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Blackstone Alternative Investment Funds

Filed: 26 Nov 19, 4:57pm
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:September 30, 2019

 

 

 


Table of Contents
Item 1.

Reports to Stockholders.

 


Table of Contents

 Blackstone

 

Blackstone Alternative Multi-Strategy Fund

a series of Blackstone Alternative Investment Funds

 

Semi-Annual Report (Unaudited)

For the Period Ended September 30, 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 calling1-855-890-7725 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.


Table of Contents

TABLE OF CONTENTS

 

Portfolio Information

    1 

Consolidated Schedule of Investments

    4 

Consolidated Statement of Assets and Liabilities

    181 

Consolidated Statement of Operations

    183 

Consolidated Statement of Changes in Net Assets

    184 

Consolidated Statement of Cash Flows

    186 

Consolidated Financial Highlights

    188 

Notes to Consolidated Financial Statements

    191 

Shareholder Fee Example

    220 

Supplemental Information

    221 


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Portfolio Information

September 30, 2019 (Unaudited)

 

Geographic Breakdown

 Percentage of
Total Net Assets

North America

   82.4%

Europe

   4.4

Asia

   1.1

Oceania

   0.01 

South America

   0.9

Middle East

   0.7

Africa

   0.1

Other1

   15.6

Securities Sold Short

   (22.1)

Other Assets and Liabilities2

   16.9
  

 

 

 

Total

   100.0%
  

 

 

 

 

1 

Represents less than 0.1%.

2

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

 

Portfolio Composition

 Percentage of
Total Net Assets

Common Stock

   32.0%

Mortgage-Backed Securities

   24.8

Sovereign Debt

   14.2

Investments in Investee Funds

   7.5

Corporate Bonds & Notes

   7.2

U.S. Treasury Obligations

   6.1

Asset-Backed Securities

   5.1

Bank Debt

   4.0

U.S. Government Sponsored Agency Securities

   1.8

Exchange-Traded Funds

   1.3

Convertible Bonds

   0.8

Municipals

   0.3

Preferred Stock

   0.01 

Short-Term Investment—Money Market Funds

   0.01 

Warrants

   0.01 

Other2

   0.1

Securities Sold Short

   (22.1)

Other Assets and Liabilities3

   16.9
  

 

 

 

Total

   100.0%
  

 

 

 

 

1

Represents less than 0.1%.

2 

Includes 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.

Credit Quality Allocation1

 Percentage of
Total
Investments
in Securities

AAA/Aaa2

   8.5%

AA/Aa

   1.5

A

   0.9

BBB/Baa

   6.9

BB/Ba

   4.4

B

   10.0

CCC/Caa

   2.8

CC/Ca

   0.3

C

   

D

   0.1

Not Rated

   25.8

Other3

   38.8
  

 

 

 

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 that 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.

 

1


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Portfolio Information (Continued)

September 30, 2019 (Unaudited)

 

 

Industry

 Percentage of
Total Net Assets

Biotechnology & Pharmaceuticals

   5.0%

Banking

   3.7

Medical Equipment & Devices

   3.2

Asset Management

   2.7

Software

   2.3

Health Care Facilities & Services

   2.1

Retail—Discretionary

   2.0

Integrated Oils

   1.7

Wireless Telecommunications Services

   1.6

Gaming, Lodging & Restaurants

   1.5

Oil, Gas & Coal

   1.3

Specialty Finance

   1.2

Real Estate

   1.1

Media

   1.1

Financial Services

   1.0

Retail—Consumer Discretionary

   0.9

Exploration & Production

   0.8

Semiconductors

   0.8

Utilities

   0.7

Consumer Products

   0.6

Hardware

   0.5

Retail—Consumer Staples

   0.5

Aerospace & Defense

   0.4

Consumer Finance

   0.4

Industrial Other

   0.4

Pipeline

   0.4

Software & Services

   0.4

Technology Services

   0.4

Chemicals

   0.3

Construction Materials Manufacturing

   0.3

Food & Beverage

   0.3

Institutional Financial Services

   0.3

Insurance

   0.3

Apparel & Textile Products

   0.2

Banks

   0.2

Consumer Services

   0.2

Distributors—Consumer Staples

   0.2

Home & Office Products

   0.2

Machinery Manufacturing

   0.2

Oil & Gas Services & Equipment

   0.2

Passenger Transportation

   0.2

Recreation Facilities & Services

   0.2

Refining & Marketing

   0.2

Transportation & Logistics

   0.2

Automotive

   0.1

Commercial Services

   0.1

Construction Materials

   0.1

Containers & Packaging

   0.1

Electrical Equipment

   0.1

 

See Notes to Consolidated Financial Statements.

 

2


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Portfolio Information (Continued)

September 30, 2019 (Unaudited)

 

Industry

 Percentage of
Total Net Assets

Engineering & Construction Services

   0.1%

Entertainment Resources

   0.1

Home Improvement

   0.1

Internet Media

   0.1

Managed Care

   0.1

Pharmaceuticals

   0.1

Property & Casualty Insurance

   0.1

Publishing & Broadcasting

   0.1

Restaurants

   0.1

Telecommunications

   0.1

Waste & Environmental Services & Equipment

   0.1

Advertising & Marketing

   0.01 

Airlines

   0.01 

Cable & Satellite

   0.01 

Casinos & Gaming

   0.01 

Coal Operations

   0.01 

Commercial Finance

   0.01 

Design, Manufacturing & Distribution

   0.01 

Distributors—Discretionary

   0.01 

Electrical Equipment Manufacturing

   0.01 

Entertainment Contents

   0.01 

Forest & Paper Products

   0.01 

Government Regional

   0.01 

Health Care

   0.01 

Homebuilders

   0.01 

Industrial Services

   0.01 

Iron & Steel

   0.01 

Leisure Products

   0.01 

Machinery

   0.01 

Manufactured Goods

   0.01 

Medical Equipment & Devices Manufacturing

   0.01 

Metals & Mining

   0.01 

Power Generation

   0.01 

Renewable Energy

   0.01 

Transportation Equipment

   0.01 

Travel & Lodging

   0.01 

Other2

   61.2

Securities Sold Short

   (22.1)

Other Assets and Liabilities3

   16.9
  

 

 

 

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, Exchange-Traded 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.

 

3


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments

September 30, 2019 (Unaudited)

 

Security Description

  Shares         Value 

INVESTMENTS IN SECURITIES — 105.2%

        

COMMON STOCK — 32.0%

        

Africa — 0.0%

        

Metals & Mining — 0.0%

        

Gold Fields Ltd., ADR (b)

   8,300       $40,835 
        

 

 

 

Specialty Finance — 0.0%

        

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

   10,300        36,771 
        

 

 

 

Total Africa

         77,606 
        

 

 

 

Asia — 1.0%

        

Asset Management — 0.1%

        

Noah Holdings Ltd., ADR (a)

   3,400        99,280 

SC Health Corp., A Shares (a),(c)

   428,600        4,208,852 
        

 

 

 
       4,308,132 
        

 

 

 

Biotechnology & Pharmaceuticals — 0.0%

        

Sinovac Biotech Ltd. (b),(a)

   200        1,294 
        

 

 

 

Consumer Services — 0.0%

        

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

   9,500        1,052,220 

RYB Education, Inc., ADR (b),(a)

   1,200        7,692 

Tarena International, Inc., ADR (b),(a)

   2,100        2,079 
        

 

 

 
       1,061,991 
        

 

 

 

Gaming, Lodging & Restaurants — 0.0%

        

GreenTree Hospitality Group Ltd., ADR (b)

   1,400        14,000 

Melco Resorts & Entertainment Ltd., ADR

   30,800        597,828 
        

 

 

 
       611,828 
        

 

 

 

Hardware — 0.0%

        

AU Optronics Corp., ADR

   100        246 
        

 

 

 

Health Care Facilities & Services — 0.0%

        

Global Cord Blood Corp. (b),(a)

   2,329        11,272 
        

 

 

 

Machinery — 0.0%

        

China Yuchai International Ltd. (b)

   2,045        26,483 

Hollysys Automation Technologies Ltd. (b)

   8,500        129,115 
        

 

 

 
       155,598 
        

 

 

 

Media — 0.2%

        

58.com, Inc., ADR (a)

   4,900        241,619 

Baidu, Inc., ADR (b),(a)

   97,800        10,049,928 

Eros International PLC (a)

   19,300        36,863 

 

See Notes to Consolidated Financial Statements.

 

4


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Shares        Value 

Phoenix New Media Ltd., ADR (b),(a)

   2,100       $5,376 

SINA Corp. (b),(a)

   400        15,676 

Sohu.com Ltd., ADR (b),(a)

   700        7,112 

Yandex NV, A Shares (b),(a)

   70,100        2,454,201 
        

 

 

 
       12,810,775 
        

 

 

 

Medical Equipment & Devices — 0.2%

        

Olympus Corp. (c),(a)

   1,179,120        15,974,588 
        

 

 

 

Oil, Gas & Coal — 0.0%

        

China Petroleum & Chemical Corp., ADR

   600        35,220 

PetroChina Co. Ltd., ADR (b)

   200        10,162 
        

 

 

 
       45,382 
        

 

 

 

Real Estate — 0.0%

        

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

   4,000        16,240 
        

 

 

 

Renewable Energy — 0.0%

        

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

   200        938 
        

 

 

 

Retail—Discretionary — 0.5%

        

Alibaba Group Holding Ltd., ADR (b),(a),(c)

   243,842        40,777,698 
        

 

 

 

Semiconductors — 0.0%

        

Kulicke & Soffa Industries, Inc. (b)

   15,900        373,332 

Magnachip Semiconductor Corp. (b),(a)

   12,000        121,680 

Silicon Motion Technology Corp., ADR (b)

   1,900        67,165 

Taiwan Semiconductor Manufacturing Co. Ltd., ADR

   11,700        543,816 

United Microelectronics Corp., ADR (b)

   33,800        70,642 
        

 

 

 
       1,176,635 
        

 

 

 

Software — 0.0%

        

Changyou.com Ltd., ADR (b)

   5,800        55,100 

HUYA, Inc., ADR (a)

   33,700        796,668 

Sea Ltd., ADR (a)

   9,400        290,930 
        

 

 

 
       1,142,698 
        

 

 

 

Specialty Finance — 0.0%

        

Hexindai, Inc., ADR (b),(a)

   3,700        5,661 

LexinFintech Holdings Ltd., ADR (b),(a)

   3,200        32,096 

PPDAI Group, Inc., ADR (b)

   1,400        4,060 

Qudian, Inc., ADR (b),(a)

   26,200        180,518 
        

 

 

 
       222,335 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

5


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Shares         Value 

Technology Services — 0.0%

        

Infosys Ltd., ADR

   18,500       $210,345 

WNS Holdings Ltd., ADR (b),(a)

   6,400        376,000 
        

 

 

 
       586,345 
        

 

 

 

Telecommunications — 0.0%

        

21Vianet Group, Inc., ADR (b),(a)

   300        2,286 

Aspire Holdings LLC, Class A (c),(d)

   1,502,082        1 

VEON Ltd., ADR

   18,800        45,120 
        

 

 

 
       47,407 
        

 

 

 

Total Asia

         78,951,402 
        

 

 

 

Europe — 1.0%

        

Asset Management — 0.1%

        

Bespoke Capital Acquisition Corp., A Shares (a),(c),(d)

   750,000        7,200,000 
        

 

 

 

Automotive — 0.0%

        

Fiat Chrysler Automobiles NV (b)

   55,800        722,610 
        

 

 

 

Biotechnology & Pharmaceuticals — 0.5%

        

GENMAB A/S, ADR (b),(a),(c)

   133,737        2,709,512 

GlaxoSmithKline PLC, ADR (b)

   24,900        1,062,732 

Grifols SA, ADR

   600        12,024 

InflaRx NV (a)

   3,700        9,139 

Nabriva Therapeutics plc (a)

   100        200 

Novartis AG (c)

   411,336        35,698,595 

Novo Nordisk A/S, ADR

   100        5,170 

Prothena Corp. PLC (b),(a)

   10,700        83,888 

uniQure NV (b),(a)

   8,900        350,304 
        

 

 

 
       39,931,564 
        

 

 

 

Chemicals — 0.0%

        

Orion Engineered Carbons SA (b)

   18,000        300,780 
        

 

 

 

Commercial Services — 0.0%

        

Cimpress NV (a)

   100        13,184 
        

 

 

 

Consumer Products — 0.0%

        

Avon Products, Inc. (b),(a)

   32,500        143,000 

Nomad Foods Ltd. (b),(a)

   24,900        510,450 
        

 

 

 
       653,450 
        

 

 

 

Electrical Equipment — 0.0%

        

OSRAM Licht AG

   55,469        2,439,499 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

6


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Shares         Value 

Health Care Facilities & Services — 0.0%

        

ICON PLC (b),(a)

   200       $29,468 
        

 

 

 

Media — 0.0%

        

Trivago NV, ADR (b),(a)

   5,800        23,838 
        

 

 

 

Medical Equipment & Devices — 0.2%

        

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

   284,818        16,602,041 

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

   1,700        2,057 
        

 

 

 
         16,604,098 
        

 

 

 

Oil, Gas & Coal — 0.0%

        

Equinor ASA, ADR

   2,900        54,955 

Seadrill Ltd. (b),(a)

   2,900        6,090 

TechnipFMC PLC

   3,800        91,732 
        

 

 

 
         152,777 
        

 

 

 

Recreation Facilities & Services — 0.0%

        

Manchester United PLC, Class A (b)

   1,600        26,288 
        

 

 

 

Retail—Discretionary — 0.0%

        

Hudson Ltd., Class A (b),(a)

   11,300        138,651 
        

 

 

 

Semiconductors — 0.1%

        

NXP Semiconductors NV (b),(c)

   25,816        2,817,042 
        

 

 

 

Software — 0.1%

        

InterXion Holding NV (b),(a),(c)

   122,094        9,945,777 

Micro Focus International plc, ADR

   100        1,415 
        

 

 

 
         9,947,192 
        

 

 

 

Technology Services — 0.0%

        

Atento SA (b),(a)

   4,500        12,510 
        

 

 

 

Telecommunications — 0.0%

        

Tele2 AB, B Shares

   47,320        703,763 
        

 

 

 

Transportation & Logistics — 0.0%

        

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

   17,100        29,925 
        

 

 

 

Utilities — 0.0%

        

Atlantica Yield PLC (b)

   10,900        262,581 
        

 

 

 

Total Europe

         82,009,220 
        

 

 

 

Middle East — 0.1%

        

Aerospace & Defense — 0.0%

        

Ituran Location and Control Ltd.

   300        7,437 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

7


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Shares         Value 

Biotechnology & Pharmaceuticals — 0.0%

        

Intec Pharma Ltd. (a)

   500       $365 
        

 

 

 

Electrical Equipment — 0.0%

        

Camtek Ltd. (b)

   6,700        62,846 
        

 

 

 

Hardware — 0.0%

        

Ceragon Networks Ltd. (b),(a)

   8,000        21,520 

Radware Ltd. (b),(a)

   7,000        169,820 

Silicom Ltd. (b),(a)

   200        6,320 
        

 

 

 
         197,660 
        

 

 

 

Semiconductors — 0.1%

        

Mellanox Technologies Ltd. (b),(a)

   24,700        2,706,873 

Nova Measuring Instruments Ltd. (b),(a)

   1,900        60,363 

Tower Semiconductor Ltd. (b),(a)

   23,500        452,140 
        

 

 

 
         3,219,376 
        

 

 

 

Software — 0.0%

        

Allot Ltd. (b),(a)

   1,200        9,672 

Check Point Software Technologies Ltd. (b),(a)

   2,300        251,850 

CyberArk Software Ltd. (b),(a)

   14,300        1,427,426 

Sapiens International Corp. NV (b)

   800        15,712 
        

 

 

 
         1,704,660 
        

 

 

 

Total Middle East

         5,192,344 
        

 

 

 

North America — 29.8%

        

Aerospace & Defense — 0.4%

        

AAR Corp. (b)

   2,900        119,509 

Boeing Co.

   6,700        2,549,149 

Ducommun, Inc. (b),(a)

   900        38,160 

HEICO Corp. (b)

   3,488        435,581 

Hexcel Corp. (b)

   1,999        164,178 

L3Harris Technologies, Inc. (b)

   19,100        3,985,024 

Lockheed Martin Corp. (b)

   31,299        12,208,488 

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

   9,500        771,115 

Raytheon Co. (b)

   59,900        11,751,781 

Wesco Aircraft Holdings, Inc. (a)

   13,700        150,837 
        

 

 

 
         32,173,822 
        

 

 

 

Apparel & Textile Products — 0.2%

        

Columbia Sportswear Co. (b)

   2,775        268,870 

Culp, Inc. (b)

   600        9,780 

Kontoor Brands, Inc. (a)

   5,000        175,500 

Nike, Inc., Class B (b)

   69,400        6,518,048 

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

   50,000        1,867,500 

 

See Notes to Consolidated Financial Statements.

 

8


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Shares        Value 

Tapestry, Inc. (b)

   172,100       $4,483,205 

Unifi, Inc. (b),(a)

   1,200        26,304 

VF Corp. (b)

   61,701        5,490,772 

Vince Holding Corp. (b),(a)

   306        5,811 
        

 

 

 
         18,845,790 
        

 

 

 

Asset Management — 2.5%

        

Ameriprise Financial, Inc. (c)

   42,641        6,272,491 

Apex Technology Acquisition (a),(c)

   739,271        7,533,171 

Apollo Investment Corp.

   99        1,593 

Ares Management Corp.

   6,500        174,265 

ARYA Sciences Acquisition Corp. (a),(c),(d)

   127,800        1,336,788 

ARYA Sciences Acquisition Corp., Class A (a),(c)

   217,200        2,239,332 

BlackRock Capital Investment Corp. (b)

   16,800        84,168 

BlackRock TCP Capital Corp. (b)

   15,400        208,747 

BlackRock, Inc.

   1,300        579,332 

Blucora, Inc. (b),(a)

   300        6,492 

Boston Private Financial Holdings, Inc.

   100        1,166 

BrightSphere Investment Group PLC (b),(a)

   11,900        117,929 

Brookfield Asset Management, Inc., Class A (c)

   76,660        4,069,879 

Capital Southwest Corp. (b)

   200        4,360 

Capitala Finance Corp. (b)

   5,100        42,279 

Charles Schwab Corp. (b)

   46,000        1,924,180 

Churchill Capital Corp. (a),(c)

   1,000,000        10,510,000 

Cohen & Steers, Inc.

   100        5,493 

Collier Creek Holdings (a),(c)

   598,400        6,402,880 

Conyers Park II Acquisition Corp. (a),(c)

   500,000        5,315,000 

Crescent Acquisition Corp. (a),(c),(d)

   750,000        7,597,500 

Diamond Eagle Acquisition Corp. (c)

   750,000        7,627,500 

Experience Investment Corp. (a),(c)

   750,000        7,507,500 

Far Point Acquisition Corp. (a),(c)

   125,000        1,336,250 

Fidus Investment Corp. (b)

   5,400        80,082 

Forum Merger II Corp. (a),(c)

   31,000        314,340 

Garrison Capital, Inc. (b)

   1,300        8,983 

GigCapital2, Inc. (a),(c)

   500,000        5,150,000 

Gladstone Capital Corp. (b)

   5,600        54,600 

Gladstone Investment Corp. (b)

   4,600        56,764 

Gores Holdings, Inc., Class A (a),(c)

   212,000        2,143,320 

Gores Metropoulos, Inc. (a),(c)

   353,610        3,748,266 

Gores Metropoulos, Inc., Class A (a),(c),(d)

   396,390        3,963,900 

Great Elm Capital Corp.

   200        1,640 

GS Acquisition Holdings Corp. (a),(c)

   1,000,000        10,326,540 

GX Acquisition Corp. (a),(c)

   500,000        5,545,000 

Haymaker Acquisition Corp. II (a),(c)

   826,667        8,473,337 

Health Sciences Acquisitions Corp. (a),(c)

   112,808        1,210,430 

Hennessy Capital Acquisition Corp. (a),(c)

   300,000        3,135,000 

 

See Notes to Consolidated Financial Statements.

 

9


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Shares        Value 

Hennessy Capital Acquisition Corp., Class A (a),(c)

   80,000       $800,000 

Horizon Technology Finance Corp. (b)

   4,300        50,869 

Ladenburg Thalmann Financial Services, Inc.

   300        711 

Landcadia Holdings, Inc. (c)

   750,000        7,575,000 

Leisure Acquisition Corp. (a),(c),(d)

   80,000        808,000 

Manning & Napier, Inc. (b)

   1,600        3,008 

Medallion Financial Corp. (b),(a)

   1,700        10,880 

Monocle Acquisition Corp. (a),(c),(d)

   200,000        1,996,000 

Monroe Capital Corp. (b)

   2,700        28,485 

Netfin Acquisition Corp. (a),(c)

   500,000        5,035,000 

New Mountain Finance Corp. (b)

   7,500        102,225 

New Providence Acquisition (a),(c)

   600,000        6,042,000 

Oaktree Acquisition Corp. (a),(c)

   367,300        3,731,768 

Oaktree Specialty Lending Corp. (b)

   15,500        80,290 

Oaktree Strategic Income Corp. (b)

   100        825 

Oppenheimer Holdings, Inc., Class A (b)

   2,000        60,120 

Oxford Square Capital Corp. (b)

   6,300        39,249 

PennantPark Floating Rate Capital Ltd.

