UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-22393

Blackstone / GSO Senior Floating Rate Term Fund
(exact name of Registrant as specified in charter)

345 Park Avenue, 31st Floor
New York, New York 10154

(Address of principal executive offices) (Zip code)

 (Name and address of agent for service)

Marisa Beeney
345 Park Avenue, 31st Floor
New York, New York 10154

Registrant’s telephone number, including area code: (800) 831-5776

Date of fiscal year end:    December 31

Date of reporting period:  September 30, 2015

Item 1. Schedule of Investments.

Blackstone / GSO Senior Floating Rate Term Fund

Portfolio of Investments
September 30, 2015 (Unaudited)

   
Principal
     
   
Amount
   
Market Value
 
     
FLOATING RATE LOAN INTERESTS(a) - 142.27%
 
Aerospace and Defense - 4.01%
 
Landmark Aviation FBO Canada Inc, Senior Secured First Lien 2013 Specified Refinancing Canadian Term Loan, 4.750%, 10/25/2019
 
$
92,817
   
$
92,440
 
LM US Member LLC, Senior Secured First Lien 2013 Specified Refinancing US Term Loan, 4.750%, 10/25/2019
   
2,338,673
     
2,329,178
 
LM US Member LLC, Senior Secured Second Lien 2014 Specified Refinancing Term Loan, 8.250%, 01/25/2021
   
1,021,739
     
1,018,546
 
PRV Aerospace LLC, Senior Secured First Lien Term Loan, 6.500%, 05/09/2018
   
3,200,020
     
3,164,019
 
TurboCombustor Technology Inc, Senior Secured First Lien Initial Term Loan, 5.500%, 12/02/2020
   
4,086,477
     
3,984,315
 
             
10,588,498
 
                 
Automotive - 1.96%
 
American Tire Distributors Inc, Senior Secured First Lien Initial Term Loan, 5.250%, 09/01/2021
   
599,479
     
601,475
 
Dealer Tire LLC, Senior Secured First Lien Initial Term Loan, 5.500%, 12/22/2021
   
686,060
     
691,638
 
Mitchell International Inc, Senior Secured Second Lien Term Loan, 8.500%, 10/11/2021
   
3,895,978
     
3,892,744
 
             
5,185,857
 
                 
Banking, Finance, Insurance and Real Estate - 8.15%
 
Acrisure LLC, Senior Secured First Lien Term B Loan, 5.250%, 05/19/2022
   
810,000
     
787,725
 
Alliant Holdings Intermediate LLC, Senior Secured First Lien Initial Term Loan, 4.500%, 08/12/2022
   
787,500
     
778,645
 
AmWins Group LLC, Senior Secured First Lien New Term Loan, 5.250%, 09/06/2019
   
2,646,673
     
2,660,992
 
AssuredPartners Capital Inc, Senior Secured First Lien Initial Term Loan, 5.000%, 04/02/2021
   
1,558,041
     
1,559,014
 
Asurion LLC, Senior Secured Second Lien Term Loan, 8.500%, 03/03/2021
   
2,425,532
     
2,198,138
 
Confie Seguros Holding II Co, Senior Secured First Lien Term B Loan, 5.750%, 11/09/2018
   
672,424
     
674,106
 
Cunningham Lindsey US Inc, Senior Secured First Lien Initial Term Loan, 5.000%, 12/10/2019
   
3,831,054
     
3,160,620
 
DTZ US Borrower LLC, Senior Secured First Lien 2015-1 Converted Term Loan, 4.250%, 11/04/2021
   
4,342,242
     
4,305,615
 
Hamilton Lane Advisors LLC, Senior Secured First Lien Initial Term Loan, 4.250%, 07/11/2022
   
941,176
     
941,177
 
Opal Acquisition Inc, Senior Secured First Lien Term B Loan, 5.000%, 11/27/2020
   
1,554,452
     
1,526,860
 
Victory Capital Operating LLC, Senior Secured First Lien Initial Term Loan, 7.000%, 10/29/2021
   
1,034,014
     
1,008,163
 
York Risk Services Holding Corp (Onex York Finance LP), Senior Secured First Lien Initial Term Loan, 4.750%, 10/01/2021
   
1,989,950
     
1,916,162
 
             
21,517,217
 
                 
Beverage, Food and Tobacco - 5.73%
 
AdvancePierre Foods Inc, Senior Secured Second Lien Term Loan, 9.500%, 10/10/2017
   
2,160,000
     
2,162,700
 
CEC Entertainment Inc, Senior Secured First Lien Term B Loan, 4.000%, 02/15/2021
   
2,698,043
     
2,635,085
 
Fairway Group Acquisition Company, Senior Secured First Lien Term Loan, 5.000%, 08/17/2018
   
964,306
     
872,696
 
Supervalu Inc, Senior Secured First Lien New Term Loan, 4.500%, 03/21/2019
   
2,892,564
     
2,900,519
 
US Foods Inc, Senior Secured First Lien Incremental Term Loan, 4.500%, 03/29/2019
   
6,108,332
     
6,111,569
 
Winebow Holdings Inc, Senior Secured First Lien Initial Term Loan, 4.750%, 07/01/2021
   
444,752
     
442,947
 
             
15,125,516
 
                 
Capital Equipment - 3.32%
 
LTI Holdings Inc, Senior Secured First Lien Initial Term Loan, 5.250%, 04/18/2022
   
2,992,500
     
2,972,854
 
Sensus USA Inc, Senior Secured Second Lien Term Loan, 8.500%, 05/09/2018
   
5,594,538
     
5,566,565
 
Unifrax I LLC, Senior Secured First Lien New Term Dollar Loan, 4.250%, 11/28/2018
   
239,776
     
238,577
 
             
8,777,996
 
                 
Chemicals, Plastics and Rubber - 4.87%
 
Emerald Performance Materials LLC, Senior Secured First Lien Initial Term Loan, 4.500%, 08/02/2021
   
