Docoh
Loading...

Blackstone Alternative Investment Funds

Filed: 26 May 21, 2:24pm
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: March 31, 2021

 

 

 


Table of Contents
Item 1.

Reports to Stockholders.

(a) The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”):

(b) Not applicable.


Table of Contents

 Blackstone

 

Blackstone Alternative Multi-Strategy Fund

a series of Blackstone Alternative Investment Funds

 

Annual Report

For the Year Ended March 31, 2021

 


Table of Contents

TABLE OF CONTENTS

 

Management’s Discussion of Fund Performance

    1

Performance Summary

    6

Portfolio Information

    7

Consolidated Schedule of Investments

    11

Consolidated Statement of Assets and Liabilities

    215

Consolidated Statement of Operations

    217

Consolidated Statement of Changes in Net Assets

    218

Consolidated Statement of Cash Flows

    220

Consolidated Financial Highlights

    222

Notes to Consolidated Financial Statements

    225

Report of Independent Registered Public Accounting Firm

    254

Shareholder Fee Example

    255

Supplemental Information

    256

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

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

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


Table of Contents

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


Table of Contents

BLACKSTONE ALTERNATIVE INVESTMENT FUNDS

Dear Blackstone Investor,

We are pleased to present this annual shareholder report for Blackstone Alternative Investment Funds (“BAIF”) and its series, Blackstone Alternative Multi-Strategy Fund (the “Fund”). This report includes portfolio commentary, a listing of the Fund’s investments and the Fund’s audited financial statements. Audited financial statements for the Fund cover the period from April 1, 2020 to March 31, 2021 (the “Reporting Period”).

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

Fund Performance2

The Reporting Period was comprised of four consecutive quarters of global equity market appreciation, as accommodative monetary and fiscal policies adopted in response to the COVID-19 pandemic provided support for markets’ rebound following their swift and broad-based drawdown during the first quarter of 2020. The Fund’s collection of alternative strategies and hedge fund vehicles exhibited positive returns over the Reporting Period, outperforming the broader hedge fund universe by more than 2%3. As we look ahead to the next 12 months, we intend to continue leveraging our due diligence, risk management, and investment expertise, accumulated over our 25+ years’ experience in alternative investing, to identify compelling investment strategies and skilled sub-advisers that we believe may advance the Fund in pursuit of its objective. Furthermore, we believe that the market turbulence of the past year has provided opportunities to partner with skilled managers seeking additional capital, and we continue to leverage Blackstone Alternative

 

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

1 

BAIA manages a portion of the Fund’s assets directly, including direct investments into underlying investment funds. During the Reporting Period, such direct investments included allocations to funds managed by EJF Capital LLC, Aeolus Capital Management Ltd., PIMCO Investment Management, Islet Management, L.P. and Saba Capital Management. For the avoidance of doubt, direct investments into these investment funds are not considered “Blackstone Strategies” as defined in the Fund’s prospectus. BAIA allocations are subject to change and BAIA’s fees on directly managed assets are not reduced by a payment to a sub-adviser.

2 

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

3 

As measured by the HFRX Global Hedge Fund Index.

 

1


Table of Contents

Asset Management’s4 position as the world’s largest allocator to hedge funds to source new talent for the portfolio5. During the Reporting Period, the Fund generated a cumulative return, net of fees and expenses, of 18.34%. Over the same period, the HFRX Global Hedge Fund Index, a measure of hedge fund performance, returned 16.15%; the MSCI World Total Return Index, a measure of global equity market performance, returned 54.76%; and the Bloomberg Barclays Global Aggregate Bond Index, a measure of investment grade bond performance, returned 4.67%6.

Market and Portfolio Commentary

The Reporting Period was characterized by a constructive progression in the business cycle, as most major economies exited brief, but sharp, recessions and generally transitioned from contraction to recovery. While activity remained below 2019 levels in most major economies, rebounds in manufacturing output, employment, and household incomes, in addition to accommodative policies and positive vaccine developments, presented tailwinds for financial markets that pushed stock prices and Treasury yields higher.

In the second quarter of 2020, a marked increase in global risk appetite fueled a rebound in asset prices. Investors came to terms with the economic uncertainty caused by the COVID-19 crisis and seemingly looked past ongoing economic damage, record infections, and societal unrest. Assets supported by fiscal and monetary policy were the first to rebound, and soon investors deployed waves of capital to harvest relative value opportunities in dislocated strategies and assets. We observed approximately $55 billion in private capital raises for dislocation funds, many of which launched in June 2020 and will continue to invest for one to two years7. Notable in this rebound was the participation of retail investors, with online brokerages reporting marked increases in activity. This participation contributed to a fear-of-missing-out (“FOMO”) rally into which many initially skeptical institutional investors were dragged. Outside of equities, retail investors added more than $30 billion of net flows to high yield debt and more than $75 billion to investment-grade bonds8.

The third quarter of 2020 unfolded in three acts. First, in July, asset prices continued to recover thanks to increased risk appetite fueled by improving global outcomes in combating COVID-19. Then, the following month, the S&P 500 Index rallied 8.93%, marking its best August performance since 1986. The continuation of the FOMO rally that began in the second quarter was supported by a momentous change in the Federal Reserve’s (“Fed”) reaction function, which suggested low front-end interest rates for the next several years. In September, however, some of those gains reversed, and we saw a normalization in equity values as investors looked ahead to an uncertain U.S. election season. In fact, the S&P 500 Index dropped 11.3% peak to trough from September 2nd to September 23rd. Stimulative policies enacted by central banks, including, in some cases, negative interest rates (meaning an investor must pay the government for the privilege of lending the government money), continued to support demand for higher-yielding credits. The economic recovery was heterogenous with many segments of the economy rebounding strongly (e.g., technology, new economy, housing), while questions remained about the pace of recovery for others (e.g., retail, hospitality, office). This led to associated differences in the speed of recovery across various segments of the market and set the stage for investors to focus on COVID-19 recovery themes in the fourth quarter.

 

4 

The Investment Adviser shares employees, facilities and processes with Blackstone Alternative Asset Management L.P. (“BAAM”).

5 

Source: InvestHedge Billion Dollar Club (as of June 30, 2020) based on AUM.

6 

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

7 

Bloomberg, FundFire, DowJones Factiva, Hedge Fund Alert, Pensions & Investments, Institutional Investor, and BAIA Analysis. As of May 31, 2020.

8 

Source: Credit Suisse Research. As of July 8, 2020.

 

2


Table of Contents

Global appetite for risk assets increased broadly over the fourth quarter of 2020 as uncertainty surrounding the U.S. Presidential Election, efficacy of a COVID-19 vaccine, and fiscal stimulus resolved. Despite ending the year with over 86 million global cases of the coronavirus, markets looked through a second wave of infections in the fall to price a robust economic recovery in 2021. From its bottom on March 23, 2020, the S&P 500 Index returned 68%, closing at a record high and increasing 16.3% for the year. In Q4, U.S. equity markets experienced a large rotation from beneficiaries of low and falling real yields to beneficiaries of an economic recovery. Large cap and growth leaders gave way to small cap and value. Value stocks, in fact, rose by 16% over the last three months, marking their best quarter since 2009, and small-cap stocks returned 24%, erasing their underperformance for the calendar year9. Further, credit instruments continued their rebound. As central banks took unprecedented action to provide significant monetary and fiscal stimulus throughout the crisis, historically low U.S. treasury yields forced investors to look elsewhere for meaningful sources of income. We observed broad appreciation of credit instruments throughout the quarter, with U.S. High Yield bonds recovering over 90% of their spread widening from March. Residential and commercial mortgage-backed securities and emerging market debt also appreciated meaningfully during the quarter.

The first quarter of 2021 saw the beginning of a return to some semblance of normalcy. Across the world, developed countries saw record COVID-19 vaccinations, with the U.S. exceeding three million doses delivered per day and subsequently loosening lockdown restrictions in many states10. Against this backdrop, robust fiscal stimulus, accommodative monetary policy, and growing strength in consumer balance sheets all provided strong support for economic growth. The White House announced more than $5.3 trillion of fiscal spending, including $1.9 trillion of COVID-19 assistance passed in March11. In sum, this stimulus represented more than 25% of 2020 U.S. GDP and more than 100% of the federal budget for fiscal year 202112. The new administration also stated is plans for even more fiscal stimulus in an effort to keep the economy growing well into 2022 and beyond, including a potential infrastructure package that may approach $3.0 trillion13. Meanwhile, the U.S. Federal Reserve reiterated that its Average Inflation Target of 2% over the long run is consistent with keeping monetary policy loose in the face of incipient inflation pressures as well as an inflation overshoot. Finally, consumer balance sheets continued to expand to record highs with total consumer assets growing by approximately $12 trillion dollars (a 9.5% increase year-over-year), with roughly half coming from appreciation of equity holdings and another 20% coming from appreciation of real estate14. As a result of these supportive conditions, the recovering economy led the median market participant to expect 6.2% of GDP growth for full year 2021, which is a growth rate not seen in the U.S. since 200515. Financial markets continued to price in this robust economic recovery, as interest rates, inflation expectations, and commodity and equity markets all appreciated with positive investor sentiment.

 

9 

Value stocks refers to MSCI World Value Index; Small-cap stocks refers to MSCI World Small Cap Index.

10 

Bloomberg, “U.S. Vaccine Doses Head for 3 Million a Day as Supply Loosens” (March 29, 2021)

11 

Washington Post, “How the 1.9 trillion U.S. stimulus package compares with other countries’ coronavirus spending” (April 5, 2021)

12 

The Balance, “Current US Federal Government Spending” (April 9, 2021)

13 

NYTimes, “Biden Team Prepares $3 Trillion in New Spending for the Economy” (March 22, 2021)

14 

U.S. Federal Reserve, Household Balance Sheet & Changes in Net Worth for Households and Nonprofit Organizations, calculated for data available for 2020 Q1 – Q4.

15 

Bloomberg, Median Market Participant forecast of YoY Real GDP growth as of 4/12/2021.

 

3


Table of Contents

Over the Reporting Period, the Fund’s Equity strategies contributed positively to performance (+2.50%)16. Equity Long/Short sub-strategies, which successfully captured mispricing opportunities amid heightened levels of market volatility, led gains. The Fund benefited from exposure to Financials, where greater dispersion in the sector provided opportunities for sub-advisers to generate alpha, as well as Healthcare, where newfound winners and losers emerged in the biopharmaceutical and healthcare services sub-sectors, partly in response to pandemic-related catalysts. Exposure to strategies focused on the pan-Asia geographic region offset some of the gains, as losses suffered during a broad-based de-grossing event in January outweighed profits produced throughout the rest of the Reporting Period. The Fund’s exposure to real estate investment trusts (“REITs”), which entered the Reporting Period at significantly depressed price levels on the back of the Global Shutdown, was also accretive to performance, as the increased probability of a post-vaccine world led to considerable price appreciation in COVID-impacted sectors, including travel, entertainment, and retail. Equity Market Neutral sub-strategies were only slight contributors of gains, as headwinds felt by quantitative strategies related to rotations in factors, namely moves away from growth and momentum and towards low volatility and value, led to intermittent losses throughout the Reporting Period.

Credit strategies were a large contributor to performance (+8.86%) during the Reporting Period16. Accommodative policies adopted by global central banks and governments in response to the pandemic provided support for these strategies and facilitated capital formation following the technical selling pressure that characterized the first quarter of 2020. Low and negative interest rate policies offered tailwinds for the performance of Fixed Income – Asset Backed sub-strategies, as capital returned to these arenas and credit spreads tightened. While the recovery was broad-based, greater stabilization was initially observed in residential mortgage markets, which were aided by reports of slowing loan forbearance growth and supportive fundamentals in U.S. housing markets, and less substantial price appreciation in commercial mortgages, where greater uncertainty related to the reopening of the economy weighed on corporate revenues in COVID-affected sectors. Distressed/Restructuring sub-strategies also generated gains, as sub-advisers took advantage of chances to purchase assets at prices they believed to be discounted relative to fundamentals. Sub-advisers also generated risk-adjusted returns in the stressed loan market, as a growing number of companies struggled to service debt and restructured existing financing arrangements, though losses were suffered in more defensive sectors, which lagged in the first quarter of 2021 in response to concerns regarding inflation.

Multi-Asset strategies were the largest contributor to Fund performance (+12.21%) over the Reporting Period16. Discretionary Thematic sub-strategies contributed positively to performance and benefited from exposure to emerging market credit. These exposures generated gains as sovereign and quasi-sovereign bond prices appreciated due, in part, to broader risk appetite bolstered by investor optimism and a search for yield. Easing financial conditions and support from the International Monetary Fund also reduced refinancing risk for sovereign bonds, as interest rates in the U.S. remained near-zero, LIBOR declined and more than $250 billion of financial assistance was provided to 77 countries17. Not to be outdone, aggressive actions from policy makers, including central bank interest rate cuts (e.g., Mexico, Brazil) and government stimulus measures (e.g., Russia), provided further support for prices of emerging market sovereign bonds. The Fund’s exposure to Multi-Strategy sub-strategies also aided performance and was led by profits generated by strategies focused on Special Purpose Acquisition Companies (“SPACs”). Widespread acceptance of SPACs as a vehicle for private companies to pursue an initial public offering (“IPO”) provided a conducive backdrop for these strategies throughout the Reporting Period. In fact, SPACs claimed over 50% of the IPO market in 2020 and proceeded to issue $88 billion of IPOs during the first quarter of 2021 – more than the $83 billion throughout the full year 202018. The Fund’s Reinsurance sub-strategies incurred slight losses, as prices of insurance-linked securities declined following Texas’ winter storm in February 2021.

 

16 

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

17 

International Monetary Fund (“IMF”). As of July 2, 2020.

18 

SPAC Research. As of April 1, 2021

 

4


Table of Contents

Business Update

We are excited to announce an addition to our senior leadership. One of the hallmarks of our business is our ability to identify some of the best investment talent in the industry—not just in the managers with whom we partner, but also in the people that we hire into Blackstone—and we are pleased to announce an important and exciting addition to our firm’s leadership. Joe Dowling, ex-CIO & CEO of the Brown University Investment Office, now serves alongside John McCormick as Global Co-Head of BAAM. Joe will be responsible for all of BAAM’s investment activities, while John will manage the business.

At Brown University, Joe and his team delivered consistent outperformance, ranking first in performance among Ivy League universities over the last one, three, five, and seven years. With a strong focus on risk management and diversification, Joe and his team generated the highest Sharpe ratio among 140 U.S. college and university endowments over the last five years. Hedge funds were a prominent allocation in Brown’s endowment. Earlier in his career, Joe also ran his own long / short equity hedge fund, Narragansett, which generated strong performance with good risk control over its lifetime.

Joe is a proven leader with a strong team ethos, a commitment to diversity, low ego, and high energy. We are confident that he will bring fresh thinking, new techniques, and a network of manager relationships that will be accretive to our business.

We also wanted to share that after 19 years of distinguished service, Gideon Berger announced his intention to depart from Blackstone. Accordingly, effective as of March 10, 2021, he no longer serves as a portfolio manager of the Fund. Gideon has been an outstanding partner and has made countless contributions to our clients, people, and platform, which have helped position BAAM as the leading allocator to hedge funds globally. We are grateful to Gideon for his leadership, creativity, and commitment over the last two decades. The Fund’s other existing portfolio managers, Raymond Chan, Min Htoo, Robert Jordan, Ian Morris, Stephen Sullens, and Alberto Santulin, will continue to serve as portfolio managers of the Fund.

In reflecting on the last year, we cannot overstate the importance of your steadfast commitment to the Fund and your continued confidence in our organization. We are focused on generating attractive risk-adjusted returns and remain committed to achieving the Fund’s investment objectives. Thank you for your continued partnership.

Sincerely,

 

  

Raymond Chan

  

Min Htoo

  

Robert Jordan

  

Ian Morris

  

Alberto Santulin

  

Stephen Sullens

 

5


Table of Contents

Performance Summary

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

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

 

LOGO

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

 

*

The line graph represents historical performance of a hypothetical investment of $10,000 from Inception (June 16, 2014) to March 31, 2021, assuming the reinvestment of distributions.

Cumulative Total Return    

 

  For the
Year Ended
March 31,

2021
 Since
Inception
(June 16,

2014)

Class I Shares (“BXMIX”)

   18.34%   20.25%

HFRX Global Hedge Fund Index

   16.15%   13.16%

MSCI World Total Return Index

   54.76%   93.01%

Bloomberg Barclays Global Aggregate Bond Index

   4.67%   12.89%

 

6


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Portfolio Information

March 31, 2021

 

Geographic Breakdown

 Percentage of
Total Net Assets

North America

   53.3%

Europe

   1.6

Asia

   0.5

South America

   0.4

Middle East

   0.1

Africa

   0.1

Other 1, 2

   14.7

Securities Sold Short

   (6.8)

Other Assets and Liabilities 3

   36.1
  

 

 

 

Total

   100.0%
  

 

 

 

 

1 

Includes Sovereign Debt, Exchange-Traded Funds, Warrants, Rights, Commodities and Purchased Options.

2 

See the below table for a geographic breakdown of Sovereign Debt.

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.

 

Sovereign Debt Geographic Breakdown

 Percentage of
Total Net Assets

Africa

   3.3%

Europe

   2.3

Middle East

   2.1

South America

   0.5

North America

   0.4

Asia

   0.2
  

 

 

 

Total

   8.8%
  

 

 

 

 

7


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Portfolio Information (Continued)

March 31, 2021

 

Portfolio Composition

 Percentage
of Total
Net Assets

Common Stock

   20.0%

Investments in Investee Funds

   10.4

Sovereign Debt

   8.8

Mortgage-Backed Securities

   8.5

Corporate Bonds & Notes

   6.1

Bank Debt

   6.1

Asset-Backed Securities

   3.9

Municipals

   0.6

U.S. Government Sponsored Agency Securities

   0.2

Exchange-Traded Funds

   0.1

Convertible Bonds

   0.1

Preferred Stock

   0.1

Warrants

   0.1

Rights

   0.01 

Other 2

   5.7

Securities Sold Short

   (6.8)

Other Assets and Liabilities 3

   36.1
  

 

 

 

Total

   100.0%
  

 

 

 

 

1 

Represents less than 0.1%.

2 

Includes Commodities 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.

Credit Quality Allocation1

 Percentage of
Total
Investments
in Securities

AAA/Aaa2

   0.9%

AA/Aa

   0.1

A

   0.2

BBB/Baa

   4.9

BB/Ba

   3.9

B

   20.0

CCC/Caa

   4.3

CC/Ca

   1.1

C

   0.1

D

   0.4

Not Rated

   19.9

Other3

   44.2
  

 

 

 

Total Investments in Securities

   100.0%
  

 

 

 

 

1 

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

2 

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

3 

Includes Common Stock, Preferred Stock, Exchange-Traded Funds, Investments in Investee Funds and Purchased Options.

 

 

Industry

 Percentage of
Total Net Assets

Financial Services

   12.7%

Health Care Facilities & Services

   1.1

Retail - Discretionary

   0.9

Software & Services

   0.9

Health Care

   0.8

Industrial Other

   0.8

Integrated Oils

   0.8

Media

   0.7

Real Estate

   0.7

Banking

   0.6

Consumer Discretionary Services

   0.6

Software & Technology Services

   0.6

Utilities

   0.6

Oil, Gas & Coal

   0.5

 

8


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Portfolio Information (Continued)

March 31, 2021

 

Industry

 Percentage of
Total Net Assets

Biotechnology & Pharmaceuticals

   0.4%

Entertainment Resources

   0.4

Machinery Manufacturing

   0.4

Manufactured Goods

   0.4

Pipeline

   0.4

Property & Casualty Insurance

   0.4

Software

   0.4

Travel & Lodging

   0.4

Automotive

   0.3

Banks

   0.3

Consumer Finance

   0.3

Industrial Services

   0.3

Pharmaceuticals

   0.3

Restaurants

   0.3

Apparel & Textile Products

   0.2

Asset Management

   0.2

Commercial Finance

   0.2

Consumer Services

   0.2

Consumer Staple Products

   0.2

Containers & Packaging

   0.2

Exploration & Production

   0.2

Hardware

   0.2

Home Improvement

   0.2

Industrial Products

   0.2

Iron & Steel

   0.2

Oil & Gas Services & Equipment

   0.2

Publishing & Broadcasting

   0.2

Refining & Marketing

   0.2

Specialty Finance

   0.2

Tech Hardware & Semiconductors

   0.2

Insurance

   0.1

Aerospace & Defense

   0.1

Airlines

   0.1

Automobiles Manufacturing

   0.1

Cable & Satellite

   0.1

Casinos & Gaming

   0.1

Consumer Discretionary Products

   0.1

Educational Services

   0.1

Entertainment Contents

   0.1

Food & Beverage

   0.1

Internet Media

   0.1

Leisure Products

   0.1

Materials

   0.1

Medical Equipment & Devices

   0.1

Renewable Energy

   0.1

Retail & Wholesale - Staples

   0.1

 

9


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Portfolio Information (Continued)

March 31, 2021

 

Industry

 Percentage of
Total Net Assets

Retail - Consumer Discretionary

   0.1%

Telecommunications

   0.1

Transportation & Logistics

   0.1

Auto Parts Manufacturing

   0.01 

Chemicals

   0.01 

Commercial Services

   0.01 

Communications Equipment

   0.01 

Construction Materials

   0.01 

Construction Materials Manufacturing

   0.01 

Consumer Products

   0.01 

Distributors - Discretionary

   0.01 

Electrical Equipment

   0.01 

Engineering & Construction Services

   0.01 

Forest & Paper Products

   0.01 

Gaming, Lodging & Restaurants

   0.01 

Home & Office Products

   0.01 

Institutional Financial Services

   0.01 

Leisure Products Manufacturing

   0.01 

Machinery

   0.01 

Medical Equipment & Devices Manufacturing

   0.01 

Metals & Mining

   0.01 

Power Generation

   0.01 

Private Equity

   0.01 

Recreation Facilities & Services

   0.01 

Semiconductors

   0.01 

Supranationals

   0.01 

Technology Services

   0.01 

Waste & Environmental Services & Equipment

   0.01 

Wireless Telecommunications Services

   0.01 

Other 2

   38.3

Securities Sold Short

   (6.8)

Other Assets and Liabilities3

   36.1
  

 

 

 

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, Municipals, Exchange-Traded Funds, Warrants, Rights, Investments in Investee Funds, Commodities 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.

