N-CSR 1 filing877.htm PRIMARY DOCUMENT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number   811-21667  


Fidelity Central Investment Portfolios LLC

 (Exact name of registrant as specified in charter)


245 Summer St., Boston, Massachusetts  02210

 (Address of principal executive offices)       (Zip code)


William C. Coffey, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)



Registrant's telephone number, including area code:

617-563-7000



Date of fiscal year end:

September 30

 

 

Date of reporting period:

September 30, 2018


Item 1.

Reports to Stockholders





Fidelity® High Income Central Fund 1



Annual Report

September 30, 2018



Fidelity Investments


Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Directors and Officers (Trustees and Officers)

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts


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. © 2018 FMR LLC. All rights reserved.



A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.



Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended September 30, 2018 Past 1 year Past 5 years Past 10 years 
Fidelity® High Income Central Fund 1 2.69% 5.54% 8.52% 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® High Income Central Fund 1 on September 30, 2008.

The chart shows how the value of your investment would have changed, and also shows how the ICE® BofAML® US High Yield Constrained Index performed over the same period.


Period Ending Values
$22,661Fidelity® High Income Central Fund 1
$24,554ICE® BofAML® US High Yield Constrained Index

BofA Merrill Lynch benchmark indices were re-branded as ICE BofAML benchmark indices.

Management's Discussion of Fund Performance

Market Recap:  U.S. corporate high-yield bonds gained 2.94% for the year ending September 30, 2018, as measured by the ICE BofAML® US High Yield Constrained Index. On the heels of a solid 2017, high yield began the new year on a high note, driven by optimism for U.S. tax reform, passed in December 2017, which also helped equity markets reach record levels. The uptrend reversed course in early February, though, amid broad market volatility and a backup in U.S. Treasury yields. The asset class took another leg down in March, losing ground largely due to a policy rate hike by the U.S. Federal Reserve and an escalating trade dispute with China. The market stabilized and turned in a strong result in April, but volatility persisted and the index experienced a two-week slump to conclude the first half of 2018. Strong corporate earnings helped high yield make a solid advance in the third quarter of 2018. For the full 12 months, lower-quality bonds rose 8%, topping credits rated B (+3%) and BB (+1%). By industry, energy was among the best performers, with the market heavyweight gaining 6% amid higher oil prices. Other standouts included food & drug retail (+10%) and transportation ex air/rail (+6%), while aerospace (+7%) was lifted by potential for increased spending on U.S. defense and infrastructure. Two defensive categories also outperformed: health care was up 5% and utilities gained roughly 4%. Notable laggards included automotive & auto parts (-2%), banks & thrifts (-1%), and super retail (-1%).

Comments from Co-Portfolio Managers Matthew Conti and Michael Weaver:  For the fiscal year, the fund gained 2.69%, modestly lagging the benchmark ICE BofAML® US High Yield Constrained Index. The low-yielding environment the past 12 months created some challenges from a quality standpoint, given that we take a fairly conservative approach toward credit risk. This backdrop hampered bonds rated BB, which are the most sensitive to interest rates, whereas lower-rated CCC bonds gained 8%. The B credit tier finished between the two, gaining 3%. Given our mandate to maintain a portfolio that is neutral or more conservative than its benchmark, we concentrated the fund in the BB and B credit tiers and underweighted lower-quality securities rated CCC. This positioning detracted from performance versus the benchmark, outweighing positive security selection. By industry, the fund's result was hampered most by our picks in the health care industry. Positioning in telecommunications also detracted, as did our choices in chemicals and cable/satellite TV. Conversely, our holdings in utilities and banks & thrifts helped the fund's relative result. We also benefited from an overweighting in the outperforming energy industry, which represented about 17% of fund assets, on average, this period. Within energy, it hurt to hold a small non-benchmark equity position in Forbes Energy. In April 2017, the company announced its plan to reorganize under Chapter 11, which weighed heavily on its debt. As part of the bankruptcy filing, the fund received stock and new loans, which returned -51% for the fund the past 12 months. Conversely, the largest individual contributor versus the benchmark was oil and gas exploration and production company Noble, as our holdings gained about 23%, rising alongside oil prices.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Note to shareholders:  On April 2, 2018, Mike Weaver became Co-Portfolio Manager of the fund, joining Co-Portfolio Manager Matt Conti. The two will manage the fund together until December 31, 2018, at which point Matt plans to retire and Mike will become sole Portfolio Manager.

Investment Summary (Unaudited)

Top Five Holdings as of September 30, 2018

(by issuer, excluding cash equivalents) % of fund's net assets 
CCO Holdings LLC/CCO Holdings Capital Corp. 3.3 
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 2.6 
Ally Financial, Inc. 1.9 
Community Health Systems, Inc. 1.8 
Sprint Corp. 1.7 
 11.3 

Top Five Market Sectors as of September 30, 2018

 % of fund's net assets 
Energy 17.9 
Healthcare 9.1 
Cable/Satellite TV 9.0 
Telecommunications 8.2 
Utilities 6.1 

Quality Diversification (% of fund's net assets)

As of September 30, 2018 * 
   BBB 0.6% 
   BB 43.8% 
   B 34.9% 
   CCC,CC,C 15.0% 
   Not Rated 0.6% 
   Equities 0.1% 
   Short-Term Investments and Net Other Assets 5.0% 


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 September 30, 2018* 
   Nonconvertible Bonds 89.4% 
   Convertible Bonds, Preferred Stocks 0.4% 
   Common Stocks 0.1% 
   Bank Loan Obligations 1.5% 
   Other Investments 3.6% 
   Short-Term Investments and Net Other Assets (Liabilities) 5.0% 


 * Foreign investments - 23.8%

Schedule of Investments September 30, 2018

Showing Percentage of Net Assets

Corporate Bonds - 89.8%   
 Principal Amount Value 
Convertible Bonds - 0.4%   
Broadcasting - 0.4%   
DISH Network Corp.:   
2.375% 3/15/24 $750,000 $664,751 
3.375% 8/15/26 770,000 734,400 
  1,399,151 
Nonconvertible Bonds - 89.4%   
Aerospace - 2.4%   
BBA U.S. Holdings, Inc. 5.375% 5/1/26 (a) 1,905,000 1,912,144 
Bombardier, Inc.:   
6.125% 1/15/23 (a) 3,365,000 3,379,722 
7.5% 12/1/24 (a) 1,350,000 1,424,250 
BWX Technologies, Inc. 5.375% 7/15/26 (a) 1,280,000 1,284,800 
TransDigm, Inc.:   
6% 7/15/22 1,900,000 1,930,875 
6.375% 6/15/26 130,000 131,300 
  10,063,091 
Air Transportation - 0.2%   
Aercap Global Aviation Trust 6.5% 6/15/45 (a)(b) 810,000 842,400 
Banks & Thrifts - 1.9%   
Ally Financial, Inc.:   
4.625% 3/30/25 660,000 655,050 
5.75% 11/20/25 4,085,000 4,217,763 
8% 11/1/31 2,385,000 2,888,831 
  7,761,644 
Broadcasting - 1.3%   
Sirius XM Radio, Inc.:   
3.875% 8/1/22 (a) 1,330,000 1,309,132 
5% 8/1/27 (a) 2,065,000 1,986,964 
5.375% 4/15/25 (a) 585,000 587,194 
6% 7/15/24 (a) 1,300,000 1,349,010 
  5,232,300 
Cable/Satellite TV - 9.0%   
Altice SA:   
7.625% 2/15/25 (a) 570,000 519,498 
7.75% 5/15/22 (a) 6,015,000 5,842,040 
Altice U.S. Finance SA:   
5.375% 7/15/23 (a) 2,125,000 2,148,906 
5.5% 5/15/26 (a) 1,000,000 997,000 
7.75% 7/15/25 (a) 1,200,000 1,278,000 
Cablevision Systems Corp. 5.875% 9/15/22 805,000 820,597 
CCO Holdings LLC/CCO Holdings Capital Corp.:   
4% 3/1/23 (a) 3,805,000 3,642,527 
5% 2/1/28 (a) 3,635,000 3,416,537 
5.125% 5/1/27 (a) 2,910,000 2,759,000 
5.5% 5/1/26 (a) 2,485,000 2,457,044 
5.75% 2/15/26 (a) 1,370,000 1,375,138 
Cequel Communications Holdings I LLC/Cequel Capital Corp. 7.5% 4/1/28 (a) 935,000 979,413 
CSC Holdings LLC 5.5% 4/15/27 (a) 925,000 899,914 
DISH DBS Corp.:   
5.875% 11/15/24 3,260,000 2,921,775 
7.75% 7/1/26 870,000 824,325 
Virgin Media Secured Finance PLC 5.5% 8/15/26 (a) 2,140,000 2,118,600 
Ziggo Bond Finance BV 5.875% 1/15/25 (a) 2,090,000 1,961,988 
Ziggo Secured Finance BV 5.5% 1/15/27 (a) 2,220,000 2,082,915 
  37,045,217 
Capital Goods - 0.7%   
AECOM:   
5.125% 3/15/27 1,390,000 1,355,389 
5.875% 10/15/24 1,455,000 1,541,049 
  2,896,438 
Chemicals - 3.9%   
CF Industries Holdings, Inc.:   
3.45% 6/1/23 600,000 578,250 
4.5% 12/1/26 (a) 420,000 416,986 
NOVA Chemicals Corp.:   
4.875% 6/1/24 (a) 1,110,000 1,068,653 
5.25% 6/1/27 (a) 840,000 782,250 
OCI NV 6.625% 4/15/23 (a) 1,960,000 2,028,600 
Olin Corp.:   
5% 2/1/30 435,000 406,725 
5.125% 9/15/27 1,725,000 1,660,313 
Platform Specialty Products Corp. 5.875% 12/1/25 (a) 2,010,000 1,983,408 
The Chemours Co. LLC 5.375% 5/15/27 1,045,000 1,008,425 
TPC Group, Inc. 8.75% 12/15/20 (a) 2,800,000 2,793,000 
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. 5.375% 9/1/25 (a) 1,175,000 1,132,759 
Tronox Finance PLC 5.75% 10/1/25 (a) 235,000 217,963 
Tronox, Inc. 6.5% 4/15/26 (a) 1,305,000 1,257,694 
Valvoline, Inc. 4.375% 8/15/25 970,000 902,100 
  16,237,126 
Consumer Products - 0.3%   
Coty, Inc. 6.5% 4/15/26 (a) 900,000 838,688 
Prestige Brands, Inc. 6.375% 3/1/24 (a) 370,000 374,163 
  1,212,851 
Containers - 1.9%   
Ard Securities Finance Sarl 8.75% 1/31/23 pay-in-kind (a)(b) 799,956 799,956 
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.:   
4.625% 5/15/23 (a) 945,000 935,550 
6% 2/15/25 (a) 2,350,000 2,300,063 
Crown Americas LLC / Crown Americas Capital Corp. IV 4.75% 2/1/26 (a) 955,000 914,413 
Crown Americas LLC/Crown Americas Capital Corp. V 4.25% 9/30/26 1,930,000 1,765,950 
OI European Group BV 4% 3/15/23 (a) 1,380,000 1,311,000 
  8,026,932 
Diversified Financial Services - 5.8%   
Aircastle Ltd. 4.125% 5/1/24 385,000 378,679 
Chobani LLC/Finance Corp., Inc. 7.5% 4/15/25 (a) 760,000 690,650 
Financial & Risk U.S. Holdings, Inc. 6.25% 5/15/26 (a)(c) 800,000 799,500 
FLY Leasing Ltd. 5.25% 10/15/24 2,045,000 1,965,756 
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:   
5.875% 2/1/22 4,745,000 4,804,313 
6.25% 2/1/22 4,515,000 4,627,875 
6.375% 12/15/25 1,030,000 1,033,863 
MSCI, Inc. 4.75% 8/1/26 (a) 2,985,000 2,962,613 
Navient Corp.:   
6.5% 6/15/22 580,000 593,816 
7.25% 9/25/23 505,000 535,300 
Quicken Loans, Inc. 5.25% 1/15/28 (a) 1,710,000 1,588,163 
Radiate Holdco LLC/Radiate Financial Service Ltd.:   
6.625% 2/15/25 (a) 640,000 598,400 
6.875% 2/15/23 (a) 185,000 178,063 
SLM Corp.:   
5.5% 1/25/23 800,000 798,000 
6.125% 3/25/24 275,000 275,000 
7.25% 1/25/22 580,000 611,900 
Tempo Acquisition LLC 6.75% 6/1/25 (a) 1,385,000 1,346,913 
  23,788,804 
Diversified Media - 1.2%   
E.W. Scripps Co. 5.125% 5/15/25 (a) 785,000 754,581 
MDC Partners, Inc. 6.5% 5/1/24 (a) 2,715,000 2,402,775 
Nielsen Co. S.a.r.l. (Luxembourg):   
5% 2/1/25 (a) 775,000 759,500 
5.5% 10/1/21 (a) 175,000 176,006 
Nielsen Finance LLC/Nielsen Finance Co. 5% 4/15/22 (a) 875,000 853,991 
  4,946,853 
Energy - 17.0%   
Antero Resources Corp. 5.125% 12/1/22 1,700,000 1,721,250 
California Resources Corp. 8% 12/15/22 (a) 2,080,000 1,983,800 
Cheniere Corpus Christi Holdings LLC:   
5.125% 6/30/27 390,000 391,463 
5.875% 3/31/25 1,615,000 1,695,750 
7% 6/30/24 2,100,000 2,299,500 
Cheniere Energy Partners LP:   
5.25% 10/1/25 2,470,000 2,470,000 
5.625% 10/1/26 (a) 470,000 473,384 
Chesapeake Energy Corp.:   
4.875% 4/15/22 2,630,000 2,554,388 
5.75% 3/15/23 1,715,000 1,669,981 
8% 12/15/22 (a) 1,057,000 1,107,208 
8% 1/15/25 560,000 577,920 
8% 6/15/27 1,010,000 1,029,695 
Citgo Petroleum Corp. 6.25% 8/15/22 (a) 1,365,000 1,361,588 
Comstock Escrow Corp. 9.75% 8/15/26 (a) 1,530,000 1,526,634 
Consolidated Energy Finance SA:   
3 month U.S. LIBOR + 3.750% 6.0841% 6/15/22 (a)(b)(d) 3,330,000 3,331,201 
6.5% 5/15/26 (a) 840,000 848,400 
6.875% 6/15/25 (a) 945,000 981,619 
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. 5.75% 4/1/25 1,045,000 1,067,206 
DCP Midstream Operating LP 5.375% 7/15/25 1,150,000 1,168,688 
Denbury Resources, Inc.:   
4.625% 7/15/23 50,000 43,969 
5.5% 5/1/22 535,000 492,200 
6.375% 8/15/21 165,000 160,875 
9% 5/15/21 (a) 355,000 383,844 
9.25% 3/31/22 (a) 2,795,000 3,018,600 
Endeavor Energy Resources LP/EER Finance, Inc.:   
5.5% 1/30/26 (a) 220,000 220,000 
5.75% 1/30/28 (a) 220,000 220,000 
Ensco PLC:   
5.2% 3/15/25 1,900,000 1,653,000 
7.75% 2/1/26 575,000 570,688 
EP Energy LLC/Everest Acquisition Finance, Inc. 8% 11/29/24 (a) 815,000 821,113 
Exterran Partners LP/EXLP Finance Corp. 6% 4/1/21 1,020,000 1,025,100 
Hess Infrastructure Partners LP 5.625% 2/15/26 (a) 1,910,000 1,929,100 
Hilcorp Energy I LP/Hilcorp Finance Co.:   
5% 12/1/24 (a) 4,040,000 3,942,030 
5.75% 10/1/25 (a) 1,635,000 1,641,131 
Indigo Natural Resources LLC 6.875% 2/15/26 (a) 1,220,000 1,180,350 
Jonah Energy LLC 7.25% 10/15/25 (a) 695,000 531,675 
Magnolia Oil & Gas Operating LLC 6% 8/1/26 (a) 935,000 932,663 
Nabors Industries, Inc.:   
5.5% 1/15/23 880,000 864,291 
5.75% 2/1/25 625,000 598,987 
NextEra Energy Partners LP:   
4.25% 9/15/24 (a) 1,090,000 1,068,200 
4.5% 9/15/27 (a) 235,000 225,013 
Noble Holding International Ltd.:   
7.75% 1/15/24 1,524,000 1,512,570 
7.95% 4/1/25 (b) 865,000 844,456 
Parsley Energy LLC/Parsley:   
5.25% 8/15/25 (a) 200,000 199,000 
5.375% 1/15/25 (a) 1,270,000 1,273,175 
PBF Logistics LP/PBF Logistics Finance, Inc. 6.875% 5/15/23 780,000 796,575 
Rose Rock Midstream LP/Rose Rock Finance Corp. 5.625% 11/15/23 1,545,000 1,498,650 
SemGroup Corp.:   
6.375% 3/15/25 1,330,000 1,306,725 
7.25% 3/15/26 870,000 867,825 
Southwestern Energy Co. 4.1% 3/15/22 730,000 727,263 
Summit Midstream Holdings LLC 5.75% 4/15/25 1,095,000 1,053,938 
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:   
4.25% 11/15/23 765,000 746,831 
5% 1/15/28 (a) 1,315,000 1,278,180 
5.125% 2/1/25 1,730,000 1,738,650 
5.25% 5/1/23 380,000 384,275 
5.875% 4/15/26 (a) 1,130,000 1,165,313 
TerraForm Power Operating LLC 5% 1/31/28 (a) 265,000 246,450 
U.S.A. Compression Partners LP 6.875% 4/1/26 (a) 1,135,000 1,171,888 
Weatherford International Ltd.:   
5.95% 4/15/42 250,000 178,750 
6.5% 8/1/36 840,000 632,100 
7% 3/15/38 305,000 236,375 
9.875% 2/15/24 550,000 537,625 
Weatherford International, Inc. 9.875% 3/1/25 (a) 1,800,000 1,737,000 
  69,916,118 
Entertainment/Film - 0.6%   
New Cotai LLC/New Cotai Capital Corp. 10.625% 5/1/19 pay-in-kind (a)(b) 2,651,776 2,598,740 
Environmental - 0.4%   
LBC Tank Terminals Holding Netherlands BV 6.875% 5/15/23 (a) 1,375,000 1,364,688 
Tervita Escrow Corp. 7.625% 12/1/21 (a) 180,000 185,625 
  1,550,313 
Food/Beverage/Tobacco - 2.2%   
C&S Group Enterprises LLC 5.375% 7/15/22 (a) 1,205,000 1,192,950 
JBS U.S.A. LLC/JBS U.S.A. Finance, Inc. 5.875% 7/15/24 (a) 3,350,000 3,299,750 
Post Holdings, Inc.:   
5% 8/15/26 (a) 395,000 373,492 
5.625% 1/15/28 (a) 825,000 794,063 
5.75% 3/1/27 (a) 710,000 697,575 
Vector Group Ltd. 6.125% 2/1/25 (a) 3,040,000 2,812,000 
  9,169,830 
Gaming - 4.5%   
CRC Escrow Issuer LLC/CRC Finance LLC 5.25% 10/15/25 (a) 2,710,000 2,581,275 
Delta Merger Sub, Inc. 6% 9/15/26 (a) 190,000 192,375 
Eldorado Resorts, Inc. 6% 4/1/25 810,000 820,125 
GLP Capital LP/GLP Financing II, Inc. 5.25% 6/1/25 1,010,000 1,025,968 
MCE Finance Ltd. 4.875% 6/6/25 (a) 1,195,000 1,130,617 
MGM Growth Properties Operating Partnership LP:   
4.5% 9/1/26 4,310,000 4,072,950 
4.5% 1/15/28 955,000 873,921 
Scientific Games Corp.:   
5% 10/15/25 (a) 820,000 779,000 
6.625% 5/15/21 2,475,000 2,462,625 
Stars Group Holdings BV 7% 7/15/26 (a) 1,535,000 1,583,644 
Station Casinos LLC 5% 10/1/25 (a) 1,085,000 1,039,213 
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.25% 5/15/27 (a) 1,485,000 1,379,194 
Wynn Macau Ltd.:   
4.875% 10/1/24 (a) 450,000 423,563 
5.5% 10/1/27 (a) 390,000 366,409 
  18,730,879 
Healthcare - 9.1%   
Catalent Pharma Solutions 4.875% 1/15/26 (a) 655,000 630,438 
Community Health Systems, Inc.:   
5.125% 8/1/21 1,000,000 972,500 
6.25% 3/31/23 5,730,000 5,450,663 
8.625% 1/15/24 (a) 1,105,000 1,145,056 
HCA Holdings, Inc.:   
4.5% 2/15/27 2,350,000 2,308,875 
5% 3/15/24 2,450,000 2,511,250 
Hologic, Inc.:   
4.375% 10/15/25 (a) 960,000 914,400 
4.625% 2/1/28 (a) 180,000 168,750 
MPT Operating Partnership LP/MPT Finance Corp.:   
5% 10/15/27 565,000 544,519 
5.25% 8/1/26 1,860,000 1,850,700 
5.5% 5/1/24 660,000 666,270 
Ortho-Clinical Diagnostics, Inc. 6.625% 5/15/22 (a) 500,000 488,500 
Sabra Health Care LP/Sabra Capital Corp.:   
5.375% 6/1/23 390,000 390,975 
5.5% 2/1/21 730,000 742,775 
Service Corp. International 4.625% 12/15/27 1,035,000 991,013 
Teleflex, Inc.:   
4.625% 11/15/27 515,000 490,332 
4.875% 6/1/26 2,200,000 2,178,000 
Tenet Healthcare Corp.:   
4.375% 10/1/21 1,125,000 1,120,129 
4.625% 7/15/24 740,000 719,280 
5.125% 5/1/25 430,000 423,550 
6.75% 6/15/23 920,000 916,550 
8.125% 4/1/22 3,590,000 3,783,142 
THC Escrow Corp. III 7% 8/1/25 1,050,000 1,037,663 
Valeant Pharmaceuticals International, Inc.:   
5.625% 12/1/21 (a) 2,790,000 2,779,538 
5.875% 5/15/23 (a) 620,000 601,865 
7% 3/15/24 (a) 2,300,000 2,429,950 
Wellcare Health Plans, Inc.:   
5.25% 4/1/25 855,000 868,894 
5.375% 8/15/26 (a) 260,000 264,550 
  37,390,127 
Homebuilders/Real Estate - 0.5%   
Howard Hughes Corp. 5.375% 3/15/25 (a) 1,555,000 1,539,450 
Starwood Property Trust, Inc. 4.75% 3/15/25 490,000 469,229 
  2,008,679 
Hotels - 0.2%   
Wyndham Hotels & Resorts, Inc. 5.375% 4/15/26 (a) 995,000 986,294 
Insurance - 0.3%   
AmWINS Group, Inc. 7.75% 7/1/26 (a) 1,210,000 1,258,400 
Leisure - 0.6%   
Mattel, Inc. 6.75% 12/31/25 (a) 1,060,000 1,038,800 
Studio City Co. Ltd.:   
5.875% 11/30/19 (a) 460,000 463,450 
7.25% 11/30/21 (a) 1,040,000 1,076,400 
  2,578,650 
Metals/Mining - 1.6%   
Constellium NV 5.875% 2/15/26 (a) 795,000 778,106 
First Quantum Minerals Ltd.:   
7% 2/15/21 (a) 1,150,000 1,137,063 
7.25% 5/15/22 (a) 655,000 641,081 
7.25% 4/1/23 (a) 1,075,000 1,023,938 
7.5% 4/1/25 (a) 1,010,000 958,238 
FMG Resources (August 2006) Pty Ltd. 5.125% 5/15/24 (a) 525,000 509,644 
Freeport-McMoRan, Inc. 3.875% 3/15/23 625,000 604,638 
Nufarm Australia Ltd. 5.75% 4/30/26 (a) 920,000 868,250 
  6,520,958 
Publishing/Printing - 0.3%   
Multi-Color Corp. 4.875% 11/1/25 (a) 1,185,000 1,107,975 
Restaurants - 1.2%   
1011778 BC Unlimited Liability Co./New Red Finance, Inc.:   
4.25% 5/15/24 (a) 920,000 873,200 
5% 10/15/25 (a) 1,340,000 1,283,063 
Golden Nugget, Inc. 6.75% 10/15/24 (a) 2,565,000 2,601,885 
  4,758,148 
Services - 3.0%   
APX Group, Inc.:   
7.625% 9/1/23 720,000 665,100 
8.75% 12/1/20 2,636,000 2,636,000 
Aramark Services, Inc. 4.75% 6/1/26 2,750,000 2,695,000 
Avantor, Inc. 6% 10/1/24 (a) 740,000 751,100 
Brand Energy & Infrastructure Services, Inc. 8.5% 7/15/25 (a) 1,005,000 1,033,019 
CDK Global, Inc.:   
4.875% 6/1/27 460,000 448,500 
5.875% 6/15/26 755,000 779,824 
Frontdoor, Inc. 6.75% 8/15/26 (a) 350,000 360,500 
IHS Markit Ltd. 4.75% 2/15/25 (a) 695,000 705,098 
Laureate Education, Inc. 8.25% 5/1/25 (a) 1,445,000 1,547,349 
Prime Security One MS, Inc. 4.875% 7/15/32 (a) 1,075,000 870,213 
  12,491,703 
Steel - 0.2%   
Commercial Metals Co. 5.375% 7/15/27 825,000 775,500 
Super Retail - 0.3%   
Netflix, Inc. 4.375% 11/15/26 1,145,000 1,072,980 
Technology - 3.8%   
Ensemble S Merger Sub, Inc. 9% 9/30/23 (a) 350,000 364,875 
Fair Isaac Corp. 5.25% 5/15/26 (a) 1,805,000 1,820,794 
Gartner, Inc. 5.125% 4/1/25 (a) 905,000 909,860 
Micron Technology, Inc. 5.5% 2/1/25 555,000 573,937 
Nuance Communications, Inc. 5.625% 12/15/26 1,035,000 1,040,113 
Open Text Corp. 5.875% 6/1/26 (a) 2,920,000 3,005,775 
Qorvo, Inc. 5.5% 7/15/26 (a) 840,000 852,709 
Sensata Technologies BV 5% 10/1/25 (a) 1,910,000 1,907,555 
Solera LLC/Solera Finance, Inc. 10.5% 3/1/24 (a) 1,545,000 1,693,011 
Symantec Corp. 5% 4/15/25 (a) 1,825,000 1,808,568 
TTM Technologies, Inc. 5.625% 10/1/25 (a) 1,545,000 1,548,863 
  15,526,060 
Telecommunications - 7.8%   
Equinix, Inc. 5.375% 4/1/23 366,000 374,693 
Frontier Communications Corp. 11% 9/15/25 1,640,000 1,278,724 
Intelsat Jackson Holdings SA:   
8% 2/15/24 (a) 1,555,000 1,636,638 
8.5% 10/15/24 (a) 1,410,000 1,425,510 
9.5% 9/30/22 (a) 700,000 813,750 
Level 3 Communications, Inc. 5.75% 12/1/22 955,000 965,935 
Level 3 Financing, Inc.:   
5.125% 5/1/23 1,200,000 1,209,000 
5.375% 1/15/24 1,340,000 1,342,332 
5.375% 5/1/25 550,000 550,000 
Neptune Finco Corp. 6.625% 10/15/25 (a) 2,000,000 2,107,500 
Qwest Corp. 6.75% 12/1/21 500,000 533,623 
SFR Group SA:   
6.25% 5/15/24 (a) 1,045,000 1,029,325 
8.125% 2/1/27 (a) 1,150,000 1,184,500 
Sprint Communications, Inc. 6% 11/15/22 2,375,000 2,422,500 
Sprint Corp.:   
7.25% 9/15/21 1,320,000 1,394,250 
7.625% 3/1/26 780,000 825,435 
7.875% 9/15/23 4,470,000 4,815,799 
T-Mobile U.S.A., Inc. 6.375% 3/1/25 2,200,000 2,291,960 
Telenet Finance Luxembourg Notes SARL 5.5% 3/1/28 (a) 2,400,000 2,256,000 
U.S. West Communications 7.25% 9/15/25 545,000 585,233 
Wind Tre SpA 5% 1/20/26 (a) 1,760,000 1,530,408 
Zayo Group LLC/Zayo Capital, Inc. 6.375% 5/15/25 1,725,000 1,792,310 
  32,365,425 
Transportation Ex Air/Rail - 1.1%   
Avolon Holdings Funding Ltd. 5.125% 10/1/23 (a) 1,265,000 1,276,069 
Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S., Inc. 8.125% 11/15/21 (a) 2,640,000 2,180,640 
Navios Maritime Holdings, Inc.:   
7.375% 1/15/22 (a) 475,000 374,063 
11.25% 8/15/22 (a) 815,000 741,650 
  4,572,422 
Utilities - 6.1%   
Clearway Energy Operating LLC 5.75% 10/15/25 (a)(c) 680,000 686,375 
Dolphin Subsidiary II, Inc. 7.25% 10/15/21 3,270,000 3,535,688 
DPL, Inc. 6.75% 10/1/19 688,000 705,200 
Dynegy, Inc. 7.625% 11/1/24 1,200,000 1,291,500 
Global Partners LP/GLP Finance Corp.:   
6.25% 7/15/22 1,785,000 1,768,292 
7% 6/15/23 4,980,000 5,042,250 
InterGen NV 7% 6/30/23 (a) 920,000 910,800 
NRG Yield Operating LLC 5% 9/15/26 970,000 928,775 
NSG Holdings II LLC/NSG Holdings, Inc. 7.75% 12/15/25 (a) 4,563,304 5,002,522 
The AES Corp. 4.875% 5/15/23 3,975,000 4,009,781 
Vistra Operations Co. LLC 5.5% 9/1/26 (a) 1,370,000 1,385,413 
  25,266,596 
TOTAL NONCONVERTIBLE BONDS  368,699,453 
TOTAL CORPORATE BONDS   
(Cost $369,655,670)  370,098,604 
 Shares Value 
Common Stocks - 0.1%   
Energy - 0.1%   
Forbes Energy Services Ltd. (e)(f) 76,687 440,950 
Telecommunications - 0.0%   
CUI Acquisition Corp. Class E (e)(f) 0 16,065 
TOTAL COMMON STOCKS   
(Cost $4,254,449)  457,015 
 Principal Amount Value 
Bank Loan Obligations - 1.5%   
Energy - 0.1%   
California Resources Corp. Tranche B, term loan 3 month U.S. LIBOR + 4.750% 6.9622% 12/31/22 (b)(d) 450,000 456,561 
Gaming - 0.5%   
Golden Entertainment, Inc. Tranche B, term loan:   
3 month U.S. LIBOR + 3.000% 5.25% 10/20/24 (b)(d) 1,280,325 1,283,526 
3 month U.S. LIBOR + 7.000% 9.25% 10/20/25 (b)(d) 430,000 434,838 
Scientific Games Corp. Tranche B 5LN, term loan 3 month U.S. LIBOR + 2.750% 5.0342% 8/14/24 (b)(d) 431,967 431,159 
TOTAL GAMING  2,149,523 
Publishing/Printing - 0.4%   
Springer Science+Business Media Deutschland GmbH Tranche B 13LN, term loan 3 month U.S. LIBOR + 3.500% 5.8861% 8/24/22 (b)(d) 1,706,798 1,712,892 
Services - 0.1%   
Almonde, Inc.:   
Tranche 2LN, term loan 3 month U.S. LIBOR + 7.250% 9.6361% 6/13/25 (b)(d) 65,000 64,310 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 5.8861% 6/13/24 (b)(d) 287,019 287,105 
TOTAL SERVICES  351,415 
Telecommunications - 0.4%   
Radiate Holdco LLC Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.2422% 2/1/24 (b)(d) 1,659,725 1,656,439 
TOTAL BANK LOAN OBLIGATIONS   
(Cost $6,268,320)  6,326,830 
Preferred Securities - 3.6%   
Banks & Thrifts - 2.9%   
Bank of America Corp.:   
6.1% (b)(g) 2,010,000 2,112,729 
6.25% (b)(g) 2,310,000 2,447,419 
Barclays Bank PLC 7.625% 11/21/22 2,215,000 2,462,100 
BNP Paribas SA 7% (a)(b)(g) 210,000 213,255 
Citigroup, Inc.:   
5.875% (b)(g) 2,735,000 2,808,569 
5.95% (b)(g) 760,000 783,730 
Royal Bank of Scotland Group PLC 7.5% (b)(g) 995,000 1,018,839 
TOTAL BANKS & THRIFTS  11,846,641 
Energy - 0.7%   
Andeavor Logistics LP 6.875% (b)(g) 1,270,000 1,284,542 
Energy Transfer Partners LP 6.25% (b)(g) 1,566,000 1,519,775 
TOTAL ENERGY  2,804,317 
TOTAL PREFERRED SECURITIES   
(Cost $14,081,540)  14,650,958 
 Shares Value 
Money Market Funds - 3.8%   
Fidelity Cash Central Fund, 2.11% (h)   
(Cost $15,771,125) 15,767,972 15,771,125 
TOTAL INVESTMENT IN SECURITIES - 98.8%   
(Cost $410,031,104)  407,304,532 
NET OTHER ASSETS (LIABILITIES) - 1.2%  5,049,037 
NET ASSETS - 100%  $412,353,569 

Legend

 (a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $207,915,160 or 50.4% of net assets.

 (b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

 (c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (d) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

 (e) Non-income producing

 (f) Level 3 security

 (g) Security is perpetual in nature with no stated maturity date.

 (h) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $208,371 
Total $208,371 

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 September 30, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Energy $440,950 $-- $-- $440,950 
Telecommunication Services 16,065 -- -- 16,065 
Corporate Bonds 370,098,604 -- 370,098,604 -- 
Bank Loan Obligations 6,326,830 -- 6,326,830 -- 
Preferred Securities 14,650,958 -- 14,650,958 -- 
Money Market Funds 15,771,125 15,771,125 -- -- 
Total Investments in Securities: $407,304,532 $15,771,125 $391,076,392 $457,015 

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 76.2% 
Canada 5.9% 
Luxembourg 4.9% 
Netherlands 3.4% 
Multi-National 2.2% 
United Kingdom 1.8% 
Cayman Islands 1.4% 
Bermuda 1.2% 
Others (Individually Less Than 1%) 3.0% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  September 30, 2018 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $394,259,979) 		$391,533,407  
Fidelity Central Funds (cost $15,771,125) 15,771,125  
Total Investment in Securities (cost $410,031,104)  $407,304,532 
Cash  1,039,126 
Receivable for investments sold  670,366 
Receivable for fund shares sold  232,298 
Interest receivable  6,437,597 
Distributions receivable from Fidelity Central Funds  27,423 
Total assets  415,711,342 
Liabilities   
Payable for investments purchased   
Regular delivery $1,676,360  
Delayed delivery 1,481,575  
Payable for fund shares redeemed 195,142  
Other payables and accrued expenses 4,696  
Total liabilities  3,357,773 
Net Assets  $412,353,569 
Net Assets consist of:   
Paid in capital  $415,264,155 
Distributions in excess of net investment income  (415,531) 
Accumulated undistributed net realized gain (loss) on investments  231,517 
Net unrealized appreciation (depreciation) on investments  (2,726,572) 
Net Assets, for 4,372,953 shares outstanding  $412,353,569 
Net Asset Value, offering price and redemption price per share ($412,353,569 ÷ 4,372,953 shares)  $94.30 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Year ended September 30, 2018 
Investment Income   
Dividends  $1,100,844 
Interest  25,552,296 
Income from Fidelity Central Funds  208,371 
Total income  26,861,511 
Expenses   
Custodian fees and expenses $11,765  
Independent directors' fees and expenses 2,096  
Legal 12  
Miscellaneous 10  
Total expenses before reductions 13,883  
Expense reductions (5,993)  
Total expenses after reductions  7,890 
Net investment income (loss)  26,853,621 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 1,534,229  
Fidelity Central Funds 112  
Total net realized gain (loss)  1,534,341 
Change in net unrealized appreciation (depreciation) on investment securities  (17,609,200) 
Net gain (loss)  (16,074,859) 
Net increase (decrease) in net assets resulting from operations  $10,778,762 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Year ended September 30, 2018 Year ended September 30, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $26,853,621 $36,284,230 
Net realized gain (loss) 1,534,341 19,954,116 
Change in net unrealized appreciation (depreciation) (17,609,200) (2,133,192) 
Net increase (decrease) in net assets resulting from operations 10,778,762 54,105,154 
Distributions to shareholders from net investment income (26,805,868) (36,596,557) 
Distributions to shareholders from net realized gain (16,090,994) (1,402,290) 
Total distributions (42,896,862) (37,998,847) 
Affiliated share transactions   
Proceeds from sales of shares 56,102,680 33,665,085 
Reinvestment of distributions 42,889,583 37,995,896 
Cost of shares redeemed (156,983,876) (380,292,695) 
Net increase (decrease) in net assets resulting from share transactions (57,991,613) (308,631,714) 
Total increase (decrease) in net assets (90,109,713) (292,525,407) 
Net Assets   
Beginning of period 502,463,282 794,988,689 
End of period $412,353,569 $502,463,282 
Other Information   
Distributions in excess of net investment income end of period $(415,531) $(306,720) 
Shares   
Sold 584,125 340,251 
Issued in reinvestment of distributions 446,524 383,006 
Redeemed (1,647,007) (3,843,320) 
Net increase (decrease) (616,358) (3,120,063) 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity High Income Central Fund 1

      
Years ended September 30, 2018 2017 2016 2015 2014 
Selected Per–Share Data      
Net asset value, beginning of period $100.71 $98.03 $93.94 $102.00 $101.40 
Income from Investment Operations      
Net investment income (loss)A 5.772 6.145 6.453 6.303 6.317 
Net realized and unrealized gain (loss) (3.258) 2.919 3.688 (8.196) .503 
Total from investment operations 2.514 9.064 10.141 (1.893) 6.820 
Distributions from net investment income (5.750) (6.169) (6.051) (6.167) (6.220) 
Distributions from net realized gain (3.174) (.215) – – – 
Total distributions (8.924) (6.384) (6.051) (6.167) (6.220) 
Net asset value, end of period $94.30 $100.71 $98.03 $93.94 $102.00 
Total ReturnB 2.69% 9.54% 11.32% (2.06)% 6.77% 
Ratios to Average Net AssetsC,D      
Expenses before reductionsE -% -% -% -% -% 
Expenses net of fee waivers, if anyE -% -% -% -% -% 
Expenses net of all reductionsE -% -% -% -% -% 
Net investment income (loss) 6.01% 6.18% 6.92% 6.31% 6.07% 
Supplemental Data      
Net assets, end of period (000 omitted) $412,354 $502,463 $794,989 $1,012,111 $457,907 
Portfolio turnover rateF 69% 58% 59% 57% 74% 

 A Calculated based on average shares outstanding during the period.

 B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 C Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 D Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

 E Amount represents less than .005%.

 F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements

For the period ended September 30, 2018

1. Organization.

Fidelity High Income Central Fund 1 (the Fund) is a fund of Fidelity Central Investment Portfolios LLC (the LLC) and is authorized to issue an unlimited number of shares. Shares of the Fund are only offered to other investment companies and accounts managed by Fidelity Management & Research Company (FMR), or its affiliates (the Investing Funds). The LLC is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware Limited Liability Company.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC 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 – Investments 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 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 – 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 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 September 30, 2018 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. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Paid in Kind (PIK) income is recorded at the fair market value of the securities received. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of September 30, 2018, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Dividends 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. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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 partnerships 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 $7,458,814 
Gross unrealized depreciation (10,158,444) 
Net unrealized appreciation (depreciation) $(2,699,630) 
Tax Cost $410,004,162 

The tax-based components of distributable earnings as of period end were as follows:

Undistributed long-term capital gain $204,574 
Net unrealized appreciation (depreciation) on securities and other investments $(2,699,630) 

The tax character of distributions paid was as follows:

 September 30, 2018 September 30, 2017 
Ordinary Income $30,121,403 $ 37,509,676 
Long-term Capital Gains 12,775,459 489,171 
Total $42,896,862 $ 37,998,847 

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

Loans and Other Direct Debt Instruments. The Fund invests in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate the Fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment or participation. The Fund did not have any unfunded loan commitments, which are contractual obligations for future funding, at period end.

New Accounting Pronouncement. In March 2017, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU 2017-08, which amends the amortization period for certain callable debt securities that are held at a premium. The amendment requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount. The ASU is effective for annual periods beginning after December 15, 2018. Management is currently evaluating the potential impact of these changes to the financial statements.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $294,106,725 and $374,399,491, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee and Expense Contract. FMR Co., Inc. (the investment adviser), an affiliate of FMR, provides the Fund with investment management services. The Fund does not pay any fees for these services. Pursuant to the Fund's management contract with the investment adviser, FMR pays the investment adviser a portion of the management fees it receives from the Investing Funds. In addition, under an expense contract, FMR also pays all other expenses of the Fund, excluding custody fees, the compensation of the independent Directors, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $422 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. 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. During the period, these credits reduced the Fund's custody expenses by $5,993.

7. Other.

The Fund's organizational documents provide former and current directors and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

At the end of the period, mutual funds managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Central Investment Portfolios LLC and the Shareholders of Fidelity High Income Central Fund 1:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity High Income Central Fund 1 (the "Fund"), a fund of Fidelity Central Investment Portfolios LLC, including the schedule of investments, as of September 30, 2018, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2018, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2018, by correspondence with the custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

November 14, 2018


We have served as the auditor of one or more of the Fidelity investment companies since 1999.

Directors and Officers (Trustees and Officers)

The Trustees, Members of the Advisory Board (if any), and officers of the Fidelity Central Investment Portfolios LLC and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Except for Michael E. Wiley, each of the Trustees oversees 283 funds. Mr. Wiley oversees 193 funds. 

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust.  Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee.  Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs.  The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees.  Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years. 

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. James C. Curvey is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks.  The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above.  Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees.  While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees.  In addition, the Independent Trustees have worked with Fidelity to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board.  Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds.  The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees." 

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

James C. Curvey (1935)

Year of Election or Appointment: 2007

Trustee

Chairman of the Board of Trustees

Mr. Curvey also serves as Trustee of other Fidelity® funds. Mr. Curvey is Vice Chairman (2007-present) and Director of FMR LLC (diversified financial services company). In addition, Mr. Curvey is an Overseer Emeritus for the Boston Symphony Orchestra, a Director of Artis-Naples, and a Trustee of Brewster Academy in Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Research & Analysis Co. (investment adviser firm, 2009-2018), Director of Fidelity Investments Money Management, Inc. (investment adviser firm, 2009-2014) and a Director of FMR and FMR Co., Inc. (investment adviser firms, 2007-2014).

Charles S. Morrison (1960)

Year of Election or Appointment: 2014

Trustee

Mr. Morrison also serves as Trustee of other funds. He serves as President of Fidelity SelectCo, LLC (investment adviser firm, 2017-present) and Fidelity Management & Research Company (FMR) (investment adviser firm, 2016-present), a Director of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2014-present), Director of Fidelity SelectCo, LLC (investment adviser firm, 2014-present), President, Asset Management (2014-present), and is an employee of Fidelity Investments. Previously, Mr. Morrison served as Vice President of Fidelity's Fixed Income and Asset Allocation Funds (2012-2014), President, Fixed Income (2011-2014), Vice President of Fidelity's Money Market Funds (2005-2009), President, Money Market Group Leader of FMR (investment adviser firm, 2009), and Senior Vice President, Money Market Group of FMR (2004-2009). Mr. Morrison also served as Vice President of Fidelity's Bond Funds (2002-2005), certain Balanced Funds (2002-2005), and certain Asset Allocation Funds (2002-2007), and as Senior Vice President (2002-2005) of Fidelity's Bond Division.

 * Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the Fidelity Central Investment Portfolios LLC or various entities under common control with FMR. 

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008), as a member of the Independent Directors Council (IDC) Governing Council (2010-2015), and as a member of the Board of Directors for The Brookville Center for Children’s Services, Inc. (2009-2017). Mr. Dirks is a member of the Finance Committee (2016-present), Board of Directors (2017-present) and Board of Trustees (2018-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as a Trustee of other Fidelity® funds. Mr. Donahue is President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as a Member of the Advisory Board of certain Fidelity® funds (2015-2018) and Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006), and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue serves as a Member (2007-present) and Co-Chairman (2016-present) of the Board of Directors of United Way of New York, Member of the Board of Directors of NYC Leadership Academy (2012-present) and Member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). He also served as Chairman (2010-2012) and Member of the Board of Directors (2012-2013) of Omgeo, LLC (financial services), Treasurer of United Way of New York (2012-2016), and Member of the Board of Directors of XBRL US (financial services non-profit, 2009-2012) and the International Securities Services Association (2009-2012).

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Mr. Lacy also serves as Trustee of other Fidelity® funds. Mr. Lacy serves as a Director of Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). He is a Trustee of the California Chapter of The Nature Conservancy (2015-present) and a Director of the Center for Advanced Study in the Behavioral Sciences at Stanford University (2015-present). In addition, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity) and also served as Chief Executive Officer (2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation (retail) and Chief Executive Officer and Chairman of the Board of Sears, Roebuck and Co. (retail, 2000-2005). Previously, Mr. Lacy served as Chairman (2014-2017) and a member (2010-2017) of the Board of Directors of Dave & Buster’s Entertainment, Inc. (restaurant and entertainment complexes), as Chairman (2008-2011) and a member (2006-2015) of the Board of Trustees of the National Parks Conservation Association, and as a member of the Board of Directors for The Hillman Companies, Inc. (hardware wholesalers, 2010-2014), Earth Fare, Inc. (retail grocery, 2010-2014), and The Western Union Company (global money transfer, 2006-2011).

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2004

Trustee

Chairman of the Independent Trustees

Mr. Lautenbach also serves as Trustee of other Fidelity® funds. Mr. Lautenbach currently serves as Vice Chair of the Board of Governors, State University System of Florida (2013-present) and is a member of the Council on Foreign Relations (1994-present). He is also a member and has most recently served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner and Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach also had a 30-year career with IBM (technology company) during which time he served as Senior Vice President and a member of the Corporate Executive Committee (1968-1998).

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Mr. Mauriello also serves as Trustee of other Fidelity® funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Independent Directors Council (IDC) Governing Council (2015-present). Previously, Mr. Mauriello served as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-2018).

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Ms. Small also serves as Trustee of other Fidelity® funds. Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to Mr. Smith's retirement, he served as Chairman and Chief Executive Officer of Inbrand Corp. (manufacturer of personal absorbent products, 1990-1997). He also served as President (1986-1990) of Inbrand Corp. Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank. In addition, Mr. Smith served as a Member of the Advisory Board of certain Fidelity® funds (2012-2013) and as a board member of the Jackson Hole Land Trust (2009-2012).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Mr. Thomas also serves as Trustee of other Fidelity® funds. Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present), as a member of the Board of Directors (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication), and as a member of the Board of Trustees of the University of Florida (2013-present). Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions), and a Director of Fortune Brands, Inc. (consumer products, 2000-2011).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Mr. Wiley serves as a Director of Andeavor Corporation (independent oil refiner and marketer, 2005-present), a Director of Andeavor Logistics LP (natural resources logistics, 2015-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a Trustee of other Fidelity® funds (2008-2013), as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-2013), as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-2010), as a Senior Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Advisory Board Members and Officers:

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.  Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Vicki L. Fuller (1957)

Year of Election or Appointment: 2018

Member of the Advisory Board

Ms. Fuller also serves as Member of the Advisory Board of other Fidelity® funds. Ms. Fuller serves as a member of the Board of Directors, Audit Committee, and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present). Previously, Ms. Fuller served as the Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006).

Peter S. Lynch (1944)

Year of Election or Appointment: 2004

Member of the Advisory Board

Mr. Lynch also serves as Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of FMR (investment adviser firm) and FMR Co., Inc. (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).

William S. Stavropoulos (1939)

Year of Election or Appointment: 2018

Member of the Advisory Board

Mr. Stavropoulos also serves as Member of the Advisory Board of other Fidelity® funds. Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of the Board of Directors of Univar Inc. (global distributor of commodity and specialty chemicals), a Director of Teradata Corporation (data warehousing and technology solutions), and a member of the Advisory Board for Metalmark Capital LLC (private equity investment, 2005-present). Mr. Stavropoulos is an operating advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science, a Trustee of the Rollin L. Gerstacker Foundation, and a Director of Artis-Naples in Naples, Florida. Previously, Mr. Stavropoulos served as Trustee of certain Fidelity® funds (2001-2018) and as a Director of Chemical Financial Corporation (bank holding company, 1993-2012) and Tyco International, Ltd. (multinational manufacturing and services, 2007-2012).

Carol B. Tomé (1957)

Year of Election or Appointment: 2018

Member of the Advisory Board

Ms. Tomé also serves as Member of the Advisory Board of other Fidelity® funds. Ms. Tomé is Chief Financial Officer (2001-present) and Executive Vice President of Corporate Services (2007-present) of The Home Depot, Inc. (home improvement retailer) and a Director (2003-present) and Chair of the Audit Committee (2004-present) of United Parcel Service, Inc. (package delivery and supply chain management). Previously, Ms. Tomé served as Trustee of certain Fidelity® funds (2017), Senior Vice President of Finance and Accounting/Treasurer (2000-2007) and Vice President and Treasurer (1995-2000) of The Home Depot, Inc. and Chair of the Board (2010-2012), Vice Chair of the Board (2009 and 2013), and a Director (2008-2013) of the Federal Reserve Bank of Atlanta. Ms. Tomé is also a director or trustee of many community and professional organizations.

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2018

Secretary and Chief Legal Officer (CLO)

Mr. Coffey also serves as Secretary and CLO of other funds. Mr. Coffey serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-present); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Assistant Secretary of certain funds (2009-2018) and as Vice President and Associate General Counsel of FMR LLC (2005-2009).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Global Equity Research (2016-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as President and Treasurer of certain Fidelity® funds (2013-2018). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Deputy Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Assistant Treasurer of certain Fidelity® funds (2016-2018). 

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Global Equity Research (2018-present) and is an employee of Fidelity Investments (2013-present).

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Rieco E. Mello (1969)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).

Kenneth B. Robins (1969)

Year of Election or Appointment: 2016

Chief Compliance Officer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2018) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 1, 2018 to September 30, 2018).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

 Annualized Expense Ratio-A Beginning
Account Value
April 1, 2018 		Ending
Account Value
September 30, 2018 		Expenses Paid
During Period-B
April 1, 2018
to September 30, 2018 
Actual .0034% $1,000.00 $1,031.70 $.02 
Hypothetical-C  $1,000.00 $1,025.05 $.02 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

 C 5% return per year before expenses

Distributions (Unaudited)

The fund hereby designates as a capital gain dividend with respect to the taxable year ended September 30, 2018, $1,532,406, or, if subsequently determined to be different, the net capital gain of such year.

A total of 0.19% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $13,894,745 of distributions paid during the period January 1, 2018 to September 30, 2018 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.

The fund will notify shareholders in January 2019 of amounts for use in preparing 2018 income tax returns.

Board Approval of Investment Advisory Contracts

Fidelity High Income Central Fund 1

At its July 2018 meeting, the Board of Directors, including the Independent Directors (together, the Board), voted to continue the management contract with FMR Co., Inc. (FMRC) and the sub-advisory agreements (together, the Advisory Contracts) for the fund for six months through January 31, 2019, in connection with the reunification of the Fidelity Equity High Income Funds Board, which oversees the fund, and the Sector Portfolios Board.

The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through January 31, 2019, with the understanding that the Board will consider the annual renewal for a full one year period in January 2019.

In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable, as well as potential fall-out benefits from Fidelity's non-fund businesses; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Advisory Contracts should be approved.





Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

HP1-ANN-1118
1.807405.113



Fidelity® Equity Sector Central Funds














Annual Report

September 30, 2018



Fidelity Investments


Contents

Fidelity® Consumer Discretionary Central Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Consumer Staples Central Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Energy Central Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Financials Central Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Health Care Central Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Industrials Central Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Information Technology Central Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Materials Central Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Real Estate Equity Central Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Telecom Services Central Fund (To be renamed Fidelity® Communication Services Central Fund effective December 1, 2018)

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Utilities Central Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Directors and Officers (Trustees and Officers)

Shareholder Expense Example

Distributions


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. © 2018 FMR LLC. All rights reserved.



A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.



Fidelity® Consumer Discretionary Central Fund

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended September 30, 2018 Past 1 year Past 5 years Past 10 years 
Fidelity® Consumer Discretionary Central Fund 31.42% 14.83% 16.30% 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Consumer Discretionary Central Fund on September 30, 2008.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.


Period Ending Values
$45,272Fidelity® Consumer Discretionary Central Fund
$30,962S&P 500® Index

Fidelity® Consumer Discretionary Central Fund

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index gained 17.91% for the year ending September 30, 2018, as the U.S. equity bellwether overcame heightened volatility early on to end the period just shy of its record closing high. In late January, stocks began a sharp retreat amid concern that rising inflation and the potential for the economy to overheat would prompt the U.S. Federal Reserve to pick up the pace of interest rate hikes. In February, the index posted its first negative monthly result since October 2016, and then lost further ground in March on fear related to global trade. The market stabilized in April and turned upward through mid-June, when trade tension between the U.S. and China soured investor sentiment. Uncertainty lingered into July, but strong corporate earnings helped the S&P 500 rise 7.71% in the final three months of the period. For the full 12 months, growth handily topped value, extending a trend that began in early 2017. By sector, information technology (+38%) led the way amid strong earnings growth from several major index constituents. Consumer discretionary was close behind, with its 36% gain driven mainly by retailers. Health care was the only other group to top the broader market, rising 18%. Energy (+14%) moved higher alongside oil prices but nonetheless trailed the index, as did communication services (+12%). At the back of the pack were materials (+4%) and two defensive sectors that struggled amid investors’ preference for risk: utilities (+3%) and consumer staples (+3%).

Comments from Portfolio Manager Katherine Shaw:  For the fiscal year, the fund gained 31.42%, outpacing the 28.02% advance of the MSCI U.S. IMI Consumer Discretionary 25/50 Index, as well as the broad-market S&P 500®. The past 12 months, consumer discretionary stocks benefited from positive business fundamentals and upbeat consumer sentiment. Jobs data trended upward and investors remained confident that the sweeping $1.5 trillion U.S. tax-reform plan passed in December 2017 could boost consumers' discretionary spending in 2018. The fund’s outperformance of the MSCI sector index this period was driven by underweightings in the auto parts & equipment and automobile manufacturers categories, each of which lost ground. Security selection in internet & direct marketing retail also helped our relative result. Conversely, notable detractors versus the MSCI index included overexposure to hotels, resorts & cruise lines, along with our choices in general merchandise stores. Among individual stocks, Amazon.com was our biggest holding and largest individual contributor. Shares of Amazon gained roughly 108%, rising on the firm’s sustained dominance in its core e-commerce and cloud markets. Relative performance also received a boost from our decision to not own index component Ford Motor and largely avoid media giant Time Warner, as both stocks declined the past 12 months. Time Warner was not held at period end. Conversely, a sizable overweighting in Charter Communications was the fund’s biggest individual relative detractor. Our position in the stock returned about -11%, largely weighed down by concerns related to cord cutting. Another large fund holding that hurt this period was discount retailer Dollar Tree (-6%).

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Fidelity® Consumer Discretionary Central Fund

Investment Summary (Unaudited)

Top Ten Stocks as of September 30, 2018

 % of fund's net assets 
Amazon.com, Inc. 21.3 
Home Depot, Inc. 7.1 
Netflix, Inc. 4.1 
The Walt Disney Co. 3.7 
McDonald's Corp. 3.7 
Lowe's Companies, Inc. 3.2 
Comcast Corp. Class A 2.6 
The Booking Holdings, Inc. 2.5 
NIKE, Inc. Class B 2.5 
Charter Communications, Inc. Class A 2.5 
 53.2 

Top Industries (% of fund's net assets)

As of September 30, 2018 
   Internet & Direct Marketing Retail 28.5% 
   Hotels, Restaurants & Leisure 21.7% 
   Specialty Retail 19.2% 
   Media 9.7% 
   Textiles, Apparel & Luxury Goods 5.6% 
   All Others* 15.3% 


* Includes short-term investments and net other assets (liabilities).

