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 811-21667
Fidelity Central Investment Portfolios LLC
(Exact name of registrant as specified in charter)
245 Summer St., Boston, MA 02210
(Address of principal executive offices) (Zip code)
Marc Bryant, 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: | March 31, 2016 |
Item 1.
Reports to Stockholders
Fidelity® Equity Sector Central Funds Fidelity® Consumer Discretionary Central Fund Fidelity® Consumer Staples Central Fund Fidelity® Energy Central Fund Fidelity® Financials Central Fund Fidelity® Health Care Central Fund Fidelity® Industrials Central Fund Fidelity® Information Technology Central Fund Fidelity® Materials Central Fund Fidelity® Telecom Services Central Fund Fidelity® Utilities Central Fund Semi-Annual Report March 31, 2016 |
Contents
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. © 2016 FMR LLC. All rights reserved.
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-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q 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.
Fidelity® Consumer Discretionary Central Fund
Investment Summary (Unaudited)
Top Ten Stocks as of March 31, 2016
% of fund's net assets | % of fund's net assets 6 months ago | |
Amazon.com, Inc. | 10.0 | 8.1 |
Home Depot, Inc. | 8.6 | 4.1 |
The Walt Disney Co. | 7.8 | 8.2 |
NIKE, Inc. Class B | 5.8 | 6.1 |
Starbucks Corp. | 4.9 | 5.4 |
L Brands, Inc. | 4.7 | 5.4 |
Charter Communications, Inc. Class A | 4.6 | 2.1 |
Hilton Worldwide Holdings, Inc. | 4.2 | 4.5 |
Ross Stores, Inc. | 3.5 | 3.1 |
Comcast Corp. Class A | 3.4 | 4.2 |
57.5 |
Top Industries (% of fund's net assets)
As of March 31, 2016 | ||
Media | 23.1% | |
Specialty Retail | 23.0% | |
Hotels, Restaurants & Leisure | 19.3% | |
Internet & Catalog Retail | 12.2% | |
Textiles, Apparel & Luxury Goods | 7.1% | |
All Others* | 15.3% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
As of September 30, 2015 | ||
Media | 22.1% | |
Hotels, Restaurants & Leisure | 20.3% | |
Specialty Retail | 18.6% | |
Internet & Catalog Retail | 9.6% | |
Textiles, Apparel & Luxury Goods | 7.6% | |
All Others* | 21.8% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Fidelity® Consumer Discretionary Central Fund
Investments March 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.5% | |||
Shares | Value | ||
Auto Components - 4.2% | |||
Auto Parts & Equipment - 4.2% | |||
Delphi Automotive PLC | 450,873 | $33,824,492 | |
Tenneco, Inc. (a) | 412,507 | 21,248,236 | |
Visteon Corp. | 118,500 | 9,431,415 | |
64,504,143 | |||
Automobiles - 0.2% | |||
Automobile Manufacturers - 0.2% | |||
Ferrari NV | 91,500 | 3,815,550 | |
Beverages - 3.0% | |||
Distillers & Vintners - 1.8% | |||
Constellation Brands, Inc. Class A (sub. vtg.) | 189,700 | 28,661,773 | |
Soft Drinks - 1.2% | |||
Monster Beverage Corp. | 135,044 | 18,012,169 | |
TOTAL BEVERAGES | 46,673,942 | ||
Diversified Consumer Services - 0.6% | |||
Specialized Consumer Services - 0.6% | |||
ServiceMaster Global Holdings, Inc. (a) | 234,200 | 8,824,656 | |
Hotels, Restaurants & Leisure - 19.3% | |||
Casinos & Gaming - 3.0% | |||
Las Vegas Sands Corp. | 900,173 | 46,520,941 | |
Hotels, Resorts & Cruise Lines - 6.0% | |||
Accor SA | 143,800 | 6,093,582 | |
Hilton Worldwide Holdings, Inc. | 2,886,854 | 65,011,952 | |
Royal Caribbean Cruises Ltd. | 164,200 | 13,489,030 | |
Wyndham Worldwide Corp. | 103,611 | 7,918,989 | |
92,513,553 | |||
Leisure Facilities - 1.8% | |||
Vail Resorts, Inc. | 214,353 | 28,658,996 | |
Restaurants - 8.5% | |||
Dave & Buster's Entertainment, Inc. (a) | 265,993 | 10,315,209 | |
Fiesta Restaurant Group, Inc. (a) | 316,169 | 10,364,020 | |
Jack in the Box, Inc. | 22,027 | 1,406,864 | |
McDonald's Corp. | 17,900 | 2,249,672 | |
Papa John's International, Inc. | 283,300 | 15,352,027 | |
Ruth's Hospitality Group, Inc. | 820,081 | 15,097,691 | |
Starbucks Corp. | 1,290,090 | 77,018,373 | |
131,803,856 | |||
TOTAL HOTELS, RESTAURANTS & LEISURE | 299,497,346 | ||
Household Durables - 0.9% | |||
Home Furnishings - 0.7% | |||
Tempur Sealy International, Inc. (a) | 171,500 | 10,425,485 | |
Homebuilding - 0.1% | |||
PulteGroup, Inc. | 131,000 | 2,451,010 | |
Household Appliances - 0.1% | |||
Techtronic Industries Co. Ltd. | 428,500 | 1,693,043 | |
TOTAL HOUSEHOLD DURABLES | 14,569,538 | ||
Internet & Catalog Retail - 12.2% | |||
Internet Retail - 12.2% | |||
Amazon.com, Inc. (a) | 261,705 | 155,358,554 | |
Netflix, Inc. (a) | 147,800 | 15,109,594 | |
Ocado Group PLC (a)(b) | 4,614,751 | 19,227,643 | |
189,695,791 | |||
Media - 23.1% | |||
Advertising - 1.6% | |||
Interpublic Group of Companies, Inc. | 1,063,751 | 24,413,085 | |
Broadcasting - 2.0% | |||
ITV PLC | 8,859,400 | 30,691,043 | |
Cable & Satellite - 9.7% | |||
Charter Communications, Inc. Class A (a)(b) | 351,000 | 71,052,930 | |
Comcast Corp. Class A | 860,800 | 52,577,664 | |
Naspers Ltd. Class N (c) | 155,900 | 21,763,434 | |
Starz Series A (a) | 180,523 | 4,753,171 | |
150,147,199 | |||
Movies & Entertainment - 9.8% | |||
Lions Gate Entertainment Corp. (b) | 313,219 | 6,843,835 | |
The Walt Disney Co. | 1,214,205 | 120,582,699 | |
Time Warner, Inc. | 353,700 | 25,660,935 | |
153,087,469 | |||
TOTAL MEDIA | 358,338,796 | ||
Multiline Retail - 1.4% | |||
Department Stores - 0.7% | |||
Macy's, Inc. | 249,000 | 10,978,410 | |
General Merchandise Stores - 0.7% | |||
B&M European Value Retail S.A. | 2,957,125 | 11,271,991 | |
TOTAL MULTILINE RETAIL | 22,250,401 | ||
Software - 0.5% | |||
Application Software - 0.5% | |||
Mobileye NV (a)(b) | 227,200 | 8,472,288 | |
Specialty Retail - 23.0% | |||
Apparel Retail - 9.7% | |||
Inditex SA | 115,750 | 3,879,895 | |
L Brands, Inc. | 838,700 | 73,646,247 | |
Ross Stores, Inc. | 931,114 | 53,911,501 | |
TJX Companies, Inc. | 247,610 | 19,400,244 | |
150,837,887 | |||
Automotive Retail - 4.7% | |||
AutoZone, Inc. (a) | 50,400 | 40,153,176 | |
O'Reilly Automotive, Inc. (a) | 120,460 | 32,965,084 | |
73,118,260 | |||
Home Improvement Retail - 8.6% | |||
Home Depot, Inc. | 999,400 | 133,349,942 | |
TOTAL SPECIALTY RETAIL | 357,306,089 | ||
Textiles, Apparel & Luxury Goods - 7.1% | |||
Apparel, Accessories & Luxury Goods - 1.3% | |||
G-III Apparel Group Ltd. (a) | 374,074 | 18,288,478 | |
Regina Miracle International Holdings Ltd. (a) | 764,704 | 1,115,903 | |
19,404,381 | |||
Footwear - 5.8% | |||
NIKE, Inc. Class B | 1,468,186 | 90,249,393 | |
TOTAL TEXTILES, APPAREL & LUXURY GOODS | 109,653,774 | ||
TOTAL COMMON STOCKS | |||
(Cost $1,204,384,073) | 1,483,602,314 | ||
Money Market Funds - 10.4% | |||
Fidelity Cash Central Fund, 0.39% (d) | 59,348,345 | 59,348,345 | |
Fidelity Securities Lending Cash Central Fund, 0.42% (d)(e) | 101,576,256 | 101,576,256 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $160,924,601) | 160,924,601 | ||
TOTAL INVESTMENT PORTFOLIO - 105.9% | |||
(Cost $1,365,308,674) | 1,644,526,915 | ||
NET OTHER ASSETS (LIABILITIES) - (5.9)% | (91,700,409) | ||
NET ASSETS - 100% | $1,552,826,506 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) A portion of the security sold on a delayed delivery basis.
(d) 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 are available on the SEC's website or upon request.
(e) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $55,490 |
Fidelity Securities Lending Cash Central Fund | 592,285 |
Total | $647,775 |
Investment Valuation
The following is a summary of the inputs used, as of March 31, 2016, 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: | ||||
Common Stocks | $1,483,602,314 | $1,479,722,419 | $3,879,895 | $-- |
Money Market Funds | 160,924,601 | 160,924,601 | -- | -- |
Total Investments in Securities: | $1,644,526,915 | $1,640,647,020 | $3,879,895 | $-- |
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
United States of America | 89.6% |
United Kingdom | 3.9% |
Bailiwick of Jersey | 2.2% |
South Africa | 1.4% |
Others (Individually Less Than 1%) | 2.9% |
100.0% |
See accompanying notes which are an integral part of the financial statements.
Fidelity® Consumer Discretionary Central Fund
Financial Statements
Statement of Assets and Liabilities
March 31, 2016 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $98,314,909) — See accompanying schedule: Unaffiliated issuers (cost $1,204,384,073) | $1,483,602,314 | |
Fidelity Central Funds (cost $160,924,601) | 160,924,601 | |
Total Investments (cost $1,365,308,674) | $1,644,526,915 | |
Receivable for investments sold | ||
Regular delivery | 8,870,236 | |
Delayed delivery | 4,598,314 | |
Receivable for fund shares sold | 42,208 | |
Dividends receivable | 758,407 | |
Distributions receivable from Fidelity Central Funds | 153,165 | |
Total assets | 1,658,949,245 | |
Liabilities | ||
Payable for investments purchased | $3,968,957 | |
Payable for fund shares redeemed | 569,950 | |
Other payables and accrued expenses | 7,576 | |
Collateral on securities loaned, at value | 101,576,256 | |
Total liabilities | 106,122,739 | |
Net Assets | $1,552,826,506 | |
Net Assets consist of: | ||
Paid in capital | $1,273,637,316 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 279,189,190 | |
Net Assets, for 6,386,094 shares outstanding | $1,552,826,506 | |
Net Asset Value, offering price and redemption price per share ($1,552,826,506 ÷ 6,386,094 shares) | $243.16 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended March 31, 2016 (Unaudited) | ||
Investment Income | ||
Dividends | $11,255,394 | |
Income from Fidelity Central Funds (including $592,285 from security lending) | 647,775 | |
Total income | 11,903,169 | |
Expenses | ||
Custodian fees and expenses | $12,394 | |
Independent directors' compensation | 3,232 | |
Interest | 350 | |
Total expenses before reductions | 15,976 | |
Expense reductions | (3,258) | 12,718 |
Net investment income (loss) | 11,890,451 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | (49,328,451) | |
Foreign currency transactions | (4,387) | |
Total net realized gain (loss) | (49,332,838) | |
Change in net unrealized appreciation (depreciation) on: Investment securities | 104,980,492 | |
Assets and liabilities in foreign currencies | (20,719) | |
Total change in net unrealized appreciation (depreciation) | 104,959,773 | |
Net gain (loss) | 55,626,935 | |
Net increase (decrease) in net assets resulting from operations | $67,517,386 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended March 31, 2016 (Unaudited) | Year ended September 30, 2015 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $11,890,451 | $21,857,583 |
Net realized gain (loss) | (49,332,838) | 111,945,332 |
Change in net unrealized appreciation (depreciation) | 104,959,773 | 26,325,774 |
Net increase (decrease) in net assets resulting from operations | 67,517,386 | 160,128,689 |
Distributions to partners from net investment income | (11,727,941) | (21,134,866) |
Affiliated share transactions | ||
Proceeds from sales of shares | 78,643,078 | 151,460,938 |
Reinvestment of distributions | 11,727,662 | 21,134,379 |
Cost of shares redeemed | (81,234,532) | (255,589,110) |
Net increase (decrease) in net assets resulting from share transactions | 9,136,208 | (82,993,793) |
Total increase (decrease) in net assets | 64,925,653 | 56,000,030 |
Net Assets | ||
Beginning of period | 1,487,900,853 | 1,431,900,823 |
End of period | $1,552,826,506 | $1,487,900,853 |
Other Affiliated Information | ||
Shares | ||
Sold | 322,761 | 631,977 |
Issued in reinvestment of distributions | 47,835 | 87,627 |
Redeemed | (340,391) | (1,062,518) |
Net increase (decrease) | 30,205 | (342,914) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Consumer Discretionary Central Fund
Six months ended (Unaudited) March 31, | Years ended September 30, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $234.10 | $213.75 | $196.26 | $150.90 | $114.27 | $113.46 |
Income from Investment Operations | ||||||
Net investment income (loss)A | 1.88 | 3.36 | 2.23 | 2.00 | 1.84 | 1.65 |
Net realized and unrealized gain (loss) | 9.04 | 20.24 | 17.43 | 45.30 | 36.60 | .74 |
Total from investment operations | 10.92 | 23.60 | 19.66 | 47.30 | 38.44 | 2.39 |
Distributions to partners from net investment income | (1.86) | (3.25) | (2.17) | (1.94) | (1.81) | (1.58) |
Net asset value, end of period | $243.16 | $234.10 | $213.75 | $196.26 | $150.90 | $114.27 |
Total ReturnB,C | 4.66% | 11.01% | 10.03% | 31.56% | 33.79% | 1.96% |
Ratios to Average Net AssetsD,E | ||||||
Expenses before reductions | - %F,G | - %G | - %G | - %G | - %G | .01% |
Expenses net of fee waivers, if any | - %F,G | - %G | - %G | - %G | - %G | .01% |
Expenses net of all reductions | - %F,G | - %G | - %G | - %G | - %G | .01% |
Net investment income (loss) | 1.56%F | 1.41% | 1.06% | 1.17% | 1.32% | 1.29% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $1,552,827 | $1,487,901 | $1,431,901 | $1,340,686 | $914,137 | $606,311 |
Portfolio turnover rateH | 36%F | 68% | 169%I | 122%I | 191% | 179% |
A Calculated based on average shares outstanding during the period.
B Total returns for periods of less than one year are not annualized.
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 Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
F Annualized
G Amount represents less than .005%.
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
I Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity® Consumer Staples Central Fund
Investment Summary (Unaudited)
Top Ten Stocks as of March 31, 2016
% of fund's net assets | % of fund's net assets 6 months ago | |
Procter & Gamble Co. | 13.3 | 10.5 |
British American Tobacco PLC sponsored ADR | 10.9 | 11.2 |
CVS Health Corp. | 9.7 | 10.0 |
Kroger Co. | 6.4 | 5.7 |
Walgreens Boots Alliance, Inc. | 5.2 | 0.0 |
Reynolds American, Inc. | 4.9 | 3.7 |
PepsiCo, Inc. | 4.5 | 8.8 |
Altria Group, Inc. | 4.1 | 4.0 |
Mead Johnson Nutrition Co. Class A | 3.9 | 4.3 |
The Coca-Cola Co. | 3.9 | 3.2 |
66.8 |
Top Industries (% of fund's net assets)
As of March 31, 2016 | ||
Food & Staples Retailing | 26.0% | |
Tobacco | 23.5% | |
Household Products | 16.7% | |
Beverages | 16.5% | |
Food Products | 11.7% | |
All Others* | 5.6% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
As of September 30, 2015 | ||
Food & Staples Retailing | 22.5% | |
Beverages | 21.9% | |
Tobacco | 21.6% | |
Household Products | 14.4% | |
Food Products | 12.8% | |
All Others* | 6.8% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity® Consumer Staples Central Fund
Investments March 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.6% | |||
Shares | Value | ||
Beverages - 16.4% | |||
Brewers - 1.1% | |||
Anheuser-Busch InBev SA NV | 116,353 | $14,455,327 | |
Distillers & Vintners - 1.9% | |||
Kweichow Moutai Co. Ltd. | 171,718 | 6,593,929 | |
Pernod Ricard SA | 72,000 | 8,029,022 | |
Remy Cointreau SA (a) | 123,417 | 9,369,904 | |
23,992,855 | |||
Soft Drinks - 13.4% | |||
Coca-Cola Bottling Co. Consolidated | 59,029 | 9,430,473 | |
Coca-Cola Central Japan Co. Ltd. | 141,000 | 2,340,291 | |
Coca-Cola FEMSA S.A.B. de CV sponsored ADR (a) | 23,040 | 1,913,472 | |
Coca-Cola Icecek Sanayi A/S | 395,735 | 5,769,321 | |
Embotelladora Andina SA ADR | 189,462 | 3,213,276 | |
Fomento Economico Mexicano S.A.B. de CV sponsored ADR | 28,613 | 2,755,718 | |
Monster Beverage Corp. | 290,796 | 38,786,370 | |
PepsiCo, Inc. | 553,083 | 56,679,946 | |
The Coca-Cola Co. | 1,060,187 | 49,182,075 | |
170,070,942 | |||
TOTAL BEVERAGES | 208,519,124 | ||
Food & Staples Retailing - 26.0% | |||
Drug Retail - 15.1% | |||
CVS Health Corp. | 1,190,491 | 123,489,631 | |
Drogasil SA | 184,500 | 2,678,487 | |
Walgreens Boots Alliance, Inc. | 781,004 | 65,791,777 | |
191,959,895 | |||
Food Distributors - 0.6% | |||
Chefs' Warehouse Holdings (b) | 194,661 | 3,949,672 | |
United Natural Foods, Inc. (b) | 81,105 | 3,268,532 | |
7,218,204 | |||
Food Retail - 7.7% | |||
China Resources Beer Holdings Co. Ltd. | 1,638,000 | 3,049,072 | |
Kroger Co. | 2,120,350 | 81,103,388 | |
Sprouts Farmers Market LLC (b) | 489,087 | 14,203,086 | |
98,355,546 | |||
Hypermarkets & Super Centers - 2.6% | |||
Costco Wholesale Corp. | 17,100 | 2,694,618 | |
Wal-Mart Stores, Inc. | 439,162 | 30,078,205 | |
32,772,823 | |||
TOTAL FOOD & STAPLES RETAILING | 330,306,468 | ||
Food Products - 11.7% | |||
Agricultural Products - 2.0% | |||
Archer Daniels Midland Co. | 125,500 | 4,556,905 | |
Bunge Ltd. | 338,367 | 19,175,258 | |
SLC Agricola SA | 507,700 | 2,230,935 | |
25,963,098 | |||
Packaged Foods & Meats - 9.7% | |||
Amplify Snack Brands, Inc. (a) | 199,327 | 2,854,363 | |
Blue Buffalo Pet Products, Inc. (a)(b) | 242,900 | 6,232,814 | |
Dean Foods Co. (a) | 112,600 | 1,950,232 | |
Mead Johnson Nutrition Co. Class A | 584,810 | 49,691,306 | |
Mondelez International, Inc. | 626,400 | 25,131,168 | |
Nestle SA | 135,010 | 10,074,550 | |
The Hain Celestial Group, Inc. (b) | 292,986 | 11,986,057 | |
TreeHouse Foods, Inc. (b) | 144,500 | 12,535,375 | |
Ulker Biskuvi Sanayi A/S | 399,475 | 2,962,960 | |
123,418,825 | |||
TOTAL FOOD PRODUCTS | 149,381,923 | ||
Health Care Providers & Services - 0.2% | |||
Health Care Services - 0.2% | |||
Diplomat Pharmacy, Inc. (b) | 106,800 | 2,926,320 | |
Hotels, Restaurants & Leisure - 1.4% | |||
Restaurants - 1.4% | |||
ARAMARK Holdings Corp. | 553,679 | 18,337,848 | |
Household Durables - 0.0% | |||
Household Appliances - 0.0% | |||
SodaStream International Ltd. (a)(b) | 48,737 | 686,217 | |
Household Products - 16.7% | |||
Household Products - 16.7% | |||
Colgate-Palmolive Co. | 516,400 | 36,483,660 | |
Procter & Gamble Co. | 2,052,748 | 168,961,683 | |
Spectrum Brands Holdings, Inc. | 64,702 | 7,070,635 | |
212,515,978 | |||
Personal Products - 2.2% | |||
Personal Products - 2.2% | |||
Avon Products, Inc. | 1,718,500 | 8,265,985 | |
Coty, Inc. Class A (a) | 188,600 | 5,248,738 | |
Herbalife Ltd. (b) | 168,376 | 10,365,227 | |
L'Oreal SA | 11,300 | 2,024,535 | |
Ontex Group NV | 57,200 | 1,875,507 | |
27,779,992 | |||
Pharmaceuticals - 0.5% | |||
Pharmaceuticals - 0.5% | |||
Perrigo Co. PLC | 47,600 | 6,089,468 | |
Tobacco - 23.5% | |||
Tobacco - 23.5% | |||
Altria Group, Inc. | 835,423 | 52,347,605 | |
British American Tobacco PLC sponsored ADR | 1,188,583 | 138,957,239 | |
ITC Ltd. | 796,757 | 3,947,408 | |
Philip Morris International, Inc. | 420,047 | 41,210,811 | |
Reynolds American, Inc. | 1,232,444 | 62,004,258 | |
298,467,321 | |||
TOTAL COMMON STOCKS | |||
(Cost $897,044,956) | 1,255,010,659 | ||
Nonconvertible Preferred Stocks - 0.1% | |||
Beverages - 0.1% | |||
Brewers - 0.1% | |||
Ambev SA sponsored ADR | |||
(Cost $546,341) | 226,575 | 1,173,659 | |
Money Market Funds - 1.8% | |||
Fidelity Cash Central Fund, 0.39% (c) | 6,457,349 | 6,457,349 | |
Fidelity Securities Lending Cash Central Fund, 0.42% (c)(d) | 16,613,764 | 16,613,764 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $23,071,113) | 23,071,113 | ||
TOTAL INVESTMENT PORTFOLIO - 100.5% | |||
(Cost $920,662,410) | 1,279,255,431 | ||
NET OTHER ASSETS (LIABILITIES) - (0.5)% | (6,889,871) | ||
NET ASSETS - 100% | $1,272,365,560 |
Legend
(a) Security or a portion of the security is on loan at period end.
(b) Non-income producing
(c) 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 are available on the SEC's website or upon request.
(d) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $38,182 |
Fidelity Securities Lending Cash Central Fund | 154,608 |
Total | $192,790 |
Investment Valuation
The following is a summary of the inputs used, as of March 31, 2016, 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: | ||||
Common Stocks | $1,255,010,659 | $1,230,480,782 | $24,529,877 | $-- |
Nonconvertible Preferred Stocks | 1,173,659 | 1,173,659 | -- | -- |
Money Market Funds | 23,071,113 | 23,071,113 | -- | -- |
Total Investments in Securities: | $1,279,255,431 | $1,254,725,554 | $24,529,877 | $-- |
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
United States of America | 79.7% |
United Kingdom | 10.9% |
France | 1.6% |
Bermuda | 1.5% |
Belgium | 1.2% |
Others (Individually Less Than 1%) | 5.1% |
100.0% |
See accompanying notes which are an integral part of the financial statements.
Fidelity® Consumer Staples Central Fund
Financial Statements
Statement of Assets and Liabilities
March 31, 2016 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $16,281,047) — See accompanying schedule: Unaffiliated issuers (cost $897,591,297) | $1,256,184,318 | |
Fidelity Central Funds (cost $23,071,113) | 23,071,113 | |
Total Investments (cost $920,662,410) | $1,279,255,431 | |
Receivable for investments sold | 3,589,969 | |
Receivable for fund shares sold | 32,435 | |
Dividends receivable | 6,498,644 | |
Distributions receivable from Fidelity Central Funds | 49,748 | |
Total assets | 1,289,426,227 | |
Liabilities | ||
Payable for fund shares redeemed | $437,869 | |
Other payables and accrued expenses | 9,034 | |
Collateral on securities loaned, at value | 16,613,764 | |
Total liabilities | 17,060,667 | |
Net Assets | $1,272,365,560 | |
Net Assets consist of: | ||
Paid in capital | $913,718,513 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 358,647,047 | |
Net Assets, for 5,582,428 shares outstanding | $1,272,365,560 | |
Net Asset Value, offering price and redemption price per share ($1,272,365,560 ÷ 5,582,428 shares) | $227.92 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended March 31, 2016 (Unaudited) | ||
Investment Income | ||
Dividends | $14,603,010 | |
Interest | 56 | |
Income from Fidelity Central Funds (including $154,608 from security lending) | 192,790 | |
Total income | 14,795,856 | |
Expenses | ||
Custodian fees and expenses | $16,971 | |
Independent directors' compensation | 2,466 | |
Total expenses before reductions | 19,437 | |
Expense reductions | (2,523) | 16,914 |
Net investment income (loss) | 14,778,942 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 17,129,222 | |
Foreign currency transactions | (6,033) | |
Total net realized gain (loss) | 17,123,189 | |
Change in net unrealized appreciation (depreciation) on: Investment securities | 124,355,406 | |
Assets and liabilities in foreign currencies | 74,303 | |
Total change in net unrealized appreciation (depreciation) | 124,429,709 | |
Net gain (loss) | 141,552,898 | |
Net increase (decrease) in net assets resulting from operations | $156,331,840 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended March 31, 2016 (Unaudited) | Year ended September 30, 2015 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $14,778,942 | $28,580,745 |
Net realized gain (loss) | 17,123,189 | 117,666,628 |
Change in net unrealized appreciation (depreciation) | 124,429,709 | (128,222,041) |
Net increase (decrease) in net assets resulting from operations | 156,331,840 | 18,025,332 |
Distributions to partners from net investment income | (14,581,588) | (27,923,149) |
Affiliated share transactions | ||
Proceeds from sales of shares | 88,683,963 | 103,315,545 |
Reinvestment of distributions | 14,581,303 | 27,922,586 |
Cost of shares redeemed | (70,421,537) | (190,429,741) |
Net increase (decrease) in net assets resulting from share transactions | 32,843,729 | (59,191,610) |
Total increase (decrease) in net assets | 174,593,981 | (69,089,427) |
Net Assets | ||
Beginning of period | 1,097,771,579 | 1,166,861,006 |
End of period | $1,272,365,560 | $1,097,771,579 |
Other Affiliated Information | ||
Shares | ||
Sold | 412,815 | 483,354 |
Issued in reinvestment of distributions | 66,443 | 129,190 |
Redeemed | (321,791) | (876,434) |
Net increase (decrease) | 157,467 | (263,890) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Consumer Staples Central Fund
Six months ended (Unaudited) March 31, | Years ended September 30, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $202.36 | $205.11 | $181.33 | $161.05 | $131.58 | $125.53 |
Income from Investment Operations | ||||||
Net investment income (loss)A | 2.68 | 5.31 | 5.20 | 4.77 | 4.33 | 3.86 |
Net realized and unrealized gain (loss) | 25.52 | (2.84) | 23.75 | 20.13 | 29.39 | 6.04 |
Total from investment operations | 28.20 | 2.47 | 28.95 | 24.90 | 33.72 | 9.90 |
Distributions to partners from net investment income | (2.64) | (5.22) | (5.17) | (4.62) | (4.25) | (3.85) |
Net asset value, end of period | $227.92 | $202.36 | $205.11 | $181.33 | $161.05 | $131.58 |
Total ReturnB,C | 13.99% | 1.07% | 16.13% | 15.58% | 25.90% | 7.83% |
Ratios to Average Net AssetsD,E | ||||||
Expenses before reductions | - %F,G | - %G | .01% | .01% | .01% | .01% |
Expenses net of fee waivers, if any | - %F,G | - %G | .01% | .01% | - %G | .01% |
Expenses net of all reductions | - %F,G | - %G | .01% | .01% | - %G | .01% |
Net investment income (loss) | 2.49%F | 2.45% | 2.67% | 2.72% | 2.91% | 2.86% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $1,272,366 | $1,097,772 | $1,166,861 | $1,016,534 | $880,205 | $647,542 |
Portfolio turnover rateH | 56%F | 65% | 36%I | 34%I | 27% | 51% |
A Calculated based on average shares outstanding during the period.
B Total returns for periods of less than one year are not annualized.
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 Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
F Annualized
G Amount represents less than .005%.
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
I Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity® Energy Central Fund
Investment Summary (Unaudited)
Top Ten Stocks as of March 31, 2016
% of fund's net assets | % of fund's net assets 6 months ago | |
Schlumberger Ltd. | 8.2 | 8.2 |
EOG Resources, Inc. | 7.5 | 6.4 |
Valero Energy Corp. | 5.0 | 5.1 |
Noble Energy, Inc. | 4.8 | 2.7 |
Anadarko Petroleum Corp. | 4.1 | 4.0 |
Cimarex Energy Co. | 4.1 | 4.3 |
Newfield Exploration Co. | 3.8 | 4.6 |
Hess Corp. | 3.8 | 1.0 |
Chevron Corp. | 3.4 | 3.6 |
Diamondback Energy, Inc. | 3.4 | 2.6 |
48.1 |
Top Industries (% of fund's net assets)
As of March 31, 2016 | ||
Oil, Gas & Consumable Fuels | 77.4% | |
Energy Equipment & Services | 19.3% | |
Chemicals | 1.4% | |
Independent Power and Renewable Electricity Producers | 1.0% | |
Semiconductors & Semiconductor Equipment | 0.3% | |
All Others* | 0.6% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
As of September 30, 2015 | ||
Oil, Gas & Consumable Fuels | 80.7% | |
Energy Equipment & Services | 17.2% | |
Independent Power and Renewable Electricity Producers | 1.0% | |
Chemicals | 0.7% | |
All Others* | 0.4% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Fidelity® Energy Central Fund
Investments March 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.4% | |||
Shares | Value | ||
Chemicals - 1.4% | |||
Commodity Chemicals - 1.4% | |||
LyondellBasell Industries NV Class A | 145,700 | $12,469,006 | |
Energy Equipment & Services - 19.3% | |||
Oil & Gas Drilling - 1.1% | |||
Nabors Industries Ltd. | 804,500 | 7,401,400 | |
Odfjell Drilling A/S (a)(b) | 740,922 | 526,499 | |
Xtreme Drilling & Coil Services Corp. (a) | 1,083,100 | 1,284,292 | |
9,212,191 | |||
Oil & Gas Equipment & Services - 18.2% | |||
Baker Hughes, Inc. | 660,800 | 28,962,864 | |
Bristow Group, Inc. | 32,000 | 605,440 | |
Cameron International Corp. (a) | 274,600 | 18,411,930 | |
Dril-Quip, Inc. (a) | 165,600 | 10,028,736 | |
Frank's International NV (b) | 642,842 | 10,594,036 | |
Newpark Resources, Inc. (a) | 300,400 | 1,297,728 | |
Oceaneering International, Inc. | 254,351 | 8,454,627 | |
RigNet, Inc. (a) | 33,600 | 459,648 | |
Schlumberger Ltd. | 953,157 | 70,295,326 | |
Tesco Corp. | 240,600 | 2,071,566 | |
Total Energy Services, Inc. | 45,200 | 417,632 | |
Weatherford International Ltd. (a) | 599,400 | 4,663,332 | |
156,262,865 | |||
TOTAL ENERGY EQUIPMENT & SERVICES | 165,475,056 | ||
Independent Power and Renewable Electricity Producers - 1.0% | |||
Independent Power Producers & Energy Traders - 0.2% | |||
NRG Yield, Inc. Class C (b) | 96,400 | 1,372,736 | |
Renewable Electricity - 0.8% | |||
NextEra Energy Partners LP | 258,100 | 7,017,739 | |
TOTAL INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS | 8,390,475 | ||
Oil, Gas & Consumable Fuels - 77.4% | |||
Coal & Consumable Fuels - 0.3% | |||
CONSOL Energy, Inc. (b) | 193,350 | 2,182,922 | |
Integrated Oil & Gas - 7.7% | |||
Cenovus Energy, Inc. | 64,100 | 834,102 | |
Chevron Corp. | 305,903 | 29,183,146 | |
Exxon Mobil Corp. | 308,460 | 25,784,171 | |
Occidental Petroleum Corp. | 146,000 | 9,990,780 | |
65,792,199 | |||
Oil & Gas Exploration & Production - 56.6% | |||
Anadarko Petroleum Corp. | 764,972 | 35,624,746 | |
Apache Corp. | 333,000 | 16,253,730 | |
ARC Resources Ltd. (b) | 66,100 | 961,408 | |
Bankers Petroleum Ltd. (a) | 364,300 | 516,121 | |
Black Stone Minerals LP | 129,700 | 1,817,097 | |
Cabot Oil & Gas Corp. | 280,200 | 6,363,342 | |
California Resources Corp. | 22,870 | 23,556 | |
Callon Petroleum Co. (a) | 193,900 | 1,716,015 | |
Carrizo Oil & Gas, Inc. (a) | 397,000 | 12,275,240 | |
Cimarex Energy Co. | 361,421 | 35,155,421 | |
Concho Resources, Inc. (a) | 185,400 | 18,732,816 | |
ConocoPhillips Co. | 426,300 | 17,167,101 | |
Continental Resources, Inc. (a)(b) | 249,900 | 7,586,964 | |
Denbury Resources, Inc. | 250,500 | 556,110 | |
Devon Energy Corp. | 354,800 | 9,735,712 | |
Diamondback Energy, Inc. | 375,300 | 28,965,654 | |
EOG Resources, Inc. | 886,708 | 64,357,267 | |
Evolution Petroleum Corp. | 49,432 | 240,240 | |
Gran Tierra Energy, Inc. (Canada) (a) | 410,200 | 1,023,329 | |
Gulfport Energy Corp. (a) | 109,600 | 3,106,064 | |
Hess Corp. | 614,200 | 32,337,630 | |
Marathon Oil Corp. | 681,500 | 7,591,910 | |
Memorial Resource Development Corp. (a) | 535,772 | 5,454,159 | |
Murphy Oil Corp. | 129,800 | 3,269,662 | |
Newfield Exploration Co. (a) | 984,900 | 32,747,925 | |
Noble Energy, Inc. | 1,305,994 | 41,021,272 | |
Parsley Energy, Inc. Class A (a) | 410,500 | 9,277,300 | |
PDC Energy, Inc. (a) | 395,827 | 23,531,915 | |
Pioneer Natural Resources Co. | 155,961 | 21,949,951 | |
QEP Resources, Inc. | 292,500 | 4,127,175 | |
Rice Energy, Inc. (a) | 190,500 | 2,659,380 | |
Ring Energy, Inc. (a) | 81,300 | 410,565 | |
RSP Permian, Inc. (a) | 249,500 | 7,245,480 | |
Seven Generations Energy Ltd. (a) | 435,900 | 6,561,575 | |
SM Energy Co. (b) | 548,100 | 10,271,394 | |
Synergy Resources Corp. (a)(b) | 847,741 | 6,586,948 | |
TAG Oil Ltd. (a) | 397,742 | 220,500 | |
Whiting Petroleum Corp. (a)(b) | 1,048,100 | 8,363,838 | |
485,806,512 | |||
Oil & Gas Refining & Marketing - 5.9% | |||
Keyera Corp. (b) | 127,100 | 3,857,772 | |
Valero Energy Corp. | 667,305 | 42,800,943 | |
Western Refining, Inc. | 18,100 | 526,529 | |
World Fuel Services Corp. | 77,725 | 3,775,881 | |
50,961,125 | |||
Oil & Gas Storage & Transport - 6.9% | |||
Buckeye Partners LP | 5,700 | 387,258 | |
Cheniere Energy Partners LP Holdings LLC | 205,300 | 3,707,718 | |
Cheniere Energy, Inc. (a) | 150,900 | 5,104,947 | |
Enterprise Products Partners LP | 288,600 | 7,105,332 | |
Gener8 Maritime, Inc. (a) | 91,900 | 648,814 | |
Golar LNG Ltd. (b) | 191,300 | 3,437,661 | |
Kinder Morgan, Inc. | 1,289,500 | 23,030,470 | |
Magellan Midstream Partners LP | 62,291 | 4,285,621 | |
Plains All American Pipeline LP | 115,600 | 2,424,132 | |
Rice Midstream Partners LP | 136,400 | 2,030,996 | |
Shell Midstream Partners LP | 112,700 | 4,125,947 | |
Targa Resources Corp. | 90,100 | 2,690,386 | |
58,979,282 | |||
TOTAL OIL, GAS & CONSUMABLE FUELS | 663,722,040 | ||
Semiconductors & Semiconductor Equipment - 0.3% | |||
Semiconductor Equipment - 0.3% | |||
SolarEdge Technologies, Inc. (b) | 100,200 | 2,519,028 | |
TOTAL COMMON STOCKS | |||
(Cost $866,440,889) | 852,575,605 | ||
Money Market Funds - 3.4% | |||
Fidelity Cash Central Fund, 0.39% (c) | 4,567,329 | 4,567,329 | |
Fidelity Securities Lending Cash Central Fund, 0.42% (c)(d) | 24,552,340 | 24,552,340 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $29,119,669) | 29,119,669 | ||
TOTAL INVESTMENT PORTFOLIO - 102.8% | |||
(Cost $895,560,558) | 881,695,274 | ||
NET OTHER ASSETS (LIABILITIES) - (2.8)% | (23,729,534) | ||
NET ASSETS - 100% | $857,965,740 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) 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 are available on the SEC's website or upon request.
(d) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $14,031 |
Fidelity Securities Lending Cash Central Fund | 45,261 |
Total | $59,292 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. 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 please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
United States of America | 85.4% |
Curacao | 8.2% |
Netherlands | 2.6% |
Canada | 1.8% |
Bermuda | 1.4% |
Others (Individually Less Than 1%) | 0.6% |
100.0% |
See accompanying notes which are an integral part of the financial statements.
Fidelity® Energy Central Fund
Financial Statements
Statement of Assets and Liabilities
March 31, 2016 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $24,222,903) — See accompanying schedule: Unaffiliated issuers (cost $866,440,889) | $852,575,605 | |
Fidelity Central Funds (cost $29,119,669) | 29,119,669 | |
Total Investments (cost $895,560,558) | $881,695,274 | |
Cash | 207,267 | |
Receivable for investments sold | 10,759,980 | |
Receivable for fund shares sold | 22,673 | |
Dividends receivable | 708,530 | |
Distributions receivable from Fidelity Central Funds | 14,560 | |
Total assets | 893,408,284 | |
Liabilities | ||
Payable for investments purchased | $10,592,231 | |
Payable for fund shares redeemed | 290,847 | |
Other payables and accrued expenses | 7,126 | |
Collateral on securities loaned, at value | 24,552,340 | |
Total liabilities | 35,442,544 | |
Net Assets | $857,965,740 | |
Net Assets consist of: | ||
Paid in capital | $871,831,652 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | (13,865,912) | |
Net Assets, for 8,171,130 shares outstanding | $857,965,740 | |
Net Asset Value, offering price and redemption price per share ($857,965,740 ÷ 8,171,130 shares) | $105.00 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended March 31, 2016 (Unaudited) | ||
Investment Income | ||
Dividends | $7,333,880 | |
Income from Fidelity Central Funds (including $45,261 from security lending) | 59,292 | |
Total income | 7,393,172 | |
Expenses | ||
Custodian fees and expenses | $11,787 | |
Independent directors' compensation | 1,779 | |
Interest | 118 | |
Total expenses before reductions | 13,684 | |
Expense reductions | (1,800) | 11,884 |
Net investment income (loss) | 7,381,288 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | (100,071,134) | |
Foreign currency transactions | 2,722 | |
Total net realized gain (loss) | (100,068,412) | |
Change in net unrealized appreciation (depreciation) on: Investment securities | 110,097,973 | |
Assets and liabilities in foreign currencies | 701 | |
Total change in net unrealized appreciation (depreciation) | 110,098,674 | |
Net gain (loss) | 10,030,262 | |
Net increase (decrease) in net assets resulting from operations | $17,411,550 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended March 31, 2016 (Unaudited) | Year ended September 30, 2015 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $7,381,288 | $17,676,988 |
Net realized gain (loss) | (100,068,412) | (113,794,792) |
Change in net unrealized appreciation (depreciation) | 110,098,674 | (267,640,201) |
Net increase (decrease) in net assets resulting from operations | 17,411,550 | (363,758,005) |
Distributions to partners from net investment income | (7,208,118) | (17,474,352) |
Affiliated share transactions | ||
Proceeds from sales of shares | 87,603,705 | 148,003,200 |
Reinvestment of distributions | 7,207,996 | 17,474,043 |
Cost of shares redeemed | (50,853,862) | (87,247,087) |
Net increase (decrease) in net assets resulting from share transactions | 43,957,839 | 78,230,156 |
Total increase (decrease) in net assets | 54,161,271 | (303,002,201) |
Net Assets | ||
Beginning of period | 803,804,469 | 1,106,806,670 |
End of period | $857,965,740 | $803,804,469 |
Other Affiliated Information | ||
Shares | ||
Sold | 824,609 | 1,179,657 |
Issued in reinvestment of distributions | 68,222 | 137,214 |
Redeemed | (488,418) | (700,943) |
Net increase (decrease) | 404,413 | 615,928 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Energy Central Fund
Six months ended (Unaudited) March 31, | Years ended September 30, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $103.49 | $154.78 | $144.89 | $123.82 | $100.57 | $99.35 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .92 | 2.32 | 2.37 | 2.25 | 2.15 | 1.93 |
Net realized and unrealized gain (loss) | 1.50 | (51.31) | 9.87 | 20.98 | 23.15 | 1.20 |
Total from investment operations | 2.42 | (48.99) | 12.24 | 23.23 | 25.30 | 3.13 |
Distributions to partners from net investment income | (.91) | (2.30) | (2.35) | (2.16) | (2.05) | (1.91) |
Net asset value, end of period | $105.00 | $103.49 | $154.78 | $144.89 | $123.82 | $100.57 |
Total ReturnB,C | 2.33% | (31.92)% | 8.44% | 18.97% | 25.27% | 2.76% |
Ratios to Average Net AssetsD,E | ||||||
Expenses before reductionsF | -%G | -% | -% | -% | -% | -% |
Expenses net of fee waivers, if anyF | -%G | -% | -% | -% | -% | -% |
Expenses net of all reductionsF | -%G | -% | -% | -% | -% | -% |
Net investment income (loss) | 1.76%G | 1.80% | 1.52% | 1.72% | 1.81% | 1.52% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $857,966 | $803,804 | $1,106,807 | $1,055,394 | $906,219 | $662,061 |
Portfolio turnover rateH | 110%G | 70% | 109%I | 93%I | 98% | 102% |
A Calculated based on average shares outstanding during the period.
B Total returns for periods of less than one year are not annualized.
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 Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
F Amount represents less than .005%.
