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: March 31, 2018

 

 

 

Item 1. Schedule of Investments.

 

Blackstone / GSO Senior Floating Rate Term Fund

 

Portfolio of Investments

March 31, 2018 (Unaudited)

 

   Principal     
   Amount   Value 
     
FLOATING RATE LOAN INTERESTS(a) - 146.92%
Aerospace and Defense - 2.47%
Propulsion Acquisition LLC, Senior Secured First Lien Initial Term Loan, 1M US L + 6.00%, 7/13/2021(b)  $1,293,367   $1,280,433 
Standard Aero Aviation Holdings Inc, Senior Secured First Lien Initial Term Loan, 1M US L + 3.75%, 07/07/2022   1,226,107    1,239,042 
Vectra Co, Senior Secured First Lien Term Loan, 1M US L + 3.25%, 03/08/2025   1,194,030    1,193,660 
Vectra Co, Senior Secured Second Lien Term Loan, 1M US L + 7.25%, 03/09/2026   1,000,000    1,010,000 
WP CPP Holdings LLC, Senior Secured First Lien B-3 Term Loan, 3M US L + 3.50%, 12/28/2019   1,981,167    1,982,405 
         6,705,540 
           
Automotive - 4.61%          
American Tire Distributors Inc, Senior Secured First Lien Initial Term Loan, 2M US L + 4.25%, 09/01/2021   3,132,545    3,177,575 
Bright Bidco BV, Senior Secured First Lien Term B Loan, 2M US L + 3.50%, 06/28/2024   1,659,598    1,685,786 
CH Hold Corp, Senior Secured Second Lien Initial Term Loan, 1M US L + 7.25%, 02/03/2025(b)   1,052,632    1,071,053 
Dealer Tire LLC, Senior Secured First Lien Refinancing Term Loan, 3M US L + 3.25%, 12/22/2021   1,287,135    1,304,833 
FPC Holdings Inc, Senior Secured First Lien Term Loan, 3M US L + 4.50%, 11/21/2022(c)   1,100,000    1,076,625 
FPC Holdings Inc, Senior Secured Second Lien Term Loan, 3M US L + 9.00%, 11/20/2023(c)   498,113    480,679 
Mitchell International Inc, Senior Secured First Lien Initial Term Loan, 1M US L + 3.25%, 11/29/2024   1,032,522    1,034,070 
Mitchell International Inc, Senior Secured Second Lien Initial Term Loan, 1M US L + 7.25%, 12/01/2025   1,036,364    1,044,914 
Superior Industries International Inc, Senior Secured First Lien Closing Date Term Loan, 1M US L + 4.50%, 05/22/2024   1,621,927    1,640,174 
         12,515,709 
           
Banking, Finance, Insurance and Real Estate - 11.28%          
Acrisure LLC, Senior Secured First Lien Term B-2 Loan, 3M US L + 4.25%, 11/22/2023   1,488,690    1,509,903 
Alliant Holdings Intermediate LLC, Senior Secured First Lien Initial Term Loan, 1M US L + 3.25%, 08/12/2022   577,489    581,500 
AmWINS Group Inc, Second Lien Term Loan, 1M US L + 6.75%, 01/25/2025   43,888    44,382 
Applied Systems Inc, Senior Secured First Lien Initial Term Loan, 3M US L + 3.25%, 09/19/2024   99,500    100,344 
ASP MCS Acquisition Corp, Senior Secured First Lien Initial Term Loan, 1M US L + 4.75%, 05/20/2024(b)   1,779,846    1,806,543 
Asurion LLC, Senior Secured Second Lien Tranche B-2 Loan, 1M US L + 6.00%, 08/04/2025   2,424,242    2,494,545 
BroadStreet Partners Inc, Senior Secured First Lien Term B-1 Loan Facility, 1M US L + 3.75%, 11/08/2023   2,090,005    2,118,095 
Confie Seguros Holding II Co, Senior Secured First Lien Term B Loan, 3M US L + 5.25%, 04/19/2022   1,741,184    1,743,090 
CP VI Bella Topco LLC, Senior Secured First Lien Term Loan, 1M US L + 3.00%, 02/14/2025   420,820    420,296 
CP VI Bella Topco LLC, Senior Secured Second Lien Term Loan, 1M US L + 6.75%, 02/16/2026   385,714    385,714 
Cunningham Lindsey US Inc, Senior Secured First Lien Initial Term Loan, 3M US L + 3.75%, 12/10/2019   3,730,544    3,725,881 
Cypress Merger Sub Inc, Senior Secured Second Lien Initial Term Loan, 1M US L + 6.75%, 04/28/2025   930,233    949,070 
Edelman Financial Center LLC/The, Senior Secured First Lien Initial Term Loan, 2M US L + 4.25%, 11/09/2024   1,623,837    1,649,210 
ExamWorks Group Inc, Senior Secured First Lien Term B-1 Loan, 3M US L + 3.25%, 07/27/2023(c)   224,318    226,253 
Gem Acquisitions Inc, Senior Secured First Lien Initial Term Loan, 3M US L + 3.25%, 03/02/2025(c)   684,783    686,067 
Gemworth Holdings Inc, Senior Secured First Lien Initial Loan, 1M US L + 4.50%, 02/28/2023   382,609    390,024 
Hyperion Insurance Group Limited, Senior Secured First Lien Initial Dollar Term Loan, 1M US L + 3.50%, 12/20/2024   2,301,923    2,327,820 
Intralinks Inc, Senior Secured First Lien Initial Term Loan, 1M US L + 4.00%, 11/11/2024   1,710,000    1,719,978 
NFP Corp, Senior Secured First Lien Term B Term Loan, 1M US L + 3.00%, 01/08/2024   995,650    1,000,111 

 

 

 

   Principal     
   Amount   Value 
     
Banking, Finance, Insurance and Real Estate (continued)
One Call Corp, Senior Secured First Lien Term B Loan, 3M US L + 4.00%, 11/27/2020  $992,235   $950,065 
Resolute Investment Managers Inc, Senior Secured First Lien Specified Refinancing Term Loan, 3M US L + 3.25%, 04/30/2022(b)   1,118,858    1,134,242 
Resolute Investment Managers Inc, Senior Secured Second Lien Tranche C Term Loan, 3M US L + 7.50%, 04/30/2023(b)   1,000,000    1,017,500 
SS&C Technologies Inc, Senior Secured First Lien Term B-3 Loan, 3M US L + 2.50%, 02/28/2025(c)   1,489,349    1,498,270 
SS&C Technologies Inc, Senior Secured First Lien Term B4 Loan, 3M US L + 2.50%, 02/28/2025(c)   531,299    534,482 
Victory Capital Holdings Senior Secured First Lien Initial Term Loan, 3M US L + 2.75%, 02/07/2025   253,931    255,280 
York Risk Services Holding Corp (Onex York Finance LP), Senior Secured First Lien Initial Term Loan, 1M US L + 3.75%, 10/01/2021   1,353,245    1,328,548 
         30,597,213 
           
Beverage, Food and Tobacco - 4.89%          
CEC Entertainment Inc, Senior Secured First Lien Term B Loan, 1M US L + 3.25%, 02/15/2021   1,652,466    1,567,777 
CSM Bakery Solutions LLC, Senior Secured First Lien Term Loan, 3M US L + 4.00%, 7/3/2020   2,099,529    2,080,108 
Fago de Chao Inc, Senior Secured First Lien Term B Loan, 3M US L + 4.50%, 03/27/2025(c)   945,242    950,559 
Give & Go Prepared Foods Corp, Senior Secured First Lien Term Loan, 3M US L + 4.25%, 7/29/2023(b)   2,048,529    2,069,015 
NPC International Inc, Senior Secured First Lien Initial Term Loan, 1M US L + 3.50%, 04/19/2024   283,691    288,035 
NPC International Inc, Senior Secured Second Lien Initial Term Loan, 1M US L + 7.50%, 04/18/2025   1,141,426    1,169,962 
TKC Holdings Inc, Senior Secured First Lien Initial Term Loan, 3M US L + 4.25%, 02/01/2023(c)   3,704,436    3,745,648 
TKC Holdings Inc, Senior Secured Second Lien Initial Term Loan, 3M US L + 8.00%, 02/01/2024   1,105,629    1,119,173 
Winebow Holdings Inc, Senior Secured First Lien Initial Term Loan, 1M US L + 3.75%, 07/01/2021   286,012    281,185 
         13,271,462 
           