Fidelity® Consumer Discretionary Central Fund

Schedule of Investments September 30, 2018

Showing Percentage of Net Assets

Common Stocks - 100.0%   
 Shares Value 
Air Freight & Logistics - 0.1%   
Air Freight & Logistics - 0.1%   
XPO Logistics, Inc. (a) 21,100 $2,408,987 
Auto Components - 0.3%   
Auto Parts & Equipment - 0.3%   
Aptiv PLC 44,300 3,716,770 
Lear Corp. 19,919 2,888,255 
Tenneco, Inc. 2,283 96,206 
  6,701,231 
Automobiles - 2.0%   
Automobile Manufacturers - 2.0%   
Ferrari NV (b) 29,795 4,079,233 
General Motors Co. 381,600 12,848,472 
Tesla, Inc. (a) 94,716 25,077,955 
Thor Industries, Inc. 83,900 7,022,430 
  49,028,090 
Beverages - 0.7%   
Distillers & Vintners - 0.5%   
Constellation Brands, Inc. Class A (sub. vtg.) 61,335 13,225,053 
Soft Drinks - 0.2%   
Monster Beverage Corp. (a) 71,533 4,168,943 
TOTAL BEVERAGES  17,393,996 
Building Products - 0.1%   
Building Products - 0.1%   
Masco Corp. 75,000 2,745,000 
Chemicals - 0.1%   
Specialty Chemicals - 0.1%   
Sherwin-Williams Co. 4,400 2,002,924 
Commercial Services & Supplies - 0.1%   
Diversified Support Services - 0.1%   
Copart, Inc. (a) 67,500 3,478,275 
Distributors - 0.6%   
Distributors - 0.6%   
LKQ Corp. (a) 323,300 10,238,911 
Pool Corp. 19,800 3,304,224 
  13,543,135 
Diversified Consumer Services - 1.1%   
Education Services - 0.6%   
Adtalem Global Education, Inc. (a) 53,700 2,588,340 
Grand Canyon Education, Inc. (a) 81,830 9,230,424 
New Oriental Education & Technology Group, Inc. sponsored ADR 45,900 3,397,059 
  15,215,823 
Specialized Consumer Services - 0.5%   
Service Corp. International 25,000 1,105,000 
ServiceMaster Global Holdings, Inc. (a) 34,078 2,113,858 
Weight Watchers International, Inc. (a) 106,659 7,678,381 
  10,897,239 
TOTAL DIVERSIFIED CONSUMER SERVICES  26,113,062 
Electronic Equipment & Components - 0.1%   
Electronic Equipment & Instruments - 0.1%   
ADT, Inc. (b) 177,900 1,670,481 
Food & Staples Retailing - 1.1%   
Food Distributors - 0.6%   
Performance Food Group Co. (a) 438,075 14,587,898 
Hypermarkets & Super Centers - 0.5%   
BJ's Wholesale Club Holdings, Inc. 220,300 5,899,634 
Costco Wholesale Corp. 4,149 974,517 
Walmart, Inc. 43,500 4,085,085 
  10,959,236 
TOTAL FOOD & STAPLES RETAILING  25,547,134 
Health Care Providers & Services - 0.0%   
Health Care Services - 0.0%   
National Vision Holdings, Inc. 20,510 925,821 
Hotels, Restaurants & Leisure - 21.7%   
Casinos & Gaming - 3.1%   
Boyd Gaming Corp. 117,300 3,970,605 
Caesars Entertainment Corp. (a) 516,000 5,289,000 
Churchill Downs, Inc. 9,900 2,749,230 
Eldorado Resorts, Inc. (a) 294,483 14,311,874 
Las Vegas Sands Corp. 429,315 25,471,259 
Melco Crown Entertainment Ltd. sponsored ADR 54,100 1,144,215 
MGM Mirage, Inc. 454,700 12,690,677 
Penn National Gaming, Inc. (a) 173,459 5,710,270 
PlayAGS, Inc. (a) 42,200 1,243,634 
Wynn Resorts Ltd. 15,615 1,984,042 
  74,564,806 
Hotels, Resorts & Cruise Lines - 8.2%   
Accor SA 29,500 1,514,578 
Bluegreen Vacations Corp. 148,880 2,663,463 
Carnival Corp. 311,700 19,877,109 
Hilton Grand Vacations, Inc. (a) 275,400 9,115,740 
Hilton Worldwide Holdings, Inc. 463,826 37,467,864 
Hyatt Hotels Corp. Class A 65,900 5,244,981 
Marriott International, Inc. Class A 304,108 40,151,379 
Marriott Vacations Worldwide Corp. 132,500 14,806,875 
Royal Caribbean Cruises Ltd. 355,228 46,158,326 
Wyndham Destinations, Inc. 217,358 9,424,643 
Wyndham Hotels & Resorts, Inc. 225,343 12,522,311 
  198,947,269 
Leisure Facilities - 1.4%   
Cedar Fair LP (depositary unit) 53,273 2,774,458 
Drive Shack, Inc. (a) 435,017 2,592,701 
Planet Fitness, Inc. (a) 205,663 11,111,972 
Vail Resorts, Inc. 58,509 16,056,040 
  32,535,171 
Restaurants - 9.0%   
ARAMARK Holdings Corp. 266,963 11,484,748 
Chipotle Mexican Grill, Inc. (a) 10,400 4,727,008 
Compass Group PLC 64,400 1,431,999 
Darden Restaurants, Inc. 83,873 9,325,839 
Del Frisco's Restaurant Group, Inc. (a) 120,700 1,001,810 
Dine Brands Global, Inc. 17,957 1,460,084 
Domino's Pizza, Inc. 41,320 12,181,136 
Dunkin' Brands Group, Inc. 105,549 7,781,072 
Jack in the Box, Inc. 31,411 2,633,184 
McDonald's Corp. 529,130 88,518,158 
Restaurant Brands International, Inc. 191,300 11,327,081 
Ruth's Hospitality Group, Inc. 43,323 1,366,841 
Shake Shack, Inc. Class A (a) 15,700 989,257 
Starbucks Corp. 681,900 38,759,196 
Texas Roadhouse, Inc. Class A 53,300 3,693,157 
U.S. Foods Holding Corp. (a) 336,800 10,380,176 
Wendy's Co. 161,900 2,774,966 
Wingstop, Inc. 26,477 1,807,585 
Yum! Brands, Inc. 68,327 6,211,608 
  217,854,905 
TOTAL HOTELS, RESTAURANTS & LEISURE  523,902,151 
Household Durables - 2.5%   
Home Furnishings - 0.3%   
Mohawk Industries, Inc. (a) 33,000 5,786,550 
Homebuilding - 2.1%   
Cavco Industries, Inc. (a) 18,846 4,768,038 
D.R. Horton, Inc. 408,300 17,222,094 
Lennar Corp.:   
Class A 266,650 12,449,889 
Class B 2,892 111,342 
LGI Homes, Inc. (a)(b) 19,100 906,104 
New Home Co. LLC (a) 79,500 640,770 
NVR, Inc. (a) 4,450 10,995,060 
Taylor Morrison Home Corp. (a) 58,400 1,053,536 
TRI Pointe Homes, Inc. (a) 248,600 3,082,640 
  51,229,473 
Household Appliances - 0.1%   
Techtronic Industries Co. Ltd. 468,500 2,992,329 
TOTAL HOUSEHOLD DURABLES  60,008,352 
Internet & Direct Marketing Retail - 28.5%   
Internet & Direct Marketing Retail - 28.5%   
Amazon.com, Inc. (a) 257,127 515,025,380 
Boohoo.Com PLC (a) 329,200 1,004,904 
Liberty Interactive Corp. QVC Group Series A (a) 429,185 9,532,199 
Netflix, Inc. (a) 265,479 99,323,658 
Start Today Co. Ltd. 19,900 602,500 
The Booking Holdings, Inc.(a) 30,657 60,823,488 
Wayfair LLC Class A (a) 12,300 1,816,341 
Zalando SE (a) 10,300 400,740 
  688,529,210 
Internet Software & Services - 0.7%   
Internet Software & Services - 0.7%   
2U, Inc. (a) 66,277 4,983,368 
Alphabet, Inc. Class A (a) 9,400 11,346,552 
Farfetch Ltd. Class A 18,100 492,863 
MINDBODY, Inc. (a) 16,800 682,920 
SurveyMonkey 5,500 88,165 
  17,593,868 
IT Services - 0.4%   
Data Processing & Outsourced Services - 0.4%   
Adyen BV (c) 1,573 1,283,911 
Global Payments, Inc. 25,500 3,248,700 
PayPal Holdings, Inc. (a) 65,100 5,718,384 
  10,250,995 
Leisure Products - 0.5%   
Leisure Products - 0.5%   
Mattel, Inc. (b) 728,000 11,429,600 
Media - 9.7%   
Advertising - 0.0%   
Interpublic Group of Companies, Inc. 28,900 660,943 
Broadcasting - 0.1%   
CBS Corp. Class B 47,200 2,711,640 
Cable & Satellite - 5.3%   
Charter Communications, Inc. Class A (a) 181,237 59,061,514 
Comcast Corp. Class A 1,795,871 63,591,792 
Naspers Ltd. Class N 19,284 4,161,430 
  126,814,736 
Movies & Entertainment - 4.3%   
Cinemark Holdings, Inc. 224,065 9,007,413 
Liberty Media Corp. Liberty Formula One Group Series C (a) 47,500 1,766,525 
Lions Gate Entertainment Corp. Class B 7,600 177,080 
Live Nation Entertainment, Inc. (a) 86,900 4,733,443 
The Walt Disney Co. 761,278 89,023,849 
  104,708,310 
TOTAL MEDIA  234,895,629 
Multiline Retail - 4.2%   
Department Stores - 0.5%   
Future Retail Ltd. 208,890 1,342,905 
Macy's, Inc. 263,293 9,144,166 
  10,487,071 
General Merchandise Stores - 3.7%   
B&M European Value Retail S.A. 427,543 2,155,480 
Dollar General Corp. 295,680 32,317,824 
Dollar Tree, Inc. (a) 569,753 46,463,357 
Ollie's Bargain Outlet Holdings, Inc. (a) 52,700 5,064,470 
Target Corp. 43,400 3,828,314 
  89,829,445 
TOTAL MULTILINE RETAIL  100,316,516 
Personal Products - 0.0%   
Personal Products - 0.0%   
Estee Lauder Companies, Inc. Class A 7,100 1,031,772 
Real Estate Management & Development - 0.1%   
Real Estate Services - 0.1%   
Redfin Corp. (a)(b) 81,200 1,518,440 
Software - 0.2%   
Application Software - 0.1%   
Adobe Systems, Inc. (a) 6,000 1,619,700 
Home Entertainment Software - 0.1%   
Activision Blizzard, Inc. 29,200 2,429,148 
TOTAL SOFTWARE  4,048,848 
Specialty Retail - 19.2%   
Apparel Retail - 5.8%   
Burlington Stores, Inc. (a) 260,625 42,461,025 
Inditex SA 60,601 1,830,851 
Ross Stores, Inc. 394,269 39,072,058 
The Children's Place Retail Stores, Inc. 36,405 4,652,559 
TJX Companies, Inc. 465,990 52,200,200 
  140,216,693 
Automotive Retail - 2.2%   
AutoZone, Inc. (a) 24,674 19,139,622 
Monro, Inc. 50,600 3,521,760 
O'Reilly Automotive, Inc. (a) 88,068 30,587,778 
  53,249,160 
Computer & Electronics Retail - 0.1%   
Best Buy Co., Inc. 45,600 3,618,816 
Home Improvement Retail - 10.4%   
Floor & Decor Holdings, Inc. Class A (a) 98,044 2,957,987 
Home Depot, Inc. 825,941 171,093,678 
Lowe's Companies, Inc. 662,919 76,116,360 
  250,168,025 
Specialty Stores - 0.7%   
Five Below, Inc. (a) 2,800 364,168 
Tiffany & Co., Inc. 38,300 4,939,551 
Ulta Beauty, Inc. (a) 43,700 12,328,644 
  17,632,363 
TOTAL SPECIALTY RETAIL  464,885,057 
Technology Hardware, Storage & Peripherals - 0.2%   
Technology Hardware, Storage & Peripherals - 0.2%   
Apple, Inc. 21,900 4,943,706 
Textiles, Apparel & Luxury Goods - 5.6%   
Apparel, Accessories & Luxury Goods - 3.0%   
adidas AG 20,166 4,937,957 
Canada Goose Holdings, Inc. (a) 33,983 2,188,972 
Carter's, Inc. 56,500 5,570,900 
G-III Apparel Group Ltd. (a) 50,043 2,411,572 
Kering SA 8,200 4,395,666 
lululemon athletica, Inc. (a) 9,000 1,462,410 
LVMH Moet Hennessy - Louis Vuitton SA 19,386 6,850,450 
Michael Kors Holdings Ltd. (a) 43,125 2,956,650 
Prada SpA 391,800 1,876,832 
PVH Corp. 219,014 31,625,622 
Swatch Group AG (Bearer) 3,740 1,487,387 
Tapestry, Inc. 93,500 4,700,245 
VF Corp. 31,700 2,962,365 
  73,427,028 
Footwear - 2.6%   
NIKE, Inc. Class B 711,956 60,316,912 
Wolverine World Wide, Inc. 31,500 1,230,075 
  61,546,987 
Textiles - 0.0%   
Arco Platform Ltd. Class A 18,900 430,920 
TOTAL TEXTILES, APPAREL & LUXURY GOODS  135,404,935 
Tobacco - 0.2%   
Tobacco - 0.2%   
Philip Morris International, Inc. 46,000 3,750,840 
TOTAL COMMON STOCKS   
(Cost $1,661,028,100)  2,414,068,055 
Money Market Funds - 0.5%   
Fidelity Securities Lending Cash Central Fund 2.11% (d)(e)   
(Cost $13,001,451) 13,000,151 13,001,451 
TOTAL INVESTMENT IN SECURITIES - 100.5%   
(Cost $1,674,029,551)  2,427,069,506 
NET OTHER ASSETS (LIABILITIES) - (0.5)%  (12,151,769) 
NET ASSETS - 100%  $2,414,917,737 

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 $1,283,911 or 0.1% 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

 (e) Investment made with cash collateral received from securities on loan.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $137,045 
Fidelity Securities Lending Cash Central Fund 166,860 
Total $303,905 

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 September 30, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Common Stocks $2,414,068,055 $2,405,386,754 $8,681,301 $-- 
Money Market Funds 13,001,451 13,001,451 -- -- 
Total Investments in Securities: $2,427,069,506 $2,418,388,205 $8,681,301 $-- 

See accompanying notes which are an integral part of the financial statements.


Fidelity® Consumer Discretionary Central Fund

Financial Statements

Statement of Assets and Liabilities

  September 30, 2018 
Assets   
Investment in securities, at value (including securities loaned of $12,486,630) — See accompanying schedule:
Unaffiliated issuers (cost $1,661,028,100) 		$2,414,068,055  
Fidelity Central Funds (cost $13,001,451) 13,001,451  
Total Investment in Securities (cost $1,674,029,551)  $2,427,069,506 
Receivable for investments sold  4,198,247 
Receivable for fund shares sold  1,317,325 
Dividends receivable  827,958 
Distributions receivable from Fidelity Central Funds  12,088 
Total assets  2,433,425,124 
Liabilities   
Payable to custodian bank $519,970  
Payable for investments purchased 2,367,726  
Payable for fund shares redeemed 2,607,774  
Other payables and accrued expenses 12,957  
Collateral on securities loaned 12,998,960  
Total liabilities  18,507,387 
Net Assets  $2,414,917,737 
Net Assets consist of:   
Paid in capital  $1,599,613,348 
Undistributed net investment income  3,152,954 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  59,111,381 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  753,040,054 
Net Assets, for 6,888,088 shares outstanding  $2,414,917,737 
Net Asset Value, offering price and redemption price per share ($2,414,917,737 ÷ 6,888,088 shares)  $350.59 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Year ended September 30, 2018 
Investment Income   
Dividends  $20,727,814 
Income from Fidelity Central Funds (including $166,860 from security lending)  303,905 
Total income  21,031,719 
Expenses   
Custodian fees and expenses $28,234  
Independent directors' fees and expenses 9,374  
Interest 2,334  
Miscellaneous 37  
Total expenses  39,979 
Net investment income (loss)  20,991,740 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 97,641,734  
Redemptions in-kind with affiliated entities 155,553,360  
Fidelity Central Funds (422)  
Foreign currency transactions 2,910  
Total net realized gain (loss)  253,197,582 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 282,671,914  
Fidelity Central Funds (330)  
Assets and liabilities in foreign currencies (5,012)  
Total change in net unrealized appreciation (depreciation)  282,666,572 
Net gain (loss)  535,864,154 
Net increase (decrease) in net assets resulting from operations  $556,855,894 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Year ended September 30, 2018 Year ended September 30, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $20,991,740 $18,629,366 
Net realized gain (loss) 253,197,582 69,549,384 
Change in net unrealized appreciation (depreciation) 282,666,572 142,968,418 
Net increase (decrease) in net assets resulting from operations 556,855,894 231,147,168 
Distributions to shareholders from net investment income (19,605,261) (16,424,895) 
Distributions to shareholders from net realized gain (92,369,304) – 
Total distributions (111,974,565) (16,424,895) 
Affiliated share transactions   
Proceeds from sales of shares 836,759,194 139,542,270 
Reinvestment of distributions 111,974,565 16,424,481 
Cost of shares redeemed (560,440,844) (367,978,846) 
Net increase (decrease) in net assets resulting from share transactions 388,292,915 (212,012,095) 
Total increase (decrease) in net assets 833,174,244 2,710,178 
Net Assets   
Beginning of period 1,581,743,493 1,579,033,315 
End of period $2,414,917,737 $1,581,743,493 
Other Information   
Undistributed net investment income end of period $3,152,954 $1,935,347 
Shares   
Sold 2,718,976 537,543 
Issued in reinvestment of distributions 373,136 61,740 
Redeemed (1,778,344) (1,372,701) 
Net increase (decrease) 1,313,768 (773,418) 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Consumer Discretionary Central Fund

      
Years ended September 30, 2018 2017 2016 2015 2014 
Selected Per–Share Data      
Net asset value, beginning of period $283.76 $248.76 $234.10 $213.75 $196.26 
Income from Investment Operations      
Net investment income (loss)A 3.24 3.14 3.75 3.36 2.23 
Net realized and unrealized gain (loss) 82.54 34.62 14.67 20.24 17.43 
Total from investment operations 85.78 37.76 18.42 23.60 19.66 
Distributions from net investment income (3.08)B (2.76) (3.76) (3.25) (2.17) 
Distributions from net realized gain (15.86)B – – – – 
Total distributions (18.95)C (2.76) (3.76) (3.25) (2.17) 
Net asset value, end of period $350.59 $283.76 $248.76 $234.10 $213.75 
Total ReturnD 31.42% 15.25% 7.91% 11.01% 10.03% 
Ratios to Average Net AssetsE,F      
Expenses before reductionsG -% -% -% -% -% 
Expenses net of fee waivers, if anyG -% -% -% -% -% 
Expenses net of all reductionsG -% -% -% -% -% 
Net investment income (loss) 1.02% 1.17% 1.54% 1.41% 1.06% 
Supplemental Data      
Net assets, end of period (000 omitted) $2,414,918 $1,581,743 $1,579,033 $1,487,901 $1,431,901 
Portfolio turnover rateH 26%I 40%I 27% 68% 169%I 

 A Calculated based on average shares outstanding during the period.

 B The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

 C Total distributions of $18.95 per share is comprised of distributions from net investment income of $3.081 and distributions from net realized gain of $15.864 per share.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

 G Amount represents less than .005%.

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 I Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity® Consumer Staples Central Fund

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended September 30, 2018 Past 1 year Past 5 years Past 10 years 
Fidelity® Consumer Staples Central Fund (1.76)% 7.14% 9.81% 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Consumer Staples Central Fund on September 30, 2008.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.


Period Ending Values
$25,483Fidelity® Consumer Staples Central Fund
$30,962S&P 500® Index

Fidelity® Consumer Staples Central Fund

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index gained 17.91% for the year ending September 30, 2018, as the U.S. equity bellwether overcame heightened volatility early on to end the period just shy of its record closing high. In late January, stocks began a sharp retreat amid concern that rising inflation and the potential for the economy to overheat would prompt the U.S. Federal Reserve to pick up the pace of interest rate hikes. In February, the index posted its first negative monthly result since October 2016, and then lost further ground in March on fear related to global trade. The market stabilized in April and turned upward through mid-June, when trade tension between the U.S. and China soured investor sentiment. Uncertainty lingered into July, but strong corporate earnings helped the S&P 500 rise 7.71% in the final three months of the period. For the full 12 months, growth handily topped value, extending a trend that began in early 2017. By sector, information technology (+38%) led the way amid strong earnings growth from several major index constituents. Consumer discretionary was close behind, with its 36% gain driven mainly by retailers. Health care was the only other group to top the broader market, rising 18%. Energy (+14%) moved higher alongside oil prices but nonetheless trailed the index, as did communication services (+12%). At the back of the pack were materials (+4%) and two defensive sectors that struggled amid investors’ preference for risk: utilities (+3%) and consumer staples (+3%).

Comments from Portfolio Manager James McElligott:  For the fiscal year, the fund returned -1.76%, lagging the 3.90% gain of the MSCI U.S. IMI Consumer Staples 25/50 Index and considerably behind the broad-based S&P 500®. Consumer staples stocks underperformed the broader market the past 12 months because investors favored more-cyclical (economically sensitive), faster-growing sectors. Within the MSCI sector index, the tobacco (-14%) and household products (-2%) industries struggled this period, whereas notable outperformers included food retail (+39%), personal products (+33%), and hypermarkets & super centers (+30%). The fund’s sizable underweighting in hypermarkets & super centers detracted from our result versus the MSCI sector index. This partially reflected underexposure to Walmart, which returned roughly -1% while held in the fund. Stock picks in household products and personal products also hurt our relative result, as did an overweighting in tobacco. Other individual disappointments included an overweighting in Coty (-21%), as the stock sank because investors became impatient with the turnaround of some recently acquired make-up brands. Coty was among the fund's largest holdings, as we notably increased exposure the past 12 months. Conversely, positioning in food retail modestly aided relative performance. The top individual contributor was a non-index stake in Simply Good Foods (+66%), a maker of healthy snack foods. Its shares benefited from the company's recent advertising campaign and the trend toward health-conscious foods. This period, we meaningfully added to our stake in Simply Good Foods.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Note to shareholders:  On November 17, 2017, James McElligott succeeded Robert Lee as Portfolio Manager of the fund.

Fidelity® Consumer Staples Central Fund

Investment Summary (Unaudited)

Top Ten Stocks as of September 30, 2018

 % of fund's net assets 
The Coca-Cola Co. 10.3 
Procter & Gamble Co. 9.5 
Philip Morris International, Inc. 7.1 
PepsiCo, Inc. 5.8 
Coty, Inc. Class A 5.7 
Altria Group, Inc. 4.0 
Spectrum Brands Holdings, Inc. 4.0 
Costco Wholesale Corp. 3.7 
Mondelez International, Inc. 3.7 
Monster Beverage Corp. 3.7 
 57.5 

Top Industries (% of fund's net assets)

As of September 30, 2018 
   Beverages 27.4% 
   Food Products 19.7% 
   Household Products 16.0% 
   Tobacco 12.9% 
   Personal Products 10.5% 
   All Others* 13.5% 


* Includes short-term investments and net other assets (liabilities).

Fidelity® Consumer Staples Central Fund

Schedule of Investments September 30, 2018

Showing Percentage of Net Assets

Common Stocks - 99.4%   
 Shares Value 
Beverages - 27.4%   
Brewers - 0.8%   
Beijing Yanjing Brewery Co. Ltd. Class A 8,392,928 $8,052,206 
China Resources Beer Holdings Co. Ltd. 85,210 342,327 
Molson Coors Brewing Co. Class B 41,700 2,564,550 
  10,959,083 
Distillers & Vintners - 2.4%   
Constellation Brands, Inc. Class A (sub. vtg.) 108,866 23,473,687 
Kweichow Moutai Co. Ltd. (A Shares) 10,418 1,107,193 
Pernod Ricard SA 39,200 6,431,010 
  31,011,890 
Soft Drinks - 24.2%   
Coca-Cola Bottling Co. Consolidated 63,687 11,608,866 
Coca-Cola European Partners PLC 480,058 21,828,237 
Coca-Cola FEMSA S.A.B. de CV sponsored ADR 57,400 3,515,176 
Coca-Cola West Co. Ltd. 249,800 6,683,612 
Fever-Tree Drinks PLC 1,844 86,717 
Keurig Dr. Pepper, Inc. 574,900 13,320,433 
Monster Beverage Corp. (a) 823,678 48,003,954 
PepsiCo, Inc. 681,500 76,191,700 
The Coca-Cola Co. 2,910,761 134,448,049 
  315,686,744 
TOTAL BEVERAGES  357,657,717 
Food & Staples Retailing - 10.2%   
Drug Retail - 2.2%   
Rite Aid Corp. (a)(b) 1,106,701 1,416,577 
Walgreens Boots Alliance, Inc. 375,280 27,357,912 
  28,774,489 
Food Distributors - 1.6%   
Sysco Corp. 275,500 20,180,375 
United Natural Foods, Inc. (a) 12,100 362,395 
  20,542,770 
Food Retail - 1.2%   
Kroger Co. 280,323 8,160,203 
Sprouts Farmers Market LLC (a) 245,400 6,726,414 
  14,886,617 
Hypermarkets & Super Centers - 5.2%   
BJ's Wholesale Club Holdings, Inc. 17,100 457,938 
Costco Wholesale Corp. 207,400 48,714,112 
Walmart, Inc. 203,300 19,091,903 
  68,263,953 
TOTAL FOOD & STAPLES RETAILING  132,467,829 
Food Products - 19.7%   
Agricultural Products - 1.6%   
Bunge Ltd. 149,369 10,263,144 
Darling International, Inc. (a) 370,600 7,159,992 
Ingredion, Inc. 33,700 3,537,152 
  20,960,288 
Packaged Foods & Meats - 18.1%   
ConAgra Foods, Inc. 462,500 15,711,125 
Danone SA 269,412 20,937,409 
JBS SA 3,946,400 9,165,971 
Kellogg Co. 266,900 18,688,338 
Mondelez International, Inc. 1,120,412 48,132,900 
Nomad Foods Ltd. (a) 179,800 3,642,748 
Post Holdings, Inc. (a) 60,900 5,970,636 
The Hain Celestial Group, Inc. (a) 257,789 6,991,238 
The Hershey Co. 104,700 10,679,400 
The J.M. Smucker Co. 198,400 20,357,824 
The Kraft Heinz Co. 594,300 32,751,873 
The Simply Good Foods Co. (a) 1,104,900 21,490,305 
TreeHouse Foods, Inc. (a) 454,473 21,746,533 
  236,266,300 
TOTAL FOOD PRODUCTS  257,226,588 
Health Care Providers & Services - 0.9%   
Health Care Services - 0.9%   
CVS Health Corp. 152,503 12,005,036 
Hotels, Restaurants & Leisure - 0.8%   
Restaurants - 0.8%   
Compass Group PLC 32,340 719,112 
U.S. Foods Holding Corp. (a) 327,208 10,084,551 
  10,803,663 
Household Durables - 0.1%   
Housewares & Specialties - 0.1%   
Newell Brands, Inc. 55,800 1,132,740 
Household Products - 16.0%   
Household Products - 16.0%   
Colgate-Palmolive Co. 307,320 20,575,074 
Essity AB Class B 281,400 7,073,470 
Procter & Gamble Co. 1,488,893 123,920,564 
Reckitt Benckiser Group PLC 64,900 5,928,616 
Spectrum Brands Holdings, Inc. 691,351 51,657,747 
  209,155,471 
Internet & Direct Marketing Retail - 0.2%   
Internet & Direct Marketing Retail - 0.2%   
The Honest Co., Inc. (a)(c)(d) 171,220 1,969,030 
Multiline Retail - 0.7%   
General Merchandise Stores - 0.7%   
Dollar Tree, Inc. (a) 112,600 9,182,530 
Personal Products - 10.5%   
Personal Products - 10.5%   
Avon Products, Inc. (a) 6,947,513 15,284,529 
Coty, Inc. Class A 5,965,178 74,922,636 
Estee Lauder Companies, Inc. Class A 79,467 11,548,144 
Herbalife Nutrition Ltd. (a) 47,064 2,567,341 
Ontex Group NV 153,000 3,259,706 
Unilever NV (Certificaten Van Aandelen) (Bearer) 537,754 29,912,474 
  137,494,830 
Tobacco - 12.9%   
Tobacco - 12.9%   
Altria Group, Inc. 872,567 52,624,516 
British American Tobacco PLC sponsored ADR 500,846 23,354,449 
Philip Morris International, Inc. 1,137,653 92,764,226 
  168,743,191 
TOTAL COMMON STOCKS   
(Cost $1,258,270,873)  1,297,838,625 
Money Market Funds - 0.4%   
Fidelity Cash Central Fund, 2.11% (e) 4,111,318 4,112,140 
Fidelity Securities Lending Cash Central Fund 2.11% (e)(f) 1,244,876 1,245,000 
TOTAL MONEY MARKET FUNDS   
(Cost $5,357,140)  5,357,140 
TOTAL INVESTMENT IN SECURITIES - 99.8%   
(Cost $1,263,628,013)  1,303,195,765 
NET OTHER ASSETS (LIABILITIES) - 0.2%  2,231,832 
NET ASSETS - 100%  $1,305,427,597 

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,969,030 or 0.2% of net assets.

 (d) Level 3 security

 (e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

 (f) Investment made with cash collateral received from securities on loan.

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
The Honest Co., Inc. 8/28/18 $1,921,088 

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $238,265 
Fidelity Securities Lending Cash Central Fund 233,654 
Total $471,919 

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 September 30, 2018, 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 $1,297,838,625 $1,239,091,096 $56,778,499 $1,969,030 
Money Market Funds 5,357,140 5,357,140 -- -- 
Total Investments in Securities: $1,303,195,765 $1,244,448,236 $56,778,499 $1,969,030 

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 87.5% 
United Kingdom 3.9% 
Netherlands 2.3% 
France 2.1% 
Others (Individually Less Than 1%) 4.2% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Fidelity® Consumer Staples Central Fund

Financial Statements

Statement of Assets and Liabilities

  September 30, 2018 
Assets   
Investment in securities, at value (including securities loaned of $1,062,400) — See accompanying schedule:
Unaffiliated issuers (cost $1,258,270,873) 		$1,297,838,625  
Fidelity Central Funds (cost $5,357,140) 5,357,140  
Total Investment in Securities (cost $1,263,628,013)  $1,303,195,765 
Receivable for fund shares sold  629,051 
Dividends receivable  4,199,368 
Distributions receivable from Fidelity Central Funds  10,721 
Other receivables  9 
Total assets  1,308,034,914 
Liabilities   
Payable for fund shares redeemed $1,347,997  
Other payables and accrued expenses 14,320  
Collateral on securities loaned 1,245,000  
Total liabilities  2,607,317 
Net Assets  $1,305,427,597 
Net Assets consist of:   
Paid in capital  $1,199,546,987 
Undistributed net investment income  4,542,962 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  61,762,908 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  39,574,740 
Net Assets, for 6,379,310 shares outstanding  $1,305,427,597 
Net Asset Value, offering price and redemption price per share ($1,305,427,597 ÷ 6,379,310 shares)  $204.63 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Year ended September 30, 2018 
Investment Income   
Dividends  $31,987,903 
Special dividends  11,165,748 
Income from Fidelity Central Funds (including $233,654 from security lending)  471,919 
Total income  43,625,570 
Expenses   
Custodian fees and expenses $33,650  
Independent directors' fees and expenses 5,899  
Interest 453  
Miscellaneous 25  
Total expenses before reductions 40,027  
Expense reductions (199)  
Total expenses after reductions  39,828 
Net investment income (loss)  43,585,742 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $341) 85,041,919  
Redemptions in-kind with affiliated entities 65,011,527  
Fidelity Central Funds 7,974  
Foreign currency transactions 99,800  
Total net realized gain (loss)  150,161,220 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (225,384,920)  
Fidelity Central Funds (2,174)  
Assets and liabilities in foreign currencies (12,394)  
Total change in net unrealized appreciation (depreciation)  (225,399,488) 
Net gain (loss)  (75,238,268) 
Net increase (decrease) in net assets resulting from operations  $(31,652,526) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Year ended September 30, 2018 Year ended September 30, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $43,585,742 $32,867,546 
Net realized gain (loss) 150,161,220 118,402,188 
Change in net unrealized appreciation (depreciation) (225,399,488) (70,956,689) 
Net increase (decrease) in net assets resulting from operations (31,652,526) 80,313,045 
Distributions to shareholders from net investment income (41,880,818) (29,842,447) 
Distributions to shareholders from net realized gain (97,894,284) (17,679,983) 
Total distributions (139,775,102) (47,522,430) 
Affiliated share transactions   
Proceeds from sales of shares 510,816,792 82,258,610 
Reinvestment of distributions 139,775,102 47,521,494 
Cost of shares redeemed (356,818,908) (264,262,776) 
Net increase (decrease) in net assets resulting from share transactions 293,772,986 (134,482,672) 
Total increase (decrease) in net assets 122,345,358 (101,692,057) 
Net Assets   
Beginning of period 1,183,082,239 1,284,774,296 
End of period $1,305,427,597 $1,183,082,239 
Other Information   
Undistributed net investment income end of period $4,542,963 $2,897,888 
Shares   
Sold 2,421,167 370,634 
Issued in reinvestment of distributions 643,591 211,946 
Redeemed (1,761,742) (1,141,143) 
Net increase (decrease) 1,303,016 (558,563) 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Consumer Staples Central Fund

      
Years ended September 30, 2018 2017 2016 2015 2014 
Selected Per–Share Data      
Net asset value, beginning of period $233.06 $228.00 $202.36 $205.11 $181.33 
Income from Investment Operations      
Net investment income (loss)A 7.25B 6.10 5.30 5.31 5.20 
Net realized and unrealized gain (loss) (10.43) 7.65 25.50 (2.84) 23.75 
Total from investment operations (3.18) 13.75 30.80 2.47 28.95 
Distributions from net investment income (6.98) (5.62) (5.16) (5.22) (5.17) 
Distributions from net realized gain (18.26) (3.07) – – – 
Total distributions (25.25)C (8.69) (5.16) (5.22) (5.17) 
Net asset value, end of period $204.63 $233.06 $228.00 $202.36 $205.11 
Total ReturnD (1.76)% 6.23% 15.29% 1.07% 16.13% 
Ratios to Average Net AssetsE,F      
Expenses before reductions - %G - %G - %G - %G .01% 
Expenses net of fee waivers, if any - %G - %G - %G - %G .01% 
Expenses net of all reductions - %G - %G - %G - %G .01% 
Net investment income (loss) 3.42%B 2.62% 2.38% 2.45% 2.67% 
Supplemental Data      
Net assets, end of period (000 omitted) $1,305,428 $1,183,082 $1,284,774 $1,097,772 $1,166,861 
Portfolio turnover rateH 79%I 54%I 50% 65% 36%I 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects a large, non-recurring dividend which amounted to $1.86 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.55%.

 C Total distributions of 25.25 per share is comprised of distributions from net investment income of $6.982 and distributions from net realized gain of $18.264 per share.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

 G Amount represents less than .005%.

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 I Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity® Energy Central Fund

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended September 30, 2018 Past 1 year Past 5 years Past 10 years 
Fidelity® Energy Central Fund 19.16% 0.84% 3.94% 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Energy Central Fund on September 30, 2008.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.


Period Ending Values
$14,715Fidelity® Energy Central Fund
$30,962S&P 500® Index

Fidelity® Energy Central Fund

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index gained 17.91% for the year ending September 30, 2018, as the U.S. equity bellwether overcame heightened volatility early on to end the period just shy of its record closing high. In late January, stocks began a sharp retreat amid concern that rising inflation and the potential for the economy to overheat would prompt the U.S. Federal Reserve to pick up the pace of interest rate hikes. In February, the index posted its first negative monthly result since October 2016, and then lost further ground in March on fear related to global trade. The market stabilized in April and turned upward through mid-June, when trade tension between the U.S. and China soured investor sentiment. Uncertainty lingered into July, but strong corporate earnings helped the S&P 500 rise 7.71% in the final three months of the period. For the full 12 months, growth handily topped value, extending a trend that began in early 2017. By sector, information technology (+38%) led the way amid strong earnings growth from several major index constituents. Consumer discretionary was close behind, with its 36% gain driven mainly by retailers. Health care was the only other group to top the broader market, rising 18%. Energy (+14%) moved higher alongside oil prices but nonetheless trailed the index, as did communication services (+12%). At the back of the pack were materials (+4%) and two defensive sectors that struggled amid investors’ preference for risk: utilities (+3%) and consumer staples (+3%).

Comments from Portfolio Manager John Dowd:  For the fiscal year, the fund returned 19.16%, handily outperforming the 15.35% advance of the MSCI U.S. IMI Energy 25/50 Index, and also topping the broad-based S&P 500. Global economic expansion, stronger-than-expected global demand for crude oil and declining inventory levels pushed crude-oil prices above $70 per barrel this past year, providing a tailwind for corporate profitability and stock prices in the sector. Versus the MSCI index, our main strategy – overweighting oil & gas exploration & production (E&P) stocks and underweighting integrated oil & gas stocks – made the biggest contribution to fund performance. Within the index, E&Ps gained about 27% this period, outperforming the integrated oil & gas industry (+10%). In terms of individual stocks, a non-index stake in Viper Energy Partners (+147%) was the fund's biggest contributor. The company's shares benefited from better-than-expected financial results. A sizable underweighting in energy services company Schlumberger also added value, as the stock returned -10% due in part to weak demand for offshore drilling services. Conversely, stock selection in the oil & gas drilling industry held back the fund's relative result. An underweighting in ConocoPhillips was the fund's biggest relative detractor. Shares of Conoco, an E&P, rallied nearly 58% this period due to better-than-expected profit growth, a high free-cash-flow yield and shareholder-friendly capital allocation policies. A large underweighting in the strong-performing stock of Marathon Petroleum (+46%), a refining firm, also proved disappointing.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Fidelity® Energy Central Fund

Investment Summary (Unaudited)

Top Ten Stocks as of September 30, 2018

 % of fund's net assets 
Chevron Corp. 8.5 
EOG Resources, Inc. 7.4 
Valero Energy Corp. 4.4 
Delek U.S. Holdings, Inc. 4.2 
Phillips 66 Co. 4.0 
Diamondback Energy, Inc. 4.0 
Anadarko Petroleum Corp. 3.9 
Occidental Petroleum Corp. 3.6 
Pioneer Natural Resources Co. 3.4 
Exxon Mobil Corp. 3.4 
 46.8 

Top Industries (% of fund's net assets)

As of September 30, 2018 
   Oil, Gas & Consumable Fuels 87.9% 
   Energy Equipment & Services 9.2% 
   Chemicals 0.8% 
   Machinery 0.5% 
   Gas Utilities 0.2% 
   All Others* 1.4% 


* Includes short-term investments and net other assets (liabilities).

Fidelity® Energy Central Fund

Schedule of Investments September 30, 2018

Showing Percentage of Net Assets

Common Stocks - 98.6%   
 Shares Value 
Chemicals - 0.8%   
Commodity Chemicals - 0.8%   
LG Chemical Ltd. 3,873 $1,275,665 
LyondellBasell Industries NV Class A 86,550 8,872,241 
  10,147,906 
Energy Equipment & Services - 9.2%   
Oil & Gas Drilling - 1.8%   
AKITA Drilling Ltd. Class A (non-vtg.) 333,845 1,524,937 
Nabors Industries Ltd. 898,425 5,534,298 
Odfjell Drilling Ltd. 750,822 3,321,099 
Precision Drilling Corp. (a) 1,184,200 4,088,981 
Shelf Drilling Ltd. (a)(b) 865,488 6,433,669 
Trinidad Drilling Ltd. (a) 1,058,151 1,515,565 
  22,418,549 
Oil & Gas Equipment & Services - 7.4%   
Baker Hughes, a GE Co. Class A 1,179,536 39,903,703 
Halliburton Co. 597,117 24,201,152 
Liberty Oilfield Services, Inc. Class A (c) 261,800 5,647,026 
NCS Multistage Holdings, Inc. (a) 148,500 2,451,735 
RigNet, Inc. (a) 278,075 5,658,826 
Schlumberger Ltd. 226,852 13,819,824 
Smart Sand, Inc. (a)(c) 132,800 545,808 
  92,228,074 
TOTAL ENERGY EQUIPMENT & SERVICES  114,646,623 
Gas Utilities - 0.2%   
Gas Utilities - 0.2%   
Indraprastha Gas Ltd. 539,220 1,806,696 
Machinery - 0.5%   
Industrial Machinery - 0.5%   
Cactus, Inc. (a) 71,100 2,721,708 
Gardner Denver Holdings, Inc. (a) 96,000 2,720,640 
ProPetro Holding Corp. (a) 50,900 839,341 
  6,281,689 
Oil, Gas & Consumable Fuels - 87.9%   
Coal & Consumable Fuels - 0.2%   
Peabody Energy Corp. 74,600 2,658,744 
Integrated Oil & Gas - 17.7%   
Cenovus Energy, Inc. (Canada) 11,772 118,208 
Chevron Corp. 857,764 104,887,380 
Exxon Mobil Corp. 489,364 41,605,727 
Occidental Petroleum Corp. 538,900 44,281,413 
Suncor Energy, Inc. 720,700 27,887,265 
  218,779,993 
Oil & Gas Exploration & Production - 49.1%   
Aker Bp ASA 66,400 2,817,946 
Anadarko Petroleum Corp. 720,861 48,593,240 
Berry Petroleum Corp. 427,600 7,534,312 
Cabot Oil & Gas Corp. 1,089,800 24,542,296 
Centennial Resource Development, Inc. Class A (a) 456,415 9,972,668 
Concho Resources, Inc. (a) 175,155 26,754,926 
ConocoPhillips Co. 214,042 16,566,851 
Continental Resources, Inc. (a) 549,772 37,538,432 
Denbury Resources, Inc. (a) 682,432 4,231,078 
Devon Energy Corp. 835,581 33,373,105 
Diamondback Energy, Inc. 368,063 49,758,437 
Encana Corp. (c) 2,709,800 35,518,069 
Energen Corp. (a) 40,700 3,507,119 
Enerplus Corp. 50,500 623,170 
EOG Resources, Inc. 716,301 91,378,519 
Extraction Oil & Gas, Inc. (a) 502,402 5,672,119 
Gran Tierra Energy, Inc. (U.S.) (a) 1,376,600 5,258,612 
Hess Corp. 310,765 22,244,559 
Kosmos Energy Ltd. (a) 202,900 1,897,115 
Magnolia Oil & Gas Corp. 530,000 7,955,300 
Magnolia Oil & Gas Corp. Class A (a) 657,000 9,861,570 
Noble Energy, Inc. 486,000 15,158,340 
Northern Oil & Gas, Inc. (a) 355,800 1,423,200 
Parex Resources, Inc. (a) 804,900 13,678,284 
Parsley Energy, Inc. Class A (a) 849,832 24,857,586 
PDC Energy, Inc. (a) 223,280 10,931,789 
Pioneer Natural Resources Co. 241,493 42,065,666 
Ring Energy, Inc. (a) 235,694 2,335,728 
Viper Energy Partners LP 612,800 25,798,880 
W&T Offshore, Inc. (a) 236,000 2,275,040 
Whiting Petroleum Corp. (a) 356,000 18,882,240 
WPX Energy, Inc. (a) 283,979 5,713,657 
  608,719,853 
Oil & Gas Refining & Marketing - 17.4%   
Andeavor 160,800 24,682,800 
Delek U.S. Holdings, Inc. 1,222,373 51,865,286 
HollyFrontier Corp. 150,700 10,533,930 
Marathon Petroleum Corp. 232,700 18,609,019 
Phillips 66 Co. 443,285 49,967,085 
Reliance Industries Ltd. 318,598 5,527,243 
Valero Energy Corp. 483,400 54,986,750 
  216,172,113 
Oil & Gas Storage & Transport - 3.5%   
Cheniere Energy, Inc. (a) 249,700 17,351,653 
Delek Logistics Partners LP 31,546 1,072,564 
Enterprise Products Partners LP 205,100 5,892,523 
Euronav NV 596,527 5,189,785 
Golar LNG Ltd. 217,400 6,043,720 
Noble Midstream Partners LP (a)(d) 45,454 1,609,526 
Teekay LNG Partners LP 50,500 843,350 
The Williams Companies, Inc. 205,382 5,584,337 
  43,587,458 
TOTAL OIL, GAS & CONSUMABLE FUELS  1,089,918,161 
Semiconductors & Semiconductor Equipment - 0.0%   
Semiconductor Equipment - 0.0%   
SolarEdge Technologies, Inc. (a)(c) 12,400 466,860 
TOTAL COMMON STOCKS   
(Cost $1,026,285,451)  1,223,267,935 
Money Market Funds - 2.0%   
Fidelity Cash Central Fund, 2.11% (e) 16,658,305 16,661,637 
Fidelity Securities Lending Cash Central Fund 2.11% (e)(f) 7,731,923 7,732,696 
TOTAL MONEY MARKET FUNDS   
(Cost $24,394,333)  24,394,333 
TOTAL INVESTMENT IN SECURITIES - 100.6%   
(Cost $1,050,679,784)  1,247,662,268 
NET OTHER ASSETS (LIABILITIES) - (0.6)%  (7,111,828) 
NET ASSETS - 100%  $1,240,550,440 

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 $6,433,669 or 0.5% of net assets.

 (c) Security or a portion of the security is on loan at period end.

 (d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,609,526 or 0.1% of net assets.

 (e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

 (f) Investment made with cash collateral received from securities on loan.

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
Noble Midstream Partners LP 6/21/17 $1,838,614 

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $215,306 
Fidelity Securities Lending Cash Central Fund 74,751 
Total $290,057 

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

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 88.1% 
Canada 6.7% 
Bermuda 1.5% 
Curacao 1.1% 
Others (Individually Less Than 1%) 2.6% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Fidelity® Energy Central Fund

Financial Statements

Statement of Assets and Liabilities

  September 30, 2018 
Assets   
Investment in securities, at value (including securities loaned of $7,503,658) — See accompanying schedule:
Unaffiliated issuers (cost $1,026,285,451) 		$1,223,267,935  
Fidelity Central Funds (cost $24,394,333) 24,394,333  
Total Investment in Securities (cost $1,050,679,784)  $1,247,662,268 
Cash  549,108 
Receivable for investments sold  575,373 
Receivable for fund shares sold  594,051 
Dividends receivable  772,917 
Distributions receivable from Fidelity Central Funds  30,126 
Other receivables  10,640 
Total assets  1,250,194,483 
Liabilities   
Payable for investments purchased $635,748  
Payable for fund shares redeemed 1,260,929  
Other payables and accrued expenses 17,718  
Collateral on securities loaned 7,729,648  
Total liabilities  9,644,043 
Net Assets  $1,240,550,440 
Net Assets consist of:   
Paid in capital  $1,063,440,890 
Distributions in excess of net investment income  (2,405,832) 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (17,466,277) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  196,981,659 
Net Assets, for 9,062,011 shares outstanding  $1,240,550,440 
Net Asset Value, offering price and redemption price per share ($1,240,550,440 ÷ 9,062,011 shares)  $136.90 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Year ended September 30, 2018 
Investment Income   
Dividends  $17,233,953 
Income from Fidelity Central Funds (including $74,751 from security lending)  290,057 
Total income  17,524,010 
Expenses   
Custodian fees and expenses $30,763  
Independent directors' fees and expenses 5,165  
Miscellaneous 21  
Total expenses before reductions 35,949  
Expense reductions (1,334)  
Total expenses after reductions  34,615 
Net investment income (loss)  17,489,395 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (14,530,830)  
Redemptions in-kind with affiliated entities 75,772,210  
Fidelity Central Funds 1,990  
Foreign currency transactions (15,743)  
Total net realized gain (loss)  61,227,627 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of decrease in deferred foreign taxes of $433,520) 121,502,032  
Fidelity Central Funds (3,403)  
Assets and liabilities in foreign currencies (982)  
Total change in net unrealized appreciation (depreciation)  121,497,647 
Net gain (loss)  182,725,274 
Net increase (decrease) in net assets resulting from operations  $200,214,669 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Year ended September 30, 2018 Year ended September 30, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $17,489,395 $22,383,101 
Net realized gain (loss) 61,227,627 28,509,040 
Change in net unrealized appreciation (depreciation) 121,497,647 (97,314,042) 
Net increase (decrease) in net assets resulting from operations 200,214,669 (46,421,901) 
Distributions to shareholders from net investment income (20,361,801) (19,197,625) 
Distributions to shareholders from net realized gain (10,516,702) (803,218) 
Total distributions (30,878,503) (20,000,843) 
Affiliated share transactions   
Proceeds from sales of shares 428,772,992 150,404,019 
Reinvestment of distributions 30,878,503 20,000,500 
Cost of shares redeemed (328,763,579) (168,642,695) 
Net increase (decrease) in net assets resulting from share transactions 130,887,916 1,761,824 
Total increase (decrease) in net assets 300,224,082 (64,660,920) 
Net Assets   
Beginning of period 940,326,358 1,004,987,278 
End of period $1,240,550,440 $940,326,358 
Other Information   
Undistributed net investment income end of period $– $1,976,680 
Distributions in excess of net investment income end of period $(2,405,832) $– 
Shares   
Sold 3,357,137 1,212,563 
Issued in reinvestment of distributions 245,845 170,756 
Redeemed (2,493,997) (1,315,136) 
Net increase (decrease) 1,108,985 68,183 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Energy Central Fund

      
Years ended September 30, 2018 2017 2016 2015 2014 
Selected Per–Share Data      
Net asset value, beginning of period $118.24 $127.46 $103.49 $154.78 $144.89 
Income from Investment Operations      
Net investment income (loss)A 2.00 2.84B 1.72 2.32 2.37 
Net realized and unrealized gain (loss) 20.29 (9.52) 23.93 (51.31) 9.87 
Total from investment operations 22.29 (6.68) 25.65 (48.99) 12.24 
Distributions from net investment income (2.36)C (2.44) (1.68) (2.30) (2.35) 
Distributions from net realized gain (1.27)C (.10) – – – 
Total distributions (3.63) (2.54) (1.68) (2.30) (2.35) 
Net asset value, end of period $136.90 $118.24 $127.46 $103.49 $154.78 
Total ReturnD 19.16% (5.20)% 25.02% (31.92)% 8.44% 
Ratios to Average Net AssetsE,F      
Expenses before reductionsG -% -% -% -% -% 
Expenses net of fee waivers, if anyG -% -% -% -% -% 
Expenses net of all reductionsG -% -% -% -% -% 
Net investment income (loss) 1.55% 2.32%B 1.55% 1.80% 1.52% 
Supplemental Data      
Net assets, end of period (000 omitted) $1,240,550 $940,326 $1,004,987 $803,804 $1,106,807 
Portfolio turnover rateH 52%I 82%I 105% 70% 109%I 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects a large, non-recurring dividend which amounted to $1.32 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.25%.

 C The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

 G Amount represents less than .005%.

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 I Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity® Financials Central Fund

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended September 30, 2018 Past 1 year Past 5 years Past 10 years 
Fidelity® Financials Central Fund 7.23% 10.78% 7.23% 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Financials Central Fund on September 30, 2008.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.


Period Ending Values
$20,102Fidelity® Financials Central Fund
$30,962S&P 500® Index

Fidelity® Financials Central Fund

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index gained 17.91% for the year ending September 30, 2018, as the U.S. equity bellwether overcame heightened volatility early on to end the period just shy of its record closing high. In late January, stocks began a sharp retreat amid concern that rising inflation and the potential for the economy to overheat would prompt the U.S. Federal Reserve to pick up the pace of interest rate hikes. In February, the index posted its first negative monthly result since October 2016, and then lost further ground in March on fear related to global trade. The market stabilized in April and turned upward through mid-June, when trade tension between the U.S. and China soured investor sentiment. Uncertainty lingered into July, but strong corporate earnings helped the S&P 500 rise 7.71% in the final three months of the period. For the full 12 months, growth handily topped value, extending a trend that began in early 2017. By sector, information technology (+38%) led the way amid strong earnings growth from several major index constituents. Consumer discretionary was close behind, with its 36% gain driven mainly by retailers. Health care was the only other group to top the broader market, rising 18%. Energy (+14%) moved higher alongside oil prices but nonetheless trailed the index, as did communication services (+12%). At the back of the pack were materials (+4%) and two defensive sectors that struggled amid investors’ preference for risk: utilities (+3%) and consumer staples (+3%).

Comments from Co-Portfolio Managers Chris Lee and Samuel Wald:  For the year, the fund returned 7.23%, trailing the 7.50% advance of the MSCI USA IMI Financials and Real Estate Linked Index and well behind the S&P 500. Higher short-term interest rates, strong U.S. economic growth and lower corporate tax rates generally aided financial stocks, but global trade tensions and a flattening yield curve were headwinds. Versus the MSCI index, positioning in the financial exchanges & data and the property & casualty insurance segments detracted most. In terms of individual disappointments, an underweighting in diversified bank JPMorgan Chase hurt, as higher interest rates, lower corporate tax rates, and share buybacks drove its 21% gain. Elsewhere, an overweighting in Hartford Financial Services Group hurt, as the multiline insurance company’s surprise purchase of a competitor’s U.S group life and disability business resulted in a -8% return. Conversely, stock picks in data processing & outsourced services, which is not part of the sector index, as well as in investment banking & brokerage aided relative performance. In addition, positioning in asset management & custody banks helped. Top contributors included online broker E*TRADE Financial (+20%), which gained in part due to rising interest rates and optimism it might be sold, and a non-index stake in fleet card company Wex (+65%), which rallied as improved economic growth and higher oil prices boosted transaction volumes. We sold off our stake in Wex this period to lock in profits.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Fidelity® Financials Central Fund

Investment Summary (Unaudited)

Top Ten Stocks as of September 30, 2018

 % of fund's net assets 
Citigroup, Inc. 5.1 
Bank of America Corp. 5.1 
JPMorgan Chase & Co. 4.9 
Wells Fargo & Co. 4.3 
Berkshire Hathaway, Inc. Class B 4.0 
Capital One Financial Corp. 3.1 
TD Ameritrade Holding Corp. 3.0 
American International Group, Inc. 2.6 
Hartford Financial Services Group, Inc. 2.6 
PNC Financial Services Group, Inc. 2.5 
 37.2 

Top Industries (% of fund's net assets)

As of September 30, 2018 
   Banks 30.7% 
   Equity Real Estate Investment Trusts (Reits) 17.2% 
   Insurance 16.0% 
   Capital Markets 15.9% 
   Consumer Finance 7.5% 
   All Others* 12.7% 


* Includes short-term investments and net other assets (liabilities).

