UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-02737
Fidelity Summer Street Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Cynthia Lo Bessette, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
Date of fiscal year end: | September 30 |
Date of reporting period: | September 30, 2022 |
Item 1.
Reports to Stockholders
Contents
Board Approval of Investment Advisory Contracts and Management Fees |
Average Annual Total Returns | |||
Periods ended September 30, 2022 | Past 1 year | Past 5 years | Past 10 years |
Fidelity® Series Floating Rate High Income Fund | -1.69% | 3.63% | 3.78% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Fidelity® Series Floating Rate High Income Fund on September 30, 2012. The chart shows how the value of your investment would have changed, and also shows how the Morningstar® LSTA® US Performing Loans performed over the same period. |
Top Bond Issuers (% of Fund's net assets) | ||
(with maturities greater than one year) | ||
Bass Pro Group LLC | 2.7 | |
Asurion LLC | 1.7 | |
Caesars Resort Collection LLC | 1.4 | |
Fertitta Entertainment LLC NV | 1.0 | |
Intelsat Jackson Holdings SA | 1.0 | |
Athenahealth Group, Inc. | 0.9 | |
TransDigm, Inc. | 0.9 | |
Charter Communication Operating LLC | 0.8 | |
Peraton Corp. | 0.8 | |
Rivian Holdco & Rivian LLC & Rivian Automotive LLC | 0.8 | |
12.0 | ||
Market Sectors (% of Fund's net assets) | ||
Technology | 15.7 | |
Services | 8.4 | |
Telecommunications | 5.7 | |
Gaming | 5.6 | |
Healthcare | 5.2 | |
Quality Diversification (% of Fund's net assets) |
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Asset Allocation (% of Fund's net assets) |
Foreign investments - 10% |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Bank Loan Obligations - 86.0% | |||
Principal Amount (a) | Value ($) | ||
Aerospace - 1.0% | |||
ADS Tactical, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 5.750% 8.8019% 3/19/26 (b)(c)(d) | 522,625 | 477,225 | |
Gemini HDPE LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 5.81% 12/31/27 (b)(c)(d) | 283,460 | 270,705 | |
TransDigm, Inc.: | |||
Tranche E 1LN, term loan 1 month U.S. LIBOR + 2.250% 5.9241% 5/30/25 (b)(c)(d) | 937,651 | 898,307 | |
Tranche F 1LN, term loan 1 month U.S. LIBOR + 2.250% 5.9241% 12/9/25 (b)(c)(d) | 364,688 | 348,838 | |
Tranche G 1LN, term loan 1 month U.S. LIBOR + 2.250% 5.9241% 8/22/24 (b)(c)(d) | 199,741 | 194,402 | |
TOTAL AEROSPACE | 2,189,477 | ||
Air Transportation - 1.6% | |||
AAdvantage Loyalty IP Ltd. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.750% 7.4599% 4/20/28 (b)(c)(d) | 455,000 | 439,985 | |
Air Canada Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 6.421% 8/11/28 (b)(c)(d) | 384,038 | 364,494 | |
Dynasty Acquisition Co., Inc.: | |||
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 6.6153% 4/8/26 (b)(c)(d) | 260,426 | 239,647 | |
Tranche B2 1LN, term loan 1 month U.S. LIBOR + 3.500% 6.6153% 4/4/26 (b)(c)(d) | 140,014 | 128,842 | |
Echo Global Logistics, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.750% 7.4057% 11/23/28 (b)(c)(d)(e) | 345,000 | 332,350 | |
Mileage Plus Holdings LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 5.250% 8.7771% 7/2/27 (b)(c)(d) | 883,500 | 885,550 | |
SkyMiles IP Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.4599% 10/20/27 (b)(c)(d) | 430,000 | 430,335 | |
United Airlines, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 6.533% 4/21/28 (b)(c)(d) | 503,865 | 480,002 | |
WestJet Airlines Ltd. 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.9934% 12/11/26 (b)(c)(d) | 122,288 | 107,339 | |
TOTAL AIR TRANSPORTATION | 3,408,544 | ||
Automotive & Auto Parts - 1.2% | |||
American Trailer World Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 6.3053% 3/5/28 (b)(c)(d) | 307,058 | 277,758 | |
Avis Budget Car Rental LLC 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 6.6341% 3/16/29 (b)(c)(d) | 94,525 | 90,666 | |
Clarios Global LP Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 6.3653% 4/30/26 (b)(c)(d) | 252,784 | 238,565 | |
CWGS Group LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 5.3406% 6/3/28 (b)(c)(d) | 720,692 | 632,104 | |
Les Schwab Tire Centers Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 6.5799% 11/2/27 (b)(c)(d) | 560,025 | 534,359 | |
PECF USS Intermediate Holding III Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 7.3653% 12/17/28 (b)(c)(d) | 421,813 | 358,891 | |
RVR Dealership Holdings LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 6.8684% 2/8/28 (b)(c)(d) | 150,000 | 131,813 | |
Truck Hero, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 6.6153% 1/29/28 (b)(c)(d) | 453,100 | 393,821 | |
TOTAL AUTOMOTIVE & AUTO PARTS | 2,657,977 | ||
Banks & Thrifts - 0.9% | |||
Citadel Securities LP Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 5.6486% 2/27/28 (b)(c)(d) | 792,925 | 768,939 | |
Deerfield Dakota Holding LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 6.7841% 4/9/27 (b)(c)(d) | 268,581 | 252,915 | |
LHS Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.750% 7.8841% 2/18/29 (b)(c)(d) | 432,825 | 350,588 | |
Novae LLC 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 7.7267% 12/22/28 (b)(c)(d) | 248,750 | 230,094 | |
Superannuation & Investments U.S. LLC 1LN, term loan 1 month U.S. LIBOR + 3.750% 6.8653% 12/1/28 (b)(c)(d) | 183,613 | 179,114 | |
Walker & Dunlop, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.250% 5.3841% 12/16/28 (b)(c)(d)(e) | 183,613 | 178,104 | |
TOTAL BANKS & THRIFTS | 1,959,754 | ||
Broadcasting - 1.9% | |||
AppLovin Corp. Tranche B, term loan 1 month U.S. LIBOR + 3.250% 6.3653% 8/15/25 (b)(c)(d) | 735,420 | 709,989 | |
Diamond Sports Group LLC: | |||
1LN, term loan CME Term SOFR 1 Month Index + 8.000% 10.6955% 5/25/26 (b)(c)(d) | 244,748 | 234,040 | |
2LN, term loan CME Term SOFR 1 Month Index + 3.250% 5.9455% 8/24/26 (b)(c)(d) | 1,668,690 | 318,236 | |
Dotdash Meredith, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 6.6121% 12/1/28 (b)(c)(d)(e) | 615,350 | 547,662 | |
Nexstar Broadcasting, Inc. Tranche B, term loan 1 month U.S. LIBOR + 2.500% 5.6153% 9/19/26 (b)(c)(d) | 487,954 | 480,459 | |
Sinclair Television Group, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 5.62% 9/30/26 (b)(c)(d) | 465,600 | 439,992 | |
Springer Nature Deutschland GmbH Tranche B18 1LN, term loan 1 month U.S. LIBOR + 3.500% 5.5239% 8/14/26 (b)(c)(d) | 348,261 | 337,291 | |
Univision Communications, Inc.: | |||
1LN, term loan CME Term SOFR 1 Month Index + 4.250% 7.7896% 6/10/29 (b)(c)(d) | 144,638 | 140,660 | |
Tranche B 1LN, term loan: | |||
1 month U.S. LIBOR + 3.250% 5.7739% 3/24/26 (b)(c)(d) | 241,301 | 228,594 | |
1 month U.S. LIBOR + 3.250% 6.3653% 1/31/29 (b)(c)(d) | 815,900 | 778,418 | |
TOTAL BROADCASTING | 4,215,341 | ||
Building Materials - 2.0% | |||
Acproducts Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 7.3247% 5/17/28 (b)(c)(d) | 553,000 | 405,919 | |
APi Group DE, Inc. Tranche B 1LN, term loan: | |||
1 month U.S. LIBOR + 2.500% 3.1153% 10/1/26 (b)(c)(d) | 107,536 | 104,660 | |
1 month U.S. LIBOR + 2.750% 5.8653% 1/3/29 (b)(c)(d) | 126,448 | 122,918 | |
DiversiTech Holdings, Inc.: | |||
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 7.4241% 12/22/28 (b)(c)(d) | 189,619 | 177,293 | |
Tranche B-DD 1LN, term loan 1 month U.S. LIBOR + 3.750% 12/22/28 (c)(d)(f) | 39,429 | 36,866 | |
Hunter Douglas, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 6.3399% 2/25/29 (b)(c)(d) | 1,586,025 | 1,298,161 | |
Oscar AcquisitionCo LLC 1LN, term loan CME Term SOFR 1 Month Index + 4.500% 8.1532% 4/29/29 (b)(c)(d) | 370,000 | 338,243 | |
Smyrna Ready Mix LLC Tranche B 1lN, term loan CME Term SOFR 1 Month Index + 4.250% 7.3841% 4/1/29 (b)(c)(d)(e) | 139,650 | 133,017 | |
SRS Distribution, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 6.3059% 6/4/28 (b)(c)(d) | 655,489 | 603,594 | |
Standard Industries, Inc./New Jersey Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 6.6751% 9/22/28 (b)(c)(d) | 161,351 | 156,259 | |
Traverse Midstream Partners Ll Tranche B, term loan CME Term SOFR 1 Month Index + 4.250% 5.9499% 9/27/24 (b)(c)(d) | 256,161 | 249,757 | |
USIC Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 6.6153% 5/7/28 (b)(c)(d) | 391,050 | 365,468 | |
White Capital Buyer LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 6.7841% 10/19/27 (b)(c)(d) | 481,456 | 449,559 | |
TOTAL BUILDING MATERIALS | 4,441,714 | ||
Cable/Satellite TV - 2.3% | |||
Charter Communication Operating LLC Tranche B2 1LN, term loan 1 month U.S. LIBOR + 1.750% 4.87% 2/1/27 (b)(c)(d) | 1,902,028 | 1,827,526 | |
Coral-U.S. Co.-Borrower LLC Tranche B, term loan 1 month U.S. LIBOR + 2.250% 5.0677% 1/31/28 (b)(c)(d) | 775,000 | 743,806 | |
CSC Holdings LLC: | |||
Tranche B 5LN, term loan 1 month U.S. LIBOR + 2.500% 5.3177% 4/15/27 (b)(c)(d) | 355,777 | 331,986 | |
Tranche B3 1LN, term loan 3 month U.S. LIBOR + 2.250% 5.0677% 1/15/26 (b)(c)(d) | 482,500 | 450,534 | |
DIRECTV Financing LLC 1LN, term loan 1 month U.S. LIBOR + 5.000% 8.1153% 8/2/27 (b)(c)(d) | 787,150 | 731,365 | |
LCPR Loan Financing LLC 1LN, term loan 1 month U.S. LIBOR + 3.750% 6.5677% 9/25/28 (b)(c)(d) | 305,000 | 294,325 | |
Numericable LLC: | |||
Tranche B 11LN, term loan 3 month U.S. LIBOR + 2.750% 5.5559% 7/31/25 (b)(c)(d) | 23,514 | 21,398 | |
Tranche B 13LN, term loan 3 month U.S. LIBOR + 4.000% 6.9051% 8/14/26 (b)(c)(d) | 210,857 | 190,826 | |
Virgin Media Bristol LLC Tranche N, term loan 1 month U.S. LIBOR + 2.500% 5.3177% 1/31/28 (b)(c)(d) | 500,000 | 476,390 | |