 

10


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments

March 31, 2021

 

Security Description

  Shares         Value 

INVESTMENTS IN SECURITIES — 70.7%

        

COMMON STOCK — 20.0%

        

Asia — 0.4%

        

Asset Management — 0.0%

        

Noah Holdings Ltd., ADR (a)

   2,900       $128,760 
        

 

 

 

Automotive — 0.1%

        

NIO, Inc., ADR (a),(c)

   76,500        2,981,970 

Niu Technologies, ADR (a)

   200        7,330 
        

 

 

 
         2,989,300 
        

 

 

 

Biotechnology & Pharmaceuticals — 0.0%

        

Sinovac Biotech Ltd. (a)

   200        1,294 
        

 

 

 

Financial Services — 0.3%

        

360 Finance, Inc., ADR (a)

   10,400        270,504 

Futu Holdings Ltd., ADR (a)

   7,200        1,143,504 

Ivanhoe Capital Acquisition Corp. (a),(b),(c)

   489,387        5,079,739 

L Catterton Asia Acquisition Corp. (a),(b),(c)

   310,000        3,084,500 

LexinFintech Holdings Ltd., ADR (a)

   1,400        14,084 

Qudian, Inc., ADR (a)

   14,600        33,288 

Silver Crest Acquisition Corp. (a),(b),(c)

   468,988        4,657,051 
        

 

 

 
         14,282,670 
        

 

 

 

Industrial Services — 0.0%

        

Textainer Group Holdings Ltd. (a)

   1,400        40,110 
        

 

 

 

Machinery — 0.0%

        

China Yuchai International Ltd. (a)

   745        11,532 

Hollysys Automation Technologies Ltd. (a)

   3,200        40,064 
        

 

 

 
         51,596 
        

 

 

 

Materials — 0.0%

        

Tantech Holdings Ltd. (a)

   200        290 
        

 

 

 

Media — 0.0%

        

Bilibili, Inc., ADR (a)

   10,100        1,081,306 

iClick Interactive Asia Group Ltd., ADR (a)

   2,900        34,133 

So-Young International, Inc., ADR (a)

   300        2,961 

Sogou, Inc., ADR (a)

   5,500        41,525 
        

 

 

 
         1,159,925 
        

 

 

 

Real Estate — 0.0%

        

Xinyuan Real Estate Co. Ltd., ADR

   500        1,405 
        

 

 

 

Semiconductors — 0.0%

        

Himax Technologies, Inc., ADR (a)

   15,800        215,670 

 

See Notes to Consolidated Financial Statements.

 

11


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Shares         Value 

MagnaChip Semiconductor Corp. (a)

   8,500       $211,650 

Silicon Motion Technology Corp., ADR

   6,800        403,852 
        

 

 

 
         831,172 
        

 

 

 

Software — 0.0%

        

HUYA, Inc., ADR (a)

   9,100        177,268 

OneConnect Financial Technology Co. Ltd., ADR (a)

   1,100        16,258 

Sea Ltd., ADR (a)

   3,100        692,013 
        

 

 

 
         885,539 
        

 

 

 

Software & Technology Services — 0.0%

        

Aurora Mobile Ltd., ADR (a)

   1,100        4,653 
        

 

 

 

Specialty Finance — 0.0%

        

FinVolution Group, ADR (a)

   2,900        20,329 
        

 

 

 

Tech Hardware & Semiconductors — 0.0%

        

Kulicke & Soffa Industries, Inc.

   6,400        314,304 

UTStarcom Holdings Corp. (a)

   200        282 
        

 

 

 
         314,586 
        

 

 

 

Technology Services — 0.0%

        

WNS Holdings Ltd., ADR (a)

   1,800        130,392 
        

 

 

 

Telecommunications — 0.0%

        

VEON Ltd., ADR (a)

   12,800        22,656 
        

 

 

 

Total Asia

         20,864,677 
        

 

 

 

Europe — 0.3%

        

Biotechnology & Pharmaceuticals — 0.0%

        

Affimed NV (a)

   12,700        100,457 

CRISPR Therapeutics AG (a),(c)

   16,500        2,010,525 

Prothena Corp. plc (a)

   7,100        178,352 
        

 

 

 
         2,289,334 
        

 

 

 

Chemicals — 0.0%

        

Orion Engineered Carbons SA (a)

   6,700        132,124 
        

 

 

 

Consumer Products — 0.0%

        

Nomad Foods Ltd. (a)

   3,800        104,348 
        

 

 

 

Financial Services — 0.2%

        

ScION Tech Growth I (a),(b),(c)

   465,000        4,682,550 

ScION Tech Growth II (a),(b),(c)

   300,000        2,988,000 
        

 

 

 
         7,670,550 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

12


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Shares        Value 

Health Care — 0.0%

        

Aprea Therapeutics, Inc. (a)

   4,600       $23,460 

Contra Aduro Biotech I (a)

   1,040        0 

Genfit, ADR (a)

   100        462 

ICON PLC (a)

   2,600        510,562 

Merus NV (a)

   3,000        62,670 

NuCana plc, ADR (a)

   600        2,994 

Orchard Therapeutics plc, ADR (a)

   100        726 

uniQure NV (a)

   600        20,214 
        

 

 

 
         621,088 
        

 

 

 

Industrial Products — 0.0%

        

Luxfer Holdings plc (a)

   100        2,128 
        

 

 

 

Industrial Services — 0.0%

        

Costamare, Inc. (a)

   3,500        33,670 

GasLog Partners LP (a)

   300        801 

Performance Shipping, Inc. (a)

   1,100        6,127 

Tsakos Energy Navigation Ltd. (a)

   40        379 
        

 

 

 
         40,977 
        

 

 

 

Iron & Steel — 0.0%

        

ArcelorMittal (a)

   2,500        72,925 
        

 

 

 

Media — 0.0%

        

Jumia Technologies AG, ADR (a)

   1,700        60,282 

Liberty Global PLC, Class A (a)

   100        2,566 

Trivago NV, ADR (a)

   500        2,150 
        

 

 

 
         64,998 
        

 

 

 

Oil, Gas & Coal — 0.1%

        

BP plc (b)

   166,700        677,143 

BP plc, ADR

   7,400        180,190 

Eni SpA (b)

   45,500        559,937 

Equinor ASA (b)

   6,650        130,074 

Royal Dutch Shell plc, Class A (b),(a)

   42,800        843,218 

TechnipFMC plc (a)

   84,000        648,480 

TOTAL SA (b),(a)

   29,900        1,394,660 
        

 

 

 
         4,433,702 
        

 

 

 

Retail—Discretionary — 0.0%

        

Farfetch Ltd., Class A (a)

   17,400        922,548 
        

 

 

 

Software & Technology Services — 0.0%

        

Endava plc, ADR (a)

   300        25,407 

Materialise NV, ADR (a)

   800        28,760 

Micro Focus International plc, ADR

   13,800        105,984 
        

 

 

 
         160,151 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

13


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Shares         Value 

Specialty Finance — 0.0%

        

AerCap Holdings NV (a)

   800       $46,992 
        

 

 

 

Transportation & Logistics — 0.0%

        

Diana Shipping, Inc. (a)

   3,047        9,110 

Golden Ocean Group Ltd. (a)

   2,720        18,238 

Safe Bulkers, Inc. (a)

   7,400        18,130 

Star Bulk Carriers Corp. (a)

   2,400        35,232 
        

 

 

 
         80,710 
        

 

 

 

Total Europe

         16,642,575 
        

 

 

 

Middle East — 0.1%

        

Aerospace & Defense — 0.0%

        

Ituran Location and Control Ltd. (a)

   300        6,369 
        

 

 

 

Biotechnology & Pharmaceuticals — 0.0%

        

Compugen Ltd. (a)

   1,400        12,026 
        

 

 

 

Electrical Equipment — 0.0%

        

Camtek Ltd. (a)

   900        26,910 
        

 

 

 

Financial Services — 0.1%

        

ION Acquisition Corp. 2 Ltd. (a),(b),(c)

   348,254        3,538,261 
        

 

 

 

Hardware — 0.0%

        

Kornit Digital Ltd. (a)

   300        29,736 
        

 

 

 

Health Care — 0.0%

        

Galmed Pharmaceuticals Ltd. (a)

   100        343 

InspireMD, Inc. (a)

   23,200        15,597 
        

 

 

 
         15,940 
        

 

 

 

Industrial Products — 0.0%

        

RADA Electronic Industries Ltd. (a)

   2,200        26,422 
        

 

 

 

Media — 0.0%

        

Wix.com Ltd. (a)

   2,500        698,050 
        

 

 

 

Software & Technology Services — 0.0%

        

Check Point Software Technologies Ltd. (a)

   2,300        257,531 

Perion Network Ltd. (a)

   500        8,950 

Sapiens International Corp. NV (a)

   100        3,179 
        

 

 

 
         269,660 
        

 

 

 

Tech Hardware & Semiconductors — 0.0%

        

Radware Ltd. (a)

   500        13,040 
        

 

 

 

Total Middle East

         4,636,414 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

14


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Shares         Value 

North America — 19.2%

        

Apparel & Textile Products — 0.0%

        

Levi Strauss & Co., Class A

   2,300       $54,993 
        

 

 

 

Asset Management — 0.2%

        

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

   300,000        2,982,000 

Apollo Investment Corp.

   6,900        94,668 

Ares Capital Corp. (c)

   8,000        149,680 

CHP Merger Corp., Class A (a),(b)

   465,000        4,608,150 

Horizon Technology Finance Corp. (a)

   2,300        33,074 

Main Street Capital Corp. (a)

   4,194        164,195 

Manning & Napier, Inc. (a)

   1,200        7,764 

Oaktree Specialty Lending Corp.

   7,500        46,500 

Oxford Square Capital Corp. (a)

   5,300        24,592 

PennantPark Floating Rate Capital Ltd.

   4,600        54,648 

Portman Ridge Finance Corp.

   5,233        11,303 

Sixth Street Specialty Lending, Inc.

   1,500        31,545 

Solar Capital Ltd.

   200        3,552 

Solar Senior Capital Ltd.

   1,300        19,110 

TriplePoint Venture Growth BDC Corp.

   3,700        53,465 

WhiteHorse Finance, Inc.

   1,800        27,306 
        

 

 

 
         8,311,552 
        

 

 

 

Automotive — 0.2%

        

Cooper-Standard Holding, Inc. (a)

   2,400        87,168 

Tesla, Inc. (a),(c)

   12,103        8,083,957 
        

 

 

 
         8,171,125 
        

 

 

 

Banking — 0.6%

        

Arrow Financial Corp.

   291        9,693 

Atlantic Capital Bancshares, Inc. (a)

   1,000        24,100 

Bancorp, Inc. (a)

   4,800        99,456 

Bank of Marin Bancorp

   300        11,748 

Bank of NT Butterfield & Son Ltd. (a)

   1,300        49,686 

BankFinancial Corp.

   455        4,696 

Bridgewater Bancshares, Inc. (a)

   300        4,845 

Broadway Financial Corp. (a)

   100        249 

Cadence BanCorp

   19,640        407,137 

Carver Bancorp, Inc. (a)

   300        2,724 

Central Pacific Financial Corp.

   1,200        32,016 

CIT Group, Inc.

   900        46,359 

Citigroup, Inc.

   22,800        1,658,700 

Citizens Financial Group, Inc.

   3,600        158,940 

Comerica, Inc.

   4,400        315,656 

Farmers National Banc Corp.

   800        13,360 

 

See Notes to Consolidated Financial Statements.

 

15


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Shares        Value 

Financial Institutions, Inc.

   800       $24,232 

First BanCorp

   23,600        265,736 

First Community Bankshares, Inc.

   400        11,996 

First Financial Corp.

   300        13,503 

First Financial Northwest, Inc.

   100        1,425 

First Foundation, Inc.

   100        2,346 

First of Long Island Corp. (The)

   100        2,125 

Flushing Financial Corp.

   500        10,615 

FS Bancorp, Inc.

   100        6,720 

Great Southern Bancorp, Inc.

   100        5,667 

HBT Financial, Inc.

   800        13,696 

Heritage Commerce Corp.

   3,100        37,882 

HomeTrust Bancshares, Inc.

   700        17,045 

Horizon Bancorp, Inc.

   800        14,864 

Independent Bank Corp.

   1,200        28,368 

KeyCorp

   800        15,984 

Macatawa Bank Corp.

   1,200        11,940 

Mercantile Bank Corp.

   400        12,988 

Metrocity Bankshares, Inc.

   100        1,538 

MidWestOne Financial Group, Inc.

   400        12,388 

National Bankshares, Inc.

   100        3,551 

Northrim BanCorp, Inc.

   400        17,004 

OceanFirst Financial Corp. (b),(c)

   990,721        23,717,861 

PCB Bancorp

   200        3,000 

PCSB Financial Corp.

   700        11,627 

Peapack Gladstone Financial Corp.

   900        27,792 

Peoples Bancorp, Inc.

   200        6,634 

Popular, Inc. (c)

   2,390        168,065 

PRIMIS FINANCIAL Corp. (a)

   800        11,632 

Provident Bancorp, Inc.

   500        7,200 

QCR Holdings, Inc.

   100        4,722 

Republic First Bancorp, Inc. (a)

   700        2,639 

Sierra Bancorp

   400        10,720 

SmartFinancial, Inc.

   100        2,165 

Spirit of Texas Bancshares, Inc.

   500        11,155 

Stock Yards Bancorp, Inc.

   700        35,742 

Territorial Bancorp, Inc.

   200        5,292 

TriState Capital Holdings, Inc. (a)

   1,400        32,284 

TrustCo Bank Corp.

   3,600        26,532 

Washington Trust Bancorp, Inc.

   800        41,304 
        

 

 

 
         27,497,344 
        

 

 

 

Biotechnology & Pharmaceuticals — 0.4%

    

AbbVie, Inc. (a),(c)

   70,760        7,657,647 

Adamas Pharmaceuticals, Inc. (a)

   8,200        39,360 

Agenus, Inc. (a)

   9,900        26,928 

 

See Notes to Consolidated Financial Statements.

 

16


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Shares        Value 

Agile Therapeutics, Inc. (a)

   5,000       $10,400 

Akebia Therapeutics, Inc. (a)

   9,695        32,818 

Aldeyra Therapeutics, Inc. (a)

   10,300        122,364 

Alpine Immune Sciences, Inc. (a)

   1,800        19,080 

Amicus Therapeutics, Inc. (a)

   25,000        247,000 

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

   10,500        450,555 

Applied Genetic Technologies Corp. (a)

   3,600        18,252 

Aptinyx, Inc. (a)

   11,700        35,100 

Aravive, Inc. (a)

   4,300        28,337 

Arbutus Biopharma Corp. (a)

   7,800        25,974 

Arcturus Therapeutics Holdings Co. (a)

   4,900        202,370 

Arcus Biosciences, Inc. (a)

   8,400        235,872 

Arrowhead Pharmaceuticals, Inc. (a)

   700        46,417 

Arvinas Holding Co. LLC (a)

   6,000        396,600 

Athenex, Inc. (a)

   12,700        54,610 

Avid Bioservices, Inc. (a)

   1,400        25,522 

BioCryst Pharmaceuticals, Inc. (a)

   3,900        39,663 

BioDelivery Sciences International, Inc. (a)

   9,900        38,709 

Biohaven Pharmaceutical Holding Co. Ltd. (a)

   300        20,505 

Bluebird Bio, Inc. (a)

   900        27,135 

Bridgebio Pharma, Inc. (a)

   4,900        301,840 

Calithera Biosciences, Inc. (a)

   2,800        6,776 

Catalyst Biosciences, Inc. (a)

   4,300        21,672 

Catalyst Pharmaceuticals, Inc. (a)

   15,900        73,299 

Celldex Therapeutics, Inc. (a)

   5,934        122,240 

Cerecor, Inc. (a)

   6,000        18,120 

Chimerix, Inc. (a)

   11,100        107,004 

Collegium Pharmaceutical, Inc. (a)

   600        14,220 

CTI BioPharma Corp. (a)

   13,500        39,285 

Cue Biopharma, Inc. (a)

   5,300        64,660 

Cymabay Therapeutics, Inc. (a)

   15,100        68,554 

Cytokinetics, Inc. (a)

   15,600        362,856 

CytomX Therapeutics, Inc. (a)

   9,400        72,662 

Editas Medicine, Inc. (a)

   10,500        441,000 

Eiger BioPharmaceuticals, Inc. (a)

   5,800        51,330 

Enanta Pharmaceuticals, Inc. (a)

   2,200        108,504 

Endo International PLC (a)

   4,100        30,381 

Exelixis, Inc. (a)

   4,700        106,173 

Exicure, Inc. (a)

   1,300        2,834 

Fate Therapeutics, Inc. (a)

   13,500        1,113,075 

Five Prime Therapeutics, Inc. (a)

   9,100        342,797 

Flexion Therapeutics, Inc. (a)

   10,900        97,555 

G1 Therapeutics, Inc. (a)

   9,200        221,352 

GlycoMimetics, Inc. (a)

   11,300        34,013 

Gossamer Bio, Inc. (a)

   8,200        75,850 

Harpoon Therapeutics, Inc. (a)

   800        16,736 

 

See Notes to Consolidated Financial Statements.

 

17


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Shares        Value 

Idera Pharmaceuticals, Inc. (a)

   1,300       $1,690 

Immunic, Inc. (a)

   3,000        47,820 

ImmunoGen, Inc. (a)

   43,900        355,590 

Infinity Pharmaceuticals, Inc. (a)

   12,300        39,729 

Intellia Therapeutics, Inc. (a)

   12,700        1,019,238 

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

   4,800        110,784 

Intersect ENT, Inc. (a)

   3,800        79,344 

Ironwood Pharmaceuticals, Inc. (a)

   600        6,708 

Kadmon Holdings, Inc. (a)

   21,800        84,802 

Karyopharm Therapeutics, Inc. (a)

   12,700        133,604 

Kezar Life Sciences, Inc. (a)

   3,500        20,860 

Kura Oncology, Inc. (a)

   11,700        330,759 

Leap Therapeutics, Inc. (a)

   12,200        23,180 

Lineage Cell Therapeutics, Inc. (a)

   31,900        74,965 

MannKind Corp. (a)

   41,271        161,782 

MEI Pharma, Inc. (a)

   15,800        54,194 

MeiraGTx Holdings plc (a)

   100        1,443 

Merck & Co., Inc. (c)

   18,200        1,403,038 

Mersana Therapeutics, Inc. (a)

   11,100        179,598 

Millendo Therapeutics, Inc. (a)

   4,000        4,800 

Mustang Bio, Inc. (a)

   8,000        26,560 

Myovant Sciences Ltd. (a)

   400        8,232 

Navidea Biopharmaceuticals, Inc. (a)

   1,500        3,030 

Omthera Pharmaceutical, Inc. (a)

   700        0 

OncoSec Medical, Inc. (a)

   2,100        10,017 

Organogenesis Holdings, Inc . (a)

   5,000        91,100 

Otonomy, Inc. (a)

   7,800        19,890 

Precigen, Inc. (a)

   9,800        67,522 

Provention Bio, Inc. (a)

   13,900        145,881 

Recro Pharma, Inc. (a)

   2,000        5,580 

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

   5,400        404,190 

Seres Therapeutics, Inc. (a)

   1,500        30,885 

Spectrum Pharmaceuticals, Inc. (a)

   26,900        87,694 

Stoke Therapeutics, Inc. (a)

   100        3,884 

Strongbridge Biopharma plc (a)

   8,500        23,460 

Surface Oncology, Inc. (a)

   2,700        21,060 

Syndax Pharmaceuticals, Inc. (a)

   9,900        221,364 

Synlogic, Inc. (a)

   8,600        30,788 

Syros Pharmaceuticals, Inc. (a)

   6,300        47,124 

United Therapeutics Corp. (a)

   1        167 

USANA Health Sciences, Inc. (a)

   1,200        117,120 

VBI Vaccines, Inc. (a)

   1,200        3,732 

Viking Therapeutics, Inc. (a)

   16,300        103,098 

VistaGen Therapeutics, Inc. (a)

   10,900        23,217 

Xencor, Inc. (a)

   100        4,306 

Xenon Pharmaceuticals, Inc. (a)

   700        12,530 

ZIOPHARM Oncology, Inc. (a)

   13,500        48,600 

 

See Notes to Consolidated Financial Statements.

 

18


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Shares        Value 

Zymeworks, Inc. (a)

   5,300       $167,374 
        

 

 

 
         19,578,339 
        

 

 

 

Chemicals — 0.0%

    

AdvanSix, Inc. (a)

   2,200        59,004 

Axalta Coating Systems Ltd. (a)

   11,400        337,212 

Ingevity Corp. (a)

   3,000        226,590 

Mosaic Co.

   12,100        382,481 

Rayonier Advanced Materials, Inc. (a)

   11,300        102,491 

Venator Materials plc (a)

   10,000        46,300 
        

 

 

 
         1,154,078 
        

 

 

 

Commercial Services — 0.0%

    

ARC Document Solutions, Inc. (a)

   2,500        5,275 

Avalara, Inc. (a)

   800        106,744 

BrightView Holdings, Inc. (a)

   400        6,748 

CRA International, Inc.

   400        29,856 

Emerald Holding, Inc. (a)

   2,000        11,040 

Insperity, Inc.

   1,400        117,236 

ShotSpotter, Inc. (a)

   600        21,042 

SP Plus Corp. (a)

   1,900        62,301 

Viad Corp. (a)

   1,900        79,325 
        

 

 

 
         439,567 
        

 

 

 

Construction Materials — 0.0%

    

Forterra, Inc. (a)

   8,700        202,275 
        

 

 

 

Consumer Discretionary Products — 0.1%

    

American Axle & Manufacturing Holdings, Inc. (a)

   4,100        39,606 

American Outdoor Brands, Inc. (a)

   300        7,560 

Caesarstone Ltd. (a)

   1,400        19,222 

Callaway Golf Co. (a)

   10,600        283,550 

Camping World Holdings, Inc., Class A

   2,400        87,312 

Canada Goose Holdings, Inc. (a)

   400        15,700 

Casper Sleep, Inc. (a)

   2,500        18,100 

Charles & Colvard Ltd. (a)

   1,500        4,440 

Cornerstone Building Brands, Inc. (a)

   1,500        21,045 

Crocs, Inc. (a)

   7,400        595,330 

Culp, Inc.

   700        10,773 

Flexsteel Industries, Inc.

   700        24,395 

Ford Motor Co. (a)

   146,800        1,798,300 

Funko, Inc., Class A (a)

   7,900        155,472 

Goodyear Tire & Rubber Co. (a)

   12,900        226,653 

Green Brick Partners, Inc. (a)

   900        20,412 

Griffon Corp.

