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Blackstone Alternative Investment Funds

Filed: 29 May 19, 3:20pm
Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORMN-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number811-22743

 

 

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:March 31, 2019

 

 

 


Table of Contents
Item 1.

Reports to Stockholders.

 


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 Blackstone

 

Blackstone Alternative Multi-Strategy Fund

a series of Blackstone Alternative Investment Funds

 

Annual Report

For the Year Ended March 31, 2019

 

Beginning on January 25, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website. You will be notified by mail each time a report is available, and you will be provided with a website link to access the report.

If you already have elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. Shareholders who hold accounts directly with the Distributor or the Fund may elect to receive shareholder reports and other communications from the Fund electronically by calling 1-855-890-7725 to make such arrangements. Shareholders who hold accounts through an investment advisor, bank, or broker-dealer should contact that financial intermediary directly for information on how to receive shareholder reports and other communications electronically.

You may elect to receive all future reports in paper free of charge. If you hold accounts directly with the Distributor, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling1-855-890-7725 to make such arrangements. For shareholders who hold accounts through an investment advisor, bank, or broker-dealer, please contact your financial intermediary directly to inform them that you wish to continue receiving paper copies of your shareholder reports. If your Fund shares are held through a financial intermediary, your election to receive reports in paper will apply to all funds held with that financial intermediary.

Capitalized terms not defined herein have the meanings assigned to them in the Prospectus.


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Management’s Discussion of Fund Performance

    1

Performance Summary

    6

Portfolio Information

    7

Consolidated Schedule of Investments

    10

Consolidated Statement of Assets and Liabilities

    228

Consolidated Statement of Operations

    230

Consolidated Statement of Changes in Net Assets

    231

Consolidated Statement of Cash Flows

    233

Consolidated Financial Highlights

    235

Notes to Consolidated Financial Statements

    238

Report of Independent Registered Public Accounting Firm

    268

Shareholder Fee Example

    269

Supplemental Information

    270

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

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

Allocation Risk- BAIA’s judgment about the attractiveness, value or market trends affecting a particular asset class, investment style,sub-adviser or security may be incorrect and this may have a negative impact upon performance.Debt Securities Risk- investments in debt securities, such as bonds and certain asset-backed securities involve certain risks which may cause the securities to lose value, including credit risk, extension risk, interest rate risk, prepayment risk, and variable and floating rate instrument risk.Derivatives Risk- the use of derivatives involves the risk that their value may not move as expected relative to the value of the relevant underlying assets, rates, or indices. Derivatives can be volatile and illiquid, can subject to counterparty credit risk, and may entail investment exposure greater than their notional amount.Distressed Securities Risk- investments in securities of business enterprises involved in workouts, liquidations, reorganizations, bankruptcies and similar situations involve a high degree of risk of loss since there is typically substantial uncertainty concerning the outcome of such situations.Equity Securities Risk- there is a risk of loss associated with price fluctuations of equity and preferred securities which change based on a company’s financial condition and overall market and economic environment.Event-Driven Trading Risk- involves the risk that the specific event identified may not occur as anticipated and that this may have a negative impact upon the market price of the securities involved.Foreign Investments/Emerging Markets Risk- involves special risks caused by foreign political, social and economic factors, including exposure to currency fluctuations, less liquidity, less developed and less efficient trading markets, political instability and less developed legal and auditing standards.High Portfolio Turnover Risk- active trading of securities can increase transaction costs (thus lowering performance) and taxable distributions.Large Redemption Risk - large redemption activity could result in the Fund incurring additional costs and being forced to sell portfolio securities at a loss to meet redemptions.Leverage Risk - use of leverage can produce volatility and may exaggerate changes in the net asset value of Fund shares and in the return on the Fund’s portfolio, which may increase the risk that the Fund will lose more than it has invested.Liquidity Risk - some securities held by the Fund, including, but not limited to, restricted, distressed,non-exchange traded,


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and/or privately placed securities, may be difficult to sell, or illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value and if the Fund is forced to sell an illiquid asset to meet redemption requests or other cash needs, the Fund may be forced to sell at a loss.Market Risk and Selection Risk - one or more markets in which the Fund invests may go down in value, possibly sharply and unpredictably, affecting the values of individual securities held by the Fund.Mortgage- and Asset-Based Securities Risk - these securities are subject to credit, interest rate, prepayment and extension risks. These securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn. Small movements in interest rates may quickly and significantly reduce the value of certain mortgage-backed securities.Model and Technology Risk - involves the risk that model-based strategies, data gathering systems, order execution and trade allocation systems and risk management systems may not be successful on an ongoing basis or could contains errors, omissions, imperfections or malfunctions.Multi-Manager Risk- managers may make investment decisions which conflict with each other and as a result, the Fund could incur transaction costs without accomplishing any net investment result.


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BLACKSTONE ALTERNATIVE INVESTMENT FUNDS

Dear Blackstone Investor,

We are pleased to present this annual shareholder report for Blackstone Alternative Investment Funds (“BAIF”) and its series, Blackstone Alternative Multi-Strategy Fund (the “Fund”). This report includes portfolio commentary, a listing of the Fund’s investments and the Fund’s audited financial statements. Audited financial statements for the Fund cover the period from April 1, 2018 to March 31, 2019 (the “Reporting Period”).

The Fund’s investment objective is to seek capital appreciation. The Fund seeks this objective by allocating its assets among a variety of nontraditional, or “alternative,” investment strategies. Blackstone Alternative Investment Advisors LLC (the “Investment Adviser” or “BAIA”) determines the allocations of the Fund’s assets and allocates a majority of the Fund’s assets among a number of affiliated and unaffiliated investment advisory organizations (each, a “Sub-Adviser” and together, the “Sub-Advisers”) with experience managing alternative investment strategies and among investment funds. BAIA also manages a portion of the Fund’s assets directly and, from time to time, may instruct Sub-Advisers with respect to particular investments1. EachSub-Adviser is responsible for theday-to-day management of the Fund’s assets that the Investment Adviser allocates to it. The Investment Adviser has the ultimate responsibility to oversee eachSub-Adviser, subject to the oversight of the Fund’s Board of Trustees. The Investment Adviser is also responsible for recommending the hiring, termination, and replacement ofSub-Advisers. In pursuing the Fund’s investment objective, BAIA focuses on the preservation of capital and seeks to maintain an investment portfolio with, on average, lower volatility relative to the broader equity markets.

Fund Performance2

The Reporting Period was comprised of three quarters with very low volatility in capital markets and one quarter punctuated by sharply elevated volatility. The Fund largely weathered the turbulence, mitigating investor exposure to sharp market pullbacks, and provided investors with positive returns in accord with its objective of capital appreciation.

During the Reporting Period, the Fund generated a cumulative return, net of fees and expenses, of 2.76%. Over the same period, the HFRX Global Hedge Fund Index, a measure of hedge fund performance, returned-3.32%; the MSCI World Total Return Index, a measure of global equity market performance, returned 4.61%; the S&P 500 Total Return Index, a measure of U.S. equity market performance, returned 9.50%; and

 

Becauseof the broadly diversified and low beta nature of the portfolio, the Fund is not expected to participate in the full upside of broader equity and fixed income markets. The indices referenced herein are not benchmarks or targets for the Fund.

1 

BAIA manages a portion of the Fund’s assets directly. Such investments include allocations to BAIA’s systematic risk premia trading strategy, funds managed by Glenview Capital Management LLC, EJF Capital LLC, Aeolus Capital Management Ltd., opportunistic trades, and hedging. BAIA allocations are subject to change and BAIA’s fees on directly managed assets are not reduced by a payment to asub-adviser.

2 

Performance is shown net of the Gross Expense Ratio less waived expenses for Class I shares. Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance data above. There can be no assurance that the Fund will achieve its goals or avoid losses.

 

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the Bloomberg Barclays Global Aggregate Bond Index, a measure of investment grade bond performance, returned-0.38%.3

Market and Portfolio Commentary

The Reporting Period was colored by ebbs and flows in the market, beginning with two moderately calm, positive quarters for equity markets that came on the heels of a volatile end to the prior fiscal year. During the quarter ended December 31, 2018, public equity markets sold off considerably, closing down for the calendar year (S&P 500 TR:-4.38%) for the first time since 2008, driven primarily by December’s returns (S&P 500 TR:-9.03%). The market rebounded afterwards, as the S&P 500 had the best2-month start to a year in roughly three decades4 (+11.48%). In a period punctuated by both historic highs and lows, a number of concerns kept markets in constant flux.

In the U.S., all eyes were on the Federal Reserve (“the Fed”) this year. Just before the fiscal year began, Jerome Powell was sworn in as Chairman, and the Fed penciled in three to four potential interest hikes for 2018 and an additional three for 2019 amid signs of a strengthening economy. As multiple reports throughout the calendar year illustrated, the U.S. economy was humming along, with the U.S. Bureau of Economic Analysis estimating second quarter GDP growth to be 4.1%, the highest reading since 2014. At the same time, the U.S. Bureau of Labor Statistics reported that U.S. inflation increased 2.9% year-over-year. Given both a growing U.S. economy and rising inflation towards the end of 2018, the Fed hiked rates four times and continued to unwind its bond portfolio through open market operations throughout the year. Both of these steps were taken to help rein in U.S. inflation and reload the tools available to the Fed should it need them in the event of an economic downturn.

However, by the end of December 2018, the Fed started changing course as equity markets began to weaken. The last few days of the month were characterized by a crisis of confidence, in part due to data that suggested U.S. growth was beginning to slow. Both the Richmond Fed’s manufacturing activity survey and the Conference Board’s consumer confidence index, considered by some to be leading indicators of the health of U.S. production and the degree of consumer optimism on the state of the U.S. economy, respectively, hit lows during the month. This exacerbated the fears the market had been harboring, and the softening economic data and weakening consumer confidence resulted in a sharp negative turn in the equity markets. In early January, Chairman Powell said that the Fed could afford to be patient and responsive to the economy, suggesting that the Fed would not necessarily have to continue raising rates as had been projected. Combined with a strong jobs report on the same day, this sent a message to the markets that there was still plenty of runway in the expansion, causing the stock market to surge and initiating the quarter’s rebound. By the time the Fed met in March 2019, consensus estimates of monetary policy suggested no rate hikes in 2019, a single hike in 2020, and no hikes in 2021, a marked reversal from just a year ago.

Outside of the U.S., there have been additional indicators that suggested the onset of a global slowdown that could affect U.S. equity markets. Just before the start to the fiscal year, President Trump signed orders to place tariffs of 25% and 10% on imported steel and aluminum, respectively. This action spurred negotiations with a number of the United States’ major trade partners and triggered some nations to respond with their own tariffs, including anin-kind response from China. By the end of the year, the trade war had clearly taken its toll as the People’s Bank of China had already injected nearly ¥2.2 trillion into the economy to stimulate the economy above 6% growth5.

 

3 

The volatility of the indices presented may be materially different from that of the performance of the Fund. In addition, the indices employ different investment guidelines and criteria than the Fund; as a result, the holdings in the Fund may differ significantly from the securities that comprise the indices. The indices have not been selected to represent benchmarks for the Fund, but rather are disclosed to allow for comparison of the Fund’s performance to that of well-known and widely recognized indices. In the case of equity indices, performance of the indices reflects the reinvestment of dividends.

4 

The Wall Street Journal:https://www.wsj.com/articles/global-stocks-slip-after-u-s-north-korea-summit-collapses-11551344796

5 

Evercore ISI: Taxes, Davos, CCTV & Autos, Currency (January 10th, 2019).

 

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Europe also faced headwinds. While the U.S. posted GDP growth that topped estimates, the European Central Bank (“ECB”) revised growth forecasts lower than previously expected. At the time, President Mario Draghi cited increased global risks such as protectionism and a resulting reduction in global free trade. While the Fed worked to increase the Fed Funds rate to a range of 2.25%-2.50% and control U.S. economic growth, the ECB continued to hold its overnight deposit rate at-0.40% and buy bonds in the open market, effectively attempting to promote growth within the European economy. However, this may not have been enough, as recessionary conditions were evident in Italy and France, and there are indicators that Germany may fall into recession as well6. Additionally, many European leading indicators were at levels not seen since 2012, when Mario Draghi famously said the ECB would do whatever it takes to avoid falling into a recession.

Europe wasn’t alone in its slowing growth, as emerging markets were also a focus for many this year. Emerging markets faced stifling lows towards the end of 2018, ending the calendar year with their worst performance since 2008 (EMBI Global Diversified High Yield Index TR:-6.22%). In Argentina, concerns grew about the government’s ability to repay U.S. dollar denominated debt, as a strengthening dollar, rising inflation, and growing trade tensions all contributed to a plunge in the value of the currency. Likewise in Turkey, the lira weakened as inflation surged in response to the government’s struggle to stabilize the economy amidst high levels of private, foreign-currency denominated debt and a large current account deficit. This reversed sharply in the first quarter of 2019, primarily on the back of the reestablishment of dovish U.S. monetary policy, continued global central bank easing, and momentaryde-escalation of trade war tensions between the U.S. and China.

Over the Reporting Period, the Fund’s Equity strategies were the largest contributor to performance (+5.80%7). Quantitative equity market neutralsub-strategies posted strong, consistent, and uncorrelated gains throughout the Reporting Period, even during the recent equity market drawdown. Equity Long/Shortsub-strategies also contributed, though they were not without the ebbs and flows that defined the year. The Fund’s Health Care exposures suffered on news of a court in Texas invalidating the Affordable Care Act. However, given the Fund’s ability to be both long and short securities, it has less of a dependence on broader market moves than traditional equity strategies, which can be beneficial when markets or specific sectors trend lower. While the S&P 500 Health Care Index TR suffered in the quarter ended December 31, 2018(-8.71%), and was only able to partially make up the loss in the quarter ended March 31, 2019 (+6.59%), the Fund was able to capitalize on active management and prudent stock selection in the Health Care sector to make up losses during the same time period. The Fund’s exposures to Financials also ended the year as mild contributors amidst bumpy performance driven by the shifting expectations for monetary policy and oscillating concerns around global growth and the impact of the ongoing trade war.

Credit strategies also contributed strongly to the Fund’s positive performance (+5.39%7). Fixed Income – Asset Backedsub-strategies drove gains, as commercial mortgage backed securities indices tightened throughout the period. The credit markets fluctuated similarly to equity markets during the year, with a similar pattern ofde-risking during the quarter ended December 31, 2018 causing spreads to widen, especially in December, followed by a rebound in the quarter ended March 31, 2019, when spreads tightened, resulting in positive attribution. Exposures to collateralized loan obligations followed a similar trend due to spread fluctuation, but had an additional benefit of positive carry that contributed gains. On the other hand, exposure to trust preferred security collateralized debt obligations ended the year as a minor detractor. Finally, high yield and corporate credit finished positively for the year while facing pockets of challenged performance in 2018 due to the dual headwinds of rising U.S. rates and late-cycle credit conditions.

During the Reporting Period, Multi-Asset strategies also collectively posted gains (+2.70%7). Risk Arbitragesub-strategies, which attempt to exploit pricing inefficiencies caused by corporate events by taking long positions in target companies and selling acquirers short, contributed gains for the year. Heightened levels of acquisition activity over the past year provided ample opportunities for arbitrage, as positions across energy, healthcare, telecommunications, aerospace and defense, and utilities contributed to gains. On the other hand, a set of exposures in the Multi-Strategysub-strategy faced headwinds, particularly in the quarter ended

 

6 

Blackstone’s Joe Zidle:https://www.blackstone.com/insights/article/a-mid-cycle’s-pause

7 

Sub-strategy performance is shown gross of all fees and expenses. Sub-strategy performance is estimated and unaudited.

 

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December 31, 2018. Long exposure to commodities detracted as crude oil prices fell to levels not seen since 2016 on fears of oversupply. Long exposure to REITS also generated losses, as rising interest rates made REIT yields look less attractive versus other income-bearing alternatives. This samesub-strategy was ultimately able to reverse its losses on the quarter with an explosive start to January, including positive contributions from both high yield positions in the US and Europe, and long equity exposures in emerging markets. Finally, the gains in thissub-strategy were partially offset by overlay equity hedges that suffered during the rising equity market of the quarter ended March 31, 2019. Elsewhere, select exposures to fixed income carry and momentum trades suffered from the previously mentioned turbulence in the quarter ended December 31, 2018.

During the Reporting Period, the Investment Adviser hired Blackstone Real Estate Special Situations Advisors LLC8 (Relative Value strategy) to serve as aSub-Adviser to the Fund. Also during the Reporting Period, the Investment Adviser terminated twoSub-Advisers to the Fund: Cerebellum GP, LLC (Equity Hedge strategy) and Gracian Capital LLC (Equity Hedge strategy9).Sub-Adviser additions and terminations are normal events in the Investment Adviser’s investment process and result from our dynamictop-down evaluation of the opportunity set for hedge fund strategies as well as thebottom-up evaluation of aSub-Adviser’s ability to deliver alpha in a given environment. When done well, value may be generated by making the righttop-down calls on which asset classes are attractive in a given environment and increasing the Fund’s exposure to those asset classes. For more information on the Fund’sSub-Advisers, please refer to their profiles available on the Fund’s website (www.bxmix.com).

Looking forward to the remainder of 2019 and into 2020, we anticipate continued volatility and further dispersion among stocks, sectors, and geographies—together, conditions that furnish activeSub-Advisers with potential opportunities to pick winners and losers and generate alpha. In the last two weeks of the fiscal year, the spread between the10-year and3-month yield curve inverted for the first time since the Global Financial Crisis, indicating that investors’ expectations for the future were beginning to sour. During the same period, German manufacturing data came in weak, exacerbating fears that unresolved trade disputes were causing a slowdown in Europe’s biggest economy, dragging the German10-year bund yield below zero for the first time since 201610. Given the rapidly changing global economic environment and several potential threats to investors’ portfolios, were-iterate the importance of seeking new means of diversification—a gap that alternative investment strategies and nontraditional asset classes could fill. In our view, an actively-managed long/short investment approach, for instance, may reduce a portfolio’s reliance on the overall market’s direction. Additionally, we believe that diversifying, multi-asset strategies, such as Global Macro, may be well-positioned to navigate the challenges presented by divergent Central Bank policy around the world, while quantitative and risk premia-oriented strategies may provide additional differentiation and uncorrelated sources of return.

We maintain conviction in the expertise and opportunity sets for the Fund’ssub-advisory lineup; nonetheless, we continue to manage the portfolio dynamically—allocating to strategies that we deem attractive in the current market environment and reassessing those that face potential headwinds. It is impossible to predict with accuracy what the coming year has in store, but we remain confident that diversified investment strategies which exhibit low market correlation could play an important role in the prudent investor’s portfolio by mitigating downside volatility and affording alpha generation potential.

 

8 

Blackstone and its affiliates have financial interests in asset managers. Any allocation by Blackstone to a subsidiary or other affiliate benefits The Blackstone Group L.P. and any redemption or reduction of such allocation would be detrimental to The Blackstone Group L.P., creating potential conflicts of interest in allocation decisions.

9 

Gracian Capital, LLC served as anon-discretionarysub-adviser, advising the Investment Adviser with a short-only fundamental equity strategy on anon-discretionary basis.

10 

Reuters:https://www.reuters.com/article/usa-bonds/treasuries-yield-curve-nears-inversion-on-global-growth-fears-idUSL1N2190DU

 

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We are grateful for your choosing to invest with us and for giving us the opportunity to serve you for years to come.

Sincerely,

 

  

Gideon Berger

  

Min Htoo

  

Robert Jordan

  

Ian Morris

  

Alberto Santulin

  

Stephen Sullens

Note: Effective as of September 21, 2018, David Mehenny no longer serves as Portfolio Manager to the Fund. David is pursuing an opportunity in another business unit at Blackstone and we wish him the best in his new role. The Fund’s six other Portfolio Managers as of March 31, 2019 are remain, as listed above.

 

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Performance Summary

Performance quoted represents past performance, which may be higher or lower than current performance. Past performance is not indicative of future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect taxes that an investor would pay on fund distributions or on the sale of fund shares. To obtain the most recent month-end performance, visit www.bxmix.com.

Value of a $10,000 Investment Since Inception at Net Asset Value*

 

LOGO

None of the indices presented are benchmarks or targets for the Fund.

 

*

The line graph represents historical performance of a hypothetical investment of $10,000 from Inception (June 16, 2014) to March 31, 2019, assuming the reinvestment of distributions.

Cumulative Total Return

 

  For the
Year Ended
March 31,
2019
 Since
Inception
(June 16,
2014)

Class I Shares (“BXMIX”)

   2.76%   15.87%

HFRX Global Hedge Fund Index

   (3.32)%   (1.21)%

MSCI World Total Return Index

   4.61%   38.38%

Bloomberg Barclays Global Aggregate Bond Index

   (0.38)%   3.52%

 

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Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Portfolio Information

March 31, 2019

 

Geographic Breakdown

 Percentage of
Total Net Assets

North America

   82.0%

Europe

   4.2

Asia

   3.6

Oceania

   1.4

South America

   1.4

Middle East

   1.3

Africa

   0.3

Other1

   14.0

Securities Sold Short

   (21.4)

Other Assets and Liabilities2

   13.2
  

 

 

 

Total

   100.0%
  

 

 

 

 

1 

Includes Sovereign Debt, Exchange-Traded Funds, Short-Term Investment—Money Market Fund 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

Mortgage-Backed Securities

   27.7%

Common Stock

   27.3

Sovereign Debt

   12.0

U.S. Treasury Obligations

   9.2

Corporate Bonds & Notes

   8.4

Investments in Investee Funds

   8.3

Asset-Backed Securities

   4.8

Preferred Stock

   2.8

Bank Debt

   1.9

Exchange-Traded Funds

   1.9

Short-Term Investment-Money Market Funds

   1.4

U.S. Government Sponsored Agency Securities

   1.3

Convertible Bonds

   0.8

Municipals

   0.3

Other1

   0.1

Warrants

   0.02 

Securities Sold Short

   (21.4)

Other Assets and Liabilities3

   13.2
  

 

 

 

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

   10.6%

AA/Aa

   1.6

A

   0.5

BBB/Baa

   6.2

BB/Ba

   6.0

B

   11.0

CCC/Caa

   1.7

CC/Ca

   0.2

C

   

D

   0.1

Not Rated

   24.8

Other3

   37.3
  

 

 

 

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 which are deemed AAA/Aaa by the Investment Adviser.

3 

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

 

 

See Notes to Consolidated Financial Statements.