   3,800        44,080 

PennantPark Investment Corp. (b)

   15,300        95,931 

Pivotal Investment Corp. (a),(c)

   500,000        5,090,000 

Portman Ridge Finance Corp. (b)

   4,800        10,800 

Saratoga Investment Corp.

   700        17,304 

Silver Spike Acquisition Corp. (a),(c)

   750,000        7,567,500 

Solar Capital Ltd. (b)

   2,700        55,755 

Solar Senior Capital Ltd. (b)

   1,800        31,968 

South Mountain Merger Corp. (a),(c),(d)

   600,000        6,300,000 

Stellus Capital Investment Corp. (b)

   3,300        44,979 

Subversive Capital Acquisition Corp., Class A (a),(c)

   1,500,000        14,550,000 

Switchback Energy Acquisition (a),(c)

   500,000        5,000,000 

TCG BDC, Inc. (b)

   5,200        74,880 

THL Credit, Inc. (b)

   5,100        34,680 

Thunder Bridge Acquisition II Ltd. (a),(c)

   750,000        7,635,000 

Tortoise Acquisition Corp. (a),(c),(d)

   41,667        420,003 

Trine Acquisition Corp. (a),(c)

   240,000        2,484,000 

Trine Acquisition Corp., Class A (a),(c)

   160,000        1,579,200 

TriplePoint Venture Growth BDC Corp. (b)

   2,700        44,469 

Tuscan Holdings Corp. (a),(c)

   716,300        7,410,815 

Westwood Holdings Group, Inc. (b)

   200        5,534 

WhiteHorse Finance, Inc. (b)

   3,900        54,327 
        

 

 

 
         200,026,152 
        

 

 

 

Automotive — 0.1%

        

Adient PLC (b)

   5,000        114,800 

Cooper-Standard Holding, Inc. (b),(a)

   3,100        126,728 

 

See Notes to Consolidated Financial Statements.

 

10


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Shares        Value 

Dana, Inc. (b)

   31,000       $447,640 

Delphi Technologies plc (b)

   15,500        207,700 

General Motors Co. (b)

   94,400        3,538,112 

Methode Electronics, Inc. (b)

   100        3,364 

Miller Industries, Inc. (b)

   100        3,330 

Modine Manufacturing Co. (b),(a)

   6,400        72,768 

Standard Motor Products, Inc. (b)

   100        4,855 

Superior Industries International, Inc. (b)

   2,500        7,225 

Telenav, Inc. (b),(a)

   7,500        35,850 

Tenneco, Inc.

   4,600        57,592 
        

 

 

 
         4,619,964 
        

 

 

 

Banking — 3.7%

        

Arrow Financial Corp. (b)

   380        12,688 

Associated Banc-Corp

   1,200        24,300 

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

   5,100        88,434 

Bancorp, Inc. (b),(a)

   5,800        57,420 

Bank of America Corp. (c)

   381,385        11,125,000 

Bank of Marin Bancorp (b)

   600        24,894 

Bank of Montreal

   200        14,750 

Bank of Nova Scotia

   300        17,055 

Bank of NT Butterfield & Son Ltd. (b)

   10,800        320,112 

Bank OZK (b)

   3,700        100,899 

BankFinancial Corp. (b)

   1,155        13,745 

BB&T Corp. (b)

   4,000        213,480 

Bridge Bancorp, Inc. (b)

   200        5,912 

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

   700        8,358 

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

   630,542        11,274,091 

Canadian Imperial Bank of Commerce

   1,100        90,816 

Capstar Financial Holdings, Inc.

   100        1,658 

Centerstate Banks, Inc. (c)

   690,309        16,557,061 

Central Pacific Financial Corp. (b)

   1,100        31,240 

Citizens Financial Group, Inc. (b)

   48,600        1,718,982 

Comerica, Inc. (b)

   50,500        3,332,495 

ConnectOne Bancorp, Inc. (c)

   336,556        7,471,543 

East West Bancorp, Inc. (b)

   45,100        1,997,479 

Fifth Third Bancorp (b)

   53,448        1,463,406 

Financial Institutions, Inc. (b)

   1,100        33,198 

First BanCorp (b)

   70,300        701,594 

First Business Financial Services, Inc. (b)

   400        9,632 

First Community Bankshares, Inc. (b)

   700        22,659 

First Defiance Financial Corp. (b)

   1,700        49,240 

First Financial Corp. (b)

   400        17,388 

First Financial Northwest, Inc. (b)

   400        5,912 

First Horizon National Corp. (b)

   39,000        631,800 

First Midwest Bancorp, Inc. (c)

   953,995        18,583,823 

 

See Notes to Consolidated Financial Statements.

 

11


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Shares        Value 

Flushing Financial Corp. (b)

   1,500       $30,308 

FS Bancorp, Inc. (b)

   100        5,250 

German American Bancorp, Inc. (b)

   1,500        48,075 

Heartland Financial USA, Inc.

   200        8,948 

Heritage Commerce Corp. (b)

   7,000        82,285 

Heritage Financial Corp.

   100        2,696 

Hilltop Holdings, Inc. (b)

   900        21,501 

Horizon Bancorp, Inc.

   100        1,736 

Independent Bank Corp. (b)

   2,900        61,813 

JPMorgan Chase & Co. (c)

   113,778        13,390,533 

Lakeland Bancorp, Inc. (b)

   1,600        24,688 

Lakeland Financial Corp.

   100        4,398 

Live Oak Bancshares, Inc. (b)

   2,700        48,870 

Macatawa Bank Corp. (b)

   100        1,039 

Mercantile Bank Corp. (b)

   1,100        36,080 

Merchants Bancorp (b)

   100        1,654 

Midland States Bancorp, Inc. (c)

   351,111        9,146,442 

MidWestOne Financial Group, Inc. (b)

   300        9,156 

National Bankshares, Inc. (b)

   100        4,005 

Northrim BanCorp, Inc. (b)

   400        15,868 

OceanFirst Financial Corp. (c)

   870,280        20,538,608 

OFG Bancorp (b)

   7,800        170,820 

Old Line Bancshares, Inc.

   200        5,802 

Old Second Bancorp, Inc.

   300        3,666 

Opus Bank (c)

   624,175        13,588,290 

Origin Bancorp, Inc. (c)

   12,188        411,223 

Oritani Financial Corp. (b)

   1,500        26,543 

PCSB Financial Corp. (b)

   400        7,996 

Peapack Gladstone Financial Corp. (b)

   800        22,424 

Peoples Bancorp, Inc. (b)

   500        15,905 

PNC Financial Services Group, Inc. (c)

   104,866        14,698,019 

Popular, Inc. (b)

   22,090        1,194,627 

Preferred Bank (b)

   500        26,190 

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

   282,044        10,712,031 

RBB Bancorp (b)

   200        3,938 

Regions Financial Corp. (b)

   348,700        5,516,434 

Royal Bank of Canada

   5,000        405,800 

Signature Bank (c)

   175,144        20,880,668 

Spirit of Texas Bancshares, Inc. (a)

   1,000        21,550 

Stock Yards Bancorp, Inc. (b)

   1,000        36,690 

SunTrust Banks, Inc. (b)

   25,700        1,768,160 

SVB Financial Group (b),(a)

   5,900        1,232,805 

Synovus Financial Corp. (b)

   66,263        2,369,565 

TCF Financial Corp. (c)

   80,853        3,078,074 

Territorial Bancorp, Inc. (b)

   400        11,432 

Toronto-Dominion Bank (The)

   600        34,956 

 

See Notes to Consolidated Financial Statements.

 

12


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Shares        Value 

Trico Bancshares (b)

   100       $3,630 

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

   2,900        61,016 

TrustCo Bank Corp.

   1,000        8,150 

Umpqua Holdings Corp. (b),(c)

   564,503        9,291,719 

United Community Financial Corp. (b)

   3,600        38,808 

United Financial Bancorp, Inc. (b)

   5,200        70,876 

Univest Financial Corp. (c)

   542,861        13,848,384 

Veritex Holdings, Inc. (c)

   613,037        14,875,343 

Washington Trust Bancorp, Inc. (b)

   900        43,479 

Waterstone Financial, Inc. (b)

   100        1,718 

Wells Fargo & Co.

   500        25,220 

Western Alliance Bancorp (b),(c)

   520,480        23,983,718 

WSFS Financial Corp. (b),(c)

   414,673        18,287,079 

Zions Bancorp NA (b),(c)

   504,240        22,448,765 
        

 

 

 
         298,736,530 
        

 

 

 

Biotechnology & Pharmaceuticals — 4.5%

        

AbbVie, Inc. (b)

   421,900        31,946,268 

AcelRx Pharmaceuticals, Inc. (a)

   45        99 

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

   15,400        55,440 

Aclaris Therapeutics, Inc. (a)

   2,400        2,592 

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

   12,000        34,440 

Aduro Biotech, Inc. (b),(a)

   3,100        3,286 

Agios Pharmaceuticals, Inc. (a)

   200        6,480 

Akorn, Inc. (b),(a)

   85,700        325,660 

Alexion Pharmaceuticals, Inc. (a)

   300        29,382 

Alkermes PLC (b),(a)

   47,100        918,921 

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

   10,300        118,965 

Amgen, Inc. (b)

   27,100        5,244,121 

Amneal Pharmaceuticals, Inc. (a)

   9,500        27,550 

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

   1,000        19,830 

AnaptysBio, Inc. (a)

   400        13,996 

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

   7,400        406,186 

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

   14,400        48,168 

Apellis Pharmaceuticals, Inc. (a)

   3,200        77,088 

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

   900        3,744 

Aptinyx, Inc. (b),(a)

   3,100        10,819 

Aravive, Inc. (b),(a)

   700        5,250 

Arbutus Biopharma Corp. (a)

   200        305 

Arcturus Therapeutics Holdings Co. (a)

   43        442 

Arcus Biosciences, Inc. (a)

   200        1,820 

Ardelyx, Inc. (a)

   200        940 

ArQule, Inc. (a)

   6,700        48,039 

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

   600        5,898 

Atara Biotherapeutics, Inc. (a)

   4,900        69,188 

Athersys, Inc. (b),(a)

   1,700        2,261 

 

See Notes to Consolidated Financial Statements.

 

13


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Shares        Value 

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

   32,900       $94,259 

BioDelivery Sciences International, Inc. (b),(a)

   22,800        95,988 

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

   93,380        21,740,732 

Biohaven Pharmaceutical Holding Co. Ltd. (b),(a)

   12,300        513,156 

BioMarin Pharmaceutical, Inc. (b),(a)

   29,700        2,001,780 

BioSpecifics Technologies Corp. (b),(a)

   100        5,352 

Blueprint Medicines Corp. (a)

   200        14,694 

Bristol-Myers Squibb Co. (b),(c)

   1,067,230        54,119,233 

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

   1,900        9,329 

Catalyst Pharmaceuticals, Inc. (a)

   700        3,717 

Celgene Corp. (b),(a)

   414,305        41,140,486 

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

   1,034        2,202 

ChemoCentryx, Inc. (b),(a)

   10,200        69,156 

Chiasma, Inc. (a)

   1,400        6,930 

Chimerix, Inc. (b),(a)

   13,300        31,255 

Clovis Oncology, Inc. (a)

   37,100        145,803 

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

   5,100        103,326 

Concert Pharmaceuticals, Inc. (a)

   1,200        7,056 

Contra OncoMed Pharmaceuticals, Inc. (d)

   700        0 

Corcept Therapeutics, Inc. (a)

   600        8,481 

CTI BioPharma Corp. (b),(a)

   4,400        3,661 

Curis, Inc. (b),(a)

   3,560        7,974 

Cytokinetics, Inc. (b),(a)

   10,500        119,490 

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

   1,100        8,118 

DelMar Pharmaceuticals, Inc. (a)

   41        23 

Dermira, Inc. (b),(a)

   800        5,112 

Durect Corp. (b),(a)

   1,000        1,840 

Editas Medicine, Inc. (a)

   4,400        100,056 

Eli Lilly & Co.

   6,400        715,712 

Enanta Pharmaceuticals, Inc. (a)

   100        6,008 

Exelixis, Inc. (b),(a)

   34,400        608,364 

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

   8,100        125,793 

FibroGen, Inc. (a)

   3,200        118,336 

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

   7,900        30,613 

Forty Seven, Inc. (a)

   200        1,284 

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

   606,300        38,427,294 

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

   16,800        260,568 

Horizon Therapeutics PLC (b),(a)

   42,100        1,146,383 

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

   400        1,156 

ImmunoGen, Inc. (b),(a)

   7,800        18,876 

Incyte Corp. (b),(a)

   42,900        3,184,467 

Insmed, Inc. (b),(a)

   6,100        107,604 

Intellia Therapeutics, Inc. (a)

   1,300        17,355 

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

   16,400        1,088,304 

Intersect ENT, Inc. (b),(a)

   3,700        62,937 

Intra-Cellular Therapies, Inc. (a)

   1,900        14,193 

 

See Notes to Consolidated Financial Statements.

 

14


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Shares        Value 

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

   61,000       $3,654,510 

Iovance Biotherapeutics, Inc. (a)

   900        16,380 

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

   20,800        178,568 

Johnson & Johnson (b)

   232,300        30,054,974 

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

   5,700        18,981 

Karyopharm Therapeutics, Inc. (a)

   2,100        20,202 

Kezar Life Sciences, Inc. (a)

   2,000        6,560 

Kura Oncology, Inc. (a)

   600        9,102 

Lexicon Pharmaceuticals, Inc. (a)

   3,400        10,234 

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

   12,600        1,254,204 

Lineage Cell Therapeutics, Inc. (b)

   2,700        2,646 

MacroGenics, Inc. (a)

   200        2,552 

Mallinckrodt PLC (a)

   34,800        83,868 

Medicines Co. (b),(a)

   4,500        225,000 

MeiraGTx Holdings plc (a)

   400        6,380 

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

   300        1,344 

Merck & Co., Inc. (b),(c)

   432,230        36,385,121 

Mersana Therapeutics, Inc. (a)

   300        474 

Millendo Therapeutics, Inc. (b)

   313        2,225 

Mirati Therapeutics, Inc. (a)

   700        54,537 

Myovant Sciences Ltd. (a)

   700        3,640 

Natural Health Trends Corp. (b)

   3,900        27,612 

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

   306,925        27,657,012 

Odonate Therapeutics, Inc. (a)

   500        13,015 

Omthera Pharmaceutical, Inc. (d)

   700        0 

Otonomy, Inc. (b),(a)

   2,300        5,497 

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

   29,800        64,368 

Perrigo Co. PLC (b)

   15,200        849,528 

Pfizer, Inc. (b)

   159,100        5,716,463 

Plus Therapeutics, Inc.

   50        171 

Portola Pharmaceuticals, Inc. (a)

   6,800        182,376 

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

   5,600        67,256 

Proteostasis Therapeutics, Inc. (a)

   200        169 

Puma Biotechnology, Inc. (b),(a)

   10,700        115,186 

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

   3,900        92,235 

Radius Health, Inc. (a)

   5,200        133,900 

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

   1,500        16,620 

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

   14,201        3,939,357 

Retrophin, Inc. (b),(a)

   19,200        222,528 

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

   9,000        16,830 

Savara, Inc. (a)

   951        2,520 

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

   2,400        4,200 

Seres Therapeutics, Inc. (a)

   600        2,406 

Sienna Biopharmaceuticals, Inc. (b),(a)

   300        61 

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

   3,200        1,250 

Sunesis Pharmaceuticals, Inc. (a)

   300        216 

 

See Notes to Consolidated Financial Statements.

 

15


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Shares        Value 

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

   7,900       $217,092 

Synlogic, Inc. (a)

   1,300        2,977 

Tetraphase Pharmaceuticals, Inc. (a)

   25        133 

Tocagen, Inc. (a)

   900        596 

Twist Bioscience Corp. (a)

   200        4,776 

United Therapeutics Corp. (b),(a)

   21,901        1,746,605 

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

   4,100        280,399 

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

   16,600        220,448 

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

   217,910        36,918,312 

Voyager Therapeutics, Inc. (a)

   600        10,326 

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

   200        1,802 

Zafgen, Inc. (a)

   6,700        4,951 

Zoetis, Inc. (b)

   32,200        4,011,798 
        

 

 

 
         360,264,127 
        

 

 

 

Chemicals — 0.3%

        

3M Co. (b)

   83,900        13,793,160 

AdvanSix, Inc. (b),(a)

   4,900        126,028 

Air Products & Chemicals, Inc. (b)

   14,200        3,150,412 

Avery Dennison Corp.

   200        22,714 

Axalta Coating Systems Ltd. (b),(a)

   64,200        1,935,630 

Cabot Corp. (b)

   9,600        435,072 

CF Industries Holdings, Inc. (b)

   15,600        767,520 

Chemours Co.

   3,000        44,820 

Corteva, Inc. (a)

   9,400        263,200 

DuPont de Nemours, Inc. (b)

   40,953        2,920,358 

Haynes International, Inc. (b)

   600        21,504 

Huntsman Corp. (b)

   111,900        2,602,794 

Ingevity Corp. (b),(a)

   700        59,388 

Lydall, Inc. (b),(a)

   2,000        49,820 

Methanex Corp.

   500        17,735 

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

   5,200        52,364 

PolyOne Corp. (b)

   20,800        679,120 

Stepan Co. (b)

   2,200        213,532 

Venator Materials plc (b),(a)

   25,000        61,000 
        

 

 

 
         27,216,171 
        

 

 

 

Commercial Services — 0.1%

        

Acacia Research Corp. (b),(a)

   2,900        7,772 

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

   6,100        8,296 

Avalara, Inc. (b),(a)

   43,700        2,940,573 

Barrett Business Services, Inc. (b)

   600        53,292 

Care.com, Inc. (b),(a)

   22,200        231,990 

Cintas Corp.

   18,000        4,825,800 

Civeo Corp. (b),(a)

   14,000        17,780 

Collectors Universe, Inc. (b)

   1,900        54,112 

 

See Notes to Consolidated Financial Statements.

 

16


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Shares        Value 

CorVel Corp. (b),(a)

   700       $52,990 

CRA International, Inc. (b)

   1,200        50,364 

GP Strategies Corp. (b),(a)

   100        1,284 

Hackett Group, Inc. (b)

   3,700        60,902 

Healthcare Services Group, Inc. (b)

   29,100        706,839 

Heidrick & Struggles International, Inc. (b)

   600        16,380 

HMS Holdings Corp. (b),(a)

   2,400        82,716 

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

   2,700        165,618 

Kelly Services, Inc., Class A (b)

   1,100        26,642 

Korn/Ferry International (b)

   15,200        587,328 

LSC Communications, Inc.

   6,100        8,418 

Navigant Consulting, Inc.

   1,000        27,950 

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

   21,000        187,530 

Resources Connection, Inc. (b)

   1,100        18,689 

Robert Half International, Inc.

   6,000        333,960 

ServiceMaster Global Holdings, Inc. (b),(a)

   10,000        559,000 

SP Plus Corp. (b),(a)

   3,500        129,500 

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

   3,900        242,541 

Vectrus, Inc. (b),(a)

   1,200        48,780 

Viad Corp. (b)

   900        60,435 
        

 

 

 
         11,507,481 
        

 

 

 

Construction Materials — 0.1%

        

Advanced Drainage Systems, Inc. (b)

   18,200        587,314 

Apogee Enterprises, Inc.

   100        3,899 

Boise Cascade Co. (b)

   1,900        61,921 

Carlisle Cos., Inc. (b)

   10,500        1,528,170 

MDU Resources Group, Inc. (b)

   37,700        1,062,763 

Owens Corning (b)

   12,335        779,572 
        

 

 

 
         4,023,639 
        

 

 

 

Consumer Products — 0.3%

        

Altria Group, Inc. (b)

   193,100        7,897,790 

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

   2,600        72,085 

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

   800        6,552 

Dean Foods Co. (b)

   14,700        17,052 

elf Beauty, Inc. (b),(a)

   2,100        36,771 

Farmer Brothers Co. (b),(a)

   1,900        24,605 

Flowers Foods, Inc.

   4,000        92,520 

General Mills, Inc.

   18,400        1,014,208 

Hostess Brands, Inc. (b),(a)

   55,100        770,573 

Kraft Heinz Co.

   8,200        229,067 

Landec Corp. (b),(a)

   1,000        10,870 

Mondelez International, Inc., Class A

   4,200        232,344 

Monster Beverage Corp. (b),(a)

   46,100        2,676,566 

National Beverage Corp. (b)

   16,000        709,760 

 

See Notes to Consolidated Financial Statements.

