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Blackstone Alternative Investment Funds

Filed: 21 Nov 18, 1:08pm

 

 

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 28th Floor

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

28th Floor

New York, NY 10154

(Name and Address of Agent for Service)

 

 

With a copy to:

James E. Thomas, Esq.

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199-3600

 

 

Date of fiscal year end: March 31

Date of reporting period: September 30, 2018

 

 

 


Item 1.

Reports to Stockholders.

The Report to Shareholders is attached hereto.


 Blackstone

 

Blackstone Alternative Multi-Strategy Fund

a series of Blackstone Alternative Investment Funds

 

Semi-Annual Report (Unaudited)

For the Period Ended September 30, 2018

 


TABLE OF CONTENTS

 

Portfolio Information

    1

Consolidated Schedule of Investments

    4

Consolidated Statement of Assets and Liabilities

    292

Consolidated Statement of Operations

    294

Consolidated Statement of Changes in Net Assets

    295

Consolidated Statement of Cash Flows

    297

Consolidated Financial Highlights

    298

Notes to Consolidated Financial Statements

    301

Shareholder Fee Example

    329

Supplemental Information

    330


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Portfolio Information

September 30, 2018 (Unaudited)

 

Geographic Breakdown

 Percentage of
Total Net Assets

North America

   76.4%

Europe

   4.7

Asia

   3.1

South America

   0.9

Middle East

   0.5

Africa

   0.1

Other1

   16.3

Securities Sold Short

   (21.4)

Other Assets and Liabilities2

   19.4
  

 

 

 

Total

   100.0%
  

 

 

 

 

1 

Includes Sovereign Debt, Exchange-Traded Funds, Short-Term Investment—Money Market Funds and Purchased Options.

2 

Assets, other than investments in securities, net of other liabilities. See Consolidated Statement of Assets and Liabilities. A significant portion of the balance represents cash collateral for derivatives.

 

Portfolio Composition

 Percentage of
Total Net Assets

Common Stock

   29.4%

Mortgage-Backed Securities

   26.6

Investments in Investee Funds

   9.8

Sovereign Debt

   8.4

U.S. Treasury Obligations

   6.0

Short-Term Investment—Money Market Funds

   5.4

Asset-Backed Securities

   5.1

Corporate Bonds & Notes

   4.0

Preferred Stock

   2.9

Exchange-Traded Funds

   2.5

Convertible Bonds

   0.7

Bank Debt

   0.6

U.S. Government Sponsored Agency Securities

   0.6

Other1

   0.02 

Securities Sold Short

   (21.4)

Other Assets and Liabilities3

   19.4
  

 

 

 

Total

   100.0%
  

 

 

 

 

1 

Includes Purchased Options.

2 

Represents less than 0.1%

3 

Assets, other than investments in securities, net of other liabilities. See Consolidated Statement of Assets and Liabilities. A significant portion of the balance represents cash collateral for derivatives.

 

Credit Quality Allocation1

 Percentage of
Total
Investments
in Securities

AAA/Aaa2

   7.8%

AA/Aa

   2.1

A

   0.9

BBB/Baa

   6.3

BB/Ba

   4.9

B

   7.0

CCC/Caa

   2.0

CC/Ca

   

Not Rated

   22.8

Other3

   46.2
  

 

 

 

Total Investments in Securities

   100.0%
  

 

 

 

 

1 

Using the higher of Standard & Poor’s (“S&P’s”) or Moody’s Investor Service (“Moody’s”) ratings.

2 

Includes U.S. Government Sponsored Agency Securities and U.S. Treasury Obligations which are deemed AAA/Aaa by the Investment Adviser.

3 

Includes Common Stock, Exchange-Traded Funds, Investments in Investee Funds, Short-Term Investment—Money Market Funds and Purchased Options.

 

 

See Notes to Consolidated Financial Statements.

 

1


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Portfolio Information (Continued)

September 30, 2018 (Unaudited)

 

 

Industry

 Percentage of
Total Net Assets

Banking

   3.8%

Medical Equipment & Devices

   3.5

Financial Services

   3.3

Health Care Facilities & Services

   2.8

Software

   2.7

Biotechnology & Pharmaceuticals

   2.4

Retail—Discretionary

   2.2

Wireless Telecommunications Services

   1.5

Consumer Products

   1.4

Integrated Oils

   1.2

Gaming, Lodging & Restaurants

   1.0

Specialty Finance

   1.0

Media

   0.9

Semiconductors

   0.8

Hardware

   0.7

Insurance

   0.6

Oil, Gas & Coal

   0.6

Aerospace & Defense

   0.5

Real Estate

   0.5

Retail—Consumer Staples

   0.5

Chemicals

   0.4

Technology Services

   0.4

Apparel & Textile Products

   0.3

Asset Management

   0.3

Passenger Transportation

   0.3

Pharmaceuticals

   0.3

Transportation & Logistics

   0.3

Utilities

   0.3

Home & Office Products

   0.2

Machinery

   0.2

Oil & Gas Services & Equipment

   0.2

Telecommunications

   0.2

Transportation Equipment

   0.2

Waste & Environmental Services & Equipment

   0.2

Wireline Telecommunication Services

   0.2

Advertising & Marketing

   0.1

Automotive

   0.1

Casinos & Gaming

   0.1

Commercial Finance

   0.1

Commercial Services

   0.1

Consumer Finance

   0.1

Containers & Packaging

   0.1

Design, Manufacturing & Distribution

   0.1

Distributors—Consumer Staples

   0.1

Electrical Equipment

   0.1

Exploration & Production

   0.1

 

See Notes to Consolidated Financial Statements.

 

2


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Portfolio Information (Continued)

September 30, 2018 (Unaudited)

 

Industry

 Percentage of
Total Net Assets

Institutional Financial Services

   0.1

Iron & Steel

   0.1

Machinery Manufacturing

   0.1

Pipeline

   0.1

Property & Casualty Insurance

   0.1

Retail—Consumer Discretionary

   0.1

Banks

   0.01 

Coal Operations

   0.01 

Construction Materials

   0.01 

Consumer Services

   0.01 

Distributors—Discretionary

   0.01 

Educational Services

   0.01 

Electrical Equipment Manufacturing

   0.01 

Engineering & Construction Services

   0.01 

Food & Beverage

   0.01 

Forest & Paper Products

   0.01 

Industrial Other

   0.01 

Industrial Services

   0.01 

Internet Media

   0.01 

Leisure Products

   0.01 

Manufactured Goods

   0.01 

Medical Equipment & Devices Manufacturing

   0.01 

Metals & Mining

   0.01 

Publishing & Broadcasting

   0.01 

Recreation Facilities & Services

   0.01 

Refining & Marketing

   0.01 

Renewable Energy

   0.01 

Software & Services

   0.01 

Other2

   64.4

Securities Sold Short

   (21.4)

Other Assets and Liabilities3

   19.4
  

 

 

 

Total Investments

   100.0%
  

 

 

 

 

1 

Represents less than 0.1%.

2 

Includes Asset-Backed Securities, Sovereign Debt, Mortgage-Backed Securities, U.S. Government Sponsored Agency Securities, U.S. Treasury Obligations, Exchange-Traded Funds, Investments in Investee Funds, Short-Term Investment—Money Market Funds and Purchased Options.

3 

Assets, other than investments in securities, net of other liabilities. See Consolidated Statement of Assets and Liabilities. A significant portion of the balance represents cash collateral for derivatives.

 

See Notes to Consolidated Financial Statements.

 

3


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments

September 30, 2018 (Unaudited)

 

Security Description

  Shares         Value 

INVESTMENTS IN SECURITIES — 102.0%

        

COMMON STOCK — 29.4%

        

Africa — 0.0%

        

Metals & Mining — 0.0%

        

Gold Fields Ltd., ADR

   50,300       $121,726 

Harmony Gold Mining Co. Ltd., ADR

   2,300        3,818 
        

 

 

 
         125,544 
        

 

 

 

Oil, Gas & Coal — 0.0%

        

Ocean Rig UDW, Inc. (a)

   12,800        443,136 
        

 

 

 

Specialty Finance — 0.0%

        

Net 1 UEPS Technologies, Inc. (a),(b)

   14,500        116,000 
        

 

 

 

Total Africa

         684,680 
        

 

 

 

Asia — 0.1%

        

Biotechnology & Pharmaceuticals — 0.0%

        

Sinovac Biotech Ltd. (a)

   200        1,538 
        

 

 

 

Consumer Services — 0.0%

        

New Oriental Education & Technology Group, Inc., ADR (a)

   13,700        1,013,937 

Tarena International, Inc., ADR

   7,400        60,088 
        

 

 

 
         1,074,025 
        

 

 

 

Design, Manufacturing & Distribution — 0.0%

        

Fabrinet (a)

   100        4,626 
        

 

 

 

Gaming, Lodging & Restaurants — 0.0%

        

GreenTree Hospitality Group Ltd., ADR (a)

   1,400        17,780 

Melco Crown Entertainment Ltd., ADR

   68,900        1,457,235 

Yum China Holdings, Inc.

   23,400        821,574 
        

 

 

 
         2,296,589 
        

 

 

 

Hardware — 0.0%

        

Canon, Inc., ADR

   11,800        373,470 
        

 

 

 

Health Care Facilities & Services — 0.0%

        

Global Cord Blood Corp.

   3,629        25,367 
        

 

 

 

Machinery — 0.0%

        

China Yuchai International Ltd. (b)

   3,845        66,403 

Hollysys Automation Technologies Ltd. (b)

   5,600        119,672 
        

 

 

 
         186,075 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

4


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Shares         Value 

Media — 0.0%

        

Leju Holdings Ltd., ADR (a)

   800       $1,392 

Phoenix New Media Ltd., ADR (a)

   2,100        8,862 

SINA Corp. (a)

   20,800        1,445,184 

Sohu.com Ltd., ADR (a)

   100        1,988 

Yandex NV, A Shares (a)

   900        29,601 
        

 

 

 
         1,487,027 
        

 

 

 

Oil, Gas & Coal — 0.0%

        

China Petroleum & Chemical Corp., ADR

   700        70,308 
        

 

 

 

Passenger Transportation — 0.0%

        

China Southern Airlines Co. Ltd., ADR (b)

   600        19,224 

Guangshen Railway Co. Ltd., ADR (b)

   100        2,310 
        

 

 

 
         21,534 
        

 

 

 

Real Estate — 0.0%

        

Xinyuan Real Estate Co. Ltd., ADR (b)

   5,000        22,550 
        

 

 

 

Renewable Energy — 0.0%

        

Highpower International, Inc. (a)

   200        540 
        

 

 

 

Retail—Discretionary — 0.0%

        

Alibaba Group Holding Ltd., ADR (a)

   1        165 
        

 

 

 

Semiconductors — 0.1%

        

Kulicke & Soffa Industries, Inc. (b)

   30,500        727,120 

Magnachip Semiconductor Corp. (a)

   12,500        123,750 

Taiwan Semiconductor Manufacturing Co. Ltd., ADR

   35,100        1,550,016 

United Microelectronics Corp., ADR

   35,700        92,106 
        

 

 

 
         2,492,992 
        

 

 

 

Software — 0.0%

        

Changyou.com Ltd., ADR (b)

   7,700        101,640 
        

 

 

 

Technology Services — 0.0%

        

WNS Holdings Ltd., ADR (a)

   8,400        426,300 
        

 

 

 

Telecommunications — 0.0%

        

Aspire Holdings LLC, Class A (a),(d)

   1,502,082        1 

China Telecom Corp. Ltd., ADR

   300        14,826 

China Unicom Hong Kong Ltd., ADR

   900        10,521 
        

 

 

 
         25,348 
        

 

 

 

Total Asia

         8,610,094 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

5


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Shares         Value 

Europe — 0.8%

        

Automotive — 0.1%

        

Fiat Chrysler Automobiles NV (a)

   75,500       $1,322,005 
        

 

 

 

Biotechnology & Pharmaceuticals — 0.0%

        

AstraZeneca PLC, ADR

   22,400        886,368 

CRISPR Therapeutics AG (a)

   3,400        150,790 
        

 

 

 
         1,037,158 
        

 

 

 

Chemicals — 0.1%

        

Koninklijke DSM NV

   12,600        1,334,772 

Orion Engineered Carbons SA (b)

   21,600        693,360 
        

 

 

 
         2,028,132 
        

 

 

 

Commercial Services — 0.0%

        

Cimpress NV (a)

   6,000        819,660 
        

 

 

 

Consumer Products — 0.0%

        

Coca-Cola European Partners PLC

   6,800        309,196 

Nomad Foods Ltd. (a)

   29,100        589,566 

Unilever NV

   24        1,333 
        

 

 

 
         900,095 
        

 

 

 

Hardware — 0.0%

        

Telefonaktiebolaget LM Ericsson, ADR

   800        7,040 
        

 

 

 

Iron & Steel — 0.0%

        

Ternium SA, ADR

   1,400        42,406 
        

 

 

 

Media — 0.0%

        

Central European Media Enterprises Ltd., A Shares (a)

   4,500        16,875 
        

 

 

 

Medical Equipment & Devices — 0.4%

        

Koninklijke Philips NV (d)

   270,810        12,336,429 

Lonza Group AG (d)

   35,240        12,029,142 

Trinity Biotech PLC, ADR (a),(b)

   1,700        6,800 
        

 

 

 
         24,372,371 
        

 

 

 

Metals & Mining — 0.0%

        

Randgold Resources Ltd., ADR

   16,200        1,142,910 
        

 

 

 

Oil, Gas & Coal — 0.0%

        

Aegean Marine Petroleum Network, Inc. (b)

   1,500        2,145 

Seadrill Ltd. (a)

   500        12,390 
        

 

 

 
         14,535 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

6


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Shares         Value 

Recreation Facilities & Services — 0.0%

        

Manchester United PLC, Class A

   1,200       $27,000 
        

 

 

 

Semiconductors — 0.1%

        

NXP Semiconductor NV (d)

   85,000        7,267,500 
        

 

 

 

Software — 0.1%

        

InterXion Holding NV (a),(d)

   84,598        5,693,445 

Micro Focus International plc, ADR

   3,500        64,680 

SAP SE

   12,600        1,550,699 
        

 

 

 
         7,308,824 
        

 

 

 

Technology Services — 0.0%

        

Atento SA

   200        1,500 
        

 

 

 

Transportation & Logistics — 0.0%

        

Safe Bulkers, Inc. (a)

   20,400        58,752 
        

 

 

 

Utilities — 0.0%

        

Atlantica Yield PLC

   82        1,688 

Innogy SE

   3,277        146,445 
        

 

 

 
         148,133 
        

 

 

 

Total Europe

         46,514,896 
        

 

 

 

Middle East — 0.1%

        

Electrical Equipment — 0.0%

        

Camtek Ltd.

   3,500        29,995 

Orbotech Ltd. (a),(b)

   15,300        909,432 
        

 

 

 
         939,427 
        

 

 

 

Hardware — 0.0%

        

Ceragon Networks Ltd. (a)

   7,000        23,590 

Radware Ltd. (a),(b)

   12,300        325,581 

Silicom Ltd. (a)

   200        8,112 
        

 

 

 
         357,283 
        

 

 

 

Home & Office Products — 0.0%

        

SodaStream International Ltd. (a)

   3,100        443,548 
        

 

 

 

Media — 0.1%

        

Wix.com Ltd. (a)

   19,900        2,382,030 
        

 

 

 

Semiconductors — 0.0%

        

Mellanox Technologies Ltd. (a)

   20,800        1,527,760 

Tower Semiconductor Ltd. (a)

   30,900        672,384 
        

 

 

 
         2,200,144 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

7


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Shares         Value 

Software — 0.0%

        

Attunity Ltd. (a)

   4,900       $92,561 

Check Point Software Technologies Ltd. (a)

   300        35,301 

CyberArk Software Ltd. (a)

   15,900        1,269,456 

NICE-Systems Ltd., ADR (a)

   1,200        137,364 

Sapiens International Corp. NV

   900        11,889 
        

 

 

 
         1,546,571 
        

 

 

 

Technology Services — 0.0%

        

Magic Software Enterprises Ltd. (b)

   600        5,100 
        

 

 

 

Telecommunications — 0.0%

        

Allot Communications Ltd. (a)

   900        5,562 

Turkcell Iletisim Hizmetleri AS, ADR

   700        3,374 
        

 

 

 
         8,936 
        

 

 

 

Total Middle East

         7,883,039 
        

 

 

 

North America — 28.4%

        

Aerospace & Defense — 0.5%

        

AAR Corp.

   600        28,734 

American Outdoor Brands Corp. (a)

   22,800        354,084 

Boeing Co. (b)

   24,500        9,111,550 

Ducommun, Inc. (a),(b)

   900        36,756 

Harris Corp.

   4,082        690,715 

HEICO Corp.

   1,488        137,804 

L3 Technologies, Inc.

   300        63,786 

Lockheed Martin Corp. (b)

   39,099        13,526,690 

Moog, Inc., Class A (b)

   3,000        257,910 

Northrop Grumman Corp.

   3,300        1,047,321 

Raytheon Co.

   7,200        1,487,952 

Spirit AeroSystems Holdings, Inc., Class A

   900        82,503 

TransDigm Group, Inc. (a)

   8,900        3,313,470 
        

 

 

 
         30,139,275 
        

 

 

 

Apparel & Textile Products — 0.3%

        

Albany International Corp., Class A

   300        23,850 

Canada Goose Holdings, Inc. (a)

   3,800        245,252 

Cherokee, Inc. (a)

   100        74 

Columbia Sportswear Co.

   6,400        595,648 

Crocs, Inc. (a)

   41,400        881,406 

Culp, Inc.

   500        12,100 

Michael Kors Holdings Ltd. (a)

   11,300        774,728 

Nike, Inc., Class B

   71,200        6,032,064 

Perry Ellis International, Inc. (a),(b)

   2,300        62,859 

Skechers U.S.A., Inc., Class A (a)

   42,300        1,181,439 

Steven Madden Ltd.

   9,700        513,130 

 

See Notes to Consolidated Financial Statements.

 

8


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Shares        Value 

Unifi, Inc. (a)

   1,200       $33,996 

VF Corp.

   82,700        7,728,315 

Vince Holding Corp. (a)

   306        4,513 
        

 

 

 
         18,089,374 
        

 

 

 

Asset Management — 0.3%

        

Ameriprise Financial, Inc.

   12,400        1,830,984 

Apollo Investment Corp.

   44,297        240,976 

Ares Capital Corp.

   92,200        1,584,918 

Ares Management LP

   600        13,920 

BlackRock Kelso Capital Corp. (b)

   19,200        113,280 

BlackRock TCP Capital Corp.

   11,200        159,376 

BlackRock, Inc. (d)

   22,547        10,627,077 

Blucora, Inc. (a)

   2,800        112,700 

Capital Southwest Corp.

   200        3,796 

Capitala Finance Corp.

   4,200        36,582 

Federated Investors, Inc., Class B

   800        19,296 

Fidus Investment Corp. (b)

   5,000    ��   73,100 

FS Investment Corp.

   1,700        11,985 

Garrison Capital, Inc. (b)

   1,300        10,764 

Gladstone Capital Corp. (b)

   6,400        60,800 

Gladstone Investment Corp. (b)

   8,700        99,441 

Golub Capital BDC, Inc.

   3,200        60,000 

Hercules Technology Growth Capital, Inc.

   11,200        147,392 

Horizon Technology Finance Corp. (b)

   3,400        38,794 

Invesco Ltd.

   34,000        777,920 

KCAP Financial, Inc. (b)

   4,800        15,888 

KKR & Co., Inc., Class A (d)

   40,040        1,091,891 

Manning & Napier, Inc.

   1,600        4,720 

Medallion Financial Corp. (a),(b)

   3,600        23,940 

Monroe Capital Corp.

   3,800        51,566 

MVC Capital, Inc. (b)

   1,300        12,545 

New Mountain Finance Corp.

   7,700        103,950 

Newtek Business Services Corp.

   3,913        81,938 

Oaktree Specialty Lending Corp.

   1,000        4,960 

OM Asset Management plc

   9,700        120,280 

Oppenheimer Holdings, Inc., Class A (b)

   2,900        91,640 

Oxford Square Capital Corp. (b)

   10,800        76,896 

PennantPark Floating Rate Capital Ltd.

   62        815 

PennantPark Investment Corp. (b)

   12,700        94,742 

Prospect Capital Corp.

   15,900        116,547 

Solar Capital Ltd. (b)

   4,000        85,520 

Solar Senior Capital Ltd.

   1,800        30,078 

Stellus Capital Investment Corp. (b)

   3,800        51,832 

THL Credit, Inc. (b)

   7,400        59,718 

 

See Notes to Consolidated Financial Statements.

 

9


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Shares        Value 

TriplePoint Venture Growth BDC Corp.

   9,600       $130,464 

WhiteHorse Finance, Inc. (b)

   2,700        37,530 
        

 

 

 
         18,310,561 
        

 

 

 

Automotive — 0.0%

        

Altra Industrial Motion Corp.

   9,100        375,830 

Dana Holding Corp.

   25,700        479,819 

Magna International, Inc.

   300        15,759 

Miller Industries, Inc.

   100        2,690 

Modine Manufacturing Co. (a)

   11,900        177,310 

Tower International, Inc. (b)

   2,900        87,725 
        

 

 

 
         1,139,133 
        

 

 

 

Banking — 3.8%

        

Access National Corp.

   400        10,844 

Allegiance Bancshares, Inc. (a),(d)

   30,638        1,277,605 

Arrow Financial Corp. (b)

   369        13,653 

Associated Banc-Corp

   34        884 

Atlantic Capital Bancshares, Inc. (a)

   2,900        48,575 

Banco Latinoamericano de Comercio Exterior SA, E Shares

   100        2,092 

Bancorp, Inc. (a),(b)

   8,500        81,515 

Bank of Marin Bancorp

   300        25,170 

Bank of Nova Scotia

   1,900        113,297 

Bank of NT Butterfield & Son Ltd.

   10,400        539,344 

BankFinancial Corp.

   1,155        18,411 

Beneficial Bancorp, Inc.

   4,682        79,126 

Bridge Bancorp, Inc.

   200        6,640 

Bridgewater Bancshares, Inc. (a)

   700        9,114 

Byline Bancorp, Inc. (a),(d)

   239,872        5,445,094 

Cadence BanCorp

   21,400        558,968 

Cathay General Bancorp

   400        16,576 

Centerstate Banks, Inc. (d)

   321,617        9,021,357 

Central Pacific Financial Corp. (b)

   5,000        132,150 

Citizens Financial Group, Inc.

   81,000        3,124,170 

City Holding Co. (b)

   100        7,680 

Comerica, Inc.

