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)


Cynthia Lo Bessette, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)



Registrant's telephone number, including area code:

617-563-7000



Date of fiscal year end:

August 31

 

 

Date of reporting period:

August 31, 2019


Item 1.

Reports to Stockholders






Fidelity® High Income Central Fund
(formerly Fidelity® High Income Central Fund 2)



Annual Report

August 31, 2019



Fidelity Investments


Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

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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


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

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Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2019 FMR LLC. All rights reserved.



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



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 August 31, 2019 Past 1 year Past 5 years Past 10 years 
Fidelity® High Income Central Fund  6.59% 5.46% 8.64% 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® High Income Central Fund on August 31, 2009.

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
$22,898Fidelity® High Income Central Fund
$22,470ICE® BofAML® US High Yield Constrained Index

Management's Discussion of Fund Performance

Market Recap:  The ICE BofAML® US High Yield Constrained Index gained 6.58% for the 12 months ending August 31, 2019, a choppy period in which U.S. corporate high-yield bonds seesawed due to trade tension, interest rates, economic data, oil prices and an inverted yield curve, among other factors. High yield began 2019 on a high note after enduring a historically volatile final quarter of 2018. Upbeat company earnings/outlooks and signs the Federal Reserve may pause on rates boosted high yield through April. In May, however, the index sunk amid the Fed’s decision to hold interest rates steady and signal it had little appetite to adjust them any time soon, as well as declining oil prices and retaliatory tariffs imposed on the U.S. by China. The bull market roared back in June, with high yield rising 2.45% amid dovish comments from Fed Chair Jerome Powell and others, and gained modest ground in July, when the Fed cut interest rates for the first time since 2008. Volatility intensified in August, however, as the U.S. Treasury yield curve inverted for the first time since 2007, which some investors viewed as a sign the world's biggest economy could be heading for recession. For the full 12 months, higher-quality bonds led the way, with the core BB and B tiers gaining 9.50% and 6.96%, respectively. In contrast, the lower-quality CCC/below category returned -2.64%. By industry, returns were decidedly positive. The top performer was banks & thrifts (+14%). Conversely, a sharp decline in oil prices hampered energy (-6%).

Comments from Portfolio Manager Harley Lank:  For the fiscal year, the fund gained 6.59%, roughly in line with the benchmark, the ICE BofAML® US High Yield Constrained Index. Our core high-yield bond portfolio, which represented about 84% of assets, on average, outpaced the benchmark the past 12 months and contributed to relative performance. Favorable positioning in banks & thrifts, along with security selection in telecommunications, health care and food/beverage/tobacco, also helped. Conversely, notable relative detractors included positioning in energy – by far the poorest-performing group in the benchmark this period – and picks in services, transportation ex air/rail and entertainment/film. The top individual relative contributors were overweighted positions in bank holding company Ally Financial, cable provider Altice and meatpacking giant JBS. Ally was the fund's largest holding. Conversely, relative performance was hurt by greater-than-benchmark allocations in three energy exploration & production companies: California Resources, Denbury Resources and Sanchez Energy. Looking ahead, while I believe the fundamental backdrop for high yield remains supportive, I think the outcome of the U.S.–China trade dispute remains uncertain. I believe the best way to manage risk in such an environment is to stay current on the businesses within 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 September 29, 2018, Harley Lank assumed sole portfolio management responsibilities for the fund, succeeding Frederick Hoff, who retired from Fidelity. On May 20, 2019, the fund's name changed from Fidelity High Income Central Fund 2 to Fidelity High Income Central Fund. On October 1, 2019, Alex Karam assumed co-management responsibilities for the fund, joining Harley Lank.

Investment Summary (Unaudited)

Top Five Holdings as of August 31, 2019

(by issuer, excluding cash equivalents) % of fund's net assets 
Ally Financial, Inc. 3.0 
CCO Holdings LLC/CCO Holdings Capital Corp. 2.7 
Tenet Healthcare Corp. 2.4 
Navient Corp. 1.7 
CSC Holdings LLC 1.6 
 11.4 

Top Five Market Sectors as of August 31, 2019

 % of fund's net assets 
Energy 15.2 
Healthcare 10.3 
Cable/Satellite TV 8.2 
Diversified Financial Services 7.8 
Telecommunications 7.7 

Quality Diversification (% of fund's net assets)

As of August 31, 2019 
   BBB 4.3% 
   BB 37.5% 
   B 34.7% 
   CCC,CC,C 13.6% 
   D 1.2% 
   Not Rated 1.2% 
   Equities 1.7% 
   Short-Term Investments and Net Other Assets 5.8% 


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 August 31, 2019* 
   Nonconvertible Bonds 79.9% 
   Convertible Bonds, Preferred Stocks 1.1% 
   Common Stocks 1.6% 
   Bank Loan Obligations 8.4% 
   Other Investments 3.2% 
   Short-Term Investments and Net Other Assets (Liabilities) 5.8% 


