NPORT-EX 2 fp0048092_nportex.htm NPORT-EX PART F

Blackstone / GSO Senior Floating Rate Term Fund

Portfolio of Investments

September 30, 2019 (Unaudited)

		Principal
		Amount				Value
FLOATING RATE LOAN INTERESTS(a) - 140.54%
Aerospace & Defense - 2.91%
Nordam Group LLC, First Lien Initial Term Loan, 6M US L + 5.50%, 04/09/2026(b)		$	1,751,200			$	1,757,767
Propulsion Acquisition LLC, First Lien Initial Term Loan, 1M US L + 6.00%, 07/13/2021(b)			2,132,624				2,111,298
Vectra Co., First Lien Initial Term Loan:
1M US L + 3.25%, 03/08/2025			1,179,105				1,152,085
1M US L + 7.25%, 03/08/2026(b)			1,000,000				970,000
WP CPP Holdings LLC, First Lien Initial Term Loan, 3M US L + 3.75%, 04/30/2025			1,364,688				1,368,529
							7,359,679
Air Transport - 0.73%
Air Medical Group Holdings, Inc., First Lien 2018 New Term Loan, 1M US L + 4.25%, 03/14/2025			1,965,000				1,845,459
Automotive - 1.69%
Bright Bidco B.V., First Lien 2018 Refinancing B Term Loan, 3M US L + 3.50%, 06/30/2024			1,755,402				843,392
Midas Intermediate Holdco II LLC, First Lien 2017 Refinancing Term Loan, 3M US L + 2.75%, 08/18/2021			435,522				421,476
Panther BF Aggregator 2 L P, First Lien Initial Dollar Term Loan, 1M US L + 3.50%, 04/30/2026			1,760,000				1,748,454
Superior Industries International, Inc., First Lien Replacement Term Loan, 1M US L + 4.00%, 05/22/2024(b)			1,303,563				1,251,421
							4,264,743
Brokers, Dealers & Investment Houses - 1.69%
Advisor Group Holdings, Inc., First Lien Initial B Term Loan:
3M US L + 4.00%, 01/31/2025			835,722				816,918
1M US L + 5.00%, 07/31/2026			1,166,667				1,145,276
Deerfield Dakota Holding LLC, First Lien Initial Term Loan, 1M US L + 3.25%, 02/13/2025			873,350				860,468
Edelman Financial Center LLC, Second Lien Initial Term Loan, 1M US L + 6.75%, 07/20/2026			676,923				678,192
Newport Group Holdings II, Inc., First Lien Initial Term Loan, 3M US L + 3.75%, 09/12/2025			763,942				757,735
							4,258,589
Building & Development - 8.70%
American Bath Group LLC, Second Lien  Term Loan:
1M US L + 4.25%, 09/30/2023			3,191,772				3,171,824
1M US L + 9.75%, 09/30/2024(b)			250,000				250,000
CPG International LLC, First Lien New Term Loan, 6M US L + 3.75%, 05/05/2024			288,889				288,286
Dayton Superior Corp., First Lien Borrowing Term Loan, 3M US L + 8.00%, 11/15/2021			1,386,631				727,981
Forterra Finance LLC, First Lien Replacement Term Loan, 1M US L + 3.00%, 10/25/2023			3,029,958				2,874,673
Hillman Group, Inc., First Lien Initial Term Loan, 1M US L + 4.00%, 05/30/2025			3,261,472				3,173,315
Interior Logic Group Holdings IV LLC, First Lien Initial Term Loan, 3M US L + 4.00%, 05/30/2025			2,376,000				2,344,815
LBM Borrower LLC, First Lien Tranche C Term Loan, 1M US L + 3.75%, 08/20/2022			4,121,198				4,124,289
Ply Gem Midco, Inc., First Lien Initial Term Loan, 1M US L + 3.75%, 04/12/2025			1,365,279				1,339,680
SIWF Holdings, Inc., First Lien Initial Term Loan, 1M US L + 4.25%, 06/15/2025			869,000				857,777
SRS Distribution, Inc., First Lien Initial Term Loan, 1M US L + 3.25%, 05/23/2025			2,878,730				2,812,361
							21,965,001
Business Equipment & Services - 22.64%
Access CIG LLC, First Lien B Term Loan:
3M US L + 3.75%, 02/27/2025			1,047,285				1,036,163
1M US L + 7.75%, 02/27/2026			119,565				119,565
Advantage Sales & Marketing, Inc., First Lien Initial Term Loan:
1M US L + 3.25%, 07/23/2021			953,063				886,944
1M US L + 3.25%, 07/23/2021			1,030,377				964,834
1M US L + 6.50%, 07/25/2022			3,248,461				2,824,358
Allied Universal Holdco LLC, First Lien Initial Term Loan, 3M US L + 4.25%, 07/10/2026			1,401,261				1,404,982
APFS Staffing Holdings, Inc., First Lien Initial Term Loan, 1M US L + 5.00%, 04/15/2026(b)			1,995,000				1,987,519