G Annualized
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
I Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity® Financials Central Fund
Investment Summary (Unaudited)
Top Ten Stocks as of March 31, 2016
% of fund's net assets | % of fund's net assets 6 months ago | |
Berkshire Hathaway, Inc. Class B | 5.6 | 4.8 |
JPMorgan Chase & Co. | 4.3 | 5.5 |
Bank of America Corp. | 4.2 | 5.5 |
Citigroup, Inc. | 4.1 | 5.4 |
Chubb Ltd. | 3.9 | 3.3 |
U.S. Bancorp | 3.7 | 4.0 |
American Tower Corp. | 3.6 | 3.2 |
Wells Fargo & Co. | 3.3 | 3.7 |
Capital One Financial Corp. | 3.0 | 3.5 |
Public Storage | 2.7 | 2.0 |
38.4 |
Top Industries (% of fund's net assets)
As of March 31, 2016 | ||
Banks | 25.8% | |
Real Estate Investment Trusts | 19.0% | |
Insurance | 17.2% | |
Diversified Financial Services | 7.7% | |
Capital Markets | 7.1% | |
All Others* | 23.2% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
As of September 30, 2015 | ||
Banks | 30.5% | |
Real Estate Investment Trusts | 14.7% | |
Insurance | 12.6% | |
Capital Markets | 11.3% | |
Diversified Financial Services | 8.5% | |
All Others* | 22.4% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Fidelity® Financials Central Fund
Investments March 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 93.3% | |||
Shares | Value | ||
Banks - 25.8% | |||
Diversified Banks - 20.5% | |||
Bank of America Corp. | 7,250,000 | $98,020,000 | |
Citigroup, Inc. | 2,275,000 | 94,981,250 | |
Comerica, Inc. | 584,700 | 22,142,589 | |
JPMorgan Chase & Co. | 1,700,000 | 100,674,000 | |
U.S. Bancorp | 2,150,000 | 87,268,500 | |
Wells Fargo & Co. | 1,608,000 | 77,762,880 | |
480,849,219 | |||
Regional Banks - 5.3% | |||
CoBiz, Inc. | 850,000 | 10,047,000 | |
Huntington Bancshares, Inc. | 2,300,000 | 21,942,000 | |
M&T Bank Corp. | 375,000 | 41,625,000 | |
Popular, Inc. | 606,400 | 17,349,104 | |
SunTrust Banks, Inc. | 950,000 | 34,276,000 | |
125,239,104 | |||
TOTAL BANKS | 606,088,323 | ||
Capital Markets - 7.1% | |||
Asset Management & Custody Banks - 3.7% | |||
Affiliated Managers Group, Inc. (a) | 100,000 | 16,240,000 | |
Artisan Partners Asset Management, Inc. | 100,000 | 3,084,000 | |
Invesco Ltd. | 700,000 | 21,539,000 | |
Northern Trust Corp. | 425,000 | 27,697,250 | |
Oaktree Capital Group LLC Class A | 400,000 | 19,732,000 | |
88,292,250 | |||
Investment Banking & Brokerage - 3.4% | |||
E*TRADE Financial Corp. (a) | 850,000 | 20,816,500 | |
Goldman Sachs Group, Inc. | 305,000 | 47,878,900 | |
Virtu Financial, Inc. Class A | 472,500 | 10,446,975 | |
79,142,375 | |||
TOTAL CAPITAL MARKETS | 167,434,625 | ||
Consumer Finance - 6.1% | |||
Consumer Finance - 6.1% | |||
American Express Co. | 450,000 | 27,630,000 | |
Capital One Financial Corp. | 1,025,000 | 71,042,750 | |
OneMain Holdings, Inc. (a) | 350,000 | 9,600,500 | |
Synchrony Financial (a) | 1,200,000 | 34,392,000 | |
142,665,250 | |||
Diversified Consumer Services - 1.2% | |||
Specialized Consumer Services - 1.2% | |||
H&R Block, Inc. | 1,100,000 | 29,062,000 | |
Diversified Financial Services - 7.7% | |||
Multi-Sector Holdings - 5.6% | |||
Berkshire Hathaway, Inc. Class B (a) | 925,000 | 131,239,000 | |
Specialized Finance - 2.1% | |||
IntercontinentalExchange, Inc. | 214,400 | 50,414,016 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 181,653,016 | ||
Insurance - 17.2% | |||
Insurance Brokers - 4.2% | |||
Brown & Brown, Inc. | 1,169,500 | 41,868,100 | |
Marsh & McLennan Companies, Inc. | 925,800 | 56,279,382 | |
98,147,482 | |||
Life & Health Insurance - 2.1% | |||
Torchmark Corp. | 900,000 | 48,744,000 | |
Property & Casualty Insurance - 10.3% | |||
Allied World Assurance Co. Holdings AG | 1,000,000 | 34,940,000 | |
Allstate Corp. | 900,000 | 60,633,000 | |
Chubb Ltd. | 775,000 | 92,341,250 | |
FNF Group | 1,600,000 | 54,240,000 | |
242,154,250 | |||
Reinsurance - 0.6% | |||
Reinsurance Group of America, Inc. | 150,000 | 14,437,500 | |
TOTAL INSURANCE | 403,483,232 | ||
IT Services - 5.6% | |||
Data Processing & Outsourced Services - 5.6% | |||
MasterCard, Inc. Class A | 365,500 | 34,539,750 | |
PayPal Holdings, Inc. (a) | 275,000 | 10,615,000 | |
The Western Union Co. | 1,450,000 | 27,970,500 | |
Visa, Inc. Class A | 775,000 | 59,272,000 | |
132,397,250 | |||
Professional Services - 0.6% | |||
Research & Consulting Services - 0.6% | |||
Verisk Analytics, Inc. (a) | 170,500 | 13,626,360 | |
Real Estate Investment Trusts - 19.0% | |||
Diversified REITs - 0.5% | |||
Store Capital Corp. | 84,800 | 2,194,624 | |
VEREIT, Inc. | 1,050,000 | 9,313,500 | |
11,508,124 | |||
Health Care REIT's - 2.3% | |||
Ventas, Inc. | 850,000 | 53,516,000 | |
Mortgage REITs - 3.1% | |||
Altisource Residential Corp. Class B | 1,317,385 | 15,808,620 | |
American Capital Agency Corp. | 1,100,000 | 20,493,000 | |
American Capital Mortgage Investment Corp. | 227,700 | 3,342,636 | |
Redwood Trust, Inc. (b) | 1,500,000 | 19,620,000 | |
Two Harbors Investment Corp. | 1,656,700 | 13,154,198 | |
72,418,454 | |||
Office REITs - 1.9% | |||
Boston Properties, Inc. | 350,800 | 44,579,664 | |
Residential REITs - 4.1% | |||
American Campus Communities, Inc. | 400,000 | 18,836,000 | |
Equity Residential (SBI) | 438,500 | 32,900,655 | |
Essex Property Trust, Inc. | 78,000 | 18,241,080 | |
UDR, Inc. | 725,000 | 27,934,250 | |
97,911,985 | |||
Specialized REITs - 7.1% | |||
American Tower Corp. | 828,400 | 84,803,308 | |
Outfront Media, Inc. | 900,000 | 18,990,000 | |
Public Storage | 230,000 | 63,440,900 | |
167,234,208 | |||
TOTAL REAL ESTATE INVESTMENT TRUSTS | 447,168,435 | ||
Real Estate Management & Development - 1.4% | |||
Real Estate Services - 1.4% | |||
Realogy Holdings Corp. (a) | 877,100 | 31,672,081 | |
Thrifts & Mortgage Finance - 0.6% | |||
Thrifts & Mortgage Finance - 0.6% | |||
MGIC Investment Corp. (a) | 1,150,000 | 8,820,500 | |
Radian Group, Inc. | 347,000 | 4,302,800 | |
Washington Mutual, Inc. (a) | 155,200 | 2 | |
13,123,302 | |||
Trading Companies & Distributors - 1.0% | |||
Trading Companies & Distributors - 1.0% | |||
AerCap Holdings NV (a) | 600,000 | 23,256,000 | |
TOTAL COMMON STOCKS | |||
(Cost $1,989,654,171) | 2,191,629,874 | ||
Money Market Funds - 7.6% | |||
Fidelity Cash Central Fund, 0.39% (c) | 174,921,274 | 174,921,274 | |
Fidelity Securities Lending Cash Central Fund, 0.42% (c)(d) | 3,442,400 | 3,442,400 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $178,363,674) | 178,363,674 | ||
TOTAL INVESTMENT PORTFOLIO - 100.9% | |||
(Cost $2,168,017,845) | 2,369,993,548 | ||
NET OTHER ASSETS (LIABILITIES) - (0.9)% | (22,056,088) | ||
NET ASSETS - 100% | $2,347,937,460 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) 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 are available on the SEC's website or upon request.
(d) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $184,523 |
Fidelity Securities Lending Cash Central Fund | 2,353 |
Total | $186,876 |
Investment Valuation
The following is a summary of the inputs used, as of March 31, 2016, 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: | ||||
Common Stocks | $2,191,629,874 | $2,191,629,872 | $-- | $2 |
Money Market Funds | 178,363,674 | 178,363,674 | -- | -- |
Total Investments in Securities: | $2,369,993,548 | $2,369,993,546 | $-- | $2 |
See accompanying notes which are an integral part of the financial statements.
Fidelity® Financials Central Fund
Financial Statements
Statement of Assets and Liabilities
March 31, 2016 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $3,463,584) — See accompanying schedule: Unaffiliated issuers (cost $1,989,654,171) | $2,191,629,874 | |
Fidelity Central Funds (cost $178,363,674) | 178,363,674 | |
Total Investments (cost $2,168,017,845) | $2,369,993,548 | |
Receivable for investments sold | 3,447,639 | |
Receivable for fund shares sold | 66,741 | |
Dividends receivable | 3,932,337 | |
Distributions receivable from Fidelity Central Funds | 52,654 | |
Total assets | 2,377,492,919 | |
Liabilities | ||
Payable for investments purchased | $14,572,599 | |
Payable for fund shares redeemed | 11,533,562 | |
Other payables and accrued expenses | 6,898 | |
Collateral on securities loaned, at value | 3,442,400 | |
Total liabilities | 29,555,459 | |
Net Assets | $2,347,937,460 | |
Net Assets consist of: | ||
Paid in capital | $2,145,956,465 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 201,980,995 | |
Net Assets, for 29,148,625 shares outstanding | $2,347,937,460 | |
Net Asset Value, offering price and redemption price per share ($2,347,937,460 ÷ 29,148,625 shares) | $80.55 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended March 31, 2016 (Unaudited) | ||
Investment Income | ||
Dividends | $25,899,378 | |
Income from Fidelity Central Funds (including $2,353 from security lending) | 186,876 | |
Total income | 26,086,254 | |
Expenses | ||
Custodian fees and expenses | $13,490 | |
Independent directors' compensation | 4,989 | |
Total expenses before reductions | 18,479 | |
Expense reductions | (5,036) | 13,443 |
Net investment income (loss) | 26,072,811 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | (17,633,115) | |
Foreign currency transactions | 352,436 | |
Total net realized gain (loss) | (17,280,679) | |
Change in net unrealized appreciation (depreciation) on: Investment securities | (582,850) | |
Assets and liabilities in foreign currencies | (1,897) | |
Total change in net unrealized appreciation (depreciation) | (584,747) | |
Net gain (loss) | (17,865,426) | |
Net increase (decrease) in net assets resulting from operations | $8,207,385 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended March 31, 2016 (Unaudited) | Year ended September 30, 2015 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $26,072,811 | $44,690,484 |
Net realized gain (loss) | (17,280,679) | 71,944,755 |
Change in net unrealized appreciation (depreciation) | (584,747) | (163,179,188) |
Net increase (decrease) in net assets resulting from operations | 8,207,385 | (46,543,949) |
Distributions to partners from net investment income | (20,969,552) | (37,178,253) |
Affiliated share transactions | ||
Proceeds from sales of shares | 189,357,171 | 241,799,057 |
Reinvestment of distributions | 20,969,367 | 37,177,922 |
Cost of shares redeemed | (150,808,761) | (281,099,031) |
Net increase (decrease) in net assets resulting from share transactions | 59,517,777 | (2,122,052) |
Total increase (decrease) in net assets | 46,755,610 | (85,844,254) |
Net Assets | ||
Beginning of period | 2,301,181,850 | 2,387,026,104 |
End of period | $2,347,937,460 | $2,301,181,850 |
Other Affiliated Information | ||
Shares | ||
Sold | 2,350,607 | 2,778,248 |
Issued in reinvestment of distributions | 246,982 | 423,544 |
Redeemed | (1,907,434) | (3,195,133) |
Net increase (decrease) | 690,155 | 6,659 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Financials Central Fund
Six months ended (Unaudited) March 31, | Years ended September 30, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $80.86 | $83.90 | $72.85 | $58.36 | $44.37 | $55.72 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .90 | 1.57 | 1.54 | 1.63 | 1.07 | .72 |
Net realized and unrealized gain (loss) | (.48) | (3.30) | 10.84 | 14.22 | 13.82 | (11.50) |
Total from investment operations | .42 | (1.73) | 12.38 | 15.85 | 14.89 | (10.78) |
Distributions to partners from net investment income | (.73) | (1.31) | (1.33) | (1.36) | (.90) | (.57) |
Net asset value, end of period | $80.55 | $80.86 | $83.90 | $72.85 | $58.36 | $44.37 |
Total ReturnB,C | .47% | (2.18)% | 17.08% | 27.41% | 33.71% | (19.52)% |
Ratios to Average Net AssetsD,E | ||||||
Expenses before reductions | - %F,G | - %G | - %G | .01% | .01% | .01% |
Expenses net of fee waivers, if any | - %F,G | - %G | - %G | .01% | .01% | .01% |
Expenses net of all reductions | - %F,G | - %G | - %G | .01% | .01% | .01% |
Net investment income (loss) | 2.22%F | 1.80% | 1.92% | 2.44% | 1.97% | 1.26% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $2,347,937 | $2,301,182 | $2,387,026 | $1,956,278 | $1,400,699 | $916,015 |
Portfolio turnover rateH | 54%F | 40% | 43%I | 249%I | 383% | 325% |
A Calculated based on average shares outstanding during the period.
B Total returns for periods of less than one year are not annualized.
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 Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
F Annualized
G Amount represents less than .005%.
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
I Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity® Health Care Central Fund
Investment Summary (Unaudited)
Top Ten Stocks as of March 31, 2016
% of fund's net assets | % of fund's net assets 6 months ago | |
Medtronic PLC | 9.5 | 8.6 |
Boston Scientific Corp. | 5.5 | 5.2 |
Allergan PLC | 5.3 | 5.9 |
Amgen, Inc. | 5.3 | 2.5 |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 4.9 | 5.1 |
Bristol-Myers Squibb Co. | 3.9 | 2.6 |
UnitedHealth Group, Inc. | 2.8 | 2.6 |
McKesson Corp. | 2.8 | 2.9 |
Alexion Pharmaceuticals, Inc. | 2.1 | 0.0 |
Vertex Pharmaceuticals, Inc. | 2.1 | 2.6 |
44.2 |
Top Industries (% of fund's net assets)
As of March 31, 2016 | ||
Health Care Equipment & Supplies | 25.1% | |
Pharmaceuticals | 24.9% | |
Biotechnology | 24.7% | |
Health Care Providers & Services | 15.8% | |
Health Care Technology | 3.0% | |
All Others* | 6.5% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
As of September 30, 2015 | ||
Pharmaceuticals | 35.7% | |
Health Care Equipment & Supplies | 21.3% | |
Biotechnology | 17.5% | |
Health Care Providers & Services | 14.8% | |
Health Care Technology | 3.2% | |
All Others* | 7.5% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity® Health Care Central Fund
Investments March 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.1% | |||
Shares | Value | ||
Biotechnology - 24.7% | |||
Biotechnology - 24.7% | |||
AbbVie, Inc. | 479,600 | $27,394,752 | |
Ablynx NV (a) | 384,827 | 5,539,367 | |
Acceleron Pharma, Inc. (a) | 133,976 | 3,535,627 | |
Acorda Therapeutics, Inc. (a) | 248,300 | 6,567,535 | |
Actelion Ltd. | 67,508 | 10,088,815 | |
Advanced Accelerator Applications SA sponsored ADR | 14,121 | 494,517 | |
Advaxis, Inc. (a)(b) | 401,449 | 3,625,084 | |
Alexion Pharmaceuticals, Inc. (a) | 268,300 | 37,352,726 | |
Alnylam Pharmaceuticals, Inc. (a) | 114,600 | 7,193,442 | |
AMAG Pharmaceuticals, Inc. (a) | 164,209 | 3,842,491 | |
Amgen, Inc. | 621,500 | 93,181,495 | |
Amicus Therapeutics, Inc. (a) | 546,100 | 4,614,545 | |
Anacor Pharmaceuticals, Inc. (a) | 203,694 | 10,887,444 | |
Arena Pharmaceuticals, Inc. (a)(b) | 2,155,700 | 4,246,729 | |
Array BioPharma, Inc. (a) | 958,101 | 2,826,398 | |
BeiGene Ltd. ADR | 37,093 | 1,087,196 | |
Biogen, Inc. (a) | 105,300 | 27,411,696 | |
BioMarin Pharmaceutical, Inc. (a) | 132,100 | 10,895,608 | |
bluebird bio, Inc. (a) | 28,700 | 1,219,750 | |
Blueprint Medicines Corp. | 167,139 | 3,016,859 | |
Celgene Corp. (a) | 138,900 | 13,902,501 | |
Cellectis SA sponsored ADR | 147,400 | 4,053,500 | |
Curis, Inc. (a) | 1,315,900 | 2,118,599 | |
CytomX Therapeutics, Inc. (a) | 90,800 | 1,171,320 | |
Edge Therapeutics, Inc. (a)(b) | 27,340 | 250,161 | |
Galapagos Genomics NV sponsored ADR | 104,400 | 4,366,008 | |
Gilead Sciences, Inc. | 153,282 | 14,080,485 | |
Heron Therapeutics, Inc. (a)(b) | 107,400 | 2,039,526 | |
Incyte Corp. (a) | 57,900 | 4,196,013 | |
Insmed, Inc. (a) | 540,028 | 6,842,155 | |
Intercept Pharmaceuticals, Inc. (a) | 67,924 | 8,726,196 | |
Neurocrine Biosciences, Inc. (a) | 199,400 | 7,886,270 | |
ProNai Therapeutics, Inc. (a) | 78,964 | 532,217 | |
Puma Biotechnology, Inc. (a)(b) | 239,218 | 7,025,833 | |
Regeneron Pharmaceuticals, Inc. (a) | 80,000 | 28,835,200 | |
Spark Therapeutics, Inc. (a)(b) | 90,623 | 2,674,285 | |
TESARO, Inc. (a) | 225,100 | 9,911,153 | |
Ultragenyx Pharmaceutical, Inc. (a) | 141,000 | 8,926,710 | |
United Therapeutics Corp. (a) | 38,500 | 4,290,055 | |
Vertex Pharmaceuticals, Inc. (a) | 468,800 | 37,264,912 | |
Xencor, Inc. (a) | 239,500 | 3,214,090 | |
437,329,265 | |||
Capital Markets - 0.3% | |||
Asset Management & Custody Banks - 0.3% | |||
RPI International Holdings LP (c) | 41,845 | 5,614,762 | |
Diversified Consumer Services - 0.3% | |||
Specialized Consumer Services - 0.3% | |||
Carriage Services, Inc. (b) | 233,700 | 5,050,257 | |
Health Care Equipment & Supplies - 25.1% | |||
Health Care Equipment - 22.7% | |||
Atricure, Inc. (a) | 306,600 | 5,160,078 | |
Boston Scientific Corp. (a) | 5,150,000 | 96,871,500 | |
CONMED Corp. | 73,210 | 3,070,427 | |
Edwards Lifesciences Corp. (a) | 276,500 | 24,390,065 | |
HeartWare International, Inc. (a) | 160,600 | 5,046,052 | |
Integra LifeSciences Holdings Corp. (a) | 190,000 | 12,798,400 | |
Intuitive Surgical, Inc. (a) | 47,000 | 28,249,350 | |
LivaNova PLC (a) | 39,900 | 2,153,802 | |
Medtronic PLC | 2,245,000 | 168,375,000 | |
Neovasc, Inc. (a) | 855,500 | 3,652,985 | |
Nevro Corp. (a)(b) | 207,900 | 11,696,454 | |
Novocure Ltd. (a)(b) | 134,000 | 1,940,320 | |
ResMed, Inc. | 192,400 | 11,124,568 | |
Wright Medical Group NV (a) | 840,000 | 13,944,000 | |
Zeltiq Aesthetics, Inc. (a)(b) | 251,471 | 6,829,952 | |
Zimmer Biomet Holdings, Inc. | 67,100 | 7,154,873 | |
402,457,826 | |||
Health Care Supplies - 2.4% | |||
ICU Medical, Inc. (a) | 66,900 | 6,964,290 | |
Penumbra, Inc. (a) | 119,757 | 5,508,822 | |
The Cooper Companies, Inc. | 144,844 | 22,301,631 | |
The Spectranetics Corp. (a) | 520,000 | 7,550,400 | |
42,325,143 | |||
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES | 444,782,969 | ||
Health Care Providers & Services - 15.6% | |||
Health Care Distributors & Services - 3.7% | |||
Amplifon SpA | 714,491 | 6,195,207 | |
EBOS Group Ltd. | 900,000 | 10,699,776 | |
McKesson Corp. | 311,355 | 48,960,574 | |
65,855,557 | |||
Health Care Facilities - 3.9% | |||
AmSurg Corp. (a) | 80,000 | 5,968,000 | |
Brookdale Senior Living, Inc. (a) | 383,245 | 6,085,931 | |
HCA Holdings, Inc. (a) | 287,400 | 22,431,570 | |
Surgical Care Affiliates, Inc. (a) | 306,576 | 14,188,337 | |
Universal Health Services, Inc. Class B | 162,900 | 20,316,888 | |
68,990,726 | |||
Health Care Services - 1.1% | |||
Adeptus Health, Inc. Class A (a)(b) | 100,000 | 5,554,000 | |
Envision Healthcare Holdings, Inc. (a) | 409,996 | 8,363,918 | |
United Drug PLC (United Kingdom) | 670,700 | 5,625,630 | |
19,543,548 | |||
Managed Health Care - 6.9% | |||
Aetna, Inc. | 134,400 | 15,099,840 | |
Anthem, Inc. | 100,300 | 13,940,697 | |
Cigna Corp. | 268,300 | 36,821,492 | |
Humana, Inc. | 43,400 | 7,940,030 | |
UnitedHealth Group, Inc. | 383,200 | 49,394,480 | |
123,196,539 | |||
TOTAL HEALTH CARE PROVIDERS & SERVICES | 277,586,370 | ||
Health Care Technology - 3.0% | |||
Health Care Technology - 3.0% | |||
athenahealth, Inc. (a) | 167,400 | 23,231,772 | |
Castlight Health, Inc. (a) | 700,500 | 2,332,665 | |
Castlight Health, Inc. Class B (a)(b) | 102,056 | 339,846 | |
Connecture, Inc. (a)(b) | 500,000 | 1,280,000 | |
Evolent Health, Inc. | 193,316 | 2,041,417 | |
HealthStream, Inc. (a) | 399,387 | 8,822,459 | |
Medidata Solutions, Inc. (a) | 399,600 | 15,468,516 | |
53,516,675 | |||
Life Sciences Tools & Services - 2.5% | |||
Life Sciences Tools & Services - 2.5% | |||
Agilent Technologies, Inc. | 785,600 | 31,306,160 | |
Bruker Corp. | 287,200 | 8,041,600 | |
PRA Health Sciences, Inc. (a) | 101,600 | 4,344,416 | |
43,692,176 | |||
Pharmaceuticals - 24.9% | |||
Pharmaceuticals - 24.9% | |||
Allergan PLC (a) | 349,910 | 93,786,377 | |
Amphastar Pharmaceuticals, Inc. (a) | 381,704 | 4,580,448 | |
Astellas Pharma, Inc. | 1,000,000 | 13,289,509 | |
Bristol-Myers Squibb Co. | 1,077,823 | 68,851,333 | |
Catalent, Inc. (a) | 455,070 | 12,136,717 | |
Dechra Pharmaceuticals PLC | 479,000 | 8,296,843 | |
Eisai Co. Ltd. | 173,900 | 10,460,731 | |
Endo International PLC (a) | 423,900 | 11,932,785 | |
Horizon Pharma PLC (a) | 570,100 | 9,446,557 | |
Jazz Pharmaceuticals PLC (a) | 114,992 | 15,012,206 | |
Jiangsu Hengrui Medicine Co. Ltd. | 1,222,147 | 8,950,535 | |
Lee's Pharmaceutical Holdings Ltd. | 3,091,500 | 2,167,977 | |
Merck & Co., Inc. | 118,391 | 6,264,068 | |
Mylan N.V. | 179,600 | 8,324,460 | |
Pfizer, Inc. | 1,005,900 | 29,814,876 | |
Prestige Brands Holdings, Inc. (a) | 167,685 | 8,952,702 | |
Sanofi SA sponsored ADR | 307,000 | 12,329,120 | |
SCYNEXIS, Inc. (a) | 400,000 | 1,612,000 | |
Sun Pharmaceutical Industries Ltd. | 743,933 | 9,207,231 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 1,616,700 | 86,509,617 | |
The Medicines Company (a) | 184,300 | 5,855,211 | |
TherapeuticsMD, Inc. (a)(b) | 1,500,000 | 9,600,000 | |
Valeant Pharmaceuticals International, Inc. (Canada) (a) | 131,700 | 3,463,711 | |
440,845,014 | |||
Professional Services - 0.7% | |||
Human Resource & Employment Services - 0.7% | |||
WageWorks, Inc. (a) | 250,293 | 12,667,329 | |
TOTAL COMMON STOCKS | |||
(Cost $1,589,370,191) | 1,721,084,817 | ||
Convertible Preferred Stocks - 0.2% | |||
Health Care Providers & Services - 0.2% | |||
Health Care Services - 0.2% | |||
1Life Healthcare, Inc. Series G (a)(c) | |||
(Cost $2,885,246) | 438,101 | 3,824,622 | |
Money Market Funds - 5.3% | |||
Fidelity Cash Central Fund, 0.39% (d) | 55,961,563 | 55,961,563 | |
Fidelity Securities Lending Cash Central Fund, 0.42% (d)(e) | 37,783,025 | 37,783,025 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $93,744,588) | 93,744,588 | ||
TOTAL INVESTMENT PORTFOLIO - 102.6% | |||
(Cost $1,686,000,025) | 1,818,654,027 | ||
NET OTHER ASSETS (LIABILITIES) - (2.6)% | (46,350,167) | ||
NET ASSETS - 100% | $1,772,303,860 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Restricted securities - 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 $9,439,384 or 0.5% of net assets.
(d) 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 are available on the SEC's website or upon request.
(e) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost |
1Life Healthcare, Inc. Series G | 4/10/14 | $2,885,246 |
RPI International Holdings LP | 5/21/15 - 3/23/16 | $5,567,439 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $69,002 |
Fidelity Securities Lending Cash Central Fund | 252,488 |
Total | $321,490 |
Investment Valuation
The following is a summary of the inputs used, as of March 31, 2016, 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: | ||||
Common Stocks | $1,721,084,817 | $1,702,180,546 | $13,289,509 | $5,614,762 |
Convertible Preferred Stocks | 3,824,622 | -- | -- | 3,824,622 |
Money Market Funds | 93,744,588 | 93,744,588 | -- | -- |
Total Investments in Securities: | $1,818,654,027 | $1,795,925,134 | $13,289,509 | $9,439,384 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended March 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:
Transfers | Total |
Level 1 to Level 2 | $0 |
Level 2 to Level 1 | $30,247,955 |
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
United States of America | 70.3% |
Ireland | 17.1% |
Israel | 4.9% |
Japan | 1.3% |
Netherlands | 1.3% |
Others (Individually Less Than 1%) | 5.1% |
100.0% |
See accompanying notes which are an integral part of the financial statements.
Fidelity® Health Care Central Fund
Financial Statements
Statement of Assets and Liabilities
March 31, 2016 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $37,440,991) — See accompanying schedule: Unaffiliated issuers (cost $1,592,255,437) | $1,724,909,439 | |
Fidelity Central Funds (cost $93,744,588) | 93,744,588 | |
Total Investments (cost $1,686,000,025) | $1,818,654,027 | |
Cash | 20,992 | |
Receivable for investments sold | 18,932,520 | |
Receivable for fund shares sold | 48,196 | |
Dividends receivable | 2,193,155 | |
Distributions receivable from Fidelity Central Funds | 55,246 | |
Total assets | 1,839,904,136 | |
Liabilities | ||
Payable for investments purchased | $27,098,225 | |
Payable for fund shares redeemed | 2,702,087 | |
Other payables and accrued expenses | 16,939 | |
Collateral on securities loaned, at value | 37,783,025 | |
Total liabilities | 67,600,276 | |
Net Assets | $1,772,303,860 | |
Net Assets consist of: | ||
Paid in capital | $1,639,625,254 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 132,678,606 | |
Net Assets, for 5,640,278 shares outstanding | $1,772,303,860 | |
Net Asset Value, offering price and redemption price per share ($1,772,303,860 ÷ 5,640,278 shares) | $314.22 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended March 31, 2016 (Unaudited) | ||
Investment Income | ||
Dividends | $7,088,482 | |
Interest | 19 | |
Income from Fidelity Central Funds (including $252,488 from security lending) | 321,490 | |
Total income | 7,409,991 | |
Expenses | ||
Custodian fees and expenses | $26,858 | |
Independent directors' compensation | 3,879 | |
Total expenses before reductions | 30,737 | |
Expense reductions | (3,934) | 26,803 |
Net investment income (loss) | 7,383,188 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | (3,429,358) | |
Foreign currency transactions | (5,704) | |
Total net realized gain (loss) | (3,435,062) | |
Change in net unrealized appreciation (depreciation) on: Investment securities | (62,155,325) | |
Assets and liabilities in foreign currencies | 7,461 | |
Total change in net unrealized appreciation (depreciation) | (62,147,864) | |
Net gain (loss) | (65,582,926) | |
Net increase (decrease) in net assets resulting from operations | $(58,199,738) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended March 31, 2016 (Unaudited) | Year ended September 30, 2015 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $7,383,188 | $12,787,005 |
Net realized gain (loss) | (3,435,062) | 394,692,964 |
Change in net unrealized appreciation (depreciation) | (62,147,864) | (286,414,390) |
Net increase (decrease) in net assets resulting from operations | (58,199,738) | 121,065,579 |
Distributions to partners from net investment income | (6,674,266) | (11,170,587) |
Affiliated share transactions | ||
Proceeds from sales of shares | 174,449,652 | 216,190,893 |
Reinvestment of distributions | 6,674,124 | 11,170,345 |
Cost of shares redeemed | (93,856,317) | (393,550,184) |
Net increase (decrease) in net assets resulting from share transactions | 87,267,459 | (166,188,946) |
Total increase (decrease) in net assets | 22,393,455 | (56,293,954) |
Net Assets | ||
Beginning of period | 1,749,910,405 | 1,806,204,359 |
End of period | $1,772,303,860 | $1,749,910,405 |
Other Affiliated Information | ||
Shares | ||
Sold | 538,209 | 600,160 |
Issued in reinvestment of distributions | 20,131 | 30,626 |
Redeemed | (283,925) | (1,094,340) |
Net increase (decrease) | 274,415 | (463,554) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Health Care Central Fund
Six months ended (Unaudited) March 31, | Years ended September 30, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $326.12 | $309.84 | $222.42 | $163.64 | $123.15 | $112.31 |
Income from Investment Operations | ||||||
Net investment income (loss)A | 1.35 | 2.36 | 1.34 | 1.73 | 1.63 | .79B |
Net realized and unrealized gain (loss) | (12.03) | 15.99 | 87.35 | 58.70 | 40.46 | 10.97 |
Total from investment operations | (10.68) | 18.35 | 88.69 | 60.43 | 42.09 | 11.76 |
Distributions to partners from net investment income | (1.22) | (2.07) | (1.27) | (1.65) | (1.60) | (.92) |
Net asset value, end of period | $314.22 | $326.12 | $309.84 | $222.42 | $163.64 | $123.15 |
Total ReturnC,D | (3.29)% | 5.85% | 39.95% | 37.14% | 34.34% | 10.44% |
Ratios to Average Net AssetsE,F | ||||||
Expenses before reductions | - %G,H | - %H | .01% | .01% | .01% | .01% |
Expenses net of fee waivers, if any | - %G,H | - %H | .01% | .01% | - %H | .01% |
Expenses net of all reductions | - %G,H | - %H | .01% | .01% | - %H | .01% |
Net investment income (loss) | .82%G,H | .66% | .49% | .93% | 1.13% | .60%B |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $1,772,304 | $1,749,910 | $1,806,204 | $1,415,691 | $1,044,262 | $723,841 |
Portfolio turnover rateI | 78%G | 97% | 131%J | 113%J | 120% | 138% |
A Calculated based on average shares outstanding during the period.
B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .49%.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
G Annualized
H Amount represents less than .005%.
I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
J Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity® Industrials Central Fund
Investment Summary (Unaudited)
Top Ten Stocks as of March 31, 2016
% of fund's net assets | % of fund's net assets 6 months ago | |
General Electric Co. | 14.3 | 13.4 |
Danaher Corp. | 6.5 | 7.4 |
Honeywell International, Inc. | 5.4 | 3.8 |
J.B. Hunt Transport Services, Inc. | 5.3 | 5.1 |
Southwest Airlines Co. | 5.1 | 2.1 |
United Technologies Corp. | 4.8 | 5.3 |
AECOM | 4.2 | 3.0 |
Raytheon Co. | 3.0 | 3.4 |
Northrop Grumman Corp. | 2.9 | 0.0 |
Eaton Corp. PLC | 2.9 | 2.1 |
54.4 |
Top Industries (% of fund's net assets)
As of March 31, 2016 | ||
Aerospace & Defense | 27.1% | |
Industrial Conglomerates | 20.8% | |
Machinery | 7.6% | |
Road & Rail | 6.5% | |
Trading Companies & Distributors | 5.1% | |
All Others* | 32.9% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
As of September 30, 2015 | ||
Aerospace & Defense | 28.8% | |
Industrial Conglomerates | 20.8% | |
Road & Rail | 10.5% | |
Machinery | 6.1% | |
Building Products | 4.6% | |
All Others* | 29.2% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity® Industrials Central Fund
Investments March 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.4% | |||
Shares | Value | ||
Aerospace & Defense - 27.1% | |||
Aerospace & Defense - 27.1% | |||
BWX Technologies, Inc. | 851,680 | $28,582,381 | |
General Dynamics Corp. | 294,740 | 38,719,994 | |
Honeywell International, Inc. | 649,636 | 72,791,714 | |
Northrop Grumman Corp. | 200,400 | 39,659,160 | |
Orbital ATK, Inc. | 241,121 | 20,963,060 | |
Raytheon Co. | 326,400 | 40,026,432 | |
Rockwell Collins, Inc. | 185,982 | 17,149,400 | |
Teledyne Technologies, Inc. (a) | 312,448 | 27,539,167 | |
Textron, Inc. | 444,015 | 16,188,787 | |
United Technologies Corp. | 643,233 | 64,387,623 | |
366,007,718 | |||
Air Freight & Logistics - 3.5% | |||
Air Freight & Logistics - 3.5% | |||
C.H. Robinson Worldwide, Inc. | 251,500 | 18,668,845 | |
FedEx Corp. | 172,839 | 28,124,362 | |
46,793,207 | |||
Airlines - 5.1% | |||
Airlines - 5.1% | |||
Southwest Airlines Co. | 1,539,100 | 68,951,680 | |
Building Products - 4.6% | |||
Building Products - 4.6% | |||
A.O. Smith Corp. | 399,677 | 30,499,352 | |
Fortune Brands Home & Security, Inc. | 212,400 | 11,902,896 | |
Lennox International, Inc. | 147,543 | 19,946,338 | |
62,348,586 | |||
Commercial Services & Supplies - 4.2% | |||
Commercial Printing - 0.7% | |||
Deluxe Corp. | 144,000 | 8,998,560 | |
Environmental & Facility Services - 1.0% | |||
Stericycle, Inc. (a) | 101,900 | 12,858,761 | |
Office Services & Supplies - 2.5% | |||
Regus PLC | 2,168,500 | 9,863,647 | |
West Corp. | 1,074,151 | 24,512,126 | |
34,375,773 | |||
TOTAL COMMERCIAL SERVICES & SUPPLIES | 56,233,094 | ||
Construction & Engineering - 4.2% | |||
Construction & Engineering - 4.2% | |||
AECOM (a) | 1,847,443 | 56,882,770 | |
Construction Materials - 0.5% | |||
Construction Materials - 0.5% | |||
Eagle Materials, Inc. | 101,400 | 7,109,154 | |
Diversified Consumer Services - 1.3% | |||
Specialized Consumer Services - 1.3% | |||
ServiceMaster Global Holdings, Inc. (a) | 456,181 | 17,188,900 | |
Electrical Equipment - 4.9% | |||
Electrical Components & Equipment - 4.9% | |||
AMETEK, Inc. | 536,900 | 26,834,262 | |
Eaton Corp. PLC | 623,700 | 39,018,672 | |
65,852,934 | |||
Energy Equipment & Services - 0.1% | |||
Oil & Gas Equipment & Services - 0.1% | |||
Aspen Aerogels, Inc. (a) | 228,390 | 1,027,755 | |
Industrial Conglomerates - 20.8% | |||
Industrial Conglomerates - 20.8% | |||
Danaher Corp. | 925,119 | 87,756,788 | |
General Electric Co. | 6,081,300 | 193,324,527 | |
281,081,315 | |||
Machinery - 7.6% | |||
Construction Machinery & Heavy Trucks - 2.1% | |||
Wabtec Corp. | 350,900 | 27,822,861 | |
Industrial Machinery - 5.5% | |||
IDEX Corp. | 339,133 | 28,107,343 | |
Ingersoll-Rand PLC | 494,100 | 30,639,141 | |
Pentair PLC | 293,000 | 15,898,180 | |
74,644,664 | |||
TOTAL MACHINERY | 102,467,525 | ||
Professional Services - 2.9% | |||
Research & Consulting Services - 2.9% | |||
CEB, Inc. | 228,659 | 14,801,097 | |
Verisk Analytics, Inc. (a) | 298,155 | 23,828,548 | |
38,629,645 | |||
Road & Rail - 6.5% | |||
Trucking - 6.5% | |||
J.B. Hunt Transport Services, Inc. | 850,750 | 71,667,180 | |
Old Dominion Freight Lines, Inc. (a) | 229,100 | 15,949,942 | |
87,617,122 | |||
Trading Companies & Distributors - 5.1% | |||
Trading Companies & Distributors - 5.1% | |||
AerCap Holdings NV (a) | 604,900 | 23,445,924 | |
HD Supply Holdings, Inc. (a) | 1,065,856 | 35,247,858 | |
Wolseley PLC | 183,319 | 10,371,068 | |
69,064,850 | |||
TOTAL COMMON STOCKS | |||
(Cost $1,108,951,645) | 1,327,256,255 | ||
Money Market Funds - 1.5% | |||
Fidelity Cash Central Fund, 0.39% (b) | |||
(Cost $20,274,232) | 20,274,232 | 20,274,232 | |
TOTAL INVESTMENT PORTFOLIO - 99.9% | |||
(Cost $1,129,225,877) | 1,347,530,487 | ||
NET OTHER ASSETS (LIABILITIES) - 0.1% | 1,413,491 | ||
NET ASSETS - 100% | $1,348,943,978 |
Legend
(a) Non-income producing
(b) 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 are available on the SEC's website or upon request.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $43,815 |
Fidelity Securities Lending Cash Central Fund | 2,179 |
Total | $45,994 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. 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 please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity® Industrials Central Fund
Financial Statements
Statement of Assets and Liabilities
March 31, 2016 (Unaudited) | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $1,108,951,645) | $1,327,256,255 | |
Fidelity Central Funds (cost $20,274,232) | 20,274,232 | |
Total Investments (cost $1,129,225,877) | $1,347,530,487 | |
Receivable for fund shares sold | 37,589 | |
Dividends receivable | 1,853,587 | |
Distributions receivable from Fidelity Central Funds | 6,458 | |
Total assets | 1,349,428,121 | |
Liabilities | ||
Payable for fund shares redeemed | $479,234 | |
Other payables and accrued expenses | 4,909 | |
Total liabilities | 484,143 | |
Net Assets | $1,348,943,978 | |
Net Assets consist of: | ||
Paid in capital | $1,130,637,465 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 218,306,513 | |
Net Assets, for 5,735,903 shares outstanding | $1,348,943,978 | |
Net Asset Value, offering price and redemption price per share ($1,348,943,978 ÷ 5,735,903 shares) | $235.18 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended March 31, 2016 (Unaudited) | ||
Investment Income | ||
Dividends | $9,866,591 | |
Income from Fidelity Central Funds (including $2,179 from security lending) | 45,994 | |
Total income | 9,912,585 | |
Expenses | ||
Custodian fees and expenses | $10,133 | |
Independent directors' compensation | 2,632 | |
Total expenses before reductions | 12,765 | |
Expense reductions | (2,663) | 10,102 |
Net investment income (loss) | 9,902,483 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 12,786,299 | |
Foreign currency transactions | 4,440 | |
Total net realized gain (loss) | 12,790,739 | |
Change in net unrealized appreciation (depreciation) on: Investment securities | 130,738,362 | |
Assets and liabilities in foreign currencies | 1,356 | |
Total change in net unrealized appreciation (depreciation) | 130,739,718 | |
Net gain (loss) | 143,530,457 | |
Net increase (decrease) in net assets resulting from operations | $153,432,940 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended March 31, 2016 (Unaudited) | Year ended September 30, 2015 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $9,902,483 | $19,966,244 |
Net realized gain (loss) | 12,790,739 | 98,425,163 |
Change in net unrealized appreciation (depreciation) | 130,739,718 | (135,440,911) |
Net increase (decrease) in net assets resulting from operations | 153,432,940 | (17,049,504) |
Distributions to partners from net investment income | (9,707,451) | (19,449,113) |
Affiliated share transactions | ||
Proceeds from sales of shares | 60,174,123 | 98,261,240 |
Reinvestment of distributions | 9,707,217 | 19,448,660 |
Cost of shares redeemed | (38,327,790) | (208,556,197) |
Net increase (decrease) in net assets resulting from share transactions | 31,553,550 | (90,846,297) |
Total increase (decrease) in net assets | 175,279,039 | (127,344,914) |
Net Assets | ||
Beginning of period | 1,173,664,939 | 1,301,009,853 |
End of period | $1,348,943,978 | $1,173,664,939 |
Other Affiliated Information | ||
Shares | ||
Sold | 269,203 | 430,779 |
Issued in reinvestment of distributions | 41,735 | 84,378 |
Redeemed | (172,602) | (914,417) |
Net increase (decrease) | 138,336 | (399,260) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Industrials Central Fund
Six months ended March 31, (Unaudited) | Years ended September 30, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $209.67 | $216.95 | $198.24 | $152.47 | $117.43 | $123.67 |
Income from Investment Operations | ||||||
Net investment income (loss)A | 1.75 | 3.40 | 3.18 | 3.15 | 2.81 | 2.21 |
Net realized and unrealized gain (loss) | 25.48 | (7.35) | 18.69 | 45.71 | 34.95 | (6.31) |
Total from investment operations | 27.23 | (3.95) | 21.87 | 48.86 | 37.76 | (4.10) |
Distributions to partners from net investment income | (1.72) | (3.33) | (3.16) | (3.09) | (2.72) | (2.14) |
Net asset value, end of period | $235.18 | $209.67 | $216.95 | $198.24 | $152.47 | $117.43 |
Total ReturnB,C | 13.00% | (1.95)% | 11.03% | 32.33% | 32.29% | (3.60)% |
Ratios to Average Net AssetsD,E | ||||||
Expenses before reductions | –%F,G | –%G | –%G | –%G | –%G | .01% |
Expenses net of fee waivers, if any | –%F,G | –%G | –%G | –%G | –%G | .01% |
Expenses net of all reductions | –%F,G | –%G | –%G | –%G | –%G | .01% |
Net investment income (loss) | 1.57%F | 1.48% | 1.46% | 1.80% | 1.95% | 1.56% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $1,348,944 | $1,173,665 | $1,301,010 | $1,198,480 | $884,067 | $627,769 |
Portfolio turnover rateH | 52%F | 83% | 77%I | 73%I | 85% | 105% |
A Calculated based on average shares outstanding during the period.
B Total returns for periods of less than one year are not annualized.
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 Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
F Annualized
G Amount represents less than .005%.