3,060,000
     
3,049,489
 


   
Principal
     
   
Amount
   
Market Value
 
     
Chemicals, Plastics and Rubber (continued)
 
Nexeo Solutions LLC, Senior Secured First Lien Initial Term Loan, 5.000%, 09/08/2017
 
$
3,183,333
   
$
3,052,021
 
Pinnacle Operating Corporation, Senior Secured First Lien Term B Refinancing Loan, 4.750%, 11/15/2018
   
2,978,323
     
2,959,708
 
Royal Holdings Inc, Senior Secured First Lien Initial Term Loan, 4.500%, 06/20/2022
   
1,336,683
     
1,333,509
 
Tekni-Plex Inc, Senior Secured First Lien Tranche B-1 Term Loan, 4.500%, 06/01/2022
   
743,478
     
742,363
 
Tekni-Plex Inc, Senior Seucred Second Lien Initial Term Loan, 8.750%, 06/01/2023
   
1,730,769
     
1,730,769
 
             
12,867,859
 
                 
Construction and Building - 9.36%
 
Builders FirstSource Inc, Senior Secured First Lien Initial Term Loan, 6.000%, 07/22/2022
   
3,302,752
     
3,281,598
 
C.H.I. Overhead Doors Inc, Senior Secured First Lien Initial Term Loan, 4.750%, 07/29/2022
   
853,448
     
854,242
 
C.H.I. Overhead Doors Inc, Senior Secured Second Lien Initial Term Loan, 8.750%, 07/28/2023
   
2,631,579
     
2,618,421
 
Jeld-Wen Inc, Senior Secured First Lien Initial Term Loan, L+4.25%, 10/15/2021(b)
   
5,140,385
     
5,140,386
 
Jeld-Wen Inc, Senior Secured First Lien Term B-1 Loan, 5.000%, 07/01/2022
   
977,011
     
975,795
 
Priso Acquisition Corporation, Senior Secured First Lien Initial Term Loan, 4.500%, 05/09/2022
   
1,379,324
     
1,367,255
 
SRS Distribution Inc, Senior Secured First Lien Tranche B-1 Loan, 5.250%, 08/25/2022
   
2,782,228
     
2,781,060
 
Stardust Finance Holdings Inc, Senior Secured First Lien Term Loan, 6.500%, 03/14/2022
   
3,962,845
     
3,935,600
 
US LBM Holdings LLC, Senior Secured First Lien Initial Term Loan, L+5.25%, 08/20/2022(b)
   
3,846,154
     
3,764,423
 
             
24,718,780
 
                 
Consumer Goods Durable - 1.84%
 
Apex Tool Group LLC, Senior Secured First Lien Term Loan, 4.500%, 01/31/2020
   
1,041,262
     
1,016,970
 
Hercules Achievement Inc, Senior Secured First Lien Initial Term Loan, 5.000%, 12/13/2021
   
1,860,938
     
1,869,777
 
MModal LLC, Senior Secured First Lien Term B Loan, 9.000%, 01/31/2020
   
2,131,023
     
1,974,744
 
             
4,861,491
 
                 
Consumer Goods Non Durable - 3.37%
 
FGI Operating Company LLC, Senior Secured First Lien Term B Loan, 5.500%, 04/19/2019
   
3,969,359
     
3,607,156
 
Indra Holdings Corp, Senior Secured First Lien Initial Term Loan, 5.250%, 05/03/2021
   
994,962
     
965,113
 
Inmar Inc, Senior Secured First Lien Initial Term Loan, 4.250%, 01/27/2021
   
4,398,864
     
4,323,709
 
             
8,895,978
 
                 
Containers, Packaging and Glass - 3.69%
 
Bway Holding Company, Senior Secured First Lien Initial Term Loan, 5.500%, 08/14/2020
   
4,477,330
     
4,468,935
 
Charter Nex US Holdings Inc, Senior Secured First Lien Initial Term Loan, 5.250%, 02/07/2022
   
336,162
     
339,100
 
Multi Packaging Solutions Inc, Senior Secured First Lien Initial Dollar Tranche B Term Loan, 4.250%, 09/30/2020
   
3,044,243
     
3,027,499
 
Pelican Products Inc, Senior Secured First Lien New Term Loan, 5.250%, 04/10/2020
   
445,371
     
445,928
 
Reynolds Group Holdings Inc, Senior Secured First Lien Incremental US Term Loan, 4.500%, 12/01/2018
   
1,462,031
     
1,464,523
 
             
9,745,985
 
                 
Energy Electricity - 0.93%
 
La Frontera Generation LLC, Senior Secured First Lien Term Loan, 4.500%, 09/30/2020
   
2,747,590
     
2,463,667
 
                 
Energy, Oil and Gas - 7.23%
 
American Energy Marcellus LLC, Senior Secured First Lien Term Loan, 5.250%, 08/04/2020
   
1,481,481
     
855,556
 
CITGO Holding Inc, Senior Secured First Lien Term Loan, 9.500%, 05/12/2018
   
3,818,727
     
3,771,012
 
Crestwood Holdings LLC, Senior Secured First Lien Tranche B-1 Term Loan, 7.000%, 06/19/2019
   
2,443,221
     
2,186,682
 
Drillships Ocean Ventures Inc, Senior Secured First Lien Term Loan, 5.500%, 07/26/2021
   
997,388
     
670,743
 
Jonah Energy Inc, Senior Secured Second Lien Initial Term Loan, 7.500%, 05/12/2021
   
2,000,000
     
1,620,000
 
Penn Products Terminals LLC, Senior Secured First Lien Tranche B Term Loan, 4.750%, 04/13/2022
   
995,000
     
982,563
 
Sheridan Investment Partners I LLC, Senior Secured First Lien Tranche B-2 Term Loan, 4.250%, 10/01/2019
   