Capital Equipment - 3.87%          
Blount International Inc, Senior Secured First Lien Term Loan B-1 Facility, 1M US L + 4.25%, 04/12/2023   538,462    546,336 
Direct Chassislink Acquisition Inc, Senior Secured Second Lien Term Loan, 1M US L + 6.00%, 06/15/2023(b)   2,400,000    2,445,000 
Engineered Machinery Holdings Inc, Senior Secured First Lien Term Loan, 3M US L + 3.25%, 07/19/2024(c)   1,500,500    1,502,691 
Helix Acquisition Holdings Inc, Senior Secured First Lien Initial Term Loan, 3M US L + 4.00%, 09/27/2024   1,148,077    1,159,202 
LTI Holdings Inc, Senior Secured First Lien Second Amendment Incremental Term Loan, 1M US L + 3.50%, 05/16/2024(b)   502,174    504,057 
LTI Holdings Inc, Senior Secured Second Lien Initial Term Loan, 1M US L + 8.75%, 05/16/2025(b)   1,300,000    1,319,500 
Robertshaw US Holding Corp, Senior Secured First Lien Initial Term Loan, 1M US L + 3.50%, 02/14/2025   1,368,293    1,382,400 
Titan Acquisition Limited, Senior Secured First Lien Initial Term Loan, 3M US L + 3.00%, 03/28/2025(c)   1,638,298    1,637,274 
         10,496,460 
           
Chemicals, Plastics and Rubber - 3.59%          
Albaugh LLC, Senior Secured First Lien 2017 Refinancing Term Loan, 1M US L + 3.50%, 12/06/2024   1,995,000    2,018,072 
DuBois Chemicals Inc, Senior Secured First Lien Term Loan, 3M US L + 3.25%, 03/15/2024(c)   539,095    540,443 
Emerald Performance Materials LLC, Senior Secured First Lien Initial Term Loan, 1M US L + 3.50%, 08/02/2021   2,967,196    2,998,722 
Pinnacle Operating Corp, Senior Secured First Lien 2017 Extended Term Loan, PIK 1.75%, 11/15/2021   2,678,348    2,527,691 
Spectrum Holdings III Corp, Senior Secured Second Lien Closing Date Loan, 1M US L + 7.00%, 01/26/2026(b)   600,000    606,000 
Spectrum Holdings III, Senior Secured First Lien Term Loan, 1M US L + 3.25%, 01/31/2025   294,472    295,699 
Vantage Specialty Chemicals Inc, Senior Secured First Lien Closing Date Loan, 3M US L + 4.00%, 10/28/2024   684,000    691,124 

 

 

 

   Principal     
   Amount   Value 
     
Chemicals, Plastics and Rubber (continued)
Vantage Specialty Chemicals Inc, Senior Secured Second Lien Initial Loan, 3M US L + 8.25%, 10/27/2025  $65,111   $65,437 
         9,743,188 
           
Construction and Building - 9.03%          
American Bath Group LLC, Senior Secured First Lien Replacement Term Loan, 3M US L + 5.25%, 09/30/2023   2,778,378    2,813,107 
American Bath Group LLC, Senior Secured Second Lien Term Loan, 3M US L + 9.75%, 09/30/2024(b)   250,000    250,938 
Dayton Superior Corp, Senior Secured First Lien Term Loan, 3M US L + 8.00%, 11/03/2021   1,349,357    1,261,649 
DiversiTech Holdings Inc, Senior Secured First Lien Tranche B-1 Term Loan, 3M US L + 3.00%, 06/03/2024   663,693    667,635 
Forterra Finance LLC, Senior Secured First Lien Replacement Loan, 1M US L + 3.00%, 10/25/2023   3,066,868    2,841,653 
Henry Holdings Inc, Senior Secured First Lien Initial Term Loan, 1M US L + 4.00%, 10/05/2023   1,598,292    1,622,770 
Interior Logic Group Inc, Senior Secured First Lien Initial Term Loan, 1M US L + 6.00%, 02/28/2024(b)   2,035,714    2,050,982 
LBM Borrower LLC, Senior Secured First Lien Tranche C Term Loan, 1M US L + 3.75%, 08/19/2022   4,185,592    4,234,773 
Morsco Inc, Senior Secured First Lien Initial Term Loan, 1M US L + 7.00%, 10/31/2023   1,178,184    1,199,539 
SouthernCarlson Inc, Senior Secured First Lien Term Loan, 3M US L + 4.25%, 03/21/2025(c)   1,875,000    1,882,031 
Specialty Building Products Holdings LLC, Senior Secured First Lien Initial Term Loan, 1M US L + 6.00%, 10/28/2023   2,378,654    2,408,387 
SRS Distribution Inc, Senior Secured First Lien Tranche B-4 Term Loan, 3M US L + 3.25%, 08/25/2022   2,082,883    2,099,806 
SRS Distribution Inc, Senior Secured Second Lien 06/16 Term Loan, 1M US L + 8.75%, 02/24/2023   1,142,751    1,178,462 
         24,511,732 
           
Consumer Goods Durable - 3.15%          
Al Aqua Merger Sub Inc, Senior Secured First Lien Term B1 Loan, 1M US L + 3.25%, 12/13/2023   1,316,544    1,323,541 
Al Aqua Merger Sub Inc, Senior Secured Incremental Term B Loan, 1M US L + 3.25%, 12/13/2023   957,600    961,493 
Apex Tool Group LLC, Senior Secured First Lien Term Loan, 1M US L + 3.75%, 02/01/2022   2,235,205    2,235,406 
Hayward Acquisition Corp, Senior Secured First Lien Term Loan, 1M US L + 3.50%, 08/05/2024   90,922    91,400 
Power Products LLC, Senior Secured First Lien Tranche B-1 Term Loan, 3M US L + 4.00%, 12/20/2022   827,653    836,964 
Recess Holdings Inc, Senior Secured First Lien Term Loan, 3M US L + 3.75%, 09/30/2024   1,753,095    1,764,052 
Serta Simmons Bedding LLC, Senior Secured Second Lien Initial Term Loan, 1M US L + 8.00%, 11/8/2024   1,645,600    1,324,707 
         8,537,563 
           
Consumer Goods Non Durable - 0.66%          
Acosta Inc, Senior Secured First Lien Tranche B-1 Loan, 1M US L + 3.25%, 09/26/2021(c)   666,667    560,897 
Carlisle Foodservice Products Inc, Senior Secured First Lien Initial Term Loan, 3M US L + 3.00%, 03/14/2025(c)   122,707    122,630 
Clover Merger Sub Inc, Senior Secured First Lien Term Loan, 1M US L + 3.50%, 09/26/2024   1,098,241    1,026,306 
Revlon Consumer Products Corp, Senior Secured First Lien Initial Term B Loan, 1M US L + 3.50%, 09/07/2023   86,050    68,051 
         1,777,884 
           
