Blackstone / GSO Senior Floating Rate Term Fund (BSL) NPORT-P Blackstone Senior Floating Rate Term Fund (Sep 2022 report)

Blackstone Senior Floating Rate Term Fund

Portfolio of Investments 

September 30, 2022 (Unaudited)

	Principal Amount		Value
FLOATING RATE LOAN INTERESTS(a) - 134.95%
Aerospace & Defense - 5.23%
Amentum Government Services Holdings LLC, First Lien Term Loan, 6M US L + 4.00%, 02/15/2029	$	976,531	$	935,028
Atlas CC Acquisition Corp., First Lien B Term Loan, 3M US L + 4.25%, 0.75% Floor, 05/25/2028		1,785,203		1,571,425
Atlas CC Acquisition Corp., First Lien C Term Loan, 3M US L + 4.25%, 0.75% Floor, 05/25/2028		363,888		320,312
Dynasty Acquisition Co., Inc., First Lien 2020 B-1 Term Loan, 1M US L + 3.50%, 04/06/2026		1,302,630		1,206,424
Dynasty Acquisition Co., Inc., First Lien 2020 B-2 Term Loan, 1M US L + 3.50%, 04/06/2026		700,878		649,115
Nordam Group LLC, First Lien Initial Term Loan, 1M US L + 5.50%, 04/09/2026		1,698,399		1,341,735
Peraton Corp., First Lien B Term Loan, 1M US L + 3.75%, 0.75% Floor, 02/01/2028		2,318,266		2,203,222
TransDigm, Inc., First Lien Tranche F Refinancing Term Loan, 3M US L + 2.25%, 12/09/2025		978,089		939,484
Vertex Aerospace Corp., First Lien Term Loan, 3M US L + 3.75%, 12/06/2028		612,308		597,000
				9,763,745
Air Freight & Logistics - 1.25%
Kenan Advantage Group, Inc.,The, First Lien U.S. B-1 Term Loan, 1M US L + 3.75%, 0.75% Floor, 03/24/2026		1,240,887		1,176,523
WWEX UNI TopCo Holdings LLC, First Lien Initial Term Loan, 3M US L + 4.00%, 0.75% Floor, 07/26/2028		1,272,735		1,162,764
				2,339,287
Airlines - 2.52%
AAdvantage Loyality IP, Ltd., First Lien Initial Term Loan, 3M US L + 4.75%, 0.75% Floor, 04/20/2028		1,119,016		1,087,124
Air Canada, First Lien B Term Loan, 3M US L + 3.50%, 0.75% Floor, 08/11/2028		1,397,359		1,332,361
American Airlines, Inc., First Lien 2018 Replacement Term Loan, 1M US L + 1.75%, 06/27/2025		782,743		760,976
American Airlines, Inc., First Lien 2020 Term Loan, 1M US L + 1.75%, 01/29/2027		245,440		226,331
KKR Apple Bidco LLC, Second Lien Initial Term Loan, 1M US L + 5.75%, 0.50% Floor, 09/21/2029		173,714		167,055
United AirLines, Inc., First Lien Class B Term Loan, 3M US L + 3.75%, 0.75% Floor, 04/21/2028		1,184,199		1,135,268
				4,709,115
Auto Components - 1.29%
Burgess Point Purchaser Corp., First Lien Term Loan, 3M US L + 5.25%, 07/25/2029		1,472,000		1,362,520
Wheel Pros, Inc., First Lien Initial Term Loan, 1M US L + 4.50%, 0.75% Floor, 05/11/2028		1,414,315		1,046,197
				2,408,717
Beverages - 1.10%
Triton Water Holdings, Inc., First Lien Initial Term Loan, 3M US L + 3.50%, 0.50% Floor, 03/31/2028		2,279,489		2,056,920
Biotechnology - 0.25%
Grifols Worldwide Operati Tlb, First Lien Term Loan, 3M US L + 2.00%, 11/08/2027		490,301		466,502
Building Products - 1.38%
Arc Falcon I, Inc., First Lien Initial Term Loan, 1M US L + 3.75%, 09/30/2028		71,580		66,271
CP Atlas Buyer, Inc., First Lien B Term Loan, 1M US L + 3.50%, 0.50% Floor, 11/23/2027		1,695,820		1,485,538
Illuminate Merger Sub Corp, First Lien Initial Term Loan, 3M US L + 3.50%, 0.50% Floor, 07/21/2028		436,358		383,452
Kodiak Building Partners Inc. TLB, First Lien Term Loan, 3M US L + 3.25%, 0.75% Floor, 02/25/2028		700,431		645,710
				2,580,971
Capital Markets - 1.19%
Advisor Group Holdings, Inc., First Lien B-1 Term Loan, 1M US L + 4.50%, 07/31/2026		769,660		734,356

	Principal Amount		Value
Capital Markets (continued)
Edelman Financial Engines Center LLC, First Lien Initial (2021) Term Loan, 1M US L + 3.50%, 0.75% Floor, 04/07/2028	$	1,622,370	$	1,493,262
				2,227,618
Chemicals - 4.19%
Ascend Performance Materials Operations LLC, First Lien 2021 Refinancing Term Loan, 3M US L + 4.75%, 0.75% Floor, 08/27/2026		2,099,281		2,060,707
CPC Acquisition Corp., First Lien Initial Term Loan, 3M US L + 3.75%, 0.75% Floor, 12/29/2027		1,179,515		925,424
DCG Acquisition Corp., First Lien B Term Loan, 1M US L + 4.50%, 09/30/2026		663,026		620,479
Geon Performance Solutions LLC, First Lien Term Loan, 3M US L + 4.50%, 0.75% Floor, 08/18/2028		1,153,843		1,117,786
Hyperion Materials & Technologies, Inc., First Lien Initial Term Loan, 4M US L + 4.50%, 0.50% Floor, 08/30/2028		748,279		703,382
Vantage Specialty Chemicals, Inc., First Lien Closing Date Term Loan, 3M US L + 3.50%, 1.00% Floor, 10/28/2024		1,120,805		1,081,230
Vantage Specialty Chemicals, Inc., First Lien Term Loan, 3M US L + 3.50%, 10/28/2024		635,200		612,771
Vantage Specialty Chemicals, Inc., Second Lien Initial Term Loan, 3M US L + 8.25%, 1.00% Floor, 10/27/2025		725,111		704,565
				7,826,344
Commercial & Professional Services - 0.00%(b)
eResearchTechnology, Inc., First Lien Initial Term Loan, 1M US L + 4.50%, 1.00% Floor, 02/04/2027		984		920
Commercial Services & Supplies - 8.66%
Access CIG LLC, First Lien B Term Loan, 3M US L + 3.75%, 02/27/2025		1,075,548		1,032,795
Access CIG LLC, Second Lien Initial Term Loan, 3M US L + 7.75%, 02/27/2026		1,074,290		1,024,604
Allied Universal Holdco LLC, First Lien Initial U.S. Dollar Term Loan, 1M US L + 3.75%, 0.50% Floor, 05/12/2028		2,069,038		1,824,633
Anticimex International AB, First Lien Term Loan, 3M US L + 3.50%, 0.50% Floor, 11/16/2028		563,388		535,219
DG Investment Intermediate Holdings 2, Inc., First Lien Closing Date Initial Term Loan, 1M US L + 3.75%, 0.75% Floor, 03/31/2028		715,836		669,085
DG Investment Intermediate Holdings 2, Inc., Second Lien Initial Term Loan, 1M US L + 6.75%, 0.75% Floor, 03/30/2029		601,071		564,256
Divisions Holding Corp., First Lien B Term Loan, 1M US L + 4.75%, 0.75% Floor, 05/27/2028		550,060		527,370
EAB Global, Inc., First Lien Term Loan, 3M US L + 3.50%, 0.50% Floor, 08/16/2028		696,571		654,404
Foundational Education Group, Inc., First Lien Term Loan, 3M US L + 3.75%, 08/31/2028(c)		580,754		545,909
Garda World Security Corp., First Lien B-2 Term Loan, 3M US L + 4.25%, 10/30/2026		2,151,356		2,030,008
Garda World Security Corp., First Lien Term Loan, 3M US L + 4.25%, 02/01/2029		218,182		203,818
Genuine Financial Holdings LLC, First Lien Initial Term Loan, 1M US L + 3.75%, 07/11/2025		1,418,953		1,380,826
Output Services Group, Inc., First Lien B Term Loan, 3M US L + 4.50%, 1.00% Floor, 03/27/2024		585,422		418,576
Revspring, Inc., First Lien Initial Term Loan, 3M US L + 4.00%, 10/11/2025		1,270,500		1,228,154
Seren BidCo, First Lien Term Loan, 3M US L + 4.00%, 11/16/2028		549,240		525,211
TRC Companies, First Lien Term Loan, 1M US L + 3.75%, 12/08/2028		1,125,051		1,056,614
TRC Companies, Second Lien Term Loan, 1M US L + 6.75%, 12/07/2029		713,846		672,800
United Site Cov-Lite, First Lien Term Loan, 1M US L + 4.25%, 12/15/2028		1,087,671		931,770
Vaco Holdings, LLC, First Lien Term Loan, 3M US L + 5.00%, 01/21/2029		340,286		331,778
				16,157,830
Communications Equipment - 0.33%
MLN US HoldCo LLC, First Lien B Term Loan, 3M US L + 4.50%, 11/30/2025		973,628		613,147
Construction & Engineering - 1.51%
Aegion Corp., First Lien Initial Term Loan, 1M US L + 4.75%, 0.75% Floor, 05/17/2028		1,441,618		1,329,893
Tutor Perini Corp., First Lien B Term Loan, 1M US L + 4.75%, 1.00% Floor, 08/18/2027		1,589,512		1,480,233
				2,810,126
Construction Materials - 0.79%
White Cap Buyer LLC, First Lien Initial Closing Date Term Loan, 1M US L + 3.75%, 0.50% Floor, 10/19/2027		1,568,930		1,471,429

