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)
Cynthia Lo Bessette, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
Date of fiscal year end: | September 30 |
Date of reporting period: | March 31, 2022 |
Item 1.
Reports to Stockholders
Fidelity® Floating Rate Central Fund
Semi-Annual Report
March 31, 2022
Contents
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Note to Shareholders:
Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Investment Summary (Unaudited)
Top Bond Issuers as of March 31, 2022
(by issuer, excluding cash equivalents) | % of fund's net assets |
Bass Pro Group LLC | 2.4 |
Asurion LLC | 1.9 |
Caesars Resort Collection LLC | 1.4 |
Intelsat Jackson Holdings SA | 1.4 |
Fertitta Entertainment LLC NV | 1.0 |
TransDigm, Inc. | 1.0 |
Seattle Spinco, Inc. | 0.9 |
Ultimate Software Group, Inc. | 0.9 |
Peraton Corp. | 0.9 |
Athenahealth, Inc. | 0.8 |
12.6 |
Top Five Market Sectors as of March 31, 2022
% of fund's net assets | |
Technology | 15.8 |
Services | 8.4 |
Healthcare | 6.0 |
Telecommunications | 5.9 |
Gaming | 5.2 |
Quality Diversification (% of fund's net assets)
As of March 31, 2022 | ||
AAA,AA,A | 0.1% | |
BBB | 1.6% | |
BB | 24.2% | |
B | 59.5% | |
CCC,CC,C | 2.8% | |
Not Rated | 7.6% | |
Equities | 1.6% | |
Short-Term Investments and Net Other Assets | 2.6% |
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, 2022* | ||
Bank Loan Obligations | 92.9% | |
Nonconvertible Bonds | 2.9% | |
Convertible Bonds, Preferred Stocks | 0.1% | |
Common Stocks | 1.3% | |
Fixed-Income Funds | 0.2% | |
Short-Term Investments and Net Other Assets (Liabilities) | 2.6% |
* Foreign investments - 10.2%
Geographic Diversification (% of fund's net assets)
As of March 31, 2022 | ||
United States of America | 89.8% | |
Luxembourg | 4.8% | |
Canada | 1.1% | |
United Kingdom | 0.7% | |
Netherlands | 0.6% | |
Cayman Islands | 0.5% | |
France | 0.5% | |
Ireland | 0.3% | |
Germany | 0.3% | |
Other | 1.4% |
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Schedule of Investments March 31, 2022 (Unaudited)
Showing Percentage of Net Assets
Bank Loan Obligations - 92.9% | |||
Principal Amount | Value | ||
Aerospace - 1.2% | |||
ADS Tactical, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.750% 6.75% 3/19/26 (a)(b)(c) | $4,560,000 | $4,324,385 | |
Gemini HDPE LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.5% 12/31/27 (a)(b)(c) | 2,075,147 | 2,039,704 | |
Jazz Acquisition, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.250% 4.71% 6/19/26 (a)(b)(c) | 434,199 | 419,701 | |
TransDigm, Inc.: | |||
Tranche E 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.7074% 5/30/25 (a)(b)(c) | 3,074,550 | 3,015,949 | |
Tranche F 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.7074% 12/9/25 (a)(b)(c) | 14,249,243 | 13,999,882 | |
Tranche G 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.7074% 8/22/24 (a)(b)(c) | 9,935,889 | 9,780,691 | |
WP CPP Holdings LLC: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 4/30/25 (a)(b)(c) | 3,899,233 | 3,682,007 | |
Tranche B 2LN, term loan 3 month U.S. LIBOR + 7.750% 8.75% 4/30/26 (a)(b)(c) | 1,000,000 | 974,170 | |
TOTAL AEROSPACE | 38,236,489 | ||
Air Transportation - 1.3% | |||
AAdvantage Loyalty IP Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.5% 4/20/28 (a)(b)(c) | 6,475,000 | 6,549,851 | |
Air Canada Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.25% 8/11/28 (a)(b)(c) | 6,000,000 | 5,937,480 | |
Dynasty Acquisition Co., Inc.: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.506% 4/8/26 (a)(b)(c) | 3,858,443 | 3,784,477 | |
Tranche B2 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.506% 4/4/26 (a)(b)(c) | 2,074,432 | 2,034,665 | |
Mileage Plus Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.250% 6.25% 7/2/27 (a)(b)(c) | 5,580,000 | 5,782,275 | |
SkyMiles IP Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 10/20/27 (a)(b)(c) | 4,905,000 | 5,057,496 | |
United Airlines, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 4/21/28 (a)(b)(c) | 9,929,700 | 9,797,337 | |
WestJet Airlines Ltd. 1LN, term loan 3 month U.S. LIBOR + 3.000% 4% 12/11/26 (a)(b)(c) | 4,501,388 | 4,327,904 | |
TOTAL AIR TRANSPORTATION | 43,271,485 | ||
Automotive & Auto Parts - 1.7% | |||
Adient U.S. LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.7074% 4/8/28 (a)(b)(c) | 2,580,500 | 2,535,341 | |
American Trailer World Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 3/5/28 (a)(b)(c) | 6,911,083 | 6,617,362 | |
Avis Budget Car Rental LLC 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.500% 4% 3/16/29 (a)(b)(c) | 1,175,000 | 1,164,719 | |
Clarios Global LP Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.7074% 4/30/26 (a)(b)(c) | 4,562,298 | 4,499,567 | |
CWGS Group LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 3.25% 6/3/28 (a)(b)(c) | 10,079,237 | 9,669,819 | |
Driven Holdings LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 3.5169% 11/17/28 (a)(b)(c)(d) | 1,245,000 | 1,232,550 | |
Les Schwab Tire Centers Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4% 11/2/27 (a)(b)(c) | 4,014,188 | 3,974,046 | |
Midas Intermediate Holdco II LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 6.750% 7.5% 12/16/25 (a)(b)(c) | 4,863,075 | 4,500,630 | |
PECF USS Intermediate Holding III Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 4.7579% 12/17/28 (a)(b)(c) | 4,139,625 | 4,095,290 | |
Power Stop LLC 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.25% 1/26/29 (a)(b)(c) | 3,170,000 | 3,098,675 | |
Rough Country LLC: | |||
2LN, term loan 1 month U.S. LIBOR + 6.500% 7.506% 7/28/29 (a)(b)(c) | 1,585,000 | 1,569,150 | |
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.506% 7/28/28 (a)(b)(c) | 7,378,799 | 7,263,690 | |
Thor Industries, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.5% 2/1/26 (a)(b)(c) | 592,312 | 588,362 | |
Truck Hero, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4% 1/29/28 (a)(b)(c) | 4,944,703 | 4,784,000 | |
TOTAL AUTOMOTIVE & AUTO PARTS | 55,593,201 | ||
Banks & Thrifts - 0.9% | |||
Citadel Securities LP Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.8049% 2/27/28 (a)(b)(c) | 10,308,244 | 10,240,107 | |
Deerfield Dakota Holding LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 4/9/27 (a)(b)(c) | 4,591,969 | 4,563,269 | |
LHS Borrower LLC Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 4.750% 5.25% 2/18/29(a)(b)(c) | 5,435,000 | 5,367,226 | |
Novae LLC: | |||
1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 5.000% 5.75% 12/22/28 (a)(b)(c) | 2,438,333 | 2,416,998 | |
Tranche DD 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 5.000% 12/22/28 (b)(c)(e) | 696,667 | 690,571 | |
Russell Investments U.S. Institutional Holdco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.5% 5/30/25 (a)(b)(c) | 1,456,135 | 1,435,502 | |
Superannuation & Investments U.S. LLC 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.25% 12/1/28 (a)(b)(c) | 1,800,488 | 1,779,476 | |
Walker & Dunlop, Inc. Tranche B 1LN, term loan CME TERM SOFR 1 MONTH + 2.250% 2.75% 12/16/28 (a)(b)(c) | 1,810,463 | 1,796,884 | |
TOTAL BANKS & THRIFTS | 28,290,033 | ||
Broadcasting - 2.3% | |||
AppLovin Corp.: | |||
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 3.5% 10/21/28 (a)(b)(c) | 2,493,750 | 2,470,882 | |
Tranche B, term loan 3 month U.S. LIBOR + 3.250% 3.7074% 8/15/25 (a)(b)(c) | 11,402,627 | 11,324,291 | |
Diamond Sports Group LLC: | |||
1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 8.000% 9% 5/25/26 (a)(b)(c) | 2,373,060 | 2,403,055 | |
2LN, term loan 3 month U.S. LIBOR + 3.250% 3.545% 8/24/26 (a)(b)(c) | 19,471,472 | 6,583,889 | |
Dotdash Meredith, Inc. Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 4.000% 4.5% 12/1/28 (a)(b)(c) | 12,119,625 | 12,089,326 | |
Entercom Media Corp. Tranche B 2LN, term loan 3 month U.S. LIBOR + 2.500% 2.9471% 11/17/24 (a)(b)(c) | 2,395,807 | 2,350,287 | |
Gray Television, Inc. Tranche D 1LN, term loan 1 month U.S. LIBOR + 3.000% 3.2306% 12/1/28 (a)(b)(c) | 3,680,775 | 3,658,433 | |
Nexstar Broadcasting, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 2.7306% 9/19/26 (a)(b)(c) | 11,592,517 | 11,536,641 | |
Sinclair Television Group, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.96% 9/30/26 (a)(b)(c) | 2,361,626 | 2,286,833 | |
Springer Nature Deutschland GmbH Tranche B18 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.75% 8/14/26 (a)(b)(c) | 3,155,852 | 3,136,128 | |
Univision Communications, Inc. Tranche B 1LN, term loan: | |||
1 month U.S. LIBOR + 3.250% 4% 3/24/26 (a)(b)(c) | 4,835,271 | 4,801,037 | |
1 month U.S. LIBOR + 3.250% 4% 1/31/29 (a)(b)(c) | 10,890,000 | 10,762,914 | |
TOTAL BROADCASTING | 73,403,716 | ||
Building Materials - 2.6% | |||
Acproducts Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 4.75% 5/17/28 (a)(b)(c) | 8,763,133 | 7,881,912 | |
APi Group DE, Inc. Tranche B 1LN, term loan: | |||
1 month U.S. LIBOR + 2.750% 3.2074% 12/18/28 (a)(b)(c) | 5,646,792 | 5,581,854 | |
3 month U.S. LIBOR + 2.500% 2.9574% 10/1/26 (a)(b)(c) | 3,750,491 | 3,703,609 | |
Beacon Roofing Supply, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.250% 2.7074% 5/19/28 (a)(b)(c) | 2,044,550 | 2,011,694 | |
Core & Main LP Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 2.9471% 7/27/28 (a)(b)(c) | 4,855,600 | 4,807,044 | |
DiversiTech Holdings, Inc.: | |||
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.756% 12/22/28 (a)(b)(c) | 2,179,143 | 2,146,456 | |
Tranche B-DD 1LN, term loan 1 month U.S. LIBOR + 3.750% 12/22/28 (b)(c)(e) | 450,857 | 444,094 | |
Hunter Douglas, Inc. Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.500% 4% 2/25/29 (a)(b)(c) | 19,795,000 | 19,374,356 | |
Ingersoll-Rand Services Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 2.2074% 2/28/27(a)(b)(c) | 3,459,375 | 3,396,691 | |
Installed Building Products, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.250% 2.75% 12/14/28 (a)(b)(c) | 2,204,475 | 2,194,555 | |
Smyrna Ready Mix LLC Tranche B 1lN, term loan CME TERM SOFR 1 MONTH INDEX + 4.250% 3/24/29 (b)(c)(f) | 1,760,000 | 1,733,600 | |
SRS Distribution, Inc. Tranche B 1LN, term loan: | |||
1 month U.S. LIBOR + 3.750% 4.0187% 6/4/28 (a)(b)(c) | 8,900,275 | 8,781,634 | |
U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.500% 4% 6/2/28 (a)(b)(c) | 3,125,000 | 3,081,063 | |
Standard Industries, Inc./New Jersey Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 3.7876% 9/22/28 (a)(b)(c) | 6,619,845 | 6,599,985 | |
Traverse Midstream Partners Ll Tranche B, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 4.250% 5.25% 9/27/24 (a)(b)(c) | 3,884,308 | 3,863,255 | |
USIC Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.25% 5/7/28 (a)(b)(c) | 2,805,900 | 2,774,334 | |
White Capital Buyer LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.25% 10/19/27 (a)(b)(c) | 3,688,313 | 3,640,660 | |
TOTAL BUILDING MATERIALS | 82,016,796 | ||
Cable/Satellite TV - 2.0% | |||
Charter Communication Operating LLC Tranche B2 1LN, term loan 3 month U.S. LIBOR + 1.750% 2.21% 2/1/27 (a)(b)(c) | 19,453,850 | 19,270,205 | |
Coral-U.S. Co.-Borrower LLC: | |||
Tranche B, term loan 3 month U.S. LIBOR + 2.250% 2.6466% 1/31/28 (a)(b)(c) | 8,740,000 | 8,536,533 | |
Tranche B6 1LN, term loan 1 month U.S. LIBOR + 3.000% 3.3966% 10/15/29 (a)(b)(c) | 1,940,000 | 1,918,990 | |
CSC Holdings LLC: | |||
Tranche B 5LN, term loan 3 month U.S. LIBOR + 2.500% 2.8966% 4/15/27 (a)(b)(c) | 8,448,854 | 8,288,325 | |
Tranche B3 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.6466% 1/15/26 (a)(b)(c) | 1,940,000 | 1,910,900 | |
DIRECTV Financing LLC 1LN, term loan 1 month U.S. LIBOR + 5.000% 5.75% 8/2/27 (a)(b)(c) | 11,651,000 | 11,625,251 | |
LCPR Loan Financing LLC 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.1466% 9/25/28 (a)(b)(c) | 1,910,000 | 1,901,252 | |
Neptune Finco Corp. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 2.6466% 7/17/25 (a)(b)(c) | 4,716,122 | 4,630,666 | |
Virgin Media Bristol LLC Tranche N, term loan 3 month U.S. LIBOR + 2.500% 2.8966% 1/31/28 (a)(b)(c) | 5,373,792 | 5,300,762 | |
TOTAL CABLE/SATELLITE TV | 63,382,884 | ||
Capital Goods - 1.1% | |||
Ali Group North America Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 10/12/28 (b)(c)(f) | 4,250,000 | 4,182,723 | |
Columbus McKinnon Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 3.8125% 5/14/28 (a)(b)(c) | 3,502,275 | 3,438,078 | |
CPM Holdings, Inc.: | |||
2LN, term loan 3 month U.S. LIBOR + 8.250% 8.4806% 11/15/26 (a)(b)(c) | 514,697 | 509,550 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.7306% 11/15/25 (a)(b)(c) | 2,070,944 | 2,037,291 | |
Doosan Bobcat Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.250% 3.256% 5/18/24 (a)(b)(c) | 2,123,550 | 2,115,247 | |
Griffon Corp. Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 2.750% 3.2669% 1/24/29 (a)(b)(c) | 10,145,000 | 10,027,724 | |
MHI Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 5.4574% 9/20/26 (a)(b)(c) | 3,670,500 | 3,655,194 | |
Resideo Funding, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.7555% 2/12/28 (a)(b)(c) | 1,875,045 | 1,844,576 | |
SRAM LLC. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 3.2507% 5/12/28 (a)(b)(c) | 4,431,818 | 4,374,559 | |
TNT Crane & Rigging LLC 2LN, term loan 3 month U.S. LIBOR + 8.750% 9.75% 4/16/25 (a)(b)(c)(d) | 1,537,443 | 1,475,945 | |
Vertical U.S. Newco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.0187% 7/31/27 (a)(b)(c) | 1,053,286 | 1,042,100 | |
TOTAL CAPITAL GOODS | 34,702,987 | ||
Chemicals - 3.0% | |||
ARC Falcon I, Inc.: | |||
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.25% 9/30/28 (a)(b)(c) | 5,901,515 | 5,749,079 | |
Tranche B 2LN, term loan 1 month U.S. LIBOR + 7.000% 7.5% 9/22/29 (a)(b)(c) | 930,000 | 897,450 | |
Tranche DD 1LN, term loan 1 month U.S. LIBOR + 3.750% 9/30/28 (b)(c)(e) | 863,694 | 841,385 | |
Aruba Investment Holdings LLC: | |||
2LN, term loan 3 month U.S. LIBOR + 7.750% 8.5% 11/24/28 (a)(b)(c) | 1,575,000 | 1,555,313 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 11/24/27 (a)(b)(c) | 4,003,507 | 3,943,454 | |
ASP Chromaflo Dutch I BV Tranche B-2 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.5% 11/18/23 (a)(b)(c) | 583,813 | 582,354 | |
ASP Chromaflo Intermediate Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.5% 11/18/23 (a)(b)(c) | 408,355 | 407,335 | |
Bakelite U.S. Holding Ltd. 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 4.000% 2/2/29 (b)(c)(f) | 2,770,000 | 2,693,825 | |
Cimpress U.S.A., Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 5/17/28 (a)(b)(c) | 2,550,725 | 2,520,448 | |
Consolidated Energy Finance SA: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.0287% 5/7/25 (a)(b)(c)(d) | 3,071,788 | 3,010,352 | |
Tranche B, term loan 3 month U.S. LIBOR + 2.500% 2.964% 5/7/25 (a)(b)(c) | 5,659,063 | 5,446,848 | |
Element Solutions, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.4574% 1/31/26 (a)(b)(c) | 4,390,969 | 4,349,431 | |
GEON Performance Solutions LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.750% 5.5% 8/18/28 (a)(b)(c) | 3,875,525 | 3,858,589 | |
Groupe Solmax, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.5% 6/24/28 (a)(b)(c) | 3,932,302 | 3,858,572 | |
Herens U.S. Holdco Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 7/3/28 (a)(b)(c) | 2,248,041 | 2,189,030 | |
Hexion Holdings Corp. 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 4.500% 5% 3/15/29 (a)(b)(c) | 8,000,000 | 7,800,000 | |
ICP Group Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.756% 12/29/27 (a)(b)(c) | 1,861,200 | 1,805,364 | |
INEOS U.S. Petrochem LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.25% 1/20/26 (a)(b)(c) | 8,714,150 | 8,548,581 | |
Manchester Acquisition Sub LLC Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 5.750% 6.5% 12/1/26(a)(b)(c)(d) | 3,496,238 | 3,391,350 | |
Messer Industries U.S.A., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.7238% 3/1/26 (a)(b)(c) | 2,919,891 | 2,875,684 | |
Olympus Water U.S. Holding Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.8125% 11/9/28 (a)(b)(c) | 5,506,200 | 5,350,485 | |
Oxea Corp. Tranche B2, term loan 3 month U.S. LIBOR + 3.250% 3.5625% 10/11/24 (a)(b)(c) | 3,256,503 | 3,183,232 | |
Starfruit U.S. Holdco LLC Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.006% 10/1/25 (a)(b)(c) | 13,428,028 | 13,209,822 | |
The Chemours Co. LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 2.21% 4/3/25 (a)(b)(c) | 2,276,069 | 2,215,184 | |
Valcour Packaging LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.25% 10/4/28 (a)(b)(c) | 965,000 | 940,875 | |
W.R. Grace Holding LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.8125% 9/22/28 (a)(b)(c) | 4,748,100 | 4,700,619 | |
TOTAL CHEMICALS | 95,924,661 | ||
Consumer Products - 2.3% | |||
19Th Holdings Golf LLC Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.250% 3.75% 2/7/29 (a)(b)(c) | 4,190,000 | 4,137,625 | |
BCPE Empire Holdings, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 4.000% 4.4574% 6/11/26 (a)(b)(c) | 1,707,324 | 1,680,297 | |
Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 4.5% 6/11/26 (a)(b)(c) | 4,996,288 | 4,921,343 | |
Bombardier Recreational Products, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.4574% 5/23/27 (a)(b)(c) | 1,375,960 | 1,348,096 | |
CNT Holdings I Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.25% 11/8/27 (a)(b)(c) | 4,009,500 | 3,983,599 | |
Conair Holdings LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.756% 5/17/28 (a)(b)(c) | 4,064,575 | 3,993,445 | |
Diamond BC BV Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 3.25% 9/29/28 (a)(b)(c) | 4,134,638 | 4,045,743 | |
Energizer Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.75% 12/16/27 (a)(b)(c) | 2,722,500 | 2,674,856 | |
Gloves Buyer, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 1/6/28 (a)(b)(c) | 2,083,802 | 2,047,335 | |
Knowlton Development Corp., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.2074% 12/21/25 (a)(b)(c) | 3,714,915 | 3,649,904 | |
Kronos Acquisition Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.25% 12/22/26 (a)(b)(c) | 8,935,382 | 8,302,489 | |
Mattress Firm, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 5.64% 9/24/28 (a)(b)(c) | 5,407,825 | 5,282,796 | |
Michaels Companies, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.250% 5.256% 4/15/28 (a)(b)(c) | 10,121,821 | 9,473,721 | |
Petco Health & Wellness Co., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4.256% 3/4/28 (a)(b)(c) | 2,232,450 | 2,208,540 | |
Rodan & Fields LLC Tranche B, term loan 3 month U.S. LIBOR + 4.000% 4.3966% 6/15/25 (a)(b)(c) | 2,518,237 | 1,516,457 | |
Runner Buyer, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 5.500% 6.25% 10/20/28 (a)(b)(c) | 2,495,000 | 2,382,725 | |
Sweetwater Borrower LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.5% 8/5/28 (a)(b)(c) | 3,802,060 | 3,754,534 | |
TGP Holdings III LLC: | |||
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 4% 6/29/28 (a)(b)(c) | 1,581,129 | 1,509,978 | |
Tranche DD 1LN, term loan 1 month U.S. LIBOR + 3.500% 6/29/28(b)(c)(e) | 208,482 | 199,100 | |
TKC Holdings, Inc. 1LN, term loan 1 month U.S. LIBOR + 5.500% 7% 5/3/28 (a)(b)(c) | 2,333,748 | 2,295,241 | |
Woof Holdings LLC: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.6779% 12/21/27 (a)(b)(c) | 2,301,750 | 2,281,610 | |
Tranche B 2LN, term loan 3 month U.S. LIBOR + 7.250% 8.1779% 12/21/28 (a)(b)(c) | 605,000 | 596,681 | |
TOTAL CONSUMER PRODUCTS | 72,286,115 | ||
Containers - 2.5% | |||
AOT Packaging Products AcquisitionCo LLC 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.75% 3/3/28 (a)(b)(c) | 7,265,712 | 7,072,952 | |
Berlin Packaging, LLC Tranche B 1LN, term loan: | |||
1 month U.S. LIBOR + 3.750% 4.2808% 3/11/28 (a)(b)(c) | 11,611,650 | 11,489,728 | |
3 month U.S. LIBOR + 3.250% 4.26% 3/11/28 (a)(b)(c) | 584,111 | 572,575 | |
Berry Global, Inc. Tranche Z 1LN, term loan 3 month U.S. LIBOR + 1.750% 2.0711% 7/1/26 (a)(b)(c) | 4,302,210 | 4,235,655 | |
BWAY Holding Co. Tranche B, term loan 3 month U.S. LIBOR + 3.250% 3.4806% 4/3/24 (a)(b)(c) | 1,428,750 | 1,406,719 | |
Canister International Group, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.2074% 12/21/26 (a)(b)(c) | 1,225,000 | 1,215,813 | |
Charter NEX U.S., Inc. 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.5% 12/1/27 (a)(b)(c) | 4,887,152 | 4,856,607 | |
Flex Acquisition Co., Inc. Tranche B 1LN, term loan: | |||
3 month U.S. LIBOR + 3.000% 3.2144% 6/29/25 (a)(b)(c) | 8,645,651 | 8,624,642 | |
3 month U.S. LIBOR + 3.500% 4% 3/2/28 (a)(b)(c) | 11,445,247 | 11,415,719 | |
Graham Packaging Co., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.75% 8/4/27 (a)(b)(c) | 4,490,472 | 4,405,468 | |
Kloeckner Pentaplast of America, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.5544% 2/9/26 (a)(b)(c) | 2,148,300 | 1,950,936 | |
