This report constitutes a formulation of a new concept for improving thermal-system performance by utilizing the combined mechanisms of enhanced heat transfer, transport, and thermal energy storage associated with a phase-change slurry as the working fluid. In addition, pertinent literature is surveyed and a quantitative scoping assessment of enhancement potential confirms concept merit. It has been determined that additional research and development is required in order to adequately understand the enhancement mechanisms to the degree that enhanced performance thermal systems using slurries can be designed. The concepts presented are identified as being new, rewarding research activities.