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Form NSAR-B Blackstone Alternative For: Mar 31

May 26, 2017 10:32 AM EDT
      PAGE  1
000 B000000 03/31/2017
000 C000000 0001557794
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 Blackstone Alternative Investment Funds
001 B000000 811-22743
001 C000000 2125835000
002 A000000 345 Park Avenue, 28th Floor
002 B000000 New York
002 C000000 NY
002 D010000 10154
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  1
007 C010200  2
007 C020200 Blackstone Alternative Multi-Strategy Fund
007 C030200 N
008 A000201 Blackstone Alt. Inv. Advisors LLC
008 B000201 A
008 C000201 801-77791
008 D010201 New York
008 D020201 NY
008 D030201 10154
008 A000202 AlphaParity, LLC
008 B000202 S
008 C000202 801-78997
008 D010202 NEW YORK
008 D020202 NY
008 D030202 10022
008 A000203 Bayview Asset Management, LLC
008 B000203 S
008 C000203 801-73638
008 D010203 Coral Gables
008 D020203 FL
008 D030203 33146
008 A000204 Blackstone Senfina Advisors L.L.C.
008 B000204 S
008 C000204 801-80104
008 D010204 New York
008 D020204 NY
008 D030204 10154
008 A000205 Boussard & Gavaudan Investment Management LLP
008 B000205 S
      PAGE  2
008 C000205 801-80122
008 D010205 London
008 D050205 United Kingdom
008 A000206 Caspian Capital LP
008 B000206 S
008 C000206 801-72238
008 D010206 New York
008 D020206 NY
008 D030206 10153
008 A000207 Cerberus Sub-Advisory I, LLC
008 B000207 S
008 C000207 801-78207
008 D010207 New York
008 D020207 NY
008 D030207 10022
008 A000208 Chatham Asset Management, LLC
008 B000208 S
008 C000208 801-73452
008 D010208 Chatham
008 D020208 NJ
008 D030208 07928
008 A000209 D.E. Shaw Investment Management, L.L.C.
008 B000209 S
008 C000209 801-64222
008 D010209 New York
008 D020209 NY
008 D030209 10036
008 A000210 Emso Asset Management Limited
008 B000210 S
008 C000210 801-66016
008 D010210 London
008 D050210 United Kingdom
008 A000211 FT AlphaParity, LLC
008 B000211 S
008 C000211 801-69056
008 D010211 Boston
008 D020211 MA
008 D030211 02110
008 A000212 Good Hill Partners LP
008 B000212 S
008 C000212 801-70244
008 D010212 WESTPORT
008 D020212 CT
008 D030212 06880
008 A000213 GS Investment Strategies, LLC
008 B000213 S
008 C000213 801-67443
008 D010213 New York
008 D020213 NY
008 D030213 10282
008 A000214 HealthCor Management, L.P.
      PAGE  3
008 B000214 S
008 C000214 801-74191
008 D010214 New York
008 D020214 NY
008 D030214 10019
008 A000215 IPM Informed Portfolio Management AB
008 B000215 S
008 C000215 801-72719
008 D010215 Stockholm
008 D050215 Sweden
008 D060215 SE-103 95
008 A000216 Nephila Capital, Ltd.
008 B000216 S
008 C000216 801-63514
008 D010216 Hamilton
008 D050216 Bermuda
008 A000217 Rail-Splitter Capital Management, LLC
008 B000217 S
008 C000217 801-73408
008 D010217 Chicago
008 D020217 IL
008 D030217 60606
008 A000218 Sorin Capital Management, LP
008 B000218 S
008 C000218 801-64086
008 D010218 Stamford
008 D020218 CT
008 D030218 06901
008 A000219 Two Sigma Advisers, LP
008 B000219 S
008 C000219 801-71110
008 D010219 New York
008 D020219 NY
008 D030219 10013
008 A000220 Waterfall Asset Management, LLC
008 B000220 S
008 C000220 801-65087
008 D010220 New York
008 D020220 NY
008 D030220 10036
008 A000221 Wellington Management Company LLP
008 B000221 S
008 C000221 801-15908
008 D010221 Boston
008 D020221 MA
008 D030221 02210
010 A00AA01 STATE STREET BANK AND TRUST COMPANY
010 B00AA01 85-05003
010 C01AA01 BOSTON
010 C02AA01 MA
010 C03AA01 02111
      PAGE  4
011 A00AA01 Blackstone Advisory Partners L.P.
011 B00AA01 8-35941
011 C01AA01 New York
011 C02AA01 NY
011 C03AA01 10154
