Blackstone Senior Floating Rate Term Fund

Portfolio of Investments

March 31, 2022 (Unaudited)  

	Principal Amount		Value
FLOATING RATE LOAN INTERESTS(a) - 129.13%
Aerospace & Defense - 3.48%
Amentum Government Services Holdings LLC, First Lien Term Loan,  6M US L + 4.00%, 02/15/2029	$	976,531	$	970,427
Atlas CC Acquisition Corp., First Lien B Term Loan,  3M US L + 4.25%, 0.75% Floor, 05/25/2028		1,011,690		1,009,004
Atlas CC Acquisition Corp., First Lien C Term Loan,  3M US L + 4.25%, 0.75% Floor, 05/25/2028		205,977		205,431
Dynasty Acquisition Co., Inc., First Lien 2020 B-1 Term Loan,  3M US L + 3.50%, 04/06/2026		569,262		560,959
Dynasty Acquisition Co., Inc., First Lien 2020 B-2 Term Loan,  3M US L + 3.50%, 04/06/2026		306,055		301,591
Nordam Group LLC, First Lien Initial Term Loan,  1M US L + 5.50%, 04/09/2026		1,707,199		1,494,866
Peraton Corp., First Lien B Term Loan,  1M US L + 3.75%, 0.75% Floor, 02/01/2028		2,330,252		2,318,601
Vertex Aerospace Corp., First Lien Term Loan,  1M US L + 4.00%, 12/06/2028		615,385		614,234
				7,475,113
Air Transport - 2.70%
AAdvantage Loyality IP, Ltd., First Lien Initial Term Loan,  3M US L + 4.75%, 0.75% Floor, 04/20/2028		1,119,016		1,135,801
American Airlines, Inc., First Lien 2018 Replacement Term Loan,  1M US L + 1.75%, 06/27/2025		790,897		746,658
American Airlines, Inc., First Lien 2020 Term Loan,  1M US L + 1.75%, 01/29/2027		245,440		230,407
Global Medical Response, Inc., First Lien 2018 New Term Loan,  3M US L + 4.25%, 1.00% Floor, 03/14/2025		2,349,214		2,338,725
KKR Apple Bidco LLC, Second Lien Initial Term Loan,  1M US L + 5.75%, 0.50% Floor, 09/21/2029		173,714		173,091
United AirLines, Inc., First Lien Class B Term Loan,  3M US L + 3.75%, 0.75% Floor, 04/21/2028		1,187,184		1,175,229
				5,799,911
Automotive - 1.65%
Bright BidCo B.V., First Lien 2018 Refinancing B Term Loan,  3M US L + 3.50%, 1.00% Floor, 06/30/2024		2,117,656		1,282,177
GC EOS Buyer, Inc., First Lien Initial Term Loan,  1M US L + 4.50%, 08/01/2025		1,350,865		1,338,802
Wheel Pros, Inc., First Lien Initial Term Loan,  1M US L + 4.50%, 0.75% Floor, 05/11/2028		961,187		918,987
				3,539,966
Beverage & Tobacco - 1.04%
Bengal Debt Merger Sub, LLC Delayed, First Lien Term Loan,  3M US L + 3.25%, 01/24/2029		85		84
Bengal Debt Merger Sub, LLC, First Lien Term Loan, L + 3.750%, 01/24/2029		1,471		1,450
Triton Water Holdings, Inc., First Lien Initial Term Loan,  3M US L + 3.50%, 0.50% Floor, 03/31/2028		2,285,245		2,233,415
				2,234,949
Brokers, Dealers & Investment Houses - 2.58%
Advisor Group Holdings, Inc., First Lien B-1 Term Loan,  1M US L + 4.50%, 07/31/2026		1,876,437		1,870,874
Deerfield Dakota Holding LLC, First Lien Initial Dollar Term Loan,  1M US L + 3.75%, 1.00% Floor, 04/09/2027		1,115,697		1,111,630
Deerfield Dakota Holding LLC, Second Lien 2021 Replacement Term Loan,  1M US L + 6.75%, 0.75% Floor, 04/07/2028		304,000		304,760
Edelman Financial Engines Center LLC, First Lien Initial (2021) Term Loan,  1M US L + 3.50%, 0.75% Floor, 04/07/2028		2,271,279		2,249,044
				5,536,308
Building & Development - 6.10%
Arc Falcon I, Inc., First Lien Term Loan,  3M US L + 3.75%, 09/30/2028		488,662		477,465
C.H.I. Overhead Doors, Inc., First Lien Third Amendment Initial Term Loan,  1M US L + 3.50%, 1.00% Floor, 07/31/2025		1,139		1,129
Foundation Building Materials, Inc., First Lien Initial Term Loan,  3M US L + 3.25%, 0.50% Floor, 01/31/2028		1,809,415		1,780,464

	Principal Amount		Value
Building & Development (continued)
Illuminate Merger Sub Corp, First Lien Initial Term Loan,  3M US L + 3.50%, 0.50% Floor, 07/21/2028	$	438,556	$	425,086
LBM Acquisition LLC, First Lien Initial Term Loan,  3M US L + 3.75%, 0.75% Floor, 12/17/2027		2,178,876		2,129,862
Park River Holdings, Inc., First Lien Initial Term Loan,  3M US L + 3.25%, 0.75% Floor, 12/28/2027		3,066,806		3,004,105
SRS Distribution, Inc., First Lien 2021 Refinancing Term Loan,  6M US L + 3.50%, 0.50% Floor, 06/02/2028		588,249		581,878
SRS Distribution, Inc., First Lien Term Loan,  6M US L + 3.50%, 06/02/2028		486,957		481,783
Tutor Perini Corp., First Lien B Term Loan,  3M US L + 4.75%, 1.00% Floor, 08/18/2027		1,601,677		1,576,651
United Site Cov-Lite, First Lien Term Loan,  3M US L + 4.25%, 12/15/2028		1,093,151		1,084,859
White Cap Buyer LLC, First Lien Initial Closing Date Term Loan,  1M US L + 3.75%, 0.50% Floor, 10/19/2027		1,576,815		1,562,686
				13,105,968
Business Equipment & Services - 20.55%
Access CIG LLC, First Lien B Term Loan,  3M US L + 3.75%, 02/27/2025		1,467,817		1,448,354
Access CIG LLC, Second Lien Initial Term Loan,  3M US L + 7.75%, 02/27/2026		1,074,290		1,068,247
Aegion Corp., First Lien Initial Term Loan,  3M US L + 4.75%, 0.75% Floor, 05/17/2028		593,476		591,250
AG Group Holdings, Inc., First Lien Term Loan,  1M US L + 4.25%, 12/29/2028		560,584		558,835
Allied Universal Holdco LLC, First Lien Initial U.S. Dollar Term Loan,  1M US L + 3.75%, 0.50% Floor, 05/12/2028		2,079,488		2,050,334
Anticimex International AB, First Lien Term Loan,  3M US L + 3.50%, 0.50% Floor, 11/16/2028		1,268,688		1,251,636
AqGen Island Holdings, Inc., First Lien Term Loan:
3M US L + 3.50%, 08/02/2028		1,126,764		1,119,722
3M US L + 6.50%, 08/02/2029		1,865,513		1,853,854
BMC Acquisition, Inc., First Lien Initial Term Loan,  3M US L + 5.25%, 1.00% Floor, 12/28/2024		785,027		767,364
Connectwise, LLC, First Lien Term Loan,  1M US L + 3.50%, 0.50% Floor, 09/29/2028		537,756		534,933
DG Investment Intermediate Holdings 2, Inc., First Lien Closing Date Initial Term Loan,  1M US L + 3.50%, 0.75% Floor, 03/31/2028		719,460		713,255
DG Investment Intermediate Holdings 2, Inc., Second Lien Initial Term Loan,  1M US L + 6.75%, 0.75% Floor, 03/30/2029		601,071		602,574
Divisions Holding Corp., First Lien B Term Loan,  3M US L + 4.75%, 0.75% Floor, 05/27/2028		552,831		550,067
EAB Global, Inc., First Lien Term Loan,  3M US L + 3.50%, 0.50% Floor, 08/16/2028		701,835		695,869
Epicor Software Corp., First Lien C Term Loan,  1M US L + 3.25%, 0.75% Floor, 07/30/2027		882,679		876,805
Epicor Software Corp., Second Lien Initial Term Loan,  1M US L + 7.75%, 1.00% Floor, 07/31/2028		822,203		841,731
Equiniti Group PLC, First Lien Term Loan,  3M US L + 4.50%, 12/11/2028		349,091		349,382
eResearchTechnology, Inc., First Lien Initial Term Loan,  1M US L + 4.50%, 1.00% Floor, 02/04/2027		770,203		768,520
Foundational Education Group, Inc., First Lien Term Loan,  4M US L + 4.25%, 08/31/2028		585,143		585,146
Garda World Security Corp., First Lien B-2 Term Loan,  1M US L + 4.25%, 10/30/2026		2,151,356		2,130,617
Garda World Security Corp., First Lien Term Loan,  1M US L + 4.25%, 02/01/2029		218,182		216,546
Inmar, Inc., Second Lien Initial Term Loan,  3M US L + 8.00%, 1.00% Floor, 05/01/2025(b)		1,002,931		997,916
KUEHG Corp, Second Lien Tranche B Term Loan,  3M US L + 8.25%, 1.00% Floor, 08/22/2025		1,444,156		1,442,958
KUEHG Corp., First Lien B-3 Term Loan,  3M US L + 3.75%, 1.00% Floor, 02/21/2025		900,433		888,475
Learning Care Group No. 2, Inc., First Lien Initial Term Loan,  3M US L + 3.25%, 1.00% Floor, 03/13/2025		1,434,501		1,415,523
Loyalty Ventures, Inc., First Lien Term Loan,  1M US L + 4.50%, 11/03/2027		600,000		587,001
Madison IAQ LLC, First Lien Initial Term Loan,  3M US L + 3.25%, 0.50% Floor, 06/21/2028		934,528		922,459
McKissock Investment Holdings, LLC, First Lien Term Loan, L + 5.750%, 03/12/2029		922,947		919,486
Minotaur Acquisition, Inc., First Lien B Term Loan,  1M US L + 4.75%, 03/27/2026		1,329,450		1,319,652
Mitchell International, Inc., First Lien Term Loan,  3M US L + 3.75%, 10/15/2028		2,329,002		2,294,999
Mitchell International, Inc., Second Lien Term Loan,  3M US L + 6.50%, 10/15/2029		412,371		409,408
Momentive, Inc., First Lien Term Loan,  1M US L + 3.75%, 10/10/2025		1,638,491		1,632,347
National Intergovernmental Purchasing Alliance Company, Second Lien Initial Term Loan,  3M US L + 7.50%, 05/22/2026(b)		1,519,317		1,496,527
Revspring, Inc., First Lien Initial Term Loan,  3M US L + 4.25%, 10/11/2025		1,280,400		1,264,798
Rinchem Company, Inc., First Lien Term Loan,  3M US L + 0.00%, 03/02/2029(b)		514,883		513,596
Sabre GLBL, Inc., First Lien 2021 Other B-1 Term Loan,  1M US L + 3.50%, 0.50% Floor, 12/17/2027		239,777		237,529
Sabre GLBL, Inc., First Lien 2021 Other B-2 Term Loan,  1M US L + 3.50%, 0.50% Floor, 12/17/2027		382,218		378,635