Pixelle Specialty Solutions LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 6.500% 7.5% 10/31/24 (a)(b)(c) | 1,226,326 | 1,199,506 | |
Pregis TopCo Corp. 1LN, term loan: | |||
1 month U.S. LIBOR + 4.000% 4.5% 8/1/26 (a)(b)(c) | 497,500 | 486,306 | |
3 month U.S. LIBOR + 4.000% 4.4574% 7/31/26 (a)(b)(c) | 2,189,238 | 2,139,980 | |
Proampac PG Borrower LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 11/18/25 (a)(b)(c) | 1,495,933 | 1,460,404 | |
Reynolds Consumer Products LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 2.2074% 1/30/27 (a)(b)(c) | 5,269,695 | 5,175,578 | |
Reynolds Group Holdings, Inc. Tranche B 1LN, term loan: | |||
1 month U.S. LIBOR + 3.500% 4% 9/24/28 (a)(b)(c) | 4,134,225 | 4,022,601 | |
3 month U.S. LIBOR + 3.250% 3.7074% 2/5/26 (a)(b)(c) | 3,085,938 | 3,001,722 | |
Ring Container Technologies Group LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.2686% 8/12/28 (a)(b)(c) | 4,588,500 | 4,511,092 | |
Trident Holdings, Inc.: | |||
1LN, term loan 1 month U.S. LIBOR + 4.000% 4.5% 9/17/28 (a)(b)(c) | 2,178,494 | 2,147,189 | |
Tranche DD 1LN, term loan 1 month U.S. LIBOR + 4.000% 4.3135% 9/15/28 (a)(b)(c)(e) | 309,759 | 305,308 | |
TOTAL CONTAINERS | 81,696,500 | ||
Diversified Financial Services - 2.6% | |||
ACNR Holdings, Inc. term loan 17% 9/16/25 (a)(c)(d) | 1,816,095 | 1,866,038 | |
AlixPartners LLP Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.25% 2/4/28 (a)(b)(c) | 3,979,800 | 3,913,258 | |
Asp Resins Merger Sub, Inc. 2LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 7.000% 7.9375% 2/9/30 (a)(b)(c) | 2,105,000 | 2,010,275 | |
AVSC Holding Corp.: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.5% 3/1/25 (a)(b)(c) | 2,956,959 | 2,782,409 | |
Tranche B2 1LN, term loan 3 month U.S. LIBOR + 5.500% 6.5% 10/15/26 (a)(b)(c) | 2,970,653 | 2,821,199 | |
BCP Renaissance Parent LLC Tranche B3 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.500% 4.5% 10/31/26 (a)(b)(c) | 3,056,393 | 3,013,084 | |
Broadstreet Partners, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 3.75% 1/27/27 (a)(b)(c) | 1,791,000 | 1,766,374 | |
Eagle 4 Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.9574% 7/12/28 (a)(b)(c) | 4,695,827 | 4,619,520 | |
Finco I LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.9574% 6/27/25 (a)(b)(c) | 2,088,767 | 2,064,746 | |
Fleetcor Technologies Operating Co. LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 2.2074% 4/30/28 (a)(b)(c) | 1,955,160 | 1,919,205 | |
Fly Funding II SARL Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 2.11% 8/9/25 (a)(b)(c) | 2,686,566 | 2,610,671 | |
Focus Financial Partners LLC: | |||
Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 3% 6/24/28 (a)(b)(c) | 3,698,800 | 3,646,795 | |
Tranche B3 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.4574% 7/3/24 (a)(b)(c) | 2,078,559 | 2,047,817 | |
GT Polaris, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 9/24/27 (a)(b)(c) | 2,266,370 | 2,244,409 | |
HarbourVest Partners LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.4884% 3/1/25 (a)(b)(c) | 4,441,406 | 4,385,889 | |
Hightower Holding LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 4/21/28 (a)(b)(c) | 4,955,100 | 4,905,549 | |
KREF Holdings X LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 9/1/27 (a)(b)(c)(d) | 2,628,500 | 2,602,215 | |
Nexus Buyer LLC: | |||
2LN, term loan 1 month U.S. LIBOR + 6.250% 6.75% 11/5/29 (a)(b)(c) | 2,500,000 | 2,469,800 | |
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.2074% 11/8/26 (a)(b)(c) | 2,984,733 | 2,952,647 | |
Paysafe Holdings U.S. Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 3.25% 6/10/28 (a)(b)(c) | 1,833,289 | 1,750,791 | |
Recess Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.750% 4.75% 9/29/24 (a)(b)(c) | 1,305,641 | 1,277,896 | |
RPI Intermediate Finance Trust Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 2.2074% 2/11/27 (a)(b)(c) | 5,733,112 | 5,670,048 | |
TransUnion LLC: | |||
Tranche B5 1LN, term loan 3 month U.S. LIBOR + 1.750% 2.2074% 11/16/26 (a)(b)(c) | 5,353,982 | 5,269,657 | |
Tranche B6 1LN, term loan 1 month U.S. LIBOR + 2.000% 2.75% 12/1/28 (a)(b)(c) | 3,643,222 | 3,611,344 | |
UFC Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.5% 4/29/26 (a)(b)(c) | 3,877,258 | 3,833,639 | |
WH Borrower LLC Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 5.500% 6% 2/9/27 (a)(b)(c) | 5,870,000 | 5,752,600 | |
TOTAL DIVERSIFIED FINANCIAL SERVICES | 81,807,875 | ||
Diversified Media - 1.2% | |||
Advantage Sales & Marketing, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.500% 5.25% 10/28/27 (a)(b)(c) | 6,984,100 | 6,908,462 | |
Allen Media LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.500% 6.3011% 2/10/27 (a)(b)(c) | 11,491,645 | 11,379,602 | |
Oceankey (U.S.) Ii Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 12/15/28 (a)(b)(c) | 1,820,000 | 1,799,980 | |
Terrier Media Buyer, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.9574% 12/17/26 (a)(b)(c) | 17,322,706 | 17,038,440 | |
TOTAL DIVERSIFIED MEDIA | 37,126,484 | ||
Energy - 3.4% | |||
Apro LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.5% 11/14/26 (a)(b)(c) | 3,196,942 | 3,172,965 | |
Array Technologies, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.75% 10/14/27 (a)(b)(c) | 7,813,469 | 7,588,832 | |
BCP Raptor II LLC Tranche B, term loan 3 month U.S. LIBOR + 4.750% 4.9586% 11/3/25 (a)(b)(c) | 4,859,435 | 4,844,857 | |
BCP Raptor LLC Tranche B, term loan 3 month U.S. LIBOR + 4.250% 5.25% 6/24/24 (a)(b)(c) | 5,166,327 | 5,150,621 | |
Brazos Delaware II LLC Tranche B, term loan 3 month U.S. LIBOR + 4.000% 4.4486% 5/21/25 (a)(b)(c) | 2,686,075 | 2,649,141 | |
BW Gas & Convenience Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4% 3/17/28 (a)(b)(c)(d) | 1,890,713 | 1,859,988 | |
ChampionX Holding, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 6% 6/3/27 (a)(b)(c) | 2,304,063 | 2,307,910 | |
Citgo Holding, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 7.000% 8% 8/1/23 (a)(b)(c) | 2,227,875 | 2,194,457 | |
Citgo Petroleum Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 6.250% 7.25% 3/28/24 (a)(b)(c) | 5,711,355 | 5,683,827 | |
CQP Holdco LP / BIP-V Chinook Holdco LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.25% 6/4/28 (a)(b)(c) | 20,631,325 | 20,505,680 | |
Delek U.S. Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.4806% 3/30/25 (a)(b)(c) | 1,506,015 | 1,462,989 | |
EG America LLC Tranche B 1LN, term loan: | |||
3 month U.S. LIBOR + 4.000% 4.2238% 2/6/25 (a)(b)(c) | 7,398,950 | 7,266,805 | |
3 month U.S. LIBOR + 4.250% 4.75% 3/10/26 (a)(b)(c) | 1,331,131 | 1,309,500 | |
EG Finco Ltd. Tranche B, term loan 3 month U.S. LIBOR + 4.000% 4.2238% 2/6/25 (a)(b)(c) | 3,147,616 | 3,091,399 | |
Epic Crude Services LP Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 5.51% 3/1/26 (a)(b)(c) | 3,930,150 | 3,349,235 | |
Esdec Solar Group BV Tranche B 1LN, term loan 1 month U.S. LIBOR + 5.000% 6.4997% 8/27/28 (a)(b)(c)(d) | 5,308,875 | 5,229,242 | |
GIP II Blue Holding LP Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.500% 5.506% 9/29/28 (a)(b)(c) | 7,396,463 | 7,359,480 | |
GIP III Stetson I LP Tranche B, term loan 3 month U.S. LIBOR + 4.250% 4.7074% 7/18/25 (a)(b)(c) | 6,283,434 | 6,074,510 | |
Granite Acquisition, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.756% 3/25/28 (a)(b)(c) | 5,210,625 | 5,161,801 | |
ITT Holdings LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 3.25% 7/30/28 (a)(b)(c) | 3,032,381 | 2,986,895 | |
Natgasoline LLC Tranche B, term loan 3 month U.S. LIBOR + 3.500% 4% 11/14/25 (a)(b)(c) | 4,039,313 | 3,988,821 | |
Rockwood Service Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.4574% 1/23/27 (a)(b)(c) | 4,219,084 | 4,197,988 | |
WaterBridge Operating LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.750% 6.75% 6/21/26 (a)(b)(c) | 2,925,000 | 2,815,313 | |
TOTAL ENERGY | 110,252,256 | ||
Entertainment/Film - 0.4% | |||
AP Core Holdings II LLC: | |||
Tranche B1 1LN, term loan 1 month U.S. LIBOR + 5.500% 6.25% 9/1/27 (a)(b)(c) | 4,260,380 | 4,233,752 | |
Tranche B2 1LN, term loan 1 month U.S. LIBOR + 5.500% 6.25% 9/1/27 (a)(b)(c) | 3,430,000 | 3,408,563 | |
SMG U.S. Midco 2, Inc. 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.8441% 1/23/25 (a)(b)(c) | 4,079,620 | 3,916,435 | |
TOTAL ENTERTAINMENT/FILM | 11,558,750 | ||
Environmental - 0.9% | |||
Clean Harbors, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.000% 2.4574% 10/8/28 (a)(b)(c) | 3,990,000 | 3,945,113 | |
Covanta Holding Corp.: | |||
Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 3% 11/30/28 (a)(b)(c) | 3,958,484 | 3,934,575 | |
Tranche C 1LN, term loan 1 month U.S. LIBOR + 2.500% 3% 11/30/28 (a)(b)(c) | 296,516 | 294,725 | |
Madison IAQ LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 4.5244% 6/21/28 (a)(b)(c) | 12,104,794 | 11,913,175 | |
The Brickman Group, Ltd. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 3% 8/15/25 (a)(b)(c) | 2,969,152 | 2,943,172 | |
TRC Companies, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.25% 11/17/28 (a)(b)(c) | 3,665,000 | 3,600,863 | |
WTG Holdings III Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 3% 4/1/28 (a)(b)(c) | 1,200,925 | 1,182,911 | |
TOTAL ENVIRONMENTAL | 27,814,534 | ||
Food & Drug Retail - 0.8% | |||
8th Avenue Food & Provisions, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.750% 5.5% 10/1/25 (a)(b)(c) | 1,266,825 | 1,124,307 | |
Froneri U.S., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.7074% 1/29/27 (a)(b)(c) | 3,505,063 | 3,436,854 | |
GOBP Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.2074% 10/22/25 (a)(b)(c) | 1,541,044 | 1,526,604 | |
JBS U.S.A. Lux SA Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.8044% 5/1/26 (a)(b)(c) | 11,195,878 | 11,081,568 | |
JP Intermediate B LLC Tranche B, term loan 3 month U.S. LIBOR + 5.500% 6.5% 11/20/25 (a)(b)(c) | 5,905,960 | 5,005,301 | |
PetIQ, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 4.75% 4/13/28 (a)(b)(c) | 4,657,947 | 4,623,012 | |
TOTAL FOOD & DRUG RETAIL | 26,797,646 | ||
Food/Beverage/Tobacco - 1.3% | |||
8th Avenue Food & Provisions, Inc.: | |||
2LN, term loan 3 month U.S. LIBOR + 7.750% 8.2074% 10/1/26 (a)(b)(c) | 410,000 | 369,000 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.2074% 10/1/25 (a)(b)(c) | 1,561,904 | 1,351,047 | |
Bengal Debt Merger Sub LLC: | |||
1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.250% 3.75% 1/24/29 (a)(b)(c) | 8,130,000 | 7,984,798 | |
2LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 6.000% 6.7511% 1/24/30 (a)(b)(c) | 2,185,000 | 2,174,075 | |
Chobani LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.5% 10/23/27 (a)(b)(c) | 4,796,950 | 4,707,007 | |
Del Monte Foods, Inc. Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 4.250% 2/15/29 (b)(c)(f) | 8,135,000 | 8,002,806 | |
Shearer's Foods, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.25% 9/23/27 (a)(b)(c) | 3,523,494 | 3,413,385 | |
Triton Water Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.506% 3/31/28 (a)(b)(c) | 11,106,081 | 10,814,546 | |
U.S. Foods, Inc. 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.5079% 9/13/26 (a)(b)(c) | 2,793,295 | 2,732,988 | |
TOTAL FOOD/BEVERAGE/TOBACCO | 41,549,652 | ||
Gaming - 4.7% | |||
Aristocrat International Pty Ltd. Tranche B 3LN, term loan 3 month U.S. LIBOR + 1.750% 2.004% 10/19/24 (a)(b)(c) | 3,435,371 | 3,398,166 | |
Bally's Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 3.75% 10/1/28 (a)(b)(c) | 11,970,000 | 11,895,188 | |
Caesars Resort Collection LLC: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.2074% 12/22/24 (a)(b)(c) | 32,066,970 | 31,866,551 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 3.9574% 7/20/25 (a)(b)(c) | 13,790,000 | 13,727,945 | |
Cypress Intermediate Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.250% 3.256% 9/21/28 (a)(b)(c) | 1,741,136 | 1,721,984 | |
Fertitta Entertainment LLC NV Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 4.000% 4.5% 1/27/29 (a)(b)(c) | 32,265,432 | 32,063,773 | |
Golden Entertainment, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 3.75% 10/20/24 (a)(b)(c) | 7,693,917 | 7,588,125 | |
GVC Holdings Gibraltar Ltd. Tranche B4 1LN, term loan 1 month U.S. LIBOR + 2.250% 3.7427% 3/16/27 (a)(b)(c) | 4,962,500 | 4,912,875 | |
J&J Ventures Gaming LLC 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 4/26/28 (a)(b)(c) | 2,810,875 | 2,779,253 | |
PCI Gaming Authority 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.9574% 5/29/26 (a)(b)(c) | 3,284,152 | 3,254,890 | |
Penn National Gaming, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 3% 10/15/25 (a)(b)(c) | 3,160,156 | 3,137,782 | |
Playtika Holding Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.2074% 3/11/28 (a)(b)(c) | 4,692,600 | 4,616,861 | |
Scientific Games Corp. Tranche B 5LN, term loan 3 month U.S. LIBOR + 2.750% 3.2074% 8/14/24 (a)(b)(c) | 3,335,992 | 3,321,414 | |
Scientific Games Holdings LP term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.500% 2/4/29 (b)(c)(f) | 6,095,000 | 6,031,856 | |
Stars Group Holdings BV Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.250% 3.256% 7/16/26 (a)(b)(c) | 10,096,007 | 10,005,547 | |
Station Casinos LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.71% 2/7/27 (a)(b)(c) | 10,456,678 | 10,302,756 | |
TOTAL GAMING | 150,624,966 | ||
Healthcare - 5.9% | |||
Accelerated Health Systems LLC Tranche B1 LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 4.250% 5.1596% 2/2/29 (a)(b)(c) | 2,070,000 | 2,053,192 | |
AHP Health Partners, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 8/23/28 (a)(b)(c) | 3,099,425 | 3,065,517 | |
Avantor Funding, Inc. Tranche B5 1LN, term loan 1 month U.S. LIBOR + 2.250% 2.75% 11/6/27 (a)(b)(c) | 6,898,733 | 6,835,886 | |
Curia Global, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 8/30/26 (a)(b)(c) | 2,287,713 | 2,265,247 | |
Da Vinci Purchaser Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 5% 12/13/26 (a)(b)(c) | 9,276,059 | 9,225,783 | |
Elanco Animal Health, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 1.9806% 8/1/27 (a)(b)(c) | 10,839,412 | 10,653,082 | |
Electron BidCo, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 3.75% 11/1/28 (a)(b)(c) | 3,300,000 | 3,259,773 | |
Embecta Corp. Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.000% 3/31/29 (b)(c)(f) | 2,771,522 | 2,730,448 | |
Gainwell Acquisition Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 5.006% 10/1/27 (a)(b)(c) | 17,031,591 | 16,989,012 | |
HAH Group Holding Co. LLC: | |||
1LN, term loan 3 month U.S. LIBOR + 5.000% 6% 10/29/27 (a)(b)(c) | 781,789 | 770,062 | |
Tranche DD 1LN, term loan 3 month U.S. LIBOR + 5.000% 6% 10/29/27 (a)(b)(c) | 98,881 | 97,398 | |
Horizon Pharma U.S.A., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 2.25% 3/15/28 (a)(b)(c) | 2,841,300 | 2,809,335 | |
ICU Medical, Inc. Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 2.500% 3% 1/6/29 (a)(b)(c) | 3,655,000 | 3,636,725 | |
Insulet Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 3.75% 5/4/28 (a)(b)(c) | 7,637,288 | 7,580,008 | |
Jazz Financing Lux SARL Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 5/5/28 (a)(b)(c) | 9,190,550 | 9,148,090 | |
Mamba Purchaser, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.25% 10/14/28 (a)(b)(c) | 2,765,000 | 2,730,438 | |
Maravai Intermediate Holdings LLC Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.000% 3.1367% 10/19/27 (a)(b)(c) | 4,234,236 | 4,213,065 | |
MED ParentCo LP: | |||
1LN, term loan 3 month U.S. LIBOR + 4.250% 4.7074% 8/31/26 (a)(b)(c) | 3,452,540 | 3,410,453 | |
2LN, term loan 3 month U.S. LIBOR + 8.250% 8.7074% 8/30/27 (a)(b)(c) | 1,310,000 | 1,296,900 | |
Mozart Borrower LP Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 3.75% 10/21/28 (a)(b)(c) | 12,920,000 | 12,784,340 | |
National Mentor Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 3/2/28 (a)(b)(c) | 1,756,357 | 1,696,096 | |
Organon & Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.5625% 6/2/28 (a)(b)(c) | 8,754,633 | 8,699,917 | |
Ortho-Clinical Diagnostics, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.2346% 6/30/25 (a)(b)(c) | 1,623,446 | 1,615,832 | |
Packaging Coordinators Midco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.756% 11/30/27 (a)(b)(c) | 6,085,689 | 6,046,376 | |
Pathway Vet Alliance LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.2074% 3/31/27 (a)(b)(c) | 8,330,236 | 8,231,357 | |
Phoenix Newco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 11/15/28 (a)(b)(c) | 14,810,000 | 14,688,410 | |
Pluto Acquisition I, Inc. term loan 1 month U.S. LIBOR + 4.000% 4.5079% 6/20/26 (a)(b)(c) | 3,864,029 | 3,806,068 | |
PRA Health Sciences, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.250% 2.75% 7/1/28 (a)(b)(c) | 4,335,205 | 4,310,841 | |
Radiology Partners, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 4.7063% 7/9/25 (a)(b)(c) | 4,405,000 | 4,341,304 | |
RadNet Management, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.7538% 4/23/28 (a)(b)(c) | 1,548,300 | 1,525,633 | |
Sharp Midco LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 5.006% 12/31/28 (a)(b)(c) | 2,525,000 | 2,506,063 | |
Surgery Center Holdings, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.5% 8/31/26 (a)(b)(c) | 541,715 | 536,910 | |
U.S. Anesthesia Partners, Inc.: | |||
2LN, term loan 1 month U.S. LIBOR + 7.500% 8% 10/1/29 (a)(b)(c) | 775,000 | 759,500 | |
Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 4.75% 10/1/28 (a)(b)(c) | 6,169,000 | 6,117,365 | |
U.S. Radiology Specialists, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.250% 6.3125% 12/15/27 (a)(b)(c) | 4,164,525 | 4,146,326 | |
U.S. Renal Care, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 5.25% 6/13/26 (a)(b)(c) | 8,197,991 | 7,490,914 | |
Upstream Newco, Inc. 1LN, term loan 1 month U.S. LIBOR + 4.250% 4.6771% 11/20/26 (a)(b)(c) | 2,171,714 | 2,156,794 | |
Valeant Pharmaceuticals International, Inc.: | |||
Tranche B 2LN, term loan 3 month U.S. LIBOR + 2.750% 3.2074% 11/27/25 (a)(b)(c) | 4,309,799 | 4,266,701 | |
Tranche B, term loan 3 month U.S. LIBOR + 3.000% 3.2086% 6/1/25 (a)(b)(c) | 1,317,703 | 1,305,620 | |
TOTAL HEALTHCARE | 189,802,781 | ||
Homebuilders/Real Estate - 0.9% | |||
DTZ U.S. Borrower LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.2074% 8/21/25 (a)(b)(c) | 12,987,244 | 12,792,435 | |
Fluidra Finco SL Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 2.000% 2.5% 1/21/29 (a)(b)(c) | 5,241,863 | 5,193,375 | |
Landry's Finance Acquisition Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 12.000% 13% 10/4/23 (a)(b)(c) | 1,250,000 | 1,325,000 | |
Lightstone Holdco LLC: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 1/30/24 (a)(b)(c) | 4,512,428 | 4,063,441 | |
Tranche C 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 1/30/24 (a)(b)(c) | 254,508 | 229,185 | |
Ryan Specialty Group LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.75% 9/1/27 (a)(b)(c) | 4,550,700 | 4,512,793 | |
TOTAL HOMEBUILDERS/REAL ESTATE | 28,116,229 | ||
Hotels - 2.1% | |||
Aimbridge Acquisition Co., Inc.: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.5% 2/1/26 (a)(b)(c) | 1,216,511 | 1,205,867 | |
Tranche B, term loan 3 month U.S. LIBOR + 3.750% 4.2074% 2/1/26 (a)(b)(c) | 3,183,326 | 3,112,688 | |
ASP LS Acquisition Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 5.25% 4/30/28 (a)(b)(c) | 3,532,250 | 3,510,173 | |
BRE/Everbright M6 Borrower LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 5.000% 5.75% 9/9/26 (a)(b)(c) | 2,994,950 | 2,927,564 | |
Carnival Finance LLC Tranche B 1LN, term loan: | |||
1 month U.S. LIBOR + 3.250% 4% 10/18/28 (a)(b)(c) | 10,234,350 | 9,991,284 | |
3 month U.S. LIBOR + 3.000% 3.75% 6/30/25 (a)(b)(c) | 5,534,758 | 5,374,250 | |
Four Seasons Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 2.2086% 11/30/23 (a)(b)(c) | 6,728,378 | 6,699,984 | |
Hilton Grand Vacations Borrower LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 3.5% 8/2/28 (a)(b)(c) | 15,054,161 | 14,948,782 | |
Hilton Worldwide Finance LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 2.2066% 6/21/26 (a)(b)(c) | 2,792,849 | 2,761,094 | |
Marriott Ownership Resorts, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 2.2074% 8/31/25 (a)(b)(c) | 3,381,280 | 3,277,306 | |
Oravel Stays Singapore Pte Ltd. Tranche B 1LN, term loan 1 month U.S. LIBOR + 8.250% 9.21% 6/23/26 (a)(b)(c) | 2,064,400 | 2,054,078 | |
Travelport Finance Luxembourg SARL 1LN, term loan: | |||
3 month U.S. LIBOR + 2.500% 9.756% 2/28/25 (a)(b)(c) | 3,631,678 | 3,759,295 | |
3 month U.S. LIBOR + 6.750% 7.756% 5/30/26 (a)(b)(c) | 4,629,455 | 4,085,494 | |
Wyndham Hotels & Resorts, Inc. Tranche B, term loan 3 month U.S. LIBOR + 1.750% 2.2074% 5/30/25 (a)(b)(c) | 3,627,316 | 3,590,390 | |
TOTAL HOTELS | 67,298,249 | ||
Insurance - 4.8% | |||
Acrisure LLC: | |||
Tranche B 1LN, term loan: | |||