 

17


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Shares        Value 

Nu Skin Enterprises, Inc. (b)

   17,000       $723,010 

PepsiCo, Inc. (b)

   13,100        1,796,010 

Phibro Animal Health Corp., Class A (b)

   900        19,197 

Philip Morris International, Inc. (b)

   62,900        4,775,997 

Simply Good Foods Co. (a)

   5,000        144,950 

SunOpta, Inc. (b),(a)

   500        900 

Turning Point Brands, Inc.

   200        4,612 

Veru, Inc. (b),(a)

   500        1,080 
        

 

 

 
         21,256,519 
        

 

 

 

Consumer Services — 0.0%

        

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

   500        11,170 

Career Education Corp. (b),(a)

   8,700        138,243 

Carriage Services, Inc. (b)

   3,300        67,452 

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

   8,400        146,160 

Service Corp. International/US (b)

   27,900        1,333,899 
        

 

 

 
         1,696,924 
        

 

 

 

Containers & Packaging — 0.1%

        

Ball Corp. (b)

   58,800        4,281,228 

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

   27        0 

Graphic Packaging Holding Co. (b)

   1,800        26,550 

Greif, Inc., Class A

   100        3,789 

WestRock Co. (b)

   6,800        247,860 
        

 

 

 
         4,559,427 
        

 

 

 

Design, Manufacturing & Distribution — 0.0%

        

Avnet, Inc.

   900        40,037 

Benchmark Electronics, Inc. (b)

   3,400        98,804 

Celestica, Inc. (b),(a)

   1,300        9,321 

Flex Ltd. (b),(a)

   290,000        3,034,850 

Jabil, Inc. (b)

   8,300        296,891 

Sanmina Corp. (b),(a)

   4,500        144,495 

SYNNEX Corp.

   236        26,644 
        

 

 

 
         3,651,042 
        

 

 

 

Distributors—Consumer Staples — 0.2%

        

Grocery Outlet Holding Corp. (a)

   100        3,468 

Performance Food Group Co. (a)

   700        32,207 

Sysco Corp. (b)

   112,800        8,956,320 

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

   35,800        412,416 

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

   79,500        3,267,450 
        

 

 

 
         12,671,861 
        

 

 

 

Distributors—Discretionary — 0.0%

        

Copart, Inc. (b),(a)

   18,700        1,502,171 

ePlus, Inc. (b),(a)

   100        7,609 

 

See Notes to Consolidated Financial Statements.

 

18


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Shares        Value 

IAA, Inc. (a)

   2,600       $108,498 

ScanSource, Inc. (b),(a)

   1,100        33,605 

Veritiv Corp. (a)

   100        1,808 
        

 

 

 
         1,653,691 
        

 

 

 

Electrical Equipment — 0.1%

        

Alarm.com Holdings, Inc. (a)

   700        32,648 

AO Smith Corp. (b)

   38,100        1,817,751 

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

   1,700        51,595 

Bel Fuse, Inc., Class B (b)

   100        1,503 

Bloom Energy Corp. (a)

   700        2,275 

BWX Technologies, Inc. (b)

   9,700        554,937 

DPW Holdings, Inc. (a)

   36        75 

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

   1,200        58,020 

Honeywell International, Inc.

   900        152,280 

Itron, Inc. (b),(a)

   800        59,168 

Keysight Technologies, Inc. (a)

   1,400        136,150 

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

   100        1,451 

Lennox International, Inc.

   900        218,673 

LSI Industries, Inc. (b)

   3,400        17,748 

Powell Industries, Inc. (b)

   500        19,575 

Rockwell Automation, Inc. (b)

   1,300        214,240 

SMART Global Holdings, Inc. (a)

   4,000        101,920 

TE Connectivity Ltd. (b)

   4,200        391,356 
        

 

 

 
         3,831,365 
        

 

 

 

Engineering & Construction Services — 0.1%

        

Aegion Corp. (b),(a)

   3,000        64,140 

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

   3,800        193,990 

Exponent, Inc. (b)

   5,200        363,480 

Fluor Corp. (b)

   93,800        1,794,394 

frontdoor, Inc. (b),(a)

   22,750        1,104,968 

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

   2,000        20,900 

Installed Building Products, Inc. (a)

   200        11,468 

Iteris, Inc. (a)

   2,600        14,937 

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

   2,700        44,280 

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

   1,400        43,806 

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

   8,500        38,250 

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

   6,900        90,735 

WillScot Corp. (a)

   2,200        34,276 
        

 

 

 
         3,819,624 
        

 

 

 

Forest & Paper Products — 0.0%

        

PH Glatfelter Co. (b)

   2,800        43,092 

Resolute Forest Products, Inc. (b)

   18,600        87,420 

Schweitzer-Mauduit International, Inc. (b)

   900        33,696 

Verso Corp. (b),(a)

   7,000        86,660 
        

 

 

 
         250,868 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

19


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Shares        Value 

Gaming, Lodging & Restaurants — 1.5%

        

BBX Capital Corp. (b)

   2,000       $9,340 

Carnival Corp. (b)

   147,800        6,460,338 

Carnival PLC, ADR (b)

   5,200        218,764 

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

   2,100        17,409 

Cheesecake Factory, Inc. (The)

   400        16,672 

Cracker Barrel Old Country Store, Inc. (b)

   7,800        1,268,670 

Del Taco Restaurants, Inc. (b),(a)

   21,600        220,860 

Denny’s Corp. (b),(a)

   9,200        209,438 

Dunkin’ Brands Group, Inc. (b)

   28,500        2,261,760 

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

   31,600        267,336 

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

   5,100        44,574 

Hilton Worldwide Holdings, Inc. (b)

   61,400        5,716,954 

Hyatt Hotels Corp., Class A (b)

   17,600        1,296,592 

J Alexander’s Holdings, Inc. (b),(a)

   1,197        14,029 

Jack in the Box, Inc. (b)

   14,300        1,303,016 

Las Vegas Sands Corp.

   4,800        277,248 

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

   7,900        132,404 

Marriott International, Inc., Class A

   36,500        4,539,505 

McDonald’s Corp. (b)

   130,800        28,084,068 

MGM Resorts International (b)

   259,700        7,198,884 

Monarch Casino & Resort, Inc. (b),(a)

   1,600        66,704 

Noodles & Co. (b),(a)

   16,000        90,560 

Norwegian Cruise Line Holdings Ltd. (a)

   21,200        1,097,524 

Restaurant Brands International, Inc. (b)

   150,421        10,700,950 

Royal Caribbean Cruises Ltd. (b)

   62,700        6,792,291 

Scientific Games Corp., Class A (a)

   1,900        38,665 

Starbucks Corp. (b)

   308,600        27,286,412 

Target Hospitality Corp. (a)

   500        3,405 

Texas Roadhouse, Inc. (b)

   32,000        1,680,640 

Wendy’s Co. (b)

   97,400        1,946,052 

Wingstop, Inc. (b)

   18,600        1,623,408 

Wynn Resorts Ltd.

   15,501        1,685,268 

Yum! Brands, Inc. (b)

   61,900        7,021,317 
        

 

 

 
         119,591,057 
        

 

 

 

Hardware — 0.5%

        

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

   10,200        70,788 

Anterix, Inc. (b)

   4,100        148,420 

CalAmp Corp. (b),(a)

   7,300        84,096 

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

   13,600        106,828 

Cisco Systems, Inc. (b)

   545,100        26,933,391 

Clearfield, Inc. (b),(a)

   700        8,295 

Daktronics, Inc. (b)

   6,300        46,525 

Dell Tech., C Shares (a)

   5,130        266,042 

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

   5,500        74,910 

 

See Notes to Consolidated Financial Statements.

 

20


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Shares        Value 

Dolby Laboratories, Inc., Class A (b)

   12,800       $827,392 

EMCORE Corp. (b),(a)

   4,900        15,043 

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

   33,200        241,530 

FLIR Systems, Inc. (b)

   6,100        320,799 

Garmin Ltd. (b)

   22,400        1,897,056 

Harmonic, Inc. (b),(a)

   6,000        39,480 

HP, Inc.

   10,500        198,660 

Inseego Corp. (b),(a)

   2,100        10,080 

InterDigital, Inc. (b)

   4,000        209,880 

Juniper Networks, Inc. (b)

   37,200        920,700 

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

   600        504 

Maxar Technologies, Inc. (a)

   900        6,840 

Motorola Solutions, Inc.

   900        153,369 

NetApp, Inc. (b)

   27,200        1,428,272 

NETGEAR, Inc. (b),(a)

   4,400        141,768 

PC-Tel, Inc. (a)

   400        3,360 

Pitney Bowes, Inc. (b)

   2,900        13,253 

PlayAGS, Inc. (b),(a)

   5,900        60,652 

Pure Storage, Inc., Class A (b),(a)

   83,500        1,414,490 

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

   8,200        47,888 

Seagate Technology PLC (b)

   34,100        1,834,239 

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

   6,200        66,340 

Sonos, Inc. (b),(a)

   32,100        430,461 

Stratasys Ltd. (b),(a)

   2,871        61,167 

TTM Technologies, Inc. (a)

   2,400        29,268 

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

   1,600        81,440 

ViaSat, Inc. (b),(a)

   1,200        90,384 

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

   1,300        42,562 

Vislink Technologies, Inc.

   10        5 

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

   5,200        128,180 

VOXX International Corp. (b),(a)

   2,100        9,870 
        

 

 

 
         38,464,227 
        

 

 

 

Health Care — 0.0%

        

Vapotherm, Inc. (a)

   600        5,682 
        

 

 

 

Health Care Facilities & Services — 1.5%

        

American Renal Associates Holdings, Inc. (b),(a)

   200        1,264 

AmerisourceBergen Corp.

   800        65,864 

Anthem, Inc.

   21,200        5,090,120 

Cardinal Health, Inc. (b)

   7,700        363,363 

Catalent, Inc. (a)

   100        4,766 

Centene Corp. (a)

   4,600        198,996 

Charles River Laboratories International, Inc. (a)

   500        66,185 

Diplomat Pharmacy, Inc. (b),(a)

   15,900        77,910 

Encompass Health Corp. (b)

   28,000        1,771,840 

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

   7,400        26,640 

 

See Notes to Consolidated Financial Statements.

 

21


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Shares        Value 

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

   1,778       $809 

Hanger, Inc. (a)

   100        2,038 

HCA Healthcare, Inc. (b),(c)

   190,730        22,967,707 

HealthEquity, Inc. (b),(a)

   28,000        1,600,060 

Humana, Inc. (b),(c)

   80,620        20,612,115 

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

   141,680        21,164,158 

Joint Corp. (The) (a)

   300        5,583 

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

   105,270        17,685,360 

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

   8,900        552,690 

Natera, Inc. (b),(a)

   6,800        223,040 

Option Care Health, Inc. (b),(a)

   11,500        36,800 

Owens & Minor, Inc. (b)

   28,700        166,747 

Patterson Cos., Inc.

   2,000        35,640 

Providence Service Corp. (b),(a)

   400        23,784 

Quest Diagnostics, Inc. (b)

   15,100        1,616,153 

Quorum Health Corp. (b),(a)

   5,100        6,171 

RadNet, Inc. (b),(a)

   9,500        136,420 

Tenet Healthcare Corp. (a)

   100        2,212 

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

   324        5,388 

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

   5,150        69,010 

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

   122,030        26,519,560 
        

 

 

 
         121,098,393 
        

 

 

 

Home & Office Products — 0.2%

        

ACCO Brands Corp. (b)

   16,600        163,842 

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

   7,300        46,647 

Caesarstone Ltd. (b)

   4,400        73,084 

CSS Industries, Inc. (b)

   300        1,191 

Flexsteel Industries, Inc.

   100        1,482 

HNI Corp. (b)

   100        3,550 

Interface, Inc. (b)

   3,000        43,320 

JELD-WEN Holding, Inc. (b),(a)

   4,800        92,592 

Kimball International, Inc., Class B (b)

   3,400        65,620 

Knoll, Inc. (b)

   700        17,745 

Libbey, Inc. (b),(a)

   300        1,005 

Masco Corp. (b)

   171,800        7,160,624 

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

   15,500        1,923,085 

NVR, Inc. (b),(a)

   300        1,115,205 

ScottsMiracle-Gro Co., Class A

   4,300        437,826 

Stanley Black & Decker, Inc. (b)

   19,800        2,859,318 

Tempur Sealy International, Inc. (b),(a)

   26,700        2,061,240 

Tupperware Brands Corp. (b)

   23,500        372,945 
        

 

 

 
         16,440,321 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

22


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Shares        Value 

Industrial Services — 0.0%

        

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

   400       $13,888 

H&E Equipment Services, Inc. (b)

   4,900        141,414 

Harsco Corp. (b),(a)

   1,400        26,544 

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

   2,654        123,438 

MSC Industrial Direct Co., Inc.

   300        21,759 

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

   27,200        390,320 

Ritchie Bros Auctioneers, Inc. (b)

   9,100        363,090 

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

   6,200        88,908 

WW Grainger, Inc. (b)

   8,600        2,555,490 
        

 

 

 
         3,724,851 
        

 

 

 

Institutional Financial Services — 0.3%

        

Bank of New York Mellon Corp. (b),(c)

   170,475        7,707,175 

BGC Partners, Inc., Class A

   600        3,300 

Houlihan Lokey, Inc. (b),(c)

   33,930        1,530,243 

Moelis & Co., Class A (b),(c)

   160,564        5,274,527 

Nasdaq, Inc.

   4,200        417,270 

SEI Investments Co. (b)

   8,300        491,817 

State Street Corp. (b)

   116,600        6,901,554 
        

 

 

 
         22,325,886 
        

 

 

 

Insurance — 0.3%

        

Allstate Corp. (b)

   41,701        4,532,065 

American Financial Group, Inc. (b)

   6,800        733,380 

AMERISAFE, Inc. (b)

   1,200        79,332 

Assured Guaranty Ltd.

   900        40,014 

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

   248,508        10,452,246 

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

   2,400        903 

Brighthouse Financial, Inc. (b),(a)

   11,900        481,593 

Citizens, Inc. (b),(a)

   200        1,374 

Crawford & Co., Class B (b)

   100        1,009 

Employers Holdings, Inc. (b)

   4,200        183,036 

FedNat Holding Co. (b)

   200        2,798 

FGL Holdings (b),(c)

   361,751        2,886,773 

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

   2,400        25,200 

Hallmark Financial Services, Inc. (a)

   200        3,826 

Hanover Insurance Group, Inc. (b)

   7,000        948,780 

Kingstone Cos., Inc.

   1,500        12,780 

Kinsale Capital Group, Inc. (b)

   1,000        103,310 

Maiden Holdings Ltd. (b)

   17,200        12,900 

MetLife, Inc.

   8,000        377,280 

NMI Holdings, Inc., Class A (b),(a)

   17,100        449,046 

Old Republic International Corp. (b)

   9,600        226,272 

Principal Financial Group, Inc.

   300        17,142 

Progressive Corp. (b)

   18,900        1,460,025 

 

See Notes to Consolidated Financial Statements.

 

23


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Shares        Value 

Protective Insurance Corp. (b)

   600       $10,470 

Prudential Financial, Inc.

   9,900        890,505 

Radian Group, Inc.

   900        20,556 

RLI Corp.

   300        27,873 

Third Point Reinsurance Ltd. (b),(a)

   10,000        99,900 

United Insurance Holdings Corp.

   200        2,798 

Universal Insurance Holdings, Inc.

   2,100        62,979 

Unum Group (b)

   53,900        1,601,908 

Willis Towers Watson PLC (b)

   5,300        1,022,741 
        

 

 

 
         26,770,814 
        

 

 

 

Iron & Steel — 0.0%

        

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

   1,600        32,400 

Carpenter Technology Corp.

   400        20,664 

Northwest Pipe Co. (b),(a)

   1,200        33,780 

Ryerson Holding Corp. (b),(a)

   1,900        16,207 

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

   600        2,484 
        

 

 

 
         105,535 
        

 

 

 

Leisure Products — 0.0%

        

Clarus Corp. (b)

   4,500        52,762 

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

   1,900        1,625 

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

   7,700        236,236 

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

   4,400        65,670 

Nautilus, Inc. (a)

   20,200        27,270 

Thor Industries, Inc.

   4,600        260,544 

Vista Outdoor, Inc. (b),(a)

   10,700        66,233 
        

 

 

 
         710,340 
        

 

 

 

Machinery — 0.0%

        

Briggs & Stratton Corp. (b)

   15,900        96,354 

Columbus McKinnon Corp. (b)

   1,400        51,002 

Crane Co. (b)

   5,300        427,339 

CSW Industrials, Inc. (b)

   300        20,709 

Deere & Co. (b)

   3,400        573,512 

Douglas Dynamics, Inc. (b)

   400        17,828 

Graham Corp. (b)

   800        15,888 

Hillenbrand, Inc. (b)

   29,500        910,960 

Hyster-Yale Materials Handling, Inc. (b)

   400        21,892 

Oshkosh Corp. (b)

   2,700        204,660 

Parker-Hannifin Corp. (b)

   4,900        884,989 

Titan International, Inc. (b)

   100        270 
        

 

 

 
         3,225,403 
        

 

 

 

Manufactured Goods — 0.0%

        

Core Molding Technologies, Inc. (b),(a)

   300        1,923 

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

   6,600        303,204 

 

See Notes to Consolidated Financial Statements.

 

24


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Shares        Value 

Insteel Industries, Inc. (b)

   3,100       $63,643 

LB Foster Co., Class A (b),(a)

   1,000        21,670 

Raven Industries, Inc. (b)

   300        10,038 
        

 

 

 
         400,478 
        

 

 

 

Media — 0.9%

        

Alphabet, Inc., Class A (b),(a)

   12,100        14,775,794 

Altice USA, Inc. (a)

   79,500        2,280,060 

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

   58,400        413,764 

Apex Global Brands, Inc. (a)

   33        49 

AutoWeb, Inc. (b),(a)

   1,200        3,720 

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

   29,500        327,450 

Cargurus, Inc. (b),(a)

   20,800        643,760 

Cars.com, Inc. (b),(a)

   45,300        406,794 

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

   12,400        55,738 

Charter Communications, Inc., Class A (b),(a)

   8,840        3,643,141 

Comcast Corp., Class A

   16,600        748,328 

Entravision Communications Corp., Class A (b)

   2,300        7,314 

EverQuote, Inc., Class A (a)

   400        8,536 

Facebook, Inc., Class A (b),(a)

   66,600        11,860,128 

GoDaddy, Inc., Class A (b),(a)

   52,700        3,477,146 

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

   390        1,190 

IAC/InterActiveCorp (b),(a)

   400        87,188 

IMAX Corp. (a)

   300        6,585 

iMedia Brands, Inc. (b)

   1,700        952 

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

   11,900        111,979 

Marchex, Inc., Class B (b),(a)

   4,400        13,816 

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

   442        1,140 

Match Group, Inc. (b)

   13,100        935,864 

MDC Partners, Inc., Class A (b),(a)

   500        1,410 

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

   500        1,637 

MSG Networks, Inc. (a)

   300        4,866 

National CineMedia, Inc.

   1,800        14,760 

News Corp., Class A

   1,300        18,096 

Omnicom Group, Inc. (b)

   10,382        812,911 

Points International Ltd. (b),(a)

   2,000        21,940 

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

   31,200        271,752 

Shaw Communications, Inc. (b)

   17,600        346,016 

Shopify, Inc., Class A (b),(a)

   66,800        20,818,888 

Shutterstock, Inc. (b),(a)

   9,300        335,916 

Snap, Inc. (a)

   134,200        2,120,360 

Stamps.com, Inc. (b),(a)

   11,600        863,620 

TechTarget, Inc. (b),(a)

   8,300        186,957 

Telaria, Inc. (a)

   2,500        17,275 

Townsquare Media, Inc., Class A (b)

   100        703 

 

See Notes to Consolidated Financial Statements.

 

25


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Shares        Value 

Travelzoo, Inc. (b),(a)

   100       $1,069 

Tribune Publishing Co. (b)

   700        6,006 

TrueCar, Inc. (b),(a)

   67,700        230,180 

Twitter, Inc. (a)

   41,700        1,718,040 

VeriSign, Inc. (b),(a)

   3,600        679,068 

Viacom, Inc.

   3,300        79,299 

Yelp, Inc. (b),(a)

   20,300        705,425 
        

 

 

 
         69,066,630 
        

 

 

 

Medical Equipment & Devices — 2.8%

        

Abbott Laboratories (b),(c)

   190,330        15,924,911 

ABIOMED, Inc. (b),(a)

   14,900        2,650,561 

Accuray, Inc. (b),(a)

   1,700        4,709 

Agilent Technologies, Inc. (b)

   86,000        6,590,180 

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

   5,800        1,049,336 

AngioDynamics, Inc. (b),(a)

   300        5,526 

AtriCure, Inc. (b),(a)

   3,600        89,784 

Avedro, Inc. (a)

   100        2,270 

AxoGen, Inc. (b),(a)

   6,300        78,624 

Baxter International, Inc. (b),(c)

   396,380        34,671,359 

Becton Dickinson and Co.