	Principal Amount		Value
Business Equipment & Services (continued)
Sedgwick Claims Management Services, Inc., First Lien 2020 Term Loan,  1M US L + 4.25%, 1.00% Floor, 09/03/2026	$	305,550	$	304,328
Seren BidCo, First Lien Term Loan,  3M US L + 0.00%, 11/16/2028(b)		552,000		548,550
Skopima Merger Sub Inc., First Lien Initial Term Loan,  1M US L + 4.00%, 05/12/2028		847,656		839,311
St. George's University Scholastic Services LLC, First Lien Term Loan B Term Loan,  3M US L + 3.25%, 0.50% Floor, 02/10/2029		958,471		948,167
TRC Companies, First Lien Term Loan,  1M US L + 3.75%, 12/08/2028		1,130,704		1,115,440
TRC Companies, Second Lien Term Loan,  1M US L + 6.75%, 12/07/2029(b)		713,846		708,492
Virtusa Corp., First Lien Term Loan:
1M US L + 3.75%, 0.75% Floor, 02/11/2028		629,208		624,489
1M US L + 3.75%, 02/15/2029		633,503		629,147
Weld North Education LLC, First Lien Term Loan,  1M US L + 3.75%, 0.50% Floor, 12/21/2027		2,130,204		2,116,357
				44,130,631
Cable & Satellite Television - 0.23%
Numericable U.S. LLC, First Lien USD TLB-[12] Term Loan,  3M US L + 3.6875%, 01/31/2026		493,557		483,765
Chemical & Plastics - 4.13%
Ascend Performance Materials Operations LLC, First Lien 2021 Refinancing Term Loan,  3M US L + 4.75%, 0.75% Floor, 08/27/2026		2,109,938		2,106,646
CPC Acquisition Corp., First Lien Initial Term Loan,  3M US L + 3.75%, 0.75% Floor, 12/29/2027		422,425		411,864
DCG Acquisition Corp., First Lien B Term Loan,  1M US L + 4.50%, 09/30/2026		1,514,699		1,492,925
Geon Performance Solutions LLC, First Lien Term Loan,  1M US L + 4.75%, 0.75% Floor, 08/18/2028		393,086		393,088
Hexion Holdings Corp., First Lien Term Loan, L + 5.000%, 03/15/2029		1,033,010		1,012,350
Hyperion Materials & Technologies, Inc., First Lien Initial Term Loan,  3M US L + 4.50%, 0.50% Floor, 08/30/2028		753,945		749,471
Vantage Specialty Chemicals, Inc., First Lien Closing Date Term Loan,  3M US L + 3.50%, 1.00% Floor, 10/28/2024		1,423,427		1,373,429
Vantage Specialty Chemicals, Inc., First Lien Term Loan,  3M US L + 0.00%, 10/28/2024		640,000		617,520
Vantage Specialty Chemicals, Inc., Second Lien Initial Term Loan,  3M US L + 8.25%, 1.00% Floor, 10/27/2025		725,111		702,814
				8,860,107
Clothing & Textiles - 0.42%
S&S Holdings LLC, First Lien Initial Term Loan,  3M US L + 5.00%, 0.50% Floor, 03/11/2028		944,453		912,578
Conglomerates - 3.27%
Genuine Financial Holdings LLC, First Lien Initial Term Loan,  1M US L + 3.75%, 07/11/2025		2,077,397		2,057,734
Hunter Douglas Inc., First Lien Term Loan, L + 4.000%, 02/26/2029		1,065,217		1,045,580
Output Services Group, Inc., First Lien B Term Loan,  3M US L + 4.50%, 1.00% Floor, 03/27/2024		588,477		460,301
Spring Education Group, Inc., First Lien Initial Term Loan,  3M US L + 4.25%, 07/30/2025		1,336,876		1,300,112
Vaco Holdings, LLC, First Lien Term Loan,  3M US L + 5.00%, 01/21/2029		342,857		341,357
VT Topco, Inc., First Lien 2021 Term Loan,  3M US L + 3.75%, 0.75% Floor, 08/01/2025		1,831,798		1,807,765
				7,012,849
Containers & Glass Products - 4.13%
Berlin Packaging L.L.C., First Lien Term Loan,  1M US L + 3.75%, 03/11/2028		1,016,635		1,008,756
Charter Next Generation, Inc., First Lien Initial (2021) Term Loan,  1M US L + 3.75%, 0.75% Floor, 12/01/2027		810,217		806,798
Clydesdale Acquisition Holdings, Inc., First Lien Term Loan, L + 4.780%, 03/30/2029		1,916,709		1,887,958
IBC Capital I, Ltd., First Lien Tranche B-1 Term Loan,  3M US L + 3.75%, 09/11/2023		251,360		246,726
IBC Capital, Ltd., Second Lien Tranche B-1 Term Loan,  3M US L + 7.00%, 09/11/2024		620,110		599,696
LABL, Inc., First Lien Term Loan,  1M US L + 5.00%, 10/29/2028		570,000		564,046
ProAmpac PG Borrower LLC, First Lien 2020-1 Term Loan,  3M US L + 3.75%, 0.75% Floor, 11/03/2025		2,458,029		2,409,483
Ring Container Technologies Group, LLC, First Lien Initial Term Loan,  6M US L + 3.75%, 0.50% Floor, 08/12/2028		572,556		565,402
Strategic Materials Holding Corp., Second Lien Initial Term Loan,  3M US L + 7.75%, 1.00% Floor, 10/31/2025(b)		800,000		460,000
Tekni-Plex, Inc., First Lien Delayed Draw Tem Term Loan,  1M US L + 4.00%, 0.50% Floor, 09/15/2028(c)		27,287		26,992

	Principal Amount		Value
Containers & Glass Products (continued)
Tekni-Plex, Inc., First Lien Tranche B-3 Initial Term Loan,  1M US L + 4.00%, 0.50% Floor, 09/15/2028	$	306,052	$	302,737
				8,878,594
Diversified Insurance - 0.69%
Acrisure LLC, First Lien 2021-1 Additional Term Loan,  1M US L + 3.75%, 02/15/2027		335,158		333,274
Acrisure LLC, First Lien Term Loan,  1M US L + 4.25%, 02/15/2027		382,603		381,648
NFP Corp., First Lien Closing Date Term Loan,  1M US L + 3.25%, 02/15/2027		780,986		768,299
				1,483,221
Drugs - 2.20%
Cambrex Corp., First Lien Tranche B-2 Dollar Term Loan,  1M US L + 3.50%, 0.75% Floor, 12/04/2026		1,556,616		1,545,673
Curia Global, Inc., First Lien 2021 Term Loan,  3M US L + 3.75%, 0.75% Floor, 08/30/2026		1,890,367		1,877,030
LSCS Holdings/Eversana, First Lien Term Loan,  1M US L + 4.50%, 12/16/2028		503,937		499,530
Padagis LLC, First Lien Initial Term Loan,  3M US L + 4.75%, 0.50% Floor, 07/06/2028		408,184		405,890
Sharp MicCo, LLC, First Lien Term Loan,  3M US L + 4.00%, 12/31/2028(b)		397,419		395,929
				4,724,052
Ecological Services & Equipment - 0.36%
EnergySolutions LLC, First Lien Initial Term Loan,  3M US L + 3.75%, 1.00% Floor, 05/09/2025		782,578		768,882
Electronics/Electric - 24.92%
Apttus Corp., First Lien Initial Term Loan,  3M US L + 4.25%, 0.75% Floor, 05/08/2028		584,259		584,259
BMC Software, Inc., Second Lien 2nd Lien Term Loan,  1M US L + 5.50%, 0.50% Floor, 02/27/2026		326,531		324,490
Boxer Parent Company, Inc., First Lien 2021 Replacement Dollar Term Loan,  3M US L + 3.75%, 0.50% Floor, 10/02/2025		1,883,172		1,874,547
Brave Parent Holdings, Inc., First Lien Initial Term Loan,  1M US L + 4.00%, 04/18/2025		1,363,268		1,351,053
Cloudera, Inc., First Lien Term Loan,  1M US L + 3.75%, 0.50% Floor, 10/08/2028		1,305,439		1,291,569
ConvergeOne Holdings, Corp., First Lien Initial Term Loan,  1M US L + 5.00%, 01/04/2026		2,134,000		2,049,536
CoreLogic, Inc., First Lien Initial Term Loan,  1M US L + 3.50%, 0.50% Floor, 06/02/2028		1,858,889		1,841,472
CoreLogic, Inc., Second Lien Initial Term Loan,  1M US L + 6.50%, 0.50% Floor, 06/04/2029		567,442		562,477
Cornerstone OnDemand, Inc., First Lien Initial Term Loan,  1M US L + 3.75%, 0.50% Floor, 10/16/2028		587,705		582,930
CPI International, Inc., Second Lien Initial Term Loan,  3M US L + 7.25%, 1.00% Floor, 07/26/2025(b)		313,530		297,853
DCert Buyer, Inc., Second Lien First Amendment Refinancing Term Loan,  1M US L + 7.00%, 02/19/2029		668,275		662,287
Deliver Buyer, Inc., First Lien Term Loan,  3M US L + 5.00%, 05/01/2024		1,591,645		1,591,645
Delta Topco, Inc., First Lien Initial Term Loan,  3M US L + 3.75%, 0.75% Floor, 12/01/2027		1,714,965		1,690,775
ECI Macola/MAX Holding LLC, First Lien Initial Term Loan,  3M US L + 3.75%, 0.75% Floor, 11/09/2027		2,230,061		2,207,760
Endurance International Group Holdings, Inc., First Lien Initial Term Loan,  3M US L + 3.50%, 0.75% Floor, 02/10/2028		1,582,554		1,541,012
Fiserv Investment Solutions, Inc., First Lien Initial Term Loan,  3M US L + 4.00%, 02/18/2027		914,231		910,424
Help/Systems Holdings, Inc., First Lien Seventh Amendment Refinancing Term Loan,  1M US L + 4.00%, 0.75% Floor, 11/19/2026		2,101,204		2,080,192
Hyland Software, Inc., Second Lien 2021 Refinancing Term Loan,  1M US L + 6.25%, 0.75% Floor, 07/07/2025		765,110		758,415
Idera, Inc., First Lien B-1 Term Loan,  4M US L + 3.75%, 0.75% Floor, 03/02/2028		2,810,033		2,765,073
Imperva, Inc., First Lien Term Loan,  3M US L + 4.00%, 1.00% Floor, 01/12/2026		1,568,734		1,552,459
Ingram Micro, Inc., First Lien Initial Term Loan,  3M US L + 3.50%, 0.50% Floor, 06/30/2028		754,300		749,020
Internet Brands, Inc., First Lien 2020 June New Term Loan,  1M US L + 3.75%, 1.00% Floor, 09/13/2024		1,795,984		1,779,309
Ivanti Software, Inc., First Lien First Amendment Term Loan,  3M US L + 4.00%, 0.75% Floor, 12/01/2027		252,284		248,500
Ivanti Software, Inc., First Lien Term Loan,  3M US L + 4.25%, 12/01/2027		2,089,500		2,064,687
Ivanti Software, Inc., Second Lien Term Loan,  3M US L + 7.25%, 12/01/2028		537,313		531,940
LI Group Holdings, Inc., First Lien 2021 Term Loan,  3M US L + 3.75%, 0.75% Floor, 03/11/2028		731,808		726,781
Magenta Buyer LLC, First Lien Initial Term Loan,  3M US L + 5.00%, 0.75% Floor, 07/27/2028		1,715,806		1,705,511
McAfee Corp., First Lien Term Loan,  3M US L + 4.00%, 03/01/2029		1,370,413		1,362,704
MH SUB I LLC, Second Lien 2021 Replacement Term Loan,  1M US L + 6.25%, 02/23/2029		705,038		700,191