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
I Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity® Information Technology Central Fund
Investment Summary (Unaudited)
Top Ten Stocks as of March 31, 2016
% of fund's net assets | % of fund's net assets 6 months ago | |
Apple, Inc. | 10.7 | 11.3 |
Alphabet, Inc. Class C | 5.7 | 5.4 |
Facebook, Inc. Class A | 5.4 | 5.1 |
Alphabet, Inc. Class A | 5.2 | 5.1 |
Yahoo!, Inc. | 3.4 | 2.3 |
Microsoft Corp. | 3.1 | 1.0 |
Visa, Inc. Class A | 2.6 | 2.4 |
Broadcom Ltd. | 2.1 | 0.3 |
Marvell Technology Group Ltd. | 2.0 | 1.8 |
Trimble Navigation Ltd. | 1.8 | 1.2 |
42.0 |
Top Industries (% of fund's net assets)
As of March 31, 2016 | ||
Internet Software & Services | 28.1% | |
Software | 16.8% | |
Semiconductors & Semiconductor Equipment | 16.4% | |
Technology Hardware, Storage & Peripherals | 11.5% | |
IT Services | 5.9% | |
All Others* | 21.3% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
As of September 30, 2015 | ||
Internet Software & Services | 29.0% | |
Technology Hardware, Storage & Peripherals | 15.6% | |
Software | 13.3% | |
Semiconductors & Semiconductor Equipment | 13.2% | |
IT Services | 7.3% | |
All Others* | 21.6% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Fidelity® Information Technology Central Fund
Investments March 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.1% | |||
Shares | Value | ||
Automobiles - 1.7% | |||
Automobile Manufacturers - 1.7% | |||
Tesla Motors, Inc. (a)(b) | 204,235 | $46,927,076 | |
Biotechnology - 0.2% | |||
Biotechnology - 0.2% | |||
BeiGene Ltd. ADR | 50,089 | 1,468,109 | |
Genscript Biotech Corp. | 27,288,000 | 4,819,244 | |
6,287,353 | |||
Chemicals - 0.3% | |||
Specialty Chemicals - 0.3% | |||
Duk San Neolux Co. Ltd. (a) | 298,136 | 7,653,858 | |
Communications Equipment - 1.3% | |||
Communications Equipment - 1.3% | |||
Ciena Corp. (a) | 142,400 | 2,708,448 | |
CommScope Holding Co., Inc. (a) | 502,900 | 14,040,968 | |
F5 Networks, Inc. (a) | 137,500 | 14,554,375 | |
Palo Alto Networks, Inc. (a) | 35,600 | 5,807,784 | |
Radware Ltd. (a) | 1,227 | 14,515 | |
Sonus Networks, Inc. (a) | 12,400 | 93,372 | |
37,219,462 | |||
Construction Materials - 0.0% | |||
Construction Materials - 0.0% | |||
Universal Cement Corp. | 373 | 259 | |
Consumer Finance - 0.0% | |||
Consumer Finance - 0.0% | |||
LendingClub Corp. (a) | 1,400 | 11,620 | |
Diversified Consumer Services - 1.1% | |||
Education Services - 1.1% | |||
New Oriental Education & Technology Group, Inc. sponsored ADR | 771,093 | 26,672,107 | |
TAL Education Group ADR (a) | 67,500 | 3,353,400 | |
30,025,507 | |||
Specialized Consumer Services - 0.0% | |||
LifeLock, Inc. (a) | 1,433 | 17,296 | |
TOTAL DIVERSIFIED CONSUMER SERVICES | 30,042,803 | ||
Diversified Financial Services - 2.2% | |||
Other Diversified Financial Services - 2.1% | |||
Broadcom Ltd. | 379,900 | 58,694,550 | |
Specialized Finance - 0.1% | |||
MSCI, Inc. Class A | 58,300 | 4,318,864 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 63,013,414 | ||
Diversified Telecommunication Services - 0.0% | |||
Alternative Carriers - 0.0% | |||
8x8, Inc. (a) | 2,300 | 23,138 | |
Electrical Equipment - 0.1% | |||
Electrical Components & Equipment - 0.1% | |||
Lumenpulse, Inc. (a) | 38,000 | 496,816 | |
Nidec Corp. | 18,600 | 1,272,656 | |
1,769,472 | |||
Electronic Equipment & Components - 3.8% | |||
Electronic Components - 1.6% | |||
Alps Electric Co. Ltd. | 78,100 | 1,361,519 | |
InvenSense, Inc. (a)(b) | 85,500 | 718,200 | |
Largan Precision Co. Ltd. | 165,000 | 12,777,002 | |
Ledlink Optics, Inc. | 1,449,038 | 2,091,256 | |
Murata Manufacturing Co. Ltd. | 27,300 | 3,291,670 | |
Samsung SDI Co. Ltd. | 103,044 | 8,907,925 | |
Sunny Optical Technology Group Co. Ltd. | 1,551,000 | 4,358,679 | |
Universal Display Corp. (a) | 100,400 | 5,431,640 | |
Yageo Corp. | 4,213,882 | 6,944,666 | |
Yaskawa Electric Corp. | 1,800 | 20,776 | |
45,903,333 | |||
Electronic Equipment & Instruments - 0.3% | |||
Chroma ATE, Inc. | 3,044,188 | 6,538,107 | |
Cognex Corp. | 59,200 | 2,305,840 | |
8,843,947 | |||
Electronic Manufacturing Services - 1.9% | |||
Merry Electronics Co. Ltd. | 1,845,000 | 3,149,441 | |
QLogic Corp. (a) | 3,800 | 51,072 | |
Trimble Navigation Ltd. (a) | 1,989,827 | 49,347,710 | |
52,548,223 | |||
Technology Distributors - 0.0% | |||
Digital China Holdings Ltd. (H Shares) | 39,000 | 52,085 | |
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS | 107,347,588 | ||
Health Care Equipment & Supplies - 0.2% | |||
Health Care Equipment - 0.2% | |||
Intai Technology Corp. | 903,000 | 4,666,341 | |
Olympus Corp. | 7,900 | 307,099 | |
4,973,440 | |||
Health Care Providers & Services - 0.0% | |||
Managed Health Care - 0.0% | |||
HealthEquity, Inc. (a) | 19,800 | 488,466 | |
Health Care Technology - 1.7% | |||
Health Care Technology - 1.7% | |||
athenahealth, Inc. (a) | 120,130 | 16,671,641 | |
Inovalon Holdings, Inc. Class A (a)(b) | 373,800 | 6,922,776 | |
M3, Inc. | 52,900 | 1,331,137 | |
Medidata Solutions, Inc. (a) | 452,900 | 17,531,759 | |
Veeva Systems, Inc. Class A (a)(b) | 209,800 | 5,253,392 | |
47,710,705 | |||
Hotels, Restaurants & Leisure - 0.4% | |||
Casinos & Gaming - 0.3% | |||
500.com Ltd. sponsored ADR Class A (a)(b) | 467,523 | 7,807,634 | |
Hotels, Resorts & Cruise Lines - 0.1% | |||
Tuniu Corp. Class A sponsored ADR (a)(b) | 381,953 | 3,983,770 | |
TOTAL HOTELS, RESTAURANTS & LEISURE | 11,791,404 | ||
Household Durables - 0.3% | |||
Consumer Electronics - 0.3% | |||
Sony Corp. | 312,000 | 8,021,877 | |
Sony Corp. sponsored ADR | 42,100 | 1,082,812 | |
9,104,689 | |||
Internet & Catalog Retail - 2.2% | |||
Internet Retail - 2.2% | |||
Amazon.com, Inc. (a) | 16,900 | 10,032,516 | |
Ctrip.com International Ltd. ADR (a) | 96,100 | 4,253,386 | |
Groupon, Inc. Class A (a)(b) | 291,000 | 1,161,090 | |
JD.com, Inc. sponsored ADR (a) | 233,900 | 6,198,350 | |
Jumei International Holding Ltd. sponsored ADR (a) | 918,303 | 5,978,153 | |
Liberty Interactive Corp. QVC Group Series A (a) | 588 | 14,847 | |
MySale Group PLC (a) | 38,500 | 23,224 | |
Qunar Cayman Islands Ltd. sponsored ADR (a)(b) | 535,450 | 21,257,365 | |
Vipshop Holdings Ltd. ADR (a) | 919,700 | 11,845,736 | |
60,764,667 | |||
Internet Software & Services - 27.2% | |||
Internet Software & Services - 27.2% | |||
58.com, Inc. ADR (a)(b) | 490,872 | 27,317,027 | |
Alibaba Group Holding Ltd. sponsored ADR (a) | 562,500 | 44,454,375 | |
Alphabet, Inc.: | |||
Class A | 191,773 | 146,303,622 | |
Class C | 216,618 | 161,369,579 | |
Baidu.com, Inc. sponsored ADR (a) | 12,700 | 2,424,176 | |
Benefitfocus, Inc. (a)(b) | 87,810 | 2,928,464 | |
Box, Inc. Class A (a)(b) | 104,700 | 1,283,622 | |
ChannelAdvisor Corp. (a) | 223,939 | 2,519,314 | |
Cornerstone OnDemand, Inc. (a) | 294,304 | 9,644,342 | |
Cvent, Inc. (a) | 129,387 | 2,768,882 | |
Demandware, Inc. (a)(b) | 352,820 | 13,795,262 | |
DeNA Co. Ltd. (b) | 361,200 | 6,222,993 | |
eBay, Inc. (a) | 49,500 | 1,181,070 | |
eGain Communications Corp. (a)(b) | 130,650 | 463,808 | |
Endurance International Group Holdings, Inc. (a) | 1,135,500 | 11,956,815 | |
Envestnet, Inc. (a) | 434 | 11,805 | |
Facebook, Inc. Class A (a) | 1,334,763 | 152,296,458 | |
Hortonworks, Inc. (a)(b) | 390,000 | 4,407,000 | |
Instructure, Inc. (a)(b) | 179,965 | 3,228,572 | |
Marketo, Inc. (a) | 347,230 | 6,795,291 | |
NetEase, Inc. sponsored ADR | 9,900 | 1,421,442 | |
New Relic, Inc. (a) | 215,171 | 5,611,660 | |
Q2 Holdings, Inc. (a) | 1,400 | 33,656 | |
Rackspace Hosting, Inc. (a) | 287,426 | 6,205,527 | |
Renren, Inc. ADR (a) | 497,000 | 1,625,190 | |
SciQuest, Inc. (a) | 510,519 | 7,086,004 | |
Shopify, Inc. | 5,035 | 142,037 | |
Shopify, Inc. Class A | 60,700 | 1,712,347 | |
SINA Corp. (a) | 347,200 | 16,446,864 | |
SouFun Holdings Ltd. ADR (b) | 1,703,000 | 10,200,970 | |
Twitter, Inc. (a) | 48,000 | 794,400 | |
Web.com Group, Inc. (a) | 290,416 | 5,756,045 | |
Weibo Corp. sponsored ADR (a) | 1,400 | 25,130 | |
Xunlei Ltd. sponsored ADR (a) | 1,104,165 | 6,746,448 | |
Yahoo!, Inc. (a) | 2,586,527 | 95,210,059 | |
Yirendai Ltd. sponsored ADR | 115,200 | 1,340,928 | |
YY, Inc. ADR (a) | 75,900 | 4,674,681 | |
Zillow Group, Inc.: | |||
Class A (a)(b) | 1,209 | 30,890 | |
Class C (a) | 1,318 | 31,276 | |
766,468,031 | |||
IT Services - 5.9% | |||
Data Processing & Outsourced Services - 5.8% | |||
Amadeus IT Holding SA Class A | 323,900 | 13,891,245 | |
Fidelity National Information Services, Inc. | 66,137 | 4,187,133 | |
Fiserv, Inc. (a) | 75,500 | 7,744,790 | |
FleetCor Technologies, Inc. (a) | 28,200 | 4,194,750 | |
Global Payments, Inc. | 228,700 | 14,934,110 | |
MasterCard, Inc. Class A | 77,300 | 7,304,850 | |
Optimal Payments PLC (a) | 2,402,158 | 14,618,071 | |
PayPal Holdings, Inc. (a) | 144,800 | 5,589,280 | |
Sabre Corp. | 96,800 | 2,799,456 | |
Total System Services, Inc. | 57,648 | 2,742,892 | |
Travelport Worldwide Ltd. | 601,977 | 8,223,006 | |
Vantiv, Inc. (a) | 50,600 | 2,726,328 | |
Visa, Inc. Class A | 949,000 | 72,579,520 | |
161,535,431 | |||
IT Consulting & Other Services - 0.1% | |||
Cognizant Technology Solutions Corp. Class A (a) | 4,594 | 288,044 | |
EPAM Systems, Inc. (a) | 37,134 | 2,772,796 | |
Virtusa Corp. (a) | 600 | 22,476 | |
3,083,316 | |||
TOTAL IT SERVICES | 164,618,747 | ||
Life Sciences Tools & Services - 0.1% | |||
Life Sciences Tools & Services - 0.1% | |||
JHL Biotech, Inc. (a) | 1,008,062 | 3,260,089 | |
Machinery - 0.1% | |||
Industrial Machinery - 0.1% | |||
Harmonic Drive Systems, Inc. (b) | 50,800 | 1,299,509 | |
King Slide Works Co. Ltd. | 53,000 | 611,096 | |
Minebea Ltd. | 217,000 | 1,692,887 | |
3,603,492 | |||
Media - 0.9% | |||
Advertising - 0.1% | |||
iCar Asia Ltd. (a) | 2,214,053 | 1,535,950 | |
Cable & Satellite - 0.7% | |||
Naspers Ltd. Class N | 138,200 | 19,292,537 | |
Publishing - 0.1% | |||
NEXT Co. Ltd. | 38,500 | 472,420 | |
Schibsted ASA: | |||
(A Shares) | 38,306 | 1,119,826 | |
(B Shares) (a) | 89,106 | 2,467,060 | |
4,059,306 | |||
TOTAL MEDIA | 24,887,793 | ||
Professional Services - 0.5% | |||
Human Resource & Employment Services - 0.4% | |||
51job, Inc. sponsored ADR (a) | 800 | 24,816 | |
WageWorks, Inc. (a) | 259,188 | 13,117,505 | |
13,142,321 | |||
Research & Consulting Services - 0.1% | |||
ICF International, Inc. (a) | 60,700 | 2,086,259 | |
Verisk Analytics, Inc. (a) | 432 | 34,525 | |
2,120,784 | |||
TOTAL PROFESSIONAL SERVICES | 15,263,105 | ||
Semiconductors & Semiconductor Equipment - 16.4% | |||
Semiconductor Equipment - 1.3% | |||
Amkor Technology, Inc. (a) | 2,381,607 | 14,027,665 | |
Applied Materials, Inc. | 1,500 | 31,770 | |
ASM Pacific Technology Ltd. | 61,400 | 482,028 | |
EO Technics Co. Ltd. | 126,932 | 13,256,258 | |
Hermes Microvision, Inc. | 156,000 | 4,454,376 | |
Nanometrics, Inc. (a) | 103,900 | 1,645,776 | |
Rubicon Technology, Inc. (a)(b) | 1,193,932 | 871,570 | |
SolarEdge Technologies, Inc. | 106,400 | 2,674,896 | |
SunEdison, Inc. (a)(b) | 1,200 | 648 | |
37,444,987 | |||
Semiconductors - 15.1% | |||
Advanced Micro Devices, Inc. (a)(b) | 656,800 | 1,871,880 | |
Advanced Semiconductor Engineering, Inc. | 15,506,000 | 17,940,881 | |
Advanced Semiconductor Engineering, Inc. sponsored ADR | 2,201,258 | 12,877,359 | |
Ambarella, Inc. (a)(b) | 277,700 | 12,413,190 | |
ams AG | 19,160 | 656,567 | |
Cavium, Inc. (a) | 118,700 | 7,259,692 | |
Chipbond Technology Corp. | 3,112,000 | 5,022,471 | |
ChipMOS TECHNOLOGIES (Bermuda) Ltd. | 480,294 | 8,347,510 | |
Cirrus Logic, Inc. (a) | 40,052 | 1,458,293 | |
Dialog Semiconductor PLC (a) | 197,900 | 7,830,996 | |
Everlight Electronics Co. Ltd. | 2,039,000 | 3,392,005 | |
Genesis Photonics, Inc. (a) | 2,860,766 | 581,565 | |
Himax Technologies, Inc. sponsored ADR | 792,602 | 8,908,846 | |
Hua Hong Semiconductor Ltd. | 6,072,000 | 6,066,247 | |
Infineon Technologies AG | 202,900 | 2,876,785 | |
Inphi Corp. (a) | 20,600 | 686,804 | |
Integrated Device Technology, Inc. (a) | 156,300 | 3,194,772 | |
Intersil Corp. Class A | 623,617 | 8,337,759 | |
Lattice Semiconductor Corp. (a)(b) | 471,100 | 2,675,848 | |
Lextar Electronics Corp. | 762,000 | 387,858 | |
M/A-COM Technology Solutions Holdings, Inc. (a)(b) | 104,100 | 4,558,539 | |
MagnaChip Semiconductor Corp. (a)(b) | 291,827 | 1,587,539 | |
Marvell Technology Group Ltd. | 5,543,839 | 57,156,980 | |
Maxim Integrated Products, Inc. | 618,000 | 22,730,040 | |
Melexis NV | 570 | 31,003 | |
Micron Technology, Inc. (a) | 3,635,700 | 38,065,779 | |
Microsemi Corp. (a) | 298,200 | 11,424,042 | |
Monolithic Power Systems, Inc. | 158,451 | 10,083,822 | |
NXP Semiconductors NV (a) | 398,846 | 32,334,445 | |
ON Semiconductor Corp. (a) | 1,461,700 | 14,017,703 | |
Power Integrations, Inc. | 85,400 | 4,240,964 | |
Qorvo, Inc. (a) | 557,731 | 28,115,220 | |
Qualcomm, Inc. | 591,700 | 30,259,538 | |
Realtek Semiconductor Corp. | 1,000,000 | 2,746,741 | |
Sanken Electric Co. Ltd. | 663,000 | 1,991,150 | |
Semiconductor Manufacturing International Corp. (a) | 30,270,000 | 2,688,647 | |
Semtech Corp. (a) | 550,806 | 12,112,224 | |
Silicon Laboratories, Inc. (a) | 53,400 | 2,400,864 | |
Silicon Motion Technology Corp. sponsored ADR | 167,600 | 6,504,556 | |
Sitronix Technology Corp. | 409,000 | 1,183,079 | |
Skyworks Solutions, Inc. | 263,000 | 20,487,700 | |
STMicroelectronics NV | 2,800 | 15,586 | |
Vanguard International Semiconductor Corp. | 3,422,000 | 5,342,228 | |
Xilinx, Inc. | 500 | 23,715 | |
422,889,432 | |||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 460,334,419 | ||
Software - 16.8% | |||
Application Software - 6.8% | |||
Adobe Systems, Inc. (a) | 387,907 | 36,385,677 | |
ANSYS, Inc. (a) | 311 | 27,822 | |
Autodesk, Inc. (a) | 444,500 | 25,918,795 | |
Blackbaud, Inc. | 22,100 | 1,389,869 | |
Callidus Software, Inc. (a) | 103,200 | 1,721,376 | |
Citrix Systems, Inc. (a) | 74,978 | 5,891,771 | |
Guidewire Software, Inc. (a) | 402 | 21,901 | |
HubSpot, Inc. (a) | 1,900 | 82,878 | |
Intuit, Inc. | 130,700 | 13,594,107 | |
Kingdee International Software Group Co. Ltd. | 659,600 | 212,573 | |
Linx SA | 1,300 | 17,333 | |
Mobileye NV (a)(b) | 372,500 | 13,890,525 | |
Parametric Technology Corp. (a) | 800 | 26,528 | |
Paycom Software, Inc. (a) | 100 | 3,560 | |
Paylocity Holding Corp. (a)(b) | 208,491 | 6,825,995 | |
Qlik Technologies, Inc. (a) | 700 | 20,244 | |
RealPage, Inc. (a) | 15,500 | 323,020 | |
Salesforce.com, Inc. (a) | 604,769 | 44,650,095 | |
Splunk, Inc. (a) | 147,400 | 7,212,282 | |
SS&C Technologies Holdings, Inc. | 66,100 | 4,192,062 | |
Textura Corp. (a)(b) | 485,704 | 9,048,666 | |
Ultimate Software Group, Inc. (a) | 207 | 40,055 | |
Workday, Inc. Class A (a)(b) | 126,300 | 9,704,892 | |
Workiva, Inc. (a)(b) | 93,000 | 1,083,450 | |
Zendesk, Inc. (a) | 515,469 | 10,788,766 | |
193,074,242 | |||
Home Entertainment Software - 2.6% | |||
Activision Blizzard, Inc. | 530,540 | 17,953,474 | |
Electronic Arts, Inc. (a) | 204,000 | 13,486,440 | |
NCSOFT Corp. | 82,352 | 18,229,333 | |
NHN Entertainment Corp. (a) | 154,359 | 7,413,330 | |
Nintendo Co. Ltd. | 89,700 | 12,750,700 | |
Nintendo Co. Ltd. ADR | 156,200 | 2,772,550 | |
72,605,827 | |||
Systems Software - 7.4% | |||
Allot Communications Ltd. (a) | 531,709 | 2,780,838 | |
CommVault Systems, Inc. (a) | 600 | 25,902 | |
CyberArk Software Ltd. (a)(b) | 215,923 | 9,204,797 | |
Fleetmatics Group PLC (a) | 666,295 | 27,124,869 | |
Fortinet, Inc. (a) | 240,259 | 7,359,133 | |
Imperva, Inc. (a) | 118,691 | 5,993,896 | |
Infoblox, Inc. (a) | 1,600 | 27,360 | |
Microsoft Corp. | 1,600,200 | 88,379,046 | |
NetSuite, Inc. (a)(b) | 430,639 | 29,494,465 | |
Oracle Corp. | 351,500 | 14,379,865 | |
Progress Software Corp. (a) | 89,000 | 2,146,680 | |
Proofpoint, Inc. (a) | 242,200 | 13,025,516 | |
Rapid7, Inc. (a)(b) | 4,500 | 58,815 | |
ServiceNow, Inc. (a) | 4,355 | 266,439 | |
Tableau Software, Inc. (a) | 6,100 | 279,807 | |
Varonis Systems, Inc. (a) | 100 | 1,825 | |
VMware, Inc. Class A (a)(b) | 137,500 | 7,192,625 | |
207,741,878 | |||
TOTAL SOFTWARE | 473,421,947 | ||
Technology Hardware, Storage & Peripherals - 11.5% | |||
Technology Hardware, Storage & Peripherals - 11.5% | |||
Apple, Inc. | 2,761,670 | 300,994,415 | |
BlackBerry Ltd. (a) | 2,514 | 20,402 | |
Catcher Technology Co. Ltd. | 388,000 | 3,179,143 | |
Electronics for Imaging, Inc. (a) | 65,900 | 2,793,501 | |
EMC Corp. | 261,400 | 6,966,310 | |
HP, Inc. | 369,900 | 4,557,168 | |
Nimble Storage, Inc. (a) | 3,500 | 27,440 | |
Silicon Graphics International Corp. (a) | 425,876 | 3,032,237 | |
Stratasys Ltd. (a) | 200 | 5,184 | |
Wistron Corp. | 3,649,000 | 2,253,728 | |
323,829,528 | |||
Wireless Telecommunication Services - 0.2% | |||
Wireless Telecommunication Services - 0.2% | |||
Bharti Infratel Ltd. | 922,326 | 5,317,069 | |
TOTAL COMMON STOCKS | |||
(Cost $2,202,775,824) | 2,676,133,634 | ||
Preferred Stocks - 1.8% | |||
Convertible Preferred Stocks - 1.4% | |||
Internet & Catalog Retail - 0.5% | |||
Internet Retail - 0.5% | |||
China Internet Plus Holdings Ltd. Series B (c) | 3,479,801 | 13,434,468 | |
Internet Software & Services - 0.9% | |||
Internet Software & Services - 0.9% | |||
Uber Technologies, Inc. Series D, 8.00% (a)(c) | 489,912 | 23,894,100 | |
IT Services - 0.0% | |||
Data Processing & Outsourced Services - 0.0% | |||
Nutanix, Inc. Series E (a)(c) | 68,486 | 902,645 | |
TOTAL CONVERTIBLE PREFERRED STOCKS | 38,231,213 | ||
Nonconvertible Preferred Stocks - 0.4% | |||
Internet & Catalog Retail - 0.4% | |||
Internet Retail - 0.4% | |||
China Internet Plus Holdings Ltd. Series A-11 (c) | 2,771,770 | 10,700,972 | |
TOTAL PREFERRED STOCKS | |||
(Cost $30,713,119) | 48,932,185 | ||
Money Market Funds - 8.0% | |||
Fidelity Cash Central Fund, 0.39% (d) | 74,961,378 | 74,961,378 | |
Fidelity Securities Lending Cash Central Fund, 0.42% (d)(e) | 150,338,564 | 150,338,564 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $225,299,942) | 225,299,942 | ||
TOTAL INVESTMENT PORTFOLIO - 104.9% | |||
(Cost $2,458,788,885) | 2,950,365,761 | ||
NET OTHER ASSETS (LIABILITIES) - (4.9)% | (137,053,936) | ||
NET ASSETS - 100% | $2,813,311,825 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Restricted securities - 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 $48,932,185 or 1.7% of net assets.
(d) 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 are available on the SEC's website or upon request.
(e) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost |
China Internet Plus Holdings Ltd. Series A-11 | 1/26/15 | $8,761,149 |
China Internet Plus Holdings Ltd. Series B | 12/11/15 | $13,434,468 |
Nutanix, Inc. Series E | 8/26/14 | $917,473 |
Uber Technologies, Inc. Series D, 8.00% | 6/6/14 | $7,600,029 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $65,521 |
Fidelity Securities Lending Cash Central Fund | 953,264 |
Total | $1,018,785 |
Investment Valuation
The following is a summary of the inputs used, as of March 31, 2016, 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: | ||||
Common Stocks | $2,676,133,634 | $2,630,566,502 | $45,567,132 | $-- |
Preferred Stocks | 48,932,185 | -- | -- | 48,932,185 |
Money Market Funds | 225,299,942 | 225,299,942 | -- | -- |
Total Investments in Securities: | $2,950,365,761 | $2,855,866,444 | $45,567,132 | $48,932,185 |
The following is a summary of transfers between Level 1 and Level 2 for the period ended March 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:
Transfers | Total |
Level 1 to Level 2 | $0 |
Level 2 to Level 1 | $59,445,287 |
The following is a reconciliation of Investments in Securities and Derivative Instruments for which Level 3 inputs were used in determining value:
Investments in Securities: | |
Preferred Stocks | |
Beginning Balance | $34,168,148 |
Total Realized Gain (Loss) | -- |
Total Unrealized Gain (Loss) | 1,329,569 |
Cost of Purchases | 22,195,617 |
Proceeds of Sales | (8,761,149) |
Amortization/Accretion | -- |
Transfers in to Level 3 | -- |
Transfers out of Level 3 | -- |
Ending Balance | $48,932,185 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at March 31, 2016 | $1,329,569 |
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. 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.
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
United States of America | 72.6% |
Cayman Islands | 9.9% |
Taiwan | 3.4% |
Bermuda | 2.6% |
Singapore | 2.1% |
Korea (South) | 2.0% |
Netherlands | 1.6% |
Japan | 1.6% |
Ireland | 1.0% |
Others (Individually Less Than 1%) | 3.2% |
100.0% |
See accompanying notes which are an integral part of the financial statements.
Fidelity® Information Technology Central Fund
Financial Statements
Statement of Assets and Liabilities
March 31, 2016 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $148,037,799) — See accompanying schedule: Unaffiliated issuers (cost $2,233,488,943) | $2,725,065,819 | |
Fidelity Central Funds (cost $225,299,942) | 225,299,942 | |
Total Investments (cost $2,458,788,885) | $2,950,365,761 | |
Receivable for investments sold | 29,806,681 | |
Receivable for fund shares sold | 75,462 | |
Dividends receivable | 1,097,400 | |
Distributions receivable from Fidelity Central Funds | 366,885 | |
Total assets | 2,981,712,189 | |
Liabilities | ||
Payable for investments purchased | $16,999,075 | |
Payable for fund shares redeemed | 1,016,706 | |
Other payables and accrued expenses | 46,019 | |
Collateral on securities loaned, at value | 150,338,564 | |
Total liabilities | 168,400,364 | |
Net Assets | $2,813,311,825 | |
Net Assets consist of: | ||
Paid in capital | $2,321,730,248 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 491,581,577 | |
Net Assets, for 9,821,277 shares outstanding | $2,813,311,825 | |
Net Asset Value, offering price and redemption price per share ($2,813,311,825 ÷ 9,821,277 shares) | $286.45 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended March 31, 2016 (Unaudited) | ||
Investment Income | ||
Dividends | $8,361,488 | |
Income from Fidelity Central Funds (including $953,264 from security lending) | 1,018,785 | |
Total income | 9,380,273 | |
Expenses | ||
Custodian fees and expenses | $89,806 | |
Independent directors' compensation | 5,714 | |
Interest | 1,089 | |
Total expenses before reductions | 96,609 | |
Expense reductions | (5,801) | 90,808 |
Net investment income (loss) | 9,289,465 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of foreign taxes of $38,449) | (30,853,844) | |
Foreign currency transactions | (161,043) | |
Total net realized gain (loss) | (31,014,887) | |
Change in net unrealized appreciation (depreciation) on: Investment securities | 278,698,800 | |
Assets and liabilities in foreign currencies | 5,979 | |
Total change in net unrealized appreciation (depreciation) | 278,704,779 | |
Net gain (loss) | 247,689,892 | |
Net increase (decrease) in net assets resulting from operations | $256,979,357 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended March 31, 2016 (Unaudited) | Year ended September 30, 2015 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $9,289,465 | $21,814,886 |
Net realized gain (loss) | (31,014,887) | 117,119,658 |
Change in net unrealized appreciation (depreciation) | 278,704,779 | (135,104,118) |
Net increase (decrease) in net assets resulting from operations | 256,979,357 | 3,830,426 |
Distributions to partners from net investment income | (8,354,489) | (20,807,063) |
Affiliated share transactions | ||
Proceeds from sales of shares | 159,854,861 | 343,776,120 |
Reinvestment of distributions | 8,354,375 | 20,806,770 |
Cost of shares redeemed | (136,032,659) | (287,683,935) |
Net increase (decrease) in net assets resulting from share transactions | 32,176,577 | 76,898,955 |
Total increase (decrease) in net assets | 280,801,445 | 59,922,318 |
Net Assets | ||
Beginning of period | 2,532,510,380 | 2,472,588,062 |
End of period | $2,813,311,825 | $2,532,510,380 |
Other Affiliated Information | ||
Shares | ||
Sold | 575,614 | 1,256,978 |
Issued in reinvestment of distributions | 29,570 | 73,961 |
Redeemed | (497,639) | (1,019,280) |
Net increase (decrease) | 107,545 | 311,659 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Information Technology Central Fund
Six months ended March 31, (Unaudited) | Years ended September 30, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $260.71 | $262.98 | $222.50 | $191.01 | $150.22 | $153.23 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .94 | 2.24B | 2.33 | 1.80 | 1.20 | .72 |
Net realized and unrealized gain (loss) | 25.65 | (2.37) | 39.88 | 31.33 | 40.67 | (3.04) |
Total from investment operations | 26.59 | (.13) | 42.21 | 33.13 | 41.87 | (2.32) |
Distributions to partners from net investment income | (.85) | (2.14) | (1.73) | (1.64) | (1.08) | (.69) |
Net asset value, end of period | $286.45 | $260.71 | $262.98 | $222.50 | $191.01 | $150.22 |
Total ReturnC,D | 10.20% | (.11)% | 19.01% | 17.45% | 27.92% | (1.58)% |
Ratios to Average Net AssetsE,F | ||||||
Expenses before reductions | .01%G | .01% | .01% | .01% | .01% | .01% |
Expenses net of fee waivers, if any | .01%G | .01% | .01% | .01% | .01% | .01% |
Expenses net of all reductions | .01%G | .01% | .01% | .01% | .01% | .01% |
Net investment income (loss) | .68%G | .81%B | .94% | .92% | .68% | .41% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $2,813,312 | $2,532,510 | $2,472,588 | $1,985,824 | $1,631,977 | $1,114,087 |
Portfolio turnover rateH | 130%G | 138% | 179%I | 157%I | 195% | 188% |
A Calculated based on average shares outstanding during the period.
B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.43 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .65%.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
G Annualized
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
I Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity® Materials Central Fund
Investment Summary (Unaudited)
Top Ten Stocks as of March 31, 2016
% of fund's net assets | % of fund's net assets 6 months ago | |
E.I. du Pont de Nemours & Co. | 12.6 | 9.6 |
WestRock Co. | 9.4 | 8.9 |
Eastman Chemical Co. | 8.9 | 7.8 |
Ecolab, Inc. | 7.2 | 7.3 |
PPG Industries, Inc. | 7.1 | 5.8 |
Monsanto Co. | 6.5 | 9.0 |
LyondellBasell Industries NV Class A | 6.2 | 8.2 |
The Dow Chemical Co. | 5.3 | 0.0 |
Graphic Packaging Holding Co. | 4.8 | 3.8 |
Valspar Corp. | 4.7 | 2.1 |
72.7 |
Top Industries (% of fund's net assets)
As of March 31, 2016 | ||
Chemicals | 74.7% | |
Containers & Packaging | 18.9% | |
Construction Materials | 4.3% | |
Metals & Mining | 1.3% | |
Energy Equipment & Services | 0.1% | |
All Others* | 0.7% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
As of September 30, 2015 | ||
Chemicals | 65.9% | |
Containers & Packaging | 20.7% | |
Metals & Mining | 4.4% | |
Construction Materials | 4.3% | |
Paper & Forest Products | 1.3% | |
All Others* | 3.4% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity® Materials Central Fund
Investments March 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.3% | |||
Shares | Value | ||
Building Products - 0.0% | |||
Building Products - 0.0% | |||
GCP Applied Technologies, Inc. (a) | 6,871 | $137,008 | |
Chemicals - 74.7% | |||
Commodity Chemicals - 8.0% | |||
LyondellBasell Industries NV Class A | 275,430 | 23,571,299 | |
Orion Engineered Carbons SA | 338,900 | 4,785,268 | |
Trinseo SA (a) | 61,400 | 2,260,134 | |
30,616,701 | |||
Diversified Chemicals - 27.5% | |||
E.I. du Pont de Nemours & Co. | 762,475 | 48,279,917 | |
Eastman Chemical Co. | 470,489 | 33,983,420 | |
Olin Corp. | 149,800 | 2,602,026 | |
The Dow Chemical Co. | 403,800 | 20,537,268 | |
105,402,631 | |||
Fertilizers & Agricultural Chemicals - 9.7% | |||
CF Industries Holdings, Inc. | 256,490 | 8,038,397 | |
Monsanto Co. | 285,334 | 25,035,205 | |
Potash Corp. of Saskatchewan, Inc. | 240,700 | 4,097,692 | |
37,171,294 | |||
Specialty Chemicals - 29.5% | |||
Ashland, Inc. | 142,400 | 15,658,304 | |
Ecolab, Inc. | 248,348 | 27,695,769 | |
Frutarom Industries Ltd. | 71,600 | 3,755,128 | |
NewMarket Corp. | 15,595 | 6,179,675 | |
PPG Industries, Inc. | 245,700 | 27,393,093 | |
Symrise AG | 2,900 | 194,695 | |
Valspar Corp. | 168,300 | 18,011,466 | |
W.R. Grace & Co. (a) | 202,296 | 14,399,429 | |
113,287,559 | |||
TOTAL CHEMICALS | 286,478,185 | ||
Construction Materials - 4.3% | |||
Construction Materials - 4.3% | |||
Eagle Materials, Inc. | 233,257 | 16,353,648 | |
Containers & Packaging - 18.9% | |||
Metal & Glass Containers - 4.3% | |||
Ball Corp. | 233,010 | 16,611,283 | |
Paper Packaging - 14.6% | |||
Graphic Packaging Holding Co. | 1,440,176 | 18,506,262 | |
Sealed Air Corp. | 28,100 | 1,349,081 | |
WestRock Co. | 926,808 | 36,173,316 | |
56,028,659 | |||
TOTAL CONTAINERS & PACKAGING | 72,639,942 | ||
Energy Equipment & Services - 0.1% | |||
Oil & Gas Equipment & Services - 0.1% | |||
Aspen Aerogels, Inc. (a) | 40,710 | 183,195 | |
Metals & Mining - 1.3% | |||
Diversified Metals & Mining - 1.3% | |||
Compass Minerals International, Inc. | 70,260 | 4,978,624 | |
TOTAL COMMON STOCKS | |||
(Cost $346,501,911) | 380,770,602 | ||
Money Market Funds - 0.3% | |||
Fidelity Cash Central Fund, 0.39% (b) | |||
(Cost $1,011,065) | 1,011,065 | 1,011,065 | |
TOTAL INVESTMENT PORTFOLIO - 99.6% | |||
(Cost $347,512,976) | 381,781,667 | ||
NET OTHER ASSETS (LIABILITIES) - 0.4% | 1,605,699 | ||
NET ASSETS - 100% | $383,387,366 |
Legend
(a) Non-income producing
(b) 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 are available on the SEC's website or upon request.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $9,929 |
Fidelity Securities Lending Cash Central Fund | 8,368 |
Total | $18,297 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. 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 please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
United States of America | 89.9% |
Netherlands | 6.2% |
Luxembourg | 1.8% |
Canada | 1.1% |
Israel | 1.0% |
Others (Individually Less Than 1%) | 0.0% |
100.0% |
See accompanying notes which are an integral part of the financial statements.
Fidelity® Materials Central Fund
Financial Statements
Statement of Assets and Liabilities
March 31, 2016 (Unaudited) | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $346,501,911) | $380,770,602 | |
Fidelity Central Funds (cost $1,011,065) | 1,011,065 | |
Total Investments (cost $347,512,976) | $381,781,667 | |
Receivable for investments sold | 2,542,001 | |
Receivable for fund shares sold | 10,889 | |
Dividends receivable | 575,289 | |
Distributions receivable from Fidelity Central Funds | 1,536 | |
Total assets | 384,911,382 | |
Liabilities | ||
Payable for investments purchased | $1,375,654 | |
Payable for fund shares redeemed | 144,749 | |
Other payables and accrued expenses | 3,613 | |
Total liabilities | 1,524,016 | |
Net Assets | $383,387,366 | |
Net Assets consist of: | ||
Paid in capital | $349,118,675 | |
Net unrealized appreciation (depreciation) on investments | 34,268,691 | |
Net Assets, for 1,915,395 shares outstanding | $383,387,366 | |
Net Asset Value, offering price and redemption price per share ($383,387,366 ÷ 1,915,395 shares) | $200.16 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended March 31, 2016 (Unaudited) | ||
Investment Income | ||
Dividends | $4,230,619 | |
Income from Fidelity Central Funds (including $8,368 from security lending) | 18,297 | |
Total income | 4,248,916 | |
Expenses | ||
Custodian fees and expenses | $8,626 | |
Independent directors' compensation | 793 | |
Total expenses before reductions | 9,419 | |
Expense reductions | (797) | 8,622 |
Net investment income (loss) | 4,240,294 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | (8,433,597) | |
Foreign currency transactions | 3,958 | |
Total net realized gain (loss) | (8,429,639) | |
Change in net unrealized appreciation (depreciation) on: Investment securities | 30,313,619 | |
Assets and liabilities in foreign currencies | (861) | |
Total change in net unrealized appreciation (depreciation) | 30,312,758 | |
Net gain (loss) | 21,883,119 | |
Net increase (decrease) in net assets resulting from operations | $26,123,413 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended March 31, 2016 (Unaudited) | Year ended September 30, 2015 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $4,240,294 | $8,867,140 |
Net realized gain (loss) | (8,429,639) | 700,906 |
Change in net unrealized appreciation (depreciation) | 30,312,758 | (82,209,996) |
Net increase (decrease) in net assets resulting from operations | 26,123,413 | (72,641,950) |
Distributions to partners from net investment income | (4,043,365) | (8,587,964) |
Affiliated share transactions | ||
Proceeds from sales of shares | 9,021,400 | 26,063,021 |
Reinvestment of distributions | 4,043,093 | 8,587,426 |
Cost of shares redeemed | (10,399,300) | (77,250,480) |
Net increase (decrease) in net assets resulting from share transactions | 2,665,193 | (42,600,033) |
Total increase (decrease) in net assets | 24,745,241 | (123,829,947) |
Net Assets | ||
Beginning of period | 358,642,125 | 482,472,072 |
End of period | $383,387,366 | $358,642,125 |
Other Affiliated Information | ||
Shares | ||
Sold | 45,428 | 117,099 |
Issued in reinvestment of distributions | 20,336 | 38,613 |
Redeemed | (53,176) | (351,037) |
Net increase (decrease) | 12,588 | (195,325) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Materials Central Fund
Six months ended March 31, (Unaudited) | Years ended September 30, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $188.48 | $229.95 | $207.20 | $180.29 | $134.10 | $141.22 |
Income from Investment Operations | ||||||
Net investment income (loss)A | 2.23 | 4.34 | 3.57 | 3.44B | 3.10 | 2.78 |
Net realized and unrealized gain (loss) | 11.58 | (41.59) | 22.68 | 26.85 | 45.95 | (7.38) |
Total from investment operations | 13.81 | (37.25) | 26.25 | 30.29 | 49.05 | (4.60) |
Distributions to partners from net investment income | (2.13) | (4.22) | (3.50) | (3.38) | (2.86) | (2.52) |
Net asset value, end of period | $200.16 | $188.48 | $229.95 | $207.20 | $180.29 | $134.10 |
Total ReturnC,D | 7.34% | (16.46)% | 12.70% | 16.98% | 36.80% | (3.61)% |
Ratios to Average Net AssetsE,F | ||||||
Expenses before reductions | .01%G | –%H | .01% | –%H | .01% | .01% |
Expenses net of fee waivers, if any | –%G,H | –%H | –%H | –%H | .01% | .01% |
Expenses net of all reductions | –%G,H | –%H | –%H | –%H | .01% | .01% |
Net investment income (loss) | 2.27%G | 1.95% | 1.57% | 1.79%B | 1.86% | 1.66% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $383,387 | $358,642 | $482,472 | $400,422 | $314,540 | $215,279 |
Portfolio turnover rateI | 61%G | 72% | 65%J | 64%J | 76% | 105% |
A Calculated based on average shares outstanding during the period.
B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.52 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.52%.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
G Annualized
H Amount represents less than .005%.
I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
J Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity® Telecom Services Central Fund
Investment Summary (Unaudited)
Top Ten Stocks as of March 31, 2016
% of fund's net assets | % of fund's net assets 6 months ago | |
AT&T, Inc. | 22.4 | 24.4 |
Verizon Communications, Inc. | 12.7 | 15.6 |
American Tower Corp. | 6.6 | 4.0 |
T-Mobile U.S., Inc. | 4.6 | 4.6 |
Cogent Communications Group, Inc. | 4.6 | 4.0 |
Level 3 Communications, Inc. | 4.4 | 4.9 |
CenturyLink, Inc. | 4.1 | 3.0 |
SBA Communications Corp. Class A | 3.9 | 4.4 |
Telephone & Data Systems, Inc. | 3.0 | 2.7 |
Time Warner Cable, Inc. | 2.3 | 1.2 |
68.6 |
Top Industries (% of fund's net assets)
As of March 31, 2016 | ||
Diversified Telecommunication Services | 68.8% | |
Wireless Telecommunication Services | 12.3% | |
Media | 8.0% | |
Real Estate Investment Trusts | 7.6% | |
Communications Equipment | 1.0% | |
All Others* | 2.3% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
As of September 30, 2015 | ||
Diversified Telecommunication Services | 70.2% | |
Wireless Telecommunication Services | 16.6% | |
Real Estate Investment Trusts | 5.0% | |
Media | 3.2% | |
Communications Equipment | 2.3% | |
All Others* | 2.7% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Fidelity® Telecom Services Central Fund
Investments March 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.5% | |||
Shares | Value | ||
Communications Equipment - 1.0% | |||
Communications Equipment - 1.0% | |||
NetScout Systems, Inc. (a) | 37,600 | $863,672 | |
Ruckus Wireless, Inc. (a) | 299,500 | 2,938,095 | |
3,801,767 | |||
Diversified Telecommunication Services - 68.8% | |||
Alternative Carriers - 17.6% | |||
8x8, Inc. (a) | 587,517 | 5,910,421 | |
Cogent Communications Group, Inc. | 432,902 | 16,896,165 | |
Globalstar, Inc. (a)(b) | 2,243,600 | 3,298,092 | |
Iliad SA | 6,441 | 1,657,502 | |
inContact, Inc. (a) | 447,646 | 3,979,573 | |
Iridium Communications, Inc. (a)(b) | 358,580 | 2,822,025 | |
Level 3 Communications, Inc. (a) | 305,777 | 16,160,314 | |
Lumos Networks Corp. (a) | 477,806 | 6,135,029 | |
Vonage Holdings Corp. (a) | 582,529 | 2,662,158 | |
Zayo Group Holdings, Inc. (a) | 215,000 | 5,211,600 | |
64,732,879 | |||
Integrated Telecommunication Services - 51.2% | |||
AT&T, Inc. | 2,108,139 | 82,575,803 | |
Atlantic Tele-Network, Inc. | 83,900 | 6,362,137 | |
CenturyLink, Inc. | 469,305 | 14,998,988 | |
Cincinnati Bell, Inc. (a) | 1,412,647 | 5,466,944 | |
Consolidated Communications Holdings, Inc. (b) | 161,100 | 4,149,936 | |
FairPoint Communications, Inc. (a)(b) | 117,000 | 1,740,960 | |
Frontier Communications Corp. (b) | 1,512,553 | 8,455,171 | |
General Communications, Inc. Class A (a) | 131,128 | 2,402,265 | |
IDT Corp. Class B | 79,081 | 1,232,873 | |
SBA Communications Corp. Class A (a) | 144,164 | 14,440,908 | |
Verizon Communications, Inc. | 863,206 | 46,682,180 | |
Windstream Holdings, Inc. (b) | 1,678 | 12,887 | |
188,521,052 | |||
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES | 253,253,931 | ||
Internet Software & Services - 0.8% | |||
Internet Software & Services - 0.8% | |||
Akamai Technologies, Inc. (a) | 200 | 11,114 | |
Gogo, Inc. (a)(b) | 208,800 | 2,298,888 | |
Rackspace Hosting, Inc. (a) | 23,791 | 513,648 | |
2,823,650 | |||
Media - 8.0% | |||
Cable & Satellite - 7.1% | |||
Altice NV Class A (a) | 215,308 | 3,836,684 | |
Cablevision Systems Corp. - NY Group Class A | 55,000 | 1,815,000 | |
Charter Communications, Inc. Class A (a)(b) | 18,100 | 3,663,983 | |
Comcast Corp. Class A | 88,700 | 5,417,796 | |
Liberty Global PLC Class C (a) | 44,864 | 1,685,092 | |
Megacable Holdings S.A.B. de CV unit | 286,900 | 1,189,802 | |
Time Warner Cable, Inc. | 42,000 | 8,594,040 | |
26,202,397 | |||
Movies & Entertainment - 0.9% | |||
Twenty-First Century Fox, Inc. Class A | 114,500 | 3,192,260 | |
TOTAL MEDIA | 29,394,657 | ||
Real Estate Investment Trusts - 7.6% | |||
Specialized REITs - 7.6% | |||
American Tower Corp. | 235,698 | 24,128,404 | |
Communications Sales & Leasing, Inc. | 100,600 | 2,238,350 | |
Crown Castle International Corp. | 8,900 | 769,850 | |
CyrusOne, Inc. | 14,900 | 680,185 | |
27,816,789 | |||
Semiconductors & Semiconductor Equipment - 0.5% | |||
Semiconductors - 0.5% | |||
Skyworks Solutions, Inc. | 25,000 | 1,947,500 | |
Software - 0.5% | |||
Application Software - 0.5% | |||
Synchronoss Technologies, Inc. (a) | 61,500 | 1,988,910 | |
Wireless Telecommunication Services - 12.3% | |||
Wireless Telecommunication Services - 12.3% | |||
Bharti Infratel Ltd. | 331,330 | 1,910,067 | |
Boingo Wireless, Inc. (a) | 2,355 | 18,181 | |
KDDI Corp. | 94,000 | 2,507,993 | |
Leap Wireless International, Inc. rights (a) | 300 | 774 | |
Millicom International Cellular SA (a) | 18,500 | 1,019,905 | |
Shenandoah Telecommunications Co. | 126,674 | 3,388,530 | |
Sprint Corp. (a)(b) | 1,382,363 | 4,810,623 | |
T-Mobile U.S., Inc. (a) | 443,475 | 16,985,093 | |
Telephone & Data Systems, Inc. | 358,011 | 10,772,551 | |
U.S. Cellular Corp. (a) | 81,600 | 3,728,304 | |
45,142,021 | |||
TOTAL COMMON STOCKS | |||
(Cost $279,768,213) | 366,169,225 | ||
Money Market Funds - 7.4% | |||
Fidelity Cash Central Fund, 0.39% (c) | 1,337,440 | 1,337,440 | |
Fidelity Securities Lending Cash Central Fund, 0.42% (c)(d) | 25,914,350 | 25,914,350 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $27,251,790) | 27,251,790 | ||
TOTAL INVESTMENT PORTFOLIO - 106.9% | |||
(Cost $307,020,003) | 393,421,015 | ||
NET OTHER ASSETS (LIABILITIES) - (6.9)% | (25,274,100) | ||
NET ASSETS - 100% | $368,146,915 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) 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 are available on the SEC's website or upon request.
(d) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $5,810 |
Fidelity Securities Lending Cash Central Fund | 93,775 |
Total | $99,585 |
Investment Valuation
The following is a summary of the inputs used, as of March 31, 2016, 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: | ||||
Common Stocks | $366,169,225 | $363,660,458 | $2,507,993 | $774 |
Money Market Funds | 27,251,790 | 27,251,790 | -- | -- |
Total Investments in Securities: | $393,421,015 | $390,912,248 | $2,507,993 | $774 |
See accompanying notes which are an integral part of the financial statements.
Fidelity® Telecom Services Central Fund
Financial Statements
Statement of Assets and Liabilities
March 31, 2016 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $25,116,385) — See accompanying schedule: Unaffiliated issuers (cost $279,768,213) | $366,169,225 | |
Fidelity Central Funds (cost $27,251,790) | 27,251,790 | |
Total Investments (cost $307,020,003) | $393,421,015 | |
Receivable for investments sold | 587,861 | |
Receivable for fund shares sold | 10,627 | |
Dividends receivable | 201,317 | |
Distributions receivable from Fidelity Central Funds | 24,234 | |
Total assets | 394,245,054 | |
Liabilities | ||
Payable for investments purchased | $53,402 | |
Payable for fund shares redeemed | 125,976 | |
Other payables and accrued expenses | 4,411 | |
Collateral on securities loaned, at value | 25,914,350 | |
Total liabilities | 26,098,139 | |
Net Assets | $368,146,915 | |
Net Assets consist of: | ||
Paid in capital | $281,745,777 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 86,401,138 | |
Net Assets, for 2,019,704 shares outstanding | $368,146,915 | |
Net Asset Value, offering price and redemption price per share ($368,146,915 ÷ 2,019,704 shares) | $182.28 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended March 31, 2016 (Unaudited) | ||
Investment Income | ||
Dividends | $4,209,851 | |
Income from Fidelity Central Funds (including $93,775 from security lending) | 99,585 | |
Total income | 4,309,436 | |
Expenses | ||
Custodian fees and expenses | $7,968 | |
Independent directors' compensation | 629 | |
Total expenses before reductions | 8,597 | |
Expense reductions | (629) | 7,968 |
Net investment income (loss) | 4,301,468 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | (929,714) | |
Foreign currency transactions | 3,533 | |
Total net realized gain (loss) | (926,181) | |
Change in net unrealized appreciation (depreciation) on: Investment securities | 52,657,168 | |
Assets and liabilities in foreign currencies | 1,950 | |
Total change in net unrealized appreciation (depreciation) | 52,659,118 | |
Net gain (loss) | 51,732,937 | |
Net increase (decrease) in net assets resulting from operations | $56,034,405 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended March 31, 2016 (Unaudited) | Year ended September 30, 2015 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $4,301,468 | $6,676,492 |
Net realized gain (loss) | (926,181) | 6,534,982 |
Change in net unrealized appreciation (depreciation) | 52,659,118 | (21,160,632) |
Net increase (decrease) in net assets resulting from operations | 56,034,405 | (7,949,158) |
Distributions to partners from net investment income | (3,581,053) | (6,762,220) |
Affiliated share transactions | ||
Proceeds from sales of shares | 44,156,390 | 20,200,500 |
Reinvestment of distributions | 3,580,770 | 6,761,672 |
Cost of shares redeemed | (9,140,690) | (21,745,664) |
Net increase (decrease) in net assets resulting from share transactions | 38,596,470 | 5,216,508 |
Total increase (decrease) in net assets | 91,049,822 | (9,494,870) |
Net Assets | ||
Beginning of period | 277,097,093 | 286,591,963 |
End of period | $368,146,915 | $277,097,093 |
Other Affiliated Information | ||
Shares | ||
Sold | 268,263 | 124,790 |
Issued in reinvestment of distributions | 21,183 | 40,310 |
Redeemed | (54,834) | (129,065) |
Net increase (decrease) | 234,612 | 36,035 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Telecom Services Central Fund
Six months ended March 31, (Unaudited) | Years ended September 30, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $155.23 | $163.86 | $155.95 | $139.95 | $111.29 | $116.76 |
Income from Investment Operations | ||||||
Net investment income (loss)A | 2.33 | 3.75 | 7.09B | 4.39 | 3.96 | 3.02 |
Net realized and unrealized gain (loss) | 26.68 | (8.58) | 7.91 | 15.88 | 28.57 | (5.50) |
Total from investment operations | 29.01 | (4.83) | 15.00 | 20.27 | 32.53 | (2.48) |
Distributions to partners from net investment income | (1.96) | (3.80) | (7.09) | (4.27) | (3.87) | (2.99) |
Net asset value, end of period | $182.28 | $155.23 | $163.86 | $155.95 | $139.95 | $111.29 |
Total ReturnC,D | 18.79% | (3.10)% | 9.75% | 14.73% | 29.73% | (2.37)% |
Ratios to Average Net AssetsE,F | ||||||
Expenses before reductions | .01%G | –%H | .01% | .01% | .01% | .01% |
Expenses net of fee waivers, if any | .01%G | –%H | .01% | .01% | .01% | .01% |
Expenses net of all reductions | .01%G | –%H | .01% | .01% | .01% | .01% |
Net investment income (loss) | 2.79%G | 2.24% | 4.35%B | 3.00% | 3.20% | 2.45% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $368,147 | $277,097 | $286,592 | $295,959 | $253,919 | $182,633 |
Portfolio turnover rateI | 39%G | 58% | 97%J | 82%J | 59% | 53% |
A Calculated based on average shares outstanding during the period.