   500        126,480 

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

   3,300        1,098,042 

BioTelemetry, Inc. (b),(a)

   1,300        52,949 

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

   435,580        17,723,750 

CareDx, Inc. (b),(a)

   28,800        651,168 

Conformis, Inc. (a)

   500        930 

Cooper Cos., Inc. (The) (b)

   4,667        1,386,099 

Corindus Vascular Robotics, Inc. (a)

   5,600        23,968 

Cutera, Inc. (b),(a)

   5,300        154,919 

CytoSorbents Corp. (b),(a)

   6,800        34,204 

Danaher Corp. (b),(c)

   191,730        27,691,564 

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

   146,319        32,177,011 

Exact Sciences Corp. (b),(a)

   5,898        533,002 

Fluidigm Corp. (b),(a)

   41,800        193,534 

FONAR Corp. (b),(a)

   400        8,268 

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

   12,300        74,538 

Globus Medical, Inc. (a)

   300        15,336 

Haemonetics Corp. (a)

   1,200        151,368 

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

   4,400        13,530 

Hill-Rom Holdings, Inc. (b)

   4,200        441,966 

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

   278,820        14,077,622 

Inogen, Inc. (b),(a)

   14,900        713,859 

Insulet Corp. (b),(a)

   1,600        263,888 

Integra LifeSciences Holdings Corp. (b),(a)

   3,200        192,224 

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

   45,670        24,658,603 

Invacare Corp. (b)

   3,300        24,750 

 

See Notes to Consolidated Financial Statements.

 

26


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Shares        Value 

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

   8,800       $220,572 

LeMaitre Vascular, Inc. (b)

   100        3,418 

Luminex Corp. (b)

   3,700        76,405 

Masimo Corp. (b),(a)

   5,400        803,466 

Medtronic PLC (b),(c)

   110,620        12,015,545 

Merit Medical Systems, Inc. (a)

   5,500        167,530 

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

   4,800        103,632 

Natus Medical, Inc. (a)

   100        3,184 

Neovasc, Inc. (a)

   17        65 

Novocure Ltd. (b),(a)

   34,700        2,594,866 

Nuvectra Corp. (b),(a)

   3,700        5,032 

Obalon Therapeutics, Inc. (a)

   10        19 

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

   26,800        200,196 

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

   4,000        212,080 

Oxford Immunotec Global PLC (b),(a)

   5,500        91,465 

PerkinElmer, Inc. (b)

   400        34,068 

Quidel Corp. (b),(a)

   100        6,135 

Quotient Ltd. (b),(a)

   6,100        47,397 

Repligen Corp. (a)

   400        30,676 

ResMed, Inc.

   5,100        689,061 

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

   6,000        17,100 

SeaSpine Holdings Corp. (b),(a)

   600        7,326 

Sientra, Inc. (b),(a)

   7,900        51,192 

STAAR Surgical Co. (b),(a)

   7,700        198,506 

STERIS PLC (b)

   9,800        1,416,002 

Surmodics, Inc. (b),(a)

   2,400        109,776 

Varex Imaging Corp. (b),(a)

   1,100        31,394 

Veracyte, Inc. (b),(a)

   13,800        331,200 

ViewRay, Inc. (a)

   800        2,320 

Waters Corp. (a)

   300        66,969 

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

   175,980        24,156,775 
        

 

 

 
         227,244,204 
        

 

 

 

Metals & Mining — 0.0%

        

Alcoa Corp. (b),(a)

   126,101        2,530,847 

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

   1,800        1,646 

B2Gold Corp. (b),(a)

   8,900        28,747 

Constellium SE, Class A(b),(a)

   7,300        92,783 

Eldorado Gold Corp. (a)

   3,640        28,283 

Encore Wire Corp. (b)

   500        28,140 

Ferroglobe PLC (b)

   7,900        8,927 

HudBay Minerals, Inc.

   2,700        9,747 

IAMGOLD Corp. (b),(a)

   32,800        111,848 

Kinross Gold Corp. (a)

   600        2,760 

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

   68,300        68,983 

North American Construction Group Ltd. (b)

   600        6,918 

 

See Notes to Consolidated Financial Statements.

 

27


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Shares        Value 

Osisko Gold Royalties Ltd.

   3,600       $33,480 

Sandstorm Gold Ltd. (b),(a)

   26,500        149,460 

Taseko Mines Ltd. (b),(a)

   4,500        1,884 

Wheaton Precious Metals Corp.

   100        2,624 
        

 

 

 
         3,107,077 
        

 

 

 

Oil, Gas & Coal — 1.1%

        

Abraxas Petroleum Corp. (b),(a)

   47,900        24,309 

Advanced Emissions Solutions, Inc. (b)

   1,000        14,840 

Amplify Energy Corp. (b)

   366        2,258 

Baker Hughes a GE Co. (b)

   39,600        918,720 

C&J Energy Services, Inc. (b),(a)

   18,800        201,724 

Cabot Oil & Gas Corp. (b)

   79,300        1,393,301 

Cenovus Energy, Inc. (b)

   32,400        303,912 

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

   84,900        383,324 

Chevron Corp. (b)

   85,700        10,164,020 

Comstock Resources, Inc. (a)

   20        156 

ConocoPhillips (b)

   132,400        7,544,152 

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

   45,000        1,385,550 

Dawson Geophysical Co. (b),(a)

   882        1,887 

Devon Energy Corp. (b)

   16,500        396,990 

DMC Global, Inc. (b)

   1,600        70,368 

Encana Corp.

   430,993        1,982,568 

EOG Resources, Inc. (b)

   167,000        12,394,740 

Evolution Petroleum Corp. (b)

   3,900        22,776 

Exxon Mobil Corp.

   12,300        868,503 

Forum Energy Technologies, Inc. (b),(a)

   28,800        44,640 

Geospace Technologies Corp. (b),(a)

   100        1,537 

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

   1,400        7,490 

Hallador Energy Co. (b)

   1,400        5,068 

Halliburton Co. (b)

   34,400        648,440 

Helmerich & Payne, Inc. (b)

   18,100        725,267 

HollyFrontier Corp. (b)

   53,400        2,864,376 

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

   4,800        5,760 

Kinder Morgan, Inc.

   39,900        822,339 

Kosmos Energy Ltd.

   18,200        113,568 

Mammoth Energy Services, Inc.

   8,100        20,088 

Marathon Petroleum Corp. (b),(c)

   278,000        16,888,500 

Matrix Service Co. (b),(a)

   4,300        73,702 

NACCO Industries, Inc., Class A (b)

   100        6,391 

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

   1,200        15,372 

Noble Corp. PLC (b),(a)

   10,500        13,335 

Occidental Petroleum Corp. (b)

   211,438        9,402,648 

Oil States International, Inc. (b),(a)

   700        9,310 

Parsley Energy, Inc., Class A

   21,200        356,160 

 

See Notes to Consolidated Financial Statements.

 

28


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Shares        Value 

Patterson-UTI Energy, Inc. (b)

   32,200       $275,310 

Peabody Energy Corp. (b)

   2,000        29,440 

Phillips 66 (b),(c)

   72,300        7,403,520 

Roan Resources, Inc. (a)

   4,400        5,412 

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

   14,900        70,030 

Schlumberger Ltd. (b)

   72,300        2,470,491 

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

   500        4,845 

Suncor Energy, Inc. (b)

   163,100        5,150,698 

TransGlobe Energy Corp. (b)

   1,500        1,995 

TravelCenters of America, Inc. (a)

   840        10,307 

Unit Corp. (a)

   7,900        26,702 

Valero Energy Corp. (b)

   7,500        639,300 
        

 

 

 
         86,186,139 
        

 

 

 

Passenger Transportation — 0.2%

        

Allegiant Travel Co.

   300        44,898 

Copa Holdings SA, Class A

   600        59,250 

Delta Air Lines, Inc. (b)

   166,300        9,578,880 

Hawaiian Holdings, Inc.

   1,300        34,138 

JetBlue Airways Corp. (b),(a)

   26,100        437,175 

Southwest Airlines Co.

   57,600        3,110,976 

United Airlines Holdings, Inc. (a)

   2,900        256,389 

Universal Logistics Holdings, Inc. (b)

   300        6,984 
        

 

 

 
         13,528,690 
        

 

 

 

Real Estate — 0.7%

        

Armada Hoffler Properties, Inc.

   1,400        25,326 

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

   3,498        753,224 

Bluerock Residential Growth REIT, Inc.

   800        9,416 

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

   3,633        471,055 

Cedar Realty Trust, Inc. (b)

   1,300        3,900 

City Office REIT, Inc.

   15,000        215,850 

Colliers International Group, Inc. (b)

   2,500        187,625 

Colony Capital, Inc. (c)

   1,377,827        8,294,519 

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

   6,856        889,977 

Easterly Government Properties, Inc.

   100        2,130 

EPR Properties (b)

   21,300        1,637,118 

Equinix, Inc. (b),(c)

   1,735        1,000,748 

Equity Residential (b),(c)

   9,801        845,434 

Essential Properties Realty Trust, Inc. (b)

   40,700        932,437 

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

   3,178        1,038,094 

First Industrial Realty Trust, Inc.

   13,100        518,236 

FirstService Corp. (b)

   1,000        102,570 

Four Corners Property Trust, Inc.

   4,600        130,088 

Gaming and Leisure Properties, Inc. (b)

   49,145        1,879,305 

Getty Realty Corp.

   1,400        44,884 

 

See Notes to Consolidated Financial Statements.

 

29


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Shares        Value 

Gladstone Commercial Corp. (b)

   5,400       $126,900 

Global Medical REIT, Inc. (b)

   8,500        96,900 

Global Net Lease, Inc.

   300        5,850 

Hannon Armstrong Sustainable Infrastructure Capital, Inc. (b)

   7,100        206,965 

HCP, Inc. (b),(c)

   30,586        1,089,779 

Host Hotels & Resorts, Inc. (b),(c)

   36,194        625,794 

Hudson Pacific Properties, Inc. (c)

   223,184        7,467,737 

Industrial Logistics Properties Trust (b)

   27        574 

Innovative Industrial Properties, Inc.

   208        19,213 

JBG SMITH Properties (b),(c)

   1,407        55,169 

Lexington Realty Trust (b)

   26,000        266,500 

Liberty Property Trust

   6,100        313,113 

LTC Properties, Inc.

   18        922 

McGrath RentCorp (b)

   3,500        243,565 

Monmouth Real Estate Investment Corp., Class A (b)

   24,500        353,045 

National Health Investors, Inc. (b)

   6,400        527,296 

Newmark Group, Inc., Class A (b)

   25,500        231,030 

Omega Healthcare Investors, Inc. (b)

   34,547        1,443,719 

One Liberty Properties, Inc. (b)

   300        8,259 

Paramount Group, Inc.

   14,800        197,580 

Preferred Apartment Communities, Inc., Class A

   500        7,225 

Prologis, Inc. (b),(c)

   14,321        1,220,436 

Public Storage (b),(c)

   3,827        938,648 

Rayonier, Inc.

   300        8,460 

RE/MAX Holdings, Inc., Class A (b)

   3,200        102,912 

Realogy Holdings Corp. (b)

   71,000        474,280 

Realty Income Corp. (b),(c)

   26,893        2,062,155 

Retail Opportunity Investments Corp.

   37,900        690,917 

Retail Properties of America, Inc.

   10,200        125,664 

RMR Group, Inc. (The) (b)

   4,200        191,016 

Safehold, Inc.

   3,500        106,750 

Saul Centers, Inc. (b)

   100        5,451 

SBA Communications Corp. (b)

   26,600        6,414,590 

Senior Housing Properties Trust

   11,600        107,358 

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

   17,599        2,739,284 

STORE Capital Corp. (b)

   52,600        1,967,766 

Sunstone Hotel Investors, Inc. (b)

   19,833        272,505 

Tanger Factory Outlet Centers, Inc.

   200        3,096 

Terreno Realty Corp. (b)

   1,800        91,962 

Uniti Group, Inc.

   14,900        115,699 

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

   700        16,590 

Ventas, Inc. (b),(c)

   9,126        666,472 

VICI Properties, Inc.

   15,100        342,015 

Vornado Realty Trust (b),(c)

   4,178        266,013 

 

See Notes to Consolidated Financial Statements.

 

30


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Shares        Value 

Weingarten Realty Investors

   26,200       $763,206 

Welltower, Inc. (b),(c)

   9,336        846,308 
        

 

 

 
         52,808,624 
        

 

 

 

Recreation Facilities & Services — 0.1%

        

Live Nation Entertainment, Inc. (b),(a)

   10,000        663,400 

Marcus Corp. (b)

   4,200        155,442 

Planet Fitness, Inc., Class A (b),(a)

   40,200        2,326,374 

Six Flags Entertainment Corp. (b)

   48,100        2,442,999 

Town Sports International Holdings, Inc. (a)

   500        820 

Vail Resorts, Inc. (b)

   1,400        318,584 
        

 

 

 
         5,907,619 
        

 

 

 

Renewable Energy — 0.0%

        

Ameresco, Inc., Class A (b),(a)

   2,900        46,603 

Canadian Solar, Inc. (b),(a)

   23,900        451,232 

EnerSys (b)

   2,700        178,038 

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

   41,900        931,437 

FutureFuel Corp. (b)

   1,000        11,940 

Gevo, Inc. (a)

   37        124 

Renewable Energy Group, Inc. (a)

   200        3,001 

Sunrun, Inc. (b),(a)

   25,100        419,295 

Vivint Solar, Inc. (a)

   900        5,886 
        

 

 

 
         2,047,556 
        

 

 

 

Retail—Consumer Staples — 0.5%

        

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

   2,400        62,088 

Costco Wholesale Corp. (b)

   61,800        17,805,198 

Dollar General Corp. (b)

   85,101        13,525,953 

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

   22,100        2,522,936 

Ingles Markets, Inc., Class A (b)

   2,800        108,808 

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

   1,600        15,984 

SpartanNash Co. (b)

   6,400        75,712 

Target Corp.

   900        96,219 

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

   700        18,515 

Walgreens Boots Alliance, Inc. (b)

   140,000        7,743,400 
        

 

 

 
         41,974,813 
        

 

 

 

Retail—Discretionary — 1.4%

        

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

   11,800        174,581 

Amazon.com, Inc. (b),(a)

   16,700        28,989,697 

Ascena Retail Group, Inc. (a)

   9,000        2,377 

At Home Group, Inc. (b),(a)

   43,500        418,470 

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

   3,900        12,168 

Bassett Furniture Industries, Inc. (b)

   1,100        16,830 

Best Buy Co., Inc.

   200        13,798 

 

See Notes to Consolidated Financial Statements.

 

31


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Shares        Value 

BMC Stock Holdings, Inc. (a)

   400       $10,472 

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

   9,300        324,570 

CarMax, Inc. (b),(a)

   10,000        880,000 

Citi Trends, Inc. (b)

   2,900        53,070 

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

   3,500        15,470 

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

   2,499        4,223 

Dick’s Sporting Goods, Inc.

   6,600        269,346 

Duluth Holdings, Inc., Class B (b),(a)

   19,900        168,752 

eBay, Inc. (b)

   396,700        15,463,366 

Etsy, Inc. (b),(a)

   57,800        3,265,700 

Ezcorp, Inc., Class A(b),(a)

   12,700        81,979 

Floor & Decor Holdings, Inc., Class A (a)

   5,500        281,325 

Foundation Building Materials, Inc. (a)

   6,250        96,813 

Francesca’s Holdings Corp. (a)

   1,674        23,419 

Freshpet, Inc. (b),(a)

   2,600        129,402 

GMS, Inc. (b),(a)

   2,900        83,288 

Haverty Furniture Cos., Inc.

   100        2,027 

Home Depot, Inc. (b)

   136,200        31,601,124 

J. Jill, Inc.

   1,600        3,040 

Kirkland’s, Inc. (b),(a)

   9,400        14,476 

La-Z-Boy, Inc. (b)

   2,400        80,616 

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

   2,900        21,460 

Lovesac Co. (The) (a)

   800        14,936 

Lowe’s Cos., Inc. (b)

   210,800        23,179,568 

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

   22,500        4,331,925 

National Vision Holdings, Inc. (a)

   1,300        31,291 

Office Depot, Inc.

   200        351 

RH (a)

   5,700        973,731 

Signet Jewelers Ltd.

   8,700        145,812 

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

   400        318 

Tailored Brands, Inc. (b)

   34,400        151,360 

Tile Shop Holdings, Inc. (b)

   13,600        43,384 

Tilly’s, Inc., Class A (b)

   3,700        34,928 

TJX Cos., Inc.

   4,700        261,978 

Tractor Supply Co. (b)

   23,000        2,080,120 

Tuesday Morning Corp. (b),(a)

   2,000        3,140 

Zumiez, Inc. (a)

   5,700        180,547 
        

 

 

 
         113,935,248 
        

 

 

 

Semiconductors — 0.6%

        

ACM Research, Inc., Class A (a)

   200        2,772 

Adesto Technologies Corp. (a)

   600        5,136 

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

   2,900        35,612 

Ambarella, Inc. (a)

   300        18,851 

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

   24,700        224,770 

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

   100        530 

 

See Notes to Consolidated Financial Statements.

 

32


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Shares        Value 

Analog Devices, Inc.

   800       $89,384 

Applied Materials, Inc.

   67,200        3,353,280 

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

   9,250        158,083 

AXT, Inc. (b),(a)

   700        2,492 

CEVA, Inc. (b),(a)

   5,200        155,272 

Cree, Inc. (a)

   6,392        313,208 

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

   100        389 

Diodes, Inc. (b),(a)

   1,700        68,255 

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

   3,200        45,072 

Entegris, Inc.

   1,600        75,296 

Impinj, Inc. (a)

   100        3,083 

Inphi Corp. (b),(a)

   30,800        1,880,340 

Intel Corp.

   49,300        2,540,429 

IPG Photonics Corp. (b),(a)

   5,300        718,680 

Lam Research Corp. (b)

   39,100        9,036,401 

Lattice Semiconductor Corp. (b),(a)

   37,600        687,516 

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

   5,132        110,312 

Maxim Integrated Products, Inc.

   7,900        457,489 

Nanometrics, Inc. (b),(a)

   4,600        150,052 

Photronics, Inc. (b),(a)

   4,300        46,784 

Pixelworks, Inc. (b),(a)

   9,700        35,890 

QUALCOMM, Inc. (b)

   301,400        22,990,792 

Rambus, Inc. (b),(a)

   23,700        311,062 

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

   5,000        131,800 

Semtech Corp. (b),(a)

   6,400        311,104 

Skyworks Solutions, Inc.

   9,600        760,800 

Synaptics, Inc. (b),(a)

   10,000        399,500 

Teradyne, Inc. (b)

   89,700        5,194,527 

Ultra Clean Holdings, Inc. (a)

   2,000        29,270 

Universal Display Corp.

   500        83,950 

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

   6,730        78,606 
        

 

 

 
         50,506,789 
        

 

 

 

Software — 2.2%

        

Activision Blizzard, Inc. (b)

   116,400        6,159,888 

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

   40,900        11,298,625 

Agilysys, Inc. (b),(a)

   2,000        51,220 

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

   9,700        886,386 

Alteryx, Inc., Class A (b),(a)

   6,400        687,552 

Anaplan, Inc. (b),(a)

   42,800        2,011,600 

Aspen Technology, Inc. (a)

   1,800        221,544 

Atlassian Corp. PLC, Class A (b),(a)

   48,400        6,071,296 

Autodesk, Inc. (b),(a)

   90,300        13,337,310 

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

   13,600        84,184 

Benefitfocus, Inc. (b),(a)

   14,900        354,769 

 

See Notes to Consolidated Financial Statements.

 

33


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Shares        Value 

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

   26,500       $1,618,090 

Blackline, Inc. (b),(a)

   7,500        358,575 

Bottomline Technologies, Inc. (a)

   400        15,740 

Box, Inc., Class A (b),(a)

   76,800        1,271,808 

Brightcove, Inc. (b),(a)

   8,200        85,936 

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

   60,000        3,964,800 

Calix, Inc. (b),(a)

   3,300        21,087 

Carbon Black, Inc. (a)

   8,600        223,514 

Carbonite, Inc. (b),(a)

   4,900        75,901 

CDK Global, Inc. (b)

   8,301        399,195 

Ceridian HCM Holding, Inc. (b),(a)

   35,000        1,727,950 

ChannelAdvisor Corp. (b),(a)

   4,500        41,985 

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

   10,000        447,100 

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

   13,300        729,106 

Coupa Software, Inc. (a)

   6,600        855,162 

Covetrus, Inc. (a)

   1,500        17,835 

Descartes Systems Group, Inc. (a)

   800        32,248 

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

   16,600        106,987 

DocuSign, Inc. (a)

   21,500        1,331,280 

Domo, Inc., Class B (b),(a)

   8,000        127,840 

Dropbox, Inc., Class A (b),(a)

   39,900        804,783 

Ebix, Inc. (b)

   3,200        134,720 

eGain Corp. (b),(a)

   2,300        18,412 

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

   120,700        11,806,874 

Everbridge, Inc. (b),(a)

   9,600        592,416 

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

   27,600        198,444 

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

   1,100        2,200 

FireEye, Inc. (b),(a)

   43,900        585,626 

Five9, Inc. (b),(a)

   3,100        166,594 

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

   10,300        390,576 

Fortinet, Inc. (b),(a)

   66,200        5,081,512 

Glu Mobile, Inc. (b),(a)

   37,100        185,129 

HubSpot, Inc. (b),(a)

   21,400        3,244,454 

Immersion Corp. (b),(a)

   12,500        95,625 

InnerWorkings, Inc. (b),(a)

   6,400        28,352 

Inpixon (a)

   14        2 

Intuit, Inc. (b)

   31,900        8,483,486 

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

   43,200        130,896 

LivePerson, Inc. (b),(a)

   14,400        514,080 

LogMeIn, Inc. (b)

   8,700        617,352 

Manhattan Associates, Inc. (a)

   1,100        88,737 

Microsoft Corp. (b)

   12,400        1,723,972 

MicroStrategy, Inc., Class A (b),(a)

   1,900        281,903 

Mimecast Ltd. (b),(a)

   18,500        659,895 

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

   9,400        90,710 

MobileIron, Inc. (b),(a)

   19,500        127,627 

 

See Notes to Consolidated Financial Statements.