	Principal Amount		Value
Electronics/Electric (continued)
MLN US HoldCo LLC, First Lien B Term Loan,  1M US L + 4.50%, 11/30/2025	$	1,195,503	$	1,152,913
Park Place Technologies LLC, First Lien Closing Date Term Loan,  1M US L + 5.00%, 1.00% Floor, 11/10/2027		1,663,200		1,658,352
Perforce Software, Inc., First Lien New Term Loan,  1M US L + 3.75%, 07/01/2026		815,374		807,346
Project Alpha Intermediate Holding, Inc., First Lien 2021 Refinancing Term Loan,  3M US L + 4.00%, 04/26/2024		2,458,967		2,447,188
Project Leopard Holdings, Inc., First Lien 2018 Repricing Term Loan,  3M US L + 4.75%, 1.00% Floor, 07/05/2024		314,489		313,016
Project Leopard Holdings, Inc., First Lien 2019 Incremental Term Loan,  3M US L + 4.75%, 1.00% Floor, 07/05/2024		1,296,213		1,292,324
Quest Borrower Ltd., First Lien Term Loan,  3M US L + 0.00%, 02/01/2029		1,404,878		1,385,891
Rocket Software, Inc., First Lien Initial Term Loan,  1M US L + 4.25%, 11/28/2025		2,006,584		1,984,642
Rocket Software, Inc., First Lien USD Term Loan,  1M US L + 4.25%, 11/28/2025		628,583		621,512
S2P Acquisition Borrower, Inc., First Lien Initial Term Loan,  1M US L + 4.00%, 08/14/2026		1,137,500		1,132,808
Sovos Compliance LLC, First Lien Initial Term Loan,  1M US L + 4.50%, 0.50% Floor, 08/11/2028		399,875		399,877
Triton Solar US Acquisition Co., First Lien Initial Term Loan,  3M US L + 6.00%, 10/29/2024		220,863		220,172
Veritas US, Inc., First Lien Dollar B-2021 Term Loan,  3M US L + 5.00%, 1.00% Floor, 09/01/2025		982,964		922,511
Vision Solutions, Inc., First Lien Term Loan,  3M US L + 4.00%, 04/24/2028		2,816,662		2,792,016
				53,519,439
Equipment Leasing - 0.46%
Spin Holdco, Inc., First Lien Initial Term Loan,  3M US L + 4.00%, 0.75% Floor, 03/04/2028		1,001,249		995,337
Financial Intermediaries - 2.04%
Apex Group Treasury LLC, First Lien Term Loan,  3M US L + 0.00%, 0.50% Floor, 07/27/2028		269,880		268,025
Apex Group Treasury, Ltd., First Lien USD Term Loan,  3M US L + 3.75%, 0.50% Floor, 07/27/2028		486,148		482,808
ION Trading Finance, Ltd., First Lien Initial Dollar (2021) Term Loan,  1M US L + 4.75%, 04/01/2028		1,613,309		1,603,750
Lereta, LLC, First Lien Term Loan,  1M US L + 5.25%, 07/30/2028		552,778		553,814
Pre Paid Legal Services, Inc., First Lien Term Loan,  1M US L + 3.75%, 12/15/2028		1,487,324		1,471,365
				4,379,762
Food Products - 0.54%
Snacking Investments BidCo Pty, Ltd., First Lien Initial US Term Loan,  3M US L + 5.00%, 1.00% Floor, 12/18/2026		1,174,983		1,161,764
Food Service - 3.17%
Fertitta Entertainment, LLC, First Lien Term Loan,  1M US L + 4.00%, 01/27/2029		1,812,330		1,805,652
Flynn Restaurant, First Lien Term Loan,  1M US L + 4.25%, 12/01/2028		535,843		530,262
Fogo de Chao, Inc., First Lien 2018 Refinancing Term Loan,  1M US L + 4.25%, 1.00% Floor, 04/07/2025		1,944,296		1,903,582
Quidditch Acquisition, Inc., First Lien B Term Loan,  1M US L + 7.00%, 1.00% Floor, 03/21/2025		1,912,916		1,865,093
Tacala Investment Corp., First Lien Initial Term Loan,  3M US L + 3.50%, 0.75% Floor, 02/05/2027		718,211		709,772
				6,814,361
Food/Drug Retailers - 1.13%
EG Group, Ltd., First Lien Additional Facility Term Loan:
3M US L + 4.00%, 02/07/2025		2,029,146		2,001,600
3M US L + 4.25%, 0.50% Floor, 03/31/2026		222,192		219,526
EG Group, Ltd., First Lien Facility B Term Loan,  3M US L + 4.00%, 02/07/2025		200,521		197,799
				2,418,925
Healthcare - 19.44%
AthenaHealth Group, Inc., First Lien Term Loan,  1M US L + 3.50%, 02/15/2029		1,181,995		1,171,653
Auris Luxembourg III SARL, First Lien Facility B2 Term Loan,  1M US L + 3.75%, 02/27/2026		2,302,533		2,248,573
Carestream Health, Inc., First Lien 2023 Extended Term Loan,  3M US L + 6.75%, 1.00% Floor, 05/08/2023		158,143		156,561
Carestream Health, Inc., Second Lien 2023 Extended Term Loan,  3M US L + 4.50, 8.00% PIK, 1.00% Floor, 08/08/2023(d)		2,794,137		2,584,576

	Principal Amount		Value
Healthcare (continued)
CHG Healthcare Services, Inc., First Lien Initial Term Loan,  3M US L + 3.50%, 0.50% Floor, 09/29/2028	$	700,741	$	695,486
Covenant Surgical Partners, Inc., First Lien Delayed Draw Term Loan,  1M US L + 4.00%, 07/01/2026		269,360		265,656
Covenant Surgical Partners, Inc., First Lien Initial Term Loan,  1M US L + 4.00%, 07/01/2026		1,316,079		1,297,983
Envision Healthcare Corp., First Lien Initial Term Loan,  1M US L + 3.75%, 10/10/2025		1,763,599		1,178,675
Femur Buyer, Inc., First Lien Initial Term Loan,  3M US L + 4.50%, 03/05/2026		580,556		525,403
Genesis Care Finance Pty, Ltd., First Lien Facility B5 Term Loan,  3M US L + 5.00%, 1.00% Floor, 05/14/2027		1,985,761		1,773,115
Heartland Dental LLC, First Lien 2021 Incremental Term Loan,  1M US L + 4.00%, 04/30/2025		1,104,931		1,097,236
LifePoint Health, Inc., First Lien B Term Loan,  1M US L + 3.75%, 11/16/2025		1,392,207		1,386,186
Loire UK Midco 3, Ltd., First Lien Facility B2 Term Loan,  1M US L + 3.75%, 0.75% Floor, 04/21/2027		944,295		934,460
Medical Solutions LLC, First Lien Term Loan:
3M US L + 0.00%, 11/01/2028(c)		136,000		135,065
3M US L + 3.50%, 11/01/2028		1,359,687		1,350,339
NAPA Management Services Corp., First Lien Term Loan,  3M US L + 0.00%, 0.75% Floor, 02/23/2029		1,216,000		1,203,080
Navicure, Inc., First Lien Initial Term Loan,  1M US L + 4.00%, 10/22/2026		1,151,467		1,150,028
Onex TSG Intermediate Corp., First Lien Initial Term Loan,  1M US L + 4.75%, 0.75% Floor, 02/28/2028		1,406,042		1,397,697
Parexel International Corporation, First Lien Term Loan,  3M US L + 3.50%, 0.50% Floor, 11/15/2028		751,174		746,614
Pathway Vet Alliance LLC, First Lien 2021 Replacement Term Loan,  1M US L + 3.75%, 03/31/2027		1,228,655		1,218,678
Pediatric Associates Holding Co. LLC, First Lien Term Loan,  1M US L + 3.25%, 0.50% Floor, 12/29/2028		205,263		203,082
PetVet Care Centers LLC, First Lien 2021 Replacement Term Loan,  1M US L + 3.50%, 0.75% Floor, 02/14/2025		1,614,693		1,609,147
PetVet Care Centers LLC, Second Lien Initial Term Loan,  1M US L + 6.25%, 02/13/2026		1,120,000		1,116,506
Phoenix Guarantor, Inc., First Lien Tranche B-3 Term Loan,  1M US L + 3.50%, 03/05/2026		1,300,821		1,288,970
Project Ruby Ultimate Parent Corp., First Lien Closing Date Term Loan,  1M US L + 3.25%, 0.75% Floor, 03/10/2028		745,371		739,035
Resonetics LLC, First Lien Initial Term Loan,  3M US L + 4.00%, 0.75% Floor, 04/28/2028		560,438		555,884
Surgery Center Holdings, Inc., First Lien 2021 New Term Loan,  1M US L + 3.75%, 0.75% Floor, 08/31/2026		2,338,459		2,324,148
Team Health Holdings, Inc., First Lien Initial Term Loan,  1M US L + 2.75%, 1.00% Floor, 02/06/2024		1,295,010		1,235,575
Tecostar Holdings, Inc., First Lien 2017 Term Loan,  3M US L + 3.50%, 1.00% Floor, 05/01/2024		2,037,946		1,915,670
U.S. Anesthesia Partners, Inc., First Lien Term Loan,  3M US L + 4.25%, 10/01/2028		1,146,420		1,140,476
Unified Women’s Healthcare LP, First Lien Initial Term Loan,  1M US L + 4.25%, 0.75% Floor, 12/20/2027		1,651,003		1,638,414
Verscend Holding Corp., First Lien B-1 Term Loan,  1M US L + 4.00%, 08/27/2025		2,134,058		2,131,390
Viant Medical Holdings, Inc., First Lien Initial Term Loan,  1M US L + 3.75%, 07/02/2025		538,704		508,017
YI LLC, First Lien Initial Term Loan,  1M US L + 4.00%, 1.00% Floor, 11/07/2024		1,359,293		1,343,151
Zest Acquisition Corp., Second Lien Initial Term Loan,  1M US L + 7.00%, 1.00% Floor, 03/13/2026(b)		1,500,000		1,492,500
				41,759,029
Home Furnishings - 0.90%
Osmosis Buyer Limited Delayed, First Lien Term Loan,  3M US L + 0.00%, 07/31/2028		148,148		146,806
Osmosis Buyer Limited, First Lien Initial B Term Loan,  1M US L + 4.00%, 0.50% Floor, 07/31/2028		1,138,958		1,129,886
Osmosis Buyer Limited, First Lien Term Loan,  3M US L + 0.00%, 07/31/2028		651,852		645,946
				1,922,638
Industrial Equipment - 5.74%
Apex Tool Group LLC, First Lien Term Loan,  3M US L + 0.00%, 0.50% Floor, 02/08/2029		949,153		926,781
Bettcher Industries, Inc., First Lien Term Loan,  3M US L + 0.00%, 12/14/2028		844,912		832,239
Engineered Machinery Holdings, Inc., First Lien Term Loan,  3M US L + 3.75%, 0.75% Floor, 05/19/2028		598,000		590,940
FCG Acquisitions, Inc., First Lien Initial Term Loan,  3M US L + 3.75%, 0.50% Floor, 03/31/2028		587,381		578,814

