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Blackstone Alternative Investment Funds

Filed: 30 Nov 20, 2:49pm
Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22743

 

 

Blackstone Alternative Investment Funds

(Exact Name of Registrant as Specified in Charter)

 

 

345 Park Avenue

28th Floor

New York, NY 10154

(Address of Principal Executive Offices)

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

 

 

Peter Koffler, Esq.

c/o Blackstone Alternative Investment Advisors LLC

345 Park Avenue

28th Floor

New York, NY 10154

(Name and Address of Agent for Service)

 

 

With a copy to:

James E. Thomas, Esq.

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199-3600

 

 

Date of fiscal year end: March 31

Date of reporting period: September 30, 2020

 

 

 


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, 2020

 

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

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

You may elect to receive all future reports in paper free of charge. If you hold accounts directly with the Distributor, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 1-855-890-7725 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

    5

Consolidated Statement of Assets and Liabilities

    168

Consolidated Statement of Operations

    170

Consolidated Statement of Changes in Net Assets

    171

Consolidated Statement of Cash Flows

    173

Consolidated Financial Highlights

    175

Notes to Consolidated Financial Statements

    178

Shareholder Fee Example

    205

Supplemental Information

    206


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Portfolio Information

September 30, 2020

 

Geographic Breakdown

 Percentage of
Total Net Assets

North America

   55.3%

South America

   1.5

Europe

   1.1

Middle East

   0.7

Asia

   0.5

Africa

   0.2

Oceania

   0.02 

Other1

   14.2

Securities Sold Short

   (6.5)

Other Assets and Liabilities3

   33.0
  

 

 

 

Total

   100.0%
  

 

 

 

 

1 

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

2 

Represents less than 0.1%.

3 

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

 

Portfolio Composition

 Percentage of
Total Net Assets

Mortgage-Backed Securities

   18.3%

Common Stock

   16.3

Sovereign Debt

   13.5

Corporate Bonds & Notes

   7.3

Asset-Backed Securities

   6.5

Bank Debt

   5.2

Investments in Investee Funds

   4.8

Municipals

   0.5

U.S. Government Sponsored Agency Securities

   0.3

Warrants

   0.2

Convertible Bonds

   0.1

Exchange-Traded Funds

   0.1

Rights

   0.02 

Other1

   0.4

Securities Sold Short

   (6.5)

Other Assets and Liabilities3

   33.0
  

 

 

 

Total

   100.0%
  

 

 

 

 

1 

Includes Purchased Options.

2 

Represents less than 0.1%.

3 

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

Credit Quality Allocation1

 Percentage of
Total
Investments
in Securities

AAA/Aaa2

   1.0%

AA/Aa

   0.6

A

   0.6

BBB/Baa

   10.1

BB/Ba

   8.0

B

   22.1

CCC/Caa

   4.2

CC/Ca

   0.8

Not Rated

   23.2

Other3

   29.4
  

 

 

 

Total Investments in Securities

   100.0%
  

 

 

 

 

1 

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

2 

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

3 

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

 

 

See Notes to Consolidated Financial Statements.

 

1


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Portfolio Information (Continued)

September 30, 2020

 

Industry

 Percentage of
Total Net Assets

Financial Services

   5.6%

Integrated Oils

   2.4

Asset Management

   2.1

Banking

   1.4

Health Care Facilities & Services

   1.2

Biotechnology & Pharmaceuticals

   1.0

Retail—Discretionary

   1.0

Exploration & Production

   0.9

Consumer Products

   0.8

Software & Services

   0.8

Utilities

   0.7

Pipeline

   0.7

Specialty Finance

   0.6

Software

   0.6

Retail—Consumer Discretionary

   0.6

Industrial Other

   0.5

Real Estate

   0.4

Oil, Gas & Coal

   0.4

Refining & Marketing

   0.4

Advertising & Marketing

   0.4

Media

   0.3

Consumer Services

   0.3

Insurance

   0.3

Medical Equipment & Devices

   0.3

Retail—Consumer Staples

   0.3

Consumer Finance

   0.3

Machinery Manufacturing

   0.3

Automotive

   0.2

Gaming, Lodging & Restaurants

   0.2

Hardware

   0.2

Chemicals

   0.2

Aerospace & Defense

   0.2

Containers & Packaging

   0.2

Manufactured Goods

   0.2

Property & Casualty Insurance

   0.2

Home Improvement

   0.2

Internet Media

   0.2

Publishing & Broadcasting

   0.2

Travel & Lodging

   0.2

Banks

   0.2

Semiconductors

   0.1

Technology Services

   0.1

Telecommunications

   0.1

Iron & Steel

   0.1

Apparel & Textile Products

   0.1

Commercial Services

   0.1

 

See Notes to Consolidated Financial Statements.

 

2


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Portfolio Information (Continued)

September 30, 2020

 

Industry

 Percentage of
Total Net Assets

Waste & Environmental Services & Equipment

   0.1

Cable & Satellite

   0.1

Entertainment Resources

   0.1

Airlines

   0.1

Educational Services

   0.1

Pharmaceuticals

   0.1

Restaurants

   0.1

Wireline Telecommunications Services

   0.1

Automobiles Manufacturing

   0.1

Oil & Gas Services & Equipment

   0.1

Supermarkets

   0.1

Machinery

   0.01 

Recreation Facilities & Services

   0.01 

Transportation & Logistics

   0.01 

Electrical Equipment

   0.01 

Health Care

   0.01 

Construction Materials

   0.01 

Consumer Discretionary Services

   0.01 

Design, Manufacturing & Distribution

   0.01 

Distributors—Consumer Staples

   0.01 

Distributors—Discretionary

   0.01 

Engineering & Construction Services

   0.01 

Forest & Paper Products

   0.01 

Home & Office Products

   0.01 

Industrial Products

   0.01 

Industrial Services

   0.01 

Leisure Products

   0.01 

Materials

   0.01 

Metals & Mining

   0.01 

Private Equity

   0.01 

Renewable Energy

   0.01 

Transportation Equipment

   0.01 

Food & Beverage

   0.01 

Medical Equipment & Devices Manufacturing

   0.01 

Wireless Telecommunications Services

   0.01 

Auto Parts Manufacturing

   0.01 

Casinos & Gaming

   0.01 

Communications Equipment

   0.01 

Construction Materials Manufacturing

   0.01 

Distributors—Consumer Discretionary

   0.01 

Electrical Equipment Manufacturing

   0.01 

Entertainment Contents

   0.01 

Commercial Finance

   0.01 

Other2

   44.6

 

See Notes to Consolidated Financial Statements.

 

3


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Portfolio Information (Continued)

September 30, 2020

 

Industry

 Percentage of
Total Net Assets

Securities Sold Short

   (6.5)

Other Assets and Liabilities3

   33.0
  

 

 

 

Total Investments

   100.0%
  

 

 

 

 

1 

Represents less than 0.1%.

2 

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

 

4


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments

September 30, 2020 (Unaudited)

 

Security Description

  Shares         Value 

INVESTMENTS IN SECURITIES — 73.5%

        

COMMON STOCK — 16.3%

        

Africa — 0.0%

        

Specialty Finance — 0.0%

        

Net 1 UEPS Technologies, Inc. (a)

   900       $3,033 
        

 

 

 

Total Africa

         3,033 
        

 

 

 

Asia — 0.4%

        

Asset Management — 0.0%

        

Noah Holdings Ltd., ADR (a)

   5,400        140,778 
        

 

 

 

Automotive — 0.0%

        

NIO, Inc., ADR (a)

   38,900        825,458 

Niu Technologies, ADR (a)

   600        11,520 
        

 

 

 
         836,978 
        

 

 

 

Biotechnology & Pharmaceuticals — 0.0%

        

Genetron Holdings Ltd., ADR (a)

   100        1,194 

Sinovac Biotech Ltd. (a)

   200        1,294 
        

 

 

 
         2,488 
        

 

 

 

Consumer Products — 0.0%

        

Viomi Technology Co. Ltd., ADR (a)

   400        2,420 
        

 

 

 

Financial Services — 0.2%

        

Aspirational Consumer Lifestyle Corp. (a),(b)

   809,700        8,097,000 

D8 Holdings Corp. (a),(b)

   403,900        4,067,273 

Futu Holdings Ltd., ADR (a)

   3,100        88,722 
        

 

 

 
         12,252,995 
        

 

 

 

Gaming, Lodging & Restaurants — 0.0%

        

GreenTree Hospitality Group Ltd., ADR

   100        1,359 
        

 

 

 

Hardware — 0.0%

        

LG Display Co. Ltd., ADR

   600        3,918 
        

 

 

 

Health Care Facilities & Services — 0.0%

        

Global Cord Blood Corp. (a)

   29        103 
        

 

 

 

Machinery — 0.0%

        

China Yuchai International Ltd.

   745        13,410 

Hollysys Automation Technologies Ltd.

   7,000        77,350 
        

 

 

 
         90,760 
        

 

 

 

Media — 0.0%

        

iClick Interactive Asia Group Ltd., ADR (a)

   400        2,668 

Phoenix New Media Ltd., ADR

   1,100        1,353 

 

See Notes to Consolidated Financial Statements.

 

5


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Shares         Value 

Sohu.com Ltd., ADR (a)

   1,800       $35,748 
        

 

 

 
         39,769 
        

 

 

 

Real Estate — 0.0%

        

Xinyuan Real Estate Co. Ltd., ADR

   1,100        2,090 
        

 

 

 

Retail—Discretionary — 0.2%

        

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

   27,300        8,025,654 
        

 

 

 

Semiconductors — 0.0%

        

ASE Technology Holding Co. Ltd., ADR

   1,100        4,488 

Kulicke & Soffa Industries, Inc.

   6,300        141,120 

MagnaChip Semiconductor Corp. (a)

   6,700        91,790 

Silicon Motion Technology Corp., ADR

   5,500        207,790 
        

 

 

 
         445,188 
        

 

 

 

Software — 0.0%

        

DouYu International Holdings Ltd., ADR (a)

   400        5,284 

NetEase, Inc., ADR

   100        45,467 
        

 

 

 
         50,751 
        

 

 

 

Technology Services — 0.0%

        

WNS Holdings Ltd., ADR (a)

   3,800        243,048 
        

 

 

 

Telecommunications — 0.0%

        

21Vianet Group, Inc., ADR (a)

   1,000        23,160 

China Telecom Corp. Ltd., ADR

   1,500        45,030 

GDS Holdings Ltd., ADR (a)

   2,500        204,575 

VEON Ltd., ADR

   2,100        2,646 
        

 

 

 
         275,411 
        

 

 

 

Total Asia

         22,413,710 
        

 

 

 

Europe — 0.2%

        

Asset Management — 0.1%

        

Bespoke Capital Acquisition Corp., Class A (a),(b)

   750,000        7,335,000 
        

 

 

 

Biotechnology & Pharmaceuticals — 0.0%

        

Affimed NV (a)

   3,600        12,204 

Amarin Corp. plc, ADR (a)

   800        3,368 

CRISPR Therapeutics AG (a),(c)

   6,100        510,204 

GlaxoSmithKline plc, ADR (c)

   17,500        658,700 

InflaRx NV (a)

   2,000        8,520 

Merus NV (a)

   900        10,800 

Prothena Corp. plc (a)

   4,400        43,956 

resTORbio, Inc. (a)

   8,000        0 

uniQure NV (a)

   1,800        66,294 
        

 

 

 
         1,314,046 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

6


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Shares         Value 

Chemicals — 0.0%

        

Orion Engineered Carbons SA (a)

   7,700       $96,327 
        

 

 

 

Hardware — 0.0%

        

Telefonaktiebolaget LM Ericsson, ADR

   1,700        18,513 
        

 

 

 

Iron & Steel — 0.0%

        

ArcelorMittal

   5,003        66,289 
        

 

 

 

Media — 0.0%

        

Trivago NV, ADR (a)

   4,000        6,200 
        

 

 

 

Oil, Gas & Coal — 0.1%

        

BP plc (b)

   108,300        313,201 

BP plc, ADR

   7,300        127,458 

Eni SpA (a),(b)

   45,500        355,631 

Equinor ASA (b)

   9,600        136,010 

Royal Dutch Shell plc, ADR

   7,100        178,707 

Royal Dutch Shell plc, Class A (b)

   30,900        389,623 

TechnipFMC plc

   40,400        254,924 

TOTAL SA (b)

   20,000        686,851 
        

 

 

 
         2,442,405 
        

 

 

 

Recreation Facilities & Services — 0.0%

        

Manchester United plc, Class A

   200        2,908 
        

 

 

 

Retail—Discretionary — 0.0%

        

Hudson Ltd., Class A (a)

   2,000        15,200 
        

 

 

 

Software — 0.0%

        

Micro Focus International plc, ADR

   16,400        52,808 
        

 

 

 

Transportation & Logistics — 0.0%

        

Safe Bulkers, Inc. (a)

   2,900        2,987 

Tsakos Energy Navigation Ltd.

   1,340        10,613 
        

 

 

 
         13,600 
        

 

 

 

Total Europe

         11,363,296 
        

 

 

 

Middle East — 0.0%

        

Aerospace & Defense — 0.0%

        

Ituran Location and Control Ltd. (a)

   300        4,176 
        

 

 

 

Electrical Equipment — 0.0%

        

Camtek Ltd. (a)

   1,600        24,608 
        

 

 

 

Hardware — 0.0%

        

Ceragon Networks Ltd. (a)

   1,700        4,233 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

7


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Shares         Value 

Health Care — 0.0%

        

InspireMD, Inc. (a)

   500       $159 
        

 

 

 

Semiconductors — 0.0%

        

Nova Measuring Instruments Ltd. (a)

   200        10,428 

Tower Semiconductor Ltd. (a)

   3,800        69,236 
        

 

 

 
         79,664 
        

 

 

 

Telecommunications — 0.0%

        

Allot Ltd. (a)

   600        5,460 
        

 

 

 

Total Middle East

         118,300 
        

 

 

 

North America — 15.7%

        

Aerospace & Defense — 0.2%

        

AAR Corp. (a)

   2,500        47,000 

Aerojet Rocketdyne Holdings, Inc. (a)

   2,200        87,758 

Astronics Corp. (a)

   4,900        37,828 

Boeing Co. (a)

   4,900        809,774 

Ducommun, Inc. (a)

   600        19,752 

Hexcel Corp. (a)

   11,499        385,791 

L3Harris Technologies, Inc.

   1,100        186,824 

Lockheed Martin Corp. (c)

   16,300        6,247,464 

Northrop Grumman Corp.

   2,400        757,176 

Raytheon Technologies Corp.

   10,874        625,690 

Spirit AeroSystems Holdings, Inc., Class A

   6,000        113,460 
        

 

 

 
         9,318,517 
        

 

 

 

Apparel & Textile Products — 0.1%

        

Culp, Inc.

   900        11,178 

Levi Strauss & Co., Class A

   2,200        29,480 

NIKE, Inc., Class B

   13,600        1,707,344 

Ralph Lauren Corp. (a)

   4,300        292,271 

Tapestry, Inc. (a),(c)

   60,200        940,926 

Under Armour, Inc., Class A (a)

   34,700        389,681 

Unifi, Inc. (a)

   2,100        26,964 

Vince Holding Corp. (a)

   306        1,655 
        

 

 

 
         3,399,499 
        

 

 

 

Asset Management — 2.0%

        

Amplitude Healthcare Acquisition Corp., Class A (a),(b)

   300,000        2,973,000 

Apex Technology Acquisition Corp., Class A (a),(b),(c)

   661,000        7,006,600 

Apollo Investment Corp.

   6,200        51,274 

Ares Capital Corp. (c)

   25,500        355,725 

Ares Management Corp., Class A (c)

   200        8,084 

Bain Capital Specialty Finance, Inc.

   5,900        60,180 

BlackRock Capital Investment Corp.

   10,800        26,352 

 

See Notes to Consolidated Financial Statements.

 

8


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Shares        Value 

BlackRock TCP Capital Corp.

   7,500       $73,575 

BlackRock, Inc.

   100        56,355 

Blucora, Inc. (a)

   2,600        24,492 

BrightSphere Investment Group PLC

   1,800        23,220 

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

   674,908        22,312,458 

Calamos Asset Management, Inc. (a)

   7,100        0 

Capital Southwest Corp.

   2,000        28,100 

Chardan Healthcare Acquisition 2 Corp. (a),(b)

   297,500        3,013,675 

CHP Merger Corp., Class A (a),(b)

   582,000        5,930,580 

Churchill Capital Corp. II, Class A (a),(b)

   482,800        5,093,540 

Conyers Park II Acquisition Corp., Class A (a),(b)

   285,233        2,897,967 

DFP Healthcare Acquisitions Corp. (a),(b)

   825,406        8,642,001 

Federated Investors, Inc., Class B

   5,500        118,305 

Fidus Investment Corp.

   3,700        36,445 

FinServ Acquisition Corp., Class A (a),(b)

   333,334        3,343,340 

Garrison Capital, Inc.

   1,300        4,966 

Gladstone Investment Corp.

   5,100        46,410 

Great Elm Capital Corp.

   210        706 

GS Acquisition Hds Corp. (a),(b)

   643,200        7,223,136 

Haymaker Acquisition Corp. II, Class A (a),(b)

   600,000        6,000,000 

Hercules Technology Growth Capital, Inc.

   500        5,785 

Horizon Technology Finance Corp.

   2,900        35,612 

Juniper Industrial Holdings, Inc. (a),(b)

   398,243        4,165,622 

LifeSci Acquisition Corp. (a),(b)

   34,036        462,890 

Main Street Capital Corp.

   794        23,478 

Manning & Napier, Inc. (a)

   1,300        5,551 

Medallion Financial Corp. (a)

   1,600        4,000 

Monroe Capital Corp.

   2,900        19,836 

New Mountain Finance Corp.

   1,500        14,340 

Newtek Business Services Corp.

   2,400        44,568 

Oaktree Specialty Lending Corp.

   11,600        56,144 

Oppenheimer Holdings, Inc., Class A

   700        15,624 

Osprey Technology Acquisition Corp., Class A (a),(b)

   711,562        7,250,817 

Oxford Square Capital Corp.

   6,800        16,796 

PennantPark Floating Rate Capital Ltd.

   4,700        39,668 

PennantPark Investment Corp.

   8,000        25,520 

Portman Ridge Finance Corp.

   4,300        5,762 

Prospect Capital Corp.

   900        4,527 

Saratoga Investment Corp.

   100        1,679 

Sixth Street Specialty Lending, Inc.

   10,700        184,147 

Solar Capital Ltd.

   2,800        44,380 

Solar Senior Capital Ltd.

   1,100        13,860 

South Mountain Merger Corp., Class A (a),(b)

   400,000        4,180,000 

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

   700,000        6,909,000 

TCG BDC, Inc.

   5,900        52,569 

TD Ameritrade Holding Corp.

   3,400        133,110 

 

See Notes to Consolidated Financial Statements.

 

9


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Shares        Value 

Thunder Bridge Acquisition II Ltd., Class A (a),(b)

   375,000       $3,825,000 

Trebia Acquisition Corp. (a),(b)

   629,240        6,795,792 

TriplePoint Venture Growth BDC Corp.

   2,000        22,080 

WhiteHorse Finance, Inc.

   2,100        20,559 

WisdomTree Investments, Inc.

   700        2,240 
        

 

 

 
         109,731,442 
        

 

 

 

Automotive — 0.2%

        

Adient plc (a)

   100        1,733 

Cooper-Standard Holding, Inc. (a)

   3,200        42,272 

Delphi Technologies plc (a)

   8,500        142,035 

Modine Manufacturing Co. (a)

   5,800        36,250 

Superior Industries International, Inc.

   3,300        4,125 

Telenav, Inc. (a)

   3,900        14,040 

Tesla Motors, Inc. (a),(c)

   20,525        8,805,430 
        

 

 

 
         9,045,885 
        

 

 

 

Banking — 1.4%

        

Arrow Financial Corp.

   391        9,810 

Atlantic Capital Bancshares, Inc. (a)

   1,100        12,485 

Bancorp, Inc. (a)

   6,600        57,024 

Bank of America Corp. (b)

   53,129        1,279,878 

Bank of Hawaii Corp.

   500        25,260 

Bank of Marin Bancorp

   500        14,480 

Bank of NT Butterfield & Son Ltd.

   3,400        75,752 

BankFinancial Corp.

   455        3,285 

Bridgewater Bancshares, Inc. (a)

   600        5,694 

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

   755,785        8,525,255 

Cadence BanCorp

   23,140        198,773 

Central Pacific Financial Corp.

   1,400        18,998 

Comerica, Inc.

   15,200        581,400 

ConnectOne Bancorp, Inc. (b)

   423,950        5,964,976 

East West Bancorp, Inc.

   12,000        392,880 

Enterprise Financial Services Corp. (b)

   37,829        1,031,597 

Farmers National Banc Corp.

   900        9,828 

Financial Institutions, Inc.

   800        12,320 

First BanCorp

   30,600        159,732 

First Community Bankshares, Inc.

   600        10,830 

First Financial Corp.

   300        9,420 

First Financial Northwest, Inc.

   300        2,736 

First Foundation, Inc.

   100        1,307 

First Horizon National Corp.

   14,469        136,443 

First of Long Island Corp. (The)

   100        1,481 

Flushing Financial Corp.

   700        7,364 

FNB Corp.

   45        305 

FS Bancorp, Inc.

   100        4,100 

 

See Notes to Consolidated Financial Statements.

 

10


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Shares        Value 

Great Southern Bancorp, Inc.

   100       $3,622 

HBT Financial, Inc.

   500        5,610 

Heritage Commerce Corp.

   3,800        25,289 

HomeTrust Bancshares, Inc.

   800        10,864 

Horizon Bancorp, Inc.

   1,000        10,090 

Independent Bank Corp.

   1,600        20,112 

Independent Bank Group, Inc. (b)

   338,276        14,945,034 

JPMorgan Chase & Co.

   5,800        558,366 

KeyCorp

   100        1,193 

Lakeland Bancorp, Inc.

   200        1,990 

Live Oak Bancshares, Inc.

   200        5,066 

Macatawa Bank Corp.

   1,400        9,142 

Mercantile Bank Corp.

   700        12,614 

MidWestOne Financial Group, Inc.

   400        7,148 

National Bankshares, Inc.

   100        2,533 

New York Community Bancorp, Inc.

   2,900        23,983 

Northrim BanCorp, Inc.

   400        10,196 

Northwest Bancshares, Inc.

   900        8,280 

OceanFirst Financial Corp. (b),(c)

   1,029,452        14,093,198 

PacWest Bancorp

   1,000        17,080 

PCB Bancorp

   300        2,637 

PCSB Financial Corp.

   1,100        13,277 

Peapack Gladstone Financial Corp.

   900        13,635 

Peoples Bancorp, Inc.

   200        3,818 

Popular, Inc. (c)

   9,790        355,083 

Premier Financial Corp.

   1,848        28,783 

Provident Bancorp, Inc.

   700        5,453 

Provident Financial Services, Inc.

   800        9,760 

QCR Holdings, Inc. (b)

   281,844        7,725,344 

Regions Financial Corp.

   87,100        1,004,263 

Republic First Bancorp, Inc. (a)

   1,100        2,178 

Sierra Bancorp

   600        10,074 

Silvergate Capital Corp., Class A (a)

   1,400        20,160 

Southern National Bancorp of Virginia, Inc.

   1,100        9,548 

Spirit of Texas Bancshares, Inc.

   700        7,812 

Stock Yards Bancorp, Inc.