 * Foreign investments - 21.7%

Schedule of Investments August 31, 2019

Showing Percentage of Net Assets

Corporate Bonds - 80.9%   
 Principal Amount Value 
Convertible Bonds - 1.0%   
Broadcasting - 0.2%   
DISH Network Corp.:   
2.375% 3/15/24 $960,000 $837,400 
3.375% 8/15/26 5,360,000 4,932,556 
  5,769,956 
Energy - 0.3%   
Denbury Resources, Inc. 6.375% 12/31/24 (a) 10,175,000 5,800,158 
Ensco Jersey Finance Ltd. 3% 1/31/24 1,500,000 1,063,125 
  6,863,283 
Utilities - 0.5%   
SolarCity Corp. 1.625% 11/1/19 13,384,000 13,106,988 
TOTAL CONVERTIBLE BONDS  25,740,227 
Nonconvertible Bonds - 79.9%   
Aerospace - 1.9%   
BBA U.S. Holdings, Inc. 5.375% 5/1/26 (a) 3,245,000 3,391,025 
Bombardier, Inc.:   
7.5% 12/1/24 (a) 4,520,000 4,503,502 
7.5% 3/15/25 (a) 580,000 564,775 
7.875% 4/15/27 (a) 14,275,000 13,828,906 
BWX Technologies, Inc. 5.375% 7/15/26 (a) 3,290,000 3,479,175 
DAE Funding LLC:   
4.5% 8/1/22 (a) 1,665,000 1,682,170 
5% 8/1/24 (a) 1,830,000 1,909,852 
Huntington Ingalls Industries, Inc. 5% 11/15/25 (a) 625,000 655,000 
TransDigm UK Holdings PLC 6.875% 5/15/26 2,355,000 2,466,863 
TransDigm, Inc.:   
6.25% 3/15/26 (a) 4,675,000 5,043,063 
6.375% 6/15/26 130,000 136,434 
6.5% 5/15/25 1,000,000 1,042,500 
7.5% 3/15/27 (a) 8,825,000 9,486,875 
  48,190,140 
Air Transportation - 0.0%   
Continental Airlines, Inc. pass-thru trust certificates:   
8.388% 11/1/20 13 13 
9.798% 4/1/21 472,602 489,915 
  489,928 
Automotive & Auto Parts - 0.2%   
Allison Transmission, Inc.:   
5% 10/1/24 (a) 1,160,000 1,193,466 
5.875% 6/1/29 (a) 1,625,000 1,742,813 
General Motors Financial Co., Inc. 4.25% 5/15/23 615,000 643,939 
IAA Spinco, Inc. 5.5% 6/15/27 (a) 1,115,000 1,187,475 
  4,767,693 
Banks & Thrifts - 3.0%   
Ally Financial, Inc.:   
4.25% 4/15/21 1,170,000 1,202,175 
5.75% 11/20/25 14,835,000 16,986,075 
8% 11/1/31 11,003,000 15,266,663 
8% 11/1/31 31,663,000 44,248,988 
  77,703,901 
Broadcasting - 1.2%   
CBS Radio, Inc. 7.25% 11/1/24 (a) 1,015,000 1,031,494 
Cumulus Media New Holdings, Inc. 6.75% 7/1/26 (a) 1,420,000 1,462,600 
Entercom Media Corp. 6.5% 5/1/27 (a) 1,270,000 1,314,450 
iHeartCommunications, Inc.:   
6.375% 5/1/26 46,387 50,098 
8.375% 5/1/27 84,077 90,698 
9% 5/15/22 (b)(c) 780,000 0 
Nexstar Escrow, Inc. 5.625% 7/15/27 (a) 2,755,000 2,872,088 
Scripps Escrow, Inc. 5.875% 7/15/27 (a) 2,215,000 2,234,381 
Sinclair Television Group, Inc. 5.125% 2/15/27 (a) 320,000 319,936 
Sirius XM Radio, Inc.:   
3.875% 8/1/22 (a) 2,155,000 2,192,713 
4.625% 7/15/24 (a) 3,615,000 3,773,156 
5% 8/1/27 (a) 7,435,000 7,843,925 
5.375% 4/15/25 (a) 3,241,040 3,362,579 
5.375% 7/15/26 (a) 3,120,000 3,295,500 
  29,843,618 
Building Materials - 0.3%   
Building Materials Corp. of America:   
5.5% 2/15/23 (a) 690,000 707,250 
6% 10/15/25 (a) 1,165,000 1,224,706 
HD Supply, Inc. 5.375% 10/15/26 (a) 3,760,000 4,005,152 
HMAN Finance Sub Corp. 6.375% 7/15/22 (a) 510,000 453,900 
U.S. Concrete, Inc. 6.375% 6/1/24 425,000 445,188 
  6,836,196 
Cable/Satellite TV - 7.5%   
Altice Luxembourg SA 10.5% 5/15/27 (a) 7,670,000 8,341,125 
Altice SA:   
7.625% 2/15/25 (a) 14,895,000 15,397,706 
7.75% 5/15/22 (a) 5,236,000 5,369,649 
Cablevision Systems Corp. 5.875% 9/15/22 805,000 861,109 
CCO Holdings LLC/CCO Holdings Capital Corp.:   
5% 2/1/28 (a) 10,535,000 11,061,750 
5.125% 5/1/23 (a) 4,310,000 4,409,130 
5.125% 5/1/27 (a) 16,885,000 17,855,719 
5.25% 3/15/21 3,375,000 3,385,547 
5.375% 5/1/25 (a) 1,600,000 1,662,000 
5.5% 5/1/26 (a) 5,950,000 6,269,813 
5.75% 9/1/23 1,160,000 1,182,736 
5.75% 1/15/24 4,235,000 4,330,288 
5.75% 2/15/26 (a) 6,925,000 7,331,844 
5.875% 4/1/24 (a) 2,995,000 3,118,544 
5.875% 5/1/27 (a) 8,600,000 9,159,000 
CSC Holdings LLC:   
5.125% 12/15/21 (a) 1,379,000 1,380,724 
5.125% 12/15/21 (a) 760,000 760,950 
5.375% 2/1/28 (a) 8,195,000 8,750,293 
5.5% 5/15/26 (a) 4,470,000 4,727,025 
5.5% 4/15/27 (a) 11,830,000 12,658,100 
5.75% 1/15/30 (a) 3,690,000 3,860,663 
6.5% 2/1/29 (a) 5,110,000 5,726,394 
7.5% 4/1/28 (a) 4,545,000 5,113,125 
DISH DBS Corp.:   
5% 3/15/23 4,720,000 4,631,500 
5.875% 7/15/22 3,205,000 3,317,175 
5.875% 11/15/24 4,370,000 4,157,181 
6.75% 6/1/21 1,122,000 1,181,803 
7.75% 7/1/26 9,205,000 9,043,913 
Unitymedia KabelBW GmbH 6.125% 1/15/25 (a) 1,680,000 1,752,240 
Virgin Media Finance PLC 4.875% 2/15/22 845,000 835,681 
Virgin Media Secured Finance PLC:   
5.25% 1/15/26 (a) 805,000 825,125 
5.5% 8/15/26 (a) 4,615,000 4,828,444 
VTR Finance BV 6.875% 1/15/24 (a) 845,000 873,255 
Ziggo Bond Finance BV:   
5.875% 1/15/25 (a) 3,325,000 3,437,219 
6% 1/15/27 (a) 4,760,000 4,962,300 
Ziggo Secured Finance BV 5.5% 1/15/27 (a) 12,690,000 13,387,316 
  195,946,386 
Capital Goods - 0.0%   
Apergy Corp. 6.375% 5/1/26 830,000 834,150 
Chemicals - 1.4%   
Blue Cube Spinco, Inc.:   
9.75% 10/15/23 1,175,000 1,289,563 
10% 10/15/25 1,455,000 1,633,238 
CF Industries Holdings, Inc.:   
3.45% 6/1/23 1,040,000 1,063,525 
4.95% 6/1/43 6,065,000 5,958,863 
5.15% 3/15/34 5,500,000 5,637,500 
5.375% 3/15/44 4,495,000 4,542,557 
OCI NV 6.625% 4/15/23 (a) 7,380,000 7,785,900 
Olin Corp.:   
5% 2/1/30 1,215,000 1,213,481 
5.125% 9/15/27 1,725,000 1,772,438 
Starfruit Finco BV / Starfruit U.S. Holdco LLC 8% 10/1/26 (a) 945,000 921,375 
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. 5.375% 9/1/25 (a) 1,175,000 1,104,500 
Valvoline, Inc. 4.375% 8/15/25 970,000 979,700 
Versum Materials, Inc. 5.5% 9/30/24 (a) 245,000 263,988 
W. R. Grace & Co.-Conn.:   
5.125% 10/1/21 (a) 345,000 357,938 
5.625% 10/1/24 (a) 1,095,000 1,182,600 
  35,707,166 
Consumer Products - 0.1%   
Edgewell Personal Care Co. 5.5% 6/15/25 (a) 45,000 45,587 
Grubhub Holdings, Inc. 5.5% 7/1/27 (a) 1,130,000 1,180,850 
Prestige Brands, Inc. 6.375% 3/1/24 (a) 370,000 387,575 
Tempur Sealy International, Inc. 5.5% 6/15/26 1,155,000 1,206,975 
  2,820,987 
Containers - 1.7%   
Ard Securities Finance SARL 8.75% 1/31/23 pay-in-kind (a)(d) 1,463,863 1,515,098 
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.:   
4.625% 5/15/23 (a) 5,340,000 5,465,276 
5.25% 8/15/27 (a) 4,410,000 4,454,100 
6% 2/15/25 (a) 9,318,000 9,731,486 
Berry Global, Inc. 4.5% 2/15/26 (a) 3,580,000 3,562,100 
Crown Americas LLC/Crown Americas Capital Corp. IV 4.5% 1/15/23 365,000 383,250 
Crown Americas LLC/Crown Americas Capital Corp. V 4.25% 9/30/26 7,695,000 7,983,563 
OI European Group BV 4% 3/15/23 (a) 1,595,000 1,606,963 
Plastipak Holdings, Inc. 6.25% 10/15/25 (a) 730,000 664,300 
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA:   
5.125% 7/15/23 (a) 650,000 668,233 
5.75% 10/15/20 4,432,699 4,443,780 
7% 7/15/24 (a) 950,000 982,063 
Trivium Packaging Finance BV:   
5.5% 8/15/26 (a) 1,510,000 1,596,825 
8.5% 8/15/27 (a) 1,515,000 1,628,625 
  44,685,662 
Diversified Financial Services - 7.2%   
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust 4.625% 10/30/20 1,965,000 2,012,792 
Aircastle Ltd. 5% 4/1/23 755,000 807,669 
Chobani LLC/Finance Corp., Inc. 7.5% 4/15/25 (a) 3,160,000 2,915,100 
CIT Group, Inc.:   
4.125% 3/9/21 1,570,000 1,603,363 
5% 8/15/22 472,000 503,194 
5.25% 3/7/25 1,310,000 1,467,200 
Crown Americas LLC/Crown Americas Capital Corp. IV 4.75% 2/1/26 7,931,000 8,327,550 
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375% 8/15/26 (a) 5,120,000 5,376,000 
Financial & Risk U.S. Holdings, Inc. 8.25% 11/15/26 (a) 1,475,000 1,659,375 
FLY Leasing Ltd.:   
5.25% 10/15/24 8,005,000 8,225,138 
6.375% 10/15/21 2,460,000 2,506,125 
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:   
6.25% 2/1/22 4,960,000 5,108,800 
6.25% 5/15/26 (a) 9,965,000 10,401,467 
6.375% 12/15/25 5,145,000 5,447,269 
6.75% 2/1/24 1,565,000 1,637,381 
Intelsat Connect Finance SA 9.5% 2/15/23 (a) 2,665,000 2,371,850 
International Lease Finance Corp. 5.875% 8/15/22 570,000 626,039 
MSCI, Inc.:   
4.75% 8/1/26 (a) 1,485,000 1,553,681 
5.375% 5/15/27 (a) 1,070,000 1,150,785 
5.75% 8/15/25 (a) 1,390,000 1,459,500 
Navient Corp.:   
5% 10/26/20 345,000 353,194 
5.5% 1/25/23 990,000 1,039,797 
5.875% 10/25/24 6,145,000 6,464,479 
6.125% 3/25/24 12,130,000 12,872,963 
6.5% 6/15/22 2,235,000 2,419,388 
6.625% 7/26/21 675,000 722,250 
6.75% 6/15/26 11,005,000 11,775,350 
7.25% 1/25/22 1,185,000 1,299,056 
7.25% 9/25/23 3,035,000 3,368,850 
8% 3/25/20 8,300,000 8,549,000 
Park Aerospace Holdings Ltd.:   
4.5% 3/15/23 (a) 7,835,000 8,106,091 
5.25% 8/15/22 (a) 3,990,000 4,214,438 
5.5% 2/15/24 (a) 21,320,000 23,055,448 
Quicken Loans, Inc. 5.25% 1/15/28 (a) 1,710,000 1,774,125 
Radiate Holdco LLC/Radiate Financial Service Ltd.:   
6.625% 2/15/25 (a) 7,120,000 7,066,600 
6.875% 2/15/23 (a) 4,015,000 4,095,300 
Springleaf Finance Corp.:   
6.125% 5/15/22 1,065,000 1,147,538 
6.625% 1/15/28 1,450,000 1,591,375 
6.875% 3/15/25 4,170,000 4,727,738 
7.125% 3/15/26 11,015,000 12,562,608 
8.25% 12/15/20 1,195,000 1,278,471 
Tempo Acquisition LLC 6.75% 6/1/25 (a) 3,310,000 3,400,363 
  187,044,700 
Diversified Media - 0.4%   
Clear Channel Worldwide Holdings, Inc. Series A, 6.5% 11/15/22 2,975,000 3,039,468 
E.W. Scripps Co. 5.125% 5/15/25 (a) 1,875,000 1,889,063 
Nielsen Co. SARL (Luxembourg):   
5% 2/1/25 (a) 1,645,000 1,624,438 
5.5% 10/1/21 (a) 175,000 175,508 
Nielsen Finance LLC/Nielsen Finance Co. 5% 4/15/22 (a) 875,000 879,375 
Viacom, Inc.:   
5.875% 2/28/57 (d) 1,375,000 1,435,651 
6.25% 2/28/57 (d) 1,850,000 1,991,063 
  11,034,566 
Energy - 13.2%   
Antero Midstream Partners LP/Antero Midstream Finance Corp.:   
5.375% 9/15/24 785,000 739,863 
5.75% 3/1/27 (a) 4,350,000 3,991,125 
5.75% 1/15/28 (a) 2,220,000 2,014,650 
Antero Resources Finance Corp. 5.375% 11/1/21 2,780,000 2,700,075 
Archrock Partners LP / Archrock Partners Finance Corp. 6.875% 4/1/27 (a) 700,000 733,250 
Baytex Energy Corp.:   
5.125% 6/1/21 (a) 275,000 272,250 
5.625% 6/1/24 (a) 830,000 771,900 
California Resources Corp. 8% 12/15/22 (a) 28,815,000 16,568,625 
Callon Petroleum Co.:   
6.125% 10/1/24 1,065,000 1,033,050 
6.375% 7/1/26 1,360,000 1,319,200 
Centennial Resource Production LLC 6.875% 4/1/27 (a) 2,065,000 2,065,000 
Cheniere Corpus Christi Holdings LLC:   
5.125% 6/30/27 6,640,000 7,328,900 
5.875% 3/31/25 1,525,000 1,700,375 
7% 6/30/24 3,100,000 3,576,625 
Cheniere Energy Partners LP:   
5.25% 10/1/25 6,470,000 6,688,363 
5.625% 10/1/26 2,155,000 2,273,525 
Chesapeake Energy Corp.:   
4.875% 4/15/22 3,200,000 2,652,000 
5.75% 3/15/23 2,545,000 2,036,000 
8% 1/15/25 560,000 424,200 
8% 6/15/27 4,455,000 3,218,782 
Citgo Holding, Inc. 9.25% 8/1/24 (a) 2,625,000 2,782,500 
Citgo Petroleum Corp. 6.25% 8/15/22 (a) 1,365,000 1,371,825 
CNX Midstream Partners LP 6.5% 3/15/26 (a) 1,030,000 963,565 
Compressco Partners LP/Compressco Finance, Inc. 7.5% 4/1/25 (a) 535,000 522,963 
Comstock Escrow Corp. 9.75% 8/15/26 4,770,000 3,589,425 
Consolidated Energy Finance SA:   
3 month U.S. LIBOR + 3.750% 6.1603% 6/15/22 (a)(d)(e) 8,045,000 8,004,609 
6.5% 5/15/26 (a) 8,405,000 8,383,988 
6.875% 6/15/25 (a) 5,130,000 5,232,600 
Covey Park Energy LLC 7.5% 5/15/25 (a) 1,270,000 901,700 
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.:   
5.75% 4/1/25 1,045,000 1,068,513 
6.25% 4/1/23 2,515,000 2,559,013 
CVR Refining LLC/Coffeyville Finance, Inc. 6.5% 11/1/22 1,665,000 1,687,894 
DCP Midstream LLC 5.85% 5/21/43 (a)(d) 3,410,000 3,026,375 
DCP Midstream Operating LP 5.375% 7/15/25 4,985,000 5,271,638 
Denbury Resources, Inc.:   
7.75% 2/15/24 (a) 13,153,000 9,143,966 
9% 5/15/21 (a) 355,000 323,050 
9.25% 3/31/22 (a) 4,105,000 3,448,200 
Endeavor Energy Resources LP/EER Finance, Inc.:   
5.5% 1/30/26 (a) 1,270,000 1,319,213 
5.75% 1/30/28 (a) 4,660,000 4,881,350 
EnLink Midstream LLC 5.375% 6/1/29 2,030,000 1,986,355 
EP Energy LLC/Everest Acquisition Finance, Inc.:   
7.75% 5/15/26 (a) 19,900,000 16,616,500 
8% 11/29/24 (a) 6,240,000 2,683,200 
Exterran Energy Solutions LP 8.125% 5/1/25 885,000 888,867 
Exterran Partners LP/EXLP Finance Corp. 6% 10/1/22 930,000 944,834 
FTS International, Inc. 6.25% 5/1/22 130,000 108,144 
Hess Infrastructure Partners LP 5.625% 2/15/26 (a) 6,900,000 7,141,500 
Hilcorp Energy I LP/Hilcorp Finance Co.:   
5% 12/1/24 (a) 2,995,000 2,762,888 
5.75% 10/1/25 (a) 6,910,000 6,443,575 
6.25% 11/1/28 (a) 1,265,000 1,163,800 
Holly Energy Partners LP/Holly Finance Corp. 6% 8/1/24 (a) 575,000 602,600 
Indigo Natural Resources LLC 6.875% 2/15/26 (a) 2,880,000 2,376,000 
Jonah Energy LLC 7.25% 10/15/25 (a) 10,465,000 3,348,800 
KLX Energy Services Holdings, Inc. 11.5% 11/1/25 (a) 2,685,000 2,463,488 
Magnolia Oil & Gas Operating LLC 6% 8/1/26 (a) 2,415,000 2,402,925 
MEG Energy Corp.:   
6.375% 1/30/23 (a) 8,705,000 8,226,225 
7% 3/31/24 (a) 10,160,000 9,664,700 
Nabors Industries, Inc.:   
5.5% 1/15/23 3,575,000 3,186,219 
5.75% 2/1/25 8,036,000 6,428,800 
Neptune Energy Bondco PLC 6.625% 5/15/25 (a) 1,065,000 1,065,533 
NextEra Energy Partners LP:   
4.25% 9/15/24 (a) 3,670,000 3,805,790 
4.5% 9/15/27 (a) 980,000 1,006,950 
Nine Energy Service, Inc. 8.75% 11/1/23 (a) 600,000 541,500 
Noble Holding International Ltd.:   
5.25% 3/15/42 620,000 272,800 
6.05% 3/1/41 835,000 375,750 
6.2% 8/1/40 2,270,000 1,055,550 
7.75% 1/15/24 686,000 456,190 
7.875% 2/1/26 (a) 2,265,000 1,828,988 
7.95% 4/1/25 (d) 1,040,000 660,400 
Oasis Petroleum, Inc. 6.875% 3/15/22 563,000 523,590 
Pacific Drilling Second Lien Escrow Issuer Ltd. 12% 4/1/24 pay-in-kind (a)(d) 145,421 103,249 
Parsley Energy LLC/Parsley:   
5.25% 8/15/25 (a) 775,000 786,625 
5.375% 1/15/25 (a) 4,270,000 4,355,400 
5.625% 10/15/27 (a) 1,225,000 1,261,750 
6.25% 6/1/24 (a) 4,390,000 4,554,625 
PBF Holding Co. LLC/PBF Finance Corp.:   
7% 11/15/23 3,430,000 3,524,325 
7.25% 6/15/25 2,085,000 2,159,872 
PBF Logistics LP/PBF Logistics Finance, Inc. 6.875% 5/15/23 3,935,000 4,043,213 
Peabody Securities Finance Corp.:   
6% 3/31/22 (a) 545,000 561,350 
6.375% 3/31/25 (a) 680,000 709,750 
Pride International, Inc. 7.875% 8/15/40 2,554,000 1,494,090 
Rose Rock Midstream LP/Rose Rock Finance Corp.:   
5.625% 7/15/22 3,035,000 2,924,253 
5.625% 11/15/23 2,615,000 2,471,175 
Sanchez Energy Corp.:   
6.125% 1/15/23 (b) 7,455,000 316,838 
7.25% 2/15/23 (a)(b) 16,575,000 11,602,500 
SemGroup Corp.:   
6.375% 3/15/25 3,265,000 3,085,425 
7.25% 3/15/26 5,460,000 5,214,300 
SESI LLC 7.75% 9/15/24 985,000 591,000 
SM Energy Co.:   
5% 1/15/24 2,930,000 2,563,750 
5.625% 6/1/25 3,360,000 2,856,000 
6.125% 11/15/22 1,480,000 1,376,400 
6.625% 1/15/27 1,145,000 973,250 
6.75% 9/15/26 805,000 684,250 
Southwestern Energy Co.:   
7.5% 4/1/26 3,340,000 2,923,168 
7.75% 10/1/27 2,095,000 1,822,650 
Sunoco LP/Sunoco Finance Corp.:   
4.875% 1/15/23 2,335,000 2,387,538 
5.5% 2/15/26 1,885,000 1,955,688 
6% 4/15/27 5,495,000 5,783,488 
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:   
4.25% 11/15/23 3,100,000 3,096,125 
5.125% 2/1/25 1,730,000 1,773,250 
5.25% 5/1/23 710,000 722,205 
5.375% 2/1/27 1,025,000 1,057,595 
5.875% 4/15/26 3,295,000 3,451,513 
6.5% 7/15/27 (a) 1,275,000 1,383,375 
6.75% 3/15/24 4,245,000 4,409,494 
6.875% 1/15/29 (a) 2,255,000 2,491,775 
Teine Energy Ltd. 6.875% 9/30/22 (a) 4,534,000 4,568,005 
TerraForm Power Operating LLC:   
4.25% 1/31/23 (a) 2,000,000 2,049,300 
5% 1/31/28 (a) 1,610,000 1,676,445 
6.625% 6/15/25 (a)(d) 2,260,000 2,384,300 
Tesoro Logistics LP/Tesoro Logistics Finance Corp. 6.375% 5/1/24 1,185,000 1,242,473 
Transocean Sentry Ltd. 5.375% 5/15/23 (a) 2,705,000 2,677,950 
U.S.A. Compression Partners LP:   
6.875% 4/1/26 1,975,000 2,024,375 
6.875% 9/1/27 (a) 390,000 401,146 
Ultra Resources, Inc. 11% 7/12/24 pay-in-kind 1,689,938 202,793 
Valaris PLC:   
4.5% 10/1/24 4,290,000 2,659,800 
5.2% 3/15/25 2,980,000 1,795,450 
5.75% 10/1/44 1,156,000 578,000 
7.75% 2/1/26 2,135,000 1,355,298 
