N-CSRS 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, MA 02210

(Address of principal executive offices)       (Zip code)


William C. Coffey, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)



Registrant's telephone number, including area code:

617-563-7000



Date of fiscal year end:

August 31



Date of reporting period:

February 28, 2019


Item 1.

Reports to Stockholders




Fidelity® Specialized High Income Central Fund



Semi-Annual Report

February 28, 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 
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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

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees


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

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

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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-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.



Investment Summary (Unaudited)

Top Five Holdings as of February 28, 2019

(by issuer, excluding cash equivalents) % of fund's net assets 
CCO Holdings LLC/CCO Holdings Capital Corp. 3.3 
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 2.9 
Ally Financial, Inc. 2.8 
Sirius XM Radio, Inc. 2.3 
Bank of America Corp. 1.9 
 13.2 

Top Five Market Sectors as of February 28, 2019

 % of fund's net assets 
Energy 14.8 
Healthcare 9.5 
Telecommunications 9.2 
Diversified Financial Services 8.7 
Banks & Thrifts 7.9 

Quality Diversification (% of fund's net assets)

As of February 28, 2019 
   BBB 4.6% 
   BB 69.9% 
   20.2% 
   Short-Term Investments and Net Other Assets 5.3% 


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 February 28, 2019* 
   Nonconvertible Bonds 88.8% 
   Convertible Bonds, Preferred Stocks 0.3% 
   Bank Loan Obligations 1.0% 
   Other Investments 4.6% 
   Short-Term Investments and Net Other Assets (Liabilities) 5.3% 