	Principal Amount		Value
Containers & Packaging - 4.94%
Berlin Packaging L.L.C., First Lien Term Loan, 1M US L + 3.75%, 03/11/2028	$	1,011,526	$	957,789
Charter Next Generation, Inc., First Lien Initial (2021) Term Loan, 3M US L + 3.75%, 0.75% Floor, 12/01/2027		804,078		765,068
Clydesdale Acquisition Holdings, Inc., First Lien Term Loan, 3M US L + 4.175%, 0.50% Floor, 04/13/2029		1,911,917		1,808,893
IBC Capital I, Ltd., First Lien Tranche B-1 Term Loan, 1M US L + 3.75%, 09/11/2023		250,054		231,405
IBC Capital, Ltd., Second Lien Tranche B-1 Term Loan, 3M US L + 7.00%, 09/11/2024		620,110		567,844
LABL, Inc., First Lien Term Loan, 1M US L + 5.00%, 10/29/2028		567,143		514,506
ProAmpac PG Borrower LLC, First Lien 2020-1 Term Loan, 3M US L + 3.75%, 0.75% Floor, 11/03/2025		2,445,708		2,303,245
Strategic Materials Holding Corp., Second Lien Initial Term Loan, 3M US L + 7.75%, 1.00% Floor, 10/31/2025(c)		800,000		320,000
Tekni-Plex, Inc., First Lien Delayed Draw Tem Term Loan, 3M US L + 4.00%, 0.50% Floor, 09/15/2028(d)		178,155		169,225
Tekni-Plex, Inc., First Lien Tranche B-3 Initial Term Loan, 3M US L + 4.00%, 0.50% Floor, 09/15/2028		1,658,845		1,575,696
				9,213,671
Distributors - 1.30%
LBM Acquisition LLC, First Lien Initial Term Loan, 3M US L + 3.75%, 0.75% Floor, 12/17/2027		2,767,623		2,429,282
Diversified Consumer Services - 5.55%
Element Materials Technology Group Holdings DTL, First Lien Term Loan, 3M US L + 4.25%, 06/22/2029		571,298		539,162
Element Materials Technology Group Holdings TL, First Lien Term Loan, 3M US L + 4.25%, 06/22/2029		1,237,812		1,168,185
KUEHG Corp, Second Lien Tranche B Term Loan, 1M US L + 8.25%, 1.00% Floor, 08/22/2025		1,444,156		1,413,829
KUEHG Corp., First Lien B-3 Term Loan, 1M US L + 3.75%, 1.00% Floor, 02/21/2025		589,042		558,117
Learning Care Group No. 2, Inc., First Lien Initial Term Loan, 3M US L + 3.25%, 1.00% Floor, 03/13/2025		823,854		781,426
Loyalty Ventures, Inc., First Lien Term Loan, 3M US L + 4.50%, 11/03/2027		510,239		173,992
McKissock Investment Holdings, LLC, First Lien Term Loan, 3M US L + 5.00%, 03/12/2029		270,640		262,521
Pre Paid Legal Services, Inc., First Lien Term Loan, 3M US L + 3.75%, 12/15/2028		1,479,887		1,409,134
Rinchem Company, Inc., First Lien Term Loan, 3M US L + 4.50%, 03/02/2029(c)		513,596		492,410
Spring Education Group, Inc., First Lien Initial Term Loan, 3M US L + 4.25%, 07/30/2025		635,230		606,645
St. George's University Scholastic Services LLC, First Lien Term Loan B Term Loan, 1M US L + 3.25%, 0.50% Floor, 02/10/2029		951,282		903,718
Weld North Education LLC, First Lien Term Loan, 1M US L + 3.75%, 0.50% Floor, 12/21/2027		2,119,418		2,054,945
				10,364,084
Diversified Financial Services - 3.00%
Apex Group Treasury, Ltd., First Lien USD Term Loan, 3M US L + 3.75%, 0.50% Floor, 07/27/2028		754,806		720,839
Lereta, LLC, First Lien Term Loan, 1M US L + 5.25%, 07/30/2028		488,438		417,693
Mitchell International, Inc., First Lien Term Loan, 3M US L + 3.75%, 10/15/2028		2,323,180		2,111,770
Mitchell International, Inc., Second Lien Term Loan, 3M US L + 6.50%, 10/15/2029		412,371		387,113
Outcomes Group Holdings, Inc., Second Lien Initial Term Loan, 3M US L + 7.50%, 10/26/2026		162,722		159,468
Polaris Newco LLC, First Lien Dollar Term Loan, 3M US L + 4.00%, 0.50% Floor, 06/02/2028		1,640,712		1,518,347
Sedgwick Claims Management Services, Inc., First Lien 2020 Term Loan, 1M US L + 4.25%, 1.00% Floor, 09/03/2026		302,400		292,385
				5,607,615
Diversified Telecommunication Services - 1.75%
Level 3 Financing, Inc., First Lien Term Loan, 1M US L + 1.75%, 03/01/2027		369,606		351,963
Numericable U.S. LLC, First Lien USD TLB-[12] Term Loan, 3M US L + 3.6875%, 01/31/2026		490,979		446,791
Telesat Canada, First Lien B-5 Term Loan, 1M US L + 2.75%, 12/07/2026		1,254,928		681,583
Zacapa S.A.R.L., First Lien Term Loan, 3M US L + 4.25%, 03/22/2029		1,876,133		1,787,017
				3,267,354
Electrical Equipment - 0.76%
Madison IAQ LLC, First Lien Initial Term Loan, 3M US L + 3.25%, 0.50% Floor, 06/21/2028		1,529,832		1,417,550

