;&nbsp; Claritev Corp. (a) | 605 | (12481) |
| &nbsp;&nbsp;&nbsp;&nbsp; ClearPoint Neuro, Inc. (a) | 1200 | (14268) |
| &nbsp;&nbsp;&nbsp;&nbsp; Clover Health Investments Corp. (a) | 22700 | (81493) |
| &nbsp;&nbsp;&nbsp;&nbsp; Concentra Group Holdings Parent, Inc. | 100 | (2170) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cooper Cos., Inc. (a) | 300 | (25305) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cross Country Healthcare, Inc. (a) | 400 | (5956) |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. (b) | 60253 | (4082141) |
| &nbsp;&nbsp;&nbsp;&nbsp; DaVita, Inc. (a) | 800 | (122376) |
| &nbsp;&nbsp;&nbsp;&nbsp; Delcath Systems, Inc. (a) | 1399 | (17809) |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc. (b) | 400 | (173984) |
| &nbsp;&nbsp;&nbsp;&nbsp; Embecta Corp. | 5900 | (75225) |
| &nbsp;&nbsp;&nbsp;&nbsp; Enovis Corp. (a) | 6700 | (256007) |
| &nbsp;&nbsp;&nbsp;&nbsp; Envista Holdings Corp. (a) | 29200 | (503992) |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolent Health, Inc. (a) | 10600 | (100382) |
| &nbsp;&nbsp;&nbsp;&nbsp; Femasys, Inc. (a) | 1700 | (2125) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fractyl Health, Inc. (a) | 100 | (119) |
| &nbsp;&nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc. (b) | 44631 | (3602168) |
| &nbsp;&nbsp;&nbsp;&nbsp; GeneDx Holdings Corp. (a) | 2900 | (256839) |
| &nbsp;&nbsp;&nbsp;&nbsp; Glaukos Corp. (a) | 3400 | (334628) |
| &nbsp;&nbsp;&nbsp;&nbsp; Globus Medical, Inc. (a) | 500 | (36600) |
| &nbsp;&nbsp;&nbsp;&nbsp; Haemonetics Corp. (a) | 800 | (50840) |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | 1100 | (380105) |
| &nbsp;&nbsp;&nbsp;&nbsp; HealthEquity, Inc. (a) | 700 | (61859) |
| &nbsp;&nbsp;&nbsp;&nbsp; Henry Schein, Inc. (a) | 1200 | (82188) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hims & Hers Health, Inc. (a) | 900 | (26595) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hologic, Inc. (a) | 6300 | (389151) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyperfine, Inc. (a) | 2700 | (1934) |
| &nbsp;&nbsp;&nbsp;&nbsp; ICU Medical, Inc. (a) | 2900 | (402694) |
| &nbsp;&nbsp;&nbsp;&nbsp; Inspire Veterinary Partners, Inc. (a) | 200 | (342) |
| &nbsp;&nbsp;&nbsp;&nbsp; Intelligent Bio Solutions, Inc. (a) | 1400 | (2016) |
| &nbsp;&nbsp;&nbsp;&nbsp; iRhythm Technologies, Inc. (a) | 3700 | (387316) |
| &nbsp;&nbsp;&nbsp;&nbsp; Labcorp Holdings, Inc. | 400 | (93096) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lantheus Holdings, Inc. (a) | 3400 | (331840) |
| &nbsp;&nbsp;&nbsp;&nbsp; Masimo Corp. (a) | 1700 | (283220) |
| &nbsp;&nbsp;&nbsp;&nbsp; Monogram Technologies, Inc. (a) | 800 | (2352) |
| &nbsp;&nbsp;&nbsp;&nbsp; MSP Recovery, Inc. (a) | 101 | (128) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Myomo, Inc. (a) | 1800 | $(8658) |
| &nbsp;&nbsp;&nbsp;&nbsp; NAYA Biosciences, Inc. (a) | 3 | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp; Neogen Corp. (a) | 47700 | (413559) |
| &nbsp;&nbsp;&nbsp;&nbsp; NeoGenomics, Inc. (a) | 4200 | (39858) |
| &nbsp;&nbsp;&nbsp;&nbsp; OraSure Technologies, Inc. (a) | 100 | (337) |
| &nbsp;&nbsp;&nbsp;&nbsp; Orchestra BioMed Holdings, Inc. (a) | 938 | (4015) |
| &nbsp;&nbsp;&nbsp;&nbsp; Orthofix Medical, Inc. (a) | 594 | (9688) |
| &nbsp;&nbsp;&nbsp;&nbsp; OrthoPediatrics Corp. (a) | 300 | (7389) |
| &nbsp;&nbsp;&nbsp;&nbsp; Patterson Cos., Inc. | 200 | (6248) |
| &nbsp;&nbsp;&nbsp;&nbsp; PDL BioPharma, Inc. (a),(e) | 4500 | (11115) |
| &nbsp;&nbsp;&nbsp;&nbsp; Pediatrix Medical Group, Inc. (a) | 100 | (1449) |
| &nbsp;&nbsp;&nbsp;&nbsp; Penumbra, Inc. (a) | 1900 | (508079) |
| &nbsp;&nbsp;&nbsp;&nbsp; Performant Healthcare, Inc. (a) | 1800 | (5328) |
| &nbsp;&nbsp;&nbsp;&nbsp; Phreesia, Inc. (a) | 200 | (5112) |
| &nbsp;&nbsp;&nbsp;&nbsp; Predictive Oncology, Inc. (a) | 214 | (325) |
| &nbsp;&nbsp;&nbsp;&nbsp; Pulse Biosciences, Inc. (a) | 702 | (11295) |
| &nbsp;&nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc. | 300 | (50760) |
| &nbsp;&nbsp;&nbsp;&nbsp; QuidelOrtho Corp. (a) | 7256 | (253742) |
| &nbsp;&nbsp;&nbsp;&nbsp; Quipt Home Medical Corp. (a) | 200 | (466) |
| &nbsp;&nbsp;&nbsp;&nbsp; ReShape Lifesciences, Inc. (a) | 5 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; ResMed, Inc. (b) | 2729 | (610887) |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockwell Medical, Inc. (a) | 2436 | (2753) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanara Medtech, Inc. (a) | 100 | (3087) |
| &nbsp;&nbsp;&nbsp;&nbsp; Semler Scientific, Inc. (a) | 300 | (10860) |
| &nbsp;&nbsp;&nbsp;&nbsp; Solventum Corp. (a) | 1200 | (91248) |
| &nbsp;&nbsp;&nbsp;&nbsp; STAAR Surgical Co. (a) | 500 | (8815) |
| &nbsp;&nbsp;&nbsp;&nbsp; Surgery Partners, Inc. (a) | 3000 | (71250) |
| &nbsp;&nbsp;&nbsp;&nbsp; Surmodics, Inc. (a) | 500 | (15265) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tela Bio, Inc. (a) | 1000 | (1220) |
| &nbsp;&nbsp;&nbsp;&nbsp; Teleflex, Inc. | 200 | (27638) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenet Healthcare Corp. (a) | 100 | (13450) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenon Medical, Inc. (a) | 49 | (103) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tivic Health Systems, Inc. (a) | 2 | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 1700 | (890375) |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Health Services, Inc., Class B | 600 | (112740) |
| &nbsp;&nbsp;&nbsp;&nbsp; Vivani Medical, Inc. (a) | 466 | (489) |
| &nbsp;&nbsp;&nbsp;&nbsp; Vivos Therapeutics, Inc. (a) | 100 | (285) |
| &nbsp;&nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. | 1489 | (168525) |
|  |  | (19312100) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Household & Personal Products — (0.4)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beauty Health Co. (a) | 9500 | (12730) |
| &nbsp;&nbsp;&nbsp;&nbsp; BellRing Brands, Inc. (a) | 1000 | (74460) |
| &nbsp;&nbsp;&nbsp;&nbsp; Coty, Inc., Class A (a) | 300 | (1641) |
| &nbsp;&nbsp;&nbsp;&nbsp; elf Beauty, Inc. (a) | 14600 | (916734) |
| &nbsp;&nbsp;&nbsp;&nbsp; Flora Growth Corp. (a) | 1900 | (1150) |
| &nbsp;&nbsp;&nbsp;&nbsp; Honest Co., Inc. (a) | 100 | (470) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Kenvue, Inc. | 415300 | $(9958894) |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | 8400 | (1431528) |
| &nbsp;&nbsp;&nbsp;&nbsp; Safety Shot, Inc. (a) | 14100 | (5134) |
|  |  | (12402741) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Insurance — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aflac, Inc. | 7500 | (833925) |
| &nbsp;&nbsp;&nbsp;&nbsp; Allstate Corp. | 100 | (20707) |
| &nbsp;&nbsp;&nbsp;&nbsp; Aon PLC, Class A | 200 | (79818) |
| &nbsp;&nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co. | 400 | (138096) |
| &nbsp;&nbsp;&nbsp;&nbsp; Assurant, Inc. | 200 | (41950) |
| &nbsp;&nbsp;&nbsp;&nbsp; Axis Capital Holdings Ltd. | 600 | (60144) |
| &nbsp;&nbsp;&nbsp;&nbsp; Baldwin Insurance Group, Inc. (a) | 200 | (8938) |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown & Brown, Inc. | 300 | (37320) |
| &nbsp;&nbsp;&nbsp;&nbsp; Caret Holdings, Inc. (a) | 3117 | (415932) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cincinnati Financial Corp. | 1200 | (177264) |
| &nbsp;&nbsp;&nbsp;&nbsp; CNO Financial Group, Inc. | 1200 | (49980) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hartford Insurance Group, Inc. | 1100 | (136103) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hippo Holdings, Inc. (a) | 1124 | (28729) |
| &nbsp;&nbsp;&nbsp;&nbsp; Manulife Financial Corp. | 32500 | (1012375) |
| &nbsp;&nbsp;&nbsp;&nbsp; Markel Group, Inc. (a) | 200 | (373922) |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. | 2000 | (160580) |
| &nbsp;&nbsp;&nbsp;&nbsp; Progressive Corp. | 2700 | (764127) |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential Financial, Inc. | 100 | (11168) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Life Financial, Inc. | 1300 | (74438) |
| &nbsp;&nbsp;&nbsp;&nbsp; Travelers Cos., Inc. | 100 | (26446) |
| &nbsp;&nbsp;&nbsp;&nbsp; W.R. Berkley Corp. | 200 | (14232) |
|  |  | (4466194) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Materials — (0.3)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agnico Eagle Mines Ltd. | 3700 | (401117) |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Products & Chemicals, Inc. | 7700 | (2270884) |
| &nbsp;&nbsp;&nbsp;&nbsp; Albemarle Corp. (b) | 1059 | (76269) |
| &nbsp;&nbsp;&nbsp;&nbsp; Algoma Steel Group, Inc. | 200 | (1084) |
| &nbsp;&nbsp;&nbsp;&nbsp; Alpha Metallurgical Resources, Inc. (a) | 400 | (50100) |
| &nbsp;&nbsp;&nbsp;&nbsp; Arq, Inc. (a) | 1000 | (4170) |
| &nbsp;&nbsp;&nbsp;&nbsp; ASP Isotopes, Inc. (a) | 600 | (2814) |
| &nbsp;&nbsp;&nbsp;&nbsp; ATI, Inc. (a) | 1000 | (52030) |
| &nbsp;&nbsp;&nbsp;&nbsp; Avient Corp. | 700 | (26012) |
| &nbsp;&nbsp;&nbsp;&nbsp; Carpenter Technology Corp. | 100 | (18118) |
| &nbsp;&nbsp;&nbsp;&nbsp; Century Aluminum Co. (a) | 1000 | (18560) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc. (a) | 18800 | (154536) |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Metals Co. | 2100 | (96621) |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Minerals International, Inc. (a) | 100 | (929) |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellium SE (a) | 400 | (4036) |
| &nbsp;&nbsp;&nbsp;&nbsp; Corteva, Inc. (b) | 13147 | (827341) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; CRH PLC | 11800 | $(1038046) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dow, Inc. (b) | 915 | (31952) |
| &nbsp;&nbsp;&nbsp;&nbsp; Eastman Chemical Co. | 100 | (8811) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecolab, Inc. (b) | 255 | (64648) |
| &nbsp;&nbsp;&nbsp;&nbsp; Element Solutions, Inc. | 2000 | (45220) |
| &nbsp;&nbsp;&nbsp;&nbsp; Endeavour Silver Corp. (a) | 15300 | (65331) |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. (b) | 60700 | (2298102) |
| &nbsp;&nbsp;&nbsp;&nbsp; HB Fuller Co. | 400 | (22448) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hecla Mining Co. | 1640 | (9118) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hudbay Minerals, Inc. | 21200 | (160908) |
| &nbsp;&nbsp;&nbsp;&nbsp; i-80 Gold Corp. (a) | 18900 | (10996) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingevity Corp. (a) | 500 | (19795) |
| &nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc. | 6100 | (473421) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ivanhoe Electric, Inc. (a) | 6100 | (35441) |
| &nbsp;&nbsp;&nbsp;&nbsp; Kaiser Aluminum Corp. | 500 | (30310) |
| &nbsp;&nbsp;&nbsp;&nbsp; LyondellBasell Industries NV | 4700 | (330880) |
| &nbsp;&nbsp;&nbsp;&nbsp; MAG Silver Corp. (a) | 6000 | (91680) |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnera Corp. (a) | 2279 | (41387) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mativ Holdings, Inc. | 3900 | (24297) |
| &nbsp;&nbsp;&nbsp;&nbsp; Newmont Corp. | 200 | (9656) |
| &nbsp;&nbsp;&nbsp;&nbsp; Nucor Corp. | 3000 | (361020) |
| &nbsp;&nbsp;&nbsp;&nbsp; Nutrien Ltd. | 1400 | (69538) |
| &nbsp;&nbsp;&nbsp;&nbsp; Pan American Silver Corp. | 300 | (7749) |
| &nbsp;&nbsp;&nbsp;&nbsp; Piedmont Lithium, Inc. (a) | 3700 | (23310) |
| &nbsp;&nbsp;&nbsp;&nbsp; PPG Industries, Inc. (b) | 691 | (75561) |
| &nbsp;&nbsp;&nbsp;&nbsp; PureCycle Technologies, Inc. (a) | 5400 | (37368) |
| &nbsp;&nbsp;&nbsp;&nbsp; RPM International, Inc. | 200 | (23136) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams Co. | 300 | (104757) |
| &nbsp;&nbsp;&nbsp;&nbsp; Skeena Resources Ltd. (a) | 600 | (6054) |
| &nbsp;&nbsp;&nbsp;&nbsp; Smurfit WestRock PLC | 46500 | (2095290) |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Copper Corp. | 33 | (3084) |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Lithium Ltd. (a) | 9200 | (11684) |
| &nbsp;&nbsp;&nbsp;&nbsp; Steel Dynamics, Inc. | 6300 | (788004) |
| &nbsp;&nbsp;&nbsp;&nbsp; Taseko Mines Ltd. (a) | 2700 | (6048) |
| &nbsp;&nbsp;&nbsp;&nbsp; Teck Resources Ltd., Class B | 3900 | (142077) |
| &nbsp;&nbsp;&nbsp;&nbsp; TMC the metals Co., Inc. (a) | 13900 | (23908) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Steel Corp. | 8800 | (371888) |
| &nbsp;&nbsp;&nbsp;&nbsp; Vizsla Silver Corp. (a) | 100 | (227) |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrior Met Coal, Inc. | 4200 | (200424) |
|  |  | (13168195) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Media & Entertainment — (0.7)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advantage Solutions, Inc. (a) | 6200 | (9362) |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C (b) | 1783 | (278558) |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlanta Braves Holdings, Inc., Class C (a) | 4400 | (176044) |
| &nbsp;&nbsp;&nbsp;&nbsp; BuzzFeed, Inc. (a) | 277 | (590) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cable One, Inc. | 300 | $(79731) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cargurus, Inc. (a) | 5100 | (148563) |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. (a) | 360 | (132671) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cineverse Corp. (a) | 2381 | (7524) |
| &nbsp;&nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc. (a) | 7800 | (8658) |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp. (b) | 14510 | (535419) |
| &nbsp;&nbsp;&nbsp;&nbsp; CuriosityStream, Inc. | 100 | (268) |
| &nbsp;&nbsp;&nbsp;&nbsp; EchoStar Corp. (a) | 8558 | (218914) |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 7300 | (1054996) |
| &nbsp;&nbsp;&nbsp;&nbsp; IAC, Inc. (a) | 1200 | (55128) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ibotta, Inc. (a) | 200 | (8440) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interpublic Group of Cos., Inc. | 4400 | (119504) |
| &nbsp;&nbsp;&nbsp;&nbsp; John Wiley & Sons, Inc. | 1600 | (71296) |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Broadband Corp. (a) | 21700 | (1845585) |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty Formula One (a) | 1000 | (81470) |
| &nbsp;&nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc. (a),(b) | 9289 | (1212958) |
| &nbsp;&nbsp;&nbsp;&nbsp; LQR House, Inc. (a) | 2500 | (500) |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnite, Inc. (a) | 2000 | (22820) |
| &nbsp;&nbsp;&nbsp;&nbsp; Marcus Corp. (The) | 2400 | (40056) |
| &nbsp;&nbsp;&nbsp;&nbsp; Match Group, Inc. | 26400 | (823680) |
| &nbsp;&nbsp;&nbsp;&nbsp; National CineMedia, Inc. | 14360 | (83862) |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexstar Media Group, Inc. (b) | 1703 | (305212) |
| &nbsp;&nbsp;&nbsp;&nbsp; Omnicom Group, Inc. | 400 | (33164) |
| &nbsp;&nbsp;&nbsp;&nbsp; Outbrain, Inc. (a) | 100 | (373) |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinterest, Inc. (a) | 2400 | (74400) |
| &nbsp;&nbsp;&nbsp;&nbsp; PSQ Holdings, Inc. (a) | 100 | (229) |
| &nbsp;&nbsp;&nbsp;&nbsp; PubMatic, Inc. (a) | 400 | (3656) |
| &nbsp;&nbsp;&nbsp;&nbsp; Rumble, Inc. (a) | 100 | (707) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sinclair, Inc. | 3900 | (62127) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sirius XM Holdings, Inc. | 4419 | (99626) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sphere Entertainment Co. (a) | 4100 | (134152) |
| &nbsp;&nbsp;&nbsp;&nbsp; System1, Inc. (a) | 1900 | (724) |
| &nbsp;&nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc. (a) | 43600 | (9036100) |
| &nbsp;&nbsp;&nbsp;&nbsp; TechTarget, Inc. (a) | 100 | (1481) |
| &nbsp;&nbsp;&nbsp;&nbsp; TEGNA, Inc. | 6400 | (116608) |
| &nbsp;&nbsp;&nbsp;&nbsp; TEN Holdings, Inc. (a) | 300 | (300) |
| &nbsp;&nbsp;&nbsp;&nbsp; Treasure Global, Inc. (a) | 10100 | (778) |
| &nbsp;&nbsp;&nbsp;&nbsp; TripAdvisor, Inc. (a) | 1300 | (18421) |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. (b) | 16163 | (1595288) |
| &nbsp;&nbsp;&nbsp;&nbsp; Warner Bros Discovery, Inc. (a) | 177974 | (1909661) |
| &nbsp;&nbsp;&nbsp;&nbsp; Yelp, Inc. (a) | 2000 | (74060) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ziff Davis, Inc. (a) | 300 | (11274) |
| &nbsp;&nbsp;&nbsp;&nbsp; ZipRecruiter, Inc. (a) | 2700 | (15903) |
|  |  | (20510841) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Pharmaceuticals, Biotechnology & Life Sciences — (0.6)%* | &nbsp;&nbsp;&nbsp;&nbsp; *Pharmaceuticals, Biotechnology & Life Sciences — (0.6)%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2seventy bio, Inc. (a) | 500 | $(2470) |
| &nbsp;&nbsp;&nbsp;&nbsp; Abeona Therapeutics, Inc. (a) | 1528 | (7273) |
| &nbsp;&nbsp;&nbsp;&nbsp; ACELYRIN, Inc. (a) | 1200 | (2964) |
| &nbsp;&nbsp;&nbsp;&nbsp; Aceragen, Inc. (a),(e) | 735 | (283) |
| &nbsp;&nbsp;&nbsp;&nbsp; Achieve Life Sciences, Inc. (a) | 700 | (1869) |
| &nbsp;&nbsp;&nbsp;&nbsp; Acrivon Therapeutics, Inc. (a) | 1000 | (2030) |
| &nbsp;&nbsp;&nbsp;&nbsp; Actinium Pharmaceuticals, Inc. (a) | 161 | (259) |
| &nbsp;&nbsp;&nbsp;&nbsp; Adaptive Biotechnologies Corp. (a) | 3000 | (22290) |
| &nbsp;&nbsp;&nbsp;&nbsp; Adial Pharmaceuticals, Inc. (a) | 32 | (20) |
| &nbsp;&nbsp;&nbsp;&nbsp; Agenus, Inc. (a) | 7975 | (12002) |
| &nbsp;&nbsp;&nbsp;&nbsp; Akebia Therapeutics, Inc. (a) | 5700 | (10944) |
| &nbsp;&nbsp;&nbsp;&nbsp; Akero Therapeutics, Inc. (a) | 100 | (4048) |
| &nbsp;&nbsp;&nbsp;&nbsp; Akoya Biosciences, Inc. (a) | 3000 | (4170) |
| &nbsp;&nbsp;&nbsp;&nbsp; Aldeyra Therapeutics, Inc. (a) | 1200 | (6900) |
| &nbsp;&nbsp;&nbsp;&nbsp; Aligos Therapeutics, Inc. (a) | 1100 | (9075) |
| &nbsp;&nbsp;&nbsp;&nbsp; Allarity Therapeutics, Inc. (a) | 1500 | (1405) |
| &nbsp;&nbsp;&nbsp;&nbsp; Alumis, Inc. (a) | 200 | (1228) |
| &nbsp;&nbsp;&nbsp;&nbsp; ANI Pharmaceuticals, Inc. (a) | 100 | (6695) |
| &nbsp;&nbsp;&nbsp;&nbsp; Arbutus Biopharma Corp. (a) | 1500 | (5235) |
| &nbsp;&nbsp;&nbsp;&nbsp; Arcellx, Inc. (a) | 100 | (6560) |
| &nbsp;&nbsp;&nbsp;&nbsp; Arcturus Therapeutics Holdings, Inc. (a) | 800 | (8472) |
| &nbsp;&nbsp;&nbsp;&nbsp; ARS Pharmaceuticals, Inc. (a) | 4600 | (57868) |
| &nbsp;&nbsp;&nbsp;&nbsp; Astria Therapeutics, Inc. (a) | 200 | (1068) |
| &nbsp;&nbsp;&nbsp;&nbsp; Atara Biotherapeutics, Inc. (a) | 1964 | (11666) |
| &nbsp;&nbsp;&nbsp;&nbsp; aTyr Pharma, Inc. (a) | 600 | (1812) |
| &nbsp;&nbsp;&nbsp;&nbsp; Aurora Cannabis, Inc. (a) | 1600 | (7024) |
| &nbsp;&nbsp;&nbsp;&nbsp; Avadel Pharmaceuticals PLC (a) | 11400 | (89262) |
| &nbsp;&nbsp;&nbsp;&nbsp; Avantor, Inc. (a) | 7490 | (121413) |
| &nbsp;&nbsp;&nbsp;&nbsp; Avidity Biosciences, Inc. (a) | 2500 | (73800) |
| &nbsp;&nbsp;&nbsp;&nbsp; Avita Medical, Inc. (a) | 400 | (3256) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bicara Therapeutics, Inc. (a) | 400 | (5212) |
| &nbsp;&nbsp;&nbsp;&nbsp; BioLife Solutions, Inc. (a) | 2900 | (66236) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bionano Genomics, Inc. (a) | 700 | (1953) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bio-Techne Corp. | 6300 | (369369) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bioxcel Therapeutics, Inc. (a) | 18 | (37) |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Diamond Therapeutics, Inc. (a) | 19100 | (29605) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bluebird Bio, Inc. (a) | 200 | (976) |
| &nbsp;&nbsp;&nbsp;&nbsp; Blueprint Medicines Corp. (a) | 800 | (70808) |
| &nbsp;&nbsp;&nbsp;&nbsp; BrainStorm Cell Therapeutics, Inc. (a) | 33 | (42) |
| &nbsp;&nbsp;&nbsp;&nbsp; BriaCell Therapeutics Corp. (a) | 400 | (1480) |
| &nbsp;&nbsp;&nbsp;&nbsp; Candel Therapeutics, Inc. (a) | 5300 | (29945) |
| &nbsp;&nbsp;&nbsp;&nbsp; Canopy Growth Corp. (a) | 3981 | (3623) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capricor Therapeutics, Inc. (a) | 6500 | (61685) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardio Diagnostics Holdings, Inc. (a) | 11672 | (3852) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cargo Therapeutics, Inc. (a) | 300 | (1221) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cartesian Therapeutics, Inc. (a) | 60 | $(791) |
| &nbsp;&nbsp;&nbsp;&nbsp; CASI Pharmaceuticals Holdings, Inc. (a) | 447 | (966) |
| &nbsp;&nbsp;&nbsp;&nbsp; Catalyst Pharmaceuticals, Inc. (a) | 1700 | (41225) |
| &nbsp;&nbsp;&nbsp;&nbsp; Celldex Therapeutics, Inc. (a) | 300 | (5445) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cellectar Biosciences, Inc. (a) | 5700 | (1797) |
| &nbsp;&nbsp;&nbsp;&nbsp; Centessa Pharmaceuticals PLC, ADR (a) | 9900 | (142362) |
| &nbsp;&nbsp;&nbsp;&nbsp; CG oncology, Inc. (a) | 3000 | (73470) |
| &nbsp;&nbsp;&nbsp;&nbsp; Checkpoint Therapeutics, Inc. (a) | 7500 | (30300) |
| &nbsp;&nbsp;&nbsp;&nbsp; Chimerix, Inc. (a) | 1000 | (8510) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cibus, Inc. (a) | 900 | (1683) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cidara Therapeutics, Inc. (a) | 1455 | (31341) |
| &nbsp;&nbsp;&nbsp;&nbsp; Citius Pharmaceuticals, Inc. (a) | 431 | (642) |
| &nbsp;&nbsp;&nbsp;&nbsp; CNS Pharmaceuticals, Inc. (a) | 991 | (1348) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cogent Biosciences, Inc. (a) | 1400 | (8386) |
| &nbsp;&nbsp;&nbsp;&nbsp; Coherus Biosciences, Inc. (a) | 2800 | (2260) |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Therapeutics, Inc. (a) | 700 | (1330) |
| &nbsp;&nbsp;&nbsp;&nbsp; Conduit Pharmaceuticals, Inc. (a) | 117 | (91) |
| &nbsp;&nbsp;&nbsp;&nbsp; CorMedix, Inc. (a) | 2400 | (14784) |
| &nbsp;&nbsp;&nbsp;&nbsp; Crinetics Pharmaceuticals, Inc. (a) | 700 | (23478) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cronos Group, Inc. (a) | 600 | (1086) |
| &nbsp;&nbsp;&nbsp;&nbsp; CryoPort, Inc. (a) | 200 | (1216) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cue Biopharma, Inc. (a) | 200 | (182) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cytek Biosciences, Inc. (a) | 4100 | (16441) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cytokinetics, Inc. (a) | 200 | (8038) |
| &nbsp;&nbsp;&nbsp;&nbsp; CytomX Therapeutics, Inc. (a) | 100 | (64) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dyne Therapeutics, Inc. (a) | 500 | (5230) |
| &nbsp;&nbsp;&nbsp;&nbsp; Edgewise Therapeutics, Inc. (a) | 3500 | (77000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc. (a) | 23100 | (242550) |
| &nbsp;&nbsp;&nbsp;&nbsp; Eledon Pharmaceuticals, Inc. (a) | 700 | (2373) |
| &nbsp;&nbsp;&nbsp;&nbsp; Enliven Therapeutics, Inc. (a) | 300 | (5904) |
| &nbsp;&nbsp;&nbsp;&nbsp; Entrada Therapeutics, Inc. (a) | 700 | (6328) |
| &nbsp;&nbsp;&nbsp;&nbsp; Exact Sciences Corp. (a) | 28300 | (1225107) |
| &nbsp;&nbsp;&nbsp;&nbsp; Eyenovia, Inc. (a) | 451 | (496) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fennec Pharmaceuticals, Inc. (a) | 700 | (4263) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fibrobiologics, Inc. (a) | 3100 | (2790) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foghorn Therapeutics, Inc. (a) | 900 | (3285) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortrea Holdings, Inc. (a) | 3600 | (27180) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortress Biotech, Inc. (a) | 9380 | (14633) |
| &nbsp;&nbsp;&nbsp;&nbsp; GeoVax Labs, Inc. (a) | 3800 | (4028) |
| &nbsp;&nbsp;&nbsp;&nbsp; Geron Corp. (a) | 78000 | (124020) |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 1300 | (145665) |
| &nbsp;&nbsp;&nbsp;&nbsp; GRI Bio, Inc. (a) | 135 | (432) |
| &nbsp;&nbsp;&nbsp;&nbsp; GSK PLC, ADR (b) | 17419 | (674812) |
| &nbsp;&nbsp;&nbsp;&nbsp; Haleon PLC, ADR | 35500 | (365295) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hepion Pharmaceuticals, Inc. (a) | 100 | (43) |
| &nbsp;&nbsp;&nbsp;&nbsp; ICON PLC, ADR (a) | 6100 | (1067439) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Immunic, Inc. (a) | 900 | $(981) |
| &nbsp;&nbsp;&nbsp;&nbsp; ImmunityBio, Inc. (a) | 898 | (2703) |
| &nbsp;&nbsp;&nbsp;&nbsp; ImmunoPrecise Antibodies Ltd. (a) | 1400 | (527) |
| &nbsp;&nbsp;&nbsp;&nbsp; Immunovant, Inc. (a) | 900 | (15381) |
| &nbsp;&nbsp;&nbsp;&nbsp; Imunon, Inc. (a) | 100 | (105) |
| &nbsp;&nbsp;&nbsp;&nbsp; Inhibikase Therapeutics, Inc. (a) | 500 | (1095) |
| &nbsp;&nbsp;&nbsp;&nbsp; Inhibrx Biosciences, Inc. (a) | 200 | (2798) |
| &nbsp;&nbsp;&nbsp;&nbsp; Inmune Bio, Inc. (a) | 200 | (1562) |
| &nbsp;&nbsp;&nbsp;&nbsp; Invivyd, Inc. (a) | 15200 | (9201) |
| &nbsp;&nbsp;&nbsp;&nbsp; Iovance Biotherapeutics, Inc. (a) | 11700 | (38961) |
| &nbsp;&nbsp;&nbsp;&nbsp; iTeos Therapeutics, Inc. (a) | 200 | (1194) |
| &nbsp;&nbsp;&nbsp;&nbsp; Iterum Therapeutics PLC (a) | 13 | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Jaguar Health, Inc. (a) | 219 | (1040) |
| &nbsp;&nbsp;&nbsp;&nbsp; Janux Therapeutics, Inc. (a) | 2900 | (78300) |
| &nbsp;&nbsp;&nbsp;&nbsp; Jasper Therapeutics, Inc. (a) | 100 | (430) |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson (b) | 816 | (135325) |
| &nbsp;&nbsp;&nbsp;&nbsp; KalVista Pharmaceuticals, Inc. (a) | 2200 | (25388) |
| &nbsp;&nbsp;&nbsp;&nbsp; Karyopharm Therapeutics, Inc. (a) | 233 | (871) |
| &nbsp;&nbsp;&nbsp;&nbsp; Kiniksa Pharmaceuticals International PLC (a) | 200 | (4442) |
| &nbsp;&nbsp;&nbsp;&nbsp; Korro Bio, Inc. (a) | 200 | (3482) |
| &nbsp;&nbsp;&nbsp;&nbsp; Krystal Biotech, Inc. (a) | 2100 | (378630) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lexicon Pharmaceuticals, Inc. (a) | 14400 | (6636) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lifecore Biomedical, Inc. (a) | 200 | (1408) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ligand Pharmaceuticals, Inc. (a) | 100 | (10514) |
| &nbsp;&nbsp;&nbsp;&nbsp; Longeveron, Inc. (a) | 300 | (465) |
| &nbsp;&nbsp;&nbsp;&nbsp; Madrigal Pharmaceuticals, Inc. (a) | 7500 | (2484225) |
| &nbsp;&nbsp;&nbsp;&nbsp; Matinas BioPharma Holdings, Inc. (a) | 437 | (227) |
| &nbsp;&nbsp;&nbsp;&nbsp; MaxCyte, Inc. (a) | 300 | (819) |
| &nbsp;&nbsp;&nbsp;&nbsp; Meiragtx Holdings PLC (a) | 3500 | (23730) |
| &nbsp;&nbsp;&nbsp;&nbsp; Metsera, Inc. (a) | 300 | (8166) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mettler-Toledo International, Inc. (a) | 1100 | (1299001) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mind Medicine MindMed, Inc. (a) | 306 | (1790) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mineralys Therapeutics, Inc. (a) | 100 | (1588) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mira Pharmaceuticals, Inc. (a) | 100 | (98) |
| &nbsp;&nbsp;&nbsp;&nbsp; Monte Rosa Therapeutics, Inc. (a) | 500 | (2320) |
| &nbsp;&nbsp;&nbsp;&nbsp; Myriad Genetics, Inc. (a) | 2900 | (25723) |
| &nbsp;&nbsp;&nbsp;&nbsp; NeuBase Therapeutics, Inc. (a),(e) | 49 | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Neurogene, Inc. (a) | 200 | (2342) |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis AG, ADR | 1200 | (133776) |
| &nbsp;&nbsp;&nbsp;&nbsp; NRX Pharmaceuticals, Inc. (a) | 111 | (228) |
| &nbsp;&nbsp;&nbsp;&nbsp; Optinose, Inc. (a) | 286 | (2623) |
| &nbsp;&nbsp;&nbsp;&nbsp; Opus Genetics, Inc. (a) | 1400 | (1375) |
| &nbsp;&nbsp;&nbsp;&nbsp; Organigram Holdings, Inc. (a) | 10775 | (10883) |
| &nbsp;&nbsp;&nbsp;&nbsp; Organon & Co. | 1900 | (28291) |
| &nbsp;&nbsp;&nbsp;&nbsp; Outlook Therapeutics, Inc. (a) | 3210 | (3916) |
| &nbsp;&nbsp;&nbsp;&nbsp; Palatin Technologies, Inc. (a) | 3805 | (2218) |
| &nbsp;&nbsp;&nbsp;&nbsp; PDS Biotechnology Corp. (a) | 900 | (1071) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; PepGen, Inc. (a) | 11100 | $(15596) |
| &nbsp;&nbsp;&nbsp;&nbsp; Perrigo Co. PLC | 200 | (5608) |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. | 900 | (22806) |
| &nbsp;&nbsp;&nbsp;&nbsp; Praxis Precision Medicines, Inc. (a) | 60 | (2272) |
| &nbsp;&nbsp;&nbsp;&nbsp; Precigen, Inc. (a) | 10500 | (15645) |
| &nbsp;&nbsp;&nbsp;&nbsp; Precision BioSciences, Inc. (a) | 981 | (4679) |
| &nbsp;&nbsp;&nbsp;&nbsp; ProKidney Corp. (a) | 500 | (438) |
| &nbsp;&nbsp;&nbsp;&nbsp; Protagonist Therapeutics, Inc. (a) | 5100 | (246636) |
| &nbsp;&nbsp;&nbsp;&nbsp; Protara Therapeutics, Inc. (a) | 1100 | (4686) |
| &nbsp;&nbsp;&nbsp;&nbsp; Pyxis Oncology, Inc. (a) | 1200 | (1176) |
| &nbsp;&nbsp;&nbsp;&nbsp; Quantum-Si, Inc. (a) | 3600 | (4320) |
| &nbsp;&nbsp;&nbsp;&nbsp; Recursion Pharmaceuticals, Inc., Class A (a) | 400 | (2116) |
| &nbsp;&nbsp;&nbsp;&nbsp; Regulus Therapeutics, Inc. (a) | 500 | (875) |
| &nbsp;&nbsp;&nbsp;&nbsp; Renovaro, Inc. (a) | 3200 | (1738) |
| &nbsp;&nbsp;&nbsp;&nbsp; Repligen Corp. (a) | 100 | (12724) |
| &nbsp;&nbsp;&nbsp;&nbsp; REVOLUTION Medicines, Inc. (a) | 2945 | (104135) |
| &nbsp;&nbsp;&nbsp;&nbsp; Revvity, Inc. | 2000 | (211600) |
| &nbsp;&nbsp;&nbsp;&nbsp; Rhythm Pharmaceuticals, Inc. (a) | 5500 | (291335) |
| &nbsp;&nbsp;&nbsp;&nbsp; Roivant Sciences Ltd. (a) | 137600 | (1388384) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sagimet Biosciences, Inc. (a) | 3200 | (10432) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sana Biotechnology, Inc. (a) | 5800 | (9744) |
| &nbsp;&nbsp;&nbsp;&nbsp; Scilex Holding Co. (a) | 11154 | (2772) |
| &nbsp;&nbsp;&nbsp;&nbsp; scPharmaceuticals, Inc. (a) | 5000 | (13150) |
| &nbsp;&nbsp;&nbsp;&nbsp; SCYNEXIS, Inc. (a) | 3600 | (3428) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sera Prognostics, Inc. (a) | 1629 | (5995) |
| &nbsp;&nbsp;&nbsp;&nbsp; Seres Therapeutics, Inc. (a) | 20400 | (14282) |
| &nbsp;&nbsp;&nbsp;&nbsp; SNDL, Inc. (a) | 35140 | (49547) |
| &nbsp;&nbsp;&nbsp;&nbsp; Soleno Therapeutics, Inc. (a) | 4600 | (328670) |
| &nbsp;&nbsp;&nbsp;&nbsp; Solid Biosciences, Inc. (a) | 2627 | (9720) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sotera Health Co. (a) | 1800 | (20988) |
| &nbsp;&nbsp;&nbsp;&nbsp; SpringWorks Therapeutics, Inc. (a) | 7600 | (335388) |
| &nbsp;&nbsp;&nbsp;&nbsp; Spyre Therapeutics, Inc. (a) | 148 | (2388) |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard BioTools, Inc. (a) | 9200 | (9936) |
| &nbsp;&nbsp;&nbsp;&nbsp; Structure Therapeutics, Inc., ADR (a) | 8200 | (141942) |
| &nbsp;&nbsp;&nbsp;&nbsp; Summit Therapeutics, Inc. (a) | 79700 | (1537413) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tarsus Pharmaceuticals, Inc. (a) | 800 | (41096) |
| &nbsp;&nbsp;&nbsp;&nbsp; Taysha Gene Therapies, Inc. (a) | 7300 | (10147) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tempest Therapeutics, Inc. (a) | 1759 | (1298) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tevogen Bio Holdings, Inc. (a) | 100 | (108) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tilray Brands, Inc. (a) | 302822 | (199106) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tonix Pharmaceuticals Holding Corp. (a) | 1535 | (27438) |
| &nbsp;&nbsp;&nbsp;&nbsp; TransCode Therapeutics, Inc. (a) | 2678 | (1326) |
| &nbsp;&nbsp;&nbsp;&nbsp; TuHURA Biosciences, Inc. (a) | 1400 | (4522) |
| &nbsp;&nbsp;&nbsp;&nbsp; Vaxart, Inc. (a) | 300 | (122) |
| &nbsp;&nbsp;&nbsp;&nbsp; Vaxcyte, Inc. (a) | 17700 | (668352) |
| &nbsp;&nbsp;&nbsp;&nbsp; Vera Therapeutics, Inc. (a) | 400 | (9608) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Veracyte, Inc. (a) | 7200 | $(213480) |
| &nbsp;&nbsp;&nbsp;&nbsp; Vericel Corp. (a) | 1000 | (44620) |
| &nbsp;&nbsp;&nbsp;&nbsp; Verrica Pharmaceuticals, Inc. (a) | 600 | (265) |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc. (a) | 4400 | (2133208) |
| &nbsp;&nbsp;&nbsp;&nbsp; Veru, Inc. (a) | 28824 | (14127) |
| &nbsp;&nbsp;&nbsp;&nbsp; Viking Therapeutics, Inc. (a) | 13000 | (313950) |
| &nbsp;&nbsp;&nbsp;&nbsp; Vincerx Pharma, Inc. (a) | 410 | (217) |
| &nbsp;&nbsp;&nbsp;&nbsp; Voyager Therapeutics, Inc. (a) | 3600 | (12168) |
| &nbsp;&nbsp;&nbsp;&nbsp; vTv Therapeutics, Inc. (a) | 30 | (520) |
| &nbsp;&nbsp;&nbsp;&nbsp; X4 Pharmaceuticals, Inc. (a) | 46200 | (10922) |
| &nbsp;&nbsp;&nbsp;&nbsp; Zevra Therapeutics, Inc. (a) | 10200 | (76398) |
| &nbsp;&nbsp;&nbsp;&nbsp; Zymeworks, Inc. (a) | 3700 | (44067) |
|  |  | (18961026) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Real Estate — (0.8)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agree Realty Corp. (b) | 3830 | (295638) |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc. | 100 | (9251) |
| &nbsp;&nbsp;&nbsp;&nbsp; American Healthcare REIT, Inc. | 7300 | (221190) |
| &nbsp;&nbsp;&nbsp;&nbsp; American Homes 4 Rent, Class A | 1200 | (45372) |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp. | 2400 | (522240) |
| &nbsp;&nbsp;&nbsp;&nbsp; Americold Realty Trust, Inc. | 21300 | (457098) |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple Hospitality REIT, Inc. | 9300 | (120063) |
| &nbsp;&nbsp;&nbsp;&nbsp; Armada Hoffler Properties, Inc. | 100 | (751) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashford Hospitality Trust, Inc. (a) | 1020 | (7313) |
| &nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | 100 | (21462) |
| &nbsp;&nbsp;&nbsp;&nbsp; Braemar Hotels & Resorts, Inc. | 4000 | (9960) |
| &nbsp;&nbsp;&nbsp;&nbsp; Brixmor Property Group, Inc. | 400 | (10620) |
| &nbsp;&nbsp;&nbsp;&nbsp; BXP, Inc. | 6100 | (409859) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cousins Properties, Inc. | 100 | (2950) |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc. | 7500 | (781725) |
| &nbsp;&nbsp;&nbsp;&nbsp; CubeSmart | 300 | (12813) |