1 month U.S. LIBOR + 4.250% 4.75% 2/15/27 (a)(b)(c) | 2,573,550 | 2,559,087 | |
3 month U.S. LIBOR + 3.500% 3.9574% 2/13/27 (a)(b)(c) | 16,472,437 | 16,211,678 | |
Tranche B-2 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.25% 2/15/27 (a)(b)(c) | 835,800 | 829,013 | |
Alliant Holdings Intermediate LLC: | |||
Tranche B, term loan 3 month U.S. LIBOR + 3.250% 3.7074% 5/10/25 (a)(b)(c) | 6,101,496 | 6,027,424 | |
Tranche B-2 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.7074% 5/9/25 (a)(b)(c) | 972,500 | 961,151 | |
Tranche B3 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 11/6/27 (a)(b)(c) | 8,208,750 | 8,146,035 | |
AmeriLife Holdings LLC Tranche B 1LN, term loan: | |||
3 month U.S. LIBOR + 4.000% 4.4574% 3/18/27 (a)(b)(c) | 2,256,863 | 2,225,832 | |
3 month U.S. LIBOR + 4.000% 4.75% 3/18/27 (a)(b)(c) | 802,775 | 792,740 | |
AmWINS Group, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 3% 2/19/28 (a)(b)(c) | 6,260,554 | 6,150,994 | |
AssuredPartners, Inc. Tranche B 1LN, term loan: | |||
1 month U.S. LIBOR + 3.500% 4% 2/13/27 (a)(b)(c) | 193,740 | 191,199 | |
3 month U.S. LIBOR + 3.500% 3.9574% 2/13/27 (a)(b)(c) | 6,076,514 | 5,994,481 | |
Asurion LLC: | |||
Tranche B 6LN, term loan 3 month U.S. LIBOR + 3.120% 3.5824% 11/3/23 (a)(b)(c) | 3,157,321 | 3,135,220 | |
Tranche B 7LN, term loan 3 month U.S. LIBOR + 3.000% 3.4574% 11/3/24 (a)(b)(c) | 6,737,500 | 6,643,647 | |
Tranche B3 2LN, term loan 3 month U.S. LIBOR + 5.250% 5.7074% 1/31/28 (a)(b)(c) | 15,975,000 | 15,639,525 | |
Tranche B4 2LN, term loan 1 month U.S. LIBOR + 5.250% 5.7074% 1/20/29 (a)(b)(c) | 19,820,000 | 19,349,275 | |
Tranche B8 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.7074% 12/23/26 (a)(b)(c) | 9,294,634 | 9,081,601 | |
Tranche B9 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.7074% 7/31/27 (a)(b)(c) | 8,004,014 | 7,831,447 | |
HUB International Ltd.: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4% 4/25/25 (a)(b)(c) | 14,554,289 | 14,448,479 | |
Tranche B, term loan 3 month U.S. LIBOR + 3.000% 3.267% 4/25/25 (a)(b)(c) | 12,460,145 | 12,305,639 | |
USI, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 3.250% 4.256% 12/2/26 (a)(b)(c) | 2,866,562 | 2,840,276 | |
Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.006% 5/16/24 (a)(b)(c) | 13,270,453 | 13,170,660 | |
TOTAL INSURANCE | 154,535,403 | ||
Leisure - 3.0% | |||
Alterra Mountain Co. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 8/17/28 (a)(b)(c) | 6,371,796 | 6,316,043 | |
Arcis Golf LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 4.75% 11/24/28 (a)(b)(c) | 1,870,313 | 1,863,299 | |
Callaway Golf Co. Tranche B, term loan 3 month U.S. LIBOR + 4.500% 4.9574% 1/4/26 (a)(b)(c) | 2,699,813 | 2,693,063 | |
City Football Group Ltd. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 7/21/28 (a)(b)(c) | 11,725,000 | 11,475,844 | |
Crown Finance U.S., Inc. Tranche B 1LN, term loan: | |||
1 month U.S. LIBOR + 8.250% 9.25% 5/23/24 (a)(b)(c) | 731,517 | 777,698 | |
3 month U.S. LIBOR + 2.500% 3.5% 2/28/25 (a)(b)(c) | 5,663,348 | 4,356,530 | |
3 month U.S. LIBOR + 2.750% 3.75% 9/30/26 (a)(b)(c) | 2,321,515 | 1,746,940 | |
15.25% 5/23/24 (c) | 1,189,982 | 1,404,036 | |
Delta 2 SARL Tranche B, term loan 3 month U.S. LIBOR + 2.500% 3.5% 2/1/24 (a)(b)(c) | 16,894,747 | 16,799,799 | |
Equinox Holdings, Inc.: | |||
Tranche 2LN, term loan 3 month U.S. LIBOR + 7.000% 8.006% 9/8/24 (a)(b)(c) | 1,000,000 | 875,500 | |
Tranche B-1, term loan 3 month U.S. LIBOR + 3.000% 4.006% 3/8/24 (a)(b)(c) | 5,670,417 | 5,318,851 | |
Excel Fitness Holdings, Inc. 1LN, term loan 3 month U.S. LIBOR + 5.250% 6.25% 10/7/25 (a)(b)(c) | 4,865,115 | 4,773,894 | |
Hayward Industries, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 3% 5/28/28 (a)(b)(c) | 2,769,075 | 2,732,163 | |
Herschend Entertainment Co. LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.25% 8/27/28 (a)(b)(c) | 1,825,825 | 1,812,131 | |
Lids Holdings, Inc. 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 5.500% 6.5% 12/14/26 (a)(b)(c)(d) | 7,236,563 | 7,091,831 | |
MajorDrive Holdings IV LLC 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.5625% 5/12/28 (a)(b)(c) | 5,554,791 | 5,461,082 | |
SeaWorld Parks & Entertainment, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 3.5% 8/25/28 (a)(b)(c) | 6,616,750 | 6,529,078 | |
SP PF Buyer LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 4.9574% 12/21/25 (a)(b)(c) | 4,537,184 | 4,304,654 | |
United PF Holdings LLC: | |||
1LN, term loan 3 month U.S. LIBOR + 4.000% 5.006% 12/30/26 (a)(b)(c) | 7,927,053 | 7,598,080 | |
2LN, term loan 3 month U.S. LIBOR + 8.500% 9.506% 12/30/27 (a)(b)(c) | 750,000 | 725,160 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 8.500% 9.506% 12/30/26 (a)(b)(c)(d) | 945,600 | 951,510 | |
TOTAL LEISURE | 95,607,186 | ||
Paper - 0.8% | |||
Ahlstrom-Munksjo OYJ 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 2/4/28 (a)(b)(c) | 2,555,736 | 2,472,674 | |
Clydesdale Acquisition Holdings, Inc. 1LN, term loan CME TERM SOFR 1 MONTH INDEX + 4.250% 3/30/29 (b)(c)(f) | 18,745,000 | 18,432,521 | |
Journey Personal Care Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 5.256% 3/1/28 (a)(b)(c) | 1,666,604 | 1,582,241 | |
Neenah, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.5% 4/6/28 (a)(b)(c) | 1,708,427 | 1,693,479 | |
TOTAL PAPER | 24,180,915 | ||
Publishing/Printing - 0.7% | |||
Cengage Learning, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.750% 5.75% 7/14/26 (a)(b)(c) | 5,083,340 | 5,035,709 | |
Harland Clarke Holdings Corp.: | |||
1LN, term loan 1 month U.S. LIBOR + 7.750% 8.756% 6/16/26 (a)(b)(c) | 3,045,846 | 2,518,153 | |
Tranche B 7LN, term loan 3 month U.S. LIBOR + 4.750% 5.756% 11/3/23 (a)(b)(c) | 501,315 | 460,272 | |
Learning Care Group (U.S.) No 2, Inc. Tranche B 1LN, term loan: | |||
3 month U.S. LIBOR + 3.250% 4.2503% 3/13/25 (a)(b)(c) | 2,264,985 | 2,227,227 | |
3 month U.S. LIBOR + 8.500% 9.5002% 3/13/25 (a)(b)(c) | 2,392,388 | 2,392,388 | |
MJH Healthcare Holdings LLC Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.500% 4% 1/28/29 (a)(b)(c) | 2,400,000 | 2,376,000 | |
Recorded Books, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.387% 8/29/25 (a)(b)(c) | 2,288,077 | 2,266,157 | |
RLG Holdings LLC: | |||
2LN, term loan 1 month U.S. LIBOR + 7.500% 8.25% 7/2/29 (a)(b)(c) | 590,000 | 584,100 | |
Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 5% 7/8/28 (a)(b)(c) | 2,359,088 | 2,335,497 | |
Scripps (E.W.) Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.75% 1/7/28 (a)(b)(c) | 2,493,750 | 2,473,875 | |
TOTAL PUBLISHING/PRINTING | 22,669,378 | ||
Railroad - 0.9% | |||
AIT Worldwide Logistics Holdings, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.5% 4/6/28 (a)(b)(c) | 6,079,450 | 6,023,215 | |
Echo Global Logistics, Inc. 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.25% 11/23/28 (a)(b)(c) | 2,495,000 | 2,462,266 | |
Einstein Merger Sub, Inc. 2LN, term loan 3 month U.S. LIBOR + 7.250% 7.75% 10/25/28 (a)(b)(c)(d) | 2,095,000 | 2,084,525 | |
First Student Bidco, Inc.: | |||
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 3.5% 7/21/28 (a)(b)(c) | 3,686,545 | 3,652,739 | |
Tranche C 1LN, term loan 1 month U.S. LIBOR + 3.000% 3.5% 7/21/28 (a)(b)(c) | 1,364,216 | 1,351,706 | |
Genesee & Wyoming, Inc. 1LN, term loan 3 month U.S. LIBOR + 2.000% 3.006% 12/30/26 (a)(b)(c) | 5,466,480 | 5,399,844 | |
Worldwide Express, Inc.: | |||
1LN, term loan 1 month U.S. LIBOR + 4.250% 4.7074% 7/22/28 (a)(b)(c) | 6,658,313 | 6,579,278 | |
Tranche B 2LN, term loan 1 month U.S. LIBOR + 7.000% 8.006% 7/22/29 (a)(b)(c) | 1,295,000 | 1,267,481 | |
TOTAL RAILROAD | 28,821,054 | ||
Restaurants - 0.9% | |||
Burger King Worldwide, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 2.2074% 11/19/26 (a)(b)(c) | 2,921,420 | 2,855,075 | |
Flynn Restaurant Group LP Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 4.75% 11/22/28 (a)(b)(c) | 3,226,913 | 3,175,153 | |
KFC Holding Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 2.2176% 3/15/28 (a)(b)(c) | 1,670,625 | 1,653,568 | |
Pacific Bells LLC: | |||
Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.500% 5% 10/20/28 (a)(b)(c) | 2,063,282 | 2,040,071 | |
Tranche B-DD 1LN, term loan 1 month U.S. LIBOR + 4.500% 10/12/28 (b)(c)(e) | 21,546 | 21,304 | |
PFC Acquisition Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 6.250% 6.7074% 3/1/26 (a)(b)(c) | 3,516,250 | 3,460,201 | |
Whatabrands LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 3.75% 7/21/28 (a)(b)(c) | 16,319,100 | 16,104,993 | |
TOTAL RESTAURANTS | 29,310,365 | ||
Services - 8.2% | |||
ABG Intermediate Holdings 2 LLC: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4% 9/27/24 (a)(b)(c) | 2,847,127 | 2,821,019 | |
Tranche B 2LN, term loan 3 month U.S. LIBOR + 6.000% 6.8011% 12/20/29 (a)(b)(c) | 2,355,000 | 2,331,450 | |
Tranche B1 LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.500% 12/21/28 (b)(c)(f) | 1,336,716 | 1,313,324 | |
Tranche B2 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.500% 1/31/29 (b)(c)(f) | 8,521,567 | 8,372,440 | |
Tranche B3 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.500% 12/21/28 (b)(c)(f) | 1,336,716 | 1,313,324 | |
Adtalem Global Education, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 5.25% 8/12/28 (a)(b)(c) | 3,701,608 | 3,681,952 | |
AEA International Holdings Luxembourg SARL Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.8125% 9/7/28 (a)(b)(c) | 3,620,925 | 3,607,347 | |
All-Star Bidco AB: | |||
Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 4.5079% 11/16/28 (a)(b)(c) | 2,493,750 | 2,468,813 | |
Tranche B1 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.0079% 7/21/28 (a)(b)(c) | 4,450,000 | 4,373,505 | |
Allied Universal Holdco LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.25% 5/14/28 (a)(b)(c) | 9,492,300 | 9,334,633 | |
APX Group, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 4.0054% 7/9/28 (a)(b)(c) | 5,951,147 | 5,864,023 | |
Aramark Services, Inc. Tranche B 3LN, term loan 3 month U.S. LIBOR + 1.750% 2.2074% 3/11/25 (a)(b)(c) | 5,211,300 | 5,101,863 | |
Ascend Learning LLC: | |||
2LN, term loan 1 month U.S. LIBOR + 5.750% 6.25% 12/10/29 (a)(b)(c) | 3,705,000 | 3,677,213 | |
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 12/10/28 (a)(b)(c) | 8,882,738 | 8,773,924 | |
Brand Energy & Infrastructure Services, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 5.2501% 6/21/24 (a)(b)(c) | 14,608,106 | 13,912,176 | |
Bright Horizons Family Solutions Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.250% 2.75% 11/19/28 (a)(b)(c) | 2,957,588 | 2,920,618 | |
Cast & Crew Payroll LLC Tranche B 1LN, term loan: | |||
1 month U.S. LIBOR + 3.750% 4.25% 12/30/28 (a)(b)(c) | 2,423,925 | 2,404,994 | |
3 month U.S. LIBOR + 3.500% 3.9574% 2/7/26 (a)(b)(c) | 8,035,839 | 7,972,678 | |
CHG Healthcare Services, Inc. 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.9985% 9/30/28 (a)(b)(c) | 2,691,475 | 2,663,726 | |
Conservice Midco LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 4.7074% 5/13/27 (a)(b)(c) | 281,224 | 277,239 | |
CoreCivic, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 5.5% 12/18/24 (a)(b)(c) | 1,223,256 | 1,207,966 | |
CoreLogic, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4% 6/2/28 (a)(b)(c) | 10,233,575 | 10,099,311 | |
EAB Global, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 8/16/28 (a)(b)(c) | 3,421,425 | 3,382,934 | |
EmployBridge LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.750% 5.756% 7/19/28 (a)(b)(c) | 7,164,000 | 7,071,441 | |
Ensemble RCM LLC 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.049% 8/1/26 (a)(b)(c) | 4,162,263 | 4,134,500 | |
Filtration Group Corp.: | |||
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 10/21/28 (a)(b)(c) | 5,261,813 | 5,196,040 | |
Tranche B, term loan 3 month U.S. LIBOR + 3.000% 3.2086% 3/29/25 (a)(b)(c) | 2,214,714 | 2,179,877 | |
Finastra U.S.A., Inc.: | |||
Tranche 2LN, term loan 3 month U.S. LIBOR + 7.250% 8.25% 6/13/25 (a)(b)(c) | 2,340,000 | 2,297,950 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.5% 6/13/24 (a)(b)(c) | 9,210,067 | 9,082,415 | |
Flexera Software LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 3/3/28 (a)(b)(c) | 1,851,563 | 1,826,770 | |
Franchise Group, Inc. Tranche B 1LN, term loan: | |||
3 month U.S. LIBOR + 4.750% 5.5% 3/10/26 (a)(b)(c) | 4,741,813 | 4,729,958 | |
U.S. Secured Overnight Fin. Rate (SOFR) Indx + 4.750% 5.2922% 11/22/23 (a)(b)(c)(d) | 374,724 | 372,850 | |
Gateway Merger Sub 2021, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 5.250% 6% 6/30/28 (a)(b)(c) | 1,875,575 | 1,854,475 | |
GEMS MENASA Cayman Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 6% 7/30/26 (a)(b)(c) | 5,785,007 | 5,753,942 | |
Greeneden U.S. Holdings II LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.9086% 12/1/27 (a)(b)(c) | 4,341,150 | 4,330,297 | |
Indy U.S. Bidco LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.2074% 3/5/28 (a)(b)(c) | 2,286,958 | 2,261,229 | |
Ion Trading Finance Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.750% 5.2074% 3/26/28 (a)(b)(c) | 10,297,188 | 10,202,762 | |
KNS Acquisitions, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 6.250% 7.256% 4/21/27 (a)(b)(c) | 1,821,938 | 1,776,389 | |
KUEHG Corp.: | |||
Tranche B 2LN, term loan 3 month U.S. LIBOR + 8.250% 9.256% 8/22/25 (a)(b)(c) | 1,000,000 | 994,170 | |
Tranche B, term loan 3 month U.S. LIBOR + 3.750% 4.75% 2/21/25 (a)(b)(c) | 8,847,611 | 8,701,095 | |
Lakeshore Intermediate LLC 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 9/29/28 (a)(b)(c) | 1,840,000 | 1,804,727 | |
Maverick Purchaser Sub LLC: | |||
Tranche B 1LN, term loan: | |||
3 month U.S. LIBOR + 3.500% 3.9574% 1/23/27 (a)(b)(c) | 4,667,585 | 4,601,445 | |
U.S. Secured Overnight Fin. Rate (SOFR) Indx + 4.000% 4.6467% 2/16/29 (a)(b)(c) | 6,350,000 | 6,278,563 | |
Tranche B 2LN, term loan 1 month U.S. LIBOR + 8.750% 10% 1/31/28 (a)(b)(c) | 4,060,000 | 3,999,100 | |
Pilot Travel Centers LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.000% 2.4574% 8/4/28 (a)(b)(c) | 9,594,269 | 9,448,340 | |
PowerTeam Services LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4.506% 3/6/25 (a)(b)(c) | 2,754,188 | 2,574,477 | |
Sabert Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 5.5% 12/10/26 (a)(b)(c) | 4,606,440 | 4,422,182 | |
Sabre GLBL, Inc.: | |||
Tranche B-1 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 12/17/27 (a)(b)(c) | 558,603 | 551,621 | |
Tranche B-2 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 12/17/27 (a)(b)(c) | 890,447 | 879,316 | |
Signal Parent, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.25% 4/1/28 (a)(b)(c) | 6,740,888 | 5,986,785 | |
Sitel Worldwide Corp. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.21% 8/27/28 (a)(b)(c) | 3,442,700 | 3,408,996 | |
Sotheby's Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.500% 5% 1/15/27 (a)(b)(c) | 3,974,836 | 3,969,867 | |
Spin Holdco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 3/4/28 (a)(b)(c) | 15,475,263 | 15,337,688 | |
SuperMoose Borrower LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.7599% 8/29/25 (a)(b)(c) | 3,531,375 | 3,308,686 | |
The GEO Group, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.75% 3/23/24 (a)(b)(c) | 1,819,515 | 1,694,205 | |
Uber Technologies, Inc. Tranche B 1LN, term loan: | |||
3 month U.S. LIBOR + 3.500% 3.9574% 4/4/25 (a)(b)(c) | 5,923,077 | 5,905,071 | |
3 month U.S. LIBOR + 3.500% 3.9574% 2/25/27 (a)(b)(c) | 5,906,410 | 5,876,878 | |
Vaco Holdings LLC 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 5.000% 5.75% 1/21/29 (a)(b)(c) | 3,396,488 | 3,368,195 | |
TOTAL SERVICES | 264,058,774 | ||
Steel - 0.3% | |||
Atkore International, Inc. Tranche B1LN, term loan 1 month U.S. LIBOR + 2.000% 2.5625% 5/26/28 (a)(b)(c) | 2,079,475 | 2,048,283 | |
Hyperion Materials & Technologies, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 5.0079% 7/29/28 (a)(b)(c) | 1,995,000 | 1,973,813 | |
JMC Steel Group, Inc. 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.4566% 1/24/27 (a)(b)(c) | 2,901,160 | 2,841,918 | |
Tiger Acquisition LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 3.7579% 6/1/28 (a)(b)(c) | 3,482,500 | 3,335,225 | |
TOTAL STEEL | 10,199,239 | ||
Super Retail - 3.7% | |||
Academy Ltd. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.5% 11/6/27 (a)(b)(c) | 3,311,550 | 3,284,660 | |
Ambience Merger Sub, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 4.75% 7/24/28 (a)(b)(c) | 4,100,977 | 3,919,017 | |
Bass Pro Group LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 3/5/28 (a)(b)(c) | 76,366,189 | 75,984,334 | |
BJ's Wholesale Club, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.387% 2/3/24 (a)(b)(c) | 2,743,975 | 2,738,487 | |
Empire Today LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 5.75% 4/1/28 (a)(b)(c) | 4,676,441 | 4,434,809 | |
Harbor Freight Tools U.S.A., Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 3.25% 10/19/27 (a)(b)(c) | 9,634,965 | 9,418,179 | |
LBM Acquisition LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 12/18/27 (a)(b)(c) | 3,565,677 | 3,473,433 | |
Red Ventures LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 2.9574% 11/8/24 (a)(b)(c) | 11,133,310 | 10,986,239 | |
RH Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.500% 3% 10/20/28 (a)(b)(c) | 5,619,431 | 5,508,054 | |
TOTAL SUPER RETAIL | 119,747,212 | ||
Technology - 15.7% | |||
A&V Holdings Midco LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.370% 6.8678% 3/10/27 (a)(b)(c) | 7,087,930 | 6,946,172 | |
Acuris Finance U.S., Inc. 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.5% 2/16/28 (a)(b)(c) | 3,631,771 | 3,593,746 | |
Alliance Laundry Systems LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.25% 10/8/27 (a)(b)(c) | 1,637,427 | 1,620,038 | |
Anastasia Parent LLC Tranche B, term loan 3 month U.S. LIBOR + 3.750% 4.756% 8/10/25 (a)(b)(c) | 10,515,213 | 9,111,432 | |
Applied Systems, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.0267% 9/19/24 (a)(b)(c) | 2,000,000 | 1,984,500 | |
Aptean, Inc. 1LN, term loan 3 month U.S. LIBOR + 4.250% 4.7074% 4/23/26 (a)(b)(c) | 5,820,580 | 5,749,918 | |
Arches Buyer, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.75% 12/4/27 (a)(b)(c) | 6,765,665 | 6,643,613 | |
Athenahealth, Inc.: | |||
Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.500% 4% 2/15/29 (a)(b)(c) | 23,501,667 | 23,213,771 | |
Tranche DD 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.500% 2/15/29 (b)(c)(e) | 3,983,333 | 3,934,538 | |
Camelot Finance SA: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 4% 10/31/26 (a)(b)(c) | 9,889,924 | 9,784,893 | |
Tranche B, term loan 3 month U.S. LIBOR + 3.000% 3.4574% 10/31/26 (a)(b)(c) | 8,179,959 | 8,081,145 | |
Ceridian HCM Holding, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 2.9574% 4/30/25 (a)(b)(c) | 6,265,208 | 6,173,172 | |
CMC Materials, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.5% 11/15/25 (a)(b)(c) | 2,388,681 | 2,364,795 | |
CMI Marketing, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 4.75% 3/23/28 (a)(b)(c) | 1,836,125 | 1,822,354 | |
CommScope, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.7074% 4/4/26 (a)(b)(c) | 11,494,129 | 11,173,213 | |
Condor Merger Sub, Inc. Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 4.000% 4.5% 2/2/29 (a)(b)(c) | 4,840,000 | 4,797,650 | |
ConnectWise LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4% 9/30/28 (a)(b)(c) | 6,379,013 | 6,327,980 | |
Constant Contact, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 2/10/28 (a)(b)(c) | 2,047,822 | 2,019,664 | |
Cvent, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.750% 4.2074% 11/29/24 (a)(b)(c) | 3,126,191 | 3,084,518 | |
DCert Buyer, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 4.000% 4.4574% 10/16/26 (a)(b)(c) | 13,540,636 | 13,425,947 | |
Tranche B 2LN, term loan 3 month U.S. LIBOR + 7.000% 7.4574% 2/19/29 (a)(b)(c) | 5,713,409 | 5,634,850 | |
DG Investment Intermediate Holdings, Inc.: | |||
2LN, term loan 3 month U.S. LIBOR + 6.750% 7.5% 3/31/29 (a)(b)(c) | 630,000 | 628,425 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.25% 3/31/28 (a)(b)(c) | 2,764,204 | 2,733,107 | |
Dynatrace LLC 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.7074% 8/23/25 (a)(b)(c) | 1,833,167 | 1,803,763 | |
Emerald TopCo, Inc.: | |||
1LN, term loan 3 month U.S. LIBOR + 3.500% 3.7988% 7/25/26 (a)(b)(c) | 9,899,235 | 9,755,399 | |
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.5% 7/25/26 (a)(b)(c) | 212,854 | 210,725 | |
Entegris, Inc. Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.000% 3/2/29 (b)(c)(f) | 7,680,000 | 7,654,426 | |
Epicor Software Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4% 7/31/27 (a)(b)(c) | 5,391,250 | 5,342,136 | |
EXC Holdings III Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 4.506% 12/2/24 (a)(b)(c) | 2,693,421 | 2,673,220 | |