   11,800        1,064,360 

Commerce Bancshares, Inc.

   16        1,056 

ConnectOne Bancorp, Inc. (d)

   195,987        4,654,691 

CVB Financial Corp.

   12,300        274,536 

Eagle Bancorp, Inc. (a),(d)

   137,453        6,955,122 

East West Bancorp, Inc.

   14,600        881,402 

Enterprise Financial Services Corp. (d)

   30,676        1,627,362 

FCB Financial Holdings, Inc., Class A (a)

   1,600        75,840 

Fidelity Southern Corp. (b)

   2,600        64,428 

Fifth Third Bancorp

   18,800        524,896 

 

See Notes to Consolidated Financial Statements.

 

10


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Shares        Value 

Financial Institutions, Inc. (b)

   1,800       $56,520 

First BanCorp (a),(b)

   66,800        607,880 

First Business Financial Services, Inc.

   400        9,272 

First Community Bancshares, Inc. (b)

   800        27,104 

First Defiance Financial Corp.

   1,800        54,198 

First Financial Corp.

   400        20,080 

First Financial Northwest, Inc. (b)

   600        9,942 

First Hawaiian, Inc.

   49,200        1,336,272 

First Interstate BancSystem, Inc., Class A (b)

   500        22,400 

First Midwest Bancorp, Inc. (d)

   358,365        9,528,925 

Flushing Financial Corp.

   1,400        34,160 

FS Bancorp, Inc.

   100        5,572 

Green Bancorp, Inc.

   1,800        39,780 

Hancock Holding Co.

   800        38,040 

Heritage Commerce Corp.

   4,000        59,680 

Home BancShares, Inc.

   1,215        26,609 

HomeTrust Bancshares, Inc. (a)

   200        5,830 

Independent Bank Corp. (b)

   2,400        56,760 

Investors Bancorp, Inc.

   12,800        157,056 

JPMorgan Chase & Co. (d)

   99,600        11,238,864 

Lakeland Bancorp, Inc.

   1,000        18,050 

M&T Bank Corp. (b)

   31,800        5,232,372 

Macatawa Bank Corp.

   100        1,171 

MB Financial, Inc.

   664        30,617 

Mercantile Bank Corp.

   1,100        36,707 

Merchants Bancorp (d)

   7,657        194,641 

Meridian Bancorp, Inc.

   600        10,200 

Midland States Bancorp, Inc. (d)

   224,826        7,216,915 

MidWestOne Financial Group, Inc.

   300        9,993 

National Bankshares, Inc. (b)

   100        4,545 

Northrim BanCorp, Inc.

   400        16,620 

OceanFirst Financial Corp. (d)

   466,832        12,707,167 

OFG Bancorp

   200        3,230 

Opus Bank (d)

   323,101        8,852,967 

Oritani Financial Corp.

   8,300        129,065 

PacWest Bancorp (d)

   266,810        12,713,496 

Peapack Gladstone Financial Corp.

   800        24,712 

People’s United Financial, Inc.

   1,300        22,256 

Peoples Bancorp, Inc.

   500        17,515 

PNC Financial Services Group, Inc. (d)

   141,028        19,206,603 

Popular, Inc.

   490        25,113 

Preferred Bank (b)

   1,400        81,900 

QCR Holdings, Inc. (d)

   169,847        6,938,250 

RBB Bancorp

   200        4,900 

Regions Financial Corp.

   214,500        3,936,075 

Signature Bank (d)

   132,487        15,214,807 

 

See Notes to Consolidated Financial Statements.

 

11


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Shares        Value 

Simmons First National Corp., Class A (d)

   120,884       $3,560,034 

Southside Bancshares, Inc.

   15        522 

State Bank Financial Corp.

   6,600        199,188 

Sterling Bancorp (d)

   316,928        6,972,416 

Stock Yards Bancorp, Inc.

   1,100        39,930 

SunTrust Banks, Inc. (d)

   210,012        14,026,701 

SVB Financial Group (a),(d)

   22,848        7,101,844 

Synovus Financial Corp.

   15,800        723,482 

TCF Financial Corp.

   1,200        28,572 

Territorial Bancorp, Inc.

   400        11,820 

Towne Bank (d)

   82,321        2,539,603 

Trico Bancshares (b)

   1,700        65,654 

TriState Capital Holdings, Inc. (a),(b)

   3,600        99,360 

TrustCo Bank Corp.

   700        5,950 

Umpqua Holdings Corp. (d)

   255,953        5,323,822 

United Community Financial Corp.

   3,600        34,812 

Univest Corp. of Pennsylvania (d)

   365,861        9,677,023 

Veritex Holdings, Inc. (a),(d)

   448,952        12,687,384 

Washington Trust Bancorp, Inc.

   900        49,770 

Waterstone Financial, Inc.

   900        15,435 

WesBanco, Inc.

   5        223 

Western Alliance Bancorp (a),(d)

   78,192        4,448,343 

WSFS Financial Corp. (d)

   121,637        5,735,185 

Zions BanCorp. (d)

   291,229        14,605,134 
        

 

 

 
         240,592,996 
        

 

 

 

Biotechnology & Pharmaceuticals — 2.4%

        

AbbVie, Inc.

   2,500        236,450 

Aceto Corp.

   11,500        25,990 

Acorda Therapeutics, Inc. (a),(b)

   1,400        27,510 

Adverum Biotechnollogies, Inc. (a)

   900        5,445 

Akorn, Inc. (a)

   400        5,192 

Allergan PLC (d)

   95,410        18,173,697 

Amgen, Inc.

   51,900        10,758,351 

Anika Therapeutics, Inc. (a)

   5,300        223,554 

Antares Pharma, Inc. (a)

   7,000        23,520 

Athersys, Inc. (a)

   1,700        3,570 

BioCryst Pharmaceuticals, Inc. (a)

   600        4,578 

Biogen Idec, Inc. (a),(d)

   6,720        2,374,243 

BioSpecifics Technologies Corp. (a),(b)

   100        5,849 

Blueprint Medicines Corp. (a)

   1,000        78,060 

Bristol-Myers Squibb Co.

   1,200        74,496 

Catalyst Biosciences, Inc. (a)

   1,600        17,248 

Celgene Corp. (a),(b),(d)

   196,091        17,548,183 

Celldex Therapeutics, Inc. (a)

   15,900        7,171 

ChemoCentryx, Inc. (a)

   7,800        98,592 

 

See Notes to Consolidated Financial Statements.

 

12


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Shares        Value 

Chimerix, Inc. (a)

   3,600       $14,004 

Concert Pharmaceuticals, Inc. (a)

   400        5,936 

Corium International, Inc. (a)

   2,300        21,873 

CTI BioPharma Corp. (a)

   4,300        9,288 

Curis, Inc. (a)

   4,160        7,405 

Cytokinetics, Inc. (a)

   500        4,925 

CytomX Therapeutics, Inc. (a)

   900        16,650 

Dicerna Pharmaceuticals, Inc. (a)

   5,300        80,878 

Durect Corp. (a)

   100        110 

Edge Therapeutics, Inc. (a)

   800        656 

Eiger BioPharmaceuticals, Inc. (a)

   20        240 

Eli Lilly & Co.

   15,100        1,620,381 

Fate Therapeutics, Inc. (a)

   11,800        192,222 

Five Prime Therapeutics, Inc. (a)

   4,900        68,208 

Gilead Sciences, Inc. (d)

   32,020        2,472,264 

Halozyme Therapeutics, Inc. (a)

   11,200        203,504 

Horizon Pharma PLC (a)

   26,500        518,870 

Immune Design Corp. (a)

   1,800        6,210 

Incyte Corp. (a)

   300        20,724 

Intercept Pharmaceuticals, Inc. (a)

   500        63,180 

Ionis Pharmaceuticals, Inc. (a)

   5,100        263,058 

Jazz Pharmaceuticals PLC (a)

   13,200        2,219,316 

Johnson & Johnson

   500        69,133 

Jounce Therapeutics, Inc. (a)

   3,100        20,150 

KemPharm, Inc. (a)

   100        480 

Lexicon Pharmaceuticals, Inc. (a)

   15        160 

Ligand Pharmaceuticals, Inc. (a)

   5,000        1,372,450 

Menlo Therapeutics, Inc. (a)

   300        2,955 

Merck & Co., Inc. (b),(d)

   358,840        25,456,110 

Natural Health Trends Corp.

   100        2,328 

Nektar Therapeutics (a)

   10,500        640,080 

Neurocrine Biosciences, Inc. (a)

   23,200        2,852,440 

OncoMed Pharmaceuticals, Inc. (a)

   700        1,484 

Otonomy, Inc. (a)

   6,900        18,975 

PDL BioPharma, Inc. (a),(b)

   34,100        89,683 

Phibro Animal Health Corp., Class A

   400        17,160 

Protagonist Therapeutics, Inc. (a)

   4,800        49,392 

Recro Pharma, Inc. (a)

   2,000        14,220 

Regeneron Pharmaceuticals, Inc. (a),(b),(d)

   107,470        43,422,179 

REGENXBIO, Inc. (a)

   200        15,100 

Seattle Genetics, Inc. (a)

   2,400        185,088 

Selecta Biosciences, Inc. (a)

   900        13,995 

Sierra Oncology, Inc. (a)

   2,300        3,910 

Stemline Therapeutics, Inc. (a)

   3,800        63,080 

Sunesis Pharmaceuticals, Inc. (a)

   67        134 

Syros Pharmaceuticals, Inc. (a)

   600        7,146 

 

See Notes to Consolidated Financial Statements.

 

13


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Shares        Value 

United Therapeutics Corp. (a)

   600       $76,728 

USANA Health Sciences, Inc. (a),(b)

   1,700        204,935 

Vanda Pharmaceuticals, Inc. (a)

   800        18,360 

Versartis, Inc. (a)

   11,400        15,960 

Vertex Pharmaceuticals, Inc. (a),(d)

   96,600        18,618,684 

Voyager Therapeutics, Inc. (a)

   100        1,892 
        

 

 

 
         150,755,992 
        

 

 

 

Chemicals — 0.2%

        

AdvanSix, Inc. (a)

   5,700        193,515 

Air Products & Chemicals, Inc.

   6,600        1,102,530 

Albemarle Corp.

   25        2,494 

American Vanguard Corp.

   200        3,600 

Axalta Coating Systems Ltd. (a)

   34,600        1,008,936 

Celanese Corp.

   14,800        1,687,200 

Haynes International, Inc.

   600        21,300 

Huntsman Corp. (b)

   87,500        2,382,625 

Ingevity Corp. (a)

   2,600        264,888 

Koppers Holdings, Inc. (a)

   100        3,115 

Landec Corp. (a)

   200        2,880 

Lydall, Inc. (a)

   2,200        94,820 

LyondellBasell Industries NV, Class A

   16,000        1,640,160 

OMNOVA Solutions, Inc. (a)

   5,400        53,190 

PPG Industries, Inc.

   100        10,913 

Praxair, Inc.

   3,800        610,774 

Stepan Co. (b)

   2,200        191,422 

Univar, Inc. (a)

   12,200        374,052 

Valhi, Inc.

   200        456 

Venator Materials plc (a)

   2,900        26,100 

Versum Materials, Inc.

   7,200        259,272 
        

 

 

 
         9,934,242 
        

 

 

 

Commercial Services — 0.1%

        

ABM Industries, Inc.

   13,800        445,050 

Acacia Research Corp. (a)

   2,700        8,640 

ARAMARK Holdings Corp.

   2,000        86,040 

ARC Document Solutions, Inc. (a),(b)

   8,500        24,140 

Barrett Business Services, Inc.

   600        40,068 

Brady Corp., Class A

   2,900        126,875 

Care.com, Inc. (a)

   1,700        37,587 

Civeo Corp. (a)

   26,600        110,390 

Collectors Universe, Inc. (b)

   700        10,360 

CorVel Corp. (a)

   800        48,200 

CRA International, Inc. (b)

   1,700        85,374 

Cross Country Healthcare, Inc. (a)

   2,500        21,825 

GP Strategies Corp. (a),(b)

   100        1,685 

 

See Notes to Consolidated Financial Statements.

 

14


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Shares        Value 

Hackett Group, Inc. (b)

   4,000       $80,600 

Healthcare Services Group, Inc.

   5,600        227,472 

Heidrick & Struggles International, Inc.

   600        20,310 

Huron Consulting Group, Inc. (a)

   3,600        177,840 

Insperity, Inc.

   1,800        212,310 

Kelly Services, Inc., Class A

   1,300        31,239 

Kforce, Inc.

   1,200        45,120 

Manpowergroup, Inc.

   31,100        2,673,356 

Navigant Consulting, Inc. (b)

   6,200        142,972 

Resources Connection, Inc. (b)

   1,000        16,600 

Rollins, Inc.

   50        3,034 

ServiceMaster Global Holdings, Inc. (a)

   2,300        142,669 

SP Plus Corp. (a)

   3,400        124,100 

TriNet Group, Inc. (a)

   3,600        202,752 

TrueBlue, Inc. (a)

   1,200        31,260 

Vectrus, Inc. (a)

   1,200        37,428 

Viad Corp.

   500        29,625 
        

 

 

 
         5,244,921 
        

 

 

 

Construction Materials — 0.0%

        

Advanced Drainage Systems, Inc.

   4,200        129,780 

Apogee Enterprises, Inc.

   300        12,396 

Carlisle Cos., Inc.

   2,700        328,860 

Continental Building Products, Inc. (a),(b)

   11,300        424,315 

Forterra, Inc. (a)

   500        3,730 

Norbord, Inc.

   100        3,317 

Owens Corning

   5,200        282,204 

Universal Forest Products, Inc.

   4,600        162,518 
        

 

 

 
         1,347,120 
        

 

 

 

Consumer Products — 1.4%

        

Altria Group, Inc. (b)

   141,500        8,533,865 

Boston Beer Co., Inc., Class A (a)

   5,200        1,495,000 

Cal-Maine Foods, Inc.

   3,600        173,880 

Central Garden and Pet Co., Class A (a),(b)

   300        9,942 

Clearwater Paper Corp. (a)

   300        8,910 

Coca-Cola Co. (b)

   288,500        13,325,815 

Colgate-Palmolive Co. (b)

   140,400        9,399,780 

ConAgra Foods, Inc.

   29,300        995,321 

Constellation Brands, Inc., Class A (b)

   51,800        11,169,116 

Craft Brew Alliance, Inc. (a)

   400        6,540 

DavidsTea, Inc. (a)

   400        1,080 

Flowers Foods, Inc.

   300        5,598 

Herbalife Ltd. (a)

   52,300        2,852,965 

Hershey Co.

   2        204 

Ingredion, Inc.

   2,700        283,392 

 

See Notes to Consolidated Financial Statements.

 

15


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Shares        Value 

Keurig Dr Pepper, Inc.

   66,100       $1,531,537 

Kimberly-Clark Corp. (b)

   21,700        2,465,988 

Lamb Weston Holdings, Inc.

   31,200        2,077,920 

Monster Beverage Corp. (a),(b)

   101,600        5,921,248 

PepsiCo, Inc. (b)

   57,900        6,473,220 

Philip Morris International, Inc.

   16,500        1,345,410 

Pilgrim’s Pride Corp. (a)

   13,000        235,170 

Primo Water Corp. (a)

   16,700        301,435 

Procter & Gamble Co. (b)

   244,300        20,333,089 

Rosetta Stone, Inc. (a)

   7,400        147,186 

Senomyx, Inc. (a)

   3,500        5,180 

Simply Good Foods Co. (a)

   10,000        194,500 

Vector Group Ltd. (b)

   7,978        109,937 

Veru, Inc. (a),(b)

   500        710 
        

 

 

 
         89,403,938 
        

 

 

 

Consumer Services — 0.0%

        

American Public Education, Inc. (a),(b)

   2,300        76,015 

Bridgepoint Education, Inc. (a),(b)

   9,900        100,584 

Cambium Learning Group, Inc. (a)

   100        1,184 

Career Education Corp. (a)

   300        4,479 

Carriage Services, Inc.

   3,500        75,425 

Grand Canyon Education, Inc. (a)

   6,100        688,080 

K12, Inc. (a),(b)

   7,000        123,900 

Laureate Education, Inc., Class A (a)

   2,301        35,528 

Matthews International Corp., Class A

   300        15,045 

Regis Corp. (a)

   5,400        110,322 

Strategic Education, Inc.

   1,575        215,822 

Universal Technical Institute, Inc. (a),(b)

   900        2,394 
        

 

 

 
         1,448,778 
        

 

 

 

Containers & Packaging — 0.0%

        

Berry Plastics Group, Inc. (a),(b)

   21,797        1,054,757 

Blackhawk Network Holdings, Inc., Class C (d)

   27        0 

Myers Industries, Inc.

   400        9,300 
        

 

 

 
         1,064,057 
        

 

 

 

Design, Manufacturing & Distribution — 0.1%

        

Benchmark Electronics, Inc.

   3,300        77,220 

Celestica, Inc. (a)

   8,100        87,723 

Flextronics International Ltd. (a),(b)

   174,300        2,286,816 

Sanmina Corp. (a),(b)

   8,800        242,880 

SYNNEX Corp.

   4,600        389,620 
        

 

 

 
         3,084,259 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

16


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Shares        Value 

Distributors—Consumer Staples — 0.1%

        

Andersons, Inc. (b)

   300       $11,295 

Chefs’ Warehouse, Inc. (a)

   700        25,445 

Core-Mark Holding Co., Inc.

   5,700        193,572 

Performance Food Group Co. (a)

   27,000        899,100 

Sysco Corp.

   69,300        5,076,225 

United Natural Foods, Inc. (a)

   1,400        41,930 

US Foods Holding Corp. (a)

   40,700        1,254,374 
        

 

 

 
         7,501,941 
        

 

 

 

Distributors—Discretionary — 0.0%

        

ePlus, Inc. (a)

   100        9,270 

Essendant, Inc.

   5,000        64,100 

FTD Cos., Inc. (a)

   6,000        15,780 

G-III Apparel Group Ltd. (a)

   6,900        332,511 

Insight Enterprises, Inc. (a)

   3,200        173,088 

KAR Auction Services, Inc.

   28,200        1,683,258 

PCM, Inc. (a)

   2,600        50,830 

ScanSource, Inc. (a),(b)

   1,200        47,880 
        

 

 

 
         2,376,717 
        

 

 

 

Electrical Equipment — 0.1%

        

Alarm.com Holdings, Inc. (a)

   200        11,480 

AO Smith Corp.

   13,800        736,506 

Atkore International Group, Inc. (a)

   22,700        602,231 

Bel Fuse, Inc., Class B

   100        2,650 

Eaton Corp. PLC

   100        8,673 

Emerson Electric Co.

   1,300        99,554 

FARO Technologies, Inc. (a)

   1,300        83,655 

Generac Holdings, Inc. (a)

   200        11,282 

Honeywell International, Inc.

   200        33,280 

Houston Wire & Cable Co. (a),(b)

   1,200        9,240 

Ingersoll-Rand PLC

   37,900        3,877,170 

Keysight Technologies, Inc. (a)

   1,800        119,304 

Kimball Electronics, Inc. (a)

   100        1,965 

LSI Industries, Inc.

   3,500        16,100 

OSI Systems, Inc. (a)

   100        7,631 

Powell Industries, Inc.

   500        18,130 

TE Connectivity Ltd.

   2,800        246,204 
        

 

 

 
         5,885,055 
        

 

 

 

Engineering & Construction Services — 0.0%

        

Aegion Corp. (a),(b)

   3,600        91,368 

Comfort Systems USA, Inc.

   500        28,200 

EMCOR Group, Inc.

   100        7,511 

Exponent, Inc.

   2,300        123,280 

 

See Notes to Consolidated Financial Statements.

 

17


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Shares        Value 

Great Lakes Dredge & Dock Corp. (a)

   2,300       $14,260 

Mistras Group, Inc. (a)

   2,800        60,676 

MYR Group, Inc. (a),(b)

   3,200        104,448 

Orion Marine Group, Inc. (a),(b)

   4,000        30,200 

Quanta Services, Inc. (a)

   61,200        2,042,856 

Sterling Construction Co., Inc. (a)

   7,300        104,536 
        

 

 

 
         2,607,335 
        

 

 

 

Forest & Paper Products — 0.0%

        

Mercer International, Inc. (b)

   8,900        149,520 

Resolute Forest Products, Inc. (a)

   16,500        213,675 

Verso Corp. (a)

   20,200        680,134 
        

 

 

 
         1,043,329 
        

 

 

 

Gaming, Lodging & Restaurants — 1.0%

        

BBX Capital Corp.

   1,200        8,904 

BJ’s Restaurants, Inc.

   11,700        844,740 

Bojangles’, Inc. (a)

   9,600        150,720 

Boyd Gaming Corp.

   17,600        595,760 

Brinker International, Inc.

   22,700        1,060,771 

Cannae Holdings, Inc. (a)

   500        10,475 

Carnival Corp. (b)

   164,000        10,458,280 

Carnival PLC, ADR

   100        6,308 

Carrols Restaurant Group, Inc. (a)

   6,100        89,060 

Century Casinos, Inc. (a)

   300        2,238 

Cheesecake Factory, Inc. (The)

   8,400        449,736 

Chipotle Mexican Grill, Inc. (a),(b)

   17,499        7,953,646 

Darden Restaurants, Inc. (b)

   51,101        5,681,920 

Del Frisco’s Restaurant Group, Inc. (a),(b)

   9,200        76,360 

Denny’s Corp. (a)

   500        7,360 

Domino’s Pizza, Inc. (b)

   19,100        5,630,680 

Eldorado Resorts, Inc. (a)

   31,865        1,548,639 

Famous Dave’s of America, Inc. (a)

   791        5,181 

Fiesta Restaurant Group, Inc. (a)

   1,800        48,150 

Habit Restaurants, Inc., Class A (a)

   10,000        159,500 

Hilton Grand Vacations, Inc. (a)

   30,000        993,000 

Hyatt Hotels Corp., Class A

   19,900        1,583,841 

J Alexander’s Holdings, Inc. (a)

   1,100        13,090 

Kona Grill, Inc. (a)

   1,000        2,300 

Las Vegas Sands Corp. (b)

   196,200        11,640,546 

Lindblad Expeditions Holdings, Inc. (a)

   300        4,461 

MGM Resorts International

   31,300        873,583 

Monarch Casino & Resort, Inc. (a)

   1,800        81,810 

Noodles & Co. (a)

   15,100        182,710 

Norwegian Cruise Line Holdings Ltd. (a),(b)

   83,900        4,818,377 

Potbelly Corp. (a),

   4,500        55,350 

 

See Notes to Consolidated Financial Statements.

