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| Bank Loan Obligations - 88.1% |
| | | Principal Amount (a) | Value ($) |
| Aerospace - 0.9% | | | |
| ADS Tactical, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.750% 11.1946% 3/19/26 (b)(c)(d) | | 301,061 | 301,564 |
| Gemini HDPE LLC Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.000% 8.5743% 12/31/27 (b)(c)(d) | | 264,307 | 263,514 |
| KBR, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.250% 7.5802% 1/21/31 (b)(c)(d) | | 110,000 | 110,138 |
| Ovation Parent, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 3/26/31 (c)(d)(e) | | 240,000 | 240,151 |
| TransDigm, Inc.: | | | |
| 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.5981% 8/24/28 (b)(c)(d) | | 1,042,304 | 1,045,567 |
| Tranche K 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 8.0594% 3/15/30 (b)(c)(d) | | 197,744 | 198,074 |
TOTAL AEROSPACE | | | 2,159,008 |
| Air Transportation - 1.4% | | | |
| AAdvantage Loyalty IP Ltd. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.750% 10.3294% 4/20/28 (b)(c)(d) | | 436,503 | 452,811 |
| Air Canada Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.500% 7.833% 3/14/31 (b)(c)(d) | | 205,000 | 205,129 |
| Echo Global Logistics, Inc. 1LN, term loan: | | | |
| CME Term SOFR 1 Month Index + 3.500% 8.9302% 11/23/28 (b)(c)(d) | | 551,567 | 542,803 |
| CME Term SOFR 3 Month Index + 4.750% 10.1802% 11/23/28 (b)(c)(d)(f) | | 339,825 | 339,825 |
| Mileage Plus Holdings LLC Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 5.250% 10.7325% 7/2/27 (b)(c)(d) | | 604,500 | 621,740 |
| Rand Parent LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.5594% 3/17/30 (b)(c)(d) | | 293,433 | 293,618 |
| SkyMiles IP Ltd. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.750% 9.0678% 10/20/27 (b)(c)(d) | | 322,500 | 332,310 |
| United Airlines, Inc. Tranche 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 8.0757% 2/24/31 (b)(c)(d) | | 530,000 | 529,915 |
TOTAL AIR TRANSPORTATION | | | 3,318,151 |
| Automotive & Auto Parts - 1.3% | | | |
| American Trailer World Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1763% 3/5/28 (b)(c)(d) | | 389,312 | 379,354 |
| Belron Finance U.S. LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.250% 7.664% 4/13/29 (b)(c)(d) | | 94,525 | 94,525 |
| Clarios Global LP Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.3302% 5/6/30 (b)(c)(d) | | 498,750 | 499,528 |
| CWGS Group LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.500% 7.9431% 6/3/28 (b)(c)(d) | | 709,717 | 690,647 |
| Ls Group Opco Acquistion LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.6843% 11/2/27 (b)(c)(d) | | 428,069 | 427,937 |
| PECF USS Intermediate Holding III Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.8243% 12/17/28 (b)(c)(d) | | 415,438 | 315,059 |
| RVR Dealership Holdings LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 9.1787% 2/8/28 (b)(c)(d) | | 382,065 | 357,039 |
| Wand NewCo 3, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.0763% 1/20/31 (b)(c)(d) | | 410,000 | 410,959 |
TOTAL AUTOMOTIVE & AUTO PARTS | | | 3,175,048 |
| Banks & Thrifts - 1.0% | | | |
| Citadel Securities LP Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.250% 7.5773% 7/29/30 (b)(c)(d) | | 995,130 | 993,826 |
| CQP Holdco LP Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.000% 8.3019% 12/31/30 (b)(c)(d) | | 1,095,116 | 1,098,248 |
| Deerfield Dakota Holding LLC Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.750% 9.0594% 4/9/27 (b)(c)(d) | | 0 | 0 |
| Novae LLC 1LN, term loan CME Term SOFR 3 Month Index + 5.000% 10.4785% 12/22/28 (b)(c)(d) | | 245,000 | 242,959 |
| Superannuation & Investments U.S. LLC 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1946% 12/1/28 (b)(c)(d) | | 180,838 | 180,747 |
| Walker & Dunlop, Inc. Tranche B2 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.4302% 12/16/28 (b)(c)(d)(f) | | 29,700 | 29,626 |
TOTAL BANKS & THRIFTS | | | 2,545,406 |
| Broadcasting - 1.6% | | | |
| AppLovin Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.500% 7.8302% 8/19/30 (b)(c)(d) | | 800,504 | 799,504 |
| Diamond Sports Group LLC: | | | |
| 1LN, term loan CME Term SOFR 1 Month Index + 8.000% 15.4256% 8/24/26 (b)(c)(d) | | 108,555 | 103,398 |
| 2LN, term loan CME Term SOFR 1 Month Index + 3.250% 10.6625% (b)(c)(d)(g) | | 1,664,487 | 44,741 |
| term loan 10% 8/2/27 (d) | | 109,105 | 177,705 |
| Dotdash Meredith, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.4256% 12/1/28 (b)(c)(d) | | 829,337 | 820,695 |
| Nexstar Media, Inc. Tranche B, term loan CME Term SOFR 1 Month Index + 2.500% 7.9446% 9/19/26 (b)(c)(d) | | 443,112 | 442,988 |
| Sinclair Television Group, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.500% 7.9446% 9/30/26 (b)(c)(d) | | 458,284 | 434,339 |
| Univision Communications, Inc.: | | | |
| 1LN, term loan CME Term SOFR 3 Month Index + 4.250% 9.5594% 6/24/29 (b)(c)(d) | | 142,463 | 142,569 |
| Tranche B 1LN, term loan: | | | |
CME Term SOFR 1 Month Index + 3.250% 8.6907% 3/24/26 (b)(c)(d) | | 237,035 | 237,199 |
CME Term SOFR 1 Month Index + 3.250% 8.6946% 1/31/29 (b)(c)(d) | | 803,600 | 800,755 |
TOTAL BROADCASTING | | | 4,003,893 |
| Building Materials - 2.8% | | | |
| Acproducts Holdings, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.250% 9.8135% 5/17/28 (b)(c)(d) | | 1,009,202 | 917,748 |
| APi Group DE, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.500% 7.9418% 1/3/29 (b)(c)(d) | | 487,791 | 488,503 |
| Beacon Roofing Supply, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.000% 7.3302% 5/19/28 (b)(c)(d) | | 130,000 | 130,049 |
| Chariot Buyer LLC Tranche B 1LN, term loan: | | | |
| CME Term SOFR 1 Month Index + 3.500% 8.6802% 10/22/28 (b)(c)(d) | | 54,860 | 54,743 |
| CME Term SOFR 1 Month Index + 3.750% 9.0802% 11/3/28 (b)(c)(d) | | 185,000 | 185,231 |
| Core & Main LP Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.250% 7.5643% 2/10/31 (b)(c)(d) | | 150,000 | 149,438 |
| Hunter Douglas, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.500% 8.8238% 2/25/29 (b)(c)(d) | | 1,740,811 | 1,717,693 |
| Janus International Group LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.6226% 8/3/30 (b)(c)(d) | | 79,600 | 79,819 |
| Miwd Holdco Ii LLC Tranche B2, term loan CME Term SOFR 1 Month Index + 3.500% 3/20/31 (c)(d)(e) | | 150,000 | 150,563 |
| OPE USIC Holdings, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 9.1059% 5/14/28 (b)(c)(d) | | 386,113 | 385,058 |
| Oscar AcquisitionCo LLC 1LN, term loan CME Term SOFR 3 Month Index + 4.500% 9.9019% 4/29/29 (b)(c)(d) | | 680,105 | 681,383 |
| Smyrna Ready Mix Concrete LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.8288% 4/2/29 (b)(c)(d) | | 176,602 | 177,485 |
| SRS Distribution, Inc. Tranche B 1LN, term loan: | | | |
| CME Term SOFR 1 Month Index + 3.500% 8.9446% 6/4/28 (b)(c)(d) | | 645,558 | 649,489 |
| CME Term SOFR 3 Month Index + 3.250% 8.6802% 6/2/28 (b)(c)(d) | | 195,805 | 196,712 |
| Standard Industries, Inc./New Jersey Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.250% 7.6933% 9/22/28 (b)(c)(d) | | 157,526 | 157,526 |
| Traverse Midstream Partners Ll Tranche B, term loan CME Term SOFR 1 Month Index + 3.500% 8.8174% 2/16/28 (b)(c)(d) | | 238,303 | 238,528 |
| White Capital Buyer LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 9.0763% 10/19/27 (b)(c)(d) | | 474,197 | 475,430 |
TOTAL BUILDING MATERIALS | | | 6,835,398 |
| Cable/Satellite TV - 1.6% | | | |
| Charter Communication Operating LLC Tranche B2 1LN, term loan CME Term SOFR 1 Month Index + 1.750% 7.0763% 2/1/27 (b)(c)(d) | | 1,385,270 | 1,384,924 |
| Coral-U.S. Co.-Borrower LLC Tranche B, term loan CME Term SOFR 1 Month Index + 2.250% 7.6898% 1/31/28 (b)(c)(d) | | 775,000 | 763,499 |
| CSC Holdings LLC: | | | |
| Tranche B 5LN, term loan CME Term SOFR 1 Month Index + 2.500% 7.9398% 4/15/27 (b)(c)(d) | | 350,303 | 314,709 |