 * Foreign investments - 18.8%

Schedule of Investments February 28, 2019 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 89.1%   
 Principal Amount Value 
Convertible Bonds - 0.3%   
Broadcasting - 0.3%   
DISH Network Corp.:   
2.375% 3/15/24 $1,930,000 $1,599,412 
3.375% 8/15/26 1,030,000 884,667 
  2,484,079 
Nonconvertible Bonds - 88.8%   
Aerospace - 1.5%   
BBA U.S. Holdings, Inc. 5.375% 5/1/26 (a) 5,585,000 5,689,719 
BWX Technologies, Inc. 5.375% 7/15/26 (a) 5,195,000 5,298,900 
TransDigm, Inc. 6.25% 3/15/26 (a) 4,475,000 4,586,875 
  15,575,494 
Air Transportation - 0.5%   
Aercap Global Aviation Trust 6.5% 6/15/45 (a)(b) 4,955,000 4,930,225 
Banks & Thrifts - 3.6%   
Ally Financial, Inc.:   
4.25% 4/15/21 1,520,000 1,537,100 
5.125% 9/30/24 4,755,000 4,992,750 
5.75% 11/20/25 16,535,000 17,527,100 
8% 11/1/31 3,415,000 4,217,525 
Royal Bank of Scotland Group PLC:   
5.125% 5/28/24 3,630,000 3,679,448 
6% 12/19/23 4,000,000 4,203,217 
  36,157,140 
Broadcasting - 2.3%   
Sirius XM Radio, Inc.:   
3.875% 8/1/22 (a) 8,300,000 8,245,635 
5% 8/1/27 (a) 2,995,000 2,927,553 
5.375% 7/15/26 (a) 3,500,000 3,508,750 
6% 7/15/24 (a) 8,520,000 8,828,850 
  23,510,788 
Cable/Satellite TV - 6.6%   
CCO Holdings LLC/CCO Holdings Capital Corp.:   
4% 3/1/23 (a) 3,775,000 3,728,266 
5% 2/1/28 (a) 8,615,000 8,291,938 
5.125% 2/15/23 550,000 558,938 
5.125% 5/1/23 (a) 2,000,000 2,035,200 
5.125% 5/1/27 (a) 4,160,000 4,082,000 
5.375% 5/1/25 (a) 5,000,000 5,118,750 
5.5% 5/1/26 (a) 3,545,000 3,614,872 
5.75% 2/15/26 (a) 1,570,000 1,626,975 
5.875% 4/1/24 (a) 2,130,000 2,217,863 
5.875% 5/1/27 (a) 2,500,000 2,567,969 
CSC Holdings LLC:   
5.375% 7/15/23 (a) 9,515,000 9,778,566 
5.5% 5/15/26 (a) 1,805,000 1,825,306 
5.5% 4/15/27 (a) 2,025,000 2,035,125 
DISH DBS Corp.:   
5.875% 11/15/24 2,290,000 1,928,638 
7.75% 7/1/26 1,375,000 1,189,375 
Virgin Media Secured Finance PLC 5.5% 8/15/26 (a) 2,545,000 2,532,275 
Ziggo Secured Finance BV 5.5% 1/15/27 (a) 14,290,000 13,789,850 
  66,921,906 
Capital Goods - 1.2%   
AECOM:   
5.125% 3/15/27 7,600,000 7,210,500 
5.875% 10/15/24 4,539,000 4,755,283 
  11,965,783 
Chemicals - 3.2%   
CF Industries Holdings, Inc. 5.15% 3/15/34 3,110,000 2,923,276 
NOVA Chemicals Corp. 4.875% 6/1/24 (a) 6,210,000 6,012,522 
OCI NV 6.625% 4/15/23 (a) 3,420,000 3,539,700 
Olin Corp.:   
5% 2/1/30 2,570,000 2,496,113 
5.125% 9/15/27 3,500,000 3,526,250 
The Chemours Co. LLC:   
5.375% 5/15/27 4,000,000 3,900,000 
7% 5/15/25 1,700,000 1,772,250 
Valvoline, Inc. 4.375% 8/15/25 3,510,000 3,325,725 
W. R. Grace & Co.-Conn. 5.625% 10/1/24 (a) 4,500,000 4,680,000 
  32,175,836 
Containers - 2.1%   
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc. 4.625% 5/15/23 (a) 11,500,000 11,586,250 
Crown Americas LLC/Crown Americas Capital Corp. V 4.25% 9/30/26 3,680,000 3,542,000 
OI European Group BV 4% 3/15/23 (a) 3,860,000 3,773,150 
Owens-Brockway Glass Container, Inc. 5.375% 1/15/25 (a) 900,000 917,955 
Silgan Holdings, Inc. 4.75% 3/15/25 1,060,000 1,038,800 
  20,858,155 
Diversified Financial Services - 8.7%   
Crown Americas LLC/Crown Americas Capital Corp. IV 4.75% 2/1/26 1,250,000 1,256,025 
FLY Leasing Ltd.:   
5.25% 10/15/24 4,159,000 3,951,050 
6.375% 10/15/21 1,665,000 1,677,488 
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:   
5.875% 2/1/22 21,415,000 21,655,890 
6% 8/1/20 2,555,000 2,580,550 
6.25% 2/1/22 3,100,000 3,192,380 
6.375% 12/15/25 1,390,000 1,429,963 
6.75% 2/1/24 740,000 774,225 
MSCI, Inc.:   
4.75% 8/1/26 (a) 3,230,000 3,230,000 
5.25% 11/15/24 (a) 3,460,000 3,546,500 
5.375% 5/15/27 (a) 4,455,000 4,599,788 
Navient Corp.:   
5.875% 10/25/24 260,000 250,250 
6.5% 6/15/22 5,405,000 5,562,015 
6.625% 7/26/21 3,500,000 3,618,125 
6.75% 6/15/26 2,175,000 2,088,000 
7.25% 9/25/23 4,470,000 4,609,688 
Park Aerospace Holdings Ltd.:   
4.5% 3/15/23 (a) 1,665,000 1,652,513 
5.25% 8/15/22 (a) 2,390,000 2,446,667 
5.5% 2/15/24 (a) 4,120,000 4,259,050 
Quicken Loans, Inc. 5.25% 1/15/28 (a) 5,390,000 4,911,638 
SLM Corp.:   
5.5% 1/25/23 2,865,000 2,829,188 
6.125% 3/25/24 750,000 731,250 
7.25% 1/25/22 1,350,000 1,415,813 
Springleaf Financial Corp.:   
6.875% 3/15/25 2,375,000 2,434,375 
7.125% 3/15/26 2,805,000 2,819,306 
  87,521,737 
Diversified Media - 1.2%   
E.W. Scripps Co. 5.125% 5/15/25 (a) 1,145,000 1,102,063 
Nielsen Co. SARL (Luxembourg):   
5% 2/1/25 (a) 2,905,000 2,868,688 
5.5% 10/1/21 (a) 305,000 307,669 
Nielsen Finance LLC/Nielsen Finance Co. 5% 4/15/22 (a) 7,535,000 7,516,163 
  11,794,583 
Energy - 14.1%   
Cheniere Corpus Christi Holdings LLC:   
5.125% 6/30/27 3,500,000 3,570,000 
5.875% 3/31/25 1,970,000 2,098,070 
7% 6/30/24 9,965,000 11,036,238 
Cheniere Energy Partners LP:   
5.25% 10/1/25 15,555,000 15,749,438 
5.625% 10/1/26 (a) 2,620,000 2,669,125 
Consolidated Energy Finance SA 3 month U.S. LIBOR + 3.750% 6.5382% 6/15/22 (a)(b)(c) 4,435,000 4,412,860 
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.:   
5.75% 4/1/25 5,995,000 6,034,342 
6.25% 4/1/23 2,690,000 2,761,339 
CVR Refining LLC/Coffeyville Finance, Inc. 6.5% 11/1/22 3,216,000 3,280,320 
DCP Midstream Operating LP 5.375% 7/15/25 5,760,000 5,990,400 
Duke Energy Field Services 8.125% 8/16/30 685,000 791,175 
Endeavor Energy Resources LP/EER Finance, Inc.:   
5.5% 1/30/26 (a) 295,000 309,013 
5.75% 1/30/28 (a) 295,000 314,175 
Hess Infrastructure Partners LP 5.625% 2/15/26 (a) 4,820,000 4,844,100 
Hilcorp Energy I LP/Hilcorp Finance Co.:   
5% 12/1/24 (a) 7,853,000 7,538,880 
5.75% 10/1/25 (a) 2,990,000 2,971,313 
Jonah Energy LLC 7.25% 10/15/25 (a) 1,080,000 696,600 
Magnolia Oil & Gas Operating LLC 6% 8/1/26 (a) 1,635,000 1,630,913 
Nabors Industries, Inc. 5.5% 1/15/23 1,289,000 1,208,438 
NextEra Energy Partners LP:   
4.25% 9/15/24 (a) 5,210,000 5,118,825 
4.5% 9/15/27 (a) 2,365,000 2,246,750 
Noble Holding International Ltd. 7.75% 1/15/24 288,000 256,320 
Parsley Energy LLC/Parsley 5.25% 8/15/25 (a) 6,185,000 6,121,295 
PBF Holding Co. LLC/PBF Finance Corp. 7% 11/15/23 2,700,000 2,760,750 
QEP Resources, Inc. 5.25% 5/1/23 3,000,000 2,887,500 
Rose Rock Midstream LP/Rose Rock Finance Corp. 5.625% 11/15/23 2,000,000 1,870,000 
Sanchez Energy Corp. 7.25% 2/15/23 (a) 3,725,000 3,212,813 
SemGroup Corp. 7.25% 3/15/26 4,965,000 4,803,638 
Southwestern Energy Co. 7.75% 10/1/27 1,245,000 1,293,244 
Summit Midstream Holdings LLC:   
5.5% 8/15/22 2,980,000 2,971,656 
5.75% 4/15/25 7,595,000 7,253,225 
Sunoco LP/Sunoco Finance Corp. 5.5% 2/15/26 4,198,000 4,169,873 
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:   
4.25% 11/15/23 5,440,000 5,372,000 
5.125% 2/1/25 3,420,000 3,437,100 
5.25% 5/1/23 275,000 278,779 
5.375% 2/1/27 460,000 462,305 
5.875% 4/15/26 (a) 3,160,000 3,286,400 
6.75% 3/15/24 1,640,000 1,717,900 
Teine Energy Ltd. 6.875% 9/30/22 (a) 1,015,000 1,020,075 
TerraForm Power Operating LLC:   
4.25% 1/31/23 (a) 765,000 757,893 
5% 1/31/28 (a) 865,000 821,750 
6.625% 6/15/25 (a)(b) 2,235,000 2,346,750 
  142,373,580 
Food/Beverage/Tobacco - 3.0%   
C&S Group Enterprises LLC 5.375% 7/15/22 (a) 3,270,000 3,290,438 
JBS U.S.A. LLC/JBS U.S.A. Finance, Inc.:   
5.75% 6/15/25 (a) 6,190,000 6,278,517 
5.875% 7/15/24 (a) 7,680,000 7,895,040 
Lamb Weston Holdings, Inc.:   
4.625% 11/1/24 (a) 2,000,000 2,010,000 
4.875% 11/1/26 (a) 1,325,000 1,326,656 
Vector Group Ltd. 6.125% 2/1/25 (a) 10,995,000 9,730,575 
  30,531,226 
Gaming - 4.9%   
CRC Escrow Issuer LLC/CRC Finance LLC 5.25% 10/15/25 (a) 3,000,000 2,846,250 
GLP Capital LP/GLP Financing II, Inc. 5.25% 6/1/25 1,745,000 1,806,930 
MCE Finance Ltd. 4.875% 6/6/25 (a) 7,690,000 7,392,754 
MGM Growth Properties Operating Partnership LP:   
4.5% 9/1/26 14,000,000 13,416,620 
4.5% 1/15/28 2,285,000 2,147,169 
5.75% 2/1/27 (a) 920,000 941,850 
MGM Mirage, Inc.:   
5.75% 6/15/25 4,480,000 4,576,768 
6% 3/15/23 2,175,000 2,275,594 
Scientific Games Corp. 5% 10/15/25 (a) 6,230,000 6,035,313 
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.25% 5/15/27 (a) 2,825,000 2,702,289 
Wynn Macau Ltd.:   
4.875% 10/1/24 (a) 2,735,000 2,639,275 
5.5% 10/1/27 (a) 2,405,000 2,293,023 
  49,073,835 
Healthcare - 9.5%   
Charles River Laboratories International, Inc. 5.5% 4/1/26 (a) 985,000 1,024,400 
CTR Partnership LP/CareTrust Capital Corp. 5.25% 6/1/25 2,585,000 2,597,925 
HCA Holdings, Inc.:   
4.5% 2/15/27 4,950,000 4,990,439 
5% 3/15/24 2,335,000 2,442,724 
5.25% 6/15/26 7,245,000 7,639,876 
Hologic, Inc.:   
4.375% 10/15/25 (a) 1,255,000 1,233,038 
4.625% 2/1/28 (a) 235,000 227,363 
IMS Health, Inc. 5% 10/15/26 (a) 5,200,000 5,291,000 
MPT Operating Partnership LP/MPT Finance Corp.:   
5% 10/15/27 4,875,000 4,838,438 
5.25% 8/1/26 7,755,000 7,851,938 
5.5% 5/1/24 1,405,000 1,438,369 
6.375% 3/1/24 960,000 1,005,600 
Sabra Health Care LP/Sabra Capital Corp.:   
5.375% 6/1/23 1,155,000 1,160,775 
5.5% 2/1/21 5,385,000 5,462,409 
Teleflex, Inc.:   
4.625% 11/15/27 805,000 800,766 
4.875% 6/1/26 7,400,000 7,501,750 
Tenet Healthcare Corp.:   
4.375% 10/1/21 1,485,000 1,503,563 
4.5% 4/1/21 2,000,000 2,025,000 
4.625% 7/15/24 11,310,000 11,239,313 
5.125% 5/1/25 2,400,000 2,379,000 
6.25% 2/1/27 (a) 1,615,000 1,662,441 
Valeant Pharmaceuticals International, Inc. 7% 3/15/24 (a) 10,725,000 11,301,469 
Wellcare Health Plans, Inc.:   
5.25% 4/1/25 7,780,000 7,942,991 
5.375% 8/15/26 (a) 2,460,000 2,530,725 
  96,091,312 
Homebuilders/Real Estate - 0.4%   
Howard Hughes Corp. 5.375% 3/15/25 (a) 3,325,000 3,283,438 
Starwood Property Trust, Inc. 4.75% 3/15/25 660,000 642,048 
  3,925,486 
Hotels - 1.0%   
Hilton Escrow Issuer LLC 4.25% 9/1/24 4,785,000 4,713,225 
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.:   
4.625% 4/1/25 3,000,000 2,985,000 
4.875% 4/1/27 590,000 587,050 
Wyndham Hotels & Resorts, Inc. 5.375% 4/15/26 (a) 1,715,000 1,734,980 
  10,020,255 
Leisure - 0.2%   
Mattel, Inc. 6.75% 12/31/25 (a) 2,565,000 2,526,525 
Metals/Mining - 1.2%   
Freeport-McMoRan, Inc.:   
3.55% 3/1/22 6,500,000 6,426,875 
3.875% 3/15/23 1,395,000 1,374,745 
4.55% 11/14/24 620,000 613,800 
Nufarm Australia Ltd. 5.75% 4/30/26 (a) 3,900,000 3,634,527 
  12,049,947 
Restaurants - 0.6%   
1011778 BC Unlimited Liability Co./New Red Finance, Inc. 4.25% 5/15/24 (a) 2,665,000 2,595,044 
KFC Holding Co./Pizza Hut Holding LLC 5% 6/1/24 (a) 3,000,000 3,038,340 
  5,633,384 
Services - 1.6%   
Aramark Services, Inc.:   
4.75% 6/1/26 2,415,000 2,396,888 
5.125% 1/15/24 4,015,000 4,100,319 
CDK Global, Inc.:   
4.875% 6/1/27 715,000 702,638 
5.875% 6/15/26 3,020,000 3,114,375 
Corrections Corp. of America:   
4.625% 5/1/23 4,595,000 4,416,944 
5% 10/15/22 130,000 129,007 
Prime Security One MS, Inc. 4.875% 7/15/32 (a) 1,555,000 1,310,088 
  16,170,259 
Steel - 0.1%   
Commercial Metals Co. 5.375% 7/15/27 1,480,000 1,385,650 
Super Retail - 0.3%   
Sally Holdings LLC:   
5.5% 11/1/23 1,100,000 1,111,000 
5.625% 12/1/25 240,000 235,500 
The William Carter Co. 5.625% 3/15/27 (a)(d) 1,600,000 1,600,000 
  2,946,500 
Technology - 6.0%   
Entegris, Inc. 4.625% 2/10/26 (a) 3,000,000 2,947,500 
Fair Isaac Corp. 5.25% 5/15/26 (a) 2,845,000 2,873,450 
First Data Corp.:   
5% 1/15/24 (a) 4,000,000 4,105,040 
5.375% 8/15/23 (a) 4,745,000 4,856,508 
Gartner, Inc. 5.125% 4/1/25 (a) 535,000 539,013 
Micron Technology, Inc. 5.5% 2/1/25 1,815,000 1,864,822 
Nuance Communications, Inc.:   
5.375% 8/15/20 (a) 1,794,000 1,794,000 
5.625% 12/15/26 4,960,000 5,059,200 
Open Text Corp. 5.875% 6/1/26 (a) 4,260,000 4,481,861 
Qorvo, Inc. 5.5% 7/15/26 (a) 5,230,000 5,334,600 
Sensata Technologies BV:   
4.875% 10/15/23 (a) 2,840,000 2,918,100 
5% 10/1/25 (a) 4,020,000 4,060,200 
SoftBank Corp. 5.375% 7/30/22 (Reg. S) 1,950,000 1,989,000 
Symantec Corp.:   
4.2% 9/15/20 515,000 520,687 
5% 4/15/25 (a) 13,630,000 13,578,405 
TTM Technologies, Inc. 5.625% 10/1/25 (a) 4,200,000 3,979,500 
  60,901,886 
Telecommunications - 8.7%   
Altice Financing SA:   
6.625% 2/15/23 (a) 3,480,000 3,558,300 
7.5% 5/15/26 (a) 2,940,000 2,844,450 
C&W Senior Financing Designated Activity Co. 7.5% 10/15/26 (a) 4,850,000 4,947,000 
Equinix, Inc.:   
5.75% 1/1/25 3,000,000 3,123,750 
5.875% 1/15/26 6,860,000 7,185,850 
Level 3 Financing, Inc.:   
5.25% 3/15/26 3,689,000 3,619,831 
5.375% 1/15/24 4,000,000 4,025,000 
5.375% 5/1/25 2,200,000 2,194,500 
5.625% 2/1/23 7,000,000 7,052,500 
Millicom International Cellular SA 6.625% 10/15/26 (a) 4,495,000 4,662,439 
Neptune Finco Corp. 6.625% 10/15/25 (a) 16,870,000 17,797,850 
Qwest Corp. 6.75% 12/1/21 885,000 942,348 
SBA Communications Corp. 4.875% 9/1/24 2,000,000 1,997,500 
Sprint Corp. 7.875% 9/15/23 1,000,000 1,068,750 
T-Mobile U.S.A., Inc.:   
4.5% 2/1/26 1,350,000 1,329,737 
5.125% 4/15/25 1,525,000 1,563,602 
6% 3/1/23 12,285,000 12,622,838 
6% 4/15/24 1,450,000 1,506,188 
6.5% 1/15/24 1,700,000 1,763,750 
Telenet Finance Luxembourg Notes SARL 5.5% 3/1/28 (a) 3,200,000 3,080,000 
U.S. West Communications 7.25% 9/15/25 945,000 1,008,618 
  87,894,801 
Transportation Ex Air/Rail - 1.6%   
Avolon Holdings Funding Ltd.:   
5.125% 10/1/23 (a) 12,255,000 12,377,550 
5.25% 5/15/24 (a)(d) 1,000,000 1,025,000 
5.5% 1/15/23 (a) 2,190,000 2,245,188 
  15,647,738 
Utilities - 4.7%   
Clearway Energy Operating LLC 5.75% 10/15/25 (a) 1,195,000 1,174,088 
Dolphin Subsidiary II, Inc. 7.25% 10/15/21 3,057,000 3,278,633 
DPL, Inc. 6.75% 10/1/19 2,475,000 2,509,031 
InterGen NV 7% 6/30/23 (a) 3,460,000 3,114,000 
NRG Energy, Inc.:   
5.75% 1/15/28 775,000 795,344 
6.625% 1/15/27 665,000 708,225 
NRG Yield Operating LLC 5% 9/15/26 1,435,000 1,338,138 
NSG Holdings II LLC/NSG Holdings, Inc. 7.75% 12/15/25 (a) 6,587,383 7,048,499 
The AES Corp.:   
4.5% 3/15/23 965,000 972,238 
4.875% 5/15/23 9,680,000 9,773,775 
5.125% 9/1/27 1,550,000 1,592,625 
6% 5/15/26 2,155,000 2,268,138 
Vistra Operations Co. LLC 5.5% 9/1/26 (a) 12,550,000 13,020,625 
  47,593,359 
TOTAL NONCONVERTIBLE BONDS  896,177,390 
TOTAL CORPORATE BONDS   
(Cost $890,093,543)  898,661,469 
Bank Loan Obligations - 1.0%   
Energy - 0.4%   
Consolidated Energy Finance SA Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.9938% 5/7/25 (b)(c) 4,427,750 4,283,848 
Gaming - 0.1%   
Scientific Games Corp. Tranche B 5LN, term loan 3 month U.S. LIBOR + 2.750% 5.3123% 8/14/24 (b)(c) 619,047 613,191 
Telecommunications - 0.5%   
Frontier Communications Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.25% 6/15/24 (b)(c) 4,039,747 3,888,256 
Level 3 Financing, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.7311% 2/22/24 (b)(c) 1,575,000 1,567,692 
TOTAL TELECOMMUNICATIONS  5,455,948 
TOTAL BANK LOAN OBLIGATIONS   
(Cost $10,373,332)  10,352,987 
Preferred Securities - 4.6%   
Banks & Thrifts - 4.3%   
Bank of America Corp.:   
5.875% (b)(e) 3,220,000 3,236,721 
6.25% (b)(e) 14,760,000 16,061,528 
Barclays PLC 7.875% (Reg. S) (b)(e) 7,895,000 8,411,136 
Credit Agricole SA:   
6.625% (a)(b)(e) 5,485,000 5,604,068 
7.875% (a)(b)(e) 1,480,000 1,610,049 
Royal Bank of Scotland Group PLC 7.5% (b)(e) 2,445,000 2,533,529 
Wells Fargo & Co. 5.9% (b)(e) 5,995,000 6,181,257 
TOTAL BANKS & THRIFTS  43,638,288 
Energy - 0.3%   
Andeavor Logistics LP 6.875% (b)(e) 2,635,000 2,580,742 
TOTAL PREFERRED SECURITIES   
(Cost $44,797,260)  46,219,030 
 Shares Value 
Money Market Funds - 4.4%   
Fidelity Cash Central Fund, 2.44% (f)   
(Cost $44,615,286) 44,608,303 44,617,224 
TOTAL INVESTMENT IN SECURITIES - 99.1%   
(Cost $989,879,421)  999,850,710 
NET OTHER ASSETS (LIABILITIES) - 0.9%  9,145,720 
NET ASSETS - 100%  $1,008,996,430 

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 $458,483,949 or 45.4% 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 or a portion of the security purchased on a delayed delivery or when-issued basis.

