# EDGAR Filing Document

**Accession Number:** 0001899996
**File Stem:** 0001193125-26-119504
**Filing Date:** 2026-3
**Character Count:** 1036132
**Document Hash:** 6ef5a3852f550a628c451aa0481f850b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-119504.hdr.sgml**: 20260323

**ACCESSION NUMBER**: 0001193125-26-119504

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 91

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260323

**DATE AS OF CHANGE**: 20260323

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Fidelity Private Credit Co LLC
- **CENTRAL INDEX KEY:** 0001899996

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01645
- **FILM NUMBER:** 26781783

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Fidelity Private Credit Central Fund LLC
- **DATE OF NAME CHANGE:** 20230209

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Fidelity Direct Lending Fund, LP
- **DATE OF NAME CHANGE:** 20211216

?xml version='1.0' encoding='ASCII'? 10-K

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

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**FORM** 10-K

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 **(Mark One)** 

☒ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the fiscal year ended** **December 31,** 2025

**OR** 

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ____________________ TO ____________________**

**Commission File Number** 814-01645

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Fidelity Private Credit Company LLC

**(Exact name of Registrant as specified in its Charter)**

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| | |
|:---|:---|
| Delaware | 87-2722334 |
| **(State or other jurisdiction of**<br>**incorporation or organization)** | **(I.R.S. Employer**<br>**Identification No.)** |
| 245 Summer Street<br>Boston**,** Massachusetts | 02210 |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code: (**617**)** 563-7000

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Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br>**Symbol(s)** | **Name of each exchange on which registered** |

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Securities registered pursuant to Section 12(g) of the Act:

Common Units

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

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| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☐ |
|  |  | Emerging growth company | ☒ |

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of December 31, 2025, there was no established public market for the Registrant's common units of beneficial interest ("Common Units").

The number of units of Registrant's Common Units, outstanding as of March 18, 2026 was 85,190,976.

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**Table of Contents**

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| | | |
|:---|:---|:---|
|  |  | **Page** |
| **PART I** |  |  |
| &nbsp;&nbsp;&nbsp;Item 1. | [Business](#item1_business) | 5 |
| &nbsp;&nbsp;&nbsp;Item 1A. | [Risk Factors](#item_1a_risk_factors) | 28 |
| &nbsp;&nbsp;&nbsp;Item 1B. | [Unresolved Staff Comments](#item1b_unresolved) | 75 |
| &nbsp;&nbsp;&nbsp;Item 1C. | [Cybersecurity](#item1c_cybersecurity) | 76 |
| &nbsp;&nbsp;&nbsp;Item 2. | [Properties](#item2_properties) | 77 |
| &nbsp;&nbsp;&nbsp;Item 3. | [Legal Proceedings](#item3_legal) | 78 |
| &nbsp;&nbsp;&nbsp;Item 4. | [Mine Safety Disclosures](#item4_mine_safety) | 78 |
| **PART II** |  |  |
| &nbsp;&nbsp;&nbsp;Item 5. | [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#item5_market) | 79 |
| &nbsp;&nbsp;&nbsp;Item 6. | [\[Reserved\]](#item6_reserved) | 82 |
| &nbsp;&nbsp;&nbsp;Item 7. | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#item_2_mda) | 83 |
| &nbsp;&nbsp;&nbsp;Item 7A. | [Quantitative and Qualitative Disclosures About Market Risk](#item_3_quantitative_qualitative_discl) | 97 |
| &nbsp;&nbsp;&nbsp;Item 8. | [Consolidated Financial Statements and Supplementary Data](#item8_consolidated) | 98 |
| &nbsp;&nbsp;&nbsp;Item 9. | [Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](#item9_changes) | 166 |
| &nbsp;&nbsp;&nbsp;Item 9A. | [Controls and Procedures](#item9a_control) | 166 |
| &nbsp;&nbsp;&nbsp;Item 9B. | [Other Information](#item9b_other_info) | &nbsp;&nbsp;&nbsp;166 |
| &nbsp;&nbsp;&nbsp;Item 9C. | [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#item9c_disclosure) | 166 |
| **PART III** |  |  |
| &nbsp;&nbsp;&nbsp;Item 10. | [Directors, Executive Officers and Corporate Governance](#item10_directors) | 167 |
| &nbsp;&nbsp;&nbsp;Item 11. | [Executive Compensation](#item11_executive) | 173 |
| &nbsp;&nbsp;&nbsp;Item 12. | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#item12_security) | 174 |
| &nbsp;&nbsp;&nbsp;Item 13. | [Certain Relationships and Related Transactions, and Director Independence](#item13_certain) | 174 |
| &nbsp;&nbsp;&nbsp;Item 14. | [Principal Accounting Fees and Services](#item14_principle) | 176 |
| **PART IV** |  |  |
| &nbsp;&nbsp;&nbsp;Item 15. | [Exhibits, Financial Statement Schedules](#item15_exhibit) | 178 |
| &nbsp;&nbsp;&nbsp;Item 16. | [Form 10-K Summary](#item16_summary) | 179 |