Containers, Packaging and Glass - 5.02%          
Berlin Packaging LLC, Senior Secured Retired First Lien Term B Loan, 1M US L + 3.25%, 10/1/2021   1,588,044    1,597,858 
Caraustar Industries Inc, Senior Secured First Lien Refinancing Term Loan, 3M US L + 5.50%, 03/14/2022   2,622,113    2,639,196 
IBC Capital Limited, Senior Secured Second Lien Term Loan, 3M US L + 7.00%, 09/09/2022   2,430,675    2,436,752 
Loparex Holding BV, Senior Secured First Lien Term Loan, 3M US L + 4.25%, 03/28/2025(c)   3,080,000    3,110,800 
Pregis Holding I Corp, Senior Secured First Lien Initial Term Loan, 3M US L + 3.50%, 5/20/2021   820,272    823,175 
ProAmpac PG Borrower LLC, Senior Secured First Lien Initial Loan, 1M US L + 3.50%, 11/20/2023   502,732    507,634 

 

 

 

   Principal     
   Amount   Value 
     
Containers, Packaging and Glass (continued)
ProAmpac PG Borrower LLC, Senior Secured Second Lien Initial Term Loan, 1M US L + 8.50%, 11/18/2024  $488,038   $498,257 
Ranpak Corp, Senior Secured Second Lien Initial Term Loan, 1M US L + 7.25%, 10/03/2022(b)   25,605    25,797 
Strategic Materials Holding Corp, Senior Secured First Lien Initial Term Loan, 3M US L + 3.75%, 11/01/2024   552,462    556,605 
Strategic Materials Holding Corp, Senior Secured Second Lien Initial term Loan, 3M US L + 7.75%, 12/27/2025   1,400,000    1,409,919 
         13,605,993 
           
Energy, Oil and Gas - 4.59%          
Ascent Resources - Marcellus LLC, Senior Secured First Lien Term Loan, PRIME + + 3.25%, 08/04/2020(d)   1,399,353    811,625 
Chief Exploration & Development LLC, Senior Secured Second Lien Term Loan, 2M US L + 6.50%, 05/16/2021   1,500,000    1,491,877 
Delek US Holdings Inc, Senior Secured First Lien Term Loan, 3M US L + 2.50%, 03/14/2025(c)   362,694    364,283 
Lucid Energy Group II Borrower LLC, Senior Secured First Lien Initial Term Loan, 1M US L + 3.00%, 02/17/2025   631,579    629,409 
Oryx Southern Delaware Holdings LLC, Senior Secured First Lien Initial Term Loan, 1M US L + 3.25%, 02/28/2025   2,717,647    2,724,441 
Sheridan Investment Partners I LLC, Senior Secured First Lien Tranche B-2 Term Loan, 3M US L + 3.50%, 10/01/2019   2,809,841    2,386,033 
Sheridan Production Partners I LLC, Senior Secured First Lien Deferred Principal Term Loan,:          
3M US L + 0.00%, 10/01/2019(b)   8,866    6,875 
3M US L + 0.00%, 10/01/2019(b)   109,547    84,943 
Sheridan Production Partners I LLC, Senior Secured First Lien Term Loan, 3M US L + 0.00%, 10/01/2019(b)   14,516    11,256 
Sheridan Production Partners I-A LP, Senior Secured First Lien Tranche B-2 Term Loan, 3M US L + 3.50%, 10/01/2019   372,327    316,169 
Sheridan Production Partners I-M LP, Senior Secured First Lien Tranche B-2 Term Loan, 3M US L + 3.50%, 10/01/2019   227,419    193,118 
Traverse Midstream Partners LLC, Senior Secured First Lien Advance Term Loan, 3M US L + 4.00%, 09/27/2024   1,372,549    1,382,198 
Utex Industries Inc, Senior Secured First Lien New Initial Term Loan, 1M US L + 4.00%, 05/21/2021   2,074,153    2,039,587 
         12,441,814 
           
Environmental Industries - 0.73%          
EnergySolutions LLC, Senior Secured First Lien Advance Term Loan, 1M US L + 4.75%, 05/29/2020(b)   1,422,857    1,447,757 
Filtration Group Corp, Senior Secured First Lien Term Loan, 3M US L + 3.00%, 03/28/2025(b)(c)   275,000    276,375 
Gopher Resource LLC, Senior Secured First Lien Term Loan, 3M US L + 3.25%, 03/06/2025   248,744    251,387 
         1,975,519 
           
Healthcare and Pharmaceuticals - 20.93%          
Albany Molecular Research Inc, Senior Secured First Lien Term Loan, 1M US L + 3.25%, 08/30/2024   427,957    429,829 
Albany Molecular Research Inc, Senior Secured Second Lien Initial Term Loan, 1M US L + 7.00%, 08/30/2025   392,857    396,295 
Alvogen Pharma US Inc, Senior Secured First Lien Term Loan, 1M US L + 5.00%, 04/01/2022   3,589,806    3,604,757 
American Renal Holdings Inc, Senior Secured First Lien New Term Loan B, 1M US L + 3.25%, 06/14/2024   1,432,338    1,435,467 
Arbor Pharmaceuticals LLC, Senior Secured First Lien Initial Term Loan, 2M US L + 5.00%, 07/05/2023   1,640,571    1,667,230 
ATI Holdings Acquisition Inc, Senior Secured First Lien Initial Term Loan, 3M US L + 3.50%, 5/10/2023   594,986    599,636 
Avantor Inc, Senior Secured First Lien Initial Dollar Term Loan, 1M US L + 4.00%, 11/21/2024   2,460,938    2,489,903 
BioClinica-Clinverse Holdings Corp, Senior Secured First Lien Initial Term Loan, 3M US L + 4.25%, 10/20/2023(c)   2,916,848    2,858,511 
BioClinica-Clinverse Holdings Corp, Senior Secured Second Lien Initial Term Loan, 3M US L + 8.25%, 10/04/2024(b)   1,052,629    1,021,050 
Certara Holdco Inc, Senior Secured First Lien Term Loan, 3M US L + 3.50%, 08/15/2024(c)   223,557    224,954 
Concordia Healthcare Corp, Senior Secured First Lien Dollar Term Loan, 1M US L + 4.25%, 10/21/2021(d)   2,686,253    2,418,581 

 

 

 