   1,100        29,887 

Herman Miller, Inc.

   4,600        189,290 

 

See Notes to Consolidated Financial Statements.

 

19


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Shares        Value 

iRobot Corp. (a)

   1,400       $171,052 

JAKKS Pacific, Inc. (a)

   100        713 

JELD-WEN Holding, Inc. (a)

   600        16,614 

Kimball International, Inc., Class B

   1,400        19,600 

Masco Corp.

   2,000        119,800 

Meritage Homes Corp. (a)

   600        55,152 

Modine Manufacturing Co. (a)

   5,000        73,850 

Mohawk Group Holdings, Inc. (a)

   400        11,800 

Movado Group, Inc.

   1,200        34,140 

New Home Co., Inc. (a)

   300        1,572 

OneWater Marine, Inc., Class A (a)

   200        7,992 

Polaris, Inc.

   6,200        827,700 

Superior Industries International, Inc. (a)

   5,600        31,808 

Tapestry, Inc. (a),(c)

   4,000        164,840 

Tenneco, Inc., Class A (a)

   14,600        156,512 

Toll Brothers, Inc. (a)

   500        28,365 

TRI Pointe Group, Inc. (a)

   1,900        38,684 

Under Armour, Inc., Class A (a)

   18,000        398,880 

Unifi, Inc. (a)

   1,700        46,852 

VF Corp.

   401        32,048 

Wolverine World Wide, Inc.

   100        3,832 

YETI Holdings, Inc. (a)

   900        64,989 
        

 

 

 
         5,853,842 
        

 

 

 

Consumer Discretionary Services — 0.2%

    

Aaron’s Co., Inc. (The)

   1,000        25,680 

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

   1,100        46,255 

Bloomin’ Brands, Inc. (a)

   200        5,410 

Bluegreen Vacations Holding Corp. (a)

   400        7,416 

Boyd Gaming Corp. (a)

   2,000        117,920 

Carriage Services, Inc.

   1,400        49,266 

Carrols Restaurant Group, Inc. (a)

   300        1,795 

Century Casinos, Inc. (a)

   2,100        21,567 

Chegg, Inc. (a)

   2,700        231,282 

Del Taco Restaurants, Inc.

   4,200        40,236 

DineEquity, Inc. (a)

   100        9,003 

Drive Shack, Inc. (a)

   14,033        45,046 

Golden Entertainment, Inc. (a)

   1,600        40,416 

Hilton Grand Vacations, Inc. (a)

   100        3,749 

Jack in the Box, Inc.

   5,000        548,900 

Lindblad Expeditions Holdings, Inc. (a)

   1,900        35,910 

Marcus Corp. (a)

   2,300        45,977 

McDonald’s Corp. (c)

   29,100        6,522,474 

Medifast, Inc.

   1,900        402,458 

Monarch Casino & Resort, Inc. (a)

   1,100        66,682 

Papa John’s International, Inc. (c)

   5,700        505,248 

 

See Notes to Consolidated Financial Statements.

 

20


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Shares        Value 

Penn National Gaming, Inc. (a)

   10,000       $1,048,400 

Ruth’s Hospitality Group, Inc. (a)

   400        9,932 

SeaWorld Entertainment, Inc. (a)

   10,900        541,403 

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

   2,400        17,280 

Service Corp. International/US

   7,600        387,980 

Shake Shack, Inc., Class A (a)

   500        56,385 

Six Flags Entertainment Corp. (a)

   1,500        69,705 

Stride, Inc. (a)

   7,100        213,781 

Vail Resorts, Inc. (a)

   1,500        437,490 

Waitr Holdings, Inc. (a)

   13,200        38,676 

Wingstop, Inc. (c)

   6,500        826,605 
        

 

 

 
         12,420,327 
        

 

 

 

Consumer Products — 0.0%

    

Contra Restorbio, Inc. (a)

   1,142        0 

elf Beauty, Inc. (a)

   400        10,732 

Nu Skin Enterprises, Inc., Class A

   800        42,312 
        

 

 

 
         53,044 
        

 

 

 

Consumer Services — 0.0%

        

2U, Inc. (a)

   15,200        581,096 

American Public Education, Inc. (a)

   400        14,252 

Perdoceo Education Corp (a)

   7,000        83,720 

WW International, Inc. (a)

   1,600        50,048 
        

 

 

 
         729,116 
        

 

 

 

Consumer Staple Products — 0.2%

        

Aphria, Inc. (a)

   5,100        93,687 

AquaBounty Technologies, Inc. (a)

   15,600        104,520 

BellRing Brands, Inc., Class A (a)

   400        9,444 

Canopy Growth Corp. (a)

   14,300        458,029 

Church & Dwight Co., Inc.

   1,900        165,965 

Coca-Cola Co.

   16,500        869,715 

Farmer Brothers Co. (a)

   1,400        14,616 

General Mills, Inc. (c)

   24,600        1,508,472 

HEXO Corp. (a)

   1,700        11,016 

Hormel Foods Corp.

   26,300        1,256,614 

Hostess Brands, Inc. (a)

   8,000        114,720 

JM Smucker Co.

   4,500        569,385 

Kimberly-Clark Corp. (c)

   14,800        2,057,940 

McCormick & Co., Inc.

   4,600        410,136 

Molson Coors Brewing Co., Class B (a)

   1,700        86,955 

Mondelez International, Inc., Class A

   26,500        1,551,045 

PepsiCo, Inc.

   300        42,435 

SunOpta, Inc. (a)

   500        7,385 

Tyson Foods, Inc., Class A (a)

   18,900        1,404,270 

 

See Notes to Consolidated Financial Statements.

 

21


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Shares        Value 

Vital Farms, Inc. (a)

   100       $2,184 
        

 

 

 
         10,738,533 
        

 

 

 

Containers & Packaging — 0.0%

        

O-I Glass, Inc. (a)

   500        7,370 
        

 

 

 

Distributors—Discretionary — 0.0%

        

KAR Auction Services, Inc. (a)

   4,100        61,500 
        

 

 

 

Electrical Equipment — 0.0%

        

Babcock & Wilcox Enterprises, Inc. (a)

   7,700        72,919 

Capstone Turbine Corp. (a)

   1,052        9,615 

Carrier Global Corp.

   500        21,110 

LSI Industries, Inc.

   1,200        10,236 

SMART Global Holdings, Inc. (a)

   3,400        156,468 
        

 

 

 
         270,348 
        

 

 

 

Engineering & Construction Services — 0.0%

        

frontdoor, Inc. (a)

   300        16,125 

Iteris, Inc. (a)

   2,300        14,191 

Mistras Group, Inc. (a)

   1,900        21,679 

Orion Group Holdings, Inc. (a)

   2,900        17,603 
        

 

 

 
         69,598 
        

 

 

 

Financial Services — 11.5%

        

26 Capital Acquisition Corp. (a),(b),(c)

   527,701        5,298,118 

7GC & Co. Holdings, Inc. (a),(b),(c)

   436,939        4,439,300 

890 5th Avenue Partners, Inc. (a),(b),(c)

   127,300        1,273,000 

ABG Acquisition Corp. I (a),(b),(c)

   300,000        2,967,000 

Accelerate Acquisition Corp. (a),(b)

   310,000        3,078,300 

ACRES Commercial Realty Corp. (a)

   2,033        29,662 

Adit EdTech Acquisition Corp. (a),(b),(c)

   214,900        2,118,054 

AG Mortgage Investment Trust, Inc.

   3,600        14,508 

Alliance Data Systems Corp.

   929        104,132 

Alpha Capital Acquisition Co. (a),(b),(c)

   417,953        4,158,632 

Apollo Strategic Growth Capital (a),(b),(c)

   439,000        4,521,700 

Apollo Strategic Growth Capital II (a),(b),(c)

   450,000        4,491,000 

Arbor Realty Trust, Inc.

   200        3,180 

ArcLight Clean Transition Corp. II (a),(b)

   310,000        3,100,000 

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

   425,500        4,255,000 

Arlington Asset Investment Corp., Class A (a)

   800        3,232 

ARMOUR Residential REIT, Inc.

   700        8,540 

Athena Technology Acquisition Corp. (a),(b),(c)

   81,000        801,090 

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

   465,000        4,598,850 

Atlas Crest Investment Corp. II (a),(b),(c)

   421,140        4,213,506 

Austerlitz Acquisition Corp. I (a),(b),(c)

   242,900        2,438,716 

Austerlitz Acquisition Corp. II (a),(b),(c)

   465,000        4,663,950 

 

See Notes to Consolidated Financial Statements.

 

22


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Shares        Value 

Authentic Equity Acquisition Corp. (a),(b),(c)

   550,000       $5,439,500 

Biotech Acquisition Co. (a),(b),(c)

   465,000        4,598,850 

BlackRock Capital Investment Corp.

   9,081        30,421 

BlackRock TCP Capital Corp.

   7,200        99,576 

Blucora, Inc. (a)

   1,300        21,632 

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

   142,900        1,424,713 

Boston Private Financial Holdings, Inc.

   100        1,332 

Broadmark Realty Capital, Inc.

   900        9,414 

Broadscale Acquisition Corp. (a),(b)

   465,000        4,608,150 

Cannae Holdings, Inc. (a)

   100        3,962 

Capital Southwest Corp.

   400        8,864 

Capitala Finance Corp. (a)

   483        7,458 

Capstar Special Purpose Acquisition Corp., Class A (a),(b),(c)

   537,300        5,244,048 

Cartesian Growth Corp. (a),(b),(c)

   394,700        3,927,265 

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

   465,000        4,584,900 

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

   405,677        4,052,713 

CF Acquisition Corp. IV (a),(b),(c)

   465,000        4,663,950 

CF Acquisition Corp. V (a),(b),(c)

   465,000        4,640,700 

CF Acquisition Corp. VI (a),(b),(c)

   450,000        4,455,000 

CF Acquisition Corp. VIII (a),(b),(c)

   310,000        3,075,200 

Cherry Hill Mortgage Investment Corp.

   3,700        34,558 

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

   367,801        3,751,570 

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

   300,000        3,018,000 

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

   164,831        1,643,365 

Climate Real Impact Solutions II Acquisition Corp. (a),(b),(c)

   407,004        4,070,040 

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

   465,000        4,696,500 

Colonnade Acquisition Corp. II (a),(b),(c)

   310,000        3,053,500 

Compute Health Acquisition Corp. (a),(b),(c)

   465,000        4,691,850 

Consumer Portfolio Services, Inc. (a)

   100        403 

Corazon Capital V838 Monoceros Corp. (a),(b)

   310,000        3,084,500 

Corner Growth Acquisition Corp. (a),(b),(c)

   465,000        4,696,500 

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

   186,700        1,857,665 

Cowen, Inc., Class A

   3,900        137,085 

Decarbonization Plus Acquisition Corp. II (a),(b),(c)

   325,674        3,276,280 

Decarbonization Plus Acquisition Corp. III (a),(b)

   424,481        4,227,831 

DFP Healthcare Acquisitions Corp., Class A (a),(b),(c)

   465,000        4,631,400 

DiamondHead Holdings Corp. (a),(b)

   465,000        4,608,150 

Discover Financial Services

   300        28,497 

dMY Technology Group, Inc. IV (a),(b),(c)

   465,000        4,668,693 

Dragoneer Growth Opportunities Corp. III, Class A (a),(b)

   270,531        2,735,068 

Dynex Capital, Inc.

   100        1,893 

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

   620,000        6,045,000 

 

See Notes to Consolidated Financial Statements.

 

23


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Shares        Value 

ECP Environmental Growth Opportunities Corp. (a),(b),(c)

   300,000       $3,009,000 

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

   310,000        3,084,500 

Ellington Residential Mortgage REIT

   1,500        18,465 

Empowerment & Inclusion Capital I Corp. (a),(b),(c)

   286,500        2,824,890 

Entasis Therapeutics Holdings, Inc. (a)

   100        214 

Epiphany Technology Acquisition Corp. (a),(b),(c)

   291,000        2,918,730 

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

   465,000        4,519,800 

EZCORP, Inc., Class A (a)

   1,300        6,461 

Federated Investors, Inc., Class B

   2,400        75,120 

Fidus Investment Corp.

   3,400        52,870 

Fifth Wall Acquisition Corp. I, Class A (a),(b),(c)

   352,388        3,523,880 

Figure Acquisition Corp. I (a),(b),(c)

   355,047        3,593,076 

FinServ Acquisition Corp. II (a),(b),(c)

   313,923        3,128,243 

Fintech Evolution Acquisition Group (a),(b),(c)

   310,000        3,059,700 

FirstMark Horizon Acquisition Corp. (a),(b),(c)

   346,200        3,642,024 

Forest Road Acquisition Corp. II (a),(b),(c)

   310,000        3,087,600 

Fortistar Sustainable Solutions Corp. (a),(b),(c)

   208,700        2,066,130 

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

   310,000        3,069,000 

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

   310,000        3,078,300 

FS Development Corp. II, Class A (a),(b),(c)

   470,475        4,685,931 

FS KKR Capital Corp.

   700        13,881 

FTAC Hera Acquisition Corp. (a),(b),(c)

   310,000        3,096,900 

FTAC Parnassus Acquisition Corp. (a),(b),(c)

   310,000        3,078,300 

G Squared Ascend I, Inc. (a),(b),(c)

   450,000        4,500,000 

Gladstone Investment Corp.

   1,100        13,453 

Global Synergy Acquisition Corp. (a),(b),(c)

   509,300        5,072,628 

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

   465,000        4,580,250 

Gores Guggenheim, Inc. (a),(b)

   283,700        2,817,141 

Gores Holdings VII, Inc. (a),(b),(c)

   146,053        1,454,688 

Gores Holdings VIII, Inc. (a),(b),(c)

   310,000        3,100,000 

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

   346,655        3,508,149 

Gores Technology Partners II, Inc. (a),(b),(c)

   310,000        3,090,700 

Gores Technology Partners, Inc. (a),(b),(c)

   211,498        2,121,325 

Granite Point Mortgage Trust, Inc.

   1,200        14,364 

Great Elm Capital Corp.

   1,623        5,518 

Greenhill & Co., Inc.

   1,300        21,424 

HealthCor Catalio Acquisition Corp., Class A (a),(b),(c)

   480,000        4,800,000 

Hennessy Capital Investment Corp. V (a),(b),(c)

   461,046        4,665,786 

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

   465,000        4,761,600 

Horizon Acquisition Corp., Class A (a),(b),(c)

   311,250        3,075,150 

Hudson Executive Investment Corp. II (a),(b),(c)

   504,450        4,948,655 

Independence Holdings Corp. (a),(b),(c)

   162,100        1,621,000 

International Money Express, Inc. (a)

   200        3,002 

InterPrivate II Acquisition Corp. (a),(b),(c)

   269,479        2,665,147 

Isleworth Healthcare Acquisi (b),(a)

   228,868        2,217,731 

Janus Henderson Group plc (a)

   700        21,805 

 

See Notes to Consolidated Financial Statements.

 

24


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Shares        Value 

Jaws Mustang Acquisition Corp. (a),(b),(c)

   531,900       $5,398,785 

Jefferies Financial Group, Inc. (a)

   7,800        234,780 

Kensington Capital Acquisition Corp. II (a),(b),(c)

   310,000        3,180,600 

Khosla Ventures Acquisition Co. (a),(b),(c)

   465,000        4,696,500 

Khosla Ventures Acquisition Co. II, Class A (a),(b)

   185,100        1,867,659 

Khosla Ventures Acquisition Co. III, Class A (a),(b)

   372,000        3,716,280 

Kismet Acquisition Three Corp. (a),(b),(c)

   334,955        3,309,355 

KKR Acquisition Holdings I Corp. (a),(b),(c)

   465,000        4,654,650 

Ladder Capital Corp.

   1,900        22,420 

Landcadia Holdings IV, Inc. (a),(b)

   465,000        4,603,500 

Lazard Growth Acquisition Corp. I (a),(b),(c)

   450,000        4,500,000 

LDH Growth Corp. I (a),(b)

   310,000        3,137,200 

Lead Edge Growth Opportunities Ltd. (a),(b),(c)

   434,621        4,333,171 

Leo Holdings III Corp. (a),(b),(c)

   310,000        3,038,000 

Lifesci Acquisition II Corp. (a),(b),(c)

   100,527        1,019,344 

Live Oak Acquisition Corp. II (a),(b),(c)

   230,700        2,413,122 

Live Oak Mobility Acquisition Corp. (a),(b),(c)

   310,000        3,093,800 

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

   370,200        3,716,808 

Marlin Technology Corp. (a),(b),(c)

   620,000        6,125,600 

Marquee Raine Acquisition Corp. (a),(b),(c)

   363,900        3,711,780 

Mason Industrial Technology, Inc. (a),(b)

   465,000        4,622,100 

Medallion Financial Corp. (a)

   1,300        9,165 

Monroe Capital Corp.

   1,900        19,076 

Montes Archimedes Acquisition Corp. (a),(b)

   448,000        4,569,600 

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

   300,000        2,979,000 

Motive Capital Corp. (a),(b),(c)

   363,900        3,657,195 

MSD Acquisition Corp. (a),(b)

   324,154        3,290,163 

Newtek Business Services Corp.

   1,300        34,710 

Nexpoint Real Estate Finance, Inc. (a)

   800        14,864 

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

   310,000        3,069,000 

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

   465,000        4,743,000 

Noble Rock Acquisition Corp. (a),(b),(c)

   600,000        5,934,000 

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

   465,000        4,575,600 

Northern Genesis Acquisition Corp. III (a),(b)

   465,000        4,640,700 

Northern Star Investment Corp. III (a),(b),(c)

   310,000        3,084,500 

Northern Star Investment Corp. IV (a),(b),(c)

   310,000        3,075,200 

Novus Capital Corp. II (a),(b),(c)

   364,199        3,641,990 

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

   467,500        4,670,325 

Ocwen Financial Corp. (a)

   894        25,416 

Omega Alpha SPAC, Class A (a),(b),(c)

   136,000        1,346,400 

One Equity Partners Open Water I Corp. (a),(b),(c)

   430,200        4,289,094 

OneMain Holdings, Inc.

   900        48,348 

Oppenheimer Holdings, Inc., Class A

   100        4,005 

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

   465,000        4,645,350 

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

   450,000        4,455,000 

PennantPark Investment Corp.

   10,100        57,065 

Periphas Capital Partnering Corp. (a),(b)

   186,000        4,566,300 

 

See Notes to Consolidated Financial Statements.

 

25


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Shares        Value 

Pine Technology Acquisition Corp. (a),(b),(c)

   235,016       $2,331,359 

Pioneer Merger Corp. (a),(b),(c)

   241,268        2,410,267 

Pivotal Investment Corp. III (a),(b),(c)

   300,000        3,000,000 

Plum Acquisition Corp. I (a),(b),(c)

   310,000        3,084,500 

Poema Global Holdings Corp. (a),(b),(c)

   465,000        4,654,650 

Pontem Corp. (a),(b)

   465,000        4,603,500 

Powered Brands (a),(b),(c)

   465,000        4,589,550 

PRA Group, Inc. (a)

   100        3,707 

PROG Holdings, Inc. (a)

   5,600        242,424 

PropTech Investment Corp. II (a),(b),(c)

   361,500        3,683,685 

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

   465,000        4,626,750 

Regional Management Corp.

   100        3,466 

Reinvent Technology Partners Y (a),(b),(c)

   465,000        4,668,600 

Revolution Healthcare Acquisition Corp. (a),(b),(c)

   465,000        4,673,250 

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

   285,200        2,854,852 

Science Strategic Acquisition Corp. Alpha (a),(b)

   465,000        4,622,100 

Sculptor Capital Management, Inc.

   800        17,504 

SCVX Corp., Class A (a),(b),(c)

   428,572        4,225,720 

Senior Connect Acquisition Corp. I (a),(b),(c)

   310,000        3,121,700 

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

   310,000        3,081,400 

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

   449,298        4,457,036 

Soaring Eagle Acquisition Corp. (a),(b),(c)

   310,000        3,137,200 

Spartan Acquisition Corp. III (a),(b),(c)

   450,000        4,513,500 

Sports Entertainment Acquisition Corp. (a),(b)

   423,000        4,339,980 

Stellus Capital Investment Corp.

   900        11,430 

Supernova Partners Acquisition Co. II Ltd. (a),(b),(c)

   465,000        4,668,600 

SVF Investment Corp. 2 (a),(b),(c)

   310,000        3,131,000 

SVF Investment Corp. 3 (a),(b),(c)

   310,000        3,131,000 

Tailwind International Acquisition Corp. (a),(b),(c)

   300,000        2,967,000 

TCG BDC, Inc.

   4,200        55,440 

Tekkorp Digital Acquisition Corp. (a),(b),(c)

   423,000        4,323,060 

Thoma Bravo Advantage, Class A (a),(b),(c)

   217,058        2,268,256 

Thunder Bridge Capital Partners III, Inc. (a),(b),(c)

   198,200        1,960,198 

Trebia Acquisition Corp., Class A (a),(b),(c)

   465,000        4,631,400 

Trepont Acquisition Corp. I (a),(b),(c)

   465,000        4,743,000 

TWC Tech Holdings II Corp., Class A (a),(b),(c)

   465,000        4,575,600 

TZP Strategies Acquisition Corp. (a),(b),(c)

   447,500        4,457,100 

Vector Acquisition Corp. II, Class A (a),(b),(c)

   646,057        6,395,964 

Virgin Group Acquisition Corp. II (a),(b)

   310,000        3,078,300 

VPC Impact Acquisition Holdings III, Inc. (a),(b),(c)

   110,200        1,087,674 

Vy Global Growth (a),(b),(c)

   261,152        2,715,981 

Vy Global Growth, Class A (a),(b),(c)

   219,113        2,217,424 

Waddell & Reed Financial, Inc., Class A (a)

   100        2,505 

Warburg Pincus Capital Corp. I-A (a),(b),(c)

   310,000        3,124,800 

Warburg Pincus Capital Corp. I-B (a),(b),(c)

   310,000        3,093,800 

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

   465,000        4,580,250 

Z-Work Acquisition Corp. (a),(b),(c)

   134,800        1,346,652 
        

 

 

 
         575,501,651 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

26


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Shares        Value 

Forest & Paper Products — 0.0%

    

Resolute Forest Products, Inc. (a)

   6,400       $70,080 

Verso Corp., Class A

   2,800        40,852 
        

 

 

 
         110,932 
        

 

 

 

Gaming, Lodging & Restaurants — 0.0%

    

Cracker Barrel Old Country Store, Inc. (a)

   1,000        172,880 

Everi Holdings, Inc. (a)

   18,900        266,679 

International Game Technology plc (a)

   13,200        211,860 

J Alexander’s Holdings, Inc. (a)

   500        4,820 

Noodles & Co. (a)

   4,200        43,470 

Playa Hotels & Resorts NV (a)

   4,300        31,390 

Red Rock Resorts, Inc., Class A (a)

   6,700        218,353 

Restaurant Brands International, Inc.