TOTAL CABLE/SATELLITE TV | 5,068,156 | ||
Capital Goods - 0.5% | |||
CPM Holdings, Inc. 2LN, term loan 3 month U.S. LIBOR + 8.250% 10.814% 11/15/26 (b)(c)(d) | 107,727 | 102,341 | |
Griffon Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 5.4899% 1/24/29 (b)(c)(d) | 341,000 | 327,077 | |
MHI Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 8.1153% 9/20/26 (b)(c)(d) | 442,047 | 433,759 | |
TNT Crane & Rigging LLC 2LN, term loan 3 month U.S. LIBOR + 8.750% 11.0271% 4/16/25 (b)(c)(d)(e) | 202,056 | 190,438 | |
TOTAL CAPITAL GOODS | 1,053,615 | ||
Chemicals - 2.4% | |||
ARC Falcon I, Inc.: | |||
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 6.8653% 9/30/28 (b)(c)(d) | 376,957 | 346,959 | |
Tranche DD 1LN, term loan 1 month U.S. LIBOR + 3.750% 9/30/28 (c)(d)(f) | 55,446 | 51,034 | |
Aruba Investment Holdings LLC: | |||
2LN, term loan 1 month U.S. LIBOR + 7.750% 10.834% 11/24/28 (b)(c)(d) | 135,000 | 122,175 | |
Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 7.084% 11/24/27 (b)(c)(d) | 493,416 | 453,326 | |
Avient Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 6.2969% 8/29/29 (b)(c)(d) | 155,000 | 154,290 | |
Cimpress U.S.A., Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 6.6153% 5/17/28 (b)(c)(d) | 91,547 | 83,766 | |
Consolidated Energy Finance SA Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 6.3633% 5/7/25 (b)(c)(d)(e) | 370,313 | 353,648 | |
Discovery Purchaser Corp. 1LN, term loan CME Term SOFR 1 Month Index + 4.370% 8/3/29 (c)(d) | 465,000 | 424,313 | |
Element Solutions, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.000% 5.1153% 1/31/26 (b)(c)(d) | 361,022 | 357,787 | |
Groupe Solmax, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.750% 8.3919% 5/27/28 (b)(c)(d) | 248,741 | 219,514 | |
Herens U.S. Holdco Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 7.6741% 7/3/28 (b)(c)(d) | 325,894 | 289,231 | |
Hexion Holdings Corp. 1LN, term loan CME Term SOFR 1 Month Index + 4.500% 7.4125% 3/15/29 (b)(c)(d) | 648,375 | 550,470 | |
Hexion, Inc. 2LN, term loan CME Term SOFR 1 Month Index + 7.000% 10.5559% 2/9/30 (b)(c)(d)(e) | 170,000 | 137,700 | |
ICP Group Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 7.4241% 12/29/27 (b)(c)(d) | 270,875 | 210,153 | |
Manchester Acquisition Sub LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.750% 8.8467% 12/1/26 (b)(c)(d) | 163,763 | 140,836 | |
Olympus Water U.S. Holding Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 7.4375% 11/9/28 (b)(c)(d) | 436,700 | 397,397 | |
Starfruit U.S. Holdco LLC Tranche B, term loan 1 month U.S. LIBOR + 3.000% 5.8653% 10/1/25 (b)(c)(d) | 519,416 | 486,303 | |
The Chemours Co. LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 4.87% 4/3/25 (b)(c)(d) | 577,698 | 538,992 | |
TOTAL CHEMICALS | 5,317,894 | ||
Consumer Products - 2.3% | |||
19Th Holdings Golf LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 5.6955% 2/7/29 (b)(c)(d)(e) | 349,125 | 322,941 | |
BCPE Empire Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 7.1153% 6/11/26 (b)(c)(d) | 242,653 | 230,116 | |
Bombardier Recreational Products, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.000% 5.1153% 5/23/27 (b)(c)(d) | 201,894 | 192,809 | |
CNT Holdings I Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 6.2475% 11/8/27 (b)(c)(d) | 492,500 | 468,313 | |
Diamond BC BV Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 5.5552% 9/29/28 (b)(c)(d) | 426,775 | 392,420 | |
Energizer Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.250% 5.3125% 12/16/27 (b)(c)(d) | 359,525 | 342,897 | |
Knowlton Development Corp., Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 6.8653% 12/21/25 (b)(c)(d) | 234,393 | 220,721 | |
Kronos Acquisition Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 6.8196% 12/22/26 (b)(c)(d) | 516,434 | 477,129 | |
Mattress Firm, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 8.4327% 9/24/28 (b)(c)(d) | 366,300 | 320,146 | |
Michaels Companies, Inc. 1LN, term loan 1 month U.S. LIBOR + 4.250% 7.9241% 4/15/28 (b)(c)(d) | 715,938 | 574,182 | |
Petco Health & Wellness Co., Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 6.9241% 3/4/28 (b)(c)(d) | 329,975 | 310,899 | |
Runner Buyer, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 5.500% 8.5696% 10/20/28 (b)(c)(d) | 253,725 | 169,151 | |
Sweetwater Borrower LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 7.375% 8/5/28 (b)(c)(d) | 250,000 | 227,500 | |
TGP Holdings III LLC: | |||
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 6.3653% 6/29/28 (b)(c)(d) | 88,350 | 69,190 | |
Tranche DD 1LN, term loan 1 month U.S. LIBOR + 3.250% 4.0288% 6/29/28 (b)(c)(d)(f) | 11,650 | 9,123 | |
TKC Holdings, Inc. 1LN, term loan 1 month U.S. LIBOR + 5.500% 7% 5/3/28 (b)(c)(d) | 337,402 | 286,623 | |
Woof Holdings LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 7.3153% 12/21/27 (b)(c)(d) | 399,671 | 376,690 | |
TOTAL CONSUMER PRODUCTS | 4,990,850 | ||
Containers - 2.4% | |||
AOT Packaging Products AcquisitionCo LLC 1LN, term loan 1 month U.S. LIBOR + 3.250% 6.3653% 3/3/28 (b)(c)(d) | 512,930 | 480,744 | |
Berlin Packaging, LLC Tranche B 1LN, term loan: | |||
1 month U.S. LIBOR + 3.250% 5.916% 3/11/28 (b)(c)(d) | 88,653 | 83,289 | |
1 month U.S. LIBOR + 3.750% 6.3817% 3/11/28 (b)(c)(d) | 765,402 | 721,392 | |
Berry Global, Inc. Tranche Z 1LN, term loan 1 month U.S. LIBOR + 1.750% 4.1776% 7/1/26 (b)(c)(d) | 473,358 | 457,718 | |
Canister International Group, Inc. 1LN, term loan 1 month U.S. LIBOR + 4.750% 7.8653% 12/21/26 (b)(c)(d) | 243,750 | 238,875 | |
Charter NEX U.S., Inc. 1LN, term loan 1 month U.S. LIBOR + 3.750% 6.5559% 12/1/27 (b)(c)(d) | 461,775 | 437,246 | |
Graham Packaging Co., Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 6.1153% 8/4/27 (b)(c)(d) | 767,148 | 729,205 | |
Kloeckner Pentaplast of America, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.750% 8.2592% 2/9/26 (b)(c)(d) | 315,200 | 266,344 | |
Pregis TopCo Corp. 1LN, term loan: | |||
1 month U.S. LIBOR + 4.000% 6.8059% 7/31/26 (b)(c)(d) | 243,125 | 230,969 | |
1 month U.S. LIBOR + 4.000% 6.8059% 8/1/26 (b)(c)(d) | 247,500 | 234,506 | |
Reynolds Consumer Products LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 1.750% 4.8653% 1/30/27 (b)(c)(d) | 593,383 | 570,294 | |
Reynolds Group Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 6.6153% 9/24/28 (b)(c)(d) | 425,700 | 407,076 | |
Ring Container Technologies Group LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 6.8653% 8/12/28 (b)(c)(d) | 302,713 | 291,110 | |
TOTAL CONTAINERS | 5,148,768 | ||
Diversified Financial Services - 2.3% | |||
ACNR Holdings, Inc. term loan 19.084% 9/16/25 (b)(d)(e) | 62,252 | 62,252 | |
AlixPartners LLP Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 5.8653% 2/4/28 (b)(c)(d) | 274,266 | 262,903 | |
AVSC Holding Corp. Tranche B2 1LN, term loan 3 month U.S. LIBOR + 5.500% 8.6441% 10/15/26 (b)(c)(d) | 371,360 | 327,495 | |
BCP Renaissance Parent LLC Tranche B3 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Index + 3.500% 7.0532% 10/31/26 (b)(c)(d) | 412,924 | 395,226 | |
Broadstreet Partners, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 6.3653% 1/27/27 (b)(c)(d) | 183,150 | 173,077 | |
Eagle 4 Ltd. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 6.9241% 7/12/28 (b)(c)(d) | 242,503 | 233,288 | |
Finco I LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 5.6153% 6/27/25 (b)(c)(d) | 92,105 | 91,012 | |
Focus Financial Partners LLC: | |||
Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 5.6153% 6/24/28 (b)(c)(d) | 123,495 | 119,328 | |
Tranche B3 1LN, term loan 1 month U.S. LIBOR + 2.000% 5.1153% 7/3/24 (b)(c)(d) | 431,635 | 420,365 | |
GT Polaris, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 6.5559% 9/24/27 (b)(c)(d) | 314,412 | 295,547 | |
HarbourVest Partners LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 4.762% 3/1/25 (b)(c)(d) | 471,887 | 454,488 | |
Hightower Holding LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 6.7317% 4/21/28 (b)(c)(d) | 311,850 | 288,268 | |
KREF Holdings X LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 6.3125% 9/1/27 (b)(c)(d)(e) | 364,471 | 351,714 | |
Nexus Buyer LLC 2LN, term loan 1 month U.S. LIBOR + 6.250% 9.3653% 11/5/29 (b)(c)(d) | 220,000 | 207,167 | |
Recess Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.5511% 9/29/24 (b)(c)(d) | 115,400 | 111,265 | |
TransUnion LLC Tranche B5 1LN, term loan 1 month U.S. LIBOR + 1.750% 4.8653% 11/16/26 (b)(c)(d) | 423,495 | 407,826 | |
UFC Holdings LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 5.52% 4/29/26 (b)(c)(d) | 350,031 | 335,740 | |
WH Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.500% 8.422% 2/9/27 (b)(c)(d) | 468,825 | 444,212 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 4,981,173 | ||
Diversified Media - 1.4% | |||
Advantage Sales & Marketing, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.500% 7.0534% 10/28/27 (b)(c)(d) | 835,125 | 742,568 | |
Allen Media LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 5.500% 9.2032% 2/10/27 (b)(c)(d) | 1,116,195 | 961,323 | |
Terrier Media Buyer, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 6.6153% 12/17/26 (b)(c)(d) | 1,358,942 | 1,269,483 | |
TOTAL DIVERSIFIED MEDIA | 2,973,374 | ||
Energy - 3.2% | |||
Apro LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 6.8949% 11/14/26 (b)(c)(d) | 396,842 | 377,000 | |
Array Technologies, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 6.2077% 10/14/27 (b)(c)(d) | 427,798 | 401,775 | |