Fidelity® Financials Central Fund

Schedule of Investments September 30, 2018

Showing Percentage of Net Assets

Common Stocks - 97.6%   
 Shares Value 
Banks - 30.7%   
Diversified Banks - 19.4%   
Bank of America Corp. 6,250,000 $184,125,000 
Citigroup, Inc. 2,600,000 186,523,996 
JPMorgan Chase & Co. 1,594,900 179,968,516 
Wells Fargo & Co. 2,950,000 155,052,000 
  705,669,512 
Regional Banks - 11.3%   
Bank of the Ozarks, Inc. 500,000 18,980,000 
CoBiz, Inc. 825,000 18,265,500 
East West Bancorp, Inc. 328,846 19,852,433 
First Citizen Bancshares, Inc. 30,000 13,568,400 
First Hawaiian, Inc. 600,000 16,296,000 
First Horizon National Corp. 2,600,000 44,876,000 
Huntington Bancshares, Inc. 5,700,000 85,044,000 
M&T Bank Corp. 340,000 55,943,600 
PNC Financial Services Group, Inc. 675,000 91,928,250 
Popular, Inc. 500,000 25,625,000 
Signature Bank 175,000 20,097,000 
Wintrust Financial Corp. 23,096 1,961,774 
  412,437,957 
TOTAL BANKS  1,118,107,469 
Capital Markets - 15.9%   
Asset Management & Custody Banks - 4.5%   
Apollo Global Management LLC Class A 650,000 22,457,500 
Bank of New York Mellon Corp. 1,400,000 71,386,000 
Northern Trust Corp. 525,000 53,618,250 
Oaktree Capital Group LLC Class A 398,250 16,487,550 
  163,949,300 
Financial Exchanges & Data - 2.5%   
Cboe Global Markets, Inc. 925,000 88,763,000 
Investment Banking & Brokerage - 8.9%   
E*TRADE Financial Corp. (a) 1,555,200 81,476,928 
Goldman Sachs Group, Inc. 335,000 75,120,400 
Hamilton Lane, Inc. Class A 450,000 19,926,000 
Investment Technology Group, Inc. 700,000 15,162,000 
PJT Partners, Inc. 225,000 11,778,750 
TD Ameritrade Holding Corp. 2,055,200 108,576,216 
Virtu Financial, Inc. Class A 600,000 12,270,000 
  324,310,294 
TOTAL CAPITAL MARKETS  577,022,594 
Consumer Finance - 7.5%   
Consumer Finance - 7.5%   
Capital One Financial Corp. 1,200,400 113,953,972 
OneMain Holdings, Inc. (a) 1,150,000 38,651,500 
SLM Corp. (a) 5,700,000 63,555,000 
Synchrony Financial 1,800,000 55,944,000 
  272,104,472 
Diversified Financial Services - 4.0%   
Multi-Sector Holdings - 4.0%   
Berkshire Hathaway, Inc. Class B (a) 675,000 144,524,250 
Equity Real Estate Investment Trusts (REITs) - 17.2%   
Diversified REITs - 0.5%   
VEREIT, Inc. 993,324 7,211,532 
Washington REIT (SBI) 381,800 11,702,170 
  18,913,702 
Health Care REITs - 1.6%   
CareTrust (REIT), Inc. 258,450 4,577,150 
Healthcare Realty Trust, Inc. 427,821 12,518,042 
Sabra Health Care REIT, Inc. 249,800 5,775,376 
Ventas, Inc. 397,592 21,621,053 
Welltower, Inc. 180,603 11,616,385 
  56,108,006 
Hotel & Resort REITs - 0.7%   
Braemar Hotels & Resorts, Inc. 173,400 2,040,918 
DiamondRock Hospitality Co. 586,600 6,845,622 
Host Hotels & Resorts, Inc. 345,211 7,283,952 
Sunstone Hotel Investors, Inc. 627,100 10,259,356 
  26,429,848 
Industrial REITs - 1.8%   
Americold Realty Trust 200,000 5,004,000 
Duke Realty Corp. 607,500 17,234,775 
Prologis, Inc. 474,669 32,177,812 
Rexford Industrial Realty, Inc. 165,400 5,286,184 
Terreno Realty Corp. 105,000 3,958,500 
  63,661,271 
Office REITs - 1.9%   
Boston Properties, Inc. 211,989 26,093,726 
Corporate Office Properties Trust (SBI) 293,700 8,761,071 
Douglas Emmett, Inc. 171,100 6,453,892 
Highwoods Properties, Inc. (SBI) 222,725 10,525,984 
SL Green Realty Corp. 187,700 18,306,381 
  70,141,054 
Residential REITs - 2.6%   
AvalonBay Communities, Inc. 148,294 26,863,458 
Clipper Realty, Inc. 278,323 3,765,710 
Equity Lifestyle Properties, Inc. 138,344 13,343,279 
Equity Residential (SBI) 295,225 19,561,609 
Essex Property Trust, Inc. 71,923 17,744,123 
Invitation Homes, Inc. 217,400 4,980,634 
UDR, Inc. 211,700 8,559,031 
  94,817,844 
Retail REITs - 2.5%   
Acadia Realty Trust (SBI) 300,000 8,409,000 
Agree Realty Corp. 76,873 4,083,494 
DDR Corp. 260,691 3,490,652 
National Retail Properties, Inc. 293,337 13,147,364 
Retail Properties America, Inc. 136,700 1,666,373 
Simon Property Group, Inc. 188,246 33,272,481 
Spirit Realty Capital, Inc. 892,300 7,191,938 
Taubman Centers, Inc. 116,625 6,977,674 
Urban Edge Properties 609,285 13,453,013 
  91,691,989 
Specialized REITs - 5.6%   
American Tower Corp. 371,788 54,020,796 
CoreSite Realty Corp. 38,470 4,275,556 
Corrections Corp. of America 168,900 4,109,337 
Crown Castle International Corp. 119,600 13,315,068 
Equinix, Inc. 92,852 40,194,702 
Four Corners Property Trust, Inc. 186,700 4,796,323 
Gaming & Leisure Properties 148,466 5,233,427 
Outfront Media, Inc. 395,128 7,882,804 
Potlatch Corp. 217,508 8,906,953 
Public Storage 156,374 31,529,690 
SBA Communications Corp. Class A (a) 119,491 19,193,839 
Weyerhaeuser Co. 316,614 10,217,134 
  203,675,629 
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)  625,439,343 
Hotels, Restaurants & Leisure - 0.2%   
Hotels, Resorts & Cruise Lines - 0.2%   
Hilton Grand Vacations, Inc. (a) 113,500 3,756,850 
Hilton Worldwide Holdings, Inc. 53,100 4,289,418 
  8,046,268 
Insurance - 16.0%   
Life & Health Insurance - 4.0%   
MetLife, Inc. 1,900,000 88,768,000 
Torchmark Corp. 649,697 56,322,233 
  145,090,233 
Multi-Line Insurance - 5.2%   
American International Group, Inc. 1,800,000 95,832,000 
Hartford Financial Services Group, Inc. 1,850,000 92,426,000 
  188,258,000 
Property & Casualty Insurance - 4.9%   
Aspen Insurance Holdings Ltd. 50,000 2,090,000 
Axis Capital Holdings Ltd. 300,000 17,313,000 
Beazley PLC 2,000,000 14,884,828 
FNF Group 1,000,000 39,350,000 
Hiscox Ltd. 750,000 16,080,698 
RSA Insurance Group PLC 1,750,000 13,115,463 
The Travelers Companies, Inc. 600,000 77,826,000 
  180,659,989 
Reinsurance - 1.9%   
Reinsurance Group of America, Inc. 475,000 68,666,000 
TOTAL INSURANCE  582,674,222 
IT Services - 0.5%   
Data Processing & Outsourced Services - 0.5%   
Visa, Inc. Class A 110,000 16,509,900 
Mortgage Real Estate Investment Trusts - 1.9%   
Mortgage REITs - 1.9%   
AGNC Investment Corp. 1,750,000 32,602,500 
MFA Financial, Inc. 4,750,000 34,912,500 
  67,515,000 
Professional Services - 0.9%   
Research & Consulting Services - 0.9%   
Equifax, Inc. 250,000 32,642,500 
Real Estate Management & Development - 0.9%   
Real Estate Development - 0.4%   
Howard Hughes Corp. (a) 87,276 10,841,425 
VICI Properties, Inc. 222,800 4,816,936 
  15,658,361 
Real Estate Services - 0.5%   
Jones Lang LaSalle, Inc. 123,800 17,866,816 
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT  33,525,177 
Software - 0.4%   
Application Software - 0.4%   
Black Knight, Inc. (a) 288,370 14,980,822 
Thrifts & Mortgage Finance - 1.5%   
Thrifts & Mortgage Finance - 1.5%   
Essent Group Ltd. (a) 500,000 22,125,000 
MGIC Investment Corp. (a) 2,000,000 26,620,000 
Radian Group, Inc. 300,000 6,201,000 
  54,946,000 
TOTAL COMMON STOCKS   
(Cost $3,002,090,138)  3,548,038,017 
Money Market Funds - 2.3%   
Fidelity Cash Central Fund, 2.11% (b)   
(Cost $84,793,076) 84,776,121 84,793,076 
TOTAL INVESTMENT IN SECURITIES - 99.9%   
(Cost $3,086,883,214)  3,632,831,093 
NET OTHER ASSETS (LIABILITIES) - 0.1%  4,389,725 
NET ASSETS - 100%  $3,637,220,818 

Legend

 (a) Non-income producing

 (b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $1,275,079 
Fidelity Securities Lending Cash Central Fund 7,087 
Total $1,282,166 

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

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

See accompanying notes which are an integral part of the financial statements.


Fidelity® Financials Central Fund

Financial Statements

Statement of Assets and Liabilities

  September 30, 2018 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $3,002,090,138) 		$3,548,038,017  
Fidelity Central Funds (cost $84,793,076) 84,793,076  
Total Investment in Securities (cost $3,086,883,214)  $3,632,831,093 
Receivable for investments sold  19,473,589 
Receivable for fund shares sold  1,950,343 
Dividends receivable  7,062,900 
Distributions receivable from Fidelity Central Funds  158,513 
Total assets  3,661,476,438 
Liabilities   
Payable to custodian bank $17  
Payable for investments purchased 20,599,546  
Payable for fund shares redeemed 3,634,595  
Other payables and accrued expenses 21,462  
Total liabilities  24,255,620 
Net Assets  $3,637,220,818 
Net Assets consist of:   
Paid in capital  $2,956,669,722 
Undistributed net investment income  13,892,579 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  120,709,220 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  545,949,297 
Net Assets, for 34,511,084 shares outstanding  $3,637,220,818 
Net Asset Value, offering price and redemption price per share ($3,637,220,818 ÷ 34,511,084 shares)  $105.39 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Year ended September 30, 2018 
Investment Income   
Dividends  $69,944,970 
Income from Fidelity Central Funds (including $7,087 from security lending)  1,282,166 
Total income  71,227,136 
Expenses   
Custodian fees and expenses $48,239  
Independent directors' fees and expenses 16,177  
Miscellaneous 66  
Total expenses before reductions 64,482  
Expense reductions (1,436)  
Total expenses after reductions  63,046 
Net investment income (loss)  71,164,090 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 149,013,258  
Redemptions in-kind with affiliated entities 211,708,985  
Fidelity Central Funds (1,924)  
Foreign currency transactions 38,275  
Total net realized gain (loss)  360,758,594 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (204,280,358)  
Fidelity Central Funds (122)  
Assets and liabilities in foreign currencies 1,280  
Total change in net unrealized appreciation (depreciation)  (204,279,200) 
Net gain (loss)  156,479,394 
Net increase (decrease) in net assets resulting from operations  $227,643,484 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Year ended September 30, 2018 Year ended September 30, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $71,164,090 $49,326,890 
Net realized gain (loss) 360,758,594 200,982,383 
Change in net unrealized appreciation (depreciation) (204,279,200) 427,820,853 
Net increase (decrease) in net assets resulting from operations 227,643,484 678,130,126 
Distributions to shareholders from net investment income (61,092,879) (43,257,778) 
Distributions to shareholders from net realized gain (190,098,519) (3,602,990) 
Total distributions (251,191,398) (46,860,768) 
Affiliated share transactions   
Proceeds from sales of shares 1,316,467,001 270,611,265 
Reinvestment of distributions 251,191,398 46,860,360 
Cost of shares redeemed (936,975,564) (462,706,324) 
Net increase (decrease) in net assets resulting from share transactions 630,682,835 (145,234,699) 
Total increase (decrease) in net assets 607,134,921 486,034,659 
Net Assets   
Beginning of period 3,030,085,897 2,544,051,238 
End of period $3,637,220,818 $3,030,085,897 
Other Information   
Undistributed net investment income end of period $13,892,579 $6,084,142 
Shares   
Sold 12,423,667 2,840,660 
Issued in reinvestment of distributions 2,355,378 486,452 
Redeemed (8,820,676) (4,796,839) 
Net increase (decrease) 5,958,369 (1,469,727) 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Financials Central Fund

      
Years ended September 30, 2018 2017 2016 2015 2014 
Selected Per–Share Data      
Net asset value, beginning of period $106.12 $84.74 $80.86 $83.90 $72.85 
Income from Investment Operations      
Net investment income (loss)A 2.18 1.70 1.59 1.57 1.54 
Net realized and unrealized gain (loss) 5.49 21.29 3.79 (3.30) 10.84 
Total from investment operations 7.67 22.99 5.38 (1.73) 12.38 
Distributions from net investment income (1.90) (1.50) (1.50) (1.31) (1.33) 
Distributions from net realized gain (6.50) (.12) – – – 
Total distributions (8.40) (1.61)B (1.50) (1.31) (1.33) 
Net asset value, end of period $105.39 $106.12 $84.74 $80.86 $83.90 
Total ReturnC 7.23% 27.34% 6.68% (2.18)% 17.08% 
Ratios to Average Net AssetsD,E      
Expenses before reductionsF -% -% -% -% -% 
Expenses net of fee waivers, if anyF -% -% -% -% -% 
Expenses net of all reductionsF -% -% -% -% -% 
Net investment income (loss) 2.02% 1.75% 1.94% 1.80% 1.92% 
Supplemental Data      
Net assets, end of period (000 omitted) $3,637,221 $3,030,086 $2,544,051 $2,301,182 $2,387,026 
Portfolio turnover rateG 48%H 52%H 57% 40% 43%H 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $1.61 per share is comprised of distributions from net investment income of $1.495 and distributions from net realized gain of $.119 per share.

 C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

 F Amount represents less than .005%.

 G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 H Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity® Health Care Central Fund

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended September 30, 2018 Past 1 year Past 5 years Past 10 years 
Fidelity® Health Care Central Fund 25.71% 18.34% 18.46% 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Health Care Central Fund on September 30, 2008.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.


Period Ending Values
$54,422Fidelity® Health Care Central Fund
$30,962S&P 500® Index

Fidelity® Health Care Central Fund

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index gained 17.91% for the year ending September 30, 2018, as the U.S. equity bellwether overcame heightened volatility early on to end the period just shy of its record closing high. In late January, stocks began a sharp retreat amid concern that rising inflation and the potential for the economy to overheat would prompt the U.S. Federal Reserve to pick up the pace of interest rate hikes. In February, the index posted its first negative monthly result since October 2016, and then lost further ground in March on fear related to global trade. The market stabilized in April and turned upward through mid-June, when trade tension between the U.S. and China soured investor sentiment. Uncertainty lingered into July, but strong corporate earnings helped the S&P 500 rise 7.71% in the final three months of the period. For the full 12 months, growth handily topped value, extending a trend that began in early 2017. By sector, information technology (+38%) led the way amid strong earnings growth from several major index constituents. Consumer discretionary was close behind, with its 36% gain driven mainly by retailers. Health care was the only other group to top the broader market, rising 18%. Energy (+14%) moved higher alongside oil prices but nonetheless trailed the index, as did communication services (+12%). At the back of the pack were materials (+4%) and two defensive sectors that struggled amid investors’ preference for risk: utilities (+3%) and consumer staples (+3%).

Comments from Portfolio Manager Eddie Yoon:  For the fiscal year, the fund gained 25.71%, outpacing the 20.06% advance of the MSCI U.S. IMI Health Care 25/50 Index, as well as the broad-market S&P 500®. Health care stocks outpaced the broader market the past 12 months because companies here were generally boosted by continued strong demand for products and services, favorable fundamentals and good financial results, among other factors. The fund’s outperformance of the MSCI sector index was driven by my decision to hold what we consider more-opportunistic stocks and avoiding some more-defensive index names. By industry, our picks in biotechnology made by far the biggest contribution to the fund’s relative result, although an overweighting here detracted somewhat. Positioning in health care equipment also added meaningful value. Conversely, the fund’s biggest relative detractor was weak security selection in pharmaceuticals. Among individual stocks, relative performance was helped most by our avoidance of lagging index component Celgene (-39%). Shares of the biotech firm suffered amid multiple setbacks, including news of a refusal-to-file letter from the U.S. Food and Drug Administration for Celgene’s candidate to treat multiple sclerosis, as well as the resignation of the firm’s president/chief financial officer. Timely ownership of gene therapy firm Sarepta Therapeutics also contributed, as we established an overweighted stake this period. Conversely, a position in biopharma company Tesaro was the biggest relative detractor by a wide margin, followed by Insmed, a biopharmaceutical firm focused on treatments for rare diseases. We sold our stake in Tesaro by September 30.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Fidelity® Health Care Central Fund

Investment Summary (Unaudited)

Top Ten Stocks as of September 30, 2018

 % of fund's net assets 
UnitedHealth Group, Inc. 9.7 
Becton, Dickinson & Co. 7.3 
Boston Scientific Corp. 7.0 
Humana, Inc. 4.5 
HCA Holdings, Inc. 3.7 
AstraZeneca PLC (United Kingdom) 3.5 
Amgen, Inc. 3.0 
Sarepta Therapeutics, Inc. 2.9 
Stryker Corp. 2.4 
Cigna Corp. 2.4 
 46.4 

Top Industries (% of fund's net assets)

As of September 30, 2018 
   Health Care Equipment & Supplies 30.9% 
   Health Care Providers & Services 27.4% 
   Biotechnology 22.3% 
   Pharmaceuticals 14.7% 
   Health Care Technology 1.1% 
   All Others* 3.6% 


* Includes short-term investments and net other assets (liabilities).

Fidelity® Health Care Central Fund

Schedule of Investments September 30, 2018

Showing Percentage of Net Assets

Common Stocks - 98.0%   
 Shares Value 
Biotechnology - 22.1%   
Biotechnology - 22.1%   
Abeona Therapeutics, Inc. (a)(b) 760,000 $9,728,000 
AC Immune SA (a) 387,987 3,103,896 
Acceleron Pharma, Inc. (a) 300,000 17,169,000 
Acorda Therapeutics, Inc. (a) 460,000 9,039,000 
Alexion Pharmaceuticals, Inc. (a) 550,000 76,455,500 
Alnylam Pharmaceuticals, Inc. (a) 235,971 20,652,182 
Amgen, Inc. 480,000 99,499,200 
AnaptysBio, Inc. (a) 195,562 19,511,221 
Argenx SE ADR (a) 250,000 18,960,000 
Array BioPharma, Inc. (a) 880,000 13,376,000 
Ascendis Pharma A/S sponsored ADR (a) 290,000 20,549,400 
Atara Biotherapeutics, Inc. (a) 440,000 18,194,000 
BeiGene Ltd. ADR (a) 194,300 33,462,346 
Biogen, Inc. (a) 60,000 21,198,600 
bluebird bio, Inc. (a) 99,324 14,501,304 
Blueprint Medicines Corp. (a) 353,109 27,563,689 
Cellectis SA sponsored ADR (a) 201,200 5,677,864 
CytomX Therapeutics, Inc. (a) 159,916 2,958,446 
FibroGen, Inc. (a) 170,000 10,327,500 
GlycoMimetics, Inc. (a) 500,000 7,200,000 
Insmed, Inc. (a) 1,000,000 20,220,000 
Intercept Pharmaceuticals, Inc. (a) 130,351 16,471,152 
La Jolla Pharmaceutical Co. (a)(b) 250,000 5,032,500 
Neurocrine Biosciences, Inc. (a) 435,000 53,483,250 
Sarepta Therapeutics, Inc. (a) 600,000 96,906,000 
Scholar Rock Holding Corp. (b) 16,900 435,175 
uniQure B.V. (a) 200,000 7,278,000 
Vertex Pharmaceuticals, Inc. (a) 340,000 65,531,600 
Viking Therapeutics, Inc. (a)(b) 500,000 8,710,000 
Xencor, Inc. (a) 395,533 15,413,921 
  738,608,746 
Diversified Consumer Services - 0.2%   
Specialized Consumer Services - 0.2%   
Carriage Services, Inc. 240,000 5,172,000 
Diversified Financial Services - 0.0%   
Other Diversified Financial Services - 0.0%   
Allakos, Inc. (a) 21,900 985,281 
Health Care Equipment & Supplies - 30.9%   
Health Care Equipment - 29.7%   
Atricure, Inc. (a) 600,000 21,018,000 
Baxter International, Inc. 1,022,700 78,839,943 
Becton, Dickinson & Co. 930,000 242,730,000 
Boston Scientific Corp. (a) 6,080,000 234,080,000 
Danaher Corp. 170,000 18,472,200 
DexCom, Inc. (a) 54,000 7,724,160 
Fisher & Paykel Healthcare Corp. 1,000,000 9,975,892 
Insulet Corp. (a) 440,000 46,618,000 
Integra LifeSciences Holdings Corp. (a) 730,000 48,085,100 
Intuitive Surgical, Inc. (a) 136,000 78,064,000 
Masimo Corp. (a) 172,100 21,433,334 
Penumbra, Inc. (a) 260,000 38,922,000 
Stryker Corp. 450,000 79,956,000 
Teleflex, Inc. 95,000 25,278,550 
Wright Medical Group NV (a) 1,494,300 43,364,586 
  994,561,765 
Health Care Supplies - 1.2%   
Align Technology, Inc. (a) 100,000 39,122,000 
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES  1,033,683,765 
Health Care Providers & Services - 27.2%   
Health Care Distributors & Services - 2.6%   
Amplifon SpA 400,000 8,888,999 
EBOS Group Ltd. 1,046,022 15,572,769 
Henry Schein, Inc. (a) 730,000 62,071,900 
  86,533,668 
Health Care Facilities - 3.7%   
HCA Holdings, Inc. 880,000 122,425,600 
Health Care Services - 1.2%   
G1 Therapeutics, Inc. (a) 340,000 17,778,600 
Premier, Inc. (a) 280,000 12,818,400 
United Drug PLC (United Kingdom) 1,280,000 11,353,135 
  41,950,135 
Managed Health Care - 19.7%   
Centene Corp. (a) 269,000 38,945,820 
Cigna Corp. 380,000 79,135,000 
Humana, Inc. 450,000 152,334,000 
Molina Healthcare, Inc. (a) 128,000 19,033,600 
Notre Dame Intermedica Participacoes SA 2,000,000 13,059,143 
UnitedHealth Group, Inc. 1,220,000 324,568,797 
Wellcare Health Plans, Inc. (a) 100,000 32,049,000 
  659,125,360 
TOTAL HEALTH CARE PROVIDERS & SERVICES  910,034,763 
Health Care Technology - 1.1%   
Health Care Technology - 1.1%   
Castlight Health, Inc. (a) 700,500 1,891,350 
Castlight Health, Inc. Class B (a) 762,278 2,058,151 
Teladoc Health, Inc. (a)(b) 390,000 33,676,500 
  37,626,001 
Internet Software & Services - 0.8%   
Internet Software & Services - 0.8%   
Benefitfocus, Inc. (a) 700,000 28,315,000 
Life Sciences Tools & Services - 1.1%   
Life Sciences Tools & Services - 1.1%   
Lonza Group AG 74,000 25,259,833 
Morphosys AG (a) 108,800 11,634,278 
  36,894,111 
Pharmaceuticals - 14.6%   
Pharmaceuticals - 14.6%   
Allergan PLC 80,000 15,238,400 
Amneal Pharmaceuticals, Inc. (a) 460,000 10,207,400 
Amneal Pharmaceuticals, Inc. (c) 540,541 11,994,605 
AstraZeneca PLC (United Kingdom) 1,500,000 116,916,133 
Dechra Pharmaceuticals PLC 911,700 25,881,387 
Eli Lilly & Co. 430,000 46,143,300 
Indivior PLC (a) 2,504,400 6,011,089 
Jiangsu Hengrui Medicine Co. Ltd. (A Shares) 1,800,000 16,640,340 
Mylan NV (a) 640,000 23,424,000 
MyoKardia, Inc. (a) 138,643 9,039,524 
Nektar Therapeutics (a) 660,000 40,233,600 
Perrigo Co. PLC 770,000 54,516,000 
Recordati SpA 270,000 9,141,179 
Roche Holding AG (participation certificate) 250,000 60,453,861 
RPI International Holdings LP (a)(c)(d) 41,845 6,175,067 
The Medicines Company (a)(b) 440,000 13,160,400 
Theravance Biopharma, Inc. (a)(b) 463,908 15,155,874 
Tonghua Dongbao Pharmaceutical Co. Ltd. Class A 2,800,000 7,394,542 
  487,726,701 
TOTAL COMMON STOCKS   
(Cost $2,434,886,193)  3,279,046,368 
Convertible Preferred Stocks - 0.6%   
Biotechnology - 0.2%   
Biotechnology - 0.2%   
BioNTech AG Series A (c)(d) 25,477 7,509,197 
Generation Bio Series B (c)(d) 49,800 455,456 
  7,964,653 
Health Care Providers & Services - 0.2%   
Health Care Services - 0.2%   
1Life Healthcare, Inc. Series G (a)(c)(d) 438,101 5,445,595 
Pharmaceuticals - 0.1%   
Pharmaceuticals - 0.1%   
Harmony Biosciences II, Inc. Series A (c)(d) 3,606,378 3,606,378 
Software - 0.1%   
Application Software - 0.1%   
Outset Medical, Inc.:   
Series C (a)(c)(d) 997,101 3,100,984 
Series D (c)(d) 482,315 1,500,000 
  4,600,984 
TOTAL CONVERTIBLE PREFERRED STOCKS   
(Cost $16,610,750)  21,617,610 
Money Market Funds - 2.4%   
Fidelity Cash Central Fund, 2.11% (e) 44,831,330 44,840,297 
Fidelity Securities Lending Cash Central Fund 2.11% (e)(f) 36,163,707 36,167,323 
TOTAL MONEY MARKET FUNDS   
(Cost $81,007,620)  81,007,620 
TOTAL INVESTMENT IN SECURITIES - 101.0%   
(Cost $2,532,504,563)  3,381,671,598 
NET OTHER ASSETS (LIABILITIES) - (1.0)%  (35,087,713) 
NET ASSETS - 100%  $3,346,583,885 

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $39,787,281 or 1.2% of net assets.

 (d) Level 3 security

 (e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

 (f) Investment made with cash collateral received from securities on loan.

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
1Life Healthcare, Inc. Series G 4/10/14 $2,885,246 
Amneal Pharmaceuticals, Inc. 5/4/18 $9,864,873 
BioNTech AG Series A 12/29/17 $5,579,683 
Generation Bio Series B 2/21/18 $455,456 
Harmony Biosciences II, Inc. Series A 9/22/17 $3,606,378 
Outset Medical, Inc. Series C 4/19/17 $2,583,987 
Outset Medical, Inc. Series D 8/20/18 $1,500,000 
RPI International Holdings LP 5/21/15 - 3/23/16 $5,567,439 

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $767,236 
Fidelity Securities Lending Cash Central Fund 733,059 
Total $1,500,295 

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 September 30, 2018, 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 $3,279,046,368 $3,095,501,307 $177,369,994 $6,175,067 
Convertible Preferred Stocks 21,617,610 -- -- 21,617,610 
Money Market Funds 81,007,620 81,007,620 -- -- 
Total Investments in Securities: $3,381,671,598 $3,176,508,927 $177,369,994 $27,792,677 

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 82.3% 
United Kingdom 4.5% 
Netherlands 2.8% 
Switzerland 2.7% 
Ireland 2.3% 
Cayman Islands 1.6% 
Others (Individually Less Than 1%) 3.8% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Fidelity® Health Care Central Fund

Financial Statements

Statement of Assets and Liabilities

  September 30, 2018 
Assets   
Investment in securities, at value (including securities loaned of $35,749,373) — See accompanying schedule:
Unaffiliated issuers (cost $2,451,496,943) 		$3,300,663,978  
Fidelity Central Funds (cost $81,007,620) 81,007,620  
Total Investment in Securities (cost $2,532,504,563)  $3,381,671,598 
Cash  104,613 
Receivable for investments sold  5,582,182 
Receivable for fund shares sold  1,549,653 
Dividends receivable  1,673,978 
Distributions receivable from Fidelity Central Funds  78,097 
Total assets  3,390,660,121 
Liabilities   
Payable for investments purchased $4,663,371  
Payable for fund shares redeemed 3,214,189  
Other payables and accrued expenses 37,258  
Collateral on securities loaned 36,161,418  
Total liabilities  44,076,236 
Net Assets  $3,346,583,885 
Net Assets consist of:   
Paid in capital  $2,379,930,893 
Undistributed net investment income  3,486,333 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  113,997,395 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  849,169,264 
Net Assets, for 6,924,898 shares outstanding  $3,346,583,885 
Net Asset Value, offering price and redemption price per share ($3,346,583,885 ÷ 6,924,898 shares)  $483.27 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Year ended September 30, 2018 
Investment Income   
Dividends  $23,019,248 
Income from Fidelity Central Funds (including $733,059 from security lending)  1,500,295 
Total income  24,519,543 
Expenses   
Custodian fees and expenses $82,338  
Independent directors' fees and expenses 12,840  
Miscellaneous 51  
Total expenses before reductions 95,229  
Expense reductions (6,042)  
Total expenses after reductions  89,187 
Net investment income (loss)  24,430,356 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 138,926,236  
Redemptions in-kind with affiliated entities 219,905,327  
Fidelity Central Funds 4,836  
Foreign currency transactions (138,560)  
Total net realized gain (loss)  358,697,839 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 303,153,262  
Fidelity Central Funds (8,035)  
Assets and liabilities in foreign currencies (46,172)  
Total change in net unrealized appreciation (depreciation)  303,099,055 
Net gain (loss)  661,796,894 
Net increase (decrease) in net assets resulting from operations  $686,227,250 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Year ended September 30, 2018 Year ended September 30, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $24,430,356 $19,629,276 
Net realized gain (loss) 358,697,839 68,783,111 
Change in net unrealized appreciation (depreciation) 303,099,055 231,574,812 
Net increase (decrease) in net assets resulting from operations 686,227,250 319,987,199 
Distributions to shareholders from net investment income (23,298,937) (17,273,204) 
Distributions to shareholders from net realized gain (75,390,756) – 
Total distributions (98,689,693) (17,273,204) 
Affiliated share transactions   
Proceeds from sales of shares 1,130,407,533 320,100,993 
Reinvestment of distributions 98,689,693 17,272,856 
Cost of shares redeemed (805,149,604) (263,237,243) 
Net increase (decrease) in net assets resulting from share transactions 423,947,622 74,136,606 
Total increase (decrease) in net assets 1,011,485,179 376,850,601 
Net Assets   
Beginning of period 2,335,098,706 1,958,248,105 
End of period $3,346,583,885 $2,335,098,706 
Other Information   
Undistributed net investment income end of period $3,486,333 $2,337,670 
Shares   
Sold 2,775,832 930,340 
Issued in reinvestment of distributions 253,161 48,063 
Redeemed (1,940,103) (759,261) 
Net increase (decrease) 1,088,890 219,142 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Health Care Central Fund

      
Years ended September 30, 2018 2017 2016 2015 2014 
Selected Per–Share Data      
Net asset value, beginning of period $400.12 $348.64 $326.12 $309.84 $222.42 
Income from Investment Operations      
Net investment income (loss)A 3.66 3.39 2.85 2.36 1.34 
Net realized and unrealized gain (loss) 95.26 51.07 22.25 15.99 87.35 
Total from investment operations 98.92 54.46 25.10 18.35 88.69 
Distributions from net investment income (3.54) (2.98) (2.58) (2.07) (1.27) 
Distributions from net realized gain (12.23) – – – – 
Total distributions (15.77) (2.98) (2.58) (2.07) (1.27) 
Net asset value, end of period $483.27 $400.12 $348.64 $326.12 $309.84 
Total ReturnB 25.71% 15.72% 7.73% 5.85% 39.95% 
Ratios to Average Net AssetsC,D      
Expenses before reductions - %E - %E - %E - %E .01% 
Expenses net of fee waivers, if any - %E - %E - %E - %E .01% 
Expenses net of all reductions - %E - %E - %E - %E .01% 
Net investment income (loss) .87% .95% .85% .66% .49% 
Supplemental Data      
Net assets, end of period (000 omitted) $3,346,584 $2,335,099 $1,958,248 $1,749,910 $1,806,204 
Portfolio turnover rateF 75%G 79%G 68% 97% 131%G 

 A Calculated based on average shares outstanding during the period.

 B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 C Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 D Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

 E Amount represents less than .005%.

 F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 G Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity® Industrials Central Fund

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended September 30, 2018 Past 1 year Past 5 years Past 10 years 
Fidelity® Industrials Central Fund 14.76% 12.11% 13.75% 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Industrials Central Fund on September 30, 2008.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.


Period Ending Values
$36,281Fidelity® Industrials Central Fund
$30,962S&P 500® Index

Fidelity® Industrials Central Fund

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index gained 17.91% for the year ending September 30, 2018, as the U.S. equity bellwether overcame heightened volatility early on to end the period just shy of its record closing high. In late January, stocks began a sharp retreat amid concern that rising inflation and the potential for the economy to overheat would prompt the U.S. Federal Reserve to pick up the pace of interest rate hikes. In February, the index posted its first negative monthly result since October 2016, and then lost further ground in March on fear related to global trade. The market stabilized in April and turned upward through mid-June, when trade tension between the U.S. and China soured investor sentiment. Uncertainty lingered into July, but strong corporate earnings helped the S&P 500 rise 7.71% in the final three months of the period. For the full 12 months, growth handily topped value, extending a trend that began in early 2017. By sector, information technology (+38%) led the way amid strong earnings growth from several major index constituents. Consumer discretionary was close behind, with its 36% gain driven mainly by retailers. Health care was the only other group to top the broader market, rising 18%. Energy (+14%) moved higher alongside oil prices but nonetheless trailed the index, as did communication services (+12%). At the back of the pack were materials (+4%) and two defensive sectors that struggled amid investors’ preference for risk: utilities (+3%) and consumer staples (+3%).

Comments from Portfolio Manager Tobias Welo:  For the year, the fund returned 14.76%, topping the 11.93% return of the MSCI U.S. IMI Industrials 25/50 Linked Index but trailed the S&P 500®. Among the 11 S&P 500® sectors, industrials finished toward the middle of the pack, lifted by expectations of healthy U.S. capital spending but also reflecting worries about trade tensions. Versus the MSCI sector index, the fund was particularly aided by large underweightings in industrial conglomerates General Electric and 3M. I sold off the fund's small stake in 3M during the past year. GE stock returned roughly -52% for the period, hampered by investors’ frustration with a lack of progress on the company’s turnaround plan. I increased our stake here as the stock declined to what I considered a more attractive level. Overweighting heavy equipment maker Caterpillar (+25%) also paid off. The stock benefited earlier in the period from stronger demand driven by the synchronous global economic expansion and a weaker U.S. dollar, among other factors. Conversely, positioning in security & alarm services, airlines, and research & consulting services detracted from relative results. At the stock level, an underweighting in aerospace & defense stock Boeing hurt most. Shares of Boeing gained roughly 49%, mainly in the period’s first half, aided by the Trump administration’s promise to boost military spending, as well as an anticipated cash boost from December’s tax-reform package. Mostly avoiding railroad CSX (+38%) also detracted.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Fidelity® Industrials Central Fund

Investment Summary (Unaudited)

Top Ten Stocks as of September 30, 2018

 % of fund's net assets 
United Technologies Corp. 6.4 
Honeywell International, Inc. 5.8 
Union Pacific Corp. 5.3 
Northrop Grumman Corp. 5.2 
Ingersoll-Rand PLC 5.1 
The Boeing Co. 4.5 
General Electric Co. 4.0 
General Dynamics Corp. 3.6 
Caterpillar, Inc. 3.3 
Fortive Corp. 2.8 
 46.0 

Top Industries (% of fund's net assets)

As of September 30, 2018 
   Aerospace & Defense 28.3% 
   Machinery 21.1% 
   Industrial Conglomerates 11.5% 
   Road & Rail 9.7% 
   Electrical Equipment 7.8% 
   All Others* 21.6% 


* Includes short-term investments and net other assets (liabilities).

Fidelity® Industrials Central Fund

Schedule of Investments September 30, 2018

Showing Percentage of Net Assets

Common Stocks - 99.2%   
 Shares Value 
Aerospace & Defense - 28.3%   
Aerospace & Defense - 28.3%   
Bombardier, Inc. Class B (sub. vtg.) (a) 7,609,100 $27,098,564 
General Dynamics Corp. 382,589 78,323,620 
Huntington Ingalls Industries, Inc. 160,500 41,100,840 
Moog, Inc. Class A 224,200 19,274,474 
Northrop Grumman Corp. 356,396 113,109,399 
Raytheon Co. 142,214 29,389,945 
Spirit AeroSystems Holdings, Inc. Class A 265,700 24,356,719 
Teledyne Technologies, Inc. (a) 48,656 12,002,462 
Textron, Inc. 177,100 12,657,337 
The Boeing Co. 259,700 96,582,430 
TransDigm Group, Inc. 47,872 17,822,746 
United Technologies Corp. 991,686 138,647,620 
  610,366,156 
Air Freight & Logistics - 3.9%   
Air Freight & Logistics - 3.9%   
C.H. Robinson Worldwide, Inc. 50,909 4,985,009 
FedEx Corp. 215,400 51,866,166 
XPO Logistics, Inc. (a) 235,400 26,875,618 
  83,726,793 
Airlines - 3.1%   
Airlines - 3.1%   
Southwest Airlines Co. 718,433 44,866,141 
Spirit Airlines, Inc. (a) 452,000 21,230,440 
  66,096,581 
Building Products - 2.3%   
Building Products - 2.3%   
A.O. Smith Corp. 265,906 14,191,403 
Jeld-Wen Holding, Inc. (a) 256,700 6,330,222 
Lennox International, Inc. 69,600 15,200,640 
Masco Corp. 361,200 13,219,920 
  48,942,185 
Commercial Services & Supplies - 3.1%   
Diversified Support Services - 1.5%   
Cintas Corp. 158,300 31,313,323 
Environmental & Facility Services - 1.6%   
Waste Connection, Inc. (United States) 433,350 34,568,330 
TOTAL COMMERCIAL SERVICES & SUPPLIES  65,881,653 
Construction & Engineering - 4.4%   
Construction & Engineering - 4.4%   
Fluor Corp. 560,700 32,576,670 
Jacobs Engineering Group, Inc. 577,300 44,163,450 
KBR, Inc. 913,300 19,298,029 
  96,038,149 
Electrical Equipment - 7.8%   
Electrical Components & Equipment - 7.3%   
Acuity Brands, Inc. 93,800 14,745,360 
AMETEK, Inc. 362,417 28,674,433 
Emerson Electric Co. 699,100 53,537,078 
Fortive Corp. (b) 727,042 61,216,936 
  158,173,807 
Heavy Electrical Equipment - 0.5%   
Melrose Industries PLC 3,722,855 9,699,886 
TOTAL ELECTRICAL EQUIPMENT  167,873,693 
Industrial Conglomerates - 11.5%   
Industrial Conglomerates - 11.5%   
General Electric Co. 7,711,044 87,057,687 
Honeywell International, Inc. 744,012 123,803,597 
ITT, Inc. 593,300 36,345,558 
  247,206,842 
Machinery - 21.1%   
Agricultural & Farm Machinery - 1.7%   
Deere & Co. 244,500 36,755,685 
Construction Machinery & Heavy Trucks - 7.4%   
Allison Transmission Holdings, Inc. 902,046 46,915,412 
Caterpillar, Inc. 472,669 72,077,296 
Cummins, Inc. 36,400 5,316,948 
PACCAR, Inc. 323,700 22,073,103 
WABCO Holdings, Inc. (a) 110,500 13,032,370 
  159,415,129 
Industrial Machinery - 12.0%   
Flowserve Corp. 192,009 10,500,972 
Gardner Denver Holdings, Inc. (a) 1,329,400 37,675,196 
IDEX Corp. 92,006 13,861,624 
Illinois Tool Works, Inc. 7,500 1,058,400 
Ingersoll-Rand PLC 1,070,662 109,528,723 
Lincoln Electric Holdings, Inc. 116,587 10,893,889 
Parker Hannifin Corp. 144,200 26,522,706 
Snap-On, Inc. 266,658 48,958,409 
  258,999,919 
TOTAL MACHINERY  455,170,733 
Professional Services - 2.6%   
Research & Consulting Services - 2.6%   
IHS Markit Ltd. (a) 655,990 35,397,220 
Nielsen Holdings PLC 772,100 21,356,286 
  56,753,506 
Road & Rail - 9.7%   
Railroads - 8.2%   
Kansas City Southern 156,900 17,773,632 
Norfolk Southern Corp. 248,014 44,766,527 
Union Pacific Corp. 697,200 113,525,076 
  176,065,235 
Trucking - 1.5%   
J.B. Hunt Transport Services, Inc. 94,070 11,188,686 
Knight-Swift Transportation Holdings, Inc. Class A 618,900 21,339,672 
  32,528,358 
TOTAL ROAD & RAIL  208,593,593 
Trading Companies & Distributors - 1.4%   
Trading Companies & Distributors - 1.4%   
Bunzl PLC 335,000 10,536,099 
HD Supply Holdings, Inc. (a) 158,700 6,790,773 
Univar, Inc. (a) 426,434 13,074,466 
  30,401,338 
TOTAL COMMON STOCKS   
(Cost $1,745,081,625)  2,137,051,222 
Money Market Funds - 4.2%   
Fidelity Cash Central Fund, 2.11% (c) 26,840,859 26,846,227 
Fidelity Securities Lending Cash Central Fund 2.11% (c)(d) 62,879,215 62,885,503 
TOTAL MONEY MARKET FUNDS   
(Cost $89,731,730)  89,731,730 
TOTAL INVESTMENT IN SECURITIES - 103.4%   
(Cost $1,834,813,355)  2,226,782,952 
NET OTHER ASSETS (LIABILITIES) - (3.4)%  (72,716,248) 
NET ASSETS - 100%  $2,154,066,704 

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

 (d) Investment made with cash collateral received from securities on loan.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $327,978 
Fidelity Securities Lending Cash Central Fund 56,666 
Total $384,644 

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

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 88.4% 
Ireland 5.1% 
Canada 2.9% 
United Kingdom 2.0% 
Bermuda 1.6% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Fidelity® Industrials Central Fund

Financial Statements

Statement of Assets and Liabilities

  September 30, 2018 
Assets   
Investment in securities, at value (including securities loaned of $61,213,400) — See accompanying schedule:
Unaffiliated issuers (cost $1,745,081,625) 		$2,137,051,222  
Fidelity Central Funds (cost $89,731,730) 89,731,730  
Total Investment in Securities (cost $1,834,813,355)  $2,226,782,952 
Receivable for investments sold  2,007,582 
Receivable for fund shares sold  1,055,200 
Dividends receivable  1,911,502 
Distributions receivable from Fidelity Central Funds  23,133 
Total assets  2,231,780,369 
Liabilities   
Payable for investments purchased $12,813,602  
Payable for fund shares redeemed 2,001,378  
Other payables and accrued expenses 13,185  
Collateral on securities loaned 62,885,500  
Total liabilities  77,713,665 
Net Assets  $2,154,066,704 
Net Assets consist of:   
Paid in capital  $1,683,955,901 
Undistributed net investment income  3,059,442 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  75,080,270 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  391,971,091 
Net Assets, for 6,953,926 shares outstanding  $2,154,066,704 
Net Asset Value, offering price and redemption price per share ($2,154,066,704 ÷ 6,953,926 shares)  $309.76 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Year ended September 30, 2018 
Investment Income   
Dividends  $26,958,180 
Income from Fidelity Central Funds (including $56,666 from security lending)  384,644 
Total income  27,342,824 
Expenses   
Custodian fees and expenses $28,153  
Independent directors' fees and expenses 8,698  
Miscellaneous 35  
Total expenses before reductions 36,886  
Expense reductions (796)  
Total expenses after reductions  36,090 
Net investment income (loss)  27,306,734 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 104,418,445  
Redemptions in-kind with affiliated entities 111,073,545  
Fidelity Central Funds (253)  
Foreign currency transactions (104,533)  
Total net realized gain (loss)  215,387,204 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 19,746,596  
Fidelity Central Funds (771)  
Assets and liabilities in foreign currencies (1,475)  
Total change in net unrealized appreciation (depreciation)  19,744,350 
Net gain (loss)  235,131,554 
Net increase (decrease) in net assets resulting from operations  $262,438,288 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Year ended September 30, 2018 Year ended September 30, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $27,306,734 $23,192,939 
Net realized gain (loss) 215,387,204 88,063,093 
Change in net unrealized appreciation (depreciation) 19,744,350 172,542,231 
Net increase (decrease) in net assets resulting from operations 262,438,288 283,798,263 
Distributions to shareholders from net investment income (25,966,468) (21,372,265) 
Distributions to shareholders from net realized gain (84,959,878) (5,046,225) 
Total distributions (110,926,346) (26,418,490) 
Affiliated share transactions   
Proceeds from sales of shares 805,879,787 201,502,135 
Reinvestment of distributions 110,926,346 26,417,849 
Cost of shares redeemed (522,860,800) (252,925,995) 
Net increase (decrease) in net assets resulting from share transactions 393,945,333 (25,006,011) 
Total increase (decrease) in net assets 545,457,275 232,373,762 
Net Assets   
Beginning of period 1,608,609,429 1,376,235,667 
End of period $2,154,066,704 $1,608,609,429 
Other Information   
Undistributed net investment income end of period $3,059,442 $1,871,556 
Shares   
Sold 2,758,582 753,811 
Issued in reinvestment of distributions 378,216 100,435 
Redeemed (1,774,639) (944,532) 
Net increase (decrease) 1,362,159 (90,286) 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Industrials Central Fund

      
Years ended September 30, 2018 2017 2016 2015 2014 
Selected Per–Share Data      
Net asset value, beginning of period $287.67 $242.21 $209.67 $216.95 $198.24 
Income from Investment Operations      
Net investment income (loss)A 4.24 4.16 3.47 3.40 3.18 
Net realized and unrealized gain (loss) 36.93 46.01 32.56 (7.35) 18.69 
Total from investment operations 41.17 50.17 36.03 (3.95) 21.87 
Distributions from net investment income (4.06) (3.85) (3.49) (3.33) (3.16) 
Distributions from net realized gain (15.02) (.86) – – – 
Total distributions (19.08) (4.71) (3.49) (3.33) (3.16) 
Net asset value, end of period $309.76 $287.67 $242.21 $209.67 $216.95 
Total ReturnB 14.76% 20.91% 17.24% (1.95)% 11.03% 
Ratios to Average Net AssetsC,D      
Expenses before reductionsE -% -% -% -% -% 
Expenses net of fee waivers, if anyE -% -% -% -% -% 
Expenses net of all reductionsE -% -% -% -% -% 
Net investment income (loss) 1.43% 1.56% 1.50% 1.48% 1.46% 
Supplemental Data      
Net assets, end of period (000 omitted) $2,154,067 $1,608,609 $1,376,236 $1,173,665 $1,301,010 
Portfolio turnover rateF 65%G 65%G 60% 83% 77%G 

 A Calculated based on average shares outstanding during the period.

 B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 C Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 D Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

 E Amount represents less than .005%.

 F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 G Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity® Information Technology Central Fund

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended September 30, 2018 Past 1 year Past 5 years Past 10 years 
Fidelity® Information Technology Central Fund 26.62% 21.82% 20.15% 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Information Technology Central Fund on September 30, 2008.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.


Period Ending Values
$62,714Fidelity® Information Technology Central Fund
$30,962S&P 500® Index

Fidelity® Information Technology Central Fund

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index gained 17.91% for the year ending September 30, 2018, as the U.S. equity bellwether overcame heightened volatility early on to end the period just shy of its record closing high. In late January, stocks began a sharp retreat amid concern that rising inflation and the potential for the economy to overheat would prompt the U.S. Federal Reserve to pick up the pace of interest rate hikes. In February, the index posted its first negative monthly result since October 2016, and then lost further ground in March on fear related to global trade. The market stabilized in April and turned upward through mid-June, when trade tension between the U.S. and China soured investor sentiment. Uncertainty lingered into July, but strong corporate earnings helped the S&P 500 rise 7.71% in the final three months of the period. For the full 12 months, growth handily topped value, extending a trend that began in early 2017. By sector, information technology (+38%) led the way amid strong earnings growth from several major index constituents. Consumer discretionary was close behind, with its 36% gain driven mainly by retailers. Health care was the only other group to top the broader market, rising 18%. Energy (+14%) moved higher alongside oil prices but nonetheless trailed the index, as did communication services (+12%). At the back of the pack were materials (+4%) and two defensive sectors that struggled amid investors’ preference for risk: utilities (+3%) and consumer staples (+3%).

Comments from Portfolio Manager Charlie Chai:  For the year, the fund returned 26.62%, trailing the 31.88% return of the MSCI U.S. IMI Information Technology 25/50 Index but topping the S&P 500® by a wide margin. Among the 11 S&P 500® sectors, technology stocks finished a close second behind consumer discretionary. Versus the MSCI sector index, stock selection in semiconductors was the fund’s biggest headwind, with our non-index stake in electric vehicle maker Tesla also significantly detracting. Tesla shares returned -24% for the year amid uncertainty about the company’s ability to hit Model 3 production targets, among other factors. Underweighting Apple (+49%) also hurt. Despite relatively flat unit sales growth, the company reported strong revenue and earnings growth, riding a higher average selling price for its smartphones. Conversely, overweighting application software and underweighting interactive media & services lifted relative performance. Our top relative contributor, Facebook (-4%), was in the latter category. We correctly underweighted the stock, as the social network platform operator was hampered by increasing regulatory scrutiny, slowing user growth and rising costs. In application software, PTC (+89%) was a standout for the fund.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Note to Shareholders:  On November 30, 2018, Ali Kahn will become sole portfolio manager for the fund, succeeding Charlie Chai.

Fidelity® Information Technology Central Fund

Investment Summary (Unaudited)

Top Ten Stocks as of September 30, 2018

 % of fund's net assets 
Microsoft Corp. 14.1 
Apple, Inc. 6.9 
NVIDIA Corp. 6.3 
Activision Blizzard, Inc. 4.3 
Salesforce.com, Inc. 4.0 
Parametric Technology Corp. 3.3 
Adobe Systems, Inc. 3.2 
Alphabet, Inc. Class A 3.0 
Alphabet, Inc. Class C 3.0 
Facebook, Inc. Class A 3.0 
 51.1 

Top Industries (% of fund's net assets)

As of September 30, 2018 
   Software 45.3% 
   Semiconductors & Semiconductor Equipment 15.8% 
   Internet Software & Services 11.4% 
   IT Services 7.8% 
   Technology Hardware, Storage & Peripherals 6.9% 
   All Others* 12.8% 


* Includes short-term investments and net other assets (liabilities).

Fidelity® Information Technology Central Fund

Schedule of Investments September 30, 2018

Showing Percentage of Net Assets

Common Stocks - 96.4%   
 Shares Value 
Automobiles - 1.0%   
Automobile Manufacturers - 1.0%   
Tesla, Inc. (a)(b) 214,970 $56,917,607 
Communications Equipment - 0.2%   
Communications Equipment - 0.2%   
CommScope Holding Co., Inc. (a) 354,600 10,907,496 
Construction Materials - 0.0%   
Construction Materials - 0.0%   
Universal Cement Corp. 387 257 
Consumer Finance - 0.0%   
Consumer Finance - 0.0%   
51 Credit Card, Inc. 1,773,000 1,354,377 
Diversified Consumer Services - 0.0%   
Education Services - 0.0%   
China Online Education Group sponsored ADR (a)(b) 6,972 62,748 
Diversified Financial Services - 0.1%   
Other Diversified Financial Services - 0.1%   
Jianpu Technology, Inc. ADR (a)(b) 818,700 4,003,443 
Electronic Equipment & Components - 4.6%   
Electronic Components - 1.7%   
LG Innotek Co. Ltd. 336,336 39,553,608 
Murata Manufacturing Co. Ltd. 200,900 30,881,170 
Samsung Electro-Mechanics Co. Ltd. 210,808 26,406,092 
Taiyo Yuden Co. Ltd. (b) 199,600 4,486,696 
  101,327,566 
Electronic Equipment & Instruments - 1.9%   
Chroma ATE, Inc. 4,876,018 23,442,394 
Hitachi High-Technologies Corp. 403,600 13,906,830 
Trimble, Inc. (a) 1,660,800 72,178,368 
  109,527,592 
Technology Distributors - 1.0%   
Dell Technologies, Inc. (a) 580,269 56,355,725 
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS  267,210,883 
Equity Real Estate Investment Trusts (REITs) - 0.4%   
Diversified REITs - 0.4%   
Ant International Co. Ltd. Class C (c)(d) 3,805,376 21,348,159 
Internet & Direct Marketing Retail - 2.5%   
Internet & Direct Marketing Retail - 2.5%   
Amazon.com, Inc. (a) 26,529 53,137,587 
Meituan Dianping Class B 6,251,571 49,412,195 
Netflix, Inc. (a) 113,400 42,426,342 
  144,976,124 
Internet Software & Services - 10.7%   
Internet Software & Services - 10.7%   
Alibaba Group Holding Ltd. sponsored ADR (a) 107,800 17,761,128 
Alphabet, Inc.:   
Class A (a) 145,781 175,969,329 
Class C (a) 147,233 175,718,169 
Envestnet, Inc. (a) 434 26,452 
Facebook, Inc. Class A (a) 1,040,175 171,067,181 
GoDaddy, Inc. (a) 320,500 26,726,495 
Match Group, Inc. (a)(b) 331,000 19,168,210 
MongoDB, Inc. Class A 69,224 5,645,217 
Nutanix, Inc. Class B (a)(e) 68,486 2,925,722 
Okta, Inc. (a) 133,000 9,357,880 
Xunlei Ltd. sponsored ADR (a) 1,953,688 14,183,775 
  618,549,558 
IT Services - 7.8%   
Data Processing & Outsourced Services - 7.4%   
Adyen BV (e) 3,100 2,530,276 
FleetCor Technologies, Inc. (a) 197,000 44,884,480 
Global Payments, Inc. 195,056 24,850,134 
PayPal Holdings, Inc. (a) 1,856,400 163,066,176 
Square, Inc. (a) 1,386,400 137,267,464 
Visa, Inc. Class A 392,300 58,880,307 
  431,478,837 
IT Consulting & Other Services - 0.4%   
DXC Technology Co. 223,400 20,892,368 
TOTAL IT SERVICES  452,371,205 
Life Sciences Tools & Services - 0.0%   
Life Sciences Tools & Services - 0.0%   
JHL Biotech, Inc. (a)(c) 1,008,062 1,627,614 
Machinery - 0.7%   
Industrial Machinery - 0.7%   
Minebea Mitsumi, Inc. 2,235,657 40,533,827 
Professional Services - 0.4%   
Human Resource & Employment Services - 0.4%   
SMS Co., Ltd. 911,112 18,130,824 
WageWorks, Inc. (a) 71,505 3,056,839 
  21,187,663 
Semiconductors & Semiconductor Equipment - 15.8%   
Semiconductor Equipment - 1.5%   
Ferrotec Holdings Corp. 245,400 2,380,134 
Lam Research Corp. 180,600 27,397,020 
Screen Holdings Co. Ltd. 233,600 13,651,681 
Sino-American Silicon Products, Inc. 15,960,000 41,062,746 
SunEdison, Inc. (a)(c) 1,200 0 
  84,491,581 
Semiconductors - 14.3%   
Advanced Micro Devices, Inc. (a) 2,853,588 88,147,333 
ams AG 782,730 43,754,400 
ChipMOS TECHNOLOGIES, Inc. sponsored ADR (a) 50,800 778,764 
Himax Technologies, Inc. sponsored ADR (b) 5,425,890 31,904,233 
International Quantum Epitaxy PLC (a)(b) 1,525,435 1,631,361 
MACOM Technology Solutions Holdings, Inc. (a)(b) 603,617 12,434,510 
Marvell Technology Group Ltd. 4,556,682 87,943,963 
Nanya Technology Corp. 25,229,000 48,103,337 
NVIDIA Corp. 1,300,150 365,368,153 
NXP Semiconductors NV 157,400 13,457,700 
Qualcomm, Inc. 1,607,738 115,805,368 
Semtech Corp. (a) 284,994 15,845,666 
Silicon Laboratories, Inc. (a) 65,500 6,012,900 
  831,187,688 
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT  915,679,269 
Software - 45.3%   
Application Software - 20.4%   
Adobe Systems, Inc. (a) 681,613 184,001,429 
Atlassian Corp. PLC (a) 87,240 8,387,254 
Autodesk, Inc. (a) 940,544 146,828,324 
Citrix Systems, Inc. (a) 700,157 77,829,452 
Ellie Mae, Inc. (a) 108,500 10,282,545 
HubSpot, Inc. (a) 76,600 11,562,770 
Intuit, Inc. 386,000 87,776,400 
Kingsoft Corp. Ltd. 7,804,000 14,873,592 
Parametric Technology Corp. (a) 1,817,866 193,039,191 
Salesforce.com, Inc. (a) 1,467,309 233,346,150 
Splunk, Inc. (a) 139,700 16,891,127 
SS&C Technologies Holdings, Inc. 509,966 28,981,368 
Ultimate Software Group, Inc. (a) 391,124 126,016,242 
Workday, Inc. Class A (a) 153,051 22,342,385 
Zendesk, Inc. (a) 268,569 19,068,399 
  1,181,226,628 
Home Entertainment Software - 9.2%   
Activision Blizzard, Inc. 3,009,959 250,398,489 
Electronic Arts, Inc. (a) 1,370,315 165,109,254 
Nintendo Co. Ltd. 142,000 51,664,347 
Nintendo Co. Ltd. ADR (b) 593,184 26,969,111 
Take-Two Interactive Software, Inc. (a) 296,365 40,895,406 
  535,036,607 
Systems Software - 15.7%   
Eventbrite, Inc. 6,800 258,196 
Microsoft Corp. 7,163,915 819,336,960 
Oracle Corp. 300,500 15,493,780 
Red Hat, Inc. (a) 393,000 53,558,040 
ServiceNow, Inc. (a) 108,400 21,206,292 
  909,853,268 
TOTAL SOFTWARE  2,626,116,503 
Technology Hardware, Storage & Peripherals - 6.9%   
Technology Hardware, Storage & Peripherals - 6.9%   
Apple, Inc. 1,770,783 399,736,554 
TOTAL COMMON STOCKS   
(Cost $4,381,640,497)  5,582,583,287 
Convertible Preferred Stocks - 0.7%   
Internet Software & Services - 0.7%   
Internet Software & Services - 0.7%   
Lyft, Inc. Series I (c)(d) 303,270 14,361,017 
Uber Technologies, Inc. Series D, 8.00% (a)(c)(d) 489,912 23,893,008 
TOTAL CONVERTIBLE PREFERRED STOCKS   
(Cost $21,961,046)  38,254,025 
Money Market Funds - 4.7%   
Fidelity Cash Central Fund, 2.11% (f) 153,934,912 153,965,699 
Fidelity Securities Lending Cash Central Fund 2.11% (f)(g) 121,161,878 121,173,994 
TOTAL MONEY MARKET FUNDS   
(Cost $275,139,693)  275,139,693 
TOTAL INVESTMENT IN SECURITIES - 101.8%   
(Cost $4,678,741,236)  5,895,977,005 
NET OTHER ASSETS (LIABILITIES) - (1.8)%  (106,311,061) 
NET ASSETS - 100%  $5,789,665,944 

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Level 3 security

 (d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $59,602,185 or 1.0% of net assets.