 

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Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Portfolio Information (Continued)

March 31, 2019

 

 

Industry

 Percentage of
Total Net Assets

Biotechnology & Pharmaceuticals

   4.6%

Retail-Discretionary

   4.2

Banking

   3.3

Medical Equipment & Devices

   2.9

Software

   2.4

Integrated Oils

   1.9

Software & Services

   1.9

Gaming, Lodging & Restaurants

   1.8

Wireless Telecommunications Services

   1.7

Health Care Facilities & Services

   1.5

Oil, Gas & Coal

   1.5

Exploration & Production

   0.9

Real Estate

   0.8

Semiconductors

   0.7

Utilities

   0.7

Advertising & Marketing

   0.6

Consumer Products

   0.6

Media

   0.6

Retail-Consumer Staples

   0.6

Specialty Finance

   0.6

Hardware

   0.5

Automotive

   0.4

Electrical Equipment

   0.4

Financial Services

   0.4

Insurance

   0.4

Retail-Consumer Discretionary

   0.4

Consumer Finance

   0.3

Consumer Services

   0.3

Refining & Marketing

   0.3

Technology Services

   0.3

Aerospace & Defense

   0.2

Apparel & Textile Products

   0.2

Banks

   0.2

Chemicals

   0.2

Home & Office Products

   0.2

Industrial Other

   0.2

Machinery Manufacturing

   0.2

Pipeline

   0.2

Asset Management

   0.1

Commercial Services

   0.1

Construction Materials

   0.1

Containers & Packaging

   0.1

Design, Manufacturing & Distribution

   0.1

Distributors-Consumer Staples

   0.1

Engineering & Construction Services

   0.1

Food & Beverage

   0.1

 

See Notes to Consolidated Financial Statements.

 

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Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Portfolio Information (Continued)

March 31, 2019

 

Industry

 Percentage of
Total Net Assets

Homebuilders

   0.1%

Internet Media

   0.1

Machinery

   0.1

Managed Care

   0.1

Metals & Mining

   0.1

Oil & Gas Services

   0.1

Passenger Transportation

   0.1

Pharmaceuticals

   0.1

Recreation Facilities & Services

   0.1

Telecommunications

   0.1

Transportation & Logistics

   0.1

Transportation Equipment

   0.1

Coal Operations

   0.01 

Commercial Finance

   0.01 

Communications

   0.01 

Distributors-Discretionary

   0.01 

Entertainment Resources

   0.01 

Financials

   0.01 

Forest & Paper Products

   0.01 

Industrial Services

   0.01 

Institutional Financial Services

   0.01 

Iron & Steel

   0.01 

Leisure Products

   0.01 

Manufactured Goods

   0.01 

Medical Equipment & Devices Manufacturing

   0.01 

Property & Casualty Insurance

   0.01 

Publishing & Broadcasting

   0.01 

Renewable Energy

   0.01 

Restaurants

   0.01 

Travel & Lodging

   0.01 

Waste & Environmental Services & Equipment

   0.01 

Other2

   67.1

Securities Sold Short

   (21.4)

Other Assets and Liabilities3

   13.2
  

 

 

 

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, Limited Partnerships, Investments in Investee Funds, Short-Term Investment—Money Market Fund 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.

 

9


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments

March 31, 2019

 

Security Description

  Shares         Value 

INVESTMENTS IN SECURITIES — 108.2%

        

COMMON STOCK — 27.3%

        

Africa — 0.0%

        

Metals & Mining — 0.0%

        

Gold Fields Ltd., ADR

   18,500       $69,005 

Harmony Gold Mining Co. Ltd., ADR (a)

   2,700        5,130 
        

 

 

 
       74,135 
        

 

 

 

Specialty Finance — 0.0%

        

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

   19,100        68,569 
        

 

 

 

Total Africa

         142,704 
        

 

 

 

Asia — 0.7%

        

Automotive — 0.0%

        

Tata Motors Ltd., ADR (a)

   100        1,256 
        

 

 

 

Biotechnology & Pharmaceuticals — 0.5%

        

Sinovac Biotech Ltd. (a),(d)

   200        1,294 

Takeda Pharmaceutical Co. Ltd. (c)

   813,830        33,328,155 
        

 

 

 
         33,329,449 
        

 

 

 

Consumer Services — 0.1%

        

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

   60,700        5,468,463 

RYB Education, Inc., ADR (a)

   2,900        19,140 

Tarena International, Inc., ADR

   2,600        14,118 
        

 

 

 
         5,501,721 
        

 

 

 

Gaming, Lodging & Restaurants — 0.0%

        

GreenTree Hospitality Group Ltd., ADR

   1,400        19,362 

Stars Group, Inc. (The) (a)

   200        3,502 

Yum China Holdings, Inc. (b)

   13,100        588,321 
        

 

 

 
         611,185 
        

 

 

 

Health Care Facilities & Services — 0.0%

        

Global Cord Blood Corp. (b)

   3,429        24,072 
        

 

 

 

Machinery — 0.0%

        

China Yuchai International Ltd. (b)

   3,045        48,263 

Hollysys Automation Technologies Ltd. (b)

   5,500        115,170 
        

 

 

 
         163,433 
        

 

 

 

Media — 0.1%

        

Baidu, Inc., ADR (a)

   64,000        10,550,400 

Leju Holdings Ltd., ADR (a)

   800        1,256 

Phoenix New Media Ltd., ADR (a)

   2,100        8,841 

 

See Notes to Consolidated Financial Statements.

 

10


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Shares         Value 

Sogou, Inc., ADR (a)

   2,200       $13,068 

Sohu.com Ltd., ADR (a)

   500        8,290 
        

 

 

 
         10,581,855 
        

 

 

 

Oil, Gas & Coal — 0.0%

        

China Petroleum & Chemical Corp., ADR

   6,000        477,000 

PetroChina Co. Ltd., ADR

   400        26,172 
        

 

 

 
         503,172 
        

 

 

 

Passenger Transportation — 0.0%

        

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

   600        26,112 
        

 

 

 

Real Estate — 0.0%

        

Xinyuan Real Estate Co. Ltd., ADR (b)

   4,000        19,480 
        

 

 

 

Renewable Energy — 0.0%

        

Highpower International, Inc. (a),(b)

   200        580 
        

 

 

 

Retail—Discretionary — 0.0%

        

Alibaba Group Holding Ltd., ADR (a)

   1        182 
        

 

 

 

Semiconductors — 0.0%

        

Kulicke & Soffa Industries, Inc. (b)

   23,300        515,163 

Magnachip Semiconductor Corp. (a),(b)

   8,000        59,200 

Silicon Motion Technology Corp., ADR

   100        3,964 

United Microelectronics Corp., ADR

   35,400        66,552 
        

 

 

 
         644,879 
        

 

 

 

Software — 0.0%

        

Changyou.com Ltd., ADR (b)

   7,700        131,670 
        

 

 

 

Specialty Finance — 0.0%

        

Hexindai, Inc., ADR

   3,700        12,358 

Qudian, Inc., ADR (a)

   24,400        123,464 
        

 

 

 
         135,822 
        

 

 

 

Technology Services — 0.0%

        

WNS Holdings Ltd., ADR (a)

   7,500        399,525 
        

 

 

 

Telecommunications — 0.0%

        

21Vianet Group, Inc., ADR (a)

   300        2,382 

Aspire Holdings LLC, Class A (a),(c)

   1,502,082        2 

China Mobile Ltd., ADR

   100        5,099 

China Unicom Hong Kong Ltd., ADR

   1,400        17,920 

PLDT, Inc., ADR

   100        2,167 
        

 

 

 
         27,570 
        

 

 

 

Total Asia

         52,101,963 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

11


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Shares         Value 

Europe — 1.1%

        

Automotive — 0.0%

        

Garrett Motion, Inc. (a)

   100       $1,473 
        

 

 

 

Banking — 0.0%

        

HSBC Holdings PLC, ADR

   18        730 
        

 

 

 

Biotechnology & Pharmaceuticals — 0.9%

        

Grifols SA, ADR

   4,000        80,440 

Novartis AG (c)

   348,250        33,473,598 

Novo Nordisk A/S, B Shares (c)

   259,120        13,542,995 

Prothena Corp. PLC (a)

   10,300        124,939 

Roche Holding AG (c)

   59,090        16,282,536 
        

 

 

 
         63,504,508 
        

 

 

 

Chemicals — 0.0%

        

Orion Engineered Carbons SA (b)

   15,600        296,244 
        

 

 

 

Consumer Products — 0.0%

        

Avon Products, Inc. (a)

   6,500        19,110 

Nomad Foods Ltd. (a),(b)

   21,100        431,495 

Unilever NV

   24        1,399 
        

 

 

 
         452,004 
        

 

 

 

Electrical Equipment — 0.0%

        

ABB Ltd., ADR

   3,700        69,819 

nVent Electric plc

   11,300        304,874 
        

 

 

 
         374,693 
        

 

 

 

Health Care Facilities & Services — 0.0%

        

Fresenius Medical Care AG & Co. KGaA, ADR

   900        36,477 
        

 

 

 

Insurance — 0.0%

        

Prudential PLC, ADR

   37        1,488 
        

 

 

 

Iron & Steel — 0.0%

        

Ternium SA, ADR

   100        2,722 
        

 

 

 

Machinery — 0.0%

        

CNH Industrial NV

   1,400        14,280 
        

 

 

 

Media — 0.0%

        

Trivago NV, ADR (a)

   5,000        21,600 

WPP PLC, ADR

   100        5,280 
        

 

 

 
         26,880 
        

 

 

 

Medical Equipment & Devices — 0.0%

        

Trinity Biotech PLC, ADR (a),(b)

   1,700        4,845 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

12


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Shares         Value 

Oil, Gas & Coal — 0.0%

        

Equinor ASA, ADR

   40       $879 

Seadrill Ltd. (a),(b)

   5,600        46,536 
        

 

 

 
         47,415 
        

 

 

 

Recreation Facilities & Services — 0.0%

        

Manchester United PLC, Class A (b)

   1,600        30,752 
        

 

 

 

Retail—Discretionary — 0.0%

        

Hudson Ltd., Class A (a),(b)

   15,100        207,625 
        

 

 

 

Semiconductors — 0.1%

        

NXP Semiconductors NV (b),(c)

   59,000        5,215,010 
        

 

 

 

Software — 0.1%

        

InterXion Holding NV (a),(c)

   161,552        10,780,365 
        

 

 

 

Specialty Finance — 0.0%

        

PPDAI Group, Inc., ADR (a)

   1,000        3,780 
        

 

 

 

Technology Services — 0.0%

        

Atento SA (a),(b)

   3,000        10,830 
        

 

 

 

Transportation & Logistics — 0.0%

        

Safe Bulkers, Inc. (a),(b)

   18,300        26,718 
        

 

 

 

Utilities — 0.0%

        

Atlantica Yield PLC

   9,700        188,762 

Innogy SE (f)

   3,277        151,524 
        

 

 

 
         340,286 
        

 

 

 

Total Europe

         81,379,125 
        

 

 

 

Middle East — 0.2%

        

Electrical Equipment — 0.0%

        

Camtek Ltd. (b)

   5,000        44,600 
        

 

 

 

Hardware — 0.0%

        

Ceragon Networks Ltd. (a),(b)

   10,400        37,336 

Radware Ltd. (a),(b)

   10,300        269,139 

Silicom Ltd. (a),(b)

   200        7,650 
        

 

 

 
         314,125 
        

 

 

 

Media — 0.0%

        

Wix.com Ltd. (a),(b)

   14,100        1,703,703 
        

 

 

 

Semiconductors — 0.1%

        

Mellanox Technologies Ltd. (a),(b)

   35,200        4,166,272 

Tower Semiconductor Ltd. (a),(b)

   36,300        601,128 
        

 

 

 
         4,767,400 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

13


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Shares         Value 

Software — 0.1%

        

Allot Ltd. (a),(b)

   1,200       $9,528 

Attunity Ltd. (a),(b)

   5,200        121,940 

CyberArk Software Ltd. (a),(b)

   24,800        2,952,440 

Sapiens International Corp. NV (b)

   900        13,752 
        

 

 

 
         3,097,660 
        

 

 

 

Total Middle East

         9,927,488 
        

 

 

 

North America — 25.3%

        

Aerospace & Defense — 0.1%

        

AAR Corp. (b)

   1,300        42,263 

American Outdoor Brands Corp. (a),(b)

   14,700        137,298 

Ducommun, Inc. (a),(b)

   900        39,168 

General Dynamics Corp.

   5,600        947,968 

HEICO Corp. (b)

   2,488        236,036 

Hexcel Corp.

   6,700        463,372 

L3 Technologies, Inc. (b)

   2,900        598,473 

Lockheed Martin Corp. (b)

   21,499        6,453,140 
        

 

 

 
         8,917,718 
        

 

 

 

Apparel & Textile Products — 0.2%

        

Capri Holdings Ltd.

   9,000        411,750 

Cherokee, Inc. (a),(b)

   100        70 

Columbia Sportswear Co. (b)

   11,800        1,229,324 

Crocs, Inc. (a),(b)

   49,800        1,282,350 

Culp, Inc. (b)

   600        11,538 

Hanesbrands, Inc.

   52,300        935,124 

Movado Group, Inc.

   100        3,638 

PVH Corp.

   2,600        317,070 

Ralph Lauren Corp. (b)

   8,800        1,141,184 

Skechers U.S.A., Inc., Class A (a),(b)

   46,800        1,572,948 

Unifi, Inc. (a),(b)

   1,200        23,220 

VF Corp. (b)

   73,801        6,414,045 

Vince Holding Corp. (a),(b)

   306        3,794 
        

 

 

 
         13,346,055 
        

 

 

 

Asset Management — 0.1%

        

Affiliated Managers Group, Inc. (b)

   4,000        428,440 

Apollo Investment Corp.

   4,099        62,059 

Ares Capital Corp. (b)

   85,400        1,463,756 

BlackRock Capital Investment Corp. (b)

   18,900        113,211 

BlackRock TCP Capital Corp. (b)

   17,500        248,150 

Blucora, Inc. (a),(b)

   1,300        43,394 

Boston Private Financial Holdings, Inc.

   400        4,384 

BrightSphere Investment Group PLC (b)

   13,100        177,636 

 

See Notes to Consolidated Financial Statements.

 

14


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Shares        Value 

Capital Southwest Corp. (b)

   200       $4,208 

Capitala Finance Corp. (b)

   4,000        31,840 

E*TRADE Financial Corp. (b)

   6,700        311,081 

Fidus Investment Corp. (b)

   4,200        64,386 

Garrison Capital, Inc. (b)

   1,300        9,334 

Gladstone Capital Corp. (b)

   6,300        56,763 

Gladstone Investment Corp. (b)

   5,300        61,480 

Horizon Technology Finance Corp. (b)

   2,700        31,833 

Invesco Ltd. (b)

   12,000        231,720 

KKR & Co., Inc., Class A (c)

   124,759        2,930,589 

LPL Financial Holdings, Inc.

   300        20,895 

Manning & Napier, Inc. (b)

   1,600        3,360 

Medallion Financial Corp. (a),(b)

   3,600        24,840 

Monroe Capital Corp. (b)

   2,800        33,992 

MVC Capital, Inc. (b)

   1,000        9,070 

Newtek Business Services Corp. (b)

   413        8,111 

Oaktree Specialty Lending Corp. (b)

   1,600        8,288 

Oppenheimer Holdings, Inc., Class A (b)

   2,400        62,448 

Oxford Square Capital Corp. (b)

   7,400        48,100 

PennantPark Investment Corp. (b)

   12,800        88,448 

Solar Capital Ltd. (b)

   3,700        77,108 

Solar Senior Capital Ltd. (b)

   1,800        30,888 

Stellus Capital Investment Corp. (b)

   3,800        53,770 

TCG BDC, Inc.

   3,000        43,440 

THL Credit, Inc. (b)

   7,600        49,856 

TriplePoint Venture Growth BDC Corp. (b)

   8,000        110,080 

Westwood Holdings Group, Inc.

   100        3,527 

WhiteHorse Finance, Inc. (b)

   2,100        29,820 
        

 

 

 
         6,980,305 
        

 

 

 

Automotive — 0.4%

        

Altra Industrial Motion Corp. (b)

   9,900        307,395 

BorgWarner, Inc. (b)

   9,800        376,418 

Cooper-Standard Holding, Inc. (a)

   1,300        61,048 

Dana, Inc. (b)

   76,000        1,348,240 

Delphi Technologies plc (b)

   30,600        589,356 

Magna International, Inc.

   8,600        418,734 

Methode Electronics, Inc.

   100        2,878 

Miller Industries, Inc. (b)

   100        3,085 

Modine Manufacturing Co. (a),(b)

   8,100        112,347 

Standard Motor Products, Inc.

   100        4,910 

Superior Industries International, Inc.

   2,200        10,472 

Tesla, Inc. (a)

   78,900        22,080,954 

Tower International, Inc. (b)

   2,300        48,369 

Visteon Corp. (a)

   400        26,940 
        

 

 

 
         25,391,146 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

15


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Shares        Value 

Banking — 3.3%

        

Arrow Financial Corp. (b)

   369       $12,136 

Associated Banc-Corp

   34        726 

Atlantic Capital Bancshares, Inc. (a),(b)

   3,100        55,273 

Bancorp, Inc. (a),(b)

   7,700        62,216 

Bank of America Corp. (c)

   29,805        822,320 

Bank of Marin Bancorp (b)

   600        24,414 

Bank of NT Butterfield & Son Ltd. (b)

   11,200        401,856 

Bank OZK (b)

   4,300        124,614 

BankFinancial Corp. (b)

   1,155        17,175 

BB&T Corp.

   6,900        321,057 

Bridge Bancorp, Inc. (b)

   200        5,860 

Bridgewater Bancshares, Inc. (a),(b)

   700        7,217 

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

   406,092        7,504,580 

Cadence BanCorp (b)

   38,940        722,337 

Centerstate Banks, Inc. (c)

   472,831        11,258,106 

Central Pacific Financial Corp. (b)

   5,300        152,852 

Chemical Financial Corp.

   7        288 

Citigroup, Inc.

   28,800        1,791,936 

Citizens Financial Group, Inc. (b)

   64,000        2,080,000 

Comerica, Inc. (b)

   63,300        4,641,156 

ConnectOne Bancorp, Inc. (c)

   253,269        4,989,399 

East West Bancorp, Inc. (b)

   45,200        2,168,244 

Fidelity Southern Corp. (b)

   2,900        79,431 

Fifth Third Bancorp

   61,248        1,544,675 

Financial Institutions, Inc. (b)

   1,600        43,488 

First BanCorp (b)

   86,400        990,144 

First Business Financial Services, Inc. (b)

   400        8,008 

First Community Bankshares, Inc. (b)

   800        26,512 

First Defiance Financial Corp. (b)

   1,800        51,732 

First Financial Corp. (b)

   400        16,800 

First Financial Northwest, Inc. (b)

   600        9,450 

First Hawaiian, Inc. (b)

   48,000        1,250,400 

First Midwest Bancorp, Inc. (c)

   531,236        10,869,089 

Flushing Financial Corp. (b)

   1,400        30,702 

FS Bancorp, Inc. (b)

   100        5,048 

German American Bancorp, Inc.

   300        8,820 

Great Western Bancorp, Inc.

   100        3,159 

Heritage Commerce Corp. (b)

   4,500        54,450 

HomeTrust Bancshares, Inc. (b)

   200        5,040 

IBERIABANK Corp.

   400        28,684 

Independent Bank Corp. (b)

   2,500        53,750 

Investors Bancorp, Inc. (b)

   19,800        234,630 

JPMorgan Chase & Co. (c)

   161,852        16,384,278 

Lakeland Bancorp, Inc. (b)

   1,000        14,930 

Live Oak Bancshares, Inc.

   4,500        65,745 

 

See Notes to Consolidated Financial Statements.

 

16


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Shares        Value 

M&T Bank Corp. (b)

   6,200       $973,524 

Macatawa Bank Corp. (b)

   100        994 

Mercantile Bank Corp. (b)

   1,100        35,992 

Merchants Bancorp (b)

   100        2,150 

Midland States Bancorp, Inc. (c)

   309,968        7,457,830 

MidWestOne Financial Group, Inc. (b)

   300        8,175 

National Bankshares, Inc. (b)

   100        4,285 

Northrim BanCorp, Inc. (b)

   400        13,768 

OceanFirst Financial Corp. (c)

   594,336        14,299,724 

OFG Bancorp (b)

   11,900        235,501 

Opus Bank (c)

   443,967        8,790,547 

Origin Bancorp, Inc. (c)

   3,705        126,155 

Oritani Financial Corp. (b)

   3,600        59,868 

Pacific Premier Bancorp, Inc. (c)

   150,947        4,004,624 

PacWest Bancorp (c)

   9,605        361,244 

PCSB Financial Corp.

   400        7,828 

Peapack Gladstone Financial Corp. (b)

   800        20,976 

Peoples Bancorp, Inc. (b)

   500        15,485 

PNC Financial Services Group, Inc. (c)

   130,144        15,963,463 

Popular, Inc. (b)

   23,890        1,245,386 

Preferred Bank (b)

   1,400        62,958 

QCR Holdings, Inc. (b),(c)

   224,516        7,615,583 

RBB Bancorp (b)

   200        3,760 

Regions Financial Corp. (b)

   374,000        5,292,100 

Signature Bank (c)

   122,669        15,710,219 

Stock Yards Bancorp, Inc. (b)

   1,100        37,191 

SunTrust Banks, Inc. (b)

   42,600        2,524,050 

SVB Financial Group (a),(b),(c)

   33,577        7,466,182 

Synovus Financial Corp. (b)

   68,763        2,362,697 

TCF Financial Corp.

   14,300        295,867 

Territorial Bancorp, Inc. (b)

   400        10,764 

Texas Capital Bancshares, Inc. (a)

   9,200        502,228 

Towne Bank (c)

   81,194        2,009,552 

Trico Bancshares (b)

   100        3,929 

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

   3,000        61,290 

Umpqua Holdings Corp. (b),(c)

   226,815        3,742,447 

United Community Banks, Inc.

   1,500        37,395 

United Community Financial Corp. (b)

   3,600        33,660 

Univest Financial Corp. (b),(c)

   480,979        11,764,746 

US Bancorp

   17,400        838,506 

Veritex Holdings, Inc. (c)

   479,793        11,620,586 

Washington Trust Bancorp, Inc. (b)

   900        43,335 

Waterstone Financial, Inc. (b)

   600        9,876 

Western Alliance Bancorp (a),(b),(c)

   380,232        15,604,721 

Wintrust Financial Corp.

   2,100        141,393 

WSFS Financial Corp. (b),(c)

   247,897        9,568,824 

 

See Notes to Consolidated Financial Statements.