 

34


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Shares        Value 

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

   13,600       $377,536 

Monotype Imaging Holdings, Inc. (b)

   14,700        291,207 

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

   23,300        1,431,785 

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

   200        3,134 

Okta, Inc. (b),(a)

   32,400        3,190,104 

OneSpan, Inc. (b),(a)

   2,500        36,250 

Open Text Corp. (b)

   24,500        999,845 

Oracle Corp. (b)

   203,100        11,176,593 

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

   16,400        3,435,636 

Paylocity Holding Corp. (b),(a)

   14,700        1,434,426 

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

   3,900        50,973 

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

   36,100        538,612 

Pluralsight, Inc. (b),(a)

   33,000        554,235 

Progress Software Corp. (b)

   1,300        49,478 

Proofpoint, Inc. (b),(a)

   21,100        2,722,955 

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

   14,200        846,320 

QAD, Inc., Class A (b)

   1,400        64,652 

Qualys, Inc. (b),(a)

   1,600        120,912 

Rapid7, Inc. (b),(a)

   19,200        871,488 

salesforce.com, Inc. (b),(a)

   37,296        5,536,218 

Sciplay Corp., Class A (b),(a)

   3,600        38,520 

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

   5,600        16,128 

SecureWorks Corp. (b),(a)

   3,100        40,083 

ServiceNow, Inc. (b),(a)

   69,700        17,693,345 

Simulations Plus, Inc.

   100        3,470 

Smartsheet, Inc., Class A (b),(a)

   25,000        900,750 

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

   10,200        480,114 

SVMK, Inc. (b),(a)

   31,600        540,360 

Symantec Corp. (b)

   56,700        1,339,821 

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

   2,500        13,500 

Synopsys, Inc. (b),(a)

   2,500        343,125 

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

   4,200        93,996 

Teradata Corp. (b),(a)

   10,200        316,200 

TiVo Corp. (b)

   9,700        73,865 

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

   12,600        753,228 

Veeva Systems, Inc., Class A (b),(a)

   54,700        8,352,143 

VMware, Inc., Class A (b),(a)

   31,900        4,786,914 

Workday, Inc., Class A (b),(a)

   44,800        7,614,208 

Workiva, Inc. (b),(a)

   11,300        495,279 

Yext, Inc. (b),(a)

   25,000        397,250 

Zendesk, Inc. (b),(a)

   58,500        4,263,480 

Zovio, Inc. (b),(a)

   6,100        12,017 

Zscaler, Inc. (b),(a)

   46,700        2,207,042 

Zynga, Inc., Class A (b),(a)

   384,100        2,235,462 
        

 

 

 
         177,413,549 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

35


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Shares        Value 

Specialty Finance — 1.2%

        

AG Mortgage Investment Trust, Inc. (b)

   8,300       $125,745 

Ally Financial, Inc. (b)

   49,100        1,628,156 

Anworth Mortgage Asset Corp. (b)

   900        2,970 

Ares Commercial Real Estate Corp. (b)

   8,700        132,501 

Cardtronics PLC (b),(a)

   9,200        278,208 

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

   5,600        74,368 

Discover Financial Services

   800        64,872 

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

   5,100        105,825 

Euronet Worldwide, Inc. (b),(a)

   3,900        570,570 

Exantas Capital Corp. (b)

   3,000        34,110 

Fidelity National Financial, Inc. (b)

   20,800        923,728 

Fidelity National Information Services, Inc. (b),(c)

   217,485        28,873,309 

First American Financial Corp. (b)

   26,000        1,534,260 

Fiserv, Inc. (b),(a)

   88,000        9,115,920 

General Finance Corp. (b),(a)

   1,200        10,608 

Green Dot Corp., Class A (b),(a)

   33,000        833,250 

GreenSky, Inc., Class A (b),(a)

   11,100        75,979 

I3 Verticals, Inc., Class A (a),(c)

   106,358        2,139,923 

KKR Real Estate Finance Trust, Inc. (c)

   41,679        813,991 

MasterCard, Inc., Class A

   9,300        2,525,601 

MFA Financial, Inc.

   14,100        103,776 

MGIC Investment Corp.

   6,000        75,480 

NewStar Financial, Inc. (d)

   100        0 

OneMain Holdings, Inc.

   100        3,668 

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

   57,400        5,946,066 

PennyMac Mortgage Investment Trust

   200        4,446 

Regional Management Corp. (b),(a)

   100        2,816 

Starwood Property Trust, Inc. (b)

   54,700        1,324,834 

Stewart Information Services Corp.

   300        11,637 

Synchrony Financial

   22,800        777,252 

TPG RE Finance Trust, Inc. (b)

   2,200        43,648 

Visa, Inc., A Shares (b)

   167,900        28,880,479 

Western Asset Mortgage Capital Corp.

   1,500        14,475 

WEX, Inc. (a),(c)

   51,003        10,306,176 
        

 

 

 
         97,358,647 
        

 

 

 

Technology Services — 0.4%

        

Accenture PLC, Class A

   4,500        865,575 

Amdocs Ltd. (b)

   26,500        1,751,915 

Automatic Data Processing, Inc. (b)

   74,200        11,977,364 

Booz Allen Hamilton Holding Corp. (b)

   38,900        2,762,678 

Broadridge Financial Solutions, Inc.

   5,000        622,150 

CACI International, Inc., Class A (b),(a)

   2,000        462,520 

Cognizant Technology Solutions Corp., Class A (b)

   66,000        3,977,490 

comScore, Inc. (b),(a)

   16,400        31,324 

Conduent, Inc. (b),(a)

   49,500        307,890 

 

See Notes to Consolidated Financial Statements.

 

36


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Shares        Value 

CoreLogic, Inc. (a)

   1,100       $50,897 

CoStar Group, Inc. (a)

   3,600        2,135,520 

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

   320        826 

Forrester Research, Inc. (b)

   200        6,428 

Genpact Ltd. (b)

   45,000        1,743,750 

ICF International, Inc. (b)

   700        59,129 

Leidos Holdings, Inc.

   3,900        334,932 

NIC, Inc. (b)

   3,000        61,950 

Nielsen Holdings PLC (b)

   36,900        784,125 

Paychex, Inc. (b)

   38,800        3,211,476 

Perficient, Inc. (b),(a)

   1,600        61,728 

Perspecta, Inc. (b)

   3,700        96,644 

PFSweb, Inc. (b),(a)

   1,200        3,036 

Presidio, Inc. (b)

   3,100        52,390 

S&P Global, Inc.

   800        195,984 

Sabre Corp.

   35,200        788,304 

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

   11,400        10,032 

TransUnion (b)

   3,600        291,996 
        

 

 

 
         32,648,053 
        

 

 

 

Telecommunications — 0.1%

        

8x8, Inc. (a)

   3,000        62,160 

EchoStar Corp., Class A (b),(a)

   3,800        150,556 

Gogo, Inc. (a)

   30,800        185,724 

IDT Corp., Class B (b),(a)

   2,100        22,113 

Ooma, Inc. (b),(a)

   500        5,200 

ORBCOMM, Inc. (b),(a)

   13,900        66,164 

RigNet, Inc. (b),(a)

   600        4,650 

RingCentral, Inc., Class A (b),(a)

   30,300        3,807,498 

Rogers Communications, Inc., B Shares

   300        14,619 

Spok Holdings, Inc. (b)

   2,000        23,880 

Switch, Inc.

   13,900        217,118 

Verizon Communications, Inc.

   800        48,288 

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

   160,600        5,444,340 

Zix Corp. (b),(a)

   7,400        53,576 
        

 

 

 
         10,105,886 
        

 

 

 

Transportation & Logistics — 0.2%

        

ArcBest Corp. (b)

   1,500        45,675 

CH Robinson Worldwide, Inc. (b)

   27,601        2,340,013 

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

   4,800        78,912 

CSX Corp. (b)

   40,000        2,770,800 

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

   12,285        53,747 

Echo Global Logistics, Inc. (a)

   100        2,265 

Expeditors International of Washington, Inc. (b)

   7,800        579,462 

Forward Air Corp. (b)

   100        6,372 

 

See Notes to Consolidated Financial Statements.

 

37


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Shares        Value 

Hub Group, Inc., Class A (b),(a)

   400       $18,600 

Marten Transport Ltd. (b)

   5,333        110,820 

Mobile Mini, Inc. (b)

   11,900        438,634 

Norfolk Southern Corp.

   1,700        305,422 

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

   1,100        1,925 

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

   7,000        36,190 

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

   384        3,978 

Schneider National, Inc. (b)

   17,000        369,240 

Union Pacific Corp. (b)

   39,400        6,382,012 

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

   35,700        4,277,574 

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

   3,400        27,302 

YRC Worldwide, Inc. (b),(a)

   11,900        35,938 
        

 

 

 
         17,884,881 
        

 

 

 

Transportation Equipment — 0.0%

        

Allison Transmission Holdings, Inc. (b)

   24,500        1,152,725 

Blue Bird Corp. (b),(a)

   600        11,421 

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

   4,800        34,608 

FreightCar America, Inc. (b),(a)

   900        4,365 

Greenbrier Cos., Inc. (The)

   500        15,060 

Spartan Motors, Inc. (b)

   5,200        71,344 

Trinity Industries, Inc. (b)

   32,900        647,472 
        

 

 

 
         1,936,995 
        

 

 

 

Utilities — 0.3%

        

Ameren Corp.

   1,700        136,085 

American Water Works Co., Inc. (b)

   13,200        1,639,836 

Atlantic Power Corp. (b),(a)

   11,400        26,676 

CMS Energy Corp. (b)

   3,500        223,825 

Connecticut Water Service, Inc.

   500        35,030 

Consolidated Edison, Inc. (b)

   19,400        1,832,718 

Consolidated Water Co. Ltd. (b)

   1,600        26,384 

DTE Energy Co.

   5,100        678,096 

Duke Energy Corp. (b)

   39,800        3,815,228 

Exelon Corp.

   8,400        405,804 

IDACORP, Inc. (b)

   1,100        123,937 

Just Energy Group, Inc. (b)

   6,400        15,168 

NRG Energy, Inc.

   22,400        887,040 

ONE Gas, Inc.

   800        76,888 

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

   786,729        7,867,290 

Pinnacle West Capital Corp.

   400        38,828 

PPL Corp.

   400        12,596 

Public Service Enterprise Group, Inc. (b)

   28,900        1,794,112 

Sempra Energy

   200        29,522 

Southern Co. (The)

   12,600        778,302 

Xcel Energy, Inc. (b)

   8,000        519,120 
        

 

 

 
         20,962,485 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

38


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Shares         Value 

Waste & Environmental Services & Equipment — 0.1%

 

    

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

   9,800       $420,812 

Ceco Environmental Corp. (b),(a)

   2,500        17,463 

Covanta Holding Corp. (b)

   5,200        89,908 

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

   1,400        37,100 

Republic Services, Inc.

   8,000        692,400 

Waste Connections, Inc. (b)

   19,300        1,775,600 

Waste Management, Inc. (b)

   32,500        3,737,500 
        

 

 

 
         6,770,783 
        

 

 

 

Total North America

         2,395,062,652 
        

 

 

 

Oceania — 0.0%

        

Iron & Steel — 0.0%

        

BHP Group PLC, ADR

   200        8,568 

Rio Tinto plc, ADR (b)

   72,700        3,786,943 
        

 

 

 
         3,795,511 
        

 

 

 

Total Oceania

         3,795,511 
        

 

 

 

South America — 0.1%

        

Banking — 0.0%

        

Banco BBVA Argentina SA, ADR

   2,900        12,557 

Itau Unibanco Holding SA, ADR

   41,700        350,697 
        

 

 

 
         363,254 
        

 

 

 

Consumer Products — 0.0%

        

BRF SA, ADR (a)

   59,800        547,768 
        

 

 

 

Gaming, Lodging & Restaurants — 0.0%

        

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

   16,400        110,208 
        

 

 

 

Iron & Steel — 0.0%

        

Cia Siderurgica Nacional SA, ADR

   6,500        20,540 
        

 

 

 

Oil, Gas & Coal — 0.0%

        

Cosan Ltd., A Shares (a)

   5,600        83,440 

Geopark Ltd. (b),(a)

   800        14,728 
        

 

 

 
         98,168 
        

 

 

 

Passenger Transportation — 0.0%

        

Azul SA, ADR (a)

   1,700        60,894 

Gol Linhas Aereas Inteligentes SA, ADR

   48,000        742,560 
        

 

 

 
         803,454 
        

 

 

 

Retail—Discretionary — 0.1%

        

MercadoLibre, Inc. (b),(a)

   6,300        3,472,749 
        

 

 

 

Total South America

 

       5,416,141 
        

 

 

 

TOTAL COMMON STOCK
(COST $2,526,976,860)

 

       2,570,504,876 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

39


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Shares         Value 

PREFERRED STOCK — 0.0%

        

North America — 0.0%

        

Utilities — 0.0%

        

Pacific Gas & Electric Co. (b),(a),(c)

   17,317       $394,380 
        

 

 

 

Total North America

         394,380 
        

 

 

 

TOTAL PREFERRED STOCK
(COST $254,398)

         394,380 
        

 

 

 

Security Description

  Principal
Amount
         Value 

ASSET-BACKED SECURITIES — 5.1%

        

North America — 5.1%

        

ACIS CLO Ltd., Series2015-6A, Class D,
3 mo. USD LIBOR + 3.77%, 6.02%,
05/01/27 (b),(c),(g),(f)

  $2,000,000        1,994,896 

Adams Mill CLO Ltd., Series2014-1A, Class D1, 3 mo. USD LIBOR + 3.50%, 5.80%,
07/15/26 (b),(c),(g),(f)

   4,750,000        4,737,997 

Allegro CLO Ltd.,

        

Series2013-1A, Class C, 3 mo. USD LIBOR + 3.45%, 5.72%,
01/30/26 (b),(c),(g),(f)

   5,000,000        4,987,275 

Series2014-1RA, Class C, 3 mo. USD LIBOR + 3.00%, 5.28%,
10/21/28 (b),(c),(g),(f)

   3,000,000        2,962,518 

Series2016-1A, Class DR, 3 mo. USD LIBOR + 3.80%, 6.10%,
01/15/30 (b),(c),(g),(f)

   8,000,000        7,979,768 

Series2018-1A, Class D, 3 mo. USD LIBOR + 2.85%, 5.15%,
06/13/31 (c),(g)

   1,000,000        930,595 

ALM Loan Funding,

        

Series2013-7RA, Class CR, 3 mo. USD LIBOR + 4.04%, 6.34%,
10/15/28 (b),(c),(g),(f)

   1,000,000        998,150 

Series2016-18A, Class CR, 3 mo. USD LIBOR + 3.00%, 5.30%,
01/15/28 (b),(c),(g),(f)

   1,000,000        981,862 

AMMC CLO XIII Ltd., Series2013-13A, Class B1LR, 3 mo. USD LIBOR + 3.60%, 5.88%, 07/24/29 (b),(c),(g),(f)

   4,000,000        3,966,060 

Atlas Senior Loan Fund Ltd., Series2014-1A, Class DR2, 3 mo. USD LIBOR + 4.00%, 6.32%, 07/16/29 (b),(c),(g),(f)

   2,000,000        1,963,140 

 

See Notes to Consolidated Financial Statements.

 

40


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

Avant Loans Funding Trust,

        

Series2018-A, Class C,
4.79%, 05/15/24 (b),(c),(f)

  $3,411,000       $3,457,437 

Series2018-B, Class C,
5.00%, 11/17/25 (b),(c),(f)

   545,000        556,150 

Series2019-A, Class C,
4.65%, 04/15/26 (b),(c),(f)

   3,403,000        3,449,910 

Avant Loans Funding Trust2019-B,Series 2019-B, Class C,
4.54%, 10/15/26 (c),(f)

   637,000        637,306 

Avery Point CLO Ltd., Series2014-5A, Class DR, 3 mo. USD LIBOR + 3.10%, 5.40%, 07/17/26 (b),(c),(g),(f)

   2,500,000        2,473,870 

Battalion CLO Ltd., Series2016-10A, Class CR, 3 mo. USD LIBOR + 3.45%, 5.73%, 01/24/29 (b),(c),(g),(f)

   4,000,000        4,004,648 

Bear Stearns Asset-Backed Securities Trust, Series2007-2, Class A2, 1 mo. USD LIBOR + .32%, 2.34%, 01/25/47 (b),(c),(g)

   386,644        380,590 

Benefit Street Partners CLO Ltd.,Series 2016-10A, Class CR, 3 mo. USD LIBOR + 3.50%, 5.80%, 01/15/29 (c),(g),(f)

   3,500,000        3,491,204 

Birch Grove CLO Ltd., Series 19A, Class D, 3 mo. USD LIBOR + 3.90%, 6.38%, 06/15/31 (b),(c),(g),(f)

   1,500,000        1,458,983 

Black Diamond CLO Ltd., Series2017-1A, Class C, 3 mo. USD LIBOR + 3.95%, 6.23%, 04/24/29 (b),(c),(g),(f)

   3,750,000        3,732,577 

BlueMountain CLO Ltd., Series2016-2A, Class C1R, 3 mo. USD LIBOR + 4.00%, 6.14%, 08/20/32 (c),(g)

   1,000,000        1,000,000 

Brookside Mill CLO Ltd., Series2013-1A, Class DR, 3 mo. USD LIBOR + 2.65%, 4.95%, 01/17/28 (b),(c),(g),(f)

   4,000,000        3,868,172 

California Street CLO LP, Series2012-9A, Class D1R2, 3 mo. USD LIBOR + 3.70%, 5.98%, 07/16/32 (c),(g)

   3,000,000        2,872,248 

Carlyle Global Market Strategies CLO Ltd.,

        

3 mo. USD LIBOR + 2.60%, 4.90%, 04/17/31 (b),(c),(g),(f)

   3,000,000        2,779,173 

Series2015-1A, Class DR2, 3 mo. USD LIBOR + 3.65%, 5.93%,
07/20/31 (b),(c),(g),(f)

   5,000,000        4,972,675 

CarVal CLO Ltd.,

        

6.43%, 04/20/32 (c),(g)

   1,000,000        998,501 

Series2019-2A, Class D, 3 mo. USD LIBOR + 3.70%, 5.97%,
07/20/32 (b),(c),(g),(f)

   9,000,000        8,912,493 

 

See Notes to Consolidated Financial Statements.

 

41


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

Carvana Auto Receivables Trust,

        

Series2019-2A, Class E,
5.01%, 04/15/26 (c),(f)

  $1,125,000       $1,148,172 

Series2019-3A, Class E,
4.60%, 07/15/26 (c),(f)

   1,592,000        1,602,948 

Catamaran CLO Ltd.,

        

Series2013-1A, Class DR, 3 mo. USD LIBOR + 2.80%, 5.06%,
01/27/28 (b),(c),(g),(f)

   5,235,000        5,095,639 

Series2014-1A, Class CR, 3 mo. USD LIBOR + 3.43%, 5.71%,
04/22/30 (b),(c),(g),(f)

   3,100,000        2,962,050 

Series2015-1A, Class DR, 3 mo. USD LIBOR + 2.80%, 5.08%,
04/22/27 (b),(c),(g),(f)

   1,000,000        976,452 

Series2015-1A, Class E, 3 mo. USD LIBOR + 5.15%, 7.43%,
04/22/27 (b),(c),(g),(f)

   2,500,000        2,269,165 

Series2016-1A, Class C, 3 mo. USD LIBOR + 3.85%, 6.15%,
01/18/29 (b),(c),(g),(f)

   3,500,000        3,491,127 

Cent CLO Ltd., Series2014-21A, Class CR2, 3 mo. USD LIBOR + 3.20%, 5.46%, 07/27/30 (b),(c),(g),(f)

   3,500,000        3,369,558 

CIFC Funding Ltd.,

        

Series2013-1A, Class DR, 3 mo. USD LIBOR + 6.65%, 8.97%,
07/16/30 (b),(c),(g),(f)

   3,000,000        2,819,112 

Series2015-5A, Class CR, 3 mo. USD LIBOR + 2.95%, 5.23%,
10/25/27 (b),(c),(g),(f)

   4,000,000        3,959,716 

Series2016-1A, Class D1R, 3 mo. USD LIBOR + 4.00%, 6.10%,
10/21/31 (c),(g)

   1,000,000        1,000,000 

Series2016-1A, Class D2R, 3 mo. USD LIBOR + 4.43%, 6.53%,
10/21/31 (c),(g)

   500,000        490,000 

Series2019-4A, Class C, 3 mo. USD LIBOR + 3.50%, 5.80%,
07/15/32 (c),(g)

   1,000,000        969,039 

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

   708,000        767,970 

Corevest American Finance Trust,

        

Series2017-2 SEQ, Class M,
5.62%, 12/25/27 (c),(f)

   459,000        491,697 

Series2019-1, Class D,
4.82%, 03/15/52 (c),(f)

   152,000        162,721 

Series2019-1, Class E,
5.49%, 03/15/52 (c),(f)

   196,000        207,712 

 

See Notes to Consolidated Financial Statements.