   800        27,232 

Synovus Financial Corp. (c)

   6,363        134,705 

Territorial Bancorp, Inc.

   300        6,069 

TriState Capital Holdings, Inc. (a)

   800        10,592 

TrustCo Bank Corp.

   2,000        10,440 

Umpqua Holdings Corp.

   11,600        123,192 

Univest Financial Corp. (b)

   542,861        7,800,912 

US Bancorp

   2,700        96,795 

Washington Trust Bancorp, Inc.

   800        24,528 

Waterstone Financial, Inc.

   500        7,745 

Wells Fargo & Co. (c)

   146,200        3,437,162 

 

See Notes to Consolidated Financial Statements.

 

11


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Shares        Value 

Zions BanCorp. (b)

   376,061       $10,988,502 
        

 

 

 
         80,204,522 
        

 

 

 

Biotechnology & Pharmaceuticals — 1.0%

        

9 Meters Biopharma, Inc. (a)

   100        82 

AbbVie, Inc. (c)

   94,660        8,291,269 

ACADIA Pharmaceuticals, Inc. (a)

   9,900        408,375 

Acceleron Pharma, Inc. (a)

   300        33,759 

Adicet Bio, Inc. (a)

   842        10,011 

Aduro Biotech, Inc. (a)

   5,200        12,636 

Adverum Biotechnologies, Inc. (a)

   17,000        175,100 

Aeglea BioTherapeutics, Inc. (a)

   300        2,127 

Aerpio Pharmaceuticals, Inc. (a)

   1,100        1,650 

Agenus, Inc. (a)

   22,800        91,200 

Agile Therapeutics, Inc. (a)

   1,800        5,472 

Aimmune Therapeutics, Inc. (a)

   3,800        130,910 

Akebia Therapeutics, Inc. (a)

   4,195        10,529 

Albireo Pharma, Inc. (a)

   200        6,674 

Aldeyra Therapeutics, Inc. (a)

   8,400        62,244 

Alector, Inc. (a)

   9,200        96,922 

Alkermes plc (a)

   16,500        273,405 

Allogene Therapeutics, Inc. (a)

   6,500        245,115 

Alpine Immune Sciences, Inc. (a)

   600        5,274 

Altimmune, Inc. (a)

   7,200        95,040 

AMAG Pharmaceuticals, Inc. (a)

   3,700        34,780 

Amicus Therapeutics, Inc. (a)

   3,600        50,832 

Amneal Pharmaceuticals, Inc. (a)

   3,900        15,132 

Amphastar Pharmaceuticals, Inc. (a)

   2,400        45,000 

AnaptysBio, Inc. (a)

   4,100        60,475 

ANI Pharmaceuticals, Inc. (a)

   500        14,105 

Anika Therapeutics, Inc. (a)

   1,900        67,241 

Anixa Biosciencies, Inc. (a)

   538        1,307 

Antares Pharma, Inc. (a)

   24,100        65,070 

Apellis Pharmaceuticals, Inc. (a),(c)

   12,700        383,159 

Applied Genetic Technologies Corp. (a)

   700        3,402 

Aptinyx, Inc. (a)

   4,100        13,858 

Aravive, Inc. (a)

   3,500        16,450 

Arcturus Therapeutics Holdings Co. (a)

   1,900        81,510 

Arcus Biosciences, Inc. (a)

   9,100        155,974 

Ardelyx, Inc. (a)

   8,500        44,625 

Arena Pharmaceuticals, Inc. (a)

   470        35,151 

Arrowhead Pharmaceuticals, Inc. (a)

   7,100        305,726 

Arvinas Holding Co. LLC (a)

   7,400        174,714 

Assembly Biosciences, Inc. (a)

   400        6,576 

Assertio Holdings, Inc. (a)

   300        200 

Atara Biotherapeutics, Inc. (a)

   11,100        143,856 

 

See Notes to Consolidated Financial Statements.

 

12


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Shares        Value 

Athenex, Inc. (a)

   7,400       $89,540 

Athersys, Inc. (a)

   2,800        5,460 

aTyr Pharma, Inc. (a)

   2,100        6,783 

Avid Bioservices, Inc. (a)

   43        328 

Axovant Gene Therapies Ltd. (a)

   438        2,024 

BioCryst Pharmaceuticals, Inc. (a)

   30,500        104,768 

BioDelivery Sciences International, Inc. (a)

   17,500        65,275 

Biohaven Pharmaceutical Holding Co. Ltd. (a)

   3,800        247,038 

BioSpecifics Technologies Corp. (a)

   100        5,283 

Bluebird Bio, Inc. (a)

   6,400        345,280 

Bristol-Myers Squibb Co. (c)

   80,800        4,871,432 

Calithera Biosciences, Inc. (a)

   6,200        21,390 

Cara Therapeutics, Inc. (a)

   3,400        43,265 

Catabasis Pharmaceuticals, Inc. (a)

   100        619 

Catalyst Biosciences, Inc. (a)

   4,800        20,640 

Catalyst Pharmaceuticals, Inc. (a)

   18,500        54,945 

Celldex Therapeutics, Inc. (a)

   8,534        126,559 

Celsion Corp. (a)

   7,300        5,344 

Cerecor, Inc. (a)

   6,800        15,470 

ChemoCentryx, Inc. (a),(c)

   5,200        284,960 

Chiasma, Inc. (a)

   4,700        20,210 

Chimerix, Inc. (a)

   12,300        30,627 

Clearside Biomedical, Inc. (a)

   700        1,078 

Concert Pharmaceuticals, Inc. (a)

   2,200        21,604 

Constellation Pharmaceuticals, Inc. (a)

   3,600        72,936 

Contra OncoMed Pharmaceuticals, Inc. (a)

   700        0 

ContraFect Corp. (a)

   100        528 

CorMedix, Inc. (a)

   800        4,824 

CTI BioPharma Corp. (a)

   5,800        12,470 

Cue Biopharma, Inc. (a)

   4,900        73,745 

Curis, Inc. (a)

   1,260        1,474 

Cymabay Therapeutics, Inc. (a)

   8,100        58,644 

Cytokinetics, Inc. (a)

   14,000        303,100 

CytomX Therapeutics, Inc. (a)

   8,700        57,855 

Deciphera Pharmaceuticals, Inc. (a)

   300        15,390 

Denali Therapeutics, Inc. (a)

   400        14,332 

Dicerna Pharmaceuticals, Inc. (a)

   11,100        199,689 

Durect Corp. (a)

   24,200        41,382 

Dynavax Technologies Corp. (a)

   13,070        56,462 

Editas Medicine, Inc. (a)

   9,500        266,570 

Eiger BioPharmaceuticals, Inc. (a)

   5,200        42,328 

Eli Lilly & Co. (c)

   21,500        3,182,430 

Emergent BioSolutions, Inc. (a)

   1,800        185,994 

Enanta Pharmaceuticals, Inc. (a)

   2,300        105,294 

Epizyme, Inc. (a)

   2,000        23,860 

Exelixis, Inc. (a)

   9,800        239,610 

Exicure, Inc. (a)

   2,600        4,550 

 

See Notes to Consolidated Financial Statements.

 

13


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Shares        Value 

Fate Therapeutics, Inc. (a)

   3,500       $139,895 

Five Prime Therapeutics, Inc. (a)

   7,300        34,310 

Flexion Therapeutics, Inc. (a)

   900        9,369 

Fortress Biotech, Inc. (a)

   2,400        9,696 

G1 Therapeutics, Inc. (a)

   4,700        54,285 

Genocea Biosciences, Inc. (a)

   600        1,374 

Geron Corp. (a)

   13,100        22,794 

GlycoMimetics, Inc. (a)

   7,600        23,332 

Gossamer Bio, Inc. (a)

   1,100        13,651 

Gritstone Oncology, Inc. (a)

   100        265 

Halozyme Therapeutics, Inc. (a)

   17,000        446,760 

Harpoon Therapeutics, Inc. (a)

   700        11,893 

Harrow Health, Inc. (a)

   600        3,354 

Horizon Therapeutics plc (a)

   4,000        310,720 

Ideaya Biosciences, Inc. (a)

   2,400        30,144 

Idera Pharmaceuticals, Inc. (a)

   100        214 

Immunic, Inc. (a)

   1,900        35,283 

ImmunoGen, Inc. (a)

   36,200        130,320 

Immunomedics, Inc. (a)

   10,100        858,803 

Incyte Corp. (a)

   5,500        493,570 

Insmed, Inc. (a)

   1,000        32,140 

Intellia Therapeutics, Inc. (a)

   9,200        182,896 

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

   7,200        298,512 

Intersect ENT, Inc. (a)

   5,300        86,443 

Ionis Pharmaceuticals, Inc. (a)

   15,800        749,710 

Ironwood Pharmaceuticals, Inc. (a)

   14,600        131,327 

Kadmon Holdings, Inc. (a)

   37,000        145,040 

Karyopharm Therapeutics, Inc. (a),(c)

   16,100        235,060 

Kezar Life Sciences, Inc. (a)

   4,800        23,232 

Kiniksa Pharmaceuticals Ltd., Class A (a)

   3,800        58,216 

Kura Oncology, Inc. (a)

   5,300        162,392 

La Jolla Pharmaceutical Co. (a)

   5,723        23,064 

Larimar Therapeutics, Inc. (a)

   133        2,018 

Leap Therapeutics, Inc. (a)

   9,700        19,206 

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

   2,400        228,768 

Lineage Cell Therapeutics, Inc. (a)

   5,800        5,432 

Liquidia Technologies, Inc. (a)

   3,700        18,204 

MacroGenics, Inc. (a)

   8,800        221,672 

Magenta Therapeutics, Inc. (a)

   2,300        15,640 

MannKind Corp. (a)

   2,271        4,270 

Marinus Pharmaceuticals, Inc. (a)

   1,425        18,311 

Matinas BioPharma Holdings, Inc. (a)

   16,900        12,945 

MEI Pharma, Inc. (a)

   3,400        10,608 

MeiraGTx Holdings plc (a)

   400        5,296 

Merck & Co., Inc. (c)

   102,100        8,469,195 

Mersana Therapeutics, Inc. (a)

   4,300        80,066 

Minerva Neurosciences, Inc. (a)

   7,200        22,896 

 

See Notes to Consolidated Financial Statements.

 

14


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Shares        Value 

Molecular Templates, Inc. (a)

   4,628       $50,538 

Momenta Pharmaceuticals, Inc. (a),(c)

   5,600        293,888 

Mustang Bio, Inc. (a)

   6,700        21,105 

MyoKardia, Inc. (a),(c)

   2,700        368,091 

NantKwest, Inc. (a)

   8,000        55,480 

Natural Health Trends Corp.

   500        2,820 

Navidea Biopharmaceuticals, Inc. (a)

   100        270 

Neoleukin Therapeutics, Inc. (a)

   100        1,200 

Neurocrine Biosciences, Inc. (a)

   8,200        788,512 

NextCure, Inc. (a)

   3,300        29,040 

Ocular Therapeutix, Inc. (a)

   3,800        28,918 

Odonate Therapeutics, Inc. (a)

   3,100        41,633 

Omthera Pharmaceutical, Inc. (a)

   700        0 

OncoSec Medical, Inc. (a)

   90        304 

Optinose, Inc. (a)

   100        390 

Organogenesis Holdings, Inc . (a)

   700        2,688 

Otonomy, Inc. (a)

   2,800        11,340 

Ovid therapeutics, Inc. (a)

   1,400        8,036 

Perrigo Co. plc

   7,300        335,143 

Pfizer, Inc. (c)

   227,900        8,363,930 

Precigen, Inc. (a)

   5,100        17,850 

Protagonist Therapeutics, Inc. (a)

   6,500        127,075 

Proteostasis Therapeutics, Inc. (a)

   1,400        1,540 

Provention Bio, Inc. (a)

   8,200        105,206 

PTC Therapeutics, Inc. (a),(c)

   2,100        98,175 

Radius Health, Inc. (a)

   9,400        106,596 

Reata Pharmaceuticals, Inc., Class A (a)

   500        48,710 

Recro Pharma, Inc. (a)

   5,200        10,920 

Replimune Group, Inc. (a)

   100        2,302 

Retrophin, Inc. (a)

   5,500        101,530 

Rigel Pharmaceuticals, Inc. (a)

   16,700        40,080 

Rubius Therapeutics, Inc. (a)

   200        1,002 

Sage Therapeutics, Inc. (a),(c)

   8,300        507,296 

Sangamo BioSciences, Inc. (a)

   30,200        285,390 

Satsuma Pharmaceuticals, Inc. (a)

   2,300        8,947 

Savara, Inc. (a)

   1,700        1,853 

Selecta Biosciences, Inc. (a)

   16,700        41,416 

Seres Therapeutics, Inc. (a)

   300        8,493 

Sesen Bio, Inc. (a)

   632        885 

Solid Biosciences, Inc. (a)

   3,500        7,105 

Spectrum Pharmaceuticals, Inc. (a)

   19,900        81,192 

Strongbridge Biopharma plc (a)

   5,600        11,760 

Supernus Pharmaceuticals, Inc. (a)

   5,900        122,956 

Surface Oncology, Inc. (a)

   4,200        28,980 

Sutro Biopharma, Inc. (a)

   400        4,020 

Syndax Pharmaceuticals, Inc. (a)

   4,600        67,896 

Synlogic, Inc. (a)

   5,700        11,514 

 

See Notes to Consolidated Financial Statements.

 

15


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Shares        Value 

Syros Pharmaceuticals, Inc. (a)

   5,000       $44,200 

Tenax Therapeutics, Inc. (a)

   400        616 

Theravance Biopharma, Inc. (a)

   700        10,350 

Translate Bio, Inc. (a)

   8,200        111,602 

Tricida, Inc. (a)

   1,600        14,496 

United Therapeutics Corp. (a)

   3,401        343,501 

USANA Health Sciences, Inc. (a)

   1,700        125,205 

Vanda Pharmaceuticals, Inc. (a)

   7,700        74,382 

VBI Vaccines, Inc. (a)

   1,000        2,860 

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

   13,900        3,782,468 

Veru, Inc. (a)

   1,300        3,406 

vTv Therapeutics, Inc., Class A (a)

   8,700        15,399 

VYNE Therapeutics, Inc. (a)

   500        830 

Xenon Pharmaceuticals, Inc. (a)

   500        5,535 

Y-mAbs Therapeutics, Inc. (a)

   600        23,034 

ZIOPHARM Oncology, Inc. (a)

   5,900        14,868 

Zogenix, Inc. (a)

   1,900        34,067 

Zosano Pharma Corp. (a)

   4        6 

Zymeworks, Inc. (a)

   6,300        293,454 
        

 

 

 
         54,077,211 
        

 

 

 

Chemicals — 0.1%

        

AdvanSix, Inc. (a)

   3,100        39,928 

Avient Corp.

   6,900        182,574 

Axalta Coating Systems Ltd. (a)

   25,500        565,335 

Cabot Corp.

   1,800        64,854 

CF Industries Holdings, Inc.

   4,800        147,408 

Chemours Co.

   23,800        497,658 

Haynes International, Inc.

   200        3,418 

Ingevity Corp. (a)

   5,200        257,088 

Intrepid Potash, Inc. (a)

   20        169 

Lydall, Inc. (a)

   2,100        34,734 

Methanex Corp.

   800        19,520 

Mosaic Co.

   11,100        202,797 

Rayonier Advanced Materials, Inc. (a)

   11,300        36,160 

Rogers Corp. (a)

   100        9,806 

Sherwin-Williams Co.

   1,000        696,740 

Stepan Co.

   1,100        119,900 

Valvoline, Inc.

   1,600        30,464 

Venator Materials plc (a)

   6,600        12,738 
        

 

 

 
         2,921,291 
        

 

 

 

Commercial Services — 0.1%

        

Acacia Research Corp. (a)

   1,400        4,858 

ADT, Inc.

   1,300        10,621 

ARC Document Solutions, Inc. (a)

   2,500        2,250 

 

See Notes to Consolidated Financial Statements.

 

16


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Shares        Value 

Avalara, Inc. (a)

   3,900       $496,626 

Barrett Business Services, Inc.

   600        31,464 

Brink’s Co.

   300        12,327 

Civeo Corp. (a)

   9,100        6,143 

Collectors Universe, Inc.

   700        34,643 

CorVel Corp. (a)

   700        59,801 

CRA International, Inc.

   600        22,482 

Cross Country Healthcare, Inc. (a)

   100        649 

Emerald Holding, Inc. (a)

   100        204 

Franchise Group, Inc.

   600        15,216 

Franklin Covey Co. (a)

   500        8,870 

FTI Consulting, Inc. (a)

   3,300        349,701 

Grand Canyon Education, Inc. (a)

   600        47,964 

H&R Block, Inc.

   3,300        53,757 

Hackett Group, Inc.

   2,700        30,186 

Healthcare Services Group, Inc.

   12,500        269,125 

HMS Holdings Corp. (a)

   1,000        23,950 

Huron Consulting Group, Inc. (a)

   2,000        78,660 

Insperity, Inc.

   2,800        183,372 

K12, Inc. (a)

   7,700        202,818 

Kelly Services, Inc., Class A (a)

   900        15,336 

Korn/Ferry International

   3,200        92,800 

Medifast, Inc.

   1,600        263,120 

Quad/Graphics, Inc.

   3,900        11,817 

R1 RCM, Inc. (a)

   10,500        180,075 

ShotSpotter, Inc. (a)

   500        15,520 

SP Plus Corp. (a)

   2,900        52,055 

TriNet Group, Inc. (a)

   4,900        290,668 

TrueBlue, Inc. (a)

   600        9,294 

Viad Corp. (a)

   2,700        56,241 
        

 

 

 
         2,932,613 
        

 

 

 

Construction Materials — 0.0%

        

Advanced Drainage Systems, Inc.

   3,000        187,320 

Apogee Enterprises, Inc.

   200        4,274 

Carlisle Cos., Inc.

   500        61,185 

Forterra, Inc. (a)

   4,600        54,372 

MDU Resources Group, Inc.

   15,400        346,500 

Summit Materials, Inc., Class A (a)

   8,381        138,622 

US Concrete, Inc. (a)

   1,000        29,040 
        

 

 

 
         821,313 
        

 

 

 

Consumer Discretionary Services — 0.0%

        

Bluegreen Vacations Holding Corp. (a)

   400        5,356 
        

 

 

 

Consumer Products — 0.6%

        

Altria Group, Inc. (c)

   22,300        861,672 

 

See Notes to Consolidated Financial Statements.

 

17


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Shares        Value 

AquaBounty Technologies, Inc. (a)

   300       $1,344 

Campbell Soup Co.

   100        4,837 

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

   1,500        54,210 

Church & Dwight Co., Inc.

   6,700        627,857 

Clorox Co. (The)

   6,500        1,366,105 

Coca-Cola Co. (c)

   54,500        2,690,665 

Colgate-Palmolive Co.

   4,100        316,315 

ConAgra Foods, Inc

   15,100        539,221 

Constellation Brands, Inc., Class A

   12,700        2,406,777 

elf Beauty, Inc. (a)

   4,000        73,480 

Farmer Brothers Co. (a)

   1,600        7,072 

Flowers Foods, Inc.

   15,700        381,981 

General Mills, Inc. (c)

   54,300        3,349,224 

Hershey Co.

   500        71,670 

Hormel Foods Corp.

   22,500        1,100,025 

JM Smucker Co.

   13,700        1,582,624 

Keurig Dr Pepper, Inc.

   900        24,840 

Kimberly-Clark Corp.

   18,500        2,731,710 

McCormick & Co., Inc.

   5,400        1,048,140 

MGP Ingredients, Inc.

   200        7,948 

Mondelez International, Inc., Class A (c)

   10,500        603,225 

Nu Skin Enterprises, Inc., Class A

   6,700        335,603 

PepsiCo, Inc. (c)

   43,600        6,042,960 

Procter & Gamble Co. (c)

   53,000        7,366,470 

Turning Point Brands, Inc.

   100        2,790 

Tyson Foods, Inc., Class A

   3,000        178,440 
        

 

 

 
       33,777,205 
        

 

 

 

Consumer Services — 0.0%

        

2U, Inc. (a)

   14,600        494,356 

Aaron’s, Inc.

   5,800        328,570 

American Public Education, Inc. (a)

   400        11,276 

Carriage Services, Inc.

   2,000        44,620 

Chegg, Inc. (a)

   2,900        207,176 

Perdoceo Education Corp (a)

   8,900        108,936 

Service Corp. International/US

   11,400        480,852 

WW International, Inc. (a)

   9,200        173,604 
        

 

 

 
       1,849,390 
        

 

 

 

Containers & Packaging — 0.0%

        

Myers Industries, Inc.

   1,700        22,491 

Sonoco Products Co.

   100        5,107 
        

 

 

 
       27,598 
        

 

 

 

Design, Manufacturing & Distribution — 0.0%

        

Avnet, Inc. (c)

   14,100        364,344 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

18


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Shares        Value 

Distributors—Consumer Staples — 0.0%

        

Chefs’ Warehouse, Inc. (a)

   8,100       $117,774 

Performance Food Group Co. (a)

   3,000        103,860 

United Natural Foods, Inc. (a)

   4,200        62,454 

US Foods Holding Corp. (a)

   31,900        708,818 
        

 

 

 
       992,906 
        

 

 

 

Distributors—Discretionary — 0.0%

        

KAR Auction Services, Inc. (a)

   1,500        21,600 

ScanSource, Inc. (a)

   100        1,983 

Veritiv Corp. (a)

   1,000        12,660 
        

 

 

 
       36,243 
        

 

 

 

Electrical Equipment — 0.0%

        

AO Smith Corp. (c)

   1,300        68,640 

Bel Fuse, Inc., Class B

   100        1,068 

Brady Corp., Class A

   100        4,002 

FARO Technologies, Inc. (a)

   500        30,490 

Keysight Technologies, Inc. (a)

   1,800        177,804 

LSI Industries, Inc.

   2,000        13,500 

nVent Electric plc

   10,700        189,283 

Powell Industries, Inc.

   500        12,065 

SMART Global Holdings, Inc. (a)

   2,600        71,084 
        

 

 

 
         567,936 
        

 

 

 

Engineering & Construction Services — 0.0%

        

Dycom Industries, Inc. (a)

   4,700        248,254 

Exponent, Inc.

   700        50,421 

Fluor Corp. (a)

   30,700        270,467 

Frontdoor, Inc. (a)

   2,250        87,548 

Great Lakes Dredge & Dock Corp. (a)

   500        4,755 

Iteris, Inc. (a)

   2,600        10,660 

Mistras Group, Inc. (a)

   2,800        10,948 

MYR Group, Inc. (a)

   1,200        44,616 

Orion Group Holdings, Inc. (a)

   3,100        8,525 

Sterling Construction Co., Inc. (a)

   3,300        46,728 

Tutor Perini Corp. (a)

   7,500        83,475 

WillScot Mobile Mini Holdings Corp. (a)

   12,765        212,920 
        

 

 

 
         1,079,317 
        

 

 

 

Financial Services — 4.9%

        

Artius Acquisition, Inc. (a),(b),(c)

   1,203,660        12,506,027 

ARYA Sciences Acquisition Corp. II, Class A (a),(b)

   194,958        2,037,311 

ARYA Sciences Acquisition Corp. III (a),(b)

   436,255        4,676,654 

Ascendant Digital Acquisition Corp., Class A (a),(b)

   532,000        5,288,080 

Bank of New York Mellon Corp. (b)

   154,522        5,306,285 

 

See Notes to Consolidated Financial Statements.