W&T Offshore, Inc. 9.75% 11/1/23 (a) 2,455,000 2,369,075 
Weatherford International Ltd.:   
5.95% 4/15/42 (b) 250,000 105,000 
6.5% 8/1/36 (b) 1,380,000 579,600 
7% 3/15/38 (b) 656,000 275,520 
9.875% 2/15/24 (b) 3,110,000 1,313,975 
Weatherford International, Inc.:   
6.8% 6/15/37 (b) 780,000 327,600 
9.875% 3/1/25 (b) 13,907,000 5,840,940 
WPX Energy, Inc. 6% 1/15/22 61,000 62,678 
  343,583,583 
Entertainment/Film - 0.3%   
CBS Outdoor Americas Capital LLC/CBS Outdoor Americas Capital Corp.:   
5.625% 2/15/24 400,000 412,000 
5.875% 3/15/25 1,180,000 1,219,825 
New Cotai LLC/New Cotai Capital Corp. 10.625% 5/1/19 pay-in-kind (a)(b)(d) 11,300,282 5,989,149 
  7,620,974 
Environmental - 0.6%   
Covanta Holding Corp. 6% 1/1/27 4,320,000 4,492,800 
LBC Tank Terminals Holding Netherlands BV 6.875% 5/15/23 (a) 10,090,000 10,190,900 
Waste Pro U.S.A., Inc. 5.5% 2/15/26 (a) 315,000 327,600 
  15,011,300 
Food & Drug Retail - 0.3%   
Cumberland Farms, Inc. 6.75% 5/1/25 (a) 670,000 720,250 
Performance Food Group, Inc. 5.5% 6/1/24 (a) 1,550,000 1,584,875 
Rite Aid Corp.:   
6.875% 12/15/28 (a)(d) 3,505,000 1,752,500 
7.7% 2/15/27 3,314,000 1,822,700 
Tops Markets LLC 13% 11/19/24 pay-in-kind (d) 566,931 572,600 
  6,452,925 
Food/Beverage/Tobacco - 3.3%   
C&S Group Enterprises LLC 5.375% 7/15/22 (a) 5,105,000 5,117,763 
Cott Holdings, Inc. 5.5% 4/1/25 (a) 1,555,000 1,621,134 
Darling International, Inc. 5.25% 4/15/27 (a) 2,760,000 2,939,400 
ESAL GmbH 6.25% 2/5/23 (a) 1,103,000 1,126,163 
JBS Investments II GmbH:   
5.75% 1/15/28 (a) 2,330,000 2,446,500 
7% 1/15/26 (a) 2,260,000 2,443,625 
JBS U.S.A. LLC/JBS U.S.A. Finance, Inc.:   
5.75% 6/15/25 (a) 12,745,000 13,254,927 
5.875% 7/15/24 (a) 8,690,000 8,918,113 
6.75% 2/15/28 (a) 6,150,000 6,857,250 
JBS U.S.A. Lux SA / JBS Food Co.:   
5.5% 1/15/30 (a) 4,395,000 4,658,700 
6.5% 4/15/29 (a) 7,135,000 7,902,013 
Lamb Weston Holdings, Inc.:   
4.625% 11/1/24 (a) 1,055,000 1,102,908 
4.875% 11/1/26 (a) 320,000 334,000 
Pilgrim's Pride Corp.:   
5.75% 3/15/25 (a) 795,000 826,800 
5.875% 9/30/27 (a) 935,000 1,007,463 
Post Holdings, Inc.:   
5% 8/15/26 (a) 11,160,000 11,634,300 
5.625% 1/15/28 (a) 1,070,000 1,139,550 
5.75% 3/1/27 (a) 5,865,000 6,231,563 
Vector Group Ltd. 6.125% 2/1/25 (a) 7,495,000 7,345,100 
  86,907,272 
Gaming - 3.7%   
Boyd Gaming Corp.:   
6% 8/15/26 680,000 718,250 
6.375% 4/1/26 395,000 418,700 
Chukchansi Economic Development Authority 9.75% 5/30/20 (a)(b) 2,860,873 1,573,480 
CRC Escrow Issuer LLC/CRC Finance LLC 5.25% 10/15/25 (a) 16,815,000 17,109,263 
Downstream Development Authority 10.5% 2/15/23 (a) 1,075,000 1,142,188 
Eldorado Resorts, Inc. 6% 9/15/26 1,285,000 1,405,469 
GLP Capital LP/GLP Financing II, Inc.:   
5.25% 6/1/25 2,950,000 3,243,466 
5.375% 4/15/26 925,000 1,015,336 
Golden Entertainment, Inc. 7.625% 4/15/26 (a) 935,000 972,494 
International Game Technology PLC 6.25% 1/15/27 (a) 960,000 1,053,600 
MCE Finance Ltd.:   
4.875% 6/6/25 (a) 2,585,000 2,564,145 
5.25% 4/26/26 (a) 2,925,000 2,941,600 
MGM Growth Properties Operating Partnership LP:   
4.5% 9/1/26 4,310,000 4,514,725 
5.75% 2/1/27 (a) 2,590,000 2,859,231 
MGM Mirage, Inc.:   
5.5% 4/15/27 2,760,000 2,991,150 
5.75% 6/15/25 7,290,000 8,028,331 
7.75% 3/15/22 660,000 741,002 
Penn National Gaming, Inc. 5.625% 1/15/27 (a) 355,000 364,354 
Scientific Games Corp.:   
5% 10/15/25 (a) 2,730,000 2,820,745 
6.25% 9/1/20 580,000 581,450 
6.625% 5/15/21 5,350,000 5,436,938 
10% 12/1/22 4,661,000 4,835,788 
Stars Group Holdings BV 7% 7/15/26 (a) 2,935,000 3,114,769 
Station Casinos LLC 5% 10/1/25 (a) 1,085,000 1,106,809 
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. 5.875% 5/15/25 (a) 3,915,000 3,875,850 
Transocean, Inc. 7.25% 11/1/25 (a) 5,060,000 4,604,600 
Twin River Worldwide Holdings, Inc. 6.75% 6/1/27 (a) 1,685,000 1,775,569 
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.25% 5/15/27 (a) 6,910,000 7,160,488 
Wynn Macau Ltd.:   
4.875% 10/1/24 (a) 3,795,000 3,746,377 
5.5% 10/1/27 (a) 3,065,000 3,022,856 
  95,739,023 
Healthcare - 9.6%   
BCPE Cycle Merger Sub II, Inc. 10.625% 7/15/27 (a) 3,955,000 3,856,125 
Catalent Pharma Solutions 5% 7/15/27 (a) 825,000 864,278 
Centene Escrow Corp. 5.375% 6/1/26 (a) 4,775,000 5,104,714 
Charles River Laboratories International, Inc. 5.5% 4/1/26 (a) 1,235,000 1,321,327 
Community Health Systems, Inc.:   
5.125% 8/1/21 5,335,000 5,335,000 
6.25% 3/31/23 14,890,000 14,407,564 
8% 3/15/26 (a) 14,545,000 13,963,200 
8.125% 6/30/24 (a) 1,835,000 1,394,600 
8.625% 1/15/24 (a) 3,285,000 3,285,000 
CTR Partnership LP/CareTrust Capital Corp. 5.25% 6/1/25 4,000,000 4,120,720 
DaVita HealthCare Partners, Inc.:   
5% 5/1/25 11,950,000 11,964,938 
5.125% 7/15/24 4,845,000 4,928,382 
Encompass Health Corp.:   
5.75% 11/1/24 4,845,000 4,905,563 
5.75% 9/15/25 4,660,000 4,898,825 
HCA Holdings, Inc.:   
4.5% 2/15/27 2,350,000 2,547,824 
5.25% 6/15/26 645,000 728,052 
5.375% 2/1/25 6,835,000 7,586,850 
5.375% 9/1/26 4,700,000 5,240,500 
5.625% 9/1/28 3,260,000 3,709,269 
5.875% 5/1/23 1,150,000 1,270,031 
5.875% 2/15/26 5,470,000 6,239,903 
5.875% 2/1/29 1,355,000 1,559,944 
6.25% 2/15/21 1,045,000 1,097,668 
Hologic, Inc.:   
4.375% 10/15/25 (a) 3,360,000 3,435,600 
4.625% 2/1/28 (a) 685,000 708,119 
IMS Health, Inc.:   
5% 10/15/26 (a) 1,750,000 1,846,250 
5% 5/15/27 (a) 1,385,000 1,462,906 
MPT Operating Partnership LP/MPT Finance Corp.:   
5% 10/15/27 6,120,000 6,533,100 
5.25% 8/1/26 4,066,000 4,295,932 
5.5% 5/1/24 1,235,000 1,270,506 
6.375% 3/1/24 3,280,000 3,435,800 
NVA Holdings, Inc. 6.875% 4/1/26 (a) 775,000 827,545 
Polaris Intermediate Corp. 8.5% 12/1/22 pay-in-kind (a)(d) 3,995,000 3,355,800 
Sabra Health Care LP/Sabra Capital Corp. 5.375% 6/1/23 4,400,000 4,460,500 
Service Corp. International 5.125% 6/1/29 1,845,000 1,974,150 
SP Finco LLC 6.75% 7/1/25 (a) 250,000 213,905 
Surgery Center Holdings, Inc. 10% 4/15/27 (a) 2,760,000 2,642,700 
Teleflex, Inc. 4.875% 6/1/26 3,940,000 4,150,632 
Tenet Healthcare Corp.:   
4.375% 10/1/21 4,245,000 4,427,535 
4.625% 7/15/24 9,240,000 9,505,650 
5.125% 5/1/25 12,665,000 12,696,663 
6.25% 2/1/27 (a) 6,915,000 7,174,313 
6.75% 6/15/23 14,150,000 14,539,125 
8.125% 4/1/22 10,395,000 11,199,573 
THC Escrow Corp. III 7% 8/1/25 1,425,000 1,439,250 
Valeant Pharmaceuticals International, Inc.:   
5.5% 3/1/23 (a) 661,000 667,610 
5.5% 11/1/25 (a) 4,680,000 4,908,056 
5.75% 8/15/27 (a) 640,000 686,400 
5.875% 5/15/23 (a) 2,509,000 2,540,363 
6.125% 4/15/25 (a) 3,975,000 4,094,250 
7% 3/15/24 (a) 6,265,000 6,616,842 
8.5% 1/31/27 (a) 2,815,000 3,124,594 
9% 12/15/25 (a) 1,775,000 1,990,219 
9.25% 4/1/26 (a) 5,560,000 6,296,700 
Vizient, Inc. 6.25% 5/15/27 (a) 680,000 731,000 
Wellcare Health Plans, Inc.:   
5.25% 4/1/25 4,820,000 5,046,781 
5.375% 8/15/26 (a) 1,775,000 1,892,594 
  250,521,240 
Homebuilders/Real Estate - 1.1%   
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp. 6.125% 7/1/22 (a) 1,055,000 1,069,506 
Brookfield Residential Properties, Inc. 6.5% 12/15/20 (a) 620,000 620,775 
Howard Hughes Corp. 5.375% 3/15/25 (a) 5,770,000 5,943,100 
Kennedy-Wilson, Inc. 5.875% 4/1/24 1,570,000 1,607,288 
Lennar Corp.:   
4.75% 11/29/27 1,605,000 1,745,438 
5% 6/15/27 780,000 836,550 
5.25% 6/1/26 1,791,000 1,949,951 
5.875% 11/15/24 520,000 579,800 
M/I Homes, Inc. 5.625% 8/1/25 480,000 496,800 
Mattamy Group Corp.:   
6.5% 10/1/25 (a) 800,000 848,000 
6.875% 12/15/23 (a) 1,005,000 1,046,456 
Realogy Group LLC/Realogy Co.-Issuer Corp. 5.25% 12/1/21 (a) 615,000 602,700 
Starwood Property Trust, Inc.:   
4.75% 3/15/25 2,420,000 2,480,500 
5% 12/15/21 865,000 897,438 
Taylor Morrison Communities, Inc./Monarch Communities, Inc.:   
5.625% 3/1/24 (a) 2,265,000 2,378,250 
5.75% 1/15/28 (a) 2,945,000 3,129,063 
5.875% 6/15/27 (a) 2,250,000 2,413,125 
William Lyon Homes, Inc.:   
6% 9/1/23 540,000 560,250 
7% 8/15/22 142,000 142,355 
  29,347,345 
Hotels - 0.7%   
Hilton Domestic Operating Co., Inc.:   
4.875% 1/15/30 (a) 4,580,000 4,900,600 
5.125% 5/1/26 8,990,000 9,488,945 
Hilton Escrow Issuer LLC 4.25% 9/1/24 1,545,000 1,575,900 
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. 4.875% 4/1/27 1,165,000 1,226,163 
  17,191,608 
Insurance - 0.6%   
Acrisure LLC / Acrisure Finance, Inc.:   
7% 11/15/25 (a) 5,180,000 4,770,573 
8.125% 2/15/24 (a) 1,775,000 1,912,563 
Alliant Holdings Co.-Issuer, Inc./Wayne Merger Sub LLC 8.25% 8/1/23 (a) 675,000 689,344 
AmWINS Group, Inc. 7.75% 7/1/26 (a) 3,835,000 4,026,750 
HUB International Ltd. 7% 5/1/26 (a) 1,395,000 1,415,925 
USIS Merger Sub, Inc. 6.875% 5/1/25 (a) 3,250,000 3,233,750 
  16,048,905 
Leisure - 0.3%   
Mattel, Inc. 2.35% 8/15/21 1,600,000 1,540,000 
Studio City Co. Ltd.:   
5.875% 11/30/19 (a) 1,795,000 1,797,244 
7.25% 11/30/21 (a) 1,295,000 1,324,542 
Voc Escrow Ltd. 5% 2/15/28 (a) 1,800,000 1,845,000 
  6,506,786 
Metals/Mining - 1.7%   
Alpha Natural Resources, Inc. 9.75% 4/15/18 (b)(c) 1,099,000 0 
Constellium NV 5.875% 2/15/26 (a) 1,240,000 1,292,700 
First Quantum Minerals Ltd.:   
6.5% 3/1/24 (a) 6,570,000 5,886,309 
6.875% 3/1/26 (a) 5,275,000 4,688,156 
7.25% 5/15/22 (a) 900,000 873,563 
7.25% 4/1/23 (a) 5,485,000 5,101,050 
7.5% 4/1/25 (a) 5,735,000 5,229,603 
FMG Resources (August 2006) Pty Ltd.:   
4.75% 5/15/22 (a) 1,765,000 1,817,950 
5.125% 3/15/23 (a) 1,530,000 1,591,200 
5.125% 5/15/24 (a) 770,000 802,725 
Freeport-McMoRan, Inc.:   
3.55% 3/1/22 2,058,000 2,063,145 
3.875% 3/15/23 2,960,000 2,990,784 
6.875% 2/15/23 7,588,000 8,002,305 
Joseph T Ryerson & Son, Inc. 11% 5/15/22 (a) 1,085,000 1,139,250 
Nufarm Australia Ltd. 5.75% 4/30/26 (a) 3,585,000 3,378,863 
  44,857,603 
Paper - 0.2%   
Berry Global Escrow Corp.:   
4.875% 7/15/26 (a) 1,355,000 1,422,750 
5.625% 7/15/27 (a) 1,110,000 1,165,500 
Flex Acquisition Co., Inc.:   
6.875% 1/15/25 (a) 2,080,000 1,872,000 
7.875% 7/15/26 (a) 275,000 248,875 
NewPage Corp. 11.375% 12/31/2014 (b)(c) 4,077,567 0 
  4,709,125 
Publishing/Printing - 0.0%   
Clear Channel International BV 8.75% 12/15/20 (a) 240,000 245,249 
Restaurants - 0.8%   
1011778 BC Unlimited Liability Co./New Red Finance, Inc.:   
4.25% 5/15/24 (a) 3,287,000 3,393,039 
5% 10/15/25 (a) 1,875,000 1,935,938 
Golden Nugget, Inc.:   
6.75% 10/15/24 (a) 7,195,000 7,356,888 
8.75% 10/1/25 (a) 1,385,000 1,452,519 
KFC Holding Co./Pizza Hut Holding LLC:   
4.75% 6/1/27 (a) 1,325,000 1,387,938 
5% 6/1/24 (a) 6,145,000 6,352,394 
  21,878,716 
Services - 1.5%   
APX Group, Inc.:   
7.625% 9/1/23 1,965,000 1,463,925 
8.75% 12/1/20 1,055,000 1,002,250 
Aramark Services, Inc.:   
4.75% 6/1/26 4,590,000 4,704,750 
5% 4/1/25 (a) 1,235,000 1,275,940 
Avantor, Inc. 6% 10/1/24 (a) 740,000 793,650 
Brand Energy & Infrastructure Services, Inc. 8.5% 7/15/25 (a) 5,780,000 5,093,625 
CDK Global, Inc.:   
4.875% 6/1/27 460,000 475,290 
5.25% 5/15/29 (a) 1,305,000 1,347,413 
5.875% 6/15/26 1,615,000 1,715,292 
Corrections Corp. of America:   
4.625% 5/1/23 255,000 246,075 
5% 10/15/22 1,832,000 1,813,680 
Frontdoor, Inc. 6.75% 8/15/26 (a) 705,000 764,925 
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (a) 1,900,000 1,936,100 
Hertz Corp. 7.125% 8/1/26 (a) 3,695,000 3,770,784 
IHS Markit Ltd.:   
4% 3/1/26 (a) 400,000 425,280 
4.75% 2/15/25 (a) 955,000 1,040,855 
5% 11/1/22 (a) 200,000 213,483 
KAR Auction Services, Inc. 5.125% 6/1/25 (a) 810,000 834,300 
Laureate Education, Inc. 8.25% 5/1/25 (a) 6,120,000 6,663,150 
Prime Security One MS, Inc. 4.875% 7/15/32 (a) 1,075,000 936,594 
Ritchie Bros. Auctioneers, Inc. 5.375% 1/15/25 (a) 830,000 864,238 
The GEO Group, Inc. 6% 4/15/26 345,000 298,425 
  37,680,024 
Steel - 0.1%   
Cleveland-Cliffs, Inc. 5.75% 3/1/25 1,264,000 1,267,160 
Commercial Metals Co. 5.75% 4/15/26 2,140,000 2,193,500 
  3,460,660 
Super Retail - 0.4%   
Asbury Automotive Group, Inc. 6% 12/15/24 2,565,000 2,651,569 
Netflix, Inc.:   
4.875% 4/15/28 1,735,000 1,815,244 
5.875% 11/15/28 2,195,000 2,455,656 
Sonic Automotive, Inc.:   
5% 5/15/23 195,000 196,463 
6.125% 3/15/27 1,680,000 1,688,400 
The William Carter Co. 5.625% 3/15/27 (a) 795,000 846,659 
  9,653,991 
Technology - 3.6%   
Ascend Learning LLC:   
6.875% 8/1/25 (a) 110,000 113,988 
6.875% 8/1/25 (a) 1,055,000 1,093,244 
Balboa Merger Sub, Inc. 11.375% 12/1/21 (a) 9,335,000 9,801,750 
Banff Merger Sub, Inc. 9.75% 9/1/26 (a) 11,460,000 10,428,600 
Ensemble S Merger Sub, Inc. 9% 9/30/23 (a) 5,995,000 6,159,863 
Entegris, Inc. 4.625% 2/10/26 (a) 1,735,000 1,787,050 
Fair Isaac Corp. 5.25% 5/15/26 (a) 2,260,000 2,406,900 
Gartner, Inc. 5.125% 4/1/25 (a) 905,000 949,110 
Go Daddy Operating Co. LLC / GD Finance Co., Inc. 5.25% 12/1/27 (a) 2,235,000 2,357,925 
Itron, Inc. 5% 1/15/26 (a) 745,000 761,763 
j2 Cloud Services LLC/j2 Global Communications, Inc. 6% 7/15/25 (a) 1,775,000 1,868,010 
Match Group, Inc.:   
5% 12/15/27 (a) 1,235,000 1,296,750 
5.625% 2/15/29 (a) 2,035,000 2,205,431 
Nuance Communications, Inc. 5.625% 12/15/26 1,035,000 1,090,631 
Open Text Corp. 5.875% 6/1/26 (a) 7,390,000 7,897,693 
Qorvo, Inc. 5.5% 7/15/26 3,820,000 4,077,926 
Sensata Technologies BV 5% 10/1/25 (a) 1,910,000 2,024,600 
Sensata Technologies UK Financing Co. PLC 6.25% 2/15/26 (a) 2,675,000 2,841,412 
Solera LLC/Solera Finance, Inc. 10.5% 3/1/24 (a) 9,135,000 9,683,100 
SS&C Technologies, Inc. 5.5% 9/30/27 (a) 1,045,000 1,097,250 
Symantec Corp.:   
4.2% 9/15/20 655,000 664,478 
5% 4/15/25 (a) 6,075,000 6,115,521 
TTM Technologies, Inc. 5.625% 10/1/25 (a) 3,340,000 3,256,500 
VeriSign, Inc. 4.625% 5/1/23 695,000 706,294 
Veritas U.S., Inc./Veritas Bermuda Ltd.:   
7.5% 2/1/23 (a) 1,287,000 1,274,130 
10.5% 2/1/24 (a) 13,555,000 12,741,700 
  94,701,619 
Telecommunications - 6.9%   
Altice Financing SA:   
6.625% 2/15/23 (a) 5,585,000 5,759,531 
7.5% 5/15/26 (a) 10,700,000 11,395,500 
Altice Finco SA:   
7.625% 2/15/25 (a) 9,820,000 10,114,600 
8.125% 1/15/24 (a) 1,194,000 1,232,805 
C&W Senior Financing Designated Activity Co.:   
6.875% 9/15/27 (a) 4,165,000 4,435,267 
7.5% 10/15/26 (a) 3,905,000 4,236,144 
Citizens Utilities Co. 7.05% 10/1/46 2,165,000 1,033,788 
Cogent Communications Group, Inc. 5.375% 3/1/22 (a) 785,000 814,438 
CyrusOne LP/CyrusOne Finance Corp.:   
5% 3/15/24 1,720,000 1,775,900 
5.375% 3/15/27 1,210,000 1,284,113 
Equinix, Inc. 5.375% 5/15/27 1,410,000 1,523,265 
Frontier Communications Corp.:   
8% 4/1/27 (a) 4,265,000 4,446,263 
8.5% 4/1/26 (a) 5,610,000 5,455,725 
11% 9/15/25 6,805,000 3,453,538 
Inmarsat Finance PLC 4.875% 5/15/22 (a) 395,000 398,950 
Intelsat Jackson Holdings SA 8.5% 10/15/24 (a) 1,410,000 1,399,425 
Intelsat Luxembourg SA 8.125% 6/1/23 7,080,000 5,628,600 
Level 3 Communications, Inc. 5.75% 12/1/22 2,250,000 2,266,875 
Level 3 Financing, Inc.:   
5.125% 5/1/23 2,740,000 2,784,635 
5.375% 8/15/22 2,110,000 2,117,913 
5.375% 1/15/24 4,265,000 4,339,638 
5.375% 5/1/25 885,000 920,400 
5.625% 2/1/23 830,000 844,284 
6.125% 1/15/21 527,000 529,635 
Neptune Finco Corp.:   
6.625% 10/15/25 (a) 6,020,000 6,444,892 
10.875% 10/15/25 (a) 4,136,000 4,694,360 
Qwest Corp. 6.75% 12/1/21 500,000 539,375 
Sable International Finance Ltd. 5.75% 9/7/27 (a) 4,090,000 4,274,050 
SFR Group SA:   
6.25% 5/15/24 (a) 1,479,000 1,524,731 
7.375% 5/1/26 (a) 12,355,000 13,188,963 
8.125% 2/1/27 (a) 8,970,000 9,889,425 
Sprint Capital Corp.:   
6.875% 11/15/28 6,390,000 7,084,913 
8.75% 3/15/32 8,750,000 10,959,200 
Sprint Communications, Inc. 6% 11/15/22 2,375,000 2,527,879 
Sprint Corp.:   
7.125% 6/15/24 6,500,000 7,185,490 
7.25% 9/15/21 1,845,000 1,984,667 
7.625% 2/15/25 775,000 867,031 
7.625% 3/1/26 1,220,000 1,370,975 
7.875% 9/15/23 12,370,000 13,916,250 
Telecom Italia Capital SA:   
6% 9/30/34 510,000 522,750 