---

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**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS** 

This Annual Report on Form 10-K (the "Annual Report") contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are current expectations, estimates, and projections of Fidelity Private Credit Company LLC (the "Fund," "we," "us" or "our") and/or Fidelity Diversifying Solutions LLC ("FDS" or the "Adviser") about the Fund, our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. "Fund," "we," "us" or "our" refers to Fidelity Direct Lending Fund, LP, a Delaware limited partnership for periods prior to consummation of the BDC Conversion (as defined below), refers to Fidelity Private Credit Central Fund LLC, a Delaware limited liability company for periods following the BDC Conversion. "BDC Conversion" refers to the conversion by operation of law of Fidelity Direct Lending, LP to Fidelity Private Credit Central Fund LLC by the filing of a Certificate of Conversion to a limited liability company on January 31, 2023, and the Fund's subsequent election to be regulated as a BDC. On March 11, 2024, the Fund was renamed Fidelity Private Credit Company LLC. Forward-looking statements can be identified by the use of forward-looking terminology such as "may," "will," "should," "seek," "expect," "anticipate," "project," "estimate," "intend," "continue," "target," or "believe" or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual performance of the Fund may differ materially from those reflected or contemplated in such forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and are difficult to predict, that could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements including, without limitation, the risks, uncertainties and other factors we identify in the section entitled "[*<u>Item 1A. Risk Factors.</u>*](#item_1a_risk_factors)"and elsewhere in this Annual Report and in our filings with the U.S. Securities and Exchange Commission (the "SEC").

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Annual Report should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in the section entitled "[*<u>Item 1A. Risk Factors.</u>*](#item_1a_risk_factors)"and elsewhere in this Annual Report. Investors should not place undue reliance on these forward-looking statements, which apply only as of the date of this Annual Report. We do not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law.

The following factors are among those that could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our future operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our business prospects and the prospects of our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to raise capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•geo-political conditions, including revolution, insurgency, terrorism or war;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of our portfolio companies to achieve their objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our current and expected financing arrangements and investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in the general interest rate environment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the adequacy of our cash resources, financing sources and working capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the timing and amount of cash flows, distributions and dividends, if any, from our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our contractual arrangements and relationships with third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•actual and potential conflicts of interest with the Adviser and its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the elevating levels of inflation, and its impact on our portfolio companies and on the industries in which we invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the dependence of our future success on the general economy and its effect on the industries in which we may invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the use of borrowed money to finance a portion of our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of the Adviser to identify suitable investments and to monitor and administer our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of the Adviser and its affiliates to attract and retain highly talented professionals;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to maintain our qualification as a business development company ("BDC") and as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact on our business of U.S. and international financial reform legislation, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the effect of changes in tax laws and regulations and interpretations thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the tax status of the enterprises in which we may invest.

You are advised to consult any additional disclosures that we make directly to you or through reports that we have filed or in the future file with the SEC including annual reports on Form 10-K, registration statements on Form 10, quarterly reports on Form 10-Q and current reports on Form 8-K. This Annual Report contains statistics and other data that have been obtained from or compiled from information made available by third-party service providers. We have not independently verified such statistics or data. The safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which preclude civil liability for certain forward-looking statements, do not apply to the forward-looking statements in this Annual Report because we are an investment company.

**Risk Factor Summary**

*The following is only a summary of the principal risks that may materially adversely affect our business, financial condition, results of operations and cash flows. The following should be read in conjunction with the more complete discussion of the risk factors we face, which are set forth in the section entitled* "[*<u>Item 1A. Risk Factors.</u>*](#item_1a_risk_factors)"*in this Annual Report.*

**Risks Relating to an Investment in the Fund**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Fund is a relatively new company with limited operating history.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•An investment in the Fund is suitable only for certain sophisticated investors that have no need for immediate liquidity in respect of their investment and who can accept the risks associated with investing in illiquid investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Fund is managed exclusively by the Adviser and Fund investors should expect to rely solely on the ability of the Adviser with respect to the Fund's operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Investing in the Fund may be considered speculative and involves a high degree of risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Fund will generally make long-term loans and equity investments in small and medium-sized private companies for which very little public information exists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•There can be no guarantee that the Fund will replicate the historical results achieved by similar strategies managed by the Fidelity organization ("Fidelity").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Fund cannot guarantee that it will achieve investment results that will allow it to make a specified level of cash distributions or year-to-year increases in cash distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Economic recessions or downturns could impair our portfolio companies and adversely affect the Fund's operating results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Fund's Board of Directors has the authority to modify or waive certain of the Fund's operating policies and strategies without prior notice and without investor approval, the effects of which may be adverse to the Fund's business and impact its ability to make distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Fund is subject to general credit risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Fund will be exposed to risks associated with changes in interest rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The valuations of the Fund's investments can be volatile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Fair value pricing is based on subjective judgments, and it is possible that fair value of a security may differ materially from the value that would be realized if the security were sold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•There may be limited availability of suitable investments for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Fund may seek to obtain indebtedness on an investment-by-investment basis, and leverage may not be available or may be available on less desirable terms in connection with particular investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The greater the total leverage of the Fund relative to its assets, the greater the risk of loss and possibility of gain due to changes in the values of its investments.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•To the extent that the Fund assumes large positions in the securities of a small number of issuers or industries, the Fund's net asset value may fluctuate to a greater extent than that of a more diversified investment company as a result of changes in the financial condition or the market's assessment of the issuer.