B Net Investment income per share reflects a large, non-recurring dividend which amounted to $3.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.51%.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
G Annualized
H Amount represents less than .005%.
I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
J Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity® Utilities Central Fund
Investment Summary (Unaudited)
Top Ten Stocks as of March 31, 2016
% of fund's net assets | % of fund's net assets 6 months ago | |
NextEra Energy, Inc. | 14.6 | 16.1 |
Sempra Energy | 11.5 | 10.7 |
Exelon Corp. | 11.4 | 13.1 |
Dominion Resources, Inc. | 7.9 | 9.4 |
PG&E Corp. | 5.0 | 4.9 |
Avangrid, Inc. | 4.9 | 0.0 |
FirstEnergy Corp. | 4.7 | 3.0 |
PPL Corp. | 4.1 | 5.1 |
DTE Energy Co. | 4.1 | 3.6 |
Edison International | 4.0 | 5.0 |
72.2 |
Top Industries (% of fund's net assets)
As of March 31, 2016 | ||
Electric Utilities | 44.7% | |
Multi-Utilities | 37.9% | |
Independent Power and Renewable Electricity Producers | 8.9% | |
Media | 3.0% | |
Semiconductors & Semiconductor Equipment | 1.9% | |
All Others* | 3.6% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
As of September 30, 2015 | ||
Electric Utilities | 48.5% | |
Multi-Utilities | 34.4% | |
Independent Power and Renewable Electricity Producers | 8.1% | |
Diversified Telecommunication Services | 3.2% | |
Real Estate Investment Trusts | 2.7% | |
All Others* | 3.1% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Fidelity® Utilities Central Fund
Investments March 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.8% | |||
Shares | Value | ||
Diversified Telecommunication Services - 1.4% | |||
Integrated Telecommunication Services - 1.4% | |||
AT&T, Inc. | 165,700 | $6,490,469 | |
Electric Utilities - 44.7% | |||
Electric Utilities - 44.7% | |||
Edison International | 262,383 | 18,862,714 | |
Exelon Corp. | 1,485,500 | 53,270,030 | |
FirstEnergy Corp. | 608,701 | 21,894,975 | |
ITC Holdings Corp. | 244,900 | 10,670,293 | |
NextEra Energy, Inc. | 577,442 | 68,334,486 | |
OGE Energy Corp. | 195,849 | 5,607,157 | |
PNM Resources, Inc. | 208,600 | 7,033,992 | |
PPL Corp. | 513,126 | 19,534,707 | |
Westar Energy, Inc. | 90,200 | 4,474,822 | |
209,683,176 | |||
Independent Power and Renewable Electricity Producers - 8.9% | |||
Independent Power Producers & Energy Traders - 6.4% | |||
Calpine Corp. (a) | 1,163,922 | 17,656,697 | |
Dynegy, Inc. (a) | 364,490 | 5,237,721 | |
NRG Energy, Inc. | 277,612 | 3,611,732 | |
NRG Yield, Inc. Class C (b) | 253,610 | 3,611,406 | |
30,117,556 | |||
Renewable Electricity - 2.5% | |||
NextEra Energy Partners LP | 286,700 | 7,795,373 | |
Pattern Energy Group, Inc. (b) | 190,950 | 3,641,417 | |
11,436,790 | |||
TOTAL INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS | 41,554,346 | ||
Media - 3.0% | |||
Cable & Satellite - 3.0% | |||
Comcast Corp. Class A | 229,100 | 13,993,428 | |
Multi-Utilities - 37.9% | |||
Multi-Utilities - 37.9% | |||
Avangrid, Inc. | 573,000 | 22,983,030 | |
Black Hills Corp. (b) | 139,826 | 8,407,737 | |
CenterPoint Energy, Inc. | 276,249 | 5,779,129 | |
Dominion Resources, Inc. | 489,259 | 36,753,136 | |
DTE Energy Co. | 213,506 | 19,356,454 | |
NiSource, Inc. | 298,573 | 7,034,380 | |
PG&E Corp. | 389,569 | 23,265,061 | |
Sempra Energy | 519,379 | 54,041,385 | |
177,620,312 | |||
Oil, Gas & Consumable Fuels - 1.0% | |||
Oil & Gas Storage & Transport - 1.0% | |||
Cheniere Energy Partners LP Holdings LLC | 173,972 | 3,141,934 | |
Cheniere Energy, Inc. (a) | 53,300 | 1,803,139 | |
4,945,073 | |||
Real Estate Investment Trusts - 1.0% | |||
Specialized REITs - 1.0% | |||
Crown Castle International Corp. | 56,000 | 4,844,000 | |
Semiconductors & Semiconductor Equipment - 1.9% | |||
Semiconductors - 1.9% | |||
First Solar, Inc. (a) | 128,000 | 8,764,160 | |
TOTAL COMMON STOCKS | |||
(Cost $391,156,910) | 467,894,964 | ||
Money Market Funds - 2.3% | |||
Fidelity Cash Central Fund, 0.39% (c) | 1,211,657 | 1,211,657 | |
Fidelity Securities Lending Cash Central Fund, 0.42% (c)(d) | 9,460,200 | 9,460,200 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $10,671,857) | 10,671,857 | ||
TOTAL INVESTMENT PORTFOLIO - 102.1% | |||
(Cost $401,828,767) | 478,566,821 | ||
NET OTHER ASSETS (LIABILITIES) - (2.1)% | (10,024,721) | ||
NET ASSETS - 100% | $468,542,100 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) 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 are available on the SEC's website or upon request.
(d) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $5,957 |
Fidelity Securities Lending Cash Central Fund | 9,574 |
Total | $15,531 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. 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 please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity® Utilities Central Fund
Financial Statements
Statement of Assets and Liabilities
March 31, 2016 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $9,191,868) — See accompanying schedule: Unaffiliated issuers (cost $391,156,910) | $467,894,964 | |
Fidelity Central Funds (cost $10,671,857) | 10,671,857 | |
Total Investments (cost $401,828,767) | $478,566,821 | |
Receivable for investments sold | 4,634,175 | |
Receivable for fund shares sold | 13,527 | |
Dividends receivable | 1,334,143 | |
Distributions receivable from Fidelity Central Funds | 3,409 | |
Other receivables | 754 | |
Total assets | 484,552,829 | |
Liabilities | ||
Payable to custodian bank | $324,337 | |
Payable for investments purchased | $6,063,313 | |
Payable for fund shares redeemed | 160,624 | |
Other payables and accrued expenses | 2,255 | |
Collateral on securities loaned, at value | 9,460,200 | |
Total liabilities | 16,010,729 | |
Net Assets | $468,542,100 | |
Net Assets consist of: | ||
Paid in capital | $391,804,436 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 76,737,664 | |
Net Assets, for 2,904,318 shares outstanding | $468,542,100 | |
Net Asset Value, offering price and redemption price per share ($468,542,100 ÷ 2,904,318 shares) | $161.33 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended March 31, 2016 (Unaudited) | ||
Investment Income | ||
Dividends | $6,673,528 | |
Income from Fidelity Central Funds (including $9,574 from security lending) | 15,531 | |
Total income | 6,689,059 | |
Expenses | ||
Custodian fees and expenses | $3,738 | |
Independent directors' compensation | 877 | |
Interest | 87 | |
Total expenses before reductions | 4,702 | |
Expense reductions | (903) | 3,799 |
Net investment income (loss) | 6,685,260 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | (8,823,926) | |
Total net realized gain (loss) | (8,823,926) | |
Change in net unrealized appreciation (depreciation) on: Investment securities | 58,044,950 | |
Assets and liabilities in foreign currencies | 150 | |
Total change in net unrealized appreciation (depreciation) | 58,045,100 | |
Net gain (loss) | 49,221,174 | |
Net increase (decrease) in net assets resulting from operations | $55,906,434 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended March 31, 2016 (Unaudited) | Year ended September 30, 2015 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $6,685,260 | $13,102,049 |
Net realized gain (loss) | (8,823,926) | 12,001,315 |
Change in net unrealized appreciation (depreciation) | 58,045,100 | (44,476,698) |
Net increase (decrease) in net assets resulting from operations | 55,906,434 | (19,373,334) |
Distributions to partners from net investment income | (5,895,748) | (12,222,712) |
Affiliated share transactions | ||
Proceeds from sales of shares | 18,623,494 | 43,648,115 |
Reinvestment of distributions | 5,895,505 | 12,222,229 |
Cost of shares redeemed | (12,245,654) | (100,987,088) |
Net increase (decrease) in net assets resulting from share transactions | 12,273,345 | (45,116,744) |
Total increase (decrease) in net assets | 62,284,031 | (76,712,790) |
Net Assets | ||
Beginning of period | 406,258,069 | 482,970,859 |
End of period | $468,542,100 | $406,258,069 |
Other Affiliated Information | ||
Shares | ||
Sold | 127,725 | 283,326 |
Issued in reinvestment of distributions | 39,354 | 78,768 |
Redeemed | (83,084) | (654,852) |
Net increase (decrease) | 83,995 | (292,758) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Utilities Central Fund
Six months ended March 31, (Unaudited) | Years ended September 30, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $144.05 | $155.14 | $130.43 | $116.88 | $103.95 | $97.15 |
Income from Investment Operations | ||||||
Net investment income (loss)A | 2.34 | 4.36 | 4.11 | 4.04 | 3.82 | 3.41 |
Net realized and unrealized gain (loss) | 17.00 | (11.35) | 24.33 | 13.29 | 12.71 | 6.62 |
Total from investment operations | 19.34 | (6.99) | 28.44 | 17.33 | 16.53 | 10.03 |
Distributions to partners from net investment income | (2.06) | (4.10) | (3.73) | (3.78) | (3.60) | (3.23) |
Net asset value, end of period | $161.33 | $144.05 | $155.14 | $130.43 | $116.88 | $103.95 |
Total ReturnB,C | 13.54% | (4.66)% | 21.98% | 15.04% | 16.13% | 10.38% |
Ratios to Average Net AssetsD,E | ||||||
Expenses before reductions | –%F,G | –%G | –%G | –%G | –%G | .01% |
Expenses net of fee waivers, if any | –%F,G | –%G | –%G | –%G | –%G | .01% |
Expenses net of all reductions | –%F,G | –%G | –%G | –%G | –%G | .01% |
Net investment income (loss) | 3.18%F | 2.78% | 2.80% | 3.23% | 3.43% | 3.31% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $468,542 | $406,258 | $482,971 | $398,657 | $320,338 | $245,600 |
Portfolio turnover rateH | 70%F | 110% | 121%I | 148%I | 175% | 201% |
A Calculated based on average shares outstanding during the period.
B Total returns for periods of less than one year are not annualized.
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 Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
F Annualized
G Amount represents less than .005%.
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
I Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended March 31, 2016
1. Organization.
Fidelity Consumer Discretionary Central Fund (Consumer Discretionary), Fidelity Consumer Staples Central Fund (Consumer Staples), Fidelity Energy Central Fund (Energy), Fidelity Financials Central Fund (Financials), Fidelity Health Care Central Fund (Health Care), Fidelity Industrials Central Fund (Industrials), Fidelity Information Technology Central Fund (Information Technology), Fidelity Materials Central Fund (Materials), Fidelity Telecom Services Central Fund (Telecom Services), and Fidelity Utilities Central Fund (Utilities), collectively referred to as the Funds, are funds of Fidelity Central Investment Portfolios LLC (the LLC) and are authorized to issue an unlimited number of shares. The LLC is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware Limited Liability Company. Each Fund in the LLC is a separate partnership for tax purposes. Shares of each Fund are only offered to other investment companies and accounts managed by Fidelity Management & Research Company (FMR), or its affiliates (the Investing Funds). All of the Funds are non-diversified, with the exception of Financials and Health Care. The Funds invest primarily in securities of companies whose principal business activities fall within specific industries. The Funds are referred to as Fidelity Central Funds and may also invest in other Fidelity Central Funds available only to investment companies and other accounts managed by FMR and its affiliates. The Board of Directors may permit the purchase of shares (for cash, securities or other consideration) and admit new Eligible Accredited Investors into each Fund, in accordance with the Partnership Agreement. Investments in emerging markets, if applicable, can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile
2. Investments in Fidelity Central Funds.
The Funds 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 Funds' Schedules of Investments list each of the Fidelity Central Funds held as of period end, if any, as an investment of each Fund, but do not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, each Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
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 following summarizes the significant accounting policies of the Funds:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Directors (the Board) has delegated the day to day responsibility for the valuation of each Fund's investments to the FMR Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, each Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees each Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing each Fund's investments and ratifies the fair value determinations of the Committee.
Each 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 – 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 each Fund's investments by major category are as follows:
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 vendor 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, Exchange-Traded Funds (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. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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. Equity securities, including restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.
Investments in open-end mutual funds, including other 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 Information Technology that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
Asset Type | Fair Value at 03/31/16 | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in Input(a) |
Equities | $ 48,932,185 | Last transaction price | Transaction price | $3.86 - $48.77 / $26.20 | Increase |
Market comparable | Discount rate | 10.0% | Decrease | ||
EV/Sales multiple | 2.8 | Increase |
(a) Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of March 31, 2016, including information on transfers between Levels 1 and 2, as well as a roll forward of Level 3 investments, is included at the end of each applicable Fund's Schedule of Investments.
Foreign Currency. The Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Funds' 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 and may include proceeds received from litigation. 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 Funds are 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. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Funds determine the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
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. 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 Partners. No provision has been made for U.S. Federal income taxes because each Fund allocates, at least annually among its partners, each partner's share of the Fund's income and expenses and capital gains and losses as determined by income tax regulations for inclusion in each partner's tax return. Consumer Discretionary, Consumer Staples and Information Technology are subject to a tax imposed on capital gains by certain countries in which they invest.
Distributions are recorded on the ex-dividend date and are paid from net investment income on a book basis. Due to the Fund's partnership structure, paid in capital includes any accumulated net investment income/ (loss) and net realized gain/ (loss) on investments.
There are no unrecognized tax benefits in the accompanying financial statements in connection with the tax positions taken by each Fund; nor is each 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. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A 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. The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows for each Fund:
Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) on securities | |
Consumer Discretionary | $1,365,893,269 | $335,737,373 | $(57,103,727) | $278,633,646 |
Consumer Staples | 923,178,756 | 370,095,691 | (14,019,016) | 356,076,675 |
Energy | 933,610,045 | 74,058,468 | (125,973,239) | (51,914,771) |
Financials | 2,179,736,506 | 265,997,105 | (75,740,063) | 190,257,042 |
Health Care | 1,696,323,453 | 311,261,885 | (188,931,311) | 122,330,574 |
Industrials | 1,135,071,135 | 240,718,757 | (28,259,405) | 212,459,352 |
Information Technology | 2,481,255,377 | 621,064,084 | (151,953,700) | 469,110,384 |
Materials | 349,640,980 | 51,605,756 | (19,465,069) | 32,140,687 |
Telecom Services | 308,513,694 | 91,925,786 | (7,018,465) | 84,907,321 |
Utilities | 404,688,328 | 80,746,373 | (6,867,880) | 73,878,493 |
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. 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. 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. The 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 is included at the end of each applicable Fund's Schedule of Investments.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, are noted in the table below.
Purchases ($) | Sales ($) | |
Consumer Discretionary | 265,196,004 | 268,915,952 |
Consumer Staples | 363,000,148 | 322,928,314 |
Energy | 499,758,886 | 457,297,462 |
Financials | 614,645,936 | 603,428,286 |
Health Care | 785,380,923 | 679,983,786 |
Industrials | 362,078,213 | 322,419,427 |
Information Technology | 1,762,967,223 | 1,745,420,600 |
Materials | 122,875,544 | 112,153,739 |
Telecom Services | 105,446,040 | 60,105,439 |
Utilities | 162,410,648 | 145,791,020 |
5. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. FMR Co., Inc. (the investment adviser), an affiliate of FMR, provides each Fund with investment management services. The Funds do not pay any fees for these services. Pursuant to each Fund's management contract with the investment adviser, FMR pays the investment adviser a portion of the management fees it receives from the Investing Funds. In addition, under an expense contract FMR pays all other expenses of each Fund, excluding custody fees, the compensation of the independent Directors, and certain exceptions such as interest expense.
Brokerage Commissions. Certain Funds placed a portion of their portfolio transactions 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 | |
Consumer Discretionary | $4,057 |
Consumer Staples | 3,309 |
Energy | 15,633 |
Financials | 11,598 |
Health Care | 14,981 |
Industrials | 5,546 |
Information Technology | 41,233 |
Materials | 2,047 |
Telecom Services | 3,364 |
Utilities | 4,456 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Funds, along with other registered investment companies having management contracts with FMR or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Each applicable fund's 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 | |
Consumer Discretionary | Borrower | $3,865,200 | .65% | $350 |
Energy | Borrower | 6,236,500 | .34% | 118 |
Information Technology | Borrower | 11,396,500 | .57% | 1,089 |
Utilities | Borrower | 5,018,000 | .62% | 87 |
Interfund Trades. The 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. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
6. Security Lending.
Certain Funds lend portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Funds. On the settlement date of the loan, each applicable 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 the Funds and any additional required collateral is delivered to the Funds on the next business day. The Funds 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, the Funds may apply collateral received from the borrower against the obligation. The Funds may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on each applicable Fund's 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 on each applicable Fund's Statement of Operations as a component of income from Fidelity Central Funds. FCM security lending activity was as follows:
Security Lending Income From Securities Loaned to FCM | Value of Securities Loaned to FCM at Period End | |
Consumer Staples | $3,099 | $1,432 |
Energy | 1,576 | – |
Health Care | 7,853 | 833,100 |
Information Technology | 75,364 | 9,782,730 |
Telecom Services | 1,363 | 439,680 |
Utilities | 10 | – |
7. Expense Reductions.
The investment adviser voluntarily agreed to reimburse a portion of each Fund's operating expenses. In addition, through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. During the period, the reduction of expenses for each Fund is noted in the table below.
Fund | Expense Reduction | Custody Earnings Credits |
Consumer Discretionary | $3,232 | $26 |
Consumer Staples | 2,466 | 57 |
Energy | 1,779 | 21 |
Financials | 4,989 | 47 |
Health Care | 3,879 | 55 |
Industrials | 2,632 | 31 |
Information Technology | 5,714 | 87 |
Materials | 793 | 4 |
Telecom Services | 629 | – |
Utilities | 877 | 26 |
8. Other.
The Funds' organizational documents provide former and current directors and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds managed by FMR or its affiliates were the owners of record of all of the outstanding shares of the Funds.
Shareholder Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds 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 (October 1, 2015 to March 31, 2016).
Actual Expenses
The first line of the accompanying table for each fund 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 fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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 for each fund provides information about hypothetical account values and hypothetical expenses based on a fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's 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. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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.
Annualized Expense Ratio-A | Beginning Account Value October 1, 2015 | Ending Account Value March 31, 2016 | Expenses Paid During Period-B October 1, 2015 to March 31, 2016 | |
Consumer Discretionary | .0017% | |||
Actual | $1,000.00 | $1,046.60 | $.01 | |
Hypothetical-C | $1,000.00 | $1,024.99 | $.01 | |
Consumer Staples | .0029% | |||
Actual | $1,000.00 | $1,139.90 | $.02 | |
Hypothetical-C | $1,000.00 | $1,024.99 | $.01 | |
Energy | .0028% | |||
Actual | $1,000.00 | $1,023.30 | $.01 | |
Hypothetical-C | $1,000.00 | $1,024.99 | $.01 | |
Financials | .0012% | |||
Actual | $1,000.00 | $1,004.70 | $.01 | |
Hypothetical-C | $1,000.00 | $1,024.99 | $.01 | |
Health Care | .0030% | |||
Actual | $1,000.00 | $967.10 | $.01 | |
Hypothetical-C | $1,000.00 | $1,024.98 | $.02 | |
Industrials | .0016% | |||
Actual | $1,000.00 | $1,130.00 | $.01 | |
Hypothetical-C | $1,000.00 | $1,024.99 | $.01 | |
Information Technology | .0067% | |||
Actual | $1,000.00 | $1,102.00 | $.04 | |
Hypothetical-C | $1,000.00 | $1,024.97 | $.03 | |
Materials | .0046% | |||
Actual | $1,000.00 | $1,073.40 | $.02 | |
Hypothetical-C | $1,000.00 | $1,024.98 | $.02 | |
Telecom Services | .0052% | |||
Actual | $1,000.00 | $1,187.90 | $.03 | |
Hypothetical-C | $1,000.00 | $1,024.97 | $.03 | |
Utilities | .0018% | |||
Actual | $1,000.00 | $1,135.40 | $.01 | |
Hypothetical-C | $1,000.00 | $1,024.99 | $.01 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). The fees and expenses of the underlying Money Market Central Funds in which each Fund invests are not included in each Fund's annualized expense ratio.
C 5% return per year before expenses
ESCIP-SANN-0516
1.831586.109
Fidelity® Emerging Markets Equity Central Fund Semi-Annual Report March 31, 2016 |
Contents
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. © 2016 FMR LLC. All rights reserved.
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-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q 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.
Investment Summary (Unaudited)
Geographic Diversification (% of fund's net assets)
As of March 31, 2016 | ||
Korea (South) | 13.0% | |
Cayman Islands | 10.1% | |
India | 8.3% | |
China | 8.2% | |
Taiwan | 7.8% | |
Brazil | 7.3% | |
Mexico | 6.1% | |
South Africa | 5.6% | |
United States of America* | 5.5% | |
Other | 28.1% |
* 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.
As of September 30, 2015 | ||
Korea (South) | 15.2% | |
China | 11.0% | |
India | 9.7% | |
Cayman Islands | 9.4% | |
Taiwan | 8.8% | |
Hong Kong | 5.7% | |
Mexico | 5.7% | |
United States of America* | 5.6% | |
South Africa | 5.3% | |
Other | 23.6% |
* 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.
Asset Allocation as of March 31, 2016
% of fund's net assets | % of fund's net assets 6 months ago | |
Stocks and Equity Futures | 98.4 | 97.3 |
Short-Term Investments and Net Other Assets (Liabilities) | 1.6 | 2.7 |
Top Ten Stocks as of March 31, 2016
% of fund's net assets | % of fund's net assets 6 months ago | |
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 3.5 | 3.7 |
Naspers Ltd. Class N (South Africa, Media) | 2.9 | 1.9 |
Tencent Holdings Ltd. (Cayman Islands, Internet Software & Services) | 2.4 | 3.0 |
Alibaba Group Holding Ltd. (Cayman Islands, Internet Software & Services) | 2.1 | 0.8 |
Industrial & Commercial Bank of China Ltd. (H Shares) (China, Banks) | 1.9 | 2.4 |
China Mobile Ltd. (Hong Kong, Wireless Telecommunication Services) | 1.6 | 1.9 |
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 1.6 | 2.3 |
Grupo Financiero Banorte S.A.B. de CV Series O (Mexico, Banks) | 1.4 | 1.4 |
Hyundai Mobis (Korea (South), Auto Components) | 1.3 | 1.8 |
Itau Unibanco Holding SA (Brazil, Banks) | 1.2 | 0.8 |
19.9 |
Market Sectors as of March 31, 2016
% of fund's net assets | % of fund's net assets 6 months ago | |
Financials | 25.5 | 27.3 |
Information Technology | 19.5 | 18.8 |
Consumer Discretionary | 10.4 | 9.2 |
Consumer Staples | 8.0 | 8.2 |
Energy | 7.0 | 6.9 |
Industrials | 6.9 | 6.7 |
Materials | 6.6 | 6.3 |
Telecommunication Services | 5.8 | 5.9 |
Utilities | 3.2 | 2.8 |
Health Care | 2.4 | 2.8 |
Investments March 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 89.5% | |||
Shares | Value | ||
Argentina - 0.4% | |||
Telecom Argentina SA Class B sponsored ADR (a) | 35,500 | $635,095 | |
YPF SA Class D sponsored ADR | 48,000 | 858,240 | |
TOTAL ARGENTINA | 1,493,335 | ||
Austria - 0.4% | |||
Erste Group Bank AG | 57,916 | 1,627,795 | |
Bermuda - 1.6% | |||
AGTech Holdings Ltd. (b) | 888,000 | 218,642 | |
Aquarius Platinum Ltd. (Australia) (b) | 954,585 | 182,934 | |
China Resource Gas Group Ltd. | 224,000 | 639,600 | |
Credicorp Ltd. (United States) | 10,827 | 1,418,445 | |
GP Investments Ltd. Class A (depositary receipt) (b) | 88,607 | 178,661 | |
PAX Global Technology Ltd. | 985,000 | 985,336 | |
Shangri-La Asia Ltd. | 1,860,000 | 2,121,988 | |
TOTAL BERMUDA | 5,745,606 | ||
Brazil - 3.5% | |||
B2W Companhia Global do Varejo (b) | 238,060 | 946,771 | |
BB Seguridade Participacoes SA | 305,600 | 2,524,250 | |
BR Properties SA | 54,100 | 132,404 | |
CCR SA | 272,600 | 1,063,668 | |
Cielo SA | 155,720 | 1,514,477 | |
Companhia de Saneamento de Minas Gerais | 125,230 | 651,287 | |
Cosan SA Industria e Comercio | 92,145 | 804,425 | |
Direcional Engenharia SA | 400,700 | 668,641 | |
Fibria Celulose SA | 72,600 | 612,597 | |
FPC Par Corretora de Seguros | 282,811 | 959,575 | |
Minerva SA (b) | 381,700 | 1,187,886 | |
Smiles SA | 161,100 | 1,703,005 | |
TOTAL BRAZIL | 12,768,986 | ||
British Virgin Islands - 0.3% | |||
Mail.Ru Group Ltd. GDR (Reg. S) (b) | 43,044 | 934,055 | |
Canada - 0.7% | |||
Goldcorp, Inc. | 43,300 | 702,469 | |
Pan American Silver Corp. | 132,600 | 1,441,362 | |
Torex Gold Resources, Inc. (b) | 334,800 | 469,171 | |
TOTAL CANADA | 2,613,002 | ||
Cayman Islands - 9.7% | |||
51job, Inc. sponsored ADR (a)(b) | 27,100 | 840,642 | |
58.com, Inc. ADR (b) | 61,200 | 3,405,780 | |
AAC Technology Holdings, Inc. | 94,000 | 718,570 | |
Alibaba Group Holding Ltd. sponsored ADR (b) | 97,400 | 7,697,522 | |
Autohome, Inc. ADR Class A (b) | 4,700 | 131,318 | |
Bitauto Holdings Ltd. ADR (b) | 45,600 | 1,130,424 | |
China State Construction International Holdings Ltd. | 750,000 | 1,117,650 | |
CK Hutchison Holdings Ltd. | 58,700 | 761,999 | |
Ctrip.com International Ltd. ADR (b) | 10,300 | 455,878 | |
ENN Energy Holdings Ltd. | 202,000 | 1,107,994 | |
Haitian International Holdings Ltd. | 302,000 | 517,780 | |
Himax Technologies, Inc. sponsored ADR | 22,600 | 254,024 | |
JD.com, Inc. sponsored ADR (b) | 108,000 | 2,862,000 | |
Sino Biopharmaceutical Ltd. | 1,835,000 | 1,376,720 | |
SouFun Holdings Ltd. ADR | 126,100 | 755,339 | |
Sunny Optical Technology Group Co. Ltd. | 214,000 | 601,391 | |
Tencent Holdings Ltd. | 435,500 | 8,903,522 | |
Uni-President China Holdings Ltd. | 2,950,400 | 2,354,280 | |
Vipshop Holdings Ltd. ADR (b) | 59,100 | 761,208 | |
TOTAL CAYMAN ISLANDS | 35,754,041 | ||
Chile - 1.8% | |||
Compania Cervecerias Unidas SA sponsored ADR | 75,300 | 1,690,485 | |
CorpBanca SA | 75,364,040 | 685,690 | |
Empresas CMPC SA | 273,901 | 641,106 | |
Enersis SA | 3,080,014 | 853,107 | |
Inversiones La Construccion SA | 77,828 | 882,957 | |
Vina Concha y Toro SA | 1,025,036 | 1,781,075 | |
TOTAL CHILE | 6,534,420 | ||
China - 8.2% | |||
Anhui Conch Cement Co. Ltd. (H Shares) | 581,500 | 1,559,192 | |
BBMG Corp. (H Shares) | 1,338,500 | 1,033,551 | |
China Life Insurance Co. Ltd. (H Shares) | 1,214,100 | 2,983,347 | |
China Longyuan Power Grid Corp. Ltd. (H Shares) | 1,172,750 | 867,769 | |
China Pacific Insurance (Group) Co. Ltd. (H Shares) | 1,105,900 | 4,134,286 | |
China Petroleum & Chemical Corp. (H Shares) | 1,648,000 | 1,070,544 | |
China Suntien Green Energy Corp. Ltd. (H Shares) | 2,865,250 | 317,649 | |
China Telecom Corp. Ltd. (H Shares) | 2,571,930 | 1,359,345 | |
Industrial & Commercial Bank of China Ltd. (H Shares) | 12,665,000 | 7,094,603 | |
Inner Mongoli Yili Industries Co. Ltd. | 500,366 | 1,130,459 | |
Kweichow Moutai Co. Ltd. | 57,526 | 2,208,984 | |
Maanshan Iron & Steel Ltd. (H Shares) (a)(b) | 2,366,000 | 439,202 | |
PetroChina Co. Ltd. (H Shares) | 1,226,000 | 811,433 | |
PICC Property & Casualty Co. Ltd. (H Shares) | 712,000 | 1,305,167 | |
Qingdao Haier Co. Ltd. | 1,399,700 | 1,838,341 | |
Shanghai International Airport Co. Ltd. | 54,200 | 252,889 | |
Zhengzhou Yutong Bus Co. Ltd. | 336,214 | 1,010,362 | |
Zhuzhou CSR Times Electric Co. Ltd. (H Shares) | 179,000 | 1,045,293 | |
TOTAL CHINA | 30,462,416 | ||
Colombia - 0.3% | |||
Bancolombia SA sponsored ADR | 36,940 | 1,262,609 | |
Egypt - 0.1% | |||
Citadel Capital Corp. (b) | 1,646,800 | 307,849 | |
Global Telecom Holding GDR (b) | 120,000 | 195,000 | |
TOTAL EGYPT | 502,849 | ||
Greece - 0.4% | |||
Titan Cement Co. SA (Reg.) | 72,100 | 1,549,785 | |
Hong Kong - 5.1% | |||
AIA Group Ltd. | 165,000 | 934,823 | |
China Mobile Ltd. | 129,760 | 1,437,088 | |
China Mobile Ltd. sponsored ADR | 81,167 | 4,500,710 | |
China Resources Beer Holdings Co. Ltd. | 1,082,000 | 2,014,100 | |
China Resources Power Holdings Co. Ltd. | 547,203 | 1,022,829 | |
CNOOC Ltd. | 3,212,000 | 3,748,551 | |
CNOOC Ltd. sponsored ADR | 500 | 58,530 | |
Far East Horizon Ltd. | 3,509,320 | 2,705,271 | |
Sinotruk Hong Kong Ltd. | 399,500 | 187,458 | |
Techtronic Industries Co. Ltd. | 572,500 | 2,262,000 | |
TOTAL HONG KONG | 18,871,360 | ||
India - 8.3% | |||
Adani Ports & Special Economic Zone | 312,566 | 1,168,555 | |
Axis Bank Ltd. (b) | 143,643 | 962,932 | |
Bharti Infratel Ltd. | 295,354 | 1,702,671 | |
Coal India Ltd. | 412,636 | 1,818,264 | |
Edelweiss Financial Services Ltd. | 585,128 | 497,652 | |
Eicher Motors Ltd. (b) | 3,576 | 1,035,240 | |
Grasim Industries Ltd. | 37,410 | 2,255,850 | |
Housing Development Finance Corp. Ltd. | 21,368 | 356,569 | |
ITC Ltd. | 436,336 | 2,161,758 | |
JK Cement Ltd. | 103,707 | 1,057,340 | |
Just Dial Ltd. | 46,871 | 542,177 | |
Larsen & Toubro Ltd. (b) | 62,555 | 1,148,754 | |
LIC Housing Finance Ltd. (b) | 148,233 | 1,103,330 | |
Lupin Ltd. | 104,344 | 2,329,649 | |
Oil & Natural Gas Corp. Ltd. | 282,578 | 913,138 | |
Petronet LNG Ltd. | 209,168 | 791,621 | |
Phoenix Mills Ltd. | 193,949 | 879,072 | |
Power Grid Corp. of India Ltd. | 1,129,072 | 2,370,446 | |
SREI Infrastructure Finance Ltd. (b) | 434,995 | 362,742 | |
State Bank of India (b) | 435,730 | 1,277,497 | |
Sun Pharmaceutical Industries Ltd. | 229,377 | 2,838,867 | |
Tata Consultancy Services Ltd. | 79,111 | 3,009,334 | |
TOTAL INDIA | 30,583,458 | ||
Indonesia - 0.9% | |||
Link Net Tbk PT (b) | 559,300 | 173,147 | |
PT Bank Mandiri (Persero) Tbk | 1,541,050 | 1,197,045 | |
PT Bank Rakyat Indonesia Tbk | 1,661,300 | 1,431,399 | |
PT Kalbe Farma Tbk | 4,108,100 | 447,678 | |
TOTAL INDONESIA | 3,249,269 | ||
Israel - 0.6% | |||
Bezeq The Israel Telecommunication Corp. Ltd. | 976,427 | 2,203,053 | |
Japan - 0.0% | |||
Rakuten, Inc. | 7,100 | 68,480 | |
Korea (South) - 11.4% | |||
AMOREPACIFIC Group, Inc. | 14,104 | 1,804,258 | |
Daou Technology, Inc. | 25,565 | 483,306 | |
E-Mart Co. Ltd. | 9,178 | 1,406,513 | |
EO Technics Co. Ltd. | 389 | 40,626 | |
Fila Korea Ltd. | 7,096 | 589,888 | |
Hanon Systems | 105,085 | 844,204 | |
Hyundai Glovis Co. Ltd. | 15,190 | 2,500,275 | |
Hyundai Industrial Development & Construction Co. | 22,135 | 888,145 | |
Hyundai Mobis | 22,928 | 4,985,218 | |
InterPark INT Corp. | 33,392 | 586,080 | |
Kakao Corp. | 6,175 | 534,893 | |
KB Financial Group, Inc. | 69,663 | 1,931,646 | |
KEPCO Plant Service & Engineering Co. Ltd. | 9,921 | 555,306 | |
Korea Electric Power Corp. | 26,677 | 1,395,534 | |
Korean Reinsurance Co. | 170,157 | 2,072,730 | |
KT Corp. (b) | 21,387 | 554,832 | |
KT Corp. sponsored ADR (b) | 24,622 | 330,427 | |
LG Chemical Ltd. | 8,472 | 2,422,791 | |
NAVER Corp. | 1,315 | 731,449 | |
NCSOFT Corp. | 6,048 | 1,338,778 | |
Samsung Electronics Co. Ltd. | 5,151 | 5,901,250 | |
Samsung Fire & Marine Insurance Co. Ltd. | 3,599 | 927,091 | |
Samsung SDI Co. Ltd. | 10,849 | 937,872 | |
Shinhan Financial Group Co. Ltd. | 115,776 | 4,069,602 | |
SK Hynix, Inc. | 136,833 | 3,363,473 | |
SK Telecom Co. Ltd. sponsored ADR | 39,244 | 791,551 | |
TOTAL KOREA (SOUTH) | 41,987,738 | ||
Malaysia - 0.4% | |||
Tenaga Nasional Bhd | 405,574 | 1,448,182 | |
Mauritius - 0.1% | |||
MakeMyTrip Ltd. (a)(b) | 18,300 | 331,047 | |
Mexico - 6.1% | |||
America Movil S.A.B. de CV Series L sponsored ADR (a) | 187,598 | 2,913,397 | |
Banregio Grupo Financiero S.A.B. de CV | 110,718 | 645,513 | |
CEMEX S.A.B. de CV sponsored ADR (a) | 104,400 | 760,032 | |
El Puerto de Liverpool S.A.B. de CV Class C | 115,923 | 1,370,506 | |
Fibra Uno Administracion SA de CV | 956,100 | 2,222,414 | |
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B | 148,096 | 1,321,255 | |
Grupo Comercial Chedraui S.A.B. de CV | 312,400 | 994,131 | |
Grupo Financiero Banorte S.A.B. de CV Series O | 930,229 | 5,245,785 | |
Infraestructura Energetica Nova S.A.B. de CV | 107,900 | 441,102 | |
Macquarie Mexican (REIT) | 2,102,800 | 2,834,623 | |
Promotora y Operadora de Infraestructura S.A.B. de CV | 65,600 | 872,229 | |
Tenedora Nemak SA de CV | 573,400 | 823,071 | |
Wal-Mart de Mexico SA de CV Series V | 937,300 | 2,224,285 | |
TOTAL MEXICO | 22,668,343 | ||
Netherlands - 0.7% | |||
Hangzhou Hikvision Digital Technology Co. Ltd. ELS (BNP Paribas Arbitrage Warrant Program) warrants 10/21/16 (b)(c) | 138,400 | 661,419 | |
Yandex NV (b) | 135,610 | 2,077,545 | |
TOTAL NETHERLANDS | 2,738,964 | ||
Nigeria - 0.3% | |||
Guaranty Trust Bank PLC GDR (Reg. S) | 96,974 | 306,438 | |
Transnational Corp. of Nigeria PLC | 28,683,952 | 152,774 | |
Zenith Bank PLC | 14,719,413 | 795,064 | |
TOTAL NIGERIA | 1,254,276 | ||
Pakistan - 0.3% | |||
Habib Bank Ltd. | 688,600 | 1,127,876 | |
Panama - 0.4% | |||
Copa Holdings SA Class A | 18,900 | 1,280,475 | |
Philippines - 1.6% | |||
Alliance Global Group, Inc. | 4,782,600 | 1,717,925 | |
Metro Pacific Investments Corp. | 4,236,944 | 541,436 | |
Metropolitan Bank & Trust Co. | 999,418 | 1,793,883 | |
Robinsons Land Corp. | 3,106,950 | 1,887,099 | |
TOTAL PHILIPPINES | 5,940,343 | ||
Romania - 0.2% | |||
Banca Transilvania SA | 949,673 | 650,527 | |
Russia - 4.5% | |||
E.ON Russia JSC (b) | 10,488,800 | 413,557 | |
Lukoil PJSC sponsored ADR | 97,100 | 3,730,097 | |
Magnit OJSC GDR (Reg. S) | 39,300 | 1,570,035 | |
MMC Norilsk Nickel PJSC sponsored ADR | 139,700 | 1,803,527 | |
Mobile TeleSystems OJSC (b) | 254,770 | 909,586 | |
Mobile TeleSystems OJSC sponsored ADR | 15,240 | 123,292 | |
NOVATEK OAO GDR (Reg. S) | 23,900 | 2,147,415 | |
Rosneft Oil Co. OJSC (b) | 541,500 | 2,459,862 | |
Sberbank of Russia (b) | 398,300 | 650,796 | |
Sberbank of Russia sponsored ADR | 315,992 | 2,199,304 | |
Sistema JSFC (b) | 1,586,200 | 413,165 | |
Sistema JSFC sponsored GDR | 22,681 | 146,519 | |
TOTAL RUSSIA | 16,567,155 | ||
Singapore - 0.8% | |||
Ascendas Real Estate Investment Trust | 1,108,800 | 1,966,118 | |
CapitaMall Trust | 490,100 | 759,958 | |
First Resources Ltd. | 266,300 | 399,099 | |
TOTAL SINGAPORE | 3,125,175 | ||
South Africa - 5.6% | |||
Alexander Forbes Group Holdings Ltd. | 667,979 | 303,138 | |
Aspen Pharmacare Holdings Ltd. | 52,800 | 1,145,068 | |
Barclays Africa Group Ltd. | 245,214 | 2,484,569 | |
Bidvest Group Ltd. | 72,262 | 1,825,669 | |
Imperial Holdings Ltd. (d) | 47,100 | 479,813 | |
JSE Ltd. | 59,800 | 603,519 | |
Life Healthcare Group Holdings Ltd. | 396,200 | 957,508 | |
Naspers Ltd. Class N | 75,774 | 10,577,950 | |
Nedbank Group Ltd. (d) | 52,650 | 692,728 | |
Sasol Ltd. | 32,300 | 958,485 | |
Telkom SA Ltd. | 183,997 | 717,481 | |
TOTAL SOUTH AFRICA | 20,745,928 | ||
Spain - 0.3% | |||
Banco Bilbao Vizcaya Argentaria SA | 184,520 | 1,218,435 | |
Taiwan - 7.8% | |||
Advanced Semiconductor Engineering, Inc. | 816,000 | 944,135 | |
Advantech Co. Ltd. | 222,000 | 1,629,516 | |
Catcher Technology Co. Ltd. | 146,000 | 1,196,276 | |
E.SUN Financial Holdings Co. Ltd. | 2,415,181 | 1,349,263 | |
Hermes Microvision, Inc. | 13,000 | 371,198 | |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 249,521 | 656,716 | |
HTC Corp. | 112,000 | 320,497 | |
Inotera Memories, Inc. (b) | 597,000 | 540,116 | |
King's Town Bank | 762,000 | 523,845 | |
Kingpak Technology, Inc. (b) | 43,000 | 531,161 | |
Largan Precision Co. Ltd. | 14,000 | 1,084,109 | |
MediaTek, Inc. | 39,000 | 298,976 | |
Siliconware Precision Industries Co. Ltd. | 233,000 | 375,899 | |
Taiwan Cement Corp. | 2,099,000 | 2,052,095 | |
Taiwan Fertilizer Co. Ltd. | 472,000 | 712,688 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 2,628,869 | 13,097,707 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 1,780 | 46,636 | |
Unified-President Enterprises Corp. | 568,141 | 996,275 | |
Universal Cement Corp. | 271,095 | 188,050 | |
Vanguard International Semiconductor Corp. | 326,000 | 508,932 | |
Wistron NeWeb Corp. | 153,000 | 409,330 | |
Yuanta Financial Holding Co. Ltd. | 2,667,448 | 952,069 | |
TOTAL TAIWAN | 28,785,489 | ||
Thailand - 3.0% | |||
Advanced Info Service PCL (For. Reg.) | 182,320 | 942,811 | |
Airports of Thailand PCL (For. Reg.) | 125,800 | 1,436,897 | |
Intouch Holdings PCL: | |||
(For. Reg.) | 70,340 | 126,910 | |
NVDR | 338,400 | 612,956 | |
Jasmine Broadband Internet Infrastructure Fund | 2,009,700 | 471,090 | |
Kasikornbank PCL (For. Reg.) | 571,500 | 2,841,668 | |
PTT Global Chemical PCL (For. Reg.) | 403,400 | 693,442 | |
PTT PCL (For. Reg.) | 207,600 | 1,651,598 | |
Star Petroleum Refining PCL | 2,046,800 | 633,900 | |
Thai Union Frozen Products PCL (For. Reg.) | 3,018,300 | 1,792,370 | |
TOTAL THAILAND | 11,203,642 | ||
Turkey - 1.4% | |||
Aselsan A/S | 129,000 | 837,781 | |
Enka Insaat ve Sanayi A/S | 411,000 | 711,789 | |
Tupras Turkiye Petrol Rafinelleri A/S | 63,358 | 1,784,178 | |
Turkiye Garanti Bankasi A/S | 578,900 | 1,693,693 | |
TOTAL TURKEY | 5,027,441 | ||
United Arab Emirates - 1.0% | |||
DP World Ltd. | 53,836 | 1,011,578 | |
Emaar Properties PJSC | 766,041 | 1,255,531 | |
First Gulf Bank PJSC | 433,239 | 1,385,940 | |
TOTAL UNITED ARAB EMIRATES | 3,653,049 | ||
United Kingdom - 0.5% | |||
Fresnillo PLC | 79,200 | 1,083,478 | |
HSBC Holdings PLC (Hong Kong) | 131,860 | 820,150 | |
TOTAL UNITED KINGDOM | 1,903,628 | ||
United States of America - 0.8% | |||
Cognizant Technology Solutions Corp. Class A (b) | 20,108 | 1,260,772 | |
First Cash Financial Services, Inc. | 20,850 | 960,351 | |
Micron Technology, Inc. (b) | 71,700 | 750,699 | |
TOTAL UNITED STATES OF AMERICA | 2,971,822 | ||
TOTAL COMMON STOCKS | |||
(Cost $309,635,729) | 330,854,054 | ||
Nonconvertible Preferred Stocks - 5.8% | |||
Brazil - 3.8% | |||
Ambev SA sponsored ADR | 712,600 | 3,691,268 | |
Banco do Estado Rio Grande do Sul SA | 276,560 | 615,321 | |
Companhia Paranaense de Energia-Copel: | |||
(PN-B) | 4,460 | 35,537 | |
(PN-B) sponsored ADR (a) | 82,367 | 652,347 | |
Itau Unibanco Holding SA sponsored ADR | 496,139 | 4,261,834 | |
Metalurgica Gerdau SA (PN) | 1,142,800 | 772,323 | |
Petroleo Brasileiro SA - Petrobras (PN) sponsored (non-vtg.) (b) | 339,700 | 1,538,841 | |
Telefonica Brasil SA | 64,060 | 805,995 | |
Vale SA (PN-A) sponsored ADR | 522,200 | 1,629,264 | |
TOTAL BRAZIL | 14,002,730 | ||
Cayman Islands - 0.4% | |||
China Internet Plus Holdings Ltd. Series A-11 (e) | 331,980 | 1,281,675 | |
Korea (South) - 1.6% | |||
Hyundai Motor Co. Series 2 | 28,158 | 2,606,312 | |
Samsung Electronics Co. Ltd. | 2,480 | 2,397,276 | |
Samsung Fire & Marine Insurance Co. Ltd. | 5,809 | 978,988 | |
TOTAL KOREA (SOUTH) | 5,982,576 | ||
TOTAL NONCONVERTIBLE PREFERRED STOCKS | |||
(Cost $20,597,373) | 21,266,981 | ||
Principal Amount | Value | ||
Government Obligations - 0.3% | |||
United States of America - 0.3% | |||
U.S. Treasury Bills, yield at date of purchase 0.31% to 0.34% 4/28/16 to 5/5/16 (f) (Cost $1,029,683) | 1,030,000 | 1,029,907 | |
Shares | Value | ||
Money Market Funds - 5.0% | |||
Fidelity Cash Central Fund, 0.39% (g) | 16,884,979 | 16,884,979 | |
Fidelity Securities Lending Cash Central Fund, 0.42% (g)(h) | 1,777,050 | 1,777,050 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $18,662,029) | 18,662,029 | ||
TOTAL INVESTMENT PORTFOLIO - 100.6% | |||
(Cost $349,924,814) | 371,812,971 | ||
NET OTHER ASSETS (LIABILITIES) - (0.6)% | (2,053,018) | ||
NET ASSETS - 100% | $369,759,953 |
Futures Contracts | |||
Expiration Date | Underlying Face Amount at Value | Unrealized Appreciation/(Depreciation) | |
Purchased | |||
Equity Index Contracts | |||
273 ICE E-mini MSCI Emerging Markets Index Contracts (United States) | June 2016 | $11,382,735 | $483,404 |
The face value of futures purchased as a percentage of Net Assets is 3.1%
For the period, the average monthly underlying face amount at value for futures contracts in the aggregate was $8,859,339.