 

17


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Shares        Value 

Zions Bancorp NA (b),(c)

   407,275       $18,494,358 
        

 

 

 
         238,428,463 
        

 

 

 

Biotechnology & Pharmaceuticals — 3.2%

        

AbbVie, Inc. (b)

   219,900        17,721,741 

Acceleron Pharma, Inc. (a)

   100        4,657 

Aceto Corp. (b)

   12,000        2,087 

Achillion Pharmaceuticals, Inc. (a)

   9,100        26,936 

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

   4,700        62,463 

Aduro Biotech, Inc. (a)

   2,900        11,542 

Akorn, Inc. (a),(b)

   77,900        274,208 

Alkermes PLC (a)

   17,100        623,979 

Allergan PLC (c)

   119,000        17,422,790 

AMAG Pharmaceuticals, Inc. (a)

   200        2,576 

Amgen, Inc. (b)

   89,800        17,060,204 

Amphastar Pharmaceuticals, Inc. (a)

   800        16,344 

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

   8,600        260,064 

Antares Pharma, Inc. (a),(b)

   14,200        43,026 

Applied Genetic Technologies Corp. (a),(b)

   900        3,771 

Aptinyx, Inc. (a)

   200        810 

Aravive, Inc. (a),(b)

   1,600        11,264 

Array BioPharma, Inc. (a)

   20,600        502,228 

Athersys, Inc. (a),(b)

   1,700        2,550 

Bausch Health Cos., Inc. (a),(b)

   85,000        2,099,500 

BioCryst Pharmaceuticals, Inc. (a)

   600        4,884 

BioDelivery Sciences International, Inc. (a)

   7,900        41,870 

Biogen, Inc. (a)

   100        23,638 

Biohaven Pharmaceutical Holding Co. Ltd. (a)

   2,700        138,969 

BioMarin Pharmaceutical, Inc. (a)

   3,200        284,256 

BioSpecifics Technologies Corp. (a),(b)

   100        6,233 

BioTime, Inc. (a)

   2,700        3,537 

Bristol-Myers Squibb Co. (b)

   511,700        24,413,207 

Catalyst Biosciences, Inc. (a),(b)

   1,600        12,976 

Celgene Corp. (a),(b)

   399,250        37,665,245 

Celldex Therapeutics, Inc. (a)

   1,034        5,087 

ChemoCentryx, Inc. (a),(b)

   8,291        115,162 

Chimerix, Inc. (a),(b)

   7,300        15,330 

Corcept Therapeutics, Inc. (a)

   800        9,392 

CTI BioPharma Corp. (a),(b)

   4,400        4,269 

Curis, Inc. (a),(b)

   3,960        7,880 

Cytokinetics, Inc. (a),(b)

   9,500        76,855 

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

   600        6,450 

Dicerna Pharmaceuticals, Inc. (a),(b)

   1,900        27,835 

Dova Pharmaceuticals, Inc. (a)

   8        71 

Durect Corp. (a),(b)

   100        63 

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

   12,600        221,382 

 

See Notes to Consolidated Financial Statements.

 

18


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Shares        Value 

Five Prime Therapeutics, Inc. (a),(b)

   5,100       $68,340 

Gilead Sciences, Inc. (b),(c)

   473,570        30,786,786 

Horizon Pharma PLC (a),(b)

   53,000        1,400,790 

Idera Pharmaceuticals, Inc. (a)

   400        1,020 

Immune Design Corp. (a),(b)

   5,700        33,345 

ImmunoGen, Inc. (a)

   6,100        16,531 

Incyte Corp. (a),(b)

   26,800        2,305,068 

Innoviva, Inc. (a)

   3,100        43,493 

Intercept Pharmaceuticals, Inc. (a),(b)

   9,600        1,073,856 

Intra-Cellular Therapies, Inc. (a)

   600        7,308 

Ionis Pharmaceuticals, Inc. (a),(b)

   28,900        2,345,813 

Ironwood Pharmaceuticals, Inc. (a)

   13,700        185,361 

Jazz Pharmaceuticals PLC (a),(b)

   19,800        2,830,410 

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

   5,900        36,580 

Karyopharm Therapeutics, Inc. (a)

   5,800        33,872 

KemPharm, Inc. (a),(b)

   100        167 

Ligand Pharmaceuticals, Inc. (a),(b)

   13,900        1,747,369 

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

   300        2,355 

Merck & Co., Inc. (b),(c)

   332,290        27,636,559 

Millendo Therapeutics, Inc. (a)

   313        4,695 

Natural Health Trends Corp. (b)

   600        7,776 

Neurocrine Biosciences, Inc. (a),(b)

   36,200        3,189,220 

Novavax, Inc. (a)

   19,200        10,577 

OncoMed Pharmaceuticals, Inc. (a),(b)

   700        728 

Optinose, Inc. (a)

   1,000        10,300 

Otonomy, Inc. (a),(b)

   5,800        15,254 

Pacira Pharmaceuticals, Inc. (a)

   2,900        110,374 

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

   34,200        127,224 

PDS Biotechnology Corp. (a)

   40        296 

Perrigo Co. PLC

   6,600        317,856 

Pfizer, Inc.

   900        38,223 

Phibro Animal Health Corp., Class A (b)

   1,200        39,600 

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

   4,800        60,336 

PTC Therapeutics, Inc. (a)

   500        18,820 

Ra Pharmaceuticals, Inc. (a)

   2,000        44,800 

Recro Pharma, Inc. (a),(b)

   1,600        9,376 

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

   12,601        5,174,223 

Retrophin, Inc. (a)

   6,500        147,095 

Revance Therapeutics, Inc. (a)

   1,100        17,336 

Rigel Pharmaceuticals, Inc. (a)

   6,500        16,705 

Selecta Biosciences, Inc. (a),(b)

   3,000        7,110 

Sienna Biopharmaceuticals, Inc. (a)

   300        696 

Sierra Oncology, Inc. (a),(b)

   2,300        3,933 

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

   1,500        19,275 

Supernus Pharmaceuticals, Inc. (a)

   14,500        508,080 

Syros Pharmaceuticals, Inc. (a),(b)

   100        914 

 

See Notes to Consolidated Financial Statements.

 

19


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Shares        Value 

Tetraphase Pharmaceuticals, Inc. (a)

   500       $670 

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

   2,700        226,449 

Vanda Pharmaceuticals, Inc. (a),(b)

   9,300        171,120 

Verastem, Inc. (a)

   5,500        16,280 

Vertex Pharmaceuticals, Inc. (a),(b),(c)

   144,211        26,527,613 

Xenon Pharmaceuticals, Inc. (a)

   200        2,032 

Zoetis, Inc. (b)

   71,400        7,187,838 
        

 

 

 
         233,825,178 
        

 

 

 

Chemicals — 0.2%

        

AdvanSix, Inc. (a),(b)

   5,000        142,850 

Air Products & Chemicals, Inc. (b)

   7,900        1,508,584 

American Vanguard Corp. (b)

   200        3,444 

Ashland Global Holdings, Inc.

   22,900        1,789,177 

Axalta Coating Systems Ltd. (a)

   69,800        1,759,658 

Cabot Corp.

   3,400        141,542 

CF Industries Holdings, Inc. (b)

   7,500        306,600 

FMC Corp.

   100        7,682 

GCP Applied Technologies, Inc. (a)

   1,700        50,320 

Haynes International, Inc. (b)

   600        19,698 

Huntsman Corp. (b)

   117,400        2,640,326 

Ingevity Corp. (a),(b)

   2,200        232,342 

Landec Corp. (a),(b)

   200        2,456 

Lydall, Inc. (a),(b)

   2,000        46,920 

LyondellBasell Industries NV, Class A (b)

   62,200        5,229,776 

Methanex Corp. (b)

   1,700        96,662 

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

   6,500        45,630 

PolyOne Corp.

   2,600        76,206 

Stepan Co. (b)

   2,200        192,544 

Univar, Inc. (a),(b)

   3,200        70,912 

Venator Materials plc (a),(b)

   23,700        133,194 

Versum Materials, Inc.

   1,100        55,341 
        

 

 

 
         14,551,864 
        

 

 

 

Commercial Services — 0.1%

        

Acacia Research Corp. (a),(b)

   2,900        9,454 

Aramark (b)

   124,600        3,681,930 

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

   8,500        18,955 

Avalara, Inc. (a)

   9,100        507,689 

Barrett Business Services, Inc. (b)

   600        46,398 

BrightView Holdings, Inc. (a)

   5,800        83,520 

Brink’s Co.

   2,600        196,066 

Care.com, Inc. (a)

   800        15,808 

Civeo Corp. (a),(b)

   21,300        44,730 

Collectors Universe, Inc. (b)

   700        12,264 

CorVel Corp. (a),(b)

   800        52,192 

 

See Notes to Consolidated Financial Statements.

 

20


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Shares        Value 

CRA International, Inc. (b)

   1,200       $60,648 

FTI Consulting, Inc. (a)

   1,000        76,820 

GP Strategies Corp. (a),(b)

   100        1,215 

Hackett Group, Inc. (b)

   3,600        56,880 

Healthcare Services Group, Inc. (b)

   5,600        184,744 

Heidrick & Struggles International, Inc. (b)

   600        22,998 

HMS Holdings Corp. (a)

   2,400        71,064 

Huron Consulting Group, Inc. (a),(b)

   3,500        165,270 

Insperity, Inc. (b)

   200        24,732 

Kelly Services, Inc., Class A (b)

   1,300        28,678 

Korn/Ferry International

   1,000        44,780 

Manpowergroup, Inc. (b)

   15,900        1,314,771 

Quad/Graphics, Inc.

   100        1,190 

Resources Connection, Inc. (b)

   1,000        16,540 

SP Plus Corp. (a),(b)

   3,400        116,008 

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

   4,500        268,830 

Vectrus, Inc. (a),(b)

   1,200        31,908 
        

 

 

 
         7,156,082 
        

 

 

 

Communications — 0.0%

        

LYFT, Inc. (a)

   76        5,950 
        

 

 

 

Construction Materials — 0.1%

        

Advanced Drainage Systems, Inc. (b)

   3,900        100,503 

Apogee Enterprises, Inc. (b)

   900        33,741 

Boise Cascade Co.

   2,400        64,224 

Carlisle Cos., Inc.

   4,500        551,790 

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

   11,600        287,564 

Eagle Materials, Inc. (b)

   400        33,720 

MDU Resources Group, Inc.

   7,500        193,725 

Owens Corning (b)

   43,300        2,040,296 

Universal Forest Products, Inc. (b)

   1,700        50,813 

Vulcan Materials Co.

   2,300        272,320 
        

 

 

 
         3,628,696 
        

 

 

 

Consumer Products — 0.4%

        

Archer-Daniels-Midland Co.

   1,700        73,321 

Boston Beer Co., Inc., Class A (a),(b)

   4,900        1,444,177 

Colgate-Palmolive Co. (b)

   21,400        1,466,756 

Conagra Brands, Inc.

   3,100        85,994 

Cott Corp.

   12,900        188,469 

Craft Brew Alliance, Inc. (a),(b)

   800        11,184 

DavidsTea, Inc. (a),(b)

   100        138 

Dean Foods Co.

   2,000        6,060 

elf Beauty, Inc. (a)

   5,900        62,540 

Energizer Holdings, Inc.

   4,500        202,185 

Estee Lauder Cos., Inc. (The), Class A

   8,600        1,423,730 

 

See Notes to Consolidated Financial Statements.

 

21


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Shares        Value 

Farmer Brothers Co. (a)

   400       $8,004 

Herbalife Nutrition Ltd. (a),(b)

   50,900        2,697,191 

Ingredion, Inc.

   7,100        672,299 

Lamb Weston Holdings, Inc. (b)

   71,200        5,335,728 

Monster Beverage Corp. (a),(b)

   45,400        2,477,932 

Nu Skin Enterprises, Inc.

   1,900        90,934 

PepsiCo, Inc. (b)

   72,500        8,884,875 

Philip Morris International, Inc. (b)

   43,400        3,836,126 

Primo Water Corp. (a),(b)

   13,800        213,348 

Quanex Building Products Corp. (b)

   2,400        38,136 

Simply Good Foods Co. (a),(b)

   5,900        121,481 

SunOpta, Inc. (a)

   500        1,730 

TreeHouse Foods, Inc. (a)

   100        6,455 

Vector Group Ltd.

   21,901        236,312 

Veru, Inc. (a),(b)

   500        730 
        

 

 

 
         29,585,835 
        

 

 

 

Consumer Services — 0.0%

        

2U, Inc. (a)

   1,000        70,850 

Adtalem Global Education, Inc. (a)

   500        23,160 

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

   1,800        54,216 

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

   8,300        50,713 

Bright Horizons Family Solutions, Inc. (a)

   600        76,266 

Career Education Corp. (a)

   1,700        28,084 

Carriage Services, Inc. (b)

   3,400        65,450 

Chegg, Inc. (a)

   17,200        655,664 

Grand Canyon Education, Inc. (a)

   6,200        709,962 

Rent-A-Center, Inc. (a)

   11,700        244,179 

Rosetta Stone, Inc. (a),(b)

   7,100        155,135 

Service Corp. International/US

   12,000        481,800 

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

   900        3,069 

Weight Watchers International, Inc. (a)

   6,100        122,915 
        

 

 

 
         2,741,463 
        

 

 

 

Containers & Packaging — 0.1%

        

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

   76,597        4,126,280 

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

   27        0 

Crown Holdings, Inc. (a)

   2,000        109,140 

International Paper Co.

   100        4,627 

Sealed Air Corp.

   15,600        718,536 

WestRock Co.

   31,900        1,223,365 
        

 

 

 
         6,181,948 
        

 

 

 

Design, Manufacturing & Distribution — 0.1%

        

Benchmark Electronics, Inc. (b)

   4,300        112,875 

Celestica, Inc. (a),(b)

   2,900        24,505 

 

See Notes to Consolidated Financial Statements.

 

22


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Shares        Value 

Flex Ltd. (a),(b)

   292,100       $2,921,000 

Sanmina Corp. (a),(b)

   7,200        207,720 
        

 

 

 
         3,266,100 
        

 

 

 

Distributors—Consumer Staples — 0.1%

        

Bunge Ltd. (b)

   13,300        705,831 

Core-Mark Holding Co., Inc. (b)

   3,600        133,668 

Performance Food Group Co. (a),(b)

   13,700        543,068 

Sysco Corp. (b)

   94,100        6,282,116 

United Natural Foods, Inc. (a),(b)

   32,800        433,616 

US Foods Holding Corp. (a),(b)

   35,000        1,221,850 
        

 

 

 
         9,320,149 
        

 

 

 

Distributors—Discretionary — 0.0%

        

ePlus, Inc. (a),(b)

   100        8,854 

FTD Cos., Inc. (a),(b)

   6,000        3,060 

KAR Auction Services, Inc. (b)

   21,000        1,077,510 

LKQ Corp. (a)

   21,200        601,656 

PCM, Inc. (a),(b)

   4,000        146,520 

ScanSource, Inc. (a),(b)

   1,100        39,402 
        

 

 

 
         1,877,002 
        

 

 

 

Electrical Equipment — 0.4%

        

Advanced Energy Industries, Inc. (a),(b)

   800        39,744 

Allegion PLC

   27,000        2,449,170 

AO Smith Corp. (b)

   49,600        2,644,672 

Atkore International Group, Inc. (a),(b)

   14,300        307,879 

Bel Fuse, Inc., Class B (b)

   100        2,528 

BWX Technologies, Inc.

   4,000        198,320 

Emerson Electric Co. (b)

   80,200        5,491,294 

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

   1,300        57,083 

Honeywell International, Inc. (b)

   30,400        4,831,168 

Houston Wire & Cable Co. (a),(b)

   1,200        7,596 

Ingersoll-Rand PLC (b)

   31,100        3,357,245 

Kimball Electronics, Inc. (a),(b)

   100        1,549 

LSI Industries, Inc. (b)

   3,500        9,205 

National Instruments Corp. (b)

   8,000        354,880 

Powell Industries, Inc. (b)

   500        13,275 

Resideo Technologies, Inc. (a)

   25,300        488,037 

Rockwell Automation, Inc. (b)

   35,100        6,158,646 

Sensata Technologies Holding plc (a)

   2,200        99,044 

SPX Corp. (a)

   700        24,353 

Stoneridge, Inc. (a)

   300        8,658 
        

 

 

 
         26,544,346 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

23


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Shares        Value 

Engineering & Construction Services — 0.1%

        

AECOM (a)

   4       $119 

Aegion Corp. (a),(b)

   3,500        61,495 

Comfort Systems USA, Inc. (b)

   4,200        220,038 

Dycom Industries, Inc. (a)

   3,700        169,978 

Exponent, Inc. (b)

   2,200        126,984 

Fluor Corp.

   75,000        2,760,000 

frontdoor, Inc. (a),(b)

   3,250        111,865 

Great Lakes Dredge & Dock Corp. (a),(b)

   8,600        76,626 

MasTec, Inc. (a)

   400        19,240 

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

   2,700        37,287 

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

   1,400        48,482 

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

   4,200        12,264 

Primoris Services Corp. (b)

   1,100        22,748 

Quanta Services, Inc. (b)

   23,900        901,986 

Sterling Construction Co., Inc. (a),(b)

   7,200        90,144 
        

 

 

 
         4,659,256 
        

 

 

 

Financials — 0.0%

        

Portman Ridge Finance Corp. (b)

   4,800        17,376 
        

 

 

 

Forest & Paper Products — 0.0%

        

Domtar Corp.

   900        44,685 

Mercer International, Inc. (b)

   5,100        68,901 

PH Glatfelter Co.

   3,400        48,008 

Resolute Forest Products, Inc. (b)

   16,700        131,930 

Schweitzer-Mauduit International, Inc.

   1,600        61,952 

Verso Corp. (a),(b)

   14,800        317,016 
        

 

 

 
         672,492 
        

 

 

 

Gaming, Lodging & Restaurants — 1.8%

        

BBX Capital Corp. (b)

   1,800        10,656 

BJ’s Restaurants, Inc. (b)

   14,300        676,104 

Carnival Corp. (b)

   124,600        6,319,712 

Carnival PLC, ADR

   6,700        333,727 

Carrols Restaurant Group, Inc. (a),(b)

   8,800        87,736 

Century Casinos, Inc. (a),(b)

   400        3,624 

Cheesecake Factory, Inc. (The)

   7,600        371,792 

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

   18,799        13,353,118 

Choice Hotels International, Inc.

   2,000        155,480 

Darden Restaurants, Inc. (b)

   52,000        6,316,440 

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

   22,600        144,866 

Del Taco Restaurants, Inc. (a)

   2,800        28,168 

Denny’s Corp. (a),(b)

   2,700        49,545 

Dunkin’ Brands Group, Inc.

   6,700        503,170 

El Pollo Loco Holdings, Inc. (a),(b)

   6,000        78,060 

 

See Notes to Consolidated Financial Statements.

 

24


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Shares        Value 

Eldorado Resorts, Inc. (a),(b)

   21,265       $992,863 

Famous Dave’s of America, Inc. (a),(b)

   591        3,357 

Fiesta Restaurant Group, Inc. (a),(b)

   9,000        117,990 

Habit Restaurants, Inc., Class A (a),(b)

   12,900        139,578 

Hilton Grand Vacations, Inc. (a),(b)

   11,200        345,520 

Hilton Worldwide Holdings, Inc. (b)

   69,200        5,751,212 

J Alexander’s Holdings, Inc. (a),(b)

   1,100        10,802 

Jack in the Box, Inc.

   3,200        259,392 

Kona Grill, Inc. (a),(b)

   1,000        910 

Las Vegas Sands Corp. (b)

   73,600        4,486,656 

Lindblad Expeditions Holdings, Inc. (a),(b)

   4,200        64,050 

McDonald’s Corp. (b)

   130,900        24,857,910 

MGM Resorts International (b)

   172,200        4,418,652 

Monarch Casino & Resort, Inc. (a),(b)

   1,600        70,272 

Noodles & Co. (a),(b)

   18,200        123,760 

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

   65,000        3,572,400 

Playa Hotels & Resorts NV (a)

   1,900        14,497 

Restaurant Brands International, Inc.

   63,921        4,161,896 

Royal Caribbean Cruises Ltd. (b)

   58,500        6,705,270 

Ruth’s Hospitality Group, Inc. (b)

   8,600        220,074 

Scientific Games Corp., Class A (a)

   300        6,126 

Shake Shack, Inc., Class A (a)

   8,900        526,435 

Starbucks Corp. (b)

   375,900        27,944,406 

Texas Roadhouse, Inc.

   2,100        130,599 

Wendy’s Co. (b)

   147,500        2,638,775 

Wingstop, Inc. (b)

   6,400        486,592 

Wyndham Hotels & Resorts, Inc.

   16,900        844,831 

Yum! Brands, Inc. (b)

   101,800        10,160,658 
        

 

 

 
         127,487,681 
        

 

 

 

Hardware — 0.5%

        

A10 Networks, Inc. (a),(b)

   14,800        104,932 

Acacia Communications, Inc. (a)

   10,200        584,970 

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

   3,500        15,855 

Ambarella, Inc. (a),(b)

   2,500        108,000 

Applied Optoelectronics, Inc. (a)

   100        1,220 

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

   16,700        5,251,482 

CalAmp Corp. (a),(b)

   6,800        85,544 

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

   13,400        111,220 

Clearfield, Inc. (a),(b)

   1,100        16,170 

CommScope Holding Co., Inc. (a),(b)

   117,300        2,548,929 

Control4 Corp. (a),(b)

   8,100        137,133 

Corning, Inc. (b)

   159,800        5,289,380 

Daktronics, Inc. (b)

   5,100        37,995 

Dell Tech., C Shares (a)

   24,230        1,422,059 

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

   6,600        83,622 

 

See Notes to Consolidated Financial Statements.

 

25


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Shares        Value 

Dolby Laboratories, Inc., Class A (b)

   21,300       $1,341,261 

Electronics For Imaging, Inc. (a),(b)

   11,600        312,040 

EMCORE Corp. (a),(b)

   6,400        23,360 

Extreme Networks, Inc. (a)

   12,700        95,123 

FLIR Systems, Inc. (b)

   16,400        780,312 

GoPro, Inc., Class A (a)

   17,400        113,100 

Harmonic, Inc. (a),(b)

   3,300        17,886 

Hewlett Packard Enterprise Co. (b)

   76,400        1,178,852 

Infinera Corp. (a),(b)

   21,100        91,574 

InterDigital, Inc. (b)

   5,600        369,488 

Juniper Networks, Inc. (b)

   141,500        3,745,505 

Knowles Corp. (a)

   13        229 

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

   600        6,114 

LightPath Technologies, Inc., Class A (a),(b)

   600        900 

Maxar Technologies, Inc. (a)

   3,400        13,668 

NCR Corp. (a)

   9,600        261,984 

NetApp, Inc. (b)

   18,600        1,289,724 

NETGEAR, Inc. (a)

   1,100        36,432 

Pitney Bowes, Inc.

   500        3,435 

Plantronics, Inc.