012 A00AA01 STATE STREET BANK AND TRUST COMPANY
012 B00AA01 85-05003
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02111
013 A00AA01 Deloitte & Touche LLP
013 B01AA01 New York
013 B02AA01 NY
013 B03AA01 10112
014 A00AA01 Blackstone Advisory Partners L.P.
014 B00AA01 8-35941
015 A000201 STATE STREET BANK AND TRUST COMPANY
015 B000201 C
015 C010201 BOSTON
015 C020201 MA
015 C030201 02111
015 E010201 X
015 A000202 ITAU CORPBANCA
015 B000202 S
015 C010202 SANTIAGO
015 D010202 CHILE
015 D020202 CHILE
015 E040202 X
015 A000203 Bank Hapoalim B.M.
015 B000203 S
015 C010203 Tel Aviv
015 D010203 Israel
015 D020203 61000
015 E040203 X
015 A000204 BNP Paribas Securities Services
015 B000204 S
015 C010204 Athens
015 D010204 Greece
015 E040204 X
015 A000205 CANADA SELF CUSTODY-CDSX
015 B000205 S
015 C010205 TORONTO
015 D010205 CANADA
015 D020205 M5V 3L3
015 E040205 X
015 A000206 Ceskoslovenska Obchodni Banka A.S.
015 B000206 S
015 C010206 Prague
015 D010206 Czech Republic
015 D020206 5
015 E040206 X
      PAGE  5
015 A000207 CITIBANK A.S.
015 B000207 S
015 C010207 ISTANBUL
015 D010207 TURKEY
015 E040207 X
015 A000208 Citibank Europe PLC Hungarian Branch
015 B000208 S
015 C010208 Budapest
015 D010208 Hungary
015 E040208 X
015 A000209 Citibank N.A.
015 B000209 S
015 C010209 Buenos Aires
015 D010209 Argentina
015 D020209 Argentina
015 A000210 Citibank NA
015 B000210 S
015 C010210 MEXICO CITY
015 D010210 MEXICO
015 E040210 X
015 A000211 Citibank N.A.
015 B000211 S
015 C010211 Sao Paulo
015 D010211 Brazil
015 E040211 X
015 A000212 Citibank, N.A.
015 B000212 S
015 C010212 Singapore
015 D010212 Singapore
015 D020212 486026
015 E040212 X
015 A000213 Depository Trust & Clearing Corp.
015 B000213 S
015 C010213 NEW YORK
015 C020213 NY
015 C030213 10041
015 E040213 X
015 A000214 Deutsche Bank
015 B000214 S
015 C010214 Berhad
015 D010214 Malaysia
015 D020214 00000
015 E040214 X
015 A000215 DEUTSCHE BANK AG BELGIUM
015 B000215 S
015 C010215 BRUSSELS
015 D010215 BELGIUM
015 E040215 X
015 A000216 DEUTSCHE BANK AG PARIS
015 B000216 S
015 C010216 PARIS
      PAGE  6
015 D010216 FRANCE
015 D020216 1101HE
015 E040216 X
015 A000217 Deutsche Bank AG Amsterdam
015 B000217 S
015 C010217 Amsterdam
015 D010217 Netherlands
015 D020217 1101HE
015 E040217 X
015 A000218 DEUTSCHE BANK PORTUGAL
015 B000218 S
015 C010218 LISBON
015 D010218 PORTUGAL
015 D020218 1101HE
015 E040218 X
015 A000219 Deutsche Bank AG
015 B000219 S
015 C010219 Jakarta
015 D010219 Indonesia
015 D020219 10310
015 E040219 X
015 A000220 DEUTSCHE BANK PHILIPPINES
015 B000220 S
015 C010220 MANILA
015 D010220 PHILIPPINES
015 D020220 1226
015 E040220 X
015 A000221 CITIBANK NA
015 B000221 S
015 C010221 MOSCOW
015 D010221 RUSSIA
015 E040221 X
015 A000222 Deutsche Bank S.p.A.
015 B000222 S
015 C010222 Milan
015 D010222 Italy
015 D020222 20124
015 E040222 X
015 A000223 DEUTSCHE BANK (SPAIN)
015 B000223 S
015 C010223 BARCELONA
015 D010223 SPAIN
015 D020223 28020
015 E040223 X
015 A000224 EUROCLEAR
015 B000224 S
015 C010224 BRUSSELS
015 D010224 BELGIUM
015 D020224 1101HE
015 E040224 X
015 A000225 BOSTON - FEDERAL RESERVE
      PAGE  7
015 B000225 S
015 C010225 BOSTON
015 C020225 MA
015 C030225 02210
015 E010225 X
015 A000226 HONG KONG & SHANGHAI BANKING CORP.
015 B000226 S
015 C010226 SEOUL
015 D010226 KOREA
015 D020226 100-161
015 E040226 X
015 A000227 HONG KONG & SHANGHAI BANKING CORP
015 B000227 S
015 C010227 WELLINGTON
015 D010227 NEW ZEALAND
015 E040227 X
015 A000228 HSBC Bank Australia Limited
015 B000228 S
015 C010228 Sydney
015 D010228 Australia
015 D020228 NSW 2000
015 E040228 X
015 A000229 MIZUHO BANK  LTD.