5,084,797
     
3,813,598
 
Sheridan Production Partners I-A LP, Senior Secured First Lien Tranche B-2 Term Loan, 4.250%, 10/01/2019
   
673,777
     
505,333
 


   
Principal
     
   
Amount
   
Market Value
 
     
Energy, Oil and Gas (continued)
 
Sheridan Production Partners I-M LP, Senior Secured First Lien Tranche B-2 Term Loan, 4.250%, 10/01/2019
 
$
411,547
   
$
308,660
 
Templar Energy LLC, Senior Secured Second Lien Term Loan, 8.500%, 11/25/2020
   
3,000,000
     
1,362,510
 
Utex Industries Inc, Senior Secured First Lien New Initial Term Loan, 5.000%, 05/24/2021
   
1,899,038
     
1,642,668
 
W3 Co, Senior Secured First Lien Term Loan, 5.750%, 03/13/2020
   
1,629,037
     
1,387,394
 
             
19,106,719
 
                 
Environmental Industries - 0.98%
 
EnergySolutions LLC, Senior Secured First Lien Advance Term Loan, 6.750%, 05/29/2020
   
2,046,234
     
2,015,540
 
Infiltrator Water Technologies LLC, Senior Secured First Lien Term B Loan, 5.250%, 05/27/2022
   
570,000
     
570,476
 
             
2,586,016
 
                 
Forest Products and Paper - 0.14%
 
W/S Packaging Group Inc, Senior Secured First Lien Term Loan, 5.000%, 08/09/2019
   
403,020
     
382,365
 
                 
Healthcare and Pharmaceuticals - 8.37%
 
Accellent Inc, Senior Secured First Lien Initial Term Loan, 4.500%, 03/12/2021
   
2,402,439
     
2,402,439
 
Alvogen Pharma US Inc, Senior Secured First Lien Term Loan, 6.000%, 04/01/2022
   
1,966,406
     
1,961,490
 
CT Technologies Intermediate Holdings Inc, Senior Secured First Lien Initial Term Loan, 5.250%, 12/01/2021
   
250,916
     
250,498
 
Curo Health Services Holding Inc, Senior Secured First Lien Term B Loan, 6.500%, 02/07/2022
   
1,421,429
     
1,426,169
 
Genoa a QoL Healthcare Company LLC, Senior Secured First Lien Initial Term Loan, 4.500%, 04/29/2022
   
1,341,960
     
1,340,290
 
Medpace Holdings Inc, Senior Secured First Lien Initial Term Loan, 4.750%, 04/01/2021
   
976,033
     
972,983
 
National Mentor Holdings Inc, Senior Secured First Lien Initial Tranche B Term Loan, 4.250%, 01/29/2021
   
1,071,762
     
1,065,063
 
Onex Carestream Finance LP, Senior Secured Second Lien Term Loan, 9.500%, 12/09/2019
   
4,628,218
     
4,483,587
 
Onex Schumacher Finance LP, Senior Secured First Lien Term Loan, L+3.50%, 08/01/2022(b)
   
719,101
     
717,303
 
Physio-Control International Inc, Senior Secured First Lien Initial Term Loan, 5.500%, 06/06/2022
   
1,506,276
     
1,498,752
 
Progressive Solutions LLC, Senior Secured First Lien Initial Term Loan, 5.500%, 10/22/2020
   
1,524,490
     
1,532,120
 
Progressive Solutions LLC, Senior Secured Second Lien Initial Term Loan, 9.500%, 10/22/2021
   
1,000,000
     
995,625
 
Smile Brands Group Inc, Senior Secured First Lien Term B Loan, 8.500%, 08/16/2019
   
3,975,207
     
2,797,552
 
Surgery Center Holdings Inc, Senior Secured First Lien Initial Term Loan, 5.250%, 11/03/2020
   
676,705
     
677,655
 
             
22,121,526
 
                 
High Tech Industries - 24.77%
 
Ascend Learning LLC, Senior Secured First Lien Term Loan, 5.500%, 07/31/2019
   
465,541
     
465,890
 
Aspect Software Inc, Senior Secured First Lien Tranche B Non-PIK Term Loan, 7.500%, 05/09/2016
   
6,481,700
     
6,352,066
 
Blackboard Inc, Senior Secured First Lien Term B-3 Loan, 4.750%, 10/04/2018
   
1,421,429
     
1,416,447
 
Blue Coat Holdings Inc, Senior Secured First Lien Initial Term Loan, 4.500%, 05/20/2022
   
1,780,415
     
1,768,175
 
BMC Software Finance Inc, Senior Secured First Lien Initial US Term Loan, 5.000%, 09/10/2020
   
3,882,088
     
3,541,435
 
Compuware Corporation, Senior Secured First Lien Tranche B-2 Term Loan, 6.250%, 12/15/2021
   
997,487
     
963,822
 
Compuware Corporation, Senior Secured Second Lien Term Loan, 9.250%, 12/15/2022
   
5,500,000
     
4,977,500
 
Epicor Software Corporation, Senior Secured First Lien Term B Loan, 4.750%, 06/01/2022
   
2,855,588
     
2,841,310
 
Freescale Semiconductor Inc, Senior Secured First Lien Tranche B-4 Term Loan, 4.250%, 02/28/2020
   
977,574
     
977,980
 
Global Healthcare Exchange LLC, Senior Secured First Lien Initial Term Loan, 5.500%, 08/15/2022
   
1,172,414
     
1,176,810
 
Hyland Software Inc, Senior Secured First Lien Term Loan, 4.750%, 07/01/2022
   
199,947
     
199,698
 
Informatica Corp, Senior Secured First Lien Dollar Term Loan, 4.500%, 08/05/2022
   
3,245,570
     
3,231,127
 
Kronos Incorporated, Senior Secured Second Lien Initial Term Loan, 9.750%, 04/30/2020
   