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

 (f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $433,451 
Total $433,451 

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 February 28, 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 $898,661,469 $-- $898,661,469 $-- 
Bank Loan Obligations 10,352,987 -- 10,352,987 -- 
Preferred Securities 46,219,030 -- 46,219,030 -- 
Money Market Funds 44,617,224 44,617,224 -- -- 
Total Investments in Securities: $999,850,710 $44,617,224 $955,233,486 $-- 

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 81.2% 
Cayman Islands 3.6% 
Netherlands 3.2% 
Luxembourg 2.5% 
Canada 2.5% 
United Kingdom 2.0% 
Ireland 1.6% 
Multi-National 1.4% 
Others (Individually Less Than 1%) 2.0% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

  February 28, 2019 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $945,264,135) 
$955,233,486  
Fidelity Central Funds (cost $44,615,286) 44,617,224  
Total Investment in Securities (cost $989,879,421)  $999,850,710 
Interest receivable  12,946,116 
Distributions receivable from Fidelity Central Funds  75,936 
Total assets  1,012,872,762 
Liabilities   
Payable for investments purchased   
Regular delivery $1,273,825  
Delayed delivery 2,600,000  
Other payables and accrued expenses 2,507  
Total liabilities  3,876,332 
Net Assets  $1,008,996,430 
Net Assets consist of:   
Paid in capital  $1,000,344,190 
Total distributable earnings (loss)  8,652,240 
Net Assets, for 10,187,420 shares outstanding  $1,008,996,430 
Net Asset Value, offering price and redemption price per share ($1,008,996,430 ÷ 10,187,420 shares)  $99.04 

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


Statement of Operations

  Six months ended February 28, 2019 (Unaudited) 
Investment Income   
Dividends  $1,533,774 
Interest  19,845,304 
Income from Fidelity Central Funds  433,451 
Total income  21,812,529 
Expenses   
Custodian fees and expenses $4,797  
Independent directors' fees and expenses 2,359  
Miscellaneous  
Total expenses before reductions 7,159  
Expense reductions (5,202)  
Total expenses after reductions  1,957 
Net investment income (loss)  21,810,572 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (608,744)  
Fidelity Central Funds (1,938)  
Total net realized gain (loss)  (610,682) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 10,201,859  
Fidelity Central Funds 1,938  
Total change in net unrealized appreciation (depreciation)  10,203,797 
Net gain (loss)  9,593,115 
Net increase (decrease) in net assets resulting from operations  $31,403,687 

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


Statement of Changes in Net Assets

 Six months ended February 28, 2019 (Unaudited) Year ended August 31, 2018 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $21,810,572 $36,135,330 
Net realized gain (loss) (610,682) 8,414,693 
Change in net unrealized appreciation (depreciation) 10,203,797 (26,557,082) 
Net increase (decrease) in net assets resulting from operations 31,403,687 17,992,941 
Distributions to shareholders (26,006,107) – 
Distributions to shareholders from net investment income – (36,303,188) 
Distributions to shareholders from net realized gain – (14,417,046) 
Total distributions (26,006,107) (50,720,234) 
Affiliated share transactions   
Proceeds from sales of shares 258,395,398 32,625,000 
Reinvestment of distributions 26,006,107 50,720,221 
Cost of shares redeemed – (100,013,409) 
Net increase (decrease) in net assets resulting from share transactions 284,401,505 (16,668,188) 
Total increase (decrease) in net assets 289,799,085 (49,395,481) 
Net Assets   
Beginning of period 719,197,345 768,592,826 
End of period $1,008,996,430 $719,197,345 
Other Information   
Distributions in excess of net investment income end of period  $(790,177) 
Shares   
Sold 2,716,808 326,440 
Issued in reinvestment of distributions 266,577 498,455 
Redeemed – (966,557) 
Net increase (decrease) 2,983,385 (141,662) 

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


Financial Highlights

Fidelity Specialized High Income Central Fund

 Six months ended (Unaudited) February 28, Years endedAugust 31,     
 2019 2018 2017 2016 2015 2014 
Selected Per–Share Data       
Net asset value, beginning of period $99.83 $104.63 $103.06 $101.49 $107.68 $103.63 
Income from Investment Operations       
Net investment income (loss)A 2.618 5.188 5.489 5.682 5.462 5.687 
Net realized and unrealized gain (loss) (.203) (2.758) 1.901 1.436 (6.176) 3.995 
Total from investment operations 2.415 2.430 7.390 7.118 (.714) 9.682 
Distributions from net investment income (2.641) (5.217) (5.531) (5.548) (5.476) (5.632) 
Distributions from net realized gain (.564) (2.013) (.289) – – – 
Total distributions (3.205) (7.230) (5.820) (5.548) (5.476) (5.632) 
Net asset value, end of period $99.04 $99.83 $104.63 $103.06 $101.49 $107.68 
Total ReturnB,C 2.52% 2.42% 7.39% 7.39% (.70)% 9.53% 
Ratios to Average Net AssetsD,E       
Expenses before reductionsF - %G -% -% -% -% -% 
Expenses net of fee waivers, if anyF - %G -% -% -% -% -% 
Expenses net of all reductionsF - %G -% -% -% -% -% 
Net investment income (loss) 5.43%G 5.13% 5.31% 5.75% 5.22% 5.34% 
Supplemental Data       
Net assets, end of period (000 omitted) $1,008,996 $719,197 $768,593 $834,126 $749,914 $474,640 
Portfolio turnover rateH 25%G 62% 51% 46% 49% 78% 

 A Calculated based on average shares outstanding during the period.

 B Total returns for periods of less than one year are not annualized.

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

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

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

 F Amount represents less than .005%.

 G Annualized

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

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


Notes to Financial Statements (Unaudited)

For the period ended February 28, 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 are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The 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 February 28, 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. Dividend income is recorded on the ex-dividend date. 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. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to partnerships and losses deferred due to wash sales.

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

Gross unrealized appreciation $18,402,619 
Gross unrealized depreciation (8,431,681) 
Net unrealized appreciation (depreciation) $9,970,938 
Tax cost $989,879,772 

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

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

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

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

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, aggregated $369,037,536 and $98,231,204, 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.

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 $5,202.

7. Other.

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

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

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2018 to February 28, 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
September 1, 2018 
Ending
Account Value
February 28, 2019 
Expenses Paid
During Period-B
September 1, 2018
to February 28, 2019 
Actual .0018% $1,000.00 $1,025.20 $.01 
Hypothetical-C  $1,000.00 $1,024.79 $.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 181/365 (to reflect the one-half year period).

 C 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Specialized High Income Central Fund

Each year, the Board of Directors, including the Independent Directors (together, the Board), votes on the renewal of the management contract with FMR Co., Inc. (FMRC) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMRC and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Directors' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Directors with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its January 2019 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Directors' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable.

Nature, Extent, and Quality of Services Provided.  The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Directors also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund.

Resources Dedicated to Investment Management and Support Services.  The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

Administrative Services.  The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, and the use of "soft" commission dollars to pay for research services.

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, but did not consider performance to be a material factor in its decision to renew the fund's Advisory Contracts, as the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is designed to offer a liquid investment option for other investment companies managed by Fidelity and ultimately to enhance the performance of those investment companies.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio.  The Board considered that while the fund does not pay a management fee, Fidelity Management & Research Company (FMR) pays a management fee on behalf of the fund and receives fees for providing services to funds that invest in the fund. The Board also noted that FMR bears all expenses of the fund with certain exceptions. Based on its review, the Board concluded that the management fee paid on behalf of the fund and the fund's total expense ratio were reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability.  The Board considered the level of Fidelity's profits in respect of all the Fidelity funds, as well as the profitability of the funds that invest in the fund.

PricewaterhouseCoopers LLP (PwC), auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of the fund profitability information and its conformity to established allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the fund's business. The Board noted that changes to fall-out benefits year-over-year reflect business developments at Fidelity's various businesses.

The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions.

Economies of Scale.  The Board concluded that because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contract.

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund performance trends, in particular the underperformance of certain funds, and Fidelity's long-term strategies for certain funds; (ii) Fidelity's fund profitability methodology, profitability trends for certain funds, and the impact of certain factors on fund profitability results; (iii) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (iv) the methodology with respect to the evaluation of competitive fund data and peer group classifications and fee comparisons; (v) the expense structures for different funds and classes; (vi) information regarding other accounts managed by Fidelity, including collective investment trusts; and (vii) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.





Fidelity Investments

SHI-SANN-0419
1.820820.113


Fidelity® High Income Central Fund 2



Semi-Annual Report

February 28, 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

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees


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

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

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 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-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.



Investment Summary (Unaudited)

Top Five Holdings as of February 28, 2019

(by issuer, excluding cash equivalents) % of fund's net assets 
CCO Holdings LLC/CCO Holdings Capital Corp. 2.7 
Ally Financial, Inc. 2.7 
Altice SA 2.4 
Valeant Pharmaceuticals International, Inc. 2.2 
Tenet Healthcare Corp.  2.1 
 12.1 

Top Five Market Sectors as of February 28, 2019

 % of fund's net assets 
Energy 14.6 
Healthcare 10.3 
Cable/Satellite TV 9.2 
Telecommunications 8.2 
Diversified Financial Services 8.2 

Quality Diversification (% of fund's net assets)

As of February 28, 2019 
   BBB 1.6% 
   BB 41.5% 
   41.3% 
   CCC,CC,C 11.1% 
   Not Rated 1.0% 
   Equities 1.2% 
   Short-Term Investments and Net Other Assets 2.3% 


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 February 28, 2019* 
   Nonconvertible Bonds 83.3% 
   Convertible Bonds, Preferred Stocks 1.8% 
   Common Stocks 0.5% 
   Bank Loan Obligations 8.9% 
   Other Investments 3.2% 
   Short-Term Investments and Net Other Assets (Liabilities) 2.3% 