015 B000229 S
015 C010229 TOKYO
015 D010229 JAPAN
015 D020229 104-0052
015 E040229 X
015 A000230 Royal Bank of Canada
015 B000230 S
015 C010230 Toronto
015 D010230 Canada
015 D020230 00000
015 E040230 X
015 A000231 Skandinaviska Enskilda Banken AB
015 B000231 S
015 C010231 Copenhagen
015 D010231 Denmark
015 D020231 1577
015 E040231 X
015 A000232 Skandinaviska Enskilda Banken AB
015 B000232 S
015 C010232 Helsinki
015 D010232 Finland
015 D020232 SF-00101
015 E040232 X
015 A000233 Skandinaviska Enskilda Banken (SEB)
015 B000233 S
015 C010233 Oslo
015 D010233 Norway
015 D020233 NO-0123
      PAGE  8
015 E040233 X
015 A000234 Skandinaviska Enskilda Banken AB
015 B000234 S
015 C010234 Stockholm
015 D010234 Sweden
015 D020234 SE-10640
015 E040234 X
015 A000235 Stanbic IBTC Bank PLC
015 B000235 S
015 C010235 Lagos
015 D010235 Nigeria
015 E040235 X
015 A000236 STANDARD BANK OF SOUTH AFRICA LIMITED
015 B000236 S
015 C010236 JOHANNESBURG
015 D010236 SOUTH AFRICA
015 D020236 2000
015 E040236 X
015 A000237 STANDARD CHARTERED BANK
015 B000237 S
015 C010237 HONG KONG
015 D010237 CHINA
015 D020237 000000000
015 E040237 X
015 A000238 STANDARD CHARTERED BANK
015 B000238 S
015 C010238 BANGKOK
015 D010238 THAILAND
015 E040238 X
015 A000239 STANDARD CHARTERED BANK MALAYSIA BERHAD
015 B000239 S
015 C010239 KUALA LUMPUR
015 D010239 MALAYSIA
015 E040239 X
015 A000240 STATE STREET BANK AND TRUST COMPANY UK BRANCH
015 B000240 S
015 C010240 LONDON
015 D010240 UNITED KINGDOM
015 E040240 X
015 A000241 STATE STREET BANK - LONDON (CREST)
015 B000241 S
015 C010241 LONDON
015 D010241 England
015 D020241 EH5 2AW
015 E040241 X
015 A000242 UBS AG
015 B000242 S
015 C010242 ZURICH
015 D010242 SWITZERLAND
015 D020242 8098
015 E040242 X
      PAGE  9
015 A000243 UniCredit Bank Austria AG
015 B000243 S
015 C010243 Vienna
015 D010243 Austria
015 D020243 A-1090
015 E040243 X
015 A000244 Clearstream Banking AG
015 B000244 S
015 C010244 Frankfurt
015 D010244 Germany
015 D020244 Germany
015 E040244 X
015 A000245 UNICREDIT BANK HUNGARY ZRT
015 B000245 S
015 C010245 BUDAPEST
015 D010245 HUNGARY
015 D020245 HUNGARY
015 E040245 X
015 A000246 FirstRand Bank Limited
015 B000246 S
015 C010246 Johannesburg
015 D010246 Rep of South Africia
015 D020246 S. Africa
018  00AA00 Y
019 A00AA00 Y
019 B00AA00    4
019 C00AA00 BLACKSTONE
020 A000001 MORGAN STANLEY & CO., INC.
020 B000001 13-2655998
020 C000001   2107
020 A000002 BANK OF AMERICA, N.A.
020 B000002 95-4035346
020 C000002   1138
020 A000003 CREDIT SUISSE SECURITIES (USA) LLC
020 B000003 13-5659485
020 C000003    807
020 A000004 JPMORGAN CHASE & CO.
020 B000004 13-3112953
020 C000004    393
020 A000005 INVESTMENT TECHNOLOGY GROUP, INC.
020 B000005 13-3757717
020 C000005    383
020 A000006 GOLDMAN SACHS & CO.
020 B000006 13-5108880
020 C000006    378
020 A000007 DEUTSCHE BANK AG
020 B000007 13-6124068
020 C000007    376
020 A000008 NATIONAL FINANCIAL SERVICES LLC
020 B000008 43-523567
020 C000008    284
      PAGE  10
020 A000009 UBS AG
020 B000009 13-3873456
020 C000009    268
020 A000010 PERSHING LLC
020 B000010 13-2741729
020 C000010    234
021  000000     7738
022 A000001 JPMORGAN CHASE & CO.
022 B000001 13-3112953
022 C000001     66045
022 D000001      4417
022 A000002 BANK OF AMERICA, N.A.
022 B000002 95-4035346
022 C000002     65789
022 D000002         0
022 A000003 CREDIT SUISSE SECURITIES (USA) LLC
022 B000003 13-5659485
022 C000003     45512
022 D000003         0
022 A000004 CITIGROUP GLOBAL MARKETS, INC.
022 B000004 13-5266470
022 C000004     28088
022 D000004      1470
022 A000005 DEUTSCHE BANK AG
022 B000005 13-6124068