Global IID Parent LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.500% 5.506% 12/10/28 (a)(b)(c) | 2,069,813 | 2,049,114 | |
Go Daddy Operating Co. LLC: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 2.4494% 8/10/27 (a)(b)(c) | 3,807,188 | 3,770,296 | |
Tranche B, term loan 3 month U.S. LIBOR + 1.750% 2.1994% 2/15/24 (a)(b)(c) | 4,714,040 | 4,676,705 | |
Grab Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 5.5% 1/29/26 (a)(b)(c) | 3,128,400 | 3,050,190 | |
Hunter U.S. Bidco, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.250% 5.256% 8/19/28 (a)(b)(c) | 3,279,431 | 3,263,034 | |
Hyland Software, Inc.: | |||
2LN, term loan 3 month U.S. LIBOR + 6.250% 7% 7/10/25 (a)(b)(c) | 602,800 | 595,265 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.25% 7/1/24 (a)(b)(c) | 4,426,447 | 4,398,074 | |
Icon Luxembourg Sarl Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.250% 2.75% 7/1/28 (a)(b)(c) | 17,399,938 | 17,302,150 | |
II-VI, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 12/8/28 (b)(c)(f) | 13,805,000 | 13,701,463 | |
Imprivata, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4% 12/1/27 (a)(b)(c) | 3,331,350 | 3,303,233 | |
MA FinanceCo. LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 5.25% 6/5/25 (a)(b)(c) | 1,684,375 | 1,667,531 | |
MH Sub I LLC: | |||
1LN, term loan 3 month U.S. LIBOR + 3.750% 4.75% 9/15/24 (a)(b)(c) | 7,447,263 | 7,355,513 | |
Tranche B 2LN, term loan 3 month U.S. LIBOR + 6.250% 6.7074% 2/23/29 (a)(b)(c) | 565,000 | 558,644 | |
Tranche B, term loan 3 month U.S. LIBOR + 3.500% 3.7086% 9/15/24 (a)(b)(c) | 9,861,960 | 9,729,119 | |
Motus Group LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.703% 12/10/28 (a)(b)(c) | 1,635,000 | 1,608,431 | |
NAVEX TopCo, Inc.: | |||
2LN, term loan 3 month U.S. LIBOR + 7.000% 7.46% 9/4/26 (a)(b)(c) | 415,000 | 408,518 | |
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.71% 9/5/25 (a)(b)(c) | 1,577,856 | 1,553,936 | |
NortonLifeLock, Inc. Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 2.000% 1/28/29(b)(c)(f) | 14,355,000 | 14,163,648 | |
Osmosis Debt Merger Sub, Inc.: | |||
Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 4.25% 7/30/28 (a)(b)(c) | 3,052,000 | 3,020,534 | |
Tranche DD 1LN, term loan 1 month U.S. LIBOR + 4.000% 7/30/28 (b)(c)(f) | 218,000 | 215,752 | |
Park Place Technologies LLC 1LN, term loan 3 month U.S. LIBOR + 5.000% 6% 11/10/27 (a)(b)(c) | 6,995,035 | 6,942,572 | |
Peraton Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.5% 2/1/28 (a)(b)(c) | 28,221,387 | 27,983,199 | |
PointClickCare Technologies, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.75% 12/29/27 (a)(b)(c) | 1,623,600 | 1,601,957 | |
Polaris Newco LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.000% 4.5% 6/2/28 (a)(b)(c) | 9,954,975 | 9,872,846 | |
Project Boost Purchaser LLC: | |||
1LN, term loan 3 month U.S. LIBOR + 3.500% 3.9574% 5/30/26 (a)(b)(c) | 4,203,834 | 4,153,262 | |
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.500% 4% 5/30/26 (a)(b)(c) | 2,029,800 | 2,004,428 | |
Proofpoint, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 3.7579% 8/31/28 (a)(b)(c) | 14,513,625 | 14,342,219 | |
Rackspace Technology Global, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.5% 2/15/28 (a)(b)(c) | 11,096,756 | 10,870,826 | |
RealPage, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.75% 4/22/28 (a)(b)(c) | 12,208,650 | 12,054,821 | |
Red Planet Borrower LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.750% 4.756% 9/30/28 (a)(b)(c) | 4,318,300 | 4,254,432 | |
Renaissance Holding Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.4586% 5/31/25 (a)(b)(c) | 5,358,069 | 5,287,771 | |
Seattle Spinco, Inc.: | |||
Tranche B 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 4.000% 4.5% 1/14/27 (a)(b)(c) | 15,930,000 | 15,730,875 | |
Tranche B 3LN, term loan 3 month U.S. LIBOR + 2.750% 2.9586% 6/21/24 (a)(b)(c) | 12,813,033 | 12,620,838 | |
Severin Acquisition LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.4549% 8/1/25 (a)(b)(c) | 1,743,906 | 1,721,479 | |
Sophia LP Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 4.256% 10/7/27 (a)(b)(c) | 5,283,326 | 5,224,998 | |
SS&C Technologies, Inc.: | |||
Tranche B 3LN, term loan 3 month U.S. LIBOR + 1.750% 2.2074% 4/16/25 (a)(b)(c) | 4,876,724 | 4,795,185 | |
Tranche B 4LN, term loan 3 month U.S. LIBOR + 1.750% 2.2074% 4/16/25 (a)(b)(c) | 3,958,823 | 3,892,632 | |
Tranche B 5LN, term loan 3 month U.S. LIBOR + 1.750% 2.2074% 4/16/25 (a)(b)(c) | 5,795,771 | 5,696,779 | |
STG-Fairway Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.2074% 1/31/27 (a)(b)(c) | 2,274,231 | 2,258,129 | |
Tempo Acquisition LLC: | |||
1LN, term loan 1 month U.S. LIBOR + 3.000% 3.5% 8/31/28 (a)(b)(c) | 11,787,133 | 11,695,783 | |
Tranche B, term loan 3 month U.S. LIBOR + 2.750% 3.2074% 5/1/24 (a)(b)(c) | 685,680 | 679,680 | |
TTM Technologies, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 2.7306% 9/28/24 (a)(b)(c) | 2,662,361 | 2,639,066 | |
UKG, Inc. 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.756% 5/4/26 (a)(b)(c) | 6,201,000 | 6,171,173 | |
Ultimate Software Group, Inc.: | |||
1LN, term loan 1 month U.S. LIBOR + 3.250% 3.75% 5/3/26 (a)(b)(c) | 21,139,836 | 20,947,675 | |
2LN, term loan 1 month U.S. LIBOR + 5.250% 5.75% 5/3/27 (a)(b)(c) | 7,170,000 | 7,103,893 | |
Verscend Holding Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.4574% 8/27/25 (a)(b)(c) | 6,577,438 | 6,544,551 | |
VFH Parent LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.5% 1/13/29 (a)(b)(c) | 4,785,000 | 4,731,169 | |
Virgin Pulse, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 4.75% 4/6/28 (a)(b)(c) | 4,046,665 | 3,992,723 | |
VM Consolidated, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.6044% 3/27/28 (a)(b)(c) | 7,618,163 | 7,557,827 | |
VS Buyer LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.4574% 2/28/27 (a)(b)(c) | 3,567,200 | 3,528,567 | |
Weber-Stephen Products LLC Tranche B 1LN, term loan: | |||
3 month U.S. LIBOR + 3.250% 4% 10/30/27 (a)(b)(c) | 2,422,089 | 2,342,160 | |
3 month U.S. LIBOR + 4.250% 5% 10/30/27 (a)(b)(c) | 1,450,000 | 1,424,625 | |
WEX, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.7074% 4/1/28 (a)(b)(c) | 1,786,950 | 1,763,023 | |
Zelis Payments Buyer, Inc.: | |||
Tranche B 1LN, term loan: | |||
1 month U.S. LIBOR + 3.500% 3.7306% 9/30/26 (a)(b)(c) | 1,419,148 | 1,402,742 | |
3 month U.S. LIBOR + 3.500% 3.7306% 9/30/26 (a)(b)(c) | 6,078,614 | 6,010,229 | |
Tranche DD 1LN, term loan 1 month U.S. LIBOR + 3.500% 9/30/26 (b)(c)(e) | 259,333 | 256,335 | |
TOTAL TECHNOLOGY | 504,780,729 | ||
Telecommunications - 5.2% | |||
Altice Financing SA Tranche B, term loan: | |||
3 month U.S. LIBOR + 2.750% 2.9891% 1/31/26 (a)(b)(c) | 3,106,365 | 2,988,137 | |
3 month U.S. LIBOR + 2.750% 2.9913% 7/15/25 (a)(b)(c) | 4,269,680 | 4,152,263 | |
Altice France SA: | |||
Tranche B 11LN, term loan 3 month U.S. LIBOR + 2.750% 3.049% 7/31/25 (a)(b)(c) | 6,038,230 | 5,887,274 | |
Tranche B 12LN, term loan 3 month U.S. LIBOR + 3.680% 3.9266% 1/31/26 (a)(b)(c) | 1,484,306 | 1,448,593 | |
Tranche B 13LN, term loan 3 month U.S. LIBOR + 4.000% 4.5064% 8/14/26 (a)(b)(c) | 5,805,000 | 5,691,338 | |
Cablevision Lightpath LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.75% 11/30/27 (a)(b)(c) | 1,513,705 | 1,492,513 | |
Connect U.S. Finco LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.5% 12/12/26 (a)(b)(c) | 3,848,080 | 3,811,524 | |
Consolidated Communications, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.25% 10/2/27 (a)(b)(c) | 1,902,823 | 1,776,418 | |
Crown Subsea Communications Holding, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.750% 5.5% 4/27/27 (a)(b)(c) | 1,438,459 | 1,428,864 | |
Frontier Communications Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.8125% 5/1/28 (a)(b)(c) | 11,719,181 | 11,523,822 | |
GTT Communications, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.750% 7% 5/31/25 (a)(b)(c) | 5,343,847 | 4,348,021 | |
Intelsat Jackson Holdings SA 1LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 4.250% 4.75% 2/1/29 (a)(b)(c) | 39,047,138 | 38,351,708 | |
Level 3 Financing, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 2.2074% 3/1/27 (a)(b)(c) | 4,568,653 | 4,478,696 | |
Lumen Technologies, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 2.7074% 3/15/27 (a)(b)(c) | 5,677,235 | 5,519,351 | |
Northwest Fiber LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.137% 4/30/27 (a)(b)(c) | 12,279,670 | 12,028,920 | |
Radiate Holdco LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 4% 9/25/26 (a)(b)(c) | 19,451,250 | 19,264,129 | |
SBA Senior Finance II, LLC Tranche B, term loan 3 month U.S. LIBOR + 1.750% 2.21% 4/11/25 (a)(b)(c) | 3,346,595 | 3,301,517 | |
Securus Technologies Holdings Tranche B, term loan: | |||
3 month U.S. LIBOR + 4.500% 5.506% 11/1/24 (a)(b)(c) | 9,387,368 | 8,917,999 | |
3 month U.S. LIBOR + 8.250% 9.25% 11/1/25 (a)(b)(c) | 7,055,000 | 6,639,037 | |
Windstream Services LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 6.250% 7.25% 9/21/27 (a)(b)(c) | 3,703,474 | 3,689,586 | |
Zayo Group Holdings, Inc. 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.4574% 3/9/27 (a)(b)(c) | 20,838,135 | 20,259,877 | |
TOTAL TELECOMMUNICATIONS | 166,999,587 | ||
Textiles/Apparel - 1.3% | |||
Birkenstock GmbH & Co. KG Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 3.75% 4/28/28 (a)(b)(c) | 5,617,550 | 5,551,993 | |
Byju's Alpha, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 5.500% 6.25% 11/24/26 (a)(b)(c) | 5,630,888 | 5,557,010 | |
Canada Goose, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.506% 10/7/27 (a)(b)(c) | 1,762,732 | 1,746,215 | |
Crocs, Inc. Tranche B1 LN, term loan U.S. Secured Overnight Fin. Rate (SOFR) Indx + 3.500% 4.4484% 2/17/29 (a)(b)(c) | 16,290,000 | 15,865,320 | |
Fanatics Commerce Intermediate Holdco LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 3.75% 11/18/28 (a)(b)(c) | 4,673,288 | 4,626,555 | |
Jo-Ann Stores LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 4.750% 5.5% 7/7/28 (a)(b)(c) | 3,662,895 | 3,178,880 | |
Samsonite IP Holdings SARL Tranche B2 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.75% 4/25/25 (a)(b)(c) | 984,438 | 966,472 | |
Tory Burch LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.5% 4/14/28 (a)(b)(c) | 2,927,875 | 2,840,039 | |
Victoria's Secret & Co. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 3.75% 8/2/28 (a)(b)(c) | 2,248,700 | 2,216,386 | |
TOTAL TEXTILES/APPAREL | 42,548,870 | ||
Transportation Ex Air/Rail - 0.2% | |||
ASP LS Acquisition Corp. 2LN, term loan 1 month U.S. LIBOR + 7.500% 8.25% 5/7/29 (a)(b)(c) | 2,500,000 | 2,484,375 | |
XPO Logistics, Inc. Tranche B, term loan 3 month U.S. LIBOR + 1.750% 1.9924% 2/23/25 (a)(b)(c) | 5,275,000 | 5,221,142 | |
TOTAL TRANSPORTATION EX AIR/RAIL | 7,705,517 | ||
Utilities - 2.1% | |||
Brookfield WEC Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 3.25% 8/1/25 (a)(b)(c) | 17,069,018 | 16,743,683 | |
ExGen Renewables IV, LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 3.5% 12/15/27 (a)(b)(c) | 2,500,000 | 2,473,450 | |
Granite Generation LLC 1LN, term loan 3 month U.S. LIBOR + 3.750% 4.751% 11/1/26 (a)(b)(c) | 1,806,000 | 1,730,148 | |
Limetree Bay Terminals LLC: | |||
Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 5% 2/15/24 (a)(b)(c) | 602,797 | 502,582 | |
Tranche B, term loan 3 month U.S. LIBOR + 4.000% 5% 2/15/24 (a)(b)(c) | 3,859,471 | 3,217,834 | |
Luxembourg Investment Co. 428 SARL Tranche B 1LN, term loan 1 month U.S. LIBOR + 5.000% 5.5% 1/3/29 (a)(b)(c) | 2,065,000 | 2,026,281 | |
Osmose Utilities Services, Inc. Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 3.75% 6/17/28 (a)(b)(c) | 3,815,825 | 3,763,357 | |
PG&E Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.5% 6/23/25 (a)(b)(c) | 8,771,770 | 8,651,158 | |
Pike Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 3.46% 1/21/28 (a)(b)(c) | 6,098,630 | 6,039,961 | |
Vertiv Group Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 2.9914% 3/2/27 (a)(b)(c) | 14,450,980 | 14,071,642 | |
Vistra Operations Co. LLC Tranche B 3LN, term loan 3 month U.S. LIBOR + 1.750% 2.2043% 12/31/25 (a)(b)(c) | 7,064,233 | 6,985,467 | |
TOTAL UTILITIES | 66,205,563 | ||
TOTAL BANK LOAN OBLIGATIONS | |||
(Cost $3,019,936,229) | 2,978,924,081 | ||
Nonconvertible Bonds - 2.9% | |||
Aerospace - 0.1% | |||
TransDigm, Inc.: | |||
6.25% 3/15/26 (g) | 4,000,000 | 4,106,560 | |
8% 12/15/25 (g) | 385,000 | 402,625 | |
TOTAL AEROSPACE | 4,509,185 | ||
Air Transportation - 0.1% | |||
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. 5.5% 4/20/26 (g) | 1,105,000 | 1,113,288 | |
Delta Air Lines, Inc. / SkyMiles IP Ltd. 4.5% 10/20/25 (g) | 815,000 | 819,735 | |
TOTAL AIR TRANSPORTATION | 1,933,023 | ||
Automotive & Auto Parts - 0.5% | |||
Rivian Holdco & Rivian LLC & Rivian Automotive LLC 6 month U.S. LIBOR + 5.620% 6.625% 10/15/26 (a)(b)(g) | 17,605,000 | 17,142,869 | |
Broadcasting - 0.1% | |||
Univision Communications, Inc.: | |||
6.625% 6/1/27 (g) | 1,205,000 | 1,262,238 | |
9.5% 5/1/25 (g) | 1,210,000 | 1,270,500 | |
TOTAL BROADCASTING | 2,532,738 | ||
Building Materials - 0.0% | |||
SRS Distribution, Inc. 4.625% 7/1/28 (g) | 160,000 | 152,834 | |
Cable/Satellite TV - 0.1% | |||
Charter Communications Operating LLC/Charter Communications Operating Capital Corp. 3 month U.S. LIBOR + 1.650% 1.9666% 2/1/24 (a)(b) | 1,750,000 | 1,784,079 | |
Chemicals - 0.0% | |||
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc. 5% 12/31/26 (g) | 40,000 | 36,900 | |
Containers - 0.1% | |||
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc. 4.125% 8/15/26 (g) | 2,945,000 | 2,837,287 | |
Trivium Packaging Finance BV 5.5% 8/15/26 (g) | 1,085,000 | 1,076,863 | |
TOTAL CONTAINERS | 3,914,150 | ||
Energy - 0.1% | |||
Citgo Petroleum Corp. 7% 6/15/25 (g) | 1,050,000 | 1,056,563 | |
New Fortress Energy, Inc. 6.75% 9/15/25 (g) | 535,000 | 538,162 | |
PBF Holding Co. LLC/PBF Finance Corp. 9.25% 5/15/25 (g) | 1,135,000 | 1,166,213 | |
Transocean Poseidon Ltd. 6.875% 2/1/27 (g) | 1,068,750 | 1,058,063 | |
TOTAL ENERGY | 3,819,001 | ||
Gaming - 0.5% | |||
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. 4.625% 1/15/29 (g) | 10,240,000 | 9,702,400 | |
Golden Entertainment, Inc. 7.625% 4/15/26 (g) | 1,065,000 | 1,108,931 | |
Scientific Games Corp. 5% 10/15/25 (g) | 2,060,000 | 2,111,500 | |
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. 5.875% 5/15/25 (g) | 1,367,000 | 1,346,495 | |
VICI Properties, Inc.: | |||
3.5% 2/15/25 (g) | 240,000 | 236,460 | |
4.25% 12/1/26 (g) | 345,000 | 343,551 | |
4.625% 12/1/29 (g) | 200,000 | 199,500 | |
TOTAL GAMING | 15,048,837 | ||
Healthcare - 0.1% | |||
Bausch Health Companies, Inc. 5.5% 11/1/25 (g) | 2,515,000 | 2,492,994 | |
Tenet Healthcare Corp. 4.625% 7/15/24 | 1,028,000 | 1,032,420 | |
TOTAL HEALTHCARE | 3,525,414 | ||
Hotels - 0.0% | |||
Marriott Ownership Resorts, Inc. 6.125% 9/15/25 (g) | 933,000 | 956,325 | |
Leisure - 0.1% | |||
Royal Caribbean Cruises Ltd.: | |||
9.125% 6/15/23 (g) | 275,000 | 286,344 | |
10.875% 6/1/23 (g) | 1,335,000 | 1,420,547 | |
TOTAL LEISURE | 1,706,891 | ||
Paper - 0.0% | |||
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC 3.25% 9/1/28 (g) | 895,000 | 812,213 | |
Restaurants - 0.0% | |||
1011778 BC Unlimited Liability Co./New Red Finance, Inc. 5.75% 4/15/25 (g) | 160,000 | 164,622 | |
Services - 0.2% | |||
Adtalem Global Education, Inc. 5.5% 3/1/28 (g) | 2,185,000 | 2,113,988 | |
PowerTeam Services LLC 9.033% 12/4/25 (g) | 5,115,000 | 5,111,240 | |
Sotheby's 7.375% 10/15/27 (g) | 200,000 | 204,818 | |
TOTAL SERVICES | 7,430,046 | ||
Super Retail - 0.1% | |||
EG Global Finance PLC: | |||
6.75% 2/7/25 (g) | 1,000,000 | 997,500 | |
8.5% 10/30/25 (g) | 1,905,000 | 1,950,244 | |
TOTAL SUPER RETAIL | 2,947,744 | ||
Technology - 0.1% | |||
CommScope, Inc. 6% 3/1/26 (g) | 1,100,000 | 1,112,749 | |
SSL Robotics LLC 9.75% 12/31/23 (g) | 710,000 | 755,263 | |
TOTAL TECHNOLOGY | 1,868,012 | ||
Telecommunications - 0.7% | |||
Altice Financing SA 5.75% 8/15/29 (g) | 6,000,000 | 5,443,140 | |
Altice France SA: | |||
5.125% 1/15/29 (g) | 165,000 | 146,593 | |
5.125% 7/15/29 (g) | 2,000,000 | 1,792,500 | |
Frontier Communications Holdings LLC 5% 5/1/28 (g) | 1,160,000 | 1,113,600 | |
Intelsat Jackson Holdings SA 6.5% 3/15/30 (g) | 6,905,000 | 6,887,738 | |
LCPR Senior Secured Financing DAC 5.125% 7/15/29 (g) | 205,000 | 195,712 | |
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. 4.75% 4/30/27 (g) | 195,000 | 185,153 | |
Windstream Escrow LLC 7.75% 8/15/28 (g) | 5,100,000 | 5,194,758 | |
TOTAL TELECOMMUNICATIONS | 20,959,194 | ||
Utilities - 0.0% | |||
Exgen Texas Power LLC 3 month U.S. LIBOR + 6.750% 7.75% 10/8/26 (a)(b)(d) | 1,446,407 | 1,446,407 | |
TOTAL NONCONVERTIBLE BONDS | |||
(Cost $94,038,421) | 92,690,484 | ||
Shares | Value | ||
Common Stocks - 1.3% | |||
Capital Goods - 0.1% | |||
TNT Crane & Rigging LLC (d)(h) | 188,360 | 2,169,907 | |
TNT Crane & Rigging LLC warrants 10/31/25 (d)(h) | 9,492 | 31,324 | |
TOTAL CAPITAL GOODS | 2,201,231 | ||
Diversified Financial Services - 0.0% | |||
ACNR Holdings, Inc. (d)(h) | 15,697 | 1,036,002 | |
Energy - 1.0% | |||
California Resources Corp. | 254,471 | 11,382,488 | |
California Resources Corp. warrants 10/27/24 (h) | 7,511 | 108,083 | |
Chesapeake Energy Corp. (i) | 167,441 | 14,567,367 | |
Chesapeake Energy Corp. (h)(j) | 928 | 80,736 | |
Denbury, Inc. (h) | 65,094 | 5,114,436 | |
EP Energy Corp. (d)(h) | 15,785 | 1,404,234 | |
TOTAL ENERGY | 32,657,344 | ||
Entertainment/Film - 0.0% | |||
Cineworld Group PLC warrants 11/23/25 (h) | 341,212 | 29,962 | |
Publishing/Printing - 0.0% | |||
Cenveo Corp. (d)(h) | 4,167 | 121,510 | |
Restaurants - 0.1% | |||
CEC Entertainment, Inc. (d)(h) | 105,486 | 2,215,206 | |
Super Retail - 0.0% | |||
David's Bridal, Inc. rights (d)(h) | 1,346 | 0 | |
Telecommunications - 0.0% | |||
GTT Communications, Inc. rights (d)(h) | 80,854 | 80,854 | |
Utilities - 0.1% | |||
TexGen Power LLC (d)(h) | 85,051 | 1,917,050 | |
TOTAL COMMON STOCKS | |||
(Cost $19,469,259) | 40,259,159 | ||
Nonconvertible Preferred Stocks - 0.1% | |||
Diversified Financial Services - 0.1% | |||
ACNR Holdings, Inc. (d)(h) | |||
(Cost $1,123,250) | 8,986 | 3,459,610 | |
Principal Amount | Value | ||
Preferred Securities - 0.0% | |||
Banks & Thrifts - 0.0% | |||
JPMorgan Chase & Co.: | |||
3 month U.S. LIBOR + 3.320% 3.5344% (a)(b)(k) | 855,000 | 859,181 | |
3 month U.S. LIBOR + 3.470% 3.769% (a)(b)(k) | 860,000 | 865,402 | |
TOTAL PREFERRED SECURITIES | |||
(Cost $1,575,045) | 1,724,583 | ||
Shares | Value | ||
Fixed-Income Funds - 0.2% | |||
Fidelity Direct Lending Fund, LP (d)(j)(l) | |||
(Cost $5,394,744) | 539,632 | 5,396,319 | |
Other - 0.0% | |||
Other - 0.0% | |||
Tribune Co. Claim (d)(h) | |||
(Cost $45,406) | 45,954 | 30,789 | |
Money Market Funds - 5.6% | |||
Fidelity Cash Central Fund 0.31% (m) | 164,961,145 | 164,994,137 | |
Fidelity Securities Lending Cash Central Fund 0.31% (m)(n) | 13,152,635 | 13,153,950 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $178,141,932) | 178,148,087 | ||
TOTAL INVESTMENT IN SECURITIES - 103.0% | |||
(Cost $3,319,724,286) | 3,300,633,112 | ||
NET OTHER ASSETS (LIABILITIES) - (3.0)% | (95,611,022) | ||
NET ASSETS - 100% | $3,205,022,090 |
Legend
(a) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(b) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
(c) 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.
(d) Level 3 security
(e) Position or a portion of the position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $6,599,441 and $6,481,386, respectively.
(f) The coupon rate will be determined upon settlement of the loan after period end.
(g) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $88,427,578 or 2.8% of net assets.
(h) Non-income producing
(i) Security or a portion of the security is on loan at period end.
(j) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $5,477,055 or 0.2% of net assets.
(k) Security is perpetual in nature with no stated maturity date.
(l) Affiliated Fund
(m) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(n) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost |
Chesapeake Energy Corp. | 2/10/21 | $8,788 |
Fidelity Direct Lending Fund, LP | 12/9/21 - 3/31/22 | $5,394,744 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
Fidelity Cash Central Fund 0.31% | $351,292,865 | $550,425,856 | $736,724,584 | $132,332 | $-- | $-- | $164,994,137 | 0.3% |
Fidelity Securities Lending Cash Central Fund 0.31% | -- | 19,076,887 | 5,922,937 | 1,166 | -- | -- | 13,153,950 | 0.0% |
Total | $351,292,865 | $569,502,743 | $742,647,521 | $133,498 | $-- | $-- | $178,148,087 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur. If an underlying Fund changes its name, the name presented below is the name in effect at period end.