   5,200        239,772 

PlayAGS, Inc. (a),(b)

   7,500        179,475 

Pure Storage, Inc., Class A (a),(b)

   111,400        2,427,406 

Quantenna Communications, Inc. (a)

   10,600        257,898 

Ribbon Communications, Inc. (a),(b)

   8,000        41,200 

Seagate Technology PLC (b)

   73,800        3,534,282 

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

   3,800        47,006 

Sonos, Inc. (a)

   19,900        204,771 

Stratasys Ltd. (a),(b)

   1,271        30,275 

TTM Technologies, Inc. (a)

   700        8,211 

Universal Electronics, Inc. (a)

   1,500        55,725 

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

   900        11,142 

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

   1,300        44,473 

Vocera Communications, Inc. (a),(b)

   4,800        151,824 

VOXX International Corp. (a),(b)

   2,200        10,164 

Xerox Corp. (b)

   49,325        1,577,414 

Zebra Technologies Corp., Class A (a),(b)

   9,200        1,927,676 
        

 

 

 
         36,228,212 
        

 

 

 

Health Care Facilities & Services — 1.2%

        

Amedisys, Inc. (a),(b)

   3,400        419,084 

BioScrip, Inc. (a),(b)

   16,000        32,000 

Cardinal Health, Inc. (b)

   35,700        1,718,955 

Centene Corp. (a),(b),(c)

   181,870        9,657,297 

DaVita, Inc. (a)

   18,200        988,078 

Encompass Health Corp. (b)

   26,200        1,530,080 

Ensign Group, Inc. (b)

   3,800        194,522 

 

See Notes to Consolidated Financial Statements.

 

26


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Shares        Value 

Enzo Biochem, Inc. (a),(b)

   6,600       $18,018 

Five Star Senior Living, Inc. (a),(b)

   1,778        1,734 

HCA Healthcare, Inc. (b)

   29,300        3,820,134 

HealthEquity, Inc. (a)

   4,200        310,716 

Humana, Inc. (b),(c)

   56,350        14,989,100 

Invitae Corp. (a)

   6,500        152,230 

Iqvia Holdings, Inc. (a),(c)

   136,980        19,704,573 

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

   12,300        810,816 

Medpace Holdings, Inc. (a),(b)

   1,300        76,661 

Molina Healthcare, Inc. (a),(b)

   17,100        2,427,516 

Natera, Inc. (a),(b)

   9,000        185,580 

NeoGenomics, Inc. (a),(b)

   3,000        61,380 

Owens & Minor, Inc. (b)

   7,400        30,340 

Patterson Cos., Inc. (b)

   49,100        1,072,835 

Providence Service Corp. (a),(b)

   400        26,648 

Quest Diagnostics, Inc. (b)

   42,500        3,821,600 

Quorum Health Corp. (a),(b)

   6,100        8,540 

R1 RCM, Inc. (a),(b)

   6,600        63,822 

RadNet, Inc. (a),(b)

   10,100        125,139 

Select Medical Holdings Corp. (a)

   3,500        49,315 

Tenet Healthcare Corp. (a)

   5,800        167,272 

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

   32,124        564,097 

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

   5,400        123,228 

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

   103,350        25,554,321 
        

 

 

 
         88,705,631 
        

 

 

 

Home & Office Products — 0.2%

        

ACCO Brands Corp. (b)

   8,900        76,184 

Armstrong Flooring, Inc. (a),(b)

   4,600        62,560 

Armstrong World Industries, Inc.

   10,400        825,968 

Caesarstone Ltd. (b)

   7,700        120,197 

CSS Industries, Inc. (b)

   300        1,797 

Fortune Brands Home & Security, Inc.

   19,000        904,590 

HNI Corp. (b)

   100        3,629 

Interface, Inc.

   4,900        75,068 

JELD-WEN Holding, Inc. (a)

   4,300        75,938 

Kimball International, Inc., Class B (b)

   3,400        48,076 

Knoll, Inc. (b)

   5,400        102,114 

Libbey, Inc. (b)

   200        568 

Masco Corp. (b)

   188,100        7,394,211 

Masonite International Corp. (a)

   200        9,978 

MDC Holdings, Inc.

   5        145 

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

   46,500        5,865,975 

NVR, Inc. (a)

   400        1,106,800 

Patrick Industries, Inc. (a)

   25        1,133 

PGT Innovations, Inc. (a),(b)

   16,300        225,755 

 

See Notes to Consolidated Financial Statements.

 

27


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Shares        Value 

Steelcase, Inc., Class A (b)

   3,700       $53,835 

Tempur Sealy International, Inc. (a)

   4,900        282,583 

Whirlpool Corp. (b)

   2,700        358,803 
        

 

 

 
         17,595,907 
        

 

 

 

Industrial Services — 0.0%

        

AMERCO (b)

   200        74,302 

Anixter International, Inc. (a)

   1,300        72,943 

DXP Enterprises, Inc. (a),(b)

   400        15,568 

H&E Equipment Services, Inc. (b)

   5,200        130,572 

HD Supply Holdings, Inc. (a)

   2,500        108,375 

Herc Holdings, Inc. (a),(b)

   2,654        103,453 

Ritchie Bros Auctioneers, Inc.

   1,300        44,200 

SiteOne Landscape Supply, Inc. (a)

   5,400        308,610 

Titan Machinery, Inc. (a),(b)

   7,100        110,476 

Watsco, Inc.

   2        286 

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

   3,500        185,535 
        

 

 

 
         1,154,320 
        

 

 

 

Institutional Financial Services — 0.0%

        

Cowen, Inc., Class A (a),(b)

   25        362 

Intercontinental Exchange, Inc.

   4,600        350,244 

Moelis & Co., Class A

   700        29,127 

Northern Trust Corp.

   100        9,041 

SEI Investments Co. (b)

   19,000        992,750 
        

 

 

 
         1,381,524 
        

 

 

 

Insurance — 0.4%

        

Allstate Corp. (b)

   69,101        6,507,932 

American Financial Group, Inc.

   800        76,968 

AMERISAFE, Inc. (b)

   1,200        71,280 

Arch Capital Group Ltd. (a),(b)

   16,200        523,584 

Argo Group International Holdings Ltd.

   40        2,827 

Assured Guaranty Ltd. (b)

   17,900        795,297 

Athene Holding Ltd., Class A (a),(b),(c)

   127,178        5,188,863 

Atlas Financial Holdings, Inc. (a),(b)

   300        738 

Brighthouse Financial, Inc. (a)

   700        25,403 

Citizens, Inc. (a),(b)

   200        1,334 

CNA Financial Corp.

   500        21,675 

Crawford & Co., Class B (b)

   100        913 

Employers Holdings, Inc. (b)

   3,500        140,385 

FedNat Holding Co. (b)

   200        3,208 

FGL Holdings (b),(c)

   729,021        5,737,395 

Genworth Financial, Inc., Class A (a),(b)

   3,100        11,873 

Greenlight Capital Re Ltd., A Shares (a),(b)

   2,600        28,262 

Hanover Insurance Group, Inc.

   2,800        319,676 

 

See Notes to Consolidated Financial Statements.

 

28


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Shares        Value 

Kinsale Capital Group, Inc. (b)

   1,600       $109,712 

Maiden Holdings Ltd. (b)

   20,100        14,928 

Manulife Financial Corp.

   200        3,382 

NMI Holdings, Inc., Class A (a),(b)

   13,800        357,006 

Old Republic International Corp. (b)

   4,400        92,048 

Principal Financial Group, Inc. (b)

   4,800        240,912 

Progressive Corp. (b)

   80,700        5,817,663 

Protective Insurance Corp. (b)

   600        11,112 

Radian Group, Inc.

   900        18,666 

Sun Life Financial, Inc.

   300        11,523 

Third Point Reinsurance Ltd. (a)

   100        1,038 

Unum Group (b)

   68,800        2,327,504 

Willis Towers Watson PLC

   88        15,457 
        

 

 

 
         28,478,564 
        

 

 

 

Iron & Steel — 0.0%

        

Allegheny Technologies, Inc. (a)

   200        5,114 

Northwest Pipe Co. (a),(b)

   1,200        28,800 

Nucor Corp. (b)

   5,700        332,595 

Ryerson Holding Corp. (a),(b)

   2,500        21,400 

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

   600        3,300 

Steel Dynamics, Inc.

   1,600        56,432 

SunCoke Energy, Inc. (a)

   5,600        47,544 

Warrior Met Coal, Inc.

   200        6,080 
        

 

 

 
         501,265 
        

 

 

 

Leisure Products — 0.0%

        

Brunswick Corp.

   8,000        402,640 

Callaway Golf Co. (b)

   13,100        208,683 

Clarus Corp. (b)

   5,900        75,579 

Hasbro, Inc.

   2,300        195,546 

JAKKS Pacific, Inc. (a),(b)

   1,900        1,919 

Malibu Boats, Inc. (a),(b)

   8,600        340,388 

MasterCraft Boat Holdings, Inc. (a),(b)

   6,000        135,420 

Polaris Industries, Inc.

   100        8,443 

Thor Industries, Inc. (b)

   17,600        1,097,712 
        

 

 

 
         2,466,330 
        

 

 

 

Machinery — 0.1%

        

AGCO Corp.

   3,800        264,290 

Albany International Corp., Class A (b)

   500        35,795 

Briggs & Stratton Corp. (b)

   6,500        76,895 

Cactus, Inc. (a)

   1,800        64,080 

Colfax Corp. (a)

   39,500        1,172,360 

Columbus McKinnon Corp. (b)

   1,400        48,090 

Crane Co. (b)

   5,100        431,562 

 

See Notes to Consolidated Financial Statements.

 

29


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Shares        Value 

CSW Industrials, Inc. (a),(b)

   300       $17,187 

Douglas Dynamics, Inc.

   400        15,228 

Eastman Kodak Co. (a),(b)

   300        888 

Federal Signal Corp. (b)

   400        10,396 

Gardner Denver Holdings, Inc. (a),(b)

   16,700        464,427 

Graham Corp. (b)

   800        15,704 

Hillenbrand, Inc.

   2,500        103,825 

Hyster-Yale Materials Handling, Inc. (b)

   400        24,944 

ITT, Inc.

   800        46,400 

Lincoln Electric Holdings, Inc. (b)

   8,100        679,347 

MTS Systems Corp. (b)

   100        5,446 

Oshkosh Corp. (b)

   28,200        2,118,666 

Parker-Hannifin Corp. (b)

   1,700        291,754 

Pentair PLC (b)

   41,600        1,851,616 

Rexnord Corp. (a)

   1,100        27,654 

SPX FLOW, Inc. (a),(b)

   1,100        35,090 

Titan International, Inc.

   100        597 

Toro Co. (b)

   1,000        68,840 

Welbilt, Inc. (a)

   2,100        34,398 
        

 

 

 
         7,905,479 
        

 

 

 

Manufactured Goods — 0.0%

        

AZZ, Inc. (b)

   100        4,093 

Chart Industries, Inc. (a)

   600        54,312 

Core Molding Technologies, Inc. (b)

   400        2,952 

EnPro Industries, Inc.

   300        19,335 

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

   3,700        150,257 

Global Brass & Copper Holdings, Inc. (b)

   3,600        123,984 

Insteel Industries, Inc. (b)

   3,900        81,588 

LB Foster Co., Class A (a),(b)

   1,000        18,820 

NCI Building Systems, Inc. (a),(b)

   18,000        110,880 

Raven Industries, Inc. (b)

   300        11,511 

Timken Co. (b)

   3,300        143,946 
        

 

 

 
         721,678 
        

 

 

 

Media — 0.5%

        

Altice USA, Inc.

   12,300        264,204 

ANGI Homeservices, Inc. (a),(b)

   45,700        705,608 

AutoWeb, Inc. (a),(b)

   2,200        8,316 

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

   17,100        398,088 

Cargurus, Inc. (a),(b)

   34,500        1,382,070 

CBS Corp., Class B

   4,300        204,379 

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

   6,300        25,074 

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

   3,800        20,330 

 

See Notes to Consolidated Financial Statements.

 

30


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Shares        Value 

Comcast Corp., Class A (b)

   195,300       $7,808,094 

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

   6,100        14,823 

Entravision Communications Corp., Class A (b)

   2,100        6,804 

EW Scripps Co., Class A

   664        13,944 

Expedia Group, Inc.

   16        1,904 

FOX CORP., Class A (a)

   18,996        697,343 

GoDaddy, Inc., Class A (a),(b)

   58,900        4,428,691 

Gray Television, Inc. (a)

   6,200        132,432 

Harte-Hanks, Inc. (a),(b)

   390        1,392 

IAC/InterActiveCorp (a),(b)

   27,700        5,820,047 

IMAX Corp. (a),(b)

   5,100        115,668 

Interpublic Group of Cos., Inc.

   9,100        191,191 

Liberty SiriusXM Group, Class C (a)

   11,700        447,408 

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

   13,100        185,889 

Lions Gate Entertainment Corp., Class A

   5,800        90,712 

Marchex, Inc., Class B (a),(b)

   1,600        7,568 

Marin Software, Inc. (a),(b)

   442        2,020 

Match Group, Inc. (b)

   37,800        2,139,858 

MDC Partners, Inc., Class A (a)

   100        225 

Meet Group, Inc. (The) (a),(b)

   3,100        15,593 

Points International Ltd. (a),(b)

   2,000        26,880 

QuinStreet, Inc. (a)

   1,800        24,102 

Quotient Technology, Inc. (a)

   5,700        56,259 

Rubicon Project, Inc. (a),(b)

   30,800        187,264 

Shaw Communications, Inc.

   16,000        333,440 

Shutterfly, Inc. (a)

   23,100        938,784 

Shutterstock, Inc. (b)

   6,800        317,084 

Sirius XM Holdings, Inc.

   25,952        147,148 

Stamps.com, Inc. (a)

   9,700        789,677 

TechTarget, Inc. (a),(b)

   15,700        255,439 

Townsquare Media, Inc., Class A (b)

   100        572 

Travelzoo, Inc. (a),(b)

   100        1,340 

Tribune Media Co.

   5,000        230,700 

Tribune Publishing Co. (a),(b)

   400        4,716 

TrueCar, Inc. (a),(b)

   43,900        291,496 

VeriSign, Inc. (a),(b)

   11,000        1,997,160 

Viacom, Inc.

   6,100        171,227 

Walt Disney Co.

   37        4,108 

World Wrestling Entertainment, Inc., Class A (b)

   20,600        1,787,668 

Yelp, Inc. (a)

   1,800        62,100 

Zillow Group, Inc. (a)

   1,918        65,596 
        

 

 

 
         32,822,435 
        

 

 

 

Medical Equipment & Devices — 2.9%

        

ABIOMED, Inc. (a),(b)

   19,400        5,540,446 

Accuray, Inc. (a),(b)

   5,200        24,804 

 

See Notes to Consolidated Financial Statements.

 

31


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Shares        Value 

Agilent Technologies, Inc. (b)

   79,000       $6,350,020 

AngioDynamics, Inc. (a),(b)

   1,900        43,434 

AtriCure, Inc. (a),(b)

   300        8,037 

AxoGen, Inc. (a),(b)

   6,400        134,784 

Baxter International, Inc.

   33        2,683 

Becton Dickinson and Co. (b),(c)

   78,340        19,563,848 

Bio-Rad Laboratories, Inc., Class A (a)

   1,300        397,384 

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

   580,930        22,296,093 

CareDx, Inc. (a),(b)

   28,300        892,016 

Cerus Corp. (a),(b)

   2,700        16,821 

Conformis, Inc. (a),(b)

   3,500        10,080 

CryoLife, Inc. (a),(b)

   900        26,253 

Cutera, Inc. (a),(b)

   7,900        139,514 

CytoSorbents Corp. (a),(b)

   7,300        55,261 

Danaher Corp. (b),(c)

   245,029        32,348,729 

DexCom, Inc. (a),(b),(c)

   182,630        21,751,233 

Endologix, Inc. (a)

   610        4,032 

Exact Sciences Corp. (a)

   14,898        1,290,465 

Fluidigm Corp. (a),(b)

   37,200        494,388 

FONAR Corp. (a),(b)

   400        8,188 

GenMark Diagnostics, Inc. (a),(b)

   10,800        76,572 

Genomic Health, Inc. (a)

   2,900        203,145 

Haemonetics Corp. (a)

   1,500        131,220 

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

   500        2,155 

Hill-Rom Holdings, Inc. (b)

   5,600        592,816 

Hologic, Inc. (a),(b)

   14,900        721,160 

IDEXX Laboratories, Inc. (a),(b)

   5,800        1,296,880 

Inogen, Inc. (a),(b)

   6,300        600,831 

Integra LifeSciences Holdings Corp. (a)

   800        44,576 

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

   29,620        16,900,580 

Invacare Corp.

   2,900        24,273 

iRhythm Technologies, Inc. (a)

   100        7,496 

Lantheus Holdings, Inc. (a),(b)

   9,400        230,112 

LeMaitre Vascular, Inc.

   200        6,200 

Masimo Corp. (a),(b)

   11,600        1,604,048 

Medtronic PLC (c)

   297,740        27,118,159 

Meridian Bioscience, Inc. (b)

   3,000        52,830 

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

   5,600        134,008 

Novocure Ltd. (a),(b)

   20,800        1,001,936 

Nuvectra Corp. (a),(b)

   1,100        12,111 

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

   8,300        92,545 

Orthofix Medical, Inc. (a),(b)

   4,000        225,640 

Oxford Immunotec Global PLC (a),(b)

   700        12,061 

QIAGEN NV (a)

   200        8,136 

Quidel Corp. (a),(b)

   500        32,735 

Quotient Ltd. (a),(b)

   5,400        48,654 

 

See Notes to Consolidated Financial Statements.

 

32


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Shares        Value 

Repligen Corp. (a)

   100       $5,908 

RTI Surgical Holdings, Inc. (a),(b)

   6,100        36,661 

SeaSpine Holdings Corp. (a),(b)

   600        9,048 

Sientra, Inc. (a)

   6,400        54,912 

STAAR Surgical Co. (a),(b)

   8,100        276,939 

Surmodics, Inc. (a),(b)

   1,300        56,524 

Tactile Systems Technology, Inc. (a)

   300        15,816 

Tandem Diabetes Care, Inc. (a),(b)

   39,063        2,480,501 

Thermo Fisher Scientific, Inc. (b),(c)

   64,400        17,627,568 

Varex Imaging Corp. (a)

   100        3,388 

Varian Medical Systems, Inc. (a),(b)

   7,100        1,006,212 

Veracyte, Inc. (a),(b)

   7,700        192,654 

Waters Corp. (a)

   600        151,026 

Wright Medical Group NV (a)

   10,000        314,500 

Zimmer Biomet Holdings, Inc. (b),(c)

   210,360        26,862,972 
        

 

 

 
         211,674,021 
        

 

 

 

Metals & Mining — 0.1%

        

Agnico Eagle Mines Ltd.

   400        17,400 

Alcoa Corp. (a)

   123,201        3,469,340 

Asanko Gold, Inc. (a),(b)

   1,800        1,120 

B2Gold Corp. (a)

   1,000        2,810 

Eldorado Gold Corp. (a)

   540        2,500 

Encore Wire Corp. (b)

   600        34,332 

Ferroglobe PLC

   7,400        15,170 

Harsco Corp. (a),(b)

   8,600        173,376 

IAMGOLD Corp. (a)

   9,300        32,271 

Kirkland Lake Gold Ltd.

   100        3,041 

New Gold, Inc. (a),(b)

   33,500        28,844 

Newmont Mining Corp.

   7,300        261,121 

North American Construction Group Ltd.

   600        6,984 

Pan American Silver Corp.

   100        1,325 

Silvercorp Metals, Inc. (b)

   1,000        2,550 

Taseko Mines Ltd. (a),(b)

   4,500        2,655 

Teck Resources Ltd., B Shares (b)

   28,100        651,358 
        

 

 

 
         4,706,197 
        

 

 

 

Oil, Gas & Coal — 1.5%

        

Abraxas Petroleum Corp. (a),(b)

   49,900        62,375 

Advanced Emissions Solutions, Inc. (b)

   1,000        11,560 

Alta Mesa Resources, Inc., Class A (a)

   6,700        1,778 

Anadarko Petroleum Corp.

   2,400        109,152 

Baker Hughes a GE Co.

   52,500        1,455,300 

Bristow Group, Inc. (a)

   200        222 

C&J Energy Services, Inc. (a)

   10,500        162,960 

Cabot Oil & Gas Corp.

   5,600        146,160 

 

See Notes to Consolidated Financial Statements.

 

33


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Shares        Value 

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

   21,800       $191,622 

Chevron Corp. (b)

   70,000        8,622,600 

Continental Resources, Inc. (a),(b)

   43,000        1,925,110 

Dawson Geophysical Co. (a),(b)

   882        2,584 

Devon Energy Corp.

   50,300        1,587,468 

DMC Global, Inc. (b)

   2,700        134,028 

Encana Corp.

   442,393        3,202,925 

EOG Resources, Inc. (b)

   123,300        11,735,694 

EQT Corp.

   2,500        51,850 

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

   300        3,462 

Evolution Petroleum Corp. (b)

   3,800        25,650 

Forum Energy Technologies, Inc. (a)

   14,300        73,073 

Geospace Technologies Corp. (a),(b)

   100        1,294 

Gran Tierra Energy, Inc. (a),(b)

   1,200        2,724 

Gulf Island Fabrication, Inc. (a),(b)

   1,600        14,672 

Hallador Energy Co. (b)

   1,400        7,364 

Halliburton Co. (b)

   61,600        1,804,880 

Helix Energy Solutions Group, Inc. (a)

   200        1,582 

Independence Contract Drilling, Inc. (a),(b)

   4,900        13,573 

Key Energy Services, Inc. (a)

   600        2,436 

Marathon Oil Corp.

   97,300        1,625,883 

Marathon Petroleum Corp. (b),(c)

   467,540        27,982,269 

Matrix Service Co. (a),(b)

   5,400        105,732 

Midstates Petroleum Co., Inc. (a)

   466        4,553 

NACCO Industries, Inc., Class A (b)

   100        3,822 

Natural Gas Services Group, Inc. (a),(b)

   1,200        20,772 

Noble Corp. PLC (a)

   8,200        23,534 

Oasis Petroleum, Inc. (a)

   5,400        32,616 

Occidental Petroleum Corp. (b)

   165,000        10,923,000 

Oil States International, Inc. (a)

   200        3,392 

Penn Virginia Corp. (a),(b)

   1,700        74,970 

Phillips 66 (b)

   39,400        3,749,698 

Pioneer Energy Services Corp. (a),(b)

   15,300        27,081 

Pioneer Natural Resources Co. (b)

   43,000        6,548,040 

RPC, Inc.

   200        2,282 

SandRidge Energy, Inc. (a),(b)

   15,300        122,706 

Schlumberger Ltd. (b)

   394,500        17,188,365 

SilverBow Resources, Inc. (a),(b)

   500        11,500 

Suncor Energy, Inc.

   600        19,458 

Superior Energy Services, Inc. (a)

   7,300        34,091 

TransGlobe Energy Corp. (b)

   1,500        2,835 

Transocean Ltd. (a),(b)

   48,433        421,852 

TravelCenters of America LLC (a),(b)

   5,500        22,605 

Valero Energy Corp. (b)

   86,200        7,312,346 

World Fuel Services Corp. (b)

   3,700        106,893 

 

See Notes to Consolidated Financial Statements.