Brazos Delaware II LLC Tranche B, term loan 3 month U.S. LIBOR + 4.000% 7.0139% 5/21/25 (b)(c)(d) | 268,077 | 257,890 | |
BW Gas & Convenience Holdings LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 6.6153% 3/17/28 (b)(c)(d)(e) | 276,500 | 262,675 | |
Citgo Petroleum Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 6.250% 9.3653% 3/28/24 (b)(c)(d) | 1,023,275 | 1,022,763 | |
CQP Holdco LP / BIP-V Chinook Holdco LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 7.4241% 6/4/28 (b)(c)(d) | 1,346,844 | 1,297,455 | |
EG America LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 7.6741% 2/6/25 (b)(c)(d) | 311,935 | 290,296 | |
EG Finco Ltd. Tranche B, term loan 3 month U.S. LIBOR + 4.000% 7.6741% 2/6/25 (b)(c)(d) | 300,825 | 279,957 | |
Epic Crude Services LP Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 7.08% 3/1/26 (b)(c)(d) | 139,510 | 114,747 | |
Esdec Solar Group BV Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.750% 8.9199% 8/27/28 (b)(c)(d)(e) | 237,500 | 222,063 | |
GIP II Blue Holding LP Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.500% 8.1741% 9/29/28 (b)(c)(d) | 555,648 | 546,202 | |
GIP III Stetson I LP Tranche B, term loan 3 month U.S. LIBOR + 4.250% 7.3653% 7/18/25 (b)(c)(d) | 673,553 | 641,141 | |
Granite Acquisition, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 6.4241% 3/25/28 (b)(c)(d) | 316,836 | 302,103 | |
Rockwood Service Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 7.3653% 1/23/27 (b)(c)(d) | 651,822 | 632,267 | |
WaterBridge Operating LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.750% 9.1274% 6/21/26 (b)(c)(d) | 363,750 | 350,411 | |
TOTAL ENERGY | 6,998,745 | ||
Entertainment/Film - 0.3% | |||
AP Core Holdings II LLC: | |||
Tranche B1 1LN, term loan 1 month U.S. LIBOR + 5.500% 8.6153% 9/1/27 (b)(c)(d) | 190,000 | 175,513 | |
Tranche B2 1LN, term loan 1 month U.S. LIBOR + 5.500% 8.6153% 9/1/27 (b)(c)(d) | 200,000 | 184,750 | |
SMG U.S. Midco 2, Inc. 1LN, term loan 1 month U.S. LIBOR + 2.500% 5.6153% 1/23/25 (b)(c)(d) | 317,436 | 302,094 | |
TOTAL ENTERTAINMENT/FILM | 662,357 | ||
Environmental - 0.6% | |||
Clean Harbors, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.000% 5.1153% 10/8/28 (b)(c)(d) | 143,913 | 142,504 | |
Covanta Holding Corp.: | |||
Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 5.6153% 11/30/28 (b)(c)(d) | 402,663 | 389,649 | |
Tranche C 1LN, term loan 1 month U.S. LIBOR + 2.500% 5.0239% 11/30/28 (b)(c)(d) | 30,314 | 29,334 | |
Madison IAQ LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 6.8153% 6/21/28 (b)(c)(d) | 720,875 | 664,618 | |
TOTAL ENVIRONMENTAL | 1,226,105 | ||
Food & Drug Retail - 0.4% | |||
Cardenas Merger Sub, LLC 1LN, term loan CME Term SOFR 1 Month Index + 6.750% 9.7949% 8/1/29 (b)(c)(d) | 185,000 | 178,525 | |
Froneri U.S., Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.250% 5.3653% 1/29/27 (b)(c)(d) | 286,730 | 270,028 | |
GOBP Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 5.8653% 10/22/25 (b)(c)(d) | 186,543 | 182,346 | |
JP Intermediate B LLC Tranche B, term loan 3 month U.S. LIBOR + 5.500% 8.3059% 11/20/25 (b)(c)(d) | 462,505 | 343,179 | |
TOTAL FOOD & DRUG RETAIL | 974,078 | ||
Food/Beverage/Tobacco - 1.2% | |||
8th Avenue Food & Provisions, Inc.: | |||
2LN, term loan 3 month U.S. LIBOR + 7.750% 10.8653% 10/1/26 (b)(c)(d) | 80,000 | 66,100 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.8653% 10/1/25 (b)(c)(d) | 136,977 | 119,470 | |
Bengal Debt Merger Sub LLC: | |||
1LN, term loan CME TERM SOFR 3 MONTH INDEX + 3.250% 6.9032% 1/24/29 (b)(c)(d) | 418,950 | 383,163 | |
2LN, term loan CME Term SOFR 1 Month Index + 6.000% 9.6532% 1/24/30 (b)(c)(d) | 185,000 | 167,425 | |
Chobani LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 6.6153% 10/23/27 (b)(c)(d) | 269,438 | 244,685 | |
Del Monte Foods, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 7.3684% 5/16/29 (b)(c)(d) | 390,000 | 372,774 | |
Shearer's Foods, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 6.6153% 9/23/27 (b)(c)(d) | 586,142 | 542,809 | |
Triton Water Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 7.1741% 3/31/28 (b)(c)(d) | 780,126 | 698,322 | |
TOTAL FOOD/BEVERAGE/TOBACCO | 2,594,748 | ||
Gaming - 5.0% | |||
Bally's Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 5.9349% 10/1/28 (b)(c)(d) | 898,213 | 809,011 | |
Caesars Resort Collection LLC: | |||
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 6.6153% 7/20/25 (b)(c)(d) | 1,109,900 | 1,091,975 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 5.8653% 12/22/24 (b)(c)(d) | 2,014,332 | 1,964,175 | |
Churchill Downs, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.000% 5.12% 3/17/28 (b)(c)(d) | 295,500 | 285,651 | |
Cypress Intermediate Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 4.3653% 9/21/28 (b)(c)(d) | 347,375 | 335,217 | |
Fertitta Entertainment LLC NV Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 7.0341% 1/27/29 (b)(c)(d) | 2,375,080 | 2,199,419 | |
Flutter Financing B.V. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 7/4/28 (c)(d) | 150,000 | 146,226 | |
Golden Entertainment, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 6.09% 10/20/24 (b)(c)(d) | 582,519 | 575,529 | |
GVC Holdings Gibraltar Ltd. Tranche B4 1LN, term loan 1 month U.S. LIBOR + 2.250% 6.1741% 3/16/27 (b)(c)(d) | 276,500 | 268,551 | |
J&J Ventures Gaming LLC 1LN, term loan 1 month U.S. LIBOR + 4.000% 7.6741% 4/26/28 (b)(c)(d) | 282,150 | 266,810 | |
PCI Gaming Authority 1LN, term loan 1 month U.S. LIBOR + 2.500% 5.6153% 5/29/26 (b)(c)(d) | 295,299 | 286,440 | |
Playtika Holding Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 5.8653% 3/11/28 (b)(c)(d) | 267,896 | 256,084 | |
Scientific Games Corp. 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 5.9062% 4/7/29 (b)(c)(d) | 453,863 | 440,020 | |
Scientific Games Holdings LP term loan CME Term SOFR 1 Month Index + 3.500% 5.6165% 4/4/29 (b)(c)(d) | 490,000 | 452,740 | |
Stars Group Holdings BV Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.250% 5.8919% 7/16/26 (b)(c)(d) | 895,132 | 859,998 | |
Station Casinos LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.250% 5.37% 2/7/27 (b)(c)(d) | 650,447 | 621,040 | |
TOTAL GAMING | 10,858,886 | ||
Healthcare - 5.2% | |||
AHP Health Partners, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 6.6153% 8/23/28 (b)(c)(d) | 297,673 | 283,069 | |
Avantor Funding, Inc. Tranche B5 1LN, term loan 1 month U.S. LIBOR + 2.250% 5.3653% 11/6/27 (b)(c)(d) | 453,113 | 440,158 | |
Charlotte Buyer, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.250% 7.9803% 2/12/28 (b)(c)(d) | 170,000 | 158,950 | |
Da Vinci Purchaser Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 7.4639% 12/13/26 (b)(c)(d) | 657,214 | 616,684 | |
Elanco Animal Health, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 1.750% 4.314% 8/1/27 (b)(c)(d) | 597,904 | 567,638 | |
Electron BidCo, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 6.1153% 11/1/28 (b)(c)(d) | 338,300 | 319,995 | |
Gainwell Acquisition Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 6.2504% 10/1/27 (b)(c)(d) | 1,386,430 | 1,318,148 | |
Horizon Pharma U.S.A., Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 1.750% 4.875% 3/15/28 (b)(c)(d) | 280,725 | 268,971 | |
ICU Medical, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.500% 5.8859% 1/6/29 (b)(c)(d) | 318,400 | 309,778 | |
Insulet Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 6.3653% 5/4/28 (b)(c)(d) | 518,438 | 504,180 | |
Jazz Financing Lux SARL Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 6.6153% 5/5/28 (b)(c)(d) | 1,224,748 | 1,181,882 | |
Mamba Purchaser, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 6.5519% 10/14/28 (b)(c)(d) | 524 | 496 | |
Maravai Intermediate Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 5.5532% 10/19/27 (b)(c)(d) | 589,004 | 569,496 | |
MED ParentCo LP: | |||
1LN, term loan 1 month U.S. LIBOR + 4.250% 7.3653% 8/31/26 (b)(c)(d) | 276,686 | 231,954 | |
2LN, term loan 1 month U.S. LIBOR + 8.250% 11.3653% 8/30/27 (b)(c)(d) | 180,000 | 152,550 | |
Mozart Borrower LP Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 6.3653% 10/23/28 (b)(c)(d) | 561,988 | 515,798 | |
Organon & Co. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 6.1875% 6/2/28 (b)(c)(d) | 629,097 | 613,369 | |
Packaging Coordinators Midco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 7.4241% 11/30/27 (b)(c)(d) | 369,375 | 350,289 | |
Pathway Vet Alliance LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 7.4241% 3/31/27 (b)(c)(d) | 473,117 | 414,569 | |
Phoenix Newco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 5.7739% 11/15/28 (b)(c)(d) | 889,640 | 847,382 | |
PRA Health Sciences, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.250% 5.9375% 7/3/28 (b)(c)(d) | 319,145 | 311,486 | |
Surgery Center Holdings, Inc. 1LN, term loan 1 month U.S. LIBOR + 3.750% 6.51% 8/31/26 (b)(c)(d) | 241,237 | 228,572 | |
U.S. Anesthesia Partners, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 6.814% 10/1/28 (b)(c)(d) | 628,650 | 589,359 | |
Upstream Newco, Inc. 1LN, term loan 1 month U.S. LIBOR + 4.250% 8.0648% 11/20/26 (b)(c)(d) | 520,289 | 481,267 | |
TOTAL HEALTHCARE | 11,276,040 | ||
Homebuilders/Real Estate - 0.6% | |||
DTZ U.S. Borrower LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 5.8653% 8/21/25 (b)(c)(d) | 612,745 | 584,516 | |
Lightstone Holdco LLC: | |||
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.750% 8.7841% 1/30/27 (b)(c)(d) | 460,489 | 419,211 | |
