Form NPORT-P - Monthly Portfolio Investments Report on Form N-PORT (Public)

Blackstone Senior Floating Rate 2027 Term Fund

Portfolio of Investments

March 31, 2024 (Unaudited)

	Principal
	Amount		Value

FLOATING RATE LOAN INTERESTS^(a)- 137.35%
Aerospace & Defense - 6.22%
Amentum Government Services Holdings LLC, First Lien Term Loan, 3M US SOFR + 4.00%, 02/15/2029	$	1,083,130	$	1,086,964
Atlas CC Acquisition Corp., First Lien B Term Loan, 3M US SOFR + 4.25%, 0.75% Floor, 05/25/2028		1,988,257		1,866,635
Atlas CC Acquisition Corp., First Lien C Term Loan, 3M US SOFR + 4.25%, 0.75% Floor, 05/25/2028		404,391		379,655
Avolon TLB Borrower 1 (US), First Lien Term Loan, 1M US SOFR + 2.50%, 06/22/2028		735,380		736,417
Dynasty Acquisition Co Inc., First Lien Term Loan, 6M CME TERM SOFR + 3.50%, 08/24/2028		158,404		158,815
LSF11 Trinity BidCo, Inc., First Lien Term Loan, 6M US SOFR + 4.00%, 06/14/2030^(b)		1,055,420		1,060,697
Nordam Group LLC, First Lien Initial Term Loan, 1M US SOFR + 5.50%, 04/09/2026		1,672,000		1,580,040
Peraton Corp., First Lien B Term Loan, 1M US SOFR + 3.75%, 0.75% Floor, 02/01/2028		2,275,676		2,277,997
Standard Aero Ltd, First Lien Term Loan, 6M CME TERM SOFR + 3.50%, 08/24/2028		67,887		68,064
TransDigm, Inc., First Lien Term Loan, 3M US SOFR + 2.75%, 08/24/2028		1,509,172		1,516,016
Vertex Aerospace Corp., First Lien Term Loan, 1M US SOFR + 3.75%, 12/06/2028		849,993		852,913
World Wide Technology Holding Co LLC, First Lien Term Loan, 6M US L + 0.00%, 02/22/2034		445,386		446,362
				12,030,575

Air Freight & Logistics - 1.79%
Clue Opco LLC, First Lien Term Loan, 3M US SOFR + 4.50%, 12/19/2030		1,188,978		1,173,967
Kenan Advantage Group, Inc., First Lien Term Loan, 1M US SOFR + 3.75%, 01/25/2029		1,337,493		1,340,423
WWEX UNI TopCo Holdings LLC, First Lien Initial Term Loan, 3M US SOFR + 4.00%, 0.75% Floor, 07/26/2028		951,668		948,370
				3,462,760

Automobile Components - 3.00%
Belron Finance US LLC, First Lien Term Loan, 6M US L + 0.00%, 0.50% Floor, 04/18/2029		362,159		362,914
Burgess Point Purchaser Corp., First Lien Term Loan, 1M US SOFR + 5.25%, 07/25/2029		1,453,600		1,392,730
Clarios Global LP, First Lien Term Loan, 1M US SOFR + 3.00%, 05/06/2030		1,392,619		1,397,842
First Brands Group LLC, First Lien Term Loan, 3M US SOFR + 5.00%, 1.00% Floor, 03/30/2027		1,013,262		1,015,162
First Brands Group, LLC, First Lien 2018 New Tranche E Term Loan, 3M US L + 2.50%, 03/30/2027		786,426		788,589
Mavis Tire Express Services Topco Corp., First Lien Term Loan, 1M US SOFR + 3.75%, 0.75% Floor, 05/04/2028		196,483		197,041
Phinia Inc., First Lien Term Loan, 6M US SOFR + 3.75%, 07/03/2028^(b)		650,067		650,678
				5,804,956

Banks - 0.52%
Truist Insurance 3/24 2nd Lien Cov-Lite, Second Lien Term Loan, 6M CME TERM SOFR + 5.00%, 03/08/2032		990,769		998,304

Beverages - 0.78%
Triton Water Holdings, Inc., First Lien Initial Term Loan, 3M US SOFR + 3.50%, 0.50% Floor, 03/31/2028		1,530,468		1,516,319

Biotechnology - 0.92%
Grifols Worldwide Operations, First Lien Term Loan, 3M US SOFR + 2.00%, 11/15/2027		1,841,247		1,786,810

Building Products - 1.98%
CP Atlas Buyer, Inc., First Lien B Term Loan, 3M US SOFR + 3.50%, 0.50% Floor, 11/23/2027		542,394		536,899
LHS Borrower, LLC, First Lien Term Loan, 1M US SOFR + 4.75%, 0.50% Floor, 02/16/2029		151,055		144,636
Miter Brands Acquisition Holdco Inc., First Lien Term Loan, 6M CME TERM SOFR + 3.50%, 03/20/2031		964,311		970,039
Oscar Acquisitionco LLC, First Lien Term Loan, 3M US SOFR + 4.50%, 0.50% Floor, 04/29/2029		1,110,569		1,114,740

	Principal
	Amount		Value

Building Products (continued)
Tamko Building Products LLC, First Lien Term Loan, 3M US SOFR + 3.50%, 09/20/2030	$	250,501	$	250,814
Trulite Holding Corp., First Lien Term Loan, 1M US SOFR + 6.00%, 03/01/2030^(b)		804,325		804,325
				3,821,453

Capital Markets - 4.16%
Apex Group Treasury, Ltd., First Lien USD Term Loan, 3M US SOFR + 3.75%, 0.50% Floor, 07/27/2028		1,436,108		1,437,005
Aretec Group, Inc., First Lien Term Loan, 1M US SOFR + 4.50%, 08/09/2030		1,604,439		1,615,470
Citadel Securities LP, First Lien Term Loan, 1M US SOFR + 2.25%, 07/29/2030		436,264		436,389
Focus Financial Partners LLC, First Lien Term Loan, 3M US L + 2.50%, 0.50% Floor, 06/30/2028		1,973,346		1,968,175
Focus Financial Partners, LLC, First Lien Term Loan, 1M US SOFR + 2.75%, 06/30/2028		536,085		534,997
Kestra Advisor Services Holdings A INC, First Lien Term Loan, 3M US L + 4.00%, 03/19/2031		610,720		612,503
Osaic Holdings Inc aka Advisor Group, First Lien Term Loan, 6M US SOFR + 4.00%, 08/17/2028		1,427,605		1,434,828
				8,039,367

Chemicals - 2.71%
CI Maroon Holdings LLC, First Lien Term Loan 03/30/2031^(b)		369,000		370,845
Ecovyst Catalyst Technologies LLC, First Lien Term Loan, 3M US SOFR + 2.50%, 0.50% Floor, 06/09/2028		1,635,643		1,636,919
Geon Performance Solutions LLC, First Lien Term Loan, 3M US SOFR + 4.75%, 0.75% Floor, 08/18/2028^(b)		1,139,275		1,142,123
Hyperion Materials & Technologies, Inc., First Lien Initial Term Loan, 3M US SOFR + 4.25%, 0.50% Floor, 08/30/2028		720,062		720,627
Nouryon Finance B.V., First Lien Term Loan, 3M US SOFR + 4.00%, 04/03/2028		422,334		424,270
Nouryon USA LLC, First Lien Term Loan, 1M US SOFR + 4.00%, 04/03/2028		942,852		946,977
				5,241,761

Commercial Services & Supplies - 8.74%
Access CIG LLC, First Lien Term Loan, 1M US SOFR + 5.00%, 0.50% Floor, 08/18/2028		905,493		907,617
Action Environmental Group, Inc., First Lien Term Loan:
6M US SOFR + 4.50%%, 10/24/2030^(b)		146,612		146,979
6M US SOFR + 4.50%%, 10/24/2030^(b)		1,249,416		1,252,539
Allied Universal Holdco LLC, First Lien Term Loan, 3M US SOFR + 4.75%, 05/12/2028		1,502,450		1,508,618
Belfor Holdings, Inc., First Lien Term Loan, 1M US SOFR + 3.75%, 0.50% Floor, 11/01/2030^(b)		277,628		279,363
Covanta 11/21, First Lien Term Loan:
1M US SOFR + 2.50%, 11/30/2028		98,467		98,375
3M US L + 2.50%, 11/30/2028		1,291,527		1,290,319
DG Investment Intermediate Holdings 2, Inc., Second Lien Initial Term Loan, 1M US SOFR + 6.75%, 0.75% Floor, 03/30/2029		601,071		564,256
Equiniti Group PLC, First Lien Term Loan, 6M US SOFR + 4.50%, 12/11/2028		1,131,135		1,137,260
Foundational Education Group, Inc., First Lien Term Loan, 3M US SOFR + 3.75%, 08/31/2028^(b)		34,305		34,005
Garda World Security Corp., First Lien Term Loan, 3M US SOFR + 4.25%, 02/01/2029		1,810,441		1,816,107
Genuine Financial Holdings LLC, First Lien Term Loan, 6M US SOFR + 4.25%, 09/27/2030		1,842,416		1,832,283
Homeserve USA Holding Corp., First Lien Term Loan, 1M US SOFR + 3.00%, 10/21/2030		353,882		355,165
Justrite Safety Group, First Lien Delayed Draw Term Loan, 1M US SOFR + 4.50%, 06/28/2026		74,081		73,989
Justrite Safety Group, First Lien Initial Term Loan, 1M US SOFR + 4.50%, 06/28/2026		1,370,300		1,368,587
TMF Sapphire Bidco B.V., TL, First Lien Term Loan, 6M CME TERM SOFR + 4.50%, 05/03/2028		290,909		292,727
TRC Companies, First Lien Term Loan, 3M US SOFR + 3.75%, 12/08/2028		567,828		567,627
TRC Companies, Second Lien Term Loan, 1M US SOFR + 6.75%, 12/07/2029^(b)		713,846		685,292
United Site Cov-Lite, First Lien Term Loan, 3M US SOFR + 4.25%, 12/15/2028		1,073,973		822,937
Ursa Minor US Bidco LLC aka Rosen, First Lien Term Loan, 3M CME TERM SOFR + 3.50%, 02/24/2031		639,507		641,506
Vestis Corp, First Lien Term Loan, 3M CME TERM SOFR + 2.25%, 02/22/2031		375,000		375,469
Wand NewCo 3 Inc aka Caliber Collision, First Lien Term Loan, 1M US SOFR + 3.75%, 01/30/2031		847,764		851,142
				16,902,162

Communications Equipment - 0.05%
MLN US HoldCo LLC, First Lien B Term Loan, 3M US SOFR + 4.50%, 11/30/2025		854,492		105,385