   Principal     
   Amount   Value 
     
Healthcare and Pharmaceuticals (continued)
Covenant Surgical Partners Inc, Senior Secured First Lien Delayed Draw Loan, 3M US L + 4.75%, 10/04/2024(b)(e)  $89,391   $90,062 
Covenant Surgical Partners Inc, Senior Secured First Lien Term Loan, 3M US L + 4.75%, 10/04/2024(b)   575,481    579,797 
CPI Holdco LLC, Senior Secured Closing Date Term Loan, 3M US L + 3.50%, 03/21/2024   562,368    566,586 
Cryolife Inc, Senior Secured First Lien Initial Term Loan, 3M US L + 4.00%, 11/15/2024(b)   782,654    792,437 
CT Technologies Intermediate Holdings Inc, Senior Secured First Lien Initial Term Loan, 1M US L + 4.25%, 12/01/2021   2,199,401    2,195,739 
CVS Holdings I LP, Senior Secured First Lien Initial Term Loan, 3M US L + 3.00%, 02/06/2025   310,345    309,183 
Endo LLC, Senior Secured First Lien Initial Term Loan, 1M US L + 4.25%, 04/29/2024   2,289,286    2,288,805 
Equian LLC, Senior Secured First Lien 2018 Incremental Term B Loan, 3M US L + 3.25%, 05/20/2024   1,504,660    1,515,004 
Greenway Health LLC, Senior Secured First Lien Term Loan, 3M US L + 4.25%, 02/16/2024   1,368,966    1,382,087 
Lanai Holdings III Inc, Senior Secured First Lien Initial Term Loan, 2M US L + 4.75%, 08/29/2022   1,234,323    1,200,379 
Navicure Inc, Senior Secured First Lien Initial Term Loan, 1M US L + 3.75%, 11/01/2024   1,749,462    1,760,396 
Netsmart Technologies Inc, Senior Secured First Lien Term C-1 Loan, 1M US L + 4.50%, 04/19/2023(b)   2,117,457    2,146,572 
nThrive Inc, Senior Secured First Lien Term B-2 Loan, 1M US L + 4.50%, 10/20/2022   3,569,845    3,584,910 
Onex Carestream Finance LP, Senior Secured First Lien Term Loan, 1M US L + 4.00%, 06/07/2019   222,537    224,119 
Onex Carestream Finance LP, Senior Secured Second Lien Term Loan, 1M US L + 8.50%, 12/07/2019   2,367,258    2,367,258 
Onex Schumacher Finance LP, Senior Secured First Lien Initial Term Loan, 1M US L + 4.00%, 07/29/2022(c)   1,585,252    1,546,612 
Ortho Clinical Diagnostics Holdings Luxembourg SARL, Senior Secured First Lien Initial Term Loan, 1M US L + 3.75%, 06/30/2021   548,259    553,536 
Packaging Coordinators Midco Inc, Senior Secured First Lien Initial Term Loan, 3M US L + 4.00%, 06/30/2023   1,711,044    1,721,747 
Pharmerica Corp, Senior Secured First Lien Term Loan, 1M US L + 3.50%, 12/06/2024   1,440,000    1,447,502 
Pharmerica Corp, Senior Secured Second Lien Initial Term Loan, 1M US L + 7.75%, 12/07/2025   289,405    291,937 
Press Ganey Holdings Inc, Senior Secured Second Lien Initial Term Loan, 1M US L + 6.50%, 10/21/2024   612,110    621,292 
Project Ruby Ultimate Parent Corp, Senior Secured First Lien New Closing Date Term Loan, 1M US L + 3.50%, 02/09/2024   811,817    820,447 
Prospect Medical Holdings Inc, Senior Secured First Lien Term B-1 Loan, 1M US L + 5.50%, 02/22/2024   1,598,987    1,602,985 
Stratose Intermediate Holdings II LLC, Senior Secured First Lien Term Loan, 1M US L + 3.25%, 06/22/2023(b)   697,432    702,663 
U.S. Renal Care Inc, Senior Secured First Lien Initial Term Loan, 3M US L + 4.25%, 12/30/2022   3,914,900    3,937,724 
Valeant Pharmaceuticals International Inc, Senior Secured First Lien Series F-4 Tranche B Term Loan, 1M US L + 3.50%, 04/01/2022   341,648    345,638 
YI LLC (aka Young Innovations), Senior Secured First Lien Delayed Draw Term Loan, 3M US L + 1.00%, 11/07/2024(b)(e)   193,580    194,548 
YI LLC (aka Young Innovations), Senior Secured First Lien Initial Term Loan, 3M US L + 4.00%, 11/06/2024(b)   2,128,000    2,138,640 
Zest Acquisition Corp, Senior Secured First Lien Initial Term Loan, 3M US L + 3.50%, 03/07/2025(b)   1,193,182    1,199,148 
Zest Acquisition Corp, Senior Secured Second Lien Initial Term Loan, 3M US L + 7.50%, 03/06/2026   1,500,000    1,518,750 
         56,792,716 
           
High Tech Industries - 24.87%          
Barracuda Networks Inc, Senior Secured First Lien Term B Loan, 3M US L + 3.25%, 02/12/2025   317,073    318,777 
BMC Software Finance Inc, Senior Secured First Lien Initial B-2 US Term Loan, 1M US L + 3.25%, 09/10/2022   3,170,678    3,190,305 
Compuware Corp, Senior Secured First Lien Tranche B-3 Term Loan, 1M US L + 3.25%, 12/15/2021   3,157,507    3,200,923 
CPI International Inc, Senior Secured Second Lien Term Loan, 1M US L + 7.25%, 07/25/2025(b)   313,725    315,686 
ECI Macola / Max Holding LLC, Senior Secured First Lien Term Loan, 3M US L + 4.25%, 09/27/2024   1,113,868    1,125,357 

 

 

 

   Principal     
   Amount   Value 
     
High Tech Industries (continued)
Epicor Software Corp, Senior Secured First Lien Term B Loan, 1M US L + 3.25%, 06/01/2022  $2,870,051   $2,885,750 
Excelitas Technologies Corp (fka IDS Acquisition), Senior Secured First Lien Initial USD Term Loan, 6M US L + 3.50%, 12/02/2024   510,137    515,662 
Flexera Software LLC, Senior Secured First Lien Term Loan, 1M US L + 3.25%, 02/26/2025   610,169    614,621 
Flexera Software LLC, Senior Secured Second Lien Term Loan, 1M US L + 7.25%, 02/26/2026   580,645    586,452 
Gigamon Inc, Senior Secured First Lien Initial Term Loan, 2M US L + 4.50%, 12/27/2024(b)   3,884,305    3,923,148 
Help Systems Holdings Inc, Senior Secured First Lien Term Loan, 3M US L + 3.75%, 03/22/2025(c)   1,181,102    1,184,055 
Help Systems Holdings Inc, Senior Secured Second Lien Term Loan, 3M US L + 7.75%, 03/23/2026(c)   1,293,103    1,301,185 
Hyland Software Inc, Senior Secured Second Lien Initial Loan, PRIME + + 6.00%, 07/07/2025(c)   411,576    417,063 
Idera Inc, Senior Secured First Lien Initial Term Loan, 1M US L + 4.50%, 06/28/2024   1,678,389    1,697,271 
Ivanti Software Inc, Senior Secured First Lien Term Loan, 1M US L + 4.25%, 01/20/2024   2,097,859    2,067,702 
Ivanti Software Inc, Senior Secured Second Lien Term Loan, 1M US L + 9.00%, 01/20/2025   2,000,000    1,925,000 
Marketo Inc, Senior Secured First Lien Term Loan, 3M US L + 3.25%, 02/07/2025   1,090,909    1,090,058 
Mcafee LLC, Senior Secured First Lien Closing Date USD Term Loan, 1M US L + 4.50%, 09/30/2024   5,351,554    5,413,418 
MH Sub I LLC, Senior Secured First Lien Term Loan, 1M US L + 3.75%, 09/13/2024   1,496,241    1,498,777 
P2 Upstream Acquisition Co, Senior Secured First Lien Term Loan, 3M US L + 4.00%, 10/30/2020   2,723,023    2,688,413 
Park Place Technologies LLC, Senior Secured First Lien Term Loan, 3M US L + 4.00%, 03/21/2025(b)(c)   1,569,231    1,573,154 
Ping Identity Corp, Senior Secured First Lien Term Loan 1M US L + 3.75%, 1/23/2025   560,000    563,500 
Pomeroy Group LLC, Senior Secured First Lien Initial Term Loan, 3M US L + 6.00%, 11/12/2021   1,477,387    1,472,770 
Project Alpha Intermediate Holding Inc, Senior Secured First Lien Term Loan, 3M US L + 3.50%, 04/26/2024   3,383,893    3,345,113 
Project Leopard Holdings Inc, Senior Secured First Lien 2018 Repricing Term Loan, 1M US L + 4.00%, 7/7/2023   1,826,672    1,846,656 
Project Silverback Holdings Corp, Senior Secured First Lien Term B Loan, 3M US L + 3.50%, 08/21/2024   756,761    758,652 
Quest Software US Holdings Inc, Senior Secured First Lien Refinancing Term Loan, 3M US L + 5.50%, 10/31/2022   5,983,858    6,103,565 
Ramundsen Public Sector LLC, Senior Secured First Lien Term Loan, 1M US L + 4.25%, 02/01/2024   326,374    328,821 
Riverbed Technology Inc, Senior Secured First Lien Amendment Term Loan, 1M US L + 3.25%, 04/24/2022   992,140    989,912 
Rocket Software Inc, Senior Secured First Lien Term Loan, 3M US L + 4.25%, 10/14/2023(c)   2,229,852    2,243,788 
SciQuest Inc, Senior Secured First Lien Term Loan, 1M US L + 4.00%, 12/20/2024(b)   2,076,923    2,087,308 
SCS Holdings I Inc, Senior Secured First Lien New Tranche B Term Loan, 1M US L + 4.25%, 10/30/2022   1,426,775    1,443,419 
SMS Systems Maintenance Services Inc, Senior Secured First Lien Initial Term Loan, 1M US L + 5.00%, 10/30/2023   3,896,130    3,610,427 
Solarwinds Holdings Inc, Senior Secured First Lien Refinancing Term Loan, 1M US L + 3.00%, 02/05/2024   1,851,609    1,862,025 
Sungard Availability Services Capital Inc, Senior Secured Extended Term B Loan, 1M US L + 7.00%, 09/30/2021   574,162    540,717 
TIBCO Software Inc, Senior Secured First Lien Term B-1 Loan, 1M US L + 3.50%, 12/04/2020   911,703    916,074 
Veritas US Inc, Senior Secured First Lien Term Loan B Facility, 3M US L + 4.50%, 01/27/2023   1,819,864    1,815,160 
         67,460,684 
           
