The Blackstone Senior Floating Rate Term Fund (BSL) is a mutual fund that invests in a portfolio of senior secured floating rate loans. These loans typically have higher credit ratings and are less sensitive to interest rate changes, making them a lower risk investment option. The fund aims to provide investors with a steady stream of income through the interest payments on these loans. It also has the potential for capital appreciation as the loans are typically issued by stable and established companies. BSL is a beneficial interest fund, meaning that investors hold shares in a trust that holds the underlying assets of the fund. This structure allows for greater flexibility and tax efficiency. Overall, BSL offers a conservative investment option for those seeking income and stability in their portfolio.