1,000,000
     
1,021,255
 
Lattice Semiconductor Corporation, Senior Secured First Lien Term Loan, 5.250%, 03/10/2021
   
2,416,429
     
2,295,607
 
MA FinanceCo LLC, Senior Secured First Lien Initial Tranche B Term Loan, 5.250%, 11/19/2021
   
3,508,979
     
3,512,277
 
MSC Software Corporation, Senior Secured Second Lien Term Loan, 8.500%, 05/31/2021
   
1,500,000
     
1,458,750
 


   
Principal
     
   
Amount
   
Market Value
 
     
High Tech Industries (continued)
 
P2 Upstream Acquisition Co, Senior Secured First Lien Term Loan, 5.000%, 10/30/2020
 
$
2,807,143
   
$
2,765,036
 
Peak 10 Inc, Senior Secured First Lien Term Loan, 5.000%, 06/17/2021
   
2,693,182
     
2,689,802
 
Peak 10 Inc, Senior Secured Second Lien Initial Term Loan, 8.250%, 06/17/2022
   
875,000
     
835,625
 
ProQuest LLC, Senior Secured First Lien Initial Term Loan, 5.250%, 10/24/2021
   
1,786,478
     
1,790,945
 
Rocket Software Inc, Senior Secured First Lien Term Loan, 5.750%, 02/08/2018
   
548,200
     
550,143
 
Ship Luxco 3 Sarl - WorldPay US Finance LLC, Senior Secured First Lien Facility B2A-II Term Loan, 5.250%, 11/29/2019
   
1,522,144
     
1,529,283
 
Sophia LP, Senior Secured First Lien Term B Loan, L+3.75%, 09/16/2022(b)
   
2,000,000
     
1,998,440
 
Sungard Availability Services Capital Inc, Senior Secured First Lien Tranche B Term Loan, 6.000%, 03/29/2019
   
2,227,874
     
1,902,048
 
Tech Finance & Co SCA, Senior Secured First Lien US Term Loan, 5.000%, 07/13/2020
   
3,116,047
     
3,110,859
 
Telx Group Inc (The), Senior Secured First Lien Initial Term Loan, 4.500%, 04/09/2020
   
1,975,000
     
1,972,531
 
TIBCO Software Inc, Senior Secured First Lien Term Loan, 6.500%, 12/04/2020
   
1,729,257
     
1,716,288
 
TTM Technologies Inc, Senior Secured First Lien Term B Loan, 6.000%, 05/31/2021
   
4,055,838
     
3,792,208
 
Vertafore Inc, Senior Secured First Lien New Term Loan, 4.250%, 10/03/2019
   
1,552,950
     
1,553,765
 
Vertafore Inc, Senior Secured Second Lien Term Loan, 9.750%, 10/27/2017
   
3,000,000
     
3,024,375
 
             
65,431,497
 
                 
Hotels, Gaming and Leisure - 5.28%
 
Alpha Topco Limited - Delta 2 (Lux) Sarl, Senior Secured Second Lien Term Loan, 7.750%, 07/29/2022
   
3,812,600
     
3,682,343
 
Caesars Entertainment Resort Properties LLC, Senior Secured First Lien Term B Loan, 7.000%, 10/11/2020
   
4,067,093
     
3,809,992
 
Corner Investment Propco LLC, Senior Secured First Lien Term B Loan, 11.000%, 11/04/2019
   
1,924,575
     
1,895,706
 
Scientific Games International Inc, Senior Secured First Lien B-2 Term Loan, 6.000%, 10/01/2021
   
2,752,311
     
2,721,774
 
SMG, Senior Secured First Lien Term Loan, 4.500%, 02/27/2020
   
1,853,792
     
1,845,682
 
             
13,955,497
 
                 
Media Advertising, Printing and Publishing - 1.82%
 
Penton Media Inc, Senior Secured First Lien B-1 Term Loan, 5.000%, 10/03/2019
   
1,990,362
     
1,986,640
 
Southern Graphics Inc, Senior Secured First Lien New Term Loan, 4.250%, 10/17/2019
   
2,852,083
     
2,834,258
 
             
4,820,898
 
                 
Media Broadcasting and Subscription - 4.35%
 
Altice Financing SA, Senior Secured First Lien Dollar Denominated Tranche Loan, 5.250%, 02/04/2022
   
1,420,588
     
1,417,924
 
CCO Safari III LLC, Senior Secured First Lien Term I Loan, 3.500%, 01/24/2023
   
1,119,194
     
1,114,768
 
Neptune Finco Corp, Senior Secured First Lien Term B Loan, L+4.00%, 09/23/2022(b)
   
2,739,726
     
2,728,082
 
SESAC Holdco II LLC, Senior Secured First Lien Term Loan, 5.250%, 02/08/2019
   
4,886,842
     
4,886,842
 
Univision Communications Inc, Senior Secured First Lien 2013 Incremental Term Loan, 4.000%, 03/01/2020
   
1,338,517
     
1,331,724
 
             
11,479,340
 
                 
Metals and Mining - 2.14%
 
Arch Coal Inc, Senior Secured First Lien Term Loan, 6.250%, 05/16/2018
   
2,468,185
     
1,409,605
 
McJunkin Red Man Corporation, Senior Secured First Lien 2013 Term Loan, 4.750%, 11/08/2019
   
873,880
     
855,677
 
Murray Energy Corporation, Senior Secured First Lien Term B-1 Loan, 7.000%, 04/17/2017
   
2,608,846
     
2,321,873
 
Murray Energy Corporation, Senior Secured First Lien Term B-2 Loan, 7.500%, 04/16/2020
   