 * Foreign investments - 22.0%

Schedule of Investments February 28, 2019 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 84.4%   
 Principal Amount Value 
Convertible Bonds - 1.1%   
Broadcasting - 0.5%   
DISH Network Corp.:   
2.375% 3/15/24 $210,000 $174,029 
3.375% 8/15/26 4,590,000 3,942,351 
  4,116,380 
Energy - 0.1%   
Ensco Jersey Finance Ltd. 3% 1/31/24 1,500,000 1,208,444 
Utilities - 0.5%   
SolarCity Corp. 1.625% 11/1/19 4,395,000 4,173,088 
TOTAL CONVERTIBLE BONDS  9,497,912 
Nonconvertible Bonds - 83.3%   
Aerospace - 1.2%   
BBA U.S. Holdings, Inc. 5.375% 5/1/26 (a) 320,000 326,000 
Bombardier, Inc.:   
7.5% 12/1/24 (a) 1,425,000 1,453,500 
7.875% 4/15/27 (a) 2,640,000 2,620,094 
DAE Funding LLC:   
4.5% 8/1/22 (a) 455,000 450,450 
5% 8/1/24 (a) 165,000 163,556 
Huntington Ingalls Industries, Inc. 5% 11/15/25 (a) 625,000 637,500 
TransDigm UK Holdings PLC 6.875% 5/15/26 (a) 895,000 872,625 
TransDigm, Inc.:   
6.25% 3/15/26 (a) 935,000 958,375 
7.5% 3/15/27 (a) 3,380,000 3,396,562 
  10,878,662 
Automotive & Auto Parts - 0.1%   
Allison Transmission, Inc. 5% 10/1/24 (a) 1,160,000 1,167,250 
Banks & Thrifts - 2.8%   
Ally Financial, Inc.:   
4.25% 4/15/21 1,170,000 1,183,163 
5.75% 11/20/25 5,850,000 6,201,000 
8% 11/1/31 1,873,000 2,285,060 
8% 11/1/31 11,940,000 14,745,853 
Royal Bank of Scotland Group PLC 5.125% 5/28/24 555,000 562,560 
  24,977,636 
Broadcasting - 1.1%   
CBS Radio, Inc. 7.25% 11/1/24 (a) 1,015,000 1,006,119 
Gray Escrow, Inc. 7% 5/15/27 (a) 2,460,000 2,601,450 
iHeartCommunications, Inc. 9% 9/15/22 (b) 780,000 542,100 
Sinclair Television Group, Inc. 5.125% 2/15/27 (a) 320,000 299,200 
Sirius XM Radio, Inc.:   
3.875% 8/1/22 (a) 825,000 819,596 
5% 8/1/27 (a) 1,900,000 1,857,212 
5.375% 7/15/26 (a) 2,525,000 2,531,313 
  9,656,990 
Building Materials - 0.6%   
Builders FirstSource, Inc. 5.625% 9/1/24 (a) 1,175,000 1,147,094 
Building Materials Corp. of America:   
5.5% 2/15/23 (a) 690,000 705,525 
6% 10/15/25 (a) 1,165,000 1,215,969 
HD Supply, Inc. 5.375% 10/15/26 (a) 1,405,000 1,426,075 
U.S. Concrete, Inc. 6.375% 6/1/24 425,000 418,625 
  4,913,288 
Cable/Satellite TV - 8.4%   
Altice SA:   
7.625% 2/15/25 (a) 9,990,000 8,872,369 
7.75% 5/15/22 (a) 12,375,000 12,297,656 
CCO Holdings LLC/CCO Holdings Capital Corp.:   
4% 3/1/23 (a) 1,070,000 1,056,753 
5% 2/1/28 (a) 7,085,000 6,819,313 
5.125% 2/15/23 1,730,000 1,758,113 
5.125% 5/1/23 (a) 4,155,000 4,228,128 
5.125% 5/1/27 (a) 4,210,000 4,131,063 
5.5% 5/1/26 (a) 1,095,000 1,116,582 
5.75% 9/1/23 1,160,000 1,181,750 
5.875% 4/1/24 (a) 2,995,000 3,118,544 
5.875% 5/1/27 (a) 1,285,000 1,319,936 
CSC Holdings LLC:   
5.125% 12/15/21 (a) 1,379,000 1,383,330 
5.125% 12/15/21 (a) 760,000 762,386 
5.375% 7/15/23 (a) 1,620,000 1,664,874 
5.375% 2/1/28 (a) 4,590,000 4,509,675 
5.5% 5/15/26 (a) 3,470,000 3,509,038 
5.5% 4/15/27 (a) 2,075,000 2,085,375 
6.5% 2/1/29 (a) 1,955,000 2,045,438 
7.75% 7/15/25 (a) 1,240,000 1,323,700 
DISH DBS Corp.:   
5% 3/15/23 865,000 764,444 
5.875% 7/15/22 550,000 525,250 
6.75% 6/1/21 1,122,000 1,147,245 
7.75% 7/1/26 385,000 333,025 
Unitymedia KabelBW GmbH 6.125% 1/15/25 (a) 1,680,000 1,738,800 
Virgin Media Finance PLC 4.875% 2/15/22 845,000 811,200 
Virgin Media Secured Finance PLC:   
5.25% 1/15/26 (a) 805,000 807,399 
5.5% 8/15/26 (a) 2,475,000 2,462,625 
VTR Finance BV 6.875% 1/15/24 (a) 845,000 868,238 
Ziggo Secured Finance BV 5.5% 1/15/27 (a) 2,410,000 2,325,650 
  74,967,899 
Capital Goods - 0.0%   
Apergy Corp. 6.375% 5/1/26 315,000 314,606 
Chemicals - 2.2%   
Blue Cube Spinco, Inc.:   
9.75% 10/15/23 1,175,000 1,316,000 
10% 10/15/25 1,455,000 1,665,975 
CF Industries Holdings, Inc.:   
3.45% 6/1/23 1,040,000 1,006,200 
5.15% 3/15/34 2,435,000 2,288,803 
5.375% 3/15/44 2,190,000 1,913,513 
Element Solutions, Inc. 5.875% 12/1/25 (a) 1,570,000 1,588,652 
LSB Industries, Inc. 9.625% 5/1/23 (a) 510,000 532,950 
NOVA Chemicals Corp. 4.875% 6/1/24 (a) 960,000 929,472 
OCI NV 6.625% 4/15/23 (a) 390,000 403,650 
The Chemours Co. LLC 7% 5/15/25 1,275,000 1,329,188 
TPC Group, Inc. 8.75% 12/15/20 (a) 5,360,000 5,252,800 
Versum Materials, Inc. 5.5% 9/30/24 (a) 245,000 254,800 
W. R. Grace & Co.-Conn.:   
5.125% 10/1/21 (a) 345,000 354,967 
5.625% 10/1/24 (a) 1,095,000 1,138,800 
  19,975,770 
Consumer Products - 0.1%   
Edgewell Personal Care Co. 5.5% 6/15/25 (a) 45,000 43,988 
Tempur Sealy International, Inc. 5.5% 6/15/26 1,155,000 1,152,113 
  1,196,101 
Containers - 2.1%   
Ard Securities Finance SARL 8.75% 1/31/23 pay-in-kind (a)(c) 567,550 533,497 
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.:   
4.625% 5/15/23 (a) 4,395,000 4,427,963 
6% 2/15/25 (a) 3,938,000 3,888,775 
Crown Americas LLC/Crown Americas Capital Corp. IV 4.5% 1/15/23 365,000 368,650 
Crown Americas LLC/Crown Americas Capital Corp. V 4.25% 9/30/26 4,795,000 4,615,188 
OI European Group BV 4% 3/15/23 (a) 215,000 210,163 
Owens-Brockway Glass Container, Inc.:   
5% 1/15/22 (a) 925,000 951,418 
5.375% 1/15/25 (a) 2,405,000 2,452,980 
Plastipak Holdings, Inc. 6.25% 10/15/25 (a) 265,000 242,475 
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA 5.125% 7/15/23 (a) 1,275,000 1,275,000 
  18,966,109 
Diversified Financial Services - 7.9%   
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust 4.625% 10/30/20 1,965,000 1,996,398 
Aircastle Ltd. 5% 4/1/23 755,000 767,841 
CIT Group, Inc. 5% 8/15/22 472,000 487,340 
Crown Americas LLC/Crown Americas Capital Corp. IV 4.75% 2/1/26 2,661,000 2,673,826 
FLY Leasing Ltd.:   
5.25% 10/15/24 3,400,000 3,230,000 
6.375% 10/15/21 2,460,000 2,478,450 
Grinding Media, Inc./MC Grinding Media Canada, Inc. 7.375% 12/15/23 (a) 655,000 655,819 
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:   
5.875% 2/1/22 4,290,000 4,338,263 
6% 8/1/20 650,000 656,500 
6.25% 2/1/22 445,000 458,261 
International Lease Finance Corp. 5.875% 8/15/22 570,000 605,967 
MSCI, Inc.:   
5.375% 5/15/27 (a) 1,070,000 1,104,775 
5.75% 8/15/25 (a) 520,000 540,800 
Navient Corp.:   
5% 10/26/20 345,000 348,019 
5.875% 10/25/24 470,000 452,375 
6.625% 7/26/21 675,000 697,781 
6.75% 6/25/25 2,400,000 2,349,000 
6.75% 6/15/26 4,520,000 4,339,200 
7.25% 9/25/23 530,000 546,563 
Park Aerospace Holdings Ltd.:   
4.5% 3/15/23 (a) 4,630,000 4,595,275 
5.25% 8/15/22 (a)(d) 1,110,000 1,136,318 
5.5% 2/15/24 (a) 9,385,000 9,701,744 
Radiate Holdco LLC/Radiate Financial Service Ltd.:   
6.625% 2/15/25 (a) 1,710,000 1,607,400 
6.875% 2/15/23 (a) 1,995,000 1,935,150 
SLM Corp.:   
4.875% 6/17/19 5,408,000 5,408,000 
6.125% 3/25/24 5,055,000 4,928,625 
7.25% 1/25/22 605,000 634,494 
8% 3/25/20 2,370,000 2,475,062 
Springleaf Financial Corp.:   
6.125% 5/15/22 1,065,000 1,104,938 
6.875% 3/15/25 535,000 548,375 
7.125% 3/15/26 5,040,000 5,065,704 
8.25% 12/15/20 1,195,000 1,279,546 
Transocean Poseidon Ltd. 6.875% 2/1/27 (a) 1,350,000 1,387,125 
  70,534,934 
Diversified Media - 0.9%   
Clear Channel Worldwide Holdings, Inc. Series A, 6.5% 11/15/22 2,220,000 2,267,175 
E.W. Scripps Co. 5.125% 5/15/25 (a) 395,000 380,188 
Nielsen Co. SARL (Luxembourg) 5% 2/1/25 (a) 870,000 859,125 
Nielsen Finance LLC/Nielsen Finance Co. 5% 4/15/22 (a) 4,185,000 4,174,538 
  7,681,026 
Energy - 13.4%   
AmeriGas Partners LP/AmeriGas Finance Corp. 5.5% 5/20/25 575,000 569,250 
Antero Midstream Partners LP/Antero Midstream Finance Corp. 5.75% 3/1/27 (a) 1,665,000 1,677,488 
Antero Resources Corp. 5.625% 6/1/23 (Reg. S) 815,000 817,038 
Antero Resources Finance Corp. 5.375% 11/1/21 990,000 993,713 
Baytex Energy Corp.:   
5.125% 6/1/21 (a) 275,000 270,875 
5.625% 6/1/24 (a) 830,000 744,925 
Blue Racer Midstream LLC/Blue Racer Finance Corp. 6.625% 7/15/26 (a) 1,070,000 1,091,400 
California Resources Corp. 8% 12/15/22 (a) 7,970,000 6,366,038 
Callon Petroleum Co.:   
6.125% 10/1/24 335,000 337,513 
6.375% 7/1/26 515,000 515,000 
Cheniere Corpus Christi Holdings LLC 5.125% 6/30/27 4,100,000 4,182,000 
Chesapeake Energy Corp.:   
4.875% 4/15/22 380,000 364,800 
5.375% 6/15/21 676,000 674,310 
5.75% 3/15/23 745,000 718,925 
8% 6/15/27 1,150,000 1,138,903 
CNX Midstream Partners LP 6.5% 3/15/26 (a) 1,030,000 1,011,975 
Compressco Partners LP/Compressco Finance, Inc. 7.5% 4/1/25 (a) 535,000 518,950 
Consolidated Energy Finance SA:   
3 month U.S. LIBOR + 3.750% 6.5382% 6/15/22 (a)(c)(e) 820,000 815,907 
6.5% 5/15/26 (a) 1,545,000 1,463,888 
6.875% 6/15/25 (a) 980,000 955,500 
Covey Park Energy LLC 7.5% 5/15/25 (a) 600,000 558,000 
CVR Refining LLC/Coffeyville Finance, Inc. 6.5% 11/1/22 1,665,000 1,698,300 