 (e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $5,455,998 or 0.1% 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

 (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 $21,348,159 
Lyft, Inc. Series I 6/27/18 $14,361,017 
Uber Technologies, Inc. Series D, 8.00% 6/6/14 $7,600,029 

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $1,148,783 
Fidelity Securities Lending Cash Central Fund 4,923,773 
Total $6,072,556 

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.

Other Affiliated Issuers

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliate Value, beginning of period Purchases(a) Sales Proceeds(a) Dividend Income Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
Jianpu Technology, Inc. ADR $-- $12,859,136 $4,498,224 $-- $(2,052,833) $(2,304,635) $-- 
Total $-- $12,859,136 $4,498,224 $-- $(2,052,833) $(2,304,635) $-- 

 (a) Includes the value of shares purchased or redeemed through in-kind transactions, if applicable. See the Notes to Financial Statements for additional details.

Investment Valuation

The following is a summary of the inputs used, as of September 30, 2018, 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 $5,582,583,287 $5,458,530,972 $101,076,542 $22,975,773 
Convertible Preferred Stocks 38,254,025 -- -- 38,254,025 
Money Market Funds 275,139,693 275,139,693 -- -- 
Total Investments in Securities: $5,895,977,005 $5,733,670,665 $101,076,542 $61,229,798 

The following is a reconciliation of Investments in Securities and Derivative Instruments for which Level 3 inputs were used in determining value:

Investments in Securities:  
Beginning Balance $58,834,506 
Total Realized Gain (Loss) -- 
Total Unrealized Gain (Loss) (13,043,276) 
Cost of Purchases 35,709,176 
Proceeds of Sales (22,195,617) 
Amortization/Accretion -- 
Transfers in to Level 3 1,925,009 
Transfers out of Level 3 -- 
Ending Balance $61,229,798 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at September 30, 2018 $(298,487) 

The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliations are included in Net Gain (Loss) on the Fund's Statement of Operations.

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 88.0% 
Japan 3.5% 
Cayman Islands 2.8% 
Taiwan 1.9% 
Bermuda 1.5% 
Korea (South) 1.1% 
Others (Individually Less Than 1%) 1.2% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Fidelity® Information Technology Central Fund

Financial Statements

Statement of Assets and Liabilities

  September 30, 2018 
Assets   
Investment in securities, at value (including securities loaned of $108,783,874) — See accompanying schedule:
Unaffiliated issuers (cost $4,403,601,543) 		$5,620,837,312  
Fidelity Central Funds (cost $275,139,693) 275,139,693  
Total Investment in Securities (cost $4,678,741,236)  $5,895,977,005 
Foreign currency held at value (cost $131,959)  131,803 
Receivable for investments sold  16,494,498 
Receivable for fund shares sold  2,707,391 
Dividends receivable  1,074,049 
Distributions receivable from Fidelity Central Funds  363,639 
Other receivables  17,343 
Total assets  5,916,765,728 
Liabilities   
Payable for fund shares redeemed $5,804,421  
Other payables and accrued expenses 119,153  
Collateral on securities loaned 121,176,210  
Total liabilities  127,099,784 
Net Assets  $5,789,665,944 
Net Assets consist of:   
Paid in capital  $3,841,517,729 
Undistributed net investment income  3,504,985 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  727,404,358 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  1,217,238,872 
Net Assets, for 11,584,151 shares outstanding  $5,789,665,944 
Net Asset Value, offering price and redemption price per share ($5,789,665,944 ÷ 11,584,151 shares)  $499.79 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Year ended September 30, 2018 
Investment Income   
Dividends  $33,779,624 
Income from Fidelity Central Funds (including $4,923,773 from security lending)  6,072,556 
Total income  39,852,180 
Expenses   
Custodian fees and expenses $290,118  
Independent directors' fees and expenses 23,202  
Interest 5,663  
Miscellaneous 90  
Total expenses before reductions 319,073  
Expense reductions (2,259)  
Total expenses after reductions  316,814 
Net investment income (loss)  39,535,366 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 1,006,946,004  
Redemptions in-kind with affiliated entities 407,599,634  
Fidelity Central Funds 4,259  
Other affiliated issuers (2,052,833)  
Foreign currency transactions (236,318)  
Total net realized gain (loss)  1,412,260,746 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (301,615,454)  
Fidelity Central Funds (30,026)  
Other affiliated issuers (2,304,635)  
Assets and liabilities in foreign currencies 1,283  
Total change in net unrealized appreciation (depreciation)  (303,948,832) 
Net gain (loss)  1,108,311,914 
Net increase (decrease) in net assets resulting from operations  $1,147,847,280 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Year ended September 30, 2018 Year ended September 30, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $39,535,366 $26,875,134 
Net realized gain (loss) 1,412,260,746 522,050,167 
Change in net unrealized appreciation (depreciation) (303,948,832) 713,079,382 
Net increase (decrease) in net assets resulting from operations 1,147,847,280 1,262,004,683 
Distributions to shareholders from net investment income (36,464,862) (25,333,085) 
Distributions to shareholders from net realized gain (557,750,410) (20,739,156) 
Total distributions (594,215,272) (46,072,241) 
Affiliated share transactions   
Proceeds from sales of shares 2,068,499,891 376,031,682 
Reinvestment of distributions 594,215,272 46,071,593 
Cost of shares redeemed (1,430,604,144) (853,394,538) 
Net increase (decrease) in net assets resulting from share transactions 1,232,111,019 (431,291,263) 
Total increase (decrease) in net assets 1,785,743,027 784,641,179 
Net Assets   
Beginning of period 4,003,922,917 3,219,281,738 
End of period $5,789,665,944 $4,003,922,917 
Other Information   
Undistributed net investment income end of period $3,504,985 $1,533,368 
Shares   
Sold 4,514,165 1,106,380 
Issued in reinvestment of distributions 1,380,579 132,818 
Redeemed (3,113,820) (2,184,326) 
Net increase (decrease) 2,780,924 (945,128) 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Information Technology Central Fund

      
Years ended September 30, 2018 2017 2016 2015 2014 
Selected Per–Share Data      
Net asset value, beginning of period $454.82 $330.24 $260.71 $262.98 $222.50 
Income from Investment Operations      
Net investment income (loss)A 3.67 2.78 2.48 2.24B 2.33 
Net realized and unrealized gain (loss) 106.41 126.52 69.42 (2.37) 39.88 
Total from investment operations 110.08 129.30 71.90 (.13) 42.21 
Distributions from net investment income (3.34) (2.67) (2.37) (2.14) (1.73) 
Distributions from net realized gain (61.77) (2.05) – – – 
Total distributions (65.11) (4.72) (2.37) (2.14) (1.73) 
Net asset value, end of period $499.79 $454.82 $330.24 $260.71 $262.98 
Total ReturnC 26.62% 39.59% 27.68% (.11)% 19.01% 
Ratios to Average Net AssetsD,E      
Expenses before reductions .01% .01% .01% .01% .01% 
Expenses net of fee waivers, if any .01% .01% .01% .01% .01% 
Expenses net of all reductions .01% .01% .01% .01% .01% 
Net investment income (loss) .78% .73% .86% .81%B .94% 
Supplemental Data      
Net assets, end of period (000 omitted) $5,789,666 $4,003,923 $3,219,282 $2,532,510 $2,472,588 
Portfolio turnover rateF 99%G 70%G 99% 138% 179%G 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects a large, non-recurring dividend which amounted to $.43 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .65%.

 C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

 F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 G Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity® Materials Central Fund

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended September 30, 2018 Past 1 year Past 5 years Past 10 years 
Fidelity® Materials Central Fund (1.66)% 5.84% 10.76% 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Materials Central Fund on September 30, 2008.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.


Period Ending Values
$27,782Fidelity® Materials Central Fund
$30,962S&P 500® Index

Fidelity® Materials Central Fund

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index gained 17.91% for the year ending September 30, 2018, as the U.S. equity bellwether overcame heightened volatility early on to end the period just shy of its record closing high. In late January, stocks began a sharp retreat amid concern that rising inflation and the potential for the economy to overheat would prompt the U.S. Federal Reserve to pick up the pace of interest rate hikes. In February, the index posted its first negative monthly result since October 2016, and then lost further ground in March on fear related to global trade. The market stabilized in April and turned upward through mid-June, when trade tension between the U.S. and China soured investor sentiment. Uncertainty lingered into July, but strong corporate earnings helped the S&P 500 rise 7.71% in the final three months of the period. For the full 12 months, growth handily topped value, extending a trend that began in early 2017. By sector, information technology (+38%) led the way amid strong earnings growth from several major index constituents. Consumer discretionary was close behind, with its 36% gain driven mainly by retailers. Health care was the only other group to top the broader market, rising 18%. Energy (+14%) moved higher alongside oil prices but nonetheless trailed the index, as did communication services (+12%). At the back of the pack were materials (+4%) and two defensive sectors that struggled amid investors’ preference for risk: utilities (+3%) and consumer staples (+3%).

Comments from Portfolio Manager Richard Malnight:  For the year, the fund returned -1.66%, considerably trailing the 3.76% return of the MSCI U.S. IMI Materials 25/50 Linked Index and lagging the S&P 500® by an even wider margin. Among the 11 S&P 500® sectors, materials stocks finished near the bottom of the pack, hampered by concerns over interest rate hikes by the U.S. Federal Reserve, a flattening yield curve, softening economic data in Europe and China, and contentious U.S. trade relations with China and other nations. Versus the MSCI sector index, positioning in diversified chemicals, commodity chemicals and other chemicals segments notably weighed on fund performance. Our largest relative detractor by far was Chemours, a maker of the pigment titanium dioxide (TiO2) and the fund’s third-largest position. The stock, a sizable overweighting, returned -21% even though consensus earnings estimates for the company increased. Tronox (-43%), also a detractor, was another stock tied to the TiO2 market. Underweighting and ultimately selling Ecolab (+23%), a defensive name that outperformed, hurt as well. Conversely, not owning weak-performing index component Albemarle (-26%) was the right call and made this stock our top relative contributor. Overweighting Steel Dynamics (+33%) also helped. The fund's foreign holdings contributed overall despite the headwind of a stronger U.S. dollar.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Note to shareholders:  On November 17, 2017, Richard Malnight became sole manager of the fund, succeeding Tobias Welo.

Fidelity® Materials Central Fund

Investment Summary (Unaudited)

Top Ten Stocks as of September 30, 2018

 % of fund's net assets 
DowDuPont, Inc. 24.3 
LyondellBasell Industries NV Class A 7.3 
The Chemours Co. LLC 6.6 
Linde AG 5.3 
Sherwin-Williams Co. 4.7 
Air Products & Chemicals, Inc. 4.2 
Platform Specialty Products Corp. 3.7 
Westlake Chemical Corp. 3.4 
Martin Marietta Materials, Inc. 3.0 
Olin Corp. 3.0 
 65.5 

Top Industries (% of fund's net assets)

As of September 30, 2018 
   Chemicals 77.3% 
   Metals & Mining 8.7% 
   Containers & Packaging 6.4% 
   Construction Materials 3.8% 
   Trading Companies & Distributors 1.6% 
   All Others* 2.2% 


* Includes short-term investments and net other assets (liabilities).

Fidelity® Materials Central Fund

Schedule of Investments September 30, 2018

Showing Percentage of Net Assets

Common Stocks - 96.2%   
 Shares Value 
Chemicals - 75.6%   
Commodity Chemicals - 16.2%   
Cabot Corp. 46,601 $2,922,815 
Ciner Resources LP 42,400 1,152,432 
LyondellBasell Industries NV Class A 397,155 40,712,359 
Olin Corp. 652,072 16,745,209 
Orion Engineered Carbons SA 132,800 4,262,880 
Tronox Ltd. Class A 462,200 5,523,290 
Westlake Chemical Corp. 231,872 19,270,882 
  90,589,867 
Diversified Chemicals - 33.6%   
Ashland Global Holdings, Inc. 41,100 3,446,646 
DowDuPont, Inc. 2,106,850 135,491,524 
Eastman Chemical Co. 95,251 9,117,426 
Ingevity Corp. (a) 30,700 3,127,716 
The Chemours Co. LLC 928,843 36,633,568 
  187,816,880 
Fertilizers & Agricultural Chemicals - 3.4%   
FMC Corp. 125,300 10,923,654 
The Mosaic Co. 249,100 8,090,768 
  19,014,422 
Industrial Gases - 9.5%   
Air Products & Chemicals, Inc. 138,300 23,103,015 
Linde AG 125,500 29,681,489 
  52,784,504 
Specialty Chemicals - 12.9%   
Axalta Coating Systems Ltd. (a) 355,500 10,366,380 
Celanese Corp. Class A 106,200 12,106,800 
Covestro AG (b) 23,000 1,865,552 
International Flavors & Fragrances, Inc. 5,000 695,600 
Platform Specialty Products Corp. (a) 1,667,400 20,792,478 
Sherwin-Williams Co. 57,700 26,265,617 
Venator Materials PLC (a) 70 630 
  72,093,057 
TOTAL CHEMICALS  422,298,730 
Construction Materials - 3.8%   
Construction Materials - 3.8%   
CRH PLC sponsored ADR 88,200 2,885,904 
Martin Marietta Materials, Inc. 93,100 16,939,545 
Summit Materials, Inc. 73,391 1,334,248 
  21,159,697 
Containers & Packaging - 6.4%   
Metal & Glass Containers - 2.6%   
Aptargroup, Inc. 42,900 4,622,046 
Berry Global Group, Inc. (a) 50,900 2,463,051 
Crown Holdings, Inc. (a) 151,000 7,248,000 
  14,333,097 
Paper Packaging - 3.8%   
Avery Dennison Corp. 32,600 3,532,210 
Packaging Corp. of America 76,800 8,424,192 
WestRock Co. 171,510 9,165,494 
  21,121,896 
TOTAL CONTAINERS & PACKAGING  35,454,993 
Metals & Mining - 8.7%   
Copper - 1.6%   
Antofagasta PLC 113,300 1,262,623 
First Quantum Minerals Ltd. 339,400 3,865,268 
Freeport-McMoRan, Inc. 275,500 3,834,960 
  8,962,851 
Diversified Metals & Mining - 1.1%   
Alcoa Corp. (a) 122,900 4,965,160 
Elkem ASA (a) 220,771 1,103,075 
  6,068,235 
Gold - 2.4%   
Newmont Mining Corp. 353,800 10,684,760 
Royal Gold, Inc. 34,200 2,635,452 
  13,320,212 
Steel - 3.6%   
AK Steel Holding Corp. (a)(c) 217,400 1,065,260 
Commercial Metals Co. 338,500 6,946,020 
Ryerson Holding Corp. (a) 180,806 2,043,108 
Steel Dynamics, Inc. 223,100 10,081,889 
  20,136,277 
TOTAL METALS & MINING  48,487,575 
Oil, Gas & Consumable Fuels - 0.1%   
Oil & Gas Refining & Marketing - 0.1%   
S-Oil Corp. 5,900 728,408 
Trading Companies & Distributors - 1.6%   
Trading Companies & Distributors - 1.6%   
Univar, Inc. (a) 289,390 8,872,697 
TOTAL COMMON STOCKS   
(Cost $512,409,662)  537,002,100 
Nonconvertible Preferred Stocks - 1.7%   
Chemicals - 1.7%   
Commodity Chemicals - 1.7%   
Braskem SA (PN-A)   
(Cost $9,853,599) 647,500 9,369,675 
Money Market Funds - 1.3%   
Fidelity Cash Central Fund, 2.11% (d) 7,214,287 7,215,730 
Fidelity Securities Lending Cash Central Fund 2.11% (d)(e) 364,464 364,500 
TOTAL MONEY MARKET FUNDS   
(Cost $7,580,230)  7,580,230 
TOTAL INVESTMENT IN SECURITIES - 99.2%   
(Cost $529,843,491)  553,952,005 
NET OTHER ASSETS (LIABILITIES) - 0.8%  4,458,795 
NET ASSETS - 100%  $558,410,800 

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 $1,865,552 or 0.3% of net assets.

 (c) Security or a portion of the security is on loan at period end.

 (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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

 (e) Investment made with cash collateral received from securities on loan.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $129,887 
Fidelity Securities Lending Cash Central Fund 3,095 
Total $132,982 

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

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

See accompanying notes which are an integral part of the financial statements.


Fidelity® Materials Central Fund

Financial Statements

Statement of Assets and Liabilities

  September 30, 2018 
Assets   
Investment in securities, at value (including securities loaned of $357,210) — See accompanying schedule:
Unaffiliated issuers (cost $522,263,261) 		$546,371,775  
Fidelity Central Funds (cost $7,580,230) 7,580,230  
Total Investment in Securities (cost $529,843,491)  $553,952,005 
Receivable for investments sold  6,115,972 
Receivable for fund shares sold  306,161 
Dividends receivable  460,120 
Distributions receivable from Fidelity Central Funds  14,642 
Total assets  560,848,900 
Liabilities   
Payable to custodian bank $3,984  
Payable for investments purchased 1,531,002  
Payable for fund shares redeemed 528,436  
Other payables and accrued expenses 10,178  
Collateral on securities loaned 364,500  
Total liabilities  2,438,100 
Net Assets  $558,410,800 
Net Assets consist of:   
Paid in capital  $504,085,287 
Undistributed net investment income  1,692,230 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  28,526,965 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  24,106,318 
Net Assets, for 2,348,204 shares outstanding  $558,410,800 
Net Asset Value, offering price and redemption price per share ($558,410,800 ÷ 2,348,204 shares)  $237.80 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Year ended September 30, 2018 
Investment Income   
Dividends  $10,492,894 
Income from Fidelity Central Funds (including $3,095 from security lending)  132,982 
Total income  10,625,876 
Expenses   
Custodian fees and expenses $23,835  
Independent directors' fees and expenses 2,541  
Miscellaneous 10  
Total expenses before reductions 26,386  
Expense reductions (266)  
Total expenses after reductions  26,120 
Net investment income (loss)  10,599,756 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 39,523,453  
Redemptions in-kind with affiliated entities 31,881,334  
Fidelity Central Funds (555)  
Foreign currency transactions (30,985)  
Total net realized gain (loss)  71,373,247 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (93,936,845)  
Assets and liabilities in foreign currencies (3,718)  
Total change in net unrealized appreciation (depreciation)  (93,940,563) 
Net gain (loss)  (22,567,316) 
Net increase (decrease) in net assets resulting from operations  $(11,967,560) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Year ended September 30, 2018 Year ended September 30, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $10,599,756 $7,828,862 
Net realized gain (loss) 71,373,247 25,269,590 
Change in net unrealized appreciation (depreciation) (93,940,563) 62,323,044 
Net increase (decrease) in net assets resulting from operations (11,967,560) 95,421,496 
Distributions to shareholders from net investment income (9,590,869) (7,046,584) 
Distributions to shareholders from net realized gain (27,989,724) – 
Total distributions (37,580,593) (7,046,584) 
Affiliated share transactions   
Proceeds from sales of shares 242,088,015 39,935,356 
Reinvestment of distributions 37,580,593 7,046,096 
Cost of shares redeemed (145,554,862) (62,373,158) 
Net increase (decrease) in net assets resulting from share transactions 134,113,746 (15,391,706) 
Total increase (decrease) in net assets 84,565,593 72,983,206 
Net Assets   
Beginning of period 473,845,207 400,862,001 
End of period $558,410,800 $473,845,207 
Other Information   
Undistributed net investment income end of period $1,692,230 $779,383 
Shares   
Sold 952,669 176,402 
Issued in reinvestment of distributions 145,744 29,792 
Redeemed (569,787) (265,555) 
Net increase (decrease) 528,626 (59,361) 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Materials Central Fund

      
Years ended September 30, 2018 2017 2016 2015 2014 
Selected Per–Share Data      
Net asset value, beginning of period $260.41 $213.34 $188.48 $229.95 $207.20 
Income from Investment Operations      
Net investment income (loss)A 4.94 4.24 4.48 4.34 3.57 
Net realized and unrealized gain (loss) (7.93) 46.66 24.73 (41.59) 22.68 
Total from investment operations (2.99) 50.90 29.21 (37.25) 26.25 
Distributions from net investment income (4.54) (3.83) (4.35) (4.22) (3.50) 
Distributions from net realized gain (15.08) – – – – 
Total distributions (19.62) (3.83) (4.35) (4.22) (3.50) 
Net asset value, end of period $237.80 $260.41 $213.34 $188.48 $229.95 
Total ReturnB (1.66)% 24.05% 15.62% (16.46)% 12.70% 
Ratios to Average Net AssetsC,D      
Expenses before reductions - %E .01% - %E - %E .01% 
Expenses net of fee waivers, if any - %E .01% - %E - %E - %E 
Expenses net of all reductions - %E .01% - %E - %E - %E 
Net investment income (loss) 1.92% 1.80% 2.21% 1.95% 1.57% 
Supplemental Data      
Net assets, end of period (000 omitted) $558,411 $473,845 $400,862 $358,642 $482,472 
Portfolio turnover rateF 78%G 54%G 56% 72% 65%G 

 A Calculated based on average shares outstanding during the period.

 B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 C Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 D Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

 E Amount represents less than .005%.

 F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 G Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity® Real Estate Equity Central Fund

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended September 30, 2018 Past 1 year Life of fundA 
Fidelity® Real Estate Equity Central Fund 3.73% 6.03% 

 A From November 3, 2014

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Real Estate Equity Central Fund on November 3, 2014, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.


Period Ending Values
$12,574Fidelity® Real Estate Equity Central Fund
$15,663S&P 500® Index

Fidelity® Real Estate Equity Central Fund

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index gained 17.91% for the year ending September 30, 2018, as the U.S. equity bellwether overcame heightened volatility early on to end the period just shy of its record closing high. In late January, stocks began a sharp retreat amid concern that rising inflation and the potential for the economy to overheat would prompt the U.S. Federal Reserve to pick up the pace of interest rate hikes. In February, the index posted its first negative monthly result since October 2016, and then lost further ground in March on fear related to global trade. The market stabilized in April and turned upward through mid-June, when trade tension between the U.S. and China soured investor sentiment. Uncertainty lingered into July, but strong corporate earnings helped the S&P 500 rise 7.71% in the final three months of the period. For the full 12 months, growth handily topped value, extending a trend that began in early 2017. By sector, information technology (+38%) led the way amid strong earnings growth from several major index constituents. Consumer discretionary was close behind, with its 36% gain driven mainly by retailers. Health care was the only other group to top the broader market, rising 18%. Energy (+14%) moved higher alongside oil prices but nonetheless trailed the index, as did communication services (+12%). At the back of the pack were materials (+4%) and two defensive sectors that struggled amid investors’ preference for risk: utilities (+3%) and consumer staples (+3%).

Comments from Portfolio Manager Samuel Wald:  For the fiscal year, the fund returned 3.73%, outpacing the 3.35% return of the FTSE® NAREIT® Equity REITs Index while significantly lagging the S&P 500®. Versus the FTSE NAREIT index, industry positioning added value, especially underweighting the lagging diversified category and overweighting strong-performing industrial real estate investment trusts (REITs). Security selection modestly detracted versus the FTSE NAREIT, with picks among health care, lodging/resort and diversified REITs detracting the most. Conversely, security selection among regional malls – especially not holding index component Brookfield Properties – contributed on a relative basis. Timely ownership of GGP, which we sold from the fund in May, also helped. An overweighted stake in self-storage REIT Extra Space Storage, which we sold from the fund in September, added more value than any other position. Also of note in self-storage, we added to the fund's position in Public Storage by period end, making it one of the fund's largest holdings as of September 30. In contrast, the fund's biggest individual detractor was an overweighting in health care REIT Ventas, another large fund position at the end of September. Other positions to weigh on results included shopping center REIT Urban Edge Properties and a non-REIT, out-of-benchmark holding in timeshare operator Hilton Grand Vacations.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Fidelity® Real Estate Equity Central Fund

Investment Summary (Unaudited)

Top Ten Stocks as of September 30, 2018

 % of fund's net assets 
Equinix, Inc. 7.0 
Simon Property Group, Inc. 6.2 
Prologis, Inc. 5.8 
Public Storage 5.5 
AvalonBay Communities, Inc. 4.8 
Boston Properties, Inc. 4.7 
Ventas, Inc. 3.8 
Equity Residential (SBI) 3.7 
Essex Property Trust, Inc. 3.2 
SL Green Realty Corp. 3.2 
 47.9 

Top Five REIT Sectors as of September 30, 2018

 % of fund's net assets 
REITs - Diversified 16.0 
REITs - Office Property 14.0 
REITs - Apartments 13.2 
REITs - Health Care 10.4 
REITs - Warehouse/Industrial 8.5 

Asset Allocation (% of fund's net assets)

As of September 30, 2018 
   Stocks 97.6% 
   Short-Term Investments and Net Other Assets (Liabilities) 2.4% 


Fidelity® Real Estate Equity Central Fund

Schedule of Investments September 30, 2018

Showing Percentage of Net Assets

Common Stocks - 97.6%   
 Shares Value 
Equity Real Estate Investment Trusts (REITs) - 94.7%   
REITs - Apartments - 13.2%   
AvalonBay Communities, Inc. 33,750 $6,113,813 
Equity Residential (SBI) 70,900 4,697,834 
Essex Property Trust, Inc. 16,500 4,070,715 
UDR, Inc. 45,000 1,819,350 
  16,701,712 
REITs - Diversified - 15.2%   
Clipper Realty, Inc. 31,900 431,607 
Corrections Corp. of America 38,800 944,004 
Duke Realty Corp. 130,300 3,696,611 
Equinix, Inc. 20,500 8,874,244 
Gaming & Leisure Properties 32,800 1,156,200 
Outfront Media, Inc. 85,700 1,709,715 
Washington REIT (SBI) 79,700 2,442,805 
  19,255,186 
REITs - Health Care - 10.4%   
CareTrust (REIT), Inc. 64,500 1,142,295 
Healthcare Realty Trust, Inc. 92,800 2,715,328 
Sabra Health Care REIT, Inc. 61,954 1,432,376 
Ventas, Inc. 88,200 4,796,316 
Welltower, Inc. 48,450 3,116,304 
  13,202,619 
REITs - Hotels - 5.1%   
Braemar Hotels & Resorts, Inc. 27,500 323,675 
DiamondRock Hospitality Co. 147,200 1,717,824 
Host Hotels & Resorts, Inc. 99,100 2,091,010 
Sunstone Hotel Investors, Inc. 145,700 2,383,652 
  6,516,161 
REITs - Management/Investment - 4.3%   
American Tower Corp. 4,600 668,380 
CoreSite Realty Corp. 13,076 1,453,267 
National Retail Properties, Inc. 65,100 2,917,782 
Retail Properties America, Inc. 37,900 462,001 
  5,501,430 
REITs - Manufactured Homes - 2.3%   
Equity Lifestyle Properties, Inc. 30,576 2,949,055 
REITs - Office Property - 14.0%   
Boston Properties, Inc. 48,000 5,908,320 
Corporate Office Properties Trust (SBI) 64,900 1,935,967 
Douglas Emmett, Inc. 46,900 1,769,068 
Highwoods Properties, Inc. (SBI) 49,000 2,315,740 
SL Green Realty Corp. 40,700 3,969,471 
VEREIT, Inc. 249,500 1,811,370 
  17,709,936 
REITs - Regional Malls - 7.3%   
Simon Property Group, Inc. 44,250 7,821,188 
Taubman Centers, Inc. 23,500 1,406,005 
  9,227,193 
REITs - Shopping Centers - 4.8%   
Acadia Realty Trust (SBI) 67,138 1,881,878 
Cedar Realty Trust, Inc. 119,647 557,555 
DDR Corp. 67,650 905,834 
Urban Edge Properties 124,250 2,743,440 
  6,088,707 
REITs - Single Tenant - 3.2%   
Agree Realty Corp. 20,100 1,067,712 
Four Corners Property Trust, Inc. 48,000 1,233,120 
Spirit Realty Capital, Inc. 209,200 1,686,152 
  3,986,984 
REITs - Storage - 5.5%   
Public Storage 34,600 6,976,398 
REITs - Warehouse/Industrial - 8.5%   
Americold Realty Trust 38,200 955,764 
Prologis, Inc. 109,081 7,394,601 
Rexford Industrial Realty, Inc. 42,500 1,358,300 
Terreno Realty Corp. 27,963 1,054,205 
  10,762,870 
Residential REITs - 0.9%   
Invitation Homes, Inc. 50,000 1,145,500 
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)  120,023,751 
Hotels, Restaurants & Leisure - 1.2%   
Hotels, Resorts & Cruise Lines - 1.2%   
Hilton Grand Vacations, Inc. (a) 20,800 688,480 
Hilton Worldwide Holdings, Inc. 9,900 799,722 
  1,488,202 
Real Estate Management & Development - 1.7%   
Real Estate Development - 0.9%   
Howard Hughes Corp. (a) 9,100 1,130,402 
REITs - Diversified - 0.8%   
VICI Properties, Inc. 50,500 1,091,810 
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT  2,222,212 
TOTAL COMMON STOCKS   
(Cost $112,054,001)  123,734,165 
Money Market Funds - 2.3%   
Fidelity Cash Central Fund, 2.11% (b)   
(Cost $2,860,920) 2,860,348 2,860,920 
TOTAL INVESTMENT IN SECURITIES - 99.9%   
(Cost $114,914,921)  126,595,085 
NET OTHER ASSETS (LIABILITIES) - 0.1%  108,580 
NET ASSETS - 100%  $126,703,665 

Legend

 (a) Non-income producing

 (b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $27,334 
Fidelity Securities Lending Cash Central Fund 80 
Total $27,414 

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

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

See accompanying notes which are an integral part of the financial statements.


Fidelity® Real Estate Equity Central Fund

Financial Statements

Statement of Assets and Liabilities

  September 30, 2018 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $112,054,001) 		$123,734,165  
Fidelity Central Funds (cost $2,860,920) 2,860,920  
Total Investment in Securities (cost $114,914,921)  $126,595,085 
Receivable for investments sold  265,928 
Receivable for fund shares sold  104,666 
Dividends receivable  555,519 
Distributions receivable from Fidelity Central Funds  5,160 
Total assets  127,526,358 
Liabilities   
Payable for investments purchased $761,443  
Payable for fund shares redeemed 56,947  
Other payables and accrued expenses 4,303  
Total liabilities  822,693 
Net Assets  $126,703,665 
Net Assets consist of:   
Paid in capital  $113,402,623 
Undistributed net investment income  1,214,307 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  406,571 
Net unrealized appreciation (depreciation) on investments  11,680,164 
Net Assets, for 1,154,687 shares outstanding  $126,703,665 
Net Asset Value, offering price and redemption price per share ($126,703,665 ÷ 1,154,687 shares)  $109.73 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Year ended September 30, 2018 
Investment Income   
Dividends  $4,034,163 
Non-Cash dividends  353,483 
Income from Fidelity Central Funds (including $80 from security lending)  27,414 
Total income  4,415,060 
Expenses   
Custodian fees and expenses $12,721  
Independent directors' fees and expenses 567  
Miscellaneous 3  
Total expenses  13,291 
Net investment income (loss)  4,401,769 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 1,135,248  
Fidelity Central Funds (151)  
Foreign currency transactions (15)  
Total net realized gain (loss)  1,135,082 
Change in net unrealized appreciation (depreciation) on investment securities  (1,174,470) 
Net gain (loss)  (39,388) 
Net increase (decrease) in net assets resulting from operations  $4,362,381 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Year ended September 30, 2018 Year ended September 30, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $4,401,769 $3,733,477 
Net realized gain (loss) 1,135,082 4,275,580 
Change in net unrealized appreciation (depreciation) (1,174,470) (6,483,065) 
Net increase (decrease) in net assets resulting from operations 4,362,381 1,525,992 
Distributions to shareholders from net investment income (3,610,543) (2,895,366) 
Distributions to shareholders from net realized gain (4,488,742) (189,674) 
Total distributions (8,099,285) (3,085,040) 
Affiliated share transactions   
Proceeds from sales of shares 14,225,887 9,269,293 
Reinvestment of distributions 8,099,285 3,085,040 
Cost of shares redeemed (19,031,721) (57,435,320) 
Net increase (decrease) in net assets resulting from share transactions 3,293,451 (45,080,987) 
Total increase (decrease) in net assets (443,453) (46,640,035) 
Net Assets   
Beginning of period 127,147,118 173,787,153 
End of period $126,703,665 $127,147,118 
Other Information   
Undistributed net investment income end of period $1,214,307 $581,194 
Shares   
Sold 134,471 84,698 
Issued in reinvestment of distributions 75,088 28,626 
Redeemed (181,813) (522,285) 
Net increase (decrease) 27,746 (408,961) 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Real Estate Equity Central Fund

     
Years ended September 30, 2018 2017 2016 2015 A 
Selected Per–Share Data     
Net asset value, beginning of period $112.82 $113.15 $95.92 $100.00 
Income from Investment Operations     
Net investment income (loss)B 3.84 3.00 3.03 2.53 
Net realized and unrealized gain (loss) .13 (.91) 17.03 (4.24) 
Total from investment operations 3.97 2.09 20.06 (1.71) 
Distributions from net investment income (3.16)C (2.29) (2.83) (2.37) 
Distributions from net realized gain (3.90)C (.12) – – 
Total distributions (7.06) (2.42)D (2.83) (2.37) 
Net asset value, end of period $109.73 $112.82 $113.15 $95.92 
Total ReturnE,F 3.73% 1.95% 21.08% (1.81)% 
Ratios to Average Net AssetsG,H     
Expenses before reductions .01% .01% .01% .01%I 
Expenses net of fee waivers, if any .01% .01% .01% .01%I 
Expenses net of all reductions .01% .01% .01% .01%I 
Net investment income (loss) 3.59% 2.72% 2.86% 2.71%I 
Supplemental Data     
Net assets, end of period (000 omitted) $126,704 $127,147 $173,787 $251,215 
Portfolio turnover rateJ 47% 64% 69% 62%I 

 A For the period November 3, 2014 (commencement of operations) to September 30, 2015.

 B Calculated based on average shares outstanding during the period.

 C The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

 D Total distributions of $2.42 per share is comprised of distributions from net investment income of $2.294 and distributions from net realized gain of $.124 per share.

 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 Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 H Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Fidelity® Telecom Services Central Fund

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended September 30, 2018 Past 1 year Past 5 years Past 10 years 
Fidelity® Telecom Services Central Fund 6.95% 9.07% 11.92% 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Telecom Services Central Fund on September 30, 2008.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.


Period Ending Values
$30,836Fidelity® Telecom Services Central Fund
$30,962S&P 500® Index

Fidelity® Telecom Services Central Fund

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index gained 17.91% for the year ending September 30, 2018, as the U.S. equity bellwether overcame heightened volatility early on to end the period just shy of its record closing high. In late January, stocks began a sharp retreat amid concern that rising inflation and the potential for the economy to overheat would prompt the U.S. Federal Reserve to pick up the pace of interest rate hikes. In February, the index posted its first negative monthly result since October 2016, and then lost further ground in March on fear related to global trade. The market stabilized in April and turned upward through mid-June, when trade tension between the U.S. and China soured investor sentiment. Uncertainty lingered into July, but strong corporate earnings helped the S&P 500 rise 7.71% in the final three months of the period. For the full 12 months, growth handily topped value, extending a trend that began in early 2017. By sector, information technology (+38%) led the way amid strong earnings growth from several major index constituents. Consumer discretionary was close behind, with its 36% gain driven mainly by retailers. Health care was the only other group to top the broader market, rising 18%. Energy (+14%) moved higher alongside oil prices but nonetheless trailed the index, as did communication services (+12%). At the back of the pack were materials (+4%) and two defensive sectors that struggled amid investors’ preference for risk: utilities (+3%) and consumer staples (+3%).

Comments from Portfolio Manager Matthew Drukker:  For the year, the fund returned 6.95%, outpacing the 4.35% gain of the MSCI U.S. IMI Telecommunication Services 25/50 Index, but lagging 17.91% result of the broad-based S&P 500® index. Stock selections primarily drove the fund’s outperformance versus the sector index, especially among integrated telecommunication services companies and alternative carriers – although an underweighting in this latter segment detracted. Underweighting two benchmark components: poor-performing mobile satellite provider Globalstar (-69%) and integrated telecom provider IDT (-45%) added particular value, as each struggled to turn a consistent profit partly due to idiosyncratic challenges. Conversely, stock selection among cable & satellite and wireless telecom services firms detracted versus the sector index. In particular, not holding wireless services provider and sector benchmark component Boingo Wireless (+62%) hurt relative performance, as this company's stock advanced on strong earnings growth.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Note to Shareholders:  Aligned with changes to the Global Industry Classification Standard (GICS) structure, on December 1, 2018, the fund's name will change to Fidelity Communication Services Central Fund, and its supplemental benchmark will change from the MSCI U.S. IM Telecommunication Services 25/50 Index to the MSCI U.S. IM Communication Services 25/50 Index.

Fidelity® Telecom Services Central Fund

Investment Summary (Unaudited)

Top Ten Stocks as of September 30, 2018

 % of fund's net assets 
AT&T, Inc. 22.1 
Verizon Communications, Inc. 18.3 
T-Mobile U.S., Inc. 8.2 
Vonage Holdings Corp. 3.7 
Iridium Communications, Inc. 3.5 
Comcast Corp. Class A 3.3 
Liberty Global PLC Class C 3.1 
Zayo Group Holdings, Inc. 3.1 
Liberty Broadband Corp. Class A 3.0 
Cogent Communications Group, Inc. 2.7 
 71.0 

Top Industries (% of fund's net assets)

As of September 30, 2018 
   Diversified Telecommunication Services 65.5% 
   Wireless Telecommunication Services 17.3% 
   Media 12.3% 
   Software 2.1% 
   Equity Real Estate Investment Trusts (Reits) 1.5% 
   All Others* 1.3% 


* Includes short-term investments and net other assets (liabilities).

Fidelity® Telecom Services Central Fund

Schedule of Investments September 30, 2018

Showing Percentage of Net Assets

Common Stocks - 100.0%   
 Shares Value 
Communications Equipment - 0.7%   
Communications Equipment - 0.7%   
Quantenna Communications, Inc. (a) 155,700 $2,872,665 
Diversified Telecommunication Services - 65.5%   
Alternative Carriers - 17.6%   
CenturyLink, Inc. 379,200 8,039,040 
Cogent Communications Group, Inc. 199,946 11,156,987 
Globalstar, Inc. (a)(b) 3,521,312 1,788,827 
Iliad SA 31,311 4,089,784 
Iridium Communications, Inc. (a) 640,114 14,402,565 
ORBCOMM, Inc. (a) 439,667 4,774,784 
Vonage Holdings Corp. (a) 1,055,041 14,939,381 
Zayo Group Holdings, Inc. (a) 360,926 12,531,351 
  71,722,719 
Integrated Telecommunication Services - 47.9%   
AT&T, Inc. 2,688,448 90,278,082 
Atlantic Tele-Network, Inc. 103,710 7,662,095 
Bandwidth, Inc. (a) 27,500 1,473,175 
Cincinnati Bell, Inc. (a) 433,363 6,912,140 
Consolidated Communications Holdings, Inc. (b) 510,709 6,659,645 
Frontier Communications Corp. (b) 483,417 3,137,376 
Masmovil Ibercom SA (a) 38,400 4,431,681 
Verizon Communications, Inc. 1,397,250 74,599,178 
  195,153,372 
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES  266,876,091 
Equity Real Estate Investment Trusts (REITs) - 1.5%   
Specialized REITs - 1.5%   
American Tower Corp. 27,863 4,048,494 
Equinix, Inc. 5,100 2,207,739 
  6,256,233 
Internet Software & Services - 0.6%   
Internet Software & Services - 0.6%   
Gogo, Inc. (a)(b) 423,177 2,196,289 
Media - 12.3%   
Cable & Satellite - 12.3%   
Altice U.S.A., Inc. Class A 139,472 2,530,022 
Comcast Corp. Class A 377,100 13,353,111 
DISH Network Corp. Class A (a) 36,700 1,312,392 
GCI Liberty, Inc. (a) 79,503 4,054,653 
Liberty Broadband Corp. Class A (a) 145,300 12,253,149 
Liberty Global PLC Class C (a) 451,564 12,716,042 
Liberty Latin America Ltd. (a) 96,097 1,982,481 
Megacable Holdings S.A.B. de CV unit 387,500 1,993,614 
  50,195,464 
Software - 2.1%   
Home Entertainment Software - 2.1%   
Activision Blizzard, Inc. 102,300 8,510,337 
Wireless Telecommunication Services - 17.3%   
Wireless Telecommunication Services - 17.3%   
Shenandoah Telecommunications Co. 229,015 8,874,331 
Sprint Corp. (a)(b) 1,655,142 10,824,629 
T-Mobile U.S., Inc. (a) 477,015 33,476,913 
Telephone & Data Systems, Inc. 291,580 8,872,779 
U.S. Cellular Corp. (a) 184,196 8,248,297 
  70,296,949 
TOTAL COMMON STOCKS   
(Cost $351,904,220)  407,204,028 
Money Market Funds - 2.8%   
Fidelity Cash Central Fund, 2.11% (c) 373,050 373,125 
Fidelity Securities Lending Cash Central Fund 2.11% (c)(d) 11,133,544 11,134,658 
TOTAL MONEY MARKET FUNDS   
(Cost $11,507,081)  11,507,783 
TOTAL INVESTMENT IN SECURITIES - 102.8%   
(Cost $363,411,301)  418,711,811 
NET OTHER ASSETS (LIABILITIES) - (2.8)%  (11,316,413) 
NET ASSETS - 100%  $407,395,398 

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

 (d) Investment made with cash collateral received from securities on loan.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $46,287 
Fidelity Securities Lending Cash Central Fund 546,993 
Total $593,280 

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

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

See accompanying notes which are an integral part of the financial statements.


Fidelity® Telecom Services Central Fund

Financial Statements

Statement of Assets and Liabilities

  September 30, 2018 
Assets   
Investment in securities, at value (including securities loaned of $9,589,569) — See accompanying schedule:
Unaffiliated issuers (cost $351,904,220) 		$407,204,028  
Fidelity Central Funds (cost $11,507,081) 11,507,783  
Total Investment in Securities (cost $363,411,301)  $418,711,811 
Receivable for fund shares sold  223,432 
Dividends receivable  40,428 
Distributions receivable from Fidelity Central Funds  25,043 
Total assets  419,000,714 
Liabilities   
Payable for fund shares redeemed $471,152  
Other payables and accrued expenses 4,389  
Collateral on securities loaned 11,129,775  
Total liabilities  11,605,316 
Net Assets  $407,395,398 
Net Assets consist of:   
Paid in capital  $357,813,228 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (5,718,283) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  55,300,453 
Net Assets, for 2,161,390 shares outstanding  $407,395,398 
Net Asset Value, offering price and redemption price per share ($407,395,398 ÷ 2,161,390 shares)  $188.49 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Year ended September 30, 2018 
Investment Income   
Dividends  $7,612,375 
Non-Cash dividends  2,502,369 
Income from Fidelity Central Funds (including $546,993 from security lending)  593,280 
Total income  10,708,024 
Expenses   
Custodian fees and expenses $9,252  
Independent directors' fees and expenses 1,746  
Interest 274  
Miscellaneous 7  
Total expenses before reductions 11,279  
Expense reductions (538)  
Total expenses after reductions  10,741 
Net investment income (loss)  10,697,283 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 5,635,590  
Redemptions in-kind with affiliated entities 29,760,814  
Fidelity Central Funds 2,718  
Foreign currency transactions (75)  
Total net realized gain (loss)  35,399,047 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (18,533,594)  
Fidelity Central Funds (6,134)  
Assets and liabilities in foreign currencies (8)  
Total change in net unrealized appreciation (depreciation)  (18,539,736) 
Net gain (loss)  16,859,311 
Net increase (decrease) in net assets resulting from operations  $27,556,594 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Year ended September 30, 2018 Year ended September 30, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $10,697,283 $9,725,365 
Net realized gain (loss) 35,399,047 29,762,911 
Change in net unrealized appreciation (depreciation) (18,539,736) (10,613,717) 
Net increase (decrease) in net assets resulting from operations 27,556,594 28,874,559 
Distributions to shareholders from net investment income (12,286,003) (9,203,456) 
Distributions to shareholders from net realized gain (31,019,369) (3,625,582) 
Total distributions (43,305,372) (12,829,038) 
Affiliated share transactions   
Proceeds from sales of shares 136,943,118 35,075,340 
Reinvestment of distributions 43,305,372 12,828,118 
Cost of shares redeemed (136,671,112) (68,479,567) 
Net increase (decrease) in net assets resulting from share transactions 43,577,378 (20,576,109) 
Total increase (decrease) in net assets 27,828,600 (4,530,588) 
Net Assets   
Beginning of period 379,566,798 384,097,386 
End of period $407,395,398 $379,566,798 
Other Information   
Undistributed net investment income end of period $– $474,822 
Shares   
Sold 777,149 181,306 
Issued in reinvestment of distributions 239,963 66,434 
Redeemed (763,009) (346,490) 
Net increase (decrease) 254,103 (98,750) 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Telecom Services Central Fund

      
Years ended September 30, 2018 2017 2016 2015 2014 
Selected Per–Share Data      
Net asset value, beginning of period $199.01 $191.47 $155.23 $163.86 $155.95 
Income from Investment Operations      
Net investment income (loss)A 5.12B 4.88 4.49 3.75 7.09C 
Net realized and unrealized gain (loss) 7.10 9.03 36.05 (8.58) 7.91 
Total from investment operations 12.22 13.91 40.54 (4.83) 15.00 
Distributions from net investment income (5.99) (4.62) (4.30) (3.80) (7.09) 
Distributions from net realized gain (16.75) (1.76) – – – 
Total distributions (22.74) (6.37)D (4.30) (3.80) (7.09) 
Net asset value, end of period $188.49 $199.01 $191.47 $155.23 $163.86 
Total ReturnE 6.95% 7.41% 26.33% (3.10)% 9.75% 
Ratios to Average Net AssetsF,G      
Expenses before reductions - %H .01% .01% - %H .01% 
Expenses net of fee waivers, if any - %H .01% .01% - %H .01% 
Expenses net of all reductions - %H .01% .01% - %H .01% 
Net investment income (loss) 2.84%B 2.48% 2.51% 2.24% 4.35%C 
Supplemental Data      
Net assets, end of period (000 omitted) $407,395 $379,567 $384,097 $277,097 $286,592 
Portfolio turnover rateI 75%J 75%J 68% 58% 97%J 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects a large, non-recurring dividend which amounted to $1.20 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.18%.

 C Net investment income per share reflects a large, non-recurring dividend which amounted to $3.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.51%.

 D Total distributions of 6.37 per share is comprised of distributions from net investment income of $4.618 and distributions from net realized gain of $1.755 per share.

 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 Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

 H Amount represents less than .005%.

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 J Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Fidelity® Utilities Central Fund

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended September 30, 2018 Past 1 year Past 5 years Past 10 years 
Fidelity® Utilities Central Fund 12.46% 12.14% 11.34% 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Utilities Central Fund on September 30, 2008.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.


Period Ending Values
$29,275Fidelity® Utilities Central Fund
$30,962S&P 500® Index

Fidelity® Utilities Central Fund

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index gained 17.91% for the year ending September 30, 2018, as the U.S. equity bellwether overcame heightened volatility early on to end the period just shy of its record closing high. In late January, stocks began a sharp retreat amid concern that rising inflation and the potential for the economy to overheat would prompt the U.S. Federal Reserve to pick up the pace of interest rate hikes. In February, the index posted its first negative monthly result since October 2016, and then lost further ground in March on fear related to global trade. The market stabilized in April and turned upward through mid-June, when trade tension between the U.S. and China soured investor sentiment. Uncertainty lingered into July, but strong corporate earnings helped the S&P 500 rise 7.71% in the final three months of the period. For the full 12 months, growth handily topped value, extending a trend that began in early 2017. By sector, information technology (+38%) led the way amid strong earnings growth from several major index constituents. Consumer discretionary was close behind, with its 36% gain driven mainly by retailers. Health care was the only other group to top the broader market, rising 18%. Energy (+14%) moved higher alongside oil prices but nonetheless trailed the index, as did communication services (+12%). At the back of the pack were materials (+4%) and two defensive sectors that struggled amid investors’ preference for risk: utilities (+3%) and consumer staples (+3%).

Comments from Portfolio Manager Douglas Simmons:  For the year, the fund returned 12.46%, significantly outpacing the 4.35% return of its sector benchmark, the MSCI IMI U.S. Utilities 25/50 Index, but lagging the 17.91% return of the broadly based S&P 500®. Utilities performed well for much of the period, driven by their perception as being more defensive, conservative investments. Security selection largely drove the fund's outperformance of the sector index, although market selections, especially overweighting independent power producers & energy traders, also helped. Choices among electric utilities, including the fund’s sizable position in NextEra Energy (+17%) added notable value. NextEra Energy is one of the biggest investors in wind and solar project in North America, deriving roughly 40% of its electric capacity from wind and solar power generation. Elsewhere, an overweighting in independent power producers NRG Energy (+47%) and AES (+33%) contributed. Conversely, stock picks among cable & satellite companies, a group outside the sector benchmark, detracted. Most notably, the fund's stake in cable provider Comcast (-13%) dragged on the fund’s relative result, as the company's aggressive bidding for Britain's cable provider Sky weighed on Comcast's stock price.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Fidelity® Utilities Central Fund

Investment Summary (Unaudited)

Top Ten Stocks as of September 30, 2018

 % of fund's net assets 
NextEra Energy, Inc. 8.2 
PG&E Corp. 7.1 
Exelon Corp. 6.6 
Dominion Resources, Inc. 6.6 
Public Service Enterprise Group, Inc. 6.3 
FirstEnergy Corp. 5.9 
Edison International 5.1 
Evergy, Inc. 4.8 
Sempra Energy 4.8 
Southern Co. 4.5 
 59.9 

Top Industries (% of fund's net assets)

As of September 30, 2018 
   Electric Utilities 62.6% 
   Multi-Utilities 24.1% 
   Independent Power and Renewable Electricity Producers 4.9% 
   Equity Real Estate Investment Trusts (Reits) 2.7% 
   Gas Utilities 2.7% 
   All Others* 3.0% 


* Includes short-term investments and net other assets (liabilities).

Fidelity® Utilities Central Fund

Schedule of Investments September 30, 2018

Showing Percentage of Net Assets

Common Stocks - 99.8%   
 Shares Value 
Electric Utilities - 62.6%   
Electric Utilities - 62.6%   
American Electric Power Co., Inc. 310,300 $21,994,064 
Duke Energy Corp. 162,292 12,986,606 
Edison International 473,900 32,073,552 
El Paso Electric Co. 92,900 5,313,880 
Entergy Corp. 289,100 23,454,683 
Evergy, Inc. 549,613 30,184,746 
Eversource Energy 303,700 18,659,328 
Exelon Corp. 946,945 41,343,619 
FirstEnergy Corp. 998,640 37,119,449 
NextEra Energy, Inc. 305,065 51,128,894 
PG&E Corp. 960,839 44,208,202 
Pinnacle West Capital Corp. 102,000 8,076,360 
PPL Corp. 746,474 21,841,829 
Southern Co. 642,500 28,013,000 
Vistra Energy Corp. (a) 621,208 15,455,655 
  391,853,867 
Equity Real Estate Investment Trusts (REITs) - 2.7%   
Specialized REITs - 2.7%   
InfraReit, Inc. 788,502 16,676,817 
Gas Utilities - 2.7%   
Gas Utilities - 2.7%   
Chesapeake Utilities Corp. 17,444 1,463,552 
South Jersey Industries, Inc. 437,400 15,427,098 
  16,890,650 
Independent Power and Renewable Electricity Producers - 4.9%   
Independent Power Producers & Energy Traders - 2.9%   
NRG Energy, Inc. 231,943 8,674,668 
NRG Yield, Inc. Class C 256,000 4,928,000 
The AES Corp. 319,894 4,478,516 
  18,081,184 
Renewable Electricity - 2.0%   
NextEra Energy Partners LP 254,736 12,354,696 
TOTAL INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS  30,435,880 
Media - 1.7%   
Cable & Satellite - 1.7%   
Comcast Corp. Class A 309,700 10,966,477 
Multi-Utilities - 24.1%   
Multi-Utilities - 24.1%   
Avangrid, Inc. 204,291 9,791,668 
Dominion Resources, Inc. 584,100 41,050,548 
NiSource, Inc. 402,400 10,027,808 
Public Service Enterprise Group, Inc. 744,800 39,317,992 
SCANA Corp. 522,323 20,313,141 
Sempra Energy 263,323 29,952,991 
  150,454,148 
Oil, Gas & Consumable Fuels - 1.1%   
Oil & Gas Storage & Transport - 1.1%   
Cheniere Energy, Inc. (a) 103,532 7,194,439 
TOTAL COMMON STOCKS   
(Cost $534,149,849)  624,472,278 
Money Market Funds - 0.2%   
Fidelity Cash Central Fund, 2.11% (b)   
(Cost $1,118,338) 1,118,115 1,118,338 
TOTAL INVESTMENT IN SECURITIES - 100.0%   
(Cost $535,268,187)  625,590,616 
NET OTHER ASSETS (LIABILITIES) - 0.0%  (153,392) 
NET ASSETS - 100%  $625,437,224 

Legend

 (a) Non-income producing

 (b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm,are available on the SEC's website or upon request.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $153,563 
Fidelity Securities Lending Cash Central Fund 5,472 
Total $159,035 

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

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

See accompanying notes which are an integral part of the financial statements.