 

18


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Shares        Value 

Red Robin Gourmet Burgers, Inc. (a)

   1,500       $60,225 

Royal Caribbean Cruises Ltd.

   21,600        2,806,704 

Ruth’s Hospitality Group, Inc.

   5,300        167,215 

Wingstop, Inc.

   6,600        450,582 

Yum! Brands, Inc. (b)

   62,300        5,663,693 
        

 

 

 
         64,185,915 
        

 

 

 

Hardware — 0.7%

        

A10 Networks, Inc. (a)

   13,700        83,296 

ADTRAN, Inc.

   1,800        31,770 

Aerohive Networks, Inc. (a)

   1,300        5,356 

Ambarella, Inc. (a)

   100        3,868 

Arista Networks, Inc. (a),(b)

   23,500        6,247,710 

CalAmp Corp. (a)

   6,300        150,948 

Casa Systems, Inc. (a)

   15,400        227,150 

Ciena Corp. (a)

   1,700        53,108 

Cisco Systems, Inc.

   8,300        403,795 

Clearfield, Inc. (a)

   1,100        14,795 

CommScope Holding Co., Inc. (a)

   19,800        609,048 

Corning, Inc.

   1,100        38,830 

Daktronics, Inc. (b)

   5,100        39,984 

Dolby Laboratories, Inc., Class A (b)

   8,300        580,751 

Electronics For Imaging, Inc. (a)

   14,600        497,568 

Emcore Corp. (a)

   9,200        43,700 

Finisar Corp. (a)

   10,100        192,405 

FLIR Systems, Inc.

   37,000        2,274,390 

Garmin Ltd.

   2        140 

Harmonic, Inc. (a)

   4,600        25,300 

Hewlett Packard Enterprise Co.

   297,300        4,848,963 

HP, Inc. (b)

   145,600        3,752,112 

Infinera Corp. (a)

   17,900        130,670 

InterDigital, Inc.

   3,200        256,000 

Juniper Networks, Inc.

   146,800        4,399,596 

KVH Industries, Inc. (a)

   600        7,860 

LightPath Technologies, Inc., Class A (a)

   600        1,209 

Mitel Networks Corp. (a)

   22        242 

NetApp, Inc. (b)

   46,700        4,011,063 

PlayAGS, Inc. (a)

   2,600        76,622 

Pure Storage, Inc., Class A (a),(b)

   121,500        3,152,925 

Quantenna Communications, Inc. (a)

   1,500        27,675 

Quantum Corp. (a)

   637        1,529 

Radisys Corp. (a)

   15,100        24,613 

Ribbon Communications, Inc. (a)

   8,400        57,372 

Seagate Technology PLC

   114,500        5,421,575 

Sierra Wireless, Inc. (a)

   2,000        40,200 

Stratasys Ltd. (a)

   271        6,263 

 

See Notes to Consolidated Financial Statements.

 

19


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Shares        Value 

Turtle Beach Corp. (a)

   8,600       $171,484 

Viavi Solutions, Inc. (a),(b)

   22,000        249,480 

Vishay Precision Group, Inc. (a),(b)

   1,300        48,620 

Vocera Communications, Inc. (a)

   10,600        387,748 

VOXX International Corp. (a),(b)

   3,200        16,640 

Xerox Corp.

   25        675 

Zebra Technologies Corp., Class A (a)

   10,600        1,874,398 
        

 

 

 
         40,489,446 
        

 

 

 

Health Care Facilities & Services — 2.6%

        

Addus HomeCare Corp. (a),(b)

   100        7,015 

Amedisys, Inc. (a)

   300        37,488 

Anthem, Inc. (b),(d)

   84,716        23,216,420 

BioScrip, Inc. (a)

   9,000        27,900 

Cardinal Health, Inc. (b)

   118,600        6,404,400 

Catalent, Inc. (a)

   4,800        218,640 

Centene Corp. (a)

   34,915        5,054,994 

Cigna Corp. (b),(d)

   91,286        19,010,309 

Civitas Solutions, Inc. (a)

   1,400        20,650 

CVS Health Corp. (d)

   175,740        13,834,253 

Digirad Corp. (b)

   1,900        2,850 

Encompass Health Corp.

   16,000        1,247,200 

Ensign Group, Inc.

   600        22,752 

Enzo Biochem, Inc. (a)

   6,600        27,192 

Five Star Quality Care, Inc. (a)

   1,778        1,529 

HCA Holdings, Inc. (d)

   167,980        23,369,378 

HealthEquity, Inc. (a)

   800        75,528 

Humana, Inc.

   13,400        4,536,168 

Laboratory Corp. of America Holdings (a),(b),(d)

   102,397        17,784,311 

Magellan Health, Inc. (a)

   6,300        453,915 

Medpace Holdings, Inc. (a)

   9,300        557,163 

Molina Healthcare, Inc. (a)

   35,300        5,249,110 

Natera, Inc. (a)

   8,000        191,520 

NeoGenomics, Inc. (a)

   4,100        62,935 

OvaScience, Inc. (a)

   4,700        3,430 

Owens & Minor, Inc.

   19,100        315,532 

Patterson Cos., Inc.

   59,700        1,459,665 

PRA Health Sciences, Inc. (a)

   2,600        286,494 

Premier, Inc., Class A (a)

   24,900        1,139,922 

Providence Service Corp. (a)

   400        26,912 

Quest Diagnostics, Inc. (d)

   125,710        13,565,366 

Quorum Health Corp. (a)

   7,100        41,606 

R1 RCM, Inc. (a)

   10,500        106,680 

RadNet, Inc. (a),(b)

   10,300        155,015 

Tivity Health, Inc. (a),(b)

   8,700        279,705 

 

See Notes to Consolidated Financial Statements.

 

20


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Shares        Value 

Triple-S Management Corp., B Shares (a),(b)

   5,500       $103,895 

UnitedHealth Group, Inc. (b),(d)

   79,430        21,131,557 

WellCare Health Plans, Inc. (a)

   9,700        3,108,753 
        

 

 

 
         163,138,152 
        

 

 

 

Home & Office Products — 0.2%

        

ACCO Brands Corp.

   5,600        63,280 

Armstrong Flooring, Inc. (a)

   4,600        83,260 

Caesarstone Sdot-Yam Ltd.

   10,200        189,210 

CSS Industries, Inc.

   300        4,269 

HNI Corp.

   600        26,544 

Kimball International, Inc., Class B (b)

   3,400        56,950 

Knoll, Inc.

   2,600        60,970 

Libbey, Inc.

   200        1,750 

Masco Corp. (b)

   131,900        4,827,540 

Mohawk Industries, Inc. (a)

   29,300        5,137,755 

PGT, Inc. (a)

   4,700        101,520 

Quanex Building Products Corp.

   2,200        40,040 

Steelcase, Inc., Class A

   5,900        109,150 

Toll Brothers, Inc.

   14,400        475,632 
        

 

 

 
         11,177,870 
        

 

 

 

Industrial Services — 0.0%

        

AMERCO

   300        106,995 

DXP Enterprises, Inc. (a)

   400        16,028 

H&E Equipment Services, Inc.

   6,500        245,570 

Ritchie Bros Auctioneers, Inc.

   2,100        75,873 

Titan Machinery, Inc. (a)

   7,100        109,943 

United Rentals, Inc. (a)

   2,200        359,920 

WESCO International, Inc. (a),(b)

   4,600        282,670 
        

 

 

 
         1,196,999 
        

 

 

 

Institutional Financial Services — 0.1%

        

CME Group, Inc.

   200        34,042 

Cowen Group, Inc., Class A (a)

   225        3,667 

Houlihan Lokey, Inc. (d)

   60,246        2,706,853 

INTL. FCStone, Inc. (a),(b)

   100        4,832 

LPL Financial Holdings, Inc.

   1,000        64,510 

Morgan Stanley

   800        37,256 

Northern Trust Corp. (d)

   34,868        3,561,069 

SEI Investments Co.

   7,200        439,920 

State Street Corp.

   10,100        846,178 
        

 

 

 
         7,698,327 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

21


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Shares        Value 

Insurance — 0.6%

        

Aflac, Inc.

   34,300       $1,614,501 

Allstate Corp. (b)

   58,401        5,764,179 

AMERISAFE, Inc.

   1,200        74,340 

Arch Capital Group Ltd. (a)

   44,300        1,320,583 

Aspen Insurance Holdings Ltd.

   17,800        744,040 

Assured Guaranty Ltd.

   900        38,007 

Athene Holding Ltd., Class A (a)

   3,000        154,980 

Atlas Financial Holdings, Inc. (a)

   300        3,015 

Citizens, Inc. (a)

   200        1,680 

Crawford & Co., Class B

   100        921 

eHealth, Inc. (a)

   4,100        115,866 

Employers Holdings, Inc. (b)

   3,600        163,080 

FedNat Holding Co.

   200        5,096 

FGL Holdings (a),(d)

   1,077,299        9,641,826 

Genworth Financial, Inc., Class A (a)

   4,100        17,097 

Greenlight Capital Re Ltd., A Shares (a)

   3,000        37,200 

Hartford Financial Services Group, Inc.

   20,200        1,009,192 

Health Insurance Innovations, Inc., Class A (a)

   400        24,660 

Kinsale Capital Group, Inc.

   1,600        102,176 

Lincoln National Corp. (b)

   5,100        345,066 

Maiden Holdings Ltd. (b)

   15,300        43,605 

Mercury General Corp.

   900        45,144 

NMI Holdings, Inc., Class A (a)

   13,700        310,305 

Old Republic International Corp.

   17,500        391,650 

Principal Financial Group, Inc.

   45,100        2,642,409 

Progressive Corp. (b)

   91,000        6,464,640 

Protective Insurance Corp.

   600        13,770 

Prudential Financial, Inc.

   13,900        1,408,348 

State Auto Financial Corp. (b)

   82        2,504 

Torchmark Corp.

   51        4,421 

Travelers Cos., Inc.

   24,400        3,164,924 

Trupanion, Inc. (a)

   3,700        132,201 

Universal Insurance Holdings, Inc.

   900        43,695 

Unum Group

   54,800        2,141,036 
        

 

 

 
         37,986,157 
        

 

 

 

Iron & Steel — 0.1%

        

Northwest Pipe Co. (a)

   1,200        23,700 

Nucor Corp.

   62,400        3,959,280 

Ryerson Holding Corp. (a)

   3,300        37,290 

Shiloh Industries, Inc. (a)

   600        6,600 

Warrior Met Coal, Inc.

   4,800        129,792 
        

 

 

 
         4,156,662 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

22


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Shares        Value 

Leisure Products — 0.0%

        

Brunswick Corp.

   20,300       $1,360,506 

Callaway Golf Co.

   6,300        153,027 

Clarus Corp.

   4,600        50,830 

JAKKS Pacific, Inc. (a)

   2,200        5,610 

Malibu Boats, Inc. (a)

   7,200        393,984 

MCBC Holdings, Inc. (a)

   6,200        222,456 
        

 

 

 
         2,186,413 
        

 

 

 

Machinery — 0.2%

        

Briggs & Stratton Corp.

   7,000        134,610 

Caterpillar, Inc.

   24,600        3,751,254 

Columbus McKinnon Corp.

   1,500        59,310 

Crane Co.

   1,400        137,690 

CSW Industrials, Inc. (a)

   300        16,110 

Curtiss-Wright Corp.

   2,000        274,840 

Douglas Dynamics, Inc.

   200        8,780 

Eastman Kodak Co. (a)

   700        2,170 

Federal Signal Corp.

   500        13,390 

Gardner Denver Holdings, Inc. (a)

   17,400        493,116 

Graco, Inc.

   600        27,804 

Graham Corp. (b)

   800        22,536 

Hyster-Yale Materials Handling, Inc. (b)

   400        24,612 

Lincoln Electric Holdings

   13,100        1,224,064 

MTS Systems Corp.

   1,300        71,175 

Oshkosh Corp.

   13,100        933,244 

Parker-Hannifin Corp.

   18,300        3,365,919 

SPX FLOW, Inc. (a)

   3,300        171,600 

Toro Co.

   3,500        209,895 

Xerium Technologies, Inc. (a),(b)

   1,500        20,190 
        

 

 

 
         10,962,309 
        

 

 

 

Manufactured Goods — 0.0%

        

Core Molding Technologies, Inc.

   400        2,668 

Gibraltar Industries, Inc. (a),(b)

   5,600        255,360 

Global Brass & Copper Holdings, Inc.

   4,100        151,290 

Insteel Industries, Inc.

   2,600        93,288 

LB Foster Co., Class A(a)

   1,100        22,605 

NCI Building Systems, Inc. (a)

   3,700        56,055 

Raven Industries, Inc.

   700        32,025 
        

 

 

 
         613,291 
        

 

 

 

Media — 0.8%

        

Alphabet, Inc., Class A (a),(b)

   9,000        10,863,720 

ANGI Homeservices, Inc. (a)

   2,500        58,700 

AutoWeb, Inc. (a),(b)

   2,500        7,400 

 

See Notes to Consolidated Financial Statements.

 

23


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Shares        Value 

Boingo Wireless, Inc. (a),(b)

   12,800       $446,720 

Booking Holdings, Inc. (a)

   1        1,984 

Cargurus, Inc. (a)

   33,900        1,887,891 

Clear Channel Outdoor Holdings, Inc., Class A (b)

   3,800        22,610 

DHI Group, Inc. (a)

   13,300        27,930 

Entravision Communications Corp., Class A

   2,000        9,800 

GoDaddy, Inc., Class A (a)

   64,900        5,412,011 

GrubHub, Inc. (a)

   37,100        5,142,802 

Harte-Hanks, Inc. (a)

   390        2,781 

HealthStream, Inc.

   100        3,101 

IAC/InterActiveCorp (a),(b)

   31,800        6,891,696 

IMAX Corp. (a)

   6,500        167,700 

Lee Enterprises, Inc. (a)

   300        795 

Liberty SiriusXM Group, Class A (a),(b),(d)

   36,575        1,588,818 

Liberty SiriusXM Group, Class C (a),(b),(d)

   32,973        1,432,677 

Liberty TripAdvisor Holdings, Inc., Class A (a)

   13,500        200,475 

Marchex, Inc., Class B

   2,600        7,228 

Marin Software, Inc. (a)

   442        1,414 

Match Group, Inc. (a)

   42,100        2,438,011 

McClatchy Co., Class A (a)

   90        766 

MDC Partners, Inc., Class A (a)

   400        1,660 

Meet Group, Inc. (The) (a)

   400        1,980 

Netflix, Inc. (a)

   5,500        2,057,715 

News Corp., Class A (b)

   14,400        189,936 

Points International Ltd. (a)

   2,000        28,080 

Rubicon Project, Inc. (a)

   19,900        71,640 

Shutterstock, Inc.

   10,200        556,716 

Stamps.com, Inc. (a)

   5,800        1,311,960 

TechTarget, Inc. (a),(b)

   11,300        219,446 

Townsquare Media, Inc., Class A

   100        783 

Travelzoo, Inc. (a)

   100        1,185 

Tribune Media Co.

   1,900        73,017 

Tribune Publishing Co.

   500        8,165 

TrueCar, Inc. (a)

   37,500        528,750 

Twitter, Inc. (a)

   17,600        500,896 

VeriSign, Inc. (a),(b)

   21,500        3,442,580 

Viacom, Inc.

   6,900        232,944 

World Wrestling Entertainment, Inc., Class A

   17,700        1,712,121 

XO Group, Inc. (a),(b)

   7,100        244,808 
        

 

 

 
         47,801,412 
        

 

 

 

Medical Equipment & Devices — 3.1%

        

ABIOMED, Inc. (a)

   25,800        11,603,550 

Accuray, Inc. (a)

   3,700        16,650 

Agilent Technologies, Inc. (b)

   72,800        5,135,312 

Align Technology, Inc. (a)

   7,300        2,855,906 

 

See Notes to Consolidated Financial Statements.

 

24


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Shares        Value 

AngioDynamics, Inc. (a),(b)

   6,600       $143,484 

AtriCure, Inc. (a)

   300        10,509 

AxoGen, Inc. (a)

   2,600        95,810 

Baxter International, Inc. (b)

   81,533        6,285,379 

Becton Dickinson and Co.

   1,800        469,800 

Boston Scientific Corp. (a),(b),(d)

   197,730        7,612,605 

Cardiovascular Systems, Inc. (a)

   2,200        86,108 

CareDx, Inc. (a)

   22,800        657,780 

Cerus Corp. (a)

   6,200        44,702 

ConforMIS, Inc. (a)

   4,400        4,664 

CryoLife, Inc. (a),(b)

   900        31,680 

Cutera, Inc. (a)

   700        22,785 

CytoSorbents Corp. (a)

   7,300        94,170 

Danaher Corp. (b),(d)

   237,100        25,763,286 

Dentsply Sirona, Inc.

   16        604 

Edwards Lifesciences Corp. (a),(b),(d)

   60,416        10,518,426 

Endologix, Inc. (a)

   2,300        4,393 

Fluidigm Corp. (a)

   3,800        28,462 

FONAR Corp. (a)

   400        9,960 

GenMark Diagnostics, Inc. (a)

   8,900        65,415 

Globus Medical, Inc. (a)

   1,000        56,760 

Harvard Bioscience, Inc. (a),(b)

   500        2,625 

Hill-Rom Holdings, Inc.

   900        84,960 

Hologic, Inc. (a)

   27,800        1,139,244 

IDEXX Laboratories, Inc. (a)

   17,000        4,244,220 

Inogen, Inc. (a)

   1,200        292,944 

Insulet Corp. (a)

   12,200        1,292,590 

Integer Holdings Corp. (a)

   700        58,065 

Intuitive Surgical, Inc. (a),(b),(d)

   36,900        21,180,600 

iRhythm Technologies, Inc. (a)

   1,600        151,456 

Lantheus Holdings, Inc. (a)

   6,700        100,165 

LivaNova PLC (a)

   200        24,794 

Masimo Corp. (a)

   6,800        846,872 

Medtronic PLC (d)

   319,250        31,404,622 

Meridian Bioscience, Inc.

   8,000        119,200 

MiMedx Group, Inc. (a)

   3,000        18,540 

NanoString Technologies, Inc. (a)

   300        5,349 

Novocure Ltd. (a)

   13,500        707,400 

Nuvectra Corp. (a)

   800        17,584 

OraSure Technologies, Inc. (a)

   500        7,725 

Orthofix Medical, Inc. (a)

   4,000        231,240 

Oxford Immunotec Global PLC (a)

   700        11,361 

Penumbra, Inc. (a)

   5,000        748,500 

QIAGEN NV (a)

   15,076        571,079 

Quidel Corp. (a)

   700        45,619 

Quotient Ltd. (a)

   800        6,040 

 

See Notes to Consolidated Financial Statements.

 

25


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Shares        Value 

ResMed, Inc.

   2,300       $265,282 

RTI Surgical, Inc. (a)

   6,200        27,900 

SeaSpine Holdings Corp. (a)

   200        3,112 

STAAR Surgical Co. (a)

   6,900        331,200 

Stryker Corp. (d)

   97,580        17,338,014 

SurModics, Inc. (a),(b)

   900        67,185 

T2 Biosystems, Inc. (a)

   1,500        11,175 

Tandem Diabetes Care, Inc. (a)

   35,663        1,527,803 

Teleflex, Inc.

   100        26,609 

Varian Medical Systems, Inc. (a)

   19,200        2,149,056 

Veracyte, Inc. (a)

   1,500        14,325 

Vericel Corp. (a)

   100        1,415 

Waters Corp. (a)

   3,900        759,252 

Zimmer Holdings, Inc. (d)

   287,890        37,848,898 
        

 

 

 
         195,302,220 
        

 

 

 

Metals & Mining — 0.0%

        

Asanko Gold, Inc. (a)

   1,800        1,453 

Encore Wire Corp. (b)

   600        30,060 

Golden Star Resources Ltd. (a)

   5,100        3,697 

Harsco Corp. (a)

   3,300        94,215 

HudBay Minerals, Inc.

   2,000        10,100 

Kirkland Lake Gold Ltd.

   800        15,192 

Nevsun Resources Ltd.

   400        1,772 

New Gold, Inc. (a)

   30,000        23,799 

Newmont Mining Corp.

   2,100        63,420 

Silvercorp Metals, Inc.

   1,000        2,470 

Taseko Mines Ltd. (a)

   4,500        3,600 

Teck Resources Ltd., B Shares

   41,000        988,100 
        

 

 

 
         1,237,878 
        

 

 

 

Oil, Gas & Coal — 0.6%

        

Abraxas Petroleum Corp. (a)

   50,200        116,966 

Advanced Emissions Solutions, Inc.

   1,600        19,136 

Baker Hughes a GE Co.

   600        20,298 

Bellatrix Exploration Ltd. (a)

   60        63 

California Resources Corp. (a)

   690        33,486 

Centennial Resource Development, Inc., Class A (a)

   1,900        41,515 

Cheniere Energy, Inc. (a)

   1,398        97,147 

Chevron Corp. (b)

   54,800        6,700,944 

Concho Resources, Inc. (a)

   2,016        307,944 

CONSOL Energy, Inc. (a)

   2,200        89,782 

Continental Resources, Inc. (a)

   56,500        3,857,820 

Dawson Geophysical Co. (a),(b)

   882        5,460 

Denbury Resources, Inc. (a)

   12,100        75,020 

DMC Global, Inc. (b)

   2,800        114,240 

 

See Notes to Consolidated Financial Statements.

 

26


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Shares        Value 

Energy XXI Gulf Coast, Inc. (a)

   10,600       $88,616 

EOG Resources, Inc.

   10,700        1,364,999 

Era Group, Inc. (a)

   300        3,705 

Evolution Petroleum Corp. (b)

   2,500        27,625 

Exxon Mobil Corp.

   1        85 

Geospace Technologies Corp. (a)

   100        1,370 

Gran Tierra Energy, Inc. (a)

   2,100        8,022 

Gulf Island Fabrication, Inc. (b)

   1,600        15,920 

Hallador Energy Co.

   1,400        8,708 

Halliburton Co. (b)

   41,200        1,669,836 

Helmerich & Payne, Inc.

   800        55,016 

Independence Contract Drilling, Inc. (a)

   4,900        24,206 

Lilis Energy, Inc. (a)

   1,400        6,860 

Marathon Petroleum Corp.

   3,900        311,883 

Matrix Service Co. (a),(b)

   7,400        182,410 

Midstates Petroleum Co., Inc. (a)

   200        1,782 

Murphy USA, Inc. (a)

   16,300        1,392,998 

NACCO Industries, Inc., Class A

   100        3,275 

Natural Gas Services Group, Inc. (a)

   1,200        25,320 

Occidental Petroleum Corp. (b)

   99,100        8,143,047 

Parker Drilling Co. (a)

   206        614 

Peabody Energy Corp.

