N-CSR 1 filing4892.htm PRIMARY DOCUMENT

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







Fidelity® Series Floating Rate High Income Fund
 
 
Annual Report
September 30, 2022

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
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.
 
Effective August, 29, 2022, the S&P ® /LSTA Leveraged Performing Loan Index was re-branded as Morningstar ® LSTA ® US Performing Loans.
 
Market Recap:
Floating-rate bank loans returned -2.61% for the 12 months ending September 30, 2022, as measured by the Morningstar LSTA US Performing Loans. Despite the negative performance, loans outpaced nearly all other fixed-income categories in a turbulent period of rising interest rates and widening credit spreads. Loans registered modest gains early on, aided by solid demand and receding coronavirus concerns. After posting a positive result in January, loan prices turned lower in February, reflecting a retreat from risk assets amid Russia's invasion of Ukraine. Following marginal gains in March and April, the market context changed markedly in May. Loans declined sharply amid mounting concerns about rising inflation, higher interest rates and tighter monetary policy. The asset class fell further in June, as investors shifted their focus to risks of slowing economic growth as the U.S. Federal Reserve announced plans for larger rate increases. Loans rebounded robustly in July and August on expectations for a shallower tightening cycle from the Fed, better-than-expected corporate earnings growth and a decade low for supply. The strong run stalled in September, as investors concluded that tightening monetary conditions and additional rate hikes could push the U.S. economy into a recession. Nearly all groups in the fund's benchmark declined. Home furnishings (-14%), radio & television (-6%), all telecom (-5%), and health care (-5%) were the biggest laggards. Conversely, oil & gas (+3%), utilities (+2%), aerospace & defense (0%), and lodging & casinos (0%) notably outperformed. From a credit-rating perspective, lower-quality loans substantially lagged the index, reflecting investor risk aversion during much of the period. Higher-quality credits outperformed.
Comments from Co-Managers Eric Mollenhauer, Kevin Nielsen and Chandler Perine:
For the fiscal year ending September 30, 2022, the fund returned -1.69%, outperforming the -2.61% result of the benchmark Morningstar LSTA US Performing Loans. The fund's core allocation to floating-rate leveraged loans returned -2.16% and contributed to performance versus the benchmark. By industry, the primary contributors to performance versus the benchmark were security picks and an overweighting in oil & gas. Security selection and an underweighting in health care and security picks in nonferrous metals/minerals also bolstered the fund's relative result. Our top individual relative contributor was a non-benchmark stake in Murray Energy (+131%). The fund's out-of-benchmark stake in Chesapeake Energy gained roughly 67%. Avoiding Envision Healthcare, a benchmark component that returned -52%, aided relative performance. Conversely, the largest detractors from performance versus the benchmark were security selection and an underweighting in industrial equipment. Security selection in cable & satellite television and insurance also hampered the fund's relative result. Our largest individual relative detractor was an out-of-benchmark stake in TNT Crane (-56%). Also hurting performance was our overweighting in Diamond Sports, which returned about -55%. Another notable relative detractor was an outsized stake in Altice Financial (-12%), which was among the biggest holdings in the fund. By quality, security selection in bonds unrated bonds added the most value versus the benchmark, while security choices and positioning among BB-rated bonds hurt the most. Notable changes in positioning include decreased exposure to the all telecom industry and a higher allocation to leisure goods/activities/movies.
Note to shareholders:
On October 1, 2022, Chandler Perine assumed co-management responsibilities for the fund.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
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.
 
 
Showing Percentage of Net Assets  
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
 
 
 
 
Legend
 
(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
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
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
 
 
 
 
 
 
 
 
 
 
Amounts in the 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.
 
Amount 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.
Investment Valuation
 
The following is a summary of the inputs used, as of September 30, 2022, 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.
 
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
 
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
 
 
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
 
 
 
 
 
 
 
Financial Highlights
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%
 
A Calculated based on average shares outstanding during the period.
 
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
 
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
D Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
F Amount represents less than .005%.
 
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
For the period ended September 30, 2022
 
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.
 
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%
 
A   Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
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 is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
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 1 - unadjusted quoted prices in active markets for identical investments
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.
 
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
 
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
 
A   Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
 
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 September 30, 2022, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost.   Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured. The Fund earns certain fees in connection with its floating rate loan purchasing activities. These fees are in addition to interest payments earned and may include amendment fees, consent fees and prepayment fees. These fees are recorded as Interest in the accompanying financial statements.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of September 30, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
 
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, 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:
 
Gross unrealized appreciation
$3,465,196
Gross unrealized depreciation
(17,168,238)
Net unrealized appreciation (depreciation)
$(13,703,042)
Tax Cost
$227,926,230
 
The tax-based components of distributable earnings as of period end were as follows:
 
Undistributed ordinary income
$356,671
Capital loss carryforward
$(31,009,085)
Net unrealized appreciation (depreciation) on securities and other investments
$(13,703,042)
 
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 fiscal period end and is subject to adjustment.
 