6.375% 11/15/33 285,000 301,388 
Telecom Italia SpA 5.303% 5/30/24 (a) 2,020,000 2,161,400 
Telenet Finance Luxembourg Notes SARL 5.5% 3/1/28 (a) 2,400,000 2,440,800 
U.S. West Communications 7.25% 9/15/25 545,000 615,450 
ViaSat, Inc. 5.625% 9/15/25 (a) 1,070,000 1,078,025 
Zayo Group LLC/Zayo Capital, Inc.:   
5.75% 1/15/27 (a) 4,765,000 4,860,300 
6.375% 5/15/25 2,725,000 2,803,344 
  179,426,890 
Textiles/Apparel - 0.0%   
Eagle Intermediate Global Holding BV 7.5% 5/1/25 (a) 895,000 831,231 
Transportation Ex Air/Rail - 1.4%   
Avolon Holdings Funding Ltd.:   
3.95% 7/1/24 (a) 9,000 9,263 
4.375% 5/1/26 (a) 7,000 7,268 
5.125% 10/1/23 (a) 12,974,000 13,774,496 
5.25% 5/15/24 (a) 4,170,000 4,473,159 
Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S., Inc. 8.125% 11/15/21 (a) 6,980,000 5,675,613 
Navios Maritime Holdings, Inc.:   
7.375% 1/15/22 (a) 13,390,000 8,837,400 
11.25% 8/15/22 (a) 3,540,000 2,619,600 
Teekay Corp. 9.25% 11/15/22 (a) 1,990,000 2,007,199 
  37,403,998 
Utilities - 4.7%   
Clearway Energy Operating LLC 5.75% 10/15/25 (a) 2,375,000 2,475,985 
DCP Midstream Operating LP 5.125% 5/15/29 4,715,000 4,833,111 
Dolphin Subsidiary II, Inc. 7.25% 10/15/21 4,265,000 4,574,213 
Dynegy, Inc. 5.875% 6/1/23 1,745,000 1,779,900 
InterGen NV 7% 6/30/23 (a) 23,865,000 21,836,475 
NRG Energy, Inc.:   
5.25% 6/15/29 (a) 3,050,000 3,254,564 
5.75% 1/15/28 15,610,000 16,819,775 
6.625% 1/15/27 6,390,000 6,901,200 
NRG Yield Operating LLC 5% 9/15/26 1,455,000 1,473,188 
NSG Holdings II LLC/NSG Holdings, Inc. 7.75% 12/15/25 (a) 7,813,150 8,379,603 
Pacific Gas & Electric Co.:   
3.75% 8/15/42 (b) 350,000 336,875 
3.95% 12/1/47 (b) 350,000 338,625 
4% 12/1/46 (b) 210,000 203,175 
6.05% 3/1/34 (b) 9,140,000 9,974,025 
Pattern Energy Group, Inc. 5.875% 2/1/24 (a) 855,000 884,925 
TerraForm Global, Inc. 6.125% 3/1/26 (a) 2,450,000 2,517,375 
The AES Corp.:   
4% 3/15/21 3,125,000 3,191,750 
4.5% 3/15/23 2,065,000 2,122,614 
4.875% 5/15/23 3,975,000 4,029,656 
5.125% 9/1/27 1,815,000 1,945,734 
6% 5/15/26 1,515,000 1,624,444 
Vertiv Group Corp. 9.25% 10/15/24 (a) 2,450,000 2,315,250 
Vistra Operations Co. LLC:   
5% 7/31/27 (a) 5,405,000 5,580,663 
5.5% 9/1/26 (a) 7,215,000 7,575,750 
5.625% 2/15/27 (a) 5,800,000 6,140,750 
  121,109,625 
TOTAL NONCONVERTIBLE BONDS  2,076,794,785 
TOTAL CORPORATE BONDS   
(Cost $2,090,442,450)  2,102,535,012 
 Shares Value 
Common Stocks - 1.6%   
Automotive & Auto Parts - 0.0%   
Chassix Holdings, Inc. warrants 7/29/20 (c)(f) 3,722 17,382 
Motors Liquidation Co. GUC Trust (f) 28,150 292,479 
UC Holdings, Inc. (c)(f) 32,168 612,800 
TOTAL AUTOMOTIVE & AUTO PARTS  922,661 
Broadcasting - 0.0%   
Clear Channel Outdoor Holdings, Inc. (f) 20,018 52,047 
iHeartMedia, Inc. warrants 5/1/39 (f) 8,204 113,230 
TOTAL BROADCASTING  165,277 
Chemicals - 0.1%   
Corteva, Inc. 10,266 300,999 
Dow, Inc. 10,266 437,640 
DowDuPont, Inc. 10,266 697,369 
TOTAL CHEMICALS  1,436,008 
Energy - 0.1%   
Forbes Energy Services Ltd. (f) 72,087 80,737 
Pacific Drilling SA (f) 323,716 1,968,193 
Tidewater, Inc.:   
warrants 11/14/42 (c)(f) 23,695 402,815 
warrants 11/14/42 (c)(f) 8,251 140,267 
Tribune Resources, Inc. (c)(f) 182,155 579,253 
Tribune Resources, Inc. warrants 3/30/23 (c)(f) 51,925 25,963 
Ultra Petroleum Corp. warrants 7/14/25 (f) 33,810 0 
TOTAL ENERGY  3,197,228 
Food & Drug Retail - 0.3%   
Southeastern Grocers, Inc. (c)(f) 158,789 5,608,427 
Tops Markets Corp. (c) 2,955 1,038,860 
Tops Markets Corp. (Escrow) (c)(g) 2,955,000 30 
TOTAL FOOD & DRUG RETAIL  6,647,317 
Gaming - 0.5%   
Boyd Gaming Corp. 81,500 1,959,260 
Eldorado Resorts, Inc. (f) 57,808 2,226,186 
Gaming & Leisure Properties 126,400 4,944,768 
Penn National Gaming, Inc. (f) 161,400 3,094,038 
Red Rock Resorts, Inc. 72,855 1,519,027 
Studio City International Holdings Ltd. ADR 28,000 546,000 
TOTAL GAMING  14,289,279 
Metals/Mining - 0.0%   
Warrior Metropolitan Coal, Inc. 242 5,058 
Publishing/Printing - 0.0%   
Tribune Media Co. Class A 13,773 641,546 
Tribune Publishing Co. 3,443 26,339 
TOTAL PUBLISHING/PRINTING  667,885 
Services - 0.2%   
CDK Global, Inc. 45,206 1,951,091 
United Rentals, Inc. (f) 17,400 1,958,544 
TOTAL SERVICES  3,909,635 
Technology - 0.0%   
Cypress Semiconductor Corp. 1,614 37,138 
Telecommunications - 0.0%   
CUI Acquisition Corp. Class E (c)(f) 0 16,065 
Utilities - 0.4%   
NRG Energy, Inc. 60,111 2,188,040 
Vistra Energy Corp. 359,562 8,971,072 
TOTAL UTILITIES  11,159,112 
TOTAL COMMON STOCKS   
(Cost $52,624,116)  42,452,663 
Convertible Preferred Stocks - 0.1%   
Energy - 0.1%   
Chesapeake Energy Corp. Series A, 5.75% 5,300 2,131,282 
Telecommunications - 0.0%   
Crown Castle International Corp. Series A, 6.875% 480 624,048 
TOTAL CONVERTIBLE PREFERRED STOCKS   
(Cost $4,022,557)  2,755,330 
 Principal Amount Value 
Bank Loan Obligations - 8.4%   
Aerospace - 0.5%   
TransDigm, Inc.:   
Tranche E, term loan 3 month U.S. LIBOR + 2.500% 4.8299% 5/30/25 (d)(e) 3,506,124 3,468,047 
Tranche G, term loan 3 month U.S. LIBOR + 2.500% 4.8299% 8/22/24 (d)(e) 9,929,584 9,825,323 
TOTAL AEROSPACE  13,293,370 
Broadcasting - 0.0%   
CBS Radio, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 4.8895% 11/18/24 (d)(e) 361,118 360,443 
iHeartMedia Capital I LLC 1LN, term loan 3 month U.S. LIBOR + 4.000% 6.2298% 5/1/26 (d)(e) 160,011 160,372 
NEP/NCP Holdco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.362% 10/19/25 (d)(e) 134,325 130,833 
TOTAL BROADCASTING  651,648 
Cable/Satellite TV - 0.7%   
CSC Holdings LLC Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.6951% 1/25/26 (d)(e) 1,278,813 1,276,677 
WideOpenWest Finance LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.3953% 8/19/23 (d)(e) 17,496,006 16,781,644 
TOTAL CABLE/SATELLITE TV  18,058,321 
Capital Goods - 0.0%   
Apergy Corp. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.625% 5/9/25 (d)(e) 53,976 53,875 
Chemicals - 0.3%   
Hexion, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 5.82% 7/1/26 (d)(e) 255,000 254,363 
Messer Industries U.S.A., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 4.8299% 3/1/26 (d)(e) 5,072,288 5,036,071 
PQ Corp. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.7555% 2/8/25 (d)(e) 79,291 79,207 
Starfruit U.S. Holdco LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.4628% 10/1/25 (d)(e) 877,800 846,708 
TOTAL CHEMICALS  6,216,349 
Diversified Financial Services - 0.6%   
Cabazon Finance Authority term loan 11% 3/7/24 pay-in-kind (c)(d) 2,102,061 2,102,061 
Financial & Risk U.S. Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.750% 5.862% 10/1/25 (d)(e) 13,205,907 13,264,541 
HarbourVest Partners LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 4.4451% 3/1/25 (d)(e) 299,542 298,700 
UFC Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.37% 4/29/26 (d)(e) 862,782 862,575 
TOTAL DIVERSIFIED FINANCIAL SERVICES  16,527,877 
Energy - 1.4%   
Ascent Resources Marcellus LLC term loan 3 month U.S. LIBOR + 6.500% 8.6951% 3/30/23 (d)(e) 279,167 278,469 
BCP Raptor II LLC Tranche B, term loan 3 month U.S. LIBOR + 4.750% 6.862% 11/3/25 (d)(e) 1,190,000 1,051,163 
BCP Raptor LLC Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.362% 6/22/24 (d)(e) 1,269,100 1,154,424 
California Resources Corp.:   
Tranche 1LN, term loan 3 month U.S. LIBOR + 10.375% 12.4909% 12/31/21 (d)(e) 7,005,000 6,199,425 
Tranche B, term loan 3 month U.S. LIBOR + 4.750% 6.8659% 12/31/22 (d)(e) 9,040,000 8,218,897 
Citgo Holding, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 7.000% 9.2441% 7/23/23 (d)(e) 305,000 308,813 
Consolidated Energy Finance SA Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.6951% 5/7/25 (d)(e) 539,550 515,270 
Epic Crude Services LP Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 7.04% 3/1/26 (d)(e) 8,435,000 8,108,144 
Gavilan Resources LLC Tranche 2LN, term loan 3 month U.S. LIBOR + 6.000% 8.112% 3/1/24 (d)(e) 4,780,000 2,031,500 
GIP III Stetson I LP Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.432% 7/18/25 (d)(e) 586,945 559,617 
Natgasoline LLC Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.8125% 11/14/25 (d)(e) 437,800 436,706 
Sanchez Energy Corp. 1LN, term loan 3 month U.S. LIBOR + 8.000% 2.182% 5/11/20(c)(d)(e)(h) 7,291,606 6,927,026 
TOTAL ENERGY  35,789,454 
Food & Drug Retail - 0.5%   
BI-LO LLC Tranche B, term loan 3 month U.S. LIBOR + 8.000% 10.3308% 5/31/24 (d)(e) 10,395,000 9,937,620 
Lannett Co., Inc. Tranche B, term loan 3 month U.S. LIBOR + 5.375% 7.487% 11/25/22 (d)(e) 1,896,182 1,807,687 
Tops Markets LLC 1LN, term loan 3 month U.S. LIBOR + 8.500% 10.875% 11/19/23 (c)(d)(e) 1,194,587 1,189,510 
TOTAL FOOD & DRUG RETAIL  12,934,817 
Food/Beverage/Tobacco - 0.0%   
U.S. Foods, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.112% 6/27/23 (d)(e) 626,921 627,316 
Gaming - 0.2%   
Caesars Resort Collection LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 4.862% 12/22/24 (d)(e) 2,099,525 2,066,835 
CityCenter Holdings LLC Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.362% 4/18/24 (d)(e) 1,746,844 1,745,481 
Golden Entertainment, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.14% 10/20/24 (d)(e) 1,244,850 1,243,033 
Golden Nugget, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 4.8932% 10/4/23 (d)(e) 536,175 535,784 
TOTAL GAMING  5,591,133 
Healthcare - 0.7%   
U.S. Renal Care, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 7.112% 6/13/26 (d)(e) 12,180,000 11,616,675 
Valeant Pharmaceuticals International, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.2009% 6/1/25 (d)(e) 1,120,648 1,121,914 
Vizient, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 4.612% 5/6/26 (d)(e) 304,238 305,251 
VVC Holding Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 6.681% 2/11/26 (d)(e) 6,084,750 6,050,554 
TOTAL HEALTHCARE  19,094,394 
Hotels - 0.3%   
Travelport Finance Luxembourg SARL 1LN, term loan 3 month U.S. LIBOR + 5.000% 7.5412% 5/29/26 (d)(e) 9,430,000 8,661,455 
Insurance - 0.4%   
Alliant Holdings Intermediate LLC:   
Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.1452% 5/10/25 (d)(e) 63,696 61,831 
Tranche B-2 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.4509% 5/10/25 (d)(e) 2,060,000 2,030,398 
AmWINS Group, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 4.8844% 1/25/24 (d)(e) 435,533 434,679 
Asurion LLC:   
Tranche B 7LN, term loan 3 month U.S. LIBOR + 3.000% 5.112% 11/3/24 (d)(e) 3,821,400 3,821,400 
Tranche B, term loan 3 month U.S. LIBOR + 6.500% 8.612% 8/4/25 (d)(e) 360,000 364,972 
HUB International Ltd. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.2663% 4/25/25 (d)(e) 4,321,350 4,231,163 
USI, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.3299% 5/16/24 (d)(e) 451,950 440,841 
TOTAL INSURANCE  11,385,284 
Leisure - 0.2%   
Alterra Mountain Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.112% 7/31/24 (d)(e) 44,325 44,103 
Crown Finance U.S., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 4.362% 2/28/25 (d)(e) 3,937,794 3,906,213 
TOTAL LEISURE  3,950,316 
Publishing/Printing - 0.1%   
Springer Science+Business Media Deutschland GmbH Tranche B 13LN, term loan 3 month U.S. LIBOR + 3.500% 5.612% 8/24/22 (d)(e) 1,263,876 1,263,724 
Restaurants - 0.0%   
Burger King Worldwide, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.362% 2/17/24 (d)(e) 819,230 817,625 
Services - 0.5%   
Almonde, Inc.:   
Tranche 2LN, term loan 3 month U.S. LIBOR + 7.250% 9.4463% 6/13/25 (d)(e) 65,000 63,402 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 5.6963% 6/13/24 (d)(e) 3,582,852 3,452,472 
IRI Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 6.6241% 11/30/25 (d)(e) 6,192,300 5,895,565 
KUEHG Corp.:   
Tranche B 2LN, term loan 3 month U.S. LIBOR + 8.250% 10.5799% 8/22/25 (d)(e) 2,230,000 2,213,275 
Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.0799% 2/21/25 (d)(e) 623,700 618,399 
TOTAL SERVICES  12,243,113 
Super Retail - 0.3%   
Bass Pro Shops LLC. Tranche B, term loan 3 month U.S. LIBOR + 5.000% 7.112% 9/25/24 (d)(e) 7,190,114 6,826,150 
Technology - 0.8%   
ATS Consolidated, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 5.862% 2/28/25 (d)(e) 153,063 153,445 
Boxer Parent Co., Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.5799% 10/2/25 (d)(e) 1,089,525 1,027,487 
Ceridian HCM Holding, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.112% 4/30/25 (d)(e) 1,627,700 1,627,016 
Kronos, Inc.:   
2LN, term loan 3 month U.S. LIBOR + 8.250% 10.5031% 11/1/24 (d)(e) 9,020,000 9,218,440 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.2531% 11/1/23 (d)(e) 3,336,575 3,332,771 
SS&C Technologies, Inc.:   
Tranche B 3LN, term loan 3 month U.S. LIBOR + 2.250% 4.362% 4/16/25 (d)(e) 1,825,076 1,826,901 
Tranche B 4LN, term loan 3 month U.S. LIBOR + 2.250% 4.362% 4/16/25 (d)(e) 1,233,290 1,234,523 
Tranche B 5LN, term loan 3 month U.S. LIBOR + 2.250% 4.362% 4/16/25 (d)(e) 610,328 610,243 
Ultimate Software Group, Inc. 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.0799% 5/4/26 (d)(e) 715,000 716,280 
Web.com Group, Inc.:   
2LN, term loan 3 month U.S. LIBOR + 7.750% 9.9451% 10/11/26 (d)(e) 559,834 545,838 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 5.9451% 10/11/25 (d)(e) 263,516 259,837 
TOTAL TECHNOLOGY  20,552,781 
Telecommunications - 0.8%   
Intelsat Jackson Holdings SA:   
Tranche B, term loan 3 month U.S. LIBOR + 3.750% 5.8953% 11/27/23 (d)(e) 9,660,000 9,649,664 
Tranche B-4, term loan 3 month U.S. LIBOR + 4.500% 6.6453% 1/2/24 (d)(e) 300,000 301,314 
Tranche B-5, term loan 6.625% 1/2/24 300,000 302,751 
Radiate Holdco LLC Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.112% 2/1/24 (d)(e) 5,305,277 5,252,224 
SBA Senior Finance II, LLC Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.12% 4/11/25 (d)(e) 495,000 491,857 
SFR Group SA:   
Tranche B 12LN, term loan 3 month U.S. LIBOR + 3.688% 5.8849% 1/31/26 (d)(e) 4,003,688 3,928,618 
Tranche B 13LN, term loan 3 month U.S. LIBOR + 4.000% 6.1974% 8/14/26 (d)(e) 1,091,750 1,081,291 
Sprint Communications, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.625% 2/3/24 (d)(e) 601,163 596,840 
TOTAL TELECOMMUNICATIONS  21,604,559 
Transportation Ex Air/Rail - 0.0%   
International Seaways Operating Corp. Tranche B, term loan 3 month U.S. LIBOR + 5.500% 8.24% 6/22/22 (d)(e) 511,774 509,215 
Utilities - 0.1%   
Pike Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.4% 7/19/26 (d)(e) 484,809 484,605 
Vertiv Group Corp. Tranche B, term loan 3 month U.S. LIBOR + 4.000% 6.3299% 11/30/23 (d)(e) 1,207,543 1,134,088 
TOTAL UTILITIES  1,618,693 
TOTAL BANK LOAN OBLIGATIONS   
(Cost $223,861,979)  218,271,469 
Preferred Securities - 3.2%   
Banks & Thrifts - 3.1%   
Bank of America Corp.:   
5.875% (d)(i) 15,230,000 16,971,397 
6.1% (d)(i) 3,690,000 4,124,859 
6.25% (d)(i) 2,310,000 2,588,518 
Citigroup, Inc.:   
5.95% (d)(i) 19,320,000 20,437,384 
5.95% (d)(i) 5,000,000 5,107,498 
6.3% (d)(i) 10,145,000 10,958,227 
JPMorgan Chase & Co.:   
5% (d)(i) 6,710,000 6,990,799 
6% (d)(i) 11,680,000 12,498,235 
Wells Fargo & Co. 5.9% (d)(i) 1,955,000 2,111,544 
TOTAL BANKS & THRIFTS  81,788,461 
Energy - 0.1%   
MPLX LP 6.875% (d)(i) 1,270,000 1,276,573 
Summit Midstream Partners LP 9.5% (d)(i) 1,065,000 788,362 
TOTAL ENERGY  2,064,935 
TOTAL PREFERRED SECURITIES   
(Cost $80,778,819)  83,853,396 
 Shares Value 
Other - 0.0%   
Other - 0.0%   
Tribune Co. Claim (c)(f)   
(Cost $11,217) 11,217 11,217 
Money Market Funds - 4.4%   
Fidelity Cash Central Fund 2.13% (j)   
(Cost $113,900,504) 113,879,922 113,902,698 
TOTAL INVESTMENT IN SECURITIES - 98.6%   
(Cost $2,565,641,642)  2,563,781,785 
NET OTHER ASSETS (LIABILITIES) - 1.4%  36,988,768 
NET ASSETS - 100%  $2,600,770,553 