   21        1,365 

Scientific Games Corp., Class A (a)

   5,000        192,600 

Wendy’s Co.

   49,200        996,792 
        

 

 

 
         2,140,209 
        

 

 

 

Hardware — 0.2%

        

Airgain, Inc. (a)

   1,000        21,190 

Anterix, Inc. (a)

   1,900        89,604 

Casa Systems, Inc. (a)

   5,800        55,274 

Cisco Systems, Inc. (a),(c)

   137,800        7,125,638 

Clearfield, Inc. (a)

   100        3,013 

Dell Technologies Inc., Class C (a)

   10,530        928,220 

Dolby Laboratories, Inc., Class A

   2,400        236,928 

Extreme Networks, Inc. (a)

   22,800        199,500 

InterDigital, Inc.

   1,600        101,520 

Maxar Technologies, Inc.

   200        7,564 

NETGEAR, Inc. (a)

   2,500        102,750 

PagerDuty, Inc. (a)

   9,300        374,139 

PlayAGS, Inc. (a)

   7,300        58,984 

Pure Storage, Inc., Class A (a)

   25,400        547,116 

Sonos, Inc. (a)

   26,300        985,461 

Stratasys Ltd. (a)

   14,200        367,780 

ViaSat, Inc. (a)

   6,600        317,262 

Vishay Precision Group, Inc. (a)

   800        24,648 

Vocera Communications, Inc. (a)

   5,100        196,146 

VOXX International Corp. (a)

   1,600        30,496 

Xerox Holdings Corp.

   2,800        67,956 
        

 

 

 
         11,841,189 
        

 

 

 

Health Care — 0.8%

        

10X Genomics, Inc., Class A (a)

   800        144,800 

89bio, Inc. (a)

   2,100        49,728 

9 Meters Biopharma, Inc. (a)

   22,900        26,793 

 

See Notes to Consolidated Financial Statements.

 

27


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Shares        Value 

Abbott Laboratories

   1,800       $215,712 

ABIOMED, Inc. (a)

   200        63,746 

ACADIA Pharmaceuticals, Inc. (a)

   1,000        25,800 

Accuray, Inc. (a)

   14,100        69,795 

AcelRx Pharmaceuticals, Inc. (a)

   100        170 

Aclaris Therapeutics, Inc. (a)

   800        20,160 

Acutus Medical, Inc. (a)

   100        1,337 

Adicet Bio, Inc. (a)

   1,242        16,245 

Adverum Biotechnologies, Inc. (a)

   16,800        165,648 

Aeglea BioTherapeutics, Inc. (a)

   200        1,584 

Aerie Pharmaceuticals, Inc. (a)

   1,400        25,018 

Aileron Therapeutics, Inc. (a)

   2,700        3,861 

Akero Therapeutics, Inc. (a)

   2,800        81,228 

Albireo Pharma, Inc. (a)

   3,700        130,425 

Alector, Inc. (a)

   6,700        134,938 

Alexion Pharmaceuticals, Inc. (a)

   200        30,582 

Align Technology, Inc. (a)

   200        108,306 

Allakos, Inc. (a)

   100        11,478 

Allena Pharmaceuticals, Inc. (a)

   3,300        4,587 

Allogene Therapeutics, Inc. (a)

   8,100        285,930 

Allovir, Inc. (a)

   100        2,340 

Altimmune, Inc. (a)

   5,300        74,889 

Amedisys, Inc. (a)

   1,200        317,748 

Amneal Pharmaceuticals, Inc. (a)

   3,500        23,555 

AnaptysBio, Inc. (a)

   5,700        122,835 

ANI Pharmaceuticals, Inc. (a)

   700        25,298 

Anika Therapeutics, Inc. (a)

   1,500        61,185 

Antares Pharma, Inc. (a)

   21,100        86,721 

Anthem, Inc. (c)

   8,400        3,015,180 

Aptevo Therapeutics, Inc. (a)

   100        3,052 

Arcutis Biotherapeutics, Inc. (a)

   700        20,251 

Ardelyx, Inc. (a)

   12,000  ��     79,440 

Arena Pharmaceuticals, Inc. (a)

   800        55,512 

Assembly Biosciences, Inc. (a)

   8,400        38,640 

Atara Biotherapeutics, Inc. (a)

   14,200        203,912 

Avantor, Inc. (a)

   500        14,465 

AVEO Pharmaceuticals, Inc. (a)

   4,200        30,744 

Avrobio, Inc. (a)

   1,400        17,766 

Axsome Therapeutics, Inc. (a)

   1,000        56,620 

Baudax Bio, Inc. (a)

   1,300        1,677 

Bausch Health Cos., Inc. (a)

   4,300        136,482 

Baxter International, Inc. (c)

   45,900        3,871,206 

Becton Dickinson and Co.

   3,900        948,285 

Berkeley Lights, Inc. (a)

   1,800        90,414 

Beyond Air, Inc. (a)

   4,500        24,750 

Beyondspring, Inc. (a)

   100        1,107 

Bioxcel Therapeutics, Inc. (a)

   700        30,212 

 

See Notes to Consolidated Financial Statements.

 

28


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Shares        Value 

Black Diamond Therapeutics, Inc. (a)

   700       $16,982 

BrainStorm Cell Therapeutics, Inc. (a)

   1,800        6,894 

Brickell Biotech, Inc. (a)

   1,000        1,090 

Brookdale Senior Living, Inc. (a)

   3,409        20,624 

Cantel Medical Corp. (a)

   6,500        518,960 

Cara Therapeutics, Inc. (a)

   6,000        130,260 

Cardiff Oncology, Inc. (a)

   8,100        75,006 

CASI Pharmaceuticals, Inc. (a)

   1,100        2,640 

Castle Biosciences, Inc. (a)

   600        41,076 

Catabasis Pharmaceuticals, Inc. (a)

   400        1,156 

Cellectar Biosciences, Inc. (a)

   10,900        17,549 

Cerus Corp. (a)

   1,800        10,818 

Checkpoint Therapeutics, Inc. (a)

   3,400        10,676 

Chinook Therapeutics, Inc. (a)

   1,620        25,175 

Cidara Therapeutics, Inc. (a)

   300        798 

Clearside Biomedical, Inc. (a)

   9,800        24,206 

Community Health Systems, Inc. (a)

   25,100        339,352 

Concert Pharmaceuticals, Inc. (a)

   2,100        10,479 

Conformis, Inc. (a)

   2,900        2,871 

Constellation Pharmaceuticals, Inc. (a)

   1,100        25,729 

Corbus Pharmaceuticals Holdings, Inc. (a)

   800        1,576 

CorMedix, Inc. (a)

   2,400        23,976 

Corvus Pharmaceuticals, Inc. (a)

   3,700        11,396 

CRH Medical Corp. (a)

   11,900        47,005 

Crinetics Pharmaceuticals, Inc. (a)

   100        1,528 

Cutera, Inc. (a)

   2,300        69,115 

Cyclerion Therapeutics, Inc. (a)

   2,600        7,254 

Denali Therapeutics, Inc. (a)

   7,200        411,120 

Dicerna Pharmaceuticals, Inc. (a)

   5,900  ��     150,863 

Durect Corp. (a)

   23,400        46,332 

Dyne Therapeutics, Inc. (a)

   100        1,553 

Eagle Pharmaceuticals, Inc. (a)

   1,700        70,958 

Edwards Lifesciences Corp. (a)

   1,500        125,460 

ElectroCore, Inc. (a)

   3,100        6,386 

Eton Pharmaceuticals, Inc. (a)

   500        3,660 

Evelo Biosciences, Inc. (a)

   600        6,420 

EyeGate Pharmaceuticals, Inc. (a)

   1,000        4,980 

Eyenovia, Inc. (a)

   1,500        7,665 

EyePoint Pharmaceuticals, Inc. (a)

   100        1,016 

FONAR Corp. (a)

   400        7,236 

Fortress Biotech, Inc. (a)

   4,600        16,238 

Genocea Biosciences, Inc. (a)

   7,700        20,867 

Geron Corp. (a)

   39,300        62,094 

Globus Medical, Inc., Class A (a)

   700        43,169 

Graybug Vision, Inc. (a)

   100        555 

Gritstone Oncology, Inc. (a)

   500        4,715 

Haemonetics Corp. (a)

   400        44,404 

 

See Notes to Consolidated Financial Statements.

 

29


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Shares        Value 

Halozyme Therapeutics, Inc. (a)

   400       $16,676 

Harrow Health, Inc. (a)

   3,100        20,925 

Harvard Bioscience, Inc. (a)

   2,800        15,288 

Hill-Rom Holdings, Inc.

   1,400        154,672 

Hologic, Inc. (a)

   10,200        758,676 

Hookipa Pharma, Inc. (a)

   200        2,690 

iCAD, Inc. (a)

   600        12,732 

Ideaya Biosciences, Inc. (a)

   3,300        77,550 

Illumina, Inc. (a)

   100        38,406 

Immunovant, Inc. (a)

   11,900        190,876 

InfuSystem Holdings, Inc. (a)

   1,000        20,360 

Inmode Ltd. (a)

   4,800        347,376 

Intuitive Surgical, Inc. (a)

   500        369,470 

Invacare Corp. (a)

   1,100        8,822 

Ionis Pharmaceuticals, Inc. (a)

   9,800        440,608 

Iovance Biotherapeutics, Inc. (a)

   400        12,664 

IsoRay, Inc. (a)

   800        872 

Iterum Therapeutics plc (a)

   2,700        3,807 

IVERIC bio, Inc. (a)

   2,200        13,596 

Johnson & Johnson

   44,800        7,362,880 

Jounce Therapeutics, Inc. (a)

   1,300        13,351 

Kala Pharmaceuticals, Inc. (a)

   2,900        19,546 

Kaleido Biosciences, Inc. (a)

   1,400        11,340 

Kindred Biosciences, Inc. (a)

   700        3,479 

Kiniksa Pharmaceuticals Ltd., Class A (a)

   3,100        57,381 

La Jolla Pharmaceutical Co. (a)

   4,423        18,754 

Lantheus Holdings, Inc. (a)

   1,400        29,918 

Larimar Therapeutics, Inc. (a)

   133        1,943 

LeMaitre Vascular, Inc.

   400        19,512 

Lipocine, Inc. (a)

   100        151 

Lyra Therapeutics, Inc. (a)

   200        2,318 

MacroGenics, Inc. (a)

   8,000        254,800 

Madrigal Pharmaceuticals, Inc. (a)

   1,200        140,364 

Magenta Therapeutics, Inc. (a)

   3,500        41,440 

Maravai LifeSciences Holdings, Inc., Class A (a)

   500        17,820 

Marinus Pharmaceuticals, Inc. (a)

   1,925        29,799 

Marker Therapeutics, Inc. (a)

   900        2,016 

Masimo Corp. (a)

   400        91,864 

Matinas BioPharma Holdings, Inc. (a)

   11,200        11,760 

Medtronic plc (a)

   8,500        1,004,105 

Meridian Bioscience, Inc. (a)

   400        10,500 

Merit Medical Systems, Inc. (a)

   700        41,916 

Merrimack Pharmaceuticals, Inc. (a)

   2,425        15,229 

Milestone Pharmaceuticals, Inc. (a)

   1,200        6,948 

Minerva Neurosciences, Inc. (a)

   9,100        26,572 

Mirati Therapeutics, Inc. (a)

   300        51,390 

Mirum Pharmaceuticals, Inc. (a)

   700        13,874 

 

See Notes to Consolidated Financial Statements.

 

30


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Shares        Value 

Molecular Templates, Inc. (a)

   6,028       $76,073 

Natera, Inc. (a)

   11,600        1,177,864 

Neogen Corp. (a)

   1,100        97,779 

Neoleukin Therapeutics, Inc. (a)

   600        7,386 

Neubase Therapeutics, Inc. (a)

   1,400        10,346 

NextCure, Inc. (a)

   1,600        16,016 

NGM Biopharmaceuticals, Inc. (a)

   200        5,814 

NuVasive, Inc. (a)

   5,300        347,468 

Ocular Therapeutix, Inc. (a)

   16,700        274,047 

Odonate Therapeutics, Inc. (a)

   8,400        28,728 

Omeros Corp. (a)

   400        7,120 

Oncocyte Corp. (a)

   10,600        55,014 

Onconova Therapeutics, Inc. (a)

   200        200 

Oncternal Therapeutics, Inc. (a)

   600        4,992 

Ortho Clinical Diagnostics Holdings plc (a)

   100        1,930 

Outlook Therapeutics, Inc. (a)

   8,700        19,575 

Ovid therapeutics, Inc. (a)

   7,100        28,542 

Palatin Technologies, Inc. (a)

   4,900        3,379 

Paratek Pharmaceuticals, Inc. (a)

   8,600        60,716 

Personalis, Inc. (a)

   9,600        236,256 

Pfizer, Inc. (c)

   210,300        7,619,169 

Phathom Pharmaceuticals, Inc. (a)

   100        3,756 

Pluristem Therapeutics, Inc. (a)

   2,800        13,356 

Plus Therapeutics, Inc. (a)

   900        2,160 

PLx Pharma, Inc. (a)

   1,100        9,933 

Protagonist Therapeutics, Inc. (a)

   6,500        168,350 

Puma Biotechnology, Inc. (a)

   1,500        14,580 

Quanterix Corp. (a)

   700        40,929 

Radius Health, Inc. (a)

   7,900        164,794 

RadNet, Inc. (a)

   3,200        69,600 

RAPT Therapeutics, Inc. (a)

   800        17,760 

REGENXBIO, Inc. (a)

   200        6,822 

Regulus Therapeutics, Inc. (a)

   15,900        24,804 

Replimune Group, Inc. (a)

   5,300        161,703 

Repro-Med Systems, Inc. (a)

   100        352 

Rhythm Pharmaceuticals, Inc. (a)

   400        8,508 

Rigel Pharmaceuticals, Inc. (a)

   35,800        122,436 

Rocket Pharmaceuticals, Inc. (a)

   3,400        150,858 

Sangamo BioSciences, Inc. (a)

   29,800        373,394 

Satsuma Pharmaceuticals, Inc. (a)

   2,400        14,184 

Savara, Inc. (a)

   1,900        3,952 

SCYNEXIS, Inc. (a)

   4,500        35,730 

Seagen, Inc. (a)

   800        111,088 

Selecta Biosciences, Inc. (a)

   24,200        109,505 

Senseonics Holdings, Inc. (a)

   2,900        7,656 

Sesen Bio, Inc. (a)

   37,232        96,803 

SI-BONE, Inc. (a)

   1,900        60,439 

 

See Notes to Consolidated Financial Statements.

 

31


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Shares        Value 

Sientra, Inc. (a)

   8,400       $61,236 

Sio Gene Therapies, Inc. (a)

   6,500        16,965 

Soleno Therapeutics, Inc. (a)

   7,500        9,450 

Solid Biosciences, Inc. (a)

   13,500        74,655 

Soliton, Inc. (a)

   1,500        26,355 

STAAR Surgical Co. (a)

   600        63,246 

Supernus Pharmaceuticals, Inc. (a)

   4,600        120,428 

Surgalign Holdings, Inc. (a)

   500        1,090 

Surmodics, Inc. (a)

   500        28,035 

Sutro Biopharma, Inc. (a)

   400        9,104 

Tandem Diabetes Care, Inc. (a)

   1,363        120,285 

TCR2 Therapeutics, Inc. (a)

   5,300        117,024 

TFF Pharmaceuticals, Inc. (a)

   200        2,714 

TherapeuticsMD, Inc. (a)

   1,900        2,546 

Tracon Pharmaceuticals, Inc. (a)

   3,400        27,982 

Translate Bio, Inc. (a)

   5,600        92,344 

Travere Therapeutics, Inc. (a)

   3,700        92,389 

Trevena, Inc. (a)

   14,300        25,597 

Tricida, Inc. (a)

   11,000        58,190 

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

   1,550        40,346 

Turning Point Therapeutics, Inc. (a)

   700        66,213 

Twist Bioscience Corp. (a)

   200        24,772 

Ultragenyx Pharmaceutical, Inc. (a)

   1,200        136,632 

UNITY Biotechnology, Inc. (a)

   500        3,000 

Vanda Pharmaceuticals, Inc. (a)

   5,700        85,614 

Vapotherm, Inc. (a)

   1,000        24,020 

Varex Imaging Corp. (a)

   500        10,245 

Verastem, Inc. (a)

   37,700        93,119 

Virios Therapeutics, Inc. (a)

   300        1,719 

Voyager Therapeutics, Inc. (a)

   2,900        13,659 

vTv Therapeutics, Inc., Class A (a)

   1,600        4,512 

VYNE Therapeutics, Inc. (a)

   3,000        20,535 

Y-mAbs Therapeutics, Inc. (a)

   3,600        108,864 

Zentalis Pharmaceuticals, Inc. (a)

   300        13,017 

Zoetis, Inc. (a)

   1,500        236,220 

Zynerba Pharmaceuticals, Inc. (a)

   1,900        8,835 
        

 

 

 
         38,971,898 
        

 

 

 

Health Care Facilities & Services — 0.0%

    

Invitae Corp. (a)

   7,600        290,396 

Joint Corp. (The) (a)

   2,500        120,925 

MEDNAX, Inc. (a)

   4,400        112,068 

Neuronetics, Inc. (a)

   2,900        35,873 

Quest Diagnostics, Inc. (a)

   2,900        372,186 

Tivity Health, Inc. (a)

   7,100        158,472 
        

 

 

 
         1,089,920 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

32


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Shares        Value 

Home & Office Products — 0.0%

    

ACCO Brands Corp.

   2,800       $23,632 

Armstrong Flooring, Inc. (a)

   4,700        22,983 

Tempur Sealy International, Inc.

   8,200        299,792 
        

 

 

 
         346,407 
        

 

 

 

Industrial Products — 0.2%

    

AAR Corp. (a)

   1,600        66,640 

Advanced Emissions Solutions, Inc. (a)

   100        550 

Aerojet Rocketdyne Holdings, Inc.

   15,300        718,488 

Allegion PLC (a)

   800        100,496 

Astronics Corp. (a)

   4,200        75,768 

Atkore International Group, Inc. (a)

   1,200        86,280 

Bel Fuse, Inc., Class B

   100        1,989 

Blue Bird Corp. (a)

   1,000        25,030 

Cactus, Inc.

   900        27,558 

CECO Environmental Corp. (a)

   1,900        15,067 

Columbus McKinnon Corp.

   600        31,656 

Commercial Vehicle Group, Inc. (a)

   5,600        54,040 

Core Molding Technologies, Inc. (a)

   300        3,518 

Crane Co.

   900        84,519 

Ducommun, Inc. (a)

   200        12,000 

FARO Technologies, Inc. (a)

   400        34,628 

Flowserve Corp.

   2,900        112,549 

FreightCar America, Inc. (a)

   3,400        22,423 

Gates Industrial Corp. plc (a)

   4,500        71,955 

Graco, Inc.

   100        7,162 

GrafTech International Ltd.

   12,000        146,760 

Graham Corp.

   400        5,696 

Hexcel Corp. (a)

   8,199        459,144 

Honeywell International, Inc.

   200        43,414 

Hydrofarm Holdings Group, Inc. (a)

   200        12,064 

Ichor Holdings Ltd. (a)

   1,000        53,800 

Kimball Electronics, Inc. (a)

   100        2,580 

LB Foster Co., Class A (a)

   500        8,950 

Lockheed Martin Corp. (c)

   17,900        6,614,050 

Mueller Water Products, Inc., Class A

   300        4,167 

Nikola Corp. (a)

   1,900        26,391 

nLight, Inc. (a)

   400        12,960 

NN, Inc. (a)

   1,900        13,433 

Nordson Corp.

   100        19,868 

Northrop Grumman Corp.

   2,500        809,100 

nVent Electric plc (a)

   7,700        214,907 

Powell Industries, Inc.

   500        16,935 

Proto Labs, Inc. (a)

   1,200        146,100 

Ranpak Holdings Corp. (a)

   500        10,030 

 

See Notes to Consolidated Financial Statements.

 

33


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Shares        Value 

REV Group, Inc. (a)

   500       $9,580 

Shyft Group, Inc. (The)

   500        18,600 

Spirit AeroSystems Holdings, Inc., Class A

   23,100        1,123,815 

Stanley Black & Decker, Inc.

   1,400        279,538 

Triumph Group, Inc. (a)

   10,200        187,476 

Welbilt, Inc. (a)

   7,000        113,750 
        

 

 

 
         11,905,424 
        

 

 

 

Industrial Services — 0.2%

        

Alarm.com Holdings, Inc. (a)

   300        25,914 

Alta Equipment Group, Inc. (a)

   200        2,600 

American Airlines Group, Inc. (a)

   31,400        750,460 

Barrett Business Services, Inc.

   500        34,430 

CAI International, Inc.

   1,400        63,728 

Canadian National Railway Co.

   4,600        533,508 

Canadian Pacific Railway Ltd. (a)

   100        37,929 

Civeo Corp. (a)

   725        11,100 

CorVel Corp. (a)

   400        41,036 

CryoPort, Inc. (a)

   900        46,809 

CSX Corp.

   2,900        279,618 

Daseke, Inc. (a)

   9,900        84,051 

DXP Enterprises, Inc. (a)

   300        9,051 

Eagle Bulk Shipping, Inc. (a)

   597        21,563 

Fluor Corp. (a)

   25,000        577,250 

Franchise Group, Inc.

   900        32,499 

Franklin Covey Co. (a)

   500        14,145 

FTI Consulting, Inc. (a)

   7,500        1,050,825 

H&E Equipment Services, Inc.

   3,600        136,800 

Hackett Group, Inc.

   1,700        27,863 

Herc Holdings, Inc. (a)

   654        66,270 

HMS Holdings Corp. (a)

   400        14,790 

Huron Consulting Group, Inc. (a)

   200        10,076 

Infrastructure and Energy Alternatives, Inc. (a)

   100        1,630 

KBR, Inc. (a)

   700        26,873 

Kelly Services, Inc., Class A (a)

   900        20,043 

Limbach Holdings, Inc. (a)

   500        5,280 

Macquarie Infrastructure Corp.