Security Type Abbreviations
ELS – Equity-Linked Security
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Security or a portion of the security is on loan at period end.
(b) Non-income producing
(c) 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 $661,419 or 0.2% of net assets.
(d) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(e) Restricted securities - 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 $1,281,675 or 0.4% of net assets.
(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $602,943.
(g) 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 are available on the SEC's website or upon request.
(h) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost |
China Internet Plus Holdings Ltd. Series A-11 | 1/26/15 | $1,049,339 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $31,494 |
Fidelity Securities Lending Cash Central Fund | 6,561 |
Total | $38,055 |
Investment Valuation
The following is a summary of the inputs used, as of March 31, 2016, 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: | ||||
Consumer Discretionary | $38,164,076 | $36,882,401 | $-- | $1,281,675 |
Consumer Staples | 29,407,261 | 29,407,261 | -- | -- |
Energy | 26,096,771 | 19,507,758 | 6,589,013 | -- |
Financials | 93,907,424 | 72,783,733 | 21,123,691 | -- |
Health Care | 9,095,490 | 9,095,490 | -- | -- |
Industrials | 25,109,614 | 25,109,614 | -- | -- |
Information Technology | 72,631,054 | 49,309,791 | 23,321,263 | -- |
Materials | 24,062,249 | 21,806,399 | 2,255,850 | -- |
Telecommunication Services | 21,595,031 | 18,693,525 | 2,901,506 | -- |
Utilities | 12,052,065 | 10,656,531 | 1,395,534 | -- |
Government Obligations | 1,029,907 | -- | 1,029,907 | -- |
Money Market Funds | 18,662,029 | 18,662,029 | -- | -- |
Total Investments in Securities: | $371,812,971 | $311,914,532 | $58,616,764 | $1,281,675 |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | $483,404 | $483,404 | $-- | $-- |
Total Assets | $483,404 | $483,404 | $-- | $-- |
Total Derivative Instruments: | $483,404 | $483,404 | $-- | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended March 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:
Transfers | Total |
Level 1 to Level 2 | $485,007 |
Level 2 to Level 1 | $59,053,123 |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of March 31, 2016. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type | Value | |
Asset | Liability | |
Equity Risk | ||
Futures Contracts(a) | $483,404 | $0 |
Total Equity Risk | 483,404 | 0 |
Total Value of Derivatives | $483,404 | $0 |
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. Only the period end receivable or payable for daily variation margin and net unrealized appreciation (depreciation) are presented in the Statement of Assets and Liabilities.
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
March 31, 2016 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $1,719,313) — See accompanying schedule: Unaffiliated issuers (cost $331,262,785) | $353,150,942 | |
Fidelity Central Funds (cost $18,662,029) | 18,662,029 | |
Total Investments (cost $349,924,814) | $371,812,971 | |
Foreign currency held at value (cost $745,213) | 745,520 | |
Receivable for investments sold | 1,835,106 | |
Receivable for fund shares sold | 27,219 | |
Dividends receivable | 1,333,770 | |
Distributions receivable from Fidelity Central Funds | 7,621 | |
Other receivables | 160,797 | |
Total assets | 375,923,004 | |
Liabilities | ||
Payable to custodian bank | $554,463 | |
Payable for investments purchased | ||
Regular delivery | 3,249,367 | |
Delayed delivery | 165,124 | |
Payable for fund shares redeemed | 310,671 | |
Payable for daily variation margin for derivative instruments | 9,555 | |
Other payables and accrued expenses | 96,821 | |
Collateral on securities loaned, at value | 1,777,050 | |
Total liabilities | 6,163,051 | |
Net Assets | $369,759,953 | |
Net Assets consist of: | ||
Paid in capital | $347,447,384 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 22,312,569 | |
Net Assets, for 2,042,101 shares outstanding | $369,759,953 | |
Net Asset Value, offering price and redemption price per share ($369,759,953 ÷ 2,042,101 shares) | $181.07 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended March 31, 2016 (Unaudited) | ||
Investment Income | ||
Dividends | $3,044,077 | |
Interest | 655 | |
Income from Fidelity Central Funds | 38,055 | |
Income before foreign taxes withheld | 3,082,787 | |
Less foreign taxes withheld | (288,707) | |
Total income | 2,794,080 | |
Expenses | ||
Custodian fees and expenses | $173,615 | |
Independent directors' compensation | 633 | |
Total expenses before reductions | 174,248 | |
Expense reductions | (800) | 173,448 |
Net investment income (loss) | 2,620,632 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of foreign taxes of $186,796) | (8,885,867) | |
Foreign currency transactions | (195,529) | |
Futures contracts | (646,022) | |
Total net realized gain (loss) | (9,727,418) | |
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $104,295) | 18,569,224 | |
Assets and liabilities in foreign currencies | 26,333 | |
Futures contracts | 522,783 | |
Total change in net unrealized appreciation (depreciation) | 19,118,340 | |
Net gain (loss) | 9,390,922 | |
Net increase (decrease) in net assets resulting from operations | $12,011,554 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended March 31, 2016 (Unaudited) | Year ended September 30, 2015 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $2,620,632 | $3,879,404 |
Net realized gain (loss) | (9,727,418) | (15,063,989) |
Change in net unrealized appreciation (depreciation) | 19,118,340 | (27,879,217) |
Net increase (decrease) in net assets resulting from operations | 12,011,554 | (39,063,802) |
Distributions to partners from net investment income | (1,797,217) | (3,068,108) |
Affiliated share transactions | ||
Proceeds from sales of shares | 141,455,229 | 145,190,939 |
Reinvestment of distributions | 1,788,402 | 3,067,760 |
Cost of shares redeemed | (20,754,225) | (326,506,176) |
Net increase (decrease) in net assets resulting from share transactions | 122,489,406 | (178,247,477) |
Total increase (decrease) in net assets | 132,703,743 | (220,379,387) |
Net Assets | ||
Beginning of period | 237,056,210 | 457,435,597 |
End of period | $369,759,953 | $237,056,210 |
Other Affiliated Information | ||
Shares | ||
Sold | 783,177 | 829,686 |
Issued in reinvestment of distributions | 9,910 | 15,727 |
Redeemed | (121,674) | (1,629,920) |
Net increase (decrease) | 671,413 | (784,507) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Emerging Markets Equity Central Fund
Six months ended (Unaudited) March 31, | Years ended September 30, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $172.95 | $212.25 | $198.65 | $195.55 | $166.54 | $204.65 |
Income from Investment Operations | ||||||
Net investment income (loss)A | 1.34 | 3.47 | 4.39 | 4.54 | 4.14 | 3.61 |
Net realized and unrealized gain (loss) | 7.69 | (39.58) | 12.94 | 3.55 | 28.97 | (38.40) |
Total from investment operations | 9.03 | (36.11) | 17.33 | 8.09 | 33.11 | (34.79) |
Distributions to partners from net investment income | (.91) | (3.19) | (3.73) | (4.99) | (4.10) | (3.32) |
Net asset value, end of period | $181.07 | $172.95 | $212.25 | $198.65 | $195.55 | $166.54 |
Total ReturnB,C | 5.22% | (17.12)% | 8.72% | 4.21% | 20.04% | (17.34)% |
Ratios to Average Net AssetsD,E | ||||||
Expenses before reductions | .10%F | .15% | .15% | .13% | .16% | .12% |
Expenses net of fee waivers, if any | .10%F | .15% | .15% | .13% | .16% | .12% |
Expenses net of all reductions | .10%F | .15% | .15% | .13% | .16% | .12% |
Net investment income (loss) | 1.55%F | 1.71% | 2.07% | 2.24% | 2.19% | 1.67% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $369,760 | $237,056 | $457,436 | $207,267 | $221,512 | $250,684 |
Portfolio turnover rateG | 55%F | 141% | 84% | 183% | 103% | 126% |
A Calculated based on average shares outstanding during the period.
B Total returns for periods of less than one year are not annualized.
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 Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
F Annualized
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended March 31, 2016
1. Organization.
Fidelity Emerging Markets Equity Central Fund (the Fund) is a fund of Fidelity Central Investment Portfolios LLC (the LLC) and is authorized to issue an unlimited number of shares. Shares of the Fund are only offered to other investment companies and accounts managed by Fidelity Management & Research Company (FMR), or its affiliates (the Investing Funds). The LLC is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware Limited Liability Company. Each fund in the LLC is a separate partnership for tax purposes. The Board of Directors may permit the purchase of shares (for cash, securities or other consideration) and admit new Eligible Accredited Investors into each fund, in accordance with the Partnership Agreement. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
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 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 Directors (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the FMR Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
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 – 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:
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 vendor 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, Exchange-Traded Funds (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. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors 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 vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of March 31, 2016, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
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. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
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. 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 Partners. No provision has been made for U.S. Federal income taxes because the Fund allocates, at least annually among its partners, each partner's share of the Fund's income and expenses and capital gains and losses as determined by income tax regulations for inclusion in each partner's tax return. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests.
Distributions are recorded on the ex-dividend date and are paid from net investment income on a book basis. Due to the Fund's partnership structure, paid in capital includes any accumulated net investment income/(loss) and net realized gain/(loss) on investments.
There are no unrecognized tax benefits in the accompanying financial statements in connection with the tax positions taken by the Fund; 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. A 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. The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $40,689,969 |
Gross unrealized depreciation | (20,775,187) |
Net unrealized appreciation (depreciation) on securities | $ 19,914,782 |
Tax cost | $351,898,189 |
Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund 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. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. 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. The Fund 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 is included at the end of the Fund's Schedule of Investments.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk:
Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin for derivative instruments in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.
During the period the Fund recognized net realized gain (loss) of $(646,022) and a change in net unrealized appreciation (depreciation) of $522,783 related to its investment in futures contracts. These amounts are included in the Statement of Operations.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $202,403,307 and $84,616,607, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. FMR Co., Inc. (the investment adviser), an affiliate of FMR, provides the Fund with investment management services. The Fund does not pay any fees for these services. Pursuant to the Fund's management contract with the investment adviser, FMR pays the investment adviser a portion of the management fees it receives from the Investing Funds. In addition, under an expense contract, FMR also pays all other expenses of the Fund, excluding custody fees, the compensation of the independent Directors, and certain exceptions such as interest expense.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions 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 $1,003 for the period.
Interfund Trades. The Fund 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. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the 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 the Fund and any additional required collateral is delivered to the Fund on the next business day. The 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, the Fund may apply collateral received from the borrower against the obligation. The 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. The value of loaned securities and cash collateral at period end are disclosed on the Fund's 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. Total security lending income during the period amounted to $6,561. During the period, there were no securities loaned to FCM.
8. Expense Reductions.
FMR has voluntarily agreed to reimburse a portion of the Fund's operating expenses. For the period, the reimbursement reduced the expenses by $633.
In addition, 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. During the period, these credits reduced the Fund's custody expenses by $167.
9. Other.
The Fund's organizational documents provide former and current directors 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, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds managed by FMR or its affiliates were the owners of record of all of the outstanding shares of the Fund.
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 (October 1, 2015 to March 31, 2016).
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 under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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 Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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.
Annualized Expense Ratio-A | Beginning Account Value October 1, 2015 | Ending Account Value March 31, 2016 | Expenses Paid During Period-B October 1, 2015 to March 31, 2016 | |
Actual | .1028% | $1,000.00 | $1,052.20 | $.53 |
Hypothetical-C | $1,000.00 | $1,024.49 | $.52 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).
C 5% return per year before expenses
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Fidelity® Floating Rate Central Fund Semi-Annual Report March 31, 2016 |
Contents
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. © 2016 FMR LLC. All rights reserved.
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-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q 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.
Investment Summary (Unaudited)
Top Five Holdings as of March 31, 2016
(by issuer, excluding cash equivalents) | % of fund's net assets | % of fund's net assets 6 months ago |
Albertson's LLC | 2.4 | 2.0 |
Altice Financing SA | 1.7 | 1.5 |
Laureate Education, Inc. | 1.4 | 1.3 |
Caesars Growth Properties Holdings, LLC | 1.4 | 1.3 |
Valeant Pharmaceuticals International, Inc. | 1.4 | 0.4 |
8.3 |
Top Five Market Sectors as of March 31, 2016
% of fund's net assets | % of fund's net assets 6 months ago | |
Technology | 11.2 | 9.5 |
Healthcare | 8.3 | 9.2 |
Telecommunications | 7.1 | 6.7 |
Gaming | 6.8 | 6.6 |
Services | 6.8 | 6.3 |
Quality Diversification (% of fund's net assets)
As of March 31, 2016 | ||
BBB | 1.8% | |
BB | 32.2% | |
B | 51.0% | |
CCC,CC,C | 6.5% | |
D | 0.5% | |
Not Rated | 2.6% | |
Equities | 0.4% | |
Short-Term Investments and Net Other Assets | 5.0% |
As of September 30, 2015 | ||
BBB | 0.8% | |
BB | 31.3% | |
B | 53.9% | |
CCC,CC,C | 6.5% | |
Not Rated | 3.4% | |
Equities | 0.4% | |
Short-Term Investments and Net Other Assets | 3.7% |
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)
As of March 31, 2016* | ||
Bank Loan Obligations | 93.4% | |
Nonconvertible Bonds | 1.2% | |
Common Stocks | 0.4% | |
Short-Term Investments and Net Other Assets (Liabilities) | 5.0% |
* Foreign investments - 9.9%
As of September 30, 2015* | ||
Bank Loan Obligations | 94.6% | |
Nonconvertible Bonds | 1.3% | |
Common Stocks | 0.4% | |
Short-Term Investments and Net Other Assets (Liabilities) | 3.7% |
* Foreign investments - 10.0%
Investments March 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Bank Loan Obligations - 93.4%(a) | |||
Principal Amount | Value | ||
Aerospace - 0.9% | |||
Gemini HDPE LLC Tranche B, term loan 4.75% 8/7/21 (b) | $2,371,074 | $2,338,472 | |
TransDigm, Inc.: | |||
Tranche C, term loan 3.75% 2/28/20 (b) | 4,706,220 | 4,638,969 | |
Tranche D, term loan 3.75% 6/4/21 (b) | 5,821,905 | 5,732,480 | |
TOTAL AEROSPACE | 12,709,921 | ||
Automotive & Auto Parts - 0.9% | |||
Chrysler Group LLC term loan 3.25% 12/31/18 (b) | 836,478 | 834,914 | |
Federal-Mogul Corp. Tranche C, term loan 4.75% 4/15/21 (b) | 2,457,055 | 2,218,377 | |
North American Lifting Holdings, Inc.: | |||
Tranche 1LN, term loan 5.5% 11/27/20 (b) | 7,622,634 | 5,602,636 | |
Tranche 2LN, term loan 10% 11/27/21 (b) | 2,641,000 | 1,868,508 | |
The Gates Corp. Tranche B 1LN, term loan 4.25% 7/3/21 (b) | 899,448 | 847,172 | |
Tower Automotive Holdings U.S.A. LLC term loan 4% 4/23/20 (b) | 1,510,430 | 1,497,213 | |
TOTAL AUTOMOTIVE & AUTO PARTS | 12,868,820 | ||
Broadcasting - 0.9% | |||
Clear Channel Communications, Inc. Tranche D, term loan 7.1829% 1/30/19 (b) | 9,995,000 | 6,921,538 | |
ION Media Networks, Inc. Tranche B, term loan 4.75% 12/18/20 (b) | 2,463,813 | 2,445,334 | |
Univision Communications, Inc. Tranche C 4LN, term loan 4% 3/1/20 (b) | 4,237,499 | 4,191,141 | |
TOTAL BROADCASTING | 13,558,013 | ||
Building Materials - 1.4% | |||
American Builders & Contractors Supply Co., Inc. Tranche B, term loan 3.5% 4/16/20 (b) | 1,685,354 | 1,682,826 | |
GCP Applied Technologies, Inc. Tranche B, term loan 5.25% 2/3/22 (b) | 1,500,000 | 1,500,000 | |
GYP Holdings III Corp.: | |||
Tranche 1LN, term loan 4.75% 4/1/21 (b) | 3,071,674 | 2,894,100 | |
Tranche 2LN, term loan 7.75% 4/1/22 (b) | 1,510,000 | 1,325,025 | |
Jeld-Wen, Inc. Tranche B, term loan 4.75% 7/1/22 (b) | 1,990,000 | 1,982,538 | |
LBM Borrower LLC Tranche B 1LN, term loan 6.25% 8/20/22 (b) | 2,985,000 | 2,845,690 | |
Ls Deco LLC Tranche B, term loan 5.5% 5/21/22 (b) | 3,977,188 | 3,967,245 | |
Nortek, Inc. Tranche B, term loan 3.5% 10/30/20 (b) | 1,984,914 | 1,923,719 | |
Ply Gem Industries, Inc. Tranche B, term loan 4% 2/1/21 (b) | 1,334,695 | 1,303,556 | |
TOTAL BUILDING MATERIALS | 19,424,699 | ||
Cable/Satellite TV - 3.9% | |||
Altice SA Tranche B, term loan 4.25% 12/14/22 (b) | 2,889,726 | 2,873,023 | |
Charter Communications Operating LLC: | |||
Tranche E, term loan 3% 7/1/20 (b) | 2,457,289 | 2,444,609 | |
Tranche F, term loan 3% 1/3/21 (b) | 3,873,178 | 3,854,509 | |
Tranche H, term loan 3.25% 8/24/21 (b) | 2,000,000 | 1,993,060 | |
Tranche I, term loan 3.5% 1/24/23 (b) | 10,325,000 | 10,327,891 | |
CSC Holdings LLC Tranche B, term loan 5% 10/9/22 (b) | 3,000,000 | 2,999,520 | |
Liberty Cablevision of Puerto Rico Tranche 1LN, term loan 4.5% 1/7/22 (b) | 2,685,000 | 2,557,463 | |
Numericable LLC: | |||
Tranche B 1LN, term loan 4.5% 5/8/20 (b) | 6,778,851 | 6,722,112 | |
Tranche B 1LN, term loan 4.5625% 7/20/22 (b) | 1,995,000 | 1,968,826 | |
Tranche B 2LN, term loan 4.5% 5/8/20 (b) | 5,864,571 | 5,815,484 | |
Tranche B 6LN, term loan 4.75% 2/10/23 (b) | 2,000,000 | 1,981,880 | |
UPC Broadband Holding BV Tranche AH, term loan 3.3444% 6/30/21 (b) | 1,525,000 | 1,511,107 | |
Virgin Media Investment Holdings Ltd. Tranche B, term loan 3.5% 6/30/23 (b) | 1,679,936 | 1,664,615 | |
WideOpenWest Finance LLC Tranche B, term loan 4.5% 4/1/19 (b) | 1,980,000 | 1,956,319 | |
Zayo Group LLC Tranche B 2LN, term loan 4.5% 5/6/21 (b) | 1,022,438 | 1,024,738 | |
Ziggo B.V.: | |||
Tranche B 1LN, term loan 3.5% 1/15/22 (b) | 2,306,872 | 2,282,835 | |
Tranche B 2LN, term loan 3.5081% 1/15/22 (b) | 1,485,979 | 1,470,495 | |
Tranche B 3LN, term loan 3.6013% 1/15/22 (b) | 2,444,149 | 2,418,681 | |
TOTAL CABLE/SATELLITE TV | 55,867,167 | ||
Capital Goods - 0.6% | |||
Doncasters PLC Tranche B 2LN, term loan 9.5% 10/9/20 (b) | 450,145 | 405,131 | |
Onex Wizard U.S. Acquisition, Inc. Tranche B, term loan 4.25% 3/13/22 (b) | 4,889,610 | 4,868,242 | |
SRAM LLC. Tranche B, term loan 4.0124% 4/10/20 (b) | 4,765,248 | 3,943,243 | |
TOTAL CAPITAL GOODS | 9,216,616 | ||
Chemicals - 2.9% | |||
A. Schulman, Inc. Tranche B, term loan 4% 6/1/22 (b) | 2,977,500 | 2,903,063 | |
Chromaflo Technologies Corp.: | |||
Tranche 2LN, term loan 8.25% 6/2/20 (b) | 1,247,952 | 935,964 | |
Tranche B 1LN, term loan 4.5% 12/2/19 (b) | 698,953 | 665,753 | |
Eco Services Operations LLC Tranche B, term loan 4.75% 12/1/21 (b) | 3,636,963 | 3,527,854 | |
Hilex Poly Co. LLC: | |||
Tranche 2LN, term loan 9.75% 6/5/22 (b) | 1,871,000 | 1,730,675 | |
Tranche B 1LN, term loan 6% 12/5/21 (b) | 5,780,109 | 5,758,433 | |
Kraton Polymers LLC Tranche B, term loan 6% 1/6/22 (b) | 2,000,000 | 1,883,500 | |
MacDermid, Inc.: | |||
Tranche B 1LN, term loan 5.5% 6/7/20 (b) | 1,445,000 | 1,393,067 | |
Tranche B 2LN, term loan 5.5% 6/7/20 (b) | 2,191,609 | 2,113,544 | |
Tranche B 3LN, term loan 5.5% 6/7/20 (b) | 4,975,000 | 4,800,278 | |
Royal Holdings, Inc.: | |||
Tranche B 1LN, term loan 4.5% 6/19/22 (b) | 3,473,750 | 3,363,042 | |
Tranche B 2LN, term loan 8.5% 6/19/23 (b) | 355,000 | 334,882 | |
Styrolution U.S. Holding LLC Tranche B, term loan 6.5% 11/7/19 (b) | 3,381,628 | 3,390,082 | |
The Chemours Co. LLC Tranche B, term loan 3.75% 5/12/22 (b) | 2,442,398 | 2,326,384 | |
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. Tranche B 1LN, term loan 4.25% 11/5/21 (b) | 2,863,363 | 2,844,579 | |
Tronox Pigments (Netherlands) B.V. Tranche B, term loan 4.5% 3/19/20 (b) | 1,816,885 | 1,676,985 | |
U.S. Coatings Acquisition, Inc. Tranche B, term loan 3.75% 2/1/20 (b) | 479,743 | 476,347 | |
Univar, Inc. Tranche B, term loan 4.25% 7/1/22 (b) | 2,014,875 | 1,983,403 | |
TOTAL CHEMICALS | 42,107,835 | ||
Consumer Products - 0.9% | |||
Calceus Acquisition, Inc. Tranche B 1LN, term loan 5% 2/1/20 (b) | 2,432,810 | 1,757,705 | |
Hercules Achievement, Inc. Tranche B, term loan 5% 12/11/21 (b) | 4,371,643 | 4,355,249 | |
Revlon Consumer Products Corp. term loan 4% 8/19/19 (b) | 4,286,642 | 4,292,001 | |
Wilsonart LLC Tranche B, term loan 4% 10/31/19 (b) | 2,494,718 | 2,455,750 | |
TOTAL CONSUMER PRODUCTS | 12,860,705 | ||
Containers - 3.5% | |||
Anchor Glass Container Corp. Tranche B, term loan 4.25% 7/1/22 (b) | 3,741,935 | 3,724,797 | |
Ardagh Holdings U.S.A., Inc. Tranche B, term loan 4% 12/17/19 (b) | 3,355,880 | 3,350,275 | |
Berlin Packaging, LLC: | |||
Tranche 2LN, term loan 7.75% 10/1/22 (b) | 1,871,000 | 1,683,900 | |
Tranche B 1LN, term loan 4.5316% 10/1/21 (b) | 8,238,283 | 8,149,063 | |
Berry Plastics Corp.: | |||
Tranche E, term loan 3.75% 1/6/21 (b) | 5,884,667 | 5,860,598 | |
Tranche F, term loan 4% 10/1/22 (b) | 6,482,500 | 6,479,259 | |
BWAY Holding Co. Tranche B, term loan 5.5038% 8/14/20 (b) | 3,594,981 | 3,470,954 | |
Charter NEX U.S. Holdings, Inc. Tranche 2LN, term loan 9.25% 2/5/23 (b) | 1,248,000 | 1,216,800 | |
Consolidated Container Co. Tranche B, term loan 5% 7/3/19 (b) | 5,128,644 | 4,713,224 | |
Hostess Brands LLC: | |||
Tranche B 1LN, term loan 4.5% 8/3/22 (b) | 1,731,300 | 1,731,300 | |
Tranche B 2LN, term loan 8.5% 8/3/23 (b) | 210,000 | 200,550 | |
Reynolds Consumer Products Holdings, Inc. Tranche B, term loan 4.5% 12/1/18 (b) | 10,090,995 | 10,090,995 | |
TOTAL CONTAINERS | 50,671,715 | ||
Diversified Financial Services - 2.3% | |||
AlixPartners LLP Tranche B, term loan 4.5% 7/28/22 (b) | 3,447,675 | 3,438,194 | |
Assuredpartners, Inc. Tranche B 1LN, term loan 5.75% 10/22/22 (b) | 4,019,925 | 3,989,776 | |
Delos Finance SARL Tranche B LN, term loan 3.5% 3/6/21 (b) | 3,682,000 | 3,685,682 | |
Energy & Minerals Group Tranche B, term loan 4.75% 3/27/20 (b) | 915,197 | 704,702 | |
Fly Funding II Sarl Tranche B, term loan 3.5% 8/9/19 (b) | 3,740,807 | 3,708,075 | |
Flying Fortress Holdings, Inc. Tranche B, term loan 3.5% 4/30/20 (b) | 3,000,000 | 2,998,740 | |
HarbourVest Partners LLC Tranche B, term loan 3.25% 2/4/21 (b) | 1,509,687 | 1,487,041 | |
IBC Capital U.S. LLC: | |||
Tranche 2LN, term loan 8% 9/11/22 (b) | 2,495,000 | 2,120,750 | |
Tranche B 1LN, term loan 4.75% 9/11/21 (b) | 2,852,190 | 2,631,145 | |
Ocwen Loan Servicing, LLC Tranche B, term loan 5.5% 2/15/18 (b) | 2,402,776 | 2,345,710 | |
TransUnion LLC Tranche B 2LN, term loan 3.5% 4/9/21 (b) | 5,939,394 | 5,877,030 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 32,986,845 | ||
Diversified Media - 0.4% | |||
McGraw-Hill School Education Tranche B, term loan 6.25% 12/18/19 (b) | 3,048,023 | 3,017,542 | |
WMG Acquisition Corp. term loan 3.75% 7/1/20 (b) | 2,435,710 | 2,398,152 | |
TOTAL DIVERSIFIED MEDIA | 5,415,694 | ||
Energy - 4.2% | |||
Alon U.S.A. Partners LP term loan 9.25% 11/26/18 (b) | 2,415,514 | 2,403,436 | |
Atlantic Power Ltd. Partnership Tranche B LN, term loan 4.75% 2/24/21 (b) | 2,063,550 | 2,057,111 | |
Chelsea Petroleum Products I LLC Tranche B, term loan 5.25% 10/28/22 (b) | 3,811,871 | 3,545,040 | |
Chief Exploration & Development, LLC. Tranche 2LN, term loan 7.5% 5/16/21 (b) | 3,118,000 | 1,821,442 | |
Citgo Holding, Inc. Tranche B, term loan 9.5% 5/12/18 (b) | 2,737,201 | 2,734,628 | |
Citgo Petroleum Corp. Tranche B, term loan 4.5% 7/29/21 (b) | 384,292 | 369,562 | |
CPI Acquisition, Inc. Tranche B, term loan 5.5% 8/17/22 (b) | 1,436,782 | 1,420,618 | |
Crestwood Holdings Partners LLC Tranche B, term loan 9% 6/19/19 (b) | 9,501,090 | 4,623,896 | |
Drillships Ocean Ventures, Inc. Tranche B, term loan 5.5% 7/25/21 (b) | 6,769,252 | 3,084,274 | |
Empire Generating Co. LLC: | |||
Tranche B, term loan 5.25% 3/14/21 (b) | 5,946,932 | 4,935,953 | |
Tranche C, term loan 5.25% 3/14/21 (b) | 436,417 | 362,226 | |
Energy Transfer Equity LP Tranche C, term loan 4% 12/2/19 (b) | 3,192,529 | 2,861,751 | |
EP Energy LLC Tranche B 3LN, term loan 3.5% 5/24/18 (b) | 2,104,190 | 1,383,505 | |
ExGen Renewables I, LLC Tranche B term loan 5.25% 2/6/21 (b) | 745,615 | 743,751 | |
Expro Finservices S.a.r.l. Tranche B, term loan 5.75% 9/2/21 (b) | 4,504,858 | 3,025,778 | |
Floatel International Ltd. Tranche B, term loan 6% 6/27/20 (b) | 3,331,783 | 1,499,302 | |
Foresight Energy LLC Tranche B, term loan 7.5% 8/23/20 (b) | 1,970,000 | 1,526,750 | |
Overseas Shipholding Group, Inc. Tranche B, term loan 5.25% 8/5/19 (b) | 780,353 | 702,318 | |
Pacific Drilling SA Tranche B, term loan 4.5% 6/3/18 (b) | 2,257,525 | 702,248 | |
Panda Sherman Power, LLC term loan 9% 9/14/18 (b) | 6,193,372 | 5,264,366 | |
Panda Temple Power, LLC term loan 7.25% 4/3/19 (b) | 1,685,775 | 1,407,622 | |
Penn Products Terminals LLC Tranche B, term loan 4.75% 4/13/22 (b) | 2,045,008 | 1,860,958 | |
Seadrill Operating LP Tranche B, term loan 4% 2/21/21 (b) | 1,833,991 | 806,956 | |
Targa Resources Corp. term loan 5.75% 2/27/22 (b) | 2,436,465 | 2,192,819 | |
Terra-Gen Finance Co. LLC Tranche B, term loan 5.25% 12/9/21 (b) | 4,668,658 | 3,734,926 | |
TerraForm AP Acquisition Holdings LLC Tranche B, term loan 5% 6/26/22 (b) | 4,313,887 | 3,882,498 | |
Western Refining, Inc. Tranche B, term loan 4.25% 11/12/20 (b) | 1,377,781 | 1,336,448 | |
TOTAL ENERGY | 60,290,182 | ||
Entertainment/Film - 0.5% | |||
AMC Entertainment, Inc. Tranche B, term loan 4% 12/15/22 (b) | 1,496,250 | 1,498,584 | |
CDS U.S. Intermediate Holdings, Inc.: | |||
Tranche B 1LN, term loan 5% 7/8/22 (b) | 2,044,725 | 1,937,377 | |
Tranche B 2LN, term loan 9.25% 7/8/23 (b) | 760,000 | 666,900 | |
Regal Cinemas Corp. Tranche B, term loan 3.803% 4/1/22 (b) | 1,766,650 | 1,769,689 | |
William Morris Endeavor Entertainment, LLC. Tranche B 1LN, term loan 5.25% 5/6/21 (b) | 1,225,410 | 1,223,118 | |
TOTAL ENTERTAINMENT/FILM | 7,095,668 | ||
Environmental - 1.0% | |||
ADS Waste Holdings, Inc. Tranche B 2LN, term loan 3.75% 10/9/19 (b) | 4,912,357 | 4,867,311 | |
Metal Services LLC Tranche B, term loan 6% 6/30/17 (b) | 1,829,604 | 1,735,836 | |
The Brickman Group, Ltd.: | |||
Tranche 2LN, term loan 7.5% 12/18/21 (b) | 930,000 | 889,313 | |
Tranche B 1LN, term loan 4% 12/18/20 (b) | 5,503,533 | 5,409,973 | |
WTG Holdings III Corp. Tranche B 1LN, term loan 4.75% 1/15/21 (b) | 915,295 | 894,701 | |
TOTAL ENVIRONMENTAL | 13,797,134 | ||
Food & Drug Retail - 4.4% | |||
Albertson's LLC: | |||
Tranche B 2LN, term loan 5.5% 3/21/19 (b) | 4,188,678 | 4,186,332 | |
Tranche B 3LN, term loan 5.125% 8/25/19 (b) | 2,712,250 | 2,708,860 | |
Tranche B 4LN, term loan 5.5% 8/25/21 (b) | 24,390,630 | 24,402,817 | |
Tranche B 5LN, term loan 5.5% 12/21/22 (b) | 2,992,500 | 2,994,116 | |
Ferrara Candy Co., Inc. Tranche B, term loan 7.5% 6/18/18 (b) | 3,485,285 | 3,485,285 | |
GOBP Holdings, Inc.: | |||
Tranche 2LN, term loan 9.25% 10/21/22 (b) | 1,871,000 | 1,730,675 | |
Tranche B 1LN, term loan 4.75% 10/21/21 (b) | 4,241,939 | 4,141,193 | |
Performance Food Group, Inc. Tranche 2LN, term loan 7.2148% 11/14/19 (b) | 4,208,282 | 4,208,282 | |
Petco Holdings, Inc. Tranche B 1LN, term loan 5.75% 1/26/23 (b) | 3,000,000 | 2,995,410 | |
PRA Holdings, Inc. Tranche B, term loan 4.5% 9/23/20 (b) | 6,314,833 | 6,310,918 | |
Smart & Final, Inc. Tranche B, term loan 4% 11/15/19 (b) | 3,941,971 | 3,904,523 | |
SUPERVALU, Inc. Tranche B, term loan 4.5% 3/21/19 (b) | 1,849,592 | 1,806,126 | |
TOTAL FOOD & DRUG RETAIL | 62,874,537 | ||
Food/Beverage/Tobacco - 1.9% | |||
AdvancePierre Foods, Inc. Tranche 2LN, term loan 9.5% 10/10/17 (b) | 2,454,000 | 2,433,558 | |
B&G Foods, Inc. Tranche B, term loan 3.75% 10/2/22 (b) | 1,706,960 | 1,708,667 | |
Blue Ribbon LLC: | |||
Tranche 2LN, term loan 9.25% 11/13/22 (b) | 2,208,000 | 2,141,760 | |
Tranche B 1LN, term loan 5.5% 11/13/21 (b) | 6,109,158 | 6,078,612 | |
CTI Foods Holdings Co. LLC Tranche 1LN, term loan 4.5% 6/28/20 (b) | 2,432,810 | 2,335,498 | |
Keurig Green Mountain, Inc. Tranche B, term loan 5.25% 3/3/23 (b) | 2,366,667 | 2,362,714 | |
Pinnacle Foods Finance LLC Tranche I, term loan 3.75% 1/13/23 (b) | 1,241,888 | 1,245,700 | |
Post Holdings, Inc. Tranche B, term loan 3.75% 6/2/21 (b) | 800,962 | 801,819 | |
Shearer's Foods, Inc.: | |||
Tranche 2LN, term loan 7.75% 6/30/22 (b) | 4,827,000 | 4,440,840 | |
Tranche B 1LN, term loan 4.9375% 6/30/21 (b) | 3,603,358 | 3,549,308 | |
TOTAL FOOD/BEVERAGE/TOBACCO | 27,098,476 | ||
Gaming - 6.8% | |||
American Casino & Entertainment Properties LLC Tranche B, term loan 4.75% 7/7/22 (b) | 2,621,568 | 2,618,291 | |
Aristocrat International (Pty) Ltd. Tranche B, term loan 4.75% 10/20/21 (b) | 5,896,479 | 5,906,327 | |
Caesars Entertainment Resort Properties LLC Tranche B 1LN, term loan 7% 10/11/20 (b) | 11,556,028 | 10,643,102 | |
Caesars Growth Properties Holdings, LLC Tranche 1LN, term loan 6.25% 5/8/21 (b) | 23,790,939 | 19,345,126 | |
CCM Merger, Inc. Tranche B, term loan 4.5% 8/8/21 (b) | 3,823,380 | 3,808,086 | |
CityCenter Holdings LLC Tranche B, term loan 4.2983% 10/16/20 (b) | 1,713,357 | 1,710,496 | |
Eldorado Resorts, Inc. Tranche B, term loan 4.25% 7/23/22 (b) | 3,240,513 | 3,230,402 | |
Golden Nugget, Inc. Tranche B, term loan: | |||
5.5% 11/21/19 (b) | 5,941,634 | 5,908,242 | |
5.5% 11/21/19 (b) | 2,546,816 | 2,532,503 | |
Graton Economic Development Authority Tranche B, term loan 4.75% 9/1/22 (b) | 7,853,963 | 7,873,598 | |
MGM Mirage, Inc. Tranche B, term loan 3.5% 12/20/19 (b) | 3,163,443 | 3,154,395 | |
Mohegan Tribal Gaming Authority Tranche B, term loan 5.5% 6/15/18 (b) | 8,851,627 | 8,547,396 | |
Scientific Games Corp.: | |||
Tranche B 2LN, term loan 6% 10/1/21 (b) | 16,119,438 | 15,562,834 | |
Tranche B, term loan 6% 10/18/20 (b) | 843,307 | 815,376 | |
Station Casinos LLC Tranche B, term loan 4.25% 3/1/20 (b) | 3,724,541 | 3,712,138 | |
Tropicana Entertainment, Inc. Tranche B, term loan 4% 11/27/20 (b) | 1,403,107 | 1,394,338 | |
Yonkers Racing Corp. Tranche B 1LN, term loan 4.25% 8/20/19 (b) | 796,658 | 777,985 | |
TOTAL GAMING | 97,540,635 | ||
Healthcare - 8.1% | |||
Alere, Inc. Tranche B, term loan 4.25% 6/18/22 (b) | 2,261,468 | 2,245,208 | |
Alvogen Pharma U.S., Inc. Tranche B 1LN, term loan 6% 4/2/22 (b) | 2,361,525 | 2,320,199 | |
AMAG Pharmaceuticals, Inc. Tranche B, term loan 4.75% 8/17/21 (b) | 2,132,658 | 2,095,337 | |
AmSurg Corp. Tranche B, term loan 3.5% 7/16/21 (b) | 2,509,390 | 2,507,835 | |
Community Health Systems, Inc.: | |||
Tranche F, term loan 3.7411% 12/31/18 (b) | 1,980,000 | 1,958,477 | |
Tranche G, term loan 3.75% 12/31/19 (b) | 3,276,506 | 3,214,612 | |
Tranche H, term loan 4% 1/27/21 (b) | 11,610,994 | 11,402,925 | |
Concentra, Inc. Tranche B 1LN, term loan 4% 6/1/22 (b) | 1,985,000 | 1,957,706 | |
Concordia Healthcare Corp. Tranche B 1LN, term loan 5.25% 10/21/21 (b) | 2,109,713 | 2,050,113 | |
DJO Finance LLC Tranche B 1LN, term loan 4.25% 6/7/20 (b) | 2,039,750 | 1,992,163 | |
Drumm Investors LLC Tranche B, term loan 6.75% 5/4/18 (b) | 2,509,246 | 2,423,003 | |
Emergency Medical Services Corp. Tranche B, term loan 4.25% 5/25/18 (b) | 3,103,577 | 3,102,460 | |
Endo Pharmaceuticals, Inc. Tranche B, term loan 3.75% 9/25/22 (b) | 4,987,500 | 4,906,453 | |
Grifols, S.A. Tranche B, term loan 3.4329% 2/27/21 (b) | 2,444,816 | 2,441,516 | |
HCA Holdings, Inc.: | |||
Tranche B 4LN, term loan 3.3809% 5/1/18 (b) | 4,310,734 | 4,308,794 | |
Tranche B 6LN, term loan 3.6829% 3/18/23 (b) | 8,000,000 | 8,025,040 | |
HCR Healthcare LLC Tranche B, term loan 5% 4/6/18 (b) | 4,223,755 | 3,414,188 | |
Hill-Rom Holdings, Inc. Tranche B, term loan 3.5% 9/8/22 (b) | 1,338,138 | 1,339,650 | |