| &nbsp;&nbsp;&nbsp;&nbsp; DiamondRock Hospitality Co. | 800 | (6176) |
| &nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc. (b) | 2520 | (361091) |
| &nbsp;&nbsp;&nbsp;&nbsp; Douglas Emmett, Inc. | 1800 | (28800) |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Residential | 3600 | (257688) |
| &nbsp;&nbsp;&nbsp;&nbsp; Essential Properties Realty Trust, Inc. (b) | 139 | (4537) |
| &nbsp;&nbsp;&nbsp;&nbsp; Essex Property Trust, Inc. | 300 | (91971) |
| &nbsp;&nbsp;&nbsp;&nbsp; Extra Space Storage, Inc. | 12300 | (1826427) |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Realty Investment Trust | 100 | (9782) |
| &nbsp;&nbsp;&nbsp;&nbsp; Gaming and Leisure Properties, Inc. (b) | 6349 | (323164) |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. (b) | 16940 | (342527) |
| &nbsp;&nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. (b) | 166973 | (2372686) |
| &nbsp;&nbsp;&nbsp;&nbsp; Innovative Industrial Properties, Inc. | 2400 | (129816) |
| &nbsp;&nbsp;&nbsp;&nbsp; Invitation Homes, Inc. | 200 | (6970) |
| &nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain, Inc. (b) | 1038 | (89310) |
| &nbsp;&nbsp;&nbsp;&nbsp; JBG SMITH Properties | 2200 | (35442) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimco Realty Corp. | 800 | $(16992) |
| &nbsp;&nbsp;&nbsp;&nbsp; Kite Realty Group Trust | 7900 | (176723) |
| &nbsp;&nbsp;&nbsp;&nbsp; Macerich Co. | 13600 | (233512) |
| &nbsp;&nbsp;&nbsp;&nbsp; Millrose Properties, Inc. (a) | 107 | (2837) |
| &nbsp;&nbsp;&nbsp;&nbsp; NexPoint Diversified Real Estate Trust | 343 | (1314) |
| &nbsp;&nbsp;&nbsp;&nbsp; NNN REIT, Inc. (b) | 7601 | (324183) |
| &nbsp;&nbsp;&nbsp;&nbsp; Omega Healthcare Investors, Inc. (b) | 1672 | (63670) |
| &nbsp;&nbsp;&nbsp;&nbsp; Orion Properties, Inc. | 300 | (642) |
| &nbsp;&nbsp;&nbsp;&nbsp; Outfront Media, Inc. | 32596 | (526099) |
| &nbsp;&nbsp;&nbsp;&nbsp; Park Hotels & Resorts, Inc. (b) | 5853 | (62510) |
| &nbsp;&nbsp;&nbsp;&nbsp; Peakstone Realty Trust | 1500 | (18900) |
| &nbsp;&nbsp;&nbsp;&nbsp; Phillips Edison & Co., Inc. | 3200 | (116768) |
| &nbsp;&nbsp;&nbsp;&nbsp; PotlatchDeltic Corp. | 21 | (948) |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | 11600 | (1296764) |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Storage | 4500 | (1346805) |
| &nbsp;&nbsp;&nbsp;&nbsp; Realty Income Corp. (b) | 36073 | (2092595) |
| &nbsp;&nbsp;&nbsp;&nbsp; Regency Centers Corp. | 5600 | (413056) |
| &nbsp;&nbsp;&nbsp;&nbsp; Rexford Industrial Realty, Inc. | 4100 | (160515) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryman Hospitality Properties, Inc. | 100 | (9144) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabra Health Care REIT, Inc. (b) | 6635 | (115913) |
| &nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | 3000 | (498240) |
| &nbsp;&nbsp;&nbsp;&nbsp; SL Green Realty Corp. | 6351 | (366453) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Communities, Inc. | 1100 | (141504) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunstone Hotel Investors, Inc. | 26800 | (252188) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tanger, Inc. | 1100 | (37169) |
| &nbsp;&nbsp;&nbsp;&nbsp; UDR, Inc. | 4900 | (221333) |
| &nbsp;&nbsp;&nbsp;&nbsp; Urban Edge Properties | 8300 | (157700) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ventas, Inc. (b) | 2929 | (201398) |
| &nbsp;&nbsp;&nbsp;&nbsp; VICI Properties, Inc. (b) | 144494 | (4713394) |
| &nbsp;&nbsp;&nbsp;&nbsp; Vornado Realty Trust | 20300 | (750897) |
| &nbsp;&nbsp;&nbsp;&nbsp; Welltower, Inc. (b) | 35753 | (5477717) |
| &nbsp;&nbsp;&nbsp;&nbsp; Weyerhaeuser Co. | 30400 | (890112) |
| &nbsp;&nbsp;&nbsp;&nbsp; WP Carey, Inc. (b) | 10540 | (665179) |
| &nbsp;&nbsp;&nbsp;&nbsp; Xenia Hotels & Resorts, Inc. | 1100 | (12936) |
|  |  | (30180802) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Real Estate Management & Development — (0.1)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Altisource Portfolio Solutions SA (a) | 1400 | (953) |
| &nbsp;&nbsp;&nbsp;&nbsp; CBRE Group, Inc. (a) | 20200 | (2641756) |
| &nbsp;&nbsp;&nbsp;&nbsp; Colliers International Group, Inc. | 800 | (97040) |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass, Inc. (a) | 200 | (1746) |
| &nbsp;&nbsp;&nbsp;&nbsp; CoStar Group, Inc. (a) | 4119 | (326348) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cushman & Wakefield PLC (a) | 5800 | (59276) |
| &nbsp;&nbsp;&nbsp;&nbsp; Jones Lang LaSalle, Inc. (a) | 3000 | (743730) |
| &nbsp;&nbsp;&nbsp;&nbsp; Kennedy-Wilson Holdings, Inc. | 5900 | (51212) |
| &nbsp;&nbsp;&nbsp;&nbsp; La Rosa Holdings Corp. (a) | 300 | (54) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Brokerage, Inc. (a) | 400 | $(1624) |
| &nbsp;&nbsp;&nbsp;&nbsp; Safe & Green Development Corp. (a) | 5 | (7) |
|  |  | (3923746) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Retailing — (0.5)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc. (a) | 800 | (176672) |
| &nbsp;&nbsp;&nbsp;&nbsp; BARK, Inc. (a) | 7100 | (9869) |
| &nbsp;&nbsp;&nbsp;&nbsp; Barnes & Noble Education, Inc. (a) | 4035 | (42367) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bath & Body Works, Inc. | 7000 | (212240) |
| &nbsp;&nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | 14300 | (1052623) |
| &nbsp;&nbsp;&nbsp;&nbsp; Boot Barn Holdings, Inc. (a) | 6600 | (709038) |
| &nbsp;&nbsp;&nbsp;&nbsp; Build-A-Bear Workshop, Inc. | 200 | (7434) |
| &nbsp;&nbsp;&nbsp;&nbsp; Burlington Stores, Inc. (a) | 8900 | (2121137) |
| &nbsp;&nbsp;&nbsp;&nbsp; ContextLogic, Inc. (a) | 400 | (2792) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dick's Sporting Goods, Inc. | 2200 | (443432) |
| &nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. | 12200 | (826306) |
| &nbsp;&nbsp;&nbsp;&nbsp; Express, Inc. (a) | 0 | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foot Locker, Inc. (a) | 700 | (9870) |
| &nbsp;&nbsp;&nbsp;&nbsp; Gap, Inc. | 14900 | (307089) |
| &nbsp;&nbsp;&nbsp;&nbsp; Genuine Parts Co. | 2200 | (262108) |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot, Inc. | 4800 | (1759152) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lithia Motors, Inc. | 1400 | (410956) |
| &nbsp;&nbsp;&nbsp;&nbsp; LKQ Corp. | 8100 | (344574) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. (b) | 4499 | (1049302) |
| &nbsp;&nbsp;&nbsp;&nbsp; Macy's, Inc. | 1600 | (20096) |
| &nbsp;&nbsp;&nbsp;&nbsp; Murphy USA, Inc. | 300 | (140943) |
| &nbsp;&nbsp;&nbsp;&nbsp; National Vision Holdings, Inc. (a) | 500 | (6390) |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordstrom, Inc. | 48800 | (1193160) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ollie's Bargain Outlet Holdings, Inc. (a) | 700 | (81452) |
| &nbsp;&nbsp;&nbsp;&nbsp; OneWater Marine, Inc. (a) | 900 | (14562) |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool Corp. | 5100 | (1623585) |
| &nbsp;&nbsp;&nbsp;&nbsp; Revolve Group, Inc. (a) | 200 | (4298) |
| &nbsp;&nbsp;&nbsp;&nbsp; RH (a) | 100 | (23441) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ross Stores, Inc. | 100 | (12779) |
| &nbsp;&nbsp;&nbsp;&nbsp; RumbleON, Inc. (a) | 1649 | (4650) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sally Beauty Holdings, Inc. (a) | 2900 | (26187) |
| &nbsp;&nbsp;&nbsp;&nbsp; Savers Value Village, Inc. (a) | 300 | (2070) |
| &nbsp;&nbsp;&nbsp;&nbsp; Signet Jewelers Ltd. | 14500 | (841870) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tilly's, Inc. (a) | 200 | (440) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tractor Supply Co. | 14600 | (804460) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ulta Beauty, Inc. (a) | 10700 | (3921978) |
| &nbsp;&nbsp;&nbsp;&nbsp; Upbound Group, Inc. | 400 | (9584) |
| &nbsp;&nbsp;&nbsp;&nbsp; Urban Outfitters, Inc. (a) | 100 | (5240) |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams-Sonoma, Inc. (b) | 2454 | (387977) |
|  |  | (18872126) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Semiconductors & Semiconductor Equipment — (0.4)%* | &nbsp;&nbsp;&nbsp;&nbsp; *Semiconductors & Semiconductor Equipment — (0.4)%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ACM Research, Inc. (a) | 1500 | $(35010) |
| &nbsp;&nbsp;&nbsp;&nbsp; Aehr Test Systems (a) | 500 | (3645) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ambarella, Inc. (a) | 200 | (10066) |
| &nbsp;&nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 200 | (40334) |
| &nbsp;&nbsp;&nbsp;&nbsp; ARM Holdings PLC, ADR (a) | 31400 | (3353206) |
| &nbsp;&nbsp;&nbsp;&nbsp; Atomera, Inc. (a) | 900 | (3600) |
| &nbsp;&nbsp;&nbsp;&nbsp; Axcelis Technologies, Inc. (a) | 200 | (9934) |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Solar, Inc. (a) | 21900 | (189435) |
| &nbsp;&nbsp;&nbsp;&nbsp; Entegris, Inc. (b) | 3366 | (294458) |
| &nbsp;&nbsp;&nbsp;&nbsp; First Solar, Inc. (a) | 36400 | (4602052) |
| &nbsp;&nbsp;&nbsp;&nbsp; GCT Semiconductor Holding, Inc. (a) | 3200 | (5248) |
| &nbsp;&nbsp;&nbsp;&nbsp; GLOBALFOUNDRIES, Inc. (a) | 400 | (14764) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ichor Holdings Ltd. (a) | 200 | (4522) |
| &nbsp;&nbsp;&nbsp;&nbsp; Kopin Corp. (a) | 2500 | (2330) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lattice Semiconductor Corp. (a) | 2400 | (125880) |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 2900 | (251981) |
| &nbsp;&nbsp;&nbsp;&nbsp; MKS Instruments, Inc. | 2300 | (184345) |
| &nbsp;&nbsp;&nbsp;&nbsp; Monolithic Power Systems, Inc. | 2100 | (1217958) |
| &nbsp;&nbsp;&nbsp;&nbsp; Navitas Semiconductor Corp. (a) | 18200 | (37310) |
| &nbsp;&nbsp;&nbsp;&nbsp; Onto Innovation, Inc. (a) | 300 | (36402) |
| &nbsp;&nbsp;&nbsp;&nbsp; Photronics, Inc. (a) | 200 | (4152) |
| &nbsp;&nbsp;&nbsp;&nbsp; POET Technologies, Inc. (a) | 700 | (2646) |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc. (b) | 770 | (118280) |
| &nbsp;&nbsp;&nbsp;&nbsp; Rigetti Computing, Inc. (a) | 37200 | (294624) |
| &nbsp;&nbsp;&nbsp;&nbsp; SiTime Corp. (a) | 300 | (45861) |
| &nbsp;&nbsp;&nbsp;&nbsp; SkyWater Technology, Inc. (a) | 100 | (709) |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc. (b) | 9676 | (1738777) |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Display Corp. | 100 | (13948) |
|  |  | (12641477) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Software & Services — (0.9)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adeia, Inc. | 1000 | (13220) |
| &nbsp;&nbsp;&nbsp;&nbsp; Airship AI Holdings, Inc. (a) | 360 | (1390) |
| &nbsp;&nbsp;&nbsp;&nbsp; ANSYS, Inc. (a) | 3000 | (949680) |
| &nbsp;&nbsp;&nbsp;&nbsp; Appfolio, Inc. (a) | 400 | (87960) |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Digital Corp. (a) | 31500 | (177030) |
| &nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corp., Class A (a) | 4100 | (1086377) |
| &nbsp;&nbsp;&nbsp;&nbsp; ASGN, Inc. (a) | 400 | (25208) |
| &nbsp;&nbsp;&nbsp;&nbsp; Auddia, Inc. (a) | 23 | (91) |
| &nbsp;&nbsp;&nbsp;&nbsp; Aurora Innovation, Inc. (a) | 71800 | (482855) |
| &nbsp;&nbsp;&nbsp;&nbsp; BigBear.ai Holdings, Inc. (a) | 43607 | (124716) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bio-key International, Inc. (a) | 9 | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bit Digital, Inc. (a) | 44800 | (90496) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bitdeer Technologies Group (a) | 17600 | (155408) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackBerry Ltd. (a) | 100 | (377) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackLine, Inc. (a) | 200 | $(9684) |
| &nbsp;&nbsp;&nbsp;&nbsp; Braze, Inc. (a) | 6300 | (227304) |
| &nbsp;&nbsp;&nbsp;&nbsp; C3.ai, Inc. (a) | 5300 | (111565) |
| &nbsp;&nbsp;&nbsp;&nbsp; CCC Intelligent Solutions Holdings, Inc. (a) | 18700 | (168861) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cerence, Inc. (a) | 6100 | (48190) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cipher Mining, Inc. (a) | 2400 | (5520) |
| &nbsp;&nbsp;&nbsp;&nbsp; CISO Global, Inc. (a) | 3000 | (1329) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cleanspark, Inc. (a) | 95400 | (641088) |
| &nbsp;&nbsp;&nbsp;&nbsp; Confluent, Inc. (a) | 16000 | (375040) |
| &nbsp;&nbsp;&nbsp;&nbsp; Consensus Cloud Solutions, Inc. (a) | 400 | (9232) |
| &nbsp;&nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc. (a),(b) | 1213 | (427680) |
| &nbsp;&nbsp;&nbsp;&nbsp; CXApp, Inc. (a) | 5000 | (4499) |
| &nbsp;&nbsp;&nbsp;&nbsp; CYNGN, Inc. (a) | 500 | (2265) |
| &nbsp;&nbsp;&nbsp;&nbsp; DatChat, Inc. (a) | 1200 | (4632) |
| &nbsp;&nbsp;&nbsp;&nbsp; Digimarc Corp. (a) | 500 | (6410) |
| &nbsp;&nbsp;&nbsp;&nbsp; Docusign, Inc. (a) | 1700 | (138380) |
| &nbsp;&nbsp;&nbsp;&nbsp; Domo, Inc. (a) | 1000 | (7760) |
| &nbsp;&nbsp;&nbsp;&nbsp; E2open Parent Holdings, Inc. (a) | 13100 | (26200) |
| &nbsp;&nbsp;&nbsp;&nbsp; EverCommerce, Inc. (a) | 900 | (9072) |
| &nbsp;&nbsp;&nbsp;&nbsp; Gartner, Inc. (a),(b) | 63 | (26444) |
| &nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc. | 2600 | (69004) |
| &nbsp;&nbsp;&nbsp;&nbsp; Gitlab, Inc., Class A (a) | 200 | (9400) |
| &nbsp;&nbsp;&nbsp;&nbsp; Globant SA (a) | 6400 | (753408) |
| &nbsp;&nbsp;&nbsp;&nbsp; Greenidge Generation Holdings, Inc. (a) | 2830 | (2077) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hive Digital Technologies Ltd. (a) | 5400 | (7830) |
| &nbsp;&nbsp;&nbsp;&nbsp; HUT 8 Corp. (a) | 28500 | (331170) |
| &nbsp;&nbsp;&nbsp;&nbsp; I3 Verticals, Inc. (a) | 100 | (2467) |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp. (b) | 6117 | (1521053) |
| &nbsp;&nbsp;&nbsp;&nbsp; Inuvo, Inc. (a) | 800 | (284) |
| &nbsp;&nbsp;&nbsp;&nbsp; Jamf Holding Corp. (a) | 400 | (4860) |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyndryl Holdings, Inc. (a) | 12100 | (379940) |
| &nbsp;&nbsp;&nbsp;&nbsp; Life360, Inc. (a) | 200 | (7678) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lightspeed Commerce, Inc. (a) | 11500 | (100625) |
| &nbsp;&nbsp;&nbsp;&nbsp; MARA Holdings, Inc. (a),(b) | 135451 | (1557686) |
| &nbsp;&nbsp;&nbsp;&nbsp; Marin Software, Inc. (a) | 33 | (45) |
| &nbsp;&nbsp;&nbsp;&nbsp; MicroAlgo, Inc. (a) | 3002 | (72798) |
| &nbsp;&nbsp;&nbsp;&nbsp; MicroCloud Hologram, Inc. (a) | 54690 | (45032) |
| &nbsp;&nbsp;&nbsp;&nbsp; MicroStrategy, Inc. (a),(b) | 13515 | (3895969) |
| &nbsp;&nbsp;&nbsp;&nbsp; nCino, Inc. (a) | 6300 | (173061) |
| &nbsp;&nbsp;&nbsp;&nbsp; NCR Voyix Corp. (a) | 2300 | (22425) |
| &nbsp;&nbsp;&nbsp;&nbsp; NextNav, Inc. (a) | 1200 | (14604) |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. | 30600 | (4278186) |
| &nbsp;&nbsp;&nbsp;&nbsp; Phunware, Inc. (a) | 6852 | (20213) |
| &nbsp;&nbsp;&nbsp;&nbsp; Procore Technologies, Inc. (a) | 19000 | (1254380) |
| &nbsp;&nbsp;&nbsp;&nbsp; PTC, Inc. (a) | 100 | (15495) |
| &nbsp;&nbsp;&nbsp;&nbsp; Quantum Computing, Inc. (a) | 18774 | (150192) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; reAlpha Tech Corp. (a) | 1000 | $(1090) |
| &nbsp;&nbsp;&nbsp;&nbsp; Rekor Systems, Inc. (a) | 31900 | (28286) |
| &nbsp;&nbsp;&nbsp;&nbsp; Riot Platforms, Inc. (a) | 119000 | (847280) |
| &nbsp;&nbsp;&nbsp;&nbsp; Roadzen, Inc. (a) | 600 | (624) |
| &nbsp;&nbsp;&nbsp;&nbsp; SailPoint, Inc. (a),(b) | 1229 | (23044) |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceTitan, Inc. (a) | 700 | (66577) |
| &nbsp;&nbsp;&nbsp;&nbsp; Shopify, Inc. (a) | 104692 | (9986047) |
| &nbsp;&nbsp;&nbsp;&nbsp; Silvaco Group, Inc. (a) | 400 | (1824) |
| &nbsp;&nbsp;&nbsp;&nbsp; Soluna Holdings, Inc. (a) | 2200 | (1404) |
| &nbsp;&nbsp;&nbsp;&nbsp; SoundHound AI, Inc., Class A (a) | 70700 | (574084) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sphere 3D Corp. (a) | 2714 | (1082) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sprinklr, Inc. (a) | 800 | (6680) |
| &nbsp;&nbsp;&nbsp;&nbsp; Synopsys, Inc. (a) | 4800 | (2058480) |
| &nbsp;&nbsp;&nbsp;&nbsp; Terawulf, Inc. (a) | 34000 | (92820) |
| &nbsp;&nbsp;&nbsp;&nbsp; Thumzup Media Corp. (a) | 100 | (404) |
| &nbsp;&nbsp;&nbsp;&nbsp; VeriSign, Inc. (a),(b) | 106 | (26910) |
| &nbsp;&nbsp;&nbsp;&nbsp; XTI Aerospace, Inc. (a) | 1200 | (1308) |
|  |  | (33853796) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Technology Hardware & Equipment — (0.4)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 908 Devices, Inc. (a) | 2800 | (12544) |
| &nbsp;&nbsp;&nbsp;&nbsp; ADTRAN Holdings, Inc. (a) | 800 | (6976) |
| &nbsp;&nbsp;&nbsp;&nbsp; Aeva Technologies, Inc. (a) | 260 | (1820) |
| &nbsp;&nbsp;&nbsp;&nbsp; AEye, Inc. (a) | 5570 | (3175) |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp., Class A | 4200 | (275478) |
| &nbsp;&nbsp;&nbsp;&nbsp; Arista Networks, Inc. (a),(b) | 2200 | (170456) |
| &nbsp;&nbsp;&nbsp;&nbsp; Belden, Inc. | 300 | (30075) |
| &nbsp;&nbsp;&nbsp;&nbsp; Celestica, Inc. (a) | 39400 | (3105114) |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearfield, Inc. (a) | 1600 | (47552) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognex Corp. | 300 | (8949) |
| &nbsp;&nbsp;&nbsp;&nbsp; Coherent Corp. (a) | 16400 | (1065016) |
| &nbsp;&nbsp;&nbsp;&nbsp; Corsair Gaming, Inc. (a) | 300 | (2658) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dell Technologies, Inc. | 6200 | (565130) |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolv Technologies Holdings, Inc. (a) | 100 | (312) |
| &nbsp;&nbsp;&nbsp;&nbsp; Flex Ltd. (a) | 35200 | (1164416) |
| &nbsp;&nbsp;&nbsp;&nbsp; Harmonic, Inc. (a) | 2100 | (20139) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | 2800 | (43204) |
| &nbsp;&nbsp;&nbsp;&nbsp; HP, Inc. | 2400 | (66456) |
| &nbsp;&nbsp;&nbsp;&nbsp; Insight Enterprises, Inc. (a) | 1700 | (254983) |
| &nbsp;&nbsp;&nbsp;&nbsp; Jabil, Inc. | 500 | (68035) |
| &nbsp;&nbsp;&nbsp;&nbsp; Keysight Technologies, Inc. (a) | 200 | (29954) |
| &nbsp;&nbsp;&nbsp;&nbsp; Knowles Corp. (a) | 100 | (1520) |
| &nbsp;&nbsp;&nbsp;&nbsp; LightPath Technologies, Inc., Class A (a) | 1400 | (2814) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lightwave Logic, Inc. (a) | 7600 | (7790) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lumentum Holdings, Inc. (a) | 8800 | (548592) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mirion Technologies, Inc. (a) | 21400 | (310300) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; MultiSensor AI Holdings, Inc. (a) | 1005 | $(935) |
| &nbsp;&nbsp;&nbsp;&nbsp; Neonode, Inc. (a) | 1800 | (14652) |
| &nbsp;&nbsp;&nbsp;&nbsp; NETGEAR, Inc. (a) | 1300 | (31798) |
| &nbsp;&nbsp;&nbsp;&nbsp; Novanta, Inc. (a) | 1100 | (140657) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ondas Holdings, Inc. (a) | 600 | (642) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ouster, Inc. (a) | 9470 | (85041) |
| &nbsp;&nbsp;&nbsp;&nbsp; PAR Technology Corp. (a) | 100 | (6134) |
| &nbsp;&nbsp;&nbsp;&nbsp; Powerfleet, Inc. NJ (a) | 8400 | (46116) |
| &nbsp;&nbsp;&nbsp;&nbsp; Pure Storage, Inc. (a) | 1100 | (48697) |
| &nbsp;&nbsp;&nbsp;&nbsp; Red Cat Holdings, Inc. (a) | 29100 | (171108) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandisk Corp. (a) | 2100 | (99981) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanmina Corp. (a) | 200 | (15236) |
| &nbsp;&nbsp;&nbsp;&nbsp; Seagate Technology Holdings PLC (b) | 4472 | (379896) |
| &nbsp;&nbsp;&nbsp;&nbsp; SmartRent, Inc. (a) | 3600 | (4356) |
| &nbsp;&nbsp;&nbsp;&nbsp; Super Micro Computer, Inc. (a) | 201700 | (6906208) |
| &nbsp;&nbsp;&nbsp;&nbsp; Syntec Optics Holdings, Inc. (a) | 9 | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp; TD SYNNEX Corp. | 800 | (83168) |
| &nbsp;&nbsp;&nbsp;&nbsp; Trimble, Inc. (a) | 6800 | (446420) |
| &nbsp;&nbsp;&nbsp;&nbsp; Turtle Beach Corp. (a) | 1900 | (27113) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ubiquiti, Inc. | 600 | (186084) |
| &nbsp;&nbsp;&nbsp;&nbsp; Viavi Solutions, Inc. (a) | 600 | (6714) |
| &nbsp;&nbsp;&nbsp;&nbsp; Vontier Corp. | 1900 | (62415) |
|  |  | (16576840) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Telecommunication Services — (0.2)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AST SpaceMobile, Inc. (a) | 46999 | (1068757) |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc. | 233100 | (6592068) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cogent Communications Holdings, Inc. | 900 | (55179) |
| &nbsp;&nbsp;&nbsp;&nbsp; Globalstar, Inc. (a) | 2147 | (44786) |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Latin America Ltd. (a) | 9300 | (57753) |
| &nbsp;&nbsp;&nbsp;&nbsp; Shenandoah Telecommunications Co. | 800 | (10056) |
| &nbsp;&nbsp;&nbsp;&nbsp; SurgePays, Inc. (a) | 771 | (1596) |
| &nbsp;&nbsp;&nbsp;&nbsp; Telephone & Data Systems, Inc. | 22600 | (875524) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Cellular Corp. (a) | 2000 | (138300) |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. (b) | 8841 | (401028) |
|  |  | (9245047) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Transportation — (0.2)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alaska Air Group, Inc. (a) | 900 | (44298) |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegiant Travel Co. | 1600 | (82640) |
| &nbsp;&nbsp;&nbsp;&nbsp; American Airlines Group, Inc. (a),(b) | 10752 | (113434) |
| &nbsp;&nbsp;&nbsp;&nbsp; Blade Air Mobility, Inc. (a) | 5300 | (14469) |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Kansas City Ltd. | 58130 | (4081307) |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. (b) | 2240 | (97664) |
| &nbsp;&nbsp;&nbsp;&nbsp; FedEx Corp. | 400 | (97512) |
| &nbsp;&nbsp;&nbsp;&nbsp; Freight Technologies, Inc. (a) | 1 | (1) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; GXO Logistics, Inc. (a) | 3100 | $(121148) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hertz Global Holdings, Inc. (a) | 21500 | (84710) |
| &nbsp;&nbsp;&nbsp;&nbsp; Joby Aviation, Inc. (a) | 161700 | (973434) |
| &nbsp;&nbsp;&nbsp;&nbsp; Landstar System, Inc. | 100 | (15020) |
| &nbsp;&nbsp;&nbsp;&nbsp; RXO, Inc. (a) | 6900 | (131790) |
| &nbsp;&nbsp;&nbsp;&nbsp; Saia, Inc. (a) | 700 | (244601) |
| &nbsp;&nbsp;&nbsp;&nbsp; SkyWest, Inc. (a) | 700 | (61159) |
| &nbsp;&nbsp;&nbsp;&nbsp; Surf Air Mobility, Inc. (a) | 5671 | (15142) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc. (a) | 11000 | (801460) |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | 100 | (23624) |
| &nbsp;&nbsp;&nbsp;&nbsp; United Airlines Holdings, Inc. (a),(b) | 17721 | (1223635) |
| &nbsp;&nbsp;&nbsp;&nbsp; Volato Group, Inc. (a) | 24 | (42) |
| &nbsp;&nbsp;&nbsp;&nbsp; Wheels Up Experience, Inc. (a) | 3910 | (3949) |
| &nbsp;&nbsp;&nbsp;&nbsp; XPO, Inc. (a) | 1000 | (107580) |
|  |  | (8338619) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Utilities — (0.1)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Algonquin Power & Utilities Corp. | 2200 | (11308) |
| &nbsp;&nbsp;&nbsp;&nbsp; Altus Power, Inc. (a) | 6600 | (32670) |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Infrastructure Corp. | 11100 | (401709) |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Renewable Corp. | 18300 | (510936) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadiz, Inc. (a) | 3946 | (11562) |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 7000 | (1411410) |
| &nbsp;&nbsp;&nbsp;&nbsp; Montauk Renewables, Inc. (a) | 900 | (1881) |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 4200 | (297738) |
| &nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 4300 | (410478) |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklo, Inc. (a) | 47200 | (1020936) |
| &nbsp;&nbsp;&nbsp;&nbsp; PPL Corp. | 2700 | (97497) |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwest Gas Holdings, Inc. | 3400 | (244120) |
| &nbsp;&nbsp;&nbsp;&nbsp; UGI Corp. | 2100 | (69447) |
|  |  | (4521692) |
|  **Total North America** |  | **(554173257)** |
|  **Oceania — (0.1)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Consumer Durables & Apparel — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Heidmar Maritime Holdings Corp. (a) | 3 | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Energy — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodside Energy Group Ltd., ADR | 100 | (1449) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Materials — (0.1)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BHP Group Ltd., ADR | 32000 | (1553280) |
| &nbsp;&nbsp;&nbsp;&nbsp; MAC Copper Ltd. (a) | 100 | (954) |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto PLC, ADR | 6200 | (372496) |
|  |  | (1926730) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Pharmaceuticals, Biotechnology & Life Sciences — 0.0%* | &nbsp;&nbsp;&nbsp;&nbsp; *Pharmaceuticals, Biotechnology & Life Sciences — 0.0%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alterity Therapeutics Ltd., ADR (a) | 10 | $(35) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mesoblast Ltd., ADR (a) | 200 | (2496) |
|  |  | (2531) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Software & Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IREN Ltd. (a) | 41400 | (252126) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mawson Infrastructure Group, Inc. (a) | 66 | (33) |
|  |  | (252159) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Utilities — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; VivoPower International PLC (a) | 2500 | (10000) |
|  **Total Oceania** |  | **(2192878)** |
|  **South America — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Banks — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Supervielle SA, ADR | 192 | (2508) |
| &nbsp;&nbsp;&nbsp;&nbsp; NU Holdings Ltd., Class A (a) | 7000 | (71680) |
|  |  | (74188) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Consumer Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Despegar.com Corp. (a) | 3400 | (63886) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Diversified Financials — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pagseguro Digital Ltd., Class A (a) | 6400 | (48832) |
| &nbsp;&nbsp;&nbsp;&nbsp; StoneCo Ltd. (a) | 35000 | (366800) |
|  |  | (415632) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Energy — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecopetrol SA, ADR | 600 | (6264) |
| &nbsp;&nbsp;&nbsp;&nbsp; Petroleo Brasileiro SA, ADR | 32100 | (460314) |
|  |  | (466578) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Health Care Equipment & Services — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Establishment Labs Holdings, Inc. (a) | 300 | (12242) |
| &nbsp;&nbsp;&nbsp;&nbsp; *Materials — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bioceres Crop Solutions Corp. (a) | 1300 | (5935) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cia Siderurgica Nacional SA, ADR | 600 | (1002) |
| &nbsp;&nbsp;&nbsp;&nbsp; ERO Copper Corp. (a) | 2800 | (33936) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sigma Lithium Corp. (a) | 23300 | (242320) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sociedad Quimica y Minera de Chile SA, ADR | 8900 | (353597) |
| &nbsp;&nbsp;&nbsp;&nbsp; Vale SA, ADR | 28400 | (283432) |
|  |  | (920222) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Utilities — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cia de Saneamento Basico do Estado de Sao Paulo SABESP, ADR | 1100 | $(19646) |
| &nbsp;&nbsp;&nbsp;&nbsp; Enel Chile SA, ADR | 1500 | (4905) |
|  |  | (24551) |
|  **Total South America** |  | **(1977299)** |
|  **TOTAL COMMON STOCK <br>(PROCEEDS $643,288,590)** |  | **(627194946)** |
|  **PREFERRED STOCK — 0.0%** |  |  |
|  **Europe — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Automobiles & Components — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dr. Ing hc F Porsche AG, Preference Shares (b),(d) | 302 | (15125) |
|  **TOTAL PREFERRED STOCK <br>(PROCEEDS $18,379)** |  | **(15125)** |
|  | **Principal<br>Amount** |  |
|  **CORPORATE BONDS AND NOTES — (0.6)%** |  |  |
|  **Africa — (0.1)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Chemicals — (0.1)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sasol Financing USA LLC, 4.38%, 09/18/26 (b) | $3582000 | (3459201) |
|  **Total Africa** |  | **(3459201)** |
|  **Middle East — (0.2)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Construction Materials — (0.2)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sisecam U.K. PLC, 8.63%, 05/02/32 (b),(c) | 5163000 | (5168535) |
|  **Total Middle East** |  | **(5168535)** |
|  **North America — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Telecommunications — 0.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; America Movil SAB de CV, 6.38%, 03/01/35 (b) | 794000 | (856538) |
|  **Total North America** |  | **(856538)** |
|  **South America — (0.3)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Iron/Steel — (0.1)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Vale Overseas Ltd., 6.13%, 06/12/33 (b) | 2342000 | (2395063) |
| &nbsp;&nbsp;&nbsp;&nbsp; Vale Overseas Ltd., 6.88%, 11/10/39 (b) | 499000 | (542387) |
|  |  | (2937450) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; *Mining — (0.2)%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corp. Nacional del Cobre de Chile, 6.44%, 01/26/36 (b),(c) | $8070000 | $(8383466) |
|  **Total South America** |  | **(11320916)** |
|  **TOTAL CORPORATE BONDS AND NOTES <br>(PROCEEDS $20,678,954)** |  | **(20805190)** |
|  | **Shares** |  |
|  **EXCHANGE-TRADED FUNDS — (0.4)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Select Sector SPDR Fund (b) | 19615 | (1833022) |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Select Sector SPDR Fund (b) | 10077 | (1320792) |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco QQQ Trust | 200 | (93784) |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Expanded Tech-Software Sector ETF (a),(b) | 291 | (25896) |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF | 12285 | (1004053) |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares MSCI Taiwan ETF (b) | 265 | (12582) |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials Select Sector SPDR Fund (b) | 9955 | (855931) |
| &nbsp;&nbsp;&nbsp;&nbsp; ProShares Bitcoin ETF (b) | 9889 | (181166) |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | 10590 | (5923940) |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P Oil & Gas Exploration & Production ETF (b) | 2651 | (349163) |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P Regional Banking ETF (b) | 1324 | (75269) |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard Real Estate ETF (b) | 1621 | (146765) |
|  **TOTAL EXCHANGE-TRADED FUNDS <br>(PROCEEDS $11,992,485)** |  | **(11822363)** |
|  | **Principal<br>Amount** |  |
|  **MORTGAGE BACKED SECURITIES — (16.3)%** |  |  |
|  **North America — (16.3)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *U.S. Government Sponsored Agency Securities — (16.3)%* | &nbsp;&nbsp;&nbsp;&nbsp; *U.S. Government Sponsored Agency Securities — (16.3)%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 30 Year Maturity,<br>5.00%, 05/12/72 (b),(n) | $4400000 | (4308906) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 30 Year Maturity,<br>5.00%, 04/11/73 (b),(n) | 94600000 | (92623049) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 30 Year Maturity, 6.00%, 05/11/74 (n) | 502000000 | (509039546) |
|  **Total North America** |  | **(605971501)** |
|  **TOTAL MORTGAGE BACKED SECURITIES <br>(PROCEEDS $605,532,585)** |  | **(605971501)** |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Security Description** | **Principal<br>Amount** | **Value** |
|  **SOVEREIGN DEBT — (0.6)%** |  |  |
| &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 | $(3757453) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/05/32 (b),(c) | 4432000 | (4444853) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hungary Government International Bonds, 6.75%, 09/25/52 (b),(c) | 1780000 | (1824500) |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Government International Bonds, 5.38%, 01/13/31 (b),(c) | 11751000 | (12037724) |
|  **TOTAL SOVEREIGN DEBT <br>(PROCEEDS $22,006,722)** |  | **(22064530)** |
|  **U.S. TREASURY OBLIGATIONS — (0.1)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Inflation-Indexed Notes <br>2.13%, 01/15/35 | 1409240 | (1446496) |
|  **TOTAL U.S. TREASURY OBLIGATIONS <br>(PROCEEDS $1,408,718)** |  | **(1446496)** |
|  | **Shares** |  |
|  **WARRANTS — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Galectin Therapeutics, Inc. (a),(e) | 1340 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pulse Biosciences, Inc. (a),(e) | 68 | 0 |
|  **TOTAL WARRANTS <br>(PROCEEDS $0)** |  | **0** |
|  **RIGHTS — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NeuroBo Pharmaceuticals, Inc. (a),(e) | 92 | (29) |
| &nbsp;&nbsp;&nbsp;&nbsp; Catalyst Biosciences, Inc. (a),(e) | 4600 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sesen Bio (a),(e) | 25568 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novusterra, Inc. (a),(e) | 383 | 0 |
|  **TOTAL RIGHTS <br>(PROCEEDS $541)** |  | **(29)** |
|  **TOTAL SECURITIES SOLD SHORT — (34.8)%<br>(PROCEEDS $1,304,926,974)** |  | **(1289320180)** |