   600        19,086 

Manpowergroup, Inc.

   100        9,890 

Marten Transport Ltd.

   3,999        67,863 

Mesa Air Group, Inc. (a)

   3,300        44,385 

Quad/Graphics, Inc.

   4,100        14,473 

R1 RCM, Inc. (a)

   3,200        78,976 

Republic Services, Inc.

   8,000        794,800 

Resideo Technologies, Inc. (a)

   20,200        570,650 

Ritchie Bros Auctioneers, Inc.

   300        17,565 

RR Donnelley & Sons Co. (a)

   14,066        57,108 

 

See Notes to Consolidated Financial Statements.

 

34


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Shares        Value 

SEACOR Holdings, Inc. (a)

   1,400       $57,050 

Spirit Airlines, Inc. (a)

   11,500        424,350 

Sterling Construction Co., Inc. (a)

   2,700        62,640 

Titan Machinery, Inc. (a)

   3,300        84,150 

TriNet Group, Inc. (a)

   4,000        311,840 

Tutor Perini Corp. (a)

   6,900        130,755 

United Airlines Holdings, Inc. (a)

   12,900        742,266 

United Parcel Service, Inc., Class B

   5,200        883,948 

USA Truck, Inc. (a)

   900        17,199 

Volt Information Sciences, Inc. (a)

   2,700        10,638 

WillScot Mobile Mini Holdings Corp. (a)

   765        21,229 
        

 

 

 
         8,347,002 
        

 

 

 

Institutional Financial Services — 0.0%

    

BGC Partners, Inc., Class A

   5,900        28,497 
        

 

 

 

Insurance — 0.1%

    

American Equity Investment Life Holding Co.

   4,200        132,426 

American Financial Group, Inc.

   1,000        114,100 

Aon plc, Class A (a)

   3,400        782,374 

Arch Capital Group Ltd. (a)

   2,100        80,577 

Assured Guaranty Ltd. (a)

   200        8,456 

Athene Holding Ltd., Class A (a)

   4,400        221,760 

Brighthouse Financial, Inc. (a)

   5,300        234,525 

Employers Holdings, Inc.

   600        25,836 

Genworth Financial, Inc., Class A (a)

   13,200        43,824 

Greenlight Capital Re Ltd., A Shares (a)

   1,400        12,180 

Hallmark Financial Services, Inc. (a)

   2,600        10,088 

Hanover Insurance Group, Inc. (c)

   1,900        245,974 

Heritage Insurance Holdings, Inc.

   1,600        17,728 

Kingstone Cos., Inc.

   200        1,708 

Lincoln National Corp.

   6,200        386,074 

Maiden Holdings Ltd. (a)

   1,400        4,620 

Old Republic International Corp.

   5,700        124,488 

Principal Financial Group, Inc.

   100        5,996 

ProSight Global, Inc. (a)

   1,500        18,900 

Protective Insurance Corp., Class B

   200        4,574 

Radian Group, Inc.

   2,300        53,475 

SiriusPoint Ltd. (a)

   200        2,034 

Trupanion, Inc. (a)

   600        45,726 

United Insurance Holdings Corp.

   100        721 

Universal Insurance Holdings, Inc.

   2,700        38,718 

Unum Group (c)

   20,000        556,600 

Willis Towers Watson plc (a)

   3,000        686,640 
        

 

 

 
         3,860,122 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

35


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Shares        Value 

Iron & Steel — 0.0%

    

Allegheny Technologies, Inc. (a)

   27,200       $572,832 

Arch Resources, Inc. (a)

   500        20,800 

SunCoke Energy, Inc.

   12,000        84,120 
        

 

 

 
         677,752 
        

 

 

 

Leisure Products — 0.1%

    

Clarus Corp.

   2,509        42,778 

Malibu Boats, Inc., Class A (a)

   600        47,808 

MasterCraft Boat Holdings, Inc. (a)

   2,600        69,134 

Peloton Interactive, Inc., Class A (a),(c)

   29,400        3,305,736 
        

 

 

 
         3,465,456 
        

 

 

 

Machinery — 0.0%

    

Titan International, Inc. (a)

   6,300        58,464 
        

 

 

 

Manufactured Goods — 0.0%

    

Insteel Industries, Inc.

   900        27,756 
        

 

 

 

Materials — 0.1%

        

A-Mark Precious Metals, Inc.

   100        3,600 

Agnico Eagle Mines Ltd.

   1,200        69,372 

Air Products & Chemicals, Inc.

   100        28,134 

Alamos Gold, Inc., Class A

   12,654        98,828 

Alcoa Corp. (a)

   40,901        1,328,873 

Alpha Metallurgical Resources, Inc. (a)

   3,600        45,468 

Ardagh Group SA (a)

   200        5,082 

Ball Corp.

   200        16,948 

Carpenter Technology Corp.

   2,700        111,105 

Celanese Corp., Series A

   1,600        239,696 

Chemours Co.

   20,100        560,991 

Codexis, Inc. (a)

   2,400        54,936 

Coeur Mining, Inc. (a)

   9,036        81,595 

Crown Holdings, Inc.

   4,600        446,384 

Domtar Corp. (a)

   8,000        295,600 

Ecolab, Inc.

   300        64,221 

Eldorado Gold Corp. (a)

   640        6,906 

Endeavour Silver Corp. (a)

   600        2,976 

Freeport-McMoRan, Inc. (a)

   4,800        158,064 

Gold Resource Corp. (a)

   2,500        6,600 

Great Panther Silver Ltd. (a)

   4,900        3,773 

Haynes International, Inc.

   100        2,967 

HB Fuller Co.

   900        56,619 

Hecla Mining Co.

   881        5,013 

IAMGOLD Corp. (a)

   11,000        32,780 

Kinross Gold Corp.

   24,100        160,747 

Lydall, Inc. (a)

   1,600        53,984 

 

See Notes to Consolidated Financial Statements.

 

36


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Shares        Value 

Marrone Bio Innovations, Inc. (a)

   800       $1,672 

Myers Industries, Inc.

   900        17,784 

NACCO Industries, Inc., Class A

   100        2,495 

New Gold, Inc. (a)

   61,900        95,326 

Newmont Mining Corp.

   2,200        132,594 

Northwest Pipe Co. (a)

   600        20,052 

Olin Corp.

   1,100        41,767 

Osisko Gold Royalties Ltd.

   600        6,612 

Peabody Energy Corp. (a)

   8,200        25,092 

Rogers Corp. (a)

   100        18,821 

Royal Gold, Inc.

   2,700        290,574 

Ryerson Holding Corp. (a)

   600        10,224 

Sherwin-Williams Co.

   500        369,005 

Stepan Co.

   1,000        127,110 

Taseko Mines Ltd. (a)

   15,000        25,800 

Ternium SA, ADR (a)

   600        23,304 

TimkenSteel Corp. (a)

   10,000        117,500 

United States Steel Corp.

   16,300        426,571 

W R Grace & Co.

   100        5,986 
        

 

 

 
         5,699,551 
        

 

 

 

Media — 0.7%

        

Alphabet, Inc., Class A (a)

   200        412,504 

Altice USA, Inc., Class A (a),(c)

   57,400        1,867,222 

AMC Networks, Inc., Class A (a)

   100        5,316 

ANGI Homeservices, Inc., Class A (a)

   17,200        223,600 

Audacy, Inc. (a)

   7,100        37,275 

Boingo Wireless, Inc. (a)

   7,700        108,339 

Cargurus, Inc. (a),(c)

   21,400        509,962 

Cars.com, Inc. (a)

   8,700        112,752 

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

   5,240        3,233,185 

Clear Channel Outdoor Holdings, Inc. (a)

   8,800        15,840 

Electronic Arts, Inc.

   9,700        1,313,089 

Entravision Communications Corp., Class A

   900        3,636 

Eventbrite, Inc., Class A (a)

   5,400        119,664 

EverQuote, Inc., Class A (a)

   3,900        141,531 

Facebook, Inc., Class A (a),(c)

   13,800        4,064,514 

Fluent, Inc. (a)

   300        1,230 

Glu Mobile, Inc. (a)

   38,400        479,232 

GoDaddy, Inc., Class A (a)

   7,200        558,864 

Grubhub, Inc. (a)

   6,400        384,000 

HyreCar, Inc. (a)

   4,100        40,180 

iHeartMedia, Inc., Class A (a)

   3,200        58,080 

IMAX Corp. (a)

   12,900        259,290 

iMedia Brands, Inc. (a)

   1,970        15,268 

Liberty Media Corp-Liberty SiriusXM, Class A (a),(b),(c)

   20,505        903,860 

 

See Notes to Consolidated Financial Statements.

 

37


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Shares        Value 

Liberty Media Corp-Liberty SiriusXM, Class C (a),(b),(c)

   21,740       $958,951 

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

   12,500        79,750 

Lions Gate Entertainment Corp., Class A (a)

   10,400        155,480 

Marchex, Inc., Class B (a)

   1,500        4,215 

Meredith Corp. (a)

   400        11,912 

National CineMedia, Inc.

   4,300        19,866 

Pinterest, Inc., Class A (a),(c)

   36,500        2,702,095 

Playtika Holding Corp. (a)

   500        13,605 

QuinStreet, Inc. (a)

   200        4,060 

Quotient Technology, Inc. (a)

   1,400        22,876 

Roku, Inc. (a),(c)

   18,300        5,961,591 

Sciplay Corp., Class A (a)

   5,000        80,900 

SharpSpring, Inc. (a)

   400        6,400 

Shaw Communications, Inc. (a)

   900        23,598 

Sinclair Broadcast Group, Inc., Class A

   4,000        117,040 

Snap, Inc., Class A (a),(c)

   85,200        4,455,108 

Travelzoo, Inc. (a)

   900        15,084 

TripAdvisor, Inc. (a),(c)

   12,800        688,512 

TrueCar, Inc. (a)

   16,100        77,039 

Twitter, Inc. (a)

   26,500        1,686,195 

Urban One, Inc. (a)

   5,600        9,800 

VeriSign, Inc. (a)

   600        119,256 

WideOpenWest, Inc. (a)

   200        2,718 

World Wrestling Entertainment, Inc., Class A

   5,500        298,430 

Yelp, Inc. (a),(c)

   9,300        362,700 

Zillow Group, Inc. (a)

   400        52,552 
        

 

 

 
         32,798,166 
        

 

 

 

Medical Equipment & Devices — 0.1%

    

Accelerate Diagnostics, Inc. (a)

   1,800        14,976 

Adaptive Biotechnologies Corp. (a)

   100        4,026 

Alphatec Holdings, Inc. (a)

   9,500        150,005 

AngioDynamics, Inc. (a)

   2,100        49,140 

Axogen, Inc. (a)

   1,400        28,364 

CareDx, Inc. (a)

   7,600        517,484 

CytoSorbents Corp. (a)

   5,700        49,476 

Envista Holdings Corp. (a)

   2,700        110,160 

Fluidigm Corp. (a)

   13,600        61,472 

Inogen, Inc. (a)

   2,700        141,804 

LivaNova PLC (a)

   100        7,373 

Myriad Genetics, Inc. (a)

   9,500        289,275 

NanoString Technologies, Inc. (a)

   6,600        433,686 

Nevro Corp. (a),(c)

   2,900        404,550 

Novocure Ltd. (a),(c)

   6,800        898,824 

Orthofix Medical, Inc. (a)

   1,400        60,690 

 

See Notes to Consolidated Financial Statements.

 

38


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Shares        Value 

Quotient Ltd. (a)

   14,800       $54,464 

SeaSpine Holdings Corp. (a)

   1,900        33,060 

Silk Road Medical, Inc. (a)

   200        10,130 

T2 Biosystems, Inc. (a)

   9,600        15,552 

Veracyte, Inc. (a)

   400        21,500 

Vericel Corp. (a)

   1,600        88,880 

ViewRay, Inc. (a)

   19,700        85,695 
        

 

 

 
         3,530,586 
        

 

 

 

Metals & Mining — 0.0%

    

Arconic Corp. (a)

   200        5,078 

Constellium SE (a)

   15,500        227,850 

Ferroglobe plc (a)

   6,800        25,704 

First Majestic Silver Corp. (a)

   500        7,790 

McEwen Mining, Inc. (a)

   18,100        18,824 

Pretium Resources, Inc. (a)

   13,500        139,995 

Sandstorm Gold Ltd. (a)

   20,700        140,760 

Silvercorp Metals, Inc.

   1,500        7,365 
        

 

 

 
         573,366 
        

 

 

 

Oil, Gas & Coal — 0.4%

        

Amplify Energy Corp. (a)

   2,866        7,967 

Antero Resources Corp. (a)

   61,400        626,280 

California Resources Corp. (a)

   1,500        36,090 

Callon Petroleum Co. (a)

   2,100        80,955 

Canadian Natural Resources Ltd.

   13,100        404,397 

Cenovus Energy, Inc.

   25,700        193,264 

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

   37,900        159,180 

ChampionX Corp. (a)

   18,800        408,524 

Cimarex Energy Co.

   2,900        172,231 

CNX Resources Corp. (a)

   400        5,880 

Comstock Resources, Inc. (a)

   12,500        69,250 

CONSOL Energy, Inc. (a)

   1,100        10,692 

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

   23,000        595,010 

Core Laboratories NV (a)

   600        17,274 

Crescent Point Energy Corp.

   22,000        91,740 

CVR Energy, Inc. (a)

   9,500        182,210 

Devon Energy Corp.

   49,517        1,081,946 

Diamondback Energy, Inc.

   2,395        176,009 

Enerplus Corp.

   25,700        128,757 

EnLink Midstream LLC

   39,200        168,168 

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

   39,100        2,835,923 

EQT Corp. (a)

   1,800        33,444 

Evolution Petroleum Corp.

   1,000        3,380 

Falcon Minerals Corp.

   2,500        11,225 

Flotek Industries, Inc. (a)

   1,400        2,352 

 

See Notes to Consolidated Financial Statements.

 

39


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Shares        Value 

Hallador Energy Co. (a)

   1,100       $2,035 

Halliburton Co.

   400        8,584 

Helmerich & Payne, Inc. (c)

   21,000        566,160 

HollyFrontier Corp.

   16,500        590,370 

Imperial Oil Ltd.

   100        2,418 

Kosmos Energy Ltd. (a)

   46,500        142,755 

Laredo Petroleum, Inc. (a)

   650        19,539 

Magnolia Oil & Gas Corp., Class A (a)

   38,900        446,572 

Mammoth Energy Services, Inc. (a)

   2,600        13,832 

Marathon Oil Corp.

   40,200        429,336 

Matador Resources Co.

   24,500        574,525 

Matrix Service Co. (a)

   1,000        13,110 

MRC Global, Inc. (a)

   8,600        77,658 

Murphy Oil Corp.

   1,700        27,897 

Nabors Industries Ltd. (a)

   684        63,920 

Natural Gas Services Group, Inc. (a)

   900        8,496 

Newpark Resources, Inc. (a)

   15,000        47,100 

NexTier Oilfield Solutions, Inc. (a)

   7,046        26,211 

Nine Energy Service, Inc. (a)

   200        460 

Northern Oil and Gas, Inc. (a)

   4,810        58,105 

NOV, Inc. (a)

   1,800        24,696 

NOW, Inc. (a)

   14,500        146,305 

Oasis Petroleum, Inc.

   200        11,878 

Occidental Petroleum Corp.

   38        1,012 

Oceaneering International, Inc. (a)

   9,600        109,632 

Oil States International, Inc. (a)

   13,400        80,802 

Ovintiv, Inc.

   55,318        1,317,675 

Patterson-UTI Energy, Inc.

   39,000        278,070 

PBF Energy, Inc., Class A (a)

   16,000        226,400 

PDC Energy, Inc. (a)

   5,884        202,410 

Penn Virginia Corp. (a)

   1,800        24,120 

PHX Minerals, Inc. (a)

   1,500        4,305 

Pioneer Natural Resources Co. (c)

   12,844        2,039,884 

Range Resources Corp. (a)

   713        7,365 

Ring Energy, Inc. (a)

   1,700        3,927 

RPC, Inc. (a)

   3,300        17,820 

SandRidge Energy, Inc. (a)

   4,800        18,768 

Select Energy Services, Inc., Class A (a)

   900        4,482 

SM Energy Co.

   25,200        412,524 

Suncor Energy, Inc.

   400        8,360 

Targa Resources Corp.

   36,400        1,155,700 

TC Energy Corp.

   300        13,725 

TETRA Technologies, Inc. (a)

   8,000        19,200 

Thermon Group Holdings, Inc. (a)

   200        3,898 

Transocean Ltd. (a)

   135,433        480,787 

TravelCenters of America, Inc. (a)

   440        11,937 

US Silica Holdings, Inc. (a)

   2,800        34,412 

 

See Notes to Consolidated Financial Statements.

 

40


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Shares        Value 

VAALCO Energy, Inc. (a)

   1,400       $3,136 

Vermilion Energy, Inc. (a)

   13,200        96,096 

W&T Offshore, Inc. (a)

   6,700        24,053 

Whiting Petroleum Corp. (a)

   2,200        77,990 
        

 

 

 
         17,482,600 
        

 

 

 

Private Equity — 0.0%

        

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

   60,879        1,248,019 
        

 

 

 

Real Estate — 0.3%

        

Agree Realty Corp.

   3,200        215,392 

Alexander & Baldwin, Inc.

   300        5,037 

Alpine Income Property Trust, Inc.

   1,400        24,304 

Apartment Investment and Management Co., Class A

   12,000        73,680 

Armada Hoffler Properties, Inc.

   300        3,762 

AvalonBay Communities, Inc. (b),(c)

   254        46,866 

Bluerock Residential Growth REIT, Inc.

   300        3,033 

Boston Properties, Inc. (b),(c)

   272        27,543 

Braemar Hotels & Resorts, Inc. (a)

   78        473 

CareTrust REIT, Inc.

   3,400        79,169 

Cedar Realty Trust, Inc.

   684        10,192 

City Office REIT, Inc.

   1,300        13,806 

Colliers International Group, Inc.

   200        19,648 

Colony Capital, Inc. (a)

   62,179        402,920 

CoreCivic, Inc. (a)

   300        2,715 

CorEnergy Infrastructure Trust, Inc.

   2,800        19,796 

CorePoint Lodging, Inc. (a)

   300        2,709 

CTO Realty Growth, Inc.

   200        10,402 

CubeSmart

   100        3,783 

Digital Realty Trust, Inc. (b),(c)

   511        71,969 

EPR Properties (a),(c),(b)

   133,475        3,480,644 

Equinix, Inc. (b),(c)

   128        86,987 

Equity LifeStyle Properties, Inc.

   8,700        553,668 

Equity Residential (b),(c)

   739        52,935 

Essex Property Trust, Inc. (b),(c)

   2,643        718,473 

First Industrial Realty Trust, Inc.

   4,800        219,792 

Four Corners Property Trust, Inc.

   100        2,740 

Gaming and Leisure Properties, Inc.

   12,938        548,959 

Geo Group, Inc. (The)

   15,700        121,832 

Getty Realty Corp.

   900        25,488 

Gladstone Commercial Corp.

   600        11,736 

Gladstone Land Corp.

   1,100        20,130 

Global Medical REIT, Inc.

   2,200        28,842 

Healthcare Trust of America, Inc., Class A

   400        11,032 

Healthpeak Properties, Inc. (b),(c)

   2,286        72,558 

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

   2,679        45,141 

Invitation Homes, Inc.

   4,400        140,756 

 

See Notes to Consolidated Financial Statements.

 

41


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Shares        Value 

iStar Financial, Inc.

   1,600       $28,448 

JBG SMITH Properties (b),(c)

   102        3,243 

Lexington Realty Trust

   500        5,555 

Macerich Co. (The)

   11,200        131,040 

McGrath RentCorp

   1,000        80,650 

National Health Investors, Inc.

   3,400        245,752 

National Retail Properties, Inc. (c)

   7,200        317,304 

Newmark Group, Inc., Class A

   4,500        45,022 

Omega Healthcare Investors, Inc.

   8,947        327,729 

Outfront Media, Inc. (a)

   3,500        76,405 

Park Hotels & Resorts, Inc. (a)

   7,212        155,635 

Plymouth Industrial REIT, Inc.

   100        1,685 

Postal Realty Trust, Inc.

   100        1,718 

Preferred Apartment Communities, Inc., Class A

   300        2,955 

Prologis, Inc. (b),(c)

   1,049        111,194 

Public Storage (b),(c)

   993        245,033 

QTS Realty Trust, Inc., Class A

   1,200        74,448 

Realogy Holdings Corp. (a)

   15,700        237,541 

Realty Income Corp. (b),(c)

   3,922        249,047 

Redfin Corp. (a)

   100        6,659 

Retail Opportunity Investments Corp.

   8,100        128,547 

Retail Value, Inc.

   125        2,339 

RMR Group, Inc. (The), Class A

   400        16,324 

SBA Communications Corp. (c)

   6,900        1,915,095 

Simon Property Group, Inc. (b),(c)

   604        68,717 

SITE Centers Corp.

   6,600        89,496 

Spirit Realty Capital, Inc.

   9,100        386,750 

Summit Hotel Properties, Inc. (a)

   1,500        15,240 

UDR, Inc. (a)

   200        8,772 

Uniti Group, Inc.

   7,900        87,137 

Ventas, Inc. (b),(c)

   686        36,591 

VEREIT, Inc.

   9,339        360,672 

VICI Properties, Inc.

   1,600        45,184 

Vornado Realty Trust (b),(c)

   313        14,207 

Washington Prime Group, Inc. (a)

   845        1,884 

Welltower, Inc. (b),(c)

   698        49,998 

Wheeler Real Estate Investment Trust, Inc. (a)

   900        3,375 

WP Carey, Inc.

   3,400        240,584 
        

 

 

 
         12,996,887 
        

 

 

 

Recreation Facilities & Services — 0.0%

    

Cinemark Holdings, Inc. (a)

   26,000        530,660 

Planet Fitness, Inc., Class A (a)

   3,700        286,010 
      �� 

 

 

 
         816,670 
        

 

 

 

Renewable Energy — 0.1%

    

Green Plains, Inc. (a)

   3,900        105,573 

 

See Notes to Consolidated Financial Statements.