   25,400        905,256 

Penn Virginia Corp. (a)

   2,000        161,080 

PHI, Inc. (a)

   1,200        11,208 

Phillips 66

   15,200        1,713,344 

Pioneer Energy Services Corp. (a)

   15,400        45,430 

Pioneer Natural Resources Co. (b)

   39,400        6,863,086 

SEACOR Holdings, Inc. (a)

   200        9,882 

SilverBow Resources, Inc. (a)

   500        13,335 

Tidewater, Inc. (a)

   2,953        92,104 

TransGlobe Energy Corp. (b)

   1,500        5,010 

Transocean Ltd. (a)

   185,200        2,583,540 

TravelCenters of America LLC (a)

   5,300        30,210 

Unit Corp. (a)

   200        5,212 

VAALCO Energy, Inc. (a)

   2,900        7,917 

Valero Energy Corp.

   2,400        273,000 

Whiting Petroleum Corp. (a)

   14        742 

WildHorse Resource Development Corp. (a)

   7,400        174,936 

World Fuel Services Corp.

   13,300        368,144 
        

 

 

 
         38,079,554 
        

 

 

 

Passenger Transportation — 0.3%

        

Copa Holdings SA, Class A

   9,700        774,448 

Delta Air Lines, Inc.

   34,400        1,989,352 

Hawaiian Holdings, Inc. (b)

   13,800        553,380 

JetBlue Airways Corp. (a)

   3,400        65,824 

 

See Notes to Consolidated Financial Statements.

 

27


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Shares        Value 

Southwest Airlines Co. (b)

   102,700       $6,413,615 

United Continental Holdings, Inc. (a),(b)

   90,200        8,033,212 
        

 

 

 
         17,829,831 
        

 

 

 

Real Estate — 0.5%

        

Agree Realty Corp.

   1,100        58,432 

American Tower Corp.

   1        145 

AvalonBay Communities, Inc. (b),(d)

   3,682        666,994 

Boston Properties, Inc. (b),(d)

   3,824        470,696 

CareTrust REIT, Inc.

   2,000        35,420 

Colliers International Group, Inc.

   1,100        85,305 

CoreCivic, Inc.

   13,200        321,156 

CyrusOne, Inc. (d)

   86,756        5,500,331 

Digital Realty Trust, Inc. (d)

   7,217        811,768 

EPR Properties

   100        6,841 

Equinix, Inc. (b),(d)

   1,826        790,457 

Equity Residential (b),(d)

   10,317        683,605 

Essex Property Trust, Inc. (d)

   3,345        825,245 

First Industrial Realty Trust, Inc.

   11,800        370,520 

FirstService Corp.

   1,000        84,660 

Gaming and Leisure Properties, Inc.

   5,745        202,511 

Geo Group, Inc. (The)

   50        1,258 

Getty Realty Corp.

   200        5,712 

Gladstone Commercial Corp. (b)

   5,600        107,240 

HCP, Inc. (d)

   32,196        847,399 

Host Hotels & Resorts, Inc. (d)

   37,783        797,221 

InfraREIT, Inc. (a)

   4,200        88,830 

Investors Real Estate Trust (d)

   801,038        4,790,207 

JBG SMITH Properties (b),(d)

   1,481        54,545 

LTC Properties, Inc.

   18        794 

Marcus & Millichap, Inc. (a)

   1,900        65,949 

McGrath RentCorp

   3,500        190,645 

MedEquities Realty Trust, Inc.

   4,400        42,768 

Monmouth Real Estate Investment Corp., Class A

   8,600        143,792 

One Liberty Properties, Inc.

   1,600        44,448 

Paramount Group, Inc.

   8,000        120,720 

Prologis, Inc. (b),(d)

   15,075        1,021,934 

Public Storage (b),(d)

   4,028        812,166 

RE/MAX Holdings, Inc., Class A

   323        14,325 

Realty Income Corp. (d)

   14,624        831,960 

Sabra Health Care REIT, Inc.

   10        231 

Saul Centers, Inc.

   100        5,600 

SBA Communications Corp. (a),(b)

   37,700        6,055,751 

Simon Property Group, Inc. (b),(d)

   8,420        1,488,235 

Spirit MTA REIT

   100        1,152 

STORE Capital Corp.

   4,700        130,613 

 

See Notes to Consolidated Financial Statements.

 

28


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Shares        Value 

Terreno Realty Corp.

   100       $3,770 

Urstadt Biddle Properties, Inc., Class A (b)

   3,200        68,128 

Ventas, Inc. (b),(d)

   9,606        522,374 

VICI Properties, Inc.

   500        10,810 

Vornado Realty Trust (b),(d)

   4,398        321,054 

Welltower, Inc. (b),(d)

   9,827        632,073 

Weyerhaeuser Co.

   680        21,944 

WP Carey, Inc.

   3,800        244,378 

Xenia Hotels & Resorts, Inc.

   21,700        514,290 
        

 

 

 
         30,916,402 
        

 

 

 

Recreation Facilities & Services — 0.0%

        

Marcus Corp.

   1,400        58,870 

Planet Fitness, Inc., Class A (a)

   9,700        524,091 

SeaWorld Entertainment, Inc. (a)

   55,300        1,738,079 

Speedway Motorsports, Inc. (b)

   900        16,065 
        

 

 

 
         2,337,105 
        

 

 

 

Renewable Energy — 0.0%

        

Ameresco, Inc., Class A (a),(b)

   3,200        43,680 

FutureFuel Corp.

   2,400        44,496 

Renewable Energy Group, Inc. (a),(b)

   6,200        178,560 

Sunrun, Inc. (a)

   1,800        22,392 

TPI Composites, Inc. (a)

   5,400        154,170 
        

 

 

 
         443,298 
        

 

 

 

Retail—Consumer Staples — 0.5%

        

BJ’s Wholesale Club Holdings, Inc. (a)

   500        13,390 

Casey’s General Stores, Inc.

   2,300        296,953 

Costco Wholesale Corp. (b)

   12,600        2,959,488 

Five Below, Inc. (a)

   35,100        4,565,106 

Ingles Markets, Inc., Class A

   4,500        154,125 

Natural Grocers by Vitamin Cottage, Inc. (a)

   1,600        27,024 

Ollie’s Bargain Outlet Holdings, Inc. (a)

   2,400        230,640 

Smart & Final Stores, Inc. (a)

   5,800        33,060 

SpartanNash Co.

   200        4,012 

Target Corp. (b)

   230,600        20,341,226 

Village Super Market, Inc., Class A

   700        19,040 
        

 

 

 
         28,644,064 
        

 

 

 

Retail—Discretionary — 2.2%

        

1-800-Flowers.com, Inc., Class A (a)

   2,500        29,500 

Advance Auto Parts, Inc.

   4,400        740,652 

Amazon.com, Inc. (a)

   12,400        24,837,200 

American Eagle Outfitters, Inc.

   30,700        762,281 

AutoZone, Inc. (a)

   4,300        3,335,510 

 

See Notes to Consolidated Financial Statements.

 

29


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Shares        Value 

Barnes & Noble Education, Inc. (a)

   8,600       $49,536 

Bassett Furniture Industries, Inc. (b)

   1,100        23,375 

Boot Barn Holdings, Inc. (a)

   17,600        500,016 

Build-A-Bear Workshop, Inc. (a)

   100        905 

Christopher & Banks Corp. (a)

   100        76 

Citi Trends, Inc. (b)

   4,200        120,834 

Container Store Group, Inc. (a)

   3,900        43,290 

Destination XL Group, Inc. (a)

   2,499        6,247 

DSW, Inc., Class A

   45,700        1,548,316 

Etsy, Inc. (a)

   65,500        3,365,390 

EVINE Live, Inc. (a),(b)

   1,700        1,955 

Ezcorp, Inc., Class A (a)

   7,100        75,970 

Freshpet, Inc. (a)

   100        3,670 

Genesco, Inc. (a)

   2,300        108,330 

Home Depot, Inc. (b)

   121,300        25,127,295 

Hudson Ltd., Class A (a)

   13,400        302,304 

Kirkland’s, Inc. (a),(b)

   5,800        58,522 

Liquidity Services, Inc. (a),(b)

   2,800        17,780 

Lowe’s Cos., Inc. (b)

   93,500        10,735,670 

Lululemon Athletica, Inc. (a),(b)

   77,200        12,544,228 

Macy’s, Inc. (b)

   190,700        6,623,011 

Monro Muffler Brake, Inc.

   7,600        528,960 

National Vision Holdings, Inc. (a)

   1,500        67,710 

New York & Co., Inc. (a)

   3,100        11,966 

Nordstrom, Inc.

   14,901        891,229 

O’Reilly Automotive, Inc. (a),(b)

   27,000        9,377,640 

Office Depot, Inc.

   8,545        27,429 

PetMed Express, Inc.

   5,100        168,351 

Ross Stores, Inc.

   20,600        2,041,460 

Sears Hometown and Outlet Stores, Inc. (a)

   100        285 

Shoe Carnival, Inc.

   1,600        61,600 

Stein Mart, Inc. (a),(b)

   900        2,115 

Stitch Fix, Inc., Class A (a)

   9,166        401,196 

Tapestry, Inc. (b)

   123,200        6,193,264 

Tile Shop Holdings, Inc.

   17,100        122,265 

Tilly’s, Inc., Class A

   12,900        244,455 

TJX Cos., Inc.

   131,100        14,685,822 

Tuesday Morning Corp. (a)

   6,200        19,840 

Ulta Salon Cosmetics & Fragrance, Inc. (a)

   20,972        5,916,621 

Urban Outfitters, Inc. (a)

   64,700        2,646,230 

Vera Bradley, Inc. (a)

   400        6,104 

Wayfair, Inc., Class A (a)

   37,500        5,537,625 

Zumiez, Inc. (a)

   5,800        152,830 
        

 

 

 
         140,066,860 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

30


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Shares        Value 

Semiconductors — 0.6%

        

Advanced Energy Industries, Inc. (a)

   1,700       $87,805 

Alpha & Omega Semiconductor Ltd. (a),(b)

   3,600        41,868 

Amkor Technology, Inc. (a),(b)

   50,500        373,195 

Amtech Systems, Inc. (a)

   100        534 

Axcelis Technologies, Inc. (a)

   16,250        319,312 

Cabot Microelectronics Corp.

   2,900        299,193 

CEVA, Inc. (a),(b)

   6,100        175,375 

Cohu, Inc. (b)

   4,000        100,400 

Data I/O Corp. (a)

   100        523 

Diodes, Inc. (a)

   9,000        299,610 

DSP Group, Inc. (a),(b)

   2,000        23,800 

Entegris, Inc.

   1,200        34,740 

FormFactor, Inc. (a)

   2,061        28,339 

Integrated Device Technology, Inc. (a)

   12,200        573,522 

Intel Corp.

   115,819        5,477,081 

IPG Photonics Corp. (a)

   4,300        671,101 

KLA-Tencor Corp. (b)

   56,400        5,736,444 

Lattice Semiconductor Corp. (a)

   22,800        182,400 

M/A-COM Technology Solutions Holdings, Inc. (a)

   1,532        31,559 

Maxim Integrated Products, Inc. (b)

   87,500        4,934,125 

Micron Technology, Inc. (a)

   7,220        326,561 

Nanometrics, Inc. (a)

   9,500        356,440 

NVIDIA Corp.

   100        28,102 

Photronics, Inc. (a),(b)

   22,800        224,580 

Pixelworks, Inc. (a)

   8,700        39,237 

Qualcomm, Inc. (b)

   110,000        7,923,300 

Rambus, Inc. (a)

   35,700        389,487 

Rudolph Technologies, Inc. (a),(b)

   8,700        212,715 

Semtech Corp. (a)

   3,900        216,840 

Silicon Laboratories, Inc. (a)

   1,300        119,340 

Synaptics, Inc. (a)

   14,200        647,804 

Teradyne, Inc. (b)

   44,000        1,627,120 

Texas Instruments, Inc.

   16,550        1,775,649 

Veeco Instruments, Inc. (a)

   12,830        131,508 

Xcerra Corp. (a)

   10,200        145,554 

Xilinx, Inc.

   44,300        3,551,531 

Xperi Corp.

   2,700        40,095 
        

 

 

 
         37,146,789 
        

 

 

 

Software — 2.6%

        

Adobe Systems, Inc. (a)

   14,800        3,995,260 

Agilysys, Inc. (a),(b)

   1,100        17,930 

Akamai Technologies, Inc. (a)

   8,000        585,200 

Altair Engineering, Inc. (a)

   15,100        656,095 

Alteryx, Inc., Class A (a)

   100        5,721 

 

See Notes to Consolidated Financial Statements.

 

31


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Shares        Value 

Amber Road, Inc. (a)

   5,100       $49,062 

Appfolio, Inc. (a)

   5,600        439,040 

Apptio, Inc., Class A (a)

   19,700        728,112 

Aspen Technology, Inc. (a)

   15,800        1,799,778 

Atlassian Corp. PLC, Class A (a)

   43,700        4,201,318 

Autodesk, Inc. (a)

   21,600        3,371,976 

Avid Technology, Inc. (a)

   6,100        36,173 

Benefitfocus, Inc. (a)

   1,200        48,540 

Black Knight, Inc. (a)

   27,400        1,423,430 

Blackline, Inc. (a)

   500        28,235 

Brightcove, Inc. (a)

   9,500        79,800 

Cadence Design Systems, Inc. (a)

   56,500        2,560,580 

Calix, Inc. (a),(b)

   3,900        31,590 

Carbonite, Inc. (a)

   2,000        71,300 

CDK Global, Inc.

   42,201        2,640,095 

Cerner Corp. (a),(d)

   149,440        9,625,430 

ChannelAdvisor Corp. (a)

   5,000        62,250 

Cision Ltd. (a)

   2,500        42,000 

Citrix Systems, Inc. (a),(b)

   53,800        5,980,408 

Cornerstone OnDemand, Inc. (a)

   23,400        1,327,950 

Coupa Software, Inc. (a)

   35,800        2,831,780 

Digi International, Inc. (a),(b)

   3,500        47,075 

Digital Turbine, Inc. (a)

   1,400        1,736 

eGain Corp. (a)

   400        3,240 

Everbridge, Inc. (a)

   11,600        668,624 

Finjan Holdings, Inc. (a)

   1,500        6,465 

Five9, Inc. (a)

   19,300        843,217 

ForeScout Technologies, Inc. (a)

   3,400        128,384 

Fortinet, Inc. (a)

   57,100        5,268,617 

GreenSky, Inc., Class A (a)

   600        10,800 

Guidewire Software, Inc. (a)

   100        10,101 

Hortonworks, Inc. (a)

   13,200        301,092 

HubSpot, Inc. (a)

   17,000        2,566,150 

Immersion Corp. (a)

   11,000        116,270 

Imperva, Inc. (a)

   900        41,805 

InnerWorkings, Inc. (a),(b)

   11,900        94,248 

Inseego Corp. (a)

   100        385 

Intuit, Inc. (b)

   48,100        10,937,940 

KEYW Holding Corp. (The) (a)

   700        6,062 

Limelight Networks, Inc. (a),(b)

   31,100        156,122 

LivePerson, Inc. (a)

   9,500        246,525 

Microsoft Corp.

   9,500        1,086,515 

MicroStrategy, Inc., Class A (a),(b)

   2,600        365,612 

Mimecast Ltd. (a)

   14,100        590,508 

MINDBODY, Inc., Class A (a)

   11,000        447,150 

Model N, Inc. (a),(b)

   9,200        145,820 

 

See Notes to Consolidated Financial Statements.

 

32


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Shares        Value 

Monotype Imaging Holdings, Inc. (b)

   2,200       $44,440 

New Relic, Inc. (a)

   35,200        3,316,896 

NextGen Healthcare, Inc. (a)

   2,600        52,208 

Okta, Inc. (a)

   27,400        1,927,864 

OneSpan, Inc. (a)

   700        13,335 

Oracle Corp.

   3,300        170,148 

Palo Alto Networks, Inc. (a),(b)

   58,500        13,177,710 

Paycom Software, Inc. (a)

   1,700        264,197 

Paylocity Holding Corp. (a)

   2,500        200,800 

PDF Solutions, Inc. (a),(b)

   5,600        50,568 

Pluralsight, Inc. (a)

   100        3,200 

Progress Software Corp.

   1,100        38,819 

Proofpoint, Inc. (a)

   25,200        2,679,516 

PROS Holdings, Inc. (a)

   5,900        206,618 

PTC, Inc. (a)

   10,200        1,083,138 

QAD, Inc., Class A (b)

   1,400        79,310 

Qualys, Inc. (a)

   1,300        115,830 

Rapid7, Inc. (a)

   12,600        465,192 

RealPage, Inc. (a)

   4,000        263,600 

Red Hat, Inc. (a)

   6,200        844,936 

SailPoint Technologies Holding, Inc. (a)

   700        23,814 

salesforce.com, Inc. (a)

   106,864        16,994,582 

Seachange International, Inc. (a)

   5,600        10,024 

SecureWorks Corp. (a)

   400        5,860 

SendGrid, Inc. (a)

   2,500        91,975 

ServiceNow, Inc. (a),(b)

   68,300        13,361,529 

Splunk, Inc. (a),(b)

   56,800        6,867,688 

SPS Commerce, Inc. (a)

   5,300        525,972 

Symantec Corp.

   119,600        2,545,088 

Synopsys, Inc. (a)

   6,100        601,521 

Tableau Software, Inc., Class A (a)

   22,600        2,525,324 

Tabula Rasa HealthCare, Inc. (a)

   100        8,119 

Telenav, Inc. (a),(b)

   2,500        12,625 

Ultimate Software Group, Inc. (The) (a)

   1,600        515,504 

Upland Software, Inc. (a)

   700        22,617 

Varonis Systems, Inc. (a)

   10,000        732,500 

Veeva Systems, Inc., Class A (a)

   41,600        4,528,992 

VMware, Inc., Class A (a),(b)

   53,500        8,349,210 

Workday, Inc., Class A (a),(b)

   42,100        6,145,758 

Workiva, Inc. (a)

   10,400        410,800 

Yext, Inc. (a)

   38,900        921,930 

Zendesk, Inc. (a)

   57,900        4,110,900 

Zynga, Inc., Class A (a)

   337,600        1,353,776 
        

 

 

 
         162,393,949 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

33


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Shares        Value 

Specialty Finance — 1.0%

        

AG Mortgage Investment Trust, Inc.

   6,300       $114,534 

AGNC Investment Corp. (b)

   300,938        5,606,475 

American Express Co. (d)

   68,332        7,276,674 

Annaly Capital Management, Inc.

   210,484        2,153,251 

Ares Commercial Real Estate Corp.

   3,900        54,483 

Capital One Financial Corp. (d)

   36,188        3,435,327 

Cardtronics PLC (a)

   14,900        471,436 

Cherry Hill Mortgage Investment Corp.

   2,700        48,870 

Consumer Portfolio Services, Inc. (a),(b)

   1,400        5,180 

Curo Group Holdings Corp. (a)

   3,100        93,713 

Dynex Capital, Inc.

   18,200        116,116 

Enova International, Inc. (a)

   3,500        100,800 

Essent Group Ltd. (a)

   26,800        1,185,900 

Euronet Worldwide, Inc. (a)

   600        60,132 

Everi Holdings, Inc. (a)

   36,400        333,788 

Exantas Capital Corp.

   8,000        87,840 

Fidelity National Information Services, Inc. (b)

   58,000        6,326,060 

First American Financial Corp.

   9,300        479,787 

Fiserv, Inc. (a)

   16,500        1,359,270 

FNF Group

   100        3,935 

General Finance Corp. (a)

   1,100        17,545 

Great Ajax Corp.

   300        4,083 

Green Dot Corp., Class A (a)

   4,800        426,336 

Invesco Mortgage Capital, Inc.

   33        522 

KKR Real Estate Finance Trust, Inc.

   6,500        131,105 

Ladder Capital Corp.

   42,255        715,800 

MasterCard, Inc., Class A

   1,300        289,393 

MFA Financial, Inc.

   82,600        607,110 

Navient Corp.

   1,400        18,872 

New York Mortgage Trust, Inc.

   1,100        6,688 

NewStar Financial, Inc. (e)

   100        0 

On Deck Capital, Inc. (a)

   1,500        11,355 

Ready Capital Corp. REIT

   355        5,911 

Regional Management Corp. (a)

   100        2,883 

Square, Inc. (a)

   189,900        18,801,999 

Starwood Property Trust, Inc.

   48,200        1,037,264 

Total System Services, Inc.

   29,200        2,883,208 

TPG RE Finance Trust, Inc.

   6,700        134,134 

Visa, Inc., A Shares

   3,800        570,342 

WEX, Inc. (a)

   1,200        240,912 

World Acceptance Corp. (a)

   400        45,744 

Worldpay, Inc., Class A (a),(d)

   73,538        7,447,193 
        

 

 

 
         62,711,970 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

34


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Shares        Value 

Technology Services — 0.4%

        

Amdocs Ltd.

   400       $26,392 

Automatic Data Processing, Inc.

   68,700        10,350,342 

Black Box Corp. (a)

   3,800        3,914 

Broadridge Financial Solutions, Inc.

   9,000        1,187,550 

CDW Corp.

   14,200        1,262,664 

Conduent, Inc. (a)

   55,400        1,247,608 

Convergys Corp.

   500        11,870 

CoStar Group, Inc. (a)

   400        168,336 

CPI Card Group, Inc. (a)

   320        1,085 

CSG Systems International, Inc.

   300        12,042 

Dell Technologies, Inc.—VMware, Inc., Class V (a)

   29,200        2,835,904 

DXC Technology Co.

   1        93 

Equifax, Inc. (b)

   5,500        718,135 

FactSet Research Systems, Inc.

   7,400        1,655,454 

Forrester Research, Inc.

   200        9,180 

Genpact Ltd. (b)

   27,200        832,592 

ICF International, Inc.

   900        67,905 

Information Services Group, Inc. (a)

   1,500        7,170 

Leidos Holdings, Inc.

   2,200        152,152 

Luxoft Holding, Inc. (a)

   8,100        383,535 

Moody’s Corp.

   2,300        384,560 

NIC, Inc.

   4,800        71,040 

Perficient, Inc. (a)

   6,600        175,890 

Perspecta, Inc.

   200        5,144 

PFSweb, Inc. (a)

   1,200        8,880 

Science Applications International Corp.