	Principal Amount		Value
Industrial Equipment (continued)
Justrite Safety Group, First Lien Delayed Draw Term Loan,  3M US L + 4.50%, 06/28/2026	$	75,559	$	71,970
Justrite Safety Group, First Lien Initial Term Loan,  3M US L + 4.50%, 06/28/2026		1,397,781		1,331,386
LTI Holdings, Inc., First Lien Initial Term Loan,  1M US L + 3.50%, 09/06/2025		1,360,822		1,332,470
LTI Holdings, Inc., First Lien Term Loan,  1M US L + 4.75%, 07/24/2026		210,000		208,425
LTI Holdings, Inc., Second Lien Initial Term Loan,  1M US L + 6.75%, 09/06/2026		468,085		460,128
PRO MACH Group, Inc. Delayed, First Lien Delayed Draw Term Loan,  3M US L + 0.00%, 1.00% Floor, 08/31/2028(c)		41,760		41,629
PRO MACH Group, Inc., First Lien Closing Date Initial Term Loan,  3M US L + 4.00%, 1.00% Floor, 08/31/2028		1,626,748		1,621,664
Redwood Star Merger Sub, Inc., First Lien Term Loan, L + 5.000%, 03/16/2029		1,280,000		1,248,531
Tailwind Smith Cooper Intermediate Corp., First Lien Initial Term Loan,  1M US L + 5.00%, 05/28/2026		1,493,079		1,467,697
TK Elevator Midco GmbH, First Lien Facility B1 Term Loan,  3M US L + 3.50%, 0.50% Floor, 07/30/2027		1,630,991		1,618,766
				12,331,440
Insurance - 1.63%
Baldwin Risk Partners, LLC, First Lien Initial Term Loan,  1M US L + 3.50%, 10/14/2027		1,961,242		1,946,533
HIG Finance 2, Ltd., First Lien 2021 Dollar Refinancing Term Loan,  1M US L + 3.25%, 0.75% Floor, 11/12/2027		1,080,707		1,070,127
Hyperion Ins/Howden 11/21 Incremental Cov-Lite, First Lien Term Loan,  3M US L + 0.00%, 11/12/2027		320,040		316,889
Outcomes Group Holdings, Inc., Second Lien Initial Term Loan,  3M US L + 7.50%, 10/26/2026		162,722		160,281
				3,493,830
Leisure Goods/Activities/Movies - 5.50%
Alterra Mountain Company, First Lien Series B-2 Term Loan,  1M US L + 3.50%, 0.50% Floor, 08/17/2028		1,417,039		1,408,183
AMC Entertainment Holdings, Inc., First Lien B-1 Term Loan,  1M US L + 3.00%, 04/22/2026		3,136,056		2,806,896
Amplify Finco Pty, Ltd., First Lien U.S. Dollar Term Loan,  3M US L + 4.25%, 0.75% Floor, 11/26/2026		1,385,448		1,349,662
CE Intermediate I, LLC, First Lien Term Loan,  3M US L + 4.00%, 11/10/2028(b)		871,111		862,400
Crown Finance US, Inc., First Lien Initial Dollar Tranche Term Loan,  3M US L + 2.50%, 1.00% Floor, 02/28/2025		1,444,613		1,118,730
Crown Finance US, Inc., First Lien Second Amendment Dollar Tranche Term Loan,  3M US L + 2.75%, 09/30/2026		227,290		172,670
Motion Finco LLC, First Lien Facility B1 (USD) Loan Term Loan,  3M US L + 3.25%, 11/12/2026		1,228,860		1,210,255
Motion Finco LLC, First Lien Facility B2 (USD) Loan Term Loan,  3M US L + 3.25%, 11/12/2026		161,507		159,062
Recess Holdings, Inc., First Lien Initial Term Loan,  3M US L + 3.75%, 1.00% Floor, 09/30/2024		1,913,849		1,885,141
Travel Leaders Group LLC, First Lien 2018 Refinancing Term Loan,  1M US L + 4.00%, 01/25/2024		875,147		828,931
				11,801,930
Lodging & Casinos - 0.18%
Scientific Games Holdings LP, First Lien Term Loan, L + 4.470%, 02/04/2029		398,750		395,688
Oil & Gas - 0.64%
Freeport LNG, First Lien Term Loan,  3M US L + 0.00%, 12/21/2028		1,384,893		1,376,736
Property & Casualty Insurance - 0.93%
AssuredPartners, Inc., First Lien Term Loan,  1M US L + 3.50%, 0.50% Floor, 02/12/2027		1,173,150		1,161,425
Polaris Newco LLC, First Lien Dollar Term Loan,  1M US L + 4.00%, 0.50% Floor, 06/02/2028		844,947		839,983
				2,001,408
Publishing - 3.46%
Cengage Learning, Inc., First Lien Term Loan B Term Loan,  3M US L + 4.75%, 07/14/2026		750,128		745,068
Champ Acquisition Corp., First Lien Initial Term Loan,  6M US L + 5.50%, 12/19/2025		1,457,412		1,449,760
Clear Channel Outdoor Holdings, Inc., First Lien B Term Loan,  3M US L + 3.50%, 08/21/2026		1,586,349		1,562,062
McGraw-Hill Education, Inc., First Lien Initial Term Loan,  3M US L + 4.75%, 0.50% Floor, 07/28/2028		1,069,530		1,060,006
Recorded Books, Inc., First Lien 2021 Replacement Term Loan,  1M US L + 4.00%, 08/29/2025		1,346,667		1,338,816

	Principal Amount		Value
Publishing (continued)
Shutterfly LLC, First Lien 2021 Refinancing B Term Loan,  4M US L + 5.00%, 0.75% Floor, 09/25/2026	$	1,387,277	$	1,279,070
				7,434,782
Retailers (except food & drug) - 0.03%
FBB Holdings III, Inc., Second Lien Initial Term Loan,  3M US L + 7.00%, 01/31/2025(b)(d)		74,440		57,691
Surface Transport - 1.84%
Drive Chassis Holdco LLC, Second Lien 2021 Refinancing B Term Loan,  3M US L + 6.75%, 04/10/2026		1,410,343		1,409,461
Kenan Advantage Group, Inc.,The, First Lien U.S. B-1 Term Loan,  3M US L + 3.75%, 0.75% Floor, 03/24/2026		1,250,360		1,235,906
WWEX UNI TopCo Holdings LLC, First Lien Initial Term Loan,  3M US L + 4.25%, 0.75% Floor, 07/26/2028		1,321,153		1,310,214
				3,955,581
Telecommunications - 2.96%
CCI Buyer, Inc., First Lien Initial Term Loan,  3M US L + 4.00%, 0.75% Floor, 12/17/2027		2,137,255		2,112,323
Ensono LP, First Lien Initial Term Loan,  6M US L + 4.00%, 05/26/2028		1,029,250		1,013,384
Greeneden U.S. Holdings I LLC, First Lien Initial Dollar (2020) Term Loan,  1M US L + 4.00%, 0.75% Floor, 12/01/2027		1,357,177		1,356,756
Zacapa S.A.R.L., First Lien Term Loan,  3M US L + 0.00%, 03/22/2029		1,885,560		1,877,547
				6,360,010
Utilities - 0.09%
Eastern Power LLC, First Lien Term Loan,  3M US L + 3.75%, 1.00% Floor, 10/02/2025		281,616		201,724
TOTAL FLOATING RATE LOAN INTERESTS
(Cost $280,493,367)				277,328,969
COLLATERALIZED LOAN OBLIGATION SECURITIES(a) - 5.52%
Structured Finance Obligations - 5.52%
522 Funding CLO 2021-7, Ltd.,  3M US L + 6.22%, 04/23/2034(b)(e)		500,000		471,280
Allegro CLO XII, Ltd.,  3M US L + 7.10%, 01/21/2032(b)(e)		1,000,000		970,822
Eaton Vance CLO 2013-1, Ltd.,  3M US L + 6.80%, 01/15/2034(b)(e)		500,000		490,251
Elmwood CLO 16, Ltd.,  3M US SOFR + 7.22%, 04/20/2034(b)(e)		500,000		494,950
Galaxy 30 Clo, Ltd.,  3M US SOFR + 6.95%, 04/15/2035(b)(e)		1,000,000		990,000
Galaxy XXVII CLO, Ltd.,  3M US L + 5.78%, 05/16/2031(b)(e)		625,000		594,721
HPS Loan Management CLO 6-2015, Ltd.,  3M US L + 5.10%, 02/05/2031(b)(e)		834,000		772,498
Magnetite XXXII, Ltd.,  3M US SOFR + 6.90%, 04/15/2035(b)(e)		1,000,000		1,000,000
Neuberger Berman CLO XVII, Ltd.,  3M US L + 7.20%, 04/22/2029(b)(e)		500,000		480,382
Octagon Investment Partners 43, Ltd.,  3M US L + 6.60%, 10/25/2032(b)(e)		500,000		488,410
Park Avenue Institutional Advisers CLO, Ltd. 2022-1,  3M US SOFR + 7.29%, 04/20/2035(b)(e)		1,000,000		999,959
PPM CLO 3, Ltd.,  3M US L + 6.61%, 04/17/2034(b)(e)		500,000		483,553
Rad CLO 2, Ltd.,  3M US L + 6.00%, 10/15/2031(b)(e)		750,000		738,555
Rad CLO 5, Ltd.,  3M US L + 6.70%, 07/24/2032(b)(e)		500,000		492,627
Romark CLO IV, Ltd.,  3M US L + 6.95%, 07/10/2034(b)(e)		1,000,000		937,850
Sound Point CLO XXXII, Ltd.,  3M US L + 6.70%, 10/25/2034(b)(e)		1,000,000		967,646
Wellfleet CLO 2020-1, Ltd.,  3M US L + 7.24%, 04/15/2033(b)(e)		500,000		490,248
				11,863,752
TOTAL COLLATERALIZED LOAN OBLIGATION SECURITIES
(Cost $12,105,839)				11,863,752
CORPORATE BONDS - 10.02%
Aerospace & Defense - 0.58%
Bombardier, Inc.,  7.875%, 04/15/2027(e)		390,000		382,290
Howmet Aerospace, Inc.,  5.900%, 02/01/2027		360,000		386,359
Science Applications International Corp.,  4.875%, 04/01/2028(e)		50,000		49,369
Spirit AeroSystems, Inc.,  4.600%, 06/15/2028		40,000		37,631