**Risks Relating to the Fund's Investments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The privately-held companies and below-investment-grade securities in which the Fund will invest will be difficult to value and are illiquid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Portfolio companies may be highly leveraged, and there is no restriction on the amount of debt a portfolio company can incur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Leveraged companies may experience bankruptcy or similar financial distress.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Investing in securities of non-U.S. issuers involves certain considerations comprising both risks and opportunities not typically associated with investing in securities of U.S. issuers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Fund generally will not control our portfolio companies and our investments in prospective portfolio companies may be risky.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Fund may be exposed to losses resulting from default and foreclosure of any such loans or interests in loans in which it has invested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Certain of the Fund's debt investments may contain provisions providing for the payment of payment-in-kind ("PIK") interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Fund is subject to prepayment risk with respect to certain of the loans in which it invests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Fund may invest in unsecured loans which are not secured by collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The collateral and security arrangements in relation to such secured obligations as the Fund may invest in will be subject to such security or collateral having been correctly created and perfected and any applicable legal or regulatory requirements which may restrict the giving of collateral or security by an obligor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The fair value of loans, securities and other investments that are not publicly traded may not be readily determinable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A significant number of leveraged loans in the market may consist of "covenant-lite loans."

**Risks Relating to the Private Offering**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Fund's common units of beneficial interest ("Units") may be subject to certain restrictions on transferability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Unit Holders will be required to make capital contributions ("Capital Contributions") to purchase the Fund's Units each time the Fund delivers a funding notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If Unit Holders fail to fund their commitment obligations or to make required Capital Contributions when due, the Fund's ability to complete its investment program or otherwise continue operations may be substantially impaired.

**Risks Relating to Certain Regulatory and Tax Matters**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Fund is subject to various regulations as a BDC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If the Fund does not maintain its status as a BDC, the Fund would be subject to substantially more regulatory restrictions under the Investment Company Act of 1940, as amended which would significantly decrease its operating flexibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Any new or changed U.S. federal, state, and local laws and regulations could have a material adverse effect on the Fund's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The inability of the Fund or the Adviser to obtain necessary licenses or authorizations, the structuring of an investment in an inefficient or otherwise disadvantageous manner, or changes in licensing requirements, could adversely affect the Fund's ability to implement its investment program and achieve its intended results.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Under certain circumstances, it would be possible for the Fund to obtain a controlling interest in certain portfolio companies, thus, the Fund could be treated as a single employer with one or more of its portfolio companies for purposes of controlled group rules under the Employee Retirement Income Security Act of 1974, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If the Fund does not qualify for or maintain RIC tax treatment and are subject to corporate income tax, the resulting corporate taxes could substantially reduce our net assets, the amount of income available for distribution and the amount of our distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Fund expects to invest in debt securities that are rated below investment grade or that would be rated below investment grade if they were rated, which may present special tax issues.

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**PART I**

**Item 1. Business.**

**Our Company**

Fidelity Private Credit Company LLC (the "Fund," "we," "us" or "our") was formed on September 16, 2021, as a Delaware limited partnership named Fidelity Direct Lending Fund L.P. On January 31, 2023, Fidelity Direct Lending Fund, L.P. converted to a Delaware limited liability company and was renamed Fidelity Private Credit Central Fund LLC, a Delaware limited liability company. On June 1, 2023, the Fund elected to be regulated as a business development company ("BDC"). The conversion by operation of law of Fidelity Direct Lending Fund, L.P. to Fidelity Private Credit Central Fund, LLC by filing a certificate of conversion to a limited liability company is hereinafter referred to as the "BDC Conversion". On March 11, 2024, the Fund was renamed Fidelity Private Credit Company LLC. The Fund has elected to be treated, and intends to qualify annually, for U.S. federal income tax purposes as a regulated investment company ("RIC") as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). For the periods prior to June 6, 2023, the Fund was treated as a partnership for tax purposes and was not subject to U.S. federal income tax.