	Principal Amount		Value
Electronic Equipment, Instruments & Components - 1.67%
CPI International, Inc., Second Lien Initial Term Loan, 1M US L + 7.25%, 1.00% Floor, 07/26/2025(c)	$	313,530	$	308,827
Ingram Micro, Inc., First Lien Initial Term Loan, 3M US L + 3.50%, 0.50% Floor, 06/30/2028(c)		750,500		732,676
LTI Holdings, Inc., First Lien Initial Term Loan, 1M US L + 3.25%, 09/06/2025		1,353,771		1,256,300
LTI Holdings, Inc., First Lien Term Loan:
1M US L + 4.50%, 07/24/2026		208,947		197,716
1M US L + 4.50%, 07/24/2026		210,526		199,211
LTI Holdings, Inc., Second Lien Initial Term Loan, 1M US L + 6.75%, 09/06/2026		468,085		413,473
				3,108,203
Energy Equipment & Services - 0.38%
EnergySolutions LLC, First Lien Initial Term Loan, 3M US L + 3.75%, 1.00% Floor, 05/09/2025		757,552		705,827
Entertainment - 3.54%
AMC Entertainment Holdings, Inc., First Lien B-1 Term Loan, 1M US L + 3.00%, 04/22/2026		3,119,868		2,453,792
Amplify Finco Pty, Ltd., First Lien U.S. Dollar Term Loan, 3M US L + 4.25%, 0.75% Floor, 11/26/2026		1,374,872		1,326,752
CE Intermediate I, LLC, First Lien Term Loan, 3M US L + 4.00%, 11/10/2028(c)		866,734		810,396
Crown Finance US, Inc., First Lien Initial Dollar Tranche Term Loan, 3M US L + 2.50%, 1.00% Floor, 02/28/2025		1,435,625		618,919
Crown Finance US, Inc., First Lien Second Amendment Dollar Tranche Term Loan, 3M US L + 2.75%, 09/30/2026		226,131		96,177
Recorded Books, Inc., First Lien 2021 Replacement Term Loan, 1M US L + 4.00%, 08/29/2025		1,346,667		1,299,116
				6,605,152
Food Products - 1.32%
Froneri International, Ltd., First Lien Facility B2 Term Loan, 3M US L + 2.25%, 01/29/2027		1,397,288		1,322,358
Snacking Investments BidCo Pty, Ltd., First Lien Initial US Term Loan, 1M US L + 4.00%, 1.00% Floor, 12/18/2026(c)		1,168,988		1,133,919
				2,456,277
Health Care Equipment & Supplies - 4.42%
Auris Luxembourg III SARL, First Lien Facility B2 Term Loan, 6M US L + 3.75%, 02/27/2026		2,290,524		2,015,661
Carestream Health, Inc. TL 1L, First Lien Term Loan 09/27/2027(c)		155,679	$	155,679
Femur Buyer, Inc., First Lien Initial Term Loan, 3M US L + 4.50%, 03/05/2026		577,571		516,568
Resonetics LLC, First Lien Initial Term Loan, 3M US L + 4.00%, 0.75% Floor, 04/28/2028		259,796		247,456
Tecostar Holdings, Inc., First Lien 2017 Term Loan, 3M US L + 3.50%, 1.00% Floor, 05/01/2024		2,021,856		1,828,516
Viant Medical Holdings, Inc., First Lien Initial Term Loan, 1M US L + 3.75%, 07/02/2025		836,881		781,267
YI LLC, First Lien Initial Term Loan, 1M US L + 4.00%, 1.00% Floor, 11/07/2024		1,352,159		1,325,116
Zest Acquisition Corp., Second Lien Initial Term Loan, 1M US L + 7.00%, 1.00% Floor, 03/13/2026(c)		1,500,000		1,387,500
				8,257,763
Health Care Providers & Services - 12.26%
Covenant Surgical Partners, Inc., First Lien Delayed Draw Term Loan, 1M US L + 4.00%, 07/01/2026		269,360		252,862
Covenant Surgical Partners, Inc., First Lien Initial Term Loan, 1M US L + 4.00%, 07/01/2026		1,309,507		1,229,299
DaVita, Inc., First Lien B Term Loan, 1M US L + 1.75%, 08/12/2026		978,089		932,109
Envision Healthcare Corp., First Lien Term Loan:
3M US L + 4.25%, 03/31/2027		1,454,671		676,422
3M US L + 7.88%, 03/31/2027		223,945		216,667
Genesis Care Finance Pty, Ltd., First Lien Facility B5 Term Loan, 3M US L + 5.00%, 1.00% Floor, 05/14/2027		1,975,617		805,064
Global Medical Response, Inc., First Lien 2018 New Term Loan, 1M US L + 4.25%, 1.00% Floor, 03/14/2025		2,337,065		2,033,410
Heartland Dental Care, Inc., First Lien Term Loan, 3M US L + 5.00%, 04/30/2025(c)		972,222		913,889
Heartland Dental LLC, First Lien 2021 Incremental Term Loan, 1M US L + 4.00%, 04/30/2025		1,096,603		1,019,292
LifePoint Health, Inc., First Lien B Term Loan, 1M US L + 3.75%, 11/16/2025		1,392,207		1,297,983
Loire UK Midco 3, Ltd., First Lien Facility B2 Term Loan, 1M US L + 3.75%, 0.75% Floor, 04/21/2027		939,580		887,123
Medical Solutions LLC, First Lien Term Loan, 3M US L + 3.50%, 11/01/2028		1,391,898		1,328,567

	Principal Amount		Value
Health Care Providers & Services (continued)
NAPA Management Services Corp., First Lien Term Loan, 3M US L + 5.25%, 0.75% Floor, 02/23/2029	$	928,117	$	837,626
National Mentor Holdings, Inc., TL, First Lien Term Loan, 3M US L + 3.75%, 02/18/2028		1,797,366		1,295,227
National Mentor Holdings, Inc., TLC, First Lien Term Loan, 3M US L + 3.75%, 02/18/2028		50,885		36,669
Onex TSG Intermediate Corp., First Lien Initial Term Loan, 1M US L + 4.75%, 0.75% Floor, 02/28/2028		1,398,958		1,240,414
Pathway Vet Alliance LLC, First Lien 2021 Replacement Term Loan, 3M US L + 3.75%, 03/31/2027		1,222,434		1,083,382
Pediatric Associates Holding Co. LLC, First Lien Term Loan:
3M US L + 0.00%, 12/29/2028(d)		2,041		1,969
3M US L + 3.25%, 0.50% Floor, 12/29/2028		26,941		25,998
PetVet Care Centers LLC, First Lien 2021 Replacement Term Loan, 1M US L + 3.50%, 0.75% Floor, 02/14/2025		1,606,413		1,491,956
PetVet Care Centers LLC, Second Lien Initial Term Loan, 1M US L + 6.25%, 02/13/2026		1,120,000		1,073,330
Phoenix Guarantor, Inc., First Lien Tranche B-3 Term Loan, 3M US L + 3.50%, 03/05/2026		1,294,268		1,233,081
Surgery Center Holdings, Inc., First Lien 2021 New Term Loan, 1M US L + 3.75%, 0.75% Floor, 08/31/2026		1,872,658		1,781,722
Team Health Holdings, Inc., First Lien Initial Term Loan, 1M US L + 2.75%, 1.00% Floor, 02/06/2024		1,288,391		1,183,709
				22,877,770
Health Care Technology - 2.26%
AthenaHealth Group, Inc., First Lien Term Loan, 1M US L + 5.7998%, 02/15/2029		1,377,247		1,237,456
Navicure, Inc., First Lien Initial Term Loan, 1M US L + 4.00%, 10/22/2026		450,320		432,870
Project Ruby Ultimate Parent Corp., First Lien Closing Date Term Loan, 1M US L + 3.25%, 0.75% Floor, 03/10/2028		741,606		694,236
Verscend Holding Corp., First Lien B-1 Term Loan, 1M US L + 4.00%, 08/27/2025		1,902,591		1,850,270
				4,214,832
Hotels, Restaurants & Leisure - 4.56%
Alterra Mountain Company, First Lien Series B-2 Term Loan, 1M US L + 3.50%, 0.50% Floor, 08/17/2028		661,808		643,194
Bally's Corp., First Lien Term Loan, 1M US L + 3.25%, 0.50% Floor, 10/01/2028		1,397,342		1,265,852
Fertitta Entertainment, LLC, First Lien Term Loan, 1M US L + 4.00%, 01/27/2029		1,803,268		1,677,977
Flutter Financing B.V., First Lien Term Loan, 3M US L + 3.25%, 0.50% Floor, 09/16/2028		742,400		725,926
Fogo de Chao, Inc., First Lien 2018 Refinancing Term Loan, 1M US L + 4.25%, 1.00% Floor, 04/07/2025		242,665		229,167
MIC Glen LLC, First Lien Initial Term Loan, 1M US L + 3.50%, 0.50% Floor, 07/21/2028		634,005		593,191
Quidditch Acquisition, Inc., First Lien B Term Loan, 1M US L + 7.00%, 1.00% Floor, 03/21/2025(c)		1,907,934		1,898,394
Tacala Investment Corp., First Lien Initial Term Loan, 1M US L + 3.50%, 0.75% Floor, 02/05/2027		712,614		667,695
Travel Leaders Group LLC, First Lien 2018 Refinancing Term Loan, 1M US L + 4.00%, 01/25/2024		870,601		803,521
				8,504,917
Household Durables - 0.87%
Hunter Douglas Inc., First Lien Term Loan, 3M US L + 3.50%, 02/26/2029		1,065,217		882,000
Osmosis Buyer Limited Delayed, First Lien Term Loan, 3M US L + 3.75%, 07/31/2028		148,148		138,195
Osmosis Buyer Limited, First Lien Term Loan, 3M US L + 3.75%, 07/31/2028		651,852		608,057
				1,628,252
Independent Power and Renewable Electricity Producers - 0.08%
Eastern Power LLC, First Lien Term Loan, 3M US L + 3.75%, 1.00% Floor, 10/02/2025		163,229		140,161
Industrial Conglomerates - 4.40%
Bettcher Industries, Inc., First Lien Term Loan, 3M US L + 4.00%, 12/14/2028		840,688		798,653
Engineered Machinery Holdings, Inc., First Lien Term Loan, 3M US L + 3.75%, 0.75% Floor, 05/19/2028		1,589,990		1,532,352
FCG Acquisitions, Inc., First Lien Initial Term Loan, 3M US L + 3.75%, 0.50% Floor, 04/01/2028		1,476		1,417
Justrite Safety Group, First Lien Delayed Draw Term Loan, 1M US L + 4.50%, 06/28/2026		75,046		69,605
Justrite Safety Group, First Lien Initial Term Loan, 1M US L + 4.50%, 06/28/2026(c)		1,388,236		1,287,589
Redwood Star Merger Sub, Inc., First Lien Term Loan, 1M US L + 4.50%, 04/05/2029		1,698,788		1,577,749