1,375,862
     
1,075,085
 
             
5,662,240
 
                 
Retail - 8.08%
 
Albertson's LLC, Senior Secured First Lien Term B-2 Loan, 5.375%, 03/21/2019
   
974,883
     
976,233
 
Ascena Retail Group Inc, Senior Secured First Lien Term B Loan, 5.250%, 08/19/2022
   
2,445,652
     
2,350,883
 
DBP Holding Corp, Senior Secured First Lien Initial Term Loan, 5.250%, 10/11/2019
   
3,246,234
     
2,845,860
 
Jill Acquisition LLC, Senior Secured First Lien Initial Term Loan, 6.000%, 05/09/2022
   
1,286,486
     
1,283,270
 
Neiman Marcus Group Ltd LLC, Senior Secured First Lien Other Term Loan, 4.250%, 10/26/2020
   
1,743,212
     
1,709,437
 
New Albertson's Inc, Senior Secured First Lien Term B Loan, 4.750%, 06/28/2021
   
1,323,571
     
1,323,737
 
Nine West Holdings Inc, Senior Secured First Lien Initial Term Loan, 4.750%, 10/08/2019
   
2,172,500
     
1,792,312
 
Payless Inc, Senior Secured First Lien Initial Term Loan, 5.000%, 03/11/2021
   
1,984,383
     
1,587,507
 


   
Principal
     
   
Amount
   
Market Value
 
     
Retail (continued)
 
Spencer Gifts LLC, Senior Secured First Lien B-1 Term Loan, 5.250%, 07/16/2021
 
$
3,979,975
   
$
3,935,220
 
Sports Authority (The), Senior Secured First Lien Term B Loan, 7.500%, 11/16/2017
   
4,611,833
     
3,539,582
 
             
21,344,041
 
                 
Services - Business - 11.06%
 
BarBri Inc, Senior Secured First Lien Initial Term Loan, 4.500%, 07/17/2019
   
2,776,837
     
2,600,980
 
Crossmark Holdings Inc, Senior Secured First Lien Term Loan, 4.500%, 12/20/2019
   
6,135,409
     
5,417,566
 
eResearch Technology Inc, Senior Secured First Lien Term Loan, 5.500%, 05/08/2022
   
1,773,333
     
1,769,175
 
FHC Health Systems Inc, Senior Secured First Lien Initial Term Loan, 5.000%, 12/23/2021
   
1,560,784
     
1,542,258
 
PowerTeam Services LLC, Senior Secured First Lien Initial Term Loan, 4.250%, 05/06/2020
   
2,868,566
     
2,843,466
 
Sedgwick Claims Management Services Inc, Senior Secured Second Lien Incremental Term Loan, 6.750%, 02/28/2022
   
2,075,472
     
1,966,509
 
Sedgwick Claims Management Services Inc, Senior Secured Second Lien Initial Term Loan, 6.750%, 02/28/2022
   
1,818,182
     
1,722,727
 
SurveyMonkey.com LLC, Senior Secured First Lien Term Loan, 6.250%, 02/07/2019
   
2,347,367
     
2,294,551
 
Transaction Network Services, Senior Secured First Lien Initial Term Loan, 5.000%, 02/14/2020
   
1,717,835
     
1,719,450
 
Transaction Network Services, Senior Secured Second Lien Initial Term Loan, 9.000%, 08/14/2020
   
500,000
     
495,835
 
TravelCLICK Inc, Senior Secured First Lien Initial Term Loan, 5.500%, 05/12/2021
   
1,228,724
     
1,222,580
 
TravelCLICK Inc, Senior Secured Second Lien Initial Term Loan, 8.750%, 11/08/2021
   
2,750,000
     
2,712,187
 
Truven Health Analytics Inc, Senior Secured First Lien New Tranche B Term Loan, 4.500%, 06/06/2019
   
1,994,885
     
1,982,417
 
US Security Associates Holdings Inc, Senior Secured First Lien Delayed Draw Term Loan, 6.250%, 07/28/2017
   
102,242
     
102,306
 
US Security Associates Holdings Inc, Senior Secured First Lien Term B Loan, 6.250%, 07/28/2017
   
811,019
     
811,526
 
             
29,203,533
 
                 
Services - Consumer - 2.92%
 
Learning Care Group (US) No. 2 Inc, Senior Secured First Lien Term Loan, 5.000%, 05/05/2021
   
1,462,963
     
1,464,331
 
Monitronics International Inc, Senior Secured First Lien Term B-1 Loan, 4.500%, 04/11/2022
   
769,779
     
767,135
 
Nord Anglia Education Finance LLC, Senior Secured First Lien Initial Term Loan, 4.500%, 03/31/2021
   
938,800
     
924,136
 
NVA Holdings Inc, Senior Secured First Lien Delayed Draw Term Loan, 1.875%, 08/14/2021
   
28,259
     
28,289
 
NVA Holdings Inc, Senior Secured First Lien Term Loan, 4.750%, 08/14/2021
   
511,220
     
511,751
 
NVA Holdings Inc, Senior Secured Second Lien Term Loan, 8.000%, 08/14/2022
   
652,088
     
648,012
 
Renaissance Learning Inc, Senior Secured First Lien Initial Term Loan, 4.500%, 04/09/2021
   
1,382,456
     
1,345,593
 
Spin Holdco Inc, Senior Secured First Lien Initial Term Loan, 4.250%, 11/14/2019
   
2,069,667
     
2,033,458
 
             
7,722,705
 
                 
Telecommunications - 6.32%
 
Avaya Inc, Senior Secured First Lien Term B-7 Loan, 6.250%, 05/29/2020
   
10,808,170
     
8,531,699
 
ConvergeOne Holdings Corporation, Senior Secured First Lien Initial Term Loan, 6.000%, 06/17/2020
   
2,510,734
     
2,496,611
 
Fairpoint Communications Inc, Senior Secured First Lien Term Loan, 7.500%, 02/14/2019
   