Hotels, Gaming and Leisure - 1.30%          
AP Gaming I LLC, Senior Secured First Lien 2018 Refinancing Term B Loan, 1M US L + 4.25%, 02/15/2024   3,473,269    3,524,291 
           
Media Advertising, Printing and Publishing - 1.38%          
Southern Graphics Inc, Senior Secured First Lien Initial Term Loan, 1M US L + 3.50%, 12/31/2022   2,217,585    2,237,909 
Southern Graphics Inc, Senior Secured Second Lien Term Loan, 1M US L + 7.50%, 12/31/2023   1,500,000    1,514,062 
         3,751,971 

 

 

 

   Principal     
   Amount   Value 
     
Media Diversified and Production - 0.13%
Shutterfly Inc, Senior Secured First Lien Term B-2 Loan, 3M US L + 2.75%, 08/17/2024(c)  $358,696   $360,937 
           
Metals and Mining - 1.52%          
American Rock Salt Company LLC, Senior Secured First Lien Term Loan, 3M US L + 3.75%, 03/21/2025(b)(c)   1,017,391    1,024,386 
Canam Steel Corp, Senior Secured First Lien Closing Date Term Loan, 1M US L + 5.50%, 07/01/2024(b)   1,881,839    1,900,657 
Murray Energy Corp, Senior Secured First Lien Term B-2 Non-PIK Loan, 3M US L + 7.25%, 04/16/2020   980,270    832,411 
Phoenix Services International LLC, Senior Secured First Lien Term Loan, 1M US L + 3.75%, 03/01/2025   364,286    368,384 
         4,125,838 
           
Retail - 3.93%          
Academy Ltd, Senior Secured First Lien Initial Term Loan, 1M US L + 4.00%, 07/01/2022   418,745    335,205 
Apro LLC, Senior Secured First Lien Initial Term Loan, 2M US L + 4.00%, 08/08/2024   796,610    803,083 
Ascena Retail Group Inc, Senior Secured First Lien Tranche B Term Loan, 1M US L + 4.50%, 08/19/2022   1,255,537    1,110,252 
EG America LLC, Senior Secured First Lien Term B Loan, 3M US L + 4.00%, 02/07/2025(c)   2,558,824    2,556,265 
EG Group Limited, Senior Secured First Lien Term B Loan, 3M US L + 4.50%, 02/07/2025(c)   208,333    208,125 
Fairway Group Acquisition Company, Senior Secured First Lien First Out Term Loan, PIK 12.00%, 01/03/2020(b)   279,495    279,495 
Fairway Group Acquisition Company, Senior Secured First Lien Last Out Term Loan, PIK 10.00%, 01/03/2020(b)   182,210    92,380 
Fairway Group Holdings Corp, Senior Secured First Lien Subordinated Term Loan, PIK 11.00%, 10/04/2021(b)   160,257    – 
FullBeauty Brands Holdings Corp, Senior Secured First Lien Term Loan, 1M US L + 4.75%, 10/14/2022   835,563    480,829 
Neiman Marcus Group Ltd LLC, Senior Secured First Lien Other Term Loan, 1M US L + 3.25%, 10/25/2020   1,248,858    1,082,498 
Petco Animal Supplies Inc, Senior Secured First Lien Second Amendment Term Loan, 3M US L + 3.00%, 1/26/2023   655,689    483,206 
Spencer Gifts LLC, Senior Secured First Lien Term B-1 Loan, 2M US L + 4.25%, 07/16/2021   3,690,906    3,189,571 
Sports Authority (The), Senior Secured First Lien Term B Loan, 6M US L + 0.00%, 11/16/2017(d)   4,485,107    34,401 
         10,655,310 
           
Services - Business - 22.85%          
Access CIG LLC, Senior Secured First Lien Term B Loan, 1M US L + 3.75%, 02/27/2025   631,264    639,155 
Advantage Sales & Marketing Inc, Senior Secured First Lien Incremental Term B-2 Loan, 3M US L + 3.25%, 07/25/2021   967,688    950,061 
Advantage Sales & Marketing Inc, Senior Secured First Lien Initial term Loan, 3M US L + 3.25%, 07/23/2021   1,468,792    1,442,038 
Advantage Sales & Marketing Inc, Senior Secured Second Lien Initial Term Loan, 3M US L + 6.50%, 07/25/2022   3,248,461    3,128,966 
AqGen Ascensus Inc, Senior Secured Delayed Draw First Lien Term Loan, 3M US L + 3.50%, 12/05/2022(b)(e)   592,667    597,112 
AqGen Ascensus Inc, Senior Secured First Lien Additional Term Loan, 3M US L + 3.50%, 12/05/2022   1,206,692    1,219,513 
BMC Acquisition Inc, Senior Secured First Lien Initial Term Loan, 3M US L + 5.25%, 12/18/2024(b)   872,813    874,994 
Crossmark Holdings Inc, Senior Secured First Lien Term Loan, Series 0000, 3M US L + 3.50%, 12/20/2019   5,977,686    2,988,843 
DG Investment Intermediate Holdings 2 Inc, Senior Secured First Lien Term Loan, 3M US L + 3.00%, 02/03/2025   233,929    233,929 
DG Investment Intermediate Holdings 2 Inc, Senior Secured Second Lien Initial Term Loan, 3M US L + 6.75%, 02/01/2026(b)   465,517    472,500 
Explorer Holdings Inc, Senior Secured First Lien Initial Term Loan, 3M US L + 3.75%, 05/02/2023   2,984,810    3,012,808 
FHC Health Systems Inc, Senior Secured First Lien Initial Term Loan, 1M US L + 4.00%, 12/23/2021(b)   1,869,736    1,865,062 
GlobalLogic, Holdings Inc, Senior Secured First Lien Refinancing Term B Loan, 3M US L + 3.75%, 06/20/2022(b)   2,766,981    2,791,192 

 

 

 