Horizon Pharmaceuticals, Inc. Tranche B, term loan 4.5% 5/7/21 (b) | 3,680,944 | 3,515,301 | |
Jaguar Holding Co. II/Pharmaceutical Product Development LLC Tranche B, term loan 4.25% 8/18/22 (b) | 4,649,079 | 4,604,541 | |
Kindred Healthcare, Inc. Tranche B, term loan 4.25% 4/9/21 (b) | 4,211,420 | 4,085,077 | |
Patheon, Inc. Tranche B, term loan 4.25% 3/11/21 (b) | 7,948,105 | 7,648,382 | |
Surgery Center Holdings, Inc. Tranche B 1LN, term loan 5.25% 11/3/20 (b) | 376,238 | 371,064 | |
U.S. Renal Care, Inc.: | |||
Tranche 2LN, term loan 9% 12/31/23 (b) | 4,000,000 | 3,930,000 | |
Tranche B 1LN, term loan 5.25% 12/31/22 (b) | 6,483,750 | 6,454,054 | |
Valeant Pharmaceuticals International, Inc.: | |||
Tranche A 3LN, term loan 2.89% 10/20/18 (b) | 756,640 | 724,483 | |
Tranche B, term loan 4% 4/1/22 (b) | 13,106,189 | 12,358,087 | |
Tranche BD 2LN, term loan 5.25% 2/13/19 (b) | 3,118,000 | 2,944,951 | |
Tranche E, term loan 3.75% 8/5/20 (b) | 3,118,000 | 2,934,818 | |
Vizient, Inc. Tranche B, term loan 6.25% 2/11/23 (b) | 4,500,000 | 4,526,235 | |
TOTAL HEALTHCARE | 115,802,672 | ||
Homebuilders/Real Estate - 1.5% | |||
Communications Sales & Leasing, Inc. Tranche B, term loan 5% 10/24/22 (b) | 1,994,975 | 1,928,263 | |
DTZ U.S. Borrower LLC: | |||
Tranche 2LN, term loan 9.25% 11/4/22 (b) | 3,118,000 | 3,055,640 | |
Tranche B 1LN, term loan 4.25% 11/4/21 (b) | 7,150,784 | 7,079,276 | |
Realogy Corp. Credit-Linked Deposit 4.6795% 10/10/16 (b) | 29,923 | 29,624 | |
Realogy Group LLC Tranche B, term loan 3.75% 3/5/20 (b) | 9,974,483 | 9,957,826 | |
TOTAL HOMEBUILDERS/REAL ESTATE | 22,050,629 | ||
Hotels - 1.9% | |||
Four Seasons Holdings, Inc.: | |||
Tranche 2LN, term loan 6.25% 12/27/20 (b) | 5,034,168 | 4,975,419 | |
Tranche B 1LN, term loan 3.5% 6/27/20 (b) | 7,494,603 | 7,431,349 | |
Hilton Worldwide Finance, LLC Tranche B, term loan 3.5% 10/25/20 (b) | 7,555,573 | 7,553,231 | |
La Quinta Intermediate Holdings LLC Tranche B LN, term loan 3.75% 4/14/21 (b) | 4,338,698 | 4,255,525 | |
Playa Resorts Holding BV Tranche B, term loan 4% 8/9/19 (b) | 2,650,262 | 2,584,006 | |
TOTAL HOTELS | 26,799,530 | ||
Insurance - 1.3% | |||
Alliant Holdings Intermediate LLC Tranche B, term loan 4.5% 8/14/22 (b) | 3,970,000 | 3,917,398 | |
Asurion LLC: | |||
Tranche B 1LN, term loan 5% 5/24/19 (b) | 3,555,897 | 3,502,558 | |
Tranche B 2LN, term loan 8.5% 3/3/21 (b) | 1,770,000 | 1,653,481 | |
Tranche B 4LN, term loan 5% 8/4/22 (b) | 5,961,131 | 5,830,761 | |
HUB International Ltd. Tranche B 1LN, term loan 4% 10/2/20 (b) | 3,415,565 | 3,321,637 | |
TOTAL INSURANCE | 18,225,835 | ||
Leisure - 1.2% | |||
24 Hour Fitness Worldwide, Inc. Tranche B, term loan 4.75% 5/30/21 (b) | 5,494,847 | 5,252,140 | |
ClubCorp Club Operations, Inc. Tranche B, term loan 4.25% 12/15/22 (b) | 2,000,000 | 1,994,160 | |
Equinox Holdings, Inc. Tranche B 1LN, term loan 5% 2/1/20 (b) | 3,626,453 | 3,606,508 | |
LTF Merger Sub, Inc. Tranche B, term loan 4.25% 6/10/22 (b) | 2,932,825 | 2,893,232 | |
Planet Fitness Holdings, LLC. Tranche B, term loan 4.5% 3/31/21 (b) | 1,588,121 | 1,576,210 | |
SMG Tranche B 1LN, term loan 4.5518% 2/27/20 (b) | 2,667,291 | 2,553,931 | |
TOTAL LEISURE | 17,876,181 | ||
Metals/Mining - 1.7% | |||
American Rock Salt Co. LLC Tranche B 1LN, term loan 4.75% 5/20/21 (b) | 1,838,608 | 1,683,632 | |
Ameriforge Group, Inc.: | |||
Tranche B 1LN, term loan 5% 12/19/19 (b) | 4,300,166 | 1,945,825 | |
Tranche B 2LN, term loan 8.75% 12/19/20 (b) | 2,149,000 | 378,761 | |
Doncasters Group, LLC Tranche B 1LN, term loan 4.5% 4/9/20 (b) | 2,654,740 | 2,437,927 | |
Fortescue Metals Group Ltd. Tranche B, term loan 4.25% 6/30/19 (b) | 9,070,192 | 7,639,097 | |
Murray Energy Corp.: | |||
Tranche B 1LN, term loan 7% 4/16/17 (b) | 1,327,821 | 816,610 | |
Tranche B 2LN, term loan 7.5% 4/16/20 (b) | 13,295,924 | 6,727,737 | |
Oxbow Carbon LLC Tranche 2LN, term loan 8% 1/19/20 (b) | 1,193,000 | 925,565 | |
Peabody Energy Corp. Tranche B, term loan 4.25% 9/24/20 (b) | 3,904,912 | 1,420,412 | |
Walter Energy, Inc. Tranche B, term loan 0% 4/1/18 (c) | 7,798,000 | 994,245 | |
TOTAL METALS/MINING | 24,969,811 | ||
Paper - 0.1% | |||
Caraustar Industries, Inc. Tranche B, term loan 8% 5/1/19 (b) | 1,172,694 | 1,141,419 | |
Xerium Technologies, Inc. Tranche B, term loan 6.25% 5/17/19 (b) | 500,000 | 481,875 | |
TOTAL PAPER | 1,623,294 | ||
Publishing/Printing - 2.5% | |||
Cengage Learning Acquisitions, Inc. Tranche 1LN, term loan 7% 3/31/20 (b) | 6,224,794 | 6,189,250 | |
Getty Images, Inc. Tranche B, term loan 4.75% 10/18/19 (b) | 8,583,387 | 6,356,341 | |
Houghton Mifflin Harcourt Publishing, Inc. Tranche B, term loan 4% 5/29/21 (b) | 5,955,000 | 5,813,569 | |
McGraw-Hill Global Education Holdings, LLC Tranche B, term loan 4.9118% 3/22/19 (b) | 3,210,985 | 3,197,595 | |
Merrill Communications LLC Tranche B, term loan 6.25% 6/1/22 (b) | 4,403,919 | 3,534,145 | |
Proquest LLC Tranche B, term loan 5.75% 10/24/21 (b) | 4,926,535 | 4,754,106 | |
Springer Science+Business Media Deutschland GmbH Tranche B 9LN, term loan 4.75% 8/14/20 (b) | 6,912,894 | 6,688,225 | |
TOTAL PUBLISHING/PRINTING | 36,533,231 | ||
Restaurants - 1.1% | |||
Burger King Worldwide, Inc. Tranche B, term loan 3.75% 12/12/21 (b) | 4,697,236 | 4,690,707 | |
Landry's Restaurants, Inc. Tranche B, term loan 4% 4/24/18 (b) | 3,696,191 | 3,683,477 | |
Red Lobster Hospitality LLC Tranche B, term loan 6.25% 7/28/21 (b) | 4,923,192 | 4,888,335 | |
TGI Friday's, Inc. Tranche B 1LN, term loan 5.25% 7/15/20 (b) | 1,875,587 | 1,873,243 | |
TOTAL RESTAURANTS | 15,135,762 | ||
Services - 6.8% | |||
Acosta, Inc. Tranche B, term loan 4.25% 9/26/21 (b) | 4,002,972 | 3,900,736 | |
ARAMARK Corp. Tranche F, term loan 3.25% 2/24/21 (b) | 2,457,603 | 2,447,355 | |
Brand Energy & Infrastructure Services, Inc. Tranche B, term loan 4.75% 11/26/20 (b) | 5,389,773 | 5,219,079 | |
Bright Horizons Family Solutions Tranche B 2LN, term loan 4.2504% 1/30/20 (b) | 2,463,813 | 2,459,205 | |
Cactus Wellhead LLC Tranche B, term loan 7% 7/31/20 (b) | 10,025,736 | 3,509,008 | |
Coinmach Service Corp. Tranche B, term loan 4.25% 11/14/19 (b) | 7,403,253 | 7,201,514 | |
Creative Artists Agency LLC Tranche B, term loan 5.5% 12/17/21 (b) | 2,938,270 | 2,930,924 | |
GCA Services Group, Inc. Tranche B 1LN, term loan 5.75% 3/1/23 (b) | 2,000,000 | 2,005,000 | |
Hertz Corp. Tranche B 2LN, term loan 3% 3/11/18 (b) | 1,847,196 | 1,836,316 | |
KAR Auction Services, Inc. Tranche B 3LN, term loan 4.25% 3/9/23 (b) | 2,565,000 | 2,570,335 | |
Karman Buyer Corp.: | |||
Tranche 1LN, term loan 4.25% 7/25/21 (b) | 6,092,672 | 5,976,545 | |
Tranche 2LN, term loan 7.5% 7/25/22 (b) | 3,115,000 | 2,799,606 | |
KC Mergersub, Inc.: | |||
Tranche 1LN, term loan 6% 8/13/22 (b) | 3,980,000 | 3,925,275 | |
Tranche L 2LN, term loan 10.25% 8/13/23 (b) | 2,000,000 | 1,900,000 | |
Laureate Education, Inc. Tranche B, term loan 5% 6/16/18 (b) | 23,100,284 | 19,866,244 | |
Lineage Logistics Holdings, LLC. Tranche B, term loan 4.5% 4/7/21 (b) | 6,738,327 | 5,643,349 | |
Nord Anglia Education Tranche B, term loan 5% 3/31/21 (b) | 8,878,710 | 8,728,926 | |
Research Now Group, Inc.: | |||
Tranche 2LN, term loan 9.75% 3/18/22 (b) | 470,000 | 451,200 | |
Tranche B 1LN, term loan 5.5% 3/18/21 (b) | 1,430,550 | 1,394,786 | |
Science Applications International Corp. Tranche B, term loan 3.75% 5/4/22 (b) | 3,127,989 | 3,134,839 | |
The ServiceMaster Co. Tranche B, term loan 4.25% 7/1/21 (b) | 5,060,060 | 5,055,000 | |
Wash Multifamily Acquisition, Inc.: | |||
Tranche B 1LN, term loan 4.25% 5/14/22 (b) | 1,617,775 | 1,577,331 | |
Tranche B 2LN, term loan 8% 5/14/23 (b) | 645,000 | 606,300 | |
Western Digital Corp. Tranche B, term loan 3/30/23 (d) | 2,000,000 | 1,974,380 | |
TOTAL SERVICES | 97,113,253 | ||
Steel - 0.2% | |||
Essar Steel Algoma, Inc. Tranche B, term loan 0% 8/16/19 (c) | 5,945,880 | 891,882 | |
JMC Steel Group, Inc. term loan 4.75% 4/1/17 (b) | 2,642,696 | 2,623,986 | |
TOTAL STEEL | 3,515,868 | ||
Super Retail - 5.4% | |||
Academy Ltd. Tranche B, term loan 5% 7/2/22 (b) | 4,574,546 | 4,345,087 | |
Bass Pro Group LLC Tranche B, term loan 4% 6/5/20 (b) | 1,551,083 | 1,465,774 | |
BJ's Wholesale Club, Inc.: | |||
Tranche 2LN, term loan 8.5% 3/31/20 (b) | 1,082,000 | 993,752 | |
Tranche B 1LN, term loan 4.5% 9/26/19 (b) | 8,327,845 | 8,095,331 | |
Davids Bridal, Inc. Tranche B, term loan 5.25% 10/11/19 (b) | 3,118,000 | 2,790,610 | |
Dollar Tree, Inc. Tranche B 1LN, term loan 3.5% 7/6/22 (b) | 3,246,535 | 3,256,274 | |
General Nutrition Centers, Inc. Tranche B, term loan 3.25% 3/4/19 (b) | 2,720,796 | 2,694,948 | |
J. Crew Group, Inc. Tranche B LN, term loan 4% 3/5/21 (b) | 6,099,795 | 4,733,990 | |
JC Penney Corp., Inc. Tranche B, term loan 6% 5/22/18 (b) | 16,042,522 | 16,058,565 | |
Party City Holdings, Inc. Tranche B, term loan 4.25% 8/19/22 (b) | 5,904,996 | 5,850,847 | |
PetSmart, Inc. Tranche B, term loan 4.25% 3/11/22 (b) | 9,720,168 | 9,673,998 | |
Sears Holdings Corp. Tranche ABL, term loan 5.5% 6/30/18 (b) | 10,109,207 | 9,603,746 | |
Sports Authority, Inc. Tranche B, term loan 7.5% 11/16/17 (b) | 5,197,239 | 519,724 | |
Staples, Inc. Tranche B 1LN, term loan 4.75% 2/2/22 (b) | 8,000,000 | 7,987,760 | |
TOTAL SUPER RETAIL | 78,070,406 | ||
Technology - 11.2% | |||
Applied Systems, Inc.: | |||
Tranche B 1LN, term loan 4.308% 1/23/21 (b) | 749,976 | 741,381 | |
Tranche B 2LN, term loan 7.5% 1/23/22 (b) | 194,000 | 182,603 | |
Avago Technologies Cayman Finance Ltd. Tranche B, term loan 4.25% 2/1/23 (b) | 9,000,000 | 8,949,870 | |
Blue Coat Systems, Inc. Tranche B, term loan 4.5% 5/22/22 (b) | 7,334,413 | 7,206,060 | |
BMC Software Finance, Inc. Tranche B, term loan: | |||
5% 9/10/20 (b) | 705,667 | 585,704 | |
5% 9/10/20 (b) | 15,082,393 | 12,617,327 | |
Ceridian HCM Holding, Inc. Tranche B 2LN, term loan 4.5% 9/15/20 (b) | 3,657,178 | 3,520,034 | |
Computer Discount Warehouse (CDW) LLC, Tranche B, term loan 3.25% 4/29/20 (b) | 3,070,755 | 3,059,485 | |
Datapipe, Inc. Tranche B 1LN, term loan 5.25% 3/15/19 (b) | 5,671,810 | 5,542,436 | |
Dell International LLC Tranche B 2LN, term loan 4% 4/29/20 (b) | 14,887,500 | 14,871,570 | |
Epicor Software Corp. Tranche B, term loan 4.75% 6/1/22 (b) | 4,354,033 | 4,118,175 | |
First Data Corp. Tranche B, term loan 4.1815% 7/10/22 (b) | 14,500,000 | 14,398,500 | |
G.I. Peak Merger Sub Corp.: | |||
Tranche 2LN, term loan 8.25% 6/17/22 (b) | 855,000 | 684,000 | |
Tranche B 1LN, term loan 5% 6/17/21 (b) | 1,915,011 | 1,862,348 | |
Generac Power Systems, Inc. Tranche B, term loan 3.5% 5/31/20 (b) | 2,140,027 | 2,121,301 | |
Global Payments, Inc. Tranche B, term loan 3/31/23 (d) | 3,000,000 | 3,012,510 | |
Infor U.S., Inc. Tranche B 5LN, term loan 3.75% 6/3/20 (b) | 4,053,169 | 3,924,602 | |
Informatica Corp. Tranche B, term loan 4.5% 8/6/22 (b) | 315,158 | 308,855 | |
Kronos, Inc.: | |||
Tranche 2LN, term loan 9.75% 4/30/20 (b) | 10,242,647 | 10,174,329 | |
Tranche B 1LN, term loan 4.5% 10/30/19 (b) | 5,008,172 | 4,986,286 | |
Lux FinCo U.S. SPV: | |||
Tranche 2LN, term loan 9.5% 10/16/23 (b) | 1,000,000 | 910,000 | |
Tranche B 1LN, term loan 5% 10/16/22 (b) | 2,455,250 | 2,415,352 | |
Microsemi Corp. Tranche B, term loan 5.25% 1/15/23 (b) | 3,705,882 | 3,720,372 | |
NXP BV: | |||
Tranche B 2LN, term loan 3.75% 12/7/20 (b) | 3,990,000 | 3,996,224 | |
Tranche D, term loan 3.25% 1/11/20 (b) | 3,071,002 | 3,049,628 | |
Oberthur Technologies Tranche B 2LN, term loan 4.5% 10/18/19 (b) | 4,224,332 | 4,145,886 | |
Renaissance Learning, Inc.: | |||
Tranche 1LN, term loan 4.5% 4/9/21 (b) | 8,106,587 | 7,848,230 | |
Tranche 2LN, term loan 8% 4/9/22 (b) | 2,807,000 | 2,484,195 | |
SolarWinds, Inc. Tranche B, term loan 6.5% 2/5/23 (b) | 2,000,000 | 1,976,660 | |
Solera LLC Tranche B, term loan 5.75% 3/3/23 (b) | 2,000,000 | 1,996,080 | |
Sophia L.P. Tranche B, term loan 4.75% 9/30/22 (b) | 6,965,000 | 6,851,819 | |
SS&C Technologies, Inc.: | |||
Tranche B 1LN, term loan 4.0069% 7/8/22 (b) | 3,804,848 | 3,810,213 | |
Tranche B 2LN, term loan 4.018% 7/8/22 (b) | 551,535 | 552,313 | |
Syniverse Holdings, Inc. Tranche B, term loan 4% 4/23/19 (b) | 2,223,000 | 1,641,308 | |
Transfirst, Inc.: | |||
Tranche 2LN, term loan 10.5% 11/12/22 (b) | 1,539,000 | 1,538,046 | |
Tranche B 1LN, term loan 6.25% 11/12/21 (b) | 1,513,807 | 1,511,915 | |
TTM Technologies, Inc. Tranche B 1LN, term loan 6% 5/31/21 (b) | 6,969,144 | 6,603,264 | |
WP Mustang Holdings, LLC.: | |||
Tranche 2LN, term loan 8.5% 5/29/22 (b) | 1,248,000 | 1,227,196 | |
Tranche B 1LN, term loan 5.5% 5/29/21 (b) | 1,449,731 | 1,427,985 | |
TOTAL TECHNOLOGY | 160,574,062 | ||
Telecommunications - 6.9% | |||
Altice Financing SA: | |||
Tranche B 2LN, term loan 5.25% 1/30/22 (b) | 4,333,255 | 4,336,852 | |
Tranche B, term loan 5.5% 6/24/19 (b) | 19,382,024 | 19,411,097 | |
Digicel International Finance Ltd.: | |||
Tranche D 1LN, term loan 4.125% 3/31/17 (b) | 1,144,981 | 1,093,457 | |
Tranche D 2LN, term loan 4.1031% 3/31/19 (b) | 7,390,819 | 7,058,232 | |
DigitalGlobe, Inc. Tranche B, term loan 4.75% 1/31/20 (b) | 837,964 | 834,302 | |
FairPoint Communications, Inc. Tranche B, term loan 7.5% 2/14/19 (b) | 7,216,179 | 7,140,986 | |
Integra Telecom Holdings, Inc. Tranche B 1LN, term loan 5.25% 8/14/20 (b) | 5,940,000 | 5,586,570 | |
Intelsat Jackson Holdings SA Tranche B 2LN, term loan 3.75% 6/30/19 (b) | 6,875,000 | 6,399,869 | |
Level 3 Financing, Inc.: | |||
Tranche B 2LN, term loan 3.5% 5/31/22 (b) | 6,236,000 | 6,219,100 | |
Tranche B 3LN, term loan 4% 8/1/19 (b) | 2,003,000 | 2,005,083 | |
Tranche B 4LN, term loan 4% 1/15/20 (b) | 4,989,000 | 4,999,926 | |
LTS Buyer LLC: | |||
Tranche 2LN, term loan 8% 4/12/21 (b) | 270,263 | 258,325 | |
Tranche B 1LN, term loan 4% 4/11/20 (b) | 7,135,800 | 7,046,603 | |
Mitel U.S. Holdings, Inc. Tranche B, term loan 5.5% 4/29/22 (b) | 2,896,621 | 2,892,102 | |
Sable International Finance Ltd.: | |||
Tranche B 1LN, term loan 12/2/22 (d) | 2,200,000 | 2,191,354 | |
Tranche B 2LN, term loan 12/2/22 (d) | 1,800,000 | 1,792,926 | |
Securus Technologies Holdings, Inc.: | |||
Tranche 2LN, term loan 9% 4/30/21 (b) | 7,514,000 | 6,180,265 | |
Tranche B 1LN, term loan 4.75% 4/30/20 (b) | 6,638,657 | 6,140,758 | |
Tranche B2 1LN, term loan 5.25% 4/30/20 (b) | 2,992,500 | 2,768,063 | |
T-Mobile U.S.A., Inc. Tranche B, term loan 3.5% 11/9/22 (b) | 3,990,000 | 4,003,726 | |
TCH-2 Holdings, LLC. Tranche B 1LN, term loan 5.5% 5/12/21 (b) | 1,557,319 | 1,479,453 | |
TOTAL TELECOMMUNICATIONS | 99,839,049 | ||
Transportation Ex Air/Rail - 0.7% | |||
American Commercial Barge Line Tranche B 1LN, term loan 9.75% 11/12/20 (b) | 4,000,000 | 3,560,000 | |
Navios Partners Finance (U.S.), Inc. Tranche B, term loan 5.25% 6/27/18 (b) | 3,350,841 | 2,915,231 | |
YRC Worldwide, Inc. Tranche B, term loan 8% 2/13/19 (b) | 3,658,220 | 2,893,652 | |
TOTAL TRANSPORTATION EX AIR/RAIL | 9,368,883 | ||
Utilities - 5.4% | |||
Alfred Fueling Systems, Inc. Tranche B 1LN, term loan 4.75% 6/20/21 (b) | 1,595,513 | 1,510,425 | |
Alinta Energy Finance Pty. Ltd. Tranche B, term loan: | |||
6.375% 8/13/18 (b) | 267,726 | 256,851 | |
6.375% 8/13/19 (b) | 4,013,478 | 3,850,450 | |
Calpine Corp.: | |||
Tranche B 3LN, term loan 4% 10/9/19 (b) | 3,517,364 | 3,499,777 | |
Tranche B 4LN, term loan 4% 10/31/20 (b) | 5,138,131 | 5,089,987 | |
Tranche B 5LN, term loan 3.5% 5/28/22 (b) | 2,481,250 | 2,445,967 | |
Energy Future Holdings Corp. Tranche 1LN, term loan 4.25% 12/19/16 (b) | 4,397,000 | 4,390,141 | |
Essential Power LLC Tranche B, term loan 4.75% 8/8/19 (b) | 6,891,528 | 6,615,867 | |
Exgen Texas Power LLC Tranche B, term loan 5.75% 9/18/21 (b) | 4,312,470 | 2,792,325 | |
Green Energy Partners/Stonewall LLC Tranche B 1LN, term loan 6.5% 11/13/21 (b) | 7,193,000 | 6,689,490 | |
Houston Fuel Oil Terminal Co. Tranche B, term loan 4.25% 8/19/21 (b) | 8,982,509 | 8,084,258 | |
InterGen NV Tranche B, term loan 5.5% 6/13/20 (b) | 9,697,613 | 8,655,119 | |
Longview Power LLC Tranche B, term loan 7% 4/13/21 (b) | 3,970,000 | 3,503,525 | |
Moxie Patriot LLC Tranche B, term loan 6.75% 12/19/20 (b) | 7,769,000 | 6,972,678 | |
Southcross Energy Partners LP Tranche B, term loan 5.25% 8/4/21 (b) | 2,267,943 | 1,587,560 | |
Southcross Holdings Borrower LP Tranche B, term loan 7.5% 8/4/21 (b) | 6,589,896 | 675,464 | |
Tempus Public Foundation Generation Holdings LLC Tranche B, term loan 4.75% 12/31/17 (b) | 7,270,600 | 6,816,188 | |
USIC Holdings, Inc. Tranche B, term loan 4% 7/10/20 (b) | 1,460,487 | 1,431,277 | |
Veresen Midstream LP Tranche B, term loan 5.25% 3/31/22 (b) | 2,965,050 | 2,738,965 | |
TOTAL UTILITIES | 77,606,314 | ||
TOTAL BANK LOAN OBLIGATIONS | |||
(Cost $1,441,396,185) | 1,341,489,442 | ||
Nonconvertible Bonds - 1.2% | |||
Broadcasting - 0.1% | |||
Clear Channel Communications, Inc. 9% 12/15/19 | 1,127,000 | 833,980 | |
Containers - 0.4% | |||
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc. 3.6339% 12/15/19 (b)(e) | 6,570,000 | 6,471,450 | |
Energy - 0.2% | |||
American Energy-Permian Basin LLC/AEPB Finance Corp. 7.1186% 8/1/19 (b)(e) | 7,177,000 | 2,188,985 | |
Healthcare - 0.2% | |||
Tenet Healthcare Corp. 4.1339% 6/15/20 (b)(e) | 2,545,000 | 2,525,913 | |
Metals/Mining - 0.0% | |||
Murray Energy Corp. 11.25% 4/15/21 (e) | 3,000,000 | 397,500 | |
Publishing/Printing - 0.1% | |||
Cenveo Corp. 6% 8/1/19 (e) | 540,000 | 392,850 | |
McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance 9.75% 4/1/21 (b) | 824,000 | 894,040 | |
TOTAL PUBLISHING/PRINTING | 1,286,890 | ||
Telecommunications - 0.2% | |||
Altice Financing SA 7.875% 12/15/19 (e) | 453,000 | 473,385 | |
Columbus International, Inc. 7.375% 3/30/21 (e) | 764,000 | 813,660 | |
Numericable Group SA 4.875% 5/15/19 (e) | 1,453,000 | 1,445,735 | |
TOTAL TELECOMMUNICATIONS | 2,732,780 | ||
TOTAL NONCONVERTIBLE BONDS | |||
(Cost $24,004,333) | 16,437,498 | ||
Shares | Value | ||
Common Stocks - 0.4% | |||
Chemicals - 0.3% | |||
LyondellBasell Industries NV Class A | 52,192 | 4,466,591 | |
Diversified Financial Services - 0.0% | |||
Coal Acquisition LLC Class B (f) | 12,253 | 12,253 | |
Publishing/Printing - 0.1% | |||
Tribune Media Co. Class A | 35,222 | 1,350,764 | |
Telecommunications - 0.0% | |||
FairPoint Communications, Inc. (g) | 32,378 | 481,785 | |
TOTAL COMMON STOCKS | |||
(Cost $3,172,794) | 6,311,393 | ||
Other - 0.0% | |||
Other - 0.0% | |||
Tribune Co. Claim (g) | |||
(Cost $45,406) | 45,439 | 45,439 | |
Money Market Funds - 4.7% | |||
Fidelity Cash Central Fund, 0.39% (h) | |||
(Cost $67,325,245) | 67,325,245 | 67,325,245 | |
TOTAL INVESTMENT PORTFOLIO - 99.7% | |||
(Cost $1,535,943,963) | 1,431,609,017 | ||
NET OTHER ASSETS (LIABILITIES) - 0.3% | 4,861,429 | ||
NET ASSETS - 100% | $1,436,470,446 |
Legend
(a) 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.
(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(c) Non-income producing - Security is in default.
(d) The coupon rate will be determined upon settlement of the loan after period end.
(e) 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 $14,709,478 or 1.0% of net assets.
(f) Restricted securities - 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 $12,253 or 0.0% of net assets.
(g) Non-income producing
(h) 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 are available on the SEC's website or upon request.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost |
Coal Acquisition LLC Class B | 1/28/16 | $12,253 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $128,225 |
Total | $128,225 |
Investment Valuation
The following is a summary of the inputs used, as of March 31, 2016, 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: | ||||
Consumer Discretionary | $1,350,764 | $1,350,764 | $-- | $-- |
Financials | 12,253 | -- | -- | 12,253 |
Materials | 4,466,591 | 4,466,591 | -- | -- |
Telecommunication Services | 481,785 | 481,785 | -- | -- |
Bank Loan Obligations | 1,341,489,442 | -- | 1,326,400,414 | 15,089,028 |
Corporate Bonds | 16,437,498 | -- | 16,437,498 | -- |
Other | 45,439 | -- | -- | 45,439 |
Money Market Funds | 67,325,245 | 67,325,245 | -- | -- |
Total Investments in Securities: | $1,431,609,017 | $73,624,385 | $1,342,837,912 | $15,146,720 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
Investments in Securities: | |
Bank Loan Obligations | |
Beginning Balance | $17,967,597 |
Net Realized Gain (Loss) on Investment Securities | (113,002) |
Net Unrealized Gain (Loss) on Investment Securities | (407,541) |
Cost of Purchases | 4,345,302 |
Proceeds of Sales | (7,542,519) |
Amortization/Accretion | 65,566 |
Transfers into Level 3 | 773,625 |
Transfers out of Level 3 | -- |
Ending Balance | $15,089,028 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at March 31, 2016 | $(364,799) |
Other Investments in Securities | |
Beginning Balance | $45,406 |
Net Realized Gain (Loss) on Investment Securities | -- |
Net Unrealized Gain (Loss) on Investment Securities | 33 |
Cost of Purchases | 17,154 |
Proceeds of Sales | (4,901) |
Amortization/Accretion | -- |
Transfers into Level 3 | -- |
Transfers out of Level 3 | -- |
Ending Balance | $57,692 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at March 31, 2016 | $33 |
The information used in the above reconciliations 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. 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 reconciliations are included in Net Gain (Loss) on the Fund's Statement of Operations.
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
March 31, 2016 (Unaudited) | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $1,468,618,718) | $1,364,283,772 | |
Fidelity Central Funds (cost $67,325,245) | 67,325,245 | |
Total Investments (cost $1,535,943,963) | $1,431,609,017 | |
Cash | 6,854,418 | |
Receivable for investments sold | 12,066,113 | |
Receivable for fund shares sold | 11,883 | |
Interest receivable | 9,328,844 | |
Distributions receivable from Fidelity Central Funds | 24,315 | |
Other receivables | 23,756 | |
Total assets | 1,459,918,346 | |
Liabilities | ||
Payable for investments purchased | $17,725,931 | |
Payable for fund shares redeemed | 110,088 | |
Distributions payable | 5,608,479 | |
Other payables and accrued expenses | 3,402 | |
Total liabilities | 23,447,900 | |
Net Assets | $1,436,470,446 | |
Net Assets consist of: | ||
Paid in capital | $1,540,805,392 | |
Net unrealized appreciation (depreciation) on investments | (104,334,946) | |
Net Assets, for 14,694,273 shares outstanding | $1,436,470,446 | |
Net Asset Value, offering price and redemption price per share ($1,436,470,446 ÷ 14,694,273 shares) | $97.76 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended March 31, 2016 (Unaudited) | ||
Investment Income | ||
Dividends | $99,030 | |
Interest | 41,160,667 | |
Income from Fidelity Central Funds | 128,225 | |
Total income | 41,387,922 | |
Expenses | ||
Custodian fees and expenses | $6,049 | |
Independent directors' compensation | 3,226 | |
Total expenses before reductions | 9,275 | |
Expense reductions | (6,063) | 3,212 |
Net investment income (loss) | 41,384,710 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | (33,177,306) | |
Total net realized gain (loss) | (33,177,306) | |
Change in net unrealized appreciation (depreciation) on investment securities | (34,755,161) | |
Net gain (loss) | (67,932,467) | |
Net increase (decrease) in net assets resulting from operations | $(26,547,757) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended March 31, 2016 (Unaudited) | Year ended September 30, 2015 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $41,384,710 | $98,235,986 |
Net realized gain (loss) | (33,177,306) | (16,010,035) |
Change in net unrealized appreciation (depreciation) | (34,755,161) | (72,343,377) |
Net increase (decrease) in net assets resulting from operations | (26,547,757) | 9,882,574 |
Distributions to partners from net investment income | (39,631,529) | (93,157,853) |
Affiliated share transactions | ||
Proceeds from sales of shares | 8,292,508 | 1,245,153,909 |
Reinvestment of distributions | 5,611,900 | 29,483,060 |
Cost of shares redeemed | (109,043,048) | (1,246,857,852) |
Net increase (decrease) in net assets resulting from share transactions | (95,138,640) | 27,779,117 |
Total increase (decrease) in net assets | (161,317,926) | (55,496,162) |
Net Assets | ||
Beginning of period | 1,597,788,372 | 1,653,284,534 |
End of period | $1,436,470,446 | $1,597,788,372 |
Other Affiliated Information | ||
Shares | ||
Sold | 84,123 | 11,777,739 |
Issued in reinvestment of distributions | 57,307 | 279,976 |
Redeemed | (1,108,193) | (11,823,187) |
Net increase (decrease) | (966,763) | 234,528 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Floating Rate Central Fund
Six months ended (Unaudited) March 31, | Years ended September 30, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $102.02 | $107.17 | $106.39 | $104.53 | $95.32 | $96.75 |
Income from Investment Operations | ||||||
Net investment income (loss)A | 2.744 | 5.449 | 5.658 | 6.526 | 6.830 | 6.265 |
Net realized and unrealized gain (loss) | (4.355) | (5.445) | .412 | .838 | 7.686 | (3.149) |
Total from investment operations | (1.611) | .004 | 6.070 | 7.364 | 14.516 | 3.116 |
Distributions to partners from net investment income | (2.649) | (5.154) | (5.290) | (5.504) | (5.306) | (4.546) |
Net asset value, end of period | $97.76 | $102.02 | $107.17 | $106.39 | $104.53 | $95.32 |
Total ReturnB,C | (1.57)% | (.03)% | 5.78% | 7.19% | 15.56% | 3.09% |
Ratios to Average Net AssetsD,E | ||||||
Expenses before reductionsF | -%G | -% | -% | -% | -% | -% |
Expenses net of fee waivers, if anyF | -%G | -% | -% | -% | -% | -% |
Expenses net of all reductionsF | -%G | -% | -% | -% | -% | -% |
Net investment income (loss) | 5.58%G | 5.15% | 5.25% | 6.15% | 6.79% | 6.26% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $1,436,470 | $1,597,788 | $1,653,285 | $1,342,624 | $1,586,125 | $2,786,638 |
Portfolio turnover rateH | 25%G | 37%I | 66% | 90% | 47%I | 57% |
A Calculated based on average shares outstanding during the period.
B Total returns for periods of less than one year are not annualized.
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 Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
F Amount represents less than .005%.
G Annualized
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
I Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended March 31, 2016
1. Organization.
Fidelity Floating Rate Central Fund (the Fund) is a fund of Fidelity Central Investment Portfolios LLC (the LLC) and is authorized to issue an unlimited number of shares. Shares of the Fund are only offered to other investment companies and accounts managed by Fidelity Management & Research Company (FMR), or its affiliates (the Investing Funds). The LLC is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware Limited Liability Company. Each fund in the LLC is a separate partnership for tax purposes. The Board of Directors may permit the purchase of shares (for cash, securities or other consideration) and admit new Eligible Accredited Investors into each fund, in accordance with the Partnership Agreement.
2. Investments in Fidelity Central Funds.
The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
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 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 Directors (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the FMR Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
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 – 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 vendors or from brokers who make markets in such securities. Corporate bonds and bank loan obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Independent prices obtained from a single source or broker are evaluated by management and may be categorized as Level 3 in the hierarchy. 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 vendors. 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 vendor 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, Exchange-Traded Funds (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. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of March 31, 2016, 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. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. 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. 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 Partners. No provision has been made for U.S. Federal income taxes because the Fund allocates, at least annually among its partners, each partner's share of the Fund's income and expenses and capital gains and losses as determined by income tax regulations for inclusion in each partner's tax return.
Distributions are declared daily and paid monthly from net investment income on a book basis, except for certain items such as market discount and term loan fee income which are deemed distributed based on allocations to the partners and are reclassified to paid in capital. Due to the Fund's partnership structure, paid in capital includes any accumulated net investment income/(loss) and net realized gain/(loss) on investments.
There are no unrecognized tax benefits in the accompanying financial statements in connection with the tax positions taken by the Fund; 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. A 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. The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $10,368,885 |
Gross unrealized depreciation | (110,963,016) |
Net unrealized appreciation (depreciation) on securities | $(100,594,131) |
Tax Cost | $1,532,203,148 |
Restricted Securities. The Fund 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 is included at the end of the Fund's Schedule of Investments.
Loans and Other Direct Debt Instruments. The Fund invests in direct debt instruments which 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 the Fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment or participation.The Fund did not have any unfunded loan commitments, which are contractual obligations for future funding, at period end.
4. Purchase and Sales of Investments.
Purchases and sales of securities (including principal repayments of bank loan obligations), other than short-term securities, aggregated $177,669,560 and $285,957,961, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. FMR Co., Inc. (the investment adviser), an affiliate of FMR, provides the Fund with investment management services. The Fund does not pay any fees for these services. Pursuant to the Fund's management contract with the investment adviser, FMR pays the investment adviser a portion of the management fees it receives from the Investing Funds. In addition, under an expense contract, FMR also pays all other expenses of the Fund, excluding custody fees, the compensation of the independent Directors, and certain exceptions such as interest expense.
Interfund Trades. The Fund 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. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
6. Expense Reductions.
FMR has voluntarily agreed to reimburse a portion of the Fund's operating expenses. For the period, the reimbursement reduced the expenses by $3,226.
In addition, 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. During the period, these credits reduced the Fund's custody expenses by $2,837.
7. Other.
The Fund's organizational documents provide former and current directors 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, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds managed by FMR or its affiliates were the owners of record of all of the outstanding shares of the Fund.
8. Litigation.
The Fund, and other entities managed by FMR or its affiliates, became aware in March 2015 that they were named as defendants in a lawsuit originally filed in the United States Bankruptcy Court for the Southern District of New York in 2009. The lawsuit was brought by creditors of Motors Liquidation Company (f/k/a General Motors), which went through Chapter 11 bankruptcy proceedings in 2009, and is captioned Official Committee of Unsecured Creditors of Motors Liquidation Company v. JPMorgan Chase Bank, N.A., et al., Adversary No. 09-00504 (REG). The plaintiffs are seeking an order that the Fund and other defendants return proceeds received in 2009 in full payment of the principal and interest on General Motors secured debt. The plaintiffs contend that the Fund and the other defendants were not secured creditors at the time of the 2009 payments and, thus, were not entitled to payment in full. In January 2015, the Court of Appeals ruled that JPMorgan, as administrative agent for all of the debtholders, released the security interest on certain collateral securing the debt prior to the 2009 payments. The parties to the dispute have commenced discovery on the value of remaining, unreleased collateral. At this time, Management cannot determine the amount of loss that may be realized, but expects the amount to be less than the $32,518,731 received in 2009. The Fund was not previously aware that it had been named as a defendant in this case because, in 2009, the Bankruptcy Court allowed the plaintiffs to refrain from serving any of the defendants other than JPMorgan with notice of the filing of the lawsuit. The Fund will explore all available options for minimizing any loss to the Fund. The Fund will also incur legal costs in defending the case.
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 (October 1, 2015 to March 31, 2016).
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 under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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 Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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.
Annualized Expense Ratio-A | Beginning Account Value October 1, 2015 | Ending Account Value March 31, 2016 | Expenses Paid During Period-B October 1, 2015 to March 31, 2016 | |
Actual | .0008% | $1,000.00 | $984.30 | $- |
Hypothetical-C | $1,000.00 | $1,025.00 | $- |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).