---

#### Footnote Legend:

---

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

---

(a) Non-income producing.

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

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

(d) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025
amended. Security may only be sold to qualified institutional buyers unless registered under the Securities Act of 1933, as amended, or otherwise exempt from registration.

(e) Security is valued using significant unobservable inputs.

(f) Variable/Floating interest rate security. Certain variable/floating interest rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities may not indicate a reference rate and spread in their description above. Rate presented is as of March 31, 2025.

(g) Represents a step-up bond. Coupon rate increases in increments to maturity. Rate presented is as of March 31, 2025. Maturity date presented is the ultimate maturity.

(h) 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.

(i) Non-interest bearing bond.

(j) All or a portion of the security represents an unsettled loan commitment at March 31, 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) Security is perpetual in nature and has no stated maturity.

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

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

(o) Security is restricted per Rule 12-12.8 of Regulation S-X. First acquisition dates of Aeolus Property Catastrophe Keystone PF Fund LP, Atreides Co., Asgard Fixed Income Risk Premia Fund, Rokos Global Macro Fund Ltd. and Kirkoswald Global Ltd., 1/2/2019, 7/1/2021, 8/2/2021, 9/1/2021 and 5/1/2024. Amounts to $391,664,172 and represents 10.6% of Net Assets.

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

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

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

#### Options Written Contracts Outstanding at March 31, 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;50.00 USD | 12/15/25 | (225) | (11250) | $(319315) | $(58499) | $260816 |
|  CALIFORNIA CARBON ALLOWANCE VINTAGE DEC 25 | &nbsp;&nbsp;&nbsp;&nbsp;60.00 USD | 12/15/25 | (1725) | (103500) | (565435) | (134550) | 430885 |
|  CALIFORNIA CARBON ALLOWANCE VINTAGE JUN 25 | &nbsp;&nbsp;&nbsp;&nbsp;40.00 USD | 06/16/25 | (475) | (19000) | (170611) | (48925) | 121686 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Strike** | **Expiration<br>Date** | **Contracts** | **Notional<br>Amount** | **Premium<br>Received** | **Market<br>Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  CRUDE OIL FUT JUN 25 | &nbsp;&nbsp;&nbsp;&nbsp;105.00 USD | 05/15/25 | (125) | (13125) | $(37054) | $(5000) | $32054 |
|  CRUDE OIL FUT SEP 25 | &nbsp;&nbsp;&nbsp;&nbsp;100.00 USD | 08/15/25 | (100) | (10000) | (32703) | (28000) | 4703 |
|  DJ EURO STOXX 50 APR 25 | 5,700.00 EUR | 04/17/25 | (851) | (4850700) | (143061) | (10122) | 132939 |
|  NAT GAS EURO OPT APR 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00 USD | 03/26/26 | (50) | (400) | (85500) | (37550) | 47950 |
|  NAT GAS EURO OPT AUG 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00 USD | 07/28/26 | (50) | (400) | (85500) | (51650) | 33850 |
|  NAT GAS EURO OPT DEC 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00 USD | 11/24/26 | (50) | (400) | (85500) | (121800) | (36300) |
|  NAT GAS EURO OPT FEB 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00 USD | 01/27/26 | (50) | (400) | (85500) | (255100) | (169600) |
|  NAT GAS EURO OPT JAN 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00 USD | 12/26/25 | (50) | (400) | (85500) | (233050) | (147550) |
|  NAT GAS EURO OPT JUL 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00 USD | 07/01/25 | (20) | (120) | (45994) | (24320) | 21674 |
|  NAT GAS EURO OPT JUL 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00 USD | 06/25/26 | (50) | (400) | (85500) | (46400) | 39100 |
|  NAT GAS EURO OPT JUN 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50 USD | 05/27/25 | (20) | (110) | (21342) | (15480) | 5862 |
|  NAT GAS EURO OPT JUN 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00 USD | 05/26/26 | (50) | (400) | (85500) | (39850) | 45650 |
|  NAT GAS EURO OPT MAR 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00 USD | 02/24/26 | (50) | (400) | (85500) | (178750) | (93250) |
|  NAT GAS EURO OPT MAY 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00 USD | 04/27/26 | (50) | (400) | (85500) | (35400) | 50100 |
|  NAT GAS EURO OPT NOV 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00 USD | 10/27/26 | (50) | (400) | (85500) | (86500) | (1000) |
|  NAT GAS EURO OPT OCT 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00 USD | 09/25/26 | (50) | (400) | (85500) | (60400) | 25100 |
|  NAT GAS EURO OPT SEP 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50 USD | 08/26/25 | (63) | (347) | (188980) | (207585) | (18605) |
|  NAT GAS EURO OPT SEP 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00 USD | 08/26/26 | (50) | (400) | (85500) | (53700) | 31800 |
|  SILVER JUL 25 | &nbsp;&nbsp;&nbsp;&nbsp;35.50 USD | 06/25/25 | (49) | (1739) | (268668) | (407925) | (139257) |
|  SOYBEAN OIL DEC 25 | &nbsp;&nbsp;&nbsp;&nbsp;65.00 USD | 11/21/25 | (105) | (6825) | (27971) | (33075) | (5104) |
|  |  |  |  |  | $(2847134) | $(2173631) | $673503 |
|  **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;35.00 USD | 12/15/25 | (1445) | (50575) | $(6447715) | $(8865075) | $(2417360) |
|  CRUDE OIL OPT JUL 25 | &nbsp;&nbsp;&nbsp;&nbsp;60.00 USD | 05/27/25 | (67) | (4020) | (52912) | (13400) | 39512 |
|  CRUDE OIL OPT OCT 25 | &nbsp;&nbsp;&nbsp;&nbsp;60.00 USD | 08/26/25 | (210) | (12600) | (281060) | (249900) | 31160 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Strike** | **Expiration<br>Date** | **Contracts** | **Notional<br>Amount** | **Premium<br>Received** | **Market<br>Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  DJ EURO STOXX 50 APR 25 | 5,200.00 EUR | 04/17/25 | (596) | (3099200) | $(461853) | $(456918) | $4935 |
|  DJ EURO STOXX 50 APR 25 | 5,275.00 EUR | 04/17/25 | (298) | (1571950) | (229629) | (332216) | (102587) |
|  E-MINI S&P 500 INDEX | 5,640.00 USD | 04/17/25 | (85) | (479400) | (397208) | (400563) | (3355) |
|  E-MINI S&P 500 INDEX | 5,000.00 USD | 06/20/25 | (105) | (525000) | (177778) | (236250) | (58472) |
|  NAT GAS EURO FUT JUL 25 | &nbsp;&nbsp;&nbsp;&nbsp;35.00 EUR | 06/26/25 | (160) | (5600) | (85908) | (210325) | (124417) |
|  NAT GAS EURO FUT MAY 25 | &nbsp;&nbsp;&nbsp;&nbsp;35.00 EUR | 04/25/25 | (84) | (2940) | (22406) | (33451) | (11045) |
|  NAT GAS EURO OPT NOV 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20 USD | 10/28/25 | (300) | (960) | (227124) | (289800) | (62676) |
|  NAT GAS EURO OPT OCT 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75 USD | 09/25/25 | (200) | (750) | (451416) | (509200) | (57784) |
|  NAT GAS EURO OPT SEP 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75 USD | 08/26/25 | (513) | (1924) | (1361882) | (1102950) | 258932 |
|  S&P 500 INDEX | 4,950.00 USD | 04/17/25 | (1660) | (8217000) | (3232195) | (966120) | 2266075 |
|  S&P 500 INDEX | 5,460.00 USD | 04/17/25 | (85) | (464100) | (758155) | (389130) | 369025 |
|  SGX IRON ORE APR 25 | &nbsp;&nbsp;&nbsp;&nbsp;85.00 USD | 04/30/25 | (104) | (8840) | (28626) | 0 | 28626 |
|  SGX IRON ORE AUG 25 | &nbsp;&nbsp;&nbsp;&nbsp;85.00 USD | 08/29/25 | (164) | (13940) | (40549) | (16236) | 24313 |
|  SGX IRON ORE JUL 25 | &nbsp;&nbsp;&nbsp;&nbsp;85.00 USD | 07/31/25 | (164) | (13940) | (40549) | (9840) | 30709 |
|  SGX IRON ORE JUN 25 | &nbsp;&nbsp;&nbsp;&nbsp;85.00 USD | 06/30/25 | (104) | (8840) | (28626) | (2704) | 25922 |
|  SGX IRON ORE MAY 25 | &nbsp;&nbsp;&nbsp;&nbsp;85.00 USD | 05/30/25 | (104) | (8840) | (28626) | (416) | 28210 |
|  SGX IRON ORE SEP 25 | &nbsp;&nbsp;&nbsp;&nbsp;85.00 USD | 09/30/25 | (164) | (13940) | (40590) | (23616) | 16974 |
|  |  |  |  |  | $(14394807) | $(14108110) | $286697 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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** |  |  |  |  |  |  |
|  VSTOXX | Bank of<br>America<br>N.A. | 32.00 EUR | 04/16/25 | (170200) | (5446400) | $(107058) | $(92019) | $15039 |
|  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) | (131410) | 108590 |
|  XAG USD FX OPTION CALL 45 6/18/25 | J.P. Morgan<br>Securities<br>LLC | 45.00 USD | 06/18/25 | (100000) | (4500000) | (73000) | (5643) | 67357 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Counterparty** | **Strike** | **Expiration<br>Date** | **Contracts** | **Notional<br>Amount** | **Premium<br>Received** | **Market<br>Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  XAU USD FX OPTION CALL 3250 6/18/25 | J.P. Morgan<br>Securities<br>LLC | 3,250.00 USD | 06/18/25 | (1550) | (5037500) | $(27900) | $(62189) | $(34289) |
|  |  |  |  |  |  | $(447958) | $(291261) | $156697 |
|  **OTC Put Options Written** | **OTC Put Options Written** | **OTC Put Options Written** |  |  |  |  |  |  |
|  CDX IG43 CREDIT SWAPTION PUT 82.5 5/21/2025 | Bank of<br>America<br>N.A. | 82.50 USD | 05/21/25 | (7169811320) | (591509433900) | $(2115095) | $(3318579) | $(1203484) |
|  EUR HUF FX OPTION PUT 395 5/8/25 | JP Morgan<br>Chase Bank<br>N.A. | 395.00 EUR | 05/08/25 | (63825000) | (25210875000) | (144184) | (101734) | 42450 |
|  EUR USD FX OPTION PUT 1.045 4/4/25 | JP Morgan<br>Chase Bank<br>N.A. | 1.05 EUR | 04/04/25 | (42550000) | (44464750) | (42784) | (748) | 42036 |
|  USD JPY FX OPTION PUT 132 9/25/25 | Bank Of<br>America<br>Merrill<br>Lynch | 132.00 USD | 09/25/25 | (2000000) | (264000000) | (6730) | (8075) | (1345) |
|  VSTOXX | Bank of<br>America<br>N.A. | 14.00 EUR | 04/16/25 | (170200) | (2382800) | (22303) | (4600) | 17703 |
|  |  |  |  |  |  | $(2331096) | $(3433736) | $(1102640) |
|  Total Options Written Outstanding | Total Options Written Outstanding | Total Options Written Outstanding | Total Options Written Outstanding | Total Options Written Outstanding | Total Options Written Outstanding | $(20020995) | $(20006738) | $14257 |

---

#### Reverse Repurchase Agreements Outstanding at March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Interest<br>Rate** | **Trade<br>Rate** | **Maturity<br>Date** | **Face<br>Value** | **Face Value<br>Including<br>Accrued<br>Interest** |
|  Citigroup Global Markets Limited | 4.61% | 1/14/2025 | 4/16/2030 | $3966746 | $4005351 |
|  Citigroup Global Markets Limited | 4.61% | 1/14/2025 | 5/7/2029 | 10007388 | 10104782 |
|  Total Reverse Repurchase Agreements Outstanding | Total Reverse Repurchase Agreements Outstanding | Total Reverse Repurchase Agreements Outstanding | Total Reverse Repurchase Agreements Outstanding | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13974134 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14110133 |

---

#### Future Contracts Outstanding at March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts** | **Exchange** | **Notional<br>Amount** | **Expiration<br>Date** | **Value/<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Futures** |  |  |  |  |  |
|  3 Month Eurodollar | 609 | LIFFE | 148,963,373 EUR | 06/16/25 | $(2134) |
|  3 Month Eurodollar | 167 | LIFFE | 40,894,550 EUR | 12/15/25 | 37913 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts** | **Exchange** | **Notional<br>Amount** | **Expiration<br>Date** | **Value/<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  3 Month Eurodollar | 59 | LIFFE | 14,437,877 EUR | 06/15/26 | $21704 |
|  3 Month Eurodollar | 561 | LIFFE | 137,337,575 EUR | 09/14/26 | 63080 |
|  3 Month Eurodollar | 28 | LIFFE | 6,856,150 EUR | 12/14/26 | (3785) |
|  3 Month Eurodollar | 324 | LIFFE | 79,154,187 EUR | 03/15/27 | 86517 |
|  3 Month SOFR | 1790 | CME | 429,296,297 USD | 09/17/25 | (54297) |
|  3 Month SOFR | 773 | CME | 186,355,304 USD | 06/17/26 | 121284 |
|  3 Month SOFR | 1240 | CME | 298,950,646 USD | 06/16/27 | 338854 |
|  Aluminium | 54 | LME | 3,638,243 USD | 04/16/25 | (241441) |
|  Australian 10-Year Bond | 246 | SFE | 27,573,465 AUD | 06/16/25 | 87982 |
|  Australian Dollar Currency | 79 | CME | 4,967,100 USD | 06/16/25 | (26835) |
|  Brazilian Real Currency | 219 | CME | 3,801,862 USD | 04/30/25 | 10928 |
|  Brent Crude | 50 | ICE | 132,000 USD | 04/25/25 | (108000) |
|  Brent Crude | 82 | ICE | 170,150 USD | 04/25/25 | (166870) |
|  Brent Crude | 50 | ICE | 47,500 USD | 04/25/25 | (46500) |
|  Brent Crude | 286 | ICE | 20,386,340 USD | 04/30/25 | 997880 |
|  Brent Crude | 187 | ICE | 13,522,335 USD | 05/30/25 | 310055 |
|  Brent Crude | 20 | NYMEX | 1,417,370 USD | 07/31/25 | 34630 |
|  Brent Crude | 210 | ICE | 516,600 USD | 08/26/25 | (60900) |
|  Brent Crude | 1 | NYMEX | 68,820 USD | 08/29/25 | 3220 |
|  Brent Crude | 36 | ICE | 2,537,357 USD | 08/29/25 | 56083 |
|  British Pound Currency | 222 | GBX | 17,969,221 USD | 06/16/25 | (55209) |
|  CAC40 Index | 82 | MAT | 6,658,952 EUR | 04/17/25 | (281227) |
|  California Carbon Allowance Vintage DEC 25 | 3900 | ICE | 132,984,604 USD | 12/24/25 | (12903604) |
|  Canadian 10-Year Bond | 715 | MOE | 88,798,570 CAD | 06/19/25 | (21764) |
|  Carbon Emission | 105 | ICE | 398,000 EUR | 06/25/25 | 567628 |
|  Cattle | 110 | CME | 8,473,908 USD | 06/30/25 | 486692 |
|  Cattle | 721 | CME | 56,834,525 USD | 08/29/25 | 852685 |
|  CBOE Volatility Index | 114 | CBOE | 2,469,696 USD | 04/16/25 | (93537) |
|  CBOE Volatility Index | 317 | CBOE | 6,670,349 USD | 05/21/25 | (175906) |
|  CBOE Volatility Index | 272 | CBOE | 5,743,120 USD | 06/18/25 | (197040) |
|  CBOE Volatility Index | 21 | CBOE | 422,849 USD | 07/16/25 | 9786 |
|  CBOE Volatility Index | 75 | CBOE | 1,479,829 USD | 08/20/25 | 61361 |
|  Cocoa | 38 | NYBOT | 3,244,815 USD | 05/14/25 | (242055) |
|  Coffee 'C' | 23 | NYBOT | 3,463,466 USD | 05/19/25 | (188122) |
|  Coffee 'C' | 232 | NYBOT | 34,220,047 USD | 07/21/25 | (1560247) |
|  Copper | 17 | LME | 4,096,575 USD | 04/16/25 | 17098 |
|  Copper | 41 | COMEX | 4,836,086 USD | 05/28/25 | 323764 |
|  Copper | 51 | LME | 12,807,937 USD | 06/18/25 | (431130) |
|  Copper | 211 | COMEX | 27,222,481 USD | 07/29/25 | (420206) |
|  Copper | 33 | LME | 7,868,331 USD | 12/17/25 | 142377 |
|  Corn | 2149 | CBT | 49,312,400 USD | 05/14/25 | (180888) |
|  Cotton No.2 | 624 | NYBOT | 21,185,210 USD | 05/07/25 | (334250) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts** | **Exchange** | **Notional<br>Amount** | **Expiration<br>Date** | **Value/<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  DAX Index | 18 | EUREX | 10,554,710 EUR | 06/20/25 | $(524982) |
|  DJIA mini E-CBOT | 84 | CBT | 17,713,894 USD | 06/20/25 | 34886 |
|  E-Mini Russell Index | 430 | ICE | 45,508,595 USD | 06/20/25 | (1925945) |
|  E-Mini S&P 500 Index | 168 | CME | 47,896,692 USD | 06/20/25 | (409393) |
|  Euro FX | 4 | CME | 548,281 USD | 06/16/25 | (5181) |
|  Euro Stoxx 50 | 122 | EUREX | 6,556,662 EUR | 06/20/25 | (244463) |
|  Euro-BTP | 564 | EUREX | 60,644,260 EUR | 06/06/25 | (21518) |
|  Euro-Bund | 24 | EUREX | 3,173,890 EUR | 06/06/25 | (88634) |
|  FTSE 100 Index | 129 | LIFFE | 11,239,884 GBP | 06/20/25 | (201776) |
|  FTSE China A50 Index | 35 | SING | 470,574 USD | 04/29/25 | (3884) |
|  FTSE/MIB Index | 34 | MIL | 6,566,750 EUR | 06/20/25 | (237854) |
|  Gas Oil | 72 | ICE | 4,870,375 USD | 04/10/25 | 68825 |
|  Gas Oil | 105 | ICE | 7,000,475 USD | 05/12/25 | 160525 |
|  Gas Oil | 10 | ICE | 188,000 USD | 05/30/25 | (16739) |
|  Gas Oil | 269 | ICE | 17,897,347 USD | 06/12/25 | 307228 |
|  Gas Oil | 53 | ICE | 3,472,331 USD | 07/10/25 | 93244 |
|  Gasoline RBOB | 647 | NYMEX | 60,462,803 USD | 04/30/25 | 1784679 |
|  Gasoline RBOB | 116 | ICE | 10,757,725 USD | 05/29/25 | 352871 |
|  Gasoline RBOB | 19 | NYMEX | 1,713,424 USD | 05/30/25 | 106415 |
|  Gasoline RBOB | 37 | NYMEX | 3,304,909 USD | 06/30/25 | 206199 |
|  Gasoline RBOB | 154 | NYMEX | 13,773,867 USD | 07/31/25 | 639425 |
|  Gold | 157 | COMEX | 47,383,030 USD | 06/26/25 | 2076680 |
|  Henry Hub | 713 | ICE | 6,577,903 USD | 12/29/25 | 3129592 |
|  Henry Hub | 644 | ICE | 5,941,331 USD | 02/01/26 | 2222979 |
|  Henry Hub | 713 | ICE | 6,577,903 USD | 03/01/26 | 1386307 |
|  Henry Hub | 690 | ICE | 6,365,712 USD | 04/01/26 | 539463 |
|  Henry Hub | 713 | ICE | 6,577,903 USD | 05/01/26 | 539620 |
|  Henry Hub | 690 | ICE | 6,365,712 USD | 06/01/26 | 689538 |
|  Henry Hub | 713 | ICE | 6,577,903 USD | 07/01/26 | 928205 |
|  Henry Hub | 713 | ICE | 6,577,903 USD | 08/01/26 | 1003070 |
|  Henry Hub | 690 | ICE | 6,365,712 USD | 09/01/26 | 915513 |
|  Henry Hub | 713 | ICE | 6,577,903 USD | 10/01/26 | 1042285 |
|  Henry Hub | 690 | ICE | 6,365,712 USD | 11/01/26 | 1274313 |
|  Henry Hub | 713 | ICE | 6,577,903 USD | 12/01/26 | 1924622 |
|  Henry Hub | 30 | ICE | 282,600 USD | 12/29/26 | 94650 |
|  Henry Hub | 24 | ICE | 226,080 USD | 01/27/27 | 48900 |
|  Henry Hub | 61 | ICE | 564,570 USD | 02/24/27 | 26368 |
|  Henry Hub | 58 | ICE | 505,900 USD | 03/29/27 | (17250) |
|  Henry Hub | 30 | ICE | 282,600 USD | 04/28/27 | (30150) |
|  Henry Hub | 28 | ICE | 263,760 USD | 05/26/27 | (19810) |
|  Henry Hub | 30 | ICE | 282,600 USD | 06/28/27 | (11400) |
|  Henry Hub | 30 | ICE | 282,600 USD | 07/28/27 | (8025) |
|  Henry Hub | 28 | ICE | 263,760 USD | 08/27/27 | (9870) |
|  Henry Hub | 61 | ICE | 555,495 USD | 09/28/27 | 6468 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts** | **Exchange** | **Notional<br>Amount** | **Expiration<br>Date** | **Value/<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  Henry Hub | 28 | ICE | 263,760 USD | 10/27/27 | $5390 |
|  Henry Hub | 30 | ICE | 282,600 USD | 11/26/27 | 36375 |
|  Henry Hub | 16 | ICE | 140,000 USD | 12/27/29 | 28920 |
|  Henry Hub | 16 | ICE | 140,000 USD | 01/29/30 | 18000 |
|  Henry Hub | 16 | ICE | 140,000 USD | 02/26/30 | (7400) |
|  Henry Hub | 16 | ICE | 140,000 USD | 03/27/30 | (27400) |
|  Henry Hub | 16 | ICE | 140,000 USD | 04/26/30 | (26720) |
|  Henry Hub | 16 | ICE | 140,000 USD | 05/29/30 | (21480) |
|  Henry Hub | 16 | ICE | 140,000 USD | 06/26/30 | (15880) |
|  Henry Hub | 16 | ICE | 140,000 USD | 07/29/30 | (13840) |
|  Henry Hub | 16 | ICE | 140,000 USD | 08/28/30 | (16000) |
|  Henry Hub | 16 | ICE | 140,000 USD | 09/26/30 | (13760) |
|  Henry Hub | 16 | ICE | 140,000 USD | 10/29/30 | (4520) |
|  Henry Hub | 16 | ICE | 140,000 USD | 11/26/30 | 12560 |
|  HKG Hang Seng Index | 76 | HFE | 89,574,700 HKD | 04/29/25 | (200361) |
|  ICE 3 Month Sonia | 470 | ICE | 112,797,732 GBP | 12/16/25 | (57782) |
|  ICE 3 Month Sonia | 313 | ICE | 75,222,475 GBP | 09/15/26 | 24301 |
|  ICE 3 Month Sonia | 170 | ICE | 40,846,646 GBP | 12/15/26 | 27584 |
|  ICE 3 Month Sonia | 480 | ICE | 115,298,410 GBP | 06/15/27 | 89893 |
|  Japan Yen Currency | 38 | CME | 3,211,362 USD | 06/16/25 | (19838) |
|  Japanese 10-Year Bond | 34 | OSE | 4,693,800,000 JPY | 06/20/25 | 78672 |
|  Lean Hogs | 354 | CME | 14,033,256 USD | 07/17/25 | (464436) |
|  Mexican Peso Currency | 379 | CME | 9,296,000 USD | 06/16/25 | (118515) |
|  NASDAQ 100 E-Mini | 24 | CME | 9,625,845 USD | 06/20/25 | (294885) |
|  Natural Gas | 57 | NYMEX | 2,420,800 USD | 04/28/25 | (72970) |
|  Natural Gas | 20 | NYMEX | 673,234 USD | 05/01/25 | 150566 |
|  Natural Gas | 177 | NYMEX | 7,563,753 USD | 05/28/25 | (28863) |
|  Natural Gas | 28 | NYMEX | 919,648 USD | 06/01/25 | 272312 |
|  Natural Gas | 61 | NYMEX | 2,731,330 USD | 06/26/25 | (2190) |
|  Natural Gas | 28 | NYMEX | 919,648 USD | 07/01/25 | 333072 |
|  Natural Gas | 95 | NYMEX | 4,280,619 USD | 07/29/25 | 37131 |
|  Natural Gas | 28 | NYMEX | 919,648 USD | 08/01/25 | 352952 |
|  Natural Gas | 191 | NYMEX | 8,345,571 USD | 08/27/25 | 257069 |
|  Natural Gas | 28 | NYMEX | 919,648 USD | 09/01/25 | 341472 |
|  Natural Gas | 373 | NYMEX | 17,114,405 USD | 09/26/25 | (183935) |
|  Natural Gas | 60 | ICE | 316,253 EUR | 09/26/25 | (159793) |
|  Natural Gas | 28 | NYMEX | 919,648 USD | 10/01/25 | 351272 |
|  Natural Gas | 49 | NYMEX | 2,345,500 USD | 10/29/25 | (8200) |
|  Natural Gas | 32 | NYMEX | 971,555 USD | 11/01/25 | 554845 |
|  Natural Gas | 17 | NYMEX | 883,250 USD | 11/25/25 | (440) |
|  Natural Gas | 32 | NYMEX | 971,555 USD | 12/01/25 | 690205 |
|  Natural Gas | 34 | NYMEX | 1,882,370 USD | 12/29/25 | (30730) |
|  Natural Gas | 722 | NYMEX | 32,099,478 USD | 02/25/26 | 159482 |
|  Natural Gas | 92 | NYMEX | 3,680,951 USD | 03/27/26 | 1809 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts** | **Exchange** | **Notional<br>Amount** | **Expiration<br>Date** | **Value/<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  Natural Gas | 60 | ICE | 1,663,200 EUR | 03/30/26 | $(144434) |
|  Natural Gas | 37 | NYMEX | 1,462,380 USD | 04/28/26 | 15030 |
|  Natural Gas | 60 | ICE | 1,718,640 EUR | 04/29/26 | (210454) |
|  Natural Gas | 60 | ICE | 1,663,200 EUR | 05/28/26 | (222817) |
|  Natural Gas | 60 | ICE | 1,718,640 EUR | 06/29/26 | (228555) |
|  Natural Gas | 60 | ICE | 1,718,640 EUR | 07/30/26 | (227638) |
|  Natural Gas | 60 | ICE | 1,663,200 EUR | 08/27/26 | (210952) |
|  Natural Gas | 54 | NYMEX | 2,034,693 USD | 01/01/27 | 681507 |
|  Natural Gas | 54 | NYMEX | 2,034,693 USD | 02/01/27 | 440127 |
|  Natural Gas | 54 | NYMEX | 2,034,693 USD | 03/01/27 | 57807 |
|  Natural Gas | 54 | NYMEX | 2,034,693 USD | 04/01/27 | (214893) |
|  Natural Gas | 54 | NYMEX | 2,034,693 USD | 05/01/27 | (217053) |
|  Natural Gas | 54 | NYMEX | 2,034,693 USD | 06/01/27 | (152793) |
|  Natural Gas | 54 | NYMEX | 2,034,693 USD | 07/01/27 | (82053) |
|  Natural Gas | 54 | NYMEX | 2,034,693 USD | 08/01/27 | (57753) |
|  Natural Gas | 54 | NYMEX | 2,034,693 USD | 09/01/27 | (76113) |
|  Natural Gas | 54 | NYMEX | 2,034,693 USD | 10/01/27 | (44793) |
|  Natural Gas | 54 | NYMEX | 2,034,693 USD | 11/01/27 | 41607 |
|  Natural Gas | 54 | NYMEX | 2,034,693 USD | 12/01/27 | 261927 |
|  New Zealand Dollar | 25 | ICE | 1,428,750 USD | 06/16/25 | (7000) |
|  Nikkei Index | 16 | OSE | 587,510,000 JPY | 06/13/25 | (113008) |
|  NY Harbor ULSD | 113 | NYMEX | 10,433,862 USD | 04/30/25 | 384170 |
|  OMXS30 Index | 227 | SOM | 60,272,885 SEK | 04/16/25 | (405801) |
|  S&P ASX Share Price Index 200 | 53 | SFE | 10,464,850 AUD | 06/19/25 | (17386) |
|  S&P TSX 60 Index | 31 | MOE | 9,148,778 CAD | 06/19/25 | 94744 |
|  Silver | 41 | COMEX | 6,843,939 USD | 05/28/25 | 251316 |
|  Silver | 65 | COMEX | 10,989,586 USD | 07/29/25 | 363964 |
|  Silver | 35 | COMEX | 5,836,070 USD | 12/29/25 | 394280 |
|  Soybean | 1338 | CBT | 68,466,380 USD | 05/14/25 | (579605) |
|  Soybean | 934 | CBT | 28,310,084 USD | 05/14/25 | (971904) |
|  Soybean | 32 | CBT | 1,603,131 USD | 11/14/25 | 27669 |
|  Soybean Oil | 338 | CBT | 8,461,897 USD | 05/14/25 | 641795 |
|  Sugar | 63 | NYBOT | 1,411,433 USD | 04/30/25 | (80671) |
|  Sugar | 424 | NYBOT | 9,271,476 USD | 06/30/25 | (414964) |
|  TOPIX | 115 | OSE | 3,027,249,000 JPY | 06/13/25 | 227022 |
|  U.S. Treasury 10-Year Note | 770 | CBT | 85,299,469 USD | 06/18/25 | 338969 |
|  U.S. Treasury 2-Year Note | 896 | CBT | 185,434,133 USD | 06/30/25 | 191868 |
|  U.S. Treasury 5-Year Note | 457 | CBT | 49,073,727 USD | 06/30/25 | 353680 |
|  U.S. Treasury Long Bond | 28 | CBT | 3,297,875 USD | 06/18/25 | (14000) |
|  U.S. Treasury Ultra 10-Year Bond | 196 | CBT | 22,167,031 USD | 06/18/25 | 201469 |
|  U.S. Treasury Ultra Bond | 30 | CBT | 3,668,398 USD | 06/18/25 | (898) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts** | **Exchange** | **Notional<br>Amount** | **Expiration<br>Date** | **Value/<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  VSTOXX | 4255 | EUREX | 314,870 EUR | 04/16/25 | $(6901) |
|  VSTOXX | 1276 | EUREX | 95,700 EUR | 04/16/25 | (34493) |
|  VSTOXX | 3404 | EUREX | 25,530 EUR | 04/16/25 | (18404) |
|  VSTOXX | 2553 | EUREX | 222,111 EUR | 05/21/25 | (5521) |
|  VSTOXX | 1277 | EUREX | 89,390 EUR | 05/21/25 | 6904 |
|  VSTOXX | 2553 | EUREX | 478,688 EUR | 05/21/25 | (193239) |
|  VSTOXX | 2553 | EUREX | 76,590 EUR | 05/21/25 | (55211) |
|  Wheat | 1064 | CBT | 28,576,800 USD | 05/14/25 | (8400) |
|  WTI Crude | 4 | NYMEX | 264,890 USD | 04/22/25 | 21030 |
|  WTI Crude | 174 | NYMEX | 11,998,560 USD | 05/20/25 | 346740 |
|  WTI Crude | 5 | NYMEX | 343,133 USD | 07/22/25 | 5117 |
|  WTI Crude | 138 | NYMEX | 9,329,640 USD | 08/20/25 | 190980 |
|  WTI Crude | 222 | NYMEX | 14,873,373 USD | 09/22/25 | 309207 |
|  WTI Crude | 409 | NYMEX | 27,142,840 USD | 11/20/25 | 431940 |
|  WTI Crude | 5 | NYMEX | 317,150 USD | 11/20/26 | 7400 |
|  Zinc | 43 | LME | 3,127,736 USD | 04/14/25 | (73081) |
|  |  |  |  |  | $7892995 |
|  **Short Futures** |  |  |  |  |  |
|  1 Year Mid-Curve 3 Month Eurodollar Option | 384 | EUREX | 44,941,200 EUR | 06/06/25 | $(313750) |
|  3 Month Eurodollar | 1906 | LIFFE | 466,653,705 EUR | 09/15/25 | (213200) |
|  3 Month Eurodollar | 117 | LIFFE | 28,628,675 EUR | 03/16/26 | (53511) |
|  3 Month SOFR | 82 | CME | 19,697,475 USD | 09/17/25 | 33875 |
|  3 Month SOFR | 1107 | CME | 266,122,620 USD | 12/17/25 | (83205) |
|  3 Month SOFR | 1264 | CME | 304,384,433 USD | 03/18/26 | (160567) |
|  3 Month SOFR | 54 | CME | 12,996,487 USD | 06/17/26 | (30338) |
|  3 Month SOFR | 350 | CME | 84,389,450 USD | 09/16/26 | (96175) |
|  3 Month SOFR | 254 | CME | 61,252,792 USD | 12/16/26 | (72333) |
|  3 Month SOFR | 143 | CME | 34,512,631 USD | 03/17/27 | (9356) |
|  3 Month SOFR | 30 | CME | 7,227,600 USD | 06/16/27 | (13275) |
|  3 Month SOFR | 14 | CME | 3,375,850 USD | 09/15/27 | (2175) |
|  3 Month SOFR | 37 | CME | 8,927,987 USD | 12/15/27 | 3125 |
|  3 Month SOFR | 40 | CME | 9,643,062 USD | 03/15/28 | (1938) |
|  3 Month SOFR | 37 | CME | 8,912,550 USD | 06/20/28 | (5838) |
|  3 Month SOFR | 35 | CME | 8,426,075 USD | 09/19/28 | (7175) |
|  3 Month SOFR | 36 | CME | 8,672,887 USD | 12/20/28 | 1388 |
|  3 Month SOFR | 19 | CME | 4,573,162 USD | 03/21/29 | (2038) |
|  3 Month SOFR | 16 | CME | 3,845,637 USD | 06/18/29 | (5763) |
|  3 Month SOFR | 8 | CME | 1,918,962 USD | 09/18/29 | (6038) |
|  3 Month SOFR | 9 | CME | 2,159,300 USD | 12/18/29 | (5425) |
|  3 Month SOFR | 2 | CME | 478,525 USD | 03/20/30 | (2350) |
|  Aluminium | 83 | LME | 5,312,991 USD | 04/16/25 | 91980 |
|  Australian Dollar Currency | 278 | CME | 17,526,198 USD | 06/16/25 | 141468 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts** | **Exchange** | **Notional<br>Amount** | **Expiration<br>Date** | **Value/<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  Brent Crude | 50 | ICE | 22,000 USD | 04/25/25 | $20000 |
|  Brent Crude | 50 | ICE | 41,000 USD | 04/25/25 | 38000 |
|  Brent Crude | 62 | ICE | 4,472,629 USD | 04/30/25 | (163111) |
|  Brent Crude | 58 | NYMEX | 4,080,230 USD | 04/30/25 | (256430) |
|  Brent Crude | 1 | NYMEX | 70,040 USD | 05/30/25 | (3930) |
|  Brent Crude | 63 | ICE | 54,810 USD | 06/25/25 | (15750) |
|  Brent Crude | 17 | ICE | 1,185,450 USD | 06/30/25 | (59800) |
|  Brent Crude | 39 | ICE | 2,708,257 USD | 07/31/25 | (123143) |
|  Brent Crude | 177 | ICE | 12,237,140 USD | 08/29/25 | (513940) |
|  Brent Crude | 43 | ICE | 3,002,447 USD | 09/30/25 | (74203) |
|  Brent Crude | 106 | NYMEX | 7,551,130 USD | 10/31/25 | 10290 |
|  Brent Crude | 72 | ICE | 5,183,840 USD | 10/31/25 | 61760 |
|  Canadian Dollar Currency | 568 | CME | 39,648,691 USD | 06/17/25 | (14749) |
|  Carbon Emission | 105 | ICE | 235,750 EUR | 06/25/25 | (353071) |
|  Cattle | 683 | CME | 54,555,703 USD | 06/30/25 | (1081477) |
|  CBOE Volatility Index | 63 | CBOE | 1,315,948 USD | 09/17/25 | 15464 |
|  Cocoa | 42 | NYBOT | 3,532,666 USD | 07/16/25 | 219706 |
|  Coffee 'C' | 208 | NYBOT | 31,442,720 USD | 05/19/25 | 1822220 |
|  Copper | 184 | COMEX | 23,617,044 USD | 05/28/25 | 460644 |
|  Copper | 51 | LME | 12,490,612 USD | 06/18/25 | 113805 |
|  Copper | 29 | LME | 6,998,375 USD | 12/17/25 | (41339) |
|  Corn | 2163 | CBT | 50,387,336 USD | 07/14/25 | 286849 |
|  Corn | 25 | CBT | 575,875 USD | 12/12/25 | 23375 |
|  Cotton No.2 | 174 | NYBOT | 5,886,220 USD | 05/07/25 | 72010 |
|  Cotton No.2 | 722 | NYBOT | 24,980,448 USD | 07/09/25 | 436058 |
|  E-Mini Russell Index | 1 | ICE | 103,050 USD | 06/20/25 | 1695 |
|  E-Mini S&P 500 Index | 112 | CME | 31,550,862 USD | 06/20/25 | (107338) |
|  E-Mini S&P Mid Cap 400 Index | 9 | CME | 2,653,901 USD | 06/20/25 | 9161 |
|  Euro FX | 44 | CME | 6,008,785 USD | 06/16/25 | 34685 |
|  Euro OAT | 55 | EUREX | 6,796,922 EUR | 06/06/25 | 52953 |
|  Euro Stoxx 50 | 868 | EUREX | 45,806,693 EUR | 06/20/25 | 828463 |
|  Euro Stoxx 600 | 3 | EUREX | 81,060 EUR | 06/20/25 | 4850 |
|  Euro-BTP | 70 | EUREX | 8,132,094 EUR | 06/06/25 | (101973) |
|  Euro-Bund | 231 | EUREX | 29,892,025 EUR | 06/06/25 | 143051 |
|  Euro-Buxl | 75 | EUREX | 9,070,377 EUR | 06/06/25 | 136111 |
|  Euro-Schatz | 887 | EUREX | 94,709,120 EUR | 06/06/25 | (172970) |
|  FTSE 100 Index | 18 | LIFFE | 1,562,270 GBP | 06/20/25 | 20294 |
|  FTSE Taiwan Index | 47 | SING | 3,514,850 USD | 04/29/25 | 247880 |
|  Gas Oil | 226 | ICE | 15,085,230 USD | 05/12/25 | (327970) |
|  Gas Oil | 11 | ICE | 713,063 USD | 08/12/25 | (24763) |
|  Gasoline RBOB | 34 | NYMEX | 3,046,621 USD | 04/30/25 | (224499) |
|  Gasoline RBOB | 200 | NYMEX | 18,235,644 USD | 05/30/25 | (920556) |
|  Gasoline RBOB | 170 | NYMEX | 14,989,934 USD | 08/29/25 | (615964) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts** | **Exchange** | **Notional<br>Amount** | **Expiration<br>Date** | **Value/<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  Gasoline RBOB | 6 | NYMEX | 482,278 USD | 11/28/25 | $(6703) |
|  Globex Natural Gas | 5 | NYMEX | 174,200 USD | 04/25/25 | (31750) |
|  Globex Natural Gas | 13 | NYMEX | 511,700 USD | 05/27/25 | (41710) |
|  Globex Natural Gas | 13 | NYMEX | 515,510 USD | 06/25/25 | (66110) |
|  Globex Natural Gas | 13 | NYMEX | 516,170 USD | 07/28/25 | (74680) |
|  Globex Natural Gas | 13 | NYMEX | 517,370 USD | 09/25/25 | (72700) |
|  Globex Natural Gas | 13 | NYMEX | 515,240 USD | 09/25/25 | (70280) |
|  Globex Natural Gas | 12 | NYMEX | 484,700 USD | 10/28/25 | (87700) |
|  Henry Hub | 58 | NYMEX | 583,700 USD | 04/28/25 | (13555) |
|  Henry Hub | 155 | ICE | 1,721,221 USD | 04/28/25 | 125108 |
|  Henry Hub | 58 | NYMEX | 583,700 USD | 05/28/25 | (33565) |
|  Henry Hub | 150 | ICE | 1,665,697 USD | 05/28/25 | 69323 |
|  Henry Hub | 155 | ICE | 1,721,221 USD | 06/26/25 | (12454) |
|  Henry Hub | 58 | NYMEX | 583,700 USD | 07/01/25 | (65030) |
|  Henry Hub | 155 | ICE | 1,721,221 USD | 07/29/25 | (39967) |
|  Henry Hub | 58 | NYMEX | 583,700 USD | 08/01/25 | (75325) |
|  Henry Hub | 150 | ICE | 1,665,697 USD | 08/27/25 | (23303) |
|  Henry Hub | 58 | NYMEX | 583,700 USD | 09/01/25 | (69380) |
|  Henry Hub | 93 | ICE | 955,110 USD | 09/26/25 | (100207) |
|  Henry Hub | 58 | NYMEX | 583,700 USD | 10/01/25 | (74455) |
|  Henry Hub | 150 | ICE | 1,657,646 USD | 10/29/25 | (131104) |
|  Henry Hub | 58 | NYMEX | 583,700 USD | 11/01/25 | (107950) |
|  Henry Hub | 155 | ICE | 1,712,901 USD | 11/25/25 | (299386) |
|  Henry Hub | 58 | NYMEX | 583,700 USD | 12/01/25 | (169285) |
|  Henry Hub | 30 | NYMEX | 279,750 USD | 12/26/25 | (128700) |
|  Henry Hub | 30 | NYMEX | 279,750 USD | 01/27/26 | (100575) |
|  Henry Hub | 30 | NYMEX | 279,750 USD | 02/24/26 | (55350) |
|  Henry Hub | 30 | NYMEX | 279,750 USD | 03/26/26 | (20475) |
|  Henry Hub | 30 | NYMEX | 279,750 USD | 04/27/26 | (19725) |
|  Henry Hub | 30 | NYMEX | 279,750 USD | 05/26/26 | (27000) |
|  Henry Hub | 30 | NYMEX | 279,750 USD | 06/25/26 | (36075) |
|  Henry Hub | 30 | NYMEX | 279,750 USD | 07/28/26 | (39225) |
|  Henry Hub | 30 | NYMEX | 279,750 USD | 08/26/26 | (36825) |
|  Henry Hub | 30 | NYMEX | 279,750 USD | 09/25/26 | (40875) |
|  Henry Hub | 30 | NYMEX | 279,750 USD | 10/27/26 | (52425) |
|  Henry Hub | 30 | NYMEX | 279,750 USD | 11/24/26 | (78000) |
|  Henry Hub | 10 | ICE | 96,500 USD | 12/29/26 | (29250) |
|  Henry Hub | 10 | ICE | 96,500 USD | 01/27/27 | (18075) |
|  Henry Hub | 10 | ICE | 96,500 USD | 02/24/27 | (375) |
|  Henry Hub | 10 | ICE | 96,500 USD | 03/29/27 | 12250 |
|  Henry Hub | 10 | ICE | 96,500 USD | 04/28/27 | 12350 |
|  Henry Hub | 10 | ICE | 96,500 USD | 05/26/27 | 9375 |
|  Henry Hub | 10 | ICE | 96,500 USD | 06/28/27 | 6100 |
|  Henry Hub | 10 | ICE | 96,500 USD | 07/28/27 | 4975 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts** | **Exchange** | **Notional<br>Amount** | **Expiration<br>Date** | **Value/<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  Henry Hub | 10 | ICE | 96,500 USD | 08/27/27 | $5825 |
|  Henry Hub | 10 | ICE | 96,500 USD | 09/28/27 | 4375 |
|  Henry Hub | 10 | ICE | 96,500 USD | 10/27/27 | 375 |
|  Henry Hub | 10 | ICE | 96,500 USD | 11/26/27 | (9825) |
|  ICE 3 Month Sonia | 891 | ICE | 213,984,619 GBP | 03/17/26 | (218) |
|  ICE 3 Month Sonia | 640 | ICE | 153,790,147 GBP | 06/16/26 | (12728) |
|  ICE 3 Month Sonia | 140 | ICE | 33,641,288 GBP | 03/16/27 | (16744) |
|  Japan Yen Currency | 47 | CME | 3,950,361 USD | 06/16/25 | 2949 |
|  Japanese 10-Year Bond | 45 | OSE | 6,206,400,000 JPY | 06/20/25 | (144010) |
|  Lean Hogs | 408 | CME | 15,890,910 USD | 06/17/25 | 342030 |
|  Long Gilt | 167 | LIFFE | 15,359,092 GBP | 06/26/25 | 60534 |
|  Mexican Peso Currency | 20 | CME | 494,795 USD | 06/16/25 | 10495 |
|  NASDAQ 100 E-Mini | 55 | CME | 21,908,773 USD | 06/20/25 | 525323 |
|  Natural Gas | 28 | NYMEX | 273,860 USD | 04/28/25 | (14470) |
|  Natural Gas | 417 | NYMEX | 17,057,961 USD | 04/28/25 | (118269) |
|  Natural Gas | 30 | ICE | 978,658 EUR | 04/29/25 | 76740 |
|  Natural Gas | 28 | NYMEX | 273,860 USD | 05/28/25 | (24130) |
|  Natural Gas | 166 | NYMEX | 6,720,380 USD | 05/28/25 | (346240) |
|  Natural Gas | 28 | NYMEX | 273,860 USD | 06/26/25 | (39320) |
|  Natural Gas | 312 | NYMEX | 14,031,603 USD | 06/26/25 | 72723 |
|  Natural Gas | 28 | NYMEX | 273,860 USD | 07/29/25 | (44290) |
|  Natural Gas | 28 | NYMEX | 273,860 USD | 08/27/25 | (41420) |
|  Natural Gas | 28 | NYMEX | 273,860 USD | 09/26/25 | (43870) |
|  Natural Gas | 189 | NYMEX | 8,614,770 USD | 09/26/25 | 36060 |
|  Natural Gas | 60 | ICE | 1,984,680 EUR | 09/29/25 | 133547 |
|  Natural Gas | 28 | NYMEX | 273,860 USD | 10/29/25 | (60040) |
|  Natural Gas | 69 | NYMEX | 3,322,491 USD | 10/29/25 | 31191 |
|  Natural Gas | 60 | ICE | 1,918,080 EUR | 10/30/25 | 147470 |
|  Natural Gas | 13 | NYMEX | 538,400 USD | 11/24/25 | (136690) |
|  Natural Gas | 28 | NYMEX | 273,860 USD | 11/25/25 | (89650) |
|  Natural Gas | 208 | NYMEX | 10,824,821 USD | 11/25/25 | 23381 |
|  Natural Gas | 60 | ICE | 1,982,016 EUR | 11/27/25 | 160543 |
|  Natural Gas | 3 | NYMEX | 121,200 USD | 12/26/25 | (42180) |
|  Natural Gas | 33 | NYMEX | 1,795,833 USD | 12/29/25 | (1347) |
|  Natural Gas | 60 | ICE | 1,982,016 EUR | 12/30/25 | 161750 |
|  Natural Gas | 138 | NYMEX | 5,035,763 USD | 01/01/26 | (2479717) |
|  Natural Gas | 3 | NYMEX | 121,200 USD | 01/27/26 | (30930) |
|  Natural Gas | 77 | NYMEX | 3,910,166 USD | 01/28/26 | 5496 |
|  Natural Gas | 60 | ICE | 1,790,208 EUR | 01/29/26 | 158697 |
|  Natural Gas | 138 | NYMEX | 5,035,763 USD | 02/01/26 | (1962217) |
|  Natural Gas | 3 | NYMEX | 121,200 USD | 02/24/26 | (12840) |
|  Natural Gas | 60 | ICE | 1,979,352 EUR | 02/26/26 | 232538 |
|  Natural Gas | 138 | NYMEX | 5,035,763 USD | 03/01/26 | (1130077) |
|  Natural Gas | 3 | NYMEX | 121,200 USD | 03/26/26 | 1110 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts** | **Exchange** | **Notional<br>Amount** | **Expiration<br>Date** | **Value/<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  Natural Gas | 68 | NYMEX | 2,733,870 USD | 03/27/26 | $11830 |
|  Natural Gas | 138 | NYMEX | 5,035,763 USD | 04/01/26 | (488377) |
|  Natural Gas | 3 | NYMEX | 121,200 USD | 04/27/26 | 1410 |
|  Natural Gas | 43 | NYMEX | 1,866,412 USD | 04/28/26 | 149422 |
|  Natural Gas | 138 | NYMEX | 5,035,763 USD | 05/01/26 | (474577) |
|  Natural Gas | 3 | NYMEX | 121,200 USD | 05/26/26 | (1500) |
|  Natural Gas | 33 | NYMEX | 1,382,177 USD | 05/27/26 | 32477 |
|  Natural Gas | 138 | NYMEX | 5,035,763 USD | 06/01/26 | (608437) |
|  Natural Gas | 3 | NYMEX | 121,200 USD | 06/25/26 | (5130) |
|  Natural Gas | 38 | NYMEX | 1,678,092 USD | 06/26/26 | 77912 |
|  Natural Gas | 138 | NYMEX | 5,035,763 USD | 07/01/26 | (775417) |
|  Natural Gas | 3 | NYMEX | 121,200 USD | 07/28/26 | (6390) |
|  Natural Gas | 38 | NYMEX | 1,680,292 USD | 07/29/26 | 64152 |
|  Natural Gas | 138 | NYMEX | 5,035,763 USD | 08/01/26 | (833377) |
|  Natural Gas | 3 | NYMEX | 121,200 USD | 08/26/26 | (5430) |
|  Natural Gas | 38 | NYMEX | 1,674,142 USD | 08/27/26 | 70162 |
|  Natural Gas | 138 | NYMEX | 5,035,763 USD | 09/01/26 | (789217) |
|  Natural Gas | 3 | NYMEX | 121,200 USD | 09/25/26 | (7050) |
|  Natural Gas | 39 | NYMEX | 1,456,330 USD | 09/28/26 | (210920) |
|  Natural Gas | 138 | NYMEX | 5,035,763 USD | 10/01/26 | (863737) |
|  Natural Gas | 3 | NYMEX | 121,200 USD | 10/27/26 | (11670) |
|  Natural Gas | 33 | NYMEX | 1,472,542 USD | 10/28/26 | 10972 |
|  Natural Gas | 138 | NYMEX | 5,035,763 USD | 11/01/26 | (1076257) |
|  Natural Gas | 3 | NYMEX | 121,200 USD | 11/24/26 | (21900) |
|  Natural Gas | 40 | NYMEX | 1,767,642 USD | 11/25/26 | (140358) |
|  Natural Gas | 138 | NYMEX | 5,035,763 USD | 12/01/26 | (1546837) |
|  Natural Gas | 45 | NYMEX | 2,010,300 USD | 12/29/26 | (253200) |
|  Natural Gas | 53 | NYMEX | 2,370,900 USD | 01/27/27 | (58090) |
|  Natural Gas | 53 | NYMEX | 2,370,900 USD | 02/24/27 | 317150 |
|  Natural Gas | 53 | NYMEX | 2,370,900 USD | 03/29/27 | 584800 |
|  Natural Gas | 53 | NYMEX | 2,370,900 USD | 04/28/27 | 586920 |
|  Natural Gas | 53 | NYMEX | 2,370,900 USD | 05/26/27 | 523850 |
|  Natural Gas | 53 | NYMEX | 2,370,900 USD | 06/28/27 | 454420 |
|  Natural Gas | 53 | NYMEX | 2,370,900 USD | 07/28/27 | 430570 |
|  Natural Gas | 53 | NYMEX | 2,370,900 USD | 08/27/27 | 448590 |
|  Natural Gas | 53 | NYMEX | 2,370,900 USD | 09/28/27 | 417850 |
|  Natural Gas | 53 | NYMEX | 2,370,900 USD | 10/27/27 | 333050 |
|  Natural Gas | 53 | NYMEX | 2,370,900 USD | 11/26/27 | 116810 |
|  New Zealand Dollar | 59 | ICE | 3,375,891 USD | 06/16/25 | 20562 |
|  Nikkei Index | 5 | OSE | 180,150,000 JPY | 06/13/25 | 12334 |
|  NY Harbor ULSD | 90 | NYMEX | 8,207,657 USD | 05/30/25 | (331741) |
|  NY Harbor ULSD | 16 | NYMEX | 1,520,363 USD | 06/30/25 | 5137 |
|  NY Harbor ULSD | 35 | NYMEX | 3,163,641 USD | 07/31/25 | (150180) |
|  NY Harbor ULSD | 2 | NYMEX | 196,560 USD | 11/28/25 | 6686 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts** | **Exchange** | **Notional<br>Amount** | **Expiration<br>Date** | **Value/<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  Palladium | 12 | NYMEX | 1,113,000 USD | 06/26/25 | $(87840) |
|  Platinum | 10 | NYMEX | 493,475 USD | 07/29/25 | (20275) |
|  S&P ASX Share Price Index 200 | 1 | SFE | 197,525 AUD | 06/19/25 | 375 |
|  Soybean | 108 | CBT | 5,488,450 USD | 05/14/25 | 8800 |
|  Soybean | 158 | CBT | 4,967,520 USD | 05/14/25 | 342860 |
|  Soybean | 1010 | CBT | 31,223,621 USD | 07/14/25 | 984221 |
|  Soybean | 1270 | CBT | 65,803,653 USD | 07/14/25 | 509778 |
|  Soybean Oil | 38 | CBT | 950,812 USD | 05/14/25 | (72680) |
|  Soybean Oil | 349 | CBT | 8,834,886 USD | 07/14/25 | (669780) |
|  Sugar | 229 | NYBOT | 5,057,957 USD | 04/30/25 | 220744 |
|  Swiss Franc Currency | 100 | CME | 14,303,118 USD | 06/16/25 | 44368 |
|  U.S. Treasury 10-Year Note | 1228 | CBT | 136,214,615 USD | 06/18/25 | (362010) |
|  U.S. Treasury 2-Year Note | 721 | CBT | 149,046,845 USD | 06/30/25 | (324077) |
|  U.S. Treasury 5-Year Note | 673 | CBT | 72,451,611 USD | 06/30/25 | (337546) |
|  U.S. Treasury Long Bond | 148 | CBT | 17,186,559 USD | 06/18/25 | (171066) |
|  U.S. Treasury Ultra Bond | 112 | CBT | 13,666,115 USD | 06/18/25 | (25885) |
|  VSTOXX | 185 | EUREX | 334,671 EUR | 04/16/25 | (58206) |
|  VSTOXX | 1275 | EUREX | 26,775 EUR | 05/21/25 | 25505 |
|  VSTOXX | 93 | EUREX | 178,881 EUR | 06/18/25 | (14737) |
|  Wheat | 1231 | CBT | 34,048,973 USD | 07/14/25 | 165698 |
|  WTI Crude | 190 | NYMEX | 13,057,344 USD | 04/22/25 | (523856) |
|  WTI Crude | 201 | ICE | 13,477,100 USD | 05/19/25 | (783850) |
|  WTI Crude | 527 | NYMEX | 36,570,840 USD | 05/20/25 | (819810) |
|  WTI Crude | 18 | NYMEX | 1,199,335 USD | 06/20/25 | (66425) |
|  Zinc | 64 | LME | 4,571,275 USD | 04/14/25 | 24811 |
|  |  |  |  |  | $(13662013) |
|  Total Futures Contracts Outstanding | Total Futures Contracts Outstanding | Total Futures Contracts Outstanding | Total Futures Contracts Outstanding | Total Futures Contracts Outstanding | $(5769018) |

