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: : (877) 876-1121

Date of fiscal year end:     December 31

Date of reporting period:  September 30, 2016


Item 1. Schedule of Investments.

Blackstone / GSO Senior Floating Rate Term Fund
 
Portfolio of Investments
September 30, 2016 (Unaudited)
 
 
Principal
Amount
   
Value
 
FLOATING RATE LOAN INTERESTS(a) - 148.87%
 
Aerospace and Defense - 3.50%
 
Camp International Holding Company, Senior Secured First Lien Term Loan, 4.750%, 08/18/2023
 
$
4,091,224
   
$
4,094,292
 
Engility Corporation, Senior Secured First Lien Term B-2 Loan, 5.773%, 08/14/2023
   
758,457
     
766,990
 
PRV Aerospace LLC, Senior Secured First Lien Term Loan, 7.000%, 05/09/2018
   
3,097,834
     
2,896,475
 
WP CPP Holdings LLC, Senior Secured First Lien B-3 Term Loan, 4.500%, 12/27/2019
   
1,480,690
     
1,454,778
 
 
           
9,212,535
 
 
               
Automotive - 2.78%
 
American Tire Distributors Inc, Senior Secured First Lien Initial Term Loan, 5.250%, 09/01/2021
   
3,570,784
     
3,535,523
 
Dealer Tire LLC, Senior Secured First Lien Initial Term Loan, 5.500%, 12/22/2021
   
927,882
     
937,160
 
Mitchell International Inc, Senior Secured Second Lien Term Loan, 8.500%, 10/11/2021
   
2,895,978
     
2,838,970
 
 
           
7,311,653
 
 
               
Banking, Finance, Insurance and Real Estate - 8.33%
 
Acrisure LLC, Senior Secured First Lien Term B Loan, 6.500%, 05/19/2022
   
801,891
     
806,406
 
Alliant Holdings Intermediate LLC, Senior Secured First Lien 2016 Term Loan, 5.253%, 08/15/2022
   
1,425,000
     
1,433,194
 
Alliant Holdings Intermediate LLC, Senior Secured First Lien Initial Term Loan, 4.753%, 08/12/2022
   
779,605
     
780,775
 
AmWins Group LLC, Senior Secured First Lien New Term Loan, 4.750%, 09/06/2019
   
2,619,518
     
2,639,164
 
AssuredPartners Capital Inc, Senior Secured First Lien Term Loan, 5.750%, 10/24/2022
   
2,453,153
     
2,470,779
 
Asurion LLC, Senior Secured Second Lien Term Loan, 8.500%, 03/03/2021
   
1,925,532
     
1,919,909
 
Confie Seguros Holding II Co, Senior Secured First Lien Term B Loan, 7.000%, 11/09/2018
   
665,494
     
666,742
 
Cunningham Lindsey US Inc, Senior Secured First Lien Initial Term Loan, 5.000%, 12/10/2019
   
3,790,850
     
3,208,007
 
DTZ US Borrower LLC, Senior Secured First Lien 2015-1 Converted Term Loan, 4.250%, 11/04/2021
   
1,492,443
     
1,496,174
 
Gold Merger Co Inc, Senior Secured First Lien Initial Term Loan, 4.750%, 07/27/2023
   
887,574
     
895,899
 
MPH Acquisition Holdings LLC, Senior Secured First Lien Initial Term Loan, 5.000%, 06/07/2023
   
2,230,239
     
2,261,250
 
Solera LLC (Solera Finance Inc), Senior Secured First Lien Dollar Term Loan, 5.750%, 03/03/2023
   
1,865,625
     
1,887,583
 
VF Holding Corp, Senior Secured First Lien Initial Term Loan, 4.750%, 06/30/2023
   
747,664
     
751,694
 
Victory Capital Operating LLC, Senior Secured First Lien Initial Term Loan, 8.500%, 10/29/2021
   
682,503
     
673,545
 
 
           
21,891,121
 
 
               
Beverage, Food and Tobacco - 2.77%
 
AdvancePierre Foods Inc, Senior Secured First Lien Effective Date Term Loan, 4.500%, 06/02/2023
   
1,115,639
     
1,126,377
 
Americold Realty Operating Partnership LP, Senior Secured First Lien Initial Term Loan, 5.750%, 12/01/2022
   
395,050
     
399,743
 
Candy Intermediate Holdings Inc, Senior Secured First Lien Initial Term Loan, 5.500%, 06/15/2023
   
590,625
     
595,669
 
Chobani LLC, Senior Secured First Lien Term Loan B, L+6.50%, 09/29/2023(b)
   
2,183,288
     
2,172,372
 
Supervalu Inc, Senior Secured First Lien New Term Loan, 5.500%, 03/21/2019
   
2,689,812
     
2,698,365
 
Winebow Holdings Inc, Senior Secured First Lien Initial Term Loan, 4.750%, 07/01/2021
   
290,469
     
286,596
 
 
           
7,279,122
 
 
               
Capital Equipment - 1.26%
 
Alfred Fueling Systems Inc, Senior Secured First Lien Initial Term Loan, 4.500%, 06/21/2021
   
1,233,199
     
1,233,717
 
LTI Holdings Inc, Senior Secured First Lien Initial Term Loan, 5.250%, 04/18/2022
   
1,122,150
     
1,088,486
 
Meter Reading Holding LLC, Senior Secured First Lien Term B Loan, 6.750%, 08/29/2023
   
1,000,000
     
1,000,000
 
 
           
3,322,203
 

 
Principal
Amount
 
Value
 
Chemicals, Plastics and Rubber - 3.94%
 
Emerald Performance Materials LLC, Senior Secured First Lien Initial Term Loan, 4.500%, 08/02/2021
 
$
2,972,892
   
$
2,996,126
 
Pinnacle Operating Corporation, Senior Secured First Lien Term B Refinancing Loan, 4.750%, 11/15/2018
   
2,639,396
     
2,428,244
 
PQ Corporation, Senior Secured First Lien Dollar Tranche B-1 Term Loan, 5.750%, 11/04/2022
   