 

34


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Shares        Value 

WPX Energy, Inc. (a)

   300       $3,933 
        

 

 

 
         107,728,326 
        

 

 

 

Passenger Transportation — 0.1%

        

Copa Holdings SA, Class A (b)

   7,600        612,636 

Delta Air Lines, Inc. (b)

   135,500        6,998,575 

JetBlue Airways Corp. (a)

   54,300        888,348 

Spirit Airlines, Inc. (a),(b)

   3,100        163,866 
        

 

 

 
         8,663,425 
        

 

 

 

Real Estate — 0.7%

        

Alexander & Baldwin, Inc.

   10        254 

Apartment Investment & Management Co., Class A

   13,201        663,878 

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

   3,498        702,154 

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

   3,633        486,386 

Brandywine Realty Trust

   21,800        345,748 

Brookfield Property REIT, Inc., Class A

   5,100        104,499 

CareTrust REIT, Inc.

   28,800        675,648 

CBRE Group, Inc. (a)

   11,800        583,510 

Cedar Realty Trust, Inc.

   1,300        4,420 

Colliers International Group, Inc. (b)

   2,500        166,900 

Columbia Property Trust, Inc.

   1,800        40,518 

CoreCivic, Inc.

   7,000        136,150 

CyrusOne, Inc. (c)

   188,393        9,879,329 

Digital Realty Trust, Inc. (b),(c)

   6,856        815,864 

Empire State Realty Trust, Inc., Class A

   12,100        191,180 

EPR Properties

   21,600        1,661,040 

Equinix, Inc. (b),(c)

   1,735        786,233 

Equity Residential (b),(c)

   9,801        738,211 

Essential Properties Realty Trust, Inc.

   3,800        74,176 

Essex Property Trust, Inc. (b),(c)

   3,178        919,205 

First Industrial Realty Trust, Inc.

   9,800        346,528 

FirstService Corp. (b)

   1,000        89,340 

Four Corners Property Trust, Inc.

   800        23,680 

Gaming and Leisure Properties, Inc.

   63,545        2,450,931 

Gladstone Commercial Corp. (b)

   7,300        151,621 

Global Medical REIT, Inc.

   3,900        38,298 

Global Net Lease, Inc.

   39        737 

Hannon Armstrong Sustainable Infrastructure Capital, Inc.

   5,300        135,892 

HCP, Inc. (b),(c)

   30,586        957,342 

Host Hotels & Resorts, Inc. (b),(c)

   35,894        678,397 

Industrial Logistics Properties Trust

   327        6,596 

InfraREIT, Inc. (a)

   11,100        232,767 

Investors Real Estate Trust (c)

   91,517        5,482,783 

Iron Mountain, Inc.

   100        3,546 

 

See Notes to Consolidated Financial Statements.

 

35


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Shares        Value 

JBG SMITH Properties (b),(c)

   1,407       $58,179 

Lexington Realty Trust

   5,400        48,924 

LTC Properties, Inc.

   1,918        87,844 

McGrath RentCorp (b)

   3,500        197,995 

MedEquities Realty Trust, Inc.

   4,400        48,972 

MGM Growth Properties LLC, Class A

   1        32 

Monmouth Real Estate Investment Corp., Class A

   34,200        450,756 

National Health Investors, Inc.

   1,700        133,535 

Newmark Group, Inc., Class A

   21,100        175,974 

Omega Healthcare Investors, Inc.

   31,860        1,215,459 

One Liberty Properties, Inc.

   300        8,700 

Outfront Media, Inc.

   13,000        304,200 

Prologis, Inc. (b),(c)

   14,321        1,030,396 

Public Storage (b),(c)

   3,827        833,444 

QTS Realty Trust, Inc., Class A

   200        8,998 

RE/MAX Holdings, Inc., Class A (b)

   23        886 

Realty Income Corp. (b),(c)

   13,893        1,021,969 

Retail Properties of America, Inc.

   300        3,657 

Saul Centers, Inc.

   100        5,137 

SBA Communications Corp. (a),(b)

   35,100        7,008,066 

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

   7,999        1,457,498 

Spirit MTA REIT

   100        649 

Spirit Realty Capital, Inc.

   100        3,973 

STORE Capital Corp.

   39,500        1,323,250 

Tanger Factory Outlet Centers, Inc.

   200        4,196 

Terreno Realty Corp.

   2,300        96,692 

Urban Edge Properties

   300        5,700 

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

   3,200        66,048 

Ventas, Inc. (b),(c)

   9,126        582,330 

Vornado Realty Trust (b),(c)

   4,178        281,764 

Welltower, Inc. (b),(c)

   9,336        724,474 

WP Carey, Inc.

   1,100        86,163 

Xenia Hotels & Resorts, Inc.

   14,000        306,740 
        

 

 

 
         47,156,361 
        

 

 

 

Recreation Facilities & Services — 0.1%

        

Cinemark Holdings, Inc.

   400        15,996 

Live Nation Entertainment, Inc. (a)

   6,000        381,240 

Madison Square Garden Co. (The) (a)

   3,000        879,390 

Marcus Corp. (b)

   3,600        144,180 

Planet Fitness, Inc., Class A (a),(b)

   40,400        2,776,288 

SeaWorld Entertainment, Inc. (a),(b)

   46,300        1,192,688 

Six Flags Entertainment Corp.

   57,200        2,822,820 

Speedway Motorsports, Inc. (b)

   900        13,023 

Vail Resorts, Inc.

   700        152,110 
        

 

 

 
         8,377,735 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

36


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Shares        Value 

Renewable Energy — 0.0%

        $ 

Ameresco, Inc., Class A (a),(b)

   3,200        51,776 

Canadian Solar, Inc. (a)

   23,600        439,668 

Enphase Energy, Inc. (a)

   5        46 

FutureFuel Corp. (b)

   900        12,060 

Sunrun, Inc. (a)

   9,200        129,352 

TPI Composites, Inc. (a),(b)

   2,900        82,998 
        

 

 

 
       715,900 
        

 

 

 

Restaurants — 0.0%

        

Dave & Buster’s Entertainment, Inc.

   12,900        643,323 
        

 

 

 

Retail—Consumer Staples — 0.6%

        

Big Lots, Inc. (b)

   27,200        1,034,144 

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

   7,700        210,980 

Dollar General Corp. (b)

   99,901        11,918,189 

Dollar Tree, Inc. (a),(b)

   119,600        12,562,784 

Five Below, Inc. (a),(b)

   29,100        3,615,675 

Ingles Markets, Inc., Class A (b)

   2,900        80,098 

Natural Grocers by Vitamin Cottage, Inc. (a),(b)

   1,600        19,120 

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

   2,800        238,924 

Smart & Final Stores, Inc. (a),(b)

   4,400        21,736 

SpartanNash Co. (b)

   200        3,174 

Sprouts Farmers Market, Inc. (a)

   28,600        616,044 

Target Corp. (b)

   171,200        13,740,512 

Village Super Market, Inc., Class A (b)

   700        19,131 

Walmart, Inc.

   12,800        1,248,384 
        

 

 

 
         45,328,895 
        

 

 

 

Retail—Discretionary — 1.4%

        

1-800-Flowers.com, Inc., Class A (a),(b)

   13,500        246,105 

Amazon.com, Inc. (a)

   6,900        12,287,175 

At Home Group, Inc. (a)

   200        3,572 

AutoZone, Inc. (a),(b)

   7,800        7,988,136 

Barnes & Noble Education, Inc. (a),(b)

   8,700        36,540 

Bassett Furniture Industries, Inc. (b)

   1,100        18,051 

Boot Barn Holdings, Inc. (a),(b)

   12,200        359,168 

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

   1,900        11,590 

Builders FirstSource, Inc. (a)

   700        9,338 

CarMax, Inc. (a),(b)

   18,400        1,284,320 

Christopher & Banks Corp. (a),(b)

   100        34 

Citi Trends, Inc. (b)

   2,900        55,999 

Conn’s, Inc. (a)

   2,900        66,294 

Container Store Group, Inc. (a),(b)

   2,100        18,480 

Destination XL Group, Inc. (a),(b)

   2,499        6,122 

Dillard’s, Inc., Class A

   3,400        244,868 

eBay, Inc. (b)

   344,900        12,809,586 

 

See Notes to Consolidated Financial Statements.

 

37


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Shares        Value 

Etsy, Inc. (a),(b)

   81,300       $5,464,986 

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

   1,700        797 

Express, Inc. (a)

   1,100        4,708 

Ezcorp, Inc., Class A (a),(b)

   15,000        139,800 

Foot Locker, Inc.

   75,600        4,581,360 

Francesca’s Holdings Corp. (a)

   20,100        13,596 

Freshpet, Inc. (a),(b)

   4,500        190,305 

Genesco, Inc. (a),(b)

   2,100        95,655 

GMS, Inc. (a),(b)

   6,100        92,232 

Home Depot, Inc. (b)

   47,200        9,057,208 

Kirkland’s, Inc. (a),(b)

   5,100        35,853 

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

   2,800        21,588 

Lumber Liquidators Holdings, Inc. (a)

   1,600        16,160 

Macy’s, Inc. (b)

   168,000        4,037,040 

MarineMax, Inc. (a)

   1,900        36,404 

O’Reilly Automotive, Inc. (a),(b)

   19,000        7,377,700 

Office Depot, Inc. (b)

   45        163 

Party City Holdco, Inc. (a)

   300        2,382 

Penske Automotive Group, Inc.

   100        4,465 

RTW RetailWinds, Inc. (a),(b)

   2,700        6,480 

Sears Hometown and Outlet Stores, Inc. (a),(b)

   100        220 

Sleep Number Corp. (a)

   100        4,700 

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

   400        396 

Stitch Fix, Inc., Class A (a)

   200        5,646 

Tapestry, Inc. (b)

   82,900        2,693,421 

Tile Shop Holdings, Inc. (b)

   17,900        101,314 

Tilly’s, Inc., Class A (b)

   14,700        163,611 

TJX Cos., Inc. (b)

   210,600        11,206,026 

Tractor Supply Co.

   8,100        791,856 

Tuesday Morning Corp. (a),(b)

   2,300        4,876 

Ulta Salon Cosmetics & Fragrance, Inc. (a),(b)

   35,072        12,230,659 

Wayfair, Inc., Class A (a),(b)

   42,800        6,353,660 
        

 

 

 
         100,180,645 
        

 

 

 

Semiconductors — 0.5%

        

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

   3,600        41,436 

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

   28,800        245,952 

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

   100        533 

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

   11,850        238,422 

AXT, Inc. (a)

   200        890 

CEVA, Inc. (a),(b)

   5,700        153,672 

Cohu, Inc. (b)

   1,652        24,367 

Data I/O Corp. (a),(b)

   100        555 

Diodes, Inc. (a),(b)

   8,800        305,360 

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

   3,200        45,024 

Entegris, Inc.

   1,000        35,690 

 

See Notes to Consolidated Financial Statements.

 

38


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Shares        Value 

II-VI, Inc. (a)

   300       $11,172 

Inphi Corp. (a)

   9,700        424,278 

Integrated Device Technology, Inc. (a),(d)

   87,900        4,306,221 

Intel Corp. (b)

   19        1,021 

IPG Photonics Corp. (a),(b)

   14,300        2,170,454 

KLA-Tencor Corp.

   3,625        432,861 

Lattice Semiconductor Corp. (a),(b)

   28,400        338,812 

MACOM Technology Solutions Holdings, Inc. (a),(b)

   2,332        38,968 

Maxim Integrated Products, Inc.

   600        31,902 

Nanometrics, Inc. (a),(b)

   9,600        296,448 

Park Electrochemical Corp.

   500        7,850 

Photronics, Inc. (a),(b)

   5,400        51,030 

Pixelworks, Inc. (a),(b)

   9,700        38,024 

Qualcomm, Inc. (b)

   370,100        21,106,803 

Rambus, Inc. (a),(b)

   38,100        398,145 

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

   8,500        193,800 

Semtech Corp. (a),(b)

   5,800        295,278 

Synaptics, Inc. (a),(b)

   5,200        206,700 

Teradyne, Inc. (b)

   77,100        3,071,664 

Veeco Instruments, Inc. (a),(b)

   8,330        90,297 

Xperi Corp. (b)

   2,200        51,480 
        

 

 

 
         34,655,109 
        

 

 

 

Software — 2.2%

        

Activision Blizzard, Inc. (b)

   513,300        23,370,549 

Agilysys, Inc. (a),(b)

   1,100        23,287 

Akamai Technologies, Inc. (a)

   20,800        1,491,568 

Altair Engineering, Inc. (a),(b)

   9,700        357,057 

Alteryx, Inc., Class A (a)

   1,900        159,353 

Amber Road, Inc. (a),(b)

   3,500        30,345 

Appfolio, Inc. (a),(b)

   3,200        254,080 

Atlassian Corp. PLC, Class A (a),(b)

   40,600        4,563,034 

Autodesk, Inc. (a),(b)

   27,700        4,316,214 

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

   9,000        67,050 

Bandwidth, Inc., Class A (a),(b)

   1,900        127,224 

Benefitfocus, Inc. (a),(b)

   7,700        381,304 

Black Knight, Inc. (a),(b)

   33,400        1,820,300 

Blackline, Inc. (a),(b)

   3,600        166,752 

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

   1,500        75,135 

Box, Inc., Class A (a)

   7,800        150,618 

Brightcove, Inc. (a),(b)

   6,900        58,029 

Cadence Design Systems, Inc. (a),(b)

   65,900        4,185,309 

Calix, Inc. (a),(b)

   4,100        31,570 

Carbonite, Inc. (a),(b)

   4,000        99,240 

CDK Global, Inc. (b)

   31,401        1,847,007 

 

See Notes to Consolidated Financial Statements.

 

39


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Shares        Value 

ChannelAdvisor Corp. (a),(b)

   4,500       $54,810 

Cision Ltd. (a),(b)

   2,900        39,933 

Citrix Systems, Inc. (b)

   21,200        2,112,792 

Cloudera, Inc. (a)

   3,029        33,137 

CommVault Systems, Inc. (a)

   100        6,474 

Cornerstone OnDemand, Inc. (a),(b)

   21,300        1,166,814 

Coupa Software, Inc. (a),(b)

   20,000        1,819,600 

Digital Turbine, Inc. (a),(b)

   1,800        6,300 

DocuSign, Inc. (a)

   27,200        1,410,048 

Dropbox, Inc., Class A (a),(b)

   138,900        3,028,020 

Ebix, Inc.

   3,500        172,795 

eGain Corp. (a),(b)

   1,700        17,765 

Electronic Arts, Inc. (a),(b)

   92,400        9,390,612 

Everbridge, Inc. (a),(b)

   16,800        1,260,168 

Evolent Health, Inc. (a)

   13,900        174,862 

Finjan Holdings, Inc. (a),(b)

   1,100        3,223 

FireEye, Inc. (a),(b)

   98,900        1,660,531 

Five9, Inc. (a),(b)

   12,400        655,092 

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

   4,400        184,404 

Fortinet, Inc. (a),(b)

   83,000        6,969,510 

Glu Mobile, Inc. (a)

   21,500        235,210 

GreenSky, Inc., Class A (a)

   12,900        166,926 

HubSpot, Inc. (a),(b)

   28,100        4,670,501 

Immersion Corp. (a),(b)

   10,100        85,143 

InnerWorkings, Inc. (a),(b)

   10,500        38,010 

Inseego Corp. (a),(b)

   800        3,776 

KEYW Holding Corp. (The) (a)

   2,200        18,964 

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

   43,300        139,859 

LivePerson, Inc. (a),(b)

   18,200        528,164 

LogMeIn, Inc.

   6,100        488,610 

MicroStrategy, Inc., Class A (a),(b)

   2,500        360,625 

Mimecast Ltd. (a),(b)

   24,800        1,174,280 

Mitek Systems, Inc. (a)

   1,100        13,464 

MobileIron, Inc. (a)

   11,500        62,905 

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

   9,700        170,138 

Monotype Imaging Holdings, Inc. (b)

   1,100        21,879 

New Relic, Inc. (a),(b)

   32,800        3,237,360 

NextGen Healthcare, Inc. (a),(b)

   2,700        45,441 

Nuance Communications, Inc. (a)

   16,800        284,424 

Okta, Inc. (a),(b)

   34,200        2,829,366 

OneSpan, Inc. (a),(b)

   1,800        34,596 

Open Text Corp.

   4,000        153,720 

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

   56,400        13,698,432 

Paycom Software, Inc. (a)

   300        56,739 

Paylocity Holding Corp. (a),(b)

   5,500        490,545 

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

   4,600        56,810 

 

See Notes to Consolidated Financial Statements.

 

40


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Shares        Value 

Pluralsight, Inc. (a)

   32,100       $1,018,854 

Progress Software Corp.

   200        8,874 

Proofpoint, Inc. (a),(b)

   20,900        2,537,887 

PROS Holdings, Inc. (a),(b)

   6,900        291,456 

Q2 Holdings, Inc. (a)

   600        41,556 

QAD, Inc., Class A (b)

   1,400        60,298 

Rapid7, Inc. (a),(b)

   15,000        759,150 

RealPage, Inc. (a)

   2,400        145,656 

Red Hat, Inc. (a)

   4,200        767,340 

SailPoint Technologies Holding, Inc. (a),(b)

   1,600        45,952 

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

   5,600        7,448 

SecureWorks Corp. (a),(b)

   2,300        42,320 

ServiceNow, Inc. (a),(b)

   39,400        9,711,706 

Smartsheet, Inc., Class A (a)

   13,800        562,902 

Splunk, Inc. (a),(b)

   31,400        3,912,440 

SPS Commerce, Inc. (a),(b)

   5,400        572,724 

SVMK, Inc. (a)

   1,900        34,599 

Symantec Corp. (b)

   134,900        3,101,351 

Synchronoss Technologies, Inc. (a)

   1,500        9,120 

Synopsys, Inc. (a),(b)

   6,800        783,020 

Tableau Software, Inc., Class A (a),(b)

   34,200        4,352,976 

Telenav, Inc. (a),(b)

   2,500        15,175 

Tenable Holdings, Inc. (a)

   5,700        180,462 

Twilio, Inc. (a),(b)

   25,161        3,250,298 

Tyler Technologies, Inc. (a)

   1,900        388,360 

Upland Software, Inc. (a),(b)

   700        29,652 

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

   4,400        18,260 

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

   12,400        739,412 

Veeva Systems, Inc., Class A (a),(b)

   29,100        3,691,626 

Veritone, Inc. (a)

   571        2,969 

VMware, Inc., Class A (b)

   41,300        7,455,063 

Workday, Inc., Class A (a),(b)

   6,300        1,214,955 

Workiva, Inc. (a),(b)

   10,400        527,280 

Yext, Inc. (a),(b)

   41,500        907,190 

Zendesk, Inc. (a),(b)

   47,300        4,020,500 

Zscaler, Inc. (a)

   10,200        723,486 

Zynga, Inc., Class A (a),(b)

   215,100        1,146,483 
        

 

 

 
         155,886,602 
        

 

 

 

Specialty Finance — 0.6%

        

AG Mortgage Investment Trust, Inc.

   18,100        304,804 

AGNC Investment Corp. (b)

   210,638        3,791,484 

Ally Financial, Inc.

   1,000        27,490 

American Express Co.

   1,100        120,230 

Arbor Realty Trust, Inc.

   2        26 

Ares Commercial Real Estate Corp.

   10,000        151,900 

 

See Notes to Consolidated Financial Statements.

 

41


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Shares        Value 

Cardtronics PLC (a),(b)

   14,700       $523,026 

Cherry Hill Mortgage Investment Corp.

   7,300        125,706 

Class A (a),(b)

   54,400        4,075,648 

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

   1,000        3,490 

Curo Group Holdings Corp. (a),(b)

   4,700        47,141 

Deluxe Corp.

   7,700        336,644 

Discover Financial Services

   200        14,232 

Dynex Capital, Inc.

   25,300        154,077 

Elevate Credit, Inc. (a)

   400        1,736 

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

   6,400        146,048 

Essent Group Ltd. (a),(b)

   10,300        447,535 

Euronet Worldwide, Inc. (a)

   3,900        556,101 

Everi Holdings, Inc. (a),(b)

   47,800        502,856 

Exantas Capital Corp.

   6,700        71,221 

Fidelity National Financial, Inc.

   5,200        190,060 

Fidelity National Information Services, Inc. (b)

   178,400        20,177,040 

First American Financial Corp. (b)

   14,800        762,200 

Fiserv, Inc. (a)

   11,400        1,006,392 

General Finance Corp. (a),(b)

   1,200        11,196 

Great Ajax Corp.

   100        1,374 

Green Dot Corp., Class A (a),(b)

   6,500        394,225 

HFF, Inc., Class A (b)

   1,100        52,525 

Invesco Mortgage Capital, Inc.

   33        521 

MasterCard, Inc., Class A

   1,000        235,450 

MFA Financial, Inc.

   20,600        149,762 

MGIC Investment Corp. (a),(b)

   7,200        94,968 

MoneyGram International, Inc. (a)

   100        204 

NewStar Financial, Inc. (a),(b),(d)

   100        0 

On Deck Capital, Inc. (a),(b)

   4,300        23,306 

Ready Capital Corp.

   1,155        16,944 

Redwood Trust, Inc. (c)

   37,990        613,539 

Regional Management Corp. (a),(b)

   100        2,442 

Stewart Information Services Corp.

   200        8,538 

Total System Services, Inc. (b)

   21,300        2,023,713 

TPG RE Finance Trust, Inc.

   3,900        76,440 

WEX, Inc. (a),(c)

   38,607        7,412,158 
        

 

 

 
         44,654,392 
        

 

 

 

Technology Services — 0.3%

        

Amdocs Ltd.

   55,100        2,981,461 

Automatic Data Processing, Inc. (b)

   31,500        5,031,810 

Broadridge Financial Solutions, Inc. (b)

   2,100        217,749 

CDW Corp. (b)

   12,300        1,185,351 

Cognizant Technology Solutions Corp., Class A (b)

   63,900        4,629,555 

Conduent, Inc. (a),(b)

   11,900        164,577 

CoreLogic, Inc. (a)

   300        11,178 

 

See Notes to Consolidated Financial Statements.

 

42


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Shares        Value 

CPI Card Group, Inc. (a),(b)

   320       $1,094 

CSG Systems International, Inc. (b)

   300        12,690 

Endurance International Group Holdings, Inc. (a)

   1,100        7,975 

Fair Isaac Corp. (a)

   1,300        353,119 

Forrester Research, Inc. (b)

   200        9,670 

Genpact Ltd. (b)

   34,500        1,213,710 

ICF International, Inc. (b)

   700        53,256 

Leidos Holdings, Inc.