C 5% return per year before expenses
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Fidelity® High Income Central Semi-Annual Report March 31, 2016 |
Contents
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Investment Summary (Unaudited)
Top Five Holdings as of March 31, 2016
(by issuer, excluding cash equivalents) | % of fund's net assets | % of fund's net assets 6 months ago |
T-Mobile U.S.A., Inc. | 2.9 | 1.8 |
JC Penney Corp., Inc. | 2.5 | 2.2 |
Lucent Technologies, Inc | 1.9 | 1.8 |
Tenet Healthcare Corp. | 1.8 | 1.6 |
Citigroup, Inc. | 1.7 | 1.2 |
10.8 |
Top Five Market Sectors as of March 31, 2016
% of fund's net assets | % of fund's net assets 6 months ago | |
Telecommunications | 14.8 | 13.7 |
Banks & Thrifts | 8.5 | 6.3 |
Energy | 8.4 | 10.9 |
Technology | 7.6 | 6.0 |
Healthcare | 7.3 | 5.1 |
Quality Diversification (% of fund's net assets)
As of March 31, 2016 | ||
BBB | 2.3% | |
BB | 42.6% | |
B | 36.3% | |
CCC,CC,C | 15.5% | |
Not Rated | 0.3% | |
Equities | 0.3% | |
Short-Term Investments and Net Other Assets | 2.7% |
As of September 30, 2015 | ||
AAA,AA,A | 0.1% | |
BBB | 2.6% | |
BB | 37.5% | |
B | 39.7% | |
CCC,CC,C | 15.9% | |
Not Rated | 0.8% | |
Short-Term Investments and Net Other Assets | 3.4% |
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)
As of March 31, 2016* | ||
Nonconvertible Bonds | 80.1% | |
Convertible Bonds, Preferred Stocks | 0.3% | |
Bank Loan Obligations | 8.2% | |
Other Investments | 8.7% | |
Short-Term Investments and Net Other Assets (Liabilities) | 2.7% |
* Foreign investments - 24.8%
As of September 30, 2015* | ||
Nonconvertible Bonds | 81.9% | |
Bank Loan Obligations | 7.3% | |
Other Investments | 7.4% | |
Short-Term Investments and Net Other Assets (Liabilities) | 3.4% |
* Foreign investments - 24.6%
Investments March 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Nonconvertible Bonds - 80.1% | |||
Principal Amount | Value | ||
Aerospace - 0.3% | |||
Orbital ATK, Inc. 5.5% 10/1/23 (a) | $2,430,000 | $2,551,500 | |
TransDigm, Inc. 6.5% 5/15/25 | 865,000 | 845,538 | |
TOTAL AEROSPACE | 3,397,038 | ||
Air Transportation - 1.9% | |||
Air Canada: | |||
6.625% 5/15/18 (a) | 3,030,000 | 2,980,763 | |
7.75% 4/15/21 (a) | 920,000 | 906,200 | |
Air Canada Trust Series 2015-1 equipment trust certificate Class C, 5% 9/15/20 (a) | 3,410,000 | 3,171,300 | |
Allegiant Travel Co. 5.5% 7/15/19 | 2,040,000 | 2,096,100 | |
American Airlines Group, Inc.: | |||
4.625% 3/1/20 (a) | 1,695,000 | 1,661,100 | |
5.5% 10/1/19 (a) | 1,590,000 | 1,617,825 | |
American Airlines, Inc. pass-thru trust certificates 5.625% 1/15/21 (a) | 171,217 | 173,357 | |
Continental Airlines, Inc.: | |||
pass-thru trust certificates 9.798% 4/1/21 | 1,121,751 | 1,222,708 | |
6.125% 4/29/18 | 190,000 | 199,738 | |
9.25% 5/10/17 | 181,433 | 191,412 | |
Delta Air Lines, Inc. pass-thru trust certificates 8.021% 8/10/22 | 671,426 | 758,711 | |
U.S. Airways Group, Inc. 6.125% 6/1/18 | 2,855,000 | 2,976,338 | |
U.S. Airways pass-thru certificates: | |||
Series 2012-2C, 5.45% 6/3/18 | 940,000 | 940,000 | |
Series 2013-1 Class B, 5.375% 5/15/23 | 177,780 | 183,225 | |
United Air Lines, Inc. pass-thru trust certificates: | |||
Class B, 7.336% 7/2/19 | 455,803 | 471,757 | |
9.75% 1/15/17 | 358,737 | 376,739 | |
United Continental Holdings, Inc.: | |||
6% 12/1/20 | 1,280,000 | 1,344,000 | |
6.375% 6/1/18 | 80,000 | 84,000 | |
TOTAL AIR TRANSPORTATION | 21,355,273 | ||
Automotive & Auto Parts - 0.7% | |||
American Tire Distributors, Inc. 10.25% 3/1/22 (a) | 2,550,000 | 2,295,000 | |
Schaeffler Holding Finance BV 6.75% 11/15/22 pay-in-kind (a)(b) | 450,000 | 491,063 | |
ZF North America Capital, Inc.: | |||
4% 4/29/20 (a) | 1,415,000 | 1,430,919 | |
4.75% 4/29/25 (a) | 3,625,000 | 3,606,875 | |
TOTAL AUTOMOTIVE & AUTO PARTS | 7,823,857 | ||
Banks & Thrifts - 0.1% | |||
Ally Financial, Inc. 5.75% 11/20/25 | 935,000 | 913,963 | |
Broadcasting - 0.7% | |||
Clear Channel Communications, Inc.: | |||
5.5% 12/15/16 | 4,575,000 | 4,437,750 | |
6.875% 6/15/18 | 1,225,000 | 649,250 | |
9% 12/15/19 | 2,075,000 | 1,535,500 | |
10% 1/15/18 | 2,215,000 | 697,725 | |
iHeartCommunications, Inc. 10.625% 3/15/23 | 1,120,000 | 775,600 | |
TOTAL BROADCASTING | 8,095,825 | ||
Building Materials - 1.9% | |||
Beacon Roofing Supply, Inc. 6.375% 10/1/23 (a) | 705,000 | 747,300 | |
Builders FirstSource, Inc. 10.75% 8/15/23 (a) | 4,000,000 | 4,030,000 | |
Building Materials Corp. of America: | |||
5.375% 11/15/24 (a) | 1,440,000 | 1,461,600 | |
6% 10/15/25 (a) | 2,100,000 | 2,220,750 | |
Building Materials Holding Corp. 9% 9/15/18 (a) | 1,310,000 | 1,367,313 | |
CEMEX S.A.B. de CV 7.75% 4/16/26 (a) | 1,960,000 | 2,008,804 | |
HD Supply, Inc. 5.75% 4/15/24 (a)(c) | 2,065,000 | 2,121,788 | |
Masco Corp.: | |||
3.5% 4/1/21 | 1,098,000 | 1,106,235 | |
4.375% 4/1/26 | 1,400,000 | 1,425,354 | |
Standard Industries, Inc. 5.125% 2/15/21 (a) | 2,870,000 | 2,938,163 | |
USG Corp. 5.5% 3/1/25 (a) | 2,010,000 | 2,090,400 | |
TOTAL BUILDING MATERIALS | 21,517,707 | ||
Cable/Satellite TV - 2.5% | |||
Altice SA: | |||
5.375% 7/15/23 (a) | 1,625,000 | 1,668,672 | |
7.75% 7/15/25 (a) | 1,140,000 | 1,114,350 | |
7.75% 7/15/25 (a) | 1,020,000 | 1,004,700 | |
Cablevision Systems Corp. 7.75% 4/15/18 | 1,235,000 | 1,285,166 | |
CCO Holdings LLC/CCO Holdings Capital Corp.: | |||
5.125% 2/15/23 | 665,000 | 678,300 | |
5.125% 5/1/23 (a) | 2,740,000 | 2,787,950 | |
5.875% 4/1/24 (a) | 2,900,000 | 3,037,750 | |
5.875% 5/1/27 (a) | 1,025,000 | 1,045,500 | |
CCOH Safari LLC 5.75% 2/15/26 (a) | 2,160,000 | 2,235,600 | |
Cequel Communications Escrow I LLC/Cequel Communications Escrow Capital Corp. 6.375% 9/15/20 (a) | 500,000 | 495,000 | |
Cogeco Communications, Inc. 4.875% 5/1/20 (a) | 1,870,000 | 1,922,641 | |
DISH DBS Corp. 5.125% 5/1/20 | 5,540,000 | 5,498,450 | |
RCN Telecom Services LLC/RCN Capital Corp. 8.5% 8/15/20 (a) | 2,745,000 | 2,745,000 | |
Wave Holdco LLC/Wave Holdco Corp. 9% 7/15/19 pay-in-kind (a)(b) | 114,950 | 109,892 | |
WaveDivision Escrow LLC/WaveDivision Escrow Corp. 8.125% 9/1/20 (a) | 1,970,000 | 1,945,375 | |
TOTAL CABLE/SATELLITE TV | 27,574,346 | ||
Capital Goods - 0.3% | |||
General Cable Corp. 5.75% 10/1/22 (b) | 1,140,000 | 900,600 | |
J.B. Poindexter & Co., Inc. 9% 4/1/22 (a) | 2,245,000 | 2,351,638 | |
TOTAL CAPITAL GOODS | 3,252,238 | ||
Chemicals - 0.9% | |||
Blue Cube Spinco, Inc. 9.75% 10/15/23 (a) | 1,205,000 | 1,376,713 | |
Evolution Escrow Issuer LLC 7.5% 3/15/22 (a) | 2,640,000�� | 1,980,000 | |
LSB Industries, Inc. 7.75% 8/1/19 | 1,530,000 | 1,403,775 | |
Momentive Performance Materials, Inc. 3.88% 10/24/21 | 990,000 | 715,275 | |
NOVA Chemicals Corp. 5% 5/1/25 (a) | 1,465,000 | 1,424,713 | |
Nufarm Australia Ltd. 6.375% 10/15/19 (a) | 1,790,000 | 1,754,200 | |
Platform Specialty Products Corp. 6.5% 2/1/22 (a) | 1,365,000 | 1,149,159 | |
TOTAL CHEMICALS | 9,803,835 | ||
Consumer Products - 0.3% | |||
Edgewell Personal Care Co. 5.5% 6/15/25 (a) | 2,985,000 | 2,999,925 | |
Containers - 1.6% | |||
Ardagh Finance Holdings SA 8.625% 6/15/19 pay-in-kind (a)(b) | 6,873,526 | 6,458,394 | |
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.: | |||
3.6339% 12/15/19 (a)(b) | 2,500,000 | 2,462,500 | |
7% 11/15/20 (a) | 1,267,059 | 1,206,874 | |
Ball Corp. 5.25% 7/1/25 | 2,115,000 | 2,220,750 | |
Beverage Packaging Holdings II SA (Luxembourg) 6% 6/15/17 (a) | 1,200,000 | 1,190,250 | |
Consolidated Container Co. LLC/Consolidated Container Capital, Inc. 10.125% 7/15/20 (a) | 865,000 | 709,300 | |
Owens-Brockway Glass Container, Inc.: | |||
5.875% 8/15/23 (a) | 1,355,000 | 1,411,741 | |
6.375% 8/15/25 (a) | 1,355,000 | 1,424,444 | |
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA 5.75% 10/15/20 | 385,000 | 395,106 | |
TOTAL CONTAINERS | 17,479,359 | ||
Diversified Financial Services - 4.3% | |||
Aircastle Ltd.: | |||
5% 4/1/23 | 715,000 | 718,575 | |
5.125% 3/15/21 | 800,000 | 833,000 | |
FLY Leasing Ltd.: | |||
6.375% 10/15/21 | 6,670,000 | 6,319,825 | |
6.75% 12/15/20 | 2,505,000 | 2,458,031 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp.: | |||
4.875% 3/15/19 | 2,020,000 | 1,939,200 | |
5.875% 2/1/22 | 14,780,000 | 14,026,220 | |
6% 8/1/20 | 2,400,000 | 2,334,000 | |
ILFC E-Capital Trust I 4.24% 12/21/65 (a)(b) | 1,810,000 | 1,466,100 | |
ILFC E-Capital Trust II 4.74% 12/21/65 (a)(b) | 4,940,000 | 3,952,000 | |
International Lease Finance Corp. 6.25% 5/15/19 | 580,000 | 618,425 | |
Navient Corp.: | |||
5% 10/26/20 | 505,000 | 458,288 | |
5.875% 3/25/21 | 1,430,000 | 1,294,150 | |
5.875% 10/25/24 | 6,310,000 | 5,347,725 | |
SLM Corp.: | |||
4.875% 6/17/19 | 1,085,000 | 1,047,025 | |
5.5% 1/15/19 | 1,515,000 | 1,488,488 | |
5.5% 1/25/23 | 4,385,000 | 3,727,250 | |
6.125% 3/25/24 | 485,000 | 417,100 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 48,445,402 | ||
Diversified Media - 1.0% | |||
MDC Partners, Inc.: | |||
6.5% 5/1/24 (a) | 2,265,000 | 2,313,131 | |
6.75% 4/1/20 (a) | 4,075,000 | 4,212,531 | |
WMG Acquisition Corp.: | |||
6% 1/15/21 (a) | 1,010,000 | 1,032,725 | |
6.75% 4/15/22 (a) | 3,407,000 | 3,372,930 | |
TOTAL DIVERSIFIED MEDIA | 10,931,317 | ||
Energy - 8.0% | |||
Antero Resources Corp.: | |||
5.125% 12/1/22 | 2,095,000 | 1,901,213 | |
5.625% 6/1/23 (Reg. S) | 865,000 | 795,800 | |
Antero Resources Finance Corp. 5.375% 11/1/21 | 755,000 | 698,375 | |
Citgo Holding, Inc. 10.75% 2/15/20 (a) | 860,000 | 834,200 | |
Citgo Petroleum Corp. 6.25% 8/15/22 (a) | 1,995,000 | 1,925,175 | |
Concho Resources, Inc. 5.5% 4/1/23 | 910,000 | 891,800 | |
Consolidated Energy Finance SA 6.75% 10/15/19 (a) | 3,185,000 | 3,033,713 | |
CVR Refining LLC/Coffeyville Finance, Inc. 6.5% 11/1/22 | 680,000 | 601,800 | |
Denbury Resources, Inc.: | |||
4.625% 7/15/23 | 1,360,000 | 567,800 | |
5.5% 5/1/22 | 2,625,000 | 1,181,250 | |
6.375% 8/15/21 | 1,285,000 | 603,950 | |
Endeavor Energy Resources LP/EER Finance, Inc. 7% 8/15/21 (a) | 3,020,000 | 2,823,700 | |
Energy Transfer Equity LP 5.5% 6/1/27 | 1,405,000 | 1,127,513 | |
EP Energy LLC/Everest Acquisition Finance, Inc.: | |||
7.75% 9/1/22 | 1,565,000 | 727,725 | |
9.375% 5/1/20 | 3,475,000 | 1,752,703 | |
Exterran Partners LP/EXLP Finance Corp.: | |||
6% 4/1/21 | 530,000 | 376,300 | |
6% 10/1/22 | 3,595,000 | 2,588,400 | |
Forbes Energy Services Ltd. 9% 6/15/19 | 4,090,000 | 1,697,350 | |
Forum Energy Technologies, Inc. 6.25% 10/1/21 | 4,035,000 | 3,470,100 | |
Genesis Energy LP/Genesis Energy Finance Corp. 6.75% 8/1/22 | 2,600,000 | 2,405,000 | |
Gibson Energy, Inc. 6.75% 7/15/21 (a) | 1,075,000 | 989,000 | |
Halcon Resources Corp. 8.625% 2/1/20 (a) | 3,170,000 | 2,250,700 | |
Hilcorp Energy I LP/Hilcorp Finance Co.: | |||
5% 12/1/24 (a) | 2,625,000 | 2,211,563 | |
5.75% 10/1/25 (a) | 1,355,000 | 1,165,300 | |
Hornbeck Offshore Services, Inc.: | |||
5% 3/1/21 | 2,689,000 | 1,613,400 | |
5.875% 4/1/20 | 1,205,000 | 729,025 | |
Jupiter Resources, Inc. 8.5% 10/1/22 (a) | 2,525,000 | 1,338,250 | |
Northern Tier Energy LLC/Northern Tier Finance Corp. 7.125% 11/15/20 | 1,925,000 | 1,886,500 | |
Pacific Drilling V Ltd. 7.25% 12/1/17 (a) | 1,830,000 | 672,525 | |
PBF Holding Co. LLC/PBF Finance Corp. 8.25% 2/15/20 | 235,000 | 243,225 | |
PBF Logistics LP/PBF Logistics Finance, Inc. 6.875% 5/15/23 | 3,170,000 | 2,956,025 | |
Rice Energy, Inc.: | |||
6.25% 5/1/22 | 7,200,000 | 6,264,000 | |
7.25% 5/1/23 | 4,865,000 | 4,256,875 | |
Sabine Pass Liquefaction LLC: | |||
5.625% 2/1/21 (b) | 7,480,000 | 7,190,150 | |
5.625% 3/1/25 | 4,335,000 | 4,134,506 | |
5.75% 5/15/24 | 3,080,000 | 2,941,400 | |
Sunoco LP/Sunoco Finance Corp.: | |||
5.5% 8/1/20 (a) | 2,020,000 | 2,014,950 | |
6.375% 4/1/23 (a) | 2,380,000 | 2,381,476 | |
Targa Resources Partners LP/Targa Resources Partners Finance Corp.: | |||
6.75% 3/15/24 (a) | 1,985,000 | 1,950,263 | |
6.875% 2/1/21 | 910,000 | 891,800 | |
Teine Energy Ltd. 6.875% 9/30/22 (a) | 3,555,000 | 3,163,950 | |
Tesoro Logistics LP/Tesoro Logistics Finance Corp.: | |||
6.125% 10/15/21 | 1,510,000 | 1,510,000 | |
6.25% 10/15/22 (a) | 2,930,000 | 2,900,700 | |
Western Refining Logistics LP/WNRL Finance Co. 7.5% 2/15/23 | 1,340,000 | 1,192,600 | |
Western Refining, Inc. 6.25% 4/1/21 | 2,105,000 | 1,868,188 | |
WPX Energy, Inc. 7.5% 8/1/20 | 1,665,000 | 1,298,700 | |
TOTAL ENERGY | 90,018,938 | ||
Entertainment/Film - 0.1% | |||
New Cotai LLC/New Cotai Capital Corp. 10.625% 5/1/19 pay-in-kind (a)(b) | 2,047,093 | 1,362,810 | |
Environmental - 0.3% | |||
LBC Tank Terminals Holding Netherlands BV 6.875% 5/15/23 (a) | 3,730,000 | 3,468,900 | |
Food & Drug Retail - 0.5% | |||
Tesco PLC 6.15% 11/15/37 (a) | 3,880,000 | 3,427,933 | |
Tops Holding LLC/Tops Markets II Corp. 8% 6/15/22 (a) | 2,365,000 | 2,187,625 | |
TOTAL FOOD & DRUG RETAIL | 5,615,558 | ||
Food/Beverage/Tobacco - 3.9% | |||
ESAL GmbH 6.25% 2/5/23 (a) | 11,280,000 | 9,912,300 | |
FAGE Dairy Industry SA/FAGE U.S.A. Dairy Industry, Inc. 9.875% 2/1/20 (a) | 2,745,000 | 2,847,938 | |
JBS Investments GmbH: | |||
7.25% 4/3/24 (a) | 8,914,000 | 8,178,595 | |
7.75% 10/28/20 (a) | 3,035,000 | 3,004,650 | |
JBS U.S.A. LLC/JBS U.S.A. Finance, Inc.: | |||
5.75% 6/15/25 (a) | 735,000 | 643,125 | |
5.875% 7/15/24 (a) | 815,000 | 735,538 | |
7.25% 6/1/21 (a) | 870,000 | 866,520 | |
7.25% 6/1/21 (a) | 2,330,000 | 2,320,680 | |
8.25% 2/1/20 (a) | 1,410,000 | 1,445,250 | |
Minerva Luxembourg SA 7.75% 1/31/23 (a) | 6,836,000 | 6,895,815 | |
Vector Group Ltd. 7.75% 2/15/21 | 6,025,000 | 6,326,250 | |
TOTAL FOOD/BEVERAGE/TOBACCO | 43,176,661 | ||
Gaming - 3.2% | |||
Caesars Growth Properties Holdings LLC/Caesars Growth Properties Finance, Inc. 9.375% 5/1/22 | 2,640,000 | 2,064,480 | |
Golden Nugget Escrow, Inc. 8.5% 12/1/21 (a) | 845,000 | 849,225 | |
MCE Finance Ltd. 5% 2/15/21 (a) | 9,110,000 | 8,676,656 | |
Paris Las Vegas Holding LLC/Harrah's Las Vegas LLC/Flamingo Las Vegas Holdings, Inc. 8% 10/1/20 | 1,415,000 | 1,385,285 | |
Scientific Games Corp.: | |||
6.625% 5/15/21 | 7,030,000 | 4,270,725 | |
7% 1/1/22 (a) | 1,695,000 | 1,728,900 | |
10% 12/1/22 | 3,760,000 | 3,045,600 | |
Wynn Macau Ltd. 5.25% 10/15/21 (a) | 14,420,000 | 13,590,850 | |
TOTAL GAMING | 35,611,721 | ||
Healthcare - 6.8% | |||
AMAG Pharmaceuticals, Inc. 7.875% 9/1/23 (a) | 2,725,000 | 2,404,813 | |
Centene Corp.: | |||
5.625% 2/15/21 (a) | 1,560,000 | 1,626,300 | |
6.125% 2/15/24 (a) | 860,000 | 905,150 | |
Community Health Systems, Inc.: | |||
5.125% 8/1/21 | 1,160,000 | 1,174,500 | |
6.875% 2/1/22 | 2,460,000 | 2,220,150 | |
7.125% 7/15/20 | 2,585,000 | 2,442,825 | |
Endo Finance LLC 5.375% 1/15/23 (a) | 975,000 | 928,688 | |
Endo Finance LLC/Endo Ltd./Endo Finco, Inc. 6% 7/15/23 (a) | 2,435,000 | 2,291,944 | |
HCA Holdings, Inc.: | |||
5% 3/15/24 | 2,030,000 | 2,076,944 | |
5.25% 6/15/26 | 2,470,000 | 2,531,750 | |
5.875% 2/15/26 | 4,045,000 | 4,166,350 | |
6.25% 2/15/21 | 1,370,000 | 1,472,750 | |
HealthSouth Corp.: | |||
5.125% 3/15/23 | 545,000 | 542,956 | |
5.75% 11/1/24 | 4,665,000 | 4,725,645 | |
5.75% 9/15/25 | 3,580,000 | 3,617,590 | |
Horizon Pharma Financing, Inc. 6.625% 5/1/23 (a) | 1,180,000 | 1,041,350 | |
JLL/Delta Dutch Pledgeco BV 8.75% 5/1/20 pay-in-kind (a)(b) | 355,000 | 346,125 | |
Kindred Healthcare, Inc.: | |||
8% 1/15/20 | 885,000 | 878,363 | |
8.75% 1/15/23 | 2,325,000 | 2,226,188 | |
Mallinckrodt International Finance SA/Mallinckrodt CB LLC: | |||
4.875% 4/15/20 (a) | 445,000 | 416,965 | |
5.5% 4/15/25 (a) | 415,000 | 366,238 | |
Molina Healthcare, Inc. 5.375% 11/15/22 (a) | 1,310,000 | 1,346,025 | |
MPT Operating Partnership LP/MPT Finance Corp. 6.375% 3/1/24 | 1,035,000 | 1,089,338 | |
Sabra Health Care LP/Sabra Capital Corp. 5.5% 2/1/21 | 730,000 | 733,650 | |
Team Health, Inc. 7.25% 12/15/23 (a) | 1,810,000 | 1,936,700 | |
Tenet Healthcare Corp.: | |||
5% 3/1/19 | 655,000 | 647,631 | |
6% 10/1/20 | 290,000 | 308,850 | |
6.75% 6/15/23 | 10,650,000 | 10,197,375 | |
8.125% 4/1/22 | 8,565,000 | 8,811,244 | |
Valeant Pharmaceuticals International, Inc.: | |||
5.375% 3/15/20 (a) | 4,550,000 | 3,708,250 | |
5.875% 5/15/23 (a) | 3,080,000 | 2,413,950 | |
6.75% 8/15/18 (a) | 2,450,000 | 2,223,375 | |
7.5% 7/15/21 (a) | 1,010,000 | 841,451 | |
Vizient, Inc. 10.375% 3/1/24 (a) | 1,380,000 | 1,480,050 | |
VPI Escrow Corp. 6.375% 10/15/20 (a) | 2,680,000 | 2,224,400 | |
TOTAL HEALTHCARE | 76,365,873 | ||
Homebuilders/Real Estate - 3.1% | |||
Calatlantic Group, Inc. 5.875% 11/15/24 | 580,000 | 610,450 | |
CBRE Group, Inc. 5% 3/15/23 | 4,260,000 | 4,356,791 | |
Howard Hughes Corp. 6.875% 10/1/21 (a) | 2,515,000 | 2,477,275 | |
Lennar Corp.: | |||
4.75% 4/1/21 | 2,850,000 | 2,885,625 | |
4.875% 12/15/23 | 2,195,000 | 2,195,000 | |
M/I Homes, Inc. 6.75% 1/15/21 | 2,730,000 | 2,682,225 | |
Meritage Homes Corp. 6% 6/1/25 | 1,210,000 | 1,210,000 | |
PulteGroup, Inc. 4.25% 3/1/21 | 2,140,000 | 2,172,100 | |
Taylor Morrison Communities, Inc./Monarch Communities, Inc.: | |||
5.25% 4/15/21 (a) | 2,495,000 | 2,445,100 | |
5.625% 3/1/24 (a) | 1,815,000 | 1,737,863 | |
5.875% 4/15/23 (a) | 950,000 | 912,000 | |
TRI Pointe Homes, Inc.: | |||
4.375% 6/15/19 | 290,000 | 287,825 | |
5.875% 6/15/24 | 2,770,000 | 2,752,688 | |
William Lyon Homes, Inc.: | |||
5.75% 4/15/19 | 4,580,000 | 4,419,700 | |
7% 8/15/22 | 3,570,000 | 3,427,200 | |
TOTAL HOMEBUILDERS/REAL ESTATE | 34,571,842 | ||
Hotels - 0.2% | |||
ESH Hospitality, Inc. 5.25% 5/1/25 (a) | 2,295,000 | 2,231,888 | |
Insurance - 0.4% | |||
Alliant Holdings Co.-Issuer, Inc./Wayne Merger Sub LLC 8.25% 8/1/23 (a) | 4,580,000 | 4,557,100 | |
Leisure - 0.7% | |||
24 Hour Holdings III LLC 8% 6/1/22 (a) | 1,875,000 | 1,523,438 | |
NCL Corp. Ltd. 4.625% 11/15/20 (a) | 3,150,000 | 3,165,750 | |
Speedway Motorsports, Inc. 5.125% 2/1/23 | 3,505,000 | 3,592,625 | |
TOTAL LEISURE | 8,281,813 | ||
Metals/Mining - 0.6% | |||
Lundin Mining Corp.: | |||
7.5% 11/1/20 (a) | 1,645,000 | 1,570,975 | |
7.875% 11/1/22 (a) | 2,975,000 | 2,826,250 | |
New Gold, Inc. 6.25% 11/15/22 (a) | 1,650,000 | 1,394,250 | |
Signode Industrial Group Lux SA/Signode Industrial Group U.S., Inc. 6.375% 5/1/22 (a) | 815,000 | 740,631 | |
TOTAL METALS/MINING | 6,532,106 | ||
Paper - 0.4% | |||
Sappi Papier Holding GmbH 6.625% 4/15/21 (a) | 3,943,000 | 4,077,732 | |
Publishing/Printing - 1.3% | |||
McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance 9.75% 4/1/21 (b) | 2,770,000 | 3,005,450 | |
MHGE Parent LLC/MHGE Parent Finance, Inc. 8.5% 8/1/19 pay-in-kind (a)(b) | 5,840,000 | 5,810,800 | |
R.R. Donnelley & Sons Co.: | |||
6.5% 11/15/23 | 7,100,000 | 6,070,500 | |
7% 2/15/22 | 320,000 | 296,000 | |
TOTAL PUBLISHING/PRINTING | 15,182,750 | ||
Services - 3.6% | |||
ADT Corp.: | |||
3.5% 7/15/22 | 2,525,000 | 2,184,125 | |
4.125% 4/15/19 | 1,085,000 | 1,144,675 | |
5.25% 3/15/20 | 1,250,000 | 1,278,125 | |
Anna Merger Sub, Inc. 7.75% 10/1/22 (a) | 750,000 | 695,625 | |
APX Group, Inc.: | |||
6.375% 12/1/19 | 11,070,000 | 11,103,210 | |
8.75% 12/1/20 | 7,641,000 | 6,590,363 | |
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 6.375% 4/1/24 (a) | 2,540,000 | 2,542,921 | |
Blueline Rent Finance Corp./Volvo 7% 2/1/19 (a) | 2,055,000 | 1,893,169 | |
Brand Energy & Infrastructure Services, Inc. 8.5% 12/1/21 (a) | 1,215,000 | 1,142,100 | |
Garda World Security Corp.: | |||
7.25% 11/15/21 (a) | 5,665,000 | 4,362,050 | |
7.25% 11/15/21 (a) | 205,000 | 157,850 | |
Hertz Corp. 6.25% 10/15/22 | 910,000 | 910,000 | |
Jurassic Holdings III, Inc. 6.875% 2/15/21 (Reg. S) (a) | 2,125,000 | 1,466,250 | |
United Rentals North America, Inc. 5.5% 7/15/25 | 1,560,000 | 1,551,872 | |
Western Digital Corp.: | |||
7.375% 4/1/23 (a)(c) | 1,705,000 | 1,739,100 | |
10.5% 4/1/24 (a)(c) | 2,100,000 | 2,105,250 | |
TOTAL SERVICES | 40,866,685 | ||
Steel - 1.1% | |||
Evraz, Inc. NA Canada 7.5% 11/15/19 (a) | 1,625,000 | 1,450,313 | |
Steel Dynamics, Inc.: | |||
5.125% 10/1/21 | 3,630,000 | 3,666,300 | |
5.25% 4/15/23 | 1,960,000 | 1,964,900 | |
5.5% 10/1/24 | 2,090,000 | 2,116,125 | |
6.125% 8/15/19 | 3,320,000 | 3,427,900 | |
TOTAL STEEL | 12,625,538 | ||
Super Retail - 3.0% | |||
Argos Merger Sub, Inc. 7.125% 3/15/23 (a) | 5,100,000 | 5,421,300 | |
JC Penney Corp., Inc.: | |||
5.65% 6/1/20 | 19,621,000 | 19,032,338 | |
7.4% 4/1/37 | 4,515,000 | 3,826,463 | |
8.125% 10/1/19 | 2,060,000 | 2,116,650 | |
L Brands, Inc. 6.875% 11/1/35 | 1,395,000 | 1,513,854 | |
Sally Holdings LLC 5.625% 12/1/25 | 1,105,000 | 1,176,825 | |
TOTAL SUPER RETAIL | 33,087,430 | ||
Technology - 6.3% | |||
ADT Corp.: | |||
4.125% 6/15/23 | 10,590,000 | 9,226,538 | |
6.25% 10/15/21 | 2,205,000 | 2,216,025 | |
Blue Coat Systems, Inc. 8.375% 6/1/23 (a) | 3,925,000 | 4,044,713 | |
Brocade Communications Systems, Inc. 4.625% 1/15/23 | 2,630,000 | 2,551,100 | |
Lucent Technologies, Inc.: | |||
6.45% 3/15/29 | 15,735,000 | 16,718,438 | |
6.5% 1/15/28 | 4,140,000 | 4,264,200 | |
Micron Technology, Inc.: | |||
5.25% 8/1/23 (a) | 2,030,000 | 1,659,525 | |
5.25% 1/15/24 (a) | 990,000 | 796,950 | |
5.5% 2/1/25 | 2,320,000 | 1,880,650 | |
5.625% 1/15/26 (a) | 3,960,000 | 3,128,400 | |
5.875% 2/15/22 | 435,000 | 376,275 | |
Microsemi Corp. 9.125% 4/15/23 (a) | 1,370,000 | 1,503,575 | |
Nuance Communications, Inc. 5.375% 8/15/20 (a) | 1,635,000 | 1,658,503 | |
NXP BV/NXP Funding LLC 4.625% 6/15/22 (a) | 3,645,000 | 3,740,681 | |
Qorvo, Inc.: | |||
6.75% 12/1/23 (a) | 2,415,000 | 2,493,488 | |
7% 12/1/25 (a) | 3,660,000 | 3,806,400 | |
Rackspace Hosting, Inc. 6.5% 1/15/24 (a) | 2,575,000 | 2,523,500 | |
Sensata Technologies BV 5% 10/1/25 (a) | 1,450,000 | 1,460,875 | |
Sensata Technologies UK Financing Co. PLC 6.25% 2/15/26 (a) | 1,935,000 | 2,060,775 | |
Solera LLC/Solera Finance, Inc. 10.5% 3/1/24 (a) | 2,045,000 | 2,055,225 | |
WideOpenWest Finance LLC/WideOpenWest Capital Corp.: | |||
10.25% 7/15/19 | 1,720,000 | 1,720,000 | |
13.375% 10/15/19 | 740,000 | 725,200 | |
TOTAL TECHNOLOGY | 70,611,036 | ||
Telecommunications - 14.4% | |||
Altice Financing SA: | |||
6.5% 1/15/22 (a) | 200,000 | 203,500 | |
6.625% 2/15/23 (a) | 1,690,000 | 1,694,225 | |
Altice Finco SA: | |||
7.625% 2/15/25 (a) | 3,705,000 | 3,547,538 | |
9.875% 12/15/20 (a) | 2,530,000 | 2,719,750 | |
Altice SA: | |||
7.625% 2/15/25 (a) | 1,095,000 | 1,048,463 | |
7.75% 5/15/22 (a) | 13,430,000 | 13,216,194 | |
Columbus International, Inc. 7.375% 3/30/21 (a) | 8,430,000 | 8,977,950 | |
Digicel Group Ltd.: | |||
6% 4/15/21 (a) | 8,425,000 | 7,540,375 | |
7% 2/15/20 (a) | 200,000 | 182,500 | |
7.125% 4/1/22 (a) | 3,995,000 | 3,105,713 | |
8.25% 9/30/20 (a) | 3,065,000 | 2,628,238 | |
DigitalGlobe, Inc. 5.25% 2/1/21 (a) | 9,000,000 | 8,190,000 | |
FairPoint Communications, Inc. 8.75% 8/15/19 (a) | 915,000 | 866,963 | |
Level 3 Financing, Inc. 5.25% 3/15/26 (a) | 2,660,000 | 2,679,950 | |
Millicom International Cellular SA 6% 3/15/25 (a) | 4,435,000 | 4,113,463 | |
Neptune Finco Corp.: | |||
6.625% 10/15/25 (a) | 980,000 | 1,059,527 | |
10.125% 1/15/23 (a) | 4,865,000 | 5,205,550 | |
10.875% 10/15/25 (a) | 4,635,000 | 5,038,245 | |
Numericable Group SA: | |||
4.875% 5/15/19 (a) | 1,080,000 | 1,074,600 | |
6% 5/15/22 (a) | 2,250,000 | 2,193,750 | |
6.25% 5/15/24 (a) | 6,880,000 | 6,670,160 | |
Sable International Finance Ltd. 6.875% 8/1/22 (a) | 5,530,000 | 5,530,000 | |
Sprint Capital Corp.: | |||
6.875% 11/15/28 | 16,770,000 | 12,242,100 | |
8.75% 3/15/32 | 5,710,000 | 4,468,075 | |
Sprint Communications, Inc.: | |||
7% 3/1/20 (a) | 3,300,000 | 3,300,000 | |
9% 11/15/18 (a) | 345,000 | 361,388 | |
Sprint Corp.: | |||
7.25% 9/15/21 | 7,610,000 | 5,812,138 | |
7.625% 2/15/25 | 5,275,000 | 3,916,688 | |
7.875% 9/15/23 | 3,685,000 | 2,818,251 | |
T-Mobile U.S.A., Inc.: | |||
6% 3/1/23 | 4,960,000 | 5,065,400 | |
6% 4/15/24 | 1,990,000 | 2,014,875 | |
6.375% 3/1/25 | 8,745,000 | 8,952,694 | |
6.464% 4/28/19 | 1,070,000 | 1,091,400 | |
6.5% 1/15/24 | 3,255,000 | 3,385,200 | |
6.5% 1/15/26 | 1,870,000 | 1,942,463 | |
6.542% 4/28/20 | 2,430,000 | 2,508,975 | |
6.625% 4/1/23 | 6,045,000 | 6,362,363 | |
Telecom Italia Capital SA 6% 9/30/34 | 750,000 | 712,898 | |
Wind Acquisition Finance SA: | |||
4.75% 7/15/20 (a) | 3,395,000 | 3,208,275 | |
7.375% 4/23/21 (a) | 2,000,000 | 1,810,000 | |
Zayo Group LLC/Zayo Capital, Inc.: | |||
6.375% 5/15/25 | 2,000,000 | 1,955,000 | |
6.375% 5/15/25 (a)(c) | 1,740,000 | 1,701,024 | |
TOTAL TELECOMMUNICATIONS | 161,115,861 | ||
Transportation Ex Air/Rail - 0.6% | |||
Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S., Inc. 8.125% 11/15/21 (a) | 3,910,000 | 2,590,375 | |
Navios Maritime Holdings, Inc.: | |||
7.375% 1/15/22 (a) | 4,470,000 | 1,609,200 | |
8.125% 2/15/19 | 3,145,000 | 927,775 | |
Navios South American Logistics, Inc./Navios Logistics Finance U.S., Inc. 7.25% 5/1/22 (a) | 450,000 | 290,250 | |
Teekay Corp. 8.5% 1/15/20 (a) | 1,250,000 | 862,500 | |
TOTAL TRANSPORTATION EX AIR/RAIL | 6,280,100 | ||
Utilities - 5.1% | |||
Dolphin Subsidiary II, Inc. 7.25% 10/15/21 | 12,030,000 | 12,503,741 | |
DPL, Inc. 6.75% 10/1/19 | 1,390,000 | 1,410,850 | |
Dynegy, Inc.: | |||
6.75% 11/1/19 | 4,180,000 | 4,159,100 | |
7.375% 11/1/22 | 4,640,000 | 4,292,000 | |
7.625% 11/1/24 | 8,635,000 | 7,836,263 | |
Global Partners LP/GLP Finance Corp.: | |||
6.25% 7/15/22 | 1,100,000 | 819,500 | |
7% 6/15/23 | 4,980,000 | 3,710,100 | |
NRG Energy, Inc.: | |||
6.25% 7/15/22 | 395,000 | 367,350 | |
6.25% 5/1/24 | 5,415,000 | 4,968,263 | |
NSG Holdings II LLC/NSG Holdings, Inc. 7.75% 12/15/25 (a) | 5,144,467 | 5,517,441 | |
PPL Energy Supply LLC 6.5% 6/1/25 | 750,000 | 622,500 | |
RJS Power Holdings LLC 4.625% 7/15/19 (a) | 4,320,000 | 3,747,600 | |
The AES Corp.: | |||
3.6351% 6/1/19 (b) | 2,405,000 | 2,320,825 | |
4.875% 5/15/23 | 3,975,000 | 3,825,938 | |
7.375% 7/1/21 | 1,045,000 | 1,170,400 | |
TOTAL UTILITIES | 57,271,871 | ||
TOTAL NONCONVERTIBLE BONDS | |||
(Cost $945,706,119) | 896,504,298 | ||
Commercial Mortgage Securities - 0.0% | |||
Berkeley Federal Bank & Trust FSB Series 1994-1 Class B, 0% 8/1/24 (Cost $57,514)(a)(b) | 103,108 | 79,950 | |
Shares | Value | ||
Common Stocks - 0.0% | |||
Telecommunications - 0.0% | |||
CUI Acquisition Corp. Class E, (d) | |||
(Cost $538,176) | 0* | 16,065 | |
Convertible Preferred Stocks - 0.3% | |||
Energy - 0.3% | |||
Southwestern Energy Co. Series B 6.25% | |||
(Cost $2,705,552) | 152,600 | 2,992,486 | |
Principal Amount | Value | ||
Bank Loan Obligations - 8.2% | |||
Aerospace - 0.1% | |||
TransDigm, Inc. Tranche D, term loan 3.75% 6/4/21 (b) | 1,409,493 | 1,387,843 | |
Air Transportation - 0.1% | |||
American Airlines, Inc. Tranche B, term loan 3.5% 10/10/21 (b) | 1,084,050 | 1,080,527 | |
Broadcasting - 0.3% | |||
Clear Channel Communications, Inc. Tranche D, term loan 7.1829% 1/30/19 (b) | 4,305,000 | 2,981,213 | |
Building Materials - 0.7% | |||
Beacon Roofing Supply, Inc. Tranche B, term loan 4% 10/1/22 (b) | 2,741,225 | 2,735,523 | |
GYP Holdings III Corp.: | |||
Tranche 1LN, term loan 4.75% 4/1/21 (b) | 2,634,241 | 2,481,956 | |
Tranche 2LN, term loan 7.75% 4/1/22 (b) | 180,000 | 157,950 | |
LBM Borrower LLC Tranche B 1LN, term loan 6.25% 8/20/22 (b) | 2,547,200 | 2,428,322 | |
TOTAL BUILDING MATERIALS | 7,803,751 | ||
Cable/Satellite TV - 0.7% | |||
CSC Holdings LLC Tranche B, term loan 5% 10/9/22 (b) | 2,910,000 | 2,909,534 | |
Numericable LLC: | |||
Tranche B 1LN, term loan 4.5% 5/8/20 (b) | 378,558 | 375,390 | |
Tranche B 2LN, term loan 4.5% 5/8/20 (b) | 327,504 | 324,763 | |
Tranche B 6LN, term loan 4.75% 2/10/23 (b) | 3,975,000 | 3,938,987 | |
TOTAL CABLE/SATELLITE TV | 7,548,674 | ||
Capital Goods - 0.2% | |||
Rexnord LLC Tranche B, term loan 4% 8/21/20 (b) | 2,092,803 | 2,058,460 | |
Containers - 0.4% | |||
Ardagh Holdings U.S.A., Inc. Tranche B, term loan 4% 12/17/19 (b) | 2,920,302 | 2,915,425 | |
Signode Packaging Systems, Inc. Tranche B, term loan 3.75% 5/1/21 (b) | 1,199,667 | 1,163,677 | |
TOTAL CONTAINERS | 4,079,102 | ||
Diversified Financial Services - 0.1% | |||
IBC Capital U.S. LLC: | |||
Tranche 2LN, term loan 8% 9/11/22 (b) | 1,515,000 | 1,287,750 | |
Tranche B 1LN, term loan 4.75% 9/11/21 (b) | 128,700 | 118,726 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 1,406,476 | ||
Energy - 0.1% | |||
Crestwood Holdings Partners LLC Tranche B, term loan 9% 6/19/19 (b) | 1,632,540 | 794,508 | |
Food & Drug Retail - 0.3% | |||
Petco Holdings, Inc. Tranche B 1LN, term loan 5.75% 1/26/23 (b) | 3,595,000 | 3,589,500 | |
Food/Beverage/Tobacco - 0.2% | |||
JBS U.S.A. LLC Tranche B, term loan 4% 10/30/22 (b) | 1,960,088 | 1,947,837 | |
Gaming - 0.4% | |||
Caesars Growth Properties Holdings, LLC Tranche 1LN, term loan 6.25% 5/8/21 (b) | 4,073,297 | 3,312,120 | |
Scientific Games Corp. Tranche B 2LN, term loan 6% 10/1/21 (b) | 1,244,250 | 1,201,286 | |
TOTAL GAMING | 4,513,406 | ||
Healthcare - 0.5% | |||
Valeant Pharmaceuticals International, Inc.: | |||
Tranche A 3LN, term loan 2.89% 10/20/18 (b) | 2,194,256 | 2,101,000 | |
Tranche BD 2LN, term loan 5.25% 2/13/19 (b) | 2,235,000 | 2,110,958 | |
Vizient, Inc. Tranche B, term loan 6.25% 2/11/23 (b) | 2,090,000 | 2,102,185 | |
TOTAL HEALTHCARE | 6,314,143 | ||
Leisure - 0.2% | |||
24 Hour Fitness Worldwide, Inc. Tranche B, term loan 4.75% 5/30/21 (b) | 2,587,063 | 2,472,792 | |
Publishing/Printing - 0.3% | |||
Springer Science+Business Media Deutschland GmbH Tranche B 9LN, term loan 4.75% 8/14/20 (b) | 4,093,047 | 3,960,023 | |
Services - 1.0% | |||
Brand Energy & Infrastructure Services, Inc. Tranche B, term loan 4.75% 11/26/20 (b) | 1,265,863 | 1,225,773 | |
Garda World Security Corp.: | |||
term loan 4.0038% 11/8/20 (b) | 3,036,576 | 2,912,593 | |
Tranche DD, term loan 4.0038% 11/8/20 (b) | 776,799 | 745,082 | |
Laureate Education, Inc. Tranche B, term loan 5% 6/16/18 (b) | 4,393,013 | 3,777,991 | |
Lineage Logistics Holdings, LLC. Tranche B, term loan 4.5% 4/7/21 (b) | 2,737,278 | 2,292,470 | |
TOTAL SERVICES | 10,953,909 | ||
Super Retail - 0.4% | |||
JC Penney Corp., Inc. Tranche B, term loan 6% 5/22/18 (b) | 2,805,836 | 2,808,642 | |
PetSmart, Inc. Tranche B, term loan 4.25% 3/11/22 (b) | 2,342,300 | 2,331,174 | |
TOTAL SUPER RETAIL | 5,139,816 | ||
Technology - 1.3% | |||
Blue Coat Systems, Inc. Tranche B, term loan 4.5% 5/22/22 (b) | 5,007,450 | 4,919,820 | |
Epicor Software Corp. Tranche B, term loan 4.75% 6/1/22 (b) | 2,004,900 | 1,896,294 | |
Kronos, Inc. Tranche 2LN, term loan 9.75% 4/30/20 (b) | 2,732,746 | 2,714,518 | |
Transfirst, Inc.: | |||
Tranche 2LN, term loan 10.5% 11/12/22 (b) | 1,010,000 | 1,009,374 | |
Tranche B 1LN, term loan 6.25% 11/12/21 (b) | 2,154,121 | 2,151,428 | |
TTM Technologies, Inc. Tranche B 1LN, term loan 6% 5/31/21 (b) | 1,856,968 | 1,759,477 | |
TOTAL TECHNOLOGY | 14,450,911 | ||
Telecommunications - 0.4% | |||
GTT Communications, Inc. Tranche B, term loan 6.25% 10/22/22 (b) | 1,815,450 | 1,807,516 | |
LTS Buyer LLC Tranche B 1LN, term loan 4% 4/11/20 (b) | 2,585,064 | 2,552,750 | |
TOTAL TELECOMMUNICATIONS | 4,360,266 | ||
Utilities - 0.5% | |||
Calpine Construction Finance Co. LP Tranche B 1LN, term loan 3% 5/3/20 (b) | 1,518,766 | 1,484,594 | |
Calpine Corp. Tranche B 6LN, term loan 4% 1/1/23 (b) | 2,349,113 | 2,334,431 | |
Moxie Patriot LLC Tranche B, term loan 6.75% 12/19/20 (b) | 1,625,000 | 1,458,438 | |
TOTAL UTILITIES | 5,277,463 | ||
TOTAL BANK LOAN OBLIGATIONS | |||
(Cost $94,599,349) | 92,120,620 | ||
Preferred Securities - 8.7% | |||
Banks & Thrifts - 8.4% | |||
BAC Capital Trust XIV 4% (b)(e) | 790,000 | 576,707 | |
Bank of America Corp.: | |||
6.1% (b)(e) | 4,010,000 | 3,959,821 | |
6.25% (b)(e) | 5,670,000 | 5,582,600 | |
6.5% (b)(e) | 2,740,000 | 2,906,573 | |
Barclays Bank PLC 7.625% 11/21/22 | 6,585,000 | 7,260,957 | |
Barclays PLC: | |||
6.625% (b)(e) | 11,745,000 | 10,577,083 | |
8.25% (b)(e) | 3,205,000 | 3,210,709 | |
BNP Paribas SA 7.375% (a)(b)(e) | 2,265,000 | 2,210,662 | |
Citigroup, Inc.: | |||
5.875% (b)(e) | 4,735,000 | 4,578,973 | |
5.95% (b)(e) | 1,355,000 | 1,306,924 | |
5.95% (b)(e) | 3,000,000 | 2,955,173 | |
6.125% (b)(e) | 3,935,000 | 4,037,430 | |
6.3% (b)(e) | 6,115,000 | 6,019,408 | |
Credit Agricole SA: | |||
6.625% (a)(b)(e) | 11,180,000 | 10,524,631 | |
8.125% (a)(b)(e) | 1,795,000 | 1,794,223 | |
Goldman Sachs Group, Inc. 5.375% (b)(e) | 4,825,000 | 4,769,590 | |
JPMorgan Chase & Co.: | |||
5.3% (b)(e) | 2,070,000 | 2,120,988 | |
6% (b)(e) | 4,475,000 | 4,548,346 | |
6.1% (b)(e) | 1,565,000 | 1,642,483 | |
6.75% (b)(e) | 5,725,000 | 6,349,749 | |
Lloyds Banking Group PLC 7.5% (b)(e) | 425,000 | 421,141 | |
Royal Bank of Scotland Group PLC: | |||
7.5% (b)(e) | 1,355,000 | 1,260,702 | |
8% (b)(e) | 1,425,000 | 1,359,357 | |
Societe Generale 8% (a)(b)(e) | 1,565,000 | 1,519,071 | |
Wells Fargo & Co. 5.875% (b)(e) | 1,915,000 | 2,078,036 | |
TOTAL BANKS & THRIFTS | 93,571,337 | ||
Diversified Financial Services - 0.3% | |||
American Express Co. 4.9% (b)(e) | 3,695,000 | 3,324,626 | |
TOTAL PREFERRED SECURITIES | |||
(Cost $99,219,011) | 96,895,963 | ||
Shares | Value | ||
Money Market Funds - 1.6% | |||
Fidelity Cash Central Fund, 0.39% (f) | |||
(Cost $17,526,358) | 17,526,358 | 17,526,358 | |
TOTAL INVESTMENT PORTFOLIO - 98.9% | |||
(Cost $1,160,352,079) | 1,106,135,740 | ||
NET OTHER ASSETS (LIABILITIES) - 1.1% | 12,653,827 | ||
NET ASSETS - 100% | $1,118,789,567 |
* Amount represents less than 1 share.
Legend
(a) 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 $450,527,101 or 40.3% of net assets.
(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(d) Non-income producing
(e) Security is perpetual in nature with no stated maturity date.
(f) 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 are available on the SEC's website or upon request.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $32,050 |
Total | $32,050 |
Investment Valuation
The following is a summary of the inputs used, as of March 31, 2016, 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: | ||||
Energy | $2,992,486 | $2,992,486 | $-- | $-- |
Telecommunication Services | 16,065 | -- | -- | 16,065 |
Corporate Bonds | 896,504,298 | -- | 896,504,298 | -- |
Commercial Mortgage Securities | 79,950 | -- | -- | 79,950 |
Bank Loan Obligations | 92,120,620 | -- | 92,120,620 | -- |
Preferred Securities | 96,895,963 | -- | 96,895,963 | -- |
Money Market Funds | 17,526,358 | 17,526,358 | -- | -- |
Total Investments in Securities: | $1,106,135,740 | $20,518,844 | $1,085,520,881 | $96,015 |
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
United States of America | 75.2% |
Luxembourg | 4.6% |
Canada | 4.3% |
United Kingdom | 2.6% |
Cayman Islands | 2.5% |
Bermuda | 2.5% |
France | 2.3% |
Austria | 2.3% |
Others (Individually Less Than 1%) | 3.7% |
100.0% |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
March 31, 2016 (Unaudited) | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $1,142,825,721) | $1,088,609,382 | |
Fidelity Central Funds (cost $17,526,358) | 17,526,358 | |
Total Investments (cost $1,160,352,079) | $1,106,135,740 | |
Cash | 224,090 | |
Receivable for investments sold | 5,480,654 | |
Receivable for fund shares sold | 59,415 | |
Dividends receivable | 119,219 | |
Interest receivable | 18,314,004 | |
Distributions receivable from Fidelity Central Funds | 8,439 | |
Total assets | 1,130,341,561 | |
Liabilities | ||
Payable for investments purchased | ||
Regular delivery | $2,356,300 | |
Delayed delivery | 8,586,024 | |
Payable for fund shares redeemed | 605,598 | |
Distributions payable | 311 | |
Other payables and accrued expenses | 3,761 | |
Total liabilities | 11,551,994 | |
Net Assets | $1,118,789,567 | |
Net Assets consist of: | ||
Paid in capital | $1,173,005,906 | |
Net unrealized appreciation (depreciation) on investments | (54,216,339) | |
Net Assets, for 12,217,476 shares outstanding | $1,118,789,567 | |
Net Asset Value, offering price and redemption price per share ($1,118,789,567 ÷ 12,217,476 shares) | $91.57 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended March 31, 2016 (Unaudited) | ||
Investment Income | ||
Dividends | $3,085,650 | |
Interest | 35,919,104 | |
Income from Fidelity Central Funds | 32,050 | |
Total income | 39,036,804 | |
Expenses | ||
Custodian fees and expenses | $7,106 | |
Independent directors' compensation | 2,270 | |
Total expenses before reductions | 9,376 | |
Expense reductions | (2,842) | 6,534 |
Net investment income (loss) | 39,030,270 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | (45,326,079) | |
Total net realized gain (loss) | (45,326,079) | |
Change in net unrealized appreciation (depreciation) on investment securities | 14,071,837 | |
Net gain (loss) | (31,254,242) | |
Net increase (decrease) in net assets resulting from operations | $7,776,028 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended March 31, 2016 (Unaudited) | Year ended September 30, 2015 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $39,030,270 | $54,535,135 |
Net realized gain (loss) | (45,326,079) | (9,460,238) |
Change in net unrealized appreciation (depreciation) | 14,071,837 | (67,423,178) |
Net increase (decrease) in net assets resulting from operations | 7,776,028 | (22,348,281) |
Distributions to partners from net investment income | (37,120,776) | (53,284,277) |
Affiliated share transactions | ||
Proceeds from sales of shares | 135,805,039 | 639,079,160 |
Reinvestment of distributions | 37,119,170 | 53,279,894 |
Cost of shares redeemed | (36,900,850) | (62,522,712) |
Net increase (decrease) in net assets resulting from share transactions | 136,023,359 | 629,836,342 |
Total increase (decrease) in net assets | 106,678,611 | 554,203,784 |
Net Assets | ||
Beginning of period | 1,012,110,956 | 457,907,172 |
End of period | $1,118,789,567 | $1,012,110,956 |
Other Affiliated Information | ||
Shares | ||
Sold | 1,443,043 | 6,377,229 |
Issued in reinvestment of distributions | 406,258 | 533,719 |
Redeemed | (406,190) | (625,769) |
Net increase (decrease) | 1,443,111 | 6,285,179 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity High Income Central Fund 1
Six months ended (Unaudited) March 31, | Years ended September 30, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $93.94 | $102.00 | $101.40 | $101.43 | $91.48 | $96.05 |
Income from Investment Operations | ||||||
Net investment income (loss)A | 3.259 | 6.303 | 6.317 | 6.723 | 7.580 | 7.783 |
Net realized and unrealized gain (loss) | (2.527) | (8.196) | .503 | (.282)B | 9.372 | (5.177) |
Total from investment operations | .732 | (1.893) | 6.820 | 6.441 | 16.952 | 2.606 |
Distributions to partners from net investment income | (3.102) | (6.167) | (6.220) | (6.471) | (7.002) | (7.176) |
Net asset value, end of period | $91.57 | $93.94 | $102.00 | $101.40 | $101.43 | $91.48 |
Total ReturnC,D | .83% | (2.06)% | 6.77% | 6.46% | 19.03% | 2.48% |
Ratios to Average Net AssetsE,F | ||||||
Expenses before reductionsG | -%H | -% | -% | -% | -% | -% |
Expenses net of fee waivers, if anyG | -%H | -% | -% | -% | -% | -% |
Expenses net of all reductionsG | -%H | -% | -% | -% | -% | -% |
Net investment income (loss) | 7.14%H | 6.31% | 6.07% | 6.54% | 7.74% | 7.94% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $1,118,790 | $1,012,111 | $457,907 | $406,018 | $537,445 | $498,050 |
Portfolio turnover rateI | 38%H | 57% | 74% | 87% | 51% | 69% |
A Calculated based on average shares outstanding during the period.
B The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
G Amount represents less than .005%.
H Annualized
I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended March 31, 2016
1. Organization.
Fidelity High Income Central Fund 1 (the Fund) is a fund of Fidelity Central Investment Portfolios LLC (the LLC) and is authorized to issue an unlimited number of shares. Shares of the Fund are only offered to other investment companies and accounts managed by Fidelity Management & Research Company (FMR), or its affiliates (the Investing Funds). The LLC is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware Limited Liability Company. Each fund in the LLC is a separate partnership for tax purposes. The Board of Directors may permit the purchase of shares (for cash, securities or other consideration) and admit new Eligible Accredited Investors into each fund, in accordance with the Partnership Agreement.
2. Investments in Fidelity Central Funds.
The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
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 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 Directors (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the FMR Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
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 – 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 vendors or from brokers who make markets in such securities. Corporate bonds, bank loan obligations and preferred securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Commercial mortgage securities are valued by pricing vendors who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, 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 vendors. 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 vendor 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 equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of March 31, 2016 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. 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.
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. 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 Partners. No provision has been made for U.S. Federal income taxes because the Fund allocates, at least annually among its partners, each partner's share of the Fund's income and expenses and capital gains and losses as determined by income tax regulations for inclusion in each partner's tax return.
Distributions are declared daily and paid monthly from net investment income on a book basis, except for certain items such as market discount and term loan fee income which are deemed distributed based on allocations to the partners and are reclassified to paid in capital. Due to the Fund's partnership structure, paid in capital includes any accumulated net investment income/(loss) and net realized gain/(loss) on investments.
There are no unrecognized tax benefits in the accompanying financial statements in connection with the tax positions taken by the Fund; 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. A 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. The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $17,355,497 |
Gross unrealized depreciation | (69,020,120) |
Net unrealized appreciation (depreciation) on securities | $(51,664,623) |
Tax Cost | $1,157,800,363 |
Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund 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. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. 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. The Fund 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 is included at the end of the Fund's Schedule of Investments.
Loans and Other Direct Debt Instruments. The Fund invests in direct debt instruments which 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 the Fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment or participation. The Fund did not have any unfunded loan commitments, which are contractual obligations for future funding, at period end.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $341,193,578 and $200,313,540, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. FMR Co., Inc. (the investment adviser), an affiliate of FMR, provides the Fund with investment management services. The Fund does not pay any fees for these services. Pursuant to the Fund's management contract with the investment adviser, FMR pays the investment adviser a portion of the management fees it receives from the Investing Funds. In addition, under an expense contract, FMR also pays all other expenses of the Fund, excluding custody fees, the compensation of the independent Directors, and certain exceptions such as interest expense.
Interfund Trades. The Fund 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. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
6. Expense Reductions.
FMR has voluntarily agreed to reimburse a portion of the Fund's operating expenses. For the period, the reimbursement reduced the expenses by $2,270.
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. During the period, these credits reduced the Fund's custody expenses by $572.
7. Other.
The Fund's organizational documents provide former and current directors 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, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds managed by FMR or its affiliates were the owners of record of all of the outstanding shares of the Fund.
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 (October 1, 2015 to March 31, 2016).