1,145,539
     
1,156,043
 
Royal Holdings Inc, Senior Secured First Lien Initial Term Loan, 4.500%, 06/20/2022
   
1,323,283
     
1,334,035
 
Tekni-Plex Inc, Senior Secured First Lien Tranche B-1 Loan, 4.500%, 06/01/2022
   
736,025
     
737,865
 
Tekni-Plex Inc, Senior Secured Second Lien Initial Term Loan, 8.750%, 06/01/2023
   
1,730,769
     
1,712,734
 
 
           
10,365,047
 
 
               
Construction and Building - 12.91%
 
American Bath Group LLC, Senior Secured First Lien Term Loan, L+5.75%, 09/30/2023(b)
   
1,818,182
     
1,818,182
 
American Bath Group LLC, Senior Secured Second Lien term Loan, L+9.75%, 09/30/2024(b)
   
250,000
     
241,250
 
American Builders and Contractors Supply Company Inc, Senior Secured Term B Loan, L+2.75%, 09/25/2023(b)
   
1,413,907
     
1,419,916
 
Builders Firstsource Inc, Senior Secured First Lien Tranche B Loan, 4.750%, 07/29/2022
   
3,096,842
     
3,119,418
 
C.H.I. Overhead Doors Inc, Senior Secured First Lien Initial Term Loan, 4.500%, 07/29/2022
   
844,914
     
846,498
 
C.H.I. Overhead Doors Inc, Senior Secured Second Lien Initial Term Loan, 8.750%, 07/28/2023
   
2,631,579
     
2,593,750
 
GYP Holdings III Corp, Senior Secured First Lien Term Loan L+4.50%, 04/01/2021(b)
   
1,473,684
     
1,473,220
 
Headwaters Incorporated, Senior Secured First Lien Term B-1 Loan, 4.000%, 03/24/2022
   
1,035,217
     
1,042,334
 
Henry Company LLC, Senior Secured First Lien Term Loan B, L+4.50%, 09/30/2023(b)
   
1,243,523
     
1,246,632
 
Jeld-Wen Inc, Senior Secured First Lien Initial Term Loan, 5.250%, 10/15/2021
   
5,088,593
     
5,129,938
 
Jeld-Wen Inc, Senior Secured First Lien Term B-1 Loan, 4.750%, 07/01/2022
   
967,241
     
974,699
 
Priso Acquisition Corporation, Senior Secured First Lien Initial Term Loan, 4.500%, 05/09/2022
   
1,366,376
     
1,372,353
 
SiteOne Landscape Supply LLC, Senior Secured First Lien Initial Term Loan, 6.250%, 04/29/2022
   
1,432,940
     
1,448,165
 
SRS Distribution Inc, Senior Secured First Lien Tranche B-1 Loan, L+4.25%, 08/25/2022(b)
   
1,461,554
     
1,477,997
 
SRS Distribution Inc, Senior Secured Second Lien 06/16 Term Loan, 9.750%, 02/25/2023
   
821,918
     
831,678
 
Stardust Finance Holdings Inc, Senior Secured First Lien Junior Term Loan, L+9.50%, 03/13/2023(b)
   
644,783
     
645,186
 
Stardust Finance Holdings Inc, Senior Secured First Lien Term Loan, 6.500%, 03/13/2022
   
4,442,915
     
4,429,031
 
US LBM Holdings LLC, Senior Secured First Lien Initial Term Loan, 6.250%, 08/20/2022
   
3,807,692
     
3,815,631
 
 
           
33,925,878
 
 
               
Consumer Goods Durable - 1.09%
 
Apex Tool Group LLC, Senior Secured First Lien Term Loan, 4.500%, 01/31/2020
   
1,030,583
     
1,021,890
 
Hercules Achievement Inc, Senior Secured First Lien Initial Term Loan, 5.000%, 12/13/2021
   
1,842,188
     
1,854,088
 
 
           
2,875,978
 
 
               
Consumer Goods Non Durable - 2.71%
 
FGI Operating Company LLC, Senior Secured First Lien Term B Loan, 5.500%, 04/19/2019
   
2,807,955
     
2,600,868
 
Inmar Inc, Senior Secured Second Lien Initial Term Loan, 8.000%, 01/27/2022
   
250,000
     
230,833
 
Revlon Consumer Products Corporation, Senior Secured First Lien New Term Loan, 4.250%, 09/07/2023
   
1,987,578
     
1,994,007
 
SRAM LLC, Senior Secured First Lien Term Loan, 4.011%, 04/10/2020
   
2,358,810
     
2,299,840
 
 
           
7,125,548
 
 
               
Containers, Packaging and Glass - 6.61%
 
Berlin Packaging LLC, Senior Secured First Lien Initial Term Loan, 4.500%, 10/01/2021
   
2,228,188
     
2,241,312
 
Charter Nex US Holdings Inc, Senior Secured First Lien Initial Term Loan, 5.250%, 02/07/2022
   
2,498,621
     
2,520,484
 
Coveris Holdings SA, Senior Secured First Lien USD Term Loan, L+3.50%, 05/08/2019(b)
   
1,882,542
     
1,884,020
 
Hilex Poly Co LLC, Senior Secured First Lien Term Loan, 6.000%, 12/06/2021
   
1,071,473
     
1,081,524
 
Multi Packaging Solutions Inc, Senior Secured First Lien Initial Dollar Tranche B Term Loan, 4.250%, 09/30/2020
   
2,388,979
     
2,387,486
 
Printpack Holdings Inc, Senior Secured First Lien Term Loan, 5.000%, 07/26/2023
   
1,395,349
     
1,402,325
 
Prolampac Intermediate Inc, Senior Secured First Lien Initial Term Loan, 5.750%, 08/18/2022
   
1,964,665
     
1,980,628
 
Reynolds Group Holdings Inc, Senior Secured First Lien US Term Loan, L+3.25%, 02/06/2023(b)
   
3,865,245
     
3,882,754
 
 
           
17,380,533
 

 
Principal
Amount
   
Value
 
Energy, Oil and Gas - 4.03%
 
Ascent Resources - Marcellus LLC, Senior Secured First Lien Term Loan, 5.250%, 08/04/2020
 