   2,600        166,634 

Luxoft Holding, Inc. (a),(b)

   4,600        270,066 

MSCI, Inc. (b)

   1,400        278,376 

NIC, Inc. (b)

   4,000        68,360 

Nielsen Holdings PLC

   59,100        1,398,897 

Perficient, Inc. (a),(b)

   3,100        84,909 

Perspecta, Inc.

   1,900        38,418 

PFSweb, Inc. (a),(b)

   1,200        6,252 

Presidio, Inc.

   2,700        39,960 

S&P Global, Inc.

   800        168,440 

Sabre Corp.

   1,000        21,390 

Science Applications International Corp. (b)

   45        3,463 

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

   19,500        17,967 

TransUnion

   2,200        147,048 

Travelport Worldwide Ltd.

   20,900        328,757 

TTEC Holdings, Inc. (b)

   500        18,115 

WageWorks, Inc. (a)

   19,800        747,648 
        

 

 

 
         19,677,895 
        

 

 

 

Telecommunications — 0.1%

        

8x8, Inc. (a)

   2,800        56,560 

Cogent Communications Holdings, Inc.

   500        27,125 

EchoStar Corp., Class A (a)

   6,100        222,345 

IDT Corp., Class B (b)

   2,400        15,936 

Ooma, Inc. (a)

   400        5,296 

RigNet, Inc. (a),(b)

   600        5,862 

RingCentral, Inc., Class A (a),(b)

   28,200        3,039,960 

Spok Holdings, Inc. (b)

   2,100        28,602 

TELUS Corp.

   2,100        77,784 

Vonage Holdings Corp. (a)

   2,900        29,116 

Zayo Group Holdings, Inc. (a),(b)

   74,300        2,111,606 

Zix Corp. (a),(b)

   9,000        61,920 
        

 

 

 
         5,682,112 
        

 

 

 

Transportation & Logistics — 0.1%

        

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

   7,300        168,265 

ArcBest Corp. (b)

   200        6,158 

Canadian Pacific Railway Ltd.

   1,500        309,045 

CH Robinson Worldwide, Inc.

   13,701        1,191,850 

 

See Notes to Consolidated Financial Statements.

 

43


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Shares        Value 

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

   4,900       $93,002 

Eagle Bulk Shipping, Inc. (a),(b)

   12,985        60,380 

Expeditors International of Washington, Inc.

   800        60,720 

Hub Group, Inc., Class A (a),(b)

   200        8,170 

JB Hunt Transport Services, Inc. (b)

   21,700        2,197,993 

Kansas City Southern

   2,600        301,548 

Marten Transport Ltd. (b)

   6,533        116,484 

Norfolk Southern Corp.

   2,000        373,780 

Overseas Shipholding Group, Inc. (a),(b)

   1,200        2,748 

Radiant Logistics, Inc. (a),(b)

   7,000        44,100 

Roadrunner Transportation Systems, Inc. (a),(b)

   9,600        4,032 

Schneider National, Inc.,—Class B (b)

   25,300        532,565 

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

   1,300        2,613 

Union Pacific Corp.

   800        133,760 

United Parcel Service, Inc., Class B (b)

   40,200        4,491,948 

Universal Logistics Holdings, Inc. (b)

   300        5,904 

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

   3,400        49,096 

Werner Enterprises, Inc. (b)

   1,000        34,150 

YRC Worldwide, Inc. (a)

   14,700        98,343 
        

 

 

 
         10,286,654 
        

 

 

 

Transportation Equipment — 0.1%

        

Allison Transmission Holdings, Inc. (b)

   47,900        2,151,668 

Blue Bird Corp. (a),(b)

   600        10,158 

Commercial Vehicle Group, Inc. (a),(b)

   6,000        46,020 

Cummins, Inc. (b)

   42,400        6,693,688 

FreightCar America, Inc. (a)

   100        616 

Meritor, Inc. (a),(b)

   13,600        276,760 

Spartan Motors, Inc. (b)

   5,000        44,150 

Trinity Industries, Inc.

   800        17,384 

Wabash National Corp. (b)

   3,000        40,650 

Wabtec Corp.

   1,125        82,935 
        

 

 

 
         9,364,029 
        

 

 

 

Utilities — 0.4%

        

Aqua America, Inc.

   900        32,796 

Atlantic Power Corp. (a)

   5,600        14,112 

Avista Corp.

   400        16,248 

Consolidated Edison, Inc.

   1,100        93,291 

Consolidated Water Co. Ltd. (b)

   1,600        20,592 

Just Energy Group, Inc. (b)

   3,500        11,900 

NRG Energy, Inc.

   146,600        6,227,568 

PG&E Corp. (a),(b),(c)

   1,047,589        18,647,084 

TerraForm Power, Inc.

   14        193 
        

 

 

 
         25,063,784 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

44


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Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Shares         Value 

Waste & Environmental Services & Equipment — 0.0%

 

      $ 

Advanced Disposal Services, Inc. (a),(b)

   8,300        232,400 

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

   10,200        362,712 

Ceco Environmental Corp. (a),(b)

   2,700        19,440 

Covanta Holding Corp.

   2,600        45,006 

Heritage-Crystal Clean, Inc. (a),(b)

   1,400        38,430 

Republic Services, Inc. (b)

   15,600        1,253,928 

Tetra Tech, Inc.

   1,500        89,385 

Waste Connections, Inc. (b)

   34        3,012 
        

 

 

 
         2,044,313 
        

 

 

 

Total North America

         1,825,036,168 
        

 

 

 

South America — 0.0%

        

Gaming, Lodging & Restaurants — 0.0%

        

Arcos Dorados Holdings, Inc., A Shares (b)

   24,000        172,080 
        

 

 

 

Metals & Mining — 0.0%

  

Yamana Gold, Inc.

   700        1,827 
        

 

 

 

Oil, Gas & Coal — 0.0%

  

Geopark Ltd. (a),(b)

   2,000        34,580 
        

 

 

 

Total South America

 

       208,487 
        

 

 

 

TOTAL COMMON STOCK
(COST $1,899,503,385)

 

       1,968,795,935 
        

 

 

 

PREFERRED STOCK — 2.8%

        

Asia — 2.8%

        

Retail—Discretionary — 2.8%

        

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

   995,016        202,396,205 
        

 

 

 

Total Asia

 

       202,396,205 
        

 

 

 

North America — 0.0%

        

Utilities — 0.0%

        

Pacific Gas & Electric Co.,

  

4.50% (c)

   5,874        108,081 

4.80% (c)

   2,750        48,345 

5.00% (c)

   738        13,432 

6.00% (c)

   7,955        183,522 
        

 

 

 

Total North America

 

       353,380 
        

 

 

 

TOTAL PREFERRED STOCK
(COST $170,738,691)

 

       202,749,585 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

45


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Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Principal
Amount
         Value 

ASSET-BACKED SECURITIES — 4.8%

 

    

North America — 4.8%

 

      

ACIS CLO Ltd., Series 2015-6A, Class D,
3 mo. USD LIBOR + 3.77%, 6.51%, 05/01/27 (b),(c),(f),(g)

  $2,000,000       $1,995,568 

Adams Mill CLO Ltd., Series 2014-1A, Class D1,
3 mo. USD LIBOR + 3.50%, 6.29%, 07/15/26 (b),(c),(f),(g)

   4,750,000        4,738,761 

Allegro CLO II-S Ltd., Series 2014-1RA, Class C,
3 mo. USD LIBOR + 3.00%, 5.76%, 10/21/28 (b),(c),(f),(g)

   3,000,000        2,909,769 

Allegro CLO Ltd., Series 2013-1A, Class C,
3 mo. USD LIBOR + 3.45%, 6.20%, 01/30/26 (b),(c),(f),(g)

   5,000,000        4,988,810 

ALM Loan Funding, Series 2013-7RA, Class CR,
3 mo. USD LIBOR + 4.04%, 6.83%, 10/15/28 (b),(c),(f),(g)

   1,000,000        1,000,117 

ALM XVIII Ltd., Series 2016-18A, Class CR,
3 mo. USD LIBOR + 3.00%, 5.79%, 01/15/28 (b),(c),(f),(g)

   1,000,000        976,097 

Apidos CLO XI, Series 2012-11A, Class DR,
3 mo. USD LIBOR + 4.05%, 6.82%, 01/17/28 (c),(f),(g)

   1,700,000        1,696,433 

Atlas Senior Loan Fund Ltd., Series 2014-1A, Class DR2, 3 mo. USD LIBOR + 4.00%, 6.78%, 07/16/29 (b),(c),(f),(g)

   2,000,000        1,993,826 

Avant Loans Funding Trust,

        

Series 2018-A, Class C, 4.79%, 05/15/24 (b),(c),(f)

   1,161,000        1,169,463 

Series 2018-B, Class C, 5.00%, 11/17/25 (c),(f)

   545,000        551,957 

Series 2019-A, Class C, 4.65%, 04/15/26 (c),(f)

   3,403,000        3,423,224 

Avery Point V CLO Ltd., Series 2014-5A, Class DR, 3 mo. USD LIBOR + 3.10%, 5.87%, 07/17/26 (b),(c),(f),(g)

   1,000,000        997,554 

Babson CLO Ltd., Series 2013-IA, Class DR,
3 mo. USD LIBOR + 2.55%, 5.31%, 01/20/28 (b),(c),(f),(g)

   2,000,000        1,949,884 

Battalion CLO Ltd., Series 2016-10A, Class C,
3 mo. USD LIBOR + 4.25%, 7.03%, 01/24/29 (b),(c),(f),(g)

   7,500,000        7,484,985 

Bear Stearns Asset-Backed Securities Trust, Series 2007-2, Class A2, 1 mo. USD LIBOR + 0.32%, 2.81%, 01/25/47 (b),(c),(g)

   578,626        563,607 

 

See Notes to Consolidated Financial Statements.

 

46


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Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Principal
Amount
        Value 

Benefit Street Partners CLO X Ltd.,Series 2016-10A, Class C, 3 mo. USD LIBOR + 3.70%, 6.49%, 01/15/29 (c),(f),(g)

  $5,000,000       $4,988,345 

Black Diamond CLO Ltd., Series 2017-1A, Class C, 3 mo. USD LIBOR + 3.95%, 6.73%, 04/24/29 (b),(c),(f),(g)

   3,750,000        3,703,125 

Brookside Mill CLO Ltd., Series 2013-1A, Class DR, 3 mo. USD LIBOR + 2.65%, 5.42%, 01/17/28 (b),(c),(f),(g)

   4,000,000        3,844,156 

Carlyle Global Market Strategies CLO Ltd., 3 mo. USD LIBOR + 2.60%, 5.37%, 04/17/31 (b),(c),(f),(g)

   3,000,000        2,831,508 

Catamaran CLO Ltd.,

 

Series 2013-1A, Class DR, 3 mo. USD LIBOR + 2.80%, 5.56%, 01/27/28 (b),(c),(f),(g)

   5,235,000        5,090,409 

Series 2014-1A, Class CR, 3 mo. USD LIBOR + 3.43%, 6.19%, 04/22/30 (b),(c),(f),(g)

   3,100,000        3,004,315 

Series 2015-1A, Class DR, 3 mo. USD LIBOR + 2.80%, 5.56%, 04/22/27 (b),(c),(f),(g)

   1,000,000        977,054 

Series 2015-1A, Class E, 3 mo. USD LIBOR + 5.15%, 7.91%, 04/22/27 (b),(c),(f),(g)

   2,000,000     ��  1,894,338 

Series 2016-1A, Class C, 3 mo. USD LIBOR + 3.85%, 6.63%, 01/18/29 (c),(f),(g)

   3,500,000        3,478,300 

Cent CLO Ltd., Series 2014-21A, Class CR2, 3 mo. USD LIBOR + 3.20%, 5.96%, 07/27/30 (c),(f),(g)

   3,500,000        3,385,729 

CIFC Funding Ltd.,

 

Series 2013-1A, Class DR, 3 mo. USD LIBOR + 6.65%, 9.43%, 07/16/30 (b),(c),(f),(g)

   3,000,000        2,891,031 

Series 2014-4RA, Class C, 3 mo. USD LIBOR + 3.20%, 5.97%, 10/17/30 (c),(f),(g)

   2,000,000        1,943,786 

Series 2015-5A, Class CR, 3 mo. USD LIBOR + 2.95%, 5.57%, 10/25/27 (b),(c),(f),(g)

   4,000,000        3,928,700 

Colony American Finance Ltd., Series 2018 -1D, Class D, 4.92%, 06/15/51 (c),(f)

   708,000        714,042 

Covenant Credit Partners CLO Ltd.,Series 2017-1A, Class D, 3 mo. USD LIBOR + 3.75%, 6.54%, 10/15/29 (b),(c),(f),(g)

   4,500,000        4,485,375 

 

See Notes to Consolidated Financial Statements.

 

47


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Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Principal
Amount
         Value 

Cutwater Ltd.,

        

Series 2014-2A, Class CR, 3 mo. USD LIBOR + 3.75%, 6.54%, 01/15/27 (c),(f),(g)

  $5,000,000       $4,981,580 

Series 2015-1A, Class DR, 3 mo. USD LIBOR + 3.45%, 6.24%, 01/15/29 (c),(f),(g)

   4,000,000        3,899,224 

Denali Capital CLO Ltd., Series 2013-1A, Class B2LR, 3 mo. USD LIBOR + 4.75%, 7.51%, 10/26/27 (b),(c),(f),(g)

   1,000,000        926,290 

Drive Auto Receivables Trust,

 

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

   4,570,714        4,591,872 

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

   2,500,000        2,523,055 

Dryden Senior Loan Fund,

        

Series 2014-33A, Class DR2, 3 mo. USD LIBOR + 3.85%, 6.64%, 04/15/29 (c),(f),(g)

   1,000,000        1,003,420 

Series 2014-36A, Class DR2, 3 mo. USD LIBOR + 3.70%, 1.00%, 04/15/29 (c),(f),(g)

   5,000,000        5,000,000 

Series 2014-36A, Class DR, 3 mo. USD LIBOR + 4.24%, 7.03%, 01/15/28 (b),(c),(f),(g)

   5,000,000        5,000,000 

DT Auto Owner Trust,

        

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

   2,876,624        2,893,616 

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

   2,507,875        2,528,856 

Evans Grove CLO Ltd., Series 2018-1A, Class D,
3 mo. USD LIBOR + 3.20%, 5.83%, 05/28/28 (b),(c),(f),(g)

   5,000,000        4,883,265 

Exeter Automobile Receivables Trust, Series 2016-3A, Class C,
4.22%, 06/15/22 (b),(c),(f)

   2,450,000        2,476,450 

Figueroa CLO Ltd., Series 2013-2A, Class CRR, 3 mo. USD LIBOR + 3.05%, 5.68%, 06/20/27 (b),(c),(f),(g)

   5,000,000        4,869,085 

Gallatin CLO IX Ltd., Series 2018-1A, Class D1,
3 mo. USD LIBOR + 3.10%, 5.86%, 01/21/28 (b),(c),(f),(g)

   4,500,000        4,385,407 

Gallatin Loan Management, 3 mo. USD LIBOR + 3.25%, 6.04%, 07/15/27 (b),(c),(f),(g)

   2,000,000        1,951,878 

Garrison Funding Ltd., Series 2015-1A, Class CR,
3 mo. USD LIBOR + 3.90%, 6.55%, 09/21/29 (b),(c),(f),(g)

   4,000,000        3,952,776 

 

See Notes to Consolidated Financial Statements.

 

48


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Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Principal
Amount
         Value 

Greywolf CLO III Ltd.,

        

Series 2018-3RA, Class C, 3 mo. USD LIBOR + 3.15%, 5.91%, 10/22/28 (b),(c),(f),(g)

  $7,000,000       $6,912,080 

Series 2018-3RA, Class D, 3 mo. USD LIBOR + 5.50%, 8.26%, 10/22/28 (b),(c),(f),(g)

   1,500,000        1,419,711 

Harbourview CLO Ltd., Series 7RA, Class D,
3 mo. USD LIBOR + 3.36%, 6.14%, 07/18/31 (b),(c),(f),(g)

   4,000,000        3,911,956 

ICG US CLO Ltd., Series 2016-1A, Class CR,
3 mo. USD LIBOR + 3.05%, 5.80%, 07/29/28 (b),(c),(f),(g)

   1,000,000        971,921 

Invitation Homes Trust, Series 2018-SFR4, Class D, 3 mo. USD LIBOR + 1.65%, 4.13%, 01/17/38 (c),(f),(g)

   2,693,000        2,696,224 

Jamestown CLO Ltd.,

        

Series 2014-4A, Class CR,
3 mo. USD LIBOR + 2.65%, 5.44%, 07/15/26 (b),(c),(f),(g)

   5,000,000        4,874,965 

Series 2015-7A, Class CR, 3 mo. USD LIBOR + 2.60%, 5.37%, 07/25/27 (b),(c),(f),(g)

   5,500,000        5,320,573 

Series 2018-11A, Class C, 3 mo. USD LIBOR + 3.25%, 6.05%, 07/14/31 (b),(c),(f),(g)

   2,000,000        1,942,170 

JMP Credit Advisors CLO Ltd., Series 2014-1RA, Class D, 3 mo. USD LIBOR + 2.60%, 5.37%, 01/17/28 (b),(c),(f),(g)

   5,310,000        5,036,498 

Madison Park Funding Ltd.,

        

Series 2012-10A, Class DR, 3 mo. USD LIBOR + 4.20%, 6.96%, 01/20/29 (b),(c),(f),(g)

   1,000,000        1,002,613 

Series 2016-20A, Class DR,
5.76%, 07/27/30 (b),(c),(f),(g)

   4,000,000        3,880,900 

Series 2018-30A, Class D, 3 mo. USD LIBOR + 2.50%, 5.29%, 04/15/29 (b),(c),(f),(g)

   4,605,000        4,368,671 

Madison Park Funding XVI Ltd.,Series 2015-16A, Class C, 3 mo. USD LIBOR + 3.70%, 6.46%, 04/20/26 (c),(f),(g)

   1,500,000        1,496,856 

Midocean Credit CLO, Series 2017-7A, Class D,
3 mo. USD LIBOR + 3.88%, 6.67%, 07/15/29 (c),(f),(g)

   4,000,000        3,979,020 

 

See Notes to Consolidated Financial Statements.

 

49


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Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Principal
Amount
         Value 

Mountain View CLO LLC, Series 2017-1A, Class D, 3 mo. USD LIBOR + 3.60%, 6.38%, 10/16/29 (b),(c),(f),(g)

  $3,000,000       $2,934,492 

Mountain View CLO Ltd.,

        

Series 2015-10A, Class DR, 3 mo. USD LIBOR + 2.60%, 5.40%, 10/13/27 (b),(c),(f),(g)

   2,500,000        2,381,828 

Series 2015-9A, Class CR, 3 mo. USD LIBOR + 3.12%, 5.91%, 07/15/31 (b),(c),(f),(g)

   5,000,000        4,796,255 

Series 2019-1A, Class D, 3 mo. USD LIBOR + 4.05%, 6.70%, 04/15/29 (c),(f),(g)

   5,000,000        5,000,000 

Nationstar HECM Loan Trust, Series 2017-2A, Class M2, 3.97%, 09/25/27 (b),(c),(f),(g)

   4,070,000        4,070,619 

New Residential Mortgage LLC,

        

Series 2018-FNT1, Class D, 4.69%, 05/25/23 (c),(f)

   787,589        796,347 

Series 2018-FNT1, Class E, 4.89%, 05/25/23 (c),(f)

   3,307,875        3,344,771 

Series 2018-FNT2, Class E, 5.12%, 07/25/54 (c),(f)

   3,294,086        3,340,431 

Northwoods Capital Ltd., Series 2018-12BA, Class D, 3 mo. USD LIBOR + 3.15%, 5.76%, 06/15/31 (b),(c),(f),(g)

   3,000,000        2,835,255 

Oaktree CLO Ltd.,

        

Series 2014-2A, Class D, 3 mo. USD LIBOR + 5.25%, 8.01%, 10/20/26 (b),(c),(f),(g)

   4,500,000        4,451,197 

Series 2015-1A, Class DR, 3 mo. USD LIBOR + 5.20%, 7.96%, 10/20/27 (b),(c),(f),(g)

   2,500,000        2,431,875 

OCP CLO Ltd.,

        

Series 2015-9A, Class CR, 3 mo. USD LIBOR + 2.70%, 5.49%, 07/15/27 (b),(c),(f),(g)

   1,500,000        1,458,962 

Series 2016-12A, Class CR, 3 mo. USD LIBOR + 3.00%, 5.78%, 10/18/28 (b),(c),(f),(g)

   2,500,000        2,422,380 

Octagon Investment Partners Ltd.,

        

Series 2012-1A, Class CR, 6.79%, 07/15/29 (b),(c),(f),(g)

   2,500,000        2,497,973 

Series 2014-1A, Class CRR, 3 mo. USD LIBOR + 3.95%, 6.64%, 02/14/31 (c),(f),(g)

   2,000,000        1,994,866 

Series 2014-1A, Class E, 3 mo. USD LIBOR + 4.85%, 7.64%, 04/15/26 (c),(f),(g)

   1,000,000        973,671 

 

See Notes to Consolidated Financial Statements.

 

50


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Principal
Amount
        Value 

OFSI Fund Ltd.,

        

Series 2013-5A, Class B2L, 3 mo. USD LIBOR + 5.25%, 8.02%, 04/17/25 (b),(c),(f),(g)

  $1,900,000       $1,888,972 

Series 2014-6A, Class CR, 3 mo. USD LIBOR + 2.50%, 5.29%, 03/20/25 (b),(c),(f),(g)

   5,000,000        4,836,070 

Series 2014-7A, Class DR, 3 mo. USD LIBOR + 3.20%, 5.98%, 10/18/26 (b),(c),(f),(g)

   2,000,000        1,968,620 

OHA Credit Partners Ltd., Series 2013-9A, Class E, 7.76%, 10/20/25 (b),(c),(f),(g)

   3,003,000        2,991,544 

OneMain Financial Issuance Trust,

        

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

   1,500,000        1,525,151 

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

   3,000,000        3,015,828 

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

   3,500,000        3,542,623 

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

   4,500,000        4,493,335 

Series 2019-1A, Class E, 5.69%, 02/14/31 (c),(f)

   5,000,000        5,017,300 

OZLM Ltd.,

        

Series 2014-6A, Class CS, 3 mo. USD LIBOR + 3.13%, 5.90%, 04/17/31 (b),(c),(f),(g)

   2,000,000        1,935,124 

Series 2015-12A, Class CR, 3 mo. USD LIBOR + 3.00%, 5.75%, 04/30/27 (b),(c),(f),(g)

   1,500,000        1,454,928 

Series 2015-12A, Class D, 3 mo. USD LIBOR + 5.40%, 8.15%, 04/30/27 (b),(c),(f),(g)

   7,333,000        7,082,791 

Series 2015-13A, Class D, 3 mo. USD LIBOR + 5.45%, 8.20%, 07/30/27 (b),(c),(f),(g)

   1,100,000        1,044,820 

Parallel Ltd.,

        

Series 2015-1A, Class DR, 3 mo. USD LIBOR + 2.55%, 5.31%, 07/20/27 (b),(c),(f),(g)

   5,000,000        4,830,410 

Series 2017-1A, Class D, 3 mo. USD LIBOR + 3.60%, 6.36%, 07/20/29 (b),(c),(f),(g)

   6,000,000        5,983,812 

Shackleton CLO Ltd., Series 2017-11A, Class D,
3 mo. USD LIBOR + 3.65%, 6.33%, 08/15/30 (c),(f),(g)

   2,000,000        1,964,824 

 

See Notes to Consolidated Financial Statements.