 

19


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Shares        Value 

BGC Partners, Inc., Class A

   4,700       $11,280 

Boston Private Financial Holdings, Inc.

   100        552 

BowX Acquisition Corp. (a),(b)

   507,213        5,204,005 

Capitala Finance Corp.

   583        5,486 

Capstar Special Purpose Acquisition Corp. (a),(b)

   537,300        5,482,341 

Cardtronics plc, Class A (a)

   200        3,960 

Cboe Global Markets, Inc.

   5,000        438,700 

CC Neuberger Principal Holdings I, Class A (a),(b)

   741,000        7,706,400 

CC Neuberger Principal Holdings II (a),(b),(c)

   1,110,000        11,466,300 

CF Finance Acquisition Corp. II (a),(b),(c)

   1,199,000        12,001,990 

Chimera Investment Corp.

   3,900        31,980 

Churchill Capital Corp. IV (a),(b),(c)

   1,566,850        15,699,837 

CM Life Sciences, Inc. (a),(b)

   697,400        7,301,778 

CME Group, Inc. (c)

   14,100        2,359,071 

Cohn Robbins Holdings Corp. (a),(b),(c)

   1,032,000        10,412,880 

Cowen, Inc., Class A

   100        1,627 

Deerfield Healthcare Technology Acquisitions Corp. (a),(b)

   320,000        3,401,600 

dMY Technology Group, Inc. II (a),(b)

   639,997        6,547,169 

E.Merge Technology Acquisition Corp. (a),(b)

   640,000        6,438,400 

Equity Distribution Acquisition Corp. (a),(b)

   784,000        8,075,200 

Executive Network Partnering Corp. (a),(b)

   380,289        9,602,297 

EZCORP, Inc., Class A (a)

   1,600        8,048 

Falcon Capital Acquisition Corp. (a),(b)

   710,000        7,305,900 

Foley Trasimene Acquisition Corp., Class A (a),(b)

   582,000        6,029,520 

Foley Trasimene Acquisition Corp. II (a),(b),(c)

   1,114,400        11,366,880 

Forum Merger III Corp. (a),(b)

   640,000        6,688,000 

FS Development Corp., Class A (a),(b)

   230,351        2,579,931 

GO Acquisition Corp. (a),(b),(c)

   1,280,000        12,902,400 

Highcape Capital Acquisition Corp. (a),(b)

   279,400        2,821,940 

Insu Acquisition Corp. II (a),(b)

   296,000        3,066,560 

Jaws Acquisition Corp., Class A (a),(b)

   600,000        6,246,000 

Nasdaq, Inc.

   2,400        294,504 

North Mountain Merger Corp. (a),(b)

   514,863        5,251,603 

Panacea Acquisition Corp. (a),(b)

   52,480        629,760 

Pershing Square Tontine Holdings Ltd., Class A (a),(b)

   529,000        12,003,010 

RedBall Acquisition Corp. (a),(b)

   545,100        5,761,707 

Reinvent Technology Partners (a),(b)

   202,800        2,330,152 

SCVX Corp., Class A (a),(b)

   428,572        4,285,720 

Shift4 Payments, Inc., Class A (a)

   200        9,672 

Social Capital Hedosophia Holdings Corp. III, Class A (a),(b)

   654,600        8,156,316 

Star Peak Energy Transition Corp. (a),(b)

   534,600        5,479,650 

Stellus Capital Investment Corp.

   900        7,830 

T Rowe Price Group, Inc.

   200        25,644 

TWC Tech Holdings II Corp. (a),(b)

   715,200        7,244,976 

Vector Acquisition Corp. (a),(b)

   706,900        7,167,966 

 

See Notes to Consolidated Financial Statements.

 

20


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Shares        Value 

VPC Impact Acquisition Holdings (a),(b)

   781,500       $7,815,000 

Western Union Co. (The)

   200        4,286 

Yucaipa Acquisition Corp. (a),(b),(c)

   889,778        9,075,736 
        

 

 

 
         276,565,921 
        

 

 

 

Forest & Paper Products — 0.0%

        

Domtar Corp. (a)

   7,200        189,144 

Resolute Forest Products, Inc. (a)

   5,800        25,984 

Verso Corp., Class A

   2,200        17,358 
        

 

 

 
         232,486 
        

 

 

 

Gaming, Lodging & Restaurants — 0.2%

        

Boyd Gaming Corp. (a)

   600        18,414 

Carnival Corp. (a),(c)

   29,500        447,810 

Carnival plc, ADR (a)

   5,500        71,060 

Century Casinos, Inc. (a)

   200        1,096 

Cracker Barrel Old Country Store, Inc. (a)

   1,400        160,524 

Del Taco Restaurants, Inc. (a)

   7,200        59,040 

Denny’s Corp. (a)

   10,700        107,000 

Domino’s Pizza, Inc.

   4,900        2,083,872 

Dunkin’ Brands Group, Inc. (c)

   14,500        1,187,695 

Everi Holdings, Inc. (a)

   17,000        140,250 

Golden Entertainment, Inc. (a)

   300        4,149 

J Alexander’s Holdings, Inc. (a)

   900        4,680 

Jack in the Box, Inc.

   1,800        142,758 

Lindblad Expeditions Holdings, Inc. (a)

   3,900        33,189 

McDonald’s Corp.

   4,800        1,053,552 

Monarch Casino & Resort, Inc. (a)

   1,400        62,440 

Noodles & Co. (a)

   4,900        33,663 

Papa John’s International, Inc. (c)

   6,700        551,276 

Red Rock Resorts, Inc., Class A (a)

   600        10,260 

Scientific Games Corp., Class A (a)

   200        6,982 

Wendy’s Co.

   49,200        1,096,914 

Wingstop, Inc. (c)

   5,800        792,570 

Yum! Brands, Inc. (c)

   20,800        1,899,040 
        

 

 

 
         9,968,234 
        

 

 

 

Hardware — 0.2%

        

3D Systems Corp. (a)

   7,100        34,861 

A10 Networks, Inc. (a)

   8,000        50,960 

Anterix, Inc. (a)

   1,600        52,336 

Applied Optoelectronics, Inc. (a)

   800        9,000 

Arlo Technologies, Inc. (a)

   300        1,578 

AstroNova, Inc. (a)

   100        802 

CalAmp Corp. (a)

   2,400        17,256 

Casa Systems, Inc. (a)

   6,400        25,792 

 

See Notes to Consolidated Financial Statements.

 

21


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Shares        Value 

Cisco Systems, Inc. (c)

   181,400       $7,145,346 

Clearfield, Inc. (a)

   300        6,051 

Comtech Telecommunications Corp.

   800        11,200 

Daktronics, Inc. (a)

   3,600        14,256 

Dolby Laboratories, Inc., Class A

   5,700        377,796 

EMCORE Corp. (a)

   800        2,600 

Extreme Networks, Inc. (a)

   18,900        75,978 

FLIR Systems, Inc.

   4,600        164,910 

Infinera Corp. (a)

   400        2,464 

InterDigital, Inc.

   1,500        85,590 

Motorola Solutions, Inc.

   1,800        282,258 

NetApp, Inc.

   1,000        43,840 

NETGEAR, Inc. (a)

   4,900        151,018 

PC-Tel, Inc.

   100        566 

Pitney Bowes, Inc.

   1,100        5,841 

PlayAGS, Inc. (a)

   6,700        23,718 

Pure Storage, Inc., Class A (a)

   39,200        603,288 

Ribbon Communications, Inc. (a)

   2,200        8,514 

Sierra Wireless, Inc. (a)

   3,000        33,480 

Sonim Technologies, Inc. (a)

   2,950        2,289 

Stratasys Ltd. (a)

   12,100        150,887 

Turtle Beach Corp. (a)

   2,800        50,960 

ViaSat, Inc. (a)

   8,400        288,876 

Viavi Solutions, Inc. (a)

   500        5,865 

Vishay Precision Group, Inc. (a)

   1,100        27,852 

Vocera Communications, Inc. (a)

   5,800        168,664 

VOXX International Corp. (a)

   1,700        13,073 

Xerox Holdings Corp.

   1,700        31,909 

ZAGG, Inc. (a)

   2,600        7,280 
        

 

 

 
         9,978,954 
        

 

 

 

Health Care — 0.0%

        

Conformis, Inc. (a)

   200        168 

Globus Medical, Inc., Class A (a)

   900        44,568 

iCAD, Inc. (a)

   200        1,762 

Intuitive Surgical, Inc. (a)

   200        141,908 

Phibro Animal Health Corp., Class A

   300        5,220 

Soleno Therapeutics, Inc. (a)

   12,400        31,124 

Surgalign Holdings, Inc. (a)

   5,200        9,412 

Varex Imaging Corp. (a)

   1,300        16,536 

Waters Corp. (a)

   300        58,704 
        

 

 

 
         309,402 
        

 

 

 

Health Care Facilities & Services — 0.1%

        

Amedisys, Inc. (a)

   3,400        803,862 

Anthem, Inc.

   9,800        2,632,182 

 

See Notes to Consolidated Financial Statements.

 

22


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Shares        Value 

Cardinal Health, Inc.

   300       $14,085 

Cigna Corp.

   27        4,574 

Community Health Systems, Inc. (a)

   22,200        93,684 

Covetrus, Inc. (a)

   12,900        314,760 

Encompass Health Corp.

   13,000        844,740 

Humana, Inc.

   700        289,723 

Joint Corp. (The) (a)

   800        13,912 

Magellan Health, Inc. (a)

   1,800        136,404 

MEDNAX, Inc. (a)

   5,000        81,400 

Millendo Therapeutics, Inc. (a)

   13        21 

Neuronetics, Inc. (a)

   1,400        6,804 

OPKO Health, Inc. (a)

   1        4 

Owens & Minor, Inc.

   7,700        193,347 

Providence Service Corp. (a)

   100        9,291 

Quest Diagnostics, Inc.

   4,700        538,103 

RadNet, Inc. (a)

   3,900        59,865 

Tivity Health, Inc. (a)

   10,500        147,210 

Triple-S Management Corp., Class B (a)

   2,350        41,994 

UnitedHealth Group, Inc.

   200        62,354 

Universal Health Services, Inc., Class B (a)

   600        64,212 
        

 

 

 
         6,352,531 
        

 

 

 

Home & Office Products — 0.0%

 

ACCO Brands Corp.

   9,800        56,840 

Armstrong Flooring, Inc. (a)

   4,700        16,215 

Caesarstone Ltd.

   200        1,960 

Cornerstone Building Brands, Inc. (a)

   900        7,182 

Flexsteel Industries, Inc.

   1,000        24,000 

Herman Miller, Inc.

   4,400        132,704 

Interface, Inc.

   400        2,448 

iRobot Corp. (a)

   4,300        326,370 

KB Home

   600        23,034 

Kimball International, Inc., Class B

   2,600        27,404 

New Home Co., Inc. (a)

   300        1,632 

Select Interior Concepts, Inc., Class A (a)

   300        2,070 

Steelcase, Inc., Class A

   7,300        73,803 

Tempur Sealy International, Inc. (a)

   5,600        499,464 
        

 

 

 
       1,195,126 
        

 

 

 

Industrial Products — (0.0)%

        

Graco, Inc.

   0        0 
        

 

 

 

Industrial Services — 0.0%

        

Covanta Holding Corp.

   2,500        19,375 

DXP Enterprises, Inc. (a)

   300        4,839 

H&E Equipment Services, Inc.

   4,200        82,572 

Herc Holdings, Inc. (a)

   754        29,866 

 

See Notes to Consolidated Financial Statements.

 

23


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Shares        Value 

Resideo Technologies, Inc. (a)

   15,400       $169,400 

Southwest Airlines Co. (a),(c)

   27,600        1,035,000 

Titan Machinery, Inc. (a)

   2,100        27,783 
        

 

 

 
       1,368,835 
        

 

 

 

Insurance — 0.3%

        

Allstate Corp.

   6,000        564,840 

American Financial Group, Inc.

   1,500        100,470 

AMERISAFE, Inc.

   700        40,152 

Aon plc, Class A

   3,000        618,900 

Arch Capital Group Ltd. (a)

   1,100        32,175 

Assured Guaranty Ltd.

   11,400        244,872 

Brighthouse Financial, Inc. (a)

   1,500        40,365 

Chubb Ltd. (b)

   106,531        12,370,380 

Crawford & Co., Class B

   100        644 

Employers Holdings, Inc.

   1,400        42,350 

Globe Life, Inc.

   700        55,930 

GoHealth, Inc., Class A (a)

   100        1,302 

Hallmark Financial Services, Inc. (a)

   200        524 

Hanover Insurance Group, Inc. (c)

   2,500        232,950 

Hartford Financial Services Group, Inc.

   7,100        261,706 

Kingstone Cos., Inc.

   600        3,534 

Lincoln National Corp.

   3,200        100,256 

Maiden Holdings Ltd. (a)

   2,600        3,172 

Old Republic International Corp.

   30,600        451,044 

ProAssurance Corp.

   500        7,820 

Protective Insurance Corp., Class B

   200        2,626 

Prudential Financial, Inc.

   100        6,352 

Selective Insurance Group, Inc.

   500        25,745 

Selectquote, Inc. (a)

   1,000        20,250 

Universal Insurance Holdings, Inc.

   1,200        16,608 

Unum Group (c)

   37,700        634,491 

Willis Towers Watson plc

   600        125,292 
        

 

 

 
       16,004,750 
        

 

 

 

Iron & Steel — 0.0%

        

Allegheny Technologies, Inc. (a)

   26,700        232,824 

Carpenter Technology Corp.

   1,600        29,056 

Northwest Pipe Co. (a)

   600        15,876 

Ryerson Holding Corp. (a)

   600        3,438 

SunCoke Energy, Inc.

   9,600        32,832 

TimkenSteel Corp. (a)

   800        2,840 
        

 

 

 
         316,866 
        

 

 

 

Leisure Products — 0.0%

        

Clarus Corp.

   2,009        28,367 

 

See Notes to Consolidated Financial Statements.

 

24


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Shares        Value 

Funko, Inc., Class A (a)

   7,800       $45,162 

Malibu Boats, Inc., Class A (a)

   1,200        59,472 

MasterCraft Boat Holdings, Inc. (a)

   2,300        40,227 

Polaris, Inc.

   1,600        150,944 

Vista Outdoor, Inc. (a)

   6,000        121,080 

YETI Holdings, Inc. (a)

   1,900        86,108 
        

 

 

 
         531,360 
        

 

 

 

Machinery — 0.0%

        

Albany International Corp., Class A

   400        19,804 

Cactus, Inc.

   1,300        24,947 

Columbus McKinnon Corp.

   1,000        33,100 

Crane Co.

   200        10,026 

Graham Corp.

   500        6,385 

Hillenbrand, Inc.

   4,316        122,402 

Hyster-Yale Materials Handling, Inc.

   200        7,430 

Ichor Holdings Ltd. (a)

   300        6,471 

Manitowoc Co., Inc. (The) (a)

   50        420 

Rexnord Corp.

   400        11,936 

Titan International, Inc. (a)

   400        1,156 

Welbilt, Inc. (a)

   8,800        54,208 
        

 

 

 
         298,285 
        

 

 

 

Manufactured Goods — 0.0%

        

Core Molding Technologies, Inc. (a)

   300        2,658 

Gibraltar Industries, Inc. (a)

   2,500        162,850 

Insteel Industries, Inc.

   1,100        20,570 

LB Foster Co., Class A (a)

   500        6,710 

Raven Industries, Inc. (a)

   200        4,304 
        

 

 

 
         197,092 
        

 

 

 

Materials — 0.0%

        

AptarGroup, Inc.

   200        22,640 
        

 

 

 

Media — 0.3%

        

Alphabet, Inc., Class A (a)

   200        293,120 

Altice USA, Inc., Class A (a),(c)

   64,700        1,682,200 

ANGI Homeservices, Inc., Class A (a)

   16,300        180,848 

Boingo Wireless, Inc. (a)

   7,400        75,443 

Cargurus, Inc. (a),(c)

   20,400        441,252 

Cars.com, Inc. (a)

   10,900        88,072 

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

   10,240        6,393,242 

DISH Network Corp., Class A (a)

   300        8,709 

Endurance International Group Holdings, Inc. (a)

   500        2,870 

Entercom Communications Corp., Class A (a)

   2,200        3,542 

Entravision Communications Corp., Class A

   900        1,368 

Eventbrite, Inc., Class A (a)

   9,400        101,990 

 

See Notes to Consolidated Financial Statements.

 

25


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Shares        Value 

EverQuote, Inc., Class A (a)

   3,400       $131,376 

GoDaddy, Inc., Class A (a)

   24,300        1,846,071 

Grubhub, Inc. (a)

   18,900        1,367,037 

IMAX Corp. (a)

   2,300        27,508 

iMedia Brands, Inc. (a)

   1,170        6,786 

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

   10,700        18,511 

Lions Gate Entertainment Corp., Class A (a)

   15,900        150,732 

Magnite, Inc. (a)

   5,700        39,586 

Marchex, Inc., Class B (a)

   2,400        5,088 

Marin Software, Inc. (a)

   442        588 

MDC Partners, Inc., Class A (a)

   200        322 

National CineMedia, Inc.

   5,100        13,847 

New York Times Co. (The), Class A

   10,200        436,458 

Points International Ltd. (a)

   800        7,744 

QuinStreet, Inc. (a)

   700        11,088 

Shutterstock, Inc.

   400        20,816 

Sirius XM Holdings, Inc.

   2,300        12,328 

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

   2,600        626,470 

TechTarget, Inc. (a)

   100        4,396 

Townsquare Media, Inc., Class A (a)

   100        466 

Travelzoo, Inc. (a)

   100        643 

TripAdvisor, Inc. (c)

   20,800        407,472 

TrueCar, Inc. (a)

   19,800        99,000 

VeriSign, Inc. (a)

   1,500        307,275 

World Wrestling Entertainment, Inc., Class A

   9,400        380,418 

Yelp, Inc. (a),(c)

   16,000        321,440 

Zillow Group, Inc. (a)

   400        40,616 
        

 

 

 
         15,556,738 
        

 

 

 

Medical Equipment & Devices — 0.3%

        

Accuray, Inc. (a)

   8,000        19,200 

Alphatec Holdings, Inc. (a)

   4,200        27,888 

AngioDynamics, Inc. (a)

   3,600        43,416 

Axogen, Inc. (a)

   1,300        15,119 

Baxter International, Inc. (c)

   43,900        3,530,438 

CareDx, Inc. (a)

   7,000        265,580 

Cutera, Inc. (a)

   2,500        47,425 

CytoSorbents Corp. (a)

   5,900        47,053 

Danaher Corp.

   9,100        1,959,503 

Ekso Bionics Holdings, Inc. (a)

   27        128 

Fluidigm Corp. (a)

   4,600        34,178 

FONAR Corp. (a)

   300        6,264 

GenMark Diagnostics, Inc. (a)

   13,600        193,120 

Haemonetics Corp. (a)

   8,000        698,000 

Harvard Bioscience, Inc. (a)

   3,200        9,632 

Hill-Rom Holdings, Inc.

   1,300        108,563 

Hologic, Inc. (a)

   20,200        1,342,694 

 

See Notes to Consolidated Financial Statements.

 

26


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Shares        Value 

Inogen, Inc. (a)

   4,300       $124,700 

Invacare Corp. (a)

   1,100        8,272 

Lantheus Holdings, Inc. (a)

   5,800        73,486 

Luminex Corp.

   1,200        31,500 

Medtronic plc (c)

   31,900        3,315,048 

Meridian Bioscience, Inc. (a)

   3,600        61,128 

Myriad Genetics, Inc. (a)

   15,000        195,600 

NanoString Technologies, Inc. (a)

   1,200        53,640 

Natera, Inc. (a)

   12,900        931,896 

Nevro Corp. (a),(c)

   5,000        696,500 

Novocure Ltd. (a),(c)

   11,800        1,313,458 

OraSure Technologies, Inc. (a)

   8,300        101,011 

Orthofix Medical, Inc. (a)

   1,500        46,710 

Oxford Immunotec Global plc (a)

   2,600        30,420 

Precision BioSciences, Inc. (a)

   4,300        26,488 

Quidel Corp. (a)

   2,000        438,760 

Quotient Ltd. (a)

   11,700        60,138 

RA Medical Systems, Inc. (a)

   15,900        4,611 

Repligen Corp. (a)

   100        14,754 

SeaSpine Holdings Corp. (a)

   1,900        27,170 

Surmodics, Inc. (a)

   800        31,128 

Tandem Diabetes Care, Inc. (a)

   2,163        245,500 

Vericel Corp. (a)

   3,400        63,002 
        

 

 

 
         16,243,121 
        

 

 

 

Metals & Mining — 0.0%

        

Alamos Gold, Inc., Class A

   21,054        185,486 

Alcoa Corp. (a)

   40,101        466,374 

Arconic Corp. (a)

   500        9,525 

Constellium SE (a)

   19,600        153,860 

Contura Energy, Inc. (a)

   2,700        19,764 

Eldorado Gold Corp. (a)

   8,540        90,097 

Ferroglobe plc (a)

   7,300        4,884 

Galiano Gold, Inc. (a)

   100        138 

Hudbay Minerals, Inc.

   4,000        16,920 

IAMGOLD Corp. (a)

   41,000        157,030 

New Gold, Inc. (a)

   74,100        125,970 

Newmont Mining Corp.

   32        2,030 

Pretium Resources, Inc. (a)

   1,200        15,408 

Royal Gold, Inc.

   6,300        757,071 

Sandstorm Gold Ltd. (a)

   8,000        67,520 

Taseko Mines Ltd. (a)

   4,200        4,452 

Teck Resources Ltd., Class B

   17,600        244,992 
        

 

 

 
         2,321,521 
        

 

 

 

Oil, Gas & Coal — 0.3%

        

Advanced Emissions Solutions, Inc. (a)

   300        1,218 

 

See Notes to Consolidated Financial Statements.

 

27


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Shares        Value 

Archrock, Inc.

   800       $4,304 

Canadian Natural Resources Ltd.

   800        12,808 

Cenovus Energy, Inc. (a)

   13,500        52,515 

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

   21,300        12,831 

ChampionX Corp. (a)

   24,800        198,152 

Chevron Corp.

   11,600        835,200 

Cimarex Energy Co.

   4,300        104,619 

Clean Energy Fuels Corp. (a)

   2,700        6,696 

Comstock Resources, Inc. (a)

   100        438 

Concho Resources, Inc. (c)

   37,800        1,667,736 

ConocoPhillips

   42,400        1,392,416 

CONSOL Energy, Inc. (a)

   3,900        17,277 

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

   45,500        558,740 

Core Laboratories NV

   2,400        36,624 

Crescent Point Energy Corp.

   8,600        10,492 

CVR Energy, Inc.

   8,400        103,992 

Dawson Geophysical Co. (a)

   882        1,552 

Devon Energy Corp.

   22,700        214,742 

Enerplus Corp.

   14,700        27,342 

EnLink Midstream LLC

   15,300        35,955 

EOG Resources, Inc. (c)

   89,800        3,227,412 

EQT Corp. (a)

   24,500        316,785 

Evolution Petroleum Corp.

   2,900        6,496 

Falcon Minerals Corp.

   1,000        2,440 

Gulf Island Fabrication, Inc. (a)

   300        939 

Hallador Energy Co. (a)

   1,400        913 

Halliburton Co.

   4,800        57,840 

Helix Energy Solutions Group, Inc. (a)

   6,800        16,388 

Helmerich & Payne, Inc. (c)

   23,600        345,740 

HollyFrontier Corp.