		Principal
		Amount				Value
Business Equipment & Services (continued)
AqGen Ascensus, Inc., First Lien Replacement Term Loan, 3M US L + 4.00%, 12/05/2022		$	1,751,226			$	1,758,897
ARGUS MEDIA LIMITED, First Lien  Term Loan, 3M US L + 3.25%, 09/24/2026(b)			569,935				573,497
BMC Acquisition, Inc., First Lien Initial Term Loan, 3M US L + 5.25%, 12/28/2024(b)			859,688				855,389
Capri Acquisitions BidCo, Ltd., First Lien Initial Dollar Term Loan, 3M US L + 3.00%, 11/01/2024			2,160,004				2,137,724
Cast & Crew Payroll LLC, First Lien Initial Term Loan, 1M US L + 4.00%, 02/09/2026			399,008				402,499
DG Investment Intermediate Holdings 2, Inc., First Lien Initial Term Loan:
1M US L + 3.00%, 02/03/2025			334,410				329,185
1M US L + 6.75%, 02/02/2026(b)			465,517				453,879
Dun & Bradstreet Corp., First Lien Initial Borrowing Term Loan, 1M US L + 5.00%, 02/06/2026			1,506,306				1,517,468
Epicor Software Corp., First Lien B Term Loan, 1M US L + 3.25%, 06/01/2022			995,203				996,756
GI Revelation Acquisition LLC, First Lien Initial Term Loan:
1M US L + 5.00%, 04/16/2025			2,015,280				1,938,024
1M US L + 9.00%, 04/16/2026			2,200,000				2,112,000
Inmar, Inc., First Lien Initial Term Loan:
3M US L + 4.00%, 05/01/2024			391,764				370,872
3M US L + 8.00%, 05/01/2025			1,183,432				1,111,319
KUEHG Corp, Second Lien Tranche B Term Loan:
3M US L + 3.75%, 02/21/2025			1,629,178				1,630,196
3M US L + 8.25%, 08/22/2025			2,250,000				2,250,709
LD Intermediate Holdings, Inc., First Lien Initial Term Loan, 3M US L + 5.87%, 12/09/2022			1,936,872				1,925,571
LegalZoom.com, Inc., First Lien 2018 Term Loan, 1M US L + 4.50%, 11/21/2024			1,871,571				1,881,519
Minotaur Acquisition, Inc., First Lien B Term Loan, 1M US L + 5.00%, 03/27/2026			1,360,209				1,324,503
Mitchell International, Inc., First Lien Initial Term Loan:
1M US L + 3.25%, 11/29/2024			2,071,677				1,990,281
1M US L + 7.25%, 12/01/2025			690,909				639,091
National Intergovernmental Purchasing Alliance Company, First Lien Initial Term Loan:
3M US L + 3.75%, 05/23/2025			2,027,426				2,007,152
3M US L + 7.50%, 05/22/2026			1,540,000				1,513,050
PriceWaterhouseCoopers, Second Lien Initial Term Loan, 1M US L + 7.50%, 05/01/2026(b)			440,000				434,500
Project Boost Purchaser LLC, First Lien B Term Loan, 1M US L + 3.50%, 06/01/2026			636,364				633,102
PT Intermediate Holdings III LLC, First Lien B Term Loan, 1M US L + 4.00%, 12/09/2024			3,893,655				3,802,816
Revspring, Inc., First Lien Initial Term Loan, 1M US L + 4.00%, 10/11/2025			1,310,100				1,302,324
Sedgwick Claims Management Services, Inc., First Lien Initial Term Loan:
1M US L + 3.25%, 12/31/2025			1,448,959				1,427,108
1M US L + 4.00%, 09/03/2026			1,092,913				1,096,055
Surveymonkey, Inc., First Lien  Term Loan, 1W US L + 3.75%, 10/10/2025(b)			2,565,304				2,549,270
ThoughtWorks, Inc., First Lien Replacement Term Loan, 1M US L + 4.00%, 10/11/2024			1,932,748				1,937,580
TRC Companies, Inc., First Lien Initial Term Loan, 1M US L + 3.50%, 06/21/2024			1,920,333				1,923,339
Weld North Education LLC, First Lien Initial Term Loan, 3M US L + 4.25%, 02/15/2025			3,152,000				3,136,240
							57,186,280
Cable & Satellite Television - 0.29%
Radiate Holdco LLC, First Lien Amendment No. 2 Incremental Term Loan, 1M US L + 3.50%, 02/01/2024			733,163				734,446
Chemical & Plastics - 4.49%
Ascend Performance Materials Operations LLC, First Lien Initial Term Loan, 1M US L + 5.25%, 08/27/2026			1,500,000				1,507,508
Composite Resins Holding B.V., First Lien Initial Term Loan, 3M US L + 4.25%, 08/01/2025			2,607,000				2,607,013
Emerald Performance Materials LLC, First Lien Initial Term Loan, 1M US L + 3.50%, 07/30/2021			1,929,799				1,931,806
Nouryon Finance B.V., First Lien Initial Dollar Term Loan, 1M US L + 3.25%, 10/01/2025			1,837,780				1,804,240
Peroxychem LLC, First Lien B Term Loan, 3M US L + 5.00%, 09/30/2024(b)			1,367,442				1,364,023
Spectrum Holdings III Corp., First Lien Closing Date Term Loan:
1M US L + 3.25%, 01/31/2025			290,055				260,084
1M US L + 7.00%, 01/31/2026			600,000				546,000
Vantage Specialty Chemicals, Inc., First Lien Closing Date Term Loan:
1M US L + 3.50%, 10/28/2024			724,629				673,905
2M US L + 8.25%, 10/27/2025(b)			725,111				652,600
							11,347,179

		Principal
		Amount				Value
Conglomerates - 0.58%
American Residential Services LLC, First Lien  Term Loan, 1M US L + 4.00%, 06/30/2022(b)		$	219,880			$	215,482
Output Services Group, Inc., First Lien B Term Loan, 1M US L + 4.50%, 03/27/2024(b)			523,747				458,279
Spring Education Group, Inc., First Lien Initial Term Loan, 1M US L + 4.25%, 07/30/2025			777,997				778,728
							1,452,489
Containers & Glass Products - 2.39%
Charter NEX US, Inc., First Lien Third Amendment Incremental Term Loan, 1M US L + 3.50%, 05/16/2024			236,906				237,449
Flex Acquisition Company, Inc., First Lien Incremental B-2018 Term Loan, 3M US L + 3.25%, 06/29/2025			1,281,393				1,237,345
IBC Capital I, Ltd., First Lien Tranche B-1 Term Loan, 3M US L + 3.75%, 09/11/2023			1,083,500				1,078,532
IBC Capital, Ltd., Second Lien Tranche B-1 Term Loan, 3M US L + 7.00%, 09/11/2024(b)			620,110				613,909
ProAmpac PG Borrower LLC, First Lien Initial Term Loan:
3M US L + 3.50%, 11/20/2023			581,759				557,180
3M US L + 8.50%, 11/18/2024			488,038				467,703
Strategic Materials Holding Corp., First Lien Initial Term Loan:
1M US L + 3.75%, 11/01/2024			544,154				481,576
1M US L + 7.75%, 10/31/2025			1,400,000				994,000
Trident TPI Holdings, Inc., First Lien Tranche B-1 Term Loan, 1M US L + 3.25%, 10/17/2024			379,211				367,658
							6,035,352
Diversified Insurance - 1.39%
Acrisure LLC, First Lien 2017-2 Refinancing Term Loan:
1M US L + 4.25%, 11/22/2023			1,466,247				1,462,127
3M US L + 3.75%, 11/22/2023			610,253				602,243
Broadstreet Partners, Inc., First Lien Tranche B-2 Term Loan, 1M US L + 3.25%, 11/08/2023			285,415				286,010
CP VI Bella Midco LLC, First Lien Initial Term Loan:
1M US L + 2.75%, 12/27/2024			414,492				402,835
1M US L + 6.75%, 12/29/2025			385,714				381,377
Genworth Holdings, Inc., First Lien Initial Term Loan, 2M US L + 4.50%, 03/07/2023(b)			376,870				378,754
							3,513,346
Drugs - 1.85%
Albany Molecular Research, Inc., Second Lien Initial Term Loan, 1M US L + 7.00%, 08/30/2025			392,857				391,221
Arbor Pharmaceuticals LLC, First Lien Initial Term Loan, 3M US L + 5.00%, 07/05/2023			1,534,040				1,416,111
Avantor Funding, Inc., First Lien Initial B-2 Dollar Term Loan, 1M US L + 3.00%, 11/21/2024			959,977				968,679
Packaging Coordinators Midco, Inc., First Lien Initial Term Loan, 3M US L + 4.00%, 06/30/2023			1,885,491				1,883,728
							4,659,739
Ecological Services & Equipment - 0.90%
Eagle 4, Ltd., First Lien Initial Term Loan, 3M US L + 7.75%, 07/12/2027(b)			649,091				648,280
Emerald 2, Ltd., First Lien Initial B-1 Term Loan, 3M US L + 3.75%, 07/10/2026			345,526				347,685
EnergySolutions LLC, First Lien Initial Term Loan, 3M US L + 3.75%, 05/09/2025			924,474				866,694
Tunnel Hill Partners LP, First Lien Initial Term Loan, 1M US L + 3.50%, 02/06/2026			406,805				405,536
							2,268,195
Electronics/Electric - 26.63%
Applovin Corp., First Lien Initial Term Loan, 1M US L + 3.75%, 08/15/2025			404,118				404,455
Boxer Parent Company, Inc., First Lien Initial Dollar Term Loan, 1M US L + 4.25%, 10/02/2025			3,275,250				3,157,619
Brave Parent Holdings, Inc., First Lien Initial Term Loan, 3M US L + 4.00%, 04/18/2025			871,178				837,420
CommerceHub, Inc., First Lien Initial Term Loan, 1M US L + 3.50%, 05/21/2025			1,259,063				1,244,111
Compuware Corp., First Lien  Term Loan, 1M US L + 4.00%, 08/22/2025			354,038				355,957
ConvergeOne Holdings, Corp., First Lien Initial Term Loan, 1M US L + 5.00%, 01/04/2026			2,189,000				1,978,856
CPI International, Inc., Second Lien Initial Term Loan, 1M US L + 7.25%, 07/28/2025(b)			313,725				301,961
Curvature, Inc., First Lien Initial Term Loan, 1M US L + 5.00%, 10/30/2023			3,846,812				3,154,386
DigiCert Holdings, Inc., First Lien B Term Loan, 3M US L + 4.00%, 08/07/2026			1,152,439				1,150,278
DiscoverOrg LLC, First Lien Initial Term Loan, 1M US L + 4.50%, 02/02/2026			1,828,750				1,825,888
ECi Macola/MAX Holding LLC, First Lien Initial Term Loan, 3M US L + 4.25%, 09/27/2024			827,658				827,141
Electronics for Imaging, Inc., First Lien Initial Term Loan, 3M US L + 5.00%, 07/23/2026(b)			1,050,000				981,750
Ellie Mae, Inc., First Lien  Term Loan, 1M US L + 4.00%, 04/17/2026			3,520,000				3,530,278