 

51


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Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Principal
Amount
        Value 

Thacher Park CLO Ltd., Series 2014-1A, Class E2, 3 mo. USD LIBOR + 6.00%, 8.76%, 10/20/26 (b),(c),(f),(g)

  $1,000,000              $977,491 

TICP CLO Ltd.,

        

Series 2016-6A, Class D, 3 mo. USD LIBOR + 4.20%, 6.99%, 01/15/29 (b),(c),(f),(g)

   1,000,000        997,773 

Series 2017-7A, Class D, 3 mo. USD LIBOR + 3.75%, 6.54%, 07/15/29 (b),(c),(f),(g)

   2,000,000        1,995,506 

Series 2018-IA, Class C, 3 mo. USD LIBOR + 3.04%, 5.80%, 04/26/28 (b),(c),(f),(g)

   4,650,000        4,521,148 

Series 2018-IIA, Class C, 5.71%, 04/20/28 (b),(c),(f),(g)

   1,500,000        1,466,615 

Tralee CLO Ltd., Series 2018-5A, Class D, 3 mo. USD LIBOR + 3.20%, 5.96%, 10/20/28 (c),(f),(g)

   3,000,000        2,936,139 

TruPS Financials Note Securitization Ltd., Series 2017-1A, Class B, 3 mo. USD LIBOR + 5.10%, 7.86%, 04/20/38 (b),(d),(c),(f),(g)

   3,000,000        2,917,500 

Venture CLO Ltd.,

        

Series 2013-14A, Class DR, 3 mo. USD LIBOR + 4.00%, 6.63%, 08/28/29 (b),(c),(f),(g)

   4,000,000        3,963,148 

Series 2014-16A, Class DRR, 3 mo. USD LIBOR + 2.51%, 5.30%, 01/15/28 (b),(c),(f),(g)

   4,000,000        3,821,012 

Series 2014-18A, Class DR, 3 mo. USD LIBOR + 3.10%, 5.89%, 10/15/29 (b),(c),(f),(g)

   1,000,000        966,411 

Vericrest Opportunity Loan Trust,

        

Series 2017-NP11 SEQ, Class A1, 3.38%, 10/25/47 (b),(c),(f)

   1,771,381        1,764,586 

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

   1,263,598        1,256,384 

Series 2019-NPL3 SEQ, Class A1, 3.97%, 03/25/49 (c),(f)

   2,000,000        2,005,188 

Vibrant CLO Ltd., Series 2018-8A, Class C, 3 mo. USD LIBOR + 2.85%, 5.61%, 01/20/31 (b),(c),(f),(g)

   6,000,000    ��   5,680,644 

VOLT LXVI, Series 2018-NPL2 SEQ, Class A1,
4.34%, 05/25/48 (c),(f)

   3,041,751        3,031,515 

VOLT LXXIV LLC, Series 2018-NP10, Class A1A, 4.58%, 11/25/48 (c),(f)

   7,613,236        7,648,272 

 

See Notes to Consolidated Financial Statements.

 

52


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Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Principal
Amount
         Value 

VOYA CLO, Series 2017-2A, Class C, 3 mo. USD LIBOR + 3.70%, 6.49%, 06/07/30 (b),(c),(f),(g)

  $4,000,000       $3,993,316 

Voya CLO Ltd., Series 2014-3A, Class CR,
3 mo. USD LIBOR + 2.65%, 5.42%, 07/25/26 (b),(c),(f),(g)

   1,000,000        967,648 

Wellfleet CLO Ltd.,

        

Series 2015-1A, Class ER2, 3 mo. USD LIBOR + 5.30%, 8.06%, 10/20/27 (c),(f),(g)

   1,000,000        955,564 

Series 2016-2A, Class DR, 3 mo. USD LIBOR + 5.50%, 8.26%, 10/20/28 (c),(f),(g)

   1,000,000        961,556 

WhiteHorse Ltd., Series 2015-10A, Class DR,
3 mo. USD LIBOR + 3.00%, 5.77%, 04/17/27 (b),(c),(f),(g)

   1,250,000        1,199,601 

Zais CLO Ltd., Series 2018-11A, Class D,
3 mo. USD LIBOR + 4.00%, 6.82%, 01/20/32 (c),(f),(g)

   5,500,000        5,265,821 
        

 

 

 

Total North America

         345,881,112 
        

 

 

 

TOTAL ASSET-BACKED SECURITIES
(COST $351,199,714)

         345,881,112 
        

 

 

 

CONVERTIBLE BONDS — 0.8%

        

Africa — 0.1%

        

Sika AG, 3.75%, 01/30/22

   6,600,000    CHF      7,101,951 
        

 

 

 

Total Africa

         7,101,951 
        

 

 

 

Europe — 0.3%

        

Pharmaceuticals — 0.1%

        

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

   11,300,000    EUR      9,025,154 

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

   500,000    EUR      399,343 
        

 

 

 

Wireless Telecommunications Services — 0.2%

 

    

Vodafone Group PLC,

        

1.20%, 03/12/21

   6,300,000    GBP      8,564,018 

1.50%, 03/12/22

   3,900,000    GBP      5,353,601 
        

 

 

 
     13,917,619 
        

 

 

 

Total Europe

 

     23,342,116 
        

 

 

 

Middle East — 0.3%

        

Financial Services — 0.3%

        

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

   3,700,000    GBP      7,483,919 

 

See Notes to Consolidated Financial Statements.

 

53


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Principal
Amount
         Value 

Volcan Holdings II PLC, 3.88%, 10/10/20 (e)

   6,700,000    GBP     $12,615,932 
        

 

 

 

Total Middle East

 

     20,099,851 
        

 

 

 

North America — 0.1%

        

Wireless Telecommunications Services — 0.1%

        

America Movil SAB de CV, 0.00%, 05/28/20 (e),(u)

   6,600,000    EUR      7,339,141 
        

 

 

 

Total North America

 

     7,339,141 
        

 

 

 

TOTAL CONVERTIBLE BONDS
(COST $55,663,126)

 

     57,883,059 
        

 

 

 

BANK DEBT — 1.9%

        

Asia — 0.0%

        

Transportation & Logistics — 0.0%

        

Hanjin International Corp., 2017 Term Loan B, 3 mo. LIBOR + 2.50%, 4.98%, 10/18/20 (c),(g),(o)

  $627,568        619,724 
        

 

 

 

Total Asia

 

     619,724 
        

 

 

 

Europe — 0.0%

        

Advertising & Marketing — 0.0%

        

Houghton Mifflin Harcourt Publishing Co., 2015 Term Loan B, 1 mo. LIBOR + 3.00%, 5.50%, 05/31/21 (c),(g)

   1,955,613        1,845,610 

Richmond UK Bidco Ltd., 2017 Term Loan B, 1 mo. GBP LIBOR + 0.73%, 4.98%, 03/03/24 (c)

   1,057,715    GBP      1,303,573 
        

 

 

 
     3,149,183 
        

 

 

 

Exploration & Production — 0.0%

        

Endeavour International Holding BV, Term Loan A1, Defaulted, 0.00%, 01/02/20 (d),(c),(g),(o)

  $1,563,903        351,878 
        

 

 

 

Total Europe

 

     3,501,061 
        

 

 

 

North America — 1.9%

        

Advertising & Marketing — 0.6%

        

Advantage Sales & Marketing, Inc., 2014 1st Lien Term Loan, 1 mo. LIBOR + 3.25%, 5.75%, 07/23/21 (c),(g)

   37,088        31,386 

Agro Merchants NAI Holdings LLC, 2017 1st Lien Term Loan B, 3 mo. LIBOR + 3.75%, 6.35%, 12/06/24 (c),(g),(o)

   1,258,903        1,242,386 

Casablanca US Holdings, Inc., 2018 1st Lien Term Loan, 3 mo. LIBOR + 4.00%, 6.74%, 03/29/24 (c),(g),(o)

   852,345        822,513 

 

See Notes to Consolidated Financial Statements.

 

54


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Principal
Amount
        Value 

Citgo Petroleum Corp., 2019 Term Loan B, 0.00%, 03/22/24 (c),(o),(p)

  $3,948,478       $3,928,736 

Communications Sales & Leasing, Inc., 2017 Term Loan B, 0.00%, 10/24/22 (c),(g),(p)

   2,625,604        2,562,143 

ExGen Renewables IV LLC, Term Loan B, 3 mo. LIBOR + 3.00%, 5.63%, 11/28/24 (c),(g)

   3,654,452        3,416,913 

Getty Images, Inc., 2019 1st Lien Term Loan, 1 mo. LIBOR + 4.50%, 7.00%, 02/19/26 (c)

   4,803,984        4,761,949 

LTI Holdings, Inc., 2018 2nd Lien Term Loan, 1 mo. LIBOR + 6.75%, 9.25%, 09/06/26 (c),(g)

   248,952        235,105 

NMI Holdings, Inc., 2018 Term Loan B, 1 mo. LIBOR + 4.75%, 7.25%, 05/24/23 (c),(o)

   6,755,983        6,755,983 

PetSmart, Inc., Term Loan B2, 0.00%, 03/11/22 (c),(g),(p)

   8,071,559        7,229,130 

PG&E Corp., Term Loan, 0.00%, 04/16/20 (c),(o),(p)

   1,862,441        1,606,355 

PG&E Opco, Revolver, 0.00%, 04/27/20 (c),(o)

   201,569        166,295 

QualTek USA, LLC, 2018 1st Lien Term Loan, 1 mo. LIBOR + 5.75%, 8.49%, 07/18/25 (c),(g),(o)

   4,311,985        4,193,405 

UFC Holdings LLC, 2nd Lien Term Loan, 1 mo. LIBOR + 7.50%, 9.99%, 08/18/24 (c),(g)

   1,433,186        1,436,167 

Windstream Services LLC, Repriced Term Loan B6, 0.00%, 03/29/21 (c),(g),(p)

   1,926,410        1,927,912 
        

 

 

 
     40,316,378 
        

 

 

 

Aerospace & Defense — 0.1%

 

Sequa Mezzanine Holdings LLC, 1st Lien Term Loan, 1 mo. LIBOR + 5.00%, 7.78%, 11/28/21 (c),(g)

   6,689,739        6,530,858 
        

 

 

 

Chemicals — 0.0%

        

LyondellBasell Industries NV,

        

0.00%, 08/15/49 (d),(c),(u),(i)

   16,732,095        0 

1.00%, 08/15/15 (d),(c),(i)

   980,468   EUR     0 
        

 

 

 
     0 
        

 

 

 

Coal Operations — 0.0%

        

Blackhawk Mining LLC, 2017 Term Loan B1, 3 mo. LIBOR + 9.50%, 12.25%, 02/17/22 (c),(g),(o)

  $1,106,060        801,893 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

55


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Principal
Amount
        Value 

Consumer Finance — 0.1%

        

Ocwen Loan Servicing, LLC, 2016 Term Loan B, 1 mo. LIBOR + 5.00%, 7.49%, 12/05/20 (c),(g),(o)

  $7,791,774       $7,752,815 
        

 

 

 

Consumer Products — 0.1%

        

KIK Custom Products, Inc., 2015 Term Loan B, 1 mo. LIBOR + 4.00%, 6.50%, 05/15/23 (c),(g)

   6,838,059        6,370,814 

Revlon Consumer Products Corporation, 2016 Term Loan B, 3 mo. LIBOR + 3.50%, 6.13%, 09/07/23 (c),(g)

   4,031,362        2,909,313 
        

 

 

 
     9,280,127 
        

 

 

 

Consumer Services — 0.2%

        

Aegis Sciences Corp., 2018 Term Loan, 3 mo. LIBOR + 5.50%, 8.24%, 05/02/25 (c),(g)

   36,639        35,418 

Fort Dearborn Company,

        

2016 1st Lien Term Loan, 1 mo. LIBOR + 4.00%, 6.79%, 10/19/23 (c),(o)

   10,104,421        9,750,767 

2016 2nd Lien Term Loan, 3 mo. LIBOR + 3.50%, 6.10%, 10/19/24 (d),(c),(o)

   400,281        364,255 
        

 

 

 
     10,150,440 
        

 

 

 

Containers & Packaging — 0.0%

        

BWAY Holding Co., 2017 Term Loan B, 3 mo. LIBOR + 3.50%, 6.10%, 04/03/24 (c),(g)

   1,332,439        1,298,129 
        

 

 

 

Entertainment Resources — 0.0%

        

Bulldog Purchaser Inc., 2018 Term Loan, 1 mo. LIBOR + 3.75%, 6.25%, 09/05/25 (c),(g),(o)

   1,429,012        1,406,691 
        

 

 

 

Exploration & Production — 0.0%

        

Par Pacific Holdings, Inc., Term Loan B, 3 mo. LIBOR + 6.75%, 9.55%, 01/11/26 (c),(o)

   922,269        921,116 
        

 

 

 

Health Care Facilities & Services — 0.2%

        

New Millennium HoldCo, Inc., Exit Term Loan, 1 mo. LIBOR + 6.50%, 8.99%, 12/21/20 (c),(g),(o)

   276,127        131,160 

Owens & Minor, Inc., Term Loan B, 1 mo. LIBOR + 4.50%, 7.01%, 04/30/25 (c)

   5,138,738        3,854,054 

Pearl Intermediate Parent LLC, 2018 2nd Lien Term Loan, 1 mo. LIBOR + 6.25%, 8.74%, 02/13/26 (c),(g),(o)

   184,860        179,315 

 

See Notes to Consolidated Financial Statements.

 

56


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Principal
Amount
        Value 

Prospect Medical Holdings, Inc., 2018 Term Loan B, 1 mo. LIBOR + 5.50%, 8.06%, 02/22/24 (c),(g)

  $5,100,643       $4,628,833 

Quorum Health Corp., Term Loan B, 1 mo. LIBOR + 6.75%, 9.24%, 04/29/22 (c),(g)

   6,263,613        6,147,736 

Wink Holdco, Inc, 2nd Lien Term Loan B, 1 mo. LIBOR + 6.75%, 9.25%, 12/01/25 (c),(g),(o)

   1,988,919        1,934,223 
        

 

 

 
     16,875,321 
        

 

 

 

Machinery Manufacturing — 0.2%

        

Engineered Machinery Holdings, Inc.,

        

1st Lien Term Loan, 3 mo. LIBOR + 3.25%, 6.05%, 07/19/24 (c),(g),(o)

   7,488,871        7,217,400 

2nd Lien Term Loan, 3 mo. LIBOR + 7.25%, 10.05%, 07/18/25 (c),(g)

   5,030,734        4,913,367 
        

 

 

 
     12,130,767 
        

 

 

 

Managed Care — 0.1%

        

One Call Corporation, 2018 Term Loan B, 1 mo. LIBOR + 5.25%, 7.74%, 11/25/22 (c),(g)

   5,517,733        4,657,905 
        

 

 

 

Pipeline — 0.0%

        

Paradigm Energy Partners, LLC, Term Loan B, 1 mo. LIBOR + 5.25%, 7.75%, 09/05/24 (c),(g),(o)

   2,472,374        2,342,574 
        

 

 

 

Retail—Consumer Discretionary — 0.1%

 

AI Aqua Merger Sub, Inc.,

        

2017 1st Lien Term Loan B, 1 mo. LIBOR + 3.25%, 5.74%, 12/13/23 (c),(g),(o)

   1,630,529        1,557,155 

2017 Incremental Term Loan, 1 mo. LIBOR + 3.25%, 5.75%, 12/13/23 (c),(g)

   8,504,313        8,149,938 
        

 

 

 
     9,707,093 
        

 

 

 

Retail—Consumer Staples — 0.0%

        

Pinnacle Operating Corp., Term Loan, 1 mo. LIBOR + 5.50% (Cash); 1.75% (PIK), 8.01%, 11/15/21 (c),(g),(o)

   3,624,605        2,899,684 
        

 

 

 

Software & Services — 0.1%

        

NAVEX TopCo, Inc.,

        

2018 1st Lien Term Loan, 1 mo. LIBOR + 3.25%, 5.75%, 09/05/25 (c),(g)

   369,827        360,467 

2018 2nd Lien Term Loan, 1 mo. LIBOR + 7.00%, 9.50%, 09/05/26 (c),(g)

   185,843        181,662 

 

See Notes to Consolidated Financial Statements.

 

57


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Principal
Amount
         Value 

Syniverse Holdings, Inc., 2018 1st Lien Term Loan, 1 mo. LIBOR + 5.00%, 7.48%, 03/09/23 (c),(g)

  $3,368,102       $3,085,181 
        

 

 

 
     3,627,310 
        

 

 

 

Travel & Lodging — 0.0%

        

Marriott Ownership Resorts, Inc., 2018 Term Loan B, 1 mo. LIBOR + 2.50%, 4.75%, 08/29/25 (c),(g),(o)

   258,353        256,738 
        

 

 

 

Wireless Telecommunications Services — 0.1%

        

Ligado Networks LLC, Exit Term Loan, 3 mo. LIBOR (Cash) + 8.75% (PIK), 11.52%, 12/07/20 (c)

   4,464,763        3,286,066 
        

 

 

 

Total North America

 

     134,241,905 
        

 

 

 

TOTAL BANK DEBT
(COST $143,258,845)

 

     138,362,690 
        

 

 

 

CORPORATE BONDS & NOTES — 8.4%

        

Banks — 0.2%

        

HSBC Bank PLC ,0.00%,04/18/19 - 08/08/19 (f),(u)

   203,875,000        11,571,565 

HSH N Funding II Via Banque de Luxembourg, 7.25% (c),(j)

   487,000        171,443 

Promerica Financial Corp., 9.70%, 05/14/24 (f)

   3,400,000        3,449,300 

RESPARCS Funding II LP, 7.50% (c),(j)

   3,226,000    EUR      1,053,459 

RESPARCS Funding LP I, 8.00% (c),(j)

  $1,161,000        368,618 
        

 

 

 

Total Banks

 

     16,614,385 
        

 

 

 

Commercial Finance — 0.0%

        

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

   3,140,000        3,194,950 
        

 

 

 

Communications — 0.0%

        

Getty Images, Inc., 9.75%, 03/01/27 (c),(f)

   1,170,000        1,177,313 
        

 

 

 

Consumer Finance — 0.2%

        

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

   11,333,000        9,718,047 

Ocwen Loan Servicing LLC, 8.38%, 11/15/22 (c),(f)

   2,807,000        2,624,545 
        

 

 

 

Total Consumer Finance

 

     12,342,592 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

58


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Principal
Amount
         Value 

Consumer Products — 0.1%

        

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

  $4,724,000       $4,062,640 

Revlon Consumer Products Corp.,

        

5.75%, 02/15/21 (c)

   276,000        237,360 

6.25%, 08/01/24 (c)

   4,774,000        2,470,545 
        

 

 

 

Total Consumer Products

 

     6,770,545 
        

 

 

 

Entertainment Resources — 0.0%

        

CPUK Finance Ltd., 4.88%, 02/28/47 (c),(f)

   1,573,000    GBP      2,013,777 
        

 

 

 

Exploration & Production — 0.9%

 

Oil and Gas Holding Co. BSCC,

        

7.50%, 10/25/27 (e),(h)

  $43,875,000        46,617,187 

7.63%, 11/07/24 (f),(h)

   10,525,000        11,488,080 

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

   8,011,000        7,438,214 
        

 

 

 

Total Exploration & Production

 

       65,543,481 
        

 

 

 

Financial Services — 0.1%

        

MDC-GMTN BV, MTN, 4.50%, 11/07/28 (e)

   1,379,000        1,472,083 

MF Global Holdings Ltd., 6.75%, 08/08/16 (d),(c),(i),(k)

   436,000        139,520 

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

   3,032,000        3,119,121 
        

 

 

 

Total Financial Services

 

       4,730,724 
        

 

 

 

Food & Beverage — 0.1%

        

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

   7,424,000        7,264,384 
        

 

 

 

Health Care Facilities & Services — 0.1%

        

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

   7,443,000        8,019,833 

Owens & Minor, Inc., 3.88%, 09/15/21 (c)

   2,128,000        1,691,760 
        

 

 

 

Total Health Care Facilities & Services

 

       9,711,593 
        

 

 

 

Homebuilders — 0.1%

        

LGI Homes, Inc., 6.88%, 07/15/26 (c),(f)

   3,546,000        3,537,135 
        

 

 

 

Industrial Other — 0.2%

        

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

   2,917,000        2,689,474 

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

   10,046,000        10,096,230 
        

 

 

 

Total Industrial Other

 

       12,785,704 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

59


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Principal
Amount
         Value 

Integrated Oils — 1.9%

        

Petrobras Global Finance BV,

        

5.75%, 02/01/29 (h)

  $50,400,000       $49,921,200 

6.00%, 01/27/28 (h)

   43,200,000        43,718,400 

6.25%, 03/17/24

   1,514,000        1,625,657 

6.90%, 03/19/49

   8,597,000        8,505,872 

8.75%, 05/23/26

   2,716,000        3,213,028 

Petroleos de Venezuela SA, 6.00%, 10/28/22 (d),(i)

   2,817,584        487,442 

Petroleos Mexicanos,

        

3.50%, 01/30/23

   4,130,000        3,944,563 

4.63%, 09/21/23

   3,787,000        3,730,233 

4.88%, 01/24/22

   5,500,000        5,546,805 

5.35%, 02/12/28 (h)

   2,650,000        2,459,200 

5.50%, 01/21/21

   2,645,000        2,689,965 

6.38%, 01/23/45

   400,000        353,320 

6.50%, 01/23/29 (h)

   6,200,000        6,144,200 

6.75%, 09/21/47

   1,850,000        1,702,074 

9.50%, 09/15/27 (h)

   3,800,000        4,505,355 
        

 

 

 

Total Integrated Oils

 

       138,547,314 
        

 

 

 

Internet Media — 0.1%

        

Uber Technologies, Inc., 8.00%, 11/01/26 (c),(f)

   3,714,000        3,955,410 
        

 

 

 

Medical Equipment & Devices Manufacturing — 0.0%

 

    

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

   2,180,000        2,065,550 
        

 

 

 

Total Medical Equipment & Devices Manufacturing

 

       2,065,550 
        

 

 

 

Metals & Mining — 0.0%

 

Freeport-McMoRan, Inc., 5.45%, 03/15/43 (c)

   2,076,000        1,816,521 
        

 

 

 

Oil & Gas Services — 0.1%

        

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

   4,930,000        4,313,750 

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

   6,364,000        6,077,620 
        

 

 

 

Total Oil & Gas Services

 

     10,391,370 
        

 

 

 

Pipeline — 0.2%

        

American Midstream Partners LP / American Midstream Finance Corp., 9.50%, 12/15/21 (b),(c),(f),(k)

   10,445,000        9,609,400 

 

See Notes to Consolidated Financial Statements.