---

#### Forward Foreign Currency Exchange Contracts Outstanding at March 31, 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 | 8815400000 | USD | 2082001 | State Street Bank and<br>Trust Company | 04/30/25 | $18082 |
|  HKD | 7331000 | USD | 943281 | State Street Bank and<br>Trust Company | 04/30/25 | (386) |
|  IDR | 5196300000 | USD | 318605 | State Street Bank and<br>Trust Company | 04/30/25 | (6993) |
|  PHP | 19900000 | USD | 339243 | State Street Bank and<br>Trust Company | 04/30/25 | 7988 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 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)** |
|  SGD | 300000 | USD | 221951 | State Street Bank and<br>Trust Company | 04/30/25 | $1689 |
|  SGD | 1237500 | USD | 924183 | State Street Bank and<br>Trust Company | 04/30/25 | (1671) |
|  USD | 147937 | IDR | 2424900000 | State Street Bank and<br>Trust Company | 04/30/25 | 2521 |
|  USD | 381761 | PEN | 1430000 | State Street Bank and<br>Trust Company | 04/30/25 | (7177) |
|  USD | 284760 | PHP | 16300000 | State Street Bank and<br>Trust Company | 04/30/25 | 345 |
|  USD | 319914 | PHP | 18700000 | State Street Bank and<br>Trust Company | 04/30/25 | (6378) |
|  USD | 301258 | SGD | 400000 | State Street Bank and<br>Trust Company | 04/30/25 | 3072 |
|  USD | 2143869 | THB | 71900000 | State Street Bank and<br>Trust Company | 04/30/25 | 20400 |
|  USD | 7438265 | TWD | 242800000 | State Street Bank and<br>Trust Company | 04/30/25 | 123307 |
|  BRL | 19600000 | USD | 3370598 | State Street Bank and<br>Trust Company | 04/02/25 | 64112 |
|  BRL | 3000000 | USD | 527120 | State Street Bank and<br>Trust Company | 04/02/25 | (1399) |
|  BRL | 22600000 | USD | 3901934 | State Street Bank and<br>Trust Company | 05/05/25 | 34438 |
|  CNH | 288918329 | USD | 39997000 | JP Morgan Chase<br>Bank N.A. | 04/09/25 | (209992) |
|  CNH | 1100000 | USD | 152478 | State Street Bank and<br>Trust Company | 04/30/25 | (791) |
|  CZK | 5300000 | USD | 221585 | State Street Bank and<br>Trust Company | 04/30/25 | 8154 |
|  EUR | 4348610 | TRY | 180054197 | JP Morgan Chase<br>Bank N.A. | 05/27/25 | 296430 |
|  EUR | 380000 | USD | 410314 | Morgan Stanley<br>Capital Services LLC | 04/16/25 | 887 |
|  EUR | 2820000 | USD | 3080047 | Morgan Stanley<br>Capital Services LLC | 04/16/25 | (28504) |
|  EUR | 196000 | USD | 207426 | Citibank N.A. | 05/27/25 | 5153 |
|  HUF | 171400000 | USD | 437726 | State Street Bank and<br>Trust Company | 04/30/25 | 21762 |
|  ILS | 800000 | USD | 223020 | State Street Bank and<br>Trust Company | 04/30/25 | (7723) |
|  INR | 179600000 | USD | 2061761 | State Street Bank and<br>Trust Company | 04/30/25 | 35058 |
|  MXN | 4400000 | USD | 211034 | State Street Bank and<br>Trust Company | 04/30/25 | 3149 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 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)** |
|  NOK | 53686566 | USD | 4749546 | State Street Bank and<br>Trust Company | 04/30/25 | $353470 |
|  NOK | 1 | USD | 0 | State Street Bank and<br>Trust Company | 07/31/25 | 0 |
|  PLN | 800000 | USD | 200639 | State Street Bank and<br>Trust Company | 04/30/25 | 5708 |
|  SEK | 58200000 | USD | 5589768 | State Street Bank and<br>Trust Company | 04/30/25 | 210070 |
|  TRY | 194410950 | EUR | 4680500 | JP Morgan Chase<br>Bank N.A. | 05/23/25 | (280517) |
|  TRY | 67500000 | USD | 1744961 | State Street Bank and<br>Trust Company | 04/30/25 | (33818) |
|  TRY | 105694200 | USD | 2553000 | JP Morgan Chase<br>Bank N.A. | 07/10/25 | (80793) |
|  TRY | 12000000 | USD | 293112 | State Street Bank and<br>Trust Company | 07/31/25 | (18343) |
|  USD | 2285346 | AUD | 3641000 | State Street Bank and<br>Trust Company | 04/24/25 | 9863 |
|  USD | 3923611 | BRL | 22600000 | State Street Bank and<br>Trust Company | 04/02/25 | (36820) |
|  USD | 3950193 | CHF | 3535000 | State Street Bank and<br>Trust Company | 04/30/25 | (58914) |
|  USD | 840437 | CLP | 828700000 | State Street Bank and<br>Trust Company | 04/30/25 | (32217) |
|  USD | 20460293 | CNH | 148658925 | JP Morgan Chase<br>Bank N.A. | 04/07/25 | (8601) |
|  USD | 14133287 | CNH | 102318000 | State Street Bank and<br>Trust Company | 04/30/25 | 23898 |
|  USD | 329260 | CNH | 2400000 | State Street Bank and<br>Trust Company | 04/30/25 | (1694) |
|  USD | 1242083 | CZK | 29900000 | State Street Bank and<br>Trust Company | 04/30/25 | (53990) |
|  USD | 25698777 | EUR | 23550000 | Morgan Stanley<br>Capital Services LLC | 04/16/25 | 215149 |
|  USD | 831252 | EUR | 770000 | Morgan Stanley<br>Capital Services LLC | 04/16/25 | (1971) |
|  USD | 4612266 | EUR | 4410000 | State Street Bank and<br>Trust Company | 04/24/25 | (161907) |
|  USD | 1051310 | EUR | 1000000 | Citibank N.A. | 05/23/25 | (33032) |
|  USD | 206757 | EUR | 196000 | Citibank N.A. | 05/27/25 | (5822) |
|  USD | 631923 | EUR | 584000 | Citibank N.A. | 06/09/25 | (1952) |
|  USD | 33302279 | GBP | 26963000 | State Street Bank and<br>Trust Company | 04/24/25 | (1525435) |
|  USD | 593645 | GBP | 481000 | Citibank N.A. | 05/06/25 | (27645) |
|  USD | 88854 | GBP | 70000 | Citibank N.A. | 06/05/25 | (1563) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 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)** |
|  USD | 2150308 | ILS | 7785000 | State Street Bank and<br>Trust Company | 04/30/25 | $55199 |
|  USD | 699262 | INR | 60600000 | State Street Bank and<br>Trust Company | 04/30/25 | (8239) |
|  USD | 282100 | JPY | 41767726 | Bank Of America<br>Merrill Lynch | 08/28/25 | (831) |
|  USD | 263250 | JPY | 38853068 | Bank Of America<br>Merrill Lynch | 09/29/25 | (794) |
|  USD | 3851286 | KRW | 5531500000 | State Street Bank and<br>Trust Company | 04/30/25 | 93106 |
|  USD | 2180791 | NOK | 23400001 | State Street Bank and<br>Trust Company | 04/30/25 | (43426) |
|  USD | 494307 | PLN | 2000000 | State Street Bank and<br>Trust Company | 04/30/25 | (21561) |
|  USD | 3790722 | SEK | 41509723 | State Street Bank and<br>Trust Company | 04/30/25 | (345871) |
|  USD | 2553000 | TRY | 105745260 | JP Morgan Chase<br>Bank N.A. | 07/10/25 | 79599 |
|  ZAR | 13600000 | USD | 720191 | State Street Bank and<br>Trust Company | 04/30/25 | 19923 |
|  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 | $(1344238) |

---

#### Centrally Cleared Credit Default Swaps on Single-Name Issuer (Buy Protection) — Outstanding at March 31, 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)** |
|  Alibaba Group<br>Holding Ltd. | 1.00 | 3M | 7/12/29 | Bank of America<br>Securities, Inc. | 125,000 USD | $(1530) | $(1436) | $(94) |
|  Mexico Government International Bonds | 1.00 | 3M | 1/14/30 | Bank of America<br>Securities, Inc. | 1,000,000 USD | 10458 | 14183 | (3725) |
|  China Government International Bonds | 1.00 | 3M | 12/20/29 | Morgan Stanley<br>Capital Services<br>LLC | 12,000,000 USD | (262097) | (225519) | (36578) |
|  China Government International Bonds | 1.00 | 3M | 12/20/29 | Morgan Stanley<br>Capital Services<br>LLC | 7,000,000 USD | (152890) | (131552) | (21338) |
|  China Government International Bonds | 1.00 | 3M | 12/20/29 | Morgan Stanley<br>Capital Services<br>LLC | 1,500,000 USD | (32762) | (29826) | (2936) |
|  China Government International Bonds | 1.00 | 3M | 12/20/29 | Morgan Stanley<br>Capital Services<br>LLC | 2,600,000USD | (56788) | (51698) | (5090) |
|  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;(495609) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(425848) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69761) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

#### Centrally Cleared Credit Default Swaps on Index (Buy Protection) — Outstanding at March 31, 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)** |
|  CDX.NA.HY.43 | 5.00% | 3M | 1/14/2030 | Bank of America Securities, Inc. | 100,000 USD | $(5470) | $(7431) | $1961 |
|  CDX.EM.42 | 1.00% | 3M | 12/20/2029 | Morgan Stanley Capital Services LLC | 6,000,000 USD | 163400 | 175800 | (12400) |
|  CDX.EM.42 | 1.00% | 3M | 12/20/2029 | Morgan Stanley Capital Services LLC | 12,000,000 USD | 326800 | 351600 | (24800) |
|  CDX.EM.42 | 1.00% | 3M | 12/20/2029 | Morgan Stanley Capital Services LLC | 100,500,000 USD | 2736953 | 2939625 | (202672) |
|  CDX.EM.42 | 1.00% | 3M | 12/20/2029 | Morgan Stanley Capital Services LLC | 170,500,000 USD | 4643289 | 4987125 | (343836) |
|  CDX.EM.42 | 1.00% | 3M | 12/20/2029 | Morgan Stanley Capital Services LLC | 5,500,000 USD | 149784 | 155650 | (5866) |
|  CDX.EM.42 | 1.00% | 3M | 12/20/2029 | Morgan Stanley Capital Services LLC | 9,500,000 USD | 258717 | 268850 | (10133) |
|  CDX.EM.42 | 1.00% | 3M | 12/20/2029 | Morgan Stanley Capital Services LLC | 4,100,000 USD | 111657 | 119310 | (7653) |
|  CDX.EM.42 | 1.00% | 3M | 12/20/2029 | Morgan Stanley Capital Services LLC | 6,900,000 USD | 187910 | 200790 | (12880) |
|  CDX.EM.42 | 1.00% | 3M | 12/20/2029 | Morgan Stanley Capital Services LLC | 22,100,000 USD | 601857 | 574157 | 27700 |
|  CDX.EM.42 | 1.00% | 3M | 12/20/2029 | Morgan Stanley Capital Services LLC | 3,000,000 USD | 81700 | 5083 | 76617 |
|  CDX.EM.42 | 1.00% | 3M | 12/20/2029 | Morgan Stanley Capital Services LLC | 5,300,000 USD | 144337 | 8981 | 135356 |
|  CDX.EM.42 | 1.00% | 3M | 12/20/2029 | Morgan Stanley Capital Services LLC | 7,900,000 USD | 215144 | 229890 | (14746) |
|  CDX.EM.42 | 1.00% | 3M | 12/20/2029 | Morgan Stanley Capital Services LLC | 13,600,000 USD | 370374 | 395760 | (25386) |
|  CDX.EM.42 | 1.00% | 3M | 12/20/2029 | Morgan Stanley Capital Services LLC | 15,700,000 USD | 427564 | 491410 | (63846) |
|  CDX.EM.42 | 1.00% | 3M | 12/20/2029 | Morgan Stanley Capital Services LLC | 5,300,000 USD | 144337 | 165890 | (21553) |
|  CDX.EM.42 | 1.00% | 3M | 12/20/2029 | Morgan Stanley Capital Services LLC | 3,900,000 USD | 106210 | 97305 | 8905 |
|  iTraxx Europe Xover Series 43 | 5.00% | 3M | 6/20/2030 | Morgan Stanley Capital Services LLC | 45,100,000 EUR | (3735700) | (4145731) | 410031 |
|  Total Centrally Cleared Credit Default Swaps on Index (Buy Protection) | Total Centrally Cleared Credit Default Swaps on Index (Buy Protection) | Total Centrally Cleared Credit Default Swaps on Index (Buy Protection) | Total Centrally Cleared Credit Default Swaps on Index (Buy Protection) | Total Centrally Cleared Credit Default Swaps on Index (Buy Protection) | Total Centrally Cleared Credit Default Swaps on Index (Buy Protection) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6928863 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7014064 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85201) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

#### Centrally Cleared Credit Default Swaps on Index (Sell Protection) — Outstanding at March 31, 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)** |
|  CDX.NA.IG.41 | 1.00% | 3M | 12/20/2028 | Morgan Stanley<br>Capital Services<br>LLC | NR | 71,238,000 USD | $1403190 | $(185751) | $1588941 |
|  CDX.NA.IG.43 | 1.00% | 3M | 12/20/2029 | Morgan Stanley<br>Capital Services<br>LLC | NR | 18,462,000 USD | 353932 | 5315873 | (4961941) |
|  iTraxx Europe Main Series 43 | 1.00% | 3M | 7/12/2030 | Bank of America<br>Securities, Inc. | NR | 63,100,000 EUR | 1225817 | 1276206 | (50389) |
|  CDX.NA.IG.44 | 1.00% | 3M | 6/20/2030 | Morgan Stanley<br>Capital Services<br>LLC | NR | 217,600,000 USD | 3984345 | 4012441 | (28096) |
|  iTraxx Europe Xover Series 43 | 5.00% | 3M | 6/20/2030 | Morgan Stanley<br>Capital Services<br>LLC | NR | 4,300,000 EUR | 356175 | 337427 | 18748 |
|  iTraxx Europe Xover Series 43 | 5.00% | 3M | 6/20/2030 | Morgan Stanley<br>Capital Services<br>LLC | NR | 4,500,000 EUR | 372742 | 356742 | 16000 |
|  iTraxx Europe Xover Series 43 | 5.00% | 3M | 7/12/2030 | Bank of America<br>Securities, Inc. | NR | 20,000,000 EUR | 1656630 | 1655735 | 895 |
|  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) | $9352831 | $12768673 | $(3415842) |

---

#### OTC Credit Default Swaps on Single-Name Issuer (Buy Protection) — Outstanding at March 31, 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 | $(345568) | $(333749) | $(11819) |
|  Qatar Government International Bonds | 1.00% | 3M | 06/20/2029 | Goldman Sachs<br>International | 7000000 | USD | (186075) | (179711) | (6364) |
|  Saudi Government International Bonds | 1.00% | 3M | 12/20/2033 | Goldman Sachs<br>International | 25700000 | USD | 53723 | (166410) | 220133 |
|  Saudi Government International Bonds | 1.00% | 3M | 12/20/2033 | Goldman Sachs<br>International | 15000000 | USD | 31355 | (97127) | 128482 |
|  China Government International Bonds | 1.00% | 3M | 12/20/2027 | Citibank N.A. | 23700000 | USD | (406444) | (411704) | 5260 |
|  China Government International Bonds | 1.00% | 3M | 12/20/2027 | Citibank N.A. | 13800000 | USD | (236663) | (239726) | 3063 |
|  Industrial & Commercial Bank of China Ltd. | 1.00% | 3M | 12/20/2027 | Goldman Sachs<br>International | 2200000 | USD | (39524) | (37174) | (2350) |
|  Industrial & Commercial Bank of China Ltd. | 1.00% | 3M | 12/20/2027 | Goldman Sachs<br>International | 3800000 | USD | (68268) | (64210) | (4058) |
|  China Construction Bank Corp. | 1.00% | 3M | 12/20/2027 | Barclays Bank PLC | 6700000 | USD | (123753) | (115160) | (8593) |
|  China Construction Bank Corp. | 1.00% | 3M | 12/20/2027 | Barclays Bank PLC | 11400000 | USD | (210564) | (195944) | (14620) |
|  Saudi Government International Bonds | 1.00% | 3M | 12/20/2033 | Goldman Sachs<br>International | 2900000 | USD | 6062 | (19180) | 25242 |
|  Saudi Government International Bonds | 1.00% | 3M | 12/20/2033 | Goldman Sachs<br>International | 4900000 | USD | 10243 | (32407) | 42650 |
|  China Development Bank | 1.00% | 3M | 12/20/2027 | Morgan Stanley<br>Capital Services<br>LLC | 3600000 | USD | (63121) | (60307) | (2814) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 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)** |
|  China Development Bank | 1.00% | 3M | 12/20/2027 | Morgan Stanley<br>Capital Services<br>LLC | 2200000 | USD | $(38574) | $(36854) | $(1720) |
|  Bank of China Ltd. | 1.00% | 3M | 12/20/2027 | Goldman Sachs<br>International | 8500000 | USD | (144979) | (143459) | (1520) |
|  Bank of China Ltd. | 1.00% | 3M | 12/20/2027 | Goldman Sachs<br>International | 4800000 | USD | (81871) | (81013) | (858) |
|  Turkiye Government International Bonds | 1.00% | 3M | 06/20/2027 | Goldman Sachs<br>International | 1900000 | USD | 50679 | 82827 | (32148) |
|  Turkiye Government International Bonds | 1.00% | 3M | 06/20/2027 | Goldman Sachs<br>International | 1100000 | USD | 29340 | 47503 | (18163) |
|  Turkiye Government International Bonds | 1.00% | 3M | 12/20/2026 | Goldman Sachs<br>International | 4800000 | USD | 89872 | 26877 | 62995 |
|  Turkiye Government International Bonds | 1.00% | 3M | 12/20/2026 | Goldman Sachs<br>International | 8300000 | USD | 155404 | 46476 | 108928 |
|  Turkiye Government International Bonds | 1.00% | 3M | 06/20/2027 | Goldman Sachs<br>International | 3300000 | USD | 88021 | 82887 | 5134 |
|  Turkiye Government International Bonds | 1.00% | 3M | 12/20/2026 | Goldman Sachs<br>International | 4800000 | USD | 89872 | 29986 | 59886 |
|  Turkiye Government International Bonds | 1.00% | 3M | 12/20/2026 | Goldman Sachs<br>International | 8200000 | USD | 153532 | 51226 | 102306 |
|  Turkiye Government International Bonds | 1.00% | 3M | 06/20/2027 | Goldman Sachs<br>International | 2000000 | USD | 53346 | 48248 | 5098 |
|  Turkiye Government International Bonds | 1.00% | 3M | 12/20/2026 | Goldman Sachs<br>International | 3400000 | USD | 63659 | 29854 | 33805 |
|  Turkiye Government International Bonds | 1.00% | 3M | 12/20/2026 | Goldman Sachs<br>International | 5800000 | USD | 108595 | 50928 | 57667 |
|  Saudi Government International Bonds | 1.00% | 3M | 12/20/2029 | Goldman Sachs<br>International | 5500000 | USD | (80446) | (90929) | 10483 |
|  Saudi Government International Bonds | 1.00% | 3M | 12/20/2029 | Goldman Sachs<br>International | 3300000 | USD | (48268) | (54558) | 6290 |
|  Republic of Peru | 1.00% | 3M | 06/20/2030 | JP Morgan<br>Chase & Co. | 4215000 | USD | (20346) | (15733) | (4613) |
|  Republic of Peru | 1.00% | 3M | 06/20/2030 | JP Morgan Chase<br>Bank N.A. | 7206000 | USD | (34784) | (26898) | (7886) |
|  Mexico Government International Bonds | 1.00% | 3M | 06/20/2030 | Goldman Sachs<br>International | 11800000 | USD | 193954 | 179194 | 14760 |
|  Turkiye Government International Bonds | 1.00% | 3M | 12/20/2029 | Barclays Bank PLC | 2100000 | USD | 171224 | 154374 | 16850 |
|  Turkiye Government International Bonds | 1.00% | 3M | 12/20/2029 | Barclays Bank PLC | 3600000 | USD | 293527 | 264640 | 28887 |
|  Turkiye Government International Bonds | 1.00% | 3M | 12/20/2029 | Morgan<br>Stanley Capital<br>Services LLC | 600000 | USD | 48921 | 44465 | 4456 |
|  Turkiye Government International Bonds | 1.00% | 3M | 12/20/2029 | Morgan Stanley<br>Capital Services<br>LLC | 1100000 | USD | 89689 | 81519 | 8170 |
|  Republic of South Africa | 1.00% | 3M | 06/20/2030 | Goldman Sachs<br>International | 18500000 | USD | 1060565 | 1086495 | (25930) |
|  Republic of South Africa | 1.00% | 3M | 06/20/2030 | Goldman Sachs<br>International | 10800000 | USD | 619141 | 634279 | (15138) |
|  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) |  | $1331476 | $539525 | $791951 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

#### OTC Credit Default Swaps on Single-Name Issuer (Sell Protection) — Outstanding at March 31, 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)** |
|  Turkiye Government International Bonds | 1.00% | 3M | 12/20/2029 | Goldman Sachs<br>International | 1300000 | USD | $(105996) | $(492153) | $386157 |
|  Turkiye Government International Bonds | 1.00% | 3M | 12/20/2029 | Goldman Sachs<br>International | 3400000 | USD | (277220) | (495269) | 218049 |
|  Turkiye Government International Bonds | 1.00% | 3M | 12/20/2029 | Goldman Sachs<br>International | 2700000 | USD | (220145) | (282115) | 61970 |
|  Saudi Government International Bonds | 1.00% | 3M | 12/20/2029 | JP Morgan<br>Chase & Co. | 6200000 | USD | 90685 | 110015 | (19330) |
|  Saudi Government International Bonds | 1.00% | 3M | 12/20/2029 | JP Morgan<br>Chase Bank<br>N.A. | 10400000 | USD | 152117 | 184542 | (32425) |
|  Oman Government International Bond | 1.00% | 3M | 06/20/2030 | Barclays Bank<br>PLC | 230000 | USD | (1593) | (954) | (639) |
|  Brazil Government International Bonds | 1.00% | 3M | 06/20/2030 | Barclays Bank<br>PLC | 1000000 | USD | (39127) | (39070) | (57) |
|  Philippines Government International Bonds | 1.00% | 3M | 06/20/2030 | Barclays Bank<br>PLC | 340000 | USD | 3783 | 4133 | (350) |
|  Indonesia Government International Bonds | 1.00% | 3M | 06/20/2030 | Barclays Bank<br>PLC | 890000 | USD | 2124 | 4564 | (2440) |
|  Republic of Peru | 1.00% | 3M | 06/20/2030 | Barclays Bank<br>PLC | 340000 | USD | 1641 | 1517 | 124 |
|  Chile Government International Bonds | 1.00% | 3M | 06/20/2030 | Barclays Bank<br>PLC | 670000 | USD | 12673 | 12660 | 13 |
|  Morocco Government International Bonds | 1.00% | 3M | 06/20/2030 | Barclays Bank<br>PLC | 230000 | USD | (2048) | (1060) | (988) |
|  China Government International Bonds | 1.00% | 3M | 06/20/2030 | Barclays Bank<br>PLC | 1000000 | USD | 22136 | 24073 | (1937) |
|  Dominican Republic International Bonds | 1.00% | 3M | 06/20/2030 | Barclays Bank<br>PLC | 230000 | USD | (10441) | (9037) | (1404) |
|  Mexico Government International Bonds | 1.00% | 3M | 06/20/2030 | Barclays Bank<br>PLC | 1000000 | USD | (16437) | (14703) | (1734) |
|  Bahrain Government International Bonds | 1.00% | 3M | 06/20/2030 | Barclays Bank<br>PLC | 230000 | USD | (10212) | (9841) | (371) |
|  Republic of South Africa | 1.00% | 3M | 06/20/2030 | Barclays Bank<br>PLC | 1000000 | USD | (57328) | (51891) | (5437) |
|  Panama Government International Bonds | 1.00% | 3M | 06/20/2030 | Barclays Bank<br>PLC | 230000 | USD | (12260) | (9942) | (2318) |
|  Colombia Government International Bonds | 1.00% | 3M | 06/20/2030 | Barclays Bank<br>PLC | 780000 | USD | (44192) | (39466) | (4726) |
|  Saudi Government International Bonds | 1.00% | 3M | 06/20/2030 | Barclays Bank<br>PLC | 550000 | USD | 7513 | 7902 | (389) |
|  Turkiye Government International Bonds | 1.00% | 3M | 06/20/2030 | Barclays Bank<br>PLC | 1000000 | USD | (94175) | (85809) | (8366) |
|  Colombia Government International Bonds | 1.00% | 3M | 06/20/2030 | Citibank N.A. | 10700000 | USD | (606225) | (571821) | (34404) |
|  Colombia Government International Bonds | 1.00% | 3M | 06/20/2030 | Citibank N.A. | 6200000 | USD | (351271) | (331336) | (19935) |
|  Republic of South Africa | 1.00% | 3M | 06/20/2030 | Bank of<br>America N.A. | 2800000 | USD | (160518) | (162662) | 2144 |
|  Republic of South Africa | 1.00% | 3M | 06/20/2030 | Bank of<br>America N.A. | 1600000 | USD | (91725) | (92949) | 1224 |
|  Total OTC Credit Default Swaps on Single-Name Issuer (Sell Protection) | Total OTC Credit Default Swaps on Single-Name Issuer (Sell Protection) | Total OTC Credit Default Swaps on Single-Name Issuer (Sell Protection) | Total OTC Credit Default Swaps on Single-Name Issuer (Sell Protection) | Total OTC Credit Default Swaps on Single-Name Issuer (Sell Protection) | Total OTC Credit Default Swaps on Single-Name Issuer (Sell Protection) |  | $(1808241) | $(2340672) | $532431 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

#### OTC Credit Default Swaps on Index (Buy Protection) — Outstanding at March 31, 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)** |
|  CDX.NA.IG.41 | 1.00% | 3M | 12/20/2028 | Citibank N.A. | 55576000 | USD | $(928871) | $(1065233) | $136362 |
|  CDX.NA.HY.37 | 5.00% | 3M | 12/20/2026 | Morgan Stanley<br>Capital Services LLC | 34700000 | USD | (2476562) | (3156856) | 680294 |
|  CDX.NA.IG.41 | 1.00% | 3M | 12/20/2028 | Morgan Stanley<br>Capital Services LLC | 15662000 | USD | (261767) | (300484) | 38717 |
|  CDX.NA.IG.41 | 1.00% | 3M | 12/20/2029 | Morgan Stanley<br>Capital Services LLC | 18462000 | USD | (354244) | (304972) | (49272) |
|  Total OTC Credit Default Swaps on Index (Buy Protection) | Total OTC Credit Default Swaps on Index (Buy Protection) | Total OTC Credit Default Swaps on Index (Buy Protection) | Total OTC Credit Default Swaps on Index (Buy Protection) | Total OTC Credit Default Swaps on Index (Buy Protection) | Total OTC Credit Default Swaps on Index (Buy Protection) | Total OTC Credit Default Swaps on Index (Buy Protection) | $(4021444) | $(4827545) | $806101 |

---

#### OTC Credit Default Swaps on Index (Sell Protection) — Outstanding at March 31, 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 | $(6528) | $(3377) | $(3151) |
|  CMBX.NA.BBB-.10 | 3.00% | M | 11/17/2059 | Goldman Sachs<br>International | BBB | 5,052,000 USD | (977646) | (207050) | (770596) |
|  CDX.NA.HY.39 | 5.00% | 3M | 12/20/2027 | Morgan Stanley<br>Capital<br>Services LLC | NR | 34,700,000 USD | 3769727 | 4471222 | (701495) |
|  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) | $2785553 | $4260795 | $(1475242) |

---

<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. 

