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An alternative
mutual fund for
investors seeking
diversification

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Morningstar Overall Rating

★★★★★

Out of 266 Multialternative funds based on risk-adjusted returns as of 10/31/17*

Symbol:
NAV: $10.93as of November 15, 2017
NAV: $10.88as of November 15, 2017
NAV: $10.86as of November 15, 2017

Why Blackstone Alternative Multi-Strategy Fund?

A core alternative solution providing a diversified blend of hedge fund strategies and managers in a single daily liquid mutual fund. Blackstone Alternative Multi-Strategy Fund seeks to deliver:

Diversification1
BXMIX invests in a variety of institutional hedge fund strategies in an effort to provide diversified exposures that are less dependent on market movements.
Capital Preservation1
BXMIX seeks to avoid steep losses when there are declines in either equity or fixed income markets.
Risk-Adjusted Returns1
BXMIX seeks to deliver steady growth with a focus on maximizing risk-adjusted returns over a full market cycle.

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Hear Tom Hill, President and CEO of BAAM, on Blackstone Alternative Multi-Strategy Fund.

Why BLACKSTONE?2

Blackstone Alternative Asset Management (BAAM) has partnered with some of the world's leading investors since 1995

Position

World's largest discretionary investor in hedge funds with $70+ billion in AUM3

People

Over 100 investment professionals with experience across all of the key investment strategies

Process

Disciplined investment and operational due diligence; proprietary risk management and technology

Partnership

Deep, differentiated relationships with hedge fund talent



Check the background of this firm on FINRA’s BrokerCheck

Why Multi-Manager?

A diversified blend of hedge fund strategies and managers in a single, daily-liquid mutual fund


Diversification

Diversification is critical in investing and helps reduce risk in a portfolio. The Fund’s multi-manager structure provides built-in diversification for investors who seek to avoid single manager risk.

Access to Specialists

Specialists with expertise in specific hedge fund strategies are combined in one solution. Given the complexity of many hedge fund strategies, it is unlikely that a single manager has expertise across all strategies.

Dynamic Allocation

Dynamic allocation allows Blackstone to rotate into more attractive sectors, strategies and managers as markets evolve.

Click below to view Blackstone Alternative Multi-Strategy Fund's underlying managers

Data as of October 31, 2017

Portfolio Managers

Blackstone seeks to add value through top-down strategy selection and bottom-up manager evaluation


Gideon Berger

Sr. Managing Director

Gideon L. Berger is a Senior Managing Director of The Blackstone Group and is Head of Risk Management and Technology for the Hedge Fund Solutions Group. Mr. Berger is responsible for hedge fund manager risk analysis, as well as risk monitoring and analysis of BAAM funds. Before joining Blackstone in 2002, Mr. Berger was a Founder and President of Ez-Ways, Incorporated, a technology startup, where he also served on the Board of Directors. Prior to that, Mr. Berger was a Founder and Principal of a consulting firm specializing in the design and implementation of database and enterprise solutions. Mr. Berger received a BA in Mathematics and Physics from Vassar College, an MS in Applied Physics from Columbia University and a PhD in Computer Science from the Courant Institute of Mathematical Sciences at New York University.

Min Htoo

Sr. Managing Director

Min Zaw Htoo is a Senior Managing Director of The Blackstone Group and Head of Opportunistic Investing for the Hedge Fund Solutions Group. Prior to joining Blackstone in 2017, Mr. Htoo led Anandar Capital Management as Founder and CIO. Before the launch of his own firm, Mr. Htoo was a day-one Partner at Magnetar Capital where, as a Senior Portfolio Manager, he invested in both fundamental and quantitative strategies. Mr. Htoo began his investment career as an Analyst at Och-Ziff Capital Management Group and then as a Portfolio Manager at Citadel. Prior to that, Mr. Htoo worked in the Mergers & Acquisitions department of Morgan Stanley & Company’s Investment Banking Division. Mr. Htoo received a BA in Business Economics with Honors from Brown University. He was honored with The Wall Street Journal Award for earning the highest departmental GPA and was elected as a member of the Phi Beta Kappa Society and Omicron Delta Epsilon, the International Honor Society for Economics.