DCP Midstream LLC 5.85% 5/21/43 (a)(c) 540,000 477,900 
DCP Midstream Operating LP 5.375% 7/15/25 445,000 462,800 
Denbury Resources, Inc.:   
4.625% 7/15/23 3,555,000 2,346,300 
5.5% 5/1/22 2,535,000 1,863,225 
7.5% 2/15/24 (a) 3,185,000 2,842,613 
9.25% 3/31/22 (a) 495,000 496,238 
Drax Finco PLC 6.625% 11/1/25 (a) 820,000 833,325 
Endeavor Energy Resources LP/EER Finance, Inc.:   
5.5% 1/30/26 (a) 385,000 403,288 
5.75% 1/30/28 (a) 3,770,000 4,015,050 
Ensco PLC:   
4.5% 10/1/24 780,000 603,486 
5.2% 3/15/25 420,000 322,350 
5.75% 10/1/44 1,156,000 742,730 
7.75% 2/1/26 535,000 449,400 
EP Energy LLC/Everest Acquisition Finance, Inc.:   
7.75% 5/15/26 (a) 5,995,000 5,313,069 
8% 11/29/24 (a) 3,135,000 2,210,175 
Exterran Energy Solutions LP 8.125% 5/1/25 885,000 879,469 
Exterran Partners LP/EXLP Finance Corp. 6% 4/1/21 435,000 432,825 
FTS International, Inc. 6.25% 5/1/22 130,000 123,500 
Hess Infrastructure Partners LP 5.625% 2/15/26 (a) 2,000,000 2,010,000 
Hilcorp Energy I LP/Hilcorp Finance Co.:   
5% 12/1/24 (a) 2,275,000 2,184,000 
5.75% 10/1/25 (a) 960,000 954,000 
6.25% 11/1/28 (a) 1,665,000 1,631,700 
Holly Energy Partners LP/Holly Finance Corp. 6% 8/1/24 (a) 575,000 589,375 
Jonah Energy LLC 7.25% 10/15/25 (a) 3,815,000 2,460,675 
KLX Energy Services Holdings, Inc. 11.5% 11/1/25 (a) 1,100,000 1,144,000 
MEG Energy Corp.:   
6.375% 1/30/23 (a) 180,000 164,250 
7% 3/31/24 (a) 2,105,000 1,926,075 
Nabors Industries, Inc. 5.75% 2/1/25 3,740,000 3,300,550 
Neptune Energy Bondco PLC 6.625% 5/15/25 (a) 1,065,000 1,045,298 
NextEra Energy Partners LP 4.25% 9/15/24 (a) 4,510,000 4,431,075 
NGL Energy Partners LP/NGL Energy Finance Corp. 6.125% 3/1/25 1,255,000 1,182,838 
Nine Energy Service, Inc. 8.75% 11/1/23 (a) 455,000 455,000 
Noble Holding International Ltd.:   
5.25% 3/15/42 620,000 384,400 
6.05% 3/1/41 755,000 479,425 
7.75% 1/15/24 1,373,000 1,221,970 
7.875% 2/1/26 (a) 860,000 804,100 
7.95% 4/1/25 (c) 1,040,000 910,000 
Parsley Energy LLC/Parsley:   
5.25% 8/15/25 (a) 575,000 569,078 
5.625% 10/15/27 (a) 445,000 440,550 
6.25% 6/1/24 (a) 165,000 169,125 
PBF Holding Co. LLC/PBF Finance Corp.:   
7% 11/15/23 955,000 976,488 
7.25% 6/15/25 265,000 271,758 
PBF Logistics LP/PBF Logistics Finance, Inc. 6.875% 5/15/23 370,000 376,586 
Precision Drilling Corp. 7.125% 1/15/26 (a) 730,000 717,225 
Rose Rock Midstream LP/Rose Rock Finance Corp.:   
5.625% 7/15/22 2,400,000 2,337,000 
5.625% 11/15/23 900,000 841,500 
Sanchez Energy Corp.:   
6.125% 1/15/23 2,775,000 419,719 
7.25% 2/15/23 (a) 7,945,000 6,852,563 
SemGroup Corp.:   
6.375% 3/15/25 1,580,000 1,489,150 
7.25% 3/15/26 1,490,000 1,441,575 
SM Energy Co.:   
5% 1/15/24 1,345,000 1,265,981 
5.625% 6/1/25 1,690,000 1,580,150 
6.125% 11/15/22 1,480,000 1,472,600 
Southwestern Energy Co.:   
7.5% 4/1/26 1,870,000 1,944,800 
7.75% 10/1/27 1,005,000 1,043,944 
Summit Midstream Holdings LLC 5.75% 4/15/25 1,230,000 1,174,650 
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:   
4.25% 11/15/23 2,335,000 2,305,813 
5.25% 5/1/23 330,000 334,534 
5.875% 4/15/26 (a) 1,070,000 1,112,800 
6.5% 7/15/27 (a) 490,000 518,175 
6.75% 3/15/24 235,000 246,163 
6.875% 1/15/29 (a) 865,000 920,684 
Teine Energy Ltd. 6.875% 9/30/22 (a) 600,000 603,000 
TerraForm Power Operating LLC 4.25% 1/31/23 (a) 1,000,000 990,710 
Transocean, Inc. 9% 7/15/23 (a) 770,000 812,350 
U.S.A. Compression Partners LP 6.875% 4/1/26 320,000 325,600 
W&T Offshore, Inc. 9.75% 11/1/23 (a) 925,000 915,750 
Weatherford International Ltd.:   
6.5% 8/1/36 540,000 321,300 
7% 3/15/38 351,000 209,723 
Weatherford International, Inc.:   
6.8% 6/15/37 780,000 466,050 
9.875% 3/1/25 4,170,000 2,971,125 
Whiting Petroleum Corp.:   
5.75% 3/15/21 855,000 864,619 
6.25% 4/1/23 235,000 236,175 
6.625% 1/15/26 620,000 607,600 
WPX Energy, Inc. 6% 1/15/22 61,000 62,983 
  119,790,768 
Entertainment/Film - 1.5%   
AMC Entertainment Holdings, Inc.:   
5.875% 11/15/26 5,930,000 5,337,593 
6.125% 5/15/27 4,917,000 4,406,861 
AMC Entertainment, Inc. 5.75% 6/15/25 1,495,000 1,379,138 
CBS Outdoor Americas Capital LLC/CBS Outdoor Americas Capital Corp.:   
5.625% 2/15/24 400,000 409,500 
5.875% 3/15/25 1,180,000 1,209,854 
New Cotai LLC/New Cotai Capital Corp. 10.625% 5/1/19 pay-in-kind (a)(c) 1,340,723 670,362 
  13,413,308 
Environmental - 1.3%   
Covanta Holding Corp.:   
5.875% 3/1/24 1,282,000 1,309,243 
5.875% 7/1/25 2,865,000 2,857,838 
6% 1/1/27 1,615,000 1,619,038 
LBC Tank Terminals Holding Netherlands BV 6.875% 5/15/23 (a) 3,730,000 3,529,513 
Tervita Escrow Corp. 7.625% 12/1/21 (a) 1,755,000 1,750,613 
Waste Pro U.S.A., Inc. 5.5% 2/15/26 (a) 315,000 305,550 
  11,371,795 
Food & Drug Retail - 0.1%   
Performance Food Group, Inc. 5.5% 6/1/24 (a) 500,000 501,250 
Rite Aid Corp. 7.7% 2/15/27 229,000 156,077 
  657,327 
Food/Beverage/Tobacco - 2.7%   
C&S Group Enterprises LLC 5.375% 7/15/22 (a) 2,455,000 2,470,344 
Cott Holdings, Inc. 5.5% 4/1/25 (a) 1,555,000 1,537,506 
ESAL GmbH 6.25% 2/5/23 (a) 2,460,000 2,482,165 
JBS Investments GmbH 7.25% 4/3/24 (a) 2,255,000 2,329,438 
JBS Investments II GmbH 7% 1/15/26 (a) 845,000 872,463 
JBS U.S.A. LLC/JBS U.S.A. Finance, Inc.:   
5.75% 6/15/25 (a) 1,845,000 1,871,384 
6.75% 2/15/28 (a) 3,000,000 3,101,250 
Lamb Weston Holdings, Inc.:   
4.625% 11/1/24 (a) 1,055,000 1,060,275 
4.875% 11/1/26 (a) 320,000 320,400 
Pilgrim's Pride Corp. 5.75% 3/15/25 (a) 270,000 270,000 
Post Holdings, Inc.:   
5% 8/15/26 (a) 4,535,000 4,359,269 
5.5% 3/1/25 (a) 765,000 766,913 
5.625% 1/15/28 (a) 1,070,000 1,033,888 
5.75% 3/1/27 (a) 1,045,000 1,030,631 
Vector Group Ltd. 6.125% 2/1/25 (a) 710,000 628,350 
  24,134,276 
Gaming - 2.3%   
Boyd Gaming Corp.:   
6% 8/15/26 680,000 697,425 
6.375% 4/1/26 395,000 411,788 
CRC Escrow Issuer LLC/CRC Finance LLC 5.25% 10/15/25 (a) 3,740,000 3,548,325 
Delta Merger Sub, Inc. 6% 9/15/26 (a) 410,000 417,175 
Downstream Development Authority 10.5% 2/15/23 (a) 1,075,000 1,093,813 
Eldorado Resorts, Inc. 6% 4/1/25 1,055,000 1,072,144 
GLP Capital LP/GLP Financing II, Inc. 5.375% 4/15/26 190,000 196,306 
MCE Finance Ltd. 4.875% 6/6/25 (a) 1,390,000 1,336,272 
MGM Growth Properties Operating Partnership LP 5.75% 2/1/27 (a) 815,000 834,356 
MGM Mirage, Inc.:   
5.75% 6/15/25 1,610,000 1,644,776 
7.75% 3/15/22 660,000 724,350 
Scientific Games Corp. 5% 10/15/25 (a) 1,910,000 1,850,313 
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. 5.875% 5/15/25 (a) 2,635,000 2,602,063 
Transocean, Inc. 7.25% 11/1/25 (a) 1,890,000 1,804,950 
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.25% 5/15/27 (a) 2,365,000 2,262,270 
Wynn Macau Ltd. 4.875% 10/1/24 (a) 525,000 506,625 
  21,002,951 
Healthcare - 9.3%   
Catalent Pharma Solutions 4.875% 1/15/26 (a) 300,000 297,000 
Centene Escrow Corp. 5.375% 6/1/26 (a) 1,060,000 1,099,750 
Community Health Systems, Inc.:   
5.125% 8/1/21 2,215,000 2,173,469 
6.25% 3/31/23 4,355,000 4,191,688 
8% 3/15/26 (a) 5,235,000 5,166,055 
8.125% 6/30/24 (a) 595,000 495,338 
8.625% 1/15/24 (a) 1,070,000 1,099,425 
CTR Partnership LP/CareTrust Capital Corp. 5.25% 6/1/25 1,415,000 1,422,075 
DaVita HealthCare Partners, Inc.:   
5% 5/1/25 2,440,000 2,353,868 
5.125% 7/15/24 4,205,000 4,162,950 
Encompass Health Corp.:   
5.75% 11/1/24 1,000,000 1,010,300 
5.75% 9/15/25 695,000 701,950 
HCA Holdings, Inc.:   
5.25% 6/15/26 645,000 680,155 
5.375% 9/1/26 3,140,000 3,215,988 
5.625% 9/1/28 520,000 536,172 
5.875% 3/15/22 620,000 659,612 
5.875% 5/1/23 1,150,000 1,216,125 
5.875% 2/1/29 520,000 545,350 
6.25% 2/15/21 1,045,000 1,094,993 
Hologic, Inc. 4.375% 10/15/25 (a) 895,000 879,338 
IMS Health, Inc. 5% 10/15/26 (a) 680,000 691,900 
MPT Operating Partnership LP/MPT Finance Corp.:   
5% 10/15/27 75,000 74,438 
5.5% 5/1/24 575,000 588,656 
6.375% 3/1/24 735,000 769,913 
Polaris Intermediate Corp. 8.5% 12/1/22 pay-in-kind (a)(c) 1,070,000 1,056,315 
Sabra Health Care LP/Sabra Capital Corp.:   
5.375% 6/1/23 3,010,000 3,025,050 
5.5% 2/1/21 1,595,000 1,617,928 
SP Finco LLC 6.75% 7/1/25 (a) 250,000 227,500 
Teleflex, Inc. 4.875% 6/1/26 1,740,000 1,763,925 
Tenet Healthcare Corp.:   
4.375% 10/1/21 3,120,000 3,159,000 
4.625% 7/15/24 3,260,000 3,239,625 
5.125% 5/1/25 6,650,000 6,591,813 
6.25% 2/1/27 (a) 2,340,000 2,408,738 
6.75% 6/15/23 4,450,000 4,561,250 
Teva Pharmaceutical Finance Netherlands III BV 6% 4/15/24 1,900,000 1,923,341 
Valeant Pharmaceuticals International, Inc.:   
5.5% 11/1/25 (a) 2,385,000 2,405,869 
5.625% 12/1/21 (a) 458,000 458,687 