   100        8,060 

ServiceSource International, Inc. (a)

   14,400        41,040 

Sykes Enterprises, Inc. (a)

   100        3,049 

Syntel, Inc. (a)

   3,000        122,940 

TransUnion

   2,100        154,518 

TTEC Holdings

   500        12,950 

Unisys Corp. (a)

   100        2,040 
        

 

 

 
         21,924,034 
        

 

 

 

Telecommunications — 0.2%

        

8x8, Inc. (a)

   3,900        82,875 

AT&T, Inc. (b)

   171,390        5,755,276 

Bandwidth, Inc., Class A (a)

   2,500        133,925 

Cogent Communications Holdings, Inc.

   3,000        167,400 

EchoStar Corp., Class A (a)

   200        9,274 

IDT Corp., Class B (b)

   2,400        12,816 

RigNet, Inc. (a)

   600        12,210 

RingCentral, Inc., Class A (a)

   28,900        2,689,145 

Spok Holdings, Inc. (b)

   2,100        32,340 

 

See Notes to Consolidated Financial Statements.

 

35


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Shares        Value 

Twilio, Inc. (a)

   48,400       $4,175,952 

Zayo Group Holdings, Inc. (a)

   18,700        649,264 

Zix Corp. (a),(b)

   8,600        47,730 
        

 

 

 
         13,768,207 
        

 

 

 

Transportation & Logistics — 0.3%

        

Air Transport Services Group, Inc. (a),(b)

   10,100        216,847 

ArcBest Corp.

   3,300        160,215 

CH Robinson Worldwide, Inc.

   8,100        793,152 

Covenant Transportation Group, Inc., Class A (a)

   1,400        40,684 

CSX Corp.

   34,900        2,584,345 

Eagle Bulk Shipping, Inc. (a)

   13,985        78,596 

Echo Global Logistics, Inc. (a)

   1,000        30,950 

FedEx Corp.

   9,100        2,191,189 

Genco Shipping & Trading Ltd. (a)

   1,600        22,400 

JB Hunt Transport Services, Inc.

   8,000        951,520 

Landstar System, Inc.

   200        24,400 

Marten Transport Ltd.

   6,133        129,100 

Old Dominion Freight Line, Inc.

   200        32,252 

Overseas Shipholding Group, Inc. (a)

   900        2,835 

Radiant Logistics, Inc. (a)

   2,800        16,548 

Roadrunner Transportation Systems, Inc. (a)

   10,200        8,527 

Ryder System, Inc. (b)

   6,500        474,955 

Schneider National, Inc.,—Class B

   5,200        129,896 

Steel Connect, Inc. (a),(b)

   1,400        2,982 

United Parcel Service, Inc., Class B

   91,300        10,659,275 

Universal Logistics Holdings, Inc.

   300        11,040 

USA Truck, Inc. (a),(b)

   3,400        68,782 

YRC Worldwide, Inc. (a)

   200        1,796 
        

 

 

 
         18,632,286 
        

 

 

 

Transportation Equipment — 0.2%

        

Allison Transmission Holdings, Inc. (b)

   65,300        3,396,253 

American Railcar Industries, Inc.

   1,100        50,710 

Blue Bird Corp. (a)

   2,700        66,150 

Commercial Vehicle Group, Inc. (a)

   9,600        87,936 

Cummins, Inc. (b)

   46,600        6,806,862 

Meritor, Inc. (a)

   15,500        300,080 

PACCAR, Inc. (b)

   13,700        934,203 

Spartan Motors, Inc.

   4,300        63,425 

Trinity Industries, Inc.

   2,100        76,944 

Wabash National Corp.

   3,600        65,628 

WABCO Holdings, Inc. (a)

   100        11,794 
        

 

 

 
         11,859,985 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

36


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Shares         Value 

Utilities — 0.1%

        

Alliant Energy Corp.

   100       $4,257 

American Electric Power Co., Inc.

   11,900        843,472 

CenterPoint Energy, Inc.

   123,300        3,409,245 

CMS Energy Corp.

   2,200        107,800 

Consolidated Water Co. Ltd.

   1,600        22,160 

DTE Energy Co.

   10,300        1,124,039 

Exelon Corp.

   100        4,366 

Just Energy Group, Inc.

   3,200        9,920 

NRG Energy, Inc.

   900        33,660 

Pinnacle West Capital Corp.

   16,000        1,266,880 

PPL Corp.

   2,600        76,076 

Public Service Enterprise Group, Inc.

   3,000        158,370 

WEC Energy Group, Inc.

   29        1,936 
        

 

 

 
         7,062,181 
        

 

 

 

Waste & Environmental Services & Equipment — 0.2%

 

      

Advanced Disposal Services, Inc. (a)

   23,737        642,798 

Casella Waste Systems, Inc., Class A (a),(b)

   9,400        291,964 

Ceco Environmental Corp.

   4,500        35,460 

Heritage-Crystal Clean, Inc. (a)

   1,400        29,890 

Republic Services, Inc.

   22,700        1,649,382 

Waste Connections, Inc.

   34        2,712 

Waste Management, Inc. (b)

   70,400        6,361,344 
        

 

 

 
         9,013,550 
        

 

 

 

Total North America

         1,780,932,139 
        

 

 

 

South America — 0.0%

        

Banking — 0.0%

        

Credicorp Ltd.

   3,500        780,780 
        

 

 

 

Chemicals — 0.0%

        

Sociedad Quimica y Minera de Chile SA, ADR

   2,400        109,728 
        

 

 

 

Consumer Products — 0.0%

        

AMBEV SA, ADR

   80,800        369,256 
        

 

 

 

Gaming, Lodging & Restaurants — 0.0%

        

Arcos Dorados Holdings, Inc., A Shares

   24,400        152,500 
        

 

 

 

Iron & Steel — 0.0%

        

Vale SA, ADR

   5,600        83,104 
        

 

 

 

Oil, Gas & Coal — 0.0%

        

Geopark Ltd. (a)

   1,300        26,520 

Ultrapar Participacoes SA, ADR

   100        926 
        

 

 

 
         27,446 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

37


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Shares         Value 

Technology Services — 0.0%

        

Globant SA (a)

   200       $11,798 
        

 

 

 

Utilities — 0.0%

        

Cia Energetica de Minas Gerais, ADR (b)

   5,700        9,747 
        

 

 

 

Total South America

         1,544,359 
        

 

 

 

TOTAL COMMON STOCK
(COST $1,693,773,528)

         1,846,169,207 
        

 

 

 

PREFERRED STOCK — 2.9%

        

Asia — 2.9%

        

Financial Services — 2.9%

        

Mandatory Exchangeable Trust,
5.75%, 06/01/19 (b),(d),(f),(q)

   995,016        184,326,714 
        

 

 

 

Total Asia

         184,326,714 
        

 

 

 

TOTAL PREFERRED STOCK
(COST $170,484,292)

         184,326,714 
        

 

 

 

Security Description

  Principal
Amount
         Value 

ASSET-BACKED SECURITIES — 5.1%

        

North America — 5.1%

        

ACIS CLO Ltd., Series 2015-6A, Class D, 3 mo. USD LIBOR + 3.77%, 6.11%, 05/01/27 (d),(f),(g)

  $2,000,000        1,996,536 

Adams Mill CLO Ltd., Series 2014-1A, Class D1, 3 mo. USD LIBOR + 3.50%, 5.84%, 07/15/26 (d),(f),(g)

   4,750,000        4,739,213 

Allegro CLO II-S Ltd., Series 2014-1RA, Class C, 3 mo. USD LIBOR + 3.00%, 5.15%, 10/21/28 (d),(f),(g)

   3,000,000        3,000,000 

Allegro CLO Ltd.,

        

Series 2013-1A, Class C, 3 mo. USD LIBOR + 3.45%, 5.79%, 01/30/26 (d),(f),(g)

   5,000,000        4,995,690 

Series 2015-1A, Class DR, 3 mo. USD LIBOR + 2.65%, 4.99%, 07/25/27 (d),(f),(g)

   1,500,000        1,483,736 

ALM Loan Funding, Series 2013-7RA, Class CR, 3 mo. USD LIBOR + 4.04%, 6.38%, 10/15/28 (d),(f),(g)

   1,000,000        1,010,564 

ALM XVIII Ltd., Series 2016-18A, Class CR, 3 mo. USD LIBOR + 3.00%, 5.34%, 01/15/28 (d),(f),(g)

   1,000,000        996,683 

Apidos CLO, Series 2014-18A, Class D, 3 mo. USD LIBOR + 5.20%, 7.55%, 07/22/26 (d),(f),(g)

   3,600,000        3,591,659 

 

See Notes to Consolidated Financial Statements.

 

38


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

Atlas Senior Loan Fund Ltd., Series 2014-1A, Class DR2, 3 mo. USD LIBOR + 4.00%, 6.34%, 07/16/29 (d),(f),(g)

  $2,000,000       $2,016,834 

Avant Loans Funding Trust, Series 2018-A, Class C,
4.79%, 05/15/24 (d),(f)

   1,161,000        1,158,652 

Avery Point CLO Ltd., Series 2014-5A, Class DR, 3 mo. USD LIBOR + 3.10%, 5.44%, 07/17/26 (d),(f),(g)

   1,000,000        997,474 

Babson CLO Ltd., Series 2013-IA, Class DR, 3 mo. USD LIBOR + 2.55%, 4.90%, 01/20/28 (d),(f),(g)

   2,000,000        1,987,510 

Battalion CLO Ltd., Series 2016-10A, Class C, 3 mo. USD LIBOR + 4.25%, 6.59%, 01/24/29 (d),(f),(g)

   7,500,000        7,513,732 

Bear Stearns Asset-Backed Securities Trust,

        

Series 2007-1, Class A2, 1 mo. USD LIBOR + ..28%, 2.50%, 01/25/37 (d),(g)

   1,317,671        1,313,967 

Series 2007-2, Class A2, 1 mo. USD LIBOR + ..32%, 2.54%, 01/25/47 (d),(g)

   2,255,882        2,192,095 

Black Diamond CLO Ltd., Series 2017-1A, Class C, 3 mo. USD LIBOR + 3.95%, 6.29%, 04/24/29 (d),(f),(g)

   3,000,000        3,005,475 

Brookside Mill CLO Ltd., Series 2013-1A, Class DR, 3 mo. USD LIBOR + 2.65%, 4.99%, 01/17/28 (d),(f),(g)

   4,000,000        3,909,564 

Carlyle Global Market Strategies CLO Ltd.,

        

3 mo. USD LIBOR + 2.60%, 
4.94%, 04/17/31 (d),(f),(g)

   3,000,000        2,940,423 

Series 2013-3A, Class CR, 3 mo. USD LIBOR + 2.45%,
4.79%, 10/15/30 (d),(f),(g)

   1,000,000        975,628 

Catamaran CLO Ltd.,

        

Series 2013-1A, Class DR, 3 mo. USD LIBOR + 2.80%,
5.14%, 01/27/28 (d),(f),(g)

   5,235,000        5,226,818 

Series 2014-1A, Class CR, 3 mo. USD LIBOR + 3.43%,
5.78%, 04/22/30 (d),(f),(g)

   3,100,000        3,105,949 

Series 2015-1A, Class DR, 3 mo. USD LIBOR + 2.80%,
5.15%, 04/22/27 (d),(f),(g)

   1,000,000        997,975 

Series 2015-1A, Class E, 3 mo. USD LIBOR + 5.15%,
7.50%, 04/22/27 (d),(f),(g)

   2,000,000        1,968,772 

CIFC Funding Ltd.,

        

Series 2013-1A, Class DR, 3 mo. USD LIBOR + 6.65%,
8.99%, 07/16/30 (d),(f),(g)

   2,000,000        2,003,056 

Series 2014-4A, Class D, 3 mo. USD LIBOR + 3.40%,
5.74%, 10/17/26 (d),(f),(g)

   1,200,000        1,197,368 

 

See Notes to Consolidated Financial Statements.

 

39


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

Series 2015-4A, Class D, 3 mo. USD LIBOR + 5.50%, 7.85%, 10/20/27 (d),(f),(g)

  $1,000,000       $996,585 

Series 2015-5A, Class CR, 3 mo. USD LIBOR + 2.95%, 5.29%, 10/25/27 (d),(f),(g)

   4,000,000        3,990,312 

Covenant Credit Partners CLO Ltd.,

        

Series 2014-2A, Class D, 3 mo. USD LIBOR + 3.65%, 5.99%, 10/17/26 (d),(f),(g)

   3,000,000        2,992,518 

Series 2017-1A, Class D, 3 mo. USD LIBOR + 3.75%, 6.09%, 10/15/29 (d),(f),(g)

   2,000,000        2,006,822 

Credit Suisse Mortgage Trust, Series 2015-RPL5, Class A1,
3.80%, 11/26/55 (b),(d),(f),(g)

   27,546,176        27,472,931 

Denali Capital CLO Ltd., Series 2013-1A, Class B2LR, 3 mo. USD LIBOR + 4.75%,
7.08%, 10/26/27 (d),(f),(g)

   1,000,000        941,868 

Drive Auto Receivables Trust,

        

Series 2015-AA, Class D,
4.12%, 07/15/22 (b),(d),(f)

   5,300,000        5,339,506 

Series 2015-DA, Class D,
4.59%, 01/17/23 (d),(f)

   2,500,000        2,530,392 

Dryden Senior Loan Fund, Series 2014-36A, Class DR, 3 mo. USD LIBOR + 4.24%,
6.58%, 01/15/28 (d),(f),(g)

   5,000,000        5,023,020 

DT Auto Owner Trust,

        

Series 2015-1A, Class D,
4.26%, 02/15/22 (d),(f)

   623,274        625,398 

Series 2015-3A, Class D,
4.53%, 10/17/22 (d),(f)

   4,061,816        4,093,779 

Series 2016-1A, Class D, 4.66%, 12/15/22 (d),(f)

   3,000,000        3,032,031 

Evans Grove CLO Ltd., Series 2018-1A, Class D, 3 mo. USD LIBOR + 3.20%,
5.51%, 05/28/28 (d),(f),(g)

   5,000,000        4,987,270 

Exeter Automobile Receivables Trust,

        

Series 2014-2A, Class D,
4.93%, 12/15/20 (d),(f)

   2,670,104        2,681,027 

Series 2016-3A, Class C, 4.22%, 06/15/22 (d),(f)

   2,450,000        2,478,381 

Figueroa CLO Ltd., Series 2013-2A, Class CRR, 3 mo. USD LIBOR + 3.05%,
5.39%, 06/20/27 (d),(f),(g)

   5,000,000        4,987,395 

Gallatin CLO IX Ltd., Series 2018-1A, Class D1, 3 mo. USD LIBOR + 3.10%,
5.54%, 01/21/28 (d),(f),(g)

   4,500,000        4,477,500 

Gallatin Loan Management, 3 mo. USD LIBOR + 3.25%, 5.59%, 07/15/27 (d),(f),(g)

   2,000,000        1,999,740 

 

See Notes to Consolidated Financial Statements.

 

40


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

Garrison Funding Ltd., Series 2015-1A, Class CR, 3 mo. USD LIBOR + 3.90%,
6.21%, 09/21/29 (d),(f),(g)

  $4,000,000       $4,009,864 

Greywolf CLO Ltd.,

        

Series 2014-1A, Class CR, 3 mo. USD LIBOR + 3.20%,
5.55%, 04/22/26 (d),(f),(g)

   5,000,000        4,990,555 

Series 2014-1A, Class D, 3 mo. USD LIBOR + 5.10%,
7.45%, 04/22/26 (d),(f),(g)

   6,300,000        6,284,137 

Harbourview CLO Ltd., Series 7RA, Class D, 3 mo. USD LIBOR + 3.36%,
5.50%, 07/18/31 (d),(f),(g)

   4,000,000        3,940,680 

ICG US CLO Ltd., Series 2016-1A, Class CR, 3 mo. USD LIBOR + 3.05%,
5.39%, 07/29/28 (d),(f),(g)

   1,000,000        1,001,424 

Jamestown CLO Ltd.,

        

Series 2014-4A, Class CR, 3 mo. USD LIBOR + 2.65%,
4.99%, 07/15/26 (d),(f),(g)

   5,000,000        4,947,345 

Series 2015-7A, Class CR, 3 mo. USD LIBOR + 2.60%,
4.94%, 07/25/27 (d),(f),(g)

   5,500,000        5,458,942 

Series 2018-11A, Class C, 3 mo. USD LIBOR + 3.25%,
5.76%, 07/14/31 (d),(f),(g)

   2,000,000        2,006,188 

JMP Credit Advisors CLO Ltd., Series 2014-1RA, Class D, 3 mo. USD LIBOR + 2.60%,
4.94%, 01/17/28 (d),(f),(g)

   5,310,000        5,203,349 

Madison Park Funding Ltd.,

        

Series 2012-10A, Class DR, 3 mo. USD LIBOR + 4.20%,
6.55%, 01/20/29 (d),(f),(g)

   1,000,000        1,003,303 

Series 2014-14A, Class DR, 3 mo. USD LIBOR + 3.25%,
5.60%, 07/20/26 (d),(f),(g)

   1,000,000        1,000,513 

Series 2016-20A, Class DR, 3 mo. USD LIBOR + 3.00%,
5.33%, 07/27/30 (d),(f),(g)

   4,000,000        3,999,524 

Series 2018-30A, Class D, 3 mo. USD LIBOR + 2.50%,
4.84%, 04/15/29 (d),(f),(g)

   4,605,000        4,525,274 

Mountain View CLO LLC, Series 2017-1A, Class D, 3 mo. USD LIBOR + 3.60%,
5.94%, 10/16/29 (d),(f),(g)

   2,000,000        2,007,664 

Mountain View CLO Ltd.,

        

Series 2015-10A, Class DR, 3 mo. USD LIBOR + 2.60%,

4.94%, 10/13/27 (d),(f),(g)

   2,500,000        2,449,837 

Series 2015-9A, Class CR, 3 mo. USD LIBOR + 3.12%,
5.46%, 07/15/31 (d),(f),(g)

   2,000,000        1,994,612 

Nationstar HECM Loan Trust,

        

Series 2017-1A, Class M2,
4.70%, 05/25/27 (d),(f)

   1,480,000        1,471,459 

 

See Notes to Consolidated Financial Statements.

 

41


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

Series 2017-2A, Class M2,
3.97%, 09/25/27 (d),(f),(g)

  $4,070,000       $4,075,083 

Northwoods Capital Ltd., Series 2018-12BA, Class D, 3 mo. USD LIBOR + 3.15%,
5.49%, 06/15/31 (d),(f),(g)

   3,000,000        2,991,924 

NYMT Residential LLC, Series 2016-RP1A, Class A,
4.00%, 03/25/21 (d),(f),(g)

   1,292,268        1,292,292 

Oaktree CLO Ltd.,

        

Series 2014-2A, Class D, 3 mo. USD LIBOR + 5.25%,
7.60%, 10/20/26 (d),(f),(g)

   4,500,000        4,483,107 

Series 2015-1A, Class DR, 3 mo. USD LIBOR + 5.20%,
7.55%, 10/20/27 (d),(f),(g)

   2,500,000        2,486,492 

Ocean Trails CLO,

        

Series 2014-5A, Class DR, 3 mo. USD LIBOR + 3.60%,
5.94%, 10/13/26 (d),(f),(g)

   1,250,000        1,247,548 

Series 2014-5A, Class E, 3 mo. USD LIBOR + 5.35%,
7.69%, 10/13/26 (d),(f),(g)

   2,000,000        1,992,660 

OCP CLO Ltd., Series 2015-9A, Class CR, 3 mo. USD LIBOR + 2.70%,
5.04%, 07/15/27 (d),(f),(g)

   1,500,000        1,477,182 

Octagon Investment Partners Ltd.,

        

Series 2012-1A, Class CR, 3 mo. USD LIBOR + 4.00%,
6.34%, 07/15/29 (d),(f),(g)

   2,000,000        2,023,636 

Series 2014-1A, Class D, 3 mo. USD LIBOR + 6.60%,
8.92%, 11/14/26 (d),(f),(g)

   2,000,000        1,998,724 

OFSI Fund Ltd.,

        

Series 2013-5A, Class B2L, 3 mo. USD LIBOR + 5.25%,
7.59%, 04/17/25 (d),(f),(g)

   1,900,000        1,892,778 

Series 2014-6A, Class CR, 3 mo. USD LIBOR + 2.50%,
4.84%, 03/20/25 (d),(f),(g)

   5,000,000        4,986,770 

Series 2014-7A, Class DR, 3 mo. USD LIBOR + 3.20%,
5.53%, 10/18/26 (d),(f),(g)

   2,000,000        1,994,942 

OHA Credit Partners Ltd., Series 2013-9A, Class E, 3 mo. USD LIBOR + 5.00%,
7.35%, 10/20/25 (d),(f),(g)

   1,503,000        1,498,623 

OneMain Financial Issuance Trust,

        

Series 2015-1A, Class D,
6.63%, 03/18/26 (d),(f)

   1,500,000        1,508,513 

Series 2015-2A, Class D,
5.64%, 07/18/25 (d),(f)

   3,000,000        3,025,362 

Series 2016-2A, Class C,
5.67%, 03/20/28 (d),(f),(g)

   3,500,000        3,548,485 

Series 2017-1A, Class D,
4.52%, 09/14/32 (d),(f)

   3,500,000        3,434,319 

 

See Notes to Consolidated Financial Statements.