	Principal Amount		Value
Aerospace & Defense (continued)
TransDigm, Inc.:
4.625%, 01/15/2029	$	300,000	$	280,871
4.875%, 05/01/2029		110,000		103,323
				1,239,843
Air Transport - 0.02%
Air Canada,  3.875%, 08/15/2026(e)		50,000		47,250
Automotive - 0.16%
Allison Transmission, Inc.,  3.750%, 01/30/2031(e)		290,000		263,508
Titan International, Inc.,  7.000%, 04/30/2028		80,000		80,341
				343,849
Brokers, Dealers & Investment Houses - 0.35%
CVR Energy, Inc.,  5.250%, 02/15/2025(e)		200,000		194,477
Icahn Enterprises LP / Icahn Enterprises Finance Corp.:
4.750%, 09/15/2024		120,000		120,698
5.250%, 05/15/2027		310,000		304,761
Navient Corp.,  5.625%, 08/01/2033		160,000		135,046
				754,982
Building & Development - 0.14%
Builders FirstSource, Inc.,  4.250%, 02/01/2032(e)		60,000		55,970
Howard Hughes Corp.:
4.125%, 02/01/2029(e)		30,000		28,211
4.375%, 02/01/2031(e)		110,000		103,553
Realogy Group LLC / Realogy Co.-Issuer Corp.,  5.750%, 01/15/2029(e)		40,000		37,778
Tri Pointe Homes, Inc.,  5.700%, 06/15/2028		80,000		79,960
				305,472
Business Equipment & Services - 0.61%
Black Knight InfoServ LLC,  3.625%, 09/01/2028(e)		180,000		170,796
Diebold Inc, Senior Unsecured Bond,  8.500%, 04/15/2024		60,000		57,597
Iron Mountain, Inc.:
4.875%, 09/15/2029(e)		160,000		152,574
4.500%, 02/15/2031(e)		40,000		36,992
5.625%, 07/15/2032(e)		200,000		197,403
Open Text Corp.,  3.875%, 02/15/2028(e)		400,000		384,204
TriNet Group, Inc.,  3.500%, 03/01/2029(e)		70,000		64,453
Xerox Holdings Corp.,  5.500%, 08/15/2028(e)		240,000		234,307
				1,298,326
Cable & Satellite Television - 0.33%
CCO Holdings LLC / CCO Holdings Capital Corp.:
5.000%, 02/01/2028(e)		230,000		228,024
4.250%, 02/01/2031(e)		100,000		90,880
DISH DBS Corp.,  7.375%, 07/01/2028		120,000		113,835
Viasat, Inc.,  6.500%, 07/15/2028(e)		281,000		270,115
				702,854
Chemical & Plastics - 0.39%
Ashland LLC,  3.375%, 09/01/2031(e)		90,000		79,613
Chemours Co.,  4.625%, 11/15/2029(e)		140,000		128,489
CVR Partners LP / CVR Nitrogen Finance Corp.,  6.125%, 06/15/2028(e)		80,000		80,108
Methanex Corp.,  5.250%, 12/15/2029		290,000		294,900
Nufarm Australia, Ltd. / Nufarm Americas, Inc.,  5.000%, 01/27/2030(e)		50,000		49,362
Valvoline, Inc.,  4.250%, 02/15/2030(e)		220,000		201,171
				833,643
Conglomerates - 0.25%
Eldorado Gold Corp.,  6.250%, 09/01/2029(e)		100,000		100,763
LSB Industries, Inc.,  6.250%, 10/15/2028(e)		60,000		60,945
NCR Corp.,  5.250%, 10/01/2030(e)		110,000		104,465

	Principal Amount		Value
Conglomerates (continued)
Service Corp. International:
3.375%, 08/15/2030	$	60,000	$	54,176
4.000%, 05/15/2031		230,000		214,490
				534,839
Containers & Glass Products - 0.21%
Ball Corp.,  3.125%, 09/15/2031		150,000		134,385
Sealed Air Corp.,  6.875%, 07/15/2033(e)		270,000		308,381
				442,766
Drugs - 0.04%
Bausch Health Cos., Inc.,  7.250%, 05/30/2029(e)		100,000		85,480
Ecological Services & Equipment - 0.06%
Stericycle, Inc.,  3.875%, 01/15/2029(e)		147,000		136,880
Electronics/Electric - 0.35%
Ciena Corp.,  4.000%, 01/31/2030(e)		80,000		77,117
Entegris, Inc.,  3.625%, 05/01/2029(e)		140,000		131,167
Fair Isaac Corp.,  4.000%, 06/15/2028(e)		250,000		242,480
Seagate HDD Cayman,  5.750%, 12/01/2034		220,000		225,393
TTM Technologies, Inc.,  4.000%, 03/01/2029(e)		80,000		74,165
				750,322
Equipment Leasing - 0.05%
Avis Budget Car Rental LLC / Avis Budget Finance, Inc.,  5.750%, 07/15/2027(e)		100,000		100,020
Financial Intermediaries - 0.38%
Nationstar Mortgage Holdings, Inc.:
5.125%, 12/15/2030(e)		170,000		157,566
5.750%, 11/15/2031(e)		235,000		224,539
PRA Group, Inc.,  5.000%, 10/01/2029(e)		120,000		113,954
SS&C Technologies, Inc.,  5.500%, 09/30/2027(e)		270,000		272,362
World Acceptance Corp.,  7.000%, 11/01/2026(e)		60,000		52,884
				821,305
Food Products - 0.23%
Lamb Weston Holdings, Inc.:
4.875%, 05/15/2028(e)		85,000		85,174
4.125%, 01/31/2030(e)		120,000		112,260
Post Holdings, Inc.,  5.625%, 01/15/2028(e)		295,000		290,041
				487,475
Food Service - 0.38%
1011778 BC ULC / New Red Finance, Inc.:
3.875%, 01/15/2028(e)		230,000		218,357
4.375%, 01/15/2028(e)		130,000		125,030
3.500%, 02/15/2029(e)		50,000		46,235
Yum! Brands, Inc.:
4.750%, 01/15/2030(e)		300,000		294,750
3.625%, 03/15/2031		50,000		45,672
4.625%, 01/31/2032		80,000		77,519
				807,563
Food/Drug Retailers - 0.17%
Albertsons Cos. Inc / Safeway, Inc. / New Albertsons LP / Albertsons LLC:
4.625%, 01/15/2027(e)		240,000		232,426
5.875%, 02/15/2028(e)		130,000		129,798
				362,224
Forest Products - 0.14%
Mercer International, Inc.,  5.125%, 02/01/2029		210,000		202,899
Resolute Forest Products, Inc.,  4.875%, 03/01/2026(e)		60,000		57,810

	Principal Amount		Value
Forest Products (continued)
Schweitzer-Mauduit International, Inc.,  6.875%, 10/01/2026(e)	$	50,000	$	47,310
				308,019
Healthcare - 0.57%
Acadia Healthcare Co., Inc.,  5.500%, 07/01/2028(e)		70,000		70,437
Charles River Laboratories International, Inc.,  4.250%, 05/01/2028(e)		220,000		215,510
DaVita, Inc.,  4.625%, 06/01/2030(e)		240,000		224,448
Encompass Health Corp.:
4.750%, 02/01/2030		130,000		125,017
4.625%, 04/01/2031		80,000		75,020
Hologic, Inc.,  3.250%, 02/15/2029(e)		140,000		130,905
Tenet Healthcare Corp.,  6.125%, 10/01/2028(e)		370,000		376,421
				1,217,758
Industrial Equipment - 0.02%
Ritchie Bros Holdings, Inc.,  4.750%, 12/15/2031(e)		50,000		48,831
Insurance - 0.14%
MGIC Investment Corp.,  5.250%, 08/15/2028		100,000		98,899
Radian Group, Inc.:
4.500%, 10/01/2024		100,000		100,627
4.875%, 03/15/2027		110,000		110,690
				310,216
Leisure Goods/Activities/Movies - 0.50%
Carnival Corp.,  7.625%, 03/01/2026(e)		335,000		337,580
Live Nation Entertainment, Inc.,  4.750%, 10/15/2027(e)		370,000		361,405
NCL Corp., Ltd.,  5.875%, 02/15/2027(e)		38,000		37,478
Royal Caribbean Cruises, Ltd.,  4.250%, 07/01/2026(e)		280,000		260,952
SeaWorld Parks & Entertainment, Inc.,  5.250%, 08/15/2029(e)		90,000		86,022
				1,083,437
Lodging & Casinos - 0.41%
CDI Escrow Issuer, Inc.,  5.750%, 04/01/2030(e)		28,000		28,315
Churchill Downs, Inc.,  4.750%, 01/15/2028(e)		270,000		262,408
Full House Resorts, Inc.,  8.250%, 02/15/2028(e)		60,000		61,420
Hilton Domestic Operating Co., Inc.,  4.875%, 01/15/2030		420,000		419,874
Travel + Leisure Co.,  4.625%, 03/01/2030(e)		120,000		111,828
				883,845
Nonferrous Metals/Minerals - 0.10%
Commercial Metals Co.,  3.875%, 02/15/2031		155,000		141,122
SunCoke Energy, Inc.,  4.875%, 06/30/2029(e)		80,000		75,520
				216,642
Oil & Gas - 1.82%
Antero Midstream Partners LP / Antero Midstream Finance Corp.,  7.875%, 05/15/2026(e)		220,000		238,421
Apache Corp.,  5.350%, 07/01/2049		155,000		149,472
Baytex Energy Corp.,  8.750%, 04/01/2027(e)		60,000		64,428
Calumet Specialty Products Partners LP / Calumet Finance Corp.,  8.125%, 01/15/2027(e)		190,000		176,922
CNX Resources Corp.,  6.000%, 01/15/2029(e)		160,000		161,809
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp.,  6.000%, 02/01/2029(e)		135,000		134,775
EnLink Midstream Partners LP,  5.450%, 06/01/2047		220,000		185,794
Ensign Drilling, Inc.,  9.250%, 04/15/2024(e)		60,000		59,337
Global Partners LP / GLP Finance Corp.,  7.000%, 08/01/2027		110,000		110,119
Laredo Petroleum, Inc.,  9.500%, 01/15/2025		160,000		167,088
Matador Resources Co.,  5.875%, 09/15/2026		190,000		193,733
MEG Energy Corp.,  5.875%, 02/01/2029(e)		145,000		147,270
Murphy Oil Corp.,  6.375%, 07/15/2028		136,000		141,673
Murphy Oil USA, Inc.,  3.750%, 02/15/2031(e)		60,000		54,875
Nabors Industries, Ltd.,  7.500%, 01/15/2028(e)		150,000		146,557
Northern Oil and Gas, Inc.,  8.125%, 03/01/2028(e)		150,000		156,511