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
Fidelity Direct Lending Fund, LP | $-- | $5,394,744 | $-- | $93,751 | $-- | $1,575 | $5,396,319 |
Total | $-- | $5,394,744 | $-- | $93,751 | $-- | $1,575 | $5,396,319 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of March 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $29,962 | $-- | $29,962 | $-- |
Consumer Discretionary | 2,215,206 | -- | -- | 2,215,206 |
Energy | 32,657,344 | 31,253,110 | -- | 1,404,234 |
Financials | 4,495,612 | -- | -- | 4,495,612 |
Industrials | 2,322,741 | -- | -- | 2,322,741 |
Information Technology | 80,854 | -- | -- | 80,854 |
Utilities | 1,917,050 | -- | -- | 1,917,050 |
Bank Loan Obligations | 2,978,924,081 | -- | 2,947,755,685 | 31,168,396 |
Corporate Bonds | 92,690,484 | -- | 91,244,077 | 1,446,407 |
Preferred Securities | 1,724,583 | -- | 1,724,583 | -- |
Fixed-Income Funds | 5,396,319 | -- | -- | 5,396,319 |
Other | 30,789 | -- | -- | 30,789 |
Money Market Funds | 178,148,087 | 178,148,087 | -- | -- |
Total Investments in Securities: | $3,300,633,112 | $209,401,197 | $3,040,754,307 | $50,477,608 |
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 | $33,567,627 |
Net Realized Gain (Loss) on Investment Securities | 130,693 |
Net Unrealized Gain (Loss) on Investment Securities | (89,170) |
Cost of Purchases | 24,127,624 |
Proceeds of Sales | (11,992,574) |
Amortization/Accretion | 13,480 |
Transfers into Level 3 | -- |
Transfers out of Level 3 | (14,589,284) |
Ending Balance | $31,168,396 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at March 31, 2022 | $(86,725) |
Other Investments in Securities | |
Beginning Balance | $12,893,750 |
Net Realized Gain (Loss) on Investment Securities | -- |
Net Unrealized Gain (Loss) on Investment Securities | (852,429) |
Cost of Purchases | 7,267,891 |
Proceeds of Sales | -- |
Amortization/Accretion | -- |
Transfers into Level 3 | -- |
Transfers out of Level 3 | -- |
Ending Balance | $19,309,212 |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at March 31, 2022 | $(852,429) |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions. Transfers 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.
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
March 31, 2022 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $12,715,485) — See accompanying schedule: Unaffiliated issuers (cost $3,136,187,610) | $3,117,088,706 | |
Fidelity Central Funds (cost $178,141,932) | 178,148,087 | |
Other affiliated issuers (cost $5,394,744) | 5,396,319 | |
Total Investment in Securities (cost $3,319,724,286) | $3,300,633,112 | |
Cash | 5,420,027 | |
Receivable for investments sold | 17,127,854 | |
Receivable for fund shares sold | 5,013,362 | |
Dividends receivable | 725 | |
Interest receivable | 16,441,114 | |
Distributions receivable from Fidelity Central Funds | 32,399 | |
Other receivables | 1,858 | |
Total assets | 3,344,670,451 | |
Liabilities | ||
Payable for investments purchased | $120,574,357 | |
Payable for fund shares redeemed | 5,717,786 | |
Other payables and accrued expenses | 202,268 | |
Collateral on securities loaned | 13,153,950 | |
Total liabilities | 139,648,361 | |
Net Assets | $3,205,022,090 | |
Net Assets consist of: | ||
Paid in capital | $3,285,979,506 | |
Total accumulated earnings (loss) | (80,957,416) | |
Net Assets | $3,205,022,090 | |
Net Asset Value, offering price and redemption price per share ($3,205,022,090 ÷ 32,129,959 shares) | $99.75 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended March 31, 2022 (Unaudited) | ||
Investment Income | ||
Dividends (including $93,751 earned from other affiliated issuers) | $2,090,757 | |
Interest | 60,851,200 | |
Income from Fidelity Central Funds (including $1,166 from security lending) | 133,498 | |
Total income | 63,075,455 | |
Expenses | ||
Custodian fees and expenses | $1,000 | |
Independent directors' fees and expenses | 5,036 | |
Miscellaneous | 26 | |
Total expenses before reductions | 6,062 | |
Expense reductions | (630) | |
Total expenses after reductions | 5,432 | |
Net investment income (loss) | 63,070,023 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 4,860,148 | |
Total net realized gain (loss) | 4,860,148 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | (40,818,195) | |
Affiliated issuers | 1,575 | |
Total change in net unrealized appreciation (depreciation) | (40,816,620) | |
Net gain (loss) | (35,956,472) | |
Net increase (decrease) in net assets resulting from operations | $27,113,551 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended March 31, 2022 (Unaudited) | Year ended September 30, 2021 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $63,070,023 | $88,209,144 |
Net realized gain (loss) | 4,860,148 | (29,926,279) |
Change in net unrealized appreciation (depreciation) | (40,816,620) | 119,810,361 |
Net increase (decrease) in net assets resulting from operations | 27,113,551 | 178,093,226 |
Distributions to shareholders | (63,357,025) | (87,902,022) |
Affiliated share transactions | ||
Proceeds from sales of shares | 577,596,164 | 921,138,985 |
Reinvestment of distributions | 63,357,025 | 87,902,022 |
Cost of shares redeemed | (173,595,703) | (231,338,785) |
Net increase (decrease) in net assets resulting from share transactions | 467,357,486 | 777,702,222 |
Total increase (decrease) in net assets | 431,114,012 | 867,893,426 |
Net Assets | ||
Beginning of period | 2,773,908,078 | 1,906,014,652 |
End of period | $3,205,022,090 | $2,773,908,078 |
Other Information | ||
Shares | ||
Sold | 5,744,454 | 9,194,003 |
Issued in reinvestment of distributions | 631,385 | 881,835 |
Redeemed | (1,736,025) | (2,337,836) |
Net increase (decrease) | 4,639,814 | 7,738,002 |
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 endedSeptember 30, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $100.91 | $96.50 | $101.38 | $103.31 | $103.17 | $102.63 |
Income from Investment Operations | ||||||
Net investment income (loss)A,B | 2.066 | 4.112 | 4.985 | 6.104 | 5.279 | 5.268 |
Net realized and unrealized gain (loss) | (1.150) | 4.431 | (4.687) | (1.943) | .401 | .545 |
Total from investment operations | .916 | 8.543 | .298 | 4.161 | 5.680 | 5.813 |
Distributions from net investment income | (2.076) | (4.133) | (5.178) | (6.091) | (5.215) | (5.223) |
Distributions from net realized gain | – | – | – | – | (.325) | (.050) |
Total distributions | (2.076) | (4.133) | (5.178) | (6.091) | (5.540) | (5.273) |
Net asset value, end of period | $99.75 | $100.91 | $96.50 | $101.38 | $103.31 | $103.17 |
Total ReturnC,D | .91% | 8.99% | .42% | 4.20% | 5.65% | 5.77% |
Ratios to Average Net AssetsB,E,F | ||||||
Expenses before reductions | - %G,H | - %H | - %H | - %H | - %H | .06% |
Expenses net of fee waivers, if any | - %G,H | - %H | - %H | - %H | - %H | .06% |
Expenses net of all reductions | - %G,H | - %H | - %H | - %H | - %H | .06% |
Net investment income (loss) | 4.13%G | 4.14% | 5.16% | 6.01% | 5.12% | 5.09% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $3,205,022 | $2,773,908 | $1,906,015 | $1,946,822 | $2,295,944 | $1,634,506 |
Portfolio turnover rateI | 31%G | 41% | 40% | 29% | 47% | 78% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Total returns 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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report. For additional expense information related to investments in Fidelity Direct Lending Fund, LP, please refer to the Investment in Fidelity Direct Lending Fund, LP note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Annualized
H Amount represents less than .005%.
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended March 31, 2022
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 LLC (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.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Investment in Fidelity Direct Lending Fund, LP.
The Fund invests in Fidelity Direct Lending Fund, LP, which is a limited partnership available only to certain investment companies managed by the investment adviser and its affiliates. The Fund's limited partnership interest is not registered under the Securities Act of 1933, and is subject to substantial restrictions on transfer. The Fund has no redemption rights under the partnership agreement. There will be no trading market for the partnership interest, and the Fund most likely will hold its shares until Fidelity Direct Lending Fund, LP converts by operation of law to a Delaware corporation, trust, or other limited liability entity and (i) registers as a closed-end management investment company under the 1940 Act or (ii) elects to be treated as a business development company under the 1940 Act.
Based on its investment objective, Fidelity Direct Lending Fund, LP may invest or participate in various investments or strategies that are similar to those in which the Fund may invest or participate. These strategies are consistent with the investment objectives of the Fund and may involve certain economic risks which may cause a decline in value of Fidelity Direct Lending Fund, LP and thus a decline in the value of the Fund. The Fidelity Direct Lending Fund, LP intends to invest primarily in direct loans made to private U.S. companies, specifically small- and middle-market companies.
The Schedule of Investments lists Fidelity Direct Lending Fund, LP as an investment as of period end, but does not include the underlying holdings of Fidelity Direct Lending Fund, LP. Fidelity Direct Lending Fund, LP represented less than 5% of the Fund's net assets at period end. The Fund indirectly bears its proportionate share of the expenses of Fidelity Direct Lending Fund, LP, which commenced operations on December 8, 2021. The annual expense ratio for Fidelity Direct Lending Fund, LP is estimated to be a maximum of .20%.
4. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Directors (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. 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 – unadjusted quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing 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. 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, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including 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.
Fidelity Direct Lending Fund, LP is valued using NAV as a practical expedient in accordance with the specialized accounting guidance for investment companies and is categorized as Level 3 in the hierarchy.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker and valuations using NAV as a practical expedient.
Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in Input(a) |
Equities | $12,435,697 | Market comparable | Discount rate | 45.0% | Decrease |
Enterprise value/EBITDA multiple (EV/EBITDA) | 4.1 – 6.9 / 5.6 | Increase | |||
Strike price | $31.17 | Decrease | |||
Recovery value | Recovery value | $0.0 - $1.00 / $1.00 | Increase | ||
Market approach | Transaction price | $89.96 | Increase | ||
Parity price | $29.16 | Increase | |||
Indicative market price | Evaluation Bid | $66.00 - $385.00 / $311.49 | Increase | ||
Mid price | $21.00 | Increase | |||
Corporate Bonds | $1,446,407 | Market approach | Transaction price | $100.00 | Increase |
Bank Loan Obligations | $31,168,396 | Market approach | Transaction price | $99.50 | Increase |
Indicative market price | Parity Price | $96.00 | Increase | ||
Evaluated bid | $97.00 - $102.75 / $98.57 | Increase | |||
Other | $30,789 | Recovery value | Recovery value | $0.67 | Increase |
Fixed-Income Funds | $5,396,319 | Market approach | Net asset value | $10.00 | Increase |
(a) Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of March 31, 2022, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and 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. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured. The Fund earns certain fees in connection with its floating rate loan purchasing activities. These fees are in addition to interest payments earned and may include amendment fees, consent fees and prepayment fees. These fees are recorded as Interest in the accompanying financial statements.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $38,765,147 |
Gross unrealized depreciation | (57,587,973) |
Net unrealized appreciation (depreciation) | $(18,822,826) |
Tax cost | $3,319,455,938 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
No expiration | |
Long-term | $(64,566,314) |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
Loans and Other Direct Debt Instruments. Direct debt instruments are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate a fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment, participation, or may be made directly to a borrower. Such instruments are presented in the Bank Loan Obligations section in the Schedule of Investments. Certain funds may also invest in unfunded loan commitments, which are contractual obligations for future funding. Information regarding unfunded commitments is included at the end of the Schedule of Investments, if applicable.
Commitments. A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. The amount of commitments outstanding at period end are presented in the table below. These commitments are not included in the net assets of the Fund at period end.
Investment to be Acquired | Commitment Amount | |
Fidelity Floating Rate Central Fund | Fidelity Direct Lending Fund, LP | $21,905,256 |
New Accounting Pronouncement. In March 2020, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU 2020-04, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (LIBOR) and other IBOR-based reference rates. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management does not expect the adoption of ASU 2020-04 to have a material impact on the Fund's financial statements.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Floating Rate Central Fund | 986,130,590 | 456,822,927 |
6. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. Fidelity Management & Research Company LLC (the investment adviser) provides the Fund with investment management services. The Fund does not pay any fees for these services. Pursuant to the Fund's management contract, the investment adviser receives a monthly management fee that represents a portion of the management fees it receives from the Investing Funds. In addition, under an expense contract, the investment adviser also pays all other expenses of the Fund, excluding custody fees, the compensation of the independent Directors, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
Amount | |
Fidelity Floating Rate Central Fund | $118 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period there were no interfund trades.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Floating Rate Central Fund | $124 | $– | $– |
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $630.
9. Other.
A 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, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
10. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2021 to March 31, 2022).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Annualized Expense Ratio-A | Beginning Account Value October 1, 2021 | Ending Account Value March 31, 2022 | Expenses Paid During Period-B October 1, 2021 to March 31, 2022 | |
Fidelity Floating Rate Central Fund | .0004% | |||
Actual | $1,000.00 | $1,009.10 | $--C | |
Hypothetical-D | $1,000.00 | $1,024.93 | $--C |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C Amount represents less than $.005.
D 5% return per year before expenses
Liquidity Risk Management Program
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.
In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments – cash or convertible to cash within three business days or less
- Moderately liquid investments – convertible to cash in three to seven calendar days
- Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments – cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.
FR1-SANN-0522
1.814673.117
Fidelity® International Equity Central Fund
Semi-Annual Report
March 31, 2022
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. © 2022 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-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
Note to Shareholders:
Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Investment Summary (Unaudited)
Geographic Diversification (% of fund's net assets)
As of March 31, 2022 | ||
Japan | 14.9% | |
France | 12.7% | |
United Kingdom | 11.2% | |
Switzerland | 9.4% | |
Germany | 8.8% | |
Netherlands | 7.5% | |
United States of America* | 7.0% | |
Canada | 6.3% | |
Sweden | 3.8% | |
Other | 18.4% |
* 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, 2022
% of fund's net assets | |
Stocks and Equity Futures | 97.7 |
Short-Term Investments and Net Other Assets (Liabilities) | 2.3 |
Top Ten Stocks as of March 31, 2022
% of fund's net assets | |
Nestle SA (Reg. S) (Switzerland, Food Products) | 2.7 |
ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) | 2.3 |
LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) | 2.1 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 2.0 |
Diageo PLC (United Kingdom, Beverages) | 1.5 |
Sony Group Corp. (Japan, Household Durables) | 1.4 |
Total SA (France, Oil, Gas & Consumable Fuels) | 1.3 |
AIA Group Ltd. (Hong Kong, Insurance) | 1.2 |
RELX PLC (London Stock Exchange) (United Kingdom, Professional Services) | 1.2 |
The Toronto-Dominion Bank (Canada, Banks) | 1.1 |
16.8 |
Market Sectors as of March 31, 2022
% of fund's net assets | |
Industrials | 19.2 |
Financials | 18.9 |
Information Technology | 13.2 |
Health Care | 12.0 |
Consumer Discretionary | 10.3 |
Consumer Staples | 7.2 |
Materials | 6.7 |
Energy | 4.1 |
Communication Services | 2.5 |
Utilities | 1.8 |
Real Estate | 1.7 |
Schedule of Investments March 31, 2022 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.3% | |||
Shares | Value | ||
Australia - 1.1% | |||
Arena (REIT) unit | 2,051,179 | $7,505,939 | |
Commonwealth Bank of Australia | 154,712 | 12,183,937 | |
National Australia Bank Ltd. | 712,800 | 17,160,571 | |
Origin Energy Ltd. | 472,730 | 2,200,427 | |
Treasury Wine Estates Ltd. | 280,262 | 2,420,914 | |
TOTAL AUSTRALIA | 41,471,788 | ||
Austria - 0.4% | |||
Erste Group Bank AG | 351,900 | 12,881,585 | |
Verbund AG | 13,100 | 1,383,974 | |
TOTAL AUSTRIA | 14,265,559 | ||
Bailiwick of Jersey - 1.5% | |||
Experian PLC | 361,557 | 13,929,210 | |
Ferguson PLC | 146,100 | 19,921,739 | |
Glencore Xstrata PLC | 2,698,000 | 17,555,102 | |
WPP PLC | 298,440 | 3,906,011 | |
TOTAL BAILIWICK OF JERSEY | 55,312,062 | ||
Belgium - 1.3% | |||
Anheuser-Busch InBev SA NV | 106,800 | 6,385,371 | |
Azelis Group NV | 181,600 | 4,419,690 | |
KBC Group NV | 362,585 | 26,224,549 | |
Kinepolis Group NV (a) | 26,180 | 1,592,889 | |
UCB SA | 86,300 | 10,353,654 | |
TOTAL BELGIUM | 48,976,153 | ||
Bermuda - 0.6% | |||
Genpact Ltd. | 239,900 | 10,438,049 | |
Hiscox Ltd. | 1,047,637 | 13,536,582 | |
TOTAL BERMUDA | 23,974,631 | ||
Canada - 6.3% | |||
Africa Oil Corp. | 230,131 | 412,345 | |
AltaGas Ltd. | 85,880 | 1,923,481 | |
Aritzia, Inc. (a) | 72,881 | 2,974,937 | |
Boardwalk (REIT) (b) | 66,000 | 3,103,740 | |
Brookfield Renewable Corp. | 46,930 | 2,049,656 | |
Canadian Natural Resources Ltd. | 297,218 | 18,403,908 | |
Canadian Pacific Railway Ltd. | 266,700 | 22,011,843 | |
Constellation Software, Inc. | 18,800 | 32,136,624 | |
Emera, Inc. | 78,140 | 3,873,404 | |
Enbridge, Inc. | 272,545 | 12,546,466 | |
First Quantum Minerals Ltd. | 284,200 | 9,838,960 | |
Fortis, Inc. | 44,240 | 2,188,025 | |
Gibson Energy, Inc. (b) | 64,705 | 1,294,462 | |
Imperial Oil Ltd. | 247,623 | 11,983,515 | |
Intact Financial Corp. | 89,100 | 13,165,262 | |
MEG Energy Corp. (a) | 295,814 | 4,039,151 | |
Nutrien Ltd. | 132,600 | 13,706,013 | |
Shopify, Inc. Class A (a) | 12,001 | 8,112,196 | |
The Toronto-Dominion Bank | 533,200 | 42,305,410 | |
TMX Group Ltd. | 123,600 | 12,712,465 | |
Topicus.Com, Inc. | 26,781 | 1,997,623 | |
Tourmaline Oil Corp. | 174,503 | 8,040,133 | |
Wheaton Precious Metals Corp. | 265,900 | 12,644,687 | |
TOTAL CANADA | 241,464,306 | ||
Cayman Islands - 0.8% | |||
CK Asset Holdings Ltd. | 1,000,588 | 6,839,450 | |
HKBN Ltd. | 3,028,180 | 3,468,719 | |
JD.com, Inc. Class A (a) | 3,695 | 104,993 | |
Parade Technologies Ltd. | 214,000 | 13,383,672 | |
Sea Ltd. ADR (a) | 33,360 | 3,996,194 | |
Tencent Holdings Ltd. | 77,610 | 3,577,382 | |
TOTAL CAYMAN ISLANDS | 31,370,410 | ||
Denmark - 1.2% | |||
Ascendis Pharma A/S sponsored ADR (a) | 10,500 | 1,232,280 | |
DSV A/S | 147,800 | 28,585,818 | |
GN Store Nord A/S | 241,200 | 11,934,272 | |
ORSTED A/S (c) | 34,080 | 4,265,845 | |
TOTAL DENMARK | 46,018,215 | ||
Finland - 1.1% | |||
Elisa Corp. (A Shares) | 76,330 | 4,612,116 | |
Nordea Bank ABP | 2,435,300 | 25,201,511 | |
Sampo Oyj (A Shares) | 258,800 | 12,705,883 | |
TOTAL FINLAND | 42,519,510 | ||
France - 12.7% | |||
Air Liquide SA | 124,500 | 21,780,519 | |
ALTEN | 105,400 | 16,032,328 | |
Amundi SA (c) | 138,700 | 9,543,774 | |
Antin Infrastructure Partners SA | 175,300 | 5,623,843 | |
ARGAN SA | 13,510 | 1,727,693 | |
AXA SA | 418,700 | 12,257,162 | |
BNP Paribas SA | 552,200 | 31,555,287 | |
Capgemini SA | 150,900 | 33,803,958 | |
Compagnie de St. Gobain | 189,124 | 11,252,953 | |
Dassault Systemes SA | 350,600 | 17,224,503 | |
Edenred SA | 407,700 | 20,259,734 | |
Hermes International SCA | 7,400 | 10,572,542 | |
L'Oreal SA | 36,600 | 14,619,700 | |
Legrand SA | 357,600 | 33,999,364 | |
LVMH Moet Hennessy Louis Vuitton SE | 112,845 | 80,548,679 | |
Pernod Ricard SA | 169,800 | 37,436,761 | |
Safran SA | 134,700 | 15,858,974 | |
Sanofi SA | 194,455 | 19,881,012 | |
Sartorius Stedim Biotech | 20,900 | 8,612,433 | |
Teleperformance | 69,100 | 26,471,821 | |
Total SA | 985,238 | 49,852,606 | |
Veolia Environnement SA | 110,530 | 3,556,945 | |
Worldline SA (a)(c) | 63,800 | 2,768,933 | |
TOTAL FRANCE | 485,241,524 | ||
Germany - 8.6% | |||
adidas AG | 9,900 | 2,306,958 | |
Allianz SE | 104,600 | 24,979,334 | |
Auto1 Group SE (a)(c) | 20,000 | 228,662 | |
BASF AG | 163,647 | 9,337,792 | |
Bayer AG | 127,800 | 8,741,404 | |
Brenntag SE | 368,000 | 29,856,714 | |
Delivery Hero AG (a)(c) | 67,400 | 2,972,011 | |
Deutsche Borse AG | 158,200 | 28,477,720 | |
Deutsche Post AG | 405,531 | 19,364,869 | |
Deutsche Telekom AG | 479,900 | 8,937,720 | |
E.ON AG | 88,190 | 1,024,605 | |
Hannover Reuck SE | 98,800 | 16,870,069 | |
LEG Immobilien AG | 27,351 | 3,124,040 | |
Linde PLC | 22,212 | 7,138,173 | |
Mercedes-Benz Group AG (Germany) | 217,700 | 15,280,268 | |
Merck KGaA | 161,300 | 33,876,478 | |
Rheinmetall AG | 124,798 | 26,520,901 | |