| Tranche B6 LN, term loan CME Term SOFR 1 Month Index + 4.500% 9.8253% 1/18/28 (b)(c)(d) | | 476,437 | 457,528 |
| Virgin Media Bristol LLC: | | | |
| Tranche N, term loan CME Term SOFR 1 Month Index + 2.500% 7.9398% 1/31/28 (b)(c)(d) | | 500,000 | 492,065 |
| Tranche Y 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.7899% 3/6/31 (b)(c)(d) | | 405,000 | 398,204 |
TOTAL CABLE/SATELLITE TV | | | 3,810,929 |
| Capital Goods - 0.6% | | | |
| Chart Industries, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.6726% 3/17/30 (b)(c)(d) | | 460,578 | 461,154 |
| CPM Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.500% 9.8256% 9/28/28 (b)(c)(d) | | 217,183 | 217,261 |
| Griffon Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 7.7019% 1/24/29 (b)(c)(d) | | 345,303 | 345,196 |
| TK Elevator U.S. Newco, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 4/11/30 (c)(d)(e) | | 295,000 | 295,861 |
| TNT Crane & Rigging LLC 2LN, term loan 3 month U.S. LIBOR + 8.750% 14.3418% 4/16/25 (b)(c)(d)(f) | | 246,589 | 234,580 |
TOTAL CAPITAL GOODS | | | 1,554,052 |
| Chemicals - 3.7% | | | |
| A-Gas Finco, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.250% 10.5594% 12/14/29 (b)(c)(d) | | 305,000 | 294,834 |
| ARC Falcon I, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 8.9302% 9/30/28 (b)(c)(d) | | 594,293 | 593,182 |
| Aruba Investment Holdings LLC: | | | |
| 2LN, term loan CME Term SOFR 1 Month Index + 7.750% 13.1802% 11/24/28 (b)(c)(d) | | 135,000 | 133,650 |
| Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.4302% 11/24/27 (b)(c)(d) | | 485,940 | 484,118 |
| Avient Corp. Tranche B7 1LN, term loan CME Term SOFR 1 Month Index + 2.500% 7.8257% 8/29/29 (b)(c)(d) | | 108,269 | 108,320 |
| Bakelite U.S. Holding Ltd. 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.4981% 5/27/29 (b)(c)(d) | | 443,871 | 443,595 |
| Consolidated Energy Finance SA Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.500% 9.8273% 11/15/30 (b)(c)(d) | | 500,000 | 482,345 |
| CPC Acquisition Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.321% 12/29/27 (b)(c)(d) | | 239,073 | 200,941 |
| Cyanco Intermediate 2 Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.750% 10.0773% 7/7/28 (b)(c)(d) | | 89,475 | 89,736 |
| Derby Buyer LLC 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.5756% 11/1/30 (b)(c)(d) | | 330,000 | 331,752 |
| Discovery Purchaser Corp. 1LN, term loan CME Term SOFR 3 Month Index + 4.370% 9.7052% 10/4/29 (b)(c)(d) | | 726,838 | 725,733 |
| Groupe Solmax, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.750% 10.2572% 5/27/28 (b)(c)(d) | | 478,760 | 469,860 |
| Herens U.S. Holdco Corp. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.920% 9.3344% 7/3/28 (b)(c)(d) | | 321,036 | 301,481 |
| Hexion Holdings Corp. 1LN, term loan CME Term SOFR 3 Month Index + 4.500% 9.9757% 3/15/29 (b)(c)(d) | | 708,095 | 696,085 |
| Hexion, Inc. 2LN, term loan CME Term SOFR 1 Month Index + 7.430% 12.8677% 3/15/30 (b)(c)(d) | | 170,000 | 149,600 |
| INEOS U.S. Petrochem LLC: | | | |
| 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1802% 3/1/30 (b)(c)(d) | | 138,950 | 138,516 |
| Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.6802% 4/2/29 (b)(c)(d) | | 495,000 | 492,837 |
| Manchester Acquisition Sub LLC Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 5.750% 11.2413% 12/1/26 (b)(c)(d) | | 263,298 | 246,265 |
| Nouryon U.S.A. LLC Tranche B 1LN, term loan: | | | |
| CME Term SOFR 1 Month Index + 4.000% 9.4191% 4/3/28 (b)(c)(d) | | 394,339 | 394,930 |
| CME Term SOFR 1 Month Index + 4.000% 9.4226% 4/3/28 (b)(c)(d) | | 173,688 | 174,122 |
| Olympus Water U.S. Holding Corp. Tranche B 1LN, term loan: | | | |
| CME Term SOFR 1 Month Index + 4.250% 9.5658% 11/9/28 (b)(c)(d) | | 303,477 | 304,047 |
| CME Term SOFR 3 Month Index + 3.750% 9.321% 11/9/28 (b)(c)(d) | | 571,019 | 570,876 |
| The Chemours Co. LLC Tranche B2 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.8302% 8/18/28 (b)(c)(d) | | 807,643 | 803,605 |
| Touchdown Acquirer, Inc. Tranche B 1LN, term loan: | | | |
| CME Term SOFR 1 Month Index + 4.000% 2/7/31 (c)(d)(h) | | 52,096 | 52,226 |
| CME Term SOFR 1 Month Index + 4.000% 9.314% 2/21/31 (b)(c)(d) | | 237,904 | 238,499 |
| W.R. Grace Holding LLC Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.750% 9.321% 9/22/28 (b)(c)(d) | | 143,896 | 143,896 |
TOTAL CHEMICALS | | | 9,065,051 |
| Consumer Products - 2.7% | | | |
| 19Th Holdings Golf LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.6726% 2/7/29 (b)(c)(d) | | 457,297 | 445,581 |
| Aip Rd Buyer Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.3263% 12/23/28 (b)(c)(d) | | 437,800 | 438,347 |
| BCPE Empire Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.3302% 12/25/28 (b)(c)(d) | | 866,532 | 866,914 |
| Bombardier Recreational Products, Inc.: | | | |
| Tranche B3 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 8.0802% 12/13/29 (b)(c)(d) | | 301,199 | 301,091 |
| Tranche B4 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 8.0802% 1/22/31 (b)(c)(d) | | 154,381 | 154,188 |
| CNT Holdings I Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.8174% 11/8/27 (b)(c)(d) | | 599,747 | 600,497 |
| Conair Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1918% 5/17/28 (b)(c)(d) | | 249,361 | 246,712 |
| Foundation Building Materials, Inc. Tranche B2 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.3127% 1/29/31 (b)(c)(d) | | 555,000 | 556,943 |
| Kodiak BP LLC Tranche B2 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 3/12/28 (c)(d)(e) | | 120,000 | 120,000 |
| Kronos Acquisition Holdings, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.750% 9.3135% 12/22/26 (b)(c)(d) | | 508,550 | 508,743 |
| Mattress Firm, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.250% 9.8135% 9/24/28 (b)(c)(d) | | 503,266 | 503,644 |
| Petco Health & Wellness Co., Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.250% 8.821% 3/4/28 (b)(c)(d) | | 279,358 | 257,917 |
| Runner Buyer, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 5.500% 10.9576% 10/21/28 (b)(c)(d) | | 249,900 | 188,050 |
| Sweetwater Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.6946% 8/5/28 (b)(c)(d) | | 502,134 | 502,761 |
| Windsor Holdings III, LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.3263% 8/1/30 (b)(c)(d) | | 568,975 | 570,045 |
| Woof Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.321% 12/21/27 (b)(c)(d) | | 393,585 | 310,932 |
TOTAL CONSUMER PRODUCTS | | | 6,572,365 |
| Containers - 2.4% | | | |
| AOT Packaging Products AcquisitionCo LLC 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.6918% 3/3/28 (b)(c)(d) | | 505,139 | 498,824 |
| Berlin Packaging, LLC Tranche B 1LN, term loan: | | | |
| CME Term SOFR 3 Month Index + 3.250% 8.5878% 3/11/28 (b)(c)(d) | | 87,300 | 86,907 |
| CME Term SOFR 3 Month Index + 3.750% 9.1954% 3/11/28 (b)(c)(d) | | 753,805 | 754,235 |
| Berry Global, Inc. Tranche AA 1LN, term loan CME Term SOFR 1 Month Index + 1.750% 7.1822% 7/1/29 (b)(c)(d) | | 424,139 | 423,893 |
| Canister International Group, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 3/13/29 (c)(d)(e) | | 615,000 | 615,769 |
| Charter Next Generation, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.8263% 12/1/27 (b)(c)(d) | | 545,900 | 546,708 |
| Graham Packaging Co., Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.4446% 8/4/27 (b)(c)(d) | | 751,935 | 751,612 |
| Kloeckner Pentaplast of America, Inc. Tranche B 1LN, term loan CME Term SOFR 6 Month Index + 4.750% 10.2675% 2/9/26 (b)(c)(d) | | 514,873 | 482,693 |
| Pactiv Evergreen Group Holdings, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.6946% 9/24/28 (b)(c)(d) | | 419,250 | 420,474 |
| Pregis TopCo Corp. 1LN, term loan: | | | |
| CME Term SOFR 1 Month Index + 3.750% 9.0802% 8/3/26 (b)(c)(d) | | 279,167 | 279,416 |
| CME Term SOFR 1 Month Index + 3.750% 9.1946% 8/1/26 (b)(c)(d) | | 243,750 | 243,750 |