022 C000005     24431
022 D000005         0
022 A000006 MORGAN STANLEY & CO., INC.
022 B000006 13-2655998
022 C000006     20360
022 D000006      1840
022 A000007 NOMURA SECURITIES INTERNATIONAL, INC.
022 B000007 13-2642206
022 C000007     16857
022 D000007       735
022 A000008 BARCLAYS CAPITAL, INC.
022 B000008 13-3297824
022 C000008     13450
022 D000008      3158
022 A000009 HSBC HOLDINGS PLC
022 B000009 13-2650272
022 C000009     13203
022 D000009      1757
022 A000010 GOLDMAN SACHS & CO.
022 B000010 13-5108880
022 C000010      9781
022 D000010      2927
023 C000000     350025
023 D000000      27181
024  000200 Y
025 A000201 BANK OF AMERICA, N.A.
      PAGE  11
025 B000201 95-4035346
025 C000201 E
025 D000201     551
025 A000202 CITIGROUP GLOBAL MARKETS, INC.
025 B000202 13-5266470
025 C000202 D
025 D000202    9806
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027  000000 Y
028 A010200     83206
028 A020200         0
028 A030200         0
028 A040200    192164
028 B010200    214803
028 B020200         0
028 B030200         0
028 B040200    191386
028 C010200    107422
028 C020200     15578
028 C030200         0
028 C040200    226465
028 D010200    128428
028 D020200         0
028 D030200         0
028 D040200    168704
028 E010200    155547
028 E020200         0
028 E030200         0
028 E040200    342319
028 F010200    127028
028 F020200         0
028 F030200         0
028 F040200    131804
028 G010200    816434
028 G020200     15578
028 G030200         0
028 G040200   1252842
028 H000200         0
029  000200 N
030 A000200      0
030 B000200  0.00
030 C000200  0.00
031 A000200      0
      PAGE  12
031 B000200      0
032  000200      0
033  000200      0
034  000200 N
035  000200      0
036 B000200      0
037  000200 N
038  000200      0
039  000200 N
040  000200 Y
041  000200 Y
042 A000200   0
042 B000200   0
042 C000200   0
042 D000200 100
042 E000200   0
042 F000200   0
042 G000200   0
042 H000200   0
043  000200   1065
044  000200      0
045  000200 Y
046  000200 N
047  000200 Y
048  000200  0.000
048 A010200  2500000
048 A020200 1.950
048 B010200  2500000
048 B020200 1.800
048 C010200        0
048 C020200 0.000
048 D010200        0
048 D020200 0.000
048 E010200        0
048 E020200 0.000
048 F010200        0
048 F020200 0.000
048 G010200        0
048 G020200 0.000
048 H010200        0
048 H020200 0.000
048 I010200        0
048 I020200 0.000
048 J010200        0
048 J020200 0.000
048 K010200        0
048 K020200 0.000
049  000200 N
050  000200 N
051  000200 N
052  000200 N
      PAGE  13
053 A000200 Y
053 B000200 Y
053 C000200 N
054 A00AA00 N
054 B00AA00 N
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 N
054 I00AA00 N
054 J00AA00 N
054 K00AA00 N
054 L00AA00 N
054 M00AA00 N
054 N00AA00 N
054 O00AA00 N
055 A000200 N
055 B000200 N
056  000200 Y
057  000200 N
058 A000200 N
059  000200 Y
060 A000200 N
060 B000200 N
061  000200        0
062 A000200 N
062 B000200   0.0
062 C000200   0.0
062 D000200   0.0
062 E000200   0.0
062 F000200   0.0
062 G000200   0.0
062 H000200   0.0
062 I000200   0.0
062 J000200   0.0
062 K000200   0.0
062 L000200   0.0
062 M000200   0.0
062 N000200   0.0
062 O000200   0.0
062 P000200   0.0
062 Q000200   0.0
062 R000200   0.0
063 A000200   0
063 B000200  0.0
066 A000200 Y
066 B000200 N
066 C000200 Y
066 D000200 N
      PAGE  14
066 E000200 N
066 F000200 N
066 G000200 N
067  000200 N
068 A000200 N
068 B000200 N
069  000200 N
070 A010200 Y
070 A020200 Y
070 B010200 Y
070 B020200 Y
070 C010200 Y
070 C020200 N
070 D010200 Y
070 D020200 Y
070 E010200 Y
070 E020200 Y
070 F010200 Y
070 F020200 Y