RWE AG | 113,540 | 4,965,111 | |
SAP SE | 140,735 | 15,597,400 | |
Siemens AG | 184,350 | 25,526,454 | |
Siemens Healthineers AG (c) | 410,600 | 25,545,684 | |
Symrise AG | 76,900 | 9,219,757 | |
Synlab AG | 331,600 | 5,854,647 | |
TOTAL GERMANY | 325,746,771 | ||
Hong Kong - 1.6% | |||
AIA Group Ltd. | 4,402,400 | 45,969,358 | |
Chervon Holdings Ltd. (a) | 269,100 | 1,859,583 | |
Dah Sing Banking Group Ltd. | 1,616,800 | 1,427,933 | |
Hang Seng Bank Ltd. | 188,200 | 3,619,604 | |
Hong Kong Exchanges and Clearing Ltd. | 170,200 | 7,977,840 | |
Sino Land Ltd. | 554,000 | 714,334 | |
TOTAL HONG KONG | 61,568,652 | ||
Hungary - 0.2% | |||
Richter Gedeon PLC | 411,900 | 8,707,080 | |
India - 1.0% | |||
HDFC Bank Ltd. | 1,145,300 | 22,013,932 | |
Reliance Industries Ltd. | 485,386 | 16,754,573 | |
TOTAL INDIA | 38,768,505 | ||
Ireland - 1.8% | |||
CRH PLC | 207,100 | 8,260,216 | |
Flutter Entertainment PLC (a) | 49,341 | 5,755,732 | |
Greencore Group PLC (a) | 1,795,800 | 3,031,383 | |
ICON PLC (a) | 54,600 | 13,279,812 | |
Irish Residential Properties REIT PLC | 1,508,685 | 2,426,701 | |
Kingspan Group PLC (Ireland) | 179,600 | 17,690,690 | |
Linde PLC | 53,400 | 17,057,562 | |
TOTAL IRELAND | 67,502,096 | ||
Israel - 0.3% | |||
Icl Group Ltd. | 771,700 | 9,245,116 | |
Italy - 1.5% | |||
Enel SpA | 1,053,076 | 7,031,130 | |
FinecoBank SpA | 880,900 | 13,472,402 | |
GVS SpA (c) | 115,000 | 1,048,283 | |
Moncler SpA | 217,600 | 12,214,133 | |
Prada SpA | 1,108,000 | 7,018,276 | |
Recordati SpA | 323,100 | 16,313,077 | |
Saras SpA (a) | 1,955,700 | 1,509,686 | |
TOTAL ITALY | 58,606,987 | ||
Japan - 14.9% | |||
Advance Residence Investment Corp. | 1,116 | 3,149,822 | |
Advantest Corp. | 129,100 | 10,079,336 | |
Bandai Namco Holdings, Inc. | 56,700 | 4,299,533 | |
Capcom Co. Ltd. | 351,700 | 8,526,730 | |
Daiichi Sankyo Kabushiki Kaisha | 442,900 | 9,671,607 | |
Daiichikosho Co. Ltd. | 98,590 | 2,796,317 | |
DENSO Corp. | 105,300 | 6,718,152 | |
Dip Corp. | 93,390 | 2,547,096 | |
Fast Retailing Co. Ltd. | 4,200 | 2,153,160 | |
FUJIFILM Holdings Corp. | 377,900 | 23,066,990 | |
Hitachi Ltd. | 511,900 | 25,617,627 | |
Hoya Corp. | 368,200 | 41,959,293 | |
Itochu Corp. | 577,700 | 19,541,257 | |
JEOL Ltd. | 34,200 | 1,890,694 | |
JTOWER, Inc. (a) | 155,590 | 9,061,984 | |
Kansai Electric Power Co., Inc. | 267,580 | 2,520,382 | |
KDDI Corp. | 67,630 | 2,217,361 | |
Keyence Corp. | 60,300 | 27,961,268 | |
Lifenet Insurance Co. (a) | 286,600 | 1,305,740 | |
Minebea Mitsumi, Inc. | 132,300 | 2,881,489 | |
Misumi Group, Inc. | 337,300 | 10,041,699 | |
Mitsubishi Estate Co. Ltd. | 453,900 | 6,758,779 | |
Mitsubishi UFJ Financial Group, Inc. | 1,718,900 | 10,624,762 | |
Money Forward, Inc. (a) | 150,924 | 6,698,951 | |
Nitori Holdings Co. Ltd. | 87,100 | 10,958,295 | |
Olympus Corp. | 1,092,700 | 20,709,497 | |
ORIX Corp. | 501,700 | 10,000,165 | |
Persol Holdings Co. Ltd. | 994,800 | 22,289,796 | |
Recruit Holdings Co. Ltd. | 884,700 | 38,437,603 | |
Relo Group, Inc. | 355,400 | 5,288,267 | |
Renesas Electronics Corp. (a) | 812,200 | 9,410,936 | |
SecondXight Analytica, Inc. | 13,400 | 152,998 | |
Shin-Etsu Chemical Co. Ltd. | 195,500 | 29,702,968 | |
Shiseido Co. Ltd. | 22,300 | 1,126,339 | |
SMC Corp. | 29,100 | 16,266,728 | |
SoftBank Group Corp. | 212,306 | 9,492,127 | |
Sony Group Corp. | 528,000 | 54,318,378 | |
Suzuki Motor Corp. | 207,400 | 7,107,640 | |
T&D Holdings, Inc. | 245,200 | 3,329,322 | |
TIS, Inc. | 311,000 | 7,278,208 | |
Tokio Marine Holdings, Inc. | 176,800 | 10,288,567 | |
Tokyo Electron Ltd. | 78,600 | 40,365,908 | |
Toyota Motor Corp. | 1,342,000 | 24,207,002 | |
Z Holdings Corp. | 1,098,290 | 4,748,009 | |
TOTAL JAPAN | 567,568,782 | ||
Korea (South) - 0.1% | |||
SK Hynix, Inc. | 22,020 | 2,113,677 | |
Luxembourg - 0.6% | |||
B&M European Value Retail SA | 1,128,476 | 7,919,101 | |
Eurofins Scientific SA | 133,700 | 13,298,195 | |
TOTAL LUXEMBOURG | 21,217,296 | ||
Multi-National - 0.1% | |||
HK Electric Investments & HK Electric Investments Ltd. unit | 2,471,420 | 2,394,280 | |
Netherlands - 7.5% | |||
Adyen BV (a)(c) | 3,100 | 6,140,154 | |
Airbus Group NV | 187,200 | 22,589,142 | |
Akzo Nobel NV | 209,800 | 18,026,507 | |
Argenx SE ADR (a) | 15,400 | 4,855,774 | |
ASM International NV (Netherlands) | 46,600 | 17,120,170 | |
ASML Holding NV (Netherlands) | 129,978 | 86,854,143 | |
Corbion NV | 18,300 | 629,600 | |
Elastic NV (a) | 47,600 | 4,234,020 | |
Euronext NV (c) | 130,840 | 11,970,143 | |
Ferrari NV (Italy) | 29,600 | 6,506,432 | |
Heineken NV (Bearer) | 98,500 | 9,434,244 | |
IMCD NV | 134,100 | 23,031,046 | |
ING Groep NV (Certificaten Van Aandelen) | 1,350,600 | 14,101,527 | |
Koninklijke Philips Electronics NV | 240,245 | 7,325,958 | |
NXP Semiconductors NV | 19,700 | 3,646,076 | |
Prosus NV | 255,300 | 13,767,779 | |
RHI Magnesita NV | 124,145 | 3,972,704 | |
Universal Music Group NV | 198,240 | 5,306,036 | |
Wolters Kluwer NV | 248,400 | 26,539,460 | |
TOTAL NETHERLANDS | 286,050,915 | ||
Norway - 0.4% | |||
Aker Solutions ASA | 356,700 | 1,235,344 | |
Equinor ASA | 282,700 | 10,555,074 | |
Schibsted ASA (B Shares) | 134,090 | 2,869,490 | |
TOTAL NORWAY | 14,659,908 | ||
Singapore - 0.4% | |||
Parkway Life REIT | 316,148 | 1,094,455 | |
United Overseas Bank Ltd. | 486,805 | 11,390,264 | |
Wing Tai Holdings Ltd. | 2,064,300 | 2,712,036 | |
TOTAL SINGAPORE | 15,196,755 | ||
Spain - 1.9% | |||
Aena SME SA (a)(c) | 2,702 | 450,424 | |
Amadeus IT Holding SA Class A (a) | 381,249 | 24,788,087 | |
CaixaBank SA (b) | 3,776,000 | 12,807,752 | |
Cellnex Telecom SA (c) | 502,720 | 24,193,103 | |
EDP Renovaveis SA | 100,970 | 2,607,033 | |
Iberdrola SA | 755,391 | 8,256,409 | |
TOTAL SPAIN | 73,102,808 | ||
Sweden - 3.7% | |||
AddTech AB (B Shares) | 606,127 | 11,732,655 | |
ASSA ABLOY AB (B Shares) | 721,300 | 19,388,245 | |
Atlas Copco AB (A Shares) | 372,500 | 19,334,975 | |
Ericsson (B Shares) (b) | 438,411 | 4,023,959 | |
Haypp Group (a) | 353,000 | 1,387,236 | |
Hexagon AB (B Shares) | 1,677,900 | 23,508,723 | |
Indutrade AB | 964,189 | 24,436,978 | |
Investor AB (B Shares) | 424,800 | 9,313,848 | |
John Mattson Fastighetsforetag (a) | 138,033 | 2,425,237 | |
Kry International AB (d)(e) | 527 | 146,390 | |
Nordnet AB | 348,600 | 6,302,859 | |
Oatly Group AB ADR (a)(b) | 49,800 | 249,498 | |
Sandvik AB | 582,100 | 12,365,454 | |
Swedish Match Co. AB | 1,051,000 | 7,922,964 | |
TOTAL SWEDEN | 142,539,021 | ||
Switzerland - 9.4% | |||
Compagnie Financiere Richemont SA Series A | 143,810 | 18,228,620 | |
Dufry AG (a) | 61,388 | 2,583,068 | |
Julius Baer Group Ltd. | 286,970 | 16,613,989 | |
Lonza Group AG | 49,000 | 35,645,041 | |
Nestle SA (Reg. S) | 795,018 | 103,367,176 | |
Roche Holding AG (participation certificate) | 195,090 | 77,189,672 | |
Sika AG | 116,004 | 38,590,584 | |
Sonova Holding AG | 71,743 | 30,093,162 | |
UBS Group AG | 652,780 | 12,818,238 | |
Zurich Insurance Group Ltd. | 49,330 | 24,364,084 | |
TOTAL SWITZERLAND | 359,493,634 | ||
Taiwan - 0.5% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. | 936,000 | 19,213,733 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 6,500 | 677,690 | |
TOTAL TAIWAN | 19,891,423 | ||
United Kingdom - 11.2% | |||
Anglo American PLC (United Kingdom) | 240,280 | 12,485,521 | |
Ashtead Group PLC | 159,900 | 10,151,844 | |
AstraZeneca PLC (United Kingdom) | 225,000 | 29,837,936 | |
BAE Systems PLC | 11 | 103 | |
Beazley PLC | 1,403,400 | 7,757,770 | |
Big Yellow Group PLC | 26,600 | 536,726 | |
Bridgepoint Group Holdings Ltd. (c) | 1,215,356 | 5,611,882 | |
Compass Group PLC | 1,871,728 | 40,279,765 | |
Dechra Pharmaceuticals PLC | 203,000 | 10,816,174 | |
Deliveroo PLC Class A (a)(c) | 1,991,600 | 2,948,531 | |
Diageo PLC | 1,152,845 | 58,477,576 | |
Diploma PLC | 183,468 | 6,348,276 | |
Dr. Martens Ltd. | 157,900 | 495,332 | |
Electrocomponents PLC | 1,040,200 | 14,812,413 | |
Future PLC | 81,100 | 2,772,093 | |
Grainger Trust PLC | 739,873 | 2,838,048 | |
Harbour Energy PLC | 412,705 | 2,637,017 | |
Hotel Chocolat Group Ltd. (a) | 668,171 | 3,949,843 | |
Hunting PLC | 330,400 | 1,304,260 | |
Informa PLC (a) | 492,810 | 3,895,932 | |
JD Sports Fashion PLC | 4,815,100 | 9,377,340 | |
Jet2 PLC (a) | 1,139,200 | 17,135,040 | |
Legal & General Group PLC | 1,265,716 | 4,522,565 | |
Lloyds Banking Group PLC | 29,573,800 | 18,009,487 | |
Mondi PLC | 316,000 | 6,191,416 | |
National Grid PLC | 391,410 | 6,015,274 | |
Ocado Group PLC (a) | 124,900 | 1,921,317 | |
Prudential PLC | 1,106,360 | 16,333,496 | |
Reckitt Benckiser Group PLC | 152,730 | 11,651,155 | |
RELX PLC (London Stock Exchange) | 1,441,309 | 44,850,302 | |
Rentokil Initial PLC | 2,564,500 | 17,720,180 | |
Rio Tinto PLC | 115,000 | 9,193,855 | |
Shell PLC (London) | 375,022 | 10,387,476 | |
Smith & Nephew PLC | 359,200 | 5,756,730 | |
SSE PLC | 170,620 | 3,898,504 | |
St. James's Place PLC | 633,900 | 12,061,989 | |
Supreme PLC | 1,126,200 | 2,662,979 | |
Unilever PLC (Netherlands) | 95,616 | 4,330,966 | |
WH Smith PLC (a) | 343,600 | 6,481,675 | |
TOTAL UNITED KINGDOM | 426,458,788 | ||
United States of America - 4.6% | |||
Airbnb, Inc. Class A (a) | 1,800 | 309,168 | |
Ares Management Corp. | 216,500 | 17,586,295 | |
Boston Scientific Corp. (a) | 215,200 | 9,531,208 | |
CBRE Group, Inc. | 143,200 | 13,105,664 | |
Constellation Brands, Inc. Class A (sub. vtg.) | 21,300 | 4,905,816 | |
Equifax, Inc. | 58,300 | 13,822,930 | |
Genesis Energy LP | 247,404 | 2,897,101 | |
Hess Corp. | 50,500 | 5,405,520 | |
Intercontinental Exchange, Inc. | 117,800 | 15,563,736 | |
Kosmos Energy Ltd. (a) | 735,200 | 5,286,088 | |
Marsh & McLennan Companies, Inc. | 137,200 | 23,381,624 | |
Moody's Corp. | 38,300 | 12,922,803 | |
NextEra Energy Partners LP | 17,490 | 1,457,966 | |
NICE Systems Ltd. sponsored ADR (a) | 18,552 | 4,062,888 | |
Philip Morris International, Inc. | 62,600 | 5,880,644 | |
Pool Corp. | 14,400 | 6,089,040 | |
Qualtrics International, Inc. (a) | 95,800 | 2,735,090 | |
ResMed, Inc. | 31,800 | 7,711,818 | |
S&P Global, Inc. | 52,066 | 21,356,432 | |
The AES Corp. | 81,230 | 2,090,048 | |
TOTAL UNITED STATES OF AMERICA | 176,101,879 | ||
TOTAL COMMON STOCKS | |||
(Cost $2,957,378,164) | 3,707,548,531 | ||
Nonconvertible Preferred Stocks - 0.3% | |||
Germany - 0.2% | |||
Porsche Automobil Holding SE (Germany) | 87,900 | 8,455,454 | |
Sweden - 0.1% | |||
Kry International AB Series E (d)(e) | 3,043 | 845,283 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | |||
(Cost $5,203,404) | 9,300,737 | ||
Principal Amount | Value | ||
Government Obligations - 0.0% | |||
United States of America - 0.0% | |||
U.S. Treasury Bills, yield at date of purchase 0.5% 6/30/22 (Cost $249,687)(f) | 250,000 | 249,680 | |
Shares | Value | ||
Money Market Funds - 2.5% | |||
Fidelity Cash Central Fund 0.31% (g) | 82,269,490 | 82,285,944 | |
Fidelity Securities Lending Cash Central Fund 0.31% (g)(h) | 13,167,708 | 13,169,025 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $95,454,968) | 95,454,969 | ||
TOTAL INVESTMENT IN SECURITIES - 100.1% | |||
(Cost $3,058,286,223) | 3,812,553,917 | ||
NET OTHER ASSETS (LIABILITIES) - (0.1)% | (3,537,470) | ||
NET ASSETS - 100% | $3,809,016,447 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) | |
Purchased | |||||
Equity Index Contracts | |||||
ICE E-mini MSCI EAFE Index Contracts (United States) | 33 | June 2022 | $3,538,260 | $90,756 | $90,756 |
TME S&P/TSX 60 Index Contracts (Canada) | 2 | June 2022 | 421,421 | 8,533 | 8,533 |
TOTAL FUTURES CONTRACTS | $99,289 |
The notional amount of futures purchased as a percentage of Net Assets is 0.1%
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) 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 $97,687,429 or 2.6% of net assets.
(d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $991,673 or 0.0% of net assets.
(e) Level 3 security
(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 $249,680.
(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 |
Kry International AB | 5/14/21 | $228,879 |
Kry International AB Series E | 5/14/21 | $1,391,178 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
Fidelity Cash Central Fund 0.31% | $74,387,739 | $611,307,510 | $603,409,305 | $45,156 | $-- | $-- | $82,285,944 | 0.2% |
Fidelity Securities Lending Cash Central Fund 0.31% | 39,666,680 | 102,423,236 | 128,920,891 | 35,664 | -- | -- | 13,169,025 | 0.0% |
Total | $114,054,419 | $713,730,746 | $732,330,196 | $80,820 | $-- | $-- | $95,454,969 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of March 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $99,455,325 | $25,044,750 | $74,410,575 | $-- |
Consumer Discretionary | 379,090,454 | 78,894,851 | 300,195,603 | -- |
Consumer Staples | 277,111,667 | 79,063,436 | 198,048,231 | -- |
Energy | 164,544,725 | 87,382,472 | 77,162,253 | -- |
Financials | 722,205,352 | 365,413,519 | 356,791,833 | -- |
Health Care | 470,624,592 | 253,417,519 | 217,207,073 | -- |
Industrials | 725,306,973 | 342,258,321 | 383,048,652 | -- |
Information Technology | 496,879,698 | 159,280,405 | 336,607,620 | 991,673 |
Materials | 254,577,052 | 119,014,815 | 135,562,237 | -- |
Real Estate | 63,350,931 | 29,287,849 | 34,063,082 | -- |
Utilities | 63,702,499 | 26,095,643 | 37,606,856 | -- |
Government Obligations | 249,680 | -- | 249,680 | -- |
Money Market Funds | 95,454,969 | 95,454,969 | -- | -- |
Total Investments in Securities: | $3,812,553,917 | $1,660,608,549 | $2,150,953,695 | $991,673 |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | $99,289 | $99,289 | $-- | $-- |
Total Assets | $99,289 | $99,289 | $-- | $-- |
Total Derivative Instruments: | $99,289 | $99,289 | $-- | $-- |
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, 2022. 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) | $99,289 | $0 |
Total Equity Risk | 99,289 | 0 |
Total Value of Derivatives | $99,289 | $0 |
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
March 31, 2022 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $12,188,718) — See accompanying schedule: Unaffiliated issuers (cost $2,962,831,255) | $3,717,098,948 | |
Fidelity Central Funds (cost $95,454,968) | 95,454,969 | |
Total Investment in Securities (cost $3,058,286,223) | $3,812,553,917 | |
Cash | 1,440,431 | |
Foreign currency held at value (cost $978,517) | 978,520 | |
Receivable for investments sold | 9,640,465 | |
Receivable for fund shares sold | 15,130 | |
Dividends receivable | 8,719,388 | |
Reclaims receivable | 6,973,922 | |
Distributions receivable from Fidelity Central Funds | 13,963 | |
Other receivables | 5,692 | |
Total assets | 3,840,341,428 | |
Liabilities | ||
Payable for investments purchased | $15,514,526 | |
Payable for fund shares redeemed | 1,265,758 | |
Payable for daily variation margin on futures contracts | 63,964 | |
Other payables and accrued expenses | 1,311,708 | |
Collateral on securities loaned | 13,169,025 | |
Total liabilities | 31,324,981 | |
Net Assets | $3,809,016,447 | |
Net Assets consist of: | ||
Paid in capital | $3,061,320,432 | |
Total accumulated earnings (loss) | 747,696,015 | |
Net Assets | $3,809,016,447 | |
Net Asset Value, offering price and redemption price per share ($3,809,016,447 ÷ 39,933,346 shares) | $95.38 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended March 31, 2022 (Unaudited) | ||
Investment Income | ||
Dividends | $27,469,329 | |
Non-Cash dividends | 3,360,420 | |
Interest | 706 | |
Income from Fidelity Central Funds (including $35,664 from security lending) | 80,820 | |
Income before foreign taxes withheld | 30,911,275 | |
Less foreign taxes withheld | (2,102,390) | |
Total income | 28,808,885 | |
Expenses | ||
Custodian fees and expenses | $66,395 | |
Independent directors' fees and expenses | 6,860 | |
Miscellaneous | 33 | |
Total expenses | 73,288 | |
Net investment income (loss) | 28,735,597 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of foreign taxes of $1,782) | 8,181,227 | |
Foreign currency transactions | (106,328) | |
Futures contracts | (3,289,270) | |
Total net realized gain (loss) | 4,785,629 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of decrease in deferred foreign taxes of $184,765) | (236,529,965) | |
Assets and liabilities in foreign currencies | (390,038) | |
Futures contracts | 715,455 | |
Total change in net unrealized appreciation (depreciation) | (236,204,548) | |
Net gain (loss) | (231,418,919) | |
Net increase (decrease) in net assets resulting from operations | $(202,683,322) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended March 31, 2022 (Unaudited) | Year ended September 30, 2021 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $28,735,597 | $62,641,368 |
Net realized gain (loss) | 4,785,629 | 269,754,017 |
Change in net unrealized appreciation (depreciation) | (236,204,548) | 506,860,201 |
Net increase (decrease) in net assets resulting from operations | (202,683,322) | 839,255,586 |
Distributions to shareholders | (247,799,359) | (58,312,100) |
Affiliated share transactions | ||
Proceeds from sales of shares | 328,889,749 | 529,663,856 |
Reinvestment of distributions | 247,799,359 | 58,312,100 |
Cost of shares redeemed | (107,147,740) | (599,890,195) |
Net increase (decrease) in net assets resulting from share transactions | 469,541,368 | (11,914,239) |
Total increase (decrease) in net assets | 19,058,687 | 769,029,247 |
Net Assets | ||
Beginning of period | 3,789,957,760 | 3,020,928,513 |
End of period | $3,809,016,447 | $3,789,957,760 |
Other Information | ||
Shares | ||
Sold | 3,152,559 | 5,192,192 |
Issued in reinvestment of distributions | 2,399,297 | 568,317 |
Redeemed | (1,077,067) | (6,000,356) |
Net increase (decrease) | 4,474,789 | (239,847) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity International Equity Central Fund
Six months ended (Unaudited) March 31, | Years endedSeptember 30, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $106.88 | $84.62 | $77.92 | $84.55 | $87.45 | $74.96 |
Income from Investment Operations | ||||||
Net investment income (loss)A,B | .75 | 1.80 | 1.40 | 2.23 | 2.30 | 2.18 |
Net realized and unrealized gain (loss) | (5.31) | 22.17 | 6.94 | (3.09) | (.27) | 12.27 |
Total from investment operations | (4.56) | 23.97 | 8.34 | (.86) | 2.03 | 14.45 |
Distributions from net investment income | (1.01) | (1.71) | (1.39) | (2.12) | (2.34) | (1.92) |
Distributions from net realized gain | (5.94) | – | (.25) | (3.65) | (2.60) | (.03) |
Total distributions | (6.94)C | (1.71) | (1.64) | (5.77) | (4.93)C | (1.96)C |
Net asset value, end of period | $95.38 | $106.88 | $84.62 | $77.92 | $84.55 | $87.45 |
Total ReturnD,E | (4.76)% | 28.42% | 10.91% | (.21)% | 2.30% | 19.54% |
Ratios to Average Net AssetsB,F,G | ||||||
Expenses before reductions | - %H,I | .01% | .01% | .01% | .01% | .01% |
Expenses net of fee waivers, if any | - %H,I | .01% | .01% | .01% | .01% | .01% |
Expenses net of all reductions | - %H,I | .01% | .01% | .01% | .01% | .01% |
Net investment income (loss) | 1.46%H | 1.79% | 1.77% | 2.93% | 2.63% | 2.74% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $3,809,016 | $3,789,958 | $3,020,929 | $2,432,786 | $2,645,061 | $3,094,384 |
Portfolio turnover rateJ | 32%H | 52% | 81% | 70% | 53% | 61% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Total distributions per share do not sum due to rounding.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Annualized
I Amount represents less than .005%.
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended March 31, 2022
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 LLC (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.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Directors (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. 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 – unadjusted quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
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, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
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 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.
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, 2022 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain 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 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 include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $922,342,873 |
Gross unrealized depreciation | (177,506,452) |
Net unrealized appreciation (depreciation) | $744,836,421 |
Tax cost | $3,067,816,785 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
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 on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity International Equity Central Fund | 845,180,757 | 604,401,630 |
6. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. Fidelity Management & Research Company LLC (the investment adviser) provides the Fund with investment management services. The Fund does not pay any fees for these services. Pursuant to the Fund's management contract, the investment adviser receives a monthly management fee that represents a portion of the management fees it receives from the Investing Funds. In addition, under an expense contract, the investment adviser also pays all other expenses of the Fund, excluding custody fees, the compensation of the independent Directors, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
Amount | |
Fidelity International Equity Central Fund | $1,380 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity International Equity Central Fund | 22,096,283 | 11,719,323 | (408,644) |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity International Equity Central Fund | $3,946 | $– | $– |
8. Other.
A 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, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
9. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2021 to March 31, 2022).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Annualized Expense Ratio-A | Beginning Account Value October 1, 2021 | Ending Account Value March 31, 2022 | Expenses Paid During Period-B October 1, 2021 to March 31, 2022 | |
Fidelity International Equity Central Fund | .0037% | |||
Actual | $1,000.00 | $952.40 | $.02 | |
Hypothetical-C | $1,000.00 | $1,024.91 | $.02 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Liquidity Risk Management Program
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.
In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments – cash or convertible to cash within three business days or less
- Moderately liquid investments – convertible to cash in three to seven calendar days
- Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments – cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.