$
1,481,481
   
$
822,229
 
Crestwood Holdings LLC, Senior Secured First Lien Tranche B-1 Term Loan, 9.000%, 06/19/2019
   
2,349,748
     
2,183,316
 
Jonah Energy Inc, Senior Secured Second Lien Initial Term Loan, 7.500%, 05/12/2021
   
2,000,000
     
1,790,000
 
Sheridan Investment Partners I LLC, Senior Secured First Lien Tranche B-2 Term Loan, 4.340%, 10/01/2019
   
5,045,380
     
3,102,909
 
Sheridan Production Partners I-A LP, Senior Secured First Lien Tranche B-2 Term Loan, 4.340%, 10/01/2019
   
668,554
     
411,161
 
Sheridan Production Partners I-M LP, Senior Secured First Lien Tranche B-2 Term Loan, 4.340%, 10/01/2019
   
408,357
     
251,139
 
Utex Industries Inc, Senior Secured First Lien New Initial Term Loan, 5.000%, 05/24/2021
   
1,501,838
     
1,120,747
 
W3 Co, Senior Secured First Lien Term Loan, 5.750%, 03/13/2020
   
1,155,300
     
906,910
 
 
           
10,588,411
 
 
               
Environmental Industries - 0.87%
 
EnergySolutions LLC, Senior Secured First Lien Advance Term Loan, 6.750%, 05/29/2020
   
1,734,545
     
1,732,377
 
Infiltrator Water Technologies LLC, Senior Secured First Lien Term B-1 Loan, 4.500%, 05/27/2022
   
564,286
     
566,580
 
 
           
2,298,957
 
 
               
Healthcare and Pharmaceuticals - 18.67%
 
Albany Molecular Research Inc, Senior Secured First Lien Term Loan, 5.750%, 07/16/2021
   
2,325,588
     
2,340,123
 
Alvogen Pharma US Inc, Senior Secured First Lien Term Loan, 6.000%, 04/01/2022
   
2,744,343
     
2,752,933
 
Amneal Pharmaceuticals LLC, Senior Secured First Lien Term B Loan, 4.501%, 11/01/2019
   
334,303
     
335,640
 
Arbor Pharmaceuticals LLC, Senior Secured First Lien Initial Term Loan, 6.000%, 07/05/2023
   
1,704,489
     
1,713,012
 
Avantor Performance Materials Holdings Inc, Senior Secured First Lien Initial Term Loan, L+5.00%, 06/17/2022(b)
   
3,793,359
     
3,807,584
 
CHG Healthcare Services Inc, Senior Secured First Lien Term Loan, 4.750%, 06/07/2023
   
1,128,544
     
1,140,710
 
Concordia Healthcare Corp, Senior Secured First Lien Dollar Term Loan, 5.250%, 10/21/2021
   
2,780,815
     
2,492,695
 
CT Technologies Intermediate Holdings Inc, Senior Secured First Lien Initial Term Loan, 5.250%, 12/01/2021
   
2,233,325
     
2,210,992
 
Curo Health Services Holdings Inc, Senior Secured First Lien Term B Loan, 6.500%, 02/07/2022
   
1,407,143
     
1,411,540
 
Genoa a QoL Healthcare Company LLC, Senior Secured First Lien Initial Term Loan, 4.500%, 04/29/2022
   
1,328,507
     
1,331,828
 
Global Healthcare Exchange LLC, Senior Secured First Lien Initial Term Loan, 5.250%, 08/15/2022
   
1,894,497
     
1,905,741
 
Greatbatch Ltd, Senior Secured First Lien Term B Loan, 5.250%, 10/27/2022
   
515,012
     
509,326
 
inVentiv Health Inc, Senior Secured First Lien Term Loan B, L+3.75%, 09/29/2023(b)
   
1,980,583
     
1,988,832
 
Mediware Information Systems Inc, Senior Secured First Lien Tranche B Loan, L+4.75%, 07/28/2023(b)
   
943,396
     
951,061
 
Medpace Holdings Inc, Senior Secured First Lien Initial Term Loan, 4.750%, 04/01/2021
   
366,012
     
367,842
 
National Mentor Holdings Inc, Senior Secured First Lien Initial Tranche B Term Loan, 4.250%, 01/29/2021
   
1,060,881
     
1,063,697
 
Netsmart Technologies Inc, Senior Secured First Lien Initial Term Loan, 5.750%, 04/19/2023
   
2,149,784
     
2,162,554
 
Onex Carestream Finance LP, Senior Secured First Lien Term Loan, 5.000%, 06/07/2019
   
471,838
     
439,736
 
Onex Carestream Finance LP, Senior Secured Second Lien Term Loan, 9.500%, 12/09/2019
   
2,849,338
     
2,597,642
 
Onex Schumacher Finance LP, Senior Secured First Lien Initial Term Loan, 5.000%, 07/29/2022
   
1,209,398
     
1,214,689
 
Packaging Coordinators Midco Inc, Senior Secured First Lien Initial Term Loan, 5.000%, 06/29/2023
   
1,737,789
     
1,742,134
 
Precyse Acquisition Corp, Senior Secured First Lien Initial Term Loan, 6.500%, 10/20/2022
   
3,044,636
     
3,071,277
 
Press Ganey Holdings Inc, Senior Secured First Lien Term Loan, L+3.25%, 09/29/2023(b)
   
1,386,139
     
1,389,604
 
Press Ganey Holdings Inc, Senior Secured Second Lien Term Loan, L+0.00%, 09/30/2024(b)
   
909,091
     
915,909
 
Surgery Center Holdings Inc, Senior Secured First Lien Initial Term Loan, L+4.25%, 11/03/2020(b)
   
4,399,539
     
4,407,788
 
U.S. Renal Care Inc, Senior Secured First Lien Initial Term Loan, 5.250%, 12/30/2022
   
3,974,975
     
3,825,913
 
Valeant Pharmaceuticals International, Senior Secured First Lien Series D-2 Tranche B Term Loan, 5.000%, 02/13/2019
   
986,081
     
988,315
 
 
           