5.75% 8/15/27 (a)(d) 245,000 247,144 
5.875% 5/15/23 (a) 5,010,000 4,984,950 
6.125% 4/15/25 (a) 3,850,000 3,705,625 
8.5% 1/31/27 (a)(d) 1,625,000 1,682,891 
9% 12/15/25 (a) 1,775,000 1,903,137 
9.25% 4/1/26 (a) 2,145,000 2,311,238 
Wellcare Health Plans, Inc.:   
5.25% 4/1/25 560,000 571,732 
5.375% 8/15/26 (a) 570,000 586,388 
  83,558,654 
Homebuilders/Real Estate - 1.8%   
AV Homes, Inc. 6.625% 5/15/22 785,000 809,531 
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp. 6.125% 7/1/22 (a) 270,000 268,313 
Howard Hughes Corp. 5.375% 3/15/25 (a) 1,175,000 1,160,313 
Kennedy-Wilson, Inc. 5.875% 4/1/24 775,000 762,375 
Lennar Corp.:   
4.75% 11/29/27 1,605,000 1,558,856 
5% 6/15/27 780,000 764,400 
5.25% 6/1/26 1,791,000 1,797,716 
5.875% 11/15/24 520,000 546,000 
M/I Homes, Inc. 5.625% 8/1/25 480,000 450,000 
Mattamy Group Corp.:   
6.5% 10/1/25 (a) 800,000 771,408 
6.875% 12/15/23 (a) 345,000 343,692 
Realogy Group LLC/Realogy Co.-Issuer Corp. 5.25% 12/1/21 (a) 615,000 613,463 
Starwood Property Trust, Inc.:   
4.75% 3/15/25 1,930,000 1,877,504 
5% 12/15/21 865,000 883,381 
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.625% 3/1/24 (a) 2,265,000 2,236,688 
William Lyon Homes, Inc.:   
6% 9/1/23 540,000 502,200 
7% 8/15/22 1,030,000 1,032,575 
  16,378,415 
Hotels - 1.3%   
ESH Hospitality, Inc. 5.25% 5/1/25 (a) 4,760,000 4,736,200 
Hilton Domestic Operating Co., Inc. 5.125% 5/1/26 (a) 5,340,000 5,365,151 
Hilton Escrow Issuer LLC 4.25% 9/1/24 1,545,000 1,521,825 
  11,623,176 
Insurance - 0.4%   
Acrisure LLC / Acrisure Finance, Inc.:   
7% 11/15/25 (a) 2,860,000 2,525,609 
8.125% 2/15/24 (a) 680,000 696,575 
AmWINS Group, Inc. 7.75% 7/1/26 (a) 535,000 548,375 
  3,770,559 
Leisure - 0.5%   
Mattel, Inc.:   
2.35% 8/15/21 1,600,000 1,494,000 
3.15% 3/15/23 535,000 472,138 
Rivers Pittsburgh Borrower LP 6.125% 8/15/21 (a) 438,000 440,738 
Studio City Co. Ltd.:   
5.875% 11/30/19 (a) 615,000 622,505 
7.25% 11/30/21 (a) 1,295,000 1,343,951 
Voc Escrow Ltd. 5% 2/15/28 (a) 535,000 520,288 
  4,893,620 
Metals/Mining - 2.7%   
Alcoa Nederland Holding BV 6.125% 5/15/28 (a) 260,000 266,175 
Constellium NV 5.875% 2/15/26 (a) 590,000 573,775 
First Quantum Minerals Ltd.:   
6.5% 3/1/24 (a) 4,965,000 4,691,925 
6.875% 3/1/26 (a) 3,670,000 3,431,450 
7.25% 5/15/22 (a) 245,000 246,531 
7.25% 4/1/23 (a) 2,705,000 2,657,663 
7.5% 4/1/25 (a) 2,210,000 2,132,650 
FMG Resources (August 2006) Pty Ltd.:   
4.75% 5/15/22 (a) 625,000 625,000 
5.125% 5/15/24 (a) 770,000 762,300 
Freeport-McMoRan, Inc.:   
3.55% 3/1/22 2,080,000 2,056,600 
3.875% 3/15/23 2,335,000 2,301,096 
6.875% 2/15/23 770,000 813,313 
Novelis Corp. 5.875% 9/30/26 (a) 775,000 755,625 
Nufarm Australia Ltd. 5.75% 4/30/26 (a) 2,665,000 2,483,593 
Teck Resources Ltd. 8.5% 6/1/24 (a) 715,000 767,731 
  24,565,427 
Paper - 0.1%   
CommScope Finance LLC 6% 3/1/26 (a) 1,030,000 1,054,463 
NewPage Corp. 11.375% 12/31/2014 (b)(f) 4,077,567 
  1,054,463 
Publishing/Printing - 0.1%   
Cengage Learning, Inc. 9.5% 6/15/24 (a) 625,000 520,313 
Clear Channel International BV 8.75% 12/15/20 (a) 240,000 245,700 
  766,013 
Restaurants - 0.8%   
1011778 BC Unlimited Liability Co./New Red Finance, Inc.:   
4.25% 5/15/24 (a) 2,367,000 2,304,866 
5% 10/15/25 (a) 535,000 518,816 
Golden Nugget, Inc. 6.75% 10/15/24 (a) 1,605,000 1,613,025 
KFC Holding Co./Pizza Hut Holding LLC 5% 6/1/24 (a) 2,870,000 2,906,679 
  7,343,386 
Services - 1.3%   
American Midstream Partners LP 9.5% 12/15/21 (a) 535,000 494,345 
APX Group, Inc. 7.625% 9/1/23 1,130,000 995,813 
Aramark Services, Inc.:   
4.75% 6/1/26 1,840,000 1,826,200 
5% 4/1/25 (a) 1,235,000 1,256,613 
Brand Energy & Infrastructure Services, Inc. 8.5% 7/15/25 (a) 535,000 482,838 
CDK Global, Inc. 5.875% 6/15/26 325,000 335,156 
Corrections Corp. of America 5% 10/15/22 1,107,000 1,098,543 
H&E Equipment Services, Inc. 5.625% 9/1/25 1,070,000 1,059,300 
IHS Markit Ltd.:   
4% 3/1/26 (a) 400,000 388,532 
4.75% 2/15/25 (a) 955,000 974,778 
5% 11/1/22 (a) 200,000 206,280 
KAR Auction Services, Inc. 5.125% 6/1/25 (a) 810,000 787,725 
Ritchie Brothers Auctioneers, Inc. 5.375% 1/15/25 (a) 285,000 289,988 
The GEO Group, Inc. 6% 4/15/26 345,000 319,988 
United Rentals North America, Inc. 5.875% 9/15/26 1,270,000 1,300,163 
  11,816,262 
Steel - 0.9%   
Big River Steel LLC/BRS Finance Corp. 7.25% 9/1/25 (a) 715,000 740,919 
Cleveland-Cliffs, Inc. 5.75% 3/1/25 4,870,000 4,760,425 
Commercial Metals Co. 5.75% 4/15/26 2,140,000 2,102,550 
  7,603,894 
Super Retail - 0.6%   
Asbury Automotive Group, Inc. 6% 12/15/24 2,565,000 2,603,475 
Netflix, Inc. 4.375% 11/15/26 1,490,000 1,433,678 
Sonic Automotive, Inc. 6.125% 3/15/27 1,680,000 1,486,800 
  5,523,953 
Technology - 2.5%   
Banff Merger Sub, Inc. 9.75% 9/1/26 (a) 3,730,000 3,613,438 
Fair Isaac Corp. 5.25% 5/15/26 (a) 455,000 459,550 
First Data Corp. 5% 1/15/24 (a) 1,210,000 1,241,775 
Itron, Inc. 5% 1/15/26 (a) 745,000 724,513 
j2 Cloud Services LLC/j2 Global Communications, Inc. 6% 7/15/25 (a) 625,000 641,706 
Match Group, Inc. 5.625% 2/15/29 (a) 780,000 775,613 
Open Text Corp. 5.875% 6/1/26 (a) 770,000 810,102 
Qorvo, Inc. 5.5% 7/15/26 (a) 1,565,000 1,596,300 
Symantec Corp.:   
4.2% 9/15/20 655,000 662,233 
5% 4/15/25 (a) 3,170,000 3,158,000 
TTM Technologies, Inc. 5.625% 10/1/25 (a) 305,000 288,988 
Uber Technologies, Inc. 8% 11/1/26 (a) 2,835,000 2,962,575 
VeriSign, Inc. 4.625% 5/1/23 695,000 706,857 
Veritas U.S., Inc./Veritas Bermuda Ltd.:   
7.5% 2/1/23 (a) 492,000 467,400 
10.5% 2/1/24 (a) 4,895,000 4,119,338 
  22,228,388 
Telecommunications - 6.8%   
Altice Financing SA:   
6.625% 2/15/23 (a) 2,965,000 3,031,713 
7.5% 5/15/26 (a) 2,865,000 2,771,888 
Altice Finco SA:   
7.625% 2/15/25 (a) 3,335,000 2,984,825 
8.125% 1/15/24 (a) 620,000 626,200 
C&W Senior Financing Designated Activity Co. 7.5% 10/15/26 (a) 755,000 770,100 
Cogent Communications Group, Inc. 5.375% 3/1/22 (a) 785,000 798,738 
CyrusOne LP/CyrusOne Finance Corp.:   
5% 3/15/24 610,000 620,675 
5.375% 3/15/27 290,000 295,075 
Frontier Communications Corp.:   
8.5% 4/1/26 (a) 1,990,000 1,850,700 
11% 9/15/25 2,635,000 1,683,106 
GCI, Inc. 6.875% 4/15/25 1,835,000 1,871,700 
Inmarsat Finance PLC 4.875% 5/15/22 (a) 395,000 395,000 
Intelsat Jackson Holdings SA:   
5.5% 8/1/23 1,255,000 1,151,463 
8.5% 10/15/24 (a) 1,980,000 1,999,206 
Level 3 Financing, Inc.:   
5.125% 5/1/23 1,540,000 1,549,764 
5.375% 1/15/24 925,000 930,781 
5.375% 5/1/25 335,000 334,163 
5.625% 2/1/23 830,000 836,225 
Neptune Finco Corp.:   
6.625% 10/15/25 (a) 3,340,000 3,523,700 
10.875% 10/15/25 (a) 369,000 428,040 
Sable International Finance Ltd. 6.875% 8/1/22 (a) 1,054,000 1,096,160 
SFR Group SA:   
6.25% 5/15/24 (a) 695,000 695,000 
7.375% 5/1/26 (a) 1,440,000 1,413,000 
8.125% 2/1/27 (a) 535,000 537,675 
Sprint Capital Corp.:   
6.875% 11/15/28 2,950,000 2,911,281 
6.9% 5/1/19 8,700,000 8,721,750 
8.75% 3/15/32 1,175,000 1,274,141 
Sprint Communications, Inc. 6% 11/15/22 1,335,000 1,354,358 
Sprint Corp.:   
7.125% 6/15/24 3,395,000 3,507,816 
7.25% 9/15/21 1,845,000 1,948,781 
7.875% 9/15/23 2,105,000 2,249,719 
T-Mobile U.S.A., Inc.:   
6% 3/1/23 1,150,000 1,181,625 
6% 4/15/24 1,840,000 1,911,300 
6.5% 1/15/26 630,000 673,313 
ViaSat, Inc. 5.625% 9/15/25 (a) 1,070,000 1,043,250 
Wind Tre SpA 5% 1/20/26 (a) 1,755,000 1,512,986 
Zayo Group LLC/Zayo Capital, Inc. 5.75% 1/15/27 (a) 980,000 950,600 
  61,435,817 
Textiles/Apparel - 0.0%   
Eagle Intermediate Global Holding BV 7.5% 5/1/25 (a) 340,000 329,970 
Transportation Ex Air/Rail - 1.2%   
Avolon Holdings Funding Ltd.:   
5.125% 10/1/23 (a) 1,025,000 1,035,250 
5.25% 5/15/24 (a)(d) 1,600,000 1,640,000 
5.5% 1/15/23 (a) 1,100,000 1,127,720 
Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S., Inc. 8.125% 11/15/21 (a) 3,155,000 2,287,375 
Navios Maritime Holdings, Inc.:   
7.375% 1/15/22 (a) 8,615,000 3,855,213 
11.25% 8/15/22 (a) 1,065,000 676,275 
Navios South American Logistics, Inc./Navios Logistics Finance U.S., Inc. 7.25% 5/1/22 (a) 210,000 189,000 
  10,810,833 
Utilities - 4.3%   
Calpine Corp. 5.25% 6/1/26 (a) 1,140,000 1,115,775 
Dynegy, Inc. 7.625% 11/1/24 1,852,000 1,967,750 
Global Partners LP/GLP Finance Corp.:   
6.25% 7/15/22 660,000 646,800 
7% 6/15/23 2,030,000 2,007,163 
InterGen NV 7% 6/30/23 (a) 8,230,000 7,407,000 
NRG Energy, Inc.:   
5.75% 1/15/28 8,055,000 8,266,444 
6.625% 1/15/27 2,000,000 2,130,000 
NRG Yield Operating LLC 5% 9/15/26 485,000 452,263 
Talen Energy Supply LLC:   
6.5% 6/1/25 3,380,000 3,011,580 