| Reynolds Consumer Products LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 1.750% 7.1802% 1/30/27 (b)(c)(d) | | 517,968 | 518,657 |
| Ring Container Technologies Group LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9446% 8/12/28 (b)(c)(d) | | 114,079 | 114,269 |
| SupplyOne, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 3/27/31 (c)(d)(e) | | 120,000 | 119,326 |
TOTAL CONTAINERS | | | 5,856,533 |
| Diversified Financial Services - 4.1% | | | |
| AlixPartners LLP Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 7.9446% 2/4/28 (b)(c)(d) | | 483,439 | 483,830 |
| Aretec Group, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.500% 9.9273% 8/9/30 (b)(c)(d) | | 631,568 | 634,726 |
| BCP Renaissance Parent LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.8285% 10/31/28 (b)(c)(d) | | 406,472 | 407,362 |
| Broadstreet Partners, Inc.: | | | |
| Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.6907% 1/27/27 (b)(c)(d) | | 180,375 | 180,252 |
| Tranche B3 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.0763% 1/26/29 (b)(c)(d) | | 323,639 | 324,286 |
| Clue Opco LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.500% 9.8273% 12/19/30 (b)(c)(d) | | 492,311 | 484,680 |
| Eagle 4 Ltd. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.750% 9.321% 7/12/28 (b)(c)(d) | | 238,677 | 238,677 |
| FinCo I LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.3127% 6/27/29 (b)(c)(d) | | 91,645 | 91,740 |
| Fleet U.S. Bidco, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.5659% 2/3/31 (b)(c)(d) | | 240,000 | 240,000 |
| Focus Financial Partners LLC: | | | |
| Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.500% 7.8302% 6/24/28 (b)(c)(d) | | 121,620 | 121,058 |
| Tranche B7 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 8.0802% 6/30/28 (b)(c)(d) | | 374,312 | 372,908 |
| Fugue Finance LLC Tranche B 1LN, term loan: | | | |
| CME Term SOFR 1 Month Index + 3.750% 9.0738% 2/26/31 (b)(c)(d) | | 120,000 | 120,187 |
| CME Term SOFR 1 Month Index + 4.000% 9.3432% 1/26/28 (b)(c)(d) | | 228,271 | 228,556 |
| GTCR W-2 Merger Sub LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.3094% 1/31/31 (b)(c)(d) | | 1,595,000 | 1,599,322 |
| HarbourVest Partners LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.500% 7.8432% 4/22/30 (b)(c)(d) | | 467,506 | 467,506 |
| Heubach Holding U.S.A. LLC Tranche CME, term loan CME Term SOFR 1 Month Index + 10.000% 15.5868% 4/30/24 (b)(c)(d)(f) | | 49,884 | 48,387 |
| Hightower Holding LLC Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.5857% 4/21/28 (b)(c)(d) | | 501,626 | 501,626 |
| IVI America LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.500% 3/15/31 (c)(d)(e) | | 140,000 | 139,825 |
| Jane Street Group LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.500% 7.9418% 1/26/28 (b)(c)(d) | | 279,278 | 279,348 |
| LSF11 Trinity Bidco, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.3288% 6/17/30 (b)(c)(d) | | 83,155 | 83,363 |
| Nexus Buyer LLC: | | | |
| 2LN, term loan CME Term SOFR 1 Month Index + 6.250% 11.6773% 11/1/29 (b)(c)(d) | | 220,000 | 218,258 |
| Tranche B 1LN, term loan: | | | |
CME Term SOFR 1 Month Index + 3.750% 9.1773% 11/8/26 (b)(c)(d) | | 64,662 | 64,432 |
CME Term SOFR 1 Month Index + 4.500% 9.8273% 12/13/28 (b)(c)(d) | | 537,000 | 532,135 |
| Recess Holdings, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.500% 9.8432% 2/14/30 (b)(c)(d) | | 295,000 | 295,923 |
| TransUnion LLC: | | | |
| Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.000% 7.3273% 12/1/28 (b)(c)(d) | | 190,079 | 189,889 |
| Tranche B5 1LN, term loan CME Term SOFR 1 Month Index + 1.750% 7.1773% 11/16/26 (b)(c)(d) | | 416,050 | 415,626 |
| UFC Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 8.3357% 4/29/26 (b)(c)(d) | | 202,838 | 203,091 |
| WH Borrower LLC Tranche B 1LN, term loan: | | | |
| CME Term SOFR 1 Month Index + 5.500% 10.8165% 2/9/27 (b)(c)(d) | | 607,657 | 604,242 |
| CME Term SOFR 1 Month Index + 5.500% 10.8165% 2/15/27 (b)(c)(d) | | 411,770 | 410,741 |
TOTAL DIVERSIFIED FINANCIAL SERVICES | | | 9,981,976 |
| Diversified Media - 0.7% | | | |
| Advantage Sales & Marketing, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.500% 10.0918% 10/28/27 (b)(c)(d) | | 372,643 | 373,109 |
| Allen Media LLC Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 5.500% 10.9594% 2/10/27 (b)(c)(d) | | 753,519 | 654,853 |
| CMG Media Corp. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.500% 8.9094% 12/17/26 (b)(c)(d) | | 931,429 | 809,346 |
TOTAL DIVERSIFIED MEDIA | | | 1,837,308 |
| Energy - 2.2% | | | |
| Apro LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1857% 11/14/26 (b)(c)(d) | | 390,799 | 391,190 |
| Array Technologies, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.250% 8.6932% 10/14/27 (b)(c)(d) | | 313,494 | 312,710 |
| BW Gas & Convenience Holdings LLC Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.500% 8.9446% 3/17/28 (b)(c)(d) | | 272,300 | 269,577 |
| Delek U.S. Holdings, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9302% 11/19/29 (b)(c)(d) | | 548,916 | 548,230 |
| EG America LLC Tranche BC 1LN, term loan CME Term SOFR 1 Month Index + 5.500% 11.2383% 2/7/28 (b)(c)(d) | | 805,160 | 799,122 |
| Enstall Group BV Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.750% 10.571% 8/27/28 (b)(c)(d) | | 223,750 | 211,444 |
| GIP II Blue Holding LP Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.500% 9.9418% 9/29/28 (b)(c)(d) | | 649,383 | 650,701 |
| GIP III Stetson I LP Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.6802% 10/5/28 (b)(c)(d) | | 363,867 | 364,868 |
| New Fortress Energy, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.3174% 10/30/28 (b)(c)(d) | | 937,650 | 939,994 |
| Par Petroleum LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.6932% 2/14/30 (b)(c)(d) | | 198,112 | 198,173 |
| Prairie ECI Acquiror LP Tranche 1LN, term loan CME Term SOFR 1 Month Index + 4.750% 10.0713% 8/1/29 (b)(c)(d) | | 180,000 | 179,197 |
| Rockwood Service Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.6918% 1/23/27 (b)(c)(d) | | 311,847 | 312,548 |
| Win Waste Innovations Holdings Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 8.1907% 3/25/28 (b)(c)(d) | | 312,023 | 289,686 |
TOTAL ENERGY | | | 5,467,440 |
| Entertainment/Film - 0.3% | | | |
| AP Core Holdings II LLC: | | | |
| Tranche B1 1LN, term loan CME Term SOFR 1 Month Index + 5.500% 10.9407% 9/1/27 (b)(c)(d) | | 175,000 | 171,325 |
| Tranche B2 1LN, term loan CME Term SOFR 1 Month Index + 5.500% 10.9407% 9/1/27 (b)(c)(d) | | 570,000 | 557,318 |
TOTAL ENTERTAINMENT/FILM | | | 728,643 |
| Environmental - 0.5% | | | |
| Clean Harbors, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 1.750% 7.1946% 10/8/28 (b)(c)(d) | | 209,464 | 209,661 |
| Covanta Holding Corp.: | | | |
| Tranche B 1LN, term loan: | | | |
CME Term SOFR 1 Month Index + 2.500% 7.8273% 11/30/28 (b)(c)(d) | | 198,735 | 198,115 |
CME Term SOFR 1 Month Index + 2.750% 8.0677% 11/30/28 (b)(c)(d) | | 94,598 | 94,446 |
| Tranche C 1LN, term loan: | | | |
CME Term SOFR 1 Month Index + 2.500% 7.8273% 11/30/28 (b)(c)(d) | | 15,190 | 15,143 |
CME Term SOFR 1 Month Index + 2.750% 8.0677% 11/30/28 (b)(c)(d) | | 5,169 | 5,161 |
| Madison IAQ LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.6933% 6/21/28 (b)(c)(d) | | 672,228 | 670,830 |
TOTAL ENVIRONMENTAL | | | 1,193,356 |
| Food & Drug Retail - 0.7% | | | |
| Cardenas Merger Sub, LLC 1LN, term loan CME Term SOFR 6 Month Index + 6.750% 12.1594% 8/1/29 (b)(c)(d) | | 464,535 | 466,277 |
| Froneri U.S., Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.250% 7.6802% 2/1/27 (b)(c)(d) | | 282,330 | 282,387 |
| JP Intermediate B LLC term loan CME Term SOFR 1 Month Index + 5.500% 11.0743% 11/20/27 (b)(c)(d) | | 397,808 | 31,160 |
| Northeast Grocery, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 7.500% 12.8257% 12/5/28 (b)(c)(d) | | 205,000 | 204,658 |