Robert Jordan

Sr. Managing Director

Robert Jordan is a Senior Managing Director of The Blackstone Group and is a member of the Hedge Fund Solutions Special Situations Investing Group. Mr. Jordan is involved in hedge fund manager risk analysis, risk monitoring and analysis of the BAAM funds, as well as the evaluation of special investment opportunities. Before joining Blackstone in 2011, Mr. Jordan worked as a Portfolio Manager in fundamental equity and Head of Special Projects for Xaraf Management, a multi-strategy hedge fund manager. Mr. Jordan was the Portfolio Manager of a hedge fund for Morgan Stanley Investment Management / FrontPoint, having moved his team from Morgan Stanley’s equity division, where he was a Portfolio Manager and Analyst in proprietary trading since 2000. Earlier in his career at Morgan Stanley, Mr. Jordan was a Trader in Program Trading and Equity Derivatives. Mr. Jordan began his career at Susquehanna Investment Group, where he was a Trader of equity and sector index options after training in foreign currency options. Mr. Jordan received an AB cum laude from Harvard College with concentration in Computer Science, and an MBA from M.I.T. Sloan School of Management. He has earned the right to use the Chartered Financial Analyst designation.

David Mehenny

Managing Director

David Mehenny is a Managing Director of the Hedge Fund Solutions Group. Mr. Mehenny is involved in new business development and product development. Before joining Blackstone in 2010, Mr. Mehenny was a Director in Ivy Asset Management’s Strategic Solutions and Development Group where he was responsible for project management, transaction execution, and product development, as well as leading the group’s capital markets activity from London. Prior to joining Ivy, Mr. Mehenny held various positions at OLEA Asset Management (a FX/FI Global Macro hedge fund), Cairo Financial Centre, Orascom Projects & Touristic Development, and Schlumberger Wireline Services. Mr. Mehenny graduated magna cum laude from the American University in Cairo with a BSc in Physics, and received his MBA from London Business School.

Ian Morris

Sr. Managing Director

Ian Morris is a Senior Managing Director of the Hedge Fund Solutions Group. Mr. Morris is involved in top-down investment strategy, asset allocation and macroeconomic analysis for BAAM. Before joining Blackstone in 2010, Mr. Morris was Chief US Economist at HSBC in New York for ten years, managing the firm’s North American macroeconomic research team and providing advice and forecasts on macro trends and risks to clients, including financial institutions, non-financial corporations, central banks and sovereign wealth funds. Prior to that, Mr. Morris was a Global Economist with HSBC in London for three years and in Melbourne for two years. Prior to joining HSBC, Mr. Morris worked for PaineWebber in London. Mr. Morris has authored many thematic research publications, including “A Froth Finding Mission (Jan 2006)”, a 100-page report that anticipated the 2006-09 housing bust. Mr. Morris holds a Bachelor’s degree in Applied Economics from Deakin University in Melbourne, Australia and an MSc in Financial Economics from the University of London.

Alberto Santulin

Managing Director

Alberto Santulin is a Managing Director of the Hedge Fund Solutions Group. Mr. Santulin is involved in portfolio management and in hedge fund manager evaluation, selection and monitoring. He is primarily focused on multi-strategy, event, arbitrage and reinsurance strategies. Before joining Blackstone in 2003, Mr. Santulin worked at Rasini & Co. Inc., a European fund-of-hedge-funds, where he opened and ran the New York office. Prior to joining Rasini, Mr. Santulin worked in London for Banque Paribas where he was in Fixed Income Derivatives Sales & Trading covering Italian institutions and hedge funds. Mr. Santulin received a BA with a major in Finance from Bocconi University in Milan, Italy. His degree dissertation is titled "Hedge Funds: Evolution and Investment Strategies." He has earned the right to use the Chartered Financial Analyst designation.

Stephen Sullens

Sr. Managing Director

Stephen W. Sullens is a Senior Managing Director of The Blackstone Group and Head of Portfolio Management for the Hedge Fund Solutions Group. Mr. Sullens oversees portfolio management for all of BAAM's multi-manager programs. He is responsible for directing the manager research team in hedge fund manager selection and monitoring. Before joining Blackstone in 2001, Mr. Sullens served as a Director with Citi Alternative Investment Strategies, Citigroup's hedge fund investment center. In that role, he was responsible for manager selection and monitoring, as well as portfolio management. Previously, Mr. Sullens served as Manager of Alternative Investments for The Walt Disney Company, where he directed the company's alternative investment program, including investments in private equity, real estate, venture capital and hedge funds. Prior to his six years at Disney, he was an analyst with Trammell Crow Ventures, a real estate investment advisory firm. Mr. Sullens received both a BA in Economics and an MS in Industrial Engineering from Stanford University. He has earned the right to use the Chartered Financial Analyst designation.

