An institutional caliber alternative mutual fund for investors seeking diversification

“ We gained our status as a hedge fund solutions provider by developing innovative solutions to meet our investors’ needs. We are excited to offer a daily liquid fund that provides portfolio diversification through alternative strategies and access to some of Blackstone’s largest hedge fund relationships.”

J. To m i l s o n H i l l c e o o f b l a c k s T o n e a lT e r n a T i v e a s s e T m a n ag e m e n T a n d v ic e - c H a i r m a n o f b l a c k s T o n e

Blackstone Alternative Multi-Strategy Fund (Ticker: BXMIX)

1• Expertise typically available

only to institutional investors

Institutional caliber

23

4A Core Alternative Solution

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

• Dynamic allocation across managers and strategies seeks to deliver core alternative exposures for all market environments

Enhanced diversification

• Seeks to be uncorrelated with traditional equity and fixed income investments

• Seeks to provide a low volatility profile with a focus on capital preservation

There can be no assurance that BXMIX will achieve its goals or avoid losses

1. BAAM includes Blackstone Alternative Investment Advisors LLC (“BAIA”), which is the investment adviser for Blackstone Alternative Multi-Strategy Fund (“BXMIX”).

2. InvestHedge Billion Dollar Club. Based on AUM (as of June 2016).

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5Daily liquidity

• Shares may be redeemed on a daily basis• No lockup periods (unlike typically

structured alternative investments)

Established leader

• Managed by Blackstone Alternative Asset Management (BAAM)1

• The world’s largest discretionary investor in hedge funds2

4

r e T u r n s o v e r f u l l m a r k e T c y c l e 4

Alternatives2 S&P 500 10.0% 9.4%

4

Hedge Funds historically have shown low correlations to stocks and bonds.

Why hedge fund strategies?

1. 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.

2. Alternatives are represented by the HFRI Fund-Weighted Composite Index. Past performance is no guarantee of future results. The information provided is for illustrative purposes only and is not meant to represent the per-formance of any particular investment or Blackstone fund. An investor cannot invest directly in an index. Alternatives and equities (S&P 500 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. 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 alter-natives and equities in the context of his or her investment objectives.

3. Performance shown is not representative of BXMIX or the performance of any Blackstone investment. Actual performance results of BXMIX can be seen on the Fund website (www.blackstone.com/bxmix).

4. Full market cycle defined as January 1998 through December 2016. Returns are annualized.

Historically, hedge funds have mitigated downside risk when equity markets declined significantly1,2,3

“Avoiding large drawdown losses is critical to accumulating wealth. An equity portfolio would have taken close to five years to recoup losses following the ’08 global financial crisis. A significant allocation to alternatives could have mitigated the impact for the investor during this time period.”

g i d e o n b e r g e r s e n i o r m a n a g i n g d i r e c T o r , H e a d o f r i s k m a n a g e m e n T a n d T e c H n o l o g y , b a a m

e q u i T i e s

AUG 2000 SEP 2002

S&P 500

Alternatives2

-6%

-45%

OCT 2007 FEB 2009

S&P 500

Alternatives2

-21%

-51%

5

5

Blackstone Alternative Multi-Strategy Fund

Hedge funds have captured positive returns when interest rates have risen1,2,3

r e T u r n s o v e r f u l l m a r k e T c y c l e 4

Alternatives2 Barclays AGG 10.0% 6.1%

1. 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.

2. Alternatives are represented by the HFRI Fund-Weighted Composite Index. Past performance is no guarantee of future results. The information provided is for illustrative purposes only and is not meant to represent the performance of  any particular investment or Blackstone fund. An investor cannot invest directly in an index. Alternatives and fixed income investments (Barclays Aggregate Bond Index) have different risk and return profiles. Fixed income investments (Barclays Agg) are subject to credit risk, default risk and interest rate risk; when interest rates rise, bond prices fall. 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 fixed income in the context of his or her investment objectives.

3. Performance shown is not representative of BXMIX or the performance of any Blackstone investment. Actual performance results of BXMIX can be seen on the Fund website (www.blackstone.com/bxmix).

4. Full market cycle defined as January 1998 through December 2016. Returns are annualized.

“With the prospect of rising interest rates on the horizon, many investors are looking to replace fixed income exposures with more diversifying allocations. Alternatives seek to provide market upside capture while mitigating downside risk.”

s T e p H e n s u l l e n s s e n i o r m a n a g i n g d i r e c T o r , H e a d o f p o r T f o l i o m a n a g e m e n T , b a a m

f i x e d i n c o m e

SEP 1998 MAR 2000

Barclays Agg

Alternatives(2)

+53%

+2%

1998–2000

JUN 2004 JUN 2006

Barclays Agg

Alternatives(2)

+23%

+6%

2004–2006

What is this fund?

A core multi-strategy,multi-manager solutionBlackstone Alternative Multi-Strategy Fund provides access to a core, diversified portfolio of hedge fund strategies and fund managers.

Proprietary top-down viewWe integrate our top-down views on the global economy and financial markets into our investment process with the aim of making better decisions with better information.

Dynamic asset allocationWe use a scenario-based investment process to tactically shift portfolio weights in an effort to capture the best opportunities across asset classes and geographies.

Opportunistic investingWe seek to capitalize on market dislocations by leveraging custom mandates with some of our largest hedge fund relationships.1

Access to hedge fund talentAccess to some of BAAM’s largest hedge fund relationships but at lower fees than traditional hedge funds.2

1. Allocations are estimates as of March 1, 2017. Allocations are subject to change based on Blackstone’s views and manager availability.2. Based on standard hedge fund fees of 2% on assets under management and 20% on performance.