| Primary Products Finance LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9405% 4/2/29 (b)(c)(d) | | 329,175 | 328,823 |
| Upfield U.S.A. Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.750% 10.2131% 1/3/28 (b)(c)(d) | | 494,450 | 491,439 |
TOTAL FOOD & DRUG RETAIL | | | 1,804,744 |
| Food/Beverage/Tobacco - 1.3% | | | |
| 8th Avenue Food & Provisions, Inc.: | | | |
| 2LN, term loan CME Term SOFR 1 Month Index + 7.750% 13.1918% 10/1/26 (b)(c)(d) | | 80,000 | 71,800 |
| Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1907% 10/1/25 (b)(c)(d) | | 134,842 | 132,238 |
| Chobani LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9446% 10/23/27 (b)(c)(d) | | 403,967 | 404,642 |
| Del Monte Foods, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.6802% 5/16/29 (b)(c)(d) | | 712,232 | 600,647 |
| Fiesta Purchaser, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.3274% 2/12/31 (b)(c)(d) | | 390,000 | 390,433 |
| Naked Juice LLC: | | | |
| 1LN, term loan CME Term SOFR 3 Month Index + 3.250% 8.6594% 1/24/29 (b)(c)(d) | | 412,650 | 385,172 |
| 2LN, term loan CME Term SOFR 3 Month Index + 6.000% 11.4019% 1/24/30 (b)(c)(d) | | 185,000 | 148,982 |
| Saratoga Food Specialties LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 3/1/29 (c)(d)(e) | | 145,000 | 144,729 |
| Triton Water Holdings, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.8135% 3/31/28 (b)(c)(d) | | 966,747 | 955,755 |
TOTAL FOOD/BEVERAGE/TOBACCO | | | 3,234,398 |
| Gaming - 4.3% | | | |
| Caesars Entertainment, Inc.: | | | |
| Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.6627% 1/26/30 (b)(c)(d) | | 1,935,450 | 1,938,682 |
| Tranche B1 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 8.0405% 2/6/31 (b)(c)(d) | | 1,020,000 | 1,020,000 |
| Entain Holdings Gibraltar Ltd.: | | | |
| Tranche B2 1LN, term loan CME Term SOFR 3 Month Index + 3.500% 8.9481% 10/31/29 (b)(c)(d) | | 311,561 | 312,664 |
| Tranche B4 1LN, term loan CME Term SOFR 3 Month Index + 2.250% 7.9094% 3/16/27 (b)(c)(d) | | 272,300 | 272,472 |
| Fertitta Entertainment LLC NV Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.0767% 1/27/29 (b)(c)(d) | | 2,563,132 | 2,567,951 |
| Flutter Financing B.V. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.250% 7.6594% 11/25/30 (b)(c)(d) | | 908,723 | 908,232 |
| Golden Entertainment, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 8.1802% 5/26/30 (b)(c)(d) | | 476,400 | 475,805 |
| J&J Ventures Gaming LLC: | | | |
| 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.4446% 4/26/28 (b)(c)(d) | | 277,875 | 275,385 |
| Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.6946% 4/26/28 (b)(c)(d) | | 204,000 | 201,705 |
| Light & Wonder International, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 8.0754% 4/16/29 (b)(c)(d) | | 448,175 | 448,610 |
| Ontario Gaming GTA LP Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.5594% 8/1/30 (b)(c)(d) | | 344,138 | 345,184 |
| PCI Gaming Authority 1LN, term loan CME Term SOFR 1 Month Index + 2.500% 7.9446% 5/29/26 (b)(c)(d) | | 132,866 | 133,018 |
| Scientific Games Holdings LP term loan CME Term SOFR 3 Month Index + 3.500% 8.5802% 4/4/29 (b)(c)(d) | | 780,383 | 779,759 |
| Station Casinos LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.250% 7.5754% 3/7/31 (b)(c)(d) | | 820,000 | 818,417 |
TOTAL GAMING | | | 10,497,884 |
| Healthcare - 5.2% | | | |
| AHP Health Partners, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9418% 8/24/28 (b)(c)(d) | | 293,163 | 293,530 |
| Avantor Funding, Inc. Tranche B5 1LN, term loan CME Term SOFR 1 Month Index + 2.250% 7.6802% 11/6/27 (b)(c)(d) | | 212,312 | 212,408 |
| Charlotte Buyer, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.250% 10.5677% 2/12/28 (b)(c)(d) | | 167,875 | 168,276 |
| Elanco Animal Health, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 1.750% 7.1756% 8/1/27 (b)(c)(d) | | 580,591 | 578,205 |
| Electron BidCo, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.4446% 11/1/28 (b)(c)(d) | | 175,612 | 175,886 |
| Embecta Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.3263% 3/31/29 (b)(c)(d) | | 304,878 | 281,970 |
| Gainwell Acquisition Corp. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.4094% 10/1/27 (b)(c)(d) | | 1,707,294 | 1,629,612 |
| HAH Group Holding Co. LLC: | | | |
| 1LN, term loan: | | | |
CME Term SOFR 1 Month Index + 5.000% 10.44% 10/29/27 (b)(c)(d) | | 26,494 | 26,328 |
CME Term SOFR 3 Month Index + 5.000% 10.44% 10/29/27 (b)(c)(d) | | 389,098 | 386,667 |
| Tranche DD 1LN, term loan CME Term SOFR 3 Month Index + 5.000% 10.44% 10/29/27 (b)(c)(d) | | 3,352 | 3,332 |
| ICU Medical, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.500% 7.9981% 1/6/29 (b)(c)(d) | | 313,600 | 313,111 |
| Insulet Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.3302% 5/4/28 (b)(c)(d) | | 1,101,836 | 1,102,750 |
| Jazz Financing Lux SARL Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.4446% 5/5/28 (b)(c)(d) | | 901,652 | 906,161 |
| MED ParentCo LP: | | | |
| 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.6946% 8/31/26 (b)(c)(d) | | 272,407 | 271,726 |
| 2LN, term loan CME Term SOFR 1 Month Index + 8.250% 13.6946% 8/30/27 (b)(c)(d) | | 180,000 | 179,719 |
| Medline Borrower LP Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.4407% 10/23/28 (b)(c)(d) | | 1,714,103 | 1,717,788 |
| Organon & Co. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.000% 8.4332% 6/2/28 (b)(c)(d) | | 572,777 | 574,449 |
| Pacific Dental Services, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 3/10/31 (c)(d)(e) | | 195,000 | 194,594 |
| Packaging Coordinators Midco, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.500% 9.071% 11/30/27 (b)(c)(d) | | 558,057 | 558,833 |
| Pathway Vet Alliance LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1946% 3/31/27 (b)(c)(d) | | 175,892 | 153,796 |
| Phoenix Guarantor, Inc. term loan CME Term SOFR 1 Month Index + 3.250% 8.5773% 2/21/31 (b)(c)(d) | | 330,000 | 325,509 |
| Phoenix Newco, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.6918% 11/15/28 (b)(c)(d) | | 1,082,570 | 1,084,649 |
| Surgery Center Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.8288% 12/19/30 (b)(c)(d) | | 326,914 | 328,231 |
| U.S. Anesthesia Partners, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.6901% 10/1/28 (b)(c)(d) | | 94,928 | 90,564 |
| Upstream Newco, Inc. 1LN, term loan 1 month U.S. LIBOR + 4.250% 9.8243% 11/20/26 (b)(c)(d) | | 285,305 | 267,830 |
| VetStrategy Canada Holdings, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.500% 10.8094% 11/16/28 (b)(c)(d) | | 488,775 | 488,927 |
| WCG Intermediate Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.4407% 1/8/27 (b)(c)(d) | | 339,173 | 339,092 |
TOTAL HEALTHCARE | | | 12,653,943 |
| Homebuilders/Real Estate - 0.7% | | | |
| Chromalloy Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 3/21/31 (c)(d)(e) | | 220,000 | 219,083 |
| Cushman & Wakefield U.S. Borrower LLC Tranche B 1LN, term loan: | | | |
| CME Term SOFR 1 Month Index + 2.750% 8.1946% 8/21/25 (b)(c)(d) | | 23,477 | 23,411 |
| CME Term SOFR 1 Month Index + 3.250% 8.6802% 1/31/30 (b)(c)(d) | | 321,656 | 320,450 |
| CME Term SOFR 1 Month Index + 4.000% 9.3302% 1/31/30 (b)(c)(d) | | 144,638 | 144,818 |
| Fluidra Finco SL Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.000% 7.3552% 1/27/29 (b)(c)(d) | | 220,626 | 220,129 |
| Greystar Real Estate Partners Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.5757% 8/21/30 (b)(c)(d) | | 403,539 | 403,539 |
| Jones DesLauriers Insurance Management, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.8048% 3/15/30 (b)(c)(d) | | 205,000 | 204,807 |
| Ryan Specialty Group LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 8.0802% 9/1/27 (b)(c)(d) | | 284,357 | 284,499 |
TOTAL HOMEBUILDERS/REAL ESTATE | | | 1,820,736 |
| Hotels - 1.9% | | | |
| ASP LS Acquisition Corp. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.500% 10.3958% 5/7/28 (b)(c)(d) | | 365,625 | 339,848 |