	Principal Amount		Value
Oil & Gas (continued)
Occidental Petroleum Corp.:
4.625%, 06/15/2045	$	160,000	$	155,544
6.600%, 03/15/2046		40,000		47,085
Patterson-UTI Energy, Inc.,  5.150%, 11/15/2029		170,000		166,116
PBF Holding Co. LLC / PBF Finance Corp.,  6.000%, 02/15/2028		223,000		179,630
Penn Virginia Holdings LLC,  9.250%, 08/15/2026(e)		50,000		52,803
Petrofac, Ltd.,  9.750%, 11/15/2026(e)		200,000		183,261
Precision Drilling Corp.,  6.875%, 01/15/2029(e)		150,000		152,432
SM Energy Co.,  6.750%, 09/15/2026		190,000		195,632
Sunoco LP / Sunoco Finance Corp.,  4.500%, 05/15/2029		140,000		132,258
Transocean, Inc.:
7.250%, 11/01/2025(e)		205,000		178,578
7.500%, 01/15/2026(e)		90,000		78,300
W&T Offshore, Inc.,  9.750%, 11/01/2023(e)		100,000		99,653
				3,910,076
Publishing - 0.16%
Clear Channel Outdoor Holdings, Inc.,  7.500%, 06/01/2029(e)		300,000		299,709
Gartner, Inc.,  3.625%, 06/15/2029(e)		50,000		46,945
				346,654
Radio & Television - 0.24%
Gray Escrow II, Inc.,  5.375%, 11/15/2031(e)		120,000		114,900
Scripps Escrow II, Inc.,  5.375%, 01/15/2031(e)		40,000		38,355
Sirius XM Radio, Inc.,  3.875%, 09/01/2031(e)		300,000		273,503
Urban One, Inc.,  7.375%, 02/01/2028(e)		85,000		85,449
				512,207
Real Estate Investment Trust and Real Estate Operating Companies - 0.29%
iStar, Inc.,  4.250%, 08/01/2025		140,000		137,968
New Residential Investment Corp.,  6.250%, 10/15/2025(e)		110,000		105,765
Starwood Property Trust, Inc.,  4.375%, 01/15/2027(e)		390,000		378,825
				622,558
Retailers (except food & drug) - 0.20%
Asbury Automotive Group, Inc.,  5.000%, 02/15/2032(e)		230,000		214,112
Bed Bath & Beyond, Inc.,  5.165%, 08/01/2044		70,000		49,841
FirstCash, Inc.,  4.625%, 09/01/2028(e)		165,000		153,729
				417,682
Steel - 0.32%
Allegheny Technologies, Inc.,  5.125%, 10/01/2031		190,000		178,507
Carpenter Technology Corp.:
6.375%, 07/15/2028		50,000		50,264
7.625%, 03/15/2030		100,000		102,521
Cleveland-Cliffs, Inc.,  4.875%, 03/01/2031(e)		130,000		128,816
United States Steel Corp.:
6.875%, 03/01/2029		190,000		197,932
6.650%, 06/01/2037		30,000		31,098
				689,138
Surface Transport - 0.11%
Danaos Corp.,  8.500%, 03/01/2028(e)		100,000		107,123
Delek Logistics Partners LP / Delek Logistics Finance Corp.,  7.125%, 06/01/2028(e)		60,000		58,925
Holly Energy Partners LP / Holly Energy Finance Corp.,  5.000%, 02/01/2028(e)		70,000		66,543
				232,591
Telecommunications - 0.12%
Lumen Technologies, Inc.,  7.650%, 03/15/2042		75,000		72,529
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC,  6.000%, 01/15/2030(e)		100,000		90,204
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC,  6.500%, 02/15/2029(e)		110,000		102,703
				265,436

	Principal
	Amount		Value
Utilities - 0.18%
FirstEnergy Corp.,  7.375%, 11/15/2031	$	140,000	$	172,928
Vistra Operations Co. LLC,  4.375%, 05/01/2029(e)		230,000		217,647
				390,575
TOTAL CORPORATE BONDS
(Cost $21,783,132)				21,510,758

	Shares		Value
WARRANTS - 0.00%
Healthcare - 0.00%
Carestream Health expires 12/31/2049 at $0.01(b)		52		–
TOTAL WARRANTS
(Cost $0)				–
Total Investments- 144.67%
(Cost $314,382,338)				310,703,479
Other Assets in Excess of Liabilities - 1.66%				3,560,218
Leverage Facility - (46.33)%				(99,500,000	)
Net Assets - 100.00%			$	214,763,697
Amounts above are shown as a percentage of net assets as of March 31, 2022.

Investment Abbreviations:

LIBOR - London Interbank Offered Rate

PIK - Payment in-kind

SOFR - Secured Overnight Financing Rate

Reference Rates:

1M US L - 1 Month LIBOR as of March 31, 2022 was 0.45%

3M US L - 3 Month LIBOR as of March 31, 2022 was 0.96%

6M US L - 6 Month LIBOR as of March 31, 2022 was 1.47%

3M US SOFR - 3 Month SOFR as of March 31, 2022 was 0.29%

(a)	Floating or variable rate security.  The reference rate is described above.  The rate in effect as of March 31, 2022 is based on the reference rate plus the displayed spread as of the security's last reset date.  Where applicable, the reference rate is subject to a floor rate.
(b)	Level 3 assets valued using significant unobservable inputs as a result of unavailable quoted prices from an active market or the unavailability of other significant observable inputs.
(c)	A portion of this position was not funded as of March 31, 2022. The Portfolio of Investments records only the funded portion of each position. As of March 31, 2022, the Fund has unfunded delayed draw loans in the amount of $912,888. Fair value of these unfunded delayed draws was $904,761.
(d)	Represents a payment-in-kind (“PIK”) security which may pay interest/dividend in additional par/shares.
(e)	Security exempt from registration under Rule 144A of the Securities Act of 1933. Total market value of Rule 144A securities amounts to $26,535,672, which represented approximately 12.36% of net assets as of March 31, 2022. Such securities may normally be sold to qualified institutional buyers in transactions exempt from registration.

NOTE 1. ORGANIZATION

Blackstone Senior Floating Rate Term Fund (formerly known as Blackstone / GSO Senior Floating Rate Term Fund) (“BSL” or the “Fund”), is a diversified, closed-end management investment company. BSL was organized as a Delaware statutory trust on March 4, 2010. BSL was registered under the Investment Company Act of 1940, as amended (the “1940 Act”), on March 5, 2010. BSL commenced operations on May 26, 2010. Prior to that date, BSL had no operations other than matters relating to its organization and the sale and issuance of 5,236 common shares of beneficial interest in BSL to Blackstone Liquid Credit Strategies LLC (formerly known as GSO / Blackstone Debt Funds Management LLC) (the “Adviser”) at a price of $19.10 per share. The Adviser serves as BSL’s investment adviser. BSL’s common shares are listed on the New York Stock Exchange (the “Exchange”) and trade under the ticker symbol “BSL.”

Absent shareholder approval to extend the term of BSL, BSL was initially scheduled to dissolve on or about May 31, 2020. Upon dissolution, BSL will distribute substantially all of its net assets to shareholders, after making appropriate provision for any liabilities. Pursuant to BSL’s Amended and Restated Agreement and Declaration of Trust, prior to the date of dissolution a majority of BSL’s Board of Trustees (the “BSL Board”), with the approval of a majority of the shareholders entitled to vote (as defined in the 1940 Act), may extend the life of BSL by a period of two years or such shorter time as may be determined. The dissolution date of BSL may be extended an unlimited number of times. On March 31, 2017, BSL announced an extension of BSL’s reinvestment period. The extension allows BSL to continue to reinvest proceeds generated by maturities, prepayments and sales of investments until one year prior to BSL’s scheduled dissolution date. On November 17, 2017, BSL’s shareholders approved extending the term of BSL by two years by changing BSL’s scheduled dissolution date from May 31, 2020 to May 31, 2022. On November 18, 2019, the BSL Board approved a proposal to amend BSL's charter to allow an extension of up to five years in length (the “Charter Amendment”). The BSL Board also approved a proposal to extend the term of BSL by five years by changing BSL's scheduled dissolution date from May 31, 2022 to May 31, 2027 (the “Term Extension”). The Charter Amendment and the Term Extension were subject to shareholder approval, which was obtained at a special shareholder meeting held on February 19, 2020.

Investment Objectives: BSL’s primary investment objective is to seek high current income, with a secondary objective to seek preservation of capital, consistent with its primary goal of high current income. Under normal market conditions, at least 80% of BSL’s Managed Assets (defined below) will be invested in senior secured, floating rate loans (“Senior Loans”).

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation: The Fund’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and are stated in U.S. dollars. The Fund is considered an Investment Company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Codification Topic 946.

The preparation of financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statement. Actual results could differ from these estimates.

Portfolio Valuation: BSL’s net asset value (“NAV”) is determined daily on each day that the Exchange is open for business, as of the close of the regular trading session on the Exchange. The Fund calculates NAV per share by subtracting liabilities (including accrued expenses or dividends) from the total assets of the Fund (the value of the securities plus cash or other assets, including interest accrued but not yet received) and dividing the result by the total number of outstanding common shares of the Fund.