Amounts shown as 0 in the Schedule of Investments may represent less than 1 share.

Legend

 (a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,247,958,861 or 48.0% of net assets.

 (b) Non-income producing - Security is in default.

 (c) Level 3 security

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

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

 (f) Non-income producing

 (g) 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 $30 or 0.0% of net assets.

 (h) Position or a portion of the position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $5,208,290 and $4,947,875, respectively.

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

 (j) 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.

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
Tops Markets Corp. (Escrow) 4/26/19 $30 

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 $1,178,617 
Total $1,178,617 

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 August 31, 2019, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Communication Services $849,227 $719,932 $113,230 $16,065 
Consumer Discretionary 9,974,693 9,344,511 -- 630,182 
Consumer Staples 6,647,317 -- -- 6,647,317 
Energy 5,328,510 2,048,930 2,131,282 1,148,298 
Financials 292,479 292,479 -- -- 
Health Care 300,999 300,999 -- -- 
Industrials 1,958,544 1,958,544 -- -- 
Information Technology 1,988,229 1,988,229 -- -- 
Materials 1,140,067 1,140,067 -- -- 
Real Estate 5,568,816 4,944,768 624,048 -- 
Utilities 11,159,112 11,159,112 -- -- 
Corporate Bonds 2,102,535,012 -- 2,102,535,012 -- 
Bank Loan Obligations 218,271,469 -- 208,052,872 10,218,597 
Preferred Securities 83,853,396 -- 83,853,396 -- 
Other 11,217 -- -- 11,217 
Money Market Funds 113,902,698 113,902,698 -- -- 
Total Investments in Securities: $2,563,781,785 $147,800,269 $2,397,309,840 $18,671,676 

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 78.3% 
Luxembourg 4.2% 
Canada 4.0% 
Multi-National 3.3% 
Cayman Islands 3.2% 
Netherlands 2.9% 
France 1.2% 
Others (Individually Less Than 1%) 2.9% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

  August 31, 2019 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $2,451,741,138) 		$2,449,879,087  
Fidelity Central Funds (cost $113,900,504) 113,902,698  
Total Investment in Securities (cost $2,565,641,642)  $2,563,781,785 
Cash  136,939 
Receivable for investments sold  2,925,462 
Receivable for fund shares sold  25,995 
Dividends receivable  21,825 
Interest receivable  39,101,837 
Distributions receivable from Fidelity Central Funds  164,063 
Other receivables  10,059 
Total assets  2,606,167,965 
Liabilities   
Payable for investments purchased $5,208,290  
Payable for fund shares redeemed 162,665  
Other payables and accrued expenses 26,457  
Total liabilities  5,397,412 
Net Assets  $2,600,770,553 
Net Assets consist of:   
Paid in capital  $2,610,611,171 
Total distributable earnings (loss)  (9,840,618) 
Net Assets, for 23,351,846 shares outstanding  $2,600,770,553 
Net Asset Value, offering price and redemption price per share ($2,600,770,553 ÷ 23,351,846 shares)  $111.37 

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


Statement of Operations

  Year ended August 31, 2019 
Investment Income   
Dividends  $3,219,514 
Interest  92,922,439 
Income from Fidelity Central Funds  1,178,617 
Total income  97,320,570 
Expenses   
Custodian fees and expenses $17,993  
Independent directors' fees and expenses 7,680  
Legal 3,116  
Miscellaneous 13  
Total expenses before reductions 28,802  
Expense reductions (9,084)  
Total expenses after reductions  19,718 
Net investment income (loss)  97,300,852 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (8,035,247)  
Fidelity Central Funds 5,907  
Foreign currency transactions (1,007)  
Total net realized gain (loss)  (8,030,347) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 2,732,014  
Fidelity Central Funds (5,783)  
Total change in net unrealized appreciation (depreciation)  2,726,231 
Net gain (loss)  (5,304,116) 
Net increase (decrease) in net assets resulting from operations  $91,996,736 

