bxmix.blackstone.comBXMIX | Blackstone Alternative Multi-Strategy Fund

Fact Card VIEW BXMIX Quarterly Update | Q1 2024 download BXMIX Sub-Adviser Profiles download Fund Documents and Public Filings Investor Material Summary Prospectus View Prospectus View Statement of Additional Information View Annual Report View Semi-Annual Report View Portfolio Holdings DOWNLOAD Annual Proxy Voting Report Download SEC Filings View Information Statements download 2023 Year-End Distribution download 2022 Year-End Distribution download Form 5500 Download Corporate Governance Privacy Notice View Whistleblower Policy View Audit Committee View Nominating Committee Charter View There can be no assurance that the Fund will achieve its goals or avoid losses. Diversification does not ensure a profit or guarantee against loss. Blackstone and its affiliates have financial interests in asset managers. Any allocation by Blackstone to a subsidiary or other affiliate benefits Blackstone Inc. and any redemption or reduction of such allocation would be detrimental to Blackstone Inc., creating potential conflicts of interest in allocation decisions. For a discussion of this and other conflicts, please see the Important Risks section at the end of this page. BAIA manages a portion of the Fund’s assets directly. Such investments presently include allocations to funds managed by third-party asset managers, opportunistic trades and hedging. BAIA allocations are subject to change and BAIA’s fees on directly managed assets are not reduced by a payment to a sub‐adviser. Inactive sub-advisers are not currently managing any Fund assets. Allocations may change at any time without notice. Subject to Blackstone’s information walls and confidentiality and fiduciary obligations. Important Information This material is not an offer to sell the Fund’s securities and is not soliciting an offer to buy the Fund’s securities. All investors should consider the investment objectives, risks, charges and expenses of BXMIX, Class I carefully before investing. All investors are urged to carefully read the prospectus and the summary prospectus in its entirety before investing. The prospectus and the summary prospectus contain this and other information about BXMIX and are available on BXMIX’s website at www.bxmix.com. Please note that additional details concerning the Fund’s performance, liquidity and asset class exposures are available upon request. Please contact your BXMA representative for further information. No Assurance of Investment Return. 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. There can be no assurance that the Fund will achieve its goals or avoid losses. Diversification does not ensure a profit or guarantee against loss. Information about the Fund, including current month-end performance, is available on the Fund’s website at www.bxmix.com or by calling 855-890-7725. Allocations: The Fund may shift allocations among sub-advisers, strategies and sub-strategies at any time. Further, Blackstone, on behalf of the Fund, may determine to not employ one or more of the above-referenced, strategies or sub- strategies. Blackstone may also add new strategies or sub-strategies. Accordingly, the allocations are presented for illustrative purposes only and should not be viewed as predictive of the ongoing composition of the Fund’s portfolio (and its sub-advisers),which may change at any time without notice. ERISA Fiduciary Disclosure: The foregoing 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. Opinions and Trends. Opinions expressed reflect the current opinions of Blackstone as of the date appearing in the Materials only and are based on Blackstone’s opinions of the current market environment, which are subject to change. Certain information contained in the Materials discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice. There can be no assurances that any of the trends described herein will continue or will not reverse. Past events and trends do not imply, predict or guarantee, and are not necessarily indicative of, future events or results. 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 – 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. Market Risk and Selection Risk – One or more markets may go down in value, possibly sharply and unpredictably, affecting the values of individual securities held by the Fund. 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 . Debt Securities Risk – investments in bonds and certain asset-backed securities are subject to risks, including but not limit to, the credit risk of the issuer of the security, the risk that the issuer undergoes a restructuring or a similar event, the risk that inflation decreases the value of assets or income from the investments, and the risk that interest rates changes adversely impact the debt investments. Equity Securities Risk – prices of equity and preferred securities fluctuate based on changes in a company’s financial condition and overall market and economic conditions. Mortgage- and Asset-Backed Securities Risk – involves credit, interest rate, prepayment and extension risk, as well as the risk of default of the underlying mortgage or asset, particularly during times of economic downturn . 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 – use of leverage can produce volatility and may exaggerate changes in the net asset value of Fund shares and in the return on the portfolio, which may increase the risk that the Fund will lose more than it has invested. Large Purchase or Redemption Risk – large redemption or purchase activity could have adverse effects on performance to the extent that the Fund incurs additional costs or is required to sell securities, invest cash, or hold a relatively large amount of cash at times when it would not otherwise do so. Recent Market Events Risk. Local, regional, or global events such as war (e.g., Russia/Ukraine), acts of terrorism, public health issues like pandemics or epidemics (e.g., COVID-19), recessions, or other economic, political and global macro factors and events could lead to a substantial economic downturn or recession in the U.S. and global...