| BRE/Everbright M6 Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.4209% 9/9/26 (b)(c)(d) | | 130,414 | 129,979 |
| Carnival Finance LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.6946% 10/18/28 (b)(c)(d) | | 476,238 | 476,338 |
| Four Seasons Hotels Ltd. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.000% 7.4302% 11/30/29 (b)(c)(d) | | 74,063 | 74,091 |
| Hilton Grand Vacations Borrower LLC Tranche B 1LN, term loan: | | | |
| CME Term SOFR 1 Month Index + 2.750% 8.0773% 1/17/31 (b)(c)(d) | | 305,000 | 305,476 |
| CME Term SOFR 1 Month Index + 3.000% 8.1918% 8/2/28 (b)(c)(d) | | 1,479,439 | 1,480,371 |
| Hilton Worldwide Finance LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.000% 7.4294% 11/8/30 (b)(c)(d) | | 126,445 | 126,633 |
| Marriott Ownership Resorts, Inc. Tranche B 1LN, term loan: | | | |
| CME Term SOFR 1 Month Index + 1.750% 7.1802% 8/31/25 (b)(c)(d) | | 397,104 | 395,516 |
| CME Term SOFR 1 Month Index + 2.250% 3/14/31 (c)(d)(e) | | 100,000 | 99,500 |
| Oravel Stays Singapore Pte Ltd. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 8.250% 13.8401% 6/23/26 (b)(c)(d) | | 164,146 | 161,137 |
| Playa Resorts Holding BV Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 8.5788% 1/5/29 (b)(c)(d) | | 296,597 | 297,277 |
| Travelport Finance Luxembourg SARL 1LN, term loan CME Term SOFR 1 Month Index + 7.000% 13.6095% 9/29/28 (b)(c)(d) | | 722,389 | 671,374 |
TOTAL HOTELS | | | 4,557,540 |
| Insurance - 5.9% | | | |
| Acrisure LLC: | | | |
| Tranche B 1LN, term loan: | | | |
CME Term SOFR 1 Month Index + 3.500% 8.9446% 2/15/27 (b)(c)(d) | | 1,109,956 | 1,107,581 |
CME Term SOFR 1 Month Index + 4.250% 9.6946% 2/15/27 (b)(c)(d) | | 869,620 | 870,707 |
| Tranche B5 1LN, term loan CME Term SOFR 1 Month Index + 4.500% 9.8302% 11/6/30 (b)(c)(d) | | 722,575 | 724,381 |
| Alliant Holdings Intermediate LLC Tranche B6 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.8267% 11/6/30 (b)(c)(d) | | 649,137 | 651,571 |
| AmWINS Group, Inc. Tranche B 1LN, term loan: | | | |
| CME Term SOFR 1 Month Index + 2.250% 7.6946% 2/19/28 (b)(c)(d) | | 583,539 | 583,440 |
| CME Term SOFR 1 Month Index + 2.750% 8.1946% 2/19/28 (b)(c)(d) | | 138,250 | 138,384 |
| Amynta Agency Borrower, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.5519% 2/28/28 (b)(c)(d) | | 282,866 | 283,751 |
| AssuredPartners, Inc.: | | | |
| Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9418% 2/13/27 (b)(c)(d) | | 435,663 | 435,937 |
| Tranche B4 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.0773% 2/13/27 (b)(c)(d) | | 124,375 | 124,427 |
| Tranche B5 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.8214% 2/14/31 (b)(c)(d) | | 175,000 | 175,165 |
| Asurion LLC: | | | |
| 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.4273% 8/19/28 (b)(c)(d) | | 984,936 | 946,563 |
| Tranche B11 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.6773% 8/19/28 (b)(c)(d) | | 844,970 | 814,129 |
| Tranche B3 2LN, term loan CME Term SOFR 1 Month Index + 5.250% 10.6918% 1/31/28 (b)(c)(d) | | 1,340,000 | 1,202,650 |
| Tranche B4 2LN, term loan CME Term SOFR 1 Month Index + 5.250% 10.6918% 1/20/29 (b)(c)(d) | | 630,000 | 561,191 |
| Tranche B8 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.6918% 12/23/26 (b)(c)(d) | | 967,500 | 946,418 |
| Tranche B9 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.6918% 7/31/27 (b)(c)(d) | | 586,850 | 562,854 |
| HUB International Ltd. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.5741% 6/20/30 (b)(c)(d) | | 1,819,802 | 1,820,130 |
| Truist Insurance Holdings LLC: | | | |
| 2L, term loan CME Term SOFR 1 Month Index + 4.750% 3/8/32 (c)(d)(e) | | 800,000 | 804,000 |
| Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 3/22/31 (c)(d)(e) | | 935,000 | 933,439 |
| USI, Inc. Tranche B 1LN, term loan: | | | |
| CME Term SOFR 1 Month Index + 3.000% 8.3019% 11/22/29 (b)(c)(d) | | 738,924 | 738,821 |
| CME Term SOFR 1 Month Index + 3.250% 8.5519% 9/27/30 (b)(c)(d) | | 124,375 | 124,414 |
TOTAL INSURANCE | | | 14,549,953 |
| Leisure - 2.3% | | | |
| Alterra Mountain Co. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9446% 8/17/28 (b)(c)(d) | | 352,228 | 353,256 |
| America Sports Co. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.5757% 2/17/31 (b)(c)(d) | | 185,000 | 185,000 |
| Arcis Golf LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1918% 11/24/28 (b)(c)(d) | | 260,974 | 261,410 |
| Carnival Finance LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.3187% 8/8/27 (b)(c)(d) | | 387,075 | 387,319 |
| City Football Group Ltd. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.4432% 7/21/28 (b)(c)(d) | | 908,377 | 906,678 |
| ClubCorp Holdings, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.5635% 9/18/26 (b)(c)(d) | | 425,737 | 426,082 |
| Crown Finance U.S., Inc. 1LN, term loan CME Term SOFR 1 Month Index + 8.500% 13.9418% 7/31/28 (b)(c)(d) | | 157,876 | 160,288 |
| Delta 2 SARL Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 7.5594% 1/15/30 (b)(c)(d) | | 630,000 | 630,158 |
| Fitness International LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.250% 10.5773% 1/30/29 (b)(c)(d) | | 220,000 | 216,700 |
| Herschend Entertainment Co. LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 8.3263% 8/27/28 (b)(c)(d) | | 185,250 | 185,482 |
| Lids Holdings, Inc. 1LN, term loan CME Term SOFR 3 Month Index + 5.500% 10.9795% 12/14/26 (b)(c)(d) | | 268,275 | 266,934 |
| SeaWorld Parks & Entertainment, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.500% 7.8302% 8/25/28 (b)(c)(d) | | 292,517 | 292,005 |
| Topgolf Callaway Brands Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.3273% 3/9/30 (b)(c)(d) | | 719,022 | 719,173 |
| United PF Holdings LLC: | | | |
| 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.5743% 12/30/26 (b)(c)(d) | | 599,021 | 528,139 |
| 2LN, term loan 3 month U.S. LIBOR + 8.500% 14.0743% 12/30/27 (b)(c)(d) | | 125,000 | 100,625 |
| Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 8.500% 14.0743% 12/30/26 (b)(c)(d)(f) | | 130,275 | 120,504 |
TOTAL LEISURE | | | 5,739,753 |
| Metals/Mining - 0.1% | | | |
| Arsenal AIC Parent LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.0802% 8/19/30 (b)(c)(d) | | 308,452 | 309,146 |
| Paper - 0.7% | | | |
| Ahlstrom-Munksjo OYJ 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.571% 2/4/28 (b)(c)(d) | | 147,868 | 147,683 |
| Clydesdale Acquisition Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 3.670% 9.1052% 4/13/29 (b)(c)(d) | | 1,686,873 | 1,688,611 |
TOTAL PAPER | | | 1,836,294 |
| Publishing/Printing - 0.5% | | | |
| Century DE Buyer LLC 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.3174% 10/30/30 (b)(c)(d) | | 335,000 | 336,005 |
| Learning Care Group (U.S.) No 2, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.750% 10.0723% 8/11/28 (b)(c)(d) | | 238,800 | 238,850 |
| MJH Healthcare Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9273% 1/28/29 (b)(c)(d) | | 196,000 | 195,143 |
| RLG Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.6946% 7/8/28 (b)(c)(d) | | 278,588 | 275,222 |
| Vericast Corp. 1LN, term loan CME Term SOFR 3 Month Index + 7.750% 15.821% 6/16/26 (b)(c)(d) | | 223,315 | 219,965 |
TOTAL PUBLISHING/PRINTING | | | 1,265,185 |
| Railroad - 0.5% | | | |
| AIT Worldwide Logistics Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.750% 10.1687% 4/6/28 (b)(c)(d) | | 287,625 | 287,985 |
| Genesee & Wyoming, Inc. 1LN, term loan CME Term SOFR 3 Month Index + 2.000% 7.4019% 12/30/26 (b)(c)(d) | | 513,600 | 513,641 |
| Wwex Unified Topco Holdings LLC 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.6098% 7/26/28 (b)(c)(d) | | 425,212 | 422,457 |
TOTAL RAILROAD | | | 1,224,083 |
| Restaurants - 1.1% | | | |
| 1011778 BC ULC Tranche B5 1LN, term loan CME Term SOFR 1 Month Index + 2.250% 7.5802% 9/21/30 (b)(c)(d) | | 507,678 | 507,170 |
| Dave & Buster's, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.625% 6/29/29 (b)(c)(d) | | 337,467 | 337,595 |