Tranche C 1LN, term loan CME Term SOFR 1 Month Index + 5.750% 8.7841% 1/30/27 (b)(c)(d) | 26,045 | 23,710 | |
Ryan Specialty Group LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 6.1341% 9/1/27 (b)(c)(d)(e) | 288,777 | 278,669 | |
TOTAL HOMEBUILDERS/REAL ESTATE | 1,306,106 | ||
Hotels - 1.8% | |||
Aimbridge Acquisition Co., Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.750% 7.7434% 2/1/26 (b)(c)(d) | 92,656 | 82,464 | |
ASP LS Acquisition Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.500% 7.3769% 4/30/28 (b)(c)(d) | 371,250 | 311,620 | |
BRE/Everbright M6 Borrower LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 5.000% 8.0519% 9/9/26 (b)(c)(d) | 165,096 | 159,868 | |
Carnival Finance LLC Tranche B 1LN, term loan: | |||
1 month U.S. LIBOR + 3.000% 5.8769% 6/30/25 (b)(c)(d) | 405,663 | 367,125 | |
1 month U.S. LIBOR + 3.250% 6.1269% 10/18/28 (b)(c)(d) | 461,513 | 402,287 | |
Hilton Grand Vacations Borrower LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 6.1153% 8/2/28 (b)(c)(d) | 1,263,198 | 1,220,173 | |
Hilton Worldwide Finance LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 1.750% 4.834% 6/21/26 (b)(c)(d) | 126,445 | 122,125 | |
Marriott Ownership Resorts, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 1.750% 4.8653% 8/31/25 (b)(c)(d) | 178,650 | 169,718 | |
Oravel Stays Singapore Pte Ltd. Tranche B 1LN, term loan 1 month U.S. LIBOR + 8.250% 11.86% 6/23/26 (b)(c)(d) | 256,750 | 226,369 | |
Travelport Finance Luxembourg SARL 1LN, term loan 1 month U.S. LIBOR + 3.750% 12.4241% 2/28/25 (b)(c)(d) | 766,549 | 757,289 | |
TOTAL HOTELS | 3,819,038 | ||
Insurance - 3.8% | |||
Acrisure LLC Tranche B 1LN, term loan: | |||
1 month U.S. LIBOR + 3.500% 6.6153% 2/13/27 (b)(c)(d) | 1,127,299 | 1,028,187 | |
1 month U.S. LIBOR + 4.250% 7.3653% 2/15/27 (b)(c)(d) | 263,013 | 246,574 | |
Alliant Holdings Intermediate LLC: | |||
Tranche B, term loan 1 month U.S. LIBOR + 3.250% 6.3653% 5/10/25 (b)(c)(d) | 446,846 | 427,507 | |
Tranche B-2 1LN, term loan 1 month U.S. LIBOR + 3.250% 6.3653% 5/9/25 (b)(c)(d) | 241,875 | 231,494 | |
AmWINS Group, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.250% 4.7739% 2/19/28 (b)(c)(d) | 592,581 | 565,778 | |
AssuredPartners, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 6.6153% 2/13/27 (b)(c)(d) | 442,488 | 418,151 | |
Asurion LLC: | |||
Tranche B 7LN, term loan 1 month U.S. LIBOR + 3.000% 6.1153% 11/3/24 (b)(c)(d) | 478,750 | 446,913 | |
Tranche B3 2LN, term loan 1 month U.S. LIBOR + 5.250% 8.3653% 1/31/28 (b)(c)(d) | 1,005,000 | 753,750 | |
Tranche B4 2LN, term loan 1 month U.S. LIBOR + 5.250% 8.3653% 1/20/29 (b)(c)(d) | 525,000 | 399,000 | |
Tranche B8 1LN, term loan 1 month U.S. LIBOR + 3.250% 6.3653% 12/23/26 (b)(c)(d) | 982,500 | 830,831 | |
Tranche B9 1LN, term loan 1 month U.S. LIBOR + 3.250% 6.3653% 7/31/27 (b)(c)(d) | 595,925 | 501,471 | |
HUB International Ltd.: | |||
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 5.9817% 4/25/25 (b)(c)(d) | 851,091 | 818,647 | |
Tranche B, term loan 1 month U.S. LIBOR + 3.000% 5.7663% 4/25/25 (b)(c)(d) | 771,183 | 740,498 | |
USI, Inc.: | |||
1LN, term loan 1 month U.S. LIBOR + 3.250% 6.9241% 12/2/26 (b)(c)(d) | 121,566 | 116,804 | |
Tranche B, term loan 3 month U.S. LIBOR + 3.000% 6.4241% 5/16/24 (b)(c)(d) | 650,139 | 631,720 | |
TOTAL INSURANCE | 8,157,325 | ||
Leisure - 3.1% | |||
Alterra Mountain Co. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 6.6153% 8/17/28 (b)(c)(d) | 357,647 | 346,023 | |
Arcis Golf LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 7.3653% 11/24/28 (b)(c)(d)(e) | 208,950 | 202,682 | |
City Football Group Ltd. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 6.484% 7/21/28 (b)(c)(d) | 709,638 | 673,567 | |
Crown Finance U.S., Inc.: | |||
1LN, term loan CME Term SOFR 1 Month Index + 10.000% 9/9/23 (c)(d) | 187,388 | 190,720 | |
Tranche B 1LN, term loan: | |||
1 month U.S. LIBOR + 2.750% 4.2497% 9/30/26 (b)(c)(d) | 365,618 | 151,274 | |
1 month U.S. LIBOR + 8.250% 10.0763% 5/23/24 (b)(c)(d) | 113,933 | 121,623 | |
15.25% 5/23/24 (d) | 189,202 | 224,157 | |
Tranche DD 1LN, term loan CME Term SOFR 1 Month Index + 10.000% 9/9/23 (c)(d) | 15,747 | 16,027 | |
Delta 2 SARL Tranche B, term loan 3 month U.S. LIBOR + 2.500% 5.6153% 2/1/24 (b)(c)(d) | 1,540,956 | 1,519,767 | |
Equinox Holdings, Inc.: | |||
Tranche 2LN, term loan 3 month U.S. LIBOR + 7.000% 10.6741% 9/8/24 (b)(c)(d) | 250,000 | 164,745 | |
Tranche B-1, term loan 3 month U.S. LIBOR + 3.000% 6.6741% 3/8/24 (b)(c)(d) | 708,937 | 534,950 | |
Herschend Entertainment Co. LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 6.88% 8/27/28 (b)(c)(d) | 188,100 | 183,046 | |
Lids Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 5.500% 8.9904% 12/14/26 (b)(c)(d)(e) | 380,625 | 373,013 | |
MajorDrive Holdings IV LLC 1LN, term loan 1 month U.S. LIBOR + 4.000% 7.125% 5/12/28 (b)(c)(d) | 290,814 | 267,549 | |
PlayPower, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.500% 9.1741% 5/10/26 (b)(c)(d) | 112,007 | 100,246 | |
SeaWorld Parks & Entertainment, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 6.125% 8/25/28 (b)(c)(d) | 297,000 | 284,502 | |
SP PF Buyer LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 7.6153% 12/21/25 (b)(c)(d) | 361,875 | 296,376 | |
Topgolf Callaway Brands Corp. Tranche B, term loan 3 month U.S. LIBOR + 4.500% 7.6153% 1/4/26 (b)(c)(d) | 370,025 | 367,094 | |
United PF Holdings LLC: | |||
1LN, term loan 1 month U.S. LIBOR + 4.000% 7.6741% 12/30/26 (b)(c)(d) | 608,380 | 533,093 | |
2LN, term loan 3 month U.S. LIBOR + 8.500% 12.1741% 12/30/27 (b)(c)(d) | 125,000 | 119,375 | |
Tranche B 1LN, term loan 1 month U.S. LIBOR + 8.500% 12.1741% 12/30/26 (b)(c)(d)(e) | 132,300 | 126,347 | |
TOTAL LEISURE | 6,796,176 | ||
Paper - 0.7% | |||
Clydesdale Acquisition Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.170% 7.3091% 4/13/29 (b)(c)(d) | 1,521,188 | 1,432,670 | |
Journey Personal Care Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 7.9241% 3/1/28 (b)(c)(d) | 168,296 | 105,745 | |
TOTAL PAPER | 1,538,415 | ||
Publishing/Printing - 0.8% | |||
Harland Clarke Holdings Corp. 1LN, term loan 1 month U.S. LIBOR + 7.750% 11.4241% 6/16/26 (b)(c)(d) | 446,928 | 309,127 | |
Learning Care Group (U.S.) No 2, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 8.500% 11.4273% 3/13/25 (b)(c)(d)(e) | 332,350 | 325,703 | |
MJH Healthcare Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 6.6341% 1/28/29 (b)(c)(d) | 199,000 | 186,811 | |
Recorded Books, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 7.0753% 8/29/25 (b)(c)(d) | 341,027 | 327,385 | |
RLG Holdings LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 7.1153% 7/8/28 (b)(c)(d) | 282,863 | 265,418 | |
Scripps (E.W.) Co. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 5.8653% 1/7/28 (b)(c)(d) | 337,875 | 326,171 | |
TOTAL PUBLISHING/PRINTING | 1,740,615 | ||
Railroad - 0.8% | |||
AIT Worldwide Logistics Holdings, Inc. 1LN, term loan 1 month U.S. LIBOR + 4.750% 7.0429% 4/6/28 (b)(c)(d) | 292,050 | 266,131 | |
Echo Global Logistics, Inc. 1LN, term loan 1 month U.S. LIBOR + 3.500% 6.6153% 11/23/28 (b)(c)(d) | 253,725 | 237,740 | |
First Student Bidco, Inc.: | |||
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 6.6419% 7/21/28 (b)(c)(d) | 347,497 | 321,056 | |
Tranche C 1LN, term loan 1 month U.S. LIBOR + 3.000% 6.6419% 7/21/28 (b)(c)(d) | 129,271 | 119,435 | |
Genesee & Wyoming, Inc. 1LN, term loan 3 month U.S. LIBOR + 2.000% 5.6741% 12/30/26 (b)(c)(d) | 521,625 | 506,331 | |
Worldwide Express, Inc. 1LN, term loan 1 month U.S. LIBOR + 4.000% 7.6741% 7/22/28 (b)(c)(d) | 431,738 | 391,396 | |
TOTAL RAILROAD | 1,842,089 | ||
Restaurants - 0.6% | |||
Burger King Worldwide, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 1.750% 4.8706% 11/19/26 (b)(c)(d) | 351,662 | 335,524 | |
Dave & Buster's, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 8.1875% 6/29/29 (b)(c)(d) | 225,000 | 218,999 | |
Flynn Restaurant Group LP Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 7.3653% 11/22/28 (b)(c)(d) | 153,838 | 142,915 | |
PFC Acquisition Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 6.500% 9.5696% 3/1/26 (b)(c)(d) | 361,875 | 318,450 | |
Restaurant Technologies, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 7.8032% 4/1/29 (b)(c)(d) | 184,075 | 178,706 | |
TOTAL RESTAURANTS | 1,194,594 | ||
Services - 7.9% | |||
ABG Intermediate Holdings 2 LLC: | |||
Tranche B 2LN, term loan CME Term SOFR 1 Month Index + 6.000% 9.1341% 12/20/29 (b)(c)(d) | 210,000 | 196,875 | |
Tranche B1 LN, term loan CME Term SOFR 1 Month Index + 3.500% 6.6341% 12/21/28 (b)(c)(d) | 768,075 | 733,189 | |
Adtalem Global Education, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 7.0519% 8/12/28 (b)(c)(d) | 76,559 | 75,746 | |
AEA International Holdings Luxembourg SARL Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 7.4375% 9/7/28 (b)(c)(d)(e) | 213,388 | 207,519 | |
All-Star Bidco AB: | |||
Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 7.0696% 11/16/28 (b)(c)(d) | 158,800 | 151,059 | |
Tranche B1 1LN, term loan 1 month U.S. LIBOR + 3.500% 6.5696% 11/16/28 (b)(c)(d) | 313,425 | 295,795 | |
Allied Universal Holdco LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 6.8653% 5/14/28 (b)(c)(d) | 594,497 | 521,374 | |
APX Group, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 6.2443% 7/9/28 (b)(c)(d) | 420,750 | 396,856 | |