#### Variance/Volatility Swaps (Buy Contracts) — Outstanding at March 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference <br>Obligation** | **Maturity<br>Date** | **Counterparty** | **Notional<br>Amount** | **Market<br>Value** | **Upfront<br>Premium<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Variance Swap - SX5E (14.8% - 2025-06-20) | 6/20/25 | JP Morgan Chase Bank N.A. | 14,375 EUR | $737744 | $– $| 737744 |
|  S&P 500 Index | 6/20/25 | Morgan Stanley & Co. International PLC | 10,131 USD | (28265) | – | (28265) |
|  S&P 500 Index | 6/20/25 | JP Morgan Chase Bank N.A. | 4,014 USD | (17860) | – | (17860) |
|  S&P 500 Index | 6/20/25 | JP Morgan Chase Bank N.A. | 4,014 USD | (13292) | – | (13292) |
|  Variance Swap - UKX (9% - 2025-04-18) | 4/17/25 | JP Morgan Chase Bank N.A. | 945 GBP | (2922) | – | (2922) |
|  S&P 500 Index | 9/19/25 | JP Morgan Chase Bank N.A. | 2,017 USD | 94 | – | 94 |
|  Variance Swap - SX5E (20.9% - 2025-04-17) | 4/17/25 | JP Morgan Chase Bank N.A. | 509 EUR | (57879) | – | (57879) |
|  Variance Swap - SX5E (20.9% - 2025-04-17) | 4/17/25 | JP Morgan Chase Bank N.A. | 509 EUR | (47104) | – | (47104) |
|  Variance Swap - SX5E (20.6% - 2025-04-17) | 4/25/25 | Citibank N.A. | 1,033 EUR | (131421) | – | (131421) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference <br>Obligation** | **Maturity<br>Date** | **Counterparty** | **Notional<br>Amount** | **Market<br>Value** | **Upfront<br>Premium<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  S&P 500 Index | 4/17/25 | Morgan Stanley Capital Services LLC | 941 USD | $(117728) | $— | $(117728) |
|  S&P 500 Index | 4/17/25 | Morgan Stanley Capital Services LLC | 467 USD | (62449) |  | (62449) |
|  S&P 500 Index | 4/17/25 | Morgan Stanley Capital Services LLC | 1,108 USD | (12466) |  | (12466) |
|  Total Variance/Volatility Swaps (Buy Contracts) | Total Variance/Volatility Swaps (Buy Contracts) | Total Variance/Volatility Swaps (Buy Contracts) | Total Variance/Volatility Swaps (Buy Contracts) | $246452 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $246452 |

---

#### Variance/Volatility Swaps (Sell Contracts) — Outstanding at March 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Obligation** | **Maturity**<br> **Date** | **Counterparty** | **Notional**<br>**Amount** | **Notional**<br>**Amount** | **Market**<br>**Value** | **Upfront**<br>**Premium**<br>**Paid**<br>**(Received)** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  S&P 500 Index | 6/20/2025 | JP Morgan Chase Bank N.A. | (2145) | USD | $177118 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $177118 |
|  Variance Swap - SX5E (18.75% - 2025- 06-20) | 6/20/2025 | JP Morgan Chase Bank N.A. | (4427) | EUR | 253332 |  | 253332 |
|  Variance Swap - SX5E (19.5% - 2025- 06-20) | 6/20/2025 | Morgan Stanley Capital Services LLC | (3054) | EUR | 294667 |  | 294667 |
|  S&P 500 Index | 6/20/2025 | JP Morgan Chase Bank N.A. | (3037) | USD | 393835 |  | 393835 |
|  Variance Swap - SX5E (20.65% - 2025- 06-20) | 6/20/2025 | Bank of America N.A. | (2131) | EUR | 269701 |  | 269701 |
|  S&P 500 Index | 6/20/2025 | Citibank N.A. | (2095) | USD | 269735 |  | 269735 |
|  S&P 500 Index | 6/20/2025 | Citibank N.A. | (2136) | USD | 228369 |  | 228369 |
|  Variance Swap - SX5E (20.35% - 2025-06-20) | 6/20/2025 | Goldman Sachs International | (3074) | EUR | 298967 |  | 298967 |
|  S&P 500 Index | 9/19/2025 | JP Morgan Chase Bank N.A. | (2160) | USD | 18453 |  | 18453 |
|  Variance Swap - SX5E (20.5% - 2025- 06-20) | 6/20/2025 | JP Morgan Chase Bank N.A. | (1951) | EUR | 214438 |  | 214438 |
|  Variance Swap - SX5E (20.7% - 2025- 09-19) | 9/19/2025 | Bank of America N.A. | (1932) | EUR | 103758 |  | 103758 |
|  S&P 500 Index | 9/19/2025 | Morgan Stanley Capital Services LLC | (3350) | USD | (129191) |  | (129191) |
|  S&P 500 Index | 9/19/2025 | Bank of America N.A. | (4450) | USD | (188999) |  | (188999) |
|  S&P 500 Index | 9/19/2025 | Morgan Stanley Capital Services LLC | (2205) | USD | (76414) |  | (76414) |
|  S&P 500 Index | 9/19/2025 | Citibank N.A. | (3281) | USD | (132130) |  | (132130) |
|  S&P 500 Index | 9/19/2025 | Citibank N.A. | (4362) | USD | (180065) |  | (180065) |
|  Variance Swap - SX5E (19% - 2025- 06-20) | 6/20/2025 | JP Morgan Chase Bank N.A. | (4462) | EUR | 50871 |  | 50871 |
|  Variance Swap - SX5E (19.7% - 2025- 09-19) | 9/19/2025 | Morgan Stanley Capital Services LLC | (3240) | EUR | (58935) |  | (58935) |
|  S&P 500 Index | 9/19/2025 | Bank of America N.A. | (2017) | USD | 17686 |  | 17686 |
|  Variance Swap - SX5E (21.1% - 2025- 09-19) | 9/19/2025 | JP Morgan Chase Bank N.A. | (4033) | EUR | 121438 |  | 121438 |
|  Variance Swap - UKX (15.05% - 2025- 09-19) | 9/19/2025 | JP Morgan Chase Bank N.A. | (2827) | GBP | 91762 |  | 91762 |
|  Variance Swap - UKX (14.85% - 2025- 09-19) | 9/19/2025 | Citibank N.A. | (1434) | GBP | 32709 |  | 32709 |
|  Variance Swap - SX5E (19.3% - 2025- 09-19) | 9/19/2025 | Goldman Sachs International | (3307) | EUR | (245717) |  | (245717) |
|  S&P 500 Index | 9/19/2025 | Morgan Stanley Capital Services LLC | (3121) | USD | (120004) |  | (120004) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Obligation** | **Maturity**<br> **Date** | **Counterparty** | **Notional**<br>**Amount** | **Notional**<br>**Amount** | **Market**<br>**Value** | **Upfront**<br>**Premium**<br>**Paid**<br>**(Received)** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  Variance Swap - SX5E (19.65% - 2025- 12-19) | 12/19/2025 | JP Morgan Chase Bank N.A. | (3248) | EUR | $(237711) | $— | $(237711) |
|  S&P 500 Index | 9/19/2025 | JP Morgan Chase Bank N.A. | (3265) | USD | (305406) |  | (305406) |
|  S&P 500 Index | 12/19/2025 | JP Morgan Chase Bank N.A. | (2046) | USD | (131269) |  | (131269) |
|  Variance Swap - UKX (15.4% - 2025- 09-19) | 9/19/2025 | UBS AG | (4144) | GBP | 48033 |  | 48033 |
|  Variance Swap - UKX (15.75% - 2025- 09-19) | 9/19/2025 | Bank of America N.A. | (2702) | GBP | 70561 |  | 70561 |
|  Variance Swap - SX5E (20.75% - 2025- 09-19) | 9/19/2025 | Citibank N.A. | (2048) | EUR | (89825) |  | (89825) |
|  Variance Swap - SX5E (20.35% - 2025- 09-19) | 9/19/2025 | Bank of America N.A. | (3136) | EUR | (239867) |  | (239867) |
|  Variance Swap - SX5E (19.6% - 2025- 09-19) | 9/19/2025 | Goldman Sachs International | (2168) | EUR | (268297) |  | (268297) |
|  Total Variance/Volatility Swaps (Sell Contracts) | Total Variance/Volatility Swaps (Sell Contracts) | Total Variance/Volatility Swaps (Sell Contracts) | Total Variance/Volatility Swaps (Sell Contracts) | Total Variance/Volatility Swaps (Sell Contracts) | $551603 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $551603 |

---

#### OTC Total Return Swaps Outstanding at March 31, 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.<sup>2</sup> | 04/21/25 | M | 4.33% | Morgan Stanley Capital Services LLC | 279,955 USD | $0 |
|  Asker Healthcare Group AB | 04/21/25 | M | 2.77% | Morgan Stanley Capital Services LLC | 7,937,753 SEK | 30676 |
|  Cheniere Energy, Inc. | 04/21/25 | M | 4.63% | Morgan Stanley Capital Services LLC | 2,098,177 USD | 42272 |
|  DT Midstream, Inc. | 04/21/25 | M | 4.63% | Morgan Stanley Capital Services LLC | 1,595,701 USD | (55783) |
|  Egypt Treasury Bills | 04/21/25 | M | 0.00% | Goldman Sachs International | 749,800,000 USD | 14070848 |
|  Egypt Treasury Bills | 04/21/25 | M | 0.00% | Goldman Sachs International | 433,700,000 USD | 8138872 |
|  Energy Transfer LP | 04/21/25 | M | 5.08% | Morgan Stanley Capital Services LLC | 14,323,079 USD | (7701) |
|  Enterprise Products Partners LP | 04/21/25 | M | 5.08% | Morgan Stanley Capital Services LLC | 1,721,239 USD | 14746 |
|  GS Equity Index Swap - GSCBBXC3 | 04/21/25 | M | 4.73% | Goldman Sachs International | 48,291,992 USD | (1706280) |
|  GS Equity Index Swap - GSVICVE1 | 04/21/25 | M | 0.00% | Goldman Sachs International | 11,128,143 EUR | (69539) |
|  GS Equity Index Swap - GSVICVS1 | 04/21/25 | M | 0.00% | Goldman Sachs International | 25,399,358 USD | (119158) |
|  IONOS Group SE | 04/21/25 | M | 0.45% | Morgan Stanley Capital Services LLC | 756,605 EUR | 38898 |
|  Japan Post Bank Co., Ltd. | 04/21/25 | M | 1.03% | Morgan Stanley Capital Services LLC | 582,198,510 JPY | (254958) |
|  Martin Midstream Partners LP | 04/21/25 | M | 5.08% | Morgan Stanley Capital Services LLC | 451,999 USD | (12216) |
|  MPLX LP | 04/21/25 | M | 5.08% | Morgan Stanley Capital Services LLC | 12,092,005 USD | (40532) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference<br>Instrument** | **Termination<br>Date<sup>1</sup>** | **Financing<br>Rate** | **Counterparty** | **Notional<br>Amount** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  MS Alpha Swap | 04/21/25 M | 0.20% | Morgan Stanley Capital Services LLC | 170,519,451 USD | $(5291924) |
|  MS Alpha Swap | 04/21/25 M | 0.30% | Morgan Stanley Capital Services LLC | 128,501,718 USD | 51152 |
|  MS Alpha Swap | 04/21/25 M | 0.75% | Morgan Stanley Capital Services LLC | 160,703,306 USD | (684201) |
|  MS Alpha Swap | 04/21/25 M | 4.98% | Morgan Stanley Capital Services LLC | 218,839,696 USD | 585229 |
|  NextEra Energy, Inc. | 04/21/25 M | 4.63% | Morgan Stanley Capital Services LLC | 3,135,944 USD | 442 |
|  Nissan Chemical Corp. | 04/21/25 M | 1.03% | Morgan Stanley Capital Services LLC | 58,130,405 JPY | (9591) |
|  Ping An Insurance Group Co. of China Ltd. | 04/21/25 M | 5.08% | Citibank N.A. | 1,237,670 USD | (32670) |
|  Plains All American Pipeline LP | 04/21/25 M | 5.08% | Morgan Stanley Capital Services LLC | 3,319,713 USD | 4987 |
|  Plus Alpha Consulting Co., Ltd. | 04/21/25 M | 0.48% | Goldman Sachs & Co. | 209,020,000 JPY | (8434) |
|  Repsol SA | 04/21/25 M | 2.92% | Morgan Stanley Capital Services LLC | 597,696 EUR | 9302 |
|  SK Hynix, Inc. | 04/21/25 M | 4.78% | Morgan Stanley Capital Services LLC | 224,072 USD | (17314) |
|  South Bow Corp. | 04/21/25 M | 4.63% | Morgan Stanley Capital Services LLC | 2,341,495 USD | (78050) |
|  SPDR S&P Biotech ETF | 04/21/25 M | 4.48% | Morgan Stanley Capital Services LLC | 37,461,600 USD | (2588600) |
|  Taiwan Semiconductor Manufacturing Co., Ltd. | 04/21/25 M | 4.78% | Morgan Stanley Capital Services LLC | 4,668,538 USD | (204706) |
|  Targa Resources Corp. | 04/21/25 M | 4.63% | Morgan Stanley Capital Services LLC | 13,731,144 USD | 213549 |
|  U.S. Treasury Bonds | 04/21/25 M | 0.04% | Barclays Bank PLC | 33,632,292 USD | 206942 |
|  U.S. Treasury Bonds | 04/21/25 M | 0.04% | Barclays Bank PLC | 45,667,269 USD | 366532 |
|  U.S. Treasury Notes | 04/21/25 M | 0.04% | Barclays Bank PLC | 43,685,484 USD | 459100 |
|  U.S. Treasury Notes | 04/21/25 M | 0.04% | Barclays Bank PLC | 30,376,938 USD | 179747 |
|  U.S. Treasury Notes | 04/21/25 M | 0.04% | Barclays Bank PLC | 2,076,281 USD | 7752 |
|  U.S. Treasury Notes | 04/21/25 M | 0.04% | Barclays Bank PLC | 43,104,378 USD | 422294 |
|  U.S. Treasury Notes | 04/21/25 M | 0.05% | Barclays Bank PLC | 53,589,072 USD | 458682 |
|  Universal Music Group NV | 04/21/25 M | 3.00% | Morgan Stanley Capital Services LLC | 2,092,604 EUR | (10306) |
|  USS Co., Ltd. | 04/21/25 M | 1.03% | Morgan Stanley Capital Services LLC | 106,091,492 JPY | (32818) |
|  Venture Global, Inc. | 04/21/25 M | 4.63% | Morgan Stanley Capital Services LLC | 91,069 USD | (10276) |
|  Western Midstream Partners LP | 04/21/25 M | 5.08% | Morgan Stanley Capital Services LLC | 3,048,945 USD | (22902) |
|  Williams Cos., Inc. (The) | 04/21/25 M | 4.63% | Morgan Stanley Capital Services LLC | 15,879,884 USD | 42631 |
|  Total Buys |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14086694 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 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)** |
|  **Sells** |  |  |  |  |  |  |
|  ADT, Inc. | 04/21/25 | M | 3.93% | Morgan Stanley Capital Services LLC | (1665203) USD | $(2048) |
|  Alerian MLP Index ETN | 04/21/25 | M | 3.20% | Morgan Stanley Capital Services LLC | (9832847) USD | (39514) |
|  Amentum Holdings, Inc. | 04/21/25 | M | 3.93% | Morgan Stanley Capital Services LLC | (745153) USD | (410) |
|  Amer Sports, Inc. | 04/21/25 | M | 3.93% | Morgan Stanley Capital Services LLC | (3283701) USD | (1229) |
|  American Electric Power Co., Inc. | 04/21/25 | M | 3.93% | Morgan Stanley Capital Services LLC | (6412711) USD | (302587) |
|  Ardent Health Partners, Inc. | 04/21/25 | M | 3.70% | Morgan Stanley Capital Services LLC | (544603) USD | (18638) |
|  Atlas Energy Solutions, Inc. | 04/21/25 | M | 3.80% | Morgan Stanley Capital Services LLC | (1823887) USD | (3072) |
|  BBB Foods, Inc. | 04/21/25 | M | 3.93% | Morgan Stanley Capital Services LLC | (2739953) USD | 7681 |
|  Bowhead Specialty Holdings, Inc. | 04/21/25 | M | 3.93% | Morgan Stanley Capital Services LLC | (840376) USD | 7783 |
|  BrightSpring Health Services, Inc. | 04/21/25 | M | 3.93% | Morgan Stanley Capital Services LLC | (1109082) USD | (2458) |
|  Clearwater Analytics Holdings, Inc. | 04/21/25 | M | 3.93% | Morgan Stanley Capital Services LLC | (1097452) USD | (410) |
|  Crescent Energy Co. | 04/21/25 | M | 3.93% | Morgan Stanley Capital Services LLC | (1150076) USD | (1024) |
|  CyberArk Software Ltd. | 04/21/25 | M | 3.93% | Morgan Stanley Capital Services LLC | (6922711) USD | (205) |
|  Entergy Corp. | 04/21/25 | M | 3.93% | Morgan Stanley Capital Services LLC | (10504894) USD | (1229) |
|  F&G Annuities & Life, Inc. | 04/21/25 | M | 3.93% | Morgan Stanley Capital Services LLC | (2760592) USD | (45215) |
|  Flowco Holdings, Inc. | 04/21/25 | M | 3.93% | Morgan Stanley Capital Services LLC | (739932) USD | 4444 |
|  Guardian Pharmacy Services, Inc. | 04/21/25 | M | 0.40% | Morgan Stanley Capital Services LLC | (847013) USD | (23860) |
|  Hon Hai Precision Industry Co., Ltd. | 04/21/25 | M | 3.93% | Morgan Stanley Capital Services LLC | (185000) USD | 18101 |
|  Infinity Natural Resources, Inc. | 04/21/25 | M | 0.65% | Morgan Stanley Capital Services LLC | (259500) USD | (9319) |
|  iShares iBoxx $ Investment Grade Corporate Bond ETF | 04/21/25 | M | 3.83% | Barclays Bank PLC | (46979317) USD | 30237 |
|  iShares iBoxx $ Investment Grade Corporate Bond ETF | 04/21/25 | M | 4.08% | Morgan Stanley & Co. LLC | (48744492) USD | 31373 |
|  iShares iBoxx $ Investment Grade Corporate Bond ETF | 04/21/25 | M | 4.33% | Goldman Sachs International | (140937951) USD | 90710 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference<br>Instrument** | **Termination<br>Date<sup>1</sup>** | **Financing<br>Rate** | **Counterparty** | **Notional<br>Amount** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  iShares J.P. Morgan USD Emerging Markets Bond ETF | 04/21/25 M | 3.08% | Morgan Stanley & Co. LLC | (2301794) USD | $9867 |
|  iShares J.P. Morgan USD Emerging Markets Bond ETF | 04/21/25 M | 4.33% | Goldman Sachs International | (8797766) USD | 37713 |
|  Karman Holdings, Inc. | 04/21/25 M | 3.20% | Morgan Stanley Capital Services LLC | (5064293) USD | 272767 |
|  Keurig Dr. Pepper, Inc. | 04/21/25 M | 3.93% | Morgan Stanley Capital Services LLC | (20871548) USD | (153904) |
|  KinderCare Learning Cos., Inc. | 04/21/25 M | 3.75% | Morgan Stanley Capital Services LLC | (754544) USD | 42397 |
|  Kodiak Gas Services, Inc. | 04/21/25 M | 4.33% | Morgan Stanley Capital Services LLC | (3067719) USD | 11879 |
|  Landbridge Co., LLC | 04/21/25 M | 3.15% | Morgan Stanley Capital Services LLC | (3169590) USD | 222639 |
|  Lineage, Inc. | 04/21/25 M | 3.93% | Morgan Stanley Capital Services LLC | (4816839) USD | 13518 |
|  Marex Group PLC | 04/21/25 M | 3.93% | Morgan Stanley Capital Services LLC | (2486967) USD | (44983) |
|  MediaTek, Inc. | 04/21/25 M | 3.95% | Morgan Stanley Capital Services LLC | (201818) USD | 7866 |
|  Morgan Stanley Equity Index Swap - MSSVJPBK | 04/21/25 M | 0.03% | Morgan Stanley Capital Services LLC | (573370645) JPY | 324155 |
|  MS Equity Index Swap - MSHVHEAT | 04/21/25 M | 4.01% | Morgan Stanley Capital Services LLC | (56552022) USD | (249112) |
|  Nasdaq, Inc. | 04/21/25 M | 3.93% | Morgan Stanley Capital Services LLC | (15438157) USD | (99337) |
|  NEXT FUNDS TOPIX Exchange Traded Fund | 04/21/25 M | 4.33% | Morgan Stanley Capital Services LLC | (60247558) JPY | 11892 |
|  ONEOK, Inc. | 04/21/25 M | 4.08% | Morgan Stanley Capital Services LLC | (1468245) USD | 1774 |
|  Onestream, Inc. | 04/21/25 M | 3.93% | Morgan Stanley Capital Services LLC | (4603261) USD | 232466 |
|  Ping An Insurance Group Co. of China Ltd. | 04/21/25 M | 3.48% | Citibank N.A. | (5968750) HKD | 20930 |
|  Primo Brands Corp. | 04/21/25 M | 3.93% | Morgan Stanley Capital Services LLC | (14261513) USD | (276504) |
|  Quanta Computer, Inc. | 04/21/25 M | 3.93% | Morgan Stanley Capital Services LLC | (108606) USD | 11199 |
|  SailPoint, Inc. | 04/21/25 M | 3.25% | Morgan Stanley Capital Services LLC | (4144288) USD | 303276 |
|  ServiceTitan, Inc. | 04/21/25 M | 3.25% | Morgan Stanley Capital Services LLC | (2951772) USD | 29802 |
|  Smithfield Foods, Inc. | 04/21/25 M | 3.93% | Morgan Stanley Capital Services LLC | (2058421) USD | (29699) |
|  Southern Co. | 04/21/25 M | 3.93% | Morgan Stanley Capital Services LLC | (11298782) USD | (1229) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference<br>Instrument** | **Termination<br>Date<sup>1</sup>** | **Financing<br>Rate** | **Counterparty** | **Notional<br>Amount** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Standardaero, Inc. | 04/21/25 M | 3.93% | Morgan Stanley Capital Services LLC | (3637570) USD | $89628 |
|  Titan America SA | 04/21/25 M | 3.50% | Morgan Stanley Capital Services LLC | (382511) USD | (5161) |
|  Tokyo Stock Exchange TOPIX Machinery Index | 04/21/25 M | 0.48% | Goldman Sachs & Co. | (328703495) JPY | 158206 |
|  TWFG, Inc. | 04/21/25 M | 3.93% | Morgan Stanley Capital Services LLC | (374170) USD | (5683) |
|  UL Solutions, Inc. | 04/21/25 M | 3.93% | Morgan Stanley Capital Services LLC | (5696957) USD | (78854) |
|  Utilities Select Sector SPDR Fund | 04/21/25 M | 4.08% | Morgan Stanley Capital Services LLC | (5079060) USD | (6450) |
|  Viper Energy, Inc. | 04/21/25 M | 3.93% | Morgan Stanley Capital Services LLC | (3658815) USD | (40144) |
|  Waystar Holding Corp. | 04/21/25 M | 3.93% | Morgan Stanley Capital Services LLC | (7762640) USD | 110602 |
|  Wistron Corp. | 04/21/25 M | 0.92% | Morgan Stanley Capital Services LLC | (36766) USD | 3053 |
|  Total Sells | Total Sells | Total Sells | Total Sells |  | $663680 |
|  Total OTC Total Return Swaps Outstanding | Total OTC Total Return Swaps Outstanding | Total OTC Total Return Swaps Outstanding | Total OTC Total Return Swaps Outstanding |  | $14750374 |

---

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

<sup>2</sup> Security is valued using significant unobservable inputs.