INTCEN-SANN-0522
1.859211.114
Fidelity® Emerging Markets Equity Central Fund
Semi-Annual Report
March 31, 2022
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. © 2022 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-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
Note to Shareholders:
Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Investment Summary (Unaudited)
Geographic Diversification (% of fund's net assets)
As of March 31, 2022 | ||
Cayman Islands | 21.0% | |
India | 15.1% | |
Korea (South) | 12.7% | |
Taiwan | 10.2% | |
China | 9.2% | |
Brazil | 6.8% | |
South Africa | 3.4% | |
United States of America* | 3.0% | |
Saudi Arabia | 2.6% | |
Other | 16.0% |
* 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, 2022
% of fund's net assets | |
Stocks | 99.3 |
Short-Term Investments and Net Other Assets (Liabilities) | 0.7 |
Top Ten Stocks as of March 31, 2022
% of fund's net assets | |
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) | 8.4 |
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) | 4.5 |
Tencent Holdings Ltd. (Cayman Islands, Interactive Media & Services) | 4.0 |
Alibaba Group Holding Ltd. (Cayman Islands, Internet & Direct Marketing Retail) | 3.2 |
HDFC Bank Ltd. (India, Banks) | 2.2 |
Reliance Industries Ltd. (India, Oil, Gas & Consumable Fuels) | 1.9 |
China Construction Bank Corp. (H Shares) (China, Banks) | 1.8 |
Infosys Ltd. (India, IT Services) | 1.6 |
Ping An Insurance Group Co. of China Ltd. (H Shares) (China, Insurance) | 1.4 |
SK Hynix, Inc. (Korea (South), Semiconductors & Semiconductor Equipment) | 1.4 |
30.4 |
Market Sectors as of March 31, 2022
% of fund's net assets | |
Information Technology | 22.2 |
Financials | 20.5 |
Consumer Discretionary | 12.7 |
Materials | 10.3 |
Communication Services | 8.5 |
Consumer Staples | 6.7 |
Industrials | 5.1 |
Energy | 4.4 |
Health Care | 4.0 |
Utilities | 2.9 |
Real Estate | 2.0 |
Schedule of Investments March 31, 2022 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.5% | |||
Shares | Value | ||
Belgium - 0.3% | |||
Titan Cement International Trading SA | 407,600 | $5,951,979 | |
Bermuda - 1.2% | |||
China Gas Holdings Ltd. | 2,675,800 | 3,410,529 | |
Credicorp Ltd. (United States) | 64,809 | 11,138,723 | |
Huanxi Media Group Ltd. (a) | 9,416,391 | 1,573,277 | |
Kerry Properties Ltd. | 402,500 | 1,133,879 | |
Kunlun Energy Co. Ltd. | 4,590,000 | 3,966,842 | |
Shangri-La Asia Ltd. (a) | 510,000 | 399,166 | |
TOTAL BERMUDA | 21,622,416 | ||
Brazil - 4.8% | |||
Arezzo Industria e Comercio SA | 112,761 | 2,135,829 | |
Atacadao SA | 2,679,000 | 12,671,801 | |
Dexco SA | 1,733,380 | 5,344,623 | |
ENGIE Brasil Energia SA | 324,000 | 2,942,578 | |
Equatorial Energia SA | 1,047,100 | 5,984,308 | |
Localiza Rent A Car SA | 424,040 | 5,441,834 | |
LOG Commercial Properties e Participacoes SA | 396,700 | 2,414,670 | |
Lojas Renner SA | 799,180 | 4,616,093 | |
Natura & Co. Holding SA (a) | 880,175 | 4,815,862 | |
Rede D'Oregon Sao Luiz SA (b) | 476,239 | 4,991,404 | |
Rumo SA (a) | 1,718,700 | 6,696,398 | |
Suzano Papel e Celulose SA | 565,100 | 6,545,881 | |
Transmissora Alianca de Energia Eletrica SA unit | 410,200 | 3,802,991 | |
Vale SA sponsored ADR | 880,415 | 17,599,496 | |
TOTAL BRAZIL | 86,003,768 | ||
British Virgin Islands - 0.0% | |||
Fix Price Group Ltd. GDR (Reg. S) (c) | 365,722 | 135,072 | |
Canada - 1.1% | |||
Barrick Gold Corp. | 824,000 | 20,212,720 | |
Cayman Islands - 20.9% | |||
Akeso, Inc. (a)(b) | 492,817 | 1,031,821 | |
Alibaba Group Holding Ltd. (a) | 3,894,650 | 53,149,170 | |
Alibaba Group Holding Ltd. sponsored ADR (a) | 44,152 | 4,803,738 | |
Angelalign Technology, Inc. (b)(d) | 63,311 | 1,079,498 | |
Ant International Co. Ltd. Class C (a)(c)(e) | 436,400 | 772,428 | |
Antengene Corp. (a)(b) | 1,856,098 | 1,565,460 | |
Archosaur Games, Inc. (b) | 172,494 | 176,457 | |
BeiGene Ltd. ADR (a) | 2,492 | 469,991 | |
Bilibili, Inc. ADR (a)(d) | 438,042 | 11,205,114 | |
Chailease Holding Co. Ltd. | 1,868,989 | 16,404,681 | |
China Resources Land Ltd. | 683,000 | 3,162,390 | |
CIFI Holdings Group Co. Ltd. | 3,741,672 | 2,180,539 | |
CK Asset Holdings Ltd. | 209,500 | 1,432,023 | |
ENN Energy Holdings Ltd. | 436,500 | 6,519,534 | |
ESR Cayman Ltd. (a)(b) | 394,800 | 1,223,443 | |
GlobalFoundries, Inc. | 23,500 | 1,466,870 | |
Haitian International Holdings Ltd. | 1,267,000 | 3,267,114 | |
Hansoh Pharmaceutical Group Co. Ltd. (b) | 1,469,875 | 2,444,027 | |
Innovent Biologics, Inc. (a)(b) | 592,613 | 1,994,222 | |
Jacobio Pharmaceuticals Group Co. Ltd. (a)(b) | 1,295,550 | 1,297,636 | |
JD Health International, Inc. (a)(b) | 173,345 | 1,037,921 | |
JD.com, Inc.: | |||
Class A (a) | 519,714 | 14,767,618 | |
sponsored ADR (a) | 109,837 | 6,356,267 | |
KE Holdings, Inc. ADR (a)(d) | 19,600 | 242,452 | |
Kuaishou Technology Class B (a)(b) | 259,893 | 2,381,324 | |
KWG Group Holdings Ltd. | 2,166,500 | 885,087 | |
Li Auto, Inc. Class A (a) | 3 | 39 | |
Li Ning Co. Ltd. | 1,467,275 | 12,459,157 | |
Longfor Properties Co. Ltd. (b) | 536,000 | 2,741,731 | |
Medlive Technology Co. Ltd. (b) | 621,660 | 620,455 | |
Meituan Class B (a)(b) | 1,287,288 | 24,386,308 | |
NetEase, Inc. ADR | 102,279 | 9,173,404 | |
PagSeguro Digital Ltd. (a)(d) | 567,390 | 11,376,170 | |
Parade Technologies Ltd. | 54,749 | 3,424,031 | |
Pinduoduo, Inc. ADR (a) | 530,097 | 21,262,191 | |
Sea Ltd. ADR (a) | 123,160 | 14,753,336 | |
Silergy Corp. | 45,892 | 5,384,539 | |
SITC International Holdings Co. Ltd. | 731,000 | 2,556,093 | |
StoneCo Ltd. Class A (a) | 170,778 | 1,998,103 | |
Sunny Optical Technology Group Co. Ltd. | 77,900 | 1,237,156 | |
Tencent Holdings Ltd. | 1,578,505 | 72,760,151 | |
Tencent Music Entertainment Group ADR (a) | 145,200 | 707,124 | |
Tongdao Liepin Group (a) | 587,541 | 1,325,646 | |
Trip.com Group Ltd. ADR (a) | 312,069 | 7,215,035 | |
Uni-President China Holdings Ltd. | 3,808,400 | 3,304,887 | |
Wuxi Biologics (Cayman), Inc. (a)(b) | 1,266,054 | 10,053,232 | |
Xiaomi Corp. Class B (a)(b) | 1,090,400 | 1,905,393 | |
XP, Inc. Class A (a) | 475,883 | 14,324,078 | |
XPeng, Inc. ADR (a) | 316,238 | 8,725,006 | |
Zai Lab Ltd. (a) | 684,180 | 3,114,843 | |
Zai Lab Ltd. ADR (a) | 3,440 | 151,291 | |
TOTAL CAYMAN ISLANDS | 376,276,224 | ||
Chile - 1.4% | |||
Banco de Chile | 18,266,611 | 1,955,744 | |
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR | 273,265 | 23,391,484 | |
TOTAL CHILE | 25,347,228 | ||
China - 8.9% | |||
Asymchem Laboratories Tianjin Co. Ltd. (H Shares) (b) | 71,333 | 2,516,395 | |
Bafang Electric Suzhou Co. Ltd. (A Shares) | 88,031 | 2,412,172 | |
Beijing Enlight Media Co. Ltd. (A Shares) | 2,499,600 | 3,221,984 | |
C&S Paper Co. Ltd. (A Shares) | 1,542,100 | 2,906,426 | |
China Communications Services Corp. Ltd. (H Shares) | 5,584,000 | 2,517,881 | |
China Construction Bank Corp. (H Shares) | 43,703,000 | 32,736,395 | |
China Merchants Shekou Industrial Zone Holdings Co. Ltd. (A Shares) | 941,300 | 2,249,992 | |
China Petroleum & Chemical Corp. (H Shares) | 17,308,000 | 8,600,738 | |
China Tower Corp. Ltd. (H Shares) (b) | 9,318,177 | 1,043,099 | |
Contemporary Amperex Technology Co. Ltd. | 26,120 | 2,091,147 | |
Daqin Railway Co. Ltd. (A Shares) | 4,759,100 | 5,148,594 | |
Flat Glass Group Co. Ltd. (d) | 578,506 | 2,208,670 | |
Gemdale Corp. (A Shares) | 981,577 | 2,211,273 | |
Great Wall Motor Co. Ltd. (H Shares) | 1,348,869 | 2,117,030 | |
Haier Smart Home Co. Ltd. | 1,600,000 | 5,115,971 | |
Haier Smart Home Co. Ltd. (A Shares) | 211,600 | 765,255 | |
Hongfa Technology Co. Ltd. (A Shares) | 259,100 | 1,921,568 | |
LONGi Green Energy Technology Co. Ltd. | 144,100 | 1,625,433 | |
Pharmaron Beijing Co. Ltd. (H Shares) (b) | 231,944 | 2,789,447 | |
Ping An Insurance Group Co. of China Ltd. (H Shares) | 3,688,500 | 25,786,542 | |
Poly Developments & Holdings (A Shares) | 684,115 | 1,908,069 | |
Proya Cosmetics Co. Ltd. (A Shares) | 223,400 | 6,620,037 | |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | 141,353 | 6,832,980 | |
Sinopec Engineering Group Co. Ltd. (H Shares) | 2,399,000 | 1,222,093 | |
Sinopharm Group Co. Ltd. (H Shares) | 793,549 | 1,801,399 | |
Sungrow Power Supply Co. Ltd. (A Shares) | 315,073 | 5,287,068 | |
TravelSky Technology Ltd. (H Shares) | 1,273,000 | 1,826,175 | |
Tsingtao Brewery Co. Ltd. (H Shares) | 1,739,800 | 13,676,973 | |
Venus MedTech Hangzhou, Inc. (H Shares) (a)(b) | 432,801 | 883,058 | |
WuXi AppTec Co. Ltd. (H Shares) (b) | 210,163 | 3,283,578 | |
Yunnan Botanee Bio-Technology Group Co., Ltd. (A Shares) | 102,900 | 3,022,199 | |
Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares) | 408,146 | 1,063,441 | |
Zhuzhou CRRC Times Electric Co. Ltd. (H Shares) | 1,064,200 | 4,120,336 | |
TOTAL CHINA | 161,533,418 | ||
Cyprus - 0.0% | |||
TCS Group Holding PLC GDR (c) | 292,174 | 366,547 | |
Germany - 0.2% | |||
Delivery Hero AG (a)(b) | 63,954 | 2,820,060 | |
Greece - 0.5% | |||
Alpha Bank SA (a) | 5,564,435 | 6,869,712 | |
Piraeus Financial Holdings SA (a) | 1,345,300 | 2,105,857 | |
TOTAL GREECE | 8,975,569 | ||
Hong Kong - 1.5% | |||
AIA Group Ltd. | 1,043,400 | 10,895,064 | |
China Overseas Land and Investment Ltd. | 916,960 | 2,728,625 | |
China Resources Beer Holdings Co. Ltd. | 1,606,666 | 9,774,939 | |
Guangdong Investment Ltd. | 2,608,000 | 3,553,247 | |
TOTAL HONG KONG | 26,951,875 | ||
Hungary - 0.1% | |||
Richter Gedeon PLC | 120,488 | 2,546,974 | |
India - 15.0% | |||
Adani Ports & Special Economic Zone Ltd. | 933,408 | 9,454,710 | |
Apollo Hospitals Enterprise Ltd. | 84,859 | 5,026,041 | |
Bajaj Finance Ltd. | 155,348 | 14,723,475 | |
Bandhan Bank Ltd. (b) | 1,923,000 | 7,730,330 | |
Bharat Electronics Ltd. | 1,494,300 | 4,125,218 | |
CE Info Systems Ltd. | 57,968 | 1,144,526 | |
Divi's Laboratories Ltd. | 53,910 | 3,111,934 | |
Embassy Office Parks (REIT) | 268,100 | 1,309,324 | |
HDFC Bank Ltd. | 2,065,782 | 39,706,614 | |
Hindustan Aeronautics Ltd. | 1,620 | 31,550 | |
Housing Development Finance Corp. Ltd. | 24,700 | 770,769 | |
Indraprastha Gas Ltd. | 791,320 | 3,874,971 | |
Indus Towers Ltd. (a) | 172,600 | 502,135 | |
Infosys Ltd. | 360,812 | 9,017,525 | |
Infosys Ltd. sponsored ADR | 833,058 | 20,734,814 | |
ITC Ltd. | 2,143,987 | 7,040,919 | |
JK Cement Ltd. | 345,798 | 11,027,910 | |
Larsen & Toubro Ltd. | 457,616 | 10,591,117 | |
Mahanagar Gas Ltd. | 220,190 | 2,251,017 | |
Manappuram General Finance & Leasing Ltd. | 1,985,357 | 2,948,254 | |
Maruti Suzuki India Ltd. | 39,391 | 3,901,186 | |
NTPC Ltd. | 2,932,222 | 5,189,806 | |
Oberoi Realty Ltd. (a) | 220,566 | 2,713,419 | |
Oil & Natural Gas Corp. Ltd. | 3,074,400 | 6,598,058 | |
Petronet LNG Ltd. | 805,668 | 2,048,651 | |
Power Grid Corp. of India Ltd. | 2,861,674 | 8,142,043 | |
Reliance Industries Ltd. | 982,097 | 33,900,062 | |
Shree Cement Ltd. | 27,327 | 8,602,679 | |
Shriram Transport Finance Co. Ltd. | 785,500 | 11,640,710 | |
Sun Pharmaceutical Industries Ltd. | 145,089 | 1,742,800 | |
Tata Motors Ltd. (a) | 896,909 | 5,059,006 | |
Tata Steel Ltd. | 487,500 | 8,323,130 | |
Tech Mahindra Ltd. | 283,492 | 5,566,489 | |
Titan Co. Ltd. | 110,592 | 3,676,786 | |
Torrent Pharmaceuticals Ltd. | 70,681 | 2,589,203 | |
Vijaya Diagnostic Centre Pvt Ltd. | 127,007 | 729,669 | |
Voltas Ltd. | 176,454 | 2,877,077 | |
Wipro Ltd. | 312,345 | 2,422,863 | |
TOTAL INDIA | 270,846,790 | ||
Indonesia - 2.1% | |||
PT Bank Central Asia Tbk | 27,491,924 | 15,281,538 | |
PT Bank Rakyat Indonesia (Persero) Tbk | 64,628,955 | 20,874,166 | |
PT Dayamitra Telekomunikasi Tbk (a) | 7,008,600 | 375,971 | |
PT United Tractors Tbk | 1,181,500 | 2,097,173 | |
TOTAL INDONESIA | 38,628,848 | ||
Japan - 1.1% | |||
Capcom Co. Ltd. | 80,830 | 1,959,669 | |
JEOL Ltd. | 23,736 | 1,312,208 | |
JTOWER, Inc. (a) | 17,292 | 1,007,133 | |
Money Forward, Inc. (a) | 38,219 | 1,696,398 | |
Renesas Electronics Corp. (a) | 299,874 | 3,474,631 | |
Sumco Corp. | 102,100 | 1,670,860 | |
Tokyo Electron Ltd. | 3,837 | 1,970,534 | |
Z Holdings Corp. | 1,664,376 | 7,195,251 | |
TOTAL JAPAN | 20,286,684 | ||
Korea (South) - 12.5% | |||
AMOREPACIFIC Group, Inc. | 150,319 | 5,399,938 | |
Coway Co. Ltd. | 79,270 | 4,458,383 | |
Hana Financial Group, Inc. | 220,137 | 8,736,409 | |
Hanon Systems | 265,750 | 2,565,939 | |
Hyundai Mobis | 27,766 | 4,883,078 | |
Kakao Corp. | 115,960 | 10,057,049 | |
Kakao Pay Corp. (a) | 20,933 | 2,545,855 | |
KB Financial Group, Inc. | 301,216 | 15,062,118 | |
Kia Corp. | 206,661 | 12,489,719 | |
LG Chemical Ltd. | 9,680 | 4,220,591 | |
LG Corp. | 64,722 | 4,055,540 | |
NAVER Corp. | 10,667 | 2,958,189 | |
NCSOFT Corp. | 8,084 | 3,093,488 | |
Netmarble Corp. (b) | 9,012 | 821,760 | |
POSCO | 76,991 | 18,427,752 | |
S-Oil Corp. | 55,800 | 4,417,726 | |
Samsung Biologics Co. Ltd. (a)(b) | 12,379 | 8,392,863 | |
Samsung Electronics Co. Ltd. | 1,415,531 | 80,823,862 | |
Samsung SDI Co. Ltd. | 11,444 | 5,557,504 | |
SK Hynix, Inc. | 257,358 | 24,703,524 | |
Studio Dragon Corp. (a) | 28,900 | 2,178,684 | |
TOTAL KOREA (SOUTH) | 225,849,971 | ||
Luxembourg - 0.4% | |||
Adecoagro SA (a) | 90,904 | 1,098,120 | |
Globant SA (a) | 5,253 | 1,376,654 | |
Tenaris SA sponsored ADR | 132,100 | 3,972,247 | |
TOTAL LUXEMBOURG | 6,447,021 | ||
Mauritius - 0.1% | |||
Jumo World Ltd. (c) | 161 | 934,174 | |
Mexico - 2.5% | |||
CEMEX S.A.B. de CV sponsored ADR (a) | 2,399,700 | 12,694,413 | |
Corporacion Inmobiliaria Vesta S.A.B. de CV | 1,143,900 | 2,187,730 | |
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B | 403,696 | 6,547,831 | |
Grupo Aeroportuario Norte S.A.B. de CV | 300,300 | 2,247,041 | |
Grupo Financiero Banorte S.A.B. de CV Series O | 1,989,532 | 14,959,000 | |
Wal-Mart de Mexico SA de CV Series V | 1,394,200 | 5,742,225 | |
TOTAL MEXICO | 44,378,240 | ||
Netherlands - 0.4% | |||
ASML Holding NV (Netherlands) | 4,406 | 2,944,186 | |
CTP BV (b) | 24,229 | 407,411 | |
NXP Semiconductors NV | 8,688 | 1,607,975 | |
X5 Retail Group NV GDR (Reg. S) (c) | 450,200 | 93,997 | |
Yandex NV Series A (a)(c) | 475,848 | 1,632,083 | |
TOTAL NETHERLANDS | 6,685,652 | ||
Panama - 0.2% | |||
Copa Holdings SA Class A (a) | 36,449 | 3,048,594 | |
Philippines - 0.2% | |||
Ayala Land, Inc. | 2,606,800 | 1,760,274 | |
SM Investments Corp. | 124,000 | 2,163,258 | |
TOTAL PHILIPPINES | 3,923,532 | ||
Poland - 0.2% | |||
CD Projekt RED SA (d) | 95,449 | 3,946,762 | |
Russia - 0.0% | |||
Gazprom OAO sponsored ADR (Reg. S) (c) | 782,800 | 178,823 | |
LSR Group OJSC (c) | 6,300 | 7,258 | |
LUKOIL PJSC sponsored ADR (c) | 176,600 | 49,958 | |
Novatek PJSC GDR (Reg. S) (c) | 46,200 | 11,803 | |
Sberbank of Russia (c) | 794,750 | 5,596 | |
Sberbank of Russia sponsored ADR (c) | 1,468,992 | 26,148 | |
Severstal PAO GDR (Reg. S) (c) | 433,400 | 10,233 | |
TOTAL RUSSIA | 289,819 | ||
Saudi Arabia - 2.6% | |||
Al Rajhi Bank | 535,172 | 22,910,469 | |
Alinma Bank | 1,010,500 | 10,464,594 | |
Saudi Arabian Oil Co. (b) | 613,500 | 7,048,341 | |
Saudi Tadawul Group Holding Co. | 143,300 | 7,295,828 | |
TOTAL SAUDI ARABIA | 47,719,232 | ||
Singapore - 0.8% | |||
First Resources Ltd. | 5,276,800 | 7,954,897 | |
United Overseas Bank Ltd. | 257,600 | 6,027,325 | |
TOTAL SINGAPORE | 13,982,222 | ||
South Africa - 3.4% | |||
Capitec Bank Holdings Ltd. | 78,199 | 12,530,838 | |
FirstRand Ltd. (d) | 3,024,828 | 16,036,505 | |
Impala Platinum Holdings Ltd. | 1,482,500 | 22,819,092 | |
Pick 'n Pay Stores Ltd. | 2,636,408 | 9,699,456 | |
TOTAL SOUTH AFRICA | 61,085,891 | ||
Taiwan - 10.2% | |||
eMemory Technology, Inc. | 37,000 | 2,352,801 | |
GlobalWafers Co. Ltd. | 9,000 | 209,618 | |
MediaTek, Inc. | 532,927 | 16,596,270 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 7,393,112 | 151,762,048 | |
Unified-President Enterprises Corp. | 2,791,000 | 6,373,857 | |
Unimicron Technology Corp. | 405,000 | 3,454,347 | |
Wiwynn Corp. | 76,000 | 2,682,833 | |
TOTAL TAIWAN | 183,431,774 | ||
Thailand - 0.4% | |||
Land & House PCL (For. Reg.) | 3,819,700 | 1,089,191 | |
PTT Global Chemical PCL (For. Reg.) | 3,912,600 | 5,945,800 | |
TOTAL THAILAND | 7,034,991 | ||
Turkey - 0.5% | |||
Aselsan A/S | 3,120,000 | 5,133,457 | |
Bim Birlesik Magazalar A/S JSC | 646,000 | 3,727,156 | |
TOTAL TURKEY | 8,860,613 | ||
United Kingdom - 0.8% | |||
Helios Towers PLC (a) | 590,800 | 895,625 | |
Mondi PLC | 171,842 | 3,428,020 | |
Prudential PLC | 715,698 | 10,566,046 | |
TOTAL UNITED KINGDOM | 14,889,691 | ||
United States of America - 2.2% | |||
Airbnb, Inc. Class A (a) | 6,300 | 1,082,088 | |
Dlocal Ltd. | 169,400 | 5,295,444 | |
FirstCash Holdings, Inc. | 123,072 | 8,656,884 | |
Li Auto, Inc. ADR (a) | 458,263 | 11,827,768 | |
Marvell Technology, Inc. | 38,003 | 2,725,195 | |
NVIDIA Corp. | 10,845 | 2,959,167 | |
Salesforce.com, Inc. (a) | 10,480 | 2,225,114 | |
Snap, Inc. Class A (a) | 30,956 | 1,114,106 | |
SolarEdge Technologies, Inc. (a) | 6,636 | 2,139,247 | |
Yum China Holdings, Inc. | 47,076 | 1,955,537 | |
TOTAL UNITED STATES OF AMERICA | 39,980,550 | ||
TOTAL COMMON STOCKS | |||
(Cost $1,561,010,521) | 1,740,994,901 | ||
Preferred Stocks - 2.8% | |||
Convertible Preferred Stocks - 0.5% | |||
Cayman Islands - 0.1% | |||
Creditas Financial Solutions Ltd. Series F (c)(e) | 4,374 | 1,377,733 | |
China - 0.3% | |||
ByteDance Ltd. Series E1 (a)(c)(e) | 30,246 | 4,453,724 | |
dMed Biopharmaceutical Co. Ltd. Series C (a)(c)(e) | 52,588 | 521,673 | |
4,975,397 | |||
India - 0.1% | |||
Meesho Series F (c)(e) | 33,863 | 2,596,354 | |
TOTAL CONVERTIBLE PREFERRED STOCKS | 8,949,484 | ||
Nonconvertible Preferred Stocks - 2.3% | |||
Brazil - 2.0% | |||
Ambev SA sponsored ADR | 3,840,400 | 12,404,492 | |
Companhia de Transmissao de Energia Eletrica Paulista (PN) | 310,200 | 1,722,664 | |
Metalurgica Gerdau SA (PN) | 4,160,800 | 10,714,319 | |
Petroleo Brasileiro SA - Petrobras: | |||
(PN) sponsored ADR (non-vtg.) | 474,600 | 6,634,908 | |
sponsored ADR | 345,700 | 5,116,360 | |
36,592,743 | |||
Korea (South) - 0.2% | |||
Hyundai Motor Co. Series 2 | 62,324 | 4,419,606 | |
United States of America - 0.1% | |||
Gupshup, Inc. (c)(e) | 44,950 | 900,349 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 41,912,698 | ||
TOTAL PREFERRED STOCKS | |||
(Cost $38,159,703) | 50,862,182 | ||
Principal Amount | Value | ||
Government Obligations - 0.2% | |||
United States of America - 0.2% | |||
U.S. Treasury Bills, yield at date of purchase 0.08% to 0.26% 4/7/22 to 5/12/22 (Cost $3,669,009) | 3,670,000 | 3,669,252 | |
Shares | Value | ||
Money Market Funds - 2.7% | |||
Fidelity Cash Central Fund 0.31% (f) | 20,223,036 | 20,227,081 | |
Fidelity Securities Lending Cash Central Fund 0.31% (f)(g) | 27,767,559 | 27,770,336 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $47,997,033) | 47,997,417 | ||
TOTAL INVESTMENT IN SECURITIES - 102.2% | |||
(Cost $1,650,836,266) | 1,843,523,752 | ||
NET OTHER ASSETS (LIABILITIES) - (2.2)% | (39,017,460) | ||
NET ASSETS - 100% | $1,804,506,292 |
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(b) 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 $96,666,674 or 5.4% of net assets.