		Principal
		Amount				Value
Electronics/Electric (continued)
Flexera Software LLC, First Lien Initial Term Loan:
1M US L + 3.50%, 02/26/2025		$	226,437			$	227,192
1M US L + 7.25%, 02/26/2026			773,145				771,695
Gigamon, Inc., First Lien Initial Term Loan, 1M US L + 4.25%, 12/27/2024			1,879,421				1,827,737
Help/Systems Holdings, Inc., First Lien  Term Loan, 1M US L + 3.75%, 03/28/2025			1,166,339				1,164,881
Hyland Software, Inc., Second Lien Initial Term Loan, 1M US L + 7.00%, 07/07/2025			696,541				701,114
Idera, Inc., First Lien Initial Term Loan, 1M US L + 4.50%, 06/28/2024			1,738,258				1,740,075
Imperva, Inc., First Lien  Term Loan:
3M US L + 4.00%, 01/12/2026			1,197,000				1,167,075
1M US L + 7.75%, 01/11/2027			980,805				956,285
Ivanti Software, Inc., First Lien  Term Loan:
1M US L + 4.25%, 01/20/2024			2,067,817				2,064,270
1M US L + 9.00%, 01/20/2025			2,000,000				1,978,750
MACOM Technology Solutions Holdings, Inc., First Lien Initial Term Loan, 1M US L + 2.25%, 05/17/2024			1,641,603				1,499,334
McAfee LLC, First Lien B USD Term Loan, 1M US L + 3.75%, 09/30/2024			2,640,466				2,649,615
Merrill Communications LLC, First Lien B Term Loan, 3M US L + 5.00%, 09/25/2026(b)			630,000				628,425
MH Sub I LLC, First Lien Amendment No. 2 Initial Term Loan, 1M US L + 3.75%, 09/13/2024			935,589				930,985
MLN US HoldCo LLC, First Lien B Term Loan, 1M US L + 4.50%, 11/30/2025			1,503,011				1,401,557
MYOB US Borrower LLC, First Lien Initial U.S. Term Loan, 1M US L + 4.00%, 05/06/2026			975,333				978,386
Navex Topco, Inc., First Lien Initial Term Loan:
3M US L + 3.25%, 09/05/2025			663,661				658,684
3M US L + 7.00%, 09/04/2026			1,100,000				1,090,831
Park Place Technologies LLC, First Lien Initial Term Loan, 1M US L + 4.00%, 03/29/2025			2,255,719				2,249,133
Perforce Software, Inc., First Lien B Term Loan, 1M US L + 4.50%, 07/01/2026			577,938				578,539
Ping Identity Corp., First Lien  Term Loan, 1M US L + 3.75%, 01/24/2025(b)			172,495				172,495
Project Alpha Intermediate Holding, Inc., First Lien  Term Loan, 3M US L + 3.50%, 04/26/2024			3,341,274				3,303,685
Project Angel Parent LLC, First Lien Initial Term Loan, 1M US L + 4.00%, 05/30/2025(b)			1,300,299				1,285,670
Project Leopard Holdings, Inc., First Lien 2018 Repricing Term Loan:
6M US L + 4.50%, 07/07/2023			321,760				322,665
6M US L + 4.25%, 07/07/2023			378,473				378,237
Project Silverback Holdings Corp., First Lien New Term Loan, 1M US L + 3.50%, 08/21/2024			745,352				633,549
Quest Software US Holdings, Inc., First Lien Initial Term Loan:
3M US L + 4.25%, 05/16/2025			1,139,165				1,127,534
3M US L + 8.25%, 05/18/2026			2,994,017				2,944,616
Riverbed Technology, Inc., First Lien First Amendment Term Loan, 1M US L + 3.25%, 04/24/2022			988,592				821,090
Rocket Software, Inc., First Lien Initial Term Loan, 1M US L + 4.25%, 11/28/2025			2,058,300				1,939,433
S2P Acquisition Borrower, Inc., First Lien Initial Term Loan, 1M US L + 4.00%, 08/14/2026			1,166,667				1,167,944
SonicWall US Holdings, Inc., First Lien Initial Term Loan:
3M US L + 3.50%, 05/16/2025			1,319,925				1,284,730
3M US L + 7.50%, 05/18/2026			1,760,000				1,557,600
Triton Solar US Acquisition Co., First Lien Initial Term Loan, 1M US L + 6.00%, 10/29/2024			251,861				237,537
Veritas US, Inc., First Lien New Dollar B Term Loan, 1M US L + 4.50%, 01/27/2023			1,792,291				1,698,617
Vero Parent, Inc., First Lien 2018 Refinancing Term Loan, 1M US L + 4.50%, 08/16/2024			613,521				611,987
Web.com Group, Inc., First Lien B Term Loan:
1M US L + 3.75%, 10/10/2025			1,999,087				1,969,950
1M US L + 7.75%, 10/09/2026			804,990				786,206
							67,258,208
Equipment Leasing - 0.24%
CSC SW Holdco, Inc., First Lien B-1 Term Loan, 3M US L + 3.25%, 11/14/2022			618,671				609,391
Financial Intermediaries - 1.32%
ASP MCS Acquisition Corp., First Lien Initial Term Loan, 1M US L + 4.75%, 05/20/2024			2,740,320				1,242,283
NorthStar Financial Services Group LLC, First Lien Initial Term Loan:
1M US L + 3.50%, 05/25/2025			1,683,142				1,664,206
1M US L + 7.50%, 05/25/2026(b)			433,744				429,406
							3,335,895
Food Products - 2.59%
Alphabet Holding Company, Inc., First Lien Initial Term Loan, 1M US L + 3.50%, 09/26/2024			2,069,090				1,918,646