Aramark Services, Inc. Tranche B 3LN, term loan 1 month U.S. LIBOR + 1.750% 4.8653% 3/11/25 (b)(c)(d) | 114,325 | 110,324 | |
Ascend Learning LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 6.6153% 12/10/28 (b)(c)(d) | 421,813 | 388,489 | |
Asurion LLC 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 7.1341% 8/17/28 (b)(c)(d) | 999,935 | 849,525 | |
Brand Energy & Infrastructure Services, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.9468% 6/21/24 (b)(c)(d) | 1,317,038 | 1,143,031 | |
Brown Group Holding LLC Tranche B2 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 6.7841% 6/9/29 (b)(c)(d) | 100,000 | 96,708 | |
Cast & Crew Payroll LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 6.6153% 2/7/26 (b)(c)(d) | 471,806 | 458,832 | |
CHG Healthcare Services, Inc. 1LN, term loan 1 month U.S. LIBOR + 3.250% 6.3653% 9/30/28 (b)(c)(d) | 202,577 | 194,178 | |
CoreLogic, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 6.625% 6/2/28 (b)(c)(d) | 999,900 | 747,425 | |
EAB Global, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 6.3052% 8/16/28 (b)(c)(d) | 168,725 | 157,758 | |
EmployBridge LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.750% 8.4241% 7/19/28 (b)(c)(d) | 504,900 | 448,417 | |
Ensemble RCM LLC 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.5559% 8/1/26 (b)(c)(d) | 261,114 | 254,425 | |
Filtration Group Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 6.1153% 3/29/25 (b)(c)(d) | 449,721 | 431,030 | |
Finastra U.S.A., Inc. Tranche 2LN, term loan 3 month U.S. LIBOR + 7.250% 10.6207% 6/13/25 (b)(c)(d) | 190,000 | 153,307 | |
Flexera Software LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 6.39% 3/3/28 (b)(c)(d) | 195,802 | 186,431 | |
Franchise Group, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 7.5625% 3/10/26 (b)(c)(d) | 511,426 | 476,481 | |
Galaxy U.S. Opco, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.750% 7.7841% 4/29/29 (b)(c)(d) | 275,000 | 257,813 | |
Gateway Merger Sub 2021, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 5.250% 8.1699% 6/30/28 (b)(c)(d) | 139,296 | 127,456 | |
GEMS MENASA Cayman Ltd. Tranche B 1LN, term loan 1 month U.S. LIBOR + 5.000% 8.5664% 7/30/26 (b)(c)(d) | 517,232 | 501,068 | |
Greeneden U.S. Holdings II LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 7.1153% 12/1/27 (b)(c)(d) | 369,375 | 350,773 | |
Indy U.S. Bidco LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 6.8653% 3/5/28 (b)(c)(d) | 334,917 | 299,610 | |
Ion Trading Finance Ltd. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.750% 8.4241% 3/26/28 (b)(c)(d) | 956,823 | 886,018 | |
KNS Acquisitions, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 6.250% 10.4199% 4/21/27 (b)(c)(d) | 268,125 | 250,027 | |
KUEHG Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.8653% 2/21/25 (b)(c)(d) | 701,408 | 661,372 | |
Lakeshore Intermediate LLC 1LN, term loan 1 month U.S. LIBOR + 3.500% 6.1333% 10/1/28 (b)(c)(d) | 148,676 | 141,242 | |
Maverick Purchaser Sub LLC: | |||
Tranche B 1LN, term loan: | |||
1 month U.S. LIBOR + 4.000% 7.7977% 1/23/27 (b)(c)(d) | 690,900 | 657,509 | |
CME Term SOFR 1 Month Index + 4.000% 7.3925% 2/16/29 (b)(c)(d) | 159,600 | 152,019 | |
Tranche B 2LN, term loan 1 month U.S. LIBOR + 8.750% 12.9199% 1/31/28 (b)(c)(d)(e) | 200,000 | 182,000 | |
PowerTeam Services LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 7.1741% 3/6/25 (b)(c)(d) | 330,813 | 267,793 | |
Sabert Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.500% 7.625% 12/10/26 (b)(c)(d)(e) | 557,622 | 532,529 | |
Sabre GLBL, Inc.: | |||
Tranche B-1 1LN, term loan 1 month U.S. LIBOR + 3.500% 6.6153% 12/17/27 (b)(c)(d) | 66,619 | 59,485 | |
Tranche B-2 1LN, term loan 1 month U.S. LIBOR + 3.500% 6.6153% 12/17/27 (b)(c)(d) | 106,194 | 94,823 | |
Signal Parent, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 6.6153% 4/3/28 (b)(c)(d) | 553,000 | 405,764 | |
Spin Holdco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 7.1441% 3/4/28 (b)(c)(d) | 1,473,750 | 1,289,222 | |
The GEO Group, Inc. Tranche 1B 1LN, term loan CME Term SOFR 1 Month Index + 7.120% 10.2403% 3/23/27 (b)(c)(d) | 255,096 | 251,058 | |
Uber Technologies, Inc. Tranche B 1LN, term loan: | |||
1 month U.S. LIBOR + 3.500% 6.5696% 4/4/25 (b)(c)(d) | 143,769 | 140,415 | |
1 month U.S. LIBOR + 3.500% 6.5696% 2/25/27 (b)(c)(d) | 495,243 | 481,802 | |
Vaco Holdings LLC 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 8.7032% 1/21/29 (b)(c)(d) | 203,463 | 196,850 | |
WMB Holdings, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8/9/29 (c)(d) | 215,000 | 209,356 | |
TOTAL SERVICES | 17,070,778 | ||
Specialty Retailing - 0.1% | |||
New SK Holdco Sub LLC 1LN, term loan CME Term SOFR 1 Month Index + 6.750% 11.1954% 6/30/27 (b)(c)(d) | 346,610 | 311,949 | |
Steel - 0.2% | |||
JMC Steel Group, Inc. 1LN, term loan 1 month U.S. LIBOR + 2.000% 5.6039% 1/24/27 (b)(c)(d) | 482,596 | 462,327 | |
Super Retail - 4.1% | |||
Academy Ltd. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 6.314% 11/6/27 (b)(c)(d) | 461,719 | 450,947 | |
Ambience Merger Sub, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 6.2771% 7/24/28 (b)(c)(d) | 253,088 | 193,754 | |
Bass Pro Group LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 6.8653% 3/5/28 (b)(c)(d) | 6,387,686 | 5,886,231 | |
BJ's Wholesale Club, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 4.7731% 2/3/24 (b)(c)(d) | 282,822 | 282,418 | |
Empire Today LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 5.000% 7.6849% 4/1/28 (b)(c)(d) | 277,194 | 219,122 | |
Harbor Freight Tools U.S.A., Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 5.8653% 10/19/27 (b)(c)(d) | 982,500 | 886,706 | |
Red Ventures LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 5.6153% 11/8/24 (b)(c)(d) | 232,748 | 223,729 | |
RH: | |||
Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 5.6153% 10/20/28 (b)(c)(d) | 465,300 | 411,209 | |
Tranche B2 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 6.3841% 10/20/28 (b)(c)(d) | 450,000 | 408,515 | |
TOTAL SUPER RETAIL | 8,962,631 | ||
Technology - 15.6% | |||
A&V Holdings Midco LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 5.370% 9.5378% 3/10/27 (b)(c)(d)(e) | 269,595 | 262,855 | |
Acuris Finance U.S., Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 7.7032% 2/16/28 (b)(c)(d) | 240,365 | 229,789 | |
Anastasia Parent LLC Tranche B, term loan 3 month U.S. LIBOR + 3.750% 7.4241% 8/10/25 (b)(c)(d) | 795,519 | 628,627 | |
Aptean, Inc. 1LN, term loan 1 month U.S. LIBOR + 4.250% 7.3196% 4/23/26 (b)(c)(d) | 359,112 | 342,280 | |
Arches Buyer, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 6.3653% 12/4/27 (b)(c)(d) | 169,608 | 152,118 | |
Athenahealth Group, Inc.: | |||
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 6.5756% 2/15/29 (b)(c)(d) | 1,902,045 | 1,700,428 | |
Tranche DD 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 2/15/29 (c)(d)(f) | 323,188 | 288,930 | |
AZZ, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 7.085% 5/13/29 (b)(c)(d) | 342,744 | 333,034 | |
Camelot Finance SA: | |||
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 6.1153% 10/31/26 (b)(c)(d) | 498,191 | 480,754 | |
Tranche B, term loan 1 month U.S. LIBOR + 3.000% 6.1153% 10/31/26 (b)(c)(d) | 582,190 | 562,326 | |
Central Parent, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.500% 6.6095% 7/6/29 (b)(c)(d) | 1,005,000 | 966,287 | |
Coherent Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 5.314% 7/1/29 (b)(c)(d) | 685,000 | 662,169 | |
CommScope, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 6.3653% 4/4/26 (b)(c)(d) | 883,134 | 813,587 | |
ConnectWise LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 7.1741% 9/30/28 (b)(c)(d) | 655,050 | 610,834 | |
DCert Buyer, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 4.000% 6.9027% 10/16/26 (b)(c)(d) | 909,380 | 865,429 | |
Tranche B 2LN, term loan 1 month U.S. LIBOR + 7.000% 9.9027% 2/19/29 (b)(c)(d) | 305,000 | 283,345 | |
DG Investment Intermediate Holdings, Inc.: | |||
2LN, term loan 1 month U.S. LIBOR + 6.750% 9.8653% 3/31/29 (b)(c)(d) | 95,000 | 88,034 | |
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 6.8653% 3/31/28 (b)(c)(d) | 409,826 | 381,138 | |
Emerald TopCo, Inc. 1LN, term loan 1 month U.S. LIBOR + 3.500% 6.6153% 7/25/26 (b)(c)(d) | 72,820 | 66,084 | |
Entegris, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 5.6836% 7/6/29 (b)(c)(d) | 640,000 | 634,310 | |
Eos U.S. Finco LLC 1LN, term loan CME Term SOFR 1 Month Index + 6.000% 8/3/29 (c)(d) | 225,000 | 212,344 | |
Go Daddy Operating Co. LLC: | |||
Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.000% 5.1153% 8/10/27 (b)(c)(d) | 366,563 | 354,726 | |
Tranche B, term loan 1 month U.S. LIBOR + 1.750% 4.8653% 2/15/24 (b)(c)(d) | 284,330 | 280,918 | |
Hyland Software, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 6.6153% 7/1/24 (b)(c)(d) | 662,005 | 639,583 | |
Icon Luxembourg Sarl Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.250% 5.9375% 7/3/28 (b)(c)(d) | 1,280,933 | 1,250,191 | |
Imprivata, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 6.8653% 12/1/27 (b)(c)(d) | 462,950 | 445,589 | |
MA FinanceCo. LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 7.4179% 6/5/25 (b)(c)(d) | 172,845 | 169,551 | |
Maxar Technologies, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 6.8053% 6/9/29 (b)(c)(d) | 94,763 | 88,958 | |
McAfee Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 6.3621% 3/1/29 (b)(c)(d) | 179,550 | 163,294 | |
MH Sub I LLC: | |||