 

42


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Shares        Value 

Plug Power, Inc. (a)

   26,400       $946,176 

Sunnova Energy International, Inc. (a)

   1,100        44,902 

Sunrun, Inc. (a),(c)

   30,585        1,849,781 
        

 

 

 
         2,946,432 
        

 

 

 

Retail & Wholesale—Staples — 0.1%

    

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

   1,600        10,096 

Chefs’ Warehouse, Inc. (a)

   4,800        146,208 

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

   2,700        234,900 

OptimizeRx Corp. (a)

   2,800        136,500 

Target Corp. (a),(c)

   15,900        3,149,313 

US Foods Holding Corp. (a)

   8,000        304,960 
        

 

 

 
         3,981,977 
        

 

 

 

Retail—Discretionary — 0.8%

    

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

   1,142        3,533,440 

American Eagle Outfitters, Inc.

   100        2,924 

At Home Group, Inc. (a)

   14,300        410,410 

AutoZone, Inc. (a)

   200        280,860 

Avis Budget Group, Inc. (a)

   13,900        1,008,306 

Barnes & Noble Education, Inc. (a)

   600        4,884 

Bassett Furniture Industries, Inc.

   1,100        26,697 

Best Buy Co., Inc. (c)

   10,700        1,228,467 

BlueLinx Holdings, Inc. (a)

   2,000        78,380 

Boot Barn Holdings, Inc. (a)

   1,000        62,310 

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

   1,300        8,970 

Caleres, Inc.

   400        8,720 

Chewy, Inc., Class A (a)

   2,100        177,891 

Children’s Place, Inc. (a)

   2,600        181,220 

Citi Trends, Inc. (a)

   2,200        184,316 

Conn’s, Inc. (a)

   6,000        116,700 

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

   1,300        21,632 

Dick’s Sporting Goods, Inc.

   14,400        1,096,560 

Duluth Holdings, Inc., Class B (a)

   900        15,246 

eBay, Inc. (c)

   43,800        2,682,312 

Ethan Allen Interiors, Inc.

   100        2,761 

Etsy, Inc. (a),(c)

   14,200        2,863,714 

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

   600        57,288 

Foot Locker, Inc.

   17,400        978,750 

Gaia, Inc. (a)

   1,500        17,835 

Gap, Inc.

   72,200        2,150,116 

GMS, Inc. (a)

   200        8,350 

Hibbett Sports, Inc. (a)

   1,500        103,335 

Hudson Technologies, Inc. (a)

   200        322 

Kirkland’s, Inc. (a)

   3,100        87,110 

Kohl’s Corp.

   31,600        1,883,676 

 

See Notes to Consolidated Financial Statements.

 

43


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Shares        Value 

L Brands, Inc. (a)

   3,300       $204,138 

Liquidity Services, Inc. (a)

   1,400        26,012 

Lowe’s Cos., Inc. (c)

   28,000        5,325,040 

Lumber Liquidators Holdings, Inc. (a)

   500        12,560 

Macy’s, Inc. (a)

   8,700        140,853 

Michaels Cos., Inc. (The) (a)

   31,100        682,334 

National Vision Holdings, Inc. (a)

   100        4,383 

Nordstrom, Inc. (a)

   8,000        302,960 

O’Reilly Automotive, Inc. (a),(c)

   4,000        2,029,000 

Party City Holdco, Inc. (a)

   24,300        140,940 

Poshmark, Inc., Class A (a)

   300        12,180 

Qurate Retail, Inc., Class A

   28,334        333,208 

RealReal, Inc. (The) (a)

   2,700        61,101 

Revolve Group, Inc. (a)

   5,000        224,650 

ScanSource, Inc. (a)

   100        2,995 

Shoe Carnival, Inc. (a)

   1,097        67,882 

Signet Jewelers Ltd. (a)

   600        34,788 

Sonic Automotive, Inc., Class A

   100        4,957 

Sportsman’s Warehouse Holdings, Inc. (a)

   9,400        162,056 

Tilly’s, Inc., Class A (a)

   700        7,924 

TJX Cos., Inc.

   17,100        1,131,165 

Tractor Supply Co.

   10,500        1,859,340 

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

   202,705        2,027,050 

Vera Bradley, Inc. (a)

   5,200        52,520 

Veritiv Corp. (a)

   1,200        51,048 

Wayfair, Inc., Class A (a),(c)

   14,200        4,469,450 

Williams-Sonoma, Inc. (a)

   1,000        179,200 

Zumiez, Inc. (a)

   200        8,580 
        

 

 

 
         38,841,816 
        

 

 

 

Semiconductors — 0.0%

        

Alpha & Omega Semiconductor Ltd. (a)

   700        22,890 

Ambarella, Inc. (a)

   2,300        230,897 

AXT, Inc. (a)

   3,000        34,980 

DSP Group, Inc. (a)

   2,000        28,500 

MACOM Technology Solutions Holdings, Inc. (a)

   432        25,065 

MaxLinear, Inc., Class A (a)

   7,000        238,560 

NeoPhotonics Corp. (a)

   7,600        90,820 

Pixelworks, Inc. (a)

   10,800        35,748 
        

 

 

 
         707,460 
        

 

 

 

Software — 0.4%

        

Agilysys, Inc. (a)

   300        14,388 

Alteryx, Inc., Class A (a)

   1,500        124,440 

Avaya Holdings Corp. (a)

   18,200        510,146 

Avid Technology, Inc. (a)

   8,200        173,102 

 

See Notes to Consolidated Financial Statements.

 

44


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Shares        Value 

Benefitfocus, Inc. (a)

   5,800       $80,098 

Black Knight, Inc. (a)

   7,400        547,526 

Blackline, Inc. (a),(c)

   2,200        238,480 

Box, Inc., Class A (a),(c)

   30,200        693,392 

Brightcove, Inc. (a)

   6,400        128,768 

Calix, Inc. (a)

   3,800        131,708 

Castlight Health, Inc., Class B (a)

   12,900        19,479 

Ceridian HCM Holding, Inc. (a)

   900        75,843 

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

   7,000        305,060 

Covetrus, Inc. (a)

   1,300        38,961 

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

   31,200        5,694,312 

Donnelley Financial Solutions, Inc. (a)

   1,100        30,613 

Dropbox, Inc., Class A (a)

   22,700        605,182 

eGain Corp. (a)

   6,800        64,532 

Evolent Health, Inc., Class A (a)

   11,600        234,320 

FireEye, Inc. (a)

   28,600        559,702 

Limelight Networks, Inc. (a)

   27,300        97,461 

Mimecast Ltd. (a)

   2,900        116,609 

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

   10,300        633,244 

NextGen Healthcare, Inc. (a)

   2,300        41,630 

Nutanix, Inc., Class A (a)

   6,800        180,608 

Paylocity Holding Corp. (a),(c)

   4,500        809,235 

Phreesia, Inc. (a)

   1,300        67,730 

PROS Holdings, Inc. (a)

   4,400        187,000 

QAD, Inc., Class A

   300        19,974 

SecureWorks Corp., Class A (a)

   1,500        20,070 

SPS Commerce, Inc. (a)

   1,000        99,310 

SVMK, Inc. (a)

   12,000        219,840 

Synchronoss Technologies, Inc. (a)

   700        2,499 

Tenable Holdings, Inc. (a)

   900        32,566 

Teradata Corp. (a),(c)

   15,100        581,954 

Upland Software, Inc. (a)

   200        9,438 

Verra Mobility Corp. (a)

   14,400        194,904 

Workiva, Inc. (a)

   3,100        273,606 

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

   8,100        2,602,449 

Zovio, Inc. (a)

   3,400        13,804 

Zscaler, Inc. (a),(c)

   14,600        2,506,382 
        

 

 

 
         18,980,365 
        

 

 

 

Software & Technology Services — 0.5%

        

1Life Healthcare, Inc. (a)

   10,900        425,972 

8x8, Inc. (a)

   15,700        509,308 

Altair Engineering, Inc., Class A (a)

   200        12,514 

Amdocs Ltd. (a)

   400        28,060 

Apollo Medical Holdings, Inc. (a)

   100        2,709 

Aspen Technology, Inc. (a)

   900        129,897 

 

See Notes to Consolidated Financial Statements.

 

45


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Shares        Value 

Asure Software, Inc. (a)

   1,000       $7,640 

Atlassian Corp. PLC, Class A (a)

   100        21,076 

BigCommerce Holdings, Inc. (a)

   100        5,780 

Bill.com Holdings, Inc. (a)

   700        101,850 

Blackbaud, Inc. (a)

   300        21,324 

Cardtronics plc, Class A (a)

   5,900        228,920 

Cass Information Systems, Inc.

   200        9,254 

Cerner Corp.

   32,700        2,350,476 

Change Healthcare, Inc. (a)

   100        2,210 

ChannelAdvisor Corp. (a)

   2,900        68,295 

Conduent, Inc. (a)

   46,100        307,026 

ContextLogic, Inc., Class A (a)

   2,100        33,180 

CyberArk Software Ltd. (a)

   3,400        439,756 

Digi International, Inc. (a)

   600        11,394 

Digimarc Corp. (a)

   100        2,966 

Domo, Inc., Class B (a)

   5,800        326,482 

Dynatrace, Inc. (a)

   16,800        810,432 

Ebix, Inc.

   1,900        60,857 

Equifax, Inc.

   2,000        362,260 

Evertec, Inc.

   200        7,444 

Evo Payments, Inc., Class A (a)

   200        5,504 

FactSet Research Systems, Inc.

   700        216,013 

FleetCor Technologies, Inc. (a)

   700        188,041 

Fortinet, Inc. (a)

   1,200        221,304 

GreenSky, Inc., Class A (a)

   1,300        8,047 

Guidewire Software, Inc. (a)

   6,300        640,269 

HubSpot, Inc. (a)

   2,000        908,420 

I3 Verticals, Inc., Class A (a)

   400        12,450 

Immersion Corp. (a)

   6,300        60,354 

International Business Machines Corp.

   4,700        626,322 

Jack Henry & Associates, Inc.

   500        75,860 

LivePerson, Inc. (a)

   4,200        221,508 

Manhattan Associates, Inc. (a)

   100        11,738 

MedAvail Holdings, Inc. (a)

   100        1,400 

Microsoft Corp. (b),(c)

   26,700        6,295,059 

Mitek Systems, Inc. (a)

   300        4,374 

Model N, Inc. (a)

   5,700        200,811 

Open Lending Corp., Class A (a)

   600        21,252 

Oscar Health, Inc., Class A (a)

   100        2,688 

PAE, Inc. (a)

   1,800        16,236 

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

   5,800        1,867,948 

Paya Holdings, Inc., Class A (a)

   500        5,480 

PDF Solutions, Inc. (a)

   2,400        42,672 

PFSweb, Inc. (a)

   800        5,400 

Rapid7, Inc. (a)

   2,900        216,369 

SailPoint Technologies Holding, Inc. (a)

   900        45,576 

Slack Technologies, Inc., Class A (a)

   17,800        723,214 

 

See Notes to Consolidated Financial Statements.

 

46


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Shares        Value 

Smith Micro Software, Inc. (a)

   900       $4,954 

Splunk, Inc. (a),(c)

   14,300        1,937,364 

Sprout Social, Inc., Class A (a)

   2,500        144,400 

Square, Inc, Class A (a),(c)

   6,800        1,543,940 

Synacor, Inc. (a)

   2,000        4,380 

Varonis Systems, Inc. (a)

   9,000        462,060 

Veeva Systems, Inc., Class A (a)

   200        52,248 

Verint Systems, Inc. (a)

   200        9,098 

Veritone, Inc. (a)

   5,800        139,084 

VMware, Inc., Class A (a)

   16,200        2,437,290 

Western Union Co. (The)

   27,400        675,684 

Zedge, Inc., Class B (a)

   200        2,420 

Zendesk, Inc. (a)

   1,900        251,978 
        

 

 

 
         26,596,291 
        

 

 

 

Specialty Finance — 0.2%

        

Ares Commercial Real Estate Corp.

   7,100        97,412 

Capstead Mortgage Corp.

   7,800        48,594 

Colony Credit Real Estate, Inc.

   500        4,260 

Curo Group Holdings Corp.

   3,200        46,688 

Elevate Credit, Inc. (a)

   1,300        3,796 

Enova International, Inc. (a)

   2,539        90,084 

Fidelity National Financial, Inc. (c)

   21,017        854,551 

First American Financial Corp.

   11,500        651,475 

Great Ajax Corp.

   200        2,180 

Green Dot Corp., Class A (a)

   8,300        380,057 

Invesco Mortgage Capital, Inc. (a)

   50,700        203,307 

LendingClub Corp. (a)

   5,200        85,904 

LendingTree, Inc. (a)

   1,700        362,100 

MFA Financial, Inc.

   87,600        356,532 

Navient Corp.

   2,000        28,620 

NewStar Financial, Inc. (a)

   100        0 

Orchid Island Capital, Inc.

   20,700        124,407 

PayPal Holdings, Inc. (a)

   900        218,556 

Paysign, Inc. (a)

   1,000        4,370 

PennyMac Mortgage Investment Trust (a)

   200        3,920 

Premier Financial Corp.

   1,448        48,160 

Ready Capital Corp. (a)

   1,026        13,769 

SLM Corp.

   8,000        143,760 

Starwood Property Trust, Inc.

   10,200        252,348 

TPG RE Finance Trust, Inc.

   7,900        88,480 

Two Harbors Investment Corp.

   60,200        441,266 

Visa, Inc., Class A(c)

   33,700        7,135,301 

Western Asset Mortgage Capital Corp.

   13,300        42,427 
        

 

 

 
         11,732,324 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

47


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Shares        Value 

Tech Hardware & Semiconductors — 0.2%

        

A10 Networks, Inc. (a)

   10,300       $98,983 

Akoustis Technologies, Inc. (a)

   1,300        17,342 

Amkor Technology, Inc.

   10,100        239,471 

Amtech Systems, Inc. (a)

   700        8,274 

Analog Devices, Inc.

   1,100        170,588 

Apple, Inc.

   14,500        1,771,175 

Applied Optoelectronics, Inc. (a)

   100        836 

Arlo Technologies, Inc. (a)

   13,000        81,640 

Avnet, Inc. (c)

   6,900        286,419 

Axcelis Technologies, Inc. (a)

   2,950        121,216 

Ballantyne Strong, Inc. (a)

   100        261 

CalAmp Corp. (a)

   2,300        24,955 

Cambium Networks Corp. (a)

   1,900        88,768 

Cirrus Logic, Inc. (a)

   100        8,479 

Cohu, Inc. (a)

   600        25,104 

Comtech Telecommunications Corp.

   1,000        24,840 

Cree, Inc. (a)

   2,400        259,512 

Daktronics, Inc. (a)

   1,400        8,778 

Diebold Nixdorf, Inc. (a)

   3,400        48,042 

DZS, Inc. (a)

   500        7,775 

eMagin Corp. (a)

   700        2,618 

EMCORE Corp. (a)

   3,200        17,472 

Everspin Technologies, Inc. (a)

   800        4,800 

Harmonic, Inc. (a)

   8,600        67,424 

Impinj, Inc. (a)

   4,500        255,915 

Inseego Corp. (a)

   100        1,000 

Intel Corp.

   600        38,400 

Intellicheck, Inc. (a)

   100        838 

Juniper Networks, Inc.

   3,100        78,523 

Knowles Corp. (a)

   600        12,552 

Maxim Integrated Products, Inc. (a)

   100        9,137 

Motorola Solutions, Inc.

   600        112,830 

NCR Corp. (a)

   1,800        68,310 

O2Micro International Ltd., ADR (a)

   200        1,564 

Photronics, Inc. (a)

   5,700        73,302 

Pitney Bowes, Inc.

   900        7,416 

Powerfleet, Inc. (a)

   600        4,932 

QUALCOMM, Inc.

   21,200        2,810,908 

Quantum Corp. (a)

   200        1,666 

Rambus, Inc. (a)

   8,000        155,520 

Resonant, Inc. (a)

   600        2,544 

Summit Wireless Technologies, Inc. (a)

   2,400        7,416 

Teradyne, Inc.

   300        36,504 

TTM Technologies, Inc. (a)

   16,400        237,800 

Turtle Beach Corp. (a)

   1,700        45,339 

 

See Notes to Consolidated Financial Statements.

 

48


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Shares        Value 

Ultra Clean Holdings, Inc. (a)

   500       $29,020 

Veeco Instruments, Inc. (a)

   8,330        172,764 

Xilinx, Inc. (a)

   2,200        272,580 
        

 

 

 
         7,821,552 
        

 

 

 

Technology Services — 0.0%

        

comScore, Inc. (a)

   7,600        27,816 

DXC Technology Co. (a)

   18,701        584,593 

Genpact Ltd. (a)

   11,000        471,020 

Perficient, Inc. (a)

   1,000        58,720 

Sabre Corp. (a)

   69,100        1,023,371 

ServiceSource International, Inc. (a)

   3,000        4,410 
        

 

 

 
         2,169,930 
        

 

 

 

Telecommunications — 0.1%

        

AT&T, Inc. (a),(c)

   212,200        6,423,294 

EchoStar Corp., Class A (a)

   3,300        79,200 

ESC NII Holdings, Inc. (a)

   50,677        109,969 

Gogo, Inc. (a)

   5,600        54,096 

HC2 Holdings, Inc. (a)

   358        1,411 

IDT Corp., Class B (a)

   400        9,064 

Ooma, Inc. (a)

   2,100        33,285 

ORBCOMM, Inc. (a)

   4,700        35,861 

Rogers Communications, Inc., B Shares

   300        13,830 

Spok Holdings, Inc.

   900    ��   9,441 

Switch, Inc., Class A(c)

   16,300        265,038 

TELUS Corp.

   1,000        19,930 

Vonage Holdings Corp. (a)

   200        2,364 
        

 

 

 
         7,056,783 
        

 

 

 

Transportation & Logistics — 0.0%

        

Atlas Corp. (a)

   22        300 

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

   1,500        30,885 

Genco Shipping & Trading Ltd. (a)

   9,200        92,736 

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

   900        1,854 

Radiant Logistics, Inc. (a)

   3,700        25,715 

US Xpress Enterprises, Inc., Class A (a)

   900        10,575 
        

 

 

 
         162,065 
        

 

 

 

Utilities — 0.2%

        

Ameren Corp. (b),(c)

   3,336        271,417 

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

   4,219        357,349 

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

   1,643        246,319 

Atlantic Power Corp. (a)

   6,500        18,785 

Charah Solutions, Inc. (a)

   2,000        9,720 

CMS Energy Corp. (b),(c)

   18,133        1,110,102 

 

See Notes to Consolidated Financial Statements.

 

49


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Shares         Value 

Consolidated Water Co. Ltd. (a)

   100       $1,345 

Duke Energy Corp. (b),(c)

   6,436        621,267 

Entergy Corp. (b),(c)

   1,776        176,659 

Evergy, Inc. (b),(c)

   2,871        170,911 

Eversource Energy (b),(c)

   3,044        263,580 

Evoqua Water Technologies Corp. (a)

   2,500        65,750 

Exelon Corp. (c)

   12,800        559,872 

FirstEnergy Corp. (b),(c)

   16,912        586,677 

Hawaiian Electric Industries, Inc.

   100        4,443 

NextEra Energy, Inc. (b),(c)

   9,584        724,646 

NiSource, Inc. (b),(a),(c)

   5,157        124,335 

OGE Energy Corp.

   400        12,944 

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

   220,374        2,580,580 

Pinnacle West Capital Corp. (b),(c)

   1,412        114,866 

PNM Resources, Inc. (a)

   13,400        657,270 

Sempra Energy

   300        39,774 

Southern Co. (b),(c)

   10,417        647,521 

Vidler Water Resouces, Inc. (a)

   100        890 

WEC Energy Group, Inc. (b),(c)

   3,184        297,991 

Xcel Energy, Inc. (b),(c)

   2,893        192,413 
        

 

 

 
         9,857,426 
        

 

 

 

Waste & Environmental Services & Equipment — 0.0%

        

Heritage-Crystal Clean, Inc. (a)

   700        18,991 

US Ecology, Inc. (a)

   300        12,492 
        

 

 

 
         31,483 
        

 

 

 

Total North America

         960,017,379 
        

 

 

 

South America — 0.0%

        

Consumer Staple Products — 0.0%

        

BRF SA, ADR (a)

   2,300        10,327 
        

 

 

 

Materials — 0.0%

        

Gerdau SA, ADR

   200        1,068 
        

 

 

 

Metals & Mining — 0.0%

        

Yamana Gold, Inc.

   51,200        222,208 
        

 

 

 

Oil, Gas & Coal — 0.0%

        

Geopark Ltd. (a)

   2,200        35,200 

Gran Tierra Energy, Inc. (a)

   15,900        11,127 
        

 

 

 
         46,327 
        

 

 

 

Software & Technology Services — 0.0%

        

Atento SA (a)

   319        6,696 
        

 

 

 

Total South America

 

       286,626 
        

 

 

 

TOTAL COMMON STOCK
(COST $959,667,905)

 

       1,002,447,671 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

50


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Shares         Value 

PREFERRED STOCK — 0.1%

        

North America — 0.1%

        

Retail—Discretionary — 0.1%

        

Guitar Center, Inc. (a),(b),(d)

   38,645       $4,482,820 
        

 

 

 

TOTAL PREFERRED STOCK
(COST $4,243,806)

 

       4,482,820 
        

 

 

 

Security Description

  Principal
Amount
         Value 

ASSET-BACKED SECURITIES — 3.9%

        

North America — 3.9%

 

      

522 Funding CLO Ltd., Series 2020-6A, Class D, 3 mo. USD LIBOR + 3.85%, 4.05%, 10/23/33 (b),(c),(f),(g)

  $1,000,000        1,005,577 

ACIS CLO Ltd., Series 2015-6A, Class D, 3 mo. USD LIBOR + 3.77%, 3.98%, 05/01/27 (b),(c),(f),(g)

   2,000,000        2,005,146 

AIG CLO Ltd., Series 2019-2A, Class E, 3 mo. USD LIBOR + 7.25%, 7.47%, 10/25/32 (b),(c),(f),(g)

   250,000        248,185 

Alinea CLO Ltd., Series 2018-1A, Class D, 3 mo. USD LIBOR + 3.10%, 3.32%, 07/20/31 (b),(c),(f),(g)

   3,500,000        3,480,389 

Allegro CLO Ltd., Series 2014-1RA, Class C, 3 mo. USD LIBOR + 3.00%, 3.22%, 10/21/28 (b),(c),(f),(g)

   3,000,000        2,914,740 

AMMC CLO 22 Ltd., Series 2018-22A, Class D, 3 mo. USD LIBOR + 2.70%, 2.92%, 04/25/31 (b),(c),(f),(g)

   750,000        745,863 

Arbor Realty Collateralized Loan Obligation Ltd., Series 2020-FL1, Class C, 1 mo. USD LIBOR + 2.05%, 2.16%, 02/15/35 (b),(c),(f),(g)

   1,792,000        1,786,930 

Ares LIV CLO Ltd., Series 2019-54A, Class E, 3 mo. USD LIBOR + 7.34%, 7.58%, 10/15/32 (b),(c),(f),(g)

   250,000        249,139 

Ares XLIX CLO Ltd., Series 2018-49A, Class D, 3 mo. USD LIBOR + 3.00%, 3.22%, 07/22/30 (b),(c),(f),(g)

   300,000        299,547 

Ares XXVII CLO Ltd., Series 2013-2A, Class CR, 3 mo. USD LIBOR + 2.40%, 2.62%, 07/28/29 (b),(c),(f),(g)

   250,000        250,269 

Avant Loans Funding Trust,

        

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

   403,000        407,653 

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

   637,000        646,775 

Barings Clo Ltd., Series 2020-2A, Class E2, 3 mo. USD LIBOR + 7.90%, 8.12%, 10/15/33 (b),(c),(f),(g)

   1,000,000        999,842 

 

See Notes to Consolidated Financial Statements.