WHY HEDGE FUND STRATEGIES?

Hedge fund exposures can help diversify traditional allocations to equities and fixed income


Historical returns represent returns from January 1990, the inception of the HFRI Fund-Weighted Composite Index, through October 2017. Returns are annualized. Equity market declines were selected by identifying the two most recent instances when the S&P 500 declined by more than 40%. Use of different time periods would yield different results. Rising interest rate environments were selected by identifying the two most recent periods of continual interest rate increases. The start of a continual period is defined as the point at which 10-year U.S. Treasury yields begin to rise. The period ends when the Federal Reserve stops increasing the federal funds target rate. Use of different time periods would yield different results. Performance shown is not representative of BXMIX or the performance of any Blackstone investment. Alternatives are represented by the HFRI Fund-Weighted Composite Index. Past performance is no guarantee of future results. An investor cannot invest directly in an index. Alternatives, equities (S&P 500 Index) and fixed income (Barclays Aggregate Bond Index) have different risk and return profiles. Equities (S&P 500 Index) are subject to market risk or the risk of loss due to adverse company and industry news, or general economic decline. Fixed Income investments (Barclays Agg) are subject to credit risk, default risk and interest rate risk. Alternative investments involve special risks including but not limited to, liquidity risks, foreign investment risks, higher fees and expenses, regulatory restrictions, and loss of all or a significant portion of the investment, or volatility of returns due to leveraging, short-selling or other speculative practices. An investor should evaluate alternatives and equities in the context of his or her investment objectives.


ASSET ALLOCATION

A natural complement to a traditional allocation


The charts above represent illustrative examples. There can be no assurance that the Fund will achieve its goals or avoid losses

Allocating to the Blackstone Alternative Multi-Strategy Fund from a combination of existing equity and fixed income sleeves may mitigate overall portfolio volatility while maintaining exposure to growth assets.

The charts above represent illustrative examples. There can be no assurance that the Fund will achieve its goals or avoid losses

Blackstone Alternative Muti-Strategy Fund represents a core allocation that is designed to stand on its own or provide a complement to other alternative allocations.

Performance

Seeks attractive, long-term, risk-adjusted returns that may help to diversify a portfolio and reduce overall volatility


The average daily return of BXMIX on the 10 best MSCI World TR days is 0.39%, while the average return of MSCI World TR on the 10 best MSCI World TR days is 2.07%. 

The average daily return of BXMDX on the 10 best MSCI World TR days is 0.38%, while the average return of MSCI World TR on the 10 best MSCI World TR days is 2.07%. 

The average daily return of BXMYX on the 10 best MSCI World TR days is 0.39%, while the average return of MSCI World TR on the 10 best MSCI World TR days is 2.03%. 

Performance is presented from June 16, 2014 through October 31, 2017. Net performance is net of the Gross Expense Ratio less waived expenses. Performance data quoted represents past performance and does not guarantee future results. All ITD statistics above are calculated using daily performance. 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 quoted. Performance data current to the most recent month-end and additional fee information is available under the “Performance Over Time” tab.

Performance is presented from November 17, 2014 through October 31, 2017. Net performance is net of the Gross Expense Ratio less waived expenses. Performance data quoted represents past performance and does not guarantee future results. All ITD statistics above are calculated using daily performance. 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 quoted. Performance data current to the most recent month-end and additional fee information is available under the “Performance Over Time” tab.

Performance is presented from January 28, 2014 through October 31, 2017. Net performance is net of the Gross Expense Ratio less waived expenses. Performance data quoted represents past performance and does not guarantee future results. All ITD statistics above are calculated using daily performance. 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 quoted. Performance data current to the most recent month-end and additional fee information is available under the “Performance Over Time” tab.

The indices presented are indicative and for illustrative purposes only. The volatility of the index presented may be materially different from that of the performance of the Fund. In addition, the index employs 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 index. The performance of the index has not been selected to represent an appropriate benchmark to compare to the performance of the Fund, but rather is disclosed to allow for comparison of the Fund’s performance to that of well-known and widely recognized index. A summary of the investment guidelines for the index presented is available upon request. Performance of the index reflects the reinvestment of dividends. Please see glossary of terms at the end of this presentation for index definitions.