#### Centrally Cleared Interest Rate Swaps Outstanding at March 31, 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 | 3.12% | M/M | 06/16/2037 | Morgan Stanley Capital Services LLC | 2,300,000 USD | $196501 | $– $| 196501 |
|  Pays | USD SOFR | 3.32% | M/M | 09/22/2037 | Morgan Stanley Capital Services LLC | 2,800,000 USD | 181031 | – | 181031 |
|  Pays | USD SOFR | 2.22% | M/M | 03/25/2037 | Morgan Stanley Capital Services LLC | 800,000 USD | 120767 | – | 120767 |
|  Pays | USD SOFR | 4.21% | M/M | 04/18/2026 | Morgan Stanley Capital Services LLC | 500,000 USD | 2528 | – | 2528 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 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 | 3.19% | M/M | 12/01/2037 | Morgan Stanley Capital Services LLC | 3,000,000 USD | $229934 | $— | $229934 |
|  Pays | USD SOFR | 3.87% | M/M | 02/23/2029 | Morgan Stanley Capital Services LLC | 4,000,000 USD | (27049) |  | (27049) |
|  Pays | USD SOFR | 1.66% | M/M | 06/17/2025 | Morgan Stanley Capital Services LLC | 10,000,000 USD | 33657 | (2766) | 36423 |
|  Pays | USD SOFR | 2.72% | M/M | 09/08/2028 | Morgan Stanley Capital Services LLC | 1,000,000 USD | 40852 | (191) | 41043 |
|  Pays | USD SOFR | 2.39% | M/M | 11/16/2028 | Morgan Stanley Capital Services LLC | 4,000,000 USD | 196653 | (930) | 197583 |
|  Pays | USD SOFR | 2.67% | M/M | 09/13/2028 | Morgan Stanley Capital Services LLC | 2,500,000 USD | 105505 | (306) | 105811 |
|  Pays | USD SOFR | 2.43% | M/M | 10/11/2026 | Morgan Stanley Capital Services LLC | 3,000,000 USD | 69460 | (797) | 70257 |
|  Pays | USD SOFR | 1.58% | M/M | 05/21/2025 | Morgan Stanley Capital Services LLC | 10,000,000 USD | 34381 | (2624) | 37005 |
|  Pays | USD SOFR | 1.88% | M/M | 01/24/2027 | Morgan Stanley Capital Services LLC | 1,500,000 USD | 64276 | (243) | 64519 |
|  Pays | USD SOFR | 1.32% | M/M | 02/28/2027 | Morgan Stanley Capital Services LLC | 5,000,000 USD | 262167 | (1378) | 263545 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 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 | 1.61% | M/M | 03/23/2027 | Morgan Stanley Capital Services LLC | 7,000,000 USD | $322964 | $(2068) | $325032 |
|  Pays | USD SOFR | 1.62% | M/M | 03/24/2027 | Morgan Stanley Capital Services LLC | 7,000,000 USD | 322524 | (1880) | 324404 |
|  Pays | USD SOFR | 0.80% | M/M | 01/13/2026 | Morgan Stanley Capital Services LLC | 80,000 USD | 2848 | (21) | 2869 |
|  Pays | USD SOFR | 0.95% | M/M | 01/13/2027 | Morgan Stanley Capital Services LLC | 940,000 USD | 57406 | (268) | 57674 |
|  Pays | USD SOFR | 0.71% | 6M/3M | 01/22/2026 | Morgan Stanley Capital Services LLC | 12,000,000 USD | 435291 | (5364) | 440655 |
|  Pays | USD SOFR | 2.72% | M/M | 08/08/2028 | Morgan Stanley Capital Services LLC | 3,000,000 USD | 123445 | (632) | 124077 |
|  Pays | USD SOFR | 2.58% | M/M | 08/05/2025 | Morgan Stanley Capital Services LLC | 7,000,000 USD | 69475 | (1844) | 71319 |
|  Pays | USD SOFR | 2.83% | M/M | 07/29/2029 | Morgan Stanley Capital Services LLC | 3,000,000 USD | 142592 | (725) | 143317 |
|  Receives | USD SOFR | 0.98% | M/M | 03/25/2030 | Morgan Stanley Capital Services LLC | (3000000) USD | (360219) |  | (360219) |
|  Pays | USD SOFR | 2.40% | M/M | 01/25/2027 | Morgan Stanley Capital Services LLC | 2,900,000 USD | 80305 |  | 80305 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 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 | 1.56% | M/M | 09/26/2026 | Morgan Stanley Capital Services LLC | 1,800,000 USD | $60106 | $— | $60106 |
|  Pays | USD SOFR | 2.27% | M/M | 01/25/2026 | Morgan Stanley Capital Services LLC | 2,000,000 USD | 36570 |  | 36570 |
|  Pays | USD SOFR | 1.24% | M/M | 04/19/2028 | Morgan Stanley Capital Services LLC | 700,000 USD | 51068 |  | 51068 |
|  Pays | USD SOFR | 1.62% | M/M | 07/25/2026 | Morgan Stanley Capital Services LLC | 1,900,000 USD | 64211 |  | 64211 |
|  Pays | USD SOFR | 1.90% | 6M/3M | 08/27/2029 | Morgan Stanley Capital Services LLC | 1,650,000 USD | 122714 |  | 122714 |
|  Pays | USD SOFR | 3.17% | M/M | 05/04/2032 | Morgan Stanley Capital Services LLC | 6,500,000 USD | 335519 |  | 335519 |
|  Pays | USD SOFR | 0.66% | M/M | 03/11/2035 | Morgan Stanley Capital Services LLC | 1,500,000 USD | 393328 |  | 393328 |
|  Pays | USD SOFR | 3.49% | M/M | 06/30/2038 | Morgan Stanley Capital Services LLC | 8,000,000 USD | 450662 |  | 450662 |
|  Pays | JPY TONA | 0.69% | M/M | 09/29/2027 | Bank of America Securities, Inc. | 12,539,059 JPY | 65766 |  | 65766 |
|  Receives | USD SOFR | 3.96% | M/M | 09/29/2027 | Bank of America Securities, Inc. | (2100000) USD | 16044 | (308) | 16352 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 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 | JPY TONA | 0.71% | M/M | 09/29/2027 | Bank of America Securities, Inc. | 12,519,709 JPY | $61680 | $— | $61680 |
|  Receives | USD SOFR | 3.92% | M/M | 11/10/2027 | Bank of America Securities, Inc. | (1800000) USD | 12905 |  | 12905 |
|  Pays | USD SOFR | 3.68% | 1Y/1Y | 02/01/2034 | Morgan Stanley Capital Services LLC | 5,000,000 USD | 39603 |  | 39603 |
|  Receives | EUR-EURIBOR | 2.67% | 1Y/6M | 03/28/2039 | Bank of America Securities, Inc. | (649770) EUR | (6258) | 1463 | (7721) |
|  Receives | EUR-EURIBOR | 2.65% | 1Y/6M | 04/04/2039 | Bank of America Securities, Inc. | (649650) EUR | (506) | 3728 | (4234) |
|  Receives | EUR-EURIBOR | 2.58% | 1Y/6M | 04/03/2034 | Bank of America Securities, Inc. | (323655) EUR | 2598 | (298) | 2896 |
|  Receives | EUR-EURIBOR | 2.61% | 1Y/6M | 04/04/2039 | Bank of America Securities, Inc. | (215770) EUR | (1514) | (161) | (1353) |
|  Pays | USD SOFR | 3.83% | 1Y/1Y | 04/03/2034 | Bank of America Securities, Inc. | 300,000 USD | 2280 | 86 | 2194 |
|  Receives | GBP SONIA | 3.72% | 1Y/1Y | 03/28/2039 | Bank of America Securities, Inc. | (252430) GBP | (16127) | 289 | (16416) |
|  Pays | CAD CORRA | 3.45% | 6M/6M | 04/03/2034 | Bank of America Securities, Inc. | 442,952 CAD | (25343) | 1451 | (26794) |
|  Pays | CAD CORRA | 3.48% | 6M/6M | 04/03/2034 | Bank of America Securities, Inc. | 220,986 CAD | (13294) | 2215 | (15509) |
|  Receives | EUR-EURIBOR | 2.58% | 1Y/6M | 04/04/2034 | Bank of America Securities, Inc. | (323040) EUR | 2558 | (3392) | 5950 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 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)** |
|  Receives | EUR-EURIBOR | 2.61% | 1Y/6M | 04/04/2039 | Bank of America Securities, Inc. | (215360) EUR | $(1397) | $(3176) | $1779 |
|  Pays | USD SOFR | 3.94% | 1Y/1Y | 04/04/2034 | Bank of America Securities, Inc. | 300,000 USD | (647) | 1119 | (1766) |
|  Pays | CAD CORRA | 3.60% | 6M/6M | 04/03/2034 | Bank of America Securities, Inc. | 221,019 CAD | (15296) | 1363 | (16659) |
|  Receives | GBP SONIA | 3.72% | 1Y/1Y | 04/04/2039 | Bank of America Securities, Inc. | (251530) GBP | (19488) | (4114) | (15374) |
|  Receives | EUR-EURIBOR | 2.71% | 1Y/6M | 04/05/2039 | Bank of America Securities, Inc. | (216690) EUR | 1421 | (246) | 1667 |
|  Pays | CAD CORRA | 3.62% | 6M/6M | 04/04/2034 | Bank of America Securities, Inc. | 221,672 CAD | (15674) | 863 | (16537) |
|  Pays | SEK STIBOR | 2.55% | 1Y/3M | 04/06/2054 | Bank of America Securities, Inc. | 122,095 SEK | 6032 | 343 | 5689 |
|  Receives | EUR-EURIBOR | 2.68% | 1Y/6M | 04/11/2034 | Bank of America Securities, Inc. | (325005) EUR | 5540 | 1236 | 4304 |
|  Receives | EUR-EURIBOR | 2.69% | 1Y/6M | 04/12/2039 | Bank of America Securities, Inc. | (216670) EUR | 905 | 694 | 211 |
|  Pays | USD SOFR | 3.97% | 1Y/1Y | 04/10/2034 | Bank of America Securities, Inc. | 300,000 USD | (1464) | (280) | (1184) |
|  Receives | GBP SONIA | 3.82% | 1Y/1Y | 04/04/2039 | Bank of America Securities, Inc. | (252770) GBP | (16621) | 657 | (17278) |
|  Pays | SEK STIBOR | 2.54% | 1Y/3M | 04/08/2054 | Bank of America Securities, Inc. | 122,084 SEK | 6252 | (473) | 6725 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 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 | CAD CORRA | 3.56% | 6M/6M | 04/10/2034 | Bank of America Securities, Inc. | 220,742 CAD | $(14608) | $101 | $(14709) |
|  Receives | EUR-EURIBOR | 2.71% | 1Y/6M | 04/12/2039 | Bank of America Securities, Inc. | (217140) EUR | 1426 | (523) | 1949 |
|  Pays | USD SOFR | 4.02% | 1Y/1Y | 04/10/2034 | Bank of America Securities, Inc. | 300,000 USD | (2867) | 711 | (3578) |
|  Pays | USD SOFR | 4.02% | 1Y/1Y | 04/11/2039 | Bank of America Securities, Inc. | 200,000 USD | (1122) | 658 | (1780) |
|  Pays | CAD CORRA | 3.61% | 6M/6M | 04/10/2034 | Bank of America Securities, Inc. | 220,954 CAD | (15530) | 372 | (15902) |
|  Receives | EUR-EURIBOR | 2.73% | 1Y/6M | 04/12/2039 | Bank of America Securities, Inc. | (217120) EUR | 2030 | 1610 | 420 |
|  Pays | SEK STIBOR | 2.55% | 1Y/3M | 04/13/2054 | Bank of America Securities, Inc. | 121,265 SEK | 6092 | 526 | 5566 |
|  Receives | EUR-EURIBOR | 2.72% | 1Y/6M | 04/15/2039 | Bank of America Securities, Inc. | (214550) EUR | 1542 | (1351) | 2893 |
|  Pays | CAD CORRA | 3.71% | 6M/6M | 04/12/2034 | Bank of America Securities, Inc. | 219,258 CAD | (17343) | 285 | (17628) |
|  Receives | EUR-EURIBOR | 2.76% | 1Y/6M | 04/18/2039 | Bank of America Securities, Inc. | (212760) EUR | 2830 | 2410 | 420 |
|  Receives | GBP SONIA | 3.96% | 1Y/1Y | 04/12/2039 | Bank of America Securities, Inc. | (248940) GBP | (12182) | 2175 | (14357) |
|  Receives | EUR-EURIBOR | 2.76% | 1Y/6M | 04/18/2039 | Bank of America Securities, Inc. | (212440) EUR | 2714 | (1709) | 4423 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 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)** |
|  Receives | EUR-EURIBOR | 2.75% | 1Y/6M | 04/18/2034 | Bank of America Securities, Inc. | (318660) EUR | $7435 | $(1780) | $9215 |
|  Pays | SEK STIBOR | 2.62% | 1Y/3M | 04/20/2054 | Bank of America Securities, Inc. | 118,641 SEK | 4359 | 2016 | 2343 |
|  Receives | EUR-EURIBOR | 2.78% | 1Y/6M | 04/22/2039 | Bank of America Securities, Inc. | (212870) EUR | 3188 | (22) | 3210 |
|  Pays | CAD CORRA | 3.88% | 6M/6M | 05/01/2034 | Bank of America Securities, Inc. | 219,499 CAD | (20388) | (773) | (19615) |
|  Receives | GBP SONIA | 4.11% | 1Y/1Y | 04/29/2039 | Bank of America Securities, Inc. | (251230) GBP | (7843) | 856 | (8699) |
|  Pays | USD SOFR | 4.25% | 1Y/1Y | 05/06/2039 | Bank of America Securities, Inc. | 200,000 USD | (6567) | 314 | (6881) |
|  Pays | CAD CORRA | 3.61% | 6M/6M | 05/08/2034 | Bank of America Securities, Inc. | 218,579 CAD | (15701) | (716) | (14985) |
|  Pays | CAD CORRA | 3.67% | 6M/6M | 05/15/2034 | Bank of America Securities, Inc. | 219,804 CAD | (16674) | 365 | (17039) |
|  Pays | EUR-EURIBOR | 2.79% | 1Y/6M | 05/22/2034 | Bank of America Securities, Inc. | 325,800 EUR | (8949) | 198 | (9147) |
|  Receives | AUD BBSW | 4.56% | 6M/6M | 05/23/2039 | Bank of America Securities, Inc. | (133330) AUD | 1141 | (147) | 1288 |
|  Pays | EUR-EURIBOR | 2.79% | 1Y/6M | 05/24/2039 | Bank of America Securities, Inc. | 216,420 EUR | (3649) | 689 | (4338) |
|  Receives | AUD BBSW | 4.42% | 6M/6M | 05/25/2054 | Bank of America Securities, Inc. | (198525) AUD | (1720) | (1918) | 198 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 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 | EUR-EURIBOR | 2.84% | 1Y/6M | 05/30/2039 | Bank of America Securities, Inc. | 216,980 EUR | $(5130) | $(22) | $(5108) |
|  Receives | AUD BBSW | 4.57% | 6M/6M | 05/30/2039 | Bank of America Securities, Inc. | (330725) AUD | 3492 | (4524) | 8016 |
|  Pays | EUR-EURIBOR | 2.84% | 1Y/6M | 05/31/2034 | Bank of America Securities, Inc. | 324,045 EUR | (10564) | 1137 | (11701) |
|  Pays | EUR-EURIBOR | 2.89% | 1Y/6M | 06/06/2039 | Bank of America Securities, Inc. | 217,010 EUR | (6714) | 594 | (7308) |
|  Receives | GBP SONIA | 4.07% | 1Y/1Y | 06/03/2039 | Bank of America Securities, Inc. | (256010) GBP | (8597) | 2283 | (10880) |
|  Pays | EUR-EURIBOR | 2.78% | 1Y/6M | 06/07/2039 | Bank of America Securities, Inc. | 217,480 EUR | (3717) | (37) | (3680) |
|  Receives | GBP SONIA | 3.89% | 1Y/1Y | 06/08/2054 | Bank of America Securities, Inc. | (127895) GBP | (12613) | 73 | (12686) |
|  Receives | USD SOFR | 3.91% | 1Y/1Y | 06/13/2039 | Bank of America Securities, Inc. | (200000) USD | (1159) | (2893) | 1734 |
|  Receives | USD SOFR | 3.91% | 1Y/1Y | 06/12/2034 | Bank of America Securities, Inc. | (300000) USD | 736 | (3246) | 3982 |
|  Pays | EUR-EURIBOR | 2.80% | 1Y/6M | 06/19/2034 | Bank of America Securities, Inc. | 322,290 EUR | (9232) | 796 | (10028) |
|  Receives | GBP SONIA | 3.79% | 1Y/1Y | 06/17/2054 | Bank of America Securities, Inc. | (127040) GBP | (14722) | (437) | (14285) |
|  Pays | SEK STIBOR | 2.33% | 1Y/3M | 06/22/2054 | Bank of America Securities, Inc. | 114,988 SEK | 10891 | (301) | 11192 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 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 | EUR-EURIBOR | 2.75% | 1Y/6M | 06/24/2039 | Bank of America Securities, Inc. | 214,110 EUR | $(2757) | $825 | $(3582) |
|  Pays | USD SOFR | 3.81% | 1Y/1Y | 06/21/2036 | Morgan Stanley Capital Services LLC | 1,500,000 USD | 14910 |  | 14910 |
|  Pays | SEK STIBOR | 2.33% | 1Y/3M | 06/26/2054 | Bank of America Securities, Inc. | 124,132 SEK | 11862 | 1354 | 10508 |
|  Receives | GBP SONIA | 3.86% | 1Y/1Y | 06/27/2039 | Bank of America Securities, Inc. | (253790) GBP | (14829) | 608 | (15437) |
|  Receives | USD SOFR | 3.87% | 1Y/1Y | 09/29/2027 | Bank of America Securities, Inc. | (2000000) USD | 12043 |  | 12043 |
|  Pays | JPY TONA | 0.71% | 1Y/1Y | 09/29/2027 | Bank of America Securities, Inc. | 3,712,340 JPY | 19914 |  | 19914 |
|  Pays | CAD CORRA | 3.33% | 6M/6M | 07/02/2054 | Bank of America Securities, Inc. | 73,097 CAD | (5371) | (395) | (4976) |
|  Receives | GBP SONIA | 3.95% | 1Y/1Y | 07/01/2039 | Bank of America Securities, Inc. | (252870) GBP | (12062) | (1315) | (10747) |
|  Receives | USD SOFR | 4.05% | 1Y/1Y | 07/05/2034 | Bank of America Securities, Inc. | (300000) USD | 4455 | 478 | 3977 |
|  Pays | CAD CORRA | 3.36% | 6M/6M | 07/03/2054 | Bank of America Securities, Inc. | 73,148 CAD | (5779) | 1660 | (7439) |
|  Receives | CHF SARON | 1.09% | 1Y/1Y | 07/06/2054 | Bank of America Securities, Inc. | (110632) CHF | 8110 | (535) | 8645 |
|  Pays | CAD CORRA | 3.47% | 6M/6M | 07/06/2054 | Bank of America Securities, Inc. | 73,338 CAD | (7293) | 86 | (7379) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 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 | SEK STIBOR | 2.37% | 1Y/3M | 07/13/2054 | Bank of America Securities, Inc. | 123,188 SEK | $11617 | $711 | $10906 |
|  Pays | CAD CORRA | 3.35% | 6M/6M | 07/10/2054 | Bank of America Securities, Inc. | 73,354 CAD | (5766) | 125 | (5891) |
|  Receives | GBP SONIA | 3.93% | 1Y/1Y | 07/10/2054 | Bank of America Securities, Inc. | (128465) GBP | (11606) | 675 | (12281) |
|  Pays | CAD CORRA | 3.35% | 6M/6M | 07/29/2054 | Bank of America Securities, Inc. | 72,304 CAD | (5686) | (715) | (4971) |
|  Receives | CAD CORRA | 3.13% | 6M/6M | 07/30/2029 | Bank of America Securities, Inc. | (360894) CAD | 10544 | 490 | 10054 |
|  Pays | CAD CORRA | 3.26% | 6M/6M | 07/31/2054 | Bank of America Securities, Inc. | 72,184 CAD | (4533) | (422) | (4111) |
|  Receives | CAD CORRA | 3.04% | 6M/6M | 08/01/2029 | Bank of America Securities, Inc. | (362148) CAD | 9327 | 197 | 9130 |
|  Pays | SEK STIBOR | 2.11% | 1Y/3M | 08/10/2054 | Bank of America Securities, Inc. | 114,377 SEK | 17061 | 1589 | 15472 |
|  Pays | CAD CORRA | 3.10% | 6M/6M | 08/10/2054 | Bank of America Securities, Inc. | 72,730 CAD | (2355) | 597 | (2952) |
|  Pays | CAD CORRA | 3.13% | 6M/6M | 08/10/2054 | Bank of America Securities, Inc. | 72,815 CAD | (2724) | 486 | (3210) |
|  Receives | USD SOFR | 3.28% | 1Y/1Y | 12/17/2026 | Bank of America Securities, Inc. | (700000) USD | (1747) |  | (1747) |
|  Receives | CAD CORRA | 2.98% | 6M/6M | 08/21/2034 | Bank of America Securities, Inc. | (219242) CAD | 4641 | 342 | 4299 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 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 | SEK STIBOR | 2.12% | 1Y/3M | 08/20/2054 | Bank of America Securities, Inc. | 114,889 SEK | $16704 | $(534) | $17238 |
|  Receives | USD SOFR | 3.44% | 1Y/1Y | 08/21/2034 | Bank of America Securities, Inc. | (300000) USD | (10321) | 684 | (11005) |
|  Receives | USD SOFR | 3.10% | 1Y/1Y | 12/20/2027 | Bank of America Securities, Inc. | (465000) USD | (1721) |  | (1721) |
|  Receives | CAD CORRA | 2.90% | 6M/6M | 08/23/2034 | Bank of America Securities, Inc. | (220410) CAD | 3283 | (458) | 3741 |
|  Pays | EUR-EURIBOR | 2.45% | 1Y/6M | 08/27/2029 | Bank of America Securities, Inc. | 666,450 EUR | (10563) | (144) | (10419) |
|  Pays | EUR-EURIBOR | 2.47% | 1Y/6M | 08/28/2034 | Bank of America Securities, Inc. | 333,225 EUR | 128 | (115) | 243 |
|  Receives | CAD CORRA | 2.91% | 6M/6M | 08/28/2034 | Bank of America Securities, Inc. | (222428) CAD | 3437 | (162) | 3599 |
|  Receives | USD SOFR | 3.36% | 1Y/1Y | 08/28/2034 | Bank of America Securities, Inc. | (300000) USD | (12280) | 369 | (12649) |
|  Pays | GBP SONIA | 3.69% | 1Y/1Y | 08/28/2029 | Bank of America Securities, Inc. | 663,100 GBP | 12379 | 1881 | 10498 |
|  Pays | GBP SONIA | 3.73% | 1Y/1Y | 08/28/2029 | Bank of America Securities, Inc. | 659,275 GBP | 11053 | 397 | 10656 |
|  Pays | EUR-EURIBOR | 2.59% | 1Y/6M | 08/30/2039 | Bank of America Securities, Inc. | 222,270 EUR | 1636 | (689) | 2325 |
|  Receives | USD SOFR | 3.10% | 1Y/1Y | 07/14/2028 | Bank of America Securities, Inc. | (545000) USD | (2252) |  | (2252) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 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)** |
|  Receives | USD SOFR | 3.10% | 1Y/1Y | 06/30/2028 | Bank of America Securities, Inc. | (1080000) USD | $(4455) | $— | $(4455) |
|  Receives | AUD BBSW | 4.04% | 6M/6M | 08/30/2034 | Bank of America Securities, Inc. | (203940) AUD | (3267) | (1127) | (2140) |
|  Receives | GBP SONIA | 3.79% | 1Y/1Y | 09/01/2054 | Bank of America Securities, Inc. | (131680) GBP | (14364) | (401) | (13963) |
|  Pays | GBP SONIA | 3.75% | 1Y/1Y | 08/30/2029 | Bank of America Securities, Inc. | 656,650 GBP | 10663 | (938) | 11601 |
|  Pays | JPY TONA | 0.69% | 1Y/1Y | 09/07/2028 | Bank of America Securities, Inc. | 11,671,816 JPY | 89696 |  | 89696 |
|  Pays | SEK STIBOR | 2.23% | 1Y/3M | 09/07/2054 | Bank of America Securities, Inc. | 106,681 SEK | 12903 | (49) | 12952 |
|  Receives | USD SOFR | 3.14% | 1Y/1Y | 09/08/2028 | Bank of America Securities, Inc. | (4700000) USD | (32992) |  | (32992) |
|  Pays | EUR-EURIBOR | 2.57% | 1Y/6M | 09/06/2039 | Bank of America Securities, Inc. | 221,560 EUR | 2134 | (771) | 2905 |
|  Pays | GBP SONIA | 3.64% | 1Y/1Y | 09/05/2029 | Bank of America Securities, Inc. | 658,500 GBP | 13517 | (752) | 14269 |
|  Receives | GBP SONIA | 3.58% | 1Y/1Y | 09/17/2054 | Bank of America Securities, Inc. | (131630) GBP | (18913) | 427 | (19340) |
|  Pays | EUR-EURIBOR | 2.48% | 1Y/6M | 09/20/2039 | Bank of America Securities, Inc. | 222,130 EUR | 4722 | 1132 | 3590 |
|  Receives | GBP SONIA | 3.58% | 1Y/1Y | 09/18/2054 | Bank of America Securities, Inc. | (131895) GBP | (18772) | (1292) | (17480) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 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 | CAD CORRA | 2.88% | 6M/6M | 09/21/2054 | Bank of America Securities, Inc. | 73,430 CAD | $640 | $217 | $423 |
|  Receives | CAD CORRA | 2.60% | 6M/6M | 09/19/2029 | Bank of America Securities, Inc. | (367148) CAD | 2951 | (183) | 3134 |
|  Pays | CAD CORRA | 2.93% | 6M/6M | 09/21/2054 | Bank of America Securities, Inc. | 73,763 CAD | 79 | 845 | (766) |
|  Receives | CAD CORRA | 2.82% | 6M/6M | 09/25/2034 | Bank of America Securities, Inc. | (221166) CAD | 1704 | (843) | 2547 |
|  Receives | GBP SONIA | 3.70% | 1Y/1Y | 09/21/2054 | Bank of America Securities, Inc. | (133160) GBP | (16314) | (353) | (15961) |
|  Pays | CAD CORRA | 2.94% | 6M/6M | 09/23/2054 | Bank of America Securities, Inc. | 73,722 CAD | (170) | 435 | (605) |
|  Receives | CAD CORRA | 2.63% | 6M/6M | 09/24/2029 | Bank of America Securities, Inc. | (370151) CAD | 3395 | 354 | 3041 |
|  Pays | CAD CORRA | 2.97% | 6M/6M | 09/24/2054 | Bank of America Securities, Inc. | 74,030 CAD | (502) | (193) | (309) |
|  Pays | CAD CORRA | 2.97% | 6M/6M | 09/28/2054 | Bank of America Securities, Inc. | 74,154 CAD | (592) | 599 | (1191) |
|  Receives | GBP SONIA | 3.73% | 1Y/1Y | 09/25/2054 | Bank of America Securities, Inc. | (133165) GBP | (15614) | (1316) | (14298) |
|  Receives | CAD CORRA | 2.67% | 6M/6M | 09/27/2029 | Bank of America Securities, Inc. | (371168) CAD | 3935 | (165) | 4100 |
|  Pays | CAD CORRA | 3.02% | 6M/6M | 09/28/2054 | Bank of America Securities, Inc. | 74,234 CAD | (1220) | (14) | (1206) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 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 | CAD CORRA | 3.03% | 6M/6M | 10/01/2054 | Bank of America Securities, Inc. | 73,978 CAD | $(1135) | $(464) | $(671) |
|  Pays | CAD CORRA | 2.97% | 6M/6M | 10/02/2054 | Bank of America Securities, Inc. | 74,118 CAD | (316) | (414) | 98 |
|  Receives | EUR-EURIBOR | 2.43% | 6M/1Y | 10/07/2039 | Bank of America Securities, Inc. | (220580) EUR | (8544) | (1021) | (7523) |
|  Pays | CAD CORRA | 3.04% | 6M/6M | 10/05/2054 | Bank of America Securities, Inc. | 73,754 CAD | (1382) | 388 | (1770) |
|  Receives | EUR-EURIBOR | 2.47% | 6M/1Y | 10/10/2039 | Bank of America Securities, Inc. | (219530) EUR | (7445) | (1336) | (6109) |
|  Pays | CAD CORRA | 3.10% | 6M/6M | 10/07/2054 | Bank of America Securities, Inc. | 73,673 CAD | (2184) | 887 | (3071) |
|  Receives | EUR-EURIBOR | 2.43% | 6M/1Y | 10/09/2034 | Bank of America Securities, Inc. | (329160) EUR | (5591) | (940) | (4651) |
|  Pays | USD SOFR | 3.43% | 1Y/1Y | 10/09/2054 | Bank of America Securities, Inc. | 100,000 USD | 7658 | 733 | 6925 |
|  Pays | SEK STIBOR | 2.27% | 1Y/3M | 10/09/2054 | Bank of America Securities, Inc. | 106,191 SEK | 12772 | 2583 | 10189 |
|  Receives | USD SOFR | 3.49% | 1Y/1Y | 10/04/2034 | Morgan Stanley Capital Services LLC | (2500000) USD | (73226) | (819) | (72407) |
|  Pays | CAD CORRA | 3.20% | 6M/6M | 10/09/2054 | Bank of America Securities, Inc. | 73,273 CAD | (3551) | 367 | (3918) |
|  Pays | USD SOFR | 3.47% | 1Y/1Y | 10/13/2054 | Bank of America Securities, Inc. | 100,000 USD | 6762 | 559 | 6203 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 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 | CAD CORRA | 3.19% | 6M/6M | 10/13/2054 | Bank of America Securities, Inc. | 72,931 CAD | $(3528) | $307 | $(3835) |
|  Receives | SEK STIBOR | 2.47% | 1Y/3M | 10/11/2034 | Bank of America Securities, Inc. | (269314) SEK | (7770) | 178 | (7948) |
|  Receives | CAD CORRA | 2.86% | 6M/6M | 10/16/2029 | Bank of America Securities, Inc. | (362726) CAD | 6063 | 875 | 5188 |
|  Pays | USD SOFR | 3.71% | 1Y/1Y | 10/17/2039 | Bank of America Securities, Inc. | 200,000 USD | 4912 | (1208) | 6120 |
|  Receives | SEK STIBOR | 2.46% | 1Y/3M | 10/17/2034 | Bank of America Securities, Inc. | (268744) SEK | (8111) | 1720 | (9831) |
|  Receives | EUR-EURIBOR | 2.50% | 1Y/6M | 10/18/2039 | Bank of America Securities, Inc. | (217160) EUR | (7482) | 795 | (8277) |
|  Receives | SEK STIBOR | 2.38% | 1Y/3M | 10/18/2034 | Bank of America Securities, Inc. | (266466) SEK | (10034) | 734 | (10768) |
|  Pays | USD SOFR | 3.63% | 1Y/1Y | 10/18/2039 | Bank of America Securities, Inc. | 200,000 USD | 6619 | (503) | 7122 |
|  Receives | EUR-EURIBOR | 2.47% | 1Y/6M | 10/21/2039 | Bank of America Securities, Inc. | (216560) EUR | (8400) | (222) | (8178) |
|  Pays | USD SOFR | 3.62% | 1Y/1Y | 10/21/2039 | Bank of America Securities, Inc. | 200,000 USD | 6933 | 1781 | 5152 |
|  Pays | GBP SONIA | 3.81% | 1Y/1Y | 10/17/2039 | Bank of America Securities, Inc. | 260,270 GBP | 15533 | 350 | 15183 |
|  Receives | EUR-EURIBOR | 2.48% | 6M/1Y | 10/24/2039 | Bank of America Securities, Inc. | (217270) EUR | (6990) | 211 | (7201) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 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 | 3.70% | 1Y/1Y | 10/24/2039 | Bank of America Securities, Inc. | 200,000 USD | $5099 | $(400) | $5499 |
|  Pays | USD SOFR | 3.70% | 1Y/1Y | 10/24/2039 | Bank of America Securities, Inc. | 200,000 USD | 5088 | 1205 | 3883 |
|  Receives | SEK STIBOR | 2.21% | 1Y/3M | 10/24/2029 | Bank of America Securities, Inc. | (559472) SEK | (7178) | (1431) | (5747) |
|  Receives | EUR-EURIBOR | 2.53% | 1Y/6M | 10/24/2039 | Bank of America Securities, Inc. | (215890) EUR | (6562) | (76) | (6486) |
|  Pays | USD SOFR | 3.81% | 1Y/1Y | 10/24/2039 | Bank of America Securities, Inc. | 200,000 USD | 2565 | (325) | 2890 |
|  Receives | EUR-EURIBOR | 2.55% | 1Y/6M | 10/25/2039 | Bank of America Securities, Inc. | (215720) EUR | (6178) | 535 | (6713) |
|  Pays | USD SOFR | 3.81% | 1Y/1Y | 10/25/2039 | Bank of America Securities, Inc. | 200,000 USD | 2521 | 794 | 1727 |
|  Pays | USD SOFR | 3.84% | 1Y/1Y | 10/28/2039 | Bank of America Securities, Inc. | 200,000 USD | 1793 | (988) | 2781 |
|  Receives | SEK STIBOR | 2.43% | 1Y/3M | 10/30/2034 | Bank of America Securities, Inc. | (282358) SEK | (9692) | 94 | (9786) |
|  Pays | USD SOFR | 3.80% | 1Y/1Y | 10/31/2039 | Bank of America Securities, Inc. | 200,000 USD | 2655 | (560) | 3215 |
|  Receives | EUR-EURIBOR | 2.50% | 1Y/6M | 10/31/2039 | Bank of America Securities, Inc. | (216340) EUR | (7338) | 4 | (7342) |
|  Pays | USD SOFR | 3.82% | 1Y/1Y | 10/31/2039 | Bank of America Securities, Inc. | 200,000 USD | 2101 | 147 | 1954 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 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)** |
|  Receives | EUR-EURIBOR | 2.40% | 1Y/6M | 10/31/2034 | Bank of America Securities, Inc. | (324435) EUR | $(7252) | $(373) | $(6879) |
|  Receives | GBP SONIA | 3.86% | 1Y/1Y | 10/29/2029 | Bank of America Securities, Inc. | (650300) GBP | (6097) | (791) | (5306) |
|  Receives | EUR-EURIBOR | 2.51% | 1Y/6M | 11/04/2039 | Bank of America Securities, Inc. | (217550) EUR | (7078) | (114) | (6964) |
|  Receives | CAD CORRA | 2.89% | 6M/6M | 11/01/2029 | Bank of America Securities, Inc. | (359105) CAD | 6769 | 274 | 6495 |
|  Pays | GBP SONIA | 4.07% | 1Y/1Y | 10/31/2039 | Bank of America Securities, Inc. | 257,890 GBP | 8002 | 961 | 7041 |
|  Receives | EUR-EURIBOR | 2.46% | 1Y/6M | 11/07/2039 | Bank of America Securities, Inc. | (216700) EUR | (8485) | (555) | (7930) |
|  Receives | GBP SONIA | 4.05% | 1Y/1Y | 11/01/2029 | Bank of America Securities, Inc. | (646025) GBP | (590) | (644) | 54 |
|  Pays | USD CPURNSA | 2.47% | M/M | 11/05/2026 | Bank of America Securities, Inc. | 6,400,000 USD | 83440 |  | 83440 |
|  Receives | EUR-EURIBOR | 2.50% | 1Y/6M | 11/08/2039 | Bank of America Securities, Inc. | (214720) EUR | (7397) | 769 | (8166) |
|  Pays | GBP SONIA | 4.14% | 1Y/1Y | 11/07/2039 | Bank of America Securities, Inc. | 257,750 GBP | 5932 | 1366 | 4566 |
|  Pays | GBP SONIA | 4.12% | 1Y/1Y | 11/06/2054 | Bank of America Securities, Inc. | 128,875 GBP | 6868 | 1267 | 5601 |
|  Pays | GBP SONIA | 4.07% | 1Y/1Y | 11/09/2054 | Bank of America Securities, Inc. | 129,205 GBP | 8000 | (72) | 8072 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 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)** |
|  Receives | USD SOFR | 3.75% | 1Y/1Y | 11/16/2054 | Bank of America Securities, Inc. | (100000) USD | $(1620) | $(714) | $(906) |
|  Receives | EUR-EURIBOR | 2.40% | 1Y/6M | 11/18/2039 | Bank of America Securities, Inc. | (210430) EUR | (9872) | 1447 | (11319) |
|  Pays | GBP SONIA | 4.07% | 1Y/1Y | 11/21/2039 | Bank of America Securities, Inc. | 253,570 GBP | 7928 | (967) | 8895 |
|  Receives | USD SOFR | 3.77% | 1Y/1Y | 11/23/2054 | Bank of America Securities, Inc. | (100000) USD | (1228) | 868 | (2096) |
|  Receives | GBP SONIA | 3.93% | 1Y/1Y | 11/26/2029 | Bank of America Securities, Inc. | (627925) GBP | (3587) | (4) | (3583) |
|  Receives | EUR-EURIBOR | 2.16% | 6M/1Y | 12/05/2039 | Bank of America Securities, Inc. | (210200) EUR | (15465) | 160 | (15625) |
|  Receives | EUR-EURIBOR | 2.15% | 6M/1Y | 12/06/2039 | Bank of America Securities, Inc. | (210250) EUR | (15787) | (519) | (15268) |
|  Receives | EUR-EURIBOR | 2.15% | 6M/1Y | 12/09/2039 | Bank of America Securities, Inc. | (211680) EUR | (15706) | (159) | (15547) |
|  Pays | GBP SONIA | 3.93% | 1Y/1Y | 12/07/2054 | Bank of America Securities, Inc. | 127,395 GBP | 10891 | (74) | 10965 |
|  Pays | GBP SONIA | 3.99% | 1Y/1Y | 12/11/2054 | Bank of America Securities, Inc. | 127,475 GBP | 9627 | 191 | 9436 |
|  Receives | EUR-EURIBOR | 2.27% | 6M/1Y | 12/19/2039 | Bank of America Securities, Inc. | (209940) EUR | (12405) | (503) | (11902) |
|  Pays | USD SOFR | 3.89% | 1Y/1Y | 12/19/2039 | Bank of America Securities, Inc. | 200,000 USD | 510 | 360 | 150 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 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 | 3.94% | 1Y/1Y | 12/19/2039 | Bank of America Securities, Inc. | 200,000 USD | $(796) | $(576) | $(220) |
|  Receives | GBP SONIA | 4.07% | 1Y/1Y | 12/18/2029 | Bank of America Securities, Inc. | (629125) GBP | 698 | (641) | 1339 |
|  Receives | USD SOFR | 3.79% | 1Y/1Y | 08/24/2054 | Bank of America Securities, Inc. | (850000) USD | (6797) |  | (6797) |
|  Receives | USD SOFR | 3.75% | 1Y/1Y | 09/02/2059 | Bank of America Securities, Inc. | (550000) USD | (1798) |  | (1798) |
|  Pays | USD SOFR | 4.09% | 1Y/1Y | 12/27/2039 | Bank of America Securities, Inc. | 200,000 USD | (4284) | (900) | (3384) |
|  Pays | USD SOFR | 4.13% | 1Y/1Y | 12/27/2039 | Bank of America Securities, Inc. | 200,000 USD | (5191) | 712 | (5903) |
|  Pays | USD SOFR | 4.09% | 1Y/1Y | 01/02/2035 | Bank of America Securities, Inc. | 300,000 USD | (7223) | 471 | (7694) |
|  Pays | GBP SONIA | 4.22% | 1Y/1Y | 12/29/2054 | Bank of America Securities, Inc. | 125,800 GBP | 4613 | 952 | 3661 |
|  Receives | SEK STIBOR | 2.81% | 3M/1Y | 01/09/2040 | Bank of America Securities, Inc. | (197315) SEK | (3683) | 2971 | (6654) |
|  Receives | EUR-EURIBOR | 2.44% | 6M/1Y | 01/09/2040 | Bank of America Securities, Inc. | (206140) EUR | (7801) | (67) | (7734) |
|  Pays | USD SOFR | 4.09% | 1Y/1Y | 01/08/2035 | Bank of America Securities, Inc. | 300,000 USD | (7244) | (243) | (7001) |
|  Receives | EUR-EURIBOR | 2.49% | 6M/1Y | 01/09/2040 | Bank of America Securities, Inc. | (206890) EUR | (6541) | (984) | (5557) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 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)** |
|  Receives | EUR-EURIBOR | 2.53% | 6M/1Y | 01/10/2040 | Bank of America Securities, Inc. | (206330) EUR | $(5340) | $(441) | $(4899) |
|  Receives | USD SOFR | 4.00% | 1Y/1Y | 08/24/2054 | Bank of America Securities, Inc. | (975000) USD | 11489 |  | 11489 |
|  Receives | USD SOFR | 3.94% | 1Y/1Y | 09/02/2059 | Bank of America Securities, Inc. | (650000) USD | 16225 |  | 16225 |
|  Receives | EUR-EURIBOR | 2.60% | 1Y/6M | 01/16/2040 | Bank of America Securities, Inc. | (204340) EUR | (4505) | (325) | (4180) |
|  Pays | CAD CORRA | 3.22% | 6M/6M | 01/14/2055 | Bank of America Securities, Inc. | 69,452 CAD | (4015) | 523 | (4538) |
|  Pays | USD SOFR | 4.30% | 1Y/1Y | 01/16/2035 | Bank of America Securities, Inc. | 300,000 USD | (12452) | 141 | (12593) |
|  Receives | SEK STIBOR | 2.88% | 3M/1Y | 01/17/2040 | Bank of America Securities, Inc. | (197354) SEK | (1713) | 868 | (2581) |
|  Receives | CAD CORRA | 2.93% | 6M/6M | 01/17/2030 | Bank of America Securities, Inc. | (347270) CAD | 8074 | (193) | 8267 |
|  Pays | GBP SONIA | 4.35% | 1Y/1Y | 01/18/2055 | Bank of America Securities, Inc. | 122,310 GBP | 1739 | 341 | 1398 |
|  Receives | SEK STIBOR | 2.70% | 3M/1Y | 01/24/2040 | Bank of America Securities, Inc. | (199924) SEK | (6422) | 729 | (7151) |
|  Pays | USD SOFR | 4.17% | 1Y/1Y | 01/24/2040 | Bank of America Securities, Inc. | 200,000 USD | (6134) | (353) | (5781) |
|  Receives | JPY TONA | 1.83% | 1Y/1Y | 02/03/2055 | Bank of America Securities, Inc. | (95303) JPY | (2510) | 290 | (2800) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 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)** |
|  Receives | CAD CORRA | 2.59% | 6M/6M | 02/04/2030 | Bank of America Securities, Inc. | (344033) CAD | $2664 | $156 | $2508 |
|  Pays | USD SOFR | 4.02% | 1Y/1Y | 02/04/2030 | Bank of America Securities, Inc. | 300,000 USD | (4423) | (68) | (4355) |
|  Receives | CHF SARON | 0.29% | 1Y/1Y | 02/04/2030 | Bank of America Securities, Inc. | (878397) CHF | (2168) | 1857 | (4025) |
|  Pays | USD SOFR | 4.03% | 1Y/1Y | 02/05/2030 | Bank of America Securities, Inc. | 500,000 USD | (7677) | (219) | (7458) |
|  Pays | USD SOFR | 4.07% | 1Y/1Y | 02/06/2030 | Bank of America Securities, Inc. | 500,000 USD | (8429) | (570) | (7859) |
|  Receives | CAD CORRA | 2.53% | 6M/6M | 02/05/2030 | Bank of America Securities, Inc. | (349223) CAD | 1587 | 599 | 988 |
|  Pays | USD SOFR | 4.02% | 1Y/1Y | 02/07/2030 | Bank of America Securities, Inc. | 500,000 USD | (7410) | (1836) | (5574) |
|  Receives | CAD CORRA | 2.49% | 6M/6M | 02/06/2030 | Bank of America Securities, Inc. | (349333) CAD | 912 | 658 | 254 |
|  Receives | CAD CORRA | 2.45% | 6M/6M | 02/07/2030 | Bank of America Securities, Inc. | (349553) CAD | 286 | (847) | 1133 |
|  Receives | CAD CORRA | 2.59% | 6M/6M | 02/11/2030 | Bank of America Securities, Inc. | (349406) CAD | 2573 | 1029 | 1544 |
|  Pays | USD SOFR | 4.28% | 1Y/1Y | 02/21/2040 | Bank of America Securities, Inc. | 200,000 USD | (8737) | (1039) | (7698) |
|  Receives | EUR-EURIBOR | 1.51% | 6M/1Y | 02/18/2075 | Bank of America Securities, Inc. | (524600) EUR | (20294) | 1529 | (21823) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 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 | EUR-EURIBOR | 2.13% | 1Y/6M | 02/19/2055 | Bank of America Securities, Inc. | 314,760 EUR | $18948 | $113 | $18835 |
|  Receives | CAD CORRA | 2.65% | 6M/6M | 02/19/2030 | Bank of America Securities, Inc. | (352846) CAD | 3590 | 225 | 3365 |
|  Receives | GBP SONIA | 3.25% | 1Y/1Y | 02/15/2075 | Bank of America Securities, Inc. | (906300) GBP | (3734) | (182) | (3552) |
|  Pays | GBP SONIA | 4.45% | 1Y/1Y | 02/15/2055 | Bank of America Securities, Inc. | 352,450 GBP | 7239 | (388) | 7627 |
|  Receives | EUR-EURIBOR | 1.55% | 6M/1Y | 02/22/2075 | Bank of America Securities, Inc. | (312750) EUR | (11122) | 579 | (11701) |
|  Pays | EUR-EURIBOR | 2.22% | 1Y/6M | 02/22/2055 | Bank of America Securities, Inc. | 104,250 EUR | 5130 | 5 | 5125 |
|  Pays | GBP SONIA | 4.50% | 1Y/1Y | 02/19/2055 | Bank of America Securities, Inc. | 402,784 GBP | 6295 | 152 | 6143 |
|  Receives | GBP SONIA | 3.31% | 1Y/1Y | 02/19/2075 | Bank of America Securities, Inc. | (956612) GBP | (1642) | 388 | (2030) |
|  Receives | GBP SONIA | 3.33% | 1Y/1Y | 02/22/2075 | Bank of America Securities, Inc. | (886935) GBP | (678) | 739 | (1417) |
|  Pays | GBP SONIA | 4.54% | 1Y/1Y | 02/22/2055 | Bank of America Securities, Inc. | 380,115 GBP | 4686 | (283) | 4969 |
|  Pays | CHF SARON | 0.58% | 1Y/1Y | 02/26/2035 | Bank of America Securities, Inc. | 222,779 CHF | 1149 | 1819 | (670) |
|  Receives | USD SOFR | 4.11% | 1Y/1Y | 02/26/2035 | Bank of America Securities, Inc. | (300000) USD | 7767 | 329 | 7438 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 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 | GBP SONIA | 4.47% | 1Y/1Y | 02/26/2055 | Bank of America Securities, Inc. | 380,145 GBP | $6891 | $(1938) | $8829 |
|  Receives | GBP SONIA | 3.28% | 1Y/1Y | 02/25/2075 | Bank of America Securities, Inc. | (1013720) GBP | (2843) | 1896 | (4739) |
|  Pays | EUR-EURIBOR | 2.16% | 1Y/6M | 03/01/2055 | Bank of America Securities, Inc. | 209,750 EUR | 11856 | (319) | 12175 |
|  Receives | EUR-EURIBOR | 1.50% | 6M/1Y | 02/26/2075 | Bank of America Securities, Inc. | (209750) EUR | (8280) | 382 | (8662) |
|  Pays | CHF SARON | 0.58% | 1Y/1Y | 02/28/2035 | Bank of America Securities, Inc. | 223,676 CHF | 1314 | (765) | 2079 |
|  Receives | USD SOFR | 3.89% | 1Y/1Y | 02/28/2035 | Bank of America Securities, Inc. | (300000) USD | 2158 | 224 | 1934 |
|  Pays | GBP SONIA | 4.40% | 1Y/1Y | 02/26/2055 | Bank of America Securities, Inc. | 760,470 GBP | 18503 | 1539 | 16964 |
|  Receives | GBP SONIA | 3.23% | 1Y/1Y | 02/26/2075 | Bank of America Securities, Inc. | (1774430) GBP | (8642) | (190) | (8452) |
|  Pays | GBP SONIA | 4.22% | 1Y/1Y | 02/26/2055 | Bank of America Securities, Inc. | 126,745 GBP | 4419 | (456) | 4875 |
|  Receives | EUR-EURIBOR | 1.49% | 6M/1Y | 03/04/2075 | Bank of America Securities, Inc. | (520275) EUR | (20924) | 486 | (21410) |
|  Pays | EUR-EURIBOR | 2.43% | 1Y/6M | 03/05/2040 | Bank of America Securities, Inc. | 208,110 EUR | 8867 | 696 | 8171 |
|  Pays | EUR-EURIBOR | 2.16% | 1Y/6M | 03/05/2055 | Bank of America Securities, Inc. | 312,165 EUR | 17494 | 34 | 17460 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 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)** |
|  Receives | CAD CORRA | 2.53% | 6M/6M | 02/28/2030 | Bank of America Securities, Inc. | (346248) CAD | $1690 | $235 | $1455 |
|  Receives | USD SOFR | 3.80% | 1Y/1Y | 03/04/2030 | Bank of America Securities, Inc. | (500000) USD | 2556 | (656) | 3212 |
|  Receives | USD SOFR | 3.84% | 1Y/1Y | 03/05/2035 | Bank of America Securities, Inc. | (300000) USD | 1079 | (947) | 2026 |
|  Receives | USD SOFR | 3.90% | 1Y/1Y | 03/05/2040 | Bank of America Securities, Inc. | (200000) USD | 57 | (954) | 1011 |
|  Pays | GBP SONIA | 4.15% | 1Y/1Y | 02/27/2040 | Bank of America Securities, Inc. | 252,230 GBP | 5414 | 606 | 4808 |
|  Pays | USD SOFR | 3.75% | 1Y/1Y | 03/02/2054 | Bank of America Securities, Inc. | 400,000 USD | 5864 |  | 5864 |
|  Pays | GBP SONIA | 4.44% | 1Y/1Y | 03/01/2055 | Bank of America Securities, Inc. | 378,345 GBP | 7861 | 386 | 7475 |
|  Receives | GBP SONIA | 3.25% | 1Y/1Y | 02/26/2075 | Bank of America Securities, Inc. | (1008920) GBP | (4061) | 13 | (4074) |
|  Pays | EUR-EURIBOR | 2.43% | 1Y/6M | 03/05/2040 | Bank of America Securities, Inc. | 209,630 EUR | 9019 | 2113 | 6906 |
|  Pays | CHF SARON | 0.49% | 1Y/1Y | 03/05/2035 | Bank of America Securities, Inc. | 223,077 CHF | 3312 | 1854 | 1458 |
|  Receives | USD SOFR | 3.86% | 1Y/1Y | 03/05/2040 | Bank of America Securities, Inc. | (200000) USD | (963) | (839) | (124) |
|  Receives | EUR-EURIBOR | 1.62% | 6M/1Y | 03/08/2075 | Bank of America Securities, Inc. | (212200) EUR | (6308) | (96) | (6212) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 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 | EUR-EURIBOR | 2.28% | 1Y/6M | 03/08/2055 | Bank of America Securities, Inc. | 106,100 EUR | $4286 | $50 | $4236 |
|  Pays | EUR-EURIBOR | 2.31% | 1Y/6M | 03/08/2055 | Bank of America Securities, Inc. | 106,100 EUR | 7245 | 138 | 7107 |
|  Receives | CAD CORRA | 2.36% | 6M/6M | 03/05/2030 | Bank of America Securities, Inc. | (345471) CAD | (1054) | 334 | (1388) |
|  Receives | USD SOFR | 3.68% | 1Y/1Y | 03/06/2030 | Bank of America Securities, Inc. | (500000) USD | (100) | 985 | (1085) |
|  Receives | USD SOFR | 3.81% | 1Y/1Y | 03/06/2040 | Bank of America Securities, Inc. | (200000) USD | (2015) | 489 | (2504) |
|  Pays | GBP SONIA | 4.42% | 1Y/1Y | 03/05/2055 | Bank of America Securities, Inc. | 383,520 GBP | 8488 | (743) | 9231 |
|  Receives | GBP SONIA | 3.24% | 1Y/1Y | 03/04/2075 | Bank of America Securities, Inc. | (894880) GBP | (3813) | 928 | (4741) |
|  Receives | ZAR JIBAR | 7.76% | 3M/3M | 06/19/2030 | Bank of America Securities, Inc. | (9612890) ZAR | (17673) |  | (17673) |
|  Pays | EUR-EURIBOR | 2.35% | 1Y/6M | 03/08/2055 | Bank of America Securities, Inc. | 107,920 EUR | 6353 | 2706 | 3647 |
|  Pays | CHF SARON | 0.53% | 1Y/1Y | 03/07/2035 | Bank of America Securities, Inc. | 224,555 CHF | 2392 | 1387 | 1005 |
|  Receives | USD SOFR | 3.89% | 1Y/1Y | 03/07/2040 | Bank of America Securities, Inc. | (200000) USD | (277) | 954 | (1231) |
|  Pays | EUR-EURIBOR | 2.72% | 1Y/6M | 03/12/2040 | Bank of America Securities, Inc. | 215,740 EUR | 1202 | 2372 | (1170) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 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)** |
|  Receives | USD SOFR | 3.79% | 1Y/1Y | 03/11/2030 | Bank of America Securities, Inc. | (500000) USD | $2477 | $(467) | $2944 |
|  Pays | GBP SONIA | 4.29% | 1Y/1Y | 03/06/2040 | Bank of America Securities, Inc. | 257,570 GBP | 1428 | 791 | 637 |
|  Receives | USD SOFR | 3.93% | 1Y/1Y | 03/12/2040 | Bank of America Securities, Inc. | (200000) USD | 628 | (955) | 1583 |
|  Pays | EUR-EURIBOR | 2.74% | 1Y/6M | 03/12/2040 | Bank of America Securities, Inc. | 216,950 EUR | 728 | 1200 | (472) |
|  Pays | EUR-EURIBOR | 2.53% | 1Y/6M | 03/11/2055 | Bank of America Securities, Inc. | 108,475 EUR | 2276 | 1427 | 849 |
|  Pays | GBP SONIA | 4.33% | 1Y/1Y | 03/08/2055 | Bank of America Securities, Inc. | 129,260 GBP | 2193 | (406) | 2599 |
|  Pays | CHF SARON | 0.84% | 1Y/1Y | 03/15/2055 | Bank of America Securities, Inc. | 113,359 CHF | (553) | 2432 | (2985) |
|  Receives | EUR-EURIBOR | 1.89% | 6M/1Y | 03/18/2075 | Bank of America Securities, Inc. | (3796975) EUR | (31623) | 7020 | (38643) |
|  Receives | ZAR JIBAR | 7.85% | 3M/3M | 06/19/2030 | Bank of America Securities, Inc. | (26703072) ZAR | 43126 | (30729) | 73855 |
|  Pays | EUR-EURIBOR | 2.61% | 1Y/6M | 03/19/2055 | Bank of America Securities, Inc. | 2,061,215 EUR | 2519 | (2240) | 4759 |
|  Pays | GBP SONIA | 4.67% | 1Y/1Y | 03/15/2055 | Bank of America Securities, Inc. | 258,860 GBP | 108 | 228 | (120) |
|  Receives | GBP SONIA | 3.41% | 1Y/1Y | 03/15/2075 | Bank of America Securities, Inc. | (776580) GBP | 1844 | 180 | 1664 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 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)** |
|  Receives | GBP SONIA | 4.00% | 1Y/1Y | 03/14/2030 | Bank of America Securities, Inc. | (646750) GBP | $(374) | $(376) | $2 |
|  Receives | CHF SARON | 0.79% | 1Y/1Y | 03/20/2035 | Bank of America Securities, Inc. | (228180) CHF | 3368 | (385) | 3753 |
|  Pays | USD SOFR | 3.97% | 1Y/1Y | 03/20/2040 | Bank of America Securities, Inc. | 200,000 USD | (1648) | 418 | (2066) |
|  Receives | GBP SONIA | 3.99% | 1Y/1Y | 03/19/2030 | Bank of America Securities, Inc. | (649900) GBP | (578) | (104) | (474) |
|  Pays | USD SOFR | 3.79% | 1Y/1Y | 03/21/2030 | Bank of America Securities, Inc. | 500,000 USD | (2497) | 824 | (3321) |
|  Receives | SEK STIBOR | 3.07% | 3M/1Y | 03/26/2040 | Bank of America Securities, Inc. | (187639) SEK | 2642 | 1062 | 1580 |
|  Receives | EUR ESTR | 2.07% | 1Y/1Y | 03/25/2026 | Bank of America Securities, Inc. | (20012375) EUR | 8350 |  | 8350 |
|  Receives | CHF SARON | 0.78% | 1Y/1Y | 03/27/2035 | Bank of America Securities, Inc. | (226655) CHF | 3039 | (285) | 3324 |
|  Receives | EUR-EURIBOR | 2.63% | 6M/1Y | 03/31/2055 | Bank of America Securities, Inc. | (107945) EUR | 773 | (551) | 1324 |
|  Receives | SEK STIBOR | 3.07% | 3M/1Y | 04/03/2040 | Bank of America Securities, Inc. | (189955) SEK | 2834 | 976 | 1858 |
|  Receives | CHF SARON | 0.70% | 1Y/1Y | 04/02/2035 | Bank of America Securities, Inc. | (226873) CHF | 1393 | 889 | 504 |
|  Pays | USD SOFR | 4.02% | 1Y/1Y | 04/02/2040 | Bank of America Securities, Inc. | 200,000 USD | (2650) | (1089) | (1561) |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 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)** |
|  Receives | SEK STIBOR | 2.66% | 3M/1Y | 06/19/2030 | Bank of America Securities, Inc. | (7461350) SEK | $16357 | $— | $16357 |
|  Receives | USD SOFR | 3.64% | 1Y/1Y | 06/21/2027 | Bank of America Securities, Inc. | (112000000) USD | 8617 |  | 8617 |
|  Receives | USD SOFR | 3.66% | 1Y/1Y | 06/21/2027 | Bank of America Securities, Inc. | (112000000) USD | 36409 |  | 36409 |
|  Receives | USD SOFR | 3.62% | 1Y/1Y | 06/21/2027 | Bank of America Securities, Inc. | (112000000) USD | (37348) |  | (37348) |
|  Receives | CHF SARON | 0.34% | 1Y/1Y | 06/19/2030 | Bank of America Securities, Inc. | (4295241) CHF | (6450) |  | (6450) |
|  Pays | USD CPURNSA | 2.62% | M/M | 04/02/2030 | Barclays Bank PLC | 20,000,000 USD | (4847) |  | (4847) |
|  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 |  | $4194979 | $(10028) | $4205007 |

---

---

| | |
|:---|:---|
| **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 |
| 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 |
| LIBOR | London Interbank Offered Rate |
| LIFFE | London International Financial Futures and Options Exchange |
| LME | London Metal Exchange |
| M | Monthly |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### March 31, 2025

---

| | |
|:---|:---|
| NYMEX | New York Mercantile Exchange |
| OMX | Stockholm 30 Index |
| 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 |
| SOFR | Secured Overnight Financing Rate |
| SONIA | Sterling Overnight Index Average |
| SPDR | Standard and Poor's Depository Receipt |
| STIBOR | Stockholm Interbank Offered Rate |
| T | At Maturity |
| 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 |
| COP | Colombia Peso |
| 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 |
| 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 March 31, 2025

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investment in securities, at fair value (cost $2,908,357,210) | $3037301613 |
|  Cash | 575921682 |
|  Cash denominated in foreign currencies (cost of $9,580,817) | 9242662 |
|  Segregated cash balance with broker for securities sold short | 608091626 |
|  Segregated cash balance with custodian for derivative financial instruments | 276466608 |
|  Segregated cash balance with counterparties for futures contracts | 134842816 |
|  Segregated cash balance with counterparties for centrally cleared derivatives | 211906692 |
|  Segregated cash balance with counterparties for OTC derivatives | 27935628 |
|  Unrealized appreciation on forward foreign currency exchange contracts | 1712532 |
|  Income receivable | 27755875 |
|  Receivable for investments sold | 1423848979 |
|  Receivable for Fund shares sold | 1994157 |
|  Receivable for periodic payments from swap contracts | 999304 |
|  Variation margin receivable on futures | 10674297 |
|  Variation margin receivable on centrally cleared swaps | 22168444 |
|  Swap contracts, at fair value (net premiums paid $7,762,406) | 38667005 |
|  Receivable from Investment Adviser | 899576 |
|  Prepaid expenses and other assets | 41222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 6410470718 |
|  **Liabilities:** |  |
|  Securities sold short, at fair value (proceeds of $1,304,926,974) | 1289320180 |
|  Cash received as collateral from custodian for derivative financial instruments | 48077804 |
|  Cash received as collateral from counterparty for futures contracts | 1318512 |
|  Cash received as collateral for reverse repurchase agreements | 2877000 |
|  Cash received as collateral from counterparty for OTC derivatives | 4219049 |
|  Options written, at fair value (premiums received $20,020,995) | 20006738 |
|  Unrealized depreciation on forward foreign currency exchange contracts | 3056770 |
|  Payable for reverse repurchase agreements | 14110133 |
|  Payable for investments purchased | 1242083904 |
|  Payable for Fund shares redeemed | 4376450 |
|  Payable for periodic payments from swap contracts | 751904 |
|  Variation margin payable on futures | 17962884 |
|  Swap contracts, at fair value (net premiums received $10,130,303) | 24831232 |
|  Dividend and interest income payable on securities sold short | 1661772 |
|  Management fee payable | 17327952 |
|  Payable to Affiliate | 2424133 |
|  Accrued expenses and other liabilities | 8000132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 2702406549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commitments and contingencies | $0 |
|  Net assets | $3708064169 |
|  **Net Assets Consist of:** |  |
|  Paid-in capital | $3709054614 |
|  Total distributable earnings (loss) | (990445) |
|  Net assets | $3708064169 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### As of March 31, 2025

---

| | |
|:---|:---|
|  **Net Asset Value:** |  |
|  **Class I Shares** |  |
|  Net Assets | $2626575279.0 |
|  Class I Shares outstanding, no par value, unlimited shares authorized | 244252400.0 |
|  Net asset value per share | $10.75 |
|  **Class D Shares** |  |
|  Net Assets | $16330484.0 |
|  Class D Shares outstanding, no par value, unlimited shares authorized | 1527543.0 |
|  Net asset value per share | $10.69 |
|  **Class Y Shares** |  |
|  Net Assets | $1065158406.0 |
|  Class Y Shares outstanding, no par value, unlimited shares authorized | 99721617.0 |
|  Net asset value per share | $10.68 |

---

See Notes to Consolidated Financial Statements.

------

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

#### Consolidated Statement of Operations

#### For the Year Ended March 31, 2025

---

| | |
|:---|:---|
|  **Investment Income:** |  |
|  Interest (including net foreign taxes withheld of $0) | $203482088 |
|  Dividends (including net foreign taxes withheld of $259,362) | 12334614 |
|  Other Income | 385610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total income | 216202312 |
|  **Expenses:** |  |
|  Management fees | 70463979 |
|  Administration fees | 4642460 |
|  Custodian fees | 1722932 |
|  Trustees' fees | 1006019 |
|  Distribution fees - Class D | 43833 |
|  Shareholder service fees | 3318797 |
|  Registration fees | 157877 |
|  Printing and postage fees | 780446 |
|  Professional fees | 7598269 |
|  Dividends on securities sold short | 10681822 |
|  Interest on securities sold short | 12331342 |
|  Line of credit fee | 1432555 |
|  Other | 1185870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 115366201 |
|  Expenses recouped (reimbursed) by Investment Adviser | (2218104) |
|  Total Net Expenses | 113148097 |
|  Net investment income | 103054215 |
|  **Net Realized and Unrealized Gain (Loss):** |  |
|  Net realized gain (loss) on investments in securities | 183058456 |
|  Net realized gain (loss) on securities sold short | (86708186) |
|  Net realized gain (loss) on forward foreign currency exchange contracts | 5833190 |
|  Net realized gain (loss) on foreign currency transactions | (1111636) |
|  Net realized gain (loss) on futures contracts | (41551141) |
|  Net realized gain (loss) on options written | 41506514 |
|  Net realized gain (loss) on swap contracts | 9692406 |
|  Net change in unrealized appreciation (depreciation) on investments in securities | (89058360) |
|  Net change in unrealized appreciation (depreciation) on securities sold short | 69643108 |
|  Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts | (1860260) |
|  Net change in unrealized appreciation (depreciation) on foreign currency translations | 305994 |
|  Net change in unrealized appreciation (depreciation) on futures contracts | (26548042) |
|  Net change in unrealized appreciation (depreciation) on options written | (6658222) |
|  Net change in unrealized appreciation (depreciation) on swap contracts | (583617) |
|  Net realized and unrealized gain | 55960204 |
|  Net increase in net assets resulting from operations | $159014419 |

---

See Notes to Consolidated Financial Statements.