49,079,117
 
 
               
High Tech Industries - 24.71%
 
Ascend Learning LLC, Senior Secured First Lien Term Loan, 5.500%, 07/31/2019
   
460,182
     
462,482
 
Aspect Software Inc, Senior Secured First Lien Exit Term Loan, 10.000%, 05/25/2020
   
5,295,246
     
5,193,736
 

 
Principal
Amount
 
Value
 
High Tech Industries (continued)
 
BMC Software Finance Inc, Senior Secured First Lien Initial US Term Loan, 5.000%, 09/10/2020
 
$
2,843,787
   
$
2,749,146
 
Cavium Inc, Senior Secured First Lien Initial Term B Loan, 3.750%, 08/16/2022
   
430,622
     
436,005
 
Ciena Corporation, Senior Secured First Lien 2016 Term Loan, 4.250%, 04/26/2021
   
643,548
     
646,766
 
Compuware Corporation, Senior Secured First Lien Tranche B-2 Term Loan, 6.250%, 12/15/2021
   
987,437
     
985,586
 
Compuware Corporation, Senior Secured Second Lien Term Loan, 9.250%, 12/15/2022
   
3,500,000
     
3,305,313
 
Cypress Semiconductor Corp, Senior Secured First Lien 2016 Incremental Term Loan, 6.500%, 07/05/2021
   
1,690,141
     
1,714,437
 
Dell Software Group, Senior Secured First Lien Term Loan B, L+6.00%, 09/27/2022(b)
   
5,275,362
     
5,241,072
 
Epicor Software Corporation, Senior Secured First Lien Term B Loan, 4.750%, 06/01/2022
   
2,826,961
     
2,792,514
 
Hyland Software Inc, Senior Secured First Lien Term Loan, 4.750%, 07/01/2022
   
198,023
     
199,549
 
Informatica Corporation, Senior Secured First Lien Dollar Term Loan, 4.500%, 08/05/2022
   
2,408,255
     
2,349,048
 
Kronos Incorporated, Senior Secured Second Lien Initial Term Loan, 9.750%, 04/30/2020
   
4,000,000
     
4,078,320
 
Lanai Holdings III Inc, Senior Secured First Lien Initial Term Loan, 5.750%, 08/29/2022
   
1,238,532
     
1,226,147
 
Landesk Software Inc, Senior Secured First Lien Term Loan, 5.500%, 09/16/2022
   
1,835,762
     
1,850,677
 
Landesk Software Inc, Senior Secured Second Lien Term Loan, L+8.50%, 09/16/2023(b)
   
1,481,481
     
1,477,778
 
MA FinanceCo LLC, Senior Secured First Lien Tranche B-2 Term Loan, 4.502%, 11/19/2021
   
3,469,097
     
3,487,900
 
Microsemi Corporation, Senior Secured First Lien Term B Loan, 3.750%, 01/16/2023
   
1,445,470
     
1,461,392
 
ON Semiconductor Corp, Senior Secured First Lien Tranche B Loan L+3.25%, 03/31/2023(b)
   
4,770,017
     
4,798,566
 
P2 Upstream Acquisition Co, Senior Secured First Lien Term Loan, 5.000%, 10/30/2020
   
2,778,571
     
2,606,647
 
Peak 10 Inc, Senior Secured First Lien Term Loan, 5.000%, 06/17/2021
   
2,665,909
     
2,679,239
 
Peak 10 Inc, Senior Secured Second Lien Initial Term Loan, 8.250%, 06/17/2022
   
875,000
     
813,750
 
Pomeroy Group LLC, Senior Secured First Lien Initial Term Loan, 6.920%, 11/12/2021
   
1,496,231
     
1,464,436
 
ProQuest LLC, Senior Secured First Lien Initial Term Loan, 5.750%, 10/25/2021
   
1,768,448
     
1,773,974
 
Riverbed Technology Inc, Senior Secured First Lien Amendment Term Loan, 5.000%, 04/25/2022
   
776,715
     
785,189
 
SolarWinds Holdings Inc, Senior Secured First Lien 2016 Refinancing Term Loan, 5.500%, 02/03/2023
   
822,680
     
831,730
 
Sophia LP, Senior Secured First Lien Closing Date Term Loan, 4.750%, 09/30/2022
   
1,965,897
     
1,969,583
 
Sybil Software LLC, Senior Secured First Lien Term B-1 Loan, L+4.00%, 08/03/2022(b)
   
1,360,544
     
1,370,327
 
Tech Finance & Co SCA, Senior Secured First Lien US Term Loan, 5.000%, 07/13/2020
   
2,598,879
     
2,610,262
 
Trader Corporation, Senior Secured First Lien Term Loan, L+4.00%, 08/09/2023(b)
   
1,351,351
     
1,360,649
 
TTM Technologies Inc, Senior Secured First Lien Term B Loan, 6.000%, 05/31/2021
   
1,929,617
     
1,944,089
 
Western Digital Corporation, Senior Secured First Lien US Term B-1 Loan, 4.500%, 05/01/2023
   
278,619
     
281,899
 
 
           
64,948,208
 
 
               
Hotels, Gaming and Leisure - 5.55%
 
Alpha Topco Limited - Delta 2 (Lux) Sarl, Senior Secured Second Lien Term Loan, 7.750%, 07/29/2022
   
3,812,600
     
3,832,616
 
Corner Investment Propco LLC, Senior Secured First Lien Term B Loan, 11.000%, 11/04/2019
   
1,873,961
     
1,855,222
 
Scientific Games International Inc, Senior Secured First Lien B-2 Term Loan, 6.000%, 10/01/2021
   
2,724,580
     
2,733,285
 
SMG, Senior Secured First Lien Term Loan, 4.501%, 02/27/2020
   
1,654,685
     
1,619,523
 
Travelport Finance (Luxembourg) Sarl, Senior Secured First Lien Term B Loan, 5.000%, 09/02/2021
   
2,918,791
     
2,935,209
 
UFC Holdings LLC, Senior Secured First Lien Term Loan, 5.000%, 08/18/2023
   
1,602,671
     
1,619,203
 
 
           