Prior to the BDC Conversion, the Fund entered into separate subscription agreements (each, a "Subscription Agreement") with investors who were admitted as limited partners (the "Limited Partners"). In connection with the BDC Conversion, existing Limited Partners were admitted as members of the Fund. Capital commitments ("Capital Commitment") of Limited Partners pursuant to Subscription Agreements entered into prior to the BDC Conversion continue to be outstanding Capital Commitments to the Fund. Existing capital accounts of Limited Partners were converted to corresponding common units of beneficial interest ("Units") of the Fund. Following the BDC Conversion, the Fund expects to continue to enter into separate Subscription Agreements with a number of investors who will be admitted as the Fund's holders of Units ("Unit Holders") providing for the private placement of the Fund's Units. Each subscriber makes a Capital Commitment to purchase Units of the Fund pursuant to the Subscription Agreement. Subscribers are required to make capital contributions ("Capital Contributions") to purchase Units of the Fund each time the Fund delivers a drawdown notice.

The first closing date occurred on December 9, 2021 (commencement of operations), on which initial capital was contributed by investors. Additional closings are expected to occur from time to time as determined by the Fund (each, a "Subsequent Closing"). Capital Commitments will be drawn in such amounts and proportions as will be required by the Fund in its sole discretion. The Fund expects that it will commence drawdowns of Capital Commitments from subscribers who make a Capital Commitment to the Fund after March 1, 2025, only after the Fund has drawn down 90% of the Capital Commitments of each subscriber admitted prior to March 1, 2025. The Fund expects that it will drawdown Capital Commitments pro rata in accordance with each subscriber's unfunded Capital Commitment. The Fund expects to cease drawing down Capital Commitments from each subscriber once the Fund has drawn 90% of the Capital Commitment(s) of such subscriber, however the Fund may drawdown additional Capital Commitments as necessary in its sole discretion. The Fund may elect, in its sole discretion, to forgive, in whole or in part, a Member's Capital Commitment and at such time the Member shall not have any further obligations in respect of drawdowns or capital contributions with respect to such forgiven Capital Commitment.

In connection with each drawdown, investors will receive a number of Units corresponding to the Capital Contribution, with such Units issued at a per-share price that will be determined prior to the issuance of such Units and in accordance with the 1940 Act, subject to a determination by the Board of Directors (the "Board") (including any committee thereof) or the officers of the Fund that such offer price is not below the Fund's then current net asset value per Unit of the Fund ("NAV") as required pursuant to the 1940 Act. Capital Commitments will generally be drawn from investors by the Fund as needed, upon 10 Business Days' prior written notice, in such amounts as will be required by the Fund in its sole discretion. "Business Day" shall mean any day other than a Saturday, Sunday or a day when banks in the State of New York are authorized or required by law, regulation or executive order to remain closed.

Existing investors are bound by the terms of the Second Amended and Restated Limited Liability Company Agreement (as may be amended from time to time, the "LLC Agreement"). Pursuant to the Subscription Agreement, new investors will become bound by the terms of the LLC Agreement.

The Fund is a non-diversified, closed-end management investment company. The Fund is externally managed by Fidelity Diversifying Solutions LLC ("FDS" or the "Adviser"), which is registered as an investment adviser with the U.S. Securities and Exchange Commission (the "SEC") and an affiliate of FMR LLC ("FMR") and its subsidiaries.

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The Fund's investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. The Fund seeks to achieve these objectives by investing primarily through directly originated loans to private companies but also with liquid credit investments, like broadly syndicated loans, and other select Private Credit (as defined below) investments. The Fund intends to invest across issuers, industries, geographies, and sponsors or ownership groups. The majority of the Fund's investments will be loans targeted at private U.S. operating companies whose securities are not listed on a national securities exchange or registered under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and public U.S. operating companies having a market capitalization of less than $250,000,000 ("Portfolio Investments"). The Fund may also invest to a lesser degree in non-U.S. companies. Specific investments may include: (a) directly originated first lien loans, senior secured revolving lines of credit, term loans and delayed draw term loans, (b) directly originated second lien, last out senior, secured or unsecured mezzanine term loans and delayed draw term loans, (c) club deals (investments generally comprised of a small group of lenders), and broadly syndicated leveraged loans (investments generally arranged or underwritten by investment banks or other intermediaries), and (d) other debt (collectively referred to as "Private Credit"). The Fund may also invest to a lesser degree in equity linked instruments (may include debt with warrants, preferred equity investments, or equity co-investments). The Adviser and/or its affiliates may lead and structure the transaction as sole-lender, as the agent of a club credit facility (a group of similar direct lenders that invest in the same tranches), or may participate as a non-agent investor in a large club or syndicated transactions.

The Fund has no fixed term, and it will remain in existence until dissolved in accordance with the LLC Agreement or pursuant to Delaware law. The Units are not registered under the Securities Act of 1933 ("Securities Act") or any state securities laws. The Units are offered and sold under exemptions from the registration requirements of Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D promulgated thereunder. Each purchaser of Units is required to represent that it is (i) either an "accredited investor" as defined in Rule 501 of Regulation D under the Securities Act or, in the case of Units sold outside the United States, not a "U.S. person" in accordance with Regulation S of the Securities Act and (ii) was acquiring the Units for investment and not with a view to resell or distribute. Each investor must be prepared to bear the economic risk of the investment for an indefinite period because shares are "restricted securities" (as defined in Rule 144 under the Securities Act) and can be resold only pursuant to an offering registered under the Securities Act or an exemption from such registration requirement.