070 G010200 Y
070 G020200 Y
070 H010200 Y
070 H020200 Y
070 I010200 Y
070 I020200 Y
070 J010200 Y
070 J020200 Y
070 K010200 Y
070 K020200 Y
070 L010200 Y
070 L020200 Y
070 M010200 Y
070 M020200 Y
070 N010200 Y
070 N020200 Y
070 O010200 Y
070 O020200 N
070 P010200 Y
070 P020200 Y
070 Q010200 Y
070 Q020200 N
070 R010200 Y
070 R020200 Y
071 A000200   7206617
071 B000200   7167696
071 C000200   3030521
071 D000200  237
072 A000200 12
072 B000200   144612
072 C000200    24590
072 D000200        0
      PAGE  15
072 E000200        0
072 F000200    85233
072 G000200     4311
072 H000200        0
072 I000200     5919
072 J000200     2784
072 K000200        0
072 L000200      544
072 M000200      376
072 N000200      202
072 O000200        0
072 P000200     6985
072 Q000200        0
072 R000200      194
072 S000200      799
072 T000200     1065
072 U000200        0
072 V000200        0
072 W000200    29536
072 X000200   137948
072 Y000200        0
072 Z000200    31254
072AA000200    73473
072BB000200        0
072CC010200   240552
072CC020200        0
072DD010200    16162
072DD020200     3910
072EE000200        0
073 A010200   0.0500
073 A020200   0.0300
073 B000200   0.0000
073 C000200   0.0000
074 A000200    91170
074 B000200        0
074 C000200        0
074 D000200  2446079
074 E000200        0
074 F000200  1309077
074 G000200    16076
074 H000200        0
074 I000200   687412
074 J000200   130939
074 K000200        0
074 L000200    39782
074 M000200  1414029
074 N000200  6134564
074 O000200   255798
074 P000200    20417
074 Q000200        0
074 R010200   292117
      PAGE  16
074 R020200  1107799
074 R030200    13604
074 R040200    98556
074 S000200        0
074 T000200  4346273
074 U010200   340734
074 U020200    71280
074 V010200     0.00
074 V020200     0.00
074 W000200   0.0000
074 X000200      590
074 Y000200  2775544
075 A000200        0
075 B000200  4519394
076  000200     0.00
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 Y
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
078  000000 Y
080 A00AA00 AXIS Reinsurance Company
080 C00AA00     4000
081 A00AA00 Y
081 B00AA00   3
082 A00AA00 N
082 B00AA00        0
083 A00AA00 N
083 B00AA00        0
084 A00AA00 N
084 B00AA00        0
085 A00AA00 Y
085 B00AA00 N
086 A010000      0
086 A020000      0
086 B010000      0
086 B020000      0
      PAGE  17
086 C010000      0
086 C020000      0
086 D010000      0
086 D020000      0
086 E010000      0
086 E020000      0
086 F010000      0
086 F020000      0
SIGNATURE   ARTHUR LIAO
TITLE       TREASURER
 

REPORT OF INDEPENDENT 
REGISTERED PUBLIC ACCOUNTING 
FIRM
To the Shareholders of Blackstone 
Alternative Multi-Strategy Fund and the 
Board of Trustees of Blackstone Alternative 
Investment Funds:

In planning and performing our audit of the 
consolidated financial statements of 
Blackstone Alternative Multi-Strategy Fund 
and Subsidiaries (collectively the "Fund"), a 
series of Blackstone Alternative Investment 
Funds, as of and for the year ended March 
31, 2017, in accordance with the standards 
of the Public Company Accounting 
Oversight Board (United States), we 
considered the Fund's internal control over 
financial reporting, including controls over 
safeguarding securities, as a basis for 
designing our auditing procedures for the 
purpose of expressing our opinion on the 
consolidated financial statements and to 
comply with the requirements of Form N-
SAR, but not for the purpose of expressing 
an opinion on the effectiveness of the 
Fund's internal control over financial 
reporting. Accordingly, we express no such 
opinion.