	Principal
	Amount		Value

Construction & Engineering - 1.73%
Aegion Corporation, First Lien Term Loan, 3M US SOFR + 4.25%, 05/17/2028	$	1,424,264	$	1,431,392
APi Group DE, Inc., First Lien Term Loan, 1M US SOFR + 2.50%, 01/03/2029		907,832		910,859
Artera Services LLC aka PowerTeam, First Lien Term Loan, 3M US SOFR + 4.50%, 02/15/2031		308,293		309,834
Touchdown Acquirer Inc aka TenCate, First Lien Term Loan, 6M CME TERM SOFR + 4.50%, 02/21/2031		401,639		403,396
Tutor Perini Corp., First Lien B Term Loan, 1M US SOFR + 4.75%, 1.00% Floor, 08/18/2027		300,009		299,510
				3,354,991

Construction Materials - 0.87%
Quikrete Holdings, Inc., First Lien Term Loan, 6M CME TERM SOFR + 2.50%, 03/18/2031		1,480,670		1,483,143
Summit Materials LLC, First Lien Term Loan, 6M US SOFR + 3.00%, 01/12/2029		203,957		205,206
				1,688,349

Containers & Packaging - 2.34%
Berry Global, Inc., First Lien Term Loan, 3M US SOFR + 1.75%, 07/01/2026		107,455		107,915
ProAmpac PG Borrower LLC, First Lien Term Loan, 1M CME TERM SOFR + 4.25%, 09/15/2028		781,401		784,136
Reynolds Consumer Products LLC, First Lien Initial Term Loan, 1M US SOFR + 1.75%, 02/04/2027		1,483,943		1,488,239
Strategic Materials Holding Corp., Second Lien Initial Term Loan, 3M US SOFR + 7.75%, 1.00% Floor, 10/31/2025^(c)		800,000		17,332
Supplyone 3/24, First Lien Term Loan 03/27/2031		550,471		548,754
Tekni-Plex, Inc., First Lien Tranche B-3 Initial Term Loan, 3M US SOFR + 4.00%, 0.50% Floor, 09/15/2028		1,569,852		1,572,356
				4,518,732

Distributors - 0.38%
LBM Acquisition LLC, First Lien Initial Term Loan, 1M US SOFR + 3.75%, 0.75% Floor, 12/17/2027		742,411		741,951

Diversified Consumer Services - 4.78%
Cengage Learning, Inc., First Lien Term Loan, 6M US L + 0.00%, 1.00% Floor, 03/18/2031		806,991		807,116
Element Materials Technology Group Holdings DTL, First Lien Term Loan, 3M US SOFR + 4.25%, 07/06/2029		564,157		565,333
Element Materials Technology Group Holdings, First Lien Term Loan, 3M US SOFR + 4.25%, 07/06/2029		1,222,339		1,224,888
Fugue Finance LLC aka Nord Anglia, First Lien Term Loan, 3M CME TERM SOFR + 3.75%, 02/26/2031		340,095		341,370
Groundworks LLC, First Lien Term Loan:
6M CME TERM SOFR + 4.00%, 03/14/2031		144,647		144,852
6M US L + 0.00%, 03/14/2031		785,914		787,030
Imagine Learning LLC, First Lien Term Loan, 1M US SOFR + 3.50%, 12/21/2029		1,150,000		1,148,764
Loyalty Ventures, Inc., First Lien Term Loan, PRIME + 3.50%, 11/03/2027^(c)		490,359		6,129
McKissock Investment Holdings, LLC, First Lien Term Loan, 3M US SOFR + 5.00%, 03/12/2029		226,921		227,964
Mister Car Wash 3/24, First Lien Term Loan, 6M CME TERM SOFR + 3.25%, 03/21/2031		379,673		381,019
Prime Security Services Borrower, LLC, First Lien Term Loan, 3M US SOFR + 2.50%, 10/13/2030		634,649		635,766
Rinchem Company, Inc., First Lien Term Loan, 3M US SOFR + 4.25%, 03/02/2029		1,353,120		1,211,888
Spring Education Group, Inc., First Lien Term Loan, 6M US SOFR + 4.75%, 10/04/2030		440,015		442,380
St. George's University Scholastic Services LLC, First Lien Term Loan B Term Loan, 1M US SOFR + 3.25%, 0.50% Floor, 02/10/2029		901,702		900,913
TruGreen LP, First Lien Term Loan, 1M US SOFR + 4.00%, 0.75% Floor, 11/02/2027		436,891		426,107
				9,251,519

Diversified REITs - 0.24%
Iron Mountain, Inc., First Lien Term Loan, 1M US SOFR + 2.25%, 01/31/2031		467,372		464,644

Diversified Telecommunication Services - 2.58%
Coral-US Co-Borrower LLC, First Lien B-5 Term Loan, 1M US SOFR + 2.25%, 01/31/2028		804,325		794,460
Level 3 Financing Inc., First Lien Term Loan:
1M US SOFR + 1.75%, 04/15/2029		410,203		408,664
1M US SOFR + 1.75%, 04/15/2030		413,212		411,663

	Principal
	Amount		Value

Diversified Telecommunication Services (continued)
Lumen Technologies Inc aka CenturyLink,Inc., First Lien Term Loan, 1M US SOFR + 2.00%, 01/31/2025	$	40,477	$	35,063
Lumen Technologies Inc, First Lien Term Loan, 1M US SOFR + 5.32%, 04/15/2029		601,684		449,007
Lumen Technologies, First Lien Term Loan, 1M US SOFR + 5.32%, 04/15/2030		615,176		458,306
Telenet Financing USD LLC, First Lien Term Loan, 1M US SOFR + 2.00%, 04/30/2028		1,056,336		1,029,484
Zacapa S.A.R.L., First Lien Term Loan, 3M US SOFR + 4.00%, 03/22/2029		1,402,168		1,404,307
				4,990,954

Electric Utilities - 1.14%
Miron Technologies, Inc., First Lien Term Loan, 3M US SOFR + 2.75%, 10/20/2028		1,391,584		1,396,802
NRG Energy 3/24 Cov-Lite, First Lien Term Loan, 1M CME TERM SOFR + 2.00%, 03/27/2031		817,092		816,586
				2,213,388

Electrical Equipment - 1.53%
Victory Buyer LLC, First Lien Term Loan, 1M US SOFR + 3.75%, 0.50% Floor, 11/19/2028		1,725,041		1,643,102
WEC US Holdings Ltd., First Lien Term Loan, 1M US SOFR + 2.75%, 01/27/2031		1,315,697		1,315,697
				2,958,799

Electronic Equipment, Instruments & Components - 1.91%
Coherent Corp., First Lien Term Loan:
1M US SOFR + 2.75%, 0.50% Floor, 07/02/2029^(b)		1,027,381		1,030,720
1M US SOFR + 2.75%%, 07/02/2029^(b)		1,027,381		1,027,381
Discovery Energy Corp., First Lien Term Loan, 6M US SOFR + 4.75%, 01/30/2031		784,467		786,589
LTI Holdings, Inc., First Lien Term Loan, 1M US SOFR + 4.75%, 07/24/2026		412,987		409,631
LTI Holdings, Inc., Second Lien Initial Term Loan, 1M US SOFR + 6.75%, 09/06/2026		468,085		440,002
				3,694,323

Entertainment - 0.44%
CE Intermediate I LLC, First Lien Term Loan, 3M US SOFR + 3.50%, 0.50% Floor, 11/10/2028		855,867		853,196

Financial Services - 3.58%
CITCO FUNDING LLC, First Lien Term Loan, 6M US SOFR + 3.25%, 04/27/2028		478,800		480,521
FleetCor Technologies Operating Co. LLC, First Lien Term Loan, 1M US SOFR + 1.75%, 04/28/2028		1,184,825		1,185,234
Lereta, LLC, First Lien Term Loan, 1M US SOFR + 5.00%, 07/30/2028		481,027		368,544
Mitchell International, Inc., First Lien Term Loan, 1M US SOFR + 3.75%, 10/15/2028		1,352,464		1,354,547
Mitchell International, Inc., Second Lien Term Loan, 1M US SOFR + 6.50%, 10/15/2029		862,371		862,910
Polaris Newco LLC, First Lien Dollar Term Loan, 1M US SOFR + 4.00%, 0.50% Floor, 06/02/2028		715,301		709,211
Ryan LLC., First Lien Term Loan, 1M US SOFR + 4.50%, 11/14/2030		494,603		497,697
The Citco Group Limited, First Lien Term Loan, 3M US SOFR + 3.50%, 04/27/2028		1,456,738		1,462,200
				6,920,864

Food Products - 1.94%
CH Guenther 11/21, First Lien Term Loan, 1M US SOFR + 3.00%, 12/08/2028		570,176		571,602
Froneri International, Ltd., First Lien Facility B2 Term Loan, 1M US SOFR + 2.25%, 01/29/2027		1,719,339		1,722,202
Saratoga Food Specialties LLC, First Lien Term Loan, 6M CME TERM SOFR + 3.75%, 02/28/2029		296,456		297,384
Snacking Investments BidCo Pty, Ltd., First Lien Initial US Term Loan, 3M US SOFR + 4.00%, 1.00% Floor, 12/18/2026		1,151,004		1,154,117
				3,745,305

Gas Utilities - 0.19%
GIP Pilot Acquisition Partners LP, First Lien Term Loan, 3M US SOFR + 3.00%, 10/04/2030		359,040		360,656

Ground Transportation - 1.71%
Avis Budget Car Rental LLC, First Lien Term Loan, 1M US SOFR + 1.75%, 08/06/2027		331,782		331,090
Uber Technologies, Inc., First Lien Term Loan, 3M US SOFR + 2.75%, 03/03/2030		1,238,975		1,245,733
XPO, Inc., First Lien Term Loan, 1M US SOFR + 2.00%, 05/24/2028		1,731,298		1,738,146
				3,314,969

	Principal
	Amount		Value

Health Care Equipment & Supplies - 1.62%
Carestream Health, Inc., First Lien Term Loan, 3M US L + 7.50%, 09/30/2027	$	145,075	$	125,308
Resonetics LLC, First Lien Initial Term Loan, 3M US SOFR + 4.00%, 0.75% Floor, 04/28/2028		992,386		995,929
Siemens/SivantosWS Audiology, First Lien Term Loan, 6M CME TERM SOFR + 4.25%, 02/27/2029		2,012,288		2,019,211
				3,140,448