6

Managers and Strategies as of March 1, 2017

Portfolio allocation

MANAGER3 STRATEGY SUB-STRATEGY

Goldman SachsHealthCorTwo Sigma

Equity HedgeEquity HedgeEquity Hedge

Equity Long /ShortEquity Long/ ShortEquity Market Neutral

BayviewCerberusGood HillSorin WaterfallChatham

Relative ValueRelative ValueRelative ValueRelative ValueRelative ValueRelative Value

Fixed Income - Asset Backed Fixed Income - Asset Backed Fixed Income - Asset Backed Fixed Income - Asset Backed Fixed Income - Asset Backed Fixed Income - Corporate

CaspianBoussard & GavaudanNephila4

Event DrivenEvent DrivenEvent Driven

Distressed/RestructuringMulti-StrategyReinsurance

EmsoAlphaParityIPM

MacroMacroMacro

Discretionary ThematicSystematic DiversifiedSystematic Diversified

D.E. ShawB AIA-Direct5

Multi-StrategyMulti-Strategy

N/AN/A

Blackstone Alternative Multi-Strategy Fund

3. Manager name may be a short form name of the legal name of each sub-adviser. The list of sub-advisers above is subject to change. Please refer to the Fund’s prospectus for the most up-to-date list of sub-advisers.

4. Sub-adviser is not currently managing any Fund assets. Allocations may change at any time without notice.5. 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. BAIA’s fees on directly managed assets are not reduced by a payment to a sub-adviser.

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What role can it play?

A better balance of risk and returnThe Fund is designed to help investors pursue smoother overall returns while taking advantage of differentiated investment opportunities across asset classes, strategies and geographies.

Portfolio Diversification1

As a multi-strategy mutual fund, BXMIX invests in a variety of

institutional hedge fund strategies in an effort to provide diversified

exposures that are less dependent on market movements.

Volatility Mitigation1

By allocating to hedge fund managers that are focused on

preservation of capital, BXMIX seeks to avoid steep losses when

there are declines in either equity or bond markets.

Risk-Adjusted Performance1

BXMIX seeks to deliver steady growth with a focus on maximizing

risk-adjusted returns over a full market cycle

1. There is no assurance that the Fund will achieve its goals or avoid losses.8

A complement to fixed income and equity allocations

An approach of funding alternative allocations from a combination of existing equity and fixed income sleeves may mitigate overall portfolio volatility while maintaining exposure to growth assets.1

Blackstone Alternative Multi-Strategy Fund

Equities

Fixed income

BXMIX

9

10

10

Why BAAM?

Access to a leader in alternativesBlackstone’s industry position enables us to attract and retain investment talent, establish robust investment processes and partner with hedge fund managers to deliver quality alternative solutions to investors.

Position People

W H a T s e T s u s a p a r T World’s largest discretionary investor in hedge funds1

26-year track record of risk-adjusted performance2

W H AT T H I S M E A N S T O YOU Access to the perspectives, investment experience, global relationships and market insights of Blackstone3

Over 100 investment professionals

Experience across all alternative investment strategies

Deep manager sourcing capability

Diversified set of hedge fund managers to implement alternative investment strategies

1. InvestHedge Billion Dollar Club. Based on AUM (as of June 30, 2016).

2. Past performance is not necessarily indicative of future results.

3. Subject to Blackstone’s information wall policy.

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Process Partnership

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

Scenario-based asset allocation framework combining top-down and bottom-up insights

Full transparency that facilitates rigorous due diligence/monitoring of every investment

Dynamic portfolio allocations that seek to capture attractive market opportunities

Deep, differentiated relationships with hedge fund talent

Infrastructure to support special situations investing

Access to hedge fund managers not typically available in daily liquid format

Seeks to identify and capture idiosyncratic market opportunities

“Our industry position and relationships allow us to offer access to a group of the managers currently representing a significant amount of BAAM’s capital on a dollar and percentage basis. Our track record of structuring value-added transactions has enabled us to bring this differentiated solution to the market.”

J o H n m c c o r m i c ks e n i o r m a n a g i n g d i r e c T o r , H e a d o f g l o b a l b u s i n e s s sT r aT e g y , b a a m

Blackstone Alternative Multi-Strategy Fund

For more information, please contact your adviser.

www.blackstone.com/bxmix

All investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. The prospectus and, if available, the summary prospectus contain this and other information about the Fund. You can obtain a prospectus and, if available, a summary prospectus, from the Fund’s website (http://www.blackstone.com/bxmix). All investors are urged to carefully read the prospectus and, if available, 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 BAIA.

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.

S&P 500 Total Return Index: Market capitalization-weighted index that includes 500 stocks representing all major industries. Returns are denominated in U.S. dollars and include dividends. The Index is a proxy of the performance of the broad U.S. economy through changes in aggregate market value.

Barclays Aggregate Bond Index: Covers the USD-denominated, investment-grade, fixed-rate, taxable bond market of SEC-registered securities. The Index includes government securities, mortgage-backed securities, asset-backed securities and corporate securities all with a maturity of greater than one year.

HFRI Fund-Weighted Composite Index: The industry’s most widely used standard benchmark of hedge fund performance globally.

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, subadviser 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 that conflict with each other and as a result, the Fund could incur transaction costs without accomplishing any net investment result.

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. Blackstone Alternative Multi-Strategy Fund.

Please note

BXMIX-6-0217