Gross expense ratio represents the expense ratio applicable to investors. Other Expenses includes remainder of other expenses, acquired fund fees & expenses, and fees waived and/or expenses reimbursed/recouped. Through October 31, 2019 Blackstone Alternative Investment Advisors LLC has agreed to waive its fees and/or reimburse expenses of the Fund so that certain of the Fund's expenses, together with the Fund’s management fees, will not exceed 2.40% annualized. Please see glossary of indices below for index definitions.

Performance is presented from June 16, 2014 through October 31, 2017. Performance is net of the Gross Expense Ratio less waived expenses. Performance data quoted represents past performance and does not guarantee future results. All ITD statistics above are annualized and are calculated using daily performance. BXMIX’s inception was June 16, 2014, BXMDX’s inception was November 19, 2014 and BXMYX’s inception was January 29, 2015.

Performance is presented from November 17, 2014 through October 31, 2017. Performance is net of the Gross Expense Ratio less waived expenses. Performance data quoted represents past performance and does not guarantee future results. All ITD statistics above are annualized and are calculated using daily performance. BXMIX’s inception was June 16, 2014, BXMDX’s inception was November 19, 2014 and BXMYX’s inception was January 29, 2015.

Performance is presented from January 28, 2015 through October 31, 2017. Performance is net of the Gross Expense Ratio less waived expenses. Performance data quoted represents past performance and does not guarantee future results. All ITD statistics above are annualized and are calculated using daily performance. BXMIX’s inception was June 16, 2014, BXMDX’s inception was November 19, 2014 and BXMYX’s inception was January 29, 2015.

Indices are unmanaged and investors cannot invest in an index. 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 performance of the indices has not been selected to represent an appropriate benchmark to compare to the performance of the Fund, but rather is disclosed to allow for comparison of the Fund’s performance to that of well-known and widely recognized indices. A summary of the investment guidelines for the indices presented is available upon request. In the case of equity indices, performance of the indices reflects the reinvestment of dividends. Indices include the following: MSCI World TR Index, HFRX Global Hedge Fund Index and Barclays Global Aggregate Bond Index,. "60/40 Portfolio" is comprised of a 60% allocation to the MSCI World Index and a 40% allocation to the Barclays Global Aggregate Bond Index.

Gross expense ratio represents the expense ratio applicable to investors. Other Expenses includes remainder of other expenses, acquired fund fees & expenses, and fees waived and/or expenses reimbursed/recouped. Through October 31, 2019 Blackstone Alternative Investment Advisors LLC has agreed to waive its fees and/or reimburse expenses of the Fund so that certain of the Fund's expenses, together with the Fund’s management fees, will not exceed 2.40% annualized. Please refer to the Fund’s Prospectus for additional information on fees and terms.


FUND TERMS

Management Fee1.88%
Div. & Interest Expense on Sec. Sold Short0.63%
Other Expenses0.64%
Gross Expense Ratio3.15%
Management Fee1.88%
Distribution and/or Service (12b-1)0.25%
Div. & Interest Expense on Sec. Sold Short0.63%
Other Expenses0.64%
Gross Expense Ratio3.40%
Management Fee1.88%
Div. & Interest Expense on Sec. Sold Short0.63%
Other Expenses0.54%
Gross Expense Ratio3.05%
Morningstar Overall Rating

★★★★★

Out of 266 Multialternative funds based on risk-adjusted returns as of 10/31/17*

Performance is net of the Gross Expense Ratio less waived expenses. Performance data quoted represents past performance and does not guarantee future results. All ITD statistics above are annualized and are calculated using daily performance. BXMIX’s inception was June 16, 2014, BXMDX’s inception was November 17, 2014 and BXMYX’s inception was January 28, 2015.

Inception to Date (ITD) statistics use daily performance and are calculated on an annualized basis since the inception date of each depicted share class.

Indices are unmanaged and investors cannot invest in an index. Please see below for additional disclosures regarding indices presented. Please see glossary of terms at the end of this presentation for index definitions.

Gross expense ratio represents the expense ratio applicable to investors. Other Expenses includes remainder of other expenses, acquired fund fees & expenses, and fees waived and/or expenses reimbursed/recouped. Through October 31, 2019 Blackstone Alternative Investment Advisors LLC has agreed to waive its fees and/or reimburse expenses of the Fund so that certain of the Fund's expenses, together with the Fund’s management fees, will not exceed 2.40% annualized. Please refer to the Fund’s Prospectus for additional information on fees and terms.