3,912,342
     
3,937,205
 
Nextgen Finance LLC, Senior Secured First Lien Term B Loan, 5.000%, 05/31/2021
   
1,980,000
     
1,722,600
 
             
16,688,115
 
                 
Transportation Cargo - 0.64%
 
Navistar International Corporation, Senior Secured First Lien Tranche B Term Loan, 6.500%, 08/06/2020
   
1,714,286
     
1,678,569
 
                 
Transportation Consumer - 2.07%
 
Lineage Logistics LLC, Senior Secured First Lien Term Loan, 4.500%, 04/07/2021
   
4,282,111
     
4,148,295
 
Sabre Inc, Senior Secured First Lien Incremental Term Loan, 4.000%, 02/19/2019
   
1,314,091
     
1,314,091
 
             
5,462,386
 
                 
Utilities Electric - 8.87%
 
Atlantic Power Limited Partnership, Senior Secured First Lien Term Loan, 4.750%, 02/24/2021
   
906,005
     
902,607
 


   
Principal
     
   
Amount
   
Market Value
 
     
Utilities Electric (continued)
 
Chief Power Finance LLC, Senior Secured First Lien Term B Advance Loan, 5.750%, 12/31/2020
 
$
1,634,663
   
$
1,634,663
 
Exgen Texas Power LLC, Senior Secured First Lien Term Loan, 5.750%, 09/20/2021
   
2,260,138
     
1,906,992
 
Granite Acquisition Inc, Senior Secured Second Lien Term B Loan, 8.250%, 12/19/2022
   
2,030,075
     
1,895,583
 
Moxie Patriot LLC, Senior Secured First Lien Construction B-1 Facility Term Loan, 6.750%, 12/18/2020
   
1,481,481
     
1,414,815
 
Panda Liberty LLC, Senior Secured First Lien Construction B-1 Facility Term Loan, 7.500%, 08/21/2020
   
3,470,588
     
3,331,765
 
Panda Sherman Power LLC, Senior Secured First Lien Term Loan, 9.000%, 09/14/2018
   
3,969,934
     
3,632,490
 
Panda Temple Power II LLC, Senior Secured First Lien Construction Term Loan, 7.250%, 04/03/2019
   
2,647,273
     
2,382,545
 
Pike Corporation, Senior Secured First Lien Initial Term Loan, 5.500%, 12/22/2021
   
1,568,414
     
1,572,335
 
Sandy Creek Energy Associates LP, Senior Secured First Lien Term Loan, 5.000%, 11/09/2020
   
4,226,571
     
3,740,515
 
TPF II Power LLC, Senior Secured First Lien Term Loan, 5.500%, 10/02/2021
   
1,015,682
     
1,016,850
 
             
23,431,160
 
                 
TOTAL FLOATING RATE LOAN INTERESTS
         
(Cost $393,715,631)
           
375,825,451
 
 
CORPORATE BONDS - 7.16%
 
Banking, Finance, Insurance and Real Estate - 0.75%
 
HUB Holdings LLC, Senior Unsecured Bond, 8.125%, 07/15/2019(c)(d)
   
1,400,000
     
1,358,000
 
National Financial Partners Corp, Senior Unsecured Bond, 9.000%, 07/15/2021(c)
   
650,000
     
629,687
 
             
1,987,687
 
                 
Containers, Packaging and Glass - 1.34%
 
Coveris Holdings SA, Senior Unsecured Bond, 7.875%, 11/01/2019(c)
   
3,700,000
     
3,524,250
 
                 
Energy, Oil and Gas - 0.52%
 
Oneok Inc, Senior Unsecured Bond, 7.500%, 09/01/2023
   
750,000
     
724,215
 
Sanchez Energy Corp, Senior Unsecured Bond, 6.125%, 01/15/2023
   
950,000
     
641,250
 
             
1,365,465
 
                 
Healthcare and Pharmaceuticals - 0.95%
 
Aurora Diagnostics Holdings LLC, Senior Unsecured Bond, 10.750%, 01/15/2018
   
500,000
     
393,750
 
JLL / Delta Dutch Pledgeco BV, Senior Unsecured Bond, 8.750%, 05/01/2020(c)(d)
   
2,100,000
     
2,118,375
 
             
2,512,125
 
                 
Media Broadcasting and Subscription - 0.98%
 
Entercom Radio LLC, Senior Unsecured Bond, 10.500%, 12/01/2019
   
1,300,000
     
1,368,250
 
Neptune Finco Corp, Senior Unsecured Bond, 6.625%, 10/15/2025(c)
   
1,200,000
     
1,209,000
 
             
2,577,250
 
                 
Retail - 1.46%
 
Nine West Holdings Inc, Senior Unsecured Bond, 8.250%, 03/15/2019(c)
   
1,800,000
     
837,000
 
Petco Holdings Inc, Senior Unsecured Bond, 8.500%, 10/15/2017(c)(d)
   
3,000,000
     
3,030,000
 
             
3,867,000
 
                 
Services - Consumer - 0.34%
 
Monitronics International Inc, Senior Unsecured Bond, 9.125%, 04/01/2020
   
1,000,000
     
905,000
 
                 
Telecommunications - 0.82%
 
Avaya Inc, Senior Secured Bond, 10.500%, 03/01/2021(c)
   
700,000
     
325,500
 


   
Principal
     
   
Amount
   
Market Value
 
     
Telecommunications (continued)
 
Intelsat Jackson Hldg, Senior Unsecured Bond, 7.250%, 10/15/2020
 
$
2,000,000
   
$
1,842,500
 
             
2,168,000
 
                 
TOTAL CORPORATE BONDS
         
(Cost $20,729,053)
           
18,906,777
 
 
   
Shares
   
Market Value
 
COMMON STOCK - 0.18%
               
Consumer Goods Durable - 0.18%
               
New MMI Holdings Inc(e)
   
28,009
   
$
472,652
 
                 
TOTAL COMMON STOCK
               
(Cost $1,125,088)
           
472,652
 
                 
Total Investments - 149.61%
         
(Cost $415,569,772)
           
395,204,880
 
                 
Assets in Excess of Other Liabilities - 0.13%
     
351,330
 
               
Leverage Facility - (49.74)%
     
(131,400,000
)
               
Net Assets - 100.00%
         
$
264,156,210
 
 
Amounts above are shown as a percentage of net assets as of September 30, 2015.
 