10.5% 1/15/26 (a) 3,805,000 3,938,175 
The AES Corp.:   
5.125% 9/1/27 535,000 549,713 
6% 5/15/26 1,515,000 1,594,538 
Vertiv Group Corp. 9.25% 10/15/24 (a) 1,540,000 1,542,002 
Vistra Operations Co. LLC:   
5.5% 9/1/26 (a) 1,215,000 1,260,563 
5.625% 2/15/27 (a) 2,220,000 2,286,600 
  38,176,366 
TOTAL NONCONVERTIBLE BONDS  747,479,892 
TOTAL CORPORATE BONDS   
(Cost $761,349,800)  756,977,804 
 Shares Value 
Common Stocks - 0.5%   
Automotive & Auto Parts - 0.0%   
Chassix Holdings, Inc. warrants 7/29/20 (f)(g) 3,722 30,297 
UC Holdings, Inc. (f)(g) 13,838 314,538 
TOTAL AUTOMOTIVE & AUTO PARTS  344,835 
Food & Drug Retail - 0.5%   
Southeastern Grocers, Inc. (f)(g) 107,421 4,552,502 
TOTAL COMMON STOCKS   
(Cost $3,590,304)  4,897,337 
Convertible Preferred Stocks - 0.7%   
Energy - 0.3%   
Chesapeake Energy Corp. Series A, 5.75% 5,300 2,896,450 
Telecommunications - 0.1%   
Crown Castle International Corp. Series A, 6.875% 480 532,598 
Utilities - 0.3%   
Vistra Energy Corp. 7.00% 30,700 3,029,623 
TOTAL CONVERTIBLE PREFERRED STOCKS   
(Cost $6,577,149)  6,458,671 
 Principal Amount Value 
Bank Loan Obligations - 8.9%   
Aerospace - 0.3%   
TransDigm, Inc. Tranche G, term loan 3 month U.S. LIBOR + 2.500% 4.993% 8/22/24 (c)(e) 2,663,275 2,624,524 
Broadcasting - 0.1%   
CBS Radio, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 5.243% 11/18/24 (c)(e) 538,198 534,834 
NEP/NCP Holdco, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.743% 10/19/25 (c)(e) 50,000 49,917 
TOTAL BROADCASTING  584,751 
Cable/Satellite TV - 0.8%   
CSC Holdings LLC Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.9888% 1/25/26 (c)(e) 828,738 823,558 
WideOpenWest Finance LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.7311% 8/19/23 (c)(e) 6,902,787 6,781,989 
TOTAL CABLE/SATELLITE TV  7,605,547 
Capital Goods - 0.0%   
Apergy Corp. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 5.1622% 5/9/25 (c)(e) 62,410 62,332 
Diversified Financial Services - 0.3%   
Avolon TLB Borrower 1 (U.S.) LLC Tranche B3 1LN, term loan 3 month U.S. LIBOR + 2.000% 4.4804% 1/15/25 (c)(e) 2,413,497 2,410,721 
Energy - 0.7%   
BCP Raptor II LLC Tranche B, term loan 3 month U.S. LIBOR + 4.750% 7.3695% 11/3/25 (c)(e) 445,000 429,981 
California Resources Corp.:   
Tranche 1LN, term loan 3 month U.S. LIBOR + 10.375% 12.868% 12/31/21 (c)(e) 825,000 864,707 
Tranche B, term loan 3 month U.S. LIBOR + 4.750% 7.243% 12/31/22 (c)(e) 1,280,000 1,258,662 
Consolidated Energy Finance SA Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.9938% 5/7/25 (c)(e) 542,275 524,651 
Epic Crude Services LP Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 2/21/26 (e)(h) 3,230,000 3,189,625 
Natgasoline LLC Tranche B, term loan 3 month U.S. LIBOR + 3.500% 6.25% 11/14/25 (c)(e) 165,000 165,000 
TOTAL ENERGY  6,432,626 
Environmental - 0.1%   
Hd Supply Waterworks Ltd. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.7215% 8/1/24 (c)(e) 696,188 689,803 
Food & Drug Retail - 0.8%   
BI-LO LLC Tranche B, term loan 3 month U.S. LIBOR + 8.000% 10.7665% 5/31/24 (c)(e) 5,472,500 5,249,058 
Lannett Co., Inc. Tranche B, term loan 3 month U.S. LIBOR + 5.375% 7.868% 11/25/22 (c)(e) 1,956,889 1,797,070 
TOTAL FOOD & DRUG RETAIL  7,046,128 
Gaming - 0.5%   
Caesars Resort Collection LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 5.243% 12/22/24 (c)(e) 2,110,182 2,102,269 
CityCenter Holdings LLC Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.743% 4/18/24 (c)(e) 1,755,756 1,742,237 
Golden Nugget, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 5.2411% 10/4/23 (c)(e) 539,074 536,379 
TOTAL GAMING  4,380,885 
Healthcare - 1.0%   
Community Health Systems, Inc. Tranche H, term loan 3 month U.S. LIBOR + 3.250% 5.8789% 1/27/21 (c)(e) 608,153 604,048 
RegionalCare Hospital Partners Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.500% 6.9814% 11/16/25 (c)(e) 2,305,000 2,301,151 
U.S. Renal Care, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 7.053% 12/31/22 (c)(e) 379,137 378,458 
Valeant Pharmaceuticals International, Inc.:   
Tranche B 2LN, term loan 3 month U.S. LIBOR + 2.750% 5.2623% 11/27/25 (c)(e) 1,915,375 1,909,150 
Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.5123% 6/1/25 (c)(e) 1,195,499 1,196,097 
VVC Holding Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 7.197% 2/5/26 (c)(e) 2,340,000 2,325,375 
TOTAL HEALTHCARE  8,714,279 
Insurance - 0.5%   
AmWINS Group, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 5.2484% 1/25/24 (c)(e) 437,767 435,188 
HUB International Ltd. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 5.5144% 4/25/25 (c)(e) 4,343,175 4,298,267 
TOTAL INSURANCE  4,733,455 
Publishing/Printing - 0.0%   
Cengage Learning, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.7399% 6/7/23 (c)(e) 260,000 239,606 
Restaurants - 0.1%   
Burger King Worldwide, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.743% 2/17/24 (c)(e) 823,421 816,430 
Services - 0.7%   
Almonde, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 6.303% 6/13/24 (c)(e) 3,316,599 3,280,414 
IRI Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 7.1289% 11/30/25 (c)(e) 2,820,000 2,777,700 
Laureate Education, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 5.993% 4/26/24 (c)(e) 465,851 466,028 
TOTAL SERVICES  6,524,142 
Steel - 0.1%   
Big River Steel LLC Tranche B, term loan 3 month U.S. LIBOR + 5.000% 7.803% 8/23/23 (c)(e) 1,407,188 1,414,223 
Super Retail - 0.5%   
Bass Pro Shops LLC. Tranche B, term loan 3 month U.S. LIBOR + 5.000% 7.493% 9/25/24 (c)(e) 4,309,091 4,294,742 
Technology - 0.8%   
Boxer Parent Co., Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 7.053% 10/2/25 (c)(e) 1,095,000 1,087,740 
Ceridian HCM Holding, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.743% 4/30/25 (c)(e) 1,635,900 1,630,796 
First Data Corp. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.4899% 4/26/24 (c)(e) 507,612 506,835 
Kronos, Inc.:   
2LN, term loan 3 month U.S. LIBOR + 8.250% 10.9863% 11/1/24 (c)(e) 2,105,000 2,140,701 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.7363% 11/1/23 (c)(e) 1,666,575 1,659,075 
SS&C Technologies, Inc. Tranche B 5LN, term loan 3 month U.S. LIBOR + 2.250% 4.743% 4/16/25 (c)(e) 229,422 228,346 
TOTAL TECHNOLOGY  7,253,493 
Telecommunications - 1.3%   
Frontier Communications Corp.:   
Tranche A, term loan 3 month U.S. LIBOR + 2.750% 5.25% 3/31/21 (c)(e) 4,276,056 4,211,915 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.25% 6/15/24 (c)(e) 276,640 266,266 
Intelsat Jackson Holdings SA:   
Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.2291% 11/27/23 (c)(e) 355,000 354,634 
Tranche B-4, term loan 3 month U.S. LIBOR + 4.500% 6.9791% 1/2/24 (c)(e) 300,000 303,999 
Tranche B-5, term loan 6.625% 1/2/24 300,000 303,000 
Radiate Holdco LLC Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.493% 2/1/24 (c)(e) 3,676,901 3,654,509 
SFR Group SA Tranche B 13LN, term loan 3 month U.S. LIBOR + 4.000% 6.4888% 8/14/26 (c)(e) 1,097,250 1,065,704 
Sprint Communications, Inc.:   
Tranche B 2LN, term loan 3 month U.S. LIBOR + 3.000% 5.5% 2/2/24 (c)(e) 740,000 730,750 
Tranche B, term loan 3 month U.S. LIBOR + 2.500% 5% 2/3/24 (c)(e) 604,238 595,929 
TOTAL TELECOMMUNICATIONS  11,486,706 
Transportation Ex Air/Rail - 0.1%   
International Seaways Operating Corp. Tranche B, term loan 3 month U.S. LIBOR + 5.500% 8.5% 6/22/22 (c)(e) 537,529 537,529 
Utilities - 0.2%   
Vertiv Group Corp. Tranche B, term loan 3 month U.S. LIBOR + 4.000% 6.6289% 11/30/23 (c)(e) 1,207,543 1,168,298 
Vistra Operations Co. LLC Tranche B 2LN, term loan 3 month U.S. LIBOR + 2.250% 4.743% 12/14/23 (c)(e) 352,800 352,211 
TOTAL UTILITIES  1,520,509 
TOTAL BANK LOAN OBLIGATIONS   
(Cost $79,297,017)  79,372,431 
Preferred Securities - 3.2%   
Banks & Thrifts - 3.1%   
Bank of America Corp. 5.875% (c)(i) 11,210,000 11,268,212 
Barclays Bank PLC 7.625% 11/21/22 1,710,000 1,880,681 
Citigroup, Inc.:   
5.95% (c)(i) 6,905,000 7,077,493 
6.3% (c)(i) 6,510,000 6,744,018 
Credit Agricole SA 6.625% (a)(c)(i) 450,000 459,769 
TOTAL BANKS & THRIFTS  27,430,173 
Energy - 0.1%   
Summit Midstream Partners LP 9.5% (c)(i) 1,065,000 1,006,249 
TOTAL PREFERRED SECURITIES   
(Cost $28,107,464)  28,436,422 
 Shares Value 
Money Market Funds - 2.4%   
Fidelity Cash Central Fund, 2.44% (j)   
(Cost $21,773,509) 21,774,357 21,778,712 
TOTAL INVESTMENT IN SECURITIES - 100.1%   
(Cost $900,695,243)  897,921,377 
NET OTHER ASSETS (LIABILITIES) - (0.1)%  (689,658) 
NET ASSETS - 100%  $897,231,719 