 

60


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Principal
Amount
         Value 

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

  $5,308,000       $5,148,760 
        

 

 

 

Total Pipeline

 

     14,758,160 
        

 

 

 

Property & Casualty Insurance — 0.0%

        

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

   1,600,000    EUR      2,013,335 
        

 

 

 

Publishing & Broadcasting — 0.0%

        

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

  $3,957,903        108,160 
        

 

 

 

Real Estate — 0.1%

        

Kennedy-Wilson, Inc., 5.88%, 04/01/24 (c)

   4,587,000        4,558,331 

Newmark Group, Inc., 6.13%, 11/15/23 (c)

   137,000        141,251 

Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 7.13%, 12/15/24 (c),(f)

   263,000        226,180 

Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC, 8.25%, 10/15/23 (c)

   1,579,000        1,425,048 
        

 

 

 

Total Real Estate

 

     6,350,810 
        

 

 

 

Refining & Marketing — 0.3%

        

Citgo Holding, Inc., 10.75%, 02/15/20 (c),(f)

   17,921,000        18,372,609 

EP PetroEcuador via Noble Sovereign Funding I Ltd., 3 mo. USD LIBOR + 5.63%, 8.24%, 09/24/19 (g)

   457,684        459,401 
        

 

 

 

Total Refining & Marketing

 

     18,832,010 
        

 

 

 

Retail—Consumer Discretionary — 0.3%

        

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

   13,148,000        13,246,610 

Guitar Center Escrow Issuer, Inc., 9.50%, 10/15/21 (c),(f)

   3,539,000        3,397,440 

PetSmart, Inc.,

        

5.88%, 06/01/25 (c),(f)

   414,000        346,725 

7.13%, 03/15/23 (c),(f)

   2,066,000        1,539,170 

8.88%, 06/01/25 (c),(f)

   658,000        491,855 
        

 

 

 

Total Retail—Consumer Discretionary

 

     19,021,800 
        

 

 

 

Software & Services — 1.8%

        

Refinitiv US Holdings, Inc., 6.25%, 05/15/26 (f)

   115,000,000        116,581,250 

Verscend Escrow Corp., 9.75%, 08/15/26 (c),(f)

   12,007,000        11,976,982 
        

 

 

 

Total Software & Services

 

     128,558,232 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

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Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Principal
Amount
         Value 

Travel & Lodging — 0.0%

        

Diamond Resorts International, Inc., 7.75%, 09/01/23 (c),(f)

  $2,256,000       $2,256,000 
        

 

 

 

Utilities — 0.3%

        

1MDB Energy Ltd., 5.99%, 05/11/22 (e)

   2,500,000        2,556,723 

Eskom Holdings SOC Ltd.,

        

5.75%, 01/26/21 (e)

   3,009,000        2,965,941 

8.45%, 08/10/28

   4,753,000        4,984,709 

Pacific Gas & Electric Co.,

        

3.50%, 10/01/20 (c)

   1,380,000        1,269,600 

6.05%, 03/01/34 (c)

   3,233,000        3,208,752 

6.35%, 02/15/38 (c)

   2,711,000        2,724,555 
        

 

 

 

Total Utilities

 

     17,710,280 
        

 

 

 

Wireless Telecommunications Services — 1.3%

        

Embarq Corp., 8.00%, 06/01/36 (b),(c)

   14,759,000        14,371,576 

Intelsat Jackson Holdings SA, 8.50%, 10/15/24 (f)

   78,930,000        76,759,425 
        

 

 

 

Total Wireless Telecommunications Services

 

     91,131,001 
        

 

 

 

TOTAL CORPORATE BONDS & NOTES
(COST $599,104,206)

 

     603,202,536 
        

 

 

 

SOVEREIGN DEBT — 12.0%

        

Argentina POM Politica Monetaria, 67.55%, 06/21/20 (g)

   53,958,819    ARS      1,412,333 

Argentina Treasury Bill,0.00%, 04/30/20 - 07/31/20 (u)

   168,187,449        4,039,978 

Argentine Republic Government International Bond,

        

3.38%, 12/31/38 (k)

   9,825,403        6,214,146 

3.75%, 12/31/38 (k)

  $11,200,000        6,468,000 

3.88%, 01/15/22 (e)

   4,213,000    EUR      3,999,322 

4.63%, 01/11/23 (h)

  $54,383,000        44,539,677 

5.63%, 01/26/22

   4,023,000        3,469,837 

6.88%, 04/22/21 - 01/26/27 (h)

   29,000,000        26,359,000 

Bahrain Government International Bond,

        

7.00%, 01/26/26 (e)

   2,600,000        2,795,260 

7.50%, 09/20/47 (e)

   400,000        425,880 

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

   4,942,000        5,095,251 

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

   22,173,328    EUR      27,569,561 

Ecuador Government International Bond,

        

7.88%, 01/23/28

  $12,200,000        11,602,200 

10.75%, 03/28/22 (e)

   2,662,000        2,974,785 

 

See Notes to Consolidated Financial Statements.

 

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Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Principal
Amount
        Value 

Egypt Government International Bond,

        

5.88%, 06/11/25 (e)

  $8,000,000       $7,930,240 

6.13%, 01/31/22 (e)

   6,600,000        6,676,586 

6.20%, 03/01/24 (f),(h)

   2,250,000        2,275,447 

6.88%, 04/30/40 (e)

   2,500,000        2,293,190 

7.60%, 03/01/29 (f),(h)

   4,350,000        4,465,144 

7.90%, 02/21/48 (f)

   38,300,000        37,098,989 

8.50%, 01/31/47 (e)

   13,200,000        13,457,743 

8.70%, 03/01/49 (f)

   1,700,000        1,768,000 

Export Credit Bank of Turkey,

        

4.25%, 09/18/22 (e)

   400,000        352,293 

5.38%, 10/24/23 (e)

   1,000,000        886,000 

6.13%, 05/03/24 (e)

   9,800,000        8,722,000 

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

   12,003,288   EUR     14,389,501 

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

   19,297,260   EUR     23,396,194 

Hellenic Republic Government Bond, 1.00%, 10/15/42 (g)

   10,100,000   EUR     38,294 

HSBC Holdings PLC, 6.94%, 05/23/23 (d),(g),(o),(h)

  $50,000,000        49,996,000 

Indonesia Government International Bond, 4.45%, 02/11/24

   1,335,000        1,391,174 

Iraq International Bond,

        

5.80%, 01/15/28 (e)

   86,450,000        82,830,338 

6.75%, 03/09/23 (e)

   1,200,000        1,214,321 

Japan Treasury Discount Bill, 0.00%, 04/22/19 (c),(u)

   2,500,000,000   JPY     22,559,167 

Jordan Government International Bond, 7.38%, 10/10/47 (e)

  $8,300,000        8,153,422 

Kingdom of Jordan, 7.38%, 10/10/47

   11,200,000        11,002,208 

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

   330,000,000   INR     4,636,549 

Nigeria Government International Bond,

        

7.14%, 02/23/30 (h)

  $22,800,000        22,793,798 

7.63%, 11/21/25 (f),(e)

   36,022,000        38,407,017 

8.75%, 01/21/31 (f)

   8,400,000        9,254,851 

MTN, 7.63%, 11/28/47 (e)

   12,100,000        11,767,734 

Paraguay Government International Bond, 4.63%, 01/25/23 (e)

   5,367,000        5,527,044 

Qatar Government International Bond,

 

4.00%, 03/14/29 (f)

   2,233,000        2,301,357 

4.82%, 03/14/49 (f)

   2,822,000        2,967,158 

 

See Notes to Consolidated Financial Statements.

 

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Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Principal
Amount
         Value 

Republic of South Africa Government Bond,

        

8.75%, 02/28/48

   164,423,476    ZAR     $10,291,317 

10.50%, 12/21/26

   206,787,050    ZAR      15,806,320 

Republic of South Africa Government International Bond,

        

5.50%, 03/09/20

  $5,508,000        5,595,687 

6.30%, 06/22/48

   5,192,000        5,276,578 

Russian Federal Bond - OFZ, 7.25%, 05/10/34

   740,042,000    RUB      10,228,629 

Russian Foreign Bond - Eurobond,

        

4.50%, 04/04/22 (e)

  $9,600,000        9,876,000 

5.00%, 04/29/20 (e)

   2,800,000        2,849,000 

5.10%, 03/28/35 (f)

   4,800,000        4,865,395 

5.25%, 06/23/47 (e)

   16,200,000        16,291,530 

Saudi Government International Bond,

        

5.25%, 01/16/50

   5,193,000        5,538,231 

MTN, 2.38%, 10/26/21 (e)

   5,930,000        5,826,723 

Sweden Government Bond,

        

0.75%, 05/12/28 (c)

   133,000,000    SEK      15,048,929 

1.00%, 11/12/26 (c)

   177,000,000    SEK      20,399,368 

Turkey Government International Bond,

        

5.63%, 03/30/21

  $2,130,000        2,101,658 

5.75%, 03/22/24

   19,000,000        17,971,720 

6.13%, 10/24/28 (h)

   31,800,000        28,906,200 

7.00%, 06/05/20

   8,035,000        8,105,708 

7.25%, 12/23/23 (h)

   26,100,000        26,275,914 

Ukraine Government International Bond, 7.750%, 09/01/20 - 09/01/23 (e),(h)

   53,000,000        52,465,698 

United Kingdom Gilt Inflation Linked Bond REG S, 0.13%, 03/22/26 (c)

   33,709,387    GBP      52,230,619 

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

  $2,962,000        2,957,954 
        

 

 

 

TOTAL SOVEREIGN DEBT
(COST $873,869,797)

 

     864,426,167 
        

 

 

 

MORTGAGE-BACKED SECURITIES — 27.7%

 

    

Europe — 0.6%

        

Inverse Interest Only Collateralized Mortgage Obligations — 0.6%

 

      

Credit Suisse European Mortgage Capital Ltd.,

        

Series 2015-1HWA, Class AX, 0.25%, 04/20/20 (c),(f),(h)

   36,701,974    EUR      28,819 

 

See Notes to Consolidated Financial Statements.

 

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Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Principal
Amount
         Value 

Series 2015-1HWA, Class A, 3 mo. USD LIBOR + 2.75%, 2.75%, 04/20/20 (c),(f),(g)

   36,701,974    EUR     $40,635,234 
        

 

 

 
     40,664,053 
        

 

 

 

Total Europe

 

     40,664,053 
        

 

 

 

North America — 27.1%

        

Collateralized Mortgage Obligation (Residential) — 16.3%

 

      

Bellemeade Re Ltd.,

        

Series 2015-1A, Class M2, 1 mo. USD LIBOR + 4.30%, 6.79%, 07/25/25 (b),(c),(f),(g)

  $379,094        379,598 

Series 2017-1, Class M2, 1 mo. USD LIBOR + 3.35%, 5.84%, 10/25/27 (b),(c),(f),(g)

   7,962,000        8,154,617 

Series 2018-2A, Class B1, 1 mo. USD LIBOR + 2.65%, 5.14%, 08/25/28 (c),(f),(g)

   250,000        256,571 

Series 2019-1A, Class M2, 1 mo. USD LIBOR + 2.70%, 5.18%, 03/25/29 (c),(f),(g)

   1,460,000        1,459,715 

Series 2019-1A, Class B1, 1 mo. USD LIBOR + 4.00%, 6.48%, 03/25/29 (c),(f),(g)

   331,000        330,935 

ChaseFlex Trust, Series 2007-2, Class A2, 1 mo. USD LIBOR + 0.34%, 2.83%, 05/25/37 (b),(c),(g)

   730,032        693,790 

Connecticut Avenue Securities, Series 2015-C04, Class 1M2, 1 mo. USD LIBOR + 5.70%, 8.19%, 04/25/28 (c),(g)

   5,818,876        6,656,474 

Connecticut Avenue Securities Trust,

        

Series 2018-R07, Class 1M2, 1 mo. USD LIBOR + 2.40%, 4.89%, 04/25/31 (c),(f),(g),(h)

   28,569,000        28,848,805 

Series 2019-R01, Class 2M2, 1 mo. USD LIBOR + 2.45%, 4.94%, 07/25/31 (c),(f),(g),(h)

   18,619,000        18,687,332 

Series 2019-R02, Class 1M2, 1 mo. USD LIBOR + 2.30%, 4.79%, 08/25/31 (c),(f),(g)

   26,991,000        27,189,384 

Countrywide Alternative Loan Trust,

        

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

   726,747        711,537 

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

   811,692        775,545 

 

See Notes to Consolidated Financial Statements.

 

65


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Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Principal
Amount
        Value 

Countrywide Asset-Backed Certificates,

        

Series 2005-15, Class 1AF6, 3.90%, 04/25/36 (c),(g)

  $2,212       $2,233 

Series 2006-BC4, Class 2A2, 1 mo. USD LIBOR + 0.16%, 2.65%, 11/25/36 (b),(c),(g)

   24,157        24,148 

Federal Home Loan Mortgage Corp.,

        

Series 2015-SC02, Class M3, 3.67%, 09/25/45 (c),(g)

   866,000        845,967 

Series 2016-DNA3, Class M3, 1 mo. USD LIBOR + 5.00%, 7.49%, 12/25/28 (b),(c),(g)

   1,784,000        2,020,888 

Series 2016-DNA4, Class M3, 1 mo. USD LIBOR + 3.80%, 6.29%, 03/25/29 (b),(c),(g)

   1,500,000        1,642,065 

Series 2016-HQA3, Class M3, 1 mo. USD LIBOR + 3.85%, 6.34%, 03/25/29 (b),(c),(g)

   7,794,000        8,563,665 

Series 2016-HQA4, Class M3, 1 mo. USD LIBOR + 3.90%, 6.39%, 04/25/29 (b),(c),(g)

   18,497,000        20,379,995 

Series 2017-DNA, Class M2, 1 mo. USD LIBOR + 3.25%, 5.74%, 07/25/29 (b),(c),(g)

   1,388,000        1,479,539 

Series 2017-DNA2, Class M2, 1 mo. USD LIBOR + 3.45%, 5.94%, 10/25/29 (c),(g),(h)

   2,607,000        2,812,505 

Series 2017-DNA3, Class M2, 1 mo. USD LIBOR + 2.50%, 4.99%, 03/25/30 (b),(c),(g)

   4,838,000        4,968,244 

Series 2017-HQA1, Class M2, 1 mo. USD LIBOR + 3.55%, 6.04%, 08/25/29 (b),(c),(g)

   13,755,000        14,808,220 

Series 2017-HQA2, Class M2, 1 mo. USD LIBOR + 2.65%, 5.14%, 12/25/29 (b),(c),(g)

   21,703,000        22,265,976 

Series 2017-HQA3, Class M2, 1 mo. USD LIBOR + 2.35%, 4.84%, 04/25/30 (b),(c),(g)

   2,926,000        2,967,947 

Series 2017-HRP1, Class M2, 1 mo. USD LIBOR + 2.45%, 4.94%, 12/25/42 (b),(c),(g)

   1,687,000        1,715,600 

Series 2017-SPI1, Class M2, 3.98%, 09/25/47 (c),(f),(g)

   284,000        272,647 

Series 2018-DNA1, Class M2B, 1 mo. USD LIBOR + 1.80%, 4.29%, 07/25/30 (c),(g)

   2,425,000        2,311,071 

 

See Notes to Consolidated Financial Statements.

 

66


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Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Principal
Amount
        Value 

Series 2018-DNA1, Class M2, 1 mo. USD LIBOR + 1.80%, 4.29%, 07/25/30 (b),(c),(g),(h)

  $30,674,000       $30,030,766 

Series 2018-HQA1, Class M2, 1 mo. USD LIBOR + 2.30%, 4.79%, 09/25/30 (b),(c),(g)

   9,749,000        9,742,956 

Series 2019-DNA1, Class M2, 1 mo. USD LIBOR + 2.65%, 5.14%, 01/25/49 (c),(f),(g),(h)

   4,798,000        4,878,654 

Series 2019-DNA2, Class M2, 1 mo. USD LIBOR + 2.45%, 4.94%, 03/25/49 (c),(f),(g)

   3,750,000        3,767,888 

Series 2019-HQA1, Class M2, 1 mo. USD LIBOR + 2.35%, 4.84%, 02/25/49 (c),(f),(g)

   6,470,000        6,522,666 

Series 2019-ML05, Class XCA, 0.25%, 11/25/33 (c),(g)

   23,604,000        556,370 

Series 2019-ML05, Class XUS, 0.47%, 01/25/36 (c),(g)

   21,079,000        947,986 

Series K-1510, Class X3, 3.40%, 01/25/37 (c),(g)

   5,140,000        1,787,255 

Series K071, Class X1, 0.29%, 11/25/27 (c),(g)

   89,626,900        2,018,129 

Series K089, Class X3, 2.37%, 01/25/46 (c),(g)

   7,963,000        1,432,225 

Series K151, Class X1, 0.42%, 04/25/30 (c),(g)

   36,732,313        1,245,152 

Series K154, Class X1, 0.31%, 11/25/32 (c),(g)

   33,595,586        1,060,881 

Series K156, Class X1, 0.07%, 06/25/33 (c),(g)

   37,531,662        435,968 

Series KC03, Class X1, 0.49%, 11/25/24 (c),(g)

   54,259,000        1,369,551 

Series KW08, Class X3, 3.29%, 10/25/31 (c),(g)

   6,701,000        1,575,981 

Federal National Mortgage Association,

        

4.00%, 04/01/49 (c),(t)

   139,400,000        143,418,623 

4.50%, 04/01/49 (c),(t)

   63,500,000        66,193,734 

Series 2016-C06, Class 1M2, 1 mo. USD LIBOR + 4.25%, 6.74%, 04/25/29 (b),(c),(g)

   40,655,000        44,966,625 

Series 2016-C07, Class 2M2, 1 mo. USD LIBOR + 4.35%, 6.84%, 05/25/29 (b),(c),(g)

   29,355,000        31,936,449 

Series 2017-C01, Class 1M2, 1 mo. USD LIBOR + 3.55%, 6.04%, 07/25/29 (b),(c),(g)

   27,530,000        29,541,755 

 

See Notes to Consolidated Financial Statements.

 

67


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Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Principal
Amount
        Value 

Series 2017-C02, Class 2M2, 1 mo. USD LIBOR + 3.65%, 6.14%, 09/25/29 (c),(g),(h)

  $26,653,000       $28,656,773 

Series 2017-C03, Class 1M2, 1 mo. USD LIBOR + 3.00%, 5.49%, 10/25/29 (b),(c),(g)

   23,453,000        24,745,659 

Series 2017-C04, Class 2M2, 1 mo. USD LIBOR + 2.85%, 5.34%, 11/25/29 (b),(c),(g)

   41,623,000        43,179,825 

Series 2017-C05, Class 1M2, 1 mo. USD LIBOR + 2.20%, 4.69%, 01/25/30 (b),(c),(g)

   34,086,000        34,538,696 

Series 2017-C06, Class 1M2, 1 mo. USD LIBOR + 2.65%, 5.14%, 02/25/30 (b),(c),(g)

   20,331,000        20,934,221 

Series 2017-C06, Class 2M2, 1 mo. USD LIBOR + 2.80%, 5.29%, 02/25/30 (c),(g),(h)

   34,109,000        35,060,232 

Series 2017-C07, Class 1M2, 1 mo. USD LIBOR + 2.40%, 4.89%, 05/25/30 (b),(c),(g)

   8,593,000        8,764,602 

Series 2018-C01, Class 1M2, 1 mo. USD LIBOR + 2.25%, 4.74%, 07/25/30 (b),(c),(g),(h)

   76,751,000        77,355,030 

Series 2018-C02, Class 2M2, 1 mo. USD LIBOR + 2.20%, 4.69%, 08/25/30 (b),(c),(g)

   8,357,000        8,346,495 

Series 2018-C03, Class 1M2, 1 mo. USD LIBOR + 2.15%, 4.64%, 10/25/30 (b),(c),(g)

   32,792,000        32,716,644 

Series 2018-C04, Class 2M2, 5.04%, 12/25/30 (c),(g),(h)

   39,731,000        40,013,487 

Series 2018-C05, Class 1M2, 1 mo. USD LIBOR + 2.35%, 4.84%, 01/25/31 (c),(g),(h)

   30,588,000        30,657,894 

Series 2018-C06, Class 1M2, 1 mo. USD LIBOR + 2.00%, 4.49%, 03/25/31 (b),(c),(g)

   9,340,000        9,252,297 

Series 2018-C06, Class 2M2, 1 mo. USD LIBOR + 2.10%, 4.59%, 03/25/31 (c),(g)

   3,247,000        3,207,841 

Freddie Mac Stacr Trust,

        

Series 2018-HQA2, Class M2, 1 mo. USD LIBOR + 2.30%, 4.79%, 10/25/48 (c),(f),(g),(h)

   31,678,000        31,376,742 

Series 2018-HRP1, Class B1, 6.24%, 04/25/43 (c),(f),(g)

   2,748,000 ��      2,812,166 

 

See Notes to Consolidated Financial Statements.

 

68


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2019

 

Security Description

  Principal
Amount
        Value 

Government National Mortgage Association, 4.00%, 04/01/49 (c),(t)

  $62,300,000       $64,378,266 

Home Re Ltd., Series 2018-1, Class M2, 1 mo. USD LIBOR + 3.00%, 5.49%, 10/25/28 (c),(f),(g)

   21,988,000        22,003,106 

Homeward Opportunities Fund, Series 2019-HOF, 1.00%, 01/25/59 (c),(f),(g)

   1,136,000        1,135,977 

JEPSON Series 2019-1, 1.134%, 11/24/57 (c),(g)

   3,987,000        4,278,676 

LHOME Mortgage Trust,

        

Series 2019-RTL1, Class M, 6.90%, 10/25/23 (c),(f)

   571,000        571,714 

Series 2019-RTL1 SEQ, Class A2, 4.95%, 10/25/23 (c),(f)

   905,000        905,893 

New Residential Mortgage Loan,Series 2019-NQM2, Class B1, 12 mo. USD LIBOR + 2.70%, 5.21%, 04/25/49 (c),(f),(g)

   831,000        833,038 

Oaktown RE Ltd., Series 2017-1A, Class M2, 1 mo. USD LIBOR + 4.00%, 6.49%, 04/25/27 (b),(c),(f),(g),(h)

   8,686,000        8,837,328 

Radnor RE Ltd.,

        

Series 201