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


Statement of Changes in Net Assets

 Year ended August 31, 2019 Year ended August 31, 2018 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $97,300,852 $57,394,335 
Net realized gain (loss) (8,030,347) 10,346,046 
Change in net unrealized appreciation (depreciation) 2,726,231 (22,053,779) 
Net increase (decrease) in net assets resulting from operations 91,996,736 45,686,602 
Distributions to shareholders (99,543,146) – 
Distributions to shareholders from net investment income – (56,643,250) 
Distributions to shareholders from net realized gain – (616,160) 
Total distributions (99,543,146) (57,259,410) 
Affiliated share transactions   
Proceeds from sales of shares 1,387,879,227 – 
Net asset value of shares issued in exchange for the net assets of Fidelity High Income Central Fund 1 (note 9) 507,027,494 – 
Reinvestment of distributions 97,089,383 10,617,535 
Cost of shares redeemed (268,010,095) (14,846) 
Net increase (decrease) in net assets resulting from share transactions 1,723,986,009 10,602,689 
Total increase (decrease) in net assets 1,716,439,599 (970,119) 
Net Assets   
Beginning of period 884,330,954 885,301,073 
End of period $2,600,770,553 $884,330,954 
Other Information   
Distributions in excess of net investment income end of period  $(1,009,740) 
Shares   
Sold 12,477,372 – 
Issued in exchange for the shares of Fidelity High Income Central Fund 1 (note 9) 4,582,266 – 
Issued in reinvestment of distributions 881,458 94,015 
Redeemed (2,463,785) (131) 
Net increase (decrease) 15,477,311 93,884 

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


Financial Highlights

Fidelity High Income Central Fund

      
Years ended August 31, 2019 2018 2017 2016 2015 
Selected Per–Share Data      
Net asset value, beginning of period $112.30 $113.78 $110.82 $109.78 $118.45 
Income from Investment Operations      
Net investment income (loss)A 7.276 7.336 7.352 7.278 7.064 
Net realized and unrealized gain (loss) (.267) (1.497) 2.982 .631 (8.871) 
Total from investment operations 7.009 5.839 10.334 7.909 (1.807) 
Distributions from net investment income (7.089) (7.240) (7.374) (6.869) (6.863) 
Distributions from net realized gain (.850) (.079) – – – 
Total distributions (7.939) (7.319) (7.374) (6.869) (6.863) 
Net asset value, end of period $111.37 $112.30 $113.78 $110.82 $109.78 
Total ReturnB 6.59% 5.29% 9.60% 7.75% (1.58)% 
Ratios to Average Net AssetsC,D      
Expenses before reductions - %E - %E .01% - %E - %E 
Expenses net of fee waivers, if any - %E - %E .01% - %E - %E 
Expenses net of all reductions - %E - %E .01% - %E - %E 
Net investment income (loss) 6.70% 6.49% 6.54% 6.93% 6.19% 
Supplemental Data      
Net assets, end of period (000 omitted) $2,600,771 $884,331 $885,301 $852,409 $792,221 
Portfolio turnover rateF 39%G,H 57% 46% 47% 40% 

 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 The portfolio turnover rate does not include the assets acquired in the merger.

 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 August 31, 2019

1. Organization.

Fidelity High Income Central Fund (formerly Fidelity High Income Central Fund 2) (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 ranged from less than .005% to .01%.

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 August 31, 2019 is included at the end of the Fund's Schedule of Investments.

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

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

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

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Paid in Kind (PIK) income is recorded at the fair market value of the securities received. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. 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 August 31, 2019, 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.

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 foreign currency transactions, equity-debt classifications, certain conversion ratio adjustments, capital loss carryforwards, partnerships 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:

Gross unrealized appreciation $85,805,937 
Gross unrealized depreciation (87,132,711) 
Net unrealized appreciation (depreciation) $(1,326,774) 
Tax Cost $2,565,108,559 

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

Undistributed ordinary income $3,253,673 
Capital loss carryforward $(11,713,673) 
Net unrealized appreciation (depreciation) on securities and other investments $(1,326,774) 

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  
Short-term $(2,887,395) 
Long-term (8,826,278) 
Total capital loss carryforward $(11,713,673) 

The tax character of distributions paid was as follows:

 August 31, 2019 August 31, 2018 
Ordinary Income $95,144,818 $ 57,259,410 
Long-term Capital Gains 4,398,328 – 
Total $99,543,146 $ 57,259,410 

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 also invests in unfunded loan commitments, which are contractual obligations for future funding. Information regarding unfunded commitments is included at the end of the Fund's Schedule of Investments.

New Rule Issuance. During August 2018, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-10532, Disclosure Update and Simplification. This Final Rule includes amendments specific to registered investment companies that are intended to eliminate overlap in disclosure requirements between Regulation S-X and GAAP. In accordance with these amendments, certain line-items in the Fund's financial statements have been combined or removed for the current period as outlined in the table below.

Financial Statement Current Line-Item Presentation (As Applicable) Prior Line-Item Presentation (As Applicable) 
Statement of Assets and Liabilities Total distributable earnings (loss) Undistributed/Distributions in excess of/Accumulated net investment income (loss)
Accumulated/Undistributed net realized gain (loss)
Net unrealized appreciation (depreciation) 
Statement of Changes in Net Assets N/A - removed Undistributed/Distributions in excess of/Accumulated net investment income (loss) end of period 
Statement of Changes in Net Assets Distributions to shareholders Distributions to shareholders from net investment income
Distributions to shareholders from net realized gain 

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, securities acquired in the merger and in-kind transactions, aggregated $506,112,708 and $703,381,941, 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 $107 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.

Affiliated Exchanges In-Kind. During the period, the Fund received investments, including accrued interest and cash valued at $1,384,937,686 in exchange for 12,414,285 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

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 $9,084.

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 sought 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 contended 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 May 2019, the parties reached a settlement that has been approved by the Bankruptcy Court. Under the terms of the settlement, the Fund will not be required to return any of the proceeds received in 2009, and will be entitled to recover a portion of the legal costs incurred in defending the case.

9. Merger Information.

On May 17, 2019, the Fund acquired all of the assets and assumed all of the liabilities of Fidelity High Income Central Fund 1 ("Target Fund") pursuant to an Agreement and Plan of Reorganization approved by the Board of Directors ("The Board"). The acquisition was accomplished by an exchange of shares of the Fund for shares then outstanding of the Target Fund at its respective net asset value on the acquisition date. The reorganization provides shareholders of the Target Fund access to a larger portfolio with a similar investment objective. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders. The Target Fund's net assets of $507,027,494, including securities of $501,946,164 and unrealized depreciation of $1,105,945, was combined with the Fund's net assets of $2,287,103,192 for total net assets after the acquisition of $2,794,130,686.

Pro forma results of operations of the combined entity for the entire period ended August 31,2019, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:

Net investment income (loss) $118,454,465 
Total net realized gain (loss) (10,983,066) 
Total change in net unrealized appreciation (depreciation) 4,346,858 
Net increase (decrease) in net assets resulting from operations $111,818,257 

Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the acquired fund that has been included in the Fund's accompanying Statement of Operations since May 17, 2019.

Report of Independent Registered Public Accounting Firm

To the Directors of Fidelity Central Investment Portfolios LLC and the Partners of Fidelity High Income Central Fund :

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity High Income Central Fund (formerly Fidelity High Income Central Fund 2) (the "Fund"), a fund of Fidelity Central Investment Portfolios LLC, including the schedule of investments, as of August 31, 2019, 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 August 31, 2019, 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 August 31, 2019, 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

October 17, 2019


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 trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Except for Michael E. Wiley, each of the Trustees oversees 298 funds. Mr. Wiley oversees 197 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.  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).

 * 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) and Board of Directors (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as 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 Chair (2018-present) and Member (2013-present) of the Board of Governors, State University System of Florida 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) and as a member of the Board of Directors (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication). 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), a Director of Fortune Brands, Inc. (consumer products, 2000-2011), and a member of the Board of Trustees of the University of Florida (2013-2018).

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 High Point Resources (exploration and production, 2005-present). Previously, Mr. Wiley served as a Director of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a Director of Andeavor Logistics LP (natural resources logistics, 2015-2018), a Director of Post Oak Bank (privately-held bank, 2004-2018), a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-2013), a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-2010), a Senior Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), an Advisory Director of Riverstone Holdings (private investment), a Director of Spinnaker Exploration Company (exploration and production, 2001-2005) and Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004).

 + 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).

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.

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

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

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Executive Vice President of Fidelity SelectCo, LLC (2019-present), Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as 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 Executive Vice President of Fidelity SelectCo, LLC (2019-present), Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as Secretary and CLO of other funds. She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 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).

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).

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).

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 (March 1, 2019 to August 31, 2019).

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
March 1, 2019 		Ending
Account Value
August 31, 2019 		Expenses Paid
During Period-B
March 1, 2019
to August 31, 2019 
Actual .0018% $1,000.00 $1,046.10 $.01 
Hypothetical-C  $1,000.00 $1,025.20 $.01 

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

 B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 C 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of Fidelity High Income Central Fund voted to pay on October 14, 2019, to shareholders of record at the opening of business on October 11, 2019, a distribution of $0.011 per share derived from capital gains realized from sales of portfolio securities.

Fidelity High Income Central Fund designates a total of 0.31% of the dividends distributed during the fiscal year as derived from interest on U.S. Government securities which is generally exempt from state income tax.

Fidelity High Income Central Fund designates $56,401,056 of distributions paid during the period January 1, 2019 to August 31, 2019 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.

Fidelity High Income Central Fund 1 hereby designates as a capital gain dividend with respect to the taxable year ended May 17, 2019, $41,556, or, if subsequently determined to be different, the net capital gain of such year.

Fidelity High Income Central Fund 1 designates $8,979,690 of distributions paid during the period January 1, 2019 to May 17, 2019 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.

The fund will notify shareholders in January 2020 of amounts for use in preparing 2019 income tax returns.





Fidelity Investments

HICII-ANN-1019
1.861961.111

Fidelity® Specialized High Income Central Fund



Annual Report

August 31, 2019



Fidelity Investments


Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type Website Phone Number 
Brokerage, Mutual Fund, or Annuity Contracts: fidelity.com/mailpreferences 1-800-343-3548 
Employer Provided Retirement Accounts: netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) 1-800-343-0860 
Advisor Sold Accounts Serviced Through Your Financial Intermediary: Contact Your Financial Intermediary Your Financial Intermediary's phone number 
Advisor Sold Accounts Serviced by Fidelity: institutional.fidelity.com 1-877-208-0098 


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


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. © 2019 FMR LLC. All rights reserved.



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



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 August 31, 2019 Past 1 year Past 5 years Past 10 years 
Fidelity® Specialized High Income Central Fund 8.73% 4.98% 7.73% 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Specialized High Income Central Fund on August 31, 2008.

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


Period Ending Values
$21,057Fidelity® Specialized High Income Central Fund
$22,048ICE® BofAML® BB US High Yield Constrained Index

Management's Discussion of Fund Performance

Market Recap:  The ICE BofAML® US High Yield Constrained Index gained 6.58% for the 12 months ending August 31, 2019, a choppy period in which U.S. corporate high-yield bonds seesawed due to trade tension, interest rates, economic data, oil prices and an inverted yield curve, among other factors. High yield began 2019 on a high note after enduring a historically volatile final quarter of 2018. Upbeat company earnings/outlooks and signs the Federal Reserve may pause on rates boosted high yield through April. In May, however, the index sunk amid the Fed’s decision to hold interest rates steady and signal it had little appetite to adjust them any time soon, as well as declining oil prices and retaliatory tariffs imposed on the U.S. by China. The bull market roared back in June, with high yield rising 2.45% amid dovish comments from Fed Chair Jerome Powell and others, and gained modest ground in July, when the Fed cut interest rates for the first time since 2008. Volatility intensified in August, however, as the U.S. Treasury yield curve inverted for the first time since 2007, which some investors viewed as a sign the world's biggest economy could be heading for recession. For the full 12 months, higher-quality bonds led the way, with the core BB and B tiers gaining 9.50% and 6.96%, respectively. In contrast, the lower-quality CCC/below category returned -2.64%. By industry, returns were decidedly positive. The top performer was banks & thrifts (+14%). Conversely, a sharp decline in oil prices hampered energy (-6%).

Comments from Co-Portfolio Managers Mike Weaver an Alexandre Karam:  For the fiscal year, the fund gained 8.73%, lagging, net of fees, the 9.61% gain of the benchmark ICE BofAML® US BB High Yield Constrained Index. The past 12 months, we continued to take a consistent, conservative approach to investing in high-yield bonds, focusing on higher-quality businesses that we believe offer the best balance of risk and reward over time. Versus the benchmark, security selection was the primary detractor this period, with our picks in the banks & thrifts and energy categories hurting most. In contrast, industry selection was slightly positive overall, led by overweightings in the strong cable/satellite TV and gaming groups. The biggest individual relative contributor was cable-services giant Charter Communications Group (+13%), whereas energy company Summit Midstream (-4%) was the largest relative detractor. Lastly, the fund's modest non-benchmark allocation to floating-rate bank loans lagged the index and therefore detracted, as did our position in cash in a strong market.

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:  Mike Weaver and Alexandre Karam assumed co-management responsibilities for the fund effective June 30, 2018, and December 1, 2018, respectively. On December 31, 2018, former Co-Manager Matt Conti retired from Fidelity, leaving Mike and Alexandre as co-managers.

Investment Summary (Unaudited)

Top Five Holdings as of August 31, 2019

(by issuer, excluding cash equivalents) % of fund's net assets 
CCO Holdings LLC/CCO Holdings Capital Corp. 3.7 
Ally Financial, Inc. 2.7 
Navient Corp. 2.7 
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 2.3 
Cheniere Energy Partners LP 2.2 
 13.6 

Top Five Market Sectors as of August 31, 2019

 % of fund's net assets 
Energy 14.8 
Healthcare 10.1 
Telecommunications 9.7 
Diversified Financial Services 8.9 
Cable/Satellite TV 7.4 

Quality Diversification (% of fund's net assets)

As of August 31, 2019  
   BBB 7.3% 
   BB 64.5% 
   B 23.7% 
   CCC,CC,C 0.2% 
   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 August 31, 2019 * 
   Nonconvertible Bonds 90.9% 
   Convertible Bonds, Preferred Stocks 0.5% 
   Bank Loan Obligations 0.6% 
   Other Investments 3.7% 
   Short-Term Investments and Net Other Assets (Liabilities) 4.3% 