Health Care Providers & Services - 10.17%
Covenant Surgical Partners, Inc., First Lien Delayed Draw Term Loan, 3M US SOFR + 4.00%, 07/01/2026		269,360		211,986
Covenant Surgical Partners, Inc., First Lien Initial Term Loan, 1M US L + 4.00%, 07/01/2026		1,289,986		1,015,219
DaVita, Inc., First Lien B Term Loan, 1M US SOFR + 1.75%, 08/12/2026		953,610		954,673
Global Medical Response, Inc., First Lien 2018 New Term Loan, 1M US SOFR + 4.25%, 1.00% Floor, 03/14/2025		2,306,691		2,160,124
Global Medical Response, Inc., First Lien 2020 Refinancing Term Loan, 3M US SOFR + 4.25%, 1.00% Floor, 10/02/2025		696,410		652,453
Heartland Dental, LLC, First Lien Term Loan, 1M US SOFR + 5.00%, 04/28/2028		1,164,991		1,168,853
IVI America LLC aka IVIRMA, First Lien Term Loan, 6M CME TERM SOFR + 4.50%, 03/17/2031		512,500		512,820
Loire UK Midco 3, Ltd., First Lien Facility B2 Term Loan, 1M US SOFR + 3.75%, 0.75% Floor, 04/21/2027		925,574		907,525
Medical Solutions LLC, First Lien Term Loan, 3M US SOFR + 3.50%, 11/01/2028		1,126,055		1,007,352
Midwest Physcn Admin Srvcs LLC, First Lien Term Loan, 3M US SOFR + 3.25%, 03/12/2028		1,386,439		1,158,169
NAPA Management Services Corp., First Lien Term Loan, 3M US SOFR + 5.25%, 0.75% Floor, 02/23/2029		1,145,490		1,087,786
National Mentor Holdings, Inc., First Lien Term Loan, 3M US SOFR + 3.75%, 03/02/2028		800,565		755,698
National Mentor Holdings, Inc., TLC, First Lien Term Loan, 3M US SOFR + 3.75%, 03/02/2028		23,078		21,785
Onex TSG Intermediate Corp., First Lien Initial Term Loan, 3M US SOFR + 4.75%, 0.75% Floor, 02/28/2028		1,377,650		1,379,372
Pathway Vet Alliance LLC, First Lien 2021 Replacement Term Loan, 1M US SOFR + 3.75%, 03/31/2027		1,503,582		1,323,626
Pediatric Associates Holding Co. LLC, First Lien Term Loan, 3M US SOFR + 3.25%, 0.50% Floor, 12/29/2028		1,413,011		1,246,982
Phoenix Guarantor Inc aka BrightSpring, First Lien Term Loan, 1M US SOFR + 3.25%, 02/21/2031		640,000		632,490
Radiology Partners Inc, First Lien Term Loan, 6M US SOFR + 5.00%, 01/31/2029		1,127,089		1,091,664
Radnet Management, Inc., First Lien Initial Term Loan, 1M US SOFR + 3.00%, 0.75% Floor, 04/23/2028		566,215		567,356
Surgery Center Holdings, INC., Term Loan, First Lien Term Loan, 6M US SOFR + 4.00%, 12/19/2030		310,874		312,709
U.S. Anesthesia Partners, Inc., First Lien Term Loan, 1M US SOFR + 4.25%, 0.50% Floor, 10/01/2028		1,274,810		1,221,873
Waystar Technologies, Inc., First Lien Term Loan, 1M US SOFR + 4.00%, 10/22/2029		289,656		290,743
				19,681,258

Health Care Technology - 4.11%
Cotiviti Inc., First Lien Term Loan:
6M US L + 0.00%, 02/21/2031		654,346		656,391
6M US SOFR + 3.50%, 02/24/2031		2,103,681		2,101,051
Gainwell Acquisition Corp., First Lien Term Loan, 3M US SOFR + 4.00%, 0.75% Floor, 10/01/2027		1,449,784		1,389,437
GHX Ultimate Parent Corp., First Lien Term Loan, 6M CME TERM SOFR + 4.25%, 0.50% Floor, 06/30/2027^(b)		1,191,081		1,200,014
Project Ruby Ultimate Parent Corp., First Lien Closing Date Term Loan, 1M US SOFR + 3.25%, 0.75% Floor, 03/10/2028		732,195		732,327
Verscend Holding Corp., First Lien B-1 Term Loan, 1M US SOFR + 4.00%, 08/27/2025		1,868,398		1,870,733
				7,949,953

Hotels, Restaurants & Leisure - 6.02%
1011778 BC Unlimited Liability Company, First Lien Term Loan, 1M US SOFR + 2.25%, 0.50% Floor, 09/20/2030		886,148		886,702
Aramark Intermediate HoldCo Corp., First Lien U.S. B-4 Term Loan, 1M US SOFR + 1.75%, 01/15/2027		700,000		700,613
Bally's Corp., First Lien Term Loan, 3M US SOFR + 3.25%, 0.50% Floor, 10/02/2028		1,368,481		1,288,363
BCPE Grill Parent, Inc., First Lien Term Loan, 1M US SOFR + 4.75%, 09/30/2030		207,115		205,913

	Principal
	Amount		Value

Hotels, Restaurants & Leisure (continued)
Caesars Entertainment, Inc., First Lien Term Loan:
1M US SOFR + 3.25%, 0.50% Floor, 02/06/2030	$	1,317,229	$	1,322,630
3M US SOFR + 2.75%, 0.50% Floor, 02/06/2031		988,854		990,861
Entain PLC, First Lien Term Loan, 3M US L + 7.51%, 0.50% Floor, 10/31/2029		1,297,506		1,304,396
Fertitta Entertainment, LLC, First Lien Term Loan, 1M US SOFR + 4.00%, 01/27/2029		1,200,450		1,204,705
Flutter Financing B.V., First Lien Term Loan, 3M US SOFR + 2.25%, 11/25/2030		1,814,140		1,818,185
Hilton Grand Vacations Borrower, LLC, First Lien Term Loan, 1M US SOFR + 2.75%, 01/17/2031		233,909		234,604
IRB Holding Corporation, First Lien Term Loan, 1M US SOFR + 2.75%, 12/15/2027		1,122,289		1,123,871
Tacala Investment Corp, First Lien Term Loan, 1M US SOFR + 4.00%, 01/31/2031		563,032		564,265
				11,645,108

Household Durables - 0.75%
Culligan 11/23 Incre CovLi, First Lien Term Loan, 6M US SOFR + 4.50%, 07/31/2028^(d)		1,448,036		1,456,333

Independent Power and Renewable Electricity Producers - 1.74%
Calpine Corp., First Lien Term Loan, 1M US SOFR + 2.00%, 01/31/2031		1,332,558		1,326,588
Generation Bridge Northeast LLC, First Lien Term Loan, 1M US SOFR + 4.25%, 08/22/2029		590,036		591,143
Vistra Operations Co. LLC, First Lien 2018 Incremental Term Loan, 1M US SOFR + 2.00%, 12/20/2030		1,447,059		1,447,290
				3,365,021

Industrial Conglomerates - 1.91%
Bettcher Industries, Inc., First Lien Term Loan, 1M US SOFR + 4.00%, 12/14/2028		830,126		828,744
Engineered Machinery Holdings, Inc., First Lien Term Loan, 3M US SOFR + 3.50%, 0.75% Floor, 05/19/2028		1,420,728		1,417,403
Tailwind Smith Cooper Intermediate Corp., First Lien Initial Term Loan, 3M US SOFR + 5.00%, 05/28/2026		1,462,452		1,458,248
				3,704,395

Insurance - 3.06%
AmWINS Group, Inc., First Lien Term Loan:
1M US SOFR + 2.25%, 0.75% Floor, 02/19/2028		1,432,503		1,434,293
1M US SOFR + 2.75%, 0.75% Floor, 02/19/2028		224,387		225,073
AssuredPartners, Inc., First Lien Term Loan, 1M US SOFR + 3.50%, 02/14/2031		296,052		296,792
Baldwin Risk Partners, LLC, First Lien Initial Term Loan, 1M US SOFR + 3.50%, 10/14/2027		1,044,130		1,045,002
Hub International Limited, First Lien Term Loan, 3M US SOFR + 3.25%, 06/20/2030		184,082		184,357
Hyperion Refinance Sarl, First Lien Term Loan:
3M US SOFR + 0.00%, 0.50% Floor, 04/18/2030		1,464,219		1,471,547
1M US SOFR + 3.50%, 0.50% Floor, 02/15/2031		488,817		489,734
USI, Inc., First Lien Term Loan, 3M US SOFR + 3.25%, 09/27/2030		773,889		775,398
				5,922,196

Interactive Media & Services - 0.64%
Adevinta ASA, First Lien Facility B2 Term Loan, 3M US SOFR + 2.75%, 0.75% Floor, 06/26/2028		207,821		208,330
MH Sub I LLC, First Lien Term Loan, 1M US SOFR + 4.25%, 05/03/2028		632,806		629,785
MH Sub I LLC, Second Lien 2021 Replacement Term Loan, 1M US SOFR + 6.25%, 02/23/2029		405,038		391,548
				1,229,663

IT Services - 5.49%
AG Group Holdings, Inc., First Lien Term Loan, 3M US SOFR + 4.00%, 12/29/2028		1,792,713		1,779,268
Ahead DB Holdings, LLC, First Lien Term Loan, 3M US SOFR + 4.25%, 02/01/2031		1,340,314		1,346,493
Asurion LLC, Second Lien Term Loan, 1M US SOFR + 10.69%, 01/20/2029		61,459		55,280
Blackhawk Network Holdings Inc, First Lien Term Loan, 1M US SOFR + 5.00%, 03/12/2029		166,329		166,806
Dcert Buyer, Inc., Second Lien First Amendment Refinancing Term Loan, 6M US SOFR + 7.00%, 02/19/2029		1,881,655		1,708,919
Newfold Digital Holdings Group, Inc., First Lien Initial Term Loan, 6M US SOFR + 3.50%, 0.75% Floor, 02/10/2028		2,332,353		2,281,625
Vaco Holdings, LLC, First Lien Term Loan, 3M US SOFR + 5.00%, 01/21/2029		1,426,396		1,413,380
Virtusa Corp., First Lien Term Loan, 1M US SOFR + 3.75%, 0.75% Floor, 02/11/2028		1,492,327		1,497,364

	Principal
	Amount		Value

IT Services (continued)
World Wide Technology 3/24, First Lien Term Loan, 6M CME TERM SOFR + 2.75%, 03/01/2030	$	367,203	$	370,187
				10,619,322

Leisure Products - 0.08%
Amer Sports Co, First Lien Term Loan, 3M US SOFR + 3.25%, 02/17/2031		154,318		154,704

