Filed pursuant to Rule 424(b)(3)
Registration No. 333-261457
BLACKSTONE SENIOR FLOATING RATE TERM FUND
Supplement No. 2, dated July 27, 2022, to the
Prospectus (the Prospectus) and the Statement of Additional Information (the SAI),
dated January 21, 2022,
for Common Shares of Beneficial Interest
Retirement of Trustee and Appointment as Trustee Emeritus
Effective May 25, 2022, Michael F. Holland retired as a Trustee of the Board of Trustees (the Board). The Board then appointed Mr. Holland as a Trustee Emeritus to the Board, effective May 25, 2022.
SAI
The final two sentences of the first paragraph under Board of Trustees on page 13 of the SAI are removed.
The information regarding Mr. Holland contained in the table under Board of Trustees on page 13 of the SAI is moved to a new Trustee Emeritus section of the table, after the Interested Trustee section of the table, and is updated as follows:
Name and Year of Birth |
Position(s) Held With Registrant |
Term of Office and Length of Time Served |
Principal Occupation(s) During Past Five Years |
Number of Portfolios in Fund Complex(1) Overseen by the Trustee |
Other Directorships Held by the Trustee During Past Five Years | |||||
TRUSTEE EMERITUS: | ||||||||||
Michael F. Holland(4) Birth Year: 1944 |
Trustee Emeritus | Trustee from April 2010 to May 2022 | Mr. Holland is the Chairman of Holland & Company, a private investment firm he founded in 1995. | N/A | State Street Master Funds; Reaves Utility Income Fund; The China Fund, Inc. (until 2019); The Taiwan Fund (until 2017) |
(4) | Mr. Holland retired as a Trustee effective May 25, 2022 and was appointed as a Trustee Emeritus effective May 25, 2022. |
The description of Mr. Hollands experience in the third sentence under Experience of Trustees on pages 1415 of the SAI is moved to become the fourth sentence of such paragraph, and is updated as follows:
As a Trustee Emeritus, Mr. Holland brings experience as an investment professional, experience as a former Trustee of the Fund, and service as a board member of other registered management investment companies.
The information regarding Mr. Holland contained in the table under Share Ownership on page 15 of the SAI is moved to a new Trustee Emeritus section of the table, after the Interested Trustees section of the table, and the following information is added as a footnote after Mr. Hollands name:
(FN) | Mr. Holland retired as a Trustee effective May 25, 2022 and was appointed as a Trustee Emeritus effective May 25, 2022. |
The information regarding Mr. Holland contained in the table under Compensation of Trustees on page 16 of the SAI is moved to a new Trustee Emeritus section of the table, after the Interested Trustees section of the table, and the following information is added as a footnote after Mr. Hollands name:
(FN) | Mr. Holland retired as a Trustee effective May 25, 2022 and was appointed as a Trustee Emeritus effective May 25, 2022. |
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Under Board Committees on pages 1617 of the SAI, Mr. Holland is removed as a member of the Audit Committee and Nominating and Governance Committee.
The following section is added after the Risk Oversight section on page 17 of the SAI:
Trustee Emeritus Program
The Board implemented a Trustee Emeritus program (the Program) in November 2021. Under the Program, the Board may appoint to the position of Trustee Emeritus any former Trustee who served at least five years as a Trustee and has retired from the Board in accordance with the Boards policy of retirement at age 75 (a Trustee Emeritus). A Trustee Emeritus is entitled to receive notice of and attend all meetings of the Board. A Trustee Emeritus is not entitled to vote, will not be counted in determining a quorum of the Board, and does not have any of the duties or liabilities of a Trustee under law. A Trustee Emeritus appointed under the Program will receive compensation equal to 10% of his or her retainer for serving as a Trustee as of the date on which the Board appoints such person as Trustee Emeritus. The term of service of a Trustee Emeritus expires twelve months from the date of the Trustees retirement from the Board. Michael F. Holland became a Trustee Emeritus effective May 25, 2022.
Capitalized terms not defined herein have the meanings assigned to them in the Prospectus.
Please retain this supplement for future reference.
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