   12,200        240,462 

Huntington Ingalls Industries, Inc.

   1,000        140,750 

Kinder Morgan, Inc.

   114,500        1,411,785 

KLX Energy Services Holdings, Inc. (a)

   20        83 

Kosmos Energy Ltd. (a)

   67,700        66,048 

Magnolia Oil & Gas Corp., Class A (a)

   25,300        130,801 

Mammoth Energy Services, Inc. (a)

   3,000        4,800 

Marathon Oil Corp.

   103,300        422,497 

Matador Resources Co. (a)

   25,700      �� 212,282 

Matrix Service Co. (a)

   2,000        16,700 

MRC Global, Inc. (a)

   8,500        36,380 

Murphy Oil Corp.

   700        6,244 

NACCO Industries, Inc., Class A

   100        1,821 

Natural Gas Services Group, Inc. (a)

   1,200        10,140 

Newpark Resources, Inc. (a)

   7,700        8,085 

NexTier Oilfield Solutions, Inc. (a)

   7,546        13,960 

NOW, Inc. (a)

   20,200        91,708 

Oceaneering International, Inc. (a)

   11,400        40,128 

 

See Notes to Consolidated Financial Statements.

 

28


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Shares        Value 

Oil States International, Inc. (a)

   10,600       $28,938 

ONEOK, Inc.

   12,400        322,152 

Ovintiv, Inc.

   50,618        413,043 

Panhandle Oil and Gas, Inc., Class A

   1,800        2,574 

Parsley Energy, Inc., Class A

   82,134        768,774 

Patterson-UTI Energy, Inc.

   41,200        117,420 

PBF Energy, Inc., Class A (a)

   23,600        134,284 

PDC Energy, Inc. (a)

   4,584        56,819 

Peabody Energy Corp. (a)

   19,400        44,620 

Pembina Pipeline Corp.

   200        4,246 

Pioneer Natural Resources Co. (c)

   16,700        1,436,033 

QEP Resources, Inc. (a)

   43,400        39,182 

Range Resources Corp. (a)

   8,813        58,342 

RPC, Inc. (a)

   13,600        35,904 

SandRidge Energy, Inc. (a)

   4,800        7,920 

Schlumberger Ltd.

   40,000        622,400 

SM Energy Co.

   25,100        39,909 

Suncor Energy, Inc.

   2,200        26,906 

Targa Resources Corp.

   21,100        296,033 

Thermon Group Holdings, Inc. (a)

   400        4,492 

TransGlobe Energy Corp.

   1,400        574 

Transocean Ltd. (a)

   103,033        83,137 

TravelCenters of America, Inc. (a)

   640        12,506 

US Silica Holdings, Inc. (a)

   1,700        5,100 

Valero Energy Corp.

   8,700        376,884 

Vermilion Energy, Inc. (a)

   4,400        10,296 

W&T Offshore, Inc. (a)

   9,200        16,560 

WPX Energy, Inc. (a)

   48,300        236,670 
        

 

 

 
         17,326,994 
        

 

 

 

Private Equity — 0.0%

        

Millennium Equity Private Equity (a),(b),(d)

   60,879        1,476,316 
        

 

 

 

Real Estate — 0.3%

        

Acadia Realty Trust (a)

   600        6,300 

Agree Realty Corp.

   3,100        197,284 

American Tower Corp.

   3,000        725,190 

Apartment Investment & Management Co., Class A

   700        23,604 

Armada Hoffler Properties, Inc.

   3,200        29,632 

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

   4,854        724,896 

Bluerock Residential Growth REIT, Inc.

   3,300        25,014 

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

   272        21,842 

CareTrust REIT, Inc.

   7,900        140,581 

Cedar Realty Trust, Inc.

   3,800        3,078 

City Office REIT, Inc.

   7,500        56,400 

Colliers International Group, Inc.

   300        20,007 

CorEnergy Infrastructure Trust, Inc.

   3,000        17,520 

 

See Notes to Consolidated Financial Statements.

 

29


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Shares        Value 

CorePoint Lodging, Inc. (a)

   300       $1,635 

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

   511        74,994 

EPR Properties (a)

   10,300        283,250 

Equinix, Inc. (b),(c)

   128        97,297 

Equity LifeStyle Properties, Inc.

   500        30,650 

Equity Residential (b),(c)

   840        43,117 

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

   7,543        1,514,559 

First Industrial Realty Trust, Inc.

   3,500        139,300 

Front Yard Residential Corp. (a)

   100        874 

Gaming and Leisure Properties, Inc.

   21,445        791,964 

Getty Realty Corp.

   1,700        44,217 

Gladstone Commercial Corp.

   3,400        57,290 

Gladstone Land Corp.

   3,200        48,064 

Global Medical REIT, Inc.

   6,500        87,750 

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

   2,286        62,065 

Host Hotels & Resorts, Inc. (a),(b),(c)

   2,679        28,906 

JBG SMITH Properties (b),(c)

   102        2,727 

Lexington Realty Trust

   14,400        150,480 

LTC Properties, Inc.

   800        27,888 

McGrath RentCorp

   1,800        107,262 

Medical Properties Trust, Inc.

   12,700        223,901 

Mid-America Apartment Communities, Inc.

   1,100        127,545 

Monmouth Real Estate Investment Corp., Class A

   8,500        117,725 

National Health Investors, Inc.

   4,900        295,323 

National Retail Properties, Inc. (c)

   15,900        548,709 

Newmark Group, Inc., Class A

   13,800        59,616 

Omega Healthcare Investors, Inc.

   29,147        872,661 

Paramount Group, Inc.

   6,100        43,188 

Pennsylvania REIT (a)

   800        443 

Prologis, Inc. (b),(c)

   1,049        105,550 

Public Storage (b),(c)

   293        65,257 

QTS Realty Trust, Inc., Class A

   2,100        132,342 

Realogy Holdings Corp.

   10,100        95,344 

Realty Income Corp. (b),(c)

   25,922        1,574,761 

Retail Opportunity Investments Corp. (a)

   14,300        148,935 

Retail Value, Inc.

   100        1,257 

RMR Group, Inc. (The), Class A

   1,300        35,711 

SBA Communications Corp. (c)

   8,600        2,738,928 

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

   20,604        1,332,667 

Spirit Realty Capital, Inc.

   14,200        479,250 

STORE Capital Corp. (c)

   14,400        394,992 

Terreno Realty Corp.

   100        5,476 

UDR, Inc.

   5,500        179,355 

Uniti Group, Inc.

   25,700        270,750 

Ventas, Inc. (b),(c)

   686        28,785 

Vornado Realty Trust (b),(c)

   313        10,551 

Welltower, Inc. (b),(c)

   698        38,453 

 

See Notes to Consolidated Financial Statements.

 

30


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Shares        Value 

WP Carey, Inc.

   8,200       $534,312 
        

 

 

 
         16,047,424 
        

 

 

 

Recreation Facilities & Services — 0.0%

        

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

   17,600        176,000 

Marcus Corp. (a)

   4,200        32,466 

OneSpaWorld Holdings Ltd. (a)

   4,000        26,000 

Planet Fitness, Inc., Class A (a)

   13,100        807,222 
        

 

 

 
         1,041,688 
        

 

 

 

Renewable Energy — 0.0%

        

Sunnova Energy International, Inc. (a)

   800        24,328 

Sunrun, Inc. (a)

   23,300        1,795,731 

Vivint Solar, Inc. (a)

   2,300        97,405 
        

 

 

 
         1,917,464 
        

 

 

 

Retail—Consumer Staples — 0.3%

        

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

   1,400        58,170 

Blue Apron Holdings, Inc., Class A (a)

   1,800        12,888 

Costco Wholesale Corp.

   12,700        4,508,500 

Dollar General Corp.

   1        210 

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

   34,100        3,114,694 

Ingles Markets, Inc., Class A

   300        11,412 

Natural Grocers by Vitamin Cottage, Inc.

   400        3,944 

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

   5,500        480,425 

SpartanNash Co.

   3,000        49,050 

Sprouts Farmers Market, Inc. (a)

   200 ��      4,186 

Target Corp. (c)

   56,300        8,862,746 

Walmart, Inc.

   8,400        1,175,244 
        

 

 

 
         18,281,469 
        

 

 

 

Retail—Discretionary — 0.8%

        

1-800-Flowers.com, Inc., Class A (a)

   4,500        112,230 

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

   957        3,013,335 

At Home Group, Inc. (a)

   14,100        209,526 

AutoZone, Inc. (a)

   1,100        1,295,404 

Avis Budget Group, Inc. (a)

   7,400        194,768 

Bassett Furniture Industries, Inc.

   1,100        15,048 

Bed Bath & Beyond, Inc. (a)

   11,700        175,266 

Best Buy Co., Inc.

   17,400        1,936,446 

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

   2,100        5,250 

Caleres, Inc.

   400        3,824 

CarParts.com, Inc. (a)

   400        4,324 

Children’s Place, Inc. (a)

   2,400        68,040 

Citi Trends, Inc. (a)

   2,000        49,960 

Conn’s, Inc. (a)

   6,400        67,712 

 

See Notes to Consolidated Financial Statements.

 

31


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Shares        Value 

Dick’s Sporting Goods, Inc.

   14,300       $827,684 

Duluth Holdings, Inc., Class B (a)

   4,500        54,990 

eBay, Inc.

   50,800        2,646,680 

Etsy, Inc. (a),(c)

   26,100        3,174,543 

Foot Locker, Inc.

   8,100        267,543 

Foundation Building Materials, Inc. (a)

   3,650        57,378 

Gaia, Inc. (a)

   1,100        10,813 

Gap, Inc.

   20,300        345,709 

Home Depot, Inc. (c)

   30,900        8,581,239 

Kirkland’s, Inc. (a)

   800        6,568 

Kohl’s Corp. (a)

   34,700        642,991 

L Brands, Inc. (a)

   600        19,086 

Liquidity Services, Inc. (a)

   1,900        14,174 

Lowe’s Cos., Inc. (c)

   52,800        8,757,408 

Movado Group, Inc. (a)

   1,300        12,922 

O’Reilly Automotive, Inc. (a),(c)

   6,200        2,858,696 

ODP Corp. (The) (a)

   10        194 

Party City Holdco, Inc. (a)

   11,800        30,680 

Qurate Retail, Inc., Class A

   56,034        402,324 

Revolve Group, Inc. (a)

   4,500        73,935 

RH (a)

   3,300        1,262,646 

Ross Stores, Inc. (a)

   500        46,660 

Shoe Carnival, Inc.

   100        3,358 

Sportsman’s Warehouse Holdings, Inc. (a)

   9,300        133,083 

Tractor Supply Co.

   10,600        1,519,404 

Vera Bradley, Inc. (a)

   2,900        17,719 

Wayfair, Inc., Class A (a),(c)

   15,000        4,365,150 
        

 

 

 
         43,284,710 
        

 

 

 

Semiconductors — 0.1%

        

Alpha & Omega Semiconductor Ltd. (a)

   400        5,128 

Ambarella, Inc. (a)

   1,800        93,924 

Amkor Technology, Inc. (a)

   18,700        209,440 

Amtech Systems, Inc. (a)

   100        489 

Axcelis Technologies, Inc. (a)

   2,950        64,900 

AXT, Inc. (a)

   800        4,896 

CEVA, Inc. (a)

   1,300        51,181 

Cirrus Logic, Inc. (a)

   1,400        94,430 

Data I/O Corp. (a)

   100        318 

DSP Group, Inc. (a)

   3,000        39,540 

FormFactor, Inc. (a)

   3,400        84,762 

Impinj, Inc. (a)

   4,100        108,035 

Inphi Corp. (a)

   2,200        246,950 

IPG Photonics Corp. (a)

   100        16,997 

MACOM Technology Solutions Holdings, Inc. (a)

   1,132        38,499 

Maxim Integrated Products, Inc. (a)

   4,200        283,962 

 

See Notes to Consolidated Financial Statements.

 

32


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Shares        Value 

MaxLinear, Inc., Class A (a)

   6,800       $158,032 

NeoPhotonics Corp. (a)

   7,600        46,284 

Photronics, Inc. (a)

   2,000        19,920 

Pixelworks, Inc. (a)

   7,500        15,375 

Power Integrations, Inc.

   2,200        121,880 

QUALCOMM, Inc.

   4,900        576,632 

Rambus, Inc. (a)

   12,300        168,387 

Teradyne, Inc.

   5,400        429,084 

Veeco Instruments, Inc. (a)

   8,230        96,044 

Xilinx, Inc.

   300        31,272 
        

 

 

 
         3,006,361 
        

 

 

 

Software — 0.6%

        

1Life Healthcare, Inc. (a)

   4,200        119,112 

8x8, Inc. (a)

   5,500        85,525 

Agilysys, Inc. (a)

   2,600        62,816 

American Software, Inc., Class A

   200        2,808 

Aspen Technology, Inc. (a)

   500        63,295 

Autodesk, Inc. (a),(c)

   1,800        415,818 

Avaya Holdings Corp. (a)

   1,400        21,280 

Avid Technology, Inc. (a)

   6,500        55,640 

Benefitfocus, Inc. (a)

   7,000        78,400 

Black Knight, Inc. (a)

   7,800        678,990 

Blackline, Inc. (a),(c)

   3,700        331,631 

Box, Inc., Class A (a),(c)

   34,400        597,184 

Brightcove, Inc. (a)

   2,600        26,624 

Cadence Design Systems, Inc. (a)

   100        10,663 

Calix, Inc. (a)

   8,900        158,242 

Castlight Health, Inc., Class B (a)

   8,000        9,040 

Ceridian HCM Holding, Inc. (a)

   15,000        1,239,750 

ChannelAdvisor Corp. (a)

   3,800        54,986 

Cloudera, Inc. (a)

   29        316 

CommVault Systems, Inc. (a)

   200        8,160 

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

   11,200        407,232 

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

   40,500        5,561,460 

Digi International, Inc. (a)

   1,400        21,882 

Digital Turbine, Inc. (a)

   2,500        81,850 

Domo, Inc., Class B (a)

   5,700        218,481 

Donnelley Financial Solutions, Inc. (a)

   2,700        36,072 

Dropbox, Inc., Class A (a),(c)

   45,600        878,256 

Dynatrace, Inc. (a)

   10,000        410,200 

Ebix, Inc.

   1,600        32,960 

eGain Corp. (a)

   2,500        35,425 

Evolent Health, Inc., Class A (a)

   16,800        208,488 

Fastly, Inc., Class A (a)

   1,500        140,520 

Fortinet, Inc. (a)

   15,700        1,849,617 

 

See Notes to Consolidated Financial Statements.

 

33


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Shares        Value 

Glu Mobile, Inc. (a)

   36,500       $280,138 

Guidewire Software, Inc. (a)

   400        41,708 

HubSpot, Inc. (a)

   3,100        905,913 

Immersion Corp. (a)

   5,900        41,595 

InnerWorkings, Inc. (a)

   5,100        15,249 

Intuit, Inc.

   1,900        619,799 

J2 Global, Inc. (a)

   500        34,610 

Limelight Networks, Inc. (a)

   22,700        130,752 

LivePerson, Inc. (a)

   3,700        192,363 

Microsoft Corp.

   25,800        5,426,514 

MicroStrategy, Inc., Class A (a)

   700        105,392 

Mimecast Ltd. (a)

   7,100        333,132 

Mitek Systems, Inc. (a)

   1,600        20,384 

MobileIron, Inc. (a)

   19,000        133,190 

Model N, Inc. (a)

   4,600        162,288 

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

   13,000        732,680 

NextGen Healthcare, Inc. (a)

   3,200        40,768 

Oracle Corp.

   200        11,940 

PagerDuty, Inc. (a)

   1,700        46,087 

Paycom Software, Inc. (a)

   100        31,130 

Paylocity Holding Corp. (a),(c)

   5,600        903,952 

PDF Solutions, Inc. (a)

   1,500        28,065 

Phreesia, Inc. (a)

   800        25,704 

Pluralsight, Inc., Class A (a)

   9,500        162,735 

Progress Software Corp.

   2,400        88,032 

Proofpoint, Inc. (a)

   3,500        369,425 

PROS Holdings, Inc. (a)

   5,300        169,282 

QAD, Inc., Class A

   600        25,320 

Rapid7, Inc. (a)

   3,000        183,720 

RealPage, Inc. (a)

   5,100        293,964 

RingCentral, Inc., Class A (a),(c)

   700        192,227 

Rosetta Stone, Inc. (a)

   500        14,990 

Schrodinger, Inc. (a)

   1,300        61,763 

Sciplay Corp., Class A (a)

   5,000        81,100 

SeaChange International, Inc. (a)

   2,700        2,350 

SecureWorks Corp., Class A (a)

   1,800        20,502 

SPS Commerce, Inc. (a)

   3,200        249,184 

SS&C Technologies Holdings, Inc. (b)

   4,408        266,772 

SVMK, Inc. (a)

   19,700        435,567 

Synchronoss Technologies, Inc. (a)

   1,900        5,719 

Tenable Holdings, Inc. (a)

   500        18,875 

Teradata Corp. (a),(c)

   17,200        390,440 

Varonis Systems, Inc. (a)

   1,500        173,130 

Veritone, Inc. (a)

   5,600        51,296 

Verra Mobility Corp. (a)

   20,500        198,030 

VMware, Inc., Class A (a)

   5,900        847,653 

Workday, Inc., Class A (a)

   300        64,539 

 

See Notes to Consolidated Financial Statements.

 

34


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Shares        Value 

Workiva, Inc. (a)

   5,100       $284,376 

Zoom Video Communications, Inc., Class A (a)

   1,900        893,209 

Zovio, Inc. (a)

   2,700        10,800 

Zynga, Inc., Class A (a),(c)

   161,000        1,468,320 
        

 

 

 
         31,189,396 
        

 

 

 

Specialty Finance — 0.6%

        

Altisource Portfolio Solutions SA (a)

   1,000        12,670 

Anworth Mortgage Asset Corp.

   3,000        4,920 

Ares Commercial Real Estate Corp.

   6,800        62,152 

Blackstone Mortgage Trust, Inc., Class A

   4,600        101,062 

Capstead Mortgage Corp.

   300        1,686 

Curo Group Holdings Corp.

   5,700        40,185 

Discover Financial Services

   1,100        63,558 

Elevate Credit, Inc. (a)

   200        514 

Ellington Residential Mortgage REIT

   1,300        14,430 

Enova International, Inc. (a)

   2,700        44,253 

Euronet Worldwide, Inc. (a)

   600        54,660 

Exantas Capital Corp.

   5,500        11,495 

Fidelity National Financial, Inc. (c)

   40,117        1,256,063 

Fidelity National Information Services, Inc.

   48        7,066 

First American Financial Corp.

   16,000        814,560 

FleetCor Technologies, Inc. (a)

   1,300        309,530 

General Finance Corp. (a)

   300        1,899 

Global Payments, Inc. (b)

   97,927        17,389,877 

Great Ajax Corp.

   200        1,658 

Green Dot Corp., Class A (a)

   8,700        440,307 

GreenSky, Inc., Class A (a)

   2,200        9,768 

Ladder Capital Corp.

   6,500        46,280 

LendingTree, Inc. (a)

   200        61,378 

MFA Financial, Inc.

   40,600        108,808 

MGIC Investment Corp.

   22,500        199,350 

Navient Corp.

   600        5,070 

New Residential Investment Corp.

   9,900        78,705 

New York Mortgage Trust, Inc.

   9,000        22,950 

NewStar Financial, Inc. (a)

   100        0 

On Deck Capital, Inc. (a)

   2,600        4,160 

Orchid Island Capital, Inc.

   5,200        26,052 

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

   36,900        7,270,407 

Square, Inc, Class A (a)

   17,300        2,812,115 

Starwood Property Trust, Inc.

   30,600        461,754 

Stewart Information Services Corp.

   700        30,611 

Synchrony Financial

   14,100        368,997 

TPG RE Finance Trust, Inc.

   8,200        69,372 

Two Harbors Investment Corp.

   2,400        12,216 

Visa, Inc., Class A (c)

   7,600        1,519,772 

 

See Notes to Consolidated Financial Statements.

 

35


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Shares        Value 

Walker & Dunlop, Inc.

   400       $21,200 

Western Asset Mortgage Capital Corp.

   5,700        11,628 

WEX, Inc. (a)

   800        111,176 
        

 

 

 
         33,884,314 
        

 

 

 

Technology Services — 0.1%

        

Automatic Data Processing, Inc.

   11,900        1,659,931 

ComScore, Inc. (a)

   4,700        9,588 

Conduent, Inc. (a)

   46,000        146,280 

CoreLogic, Inc.

   4,400        297,748 

DXC Technology Co. (a)

   2,301        41,073 

Genpact Ltd.

   7,600        296,020 

NIC, Inc.

   100        1,970 

Paychex, Inc.

   4,200        335,034 

Perficient, Inc. (a)

   700        29,918 

Perspecta, Inc.

   700        13,615 

PFSweb, Inc. (a)

   800        5,352 

Sabre Corp. (a)

   68,000        442,680 

ServiceSource International, Inc. (a)

   5,300        7,791 

Verisk Analytics, Inc.

   200        37,062 
        

 

 

 
         3,324,062 
        

 

 

 

Telecommunications — 0.1%

        

Aspire Holdings LLC, Class A (a),(b)

   1,502,082        2 

Cogent Communications Holdings, Inc.

   800        48,040 

ESC NII Holdings, Inc. (a)

   50,677        109,969 

IDT Corp., Class B (a)

   1,000        6,580 

Ooma, Inc. (a)

   2,200        28,710 

ORBCOMM, Inc. (a)

   11,600        39,440 

Spok Holdings, Inc.

   1,100        10,461 

Switch, Inc., Class A (c)

   20,800        324,688 

Telephone & Data Systems, Inc.

   3,900        71,916 

Verizon Communications, Inc. (c)

   137,300        8,167,977 

Zix Corp. (a)

   500        2,920 
        

 

 

 
         8,810,703 
        

 

 

 

Transportation & Logistics — 0.0%

 

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

   2,400        41,976 

CSX Corp.

   800        62,136 

Daseke, Inc. (a)

   2,500        13,425 

DHT Holdings, Inc.

   2,000        10,320 

Genco Shipping & Trading Ltd.

   100        690 

Heartland Express, Inc.

   900        16,740 

Kirby Corp. (a)

   500        18,085 

Knight-Swift Transportation Holdings, Inc. (c)

   28,800        1,172,160 

Marten Transport Ltd.

   4,399        71,792 

 

See Notes to Consolidated Financial Statements.

 

36


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Shares        Value 

Old Dominion Freight Line, Inc.

   900       $162,828 

Overseas Shipholding Group, Inc., Class A (a)

   800        1,712 

Radiant Logistics, Inc. (a)

   3,100        15,934 

Spirit Airlines, Inc. (a)

   15,400        247,940 

USA Truck, Inc. (a)

   900        8,505 

Werner Enterprises, Inc.

   7,900        331,721 
        

 

 

 
       2,175,964 
        

 

 

 

Transportation Equipment — 0.0%

        

Blue Bird Corp. (a)

   1,800        21,888 

Commercial Vehicle Group, Inc. (a)

   1,600        10,448 

FreightCar America, Inc. (a)

   900        2,052 

Shyft Group, Inc. (The)

   1,900        35,872 
        

 

 

 
       70,260 
        

 

 

 

Utilities — 0.4%

        

Alliant Energy Corp.