14,595,058
 
 
               
Media Advertising, Printing and Publishing - 0.33%
 
McGraw-Hill Global Education Holdings LLC, Senior Secured First Lien Term B Loan, 5.000%, 05/04/2022
   
855,000
     
861,840
 
 
               
Media Broadcasting and Subscription - 3.17%
 
Nexstar Broadcasting Inc, Senior Secured First Lien Initial Term B Loan L+3.00%, 09/26/2023(b)
   
182,876
     
183,981
 
Nexstar Broadcasting Inc, Senior Secured First Lien Term Loan B L+3.00%, 09/26/2023(b)
   
2,052,281
     
2,064,676
 
Numericable US LLC, Senior Secured First Lien USD Term B-6 Loan, 4.752%, 02/10/2023
   
3,767,030
     
3,798,805
 
Numericable-SFR SA, Senior Secured First Lien USD TLB-7 Term Loan, 5.002%, 01/15/2024
   
1,256,519
     
1,271,598
 
Sable International Finance Ltd, Senior Secured First Lien Term B-1 Loan, 5.588%, 01/03/2023
   
550,000
     
556,102
 

   
Principal
Amount
     
Value
 
Media Broadcasting and Subscription (continued)
 
Sable International Finance Ltd, Senior Secured First Lien Term B-2 Loan, 5.830%, 01/03/2023
 
$
450,000
   
$
454,993
 
 
           
8,330,155
 
 
               
Media Diversified and Production - 0.50%
 
Nielsen Finance (VNU), Senior Secured Term Loan B3, L+2.50%, 09/28/2023(b)
   
1,314,795
     
1,322,296
 
 
               
Metals and Mining - 2.38%
 
Fairmount Santrol Inc, Senior Secured First Lien Tranche B-2 Term Loan, L+3.50%, 09/05/2019(b)
   
1,660,379
     
1,486,454
 
McJunkin Red Man Corporation, Senior Secured First Lien 2013 Term Loan, 5.000%, 11/08/2019
   
1,458,456
     
1,427,464
 
Murray Energy Corporation, Senior Secured First Lien Term B-1 Loan, 7.750%, 04/17/2017
   
2,572,641
     
2,493,326
 
Murray Energy Corporation, Senior Secured First Lien Term B-2 Non-PIK Loan, 8.250%, 04/16/2020
   
999,186
     
852,746
 
 
           
6,259,990
 
 
               
Retail - 7.97%
 
Albertson's LLC, Senior Secured First Lien Term B-6 Loan, 4.750%, 06/22/2023
   
1,483,608
     
1,500,217
 
Ascena Retail Group Inc, Senior Secured First Lien Tranche B Term Loan, 5.250%, 08/19/2022
   
1,291,432
     
1,248,737
 
CEC Entertainment Inc, Senior Secured First Lien Term B Loan, 4.000%, 02/15/2021
   
1,678,286
     
1,659,413
 
CWGS Group LLC, Senior Secured First Lien Term Loan, 5.743%, 02/20/2020
   
1,166,667
     
1,170,132
 
Fairway Group Acquisition Company, Senior Secured First Lien First Out Term Loan, 9.000%, 01/03/2020
   
255,529
     
258,084
 
Fairway Group Acquisition Company, Senior Secured First Lien Last Out Term Loan, 10.000%, 01/03/2020
   
160,829
     
147,158
 
Fairway Group Holdings Corp, Senior Secured First Lien Subordinated Term Loan, 11.000%, 10/04/2021
   
139,721
     
115,270
 
Harbor Freight Tools USA Inc, Senior Secured First Lien Initial Term Loan, 4.000%, 08/18/2023
   
1,029,558
     
1,036,636
 
Jill Acquisition LLC, Senior Secured First Lien Initial Term Loan, 6.000%, 05/09/2022
   
1,025,504
     
1,012,685
 
Neiman Marcus Group Ltd LLC, Senior Secured First Lien Other Term Loan, 4.250%, 10/26/2020
   
1,268,372
     
1,170,866
 
Nine West Holdings Inc, Senior Secured First Lien Initial Term Loan, 4.750%, 10/08/2019
   
2,150,500
     
1,113,959
 
Payless Inc, Senior Secured First Lien Initial Term Loan, 5.000%, 03/11/2021
   
1,865,020
     
1,109,687
 
Petco Animal Supplies Inc, Senior Secured First Lien Tranche B-2 Term Loan, 5.002%, 01/26/2023
   
4,975,000
     
5,034,451
 
Spencer Gifts LLC, Senior Secured First Lien B-1 Term Loan, 5.250%, 07/16/2021
   
3,819,645
     
3,399,484
 
Sports Authority (The), Senior Secured First Lien Term B Loan, 7.500%, 11/16/2017
   
3,918,363
     
959,999
 
 
           
20,936,778
 
 
               
Services - Business - 11.86%
 
Advantage Sales & Marketing Inc, Senior Secured Second Lien Initial Term Loan, 7.500%, 07/25/2022
   
2,750,000
     
2,623,679
 
BarBri Inc (Gemini Holdings Inc), Senior Secured First Lien Term Loan, 4.500%, 07/17/2019
   
2,662,751
     
2,549,584
 
Crossmark Holdings Inc, Senior Secured First Lien Term Loan, 4.500%, 12/20/2019
   
6,072,320
     
3,997,590
 
DTI Holdco Inc, Senior Secured First Lien Term Loan, L+5.25%, 09/25/2023(b)
   
5,513,514
     
5,474,450
 
Erie Acquisition Holdings Inc (GCA Services Group Inc), Senior Secured First Lien Term Loan, 5.809%, 03/01/2023
   
3,353,933
     
3,384,856
 
Outerwall Inc, Senior Secured First Lien Term Loan, L+4.25%, 09/26/2023(b)
   
422,961
     
426,662
 
Sedgwick Claims Management Services Inc, Senior Secured Second Lien Incremental Term Loan, 6.750%, 02/28/2022
   
2,075,472
     
2,058,608
 
Sedgwick Claims Management Services Inc, Senior Secured Second Lien Initial Term Loan, 6.750%, 02/28/2022
   