1LN, term loan 1 month U.S. LIBOR + 3.750% 6.8653% 9/15/24 (b)(c)(d) | 608,772 | 578,638 | |
Tranche B 2LN, term loan 1 month U.S. LIBOR + 6.250% 8.7053% 2/23/29 (b)(c)(d) | 250,000 | 233,543 | |
Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.8653% 9/15/24 (b)(c)(d) | 523,606 | 497,996 | |
MKS Instruments, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 5.8684% 8/17/29 (b)(c)(d) | 680,000 | 661,810 | |
Motus Group LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 7.1153% 12/10/28 (b)(c)(d) | 164,175 | 152,272 | |
NAVEX TopCo, Inc.: | |||
2LN, term loan 3 month U.S. LIBOR + 7.000% 9.53% 9/4/26 (b)(c)(d) | 85,000 | 81,600 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 6.37% 9/5/25 (b)(c)(d) | 331,200 | 322,092 | |
NortonLifeLock, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.000% 4.8475% 9/12/29 (b)(c)(d) | 1,205,000 | 1,156,198 | |
Osmosis Debt Merger Sub, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 6.3455% 7/30/28 (b)(c)(d) | 304,238 | 281,992 | |
Park Place Technologies LLC 1LN, term loan 1 month U.S. LIBOR + 5.000% 8.1341% 11/10/27 (b)(c)(d) | 375,212 | 355,202 | |
Peraton Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 6.8653% 2/1/28 (b)(c)(d) | 1,808,111 | 1,710,473 | |
PointClickCare Technologies, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 5.9375% 12/29/27 (b)(c)(d) | 231,475 | 220,480 | |
Polaris Newco LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 7.6741% 6/2/28 (b)(c)(d) | 1,093,030 | 1,006,199 | |
Project Boost Purchaser LLC 1LN, term loan 3 month U.S. LIBOR + 3.500% 6.6153% 5/30/26 (b)(c)(d) | 363,750 | 344,653 | |
Proofpoint, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 6.3196% 8/31/28 (b)(c)(d) | 888,725 | 832,806 | |
Rackspace Technology Global, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 5.6167% 2/15/28 (b)(c)(d) | 1,162,670 | 824,287 | |
RealPage, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 6.1153% 4/22/28 (b)(c)(d) | 702,900 | 657,408 | |
Red Planet Borrower LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 6.8653% 9/30/28 (b)(c)(d) | 375,852 | 237,726 | |
Renaissance Holdings Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 6.3653% 5/31/25 (b)(c)(d) | 476,732 | 452,300 | |
Seattle Spinco, Inc.: | |||
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 7.1465% 3/1/27 (b)(c)(d)(e) | 995,000 | 972,613 | |
Tranche B 3LN, term loan 3 month U.S. LIBOR + 2.750% 5.8653% 6/21/24 (b)(c)(d) | 309,017 | 301,292 | |
Sophia LP Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 7.1741% 10/7/27 (b)(c)(d) | 649,164 | 623,198 | |
SS&C Technologies, Inc.: | |||
Tranche B 3LN, term loan 1 month U.S. LIBOR + 1.750% 4.8653% 4/16/25 (b)(c)(d) | 324,454 | 313,387 | |
Tranche B 4LN, term loan 1 month U.S. LIBOR + 1.750% 4.8653% 4/16/25 (b)(c)(d) | 263,390 | 254,406 | |
Tranche B 5LN, term loan 1 month U.S. LIBOR + 1.750% 4.8653% 4/16/25 (b)(c)(d) | 531,364 | 514,758 | |
STG-Fairway Holdings LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 5.8653% 1/31/27 (b)(c)(d) | 224,114 | 216,645 | |
Tempo Acquisition LLC: | |||
1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Index + 3.000% 6.0341% 8/31/28 (b)(c)(d) | 636,108 | 618,456 | |
Tranche B, term loan 1 month U.S. LIBOR + 2.750% 5.8653% 5/1/24 (b)(c)(d) | 100,728 | 99,469 | |
TTM Technologies, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 5.064% 9/28/24 (b)(c)(d) | 161,092 | 157,870 | |
UKG, Inc. 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.8653% 5/4/26 (b)(c)(d) | 1,019,619 | 969,913 | |
Ultimate Software Group, Inc.: | |||
1LN, term loan 1 month U.S. LIBOR + 3.250% 5.5351% 5/3/26 (b)(c)(d) | 996,946 | 946,271 | |
2LN, term loan 1 month U.S. LIBOR + 5.250% 7.5351% 5/3/27 (b)(c)(d) | 730,000 | 686,200 | |
Verscend Holding Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 7.1153% 8/27/25 (b)(c)(d) | 514,172 | 497,461 | |
VFH Parent LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 6.1184% 1/13/29 (b)(c)(d) | 600,000 | 573,564 | |
Virgin Pulse, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 7.1153% 4/6/28 (b)(c)(d) | 277,200 | 240,701 | |
VM Consolidated, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 6.1269% 3/27/28 (b)(c)(d) | 365,058 | 355,202 | |
VS Buyer LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 6.1153% 2/28/27 (b)(c)(d) | 516,750 | 499,310 | |
Weber-Stephen Products LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 6.3653% 10/30/27 (b)(c)(d) | 338,696 | 273,602 | |
Zelis Payments Buyer, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 6.064% 9/30/26 (b)(c)(d) | 231,864 | 222,951 | |
TOTAL TECHNOLOGY | 33,902,456 | ||
Telecommunications - 4.4% | |||
Altice Financing SA Tranche B, term loan 3 month U.S. LIBOR + 2.750% 5.262% 1/31/26 (b)(c)(d) | 476,250 | 444,698 | |
Cablevision Lightpath LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 6.0677% 11/30/27 (b)(c)(d) | 210,286 | 200,955 | |
Connect U.S. Finco LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 6.62% 12/12/26 (b)(c)(d) | 272,127 | 252,569 | |
Consolidated Communications, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 6.625% 10/2/27 (b)(c)(d) | 264,182 | 227,527 | |
Crown Subsea Communications Holding, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.750% 7.314% 4/27/27 (b)(c)(d) | 212,363 | 204,399 | |
Frontier Communications Holdings LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 7.4375% 5/1/28 (b)(c)(d) | 1,285,425 | 1,192,232 | |
GTT Communications, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.750% 10% 5/31/25 (b)(c)(d) | 491,748 | 348,989 | |
Intelsat Jackson Holdings SA 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 7.4449% 2/1/29 (b)(c)(d) | 1,857,044 | 1,738,658 | |
Level 3 Financing, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 1.750% 4.8653% 3/1/27 (b)(c)(d) | 354,918 | 336,561 | |
Lumen Technologies, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.250% 5.3653% 3/15/27 (b)(c)(d) | 121,080 | 109,899 | |
Northwest Fiber LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 6.7434% 4/30/27 (b)(c)(d) | 696,434 | 665,673 | |
Patagonia Holdco LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.750% 8.386% 8/1/29 (b)(c)(d) | 415,000 | 332,000 | |
Radiate Holdco LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 6.3653% 9/25/26 (b)(c)(d) | 439,298 | 405,420 | |
Securus Technologies Holdings Tranche B, term loan: | |||
3 month U.S. LIBOR + 4.500% 8.1741% 11/1/24 (b)(c)(d) | 715,418 | 625,876 | |
3 month U.S. LIBOR + 8.250% 11.0559% 11/1/25 (b)(c)(d) | 1,100,000 | 907,500 | |
Windstream Services LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 6.250% 9.3653% 9/21/27 (b)(c)(d) | 86,944 | 78,249 | |
Zayo Group Holdings, Inc. 1LN, term loan 1 month U.S. LIBOR + 3.000% 6.1153% 3/9/27 (b)(c)(d) | 1,763,763 | 1,468,562 | |
TOTAL TELECOMMUNICATIONS | 9,539,767 | ||
Textiles/Apparel - 1.0% | |||
Byju's Alpha, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 5.500% 8.9797% 11/24/26 (b)(c)(d) | 401,115 | 285,650 | |
Canada Goose, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 7.1419% 10/7/27 (b)(c)(d) | 240,722 | 227,482 | |
Crocs, Inc. Tranche B1 LN, term loan CME Term SOFR 1 Month Index + 3.500% 7.6511% 2/17/29 (b)(c)(d) | 1,066,500 | 1,001,177 | |
Jo-Ann Stores LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.750% 7.5163% 7/7/28 (b)(c)(d) | 298,492 | 193,181 | |
Tory Burch LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 6.1153% 4/14/28 (b)(c)(d) | 434,500 | 395,395 | |
TOTAL TEXTILES/APPAREL | 2,102,885 | ||
Utilities - 2.4% | |||
Brookfield WEC Holdings, Inc.: | |||
1LN, term loan CME Term SOFR 1 Month Index + 3.750% 6.8653% 8/1/25 (b)(c)(d) | 185,000 | 180,057 | |
Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 5.8653% 8/1/25 (b)(c)(d) | 1,305,001 | 1,245,232 | |
Granite Generation LLC 1LN, term loan 1 month U.S. LIBOR + 3.750% 6.8653% 11/1/26 (b)(c)(d) | 330,187 | 315,329 | |
Limetree Bay Terminals LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 8.8148% 2/15/24 (b)(c)(d) | 879,926 | 593,009 | |
Luxembourg Investment Co. 428 SARL Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 8.5532% 1/3/29 (b)(c)(d)(e) | 210,000 | 172,200 | |
PG&E Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 6.125% 6/23/25 (b)(c)(d) | 799,137 | 762,776 | |
Pike Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 6.12% 1/21/28 (b)(c)(d) | 359,589 | 348,352 | |
Vertiv Group Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 5.3034% 3/2/27 (b)(c)(d) | 854,271 | 811,250 | |
Vistra Operations Co. LLC Tranche B 3LN, term loan 1 month U.S. LIBOR + 1.750% 4.8411% 12/31/25 (b)(c)(d) | 843,191 | 813,005 | |
TOTAL UTILITIES | 5,241,210 | ||
TOTAL BANK LOAN OBLIGATIONS (Cost $201,617,516) | 186,985,957 | ||
Nonconvertible Bonds - 4.8% | |||
Principal Amount (a) | Value ($) | ||
Aerospace - 0.2% | |||
TransDigm, Inc.: | |||
6.25% 3/15/26 (g) | 500,000 | 485,000 | |
8% 12/15/25 (g) | 55,000 | 55,782 | |
TOTAL AEROSPACE | 540,782 | ||
Air Transportation - 0.1% | |||
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. 5.5% 4/20/26 (g) | 165,000 | 154,963 | |
Delta Air Lines, Inc. / SkyMiles IP Ltd. 4.5% 10/20/25 (g) | 115,000 | 111,626 | |
TOTAL AIR TRANSPORTATION | 266,589 | ||
Automotive & Auto Parts - 0.8% | |||
Rivian Holdco & Rivian LLC & Rivian Automotive LLC 6 month U.S. LIBOR + 5.620% 7.1766% 10/15/26 (b)(c)(g) | 1,810,000 | 1,701,400 | |
Broadcasting - 0.1% | |||
Univision Communications, Inc. 6.625% 6/1/27 (g) | 170,000 | 160,431 | |
Cable/Satellite TV - 0.1% | |||