| Flynn Restaurant Group LP Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.6918% 12/1/28 (b)(c)(d) | | 151,513 | 151,816 |
| Pacific Bells LLC Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.500% 10.0635% 10/20/28 (b)(c)(d) | | 223,287 | 221,556 |
| PFC Acquisition Corp. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 6.250% 11.7127% 3/1/26 (b)(c)(d) | | 356,250 | 350,685 |
| Restaurant Technologies, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.250% 9.5519% 4/1/29 (b)(c)(d) | | 490,511 | 485,812 |
| Whatabrands LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.6907% 8/3/28 (b)(c)(d) | | 743,418 | 743,381 |
TOTAL RESTAURANTS | | | 2,798,015 |
| Services - 11.1% | | | |
| ABG Intermediate Holdings 2 LLC Tranche B1 LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9273% 12/21/28 (b)(c)(d) | | 2,115,215 | 2,121,963 |
| AEA International Holdings Luxembourg SARL Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.8094% 10/2/28 (b)(c)(d) | | 210,173 | 210,436 |
| AI Aqua Merger Sub, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 7/31/28 (b)(c)(d)(h) | | 740,000 | 742,775 |
| Allied Universal Holdco LLC Tranche B 1LN, term loan: | | | |
| CME Term SOFR 1 Month Index + 3.750% 9.1802% 5/14/28 (b)(c)(d) | | 1,063,577 | 1,061,843 |
| CME Term SOFR 1 Month Index + 4.750% 10.0802% 5/14/28 (b)(c)(d) | | 203,975 | 204,375 |
| Amentum Government Services Holdings LLC: | | | |
| Tranche B 1LN, term loan: | | | |
CME Term SOFR 1 Month Index + 4.000% 9.3288% 2/15/29 (b)(c)(d) | | 157,200 | 157,397 |
CME Term SOFR 1 Month Index + 4.000% 9.4446% 1/23/27 (b)(c)(d) | | 678,562 | 679,411 |
| Tranche B 2LN, term loan CME Term SOFR 1 Month Index + 8.750% 14.1946% 1/31/28 (b)(c)(d) | | 200,000 | 201,000 |
| Anticimex Global AB: | | | |
| Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.900% 8.95% 11/16/28 (b)(c)(d) | | 156,400 | 156,400 |
| Tranche B1 1LN, term loan CME Term SOFR 3 Month Index + 3.500% 8.45% 11/16/28 (b)(c)(d) | | 543,700 | 543,249 |
| APX Group, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.6943% 7/9/28 (b)(c)(d) | | 414,375 | 415,249 |
| Aramark Services, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.500% 7.9407% 6/22/30 (b)(c)(d) | | 74,943 | 74,896 |
| Archkey Holdings, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.250% 10.6918% 6/30/28 (b)(c)(d) | | 137,186 | 137,014 |
| Artera Services LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.500% 9.8094% 2/10/31 (b)(c)(d) | | 420,000 | 421,260 |
| Ascend Learning LLC: | | | |
| 2LN, term loan CME Term SOFR 1 Month Index + 5.750% 11.1763% 12/10/29 (b)(c)(d) | | 180,000 | 176,794 |
| Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9302% 12/10/28 (b)(c)(d) | | 1,205,972 | 1,197,989 |
| Avis Budget Car Rental LLC Tranche C 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.4263% 3/16/29 (b)(c)(d) | | 68,071 | 68,092 |
| Bifm California Buyer, Inc. Tranche 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.5707% 5/31/28 (b)(c)(d) | | 285,000 | 286,069 |
| Brand Industrial Services, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.500% 10.8064% 8/1/30 (b)(c)(d) | | 891,136 | 894,157 |
| Cast & Crew Payroll LLC Tranche B 1LN, term loan: | | | |
| CME Term SOFR 1 Month Index + 3.500% 9.1946% 2/7/26 (b)(c)(d) | | 573,327 | 573,923 |
| CME Term SOFR 1 Month Index + 3.750% 9.0802% 12/30/28 (b)(c)(d) | | 208,401 | 208,430 |
| Centralsquare Technologies LLC Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.750% 9.1773% 8/29/25 (b)(c)(d) | | 463,776 | 449,358 |
| CHG Healthcare Services, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.6907% 9/30/28 (b)(c)(d) | | 199,508 | 199,508 |
| CoreLogic, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9446% 6/2/28 (b)(c)(d) | | 984,750 | 960,594 |
| EAB Global, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9446% 8/16/28 (b)(c)(d) | | 335,310 | 335,142 |
| EmployBridge LLC Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.750% 10.3429% 7/19/28 (b)(c)(d) | | 497,250 | 412,509 |
| Ensemble RCM LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.3174% 8/1/29 (b)(c)(d) | | 423,959 | 424,756 |
| Filtration Group Corp. 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.6946% 10/19/28 (b)(c)(d) | | 442,798 | 443,905 |
| Flexera Software LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1946% 3/3/28 (b)(c)(d) | | 445,034 | 445,715 |
| Franchise Group, Inc. Tranche B 1LN, term loan: | | | |
| CME Term SOFR 3 Month Index + 4.750% 10.3433% 3/10/26 (b)(c)(d) | | 158,400 | 141,768 |
| CME Term SOFR 3 Month Index + 4.750% 10.363% 3/10/26 (b)(c)(d) | | 631,426 | 562,759 |
| Galaxy U.S. Opco, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.750% 10.0627% 4/29/29 (b)(c)(d) | | 446,335 | 402,818 |
| GEMS MENASA Cayman Ltd. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.750% 10.1946% 7/30/26 (b)(c)(d) | | 509,521 | 510,795 |
| Greeneden U.S. Holdings II LLC Tranche B 1LN, term loan: | | | |
| CME Term SOFR 1 Month Index + 3.750% 9.1918% 12/1/27 (b)(c)(d) | | 150,000 | 150,470 |
| CME Term SOFR 1 Month Index + 4.000% 9.4407% 12/1/27 (b)(c)(d) | | 363,750 | 364,594 |
| HomeServe U.S.A. Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.3288% 10/13/30 (b)(c)(d) | | 420,000 | 420,945 |
| Ion Trading Finance Ltd. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.750% 10.1519% 4/1/28 (b)(c)(d) | | 446,115 | 445,161 |
| KNS Acquisitions, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 6.250% 11.6918% 4/21/27 (b)(c)(d) | | 307,155 | 267,608 |
| KUEHG Corp. 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.3019% 6/12/30 (b)(c)(d) | | 1,234,398 | 1,236,411 |
| Life Time, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.5743% 1/15/26 (b)(c)(d) | | 170,000 | 170,638 |
| Neptune BidCo U.S., Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.4234% 4/11/29 (b)(c)(d) | | 1,369,650 | 1,261,009 |
| Omnia Partners LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.0741% 7/25/30 (b)(c)(d) | | 491,768 | 493,612 |
| Optiv Security, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.250% 10.5741% 8/14/26 (b)(c)(d) | | 343,462 | 331,932 |
| PG Investment Co. 59 Sarl Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 2/23/31 (c)(d)(e) | | 530,000 | 530,663 |
| Planet U.S. Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.8143% 2/10/31 (b)(c)(d) | | 320,000 | 320,960 |
| Sabert Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1832% 12/16/26 (b)(c)(d) | | 380,129 | 380,919 |
| Sedgwick Claims Management Services, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.0773% 2/24/28 (b)(c)(d) | | 203,211 | 203,522 |
| Sotheby's Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.500% 10.0756% 1/15/27 (b)(c)(d) | | 213,903 | 209,447 |
| Spin Holdco, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.5854% 3/4/28 (b)(c)(d) | | 1,881,043 | 1,734,679 |
| Sts Operating, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 3/15/31 (c)(d)(e) | | 610,000 | 611,147 |
| The GEO Group, Inc. Tranche 1B 1LN, term loan CME Term SOFR 1 Month Index + 7.120% 12.2052% 3/23/27 (b)(c)(d) | | 247,029 | 253,637 |
| Uber Technologies, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.000% 8.0793% 3/3/30 (b)(c)(d) | | 653,564 | 656,087 |
| United Rentals North America, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 1.750% 7.0773% 2/14/31 (b)(c)(d) | | 975,000 | 976,833 |
| Vestis Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.250% 7.5757% 2/24/31 (b)(c)(d) | | 145,000 | 144,819 |
| WMB Holdings, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.0773% 11/3/29 (b)(c)(d) | | 170,864 | 171,078 |
TOTAL SERVICES | | | 27,158,520 |
| Steel - 0.2% | | | |
| Zekelman Industries, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 2.000% 7.4412% 1/24/27 (b)(c)(d) | | 477,014 | 477,081 |
| Super Retail - 3.2% | | | |
| Academy Ltd. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1901% 11/6/27 (b)(c)(d) | | 142,187 | 141,832 |