The management of the Fund is responsible 
for establishing and maintaining effective 
internal control over financial reporting. In 
fulfilling this responsibility, estimates and 
judgments by management are required to 
assess the expected benefits and related 
costs of controls. A fund's internal control 
over financial reporting is a process 
designed to provide reasonable assurance 
regarding the reliability of financial 
reporting and the preparation of financial 
statements for external purposes in 
accordance with generally accepted 
accounting principles. A fund's internal 
control over financial reporting includes 
those policies and procedures that (1) pertain 
to the maintenance of records that, in 
reasonable detail, accurately and fairly 
reflect the transactions and dispositions of 
the assets of the fund; (2) provide reasonable 
assurance that transactions are recorded as 
necessary to permit preparation of financial 
statements in accordance with generally 
accepted accounting principles, and that 
receipts and expenditures of the fund are 
being made only in accordance with 
authorizations of management and trustees 
of the fund; and (3) provide reasonable 
assurance regarding prevention or timely 
detection of unauthorized acquisition, use, 
or disposition of a fund's assets that could 
have a material effect on the financial 
statements.
Because of its inherent limitations, internal 
control over financial reporting may not 
prevent or detect misstatements. Also, 
projections of any evaluation of 
effectiveness to future periods are subject to 
the risk that controls may become 
inadequate because of changes in conditions, 
or that the degree of compliance with the 
policies or procedures may deteriorate.
A deficiency in internal control over 
financial reporting exists when the design or 
operation of a control does not allow 
management or employees, in the normal 
course of performing their assigned 
functions, to prevent or detect misstatements 
on a timely basis. A material weakness is a 
deficiency, or a combination of deficiencies, 
in internal control over financial reporting, 
such that there is a reasonable possibility 
that a material misstatement of the fund's 
annual or interim financial statements will 
not be prevented or detected on a timely 
basis.
Our consideration of the Fund's internal 
control over financial reporting was for the 
limited purpose described in the first 
paragraph and would not necessarily 
disclose all deficiencies in internal control 
that might be material weaknesses under 
standards established by the Public 
Company Accounting Oversight Board 
(United States). However, we noted no 
deficiencies in the Fund's internal control 
over financial reporting and its operation, 
including controls for safeguarding 
securities, that we consider to be a material 
weakness, as defined above, as of March 31, 
2017. 
This report is intended solely for the 
information and use of management and the 
Board of Trustees of Blackstone Alternative 
Investment Funds and the Securities and 
Exchange Commission and is not intended 
to be and should not be used by anyone 
other than these specified parties. 
/s/ Deloitte & Touche LLP
New York, New York
May 25, 2017








Exhibit 77(O)

Rule 10f-3 Transactions
October 1, 2016 through March 31, 2017 Reported Transactions


Adviser/ 
Subadviser
Funds(s)
Date
Transaction
(Description)
Affiliated
Underwriter
Executing
Broker
Price
Public
Offering 
Price
Type of
Underwriting
Affirmation
as to
Reasonableness 
of Commission,
Spread or Profit
Issuer of Securities in 
Operation for 3 or More 
Years
Aggregate Amount of 
Securities Purchased by 
Adviser/Subadviser < 25% 
of Issuance
Goldman 
Sachs 
Investment 
Strategies, 
LLC
BAMSF
3/2/17
Snap Inc.
Goldman, 
Sachs & Co.
Morgan 
Stanley & 
Co. LLC
$17.00
$17.00
Firm 
commitment
Yes
Yes
Yes












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