Radiate Holdco LLC/Radiate Financial Service Ltd. 4.5% 9/15/26 (g) | 167,000 | 136,978 | |
Chemicals - 0.0% | |||
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc. 5% 12/31/26 (g) | 5,000 | 4,388 | |
Containers - 0.2% | |||
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc. 4.125% 8/15/26 (g) | 415,000 | 342,375 | |
Trivium Packaging Finance BV 5.5% 8/15/26 (g) | 145,000 | 129,692 | |
TOTAL CONTAINERS | 472,067 | ||
Energy - 0.1% | |||
New Fortress Energy, Inc. 6.75% 9/15/25 (g) | 75,000 | 71,040 | |
Transocean Poseidon Ltd. 6.875% 2/1/27 (g) | 122,500 | 112,088 | |
TOTAL ENERGY | 183,128 | ||
Gaming - 0.6% | |||
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. 4.625% 1/15/29 (g) | 875,000 | 724,063 | |
Golden Entertainment, Inc. 7.625% 4/15/26 (g) | 250,000 | 246,538 | |
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. 5.875% 5/15/25 (g) | 300,000 | 277,510 | |
VICI Properties LP / VICI Note Co.: | |||
3.5% 2/15/25 (g) | 35,000 | 32,353 | |
4.25% 12/1/26 (g) | 50,000 | 45,130 | |
TOTAL GAMING | 1,325,594 | ||
Healthcare - 0.0% | |||
Tenet Healthcare Corp. 4.625% 7/15/24 | 104,000 | 100,566 | |
Hotels - 0.1% | |||
Marriott Ownership Resorts, Inc. 6.125% 9/15/25 (g) | 133,000 | 130,046 | |
Leisure - 0.2% | |||
Royal Caribbean Cruises Ltd.: | |||
8.25% 1/15/29 (g)(h) | 145,000 | 141,194 | |
9.125% 6/15/23 (g) | 40,000 | 40,700 | |
10.875% 6/1/23 (g) | 190,000 | 194,275 | |
11.625% 8/15/27 (g) | 100,000 | 91,002 | |
TOTAL LEISURE | 467,171 | ||
Paper - 0.0% | |||
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC 3.25% 9/1/28 (g) | 135,000 | 109,840 | |
Services - 0.5% | |||
Adtalem Global Education, Inc. 5.5% 3/1/28 (g) | 347,000 | 312,300 | |
Aramark Services, Inc. 6.375% 5/1/25 (g) | 90,000 | 88,200 | |
PowerTeam Services LLC 9.033% 12/4/25 (g) | 670,000 | 539,350 | |
Sotheby's 7.375% 10/15/27 (g) | 200,000 | 183,698 | |
TOTAL SERVICES | 1,123,548 | ||
Super Retail - 0.2% | |||
EG Global Finance PLC: | |||
6.75% 2/7/25 (g) | 125,000 | 112,753 | |
8.5% 10/30/25 (g) | 260,000 | 227,383 | |
TOTAL SUPER RETAIL | 340,136 | ||
Technology - 0.1% | |||
CommScope, Inc. 6% 3/1/26 (g) | 150,000 | 138,108 | |
Maxar Technologies, Inc. 7.75% 6/15/27 (g) | 145,000 | 136,280 | |
TOTAL TECHNOLOGY | 274,388 | ||
Telecommunications - 1.3% | |||
Altice Financing SA 5.75% 8/15/29 (g) | 1,000,000 | 765,220 | |
Altice France SA: | |||
5.125% 1/15/29 (g) | 80,000 | 59,019 | |
5.125% 7/15/29 (g) | 145,000 | 108,331 | |
5.5% 1/15/28 (g) | 1,000,000 | 791,890 | |
Frontier Communications Holdings LLC 5% 5/1/28 (g) | 160,000 | 137,312 | |
Intelsat Jackson Holdings SA 6.5% 3/15/30 (g) | 535,000 | 454,857 | |
Windstream Escrow LLC 7.75% 8/15/28 (g) | 500,000 | 414,320 | |
TOTAL TELECOMMUNICATIONS | 2,730,949 | ||
Utilities - 0.2% | |||
Exgen Texas Power LLC 3 month U.S. LIBOR + 6.750% 9.0429% 10/8/26 (b)(c)(e) | 415,788 | 415,788 | |
TOTAL NONCONVERTIBLE BONDS (Cost $11,849,086) | 10,483,789 | ||
Common Stocks - 1.8% | |||
Shares | Value ($) | ||
Capital Goods - 0.1% | |||
TNT Crane & Rigging LLC (e)(i) | 24,748 | 144,281 | |
TNT Crane & Rigging LLC warrants 10/31/25 (e)(i) | 3,037 | 607 | |
TOTAL CAPITAL GOODS | 144,888 | ||
Diversified Financial Services - 0.1% | |||
ACNR Holdings, Inc. (e)(i) | 1,891 | 192,882 | |
Lime Tree Bay Ltd. (e)(i) | 153 | 5,161 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 198,043 | ||
Energy - 1.1% | |||
California Resources Corp. | 20,379 | 783,165 | |
California Resources Corp. warrants 10/27/24 (i) | 920 | 9,568 | |
Chesapeake Energy Corp. (j) | 10,302 | 970,551 | |
Chesapeake Energy Corp. (i)(k) | 137 | 12,907 | |
Denbury, Inc. (i) | 7,505 | 647,381 | |
EP Energy Corp. (e)(i) | 3,190 | 26,509 | |
TOTAL ENERGY | 2,450,081 | ||
Entertainment/Film - 0.0% | |||
Cineworld Group PLC warrants 11/23/25 (e)(i) | 53,143 | 1 | |
Restaurants - 0.2% | |||
CEC Entertainment, Inc. (e)(i) | 15,069 | 301,380 | |
Super Retail - 0.0% | |||
David's Bridal, Inc. rights (e)(i) | 156 | 0 | |
Telecommunications - 0.0% | |||
GTT Communications, Inc. rights (e)(i) | 17,967 | 17,967 | |
Utilities - 0.3% | |||
TexGen Power LLC (e) | 25,327 | 663,567 | |
TOTAL COMMON STOCKS (Cost $2,657,132) | 3,775,927 | ||
Nonconvertible Preferred Stocks - 0.3% | |||
Shares | Value ($) | ||
Diversified Financial Services - 0.3% | |||
ACNR Holdings, Inc. (e)(i) (Cost $135,375) | 1,083 | 649,800 | |
Preferred Securities - 0.1% | |||
Principal Amount (a) | Value ($) | ||
Banks & Thrifts - 0.1% | |||
Bank of America Corp. 5.125% (b)(l) | 105,000 | 99,631 | |
JPMorgan Chase & Co.: | |||
3 month U.S. LIBOR + 3.320% 5.5971% (b)(c)(l) | 55,000 | 55,787 | |
3 month U.S. LIBOR + 3.470% 6.2759% (b)(c)(l) | 55,000 | 55,613 | |
TOTAL PREFERRED SECURITIES (Cost $204,121) | 211,031 | ||
Other - 0.0% | |||
Shares | Value ($) | ||
Other - 0.0% | |||
Tribune Co. Claim (e)(i) (Cost $29,756) | 30,115 | 20,177 | |
Money Market Funds - 5.6% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 3.10% (m) | 12,084,515 | 12,086,932 | |
Fidelity Securities Lending Cash Central Fund 3.10% (m)(n) | 9,574 | 9,575 | |
TOTAL MONEY MARKET FUNDS (Cost $12,096,229) | 12,096,507 | ||
TOTAL INVESTMENT IN SECURITIES - 98.6% (Cost $228,589,215) | 214,223,188 |
NET OTHER ASSETS (LIABILITIES) - 1.4% | 3,123,469 |
NET ASSETS - 100.0% | 217,346,657 |
(a) | Amount is stated in United States dollars unless otherwise noted. |
(b) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(c) | Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors. |
(d) | Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. |
(e) | Level 3 security |
(f) | Position or a portion of the position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $426,800 and $383,672, respectively. |
(g) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $9,967,435 or 4.6% of net assets. |
(h) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(i) | Non-income producing |
(j) | Security or a portion of the security is on loan at period end. |
(k) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $12,907 or 0.0% of net assets. |
(l) | Security is perpetual in nature with no stated maturity date. |
(m) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(n) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Chesapeake Energy Corp. | 2/10/21 | 1,297 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | %ownership, end of period |
Fidelity Cash Central Fund 3.10% | 19,249,607 | 82,926,717 | 90,089,392 | 92,812 | 1,029 | (1,029) | 12,086,932 | 0.0% |
Fidelity Securities Lending Cash Central Fund 3.10% | - | 4,823,275 | 4,813,700 | 542 | - | - | 9,575 | 0.0% |
Total | 19,249,607 | 87,749,992 | 94,903,092 | 93,354 | 1,029 | (1,029) | 12,096,507 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 1 | - | - | 1 |
Consumer Discretionary | 301,380 | - | - | 301,380 |
Energy | 2,450,081 | 2,423,572 | - | 26,509 |
Financials | 847,843 | - | - | 847,843 |
Industrials | 144,888 | - | - | 144,888 |
Information Technology | 17,967 | - | - | 17,967 |
Utilities | 663,567 | - | - | 663,567 |
Bank Loan Obligations | 186,985,957 | - | 180,255,263 | 6,730,694 |
Corporate Bonds | 10,483,789 | - | 10,068,001 | 415,788 |
Preferred Securities | 211,031 | - | 211,031 | - |
Other | 20,177 | - | - | 20,177 |
Money Market Funds | 12,096,507 | 12,096,507 | - | - |
Total Investments in Securities: | 214,223,188 | 14,520,079 | 190,534,295 | 9,168,814 |
Investments in Securities: | |||
Other Investments in Securities | |||
Beginning Balance | $ | 2,517,305 | |
Net Realized Gain (Loss) on Investment Securities | (602,627) | ||
Net Unrealized Gain (Loss) on Investment Securities | 453,451 | ||
Cost of Purchases | 503,668 | ||
Proceeds of Sales | (462,305) | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | 28,628 | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 2,438,120 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at September 30, 2022 | $ | (101,350) | |
Bank Loan Obligations | |||
Beginning Balance | $ | 2,453,860 | |
Net Realized Gain (Loss) on Investment Securities | 3,910 | ||
Net Unrealized Gain (Loss) on Investment Securities | (315,657) | ||
Cost of Purchases | 4,575,292 | ||
Proceeds of Sales | (1,287,743) | ||
Amortization/Accretion | 11,529 | ||
Transfers into Level 3 | 1,779,122 | ||
Transfers out of Level 3 | (489,619) | ||
Ending Balance | $ | 6,730,694 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at September 30, 2022 | $ | (314,588) | |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. |
Statement of Assets and Liabilities | ||||
September 30, 2022 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $9,421) - See accompanying schedule: | $ | |||
Unaffiliated issuers (cost $216,492,986) | $202,126,681 | |||
Fidelity Central Funds (cost $12,096,229) | 12,096,507 | |||
Total Investment in Securities (cost $228,589,215) | $ | 214,223,188 | ||
Cash | 538,754 | |||
Receivable for investments sold | 11,121,560 | |||
Receivable for fund shares sold | 6,938 | |||
Dividends receivable | 638 | |||
Interest receivable | 1,301,924 | |||
Distributions receivable from Fidelity Central Funds | 20,425 | |||
Receivable from investment adviser for expense reductions | 4,186 | |||
Total assets | 227,217,613 | |||
Liabilities | ||||
Payable for investments purchased | ||||
Regular delivery | $1,600,321 | |||
Delayed delivery | 145,000 | |||
Payable for fund shares redeemed | 8,101,561 | |||
Other payables and accrued expenses | 14,499 | |||
Collateral on securities loaned | 9,575 | |||
Total Liabilities | 9,870,956 | |||