1,845,960
     
1,830,961
 
SurveyMonkey.com LLC, Senior Secured First Lien Term Loan, 6.250%, 02/07/2019
   
2,323,292
     
2,332,004
 
Transaction Network Services, Senior Secured First Lien Initial Term Loan, 5.000%, 02/14/2020
   
1,083,540
     
1,092,350
 
Transaction Network Services, Senior Secured Second Lien Initial Term Loan, 9.000%, 08/14/2020
   
479,902
     
476,303
 
TravelCLICK Inc, Senior Secured First Lien Initial Term Loan, 5.500%, 05/12/2021
   
2,206,733
     
2,212,249
 
TravelCLICK Inc, Senior Secured Second Lien Initial Term Loan, 8.750%, 11/08/2021
   
2,750,000
     
2,722,500
 
 
           
31,181,796
 

 
Principal
Amount
 
 
Value
 
Services - Consumer - 4.14%
 
Learning Care Group (US) No. 2 Inc, Senior Secured First Lien Term Loan, L+4.75%, 05/05/2021(b)
 
$
1,417,593
   
$
1,420,697
 
Nord Anglia Education Finance LLC, Senior Secured First Lien Initial Term Loan, 5.000%, 03/31/2021
   
929,293
     
932,782
 
NVA Holdings Inc, Senior Secured First Lien Incremental B-1 Term Loan, 5.500%, 08/14/2021
   
547,250
     
549,302
 
NVA Holdings Inc, Senior Secured First Lien Term Loan, 4.750%, 08/16/2021
   
1,837,490
     
1,840,550
 
NVA Holdings Inc, Senior Secured Second Lien Term Loan, 8.000%, 08/14/2022
   
985,421
     
986,037
 
Prime Security Services Borrower LLC, Senior Secured First Lien Term B-1 Loan, 4.750%, 05/02/2022
   
878,361
     
888,172
 
Red Lobster Management LLC, Senior Secured First Lien Initial Term Loan, 6.250%, 07/28/2021
   
856,532
     
862,690
 
Renaissance Learning Inc, Senior Secured First Lien Initial Term Loan, 4.500%, 04/09/2021
   
1,368,421
     
1,366,143
 
Spin Holdco Inc, Senior Secured First Lien Initial Term Loan, 4.250%, 11/14/2019
   
2,048,814
     
2,042,924
 
 
           
10,889,297
 
 
               
Telecommunications - 7.97%
 
Alorica Inc, Senior Secured First Lien Term B Loan, 5.500%, 06/30/2022
   
1,046,329
     
1,060,716
 
Avaya Inc, Senior Secured First Lien Term B-7 Loan, 6.250%, 05/29/2020
   
6,691,394
     
4,968,360
 
Communications Sales & Leasing Inc, Senior Secured Term Loan, 5.000%, 10/24/2022
   
994,962
     
1,001,429
 
ConvergeOne Holdings Corporation, Senior Secured First Lien Initial Term Loan, 6.000%, 06/17/2020
   
2,485,309
     
2,475,989
 
Cortes NP Acquisition Corp, Senior Secured Term Loan, L+5.00%, 09/29/2023(b)
   
3,970,803
     
3,851,679
 
Fairpoint Communications Inc, Senior Secured First Lien Term Loan, 7.500%, 02/14/2019
   
2,372,272
     
2,381,370
 
Nextgen Finance LLC, Senior Secured First Lien Term B Loan, 5.000%, 05/31/2021
   
1,955,000
     
1,955,000
 
Windstream Services LLC, Senior Secured First Lien Term Loan B, L+4.00%, 03/29/2021(b)
   
3,233,750
     
3,249,919
 
 
           
20,944,462
 
 
               
Transportation Cargo - 0.33%
 
XPO Logistics Inc, Senior Secured First Lien Term B-2 Loan, 4.250%, 11/01/2021
   
848,936
     
855,129
 
 
               
Transportation Consumer - 1.91%
 
Air Canada, Senior Secured Term Loan B, L+2.75%, 09/21/2023(b)
   
940,568
     
943,861
 
Air Medical Group Holdings Inc, Senior Secured First Lien 2016 New Term Loan, 5.000%, 04/28/2022
   
482,661
     
486,281
 
Lineage Logistics LLC, Senior Secured First Lien Term Loan, 4.500%, 04/07/2021
   
3,615,800
     
3,579,642
 
 
           
5,009,784
 
 
               
Utilities Electric - 8.58%
 
Chief Power Finance LLC, Senior Secured First Lien Term B Advance Loan, 5.750%, 12/31/2020
   
1,618,193
     
1,332,307
 
Exgen Texas Power LLC, Senior Secured First Lien Term Loan, 5.750%, 09/20/2021
   
2,237,302
     
1,835,293
 
Granite Acquisition Inc, Senior Secured Second Lien Term B Loan, 8.250%, 12/19/2022
   
2,030,075
     
1,925,181
 
Green Energy Partners / Stonewall LLC, Senior Secured First Lien Term B-1 Conversion Advance Loan, 6.500%, 11/15/2021
   
500,000
     
488,750
 
Moxie Patriot LLC, Senior Secured First Lien Construction B-1 Facility Term Loan, 6.750%, 12/18/2020
   
1,453,768
     
1,428,327
 
Panda Liberty LLC, Senior Secured First Lien Construction B-1 Facility Term Loan, 7.500%, 08/21/2020
   
3,449,584
     
3,406,465
 
Panda Temple Power II LLC, Senior Secured First Lien Construction Term Loan, 7.250%, 04/03/2019
   
2,627,418
     
2,450,067
 
Pike Corporation, Senior Secured First Lien Initial Term Loan, 5.500%, 12/22/2021
   
1,215,054
     
1,220,752
 
Sandy Creek Energy Associates LP, Senior Secured First Lien Term Loan, 5.000%, 11/09/2020
   
3,086,885
     
2,618,080
 
Southeast PowerGen LLC, Senior Secured First Lien Advance Term B Loan, 4.500%, 12/02/2021
   