Notwithstanding the foregoing, the Fund may, at any time, determine to pursue a sale of all or substantially all of the Fund's assets to, a purchase of all or substantially all of the assets of, or other liquidity event with, another entity or a transaction or series of transactions, including by way of merger, consolidation, recapitalization, reorganization, or sale of Units in each case for consideration of either cash and/or publicly listed securities of the acquirer, in each case subject to any required approvals and any applicable requirements of the Investment Company Act of 1940, as amended (the "1940 Act"). Potential acquirers could include other BDCs and entities that are not BDCs, in each case, that are advised by the Adviser or its affiliates or by unaffiliated third-parties. The Fund is not a subsidiary of or consolidated with the Fidelity organization ("Fidelity Investments" or "Fidelity").

**The Adviser and the Administrator** 

The Fund's investment activities are managed by the Adviser. The Adviser is responsible for sourcing potential investments, conducting due diligence on prospective investments, analyzing investment opportunities, determining the value of Fund investments, structuring investments and monitoring our portfolio on an ongoing basis.

FDS, in its capacity as our Administrator (the "Administrator"), provides, or oversees the performance of, administrative and compliance services. FDS leverages the resources of the entire Fidelity organization in managing the Fund.

FDS is a registered investment adviser under the Advisers Act of 1940, as amended (the "Advisers Act"), and a wholly-owned subsidiary of FMR. FDS is also registered with the Commodities Futures Trading Commission ("CFTC") under the Commodity Exchange Act of 1936, as amended, as a commodity pool operator and a commodity trading advisor and is a member of the National Futures Association. However, with respect to the Fund, the Adviser is exempt from registration with the CFTC as a commodity pool operator ("CPO") under CFTC Rule 4.5 because of the Fund's limited trading in commodity interests and member eligibility requirements, so that unlike a registered CPO, with respect to the Fund, the Adviser is not required to deliver a disclosure document or an annual report (as these terms are used in the CFTC's rules) to Members.

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FMR, as successor by merger to FMR Corp., is the ultimate parent company of FDS. The voting common shares of FMR are divided into two series. Series B is held predominantly by members of the Johnson family, including Abigail P. Johnson, directly or through trusts, and is entitled to 49% of the vote on any matter acted upon by the voting common shares. Series A is held predominantly by non-Johnson family member employees of FMR and its affiliates and is entitled to 51% of the vote on any such matter. The Johnson family group and all other Series B shareholders have entered into a shareholders' voting agreement under which all Series B shares will be voted in accordance with the majority vote of Series B shares. Under the 1940 Act, control of a company is presumed where one individual or group of individuals owns more than 25% of the voting securities of that company. Therefore, through their ownership of voting common shares and the execution of the shareholders' voting agreement, members of the Johnson family may be deemed, under the 1940 Act, to form a controlling group with respect to FMR.

At present, the primary business activities of FMR and its subsidiaries are: (i) the provision of investment advisory, management, shareholder, investment information and assistance and certain fiduciary services for individual and institutional investors; (ii) the provision of securities brokerage services; (iii) the management and development of real estate; and (iv) the investment in and operation of a number of emerging businesses.