Loans are primarily valued by using a composite loan price from a nationally recognized loan pricing service. The methodology used by the Fund’s nationally recognized loan pricing provider for composite loan prices is to value loans at the mean of the bid and ask prices from one or more brokers or dealers. Collateralized Loan Obligation securities (“CLOs”) are valued at the price provided by a nationally recognized pricing service. The prices provided by the nationally recognized pricing service are typically based on the evaluated mid-price of each of the CLOs. Corporate bonds and convertible bonds, other than short-term investments, are valued at the price provided by a nationally recognized pricing service. The prices provided by the nationally recognized pricing service are typically based on the mean of bid and ask prices for each corporate bond security. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices, market transactions in comparable investments, various relationships observed in the market between investments and calculated yield measures based on valuation technology commonly employed in the market for such investments. Equity securities for which market quotations are available are generally valued at the last sale price or official closing price on the primary market or exchange on which they trade. Futures contracts are ordinarily valued at the last sales price on the securities or commodities exchange on which they are traded. Written and purchased options are ordinarily valued at the closing price on the securities or commodities exchange on which they are traded. Short-term debt investments, if any, having a remaining maturity of 60 days or less when purchased would be valued at cost adjusted for amortization of premiums and accretion of discounts. Any investments and other assets for which such current market quotations are not readily available are valued at fair value (“Fair Valued Assets”) as determined in good faith by a committee of the Adviser (“Fair Valued Asset Committee”) under procedures established by, and under the general supervision and responsibility of, the Fund’s Board of Trustees (collectively, the “Board”). Such methods may include, but are not limited to, the use of a market comparable and/or income approach methodologies. A Fair Valued Asset Committee meeting may be called at any time by any member of the Fair Valued Asset Committee. The pricing of all Fair Valued Assets and determinations thereof shall be reported by the Fair Valued Asset Committee to the Board at each regularly scheduled quarterly meeting. The Fund has procedures to identify and investigate potentially stale or missing prices for investments which are valued using a nationally recognized pricing service, exchange price or broker-dealer quotations. After performing such procedures, any prices which are deemed to be stale are reviewed by the Fair Valued Asset Committee and an alternative pricing source is determined.

Various inputs are used to determine the value of BSL’s investments. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

Level 1 — Unadjusted quoted prices in active markets for identical investments at the measurement date.

Level 2 — Significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

Level 3 — Significant unobservable inputs (including the Fund’s own assumption in determining the fair value of investments).

The categorization of a value determined for investments and other financial instruments is based on the pricing transparency of the investment and other financial instrument and does not necessarily correspond to the Fund’s perceived risk of investing in those securities. Investments measured and reported at fair value are classified and disclosed in one of the following levels within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement.

The following table summarizes the valuation of BSL’s investments under the fair value hierarchy levels as of March 31, 2022:

Blackstone Senior Floating Rate Term Fund
Investments in Securities at Value*	Level 1 - Quoted Prices		Level 2 - Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Floating Rate Loan Interests
Business Equipment & Services	$	–	$	39,865,550	$	4,265,081	$	44,130,631
Containers & Glass Products		–		8,418,594		460,000		8,878,594
Drugs		–		4,328,123		395,929		4,724,052
Electronics/Electric		–		53,221,586		297,853		53,519,439
Healthcare		–		40,266,529		1,492,500		41,759,029
Leisure Goods/Activities/Movies		–		10,939,530		862,400		11,801,930
Retailers (except food & drug)		–		–		57,691		57,691
Other		–		112,457,603		–		112,457,603
Collateralized Loan Obligation Securities
Structured Finance Obligations		–		–		11,863,752		11,863,752
Corporate Bonds		–		21,510,758		–		21,510,758
Warrants
Healthcare		–		–		–		–
Total	$	–	$	291,008,273	$	19,695,206	$	310,703,479
Other Financial Instruments
Assets
Net Unrealized Appreciation on Unfunded Loan Commitments	$	–	$	6,965	$	–	$	6,965
Total	$	–	$	6,965	$	–	$	6,965

* Refer to the Fund's Portfolio of Investments for a listing of securities by type.

The changes of the fair value of investments for which BSL has used Level 3 inputs to determine the fair value are as follows:

Blackstone Senior Floating Rate Term Fund	Floating Rate Loan Interests			Collateralized Loan Obligation Securities			Warrants			Unfunded Loan Commitments			Total
Balance as of December 31, 2021	$	6,737,603		$	6,265,917		$	144,751		$	(1,298	)	$	13,146,973
Accrued discount/ premium		2,776			827			-			-			3,603
Realized Gain/(Loss)		20			-			-			-			20
Change in Unrealized Appreciation/(Depreciation)		(63,501	)		(179,421	)		(144,751	)		1,298			(386,375	)
Purchases		987,839			6,427,500			-			-			7,415,339
Sales Proceeds		(3,025	)		3			-			-			(3,022	)
Transfer into Level 3		3,198,908			-			-			-			3,198,908
Transfer out of Level 3		(3,029,166	)		(651,074	)		-			-			(3,680,240	)
Balance as of March 31, 2022	$	7,831,454		$	$11,863,752		$	-		$	-		$	19,695,206
Net change in unrealized appreciation/(depreciation) attributable to Level 3 investments held at March 31, 2022	$	(60,490	)	$	(179,421	)	$	(144,751	)	$	-		$	(384,662	)

Information about Level 3 fair value measurements as of March 31, 2022:

Blackstone Senior Floating Rate Term Fund	Fair Value		Valuation Technique(s)	Unobservable Input(s)	Value/Range (Weighted Average)
Assets
Floating Rate Loan Interests	$	7,831,454	Third-party vendor pricing service	Broker quotes	N/A
Collateralized Loan Obligation Securities		11,863,752	Third-party vendor pricing service	Broker quotes	N/A
Warrants		-	Performance multiple methodology	EBITDA multiple(a)	4.25x

^(a) As of March 31, 2022, a change to the unobservable input may result in a significant change to the value of the investment as follows:

Unobservable Input	Impact to Value if Input Increases	Impact to Value if Input Decreases
EBITDA Multiple	Increase	Decrease

Securities were transferred from Level 2 to Level 3 because of a lack of observable market data due to decrease in market activity and information for these securities. Other securities were transferred from Level 3 to Level 2 as observable inputs were available for purposes of valuing those assets.

Securities Transactions and Investment Income: Securities transactions are recorded on trade date for financial reporting purposes and amounts payable or receivable for trades not settled at the time of period end are reflected as liabilities and assets, respectively. Interest Income is recognized on an accrual basis from the date of settlement. Accretion of discount and amortization of premium, which are included in interest income, are accreted or amortized daily using the accrual basis interest method. Dividend income is recorded on the ex-dividend date. Realized gains and losses from securities transactions and foreign currency transactions, if any, are recorded on the basis of identified cost.

COVID-19 and Global Economic and Market Conditions: The impact of the novel coronavirus (“COVID-19”) pandemic has rapidly evolved around the globe, causing disruption in the U.S. and global economies. Although the global economy began reopening in 2021 and robust economic activity has supported a continued recovery, the emergence of new variants has contributed to setbacks to the recovery in the U.S. and abroad. The estimates and assumptions underlying the Fund’s financial statements are based on the information available as of March 31, 2022. The estimates and assumptions include judgments about financial market and economic conditions which have changed, and may continue to change, over time.

NOTE 3. SENIOR AND SECURED FLOATING RATE LOANS

BSL defines “Senior Loans” as first lien senior secured, floating rate loans that are made to U.S. and, to a limited extent, non-U.S. corporations, partnerships and other business entities (“Borrowers”), which operate in various industries and geographical regions. Under normal market conditions, at least 80% of BSL’s Managed Assets (defined below) will be invested in Senior Loans. BSL defines "Managed Assets" as total assets (including any assets attributable to any leverage used) minus the sum of BSL's accrued liabilities (other than liabilities related to the principal amount of leverage). At March 31, 2022, 81.59% of BSL’s Managed Assets were held in Senior Loans.

Senior secured loans hold a senior position in the capital structure of a business entity, are secured with specific collateral and have a claim on the assets and/or stock of the Borrower that is senior to that held by unsecured creditors, subordinated debt holders and stockholders of the Borrower.

Loans often require prepayments from Borrowers’ excess cash flows or permit the Borrowers to repay at their election. The degree to which Borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, floating rate loans typically have an expected average life of two to four years. Floating rate loans typically have rates of interest which are re-determined periodically, either daily, monthly, quarterly or semi-annually by reference to a floating base lending rate, primarily the London Interbank Offered Rate (“LIBOR”), plus a premium or credit spread.

The United Kingdom’s Financial Conduct Authority announced a phase out of the LIBOR. Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. On July 29, 2021, the U.S. Federal Reserve System (“FRS”), in conjunction with the Alternative Reference Rates Committee (“ARRC”), a steering committee comprised of large U.S. financial institutions, formally recommended replacing U.S.-dollar LIBOR with the Secured Overnight Financing Rate (“SOFR”), a new index calculated by short-term repurchase agreements, backed by Treasury securities. Given the inherent differences between LIBOR and SOFR, or any other alternative benchmark rate that may be established, there remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. In many cases, the nominated replacements, as well as other potential replacements, are not complete or ready to implement and require margin adjustments. There is currently no final consensus as to which benchmark rate(s) (along with any adjustment and/or permutation thereof) will replace all or any LIBOR tenors after the discontinuation thereof and there can be no assurance that any such replacement benchmark rate(s) will attain market acceptance. Before LIBOR ceases to exist, we and our portfolio companies may need to amend or restructure our existing LIBOR- based debt instruments and any related hedging arrangements that extend beyond June 30, 2023, depending on the applicable LIBOR tenor. Such amendments and restructurings may be difficult, costly and time consuming. In addition, from time to time we invest in floating rate loans and investment securities whose interest rates are indexed to LIBOR. Uncertainty as to the nature of alternative reference rates and as to potential changes or other reforms to LIBOR, or any changes announced with respect to such reforms, may result in a sudden or prolonged increase or decrease in the reported LIBOR rates and the value of LIBOR-based loans and securities, including those of other issuers we or our funds currently own or may in the future own. It remains uncertain how such changes would be implemented and the effects such changes would have on us, issuers of instruments in which we invest and financial markets generally.