 

42


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

OZLM Ltd.,

        

Series 2014-8A, Class CR, 3 mo. USD LIBOR + 3.40%, 5.74%,
10/17/26 (d),(f),(g)

  $2,250,000       $2,245,777 

Series 2015-12A, Class D, 3 mo. USD LIBOR + 5.40%, 7.74%,
04/30/27 (d),(f),(g)

   7,333,000        7,333,000 

Series 2015-13A, Class D, 3 mo. USD LIBOR + 5.45%, 7.79%,
07/30/27 (d),(f),(g)

   1,100,000        1,100,000 

OZLM VI Ltd., Series 2014-6A, Class CS, 3 mo. USD LIBOR + 3.13%,
5.47%, 04/17/31 (d),(f),(g)

   2,000,000        2,003,874 

OZLM XII Ltd., Series 2015-12A, Class CR, 3 mo. USD LIBOR + 3.00%, 5.19%, 04/30/27 (d),(f),(g)

   1,500,000        1,491,773 

Parallel 2017-1 Ltd., Series 2017-1A, Class D, 3 mo. USD LIBOR + 3.60%, 5.95%, 07/20/29 (d),(f),(g)

   6,000,000        6,022,770 

Parallel Ltd., Series 2015-1A, Class DR, 3 mo. USD LIBOR + 2.55%, 4.90%, 07/20/27 (d),(f),(g)

   5,000,000        4,889,515 

Thacher Park CLO Ltd., Series 2014-1A, Class E2, 3 mo. USD LIBOR + 6.00%, 8.35%, 10/20/26 (d),(f),(g)

   1,000,000        997,353 

THL Credit Wind River CLO Ltd., Series 2014-3A, Class DR, 3 mo. USD LIBOR + 3.35%, 5.70%, 01/22/27 (d),(f),(g)

   4,000,000        4,000,000 

TICP CLO I-2 Ltd., Series 2018-IA, Class C, 3 mo. USD LIBOR + 3.04%, 5.40%, 04/26/28 (d),(f),(g)

   3,000,000        2,992,245 

TICP CLO Ltd.,

        

Series 2016-6A, Class D, 3 mo. USD LIBOR + 4.20%, 6.54%, 01/15/29 (d),(f),(g)

   1,000,000        1,001,704 

Series 2018-IIA, Class C, 3 mo. USD LIBOR + 2.95%, 5.95%, 04/20/28 (d),(f),(g)

   1,500,000        1,488,528 

TICP CLO VII Ltd., Series 2017-7A, Class D, 3 mo. USD LIBOR + 3.75%, 6.09%, 07/15/29 (d),(f),(g)

   2,000,000        2,001,264 

TruPS Financials Note Securitization Ltd., Series 2017-1A, Class B, 3 mo. USD LIBOR + 5.10%, 7.46%, 04/20/38 (d),(f),(e),(g)

   3,000,000        2,946,000 

Venture CDO Ltd., Series 2014-19A, Class D, 3 mo. USD LIBOR + 4.00%, 6.34%, 01/15/27 (b),(d),(f),(g)

   2,500,000        2,495,910 

Venture CLO Ltd.,

        

Series 2013-14A, Class DR, 3 mo. USD LIBOR + 4.00%,
6.31%, 08/28/29 (d),(f),(g)

   4,000,000        4,023,520 

 

See Notes to Consolidated Financial Statements.

 

43


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Principal
Amount
         Value 

Series 2014-16A, Class DRR, 3 mo. USD LIBOR + 2.51%,
4.85%, 01/15/28 (d),(f),(g)

  $4,000,000       $3,960,804 

Series 2014-18A, Class DR, 3 mo. USD LIBOR + 3.10%,
5.44%, 10/15/29 (d),(f),(g)

   1,000,000        997,983 

Vericrest Opportunity Loan Trust,

        

Series 2017-NPL6 SEQ, Class A1,
3.25%, 05/25/47 (d),(f),(g)

   515,145        512,688 

Series 2017-NPL7 SEQ, Class A1,
3.25%, 06/25/47 (d),(f),(g)

   645,585        640,324 

Series 2017-NPL9 SEQ, Class A1,
3.13%, 09/25/47 (d),(f),(g)

   1,500,617        1,485,211 

Vericrest Opportunity Loan Trust LLC, Series 2017-NP11 SEQ, Class A1,
3.38%, 10/25/47 (d),(f),(g)

   2,191,297        2,172,579 

Vibrant CLO Ltd.,

        

Series 2015-3A, Class C, 3 mo. USD LIBOR + 3.65%, 6.00%,
04/20/26 (d),(f),(g)

   3,000,000        3,000,000 

Series 2018-8A, Class C, 3 mo. USD LIBOR + 2.85%, 5.20%, 01/20/31 (d),(f),(g)

   6,000,000        5,906,070 

VOYA CLO 2017-2, Series 2017-2A, Class C, 3 mo. USD LIBOR + 3.70%,
6.04%, 06/07/30 (d),(f),(g)

   4,000,000        4,025,492 

Voya CLO Ltd., Series 2014-3A, Class CR, 3 mo. USD LIBOR + 2.65%,
4.99%, 07/25/26 (d),(f),(g)

   1,000,000        994,760 

WhiteHorse Ltd., Series 2015-10A, Class DR, 3 mo. USD LIBOR + 3.00%,
5.34%, 04/17/27 (d),(f),(g)

   1,250,000        1,243,831 
        

 

 

 

Total North America

 

     319,207,933 
        

 

 

 

TOTAL ASSET-BACKED SECURITIES
(COST $318,732,699)

 

     319,207,933 
        

 

 

 

CONVERTIBLE BONDS — 0.7%

        

Europe — 0.3%

        

Pharmaceuticals — 0.3%

        

Bayer Capital Corp. BV, 5.63%, 11/22/19 (d),(f)

   20,000,000    EUR      21,379,351 

Bayer Capital Corp. BV REG S, 5.63%, 11/22/19

   500,000    EUR      534,484 
        

 

 

 

Total Europe

         21,913,835 
        

 

 

 

Middle East — 0.3%

        

Financial Services — 0.3%

        

Volcan Holdings II PLC, 3.88%, 10/10/20

   6,700,000    GBP      10,435,674 

 

See Notes to Consolidated Financial Statements.

 

44


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Principal
Amount
         Value 

Volcan Holdings PLC REG S, 4.13%, 04/11/20

   3,700,000    GBP     $6,221,130 
        

 

 

 

Total Middle East

         16,656,804 
        

 

 

 

North America — 0.1%

        

Wireless Telecommunications Services — 0.1%

        

America Movil SAB de CV, 0.01%, 05/28/20

   6,600,000    EUR      7,543,085 
        

 

 

 

Total North America

         7,543,085 
        

 

 

 

TOTAL CONVERTIBLE BONDS
(COST $45,034,224)

         46,113,724 
        

 

 

 

BANK DEBT — 0.6%

        

Asia — 0.0%

        

Transportation & Logistics — 0.0%

        

Hanjin International Corp., 2017 Term Loan B, 3 mo. LIBOR + 2.50%, 4.83%, 10/18/20 (d),(e),(g),(r)

  $483,006        482,402 
        

 

 

 

Total Asia

         482,402 
        

 

 

 

Europe — 0.0%

        

Exploration & Production — 0.0%

        

Endeavour International Holding BV, Term Loan A1, 0.00%, 01/02/19 (d),(e),(j),(r)

   1,563,903        312,781 
        

 

 

 

Medical Equipment & Devices Manufacturing — 0.0%

 

    

Ortho-Clinical Diagnostics SA, 2018 Term Loan B, 1 mo. LIBOR + 3.25%, 5.49%, 06/30/25 (d),(e),(g)

   2,233,496        2,253,035 
        

 

 

 

Wireless Telecommunications Services — 0.0%

        

Intelsat Jackson Holdings S.A.,

 

2017 Term Loan B4, 1 mo. LIBOR + 4.50%, 6.73%, 01/02/24 (d),(e),(g)

   17,354        18,211 

2017 Term Loan B5, 6.63%, 01/02/24 (d),(e)

   202,215        210,455 
        

 

 

 
         228,666 
        

 

 

 

Total Europe

         2,794,482 
        

 

 

 

North America — 0.6%

        

Advertising & Marketing — 0.1%

        

Advantage Sales & Marketing, Inc., 2014 1st Lien Term Loan, 1 mo. LIBOR + 3.25%, 5.49%, 07/23/21 (d),(e),(g)

   185,445        171,490 

Getty Images, Inc., Term Loan B, 1 mo. LIBOR + 3.50%, 5.74%, 10/18/19 (d),(e),(g)

   2,592,955        2,572,341 
        

 

 

 
         2,743,831 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

45


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

Aerospace & Defense — 0.0%

        

Sequa Mezzanine Holdings LLC,
0.00%, 11/28/21 (d),(e),(s)

  $350,001       $343,876 
        

 

 

 

Chemicals — 0.0%

        

LyondellBasell Industries NV,

        

0.00%, 08/15/49 (d),(e),(j),(i)

   16,732,095        0 

1.00%, 08/15/15 (d),(e),(g),(i)

   980,468   EUR     0 
        

 

 

 
         0 
        

 

 

 

Coal Operations — 0.0%

        

Blackhawk Mining LLC, 2017 Term Loan B1, 3 mo. LIBOR + 10.00%, 12.35%, 02/17/22 (d),(e),(g)

  $1,106,060        915,265 
        

 

 

 

Commercial Services — 0.0%

        

Aegis Sciences Corp., 2018 Term Loan, 3 mo. LIBOR + 5.50%, 7.84%,
05/02/25 (d),(e),(g)

   165,292        160,609 
        

 

 

 

Consumer Finance — 0.0%

        

Ocwen Financial Corp., 2016 Term Loan B, 1 mo. LIBOR + 5.00%, 7.17%,
12/05/20 (d),(e),(g)

   536,710        538,723 
        

 

 

 

Consumer Products — 0.0%

        

KIK Custom Products, Inc., 2015 Term Loan B, 1 mo. LIBOR + 4.00%, 6.24%, 05/15/23 (d),(e),(g)

   1,305,661        1,298,806 

Revlon Consumer Products Corp.,

        

2016 Term Loan B, 3 mo. LIBOR + 3.50%, 5.81%, 09/07/23 (d),(e),(g)

   671,312        510,869 

2016 Term Loan B, 3 mo. LIBOR + 3.50%, 5.89%, 09/07/23 (d),(e),(g)

   1,717        1,306 
        

 

 

 
         1,810,981 
        

 

 

 

Containers & Packaging — 0.1%

        

BWAY Holding Co., 2017 Term Loan B, 3 mo. LIBOR + 3.25%, 5.58%,
04/03/24 (d),(e),(g)

   1,757,909        1,755,712 

Fort Dearborn Company,

 

2016 1st Lien Term Loan, 1 mo. LIBOR 4.00%, 6.10%, 10/19/23 (d),(e),(g),(r)

   4,569        4,294 

2016 1st Lien Term Loan, 3 mo. LIBOR 4.00%, 6.34%, 10/19/23 (d),(e),(g),(r)

   1,510,117        1,419,510 
        

 

 

 
         3,179,516 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

46


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

Educational Services — 0.0%

        

SSH Group Holdings, Inc., 2018 1st Lien Term Loan, 3 mo. LIBOR + 4.25%,
6.59%, 07/30/25 (d),(e),(g),(r)

  $596,668       $601,441 
        

 

 

 

Electrical Equipment Manufacturing — 0.0%

        

Thermon Industries, Inc., Term Loan B, 2 mo. LIBOR + 3.75%, 5.85%,
10/24/24 (d),(e),(g),(r)

   669,997        673,347 
        

 

 

 

Financial Services — 0.0%

        

UFC Holdings LLC, 1st Lien Term Loan, 1 mo. LIBOR + 3.25%, 5.50%,
08/18/23 (d),(e),(g)

   1,205,287        1,211,688 
        

 

 

 

Food & Beverage — 0.0%

        

Flavors Holdings, Inc., 1st Lien Term Loan, 3 mo. LIBOR + 5.75%, 8.14%,
04/03/20 (d),(e),(g),(r)

   35,162        32,525 
        

 

 

 

Health Care Facilities & Services — 0.1%

        

New Millennium HoldCo, Inc., Exit Term Loan, 1 mo. LIBOR + 6.50%,
8.74%, 12/21/20 (d),(e),(g)

   145,636        80,391 

Pearl Intermediate Parent LLC, 2018 2nd Lien Term Loan, 1 mo. LIBOR + 6.25%, 8.42%, 02/13/26 (d),(e),(g),(r)

   184,860        184,860 

Prospect Medical Holdings, Inc., 2018 Term Loan B, 1 mo. LIBOR + 5.50%, 7.63%, 02/22/24 (d),(e),(g),(r)

   1,313,982        1,330,407 

Quorum Health Corporation, Term Loan B, 1 mo. LIBOR + 6.75%, 8.99%,
04/29/22 (d),(e),(g)

   1,149,600        1,165,407 

Wink Holdco, Inc, 2nd Lien Term Loan B, 1 mo. LIBOR + 6.75%, 9.00%,
11/03/25 (d),(e),(g),(r)

   496,862        495,312 
        

 

 

 
         3,256,377 
        

 

 

 

Industrial Other — 0.0%

        

Michael Baker International LLC, 2017 Term Loan B, 1 mo. LIBOR + 4.50%,
6.74%, 11/21/22 (d),(e),(g),(r)

   535,681        537,021 
        

 

 

 

Internet Media — 0.0%

        

W3 Topco LLC,

        

2017 Term Loan B, 1 mo. LIBOR + 6.00%, 8.24%, 03/08/22 (d),(e),(g)

   1,096,967        1,090,111 

2017 Term Loan B, 3 mo. LIBOR + 6.00%, 8.37%, 03/08/22 (d),(e),(g)

   5,597        5,562 
        

 

 

 
         1,095,673 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

47


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

Machinery Manufacturing — 0.1%

        

Engineered Machinery Holdings, Inc.,

        

1st Lien Term Loan, 3 mo. LIBOR + 3.25%, 5.64%, 07/19/24 (d),(e),(g),(s)

  $2,202,931       $2,172,641 

2nd Lien Term Loan, 3 mo. LIBOR + 7.25%, 9.64%, 07/18/25 (d),(e),(g),(r)

   834,058        828,845 

Gardner Denver, Inc., 2017 Term Loan B, 1 mo. LIBOR + 2.75%, 4.99%,
07/30/24 (d),(e),(g)

   2,089,348        2,099,585 
        

 

 

 
         5,101,071 
        

 

 

 

Metals & Mining — 0.0%

        

Offshore Group Investment Ltd., Term Loan, 1 mo. LIBOR + 6.50%, 8.74%,
12/31/19 (d),(e),(g),(r)

   575,005        577,881 
        

 

 

 

Pipeline — 0.0%

        

AL Midcoast Holdings, LLC, 2018 Term Loan B, 3 mo. LIBOR + 5.50%,
7.84%, 07/31/25 (d),(e),(g),(r)

   551,407        552,097 
        

 

 

 

Retail—Consumer Discretionary — 0.0%

        

AI Aqua Merger Sub, Inc.,

        

2017 1st Lien Term Loan B, 1 mo. LIBOR + 3.25%, 5.49%,
12/13/23 (d),(e),(g),(r)

   250,759        251,072 

2017 Incremental Term Loan, 1 mo. LIBOR + 3.25%, 5.49%,
12/13/23 (d),(e),(g),(r)

   642,868        642,868 
        

 

 

 
         893,940 
        

 

 

 

Retail—Consumer Staples — 0.0%

        

Pinnacle Operating Corp., Term Loan, 1 mo. LIBOR + 7.25%, 9.49%,
11/15/21 (d),(e),(g),(r)

   1,106,727        990,521 
        

 

 

 

Software — 0.0%

        

Navex Global, Inc.,

        

2018 2nd Lien Term Loan, 3 mo. LIBOR + 7.00%, 9.12%, 08/07/26 (d),(e),(g)

   185,843        186,462 

2018 Term Loan B, 3 mo. LIBOR + 3.25%, 5.37%, 08/08/25 (d),(e),(g)

   371,686        371,332 
        

 

 

 
         557,794 
        

 

 

 

Software & Services — 0.0%

        

BlackBoard, Inc., Term Loan B4, 3 mo. LIBOR + 5.00%, 7.33%, 06/30/21 (d),(e),(g)

   1,232,492        1,185,830 

Syniverse Holdings, Inc., 2018 1st Lien Term Loan, 1 mo. LIBOR + 5.00%,
7.15%, 03/09/23 (d),(e),(g)

   555,849        557,466 
        

 

 

 
         1,743,296 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

48


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Principal
Amount
         Value 

Transportation & Logistics — 0.0%

        

Utility One Source L.P., Term Loan B, 1 mo. LIBOR + 5.50%, 7.74%,
04/18/23 (d),(e),(g),(r)

  $121,669       $124,102 
        

 

 

 

Wireless Telecommunications Services — 0.1%

        

Ligado Networks LLC, Exit Term Loan, 3 mo. LIBOR (Cash) + 8.75% (PIK), 2.32% (Cash), 8.75% (PIK),, 6.73%, 12/07/20 (d),(e),(g)

   5,964,894        4,539,284 
        

 

 

 

Wireline Telecommunication Services — 0.1%

        

Frontier Communications Corp., 2017 Term Loan B1, 0.00%, 06/15/24 (d),(e),(s)

   2,493,687        2,440,297 
        

 

 

 

Total North America

         34,621,156 
        

 

 

 

TOTAL BANK DEBT
(COST $40,639,127)

         37,898,040 
        

 

 

 

CORPORATE BONDS & NOTES — 4.0%

        

Africa — 0.1%

        

Utilities — 0.1%

        

Eskom Holdings SOC Ltd.,

        

5.75%, 01/26/21

   3,009,000        2,925,891 

6.35%, 08/10/28

   1,404,000        1,398,171 
        

 

 

 

Total Africa

         4,324,062 
        

 

 

 

Asia — 0.1%

        

Banks — 0.0%

        

RESPARCS Funding LP I, 8.00% (d),(k)

   537,000        196,005 
        

 

 

 

Casinos & Gaming — 0.1%

        

Wynn Macau Ltd., 4.88%, 10/01/24 (d),(f)

   3,754,000        3,533,978 
        

 

 

 

Commercial Finance — 0.0%

        

Avation Capital SA, 6.50%, 05/15/21 (d),(f)

   526,000        527,315 
        

 

 

 

Financial Services — 0.0%

        

VTB Bank OJSC Via VTB Capital SA,
6.95%, 10/17/22

   3,032,000        2,956,806 
        

 

 

 

Utilities — 0.0%

        

1MDB Energy Ltd. REG S, 5.99%, 05/11/22

   2,500,000        2,550,553 
        

 

 

 

Total Asia

         9,764,657 
        

 

 

 

Europe — 1.4%

        

Banks — 0.0%

        

HSH N Funding II Via Banque de Luxembourg, 7.25% (d),(k)

   386,000        158,106 

 

See Notes to Consolidated Financial Statements.

 

49


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Principal
Amount
         Value 

RESPARCS Funding II LP, 7.50% (d),(k)

   1,352,000    EUR     $579,234 
        

 

 

 
         737,340 
        

 

 

 

Casinos & Gaming — 0.0%

        

Intralot Capital Luxembourg SA,
6.75%, 09/15/21 (d)

   379,000    EUR      363,031 
        

 

 

 

Property & Casualty Insurance — 0.1%

        

Groupama SA, 6.00%, 01/23/27

   200,000    EUR      278,549 

Groupama SA REG S, 3 mo. EURIBOR + 5.77%, 6.38% (g),(k)

   1,900,000    EUR      2,496,576 
        

 

 

 
         2,775,125 
        

 

 

 

Wireless Telecommunications Services — 1.3%

        

Intelsat Jackson Holdings SA,

        

8.00%, 02/15/24 (d),(f)

  $2,605,000        2,741,007 

8.50%, 10/15/24 (f)

   78,930,000        79,620,638 
        

 

 

 
         82,361,645 
        

 

 

 

Total Europe

         86,237,141 
        

 

 

 

Middle East — 0.1%

        

Oil & Gas Services & Equipment — 0.1%

        

Oil and Gas Holding Co. BSCC, 7.50%, 10/25/27

   3,300,000        3,250,764 
        

 

 

 

Total Middle East

         3,250,764 
        

 

 

 

North America — 1.4%

        

Advertising & Marketing — 0.0%

        

Aimia, Inc., MTN, 5.60%, 05/17/19 (d),(l)

   844,000    CAD      658,328 
        

 

 

 

Casinos & Gaming — 0.0%

        

Enterprise Development Authority (The),
12.00%, 07/15/24 (d),(f)

  $129,000        124,163 

Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.50%, 03/01/25 (d),(f)

   1,133,000        1,094,761 
        

 

 

 
         1,218,924 
        

 

 

 

Chemicals — 0.1%

        

Hexion, Inc.,

        

10.00%, 04/15/20 (d)

   1,149,000        1,124,584 

10.38%, 02/01/22 (d),(f)

   3,821,000        3,715,922 

Momentive Performance Materials, Inc., 3.88%, 10/24/21 (d)

   48,000        51,900 
        

 

 

 
         4,892,406 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

50


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

Commercial Finance — 0.1%

        

Fortress Transportation & Infrastructure Investors LLC, 6.75%, 03/15/22 (d),(f)

  $7,595,000       $7,784,875 
        

 

 

 

Consumer Finance — 0.1%

        

Curo Group Holdings Corp., 8.25%, 09/01/25 (d),(f)

   2,204,000        2,121,372 
        

 

 

 

Consumer Products — 0.0%

        

Kronos Acquisition Holdings, Inc.,
9.00%, 08/15/23 (d),(f)

   335,000        315,737 

Revlon Consumer Products Corp.,

        

5.75%, 02/15/21 (d),(l)

   150,000        120,563 

6.25%, 08/01/24 (d)

   1,446,000        878,445 
        

 

 

 
         1,314,745 
        

 

 

 

Exploration & Production — 0.1%

        

Par Petroleum LLC / Petroleum Finance Corp., 7.75%, 12/15/25 (d),(f)

   5,191,000        5,165,045 
        

 

 

 

Financial Services — 0.1%

        

Cooke Omega Investments, Inc. / Alpha VesselCo Holdings, Inc., 8.50%,
12/15/22 (d),(f)

   2,192,000        2,186,520 

Griffey Intermediate, Inc. / Griffey Finance Sub LLC, 7.00%, 10/15/20 (d),(f)

   1,045,000        1,030,631 

JP Morgan Structured Products BV, MTN,
0.00%, 11/01/18

   56,731,000        3,124,615 

MF Global Holdings Ltd.,
6.25%, 08/08/16 (a),(d),(e),(i)

   1,847,000        535,630 
        

 

 

 
         6,877,396 
        

 

 

 

Health Care Facilities & Services — 0.1%

        

AHP Health Partners, Inc., 9.75%, 07/15/26 (d),(f)

   2,153,000        2,244,503 

RegionalCare Hospital Partners Holdings, Inc., 8.25%, 05/01/23 (d),(f)

   209,000        219,450 

Universal Hospital Services, Inc.,
7.63%, 08/15/20 (d)

   4,511,000        4,527,465 
        

 

 

 
         6,991,418 
        

 

 

 

Industrial Other — 0.0%

        

Flexi-Van Leasing, Inc., 10.00%, 02/15/23 (d),(f)

   296,000        257,520 

Michael Baker International LLC,
8.75%, 03/01/23 (d),(f)

   1,553,000        1,556,883 
        

 

 

 
         1,814,403 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

51


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

Integrated Oils — 0.3%

        

Petroleos Mexicanos,

        

3.50%, 01/30/23

  $4,130,000       $3,915,240 

4.63%, 09/21/23

   2,752,000        2,727,232 

4.88%, 01/24/22

   5,500,000        5,563,250 

5.35%, 02/12/28

   2,900,000        2,733,250 

5.50%, 06/27/44

   1,100,000        931,040 

6.38%, 01/23/45

   800,000        738,400 
        

 