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 under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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 Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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.
Annualized Expense Ratio-A | Beginning Account Value October 1, 2015 | Ending Account Value March 31, 2016 | Expenses Paid During Period-B October 1, 2015 to March 31, 2016 | |
Actual | .0013% | $1,000.00 | $1,008.30 | $.01 |
Hypothetical-C | $1,000.00 | $1,024.99 | $.01 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).
C 5% return per year before expenses
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Fidelity® International Equity Central Fund Semi-Annual Report March 31, 2016 |
Contents
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. © 2016 FMR LLC. All rights reserved.
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-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q 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.
Investment Summary (Unaudited)
Geographic Diversification (% of fund's net assets)
As of March 31, 2016 | ||
United Kingdom | 19.7% | |
Japan | 15.6% | |
United States of America* | 8.3% | |
France | 8.2% | |
Switzerland | 6.0% | |
Canada | 5.5% | |
Germany | 4.7% | |
Australia | 3.7% | |
Hong Kong | 3.1% | |
Other | 25.2% |
* 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.
As of September 30, 2015 | ||
United Kingdom | 23.5% | |
Japan | 16.5% | |
France | 9.1% | |
United States of America* | 8.4% | |
Switzerland | 7.4% | |
Canada | 3.8% | |
Australia | 3.8% | |
Germany | 3.5% | |
Sweden | 2.7% | |
Other | 21.3% |
* 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.
Asset Allocation as of March 31, 2016
% of fund's net assets | % of fund's net assets 6 months ago | |
Stocks | 96.8 | 96.5 |
Short-Term Investments and Net Other Assets (Liabilities) | 3.2 | 3.5 |
Top Ten Stocks as of March 31, 2016
% of fund's net assets | % of fund's net assets 6 months ago | |
Novartis AG (Switzerland, Pharmaceuticals) | 1.6 | 2.1 |
Australia & New Zealand Banking Group Ltd. (Australia, Banks) | 1.3 | 1.2 |
GlaxoSmithKline PLC (United Kingdom, Pharmaceuticals) | 1.2 | 0.0 |
Total SA (France, Intergrated Oil & Gas) | 1.1 | 1.4 |
The Toronto Dominion Bank (Canada, Banks) | 1.1 | 0.6 |
Royal Bank of Canada (Canada, Banks) | 1.1 | 0.6 |
Sanofi SA (France, Pharmaceuticals) | 1.1 | 1.3 |
Lloyds Banking Group PLC (United Kingdom, Banks) | 1.1 | 1.3 |
Sumitomo Mitsui Financial Group, Inc. (Japan, Banks) | 1.1 | 0.9 |
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) | 1.0 | 0.9 |
11.7 |
Market Sectors as of March 31, 2016
% of fund's net assets | % of fund's net assets 6 months ago | |
Financials | 25.3 | 26.2 |
Consumer Discretionary | 12.8 | 12.4 |
Industrials | 12.2 | 11.4 |
Consumer Staples | 11.3 | 10.9 |
Health Care | 9.6 | 10.6 |
Materials | 6.8 | 6.0 |
Energy | 6.2 | 5.6 |
Telecommunication Services | 4.7 | 4.8 |
Information Technology | 4.3 | 5.3 |
Utilities | 3.6 | 3.3 |
Percentages shown as 0.0% may reflect amounts less than 0.05%.
Investments March 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.2% | |||
Shares | Value | ||
Australia - 3.7% | |||
1-Page Ltd. (a)(b) | 2,609,847 | $2,460,711 | |
Australia & New Zealand Banking Group Ltd. | 1,608,384 | 28,832,627 | |
Flight Centre Travel Group Ltd. (b) | 446,787 | 14,805,608 | |
Insurance Australia Group Ltd. | 2,808,916 | 12,014,714 | |
Magellan Financial Group Ltd. | 742,546 | 12,909,425 | |
Rio Tinto Ltd. | 238,197 | 7,794,763 | |
TOTAL AUSTRALIA | 78,817,848 | ||
Austria - 1.6% | |||
Andritz AG | 248,300 | 13,633,995 | |
Erste Group Bank AG | 474,600 | 13,339,169 | |
IMMOFINANZ Immobilien Anlagen AG (a) | 3,637,500 | 7,731,860 | |
TOTAL AUSTRIA | 34,705,024 | ||
Bailiwick of Jersey - 1.0% | |||
Shire PLC | 125,000 | 7,129,347 | |
Wolseley PLC | 231,733 | 13,110,037 | |
TOTAL BAILIWICK OF JERSEY | 20,239,384 | ||
Belgium - 1.6% | |||
Anheuser-Busch InBev SA NV | 160,416 | 19,929,574 | |
KBC Groep NV | 171,884 | 8,866,928 | |
Melexis NV | 94,600 | 5,145,447 | |
TOTAL BELGIUM | 33,941,949 | ||
Bermuda - 0.4% | |||
Cheung Kong Infrastructure Holdings Ltd. | 444,000 | 4,341,354 | |
Chow Sang Sang Holdings International Ltd. | 3,121,000 | 4,707,239 | |
TOTAL BERMUDA | 9,048,593 | ||
British Virgin Islands - 0.1% | |||
Luxoft Holding, Inc. (a) | 57,000 | 3,136,710 | |
Canada - 5.5% | |||
Canadian Natural Resources Ltd. | 66,200 | 1,790,649 | |
Cenovus Energy, Inc. | 667,900 | 8,691,057 | |
Constellation Software, Inc. | 14,300 | 5,855,320 | |
Imperial Oil Ltd. | 189,800 | 6,341,037 | |
MDC Partners, Inc. Class A | 283,800 | 6,697,680 | |
NuVista Energy Ltd. (a) | 578,000 | 2,180,712 | |
PrairieSky Royalty Ltd. (b) | 146,764 | 2,784,420 | |
Rogers Communications, Inc. Class B (non-vtg.) | 144,500 | 5,785,563 | |
Royal Bank of Canada | 420,400 | 24,222,161 | |
Seven Generations Energy Ltd. (a) | 264,200 | 3,976,986 | |
Suncor Energy, Inc. | 460,000 | 12,810,934 | |
TELUS Corp. | 124,800 | 4,062,787 | |
The Toronto-Dominion Bank | 562,000 | 24,258,495 | |
West Fraser Timber Co. Ltd. | 177,500 | 7,121,867 | |
TOTAL CANADA | 116,579,668 | ||
Cayman Islands - 1.1% | |||
Alibaba Group Holding Ltd. sponsored ADR (a) | 83,600 | 6,606,908 | |
CK Hutchison Holdings Ltd. | 1,305,500 | 16,947,005 | |
TOTAL CAYMAN ISLANDS | 23,553,913 | ||
China - 0.3% | |||
Kweichow Moutai Co. Ltd. | 160,168 | 6,150,411 | |
Denmark - 2.4% | |||
Danske Bank A/S | 331,349 | 9,360,856 | |
Novo Nordisk A/S Series B | 405,300 | 21,948,450 | |
Scandinavian Tobacco Group A/S | 313,565 | 5,037,343 | |
TDC A/S | 568,500 | 2,782,381 | |
Vestas Wind Systems A/S | 180,600 | 12,741,422 | |
TOTAL DENMARK | 51,870,452 | ||
Finland - 0.1% | |||
Nokia Corp. | 320,300 | 1,900,095 | |
France - 8.2% | |||
Air Liquide SA | 169,680 | 19,036,554 | |
Christian Dior SA | 87,000 | 15,780,170 | |
Dassault Systemes SA | 92,800 | 7,363,287 | |
Edenred SA (b) | 513,271 | 9,969,752 | |
Engie | 408,730 | 6,343,880 | |
Orange SA | 586,700 | 10,245,492 | |
Pernod Ricard SA | 78,900 | 8,798,470 | |
Rexel SA | 683,900 | 9,770,424 | |
Safran SA | 186,100 | 13,019,201 | |
Sanofi SA | 299,331 | 24,064,961 | |
Suez Environnement SA | 225,221 | 4,131,217 | |
Total SA (b) | 444,200 | 20,211,698 | |
Total SA sponsored ADR (b) | 90,367 | 4,104,469 | |
VINCI SA | 265,794 | 19,801,205 | |
TOTAL FRANCE | 172,640,780 | ||
Germany - 4.1% | |||
Bayer AG | 80,000 | 9,374,425 | |
Continental AG | 19,600 | 4,460,568 | |
Deutsche Boerse AG | 54,356 | 4,628,088 | |
Deutsche Telekom AG | 712,000 | 12,764,965 | |
Fresenius SE & Co. KGaA | 129,900 | 9,491,086 | |
OSRAM Licht AG | 191,140 | 9,853,756 | |
ProSiebenSat.1 Media AG | 146,549 | 7,534,965 | |
Rational AG | 20,600 | 11,010,116 | |
SAP AG | 209,239 | 16,837,128 | |
TOTAL GERMANY | 85,955,097 | ||
Hong Kong - 3.1% | |||
AIA Group Ltd. | 2,855,200 | 16,176,406 | |
Dah Sing Financial Holdings Ltd. | 2,138,400 | 13,149,037 | |
Hang Seng Bank Ltd. | 616,100 | 10,888,681 | |
HKT Trust/HKT Ltd. unit | 3,352,120 | 4,615,061 | |
Hysan Development Co. Ltd. | 2,414,000 | 10,284,788 | |
PCCW Ltd. | 6,780,000 | 4,387,529 | |
Power Assets Holdings Ltd. | 521,500 | 5,334,428 | |
TOTAL HONG KONG | 64,835,930 | ||
Indonesia - 1.2% | |||
PT Bank Danamon Indonesia Tbk Series A | 45,409,200 | 13,013,195 | |
PT Bank Rakyat Indonesia Tbk | 13,366,500 | 11,516,762 | |
TOTAL INDONESIA | 24,529,957 | ||
Ireland - 2.1% | |||
Greencore Group PLC | 1,533,054 | 8,256,933 | |
James Hardie Industries PLC CDI | 1,068,623 | 14,630,072 | |
Medtronic PLC | 119,100 | 8,932,500 | |
Ryanair Holdings PLC sponsored ADR | 150,180 | 12,888,448 | |
TOTAL IRELAND | 44,707,953 | ||
Israel - 1.4% | |||
Bezeq The Israel Telecommunication Corp. Ltd. | 2,164,900 | 4,884,533 | |
Frutarom Industries Ltd. | 223,251 | 11,708,605 | |
Teva Pharmaceutical Industries Ltd. sponsored ADR | 235,500 | 12,601,605 | |
TOTAL ISRAEL | 29,194,743 | ||
Italy - 1.1% | |||
Banco di Desio e della Brianza SpA | 917,194 | 2,552,829 | |
Enel SpA | 1,765,026 | 7,824,751 | |
Mediaset SpA | 1,484,551 | 6,125,295 | |
Telecom Italia SpA (a) | 5,821,100 | 6,274,099 | |
TOTAL ITALY | 22,776,974 | ||
Japan - 15.6% | |||
AEON MALL Co. Ltd. | 717,740 | 10,631,059 | |
Astellas Pharma, Inc. | 962,900 | 12,796,468 | |
Broadleaf Co. Ltd. | 267,400 | 3,228,900 | |
Coca-Cola Central Japan Co. Ltd. | 242,900 | 4,031,607 | |
DaikyoNishikawa Corp. | 647,700 | 9,294,376 | |
Fuji Heavy Industries Ltd. | 512,100 | 18,086,965 | |
Hoya Corp. | 125,000 | 4,754,765 | |
Isuzu Motors Ltd. | 318,800 | 3,291,533 | |
Japan Tobacco, Inc. | 387,200 | 16,135,484 | |
JSR Corp. | 522,100 | 7,505,956 | |
JTEKT Corp. | 718,200 | 9,316,913 | |
KDDI Corp. | 436,400 | 11,643,492 | |
Koito Manufacturing Co. Ltd. | 226,100 | 10,245,768 | |
Makita Corp. | 113,000 | 7,008,219 | |
Minebea Ltd. | 1,385,000 | 10,804,834 | |
Mitsubishi Electric Corp. | 1,343,000 | 14,074,979 | |
Mitsui Fudosan Co. Ltd. | 501,000 | 12,499,960 | |
NGK Insulators Ltd. | 583,000 | 10,769,532 | |
Nippon Paint Holdings Co. Ltd. | 289,000 | 6,411,951 | |
Nippon Telegraph & Telephone Corp. | 233,500 | 10,086,618 | |
NSK Ltd. | 1,017,500 | 9,312,053 | |
Olympus Corp. | 226,800 | 8,816,473 | |
ORIX Corp. | 799,500 | 11,405,191 | |
Panasonic Corp. | 537,900 | 4,871,636 | |
Sanken Electric Co. Ltd. (b) | 1,095,000 | 3,288,551 | |
Shionogi & Co. Ltd. | 90,000 | 4,235,906 | |
Sony Corp. | 744,700 | 19,147,089 | |
Sumitomo Mitsui Financial Group, Inc. | 768,700 | 23,335,947 | |
Suzuki Motor Corp. | 593,900 | 15,889,048 | |
Tokyo Electric Power Co., Inc. (a) | 714,500 | 3,929,766 | |
Tokyo Gas Co. Ltd. | 930,000 | 4,335,786 | |
Toto Ltd. | 342,000 | 10,666,134 | |
Toyoda Gosei Co. Ltd. | 84,500 | 1,630,761 | |
Toyota Boshoku Corp. | 586,000 | 9,549,283 | |
VT Holdings Co. Ltd. | 1,040,500 | 6,249,749 | |
TOTAL JAPAN | 329,282,752 | ||
Korea (South) - 1.1% | |||
Kia Motors Corp. | 307,040 | 12,949,731 | |
NCSOFT Corp. | 25,824 | 5,716,367 | |
SK Hynix, Inc. | 207,116 | 5,091,089 | |
TOTAL KOREA (SOUTH) | 23,757,187 | ||
Netherlands - 1.2% | |||
ABN AMRO Group NV GDR (a) | 452,717 | 9,275,216 | |
NXP Semiconductors NV (a) | 68,100 | 5,520,867 | |
Unilever NV (NY Reg.) (b) | 257,300 | 11,496,164 | |
TOTAL NETHERLANDS | 26,292,247 | ||
New Zealand - 0.7% | |||
CBL Corp. Ltd. | 7,216,000 | 12,219,863 | |
Z Energy Ltd. | 437,887 | 2,043,006 | |
TOTAL NEW ZEALAND | 14,262,869 | ||
Norway - 0.8% | |||
Borregaard ASA | 1,168,718 | 7,838,816 | |
Statoil ASA | 618,200 | 9,655,269 | |
TOTAL NORWAY | 17,494,085 | ||
Papua New Guinea - 0.2% | |||
Oil Search Ltd. ADR | 891,367 | 4,618,955 | |
Portugal - 0.2% | |||
Energias de Portugal SA | 1,173,155 | 4,173,001 | |
South Africa - 0.6% | |||
Naspers Ltd. Class N | 98,700 | 13,778,390 | |
Spain - 1.9% | |||
Endesa SA | 191,660 | 3,679,177 | |
Gas Natural SDG SA | 219,310 | 4,434,554 | |
Iberdrola SA | 1,336,260 | 8,895,427 | |
International Consolidated Airlines Group SA | 1,282,900 | 10,233,281 | |
Merlin Properties Socimi SA | 1,131,100 | 13,153,944 | |
TOTAL SPAIN | 40,396,383 | ||
Sweden - 2.6% | |||
Alfa Laval AB | 512,500 | 8,370,646 | |
Lundin Petroleum AB (a) | 201,273 | 3,408,991 | |
Nordea Bank AB | 2,008,400 | 19,296,671 | |
Rezidor Hotel Group AB (b) | 3,248,300 | 15,364,730 | |
Svenska Cellulosa AB (SCA) (B Shares) | 260,300 | 8,134,525 | |
TOTAL SWEDEN | 54,575,563 | ||
Switzerland - 6.0% | |||
Adecco SA (Reg.) | 194,102 | 12,646,758 | |
EFG International | 606,531 | 3,469,316 | |
Nestle SA | 240,231 | 17,926,222 | |
Novartis AG | 453,160 | 32,787,002 | |
Roche Holding AG (participation certificate) | 30,849 | 7,574,672 | |
Sika AG | 2,380 | 9,420,498 | |
Sonova Holding AG Class B | 31,792 | 4,060,171 | |
Syngenta AG (Switzerland) | 42,141 | 17,475,738 | |
Zurich Insurance Group AG | 91,290 | 21,200,205 | |
TOTAL SWITZERLAND | 126,560,582 | ||
Taiwan - 0.3% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. | 1,236,000 | 6,158,074 | |
Thailand - 1.2% | |||
Kasikornbank PCL (For. Reg.) | 2,647,300 | 13,163,162 | |
TISCO Financial Group PCL | 9,513,500 | 12,299,027 | |
TOTAL THAILAND | 25,462,189 | ||
United Kingdom - 19.7% | |||
Aldermore Group PLC | 2,303,655 | 6,948,111 | |
Associated British Foods PLC | 172,300 | 8,287,632 | |
Aviva PLC | 2,517,815 | 16,439,936 | |
BAE Systems PLC | 2,012,700 | 14,681,210 | |
Barclays PLC | 4,735,193 | 10,164,568 | |
Bellway PLC | 335,600 | 12,643,004 | |
BP PLC | 708,437 | 3,544,569 | |
British American Tobacco PLC (United Kingdom) | 117,000 | 6,841,688 | |
Britvic PLC | 691,600 | 7,057,471 | |
BT Group PLC | 1,123,490 | 7,093,892 | |
Cairn Energy PLC (a) | 1,486,224 | 4,269,178 | |
Centrica PLC | 1,778,400 | 5,815,975 | |
Countrywide PLC | 1,011,200 | 5,600,208 | |
Diageo PLC | 602,555 | 16,247,331 | |
Essentra PLC | 853,586 | 10,144,843 | |
GlaxoSmithKline PLC | 1,310,000 | 26,518,672 | |
Howden Joinery Group PLC | 1,983,100 | 13,617,375 | |
HSBC Holdings PLC (United Kingdom) | 1,881,100 | 11,698,496 | |
Imperial Tobacco Group PLC | 251,309 | 13,943,211 | |
Informa PLC | 560,468 | 5,586,507 | |
ITV PLC | 3,421,388 | 11,852,492 | |
Lloyds Banking Group PLC | 24,578,300 | 23,939,242 | |
London Stock Exchange Group PLC | 280,338 | 11,354,320 | |
Mondi PLC | 657,300 | 12,612,470 | |
Moneysupermarket.com Group PLC | 1,749,100 | 7,981,084 | |
National Grid PLC | 800,640 | 11,328,548 | |
Prudential PLC | 874,397 | 16,271,191 | |
Reckitt Benckiser Group PLC | 133,600 | 12,886,611 | |
Rio Tinto PLC | 205,300 | 5,754,700 | |
Royal Dutch Shell PLC: | |||
Class A (United Kingdom) | 446,711 | 10,786,274 | |
Class B (United Kingdom) | 453,079 | 11,025,578 | |
Schroders PLC | 219,600 | 8,462,195 | |
Shawbrook Group PLC | 1,745,400 | 7,530,520 | |
St. James's Place Capital PLC | 668,193 | 8,814,773 | |
Standard Chartered PLC (Hong Kong) | 1,694,822 | 11,240,771 | |
Tesco PLC (a) | 3,148,300 | 8,646,765 | |
Victrex PLC | 170,709 | 4,040,580 | |
Virgin Money Holdings Uk PLC | 1,434,000 | 7,597,800 | |
Vodafone Group PLC | 5,666,228 | 18,005,334 | |
TOTAL UNITED KINGDOM | 417,275,125 | ||
United States of America - 5.1% | |||
Amgen, Inc. | 35,000 | 5,247,550 | |
Amplify Snack Brands, Inc. (b) | 401,235 | 5,745,685 | |
Chevron Corp. | 84,500 | 8,061,300 | |
ConocoPhillips Co. | 192,700 | 7,760,029 | |
Constellation Brands, Inc. Class A (sub. vtg.) | 70,300 | 10,621,627 | |
Edgewell Personal Care Co. (a) | 75,700 | 6,096,121 | |
Eli Lilly & Co. | 55,600 | 4,003,756 | |
Hess Corp. | 37,600 | 1,979,640 | |
Macy's, Inc. | 145,700 | 6,423,913 | |
Mead Johnson Nutrition Co. Class A | 71,100 | 6,041,367 | |
Molson Coors Brewing Co. Class B | 145,300 | 13,974,954 | |
Monster Beverage Corp. | 75,400 | 10,056,852 | |
Newell Rubbermaid, Inc. (b) | 215,700 | 9,553,353 | |
Reynolds American, Inc. | 123,600 | 6,218,316 | |
WhiteWave Foods Co. (a) | 145,300 | 5,904,992 | |
TOTAL UNITED STATES OF AMERICA | 107,689,455 | ||
TOTAL COMMON STOCKS | �� | ||
(Cost $1,995,164,183) | 2,036,362,338 | ||
Nonconvertible Preferred Stocks - 0.6% | |||
Germany - 0.6% | |||
Porsche Automobil Holding SE (Germany) | |||
(Cost $11,322,187) | 240,100 | 12,409,512 | |
Money Market Funds - 4.2% | |||
Fidelity Cash Central Fund, 0.39% (c) | 41,517,555 | 41,517,555 | |
Fidelity Securities Lending Cash Central Fund, 0.42% (c)(d) | 46,590,692 | 46,590,692 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $88,108,247) | 88,108,247 | ||
TOTAL INVESTMENT PORTFOLIO - 101.0% | |||
(Cost $2,094,594,617) | 2,136,880,097 | ||
NET OTHER ASSETS (LIABILITIES) - (1.0)% | (20,112,855) | ||
NET ASSETS - 100% | $2,116,767,242 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) 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 are available on the SEC's website or upon request.
(d) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $72,820 |
Fidelity Securities Lending Cash Central Fund | 644,918 |
Total | $717,738 |
Investment Valuation
The following is a summary of the inputs used, as of March 31, 2016, 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: | ||||
Consumer Discretionary | $272,546,740 | $236,118,503 | $36,428,237 | $-- |
Consumer Staples | 239,430,013 | 156,951,822 | 82,478,191 | -- |
Energy | 130,044,751 | 74,821,363 | 55,223,388 | -- |
Financials | 536,795,056 | 401,484,961 | 135,310,095 | -- |
Health Care | 204,337,809 | 62,143,812 | 142,193,997 | -- |
Industrials | 260,629,920 | 237,578,064 | 23,051,856 | -- |
Information Technology | 86,290,538 | 61,395,241 | 24,895,297 | -- |
Materials | 141,497,413 | 99,230,421 | 42,266,992 | -- |
Telecommunication Services | 102,631,746 | 26,517,854 | 76,113,892 | -- |
Utilities | 74,567,864 | 46,519,138 | 28,048,726 | -- |
Money Market Funds | 88,108,247 | 88,108,247 | -- | -- |
Total Investments in Securities: | $2,136,880,097 | $1,490,869,426 | $646,010,671 | $-- |
The following is a summary of transfers between Level 1 and Level 2 for the period ended March 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:
Transfers | Total |
Level 1 to Level 2 | $60,399,223 |
Level 2 to Level 1 | $370,384,461 |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
March 31, 2016 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $44,151,461) — See accompanying schedule: Unaffiliated issuers (cost $2,006,486,369) | $2,048,771,849 | |
Fidelity Central Funds (cost $88,108,248) | 88,108,248 | |
Total Investments (cost $2,094,594,617) | $2,136,880,097 | |
Cash | 36,827 | |
Receivable for investments sold | 11,210,690 | |
Receivable for fund shares sold | 34,444,493 | |
Dividends receivable | 16,520,832 | |
Distributions receivable from Fidelity Central Funds | 202,177 | |
Total assets | 2,199,295,116 | |
Liabilities | ||
Payable to custodian bank | $1,148 | |
Payable for investments purchased | 4,770,588 | |
Payable for fund shares redeemed | 31,098,600 | |
Other payables and accrued expenses | 66,846 | |
Collateral on securities loaned, at value | 46,590,692 | |
Total liabilities | 82,527,874 | |
Net Assets | $2,116,767,242 | |
Net Assets consist of: | ||
Paid in capital | $2,074,048,288 | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 42,718,954 | |
Net Assets, for 28,919,127 shares outstanding | $2,116,767,242 | |
Net Asset Value, offering price and redemption price per share ($2,116,767,242 ÷ 28,919,127 shares) | $73.20 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended March 31, 2016 (Unaudited) | ||
Investment Income | ||
Dividends | $25,944,438 | |
Income from Fidelity Central Funds | 717,738 | |
Income before foreign taxes withheld | 26,662,176 | |
Less foreign taxes withheld | (2,076,555) | |
Total income | 24,585,621 | |
Expenses | ||
Custodian fees and expenses | $137,736 | |
Independent directors' compensation | 4,704 | |
Total expenses before reductions | 142,440 | |
Expense reductions | (4,704) | 137,736 |
Net investment income (loss) | 24,447,885 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | (44,268,487) | |
Foreign currency transactions | (650,519) | |
Futures contracts | 759,677 | |
Total net realized gain (loss) | (44,159,329) | |
Change in net unrealized appreciation (depreciation) on: Investment securities | 77,847,491 | |
Assets and liabilities in foreign currencies | 639,611 | |
Total change in net unrealized appreciation (depreciation) | 78,487,102 | |
Net gain (loss) | 34,327,773 | |
Net increase (decrease) in net assets resulting from operations | $58,775,658 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended March 31, 2016 (Unaudited) | Year ended September 30, 2015 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $24,447,885 | $77,310,976 |
Net realized gain (loss) | (44,159,329) | (3,590,777) |
Change in net unrealized appreciation (depreciation) | 78,487,102 | (263,519,695) |
Net increase (decrease) in net assets resulting from operations | 58,775,658 | (189,799,496) |
Distributions to partners from net investment income | (24,449,317) | (73,944,373) |
Affiliated share transactions | ||
Proceeds from sales of shares | 81,160,018 | 257,968,340 |
Reinvestment of distributions | 24,449,143 | 73,943,954 |
Cost of shares redeemed | (128,100,441) | (804,636,648) |
Net increase (decrease) in net assets resulting from share transactions | (22,491,280) | (472,724,354) |
Total increase (decrease) in net assets | 11,835,061 | (736,468,223) |
Net Assets | ||
Beginning of period | 2,104,932,181 | 2,841,400,404 |
End of period | $2,116,767,242 | $2,104,932,181 |
Other Affiliated Information | ||
Shares | ||
Sold | 1,104,879 | 3,240,150 |
Issued in reinvestment of distributions | 323,978 | 909,204 |
Redeemed | (1,759,791) | (10,806,012) |
Net increase (decrease) | (330,934) | (6,656,658) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity International Equity Central Fund
Six months ended March 31, (Unaudited) | Years ended September 30, | |||||
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $71.96 | $79.13 | $78.06 | $65.60 | $57.85 | $66.23 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .84 | 2.13 | 2.74B | 2.04 | 2.08 | 2.18 |
Net realized and unrealized gain (loss) | 1.24 | (7.28) | .64 | 12.32 | 7.65 | (8.56) |
Total from investment operations | 2.08 | (5.15) | 3.38 | 14.36 | 9.73 | (6.38) |
Distributions to partners from net investment income | (.84) | (2.02) | (2.31) | (1.90) | (1.98) | (2.00) |
Total distributions | (.84) | (2.02) | (2.31) | (1.90) | (1.98) | (2.00) |
Net asset value, end of period | $73.20 | $71.96 | $79.13 | $78.06 | $65.60 | $57.85 |
Total ReturnC,D | 2.86% | (6.78)% | 4.24% | 22.15% | 17.06% | (10.20)% |
Ratios to Average Net AssetsE,F | ||||||
Expenses before reductions | .01%G | .01% | .01% | .01% | .02% | .02% |
Expenses net of fee waivers, if any | .01%G | .01% | .01% | .01% | .02% | .02% |
Expenses net of all reductions | .01%G | .01% | .01% | .01% | .02% | .02% |
Net investment income (loss) | 2.31%G | 2.67% | 3.34%B | 2.83% | 3.32% | 3.10% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $2,116,767 | $2,104,932 | $2,841,400 | $2,595,878 | $1,348,956 | $1,484,633 |
Portfolio turnover rateH | 61%G | 81% | 67% | 69% | 82% | 117% |
A Calculated based on average shares outstanding during the period.
B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.69 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.50%.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
G Annualized
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended March 31, 2016
1. Organization.
Fidelity International Equity Central Fund (the Fund) is a fund of Fidelity Central Investment Portfolios LLC (the LLC) and is authorized to issue an unlimited number of shares. Shares of the Fund are only offered to other investment companies and accounts managed by Fidelity Management & Research Company (FMR), or its affiliates (the Investing Funds). The LLC is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware Limited Liability Company. Each fund in the LLC is a separate partnership for tax purposes. The Board of Directors may permit the purchase of shares (for cash, securities or other consideration) and admit new Eligible Accredited Investors into each fund, in accordance with the Partnership Agreement.
2. Investments in Fidelity Central Funds.
The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
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 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 Directors (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the FMR Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
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 – 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:
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 vendor 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, Exchange-Traded Funds (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. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of March 31, 2016, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
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 and may include proceeds received from litigation. 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. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
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. 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 Partners. No provision has been made for U.S. Federal income taxes because the Fund allocates, at least annually among its partners, each partner's share of the Fund's income and expenses and capital gains and losses as determined by income tax regulations for inclusion in each partner's tax return.
Distributions are recorded on the ex-dividend date and are paid from net investment income on a book basis. Due to the Fund's partnership structure, paid in capital includes any accumulated net investment income/(loss) and net realized gain/(loss) on investments.
There are no unrecognized tax benefits in the accompanying financial statements in connection with the tax positions taken by the Fund; 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. A 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. The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $221,395,158 |
Gross unrealized depreciation | (191,729,510) |
Net unrealized appreciation (depreciation) on securities | $29,665,648 |
Tax Cost | $2,107,214,449 |
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk:
Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin for derivative instruments in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end.
During the period the Fund recognized net realized gain (loss) of $759,677 related to its investment in futures contracts. This amount is included in the Statement of Operations.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $628,992,580 and $645,632,805, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. FMR Co., Inc. (the investment adviser), an affiliate of FMR, provides the Fund with investment management services. The Fund does not pay any fees for these services. Pursuant to the Fund's management contract with the investment adviser, FMR pays the investment adviser a portion of the management fees it receives from the Investing Funds. In addition, under an expense contract, FMR also pays all other expenses of the Fund, excluding custody fees, the compensation of the independent Directors, and certain exceptions such as interest expense.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions 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 $1,644 for the period.
Interfund Trades. The Fund 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. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
7. Security Lending.
The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the 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 the Fund and any additional required collateral is delivered to the Fund on the next business day. The 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, the Fund may apply collateral received from the borrower against the obligation. The 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. The value of loaned securities and cash collateral at period end are disclosed on the Fund's 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. Total security lending income during the period amounted to $644,918. During the period, there were no securities loaned to FCM.
8. Expense Reductions.
FMR has voluntarily agreed to reimburse a portion of the Fund's operating expenses. For the period, the reimbursement reduced the expenses by $4,704.
9. Other.
The Fund's organizational documents provide former and current directors 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, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds managed by FMR or its affiliates were the owners of record of all of the outstanding shares of the Fund.
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 (October 1, 2015 to March 31, 2016).
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 under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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 Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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.
Annualized Expense Ratio-A | Beginning Account Value October 1, 2015 | Ending Account Value March 31, 2016 | Expenses Paid During Period-B October 1, 2015 to March 31, 2016 | |
Actual | .0130% | $1,000.00 | $1,028.60 | $.07 |
Hypothetical-C | $1,000.00 | $1,024.94 | $.07 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).
C 5% return per year before expenses
Corporate Headquarters
245 Summer St.
Boston, MA 02210
www.fidelity.com
INTCEN-SANN-0516
1.859211.108
Fidelity® Real Estate Equity Central Fund Semi-Annual Report March 31, 2016 |
Contents
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. © 2016 FMR LLC. All rights reserved.
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-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q 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.
Investment Summary (Unaudited)
Top Ten Stocks as of March 31, 2016
% of fund's net assets | % of fund's net assets 6 months ago | |
Simon Property Group, Inc. | 9.8 | 9.6 |
Boston Properties, Inc. | 4.8 | 5.1 |
Ventas, Inc. | 4.8 | 3.0 |
Extra Space Storage, Inc. | 4.1 | 3.6 |
Public Storage | 3.8 | 3.6 |
Essex Property Trust, Inc. | 3.6 | 4.4 |
UDR, Inc. | 3.5 | 3.9 |
Mack-Cali Realty Corp. | 3.2 | 1.7 |
Mid-America Apartment Communities, Inc. | 3.1 | 2.2 |
DCT Industrial Trust, Inc. | 2.8 | 3.0 |
43.5 |
Top Five REIT Sectors as of March 31, 2016
% of fund's net assets | % of fund's net assets 6 months ago | |
REITs - Apartments | 14.3 | 15.2 |
REITs - Office Property | 14.1 | 17.3 |
REITs - Regional Malls | 12.6 | 12.7 |
REITs - Health Care | 11.1 | 11.3 |
REITs - Diversified | 10.3 | 9.6 |
Asset Allocation (% of fund's net assets)
As of March 31, 2016 | ||
Stocks | 97.6% | |
Short-Term Investments and Net Other Assets (Liabilities) | 2.4% |
As of September 30, 2015 | ||
Stocks | 98.1% | |
Short-Term Investments and Net Other Assets (Liabilities) | 1.9% |
Investments March 31, 2016 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.6% | |||
Shares | Value | ||
Hotels, Restaurants & Leisure - 1.1% | |||
Hotels, Resorts & Cruise Lines - 1.1% | |||
Hilton Worldwide Holdings, Inc. | 109,500 | $2,465,940 | |
Real Estate Investment Trusts - 96.5% | |||
REITs - Apartments - 14.3% | |||
AvalonBay Communities, Inc. | 25,850 | 4,916,670 | |
Equity Residential (SBI) | 60,400 | 4,531,812 | |
Essex Property Trust, Inc. | 35,900 | 8,395,574 | |
Mid-America Apartment Communities, Inc. | 69,200 | 7,072,932 | |
UDR, Inc. | 211,800 | 8,160,654 | |
33,077,642 | |||
REITs - Diversified - 10.3% | |||
Cousins Properties, Inc. | 120,250 | 1,248,195 | |
DuPont Fabros Technology, Inc. | 109,700 | 4,446,141 | |
Forest City Realty Trust, Inc. | 163,400 | 3,446,106 | |
Liberty Property Trust (SBI) | 50,700 | 1,696,422 | |
Outfront Media, Inc. | 111,200 | 2,346,320 | |
Store Capital Corp. | 199,300 | 5,157,884 | |
The GEO Group, Inc. | 50,700 | 1,757,769 | |
WP Carey, Inc. | 59,600 | 3,709,504 | |
23,808,341 | |||
REITs - Health Care - 11.1% | |||
Healthcare Realty Trust, Inc. | 207,000 | 6,394,230 | |
Healthcare Trust of America, Inc. | 44,510 | 1,309,484 | |
Medical Properties Trust, Inc. | 58,846 | 763,821 | |
Sabra Health Care REIT, Inc. | 181,000 | 3,636,290 | |
Ventas, Inc. | 176,500 | 11,112,440 | |
Welltower, Inc. | 36,050 | 2,499,707 | |
25,715,972 | |||
REITs - Hotels - 4.7% | |||
Ashford Hospitality Prime, Inc. | 74,800 | 872,916 | |
Chesapeake Lodging Trust | 39,200 | 1,037,232 | |
FelCor Lodging Trust, Inc. | 631,200 | 5,125,344 | |
Host Hotels & Resorts, Inc. | 237,100 | 3,959,570 | |
10,995,062 | |||
REITs - Management/Investment - 5.9% | |||
Coresite Realty Corp. | 94,100 | 6,587,941 | |
Empire State Realty Trust, Inc. | 264,500 | 4,636,685 | |
National Retail Properties, Inc. | 52,000 | 2,402,400 | |
13,627,026 | |||
REITs - Manufactured Homes - 1.9% | |||
Equity Lifestyle Properties, Inc. | 10,600 | 770,938 | |
Sun Communities, Inc. | 49,699 | 3,558,945 | |
4,329,883 | |||
REITs - Office Property - 14.1% | |||
Alexandria Real Estate Equities, Inc. | 19,700 | 1,790,533 | |
Boston Properties, Inc. | 87,600 | 11,132,208 | |
Mack-Cali Realty Corp. | 311,360 | 7,316,960 | |
New York (REIT), Inc. | 57,000 | 575,700 | |
Parkway Properties, Inc. | 183,600 | 2,875,176 | |
SL Green Realty Corp. | 32,400 | 3,138,912 | |
VEREIT, Inc. | 658,206 | 5,838,287 | |
32,667,776 | |||
REITs - Regional Malls - 12.6% | |||
General Growth Properties, Inc. | 83,300 | 2,476,509 | |
Pennsylvania Real Estate Investment Trust (SBI) | 19,500 | 426,075 | |
Simon Property Group, Inc. | 110,000 | 22,845,902 | |
Taubman Centers, Inc. | 15,400 | 1,096,942 | |
The Macerich Co. | 31,200 | 2,472,288 | |
29,317,716 | |||
REITs - Shopping Centers - 7.8% | |||
Brixmor Property Group, Inc. | 23,000 | 589,260 | |
Cedar Shopping Centers, Inc. | 341,479 | 2,468,893 | |
Federal Realty Investment Trust (SBI) | 40,600 | 6,335,630 | |
Kite Realty Group Trust | 39,200 | 1,086,232 | |
Ramco-Gershenson Properties Trust (SBI) | 85,200 | 1,536,156 | |
Urban Edge Properties | 230,650 | 5,959,996 | |
17,976,167 | |||
REITs - Single Tenant - 0.4% | |||
Agree Realty Corp. | 26,200 | 1,007,914 | |
REITs - Storage - 7.9% | |||
Extra Space Storage, Inc. | 102,300 | 9,560,958 | |
Public Storage | 32,100 | 8,854,143 | |
18,415,101 | |||
REITs - Warehouse/Industrial - 4.4% | |||
DCT Industrial Trust, Inc. | 167,575 | 6,614,185 | |
Prologis, Inc. | 28,200 | 1,245,876 | |
Terreno Realty Corp. | 104,500 | 2,450,525 | |
10,310,586 | |||
Specialized REITs - 1.1% | |||
Equinix, Inc. | 5,900 | 1,951,189 | |
Gaming & Leisure Properties | 18,600 | 575,112 | |
2,526,301 | |||
TOTAL REAL ESTATE INVESTMENT TRUSTS | 223,775,487 | ||
TOTAL COMMON STOCKS | |||
(Cost $205,792,335) | 226,241,427 | ||
Money Market Funds - 1.7% | |||
Fidelity Cash Central Fund, 0.39% (a) | |||
(Cost $3,907,668) | 3,907,668 | 3,907,668 | |
TOTAL INVESTMENT PORTFOLIO - 99.3% | |||
(Cost $209,700,003) | 230,149,095 | ||
NET OTHER ASSETS (LIABILITIES) - 0.7% | 1,688,991 | ||
NET ASSETS - 100% | $231,838,086 |
Legend
(a) 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 are available on the SEC's website or upon request.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $6,479 |
Investment Valuation
All investments are categorized as Level 1 under the Fair Value Hierarchy. 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 please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
March 31, 2016 (Unaudited) | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $205,792,335) | $226,241,427 | |
Fidelity Central Funds (cost $3,907,668) | 3,907,668 | |
Total Investments (cost $209,700,003) | $230,149,095 | |
Receivable for investments sold | 3,324,991 | |
Receivable for fund shares sold | 11,883 | |
Dividends receivable | 810,016 | |
Distributions receivable from Fidelity Central Funds | 1,063 | |
Total assets | 234,297,048 | |
Liabilities | ||
Payable for investments purchased | $2,331,090 | |
Payable for fund shares redeemed | 123,878 | |
Other payables and accrued expenses | 3,994 | |
Total liabilities | 2,458,962 | |
Net Assets | $231,838,086 | |
Net Assets consist of: | ||
Paid in capital | $211,388,994 | |
Net unrealized appreciation (depreciation) on investments | 20,449,092 | |
Net Assets, for 2,130,394 shares outstanding | $231,838,086 | |
Net Asset Value, offering price and redemption price per share ($231,838,086 ÷ 2,130,394 shares) | $108.82 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended March 31, 2016 (Unaudited) | ||
Investment Income | ||
Dividends | $3,788,531 | |
Income from Fidelity Central Funds | 6,479 | |
Total income | 3,795,010 | |
Expenses | ||
Custodian fees and expenses | $9,643 | |
Independent directors' compensation | 527 | |
Interest | 1,895 | |
Total expenses before reductions | 12,065 | |
Expense reductions | (548) | 11,517 |
Net investment income (loss) | 3,783,493 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | (7,979,252) | |
Total net realized gain (loss) | (7,979,252) | |
Change in net unrealized appreciation (depreciation) on investment securities | 35,052,122 | |
Net gain (loss) | 27,072,870 | |
Net increase (decrease) in net assets resulting from operations | $30,856,363 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended March 31, 2016 (Unaudited) | For the period November 3, 2014 (commencement of operations) to September 30, 2015 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $3,783,493 | $5,929,823 |
Net realized gain (loss) | (7,979,252) | (5,194,398) |
Change in net unrealized appreciation (depreciation) | 35,052,122 | (14,603,030) |
Net increase (decrease) in net assets resulting from operations | 30,856,363 | (13,867,605) |
Distributions to partners from net investment income | (2,885,807) | (5,366,905) |
Affiliated share transactions | ||
Proceeds from sales of shares | 4,511,616 | 278,546,070 |
Reinvestment of distributions | 2,885,801 | 5,366,905 |
Cost of shares redeemed | (54,744,824) | (13,463,528) |
Net increase (decrease) in net assets resulting from share transactions | (47,347,407) | 270,449,447 |
Total increase (decrease) in net assets | (19,376,851) | 251,214,937 |
Net Assets | ||
Beginning of period | 251,214,937 | – |
End of period | $231,838,086 | $251,214,937 |
Other Affiliated Information | ||
Shares | ||
Sold | 44,634 | 2,699,626 |
Issued in reinvestment of distributions | 28,186 | 52,964 |
Redeemed | (561,298) | (133,718) |
Net increase (decrease) | (488,478) | 2,618,872 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Real Estate Equity Central Fund
Six months ended March 31, (Unaudited) | Year ended September 30, | |
2016 | 2015 A | |
Selected Per–Share Data | ||
Net asset value, beginning of period | $95.92 | $100.00 |
Income from Investment Operations | ||
Net investment income (loss)B | 1.56 | 2.53 |
Net realized and unrealized gain (loss) | 12.53 | (4.24) |
Total from investment operations | 14.09 | (1.71) |
Distributions to partners from net investment income | (1.19) | (2.37) |
Net asset value, end of period | $108.82 | $95.92 |
Total ReturnC,D | 14.77% | (1.81)% |
Ratios to Average Net AssetsE,F | ||
Expenses before reductions | .01%G | .01%G |
Expenses net of fee waivers, if any | .01%G | .01%G |
Expenses net of all reductions | .01%G | .01%G |
Net investment income (loss) | 3.09%G | 2.71%G |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $231,838 | $251,215 |
Portfolio turnover rateH | 63%G | 62%G |
A For the period November 3, 2014 (commencement of operations) to September 30, 2015.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
G Annualized
H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended March 31, 2016
1. Organization.
Fidelity Real Estate Equity Central Fund (the Fund) is a non-diversified fund of Fidelity Central Investment Portfolios LLC (the LLC) and is authorized to issue an unlimited number of shares. Shares of the Fund are only offered to other investment companies and accounts managed by Fidelity Management & Research Company (FMR), or its affiliates (the Investing Funds). The LLC is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware Limited Liability Company. Each fund in the LLC is a separate partnership for tax purposes. The Board of Directors may permit the purchase of shares (for cash, securities or other consideration) and admit new Eligible Accredited Investors into each fund, in accordance with the Partnership Agreement.
2. Investments in Fidelity Central Funds.
The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
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 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 Directors (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the FMR Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
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 – 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:
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 vendor 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, Exchange-Traded Funds (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. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
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. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment.
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. 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 Partners. No provision has been made for U.S. Federal income taxes because the Fund allocates, at least annually among its partners, each partner's share of the Fund's income and expenses and capital gains and losses as determined by income tax regulations for inclusion in each partner's tax return.
Distributions are recorded on the ex-dividend date and are paid from net investment income on a book basis. Due to the Fund's partnership structure, paid in capital includes any accumulated net investment income/(loss) and net realized gain/(loss) on investments.
There are no unrecognized tax benefits in the accompanying financial statements in connection with the tax positions taken by the Fund; 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. A 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. The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $26,619,249 |
Gross unrealized depreciation | (7,096,875) |
Net unrealized appreciation (depreciation) on securities | $19,522,374 |
Tax Cost | $210,626,721 |
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $75,512,800 and $120,947,653, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. FMR Co., Inc. (the investment adviser), an affiliate of FMR, provides the Fund with investment management services. The Fund does not pay any fees for these services. Pursuant to the Fund's management contract with the investment adviser, FMR pays the investment adviser a portion of the management fees it receives from the Investing Funds. In addition, under an expense contract, FMR also pays all other expenses of the Fund, excluding custody fees, the compensation of the independent Directors, and certain exceptions such as interest expense.
Brokerage Commissions. The Fund placed a portion of its portfolio transactions 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 $555 for the period.
Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's 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 |
Borrower | $17,022,000 | .67% | $1,895 |
Interfund Trades. The Fund 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. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
6. Expense Reductions.
FMR has voluntarily agreed to reimburse a portion of the Fund's operating expenses. For the period, the reimbursement reduced the expenses by $527.
In addition, 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. During the period, these credits reduced the Fund's custody expenses by $21.
7. Other.
The Fund's organizational documents provide former and current directors 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, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds managed by FMR or its affiliates were the owners of record of all of the outstanding shares of the Fund.
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 (October 1, 2015 to March 31, 2016).
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 under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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 Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's 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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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.
Annualized Expense Ratio-A | Beginning Account Value October 1, 2015 | Ending Account Value March 31, 2016 | Expenses Paid During Period-B October 1, 2015 to March 31, 2016 | |
Actual | .0094% | $1,000.00 | $1,147.70 | $.05 |
Hypothetical-C | $1,000.00 | $1,024.95 | $.05 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).
C 5% return per year before expenses
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Item 2.
Code of Ethics
Not applicable.
Item 3.
Audit Committee Financial Expert
Not applicable.
Item 4.
Principal Accountant Fees and Services
Not applicable.
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 Fidelity Central Investment Portfolios LLC’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Central Investment Portfolios LLC’s (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.
Item 12.
Exhibits
(a) | (1) | Not applicable. |
(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 Central Investment Portfolios LLC
By: | /s/Stacie M. Smith |
| Stacie M. Smith |
| President and Treasurer |
|
|
Date: | May 25, 2016 |
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: | May 25, 2016 |
By: | /s/Howard J. Galligan III |
| Howard J. Galligan III |
| Chief Financial Officer |
|
|
Date: | May 25, 2016 |