   Principal     
   Amount   Value 
     
Services - Business (continued)
Information Resources Inc, Senior Secured First Lien Initial Bluebird Term Loan, 3M US L + 8.25%, 01/20/2025  $2,000,000   $2,012,500 
Information Resources Inc, Senior Secured First Lien Initial Term Loan, 3M US L + 4.25%, 01/18/2024   2,456,576    2,478,071 
Inmar Inc, Senior Secured First Lien Initial Term Loan, 1M US L + 3.50%, 05/01/2024   1,600,806    1,611,812 
Inmar Inc, Senior Secured Second Lien Initial Term Loan, 1M US L + 8.00%, 05/01/2025   1,183,432    1,190,089 
LD Intermediate Holdings Inc, Senior Secured First Lien Initial Term Loan, 3M US L + 5.875%, 12/09/2022   2,056,269    1,850,642 
Output Services Group Inc, Senior Secured First Lien Term Loan, 3M US L + 4.50%, 03/21/2024(b)(c)   372,295    374,156 
Packers Holdings LLC, Senior Secured First Lien Initial Term Loan, 1M US L + 3.25%, 12/04/2024   332,500    333,677 
Polyconcept North America Holdings Inc, Senior Secured First Lien Closing Date Term Loan, 3M US L + 3.75%, 8/16/2023(c)   2,073,260    2,087,079 
PricewaterhouseCoopers LLP, Senior Secured First Lien Term Loan, 3M US L + 3.25%, 03/14/2025(b)(c)   481,250    483,656 
PricewaterhouseCoopers LLP, Senior Secured Second Lien Term Loan, 3M US L + 7.50%, 03/16/2026(b)(c)   440,000    442,200 
Prometric Holdings Inc, Senior Secured First Lien Initial Term Loan, 3M US L + 3.00%, 01/29/2025   175,325    176,695 
PT Intermediate Holdings III LLC, Senior Secured First Lien Term B Loan, 3M US L + 4.00%, 12/9/2024(b)   1,065,900    1,079,224 
PT Intermediate Holdings III LLC, Senior Secured Second Lien Initial Loan, 3M US L + 8.00%, 12/08/2025(b)   1,540,000    1,563,100 
Red Ventures LLC, Senior Secured First Lien Term Loan, 1M US L + 4.00%, 11/08/2024   3,661,600    3,698,600 
Sedgwick Claims Management Services Inc, Senior Secured First Lien Initial Tranche B Term Loan, 3M US L + 2.75%, 02/28/2021(c)   2,555,556    2,557,792 
Sedgwick Claims Management Services Inc, Senior Secured New Second Lien B Facility, 3M US L + 5.75%, 02/28/2022(b)(c)   1,463,415    1,474,390 
Sedgwick Claims Management Services Inc, Senior Secured Second Lien Incremental Term Loan, 3M US L + 5.75%, 02/28/2022   2,075,472    2,089,481 
Sedgwick Claims Management Services Inc, Senior Secured Second Lien Initial Term Loan, 1M US L + 5.75%, 02/28/2022   1,845,960    1,858,420 
SurveyMonkey Inc, Senior Secured First Lien Term Loan, 3M US L + 4.50%, 04/13/2024(b)   3,506,975    3,498,207 
Thoughtworks Inc, Senior Secured Initial Term Loan, 1M US L + 4.50%, 10/12/2024   1,000,000    1,008,125 
Travel Click Inc, Senior Secured First Lien Term Loan, 3M US L + 3.50%, 05/06/2021(b)(c)   2,912,842    2,927,406 
Travel Click Inc, Senior Secured Second Lien Initial Term Loan, 1M US L + 7.75%, 11/06/2021   1,666,667    1,670,317 
Travel Leaders Group LLC, Senior Secured First Lien Term B Loan, 3M US L + 4.50%, 01/25/2024   334,969    339,853 
TRC Companies Inc, Senior Secured First Lien Term Loan, 1M US L + 3.50%, 06/21/2024(b)   1,741,250    1,758,662 
Weld North Education LLC, Senior Secured First Lien Initial Term Loan, 3M US L + 4.25%, 02/15/2025   3,200,000    3,224,000 
         62,004,327 
           
Services - Consumer - 5.01%          
American Residential Services LLC, Senior Secured First Lien Term Loan, 1M US L + 4.00%, 6/30/2021   940,269    946,151 
Big Jack Holdings LP, Senior Secured First Lien Term B Loan, 1M US L + 4.00%, 04/05/2024(b)   631,570    637,096 
K-MAC Holdings Corp, Senior Secured First Lien Initial Term Loan, 3M US L + 3.25%, 03/07/2025(c)   625,000    628,984 
K-MAC Holdings Corp, Senior Secured Second Lien Initial Term Loan, 3M US L + 6.75%, 03/09/2026(c)   558,140    566,791 
KUEHG Corp, Senior Secured First Lien Term B-2 Loan, 3M US L + 3.75%, 08/12/2022   1,653,998    1,666,147 
KUEHG Corp, Senior Secured Second Lien Initial Term Loan, 3M US L + 8.25%, 08/15/2025   2,250,000    2,292,187 
Learning Care Group (US) No. 2 Inc, Senior Secured First Lien Initial Term Loan, 3M US L + 3.25%, 03/13/2025(b)   505,618    510,674 
Pearl Intermediate Parent LLC, Senior Secured First Lien Initial Term Loan, 1M US L + 2.75%, 02/14/2025(c)   401,997    398,355 
Pearl Intermediate Parent LLC, Senior Secured Second Lien Initial Term Loan, 1M US L + 6.25%, 02/13/2026   352,941    353,824 
Quidditch Acquisition Inc, Senior Secured First Lien Term B Loan, 3M US L + 7.00%, 03/14/2025(b)(c)   1,277,778    1,287,361 
Red Lobster Management LLC, Senior Secured First Lien Initial Term Loan, 1M US L + 5.25%, 07/28/2021   1,367,024    1,374,720 

 

 

 

   Principal     
   Amount   Value 
     
Services - Consumer (continued)
Renaissance Learning Inc, Senior Secured First Lien Initial Term Loan, 3M US L + 3.75%, 04/09/2021  $1,356,500   $1,364,415 
Renaissance Learning Inc, Senior Secured Second Lien Initial Term Loan, 3M US L + 7.00%, 04/11/2022   88,643    89,197 
Tacala Investment Corp, Senior Secured First Lien Term Loan, 1M US L + 3.25%, 01/31/2025   470,000    473,158 
Tacala Investment Corp, Senior Secured Second Lien Term Loan, 1M US L + 7.00%, 01/30/2026   993,103    1,014,212 
         13,603,272 
           
Telecommunications - 4.80%          
Alorica Inc, Senior Secured First Lien Term B Loan, 1M US L + 3.75%, 06/30/2022   842,907    847,387 
Avaya Inc, Senior Secured First Lien Term Loan, 1M US L + 4.75%, 12/15/2024   2,376,854    2,396,807 
Cologix Holdings Inc, Senior Secured Second Lien Initial Term Loan, 1M US L + 7.00%, 03/20/2025   1,797,743    1,832,584 
Colorado Buyer Inc, Senior Secured Second Lien Initial Term Loan, 3M US L + 7.25%, 05/01/2025   300,751    301,457 
Frontier Communications Corp, Senior Secured First Lien Term B-1 Loan, 1M US L + 3.75%, 06/15/2024   292,526    289,358 
Greeneden US Holdings II LLC, Senior Secured First Lien Tranche B-3 Dollar Term Loan, 3M US L + 3.50%, 12/01/2023   612,390    616,650 
Masergy Holdings Inc, Senior Secured First Lien 2017 Replacement Term Loan, 3M US L + 3.25%, 12/15/2023   726,896    729,469 
Masergy Holdings Inc, Senior Secured Second Lien Initial Term Loan, 3M US L + 7.50%, 12/16/2024   588,972    593,881 
Mitel US Holdings Inc, Senior Secured First Lien Term B Term Loan, 1M US L + 3.75%, 9/25/2023   1,163,272    1,172,363 
Peak 10 Holding Corp, Senior Secured First Lien Term Loan, 3M US L + 3.50%, 08/01/2024   1,085,455    1,090,458 
Peak 10 Holding Corp, Senior Secured Second Lien Initial Term Loan, 3M US L + 7.25%, 08/01/2025   1,157,143    1,166,111 
Vertiv Group Corp, Senior Secured First Lien Term B Loan, 1M US L + 4.00%, 11/30/2023   1,980,000    1,991,959 
         13,028,484 
           