------

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

#### Consolidated Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year<br>Ended<br>3/31/2025** | **Year**<br>**Ended<br>3/31/2024** |
|  **Increase (Decrease) in Net Assets Operations:** |  |  |
|  Net investment income | $103054215 | $97661789 |
|  Net realized gain | 110719603 | 32467991 |
|  Net change in unrealized appreciation (depreciation) | (54759399) | 284908673 |
|  Net increase in net assets resulting from operations | 159014419 | 415038453 |
|  **Distributions:** |  |  |
|  Distributions from earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I Shares | (149028596) | (95892704) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class D Shares | (902418) | (623392) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y Shares | (54134559) | (40565264) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (204065573) | (137081360) |
|  **Capital Transactions:** |  |  |
|  Shareholder subscriptions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of Class I Shares | 847799190 | 494084713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of Class D Shares | 9396570 | 5902535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of Class Y Shares | 200327460 | 207332596 |
|  Shareholder reinvestments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of Class I Shares issued to shareholders in payment of distributions declared | 121150272 | 78990395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of Class D Shares issued to shareholders in payment of distributions declared | 633175 | 432705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of Class Y Shares issued to shareholders in payment of distributions declared | 47078846 | 36031207 |
|  Shareholder redemptions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of Class I Shares redeemed | (1176120843) | (1263507587) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of Class D Shares redeemed | (12011213) | (9217608) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of Class Y Shares redeemed | (300071092) | (243220149) |
|  Net decrease in net assets resulting from capital transactions | (261817635) | (693171193) |
|  Net decrease in net assets | (306868789) | (415214100) |
|  **Net Assets:** |  |  |
|  Beginning of period | 4014932958 | 4430147058 |
|  End of period | $3708064169 | $4014932958 |

---

See Notes to Consolidated Financial Statements.

------

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

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

---

| | | |
|:---|:---|:---|
|  | **Year<br>Ended<br>3/31/2025** | **Year**<br>**Ended<br>3/31/2024** |
|  **Share Transactions:** |  |  |
|  **Class I Shares** |  |  |
|  Beginning of period | 263198882 | 329480464 |
|  Shares issued | 77297867 | 47139909 |
|  Reinvestment in Shares | 11333047 | 7566130 |
|  Shares redeemed | (107577396) | (120987621) |
|  Net change in shares resulting from share transactions | (18946482) | (66281582) |
|  End of period | 244252400 | 263198882 |
|  **Share Transactions:** |  |  |
|  **Class D Shares** |  |  |
|  Beginning of period | 1707045 | 1985357 |
|  Shares issued | 863495 | 562960 |
|  Reinvestment in Shares | 59509 | 41606 |
|  Shares redeemed | (1102506) | (882878) |
|  Net change in shares resulting from share transactions | (179502) | (278312) |
|  End of period | 1527543 | 1707045 |
|  **Share Transactions:** |  |  |
|  **Class Y Shares** |  |  |
|  Beginning of period | 104153920 | 103832078 |
|  Shares issued | 18503578 | 20123797 |
|  Reinvestment in Shares | 4433036 | 3474562 |
|  Shares redeemed | (27368917) | (23276517) |
|  Net change in shares resulting from share transactions | (4432303) | 321842 |
|  End of period | 99721617 | 104153920 |

---

See Notes to Consolidated Financial Statements.

------

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

#### Consolidated Statement of Cash Flows

#### For the Year Ended March 31, 2025

---

| | |
|:---|:---|
|  **Cash Flows from Operating Activities:** |  |
|  Net increase in net assets resulting from operations | $159014419 |
|  **Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by operating activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of investments in securities | (16149304021) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposition of investments in securities | 16912392306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from securities sold short | 7209096428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to cover securities sold short | (7181685721) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term investments, net | 72748889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premiums paid on closing options written | (24641422) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from premiums received from options written | 85371894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | (183058456) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on securities sold short | 86708186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on options written | (41506514) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in accretion of bond discount and amortization of bond and swap premium | 25481680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | 89075489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on securities sold short | (69643108) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on options written | 6658222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on reverse repurchase agreements | (17129) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange contracts | 94162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income receivable | (312992) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for periodic payments from swap contracts | 2948693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin receivable on futures | 15334281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin receivable on centrally cleared swaps | (7221100) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts, at fair value | (19895316) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable from Investment Adviser | (899576) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 33240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash received as collateral for reverse repurchase agreements | (625000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash received as collateral from custodian for derivative financial instruments | 6069269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash received as collateral from counterparty for OTC derivatives | 956740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash received as collateral from counterparty for centrally cleared derivatives | (3450000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash received as collateral from counterparty for futures contracts | (2458543) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts | 1766098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts, at fair value | 14914233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin payable on futures | 16535447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin payable on centrally cleared swaps | (1876673) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for periodic payments from swap contracts | (2789207) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend and interest income payable on securities sold short | (2056807) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest payable on reverse repurchase agreements | (405142) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | (1893311) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to Affiliate | 1561989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | (3334793) |
|  Net cash provided by operating activities | $1009686834 |
|  **Cash Flows from Financing Activities:** |  |
|  Proceeds from shares sold | 937914539 |
|  Cost of shares repurchased | (1368614646) |
|  Proceeds from reverse repurchase agreements | 435360719 |
|  Repayment of reverse repurchase agreements | (556161499) |
|  Credit facility borrowings | 10000000 |
|  Credit facility repayments | (10000000) |
|  Distributions paid (net of reinvestment) | (35203280) |
|  Net cash used in financing activities | (586704167) |
|  Net increase (decrease) in unrestricted and restricted cash and foreign currency | 422982669 |
|  Unrestricted and restricted cash and foreign currency, beginning of period | 1421425045 |
|  Unrestricted and restricted cash and foreign currency, end of period | 1844407714 |

---

See Notes to Consolidated Financial Statements.

------

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

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

#### For the Year Ended March 31, 2025

---

| | |
|:---|:---|
|  **Supplemental disclosure of cash flow information:** |  |
|  Cash paid during the period for interest | $968242 |
|  **Non-Cash Financing Activities:** |  |
|  Capital shares issued | $119073604 |
|  Capital shares redeemed | $(119073604) |
|  Capital shares issued in reinvestment of distribution | $168862293 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**March 31, 2025** | **Year Ended**<br>**March 31, 2024** |
|  Cash | $575921682 | $374845203 |
|  Foreign currency at value | 9242662 | 15482840 |
|  Cash Pledged: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities sold short | 608091626 | 570195732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Derivative financial instruments | 276466608 | 168317267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 134842816 | 123298587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally cleared derivatives | 211906692 | 132530858 |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC derivatives | 27935628 | 36754558 |
|  | $1844407714 | $1421425045 |

---

See Notes to Consolidated Financial Statements.

------

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

#### Consolidated Financial Highlights

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Year**<br> **Ended**<br> **3/31/2025** | **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** | $10.90 | $10.19 | $10.48 | $10.44 | $9.08 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss)<sup>1</sup> | 0.30 | 0.24 | 0.01 | (0.09) | 0.08 |
|  Net realized and unrealized gain (loss) | 0.17 | 0.84 | (0.30) | 0.31 | 1.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Income (Loss) from Investment Operations | 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;&nbsp;&nbsp; Total Distributions | (0.62) | (0.37) |  | (0.18) | (0.32) |
|  **Net Asset Value, End of Period** | $10.75 | $10.90 | $10.19 | $10.48 | $10.44 |
|  Total Return | 4.31% | 10.73%<sup>2</sup> | (2.77)% | 2.09% | 18.34% |
|  **Ratios to Average Net Assets:<sup>3</sup>** |  |  |  |  |  |
|  Total expenses before recoupment (reimbursement) from Investment Adviser<sup>4</sup> | 1.24% | 1.35% | 1.51% | 0.96% | 0.80% |
|  Management Fees | 1.90% | 1.89% | 1.88% | 1.87% | 1.87% |
|  Total expenses before recoupment (reimbursement) from Investment Adviser | 3.14% | 3.24% | 3.39% | 2.83% | 2.67% |
|  Recoupment (reimbursement) from Investment Adviser | (0.08)% | —%<sup>5</sup> | —%<sup>5</sup> | —%<sup>5</sup> | —%<sup>5</sup> |
|  Net expenses after recoupment (reimbursement) from Investment Adviser | 3.06% | 3.24% | 3.39% | 2.83% | 2.67% |
|  Net investment income (loss) | 2.77% | 2.33% | 0.13% | (0.83)% | 0.77% |
|  **Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of period (in thousands) | $2626575 | $2868551 | $3358347 | $3958328 | $3637018 |
|  Portfolio turnover | 397%<sup>6</sup> | 556%<sup>6</sup> | 846%<sup>6</sup> | 193% | 135% |

---

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

<sup>2</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>3</sup> The ratios do not reflect the Fund's share of the income and expenses of the underlying Investee Funds.

<sup>4</sup> Represents the ratio of other expenses excluding management fees which are separately presented, and prior to the impact of any recoupment (reimbursement).

<sup>5</sup> There have been no recoupments (reimbursements) from Investment Adviser in the years ended, 2024, 2023, 2022 and 2021. See Note 7.

<sup>6</sup> Including TBA roll transactions. Had TBA roll transactions been excluded, the portfolio turnover rate would have been 156% for the year ended March 31, 2025, 136% for the year ended March 31, 2024 and 182% for the year ended March 31, 2023. 

See Notes to Consolidated Financial Statements.

------

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

#### Consolidated Financial Highlights (Continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class D** | **Class D** | **Class D** | **Class D** | **Class D** |
|  | **Year**<br> **Ended**<br> **3/31/2025** | **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** | $10.85 | $10.16 | $10.48 | $10.47 | $9.10 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss)<sup>1</sup> | 0.27 | 0.22 | (0.01) | (0.12) | 0.05 |
|  Net realized and unrealized gain (loss) | 0.17 | 0.83 | (0.31) | 0.31 | 1.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Income (Loss) from Investment Operations | 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** | $10.69 | $10.85 | $10.16 | $10.48 | $10.47 |
|  Total Return | 4.06% | 10.44%<sup>2</sup> | (3.05)% | 1.70% | 18.07% |
|  **Ratios to Average Net Assets:<sup>3</sup>** |  |  |  |  |  |
|  Total expenses before recoupment (reimbursement) from Investment Adviser<sup>4</sup> | 1.49% | 1.64% | 1.78% | 1.27% | 1.07% |
|  Management Fees | 1.90% | 1.89% | 1.88% | 1.87% | 1.87% |
|  Total expenses before recoupment (reimbursement) from Investment Adviser | 3.39% | 3.53% | 3.66% | 3.14% | 2.94% |
|  Recoupment (reimbursement) from Investment Adviser | (0.08)% | (0.03)% | —%<sup>5</sup> | —%<sup>5</sup> | —%<sup>5</sup> |
|  Net expenses after recoupment (reimbursement) from Investment Adviser | 3.31% | 3.50% | 3.66% | 3.14% | 2.94% |
|  Net investment income (loss) | 2.52% | 2.08% | (0.14)% | (1.14)% | 0.51% |
|  **Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of period (in thousands) | $16330 | $18519 | $20179 | $25626 | $27031 |
|  Portfolio turnover | 397%<sup>6</sup> | 556%<sup>6</sup> | 846%<sup>6</sup> | 193% | 135% |

---

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

<sup>2</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>3</sup> The ratios do not reflect the Fund's share of the income and expenses of the underlying Investee Funds.

<sup>4</sup> Represents the ratio of other expenses excluding management fees which are separately presented, and prior to the impact of any recoupment (reimbursement).

<sup>5</sup> There have been no recoupments (reimbursements) from Investment Adviser in the years ended, 2023, 2022 and 2021. See Note 7.

<sup>6</sup> Including TBA roll transactions. Had TBA roll transactions been excluded, the portfolio turnover rate would have been 156% for the year ended March 31, 2025, 136% for the year ended March 31, 2024 and 182% for the year ended March 31, 2023. 

See Notes to Consolidated Financial Statements.

------

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

#### Consolidated Financial Highlights (Continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
|  | **Year**<br> **Ended**<br> **3/31/2025** | **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** | $10.83 | $10.13 | $10.41 | $10.36 | $9.02 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss)<sup>1</sup> | 0.30 | 0.25 | 0.02 | (0.08) | 0.08 |
|  Net realized and unrealized gain (loss) | 0.17 | 0.82 | (0.30) | 0.31 | 1.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Income (Loss) from Investment Operations | 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** | $10.68 | $10.83 | $10.13 | $10.41 | $10.36 |
|  Total Return | 4.35% | 10.74%<sup>2</sup> | (2.69)% | 2.10% | 18.49% |
|  **Ratios to Average Net Assets:<sup>3</sup>** |  |  |  |  |  |
|  Total expenses before recoupment (reimbursement) from Investment Adviser<sup>4</sup> | 1.14% | 1.27% | 1.44% | 0.86% | 0.72% |
|  Management Fees | 1.90% | 1.89% | 1.88% | 1.87% | 1.87% |
|  Net expenses after recoupment (reimbursement) from Investment Adviser<sup>5</sup> | 3.04% | 3.16% | 3.32% | 2.73% | 2.59% |
|  Net investment income (loss) | 2.80% | 2.41% | 0.22% | (0.72)% | 0.85% |
|  **Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of period (in thousands) | $1065158 | $1127862 | $1051621 | $1247505 | $1341439 |
|  Portfolio turnover | 397%<sup>6</sup> | 556%<sup>6</sup> | 846%<sup>6</sup> | 193% | 135% |

---

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

<sup>2</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>3</sup> The ratios do not reflect the Fund's share of the income and expenses of the underlying Investee Funds.

<sup>4</sup> Represents the ratio of other expenses excluding management fees which are separately presented, and prior to the impact of any recoupment (reimbursement).

<sup>5</sup> There have been no recoupments (reimbursements) from Investment Adviser in the years shown. See Note 7.

<sup>6</sup> Including TBA roll transactions. Had TBA roll transactions been excluded, the portfolio turnover rate would have been 156% for the year ended March 31, 2025, 136% for the year ended March 31, 2024 and 182% for the year ended March 31, 2023. 

See Notes to Consolidated Financial Statements.

------

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

#### Notes to Consolidated Financial Statements

#### For the Year Ended March 31, 2025
1. Organization

Blackstone Alternative Investment Funds (the "Trust") is a Massachusetts business trust authorized to issue an unlimited number of shares of beneficial interest, which may be divided into different series and classes. The Trust is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). During the year ended March 31, 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 March 31, 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 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. Each 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 Year Ended March 31, 2025
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 Year Ended March 31, 2025
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 Year Ended March 31, 2025
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the fair value hierarchy.

Level 3 investments are valued by broker quotes, fair value models, or pricing services that may employ valuation techniques with unobservable inputs. At March 31, 2025, the total fair value of Level 3 investments was $49,376,381. The appropriateness of fair values for these securities are monitored on an ongoing basis, including through backtesting, pricing due diligence, unchanged price review, use of specialists, and consideration of macro security specific events.

The significant inputs and assumptions required to determine the change in fair value of the investments of the Fund are discussed in more detail below.

A description of the valuation techniques applied to the Fund's major categories of investments measured at fair value on a recurring basis are as follows:

*Exchange-Traded Securities* 

Equity securities, including common stock, listed preferred stock, exchange-traded funds, special purpose acquisition companies, and derivative financial instruments, such as futures contracts and option contracts, that are traded on a recognized securities exchange or on the NASDAQ Global Market System ("NASDAQ") are valued at the last reported sales price (or the official closing price of certain foreign exchanges) or the NASDAQ official closing price, as applicable. For securities traded on more than one exchange, the last reported sales price on the exchange where the security is primarily traded is used. To the extent these securities and derivative financial instruments are actively traded and adjustments are not applied, they are categorized as Level 1 within the fair value hierarchy.

The Fund may use a third-party fair valuation service provider to value foreign equity securities that are primarily traded outside of North America and South America. The third-party fair valuation service provider calculates a factor ("Fair Value Factor") that is applied to adjust the last price of each such security in the event that there is movement in excess of a specified trigger, as measured by the movement between the prior close and the current close of the U.S. market. Foreign equities for which the last price has been adjusted by such factor will generally be categorized as Level 2 within the fair value hierarchy. As of March 31, 2025, Fair Value Factor was applied to such securities.

<u>Short-Term Investments</u>

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

<u>Derivative Financial Instruments</u>

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 Year Ended March 31, 2025
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 Year Ended March 31, 2025
the loan. In such cases, the Fund may be required generally to rely upon the assignor to demand payment and enforce rights under the loan. If the Fund acquires a participation in the loan, the Fund purchases an indirect interest in a loan held by a third-party and the Fund typically will have a contractual relationship only with the third-party loan investor, not with the borrower. As a result, the Fund may have the right to receive payments of principal, interest, and any fees to which it is entitled only from the loan investor selling the participation and only upon receipt by such loan investor of such payments from the borrower. In such cases, the Fund assumes the credit risk of both the borrower and the loan investor selling the participation, and the Fund may be unable to realize some or all of the value of its interest in the loan in the event of the insolvency of the third-party. Changes in the financial condition of the borrower or economic conditions or other circumstances may reduce the capacity of the borrower to make principal and interest payments on such instruments and may lead to defaults. Certain types of bank debt may have an associated partially funded or unfunded commitment. The unfunded commitments may or may not be funded by the Fund. At March 31, 2025, the Fund did not have any outstanding unfunded commitments.

*Mortgage-Related and Other Asset-Backed Securities* 

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

*Securities Sold Short* 

The Fund may sell securities short (a "Short Sale"). A Short Sale is a transaction whereby the Fund sells securities it does not own in anticipation of a decline in the market price of those securities, whereby the Fund's broker will execute a borrow transaction to deliver the securities resulting from the Fund's Short Sale. The Fund is obligated to repurchase the securities at the market price at the time of replacement. The Fund's obligations to replace the securities in connection with a Short Sale are secured by collateral.

Upon entering into a Short Sale, the Fund establishes a liability which is recorded as securities sold short on the Consolidated Statement of Assets and Liabilities to represent securities due under the Short Sale agreement. The Fund is liable to pay any dividends declared and/or interest income earned during the period the Short Sale is open. These dividends and interest are recorded as dividend and interest expense on securities sold short in the Consolidated Statement of Operations.

*Commodities* 

The Fund is permitted to invest in 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 Year Ended March 31, 2025
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 March 31, 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 March 31, 2025, the face value of open reverse repurchase agreements for the Fund was $13,974,134. The weighted average daily balances of reverse repurchase agreements outstanding for the Fund during the year ended March 31, 2025 was approximately $25,041,442, at a weighted average weekly interest rate of 5.27%.

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 Year Ended March 31, 2025
The following tables present the reverse repurchase agreements, which are subject to enforceable MRAs, as well as the collateral delivered related to those reverse repurchase agreements by class of collateral and summarized by the remaining contractual maturity of the transactions.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Reverse**<br>**Repurchase**<br>**Agreement** | **Fair Value of**<br>**Non-Cash**<br>**Collateral<sup>(1),(2)</sup>** | **Cash**<br>**Collateral**<br>**Pledged<sup>(1)</sup>** | **Net**<br>**Amount<sup>(3)</sup>** |
|  Citigroup Global Markets Limited | $(14110133) | $14110133 | $– | $— |

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<sup>(1)</sup> Additional required collateral pledged is not shown for financial reporting purposes. The total fair value of non-cash and cash collateral received at March 31, 2025 was $15,021,250 and $2,877,000, respectively. 

<sup>(2)</sup> The total fair value of non-cash collateral in the table above includes securities valued at $14,110,133 that have been pledged and received as collateral on a reverse repurchase agreement. 

<sup>(3)</sup> Net amount represents the net receivable (payable) that would be due from/to the counterparty in the event of default. 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements**<br>**As of March 31, 2025** | **Remaining Contractual Maturity of the Agreements**<br>**As of March 31, 2025** | **Remaining Contractual Maturity of the Agreements**<br>**As of March 31, 2025** | **Remaining Contractual Maturity of the Agreements**<br>**As of March 31, 2025** | **Remaining Contractual Maturity of the Agreements**<br>**As of March 31, 2025** |
|  | **Overnight**<br>**and**<br>**Continuous** | **< 30 days** | **Between**<br>**30 & 90<br>days** | **> 90 days** | **Total** |
|  Sovereign Debt | $— | $— | $— | $(14110133) | $(14110133) |
|  Total | $— | $— | $— | $(14110133) | $(14110133) |
|  Gross amount of recognized liabilities for reverse repurchase agreements |  |  |  |  | $(14110133) |

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*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. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable.

*Allocation of Income and Expenses* 

The Fund uses the adjusted prior day net assets for each class of shares, adjusted for capital activity, to allocate Fund-level income and expenses and unrealized capital gains and losses pro-rata to each class of shares. Class-specific income and expenses are allocated directly to the applicable class.

*Cash* 

At March 31, 2025, the Fund had $575,921,682 in domestic cash and $9,242,662 in foreign cash held at State Street Bank and Trust Company ("State Street"). These balances, at year end, exceeded insured limits.

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

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

#### For the Year Ended March 31, 2025
*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.

<u>Contingencies</u>

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.

For the current open tax years ending on October 31, 2021, October 31, 2022, and October 31, 2023, 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.

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

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

#### For the Year Ended March 31, 2025
The Fund may mitigate counterparty risk in part by procuring collateral and through netting provisions included within an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") entered into between the Fund and each of its respective counterparties. An ISDA Master Agreement may contain certain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. Certain ISDA Master Agreements, or similar agreements, may allow the Fund to offset certain derivative financial instruments with collateral. At March 31, 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.

*Securities Lending* 

The Fund may lend securities, through its agent, to certain qualified financial institutions. The loans are collateralized by cash in an amount at least equal to the market value of the securities loaned. The market value of securities loaned is determined daily and any additional required collateral is allocated to the Fund on the next Business Day. The initial collateral received by the Fund should have a value of at least 102% of the current value of loaned securities for U.S. securities and at least 105% for all other securities. The Fund will bear the risk of loss with respect to the investment of the cash collateral, as well as the possible loss of right to the collateral should the borrower fail financially. The advantage of such loans is that the Fund continues to receive income on loaned securities while earning returns on the cash amounts which may be reinvested for the purchase of investments in securities. As of March 31, 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.

------

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

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

#### For the Year Ended March 31, 2025
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.

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 year end are disclosed in the Consolidated Schedule of Investments.

------

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

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

#### For the Year Ended March 31, 2025

#### 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.

#### 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.

------

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

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

#### For the Year Ended March 31, 2025
Options trading involve certain additional risks. Specific market movements of the option and the instruments underlying the option cannot be predicted. No assurance can be given that a liquid secondary market will exist for any particular option or at any particular time. The Fund might not be able to enter into a closing transaction for the option as a result of an illiquid market for the option. To realize any profit in the case of an option, therefore, the option holder would need to exercise the option and comply with margin requirements for the underlying instrument. A writer could not terminate the obligation until the option expired or the writer was assigned an exercise notice. The purchaser of an option is subject to the risk of losing the entire purchase price of the option. The writer of an option is subject to the risk of loss resulting from the difference between the premium received for the option and the price of the futures contract underlying the option that the writer must purchase or deliver upon exercise of the option. The writer of a naked option may have to purchase the underlying contract in the market for substantially more than the exercise price of the option in order to satisfy his delivery obligations. This could result in a large net loss.

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

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

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

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

#### Swap Agreements
The Fund may enter into total return, interest rate, 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

------

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

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

#### For the Year Ended March 31, 2025
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.

*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.

------

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

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

#### For the Year Ended March 31, 2025
The Fund may utilize total return swaps on baskets of securities ("Basket Swaps") to a significant extent in order to obtain synthetic exposure to investment strategies. For a Basket Swap, the Fund or a Subsidiary makes payments to a counterparty (at either a fixed or variable rate) in exchange for receiving from the counterparty payments that reflect the return of a "basket" of securities, derivatives, and/or commodity interests identified by the Sub-Adviser (or the Investment Adviser). The Fund may also utilize structured notes ("Basket Notes") in which the Fund or a Subsidiary purchases a note from an issuer in exchange for receiving from the issuer payments that reflect the return of an account through which the Sub-Adviser (or the Investment Adviser) manages a portfolio reflecting a basket of securities, derivatives, and/or commodity interests. The Sub-Adviser (or the Investment Adviser) will select and manage the securities, derivatives, and/or commodity interests underlying the Basket Swap or the Basket Note in a manner consistent with the Fund's strategies. The Fund's investment returns on Basket Swaps or Basket Notes generally will correspond to the Fund's returns had the Sub-Adviser managed the notional equivalent of the Fund's assets directly (although returns on Basket Swaps or Basket Notes will be reduced by financing charges and trading costs incurred by the Basket Swap counterparty or Basket Note issuer). The Fund may obtain a significant portion of its investment exposure through Basket Swaps and/or Basket Notes.

*Credit Default Swaps:* The Fund may enter into OTC and/or centrally cleared credit default swap contracts to hedge credit risk, to hedge market risk, or to gain exposure on single-name issuers and/or baskets of securities.

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

*Variance Swaps:* A variance swap is a negotiated contract used to hedge or speculate on the magnitude of a price movement of an underlying asset, which can include exchange rates, interest rates, commodity price or the price of an index, i.e. the variance is the difference between an expected result and the actual result.

*Volatility Swaps:* A volatility swap is a negotiated contract with a payoff based on the realized volatility of an underlying asset where the realized amount is the difference between the realized volatility and the volatility strike or predetermined fixed volatility level.

Interest rate swaps, total return swaps, credit default swaps, variance swaps, and volatility swaps outstanding at period end are listed at the end of the Fund's Consolidated Schedule of Investments.

------

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

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

#### For the Year Ended March 31, 2025
At March 31, 2025, the Fund had the following derivative financial instruments, presented on a gross basis and categorized by risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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> | $5821777 | Centrally cleared swaps, at fair value<sup>1</sup> | $(1626798) |
|  | Swap contracts, at fair value<sup>3</sup> | 24310769 | Swap contracts, at fair value<sup>3</sup> |  |
|  | Unrealized appreciation on futures contracts<sup>1</sup> | 2494807 | Unrealized depreciation on futures contracts<sup>1</sup> | (3018489) |
|  | Purchased options, at fair value<sup>2</sup> | 3793949 | Options written, at value |  |
|  Equity | Swap contracts, at fair value<sup>3</sup> | 6833113 | Swap contracts, at fair value<sup>3</sup> | (15595453) |
|  | Unrealized appreciation on futures contracts<sup>1</sup> | 2126047 | Unrealized depreciation on futures contracts<sup>1</sup> | (5821498) |
|  | Purchased options, at fair value<sup>2</sup> | 5067198 | Options written, at value | (2887938) |
|  Commodity | Unrealized appreciation on futures contracts<sup>1</sup> | 46228252 | Unrealized depreciation on futures contracts<sup>1</sup> | (47796265) |
|  | Purchased options, at fair value<sup>2</sup> | 20488832 | Options written, at value | (13490422) |
|  Credit | Centrally cleared swaps, at fair value<sup>1</sup> | 20033322 | Centrally cleared swaps, at fair value<sup>1</sup> | (4247237) |
|  | Swap contracts, at fair value<sup>3</sup> | 7523123 | Swap contracts, at fair value<sup>3</sup> | (9235779) |
|  | Purchased options, at fair value<sup>2</sup> | 6731882 | Options written, at value | (3318579) |
|  Foreign Exchange | Unrealized appreciation on forward foreign currency exchange contracts | 1712532 | Unrealized depreciation on forward foreign currency exchange contracts | (3056770) |
|  | Unrealized appreciation on futures contracts<sup>1</sup> | 265455 | Unrealized depreciation on futures contracts<sup>1</sup> | (247327) |
|  | Purchased options, at fair value<sup>2</sup> | 3870658 | Options written, at value | (309799) |
|  Total |  | $157301716 |  | $(110652354) |
|  Amounts not subject to MNA<sup>4</sup> | Amounts not subject to MNA<sup>4</sup> | $100358155 |  | $(79039355) |
|  Total gross amounts subject to MNA | Total gross amounts subject to MNA | $56943561 |  | $(31612999) |

---

<sup>1</sup> Includes unrealized appreciation/depreciation of futures contracts and centrally cleared swaps as reported in the Notes to 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 purchased options that are part of investments in securities as shown in the Consolidated Statement of Assets and Liabilities and net realized gain on investments in securities and net unrealized appreciation on investments in securities as shown in the Consolidated Statement of Operations. 

<sup>3</sup> Includes swap contract premiums paid/received and unrealized appreciation/depreciation on swap contracts.

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

------

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

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

#### For the Year Ended March 31, 2025
The following tables present information about the amount of net realized gain (loss) and net unrealized appreciation (depreciation) on derivative financial instruments for the year ended March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Primary Underlying Risk** | **Average**<br>**Number of**<br>**Contracts<sup>1</sup>** | **Average**<br>**Notional**<br>**USD<sup>1</sup>** | **Net**<br>**Realized**<br>**Gain (Loss)** | **Net Change in**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  *Interest Rate* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | $— | $40956164 | $(18864021) | $22322679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | 96507695 | (41891667) | (1195297) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options<sup>2</sup> | 1924154252 | (3296774) | (11546041) | 2953411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | (1538853966) | 1211626 | 5730187 | (1653978) |
|  *Equity* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  | 519254242 | 31747508 | (18065574) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | 183371543 | 4942262 | (9246874) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options<sup>2</sup> | 1706024 | (5871091) | (25169403) | 1349341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | (77497) | 2884205 | 28474240 | (1432717) |
|  *Commodity* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | 114869265 | 147800 | (15605685) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options<sup>2</sup> | 22971 | (1530811) | 1253002 | (3516994) |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | (5943) | 709564 | 3246635 | (2470978) |
|  *Credit* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  | 1061560810 | (6223860) | (4227732) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options | 7169811320 | 816787 |  | 816787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | (7169811320) | (1203484) |  | (1203484) |
|  *Foreign Exchange* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts |  | 306353792 | 5833190 | (1860260) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  | 1535428 | 3032779 | (612990) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | (61444308) | (4749536) | (500186) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options<sup>2</sup> | 993941121 | (2915531) | (23157295) | 2269014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | (89058396) | 214076 | 4055452 | 102935 |
|  |  |  | $(43138768) | $(31778582) |

---

<sup>1</sup> Averages are based on monthly activity levels during the year ended March 31, 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 Year Ended March 31, 2025
The Fund has MNAs, which allows certain derivative financial instruments and collateral with the same counterparty to be offset to minimize counterparty credit exposure. The following table presents information related to derivative financial instruments and collateral related to securities loaned that are subject to an enforceable MNA and are not offset, as shown in the Consolidated Statement of Assets and Liabilities as of March 31, 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 March 31, 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>* |  |  |  |  |  |
|  Bank of America N.A. | $8054352 | $(3410304) | $(2965975) | $— | $1678073 |
|  Barclays Bank PLC | 171224 | (123753) | (47471) |  |  |
|  Goldman Sachs International | 9121519 | (2282163) |  |  | 6839356 |
|  JP Morgan Chase & Co. | 90685 | (20346) | (10000) |  | 60339 |
|  Morgan Stanley Capital Services LLC | 2174977 | (2174977) |  |  |  |
|  *Cayman Subsidiary* |  |  |  |  |  |
|  Bank Of America Merrill Lynch | 2569344 | (9700) |  |  | 2559644 |
|  Bank of America N.A. | 820580 | (686003) |  |  | 134577 |
|  Barclays Bank PLC | 799853 | (210564) |  |  | 589289 |
|  Citibank N.A. | 1635178 | (1621149) |  |  | 14029 |
|  Deutsche Bank AG | 758053 |  |  |  | 758053 |
|  Goldman Sachs & Co. | 557546 |  |  |  | 557546 |
|  Goldman Sachs International | 16273441 | (1725188) | (13470000) |  | 1078253 |
|  J.P. Morgan Securities LLC | 1016769 | (199242) | (152205) |  | 665322 |
|  JP Morgan Chase Bank N.A. | 3417648 | (1530612) | (1887036) |  |  |
|  Morgan Stanley & Co. International PLC | 367050 | (28265) |  |  | 338785 |
|  Morgan Stanley Capital Services LLC | 1088014 | (892803) |  |  | 195211 |
|  State Street Bank and Trust Company | 1105451 | (687411) |  |  | 418040 |
|  UBS AG | 48033 |  |  |  | 48033 |
|  *Domestic Subsidiary IV* |  |  |  |  |  |
|  Barclays Bank PLC | 2181156 | (287813) |  |  | 1893343 |
|  Goldman Sachs & Co. | 158206 | (8434) |  |  | 149772 |
|  Goldman Sachs International | 128423 | (128423) |  |  |  |
|  Morgan Stanley & Co. LLC | 41240 |  |  |  | 41240 |
|  Morgan Stanley Capital Services LLC | 4354956 | (4354956) |  |  |  |
|  State Street Bank and Trust Company | 9863 | (9863) |  |  |  |
|  | $56943561 | $(20391969) | $(18532687) | $— | $18018905 |

---

------

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

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

#### For the Year Ended March 31, 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>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>* |  |  |  |  |  |
|  Bank of America N.A. | $(3410304) | $3410304 | $— | $— | $— |
|  Barclays Bank PLC | (123753) | 123753 |  |  |  |
|  Citibank N.A. | (587934) |  | 469709 |  | (118225) |
|  Goldman Sachs International | (2282163) | 2282163 |  |  |  |
|  JP Morgan Chase & Co. | (20346) | 20346 |  |  |  |
|  Morgan Stanley Capital Services LLC | (5288786) | 2174977 | 3113809 |  |  |
|  *Cayman Subsidiary* |  |  |  |  |  |
|  Bank Of America Merrill Lynch | (9700) | 9700 |  |  |  |
|  Bank of America N.A. | (686003) | 686003 |  |  |  |
|  Barclays Bank PLC | (210564) | 210564 |  |  |  |
|  Citibank N.A. | (1621149) | 1621149 |  |  |  |
|  Goldman Sachs International | (1725188) | 1725188 |  |  |  |
|  J.P. Morgan Securities LLC | (199242) | 199242 |  |  |  |
|  JP Morgan Chase Bank N.A. | (1530612) | 1530612 |  |  |  |
|  Morgan Stanley & Co. International PLC | (28265) | 28265 |  |  |  |
|  Morgan Stanley Capital Services LLC | (892803) | 892803 |  |  |  |
|  State Street Bank and Trust Company | (687411) | 687411 |  |  |  |
|  *Domestic Subsidiary IV* |  |  |  |  |  |
|  Barclays Bank PLC | (287813) | 287813 |  |  |  |
|  Citibank N.A. | (956516) |  | 956516 |  |  |
|  Goldman Sachs & Co. | (8434) | 8434 |  |  |  |
|  Goldman Sachs International | (984174) | 128423 |  |  | (855751) |
|  Morgan Stanley Capital Services LLC | (8384497) | 4354956 | 4029541 |  |  |
|  State Street Bank and Trust Company | (1687342) | 9863 | 1677479 |  |  |
|  | $(31612999) | $20391969 | $10247054 | $— | $(973976) |

---

<sup>1</sup> Additional required collateral received from the individual counterparty is not shown for financial reporting purposes.

<sup>2</sup> Net amount represents the net amount receivable from the counterparty in the event of default. 

<sup>3</sup> The Fund and each Subsidiary are subject to separate MNAs with each individual counterparty.

<sup>4</sup> Additional required collateral pledged to the individual counterparty is not shown for financial reporting purposes.

<sup>5</sup> Net amount represents the net amount payable to the individual counterparty in the event of default. 

------

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

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

#### For the Year Ended March 31, 2025
5. Fair Value Measurements

The following table presents information about the classification of the Fund's investments measured at fair value within the fair value hierarchy as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Investments in Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stock | $995003726 | $13073759 | $12842427 | $1020919912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stock |  |  | 2013337 | 2013337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 239664044 |  | 239664044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Convertible Bonds |  | 475524 | 337339 | 812863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Debt |  | 105085206 | 28344124 | 133429330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes |  | 298889942 | 1658736 | 300548678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt |  | 150885715 |  | 150885715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | 627110151 |  | 627110151 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 37281862 |  | 37281862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Closed-End Fund | 34471979 |  |  | 34471979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Fund | 1081030 |  |  | 1081030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants |  | 2224 | 4178965 | 4181189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rights |  |  | 1294 | 1294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 48424801 |  | 48424801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 4858737 |  |  | 4858737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options | 23375801 | 16564024 | 12694 | 39952519 |
|  **Subtotal** | **1058791273** | **1537457252** | **49388916** | **2645637441** |
|  **Investments Valued at NAV** | **—** | **—** | **—** | **391664172** |
|  **Total Investments in Securities** | $**1058791273** | $**1537457252** | $**49388916** | $**3037301613** |
|  Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 51114561 |  |  | 51114561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps |  | 20033322 |  | 20033322 |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC Credit Default Swaps |  | 7523123 |  | 7523123 |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC Total Return Swaps |  | 27450611 |  | 27450611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variance Swaps |  | 3693271 |  | 3693271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts |  | 1712532 |  | 1712532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps |  | 5821777 |  | 5821777 |
|  **Total Investments in Securities and Other Financial Instruments** | $**1109905834** | $**1603691888** | $**49388916** | $**3154650810** |

---

------

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

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

#### For the Year Ended March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Securities Sold Short: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stock | $(624052104) | $(3130336) | $(12506) | $(627194946) |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stock |  | (15125) |  | (15125) |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes |  | (20805190) |  | (20805190) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt |  | (22064530) |  | (22064530) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | (605971501) |  | (605971501) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | (1446496) |  | (1446496) |
| &nbsp;&nbsp;&nbsp;&nbsp; Rights |  |  | (29) | (29) |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | (11822363) |  |  | (11822363) |
|  **Total Securities Sold Short** | **(635874467)** | **(653433178)** | **(12535)** | **(1289320180)** |
|  Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options Written | (16281741) | (3724997) |  | (20006738) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | (56883579) |  |  | (56883579) |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps |  | (4247237) |  | (4247237) |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC Total Return Swaps |  | (12700237) |  | (12700237) |
| &nbsp;&nbsp;&nbsp;&nbsp; Variance Swaps |  | (2895216) |  | (2895216) |
| &nbsp;&nbsp;&nbsp;&nbsp; Reverse Repurchase Agreements |  | (14110133) |  | (14110133) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts |  | (3056770) |  | (3056770) |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps |  | (1626798) |  | (1626798) |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC Credit Default Swaps |  | (9235779) |  | (9235779) |
|  **Total Securities Sold Short and Other Financial Instruments** | $**(709039787)** | $**(705030345)** | $**(12535)** | $**(1414082667)** |

---

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

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

------

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

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

#### For the Year Ended March 31, 2025
The following table summarizes investments in Investee Funds, by investment strategy, the unfunded commitment of each strategy (if applicable), and the amount of the investment in Investee Fund that cannot be redeemed because of redemption restrictions put in place by the Investee Fund.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Investments in**<br> **Investee Funds** <br> **by Strategy** | **Unfunded**<br> **Commitment**<br> **$** | **Non-Redeemable Investments<br>(A)** | **Non-Redeemable Investments<br>(A)** | **Other Restricted Investments<br>(B)** | **Other Restricted Investments<br>(B)** | **Investments**<br> **Subject to No**<br> **Restrictions** | **Total $** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Investments in**<br> **Investee Funds** <br> **by Strategy** | **Unfunded**<br> **Commitment**<br> **$** | **Amount $** | **Redemption**<br> **Restriction**<br> **Commencement** <br> **Date** | **Amount $** | **Redemption**<br> **Restriction**<br> **Term** | **Amount $** | **Total $** |
| &nbsp;&nbsp;&nbsp;Event-Driven<sup>(1)</sup> | N/A | 5218492 | N/A | 14741736 | Semi-Annual |  | 19960228 |
| &nbsp;&nbsp;&nbsp;Macro Strategies<sup>(2)</sup> | N/A | N/A | N/A | 165189483 | Monthly with<br>90 days'<br>notice |  | 165189483 |
| &nbsp;&nbsp;&nbsp; Macro<br> Strategies<sup>(2)</sup> | N/A | N/A | N/A | 164054610 | Daily with 6<br> days' notice |  | 164054610 |
| &nbsp;&nbsp;&nbsp; Macro<br> Strategies<sup>(2)</sup> | N/A | N/A | N/A | 42459851 | Monthly with<br>60 days'<br>notice |  | 42459851 |

---

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

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

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

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

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

------

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

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

#### For the Year Ended March 31, 2025
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> **2024** | **Transfers**<br> **In** | **Transfers**<br> **Out** | **Purchases** | **Sales** | **Amortization** | **Net**<br> **Realized**<br> **gain**<br> (loss) | **Net**<br> **change in**<br> **unrealized**<br> **appreciation**<br> (depreciation) | **Balance**<br> **as of**<br> **March 31,**<br> **2025** | **Unrealized**<br> **Gain/(Loss)**<br> **as of**<br> **March 31,**<br> **2025** |
|  Common Stock | $1566885 | $4567274 | $— | $1773621 | $(6) | $— | $(779910) | $5714563 | 12842427 | $4935941 |
|  Preferred Stock | 5543438 |  |  |  | (4243808) |  | (1573120) | 2286827 | 2013337 | (341887) |
|  Bank Debt | 48194983 |  | (6373030) | 18121309 | (36078675) | 276697 | 975315 | 3227525 | 28344124 | 2160044 |
|  Convertible Bonds |  |  |  | 335254 |  | 2 |  | 2083 | 337339 | 2083 |
|  Corporate Bonds & Notes | 112270 |  |  | 4243807 |  | 48472 |  | (2745813) | 1658736 | (2745813) |
|  Warrants | 1731814 |  |  |  |  |  |  | 2447151 | 4178965 | 2447151 |
|  Rights | 1294 |  |  |  |  |  |  |  | 1294 |  |
|  Common Stock Sold Short | (11398) | (22) |  | 1131 | (5969) |  | 1682 | 2070 | (12506) | 2070 |
|  Purchased Options |  |  |  | 171952 |  |  |  | (159258) | 12694 | (159258) |
|  Rights Sold Short | (29) |  |  |  |  |  |  |  | (29) |  |
|  OTC Total Return Swaps | 68090 |  |  | 62921 | 53731 |  | (116652) | (68090) |  |  |
|  | $57207347 | $4567252 | $(6373030) | $24709995 | $(40274727) | $325171 | $(1492685) | $10707058 | $49376381 | $6300331 |

---

The following table summarizes the quantitative inputs and assumptions used for investments classified within Level 3 of the fair value hierarchy as of March 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Assets** | **Valuation**<br> **Technique** | **Unobservable**<br> **Input** | **Fair Value at**<br> **March 31,<br>2025** | **Fair Value at**<br> **March 31,<br>2025** |  | **Range of Inputs**<br> **(Weighted**<br> **Average)** |
|  Investments in Securities and Other Financial Instruments: |  |  |  |  |  |  |
| Bank Debt | Broker-dealer Quotations | Indicative Bid |  | $18913706 |  | N/A |
|  | Comparable Company Multiples | EBITDA Multiples |  | 5252100 |  | 10.0x(a) |
|  |  | Estimated Forward EBITDA |  | 859353 |  | 14.0x(a) |
|  | Distribution Analysis | Expected Distribution<br> Proceeds |  | 3318965 |  | N/A |
| Common Stock | Broker-dealer Quotations | Indicative Bid |  | 12842427 |  | N/A |
| Corporate Bonds & Notes | Broker-dealer Quotations | Indicative Bid |  | 1658736 |  | N/A |
| Convertible Bonds | Comparable Company<br> Multiples | Estimated Forward EBITDA |  | 337339 |  | 14.0x(a) |
| Preferred Stock | Broker-dealer Quotations | Indicative Bid |  | 2013337 |  | N/A |
| Warrants | Distribution Analysis | Expected Distribution<br> Proceeds |  | 4178965 |  | N/A |
| Rights | Broker-dealer Quotations | Indicative Bid |  | 1294 |  | N/A |
| OTC Total Return Swaps | Broker-dealer Quotations | Indicative Bid |  | 0^ |  | N/A |
| Purchased Options | Broker-dealer Quotations | Indicative Bid |  | 12694 |  | N/A |
| 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 |  | $49388916.0 |  |

---

<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 Year Ended March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Valuation**<br> **Technique** | **Unobservable**<br> **Input** | **Fair Value at**<br> **March 31,<br>2025** | **Range of Inputs**<br> **(Weighted**<br> **Average)** |
|  Securities Sold Short and Other Financial Instruments: |  |  |  |  |
|  Common Stock Sold Short | Broker-dealer Quotations | Indicative Bid | $(12506) | N/A |
| Rights | Broker-dealer Quotations | Indicative Bid | (29) | N/A |
| Warrants Sold Short | Broker-dealer Quotations | Indicative Bid | 0^ | N/A |
|  Total Securities Sold Short and Other Financial Instruments: |  |  | $(12535) |  |

---

---

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

---

6. Purchase and Sale of Fund Shares

The Fund currently offers Class D Shares, Class I Shares, Class R Shares and Class Y Shares. During the year ended March 31, 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 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 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

------

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

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

#### For the Year Ended March 31, 2025
1.80%. During the year ended March 31, 2025, the Fund paid the Investment Adviser $70,463,979 in management fees. From this amount, the Investment Adviser paid $44,257,156 in sub-advisory fees to non-affiliated Sub-Advisers with respect to the Fund, which amounted to 1.19% of the Fund's average daily net assets. The Investment Advisor paid, in the aggregate, $3,073,813 in sub-advisory fees with respect to the Fund to Blackstone Real Estate Special Situations Advisors L.L.C., Blackstone Liquid Credit Strategies LLC, and Harvest Fund Advisors LLC, each an indirect wholly-owned subsidiary of Blackstone and an affiliate of the Investment Adviser, which amounted to 0.08% of the Fund's average daily net assets.