Fidelity® Utilities Central Fund

Financial Statements

Statement of Assets and Liabilities

  September 30, 2018 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $534,149,849) 		$624,472,278  
Fidelity Central Funds (cost $1,118,338) 1,118,338  
Total Investment in Securities (cost $535,268,187)  $625,590,616 
Receivable for investments sold  2,720,215 
Receivable for fund shares sold  313,052 
Dividends receivable  1,277,379 
Distributions receivable from Fidelity Central Funds  12,241 
Other receivables  689 
Total assets  629,914,192 
Liabilities   
Payable for investments purchased $3,861,979  
Payable for fund shares redeemed 610,970  
Other payables and accrued expenses 4,019  
Total liabilities  4,476,968 
Net Assets  $625,437,224 
Net Assets consist of:   
Paid in capital  $496,730,574 
Undistributed net investment income  2,669,884 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  35,714,770 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  90,321,996 
Net Assets, for 3,285,883 shares outstanding  $625,437,224 
Net Asset Value, offering price and redemption price per share ($625,437,224 ÷ 3,285,883 shares)  $190.34 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Year ended September 30, 2018 
Investment Income   
Dividends  $16,479,157 
Income from Fidelity Central Funds (including $5,472 from security lending)  159,035 
Total income  16,638,192 
Expenses   
Custodian fees and expenses $8,520  
Independent directors' fees and expenses 2,586  
Miscellaneous 11  
Total expenses before reductions 11,117  
Expense reductions (354)  
Total expenses after reductions  10,763 
Net investment income (loss)  16,627,429 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 48,313,430  
Redemptions in-kind with affiliated entities 23,415,877  
Fidelity Central Funds (110)  
Foreign currency transactions 3,944  
Total net realized gain (loss)  71,733,141 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (17,661,711)  
Fidelity Central Funds (769)  
Assets and liabilities in foreign currencies (393)  
Total change in net unrealized appreciation (depreciation)  (17,662,873) 
Net gain (loss)  54,070,268 
Net increase (decrease) in net assets resulting from operations  $70,697,697 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Year ended September 30, 2018 Year ended September 30, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $16,627,429 $14,082,345 
Net realized gain (loss) 71,733,141 23,807,933 
Change in net unrealized appreciation (depreciation) (17,662,873) 35,526,805 
Net increase (decrease) in net assets resulting from operations 70,697,697 73,417,083 
Distributions to shareholders from net investment income (15,349,761) (12,188,641) 
Distributions to shareholders from net realized gain (31,029,277) – 
Total distributions (46,379,038) (12,188,641) 
Affiliated share transactions   
Proceeds from sales of shares 207,343,028 46,589,917 
Reinvestment of distributions 46,379,038 12,188,125 
Cost of shares redeemed (153,927,139) (81,725,834) 
Net increase (decrease) in net assets resulting from share transactions 99,794,927 (22,947,792) 
Total increase (decrease) in net assets 124,113,586 38,280,650 
Net Assets   
Beginning of period 501,323,638 463,042,988 
End of period $625,437,224 $501,323,638 
Other Information   
Undistributed net investment income end of period $2,669,884 $1,827,201 
Shares   
Sold 1,181,944 281,722 
Issued in reinvestment of distributions 263,771 71,826 
Redeemed (866,220) (489,262) 
Net increase (decrease) 579,495 (135,714) 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Utilities Central Fund

      
Years ended September 30, 2018 2017 2016 2015 2014 
Selected Per–Share Data      
Net asset value, beginning of period $185.24 $162.92 $144.05 $155.14 $130.43 
Income from Investment Operations      
Net investment income (loss)A 5.36 5.08 4.73 4.36 4.11 
Net realized and unrealized gain (loss) 16.04 21.62 18.44 (11.35) 24.33 
Total from investment operations 21.40 26.70 23.17 (6.99) 28.44 
Distributions from net investment income (5.04) (4.38) (4.30) (4.10) (3.73) 
Distributions from net realized gain (11.25) – – – – 
Total distributions (16.30)B (4.38) (4.30) (4.10) (3.73) 
Net asset value, end of period $190.34 $185.24 $162.92 $144.05 $155.14 
Total ReturnC 12.46% 16.66% 16.23% (4.66)% 21.98% 
Ratios to Average Net AssetsD,E      
Expenses before reductionsF -% -% -% -% -% 
Expenses net of fee waivers, if anyF -% -% -% -% -% 
Expenses net of all reductionsF -% -% -% -% -% 
Net investment income (loss) 2.95% 2.96% 3.03% 2.78% 2.80% 
Supplemental Data      
Net assets, end of period (000 omitted) $625,437 $501,324 $463,043 $406,258 $482,971 
Portfolio turnover rateG 112%H 47%H 76% 110% 121%H 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of 16.30 per share is comprised of distributions from net investment income of 5.043 and distributions from net realized gain of 11.253 per share.

 C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

 F Amount represents less than .005%.

 G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 H 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

For the period ended September 30, 2018

1. Organization.

Fidelity Consumer Discretionary Central Fund (Consumer Discretionary), Fidelity Consumer Staples Central Fund (Consumer Staples), Fidelity Energy Central Fund (Energy), Fidelity Financials Central Fund (Financials), Fidelity Health Care Central Fund (Health Care), Fidelity Industrials Central Fund (Industrials), Fidelity Information Technology Central Fund (Information Technology), Fidelity Materials Central Fund (Materials), Fidelity Real Estate Equity Central Fund (Real Estate Equity), Fidelity Telecom Services Central Fund (Telecom Services), and Fidelity Utilities Central Fund (Utilities), collectively referred to as the Funds, are funds of Fidelity Central Investment Portfolios LLC (the LLC) and are authorized to issue an unlimited number of shares. In June 2018, the Board of Directors approved a change in the name of Fidelity Telecom Services Central Fund to Fidelity Communication Services Central Fund effective December 1, 2018. 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. Shares of each Fund are only offered to other investment companies and accounts managed by Fidelity Management & Research Company (FMR), or its affiliates (the Investing Funds). All of the Funds are non-diversified, with the exception of Financials and Health Care. The Funds invest primarily in securities of companies whose principal business activities fall within specific industries. The Funds are referred to as Fidelity Central Funds and may also invest in other Fidelity Central Funds available only to investment companies and other accounts managed by FMR and its affiliates.

2. Investments in Fidelity Central Funds.

The Funds invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Funds' Schedules of Investments list each of the Fidelity Central Funds held as of period end, if any, as an investment of each Fund, but do not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, each Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Funds' Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.

3. Significant Accounting Policies.

Each 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 – Investments 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 following summarizes the significant accounting policies of the Funds:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Directors (the Board) has delegated the day to day responsibility for the valuation of each Fund's investments to the Fair Value Committee (the Committee) established by each Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, each Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees each Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing each Fund's investments and ratifies the fair value determinations of the Committee.

Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value each Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

The following provides information on Level 3 securities held by Information Technology that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.

Asset Type Fair Value Valuation Technique(s) Unobservable Input Amount or Range/Weighted Average Impact to Valuation from an Increase in Input(a) 
Equities  $ 61,229,798 Market approach Transaction price  $5.61 - $48.77 / $32.97 Increase 
   Discount for lack of marketability 20.0% Decrease 
  Recovery value Recovery value 0.0% Increase 

 (a) Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of September 30, 2018, as well as a roll forward of Level 3 investments, is included in each applicable Fund's Schedule of Investments.

Foreign Currency. The Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and for certain Funds include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine 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. During the period, dividend income has been reduced $866,762 for Telecom Services, with a corresponding increase to net unrealized appreciation (depreciation) as a result of a change in the prior period estimate, which had no impact on the total net assets or total return of the Fund. Large, non-recurring dividends recognized by the Funds are presented separately on the Statement of Operations as "Non-Cash Dividends" or "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of September 30, 2018, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each 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 each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Energy 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. These differences resulted in distribution reclassifications for certain funds. In addition, certain Funds claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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 the short-term gain distributions from the Underlying Funds, foreign currency transactions, passive foreign investment companies (PFIC), certain foreign taxes, partnerships, redemptions in kind, and certain deemed distributions and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:

 Tax cost Gross unrealized appreciation Gross unrealized depreciation Net unrealized appreciation (depreciation) 
Consumer Discretionary $1,674,973,112 $796,606,968 $(44,510,574) $752,096,394 
Consumer Staples 1,274,708,713 145,922,653 (117,435,601) 28,487,052 
Energy 1,052,571,555 225,049,638 (29,958,925) 195,090,713 
Financials 3,105,249,986 621,283,345 (93,702,238) 527,581,107 
Health Care 2,539,386,242 906,323,992 (64,038,636) 842,285,356 
Industrials 1,838,845,332 452,565,627 (64,628,007) 387,937,620 
Information Technology 4,681,068,900 1,361,671,791 (146,763,686) 1,214,908,105 
Materials 530,885,058 56,799,797 (33,732,850) 23,066,947 
Real Estate Equity 115,580,032 13,843,341 (2,828,288) 11,015,053 
Telecom Services 369,692,459 77,277,429 (28,258,077) 49,019,352 
Utilities 537,976,674 91,358,251 (3,744,309) 87,613,942 

The tax-based components of distributable earnings as of period end were as follows for each Fund:

 Undistributed ordinary income Undistributed long-term capital gain Capital loss carryforward Net unrealized appreciation (depreciation) on securities and other investments 
Consumer Discretionary $5,894,780 $57,357,119 $– $752,052,489 
Consumer Staples 4,542,963 96,427,353 – 28,494,040 
Energy 27,897 – (15,574,507) 192,659,603 
Financials 13,892,579 139,075,993 – 527,582,525 
Health Care 3,486,333 120,879,074 – 842,287,585 
Industrials 3,059,442 79,112,248 – 387,939,114 
Information Technology 3,538,117 729,732,022 – 1,214,878,077 
Materials 1,692,230 35,878,276 – 23,064,751 
Real Estate Equity 1,214,308 2,204,545 – 11,015,053 
Telecom Services – 562,875 – 49,019,295 
Utilities 10,138,017 30,955,123 – 87,613,509 

Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

 No expiration    
 Short-term Long-term Total capital loss carryfoward 
Energy (3,447,139) (12,127,368) (15,574,507) 

Certain of the Funds intend to elect to defer to the next fiscal year capital losses recognized during the period November 1, 2017 to September 30, 2018. Loss deferrals were as follows:

 Capital losses 
Consumer Staples (23,583,745) 
Materials (6,309,744) 
Real Estate Equity (1,132,863) 

The tax character of distributions paid was as follows:

September 30, 2018    
 Ordinary Income Long-term Capital Gains Total 
Consumer Discretionary $23,569,557 $88,405,008 $111,974,565 
Consumer Staples 42,170,256 97,604,846 139,775,102 
Energy 26,596,631 4,281,872 30,878,503 
Financials 64,370,440 186,820,958 251,191,398 
Health Care 29,803,987 68,885,706 98,689,693 
Industrials 35,231,733 75,694,613 110,926,346 
Information Technology 276,897,718 317,317,554 594,215,272 
Materials 14,575,645 23,004,948 37,580,593 
Real Estate Equity 3,701,515 4,397,770 8,099,285 
Telecom Services 18,751,073 24,554,299 43,305,372 
Utilities 19,858,147 26,520,891 46,379,038 

September 30, 2017    
 Ordinary Income Long-term Capital Gains Total 
Consumer Discretionary $16,424,895 $– $16,424,895 
Consumer Staples 36,430,010 11,092,420 47,522,430 
Energy 20,000,843 – 20,000,843 
Financials 43,499,996 3,360,772 46,860,768 
Health Care 17,273,204 – 17,273,204 
Industrials 21,372,265 5,046,225 26,418,490 
Information Technology 41,132,901 4,939,340 46,072,241 
Materials 7,046,584 – 7,046,584 
Real Estate Equity 2,907,603 177,437 3,085,040 
Telecom Services 10,242,583 2,586,455 12,829,038 
Utilities 12,188,641 – 12,188,641 

Restricted Securities. The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of each applicable Fund's Schedule of Investments.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, are noted in the table below.

 Purchases ($) Sales ($) 
Consumer Discretionary 798,362,003 525,996,111 
Consumer Staples 1,190,791,170 970,181,369 
Energy 682,839,454 572,653,888 
Financials 2,128,147,278 1,612,484,420 
Health Care 2,432,145,755 2,047,505,755 
Industrials 1,598,268,966 1,209,715,153 
Information Technology 5,147,460,887 4,783,876,530 
Materials 478,903,958 413,205,450 
Real Estate Equity 57,358,628 57,611,166 
Telecom Services 301,053,295 275,473,888 
Utilities 679,189,305 611,933,235 

5. Fees and Other Transactions with Affiliates.

Management Fee and Expense Contract. FMR Co., Inc. (the investment adviser), an affiliate of FMR, provides each Fund with investment management services. The Funds do not pay any fees for these services. Pursuant to each Fund's management contract with the investment adviser, FMR pays the investment adviser a portion of the management fees it receives from the Investing Funds. In addition, under an expense contract FMR pays all other expenses of each Fund, excluding custody fees, the compensation of the independent Directors, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

Brokerage Commissions. Certain Funds placed a portion of their portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

 Amount 
Consumer Discretionary $8,284 
Consumer Staples 33,777 
Energy 15,818 
Financials 33,019 
Health Care 54,839 
Industrials 33,190 
Information Technology 116,875 
Materials 14,819 
Real Estate Equity 670 
Telecom Services 12,911 
Utilities 14,372 

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Funds, along with other registered investment companies having management contracts with FMR or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Each applicable fund's activity in this program during the period for which loans were outstanding was as follows:

 Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Consumer Discretionary Borrower $7,312,857 1.64% $2,334 
Consumer Staples Borrower 7,641,000 2.14% 453 
Information Technology Borrower 7,857,071 1.85% 5,663 
Telecom Services Borrower 7,329,000 1.34% 274 

Interfund Trades. The Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

Redemptions In-Kind. During the period, Strategic Advisers Fidelity U.S. Total Stock Fund (the Investing Fund) completed redemption in-kind transactions with each Fund. The Funds delivered investments and cash, as presented in the accompanying table. The net realized gain, as presented in the accompanying table, on investments delivered through the in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. Each Fund recognized no gain or loss for federal income tax purposes.

Details of the transactions are presented in the accompanying table:

Fund Value of Investments and Cash Delivered Redeemed Number of Shares Net Realized Gain 
Consumer Discretionary Central Fund $ 378,555,786 1,210,681 $ 155,553,360 
Consumer Staples Central Fund 252,919,327 1,264,850 65,011,527 
Energy Central Fund 236,019,145 1,770,852 75,772,210 
Financials Central Fund 648,125,061 6,136,967 211,708,985 
Health Care Central Fund 540,969,646 1,316,740 219,905,327 
Industrials Central Fund 351,576,852 1,193,404 111,073,545 
Information Technology Central Fund 990,210,766 2,179,737 407,599,634 
Materials Central Fund 95,285,035 374,592 31,881,334 
Telecom Services Central Fund 76,741,721 436,231 29,760,814 
Utilities Central Fund 105,225,234 598,211 23,415,877 

Exchanges In-Kind. During the period, VIP FundsManager 20%, VIP FundsManager 50%, VIP FundsManager 60%, VIP FundsManager 70%, and VIP FundsManager 85% (the Investing Funds) completed exchanges in-kind transactions with each Fund. The Funds received investments and cash, as presented in the accompanying table. The amount of the in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

Details of the transactions are presented in the accompanying table:

Fund Value of Investments and Cash Delivered Redeemed Number of Shares 
Consumer Discretionary Central Fund $420,009,534 1,369,492 
Consumer Staples Central Fund 278,330,010 1,338,189 
Energy Central Fund 239,961,028 1,866,239 
Financials Central Fund 575,771,740 5,505,563 
Health Care Central Fund 541,001,090 1,323,939 
Industrials Central Fund 278,038,031 959,678 
Information Technology Central Fund 1,186,541,219 2,614,448 
Materials Central Fund 126,544,324 506,522 
Telecom Services Central Fund 67,398,250 388,507 
Utilities Central Fund 117,288,521 673,607 

Prior Fiscal Year Exchanges In-Kind. During the prior period, VIP Asset Manager: Growth Portfolio and VIP Asset Manager Portfolio (the Investing Funds) completed exchange in-kind transactions with each Fund. The Investing Funds delivered investments and cash in exchange for shares of each Fund, as presented in the accompanying table. The value of investments delivered from the Investing Funds is included in proceeds from sales of shares in the accompanying Statements of Changes in Net Assets. Each Fund recognized no gain or loss for federal income tax purposes.

Details of the transactions are presented in the accompanying table:

Fund Value of Investments and Cash Delivered Exchanged Number of Shares 
Consumer Discretionary $56,561,990 227,138 
Consumer Staples 39,235,872 183,071 
Energy 34,322,119 270,083 
Financials 98,879,378 1,088,740 
Health Care 66,542,763 201,413 
Industrials 50,997,163 199,332 
Information Technology 109,126,057 339,365 
Materials 15,146,995 70,151 
Telecom Services 12,919,521 69,136 
Utilities 14,935,496 96,739 

6. Security Lending.

Certain Funds lend portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Funds. On the settlement date of the loan, each applicable Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Funds and any additional required collateral is delivered to the Funds on the next business day. The Funds or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Funds may apply collateral received from the borrower against the obligation. The Funds may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on each applicable Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented on each applicable Fund's Statement of Operations as a component of income from Fidelity Central Funds. FCM security lending activity was as follows:

 Security Lending Income From Securities Loaned to FCM Value of Securities Loaned to FCM at Period End 
Consumer Discretionary $2,530 $138,972 
Consumer Staples 597 – 
Energy 546 – 
Financials – – 
Health Care 68,896 980,331 
Industrials 474 – 
Information Technology 87,759 11,902,866 
Materials – – 
Real Estate Equity – – 
Telecom Services 14,901 – 
Utilities – – 

7. Expense Reductions.

Through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. During the period, the reduction of expenses for each Fund is noted in the table below.

Fund Custody Earnings Credits 
Consumer Discretionary $– 
Consumer Staples 199 
Energy 1,334 
Financials 1,436 
Health Care 6,042 
Industrials 796 
Information Technology 2,259 
Materials 266 
Real Estate Equity – 
Telecom Services 538 
Utilities 354 

8. Other.

The Funds' organizational documents provide former and current directors and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.

At the end of the period, mutual funds managed by FMR or its affiliates were the owners of record of all of the outstanding shares of the Funds.

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Central Investment Portfolios LLC and the Shareholders of Fidelity Consumer Discretionary Central Fund, Fidelity Consumer Staples Central Fund, Fidelity Energy Central Fund, Fidelity Financials Central Fund, Fidelity Health Care Central Fund, Fidelity Industrials Central Fund, Fidelity Information Technology Central Fund, Fidelity Materials Central Fund, Fidelity Real Estate Equity Central Fund, Fidelity Telecom Services Central Fund and Fidelity Utilities Central Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of Fidelity Consumer Discretionary Central Fund, Fidelity Consumer Staples Central Fund, Fidelity Energy Central Fund, Fidelity Financials Central Fund, Fidelity Health Care Central Fund, Fidelity Industrials Central Fund, Fidelity Information Technology Central Fund, Fidelity Materials Central Fund, Fidelity Real Estate Equity Central Fund, Fidelity Telecom Services Central Fund and Fidelity Utilities Central Fund (the "Funds"), each a fund of Fidelity Central Investment Portfolios LLC, including the schedules of investments, as of September 30, 2018, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2018, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2018, by correspondence with the custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

November 15, 2018


We have served as the auditor of one or more of the Fidelity investment companies since 1999.

Directors and Officers (Trustees and Officers)

The Trustees, Members of the Advisory Board (if any), and officers of the Fidelity Central Investment Portfolios LLC and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance.  Except for Michael E. Wiley, each of the Trustees oversees 283 funds. Mr. Wiley oversees 193 funds. 

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust.  Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee.  Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs.  The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees.  Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years. 

Each fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.

Board Structure and Oversight Function. James C. Curvey is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the funds' Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks.  The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above.  Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees.  While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees.  In addition, the Independent Trustees have worked with Fidelity to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board.  Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds.  The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees." 

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

James C. Curvey (1935)

Year of Election or Appointment: 2007

Trustee

Chairman of the Board of Trustees

Mr. Curvey also serves as Trustee of other Fidelity® funds. Mr. Curvey is Vice Chairman (2007-present) and Director of FMR LLC (diversified financial services company). In addition, Mr. Curvey is an Overseer Emeritus for the Boston Symphony Orchestra, a Director of Artis-Naples, and a Trustee of Brewster Academy in Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Research & Analysis Co. (investment adviser firm, 2009-2018), Director of Fidelity Investments Money Management, Inc. (investment adviser firm, 2009-2014) and a Director of FMR and FMR Co., Inc. (investment adviser firms, 2007-2014).

Charles S. Morrison (1960)

Year of Election or Appointment: 2014

Trustee

Mr. Morrison also serves as Trustee of other funds. He serves as President of Fidelity SelectCo, LLC (investment adviser firm, 2017-present) and Fidelity Management & Research Company (FMR) (investment adviser firm, 2016-present), a Director of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2014-present), Director of Fidelity SelectCo, LLC (investment adviser firm, 2014-present), President, Asset Management (2014-present), and is an employee of Fidelity Investments. Previously, Mr. Morrison served as Vice President of Fidelity's Fixed Income and Asset Allocation Funds (2012-2014), President, Fixed Income (2011-2014), Vice President of Fidelity's Money Market Funds (2005-2009), President, Money Market Group Leader of FMR (investment adviser firm, 2009), and Senior Vice President, Money Market Group of FMR (2004-2009). Mr. Morrison also served as Vice President of Fidelity's Bond Funds (2002-2005), certain Balanced Funds (2002-2005), and certain Asset Allocation Funds (2002-2007), and as Senior Vice President (2002-2005) of Fidelity's Bond Division.

 * Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the Fidelity Central Investment Portfolios LLC or various entities under common control with FMR. 

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund. 

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008), as a member of the Independent Directors Council (IDC) Governing Council (2010-2015), and as a member of the Board of Directors for The Brookville Center for Children’s Services, Inc. (2009-2017). Mr. Dirks is a member of the Finance Committee (2016-present), Board of Directors (2017-present) and Board of Trustees (2018-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as a Trustee of other Fidelity® funds. Mr. Donahue is President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as a Member of the Advisory Board of certain Fidelity® funds (2015-2018) and Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006), and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue serves as a Member (2007-present) and Co-Chairman (2016-present) of the Board of Directors of United Way of New York, Member of the Board of Directors of NYC Leadership Academy (2012-present) and Member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). He also served as Chairman (2010-2012) and Member of the Board of Directors (2012-2013) of Omgeo, LLC (financial services), Treasurer of United Way of New York (2012-2016), and Member of the Board of Directors of XBRL US (financial services non-profit, 2009-2012) and the International Securities Services Association (2009-2012).

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Mr. Lacy also serves as Trustee of other Fidelity® funds. Mr. Lacy serves as a Director of Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). He is a Trustee of the California Chapter of The Nature Conservancy (2015-present) and a Director of the Center for Advanced Study in the Behavioral Sciences at Stanford University (2015-present). In addition, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity) and also served as Chief Executive Officer (2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation (retail) and Chief Executive Officer and Chairman of the Board of Sears, Roebuck and Co. (retail, 2000-2005). Previously, Mr. Lacy served as Chairman (2014-2017) and a member (2010-2017) of the Board of Directors of Dave & Buster’s Entertainment, Inc. (restaurant and entertainment complexes), as Chairman (2008-2011) and a member (2006-2015) of the Board of Trustees of the National Parks Conservation Association, and as a member of the Board of Directors for The Hillman Companies, Inc. (hardware wholesalers, 2010-2014), Earth Fare, Inc. (retail grocery, 2010-2014), and The Western Union Company (global money transfer, 2006-2011).

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2004

Trustee

Chairman of the Independent Trustees

Mr. Lautenbach also serves as Trustee of other Fidelity® funds. Mr. Lautenbach currently serves as Vice Chair of the Board of Governors, State University System of Florida (2013-present) and is a member of the Council on Foreign Relations (1994-present). He is also a member and has most recently served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner and Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach also had a 30-year career with IBM (technology company) during which time he served as Senior Vice President and a member of the Corporate Executive Committee (1968-1998).

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Mr. Mauriello also serves as Trustee of other Fidelity® funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Independent Directors Council (IDC) Governing Council (2015-present). Previously, Mr. Mauriello served as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-2018).

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Ms. Small also serves as Trustee of other Fidelity® funds. Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to Mr. Smith's retirement, he served as Chairman and Chief Executive Officer of Inbrand Corp. (manufacturer of personal absorbent products, 1990-1997). He also served as President (1986-1990) of Inbrand Corp. Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank. In addition, Mr. Smith served as a Member of the Advisory Board of certain Fidelity® funds (2012-2013) and as a board member of the Jackson Hole Land Trust (2009-2012).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Mr. Thomas also serves as Trustee of other Fidelity® funds. Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present), as a member of the Board of Directors (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication), and as a member of the Board of Trustees of the University of Florida (2013-present). Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions), and a Director of Fortune Brands, Inc. (consumer products, 2000-2011).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Mr. Wiley serves as a Director of Andeavor Corporation (independent oil refiner and marketer, 2005-present), a Director of Andeavor Logistics LP (natural resources logistics, 2015-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a Trustee of other Fidelity® funds (2008-2013), as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-2013), as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-2010), as a Senior Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund. 

Advisory Board Members and Officers:

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.  Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Vicki L. Fuller (1957)

Year of Election or Appointment: 2018

Member of the Advisory Board

Ms. Fuller also serves as Member of the Advisory Board of other Fidelity® funds. Ms. Fuller serves as a member of the Board of Directors, Audit Committee, and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present). Previously, Ms. Fuller served as the Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006).

Peter S. Lynch (1944)

Year of Election or Appointment: 2004

Member of the Advisory Board

Mr. Lynch also serves as Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of FMR (investment adviser firm) and FMR Co., Inc. (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).

William S. Stavropoulos (1939)

Year of Election or Appointment: 2018

Member of the Advisory Board

Mr. Stavropoulos also serves as Member of the Advisory Board of other Fidelity® funds. Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of the Board of Directors of Univar Inc. (global distributor of commodity and specialty chemicals), a Director of Teradata Corporation (data warehousing and technology solutions), and a member of the Advisory Board for Metalmark Capital LLC (private equity investment, 2005-present). Mr. Stavropoulos is an operating advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science, a Trustee of the Rollin L. Gerstacker Foundation, and a Director of Artis-Naples in Naples, Florida. Previously, Mr. Stavropoulos served as Trustee of certain Fidelity® funds (2001-2018) and as a Director of Chemical Financial Corporation (bank holding company, 1993-2012) and Tyco International, Ltd. (multinational manufacturing and services, 2007-2012).

Carol B. Tomé (1957)

Year of Election or Appointment: 2018

Member of the Advisory Board

Ms. Tomé also serves as Member of the Advisory Board of other Fidelity® funds. Ms. Tomé is Chief Financial Officer (2001-present) and Executive Vice President of Corporate Services (2007-present) of The Home Depot, Inc. (home improvement retailer) and a Director (2003-present) and Chair of the Audit Committee (2004-present) of United Parcel Service, Inc. (package delivery and supply chain management). Previously, Ms. Tomé served as Trustee of certain Fidelity® funds (2017), Senior Vice President of Finance and Accounting/Treasurer (2000-2007) and Vice President and Treasurer (1995-2000) of The Home Depot, Inc. and Chair of the Board (2010-2012), Vice Chair of the Board (2009 and 2013), and a Director (2008-2013) of the Federal Reserve Bank of Atlanta. Ms. Tomé is also a director or trustee of many community and professional organizations.

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2018

Secretary and Chief Legal Officer (CLO)

Mr. Coffey also serves as Secretary and CLO of other funds. Mr. Coffey serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-present); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Assistant Secretary of certain funds (2009-2018) and as Vice President and Associate General Counsel of FMR LLC (2005-2009).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2017

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Global Equity Research (2016-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as President and Treasurer of certain Fidelity® funds (2013-2018). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Deputy Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Assistant Treasurer of certain Fidelity® funds (2016-2018). 

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Global Equity Research (2018-present) and is an employee of Fidelity Investments (2013-present).

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Rieco E. Mello (1969)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).

Kenneth B. Robins (1969)

Year of Election or Appointment: 2016

Chief Compliance Officer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2018) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 1, 2018 to September 30, 2018).

Actual Expenses

The first line of the accompanying table for each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each fund provides information about hypothetical account values and hypothetical expenses based on a fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

 Annualized Expense Ratio-A Beginning
Account Value
April 1, 2018 		Ending
Account Value
September 30, 2018 		Expenses Paid
During Period-B
April 1, 2018
to September 30, 2018 
Consumer Discretionary .0019%    
Actual  $1,000.00 $1,148.50 $.01 
Hypothetical-C  $1,000.00 $1,025.06 $.01 
Consumer Staples .0030%    
Actual  $1,000.00 $1,003.80 $.02 
Hypothetical-C  $1,000.00 $1,025.05 $.02 
Energy .0034%    
Actual  $1,000.00 $1,131.00 $.02 
Hypothetical-C  $1,000.00 $1,025.05 $.02 
Financials .0020%    
Actual  $1,000.00 $1,009.70 $.01 
Hypothetical-C  $1,000.00 $1,025.06 $.01 
Health Care .0034%    
Actual  $1,000.00 $1,205.50 $.02 
Hypothetical-C  $1,000.00 $1,025.05 $.02 
Industrials .0022%    
Actual  $1,000.00 $1,074.40 $.01 
Hypothetical-C  $1,000.00 $1,025.06 $.01 
Information Technology .0061%    
Actual  $1,000.00 $1,122.80 $.03 
Hypothetical-C  $1,000.00 $1,025.04 $.03 
Materials .0049%    
Actual  $1,000.00 $974.30 $.02 
Hypothetical-C  $1,000.00 $1,025.04 $.02 
Real Estate Equity .0104%    
Actual  $1,000.00 $1,109.30 $.05 
Hypothetical-C  $1,000.00 $1,025.02 $.05 
Telecom Services .0030%    
Actual  $1,000.00 $1,123.80 $.02 
Hypothetical-C  $1,000.00 $1,025.05 $.02 
Utilities .0021%    
Actual  $1,000.00 $1,096.10 $.01 
Hypothetical-C  $1,000.00 $1,025.06 $.01 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 365 (to reflect the one-half year period). The fees and expenses of the underlying Money Market Central Funds in which each Fund invests are not included in each Fund's annualized expense ratio.

 C 5% return per year before expenses

Distributions (Unaudited)

The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended September 30, 2018, or, if subsequently determined to be different, the net capital gain of such year.

Fidelity Consumer Discretionary Central Fund 83,487,511 
Fidelity Consumer Staples Central Fund 116,847,986 
Fidelity Financials Central Fund 147,440,762 
Fidelity Health Care Central Fund 136,185,190 
Fidelity Industrials Central Fund 98,613,793 
Fidelity Information Technology Central Fund 926,048,122 
Fidelity Materials Central Fund 45,354,993 
Fidelity Real Estate Equity Central Fund 2,439,514 
Fidelity Telecom Services Central Fund 2,233,523 
Fidelity Utilities Central Fund 38,931,458 

  

A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends–received deduction for corporate shareholders:

Fidelity Consumer Discretionary Central Fund  
October 2017 14% 
November 2017 14% 
December 2017 61% 
February 2018 100% 
March 2018 100% 
April 2018 100% 
May 2018 100% 
June 2018 100% 
July 2018 100% 
August 2018 100% 
September 2018 100% 
Fidelity Consumer Staples Central Fund  
October 2017 0% 
November 2017 32% 
December 2017 78% 
February 2018 100% 
March 2018 100% 
April 2018 100% 
May 2018 100% 
June 2018 100% 
July 2018 100% 
August 2018 100% 
September 2018 100% 
Fidelity Energy Central Fund  
October 2017 18% 
November 2017 18% 
December 2017 39% 
February 2018 89% 
March 2018 89% 
April 2018 89% 
May 2018 89% 
June 2018 89% 
July 2018 89% 
August 2018 89% 
September 2018 89% 
Fidelity Financials Central Fund  
October 2017 0% 
November 2017 0% 
December 2017 58% 
February 2018 85% 
March 2018 85% 
April 2018 85% 
May 2018 85% 
June 2018 85% 
July 2018 85% 
August 2018 85% 
September 2018 85% 
Fidelity Health Care Central Fund  
October 2017 0% 
November 2017 0% 
December 2017 35% 
February 2018 66% 
March 2018 66% 
April 2018 66% 
May 2018 66% 
June 2018 66% 
July 2018 66% 
August 2018 66% 
September 2018 66% 
Fidelity Industrials Central Fund  
October 2017 17% 
November 2017 0% 
December 2017 43% 
February 2018 100% 
March 2018 100% 
April 2018 100% 
May 2018 100% 
June 2018 100% 
July 2018 100% 
August 2018 100% 
September 2018 100% 
Fidelity Information Technology Central Fund  
October 2017 0% 
November 2017 0% 
December 2017 2% 
February 2018 – 
March 2018 62% 
April 2018 62% 
May 2018 62% 
June 2018 62% 
July 2018 62% 
August 2018 62% 
September 2018 62% 
Fidelity Materials Central Fund  
October 2017 0% 
November 2017 0% 
December 2017 22% 
February 2018 82% 
March 2018 82% 
April 2018 82% 
May 2018 82% 
June 2018 82% 
July 2018 82% 
August 2018 82% 
September 2018 82% 
Fidelity Real Estate Equity Central Fund  
October 2017 0% 
November 2017 0% 
December 2017 0% 
February 2018 0% 
March 2018 0% 
April 2018 0% 
May 2018 0% 
June 2018 0% 
July 2018 0% 
August 2018 0% 
September 2018 0% 
Fidelity Telecom Services Central Fund  
October 2017 0% 
November 2017 55% 
December 2017 90% 
February 2018 76% 
March 2018 76% 
April 2018 76% 
May 2018 76% 
June 2018 76% 
July 2018 76% 
August 2018 76% 
September 2018 – 
Fidelity Utilities Central Fund  
October 2017 34% 
November 2017 34% 
December 2017 59% 
February 2018 – 
March 2018 100% 
April 2018 100% 
May 2018 100% 
June 2018 100% 
July 2018 100% 
August 2018 100% 
September 2018 100% 

  

A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

Fidelity Consumer Discretionary Central Fund  
October 2017 31% 
November 2017 31% 
December 2017 69% 
February 2018 100% 
March 2018 100% 
April 2018 100% 
May 2018 100% 
June 2018 100% 
July 2018 100% 
August 2018 100% 
September 2018 100% 
Fidelity Consumer Staples Central Fund  
October 2017 0% 
November 2017 36% 
December 2017 87% 
February 2018 100% 
March 2018 100% 
April 2018 100% 
May 2018 100% 
June 2018 100% 
July 2018 100% 
August 2018 100% 
September 2018 100% 
Fidelity Energy Central Fund  
October 2017 32% 
November 2017 32% 
December 2017 52% 
February 2018 99% 
March 2018 99% 
April 2018 99% 
May 2018 99% 
June 2018 99% 
July 2018 99% 
August 2018 99% 
September 2018 99% 
Fidelity Financials Central Fund  
October 2017 0% 
November 2017 0% 
December 2017 63% 
February 2018 89% 
March 2018 89% 
April 2018 89% 
May 2018 89% 
June 2018 89% 
July 2018 89% 
August 2018 89% 
September 2018 89% 
Fidelity Health Care Central Fund  
October 2017 5% 
November 2017 5% 
December 2017 39% 
February 2018 100% 
March 2018 100% 
April 2018 100% 
May 2018 100% 
June 2018 100% 
July 2018 100% 
August 2018 100% 
September 2018 100% 
Fidelity Industrials Central Fund  
October 2017 26% 
November 2017 0% 
December 2017 48% 
February 2018 100% 
March 2018 100% 
April 2018 100% 
May 2018 100% 
June 2018 100% 
July 2018 100% 
August 2018 100% 
September 2018 100% 
Fidelity Information Technology Central Fund  
October 2017 0% 
November 2017 0% 
December 2017 2% 
February 2018 – 
March 2018 73% 
April 2018 73% 
May 2018 73% 
June 2018 73% 
July 2018 73% 
August 2018 73% 
September 2018 73% 
Fidelity Materials Central Fund  
October 2017 5% 
November 2017 5% 
December 2017 32% 
February 2018 100% 
March 2018 100% 
April 2018 100% 
May 2018 100% 
June 2018 100% 
July 2018 100% 
August 2018 100% 
September 2018 100% 
Fidelity Real Estate Equity Central Fund  
November 2017 0% 
December 2017 0% 
February 2018 0% 
March 2018 0% 
April 2018 0% 
May 2018 0% 
June 2018 0% 
July 2018 0% 
August 2018 0% 
September 2018 0% 
Fidelity Telecom Services Central Fund  
October 2017 0% 
November 2017 56% 
December 2017 90% 
February 2018 100% 
March 2018 100% 
April 2018 100% 
May 2018 100% 
June 2018 100% 
July 2018 100% 
August 2018 100% 
September 2018 – 
Fidelity Utilities Central Fund  
October 2017 33% 
November 2017 33% 
December 2017 62% 
February 2018 – 
March 2018 100% 
April 2018 100% 
May 2018 100% 
June 2018 100% 
July 2018 100% 
August 2018 100% 
September 2018 100% 

  

The funds will notify shareholders in January 2019 of amounts for use in preparing 2018 income tax returns.

Board Approval of Investment Advisory Contracts

Fidelity Consumer Discretionary Central Fund
Fidelity Consumer Staples Central Fund
Fidelity Energy Central Fund
Fidelity Financials Central Fund
Fidelity Health Care Central Fund
Fidelity Industrials Central Fund
Fidelity Information Technology Central Fund
Fidelity Materials Central Fund
Fidelity Real Estate Equity Central Fund
Fidelity Telecom Services Central Fund
Fidelity Utilities Central Fund

At its July 2018 meeting, the Board of Directors, including the Independent Directors (together, the Board), voted to continue the management contracts with FMR Co., Inc. (FMRC) and the sub-advisory agreements (together, the Advisory Contracts) for the funds for six months through January 31, 2019, in connection with the reunification of the Fidelity Equity High Income Funds Board, which oversees the funds, and the Sector Portfolios Board.

The Board considered that the approval of the funds' Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the funds' assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the funds' Advisory Contracts; or (iv) the day-to-day management of each fund or the persons primarily responsible for such management. The Board concluded that the funds' Advisory Contracts are fair and reasonable, and that the funds' Advisory Contracts should be renewed, without modification, through January 31, 2019, with the understanding that the Board will consider the annual renewal for a full one year period in January 2019.

In connection with its consideration of future renewals of the funds' Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for each fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing each fund and its shareholders, to the extent applicable, as well as potential fall-out benefits from Fidelity's non-fund businesses; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the funds) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the funds' management fee structures are fair and reasonable, and that the continuation of the funds' Advisory Contracts should be approved.





Fidelity Investments

ESCIP-ANN-1118
1.831584.112

Fidelity® International Equity Central Fund



Annual Report

September 30, 2018



Fidelity Investments


Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Directors and Officers (Trustees and Officers)

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts


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. © 2018 FMR LLC. All rights reserved.



A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.



Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended September 30, 2018 Past 1 year Past 5 years Past 10 years 
Fidelity® International Equity Central Fund 2.30% 4.91% 5.44% 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® International Equity Central Fund on September 30, 2008.

The chart shows how the value of your investment would have changed, and also shows how the MSCI World ex USA Index performed over the same period.


Period Ending Values
$16,986Fidelity® International Equity Central Fund
$16,845MSCI World ex USA Index

Management's Discussion of Fund Performance

Market Recap:  The MSCI ACWI (All Country World Index) ex USA Index gained 1.94% for the 12 months ending September 30, 2018. Global economic growth became somewhat less synchronous due to escalating trade conflicts, as well as concerns about inflation, decelerating manufacturing activity, the strength of the U.S. dollar and signs of more-mature expansion in some key regions, particularly later in the period. For the full 12 months, Japan gained about 11%, outperforming the rest of the Asia-Pacific region (+4%). Crude-oil commodity-price strength provided support for Canada (+3%). Europe and emerging markets each turned in a modestly negative result, with the latter category hampered by currency headwinds that weighed heavily on Argentina and Turkey. From a sector perspective, 6 of 11 groups advanced. Energy (+19%) led the way amid higher crude prices, largely driven by declining global inventories as demand outpaced supply. Health care (+8%) and materials (+6%) also topped the broader market, as did information technology (+5%). Conversely, notable laggards included some defensive, yield-oriented segments of the market, such as real estate (-2%) and utilities (-1%), that were held back by rising interest rates. The newly reconstituted communication services sector returned -4%, while financials (-2%) and consumer discretionary (-1%) also lost ground.

Comments from Portfolio Manager Steven Kaye:  For the year, the fund gained 2.30%, trailing the 2.90% return of its benchmark, the MSCI World ex US Index.Versus the benchmark, security selection hurt, especially within communication services and consumer staples. Market allocations detracted to a lesser degree. Geographically, picks in the U.K. and Australia hurt notably, as did non-benchmark holdings in the U.S., including advertising and marketing firm MDC Partners. The stock fell the most in May, after the firm announced it was unlikely to hit its goal of increasing organic growth by 4% in 2018. Overweightings in French manufacturing firm Saint-Gobain and U.K.-based British American Tobacco also detracted. Conversely, choices in Europe ex U.K. added value. Among individual stocks, shares of Japan-based staffing firm Recruit contributed more than any other fund position, benefiting from strong revenue and its June acquisition of salaries and jobs website Glassdoor.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Notes to shareholders:  On November 1, 2018, Faris Rahman, Allyson Ke and Jennifer Moon all became Co-Managers for the fund. Grace Anne-Wood is no longer a Co-Manager for the fund. Effective August 29, 2018: John McHale is no longer a Co-Manager for the fund. On July 31, 2018, Nathan Strik assumed co-management responsibilities for the fund, succeeding Ashley Fernandes. Effective June 30, 2018: Sumit Mehra is no longer a Co-Manager for the fund. On October 31, 2017, Masaki Nakamura and Guillermo de las Casas assumed co-management responsibilities, succeeding Andrew Sergeant.

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of September 30, 2018 
   Japan 19.2% 
   United Kingdom 16.7% 
   France 10.1% 
   Germany 8.3% 
   Canada 6.2% 
   Switzerland 6.0% 
   United States of America* 5.3% 
   Netherlands 4.1% 
   Spain 2.5% 
   Other 21.6% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of September 30, 2018

 % of fund's net assets 
Stocks and Equity Futures 97.5 
Short-Term Investments and Net Other Assets (Liabilities) 2.5 

Top Ten Stocks as of September 30, 2018

 % of fund's net assets 
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) 1.9 
BP PLC (United Kingdom, Oil, Gas & Consumable Fuels) 1.5 
British American Tobacco PLC (United Kingdom) 1.4 
Deutsche Post AG (Germany, Air Freight & Logistics) 1.3 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals) 1.3 
Royal Bank of Canada (Canada, Banks) 1.3 
Total SA (France, Oil, Gas & Consumable Fuels) 1.2 
Nestle SA (Reg. S) (Switzerlang, Food Products) 1.2 
Linde AG (Germany, Chemicals) 1.2 
Recruit Holdings Co. Ltd. (Japan, Professional Services) 1.2 
 13.5 

Top Market Sectors as of September 30, 2018

 % of fund's net assets 
Financials 21.7 
Industrials 14.2 
Consumer Discretionary 11.9 
Consumer Staples 10.1 
Health Care 10.0 
Materials 7.5 
Energy 7.3 
Information Technology 6.1 
Utilities 3.1 
Real Estate 2.9 

Schedule of Investments September 30, 2018

Showing Percentage of Net Assets

Common Stocks - 96.8%   
 Shares Value 
Australia - 2.0%   
Abacus Property Group unit 2,470,075 $6,088,534 
Aub Group Ltd. 629,399 6,060,081 
Australia & New Zealand Banking Group Ltd. 502,222 10,230,218 
Commonwealth Bank of Australia 501,036 25,862,836 
HUB24 Ltd. 427,869 3,934,107 
TOTAL AUSTRALIA  52,175,776 
Austria - 0.8%   
Erste Group Bank AG 511,391 21,244,394 
Bailiwick of Jersey - 1.5%   
Glencore Xstrata PLC 5,260,081 22,741,318 
Randgold Resources Ltd. 73,100 5,170,263 
Shire PLC 212,200 12,820,253 
TOTAL BAILIWICK OF JERSEY  40,731,834 
Belgium - 2.3%   
Anheuser-Busch InBev SA NV 215,416 18,856,563 
KBC Groep NV 261,185 19,438,251 
Umicore SA 382,064 21,367,991 
TOTAL BELGIUM  59,662,805 
Bermuda - 0.2%   
Cheung Kong Infrastructure Holdings Ltd. 550,860 4,362,774 
Brazil - 0.1%   
Notre Dame Intermedica Participacoes SA 425,000 2,775,068 
Canada - 6.2%   
Barrick Gold Corp. 512,600 5,671,083 
Canadian Natural Resources Ltd. 150,900 4,930,113 
Cenovus Energy, Inc. (Canada) 1,190,800 11,957,323 
Great-West Lifeco, Inc. 334,600 8,118,580 
Hydro One Ltd. (a) 250,800 3,813,504 
Imperial Oil Ltd. 183,300 5,931,901 
Intact Financial Corp. 202,300 16,821,136 
Kinder Morgan Canada Ltd. (a) 386,700 5,098,518 
Lundin Mining Corp. 1,497,500 7,930,089 
MDC Partners, Inc. Class A (b) 1,418,300 5,885,945 
Royal Bank of Canada 410,800 32,930,153 
Suncor Energy, Inc. 627,700 24,288,659 
TELUS Corp. 139,420 5,138,998 
The Toronto-Dominion Bank 438,200 26,628,203 
TOTAL CANADA  165,144,205 
Cayman Islands - 0.3%   
Alibaba Group Holding Ltd. sponsored ADR (b) 23,700 3,904,812 
Tencent Holdings Ltd. 88,000 3,593,113 
TOTAL CAYMAN ISLANDS  7,497,925 
China - 0.3%   
PICC Property & Casualty Co. Ltd. (H Shares) 5,785,000 6,828,182 
Denmark - 1.2%   
A.P. Moller - Maersk A/S Series B 17,800 25,006,703 
Jyske Bank A/S (Reg.) 115,100 5,574,991 
TOTAL DENMARK  30,581,694 
Finland - 0.7%   
Stora Enso Oyj (R Shares) 937,900 17,940,431 
France - 10.1%   
Capgemini SA 61,700 7,765,428 
Christian Dior SA 17,600 7,540,323 
Compagnie de St. Gobain 675,400 29,110,405 
Danone SA 237,411 18,450,444 
ENGIE 504,080 7,412,344 
Iliad SA 9 1,176 
Ipsen SA 59,000 9,919,082 
Kering SA 38,600 20,691,792 
LVMH Moet Hennessy - Louis Vuitton SA 76,045 26,872,097 
Remy Cointreau SA 61,909 8,064,874 
Sanofi SA 252,255 22,538,285 
Societe Generale Series A 465,519 19,989,575 
Suez Environnement SA 267,591 3,802,803 
Total SA 500,353 32,533,330 
Total SA rights (b)(c)(d) 500,353 371,798 
Veolia Environnement SA 215,500 4,301,046 
VINCI SA 327,394 31,148,205 
Vivendi SA 147,740 3,799,438 
Wendel SA 89,946 13,388,157 
TOTAL FRANCE  267,700,602 
Germany - 7.8%   
Akasol AG 11,164 618,674 
BASF AG 215,147 19,090,679 
Bayer AG 134,738 11,951,351 
Deutsche Borse AG 109,450 14,634,199 
Deutsche Post AG 1,005,631 35,754,540 
Deutsche Telekom AG 1,007,030 16,211,809 
E.ON AG 623,868 6,348,321 
Fresenius SE & Co. KGaA 55,000 4,038,364 
LEG Immobilien AG 72,459 8,602,141 
Linde AG 135,000 31,928,294 
Morphosys AG sponsored ADR 105,000 2,803,500 
ProSiebenSat.1 Media AG 514,749 13,336,132 
RWE AG 232,930 5,746,922 
SAP SE 227,659 27,993,762 
Scout24 AG (a) 152,590 7,114,931 
TOTAL GERMANY  206,173,619 
Hong Kong - 2.3%   
AIA Group Ltd. 2,584,600 23,078,112 
China Resources Beer Holdings Co. Ltd. 1,653,333 6,642,182 
CLP Holdings Ltd. 588,460 6,889,365 
Dah Sing Banking Group Ltd. 2,595,200 5,218,015 
Dah Sing Financial Holdings Ltd. 899,600 5,763,020 
Hysan Development Co. Ltd. 1,298,000 6,557,691 
Sino Land Ltd. 4,190,000 7,182,842 
TOTAL HONG KONG  61,331,227 
Hungary - 0.4%   
OTP Bank PLC 303,800 11,258,984 
India - 0.5%   
Axis Bank Ltd. (b) 1,457,397 12,325,868 
Indonesia - 0.2%   
PT Bank Danamon Indonesia Tbk Series A 6,479,800 3,130,863 
PT Bank Rakyat Indonesia Tbk 15,355,500 3,245,970 
TOTAL INDONESIA  6,376,833 
Ireland - 2.4%   
Greencore Group PLC 4,266,447 10,293,202 
Irish Residential Properties REIT PLC 4,270,400 7,328,143 
James Hardie Industries PLC CDI 1,296,987 19,650,567 
Ryanair Holdings PLC sponsored ADR (b) 276,680 26,572,347 
TOTAL IRELAND  63,844,259 
Italy - 0.8%   
Banca Generali SpA 426,184 11,024,610 
Enel SpA 1,918,936 9,808,691 
TOTAL ITALY  20,833,301 
Japan - 19.2%   
Advance Residence Investment Corp. 3,391 8,661,047 
AEON Financial Service Co. Ltd. 281,900 5,837,975 
Bandai Namco Holdings, Inc. 528,010 20,517,199 
Chubu Electric Power Co., Inc. 284,910 4,309,257 
Chugai Pharmaceutical Co. Ltd. 221,300 14,218,359 
Daikin Industries Ltd. 160,700 21,389,754 
DaikyoNishikawa Corp. 921,900 10,653,535 
Hakuhodo DY Holdings, Inc. 665,100 11,666,470 
Honda Motor Co. Ltd. 616,400 18,563,663 
Hoya Corp. 352,300 20,929,634 
Ichigo, Inc. 1,638,200 6,142,169 
Iida Group Holdings Co. Ltd. 493,200 8,772,727 
JSR Corp. 854,700 15,955,102 
Keyence Corp. 20,550 11,933,542 
Makita Corp. 563,200 28,204,612 
Minebea Mitsumi, Inc. 557,700 10,111,442 
Mitsubishi UFJ Financial Group, Inc. 3,176,300 19,733,376 
Money Forward, Inc. (c) 70,100 3,115,693 
Nidec Corp. 50,900 7,322,307 
Nintendo Co. Ltd. 32,300 11,751,820 
Nippon Paint Holdings Co. Ltd. 206,300 7,698,574 
Nippon Telegraph & Telephone Corp. 271,150 12,237,093 
ORIX Corp. 874,800 14,182,200 
Panasonic Corp. 1,745,700 20,234,808 
Recruit Holdings Co. Ltd. 956,500 31,922,619 
Renesas Electronics Corp. (b) 952,400 5,951,452 
SMC Corp. 54,700 17,504,770 
SoftBank Corp. 68,740 6,867,097 
Sony Corp. 507,900 30,874,063 
Sony Financial Holdings, Inc. 273,600 6,029,699 
Suzuki Motor Corp. 342,000 19,589,298 
Takeda Pharmaceutical Co. Ltd. (c) 220,000 9,406,771 
TDK Corp. 63,500 6,924,529 
Terumo Corp. 215,000 12,734,994 
Tokio Marine Holdings, Inc. 205,500 10,195,419 
Tokyo Gas Co. Ltd. 187,024 4,596,590 
Toyota Boshoku Corp. 497,100 9,279,608 
VT Holdings Co. Ltd. 786,300 3,474,059 
Welcia Holdings Co. Ltd. 166,400 9,431,579 
Yahoo! Japan Corp. 2,573,300 9,263,155 
TOTAL JAPAN  508,188,060 
Korea (South) - 0.3%   
Cafe24 Corp. (b) 29,000 3,909,596 
S-Fuelcell Co. Ltd. (b)(d) 16,300 242,367 
Samsung Electro-Mechanics Co. Ltd. 27,510 3,445,939 
TOTAL KOREA (SOUTH)  7,597,902 
Luxembourg - 0.2%   
Tenaris SA 330,800 5,540,056 
Netherlands - 4.1%   
Adyen BV (a) 7,477 6,102,863 
ASML Holding NV (Netherlands) 87,878 16,499,498 
ASR Nederland NV 186,908 8,910,411 
Ferrari NV (c) 18,300 2,505,453 
Koninklijke Philips Electronics NV 400,585 18,259,259 
NIBC Holding NV 956,036 9,209,716 
NXP Semiconductors NV 97,200 8,310,600 
Unilever NV:   
(Certificaten Van Aandelen) (Bearer) 424,825 23,630,818 
(NY Reg.) 252,700 14,037,485 
TOTAL NETHERLANDS  107,466,103 
Norway - 0.7%   
Aker Bp ASA 146,100 6,200,331 
Equinor ASA 450,669 12,708,160 
TOTAL NORWAY  18,908,491 
Portugal - 0.2%   
Galp Energia SGPS SA Class B 307,824 6,107,950 
Singapore - 1.1%   
Parkway Life REIT 4,917,900 9,713,127 
United Overseas Bank Ltd. 628,813 12,456,206 
UOL Group Ltd. 1,134,500 5,717,936 
TOTAL SINGAPORE  27,887,269 
South Africa - 0.7%   
Naspers Ltd. Class N 90,800 19,594,372 
Spain - 2.5%   
Atresmedia Corporacion de Medios de Comunicacion SA (c) 1,137,100 7,063,230 
CaixaBank SA 4,743,574 21,573,406 
Cellnex Telecom Sau (a) 174,210 4,577,291 
Endesa SA 205,440 4,438,971 
Gas Natural SDG SA (c) 196,970 5,376,549 
Grifols SA ADR 373,650 7,984,901 
Iberdrola SA 498,583 3,668,940 
Masmovil Ibercom SA (b) 82,344 9,503,187 
Melia Hotels International SA 256,300 2,868,643 
TOTAL SPAIN  67,055,118 
Sweden - 2.4%   
D. Carnegie & Co. AB (b) 431,800 8,269,276 
Essity AB Class B 281,800 7,083,525 
HEXPOL AB (B Shares) 598,530 6,599,899 
Lundin Petroleum AB 181,673 6,954,245 
Nordea Bank AB 1,436,724 15,658,245 
Radisson Hospitality AB (b) 4,816,350 19,753,354 
TOTAL SWEDEN  64,318,544 
Switzerland - 6.0%   
Credit Suisse Group AG 1,416,218 21,251,005 
Lonza Group AG 45,000 15,360,709 
Nestle SA (Reg. S) 386,038 32,132,501 
Roche Holding AG (participation certificate) 207,010 50,058,213 
Sonova Holding AG Class B 49,200 9,790,870 
Zurich Insurance Group AG 93,106 29,428,858 
TOTAL SWITZERLAND  158,022,156 
United Kingdom - 16.7%   
AstraZeneca PLC (United Kingdom) 437,000 34,061,567 
BP PLC 5,173,200 39,651,254 
British American Tobacco PLC:   
(United Kingdom) 436,325 20,341,687 
sponsored ADR 358,800 16,730,844 
BT Group PLC 1 3 
Bunzl PLC 888,814 27,954,127 
Conviviality PLC (e) 451,097 6 
Diageo PLC 685,684 24,292,475 
Great Portland Estates PLC 513,906 4,481,800 
HSBC Holdings PLC (United Kingdom) 1,150,100 10,035,068 
Imperial Tobacco Group PLC 125,941 4,384,487 
Informa PLC 22,430 222,831 
International Personal Finance PLC 2,554,345 7,491,000 
John David Group PLC 1,613,300 9,653,841 
Liberty Global PLC Class A (b) 199,124 5,760,657 
Melrose Industries PLC 6,189,009 16,125,442 
Micro Focus International PLC 338,430 6,293,734 
Moneysupermarket.com Group PLC 4,988,692 18,134,806 
Prudential PLC 1,108,243 25,409,849 
Reckitt Benckiser Group PLC 183,600 16,771,864 
Rolls-Royce Holdings PLC 1,995,075 25,667,435 
Royal Dutch Shell PLC:   
Class A (United Kingdom) 482,642 16,549,053 
Class B (United Kingdom) 334,314 11,703,187 
Scottish & Southern Energy PLC 361,359 5,396,484 
Senior Engineering Group PLC 4,060,400 16,522,640 
Standard Chartered PLC (United Kingdom) 2,618,735 21,721,982 
Standard Life PLC 2,413,057 9,621,101 
The Weir Group PLC 999,971 22,978,276 
Virgin Money Holdings Uk PLC 2,109,571 10,550,272 
Vodafone Group PLC 2,366,122 5,069,707 
William Hill PLC 2,275,100 7,475,686 
TOTAL UNITED KINGDOM  441,053,165 
United States of America - 2.6%   
Chevron Corp. 46,700 5,710,476 
Constellation Brands, Inc. Class A (sub. vtg.) 39,600 8,538,552 
Edgewell Personal Care Co. (b) 75,700 3,499,611 
Freeport-McMoRan, Inc. 678,300 9,441,936 
International Flavors & Fragrances, Inc. 91,500 12,729,480 
Molson Coors Brewing Co. Class B 34,700 2,134,050 
Monster Beverage Corp. (b) 124,600 7,261,688 
Philip Morris International, Inc. 91,900 7,493,526 
Post Holdings, Inc. (b) 77,300 7,578,492 
ResMed, Inc. 44,000 5,074,960 
TOTAL UNITED STATES OF AMERICA  69,462,771 
TOTAL COMMON STOCKS   
(Cost $2,267,587,608)  2,559,991,738 
Nonconvertible Preferred Stocks - 0.5%   
Germany - 0.5%   
Porsche Automobil Holding SE (Germany)   
(Cost $7,523,675) 168,000 11,309,356 
 Principal Amount Value 
Government Obligations - 0.0%   
United States of America - 0.0%   
U.S. Treasury Bills, yield at date of purchase 2.09% 11/29/18(f)   
(Cost $438,503) 440,000 438,472 
 Shares Value 
Money Market Funds - 2.6%   
Fidelity Cash Central Fund, 2.11% (g) 54,436,674 54,447,562 
Fidelity Securities Lending Cash Central Fund 2.11% (g)(h) 14,940,311 14,941,805 
TOTAL MONEY MARKET FUNDS   
(Cost $69,389,186)  69,389,367 
TOTAL INVESTMENT IN SECURITIES - 99.9%   
(Cost $2,344,938,972)  2,641,128,933 
NET OTHER ASSETS (LIABILITIES) - 0.1%  3,932,271 
NET ASSETS - 100%  $2,645,061,204 

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) 56 Dec. 2018 $5,531,400 $86,123 $86,123 
TME S&P/TSX 60 Index Contracts (Canada) 4 Dec. 2018 588,581 3,282 3,282 
TOTAL FUTURES CONTRACTS     $89,405 

The notional amount of futures purchased as a percentage of Net Assets is 0.2%

For the period, the average monthly underlying face amount at value for futures contracts in the aggregate was $28,601,702.