Transportation - Cargo - 0.25%          
REP WWEX Acquisition Parent LLC, Senior Secured First Lien Term Loan, 3M US L + 4.00%, 02/05/2024   681,639    684,195 
           
Transportation - Consumer - 0.91%          
Air Medical Group Holdings Inc, Senior Secured First Lien Term B Loan, 1M US L + 4.25%, 03/14/2025   1,992,500    2,012,116 
Lineage Logistics LLC, Senior Secured First Lien Term Loan, 1M US L + 3.00%, 02/16/2025   451,399    451,304 
         2,463,420 
           
Utilities Electric - 4.71%          
Eastern Power LLC, Senior Secured First Lien Term B Loan, 1M US L + 3.75%, 10/02/2023   1,003,046    1,019,973 
Exgen Texas Power LLC, Senior Secured First Lien Term Loan Non-PIK, 3M US L + 4.75%, 09/20/2021(d)   2,236,708    1,384,892 
Granite Acquisition Inc, Senior Secured First Lien Term C Loan, 3M US L + 3.50%, 12/17/2021(c)   62,857    63,800 
Granite Acquisition Inc, Senior Secured Second Lien Term B Loan, 3M US L + 7.25%, 12/19/2022   1,826,276    1,851,963 
Green Energy Partners / Stonewall LLC, Senior Secured First Lien Term B-1 Conversion Advance Loan, 3M US L + 5.50%, 11/13/2021   497,500    490,037 
Panda Liberty LLC, Senior Secured First Lien Construction B-1 Facility Term Loan, 3M US L + 6.50%, 08/21/2020   2,397,711    2,251,451 
Panda Patriot LLC (fka Moxie Patriot LLC), Senior Secured First Lien Construction B-1 Facility Term Loan, 3M US L + 5.75%, 12/18/2020   1,431,961    1,416,303 
Pike Corp, Senior Secured Initial Term Loan, 3M US L + 3.50%, 03/23/2025(c)   1,113,497    1,125,328 
Sandy Creek Energy Associates LP, Senior Secured First Lien Term Loan, 3M US L + 4.00%, 11/09/2020   1,914,353    1,610,928 
Southeast PowerGen LLC, Senior Secured First Lien Advance Term B Loan, 1M US L + 3.50%, 12/02/2021   1,668,555    1,576,784 
         12,791,459 

 

 

 

   Principal     
   Amount   Value 
     
Wholesale - 0.44%
Staples Inc, Senior Secured First Lien Initial Term Loan, 3M US L + 4.00%, 09/12/2024  $1,189,327   $1,180,258 
           
TOTAL FLOATING RATE LOAN INTERESTS          
(Cost $404,610,691)        398,607,239 
           
COLLATERALIZED LOAN OBLIGATIONS(a) - 1.14%          
Banking, Finance, Insurance and Real Estate - 1.14%          
Barings CLO Ltd Series 2018-IA, 3M US L + 5.50%, 01/20/2031(b)(f)   875,000    858,615 
CIFC Funding 18-IA Ltd Series 2018-1A, 3M US L + 5.00%, 04/18/2031(b)(f)   725,000    722,248 
HPS Loan Management 6-2015 Ltd Series 2018-2015, 3M US L + 5.10%, 02/05/2031(b)(f)   834,000    830,679 
Neuberger Berman Loan Advisors CLO 27 Ltd Series 2018-27A, 3M US L + 5.20%, 01/15/2030(b)(f)   667,000    666,441 
         3,077,983 
           
TOTAL COLLATERALIZED LOAN OBLIGATIONS          
(Cost $3,101,000)        3,077,983 
           
CORPORATE BONDS - 8.22%          
Aerospace and Defense - 0.58%          
Engility Corp, Senior Unsecured Bond, 8.875%, 09/01/2024   1,500,000    1,565,175 
           
Banking, Finance, Insurance and Real Estate - 0.45%          
AssuredPartners Inc, Senior Unsecured Bond, 7.000%, 08/15/2025(f)   682,000    675,180 
NFP Corp, Senior Secured Bond, 6.875%, 07/15/2025(f)   553,000    551,618 
         1,226,798 
           
Beverage, Food and Tobacco - 0.29%          
PF Chang's China Bistro Inc, Senior Unsecured Bond, 10.250%, 06/30/2020(f)   1,000,000    785,000 
           
Capital Equipment - 0.34%          
NWH Escrow Corp, Senior Secured Bond, 7.500%, 08/01/2021(f)   1,000,000    915,000 
           
Construction and Building - 2.20%          
FBM Finance Inc, Senior Secured Bond, 8.250%, 08/15/2021(f)   1,950,000    2,047,500 
Great Lakes Dredge & Dock Corp, Senior Unsecured Bond, Series WI, 8.000%, 05/15/2022   2,080,000    2,137,200 
Zachry Holdings Inc, Senior Unsecured Bond, 7.500%, 02/01/2020(f)   1,750,000    1,771,875 
         5,956,575 
           
Containers, Packaging and Glass - 0.71%          
ARD Securities Finance, Senior Secured Bond, 8.750%, 01/31/2023(f)(g)   300,000    315,000 
Coveris Holdings SA, Senior Unsecured Bond, 7.875%, 11/01/2019(f)   955,000    962,162 
Flex Acquisition Co Inc, Senior Unsecured Bond, 6.875%, 01/15/2025(f)   666,000    660,589 
         1,937,751 
           
Energy, Oil and Gas - 0.38%          
Comstock Resources Inc, Senior Unsecured Bond, 10.00% Cash or 12.25% PIK%, 03/15/2020(g)   1,000,000    1,032,500 
           
Environmental Industries - 0.17%          
GFL Environmental Inc, Senior Unsecured Bond, 9.875%, 02/01/2021(f)   431,000    455,783 
           
Healthcare and Pharmaceuticals - 1.36%          
Avantor Inc, Senior Unsecured Bond, 9.000%, 10/01/2025(f)   1,733,000    1,701,589 
Team Health Holdings Inc, Senior Secured Bond, 6.375%, 02/01/2025(f)   1,000,000    862,600 
Tenet Healthcare, Senior Unsecured Bond, 7.000%, 08/01/2025(f)   1,143,000    1,128,713 
         3,692,902 
           
High Tech Industries - 1.04%          
BMC Software Finance Inc, Senior Unsecured Bond, 8.125%, 07/15/2021(f)   1,000,000    1,003,750 
Boxer Parent Co Inc, Senior Unsecured Bond, 9.000%, 10/15/2019(f)(g)   502,000    502,627 

 

 

 

   Principal     
   Amount   Value 
     
High Tech Industries (continued)
Riverbed Technology Inc, Senior Unsecured Bond, 8.875%, 03/01/2023(f)  $1,385,000   $1,320,944 
         2,827,321 
           
Media Advertising, Printing and Publishing - 0.15%          
McGraw-Hill Global Education, Senior Unsecured Bond, 7.875%, 05/15/2024(f)   420,000    403,103 
           
Services - Business - 0.55%          
Infinity ACQ LLC / FI Corp, Senior Unsecured Bond, 7.250%, 08/01/2022(f)   1,500,000    1,496,250 
           
TOTAL CORPORATE BONDS          
(Cost $22,077,274)        22,294,158 

 

   Shares     
COMMON STOCK - 0.03%        
Energy, Oil and Gas - 0.03%        
TE Holdings LLC (Templar), Class A(b)(h)   72,786   $90,983 
           
TOTAL COMMON STOCK          
(Cost $2,919,283)        90,983 
           
PREFERRED STOCK - 0.13%          
Energy, Oil and Gas - 0.13%          
TE Holdings LLC (Templar)(b)(h)   48,248    361,862 
           
TOTAL PREFERRED STOCK          
(Cost $482,483)        361,862 
           
WARRANTS - 0.01%          
Energy, Oil and Gas - 0.01%          
 Comstock Resources Inc, expires 6/20/2020 at $0.01(h)   3,438    25,201 
           
TOTAL WARRANTS          
(Cost $–)        25,201 
           
Total Investments - 156.45%          
(Cost $433,190,731)        424,457,426 
           
Liabilities in Excess of Other Assets - (7.06)%        (19,154,745)
           
Leverage Facility - (49.39)%        (134,000,000)
           
Net Assets - 100.00%       $271,302,681 

 

Amounts above are shown as a percentage of net assets as of March 31, 2018.          