		Principal
		Amount				Value
Food Products (continued)
TKC Holdings, Inc., First Lien Initial Term Loan:
1M US L + 3.75%, 02/01/2023		$	3,601,155			$	3,546,490
1M US L + 8.00%, 02/01/2024			1,105,408				1,085,605
							6,550,741
Food Service - 4.11%
CEC Entertainment, Inc., First Lien B Term Loan, 3M US L + 6.50%, 08/30/2026			1,730,949				1,700,009
Flynn Restaurant Group LP, First Lien B Initial Term Loan, 1M US L + 3.50%, 06/27/2025			2,785,305				2,685,507
Fogo de Chao, Inc., First Lien 2018 Refinancing Term Loan, 1M US L + 4.25%, 04/07/2025			1,873,171				1,881,366
Quidditch Acquisition, Inc., First Lien B Term Loan, 3M US L + 7.00%, 03/21/2025(b)			1,261,806				1,280,733
Red Lobster Management LLC, First Lien Initial Term Loan, 1M US L + 5.25%, 07/28/2021			1,345,774				1,337,363
Tacala Investment Corp., Second Lien Initial Term Loan, 1M US L + 7.00%, 01/30/2026			993,103				989,876
Whatabrands LLC, First Lien B Term Loan, 3M US L + 3.25%, 08/02/2026			492,050				494,882
							10,369,736
Food/Drug Retailers - 2.00%
EG Group, Ltd., First Lien Facility B Term Loan:
3M US L + 4.00%, 02/07/2025			4,893,783				4,846,681
3M US L + 4.00%, 02/07/2025			205,208				203,233
							5,049,914
Health Insurance - 1.47%
Achilles Acquisition LLC, First Lien Closing Date Term Loan, 1M US L + 4.00%, 10/13/2025			840,576				842,152
FHC Health Systems, Inc., First Lien Initial Term Loan, 3M US L + 4.00%, 12/23/2021			2,545,755				2,547,868
MPH Acquisition Holdings LLC, First Lien Initial Term Loan, 3M US L + 2.75%, 06/07/2023			344,433				329,077
							3,719,097
Healthcare - 21.68%
Alvogen Pharma US, Inc., First Lien 2018 Refinancing Term Loan, 1M US L + 4.75%, 04/01/2022			2,407,254				2,189,397
ATI Holdings Acquisition, Inc., First Lien Initial Term Loan, 1M US L + 3.50%, 05/10/2023			584,416				579,302
BioClinica Holding I LP, First Lien Initial Term Loan:
2M US L + 4.25%, 10/20/2023			1,835,781				1,774,586
2M US L + 8.25%, 10/21/2024			1,052,629				961,839
Carestream Health, Inc., First Lien Extended Term Loan:
1M US L + 5.75%, 02/28/2021			173,732				166,348
1M US L + 9.50%, 06/07/2021			2,390,930				2,295,293
Certara Holdco, Inc., First Lien Replacement Term Loan, 1M US L + 3.50%, 08/15/2024(b)			219,824				219,000
Covenant Surgical Partners, Inc., First Lien Initial Term Loan, 1M US L + 4.00%, 07/01/2026			1,312,500				1,303,477
CT Technologies Intermediate Holdings, Inc., First Lien New Facility Term Loan, 1M US L + 4.25%, 12/01/2021			2,165,477				1,986,825
Dentalcorp Health Services ULC, First Lien Initial Term Loan, 1M US L + 3.75%, 06/06/2025			1,148,285				1,131,301
Endo Luxembourg Finance Company I S.a r.l., First Lien Initial Term Loan, 3M US L + 4.25%, 04/29/2024			769,877				703,117
Envision Healthcare Corp., First Lien Initial Term Loan, 1M US L + 3.75%, 10/10/2025			2,282,110				1,869,185
Femur Buyer, Inc., First Lien Initial Term Loan, 3M US L + 4.25%, 03/05/2026			667,128				668,379
Greenway Health LLC, First Lien  Term Loan, 3M US L + 3.75%, 02/16/2024			1,348,276				1,193,224
Heartland Dental LLC, First Lien Initial Term Loan:
1M US L + 4.50%, 04/30/2025			490,957				482,979
1M US L + 3.75%, 04/30/2025			2,962,955				2,906,007
Immucor, Inc., First Lien B-3 Term Loan, 3M US L + 5.00%, 06/15/2021			360,279				360,673
Lanai Holdings II, Inc., First Lien Initial Term Loan, 3M US L + 4.75%, 08/29/2022			2,228,429				2,081,720
Lifescan Global Corp., First Lien Initial Term Loan, 3M US L + 6.00%, 10/01/2024			3,126,750				2,841,450
Maravai Intermediate Holdings LLC, First Lien Initial Term Loan, 1M US L + 4.25%, 08/02/2025			1,001,177				995,546
Navicure, Inc., First Lien B Term Loan, 3M US L + 4.00%, 09/18/2026			1,065,217				1,066,549
Netsmart Technologies, Inc., First Lien D-1 Term Loan, 1M US L + 3.75%, 04/19/2023			3,685,116				3,657,478
NMSC Holdings, Inc., First Lien Initial Term Loan, 3M US L + 5.00%, 04/19/2023			237,362				236,275
nThrive, Inc., First Lien Additional B-2 Term Loan, 1M US L + 4.50%, 10/20/2022			3,515,344				3,210,686
NVA Holdings, Inc., First Lien Incremental B-4 Term Loan, 1M US L + 3.50%, 02/02/2025			658,350				659,173
Onex TSG Holdings II Corp., First Lien Initial Term Loan, 1M US L + 4.00%, 07/29/2022			1,196,887				1,121,483
Parexel International Corp., First Lien Initial Term Loan, 1M US L + 2.75%, 09/27/2024			1,640,366				1,561,571