(a)
The interest rate shown represents the rate at period end.
(b)
All or a portion of this position has not settled as of September 30, 2015. The interest rate shown represents the stated spread over the London Interbank Offered Rate ("LIBOR" or "L") or the applicable LIBOR floor; the Fund will not accrue interest until the settlement date, at which point LIBOR will be established.
(c)
Security exempt from registration under Rule 144A of the Securities Act of 1933. Total market value of Rule 144A securities amounts to $13,031,812, which represents approximately 4.93% of net assets as of September 30, 2015.
(d)
Option to convert to pay-in-kind security.
(e)
Non-income producing security.
 

Blackstone / GSO Senior Floating Rate Term Fund
Notes to Quarterly Portfolio of Investments
September 30, 2015 (Unaudited)

NOTE 1. ORGANIZATION

Blackstone / GSO Senior Floating Rate Term Fund (the “Fund” or “BSL”) 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 the Fund to 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, the Fund will 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 (the “Declaration of Trust”), prior to the date of dissolution a majority of the Board of Trustees, with the approval of a majority of the shareholders entitled to vote (as defined in the 1940 Act), may extend the life of the Fund by a period of two years or such shorter time as may be determined. The dissolution date of the Fund may be extended an unlimited number of times.
 
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 the BSL’s assets will be invested in 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 (“Senior Loans” together with second lien secured loans and unsecured loans, “Loans”).
 
BSL was previously classified as a non-diversified investment company for purposes of the 1940 Act. As a result of ongoing operations, BSL is now classified as a diversified company, which means that with respect to 75% of the Fund’s total assets, no more than 5% of the 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. BSL may not resume operating in a non-diversified manner without first obtaining shareholder approval in accordance with the 1940 Act.

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
 
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The preparation of its financial statements is in accordance with accounting principles generally accepted in the United States of America (“GAAP”), which requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and these differences could be material. BSL is considered an investment company for financial reporting purposes under GAAP.
 
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 (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 BSL’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. Corporate 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 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. 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 as determined in good faith by a committee of the Adviser under procedures established by, and under the general supervision and responsibility of, the Fund’s Board of Trustees.
 

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 valuation techniques used by the Fund to measure fair value during the period ended September 30, 2015 maximized the use of observable inputs and minimized the use of unobservable inputs. The categorization of a value determined for investments and other financial instruments is based on the pricing transparency of the investment and other financial instruments and does not necessarily correspond to BSL’s perceived risk of investing in those securities.
 
The following table summarizes valuation of BSL’s investments under the fair value hierarchy levels as of September 30, 2015:

Investments in Securities at Value*
 
Level 1 - Quoted Prices
   
Level 2 - Significant Observable Inputs
   
Level 3 - Significant Unobservable Inputs
   
Total
 
Floating Rate Loan Interests
               
Aerospace and Defense
 
$
   
$
6,604,183
   
$
3,984,315
   
$
10,588,498
 
Capital Equipment
   
     
3,211,431
     
5,566,565
     
8,777,996
 
Chemicals, Plastics and Rubber
   
     
9,908,151
     
2,959,708
     
12,867,859
 
Consumer Goods Non Durable
   
     
7,930,865
     
965,113
     
8,895,978
 
Energy, Oil and Gas
   
     
16,504,156
     
2,602,563
     
19,106,719
 
Healthcare and Pharmaceuticals
   
     
21,404,223
     
717,303
     
22,121,526
 
High Tech Industries
   
     
55,872,497
     
9,559,000
     
65,431,497
 
Hotels, Gaming and Leisure
   
     
12,059,791
     
1,895,706
     
13,955,497
 
Media Broadcasting and Subscription
   
     
6,592,498
     
4,886,842
     
11,479,340
 
Services - Business
   
     
24,196,795
     
5,006,738
     
29,203,533
 
Utilities Electric
   
     
15,052,090
     
8,379,070
     
23,431,160
 
Other
   
     
149,965,848
     
     
149,965,848
 
Corporate Bonds
   
     
18,906,777
     
     
18,906,777
 
Common Stock
   
     
472,652
     
     
472,652
 
Total
 
$
   
$
348,681,957
   
$
46,522,923
   
$
395,204,880
 
 
*
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
   
Total
 
Balance as of December 31, 2014
 
$
29,982,000
   
$
29,982,000
 
Accrued discount/ premium
   
97,576
     
97,576
 
Realized Gain/(Loss)
   
36,740
     
36,740
 
Change in Unrealized Appreciation/(Depreciation)
   
(1,218,624
)
   
(1,218,624
)
Purchases
   
28,236,348
     
28,236,348
 
Sales Proceeds
   
(8,522,234
)
   
(8,522,234
)
Transfer into Level 3
   
14,130,588
     
14,130,588
 
Transfer out of Level 3
   
(16,219,471
)
   
(16,219,471
)
Balance as of September 30, 2015
 
$
46,522,923
   
$
46,522,923
 
Net change in unrealized appreciation/(depreciation) attributable to Level 3 investments held at September 30, 2015
 
$
(1,274,685
)
 
$
(1,274,685
)
 
Information about Level 3 fair value measurements as of September 30, 2015:
 
   
Fair Value at
3/31/15
 
Valuation Technique(s)
Unobservable Input(s)
 Floating Rate Loan Interests
 
$
46,522,923
 
Third-party vendor pricing service
Vendor quotes

The Fund evaluates transfers into or out of Level 1, 2 and 3 as of the end of the reporting period. There were no transfers between Level 1 and 2 during the period. 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 moved 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. Interest income, including accretion of discount and amortization of premium, is recorded on the accrual basis. Realized gains and losses from securities transactions and foreign currency transactions, if any, are recorded on the basis of identified cost.