   200        10,330 

Ameren Corp. (b),(c)

   3,852        304,616 

American Electric Power Co., Inc. (b),(c)

   5,022        410,448 

American Water Works Co., Inc. (b),(c)

   1,937        280,633 

Atlantic Power Corp. (a)

   6,700        13,132 

Black Hills Corp.

   800        42,792 

CMS Energy Corp. (b),(c)

   30,052        1,845,493 

Consolidated Water Co. Ltd.

   1,300        13,533 

Duke Energy Corp. (b),(c)

   22,248        1,970,283 

Entergy Corp. (b),(c)

   4,301        423,777 

Evergy, Inc. (b),(c)

   3,352        170,349 

Eversource Energy (b),(c)

   5,954        497,457 

Exelon Corp. (c)

   132,400        4,734,624 

FirstEnergy Corp. (b),(c)

   58,804        1,688,263 

Hawaiian Electric Industries, Inc.

   100        3,324 

IDACORP, Inc. (a)

   3,200        255,680 

National Fuel Gas Co.

   1,000        40,590 

NextEra Energy, Inc. (b),(c)

   2,837        787,438 

NiSource, Inc. (b),(c)

   6,016        132,352 

NorthWestern Corp.

   1,200        58,368 

OGE Energy Corp.

   7,800        233,922 

ONE Gas, Inc.

   100        6,901 

Otter Tail Corp.

   500        18,085 

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

   275,580        2,587,696 

Pinnacle West Capital Corp. (b),(c)

   4,765        355,231 

Portland General Electric Co.

   5,700        202,350 

Public Service Enterprise Group, Inc. (c)

   28,700        1,575,917 

Southern Co. (b),(c)

   20,201        1,095,298 

Unitil Corp.

   300        11,592 

WEC Energy Group, Inc. (b),(c)

   3,658        354,460 

 

See Notes to Consolidated Financial Statements.

 

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Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Shares         Value 

Xcel Energy, Inc. (b),(c)

   3,404       $234,910 
        

 

 

 
       20,359,844 
        

 

 

 

Waste & Environmental Services & Equipment — 0.1%

        

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

   1,700        94,945 

CECO Environmental Corp. (a)

   1,300        9,477 

Heritage-Crystal Clean, Inc. (a)

   800        10,680 

Republic Services, Inc.

   14,000        1,306,900 

US Ecology, Inc. (a)

   600        19,602 

Waste Management, Inc. (c)

   24,300        2,750,031 
        

 

 

 
         4,191,635 
        

 

 

 

Total North America

         875,005,054 
        

 

 

 

Oceania — 0.0%

        

Iron & Steel — 0.0%

        

BHP Group plc, ADR

   100        4,266 
        

 

 

 

Metals & Mining — 0.0%

        

Rio Tinto plc, ADR

   500        30,195 
        

 

 

 

Total Oceania

         34,461 
        

 

 

 

South America — 0.0%

        

Consumer Products — 0.0%

        

BRF SA, ADR (a)

   22,900        75,112 

Cia Cervecerias Unidas SA, ADR

   900        11,673 
        

 

 

 
         86,785 
        

 

 

 

Gaming, Lodging & Restaurants — 0.0%

        

Arcos Dorados Holdings, Inc., Class A (a)

   1,130        4,633 
        

 

 

 

Oil, Gas & Coal — 0.0%

        

Cosan Ltd., Class A

   3,400        50,490 

Geopark Ltd. (a)

   1,900        13,984 
        

 

 

 
         64,474 
        

 

 

 

Technology Services — 0.0%

        

Atento SA (a)

   319        2,938 
        

 

 

 

Total South America

 

       158,830 
        

 

 

 

TOTAL COMMON STOCK
(COST $889,741,522)

 

       909,096,684 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

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Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Principal
Amount
         Value 

ASSET-BACKED SECURITIES — 6.5%

 

Europe — 0.1%

 

      

Banco Santander SA, Series 1, Class G,
10.00%, 09/25/26 (b),(m)

  $6,921,023       $6,930,512 

North America — 6.4%

        

ACIS CLO Ltd., Series 2015-6A, Class D, 3 mo. USD LIBOR + 3.77%,
4.02%, 05/01/27 (b),(e),(f)

   2,000,000        1,990,386 

Adams Mill CLO Ltd., Series 2014-1A, Class D1, 3 mo. USD LIBOR + 3.50%, 3.78%, 07/15/26 (b),(e),(f)

   4,750,000        4,661,659 

AIG CLO Ltd., Series 2019-2A, Class E, 3 mo. USD LIBOR + 7.25%,
7.49%, 10/25/32 (b),(e),(f)

   250,000        202,035 

Alinea CLO Ltd., Series 2018-1A, Class D, 3 mo. USD LIBOR + 3.10%, 3.37%, 07/20/31 (b),(c),(e),(f)

   3,500,000        3,213,630 

Allegro CLO Ltd., Series 2014-1RA, Class C, 3 mo. USD LIBOR + 3.00%, 3.27%, 10/21/28 (b),(c),(e),(f)

   3,000,000        2,800,137 

AMMC CLO 22 Ltd., Series 2018-22A, Class D, 3 mo. USD LIBOR + 2.70%, 2.94%, 04/25/31 (b),(e),(f)

   750,000        709,676 

Annisa CLO Ltd., Series 2016-2A, Class DR,
3.27%, 07/20/31 (b),(e),(f)

   250,000        237,485 

Arbor Realty Collateralized Loan Obligation Ltd., Series 2020-FL1, Class C, 1 mo. USD LIBOR + 2.05%, 2.20%, 02/15/35 (b),(c),(e),(f)

   1,792,000        1,727,094 

Ares LIV CLO Ltd., Series 2019-54A, Class E, 3 mo. USD LIBOR + 7.34%, 7.62%, 10/15/32 (b),(e),(f)

   250,000        235,649 

Ares XLIX CLO Ltd., Series 2018-49A, Class D, 3 mo. USD LIBOR + 3.00%, 3.26%, 07/22/30 (b),(e),(f)

   300,000        281,853 

Ares XXVII CLO Ltd., Series 2013-2A, Class CR, 3 mo. USD LIBOR + 2.40%, 2.65%, 07/28/29 (b),(e),(f)

   250,000        249,376 

Ares XXXIIR CLO Ltd., Series 2014-32RA, Class B, 3 mo. USD LIBOR + 1.80%, 2.08%, 05/15/30 (b),(e),(f)

   750,000        721,022 

Atlas Senior Loan Fund Ltd., Series 2014-1A, Class DR2, 3 mo. USD LIBOR + 4.00%, 4.27%, 07/16/29 (b),(e),(f)

   2,000,000        1,682,338 

Avant Loans Funding Trust,

        

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

   1,915,058        1,917,831 

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

   3,403,000        3,369,953 

Series 2019-B, Class C, 4.54%, 10/15/26 (b),(e)

   637,000        626,770 

 

See Notes to Consolidated Financial Statements.

 

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Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

Avery Point CLO Ltd., Series 2014-5A, Class DR, 3 mo. USD LIBOR + 3.10%, 3.37%, 07/17/26 (b),(e),(f)

  $2,500,000       $2,440,937 

Benefit Street Partners CLO Ltd., Series 2016-10A, Class CR, 3 mo. USD LIBOR + 3.50%, 3.78%, 01/15/29 (b),(c),(e),(f)

   3,500,000        3,256,130 

Benefit Street Partners CLO XIX Ltd., Series 2019-19A, Class C, 3 mo. USD LIBOR + 2.60%, 2.88%, 01/15/33 (b),(e),(f)

   1,000,000        1,002,574 

Birch Grove CLO Ltd., Series 19A, Class D, 3 mo. USD LIBOR + 3.90%, 4.15%, 06/15/31 (b),(c),(e),(f)

   1,500,000        1,495,410 

Black Diamond CLO Ltd., Series 2017-1A, Class C, 3 mo. USD LIBOR + 3.95%, 4.21%, 04/24/29 (b),(e),(f)

   4,250,000        3,848,439 

BlueMountain CLO Ltd., Series 2016-2A, Class C1R, 3 mo. USD LIBOR + 4.00%, 4.25%, 08/20/32 (b),(e),(f)

   500,000        450,681 

Brookside Mill CLO Ltd., Series 2013-1A, Class DR, 3 mo. USD LIBOR + 2.65%, 2.92%, 01/17/28 (b),(e),(f)

   4,000,000        3,716,956 

California Street CLO LP, Series 2012-9A, Class D1R2, 3 mo. USD LIBOR + 3.70%, 3.97%, 07/16/32 (b),(c),(e),(f)

   3,000,000        2,982,618 

Canyon Capital CLO Ltd., Series 2016-1A, Class CR, 3 mo. USD LIBOR + 1.90%, 2.18%, 07/15/31 (b),(e),(f)

   500,000        484,837 

Carlyle Global Market Strategies CLO Ltd.,

        

Series 2014-1A, Class DR, 3 mo. USD LIBOR + 2.60%, 2.87%, 04/17/31 (b),(e),(f)

   3,000,000        2,550,378 

Series 2015-1A, Class DR2, 3 mo. USD LIBOR + 3.65%, 3.92%, 07/20/31 (b),(c),(e),(f)

   2,000,000        1,840,188 

CarVal CLO Ltd.,

        

Series 2019-1X, Class D, 4.42%, 04/20/32 (b),(m),(f)

   500,000        497,797 

Series 2019-2A, Class D, 3 mo. USD LIBOR + 3.70%, 3.97%, 07/20/32 (b),(c),(e),(f)

   6,000,000        5,930,184 

Carvana Auto Receivables Trust,

        

Series 2019-2A, Class E, 5.01%, 04/15/26 (b),(e),(g)

   1,125,000        1,144,997 

Series 2019-3A, Class E, 4.60%, 07/15/26 (b),(e),(g)

   1,592,000        1,620,312 

Series 2019-4A, Class E, 4.70%, 10/15/26 (b),(e),(g)

   1,181,000        1,205,571 

 

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, 2020 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

Series 2020-N1A, Class D, 3.43%, 01/15/26 (b),(c),(e)

  $9,983,000       $10,370,181 

Series 2020-N1A, Class E, 5.20%, 07/15/27 (b),(c),(e)

   5,312,000        5,488,002 

Catamaran CLO Ltd.,

        

Series 2013-1A, Class DR, 3 mo. USD LIBOR + 2.80%, 3.04%, 01/27/28 (b),(e),(f)

   5,235,000        4,865,173 

Series 2014-1A, Class CR, 3 mo. USD LIBOR + 3.43%, 3.69%, 04/22/30 (b),(e),(f)

   3,100,000        2,851,532 

Series 2015-1A, Class DR, 3 mo. USD LIBOR + 2.80%, 3.06%, 04/22/27 (b),(e),(f)

   1,000,000        953,198 

Series 2015-1A, Class E, 3 mo. USD LIBOR + 5.15%, 5.41%, 04/22/27 (b),(e),(f)

   2,500,000        1,768,345 

Series 2016-1A, Class C, 3 mo. USD LIBOR + 3.85%, 4.12%, 01/18/29 (b),(e),(f)

   3,500,000        3,282,993 

Cent CLO Ltd., Series 2014-21A, Class CR2, 3 mo. USD LIBOR + 3.20%, 3.44%, 07/27/30 (b),(c),(e),(f)

   4,200,000        3,895,529 

CIFC Funding Ltd.,

        

Series 2013-1A, Class DR, 3 mo. USD LIBOR + 6.65%, 6.92%, 07/16/30 (b),(e),(f)

   3,000,000        2,591,550 

Series 2014-2RA, Class B1, 3.06%, 04/24/30 (b),(e),(f)

   250,000        234,088 

Series 2015-5A, Class CR, 3 mo. USD LIBOR + 2.95%, 3.19%, 10/25/27 (b),(c),(e),(f)

   4,000,000        3,733,592 

Series 2016-1A, Class D1R, 3 mo. USD LIBOR + 4.00%, 4.27%, 10/21/31 (b),(e),(f)

   1,000,000        998,101 

Series 2019-4A, Class C, 3 mo. USD LIBOR + 3.50%, 3.78%, 07/15/32 (b),(e),(f)

   1,000,000        964,615 

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

   708,000        773,236 

CoreVest American Finance Trust,

        

Series 2017-2 SEQ, Class M, 5.62%, 12/25/27 (b),(e)

   459,000        486,237 

Series 2019-1, Class D, 4.82%, 03/15/52 (b),(e)

   152,000        161,356 

Series 2019-1, Class E, 5.49%, 03/15/52 (b),(e)

   196,000        212,256 

Series 2019-2, Class XA, 2.56%, 06/15/52 (b),(c),(e),(f),(h)

   17,350,897        1,728,201 

Series 2019-2, Class D, 4.22%, 06/15/52 (b),(e)

   476,000        497,645 

Series 2019-2, Class E, 5.39%, 06/15/52 (b),(e),(f)

   699,000        703,814 

Series 2019-3, Class XA, 2.19%, 10/15/52 (b),(c),(e),(f),(h)

   15,603,231        1,298,938 

Series 2019-3, Class D, 3.76%, 10/15/52 (b),(e)

   100,000        83,481 

Series 2019-3, Class E, 4.90%, 10/15/52 (b),(e),(f)

   124,000        105,052 

 

See Notes to Consolidated Financial Statements.

 

41


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Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

Series 2020-1, Class E, 4.83%, 03/15/50 (b),(e),(f)

  $100,000       $101,622 

Covenant Credit Partners CLO Ltd., Series 2017-1A, Class D, 3 mo. USD LIBOR + 3.75%, 4.03%, 10/15/29 (b),(e),(f)

   3,800,000        3,502,327 

Cutwater Ltd.,

        

Series 2014-2A, Class CR, 3 mo. USD LIBOR + 3.75%,
4.03%, 01/15/27 (b),(c),(e),(f)

   5,000,000        4,627,170 

Series 2015-1A, Class DR, 3 mo. USD LIBOR + 3.45%,
3.73%, 01/15/29 (b),(c),(e),(f)

   4,000,000        3,551,092 

Denali Capital CLO Ltd., Series 2013-1A, Class B2LR, 3 mo. USD LIBOR + 4.75%, 4.99%, 10/26/27 (b),(e),(f)

   1,000,000        734,277 

Drive Auto Receivables Trust, Series 2019-3, Class C, 2.90%, 08/15/25 (b),(c)

   3,250,000        3,360,562 

Dryden 65 CLO Ltd., Series 2018-65A, Class D, 3.37%, 07/18/30 (b),(e),(f)

   500,000        476,090 

Dryden 80 CLO Ltd., Series 2019-80A, Class D1, 3 mo. USD LIBOR + 4.10%, 4.37%, 01/17/33 (b),(e),(f)

   250,000        250,000 

Dryden CLO Ltd., Series 2019-75A, Class DR, 3 mo. USD LIBOR + 3.55%, 3.83%, 07/15/30 (b),(c),(e),(f)

   4,750,000        4,640,788 

Dryden Senior Loan Fund,

        

Series 2014-36A, Class DR2, 3 mo. USD LIBOR + 3.70%,
3.98%, 04/15/29 (b),(c),(e),(f)

   6,000,000        5,850,684 

Series 2016-43A, Class DRR, 3 mo. USD LIBOR + 3.55%,
3.82%, 07/20/29 (b),(c),(e),(f)

   3,000,000        2,969,760 

DT Auto Owner Trust,

        

Series 2019-2A, Class E, 4.46%, 05/15/26 (b),(e),(g)

   1,775,000        1,829,095 

Series 2019-4A, Class E, 3.93%, 10/15/26 (b),(e),(g)

   925,000        937,523 

Series 2020-1A, Class E, 3.48%, 02/16/27 (b),(e),(g)

   1,595,000        1,595,123 

Elm CLO Ltd., Series 2014-1A, Class BRR, 3 mo. USD LIBOR + 1.75%, 2.02%, 01/17/29 (b),(e),(f)

   500,000        495,253 

Evans Grove CLO Ltd., Series 2018-1A, Class D, 3 mo. USD LIBOR + 3.20%, 3.46%, 05/28/28 (b),(c),(e),(f)

   5,000,000        4,414,125 

Fort Washington CLO, Series 2019-1A, Class D1, 3 mo. USD LIBOR + 3.90%, 4.17%, 10/20/32 (b),(e),(f)

   1,000,000        994,982 

 

See Notes to Consolidated Financial Statements.

 

42


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Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

Gallatin Loan Management,

        

Series 2017-1A, Class D, 3 mo. USD LIBOR + 3.25%, 3.53%, 07/15/27 (b),(c),(e),(f)

  $7,500,000       $7,311,232 

Series 2018-1A, Class D1, 3 mo. USD LIBOR + 3.10%, 3.37%, 01/21/28 (b),(c),(e),(f)

   4,500,000        4,188,775 

Garrison Funding Ltd., Series 2015-1A, Class CR, 3 mo. USD LIBOR + 3.90%, 4.15%, 09/21/29 (b),(e),(f)

   4,000,000        3,868,848 

Genesis Private Label Amortizing Trust, Series 2020-1, Class C, 4.19%, 07/20/30 (b),(e)

   251,000        252,399 

GLS Auto Receivables Issuer Trust,

        

Series 2019-2A, Class D, 4.52%, 02/17/26 (b),(c),(e)

   1,510,000        1,554,592 

Series 2019-3A, Class D, 3.84%, 05/15/26 (b),(c),(e)

   1,457,000        1,472,583 

Series 2019-4A, Class D, 4.09%, 08/17/26 (b),(e)

   900,000        916,079 

Series 2020-1A, Class D, 3.68%, 11/16/26 (b),(c),(e)

   1,790,000        1,770,204 

Series 2020-2A, Class C, 4.57%, 04/15/26 (b),(e)

   778,000        844,756 

Greywolf CLO III Ltd., Series 2020-3RA, Class CR, 3 mo. USD LIBOR + 3.35%, 3.61%, 04/15/33 (b),(c),(e),(f)

   5,000,000        4,714,020 

Greywolf CLO Ltd., Series 2019-1A, Class D, 7.21%, 04/17/30 (b),(e),(f)

   250,000        223,174 

Harbourview CLO Ltd., Series 7RA, Class D, 3 mo. USD LIBOR + 3.36%, 3.63%, 07/18/31 (b),(c),(e),(f)

   4,000,000        3,056,392 

Highbridge Loan Management Ltd.,

        

Series 4A-2014, Class BR, 3 mo. USD LIBOR + 1.85%, 2.10%, 01/28/30 (b),(e),(f)

   500,000        477,346 

Series 7A-2015, Class DR, 3 mo. USD LIBOR + 2.40%, 2.68%, 03/15/27 (b),(e),(f)

   1,000,000        864,301 

Home Partners of America Trust, Series 2019-1, Class F, 4.10%, 09/17/39 (b),(e)

   95,659        92,178 

ICG US CLO Ltd., Series 2016-1A, Class CR, 3 mo. USD LIBOR + 3.05%, 3.32%, 07/29/28 (b),(e),(f)

   1,000,000        912,385 

Jamestown CLO Ltd.,

        

Series 2014-4A, Class CR, 3 mo. USD LIBOR + 2.65%, 2.93%, 07/15/26 (b),(e),(f)

   1,000,000        978,384 

Series 2015-7A, Class CR, 3 mo. USD LIBOR + 2.60%, 2.84%, 07/25/27 (b),(e),(f)

   1,500,000        1,417,003 

Series 2016-9A, Class C1R, 3 mo. USD LIBOR + 4.10%, 4.37%, 10/20/28 (b),(c),(e),(f)

   3,000,000        2,958,153 

 

See Notes to Consolidated Financial Statements.

 

43


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Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

Series 2018-11A, Class C, 3 mo. USD LIBOR + 3.25%, 3.52%, 07/14/31 (b),(c),(e),(f)

  $2,000,000       $1,837,602 

Jamestown CLO XV Ltd., Series 2020-15A, Class D, 3 mo. USD LIBOR + 3.65%, 4.41%, 04/15/33 (b),(c),(e),(f)

   5,000,000        4,882,605 

JMP Credit Advisors CLO Ltd., Series 2014-1RA, Class D, 3 mo. USD LIBOR + 2.60%, 2.87%, 01/17/28 (b),(c),(e),(f)

   5,310,000        4,433,393 

JP Morgan Mortgage Acquisition Trust,

 

Series 2006-HE3 SEQ, Class A3, 1 mo. USD LIBOR + .11%, 0.26%, 11/25/36 (b),(c),(f)

   1,905,037        1,828,836 

Series 2006-HE3 SEQ, Class A4, 1 mo. USD LIBOR + .16%, 0.31%, 11/25/36 (b),(c),(f)

   653,000        598,692 

Series 2006-HE3 SEQ, Class A5, 1 mo. USD LIBOR + .24%, 0.39%, 11/25/36 (b),(c),(f)

   1,841,419        1,702,277 

Kayne CLO II Ltd., Series 2018-2A, Class E, 6.38%, 10/15/31 (b),(e),(f)

   416,667        365,476 

KVK CLO Ltd.,

        

3.22%, 01/14/28 (b),(e),(f)

   4,690,000        4,413,792 

Series 2016-1A, Class D, 3 mo. USD LIBOR + 4.40%, 4.68%, 01/15/29 (b),(c),(e),(f)

   5,000,000        4,951,900 

Long Beach Mortgage Loan Trust, Series 2006-4, Class 2A4, 1 mo. USD LIBOR + .26%, 0.41%, 05/25/36 (b),(c),(f)

   8,112,802        3,703,730 

Madison Park Funding Ltd.,

        

Series 2012-10A, Class DR2, 3 mo. USD LIBOR + 3.25%, 3.52%, 01/20/29 (b),(e),(f)

   1,000,000        966,816 

Series 2013-11A, Class DR, 3 mo. USD LIBOR + 3.25%, 3.51%, 07/23/29 (b),(e),(f)

   3,400,000        3,271,215 

Series 2016-20A, Class DR, 3 mo. USD LIBOR + 3.00%, 3.24%, 07/27/30 (b),(c),(e),(f)

   2,000,000        1,868,370 

Magnetite XXII Ltd., Series 2019-22A, Class D, 3 mo. USD LIBOR + 3.65%, 3.93%, 04/15/31 (b),(e),(f)

   250,000        244,923 

Mariner CLO LLC, Series 2015-1A, Class DR2, 3 mo. USD LIBOR + 2.85%, 3.12%, 04/20/29 (b),(c),(e),(f)

   6,000,000        5,561,142 

MidOcean Credit CLO, Series 2016-6A, Class DR, 3 mo. USD LIBOR + 3.75%, 4.02%, 01/20/29 (b),(c),(e),(f)

   4,000,000        3,845,620 

Midocean Credit CLO, Series 2017-7A, Class D, 3 mo. USD LIBOR + 3.88%, 4.16%, 07/15/29 (b),(c),(e),(f)

   5,500,000        5,150,893 

 

See Notes to Consolidated Financial Statements.