	Principal Amount		Value
Industrial Conglomerates (continued)
Tailwind Smith Cooper Intermediate Corp., First Lien Initial Term Loan, 3M US L + 5.00%, 05/28/2026	$	1,485,423	$	1,377,173
TK Elevator Midco GmbH, First Lien Facility B1 Term Loan, 6M US L + 3.50%, 0.50% Floor, 07/30/2027		1,622,846		1,559,287
				8,203,825
Insurance - 2.08%
Acrisure LLC, First Lien 2021-1 Additional Term Loan, 1M US L + 3.75%, 02/15/2027		333,474		306,379
Acrisure LLC, First Lien Term Loan, 1M US L + 4.25%, 02/15/2027		380,685		358,795
AssuredPartners, Inc., First Lien Term Loan, 1M US L + 3.50%, 0.50% Floor, 02/12/2027		1,166,017		1,106,626
Baldwin Risk Partners, LLC, First Lien Initial Term Loan, 1M US L + 3.50%, 10/14/2027		450,243		431,108
NFP Corp., First Lien Closing Date Term Loan, 1M US L + 3.25%, 02/15/2027		1,771,899		1,669,129
				3,872,037
Interactive Media & Services - 2.48%
Cengage Learning, Inc., First Lien Term Loan B Term Loan, 3M US L + 4.75%, 07/14/2026		744,456		675,944
Internet Brands, Inc., First Lien 2020 June New Term Loan, 1M US L + 3.75%, 1.00% Floor, 09/13/2024		1,786,844		1,707,330
MH SUB I LLC, Second Lien 2021 Replacement Term Loan, 3M US L + 6.25%, 02/23/2029		705,038		665,675
Momentive, Inc., First Lien Term Loan, 1M US L + 3.75%, 10/10/2025(c)		1,628,868		1,580,002
				4,628,951
Internet & Direct Marketing Retail - 0.15%
Shutterfly LLC, First Lien 2021 Refinancing B Term Loan, 3M US L + 5.00%, 0.75% Floor, 09/25/2026		453,996		287,395
IT Services - 4.82%
ConvergeOne Holdings, Corp., First Lien Initial Term Loan, 1M US L + 5.00%, 01/04/2026		1,451,577		1,047,407
DCert Buyer, Inc., First Lien Initial Term Loan, 3M US L + 4.00%, 10/16/2026		2,806		2,685
DCert Buyer, Inc., Second Lien First Amendment Refinancing Term Loan, 3M US L + 7.00%, 02/19/2029		1,581,655		1,482,801
Endurance International Group Holdings, Inc., First Lien Initial Term Loan, 1M US L + 3.50%, 0.75% Floor, 02/10/2028		2,368,588		2,013,300
Ensono LP, First Lien Initial Term Loan, 1M US L + 3.75%, 05/26/2028		824,951		725,957
Park Place Technologies LLC, First Lien Closing Date Term Loan, 1M US L + 5.00%, 1.00% Floor, 11/10/2027		1,350,119		1,284,867
Sabre GLBL Inc., First Lien Term Loan, 1M US L + 5.10%, 06/30/2028		764,384		709,921
Sabre GLBL, Inc., First Lien 2021 Other B-1 Term Loan, 1M US L + 3.50%, 0.50% Floor, 12/17/2027		238,569		214,216
Sabre GLBL, Inc., First Lien 2021 Other B-2 Term Loan, 1M US L + 3.50%, 0.50% Floor, 12/17/2027		380,293		341,472
Virtusa Corp., First Lien Term Loan:
1M US L + 3.75%, 0.75% Floor, 02/11/2028		624,453		587,245
1M US L + 3.75%, 02/15/2029		630,335		592,515
				9,002,386
Leisure Products - 1.67%
Motion Finco LLC, First Lien Facility B1 (USD) Loan Term Loan, 3M US L + 3.25%, 11/12/2026		1,222,724		1,120,431
Motion Finco LLC, First Lien Facility B2 (USD) Loan Term Loan, 3M US L + 3.25%, 11/12/2026		160,701		147,257
Recess Holdings, Inc., First Lien Initial Term Loan, 3M US L + 3.75%, 1.00% Floor, 09/30/2024		1,903,855		1,851,498
				3,119,186
Life Sciences Tools & Services - 2.18%
Cambrex Corp., First Lien Tranche B-2 Dollar Term Loan, 1M US L + 3.60%, 0.75% Floor, 12/04/2026		81		78
Curia Global, Inc., First Lien 2021 Term Loan, 3M US L + 3.75%, 0.75% Floor, 08/30/2026		2,640,095		2,460,780
LSCS Holdings/Eversana, First Lien Term Loan, 3M US L + 4.50%, 12/16/2028		924,090		889,436
Parexel International Corporation, First Lien Term Loan, 3M US L + 3.25%, 0.50% Floor, 11/15/2028		747,418		714,954
				4,065,248

	Principal Amount			Value
Machinery - 0.89%
PRO MACH Group, Inc., First Lien Closing Date Initial Term Loan, 3M US L + 4.00%, 1.00% Floor, 08/31/2028	$	1,730,228		$	1,654,072
Media - 3.27%
Champ Acquisition Corp., First Lien Initial Term Loan, 3M US L + 5.50%, 12/19/2025		1,384,260			1,347,632
Clear Channel Outdoor Holdings, Inc., First Lien B Term Loan, 3M US L + 3.50%, 08/21/2026		1,578,214			1,414,474
McGraw-Hill Education, Inc., First Lien Initial Term Loan, 3M US L + 4.75%, 0.50% Floor, 07/28/2028		1,061,489			981,548
Univision Communications, Inc., First Lien Term Loan:
3M US L + 3.25%, 0.75% Floor, 03/24/2026		1,120,689			1,066,229
3M US L + 4.25%, 06/24/2029		218,182			213,273
Virgin Media Bristol LLC, First Lien Term Loan, 1M US L + 2.50%, 01/31/2028		869,655			832,090
Ziggo Financing Partnership, First Lien I Facility Term Loan, 3M US L + 2.50%, 04/30/2028		254,702			243,623
					6,098,869
Oil, Gas & Consumable Fuels - 0.51%
Freeport LNG, First Lien Term Loan, 3M US L + 3.50%, 12/21/2028		1,023,030			949,592
Pharmaceuticals - 0.39%			��
Padagis LLC, First Lien Initial Term Loan, 3M US L + 4.75%, 0.50% Floor, 07/06/2028(c)		408,184			357,161
Sharp MicCo, LLC, First Lien Term Loan, 3M US L + 4.00%, 12/31/2028		395,432			373,684
					730,845
Professional Services - 6.96%
AG Group Holdings, Inc., First Lien Term Loan, 3M US L + 4.25%, 12/29/2028(c)		559,182			546,601
AqGen Island Holdings, Inc., First Lien Term Loan:
3M US L + 3.50%, 08/02/2028		1,125,050			1,026,608
3M US L + 6.50%, 08/02/2029		1,865,513			1,688,289
CoreLogic, Inc., First Lien Initial Term Loan, 1M US L + 3.50%, 0.50% Floor, 06/02/2028		1,849,548			1,401,033
CoreLogic, Inc., Second Lien Initial Term Loan, 1M US L + 6.50%, 0.50% Floor, 06/04/2029		567,442			388,698
Corporation Service Company, First Lien Term Loan, 3M US L + 3.25%, 08/31/2029		604,018			590,428
Deerfield Dakota Holding LLC, First Lien Initial Dollar Term Loan, 1M US L + 3.75%, 1.00% Floor, 04/09/2027		3,265			3,088
Deerfield Dakota Holding LLC, Second Lien 2021 Replacement Term Loan, 1M US L + 6.75%, 0.75% Floor, 04/07/2028(c)		304,000			295,640
Equiniti Group PLC, First Lien Term Loan, 3M US L + 4.50%, 12/11/2028		346,473			337,378
Galaxy US Opco Inc. TL, First Lien Term Loan, 1M US L + 4.75%, 04/29/2029		659,368			621,455
Inmar, Inc., First Lien Initial Term Loan, 1M US L + 4.00%, 1.00% Floor, 05/01/2024		596,850			566,077
Inmar, Inc., Second Lien Initial Term Loan, 1M US L + 8.00%, 1.00% Floor, 05/01/2025		1,002,931			967,828
Minotaur Acquisition, Inc., First Lien B Term Loan, 1M US L + 4.75%, 03/27/2026		1,319,197			1,256,654
National Intergovernmental Purchasing Alliance Company, Second Lien Initial Term Loan, 3M US L + 7.50%, 05/26/2026(c)		1,519,454			1,504,259
VT Topco, Inc., First Lien 2021 Delayed Draw Term Loan, 1M US L + 3.75%, 0.75% Floor, 08/01/2025(d)		65,399			62,456
VT Topco, Inc., First Lien 2021 Term Loan, 1M US L + 3.75%, 0.75% Floor, 08/01/2025		1,812,280			1,730,728
					12,987,220
Software - 20.34%
Apttus Corp., First Lien Initial Term Loan, 3M US L + 4.25%, 0.75% Floor, 05/08/2028		581,323			537,724
BMC Software, Inc., Second Lien 2nd Lien Term Loan, 1M US L + 5.50%, 0.50% Floor, 02/27/2026		326,531			305,102
Boxer Parent Company, Inc., First Lien 2021 Replacement Dollar Term Loan, 1M US L + 3.75%, 0.50% Floor, 10/02/2025		1,872,242			1,779,350
CDK Global, Inc., First Lien Term Loan, 4M US L + 6.6095%, 07/06/2029		1,705,529			1,647,004
Cloudera, Inc., First Lien Term Loan, 1M US L + 3.75%, 0.50% Floor, 10/08/2028		1,298,912			1,146,290
Connectwise, LLC, First Lien Term Loan, 3M US L + 3.50%, 0.50% Floor, 09/29/2028		1,636,408			1,534,133
Cornerstone OnDemand, Inc., First Lien Initial Term Loan, 1M US L + 3.75%, 0.50% Floor, 10/16/2028		584,766			494,128
Delta Topco, Inc., First Lien Initial Term Loan, 3M US L + 3.75%, 0.75% Floor, 12/01/2027		1,706,325			1,552,756
DTI Holdco, Inc. TL, First Lien Term Loan, 3M US L + 4.75%, 04/26/2029		761,150			724,657
ECI Macola/MAX Holding LLC, First Lien Initial Term Loan, 3M US L + 3.75%, 0.75% Floor, 11/09/2027		1,926,573			1,830,253
Epicor Software Corp., Second Lien Initial Term Loan, 1M US L + 7.75%, 1.00% Floor, 07/31/2028		822,203			806,581