Life Sciences Tools & Services - 1.75%
Catalent Pharma Solutions, Inc., First Lien Term Loan, 1M US SOFR + 2.00%, 0.50% Floor, 02/22/2028		1,153,402		1,154,123
Curia Global, Inc., First Lien 2021 Term Loan, 3M US SOFR + 3.75%, 0.75% Floor, 08/30/2026		1,513,154		1,445,297
IQVIA INC., First Lien Term Loan, 3M US SOFR + 2.00%, 01/02/2031		194,704		195,870
Parexel International Corporation, First Lien Term Loan, 1M US SOFR + 3.25%, 0.50% Floor, 11/15/2028		584,618		586,611
				3,381,901

Machinery - 3.06%
Asp Blade Holdings, Inc., First Lien Term Loan, 3M US SOFR + 4.00%, 0.50% Floor, 10/13/2028		239,551		217,273
Crosby US Acquisition corp., First Lien Term Loan, 1M US SOFR + 4.00%, 08/16/2029		401,195		403,911
Husky Injection Molding Systems Ltd., First Lien Term Loan, 6M CME TERM SOFR + 5.25%, 02/01/2029		635,467		637,917
INNIO Group Holding GmbH, First Lien Term Loan, 6M US SOFR + 4.50%, 11/02/2028		184,930		186,124
Pro Mach Group, Inc., First Lien Closing Date Initial Term Loan, 1M US SOFR + 4.00%, 1.00% Floor, 08/31/2028		1,753,139		1,761,405
Redwood Star Merger Sub, Inc., First Lien Term Loan, 1M US SOFR + 4.50%, 04/05/2029		912,310		917,204
TK Elevator Midco GmbH, First Lien Term Loan, 6M CME TERM SOFR + 3.75%, 04/30/2030		1,796,500		1,804,612
				5,928,446

Media - 4.45%
Cable One, Inc., First Lien Term Loan, 3M US L + 2.00%, 05/03/2028		351,893		349,410
Champ Acquisition Corp., First Lien Initial Term Loan, 3M US SOFR + 5.50%, 12/19/2025		1,283,371		1,288,588
Charter Communications Operating LLC, First Lien Term Loan, 1M US SOFR + 1.75%, 02/01/2027		1,036,469		1,037,392
COGECO Financing 2 LP, First Lien Term Loan, 3M US SOFR + 2.50%, 0.50% Floor, 09/01/2028		198,775		194,303
Fleet Midco I Ltd., First Lien Term Loan, 1M US SOFR + 3.25%, 02/21/2031^(b)		444,701		445,812
iHeartCommunications, Inc., First Lien New Term Loan, 1M US SOFR + 3.00%, 05/01/2026		1,400,000		1,229,753
Radiate Holdco, LLC,, First Lien Term Loan, 1M US SOFR + 3.25%, 09/25/2026		1,280,353		1,075,496
Univision Communications, Inc., First Lien Term Loan:
1M US SOFR + 3.25%, 0.75% Floor, 03/15/2026		1,446,437		1,449,851
3M US SOFR + 4.25%, 06/24/2029		214,364		215,087
UPC Financing Partnership, First Lien Facility AT Term Loan, 1M US SOFR + 2.25%, 04/30/2028		1,331,027		1,314,076
				8,599,768

Metals & Mining - 0.18%
Arsenal AIC Parent, LLC, First Lien Term Loan, 1M US SOFR + 3.75%, 08/18/2030		342,497		344,081

Mortgage Real Estate Investment - 0.31%
Blackstone Mortgage Trust, Inc., First Lien Term Loan:
1M US SOFR + 2.25%, 04/23/2026		295,361		295,361
1M US SOFR + 2.75%, 0.50% Floor, 04/23/2026^(b)		295,431		295,801
				591,162

Oil, Gas & Consumable Fuels - 0.78%
Buckeye Partners LP, First Lien Term Loan, 3M CME TERM SOFR + 2.00%, 11/01/2026		490,537		492,003
Buckeye Partners, LP, First Lien Term Loan, 1M US SOFR + 2.50%, 11/22/2030		259,145		259,734
Freeport LNG, First Lien Term Loan, 3M US SOFR + 3.50%, 12/21/2028		364,305		362,298
Whitewater Whistler Holdings, LLC, First Lien Term Loan, 1M US SOFR + 8.49%, 02/15/2030		400,801		401,803
				1,515,838

	Principal
	Amount		Value

Passenger Airlines - 1.97%
Air Canada, First Lien Term Loan, 6M CME TERM SOFR + 2.75%, 03/14/2031	$	578,582	$	580,393
American Airlines, Inc., First Lien 2020 Term Loan, 3M US SOFR + 1.75%, 01/29/2027		228,870		228,790
American Airlines, Inc., First Lien Term Loan, 6M US SOFR + 2.75%, 02/15/2028		602,828		603,373
Brown Group Holding LLC, First Lien Term Loan, 1M US SOFR + 2.50%, 0.50% Floor, 06/07/2028		1,272,932		1,273,511
United Airlines, Inc. aka Continental, First Lien Term Loan, 3M US SOFR + 2.75%, 02/22/2031		1,125,993		1,129,157
				3,815,224

Pharmaceuticals - 1.32%
Elanco Animal Health, Inc., First Lien B Term Loan, 1M US SOFR + 1.75%, 08/01/2027		1,380,702		1,377,360
Padagis LLC, First Lien Initial Term Loan, 3M US SOFR + 4.75%, 0.50% Floor, 07/06/2028		1,216,013		1,168,893
				2,546,253

Professional Services - 7.82%
AlixPartners, LLP, First Lien USD B Term Loan, 1M US SOFR + 2.50%, 0.50% Floor, 02/04/2028		1,520,210		1,523,821
CoreLogic, Inc., First Lien Initial Term Loan, 1M US SOFR + 3.50%, 0.50% Floor, 06/02/2028		1,362,719		1,335,785
CoreLogic, Inc., Second Lien Initial Term Loan, 1M US SOFR + 6.50%, 0.50% Floor, 06/04/2029		567,442		537,367
Deerfield Dakota Holding LLC, Second Lien 2021 Replacement Term Loan, 3M US SOFR + 6.75%, 0.75% Floor, 04/07/2028		304,000		304,570
Dun & Bradstreet Corp., First Lien Term Loan, 1M US SOFR + 2.75%, 01/18/2029		928,511		929,379
Eisner Advisory Group LLC, First Lien Term Loan, 1M US SOFR + 4.00%, 02/28/2031		972,005		977,171
EP Purcasher, LLC, First Lien Term Loan, 3M US SOFR + 3.50%, 11/06/2028		1,537,852		1,529,202
Inmar, Inc., First Lien Term Loan, 1M US SOFR + 5.25%, 05/01/2026		590,732		592,118
Minotaur Acquisition, Inc., First Lien B Term Loan, 1M US SOFR + 4.75%, 03/27/2026		1,298,692		1,301,614
Neptune Bidco US, Inc., First Lien Term Loan, 3M US SOFR + 5.00%, 0.50% Floor, 04/11/2029		477,287		441,164
Omnia Partners, LLC, First Lien Term Loan, 3M CME TERM SOFR + 3.75%, 07/25/2030		1,560,941		1,569,963
Outcomes Group Holdings, Inc., Second Lien Initial Term Loan, 3M US SOFR + 7.50%, 10/26/2026^(b)		162,722		154,586
Planet US Buyer, LLC, First Lien Term Loan, 3M US L + 3.50%, 02/07/2031		627,705		630,492
Trans Union LLC, First Lien Term Loan:
1M US SOFR + 1.75%, 11/16/2026		1,773,631		1,774,943
1M US SOFR + 2.00%, 12/01/2028		282,133		282,328
Veritext 3/24, First Lien Term Loan, 1M US SOFR + 8.82%, 08/09/2030		1,241,323		1,246,201
				15,130,704

Real Estate Management & Development - 0.71%
Cushman & Wakefield US Borrower LLC, First Lien Term Loan:
1M US SOFR + 3.25%, 0.50% Floor, 01/31/2030		581,176		580,269
3M US SOFR + 4.00%, 01/31/2030^(b)		790,890		793,856
				1,374,125

Software - 16.26%
Apttus Corp., First Lien Initial Term Loan, 1M US SOFR + 4.00%, 0.75% Floor, 05/08/2028		273,282		273,923
Boxer Parent Company Inc., First Lien Term Loan, 6M US SOFR + 4.50%, 12/29/2028		447,135		450,535
Central Parent, Inc., First Lien Term Loan, 3M US SOFR + 4.00%, 07/06/2029		1,692,738		1,699,695
Cloud Software Group Inc, First Lien Term Loan, 6M CME TERM SOFR + 4.50%, 04/09/2029		815,716		811,384
Cloud Software Group, Inc, First Lien Term Loan, 3M US SOFR + 4.50%, 0.50% Floor, 03/30/2029		1,576,043		1,570,661
Cloudera, Inc., First Lien Term Loan, 1M US SOFR + 3.75%, 0.50% Floor, 10/08/2028		1,147,074		1,144,567
Connectwise, LLC, First Lien Term Loan, 1M US SOFR + 3.50%, 0.50% Floor, 09/29/2028		761,739		762,451
Cornerstone OnDemand, Inc., First Lien Initial Term Loan, 3M US SOFR + 3.75%, 0.50% Floor, 10/16/2028		1,775,431		1,745,107
DTI Holdco, Inc., First Lien Term Loan, 3M US SOFR + 4.75%, 04/26/2029		749,702		750,640
Epicor Software Corp., First Lien Term Loan, 1M US SOFR + 3.75%, 07/30/2027		130,909		131,739
Fiserv Investment Solutions, Inc., First Lien Initial Term Loan, 3M US SOFR + 4.00%, 02/18/2027		1,444,247		1,390,536
Flexera Software LLC, First Lien B-1 Term Loan, 3M US L + 3.75%, 0.75% Floor, 03/03/2028		423,337		424,779
Genesys Cloud Services Holdings II LLC aka Genesys, First Lien Term Loan, 1M US SOFR + 3.75%, 12/01/2027		158,191		158,983