 

42


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

CoreVest American Finance Trust,

        

Series2019-2, Class XA,
2.56%, 06/15/52 (c),(g),(f)

  $17,641,168       $1,971,542 

Series2019-2, Class D,
4.22%, 06/15/52 (c),(f)

   476,000        491,198 

Series2019-2, Class E,
5.39%, 06/15/52 (c),(g),(f)

   699,000        727,542 

Covenant Credit Partners CLO Ltd.,Series 2017-1A, Class D, 3 mo. USD LIBOR + 3.75%, 6.05%, 10/15/29 (b),(c),(g),(f)

   4,500,000        4,434,034 

Cutwater Ltd.,

        

Series2014-2A, Class CR, 3 mo. USD LIBOR + 3.75%, 6.05%,
01/15/27 (b),(c),(g),(f)

   5,000,000        4,968,750 

Series2015-1A, Class DR, 3 mo. USD LIBOR + 3.45%, 5.75%,
01/15/29 (b),(c),(g),(f)

   4,000,000        3,815,248 

Denali Capital CLO Ltd., Series2013-1A, Class B2LR, 3 mo. USD LIBOR + 4.75%, 7.02%, 10/26/27 (b),(c),(g),(f)

   1,000,000        914,943 

Drive Auto Receivables Trust, Series2015-DA, Class D, 4.59%, 01/17/23 (b),(c),(f)

   1,760,725        1,778,051 

Dryden CLO Ltd., Series2019-75A, Class DR, 3 mo. USD LIBOR + 3.55%, 5.85%, 07/15/30 (b),(c),(g),(f)

   4,750,000        4,737,997 

Dryden Senior Loan Fund,

        

Series2014-33A, Class DR2, 3 mo. USD LIBOR + 3.85%, 6.15%,
04/15/29 (b),(c),(g),(f)

   2,000,000        1,997,606 

Series2014-36A, Class DR2, 3 mo. USD LIBOR + 3.70%, 6.00%,
04/15/29 (b),(c),(g),(f)

   5,000,000        4,987,500 

Series2016-43A, Class DRR, 3 mo. USD LIBOR + 3.55%, 5.83%,
07/20/29 (b),(c),(g),(f)

   3,000,000        2,992,500 

DT Auto Owner Trust,

        

Series2015-3A, Class D,
4.53%, 10/17/22 (b),(c),(f)

   1,906,943        1,908,193 

Series2016-1A, Class D,
4.66%, 12/15/22 (b),(c),(f)

   1,707,266        1,712,733 

Series2019-2A, Class E,
4.46%, 05/15/26 (b),(c),(f)

   1,775,000        1,811,620 

Evans Grove CLO Ltd., Series2018-1A, Class D, 3 mo. USD LIBOR + 3.20%, 5.34%, 05/28/28 (b),(c),(g),(f)

   5,000,000        4,694,115 

 

See Notes to Consolidated Financial Statements.

 

43


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

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

  $2,450,000       $2,475,622 

Figueroa CLO Ltd., Series2013-2A, Class CRR, 3 mo. USD LIBOR + 3.05%, 5.21%, 06/20/27 (b),(c),(g),(f)

   5,000,000        4,910,930 

Gallatin Loan Management,

        

3 mo. USD LIBOR + 3.25%, 5.55%, 07/15/27 (b),(c),(g),(f)

   2,000,000        1,996,816 

Series2018-1A, Class D1, 3 mo. USD LIBOR + 3.10%, 5.38%,
01/21/28 (b),(c),(g),(f)

   7,500,000        7,407,450 

Garrison Funding Ltd., Series2015-1A, Class CR, 3 mo. USD LIBOR + 3.90%, 6.03%, 09/21/29 (b),(c),(g),(f)

   4,000,000        3,970,652 

GLS Auto Receivables Issuer Trust,

        

Series2019-2A, Class D,
4.52%, 02/17/26 (b),(c),(f)

   1,510,000        1,543,579 

Series2019-3A, Class D,
3.84%, 05/15/26 (c),(f)

   1,457,000        1,464,977 

Greywolf CLO Ltd.,

        

Series2018-3RA, Class C, 3 mo. USD LIBOR + 3.15%, 5.43%,
10/22/28 (b),(c),(g),(f)

   7,000,000        6,927,732 

Series2018-3RA, Class D, 3 mo. USD LIBOR + 5.50%, 7.78%,
10/22/28 (b),(c),(g),(f)

   1,500,000        1,427,994 

Series2019-1A, Class D, 3 mo. USD LIBOR + 6.94%, 9.24%,
04/17/30 (c),(d),(g)

   250,000        244,313 

Harbourview CLO Ltd., Series 7RA, Class D, 3 mo. USD LIBOR + 3.36%, 5.66%, 07/18/31 (b),(c),(g),(f)

   4,000,000        3,520,268 

Highbridge Loan Management Ltd.,Series 7A-2015, Class DR, 3 mo. USD LIBOR + 2.40%, 4.56%, 03/15/27 (c),(g),(f)

   1,000,000        952,673 

Home Partners of America Trust, Series2019-1, Class F, 4.10%, 09/17/39 (c),(f)

   100,000        100,694 

ICG US CLO Ltd., Series2016-1A, Class CR, 3 mo. USD LIBOR + 3.05%, 5.31%, 07/29/28 (b),(c),(g),(f)

   1,000,000        974,827 

Invitation Homes Trust, Series 2018-SFR4, Class D, 1 mo. USD LIBOR + 1.65%, 3.67%, 01/17/38 (b),(c),(g),(f)

   2,693,000        2,691,263 

 

See Notes to Consolidated Financial Statements.

 

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Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

Jamestown CLO Ltd.,

        

Series2014-4A, Class CR, 3 mo. USD LIBOR + 2.65%, 4.95%,
07/15/26 (b),(c),(g),(f)

  $5,000,000       $4,969,810 

Series2015-7A, Class CR, 3 mo. USD LIBOR + 2.60%, 4.88%,
07/25/27 (b),(c),(g),(f)

   5,500,000        5,370,673 

Series2016-9A, Class C1R, 3 mo. USD LIBOR + 4.10%, 6.38%,
10/20/28 (c),(g),(f)

   3,000,000        2,992,617 

Series2018-11A, Class C, 3 mo. USD LIBOR + 3.25%, 5.55%,
07/14/31 (b),(c),(g),(f)

   2,000,000        1,912,166 

JMP Credit Advisors CLO Ltd.,Series 2014-1RA, Class D, 3 mo. USD LIBOR + 2.60%, 4.90%, 01/17/28 (b),(c),(g),(f)

   5,310,000        5,067,880 

KVK CLO Ltd., Series2016-1A, Class D, 3 mo. USD LIBOR + 4.40%, 6.70%, 01/15/29 (b),(c),(g),(f)

   5,000,000        4,992,775 

Madison Park Funding Ltd.,

        

Series2012-10A, Class DR2, 3 mo. USD LIBOR + 3.25%, 5.53%,
01/20/29 (c),(g),(f)

   1,000,000        990,269 

Series2013-11A, Class DR, 3 mo. USD LIBOR + 3.25%, 5.51%,
07/23/29 (b),(c),(g),(f)

   4,150,000        4,083,546 

Series2015-16A, Class C, 3 mo. USD LIBOR + 3.70%, 5.98%,
04/20/26 (b),(c),(g),(f)

   1,500,000        1,496,753 

Series2016-20A, Class DR,
5.76%, 07/27/30 (b),(c),(g),(f)

   5,000,000        4,800,000 

Series2016-21A, Class C, 3 mo. USD LIBOR + 4.00%, 6.28%,
07/25/29 (c),(g),(f)

   1,000,000        997,967 

Series2018-30A, Class D, 3 mo. USD LIBOR + 2.50%, 4.80%,
04/15/29 (b),(c),(g),(f)

   4,605,000        4,385,682 

Mariner CLO LLC, Series2016-3A, Class DR, 3 mo. USD LIBOR + 3.80%, 6.06%, 07/23/29 (b),(c),(g),(f)

   6,750,000        6,732,841 

MidOcean Credit CLO, Series2016-6A, Class DR, 3 mo. USD LIBOR + 3.75%, 6.03%, 01/20/29 (b),(c),(g),(f)

   4,000,000        3,968,976 

Midocean Credit CLO, Series2017-7A, Class D, 3 mo. USD LIBOR + 3.88%, 6.18%, 07/15/29 (b),(c),(g),(f)

   4,000,000        3,926,324 

 

See Notes to Consolidated Financial Statements.

 

45


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

Mountain View CLO LLC, Series2017-1A, Class D, 3 mo. USD LIBOR + 3.60%, 5.92%, 10/16/29 (b),(c),(g),(f)

  $3,000,000       $2,935,590 

Mountain View CLO Ltd.,

        

Series2015-10A, Class DR, 3 mo. USD LIBOR + 2.60%, 4.90%,
10/13/27 (b),(c),(g),(f)

   2,500,000        2,357,240 

Series2015-9A, Class CR, 3 mo. USD LIBOR + 3.12%, 5.42%,
07/15/31 (b),(c),(g),(f)

   5,000,000        4,693,665 

Series2019-1A, Class D, 3 mo. USD LIBOR + 4.05%, 6.67%,
04/15/29 (b),(c),(g),(f)

   5,000,000        4,991,075 

Neuberger Berman Loan Advisers CLO Ltd.,Series 2018-28A, Class D, 3 mo. USD LIBOR + 2.85%, 5.13%, 04/20/30 (c),(g)

   750,000        708,833 

New Residential Mortgage LLC,

        

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

   696,976        696,890 

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

   2,927,299        2,926,763 

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

   2,888,824        2,927,181 

Nomura CRE CDO Ltd., Series2007-2A, Class D, 3 mo. USD LIBOR + .45%, 2.60%, 05/21/42 (c),(g),(f)

   403,052        237,801 

Northwoods Capital Ltd., Series 2018-12BA, Class D, 3 mo. USD LIBOR + 3.15%, 5.27%, 06/15/31 (b),(c),(g),(f)

   3,000,000        2,782,593 

Oaktree CLO Ltd., Series2015-1A, Class DR, 3 mo. USD LIBOR + 5.20%, 7.48%, 10/20/27 (b),(c),(g),(f)

   2,500,000        2,420,283 

Ocean Trails CLO, Series2016-6A, Class DR, 3 mo. USD LIBOR + 3.65%, 5.95%, 07/15/28 (b),(c),(g),(f)

   5,000,000        4,975,300 

OCP CLO Ltd.,

        

Series2015-9A, Class CR, 3 mo. USD LIBOR + 2.70%, 5.00%,
07/15/27 (b),(c),(g),(f)

   1,500,000        1,478,268 

Series2016-12A, Class CR, 3 mo. USD LIBOR + 3.00%, 5.30%,
10/18/28 (b),(c),(g),(f)

   2,500,000        2,455,828 

Octagon Investment Partners Ltd.,

        

Series2012-1A, Class CR,
6.79%, 07/15/29 (b),(c),(g),(f)

   3,500,000        3,458,514 

 

See Notes to Consolidated Financial Statements.

 

46


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

Series2014-1A, Class CRR, 3 mo. USD LIBOR + 3.95%, 6.13%, 02/14/31 (b),(c),(g),(f)

  $2,000,000       $1,998,996 

Series2014-1A, Class E, 3 mo. USD LIBOR + 4.85%, 7.15%,
04/15/26 (b),(c),(g),(f)

   1,000,000        957,350 

OFSI Fund Ltd.,

        

Series2013-5A, Class B2L, 3 mo. USD LIBOR + 5.25%, 7.55%,
04/17/25 (b),(c),(g),(f)

   1,900,000        1,882,784 

Series2014-6A, Class CR, 3 mo. USD LIBOR + 2.50%, 4.80%,
03/20/25 (b),(c),(g),(f)

   3,000,000        2,985,117 

Series2014-7A, Class DR, 3 mo. USD LIBOR + 3.20%, 5.50%,
10/18/26 (b),(c),(g),(f)

   2,000,000        1,987,950 

OHA Credit Partners Ltd., Series2013-9A, Class E, 7.76%, 10/20/25 (b),(c),(g),(f)

   3,003,000        3,000,748 

OneMain Financial Issuance Trust,

        

Series2015-1A, Class D,
6.63%, 03/18/26 (b),(c),(f)

   5,000,000        5,058,385 

Series2017-1A, Class D,
4.52%, 09/14/32 (b),(c),(f)

   4,500,000        4,523,890 

Series2019-1A, Class E,
5.69%, 02/14/31 (b),(c),(f)

   5,000,000        5,164,475 

OZLM Funding Ltd., Series2013-4A, Class BR, 3 mo. USD LIBOR + 2.20%, 4.48%, 10/22/30 (b),(c),(g),(f)

   3,000,000        2,912,304 

OZLM Ltd.,

        

Series2014-6A, Class CS, 3 mo. USD LIBOR + 3.13%, 5.43%,
04/17/31 (b),(c),(g),(f)

   2,000,000        1,885,000 

Series2015-12A, Class CR, 3 mo. USD LIBOR + 3.00%, 5.27%,
04/30/27 (b),(c),(g),(f)

   1,800,000        1,704,942 

Series2015-12A, Class D, 3 mo. USD LIBOR + 5.40%, 7.67%,
04/30/27 (b),(c),(g),(f)

   8,833,000        7,912,663 

Series2015-13A, Class D, 3 mo. USD LIBOR + 5.45%, 7.72%,
07/30/27 (b),(c),(g),(f)

   1,100,000        967,725 

Parallel Ltd.,

        

Series2015-1A, Class DR, 3 mo. USD LIBOR + 2.55%, 4.83%,
07/20/27 (b),(c),(g),(f)

   5,000,000        4,798,755 

 

See Notes to Consolidated Financial Statements.

 

47


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

Series2017-1A, Class D, 3 mo. USD LIBOR + 3.60%, 5.88%,
07/20/29 (b),(c),(g),(f)

  $6,000,000       $5,936,760 

Series2019-1A, Class D, 3 mo. USD LIBOR + 4.20%, 4.20%, 07/20/32 (c),(g)

   1,000,000        1,000,000 

Series2019-1A, Class E, 3 mo. USD LIBOR + 6.72%, 6.72%, 07/20/32 (c),(g)

   1,333,000        1,283,013 

Perimeter Master Note Business Trust,Series 2019-1A, Class C, 8.06%, 12/15/22 (c),(f)

   251,000        252,593 

Pikes Peak Clo 4,

        

Series2019-4A, Class C, 3 mo. USD LIBOR + 2.90%, 5.06%, 07/15/32 (c),(g)

   500,000        498,951 

Series2019-4A, Class D, 3 mo. USD LIBOR + 4.10%, 6.26%, 07/15/32 (c),(g)

   1,000,000        997,350 

Regatta Funding LP, 3 mo. USD LIBOR + 3.70%, 6.00%, 01/15/29 (b),(c),(g),(f)

   1,500,000        1,497,488 

Regatta XI Funding Ltd., Series2018-1A, Class D, 3 mo. USD LIBOR + 2.85%, 5.15%, 07/17/31 (c),(g)

   490,000        459,296 

Rockford Tower CLO Ltd.,

        

Series2019-1A, Class C, 3 mo. USD LIBOR + 2.75%, 5.37%, 04/20/32 (c),(g)

   750,000        748,444 

Series2019-2A, Class D, 3 mo. USD LIBOR + 3.50%, 5.74%, 08/20/32 (c),(g)

   750,000        747,968 

Romark CLO III Ltd., Series2019-3A, Class C, 3 mo. USD LIBOR + 3.90%, 6.06%, 07/15/32 (c),(g)

   750,000        748,031 

RR Ltd., Series2017-2A, Class C, 3 mo. USD LIBOR + 3.00%, 5.30%, 10/15/29 (c),(g)

   750,000        725,845 

Shackleton CLO Ltd., Series2017-11A, Class D, 3 mo. USD LIBOR + 3.65%, 5.81%, 08/15/30 (b),(c),(g),(f)

   2,000,000        1,971,450 

Skopos Auto Receivables Trust, Series2019-1A, Class C, 3.63%, 09/16/24 (c),(f)

   1,627,000        1,626,899 

Thacher Park CLO Ltd., Series2014-1A, Class E2, 3 mo. USD LIBOR + 6.00%, 8.28%, 10/20/26 (b),(c),(g),(f)

   1,000,000        920,015 

TICP CLO Ltd.,

        

Series2016-6A, Class DR, 3 mo. USD LIBOR + 3.30%, 5.60%,
01/15/29 (c),(g),(f)

   1,000,000        987,200 

Series2017-7A, Class D, 3 mo. USD LIBOR + 3.75%, 6.05%,
07/15/29 (b),(c),(g),(f)

   2,000,000        1,994,942 

 

See Notes to Consolidated Financial Statements.

 

48


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

Series2018-IA, Class C, 3 mo. USD LIBOR + 3.04%, 5.31%,
04/26/28 (b),(c),(g),(f)

  $4,650,000       $4,579,366 

Series2018-IIA, Class C,
5.71%, 04/20/28 (b),(c),(g),(f)

   1,500,000        1,468,800 

Tralee CLO Ltd., Series2018-5A, Class D, 3 mo. USD LIBOR + 3.20%, 5.48%, 10/20/28 (b),(c),(g),(f)

   4,500,000        4,294,926 

Venture CLO Ltd.,

        

Series2013-14A, Class DR, 3 mo. USD LIBOR + 4.00%, 6.14%,
08/28/29 (b),(c),(g),(f)

   4,000,000        3,946,408 

Series2014-16A, Class DRR, 3 mo. USD LIBOR + 2.51%, 4.81%, 01/15/28 (b),(c),(g),(f)

   4,000,000        3,743,936 

Series2014-18A, Class DR, 3 mo. USD LIBOR + 3.10%, 5.40%,
10/15/29 (b),(c),(g),(f)

   1,000,000        937,638 

Series2019-37A, Class D, 3 mo. USD LIBOR + 3.90%, 6.28%,
07/15/32 (b),(c),(g),(f)

   3,000,000        2,908,464 

Vericrest Opportunity Loan Trust,

        

Class A1, 3.13%, 09/25/47 (b),(c),(f),(k)

   1,291,133        1,291,403 

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

   1,106,919        1,108,465 

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

   1,946,836        1,964,422 

Vibrant CLO Ltd., Series2018-8A, Class C, 3 mo. USD LIBOR + 2.85%, 5.13%, 01/20/31 (b),(c),(g),(f)

   6,300,000        5,771,676 

VOYA CLO, Series2017-2A, Class C, 3 mo. USD LIBOR + 3.70%, 6.00%, 06/07/30 (b),(c),(g),(f)

   4,000,000        3,990,180 

Voya CLO Ltd.,

        

3 mo. USD LIBOR + 3.30%, 5.94%, 04/15/29 (b),(c),(g),(f)

   4,700,000        4,687,940 

Series2016-2A, Class CR, 3 mo. USD LIBOR + 4.00%, 6.18%,
07/19/28 (c),(g)

   250,000        249,376 

Wellfleet CLO Ltd., Series2016-2A, Class DR, 3 mo. USD LIBOR + 5.50%, 7.78%, 10/20/28 (b),(c),(g),(f)

   1,000,000        906,666 

WhiteHorse Ltd., Series2015-10A, Class DR, 3 mo. USD LIBOR + 3.00%, 5.30%, 04/17/27 (b),(c),(g),(f)

   1,250,000        1,235,938 

 

See Notes to Consolidated Financial Statements.