	Principal Amount		Value
Software (continued)
Fiserv Investment Solutions, Inc., First Lien Initial Term Loan, 3M US L + 4.00%, 02/18/2027(c)	$	909,591	$	875,481
Greeneden U.S. Holdings I LLC, First Lien Initial Dollar (2020) Term Loan, 1M US L + 4.00%, 0.75% Floor, 12/01/2027		1,350,322		1,289,436
Help/Systems Holdings, Inc., First Lien Seventh Amendment Refinancing Term Loan, 1M US L + 4.00%, 0.75% Floor, 11/19/2026		2,085,165		1,922,522
Hyland Software, Inc., Second Lien 2021 Refinancing Term Loan, 1M US L + 6.25%, 0.75% Floor, 07/07/2025		765,110		754,907
Idera, Inc., First Lien B-1 Term Loan, 1M US L + 3.75%, 0.75% Floor, 03/02/2028		2,788,799		2,598,226
Imperva, Inc., First Lien Term Loan, 3M US L + 4.00%, 1.00% Floor, 01/12/2026		1,556,667		1,318,497
ION Trading Finance, Ltd., First Lien Initial Dollar (2021) Term Loan, 3M US L + 4.75%, 04/01/2028		2,347,370		2,185,401
Ivanti Software, Inc., First Lien First Amendment Term Loan, 3M US L + 4.00%, 0.75% Floor, 12/01/2027		251,010		196,666
Ivanti Software, Inc., First Lien Term Loan, 3M US L + 4.25%, 12/01/2027		1,980,902		1,552,740
Ivanti Software, Inc., Second Lien Term Loan, 3M US L + 7.25%, 12/01/2028		537,313		403,880
LI Group Holdings, Inc., First Lien 2021 Term Loan, 1M US L + 3.75%, 0.75% Floor, 03/11/2028		726,264		695,398
Magenta Buyer LLC, First Lien Initial Term Loan, 1M US L + 4.75%, 0.75% Floor, 07/27/2028		1,707,205		1,546,728
McAfee Corp., First Lien Term Loan, 1M US L + 3.85%, 03/01/2029		1,370,413		1,253,681
Mitnick Corporate Purchaser Inc., First Lien Term Loan, 3M US L + 4.75%, 05/02/2029		405,947		384,127
Perforce Software, Inc., First Lien New Term Loan, 1M US L + 3.75%, 07/01/2026		326,099		304,903
Quest Borrower Ltd., First Lien Term Loan, 3M US L + 4.25%, 02/01/2029		1,404,878		1,046,634
Rocket Software, Inc., First Lien Initial Term Loan, 1M US L + 4.25%, 11/28/2025		1,053,403		1,010,035
Rocket Software, Inc., First Lien USD Term Loan, 3M US L + 4.25%, 11/28/2025		375,417		361,106
S2P Acquisition Borrower, Inc., First Lien Initial Term Loan, 1M US L + 3.75%, 08/14/2026		993,204		972,099
Skopima Merger Sub Inc., First Lien Initial Term Loan, 1M US L + 4.00%, 05/12/2028		1,873,288		1,742,158
Sovos Compliance LLC, First Lien Initial Term Loan, 3M US L + 4.50%, 0.50% Floor, 08/11/2028		467,927		447,338
Triton Solar US Acquisition Co., First Lien Initial Term Loan, 3M US L + 6.00%, 10/29/2024(c)		216,019		209,538
Veritas US, Inc., First Lien Dollar B-2021 Term Loan, 3M US L + 5.00%, 1.00% Floor, 09/01/2025		777,136		621,060
Vision Solutions, Inc., First Lien Term Loan, 3M US L + 4.00%, 0.75% Floor, 04/24/2028		2,160,156		1,908,141
				37,958,680
Specialty Retail - 0.87%
EG Group, Ltd., First Lien Additional Facility Term Loan:
3M US L + 4.00%, 02/07/2025		1,318,611		1,233,732
3M US L + 4.25%, 0.50% Floor, 03/31/2026		221,453		207,429
EG Group, Ltd., First Lien Facility B Term Loan, 3M US L + 4.00%, 02/07/2025		198,958		186,151
				1,627,312
Technology Hardware, Storage & Peripherals - 0.69%
Project Castle, Inc., First Lien Term Loan, 3M US L + 5.50%, 06/01/2029		1,520,000		1,295,800
Textiles, Apparel & Luxury Goods - 0.49%
S&S Holdings LLC, First Lien Initial Term Loan, 3M US L + 5.00%, 0.50% Floor, 03/11/2028		939,695		909,155
Trading Companies & Distributors - 2.80%
Foundation Building Materials, Inc., First Lien Initial Term Loan, 3M US L + 3.25%, 0.50% Floor, 01/31/2028		1,800,299		1,628,371
Park River Holdings, Inc., First Lien Initial Term Loan, 3M US L + 3.25%, 0.75% Floor, 12/28/2027		3,051,346		2,605,087
SRS Distribution, Inc., First Lien 2021 Refinancing Term Loan, 3M US L + 3.50%, 0.50% Floor, 06/02/2028		585,293		541,761
SRS Distribution, Inc., First Lien Term Loan, 3M US L + 3.50%, 06/02/2028		484,522		446,608
				5,221,827
Transportation Infrastructure - 0.75%
Drive Chassis Holdco LLC, Second Lien 2021 Refinancing B Term Loan, 3M US L + 6.75%, 04/10/2026		1,410,343		1,405,054