 

44


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

Morgan Stanley ABS Capital I, Inc.,

        

Series 2007-HE3, Class A2C, 1 mo. USD LIBOR + .15%, 0.30%, 12/25/36 (b),(f)

  $592,814       $379,747 

Series 2007-HE3, Class A2D, 1 mo. USD LIBOR + .25%, 0.40%, 12/25/36 (b),(f)

   720,396        465,109 

Mountain View CLO LLC, Series 2017-1A, Class D, 3 mo. USD LIBOR + 3.60%, 3.87%, 10/16/29 (b),(e),(f)

   3,000,000        2,701,707 

Mountain View CLO Ltd.,

        

Series 2015-10A, Class DR, 3 mo. USD LIBOR + 2.60%, 2.82%, 10/13/27 (b),(e),(f)

   2,500,000        2,302,320 

Series 2015-9A, Class CR, 3 mo. USD LIBOR + 3.12%,
3.40%, 07/15/31 (b),(c),(e),(f)

   5,000,000        4,289,445 

Series 2019-1A, Class D, 3 mo. USD LIBOR + 4.05%, 4.33%, 04/15/29 (b),(c),(e),(f)

   5,000,000        4,807,785 

MVW LLC, Series 2020-1A, Class C, 4.21%, 10/20/37 (b),(e)

   278,763        289,632 

Neuberger Berman Loan Advisers CLO Ltd., Series 2018-28A, Class D, 3 mo. USD LIBOR + 2.85%, 3.12%, 04/20/30 (b),(e),(f)

   750,000        691,150 

New Residential Mortgage LLC,

        

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

   555,747        522,127 

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

   2,334,137        2,174,279 

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

   2,307,010        2,246,031 

Nomura CRE CDO Ltd., Series 2007-2A, Class D, 3 mo. USD LIBOR + .45%, 2.60%, 05/21/42 (b),(e),(f)

   370,008        180,093 

Northwoods Capital Ltd., Series 2018-12BA, Class D, 3 mo. USD LIBOR + 3.15%, 3.40%, 06/15/31 (b),(c),(e),(f)

   3,000,000        2,621,475 

Oaktree CLO Ltd., Series 2015-1A, Class DR, 3 mo. USD LIBOR + 5.20%, 5.47%, 10/20/27 (b),(e),(f)

   2,500,000        1,999,365 

Ocean Trails CLO, Series 2016-6A, Class DR, 3 mo. USD LIBOR + 3.65%, 3.93%, 07/15/28 (b),(c),(e),(f)

   5,000,000        4,756,155 

Octagon Investment Partners Ltd.,

        

Series 2012-1A, Class CR, 3 mo. USD LIBOR + 4.00%, 4.28%, 07/15/29 (b),(e),(f)

   3,500,000        3,376,208 

Series 2014-1A, Class CRR, 3 mo. USD LIBOR + 3.95%,
4.21%, 02/14/31 (b),(c),(e),(f)

   2,000,000        1,970,400 

OFSI Fund Ltd., Series 2014-7A, Class DR, 3 mo. USD LIBOR + 3.20%, 3.47%, 10/18/26 (b),(e),(f)

   2,000,000        1,891,928 

 

See Notes to Consolidated Financial Statements.

 

45


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

OHA Credit Partners XIII Ltd., Series 2016-13A, Class E, 3 mo. USD LIBOR + 7.15%, 7.42%, 01/21/30 (b),(e),(f)

  $250,000       $236,590 

OHA Loan Funding Ltd., Series 2016-1A, Class CR, 3 mo. USD LIBOR + 1.95%, 2.22%, 01/20/33 (b),(e),(f)

   250,000        245,363 

OneMain Financial Issuance Trust,

        

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

   4,500,000        4,507,465 

Series 2017-1A SEQ, Class A1, 2.37%, 09/14/32 (b),(c),(e)

   1,578,021        1,579,234 

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

   5,000,000        5,118,205 

OZLM Funding Ltd., Series 2013-4A, Class BR, 3 mo. USD LIBOR + 2.20%, 2.46%, 10/22/30 (b),(e),(f)

   3,000,000        2,909,496 

OZLM Ltd.,

        

Series 2014-6A, Class CS, 3 mo. USD LIBOR + 3.13%, 3.40%, 04/17/31 (b),(e),(f)

   2,000,000        1,843,564 

Series 2015-12A, Class D, 3 mo. USD LIBOR + 5.40%,
5.67%, 04/30/27 (b),(c),(e),(f)

   8,833,000        6,761,759 

Palmer Square CLO Ltd., Series 2018-2A, Class B, 2.17%, 07/16/31 (b),(e),(f)

   250,000        239,713 

Parallel Ltd.,

        

Series 2017-1A, Class DR, 3 mo. USD LIBOR + 3.10%,
3.37%, 07/20/29 (b),(c),(e),(f)

   3,000,000        2,700,738 

Series 2019-1A, Class D, 3 mo. USD LIBOR + 4.20%, 4.47%, 07/20/32 (b),(e),(f)

   1,000,000        981,635 

Series 2019-1A, Class E, 3 mo. USD LIBOR + 6.72%, 6.99%, 07/20/32 (b),(c),(e),(f)

   1,333,000        1,069,854 

Series 2020-1A, Class C1, 3 mo. USD LIBOR + 4.10%, 4.26%, 07/20/31 (b),(e),(f)

   1,000,000        995,608 

Perimeter Master Note Business Trust,

        

Series 2019-1A, Class C, 8.06%, 12/15/22 (b),(e)

   251,000        252,243 

Series 2019-2A, Class B, 5.21%, 05/15/24 (b),(e),(g)

   921,000        944,744 

Series 2019-2A, Class C, 7.06%, 05/15/24 (b),(e)

   251,000        253,283 

Regatta Funding LP, Series 2013-2A, Class CR2, 3 mo. USD LIBOR + 3.70%, 3.98%, 01/15/29 (b),(c),(e),(f)

   6,500,000        6,231,771 

Regatta XI Funding Ltd., Series 2018-1A, Class D, 3 mo. USD LIBOR + 2.85%, 3.12%, 07/17/31 (b),(e),(f)

   490,000        455,677 

 

See Notes to Consolidated Financial Statements.

 

46


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

Regatta XV Funding Ltd., Series 2018-4A, Class C, 3.54%, 10/25/31 (b),(e),(f)

  $500,000       $477,505 

Rockford Tower CLO Ltd.,

        

Series 2017-1A, Class BR, 3 mo. USD LIBOR + 1.45%,
1.73%, 04/15/29 (b),(c),(e),(f)

   2,500,000        2,453,372 

Series 2017-2A, Class DR, 3 mo. USD LIBOR + 2.85%,
3.13%, 10/15/29 (b),(c),(e),(f)

   3,750,000        3,505,751 

Series 2019-2A, Class D, 3 mo. USD LIBOR + 3.50%, 3.75%, 08/20/32 (b),(e),(f)

   750,000        725,891 

Romark CLO III Ltd., Series 2019-3A, Class C, 3 mo. USD LIBOR + 3.90%, 4.18%, 07/15/32 (b),(e),(f)

   750,000        750,000 

RR Ltd., Series 2017-2A, Class C, 3 mo. USD LIBOR + 3.00%,
3.28%, 10/15/29 (b),(e),(f)

   750,000        712,772 

Skopos Auto Receivables Trust, Series 2019-1A, Class C, 3.63%, 09/16/24 (b),(c),(e)

   1,627,000        1,625,606 

TICP CLO Ltd., Series 2018-IA, Class C, 3 mo. USD LIBOR + 3.04%, 3.28%, 04/26/28 (b),(c),(e),(f)

   4,650,000        4,271,257 

TICP CLO V Ltd., Series 2016-5A, Class DR, 3.42%, 07/17/31 (b),(e),(f)

   750,000        728,049 

TICP CLO VI Ltd., Series 2016-6A, Class BR, 3 mo. USD LIBOR + 1.70%, 1.98%, 01/15/29 (b),(e),(f)

   500,000        495,411 

Tralee CLO Ltd., Series 2018-5A, Class D, 3 mo. USD LIBOR + 3.20%, 3.47%, 10/20/28 (b),(c),(e),(f)

   4,500,000        4,155,048 

Trimaran CAVU Ltd., Series 2019-2A, Class C, 3 mo. USD LIBOR + 4.72%, 4.99%, 11/26/32 (b),(c),(e),(f)

   2,000,000        2,000,000 

Venture CLO Ltd.,

        

Series 2013-14A, Class DR, 3 mo. USD LIBOR + 4.00%, 4.26%, 08/28/29 (b),(e),(f)

   4,000,000        3,320,668 

Series 2014-16A, Class DRR, 3 mo. USD LIBOR + 2.51%,
2.79%, 01/15/28 (b),(e),(f)

   4,000,000        3,225,956 

Series 2014-18A, Class DR, 3 mo. USD LIBOR + 3.10%, 3.38%, 10/15/29 (b),(e),(f)

   1,000,000        781,957 

Series 2019-37A, Class D, 3 mo. USD LIBOR + 3.90%,
4.18%, 07/15/32 (b),(c),(e),(f)

   3,000,000        2,749,611 

Vibrant CLO Ltd., Series 2018-8A, Class C, 3 mo. USD LIBOR + 2.85%, 3.12%, 01/20/31 (b),(c),(e),(f)

   6,300,000        5,352,789 

VOLT LXXXV LLC, Series 2020-NPL1 SEQ, Class A1A, 3.23%, 01/25/50 (b),(c),(e)

   1,601,189        1,589,242 

Voya CLO Ltd.,

        

Series 2016-2A, Class CR, 3 mo. USD LIBOR + 4.00%, 4.27%, 07/19/28 (b),(e),(f)

   250,000        241,279 

 

See Notes to Consolidated Financial Statements.

 

47


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Principal
Amount
         Value 

Series 2017-2A, Class C, 3 mo. USD LIBOR + 3.70%, 3.98%, 06/07/30 (b),(e),(f)

  $4,000,000       $3,891,716 

Wellfleet CLO Ltd., Series 2017-3A, Class A2, 1.77%, 01/17/31 (b),(e),(f)

   1,000,000        961,033 

WhiteHorse Ltd., Series 2015-10A, Class DR, 3 mo. USD LIBOR + 3.00%, 3.27%, 04/17/27 (b),(c),(e),(f)

   1,250,000        1,169,599 

Zais CLO Ltd., Series 2018-11A, Class D, 3 mo. USD LIBOR + 4.00%,
4.27%, 01/20/32 (b),(c),(e),(f)

   5,500,000        4,248,392 
        

 

 

 

Total North America

 

       359,397,379 
        

 

 

 

TOTAL ASSET-BACKED SECURITIES
(COST $385,747,255)

 

       366,327,891 
        

 

 

 

CONVERTIBLE BONDS — 0.1%

 

North America — 0.1%

 

    

Financial Services — 0.1%

        

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

   3,418,000        2,982,205 
        

 

 

 

Total North America

         2,982,205 
        

 

 

 

TOTAL CONVERTIBLE BONDS
(COST $3,418,000)

         2,982,205 
        

 

 

 

BANK DEBT — 5.2%

        

Asia — 0.0%

        

Industrial Services — 0.0%

        

Milano Acquisition Corp, Term Loan B (b),(d),(p)

   395,737        390,790 
        

 

 

 

Total Asia

         390,790 
        

 

 

 

Europe — 0.2%

        

Cable & Satellite — 0.0%

        

Altice Financing SA, 2017 USD Term Loan B, 1 mo. LIBOR + 2.75%,
2.90%, 07/15/25 (b),(f)

   829,319        790,374 

Ziggo Financing Partnership, USD Term Loan I, 1 mo. LIBOR + 2.50%,
2.65%, 04/30/28 (b),(f)

   520,858        500,383 
        

 

 

 
         1,290,757 
        

 

 

 

Chemicals — 0.1%

        

Alpha 3 B.V., 2017 Term Loan B1, 3 mo. LIBOR + 3.00%, 4.00%, 01/31/24 (b),(f)

   205,583        202,071 

Composite Resins Holding B.V., 2018 Term Loan B, 6 mo. LIBOR + 4.25%, 5.47%, 08/01/25 (b),(d),(f)

   886,398        873,102 

Starfruit Finco B.V, 2018 USD Term Loan B, 1 mo. LIBOR + 3.00%, 3.15%, 10/01/25 (b),(f)

   925,425        894,692 
        

 

 

 
         1,969,865 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

48


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

Entertainment Resources — 0.0%

        

Delta 2 (LUX) S.a.r.l., 2018 USD Term Loan, 1 mo. LIBOR + 2.50%, 3.50%, 02/01/24 (b),(f)

  $385,517       $373,150 
        

 

 

 

Food & Beverage — 0.0%

        

Froneri International Ltd., 2020 USD Term Loan, 1 mo. LIBOR + 2.25%, 2.40%, 01/31/27 (b),(f)

   230,005        220,559 
        

 

 

 

Health Care Facilities & Services — 0.0%

        

LGC Limited, Term Loan, 1 mo. LIBOR + 3.50%, 3.65%, 04/21/27 (b),(d)

   149,625        145,136 
        

 

 

 

Media — 0.0%

        

UPC Broadband Holding B.V.,

        

2020 USD Term Loan B1, 0.00%, 01/31/29 (b),(p)

   425,000        411,825 

2020 USD Term Loan B2, 0.00%, 01/31/29 (b),(p)

   425,000        411,825 
        

 

 

 
         823,650 
        

 

 

 

Medical Equipment & Devices Manufacturing — 0.0%

 

      

Auris Luxembourg III S.a.r.l., 2019 USD Term Loan B2, 1 mo. LIBOR + 3.75%, 3.90%, 02/27/26 (b)

   248,788        228,885 

Ortho-Clinical Diagnostics SA, 2018 Term Loan B, 1 mo. LIBOR + 3.25%, 3.41%, 06/30/25 (b),(f)

   347,364        331,906 
        

 

 

 
         560,791 
        

 

 

 

Oil, Gas & Coal — 0.0%

        

Endeavour International Holding B.V., Term Loan A1, 0.00%, 01/02/21 (b)

   1,123,887        26,524 
        

 

 

 

Property & Casualty Insurance — 0.0%

        

Hyperion Insurance Group Ltd., 2017 Repriced Term Loan, 1 mo. LIBOR + 3.50%, 4.50%, 12/20/24 (b),(f)

   259,398        257,526 
        

 

 

 

Refining & Marketing — 0.1%

        

EG America LLC, 2018 USD Term Loan, 3 mo. LIBOR + 4.00%, 4.22%, 02/07/25 (b),(f)

   1,459,391        1,427,693 
        

 

 

 

Software & Services — 0.0%

        

Capri Finance LLC, USD 2017 1st Lien Term Loan, 3 mo. LIBOR + 3.00%, 3.26%, 11/01/24 (b),(f)

   489,612        488,848 

ION Trading Technologies S.a.r.l., USD Incremental Term Loan B, 3 mo. LIBOR + 4.00%, 5.00%, 11/21/24 (b),(f)

   496,106        485,976 
        

 

 

 
         974,824 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

49


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Principal
Amount
         Value 

Wireless Telecommunications Services — 0.0%

        

Altice France S.A., 2018 Term Loan B13, 1 mo. LIBOR + 4.00%, 4.15%, 08/14/26 (b),(f)

  $1,371,892       $1,329,994 
        

 

 

 

Total Europe

         9,400,469 
        

 

 

 

North America — 4.9%

        

Advertising & Marketing — 0.4%

        

Advantage Sales & Marketing, Inc.,

        

2014 1st Lien Term Loan, 4.25%, 07/23/21 (b),(f)

   15,439,052        15,156,516 

Term Loan B2, 4.25%, 07/23/21 (b),(f)

   6,672,474        6,540,692 

Red Ventures, LLC, 2020 Term Loan B2, 1 mo. LIBOR + 2.50%,
2.65%, 11/08/24 (b),(f)

   849,729        813,616 

Terrier Media Buyer, Inc., Term Loan B, 1 mo. LIBOR + 4.25%, 4.40%, 12/17/26 (b),(f)

   735,548        716,373 
        

 

 

 
         23,227,197 
        

 

 

 

Aerospace & Defense — 0.0%

        

TransDigm, Inc.,

        

2020 Term Loan F, 1 mo. LIBOR + 2.25%, 2.40%, 12/09/25 (b),(f)

   571,412        539,271 

2020 Term Loan G, 1 mo. LIBOR + 2.25%, 2.40%, 08/22/24 (b),(f)

   393,985        372,272 
        

 

 

 
         911,543 
        

 

 

 

Airlines — 0.0%

        

American Airlines, Inc., 2017 1st Lien Term Loan, 1 mo. LIBOR + 1.75%, 1.90%, 01/29/27 (b),(f)

   413,311        299,911 
        

 

 

 

Auto Parts Manufacturing — 0.0%

        

Panther BF Aggregator 2 LP, USD Term Loan B, 1 mo. LIBOR + 3.50%, 3.65%, 04/30/26 (b),(f)

   1,190,977        1,158,595 
        

 

 

 

Cable & Satellite — 0.1%

        

CSC Holdings, LLC, 2019 Term Loan B5, 1 mo. LIBOR + 2.50%, 2.65%, 04/15/27 (b),(f)

   1,508,126        1,459,429 

Radiate Holdco, LLC, 2020 Term Loan, 1 mo. LIBOR + 3.50%, 4.25%, 09/25/26 (b),(f)

   658,111        645,772 

UPC Broadband Holding B.V., 2020 USD Term Loan AT, 1 mo. LIBOR + 2.25%, 2.40%, 04/30/28 (b),(f)

   149,123        143,562 

Virgin Media Bristol LLC, USD Term Loan N, 1 mo. LIBOR + 2.50%, 2.65%, 01/31/28 (b),(f)

   168,919        163,711 

WideOpenWest Finance LLC, 2017 Term Loan B, 1 mo. LIBOR + 3.25%, 4.25%, 08/18/23 (b),(f)

   1,330,931        1,308,678 
        

 

 

 
         3,721,152 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

50


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

Casinos & Gaming — 0.0%

        

Scientific Games International, Inc.,

        

2018 Term Loan B5, 0.00%, 08/14/24 (b),(f),(p)

  $140,224       $131,616 

2018 Term Loan B5, 1 mo. LIBOR + 2.75%, 2.90%, 08/14/24 (b),(f)

   75,616        70,974 

2018 Term Loan B5, 6 mo. LIBOR + 2.75%, 3.61%, 08/14/24 (b),(f)

   309,099        290,123 

Stars Group Holdings B.V. (The), 2018 USD Incremental Term Loan, 3 mo. LIBOR + 3.50%, 3.72%, 07/10/25 (b),(f)

   203,406        202,715 
        

 

 

 
         695,428 
        

 

 

 

Chemicals — 0.0%

        

Ascend Performance Materials Operations LLC, 2019 Term Loan B, 3 mo. LIBOR + 5.25%, 6.25%, 08/27/26 (b),(f)

   1,052,993        1,048,602 

GrafTech Finance, Inc., 2018 Term Loan B, 1 mo. LIBOR + 3.50%,
4.50%, 02/12/25 (b),(f)

   1,167,024        1,150,487 
        

 

 

 
         2,199,089 
        

 

 

 

Commercial Services — 0.0%

        

Amentum Government Services Holdings LLC, Term Loan B, 1 mo. LIBOR + 3.50%, 3.65%, 02/01/27 (b)

   178,910        175,854 

Garda World Security Corporation, 2019 1st Lien Term Loan B, 1 mo. LIBOR + 4.75%, 4.90%, 10/30/26 (b)

   431,233        427,891 
        

 

 

 
         603,745 
        

 

 

 

Communications Equipment — 0.0%

        

CommScope, Inc., 2019 Term Loan B, 1 mo. LIBOR + 3.25%, 3.40%, 04/06/26 (b),(f)

   637,984        620,554 

MLN US HoldCo LLC, 2018 1st Lien Term Loan, 1 mo. LIBOR + 4.50%, 4.66%, 11/30/25 (b),(f)

   278,120        236,828 

Plantronics Inc, 2018 Term Loan B, 0.00%, 07/02/25 (b),(f),(p)

   61,438        57,572 
        

 

 

 
         914,954 
        

 

 

 

Construction Materials Manufacturing — 0.0%

        

Forterra Finance, LLC, 2017 Term Loan B, 1 mo. LIBOR + 3.00%, 4.00%, 10/25/23 (b),(f)

   372,738        368,467 

Quikrete Holdings, Inc., 2016 1st Lien Term Loan, 1 mo. LIBOR + 2.50%, 2.65%, 02/01/27 (b),(f)

   384,559        373,822 
        

 

 

 
         742,289 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

51


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

Consumer Discretionary Services — 0.0%

        

GT Polaris, Inc., Term Loan B, 3 mo. LIBOR + 4.00%, 5.00%, 08/04/27 (b)

  $371,250       $368,117 
        

 

 

 

Consumer Finance — 0.1%

        

Apollo Commercial Real Estate Finance, Inc, Term Loan B, 1 mo. LIBOR + 2.75%, 2.90%, 05/15/26 (b),(d),(f)

   1,329,400        1,262,930 

Ocwen Loan Servicing, LLC 2016 Term Loan B, 7.000%, 05/16/22 (b),(d),(f)

   3,890,586        3,856,544 
        

 

 

 
         5,119,474 
        

 

 

 

Consumer Products — 0.1%

        

Kronos Acquisition Holdings Inc 2015 Term Loan B, 5.000%, 05/15/23

   1,988,409        1,973,058 

Sunshine Luxembourg VII SARL, USD Term Loan B1, 6 mo. LIBOR + 4.25%, 5.32%, 10/01/26 (b),(f)

   493,554        490,238 
        

 

 

 
         2,463,296 
        

 

 

 

Consumer Services — 0.3%

        

Agro Merchants NAI Holdings LLC, 2017 1st Lien Term Loan B, 3 mo. LIBOR + 3.75%, 4.75%, 12/06/24 (b),(d),(f)

   5,613,267        5,486,968 

Allied Universal Holdco LLC, 2019 Term Loan B, 1 mo. LIBOR + 4.25%, 4.40%, 07/10/26 (b),(f)

   817,158        807,238 

Cast and Crew Payroll, LLC, 2019 1st Lien Term Loan, 1 mo. LIBOR + 3.75%, 3.90%, 02/09/26 (b),(f)

   1,116,923        1,063,032 

CHG Healthcare Services Inc., 2017 1st Lien Term Loan B, 6 mo. LIBOR + 3.00%, 4.00%, 06/07/23 (b),(f)

   508,560        499,299 

Conservice Midco, LLC, 2020 Term Loan B, 3 mo. LIBOR + 4.25%,
4.47%, 05/13/27 (b),(d),(f)

   343,834        339,535 

Guidehouse LLP, 2018 Term Loan, 1 mo. LIBOR + 4.50%, 4.65%, 05/01/25 (b),(d),(f)

   260,518        257,751 

LegalZoom.com, Inc., 2018 1st Lien Term Loan, 1 mo. LIBOR + 4.50%, 4.65%, 11/21/24 (b),(f)

   1,719,505        1,696,584 

National Intergovernmental Purchasing Alliance Company, 1st Lien Term Loan, 3 mo. LIBOR + 3.75%, 3.97%, 05/23/25 (b),(f)

   136,956        133,190 

Prime Security Services Borrower, LLC 2019 Term Loan B1 ,4.250%, 09/23/26 (b),(f)

   1,887,055        1,867,845 

TKC Holdings, Inc. 2017 1st Lien Term Loan, 4.750%, 02/01/23 (b),(f)

   3,867,062        3,621,156 

 

See Notes to Consolidated Financial Statements.

