Bain Capital Credit 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F COVER PAGE

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Report for the Calendar Year or Quarter Ended: 12-31-2014

Check here if Amendment	Amendment Number:
This Amendment (Check only one.):	is a restatement.
	adds new holdings entries.

Institutional Investment Manager Filing this Report:
Name:	Sankaty Advisors, LLC
Address:	JOHN HANCOCK TOWER
	200 CLARENDON STREET
	BOSTON, MA  02116
Form 13F File Number:	028-11314

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:
Name:	Ranesh Ramanathan
Title:	General Counsel
Phone:	(617) 516-2000
Signature, Place, and Date of Signing:
/s/ Ranesh Ramanathan		Boston,  MA	02-17-2015
[Signature]		[City, State]	[Date]
Sankaty Advisors, LLC serves as an adviser to pooled investment vehicles (the "Funds") but exercises investment discretion with respect to only a limited number of these Funds. The filing of this 13F Holdings Report by Sankaty Advisors, LLC shall not be construed as an admission that Sankaty Advisors, LLC is the beneficial owner of such shares held by each of the Funds.

Report Type (Check only one.):
X	13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.)
	13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).)
	13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

Form 13F Summary Page
	Report Summary:
	Number of Other Included Managers:	19
	Form 13F Information Table Entry Total:	12
	Form 13F Information Table Value Total:	80,656
		(thousands)

List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.
[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]
	No.	Form 13F File Number	Name
	1	028-14551	Sankaty Credit Member, LLC
	2	028-14552	Sankaty Credit Member II, Ltd.
	3	028-16228	Sankaty Managed Account Investors (Drawbridge), L.P.
	4	028-16229	Sankaty Drawbridge Opportunities, L.P.
	5	028-16313	Sankaty Credit Opportunities Investors V-A, L.P.
	6	028-16314	Sankaty Credit Opportunities V AIV I, L.P.
	7		Sankaty Credit Opportunities V-A, L.P.
	8	028-16316	Sankaty Credit Opportunities Investors V-A2, L.P.
	9		Sankaty Credit Opportunities V-A2, L.P.
	10	028-16318	Sankaty Credit Opportunities Investors V-B, L.P.
	11	028-16319	Sankaty Credit Opportunities V-B, L.P.
	12	028-16321	Sankaty Managed Account Investors (NMSIC), L.P.
	13	028-16322	Sankaty Rio Grande FMC, L.P.
	14	028-16323	Sankaty Managed Account Investors, LLC
	15	028-16324	Sankaty Managed Account (PSERS), L.P.
	16	028-16325	Sankaty Managed Account Investors (TCCC), L.P.
	17	028-16326	Sankaty Managed Account (TCCC), L.P.
	18	028-16327	Sankaty High Income Investors, L.P.
	19	028-16328	Sankaty High Income Partnership, L.P.