| At Home Group, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.6901% 7/24/28 (b)(c)(d) | | 249,263 | 126,127 |
| BJ's Wholesale Club, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.000% 7.3267% 2/3/29 (b)(c)(d) | | 186,667 | 187,133 |
| Empire Today LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.5743% 4/1/28 (b)(c)(d) | | 272,983 | 221,116 |
| Great Outdoors Group LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1946% 3/5/28 (b)(c)(d) | | 5,894,964 | 5,894,138 |
| Harbor Freight Tools U.S.A., Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 8.1946% 10/19/27 (b)(c)(d) | | 212,692 | 212,473 |
| LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1773% 12/18/27 (b)(c)(d) | | 317,778 | 317,024 |
| Michaels Companies, Inc. 1LN, term loan CME Term SOFR 3 Month Index + 4.250% 9.821% 4/15/28 (b)(c)(d) | | 448,061 | 401,014 |
| RH Tranche B2 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.6773% 10/20/28 (b)(c)(d) | | 443,250 | 434,292 |
TOTAL SUPER RETAIL | | | 7,935,149 |
| Technology - 15.4% | | | |
| A&V Holdings Midco LLC Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 5.370% 10.987% 3/10/27 (b)(c)(d) | | 246,486 | 244,022 |
| Acuris Finance U.S., Inc. 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.4519% 2/16/28 (b)(c)(d) | | 240,365 | 239,838 |
| Ahead DB Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.5594% 1/24/31 (b)(c)(d) | | 165,000 | 165,439 |
| AI Aqua Merger Sub, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.0724% 7/30/28 (b)(c)(d) | | 769,682 | 770,567 |
| Alliance Laundry Systems LLC Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.500% 8.9264% 10/8/27 (b)(c)(d) | | 188,652 | 189,018 |
| Anastasia Parent LLC Tranche B, term loan CME Term SOFR 3 Month Index + 3.750% 9.321% 8/10/25 (b)(c)(d) | | 783,089 | 565,923 |
| Applied Systems, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.8094% 2/24/31 (b)(c)(d) | | 661,850 | 665,517 |
| Athenahealth Group, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.5802% 2/15/29 (b)(c)(d) | | 1,380,321 | 1,365,441 |
| AZZ, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 8.5773% 5/13/29 (b)(c)(d) | | 299,694 | 300,743 |
| Byju's Alpha, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 8.000% 15.5% 11/24/26 (b)(c)(d) | | 473,627 | 92,750 |
| Camelot U.S. Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 8.0763% 1/31/31 (b)(c)(d) | | 848,655 | 848,019 |
| Central Parent, Inc. Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.000% 9.3094% 7/6/29 (b)(c)(d) | | 544,743 | 546,132 |
| Cloud Software Group, Inc. Tranche B 1LN, term loan: | | | |
| CME Term SOFR 1 Month Index + 4.500% 9.9094% 3/30/29 (b)(c)(d) | | 1,591,029 | 1,582,612 |
| CME Term SOFR 1 Month Index + 4.500% 9.9285% 3/19/31 (b)(c)(d) | | 245,000 | 243,317 |
| Coherent Corp. Tranche B 1LN, term loan: | | | |
| CME Term SOFR 1 Month Index + 2.500% 7/2/29 (c)(d)(e) | | 120,000 | 120,000 |
| CME Term SOFR 1 Month Index + 2.750% 8.1946% 7/1/29 (b)(c)(d) | | 595,858 | 595,858 |
| CommScope, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.6946% 4/4/26 (b)(c)(d) | | 481,509 | 435,765 |
| ConnectWise LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 9.0635% 9/30/28 (b)(c)(d) | | 615,293 | 614,715 |
| Constant Contact, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.5881% 2/10/28 (b)(c)(d) | | 348,220 | 337,710 |
| Cotiviti, Inc.: | | | |
| Tranche 1LN, term loan NULL 7.625% 2/24/31 (d) | | 160,000 | 160,200 |
| Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 2/21/31 (c)(d)(e) | | 970,000 | 967,575 |
| Dayforce, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.500% 7.8302% 2/16/31 (b)(c)(d) | | 220,000 | 219,589 |
| DCert Buyer, Inc.: | | | |
| 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.3302% 10/16/26 (b)(c)(d) | | 1,259,441 | 1,252,527 |
| Tranche B 2LN, term loan CME Term SOFR 3 Month Index + 7.000% 12.3302% 2/19/29 (b)(c)(d) | | 305,000 | 273,832 |
| DG Investment Intermediate Holdings, Inc.: | | | |
| 2LN, term loan CME Term SOFR 1 Month Index + 6.750% 12.1946% 3/31/29 (b)(c)(d) | | 95,000 | 88,439 |
| Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1946% 3/31/28 (b)(c)(d) | | 403,601 | 402,664 |
| Eos U.S. Finco LLC 1LN, term loan CME Term SOFR 3 Month Index + 6.000% 11.3094% 10/6/29 (b)(c)(d) | | 133,830 | 109,205 |
| Epicor Software Corp. 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.0773% 7/31/27 (b)(c)(d) | | 249,375 | 250,445 |
| Gen Digital, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.000% 7.4273% 9/12/29 (b)(c)(d) | | 798,068 | 797,501 |
| Go Daddy Operating Co. LLC: | | | |
| Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.000% 7.4446% 8/10/27 (b)(c)(d) | | 360,937 | 360,970 |
| Tranche B5 1LN, term loan CME Term SOFR 1 Month Index + 2.000% 7.3302% 11/12/29 (b)(c)(d) | | 280,790 | 280,476 |
| Helios Software Holdings, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.0747% 7/15/30 (b)(c)(d) | | 169,351 | 167,552 |
| Icon Luxembourg Sarl Tranche B 1LN, term loan: | | | |
| CME Term SOFR 1 Month Index + 2.000% 7.3254% 7/3/28 (b)(c)(d) | | 864,034 | 865,538 |
| CME Term SOFR 1 Month Index + 2.000% 7.3254% 7/3/28 (b)(c)(d) | | 215,275 | 215,649 |
| McAfee Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1756% 3/1/29 (b)(c)(d) | | 1,116,864 | 1,113,301 |
| MH Sub I LLC: | | | |
| Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.5802% 5/3/28 (b)(c)(d) | | 2,018,616 | 2,004,385 |
| Tranche B 2LN, term loan CME Term SOFR 1 Month Index + 6.250% 11.5802% 2/23/29 (b)(c)(d) | | 250,000 | 239,910 |
| MKS Instruments, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.500% 7.8226% 8/17/29 (b)(c)(d) | | 661,500 | 660,951 |
| NCR Atleos Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.750% 10.1627% 3/27/29 (b)(c)(d) | | 473,338 | 475,411 |
| Open Text Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 8.1773% 1/31/30 (b)(c)(d) | | 830,114 | 831,061 |
| Peraton Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1802% 2/1/28 (b)(c)(d) | | 1,648,646 | 1,645,563 |
| Pitney Bowes, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.4446% 3/19/28 (b)(c)(d) | | 44,884 | 44,735 |
| Polaris Newco LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.5743% 6/2/28 (b)(c)(d) | | 2,488,754 | 2,463,468 |
| Project Alpha Intermediate Holding, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.750% 10.0627% 10/26/30 (b)(c)(d) | | 615,000 | 617,903 |
| Project Boost Purchaser LLC 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9407% 5/30/26 (b)(c)(d) | | 358,125 | 358,637 |
| Proofpoint, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.6946% 8/31/28 (b)(c)(d) | | 745,059 | 745,066 |
| Rackspace Finance LLC Tranche B 1LN, term loan: | | | |
| CME Term SOFR 1 Month Index + 2.750% 8.1832% 5/15/28 (b)(c)(d) | | 958,447 | 467,243 |
| CME Term SOFR 1 Month Index + 6.250% 11.6832% 5/15/28 (b)(c)(d) | | 136,574 | 136,744 |
| RealPage, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.4407% 4/22/28 (b)(c)(d) | | 728,857 | 708,609 |
| Red Planet Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1773% 9/30/28 (b)(c)(d) | | 375,119 | 368,352 |
| Renaissance Holdings Corp. Tranche 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 9.5773% 4/8/30 (b)(c)(d) | | 741,479 | 742,406 |
| Roper Industrial Products Investment Co. 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.3019% 11/22/29 (b)(c)(d) | | 158,404 | 159,263 |
| Sophia LP Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9302% 10/29/29 (b)(c)(d) | | 741,482 | 744,262 |
| Sovos Compliance LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.500% 9.9446% 8/11/28 (b)(c)(d) | | 65,360 | 64,699 |
| SS&C Technologies, Inc.: | | | |
| Tranche B 3LN, term loan CME Term SOFR 1 Month Index + 1.750% 7.1946% 4/16/25 (b)(c)(d) | | 261,450 | 261,439 |
| Tranche B 4LN, term loan CME Term SOFR 1 Month Index + 1.750% 7.1946% 4/16/25 (b)(c)(d) | | 246,852 | 246,843 |