Net Assets | $ | 217,346,657 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 261,702,112 | ||
Total accumulated earnings (loss) | (44,355,455) | |||
Net Assets | $ | 217,346,657 | ||
Net Asset Value , offering price and redemption price per share ($217,346,657 ÷ 24,992,018 shares) | $ | 8.70 | ||
�� |
Statement of Operations | ||||
Year ended September 30, 2022 | ||||
Investment Income | ||||
Dividends | $ | 566,521 | ||
Interest | 12,146,967 | |||
Income from Fidelity Central Funds (including $542 from security lending) | 93,354 | |||
Total Income | 12,806,842 | |||
Expenses | ||||
Custodian fees and expenses | 65,057 | |||
Independent trustees' fees and expenses | 888 | |||
Interest | 47 | |||
Total expenses before reductions | 65,992 | |||
Expense reductions | (57,867) | |||
Total expenses after reductions | 8,125 | |||
Net Investment income (loss) | 12,798,717 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (729,437) | |||
Fidelity Central Funds | 1,029 | |||
Total net realized gain (loss) | (728,408) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (15,906,799) | |||
Fidelity Central Funds | (1,029) | |||
Total change in net unrealized appreciation (depreciation) | (15,907,828) | |||
Net gain (loss) | (16,636,236) | |||
Net increase (decrease) in net assets resulting from operations | $ | (3,837,519) |
Statement of Changes in Net Assets | ||||
Year ended September 30, 2022 | Year ended September 30, 2021 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 12,798,717 | $ | 11,805,173 |
Net realized gain (loss) | (728,408) | (4,316,117) | ||
Change in net unrealized appreciation (depreciation) | (15,907,828) | 17,326,178 | ||
Net increase (decrease) in net assets resulting from operations | (3,837,519) | 24,815,234 | ||
Distributions to shareholders | (12,543,924) | (11,648,675) | ||
Share transactions | ||||
Proceeds from sales of shares | 15,841,715 | 41,439,460 | ||
Reinvestment of distributions | 12,544,717 | 11,644,865 | ||
Cost of shares redeemed | (80,192,394) | (49,776,970) | ||
Net increase (decrease) in net assets resulting from share transactions | (51,805,962) | 3,307,355 | ||
Total increase (decrease) in net assets | (68,187,405) | 16,473,914 | ||
Net Assets | ||||
Beginning of period | 285,534,062 | 269,060,148 | ||
End of period | $ | 217,346,657 | $ | 285,534,062 |
Other Information | ||||
Shares | ||||
Sold | 1,740,167 | 4,514,578 | ||
Issued in reinvestment of distributions | 1,387,251 | 1,271,508 | ||
Redeemed | (8,850,206) | (5,434,758) | ||
Net increase (decrease) | (5,722,788) | 351,328 | ||
Fidelity® Series Floating Rate High Income Fund |
Years ended September 30, | 2022 | 2021 | 2020 | 2019 | 2018 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 9.30 | $ | 8.86 | $ | 9.29 | $ | 9.52 | $ | 9.49 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .457 | .388 | .463 | .547 | .540 | |||||
Net realized and unrealized gain (loss) | (.607) | .435 | (.439) | (.131) | (.001) | |||||
Total from investment operations | (.150) | .823 | .024 | .416 | .539 | |||||
Distributions from net investment income | (.450) | (.383) | (.454) | (.646) | (.509) | |||||
Total distributions | (.450) | (.383) | (.454) | (.646) | (.509) | |||||
Net asset value, end of period | $ | 8.70 | $ | 9.30 | $ | 8.86 | $ | 9.29 | $ | 9.52 |
Total Return C | (1.69)% | 9.44% | .37% | 4.61% | 5.82% | |||||
Ratios to Average Net Assets B,D,E | ||||||||||
Expenses before reductions | .03% | .01% | .01% | .01% | .01% | |||||
Expenses net of fee waivers, if any | -% F | -% F | .01% | .01% | .01% | |||||
Expenses net of all reductions | -% F | -% F | .01% | .01% | -% F | |||||
Net investment income (loss) | 5.02% | 4.24% | 5.22% | 5.87% | 5.68% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 217,347 | $ | 285,534 | $ | 269,060 | $ | 264,583 | $ | 461,203 |
Portfolio turnover rate G | 28% | 45% | 37% | 33% | 52% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in Input A |
Equities | $2,002,155 | Recovery value | Recovery value | $0.0 - $1.00 / $1.00 | Increase |
Indicative market price | Evaluated bid | $102.00 - $600.00 / $486.01 | Increase | ||
Mid price | $20.00 | Increase | |||
Book value | Book value multiple | 1.0 | Increase | ||
Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 7.0 - 7.5 / 7.1 | Increase | ||
Capacity multiple ($/kW) | $225.00 | Increase | |||
Discounted cash flow | Discount rate | 13.1% | Decrease | ||
Black scholes | Volatility | 52.5% | Increase | ||
Corporate Bonds | $415,788 | Market approach | Transaction price | $100.00 | Increase |
Bank Loan Obligations | $6,730,694 | Market approach | Transaction price | $96.33 | Increase |
Indicative market price | Evaluated bid | $81.00 - $100.00 / $94.86 | Increase | ||
Discounted cash flow | Yield | 14.4% | Decrease | ||
Other | $20,177 | Recovery value | Recovery value | $0.67 | Increase |
Gross unrealized appreciation | $3,465,196 |
Gross unrealized depreciation | (17,168,238) |
Net unrealized appreciation (depreciation) | $(13,703,042) |
Tax Cost | $227,926,230 |
Undistributed ordinary income | $356,671 |
Capital loss carryforward | $(31,009,085) |
Net unrealized appreciation (depreciation) on securities and other investments | $(13,703,042) |
Short-term | $(175,510) |
Long-term | (30,833,575) |
Total capital loss carryforward | $(31,009,085) |
September 30, 2022 | September 30, 2021 | |
Ordinary Income | $12,543,924 | $11,648,675 |
Purchases ($) | Sales ($) | |
Fidelity Series Floating Rate High Income Fund | 67,921,852 | 126,292,176 |
Amount | |
Fidelity Series Floating Rate High Income Fund | $13 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Series Floating Rate High Income Fund | Borrower | $ 5,409,000 | .31% | $47 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Series Floating Rate High Income Fund | - | 606,056 | 492,286 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Series Floating Rate High Income Fund | $52 | $- | $- |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 1, 2022 to September 30, 2022). |
Annualized Expense Ratio- A | Beginning Account Value April 1, 2022 | Ending Account Value September 30, 2022 | Expenses Paid During Period- C April 1, 2022 to September 30, 2022 | |||||||
Fidelity® Series Floating Rate High Income Fund | -%- D | |||||||||
Actual | $ 1,000 | $ 972.60 | $- E | |||||||
Hypothetical- B | $ 1,000 | $ 1,025.07 | $- E | |||||||
Item 2.
Code of Ethics
As of the end of the period, September 30, 2022, Fidelity Summer Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
Item 3.
Audit Committee Financial Expert
The Board of Trustees of the trust has determined that Donald F. Donahue is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Donahue is independent for purposes of Item 3 of Form N-CSR.
Item 4.
Principal Accountant Fees and Services
Fees and Services
The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, “Deloitte Entities”) in each of the last two fiscal years for services rendered to Fidelity Series Floating Rate High Income Fund (the “Fund(s)”):
Services Billed by Deloitte Entities
September 30, 2022 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Series Floating Rate High Income Fund | $66,000 | $- | $9,100 | $1,500 |
September 30, 2021 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Series Floating Rate High Income Fund |
$64,300 | $- | $8,800 | $1,500 |
A Amounts may reflect rounding.
The following table(s) present(s) fees billed by Deloitte Entities that were required to be approved by the Audit Committee for services that relate directly to the operations and
financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) (“Fund Service Providers”):
Services Billed by Deloitte Entities
September 30, 2022A | September 30, 2021A | |
Audit-Related Fees | $- | $- |
Tax Fees | $- | $- |
All Other Fees | $- | $- |
A Amounts may reflect rounding.
“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.
“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.
“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.
Assurance services must be performed by an independent public accountant.
* * *
The aggregate non-audit fees billed by Deloitte Entities for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:
Billed By | September 30, 2022A | September 30, 2021A | |||
Deloitte Entities | $468,200 | $531,900 |
|
A Amounts may reflect rounding.
The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.
Audit Committee Pre-Approval Policies and Procedures
The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.
All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.
Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.
Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)
There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund’s(s’) last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable.
Item 7.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the trust’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust’s internal control over financial reporting.
Item 12.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 13.
Exhibits
(a) | (1) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. |
(a) | (2) | |
(a) | (3) | Not applicable. |
(b) |
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.
Fidelity Summer Street Trust
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | November 21, 2022 |
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/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | November 21, 2022 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | November 21, 2022 |