PORTFOLIO CHARACTERISTICS

BXMIX includes multiple hedge fund strategies and investment styles with the aim of capturing opportunities across asset classes and geographies




Sub-strategy allocations exclude exposures to Fund level cash, hedging and expenses and are adjusted pro-rata to equal 100%. In the case of non-interest rate instruments, exposure data represents the delta adjusted market value. In the case of interest rate products, exposure data is represented by the 10-year equivalent instrument. Positions of unknown type (if any) are excluded from exposure data. The Fund does not guarantee the accuracy of such data.
Data as of October 31, 2017

LITERATURE


IMPORTANT RISKS


An investment in BXMIX, 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. BXMIX’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 BXMIX: Allocation Risk – Blackstone’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. 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 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. 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. 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. Leverage Risk – borrowing money or engaging in transactions that create investment leverage can produce volatility and may exaggerate changes in the net asset value of Fund shares.

In addition, you should be aware of the following risks and conflicts relating specifically to the Fund:

  • The fees paid by the Fund to Blackstone will be reduced by the full amount of any fees paid to the Funds’ underlying managers. This compensation offset arrangement may give Blackstone an incentive to favor underlying managers that charge lower fees.
  • Subject to applicable law, the Fund is not restricted from selecting underlying managers in which Blackstone, Blackstone Clients or their affiliates have a financial interest.

The following information has not been provided in a fiduciary capacity under ERISA, and it is not intended to be, and should not be considered as, impartial investment advice. If you are an individual retirement investor, contact your financial advisor or other fiduciary unrelated to BAIA about whether any given investment idea, strategy, product or service described herein may be appropriate for your circumstances.

All investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. The prospectus, supplement and key investor information document (collectively, the “Offering Documents”) contain this and other information about the Fund. All investors are urged to carefully read the Offering Documents in their entirety before investing.

This page is not an offer to sell the Fund’s securities and is not soliciting an offer to buy the Fund’s securities and any jurisdiction where the offer or sale is not permitted.

Performance data quoted represents past performance and is no guarantee of future results. Investment returns and principal values may fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. All returns include dividend and capital gain distributions.

Morningstar Disclosure:
*© 2017 Morningstar. All Rights Reserved. The information contained herein regarding Morningstar: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

Blackstone Alternative Multi-Strategy Fund was rated against the following numbers of Multi-Alternative funds over the following time periods: 266 funds in the last three years. Past performance is no guarantee of future results.

Morningstar Rating is for the I share class only; other classes may have different performance characteristics.

  • There can be no assurance that the Fund will achieve its goals or avoid losses.
  • Blackstone Alternative Investment Advisors LLC ("BAIA") is the investment advisor for the Blackstone Alternative Multi-Strategy Fund ("BXMIX"). BAIA shares employees, facilities and processes with Blackstone Alternative Asset Management L.P. ("BAAM"), an investment adviser registered with the SEC. BAIA and BAAM are indirect, wholly-owned subsidiaries of the Blackstone Group L.P.
  • Source: InvestHedge Billion Dollar Club. Data as of December 31, 2016.
  • Sub-adviser is not currently managing any fund assets. Allocations may change at any time without notice.
  • BAIA manages a portion of the Fund's assets directly. Such assets include allocations to a risk premia trading strategy and may also include opportunistic trades, including an allocation to funds managed by Glenview Capital Management LLC. BAIA's fees on directly managed assets are not reduced by a payment to a sub-adviser.

Glossary of Indices
Market indices obtained through Bloomberg. Indices are unmanaged and investors cannot invest in an index. The volatility of the indices presented may be materially different from that of the performance of BXMIX. In addition, the indices employ different investment guidelines and criteria than BXMIX; as a result, the holdings in BXMIX may differ significantly from the securities that comprise the indices. The performance of the indices has not been selected to represent an appropriate benchmark to compare to the performance of BXMIX, but rather is disclosed to allow for comparison of BXMIX’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. Barclays Global Bond Index: provides a broad-based measure of the global investment grade fixedrate debt markets. It is comprised of the U.S. Aggregate, Pan- European Aggregate, and the AsianPacific Aggregate Indexes. HFRX Global Hedge Fund Index: designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies, including but not limited to convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage. The strategies are asset weighted based on the distribution of assets in the hedge fund industry. MSCI World Index: a market capitalization weighted index designed to provide a broad measure of equity-market performance throughout the world. The MSCI World is maintained by Morgan Stanley Capital International, and is comprised of stocks from all the developed markets in the world.

Prepared by Blackstone Advisory Partners L.P., a member of FINRA and an affiliate of Blackstone Alternative Investment Advisors LLC, the investment adviser of the Fund.