		Principal
		Amount				Value
Healthcare (continued)
PetVet Care Centers LLC, First Lien Initial Term Loan:
1M US L + 3.25%, 02/14/2025(b)		$	655,038			$	648,487
1M US L + 2.75%, 02/14/2025(c)			130,285				126,539
1M US L + 2.75%, 02/14/2025			578,355				561,728
Phoenix Guarantor, Inc., First Lien Initial Term Loan, 1M US L + 4.50%, 03/05/2026			3,144,984				3,154,482
Project Ruby Ultimate Parent Corp., First Lien New Term Loan, 1M US L + 3.50%, 02/09/2024			799,578				793,250
Regionalcare Hospital Partners Holdings, Inc., First Lien B Term Loan, 1M US L + 4.50%, 11/16/2025			1,957,733				1,962,481
Sunshine Luxembourg VII SARL, First Lien Facility B1 Term Loan, 3M US L + 4.25%, 09/23/2026			518,519				521,598
Surgery Center Holdings, Inc., First Lien Initial Term Loan, 1M US L + 3.25%, 09/02/2024			139,314				136,493
Team Health Holdings, Inc., First Lien Initial Term Loan, 1M US L + 2.75%, 02/06/2024			989,848				820,747
U.S. Anesthesia Partners, Inc., First Lien Initial Term Loan, 1M US L + 3.00%, 06/23/2024			273,510				266,929
Verscend Holding Corp., First Lien B Term Loan, 1M US L + 4.50%, 08/27/2025			1,361,250				1,368,342
Viant Medical Holdings, Inc., First Lien Initial Term Loan, 3M US L + 3.75%, 07/02/2025			411,259				385,556
Vyaire Medical, Inc., First Lien  Term Loan, 3M US L + 4.75%, 04/16/2025			3,258,750				3,000,771
YI LLC, First Lien Initial Term Loan, 3M US L + 4.00%, 11/07/2024			1,394,961				1,391,480
Zest Acquisition Corp., Second Lien Initial Term Loan, 3M US L + 7.50%, 03/13/2026(b)			1,500,000				1,387,500
							54,749,246
Home Furnishings - 1.75%
AI Aqua Merger Sub, Inc., First Lien Tranche B-1 Term Loan:
1M US L + 3.25%, 12/13/2023			940,800				900,816
1M US L + 3.25%, 12/13/2023			1,293,272				1,238,845
Hayward Industries, Inc., First Lien Initial Term Loan, 1M US L + 3.50%, 08/05/2024			111,330				107,850
Prime Security Services Borrower LLC, First Lien 2019 Refinancing B-1 Term Loan, 3M US L + 3.25%, 09/23/2026(b)			1,630,000				1,614,466
Serta Simmons Bedding LLC, Second Lien Initial Term Loan, 1M US L + 8.00%, 11/08/2024			1,645,600				562,244
							4,424,221
Industrial Equipment - 4.94%
AI Alpine AT BidCo GmbH, First Lien Facility B Term Loan, 3M US L + 2.75%, 10/31/2025(b)			295,595				289,313
Apex Tool Group LLC, First Lien Third Amendment Term Loan, 1M US L + 5.50%, 08/01/2024			2,125,338				2,071,312
Engineered Machinery Holdings, Inc., First Lien Initial Term Loan, 3M US L + 3.25%, 07/19/2024			1,475,715				1,451,115
Helix Acquisition Holdings, Inc., First Lien 2018 New Term Loan, 3M US L + 3.75%, 09/30/2024			1,411,122				1,368,796
Justrite Safety Group, First Lien Initial Term Loan, 1M US L + 4.50%, 06/28/2026(b)			945,977				931,787
LTI Holdings, Inc., First Lien Initial Term Loan:
1M US L + 3.50%, 09/06/2025			720,000				683,460
1M US L + 6.75%, 09/06/2026			468,085				428,883
Robertshaw US Holding Corp., First Lien Initial Term Loan, 1M US L + 3.25%, 02/28/2025			1,383,885				1,269,714
Tailwind Smith Cooper Intermediate Corp., First Lien Initial Term Loan, 1M US L + 5.00%, 05/28/2026(b)			1,540,000				1,447,600
Titan Acquisition, Ltd., First Lien Initial Term Loan, 1M US L + 3.00%, 03/28/2025			2,645,000				2,546,117
							12,488,097
Insurance - 1.07%
APCO Holdings LLC, First Lien Initial Term Loan, 1M US L + 5.50%, 06/09/2025(b)			1,584,205				1,560,442
HIG Finance 2, Ltd., First Lien Initial Dollar Term Loan, 1M US L + 3.50%, 12/20/2024			236,323				236,849
Outcomes Group Holdings, Inc., Second Lien  Term Loan:
3M US L + 3.50%, 10/24/2025			476,400				471,636
3M US L + 7.50%, 10/26/2026			423,077				420,962
							2,689,889
Leisure Goods/Activities/Movies - 2.66%
Recess Holdings, Inc., First Lien Initial Term Loan, 1M US L + 3.75%, 09/30/2024			1,958,822				1,933,729
Travel Leaders Group LLC, First Lien 2018 Refinancing Term Loan, 1M US L + 4.00%, 01/25/2024			578,611				580,541
Travelport Finance S.à r.l., First Lien Initial Term Loan, 3M US L + 5.00%, 05/29/2026			2,640,000				2,397,688
UFC Holdings LLC, First Lien 2019 Term Loan, 1M US L + 3.25%, 04/29/2026			518,138				520,117

		Principal
		Amount				Value
Leisure Goods/Activities/Movies (continued)
United PF Holdings LLC, First Lien  Term Loan:
1M US L + 4.50%, 06/10/2026		$	1,065,602			$	1,064,936
3M US L + 4.50%, 06/10/2026(c)			22,490				22,476
1M US L + 8.50%, 06/10/2027			198,649				199,145
							6,718,632
Lodging & Casinos - 0.67%
Casablanca US Holdings, Inc., First Lien Amendment No. 2 Initial Term Loan, 3M US L + 4.00%, 03/29/2024			1,733,600				1,684,192
Nonferrous Metals/Minerals - 1.23%
Aleris International, Inc., First Lien Initial Term Loan, 1M US L + 4.75%, 02/27/2023			1,747,988				1,753,014
American Rock Salt Company LLC, First Lien Initial Term Loan, 1M US L + 3.75%, 03/21/2025			969,950				971,167
Murray Energy Corp., First Lien Superpriority B-2 Term Loan, 3M US L + 7.25%, 10/17/2022(d)			965,410				377,475
							3,101,656
Oil & Gas - 3.93%
Ascent Resources - Marcellus LLC, First Lien Initial Term Loan, 1M US L + 6.50%, 03/30/2023(b)			246,914				239,506
Equitrans Midstream Corp., First Lien Holdco B Facility Term Loan, 1M US L + 4.50%, 01/31/2024			737,669				738,683
Keane Group Holdings LLC, First Lien Initial Term Loan, 1M US L + 3.75%, 05/25/2025(b)			1,303,500				1,257,877
Lower Cadence Holdings LLC, First Lien Initial Term Loan, 1M US L + 4.00%, 05/22/2026			1,343,571				1,312,925
Lucid Energy Group II Borrower LLC, First Lien Initial Term Loan, 1M US L + 3.00%, 02/17/2025			399,580				379,351
Petroleum GEO-Services ASA, First Lien Extended Term Loan, 3M US L + 2.50%, 03/19/2021			1,634,206				1,522,876
Sheridan Investment Partners I LLC, First Lien Tranche B-2 Term Loan, 1M US L + 3.50%, 10/01/2019			2,772,674				2,162,686
Sheridan Production Partners I LLC, First Lien Deferred Principal Term Loan:
3M US L + 0.00%, 10/01/2019(b)			14,516				11,322
3M US L + 0.00%, 10/01/2019(b)			109,547				85,447
3M US L + 0.00%, 10/01/2019(b)			8,866				6,916
Sheridan Production Partners I-A LP, First Lien Tranche B-2 Term Loan, 1M US L + 3.50%, 10/01/2019			367,402				286,574
Sheridan Production Partners I-M LP, First Lien Tranche B-2 Term Loan, 1M US L + 3.50%, 10/01/2019			224,411				175,041
UTEX Industries, Inc., First Lien Initial Term Loan, 1M US L + 4.00%, 05/21/2021			2,041,828				1,745,763
							9,924,967
Property & Casualty Insurance - 1.47%
Applied Systems, Inc., First Lien Closing Date Term Loan, 3M US L + 3.00%, 09/19/2024			170,672				170,624
Asurion LLC, Second Lien Replacement B-2 Term Loan, 1M US L + 6.50%, 08/04/2025			1,910,526				1,943,722
Confie Seguros Holding II Co., First Lien B Term Loan, 1M US L + 4.75%, 04/19/2022			1,687,293				1,609,256
							3,723,602
Publishing - 2.37%
Ancestry.com Operations, Inc., First Lien Extended Term Loan, 1M US L + 4.25%, 08/27/2026			1,256,850				1,231,713
Champ Acquisition Corp., First Lien Initial Term Loan, 3M US L + 5.50%, 12/19/2025			1,623,321				1,621,803
Clear Channel Outdoor Holdings, Inc., First Lien B Term Loan, 1M US L + 3.50%, 08/21/2026			1,166,667				1,171,561
Recorded Books, Inc., First Lien Initial Term Loan, 1M US L + 4.50%, 08/29/2025			955,263				957,656
Southern Graphics, Inc., Second Lien Initial Term Loan:
2M US L + 3.25%, 12/31/2022			405,480				300,730
2M US L + 7.50%, 12/31/2023			1,500,000				712,500
							5,995,963
Radio & Television - 0.92%
iHeartCommunications, Inc., First Lien Initial Term Loan, 1M US L + 4.00%, 05/01/2026			1,971,121				1,986,240
William Morris Endeavor Entertainment LLC, First Lien B-1 Term Loan, 1M US L + 2.75%, 05/18/2025			354,337				345,036
							2,331,276
Retailers (except food & drug) - 1.37%
Apro LLC, First Lien Initial Term Loan, 1M US L + 4.00%, 08/08/2024(b)			782,373				788,241