 

49


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Principal
Amount
         Value 

Zais CLO Ltd., Series2018-11A, Class D, 3 mo. USD LIBOR + 4.00%, 6.28%, 01/20/32 (b),(c),(g),(f)

  $5,500,000       $5,046,354 
        

 

 

 

Total North America

         411,888,028 
        

 

 

 

TOTAL ASSET-BACKED SECURITIES
(COST $419,305,176)

         411,888,028 
        

 

 

 

CONVERTIBLE BONDS — 0.8%

        

Europe — 0.6%

        

Construction Materials Manufacturing — 0.3%

        

Sika AG, 3.75%, 01/30/22 (e)

   24,800,000    CHF      28,183,117 
        

 

 

 

Pharmaceuticals — 0.1%

        

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

   500,000    EUR      442,767 

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

   6,800,000    EUR      6,021,636 
        

 

 

 
         6,464,403 
        

 

 

 

Wireless Telecommunications Services — 0.2%

        

Vodafone Group PLC,

        

1.20%, 03/12/21 (e)

   6,300,000    GBP      9,610,501 

1.50%, 03/12/22 (e)

   3,900,000    GBP      6,005,894 
        

 

 

 
         15,616,395 
        

 

 

 

Total Europe

         50,263,915 
        

 

 

 

North America — 0.2%

        

Consumer Finance — 0.0%

        

Redwood Trust, Inc., 5.63%, 07/15/24 (c)

  $1,300,000        1,319,886 
        

 

 

 

Financial Services — 0.1%

        

RWT Holdings, Inc., 5.75%, 10/01/25 (c),(f)

   8,289,000        8,322,391 
        

 

 

 

Wireless Telecommunications Services — 0.1%

        

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

   6,700,000    EUR      7,289,900 
        

 

 

 

Total North America

         16,932,177 
        

 

 

 

TOTAL CONVERTIBLE BONDS
(COST $68,316,437)

         67,196,092 
        

 

 

 

BANK DEBT — 4.0%

        

Asia — 0.0%

        

Machinery Manufacturing — 0.0%

        

Clark Equipment Company, 2018 Term Loan B, 3 mo. LIBOR + 2.00%, 4.10%, 05/18/24 (c),(g)

  $338,320        338,885 
        

 

 

 

Total Asia

         338,885 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

50


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Principal
Amount
         Value 

Europe — 0.1%

        

Biotechnology & Pharmaceuticals — 0.0%

        

Grifols Worldwide Operations USA, Inc., 2017 Acquisition Term Loan,1-week LIBOR plus 2.25%, 4.20%, 01/31/25 (c),(g)

  $1,094,388       $1,099,652 
        

 

 

 

Cable & Satellite — 0.0%

        

Altice Financing SA, 2017 USD Term Loan B, 0.00%, 07/15/25 (c),(p)

   987,474        960,734 
        

 

 

 

Chemicals — 0.0%

        

Composite Resins Holding B.V., 2018 Term Loan B, 3 mo. LIBOR + 4.25%, 6.46%, 08/01/25 (c),(o),(g)

   895,466        892,672 
        

 

 

 

Commercial Finance — 0.0%

        

Avolon TLB Borrower 1 (US) LLC, Term Loan B3, 1 mo. LIBOR + 1.75%, 3.79%, 01/15/25 (c),(g)

   465,000        466,432 
        

 

 

 

Entertainment Contents — 0.0%

        

Delta 2 (LUX) S.a.r.l., 2018 USD Term Loan, 1 mo. LIBOR + 2.50%, 4.54%, 02/01/24 (c),(g)

   250,000        246,437 
        

 

 

 

Exploration & Production — 0.0%

        

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

   1,563,903        378,465 
        

 

 

 

Recreation Facilities & Services — 0.1%

        

Richmond UK Bidco Ltd., 2017 Term Loan B, 1 mo. LIBOR—GBP plus 4.25%, 4.97%, 03/03/24 (c),(g)

   2,203,715    GBP      2,623,764 
        

 

 

 

Software & Services — 0.0%

        

Capri Finance LLC, USD 2017 1st Lien Term Loan, 3 mo. LIBOR + 3.00%, 5.26%, 11/01/24 (c),(g)

  $398,987        393,625 
        

 

 

 

Total Europe

         7,061,781 
        

 

 

 

North America — 3.9%

        

Advertising & Marketing — 0.0%

        

Advantage Sales & Marketing, Inc., 2014 1st Lien Term Loan, 1 mo. LIBOR + 3.25%, 5.29%, 07/23/21 (c),(g)

   36,894        34,368 

AppLovin Corporation, 2018 Term Loan B, 1 mo. LIBOR + 3.75%, 5.79%, 08/15/25 (c),(g)

   397,995        397,665 

 

See Notes to Consolidated Financial Statements.

 

51


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

Red Ventures, LLC, 2018 Term Loan B, 1 mo. LIBOR + 3.00%, 5.04%,
11/08/24 (c),(g)

  $808,086       $810,445 
        

 

 

 
         1,242,478 
        

 

 

 

Aerospace & Defense — 0.0%

        

TransDigm, Inc., 2018 Term Loan G, 1 mo. LIBOR + 2.50%, 4.54%, 08/22/24 (c),(g)

   397,975        395,842 
        

 

 

 

Airlines — 0.0%

        

American Airlines, Inc., 2017 1st Lien Term Loan, 0.00%, 10/12/21 (c),(p)

   500,000        500,000 

United Airlines, Inc., 2018 Term Loan B, 1 mo. LIBOR + 1.75%, 3.79%, 04/01/24 (c),(g)

   558,485        557,960 
        

 

 

 
         1,057,960 
        

 

 

 

Cable & Satellite — 0.0%

        

Charter Communications Operating, LLC, 2017 Term Loan B, 1 mo. LIBOR + 2.00%, 4.05%, 04/30/25 (c),(g)

   984,987        990,405 
        

 

 

 

Casinos & Gaming — 0.0%

        

Caesars Entertainment Operating Company, Exit Term Loan, 1 mo. LIBOR + 2.00%, 4.04%, 10/06/24 (c),(g)

   330,464        330,239 

Caesars Resort Collection, LLC, 2017 1st Lien Term Loan B, 1 mo. LIBOR + 2.75%, 4.79%, 12/22/24 (c),(g)

   984,987        978,093 

Golden Nugget, Inc., 2017 Incremental Term Loan B, 1 mo. LIBOR + 2.75%, 4.80%, 10/04/23 (c),(g)

   984,662        982,919 
        

 

 

 
         2,291,251 
        

 

 

 

Chemicals — 0.0%

        

Ascend Performance Materials Operations LLC, 2019 Term Loan B, 3 mo. LIBOR + 5.25%, 7.35%, 08/27/26 (c),(g),(o)

   600,000        600,378 

GrafTech Finance, Inc., 2018 Term Loan B, 1 mo. LIBOR + 3.50%, 5.54%, 02/12/25 (c),(g)

   765,000        742,685 

H.B. Fuller Company, 2017 Term Loan B, 1 mo. LIBOR + 2.00%, 4.04%, 10/20/24 (c),(g)

   968,045        963,428 

LyondellBasell Industries NV,

        

0.00%, 08/15/15 (c),(d),(o),(i)

   980,469   EUR     0 

0.00%, 08/15/49 (c),(d),(o),(i)

  $16,732,095        0 
        

 

 

 
         2,306,491 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

52


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

Coal Operations — 0.0%

        

Blackhawk Mining LLC, 2017 Term Loan B1, 0.00%, 02/17/22 (c)

  $598,505       $349,527 
        

 

 

 

Commercial Services — 0.0%

        

Prime Security Services Borrower, LLC, 2019 Term Loan B1, 3 mo. LIBOR plus 3.25%, 5.25%, 09/23/26 (c),(g)

   1,200,000        1,186,692 

Sunshine Luxembourg VII SARL, USD 1st Lien Term Loan, 0.00%, 10/01/26 (c),(p)

   497,284        499,358 
        

 

 

 
         1,686,050 
        

 

 

 

Consumer Finance — 0.2%

        

Apollo Commercial Real Estate Finance, Inc, Term Loan B, 1 mo. LIBOR + 2.75%, 4.78%, 05/15/26 (c),(o),(g)

   6,813,922        6,788,370 

Ocwen Financial Corp., 2016 Term Loan B, 1 mo. LIBOR + 5.00%, 7.04%, 12/04/20 (c),(g)

   4,424,767        4,347,334 

Ocwen Loan Servicing, LLC, 2016 Term Loan B, 1 mo. LIBOR + 5.00%, 7.04%, 12/04/20 (c),(g)

   3,079,930        3,026,031 
        

 

 

 
         14,161,735 
        

 

 

 

Consumer Products — 0.2%

        

KIK Custom Products, Inc. 2015 Term Loan B, 6.256%, 05/15/23 (c),(g)

   12,002,702        11,359,237 

Revlon Consumer Products Corporation,

        

2016 Term Loan B, 5.60%, 09/07/23 (c),(g)

   2,507,326        1,918,105 

2016 Term Loan B, 5.62%, 09/07/23 (c),(g)

   1,503,362        1,150,072 
        

 

 

 
         14,427,414 
        

 

 

 

Consumer Services — 0.2%

        

Aegis Sciences Corp., 2018 Term Loan, 3 mo. LIBOR + 5.50%,
7.68%, 05/09/25 (c),(g)

   36,455        34,705 

Agro Merchants NAI Holdings LLC, 2017 1st Lien Term Loan B, 3 mo. LIBOR + 3.75%, 5.85%, 12/06/24 (c),(o),(g)

   4,630,656        4,642,233 

AlixPartners, LLP, 2017 Term Loan B, 1 mo. LIBOR + 2.75%, 4.79%,
04/04/24 (c),(g)

   1,094,388        1,094,541 

Allied Universal Holdco LLC, 2019 Term Loan B, 3 mo. LIBOR + 4.25%, 6.51%, 07/10/26 (c),(g)

   1,067,628        1,068,129 

Cast and Crew Payroll, LLC, 2019 1st Lien Term Loan, 1 mo. LIBOR + 4.00%, 6.05%, 02/09/26 (c),(g)

   985,050        991,512 

 

See Notes to Consolidated Financial Statements.

 

53


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

Fort Dearborn Company,

        

2016 1st Lien Term Loan, 6.10%, 10/19/23 (c),(g),(o)

  $247,579       $243,247 

2016 1st Lien Term Loan, 6.31%, 10/19/23 (c),(g),(o)

   8,740,581        8,587,621 

2016 2nd Lien Term Loan, 10.81%, 10/19/24 (c),(d),(g),(o)

   2,308,500        2,158,447 
        

 

 

 
         18,820,435 
        

 

 

 

Containers & Packaging — 0.0%

        

Berry Global, Inc., USD Term Loan U, 1 mo. LIBOR + 2.50%,
4.55%, 07/01/26 (c),(g)

   598,500        601,122 

Charter NEX US, Inc., Incremental Term Loan, 1 mo. LIBOR + 3.50%, 5.54%, 05/16/24 (c),(g)

   987,525        986,083 

Flex Acquisition Company, Inc., 1st Lien Term Loan, 3 mo. LIBOR + 3.00%, 5.32%, 12/29/23 (c),(g)

   688,563        662,225 

Reynolds Group Holdings Inc., USD 2017 Term Loan, 1 mo. LIBOR + 2.75%, 4.79%, 02/05/23 (c),(g)

   497,442        498,064 
        

 

 

 
         2,747,494 
        

 

 

 

Electrical Equipment Manufacturing — 0.0%

        

Brookfield WEC Holdings Inc., 2018 1st Lien Term Loan, 1 mo. LIBOR + 3.50%, 5.54%, 08/01/25 (c),(g)

   1,004,316        1,006,707 
        

 

 

 

Engineering & Construction Services — 0.0%

        

APi Group DE, Inc., Term Loan B, 0.00%, 10/01/26 (c),(p),(o)

   211,039        211,566 

Pike Corporation, 2019 Term Loan B, 1 mo. LIBOR + 3.25%, 5.30%,
07/19/26 (c),(g)

   580,495        582,109 
        

 

 

 
         793,675 
        

 

 

 

Entertainment Resources — 0.1%

        

AMC Entertainment Holdings, Inc., 2019 Term Loan B, 6 mo. LIBOR + 3.00%, 5.23%, 04/22/26 (c),(g)

   398,000        399,325 

Bulldog Purchaser Inc., 2018 Term Loan, 1 mo. LIBOR + 3.75%, 5.79%, 09/05/25 (c),(g)

   4,022,265        3,968,649 

Crown Finance US, Inc., 2018 USD Term Loan, 1 mo. LIBOR + 2.25%, 4.29%, 02/28/25 (c),(g)

   346,956        344,486 

 

See Notes to Consolidated Financial Statements.

 

54


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

SeaWorld Parks & Entertainment, Inc., Term Loan B5, 1 mo. LIBOR + 3.00%, 5.04%, 03/31/24 (c),(g)

  $248,725       $247,926 

Six Flags Theme Parks, Inc., 2019 Term Loan B, 1 mo. LIBOR + 2.00%, 4.05%, 04/17/26 (c),(g)

   827,925        827,511 
        

 

 

 
         5,787,897 
        

 

 

 

Entertainment Resources — 0.0%

        

UFC Holdings, LLC, 2019 Term Loan, 0.00%, 04/29/26 (c),(p)

   393,722        394,435 
        

 

 

 

Exploration & Production — 0.0%

        

Par Pacific Holdings, Inc. Term Loan B, 9.100%, 12/17/25 (c),(g),(o)

   899,212        896,964 
        

 

 

 

Financial Services — 0.2%

 

      

Deerfield Dakota Holding, LLC, 2018 Term Loan B, 1 mo. LIBOR + 3.25%, 5.29%, 02/13/25 (c),(g)

   447,727        439,668 

Focus Financial Partners, LLC, 2018 Incremental Term Loan, 1 mo. LIBOR + 2.50%, 4.54%, 07/03/24 (c),(g)

   895,466        898,340 

Getty Images, Inc. 2019 1st Lien Term Loan, 6.563%, 02/19/26 (c),(g)

   5,745,719        5,719,405 

IG Investment Holdings, LLC, 2018 1st Lien Term Loan, 1 mo. LIBOR + 4.00%, 6.04%, 05/23/25 (c),(g)

   985,013        979,102 

Minotaur Acquisition, Inc., Term Loan B, 1 mo. LIBOR + 5.00%, 7.04%, 03/27/26 (c),(g)

   881,789        853,131 

NFP Corp., Term Loan B, 1 mo. LIBOR + 3.00%, 5.04%, 01/08/24 (c),(g)

   984,936        967,089 

Rocket Software, Inc., 2018 Term Loan, 1 mo. LIBOR + 4.25%, 6.29%,
11/28/25 (c),(g)

   171,057        160,366 

RPI Finance Trust, Term Loan B6, 1 mo. LIBOR + 2.00%, 4.04%, 03/27/23 (c),(g)

   982,983        987,898 

Trans Union, LLC, Term Loan B3, 0.00%, 04/10/23 (c),(p)

   1,136,104        1,139,262 
        

 

 

 
         12,144,261 
        

 

 

 

Food & Beverage — 0.1%

 

      

CHG PPC Parent LLC, 2018 Term Loan B, 1 mo. LIBOR + 2.75%, 4.79%, 03/31/25 (c),(g),(o)

   985,013        985,013 

Chobani, LLC, 2017 Term Loan B, 1 mo. LIBOR + 3.50%, 5.54%, 10/10/23 (c),(g)

   397,955        394,227 

 

See Notes to Consolidated Financial Statements.

 

55


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

Hostess Brands, LLC, 2019 Term Loan, 0.00%, 08/03/25 (c),(p)

  $712,959       $712,452 

JBS USA Lux S.A., 2019 Term Loan B, 1 mo. LIBOR + 2.50%,
4.54%, 05/01/26 (c),(g)

   1,146,240        1,151,020 
        

 

 

 
         3,242,712 
        

 

 

 

Gaming, Lodging & Restaurants — 0.0%

 

      

K-Mac Holdings Corp, 2018 1st Lien Term Loan, 1 mo. LIBOR + 3.00%, 5.04%, 03/14/25 (c),(g)

   805,717        789,941 
        

 

 

 

Government Regional — 0.0%

 

      

Seminole Tribe of Florida, 2018 Term Loan B, 1 mo. LIBOR + 1.75%, 3.79%, 07/08/24 (c),(g)

   232,742        233,712 
        

 

 

 

Hardware — 0.0%

 

      

Dell International LLC, 2019 Term Loan B, 1 mo. LIBOR + 2.00%, 4.05%, 09/19/25 (c),(g)

   559,150        561,599 
        

 

 

 

Health Care Facilities & Services — 0.5%

 

      

Catalent Pharma Solutions Inc., Term Loan B2, 1 mo. LIBOR + 2.25%, 4.29%, 05/18/26 (c),(g)

   398,000        398,872 

Change Healthcare Holdings LLC, 2017 Term Loan B, 1 mo. LIBOR + 2.50%, 4.54%, 03/01/24 (c),(g)

   326,246        324,533 

Envision Healthcare Corporation, 2018 1st Lien Term Loan, 1 mo. LIBOR + 3.75%, 5.79%, 10/10/25 (c),(g)

   433,223        352,128 

ExamWorks Group, Inc., 2017 Term Loan, 1 mo. LIBOR + 3.25%, 5.29%, 07/27/23 (c),(g)

   984,936        987,812 

GHX Ultimate Parent Corporation, 2017 1st Lien Term Loan, 3 mo. LIBOR + 3.25%, 5.35%, 06/28/24 (c),(o),(g)

   761,107        751,593 

Jaguar Holding Company II, 2018 Term Loan, 1 mo. LIBOR + 2.50%, 4.54%, 08/18/22 (c),(g)

   984,857        985,192 

New Millennium HoldCo, Inc. Exit Term Loan, 8.544%, 12/21/20 (c),(g)

   6,301,535        2,756,922 

Owens & Minor, Inc. Term Loan B, 6.600%, 04/30/25 (c),(g)

   7,203,222        6,298,353 

Pearl Intermediate Parent LLC,

        

2018 1st Lien Term Loan, 1 mo. LIBOR + 2.75%, 4.79%, 02/14/25 (c),(g)

   588,559        568,942 

 

See Notes to Consolidated Financial Statements.

 

56


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

2018 Delayed Draw Term Loan, 1 mo. LIBOR + 2.75%, 4.79%, 02/14/25 (c),(g)

  $132,583       $128,164 

Phoenix Guarantor Inc, Term Loan B, 1 mo. LIBOR + 4.50%,
6.57%, 03/05/26 (c),(g)

   987,525        988,552 

Quorum Health Corporation Term Loan B, 9.006%, 04/29/22 (c),(g)

   12,751,295        12,534,522 

RegionalCare Hospital Partners Holdings, Inc., 2018 Term Loan B, 1 mo. LIBOR + 4.50%, 6.55%, 11/17/25 (c),(g)

   397,995        398,059 

Surgery Center Holdings, Inc., 2017 Term Loan B, 1 mo. LIBOR + 3.25%, 5.30%, 09/02/24 (c),(g)

   696,447        679,558 

Team Health Holdings, Inc. 1st Lien Term Loan, 4.794%, 02/06/24 (c),(g)

   5,993,097        4,919,314 

U.S. Renal Care, Inc. 2019 Term Loan B, 7.063%, 06/26/26 (c),(g)

   2,475,041        2,332,726 

Wink Holdco, Inc 2nd Lien Term Loan B, 8.800%, 12/01/25 (c),(d),(g),(o)

   6,309,354        6,230,487 
        

 

 

 
         41,635,729 
        

 

 

 

Home Improvement — 0.1%

 

      

AI Aqua Merger Sub, Inc.,

        

2017 1st Lien Term Loan B, 5.29%, 12/13/23 (c),(g)

   1,618,050        1,542,536 

2017 Incremental Term Loan, 5.29%, 12/13/23 (c),(g),(o)

   8,439,724        8,038,837 

Apex Tool Group, LLC, 2019 Term Loan B, 1 mo. LIBOR + 5.50%, 7.54%, 08/01/24 (c),(g)

   394,935        383,415 

Tamko Building Products, Inc,

 

Term Loan B, 1 mo. LIBOR + 3.25%, 5.29%, 06/01/26 (c),(g),(o)

   458,333        457,760 

Term Loan B, 3 mo. LIBOR + 3.25%, 5.37%, 06/01/26 (c),(g),(o)

   91,667        91,552 
        

 

 

 
         10,514,100 
        

 

 

 

Industrial Other — 0.1%

 

      

Core & Main LP,

        

2017 Term Loan B, 1 mo. LIBOR + 2.75%, 4.85%, 08/01/24 (c),(g),(o)

   291,848        289,113 

2017 Term Loan B, 3 mo. LIBOR + 2.75%, 4.88%, 08/01/24 (c),(g),(o)

   186,934        185,182 

QualTek USA, LLC,

        

2018 1st Lien Term Loan, 7.79%, 07/18/25 (c),(g)

   3,898        3,798 

 

See Notes to Consolidated Financial Statements.