Legend

 (a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $26,707,107 or 1.0% of net assets.

 (b) Non-income producing

 (c) Security or a portion of the security is on loan at period end.

 (d) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (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 $438,472.

 (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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

 (h) Investment made with cash collateral received from securities on loan.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $901,789 
Fidelity Securities Lending Cash Central Fund 849,120 
Total $1,750,909 

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 September 30, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $318,577,254 $193,587,697 $124,989,557 $-- 
Consumer Staples 267,650,455 113,174,097 154,476,352 6 
Energy 196,236,354 90,259,474 105,976,880 -- 
Financials 566,024,293 433,397,815 132,626,478 -- 
Health Care 264,726,140 105,630,441 159,095,699 -- 
Industrials 373,537,991 205,218,582 168,319,409 -- 
Information Technology 162,009,273 95,877,346 66,131,927 -- 
Materials 203,915,706 179,654,764 24,260,942 -- 
Real Estate 78,744,706 78,744,706 -- -- 
Telecommunication Services 59,606,361 19,220,652 40,385,709 -- 
Utilities 80,272,561 58,719,065 21,553,496 -- 
Government Obligations 438,472 -- 438,472 -- 
Money Market Funds 69,389,367 69,389,367 -- -- 
Total Investments in Securities: $2,641,128,933 $1,642,874,006 $998,254,921 $6 
Derivative Instruments:     
Assets     
Futures Contracts $89,405 $89,405 $-- $-- 
Total Assets $89,405 $89,405 $-- $-- 
Total Derivative Instruments: $89,405 $89,405 $-- $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended September 30, 2018. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $229,343,952 
Level 2 to Level 1 $12,916,510 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of September 30, 2018. 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) $89,405 $0 
Total Equity Risk 89,405 0 
Total Value of Derivatives $89,405 $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 net unrealized appreciation (depreciation).

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  September 30, 2018 
Assets   
Investment in securities, at value (including securities loaned of $13,923,814) — See accompanying schedule:
Unaffiliated issuers (cost $2,275,549,786) 		$2,571,739,566  
Fidelity Central Funds (cost $69,389,186) 69,389,367  
Total Investment in Securities (cost $2,344,938,972)  $2,641,128,933 
Cash  96,519 
Receivable for investments sold  19,811,658 
Receivable for fund shares sold  1,875,037 
Dividends receivable  15,204,034 
Distributions receivable from Fidelity Central Funds  113,996 
Other receivables  990,635 
Total assets  2,679,220,812 
Liabilities   
Payable for investments purchased   
Regular delivery $17,341,915  
Delayed delivery 620,428  
Payable for fund shares redeemed 1,064,723  
Payable for daily variation margin on futures contracts 56,683  
Other payables and accrued expenses 137,702  
Collateral on securities loaned 14,938,157  
Total liabilities  34,159,608 
Net Assets  $2,645,061,204 
Net Assets consist of:   
Paid in capital  $2,240,205,967 
Undistributed net investment income  3,625,716 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  105,099,064 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  296,130,457 
Net Assets, for 31,283,958 shares outstanding  $2,645,061,204 
Net Asset Value, offering price and redemption price per share ($2,645,061,204 ÷ 31,283,958 shares)  $84.55 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Year ended September 30, 2018 
Investment Income   
Dividends  $82,820,852 
Interest  64,928 
Income from Fidelity Central Funds  1,750,909 
Income before foreign taxes withheld  84,636,689 
Less foreign taxes withheld  (7,456,653) 
Total income  77,180,036 
Expenses   
Custodian fees and expenses $319,644  
Independent directors' fees and expenses 13,750  
Interest 1,573  
Miscellaneous 60  
Total expenses  335,027 
Net investment income (loss)  76,845,009 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 158,290,286  
Fidelity Central Funds 1,222  
Foreign currency transactions (885,921)  
Futures contracts 5,078,591  
Total net realized gain (loss)  162,484,178 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of decrease in deferred foreign taxes of $79,373) (159,469,095)  
Fidelity Central Funds (1,833)  
Assets and liabilities in foreign currencies (243,093)  
Futures contracts (705,746)  
Total change in net unrealized appreciation (depreciation)  (160,419,767) 
Net gain (loss)  2,064,411 
Net increase (decrease) in net assets resulting from operations  $78,909,420 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Year ended September 30, 2018 Year ended September 30, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $76,845,009 $70,433,901 
Net realized gain (loss) 162,484,178 68,040,836 
Change in net unrealized appreciation (depreciation) (160,419,767) 347,369,441 
Net increase (decrease) in net assets resulting from operations 78,909,420 485,844,178 
Distributions to shareholders from net investment income (77,089,559) (64,190,380) 
Distributions to shareholders from net realized gain (90,648,501) (961,276) 
Total distributions (167,738,060) (65,151,656) 
Affiliated share transactions   
Proceeds from sales of shares 371,362,580 664,808,819 
Reinvestment of distributions 167,738,059 65,151,250 
Cost of shares redeemed (899,594,488) (194,564,633) 
Net increase (decrease) in net assets resulting from share transactions (360,493,849) 535,395,436 
Total increase (decrease) in net assets (449,322,489) 956,087,958 
Net Assets   
Beginning of period 3,094,383,693 2,138,295,735 
End of period $2,645,061,204 $3,094,383,693 
Other Information   
Undistributed net investment income end of period $3,625,716 $6,197,364 
Shares   
Sold 4,209,064 8,530,285 
Issued in reinvestment of distributions 1,939,830 809,722 
Redeemed (10,247,744) (2,481,498) 
Net increase (decrease) (4,098,850) 6,858,509 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity International Equity Central Fund

      
Years ended September 30, 2018 2017 2016 2015 2014 
Selected Per–Share Data      
Net asset value, beginning of period $87.45 $74.96 $71.96 $79.13 $78.06 
Income from Investment Operations      
Net investment income (loss)A 2.30 2.18 2.09 2.13 2.74B 
Net realized and unrealized gain (loss) (.27)C 12.27 2.87 (7.28) .64 
Total from investment operations 2.03 14.45 4.96 (5.15) 3.38 
Distributions from net investment income (2.34) (1.92) (1.96) (2.02) (2.31) 
Distributions from net realized gain (2.60) (.03) – – – 
Total distributions (4.93)D (1.96)E (1.96) (2.02) (2.31) 
Net asset value, end of period $84.55 $87.45 $74.96 $71.96 $79.13 
Total ReturnF 2.30% 19.54% 6.95% (6.78)% 4.24% 
Ratios to Average Net AssetsG,H      
Expenses before reductions .01% .01% .01% .01% .01% 
Expenses net of fee waivers, if any .01% .01% .01% .01% .01% 
Expenses net of all reductions .01% .01% .01% .01% .01% 
Net investment income (loss) 2.63% 2.74% 2.87% 2.67% 3.34%B 
Supplemental Data      
Net assets, end of period (000 omitted) $2,645,061 $3,094,384 $2,138,296 $2,104,932 $2,841,400 
Portfolio turnover rateI 53% 61% 59% 81% 67% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects a large, non-recurring dividend which amounted to $.69 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.50%.

 C The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.

 D Total distributions of $4.93 per share is comprised of distributions from net investment income of $2.338 and distributions from net realized gain of $2.595 per share.

 E Total distributions of $1.96 per share is comprised of distributions from net investment income of $1.921 and distributions from net realized gain of $.034 per share.

 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 Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 H Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements

For the period ended September 30, 2018

1. Organization.

Fidelity International Equity Central Fund (the Fund) is a fund of Fidelity Central Investment Portfolios LLC (the LLC) and is authorized to issue an unlimited number of shares. Shares of the Fund are only offered to other investment companies and accounts managed by Fidelity Management & Research Company (FMR), or its affiliates (the Investing Funds). The LLC is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware Limited Liability Company.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC 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 – Investments 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 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 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of September 30, 2018, including information on transfers between Levels 1 and 2 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and 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. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of September 30, 2018, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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, passive foreign investment companies (PFIC), partnership 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 $429,580,431 
Gross unrealized depreciation (140,650,270) 
Net unrealized appreciation (depreciation) $288,930,161 
Tax Cost $2,352,198,772 

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income $14,248,319 
Undistributed long-term capital gain $101,823,301 
Net unrealized appreciation (depreciation) on securities and other investments $288,798,928 

The tax character of distributions paid was as follows:

 September 30, 2018 September 30, 2017 
Ordinary Income $135,740,362 $ 65,151,656 
Long-term Capital Gains 31,997,698 – 
Total $167,738,060 $ 65,151,656 

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin 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. 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, aggregated $1,498,548,521 and $1,901,786,438, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee and Expense Contract. FMR Co., Inc. (the investment adviser), an affiliate of FMR, provides the Fund with investment management services. The Fund does not pay any fees for these services. Pursuant to the Fund's management contract with the investment adviser, FMR pays the investment adviser a portion of the management fees it receives from the Investing Funds. In addition, under an expense contract, FMR also pays all other expenses of the Fund, excluding custody fees, the compensation of the independent Directors, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $8,915 for the period.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Borrower $34,950,000 1.62% $1,573 

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $849,120. During the period, there were no securities loaned to FCM.

8. Other.

The Fund's organizational documents provide former and current directors and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

At the end of the period, mutual funds managed by FMR or its affiliates were the owners of record of all of the outstanding shares of the Fund.

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Central Investment Portfolios LLC and Shareholders of Fidelity International Equity Central Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity International Equity Central Fund (the "Fund"), a fund of Fidelity Central Investment Portfolios LLC, including the schedule of investments, as of September 30, 2018, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2018, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2018, by correspondence with the custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

November 16, 2018


We have served as the auditor of one or more of the Fidelity investment companies since 1999.

Directors and Officers (Trustees and Officers)

The Trustees, Members of the Advisory Board (if any), and officers of the Fidelity Central Investments Portfolios LLC and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Except for Michael E. Wiley, each of the Trustees oversees 283 funds. Michael E. Wiley oversees 193 funds. 

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust.  Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee.  Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs.  The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees.  Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years. 

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. James C. Curvey is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks.  The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above.  Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees.  While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees.  In addition, the Independent Trustees have worked with Fidelity to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board.  Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds.  The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees." 

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

James C. Curvey (1935)

Year of Election or Appointment: 2007

Trustee

Chairman of the Board of Trustees

Mr. Curvey also serves as Trustee of other Fidelity® funds. Mr. Curvey is Vice Chairman (2007-present) and Director of FMR LLC (diversified financial services company). In addition, Mr. Curvey is an Overseer Emeritus for the Boston Symphony Orchestra, a Director of Artis-Naples, and a Trustee of Brewster Academy in Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Research & Analysis Co. (investment adviser firm, 2009-2018), Director of Fidelity Investments Money Management, Inc. (investment adviser firm, 2009-2014) and a Director of FMR and FMR Co., Inc. (investment adviser firms, 2007-2014).

Charles S. Morrison (1960)

Year of Election or Appointment: 2014

Trustee

Mr. Morrison also serves as Trustee of other funds. He serves as President of Fidelity SelectCo, LLC (investment adviser firm, 2017-present) and Fidelity Management & Research Company (FMR) (investment adviser firm, 2016-present), a Director of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2014-present), Director of Fidelity SelectCo, LLC (investment adviser firm, 2014-present), President, Asset Management (2014-present), and is an employee of Fidelity Investments. Previously, Mr. Morrison served as Vice President of Fidelity's Fixed Income and Asset Allocation Funds (2012-2014), President, Fixed Income (2011-2014), Vice President of Fidelity's Money Market Funds (2005-2009), President, Money Market Group Leader of FMR (investment adviser firm, 2009), and Senior Vice President, Money Market Group of FMR (2004-2009). Mr. Morrison also served as Vice President of Fidelity's Bond Funds (2002-2005), certain Balanced Funds (2002-2005), and certain Asset Allocation Funds (2002-2007), and as Senior Vice President (2002-2005) of Fidelity's Bond Division.

 * Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the Fidelity Central Investment Portfolios LLC or various entities under common control with FMR. 

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008), as a member of the Independent Directors Council (IDC) Governing Council (2010-2015), and as a member of the Board of Directors for The Brookville Center for Children’s Services, Inc. (2009-2017). Mr. Dirks is a member of the Finance Committee (2016-present), Board of Directors (2017-present) and Board of Trustees (2018-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as a Trustee of other Fidelity® funds. Mr. Donahue is President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as a Member of the Advisory Board of certain Fidelity® funds (2015-2018) and Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006), and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue serves as a Member (2007-present) and Co-Chairman (2016-present) of the Board of Directors of United Way of New York, Member of the Board of Directors of NYC Leadership Academy (2012-present) and Member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). He also served as Chairman (2010-2012) and Member of the Board of Directors (2012-2013) of Omgeo, LLC (financial services), Treasurer of United Way of New York (2012-2016), and Member of the Board of Directors of XBRL US (financial services non-profit, 2009-2012) and the International Securities Services Association (2009-2012).

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Mr. Lacy also serves as Trustee of other Fidelity® funds. Mr. Lacy serves as a Director of Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). He is a Trustee of the California Chapter of The Nature Conservancy (2015-present) and a Director of the Center for Advanced Study in the Behavioral Sciences at Stanford University (2015-present). In addition, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity) and also served as Chief Executive Officer (2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation (retail) and Chief Executive Officer and Chairman of the Board of Sears, Roebuck and Co. (retail, 2000-2005). Previously, Mr. Lacy served as Chairman (2014-2017) and a member (2010-2017) of the Board of Directors of Dave & Buster’s Entertainment, Inc. (restaurant and entertainment complexes), as Chairman (2008-2011) and a member (2006-2015) of the Board of Trustees of the National Parks Conservation Association, and as a member of the Board of Directors for The Hillman Companies, Inc. (hardware wholesalers, 2010-2014), Earth Fare, Inc. (retail grocery, 2010-2014), and The Western Union Company (global money transfer, 2006-2011).

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2004

Trustee

Chairman of the Independent Trustees

Mr. Lautenbach also serves as Trustee of other Fidelity® funds. Mr. Lautenbach currently serves as Vice Chair of the Board of Governors, State University System of Florida (2013-present) and is a member of the Council on Foreign Relations (1994-present). He is also a member and has most recently served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner and Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach also had a 30-year career with IBM (technology company) during which time he served as Senior Vice President and a member of the Corporate Executive Committee (1968-1998).

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Mr. Mauriello also serves as Trustee of other Fidelity® funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Independent Directors Council (IDC) Governing Council (2015-present). Previously, Mr. Mauriello served as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-2018).

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Ms. Small also serves as Trustee of other Fidelity® funds. Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to Mr. Smith's retirement, he served as Chairman and Chief Executive Officer of Inbrand Corp. (manufacturer of personal absorbent products, 1990-1997). He also served as President (1986-1990) of Inbrand Corp. Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank. In addition, Mr. Smith served as a Member of the Advisory Board of certain Fidelity® funds (2012-2013) and as a board member of the Jackson Hole Land Trust (2009-2012).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Mr. Thomas also serves as Trustee of other Fidelity® funds. Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present), as a member of the Board of Directors (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication), and as a member of the Board of Trustees of the University of Florida (2013-present). Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions), and a Director of Fortune Brands, Inc. (consumer products, 2000-2011).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Mr. Wiley serves as a Director of Andeavor Corporation (independent oil refiner and marketer, 2005-present), a Director of Andeavor Logistics LP (natural resources logistics, 2015-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a Trustee of other Fidelity® funds (2008-2013), as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-2013), as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-2010), as a Senior Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Advisory Board Members and Officers:

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.  Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Vicki L. Fuller (1957)

Year of Election or Appointment: 2018

Member of the Advisory Board

Ms. Fuller also serves as Member of the Advisory Board of other Fidelity® funds. Ms. Fuller serves as a member of the Board of Directors, Audit Committee, and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present). Previously, Ms. Fuller served as the Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006).

Peter S. Lynch (1944)

Year of Election or Appointment: 2004

Member of the Advisory Board

Mr. Lynch also serves as Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of FMR (investment adviser firm) and FMR Co., Inc. (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).

William S. Stavropoulos (1939)

Year of Election or Appointment: 2018

Member of the Advisory Board

Mr. Stavropoulos also serves as Member of the Advisory Board of other Fidelity® funds. Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of the Board of Directors of Univar Inc. (global distributor of commodity and specialty chemicals), a Director of Teradata Corporation (data warehousing and technology solutions), and a member of the Advisory Board for Metalmark Capital LLC (private equity investment, 2005-present). Mr. Stavropoulos is an operating advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science, a Trustee of the Rollin L. Gerstacker Foundation, and a Director of Artis-Naples in Naples, Florida. Previously, Mr. Stavropoulos served as Trustee of certain Fidelity® funds (2001-2018) and as a Director of Chemical Financial Corporation (bank holding company, 1993-2012) and Tyco International, Ltd. (multinational manufacturing and services, 2007-2012).

Carol B. Tomé (1957)

Year of Election or Appointment: 2018

Member of the Advisory Board

Ms. Tomé also serves as Member of the Advisory Board of other Fidelity® funds. Ms. Tomé is Chief Financial Officer (2001-present) and Executive Vice President of Corporate Services (2007-present) of The Home Depot, Inc. (home improvement retailer) and a Director (2003-present) and Chair of the Audit Committee (2004-present) of United Parcel Service, Inc. (package delivery and supply chain management). Previously, Ms. Tomé served as Trustee of certain Fidelity® funds (2017), Senior Vice President of Finance and Accounting/Treasurer (2000-2007) and Vice President and Treasurer (1995-2000) of The Home Depot, Inc. and Chair of the Board (2010-2012), Vice Chair of the Board (2009 and 2013), and a Director (2008-2013) of the Federal Reserve Bank of Atlanta. Ms. Tomé is also a director or trustee of many community and professional organizations.

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2018

Secretary and Chief Legal Officer (CLO)

Mr. Coffey also serves as Secretary and CLO of other funds. Mr. Coffey serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-present); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Assistant Secretary of certain funds (2009-2018) and as Vice President and Associate General Counsel of FMR LLC (2005-2009).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Global Equity Research (2016-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as President and Treasurer of certain Fidelity® funds (2013-2018). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Deputy Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Assistant Treasurer of certain Fidelity® funds (2016-2018). 

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Global Equity Research (2018-present) and is an employee of Fidelity Investments (2013-present).

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Rieco E. Mello (1969)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).

Kenneth B. Robins (1969)

Year of Election or Appointment: 2016

Chief Compliance Officer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2018) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 1, 2018 to September 30, 2018).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

 Annualized Expense Ratio-A Beginning
Account Value
April 1, 2018 		Ending
Account Value
September 30, 2018 		Expenses Paid
During Period-B
April 1, 2018
to September 30, 2018 
Actual .0113% $1,000.00 $997.70 $.06 
Hypothetical-C  $1,000.00 $1,025.01 $.06 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

 C 5% return per year before expenses

Distributions (Unaudited)

The fund hereby designates as a capital gain dividend with respect to the taxable year ended September 30, 2018, $ 115,258,613, or, if subsequently determined to be different, the net capital gain of such year.

A percentage of the dividends distributed during the fiscal year for fund qualify for the dividends–received deduction for corporate shareholders:

  
December 2017 1% 
February 2018 1% 
March 2018 1% 
April 2018 1% 
May 2018 1% 
June 2018 1% 
July 2018 1% 
August 2018 1% 
September 2018 1% 

  

A percentage of the dividends distributed during the fiscal year for the fund may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code:

  
December 2017 11% 
February 2018 84% 
March 2018 84% 
April 2018 84% 
May 2018 84% 
June 2018 84% 
July 2018 84% 
August 2018 84% 
September 2018 84% 

  

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $2.0767 and $0.1286 for the dividend paid December 21, 2017.

The fund will notify shareholders in January 2019 of amounts for use in preparing 2018 income tax returns.

Board Approval of Investment Advisory Contracts

Fidelity International Equity Central Fund

At its July 2018 meeting, the Board of Directors, including the Independent Directors (together, the Board), voted to continue the management contract with FMR Co., Inc. (FMRC) and the sub-advisory agreements (together, the Advisory Contracts) for the fund for six months through January 31, 2019, in connection with the reunification of the Fidelity Equity High Income Funds Board, which oversees the fund, and the Sector Portfolios Board.

The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through January 31, 2019, with the understanding that the Board will consider the annual renewal for a full one year period in January 2019.

In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable, as well as potential fall-out benefits from Fidelity's non-fund businesses; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Advisory Contracts should be approved.





Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

INTCEN-ANN-1118
1.859208.110

Fidelity® Emerging Markets Equity Central Fund



Annual Report

September 30, 2018



Fidelity Investments


Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Directors and Officers (Trustees and Officers)

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts


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. © 2018 FMR LLC. All rights reserved.



A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.



Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended September 30, 2018 Past 1 year Past 5 years Life of fundA 
Fidelity® Emerging Markets Equity Central Fund (4.20)% 5.14% 11.09% 

 A From December 9, 2008

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Emerging Markets Equity Central Fund on December 9, 2008, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the MSCI Emerging Markets Index performed over the same period.


Period Ending Values
$28,069Fidelity® Emerging Markets Equity Central Fund
$24,843MSCI Emerging Markets Index

Management's Discussion of Fund Performance

Market Recap:  The MSCI ACWI (All Country World Index) ex USA Index gained 1.94% for the 12 months ending September 30, 2018. Global economic growth became somewhat less synchronous due to escalating trade conflicts, as well as concerns about inflation, decelerating manufacturing activity, the strength of the U.S. dollar and signs of more-mature expansion in some key regions, particularly later in the period. For the full 12 months, Japan gained about 11%, outperforming the rest of the Asia-Pacific region (+4%). Crude-oil commodity-price strength provided support for Canada (+3%). Europe and emerging markets each turned in a modestly negative result, with the latter category hampered by currency headwinds that weighed heavily on Argentina and Turkey. From a sector perspective, 6 of 11 groups advanced. Energy (+19%) led the way amid higher crude prices, largely driven by declining global inventories as demand outpaced supply. Health care (+8%) and materials (+6%) also topped the broader market, as did information technology (+5%). Conversely, notable laggards included some defensive, yield-oriented segments of the market, such as real estate (-2%) and utilities (-1%), that were held back by rising interest rates. The newly reconstituted communication services sector returned -4%, while financials (-2%) and consumer discretionary (-1%) also lost ground.

Comments from Co-Portfolio Manager Sam Polyak:  For the year, the fund returned -4.20%, trailing the -0.78% result of the benchmark MSCI Emerging Markets Index. Stock selection hurt the fund’s relative performance, particularly within communication services and financials. Market selection detracted to a lesser extent. An overweighting in China Literature, a new position this period, detracted more than any other individual holding. Shares of the online reading and writing platform fell in August after the firm reported a decline in monthly paying users from a year ago. Other detractors included China’s e-commerce firm JD.com and Taiwan-based Largan Precision, a major supplier of smartphone camera lenses. Conversely, an average overweighting in Taiwan’s GlobalWafers contributed versus the benchmark, driven partly by a key acquisition. We sold the fund’s stake in Global Wafers by period end.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Notes to shareholders:  On December 1, 2017, Fidelity added a dedicated frontier-markets subportfolio to the fund, representing 5% of assets, and adopted a supplemental benchmark that incorporates the broader exposure. There are no changes to the fund’s primary benchmark or investment policies. Adam Kutas became Co-Manager of the fund and assumed responsibility for the new subportfolio. On June 30, 2018, Jane Wu joined the team as a Co-Manager, while Tim Gannon stepped down from the fund.

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of September 30, 2018 
   Cayman Islands 16.8% 
   Korea (South) 12.8% 
   China 9.4% 
   India 8.2% 
   Brazil 6.7% 
   Taiwan 5.7% 
   South Africa 5.0% 
   Russia 5.0% 
   United States of America* 4.5% 
   Other 25.9% 


 * 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 September 30, 2018

 % of fund's net assets 
Stocks and Equity Futures 96.8 
Short-Term Investments and Net Other Assets (Liabilities) 3.2 

Top Ten Stocks as of September 30, 2018

 % of fund's net assets 
Tencent Holdings Ltd. (Cayman Islands, Internet Software & Services) 4.9 
Alibaba Group Holding Ltd. sponsored ADR (Cayman Islands, Internet Software & Services) 4.1 
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) 3.5 
Industrial & Commercial Bank of China Ltd. (H Shares) (China, Banks) 2.4 
Sberbank of Russia sponsored ADR (Russia, Banks) 2.2 
Naspers Ltd. Class N (South Africa, Media) 2.1 
Reliance Industries Ltd. (India, Oil, Gas & Consumable Fuels) 1.6 
Samsung Electronics Co. Ltd. ((Korea (South), Technology Hardware, Storage Peripherals) 1.4 
JD.com, Inc. sponsored ADR (Cayman Islands, Internet & Direct Marketing Retail) 1.4 
Itau Unibanco Holding SA sponsored ADR (Brazil, Banks) 1.2 
 24.8 

Top Market Sectors as of September 30, 2018

 % of fund's net assets 
Financials 24.1 
Information Technology 21.3 
Consumer Discretionary 12.6 
Materials 8.1 
Energy 7.7 
Consumer Staples 6.2 
Industrials 4.5 
Telecommunication Services 3.3 
Real Estate 3.3 
Health Care 2.9 

Schedule of Investments September 30, 2018

Showing Percentage of Net Assets

Common Stocks - 91.0%   
 Shares Value 
Argentina - 0.7%   
Banco Macro SA sponsored ADR 11,866 $490,896 
BBVA Banco Frances SA sponsored ADR 40,814 476,299 
Bolsas y Mercados Argentinos SA 18,290 159,024 
Central Puerto SA sponsored ADR 47,500 489,250 
Grupo Financiero Galicia SA sponsored ADR 44,456 1,130,516 
Inversiones y Representaciones SA ADR 10,300 174,585 
Loma Negra Compania Industrial Argentina SA ADR (a) 28,248 249,712 
Pampa Holding SA sponsored ADR (a) 18,017 559,428 
Telecom Argentina SA Class B sponsored ADR 37,244 648,790 
TOTAL ARGENTINA  4,378,500 
Australia - 0.0%   
Frontier Digital Ventures Ltd. (a) 704,641 280,142 
Bangladesh - 0.2%   
BRAC Bank Ltd. 342,298 286,183 
Olympic Industries Ltd. 62,416 152,017 
Square Pharmaceuticals Ltd. 134,529 433,076 
The City Bank Ltd. 378,012 143,614 
TOTAL BANGLADESH  1,014,890 
Bermuda - 1.1%   
AGTech Holdings Ltd. (a) 2,476,000 189,772 
Central European Media Enterprises Ltd. Class A (a) 56,271 211,016 
Credicorp Ltd. (United States) 18,172 4,053,810 
GP Investments Ltd. Class A (depositary receipt) (a) 88,607 99,828 
Pacific Basin Shipping Ltd. 3,599,000 855,115 
Shangri-La Asia Ltd. 1,174,000 1,745,625 
TOTAL BERMUDA  7,155,166 
Brazil - 3.1%   
Azul SA sponsored ADR (a) 91,500 1,627,785 
B2W Companhia Global do Varejo (a) 398,826 2,735,507 
Banco do Brasil SA 255,600 1,863,892 
BR Malls Participacoes SA 136,900 326,102 
BTG Pactual Participations Ltd. unit 176,100 928,781 
Companhia de Saneamento de Minas Gerais 122,130 1,177,587 
Direcional Engenharia SA 534,600 904,116 
Localiza Rent A Car SA 305,120 1,718,805 
Natura Cosmeticos SA 306,800 2,155,968 
Petrobras Distribuidora SA 286,900 1,385,287 
Vale SA sponsored ADR 407,515 6,047,523 
TOTAL BRAZIL  20,871,353 
British Virgin Islands - 0.3%   
Despegar.com Corp. 8,600 145,082 
Mail.Ru Group Ltd. GDR (Reg. S) (a) 70,200 1,896,804 
TOTAL BRITISH VIRGIN ISLANDS  2,041,886 
Canada - 0.4%   
First Quantum Minerals Ltd. 15,333 174,620 
Pan American Silver Corp. 157,200 2,320,272 
TOTAL CANADA  2,494,892 
Cayman Islands - 16.8%   
58.com, Inc. ADR (a) 10,982 808,275 
Alibaba Group Holding Ltd. sponsored ADR (a) 165,722 27,304,357 
Ant International Co. Ltd. Class C (b)(c) 296,486 1,663,286 
BeiGene Ltd. 54,100 723,559 
BizLink Holding, Inc. 53,658 255,330 
Chailease Holding Co. Ltd. 482,240 1,693,347 
China Biologic Products Holdings, Inc. (a) 11,170 893,600 
China Literature Ltd. (a)(d) 1,173,960 7,378,162 
China Resources Land Ltd. 485,460 1,699,158 
E-House China Enterprise Holdings Ltd. (a) 97,800 180,650 
ENN Energy Holdings Ltd. 152,890 1,328,060 
Haitian International Holdings Ltd. 614,000 1,366,301 
JD.com, Inc. sponsored ADR (a) 361,599 9,434,118 
Kingsoft Corp. Ltd. 2,804,000 5,344,125 
LexinFintech Holdings Ltd. ADR 36,200 359,466 
Meituan Dianping:   
Class B 27,500 241,510 
Class B 331,980 2,623,958 
NetEase, Inc. ADR 25,900 5,911,675 
PPDAI Group, Inc. ADR (a)(e) 69,500 373,910 
Shenzhou International Group Holdings Ltd. 196,667 2,522,290 
Shimao Property Holdings Ltd. 272,160 678,631 
SITC International Holdings Co. Ltd. 215,000 173,574 
TAL Education Group ADR (a) 31,600 812,436 
Tencent Holdings Ltd. 800,600 32,689,158 
Uni-President China Holdings Ltd. 2,977,400 3,175,802 
Wise Talent Information Technology Co. Ltd. (a) 274,941 813,056 
Wuxi Biologics (Cayman), Inc. (a) 32,500 328,597 
Zai Lab Ltd. ADR (e) 30,700 598,036 
TOTAL CAYMAN ISLANDS  111,374,427 
Chile - 0.6%   
Compania Cervecerias Unidas SA sponsored ADR (e) 34,300 956,970 
Sociedad Matriz SAAM SA 2,680,767 244,793 
Vina Concha y Toro SA 1,431,604 2,872,631 
TOTAL CHILE  4,074,394 
China - 9.4%   
Anhui Conch Cement Co. Ltd. (H Shares) 176,000 1,062,293 
BBMG Corp. (H Shares) (e) 4,651,500 1,592,420 
China International Travel Service Corp. Ltd. (A Shares) 402,466 3,985,491 
China Life Insurance Co. Ltd. (H Shares) 1,639,500 3,725,984 
China Longyuan Power Grid Corp. Ltd. (H Shares) 3,444,050 2,894,844 
China Oilfield Services Ltd. (H Shares) 2,080,000 2,255,801 
China Pacific Insurance (Group) Co. Ltd. (H Shares) 638,300 2,462,417 
China Petroleum & Chemical Corp. (H Shares) 5,354,000 5,379,429 
China Telecom Corp. Ltd. (H Shares) 3,760,330 1,868,553 
China Tower Corp. Ltd. Class H 3,592,000 523,083 
Hangzhou Tigermed Consulting Co. Ltd. Class A 173,200 1,354,565 
Industrial & Commercial Bank of China Ltd. (H Shares) 21,637,000 15,797,038 
Jiangsu Hengrui Medicine Co. Ltd. (A Shares) 197,370 1,824,613 
PICC Property & Casualty Co. Ltd. (H Shares) 1,778,500 2,099,209 
Ping An Insurance (Group) Co. of China Ltd. (H Shares) 721,000 7,322,041 
Qingdao Haier Co. Ltd. 664,902 1,599,130 
Shanghai International Airport Co. Ltd. (A Shares) 208,236 1,781,671 
Shenzhen Inovance Technology Co. Ltd. Class A 129,900 523,848 
Sinopec Engineering Group Co. Ltd. (H Shares) 1,038,500 1,185,970 
Tonghua Dongbao Pharmaceutical Co. Ltd. Class A 214,500 566,475 
Tsingtao Brewery Co. Ltd. (H Shares) 400,000 1,880,345 
Zhengzhou Yutong Bus Co. Ltd. 416,490 889,510 
TOTAL CHINA  62,574,730 
Colombia - 0.6%   
Bancolombia SA 3,020 32,516 
Bancolombia SA sponsored ADR 37,576 1,567,671 
Ecopetrol SA 985,874 1,340,986 
Grupo de Inversiones Suramerica SA 39,998 469,262 
Inversiones Argos SA 89,937 494,793 
TOTAL COLOMBIA  3,905,228 
Egypt - 0.0%   
Six of October Development & Investment Co. (a) 184,400 224,326 
Greece - 0.6%   
Fourlis Holdings SA 27,967 167,876 
Titan Cement Co. SA (Reg.) 146,900 3,641,419 
TOTAL GREECE  3,809,295 
Hong Kong - 3.5%   
AIA Group Ltd. 107,200 957,198 
China Everbright International Ltd. 1,012,000 873,890 
China Overseas Land and Investment Ltd. 1,405,420 4,398,474 
China Resources Beer Holdings Co. Ltd. 816,666 3,280,914 
China Resources Power Holdings Co. Ltd. 454,823 804,097 
China Unicom Ltd. 1,102,120 1,287,557 
China Unicom Ltd. sponsored ADR 208,900 2,442,041 
CNOOC Ltd. 2,989,000 5,918,600 
CSPC Pharmaceutical Group Ltd. 251,170 533,247 
Far East Horizon Ltd. 2,688,074 2,558,157 
TOTAL HONG KONG  23,054,175 
Hungary - 0.0%   
OTP Bank PLC 4,567 169,255 
India - 8.2%   
Adani Ports & Special Economic Zone Ltd. (a) 409,596 1,857,897 
Axis Bank Ltd. (a) 386,643 3,270,015 
Axis Bank Ltd. GDR (Reg. S) (a) 5,540 234,619 
Bharat Petroleum Corp. Ltd. 358,855 1,851,684 
Bharti Airtel Ltd. 128,216 598,642 
Bharti Infratel Ltd. (a) 117,084 424,593 
Federal Bank Ltd. 1,325,867 1,292,771 
Future Retail Ltd. 75,200 483,443 
GAIL India Ltd. 185,000 966,970 
ICICI Bank Ltd. 372,638 1,572,477 
ICICI Bank Ltd. sponsored ADR 705,080 5,986,129 
IndoStar Capital Finance Ltd. (a) 67,413 296,623 
Indraprastha Gas Ltd. 431,520 1,445,839 
ITC Ltd. 904,087 3,712,480 
JK Cement Ltd. (a) 107,398 1,136,040 
Larsen & Toubro Ltd. 143,178 2,511,884 
LIC Housing Finance Ltd. 606,841 3,493,248 
Mahindra & Mahindra Ltd. 15,892 188,694 
Manappuram General Finance & Leasing Ltd. 1,151,779 1,150,032 
NTPC Ltd. 111,200 255,878 
Oberoi Realty Ltd. 158,963 889,193 
Petronet LNG Ltd. 382,368 1,185,177 
Phoenix Mills Ltd. (a) 160,643 1,215,734 
Power Grid Corp. of India Ltd. 548,536 1,425,240 
Reliance Industries Ltd. 599,083 10,393,276 
SREI Infrastructure Finance Ltd. 434,995 194,071 
State Bank of India (a) 629,300 2,304,222 
Sun Pharmaceutical Industries Ltd. 294,159 2,528,404 
Tejas Networks Ltd. (a)(d) 44,091 157,794 
Torrent Pharmaceuticals Ltd. 74,632 1,700,963 
TOTAL INDIA  54,724,032 
Indonesia - 2.1%   
PT Astra International Tbk 5,390,700 2,658,903 
PT Bank Mandiri (Persero) Tbk 5,037,400 2,269,921 
PT Bank Rakyat Indonesia Tbk 20,623,400 4,359,542 
PT Media Nusantara Citra Tbk 20,105,700 1,086,138 
PT Semen Gresik (Persero) Tbk 2,626,900 1,749,621 
PT Telekomunikasi Indonesia Tbk:   
Series B 5,220,400 1,277,824 
sponsored ADR 13,840 338,803 
TOTAL INDONESIA  13,740,752 
Israel - 0.2%   
Bezeq The Israel Telecommunication Corp. Ltd. 1,122,327 1,290,673 
Italy - 0.7%   
Prada SpA 981,500 4,701,661 
Japan - 0.5%   
GMO Internet, Inc. 29,800 519,835 
LINE Corp. (a) 24,500 1,032,187 
Panasonic Corp. 76,100 882,093 
SoftBank Corp. 6,840 683,313 
TOTAL JAPAN  3,117,428 
Kenya - 0.2%   
KCB Group Ltd. 657,133 260,896 
Safaricom Ltd. 3,873,433 941,927 
TOTAL KENYA  1,202,823 
Korea (South) - 11.3%   
AMOREPACIFIC Group, Inc. 34,509 2,901,458 
BS Financial Group, Inc. 704,550 5,460,250 
Cafe24 Corp. (a) 3,300 444,885 
Celltrion, Inc. (a) 6,500 1,739,691 
Coway Co. Ltd. 20,653 1,615,493 
Daou Technology, Inc. 103,920 2,097,729 
Hanon Systems 137,512 1,567,593 
Hyundai Fire & Marine Insurance Co. Ltd. 52,328 1,978,192 
Hyundai Mobis 33,453 6,873,409 
Iljin Materials Co. Ltd. 22,452 1,082,458 
InterPark INT Corp. 11,180 63,674 
KB Financial Group, Inc. 144,836 7,051,359 
KEPCO Plant Service & Engineering Co. Ltd. 22,042 675,355 
Korea Electric Power Corp. 20,144 532,973 
LG Chemical Ltd. 13,167 4,336,871 
LG Corp. 36,165 2,366,069 
LG Innotek Co. Ltd. 9,690 1,139,558 
NAVER Corp. 2,400 1,548,555 
NCSOFT Corp. 5,706 2,275,345 
POSCO 13,401 3,556,516 
S-Oil Corp. 5,600 691,370 
Samsung Biologics Co. Ltd. (a)(d) 4,800 2,309,855 
Samsung Electro-Mechanics Co. Ltd. 6,207 777,497 
Samsung Electronics Co. Ltd. 133,102 5,571,505 
Samsung Life Insurance Co. Ltd. 20,616 1,807,671 
Samsung SDI Co. Ltd. 22,552 5,253,489 
Shinhan Financial Group Co. Ltd. 157,070 6,344,506 
SK Hynix, Inc. 20,205 1,331,001 
SK Telecom Co. Ltd. 2,750 696,951 
SK Telecom Co. Ltd. sponsored ADR 25,800 719,304 
TOTAL KOREA (SOUTH)  74,810,582 
Kuwait - 0.2%   
National Bank of Kuwait 534,000 1,456,524 
Luxembourg - 0.8%   
Corp. America Airports SA (a) 27,480 234,679 
Samsonite International SA 1,286,700 4,766,560 
Tenaris SA sponsored ADR 8,853 296,753 
TOTAL LUXEMBOURG  5,297,992 
Malaysia - 0.0%   
British American Tobacco (Malaysia) Bhd 24,000 183,951 
Mauritius - 0.1%   
MakeMyTrip Ltd. (a) 21,200 581,940 
Mexico - 2.8%   
America Movil S.A.B. de CV Series L sponsored ADR 117,900 1,893,474 
Fibra Uno Administracion SA de CV 1,330,500 1,749,685 
Gruma S.A.B. de CV Series B 243,700 3,115,464 
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B 150,696 1,647,397 
Grupo Financiero Banorte S.A.B. de CV Series O 559,632 4,046,073 
Macquarie Mexican (REIT) (d) 1,855,226 2,218,658 
Wal-Mart de Mexico SA de CV Series V 1,246,900 3,799,867 
TOTAL MEXICO  18,470,618 
Morocco - 0.1%   
Attijariwafa Bank 12,751 609,111 
Netherlands - 1.3%   
VEON Ltd. sponsored ADR 459,900 1,333,710 
Yandex NV Series A (a) 219,250 7,211,133 
TOTAL NETHERLANDS  8,544,843 
Nigeria - 0.7%   
Dangote Cement PLC 760,210 427,406 
Guaranty Trust Bank PLC 10,628,620 1,065,413 
Guaranty Trust Bank PLC GDR (Reg. S) 187,574 984,764 
Nigerian Breweries PLC 1,218,031 305,656 
Transnational Corp. of Nigeria PLC 47,479,063 165,371 
Zenith Bank PLC 32,901,109 1,940,004 
TOTAL NIGERIA  4,888,614 
Pakistan - 0.2%   
Faysal Bank Ltd. 320,000 69,190 
Habib Bank Ltd. 711,000 866,678 
Indus Motor Co. Ltd. 10,577 119,130 
Maple Leaf Cement Factory Ltd. 377,817 143,302 
United Bank Ltd. 296,400 367,576 
TOTAL PAKISTAN  1,565,876 
Panama - 0.3%   
Copa Holdings SA Class A 21,300 1,700,592 
Peru - 0.8%   
Alicorp SA Class C 71,059 226,892 
Compania de Minas Buenaventura SA sponsored ADR 350,336 4,698,006 
Ferreycorp SAA 249,823 177,684 
TOTAL PERU  5,102,582 
Philippines - 1.2%   
Ayala Corp. 51,275 881,579 
BDO Unibank, Inc. 338,833 752,055 
International Container Terminal Services, Inc. 200,317 349,233 
Jollibee Food Corp. 82,763 394,073 
Metro Pacific Investments Corp. 10,811,300 951,434 
Metropolitan Bank & Trust Co. 1,854,292 2,301,761 
PUREGOLD Price Club, Inc. 261,887 218,340 
Robinsons Land Corp. 3,054,570 1,148,824 
SM Investments Corp. 49,325 826,120 
Universal Robina Corp. 125,543 336,099 
TOTAL PHILIPPINES  8,159,518 
Poland - 0.1%   
Globe Trade Centre SA 84,448 188,970 
Inter Cars SA 2,290 158,389 
TOTAL POLAND  347,359 
Qatar - 0.0%   
Qatar Islamic Bank (a) 5,100 196,100 
Romania - 0.2%   
Banca Transilvania SA 1,113,668 644,566 
BRD-Groupe Societe Generale 189,226 639,180 
TOTAL ROMANIA  1,283,746 
Russia - 5.0%   
Lukoil PJSC sponsored ADR 87,000 6,672,900 
MMC Norilsk Nickel PJSC sponsored ADR 171,900 2,973,870 
Mobile TeleSystems OJSC 165,250 687,323 
Mobile TeleSystems OJSC sponsored ADR 81,600 696,048 
NOVATEK OAO GDR (Reg. S) 23,175 4,264,200 
Sberbank of Russia 2,045,450 6,322,680 
Sberbank of Russia sponsored ADR 638,792 8,099,883 
Tatneft PAO 176,100 2,245,629 
Unipro PJSC 28,343,800 1,167,304 
TOTAL RUSSIA  33,129,837 
Saudi Arabia - 0.2%   
Abdullah Al Othaim Markets Co. 16,500 303,584 
Al Rajhi Bank 15,800 363,170 
Aldrees Petroleum and Transport Services Co. 33,300 247,739 
Mouwasat Medical Services Co. 4,800 107,770 
SABIC 1,000 32,958 
Saudi Co. for Hardware CJSC 10,100 207,645 
United International Transportation Co. 41,800 307,632 
TOTAL SAUDI ARABIA  1,570,498 
Singapore - 0.3%   
Ascendas Real Estate Investment Trust 362,200 699,468 
First Resources Ltd. 1,228,500 1,509,733 
TOTAL SINGAPORE  2,209,201 
South Africa - 5.0%   
African Rainbow Minerals Ltd. 24,900 226,422 
Anglo American Platinum Ltd. 8,500 277,698 
Barclays Africa Group Ltd. 440,441 4,730,429 
Bidvest Group Ltd. 127,862 1,672,728 
City Lodge Hotels Ltd. 3,600 35,564 
DRDGOLD Ltd. 511,545 121,570 
FirstRand Ltd. 673,600 3,232,899 
Imperial Holdings Ltd. 206,067 2,550,109 
Mr Price Group Ltd. 83,700 1,351,038 
MTN Group Ltd. 138,800 859,620 
Nampak Ltd. (a) 259,310 281,292 
Naspers Ltd. Class N 64,200 13,854,170 
Pretoria Portland Cement Co. Ltd. (a) 418,734 190,990 
Sanlam Ltd. 53,100 297,056 
Sasol Ltd. 91,100 3,519,744 
Shoprite Holdings Ltd. 13,816 187,242 
Steinhoff Africa Retail Ltd. (a)(d) 130,000 146,352 
TOTAL SOUTH AFRICA  33,534,923 
Spain - 0.1%   
Cemex Latam Holdings SA (a) 87,579 159,622 
Prosegur Cash SA (d) 100,200 219,645 
TOTAL SPAIN  379,267 
Sri Lanka - 0.0%   
Chevron Lubricants Lanka Ltd. 2,815 1,084 
Taiwan - 5.7%   
Chroma ATE, Inc. 164,000 788,462 
Hon Hai Precision Industry Co. Ltd. (Foxconn) 232,000 602,993 
King's Town Bank 1,089,000 1,097,148 
LandMark Optoelectronics Corp. 103,000 965,033 
Largan Precision Co. Ltd. 17,000 2,027,927 
MediaTek, Inc. 42,000 339,755 
Nanya Technology Corp. 373,000 711,187 
PChome Online, Inc. 67,009 304,566 
Taiwan Semiconductor Manufacturing Co. Ltd. 2,512,869 21,486,585 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 51,780 2,286,605 
Unified-President Enterprises Corp. 2,230,000 5,832,600 
United Microelectronics Corp. 2,542,000 1,343,880 
TOTAL TAIWAN  37,786,741 
Thailand - 1.4%   
AEON Thana Sinsap Thailand PCL 6,000 38,776 
PTT Global Chemical PCL (For. Reg.) 1,239,400 3,113,830 
PTT PCL (For. Reg.) 147,500 247,430 
Siam Cement PCL (For. Reg.) 313,900 4,328,986 
Thai Beverage PCL 291,033 144,766 
Total Access Communication PCL (For. Reg.) 884,500 1,285,451 
TOTAL THAILAND  9,159,239 
Turkey - 0.6%   
Aselsan A/S 233,000 1,064,794 
Tupras Turkiye Petrol Rafinerileri A/S 116,358 2,587,404 
Turkcell Iletisim Hizmet A/S 142,493 272,468 
Turkcell Iletisim Hizmet A/S sponsored ADR 68,300 329,206 
TOTAL TURKEY  4,253,872 
United Arab Emirates - 1.2%   
DP World Ltd. 94,502 1,804,988 
Dubai Financial Market PJSC 846,594 210,899 
Dubai Parks and Resorts PJSC (a) 1,104,210 105,220 
Emaar Properties PJSC 2,228,333 3,003,062 
National Bank of Abu Dhabi PJSC 679,654 2,646,080 
TOTAL UNITED ARAB EMIRATES  7,770,249 
United Kingdom - 0.9%   
Antofagasta PLC 18,333 204,304 
ASA International (a) 17,400 108,769 
Bank of Georgia Group PLC 4,433 98,884 
Contemporary Amperex Technology Co. Ltd. ELS (UBS Bank Warrant Program) Class A warrants 6/24/19 (a)(d) 87,400 928,860 
Fresnillo PLC 140,700 1,506,352 
NMC Health PLC 45,247 2,001,609 
Tonghua Dongbao Pharmaceutical Co. Ltd. ELS (UBS Bank Warrant Program) Class A warrants 3/26/19 (a) 297,600 785,934 
Tullow Oil PLC (a) 87,533 300,400 
Vivo Energy PLC 20,000 33,649 
TOTAL UNITED KINGDOM  5,968,761 
United States of America - 0.6%   
Arco Platform Ltd. Class A 5,200 118,560 
First Cash Financial Services, Inc. 792 64,944 
MercadoLibre, Inc. 10,200 3,472,794 
Uxin Ltd. ADR (a) 98,600 669,494 
TOTAL UNITED STATES OF AMERICA  4,325,792 
Vietnam - 0.7%   
Bank For Foreign Trade JSC 130,380 352,114 
Binh Minh Plastic JSC 51,620 140,515 
Ho Chi Minh City Securities Co. 80,750 238,849 
Petrolimex 91,000 276,969 
PetroVietnam Drilling & Well Services JSC (a) 430,370 381,895 
PetroVietnam Technical Services Corp. 329,900 328,097 
Saigon Securities, Inc. 124,590 178,920 
Vietjet Aviation JSC 51,216 332,621 
Vietnam Dairy Products Corp. 202,656 1,192,784 
Vietnam Technological & Commercial Joint Stock Bank (a) 801,000 1,000,928 
TOTAL VIETNAM  4,423,692 
TOTAL COMMON STOCKS   
(Cost $537,946,290)  603,913,132 
Nonconvertible Preferred Stocks - 5.1%   
Brazil - 3.6%   
Ambev SA sponsored ADR 534,000 2,440,380 
Banco do Estado Rio Grande do Sul SA 270,160 1,002,092 
Companhia Paranaense de Energia-Copel:   
(PN-B) 4,460 23,644 
(PN-B) sponsored ADR (e) 289,107 1,523,594 
Fibria Celulose SA sponsored ADR 171,100 3,170,483 
Itau Unibanco Holding SA sponsored ADR 696,186 7,644,122 
Metalurgica Gerdau SA (PN) 997,600 1,971,214 
Petroleo Brasileiro SA - Petrobras (PN) sponsored ADR (non-vtg.) 472,700 4,944,442 
Telefonica Brasil SA 115,180 1,117,989 
TOTAL BRAZIL  23,837,960 
Korea (South) - 1.5%   
Hyundai Motor Co. Series 2 59,585 4,548,022 
Samsung Electronics Co. Ltd. 125,513 4,281,114 
Samsung Fire & Marine Insurance Co. Ltd. 9,276 1,533,907 
TOTAL KOREA (SOUTH)  10,363,043 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $26,196,353)  34,201,003 
 Principal Amount Value 
Government Obligations - 0.0%   
United States of America - 0.0%   
U.S. Treasury Bills, yield at date of purchase 1.96% 10/25/18(f)   
(Cost $269,649) 270,000 269,626 
 Shares Value 
Money Market Funds - 3.9%   
Fidelity Cash Central Fund, 2.11% (g) 23,071,079 23,075,693 
Fidelity Securities Lending Cash Central Fund 2.11%(g)(h) 2,618,303 2,618,565 
TOTAL MONEY MARKET FUNDS   
(Cost $25,693,789)  25,694,258 
TOTAL INVESTMENT IN SECURITIES - 100.0%   
(Cost $590,106,081)  664,078,019 
NET OTHER ASSETS (LIABILITIES) - 0.0%  (264,659) 
NET ASSETS - 100%  $663,813,360 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount Value Unrealized Appreciation/(Depreciation) 
Purchased      
Equity Index Contracts      
ICE E-mini MSCI Emerging Markets Index Contracts (United States) 87 Dec. 2018 $4,566,195 $31,944 $31,944 

The notional amount of futures purchased as a percentage of Net Assets is 0.7%

Security Type Abbreviations

ELS – Equity-Linked Security

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

 (b) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,663,286 or 0.3% of net assets.