 

51


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Principal
Amount
        Value 

Birch Grove CLO Ltd., Series 19A, Class D, 3 mo. USD LIBOR + 3.90%, 4.08%, 06/15/31 (b),(c),(f),(g)

  $1,500,000       $1,499,964 

Black Diamond CLO Ltd., Series 2017-1A, Class C, 3 mo. USD LIBOR + 3.95%, 4.17%, 04/24/29 (b),(c),(f),(g)

   2,125,000        2,086,380 

BlueMountain CLO Ltd., Series 2016-2A, Class C1R, 3 mo. USD LIBOR + 4.00%, 4.18%, 08/20/32 (b),(c),(f),(g)

   500,000        500,548 

Brookside Mill CLO Ltd., Series 2013-1A, Class DR, 3 mo. USD LIBOR + 2.65%, 2.87%, 01/17/28 (b),(c),(f),(g)

   4,000,000        3,861,032 

California Street CLO LP, Series 2012-9A, Class D1R2, 3 mo. USD LIBOR + 3.70%, 3.92%, 07/16/32 (b),(c),(f),(g)

   3,000,000        2,979,258 

CarVal CLO II Ltd., Series 2019-1A, Class DR, 3 mo. USD LIBOR + 3.20%, 1.00%, 04/20/32 (b),(c),(f),(g)

   1,000,000        998,497 

CarVal CLO Ltd., Series 2019-2A, Class D, 3 mo. USD LIBOR + 3.70%, 3.92%, 07/20/32 (b),(c),(f),(g)

   6,000,000        5,965,116 

Catamaran CLO Ltd., Series 2014-1A, Class CR, 3 mo. USD LIBOR + 3.43%, 3.65%, 04/22/30 (b),(c),(f),(g)

   3,100,000        3,041,007 

CIFC Funding Ltd.,

 

Series 2015-5A, Class CR, 3 mo. USD LIBOR + 2.95%, 3.17%, 10/25/27 (b),(c),(f),(g)

   4,000,000        3,883,824 

Series 2016-1A, Class D1R, 3 mo. USD LIBOR + 4.00%, 4.22%, 10/21/31 (b),(c),(f),(g)

   1,000,000        1,001,138 

Series 2019-4A, Class C, 3 mo. USD LIBOR + 3.50%, 3.74%, 07/15/32 (b),(c),(f),(g)

   1,000,000        994,059 

Citigroup Mortgage Loan Trust, Series 2019-E, Class A2, 4.88%, 11/25/70 (b),(c),(f),(l)

   1,000,000        1,012,812 

CoreVest American Finance Trust,

 

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

   459,000        479,307 

Series 2018-1, Class D, 4.92%, 06/15/51 (b),(c),(f)

   708,000        780,885 

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

   152,000        152,383 

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

   196,000        202,600 

Series 2019-2, Class XA, 2.38%, 06/15/52 (b),(c),(f),(g),(i)

   17,043,400        1,557,818 

 

See Notes to Consolidated Financial Statements.

 

52


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Principal
Amount
        Value 

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

  $476,000       $500,947 

Series 2019-2, Class E, 5.22%, 06/15/52 (b),(c),(f),(g)

   699,000        680,972 

Series 2019-3, Class XA, 2.06%, 10/15/52 (b),(c),(f),(g),(i)

   13,590,770        979,894 

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

   100,000        93,237 

Series 2019-3, Class E, 4.77%, 10/15/52 (b),(c),(f),(g)

   124,000        133,272 

Series 2020-1, Class E, 4.68%, 03/15/50 (b),(c),(f),(g)

   100,000        101,602 

Series 2020-4, Class XB, 2.83%, 12/15/52 (b),(c),(f),(g),(i)

   1,000,000        155,000 

Series 2020-4, Class XA, 3.87%, 12/15/52 (b),(c),(f),(g),(i)

   986,339        155,348 

Cutwater Ltd.,

 

Series 2014-2A, Class CR, 3 mo. USD LIBOR + 3.75%, 3.99%, 01/15/27 (b),(c),(f),(g)

   5,000,000        4,870,270 

Series 2015-1A, Class DR, 3 mo. USD LIBOR + 3.45%, 3.69%, 01/15/29 (b),(c),(f),(g)

   4,000,000        3,777,832 

Denali Capital CLO Ltd., Series 2013-1A, Class B2LR, 3 mo. USD LIBOR + 4.75%, 4.97%, 10/26/27 (b),(c),(f),(g)

   1,000,000        906,902 

Dryden 80 CLO Ltd., Series 2019-80A, Class D1, 3 mo. USD LIBOR + 4.10%, 4.32%, 01/17/33 (b),(c),(f),(g)

   250,000        250,294 

Dryden CLO Ltd., Series 2019-75A, Class DR, 3 mo. USD LIBOR + 3.55%, 3.79%, 07/15/30 (b),(c),(f),(g)

   4,750,000        4,742,875 

Elm CLO Ltd., Series 2014-1A, Class BRR, 3 mo. USD LIBOR + 1.75%, 1.97%, 01/17/29 (b),(c),(f),(g)

   500,000        503,818 

Fort Washington CLO,

 

Series 2019-1A, Class D1, 3 mo. USD LIBOR + 3.90%, 4.12%, 10/20/32 (b),(c),(f),(g)

   1,000,000        1,001,237 

Series 2019-1A, Class E, 3 mo. USD LIBOR + 7.25%, 7.47%, 10/20/32 (b),(c),(f),(g)

   500,000        487,443 

Galaxy XXVII CLO Ltd., Series 2018-27A, Class E, 3 mo. USD LIBOR + 5.78%, 5.97%, 05/16/31 (b),(c),(f),(g)

   1,000,000        972,807 

Gallatin Loan Management,

 

Series 2017-1A, Class D, 3 mo. USD LIBOR + 3.25%, 3.49%, 07/15/27 (b),(c),(f),(g)

   7,500,000        7,284,877 

Series 2018-1A, Class D1, 3 mo. USD LIBOR + 3.10%, 3.32%, 01/21/28 (b),(c),(f),(g)

   4,500,000        4,457,934 

 

See Notes to Consolidated Financial Statements.

 

53


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Principal
Amount
        Value 

Garrison Funding Ltd., Series 2015-1A, Class CR, 3 mo. USD LIBOR + 3.90%, 4.09%, 09/21/29 (b),(c),(f),(g)

  $4,000,000       $3,991,912 

GLS Auto Receivables Issuer Trust, Series 2019-4A, Class D, 4.09%, 08/17/26 (b),(f),(h)

   900,000        924,437 

Greywolf CLO II Ltd., Series 2013-1A, Class C1RR, 3 mo. USD LIBOR + 3.35%, 1.00%, 04/15/34 (b),(f),(g)

   1,000,000        998,500 

Greywolf CLO III Ltd., Series 2020-3RA, Class CR, 3 mo. USD LIBOR + 3.35%, 3.57%, 04/15/33 (b),(c),(f),(g)

   5,000,000        4,997,430 

GSAA Home Equity Trust, Series 2004-5, Class M2, 4.34%, 06/25/34 (b),(l)

   308,435        249,868 

Halsey Point CLO Ltd., Series 2020-3A, Class D1, 3 mo. USD LIBOR + 4.25%, 4.43%, 11/30/32 (b),(c),(f),(g)

   1,000,000        994,087 

Harbourview CLO Ltd., Series 7RA, Class D, 3 mo. USD LIBOR + 3.36%, 3.58%, 07/18/31 (b),(c),(f),(g)

   4,015,158        3,452,024 

Highbridge Loan Management Ltd., Series 7A-2015, Class DR, 3 mo. USD LIBOR + 2.40%, 2.59%, 03/15/27 (b),(c),(f),(g)

   1,000,000        935,554 

Jamestown CLO XV Ltd., Series 2020-15A, Class D, 3 mo. USD LIBOR + 3.65%, 3.89%, 04/15/33 (b),(c),(f),(g)

   5,000,000        4,958,945 

JMP Credit Advisors CLO Ltd., Series 2014-1RA, Class D, 3 mo. USD LIBOR + 2.60%, 2.82%, 01/17/28 (b),(c),(f),(g)

   5,310,000        5,051,801 

Kayne CLO II Ltd., Series 2018-2A, Class ER, 3 mo. USD LIBOR + 6.00%, 6.15%, 10/15/31 (b),(c),(f),(g)

   416,667        410,956 

KVK CLO Ltd., Series 2016-1A, Class D, 3 mo. USD LIBOR + 4.40%, 4.64%, 01/15/29 (b),(c),(f),(g)

   5,000,000        4,976,295 

Long Beach Mortgage Loan Trust,

 

Series 2006-10, Class 2A3, 1 mo. USD LIBOR + 0.16%, 0.27%, 11/25/36 (b),(g),(h)

   2,642,224        1,135,858 

Series 2006-4, Class 2A4, 1 mo. USD LIBOR + 0.26%, 0.63%, 05/25/36 (b),(g),(h)

   7,799,690        3,316,732 

Madison Park Funding Ltd., Series 2016-20A, Class DR, 3 mo. USD LIBOR + 3.00%, 3.21%, 07/27/30 (b),(c),(f),(g)

   2,000,000        1,987,648 

Mariner CLO LLC, Series 2015-1A, Class DR2, 3 mo. USD LIBOR + 2.85%, 3.07%, 04/20/29 (b),(c),(f),(g)

   6,000,000        5,963,340 

 

See Notes to Consolidated Financial Statements.

 

54


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Principal
Amount
        Value 

MidOcean Credit CLO, Series 2016-6A, Class DR, 3 mo. USD LIBOR + 3.75%, 3.97%, 01/20/29 (b),(c),(f),(g)

  $4,000,000       $3,994,176 

Morgan Stanley ABS Capital I, Inc.,

 

Series 2007-HE3, Class A2C, 1 mo. USD LIBOR + 0.15%, 0.26%, 12/25/36 (b),(g),(h)

   556,844        350,428 

Series 2007-HE3, Class A2D, 1 mo. USD LIBOR + 0.25%, 0.36%, 12/25/36 (b),(g),(h)

   676,685        434,759 

Morgan Stanley Mortgage Loan Trust,

 

Series 2007-10XS, Class A4, 1 mo. USD LIBOR + 0.59%, 0.70%, 02/25/37 (b),(g)

   399,385        247,660 

Series 2007-10XS, Class A6, 1 mo. USD LIBOR + 0.60%, 0.71%, 02/25/37 (b),(g)

   399,385        247,611 

Mountain View CLO LLC, Series 2017-1A, Class D, 3 mo. USD LIBOR + 3.60%, 3.82%, 10/16/29 (b),(c),(f),(g)

   3,000,000        2,908,566 

Mountain View CLO Ltd.,

 

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

   2,500,000        2,386,360 

Series 2015-9A, Class CR, 3 mo. USD LIBOR + 3.12%, 3.36%, 07/15/31 (b),(c),(f),(g)

   5,000,000        4,678,540 

Neuberger Berman Loan Advisers CLO Ltd., Series 2018-28A, Class D, 3 mo. USD LIBOR + 2.85%, 3.07%, 04/20/30 (b),(c),(f),(g)

   750,000        751,054 

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

   493,537        489,687 

Nomura CRE CDO Ltd., Series 2007-2A, Class D, 3 mo. USD LIBOR + .45%, 0.63%, 05/21/42 (b),(c),(f),(g)

   361,968        177,454 

Ocean Trails CLO, Series 2016-6A, Class DR, 3 mo. USD LIBOR + 3.65%, 3.89%, 07/15/28 (b),(c),(f),(g)

   5,000,000        4,992,500 

OHA Credit Funding 6 Ltd., Series 2020-6A, Class E, 3 mo. USD LIBOR + 7.33%, 7.55%, 07/20/31 (b),(c),(f),(g)

   750,000        756,391 

OHA Credit Partners XIII Ltd., Series 2016-13A, Class E, 3 mo. USD LIBOR + 7.15%, 7.37%, 01/21/30 (b),(c),(f),(g)

   250,000        248,188 

OHA Loan Funding Ltd., Series 2016-1A, Class CR, 3 mo. USD LIBOR + 1.95%, 2.17%, 01/20/33 (b),(c),(f),(g)

   250,000        252,071 

OZLM Ltd., Series 2015-12A, Class D, 3 mo. USD LIBOR + 5.40%, 5.61%, 04/30/27 (b),(c),(f),(g)

   8,833,000        8,134,928 

Palmer Square CLO Ltd., Series 2018-2A, Class B, 3 mo. USD LIBOR + 1.90%, 2.13%, 07/16/31 (b),(c),(f),(g)

   250,000        250,302 

 

See Notes to Consolidated Financial Statements.

 

55


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Principal
Amount
        Value 

Parallel Ltd.,

 

Series 2019-1A, Class D, 3 mo. USD LIBOR + 4.20%, 4.42%, 07/20/32 (b),(c),(f),(g)

  $1,000,000       $994,143 

Series 2019-1A, Class E, 3 mo. USD LIBOR + 6.72%, 6.94%, 07/20/32 (b),(c),(f),(g)

   666,500        641,340 

Series 2020-1A, Class C1, 3 mo. USD LIBOR + 4.10%, 4.32%, 07/20/31 (b),(c),(f),(g)

   1,000,000        1,000,223 

Perimeter Master Note Business Trust,

 

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

   251,000        255,227 

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

   251,000        253,549 

PPM CLO 2 Ltd., Series 2019-2A, Class E, 3 mo. USD LIBOR + 6.55%, 6.77%, 04/16/32 (b),(c),(f),(g)

   500,000        493,820 

PPM CLO 3 Ltd.,

 

Series 2019-3A, Class ER, 3 mo. USD LIBOR + 6.61%, 1.00%, 04/17/34 (b),(f),(g)

   500,000        494,270 

Series 2019-3A, Class DR, 3 mo. USD LIBOR + 3.10%, 1.00%, 04/17/34 (b),(c),(f),(g)

   1,000,000        998,500 

Regatta Funding LP, Series 2013-2A, Class CR2, 3 mo. USD LIBOR + 3.70%, 3.94%, 01/15/29 (b),(c),(f),(g)

   6,500,000        6,490,172 

Regatta XI Funding Ltd., Series 2018-1A, Class D, 3 mo. USD LIBOR + 2.85%, 3.07%, 07/17/31 (b),(c),(f),(g)

   490,000        487,813 

Regatta XV Funding Ltd., Series 2018-4A, Class C, 3 mo. USD LIBOR + 3.30%, 3.52%, 10/25/31 (b),(c),(f),(g)

   500,000        497,150 

Rockford Tower CLO Ltd., Series 2019-2A, Class D, 3 mo. USD LIBOR + 3.50%, 3.68%, 08/20/32 (b),(c),(f),(g)

   750,000        744,142 

Romark CLO III Ltd., Series 2019-3A, Class C, 3 mo. USD LIBOR + 3.90%, 4.14%, 07/15/32 (b),(c),(f),(g)

   500,000        497,077 

Tralee CLO Ltd., Series 2018-5A, Class D, 3 mo. USD LIBOR + 3.20%, 3.42%, 10/20/28 (b),(c),(f),(g)

   4,500,000        4,475,542 

Trimaran CAVU Ltd., Series 2019-2A, Class C, 3 mo. USD LIBOR + 4.72%, 4.94%, 11/26/32 (b),(c),(f),(g)

   2,000,000        2,009,716 

Venture CLO Ltd.,

 

Series 2014-16A, Class DRR, 3 mo. USD LIBOR + 2.51%, 2.75%, 01/15/28 (b),(c),(f),(g)

   4,000,000        3,754,668 

 

See Notes to Consolidated Financial Statements.

 

56


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Principal
Amount
         Value 

Series 2014-18A, Class DR, 3 mo. USD LIBOR + 3.10%, 3.34%, 10/15/29 (b),(c),(f),(g)

  $1,000,000       $919,136 

Series 2019-37A, Class D, 3 mo. USD LIBOR + 3.90%, 4.14%, 07/15/32 (b),(c),(f),(g)

   3,000,000        2,956,185 

Voya CLO Ltd.,

 

Series 2016-2A, Class CR, 3 mo. USD LIBOR + 4.00%, 4.22%, 07/19/28 (b),(c),(f),(g)

   250,000        249,030 

Series 2017-2A, Class C, 3 mo. USD LIBOR + 3.70%, 3.94%, 06/07/30 (b),(c),(f),(g)

   4,000,000        3,994,000 

Wellfleet CLO Ltd., Series 2017-3A, Class A2, 3 mo. USD LIBOR + 1.50%, 1.72%, 01/17/31 (b),(c),(f),(g)

   1,000,000        998,041 

WhiteHorse Ltd., Series 2015-10A, Class DR, 3 mo. USD LIBOR + 3.00%, 3.22%, 04/17/27 (b),(c),(f),(g)

   1,250,000        1,231,195 

Zais CLO Ltd., Series 2018-11A, Class D, 3 mo. USD LIBOR + 4.00%, 4.22%, 01/20/32 (b),(c),(f),(g)

   5,500,000        4,887,349 
        

 

 

 

Total North America

         193,061,594 
        

 

 

 

TOTAL ASSET-BACKED SECURITIES
(COST $195,629,630)

         193,061,594 
        

 

 

 

CONVERTIBLE BONDS — 0.1%

        

North America — 0.1%

        

Financial Services — 0.1%

 

    

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

   3,418,000        3,405,353 
        

 

 

 

Total North America

         3,405,353 
        

 

 

 

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

         3,405,353 
        

 

 

 

BANK DEBT — 6.1%

        

Asia — 0.0%

        

Software & Services — 0.0%

        

Grab Holdings Inc Term Loan B, 5.500%, 01/29/26 (b),(d),(g)

   1,305,005        1,324,580 
        

 

 

 

Total Asia

 

     1,324,580 
        

 

 

 

Europe — 0.2%

        

Chemicals — 0.0%

        

Composite Resins Holding B.V., 2018 Term Loan B, 3 mo. LIBOR + 4.25%, 5.25%, 08/01/25 (b),(d),(g)

   859,663        858,589 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

57


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Principal
Amount
         Value 

Consumer Discretionary Products — 0.0%

 

    

Amer Sports Oyj, EUR Term Loan B, 0.00%, 03/30/26 (b),(j)

   106,321    EUR     $123,124 
        

 

 

 

Consumer Discretionary Services — 0.1%

 

    

McLaren Racing Limited GBP Term Loan, 12.000%, 12/31/35 (b),(d)

   1,714,616    GBP      2,363,768 
        

 

 

 

Medical Equipment & Devices Manufacturing — 0.0%

 

    

Auris Luxembourg III S.a.r.l., 2019 USD Term Loan B2, 1 mo. LIBOR + 3.75%, 3.86%, 02/27/26 (b),(d)

  $226,881        219,791 
        

 

 

 

Oil, Gas & Coal — 0.0%

 

    

Endeavour International Holding B.V., Term Loan A1, 3 mo. USD LIBOR, 0.00%, 01/02/22 (b),(d)

   1,099,402        3,463 
        

 

 

 

Property & Casualty Insurance — 0.0%

        

Hyperion Insurance Group Ltd., 2021 Term Loan B, 1 mo. LIBOR + 3.25%, 4.00%, 11/12/27 (b),(g)

   314,916        313,690 
        

 

 

 

Refining & Marketing — 0.0%

        

EG America LLC, 2018 USD Term Loan, 3 mo. LIBOR + 4.00%, 4.20%, 02/07/25 (b),(g)

   1,451,911        1,426,764 
        

 

 

 

Semiconductors — 0.0%

        

Bright Bidco B.V.,

        

2018 Term Loan B, 0.00%, 06/30/24 (b),(g),(j)

   1,600,761        1,217,299 

2018 Term Loan B, 4.50%, 06/30/24 (b),(g)

   237,420        180,546 
        

 

 

 
         1,397,845 
        

 

 

 

Software & Services — 0.1%

        

ION Trading Finance Limited, 2021 Term Loan, 0.00%, 03/26/28 (b),(g),(j)

   430,347        429,809 

ION Trading Technologies S.a.r.l., USD Incremental Term Loan B, 1 mo. LIBOR + 4.00%, 5.00%, 11/21/24 (b),(g)

   493,505        493,091 

Travelport Finance (Luxembourg) S.A.R.L., 2020 Super Priority Term Loan, 0.00%, 02/28/25 (b),(g),(j)

   1,794,737        1,825,391 
        

 

 

 
         2,748,291 
        

 

 

 

Wireless Telecommunications Services — 0.0%

        

Altice France S.A., 2018 Term Loan B13, 3 mo. LIBOR + 4.00%, 4.20%, 08/14/26 (b),(g)

   1,364,910        1,360,133 
        

 

 

 

Total Europe

         10,815,458 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

58


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Principal
Amount
         Value 

North America — 5.6%

        

Airlines — 0.1%

        

AAdvantage Loyalty IP Ltd., 2021 Term Loan, 3 mo. LIBOR + 4.75%, 5.50%, 04/20/28 (b),(g)

  $860,945       $881,126 

American Airlines, Inc.,

        

2017 1st Lien Term Loan, 1 mo. LIBOR + 1.75%, 1.86%, 01/29/27 (b),(g)

   203,808        185,603 

2018 Term Loan B, 1 mo. LIBOR + 1.75%, 1.86%, 06/27/25 (b),(g)

   3,056,123        2,695,134 

Kestrel Bidco Inc., Term Loan B, 6 mo. LIBOR + 3.00%, 4.00%, 12/11/26 (b),(g)