NOTE 3. SENIOR LOANS

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 incurred for any leverage). At September 30, 2015, 81.89% of BSL’s Managed Assets were held in Senior Loans.

Senior 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 loan remaining maturities may be substantially less than their stated maturities. 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 London Interbank Offered Rate (LIBOR), plus a premium or credit spread.


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 net asset value of the Fund. Risk of loss of income is generally higher for 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, 2015, BSL had invested $52,090,307 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. BSL typically invests in Loans rated below investment grade, which are considered speculative because of the credit risk of their issuers. Such companies are more likely than investment grade issuers to default on their payments of interest and principal owed to BSL, and such defaults could reduce net asset value 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, 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; however, the purchaser’s rights can be more restricted than those of the assigning institution, and BSL may not be able to unilaterally enforce all rights and remedies under the Loan and with regard to any associated collateral. 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 to mitigate credit and counterparty risk in the atypical situation when BSL must acquire a Loan through a participation. BSL had no outstanding participations as of September 30, 2015.

NOTE 4. LEVERAGE

The Fund entered into a Credit Agreement (the "Agreement") with a bank to borrow money pursuant to a 364day revolving line of credit ("Leverage Facility") dated October 8, 2014, to borrow up to a limit of $142 million. Borrowings under the Agreement are secured by the assets of the Fund. Interest is charged at a rate of 0.70% above LIBOR, with LIBOR measured for the period commencing on the date of the making of such LIBOR Loan (or the last date upon which any other Loan was converted to, or continued as, such LIBOR Loan) and ending on the numerically corresponding day in the calendar month that is one (1) week or one (1), two (2), three (3), six (6) or nine (9) months thereafter, as the Fund may elect, or such other periods as the lender may agree in its sole and absolute discretion. Under the terms of the Agreement, the Fund must pay a commitment fee on any undrawn amounts. The commitment fee payable is 0.20% on the undrawn amounts. Interest and fees are payable quarterly. The Fund may elect to extend the Agreement for a further 364day period with the consent of the lending bank. At September 30 2015, BSL had borrowings outstanding under its Leverage Facility of $131.4 million, at an interest rate of 0.90%. Due to the short term nature of the Agreement, face value approximates fair value at September 30, 2015. This fair value is based on Level 2 inputs under the threetier fair valuation hierarchy (see Note 2). For the quarter ended September 30, 2015, the average borrowings under BSL’s Leverage Facility and the average interest rate were $134,469,597 and 0.87%, respectively.


Under the Agreement, the Fund has agreed to certain covenants and additional investment limitations while the leverage is outstanding. The Fund agreed to maintain asset coverage of three times over borrowings. Compliance with the investment restrictions and calculations are performed by the Fund's custodian. As of September 30, 2015, 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 net asset value 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, 2015, BSL’s leverage represented 33.22% of the Fund’s Managed Assets.

NOTE 5. RELATED PARTY TRANSACTIONS

BSL engaged in cross trades with an affiliate during the nine months ended September 30, 2015 pursuant to Rule 17a-7 under the 1940 Act. Generally, cross trading is the buying or selling of portfolio securities between registered investment companies or accounts to which the Adviser serves as the investment adviser. The Board of Trustees previously adopted procedures that apply to transactions between the Funds and its affiliates pursuant to Rule 17a-7. At its regularly scheduled meetings, the Board of Trustees reviews and approves such transactions as of the most current calendar quarter for compliance with the requirements set forth by Rule 17a-7 and the Funds’ related procedures. The procedures require that the transactions be a purchase or sale for no consideration other than cash payment against prompt delivery of a security for which market quotations are readily available, and be consistent with the investment policies of each Fund. BSL purchased a security from an account for which the Adviser is the investment adviser in the amount of $3,174,869.

NOTE 6. UNREALIZED APPRECIATION/(DEPRECIATION)
 
On September 30, 2015 based on a cost of $415,575,607 for federal income tax purposes, aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was $1,307,214 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value was $21,677,941, resulting in net unrealized depreciation of $20,370,727.

NOTE 7. SUBSEQUENT EVENTS
 
On October 7, 2015, the Agreement was amended for an additional 364-day term. Effective with the amendment, interest will be charged at a rate of 0.75% above LIBOR.


Item 2. Controls and Procedures.

(a) The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this Report.

(b) There was no change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) that occurred during the Registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

Separate certifications for the Registrant’s principal executive officer and principal financial officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are attached as Exhibit 99.CERT.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Blackstone / GSO Senior Floating Rate Term Fund

By:
/s/ Daniel H. Smith, Jr.
 
 
Daniel H. Smith, Jr. (Principal Executive Officer)
 
 
Chairman, Chief Executive Officer and President
 
     
Date:
November 24, 2015
 
     
By:
/s/ Eric Rosenberg
 
 
Eric Rosenberg (Principal Financial Officer)
 
 
Treasurer and Chief Financial Officer
 
     
Date:
November 24, 2015
 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:
/s/ Daniel H. Smith, Jr.
 
 
Daniel H. Smith, Jr. (Principal Executive Officer)
 
 
Chairman, Chief Executive Officer and President
 
     
Date:
November 24, 2015
 
     
By:
/s/ Eric Rosenberg
 
 
Eric Rosenberg (Principal Financial Officer)
 
 
Treasurer and Chief Financial Officer
 
     
Date:
November 24, 2015