 (c) Level 3 security

 (d) 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 $13,359,326 or 2.0% of net assets.

 (e) Security or a portion of the security is on loan at period end.

 (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 $269,626.

 (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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

 (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 
Ant International Co. Ltd. Class C 5/16/18 $1,663,286 

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $390,451 
Fidelity Securities Lending Cash Central Fund 67,925 
Total $458,376 

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 September 30, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $85,910,496 $82,404,445 $3,506,051 $-- 
Consumer Staples 40,885,943 40,885,943 -- -- 
Energy 51,843,830 40,545,801 11,298,029 -- 
Financials 159,613,583 114,814,824 44,798,759 -- 
Health Care 17,644,060 17,644,060 -- -- 
Industrials 29,166,780 29,166,780 -- -- 
Information Technology 142,425,065 85,873,255 56,551,810 -- 
Materials 53,711,233 50,069,919 3,641,314 -- 
Real Estate 20,458,806 18,795,520 -- 1,663,286 
Telecommunication Services 21,694,260 17,061,292 4,632,968 -- 
Utilities 14,760,079 14,227,106 532,973 -- 
Government Obligations 269,626 -- 269,626 -- 
Money Market Funds 25,694,258 25,694,258 -- -- 
Total Investments in Securities: $664,078,019 $537,183,203 $125,231,530 $1,663,286 
Derivative Instruments:     
Assets     
Futures Contracts $31,944 $31,944 $-- $-- 
Total Assets $31,944 $31,944 $-- $-- 
Total Derivative Instruments: $31,944 $31,944 $-- $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended September 30, 2018. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $15,816,887 
Level 2 to Level 1 $0 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of September 30, 2018. 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) $31,944 $0 
Total Equity Risk 31,944 0 
Total Value of Derivatives $31,944 $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 net unrealized appreciation (depreciation).

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  September 30, 2018 
Assets   
Investment in securities, at value (including securities loaned of $2,402,450) — See accompanying schedule:
Unaffiliated issuers (cost $564,412,292) 		$638,383,761  
Fidelity Central Funds (cost $25,693,789) 25,694,258  
Total Investment in Securities (cost $590,106,081)  $664,078,019 
Cash  93,697 
Foreign currency held at value (cost $286,192)  286,300 
Receivable for investments sold  3,748,992 
Receivable for fund shares sold  1,028,131 
Dividends receivable  1,068,119 
Distributions receivable from Fidelity Central Funds  44,335 
Other receivables  302,807 
Total assets  670,650,400 
Liabilities   
Payable for investments purchased $3,379,158  
Payable for fund shares redeemed 580,459  
Payable for daily variation margin on futures contracts 30,015  
Other payables and accrued expenses 229,318  
Collateral on securities loaned 2,618,090  
Total liabilities  6,837,040 
Net Assets  $663,813,360 
Net Assets consist of:   
Paid in capital  $552,063,596 
Undistributed net investment income  1,675,537 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  36,199,569 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  73,874,658 
Net Assets, for 3,008,991 shares outstanding  $663,813,360 
Net Asset Value, offering price and redemption price per share ($663,813,360 ÷ 3,008,991 shares)  $220.61 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Year ended September 30, 2018 
Investment Income   
Dividends  $17,700,157 
Interest  9,094 
Income from Fidelity Central Funds  458,376 
Income before foreign taxes withheld  18,167,627 
Less foreign taxes withheld  (1,896,292) 
Total income  16,271,335 
Expenses   
Custodian fees and expenses $549,788  
Independent directors' fees and expenses 3,565  
Interest 1,828  
Miscellaneous 16  
Total expenses  555,197 
Net investment income (loss)  15,716,138 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 52,294,362  
Fidelity Central Funds 694  
Foreign currency transactions (423,292)  
Futures contracts 782,358  
Total net realized gain (loss)  52,654,122 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of decrease in deferred foreign taxes of $582,165) (84,701,278)  
Fidelity Central Funds (734)  
Assets and liabilities in foreign currencies (53,160)  
Futures contracts 175,475  
Total change in net unrealized appreciation (depreciation)  (84,579,697) 
Net gain (loss)  (31,925,575) 
Net increase (decrease) in net assets resulting from operations  $(16,209,437) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Year ended September 30, 2018 Year ended September 30, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $15,716,138 $12,093,213 
Net realized gain (loss) 52,654,122 32,760,743 
Change in net unrealized appreciation (depreciation) (84,579,697) 92,226,717 
Net increase (decrease) in net assets resulting from operations (16,209,437) 137,080,673 
Distributions to shareholders from net investment income (15,018,134) (11,115,681) 
Distributions to shareholders from net realized gain (37,772,093) (2,186,326) 
Total distributions (52,790,227) (13,302,007) 
Affiliated share transactions   
Proceeds from sales of shares 131,696,787 288,606,531 
Reinvestment of distributions 52,167,267 13,077,757 
Cost of shares redeemed (214,237,322) (77,097,405) 
Net increase (decrease) in net assets resulting from share transactions (30,373,268) 224,586,883 
Total increase (decrease) in net assets (99,372,932) 348,365,549 
Net Assets   
Beginning of period 763,186,292 414,820,743 
End of period $663,813,360 $763,186,292 
Other Information   
Undistributed net investment income end of period $1,675,537 $977,533 
Shares   
Sold 525,396 1,346,133 
Issued in reinvestment of distributions 214,429 60,674 
Redeemed (829,971) (355,666) 
Net increase (decrease) (90,146) 1,051,141 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Emerging Markets Equity Central Fund

      
Years ended September 30, 2018 2017 2016 2015 2014 
Selected Per–Share Data      
Net asset value, beginning of period $246.26 $202.55 $172.95 $212.25 $198.65 
Income from Investment Operations      
Net investment income (loss)A 5.11 4.65 4.05 3.47 4.39 
Net realized and unrealized gain (loss) (14.13) 44.19 29.35 (39.58) 12.94 
Total from investment operations (9.02) 48.84 33.40 (36.11) 17.33 
Distributions from net investment income (4.95) (4.06) (3.80) (3.19) (3.73) 
Distributions from net realized gain (11.68) (1.07) – – – 
Total distributions (16.63) (5.13) (3.80) (3.19) (3.73) 
Net asset value, end of period $220.61 $246.26 $202.55 $172.95 $212.25 
Total ReturnB (4.20)% 24.55% 19.51% (17.12)% 8.72% 
Ratios to Average Net AssetsC,D      
Expenses before reductions .07% .07% .09% .15% .15% 
Expenses net of fee waivers, if any .07% .07% .09% .15% .15% 
Expenses net of all reductions .07% .07% .09% .15% .15% 
Net investment income (loss) 2.07% 2.12% 2.23% 1.71% 2.07% 
Supplemental Data      
Net assets, end of period (000 omitted) $663,813 $763,186 $414,821 $237,056 $457,436 
Portfolio turnover rateE 65% 59% 52% 141% 84% 

 A Calculated based on average shares outstanding during the period.

 B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 C Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 D Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

 E Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements

For the period ended September 30, 2018

1. Organization.

Fidelity Emerging Markets Equity Central Fund (the Fund) is a fund of Fidelity Central Investment Portfolios LLC (the LLC) and is authorized to issue an unlimited number of shares. Shares of the Fund are only offered to other investment companies and accounts managed by Fidelity Management & Research Company (FMR), or its affiliates (the Investing Funds). The LLC is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware Limited Liability Company. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

2. Investments in Fidelity Central Funds.

The Fund may invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC 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 – Investments 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 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 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of September 30, 2018, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and 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. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of September 30, 2018, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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.

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. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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), losses deferred due to wash sales and excise tax regulations.

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 $120,775,646 
Gross unrealized depreciation (53,640,312) 
Net unrealized appreciation (depreciation) $67,135,334 
Tax Cost $596,942,685 

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income $1,675,398 
Undistributed long-term capital gain $43,677,567 
Net unrealized appreciation (depreciation) on securities and other investments $67,006,250 

The Fund intends to elect to defer to its next fiscal year $609,449 of capital losses recognized during the period November 1, 2017 to September 30, 2018.

The tax character of distributions paid was as follows:

 September 30, 2018 September 30, 2017 
Ordinary Income $33,187,685 $ 11,589,726 
Long-term Capital Gains 19,602,542 1,712,281 
Total $52,790,227 $ 13,302,007 

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin 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, aggregated $470,223,940 and $528,606,128, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee and Expense Contract. FMR Co., Inc. (the investment adviser), an affiliate of FMR, provides the Fund with investment management services. The Fund does not pay any fees for these services. Pursuant to the Fund's management contract with the investment adviser, FMR pays the investment adviser a portion of the management fees it receives from the Investing Funds. In addition, under an expense contract, FMR also pays all other expenses of the Fund, excluding custody fees, the compensation of the independent Directors, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $5,008 for the period.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Borrower $10,140,000 1.62% $1,828 

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $4,860.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $67,925. During the period, there were no securities loaned to FCM.

8. Other.

The Fund's organizational documents provide former and current directors and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

At the end of the period, mutual funds managed by FMR or its affiliates were the owners of record of all of the outstanding shares of the Fund.

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Central Investment Portfolios LLC and Shareholders of Fidelity Emerging Markets Equity Central Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Emerging Markets Equity Central Fund (the "Fund"), a fund of Fidelity Central Investment Portfolios LLC, including the schedule of investments, as of September 30, 2018, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2018, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2018, by correspondence with the custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

November 13, 2018


We have served as the auditor of one or more of the Fidelity investment companies since 1999.

Directors and Officers (Trustees and Officers)

The Trustees, Members of the Advisory Board (if any), and officers of the Fidelity Central Investment Portfolios LLC and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Except for Michael E. Wiley, each of the Trustees oversees 283 funds. Michael E. Wiley oversees 193 funds. 

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust.  Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee.  Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs.  The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees.  Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years. 

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. James C. Curvey is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks.  The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above.  Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees.  While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees.  In addition, the Independent Trustees have worked with Fidelity to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board.  Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds.  The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees." 

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

James C. Curvey (1935)

Year of Election or Appointment: 2007

Trustee

Chairman of the Board of Trustees

Mr. Curvey also serves as Trustee of other Fidelity® funds. Mr. Curvey is Vice Chairman (2007-present) and Director of FMR LLC (diversified financial services company). In addition, Mr. Curvey is an Overseer Emeritus for the Boston Symphony Orchestra, a Director of Artis-Naples, and a Trustee of Brewster Academy in Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Research & Analysis Co. (investment adviser firm, 2009-2018), Director of Fidelity Investments Money Management, Inc. (investment adviser firm, 2009-2014) and a Director of FMR and FMR Co., Inc. (investment adviser firms, 2007-2014).

Charles S. Morrison (1960)

Year of Election or Appointment: 2014

Trustee

Mr. Morrison also serves as Trustee of other funds. He serves as President of Fidelity SelectCo, LLC (investment adviser firm, 2017-present) and Fidelity Management & Research Company (FMR) (investment adviser firm, 2016-present), a Director of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2014-present), Director of Fidelity SelectCo, LLC (investment adviser firm, 2014-present), President, Asset Management (2014-present), and is an employee of Fidelity Investments. Previously, Mr. Morrison served as Vice President of Fidelity's Fixed Income and Asset Allocation Funds (2012-2014), President, Fixed Income (2011-2014), Vice President of Fidelity's Money Market Funds (2005-2009), President, Money Market Group Leader of FMR (investment adviser firm, 2009), and Senior Vice President, Money Market Group of FMR (2004-2009). Mr. Morrison also served as Vice President of Fidelity's Bond Funds (2002-2005), certain Balanced Funds (2002-2005), and certain Asset Allocation Funds (2002-2007), and as Senior Vice President (2002-2005) of Fidelity's Bond Division.

 * Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the Fidelity Central Investment Portfolios LLC or various entities under common control with FMR. 

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008), as a member of the Independent Directors Council (IDC) Governing Council (2010-2015), and as a member of the Board of Directors for The Brookville Center for Children’s Services, Inc. (2009-2017). Mr. Dirks is a member of the Finance Committee (2016-present), Board of Directors (2017-present) and Board of Trustees (2018-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as a Trustee of other Fidelity® funds. Mr. Donahue is President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as a Member of the Advisory Board of certain Fidelity® funds (2015-2018) and Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006), and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue serves as a Member (2007-present) and Co-Chairman (2016-present) of the Board of Directors of United Way of New York, Member of the Board of Directors of NYC Leadership Academy (2012-present) and Member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). He also served as Chairman (2010-2012) and Member of the Board of Directors (2012-2013) of Omgeo, LLC (financial services), Treasurer of United Way of New York (2012-2016), and Member of the Board of Directors of XBRL US (financial services non-profit, 2009-2012) and the International Securities Services Association (2009-2012).

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Mr. Lacy also serves as Trustee of other Fidelity® funds. Mr. Lacy serves as a Director of Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). He is a Trustee of the California Chapter of The Nature Conservancy (2015-present) and a Director of the Center for Advanced Study in the Behavioral Sciences at Stanford University (2015-present). In addition, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity) and also served as Chief Executive Officer (2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation (retail) and Chief Executive Officer and Chairman of the Board of Sears, Roebuck and Co. (retail, 2000-2005). Previously, Mr. Lacy served as Chairman (2014-2017) and a member (2010-2017) of the Board of Directors of Dave & Buster’s Entertainment, Inc. (restaurant and entertainment complexes), as Chairman (2008-2011) and a member (2006-2015) of the Board of Trustees of the National Parks Conservation Association, and as a member of the Board of Directors for The Hillman Companies, Inc. (hardware wholesalers, 2010-2014), Earth Fare, Inc. (retail grocery, 2010-2014), and The Western Union Company (global money transfer, 2006-2011).

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2004

Trustee

Chairman of the Independent Trustees

Mr. Lautenbach also serves as Trustee of other Fidelity® funds. Mr. Lautenbach currently serves as Vice Chair of the Board of Governors, State University System of Florida (2013-present) and is a member of the Council on Foreign Relations (1994-present). He is also a member and has most recently served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner and Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach also had a 30-year career with IBM (technology company) during which time he served as Senior Vice President and a member of the Corporate Executive Committee (1968-1998).

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Mr. Mauriello also serves as Trustee of other Fidelity® funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Independent Directors Council (IDC) Governing Council (2015-present). Previously, Mr. Mauriello served as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-2018).

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Ms. Small also serves as Trustee of other Fidelity® funds. Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to Mr. Smith's retirement, he served as Chairman and Chief Executive Officer of Inbrand Corp. (manufacturer of personal absorbent products, 1990-1997). He also served as President (1986-1990) of Inbrand Corp. Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank. In addition, Mr. Smith served as a Member of the Advisory Board of certain Fidelity® funds (2012-2013) and as a board member of the Jackson Hole Land Trust (2009-2012).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Mr. Thomas also serves as Trustee of other Fidelity® funds. Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present), as a member of the Board of Directors (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication), and as a member of the Board of Trustees of the University of Florida (2013-present). Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions), and a Director of Fortune Brands, Inc. (consumer products, 2000-2011).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Mr. Wiley serves as a Director of Andeavor Corporation (independent oil refiner and marketer, 2005-present), a Director of Andeavor Logistics LP (natural resources logistics, 2015-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a Trustee of other Fidelity® funds (2008-2013), as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-2013), as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-2010), as a Senior Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Advisory Board Members and Officers:

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.  Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Vicki L. Fuller (1957)

Year of Election or Appointment: 2018

Member of the Advisory Board

Ms. Fuller also serves as Member of the Advisory Board of other Fidelity® funds. Ms. Fuller serves as a member of the Board of Directors, Audit Committee, and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present). Previously, Ms. Fuller served as the Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006).

Peter S. Lynch (1944)

Year of Election or Appointment: 2004

Member of the Advisory Board

Mr. Lynch also serves as Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of FMR (investment adviser firm) and FMR Co., Inc. (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).

William S. Stavropoulos (1939)

Year of Election or Appointment: 2018

Member of the Advisory Board

Mr. Stavropoulos also serves as Member of the Advisory Board of other Fidelity® funds. Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of the Board of Directors of Univar Inc. (global distributor of commodity and specialty chemicals), a Director of Teradata Corporation (data warehousing and technology solutions), and a member of the Advisory Board for Metalmark Capital LLC (private equity investment, 2005-present). Mr. Stavropoulos is an operating advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science, a Trustee of the Rollin L. Gerstacker Foundation, and a Director of Artis-Naples in Naples, Florida. Previously, Mr. Stavropoulos served as Trustee of certain Fidelity® funds (2001-2018) and as a Director of Chemical Financial Corporation (bank holding company, 1993-2012) and Tyco International, Ltd. (multinational manufacturing and services, 2007-2012).

Carol B. Tomé (1957)

Year of Election or Appointment: 2018

Member of the Advisory Board

Ms. Tomé also serves as Member of the Advisory Board of other Fidelity® funds. Ms. Tomé is Chief Financial Officer (2001-present) and Executive Vice President of Corporate Services (2007-present) of The Home Depot, Inc. (home improvement retailer) and a Director (2003-present) and Chair of the Audit Committee (2004-present) of United Parcel Service, Inc. (package delivery and supply chain management). Previously, Ms. Tomé served as Trustee of certain Fidelity® funds (2017), Senior Vice President of Finance and Accounting/Treasurer (2000-2007) and Vice President and Treasurer (1995-2000) of The Home Depot, Inc. and Chair of the Board (2010-2012), Vice Chair of the Board (2009 and 2013), and a Director (2008-2013) of the Federal Reserve Bank of Atlanta. Ms. Tomé is also a director or trustee of many community and professional organizations.

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2018

Secretary and Chief Legal Officer (CLO)

Mr. Coffey also serves as Secretary and CLO of other funds. Mr. Coffey serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-present); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Assistant Secretary of certain funds (2009-2018) and as Vice President and Associate General Counsel of FMR LLC (2005-2009).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Global Equity Research (2016-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as President and Treasurer of certain Fidelity® funds (2013-2018). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Deputy Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Assistant Treasurer of certain Fidelity® funds (2016-2018). 

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Global Equity Research (2018-present) and is an employee of Fidelity Investments (2013-present).

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Rieco E. Mello (1969)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).

Kenneth B. Robins (1969)

Year of Election or Appointment: 2016

Chief Compliance Officer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2018) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 1, 2018 to September 30, 2018).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

 Annualized Expense Ratio-A Beginning
Account Value
April 1, 2018 		Ending
Account Value
September 30, 2018 		Expenses Paid
During Period-B
April 1, 2018
to September 30, 2018 
Actual .0749% $1,000.00 $875.80 $.35 
Hypothetical-C  $1,000.00 $1,024.69 $.38 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

 C 5% return per year before expenses

Distributions (Unaudited)

The fund hereby designates as a capital gain dividend with respect to the taxable year ended September 30, 2018, $52,764,368, or, if subsequently determined to be different, the net capital gain of such year.

A percentage of the dividends distributed during the fiscal year for the fund may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code:

  
December 2017 12% 
February 2018 77% 
March 2018 77% 
April 2018 77% 
May 2018 77% 
June 2018 77% 
July 2018 77% 
August 2018 77% 
September 2018 77% 

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $4.2031 and $0.4434 for the dividend paid December 21, 2017.

The fund will notify shareholders in January 2019 of amounts for use in preparing 2018 income tax returns.

Board Approval of Investment Advisory Contracts

Fidelity Emerging Markets Equity Central Fund

At its July 2018 meeting, the Board of Directors, including the Independent Directors (together, the Board), voted to continue the management contract with FMR Co., Inc. (FMRC) and the sub-advisory agreements (together, the Advisory Contracts) for the fund for six months through January 31, 2019, in connection with the reunification of the Fidelity Equity High Income Funds Board, which oversees the fund, and the Sector Portfolios Board.

The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through January 31, 2019, with the understanding that the Board will consider the annual renewal for a full one year period in January 2019.

In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable, as well as potential fall-out benefits from Fidelity's non-fund businesses; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Advisory Contracts should be approved.





Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

EMQ-ANN-1118
1.876933.109

Fidelity® Floating Rate Central Fund



Annual Report

September 30, 2018



Fidelity Investments


Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Directors and Officers (Trustees and Officers)

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts


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. © 2018 FMR LLC. All rights reserved.



A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.



Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended September 30, 2018 Past 1 year Past 5 years Past 10 years 
Fidelity® Floating Rate Central Fund 5.65% 4.60% 7.24% 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Floating Rate Central Fund on September 30, 2008.

The chart shows how the value of your investment would have changed, and also shows how the S&P®/LSTA Leveraged Performing Loan Index performed over the same period.


Period Ending Values
$20,113Fidelity® Floating Rate Central Fund
$18,549S&P®/LSTA Leveraged Performing Loan Index

Management's Discussion of Fund Performance

Market Recap:  Floating-rate bank loans gained 5.47% for the 12 months ending September 30, 2018, as measured by the S&P/LSTA® Leveraged Performing Loan Index, topping both high-yield bonds and the broad investment-grade fixed-income market. Loans generated positive results in the early months of the period, as investors refocused their attention on interest rate risk amid rising U.S. Treasury yields. The asset class was relatively immune to the volatility that hampered stocks and credit in February and March, posting modestly positive returns in both months. Loan prices rose in the first half of April, then gave back some of that advance, as rising interest rates began to weigh on investor risk appetite. Following modest returns in May and June amid concerns about global trade, loans rode strong corporate earnings and robust second-quarter U.S. economic growth to a 1.90% gain for the final three months of the period. Every industry in the index generated a positive result, with retailers (+10%), oil & gas (+8%), and radio & television (+8%) leading the way. On the downside, among larger index members, cable & satellite television, containers & glass products, and aerospace & defense each returned about 4%, but lagged the overall market. From a credit-quality perspective, lower-quality loans did best, reflecting investor confidence amid the solid fundamental backdrop

Comments from Co-Portfolio Managers Eric Mollenhauer and Kevin Nielsen:  For the fiscal year, the fund gained 5.65%, outpacing the benchmark S&P/LSTA® Leveraged Performing Loan Index. Security selection in business equipment & services, along with favorable positioning in oil & gas, provided the biggest boost versus the benchmark the past 12 months. Among the fund's the top individual relative contributors were overweightings in outdoor retailer Bass Pro Shops and oil & gas exploration & production company California Resources. Avoiding Catalina Marketing Group, a benchmark constituent that produces grocery store coupons, was another positive, as was our non-benchmark equity position in coal producer Warrior Metropolitan Coal, Inc. On the downside, a cash stake of about 6%, on average, the past 12 months was the biggest detractor versus the benchmark, although it was within our target range of 5% to 7%. As for individual holdings, an overweighting in generic-drug maker Lannett Company disappointed when the company announced that it will lose a key supply contract in 2019. A mid-March bankruptcy filing by Clear Channel Communications, now called iHeartMedia, hampered our investment there. Not owning loans issued by retailer and benchmark member Neiman Marcus also dampened relative performance. As of September 30, we think the fundamental backdrop for loans remains supportive, despite global trade and political tension.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Investment Summary (Unaudited)

Top Five Holdings as of September 30, 2018

(by issuer, excluding cash equivalents) % of fund's net assets 
Intelsat Jackson Holdings SA 2.0 
Caesars Resort Collection LLC 1.8 
Bass Pro Shops LLC. 1.6 
Frontier Communications Corp. 1.6 
Asurion LLC 1.5 
 8.5 

Top Five Market Sectors as of September 30, 2018

 % of fund's net assets 
Technology 14.3 
Gaming 8.1 
Telecommunications 7.8 
Services 7.1 
Energy 5.4 

Quality Diversification (% of fund's net assets)

As of September 30, 2018  
   BBB 2.5% 
   BB 32.8% 
   B 51.9% 
   CCC,CC,C 5.6% 
   Not Rated 2.1% 
   Equities 0.8% 
   Short-Term Investments and Net Other Assets 4.3% 


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 September 30, 2018 * 
   Bank Loan Obligations 92.0% 
   Nonconvertible Bonds 2.9% 
   Common Stocks 0.8% 
   Short-Term Investments and Net Other Assets (Liabilities) 4.3% 


 * Foreign investments - 11.2%

Schedule of Investments September 30, 2018

Showing Percentage of Net Assets

Bank Loan Obligations - 92.0%(a)   
 Principal Amount Value 
Aerospace - 1.6%   
DAE Aviation Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.750% 5.99% 7/7/22(b)(c) $3,360,206 $3,375,428 
TransDigm, Inc.:   
Tranche E, term loan 3 month U.S. LIBOR + 2.500% 4.7422% 5/30/25 (b)(c) 2,985,000 2,992,582 
Tranche F, term loan 3 month U.S. LIBOR + 2.500% 4.7422% 6/9/23 (b)(c) 14,319,431 14,367,830 
Tranche G, term loan 3 month U.S. LIBOR + 2.500% 4.7422% 8/22/24 (b)(c) 6,191,944 6,208,848 
Wesco Aircraft Hardware Corp.:   
Tranche A, term loan 3 month U.S. LIBOR + 3.000% 5.25% 11/30/20 (b)(c) 480,000 477,600 
Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.7422% 2/28/21 (b)(c) 3,145,000 3,109,619 
WP CPP Holdings LLC:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.2142% 4/30/25 (b)(c) 4,250,000 4,276,563 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 7.750% 10.1477% 4/30/26 (b)(c) 1,000,000 998,130 
TOTAL AEROSPACE  35,806,600 
Air Transportation - 0.2%   
Transplace Holding, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 5.9084% 10/5/24 (b)(c) 3,473,794 3,494,428 
XPO Logistics, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.2301% 2/23/25 (b)(c) 2,245,000 2,255,103 
TOTAL AIR TRANSPORTATION  5,749,531 
Automotive & Auto Parts - 0.9%   
Caliber Holdings Corp.:   
Tranche 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.2422% 2/1/24 (b)(c) 1,615,750 1,625,170 
Tranche 2LN, term loan 3 month U.S. LIBOR + 7.250% 9.4922% 2/1/25 (b)(c) 450,000 454,500 
Chrysler Group LLC term loan 3 month U.S. LIBOR + 2.000% 4.25% 12/31/18 (b)(c) 836,478 837,172 
Hertz Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 4.83% 6/30/23 (b)(c) 6,670,305 6,643,891 
North American Lifting Holdings, Inc.:   
Tranche 1LN, term loan 3 month U.S. LIBOR + 4.500% 6.8861% 11/27/20 (b)(c) 6,443,390 6,266,197 
Tranche 2LN, term loan 3 month U.S. LIBOR + 9.000% 11.3861% 11/27/21 (b)(c) 2,641,000 2,302,080 
The Gates Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 4.9922% 3/31/24 (b)(c) 638,640 642,236 
UOS LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.500% 7.7422% 4/18/23 (b)(c) 2,370,792 2,418,208 
TOTAL AUTOMOTIVE & AUTO PARTS  21,189,454 
Banks & Thrifts - 0.1%   
Lions Gate Capital Holdings Ll Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.4922% 3/24/25 (b)(c) 2,985,000 2,987,478 
Broadcasting - 1.2%   
AppLovin Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.0638% 8/15/25 (b)(c) 5,000,000 5,056,250 
CBS Radio, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 4.9622% 11/18/24 (b)(c) 6,451,250 6,393,640 
Clear Channel Communications, Inc. Tranche D, term loan 3 month U.S. LIBOR + 6.750% 0% 1/30/19 (c)(d) 10,685,000 8,002,103 
ION Media Networks, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 5.05% 12/18/20 (b)(c) 3,242,277 3,254,435 
Raycom Media, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.4922% 8/23/24 (b)(c) 4,179,765 4,179,765 
TOTAL BROADCASTING  26,886,193 
Building Materials - 0.9%   
GYP Holdings III Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 4.9922% 6/1/25 (b)(c) 3,975,402 3,963,794 
Hamilton Holdco LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 4.34% 7/2/25 (b)(c) 3,491,250 3,495,614 
HD Supply, Inc. Tranche B 4LN, term loan 3 month U.S. LIBOR + 2.500% 4.7422% 10/17/23 (b)(c) 1,473,862 1,486,022 
Jeld-Wen, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.3861% 12/14/24 (b)(c) 3,543,225 3,550,595 
Traverse Midstream Partners Ll Tranche B, term loan 3 month U.S. LIBOR + 4.000% 6.6% 9/27/24 (b)(c) 3,275,000 3,296,844 
Ventia Deco LLC Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.8861% 5/21/22 (b)(c) 4,949,588 4,983,641 
TOTAL BUILDING MATERIALS  20,776,510 
Cable/Satellite TV - 2.9%   
Altice U.S. Finance SA Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.4922% 7/28/25 (b)(c) 1,970,063 1,967,600 
Cable One, Inc. Tranche B, term loan 3 month U.S. LIBOR + 1.750% 4.14% 5/1/24 (b)(c) 1,254,125 1,257,260 
Charter Communication Operating LLC Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.25% 4/30/25 (b)(c) 32,752,500 32,793,441 
CSC Holdings LLC Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.6584% 1/25/26 (b)(c) 5,850,338 5,867,420 
MCC Iowa LLC Tranche M, term loan 3 month U.S. LIBOR + 2.000% 4.17% 1/15/25 (b)(c) 1,074,150 1,073,140 
Numericable LLC:   
Tranche B 12LN, term loan 3 month U.S. LIBOR + 3.688% 5.8459% 1/31/26 (b)(c) 648,367 639,802 
Tranche B 13LN, term loan 3 month U.S. LIBOR + 4.000% 6.1584% 8/14/26 (b)(c) 6,000,000 5,947,500 
Virgin Media Bristol LLC Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.6584% 1/15/26 (b)(c) 5,500,000 5,508,140 
WideOpenWest Finance LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.4084% 8/19/23 (b)(c) 11,892,406 11,634,698 
TOTAL CABLE/SATELLITE TV  66,689,001 
Capital Goods - 0.7%   
AECOM Tranche B, term loan 3 month U.S. LIBOR + 1.750% 3.9922% 3/13/25 (b)(c) 2,826,167 2,830,575 
Altra Industrial Motion Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 9/26/25 (c)(e) 4,095,000 4,101,388 
Apergy Corp. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.75% 5/9/25 (b)(c) 1,751,325 1,760,082 
Doosan Bobcat Tranche B, term loan 3 month U.S. LIBOR + 2.000% 3.6934% 5/18/24 (b)(c) 1,380,700 1,382,674 
Gardner Denver, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 4.9922% 7/30/24 (b)(c) 909,748 914,206 
Onex Wizard U.S. Acquisition, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 7% 3/13/22 (b)(c) 4,403,270 4,406,308 
TOTAL CAPITAL GOODS  15,395,233 
Chemicals - 2.7%   
Ashland LLC Tranche B, term loan 3 month U.S. LIBOR + 1.750% 3.9402% 5/17/24 (b)(c) 1,975,000 1,977,963 
ASP Chromaflo Intermediate Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 5.7422% 11/18/23 (b)(c) 2,082,900 2,095,918 
Invictus U.S. Newco LLC:   
Tranche 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.195% 3/28/25 (b)(c) 1,994,975 2,006,207 
Tranche 2LN, term loan 3 month U.S. LIBOR + 6.750% 8.8259% 3/28/26 (b)(c) 1,500,000 1,488,750 
Kraton Polymers LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 4.7422% 3/8/25 (b)(c) 3,248,718 3,257,847 
MacDermid, Inc.:   
Tranche B 6LN, term loan 3 month U.S. LIBOR + 3.000% 4% 6/7/23 (b)(c) 3,078,767 3,097,055 
Tranche B 7LN, term loan 3 month U.S. LIBOR + 2.500% 4.7422% 6/7/20 (b)(c) 1,294,874 1,299,264 
OCI Partners LP Tranche B, term loan 3 month U.S. LIBOR + 4.000% 6.3861% 3/13/25 (b)(c) 6,716,250 6,805,912 
Oxea Corp. Tranche B2, term loan 3 month U.S. LIBOR + 3.500% 5.625% 10/11/24 (b)(c) 5,936,288 5,969,709 
PQ Corp. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.7422% 2/8/25 (b)(c) 2,012,842 2,014,110 
Starfruit U.S. Holdco LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 9/20/25 (c)(e) 13,000,000 13,049,660 
The Chemours Co. LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 4% 4/3/25 (b)(c) 2,524,663 2,526,253 
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. term loan 3 month U.S. LIBOR + 2.000% 4.2182% 9/6/24 (b)(c) 1,980,000 1,986,593 
Tronox Blocked Borrower LLC Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.2182% 9/22/24 (b)(c) 2,853,553 2,863,654 
Tronox Finance LLC Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.2182% 9/22/24 (b)(c) 6,585,122 6,608,433 
Univar, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.4922% 7/1/24 (b)(c) 2,681,778 2,686,981 
W. R. Grace & Co.-Conn.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 4.1361% 4/3/25 (b)(c) 1,131,053 1,134,593 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 1.750% 4.1361% 4/3/25 (b)(c) 1,938,947 1,945,016 
TOTAL CHEMICALS  62,813,918 
Consumer Products - 0.9%   
CSM Bakery Supplies Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 6.34% 7/3/20 (b)(c) 3,666,183 3,540,616 
Owens & Minor Distribution, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.500% 6.6038% 4/30/25 (b)(c) 4,500,000 4,241,250 
Prestige Brands, Inc. term loan 3 month U.S. LIBOR + 2.000% 4.2422% 1/26/24 (b)(c) 1,639,732 1,639,272 
Rodan & Fields LLC Tranche B, term loan 3 month U.S. LIBOR + 4.000% 6.163% 6/15/25 (b)(c) 1,840,000 1,856,873 
Weight Watchers International, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.750% 7.054% 11/29/24 (b)(c) 10,587,500 10,706,609 
TOTAL CONSUMER PRODUCTS  21,984,620 
Containers - 1.9%   
Ball Metalpack Finco LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 6.7422% 7/31/25 (b)(c) 3,316,688 3,345,709 
Berlin Packaging, LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.1601% 11/7/25 (b)(c) 9,301,688 9,297,316 
Berry Global, Inc.:   
Tranche Q, term loan 3 month U.S. LIBOR + 2.000% 4.1859% 10/1/22 (b)(c) 3,599,973 3,606,489 
Tranche T, term loan 3 month U.S. LIBOR + 1.750% 3.9359% 1/6/21 (b)(c) 7,384,667 7,380,088 
BWAY Holding Co. Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.5814% 4/3/24 (b)(c) 1,481,250 1,479,398 
Charter Nex U.S., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.2422% 5/16/24 (b)(c) 1,338,063 1,337,782 
Consolidated Container Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 4.9922% 5/22/24 (b)(c) 2,484,947 2,492,402 
Crown Americas LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 4.2182% 4/3/25 (b)(c) 3,152,100 3,166,158 
Hostess Brands LLC Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.4922% 8/3/22 (b)(c) 367,959 367,959 
Plastipak Packaging, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.75% 10/14/24 (b)(c) 994,950 994,174 
Reynolds Group Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 4.9922% 2/5/23 (b)(c) 9,190,399 9,228,999 
TOTAL CONTAINERS  42,696,474 
Diversified Financial Services - 3.7%   
AlixPartners LLP Tranche B, term loan 3 month U.S. LIBOR + 2.750% 4.9922% 4/4/24 (b)(c) 6,427,374 6,454,176 
Avolon TLB Borrower 1 (U.S.) LLC Tranche B3 1LN, term loan 3 month U.S. LIBOR + 2.000% 4.1653% 1/15/25 (b)(c) 2,867,813 2,876,215 
Bcp Renaissance Parent LLC Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.8424% 10/31/24 (b)(c) 4,015,000 4,037,323 
Cypress Intermediate Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.25% 4/27/24 (b)(c) 2,962,500 2,973,609 
Deerfield Holdings Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.4922% 2/13/25 (b)(c) 3,149,175 3,149,175 
Delos Finance SARL Tranche B, term loan 3 month U.S. LIBOR + 1.750% 4.1361% 10/6/23 (b)(c) 3,682,000 3,692,751 
Financial & Risk U.S. Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.750% 10/1/25 (c)(e) 13,000,000 12,965,680 
Finco I LLC Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.2422% 12/27/22(b)(c) 2,970,698 2,982,759 
Fly Funding II SARL Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.34% 2/9/23 (b)(c) 6,239,724 6,242,344 
Flying Fortress Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 1.750% 4.1361% 10/30/22 (b)(c) 3,000,000 3,012,870 
Focus Financial Partners LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 4.7422% 7/3/24 (b)(c) 1,642,604 1,650,817 
Franklin Square Holdings LP Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.625% 8/3/25 (b)(c) 2,500,000 2,510,950 
Greensky Holdings LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.5% 3/29/25 (b)(c) 2,119,350 2,124,648 
HarbourVest Partners LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 4.4084% 3/1/25 (b)(c) 5,011,499 5,017,763 
Kingpin Intermediate Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 5.75% 7/3/24 (b)(c) 2,979,950 2,996,727 
NAB Holdings LLC Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.3861% 6/30/24 (b)(c) 1,900,848 1,877,087 
Ocwen Loan Servicing LLC Tranche B, term loan 3 month U.S. LIBOR + 5.000% 7.1653% 12/5/20 (b)(c) 1,080,412 1,084,463 
Recess Holdings, Inc. Tranche B, term loan:   
3 month U.S. LIBOR + 3.750% 6.0642% 9/29/24 (b)(c) 1,770,450 1,783,728 
3 month U.S. LIBOR + 3.750% 7.3845% 9/29/24 (b)(c) 241,667 243,479 
SAI Global GP Tranche B, term loan 3 month U.S. LIBOR + 4.500% 6.7422% 12/8/23 (b)(c) 2,955,000 2,777,700 
TransUnion LLC:   
Tranche B 4LN, term loan 3 month U.S. LIBOR + 2.000% 4.2422% 6/19/25 (b)(c) 3,491,250 3,500,711 
Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.2422% 4/9/23 (b)(c) 6,797,660 6,808,740 
UFC Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.5% 8/18/23 (b)(c) 3,242,250 3,259,466 
TOTAL DIVERSIFIED FINANCIAL SERVICES  84,023,181 
Diversified Media - 0.1%   
Lamar Media Corp. Tranche B, term loan 3 month U.S. LIBOR + 1.750% 3.9375% 3/16/25 (b)(c) 3,228,775 3,240,883 
Energy - 4.4%   
Arctic LNG Carriers Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 6.7422% 5/18/23 (b)(c) 5,842,704 5,857,311 
Bcp Raptor LLC Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.4922% 6/22/24 (b)(c) 5,394,266 5,306,609 
Brazos Delaware II LLC Tranche B, term loan 3 month U.S. LIBOR + 4.000% 6.1653% 5/21/25 (b)(c) 2,778,038 2,760,675 
California Resources Corp.:   
Tranche 1LN, term loan 3 month U.S. LIBOR + 10.375% 12.6172% 12/31/21 (b)(c) 12,435,000 13,776,985 
Tranche B, term loan 3 month U.S. LIBOR + 4.750% 6.9622% 12/31/22 (b)(c) 11,030,000 11,190,817 
Citgo Petroleum Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.8374% 7/29/21 (b)(c) 8,583,266 8,583,266 
Consolidated Energy Finance SA Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.6326% 5/7/25 (b)(c) 7,980,000 7,950,075 
Delek U.S. Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 4.7422% 3/13/25 (b)(c) 1,900,450 1,905,201 
Empire Generating Co. LLC:   
Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.64% 3/14/21 (b)(c) 1,046,585 842,501 
Tranche C, term loan 3 month U.S. LIBOR + 4.250% 6.64% 3/14/21 (b)(c) 103,727 83,500 
Energy Transfer Equity LP Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.2422% 2/2/24 (b)(c) 4,000,000 4,002,520 
Foresight Energy LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.750% 7.9922% 3/28/22 (b)(c) 1,845,049 1,841,598 
FTS International, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.750% 7.1719% 4/16/21 (b)(c) 4,178,899 4,199,793 
Gavilan Resources LLC Tranche 2LN, term loan 3 month U.S. LIBOR + 6.000% 8.1653% 3/1/24 (b)(c) 6,865,000 6,464,565 
GIM Channelview Cogeneration LLC Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.5% 5/3/25 (b)(c) 485,722 489,258 
GIP III Stetson I LP Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.5826% 7/23/25 (b)(c) 10,560,000 10,609,526 
Gulf Finance LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.250% 7.64% 8/25/23 (b)(c) 4,757,425 3,977,540 
Medallion Midland Acquisition Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.4922% 10/30/24 (b)(c) 4,166,306 4,133,767 
Terra-Gen Finance Co. LLC Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.49% 12/9/21 (b)(c) 4,423,072 3,626,919 
TerraForm AP Acquisition Holdings LLC Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.6361% 6/26/22 (b)(c) 2,747,370 2,754,238 
TerraForm Power Operating LLC Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.2422% 11/8/22 (b)(c) 1,052,050 1,054,680 
TOTAL ENERGY  101,411,344 
Entertainment/Film - 0.6%   
AMC Entertainment Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.3844% 12/15/23 (b)(c) 4,407,825 4,406,899 
AMC Entertainment, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.3844% 12/15/22 (b)(c) 1,458,750 1,457,539 
CDS U.S. Intermediate Holdings, Inc.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.1361% 7/8/22 (b)(c) 4,620,810 4,533,015 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 8.250% 10.6361% 7/8/23 (b)(c) 760,000 728,331 
SMG U.S. Midco 2, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.2422% 1/23/25 (b)(c) 2,835,750 2,849,929 
TOTAL ENTERTAINMENT/FILM  13,975,713 
Environmental - 0.4%   
Hd Supply Waterworks Ltd. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.3167% 8/1/24 (b)(c) 794,000 796,318 
The Brickman Group, Ltd. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.6875% 8/15/25 (b)(c) 2,500,000 2,510,150 
Wrangler Buyer Corp. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 4.9922% 9/28/24 (b)(c) 2,135,057 2,146,180 
WTG Holdings III Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.2422% 12/20/24 (b)(c) 3,253,792 3,268,695 
TOTAL ENVIRONMENTAL  8,721,343 
Food & Drug Retail - 4.3%   
Agro Merchants Intermediate Ho Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.1361% 12/6/24 (b)(c) 2,898,708 2,913,202 
Albertson's LLC Tranche B, term loan:   
3 month U.S. LIBOR + 2.750% 4.9922% 8/25/21 (b)(c) 31,208,436 31,234,339 
3 month U.S. LIBOR + 3.000% 5.381% 12/21/22 (b)(c) 2,678,094 2,678,603 
BI-LO LLC Tranche B, term loan 3 month U.S. LIBOR + 8.000% 10.327% 5/31/24 (b)(c) 14,000,000 14,000,000 
GOBP Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.7422% 10/21/21 (b)(c) 6,112,247 6,112,247 
JBS USA Lux SA Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.8444% 10/30/22 (b)(c) 14,092,060 14,119,399 
Lannett Co., Inc.:   
Tranche B, term loan 3 month U.S. LIBOR + 4.750% 6.9922% 11/25/20 (b)(c) 294,234 277,462 
Tranche B, term loan 3 month U.S. LIBOR + 5.375% 7.6172% 11/25/22 (b)(c) 18,482,610 16,207,031 
RPI Finance Trust Tranche B 6LN, term loan 3 month U.S. LIBOR + 2.000% 4.3861% 3/27/23 (b)(c) 4,319,317 4,332,448 
Smart & Final, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.7422% 11/15/22 (b)(c) 5,721,971 5,603,984 
SUPERVALU, Inc. term loan:   
3 month U.S. LIBOR + 3.500% 5.7422% 6/8/24 (b)(c) 828,854 828,854 
3 month U.S. LIBOR + 3.500% 5.7422% 6/8/24 (b)(c) 497,312 497,312 
TOTAL FOOD & DRUG RETAIL  98,804,881 
Food/Beverage/Tobacco - 1.8%   
8th Avenue Food & Provisions, Inc.:   
2LN, term loan 3 month U.S. LIBOR + 7.750% 10.006% 9/21/26 (b)(c) 410,000 412,050 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.006% 9/21/25 (b)(c) 1,200,000 1,209,756 
Arterra Wines Canada, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 5.0875% 12/16/23 (b)(c) 2,456,250 2,462,391 
Chobani LLC Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.7422% 10/7/23 (b)(c) 10,760,159 10,491,155 
CTI Foods Holdings Co. LLC Tranche 1LN, term loan 3 month U.S. LIBOR + 3.500% 6.1% 6/28/20 (b)(c) 1,778,379 1,456,047 
Eg Finco Ltd. Tranche B, term loan 3 month U.S. LIBOR + 4.000% 6.3861% 2/6/25 (b)(c) 1,437,775 1,439,127 
Post Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.22% 5/24/24 (b)(c) 10,151,574 10,149,747 
Shearer's Foods, Inc.:   
Tranche 2LN, term loan 3 month U.S. LIBOR + 6.750% 8.9922% 6/30/22 (b)(c) 4,827,000 4,561,515 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 6.4922% 6/30/21 (b)(c) 5,002,076 4,958,308 
U.S. Foods, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.2422% 6/27/23 (b)(c) 3,910,000 3,923,216 
TOTAL FOOD/BEVERAGE/TOBACCO  41,063,312 
Gaming - 7.8%   
Affinity Gaming LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.4922% 7/1/23 (b)(c) 1,880,549 1,870,206 
AP Gaming I LLC Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.4922% 2/15/24 (b)(c) 2,264,597 2,275,919 
Aristocrat Technologies, Inc. Tranche B 3LN, term loan 3 month U.S. LIBOR + 1.750% 4.0975% 10/19/24 (b)(c) 7,043,118 7,033,891 
Boyd Gaming Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 4.4174% 9/15/23 (b)(c) 2,734,707 2,747,451 
Caesars Resort Collection LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 4.9922% 12/22/24 (b)(c) 41,188,750 41,406,221 
Churchill Downs, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.25% 12/27/24 (b)(c) 1,334,913 1,336,581 
CityCenter Holdings LLC Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.4682% 4/18/24 (b)(c) 5,448,919 5,453,169 
Eldorado Resorts, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.4083% 4/17/24 (b)(c) 3,375,018 3,389,092 
Gaming VC Holdings SA Tranche B2 1LN, term loan 3 month U.S. LIBOR + 2.500% 4.7422% 3/15/24 (b)(c) 4,562,075 4,577,267 
Gateway Casinos & Entertainment Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 4.6934% 3/13/25 (b)(c) 4,433,888 4,453,308 
Golden Entertainment, Inc. Tranche B, term loan:   
3 month U.S. LIBOR + 3.000% 5.25% 10/20/24 (b)(c) 11,910,000 11,939,775 
3 month U.S. LIBOR + 7.000% 9.25% 10/20/25 (b)(c) 1,000,000 1,011,250 
Golden Nugget, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 4.9518% 10/4/23 (b)(c) 18,468,907 18,531,886 
Greektown Holdings LLC Tranche B, term loan 3 month U.S. LIBOR + 2.750% 4.9922% 4/25/24 (b)(c) 1,367,688 1,367,688 
Las Vegas Sands LLC Tranche B, term loan 3 month U.S. LIBOR + 1.750% 3.9922% 3/27/25 (b)(c) 8,452,500 8,442,780 
MGM Mirage, Inc. Tranche A, term loan 3 month U.S. LIBOR + 2.500% 4.7422% 4/25/21 (b)(c) 2,123,844 2,123,844 
Mohegan Tribal Gaming Authority Tranche B, term loan 3 month U.S. LIBOR + 4.000% 6.2422% 10/14/23 (b)(c) 2,393,046 2,254,585 
Penn National Gaming, Inc. Tranche B, term loan:   
3 month U.S. LIBOR + 2.250% 10/1/25 (c)(e) 5,000,000 5,025,000 
3 month U.S. LIBOR + 2.500% 4.7422% 1/19/24 (b)(c) 514,800 517,055 
Scientific Games Corp. Tranche B 5LN, term loan 3 month U.S. LIBOR + 2.750% 5.0342% 8/14/24 (b)(c) 18,993,244 18,957,727 
Stars Group Holdings BV Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.8377% 7/10/25 (b)(c) 15,960,000 16,100,448 
Station Casinos LLC Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.75% 6/8/23 (b)(c) 9,222,817 9,256,388 
Tropicana Entertainment, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 7.25% 11/27/20 (b)(c) 302,208 302,963 
Wynn America LLC Tranche A 1LN, term loan 3 month U.S. LIBOR + 1.750% 4% 12/31/21 (b)(c) 6,140,000 6,116,975 
Yonkers Racing Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.5% 5/31/24 (b)(c) 1,905,008 1,909,770 
TOTAL GAMING  178,401,239 
Healthcare - 4.5%   
Akorn, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.750% 7% 4/17/21 (b)(c) 740,000 715,950 
American Renal Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.4922% 6/22/24 (b)(c) 2,873,625 2,848,481 
Community Health Systems, Inc. Tranche H, term loan 3 month U.S. LIBOR + 3.250% 5.5626% 1/27/21 (b)(c) 6,905,488 6,811,228 
CVS Holdings I LP:   
Tranche 2LN, term loan 3 month U.S. LIBOR + 6.750% 9% 2/6/26 (b)(c) 1,000,000 992,500 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.25% 2/6/25 (b)(c) 1,666,625 1,666,625 
Envision Healthcare Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.25% 12/1/23 (b)(c) 2,905,080 2,903,017 
HCA Holdings, Inc.:   
Tranche B 10LN, term loan 3 month U.S. LIBOR + 2.000% 4.2422% 3/13/25 (b)(c) 10,945,000 11,020,958 
Tranche B 11LN, term loan 3 month U.S. LIBOR + 1.750% 3.9922% 3/18/23 (b)(c) 5,308,938 5,347,534 
HLF Financing SARL LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.4922% 8/18/25 (b)(c) 4,775,000 4,814,776 
Innoviva, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.500% 6.8119% 8/18/22 (b)(c) 154,275 154,275 
LifeScan Global Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 6.000% 6/18/24 (c)(e) 4,020,000 3,972,283 
MPH Acquisition Holdings LLC Tranche B, term loan 3 month U.S. LIBOR + 2.750% 5.1361% 6/7/23 (b)(c) 2,429,395 2,433,816 
Ortho-Clinical Diagnostics, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.4922% 6/30/25 (b)(c) 15,254,742 15,304,320 
PAREXEL International Corp. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 4.9922% 9/27/24 (b)(c) 5,895,450 5,852,708 
Press Ganey Holdings, Inc. Tranche 1LN, term loan 3 month U.S. LIBOR + 2.750% 4.9922% 10/21/23 (b)(c) 2,569,545 2,579,181 
Prospect Medical Holdings, Inc. Tranche 1LN, term loan 3 month U.S. LIBOR + 5.500% 7.625% 2/22/24 (b)(c) 3,228,775 3,269,135 
U.S. Anesthesia Partners, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.2422% 6/23/24 (b)(c) 2,627,537 2,640,675 
U.S. Renal Care, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 6.6361% 12/31/22 (b)(c) 5,830,893 5,675,383 
Valeant Pharmaceuticals International, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.1038% 6/1/25 (b)(c) 13,555,766 13,619,885 
Vizient, Inc. Tranche B 3LN, term loan 3 month U.S. LIBOR + 2.750% 4.9922% 2/11/23 (b)(c) 1,335,662 1,339,562 
VVC Holding Corp. 1LN, term loan 3 month U.S. LIBOR + 4.250% 6.3979% 7/9/25 (b)(c) 6,000,000 5,902,500 
Wink Holdco, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.2422% 12/1/24 (b)(c) 4,714,375 4,695,235 
TOTAL HEALTHCARE  104,560,027 
Homebuilders/Real Estate - 2.0%   
DTZ U.S. Borrower LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.4922% 8/21/25 (b)(c) 10,000,000 10,037,500 
Lightstone Holdco LLC:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 5.9922% 1/30/24 (b)(c) 4,738,622 4,703,840 
Tranche C 1LN, term loan 3 month U.S. LIBOR + 3.750% 5.9922% 1/30/24 (b)(c) 254,508 252,640 
MGM Growth Properties Operating Partner LP Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.2422% 3/23/25 (b)(c) 4,749,457 4,753,162 
Pisces Midco, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.0874% 4/12/25 (b)(c) 3,561,075 3,592,234 
Realogy Group LLC Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.3979% 2/8/25 (b)(c) 6,934,691 6,946,827 
VICI Properties, LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 4.2122% 12/22/24 (b)(c) 15,000,682 15,019,433 
TOTAL HOMEBUILDERS/REAL ESTATE  45,305,636 
Hotels - 1.0%   
ESH Hospitality, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.2158% 8/30/23 (b)(c) 2,803,024 2,803,528 
Four Seasons Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.2422% 11/30/23 (b)(c) 7,593,063 7,594,278 
Hilton Worldwide Finance LLC Tranche B 2LN, term loan 3 month U.S. LIBOR + 1.750% 3.9658% 10/25/23 (b)(c) 3,561,454 3,577,195 
Marriott Ownership Resorts, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.4922% 8/31/25 (b)(c) 2,730,000 2,750,475 
Wyndham Hotels & Resorts, Inc. Tranche B, term loan 3 month U.S. LIBOR + 1.750% 3.9922% 5/30/25 (b)(c) 6,015,000 6,031,301 
TOTAL HOTELS  22,756,777 
Insurance - 3.3%   
Acrisure LLC Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.5924% 11/22/23 (b)(c) 4,491,936 4,505,052 
Alliant Holdings Intermediate LLC Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.1479% 5/10/25 (b)(c) 8,850,174 8,877,079 
AmWINS Group, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 4.9645% 1/25/24 (b)(c) 4,957,386 4,974,935 
Asurion LLC:   
Tranche B 6LN, term loan 3 month U.S. LIBOR + 3.000% 5.2422% 11/3/23 (b)(c) 6,199,696 6,244,271 
Tranche B 7LN, term loan 3 month U.S. LIBOR + 3.000% 5.2422% 11/3/24 (b)(c) 6,982,500 7,027,258 
Tranche B, term loan:   
3 month U.S. LIBOR + 3.000% 5.2422% 8/4/22 (b)(c) 7,559,441 7,618,858 
3 month U.S. LIBOR + 6.500% 8.7422% 8/4/25 (b)(c) 13,890,000 14,263,363 
HUB International Ltd. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 5.3353% 4/25/25 (b)(c) 10,029,863 10,047,415 
USI, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.3861% 5/16/24 (b)(c) 12,495,319 12,498,443 
TOTAL INSURANCE  76,056,674 
Leisure - 2.7%   
24 Hour Fitness Worldwide, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.7422% 5/31/25 (b)(c) 2,897,738 2,915,848 
Alterra Mountain Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.2422% 7/31/24 (b)(c) 6,955,050 6,962,005 
Crown Finance U.S., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 4.7422% 2/28/25 (b)(c) 10,945,000 10,927,379 
Delta 2 SARL Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.7422% 2/1/24 (b)(c) 16,554,747 16,416,846 
Equinox Holdings, Inc.:   
Tranche 2LN, term loan 3 month U.S. LIBOR + 7.000% 9.2422% 9/8/24 (b)(c) 1,000,000 1,021,880 
Tranche B-1, term loan 3 month U.S. LIBOR + 3.000% 5.2182% 3/8/24 (b)(c) 2,955,150 2,967,709 
Fitness International LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.4922% 4/18/25 (b)(c) 1,865,325 1,868,123 
LTF Merger Sub, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 5.0626% 6/10/22 (b)(c) 6,365,205 6,387,738 
NVA Holdings, Inc. Tranche B 3LN, term loan 3 month U.S. LIBOR + 2.750% 4.9922% 2/2/25 (b)(c) 2,270,969 2,262,453 
Seminole Tribe of Florida Tranche B, term loan 3 month U.S. LIBOR + 1.750% 3.9682% 7/6/24 (b)(c) 2,475,000 2,486,138 
Varsity Brands Holding Co., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 5.7422% 12/15/24 (b)(c) 7,940,020 7,956,535 
TOTAL LEISURE  62,172,654 
Metals/Mining - 0.4%   
American Rock Salt Co. LLC Tranche B, term loan 3 month U.S. LIBOR + 3.750% 5.9922% 3/21/25 (b)(c) 3,392,950 3,414,156 
Murray Energy Corp. Tranche B 2LN, term loan 3 month U.S. LIBOR + 7.250% 9.4922% 10/17/22 (b)(c) 7,292,637 6,676,701 
TOTAL METALS/MINING  10,090,857 
Paper - 0.6%   
Caraustar Industries, Inc. Tranche B, term loan 3 month U.S. LIBOR + 5.500% 7.8861% 3/14/22 (b)(c) 4,314,300 4,348,210 
Flex Acquisition Co., Inc.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.3374% 12/29/23 (b)(c) 5,241,162 5,235,345 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.7506% 6/29/25 (b)(c) 5,500,000 5,511,000 
TOTAL PAPER  15,094,555 
Publishing/Printing - 2.6%   
Cengage Learning, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.4153% 6/7/23 (b)(c) 7,653,777 7,127,580 
Getty Images, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.7422% 10/18/19 (b)(c) 5,306,838 5,264,649 
Harland Clarke Holdings Corp. Tranche B 7LN, term loan 3 month U.S. LIBOR + 4.750% 7.1361% 11/3/23 (b)(c) 6,063,203 5,813,096 
Houghton Mifflin Harcourt Publishing, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.2422% 5/29/21 (b)(c) 8,774,309 8,244,166 
Learning Care Group (U.S.) No 2 Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.4305% 3/13/25 (b)(c) 3,368,075 3,373,329 
McGraw-Hill Global Education Holdings, LLC term loan 3 month U.S. LIBOR + 4.000% 6.2422% 5/4/22 (b)(c) 10,929,569 10,597,092 
Merrill Communications LLC Tranche B, term loan 3 month U.S. LIBOR + 5.250% 7.5924% 6/1/22 (b)(c) 1,307,230 1,317,035 
Multi-Color Corp. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.4922% 10/31/24 (b)(c) 1,498,675 1,504,924 
Proquest LLC Tranche B, term loan 3 month U.S. LIBOR + 3.750% 5.9922% 10/24/21 (b)(c) 3,323,551 3,330,830 
Springer Science+Business Media Deutschland GmbH Tranche B 13LN, term loan 3 month U.S. LIBOR + 3.500% 5.8861% 8/24/22 (b)(c) 12,839,978 12,885,816 
TOTAL PUBLISHING/PRINTING  59,458,517 
Restaurants - 1.4%   
Burger King Worldwide, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.4922% 2/17/24 (b)(c) 12,389,623 12,392,720 
CEC Entertainment, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.4922% 2/14/21 (b)(c) 6,455,191 6,237,328 
K-Mac Holdings Corp.:   
Tranche 2LN, term loan 3 month U.S. LIBOR + 6.750% 8.9153% 3/16/26 (b)(c) 260,000 261,789 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.4153% 3/16/25 (b)(c) 1,890,500 1,895,699 
KFC Holding Co. Tranche B, term loan 3 month U.S. LIBOR + 1.750% 3.9147% 4/3/25 (b)(c) 2,205,281 2,206,670 
Red Lobster Hospitality LLC Tranche B, term loan 3 month U.S. LIBOR + 5.250% 7.4622% 7/28/21 (b)(c) 3,961,827 3,951,923 
Restaurant Technologies, Inc.:   
1LN, term loan 3 month U.S. LIBOR + 3.250% 9/24/25 (c)(e) 1,210,000 1,217,563 
2LN, term loan 3 month U.S. LIBOR + 6.500% 9/24/26 (c)(e) 500,000 503,125 
Tacala Investment Corp. term loan 3 month U.S. LIBOR + 3.250% 5.4922% 2/1/25 (b)(c) 3,268,575 3,281,649 
TOTAL RESTAURANTS  31,948,466 
Services - 6.9%   
Acosta, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.4922% 9/26/21 (b)(c) 1,782,956 1,323,470 
Almonde, Inc.:   
Tranche 2LN, term loan 3 month U.S. LIBOR + 7.250% 9.6361% 6/13/25 (b)(c) 6,475,000 6,406,236 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 5.8861% 6/13/24 (b)(c) 12,718,277 12,722,092 
Ancestry.Com Operations, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.5% 10/19/23 (b)(c) 4,877,626 4,892,893 
Aramark Services, Inc. Tranche B 3LN, term loan 3 month U.S. LIBOR + 1.750% 4.0844% 3/11/25 (b)(c) 7,461,300 7,479,953 
Asgn, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.2422% 4/2/25 (b)(c) 1,747,293 1,752,203 
Avantor, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.000% 6.2422% 11/21/24 (b)(c) 5,813,214 5,881,345 
Brand Energy & Infrastructure Services, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.5958% 6/21/24 (b)(c) 8,411,099 8,461,230 
Bright Horizons Family Solutions Tranche B, term loan 3 month U.S. LIBOR + 1.750% 3.9922% 11/7/23 (b)(c) 1,728,458 1,730,082 
Coinmach Service Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.5892% 11/14/22 (b)(c) 7,236,680 7,250,719 
CRCI Longhorn Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.6205% 8/8/25 (b)(c) 1,900,000 1,903,572 
Filtration Group Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.2422% 3/29/25 (b)(c) 2,388,000 2,403,355 
Frontdoor, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.75% 8/16/25 (b)(c) 2,240,000 2,252,611 
Ion Trading Finance Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 6.3861% 11/21/24 (b)(c) 6,947,500 6,914,916 
KAR Auction Services, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.9375% 3/9/23 (b)(c) 1,407,598 1,413,467 
KUEHG Corp.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 0% 8/13/22 (b)(c) 8,830,448 8,867,271 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 8.250% 10.6361% 8/22/25 (b)(c) 1,000,000 1,012,500 
Laureate Education, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 5.7422% 4/26/24 (b)(c) 29,592,675 29,703,648 
Lineage Logistics Holdings, LLC. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.2422% 2/27/25 (b)(c) 12,994,700 12,967,671 
Prime Security Services Borrower LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 4.9682% 5/2/22 (b)(c) 5,847,843 5,872,813 
Science Applications International Corp. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.375% 5/4/22 (b)(c) 2,354,601 2,357,544 
SuperMoose Borrower LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 5.9922% 8/29/25 (b)(c) 3,650,000 3,668,871 
The GEO Group, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 4.25% 3/23/24 (b)(c) 1,812,400 1,809,573 
The ServiceMaster Co. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.7422% 11/8/23 (b)(c) 1,168,568 1,177,333 
Thomson Reuters IP&S Tranche B, term loan 1 month U.S. LIBOR + 3.250% 5.4922% 10/3/23 (b)(c) 4,611,487 4,611,487 
TMK Hawk Parent Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.75% 9/26/24 (b)(c) 1,519,814 1,472,958 
Wash Multifamily Acquisition, Inc.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.4922% 5/14/22 (b)(c) 8,153,296 8,194,063 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 7.000% 9.2422% 5/14/23 (b)(c)(f) 645,000 632,100 
Xerox Business Services LLC Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.7422% 12/7/23 (b)(c) 2,565,544 2,574,369 
TOTAL SERVICES  157,710,345 
Steel - 0.2%   
Atkore International, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 5.14% 12/22/23 (b)(c) 1,766,650 1,773,823 
JMC Steel Group, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.623% 6/14/21 (b)(c) 3,240,280 3,240,280 
TOTAL STEEL  5,014,103 
Super Retail - 3.8%   
Academy Ltd. Tranche B, term loan 3 month U.S. LIBOR + 4.000% 6.1038% 7/2/22 (b)(c) 5,915,511 4,584,521 
Bass Pro Shops LLC. Tranche B, term loan 3 month U.S. LIBOR + 5.000% 7.2422% 9/25/24 (b)(c) 36,559,727 36,909,969 
BJ's Wholesale Club, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.1479% 2/3/24 (b)(c) 14,505,743 14,590,312 
Burlington Coat Factory Warehouse Corp. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.72% 11/17/24 (b)(c) 4,957,808 4,988,795 
Davids Bridal, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.000% 6.32% 10/11/19 (b)(c) 940,144 832,027 
Harbor Freight Tools U.S.A., Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.7422% 8/19/23 (b)(c) 5,172,863 5,174,466 
JC Penney Corp., Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.5673% 6/23/23 (b)(c) 3,074,447 2,819,268 
Party City Holdings, Inc. term loan 3 month U.S. LIBOR + 2.750% 5.1392% 8/19/22 (b)(c) 4,502,463 4,533,800 
PETCO Animal Supplies, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.5924% 1/26/23 (b)(c) 5,041,690 4,079,383 
PetSmart, Inc. term loan 3 month U.S. LIBOR + 3.000% 5.12% 3/11/22 (b)(c) 4,307,239 3,751,692 
Sports Authority, Inc. Tranche B, term loan 3 month U.S. LIBOR + 6.000% 0% 11/16/17 (c)(d) 3,103,751 3,104 
The Hillman Group, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.7422% 5/31/25 (b)(c) 4,319,175 4,268,425 
TOTAL SUPER RETAIL  86,535,762 
Technology - 14.0%   
Anastasia Parent LLC Tranche B, term loan 3 month U.S. LIBOR + 3.750% 5.8826% 8/3/25 (b)(c) 5,830,000 5,743,308 
Aptean, Inc.:   
Tranche 2LN, term loan 3 month U.S. LIBOR + 9.500% 11.89% 12/20/23 (b)(c) 795,000 795,000 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 6.64% 12/20/22 (b)(c) 1,330,935 1,336,725 
ATS Consolidated, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 5.9922% 2/28/25 (b)(c) 2,407,900 2,416,930 
Bracket Intermediate Holding Corp. 1LN, term loan 3 month U.S. LIBOR + 4.250% 6.5708% 9/5/25 (b)(c) 3,000,000 3,000,000 
Ceridian HCM Holding, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.4922% 4/30/25 (b)(c) 6,000,000 6,007,500 
Cologix Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.2182% 3/20/24 (b)(c) 1,361,943 1,357,694 
Compuware Corp. 1LN, term loan 3 month U.S. LIBOR + 3.500% 5.7122% 8/23/25 (b)(c) 2,295,000 2,311,249 
Cvent, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.750% 5.9922% 11/29/24 (b)(c) 3,482,500 3,478,147 
Dell International LLC Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.25% 9/7/23 (b)(c) 8,948,326 8,966,222 
DG Investment Intermediate Holdings, Inc.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.2422% 2/1/25 (b)(c) 1,572,756 1,572,096 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 6.750% 8.9922% 2/1/26 (b)(c) 600,000 603,000 
Digicert Holdings, Inc. Tranche B, term loan:   
3 month U.S. LIBOR + 4.000% 10/31/24 (c)(e) 1,360,000 1,361,700 
3 month U.S. LIBOR + 5.250% 6.8259% 10/31/24 (b)(c) 8,365,434 8,375,891 
3 month U.S. LIBOR + 8.000% 10.2422% 10/31/25 (b)(c) 1,455,345 1,448,068 
Dynatrace LLC:   
2LN, term loan 3 month U.S. LIBOR + 7.000% 9.2242% 8/23/26 (b)(c) 365,000 369,106 
Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.250% 5.4742% 8/23/25 (b)(c) 4,135,000 4,157,412 
EagleView Technology Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 5.6344% 8/14/25 (b)(c) 2,950,000 2,950,000 
EIG Investors Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.0614% 2/9/23 (b)(c) 5,290,739 5,328,515 
Electro Rent Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 7.1895% 1/31/24 (b)(c) 966,652 975,517 
Epicor Software Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.5% 6/1/22 (b)(c) 7,674,670 7,705,062 
EPV Merger Sub, Inc.:   
Tranche 2LN, term loan 3 month U.S. LIBOR + 7.250% 9.4922% 3/8/26 (b)(c) 545,000 542,956 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.4922% 3/8/25 (b)(c) 3,511,200 3,509,023 
EXC Holdings III Corp. Tranche B, term loan:   
3 month U.S. LIBOR + 3.500% 5.8861% 12/2/24 (b)(c) 2,570,600 2,586,666 
3 month U.S. LIBOR + 7.500% 9.9669% 12/1/25 (b)(c) 1,000,000 1,011,670 
First Data Corp. Tranche B, term loan:   
3 month U.S. LIBOR + 2.000% 4.2122% 7/10/22 (b)(c) 15,523,641 15,546,616 
3 month U.S. LIBOR + 2.000% 4.2122% 4/26/24 (b)(c) 5,213,560 5,217,262 
Global Payments, Inc. Tranche B 3LN, term loan 3 month U.S. LIBOR + 1.750% 3.9922% 4/22/23 (b)(c) 1,526,068 1,527,594 
Go Daddy Operating Co. LLC Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.4922% 2/15/24 (b)(c) 11,855,866 11,898,666 
Hyland Software, Inc.:   
Tranche 2LN, term loan 3 month U.S. LIBOR + 7.000% 9.2422% 7/7/25 (b)(c) 500,000 505,750 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.4922% 7/1/22 (b)(c) 2,466,278 2,480,656 
Infor U.S., Inc. Tranche B 6LN, term loan 3 month U.S. LIBOR + 2.750% 5.1361% 2/1/22 (b)(c) 2,921,246 2,928,081 
Kronos, Inc.:   
2LN, term loan 3 month U.S. LIBOR + 8.250% 10.5931% 11/1/24 (b)(c) 7,835,000 7,994,521 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.3431% 11/1/23 (b)(c) 6,895,481 6,927,407 
Landesk Group, Inc. term loan:   
3 month U.S. LIBOR + 4.250% 6.33% 1/20/24 (b)(c) 7,260,989 7,312,396 
3 month U.S. LIBOR + 9.000% 11.08% 1/20/25 (b)(c) 2,270,000 2,179,200 
MA FinanceCo. LLC:   
Tranche B 2LN, term loan 3 month U.S. LIBOR + 2.250% 4.4922% 11/20/21 (b)(c) 2,716,350 2,702,768 
Tranche B 3LN, term loan:   
3 month U.S. LIBOR + 2.500% 4.7422% 6/21/24 (b)(c) 12,789,667 12,747,077 
3 month U.S. LIBOR + 2.500% 4.7422% 6/21/24 (b)(c) 2,085,583 2,078,638 
Marketo, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.5933% 2/7/25 (b)(c) 3,655,838 3,657,665 
McAfee LLC Tranche B, term loan:   
3 month U.S. LIBOR + 4.500% 6.7422% 9/29/24 (b)(c) 12,545,980 12,642,333 
3 month U.S. LIBOR + 8.500% 10.7422% 9/29/25 (b)(c) 4,000,000 4,070,000 
MH Sub I LLC Tranche B, term loan 3 month U.S. LIBOR + 3.750% 5.9153% 9/15/24 (b)(c) 3,960,000 3,984,750 
Microchip Technology, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.25% 5/29/25 (b)(c) 6,377,000 6,378,339 
Mitchell International, Inc. Tranche B, term loan:   
3 month U.S. LIBOR + 3.250% 5.4922% 12/1/24 (b)(c) 3,304,019 3,295,991 
3 month U.S. LIBOR + 7.250% 9.4922% 12/1/25 (b)(c) 1,000,000 998,250 
NAVEX TopCo, Inc.:   
2LN, term loan 3 month U.S. LIBOR + 7.000% 9.12% 9/4/26 (b)(c) 415,000 416,382 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.37% 9/4/25 (b)(c) 1,730,000 1,728,357 
Renaissance Holding Corp.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.4922% 5/31/25 (b)(c) 4,952,588 4,940,206 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 7.000% 9.2422% 5/31/26 (b)(c) 2,390,000 2,378,050 
Severin Acquisition LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.3538% 8/1/25 (b)(c) 3,495,000 3,495,000 
Solera LLC Tranche B, term loan 3 month U.S. LIBOR + 2.750% 4.9922% 3/3/23 (b)(c) 6,055,439 6,066,823 
Sophia L.P. term loan 3 month U.S. LIBOR + 3.250% 5.6361% 9/30/22 (b)(c) 6,655,210 6,682,962 
Sound Inpatient Physicians, Inc.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.2422% 6/28/25 (b)(c) 1,182,038 1,190,406 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 6.750% 8.9922% 6/28/26 (b)(c) 240,000 240,300 
SS&C Technologies, Inc.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 4.4922% 7/8/22 (b)(c) 2,218,055 2,227,060 
Tranche B 3LN, term loan 3 month U.S. LIBOR + 2.250% 4.4922% 4/16/25 (b)(c) 11,114,938 11,121,940 
Tranche B 4LN, term loan 3 month U.S. LIBOR + 2.250% 4.4922% 4/16/25 (b)(c) 4,314,444 4,317,162 
Tranche B 5LN, term loan 3 month U.S. LIBOR + 2.500% 4.506% 4/16/25 (b)(c) 2,490,000 2,490,772 
Sybil Software LLC. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.8861% 9/30/23 (b)(c) 3,195,624 3,212,114 
Syniverse Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 5.000% 7.1479% 3/9/23 (b)(c) 6,467,500 6,486,320 
Tempo Acquisition LLC Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.2422% 5/1/24 (b)(c) 10,877,387 10,914,261 
TIBCO Software, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.75% 12/4/20 (b)(c) 838,319 841,286 
Travelclick, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 5.7422% 5/12/21 (b)(c) 1,518,825 1,516,547 
TTM Technologies, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.6038% 9/28/24 (b)(c) 6,873,506 6,893,577 
Uber Technologies, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.000% 6.1203% 4/4/25 (b)(c) 8,478,750 8,523,772 
Vantiv LLC Tranche B 4LN, term loan 3 month U.S. LIBOR + 1.750% 3.884% 8/9/24 (b)(c) 4,975,000 4,979,677 
Verscend Holding Corp. Tranche B, term loan 3 month U.S. LIBOR + 4.500% 6.7422% 8/27/25 (b)(c) 8,185,000 8,249,825 
Vertafore, Inc.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.4922% 7/2/25 (b)(c) 10,000,000 10,040,000 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 7.250% 9.4922% 7/2/26 (b)(c) 3,500,000 3,524,080 
Web.com Group, Inc.:   
2LN, term loan 3 month U.S. LIBOR + 7.750% 9/17/26 (c)(e) 2,500,000 2,509,375 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 9/17/25 (c)(e) 4,460,000 4,485,645 
WEX, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.4922% 7/1/23 (b)(c) 6,184,213 6,202,271 
TOTAL TECHNOLOGY  320,657,587 
Telecommunications - 7.5%   
Altice Financing SA Tranche B, term loan:   
3 month U.S. LIBOR + 2.750% 4.9084% 7/15/25 (b)(c) 5,449,887 5,339,527 
3 month U.S. LIBOR + 2.750% 4.9084% 1/31/26 (b)(c) 3,473,750 3,391,248 
Ciena Corp. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.2422% 9/27/25 (b)(c) 1,200,000 1,204,500 
Digicel International Finance Ltd. Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.57% 5/25/24 (b)(c) 5,845,252 5,531,070 
Evo Payments International LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.49% 12/22/23 (b)(c) 2,955,150 2,975,481 
Frontier Communications Corp.:   
Tranche A, term loan 3 month U.S. LIBOR + 2.750% 5% 3/31/21 (b)(c) 12,994,036 12,734,155 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 5.9682% 6/15/24 (b)(c) 24,233,749 23,714,904 
GTT Communications, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 4.99% 5/31/25 (b)(c) 4,488,750 4,450,102 
Intelsat Jackson Holdings SA:   
Tranche B, term loan 3 month U.S. LIBOR + 3.750% 5.9801% 11/27/23 (b)(c) 34,775,000 34,895,669 
Tranche B-4, term loan 3 month U.S. LIBOR + 4.500% 6.7301% 1/2/24 (b)(c) 4,000,000 4,197,520 
Tranche B-5, term loan 6.625% 1/2/24 6,205,000 6,457,854 
Level 3 Financing, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.4324% 2/22/24 (b)(c) 10,090,000 10,116,638 
Neptune Finco Corp. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.4084% 7/17/25 (b)(c) 4,889,418 4,887,364 
Onvoy LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 6.8861% 2/10/24 (b)(c) 2,955,000 2,888,513 
Radiate Holdco LLC Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.2422% 2/1/24 (b)(c) 11,040,111 11,018,252 
Sable International Finance Ltd. Tranche B 4LN, term loan 3 month U.S. LIBOR + 3.250% 5.4922% 2/2/26 (b)(c) 14,250,000 14,305,433 
SBA Senior Finance II, LLC Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.25% 4/11/25 (b)(c) 4,488,750 4,492,341 
Securus Technologies, Inc.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 11/1/24 (c)(e) 2,400,000 2,402,400 
Tranche B, term loan:   
3 month U.S. LIBOR + 4.500% 6.7158% 11/1/24 (b)(c) 4,566,992 4,571,559 
3 month U.S. LIBOR + 8.250% 10.4922% 11/1/25 (b)(c) 3,000,000 2,996,250 
SFR Group SA Tranche B 11LN, term loan 3 month U.S. LIBOR + 2.750% 4.9922% 7/31/25 (b)(c) 7,283,423 7,101,338 
Sprint Communications, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.7158% 2/3/24 (b)(c) 2,633,316 2,639,900 
TOTAL TELECOMMUNICATIONS  172,312,018 
Textiles/Apparel - 0.1%   
ABB Optical Group LLC Tranche B, term loan 3 month U.S. LIBOR + 5.000% 7.1602% 6/15/23 (b)(c) 1,641,500 1,645,604 
Transportation Ex Air/Rail - 0.6%   
IBC Capital Ltd.:   
2LN, term loan 3 month U.S. LIBOR + 7.000% 9.3371% 9/11/24 (b)(c) 670,000 675,025 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.0871% 9/11/23 (b)(c) 4,477,500 4,503,604 
International Seaways Operating Corp. Tranche B, term loan 3 month U.S. LIBOR + 5.500% 8.08% 6/22/22 (b)(c) 5,311,938 5,318,578 
Navios Maritime Partners LP Tranche B, term loan 3 month U.S. LIBOR + 5.000% 7.34% 9/14/20 (b)(c) 3,052,504 3,049,970 
TOTAL TRANSPORTATION EX AIR/RAIL  13,547,177 
Utilities - 3.3%   
Brookfield WEC Holdings, Inc.:   
2LN, term loan 3 month U.S. LIBOR + 6.750% 8.9922% 8/1/26 (b)(c) 2,375,000 2,413,594 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 5.9922% 8/1/25 (b)(c) 12,500,000 12,650,000 
Exgen Renewables Iv LLC Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.32% 11/28/24 (b)(c) 3,922,797 3,952,218 
Green Energy Partners/Stonewall LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.500% 7.8861% 11/13/21 (b)(c) 4,012,470 4,022,501 
Houston Fuel Oil Terminal Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 5% 6/26/25 (b)(c) 7,980,000 7,982,474 
Invenergy Thermal Operating I LLC Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.8114% 8/28/25 (b)(c) 3,910,000 3,944,213 
Limetree Bay Terminals LLC term loan 3 month U.S. LIBOR + 4.000% 6.2422% 2/15/24 (b)(c) 3,378,556 3,296,220 
Moxie Patriot LLC Tranche B, term loan 3 month U.S. LIBOR + 5.750% 8.1361% 12/19/20 (b)(c) 7,277,583 7,193,890 
Pike Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.75% 3/23/25 (b)(c) 3,674,866 3,701,509 
Tex Operations Co. LLC Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.2422% 8/4/23 (b)(c) 6,952,611 6,958,938 
Vertiv Group Corp. Tranche B, term loan 3 month U.S. LIBOR + 4.000% 6.3126% 11/30/23 (b)(c) 4,260,468 4,274,655 
Vistra Operations Co. LLC:   
Tranche B 2LN, term loan 3 month U.S. LIBOR + 2.000% 4.4922% 12/14/23 (b)(c) 3,438,750 3,445,799 
Tranche B 3LN, term loan 3 month U.S. LIBOR + 2.000% 4.1808% 12/31/25 (b)(c) 10,533,600 10,541,500 
TOTAL UTILITIES  74,377,511 
TOTAL BANK LOAN OBLIGATIONS   
(Cost $2,116,049,149)  2,111,861,178 
Nonconvertible Bonds - 2.9%   
Aerospace - 0.0%   
DAE Funding LLC 4% 8/1/20 (g) 905,000 894,819 
Chemicals - 0.2%   
OCI NV 6.625% 4/15/23 (g) 1,000,000 1,035,000 
TPC Group, Inc. 8.75% 12/15/20 (g) 3,780,000 3,770,550 
TOTAL CHEMICALS  4,805,550 
Containers - 0.3%   
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA 3 month U.S. LIBOR + 3.500% 5.8392% 7/15/21 (b)(c)(g) 5,780,000 5,859,475 
Energy - 0.6%   
Cheniere Corpus Christi Holdings LLC:   
5.125% 6/30/27 1,605,000 1,611,019 
7% 6/30/24 1,000,000 1,095,000 
Chesapeake Energy Corp. 3 month U.S. LIBOR + 3.250% 5.5892% 4/15/19 (b)(c) 1,420,000 1,421,775 
Consolidated Energy Finance SA:   
3 month U.S. LIBOR + 3.750% 6.0841% 6/15/22 (b)(c)(g) 4,500,000 4,501,623 
6.875% 6/15/25 (g) 1,000,000 1,038,750 
Denbury Resources, Inc.:   
9% 5/15/21 (g) 730,000 789,313 
9.25% 3/31/22 (g) 1,455,000 1,571,400 
EP Energy LLC/Everest Acquisition Finance, Inc. 7.75% 5/15/26 (g) 1,435,000 1,469,081 
TOTAL ENERGY  13,497,961 
Gaming - 0.3%   
Scientific Games Corp. 5% 10/15/25 (g) 3,060,000 2,907,000 
Stars Group Holdings BV 7% 7/15/26 (g) 2,000,000 2,063,380 
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. 5.875% 5/15/25 (g) 1,367,000 1,291,405 
TOTAL GAMING  6,261,785 
Healthcare - 0.4%   
Tenet Healthcare Corp.:   
4.625% 7/15/24 2,500,000 2,430,000 
5.125% 5/1/25 1,000,000 985,000 
7.5% 1/1/22 (g) 900,000 939,375 
Valeant Pharmaceuticals International, Inc.:   
5.5% 11/1/25 (g) 2,515,000 2,510,599 
9% 12/15/25 (g) 1,275,000 1,372,270 
TOTAL HEALTHCARE  8,237,244 
Insurance - 0.0%   
HUB International Ltd. 7% 5/1/26 (g) 1,000,000 1,001,310 
Leisure - 0.1%   
Studio City Co. Ltd.:   
5.875% 11/30/19 (g) 1,220,000 1,229,150 
7.25% 11/30/21 (g) 2,000,000 2,070,000 
TOTAL LEISURE  3,299,150 
Paper - 0.1%   
Xerium Technologies, Inc. 9.5% 8/15/21 2,500,000 2,628,750 
Services - 0.2%   
APX Group, Inc. 7.625% 9/1/23 980,000 905,275 
Brand Energy & Infrastructure Services, Inc. 8.5% 7/15/25 (g) 2,395,000 2,461,773 
TOTAL SERVICES  3,367,048 
Technology - 0.3%   
Diamond 1 Finance Corp./Diamond 2 Finance Corp.:   
3.48% 6/1/19 (g) 1,004,000 1,006,553 
4.42% 6/15/21 (g) 3,030,000 3,074,890 
NXP BV/NXP Funding LLC 4.125% 6/1/21 (g) 2,665,000 2,662,122 
TOTAL TECHNOLOGY  6,743,565 
Telecommunications - 0.3%   
Altice Financing SA 7.5% 5/15/26 (g) 3,095,000 3,017,625 
SFR Group SA:   
6.25% 5/15/24 (g) 1,930,000 1,901,050 
7.375% 5/1/26 (g) 3,010,000 3,010,000 
TOTAL TELECOMMUNICATIONS  7,928,675 
Textiles/Apparel - 0.0%   
Eagle Intermediate Global Holding BV 7.5% 5/1/25 (g) 870,000 852,600 
Transportation Ex Air/Rail - 0.1%   
Avolon Holdings Funding Ltd. 5.125% 10/1/23 (g) 2,255,000 2,274,731 
TOTAL NONCONVERTIBLE BONDS   
(Cost $67,232,855)  67,652,663 
 Shares Value 
Common Stocks - 0.8%   
Chemicals - 0.2%   
LyondellBasell Industries NV Class A 52,192 5,350,202 
Energy - 0.4%   
Expro Holdings U.S., Inc. (f) 240,349 5,768,376 
Expro Holdings U.S., Inc. (f)(g) 88,205 2,116,920 
TOTAL ENERGY  7,885,296 
Metals/Mining - 0.0%   
Warrior Metropolitan Coal, Inc. 27,296 738,084 
Publishing/Printing - 0.1%   
Cenveo Corp. (f)(g) 4,167 121,510 
Tribune Media Co. Class A 35,222 1,353,581 
TOTAL PUBLISHING/PRINTING  1,475,091 
Telecommunications - 0.0%   
Consolidated Communications Holdings, Inc. 130 1,695 
Utilities - 0.1%   
TexGen Power LLC (f) 85,051 3,104,362 
TOTAL COMMON STOCKS   
(Cost $17,510,972)  18,554,730 
Other - 0.0%   
Other - 0.0%   
Tribune Co. Claim (f)(h)   
(Cost $45,406) 45,954 45,954 
Money Market Funds - 5.3%   
Fidelity Cash Central Fund, 2.11% (i)   
(Cost $120,489,666) 120,471,829 120,495,923 
TOTAL INVESTMENT IN SECURITIES - 101.0%   
(Cost $2,321,328,048)  2,318,610,448 
NET OTHER ASSETS (LIABILITIES) - (1.0)%  (22,666,833) 
NET ASSETS - 100%  $2,295,943,615 