	Principal Amount		Value
Wireless Telecommunication Services - 0.86%
CCI Buyer, Inc., First Lien Initial Term Loan, 3M US L + 4.00%, 0.75% Floor, 12/17/2027	$	1,700,781	$	1,607,663
TOTAL FLOATING RATE LOAN INTERESTS
(Cost $272,363,925)				251,856,498
COLLATERALIZED LOAN OBLIGATION SECURITIES(a) - 5.67%
Diversified Financial Services - 5.67%
522 Funding CLO 2021-7, Ltd., 3M US L + 6.22%, 04/23/2034(c)(e)		500,000		421,908
Allegro CLO XII, Ltd., 3M US L + 7.10%, 01/21/2032(c)		1,000,000		868,165
Eaton Vance CLO 2013-1, Ltd., 3M US L + 6.80%, 01/15/2034(c)(e)		500,000		429,981
Elmwood CLO 16, Ltd., 3M US SOFR + 7.22%, 04/20/2034(c)(e)		500,000		470,821
Galaxy 30 Clo, Ltd., 3M US SOFR + 6.95%, 04/15/2035(c)(e)		1,000,000		932,405
Galaxy XXVII CLO, Ltd., 3M US L + 5.78%, 05/16/2031(c)(e)		625,000		517,354
HPS Loan Management CLO 6-2015, Ltd., 3M US L + 5.10%, 02/05/2031(c)(e)		834,000		625,425
Magnetite XXXII, Ltd., 3M US SOFR + 6.90%, 04/15/2035(c)(e)		1,000,000		946,114
Neuberger Berman CLO XVII, Ltd., 3M US L + 7.20%, 04/22/2029(c)(e)		500,000		442,377
Octagon Investment Partners 43, Ltd., 3M US L + 6.60%, 10/25/2032(c)(e)		500,000		434,250
Park Avenue Institutional Advisers CLO, Ltd. 2022-1, 3M US SOFR + 7.29%, 04/20/2035(c)(e)		1,000,000		924,525
PPM CLO 3, Ltd., 3M US L + 6.61%, 04/17/2034(c)(e)		500,000		411,250
Rad CLO 2, Ltd., 3M US L + 6.00%, 10/15/2031(c)(e)		750,000		630,987
Rad CLO 5, Ltd., 3M US L + 6.70%, 07/24/2032(c)(e)		500,000		428,475
Romark CLO IV, Ltd., 3M US L + 6.95%, 07/10/2034(c)(e)		1,000,000		858,018
Sound Point CLO XXXII, Ltd., 3M US L + 6.70%, 10/25/2034(c)(e)		1,000,000		790,680
Wellfleet CLO 2020-1, Ltd., 3M US L + 7.24%, 04/15/2033(c)(e)		500,000		446,898
				10,579,633
TOTAL COLLATERALIZED LOAN OBLIGATION SECURITIES
(Cost $12,108,456)				10,579,633
CORPORATE BONDS - 7.12%
Aerospace & Defense - 0.22%
Bombardier, Inc.:
7.125%, 06/15/2026(e)		60,000		55,115
7.875%, 04/15/2027(e)		78,000		71,934
6.000%, 02/15/2028(e)		20,000		16,763
Howmet Aerospace, Inc., 5.950%, 02/01/2037		80,000		72,471
TransDigm, Inc.:
4.625%, 01/15/2029		140,000		113,052
4.875%, 05/01/2029		110,000		89,100
				418,435
Auto Components - 0.05%
American Axle & Manufacturing, Inc., 6.500%, 04/01/2027		74,000		62,823
Goodyear Tire & Rubber Co., 5.250%, 07/15/2031		30,000		24,037
				86,860
Automobiles - 0.06%
Ford Motor Co.:
9.625%, 04/22/2030		30,000		33,395
5.291%, 12/08/2046		70,000		49,501
Winnebago Industries, Inc., 6.250%, 07/15/2028(e)		30,000		27,827
				110,723
Banks - 0.10%
Intesa Sanpaolo SpA, 5.017%, 06/26/2024(e)		200,000		186,630
Building Products - 0.03%
PGT Innovations, Inc., 4.375%, 10/01/2029(e)		70,000		57,552

	Principal Amount		Value
Capital Markets - 0.08%
MSCI, Inc.:
3.625%, 09/01/2030(e)	$	70,000	$	57,686
3.875%, 02/15/2031(e)		100,000		84,399
				142,085
Chemicals - 0.16%
Ashland LLC, 3.375%, 09/01/2031(e)		90,000		69,750
Chemours Co., 4.625%, 11/15/2029(e)		140,000		104,299
CVR Partners LP / CVR Nitrogen Finance Corp., 6.125%, 06/15/2028(e)		80,000		69,772
LSB Industries, Inc., 6.250%, 10/15/2028(e)		60,000		51,581
				295,402
Commercial Services & Supplies - 0.04%
Stericycle, Inc., 3.875%, 01/15/2029(e)		100,000		82,920
Communications Equipment - 0.18%
CommScope, Inc., 8.250%, 03/01/2027(e)		300,000		248,319
Viasat, Inc., 6.500%, 07/15/2028(e)		131,000		87,408
				335,727
Construction & Engineering - 0.10%
Brundage-Bone Concrete Pumping Holdings, Inc., 6.000%, 02/01/2026(e)		47,000		42,475
Meritage Homes Corp., 3.875%, 04/15/2029(e)		50,000		39,852
Taylor Morrison Communities, Inc., 5.125%, 08/01/2030(e)		15,000		12,129
Taylor Morrison Communities, Inc. / Taylor Morrison Holdings II, Inc., 5.625%, 03/01/2024(e)		100,000		98,029
				192,485
Consumer Finance - 0.16%
FirstCash, Inc., 4.625%, 09/01/2028(e)		115,000		96,532
Navient Corp.:
6.750%, 06/25/2025		80,000		75,006
5.625%, 08/01/2033		90,000		60,678
PRA Group, Inc., 5.000%, 10/01/2029(e)		80,000		64,977
				297,193
Containers & Packaging - 0.20%
OI European Group BV, 4.750%, 02/15/2030(e)		145,000		115,618
Owens-Brockway Glass Container, Inc., 6.625%, 05/13/2027(e)		60,000		54,487
Sealed Air Corp., 6.875%, 07/15/2033(e)		220,000		210,578
				380,683
Diversified Consumer Services - 0.18%
Prime Security Services Borrower LLC / Prime Finance, Inc.:
5.250%, 04/15/2024(e)		37,000		35,755
6.250%, 01/15/2028(e)		75,000		64,124
Service Corp. International:
3.375%, 08/15/2030		110,000		86,190
4.000%, 05/15/2031		180,000		145,052
				331,121
Diversified Telecommunication Services - 0.25%
Frontier Communications Holdings LLC, 6.750%, 05/01/2029(e)		120,000		99,275
Hughes Satellite Systems Corp., 6.625%, 08/01/2026		90,000		81,814
Lumen Technologies, Inc.:
5.125%, 12/15/2026(e)		130,000		112,049
5.375%, 06/15/2029(e)		130,000		96,912
SBA Communications Corp., 3.875%, 02/15/2027		90,000		79,961
				470,011
Electric Utilities - 0.03%
PG&E Corp., 5.000%, 07/01/2028		60,000		51,742

	Principal Amount		Value
Electronic Equipment, Instruments & Components - 0.03%
TTM Technologies, Inc., 4.000%, 03/01/2029(e)	$	80,000	$	64,592
Energy Equipment & Services - 0.23%
Nabors Industries, Ltd., 7.250%, 01/15/2026(e)		60,000		52,323
Patterson-UTI Energy, Inc., 5.150%, 11/15/2029		120,000		99,218
Petrofac, Ltd., 9.750%, 11/15/2026(e)		200,000		150,258
Precision Drilling Corp., 6.875%, 01/15/2029(e)		120,000		106,175
Transocean, Inc., 7.500%, 01/15/2026(e)		20,000		14,839
				422,813
Equity Real Estate Investment Trusts (REITs) - 0.21%
Iron Mountain, Inc.:
4.875%, 09/15/2029(e)		110,000		90,526
5.625%, 07/15/2032(e)		200,000		160,268
Service Properties Trust:
4.500%, 03/15/2025		80,000		66,978
4.750%, 10/01/2026		90,000		68,034
				385,806
Food & Staples Retailing - 0.07%
Albertsons Cos. Inc / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 4.625%, 01/15/2027(e)		100,000		89,602
Rite Aid Corp., 8.000%, 11/15/2026(e)		55,000		39,055
				128,657
Food Products - 0.27%
Lamb Weston Holdings, Inc.:
4.875%, 05/15/2028(e)		155,000		140,986
4.125%, 01/31/2030(e)		120,000		101,750
Post Holdings, Inc.:
5.625%, 01/15/2028(e)		185,000		169,196
4.500%, 09/15/2031(e)		110,000		88,778
				500,710
Gas Utilities - 0.06%
AmeriGas Partners LP / AmeriGas Finance Corp., 5.500%, 05/20/2025		120,000		111,596
Health Care Equipment & Supplies - 0.07%
AdaptHealth LLC, 5.125%, 03/01/2030(e)		20,000		16,522
Hologic, Inc., 3.250%, 02/15/2029(e)		140,000		114,792
				131,314
Health Care Providers & Services - 0.27%
Acadia Healthcare Co., Inc.:
5.500%, 07/01/2028(e)		70,000		63,966
5.000%, 04/15/2029(e)		20,000		17,750
DaVita, Inc., 4.625%, 06/01/2030(e)		191,000		148,255
Encompass Health Corp.:
4.750%, 02/01/2030		130,000		107,154
4.625%, 04/01/2031		80,000		63,380
ModivCare, Inc., 5.875%, 11/15/2025(e)		50,000		46,207
Tenet Healthcare Corp., 6.125%, 10/01/2028(e)		75,000		65,828
				512,540
Hotels, Restaurants & Leisure - 0.64%
1011778 BC ULC / New Red Finance, Inc.:
3.875%, 01/15/2028(e)		230,000		200,536
4.000%, 10/15/2030(e)		85,000		67,140
Aramark Services, Inc., 5.000%, 02/01/2028(e)		35,000		31,248
Churchill Downs, Inc., 4.750%, 01/15/2028(e)		270,000		234,005
Hilton Domestic Operating Co., Inc., 4.875%, 01/15/2030		290,000		252,913
Las Vegas Sands Corp., 3.900%, 08/08/2029		100,000		82,798
Life Time, Inc., 8.000%, 04/15/2026(e)		40,000		34,245