 

 
         16,608,412 
        

 

 

 

Medical Equipment & Devices Manufacturing — 0.0%

    

Crimson Merger Sub, Inc., 6.63%, 05/15/22 (d),(f)

   1,575,000        1,538,775 
        

 

 

 

Oil & Gas Services & Equipment — 0.1%

        

CSI Compressco LP / Compressco Finance, Inc., 7.25%, 08/15/22 (b),(d)

   2,560,000        2,383,360 

CSI Compressco LP / CSI Compressco Finance, Inc., 7.50%, 04/01/25 (d),(f)

   2,920,000        2,978,400 
        

 

 

 
         5,361,760 
        

 

 

 

Pipeline — 0.1%

        

American Midstream Partners LP / American Midstream Finance Corp.,
9.50%, 12/15/21 (d),(f),(l)

   3,691,000        3,691,000 

Martin Midstream Partners LP / Martin Midstream Finance Corp., 7.25%, 02/15/21 (d)

   1,018,000        1,015,455 
        

 

 

 
         4,706,455 
        

 

 

 

Publishing & Broadcasting — 0.0%

        

LBI Media, Inc. ,11.500%, 04/15/20 (d),(f),(g)

   3,957,903        672,844 
        

 

 

 

Retail—Consumer Discretionary — 0.1%

        

DriveTime Automotive Group, Inc. / DT Acceptance Corp., 8.00%, 06/01/21 (b),(d),(f)

   8,127,000        8,350,492 
        

 

 

 

Software & Services — 0.0%

        

Syniverse Holdings, Inc., 9.13%, 01/15/19 (d)

   108,000        106,785 
        

 

 

 

Utilities — 0.1%

        

NGL Energy Partners LP / NGL Energy Finance Corp., 5.13%, 07/15/19 (d)

   320,000        321,600 

Rockpoint Gas Storage Canada Ltd.,
7.00%, 03/31/23 (d),(f)

   2,768,000        2,809,520 
        

 

 

 
         3,131,120 
        

 

 

 

Wireless Telecommunications Services — 0.0%

        

Sprint Communications, Inc., 9.00%, 11/15/18 (d),(f)

   1,650,000        1,660,230 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

52


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Principal
Amount
         Value 

Wireline Telecommunication Services — 0.1%

        

Consolidated Communications, Inc.,
6.50%, 10/01/22 (d)

  $2,858,000       $2,700,810 

Embarq Corp., 8.00%, 06/01/36 (d)

   2,275,000        2,269,312 
        

 

 

 
         4,970,122 
        

 

 

 

Total North America

         85,945,907 
        

 

 

 

South America — 0.9%

        

Integrated Oils — 0.9%

        

Petrobras Global Finance BV,

        

4.38%, 05/20/23

   5,818,000        5,525,936 

5.75%, 02/01/29

   17,900,000        15,998,125 

6.00%, 01/27/28

   29,800,000        27,490,500 

6.13%, 01/17/22

   4,582,000        4,730,228 

6.25%, 03/17/24

   3,196,000        3,202,392 
        

 

 

 
         56,947,181 
        

 

 

 

Refining & Marketing — 0.0%

        

EP PetroEcuador via Noble Sovereign Funding I Ltd., 3 mo. USD LIBOR + 5.63%,
8.02%, 09/24/19 (g)

   915,368        912,165 
        

 

 

 

Total South America

         57,859,346 
        

 

 

 

TOTAL CORPORATE BONDS & NOTES
(COST $251,140,299)

         247,381,877 
        

 

 

 

SOVEREIGN DEBT — 8.4%

        

Angolan Government International Bond, 9.38%, 05/08/48

   1,116,000        1,178,228 

Argentina POM Politica Monetaria, 43.08%, 06/21/20 (g)

   53,958,819    ARS      1,574,725 

Argentine Republic Government International Bond,

 

2.26%, 12/31/38 (g),(l)

   9,825,403    EUR      6,699,087 

2.50%, 12/31/38 (g),(l)

  $11,200,000        6,585,600 

3.88%, 01/15/22

   4,213,000    EUR      4,415,464 

4.63%, 01/11/23

  $20,508,000        17,308,957 

5.63%, 01/26/22

   4,023,000        3,628,746 

6.88%, 04/22/21 - 01/26/27

   1,800,000        1,614,408 

Bonos de la Nacion Argentina con Ajuste por CER, 3.75%, 02/08/19

   55,846,000    ARS      1,683,901 

Brazilian Government International Bond, 4.88%, 01/22/21

  $4,942,000        4,998,882 

Deutsche Bundesrepublik Inflation Linked Bond REG S, 0.10%, 04/15/26 (d)

   30,375,592    EUR      38,748,966 

 

See Notes to Consolidated Financial Statements.

 

53


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

Ecuador Government International Bond,

 

8.75%, 06/02/23

  $376,000       $376,376 

10.75%, 03/28/22

   2,662,000        2,828,375 

Egypt Government International Bond,

 

6.88%, 04/30/40

   2,500,000        2,217,750 

7.90%, 02/21/48 (f)

   14,900,000        14,192,250 

France Government Bond OAT REG S, 0.10%, 03/01/25 (b),(d)

   25,953,914   EUR     32,280,115 

French Republic Government Bond OAT, 0.10%, 03/01/28 (d)

   17,188,141   EUR     21,422,608 

Hellenic Republic Government Bond,

 

1.00%, 10/15/42 (g)

   10,100,000   EUR     37,642 

3.38%, 02/15/25 (f)

   7,100,000   EUR     8,041,082 

3.75%, 01/30/28

   9,800,000   EUR     11,008,295 

3.90%, 01/30/33

   25,025,441   EUR     26,531,113 

4.00%, 01/30/37

   19,200,000   EUR     19,438,170 

4.20%, 01/30/42

   5,550,000   EUR     5,624,948 

Iraq International Bond, 5.80%, 01/15/28

  $24,200,000        22,906,026 

Japan Treasury Discount Bill, 0.00%, 10/15/18 (d),(j)

   3,000,000,000   JPY     26,404,885 

Jordan Government International Bond, 7.38%, 10/10/47

  $13,100,000        12,314,000 

Mexican Bonos, 10.00%, 12/05/24 (b),(d)

   315,050,000   MXN     18,658,556 

National Highways Authority of India, 7.30%, 05/18/22

   330,000,000   INR     4,278,924 

Nigeria Government International Bond,

 

7.14%, 02/23/30 (f)

  $6,800,000        6,632,040 

MTN, 7.63%, 11/28/47

   5,900,000        5,646,182 

Paraguay Government International Bond, 4.63%, 01/25/23

   5,367,000        5,413,961 

Republic of South Africa Government Bond,

        

8.75%, 02/28/48 (b)

   189,296,012   ZAR     11,901,571 

10.50%, 12/21/26 (b)

   297,800,548   ZAR     22,809,000 

Republic of South Africa Government International Bond, 5.50%, 03/09/20

  $5,508,000        5,610,779 

Russian Foreign Bond - Eurobond,

        

4.50%, 04/04/22

   9,600,000        9,720,000 

5.00%, 04/29/20

   2,800,000        2,852,500 

5.25%, 06/23/47

   17,600,000        16,864,074 

Saudi Government International Bond, MTN,

        

2.38%, 10/26/21

   5,930,000        5,722,450 

Sweden Government Bond,

        

0.75%, 05/12/28 (d)

   133,000,000   SEK     15,129,322 

1.00%, 11/12/26 (d)

   177,000,000   SEK     20,774,209 

 

See Notes to Consolidated Financial Statements.

 

54


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Principal
Amount
         Value 

Turkey Government International Bond,

        

5.63%, 03/30/21

  $2,130,000       $2,086,335 

7.00%, 06/05/20

   8,128,000        8,206,435 

United Kingdom Gilt Inflation Linked Bond REG S ,0.125%, 03/22/24 - 03/22/26 (d)

   46,095,969    GBP      68,813,692 

ZAR Sovereign Capital Fund Propriety Ltd.,
3.90%, 06/24/20

  $2,962,000        2,947,652 
        

 

 

 

TOTAL SOVEREIGN DEBT
(COST $557,021,144)

         528,128,281 
        

 

 

 

MORTGAGE-BACKED SECURITIES — 26.6%

 

      

North America — 26.6%

        

Collateralized Mortgage Obligation (Residential) — 17.9%

 

      

Bellemeade Re Ltd.,

        

Series 2015-1A, Class M2, 1 mo. USD LIBOR + 4.30%, 6.52%,
07/25/25 (d),(f),(g)

   869,631        875,970 

Series 2017-1, Class M2, 1 mo. USD LIBOR + 3.35%, 5.57%,
10/25/27 (d),(f),(g)

   7,962,000        8,233,449 

Series 2018-2A, Class B1, 1 mo. USD LIBOR + 2.65%,
4.87%, 08/25/28 (d),(f),(g)

   250,000        255,835 

Chase Mortgage Finance Corp., Series 2007-A2, Class 3A2, 4.08%, 07/25/37 (d),(g)

   145,496        144,245 

ChaseFlex Trust, Series 2007-2, Class A2, 1 mo. USD LIBOR + .34%, 2.56%, 05/25/37 (d),(g)

   766,834        717,868 

Citicorp Mortgage Securities Trust, Series 2006-3, Class 1A10, 6.25%, 06/25/36 (d)

   339,201        338,839 

Connecticut Avenue Securities,

        

Series 2015-C03, Class 1M2, 1 mo. USD LIBOR + 5.00%,
7.22%, 07/25/25 (d),(g),(h)

   1,151,303        1,311,438 

Series 2015-C04, Class 2M2, 1 mo. USD LIBOR + 5.55%,
7.77%, 04/25/28 (d),(g),(h)

   4,689,791        5,329,150 

Series 2015-C04, Class 1M2, 1 mo. USD LIBOR + 5.70%,
7.92%, 04/25/28 (d),(g),(h)

   6,466,417        7,508,997 

Series 2016-C01, Class 1M2, 1 mo. USD LIBOR + 6.75%,
8.97%, 08/25/28 (d),(g),(h)

   4,666,805        5,612,001 

Series 2016-C02, Class 1M2, 1 mo. USD LIBOR + 6.00%,
8.22%, 09/25/28 (d),(g),(h)

   26,712,000        31,447,049 

Series 2016-C03, Class 2M2, 1 mo. USD LIBOR + 5.90%,
8.12%, 10/25/28 (d),(g)

   4,336,000        5,019,874 

 

See Notes to Consolidated Financial Statements.

 

55


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

Series 2016-C05, Class 2M2, 1 mo. USD LIBOR + 4.45%,
6.67%, 01/25/29 (d),(g)

  $7,014,000       $7,844,359 

Countrywide Alternative Loan Trust,

        

Series 2004-28CB SEQ, Class 3A1, 6.00%, 01/25/35 (d)

   773,130        770,014 

Series 2005-21CB, Class A17, 6.00%, 06/25/35 (b),(d)

   889,070        873,761 

Countrywide Asset-Backed Certificates,

        

Series 2005-15, Class 1AF6,
3.96%, 04/25/36 (d),(g)

   3,408        3,428 

Series 2006-BC4, Class 2A2, 1 mo. USD LIBOR + ..16%,
2.38%, 11/25/36 (d),(g)

   73,019        72,725 

Federal Home Loan Mortgage Corp.,

        

Series 2015-SC02, Class M3,
3.68%, 09/25/45 (d),(g)

   866,000        809,915 

Series 2016-DNA3, Class M3, 1 mo. USD LIBOR + 5.00%,
7.22%, 12/25/28 (d),(g)

   1,784,000        2,088,916 

Series 2016-DNA4, Class M3, 1 mo. USD LIBOR + 3.80%,
6.02%, 03/25/29 (d),(g)

   1,500,000        1,690,320 

Series 2016-HQA3, Class M3, 1 mo. USD LIBOR + 3.85%,
6.07%, 03/25/29 (d),(g)

   7,794,000        8,840,602 

Series 2016-HQA4, Class M3, 1 mo. USD LIBOR + 3.90%,
6.12%, 04/25/29 (d),(g)

   18,497,000        20,897,078 

Series 2017-DNA, Class M2, 1 mo. USD LIBOR + 3.25%,
5.47%, 07/25/29 (d),(g)

   1,388,000        1,518,888 

Series 2017-DNA2, Class M2, 1 mo. USD LIBOR + 3.45%,
5.67%, 10/25/29 (d),(g)

   2,592,000        2,864,862 

Series 2017-DNA3, Class M2, 1 mo. USD LIBOR + 2.50%,
4.72%, 03/25/30 (d),(g)

   4,838,000        5,070,224 

Series 2017-HQA1, Class M2, 1 mo. USD LIBOR + 3.55%,
5.77%, 08/25/29 (d),(g)

   13,755,000        15,139,441 

Series 2017-HQA2, Class M2, 1 mo. USD LIBOR + 2.65%,
4.87%, 12/25/29 (d),(g)

   21,703,000        22,771,894 

Series 2017-HQA3, Class M2, 1 mo. USD LIBOR + 2.35%,
4.57%, 04/25/30 (d),(g)

   2,926,000        3,020,305 

Series 2017-HRP1, Class M2, 1 mo. USD LIBOR + 2.45%,
4.67%, 12/25/42 (d),(g)

   1,687,000        1,740,191 

Series 2017-SPI1, Class M2,
3.99%, 09/25/47 (d),(f),(g)

   284,000        264,186 

Series 2018-DNA1, Class M2, 1 mo. USD LIBOR + 1.80%,
4.02%, 07/25/30 (d),(g)

   28,605,000        28,468,640 

 

See Notes to Consolidated Financial Statements.

 

56


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

Series 2018-HQA1, Class M2, 1 mo. USD LIBOR + 2.30%,
4.52%, 09/25/30 (d),(g)

  $9,157,000       $9,275,006 

Federal National Mortgage Association,

        

4.00%, 10/01/48 (d),(m)

   125,000,000        126,347,625 

4.50%, 11/01/48 (d),(m)

   70,500,000        72,639,785 

Series 2016-C06, Class 1M2, 1 mo. USD LIBOR + 4.25%,
6.47%, 04/25/29 (d),(g)

   40,655,000        46,392,315 

Series 2016-C07, Class 2M2, 1 mo. USD LIBOR + 4.35%,
6.57%, 05/25/29 (d),(g)

   29,355,000        32,831,806 

Series 2017-C01, Class 1M2, 1 mo. USD LIBOR + 3.55%,
5.77%, 07/25/29 (d),(g)

   27,530,000        30,174,477 

Series 2017-C02, Class 2M2, 1 mo. USD LIBOR + 3.65%,
5.87%, 09/25/29 (d),(g),(h)

   26,653,000        29,395,327 

Series 2017-C03, Class 1M2, 1 mo. USD LIBOR + 3.00%,
5.22%, 10/25/29 (d),(g)

   23,453,000        25,207,050 

Series 2017-C04, Class 2M2, 1 mo. USD LIBOR + 2.85%,
5.07%, 11/25/29 (d),(g)

   41,623,000        44,014,117 

Series 2017-C05, Class 1M2, 1 mo. USD LIBOR + 2.20%,
4.42%, 01/25/30 (d),(g)

   34,086,000        35,160,050 

Series 2017-C06, Class 1M2, 1 mo. USD LIBOR + 2.65%,
4.87%, 02/25/30 (d),(g)

   20,331,000        21,253,905 

Series 2017-C06, Class 2M2, 1 mo. USD LIBOR + 2.80%,
5.02%, 02/25/30 (d),(g),(h)

   34,109,000        35,748,347 

Series 2017-C07, Class 1M2, 1 mo. USD LIBOR + 2.40%,
4.62%, 05/25/30 (d),(g)

   8,593,000        8,916,449 

Series 2018-C01, Class 1M2, 1 mo. USD LIBOR + 2.25%,
4.47%, 07/25/30 (d),(g),(h)

   76,751,000        78,568,694 

Series 2018-C02, Class 2M2, 1 mo. USD LIBOR + 2.20%,
4.42%, 08/25/30 (d),(g)

   8,357,000        8,467,847 

Series 2018-C03, Class 1M2, 1 mo. USD LIBOR + 2.15%,
4.37%, 10/25/30 (d),(g)

   31,292,000        31,693,821 

Series 2018-C04, Class 2M2, 1 mo. USD LIBOR + 2.55%,
4.77%, 12/25/30 (d),(g),(h)

   35,552,000        36,332,722 

Series 2018-C05, Class 1M2, 1 mo. USD LIBOR + 2.35%,
4.57%, 01/25/31 (d),(g),(h)

   30,408,000        30,899,485 

Government National Mortgage Association,
4.00%, 10/01/48 (d),(m)

   94,300,000        95,876,507 

Oaktown RE Ltd., Series 2017-1A, Class M2, 1 mo. USD LIBOR + 4.00%,
6.22%, 04/25/27 (d),(f),(g),(h)

   8,686,000        8,876,475 

 

See Notes to Consolidated Financial Statements.

 

57


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

Radnor RE Ltd., Series 2018-1, Class M2, 1 mo. USD LIBOR + 2.70%,
4.92%, 03/25/28 (d),(f),(g)

  $401,000       $402,438 

Sequoia Mortgage Trust,

        

Series 2018-3, Class B4,
3.79%, 03/25/48 (d),(f),(g)

   642,000        449,351 

Series 2018-5, Class B4,
3.96%, 05/25/48 (d),(f),(g)

   649,000        466,471 

STACR Trust,

        

Series 2018-DNA2, Class M2, 1 mo. USD LIBOR + 2.15%,
4.37%, 12/25/30 (d),(f),(g)

   20,664,000        20,839,582 

Series 2018-DNA3, Class M2, 1 mo. USD LIBOR + 2.10%,
4.23%, 09/25/48 (d),(f),(g),(h)

   13,936,000        13,978,421 

Series 2018-HRP1, Class M2, 1 mo. USD LIBOR + 1.65%,
3.87%, 04/25/43 (d),(f),(g)

   985,466        996,882 

Structured Agency Credit Risk,

        

Series 2015-HQA1, Class M3, 1 mo. USD LIBOR + 4.70%,
6.92%, 03/25/28 (d),(g)

   1,848,879        2,129,169 

Series 2015-HQA1, Class B, 1 mo. USD LIBOR + 8.80%,
11.02%, 03/25/28 (d),(e),(g)

   3,386,364        3,933,194 

Series 2015-HQA2, Class M3, 1 mo. USD LIBOR + 4.80%,
7.02%, 05/25/28 (d),(g)

   5,130,000        5,991,681 

Series 2016-DNA1, Class M3, 1 mo. USD LIBOR + 5.55%,
7.77%, 07/25/28 (d),(g),(h)

   34,897,681        42,168,613 

Series 2016-DNA2, Class M3, 1 mo. USD LIBOR + 4.65%,
6.87%, 10/25/28 (d),(g)

   7,380,000        8,494,823 

Series 2016-HQA1, Class M3, 1 mo. USD LIBOR + 6.35%,
8.57%, 09/25/28 (d),(g)

   5,109,000        6,280,611 

Series 2016-HQA2, Class M3, 1 mo. USD LIBOR + 5.15%,
7.37%, 11/25/28 (d),(g),(h)

   14,088,000        16,707,382 

Wells Fargo Mortgage-Backed Securities Trust, Series 2007-14, Class 1A1,
6.00%, 10/25/37 (b),(d)

   852,760        843,642 
        

 

 

 
         1,123,298,534 
        

 

 

 

Commercial Mortgage-Backed Securities — 8.2%

        

280 Park Avenue Mortgage Trust, Series 2017-280P, Class F, 1 mo. USD LIBOR + 2.83%,
4.99%, 09/15/34 (d),(f),(g)

   8,000,000        8,003,632 

 

See Notes to Consolidated Financial Statements.

 

58


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

Ashford Hospitality Trust, Series 2018-ASHF, Class E, 1 mo. USD LIBOR + 3.10%,
5.26%, 04/15/35 (d),(f),(g)

  $3,000,000       $3,022,566 

Banc of America Commercial Mortgage Trust,

        

Series 2006-4, Class AJ, 5.70%, 07/10/46 (g)

           0 

Series 2007-1 SEQ, Class AMFX,
5.48%, 01/15/49 (b),(g),(h)

   8,831,651        8,952,786 

Series 2007-3, Class F, 5.87%, 06/10/49 (f),(g)

   3,013,735        3,019,461 

Series 2007-4, Class F, 5.93%, 02/10/51 (f),(g)

   4,346,073        4,370,411 

Series 2007-4, Class G,
5.93%, 02/10/51 (f),(g)

   2,478,404        2,527,229 

Bank 2017-BNK4, Series 2017-BNK8, Class A4, 3.49%, 11/15/50 (b),(d)

   4,200,000        4,094,009 

BBCMS Trust,

        

Series 2014-BXO, Class D, 1 mo. USD LIBOR + 3.00%,
5.16%, 08/15/27 (d),(f),(g)

   2,084,912        2,088,408 

Series 2014-BXO, Class E, 1 mo. USD LIBOR + 3.75%,
5.91%, 08/15/27 (d),(f),(g)

   1,546,000        1,548,121 

BBCMS Trust 2018-CBM, Series 2018-CBM, Class D, 1 mo. USD LIBOR + 2.39%,
4.55%, 07/15/37 (d),(f),(g)

   2,000,000        2,007,734 

Bear Stearns Commercial Mortgage Securities Trust,

        

Series 2005-PWR9, Class F,
5.23%, 09/11/42 (f),(g),(h)

   6,040,708        6,061,246 

Series 2006-PW13, Class D,
5.75%, 09/11/41 (f),(g)

   2,022,991        2,094,200 

Series 2007-PW16, Class C,
5.94%, 06/11/40 (b),(f),(g),(h)

   6,603,051        6,622,199 

Series 2007-PW18, Class AJA,
6.58%, 06/11/50 (g)

   1,648,193        1,649,676 

Series 2007-PW18, Class B,
6.58%, 06/11/50 (f),(g)

   495,427        505,336 

Series 2007-T26, Class AM,
5.51%, 01/12/45 (b),(g)

   44,214        44,798 

Benchmark Mortgage Trust, Series 2018-B2 SEQ, Class A5,
3.88%, 02/15/51 (d)

   5,000,000        5,040,115 

BHMS, Series 2018-ATLS, Class C, 1 mo. USD LIBOR + 1.90%,
4.06%, 07/15/35 (d),(f),(g)

   3,000,000        2,999,991 

BX Trust,

        

Series 2017-SLCT, Class E, 1 mo. USD LIBOR + 3.15%,
5.31%, 07/15/34 (d),(f),(g)

   8,418,655        8,451,075 

Series 2017-SLCT, Class F, 1 mo. USD LIBOR + 4.25%,
6.41%, 07/15/34 (d),(f),(g)

   3,550,913        3,569,921 

 

See Notes to Consolidated Financial Statements.