 

52


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

USS Ultimate Holdings, Inc., 1st Lien Term Loan, 3 mo. LIBOR + 3.75%, 4.75%, 08/25/24 (b),(f)

  $612,353       $603,168 
        

 

 

 
         16,375,766 
        

 

 

 

Containers & Packaging — 0.2%

        

Berlin Packaging LLC,

        

2018 1st Lien Term Loan, 1 mo. LIBOR + 3.00%, 3.16%, 11/07/25 (b),(f)

   295,226        285,817 

2018 1st Lien Term Loan, 3 mo. LIBOR + 3.00%, 3.23%, 11/07/25 (b),(f)

   2,490        2,410 

Charter NEX US, Inc., Incremental Term Loan, 1 mo. LIBOR + 3.25%, 3.40%, 05/16/24 (b),(f)

   966,115        940,958 

Flex Acquisition Company, Inc.,

        

1st Lien Term Loan, 3 mo. LIBOR + 3.00%, 4.00%, 12/29/23 (b),(f)

   1,689,994        1,649,856 

2018 Incremental Term Loan, 3 mo. LIBOR + 3.25%, 3.55%, 06/29/25 (b),(f)

   359,789        348,546 

Fort Dearborn Company 2016 2nd Lien Term Loan, 9.516%, 10/21/24 (b),(f)

   2,457,491        2,291,610 

Proampac PG Borrower LLC,

        

2016 1st Lien Term Loan, 0.00%, 11/20/23 (b),(f),(p)

   302,231        298,000 

2016 1st Lien Term Loan, 4.50%, 11/20/23 (b),(f)

   78,046        76,954 

Reynolds Group Holdings Inc., USD 2017 Term Loan, 1 mo. LIBOR + 2.75%, 2.90%, 02/05/23 (b),(f)

   385,166        380,016 

Ring Container Technologies Group, LLC, 1st Lien Term Loan, 1 mo. LIBOR + 2.75%, 2.90%, 10/31/24 (b),(f)

   1,080,147        1,049,546 

TricorBraun Holdings, Inc., 2016 1st Lien Term Loan, 3 mo. LIBOR + 3.75%, 4.75%, 11/30/23 (b),(f)

   12,296        12,153 

Trident TPI Holdings, Inc., 2017 USD Term Loan B1, 3 mo. LIBOR + 3.00%, 4.00%, 10/17/24 (b),(d),(f)

   984,819        958,968 
        

 

 

 
         8,294,834 
        

 

 

 

Distributors—Consumer Discretionary — 0.0%

        

KAR Auction Services, Inc., 2019 Term Loan B6, 1 mo. LIBOR + 2.25%, 2.44%, 09/19/26 (b),(d),(f)

   391,224        376,553 
        

 

 

 

Educational Services — 0.1%

        

Cambium Learning Group, Inc., Term Loan B, 3 mo. LIBOR + 4.50%, 4.72%, 12/18/25 (b),(d),(f)

   1,130,007        1,113,057 

 

See Notes to Consolidated Financial Statements.

 

53


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

KUEHG Corp., 2018 Incremental Term Loan, 3 mo. LIBOR + 3.75%, 4.75%, 02/21/25 (b),(f)

  $839,937       $766,182 

Learning Care Group, Inc., 2018 1st Lien Term Loan, 3 mo. LIBOR + 3.25%, 4.25%, 03/13/25 (b),(f)

   198,473        179,991 

SSH Group Holdings, Inc., 2018 1st Lien Term Loan, 3 mo. LIBOR + 4.25%, 4.47%, 07/30/25 (b),(f)

   888,892        841,488 
        

 

 

 
         2,900,718 
        

 

 

 

Electrical Equipment Manufacturing — 0.0%

        

Brookfield WEC Holdings Inc., 2020 Term Loan, 1 mo. LIBOR + 3.00%, 3.75%, 08/01/25 (b),(f)

   994,194        967,917 

Vertiv Group Corporation, Term Loan B, 1 mo. LIBOR + 3.00%, 3.16%, 03/02/27 (b),(f)

   203,480        200,021 
        

 

 

 
         1,167,938 
        

 

 

 

Entertainment Contents — 0.0%

        

Diamond Sports Group, LLC, Term Loan, 1 mo. LIBOR + 3.25%, 3.40%, 08/24/26 (b),(f)

   1,085,910        837,964 

Univision Communications Inc., 2020 Replacement Term Loan, 1 mo. LIBOR + 3.75%, 4.75%, 03/15/26 (b),(f)

   664,726        645,974 
        

 

 

 
         1,483,938 
        

 

 

 

Entertainment Resources — 0.1%

        

Alterra Mountain Company, 2020 Term Loan B, 1 mo. LIBOR + 4.50%, 5.50%, 08/01/26 (b),(d),(f)

   187,299        184,958 

Bulldog Purchaser, Inc., 2018 Term Loan, 1 mo. LIBOR + 3.75%, 3.90%, 09/05/25 (b),(f)

   4,361,858        3,753,379 

Cinemark USA, Inc., 2018 Term Loan B, 1 mo. LIBOR + 1.75%, 1.90%, 03/31/25 (b),(f)

   52,956        47,206 

Crown Finance US, Inc., 2018 USD Term Loan, 6 mo. LIBOR + 2.25%, 2.52%, 02/28/25 (b),(f)

   493,627        326,342 

Equinox Holdings, Inc. 2017 1st Lien Term Loan, 4.000%, 03/08/24 (b),(f)

   520,911        397,914 

Life Time Fitness Inc 2017 Term Loan B, 3.750%, 06/10/22 (b),(f)

   1,823,257        1,651,561 

NASCAR Holdings, Inc, Term Loan B, 1 mo. LIBOR + 2.75%, 2.89%, 10/19/26 (b),(f)

   114,858        111,891 

UFC Holdings, LLC, 2019 Term Loan, 6 mo. LIBOR + 3.25%, 4.25%, 04/29/26 (b),(f)

   389,990        382,677 

William Morris Endeavor Entertainment, LLC, 2018 1st Lien Term Loan, 1 mo. LIBOR + 2.75%, 2.90%, 05/18/25 (b),(f)

   536,601        456,781 
        

 

 

 
         7,312,709 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

54


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

Entertainment Resources — 0.0%

        

AMC Entertainment Holdings, Inc., 2019 Term Loan B, 3 mo. LIBOR + 3.00%, 3.22%, 04/22/26 (b),(f)

  $142,796       $91,167 
        

 

 

 

Exploration & Production — 0.0%

        

Par Pacific Holdings, Inc. Term Loan B, 7.020%, 01/12/26 (b),(d),(f)

   1,838,958        1,632,075 
        

 

 

 

Financial Services — 0.2%

        

Advisor Group, Inc., 2019 Term Loan B, 1 mo. LIBOR + 5.00%, 5.15%, 07/31/26 (b),(f)

   368,446        355,959 

AqGen Ascensus, Inc., 2020 Term Loan, 1 mo. LIBOR + 4.00%, 5.00%, 12/13/26 (b),(f)

   476,853        472,981 

Camelot U.S. Acquisition 1 Co., 2020 Incremental Term Loan B, 0.00%, 10/30/26 (b),(p)

   569,566        566,479 

Deerfield Dakota Holding, LLC, 2020 USD Term Loan B, 1 mo. LIBOR + 3.75%, 4.75%, 04/09/27 (b),(f)

   1,738,618        1,725,943 

Getty Images, Inc., 2019 USD Term Loan B, 1 mo. LIBOR + 4.50%, 4.69%, 02/19/26 (b),(f)

   1,862,814        1,732,417 

GI Revelation Acquisition LLC, 2018 1st Lien Term Loan, 1 mo. LIBOR + 5.00%, 5.15%, 04/16/25 (b),(d),(f)

   95,583        91,760 

IG Investment Holdings, LLC, 2018 1st Lien Term Loan, 3 mo. LIBOR + 4.00%, 5.00%, 05/23/25 (b),(f)

   2,069,440        2,035,170 

LDiscovery, LLC, Term Loan, 3 mo. LIBOR + 5.88%, 6.88%, 12/09/22 (b),(d),(f)

   219,762        208,224 

Minotaur Acquisition, Inc., Term Loan B, 1 mo. LIBOR + 5.00%, 5.15%, 03/27/26 (b),(f)

   1,967,371        1,872,288 

NFP Corp., 2020 Term Loan, 1 mo. LIBOR + 3.25%, 3.40%, 02/15/27 (b),(f)

   829,417        795,552 

Quidditch Acquisition, Inc., 2018 Term Loan B, 3 mo. LIBOR + 7.00%,
8.00%, 03/21/25 (b),(d),(f)

   198,499        181,627 
        

 

 

 
         10,038,400 
        

 

 

 

Food & Beverage — 0.0%

        

CHG PPC Parent LLC, 2018 Term Loan B, 1 mo. LIBOR + 2.75%,
2.90%, 03/31/25 (b),(d),(f)

   781,200        749,952 

Chobani, LLC, 2017 Term Loan B, 1 mo. LIBOR + 3.50%, 4.50%, 10/10/23 (b),(f)

   352,551        348,144 

Dole Food Company Inc., 2017 Term Loan B, 1 mo. LIBOR + 2.75%, 3.75%, 04/06/24 (b),(f)

   294,000        289,284 

Hostess Brands, LLC 2019 Term Loan, 3.000%, 08/03/25 (b),(f)

   705,829        693,082 
        

 

 

 
         2,080,462 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

55


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

Forest & Paper Products — 0.0%

        

Vertical Midco GmbH, USD Term Loan B, 3 mo. LIBOR + 4.25%, 4.57%, 07/30/27 (b)

  $759,608       $752,422 
        

 

 

 

Gaming, Lodging & Restaurants — 0.0%

        

K-Mac Holdings Corp,

        

2018 1st Lien Term Loan, 1 mo. LIBOR + 3.00%, 3.15%, 03/14/25 (b)

   621,841        597,900 

2018 2nd Lien Term Loan, 1 mo. LIBOR + 6.75%, 6.91%, 03/16/26 (b)

   163,739        155,484 

Tacala, LLC, 1st Lien Term Loan, 1 mo. LIBOR + 3.25%, 3.40%, 02/05/27 (b)

   157,292        151,450 
        

 

 

 
         904,834 
        

 

 

 

Hardware — 0.0%

        

Cardtronics USA, Inc., Term Loan B, 1 mo. LIBOR + 4.00%, 5.00%, 06/29/27 (b),(d),(f)

   631,424        628,267 

EXC Holdings III Corp., USD 2017 1st Lien Term Loan, 3 mo. LIBOR + 3.50%, 4.50%, 12/02/24 (b),(d),(f)

   275,597        271,981 

TTM Technologies, Inc., 2017 Term Loan, 1 mo. LIBOR + 2.50%,
2.66%, 09/28/24 (b),(d),(f)

   149,307        146,321 
        

 

 

 
         1,046,569 
        

 

 

 

Health Care Facilities & Services — 0.3%

        

Change Healthcare Holdings LLC 2017 Term Loan B, 3.500%, 03/01/24 (b),(f)

   724,525        708,339 

New Millennium HoldCo, Inc. 2020 Term Loan, 6.500%, 05/01/25 (b),(d)

   2,316,060        2,316,060 

Quorum Health Corporation 2020 Term Loan, 9.250%, 04/29/25 (b),(f)

   13,775,249        12,759,324 
        

 

 

 
         15,783,723 
        

 

 

 

Health Care Facilities & Services — 0.7%

        

American Renal Holdings Inc., 2017 Term Loan B, 1 mo. LIBOR + 5.00%, 5.15%, 06/21/24 (b),(f)

   115,645        111,308 

Catalent Pharma Solutions Inc., Term Loan B2, 1 mo. LIBOR + 2.25%, 3.25%, 05/18/26 (b),(f)

   394,000        391,538 

CDRH Parent, Inc. New 1st Lien Term Loan, 5.250%, 07/01/21 (b),(f)

   583,708        421,892 

Comet Acquisition, Inc., Term Loan, 3 mo. LIBOR + 3.25%, 3.47%, 10/24/25 (b),(f)

   111,459        108,951 

Envision Healthcare Corporation, 2018 1st Lien Term Loan, 1 mo. LIBOR + 3.75%, 3.90%, 10/10/25 (b),(f)

   1,857,416        1,335,686 

 

See Notes to Consolidated Financial Statements.

 

56


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

eResearchTechnology, Inc., 2020 1st Lien Term Loan, 1 mo. LIBOR + 4.50%, 5.50%, 02/04/27 (b),(f)

  $222,926       $221,765 

ExamWorks Group, Inc., 2017 Term Loan, 3 mo. LIBOR + 3.25%, 4.25%, 07/27/23 (b)

   974,809        966,767 

GHX Ultimate Parent Corporation, 2017 1st Lien Term Loan, 3 mo. LIBOR + 3.25%, 4.25%, 06/28/24 (b),(f)

   753,136        735,565 

Global Medical Response, Inc., 2017 Term Loan B2, 3 mo. LIBOR + 4.25%, 5.25%, 03/14/25 (b),(f)

   1,761,122        1,702,424 

Heartland Dental, LLC,

        

2018 1st Lien Term Loan, 1 mo. LIBOR + 3.50%, 3.65%, 04/30/25 (b),(f)

   1,876,153        1,722,928 

Incremental Term Loan, 1 mo. LIBOR + 4.50%, 4.64%, 04/30/25 (b),(d),(f)

   559,203        515,166 

Jaguar Holding Company II, 2018 Term Loan, 1 mo. LIBOR + 2.50%,
3.50%, 08/18/22 (b),(f)

   974,571        970,137 

Onex TSG Intermediate Corp., 1st Lien Term Loan, 3 mo. LIBOR + 4.00%, 5.00%, 07/31/22 (b),(f)

   687,892        650,746 

Packaging Coordinators Midco, Inc., 1st Lien Term Loan, 1 mo. LIBOR + 4.00%, 5.00%, 06/30/23 (b),(d),(f)

   47,628        47,449 

Pathway Vet Alliance LLC, 2020 Term Loan, 1 mo. LIBOR + 4.00%, 4.15%, 03/31/27 (b),(f)

   588,384        578,528 

Pearl Intermediate Parent LLC, 2018 1st Lien Term Loan, 1 mo. LIBOR + 2.75%, 2.90%, 02/14/25 (b),(f)

   1,200,041        1,159,167 

Phoenix Guarantor Inc, 2020 Term Loan B, 1 mo. LIBOR + 3.25%,
3.40%, 03/05/26 (b),(f)

   977,662        950,532 

RegionalCare Hospital Partners Holdings, Inc., 2018 Term Loan B, 1 mo. LIBOR + 3.75%, 3.90%, 11/17/25 (b),(f)

   558,016        541,275 

Surgery Center Holdings, Inc., 2017 Term Loan B, 1 mo. LIBOR + 3.25%, 4.25%, 09/03/24 (b),(f)

   2,010,105        1,889,499 

Team Health Holdings, Inc. 1st Lien Term Loan, 3.750%, 02/06/24 (b),(f)

   14,285,266        11,944,054 

U.S. Anesthesia Partners, Inc., 2017 Term Loan, 6 mo. LIBOR + 3.00%, 4.00%, 06/23/24 (b),(f)

   1,019,024        960,430 

Wink Holdco, Inc 2nd Lien Term Loan B, 7.750%, 12/01/25 (b),(f)

   7,981,327        7,974,703 
        

 

 

 
       35,900,510 
        

 

 

 

Home Improvement — 0.1%

        

AI Aqua Merger Sub, Inc. 2017 1st Lien Term Loan B ,4.250%, 12/13/23 (b),(d),(f)

   584,268        569,662 

 

See Notes to Consolidated Financial Statements.

 

57


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

American Bath Group, LLC 2018 Term Loan B, 5.000%, 09/30/23 (b),(f)

  $146,103       $145,794 

Apex Tool Group, LLC, 2019 Term Loan B, 1 mo. LIBOR + 5.25%,
6.50%, 08/01/24 (b),(f)

   520,570        492,459 

Cornerstone Building Brands, Inc., 2018 Term Loan, 1 mo. LIBOR + 3.75%,
3.90%, 04/12/25 (b),(f)

   762,816        747,323 

MI Windows and Doors, LLC, Term Loan B, 3 mo. LIBOR + 5.50%,
6.50%, 11/06/26 (b),(f)

   328,208        328,208 

Tamko Building Products, Inc, Term Loan B, 1 mo. LIBOR + 3.25%,
3.40%, 06/01/26 (b),(d),(f)

   643,748        632,483 
        

 

 

 
       2,915,929 
        

 

 

 

Industrial Other — 0.1%

        

Brand Energy & Infrastructure Services, Inc. 2017 Term Loan ,5.250%, 06/21/24 (b),(f)

   1,038,580        964,416 

Core & Main LP 2017 Term Loan B, 3.750%, 08/01/24 (b),(f)

   473,909        463,393 

DG Investment Intermediate Holdings 2, Inc., 2018 1st Lien Term Loan, 1 mo. LIBOR + 3.00%, 3.75%, 02/03/25 (b),(f)

   185,287        177,529 

QualTek USA, LLC 2018 1st Lien Term Loan, 7.250%, 07/18/25 (b),(f)

   5,971,365        5,414,057 
        

 

 

 
       7,019,395 
        

 

 

 

Industrial Services — 0.0%

        

Tutor Perini Corporation, Term Loan B, 3 mo. LIBOR + 4.75%, 5.75%, 08/13/27 (b),(d)

   868,749        855,717 
        

 

 

 

Insurance — 0.0%

        

Ryan Specialty Group, LLC, Term Loan, 1 mo. LIBOR + 3.25%, 4.00%, 09/01/27 (b),(d)

   252,968        250,281 
        

 

 

 

Internet Media — 0.1%

        

Ancestry.com Operations Inc.,

 

2019 Extended Term Loan B, 1 mo. LIBOR + 4.25%, 4.40%, 08/27/26 (b),(f)

   207,309        206,716 

Non-Extended Term Loan B, 0.00%, 10/19/23 (b),(f),(p)

   330,811        330,150 

Micro Holding Corp., 2017 1st Lien Term Loan, 1 mo. LIBOR + 3.50%, 3.65%, 09/13/24 (b),(f)

   393,909        382,584 

Web.com Group, Inc.,

 

2018 2nd Lien Term Loan, 1 mo. LIBOR + 7.75%, 7.90%, 10/09/26 (b),(f)

   101,708        95,859 

2018 Term Loan B, 1 mo. LIBOR + 3.75%, 3.90%, 10/10/25 (b),(f)

   1,784,597        1,720,798 
        

 

 

 
       2,736,107 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

58


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

Machinery — 0.0%

        

AI Alpine AT Bidco GmbH, 2018 USD Term Loan B, 6 mo. LIBOR + 3.00%, 4.21%, 10/31/25 (b),(d)

  $83,790       $77,087 
        

 

 

 

Machinery Manufacturing — 0.2%

        

Engineered Machinery Holdings, Inc.,

 

USD 1st Lien Term Loan, 3 mo. LIBOR + 3.00%, 4.00%, 07/19/24 (b),(f)

   266,902        259,896 

USD 2nd Lien Term Loan, 8.25%, 07/18/25 (b),(f)

   8,435,663        8,266,950 

Titan Acquisition Limited, 2018 Term Loan B, 3 mo. LIBOR + 3.00%, 3.22%, 03/28/25 (b),(f)

   973,881        917,581 

Wash Multifamily Acquisition Inc., Canadian 1st Lien Term Loan, 1 mo. LIBOR + 3.25%, 4.25%, 05/14/22 (b),(f)

   51,811        50,717 

WASH Multifamily Laundry Systems, LLC, 2015 1st Lien Term Loan, 1 mo. LIBOR + 3.25%, 4.25%, 05/14/22 (b),(f)

   347,718        340,378 
        

 

 

 
       9,835,522 
        

 

 

 

Manufactured Goods — 0.1%

        

Hillman Group Inc. (The), 2018 Term Loan B, 1 mo. LIBOR + 4.00%, 4.15%, 05/31/25 (b),(f)

   1,095,358        1,069,037 

LTI Holdings, Inc., 2018 Add On 1st Lien Term Loan, 0.00%, 09/06/25 (b),(f),(p)

   399,309        370,295 

Tecomet Inc., 2017 Repriced Term Loan, 3 mo. LIBOR + 3.50%, 4.68%, 05/01/24 (b),(f)

   382,778        373,928 

WireCo WorldGroup, Inc. 1st Lien Term Loan, 6.000%, 09/30/23 (b),(f)

   4,780,697        4,133,295 
        

 

 

 
         5,946,555 
        

 

 

 

Materials — 0.0%

        

Graham Packaging Company Inc., Term Loan, 1 mo. LIBOR + 3.75%,
4.50%, 08/04/27 (b)

   363,479        360,906 

Reynolds Group Holdings Inc., 2020 Term Loan, 0.00%, 02/03/26 (b),(p)

   426,313        418,213 
        

 

 

 
         779,119 
        

 

 

 

Media — 0.0%

        

Nielsen Finance LLC, 2020 USD Term Loan B5, 0.00%, 06/04/25 (b)

   164,464        164,135 
        

 

 

 

Medical Equipment & Devices Manufacturing — 0.0%

 

      

Albany Molecular Research, Inc.,

        

2017 1st Lien Term Loan, 3 mo. LIBOR + 3.25%, 4.25%, 08/30/24 (b),(f)

   160,358        157,919 

 

See Notes to Consolidated Financial Statements.

 

59


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

2017 2nd Lien Term Loan, 3 mo. LIBOR + 7.00%, 8.00%, 08/30/25 (b),(f)

  $14,030       $13,797 

Athenahealth, Inc., 2019 Term Loan B, 3 mo. LIBOR + 4.50%, 4.75%, 02/11/26 (b),(f)

   993,613        976,224 

CPI Holdco, LLC, 2019 Term Loan, 1 mo. LIBOR + 4.25%, 4.40%, 11/04/26 (b),(d),(f)

   171,475        170,189 

CPI International Inc., 2017 1st Lien Term Loan, 1 mo. LIBOR + 3.50%, 4.50%, 07/26/24 (b),(f)

   180,858        174,528 

Sotera Health Holdings, LLC, 2019 Term Loan, 0.00%, 12/11/26 (b),(f),(p)

   308,927        307,382 
        

 

 

 
         1,800,039 
        

 

 

 

Pharmaceuticals — 0.1%

        

Alphabet Holding Company, Inc., 2017 1st Lien Term Loan, 1 mo. LIBOR + 3.50%, 3.65%, 09/26/24 (b),(f)

   1,757,223        1,704,823 

Amneal Pharmaceuticals LLC, 2018 Term Loan B, 1 mo. LIBOR + 3.50%, 3.69%, 05/04/25 (b),(f)

   488,926        459,591 

Arbor Pharmaceuticals, Inc., Term Loan B, 3 mo. LIBOR + 5.00%,
6.00%, 07/05/23 (b),(f)

   681,008        628,659 

Bausch Health Companies Inc.,

        

2018 Term Loan B, 1 mo. LIBOR + 3.00%, 3.15%, 06/02/25 (b),(f)

   219,071        214,462 

Term Loan B, 1 mo. LIBOR + 2.75%, 2.90%, 11/27/25 (b),(f)

   573,058        558,731 

Endo Luxembourg Finance Company I S.a r.l., 2017 Term Loan B, 3 mo. LIBOR + 4.25%, 5.00%, 04/29/24 (b),(f)

   447,180        424,821 
        

 

 

 
         3,991,087 
        

 

 

 

Property & Casualty Insurance — 0.2%

        

Alliant Holdings Intermediate, LLC, 2018 Term Loan B, 1 mo. LIBOR + 2.75%, 2.90%, 05/09/25 (b),(f)

   384,515        372,933 

AmWINS Group, Inc., 2017 Term Loan B, 1 mo. LIBOR + 2.75%, 3.75%, 01/25/24 (b),(f)

   646,842        640,225 

AssuredPartners Capital, Inc., 2020 Incremental Term Loan B, 1 mo. LIBOR + 4.50%, 5.50%, 02/12/27 (b),(f)

   322,923        321,444 

AssuredPartners, Inc., 2020 Term Loan B, 1 mo. LIBOR + 3.50%, 3.65%, 02/12/27 (b),(f)

   843,658        818,045 

Asurion LLC,

        

2017 2nd Lien Term Loan, 1 mo. LIBOR + 6.50%, 6.65%, 08/04/25 (b),(f)

   1,075,414        1,075,640 

2017 Term Loan B4, 1 mo. LIBOR + 3.00%, 3.15%, 08/04/22 (b),(f)

   420,322        414,979 

 

See Notes to Consolidated Financial Statements.