	Principal
	Amount		Value

Software (continued)
Genesys Cloud Services Holdings II LLC, First Lien Term Loan, 6M CME TERM SOFR + 3.50%, 0.75% Floor, 12/01/2027	$	1,398,804	$	1,404,057
GTCR W Merger Sub LLC, First Lien Term Loan, 6M US SOFR + 3.75%, 0.50% Floor, 01/31/2031		867,155		871,313
Help/Systems Holdings, Inc., First Lien Seventh Amendment Refinancing Term Loan, 3M US SOFR + 4.00%, 0.75% Floor, 11/19/2026		2,053,085		1,990,723
Idera, Inc., First Lien B-1 Term Loan, 1M US SOFR + 3.75%, 0.75% Floor, 03/02/2028		1,356,038		1,353,007
Instructure Holdings, INC., First Lien Term Loan, 6M US SOFR + 2.75%, 10/30/2028		318,859		319,257
Isolved, Inc., First Lien Term Loan, 6M US SOFR + 4.00%, 10/14/2030		320,000		322,301
Ivanti Software, Inc., First Lien First Amendment Term Loan, 3M US SOFR + 4.00%, 0.75% Floor, 12/01/2027		247,824		231,819
Ivanti Software, Inc., Second Lien Term Loan, 3M US SOFR + 7.25%, 12/01/2028		537,313		466,791
LI Group Holdings, Inc., First Lien 2021 Term Loan, 1M US SOFR + 3.75%, 0.75% Floor, 03/11/2028^(b)		1,290,593		1,290,593
Magenta Buyer LLC, First Lien Initial Term Loan, 3M US SOFR + 5.00%, 0.75% Floor, 07/27/2028		1,681,404		1,008,842
Mitnick Corporate Purchaser Inc., First Lien Term Loan, 3M US SOFR + 4.75%, 05/02/2029		997,850		955,237
Perforce Software, Inc., First Lien New Term Loan, 1M US SOFR + 3.75%, 07/01/2026		321,069		318,722
Project Alpha Intermediate Holding Inc., First Lien Term Loan, 1M US SOFR + 4.75%, 10/28/2030		1,231,699		1,239,822
Proofpoint, Inc., First Lien Term Loan, 1M US SOFR + 3.25%, 08/31/2028		259,629		260,054
Quartz Acquireco, LLC, First Lien Term Loan, 1M US SOFR + 3.50%, 06/28/2030		1,554,054		1,561,342
Quest Borrower Ltd., First Lien Term Loan, 3M US SOFR + 4.25%, 02/01/2029		1,731,160		1,323,481
Rocket Software, Inc., First Lien Term Loan, 1M US SOFR + 4.75%, 0.50% Floor, 11/28/2028		552,888		549,538
Skopima Merger Sub Inc., First Lien Initial Term Loan, 1M US SOFR + 4.00%, 05/12/2028		601,328		599,777
SS&C Technologies, Inc., First Lien Term Loan:
1M US L + 2.25%, 0.50% Floor, 03/22/2029		150,960		151,302
1M US L + 2.25%, 0.50% Floor, 03/22/2029		293,415		294,081
Surf Holdings Sarl., First Lien Dollar Tranche Term Loan, 1M US SOFR + 3.50%, 03/05/2027		1,637,240		1,642,462
Vision Solutions, Inc., First Lien Term Loan, 3M US SOFR + 4.25%, 0.75% Floor, 04/24/2028		1,685,239		1,689,629
Webpros Luxembourg Sarl, First Lien Term Loan, 6M US SOFR + 0.00%, 03/19/2031^(b)		305,960		307,107
				31,466,257

Specialty Retail - 0.71%
EG America LLC, First Lien Term Loan, 1M US SOFR + 4.00%, 0.50% Floor, 02/07/2028		584,566		583,105
Staples, Inc., First Lien Term Loan, 1M US L + 5.00%, 04/16/2026		804,325		797,926
				1,381,031

Technology Hardware, Storage & Peripherals - 0.96%
Project Castle, Inc., First Lien Term Loan, 3M US SOFR + 5.50%, 06/01/2029		1,497,200		1,363,702
Xerox 11/23, First Lien Term Loan, 3M US SOFR + 4.00%, 11/17/2029		485,850		488,736
				1,852,438

Textiles, Apparel & Luxury Goods - 0.48%
S&S Holdings LLC, First Lien Initial Term Loan, 3M US SOFR + 5.00%, 0.50% Floor, 03/11/2028		925,421		923,978

Trading Companies & Distributors - 4.10%
American Builders & Contractors Supply Co., Inc., First Lien Term Loan, 1M US SOFR + 2.00%, 01/31/2031		225,977		226,295
CD&R Hydr SunSource, First Lien Term Loan, 6M CME TERM SOFR + 4.50%, 03/17/2031		766,455		769,092
Core & Main LP, First Lien Term Loan, 3M CME TERM SOFR + 2.25%, 02/09/2031		177,303		177,524
FCG Acquisitions, Inc., First Lien Initial Term Loan, 3M US L + 3.75%, 0.50% Floor, 03/31/2028		606,376		606,942
Foundation Building Materials, Inc., First Lien Term Loan, 3M US L + 4.00%, 01/29/2031		1,080,035		1,085,910
Kodiak Building Partners Inc., First Lien Term Loan, 3M US SOFR + 3.25%, 0.75% Floor, 03/12/2028		2,036,939		2,038,640
Park River Holdings, Inc., First Lien Initial Term Loan, 3M US SOFR + 3.25%, 0.75% Floor, 12/28/2027		574,093		570,864
White Cap Buyer LLC, First Lien Initial Closing Date Term Loan, 1M US SOFR + 3.75%, 0.50% Floor, 10/19/2027		1,042,571		1,046,882
Windsor Holdings III LLC, First Lien Term Loan, 6M CME TERM SOFR + 4.00%, 08/01/2030		1,401,273		1,408,504
				7,930,653

	Principal
	Amount		Value

Wireless Telecommunication Services - 0.67%
CCI Buyer, Inc., First Lien Initial Term Loan, 3M US SOFR + 4.00%, 0.75% Floor, 12/17/2027	$	1,307,104	$	1,301,150

TOTAL FLOATING RATE LOAN INTERESTS
(Cost $268,161,622)				265,733,902

COLLATERALIZED LOAN OBLIGATION SECURITIES^(a)- 7.70%
Consumer Finance - 0.76%
Octagon 60, Ltd., 3M US SOFR + 5.00%, 10/20/2035^(b)(e)		1,000,000		1,007,484
PPM CLO 3, Ltd., 3M US SOFR + 6.87%, 04/17/2034^(b)(e)		500,000		465,169
				1,472,653

Financial Services - 6.94%
Allegro CLO XII, Ltd., 3M US SOFR + 7.36%, 01/21/2032^(b)(e)		1,000,000		1,003,349
Ares LXI CLO, Ltd., 3M US SOFR + 3.90%, 04/20/2037^(b)(e)		1,000,000		1,000,000
Bain Capital Credit CLO 2020-4, Ltd., 3M US SOFR + 7.98%, 10/20/2036^(b)(e)		1,000,000		1,002,277
Bain Capital Credit CLO 2022-3, Ltd., 3M US SOFR + 3.70%, 07/17/2035^(b)(e)		1,000,000		993,523
Barings CLO, Ltd. 2018-III, 3M CME TERM SOFR + 3.16%, 07/20/2029^(b)(e)		1,000,000		1,001,514
Carlyle US CLO 2022-6, Ltd., 3M US SOFR + 4.75%, 10/25/2036^(b)(e)		1,000,000		1,015,767
CIFC Funding 2019-V, Ltd., 3M US SOFR + 3.41%, 01/15/2035^(b)(e)		1,000,000		999,190
CIFC Funding 2022-VII, Ltd., 3M US SOFR + 5.35%, 10/22/2035^(b)(e)		1,000,000		1,015,597
Clover CLO 2021-3 LLC, 3M US SOFR + 3.36%, 01/25/2035^(b)(e)		1,250,000		1,250,094
HPS Loan Management CLO 6-2015, Ltd., 3M US SOFR + 5.36%, 02/05/2031^(b)(e)		834,000		797,251
Park Avenue Institutional Advisers CLO, Ltd. 2022-1, 3M US SOFR + 7.29%, 04/20/2035^(b)(e)		1,000,000		999,263
Rad CLO 5, Ltd., 3M US SOFR + 6.96%, 07/24/2032^(b)(e)		500,000		501,179
Romark CLO IV, Ltd., 3M US SOFR + 7.21%, 07/10/2034^(b)(e)		1,000,000		964,624
Sound Point CLO XXXII, Ltd., 3M US SOFR + 6.96%, 10/25/2034^(b)(e)		1,000,000		878,854
				13,422,482

TOTAL COLLATERALIZED LOAN OBLIGATION SECURITIES
(Cost $14,941,242)				14,895,135

CORPORATE BONDS - 3.26%
Aerospace & Defense - 0.10%
Moog, Inc., 4.250%, 12/15/2027^(e)		15,000		14,162
TransDigm, Inc.:
4.625%, 01/15/2029		11,000		10,221
4.880%, 05/01/2029		105,000		97,794
Triumph Group, Inc., 9.000%, 03/15/2028^(e)		68,000		71,773
				193,950

Automobile Components - 0.04%
American Axle & Manufacturing, Inc., 5.000%, 10/01/2029		15,000		13,524
Patrick Industries, Inc., 4.750%, 05/01/2029^(e)		45,000		42,083
Phinia, Inc., 6.750%, 04/15/2029^(e)		14,000		14,152
				69,759

Automobiles - 0.01%
Thor Industries, Inc., 4.000%, 10/15/2029^(e)		17,000		15,229

Banks - 0.05%
Intesa Sanpaolo SpA, 5.710%, 01/15/2026^(e)		85,000		84,309
Popular, Inc., 7.250%, 03/13/2028		5,000		5,128
				89,437

Broadline Retail - 0.06%
Macy's Retail Holdings LLC, 6.125%, 03/15/2032^(e)		7,000		6,792
Nordstrom, Inc., 5.000%, 01/15/2044		32,000		24,823
Rakuten Group, Inc., 11.250%, 02/15/2027^(e)		87,000		92,306
				123,921

	Principal
	Amount		Value

Building Products - 0.02%
Griffon Corp., 5.750%, 03/01/2028	$	45,000	$	44,103

Capital Markets - 0.02%
Kodiak Gas Services LLC, 7.250%, 02/15/2029^(e)		40,000		40,770

Chemicals - 0.05%
Chemours Co., 5.750%, 11/15/2028^(e)		55,000		50,784
CVR Partners LP / CVR Nitrogen Finance Corp., 6.125%, 06/15/2028^(e)		15,000		14,431
Mativ Holdings, Inc., 6.875%, 10/01/2026^(e)		20,000		19,924
Tronox, Inc., 4.625%, 03/15/2029^(e)		20,000		17,964
				103,103

Commercial Services & Supplies - 0.00%
Deluxe Corp., 8.000%, 06/01/2029^(e)		10,000		9,231

Communications Equipment - 0.01%
Viasat, Inc., 6.500%, 07/15/2028^(e)		32,000		24,741

Construction & Engineering - 0.01%
Great Lakes Dredge & Dock Corp., 5.250%, 06/01/2029^(e)		14,000		12,475
Tutor Perini Corp., 6.875%, 05/01/2025^(e)		10,000		9,906
				22,381