(c) Level 3 security
(d) Security or a portion of the security is on loan at period end.
(e) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $10,622,261 or 0.6% of net assets.
(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.
(g) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost |
Ant International Co. Ltd. Class C | 5/16/18 | $1,663,286 |
ByteDance Ltd. Series E1 | 11/18/20 | $3,314,181 |
Creditas Financial Solutions Ltd. Series F | 1/28/22 | $1,377,733 |
dMed Biopharmaceutical Co. Ltd. Series C | 12/1/20 | $746,915 |
Gupshup, Inc. | 6/8/21 | $1,027,791 |
Meesho Series F | 9/21/21 | $2,596,355 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
Fidelity Cash Central Fund 0.31% | $20,872,933 | $581,629,665 | $582,275,517 | $12,267 | $-- | $-- | $20,227,081 | 0.0% |
Fidelity Securities Lending Cash Central Fund 0.31% | 19,520,703 | 140,087,363 | 131,837,730 | 33,711 | -- | -- | 27,770,336 | 0.1% |
Total | $40,393,636 | $721,717,028 | $714,113,247 | $45,978 | $-- | $-- | $47,997,417 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of March 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $155,051,688 | $41,795,471 | $111,624,134 | $1,632,083 |
Consumer Discretionary | 230,998,194 | 72,799,612 | 158,063,510 | 135,072 |
Consumer Staples | 116,328,181 | 50,159,112 | 66,075,072 | 93,997 |
Energy | 80,674,848 | 22,771,856 | 57,662,408 | 240,584 |
Financials | 372,621,294 | 129,248,232 | 239,890,436 | 3,482,626 |
Health Care | 72,894,102 | 8,159,660 | 64,212,769 | 521,673 |
Industrials | 92,616,093 | 29,115,155 | 63,500,938 | -- |
Information Technology | 400,063,251 | 53,904,753 | 338,208,071 | 7,950,427 |
Materials | 185,260,122 | 105,882,935 | 79,366,954 | 10,233 |
Real Estate | 33,988,780 | 5,252,263 | 28,729,259 | 7,258 |
Utilities | 51,360,530 | 14,452,541 | 36,907,989 | -- |
Government Obligations | 3,669,252 | -- | 3,669,252 | -- |
Money Market Funds | 47,997,417 | 47,997,417 | -- | -- |
Total Investments in Securities: | $1,843,523,752 | $581,539,007 | $1,247,910,792 | $14,073,953 |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
March 31, 2022 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $25,420,178) — See accompanying schedule: Unaffiliated issuers (cost $1,602,839,233) | $1,795,526,335 | |
Fidelity Central Funds (cost $47,997,033) | 47,997,417 | |
Total Investment in Securities (cost $1,650,836,266) | $1,843,523,752 | |
Foreign currency held at value (cost $11,055,319) | 10,913,798 | |
Receivable for investments sold | 11,453,887 | |
Receivable for fund shares sold | 11,336 | |
Dividends receivable | 5,464,325 | |
Interest receivable | 453 | |
Distributions receivable from Fidelity Central Funds | 12,687 | |
Other receivables | 157,859 | |
Total assets | 1,871,538,097 | |
Liabilities | ||
Payable to custodian bank | $1,092,839 | |
Payable for investments purchased | 32,072,630 | |
Payable for fund shares redeemed | 962,200 | |
Other payables and accrued expenses | 5,134,128 | |
Collateral on securities loaned | 27,770,008 | |
Total liabilities | 67,031,805 | |
Net Assets | $1,804,506,292 | |
Net Assets consist of: | ||
Paid in capital | $1,653,689,804 | |
Total accumulated earnings (loss) | 150,816,488 | |
Net Assets | $1,804,506,292 | |
Net Asset Value, offering price and redemption price per share ($1,804,506,292 ÷ 8,368,530 shares) | $215.63 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended March 31, 2022 (Unaudited) | ||
Investment Income | ||
Dividends | $17,932,741 | |
Non-Cash dividends | 4,859,470 | |
Interest | 4,101 | |
Income from Fidelity Central Funds (including $33,711 from security lending) | 45,978 | |
Income before foreign taxes withheld | 22,842,290 | |
Less foreign taxes withheld | (2,532,728) | |
Total income | 20,309,562 | |
Expenses | ||
Custodian fees and expenses | $206,093 | |
Independent directors' fees and expenses | 3,489 | |
Interest | 433 | |
Miscellaneous | 15 | |
Total expenses | 210,030 | |
Net investment income (loss) | 20,099,532 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of foreign taxes of $1,846,833) | (11,701,001) | |
Foreign currency transactions | (394,970) | |
Futures contracts | 103,952 | |
Total net realized gain (loss) | (11,992,019) | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers (net of decrease in deferred foreign taxes of $4,956,332) | (318,235,807) | |
Assets and liabilities in foreign currencies | (98,171) | |
Futures contracts | 255,884 | |
Total change in net unrealized appreciation (depreciation) | (318,078,094) | |
Net gain (loss) | (330,070,113) | |
Net increase (decrease) in net assets resulting from operations | $(309,970,581) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended March 31, 2022 (Unaudited) | Year ended September 30, 2021 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $20,099,532 | $41,983,936 |
Net realized gain (loss) | (11,992,019) | 175,236,762 |
Change in net unrealized appreciation (depreciation) | (318,078,094) | 193,320,841 |
Net increase (decrease) in net assets resulting from operations | (309,970,581) | 410,541,539 |
Distributions to shareholders | (155,220,734) | (39,322,546) |
Affiliated share transactions | ||
Proceeds from sales of shares | 303,934,016 | 266,859,195 |
Reinvestment of distributions | 155,220,734 | 39,322,546 |
Cost of shares redeemed | (92,171,491) | (761,493,626) |
Net increase (decrease) in net assets resulting from share transactions | 366,983,259 | (455,311,885) |
Total increase (decrease) in net assets | (98,208,056) | (84,092,892) |
Net Assets | ||
Beginning of period | 1,902,714,348 | 1,986,807,240 |
End of period | $1,804,506,292 | $1,902,714,348 |
Other Information | ||
Shares | ||
Sold | 1,250,506 | 918,516 |
Issued in reinvestment of distributions | 635,994 | 136,548 |
Redeemed | (369,108) | (2,582,041) |
Net increase (decrease) | 1,517,392 | (1,526,977) |
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 endedSeptember 30, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $277.72 | $237.14 | $210.61 | $220.61 | $246.26 | $202.55 |
Income from Investment Operations | ||||||
Net investment income (loss)A,B | 2.69 | 5.06 | 3.85 | 7.79C | 5.11 | 4.65 |
Net realized and unrealized gain (loss) | (41.69) | 40.55 | 28.57 | 1.52 | (14.13) | 44.19 |
Total from investment operations | (39.00) | 45.61 | 32.42 | 9.31 | (9.02) | 48.84 |
Distributions from net investment income | (4.59) | (5.03) | (5.52) | (4.54) | (4.95) | (4.06) |
Distributions from net realized gain | (18.50) | – | (.37) | (14.76) | (11.68) | (1.07) |
Total distributions | (23.09) | (5.03) | (5.89) | (19.31)D | (16.63) | (5.13) |
Net asset value, end of period | $215.63 | $277.72 | $237.14 | $210.61 | $220.61 | $246.26 |
Total ReturnE,F | (15.03)% | 19.17% | 15.71% | 5.22% | (4.20)% | 24.55% |
Ratios to Average Net AssetsB,G,H | ||||||
Expenses before reductions | .02%I | .03% | .05% | .06% | .07% | .07% |
Expenses net of fee waivers, if any | .02%I | .03% | .05% | .06% | .07% | .07% |
Expenses net of all reductions | .02%I | .03% | .05% | .06% | .07% | .07% |
Net investment income (loss) | 2.15%I | 1.74% | 1.76% | 3.73%C | 2.07% | 2.12% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $1,804,506 | $1,902,714 | $1,986,807 | $1,779,865 | $663,813 | $763,186 |
Portfolio turnover rateJ | 66%I | 68% | 50% | 60% | 65% | 59% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $2.72 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.43%.
D Total distributions per share do not sum due to rounding.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
I Annualized
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended March 31, 2022
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 LLC (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. 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.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Directors (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. 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 – unadjusted quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
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. 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.
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, 2022 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain 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 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 include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. 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. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $424,168,425 |
Gross unrealized depreciation | (259,070,715) |
Net unrealized appreciation (depreciation) | $165,097,710 |
Tax cost | $1,678,426,042 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
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 on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Emerging Markets Equity Central Fund | 852,018,435 | 605,937,384 |
6. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. Fidelity Management & Research Company LLC (the investment adviser) provides the Fund with investment management services. The Fund does not pay any fees for these services. Pursuant to the Fund's management contract, the investment adviser receives a monthly management fee that represents a portion of the management fees it receives from the Investing Funds. In addition, under an expense contract, the investment adviser also pays all other expenses of the Fund, excluding custody fees, the compensation of the independent Directors, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
Amount | |
Fidelity Emerging Markets Equity Central Fund | $5,122 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with FMR, or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Emerging Markets Equity Central Fund | Borrower | $12,368,250 | .32% | $433 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Emerging Markets Equity Central Fund | 20,283,436 | 13,958,189 | (3,315,066) |
Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:
Amount ($) | |
Fidelity Emerging Markets Equity Central Fund | 5,767 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Emerging Markets Equity Central Fund | $3,625 | $– | $– |
8. Other.
A 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, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
9. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2021 to March 31, 2022).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Annualized Expense Ratio-A | Beginning Account Value October 1, 2021 | Ending Account Value March 31, 2022 | Expenses Paid During Period-B October 1, 2021 to March 31, 2022 | |
Fidelity Emerging Markets Equity Central Fund | .0224% | |||
Actual | $1,000.00 | $849.70 | $.10 | |
Hypothetical-C | $1,000.00 | $1,024.82 | $.11 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Liquidity Risk Management Program
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.
In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments – cash or convertible to cash within three business days or less
- Moderately liquid investments – convertible to cash in three to seven calendar days
- Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments – cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.
EMQ-SANN-0522
1.876936.113
Fidelity® Real Estate Equity Central Fund
Semi-Annual Report
March 31, 2022
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.
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Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
Note to Shareholders:
Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Investment Summary (Unaudited)
Top Ten Stocks as of March 31, 2022
% of fund's net assets | |
Prologis (REIT), Inc. | 13.6 |
Equinix, Inc. | 8.2 |
CubeSmart | 6.8 |
Ventas, Inc. | 5.8 |
Mid-America Apartment Communities, Inc. | 4.9 |
Essex Property Trust, Inc. | 4.8 |
Equity Lifestyle Properties, Inc. | 3.9 |
Alexandria Real Estate Equities, Inc. | 3.6 |
RLJ Lodging Trust | 3.6 |
Welltower, Inc. | 3.4 |
58.6 |
Top Five REIT Sectors as of March 31, 2022
% of fund's net assets | |
REITs - Diversified | 18.1 |
REITs - Warehouse/Industrial | 17.3 |
REITs - Apartments | 15.7 |
REITs - Health Care | 10.4 |
REITs - Storage | 9.0 |
Asset Allocation (% of fund's net assets)
As of March 31, 2022 | ||
Stocks | 99.0% | |
Short-Term Investments and Net Other Assets (Liabilities) | 1.0% |
Schedule of Investments March 31, 2022 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.0% | |||
Shares | Value | ||
Commercial Services & Supplies - 0.6% | |||
REITs - Diversified - 0.6% | |||
CoreCivic, Inc. (a) | 858,700 | $9,591,679 | |
Diversified Financial Services - 1.5% | |||
Multi-Sector Holdings - 1.5% | |||
WeWork, Inc. (a)(b) | 3,673,800 | 25,055,316 | |
Equity Real Estate Investment Trusts (REITs) - 93.5% | |||
REITs - Apartments - 15.7% | |||
Essex Property Trust, Inc. | 236,219 | 81,608,940 | |
Invitation Homes, Inc. | 1,366,904 | 54,922,203 | |
Mid-America Apartment Communities, Inc. | 389,900 | 81,664,555 | |
UDR, Inc. | 788,682 | 45,246,686 | |
263,442,384 | |||
REITs - Diversified - 17.5% | |||
Crown Castle International Corp. | 133,600 | 24,662,560 | |
Digitalbridge Group, Inc. (a) | 1,855,200 | 13,357,440 | |
Equinix, Inc. | 186,938 | 138,636,960 | |
Lamar Advertising Co. Class A | 354,400 | 41,174,192 | |
VICI Properties, Inc. | 1,792,831 | 51,023,970 | |
Washington REIT (SBI) | 971,600 | 24,775,800 | |
293,630,922 | |||
REITs - Health Care - 10.4% | |||
CareTrust (REIT), Inc. | 1,010,200 | 19,496,860 | |
Ventas, Inc. | 1,591,694 | 98,303,021 | |
Welltower, Inc. | 587,266 | 56,459,753 | |
174,259,634 | |||
REITs - Hotels - 4.5% | |||
RLJ Lodging Trust | 4,275,267 | 60,195,759 | |
Ryman Hospitality Properties, Inc. (a) | 167,100 | 15,501,867 | |
75,697,626 | |||
REITs - Management/Investment - 1.0% | |||
LXP Industrial Trust (REIT) | 1,067,437 | 16,758,761 | |
REITs - Manufactured Homes - 3.9% | |||
Equity Lifestyle Properties, Inc. | 861,100 | 65,856,928 | |
REITs - Office Property - 5.4% | |||
Alexandria Real Estate Equities, Inc. | 302,180 | 60,813,725 | |
Douglas Emmett, Inc. | 890,262 | 29,752,556 | |
90,566,281 | |||
REITs - Shopping Centers - 4.2% | |||
Phillips Edison & Co., Inc. (b) | 672,700 | 23,134,153 | |
SITE Centers Corp. | 2,897,100 | 48,410,541 | |
71,544,694 | |||
REITs - Single Tenant - 4.6% | |||
Four Corners Property Trust, Inc. | 1,296,400 | 35,054,656 | |
Spirit Realty Capital, Inc. | 929,800 | 42,789,396 | |
77,844,052 | |||
REITs - Storage - 9.0% | |||
CubeSmart | 2,193,719 | 114,139,200 | |
Public Storage | 96,200 | 37,544,936 | |
151,684,136 | |||
REITs - Warehouse/Industrial - 17.3% | |||
Americold Realty Trust | 406,710 | 11,339,075 | |
EastGroup Properties, Inc. | 69,800 | 14,188,944 | |
Prologis (REIT), Inc. | 1,411,221 | 227,883,967 | |
Terreno Realty Corp. | 505,716 | 37,448,270 | |
290,860,256 | |||
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) | 1,572,145,674 | ||
Hotels, Restaurants & Leisure - 0.7% | |||
Casinos & Gaming - 0.7% | |||
Caesars Entertainment, Inc. (a) | 148,510 | 11,488,734 | |
IT Services - 1.2% | |||
Internet Services & Infrastructure - 1.2% | |||
Cyxtera Technologies, Inc. (c) | 391,426 | 4,783,226 | |
Cyxtera Technologies, Inc. Class A (a) | 1,273,131 | 15,557,661 | |
20,340,887 | |||
Real Estate Management & Development - 1.5% | |||
Real Estate Services - 1.5% | |||
Jones Lang LaSalle, Inc. (a) | 105,400 | 25,239,084 | |
TOTAL COMMON STOCKS | |||
(Cost $1,308,163,306) | 1,663,861,374 | ||
Money Market Funds - 2.5% | |||
Fidelity Cash Central Fund 0.31% (d) | 19,206,089 | 19,209,930 | |
Fidelity Securities Lending Cash Central Fund 0.31% (d)(e) | 22,892,211 | 22,894,500 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $42,104,430) | 42,104,430 | ||
TOTAL INVESTMENT IN SECURITIES - 101.5% | |||
(Cost $1,350,267,736) | 1,705,965,804 | ||
NET OTHER ASSETS (LIABILITIES) - (1.5)% | (24,721,698) | ||
NET ASSETS - 100% | $1,681,244,106 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $4,783,226 or 0.3% 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 |
Cyxtera Technologies, Inc. | 2/21/21 | $3,914,260 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
Fidelity Cash Central Fund 0.31% | $10,552,502 | $352,821,660 | $344,164,232 | $7,800 | $-- | $-- | $19,209,930 | 0.0% |
Fidelity Securities Lending Cash Central Fund 0.31% | 54,870,675 | 180,242,626 | 212,218,801 | 85,131 | -- | -- | 22,894,500 | 0.1% |
Total | $65,423,177 | $533,064,286 | $556,383,033 | $92,931 | $-- | $-- | $42,104,430 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of March 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Common Stocks | $1,663,861,374 | $1,663,861,374 | $-- | $-- |
Money Market Funds | 42,104,430 | 42,104,430 | -- | -- |
Total Investments in Securities: | $1,705,965,804 | $1,705,965,804 | $-- | $-- |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
March 31, 2022 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $22,199,484) — See accompanying schedule: Unaffiliated issuers (cost $1,308,163,306) | $1,663,861,374 | |
Fidelity Central Funds (cost $42,104,430) | 42,104,430 | |
Total Investment in Securities (cost $1,350,267,736) | $1,705,965,804 | |
Receivable for investments sold | 9,179,415 | |
Receivable for fund shares sold | 3,364 | |
Dividends receivable | 6,202,482 | |
Distributions receivable from Fidelity Central Funds | 11,116 | |
Total assets | 1,721,362,181 | |
Liabilities | ||
Payable for investments purchased | $2,088,295 | |
Payable for fund shares redeemed | 15,127,518 | |
Other payables and accrued expenses | 7,762 | |
Collateral on securities loaned | 22,894,500 | |
Total liabilities | 40,118,075 | |
Net Assets | $1,681,244,106 | |
Net Assets consist of: | ||
Paid in capital | $1,361,898,568 | |
Total accumulated earnings (loss) | 319,345,538 | |
Net Assets | $1,681,244,106 | |
Net Asset Value, offering price and redemption price per share ($1,681,244,106 ÷ 11,039,150 shares) | $152.30 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended March 31, 2022 (Unaudited) | ||
Investment Income | ||
Dividends | $18,934,677 | |
Income from Fidelity Central Funds (including $85,131 from security lending) | 92,931 | |
Total income | 19,027,608 | |
Expenses | ||
Custodian fees and expenses | $16,158 | |
Independent directors' fees and expenses | 3,061 | |
Interest | 2,415 | |
Miscellaneous | 16 | |
Total expenses before reductions | 21,650 | |
Expense reductions | (88) | |
Total expenses after reductions | 21,562 | |
Net investment income (loss) | 19,006,046 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 55,947,288 | |
Total net realized gain (loss) | 55,947,288 | |
Change in net unrealized appreciation (depreciation) on investment securities | 63,083,235 | |
Net gain (loss) | 119,030,523 | |
Net increase (decrease) in net assets resulting from operations | $138,036,569 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended March 31, 2022 (Unaudited) | Year ended September 30, 2021 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $19,006,046 | $32,492,044 |
Net realized gain (loss) | 55,947,288 | 23,174,038 |
Change in net unrealized appreciation (depreciation) | 63,083,235 | 289,107,046 |
Net increase (decrease) in net assets resulting from operations | 138,036,569 | 344,773,128 |
Distributions to shareholders | (17,625,598) | (26,089,180) |
Affiliated share transactions | ||
Proceeds from sales of shares | 265,160,760 | 702,838,441 |
Reinvestment of distributions | 17,625,598 | 26,089,180 |
Cost of shares redeemed | (354,554,557) | (115,080,816) |
Net increase (decrease) in net assets resulting from share transactions | (71,768,199) | 613,846,805 |
Total increase (decrease) in net assets | 48,642,772 | 932,530,753 |
Net Assets | ||
Beginning of period | 1,632,601,334 | 700,070,581 |
End of period | $1,681,244,106 | $1,632,601,334 |
Other Information | ||
Shares | ||
Sold | 1,749,478 | 5,716,656 |
Issued in reinvestment of distributions | 115,981 | 197,926 |
Redeemed | (2,404,990) | (812,484) |
Net increase (decrease) | (539,531) | 5,102,098 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Real Estate Equity Central Fund
Six months ended (Unaudited) March 31, | Years endedSeptember 30, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $141.00 | $108.09 | $124.43 | $109.73 | $112.82 | $113.15 |
Income from Investment Operations | ||||||
Net investment income (loss)A,B | 1.62 | 3.33 | 3.43 | 3.92 | 3.84 | 3.00 |
Net realized and unrealized gain (loss) | 11.12 | 32.42 | (16.47) | 15.85 | .13 | (.91) |
Total from investment operations | 12.74 | 35.75 | (13.04) | 19.77 | 3.97 | 2.09 |
Distributions from net investment income | (1.44) | (2.84) | (3.30) | (3.16) | (3.16)C | (2.29) |
Distributions from net realized gain | – | – | – | (1.91) | (3.90)C | (.12) |
Total distributions | (1.44) | (2.84) | (3.30) | (5.07) | (7.06) | (2.42)D |
Net asset value, end of period | $152.30 | $141.00 | $108.09 | $124.43 | $109.73 | $112.82 |
Total ReturnE,F | 9.04% | 33.38% | (10.48)% | 18.98% | 3.73% | 1.95% |
Ratios to Average Net AssetsB,G,H | ||||||
Expenses before reductions | - %I,J | - %J | - %J | .01% | .01% | .01% |
Expenses net of fee waivers, if any | - %I,J | - %J | - %J | .01% | .01% | .01% |
Expenses net of all reductions | - %I,J | - %J | - %J | .01% | .01% | .01% |
Net investment income (loss) | 2.16%I | 2.54% | 3.05% | 3.44% | 3.59% | 2.72% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $1,681,244 | $1,632,601 | $700,071 | $453,902 | $126,704 | $127,147 |
Portfolio turnover rateK | 63%I | 28% | 84%L | 37% | 47% | 64% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
C The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
D Total distributions per share do not sum due to rounding.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
I Annualized
J Amount represents less than .005%.
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
L 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, 2022
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 LLC (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.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Directors (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. 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 – unadjusted quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
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. 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, 2022 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. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $370,291,673 |
Gross unrealized depreciation | (22,874,085) |
Net unrealized appreciation (depreciation) | $347,417,588 |
Tax cost | $1,358,548,216 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
No expiration | |
Short-term | $(90,679,378) |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Real Estate Equity Central Fund | 542,676,940 | 612,044,083 |
5. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. Fidelity Management & Research Company LLC (the investment adviser) provides the Fund with investment management services. The Fund does not pay any fees for these services. Pursuant to the Fund's management contract, the investment adviser receives a monthly management fee that represents a portion of the management fees it receives from the Investing Funds. In addition, under an expense contract, the investment adviser also pays all other expenses of the Fund, excluding custody fees, the compensation of the independent Directors, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
Amount | |
Fidelity Real Estate Equity Central Fund | $6,441 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with FMR, or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Real Estate Equity Central Fund | Borrower | $25,220,909 | .31% | $2,415 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Real Estate Equity Central Fund | 35,086,508 | 22,302,465 | (252,797) |
6. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Real Estate Equity Central Fund | $9,230 | $45 | $– |
7. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $88.
8. Other.
A 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, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
9. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2021 to March 31, 2022).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Annualized Expense Ratio-A | Beginning Account Value October 1, 2021 | Ending Account Value March 31, 2022 | Expenses Paid During Period-B October 1, 2021 to March 31, 2022 | |
Fidelity Real Estate Equity Central Fund | .0025% | |||
Actual | $1,000.00 | $1,090.40 | $.01 | |
Hypothetical-C | $1,000.00 | $1,024.92 | $.01 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Liquidity Risk Management Program
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.
In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments – cash or convertible to cash within three business days or less
- Moderately liquid investments – convertible to cash in three to seven calendar days
- Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments – cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.
ESCIP-SANN-0522
1.831586.115
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 period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.
Item 12.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 13.
Exhibits
(a) | (1) | Not applicable. |
(a) | (2) | |
(a) | (3) | Not applicable. |
(b) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Central Investment Portfolios LLC
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | May 19, 2022 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | May 19, 2022 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | May 19, 2022 |