 * Foreign investments - 19.2%

Schedule of Investments August 31, 2019

Showing Percentage of Net Assets

Corporate Bonds - 91.4%   
 Principal Amount Value 
Convertible Bonds - 0.5%   
Broadcasting - 0.5%   
DISH Network Corp.:   
2.375% 3/15/24 $1,930,000 $1,683,524 
3.375% 8/15/26 1,030,000 947,861 
  2,631,385 
Nonconvertible Bonds - 90.9%   
Aerospace - 2.1%   
BBA U.S. Holdings, Inc. 5.375% 5/1/26 (a) 4,029,000 4,210,305 
BWX Technologies, Inc. 5.375% 7/15/26 (a) 4,647,000 4,914,203 
TransDigm, Inc. 6.25% 3/15/26 (a) 3,228,000 3,482,140 
  12,606,648 
Air Transportation - 0.6%   
Aercap Global Aviation Trust 6.5% 6/15/45 (a)(b) 3,574,000 3,810,778 
Banks & Thrifts - 2.7%   
Ally Financial, Inc.:   
3.875% 5/21/24 959,000 1,010,546 
5.125% 9/30/24 3,430,000 3,833,025 
5.75% 11/20/25 8,927,000 10,221,415 
8% 11/1/31 963,000 1,345,793 
  16,410,779 
Broadcasting - 1.0%   
Sirius XM Radio, Inc.:   
4.625% 7/15/24 (a) 873,000 911,194 
5% 8/1/27 (a) 2,160,000 2,278,800 
5.375% 7/15/26 (a) 2,525,000 2,667,031 
  5,857,025 
Cable/Satellite TV - 7.4%   
CCO Holdings LLC/CCO Holdings Capital Corp.:   
5% 2/1/28 (a) 6,214,000 6,524,700 
5.125% 2/15/23 397,000 403,451 
5.125% 5/1/23 (a) 1,443,000 1,476,189 
5.125% 5/1/27 (a) 3,001,000 3,173,527 
5.375% 5/1/25 (a) 3,607,000 3,746,771 
5.5% 5/1/26 (a) 2,557,000 2,694,439 
5.75% 2/15/26 (a) 1,132,000 1,198,505 
5.875% 4/1/24 (a) 1,536,000 1,599,360 
5.875% 5/1/27 (a) 1,803,000 1,920,195 
CSC Holdings LLC:   
5.375% 7/15/23 (a) 3,257,000 3,347,414 
5.5% 5/15/26 (a) 1,302,000 1,376,865 
5.5% 4/15/27 (a) 1,461,000 1,563,270 
DISH DBS Corp.:   
5.875% 11/15/24 1,652,000 1,571,548 
7.75% 7/1/26 992,000 974,640 
Virgin Media Secured Finance PLC 5.5% 8/15/26 (a) 1,836,000 1,920,915 
Ziggo Secured Finance BV 5.5% 1/15/27 (a) 10,308,000 10,874,425 
  44,366,214 
Capital Goods - 1.2%   
AECOM:   
5.125% 3/15/27 3,318,000 3,465,717 
5.875% 10/15/24 3,274,000 3,535,920 
  7,001,637 
Chemicals - 3.3%   
CF Industries Holdings, Inc. 5.15% 3/15/34 2,243,000 2,299,075 
OCI NV 6.625% 4/15/23 (a) 2,467,000 2,602,685 
Olin Corp.:   
5% 2/1/30 1,854,000 1,851,683 
5.125% 9/15/27 2,525,000 2,594,438 
The Chemours Co. LLC:   
5.375% 5/15/27 2,885,000 2,560,438 
7% 5/15/25 2,121,000 2,094,488 
Valvoline, Inc. 4.375% 8/15/25 2,532,000 2,557,320 
W. R. Grace & Co.-Conn. 5.625% 10/1/24 (a) 3,246,000 3,505,680 
  20,065,807 
Containers - 1.6%   
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.:   
4.625% 5/15/23 (a) 1,467,000 1,501,416 
6% 2/15/25 (a) 870,000 908,606 
Crown Americas LLC/Crown Americas Capital Corp. V 4.25% 9/30/26 2,654,000 2,753,525 
OI European Group BV 4% 3/15/23 (a) 2,784,000 2,804,880 
Owens-Brockway Glass Container, Inc. 5.375% 1/15/25 (a) 649,000 671,715 
Silgan Holdings, Inc. 4.75% 3/15/25 765,000 785,158 
  9,425,300 
Diversified Financial Services - 8.9%   
Crown Americas LLC/Crown Americas Capital Corp. IV 4.75% 2/1/26 902,000 947,100 
FLY Leasing Ltd.:   
5.25% 10/15/24 3,000,000 3,082,500 
6.375% 10/15/21 1,201,000 1,223,519 
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:   
5.875% 2/1/22 8,234,000 8,367,803 
6.25% 2/1/22 2,236,000 2,303,080 
6.25% 5/15/26 (a) 1,389,000 1,449,838 
6.375% 12/15/25 1,003,000 1,061,926 
6.75% 2/1/24 534,000 558,698 
MSCI, Inc.:   
4.75% 8/1/26 (a) 2,330,000 2,437,763 
5.375% 5/15/27 (a) 3,213,000 3,455,582 
Navient Corp.:   
5.5% 1/25/23 2,067,000 2,170,970 
5.875% 10/25/24 188,000 197,774 
6.125% 3/25/24 541,000 574,136 
6.5% 6/15/22 3,899,000 4,220,668 
6.625% 7/26/21 2,525,000 2,701,750 
6.75% 6/15/26 1,569,000 1,678,830 
7.25% 1/25/22 974,000 1,067,748 
7.25% 9/25/23 3,224,000 3,578,640 
Park Aerospace Holdings Ltd.:   
4.5% 3/15/23 (a) 1,201,000 1,242,555 
5.5% 2/15/24 (a) 2,972,000 3,213,921 
Quicken Loans, Inc. 5.25% 1/15/28 (a) 3,888,000 4,033,800 
Radiate Holdco LLC/Radiate Financial Service Ltd. 6.625% 2/15/25 (a) 695,000 689,788 
Springleaf Finance Corp.:   
6.875% 3/15/25 2,420,000 2,743,675 
7.125% 3/15/26 624,000 711,672 
  53,713,736 
Diversified Media - 1.4%   
E.W. Scripps Co. 5.125% 5/15/25 (a) 826,000 832,195 
Nielsen Co. SARL (Luxembourg):   
5% 2/1/25 (a) 2,095,000 2,068,813 
5.5% 10/1/21 (a) 220,000 220,638 
Nielsen Finance LLC/Nielsen Finance Co. 5% 4/15/22 (a) 5,435,000 5,462,175 
  8,583,821 
Energy - 14.5%   
Cheniere Corpus Christi Holdings LLC:   
5.125% 6/30/27 1,082,000 1,194,258 
5.875% 3/31/25 1,421,000 1,584,415 
7% 6/30/24 5,024,000 5,796,440 
Cheniere Energy Partners LP:   
5.25% 10/1/25 11,220,000 11,598,675 
5.625% 10/1/26 1,890,000 1,993,950 
Consolidated Energy Finance SA 3 month U.S. LIBOR + 3.750% 6.1603% 6/15/22 (a)(b)(c) 3,199,000 3,182,939 
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.:   
5.75% 4/1/25 4,324,000 4,421,290 
6.25% 4/1/23 1,940,000 1,973,950 
CVR Refining LLC/Coffeyville Finance, Inc. 6.5% 11/1/22 2,320,000 2,351,900 
DCP Midstream Operating LP 5.375% 7/15/25 4,155,000 4,393,913 
Denbury Resources, Inc.:   
7.75% 2/15/24 (a) 1,885,000 1,310,452 
9.25% 3/31/22 (a) 175,000 147,000 
Duke Energy Field Services 8.125% 8/16/30 494,000 620,592 
Endeavor Energy Resources LP/EER Finance, Inc.:   
5.5% 1/30/26 (a) 213,000 221,254 
5.75% 1/30/28 (a) 213,000 223,118 
Hess Infrastructure Partners LP 5.625% 2/15/26 (a) 3,477,000 3,598,695 
Hilcorp Energy I LP/Hilcorp Finance Co.:   
5% 12/1/24 (a) 3,501,000 3,229,673 
5.75% 10/1/25 (a) 2,132,000 1,988,090 
Jonah Energy LLC 7.25% 10/15/25 (a) 779,000 249,280 
Magnolia Oil & Gas Operating LLC 6% 8/1/26 (a) 1,179,000 1,173,105 
Nabors Industries, Inc. 5.5% 1/15/23 930,000 828,863 
NextEra Energy Partners LP 4.25% 9/15/24 (a) 1,594,000 1,652,978 
Parsley Energy LLC/Parsley 5.25% 8/15/25 (a) 4,461,000 4,527,915 
QEP Resources, Inc. 5.25% 5/1/23 2,164,000 1,893,500 
Rose Rock Midstream LP/Rose Rock Finance Corp. 5.625% 11/15/23 1,443,000 1,363,635 
SemGroup Corp. 7.25% 3/15/26 3,581,000 3,419,855 
Summit Midstream Holdings LLC:   
5.5% 8/15/22 2,150,000 2,021,000 
5.75% 4/15/25 5,478,000 4,698,481 
Sunoco LP/Sunoco Finance Corp. 5.5% 2/15/26 3,028,000 3,141,550 
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:   
4.25% 11/15/23 3,924,000 3,919,095 
5.125% 2/1/25 2,467,000 2,528,675 
5.375% 2/1/27 332,000 342,558 
5.875% 4/15/26 2,279,000 2,387,253 
TerraForm Power Operating LLC:   
4.25% 1/31/23 (a) 552,000 565,607 
5% 1/31/28 (a) 624,000 649,752 
6.625% 6/15/25 (a)(b) 1,612,000 1,700,660 
  86,894,366 
Environmental - 0.3%   
LBC Tank Terminals Holding Netherlands BV 6.875% 5/15/23 (a) 1,800,000 1,818,000 
Food/Beverage/Tobacco - 4.5%   
C&S Group Enterprises LLC 5.375% 7/15/22 (a) 2,359,000 2,364,898 
JBS U.S.A. LLC/JBS U.S.A. Finance, Inc.:   
5.75% 6/15/25 (a) 5,789,000 6,020,618 
5.875% 7/15/24 (a) 6,301,000 6,466,401 
6.75% 2/15/28 (a) 696,000 776,040 
JBS U.S.A. Lux SA / JBS Food Co.:   
5.5% 1/15/30 (a) 1,660,000 1,759,600 
6.5% 4/15/29 (a) 1,749,000 1,937,018 
Lamb Weston Holdings, Inc.:   
4.625% 11/1/24 (a) 1,443,000 1,508,527 
4.875% 11/1/26 (a) 956,000 997,825 
Vector Group Ltd. 6.125% 2/1/25 (a) 5,046,000 4,945,080 
  26,776,007 
Gaming - 4.6%   
CRC Escrow Issuer LLC/CRC Finance LLC 5.25% 10/15/25 (a) 2,164,000 2,201,870 
GLP Capital LP/GLP Financing II, Inc. 5.25% 6/1/25 1,259,000 1,384,245 
MCE Finance Ltd. 4.875% 6/6/25 (a) 1,940,000 1,924,349 
MGM Growth Properties Operating Partnership LP:   
4.5% 9/1/26 6,492,000 6,800,370 
4.5% 1/15/28 1,648,000 1,685,080 
5.75% 2/1/27 (a) 664,000 733,023 
MGM Mirage, Inc.:   
5.75% 6/15/25 3,231,000 3,558,236 
6% 3/15/23 1,569,000 1,725,900 
Twin River Worldwide Holdings, Inc. 6.75% 6/1/27 (a) 240,000 252,900 
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.:   
5.25% 5/15/27 (a) 2,038,000 2,111,878 
5.5% 3/1/25 (a) 1,700,000 1,793,500 
Wynn Macau Ltd.:   
4.875% 10/1/24 (a) 1,973,000 1,947,721 
5.5% 10/1/27 (a) 1,735,000 1,711,144 
  27,830,216 
Healthcare - 10.1%   
Charles River Laboratories International, Inc. 5.5% 4/1/26 (a) 1,510,000 1,615,549 
CTR Partnership LP/CareTrust Capital Corp. 5.25% 6/1/25 1,865,000 1,921,286 
HCA Holdings, Inc.:   
5% 3/15/24 1,684,000 1,839,439 
5.25% 6/15/26 5,226,000 5,898,911 
Hologic, Inc.:   
4.375% 10/15/25 (a) 905,000 925,363 
4.625% 2/1/28 (a) 170,000 175,738 
IMS Health, Inc.:   
5% 10/15/26 (a) 3,751,000 3,957,305 
5% 5/15/27 (a) 1,630,000 1,721,688 
MPT Operating Partnership LP/MPT Finance Corp.:   
5% 10/15/27 3,516,000 3,753,330 
5.25% 8/1/26 5,594,000 5,910,341 
6.375% 3/1/24 692,000 724,870 
Sabra Health Care LP/Sabra Capital Corp. 5.375% 6/1/23 833,000 844,454 
Service Corp. International 5.125% 6/1/29 840,000 898,800 
Teleflex, Inc.:   
4.625% 11/15/27 581,000 614,338 
4.875% 6/1/26 5,338,000 5,623,369 
Tenet Healthcare Corp.:   
4.625% 7/15/24 8,158,000 8,392,543 
5.125% 5/1/25 1,731,000 1,735,328 
6.25% 2/1/27 (a) 1,165,000 1,208,688 
Valeant Pharmaceuticals International, Inc. 7% 3/15/24 (a) 4,851,000 5,123,432 
Wellcare Health Plans, Inc.:   
5.25% 4/1/25 5,612,000 5,876,045 
5.375% 8/15/26 (a) 1,774,000 1,891,528 
  60,652,345 
Homebuilders/Real Estate - 0.5%   
Howard Hughes Corp. 5.375% 3/15/25 (a) 2,398,000 2,469,940 
Starwood Property Trust, Inc. 4.75% 3/15/25 476,000 487,900 
  2,957,840 
Hotels - 0.7%   
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.:   
4.625% 4/1/25 2,164,000 2,234,330 
4.875% 4/1/27 426,000 448,365 
Wyndham Hotels & Resorts, Inc. 5.375% 4/15/26 (a) 1,237,000 1,295,758 
  3,978,453 
Leisure - 0.3%   
Mattel, Inc. 6.75% 12/31/25 (a) 1,850,000 1,900,875 
Metals/Mining - 1.5%   
Freeport-McMoRan, Inc.:   
3.55% 3/1/22 4,639,000 4,650,598 
3.875% 3/15/23 1,006,000 1,016,462 
4.55% 11/14/24 447,000 451,385 
Nufarm Australia Ltd. 5.75% 4/30/26 (a) 2,813,000 2,651,253 
  8,769,698 
Paper - 0.2%   
Berry Global Escrow Corp. 4.875% 7/15/26 (a) 1,266,000 1,329,300 
Restaurants - 0.7%   
1011778 BC Unlimited Liability Co./New Red Finance, Inc. 4.25% 5/15/24 (a) 1,922,000 1,984,004 
KFC Holding Co./Pizza Hut Holding LLC 5% 6/1/24 (a) 2,164,000 2,237,035 
  4,221,039 
Services - 2.1%   
Aramark Services, Inc. 4.75% 6/1/26 2,642,000 2,708,050 
CDK Global, Inc.:   
4.875% 6/1/27 516,000 533,152 
5.25% 5/15/29 (a) 278,000 287,035 
5.875% 6/15/26 2,178,000 2,313,254 
Corrections Corp. of America:   
4.125% 4/1/20 590,000 588,525 
4.625% 5/1/23 3,679,000 3,550,235 
5% 10/15/22 1,147,000 1,135,530 
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (a) 440,000 448,360 
Prime Security One MS, Inc. 4.875% 7/15/32 (a) 1,122,000 977,543 
  12,541,684 
Super Retail - 0.2%   
The William Carter Co. 5.625% 3/15/27 (a) 1,154,000 1,228,987 
Technology - 5.5%   
Entegris, Inc. 4.625% 2/10/26 (a) 2,164,000 2,228,920 
Fair Isaac Corp. 5.25% 5/15/26 (a) 2,052,000 2,185,380 
Gartner, Inc. 5.125% 4/1/25 (a) 386,000 404,814 
Micron Technology, Inc. 5.5% 2/1/25 1,309,000 1,336,377 
Nuance Communications, Inc. 5.625% 12/15/26 3,578,000 3,770,318 
Open Text Corp. 5.875% 6/1/26 (a) 3,073,000 3,284,115 
Qorvo, Inc. 5.5% 7/15/26 3,772,000 4,026,685 
Sensata Technologies BV:   
4.875% 10/15/23 (a) 2,049,000 2,149,606 
5% 10/1/25 (a) 2,900,000 3,074,000 
SoftBank Corp. 5.375% 7/30/22 (Reg. S) 1,407,000 1,470,315 
Symantec Corp.:   
4.2% 9/15/20 371,000 376,369 
5% 4/15/25 (a) 6,041,000 6,081,294 
TTM Technologies, Inc. 5.625% 10/1/25 (a) 3,030,000 2,954,250 
  33,342,443 
Telecommunications - 9.1%   
Altice Financing SA:   
6.625% 2/15/23 (a) 2,510,000 2,588,438 
7.5% 5/15/26 (a) 2,121,000 2,258,865 
C&W Senior Financing Designated Activity Co.:   
6.875% 9/15/27 (a) 1,154,000 1,228,883 
7.5% 10/15/26 (a) 3,610,000 3,916,128 
Level 3 Financing, Inc.:   
5.25% 3/15/26 2,661,000 2,774,093 
5.375% 1/15/24 721,000 733,618 
5.375% 5/1/25 1,587,000 1,650,480 
5.625% 2/1/23 5,049,000 5,135,893 
Millicom International Cellular SA 6.625% 10/15/26 (a) 3,242,000 3,546,951 
Neptune Finco Corp. 6.625% 10/15/25 (a) 12,169,000 13,027,864 
Qwest Corp. 6.75% 12/1/21 638,000 688,243 
SBA Communications Corp. 4.875% 9/1/24 1,443,000 1,493,505 
SFR Group SA 7.375% 5/1/26 (a) 2,525,000 2,695,438 
T-Mobile U.S.A., Inc.:   
4.5% 2/1/26 974,000 1,010,525 
5.125% 4/15/25 1,100,000 1,146,002 
6% 4/15/24 1,046,000 1,091,459 
Telecom Italia Capital SA:   
6% 9/30/34 739,000 757,475 
6.375% 11/15/33 418,000 442,035 
Telecom Italia SpA 5.303% 5/30/24 (a) 5,102,000 5,459,140 
Telenet Finance Luxembourg Notes SARL 5.5% 3/1/28 (a) 2,400,000 2,440,800 
U.S. West Communications 7.25% 9/15/25 682,000 770,159 
  54,855,994 
Transportation Ex Air/Rail - 1.2%   
Avolon Holdings Funding Ltd.:   
5.125% 10/1/23 (a) 4,512,000 4,790,390 
5.25% 5/15/24 (a) 721,000 773,417 
5.5% 1/15/23 (a) 1,580,000 1,683,332 
  7,247,139 
Utilities - 4.7%   
Clearway Energy Operating LLC 5.75% 10/15/25 (a) 862,000 898,652 
Global Partners LP/GLP Finance Corp. 7% 8/1/27 (a) 1,800,000 1,822,500 
InterGen NV 7% 6/30/23 (a) 2,496,000 2,283,840 
NRG Energy, Inc.:   
5.25% 6/15/29 (a) 1,251,000 1,334,905 
5.75% 1/15/28 559,000 602,323 
6.625% 1/15/27 480,000 518,400 
NRG Yield Operating LLC 5% 9/15/26 1,035,000 1,047,938 
NSG Holdings II LLC/NSG Holdings, Inc. 7.75% 12/15/25 (a) 4,526,879 4,855,078 
The AES Corp.:   
4.875% 5/15/23 2,654,000 2,690,493 
6% 5/15/26 1,554,000 1,666,261 
Vistra Operations Co. LLC:   
5% 7/31/27 (a) 1,197,000 1,235,903 
5.5% 9/1/26 (a) 9,052,000 9,504,600 
  28,460,893 
TOTAL NONCONVERTIBLE BONDS  546,647,024 
TOTAL CORPORATE BONDS   
(Cost $528,133,392)  549,278,409 
Bank Loan Obligations - 0.6%   
Telecommunications - 0.6%   
Frontier Communications Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 5.87% 6/15/24
(Cost $3,768,914)(b)(c) 		4,019,240 3,970,125 
Preferred Securities - 3.7%   
Banks & Thrifts - 3.4%   
Bank of America Corp. 6.25% (b)(d) 10,647,000 11,930,716 
Barclays PLC 7.875% (Reg. S) (b)(d) 1,705,000 1,801,420 
Royal Bank of Scotland Group PLC 7.5% (b)(d) 1,764,000 1,814,697 
Wells Fargo & Co. 5.9% (b)(d) 4,324,000 4,670,239 
TOTAL BANKS & THRIFTS  20,217,072 
Energy - 0.3%   
MPLX LP 6.875% (b)(d) 1,901,000 1,910,839 
TOTAL PREFERRED SECURITIES   
(Cost $21,027,217)  22,127,911 
 Shares Value 
Money Market Funds - 3.0%   
Fidelity Cash Central Fund 2.13% (e)   
(Cost $17,834,793) 17,833,165 17,836,731 
TOTAL INVESTMENT IN SECURITIES - 98.7%   
(Cost $570,764,316)  593,213,176 
NET OTHER ASSETS (LIABILITIES) - 1.3%  7,945,562 
NET ASSETS - 100%  $601,158,738 