Consumer Finance - 0.26%
Ally Financial, Inc., 6.700%, 02/14/2033		27,000		27,304
Enova International, Inc., 8.500%, 09/15/2025^(e)		15,000		14,979
FirstCash, Inc.:
4.630%, 09/01/2028^(e)		20,000		18,844
5.625%, 01/01/2030^(e)		20,000		19,024
6.875%, 03/01/2032^(e)		39,000		39,030
goeasy, Ltd.:
9.250%, 12/01/2028^(e)		57,000		60,848
7.625%, 07/01/2029^(e)		20,000		20,048
Navient Corp.:
5.000%, 03/15/2027		20,000		19,175
4.880%, 03/15/2028		50,000		46,648
9.375%, 07/25/2030		19,000		20,345
11.500%, 03/15/2031		20,000		22,282
5.625%, 08/01/2033		20,000		16,574
OneMain Finance Corp.:
3.880%, 09/15/2028		60,000		53,585
5.375%, 11/15/2029		15,000		14,116
7.875%, 03/15/2030		33,000		34,073
PRA Group, Inc., 8.375%, 02/01/2028^(e)		10,000		9,958
Synchrony Financial, 7.250%, 02/02/2033		51,000		50,687
World Acceptance Corp., 7.000%, 11/01/2026^(e)		15,000		13,968
				501,488

Containers & Packaging - 0.01%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 4.000%, 09/01/2029^(e)		35,000		28,250

Diversified Consumer Services - 0.01%
Adtalem Global Education, Inc., 5.500%, 03/01/2028^(e)		25,000		23,954

Diversified REITs - 0.06%
Service Properties Trust:
4.750%, 10/01/2026		10,000		9,329
4.950%, 02/15/2027		80,000		74,062
3.950%, 01/15/2028		15,000		12,850
4.375%, 02/15/2030		20,000		15,288
				111,529

	Principal
	Amount		Value

Diversified Telecommunication Services - 0.11%
Cogent Communications Group, Inc., 7.000%, 06/15/2027^(e)	$	67,000	$	66,762
Consolidated Communications, Inc., 6.500%, 10/01/2028^(e)		27,000		23,653
Frontier Communications Holdings LLC:
6.750%, 05/01/2029^(e)		100,000		89,229
5.875%, 11/01/2029		22,000		18,613
6.000%, 01/15/2030^(e)		15,000		12,722
Level 3 Financing, Inc., L + 11.00%, 11/15/2029^(e)		412		429
				211,408

Electric Utilities - 0.02%
NRG Energy, Inc.:
3.375%, 02/15/2029^(e)		35,000		31,126
3.625%, 02/15/2031^(e)		16,000		13,824
				44,950

Energy Equipment & Services - 0.18%
Archrock Partners LP / Archrock Partners Finance Corp., 6.250%, 04/01/2028^(e)		49,000		48,513
Enerflex, Ltd., 9.000%, 10/15/2027^(e)		45,000		46,269
Helix Energy Solutions Group, Inc., 9.750%, 03/01/2029^(e)		25,000		26,779
Nabors Industries, Ltd., 7.500%, 01/15/2028^(e)		55,000		51,640
Precision Drilling Corp., 6.875%, 01/15/2029^(e)		35,000		34,968
Transocean, Inc.:
7.500%, 01/15/2026^(e)		25,000		24,925
11.500%, 01/30/2027^(e)		30,000		31,290
7.500%, 04/15/2031		25,000		23,267
Valaris, Ltd., 8.375%, 04/30/2030^(e)		50,000		51,619
				339,270

Financial Services - 0.16%
Burford Capital Global Finance LLC, 9.250%, 07/01/2031^(e)		40,000		42,385
Compass Group Diversified Holdings LLC, 5.250%, 04/15/2029^(e)		20,000		19,024
Encore Capital Group, Inc., 9.250%, 04/01/2029^(e)		15,000		15,385
Nationstar Mortgage Holdings, Inc.:
6.000%, 01/15/2027^(e)		50,000		49,327
5.500%, 08/15/2028^(e)		70,000		67,070
7.125%, 02/01/2032^(e)		6,000		5,963
PennyMac Financial Services, Inc.:
4.250%, 02/15/2029^(e)		85,000		77,783
7.875%, 12/15/2029^(e)		19,000		19,540
5.750%, 09/15/2031^(e)		15,000		13,929
PHH Mortgage Corp., 7.875%, 03/15/2026^(e)		6,000		5,816
				316,222

Food Products - 0.02%
Post Holdings, Inc., 4.625%, 04/15/2030^(e)		50,000		45,938

Gas Utilities - 0.04%
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.000%, 06/01/2031^(e)		62,000		56,571
Superior Plus LP / Superior General Partner, Inc., 4.500%, 03/15/2029^(e)		30,000		27,761
				84,332

Health Care Equipment & Supplies - 0.04%
AdaptHealth LLC:
6.125%, 08/01/2028^(e)		35,000		32,905
5.125%, 03/01/2030^(e)		40,000		34,920
				67,825

Health Care Providers & Services - 0.11%
CHS/Community Health Systems, Inc.:
8.000%, 03/15/2026^(e)		48,000		47,940
6.875%, 04/15/2029^(e)		9,000		6,747
6.125%, 04/01/2030^(e)		23,000		16,605
10.875%, 01/15/2032^(e)		22,000		22,688

	Principal
	Amount		Value

Health Care Providers & Services (continued)
DaVita, Inc.:
4.625%, 06/01/2030^(e)	$	100,000	$	89,594
3.750%, 02/15/2031^(e)		15,000		12,572
ModivCare Escrow Issuer, Inc., 5.000%, 10/01/2029^(e)		35,000		25,411
				221,557

Health Care REITs - 0.01%
MPT Operating Partnership LP / MPT Finance Corp., 5.250%, 08/01/2026		15,000		13,747

Hotels, Restaurants & Leisure - 0.08%
Bloomin' Brands, Inc. / OSI Restaurant Partners LLC, 5.125%, 04/15/2029^(e)		10,000		9,300
Churchill Downs, Inc., 4.750%, 01/15/2028^(e)		30,000		28,580
NCL Corp., Ltd.:
5.875%, 03/15/2026^(e)		110,000		108,659
7.750%, 02/15/2029^(e)		10,000		10,392
				156,931

Household Durables - 0.12%
Beazer Homes USA, Inc.:
5.875%, 10/15/2027		29,000		28,615
7.250%, 10/15/2029		15,000		15,208
Dream Finders Homes, Inc., 8.250%, 08/15/2028^(e)		20,000		20,897
LGI Homes, Inc., 8.750%, 12/15/2028^(e)		23,000		24,282
M/I Homes, Inc., 3.950%, 02/15/2030		51,000		45,903
Tempur Sealy International, Inc.:
4.000%, 04/15/2029^(e)		85,000		77,215
3.880%, 10/15/2031^(e)		15,000		12,753
				224,873

Household Products - 0.02%
Energizer Holdings, Inc., 4.750%, 06/15/2028^(e)		44,000		40,794

Independent Power and Renewable Electricity Producers - 0.06%
Vistra Operations Co. LLC:
5.000%, 07/31/2027^(e)		20,000		19,383
4.375%, 05/01/2029^(e)		30,000		27,823
7.750%, 10/15/2031^(e)		57,000		59,736
				106,942

Industrial Conglomerates - 0.03%
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 6.250%, 05/15/2026		50,000		48,305

Interactive Media & Services - 0.03%
ANGI Group LLC, 3.875%, 08/15/2028^(e)		34,000		29,542
Cinemark USA, Inc., 5.250%, 07/15/2028^(e)		30,000		28,428
				57,970

IT Services - 0.05%
Conduent Business Services LLC / Conduent State & Local Solutions, Inc., 6.000%, 11/01/2029^(e)		40,000		36,235
Sabre GLBL, Inc.:
8.625%, 06/01/2027^(e)		41,000		36,013
11.250%, 12/15/2027^(e)		22,000		20,661
				92,909

Machinery - 0.04%
Allison Transmission, Inc., 4.750%, 10/01/2027^(e)		30,000		28,893
Esab Corp., 6.250%, 04/15/2029^(e)		8,000		8,047
Park-Ohio Industries, Inc., 6.625%, 04/15/2027		5,000		4,686
Titan International, Inc., 7.000%, 04/30/2028		25,000		24,693
Wabash National Corp., 4.500%, 10/15/2028^(e)		2,000		1,837
				68,156

	Principal
	Amount		Value

Marine Transportation - 0.01%
Danaos Corp., 8.500%, 03/01/2028^(e)	$	17,000	$	17,430

Media - 0.21%
Advantage Sales & Marketing, Inc., 6.500%, 11/15/2028^(e)		55,000		51,864
AMC Networks, Inc., 4.250%, 02/15/2029		28,000		19,865
CCO Holdings LLC / CCO Holdings Capital Corp.:
5.125%, 05/01/2027^(e)		30,000		28,603
5.000%, 02/01/2028^(e)		30,000		27,947
5.375%, 06/01/2029^(e)		12,000		10,994
4.750%, 03/01/2030^(e)		5,000		4,296
7.375%, 03/01/2031^(e)		20,000		19,626
4.500%, 05/01/2032		18,000		14,477
Clear Channel Outdoor Holdings, Inc.:
7.750%, 04/15/2028^(e)		98,000		85,908
7.500%, 06/01/2029^(e)		26,000		21,526
CSC Holdings LLC:
7.500%, 04/01/2028^(e)		5,000		3,374
11.250%, 05/15/2028^(e)		24,000		23,803
5.750%, 01/15/2030^(e)		10,000		5,302
Gray Television, Inc.:
4.750%, 10/15/2030^(e)		41,000		26,922
5.375%, 11/15/2031^(e)		15,000		9,850
Nexstar Media, Inc.:
5.625%, 07/15/2027^(e)		20,000		19,200
4.750%, 11/01/2028^(e)		10,000		9,121
Scripps Escrow, Inc., 5.875%, 07/15/2027^(e)		15,000		12,564
Sinclair Television Group, Inc., 5.500%, 03/01/2030^(e)		12,000		8,651
Sirius XM Radio, Inc., 4.000%, 07/15/2028^(e)		10,000		9,155
				413,048