		Principal
		Amount				Value
Retailers (except food & drug) (continued)
Ascena Retail Group, Inc., First Lien Tranche B Term Loan, 1M US L + 4.50%, 08/21/2022		$	1,094,008			$	613,618
FBB Holdings III, Inc., First Lien Initial  Retired 07/30/2019 Term Loan:
3M US L + 9.00%, 02/07/2024(b)			185,184				97,222
3M US L + 7.00%, 01/31/2025(b)			64,966				16,241
Neiman Marcus Group, Ltd. LLC, First Lien Cash Pay/PIK Extended Term Loan, 1M US L + 6.50%, 10/25/2023			3				2
Petco Animal Supplies, Inc., First Lien  Term Loan, 3M US L + 3.25%, 01/26/2023			645,653				491,849
Spencer Spirit IH LLC, First Lien Initial Term Loan, 1M US L + 6.00%, 06/19/2026			1,470,000				1,449,177
Sports Authority, Inc., First Lien B Term Loan, 3M US L + 6.00%, 11/16/2019(b)(d)			4,296,916				8,594
							3,464,944
Steel - 0.85%
Can Am Construction, Inc., First Lien Closing Date Term Loan, 1M US L + 5.00%, 07/01/2024			1,853,398				1,803,588
Phoenix Services International LLC, First Lien B Term Loan, 1M US L + 3.75%, 03/01/2025(b)			358,821				346,263
							2,149,851
Surface Transport - 1.17%
Drive Chassis Holdco LLC, Second Lien B Term Loan, 3M US L + 8.25%, 04/10/2026			2,200,000				2,098,250
SMB Shipping Logistics LLC, First Lien  Term Loan, 3M US L + 4.00%, 02/05/2024			865,661				857,005
							2,955,255
Telecommunications - 3.29%
Alorica, Inc., First Lien New B Term Loan, 1M US L + 3.75%, 06/30/2022			842,907				724,900
Avaya, Inc., First Lien Tranche B Term Loan, 1M US L + 4.25%, 12/15/2024			989,924				943,215
Cyxtera DC Holdings, Inc., Second Lien Initial Term Loan, 1M US L + 7.25%, 05/01/2025			300,751				248,120
Ensono LP, First Lien  Term Loan, 1M US L + 5.25%, 06/27/2025			1,232,205				1,225,785
Masergy Holdings, Inc., Second Lien Initial Term Loan:
3M US L + 3.25%, 12/15/2023			715,854				706,011
3M US L + 7.50%, 12/16/2024			588,972				579,157
Peak 10 Holding Corp., First Lien Initial Term Loan:
3M US L + 3.50%, 08/01/2024			1,069,091				926,768
3M US L + 7.25%, 08/01/2025			1,157,143				856,286
Securus Technologies Holdings, Inc., First Lien Initial Term Loan, 1M US L + 4.50%, 11/01/2024			167,444				148,328
Vertiv Group Corp., First Lien B Term Loan, 1M US L + 4.00%, 11/30/2023			2,040,638				1,946,901
							8,305,471
Utilities - 2.56%
Brookfield WEC Holdings, Inc., First Lien Initial Term Loan, 1M US L + 3.50%, 08/01/2025			673,540				676,530
Eastern Power LLC, First Lien  Term Loan, 1M US L + 3.75%, 10/02/2023			560,692				563,299
Granite Acquisition, Inc., First Lien C Term Loan, 3M US L + 3.50%, 12/17/2021			62,857				63,100
Green Energy Partners/Stonewall LLC, First Lien B-1 Conversion Advances Term Loan, 3M US L + 5.50%, 11/13/2021			490,000				472,544
Moxie Patriot LLC, First Lien Construction B-1 Advances Term Loan, 3M US L + 5.75%, 12/19/2020			1,366,059				1,212,377
Panda Liberty LLC, First Lien Construction B-1 Advance Term Loan, 3M US L + 6.50%, 08/21/2020			2,363,604				2,048,063
Pike Corp., First Lien Initial (2019) Term Loan, 1M US L + 3.25%, 07/24/2026			609,520				612,525
Southeast PowerGen LLC, First Lien B Advance Term Loan, 1M US L + 3.50%, 12/02/2021			862,830				828,317
							6,476,755
TOTAL FLOATING RATE LOAN INTERESTS
(Cost $371,493,010)							354,967,496
COLLATERALIZED LOAN OBLIGATION SECURITIES(a) - 1.51%
Structured Finance Obligations - 1.51%
Babson CLO, Ltd. 2015-I 3M US L + 5.50%, 01/20/2031(b)(e)			875,000				783,695
Carlyle Global Market Strategies CLO 2016-2, Ltd. 3M US L + 5.17%, 07/15/2027(b)(e)			1,000,000				919,488
Dryden 40 Senior Loan Fund 3M US L + 5.75%, 08/15/2031(b)(e)			800,000				740,667
Highbridge Loan Management 6-2015, Ltd. 3M US L + 5.10%, 02/05/2031(b)(e)			834,000				754,149

		Principal
		Amount				Value
Structured Finance Obligations (continued)
Neuberger Berman Loan Advisers CLO 27, Ltd. 3M US L + 5.20%, 01/15/2030(b)(e)		$	667,000			$	611,173
							3,809,172
TOTAL COLLATERALIZED LOAN OBLIGATION SECURITIES
(Cost $4,153,216)							3,809,172
CORPORATE BONDS - 4.25%
Automotive - 0.20%
Midas Intermediate Holdco II LLC / Midas Intermediate Holdco II Finance, Inc. 7.875%, 10/01/2022(e)			550,000				512,875
Building & Development - 0.23%
NWH Escrow Corp. 7.500%, 08/01/2021(e)			1,000,000				582,500
Chemical & Plastics - 0.24%
Starfruit Finco BV / Starfruit US Holdco LLC 8.000%, 10/01/2026(e)			595,000				596,488
Containers & Glass Products - 0.14%
ARD Securities Finance SARL 8.750%, 01/31/2023(e)(f)			341,757				355,427
Ecological Services & Equipment - 0.90%
GFL Environmental, Inc.:
5.375%, 03/01/2023(e)			1,325,000				1,347,923
7.000%, 06/01/2026(e)			330,000				348,150
8.500%, 05/01/2027(e)			513,000				570,071
							2,266,144
Electronics/Electric - 0.30%
Riverbed Technology, Inc. 8.875%, 03/01/2023(e)			1,385,000				761,750
Food/Drug Retailers - 0.39%
Albertsons Cos. Inc / Safeway, Inc. / New Albertsons LP / Albertsons LLC 5.875%, 02/15/2028(e)			917,000				972,882
Healthcare - 1.19%
Envision Healthcare Corp. 8.750%, 10/15/2026(e)			2,292,000				1,409,580
Team Health Holdings, Inc. 6.375%, 02/01/2025(e)			1,000,000				696,000
Tenet Healthcare Corp. 4.625%, 09/01/2024(e)			875,000				901,189
							3,006,769
Property & Casualty Insurance - 0.14%
GTCR AP Finance, Inc. 8.000%, 05/15/2027(e)			350,000				360,500
Publishing - 0.14%
McGraw-Hill Global Education Holdings LLC / McGraw-Hill Global Education Finance 7.875%, 05/15/2024(e)			420,000				365,400
Radio & Television - 0.17%
Entercom Media Corp. 6.500%, 05/01/2027(e)			123,000				128,842
Univision Communications, Inc. 5.125%, 05/15/2023(e)			300,000				300,750
							429,592