The expected discontinuation of LIBOR could have a significant impact on our business. There could be significant operational challenges for the transition away from LIBOR including, but not limited to, amending loan agreements with borrowers on investments that may have not been modified with fallback language and adding effective fallback language to new agreements in the event that LIBOR is discontinued before maturity. Beyond these challenges, we anticipate there may be additional risks to our current processes and information systems that will need to be identified and evaluated by us. Due to the uncertainty of the replacement for LIBOR, the potential effect of any such event on our cost of capital and net investment income cannot yet be determined. In addition, the cessation of LIBOR could:

● Adversely impact the pricing, liquidity, value of, return on and trading for a broad array of financial products, including any LIBOR-linked securities, loans and derivatives that may be included in our assets and liabilities;

● Require extensive changes to documentation that governs or references LIBOR or LIBOR-based products, including, for example, pursuant to time-consuming renegotiations of documentation to modify the terms of investments;

● Result in inquiries or other actions from regulators in respect of our preparation and readiness for the replacement of LIBOR with one or more alternative reference rates;

● Result in disputes, litigation or other actions with portfolio companies, or other counterparties, regarding the interpretation and enforceability of provisions in our LIBOR-based investments, such as fallback language or other related provisions, including, in the case of fallbacks to the alternative reference rates, any economic, legal, operational or other impact resulting from the fundamental differences between LIBOR and the various alternative reference rates;

● Require the transition and/or development of appropriate systems and analytics to effectively transition our risk management processes from LIBOR-based products to those based on one or more alternative reference rates, which may prove challenging given the limited history of the proposed alternative reference rates; and

● Cause us to incur additional costs in relation to any of the above factors.

There is no guarantee that a transition from LIBOR to an alternative will not result in financial market disruptions, significant increases in benchmark rates, or borrowing costs to borrowers, any of which could have a material adverse effect on our business, result of operations, financial condition, and unit price. In addition, the transition to a successor rate could potentially cause (i) increased volatility or illiquidity in markets for instruments that currently rely on LIBOR, (ii) a reduction in the value of certain instruments held by the Fund, or (iii) reduced effectiveness of related Fund transactions, such as hedging. It remains uncertain how such changes would be implemented and the effects such changes would have on the Fund, issuers of instruments in which the Fund invests and financial markets generally.

Loans are subject to the risk of payment defaults of scheduled interest or principal. Such non-payment could result in a reduction of income, a reduction in the value of the investment and a potential decrease in the NAV of any of the Fund. Risk of loss of income is generally higher for subordinated unsecured loans or debt, which are not backed by a security interest in any specific collateral. There can be no assurance that the liquidation of any collateral securing a Loan would satisfy the Borrower’s obligation to the Fund in the event of non-payment of scheduled interest or principal payments, or that such collateral could be readily liquidated.

Second lien loans generally are subject to similar risks as those associated with investments in first lien loans except that such loans are subordinated in payment and/or lower in lien priority to first lien holders. In the event of default on a second lien loan, the first priority lien holder has first claim to the underlying collateral of the loan. Second lien loans are subject to the additional risk that the cash flow of the Borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior obligations of the Borrower. At March 31, 2022, BSL had invested $20,927,010 in second lien secured loans. Second lien secured loans are not considered Senior Loans for BSL.

Loans can be rated below investment grade or may also be unrated. As a result, the risks associated with Loans may be similar to the risks of other below investment grade securities, although they are senior and secured in contrast to other below investment grade securities, which are often subordinated or unsecured. The Fund typically invests in Loans rated below investment grade, which are considered speculative because of the credit risk of the Borrowers. Such companies are more likely than investment grade issuers to default on their payments of interest and principal owed to the Fund, and such defaults could reduce NAV and income distributions. The amount of public information available with respect to below investment grade loans will generally be less extensive than that available for registered or exchange-listed securities. In evaluating the creditworthiness of Borrowers, the Adviser will consider, and may rely in part on, analyses performed by others. The Adviser’s established best execution procedures and guidelines require trades to be placed for execution only with broker-dealer counterparties approved by the Counterparty Committee of the Adviser. The factors considered by the Counterparty Committee when selecting and approving brokers and dealers include, but are not limited to: (i) quality, accuracy, and timeliness of execution, (ii) review of the reputation, financial strength and stability of the financial institution, (iii) willingness and ability of the counterparty to commit capital, (iv) ongoing reliability and (v) access to underwritten offerings and secondary markets. The Counterparty Committee regularly reviews each broker-dealer counterparty based on the foregoing factors.

BSL may acquire Loans through assignments or participations. BSL typically acquires these Loans through assignment, and if BSL acquires a Loan through participation, it will seek to elevate a participation interest into an assignment as soon as practicably possible. The purchaser of an assignment typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to the debt obligation. A participation typically results in a contractual relationship only with the institution participating out the interest, not with the Borrower. Sellers of participations typically include banks, broker-dealers, other financial institutions and lending institutions. The Adviser has adopted best execution procedures and guidelines which seek to mitigate credit and counterparty risk in the atypical situation when BSL must acquire a Loan through a participation.

BSL has invested in CLO securities. A CLO is a financing company (generally called a Special Purpose Vehicle (“SPV”)), created to reapportion the risk and return characteristics of a pool of assets. While the assets underlying a CLO are typically Secured Loans, the assets may also include (i) unsecured loans, (ii) debt securities that are rated below investment grade, and (iii) equity securities incidental to investments in Secured Loans. When investing in CLOs, each fund will not invest in equity tranches, which are the lowest tranche. However, the Fund may invest in lower tranches of CLO debt securities, which typically experience a lower recovery, greater risk of loss or deferral or non-payment of interest than more senior debt tranches of the CLO. In addition, the Fund intends to invest in CLOs consisting primarily of individual Secured Loans of Borrowers and not repackaged CLO obligations from other high risk pools. The underlying Secured Loans purchased by CLOs are generally performing at the time of purchase but may become non-performing, distressed or defaulted. CLOs with underlying assets of non-performing, distressed or defaulted loans are not contemplated to comprise a significant portion of each fund’s investments in CLOs. The key feature of the CLO structure is the prioritization of the cash flows from a pool of debt securities among the several classes of the CLO. The SPV is a company founded solely for the purpose of securitizing payment claims arising out of this diversified asset pool. On this basis, marketable securities are issued by the SPV which, due to the diversification of the underlying risk, generally represent a lower level of risk than the original assets. The redemption of the securities issued by the SPV typically takes place on a date earlier than legal maturity from refinancing of the senior debt tranches.

NOTE 4. GENERAL COMMITMENTS AND CONTINGENCIES

As of March 31, 2022, BSL had unfunded loan commitments outstanding, which could be extended at the option of the borrower, as detailed below:

Borrower	Par Value		Fair Value
Arc Falcon I, Inc. Delayed Draw Term Loan	$	71,516	$	69,878
AthenaHealth Group Inc. Delayed Draw Term Loan		200,338		198,585
Boyd Delayed Draw Term Loan		210,526		208,947
Medical Solutions LLC, First Lien Delayed Draw Term Loan		122,988		122,142
Pediatric Associates Holding Company, LLC Delayed Draw Term Loan		31,100		30,770
PRO MACH Group, Inc., First Lien Delayed Draw Term Loan		69,927		69,709
Sovos Compliance, LLC., First Lien Delayed Draw Term Loan		69,228		69,228
Tekni-Plex, Inc. First Lien Delayed Draw Term Loan		16,230		16,055
VT Topco, Inc., First Lien Delayed Draw Term Loan		121,035		119,447
Total	$	912,888	$	904,761

Unfunded loan commitments are marked to market on the relevant day of the valuation in accordance with BSL’s valuation policies. For the period ended March 31, 2022, BSL recorded a net increase in unrealized appreciation on unfunded loan commitments totaling $9,160.

NOTE 5. LEVERAGE

The Fund has entered into a Credit Agreement (the “Agreement”) with a bank to borrow money pursuant to a two-year revolving line of credit (“Leverage Facility”) for BSL. BSL entered into an agreement dated October 8, 2014, as amended on October 7, 2015, October 5, 2016, and October 4, 2017, and as further amended and restated on June 20, 2018 and as further amended and restated on October 4, 2019 and as amended on October 2, 2020, October 1, 2021 and November 29, 2021, to borrow up to a limit of $142 million, with $48 million for tranche A loans ("BSL Tranche A Loans") and $94 million for tranche B loans ("BSL Tranche B Loans"). Borrowings under the Agreement are secured by the assets of the Fund.

Interest is charged at a rate of 0.85% above LIBOR for Tranche A Loans, 1.15% above LIBOR for one (1) month interest period Tranche B Loans and 1.00% above LIBOR for three (3), six (6) and nine (9) months interest periods Tranche B Loans, with LIBOR measured for the period commencing on the date of the making of such LIBOR Loan (or the last date upon which any other Loan was converted to, or continued as, such LIBOR Loan) and ending on the numerically corresponding day in the calendar month that is one (1), three (3), six (6) or nine (9) months thereafter, as the Fund may elect, or such other periods as the lender may agree in its sole and absolute discretion.

Under the terms of the Agreement, the Fund must pay a commitment fee on any undrawn amounts. The commitment fee payable for each of Tranche A Loans and Tranche B Loans is 0.15% on the undrawn amounts when drawn amounts exceed 75% of the relevant borrowing limit and 0.25% on the undrawn amounts at any other time. Interest and fees are generally payable quarterly. The Fund may elect to extend the Agreement for a further period with the consent of the lending bank. At March 31, 2022, BSL had borrowings outstanding under its Leverage Facility of $99,500,000, at an interest rate of 1.27%. Due to the short term nature of the Agreement, face value approximates fair value at March 31, 2022. This fair value is based on Level 2 inputs under the three-tier fair valuation hierarchy (see Note 2). For the period ended March 31, 2022, the average borrowings under BSL’s Leverage Facility and the average interest rate were $103,266,667 and 1.19%, respectively.

Under the Agreement, the Fund has agreed to certain covenants and additional investment limitations while the leverage is outstanding. The Fund agreed to maintain asset coverage of three times over borrowings. Compliance with the investment restrictions and calculations are performed by the Fund’s custodian, The Bank of New York Mellon. As of March 31, 2022, the Fund was in compliance with all required investment limitations and asset coverage requirements related to its leverage.

The use of borrowings to leverage the common shares of the Fund can create risks. Changes in the value of the Fund’s portfolio, including securities bought with the proceeds of leverage, are borne entirely by the holders of common shares of the Fund. All costs and expenses related to any form of leverage used by the Fund are borne entirely by common shareholders. If there is a net decrease or increase in the value of the Fund’s investment portfolio, the leverage may decrease or increase, as the case may be, the NAV per common share to a greater extent than if the Fund did not utilize leverage. During periods when the Fund is using leverage, the fees paid to the Adviser for advisory services and to ALPS for administrative services are higher than if the Fund did not use leverage because the fees paid are calculated on the basis of the Fund’s Managed Assets, which include the assets purchased through leverage. As of March 31, 2022, BSL’s leverage represented 31.66% of the Fund’s Managed Assets.