Metals & Mining - 0.13%
Eldorado Gold Corp., 6.250%, 09/01/2029^(e)		35,000		33,661
FMG Resources August 2006 Pty, Ltd.:
5.875%, 04/15/2030^(e)		10,000		9,848
6.125%, 04/15/2032^(e)		30,000		29,695
GrafTech Global Enterprises, Inc., 9.875%, 12/15/2028^(e)		10,000		7,436
IAMGOLD Corp., 5.750%, 10/15/2028^(e)		29,000		26,643
Mineral Resources, Ltd.:
8.125%, 05/01/2027^(e)		48,000		48,596
8.000%, 11/01/2027^(e)		35,000		35,751
New Gold, Inc., 7.500%, 07/15/2027^(e)		25,000		25,082
SunCoke Energy, Inc., 4.880%, 06/30/2029^(e)		34,000		30,819
				247,531

Mortgage Real Estate Investment - 0.09%
Apollo Commercial Real Estate Finance, Inc., 4.625%, 06/15/2029^(e)		32,000		26,911
Rithm Capital Corp., 8.000%, 04/01/2029^(e)		44,000		42,745
Starwood Property Trust, Inc.:
3.630%, 07/15/2026^(e)		10,000		9,391
4.380%, 01/15/2027^(e)		100,000		94,149
7.250%, 04/01/2029^(e)		8,000		8,074
				181,270

Office REITs - 0.01%
Vornado Realty LP, 3.400%, 06/01/2031		20,000		15,842

Oil, Gas & Consumable Fuels - 0.37%
Berry Petroleum Co. LLC, 7.000%, 02/15/2026^(e)		15,000		14,817
Calumet Specialty Products Partners LP / Calumet Finance Corp.:
8.125%, 01/15/2027^(e)		12,000		11,711
9.750%, 07/15/2028^(e)		18,000		17,887
CNX Resources Corp.:
6.000%, 01/15/2029^(e)		52,000		50,962
7.250%, 03/01/2032^(e)		16,000		16,280

	Principal
	Amount		Value

Oil, Gas & Consumable Fuels (continued)
CVR Energy, Inc., 8.500%, 01/15/2029^(e)	$	70,000	$	70,930
Delek Logistics Partners LP / Delek Logistics Finance Corp.:
7.125%, 06/01/2028^(e)		27,000		26,360
8.625%, 03/15/2029^(e)		18,000		18,393
Energean PLC, 6.500%, 04/30/2027^(e)		10,000		9,437
EnQuest PLC, 11.625%, 11/01/2027^(e)		9,000		9,024
Global Partners LP / GLP Finance Corp., 7.000%, 08/01/2027		30,000		30,037
Hess Midstream Operations LP, 5.625%, 02/15/2026^(e)		30,000		29,779
New Fortress Energy, Inc., 6.500%, 09/30/2026^(e)		115,000		110,799
NGL Energy Operating LLC / NGL Energy Finance Corp.:
8.125%, 02/15/2029^(e)		18,000		18,447
8.375%, 02/15/2032^(e)		10,000		10,258
Northern Oil & Gas, Inc.:
8.125%, 03/01/2028^(e)		60,000		60,944
8.750%, 06/15/2031^(e)		11,000		11,629
Parkland Corp.:
5.875%, 07/15/2027^(e)		30,000		29,762
4.500%, 10/01/2029^(e)		24,000		22,220
4.630%, 05/01/2030^(e)		35,000		32,297
PBF Holding Co. LLC / PBF Finance Corp., 7.875%, 09/15/2030^(e)		28,000		29,069
Sunoco LP / Sunoco Finance Corp., 4.500%, 05/15/2029		83,000		77,226
W&T Offshore, Inc., 11.750%, 02/01/2026^(e)		15,000		15,598
				723,866

Paper & Forest Products - 0.02%
Louisiana-Pacific Corp., 3.625%, 03/15/2029^(e)		20,000		18,201
Mercer International, Inc., 5.125%, 02/01/2029		22,000		19,363
				37,564

Passenger Airlines - 0.04%
Air Canada, 3.875%, 08/15/2026^(e)		15,000		14,332
American Airlines, Inc., 7.250%, 02/15/2028^(e)		70,000		71,142
				85,474

Personal Care Products - 0.03%
Edgewell Personal Care Co., 5.500%, 06/01/2028^(e)		50,000		48,911

Real Estate Management & Development - 0.08%
Forestar Group, Inc., 3.850%, 05/15/2026^(e)		30,000		28,676
Howard Hughes Corp., 4.380%, 02/01/2031^(e)		50,000		43,464
Newmark Group, Inc., 7.500%, 01/12/2029^(e)		42,000		43,232
Realogy Group LLC / Realogy Co.-Issuer Corp., 5.750%, 01/15/2029^(e)		50,000		35,458
				150,830

Retail REITs - 0.01%
Brandywine Operating Partnership LP, 4.550%, 10/01/2029		20,000		17,407

Semiconductors & Semiconductor Equipment - 0.04%
ams-OSRAM AG, 12.250%, 03/30/2029^(e)		30,000		30,175
Coherent Corp., 5.000%, 12/15/2029^(e)		50,000		47,144
				77,319

Software - 0.05%
MicroStrategy, Inc., 6.125%, 06/15/2028^(e)		34,000		32,839
RingCentral, Inc., 8.500%, 08/15/2030^(e)		20,000		20,812
SS&C Technologies, Inc., 5.500%, 09/30/2027^(e)		40,000		39,144
				92,795

Specialized REITs - 0.07%
Iron Mountain, Inc.:
7.000%, 02/15/2029^(e)		17,000		17,342
5.625%, 07/15/2032^(e)		57,000		53,893
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 6.000%, 01/15/2030^(e)		20,000		14,933

	Principal
	Amount		Value

Specialized REITs (continued)
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC, 6.500%, 02/15/2029^(e)	$	58,000	$	45,003
				131,171

Specialty Retail - 0.12%
Asbury Automotive Group, Inc., 5.000%, 02/15/2032^(e)		20,000		18,136
Bath & Body Works, Inc., 6.950%, 03/01/2033		20,000		19,954
Foot Locker, Inc., 4.000%, 10/01/2029^(e)		32,000		26,971
Gap, Inc.:
3.625%, 10/01/2029^(e)		62,000		54,372
3.875%, 10/01/2031^(e)		45,000		38,111
Upbound Group, Inc., 6.375%, 02/15/2029^(e)		32,000		31,096
Victoria's Secret & Co., 4.625%, 07/15/2029^(e)		42,000		34,507
				223,147

Technology Hardware, Storage & Peripherals - 0.07%
Pitney Bowes, Inc., 7.250%, 03/15/2029^(e)		17,000		15,197
Xerox Holdings Corp., 5.500%, 08/15/2028^(e)		134,000		122,140
				137,337

Textiles, Apparel & Luxury Goods - 0.06%
Crocs, Inc., 4.250%, 03/15/2029^(e)		25,000		22,878
Hanesbrands, Inc., 9.000%, 02/15/2031^(e)		69,000		70,949
Wolverine World Wide, Inc., 4.000%, 08/15/2029^(e)		25,000		20,087
				113,914

Tobacco - 0.01%
Vector Group, Ltd., 5.750%, 02/01/2029^(e)		30,000		27,824

Trading Companies & Distributors - 0.01%
BlueLinx Holdings, Inc., 6.000%, 11/15/2029^(e)		17,000		16,593

TOTAL CORPORATE BONDS
(Cost $6,111,770)				6,303,248

	Shares		Value
COMMON STOCK - 0.14%
Health Care Equipment & Supplies - 0.01%
Carestream Health Holdings Inc^(b)(f)		55,510		16,653

Health Care Providers & Services - 0.13%
Envision Healthcare Corp. Equity^(b)(f)		29,091		254,546

TOTAL COMMON STOCK
(Cost $2,026,807)				271,199

SHORT-TERM INVESTMENTS - 6.53%
Open-end Investment Companies - 6.53%
Bank of New York Cash Reserve
(0.00% 7-Day Yield)		12,637,621		12,637,621

TOTAL SHORT-TERM INVESTMENTS
(Cost $12,637,621)				12,637,621

Total Investments- 154.98%
(Cost $303,879,062)	$	299,841,105

Liabilities in Excess of Other Assets - (8.15)%		(15,767,721	)

Leverage Facility - (46.83)%		(90,600,000	)

Net Assets - 100.00%	$	193,473,384

Amounts above are shown as a percentage of net assets as of March 31, 2024.

Investment Abbreviations:

LIBOR - London Interbank Offered Rate

SOFR - Secured Overnight Financing Rate

Reference Rates:

1M US L - 1 Month LIBOR as of March 31, 2024 was 5.44%

3M US L - 3 Month LIBOR as of March 31, 2024 was 5.56%

6M US L - 6 Month LIBOR as of March 31, 2024 was 3.85 and 5.65%

1M US SOFR - 1 Month SOFR as of March 31, 2024 was 5.33%

3M US SOFR - 3 Month SOFR as of March 31, 2024 was 5.30%

1M CME TERM SOFR – 1M CME TERM SOFR as of March 31, 2024 was 5.33%

3M CME TERM SOFR – 3M CME TERM SOFR as of March 31, 2024 was 5.30%

6M US SOFR - 6 Month SOFR as of March 31, 2024 was 5.22%

6M CME TERM SOFR – 6M CME TERM SOFR as of March 31, 2024 was 5.22%

PRIME - US Prime Rate as of March 31, 2024 was 8.50%

^(a)

Floating or variable rate security. The reference rate is described above. The rate in effect as of March 31, 2024 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)

Security is in default as of period end.

^(d)

A portion of this position was not funded as of March 31, 2024. The Portfolio of Investments records only the funded portion of each position. As of March 31, 2024, the Fund has unfunded delayed draw loans in the amount of $452,196. Fair value of these unfunded delayed draws was $454,222. Additional information is provided in Note 4 General Commitments and Contingencies.

^(e)

Security exempt from registration under Rule 144A of the Securities Act of 1933. Total market value of Rule 144A securities amounts to $20,149,264, which represented approximately 10.41% of net assets as of March 31, 2024. Such securities may normally be sold to qualified institutional buyers in transactions exempt from registration.

^(f)

Non-income producing security.

NOTE 1. ORGANIZATION

Blackstone Senior Floating Rate 2027 Term Fund (formerly known as Blackstone Senior Floating Rate Term Fund) (“BSL”, the “Fund”, “we”, “us” or “our”), 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 (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 “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 Board approved a proposal to amend BSL's charter to allow an extension of up to five years in length (the “Charter Amendment”). The 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.

On January 26, 2022, the Securities and Exchange Commission (the “SEC”) declared effective a registration statement filed under the “shelf” registration process for BSL. Pursuant to the shelf registration, BSL may offer, from time to time, in one or more offerings, up to $100,000,000 of common shares. These shares may be offered and sold to or through underwriters, through dealers or agents that BSL designates from time to time, directly to purchasers, through at-the-market (“ATM”) offerings or through a combination of these methods. On February 1, 2022, BSL launched an ATM offering to sell up to $50,000,000 aggregate amount of its common shares. For the period ended March 31, 2024, BSL has not sold any shares pursuant to this shelf registration.