1,979,374
     
1,949,683
 
Texas Competitive Electric Holdings Company LLC, Senior Secured First Lien DIP Term B Loan, 5.000%, 10/31/2017
   
1,639,501
     
1,653,995
 
Texas Competitive Electric Holdings Company LLC, Senior Secured First Lien DIP Term C Loan, 5.000%, 10/31/2017
   
373,921
     
377,227
 

 
 
Principal
Amount
   
Value
 
Utilities Electric (continued) 
               
TPF II Power LLC, Senior Secured First Lien Term Loan, 5.000%, 10/02/2021
 
$
1,836,204
   
$
1,857,091
 
 
           
22,543,218
 
 
               
TOTAL FLOATING RATE LOAN INTERESTS (Cost $403,927,752)
           
391,334,114
 
 
 
CORPORATE BONDS - 7.08%
 
Banking, Finance, Insurance and Real Estate - 0.25%
 
National Financial Partners Corp, Senior Unsecured Bond, 9.000%, 07/15/2021(c)
   
650,000
     
670,231
 
 
               
Construction and Building - 0.84%
 
BMC East LLC, Senior Unsecured Bond, 5.500%, 10/01/2024(c)
   
1,450,000
     
1,453,625
 
FBM Finance Inc, Senior Secured Bond, 8.250%, 08/15/2021(c)
   
710,000
     
745,500
 
 
           
2,199,125
 
 
               
Consumer Goods Durable - 0.07%
 
Apex Tool Group LLC, Senior Unsecured Bond, 7.000%, 02/01/2021(c)
   
200,000
     
192,250
 
 
               
Containers, Packaging and Glass - 0.68%
 
ARD Finance SA, Senior Unsecured Bond, 7.125%, 09/15/2023(c)
   
600,000
     
598,500
 
Coveris Holdings SA, Senior Unsecured Bond, 7.875%, 11/01/2019(c)
   
955,000
     
981,263
 
Reynolds GRP ISS / Reynold, Senior Unsecured Bond, 7.000%, 07/15/2024(c)
   
190,000
     
204,131
 
 
           
1,783,894
 
 
               
Energy, Oil and Gas - 0.44%
 
Comstock Resources Inc, Senior Unsecured Bond, 10.000%, 03/15/2020
   
1,250,000
     
1,162,500
 
 
               
Healthcare and Pharmaceuticals - 0.86%
 
Double Eagle Acquisition Sub Inc, Senior Unsecured Bond, 7.500%, 10/01/2024(c)
   
340,000
     
347,225
 
Kinetic Concepts / KCI USA Inc, Senior Unsecured Bond, 9.625%, 10/01/2021(c)
   
1,360,000
     
1,363,400
 
Valeant Pharmaceuticals, Senior Unsecured Bond:
               
5.375%, 03/15/2020(c)
   
400,000
     
372,000
 
6.125%, 04/15/2025(c)
   
200,000
     
172,750
 
 
           
2,255,375
 
 
               
High Tech Industries - 0.46%
 
Infor US Inc, Senior Unsecured Bond, 6.500%, 05/16/2022
   
750,000
     
763,125
 
Riverbed Technology Inc, Senior Unsecured Bond, 8.875%, 03/01/2023(c)
   
430,000
     
461,713
 
 
           
1,224,838
 
 
               
Media Broadcasting and Subscription - 1.57%
 
Altice Financing SA, Senior Secured Bond, 7.500%, 05/15/2026(c)
   
1,410,000
     
1,471,687
 
Numericable-SFR SA, Senior Secured Bond, 7.375%, 05/01/2026(c)
   
2,590,000
     
2,650,710
 
 
           
4,122,397
 
 
               
Media, Advertising, Printing and Publishing - 0.11%
 
McGraw-Hill Global Education, Senior Unsecured Bond, 7.875%, 05/15/2024(c)
   
270,000
     
292,613
 
 
               
Retail - 0.11%
 
Nine West Holdings Inc, Senior Unsecured Bond, 8.250%, 03/15/2019(c)
   
1,800,000
     
288,000
 
 
               
Services - Business - 1.13%
 
ADT Corp, Senior Unsecured Bond, 4.125%, 06/15/2023
   
3,000,000
     
2,962,500
 

 
 
Principal
Amount
 
Value
 
Telecommunications - 0.56%
 
Fairpoint Communications Inc, Senior Secured Bond, 8.750%, 08/15/2019(c)
 
$
1,430,000
   
$
1,463,962
 
 
               
TOTAL CORPORATE BONDS (Cost $18,709,577)
           
18,617,685
 
 
 
 
Shares
         
COMMON STOCK - 0.24%
               
Energy, Oil and Gas - 0.20%
               
TE Holdcorp LLC, Class A(d)
   
72,786
   
$
519,511
 
 
               
Retail - 0.04%
               
Fairway Group Holdings Corp(d)
   
3,243
     
104,198
 
 
               
TOTAL COMMON STOCK (Cost $2,919,283)
           
623,709
 
 
               
PREFERRED STOCK - 0.19%
               
Energy, Oil and Gas - 0.19%
               
TE Holdcorp LLC(d)
   
48,248
     
488,514
 
 
               
TOTAL PREFERRED STOCK (Cost $482,483)
           
488,514
 
 
               
WARRANTS - 0.01%
               
Energy, Oil and Gas - 0.01%
               
Comstock Resources Inc expires 9/6/2018 at $995.12
   
3,438
     
26,198
 
 
               
TOTAL WARRANTS (Cost $)
           
26,198
 
 
               
SHORT TERM INVESTMENTS - 5.24%
               
Bank of New York Cash Reserve
               
(0.050% 7-Day Yield)
   
13,787,295
     
13,787,295
 
 
               
TOTAL SHORT TERM INVESTMENTS (Cost $13,787,295)
           
13,787,295
 
 
               
Total Investments - 161.63% (Cost $439,826,390)
           
424,877,515
 
 
               
Liabilities in Excess of Other Assets - (14.08)%
     
(37,006,796
)
 
               
Leverage Facility - (47.55)%
     
(125,000,000
)
 
               
Net Assets - 100.00%
         
$
262,870,719
 
 
Amounts above are shown as a percentage of net assets as of September 30, 2016.