		Principal
		Amount				Value
Telecommunications - 0.21%
Sprint Communications, Inc. 6.000%, 11/15/2022		$	500,000			$	532,500
TOTAL CORPORATE BONDS
(Cost $12,548,344)							10,742,827

		Shares
COMMON STOCK - 0.16%
Oil & Gas - 0.16%
Ascent Resources - Equity(b)(g)			177,384				399,114
Templar Energy LLC(b)(g)			72,786				–
							399,114
TOTAL COMMON STOCK
(Cost $3,533,965)							399,114
PREFERRED STOCK - 0.00%
Oil & Gas - 0.00%
Templar Energy LLC(b)(g)			48,248				–
TOTAL PREFERRED STOCK
(Cost $482,483)							–
WARRANTS - 0.00%(h)
Oil & Gas - 0.00%
Ascent Resources Marcellus LLC expires 3/30/2023 at $6.15(b)(g)			45,926				1,378
TOTAL WARRANTS
(Cost $5,013)							1,378
Total Investments - 146.46%
(Cost $392,216,031)							369,919,987
Other Assets in Excess of Liabilities - 3.03%							7,654,053
Leverage Facility - (49.49)%							(125,000,000	)
Net Assets - 100.00%						$	252,574,040
Amounts above are shown as a percentage of net assets as of September 30, 2019.

Libor Rates:

1W US L - 1 Week LIBOR as of September 30, 2019 was 1.91%

1M US L - 1 Month LIBOR as of September 30, 2019 was 2.02%

2M US L - 2 Month LIBOR as of September 30, 2019 was 2.07%

3M US L - 3 Month LIBOR as of September 30, 2019 was 2.09%

6M US L - 6 Month LIBOR as of September 30, 2019 was 2.06%

(a)	Floating or variable rate security.  The reference rate is described above.  The rate in effect as of September 30, 2019 is based on the reference rate plus the displayed spread as of the security's last reset date.
(b)	Level 3 assets valued using significant unobservable inputs as a result of unavailable quoted prices from an active market or the unavailability of other significant observable inputs.
(c)	A portion of this position was not funded as of September 30, 2019. The Portfolio of Investments records only the funded portion of each position. As of September 30, 2019, the Fund has unfunded delayed draw loans in the amount of $830,464. Fair value of these unfunded delayed draw loans was $814,474.
(d)	Security is in default as of period end and is therefore non-income producing.

(e)	Security exempt from registration under Rule 144A of the Securities Act of 1933. Total market value of Rule 144A securities amounts to $14,019,499, which represented approximately 5.55% of net assets as of September 30, 2019. Such securities may normally be sold to qualified institutional buyers in transactions exempt from registration.
(f)	Option to convert to pay-in-kind security.
(g)	Non-income producing security.
(h)	Amount represents less than 0.005% of net assets.

NOTE 1. ORGANIZATION

Blackstone / GSO Senior Floating Rate Term Fund (“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 BSL 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, BSL was initially scheduled to dissolve on or about May 31, 2020. On November 17, 2017, BSL’s shareholders approved extending the term of BSL by two years by changing BSL’s scheduled dissolution date from May 31, 2020 to May 31, 2022. Upon dissolution, BSL will distribute substantially all of its net assets to shareholders, after making appropriate provision for any liabilities. Pursuant to BSL’s Amended and Restated Agreement and Declaration of Trust, prior to the date of dissolution a majority of 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 BSL by a period of two years or such shorter time as may be determined. The dissolution date of BSL may be extended an unlimited number of times. On March 31, 2017, BSL announced an extension of BSL’s reinvestment period. The extension will allow BSL to continue to reinvest proceeds generated by maturities, prepayments and sales of investments until one year prior to BSL’s scheduled dissolution date, which is currently May 31, 2022.

BSL’s primary investment objective is to seek high current income, with a secondary objective to seek preservation of capital, consistent with its primary goal of high current income. Under normal market conditions, at least 80% of BSL’s Managed Assets (defined below) will be invested in senior secured, floating rate loans (“Senior Loans”). 

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES

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 the Funds’ nationally recognized loan pricing provider for composite loan prices is to value loans at the mean of the bid and ask prices from one or more brokers or dealers. Collateralized Loan Obligation securities (“CLOs”) are valued at the price provided by a nationally recognized pricing service. The prices provided by the nationally recognized pricing service are typically based on the evaluated mid-price of each of the CLOs. Corporate bonds and convertible bonds, other than short-term investments, are valued at the price provided by a nationally recognized pricing service. The prices provided by the nationally recognized pricing service are typically based on the mean of bid and ask prices for each corporate bond security. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices, market transactions in comparable investments, various relationships observed in the market between investments and calculated yield measures based on valuation technology commonly employed in the market for such investments. Equity securities for which market quotations are available are generally valued at the last sale price or official closing price on the primary market or exchange on which they trade. Futures contracts are ordinarily valued at the last sales price on the securities or commodities exchange on which they are traded. Written and purchased options are ordinarily valued at the closing price on the securities or commodities exchange on which they are traded. Short-term debt investments, if any, having a remaining maturity of 60 days or less when purchased would be valued at cost adjusted for amortization of premiums and accretion of discounts. Any investments and other assets for which such current market quotations are not readily available are valued at fair value (“Fair Valued Assets”) as determined in good faith by a committee of the Adviser (“Fair Valued Asset Committee”) under procedures established by, and under the general supervision and responsibility of, the Fund’s Board of Trustees. Such methods may include, but are not limited to, the use of a market comparable and/or income approach methodologies. A Fair Valued Asset Committee meeting may be called at any time by any member of the Fair Valued Asset Committee. The pricing of all Fair Valued Assets and determinations thereof shall be reported by the Fair Valued Asset Committee to the Board at each regularly scheduled quarterly meeting. The Funds have procedures to identify and investigate potentially stale or missing prices for investments which are valued using a nationally recognized pricing service, exchange price or broker-dealer quotations. After performing such procedures, any prices which are deemed to be stale are reviewed by the Fair Valued Asset Committee and an alternative pricing source is determined.

Various inputs are used to determine the value of BSL’s investments. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

Level 1 — Unadjusted quoted prices in active markets for identical investments at the measurement date.

Level 2 — Significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

Level 3 — Significant unobservable inputs (including the Fund’s own assumption in determining the fair value of investments).

The categorization of a value determined for investments and other financial instruments is based on the pricing transparency of the investment and other financial instrument and does not necessarily correspond to the Fund’s perceived risk of investing in those securities. Investments measured and reported at fair value are classified and disclosed in one of the following levels within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement.