   1,793,034        1,737,558 
        

 

 

 
         5,499,421 
        

 

 

 

Apparel & Textile Products — 0.2%

        

S&S Holdings LLC, Term Loan, 0.00%, 03/11/28 (b),(d),(g),(j)

   7,026,959        6,824,933 
        

 

 

 

Auto Parts Manufacturing — 0.0%

        

Truck Hero, Inc., 2021 Term Loan B, 1 mo. LIBOR + 3.75%, 4.50%, 01/31/28 (b),(g)

   278,092        277,204 
        

 

 

 

Cable & Satellite — 0.1%

        

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

   656,466        655,797 

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

   1,322,434        1,317,726 
        

 

 

 
         1,973,523 
        

 

 

 

Casinos & Gaming — 0.1%

        

Gateway Casinos & Entertainment Limited 2018 Term Loan B ,4.500%, 12/01/23 (b),(g)

   4,702,566        4,618,296 
        

 

 

 

Chemicals — 0.0%

        

Ascend Performance Materials Operations LLC, 2021 Term Loan B, 3 mo. LIBOR + 4.75%, 5.50%, 08/27/26 (b),(g)

   1,047,708        1,060,584 

LyondellBasell Industries NV,

        

0.00%, 02/23/22 (b)

   16,732,095        120,471 

1.00%, 02/23/22 (b)

   980,468    EUR      10,348 

New Arclin U.S. Holding Corp., 2021 Term Loan B, 3 mo. LIBOR + 4.00%, 5.00%, 02/28/26 (b),(g)

  $119,943        119,743 

Vantage Specialty Chemicals, Inc., 2017 1st Lien Term Loan, 3 mo. LIBOR + 3.50%, 4.50%, 10/28/24 (b),(g)

   157,693        148,659 
        

 

 

 
         1,459,805 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

59


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Principal
Amount
        Value 

Communications Equipment — 0.0%

        

Delta TopCo, Inc., 2020 Term Loan B, 3 mo. LIBOR + 3.75%, 4.50%, 12/01/27 (b),(g)

  $1,194,890       $1,192,332 

MLN US HoldCo LLC, 2018 1st Lien Term Loan, 1 mo. LIBOR + 4.50%, 4.61%, 11/30/25 (b),(g)

   138,192        121,062 
        

 

 

 
         1,313,394 
        

 

 

 

Construction Materials Manufacturing — 0.0%

        

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

   350,395        350,483 
        

 

 

 

Consumer Discretionary Services — 0.3%

        

Infinity Bidco US LLC Fixed Term Loan, 9.500%, 12/23/22 (b),(d)

   5,715,388        5,658,233 

Montreign Resort Casino 2021 2nd Lien Term Loan, 10.610%, 02/23/22 (b),(d)

   6,118,009        6,118,009 

Spin Holdco Inc., 2021 Term Loan, 3 mo. LIBOR + 4.00%, 4.75%, 03/01/28 (b)

   800,483        793,047 
        

 

 

 
         12,569,289 
        

 

 

 

Consumer Finance — 0.0%

        

Apollo Commercial Real Estate Finance, Inc, Term Loan B, 1 mo. LIBOR + 2.75%, 2.86%, 05/15/26 (b),(d),(g)

   201,065        196,038 
        

 

 

 

Consumer Products — 0.0%

        

Sunshine Luxembourg VII SARL, 2021 Term Loan B3, 3 mo. LIBOR + 3.75%, 4.50%, 10/01/26 (b),(g)

   1,483,098        1,480,132 
        

 

 

 

Consumer Services — 0.2%

        

Allied Universal Holdco LLC, 2019 Term Loan B, 1 mo. LIBOR + 4.25%, 4.36%, 07/10/26 (b),(g)

   813,042        810,196 

Cambium Learning Group, Inc., Term Loan B, 3 mo. LIBOR + 4.50%, 5.25%, 12/18/25 (b),(g)

   2,453,186        2,452,524 

Cast and Crew Payroll, LLC, 2019 1st Lien Term Loan, 1 mo. LIBOR + 3.75%, 3.86%, 02/09/26 (b),(g)

   1,111,254        1,092,851 

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

   505,932        503,944 

Conservice Midco, LLC, 2020 Term Loan B, 3 mo. LIBOR + 4.25%, 4.45%, 05/13/27 (b),(g)

   342,114        341,601 

Guidehouse LLP, 2018 Term Loan, 1 mo. LIBOR + 4.00%, 4.11%, 05/01/25 (b),(g)

   583,861        583,236 

LegalZoom.com, Inc., 2018 1st Lien Term Loan, 1 mo. LIBOR + 4.50%, 4.61%, 11/21/24 (b),(g)

   1,710,754        1,702,200 

 

See Notes to Consolidated Financial Statements.

 

60


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Principal
Amount
        Value 

National Intergovernmental Purchasing Alliance Company, 1st Lien Term Loan, 3 mo. LIBOR + 3.75%, 3.95%, 05/23/25 (b),(g)

  $136,257       $135,462 

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

   3,454,997        3,371,077 

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

   609,197        609,148 
        

 

 

 
         11,602,239 
        

 

 

 

Containers & Packaging — 0.2%

        

Charter NEX US, Inc., 2020 Term Loan, 1 mo. LIBOR + 4.25%, 5.00%, 12/01/27 (b),(g)

   991,115        992,354 

Flex Acquisition Company, Inc., 2021 Term Loan, 3 mo. LIBOR + 3.50%, 4.00%, 03/02/28 (b),(g)

   1,670,364        1,647,664 

Fort Dearborn Company,

        

2016 1st Lien Term Loan, 1 mo. LIBOR + 4.00%, 4.11%, 10/19/23 (b),(g)

   31,941        31,849 

2016 1st Lien Term Loan, 3 mo. LIBOR + 4.00%, 4.19%, 10/19/23 (b),(g)

   2,959,820        2,951,326 

2016 1st Lien Term Loan, 5.00%, 10/19/23 (b),(g)

   2,069,301        2,063,363 

2016 2nd Lien Term Loan, 3 mo. LIBOR + 8.50%, 8.69%, 10/21/24 (b),(g)

   989,949        984,999 

2016 2nd Lien Term Loan, 3 mo. LIBOR + 8.50%, 9.50%, 10/21/24 (b),(g)

   1,520,548        1,512,945 

Proampac PG Borrower LLC,

        

2020 Term Loan, 1 mo. LIBOR + 4.00%, 4.11%, 11/03/25 (b),(g)

   55,838        55,759 

2020 Term Loan, 1 mo. LIBOR + 4.00%, 5.00%, 11/03/25 (b),(g)

   99,901        99,760 

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

   979,756        968,890 
        

 

 

 
         11,308,909 
        

 

 

 

Educational Services — 0.1%

        

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

   835,641        815,911 

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

   613,915        600,998 

SSH Group Holdings, Inc., 2018 1st Lien Term Loan, 3 mo. LIBOR + 4.25%, 4.45%, 07/30/25 (b),(g)

   884,357        842,165 
        

 

 

 
         2,259,074 
        

 

 

 

Entertainment Contents — 0.1%

        

Diamond Sports Group, LLC, Term Loan, 1 mo. LIBOR + 3.25%, 3.36%, 08/24/26 (b),(g)

   1,027,721        701,420 

 

See Notes to Consolidated Financial Statements.

 

61


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Principal
Amount
        Value 

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

  $1,146,728       $1,144,778 
        

 

 

 
         1,846,198 
        

 

 

 

Entertainment Resources — 0.4%

        

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

   425,370        426,434 

AMC Entertainment Holdings, Inc., 2019 Term Loan B, 3 mo. LIBOR + 3.00%,
3.20%, 04/22/26 (b),(g)

   1,814,655        1,563,434 

Bulldog Purchaser, Inc., 2018 Term Loan, 2 mo. LIBOR + 3.75%, 3.89%, 09/05/25 (b),(g)

   4,340,520        4,049,705 

Cinemark USA, Inc., 2018 Term Loan B, 1 mo. LIBOR + 1.75%, 1.86%, 03/31/25 (b),(g)

   148,301        141,655 

Crown Finance US, Inc., 2018 USD Term Loan, 6 mo. LIBOR + 2.50%, 3.50%, 02/28/25 (b),(g)

   2,000,518        1,705,482 

Equinox Holdings, Inc.,

        

2017 1st Lien Term Loan, 4.00%, 03/08/24 (b),(g)

   6,237,928        5,810,069 

2017 2nd Lien Term Loan, 8.00%, 09/06/24 (b),(g)

   1,604,459        1,307,633 

Life Time Fitness Inc 2021 Term Loan B, 5.750%, 12/16/24 (b),(g)

   2,775,884        2,768,945 

William Morris Endeavor Entertainment, LLC,

        

2018 1st Lien Term Loan, 1 mo. LIBOR + 2.75%, 2.86%, 05/18/25 (b),(g)

   789,617        743,448 

2018 1st Lien Term Loan, 3 mo. LIBOR + 2.75%, 2.94%, 05/18/25 (b),(g)

   688,887        648,607 
        

 

 

 
         19,165,412 
        

 

 

 

Exploration & Production — 0.0%

        

Par Pacific Holdings, Inc. Term Loan B, 7.000%, 01/12/26 (b),(g)

   1,789,256        1,775,837 
        

 

 

 

Financial Services — 0.2%

        

Advisor Group, Inc., 2021 Term Loan, 1 mo. LIBOR + 4.50%, 4.61%, 07/31/26 (b),(g)

   1,002,798        1,001,544 

AqGen Ascensus, Inc., 2020 Term Loan, 3 mo. LIBOR + 4.00%, 5.00%, 12/13/26 (b),(g)

   474,463        474,017 

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

   1,906,583        1,906,278 

Edelman Financial Center, LLC, 2021 Term Loan B, 0.00%, 07/21/25 (b),(d),(g),(j)

   756,433        751,705 

Focus Financial Partners, LLC, 2020 Term Loan, 1 mo. LIBOR + 2.00%, 2.11%, 07/03/24 (b),(g)

   141,082        139,453 

 

See Notes to Consolidated Financial Statements.

 

62


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Principal
Amount
        Value 

GI Revelation Acquisition LLC, 2018 1st Lien Term Loan, 1 mo. LIBOR + 5.00%, 5.11%, 04/16/25 (b),(g)

  $95,095       $95,095 

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

   2,058,854        2,056,281 

Minotaur Acquisition, Inc., Term Loan B, 1 mo. LIBOR + 5.00%, 5.11%, 03/27/26 (b),(g)

   1,957,385        1,953,313 

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

   197,455        192,272 

Newport Parent Inc., Term Loan B, 7.500%, 12/10/27 (b),(d),(g)

   868,474        867,389 
        

 

 

 
         9,437,347 
        

 

 

 

Food & Beverage — 0.0%

        

Arterra Wines Canada, Inc., 2020 Term Loan, 3 mo. LIBOR + 3.50%, 4.25%, 11/24/27 (b),(g)

   161,197        161,129 

Chobani, LLC, 2020 Term Loan B, 1 mo. LIBOR + 3.50%, 4.50%, 10/20/27 (b),(g)

   1,070,838        1,069,232 

Triton Water Holdings, Inc, Term Loan, 0.00%, 03/31/28 (b),(g),(j)

   494,602        492,283 
        

 

 

 
         1,722,644 
        

 

 

 

Forest & Paper Products — 0.0%

        

Vertical Midco GmbH, USD Term Loan B, 6 mo. LIBOR + 4.25%, 4.48%, 07/30/27 (b)

   755,814        756,948 
        

 

 

 

Gaming, Lodging & Restaurants — 0.0%

        

K-Mac Holdings Corp, 2018 2nd Lien Term Loan, 1 mo. LIBOR + 6.75%, 6.86%, 03/16/26 (b)

   162,709        160,513 

Tacala, LLC, 1st Lien Term Loan, 1 mo. LIBOR + 3.75%, 4.50%, 02/05/27 (b)

   537,024        532,475 
        

 

 

 
         692,988 
        

 

 

 

Hardware — 0.0%

        

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

   628,259        626,688 

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

   274,180        273,478 
        

 

 

 
         900,166 
        

 

 

 

Health Care — 0.0%

        

Gordian Medical, Inc., Term Loan B, 0.00%, 03/29/27 (b),(d),(j)

   1,179,563        1,161,869 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

63


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Principal
Amount
        Value 

Health Care Facilities & Services — 0.9%

        

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

  $2,018,986       $1,843,597 

Enterprise Merger Sub Inc., 2018 1st Lien Term Loan, 1 mo. LIBOR + 3.75%, 3.86%, 10/10/25 (b),(g)

   3,482,114        2,996,081 

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

   390,645        390,829 

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

   994,615        993,372 

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

   749,243        743,624 

Air Medical,

        

2017 Term Loan B2, 3 mo. LIBOR + 4.25%, 5.25%, 03/14/25 (b),(g)

   1,752,067        1,739,873 

2020 Term Loan B, 3 mo. LIBOR + 4.75%, 5.75%, 10/02/25 (b),(g)

   161,074        160,429 

Gainwell Acquisition Corp, Term Loan B, 3 mo. LIBOR + 4.00%, 4.75%, 10/01/27 (b),(d),(g)

   394,747        392,774 

National Mentor Holdings, Inc.,

        

2021 Term Loan, 3 mo. LIBOR + 3.75%, 4.50%, 03/02/28 (b),(g)

   889,972        883,964 

2021 Term Loan C, 3 mo. LIBOR + 3.75%, 4.50%, 03/02/28 (b),(g)

   29,666        29,466 

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

   2,304,450        2,292,928 

NMSC Holdings, Inc., 1st Lien Term Loan, 6 mo. LIBOR + 5.00%, 6.00%, 04/19/23 (b),(g)

   629,947        619,395 

Onex TSG Intermediate Corp., 2021 Term Loan B, 3 mo. LIBOR + 4.75%, 5.50%, 02/28/28 (b),(g)

   700,671        692,536 

PetVet Care Centers, LLC, 2021 Term Loan B3, 1 mo. LIBOR + 3.50%, 4.25%, 02/14/25 (b),(g)

   39,672        39,513 

Phoenix Guarantor Inc, 2020 Term Loan B2, 0.00%, 03/05/26 (b),(g),(j)

   113,936        112,939 

Pluto Acquisition I, Inc., 2020 Incremental Term Loan B, 1 mo. LIBOR + 5.00%, 5.50%, 06/22/26 (b),(d),(g)

   168,968        168,968 

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

   10,498,787        10,672,016 

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

   1,999,744        1,978,186 

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

   15,065,308        13,973,978 

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

   1,454,033        1,434,040 

 

See Notes to Consolidated Financial Statements.

 

64


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Principal
Amount
        Value 

Unified Physician Management, LLC, 2020 Term Loan, 1 mo. LIBOR + 4.25%, 5.00%, 12/16/27 (b),(d),(g)

  $311,011       $311,011 
        

 

 

 
         42,469,519 
        

 

 

 

Home Improvement — 0.1%

        

AI Aqua Merger Sub, Inc.,

        

2017 1st Lien Term Loan B, 1 mo. LIBOR + 3.25%, 4.25%, 12/13/23 (b),(g)

   581,241        580,154 

2020 Incremental Term Loan, 6.25%, 12/13/23 (b),(g)

   110,968        111,014 

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

   1,684,299        1,681,672 

CP Atlas Buyer, Inc., 2021 Term Loan B, 3 mo. LIBOR + 3.75%, 4.25%, 11/23/27 (b),(g)

   870,014        863,628 

MI Windows and Doors, LLC, 2020 Term Loan, 1 mo. LIBOR + 3.75%, 4.50%, 12/18/27 (b),(d),(g)

   343,746        344,822 
        

 

 

 
         3,581,290 
        

 

 

 

Industrial Other — 0.3%

        

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

   2,180,711        2,144,468 

DG Investment Intermediate Holdings 2, Inc.,

        

2021 Delayed Draw Term Loan, 0.00%, 03/17/28 (b),(d),(j)

   51,735        51,444 

2021 Term Loan, 0.00%, 03/17/28 (b),(d),(j)

   247,035        245,646 

Infinite Bidco LLC 2nd Lien Term Loan, 7.500%, 03/02/29 (b),(d),(g)

   1,544,345        1,546,276 

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

   10,272,262        9,810,010 
        

 

 

 
         13,797,844 
        

 

 

 

Industrial Products — 0.0%

        

Brookfield WEC Holdings Inc., 2021 Term Loan, 1 mo. LIBOR + 2.75%, 3.25%, 08/01/25 (b)

   989,184        980,034 
        

 

 

 

Industrial Services — 0.0%

        

Fluid-Flow Products, Inc.,

        

Delayed Draw Term Loan, 0.00%, 03/16/28 (b),(d),(j)

   65,095        64,688 

Term Loan, 0.00%, 03/16/28 (b),(d),(j)

   341,749        339,614 

Tutor Perini Corporation, Term Loan B, 3 mo. LIBOR + 4.50%, 5.50%, 08/13/27 (b),(d)

   864,405        873,049 
        

 

 

 
         1,277,351 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

65


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Principal
Amount
        Value 

Internet Media — 0.0%

        

MH Sub I, LLC,

        

2020 Incremental Term Loan, 1 mo. LIBOR + 3.75%, 4.75%, 09/13/24 (b),(g)

  $976,018       $974,973 

2021 2nd Lien Term Loan, 1 mo. LIBOR + 6.25%, 6.36%, 02/12/29 (b),(d),(g)

   254,156        255,427 

Shutterfly, Inc., 2019 Term Loan B, 3 mo. LIBOR + 6.00%, 7.00%, 09/25/26 (b),(g)

   349,285        349,771 
        

 

 

 
         1,580,171 
        

 

 

 

Leisure Products Manufacturing — 0.0%

        

Recess Holdings, Inc. 2017 1st Lien Term Loan, 4.750%, 09/30/24 (b),(g)

   904,808        893,951 
        

 

 

 

Machinery — 0.0%

        

AI Alpine AT Bidco GmbH,

        

2018 USD Term Loan B, 3 mo. LIBOR + 3.00%, 3.18%, 10/31/25 (b)

   213        206 

2018 USD Term Loan B, 3 mo. LIBOR + 3.00%, 3.20%, 10/31/25 (b)

   83,151        80,379 
        

 

 

 
         80,585 
        

 

 

 

Machinery Manufacturing — 0.2%

        

Engineered Machinery Holdings, Inc.,

        

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

   265,530        264,258 

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

   8,435,663        8,443,592 

Titan Acquisition Limited, 2018 Term Loan B, 6 mo. LIBOR + 3.00%, 3.27%, 03/28/25 (b),(g)

   969,997        948,978 

Wash Multifamily Acquisition Inc., CAD 1st Lien Term Loan, 1 mo. LIBOR + 3.25%, 4.25%, 05/16/22 (b),(g)

   51,537        51,280 

WASH Multifamily Laundry Systems, LLC, 2015 1st Lien Term Loan, 1 mo. LIBOR + 3.25%, 4.25%, 05/16/22 (b),(g)

   345,884        344,154 
        

 

 

 
         10,052,262 
        

 

 

 

Manufactured Goods — 0.2%

        

Hillman Group Inc. (The), 2018 Term Loan B, 1 mo. LIBOR + 4.00%, 4.11%, 05/31/25 (b),(g)

   1,089,755        1,087,881 

LTI Holdings, Inc., 2018 Add On 1st Lien Term Loan, 1 mo. LIBOR + 3.50%, 3.61%, 09/06/25 (b),(g)

   1,015,710        998,992 

Tecomet Inc., 2017 Repriced Term Loan, 3 mo. LIBOR + 3.50%, 4.50%, 05/01/24 (b),(g)

   380,789        374,441 

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

   6,880,988        6,696,095 
        

 

 

 
         9,157,409 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

66


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Principal
Amount
        Value 

Materials — 0.0%

        

AOT Packaging Products Acquisition,

        

2021 Delayed Draw Term Loan, 3 mo. LIBOR + 3.25%, 3.75%, 03/03/28 (b)

  $1,619       $1,602 

2021 Term Loan, 3 mo. LIBOR + 3.25%, 3.75%, 03/03/28 (b)

   215,898        213,648 
        

 

 

 
         215,250 
        

 

 

 

Media — 0.0%

        

Nielsen Finance LLC, 2020 USD Term Loan B5, 1 mo. LIBOR + 3.75%, 4.75%, 06/04/25 (b)

   129,022        129,243 
        

 

 

 

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),(g)

   159,532        159,361 

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

   181,356        180,620 
        

 

 

 
         339,981 
        

 

 

 

Pharmaceuticals — 0.3%

        

Amneal Pharmaceuticals LLC, 2018 Term Loan B, 1 mo. LIBOR + 3.50%, 3.63%, 05/04/25 (b),(g)

   483,831        474,415 

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

   660,979        638,175 

Mallinckrodt International Finance S.A.,

        

2018 Term Loan B, 5.75%, 02/24/25 (b),(g),(k)

   1,801,666        1,771,633 

Revolver, 0.00%, 02/28/22 (b),(k),(g),(j)

   4,730,182        4,676,968 

USD Term Loan B, 5.50%, 09/24/24 (b),(g),(k)

   8,195,146        8,066,564 
        

 

 

 
         15,627,755 
        

 

 

 

Pipeline — 0.0%

        

BCP Raptor, LLC, Term Loan B, 1 mo. LIBOR + 4.25%, 5.25%, 06/24/24 (b),(g)

   155,875        149,727 

Oryx Midstream Holdings LLC, Term Loan B, 1 mo. LIBOR + 4.00%, 4.11%, 05/22/26 (b),(g)

   936,709        912,645 

Lucid Energy Group II Borrower, LLC, 2018 1st Lien Term Loan, 1 mo. LIBOR + 3.00%, 4.00%, 02/17/25 (b),(g)

   394,297        380,990 
        

 

 

 
         1,443,362 
        

 

 

 

Power Generation — 0.0%

        

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

   321,300        321,220 
        

 

 

 

 

See Notes to Consolidated Financial Statements.

 

67


Table of Contents

Blackstone Alternative Multi-Strategy Fund and Subsidiaries

Consolidated Schedule of Investments (Continued)

March 31, 2021

 

Security Description

  Principal
Amount
        Value 

Property & Casualty Insurance — 0.1%

        

Asurion LLC, 2021 2nd Lien Term Loan B3, 1 mo. LIBOR + 5.25%, 5.36%, 01/31/28 (b),(g)

  $602,707