 

57


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

2018 1st Lien Term Loan, 8.01%, 07/18/25 (c),(g)

  $4,253,504       $4,143,636 
        

 

 

 
         4,621,729 
        

 

 

 

Internet Media — 0.0%

 

      

Ancestry.com Operations Inc., 2019 Extended Term Loan B, 1 mo. LIBOR + 4.25%, 6.30%, 08/27/26 (c),(g),(o)

   987,525        964,071 

MH Sub I, LLC, 2017 1st Lien Term Loan, 1 mo. LIBOR + 3.75%, 5.79%, 09/13/24 (c),(g)

   397,970        394,798 
        

 

 

 
         1,358,869 
        

 

 

 

Machinery Manufacturing — 0.2%

 

      

Engineered Machinery Holdings, Inc.,

 

USD 1st Lien Term Loan, 3 mo. LIBOR + 3.25%, 5.35%, 07/19/24 (c),(g)

   4,933,883        4,833,133 

USD 1st Lien Term Loan, 3 mo. LIBOR + 3.25%, 5.35%, 07/19/24 (c),(g)

   2,517,070        2,465,671 

USD 2nd Lien Term Loan, 9.35%, 07/18/25 (c),(g)

   8,122,170        8,007,079 

Titan Acquisition Limited, 2018 Term Loan B, 1 mo. LIBOR + 3.00%, 5.04%, 03/28/25 (c),(g)

   985,000        944,260 
        

 

 

 
         16,250,143 
        

 

 

 

Managed Care — 0.0%

 

      

MPH Acquisition Holdings LLC, 2016 Term Loan B, 3 mo. LIBOR + 2.75%, 4.85%, 06/07/23 (c),(g)

   400,000        380,416 
        

 

 

 

Media — 0.0%

 

      

Clear Channel Outdoor Holdings, Inc., Term Loan B, 1 mo. LIBOR + 3.50%, 5.54%, 08/21/26 (c),(g)

   901,667        903,596 
        

 

 

 

Medical Equipment & Devices Manufacturing — 0.0%

 

      

Athenahealth, Inc., 2019 Term Loan B, 3 mo. LIBOR + 4.50%, 6.68%,
02/11/26 (c),(g),(o)

   1,253,700        1,248,999 

Femur Buyer, Inc., 1st Lien Term Loan, 3 mo. LIBOR + 4.25%, 6.36%,
03/05/26 (c),(g),(o)

   498,750        498,750 
        

 

 

 
         1,747,749 
        

 

 

 

Oil & Gas Services & Equipment — 0.0%

 

      

MRC Global (US) Inc., 2018 1st Lien Term Loan B, 1 mo. LIBOR + 3.00%, 5.04%, 09/20/24 (c),(o),(g)

   984,987        984,987 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

58


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

Oil, Gas & Coal — 0.2%

 

      

Blackhawk Mining LLC,

 

DIP New Money Term Loan, 3 mo. LIBOR plus 9.50%, 11.68%,
07/22/26 (c),(o),(g)

  $91,430       $90,516 

DIPRoll-Up Term Loan, 3 mo. LIBOR plus 9.50%, 11.73%,
07/22/26 (c),(d),(o),(g)

   182,860        181,031 

CITGO Holding Inc. 2019 Term Loan B, 9.044%, 07/24/23 (c),(g),(o)

   6,093,584        6,200,222 

PG&E Corp Term Loan ,5.200%, 04/16/20 (c),(g)

   4,670,589        4,568,443 
        

 

 

 
         11,040,212 
        

 

 

 

Passenger Transportation — 0.0%

 

      

Air Canada, 2018 Term Loan B, 1 mo. LIBOR + 2.00%, 4.04%, 10/06/23 (c),(g)

   435,208        436,431 
        

 

 

 

Pipeline — 0.0%

 

      

Paradigm Energy Partners, LLC Term Loan B, 7.300%, 09/05/24 (c),(g)

   2,409,384        2,333,078 
        

 

 

 

Power Generation — 0.0%

 

      

Calpine Corporation, 2019 Term Loan B10, 1 mo. LIBOR + 2.50%, 4.54%, 08/12/26 (c),(g)

   679,221        680,165 
        

 

 

 

Property & Casualty Insurance — 0.1%

 

      

AmWINS Group, Inc., 2017 Term Loan B, 1 mo. LIBOR + 2.75%, 4.80%, 01/25/24 (c),(g)

   397,952        397,829 

AssuredPartners, Inc., 2017 1st LienAdd-On Term Loan, 1 mo. LIBOR + 3.50%, 5.54%, 10/22/24 (c),(g)

   497,124        494,404 

Asurion LLC, 2018 Term Loan B6, 1 mo. LIBOR + 3.00%, 5.04%, 11/03/23 (c),(g)

   397,913        399,342 

Hub International Limited, 2018 Term Loan B, 3 mo. LIBOR + 3.00%, 5.27%, 04/25/25 (c),(g)

   985,013        972,838 

NMI Holdings, Inc., 2018 Term Loan B, 6 mo. LIBOR + 4.75%, 6.95%,
05/24/23 (c),(g),(o)

   6,721,947        6,705,142 

Sedgwick Claims Management Services, Inc., 2018 Term Loan B, 1 mo. LIBOR + 3.25%, 5.29%, 12/31/25 (c),(g)

   397,995        391,030 
        

 

 

 
         9,360,585 
        

 

 

 

Publishing & Broadcasting — 0.1%

 

      

Entercom Media Corp., 2017 Term Loan B, 1 mo. LIBOR + 2.75%, 4.80%, 11/18/24 (c),(g)

   810,000        810,203 

 

See Notes to Consolidated Financial Statements.

 

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Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

Houghton Mifflin Harcourt Publishing Company 2015 Term Loan B ,5.044%, 05/31/21 (c),(g)

  $8,281,975       $8,026,641 
        

 

 

 
         8,836,844 
        

 

 

 

Real Estate — 0.3%

 

      

Communications Sales & Leasing, Inc. 2017 Term Loan B ,7.044%, 10/24/22 (c),(g)

   15,269,119        14,873,039 

Invitation Homes Operating Partnership LP, Term Loan A, 1 mo. LIBOR + 1.70%, 3.75%, 02/06/22 (c),(o),(g)

   6,845,000        6,673,875 

MGM Growth Properties Operating Partnership LP, 2016 Term Loan B, 1 mo. LIBOR + 2.00%, 4.04%, 03/21/25 (c),(g)

   761,057        762,221 
        

 

 

 
         22,309,135 
        

 

 

 

Recreation Facilities & Services — 0.0%

 

      

NASCAR Holdings, Inc, Term Loan B, 0.00%, 07/27/26 (c),(p)

   289,560        291,324 
        

 

 

 

Refining & Marketing — 0.1%

 

      

Citgo Petroleum Corporation 2019 Term Loan B, 7.104%, 03/28/24 (c),(g),(o)

   6,464,915        6,481,077 

Gulf Finance, LLC Term Loan B, 7.360%, 08/25/23 (c),(g)

   137,203        103,675 

US Ecology, Inc., Term Loan B, 0.00%, 08/14/26 (c),(p),(o)

   227,273        228,409 
        

 

 

 
         6,813,161 
        

 

 

 

Restaurants — 0.1%

 

      

1011778 B.C. Unlimited Liability Company, Term Loan B3, 1 mo. LIBOR + 2.25%, 4.29%, 02/16/24 (c),(g)

   1,294,988        1,298,873 

Fogo De Chao, Inc., 2018 Add On Term Loan, 1 mo. LIBOR + 4.25%, 6.29%, 04/07/25 (c),(o),(g)

   759,361        761,260 

IRB Holding Corp, 1st Lien Term Loan, 3 mo. LIBOR + 3.25%, 5.55%,
02/05/25 (c),(g)

   397,980        395,934 

KFC Holding Co., 2018 Term Loan B, 1 mo. LIBOR + 1.75%,
3.79%, 04/03/25 (c),(g)

   461,329        461,712 

Whatabrands LLC, Term Loan B, 3 mo. LIBOR + 3.25%, 5.52%, 08/02/26 (c),(g)

   468,619        470,437 
        

 

 

 
         3,388,216 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

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Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

Retail—Consumer Discretionary — 0.5%

 

      

Avis Budget Car Rental, LLC, 2018 Term Loan B, 1 mo. LIBOR + 2.00%, 4.05%, 02/13/25 (c),(g)

  $497,468       $497,001 

Bass Pro Group, LLC Term Loan B, 7.044%, 09/25/24 (c),(g)

   13,678,159        13,151,550 

PetSmart, Inc. Consenting Term Loan, 6.040%, 03/11/22 (c),(g)

   24,635,966        24,004,792 
        

 

 

 
         37,653,343 
        

 

 

 

Retail—Consumer Staples — 0.0%

 

      

Pinnacle Operating Corp. Term Loan (Extended), 9.294%, 11/15/21 (c),(g),(o)

   2,611,496        1,958,622 

US Foods, Inc., 2019 Term Loan B, 1 mo. LIBOR + 2.00%, 4.05%, 09/13/26 (c),(g)

   488,263        489,791 
        

 

 

 
         2,448,413 
        

 

 

 

Semiconductors — 0.0%

 

      

MKS Instruments, Inc., 2019 Term Loan B6, 0.00%, 02/02/26 (c),(p)

   722,791        723,095 

ON Semiconductor Corporation, 2019 Term Loan B, 0.00%, 09/19/26 (c),(p)

   220,619        221,530 
        

 

 

 
         944,625 
        

 

 

 

Software — 0.0%

 

      

DCert Buyer, Inc., 2019 Term Loan B, 0.00%, 08/31/26 (c),(p)

   731,707        728,963 
        

 

 

 

Software & Services — 0.1%

 

      

Applied Systems, Inc., 2017 1st Lien Term Loan, 3 mo. LIBOR + 3.00%, 5.10%, 09/19/24 (c),(g)

   761,117        759,678 

Compuware Corporation, 2018 Term Loan B, 1 mo. LIBOR + 4.00%, 6.04%, 08/22/25 (c),(g)

   181,234        181,763 

Flexera Software LLC, 2018 1st Lien Term Loan, 1 mo. LIBOR + 3.50%, 5.55%, 02/26/25 (c),(g)

   397,980        398,477 

Informatica LLC, 2018 USD Term Loan, 1 mo. LIBOR + 3.25%, 5.29%, 08/05/22 (c),(g)

   397,969        399,461 

Kronos Incorporated, 2017 Term Loan B, 3 mo. LIBOR + 3.00%, 5.25%, 11/01/23 (c),(g)

   1,010,000        1,011,606 

McAfee, LLC, 2018 USD Term Loan B, 0.00%, 09/30/24 (c),(p)

   696,482        697,750 

 

See Notes to Consolidated Financial Statements.

 

61


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Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

Perforce Software Inc, Term Loan B, 1 mo. LIBOR + 4.50%, 6.54%,
07/01/26 (c),(g)

  $645,161       $644,355 

Sabre GLBL Inc., 2018 Term Loan B, 1 mo. LIBOR + 2.00%, 4.04%,
02/22/24 (c),(g)

   984,987        988,454 

Science Applications International Corporation, 2018 Term Loan B, 1 mo. LIBOR + 1.75%, 3.79%, 10/31/25 (c),(g)

   398,995        398,748 
        

 

 

 
         5,480,292 
        

 

 

 

Transportation & Logistics — 0.0%

 

      

1199169 B.C. Unlimited Liability Company, 2019 Term Loan B2, 3 mo. LIBOR + 4.00%, 6.10%, 04/06/26 (c),(g)

   346,154        347,559 

Dynasty Acquisition Co., Inc., 2019 Term Loan B1, 3 mo. LIBOR + 4.00%, 6.10%, 04/06/26 (c),(g)

   643,846        646,460 

Lineage Logistics Holdings, LLC, 2018 Term Loan, 1 mo. LIBOR + 3.00%, 5.04%, 02/27/25 (c),(g)

   397,980        397,980 
        

 

 

 
         1,391,999 
        

 

 

 

Travel & Lodging — 0.0%

 

      

Casablanca US Holdings, Inc.,

        

2018 1st Lien Term Loan, 2 mo. LIBOR + 4.00%, 6.09%, 03/29/24 (c),(g)

   633,699        611,202 

2018 1st Lien Term Loan, 3 mo. LIBOR + 4.00%, 6.26%, 03/29/24 (c),(g)

   1,275,582        1,230,300 

Diamond Resorts Corporation, 2018 Term Loan B, Citibank, N.A., 0.00%, 09/02/23 (c),(p)

   100,000        97,075 
        

 

 

 
         1,938,577 
        

 

 

 

Utilities — 0.2%

 

      

ExGen Renewables IV, LLC Term Loan B, 5.130%, 11/28/24 (c),(g)

   7,240,745        7,073,339 

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

   4,547,775        4,448,315 
        

 

 

 
         11,521,654 
        

 

 

 

Waste & Environmental Services & Equipment — 0.0%

 

      

ERM Emerald US Inc., USD Term Loan, 3 mo. LIBOR + 3.75%, 5.85%, 06/26/26 (c),(o),(g)

   311,590        312,759 

GFL Environmental Inc., 2018 USD Term Loan B, 1 mo. LIBOR + 3.00%, 5.04%, 05/30/25 (c),(g)

   397,985        394,431 
        

 

 

 
         707,190 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

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Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Principal
Amount
         Value 

Wireless Telecommunications Services — 0.3%

 

      

CenturyLink, Inc., 2017 Term Loan B, 1 mo. LIBOR + 2.75%, 4.79%, 01/31/25 (c),(g)

  $497,468       $493,876 

Level 3 Financing Inc., 2017 Term Loan B, 1 mo. LIBOR + 2.25%, 4.29%, 02/22/24 (c),(g)

   400,000        400,584 

Ligado Networks LLC, Exit Term Loan, 0.00%, 12/07/20 (c),(i)

   3,825,744        3,015,949 

SBA Senior Finance II LLC, 2018 Term Loan B, 1 mo. LIBOR + 2.00%, 4.05%, 04/11/25 (c),(g)

   985,013        985,052 

Switch, Ltd., 2017 Term Loan B, 1 mo. LIBOR + 2.25%, 4.29%, 06/27/24 (c),(g)

   586,500        587,720 

Windstream Services, LLC,

 

Repriced Term Loan B6, 10.00%, 03/29/21 (c),(g)

   10,616,936        10,760,689 

Term Loan B7, 9.25%, 02/17/24 (c),(g)

   5,127,353        5,154,426 
        

 

 

 
         21,398,296 
        

 

 

 

Total North America

 

     314,428,806 
        

 

 

 

TOTAL BANK DEBT
(COST $324,208,372)

 

     321,829,472 
        

 

 

 

CORPORATE BONDS & NOTES — 7.2%

        

Africa — 0.1%

        

Utilities — 0.1%

 

      

Eskom Holdings SOC Ltd.,

        

5.75%, 01/26/21 (e)

   3,009,000        3,029,666 

8.45%, 08/10/28 (e)

   4,753,000        5,222,358 
        

 

 

 

Total Africa

 

       8,252,024 
        

 

 

 

Asia — 0.1%

 

    

Banks — 0.0%

 

    

RESPARCS Funding LP I, 8.00% (c),(e),(j)

   1,841,000        345,902 
        

 

 

 

Financial Services — 0.1%

 

    

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

   3,032,000        3,222,761 
        

 

 

 

Total Asia

 

     3,568,663 
        

 

 

 

Europe — 1.1%

 

    

Banks — 0.1%

 

    

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

   895,000        184,370 

ICBC Standard Bank PLC, MTN, 0.00%, 10/18/19 (b),(f),(u)

   88,590,000    UAH      3,649,662 

 

See Notes to Consolidated Financial Statements.

 

63


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Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

RESPARCS Funding II LP, 7.50% (c),(e),(j)

   3,499,000   EUR    $676,938 
        

 

 

 
         4,510,970 
        

 

 

 

Entertainment Resources — 0.0%

    

CPUK Finance Ltd.,

 

4.25%, 02/28/47 (c),(f)

   262,000   GBP     325,839 

4.88%, 02/28/47 (c),(f)

   1,402,000   GBP     1,763,489 
        

 

 

 
         2,089,328 
        

 

 

 

Wireless Telecommunications Services — 1.0%

    

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

  $78,930,000        79,497,507 
        

 

 

 

Total Europe

     86,097,805 
        

 

 

 

Middle East — 0.6%

    

Exploration & Production — 0.6%

    

Oil and Gas Holding Co. BSCC, 7.50%, 10/25/27 (e),(h)

   41,600,000        46,058,355 

Saudi Arabian Oil Co., 3.50%, 04/16/29 (b),(f)

   751,000        783,787 
        

 

 

 
         46,842,142 
        

 

 

 

Financial Services — 0.0%

    

MDC-GMTN BV, MTN, 4.50%, 11/07/28 (e)

   1,379,000        1,587,339 
        

 

 

 

Total Middle East

     48,429,481 
        

 

 

 

North America — 4.5%

    

Banks — 0.1%

    

JPMorgan Chase Bank N.A.,

 

MTN, 0.00%, 07/09/20 (f),(u)

   50,268,000   EGP     2,765,717 

MTN, 16.00%, 06/13/22 (f)

   43,217,000   EGP     2,728,272 

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

  $3,400,000        3,587,034 
        

 

 

 
         9,081,023 
        

 

 

 

Consumer Finance — 0.2%

    

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

   14,646,000        12,778,635 

Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 5.25%, 10/01/25 (c),(f)

   318,000        325,155 
        

 

 

 
         13,103,790 
        

 

 

 

Consumer Products — 0.1%

    

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

   3,956,000        3,491,170 

Revlon Consumer Products Corp., 6.25%, 08/01/24 (b),(c)

   3,547,000        1,879,910 
        

 

 

 
         5,371,080 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

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Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

Exploration & Production — 0.2%

    

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

  $15,286,000       $15,171,355 
        

 

 

 

Financial Services — 0.6%

    

Citigroup Global Markets Holdings, Inc.,

 

0.00%, 10/28/19 (f),(u),(o)

   1,848,690,670   NGN     5,057,564 

MTN, 0.00%, 01/09/20 - 03/19/20 (f),(u)

   226,194,366   EGP     13,134,136 

MTN, 0.00%, 10/15/19 (o),(u)

   1,960,145,781   NGN     5,388,122 

Goldman Sachs International,

 

0.00%, 12/19/19 (f),(u)

   230,000,000   EGP     13,683,162 

0.00%, 10/10/19 (u)

   217,100,000   EGP     13,305,752 

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

  $436,000        139,520 
        

 

 

 
         50,708,256 
        

 

 

 

Food & Beverage — 0.2%

    

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

   12,156,000        11,821,710 
        

 

 

 

Health Care Facilities & Services — 0.1%

    

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

   7,443,000        7,890,935 

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

   2,128,000        2,064,160 
        

 

 

 
         9,955,095 
        

 

 

 

Health Care Facilities & Services — 0.0%

    

Team Health Holdings, Inc., 6.38%, 02/01/25 (c),(f)

   2,190,000        1,513,290 
        

 

 

 

Home Improvement — 0.0%

    

Werner FinCo LP / Werner FinCo, Inc., 8.75%, 07/15/25 (c),(f)

   2,853,000        2,439,315 
        

 

 

 

Homebuilders — 0.0%

    

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

   663,000        689,520 
        

 

 

 

Industrial Other — 0.3%

    

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

   2,917,000        2,851,367 

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

   20,381,000        20,686,715 
        

 

 

 
         23,538,082 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

65


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Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

Integrated Oils — 0.9%

        

Petroleos Mexicanos,

        

5.35%, 02/12/28 (h)

  $5,150,000       $4,921,495 

6.35%, 02/12/48

   17,750,000        16,310,652 

6.63%, 06/15/35

   550,000        537,488 

6.75%, 09/21/47

   4,650,000        4,463,070 

6.84%, 01/23/30 (f)

   13,600,000        14,065,120 

7.69%, 01/23/50 (f),(e)

   26,899,000        28,050,277 

9.50%, 09/15/27

   3,800,000        4,389,000 
        

 

 

 
         72,737,102 
        

 

 

 

Internet Media — 0.1%

        

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

   4,262,000        4,303,554 

Uber Technologies, Inc., 7.50%, 11/01/23 (c),(f)

   1,605,000        1,617,038 
        

 

 

 
         5,920,592 
        

 

 

 

Managed Care — 0.1%

        

MPH Acquisition Holdings LLC, 7.13%, 06/01/24 (b),(c),(f)

   8,286,000        7,633,477 

Polaris Intermediate Corp., PIK, 8.50%, 12/01/22 (b),(c),(f)

   1,007,808        856,637 
        

 

 

 
         8,490,114 
        

 

 

 

Medical Equipment & Devices Manufacturing — 0.0%

 

      

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

   2,645,000        2,583,372 
        

 

 

 

Oil & Gas Services & Equipment — 0.2%

        

CSI Compressco LP / CSI Compressco Finance, Inc.,

        

7.25%, 08/15/22 (b),(c)

   9,004,000        8,145,018 

7.50%, 04/01/25 (b),(c),(f)

   10,356,000        10,174,770 
        

 

 

 
         18,319,788 
        

 

 

 

Pipeline — 0.4%

        

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

   19,876,000        18,683,440 

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

   15,733,000        14,612,181 
        

 

 

 
         33,295,621 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

66


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Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2019 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

Publishing & Broadcasting — 0.0%

    

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

  $4,712,903       $129,605 
        

 

 

 

Real Estate — 0.1%

    

ESH Hospitality, Inc., 4.63%, 10/01/27 (c),(f)

   2,109,000        2,114,272 

Greystar Real Estate Partners LLC, 5.75%, 12/01/25 (c),(f)

   1,649,000        1,696,409 

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