	Principal Amount		Value
Hotels, Restaurants & Leisure (continued)
Royal Caribbean Cruises, Ltd., 4.250%, 07/01/2026(e)	$	20,000	$	14,740
Scientific Games Holdings LP/Scientific Games US FinCo, Inc., 6.625%, 03/01/2030(e)		30,000		24,096
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.500%, 03/01/2025(e)		20,000		18,754
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., 5.125%, 10/01/2029(e)		25,000		20,261
Yum! Brands, Inc., 4.750%, 01/15/2030(e)		250,000		219,035
				1,199,771
Household Durables - 0.07%
Tempur Sealy International, Inc., 4.000%, 04/15/2029(e)		30,000		23,693
TopBuild Corp., 3.625%, 03/15/2029(e)		51,000		40,370
Tri Pointe Homes, Inc., 5.700%, 06/15/2028		80,000		68,233
				132,296
Household Products - 0.06%
Central Garden & Pet Co., 4.125%, 10/15/2030		60,000		47,884
Energizer Holdings, Inc., 4.750%, 06/15/2028(e)		70,000		55,555
				103,439
Independent Power and Renewable Electricity Producers - 0.10%
DPL, Inc., 4.125%, 07/01/2025		110,000		101,375
Vistra Operations Co. LLC, 4.375%, 05/01/2029(e)		110,000		91,739
				193,114
Industrial Conglomerates - 0.08%
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 5.250%, 05/15/2027		180,000		157,996
Interactive Media & Services - 0.06%
Cinemark USA, Inc., 5.875%, 03/15/2026(e)		130,000		108,847
Machinery - 0.11%
Allison Transmission, Inc.:
5.875%, 06/01/2029(e)		68,000		61,646
3.750%, 01/30/2031(e)		190,000		146,023
				207,669
Media - 0.21%
CCO Holdings LLC / CCO Holdings Capital Corp., 4.250%, 02/01/2031(e)		100,000		76,874
Gray Escrow II, Inc., 5.375%, 11/15/2031(e)		120,000		94,387
Sirius XM Radio, Inc., 3.875%, 09/01/2031(e)		275,000		213,873
				385,134
Metals & Mining - 0.37%
ATI, Inc., 5.125%, 10/01/2031		150,000		122,812
Carpenter Technology Corp., 7.625%, 03/15/2030		72,000		69,435
Commercial Metals Co., 3.875%, 02/15/2031		95,000		74,738
Compass Minerals International, Inc., 6.750%, 12/01/2027(e)		100,000		94,104
FMG Resources August 2006 Pty, Ltd., 6.125%, 04/15/2032(e)		54,000		46,481
Mineral Resources, Ltd.:
8.000%, 11/01/2027(e)		59,000		56,888
8.500%, 05/01/2030(e)		190,000		184,032
SunCoke Energy, Inc., 4.875%, 06/30/2029(e)		50,000		38,665
				687,155
Mortgage Real Estate Investment Trusts (REITs) - 0.14%
Starwood Property Trust, Inc., 4.375%, 01/15/2027(e)		310,000		264,755
Oil, Gas & Consumable Fuels - 1.12%
Antero Midstream Partners LP / Antero Midstream Finance Corp., 7.875%, 05/15/2026(e)		120,000		120,760
Baytex Energy Corp., 8.750%, 04/01/2027(e)		60,000		60,449
Berry Petroleum Co. LLC, 7.000%, 02/15/2026(e)		60,000		52,988
California Resources Corp., 7.125%, 02/01/2026(e)		93,000		87,561
Calumet Specialty Products Partners LP / Calumet Finance Corp., 8.125%, 01/15/2027(e)		190,000		175,454
CNX Resources Corp., 6.000%, 01/15/2029(e)		110,000		100,625

	Principal Amount		Value
Oil, Gas & Consumable Fuels (continued)
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 6.000%, 02/01/2029(e)	$	135,000	$	121,009
CVR Energy, Inc., 5.250%, 02/15/2025(e)		140,000		126,278
Delek Logistics Partners LP / Delek Logistics Finance Corp., 7.125%, 06/01/2028(e)		60,000		52,837
EnLink Midstream Partners LP, 5.450%, 06/01/2047		90,000		65,920
Enviva Partners LP / Enviva Partners Finance Corp., 6.500%, 01/15/2026(e)		100,000		94,695
EQM Midstream Partners LP, 6.500%, 07/15/2048		100,000		76,482
Global Partners LP / GLP Finance Corp., 7.000%, 08/01/2027		110,000		100,364
Hess Midstream Operations LP, 5.125%, 06/15/2028(e)		35,000		30,693
Holly Energy Partners LP / Holly Energy Finance Corp.:
6.375%, 04/15/2027(e)		53,000		50,691
5.000%, 02/01/2028(e)		70,000		61,810
MEG Energy Corp., 5.875%, 02/01/2029(e)		80,000		71,921
Northern Oil and Gas, Inc., 8.125%, 03/01/2028(e)		80,000		75,165
Occidental Petroleum Corp.:
7.950%, 06/15/2039		30,000		33,686
4.625%, 06/15/2045		70,000		58,119
Parkland Corp., 4.500%, 10/01/2029(e)		40,000		32,386
PBF Holding Co. LLC / PBF Finance Corp., 6.000%, 02/15/2028		98,000		85,094
SM Energy Co., 6.750%, 09/15/2026		90,000		86,761
Sunoco LP / Sunoco Finance Corp., 4.500%, 05/15/2029		140,000		116,388
Vermilion Energy, Inc., 6.875%, 05/01/2030(e)		90,000		82,947
W&T Offshore, Inc., 9.750%, 11/01/2023(e)		55,000		53,966
Western Midstream Operating LP, 5.500%, 08/15/2048		30,000		24,324
				2,099,373
Paper & Forest Products - 0.08%
Mercer International, Inc., 5.125%, 02/01/2029		180,000		143,716
Personal Products - 0.07%
Edgewell Personal Care Co., 5.500%, 06/01/2028(e)		100,000		89,548
Herbalife Nutrition, Ltd. / HLF Financing, Inc., 7.875%, 09/01/2025(e)		40,000		36,316
				125,864
Professional Services - 0.13%
Gartner, Inc.:
4.500%, 07/01/2028(e)		100,000		89,560
3.625%, 06/15/2029(e)		100,000		83,466
TriNet Group, Inc., 3.500%, 03/01/2029(e)		80,000		65,328
				238,354
Semiconductors & Semiconductor Equipment - 0.03%
Entegris, Inc., 3.625%, 05/01/2029(e)		80,000		63,448
Software - 0.25%
Fair Isaac Corp., 4.000%, 06/15/2028(e)		180,000		153,754
NCR Corp., 5.250%, 10/01/2030(e)		110,000		83,220
NortonLifeLock, Inc., 6.750%, 09/30/2027(e)		91,000		87,534
Open Text Corp., 3.875%, 02/15/2028(e)		160,000		132,542
				457,050
Specialty Retail - 0.18%
Asbury Automotive Group, Inc., 5.000%, 02/15/2032(e)		230,000		177,505
Group 1 Automotive, Inc., 4.000%, 08/15/2028(e)		100,000		80,744
Murphy Oil USA, Inc., 3.750%, 02/15/2031(e)		85,000		68,487
				326,736
Technology Hardware, Storage & Peripherals - 0.14%
Seagate HDD Cayman, 5.750%, 12/01/2034		80,000		63,696
Xerox Holdings Corp., 5.500%, 08/15/2028(e)		240,000		191,999
				255,695