(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, 2016. 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 $13,729,560, which represents approximately 5.22% of net assets as of September 30, 2016. Such securities may normally be sold to qualified institutional buyers in transactions exempt from registration.
(d)
Non-income producing security.

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 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. 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.  Any investments and other assets for which such current market quotations are not readily available are generally valued at fair value (“Fair Valued Assets”) as determined in good faith by a committee of the Adviser (“Fair Valued Asset Committee”) under procedures established by, and under the general supervision and responsibility of, the Fund’s Board of Trustees. 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.

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, 2016 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, 2016:
 
Blackstone / GSO Senior Floating Rate Term Fund
 
Investments in Securities at Value*
 
Level 1 - Quoted Prices
   
Level 2 - Significant Observable Inputs
   
Level 3 - Significant Unobservable Inputs
   
Total
 
Floating Rate Loan Interests
                       
Beverage, Food and Tobacco
 
$
   
$
5,106,750
   
$
2,172,372
   
$
7,279,122
 
Capital Equipment
   
     
2,322,203
     
1,000,000
     
3,322,203
 
Chemicals, Plastics and Rubber
   
     
7,936,803
     
2,428,244
     
10,365,047
 
Construction and Building
   
     
28,400,963
     
5,524,915
     
33,925,878
 
Consumer Goods Non Durable
   
     
4,825,708
     
2,299,840
     
7,125,548
 
Environmental Industries
   
     
566,580
     
1,732,377
     
2,298,957
 
Healthcare and Pharmaceuticals
   
     
42,777,703
     
6,301,414
     
49,079,117
 
High Tech Industries
   
     
60,695,201
     
4,253,007
     
64,948,208
 
Hotels, Gaming and Leisure
   
     
12,739,836
     
1,855,222
     
14,595,058
 
Retail
   
     
17,274,866
     
3,661,912
     
20,936,778
 
Services - Business
   
     
23,915,043
     
7,266,753
     
31,181,796
 
Services - Consumer
   
     
10,339,995
     
549,302
     
10,889,297
 
Telecommunications
   
     
17,092,783
     
3,851,679
     
20,944,462
 
Transportation Consumer
   
     
1,430,142
     
3,579,642
     
5,009,784
 
Other
   
     
109,432,859
     
     
109,432,859
 
Corporate Bonds
   
     
18,617,685
     
     
18,617,685
 
Common Stock
                               
Retail
   
     
     
104,198
     
104,198
 
Other
   
     
519,511
     
     
519,511
 
Preferred Stocks
   
     
488,514
     
     
488,514
 
Warrants
   
     
26,198
     
     
26,198
 
Short Term Investments
   
13,787,295
     
     
     
13,787,295
 
Total
 
$
13,787,295
   
$
364,509,343
   
$
46,580,877
   
$
424,877,515
 


The changes of the fair value of investments for which BSL has used Level 3 inputs to determine the fair value are as follows:
 
Blackstone/GSO Senior Floating Rate Term Fund
 
Floating Rate
Loan Interests
   
Common Stock
   
Total
 
Balance as of December 31, 2015
 
$
61,179,315
   
$
-
   
$
61,179,315
 
Accrued Discount/ Premium
   
59,558
     
-
     
59,558
 
Return of Capital
   
-
     
-
     
-
 
Realized Gain/(Loss)
   
(946,422
)
   
-
     
(946,422
)
Change in Unrealized Appreciation/(Depreciation)
   
4,329,051
     
104,198
     
4,433,249
 
Purchases
   
18,813,629
     
-
     
18,813,629
 
Sales Proceeds
   
(21,668,031
)
   
-
     
(21,668,031
)
Transfer into Level 3
   
9,610,027
     
-
     
9,610,027
 
Transfer out of Level 3
   
(24,900,448
)
   
-
     
(24,900,448
)
Balance as of September 30, 2016
 
$
46,476,679
   
$
104,198
   
$
46,580,877
 
Net change in unrealized appreciation/(depreciation) attributable to Level 3 investments held at September 30, 2016
 
$
888,068
   
$
104,198
   
$
992,266
 
 
Information about Level 3 fair value measurements as of September 30, 2016:
 
 
Fair Value at 9/30/16
Valuation Technique(s)
Unobservable Input(s)
Value/Range
Floating Rate Loan Interests
$46,476,679
Third-party vendor pricing service
Vendor quotes
N/A
Common Stock
$104,198
Last transaction price
N/A
N/A
 
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
 
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, 2016, 90.08% 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, 2016, BSL had invested $41,803,721 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.
 
Loans may not be considered "securities," and purchasers, such as the Fund, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws.
 
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, 2016.
 
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, as amended on October 7, 2015 and October 5, 2016, 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 0.80% 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, 2016, BSL had borrowings outstanding under its Leverage Facility of $125 million, at an interest rate of 1.28%. Due to the short term nature of the Agreement, face value approximates fair value at September 30, 2016. This fair value is based on Level 2 inputs under the threetier fair valuation hierarchy (see Note 2). For the quarter ended September 30, 2016, the average borrowings under BSL’s Leverage Facility and the average interest rate were $120,227,190 and 1.20%, 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, The Bank of New York Mellon. As of September 30, 2016, 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, 2016, BSL’s leverage represented 32.23% of the Fund’s Managed Assets.
 
NOTE 6. UNREALIZED APPRECIATION/(DEPRECIATION)
 
On September 30, 2016 based on a cost of $439,842,233 for federal income tax purposes, aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was $5,758,484 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value was $20,723,202, resulting in net unrealized depreciation of $14,964,718.

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 29, 2016  
     
By: /s/ Doris Lee-Silvestri  
  Doris Lee-Silvestri (Principal Financial Officer)  
  Treasurer and Chief Financial Officer  
     
Date: November 29, 2016  
 
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 29, 2016  
     
By: /s/ Doris Lee-Silvestri  
  Doris Lee-Silvestri (Principal Financial Officer)  
  Treasurer and Chief Financial Officer  
     
Date: November 29, 2016