The Fund was previously classified as a non-diversified investment company for purposes of the 1940 Act. As a result of ongoing operations, the Fund as of April 1, 2014 is now classified as a diversified company. This means that with respect to 75% of the Fund’s total assets, no more than 5% of such Fund’s total assets may be invested in any one issuer, excepting cash and cash items, U.S. government securities, and securities of other investment companies. The Fund may not resume operating in a non-diversified manner without first obtaining shareholder approval in accordance with the 1940 Act.

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 in Note 3) 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, if any, are ordinarily valued at the last sales price on the securities or commodities exchange on which they are traded. Open-end investment companies are generally valued at their closing net asset values as reported on each business day. To the extent current market quotations are not readily available, 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.

In accordance with Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the valuation designee to perform fair value determinations related to the Fund’s investments, subject to the Board’s oversight and periodic reporting requirements.

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 (the “Fair Valued Asset Committee”) under procedures established by, and under the general supervision and responsibility 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 Adviser as valuation designee 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, 2024:

Investments in Securities at Fair Value*	Level 1 - Quoted Prices		Level 2 - Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Floating Rate Loan Interests
Aerospace & Defense	$	–	$	10,969,878	$	1,060,697	$	12,030,575
Automobile Components		–		5,154,278		650,678		5,804,956
Building Products		–		3,017,128		804,325		3,821,453
Chemicals		–		3,728,793		1,512,968		5,241,761
Commercial Services & Supplies		–		14,503,984		2,398,178		16,902,162
Electronic Equipment, Instruments & Components		–		1,636,222		2,058,101		3,694,323
Health Care Technology		–		6,749,939		1,200,014		7,949,953
Media		–		8,153,956		445,812		8,599,768
Mortgage Real Estate Investment		–		295,361		295,801		591,162
Professional Services		–		14,976,118		154,586		15,130,704
Real Estate Management & Development		–		580,269		793,856		1,374,125
Software		–		29,868,557		1,597,700		31,466,257
Other		–		153,126,703		–		153,126,703
Collateralized Loan Obligation Securities
Consumer Finance		–		–		1,472,653		1,472,653
Financial Services		–		–		13,422,482		13,422,482
Corporate Bonds		–		6,303,248		–		6,303,248
Common Stock
Health Care Equipment & Supplies		–		–		16,653		16,653
Health Care Providers & Services		–		–		254,546		254,546
Short-Term Investments		12,637,621		–		–		12,637,621
Total	$	12,637,621	$	259,064,434	$	28,139,050	$	299,841,105

Other Financial Instruments	Level 1 - Quoted Prices		Level 2 - Significant Observable Inputs			Level 3 - Significant Unobservable Inputs			Total
Liabilities
Net Unrealized Depreciation on Unfunded Loan Commitments		–		(1,861	)		(659	)		(2,520	)
Total		–		(1,861	)		(659	)		(2,520	)

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

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of March 31, 2024, the Fund's outstanding borrowings of $90,600,000 under its Leverage Facility are categorized as Level 2 within the fair value hierarchy.

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

Blackstone Senior Floating Rate 2027 Term Fund	Floating Rate Loan Interests			Collateralized Loan Obligation Securities			Common Stock			Unfunded Loan Commitments			Total
Balance as of December 31, 2023	$	9,566,894		$	13,259,309		$	247,274		$	1,036		$	23,074,513
Accrued discount/ premium		2,357			1,623			–			–			3,980
Realized Gain/(Loss)		(5,851	)		(4,585	)		–			–			(10,436	)
Change in Unrealized Appreciation/(Depreciation)		521,698			133,913			7,272			(1,695	)		661,188
Purchases⁽¹⁾		5,962,316			2,000,300			–			–			7,962,616
Sales Proceeds⁽²⁾		(5,115,495	)		(495,425	)		–			–			(5,610,920	)
Transfer into Level 3		4,536,655			–			16,653			–			4,553,308
Transfer out of Level 3		(2,495,858	)		–			–			–			(2,495,858	)
Balance as of March 31, 2024	$	12,972,716		$	14,895,135		$	271,199		$	(659	)	$	28,138,391
Net change in unrealized appreciation/(depreciation) attributable to Level 3 investments held at March 31, 2024	$	45,917		$	128,690		$	(129	)	$	(659	)	$	173,819

(1)

Purchases include all purchases of securities and securities received in corporate actions.

(2)

Sales Proceeds include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

Information about Level 3 fair value measurements as of March 31, 2024:

Blackstone Senior Floating Rate 2027 Term Fund	Fair Value			Valuation Technique(s)	Unobservable Input(s)	Value/Range (Weighted Average)
Assets
Floating Rate Loan Interests	$	12,972,716		Third-party vendor pricing service	Broker quotes	N/A
Collateralized Loan Obligation Securities		14,895,135		Third-party vendor pricing service	Broker quotes	N/A
Common stock		271,199		Third-party vendor pricing service	Broker quotes	N/A
Unfunded Loan Commitments		(659	)	Third-party vendor pricing service	Broker quotes	N/A

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.

When the Fund sells a floating rate loan interest, it may pay an agency fee. The Fund earns facility and other fees on floating rate loan interests, and facility fees are typically amortized to income over the term of the loan. Consent and amendment fees are also recorded to income as earned.

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, 2024, 91.01% 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 prepayment from Borrowers’ excess cash flows or permit the Borrowers’ to repay at their election. The degree to which Borrowers repay, whether as a contractual requirements 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”) and the Secured Overnight Financing Rate (“SOFR”) (subject to the LIBOR transition as described below and in “Principal Risks—LIBOR Risk”), plus a premium or credit spread.

The United Kingdom’s Financial Conduct Authority announced a phase out of LIBOR in 2017. Although many LIBOR rates ceased to be published or were no longer representative of the underlying market they sought to measure after December 31, 2021, a selection of widely used U.S. dollar LIBOR rates were published through June 30, 2023 in order to assist with the transition. Further, on March 15, 2022, the Consolidated Appropriations Act of 2022, which includes the Adjustable Interest Rate (LIBOR) Act, was signed into law in the United States. This legislation establishes a uniform benchmark replacement process for financial contracts that mature after June 30, 2023 that do not contain clearly defined or practicable fallback provisions. The U.S. Federal Reserve System, in conjunction with the Alternative Reference Rates Committee, a steering committee comprised of large U.S. financial institutions, has begun publishing SOFR, which is their preferred alternative rate for U.S. dollar LIBOR, and which is 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 continued transition away from LIBOR and the nature of any replacement rate. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication. Markets are in the process of developing in response to these new rates, and there has been no global consensus as to an alternative rate. There could be significant operational challenges which could affect the funds performance for the continued transition away from LIBOR. The Fund and our portfolio companies and/or obligors may need to amend or restructure our existing LIBOR-based debt instruments and any related hedging arrangements, depending on the applicable LIBOR tenor. Such amendments and restructurings may be difficult, costly and time consuming. The Fund may invest, or remain invested, in floating rate loans and investment securities whose interest rates are indexed to LIBOR.

Loans will usually require, in addition to scheduled payments of interest and principal, the prepayment of the Loan from free cash flow, as described above. The degree to which borrowers prepay Loans, whether as a contractual requirement or at their election, may be affected by general business conditions, the financial condition of the borrower and competitive conditions among loan investors, among others. As such, prepayments cannot be predicted with accuracy. Market conditions in the past, including falling default rates among others, have led to increased prepayment frequency and loan renegotiations. These renegotiations are often on terms more favorable to borrowers. Upon a prepayment, either in part or in full, the actual outstanding debt on which the Fund derives interest income will be reduced. However, the Fund may receive a prepayment penalty fee assessed against the prepaying borrower.

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 the Fund. Risk of loss 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, 2024, BSL had invested $7,398,290 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, 2024, BSL had unfunded loan commitments outstanding, which could be extended at the option of the borrower, as detailed below:

Borrower	Par Value		Fair Value		Unrealized Depreciation
Action Environmental Group, Inc., First Lien Term Loan	$	146,612	$	146,979	$	(659	)
Ryan LLC., First Lien Term Loan		52,063		52,389		(326	)
Touchdown Acquirer Inc aka TenCate., First Lien Term Loan		87,951		88,335		(385	)
Culligan 11/23 Incre CovLi., First Lien Term Loan		165,570		166,519		(1,150	)
Total	$	452,196	$	454,222	$	(2,520	)

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, 2024, BSL recorded a net increase in unrealized depreciation on unfunded loan commitments totaling $7,823.

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”). BSL entered into an agreement dated October 4, 2019, as amended on October 2, 2020, October 1, 2021, November 29, 2021, September 30, 2022 and September 29, 2023, and as may be amended, restated, supplemented, or modified from time to time, to borrow up to a limit of $100 million, with $34 million for tranche A loans ("BSL Tranche A Loans") and $66 million for tranche B loans ("BSL Tranche B Loans"). Borrowings under the Agreement are secured by the assets of the Fund.

Interest on the Fund's Leverage Facility is charged at a rate of 1.00% above adjusted term SOFR with respect to BSL Tranche A Loans, 1.30% above adjusted term SOFR for one (1) month interest period BSL Tranche B Loans and 1.20% above adjusted term SOFR for three (3) month interest period BSL Tranche B Loans, with adjusted term SOFR measured for the period commencing on the date of the making of such Loan at adjusted term SOFR (or the last date upon which any other Loan was converted to, or continued as, such Loan at adjusted term SOFR) and ending on the numerically corresponding day in the calendar month that is one (1), or three (3) 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 BSL Tranche A Loans and BSL Tranche B Loans is 0.15% on the undrawn amounts when drawn amounts exceed 75% of the borrowing limit and 0.25% on the undrawn amounts at any other time. Interest and fees are generally payable at the end of the respective interest period. The Fund may elect to extend the Agreement for a further period with the consent of the lending bank. At March 31, 2024, BSL had borrowings outstanding under its Leverage Facility of $90,600,000, at an interest rate of 6.49%. Due to the short term nature of the Agreement, face value approximates fair value at March 31, 2024. 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, 2024, the average borrowings under BSL’s Leverage Facility and the weighted average interest rate were $90,358,242 and 6.56%, respectively. During the period ended March 31, 2024, the Fund incurred $50,616 for commitment fees on undrawn amounts.

Under the Agreement, the Fund has agreed to certain covenants and additional investment limitations while the leverage is outstanding. The Fund has 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, 2024, 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, 2024, BSL’s leverage represented 31.89% of the Fund’s Managed Assets.

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