Short-term
$(175,510)
Long-term
(30,833,575)
Total capital loss carryforward
$(31,009,085)
 
The tax character of distributions paid was as follows:
 
September 30, 2022
September 30, 2021
Ordinary Income
$12,543,924
$11,648,675
 
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
Loans and Other Direct Debt Instruments. Direct debt instruments are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate a fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment, participation, or may be made directly to a borrower. Such instruments are presented in the Bank Loan Obligations section in the Schedule of Investments. Certain funds may also invest in unfunded loan commitments, which are contractual obligations for future funding. Information regarding unfunded commitments is included at the end of the Schedule of Investments, if applicable.
 
LIBOR Accounting Pronouncement. In March 2020, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU 2020-04, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (LIBOR) and other IBOR-based reference rates. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management does not expect the adoption of ASU 2020-04 to have a material impact on the Fund's financial statements.
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.
 
Purchases ($)
Sales ($)
Fidelity Series Floating Rate High Income Fund
67,921,852
126,292,176
 
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Fidelity Series Floating Rate High Income Fund
$13
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
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
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Series Floating Rate High Income Fund
-
606,056
492,286
 
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:
 
 
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
$-
$-
 
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, 2026. 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 $57,400.
 
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 $467.
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.
To the Board of Trustees of Fidelity Summer Street Trust and the Shareholders of Fidelity Series Floating Rate High Income Fund:
 
Opinion on the Financial Statements and Financial Highlights
 
We have audited the accompanying statement of assets and liabilities of Fidelity Series Floating Rate High Income Fund (the "Fund"), a fund of Fidelity Summer Street Trust, including the schedule of investments, as of September 30, 2022, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
 
Basis for Opinion
 
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
 
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
 
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2022, by correspondence with the custodian, brokers, and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
 
/s/ Deloitte & Touche LLP
Boston, Massachusetts
November 14, 2022
 
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
 
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 316 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees.   The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity ® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity ® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity ® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity ® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity ® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Bettina Doulton (1964)
Year of Election or Appointment: 2020
Trustee
Ms. Doulton also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity ® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity ® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity ® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity ® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity ® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity ® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).     
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity ® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity ® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean's Executive Board (2016-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity ® funds (2021).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity ® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity ® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity ® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).     
Michael E. Wiley (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Wiley also serves as Trustee of other Fidelity ® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity ® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity ® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).     
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).     
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).     
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity ® funds (2016-2020) and Assistant Treasurer of certain Fidelity ® funds (2016-2018).     
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).     
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).     
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).     
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).     
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity ® funds.     
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity ® funds (2019-2021).     
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 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).
 
Actual Expenses
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.
 
Hypothetical Example for Comparison Purposes
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.
 
 
 
 
 
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
 
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 365 (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.
 
 
 
Distributions   (Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
 
The fund designates $11,712,144 of distributions paid in the calendar year 2021 as qualifying to be taxed as section 163(j) interest dividends.  
 
The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.
 
 
 
Fidelity Series Floating Rate High Income Fund
 
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
 
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
 
At its May 2022 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In considering whether to renew the Advisory Contracts for the fund, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable.
 
Nature, Extent, and Quality of Services Provided.   The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.
 
Resources Dedicated to Investment Management and Support Services . The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.  
 
Administrative Services . The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.  
 
Investment Performance . The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, but did not consider performance to be a material factor in its decision to renew the fund's Advisory Contracts, as the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is designed to offer an investment option for other investment companies, 529 plans, and collective investment trusts managed by Fidelity and ultimately to enhance the performance of those investment companies, 529 plans, and collective investment trusts.
 
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
 
Competitiveness of Management Fee and Total Expense Ratio.   The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR receives fees for providing services to funds that invest in the fund. The Board noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except transfer agent fees, 12b-1 fees, Independent Trustee fees and expenses, custodian fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.
 
The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.003% through January 31, 2025.  
Based on its review, the Board considered that the fund does not pay a management fee and concluded that the total expense ratio of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.  
 
Costs of the Services and Profitability.   The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.
 
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
 
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
 
The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions.
 
Economies of Scale.   The Board concluded that because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.
 
Additional Information Requested by the Board.   In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees, competitor use of performance fees, and consideration of the expansion of performance fees to additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
 
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable and that the fund's Advisory Contracts should be renewed.
 
1.924290.110
SFR-ANN-1122


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 FMRs 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 trusts Audit Committee must pre-approve all audit and non-audit services provided by a funds 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 Committees 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 Chairs 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 Funds(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 trusts Board of Trustees.


Item 11.

Controls and Procedures


(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the trusts 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 trusts 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 trusts 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)

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)

(3)

Not applicable.

(b)


Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.




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