| Tranche B 5LN, term loan CME Term SOFR 1 Month Index + 1.750% 7.1946% 4/16/25 (b)(c)(d) | | 492,713 | 492,693 |
| Tempo Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 8.0802% 8/31/28 (b)(c)(d) | | 218,621 | 219,168 |
| TTM Technologies, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 8.0756% 5/30/30 (b)(c)(d) | | 140,541 | 140,541 |
| UKG, Inc.: | | | |
| 2LN, term loan CME Term SOFR 3 Month Index + 5.250% 10.6802% 5/3/27 (b)(c)(d) | | 478,276 | 481,662 |
| Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.8143% 2/10/31 (b)(c)(d) | | 1,905,008 | 1,914,057 |
| Veritas U.S., Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.4446% 9/1/25 (b)(c)(d) | | 269,798 | 248,964 |
| Verscend Holding Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.4446% 8/27/25 (b)(c)(d) | | 506,361 | 506,361 |
| VFH Parent LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.4302% 1/13/29 (b)(c)(d) | | 575,667 | 574,049 |
| VM Consolidated, Inc. Tranche B2 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 8.0773% 3/27/28 (b)(c)(d) | | 287,882 | 288,818 |
| VS Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.5751% 2/28/27 (b)(c)(d) | | 508,800 | 508,485 |
| Weber-Stephen Products LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.6918% 10/30/27 (b)(c)(d) | | 332,396 | 306,430 |
| Webpros Investments Sarl Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 3/19/31 (c)(d)(e) | | 120,000 | 120,150 |
| Zelis Payments Buyer, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 8.0665% 9/28/29 (b)(c)(d) | | 475,000 | 474,734 |
TOTAL TECHNOLOGY | | | 37,711,911 |
| Telecommunications - 3.4% | | | |
| Altice Financing SA Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.314% 10/31/27 (b)(c)(d) | | 470,250 | 439,684 |
| Altice France SA Tranche B14 1LN, term loan CME Term SOFR 1 Month Index + 5.500% 10.814% 8/15/28 (b)(c)(d) | | 1,188,669 | 939,797 |
| Aventiv Technologies LLC: | | | |
| Tranche 1LN, term loan CME Term SOFR 1 Month Index + 4.890% 10.4998% 11/1/24 (b)(c)(d) | | 712,990 | 527,256 |
| Tranche 2LN, term loan CME Term SOFR 1 Month Index + 8.650% 14.621% 11/1/25 (b)(c)(d) | | 1,121,271 | 308,350 |
| Cablevision Lightpath LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.250% 8.6898% 11/30/27 (b)(c)(d) | | 137,075 | 135,162 |
| Connect Finco SARL Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.500% 9/13/29 (c)(d)(e) | | 165,000 | 162,154 |
| Connect U.S. Finco LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.8263% 12/12/26 (b)(c)(d) | | 124,705 | 124,490 |
| Consolidated Communications, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.9418% 10/2/27 (b)(c)(d) | | 264,182 | 250,148 |
| Crown Subsea Communications Holding, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.750% 10.0674% 1/30/31 (b)(c)(d) | | 730,000 | 733,650 |
| Frontier Communications Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1946% 10/8/27 (b)(c)(d) | | 1,172,220 | 1,167,460 |
| GTT Communications, Inc. 1LN, term loan CME Term SOFR 3 Month Index + 9.000% 14.4094% 6/30/28 (b)(c)(d) | | 146,861 | 102,803 |
| Gtt Remainco LLC 1LN, term loan CME Term SOFR 1 Month Index + 7.000% 12.4302% 12/30/27 (b)(c)(d) | | 175,547 | 159,748 |
| Northwest Fiber LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.750% 9.1932% 4/30/27 (b)(c)(d) | | 684,092 | 683,025 |
| Patagonia Holdco LLC Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 5.750% 11.0643% 8/1/29 (b)(c)(d) | | 431,231 | 397,811 |
| Radiate Holdco LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 8.6946% 9/25/26 (b)(c)(d) | | 432,659 | 360,976 |
| SBA Senior Finance II, LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.000% 7.33% 1/27/31 (b)(c)(d) | | 225,000 | 225,351 |
| Windstream Services LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 6.250% 11.6802% 9/21/27 (b)(c)(d) | | 85,587 | 83,322 |
| Zayo Group Holdings, Inc. 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.4446% 3/9/27 (b)(c)(d) | | 1,763,763 | 1,543,628 |
TOTAL TELECOMMUNICATIONS | | | 8,344,815 |
| Textiles/Apparel - 0.5% | | | |
| Crocs, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.250% 7.5773% 2/20/29 (b)(c)(d) | | 545,742 | 546,669 |
| Fanatics Commerce Intermediate Holdco LLC Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 3.250% 8.6918% 11/23/28 (b)(c)(d) | | 61,069 | 60,814 |
| Jo-Ann Stores LLC Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 4.750% 10.3357% 7/7/28 (b)(c)(d) | | 293,970 | 1,837 |
| Needle Holdings LLC term loan CME Term SOFR 1 Month Index + 9.500% 5/20/24 (c)(d)(e)(f) | | 135,544 | 135,544 |
| Tory Burch LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.500% 8.6918% 4/16/28 (b)(c)(d) | | 427,900 | 426,830 |
TOTAL TEXTILES/APPAREL | | | 1,171,694 |
| Utilities - 1.3% | | | |
| Brookfield WEC Holdings, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 8.0773% 1/20/31 (b)(c)(d) | | 993,461 | 992,020 |
| Generation Bridge Northeast LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.250% 8.8263% 8/7/29 (b)(c)(d) | | 275,243 | 275,158 |
| PG&E Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 7.8302% 6/23/27 (b)(c)(d) | | 270,000 | 270,084 |
| Pike Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.4407% 1/21/28 (b)(c)(d) | | 154,589 | 155,008 |
| Sk Neptune Husky Finance Sarl Tranche B 1LN, term loan CME Term SOFR 3 Month Index + 5.000% 10.4338% 1/3/29 (b)(c)(d) | | 201,345 | 52,781 |
| Vertiv Group Corp. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.500% 7.9369% 3/2/27 (b)(c)(d) | | 839,213 | 840,438 |
| Vistra Operations Co. LLC Tranche B 3LN, term loan CME Term SOFR 1 Month Index + 2.000% 7.3302% 12/20/30 (b)(c)(d) | | 666,994 | 666,054 |
TOTAL UTILITIES | | | 3,251,543 |
| TOTAL BANK LOAN OBLIGATIONS (Cost $221,661,476) | | | 216,446,944 |
| | | | |
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
The following is a summary of the inputs used, as of March 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
1. Organization.
Fidelity Series Floating Rate High Income Fund (the Fund) is a fund of Fidelity Summer Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds, bank loan obligations and preferred securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of March 31, 2024, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to market discount, partnerships, capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
5. Fees and Other Transactions with Affiliates.
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
8. Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .003% of average net assets. This reimbursement will remain in place through January 31, 2027. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $36,250.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $2,536.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
A Annualized expense ratio reflects expenses net of applicable fee waivers.
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
D Amount represents less than .005%.
E Amount represents less than $.005.
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved amended and restated sub-advisory agreements (the Sub-Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Sub-Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Sub-Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
The Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser, and that the management fee paid by the fund under the management contract with FMR will remain unchanged.
The Board further considered that the approval of the fund's Sub-Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Sub-Advisory Contracts would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of services provided to the fund by FMR and its affiliates.
In connection with its consideration of future renewals of the fund's advisory contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Sub-Advisory Contracts should be approved.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