**The Management Team** 

Founded in 1946, Fidelity has been known for its professional money management and comprehensive client services. Fidelity is one of the world's largest providers of financial services with assets under administration of $18.0 trillion, including managed assets of $7.1 trillion as of December 31, 2025. The portfolio management team has extensive experience in middle market lending and has sourced, underwritten and/or managed diverse credit and lending teams in a variety of market environments from the nascent cash flow lending markets of the early 2000's, through the great financial crisis of 2007 to 2009 (the "Great Financial Crisis"), during the recovery and growth of the 2010's, and during the recent pandemic related disruptions. The Adviser emphasizes a consistent and disciplined underwriting process, which is the foundation for its approach to portfolio construction. Leveraging proprietary research insights and performing granular credit and loan to value analysis for each investment are core tenets of the Adviser's credit philosophy. Focusing on capital preservation and minimizing volatility, the Adviser seeks to employ the same underwriting, due diligence and the Adviser's Direct Lending Investment Committee ("Direct Lending Investment Committee") approval process for every investment. The Adviser believes that Fidelity's history and scale, combined with the portfolio management team's experience and strategy enable it to compete across the credit spectrum in the middle market. See "Conflicts of Interest – Relationship among the Fund, the Adviser and the Portfolio Managers" for more information about risks related to investing with an affiliate adviser. The Adviser's specific areas of differentiation that drive its competitive advantages are below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Fidelity's multi-decade history and substantial scale in the credit markets**: Fidelity has operated through the last twelve recessions, numerous crises, expansions and contractions during its more than 75 years of history. Active in the credit markets since 1971, Fidelity has over $974 billion of fixed income assets under management as of December 31, 2025. Fidelity also offered its first high yield bond fund in 1977 and was the first mutual fund company to offer an open-ended fund focused on leverage loans in 2000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Dedicated team of seasoned middle market credit investors**: The portfolio management team of the Adviser is comprised of professionals that have spent their entire careers in middle market lending. The portfolio managers average more than 20 years of experience, and the portfolio management team's capabilities include sourcing, underwriting and executing on middle market loans, and most importantly, actively managing credit portfolios through multiple cycles. This includes experience managing investments during periods of growth as well as periods of distress, including active engagement and leadership in restructurings and bankruptcies, providing valuable foresight in connection with the Adviser's Direct Lending Investment Committee's evaluation and approval of new opportunities. The Adviser maintains in-depth oversight throughout the investment process and instills the culture of intense focus on capital preservation and hands-on portfolio management with a focus on proper risk mitigation throughout the life of an investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Ability to operate at scale across the entire lending landscape**: The Adviser seeks to offer compelling financing solutions for creditworthy issuers regardless of company size. This increases the opportunity set for the Fund and promotes the Adviser's selective investment approach, while providing reliable financing to companies as they scale. The Adviser's ability to offer attractive financing proposals for small to mid-market businesses as well as upper middle market companies also deepens the relationship with sponsors (each, a "Sponsor" and collectively, "Sponsors"), a source of investment opportunities for the Adviser. The Adviser targets issuers that the Adviser considers to be high quality regardless of size and provide financing structures that afford attractive risk adjusted returns for the Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Access to proprietary credit and equity research platform creates efficient and differentiated diligence**: As part of the Fidelity organization, the Adviser has access to the extensive research platform of FMR that allows the Adviser to make more informed and efficient investment decisions. FMR has over 490 research professionals in North America, Europe and Asia that cover equities, fixed income and high yield markets. As part of the due diligence and underwriting process for each potential investment, the Adviser intends to review and analyze relevant FMR industry research and engage directly with the industry analysts. Using its proprietary insights, the Adviser expects to improve portfolio construction and risk mitigation, allowing it to potentially (i) gain conviction on investments or (ii) avoid investments that have subtle industry headwinds or competitive pressures, that might otherwise appear attractive. In addition to the portfolio management team's independent industry analysis and broad experience lending to middle market businesses, the Adviser's access to proprietary Fidelity research differentiates the platform and, the Fund believes, translates into more efficient and informed decision making.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Disciplined, consistent underwriting process with risk adjusted approach**: The Adviser employs a consistent and rigorous due diligence and underwriting process to assess each investment. Investments are reviewed in deal team structures where all investment professionals have overlapping responsibilities, which is expected to improve process oversight and risk mitigation. The Adviser's philosophy and investment approach has been informed by the portfolio management team's extensive experience lending to middle market companies and utilizes a bottoms-up credit approach, with the primary focus being return of capital. For each potential investment, the Adviser will actively engage with company management and ownership and complete detailed credit and valuation analysis. While the Adviser will independently determine an investment thesis and identify key risks, the Adviser also benefits from significant third-party diligence commissioned for the majority of investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Access to expert diligence professionals**: The Adviser may independently commission third-party legal, environmental, insurance, industry, background check and financial diligence on investments where necessary. For every investment, the Adviser may engage its own independent legal counsel to perform legal due diligence, review and comment on loan documents and structures on the Adviser's behalf. The Adviser also will typically engage with Fidelity analysts regarding industry diligence for each investment and utilize consultants for additional industry insights as needed. The Adviser may engage environmental consultants to review any environmental diligence performed to provide insight into the risk exposure and ultimate liability. When acting as agent, the Adviser and/or its affiliates will typically engage insurance consultants to assess the borrower's insurance policies and if they are sufficient given the debt being provided and the borrower's operations, and to confirm the endorsements and insurance certificates properly reflect the liens and position as a lender. The Adviser may engage internal due diligence counterparts to screen and perform background checks on the borrower's legal entities, and the key management team members. The Adviser may also engage a third party financial due diligence provider to perform a quality of earnings if none is available from a private equity sponsor or the Adviser determines that an outside review is needed. The Adviser will review all available third-party diligence commissioned by the private equity sponsor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Diligent credit assessment process to optimize returns**: Credit and valuation analysis are synthesized by the Adviser to determine the appropriate leverage and return profile, to ensure there is sufficient downside protection and risk is properly rewarded. Investments will be formally presented to the Direct Lending Investment Committee twice at a minimum before final approval to invest is granted.

**The Board of Directors**

Overall responsibility for the Fund's oversight rests with the Board of Directors. The Fund has entered into the Advisory Agreement with the Adviser (the "Advisory Agreement"), pursuant to which the Adviser will manage the Fund on a day-to-day basis. The Board is responsible for overseeing the Adviser and other service providers in our operations in accordance with the provisions of the 1940 Act, the Fund's bylaws and applicable provisions of state and other laws. The Adviser will keep the Board well informed as to the Adviser's activities on our behalf and our investment operations and provide the Board with additional information as the Board may, from time to time, request. The Directors are experienced executives who meet periodically throughout the year to oversee the Fund's activities, including, among other things, the oversight of our investment activities, the valuation of our assets, review of contractual arrangements with companies that provide services to the Fund, oversight of our financing arrangements and corporate governance activities. The Board is currently composed of five members, four of whom are Directors who are not "interested persons" of the Fund or the Adviser as defined in the 1940 Act.