 

59


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

Series 2018-GW, Class F, 1 mo. USD LIBOR + 2.42%,
4.58%, 05/15/35 (d),(f),(g)

  $2,500,000       $2,510,905 

BXP Trust, Series 2017-CQHP, Class E, 1 mo. USD LIBOR + 3.00%, 5.16%, 11/15/34 (d),(f),(g)

   1,000,000        999,498 

Caesars Palace Las Vegas Trust, Series 2017-VICI, Class E, 4.50%, 10/15/34 (d),(f),(g)

   3,600,000        3,535,006 

CCRESG Commercial Mortgage Trust, Series 2016-HEAT, Class E,
5.67%, 04/10/29 (f),(g)

   626,142        627,034 

CD Mortgage Trust, Series 2017-CD6, Class A5, 3.46%, 11/13/50 (d)

   3,800,000        3,706,125 

CFCRE Commercial Mortgage Trust,

        

Series 2016-C6, Class D, 4.36%, 11/10/49 (d),(f),(g)

   3,266,000        2,849,356 

Series 2016-C7, Class D, 4.59%, 12/10/54 (d),(f),(g)

   1,605,000        1,422,420 

CGGS Commercial Mortgage Trust, Series 2018-WSS, Class E, 1 mo. USD LIBOR + 3.15%, 5.31%, 02/15/37 (f),(g)

   6,289,051        6,344,042 

CHT Mortgage Trust, Series 2017-CSMO, Class F, 1 mo. USD LIBOR + 3.74%, 5.90%, 11/15/36 (d),(f),(g)

   8,000,000        8,069,992 

Citigroup Commercial Mortgage Trust,

        

Series 2006-C4, Class C, 6.40%, 03/15/49 (b),(g)

   1,594,396        1,632,502 

Series 2015-GC27, Class D, 4.58%, 02/10/48 (f),(g)

   1,239,361        1,140,783 

Series 2015-GC29, Class D, 3.11%, 04/10/48 (d),(f),(h)

   4,286,000        3,649,212 

Series 2015-GC31, Class D, 4.20%, 06/10/48 (d),(g)

   1,850,000        1,629,086 

Series 2016-C3, Class D, 3.00%, 11/15/49 (d),(f)

   1,826,000        1,452,006 

Series 2018-B2 SEQ, Class A4, 4.01%, 03/10/51 (d)

   2,060,000        2,086,601 

COBALT CMBS Commercial Mortgage Trust, Series 2007-C2, Class AJFX, 5.57%, 04/15/47 (b),(g)

   2,922,375        2,930,266 

COBALT Commercial Mortgage Trust, Series 2007-C3, Class AJ, 6.02%, 05/15/46 (g)

   4,694,331        4,763,807 

COMM Mortgage Trust,

        

Series 2013-CR12, Class C, 5.25%, 10/10/46 (g)

   2,398,831        2,404,653 

Series 2015-PC1, Class C, 4.59%, 07/10/50 (g)

   1,387,326        1,356,032 

 

See Notes to Consolidated Financial Statements.

 

60


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

Commercial Mortgage Trust,

        

Series 2006-C8 SEQ, Class AJ, 5.38%, 12/10/46 (b)

  $442,122       $445,084 

Series 2014-PAT, Class E, 1 mo. USD LIBOR + 3.15%, 5.28%,
08/13/27 (b),(d),(f),(g)

   2,400,000        2,409,082 

Series 2014-TWC, Class D, 1 mo. USD LIBOR + 2.25%, 4.40%, 02/13/32 (f),(g)

   1,903,058        1,914,958 

Series 2015-CR23, Class D, 4.39%, 05/10/48 (b),(d),(g)

   1,745,000        1,520,949 

Credit Suisse Commercial Mortgage Trust,

        

Series 2007-C1, Class AMFX, 5.42%, 02/15/40 (f),(g),(h)

   4,594,507        4,598,642 

Series 2007-C1, Class AM, 5.42%, 02/15/40 (b),(h)

   5,640,032        5,645,108 

Series 2007-C2, Class AJ, 5.75%, 01/15/49 (g)

   5,518,831        5,604,924 

Series 2008-C1, Class AM,
6.17%, 02/15/41 (f),(g)

   1,945,806        1,942,693 

CSAIL Commercial Mortgage Trust,

        

Series 2015-C2, Class D, 4.35%, 06/15/57 (d),(g)

   1,282,000        1,075,079 

Series 2015-C3, Class D, 3.50%, 08/15/48 (d),(g),(h)

   3,139,000        2,537,596 

GE Commercial Mortgage Corp., Series 2007-C1, Class AM, 5.61%, 12/10/49 (b),(g),(h)

   13,597,433        13,529,446 

GE Commercial Mortgage Corp. Trust, Series 2007-C1 SEQ, Class AMFX, 5.54%, 12/10/49 (b),(f),(g)

   206,192        204,997 

GS Mortgage Securities Corp. II, Series 2017-GS8, Class A4, 3.47%, 11/10/50 (d)

   5,700,000        5,539,722 

GS Mortgage Securities Corp. Trust, Series 2018-CHLL, Class E, 1 mo. USD LIBOR + 2.35%, 4.51%, 02/15/37 (f),(g)

   2,598,201        2,618,509 

GS Mortgage Securities Trust,

        

Series 2007-GG10, Class AM, 5.98%, 08/10/45 (g),(h)

   4,690,637        4,709,399 

Series 2012-GC6, Class D, 5.84%, 01/10/45 (f),(g),(h)

   5,961,773        5,865,317 

Series 2013-GC12, Class D, 4.59%, 06/10/46 (d),(f),(g),(h)

   10,077,137        9,168,613 

Series 2017-SLP, Class E, 4.74%, 10/10/32 (d),(f),(g)

   5,000,000        4,861,515 

Hyatt Hotel Portfolio Trust,

        

Series 2017-HYT2, Class D, 1 mo. USD LIBOR + 1.85%, 4.01%, 08/09/32 (d),(f),(g)

   3,500,000        3,507,007 

Series 2017-HYT2, Class F, 1 mo. USD LIBOR +3.05%, 5.21%, 08/09/32 (d),(f),(g)

   4,225,000        4,246,121 

 

See Notes to Consolidated Financial Statements.

 

61


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

JP Morgan Chase Commercial Mortgage Securities Corp., Series 2018-LAQ, Class E, 1 mo. USD LIBOR + 3.00%, 5.16%, 06/15/35 (d),(f),(g)

  $2,500,000       $2,526,685 

JP Morgan Chase Commercial Mortgage Securities Trust,

        

Series 2003-CB7, Class H, 5.90%, 01/12/38 (b),(f),(g)

   4,065,178        4,181,442 

Series 2005-CB13, Class AJ, 5.77%, 01/12/43 (b),(g),(h)

   9,550,418        9,605,811 

Series 2005-LDP2, Class G, 5.65%, 07/15/42 (f),(g),(h)

   7,263,593        7,317,344 

Series 2006-CB14, Class AJ, 5.77%, 12/12/44 (b),(g)

   103,733        103,837 

Series 2006-CB15, Class AM, 5.86%, 06/12/43 (g),(h)

   16,036,191        16,150,048 

Series 2007-CB18, Class AM, 5.47%, 06/12/47 (b),(g)

   182,544        183,347 

Series 2007-CB20, Class D, 6.44%, 02/12/51 (f),(g)

   1,487,233        1,511,326 

Series 2007-LD11, Class AM, 6.18%, 06/15/49 (g),(h)

   6,331,974        6,438,984 

Series 2010-C1, Class B, 5.95%, 06/15/43 (f)

   2,726,593        2,767,705 

Series 2014-BXH, Class E, 1 mo. USD LIBOR + 3.75%,
5.91%, 04/15/27 (d),(f),(g)

   1,413,798        1,413,929 

Series 2014-C20, Class D,
4.72%, 07/15/47 (b),(d),(f),(g)

   3,813,137        3,354,363 

Series 2018-ASH8, Class E, 1 mo. USD LIBOR + 3.00%,
5.16%, 02/15/35 (d),(f),(g)

   3,000,000        3,016,956 

Series 2018-PHH, Class E, 1 mo. USD LIBOR + 2.41%,
4.57%, 06/15/35 (d),(f),(g)

   3,000,000        3,013,152 

JPMBB Commercial Mortgage Securities Trust,

        

Series 2013-C12, Class D, 4.23%, 07/15/45 (g),(h)

   7,875,536        7,199,736 

Series 2015-C28, Class D, 3.88%, 10/15/48 (d),(f),(g)

   5,074,000        4,256,203 

Series 2015-C28, Class C, 4.38%, 10/15/48 (g),(h)

   6,040,592        5,868,677 

Series 2015-C30, Class D, 3.94%, 07/15/48 (d),(g)

   564,500        494,430 

Series 2015-C30, Class C, 4.44%, 07/15/48 (d),(g),(h)

   11,768,000        11,538,983 

JPMDB Commercial Mortgage Securities Trust, Series 2017-C7 SEQ, Class A5, 3.41%, 10/15/50 (b),(d)

   4,950,000        4,802,267 

LB Commercial Mortgage Trust,

        

Series 2007-C3, Class AJFL, 1 mo. USD LIBOR + ..35%,
2.51%, 07/15/44 (b),(f),(g)

   3,928,222        3,896,796 

Series 2007-C3, Class AJ, 6.09%, 07/15/44 (g)

   1,156,779        1,164,992 

 

See Notes to Consolidated Financial Statements.

 

62


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

LB UBS Commercial Mortgage Trust, Series 2008-C1, Class AM,
6.32%, 04/15/41 (g),(h)

  $4,455,680       $4,628,115 

LB-UBS Commercial Mortgage Trust,

        

Series 2006-C1, Class C, 5.34%, 02/15/41 (g),(h)

   7,680,821        7,683,893 

Series 2006-C4, Class G, 6.42%, 06/15/38 (f),(g)

   846,716        851,711 

Series 2007-C1, Class F, 5.61%, 02/15/40 (g),(h)

   6,305,263        6,342,464 

Series 2007-C6, Class AJ, 6.48%, 07/15/40 (b),(g),(h)

   17,764,606        18,063,051 

Lone Star Portfolio Trust, Series 2015-LSP, Class E, 1 mo. USD LIBOR + 5.60%, 8.01%, 09/15/28 (d),(f),(g)

   7,081,748        7,121,632 

LSTAR Commercial Mortgage Trust, Series 2015-3, Class D,
3.22%, 04/20/48 (d),(f),(g)

   3,194,000        2,492,952 

Merrill Lynch Mortgage Trust,

        

Series 2006-C1, Class AJ, 5.78%, 05/12/39 (b),(g)

   1,263,252        1,264,768 

Series 2006-C2, Class AJ, 5.80%, 08/12/43 (g)

           0 

Series 2007-C1, Class AM, 6.00%, 06/12/50 (b),(g)

   1,135,064        1,135,745 

ML-CFC Commercial Mortgage Trust,

        

Series 2007-6, Class AM, 5.53%, 03/12/51 (g),(h)

   5,075,644        5,099,500 

Series 2007-7, Class AMFL, 1 mo. USD LIBOR + .23%, 2.33%,
06/12/50 (b),(f),(g)

   673,964        673,425 

Series 2007-7, Class AM, 5.75%, 06/12/50 (b),(g)

   695,109        694,622 

Series 2007-8, Class AMA, 5.84%, 08/12/49 (g)

           0 

Morgan Stanley Bank of America Merrill Lynch Trust,

        

Series 2013-C13, Class D, 5.05%, 11/15/46 (f),(g),(h)

   5,017,893        4,924,796 

Series 2014-C19, Class D, 3.25%, 12/15/47 (d),(f)

   3,660,000        3,111,974 

Series 2015-C21, Class D, 4.30%, 03/15/48 (d),(f),(g)

   4,754,000        4,071,592 

Series 2015-C23, Class D, 4.27%, 07/15/50 (d),(f),(g)

   2,195,000        1,974,694 

Series 2015-C27, Class D, 3.24%, 12/15/47 (d),(f),(g)

   1,466,500        1,245,815 

 

See Notes to Consolidated Financial Statements.

 

63


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

Series 2016-C29, Class D, 3.00%, 05/15/49 (d),(f)

  $2,517,000       $1,979,303 

Series 2016-C30, Class D, 3.00%, 09/15/49 (d),(f),(g)

   1,323,000        1,035,135 

Series 2016-C32, Class D, 3.40%, 12/15/49 (d),(f),(g)

   991,000        797,655 

Series 2017-C34 SEQ, Class A4, 3.54%, 11/15/52 (b),(d)

   2,907,303        2,845,517 

Morgan Stanley Capital I Trust,

        

Series 2006-HQ10, Class AJ, 5.39%, 11/12/41 (b),(g)

   6,130,007        6,140,428 

Series 2006-HQ8, Class D, 5.79%, 03/12/44 (g)

   1,553,889        1,543,478 

Series 2006-HQ9, Class E, 5.90%, 07/12/44 (g),(h)

   5,483,796        5,536,989 

Series 2007-IQ14, Class AM, 5.76%, 04/15/49 (g)

           0 

Series 2007-T25, Class AJ, 5.57%, 11/12/49 (b),(g),(h)

   11,158,457        11,291,243 

Series 2016-UB12, Class D, 3.31%, 12/15/49 (d),(f)

   1,761,000        1,350,890 

Series 2017-JWDR, Class E, 1 mo. USD LIBOR + 3.05%,
5.21%, 11/15/34 (d),(f),(g)

   6,000,000        6,021,894 

Series 2018-BOP, Class F, 1 mo. USD LIBOR + 2.50%,
4.66%, 08/15/33 (d),(f),(g)

   1,000,000        1,003,213 

Morgan Stanley Capital Trust, Series 2007-IQ15, Class AJ,
6.33%, 06/11/49 (b),(g)

   1,638,615        1,676,795 

Motel 6 Trust, Series 2017-MTL6, Class E, 1 mo. USD LIBOR + 3.25%, 5.41%, 08/15/34 (d),(f),(g),(h)

   12,886,373        12,957,042 

Palisades Center Trust, Series 2016-PLSD, Class D, 4.74%, 04/13/33 (d),(f)

   6,907,000        6,773,515 

PFP Ltd., Series 2017-3, Class D, 1 mo. USD LIBOR + 3.50%,
5.66%, 01/14/35 (d),(f),(g)

   1,000,000        1,005,144 

TPG Real Estate Finance Issuer Ltd., Series 2018-FL1, Class D, 1 mo. USD LIBOR + 2.70%, 4.86%, 02/15/35 (d),(f),(g)

   1,500,000        1,513,100 

UBS Commercial Mortgage Trust, Series 2018-NYCH, Class F, 1 mo. USD LIBOR + 3.82%, 5.98%, 02/15/32 (d),(f),(g)

   798,000        794,718 

UBS-Citigroup Commercial Mortgage Trust, Series 2011-C1, Class E,
6.25%, 01/10/45 (f),(g)

   2,478,721        2,433,028 

Wachovia Bank Commercial Mortgage Trust,

        

Series 2006-C28, Class D, 5.72%, 10/15/48 (g)

   6,904,160        6,879,305 

Series 2006-C29, Class C, 5.44%, 11/15/48 (g)

   2,200,710        2,202,691 

 

See Notes to Consolidated Financial Statements.

 

64


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

Series 2007-C30, Class AJ, 5.41%, 12/15/43 (b),(g),(h)

  $6,804,445       $6,810,569 

Series 2007-C31, Class D, 5.93%, 04/15/47 (g)

   908,997        912,178 

Series 2007-C31, Class E, 5.96%, 04/15/47 (g)

   2,697,321        2,718,360 

Waldorf Astoria Boca Raton Trust, Series 2016-BOCA, Class E, 1 mo. USD LIBOR + 4.35%, 6.51%, 06/15/29 (d),(f),(g)

   3,000,000        3,005,661 

Wells Fargo Commercial Mortgage Trust,

        

Series 2015-C27, Class D, 3.77%, 02/15/48 (d),(f)

   6,903,000        5,764,668 

Series 2015-C31, Class D, 3.85%, 11/15/48 (d)

   3,546,000        3,009,643 

Series 2015-LC20, Class D, 4.51%, 04/15/50 (d),(f),(g),(h)

   5,292,000        4,780,862 

Series 2015-NXS2, Class C, 4.39%, 07/15/58 (d),(g)

   9,557,000        9,445,986 

Series 2015-NXS4, Class E, 3.75%, 12/15/48 (d),(f),(g)

   2,629,000        2,086,495 

Series 2016-C34, Class D, 5.20%, 06/15/49 (d),(f),(g)

   1,868,000        1,676,339 

Series 2016-C34, Class C, 5.20%, 06/15/49 (g),(h)

   7,139,495        7,254,555 

WFRBS Commercial Mortgage Trust,

        

Series 2014-C19, Class D, 4.23%, 03/15/47 (d),(f)

   3,500,000        3,011,711 

Series 2014-C25, Class D, 3.80%, 11/15/47 (f),(g),(h)

   5,695,908        4,940,346 
        

 

 

 
         515,113,219 
        

 

 

 

Interest Only Commercial Mortgage-Backed Securities — 0.4%

 

      

Citigroup Commercial Mortgage Trust, Series 2015-GC29, Class XA, 1.25%, 04/10/48 (d),(g),(h)

   13,896,836        697,343 

Commercial Mortgage Trust,

        

Series 2014-UBS4, Class XA, 1.34%, 08/10/47 (d),(g)

   20,112,764        918,731 

Series 2014-UBS5, Class XA, 1.17%, 09/10/47 (b),(d),(g)

   3,933,123        137,022 

Series 2015-CR23, Class XA,
1.10%, 05/10/48 (b),(d),(g)

   12,143,415        501,207 

CSAIL Commercial Mortgage Trust,

        

Series 2015-C2, Class XA, 0.95%, 06/15/57 (b),(d),(g)

   39,669,200        1,612,950 

Series 2015-C3, Class XA, 0.98%, 08/15/48 (d),(g),(h)

   34,027,640        1,276,309 

GS Mortgage Securities Trust, Series 2015-GC32, Class XA,
0.98%, 07/10/48 (d),(g),(h)

   23,490,240        948,700 

 

See Notes to Consolidated Financial Statements.

 

65


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Principal
Amount
         Value 

JPMBB Commercial Mortgage Securities Trust, Series 2015-C30, Class XA, 0.76%, 07/15/48 (d),(g),(h)

  $50,952,622       $1,513,497 

Morgan Stanley Bank of America Merrill Lynch Trust,

        

Series 2015-C22, Class XA, 1.26%, 04/15/48 (d),(g),(h)

   18,913,798        949,075 

Series 2015-C23, Class XA, 0.84%, 07/15/50 (d),(g),(h)

   55,659,340        1,591,746 

Series 2015-C25, Class XA, 1.27%, 10/15/48 (d),(g),(h)

   35,971,425        1,999,688 

Wells Fargo Commercial Mortgage Trust,

        

Series 2014-LC18, Class XA,
1.24%, 12/15/47 (d),(g),(h)

   41,856,412        2,040,207 

Series 2015-C29, Class XA, 0.85%, 06/15/48 (d),(g),(h)

   120,495,445        4,274,455 

Series 2016-C32, Class XA, 1.49%, 01/15/59 (d),(g),(h)

   37,843,309        2,654,330 
        

 

 

 
         21,115,260 
        

 

 

 

Inverse Interest Only Collateralized Mortgage Obligations — 0.1%

 

      

Federal National Mortgage Association,

        

Series 2014-28, Class SB, (1) X 1 mo. USD LIBOR + 6.05%,
3.83%, 05/25/44 (b),(d),(g)

   21,247,688        3,101,695 

Series 2015-13, Class ST, (1) X 1 mo. USD LIBOR + 5.60%, 3.38%,
03/25/45 (b),(d),(g)

   13,068,116        1,903,136 

Government National Mortgage Association, Series 2018-93, Class SA, (1) x 1 mo. USD LIBOR + 6.20%, 4.03%, 07/20/48 (d),(g)

   8,450,577        1,313,397 
        

 

 

 
         6,318,228 
        

 

 

 

Total North America

         1,665,845,241 
        

 

 

 

TOTAL MORTGAGE-BACKED SECURITIES
(COST $1,612,415,926)

         1,665,845,241 
        

 

 

 

U.S. GOVERNMENT SPONSORED AGENCY SECURITIES — 0.6%

 

    

North America — 0.6%

        

Inverse Interest Only Collateralized Mortgage Obligations — 0.6%

 

      

Government National Mortgage Association,

        

Series 2011-157, Class LS, (1) X 1 mo. USD LIBOR + 6.63%,
4.46%, 12/20/41 (b),(d),(g)

   6,019,134        1,186,991 

Series 2012-96, Class SA, (1) X 1 mo. USD LIBOR + 6.10%,
3.93%, 08/20/42 (b),(d),(g)

   6,181,711        1,010,493 

 

See Notes to Consolidated Financial Statements.

 

66


Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2018 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

Series 2013-188, Class SA, (1) X 1 mo. USD LIBOR + 6.15%,
3.98%, 12/20/43 (b),(d),(g)

  $5,781,027       $762,252 

Series 2014-116, Class SC, (1) X 1 mo. USD LIBOR + 5.60%,
3.43%, 08/20/44 (b),(d),(g)

   4,059,967        522,863 

Series 2015-148, Class SL, (1) X 1 mo. USD LIBOR + 5.68%,
3.51%, 10/20/45 (b),(d),(g)

   17,262,450        2,342,273 

Series 2015-151, Class SC, (1) X 1 mo. USD LIBOR + 6.15%,
3.98%, 10/20/45 (b),(d),(g)

   10,091,969        1,617,894 

Series 2015-161, Class AS, (1) X 1 mo. USD LIBOR + 6.20%,
4.03%, 11/20/45 (b),(d),(g)

   8,652,778        1,521,876 

Series 2015-162, Class LS, (1) X 1 mo. USD LIBOR + 6.20%,
4.03%, 11/20/45 (b),(d),(g)

   12,168,368        1,880,986 

Series 2016-5, Class QS, (1) X 1 mo. USD LIBOR + 6.20%,
4.03%, 01/20/46 (b),(d),(g)

   13,954,980        2,324,160 

Series 2017-101, Class SL, (1) X 1 mo. USD LIBOR + 6.20%,
4.03%, 07/20/47 (d),(g)

   11,558,941        1,898,071