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 $288,620,870 or 48.0% of net assets.

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

 (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.

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 $836,590 
Total $836,590 

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 August 31, 2019, 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:     
Corporate Bonds $549,278,409 $-- $549,278,409 $-- 
Bank Loan Obligations 3,970,125 -- 3,970,125 -- 
Preferred Securities 22,127,911 -- 22,127,911 -- 
Money Market Funds 17,836,731 17,836,731 -- -- 
Total Investments in Securities: $593,213,176 $17,836,731 $575,376,445 $-- 

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 80.8% 
Netherlands 4.2% 
Multi-National 3.2% 
Cayman Islands 2.9% 
Luxembourg 2.9% 
Canada 1.7% 
Others (Individually Less Than 1%) 4.3% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

  August 31, 2019 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $552,929,523) 		$575,376,445  
Fidelity Central Funds (cost $17,834,793) 17,836,731  
Total Investment in Securities (cost $570,764,316)  $593,213,176 
Interest receivable  7,913,564 
Distributions receivable from Fidelity Central Funds  41,816 
Total assets  601,168,556 
Liabilities   
Other payables and accrued expenses $9,818  
Total liabilities  9,818 
Net Assets  $601,158,738 
Net Assets consist of:   
Paid in capital  $575,967,010 
Total distributable earnings (loss)  25,191,728 
Net Assets, for 5,877,488 shares outstanding  $601,158,738 
Net Asset Value, offering price and redemption price per share ($601,158,738 ÷ 5,877,488 shares)  $102.28 

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


Statement of Operations

  Year ended August 31, 2019 
Investment Income   
Dividends  $2,762,828 
Interest  40,124,965 
Income from Fidelity Central Funds  836,590 
Total income  43,724,383 
Expenses   
Custodian fees and expenses $12,953  
Independent directors' fees and expenses 4,775  
Miscellaneous 12  
Total expenses before reductions 17,740  
Expense reductions (5,229)  
Total expenses after reductions  12,511 
Net investment income (loss)  43,711,872 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 3,184,926  
Redemptions in-kind with affiliated entities 10,612,883  
Fidelity Central Funds (1,938)  
Total net realized gain (loss)  13,795,871 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 22,679,430  
Fidelity Central Funds 1,938  
Total change in net unrealized appreciation (depreciation)  22,681,368 
Net gain (loss)  36,477,239 
Net increase (decrease) in net assets resulting from operations  $80,189,111 

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


Statement of Changes in Net Assets

 Year ended August 31, 2019 Year ended August 31, 2018 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $43,711,872 $36,135,330 
Net realized gain (loss) 13,795,871 8,414,693 
Change in net unrealized appreciation (depreciation) 22,681,368 (26,557,082) 
Net increase (decrease) in net assets resulting from operations 80,189,111 17,992,941 
Distributions to shareholders (47,610,328) – 
Distributions to shareholders from net investment income – (36,303,188) 
Distributions to shareholders from net realized gain – (14,417,046) 
Total distributions (47,610,328) (50,720,234) 
Affiliated share transactions   
Proceeds from sales of shares 269,927,924 32,625,000 
Reinvestment of distributions 46,711,482 50,720,221 
Cost of shares redeemed (467,256,796) (100,013,409) 
Net increase (decrease) in net assets resulting from share transactions (150,617,390) (16,668,188) 
Total increase (decrease) in net assets (118,038,607) (49,395,481) 
Net Assets   
Beginning of period 719,197,345 768,592,826 
End of period $601,158,738 $719,197,345 
Other Information   
Distributions in excess of net investment income end of period  $(790,177) 
Shares   
Sold 2,832,140 326,440 
Issued in reinvestment of distributions 472,512 498,455 
Redeemed (4,631,199) (966,557) 
Net increase (decrease) (1,326,547) (141,662) 

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


Financial Highlights

Fidelity Specialized High Income Central Fund

      
Years ended August 31, 2019 2018 2017 2016 2015 
Selected Per–Share Data      
Net asset value, beginning of period $99.83 $104.63 $103.06 $101.49 $107.68 
Income from Investment Operations      
Net investment income (loss)A 5.368 5.188 5.489 5.682 5.462 
Net realized and unrealized gain (loss) 2.981 (2.758) 1.901 1.436 (6.176) 
Total from investment operations 8.349 2.430 7.390 7.118 (.714) 
Distributions from net investment income (5.335) (5.217) (5.531) (5.548) (5.476) 
Distributions from net realized gain (.564) (2.013) (.289) – – 
Total distributions (5.899) (7.230) (5.820) (5.548) (5.476) 
Net asset value, end of period $102.28 $99.83 $104.63 $103.06 $101.49 
Total ReturnB 8.73% 2.42% 7.39% 7.39% (.70)% 
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) 5.42% 5.13% 5.31% 5.75% 5.22% 
Supplemental Data      
Net assets, end of period (000 omitted) $601,159 $719,197 $768,593 $834,126 $749,914 
Portfolio turnover rateF 45%G 62% 51% 46% 49% 

 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 $.0005 per share.

 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 August 31, 2019

1. Organization.

Fidelity Specialized High Income 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 ranged from less than .005% to .01%.

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.

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 August 31, 2019 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

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

Income Tax Information and Distributions to 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 August 31, 2019, 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. 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, redemptions in kind 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 $25,833,720 
Gross unrealized depreciation (3,135,453) 
Net unrealized appreciation (depreciation) $22,698,267 
Tax Cost $570,514,909 

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

Undistributed ordinary income $1,155,514 
Undistributed long-term capital gain $1,395,473 
Net unrealized appreciation (depreciation) on securities and other investments $22,698,267 

The tax character of distributions paid was as follows:

 August 31, 2019 August 31, 2018 
Ordinary Income $43,529,844 $ 38,117,593 
Long-term Capital Gains 4,080,484 12,602,641 
Total $47,610,328 $ 50,720,234 

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 Rule Issuance. During August 2018, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-10532, Disclosure Update and Simplification. This Final Rule includes amendments specific to registered investment companies that are intended to eliminate overlap in disclosure requirements between Regulation S-X and GAAP. In accordance with these amendments, certain line-items in the Fund's financial statements have been combined or removed for the current period as outlined in the table below.

Financial Statement Current Line-Item Presentation (As Applicable) Prior Line-Item Presentation (As Applicable) 
Statement of Assets and Liabilities Total distributable earnings (loss) Undistributed/Distributions in excess of/Accumulated net investment income (loss)
Accumulated/Undistributed net realized gain (loss)
Net unrealized appreciation (depreciation) 
Statement of Changes in Net Assets N/A - removed Undistributed/Distributions in excess of/Accumulated net investment income (loss) end of period 
Statement of Changes in Net Assets Distributions to shareholders Distributions to shareholders from net investment income
Distributions to shareholders from net realized gain 

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $420,831,485 and $332,546,810, 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.

Affiliated Redemptions In-Kind. During the period, 2,350,309 shares of the Fund were redeemed in-kind for investments, including accrued interest, and cash with a value of $238,156,796. The net realized gain of $10,612,883 on investments delivered through 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. The Fund recognized no gain or loss for federal income tax purposes.

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 $5,229.

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.

Report of Independent Registered Public Accounting Firm

To the Directors of Fidelity Central Investment Portfolios LLC and the Partners of Fidelity Specialized High Income Central Fund:

Opinion on the Financial Statements and Financial Highlights

Opinion on the Financial Statements and Financial HighlightsWe have audited the accompanying statement of assets and liabilities of Fidelity Specialized High Income Central Fund (the "Fund"), a fund of Fidelity Central Investment Portfolios LLC, including the schedule of investments, as of August 31, 2019, 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 August 31, 2019, 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 August 31, 2019, by correspondence with the custodians and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

October 17, 2019


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 trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Except for Michael E. Wiley, each of the Trustees oversees 298 funds. Mr. Wiley oversees 197 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.  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).

 * Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with 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) and Board of Directors (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as 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 Chair (2018-present) and Member (2013-present) of the Board of Governors, State University System of Florida 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) and as a member of the Board of Directors (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication). 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), a Director of Fortune Brands, Inc. (consumer products, 2000-2011), and a member of the Board of Trustees of the University of Florida (2013-2018).

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 High Point Resources (exploration and production, 2005-present). Previously, Mr. Wiley served as a Director of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a Director of Andeavor Logistics LP (natural resources logistics, 2015-2018), a Director of Post Oak Bank (privately-held bank, 2004-2018), a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-2013), a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-2010), a Senior Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), an Advisory Director of Riverstone Holdings (private investment), a Director of Spinnaker Exploration Company (exploration and production, 2001-2005) and Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004).

 + 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).

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.

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

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

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Executive Vice President of Fidelity SelectCo, LLC (2019-present), Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as 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 Executive Vice President of Fidelity SelectCo, LLC (2019-present), Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as Secretary and CLO of other funds. She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 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).

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).

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).

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 (March 1, 2019 to August 31, 2019).

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
March 1, 2019 		Ending
Account Value
August 31, 2019 		Expenses Paid
During Period-B
March 1, 2019
to August 31, 2019 
Actual .0026% $1,000.00 $1,060.60 $.01 
Hypothetical-C  $1,000.00 $1,025.19 $.01 

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

 B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 C 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of Fidelity Specialized High Income Central Fund voted to pay on October 14, 2019, to shareholders of record at the opening of business on October 11, 2019, a distribution of $0.647 per share derived from capital gains realized from sales of portfolio securities.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended August 31, 2019, $1,403,868, or, if subsequently determined to be different, the net capital gain of such year.

A total of 0.54% 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 $24,147,680 of distributions paid during the period January 1, 2019 to August 31, 2019 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.

The fund will notify shareholders in January 2020 of amounts for use in preparing 2019 income tax returns.





Fidelity Investments

SHI-ANN-1019
1.820817.114


Item 2.

Code of Ethics


As of the end of the period, August 31, 2019, 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 High Income Central Fund and Fidelity Specialized High Income Central Fund (the “Funds”):


Services Billed by Deloitte Entities


August 31, 2019 FeesA

 

Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity High Income Central Fund

 $53,000

$100

 $6,300

$1,500

Fidelity Specialized High Income Central Fund

 $57,000

$100

 $6,300

$1,600



August 31, 2018 FeesA

 

Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity High Income Central Fund

 $55,000

$100

 $6,300

$1,500

Fidelity Specialized High Income Central Fund

 $58,000

$100

 $6,300

$1,600


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




 

August 31, 2019A

August 31, 2018A

Audit-Related Fees

$290,000

$5,000

Tax Fees

$-

$5,000

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

August 31, 2019A

August 31, 2018A

Deloitte Entities

$715,000

$365,000


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:

October 25, 2019



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:

October 25, 2019



By:

/s/John J. Burke III

 

John J. Burke III

 

Chief Financial Officer

 

 

Date:

October 25, 2019