 

Investment Abbreviations:

LIBOR - London Interbank Offered Rate

PIK - Payment In Kind

 

Libor Rates:

1M US L - 1 Month LIBOR as of March 31, 2018 was 1.88%

2M US L - 2 Month LIBOR as of March 31, 2018 was 2.00%

3M US L - 3 Month LIBOR as of March 31, 2018 was 2.31%

 

 

 

(a)Floating or variable rate security. The reference rate is described above. The rate in effect as of March 31, 2018 is based on the reference rate plus the displayed spread as of the security's last reset date.
(b)The level 3 assets were 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)All or a portion of this position has not settled as of March 31, 2018. 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 the LIBOR will be established.
(d)Security is in default as of period end and is therefore non-income producing.
(e)A portion of this position was not funded as of March 31, 2018. The Portfolio of Investments records only the funded portion of each position. See Note 3 - Senior and Secured Floating Rate Loans.
(f)Security exempt from registration under Rule 144A of the Securities Act of 1933. Total market value of Rule 144A securities amounts to $20,637,266, which represented approximately 7.61% of net assets as of March 31, 2018. Such securities may normally be sold to qualified institutional buyers in transactions exempt from registration.
(g)Option to convert to pay-in-kind security.
(h)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 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, the Fund was initially scheduled to dissolve on or about May 31, 2020. On November 17, 2017, the Fund’s shareholders approved extending the term of the Fund by two years by changing the Fund’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 (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. On March 31, 2017 the Fund announced an extension of the Fund’s reinvestment period. The extension will allow the Fund to continue to reinvest proceeds generated by maturities, prepayments and sales of investments until one year prior to the Fund’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 assets 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 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 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 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 March 31, 2018:

 

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 and Defense  $–   $5,425,107   $1,280,433   $6,705,540 
Automotive   –    11,444,656    1,071,053    12,515,709 
Banking, Finance, Insurance and Real Estate   –    26,638,928    3,958,285    30,597,213 
Beverage, Food and Tobacco   –    11,202,447    2,069,015    13,271,462 
Capital Equipment   –    6,227,903    4,268,557    10,496,460 
Chemicals, Plastics and Rubber   –    9,137,188    606,000    9,743,188 
Construction and Building   –    22,209,812    2,301,920    24,511,732 
Containers, Packaging and Glass   –    13,580,196    25,797    13,605,993 
Energy, Oil and Gas   –    12,338,740    103,074    12,441,814 
Environmental Industries   –    251,387    1,724,132    1,975,519 
Healthcare and Pharmaceuticals   –    47,927,799    8,864,917    56,792,716 
High Tech Industries   –    59,561,388    7,899,296    67,460,684 
Metals and Mining   –    1,200,795    2,925,043    4,125,838 
Retail   –    10,283,435    371,875    10,655,310 
Services - Business   –    41,802,466    20,201,861    62,004,327 
Services - Consumer   –    11,168,141    2,435,131    13,603,272 
Other   –    48,100,462    –    48,100,462 
Collateralized Loan Obligations                    
Banking, Finance, Insurance and Real Estate   –    –    3,077,983    3,077,983 
Corporate Bonds   –    22,294,158    –    22,294,158 
Common Stock                    
Energy, Oil and Gas   –    –    90,983    90,983 
Preferred Stocks                    
Energy, Oil and Gas   –    –    361,862    361,862 
Warrants   –    25,201    –    25,201 
Total  $–   $360,820,209   $63,637,217   $424,457,426 

 

*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 Obligations   Common Stock   Preferred Stock   Total 
 Balance as of December 31, 2017  $59,352,858   $-   $118,278   $446,297   $59,917,433 
 Accrued discount/ premium   21,774    -    -    -    21,774 
 Realized Gain/(Loss)   120,563    -    -    -    120,563 
 Change in Unrealized  Appreciation/(Depreciation)   158,474    (23,017)   (27,295)   (84,435)   23,727 
 Purchases   16,084,691    3,101,000    -    -    19,185,691 
 Sales Proceeds   (13,487,019)   -    -    -    (13,487,019)
 Transfer into Level 3   18,573,511    -    -    -    18,573,511 
 Transfer out of Level 3   (20,718,463)   -    -    -    (20,718,463)
 Balance as of March 31, 2018  $60,106,389   $3,077,983   $90,983   $361,862   $63,637,217 
Net change in unrealized appreciation/(depreciation) included in the Statements of Operations attributable to Level 3 investments held at March 31, 2018  $508,479   $(23,017)  $(27,295)  $(84,435)  $373,732 

 

Information about Level 3 fair value measurements as of March 31, 2018:

 

Blackstone / GSO Senior Floating Rate Term Fund  Fair Value   Valuation Technique(s) Unobservable Input(s)  Value/Range
Assets            
Floating Rate Loan Interests  $59,734,514   Third-party vendor pricing service Broker quotes  N/A
Floating Rate Loan Interests  $371,875   Performance Multiple Methodology Revenue Multiple(a)  0.13x
Collateralized Loan Obligations  $3,077,983   Third-party vendor pricing service Broker quotes  N/A
Common Stock  $90,983   Third-party vendor pricing service Broker quotes  N/A
Preferred Stock  $361,862   Third-party vendor pricing service Broker quotes  N/A

 

 

(a) 

A change to the unobservable input may result in a significant change to the value of the investment as follows:

 

Unobservable Input Impact to Value if Input Increases Impact to Value if Input Decreases
Revenue Multiple  Increase Decrease

 

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 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 March 31, 2018, 83.80% 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.

 

At March 31, 2018, BSL had unfunded delayed draw term loans of $1,358,506.

 

 

 

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 March 31, 2018, BSL had invested $59,057,335 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. 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 March 31, 2018.

 

NOTE 4. LEVERAGE

 

The Fund entered into a Credit Agreement (the "Agreement") with a bank to borrow money pursuant to a two-year revolving line of credit ("Leverage Facility") dated October 8, 2014, as amended on October 7, 2015, October 5, 2016, and October 4, 2017, to borrow up to a limit of $142,000,000. Borrowings under the Agreement are secured by the assets of the Fund. Interest is charged at a rate of 1.00% 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 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 period with the consent of the lending bank. At March 31, 2018, BSL had borrowings outstanding under its Leverage Facility of $134,000,000, at an interest rate of 2.70%. Due to the short term nature of the Agreement, face value approximates fair value at March 31, 2018. This fair value is based on Level 2 inputs under the three-tier fair valuation hierarchy (see Note 2). For the period ended March 31, 2018, the average borrowings under BSL’s Leverage Facility and the average interest rate were $132,222,222 and 2.67%, 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.

 

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.

 

 

 

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 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: May 30, 2018  
     
By: /s/ Doris Lee-Silvestri  
  Doris Lee-Silvestri (Principal Financial Officer)  
  Treasurer and Chief Financial Officer  
     
Date: May 30, 2018  

 

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: May 30, 2018  
     
By: /s/ Doris Lee-Silvestri  
  Doris Lee-Silvestri (Principal Financial Officer)  
  Treasurer and Chief Financial Officer  
     
Date: May 30, 2018