 

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Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

2018 Term Loan B6, 1 mo. LIBOR + 3.00%, 3.15%, 11/03/23 (b),(f)

  $393,740       $387,507 

2018 Term Loan B7, 1 mo. LIBOR + 3.00%, 3.15%, 11/03/24 (b),(f)

   1,190,863        1,169,285 

Broadstreet Partners, Inc., 2020 Term Loan B, 1 mo. LIBOR + 3.25%, 3.40%, 01/27/27 (b),(f)

   386,910        375,883 

Hub International Limited,

        

2018 Term Loan B, 3 mo. LIBOR + 3.00%, 3.26%, 04/25/25 (b),(f)

   1,343,442        1,296,676 

2019 Incremental Term Loan B, 3 mo. LIBOR + 4.00%, 5.00%, 04/25/25 (b),(f)

   1,266,362        1,260,423 

Sedgwick Claims Management Services, Inc.,

        

2018 Term Loan B, 1 mo. LIBOR + 3.25%, 3.40%, 12/31/25 (b),(f)

   393,985        379,459 

2019 Term Loan B, 1 mo. LIBOR + 4.00%, 4.15%, 09/03/26 (b),(f)

   247,207        243,230 

USI, Inc.,

        

2017 Repriced Term Loan, 3 mo. LIBOR + 3.00%, 3.22%, 05/16/24 (b),(f)

   467,548        451,572 

2019 Incremental Term Loan B, 3 mo. LIBOR + 4.00%, 4.22%, 12/02/26 (b),(f)

   401,682        396,994 
        

 

 

 
         9,604,295 
        

 

 

 

Publishing & Broadcasting — 0.2%

        

A-L Parent LLC,

        

2016 1st Lien Term Loan, 4.25%, 12/01/23 (b),(f)

   5,018,968        4,251,467 

2016 2nd Lien Term Loan, 8.25%, 12/02/24 (b),(f)

   857,047        368,530 

Clear Channel Outdoor Holdings, Inc., Term Loan B, 3 mo. LIBOR + 3.50%, 3.76%, 08/21/26 (b),(f)

   744,150        675,502 

Entercom Media Corp., 2019 Term Loan, 1 mo. LIBOR + 2.50%, 2.64%, 11/18/24 (b),(f)

   1,566,680        1,470,720 

iHeartCommunications, Inc., 2020 Term Loan, 1 mo. LIBOR + 3.00%, 3.15%, 05/01/26 (b),(f)

   1,358,660        1,286,271 

LBI Media, Inc., Exit Term Loan, 3 mo. LIBOR + 7.50%, 8.50%, 04/16/26 (b),(d)

   198,706        131,146 

Nexstar Broadcasting, Inc., 2019 Term Loan B4, 1 mo. LIBOR + 2.75%, 2.91%, 09/18/26 (b),(f)

   1,530,972        1,495,255 

Recorded Books Inc., 2018 Term Loan B, 1 mo. LIBOR + 4.00%,
4.16%, 08/29/25 (b),(d),(f)

   350,252        347,188 
        

 

 

 
         10,026,079 
        

 

 

 

Recreation Facilities & Services — 0.0%

        

Motion Finco Sarl,

        

Delayed Draw Term Loan B2, 3 mo. LIBOR + 3.25%, 3.47%, 11/12/26 (b)

   15,059        12,996 

 

See Notes to Consolidated Financial Statements.

 

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Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

USD Term Loan B1, 3 mo. LIBOR + 3.25%, 3.47%, 11/12/26 (b)

  $112,885       $97,419 
        

 

 

 
         110,415 
        

 

 

 

Refining & Marketing — 0.2%

        

CITGO Holding Inc. 2019 Term Loan B, 8.000%, 08/01/23 (b),(f)

   5,845,858        5,473,184 

Citgo Petroleum Corporation 2019 Term Loan B, 6.000%, 03/28/24 (b),(f)

   5,390,206        5,098,218 

Gulf Finance, LLC Term Loan B, 6.250%, 08/25/23 (b),(f)

   135,824        95,417 
        

 

 

 
         10,666,819 
        

 

 

 

Renewable Energy — 0.0%

        

Granite Acquisition Inc., Term Loan B, 3 mo. LIBOR + 3.50%, 4.50%, 12/19/21 (b),(f)

   302,695        300,183 
        

 

 

 

Restaurants — 0.0%

        

IRB Holding Corp 2020 Term Loan B, 3.750%, 02/05/25 (b),(f)

   453,571        432,340 

Whatabrands LLC, 2020 Term Loan B, 1 mo. LIBOR + 2.75%, 2.91%, 07/31/26 (b),(f)

   546,668        533,941 
        

 

 

 
         966,281 
        

 

 

 

Retail—Consumer Discretionary — 0.2%

        

Academy, Ltd., 2015 Term Loan B, 0.00%, 07/01/22 (b),(f),(p)

   2,085,277        2,034,188 

Avis Budget Car Rental, LLC, 2020 Term Loan B, 1 mo. LIBOR + 2.25%, 2.40%, 08/06/27 (b),(f)

   267,021        234,711 

Bass Pro Group, LLC Term Loan B, 5.750%, 09/25/24 (b),(f)

   1,044,612        1,033,519 

CNT Holdings III Corp, 2017 Term Loan, 1 mo. LIBOR + 3.00%, 4.00%, 01/22/23 (b),(f)

   440,110        439,194 

Harbor Freight Tools USA, Inc., 2018 Term Loan B, 1 mo. LIBOR + 2.50%, 3.25%, 08/18/23 (b),(f)

   382,470        376,553 

LBM Borrower, LLC, 2018 1st Lien Term Loan, 3 mo. LIBOR + 3.75%,
4.75%, 08/20/22 (b),(f)

   203,788        203,585 

Michaels Stores, Inc., 2018 Term Loan B, 1 mo. LIBOR + 2.50%,
3.50%, 01/30/23 (b),(f)

   167,567        166,562 

Petco Animal Supplies, Inc., 2017 Term Loan B, 3 mo. LIBOR + 3.25%,
4.25%, 01/26/23 (b),(f)

   1,647,292        1,509,842 

PetSmart, Inc. Consenting Term Loan,
4.500%, 03/11/22 (b),(f)

   1,849,145        1,843,523 

Priso Acquisition Corporation, 2017 Term Loan B, 6 mo. LIBOR + 3.00%,
4.18%, 05/08/22 (b),(f)

   164,151        159,157 

 

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, 2020 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

SiteOne Landscape Supply, Inc., 2018 Term Loan E, 1 mo. LIBOR + 2.75%,
3.75%, 10/29/24 (b),(f)

  $40,281       $39,878 

SRS Distribution Inc., 2018 1st Lien Term Loan, 3 mo. LIBOR + 3.00%,
3.15%, 05/23/25 (b),(f)

   2,192,726        2,130,716 

Wand NewCo 3, Inc.,

        

2020 Term Loan, 1 mo. LIBOR + 3.00%, 3.15%, 02/05/26 (b),(f)

   151,975        146,418 

2020 Term Loan, 3 mo. LIBOR + 3.00%, 4.07%, 02/05/26 (b),(f)

   380,669        366,752 
        

 

 

 
         10,684,598 
        

 

 

 

Software & Services — 0.7%

        

Access CIG, LLC, 2018 1st Lien Term Loan, 3 mo. LIBOR + 3.75%, 3.91%, 02/27/25 (b),(f)

   1,651,853        1,609,533 

Applied Systems, Inc., 2017 1st Lien Term Loan, 3 mo. LIBOR + 3.25%, 4.25%, 09/19/24 (b),(f)

   753,563        748,145 

Ascend Learning, LLC, 2017 Term Loan B, 1 mo. LIBOR + 3.00%, 4.00%, 07/12/24 (b),(f)

   130,031        128,080 

Banff Merger Sub Inc, 2018 USD Term Loan B, 1 mo. LIBOR + 4.25%,
4.40%, 10/02/25 (b),(f)

   1,728,093        1,673,503 

Blackboard, Inc. 2019 Term Loan B5, 7.000%, 06/30/24 (b),(f)

   4,699,837        4,557,386 

Brave Parent Holdings, Inc., 1st Lien Term Loan, 1 mo. LIBOR + 4.00%, 4.15%, 04/18/25 (b),(f)

   1,025,061        1,009,685 

CCC Information Services, Inc., 2017 1st Lien Term Loan, 1 mo. LIBOR + 3.00%, 4.00%, 04/29/24 (b),(f)

   654,612        649,022 

ConvergeOne Holdings, Inc., 2019 Term Loan, 1 mo. LIBOR + 5.00%,
5.15%, 01/04/26 (b),(f)

   282,517        257,443 

CT Technologies Intermediate Holdings, Inc., New 1st Lien Term Loan, 1 mo. LIBOR + 4.25%, 5.25%, 12/01/21 (b),(f)

   272,834        261,752 

DCert Buyer, Inc., 2019 Term Loan B, 1 mo. LIBOR + 4.00%, 4.15%, 10/16/26 (b),(f)

   728,049        717,812 

DiscoverOrg, LLC, 2019 1st Lien Term Loan, 1 mo. LIBOR + 3.75%, 3.90%, 02/02/26 (b),(f)

   313,433        310,038 

Dun & Bradstreet Corporation (The), Term Loan, 1 mo. LIBOR + 3.75%, 3.89%, 02/06/26 (b),(f)

   878,263        868,163 

ECI Macola Max Holdings LLC, 1st Lien Term Loan, 1 mo. LIBOR + 4.25%, 5.25%, 09/27/24 (b),(d),(f)

   551,011        547,225 

Epicor Software Corporation, 2020 Term Loan, 1 mo. LIBOR + 4.25%,
5.25%, 07/30/27 (b),(f)

   800,862        798,972 

Finastra USA, Inc. USD 1st Lien Term Loan, 4.500%, 06/13/24 (b),(f)

   581,096        542,017 

 

See Notes to Consolidated Financial Statements.

 

63


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

Flexera Software LLC, 2018 1st Lien Term Loan, 3 mo. LIBOR + 3.25%, 4.25%, 02/26/25 (b),(f)

  $393,939       $390,678 

Genuine Financial Holdings, LLC, 2018 1st Lien Term Loan, 1 mo. LIBOR + 3.75%, 3.90%, 07/11/25 (b),(f)

   447,664        407,056 

GlobalLogic Holdings Inc., 2020 Incremental Term Loan B2, 1 mo. LIBOR + 3.75%, 4.50%, 08/13/27 (b),(d),(f)

   205,059        203,008 

Help/Systems Holdings, Inc, 2019 Term Loan B, 3 mo. LIBOR + 4.75%,
5.75%, 11/19/26 (b),(d),(f)

   773,768        766,518 

Hyland Software, Inc., 2018 1st Lien Term Loan, 1 mo. LIBOR + 3.25%, 4.00%, 07/01/24 (b),(f)

   1,274,668        1,268,027 

Imperva, Inc., 1st Lien Term Loan, 3 mo. LIBOR + 4.00%, 5.00%, 01/12/26 (b),(f)

   1,416,431        1,390,128 

Informatica LLC, 2020 USD 2nd Lien Term Loan, 0.00%, 02/25/25 (b)

   77,519        78,618 

MA FinanceCo., LLC, 2020 USD Term Loan B, 3 mo. LIBOR + 4.25%, 5.25%, 06/05/25 (b),(f)

   556,464        552,752 

McAfee, LLC, 2018 USD Term Loan B, 1 mo. LIBOR + 3.75%, 3.90%, 09/30/24 (b),(f)

   689,447        683,608 

Mitchell International, Inc., 2017 1st Lien Term Loan, 1 mo. LIBOR + 3.25%, 3.40%, 11/29/24 (b),(f)

   1,308,224        1,247,862 

MPH Acquisition Holdings LLC, 2016 Term Loan B, 3 mo. LIBOR + 2.75%, 3.75%, 06/07/23 (b),(f)

   905,707        890,183 

Perforce Software, Inc., 2020 Term Loan B, 1 mo. LIBOR + 3.75%,
3.90%, 07/01/26 (b),(f)

   671,167        657,743 

Project Alpha Intermediate Holding, Inc., 2017 Term Loan B, 3 mo. LIBOR + 3.50%, 4.50%, 04/26/24 (b),(f)

   1,487,785        1,458,030 

Project Angel Holdings LLC, 2018 1st Lien Term Loan, 3 mo. LIBOR + 3.75%, 4.82%, 05/30/25 (b),(d),(f)

   503,487        494,676 

Project Boost Purchaser, LLC, 2019 Term Loan B, 1 mo. LIBOR + 3.50%, 3.65%, 06/01/26 (b),(f)

   395,192        383,008 

Project Leopard Holdings, Inc.,

        

2018 Term Loan, 3 mo. LIBOR + 4.50%, 5.50%, 07/07/23 (b),(f)

   118,205        115,840 

2019 Term Loan, 3 mo. LIBOR + 4.25%, 5.25%, 07/07/23 (b),(f)

   512,677        502,849 

Quest Software US Holdings Inc., 2018 1st Lien Term Loan, 3 mo. LIBOR + 4.25%, 4.51%, 05/16/25 (b),(f)

   1,601,200        1,565,172 

Rackspace Hosting, Inc., 2017 Incremental 1st Lien Term Loan, 3 mo. LIBOR + 3.00%, 4.00%, 11/03/23 (b),(f)

   727,196        712,565 

 

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, 2020 (Unaudited)

 

Security Description

  Principal
Amount
        Value 

Rocket Software, Inc., 2018 Term Loan, 1 mo. LIBOR + 4.25%, 4.40%, 11/28/25 (b),(f)

  $1,193,939       $1,168,425 

Sabre GLBL Inc., 2018 Term Loan B, 1 mo. LIBOR + 2.00%, 2.15%, 02/22/24 (b),(f)

   146,508        136,332 

Sophia, L.P., 2020 1st Lien Term Loan, 0.00%, 10/07/27 (b),(p)

   657,555        652,788 

Surf Holdings, LLC, USD Term Loan, 3 mo. LIBOR + 3.50%, 3.75%, 03/05/27 (b),(f)

   316,919        309,392 

Syncsort Incorporated,

        

2018 Term Loan B, 3 mo. LIBOR + 6.25%, 6.51%, 08/16/24 (b),(f)

   92,122        90,538 

Term Loan B, 3 mo. LIBOR + 6.00%, 7.00%, 08/16/24 (b),(f)

   439,882        432,734 

TierPoint, LLC, 2017 1st Lien Term Loan, 1 mo. LIBOR + 3.75%, 4.75%, 05/06/24 (b),(f)

   1,789,463        1,736,621 

Ultimate Software Group Inc(The), Term Loan B, 1 mo. LIBOR + 3.75%, 3.90%, 05/04/26 (b),(f)

   1,734,498        1,717,639 

Veritas US Inc., 2020 USD Term Loan B, 3 mo. LIBOR + 5.50%, 6.50%, 09/01/25 (b),(f)

   1,547,240        1,512,427 

Verscend Holding Corp., 2018 Term Loan B, 1 mo. LIBOR + 4.50%,
4.65%, 08/27/25 (b),(f)

   550,849        544,652 

VS Buyer, LLC, Term Loan B, 1 mo. LIBOR + 3.25%, 3.40%, 02/28/27 (b),(f)

   70,606        69,253 

VT Topco, Inc., 2018 1st Lien Term Loan, 1 mo. LIBOR + 3.25%,
3.40%, 08/01/25 (b),(d),(f)

   96,398        91,578 

Weld North Education, LLC, Term Loan B, 3 mo. LIBOR + 4.25%,
4.40%, 02/15/25 (b),(d),(f)

   111,457        110,273 
        

 

 

 
     37,019,749 
        

 

 

 

Specialty Finance — 0.0%

        

PI US MergerCo, Inc., USD 2017 1st Lien Term Loan, 3 mo. LIBOR + 3.50%, 4.50%, 01/03/25 (b)

   352,046        338,626 
        

 

 

 

Transportation & Logistics — 0.0%

        

Atlantic Aviation FBO Inc., 2018 Term Loan B, 1 mo. LIBOR + 3.75%, 3.90%, 12/06/25 (b),(f)

   168,032        163,691 

IBC Capital Limited, 2018 1st Lien Term Loan, 3 mo. LIBOR + 3.75%, 3.98%, 09/11/23 (b),(f)

   553,836        518,878 

Lineage Logistics Holdings, LLC, 2018 Term Loan, 1 mo. LIBOR + 3.00%, 4.00%, 02/27/25 (b),(f)

   448,520        441,653 
        

 

 

 
     1,124,222 
        

 

 

 

Travel & Lodging — 0.0%

        

Casablanca US Holdings, Inc., 2018 1st Lien Term Loan, 3 mo. LIBOR + 4.00%, 4.26%, 03/29/24 (b),(f)

   1,969,221        1,426,976 

 

See Notes to Consolidated Financial Statements.

 

65


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Principal
Amount
         Value 

Diamond Resorts International, Inc., 2018 Term Loan B, Citibank, N.A., 1 mo. LIBOR + 3.75%, 4.75%, 09/02/23 (b),(f)

  $98,734       $87,298 

Hornblower Sub, LLC 2018 Term Loan B ,5.500%, 04/27/25 (b),(f)

   209,526        174,535 

Marriott Ownership Resorts, Inc., 2019 Term Loan B, 1 mo. LIBOR + 1.75%, 1.90%, 08/29/25 (b),(f)

   99,499        94,897 

SMB Shipping Logistics, LLC, 1st Lien Term Loan, 3 mo. LIBOR + 4.00%, 5.00%, 02/02/24 (b),(d),(f)

   308,402        294,524 
        

 

 

 
     2,078,230 
        

 

 

 

Waste & Environmental Services & Equipment — 0.0%

 

      

EnergySolutions, LLC, 2018 Term Loan B, 3 mo. LIBOR + 3.75%,
4.75%, 05/09/25 (b),(f)

   550,294        524,155 

ERM Emerald US Inc., USD Term Loan B1, 3 mo. LIBOR + 3.25%,
3.47%, 07/10/26 (b)

   308,467        302,683 

GFL Environmental Inc. 2018 USD Term Loan B, 4.000%, 05/30/25 (b),(f)

   219,079        217,874 
        

 

 

 
     1,044,712 
        

 

 

 

Wireless Telecommunications Services — 0.0%

        

Iridium Satellite LLC, Term Loan, 1 mo. LIBOR + 3.75%, 4.75%, 11/04/26 (b),(f)

   270,689        269,820 

Telesat Canada, Term Loan B5, 1 mo. LIBOR + 2.75%, 2.90%, 12/07/26 (b),(f)

   746,496        719,749 
        

 

 

 
     989,569 
        

 

 

 

Wireline Telecommunications Services — 0.1%

        

CenturyLink, Inc., 2020 Term Loan B, 1 mo. LIBOR + 2.25%, 2.40%, 03/15/27 (b),(f)

   1,620,244        1,553,992 

Colorado Buyer Inc 2nd Lien Term Loan, 8.250%, 05/01/25 (b),(f)

   1,835,279        942,581 

Securus Technologies Holdings, Inc., 2017 1st Lien Term Loan, 6 mo. LIBOR + 4.50%, 5.50%, 11/01/24 (b),(f)

   263,168        216,703 
        

 

 

 
     2,713,276 
        

 

 

 

Total North America

 

     272,605,435 
        

 

 

 

Oceania — 0.0%

        

Financial Services — 0.0%

        

Kiwi VFS Sub I Sarl, GBP 2017 1st Lien Term Loan, 0.00%, 07/29/24 (b),(p)

   1,044,507    GBP      1,139,992 
        

 

 

 

Total Oceania

 

     1,139,992 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

66


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Principal
Amount
         Value 

South America — 0.1%

        

Cable & Satellite — 0.0%

        

Coral-US Co-Borrower, LLC, 2020 Term Loan B2, 1 mo. LIBOR + 2.25%, 2.40%, 01/31/28 (b),(f)

  $260,383       $251,536 
        

 

 

 

Iron & Steel — 0.1%

        

Samarco Mineracao S.A., Fixed Rate Term Loan, 0.00%, 03/25/21 (b),(d),(p)

   11,623,127        5,985,910 
        

 

 

 

Total South America

         6,237,446 
        

 

 

 

TOTAL BANK DEBT
(COST $ 296,531,463)

         289,774,132 
        

 

 

 

CORPORATE BONDS & NOTES — 7.3%

        

Africa — 0.2%

        

Utilities — 0.2%

        

Eskom Holdings SOC Ltd.,

        

5.75%, 01/26/21 (m),(i)

   4,371,000        4,263,211 

8.45%, 08/10/28 (m)

   4,535,000        4,164,264 
        

 

 

 
         8,427,475 
        

 

 

 

Total Africa

         8,427,475 
        

 

 

 

Asia — 0.1%

        

Financial Services — 0.1%

        

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

   3,032,000        3,213,423 
        

 

 

 

Total Asia

         3,213,423 
        

 

 

 

Europe — 0.3%

        

Automobiles Manufacturing — 0.1%

        

Mclaren Finance plc, 5.00%, 08/01/22 (b),(m)

   3,571,000    GBP      4,086,304 
        

 

 

 

Banks — 0.1%

        

HSBC Bank plc, MTN, 0.00%, 10/15/20 (m),(e),(j)

   25,275,000    EGP      1,597,718 

ICBC Standard Bank plc, MTN, 0.00%, 03/04/21 (c),(e),(j)

  $112,517,467        6,769,257 
        

 

 

 
         8,366,975 
        

 

 

 

Entertainment Resources — 0.0%

        

CPUK Finance Ltd., 4.25%, 02/28/47 (b),(e)

   83,333    GBP      105,946 
        

 

 

 

Restaurants — 0.1%

        

Stonegate Pub Co. Financing 2019 plc ,
8.250%, 07/31/25 (b),(m),(e)

   3,332,000        3,976,745 

 

See Notes to Consolidated Financial Statements.

 

67


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

September 30, 2020 (Unaudited)

 

Security Description

  Principal
Amount
         Value 

Wagamama Finance plc, 4.13%, 07/01/22 (b),(m),(i)

   414,000    GBP     $494,075 
        

 

 

 
         4,470,820 
        

 

 

 

Total Europe

         17,030,045 
        

 

 

 

Middle East — 0.7%

        

Exploration & Production — 0.7%

        

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

  $36,800,000        39,054,810 
        

 

 

 

Financial Services — 0.0%

        

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

   1,379,000        1,649,904 
        

 

 

 

Total Middle East

         40,704,714 
        

 

 

 

North America — 4.6%

        

Airlines — 0.1%

        

Delta Air Lines, Inc., 7.00%, 05/01/25 (b),(e)

   607,000        666,377 

Delta Air Lines, Inc. / SkyMiles IP Ltd.,
4.75%, 10/20/28 (b),(e)

   209,000        216,837 

United Airlines Holdings, Inc.,

        

4.88%, 01/15/25 (b)

   1,037,000        891,820 

5.00%, 02/01/24 (b)

   1,571,000        1,374,625 
        

 

 

 
         3,149,659 
        

 

 

 

Banks — 0.1%

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