The following table summarizes valuation of BSL’s investments under the fair value hierarchy levels as of September 30, 2019:

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
Aerospace & Defense		$	–			$	2,520,614			$	4,839,065			$	7,359,679
Automotive			–				3,013,322				1,251,421				4,264,743
Building & Development			–				21,715,001				250,000				21,965,001
Business Equipment & Services			–				50,332,226				6,854,054				57,186,280
Chemical & Plastics			–				9,330,556				2,016,623				11,347,179
Conglomerates			–				778,728				673,761				1,452,489
Containers & Glass Products			–				5,421,443				613,909				6,035,352
Diversified Insurance			–				3,134,592				378,754				3,513,346
Ecological Services & Equipment			–				1,619,915				648,280				2,268,195
Electronics/Electric			–				63,887,907				3,370,301				67,258,208
Financial Intermediaries			–				2,906,489				429,406				3,335,895
Food Service			–				9,089,003				1,280,733				10,369,736
Healthcare			–				52,494,259				2,254,987				54,749,246
Home Furnishings			–				2,809,755				1,614,466				4,424,221
Industrial Equipment			–				9,819,397				2,668,700				12,488,097
Insurance			–				1,129,447				1,560,442				2,689,889
Oil & Gas			–				8,323,899				1,601,068				9,924,967
Retailers (except food & drug)			–				2,554,646				910,298				3,464,944
Steel			–				1,803,588				346,263				2,149,851
Other			–				68,720,178				–				68,720,178
Collateralized Loan Obligation Securities
Structured Finance Obligations			–				–				3,809,172				3,809,172
Corporate Bonds			–				10,742,827				–				10,742,827
Common Stock
Oil & Gas			–				–				399,114				399,114
Rights
Oil & Gas			–				–				1,378				1,378
Total			–				332,147,792				37,772,195				369,919,987

*        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:

Blackstone/GSO Senior Floating Rate Term Fund		Floating Rate Loan Interests				Collateralized Loan Obligation Securities				Common Stock				Preferred Stock				Warrants				Total
Balance as of December 31, 2018		$	77,368,725			$	5,338,520			$	554,675			$	144,745			$	1,378			$	83,408,043
Accrued discount/ premium			102,737				838				-				-				-				103,575
Realized Gain/(Loss)			73,177				(109,497	)			-				-				-				(36,320	)
Change in Unrealized Appreciation/(Depreciation)			(730,717	)			185,067				(155,561	)			(144,745	)			-				(845,956	)
Purchases			13,904,949				-				-				-				-				13,904,949
Sales Proceeds			(10,886,046	)			(1,605,756	)			-				-				-				(12,491,802	)
Transfer into Level 3			4,663,034				-				-				-				-				4,663,034
Transfer out of Level 3			(50,933,328	)			-				-				-				-				(50,933,328	)
Balance as of September 30, 2019		$	33,562,531			$	3,809,172			$	399,114			$	-			$	1,378			$	37,772,195
Net change in unrealized appreciation/(depreciation) included in the Statements of Operations attributable to Level 3 investments held at September 30, 2019		$	(63,739	)		$	21,527			$	(155,561	)		$	(144,745	)		$	-			$	(342,518	)

Information about Level 3 fair value measurements as of September 30, 2019:

Blackstone / GSO Senior Floating Rate Term Fund

Fair Value

Valuation Technique(s)

Unobservable Input(s)

Value/Range (Weighted Average)

Assets

Floating Rate Loan Interests

$

33,562,531

Third-party vendor pricing service

Broker quotes

N/A

Collateralized Loan Obligation Securities

$

3,809,172

Third-party vendor pricing service

Broker quotes

N/A

Common Stock

$

399,144

Third-party vendor pricing service

Broker quotes

N/A

Warrants

$

1,378

Third-party vendor pricing service

Broker quotes

N/A

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 AND SECURED FLOATING RATE LOANS

BSL defines “Senior Loans” as first lien senior secured, floating rate loans that are made to U.S. and, to a limited extent, non-U.S. corporations, partnerships and other business entities (“Borrowers”), which operate in various industries and geographical regions. Under normal market conditions, at least 80% of BSL’s Managed Assets (defined below) will be invested in Senior Loans. BSL defines "Managed Assets" as total assets (including any assets attributable to any leverage used) minus the sum of BSL's accrued liabilities (other than liabilities related to the principal amount of leverage). At September 30, 2019, 94.01% of BSL’s Managed Assets were held in Senior Loans.

Loans hold a senior position in the capital structure of a business entity, are secured with specific collateral and have a claim on the assets and/or stock of the Borrower that is senior to that held by unsecured creditors, subordinated debt holders and stockholders of the Borrower.

Loans often require prepayments from Borrowers’ excess cash flows or permit the Borrowers to repay at their election. The degree to which Borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, floating rate loans typically have an expected average life of two to four years. Floating rate loans typically have rates of interest which are re-determined periodically, either daily, monthly, quarterly or semi-annually by reference to a floating base lending rate, primarily the London Interbank Offered Rate (LIBOR), plus a premium or credit spread.

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 subordinated unsecured loans or debt, which are not backed by a security interest in any specific collateral. There can be no assurance that the liquidation of any collateral securing a Loan would satisfy the Borrower’s obligation to the Fund in the event of non-payment of scheduled interest or principal payments, or that such collateral could be readily liquidated.

Second lien loans generally are subject to similar risks as those associated with investments in first lien loans except that such loans are subordinated in payment and/or lower in lien priority to first lien holders. In the event of default on a second lien loan, the first priority lien holder has first claim to the underlying collateral of the loan. Second lien loans are subject to the additional risk that the cash flow of the Borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior obligations of the Borrower. At September 30, 2019, BSL had invested $41,127,857 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 the Borrowers. 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.

NOTE 4. LEVERAGE

The Fund entered into a Credit Agreement (the "Agreement") with a bank to borrow money pursuant to a revolving line of credit ("Leverage Facility") dated October 8, 2014, as amended on October 7, 2015, October 5, 2016, and October 4, 2017, as amended and restated on June 20, 2018 and as further amended and restated on October 4, 2019 to borrow up to a limit of $142 million, with $48 million for tranche A loans (“Tranche A Loans”) and $94 million for tranche B loans (“Tranche B Loans”). Borrowings under the Agreement are secured by the assets of the Fund. Interest is charged at a rate of 0.85% above LIBOR for Tranche A Loans, 1.15% above LIBOR for one (1) month interest period Tranche B Loans and 1.00% above LIBOR for three (3), six (6) and nine (9) months interest periods Tranche B Loans, 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), 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 for each of Tranche A Loans and Tranche B Loans is 0.15% on the undrawn amounts when drawn amounts exceed 75% of the relevant borrowing limit and 0.25% on the undrawn amounts at any other time. Interest and fees are generally payable quarterly. The Fund may elect to extend the Agreement for a further period with the consent of the lending bank. At September 30, 2019, BSL had borrowings outstanding under its Leverage Facility of $125,000,000, at an interest rate of 3.14%. Due to the short term nature of the Agreement, face value approximates fair value at September 30, 2019. This fair value is based on Level 2 inputs under the three-tier fair valuation hierarchy (see Note 2). For the period ended September 30, 2019, the average borrowings under BSL’s Leverage Facility and the average interest rate were $126,373,626 and 3.54%, 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, 2019, 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, 2019, BSL’s leverage represented 33.11% of the Fund’s Managed Assets.