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 $424,818,453 or 47.3% of net assets.

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

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

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

 (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) Level 3 security

 (g) Non-income producing

 (h) The coupon rate will be determined upon settlement of the loan after period end.

 (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 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 $654,888 
Total $654,888 

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 February 28, 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:     
Consumer Discretionary $344,835 $-- $-- $344,835 
Consumer Staples 4,552,502 -- -- 4,552,502 
Energy 2,896,450 -- 2,896,450 -- 
Real Estate 532,598 -- 532,598 -- 
Utilities 3,029,623 -- 3,029,623 -- 
Corporate Bonds 756,977,804 -- 756,977,804 -- 
Bank Loan Obligations 79,372,431 -- 79,372,431 -- 
Preferred Securities 28,436,422 -- 28,436,422 -- 
Money Market Funds 21,778,712 21,778,712 -- -- 
Total Investments in Securities: $897,921,377 $21,778,712 $871,245,328 $4,897,337 

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 78.0% 
Canada 4.8% 
Luxembourg 4.5% 
Cayman Islands 3.2% 
Netherlands 1.9% 
Multi-National 1.4% 
United Kingdom 1.4% 
Ireland 1.2% 
Bermuda 1.1% 
Others (Individually Less Than 1%) 2.5% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

  February 28, 2019 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $878,921,734) 
$876,142,665  
Fidelity Central Funds (cost $21,773,509) 21,778,712  
Total Investment in Securities (cost $900,695,243)  $897,921,377 
Cash  55,757 
Receivable for investments sold   
Regular delivery  2,390,222 
Delayed delivery  713,125 
Interest receivable  13,195,051 
Distributions receivable from Fidelity Central Funds  52,607 
Total assets  914,328,139 
Liabilities   
Payable for investments purchased   
Regular delivery $12,658,509  
Delayed delivery 4,434,313  
Other payables and accrued expenses 3,598  
Total liabilities  17,096,420 
Net Assets  $897,231,719 
Net Assets consist of:   
Paid in capital  $913,289,757 
Total distributable earnings (loss)  (16,058,038) 
Net Assets, for 8,160,266 shares outstanding  $897,231,719 
Net Asset Value, offering price and redemption price per share ($897,231,719 ÷ 8,160,266 shares)  $109.95 

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


Statement of Operations

  Six months ended February 28, 2019 (Unaudited) 
Investment Income   
Dividends  $746,680 
Interest  26,703,897 
Income from Fidelity Central Funds  654,888 
Total income  28,105,465 
Expenses   
Custodian fees and expenses $6,716  
Independent directors' fees and expenses 2,753  
Legal 917  
Miscellaneous  
Total expenses before reductions 10,389  
Expense reductions (7,848)  
Total expenses after reductions  2,541 
Net investment income (loss)  28,102,924 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (12,197,834)  
Fidelity Central Funds 2,774  
Foreign currency transactions (1,007)  
Total net realized gain (loss)  (12,196,067) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 709,051  
Fidelity Central Funds (2,774)  
Total change in net unrealized appreciation (depreciation)  706,277 
Net gain (loss)  (11,489,790) 
Net increase (decrease) in net assets resulting from operations  $16,613,134 

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


Statement of Changes in Net Assets

 Six months ended February 28, 2019 (Unaudited) Year ended August 31, 2018 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $28,102,924 $57,394,335 
Net realized gain (loss) (12,196,067) 10,346,046 
Change in net unrealized appreciation (depreciation) 706,277 (22,053,779) 
Net increase (decrease) in net assets resulting from operations 16,613,134 45,686,602 
Distributions to shareholders (34,697,948) – 
Distributions to shareholders from net investment income – (56,643,250) 
Distributions to shareholders from net realized gain – (616,160) 
Total distributions (34,697,948) (57,259,410) 
Affiliated share transactions   
Reinvestment of distributions 30,985,579 10,617,535 
Cost of shares redeemed – (14,846) 
Net increase (decrease) in net assets resulting from share transactions 30,985,579 10,602,689 
Total increase (decrease) in net assets 12,900,765 (970,119) 
Net Assets   
Beginning of period 884,330,954 885,301,073 
End of period $897,231,719 $884,330,954 
Other Information   
Distributions in excess of net investment income end of period  $(1,009,740) 
Shares   
Sold – – 
Issued in reinvestment of distributions 285,731 94,015 
Redeemed – (131) 
Net increase (decrease) 285,731 93,884 

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


Financial Highlights

Fidelity High Income Central Fund 2

 Six months ended (Unaudited) February 28, Years endedAugust 31,     
 2019 2018 2017 2016 2015 2014 
Selected Per–Share Data       
Net asset value, beginning of period $112.30 $113.78 $110.82 $109.78 $118.45 $114.34 
Income from Investment Operations       
Net investment income (loss)A 3.513 7.336 7.352 7.278 7.064 7.292 
Net realized and unrealized gain (loss) (1.512) (1.497) 2.982 .631 (8.871) 3.876 
Total from investment operations 2.001 5.839 10.334 7.909 (1.807) 11.168 
Distributions from net investment income (3.501) (7.240) (7.374) (6.869) (6.863) (7.058) 
Distributions from net realized gain (.850) (.079) – – – – 
Total distributions (4.351) (7.319) (7.374) (6.869) (6.863) (7.058) 
Net asset value, end of period $109.95 $112.30 $113.78 $110.82 $109.78 $118.45 
Total ReturnB,C 1.89% 5.29% 9.60% 7.75% (1.58)% 9.97% 
Ratios to Average Net AssetsD,E       
Expenses before reductions - %F,G - %G .01% - %G - %G - %G 
Expenses net of fee waivers, if any - %F,G - %G .01% - %G - %G - %G 
Expenses net of all reductions - %F,G - %G .01% - %G - %G - %G 
Net investment income (loss) 6.51%F 6.49% 6.54% 6.93% 6.19% 6.20% 
Supplemental Data       
Net assets, end of period (000 omitted) $897,232 $884,331 $885,301 $852,409 $792,221 $872,004 
Portfolio turnover rateH 47%F 57% 46% 47% 40% 56% 

 A Calculated based on average shares outstanding during the period.

 B Total returns for periods of less than one year are not annualized.

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

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

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

 F Annualized

 G Amount represents less than .005%.

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

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


Notes to Financial Statements (Unaudited)

For the period ended February 28, 2019

1. Organization.

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 are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The 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 February 28, 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. 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 prior period premium and discount on debt securities, certain conversion ratio adjustments, equity-debt classifications, contingent interest, capital loss carryforwards, partnerships and losses deferred due to wash sales.

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

Gross unrealized appreciation $20,089,211 
Gross unrealized depreciation (22,905,087) 
Net unrealized appreciation (depreciation) $(2,815,876) 
Tax cost $900,737,253 

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

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

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

New 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, aggregated $241,740,156 and $186,083,058, 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.

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 expenses by $7,848.

7. Other.

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

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

8. Litigation.

The Fund, and other entities managed by FMR or its affiliates were named as defendants in a lawsuit filed in the United States Bankruptcy Court for the Southern District of New York in 2009. The lawsuit was brought by creditors of Motors Liquidation Company (f/k/a General Motors), which went through Chapter 11 bankruptcy proceedings in 2009, and is captioned Official Committee of Unsecured Creditors of Motors Liquidation Company v. JPMorgan Chase Bank, N.A., et al., Adversary No. 09-00504 (REG). The plaintiffs are seeking an order that the Fund and other defendants return proceeds received in 2009 in full payment of the principal and interest on General Motors secured debt. The plaintiffs contend that the Fund and the other defendants were not secured creditors at the time of the 2009 payments and, thus, were not entitled to payment in full. In January 2015, the Court of Appeals ruled that JPMorgan, as administrative agent for all of the debtholders, released the security interest on certain collateral securing the debt prior to the 2009 payments. In September 2017, an opinion was issued in a trial intended to help determine the value of any remaining, unreleased collateral. In February 2019, the parties reached a preliminary settlement that remains subject to negotiation and final approval by the Bankruptcy Court. Given these contingencies, Management cannot determine at this time the amount of loss that may be realized, but expects the amount to be less than the $1,316,020 received in 2009. The Fund is also incurring legal costs in defending the case.

9. Proposed Reorganization.

The Board of Trustees of the Fund approved an Agreement and Plan of Reorganization (the Agreement) between the Fund and Fidelity High Income Central Fund 1. The Agreement provides for the transfer of all the assets and the assumption of all the liabilities of Fidelity High Income Central Fund 1 in exchange for shares of the Fund equal in value to the net assets of Fidelity High Income Central Fund 1 on the day the reorganization is effective. The reorganization provides shareholders of Fidelity High Income Central Fund 1 access to a larger portfolio with a similar investment objective.

The reorganization does not require Fidelity High Income Central Fund 1 shareholder approval and is expected to become effective in May 2019. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes with no gain or loss recognized by the funds or their shareholders.

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 (September 1, 2018 to February 28, 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
September 1, 2018 
Ending
Account Value
February 28, 2019 
Expenses Paid
During Period-B
September 1, 2018
to February 28, 2019 
Actual .0024% $1,000.00 $1,018.90 $.01 
Hypothetical-C  $1,000.00 $1,024.78 $.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 181/365 (to reflect the one-half year period).

 C 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity High Income Central Fund 2

Each year, the Board of Directors, including the Independent Directors (together, the Board), votes on the renewal of the management contract with FMR Co., Inc. (FMRC) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMRC and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Directors' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Directors with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its January 2019 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Directors' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable.

Nature, Extent, and Quality of Services Provided.  The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Directors also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund.

Resources Dedicated to Investment Management and Support Services.  The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

Administrative Services.  The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, and the use of "soft" commission dollars to pay for research services.

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, but did not consider performance to be a material factor in its decision to renew the fund's Advisory Contracts, as the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is designed to offer a liquid investment option for other investment companies managed by Fidelity and ultimately to enhance the performance of those investment companies.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio.  The Board considered that while the fund does not pay a management fee, Fidelity Management & Research Company (FMR) pays a management fee on behalf of the fund and receives fees for providing services to funds that invest in the fund. The Board also noted that FMR bears all expenses of the fund with certain exceptions. Based on its review, the Board concluded that the management fee paid on behalf of the fund and the fund's total expense ratio were reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability.  The Board considered the level of Fidelity's profits in respect of all the Fidelity funds, as well as the profitability of the funds that invest in the fund.

PricewaterhouseCoopers LLP (PwC), auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of the fund profitability information and its conformity to established allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the fund's business. The Board noted that changes to fall-out benefits year-over-year reflect business developments at Fidelity's various businesses.

The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions.

Economies of Scale.  The Board concluded that because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contract.

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund performance trends, in particular the underperformance of certain funds, and Fidelity's long-term strategies for certain funds; (ii) Fidelity's fund profitability methodology, profitability trends for certain funds, and the impact of certain factors on fund profitability results; (iii) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (iv) the methodology with respect to the evaluation of competitive fund data and peer group classifications and fee comparisons; (v) the expense structures for different funds and classes; (vi) information regarding other accounts managed by Fidelity, including collective investment trusts; and (vii) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.





Fidelity Investments

HICII-SANN-0419
1.861965.110



Item 2.

Code of Ethics


Not applicable.

 

Item 3.

Audit Committee Financial Expert


Not applicable.


Item 4.

Principal Accountant Fees and Services


Not applicable.


Item 5.

Audit Committee of Listed Registrants


Not applicable.


Item 6.  

Investments


(a)

Not applicable.


(b)

Not applicable


Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies


Not applicable.


Item 8.

Portfolio Managers of Closed-End Management Investment Companies


Not applicable.


Item 9.  

Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers


Not applicable.


Item 10.

Submission of Matters to a Vote of Security Holders


There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Central Investment Portfolios LLCs Board of Trustees.


Item 11.

Controls and Procedures




(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Central Investment Portfolios LLCs (the Trust) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.


(a)(ii)  There was no change in the Trusts internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trusts internal control over financial reporting.


Item 12.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies


Not applicable.



Item 13.

Exhibits


(a)

(1)

Not applicable.

(a)

(2)

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

(a)

(3)

Not applicable.

(b)


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




SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Fidelity Central Investment Portfolios LLC



By:

/s/Stacie M. Smith


Stacie M. Smith


President and Treasurer



Date:

April 24, 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:

April 24, 2019



By:

/s/John J. Burke III


John J. Burke III


Chief Financial Officer



Date:

April 24, 2019