Legend

 (a) Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.

 (b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

 (c) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

 (d) Non-income producing - Security is in default.

 (e) The coupon rate will be determined upon settlement of the loan after period end.

 (f) Level 3 security

 (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 $58,814,274 or 2.6% of net assets.

 (h) Non-income producing

 (i) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $3,057,017 
Total $3,057,017 

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 September 30, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $1,353,581 $1,353,581 $-- $-- 
Energy 7,885,296 -- -- 7,885,296 
Industrials 121,510 -- -- 121,510 
Materials 6,088,286 6,088,286 -- -- 
Telecommunication Services 1,695 1,695 -- -- 
Utilities 3,104,362 -- -- 3,104,362 
Bank Loan Obligations 2,111,861,178 -- 2,111,229,078 632,100 
Corporate Bonds 67,652,663 -- 67,652,663 -- 
Other 45,954 -- -- 45,954 
Money Market Funds 120,495,923 120,495,923 -- -- 
Total Investments in Securities: $2,318,610,448 $127,939,485 $2,178,881,741 $11,789,222 

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 88.8% 
Luxembourg 5.0% 
Canada 1.3% 
Netherlands 1.1% 
Cayman Islands 1.0% 
Others (Individually Less Than 1%) 2.8% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  September 30, 2018 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $2,200,838,382) 		$2,198,114,525  
Fidelity Central Funds (cost $120,489,666) 120,495,923  
Total Investment in Securities (cost $2,321,328,048)  $2,318,610,448 
Cash  21,466,856 
Receivable for investments sold  7,242,981 
Receivable for fund shares sold  261,664 
Dividends receivable  9,156 
Interest receivable  12,363,122 
Distributions receivable from Fidelity Central Funds  193,322 
Total assets  2,360,147,549 
Liabilities   
Payable for investments purchased $62,677,510  
Payable for fund shares redeemed 892,400  
Distributions payable 619,421  
Other payables and accrued expenses 14,603  
Total liabilities  64,203,934 
Net Assets  $2,295,943,615 
Net Assets consist of:   
Paid in capital  $2,300,090,576 
Undistributed net investment income  1,735,079 
Accumulated undistributed net realized gain (loss) on investments  (3,164,440) 
Net unrealized appreciation (depreciation) on investments  (2,717,600) 
Net Assets, for 22,224,439 shares outstanding  $2,295,943,615 
Net Asset Value, offering price and redemption price per share ($2,295,943,615 ÷ 22,224,439 shares)  $103.31 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Year ended September 30, 2018 
Investment Income   
Dividends  $930,450 
Interest  104,508,509 
Income from Fidelity Central Funds  3,057,017 
Total income  108,495,976 
Expenses   
Custodian fees and expenses $36,934  
Independent directors' fees and expenses 9,713  
Legal 55,142  
Miscellaneous 38  
Total expenses before reductions 101,827  
Expense reductions (33,473)  
Total expenses after reductions  68,354 
Net investment income (loss)  108,427,622 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (2,822,970)  
Fidelity Central Funds 783  
Total net realized gain (loss)  (2,822,187) 
Change in net unrealized appreciation (depreciation) on investment securities  9,369,188 
Net gain (loss)  6,547,001 
Net increase (decrease) in net assets resulting from operations  $114,974,623 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Year ended September 30, 2018 Year ended September 30, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $108,427,622 $82,079,389 
Net realized gain (loss) (2,822,187) 4,385,070 
Change in net unrealized appreciation (depreciation) 9,369,188 4,876,219 
Net increase (decrease) in net assets resulting from operations 114,974,623 91,340,678 
Distributions to shareholders from net investment income (107,324,263) (81,420,546) 
Distributions to shareholders from net realized gain (5,780,280) (808,840) 
Total distributions (113,104,543) (82,229,386) 
Affiliated share transactions   
Proceeds from sales of shares 697,577,163 243,935,396 
Reinvestment of distributions 106,258,937 23,568,043 
Cost of shares redeemed (144,268,596) (256,527,613) 
Net increase (decrease) in net assets resulting from share transactions 659,567,504 10,975,826 
Total increase (decrease) in net assets 661,437,584 20,087,118 
Net Assets   
Beginning of period 1,634,506,031 1,614,418,913 
End of period $2,295,943,615 $1,634,506,031 
Other Information   
Undistributed net investment income end of period $1,735,079 $658,843 
Shares   
Sold 6,749,302 2,363,592 
Issued in reinvestment of distributions 1,029,866 228,146 
Redeemed (1,398,060) (2,479,226) 
Net increase (decrease) 6,381,108 112,512 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Floating Rate Central Fund

      
Years ended September 30, 2018 2017 2016 2015 2014 
Selected Per–Share Data      
Net asset value, beginning of period $103.17 $102.63 $102.02 $107.17 $106.39 
Income from Investment Operations      
Net investment income (loss)A 5.279 5.268 5.424 5.449 5.658 
Net realized and unrealized gain (loss) .401 .545 .357 (5.445) .412 
Total from investment operations 5.680 5.813 5.781 .004 6.070 
Distributions from net investment income (5.215) (5.223) (5.171) (5.154) (5.290) 
Distributions from net realized gain (.325) (.050) – – – 
Total distributions (5.540) (5.273) (5.171) (5.154) (5.290) 
Net asset value, end of period $103.31 $103.17 $102.63 $102.02 $107.17 
Total ReturnB 5.65% 5.77% 5.95% (.03)% 5.78% 
Ratios to Average Net AssetsC,D      
Expenses before reductions - %E .06% - %E - %E - %E 
Expenses net of fee waivers, if any - %E .06% - %E - %E - %E 
Expenses net of all reductions - %E .06% - %E - %E - %E 
Net investment income (loss) 5.12% 5.09% 5.45% 5.15% 5.25% 
Supplemental Data      
Net assets, end of period (000 omitted) $2,295,944 $1,634,506 $1,614,419 $1,597,788 $1,653,285 
Portfolio turnover rateF 47% 78% 48% 37%G 66% 

 A Calculated based on average shares outstanding during the period.

 B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 C Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 D Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

 E Amount represents less than .005%.

 F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 G 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

For the period ended September 30, 2018

1. Organization.

Fidelity Floating Rate Central Fund (the Fund) is a fund of Fidelity Central Investment Portfolios LLC (the LLC) and is authorized to issue an unlimited number of shares. Shares of the Fund are only offered to other investment companies and accounts managed by Fidelity Management & Research Company (FMR), or its affiliates (the Investing Funds). The LLC is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware Limited Liability Company.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC 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 – Investments 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 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 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds and bank loan obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including 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 September 30, 2018 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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of September 30, 2018, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to 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 $22,614,127 
Gross unrealized depreciation (24,057,889) 
Net unrealized appreciation (depreciation) $(1,443,762) 
Tax Cost $2,320,054,210 

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income $1,735,079 
Capital loss carryforward $(4,438,277) 
Net unrealized appreciation (depreciation) on securities and other investments $(1,443,762) 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

No expiration  
Long-term $(4,438,277) 
Total capital loss carryforward $(4,438,277) 

The tax character of distributions paid was as follows:

 September 30, 2018 September 30, 2017 
Ordinary Income $111,877,345 $ 81,873,496 
Long-term Capital Gains 1,227,198 355,890 
Total $113,104,543 $ 82,229,386 

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

Loans and Other Direct Debt Instruments. The Fund invests in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate the Fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment or participation. The Fund did not have any unfunded loan commitments, which are contractual obligations for future funding, at period end.

New Accounting Pronouncement. In March 2017, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU 2017-08, which amends the amortization period for certain callable debt securities that are held at a premium. The amendment requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount. The ASU is effective for annual periods beginning after December 15, 2018. Management is currently evaluating the potential impact of these changes to the financial statements.

4. Purchase and Sales of Investments.

Purchases and sales of securities (including principal repayments of bank loan obligations), other than short-term securities, aggregated $1,619,074,168 and $938,419,735, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee and Expense Contract. FMR Co., Inc. (the investment adviser), an affiliate of FMR, provides the Fund with investment management services. The Fund does not pay any fees for these services. Pursuant to the Fund's management contract with the investment adviser, FMR pays the investment adviser a portion of the management fees it receives from the Investing Funds. In addition, under an expense contract, FMR also pays all other expenses of the Fund, excluding custody fees, the compensation of the independent Directors, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $3,420.

6. 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. During the period, these credits reduced the Fund's custody expenses by $33,473.

7. Other.

The Fund's organizational documents provide former and current directors and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

At the end of the period, mutual funds managed by FMR or its affiliates were the owners of record of all of the outstanding shares of the Fund.

8. Litigation.

The Fund and other entities managed by FMR or its affiliates were named as defendants in a lawsuit filed in the United States Bankruptcy Court for the Southern District of New York in 2009. The lawsuit was brought by creditors of Motors Liquidation Company (f/k/a General Motors), which went through Chapter 11 bankruptcy proceedings in 2009, and is captioned Official Committee of Unsecured Creditors of Motors Liquidation Company v. JPMorgan Chase Bank, N.A., et al., Adversary No. 09-00504 (REG). The plaintiffs are seeking an order that the Fund and other defendants return proceeds received in 2009 in full payment of the principal and interest on General Motors secured debt. The plaintiffs contend that the Fund and the other defendants were not secured creditors at the time of the 2009 payments and, thus, were not entitled to payment in full. In January 2015, the Court of Appeals ruled that JPMorgan, as administrative agent for all of the debtholders, released the security interest on certain collateral securing the debt prior to the 2009 payments. In September 2017, an opinion was issued in a trial intended to help determine the value of any remaining, unreleased collateral. The parties have engaged in mediation but continue to disagree on the value of the unreleased collateral. At this time, Management cannot determine the amount of loss that may be realized, but expects the amount to be less than the $32,518,731 received in 2009. The Fund is also incurring legal costs in defending the case.

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Central Investment Portfolios LLC and the Shareholders of Fidelity Floating Rate Central Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Floating Rate Central Fund (the "Fund"), a fund of Fidelity Central Investment Portfolios LLC, including the schedule of investments, as of September 30, 2018, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2018, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2018, by correspondence with the custodians, brokers, and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

November 15, 2018


We have served as the auditor of one or more of the Fidelity investment companies since 1999.

Directors and Officers (Trustees and Officers)

The Trustees, Members of the Advisory Board (if any), and officers of the Fidelity Central Investment Portfolios LLC and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Each of the Trustees oversees 260 funds. 

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust.  Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee.  Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs.  The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees.  Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years. 

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. James C. Curvey is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks.  The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above.  Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees.  While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees.  In addition, the Independent Trustees have worked with Fidelity to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board.  Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds.  The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees." 

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

James C. Curvey (1935)

Year of Election or Appointment: 2007

Trustee

Chairman of the Board of Trustees

Mr. Curvey also serves as Trustee of other Fidelity® funds. Mr. Curvey is Vice Chairman (2007-present) and Director of FMR LLC (diversified financial services company). In addition, Mr. Curvey is an Overseer Emeritus for the Boston Symphony Orchestra, a Director of Artis-Naples, and a Trustee of Brewster Academy in Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Research & Analysis Co. (investment adviser firm, 2009-2018), Director of Fidelity Investments Money Management, Inc. (investment adviser firm, 2009-2014) and a Director of FMR and FMR Co., Inc. (investment adviser firms, 2007-2014).

Charles S. Morrison (1960)

Year of Election or Appointment: 2014

Trustee

Mr. Morrison also serves as Trustee of other funds. He serves as President of Fidelity SelectCo, LLC (investment adviser firm, 2017-present) and Fidelity Management & Research Company (FMR) (investment adviser firm, 2016-present), a Director of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2014-present), Director of Fidelity SelectCo, LLC (investment adviser firm, 2014-present), President, Asset Management (2014-present), and is an employee of Fidelity Investments. Previously, Mr. Morrison served as Vice President of Fidelity's Fixed Income and Asset Allocation Funds (2012-2014), President, Fixed Income (2011-2014), Vice President of Fidelity's Money Market Funds (2005-2009), President, Money Market Group Leader of FMR (investment adviser firm, 2009), and Senior Vice President, Money Market Group of FMR (2004-2009). Mr. Morrison also served as Vice President of Fidelity's Bond Funds (2002-2005), certain Balanced Funds (2002-2005), and certain Asset Allocation Funds (2002-2007), and as Senior Vice President (2002-2005) of Fidelity's Bond Division.

 * Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the Fidelity Central Investment Portfolios LLC or various entities under common control with FMR. 

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008), as a member of the Independent Directors Council (IDC) Governing Council (2010-2015), and as a member of the Board of Directors for The Brookville Center for Children’s Services, Inc. (2009-2017). Mr. Dirks is a member of the Finance Committee (2016-present), Board of Directors (2017-present) and Board of Trustees (2018-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as a Trustee of other Fidelity® funds. Mr. Donahue is President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as a Member of the Advisory Board of certain Fidelity® funds (2015-2018) and Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006), and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue serves as a Member (2007-present) and Co-Chairman (2016-present) of the Board of Directors of United Way of New York, Member of the Board of Directors of NYC Leadership Academy (2012-present) and Member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). He also served as Chairman (2010-2012) and Member of the Board of Directors (2012-2013) of Omgeo, LLC (financial services), Treasurer of United Way of New York (2012-2016), and Member of the Board of Directors of XBRL US (financial services non-profit, 2009-2012) and the International Securities Services Association (2009-2012).

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Mr. Lacy also serves as Trustee of other Fidelity® funds. Mr. Lacy serves as a Director of Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). He is a Trustee of the California Chapter of The Nature Conservancy (2015-present) and a Director of the Center for Advanced Study in the Behavioral Sciences at Stanford University (2015-present). In addition, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity) and also served as Chief Executive Officer (2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation (retail) and Chief Executive Officer and Chairman of the Board of Sears, Roebuck and Co. (retail, 2000-2005). Previously, Mr. Lacy served as Chairman (2014-2017) and a member (2010-2017) of the Board of Directors of Dave & Buster’s Entertainment, Inc. (restaurant and entertainment complexes), as Chairman (2008-2011) and a member (2006-2015) of the Board of Trustees of the National Parks Conservation Association, and as a member of the Board of Directors for The Hillman Companies, Inc. (hardware wholesalers, 2010-2014), Earth Fare, Inc. (retail grocery, 2010-2014), and The Western Union Company (global money transfer, 2006-2011).

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2004

Trustee

Chairman of the Independent Trustees

Mr. Lautenbach also serves as Trustee of other Fidelity® funds. Mr. Lautenbach currently serves as Vice Chair of the Board of Governors, State University System of Florida (2013-present) and is a member of the Council on Foreign Relations (1994-present). He is also a member and has most recently served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner and Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach also had a 30-year career with IBM (technology company) during which time he served as Senior Vice President and a member of the Corporate Executive Committee (1968-1998).

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Mr. Mauriello also serves as Trustee of other Fidelity® funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Independent Directors Council (IDC) Governing Council (2015-present). Previously, Mr. Mauriello served as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-2018).

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Ms. Small also serves as Trustee of other Fidelity® funds. Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to Mr. Smith's retirement, he served as Chairman and Chief Executive Officer of Inbrand Corp. (manufacturer of personal absorbent products, 1990-1997). He also served as President (1986-1990) of Inbrand Corp. Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank. In addition, Mr. Smith served as a Member of the Advisory Board of certain Fidelity® funds (2012-2013) and as a board member of the Jackson Hole Land Trust (2009-2012).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Mr. Thomas also serves as Trustee of other Fidelity® funds. Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present), as a member of the Board of Directors (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication), and as a member of the Board of Trustees of the University of Florida (2013-present). Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions), and a Director of Fortune Brands, Inc. (consumer products, 2000-2011).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee or Member of the Advisory Board of other Fidelity® funds. Mr. Wiley serves as a Director of Andeavor Corporation (independent oil refiner and marketer, 2005-present), a Director of Andeavor Logistics LP (natural resources logistics, 2015-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a Trustee of other Fidelity® funds (2008-2013), as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-2013), as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-2010), as a Senior Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Advisory Board Members and Officers:

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.  Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Vicki L. Fuller (1957)

Year of Election or Appointment: 2018

Member of the Advisory Board

Ms. Fuller also serves as Member of the Advisory Board of other Fidelity® funds. Ms. Fuller serves as a member of the Board of Directors, Audit Committee, and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present). Previously, Ms. Fuller served as the Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006).

Peter S. Lynch (1944)

Year of Election or Appointment: 2004

Member of the Advisory Board

Mr. Lynch also serves as Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of FMR (investment adviser firm) and FMR Co., Inc. (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).

William S. Stavropoulos (1939)

Year of Election or Appointment: 2018

Member of the Advisory Board

Mr. Stavropoulos also serves as Member of the Advisory Board of other Fidelity® funds. Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of the Board of Directors of Univar Inc. (global distributor of commodity and specialty chemicals), a Director of Teradata Corporation (data warehousing and technology solutions), and a member of the Advisory Board for Metalmark Capital LLC (private equity investment, 2005-present). Mr. Stavropoulos is an operating advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science, a Trustee of the Rollin L. Gerstacker Foundation, and a Director of Artis-Naples in Naples, Florida. Previously, Mr. Stavropoulos served as Trustee of certain Fidelity® funds (2001-2018) and as a Director of Chemical Financial Corporation (bank holding company, 1993-2012) and Tyco International, Ltd. (multinational manufacturing and services, 2007-2012).

Carol B. Tomé (1957)

Year of Election or Appointment: 2018

Member of the Advisory Board

Ms. Tomé also serves as Member of the Advisory Board of other Fidelity® funds. Ms. Tomé is Chief Financial Officer (2001-present) and Executive Vice President of Corporate Services (2007-present) of The Home Depot, Inc. (home improvement retailer) and a Director (2003-present) and Chair of the Audit Committee (2004-present) of United Parcel Service, Inc. (package delivery and supply chain management). Previously, Ms. Tomé served as Trustee of certain Fidelity® funds (2017), Senior Vice President of Finance and Accounting/Treasurer (2000-2007) and Vice President and Treasurer (1995-2000) of The Home Depot, Inc. and Chair of the Board (2010-2012), Vice Chair of the Board (2009 and 2013), and a Director (2008-2013) of the Federal Reserve Bank of Atlanta. Ms. Tomé is also a director or trustee of many community and professional organizations.

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2018

Secretary and Chief Legal Officer (CLO)

Mr. Coffey also serves as Secretary and CLO of other funds. Mr. Coffey serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-present); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Assistant Secretary of certain funds (2009-2018) and as Vice President and Associate General Counsel of FMR LLC (2005-2009).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Global Equity Research (2016-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as President and Treasurer of certain Fidelity® funds (2013-2018). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Deputy Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Assistant Treasurer of certain Fidelity® funds (2016-2018). 

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Global Equity Research (2018-present) and is an employee of Fidelity Investments (2013-present).

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Rieco E. Mello (1969)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).

Kenneth B. Robins (1969)

Year of Election or Appointment: 2016

Chief Compliance Officer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2018) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 1, 2018 to September 30, 2018).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

 Annualized Expense Ratio-A Beginning
Account Value
April 1, 2018 		Ending
Account Value
September 30, 2018 		Expenses Paid
During Period-B
April 1, 2018
to September 30, 2018 
Actual .0056% $1,000.00 $1,027.70 $.03 
Hypothetical-C  $1,000.00 $1,025.04 $.03 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

 C 5% return per year before expenses

Distributions (Unaudited)

A total of 0.67% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $75,864,852 of distributions paid during the period January 1, 2018 to September 30, 2018 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.

The fund will notify shareholders in January 2019 of amounts for use in preparing 2018 income tax returns.

Board Approval of Investment Advisory Contracts

Fidelity Floating Rate Central Fund

At its July 2018 meeting, the Board of Directors, including the Independent Directors (together, the Board), voted to continue the management contract with FMR Co., Inc. (FMRC) and the sub-advisory agreements (together, the Advisory Contracts) for the fund for six months through January 31, 2019, in connection with the reunification of the Fidelity Equity High Income Funds Board, which oversees the fund, and the Sector Portfolios Board.

The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through January 31, 2019, with the understanding that the Board will consider the annual renewal for a full one year period in January 2019.

In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable, as well as potential fall-out benefits from Fidelity's non-fund businesses; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Advisory Contracts should be approved.





Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

FR1-ANN-1118
1.814672.113



Item 2.

Code of Ethics


As of the end of the period, September 30, 2018, Fidelity Central Investment Portfolios LLC (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer.  A copy of the code of ethics is filed as an exhibit to this Form N-CSR.


Item 3.

Audit Committee Financial Expert


The Board of Trustees of the trust has determined that Joseph Mauriello is an audit committee financial expert, as defined in Item 3 of Form N-CSR.   Mr. Mauriello is independent for purposes of Item 3 of Form N-CSR.  


Item 4.  

Principal Accountant Fees and Services


Fees and Services


The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, “Deloitte Entities”) in each of the last two fiscal years for services rendered to Fidelity Consumer Discretionary Central Fund, Fidelity Consumer Staples Central Fund, Fidelity Emerging Markets Equity Central Fund, Fidelity Energy Central Fund, Fidelity Financials Central Fund, Fidelity Floating Rate Central Fund, Fidelity Health Care Central Fund, Fidelity High Income Central Fund 1, Fidelity Industrials Central Fund, Fidelity Information Technology Central Fund, Fidelity International Equity Central Fund, Fidelity Materials Central Fund, Fidelity Real Estate Equity Central Fund, Fidelity Telecom Services Central Fund and Fidelity Utilities Central Fund  (the “Funds”):


Services Billed by Deloitte Entities


September 30, 2018 FeesA

 

Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity Consumer Discretionary Central Fund

 $40,000

$100

 $6,000

$1,200

Fidelity Consumer Staples Central Fund

 $40,000

$100

 $6,000

$1,200

Fidelity Emerging Markets Equity Central Fund

 $45,000

$100

$6,300

$1,300

Fidelity Energy Central Fund

 $42,000

$100

 $7,100

$1,300

Fidelity Financials Central Fund

 $43,000

$100

 $6,900

$1,300

Fidelity Floating Rate Central Fund

$82,000

$100

 $6,300

$2,300

Fidelity Health Care Central Fund

 $42,000

$100

 $6,000

$1,200

Fidelity High Income Central Fund 1

 $56,000

$100

$6,300

$1,600

Fidelity Industrials Central Fund

 $41,000

$100

 $6,000

$1,200

Fidelity Information Technology Central Fund

 $54,000

$100

 $6,000

$1,500

Fidelity International Equity Central Fund

 $50,000

$100

 $6,400

$1,400

Fidelity Materials Central Fund

 $40,000

$100

 $6,000

$1,200

Fidelity Real Estate Equity Central Fund

$41,000

$100

$6,000

$1,200

Fidelity Telecom Services Central Fund

 $40,000

$100

 $6,000

$1,200

Fidelity Utilities Central Fund

 $40,000

$100

 $6,000

$1,200



September 30, 2017 FeesA

 

Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity Consumer Discretionary Central Fund

 $40,000

$100

 $9,200

$1,200

Fidelity Consumer Staples Central Fund

 $40,000

$100

 $9,200

$1,200

Fidelity Emerging Markets Equity Central Fund

 $45,000

$100

$8,900

$1,300

Fidelity Energy Central Fund

 $42,000

$100

 $10,400

$1,300

Fidelity Financials Central Fund

 $43,000

$100

 $10,200

$1,300

Fidelity Floating Rate Central Fund

$82,000

$100

 $9,200

$2,300

Fidelity Health Care Central Fund

 $42,000

$100

 $9,200

$1,200

Fidelity High Income Central Fund 1

 $56,000

$100

$9,200

$1,600

Fidelity Industrials Central Fund

 $41,000

$100

 $9,200

$1,200

Fidelity Information Technology Central Fund

 $53,000

$100

 $9,200

$1,500

Fidelity International Equity Central Fund

 $50,000

$100

 $9,000

$1,500

Fidelity Materials Central Fund

 $40,000

$100

 $9,200

$1,200

Fidelity Real Estate Equity Central Fund

$41,000

$100

$8,900

$1,300

Fidelity Telecom Services Central Fund

 $40,000

$100

 $9,200

$1,200

Fidelity Utilities Central Fund

 $40,000

$100

 $9,200

$1,200






A Amounts may reflect rounding.


The following table presents fees billed by Deloitte Entities that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Funds and that are rendered on behalf of Fidelity Management & Research Company (“FMR”) and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Funds (“Fund Service Providers”):



Services Billed by Deloitte Entities


 

September 30, 2018A

September 30, 2017A

Audit-Related Fees

$290,000

$-

Tax Fees

$5,000

$25,000

All Other Fees

$-

$-


A Amounts may reflect rounding.


“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.


“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.


“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.  



Assurance services must be performed by an independent public accountant.


* * *


The aggregate non-audit fees billed by Deloitte Entities for services rendered to the Funds, FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Funds are as follows:


Billed By

September 30, 2018A

September 30, 2017A

Deloitte Entities

$870,000

$675,000


A Amounts may reflect rounding.


The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities in its audit of the Funds, taking into account representations from Deloitte Entities, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Funds and their related entities and FMR’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund Service Providers.


Audit Committee Pre-Approval Policies and Procedures

 

The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.


The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.


All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.


Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.


Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)


There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Funds’ last two fiscal years relating to services provided to (i) the Funds or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Funds.


Item 5.

Audit Committee of Listed Registrants


Not applicable.


Item 6.  

Investments


(a)

Not applicable.


(b)

Not applicable


Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies


Not applicable.


Item 8.

Portfolio Managers of Closed-End Management Investment Companies


Not applicable.


Item 9.  

Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers


Not applicable.


Item 10.

Submission of Matters to a Vote of Security Holders


There were no material changes to the procedures by which shareholders may recommend nominees to the trust’s Board of Trustees.


Item 11.

Controls and Procedures


(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.


(a)(ii)  There was no change in the trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust’s internal control over financial reporting.


Item 12.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies


Not applicable.


Item 13.

Exhibits


(a)

(1)

Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.

(a)

(2)

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

(a)

(3)

Not applicable.

(b)

 

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




SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Fidelity Central Investment Portfolios LLC


By:

/s/Stacie M. Smith

 

Stacie M. Smith

 

President and Treasurer

 

 

Date:

November 26, 2018



Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



By:

/s/Stacie M. Smith

 

Stacie M. Smith

 

President and Treasurer

 

 

Date:

November 26, 2018



By:

/s/John J. Burke III

 

John J. Burke III

 

Chief Financial Officer

 

 

Date:

November 26, 2018