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**Market Opportunity**

According to Preqin, the private credit market has grown tenfold since the great financial crisis of 2007 to 2009 (the "Great Financial Crisis") and is projected to grow double-digit percentages in the near future.<sup>1</sup> The consolidation of regional U.S. banks following the financial crisis and the enhanced regulations introduced by the U.S. Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"), resulted in larger banks decreasing their willingness to issue and hold loans to middle-market companies, thus contributing to the growth of direct lending. Direct lending is a subset of private credit that is frequently compared to more liquid public market options, including leveraged loans or broadly syndicated loans and high yield bonds. More recently, demand has been driven by key characteristics of the asset class summarized below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Large and growing market</u>: Fidelity research estimates the U.S. private credit market is at approximately $1.8 trillion (AUM) and finances mergers and acquisitions, recapitalization and refinance activity for the approximately 200,000 middle market businesses that operate in the U.S. according to the National Center for the Middle Market. Private equity investing activity drives a significant portion of this volume.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>The private credit market has expanded into areas traditionally served by the leveraged loan and high yield markets</u>: According to Leveraged Commentary & Data ("LCD") and Intercontinental Exchange Bank of America ("ICE BAML"), from 2003 to 2025, the share of leveraged loans with an issue size below $500 million has declined from 45% to 5%, and similarly from 2003 to 2025, the share of high yield loans with an issue size below $500 million has declined from 68% to 9%. In both cases, direct lending is now regularly filling this gap for loans up to $500 million and larger.<sup>3</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Floating rate debt may provide a hedge against rising interest rates</u>: The majority of direct lending investments are floating rate instruments whose rates change with the market and/or interest rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Predominantly senior secured positions that sit at the top of the capital structure</u>: Direct lending investments may offer enhanced collateral and covenant protections compared to the leveraged loans and high yield market that have contributed to relatively lower historical loss rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Direct access to the sponsors and ownership groups improves information flow</u>: For direct lending investments, the sourcing and due diligence ties directly to the sponsor or ownership group, so lenders have efficient access to information (frequently monthly financials vs. quarterly), can complete comprehensive and high-quality diligence, and develop bespoke financing solutions that better serve the needs of the middle-market companies.

The foregoing information is with respect to past performance of certain markets and indices, only, and does not reflect the actual or expected performance of the Fund. There can be no guarantee that the Fund will achieve results resembling these metrics or that market circumstances in the future will be comparable. An investment in the Fund involves significant risk and should be considered only by sophisticated investors able to assume the risks of loss and illiquidity inherent with an investment in the Fund. Please see "[*<u>Item 1A. Risk Factors.</u>*](#item_1a_risk_factors)" for a more detailed description of risks associated with the Fund.

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<sup>1</sup>Forecasts are inherently uncertain and subject to change.

<sup>2</sup>Source: Pitchbook, Preqin, Cliffwater, Bloomberg, KBRA DLD, National Center for the Middle Market, Fidelity Investments.

<sup>3</sup>Source: LCD, ICE BAML, Fidelity Investments.

**Investment Strategy**

The Adviser's investment strategy is credit driven with a focus on capital preservation. The Adviser seeks to employ a rigorous and consistent due diligence process when assessing each individual issuer. The Adviser evaluates each issuer's ownership and management team, business model, competitive differentiation, historical and projected financial performance, cost structure, key customers and key suppliers, and position within its industry.

The Adviser will utilize its expertise sourcing and investing in loans to private businesses while leveraging the proprietary industry research of the broader Fidelity platform when constructing the Fund's portfolio. Quantitative and qualitative factors will drive each investment decision to seek to achieve the Fund's stated investment objective. The Fund invests across issuers, industries, geographies, and Sponsors or ownership groups.

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The majority of the Fund's investments will be loans targeted at private U.S. operating companies whose securities are not listed on a national securities exchange or registered under the Exchange Act, and public U.S. operating companies having a market capitalization of less than $250,000,000 ("Portfolio Investments"). The Fund may also invest to a lesser degree in non-U.S. companies. Specific investments may include: (a) directly originated first lien loans, senior secured revolving lines of credit, term loans and delayed draw term loans, (b) directly originated second lien, last out senior, secured or unsecured mezzanine term loans and delayed draw term loans, (c) club deals (investments generally comprised of a small group of lenders), and broadly syndicated leveraged loans (investments generally arranged or underwritten by investment banks or other intermediaries), and (d) other debt (collectively referred to as "Private Credit"). The Fund may also invest to a lesser degree in equity linked instruments (may include debt with warrants, preferred equity investments, or equity co-investments). The Adviser and/or its affiliates may lead and structure the transaction as sole-lender, as the agent of a club credit facility (a group of similar direct lenders that invest in the same tranches), or may participate as a non-agent investor in a large club or syndicated transactions.