#### Sub-Advisory Fees
Pursuant to the sub-advisory agreements between the Investment Adviser and the Sub-Advisers, the Sub-Advisers are compensated for the services they provide to the Fund by the Investment Adviser from the Fund Management Fee received by the Investment Adviser.

#### Distribution and Service Fees
Pursuant to the amended and restated Distribution and Service Plan, the Fund's Class D Shares bear distribution and service fees at an annual rate of 0.25% of the average daily net assets of the Fund attributable to Class D Shares. Payments of the distribution and service fee may be made without regard to expenses actually incurred. The Distributor may pay all or a portion of the distribution and/or service fee to brokers, dealers, selling agents, other financial institutions, or other industry professionals (collectively, "intermediaries") for distribution services, sales support services, personal services, and/or the maintenance of shareholder account services provided and related expenses incurred by such intermediaries. The Fund's Class I Shares, Class Y Shares and Class R Shares are not subject to distribution and service fees.

#### Expense Limitation and Reimbursement
The Investment Adviser has entered into an Expense Limitation and Reimbursement Agreement with the Fund to limit the amount of Specified Expenses (as defined below) of the Fund to 2.40% per annum of the Fund's net assets for Class D Shares, Class I Shares and Class Y Shares and 2.55% per annum of the Fund's net assets for Class R Shares (collectively, the "Total Expense Cap") (computed and applied on a monthly basis). Specified Expenses include all expenses incurred by the Fund with the exception of (i) distribution or servicing fees, (ii) acquired fund fees and expenses, (iii) brokerage and trading costs, (iv) interest payments (including any interest expenses, commitment fees, or other expenses related to any line of credit of the Fund), (v) taxes, (vi) dividends and interest on short positions, and (vii) extraordinary expenses (in each case as determined in the sole discretion of BAIA). As of March 31, 2025 the Fund has recorded a receivable from the Investment Adviser of $899,576.

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 of the Total Expense Cap or any expense limitation agreement then in effect with respect to the Fund. The repayment may not raise the level of estimated annualized Specified Expenses in the month of repayment to exceed the Total Expense Cap or any other expense limitation agreement then in effect. During the three-year period ended March 31, 2025, there were no repayments or potential repayments to the Investment Adviser.

------

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

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

#### For the Year Ended March 31, 2025

#### Related Party Transactions
Blackstone Holdings Finance Co. L.L.C. ("FINCO"), an affiliate of the Fund, pays certain expenses on behalf of the Fund. The Fund reimburses FINCO for such expenses paid on behalf of the Fund. FINCO does not charge any fees for providing such administrative services. At the year ended March 31, 2025, the Fund has an amount payable to FINCO of $1,834,523.

Blackstone Alternative Asset Management L.P. ("BAAM"), an affiliate of the Fund, pays certain expenses on behalf of the Fund. The Fund reimburses BAAM for such expenses paid on behalf of the Fund. BAAM does not charge any fees for providing such administrative services. At the year ended March 31, 2025, the Fund has an amount payable to BAAM of $558,306.

Blackstone Administrative Services Partnership L.P. ("BASP"), an affiliate of the Fund, pays certain expenses on behalf of the Fund. The Fund reimburses BASP for such expenses paid on behalf of the Fund. BASP does not charge any fees for providing such administrative services. At the year ended March 31, 2025, the Fund has an amount payable to BASP of $31,304.

The Investment Adviser utilizes technology offered by Arcesium LLC ("Arcesium") to provide certain middle- and back-office services to the Fund, and the Fund bears the costs for such services. The parent company of a Sub-Adviser owns a controlling, majority interest in Arcesium and the Investment Adviser owns a non-controlling, minority interest in Arcesium. At the year ended March 31, 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 Year Ended March 31, 2025
*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 distributions from collateral

------

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

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

#### For the Year Ended March 31, 2025
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 Year Ended March 31, 2025
10. Investment Transactions

The aggregate cost of purchases and proceeds of sales of investments in securities (excluding short-term debt securities with maturities at the time of acquisition of one year or less (if applicable)), for the year ended March 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Purchases** | **Sales** | **Sales** |
|  | **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
|  Including TBAs | $4916277720 | $9530042430 | $5569610888 | $9542260227 |
|  Excluding TBAs | $4916277720 | $162941121 | $5569610888 | $158481418 |

---

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.

The Fund made the following reclassification at March 31, 2025 due to permanent book and tax differences primarily attributable to gain or loss from passive foreign investment companies, certain derivative financial instrument transactions, and income from the wholly-owned Cayman Subsidiary as of its tax year ended October 31, 2024. The current year reclassification entry represents an out of period adjustment to correct the amounts recorded in the prior year which did not properly adjust to paid-in capital and distributable earnings/(loss).

---

| | |
|:---|:---|
| **Paid-in Capital** | **Distributable Earnings/(Loss)** |
| $(954499581) | $954499581 |

---

------

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

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

#### For the Year Ended March 31, 2025
The tax basis components of distributable earnings of the Fund at their tax year-ended October 31, 2024 were:

---

| | | |
|:---|:---|:---|
| **Undistributed**<br> **Ordinary Income** | **Undistributed Long-Term**<br> **Capital Gains** | **Capital Loss Carryforward<sup>1</sup>** |
| $126858290 | $— | $(17464362) |

---

<sup>1</sup> Under the Regulated Investment Company Modernization Act of 2010, net capital losses recognized by the Fund may get carried forward indefinitely, and retain their character as short-term and/or long-term losses. Any such losses, will be deemed to arise on the first day of the next taxable year. For the tax year ended October 31, 2024, short term and long term capital losses of $0 and $17,464,362 respectively, will be carried forward by the Fund. 

In addition, the tax character of distributions paid to shareholders for the tax year-ended October 31, 2023 by the Fund is as follows:

---

| | |
|:---|:---|
| **Ordinary Income** | **Long-Term Capital Gain** |
| $— | $— |

---

In addition, the tax character of distributions paid to shareholders for the tax year-ended October 31, 2024 by the Fund is as follows:

---

| | |
|:---|:---|
| **Ordinary Income** | **Long-Term Capital Gain** |
| $137081360 | $— |

---

The Fund made an ordinary income and capital gains distribution in the amounts of $204,065,573 and $0, respectively to shareholders in December 2024. The final tax character of that distribution will be determined after the Fund's October 31, 2025 tax year end.

As of March 31, 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) |
| $1756707050 | $298967783 | $(303393262) | $(4425479) |

---

12. Borrowings Under Credit Facility

As of March 31, 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. Outstanding borrowings bear interest at a rate equal to 1.35% plus the Overnight Bank Funding Rate (4.33% at March 31, 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.

------

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

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

#### For the Year Ended March 31, 2025
Accrued interest is due no later than April 3, 2025, the termination date of the Facility at which time the Fund and the State Street can agree to extend the existing agreement. For the year ended March 31, 2025, the Fund borrowed $10,000,000 under the Facility, incurring $1,717 in interest. The borrowing was outstanding for one day.

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.

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#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the shareholders of Blackstone Alternative Multi-Strategy Fund and Subsidiaries and the Board of Directors of Blackstone Alternative Investment Funds

#### Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Blackstone Alternative Multi-Strategy Fund and Subsidiaries, one of the portfolios constituting the Blackstone Alternative Investment Funds (the "Fund"), as of March 31, 2025, the related consolidated statements of operations and cash flows for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of March 31, 2025, and the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of March 31, 2025, by correspondence with the custodian, brokers and agent banks; when replies were not received from brokers and agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

New York, New York

May 29, 2025

We have served as the auditor of one or more Blackstone investment companies since 2010.

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#### 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.

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Each Trustee who is not an "interested person" (as defined in the 1940 Act) of Blackstone Alternative Multi-Strategy Fund (the "Fund") (each, an "Independent Trustee") is paid by the Fund at a rate of $150,000 per fiscal year in the aggregate for the services to the Fund (including the Fund's three wholly-owned and controlled subsidiaries, Blackstone Alternative Multi-Strategy Sub Fund II Ltd., Blackstone Alternative Multi-Strategy Sub Fund III L.L.C., and Blackstone Alternative Multi-Strategy Sub Fund IV L.L.C. (the "Subsidiaries")). Mr. Brown, who was treated as an Interested Trustee of the Fund from July 21, 2022 through February 25, 2025, was paid by the Fund at a rate of $129,000 per fiscal year in the aggregate for his services to the Fund (excluding the Subsidiaries). The Chairpersons of the Board of Trustees and the Committee are paid by the Fund an additional $35,000 and $15,000, respectively. The Fund pays for the Trustees' travel expenses related to Board of Trustees meetings.

------

The following tables set forth information covering the total compensation payable by the Fund during its fiscal year ended March 31, 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** |
|  John M. Brown<sup>1</sup> | $130514 |
|  Frank J. Coates | $185000 |
|  Peter M. Gilbert<sup>2</sup> | $112500 |
|  Paul J. Lawler | $150000 |
|  Kristen M. Leopold | $165000 |

---

*Interested Trustee:* 

---

| | | |
|:---|:---|:---|
| **Name of Independent Trustee** | **Aggregate Compensation from the Fund** | **Aggregate Compensation from the Fund** |
|  Peter Koffler |  | None |

---

1 Mr. Brown was treated as an "interested person" of the Fund, as defined in the 1940 Act, due to a family member's relationship with a Sub-Adviser to the Fund, from July 21, 2022, through February 25, 2025.

2 Mr. Gilbert resigned as a Trustee of the Fund effective December 31, 2024.

The Fund also pays for a portion of the compensation for the Fund's Chief Compliance Officer. The following table sets forth information covering the total compensation payable by the Fund, during its fiscal year ended March 31, 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 Independent Trustee** | **Aggregate Compensation from the Fund** |
|  Chief Compliance Officer | $101250 |

---

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
*Board Approval of the Sub-Advisory Agreements* 

At meetings of the Board held in-person on November 14, 2024 and February 26-27, 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" 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 November meeting)

• Blackstone Real Estate Special Situations Advisors L.L.C. ("BRESSA")

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

• Melqart Asset Management (UK) Limited ("Melqart")

• Seiga Asset Management Limited ("Seiga")

• Waterfall Asset Management, LLC ("Waterfall")

Continued Sub-Advisory Agreements (approved at February meeting)

• Blackstone Liquid Credit Strategies LLC ("BX LCS")

• Engelhart CTP Commodity Trading US, LLC (formerly known as TrailStone Commodity Trading US, LLC) ("Engelhart")

• Mariner Investment Group, LLC ("Mariner")

• Merritt Point Partners LLC ("Merritt Point")

• Mesarete Capital LLP ("Mesarete")

------

New Sub-Advisory Agreement (approved at February meeting)

• GLG LLC<sup>1</sup> ("Man GLG")

The Board noted that BAIA and the Fund relied on an exemptive order from the U.S. Securities and Exchange Commission ("SEC") that permits the Fund to hire, and make material amendments to sub-advisory agreements with, discretionary or non-discretionary sub-advisers without a shareholder vote, provided that the Board, including a majority of Independent Trustees, approve any new sub-advisers and material amendments, and certain other conditions are met. The Independent Trustees were assisted in their review of the applicable sub-advisory arrangements by their independent legal counsel, and before the meetings, the Board received materials prepared by the Independent Trustees' independent legal counsel regarding the relevant factors to consider in connection with the approval of the Sub-Advisory Agreements between BAIA and each of the Sub-Advisers. The Board requested and evaluated all the information it deemed reasonably necessary under the circumstances in connection with the approval of the Sub-Advisory Agreements. Prior to the meetings, the Board had requested and received materials prepared by BAIA relating to each Sub-Adviser.

The information the Board received in connection with the consideration of the Continued Sub-Advisory Agreements for each of the Sub-Advisers considered at the November 2024 meeting and February 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, including any follow-up responses thereto, which provided each Sub-Adviser's responses to the Independent Trustees' request for information.

The information the Board received in connection with the consideration of the New Sub-Advisory Agreement at its February 2025 meeting generally included:

(1) a Manager Investment Review, which covered, among other things, summary information regarding the Sub-Adviser, 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 "tear sheet" detailing the performance, returns and investment exposure of the portion of the Fund's assets allocated to Fir Tree Capital Management LP ("Fir Tree"), an existing sub-adviser to the Fund, and managed according to the PAMLI Global Convexity Strategy ("PAMLI"), which is expected to become a standalone strategy group within Man GLG in the first half of 2025;

(3) a completed 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.

<sup>1</sup> The New Sub-Advisory Agreement with Man GLG has not been signed as of the date of this Form N-CSR..

------

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, previously were, and/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 year-to-date period, recent calendar month and year periods, and the inception-to-date period), all as compared to the investment returns of certain of the following indices: (i) the S&P 500 Index ("SPX"); (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"); and (vi) the HFRI Macro Total Index ("HFRIMTI"). In addition, the Board considered information about the inception-to-date performance risk measurements of the Fund assets that are or were managed by the Sub-Adviser, if any, and the inception-to-date performance risk measurements of the SPX, SOFR +3%, the Sub-Adviser Hedge Fund Strategy, HFRICI, HFRIEHTI, and HFRIMTI, 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. The Board evaluated the performance of Fir Tree in connection with the proposed approval of the New Sub-Advisory Agreement with Man GLG. The Board noted that PAMLI, which, at the time of approval, operated as a standalone strategy group within Fir Tree, was expected to become a standalone strategy group within Man GLG. The Board further noted that the same portfolio manager was expected to manage the allocated portion according to the PAMLI strategy being used by Fir Tree at the time of approval.

*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 considered information comparing the sub-advisory fees to the fees that each Sub-Adviser charges for providing investment advisory services to certain other clients. 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 and proposed breakpoints in the sub-advisory fees for certain Sub-Advisers. The Board noted challenges in identifying and measuring economies of scale, both generally and given the Fund's multi-manager structure and the different sub-adviser fee levels and fee structures. The Board noted that it would have the opportunity to periodically re-examine whether the Fund had achieved economies of scale, as well as the appropriateness of sub-advisory fees payable to each Sub-Adviser, with respect to different asset sizes of the portfolio, in the future. The Board also noted that although not directly related to the sub-advisory fees payable to the Sub-Advisers, certain Fund expenses were subject to an expense cap, an undertaking by BAIA intended to limit the Fund's overall expenses at smaller asset levels, and that the absence or presence of breakpoints in Sub-Advisory Agreements did not directly impact the Fund because BAIA paid the Sub-Advisers out of the fee it received from the Fund (which did not contain breakpoints).

*Other Benefits* 

The Board considered other potential benefits that each Sub-Adviser may receive from serving as a sub-adviser to the Fund, including soft dollar arrangements, receipt of brokerage and research services, and the opportunity to offer additional products and services to the Fund's shareholders, 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

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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.

*Board Approval of the Investment Management Agreement for Blackstone Multi-Strategy Fund, and each of its Wholly-Owned Subsidiaries* 

At a meeting of the Board held in-person on February 26-27, 2025, the Board, including all of the Independent Trustees, considered and approved (a) the investment management agreement by and between BAIA and the Trust, on behalf of the Blackstone Alternative Multi-Strategy Fund (the "BAMSF Investment Management Agreement"); and (b) the investment management agreements between BAIA and each of the Subsidiaries (collectively, the "Subsidiary Agreements" and together with the BAMSF Investment Management Agreement, the "BAIA Investment Management Agreements"). Because the Subsidiaries are wholly owned subsidiaries of the Fund, and because BAIA provides investment management services to the Fund and its Subsidiaries on a collective basis, the Trustees evaluated the arrangements between BAIA and the Fund collectively with BAIA's arrangements with the Subsidiaries.

The Independent Trustees were assisted in their review of the BAIA Investment Management Agreements by their independent legal counsel. The Board requested and evaluated all the information it deemed reasonably necessary under the circumstances in connection with the approval of the BAIA Investment Management Agreements. Before the meeting, the Board received, among other things, (1) materials prepared by the Independent Trustees' independent legal counsel regarding the relevant factors to consider in connection with the approval of the continuation of the BAIA Investment Management Agreements; (2) a presentation by BAIA relating to, among other things, BAIA's experience and qualifications to serve as adviser to the Fund and the Subsidiaries; (3) analysis of the fees and expenses of the Fund (on a combined basis with the fees and expenses of the Subsidiaries) as compared with a peer group of funds; (4) analysis of BAIA's profitability for providing services to the Fund (on a combined basis with the Subsidiaries); and (5) materials prepared by an outside firm, unaffiliated with the Fund or BAIA, that is in the business of regularly preparing reports for use by fund boards in considering investment advisory agreement approvals (the "Service Provider") comparing the management fee rate and total operating expenses of the Fund (on a combined basis with the fees and expenses of the Subsidiaries) to those of a peer group of funds determined by the Service Provider.

Prior to the meeting, the Board received BAIA's responses to an information request under Section 15(c) of the 1940 Act that addressed, among other things: (i) general financial information; (ii) any material business dealings with the Fund's service providers; (iii) BAIA's business plan for the Fund for the coming year; (iv) costs, fees, other benefits, and profitability; and (v) risk management and regulatory compliance matters.

At the meeting, there was a discussion regarding the materials that had been provided to the Board, the terms of the BAIA Investment Management Agreements, the services being provided by BAIA, and other relevant considerations. Following this discussion, the Board, including all of the Independent Trustees, determined to renew the BAIA Investment Management Agreements for an additional period of no more than twelve months ending March 31, 2026 on the basis of the following factors, among others:

*Nature, Extent, and Quality of the Services* 

The Board discussed BAIA's personnel, operations, and financial condition and considered:

(1) the background and experience of key investment personnel and BAIA's ability to attract and retain talent;

(2) BAIA's focus on analysis of complex asset categories, including alternative investments;

(3) BAIA's disciplined investment approach and commitment to investment principles;

(4) BAIA's manager selection and due diligence process;

(5) BAIA's direct investing capabilities

(6) BAIA's significant risk management, compliance, portfolio allocation, and operational efforts;

(7) BAIA's and Blackstone Securities Partners L.P.'s strategic planning for the Fund in the marketplace; and

(8) BAIA's oversight of and interaction with sub-advisers and other service providers.

The Board concluded that the nature, extent, and quality of the management services provided were appropriate and thus supported a decision to renew the BAIA Investment Management Agreements. The Board also concluded that BAIA likely would be able to provide during the coming year the same quality of investment management and related services as provided in the past and that these services are appropriate in scope and extent in light of the Fund's and the Subsidiaries' operations, the competitive landscape, and shareholders' expectations.

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*Investment Performance of the Investment Adviser* 

The Board received and considered information about (i) the one-year, three-year, five-year, inception-to-date, and trailing three-quarter performance information (net of fees and expenses), standard deviation (a measurement of volatility), Sharpe ratio (a measurement of risk-adjusted return), and beta ratio (a measure of sensitivity to changes in the price of an index) of the Fund as of December 31, 2024, each as compared to the MSCI World Growth (GD) Index, Bloomberg Global Aggregate Total Return Index (the "Bloomberg Agg"), SPX and HFRX Global Hedge Fund Index (the "Hedge Fund Index"); (ii) the historical monthly performance of the Fund since inception (net of fees and expenses); (iii) information about inception-to-date, trailing three-quarter, one-year, three-year, and five-year performance and risk measurements of the Fund and a group of peer funds selected by BAIA (which included six funds from a peer group selected by a third-party Service Provider) such as (a) annualized return, (b) standard deviation, (c) Sharpe ratio, and (d) beta and alpha against SPX, and (e) beta and alpha against a custom 60/40 benchmark index; and (iv) one-year, two-year, three-year, four-year, five-year and ten-year performance of the Fund as compared to the Service Provider-prepared peer group.

With respect to the Fund, the Board noted that, as of December 31, 2024 (i) the inception-to-date and one-year, three-year, five-year and trailing three-quarter performance returns were less than the corresponding returns of the MSCI World Total Return Index and SPX but greater than the corresponding returns of the Hedge Fund Index and Bloomberg Agg; (ii) the inception-to-date and trailing three-quarter performance returns were greater than the average returns of the BAIA-prepared peer group; (iii) the one-year performance returns were slightly greater than the average returns of the BAIA-prepared peer group; (iv) the three-year performance return was slightly less than the average returns of the BAIA-prepared peer group; and (v) the five-year performance return was less than the average returns of the BAIA-prepared peer group. In this regard, the Board noted BAIA's broad repositioning of the portfolio commencing in late 2022 and BAIA's representation that such repositioning had materially contributed to the improved performance profile. The Board also noted market-leading performance at several periods since the strategy's inception.

Taking into account such factors, the Board concluded that the investment performance generated by BAIA was generally satisfactory and that BAIA was capable of generating a level of long-term investment performance that is appropriate in light of the Fund's and the Subsidiaries' investment objectives, policies, and strategies, although recognizing that there can be no assurance of any particular investment outcome. The Board also considered BAIA's continuing efforts to deliver consistent, improved performance.

*Fees and Expenses* 

The Board, including the Independent Trustees, compared the fee and expense ratio of the Fund's Class I (before and after any fee waivers and expense reimbursements) for the calendar year ended December 31, 2024 against the fee and expense ratios of the Service Provider-prepared peer group. The Board also considered the presentation provided by BAIA and the Service Provider on the appropriateness of the Service Provider-prepared peer group. Specifically, the Board considered data based on information provided by the Service Provider indicating that, for the Fund's Class I shares: (i) the contractual (before waivers) management (including both investment management and administration fees) fee rate was higher than the fee rate of all thirteen other funds in the Service Provider-prepared peer group; (ii) total net expenses (management fee and expenses after waiver) were higher than all thirteen other funds in the Service Provider-prepared peer group; and (iii) total fees were higher than all thirteen other funds in the Service Provider-prepared peer group. It was noted that the contractual management fee for the Fund was similar to the fee charged by the peer fund with the next-highest number of unaffiliated sub-advisers, likely correlating with the increased cost of managing these more complicated funds.

The Board also took into consideration the peer group analysis prepared by BAIA, which showed fees and expenses of the Fund's Class I and Class Y shares and a group of eight competitor funds selected by BAIA (including six funds from the Service Provider-prepared peer group). The Board noted that: (i) the contractual (before waivers) management fee rate for the Fund's Class I and Class Y shares was higher than the fee rate of all eight funds in the BAIA-prepared peer group; (ii) total expenses for the Fund's Class I and Class Y shares were higher than all but two funds in the BAIA-prepared peer group, and (iii) the net expense ratio of the Fund's Class I and Class Y shares were higher than those of all eight funds in the BAIA-prepared peer group. The Board noted that certain expense information was not available for

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Class R, as no Class R shares were outstanding as of December 31, 2024. The Board considered the Fund's fees and expenses in light of the scope, quality, and complexity of services provided by BAIA, including the need to compensate a wide variety of high-quality sub-advisers, and Blackstone's overall brand and reputation, and determined that, given the scope, quality and complexity of services provided by BAIA, the fees, while generally higher than those charged by peers, were appropriate. On the basis of the factors considered and information presented, the Board determined that the Fund's fees and expenses were reasonable.

*Costs of Services and Profitability* 

In analyzing the cost of services and profitability of BAIA, the Board considered BAIA's resources devoted to the Fund as well as the revenues earned and expenses incurred by BAIA. The Board considered profitability data provided by BAIA showing fees, revenues, and overhead expenses of the Fund. The Board took into account the significant investment by, and cost to, BAIA regarding service infrastructure to support the Fund and its investors as well as the cost to BAIA associated with identifying, retaining, and monitoring the performance of a large number of unaffiliated sub-advisers pursuing a wide variety of investment strategies and investing in a wide range of asset classes. The Board also took into account the entrepreneurial, business, and other risks BAIA has undertaken as investment adviser of the Funds for which it is entitled to reasonable compensation. On the basis of the Board's review of the fees to be charged by BAIA for investment advisory and related services, the relatively unique, and highly specialized, nature of the Fund's investment program, BAIA's financial information, BAIA's entrepreneurial, business, and other risks, the estimated overhead costs associated with managing the Fund, and comparisons of estimated profitability in respect of the Fund relative to other Blackstone business lines and Blackstone's overall profit profile, the Board concluded that the level of investment management fees is appropriate in light of the services provided, the management fees and overall expense ratios of comparable investment companies, and the cap on expenses established by the expense limitation agreements.

*Economies of Scale* 

The Board discussed various financial and economic considerations relating to the arrangement with BAIA, including economies of scale. The Board considered the management fee breakpoint for the Fund, noting that, for collective net assets of the Fund and its Subsidiaries up to $2.5 billion, the management fee is calculated at a rate of 1.95%, and for collective net assets greater than or equal to $2.5 billion, the management fee is calculated at a rate of 1.80%. The Board concluded that the management fees, with the current breakpoint in place, reflected the complexity of the Fund's and the Subsidiaries' operations and were reasonable in light of the Fund's and Subsidiaries' current and anticipated size. The Board noted that it will have the opportunity to periodically re-examine whether the Fund and the Subsidiaries had achieved economies of scale, as well as the appropriateness of management fees payable to BAIA, in the future. The Board further noted that certain Fund expenses were subject to an expense cap, an undertaking by BAIA intended to limit the Fund's overall expenses at smaller asset levels.

*Other Benefits* 

The Board discussed other potential benefits that BAIA may receive from the Fund. The Board noted that BAIA indicated that it does not expect to receive significant ancillary, soft dollar, or other "fall out" benefits as a result of its relationship with the Fund. The Board concluded that other benefits derived by BAIA from its relationship with the Fund, to the extent such benefits are identifiable or determinable, are reasonable and fair, result from the provision of appropriate services to the Fund and its shareholders, and are consistent with industry practice and the best interests of the Fund and its shareholders. Retention of affiliated subadvisors was reviewed as a possible fall out benefit with the recognition that each sub-advisory agreement, whether with an affiliate or not, is subject to consideration by the Board under its normal Section 15(c) processes, generally at least annually.

*Conclusion* 

The Board, including all of the Independent Trustees, concluded that the fees payable under the BAIA Investment Management Agreements were fair and reasonable with respect to the services that BAIA provides to the Fund it manages and in light of the other factors described above that the Board deemed relevant. The Board, including all of the Independent Trustees, determined to approve the continuation of the BAIA Investment Management Agreements based on a comprehensive consideration of all information presented to the Board at its meetings throughout the year and not as a result of any single controlling factor. The Board was assisted by the advice of the Independent Trustees' independent legal counsel in approving the BAIA Investment Management Agreements.

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#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrant's Board of Trustees.

#### Item 16. Controls and Procedures.
(a) The Registrant's co-principal executive officers and principal financial officer, or persons performing similar functions, have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
(a) Not applicable.

(b) Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

#### Item 19. Exhibits.

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| | |
|:---|:---|
|  (a)(1) | [Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.](d854037dex99codeeth.htm) |
| (2) | Not applicable. |
| (3) | [A separate certification for each principal executive and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act is attached hereto.](d854037dex99cert.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.](d854037dex99906cert.htm) |

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(101) Inline Interactive Data File—the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.

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| | |
|:---|:---|
| **SIGNATURES** | **SIGNATURES** |
| Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. | Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. |
| (Registrant) | Blackstone Alternative Investment Funds |

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| | |
|:---|:---|
| By (Signature and Title) | /s/ **Brian F. Gavin** |
|  | **Brian F. Gavin, Co-President (Co-Principal Executive Officer)** |

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Date: June 6, 2025

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| | |
|:---|:---|
| By (Signature and Title) | /s/ **Peter Koffler** |
|  | **Peter Koffler, Trustee and Co-President (Co-Principal Executive Officer)** |

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| | |
|:---|:---|
| Date: | June 6, 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. | Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. |

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| | |
|:---|:---|
| By (Signature and Title) | /s/ **Brian F. Gavin** |
|  | **Brian F. Gavin, Co-President (Co-Principal Executive Officer)** |

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Date: June 6, 2025

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| | |
|:---|:---|
| By (Signature and Title) | /s/ **Peter Koffler** |
|  | **Peter Koffler, Trustee and Co-President (Co-Principal Executive Officer)** |

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Date: June 6, 2025

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| | |
|:---|:---|
| By (Signature and Title) | /s/ **Thomas Procida** |
|  | **Thomas Procida, Treasurer (Principal Financial and Accounting Officer)** |

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Date: June 6, 2025

## Ex-99.Code

**BAIF CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS** 

**Adopted Pursuant to Rules Promulgated under Section 406 of The Sarbanes-Oxley Act of 2002** 

**1.** **Covered Officers / Purpose of the Code** 

This code of ethics (the "**Code**") of Blackstone Alternative Investment Funds (the "**Trust**"), applies to the principal executive officer and principal financial officer (the "**Covered Officers**") of each series of the Trust (each, a "**Fund**") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full, fair, accurate, timely and understandable disclosure in reports and documents that each Fund files with, or
submits to, the Securities and Exchange Commission ()"**SEC**") and in other public communications made by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics, be sensitive to situations that may give rise to actual as well as apparent conflicts of interest, exercise independent judgement, and carry out his or her responsibilities honestly, in good faith, and with integrity, due care, and diligence.

**2.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

**Overview**. A "**conflict of interest**" occurs when a Covered Officer's private interest interferes with the interests of, or the Covered Officer's service to, the Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of the Covered Officer's family, receives improper personal benefits as a result of the Covered Officer's position with the Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fund and already are subject to conflict of interest provisions in the 1940 Act and the Advisers Act. For example, Covered Officers may not personally engage in certain transactions (such as the purchase or sale of portfolio securities or other property) with the Fund because of their status as "**affiliated persons**" of the Fund. The compliance programs and procedures of the Trust, its investment adviser, Blackstone Alternative Investment Advisors LLC (the "**Adviser**"), and its principal underwriter are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code. Although typically not presenting an opportunity for improper personal benefit, conflicts may also arise from, or as a result of, the contractual relationship between the Fund and the Adviser, an affiliated service provider, or a third-party service provider for which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers shall, in the normal course of their duties (whether formally for the Fund or for the Adviser or a service provider, or for one or more of them), be involved in establishing policies and implementing decisions that will have different effects on the Adviser, service provider, and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationships between the Fund and its Adviser or service provider and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. Thus, if performed in conformity with the provisions of the 1940 Act and the Advisers Act, other applicable laws, and the Fund's organizational documents, such activities shall be deemed to have been handled ethically and not to have involved any violation of this Code. In addition, it is recognized by the Board that the Covered Officers may also be trustees, officers, or employees of one or more other investment companies covered by this or other codes and that such service, by itself, does not give rise to a conflict of interest or to a violation of this Code.

BAIF CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS Blackstone \| 1

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Other conflicts of interest are covered by the Code, even if such conflicts of interest are not the subject of provisions of the 1940 Act and the Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Fund.

Each Covered Officer must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use his or her personal influence or personal relationships to influence investment decisions or financial
reporting by the Fund whereby the Covered Officer, or a member of his or her family, would knowingly benefit personally to the detriment of the Fund and its shareholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use his or her position with the Fund for private economic gain to himself or herself, his or her family or any
other person, or in a manner detrimental to the interests of the Fund and its shareholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exercise inappropriate influence in connection with his or her official duties that causes the Fund to violate
applicable laws, rules, and regulations and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cause the Fund to take action, or fail to take action, for the individual personal benefit of the Covered
Officer, or a member of his or her family, rather than the benefit of the Fund; or retaliate against any other Covered Officer or any employee of the Fund, their Adviser, service providers, or other entities doing business with the Fund for reports
of potential violations of this Code or applicable laws that are made in good faith.

Pursuant to this Code, Covered Officers are expected to engage in and promote ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships, and to disclose to the Chief Compliance Officer of the Fund any material transaction or relationship that reasonably could be expected to give rise to such a conflict.

There are some relationships that should always be disclosed to the Chief Compliance Officer of the Fund. These relationships are listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any entities doing business with
the Fund, other than the Adviser, the principal underwriter, or an affiliate of either of those entities. This disclosure requirement shall not apply to or otherwise limit the ownership of publicly traded securities so long as the Covered
Officer's ownership does not exceed more than 1% of the outstanding securities of the relevant class and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges, or spreads paid by the Fund for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment with the Adviser, the principal underwriter, or its affiliates. This disclosure requirement shall not apply
to or otherwise limit (i) the ownership of publicly traded securities so long as the Covered Officer's ownership does not exceed more than 1% of the particular class of security outstanding or (ii) the receipt by the Adviser, the
principal underwriter, or its affiliate of research or other benefits in exchange for "soft dollars."

BAIF CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS Blackstone \| 2

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**3.** **Disclosure and Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Covered Officer of the Fund should become familiar with the disclosure requirements generally applicable to
the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Covered Officer of the Fund should not knowingly misrepresent, or cause others to misrepresent, facts about
the Fund to others, whether within or outside the Fund, including to the Fund's Trustees and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Covered Officer of the Fund should, to the extent appropriate within the Covered Officer's area of
responsibility, consult with other officers and employees of the Fund and its Adviser with the goal of promoting full, fair, accurate, timely, and understandable disclosure in the reports and documents each Fund files with, or submits to, the SEC
and in other public communications made by the Fund and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions
imposed by applicable laws, rules, and regulations by (i) adhering personally to such standards and restrictions and (ii) encouraging and counseling other persons involved with the Fund to adhere to such standards and restrictions.

**4.** **Reporting and Accountability** 

Each Covered Officer of the Fund must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to
the Board that the Covered Officer has received, read and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually thereafter affirm to the Board that the Covered Officer has complied with the requirements of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provide full and fair responses to all questions asked in any Trustee and Officer Questionnaire as well as with
respect to any supplemental request for information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not retaliate against any other Covered Officer or any employee of the Fund or its affiliated persons for reports
of potential violations that are made in good faith and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notify (confidentially or anonymously, if the Covered Officer wishes to do so) the Chief Compliance Officer of
the Fund promptly if the Covered Officer knows of any material violation of this Code or any other matters that would compromise the integrity of the Fund's financial statements. Failure to do so is itself a violation of this Code.

The Chief Compliance Officer of the Fund is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. The Chief Compliance Officer of the Fund is authorized to consult, as appropriate, with counsel to the Fund and counsel to the Trustees of the Fund who are not "**interested persons**," as defined by Section 2(a)(19) of the 1940 Act, of the Fund (the "**Independent Trustees**"), and is encouraged to do so. However, any approvals or waivers<sup>1</sup> will be considered by Independent Trustees.

If a Covered Officer has any questions about how this Code should be applied in a particular situation, he or she should contact promptly the Chief Compliance Officer of the Fund.

The Fund will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Chief Compliance Officer will take all appropriate action to investigate any potential material violations,
reported to him or her, which may include the use of internal or external counsel, accountants, or other personnel;

<sup>1</sup> For this purpose, the term "**waiver**" includes the approval by the Fund of a material departure from a provision of the Code or the Fund's failure to take action within a reasonable period of time regarding a material departure from a provision of the Code that has been made known to Fund management. 

BAIF CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS Blackstone \| 3

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the Chief Compliance Officer believes that no material violation has occurred, the
Chief Compliance Officer is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matter that the Chief Compliance Officer believes is a material violation shall be reported to the
Independent Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the Independent Trustees concur that a violation has occurred, it will inform and make a recommendation to the
Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Adviser or Board; and/or disciplinary action (which may
include a recommendation to dismiss the Covered Officer as an officer or employee of the Fund); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

Violations of this Code also may constitute violations of law, which may expose both a Covered Officer and the Fund to criminal and civil penalties.

**5.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Fund for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Fund, the Adviser, principal underwriter (if applicable), or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The codes of ethics under Rule 17j-1 under the 1940 Act of the Fund, the Adviser and principal underwriter are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**6.** **Amendments** 

Any amendments to this Code must be approved or ratified by a majority vote of the Board, including a majority of the Independent Trustees.

**7.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code or upon advice of counsel, such matters shall not be disclosed to anyone other than the Adviser or Board, the Covered Officers, the Chief Compliance Officer, outside audit firms, legal counsel to the Fund, and legal counsel to the Independent Trustees.

**8.** **Internal Use** 

The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of the Fund, as to any fact, circumstance, or legal conclusion.

As Adopted, May 17, 2017; revised as of August 15, 2023.

BAIF CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS Blackstone \| 4

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![LOGO](g854037snap1.jpg)

![LOGO](g854037snap2.jpg)

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| | |
|:---|:---|
| To: | The Board of Trustees of the Blackstone Alternative Investment Funds ("BAIF")<sup>1</sup> |
| From: | [Name], [Principal Executive Officer] / [Principal Financial Officer] of the Fund |
| Re: | Annual Sarbanes-Oxley Act Code of Ethics Certification of Compliance |
| Date: | [Insert Date] |

---

With respect to the Reporting Period<sup>2</sup> I hereby certify as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Fund has adopted Code of Ethics pursuant to the rules promulgated under Section 406 of the
Sarbanes-Oxley Act of 2002 for principal executive and senior financial officers of the Blackstone Alternative Investment Funds (the "**Code** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I acknowledge receiving, reading and understanding the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. During the period 4/01/[ ]-3/31/[ ], I have complied with the
requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. I will cooperate fully with any investigation or inquiry as to whether a possible violation of the Code has
occurred.

By:     <br> [______________] <br>[Principal Executive Officer] / [Principal Financial Officer], Blackstone Alternative Investment Funds

<sup>1</sup> With respect to its series Blackstone Alternative Multi-Strategy Fund (the "Fund").

<sup>2</sup> "Reporting Period" refers to the Trust Review Period (covering the period from April 1, [ ] to March 31, [ ]).

![LOGO](g854037snap3.jpg)

## Ex-99.Cert

<u>CERTIFICATIONS</u> 

I, Brian F. Gavin, certify that:

1. I have reviewed this report on Form N-CSR of Blackstone Alternative
Investment Funds (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| June 6, 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;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| June 6, 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;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| June 6, 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 March 31, 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: June 6, 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 March 31, 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: June 6, 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 March 31, 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: June 6, 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.