	Principal Amount		Value
Thrifts & Mortgage Finance - 0.23%
MGIC Investment Corp., 5.250%, 08/15/2028	$	100,000	$	89,544
Nationstar Mortgage Holdings, Inc.:
6.000%, 01/15/2027(e)		20,000		17,097
5.125%, 12/15/2030(e)		200,000		145,285
5.750%, 11/15/2031(e)		45,000		33,084
PennyMac Financial Services, Inc.:
5.375%, 10/15/2025(e)		99,000		84,767
4.250%, 02/15/2029(e)		35,000		25,007
5.750%, 09/15/2031(e)		60,000		43,000
				437,784
TOTAL CORPORATE BONDS
(Cost $14,997,443)				13,285,793
SOVEREIGN DEBT OBLIGATIONS - 0.04%
Diversified Financial Services - 0.04%
United States Treasury Bill  0.00 %, 02/02/2023(f)		70,000		69,171
TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $69,314)				69,171

	Shares		Value
COMMON STOCK - 0.56%
Health Care Equipment & Supplies - 0.56%
Carestream Health Holdings Inc(c)(g)		55,510		1,051,359
TOTAL COMMON STOCK
(Cost $1,051,359)				1,051,359
Total Investments- 148.34%
(Cost $300,590,497)				276,842,454
Liabilities in Excess of Other Assets - (0.64)%				(1,210,823	)
Leverage Facility - (47.69)%				(89,000,000	)
Net Assets - 100.00%			$	186,631,631

Amounts above are shown as a percentage of net assets as of September 30, 2022. 

Investment Abbreviations: 

LIBOR - London Interbank Offered Rate

SOFR - Secured Overnight Financing Rate

Reference Rates: 

1M US L - 1 Month LIBOR as of September 30, 2022 was 3.14% 

3M US L - 3 Month LIBOR as of September 30, 2022 was 3.75% 

6M US L - 6 Month LIBOR as of September 30, 2022 was 4.23% 

3M US SOFR - 3 Month Secured Overnight Financing Rate as of September 30, 2022 was 2.13%

^(a) Floating or variable rate security. The reference rate is described above. The rate in effect as of September 30, 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)	Amount represents less than 0.005% of net assets.
(c)	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.
(d)	A portion of this position was not funded as of September 30, 2022. The Portfolio of Investments records only the funded portion of each position. As of September 30, 2022, the Fund has unfunded delayed draw loans in the amount of 583,009. Fair value of these unfunded delayed draws was $542,889.
(e)	Security exempt from registration under Rule 144A of the Securities Act of 1933. Total market value of Rule 144A securities amounts to $19,533,801, which represented approximately 10.47% of net assets as of September 30, 2022. Such securities may normally be sold to qualified institutional buyers in transactions exempt from registration.
(f)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(g)	Non-income producing security.

NOTE 1. ORGANIZATION

Blackstone Senior Floating Rate Term Fund (formerly known as Blackstone / GSO 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 (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 (the “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 September 30, 2022:

Investments in Securities at Value*	Level 1 - Quoted Prices		Level 2 - Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Floating Rate Loan Interests
Commercial Services & Supplies	$	–	$	15,611,921	$	545,909	$	16,157,830
Containers & Packaging		–		8,893,671		320,000		9,213,671
Diversified Consumer Services		–		9,871,674		492,410		10,364,084
Electronic Equipment, Instruments & Components		–		2,066,700		1,041,503		3,108,203
Entertainment		–		5,794,756		810,396		6,605,152
Food Products		–		1,322,358		1,133,919		2,456,277
Health Care Equipment & Supplies		–		6,714,584		1,543,179		8,257,763
Health Care Providers & Services		–		21,963,881		913,889		22,877,770
Hotels, Restaurants & Leisure		–		6,606,523		1,898,394		8,504,917
Industrial Conglomerates		–		6,916,236		1,287,589		8,203,825
Interactive Media & Services		–		3,048,949		1,580,002		4,628,951
Pharmaceuticals		–		373,684		357,161		730,845
Professional Services		–		10,640,720		2,346,500		12,987,220
Software		–		36,873,661		1,085,019		37,958,680
Other		–		99,801,310		–		99,801,310
Collateralized Loan Obligation Securities
Diversified Financial Services		–		–		10,579,633		10,579,633
Corporate Bonds		–		13,285,793		–		13,285,793
Common Stock
Health Care Equipment & Supplies		–		–		1,051,359		1,051,359
Sovereign Debt Obligations		–		69,171		–		69,171
Total	$	–	$	249,855,592	$	26,986,862	$	276,842,454
Other Financial Instruments
Liabilities
Net Unrealized Depreciation on Unfunded Loan Commitments		–		(37,248)		–		(37,248)
Total		–		(37,248)		–		(37,248)

* 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: 

	Floating Rate Loan Interests			Collateralized Loan Obligation Securities			Warrants			Common stock		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		13,386			3,445			-			-		-			16,831
Return of Capital		-			-			-			-		-			-
Realized Gain/(Loss)		10,377			(10,005	)		-			-		-			372
Change in Unrealized Appreciation/(Depreciation)		(422,218	)		(1,450,231	)		-			-		-			(1,872,449	)
Purchases (1)		2,621,122			6,427,500			-			1,051,359		-			10,099,981
Sales Proceeds (2)		(109,842	)		(656,993	)		(144,751	)		-		-			(911,586	)
Transfer into Level 3		8,470,311			-			-			-		-			8,470,311
Transfer out of Level 3		(1,964,869	)		-			-			-		1,298			(1,963,571	)
Balance as of September 30, 2022	$	15,355,870		$	10,579,633		$	-		$	1,051,359	$	-		$	26,986,862
Net change in unrealized appreciation/(depreciation) attributable to Level 3 investments held at September 30, 2022	$	(613,119	)	$	(1,466,157	)	$	-		$	-	$	-		$	(2,079,276	)

⁽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 September 30, 2022:

Blackstone Senior Floating Rate Term Fund	Fair Value		Valuation Technique(s)	Unobservable Input(s)	Value/Range (Weighted Average)
Assets
Floating Rate Loan Interests	$	15,355,870	Third-party vendor pricing service	Broker quotes	N/A
Collateralized Loan Obligation Securities		10,579,633	Third-party vendor pricing service	Broker quotes	N/A
Common Stock		1,051,359	Performance Multiple Methodology	EBITDA Multiple(a)	3.68x

^(a) As of September 30, 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.

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 September 30, 2022, 84.79% 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 September 30, 2022, BSL had invested $18,145,092 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 September 30, 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., First Lien Initial Term Loan		10,502	$	9,723
AthenaHealth Group, Inc., First Lien Term Loan		233,432		209,738
Medical Solutions LLC, First Lien Term Loan		223,377		213,213
Tekni-Plex, Inc., First Lien Delayed Draw Tem Term Loan		58,017		55,109
VT Topco, Inc., First Lien 2021 Delayed Draw Term Loan		55,635		53,132
Pediatric Associates Holding Co. LLC, First Lien Term Loan		2,046		1,974
Total		583,009	$	542,889

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 September 30, 2022, BSL recorded a net increase in unrealized depreciation on unfunded loan commitments totaling $35,053.

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, November 29, 2021 and September 30, 2022, 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 0.90% above Adjusted Term SOFR for Tranche A Loans, 1.20% above Adjusted Term SOFR for one (1) month interest period Tranche B Loans and 1.05% above Adjusted Term SOFR for three (3) month interest period Tranche B Loans, with Adjusted Term SOFR measured for the period commencing on the date of the making of such Term SOFR Loan (or the last date upon which any other Loan was converted to, or continued as, such Term SOFR Loan) and ending on the numerically corresponding day in the calendar month that is one (1) or three (3) months thereafter (in each case subject to the availability thereof).

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 monthly or quarterly. The Fund may elect to extend the Agreement for a further period with the consent of the lending bank. At September 30, 2022, BSL had borrowings outstanding under its Leverage Facility of $89,000,000 for Tranche A and B Loans, at an interest rate of 3.94%. Due to the short term nature of the Agreement, face value approximates fair value at September 30, 2022. This fair value is based on Level 2 inputs under the three-tier fair valuation hierarchy (see Note 2). For the period ended September 30, 2022, the average borrowings under BSL’s Leverage Facility and the weighted average interest rate were $98,036,630 and 2.15%, respectively. During the period ended September 30, 2022, the Fund incurred $82,901 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 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 September 30, 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 September 30, 2022, BSL’s leverage represented 32.29% of the Fund’s Managed Assets.