Under normal circumstances, the Fund will invest at least 80% of its total assets in Private Credit. If the Fund changes its 80% test, the Fund will provide Unit Holders with at least 60 days' prior notice of such change. Effective June 11, 2026, SEC rules require that the Fund's policy to invest at least 80% of its assets in private credit investments may only be changed if authorized by a vote of the holders of a majority of the Fund's outstanding voting securities, unless: (1) the Fund conducts a repurchase offer in advance of the proposed change to its 80% investment policy; (2) the Fund provides Unit Holders with at least 60 days' notice prior to the proposed change to the 80% investment policy in advance of the repurchase offer; and (3) the repurchase offer is not oversubscribed. The Fund will also invest at least 70% of its total assets in investments that meet regulatory requirements of the BDC structure, which will generally include investments in U.S. companies that are generally private and may be backed by a Sponsor but may also include investments in small capitalization public companies or companies that are non-Sponsors. The Adviser directly originates credit opportunities from a large universe of Sponsors, intermediaries and other direct lenders, as well as internal Fidelity resources.

Targeted borrowers will operate within a wide range of industries. Leveraging Fidelity's proprietary industry research and the Adviser's expertise, the Fund will primarily invest in industries where the Adviser's portfolio management team has deep experience with similarly situated companies. The Adviser will target investments structured as first lien senior secured and unitranche credit facilities, while also taking advantage of opportunistic investments in other parts of the capital structure, including last out loans, second lien loans, mezzanine and other junior debt loans, as well as equity investments.

The Fund may enter into hedging transactions, which may utilize instruments such as forward contracts, currency options and interest rate swaps, collars and floors to seek to hedge against fluctuations in the relative values of the Fund's portfolio positions from changes in currency exchange rates and market interest rates. The Fund may also receive or purchase warrants or rights.

Most of the Fund's investments are unrated or rated below investment grade, which are often referred to as "leveraged loans," "high yield" or "junk" debt investments and may be considered "high risk" or speculative compared to debt investments that are rated investment grade. Such issuers are considered more likely than investment grade issuers to default on their payments of interest and principal, and such risk of default could reduce the Fund's net asset value and income distributions to Unit Holders. They may also be illiquid and difficult to value.

The Adviser will seek collateral packages in connection with the Fund's secured investments that include liens on the borrower's assets and a pledge of the borrower's stock. In addition, the Adviser expects to seek investment structures that include covenant packages that measure the borrower's key performance metrics but will also be permitted to invest in loans that would not include maintenance covenants. Loans will usually have stated terms of five to seven years, but the expected average life of such securities is usually between three to four years and may contain scheduled amortization payments and/or mandatory excess cash flow payments to reduce exposure and risk over the life of the investment.

The Fund generally seeks to invest in loans that carry variable (*i.e.*, "floating") interest rates. In addition to the cash yields received on its loans from principal and interest payments, the Fund seeks to invest in loans that generally pay additional fees, including but not limited to, closing fees, arrangement fees, prepayment premiums, or amendment fees. In certain cases, loan investments have equity enhancement features, which may be in the form of warrants or other equity-related securities that are designed to provide the opportunity for capital appreciation.

To seek to enhance returns, the Fund intends to employ leverage as market conditions permit and at the discretion of the Adviser, but in no event will leverage employed exceed the limitations set forth in the 1940 Act, which currently allows the Fund to borrow up to a 2x debt to equity ratio.

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The Fund borrows money for investment and cash management purposes. In determining whether to borrow money, the Fund analyzes the financial flexibility, maturity, covenant package and rate structure of the proposed borrowings as well as the risks of such borrowings compared to the Fund's investment outlook. In addition to borrowing money from third parties, the Fund may borrow on an unsecured basis from the Adviser or its affiliates. The use of borrowed funds to make investments would have its own specific set of benefits and risks, and all of the costs of borrowing funds would be borne by investors indirectly through their interests in the Fund.

Because the Fund is classified as non-diversified under the 1940 Act, the Adviser may invest a significant percentage of the Fund's assets in a single issuer, however, the Fund is subject to diversification requirements applicable to RICs under Subchapter M of the Code.

The Fund's investments are subject to a number of risks. See "[*<u>Item 1A. Risk Factors</u>*<u>.</u>](#item_1a_risk_factors)"

*Cash Management*

The Fund may hold uninvested cash or may invest it in cash equivalents such as money market securities, repurchase agreements, or shares of short-term bond or money market funds, including shares of Fidelity<sup>®</sup> Central Funds (as defined below), or other funds that are advised by the Adviser or its affiliates. Generally, these securities offer less potential for gains than other types of securities.

*Central Funds*

**Investment Selection** 

One of the critical success factors in private credit is access to a deep pipeline of investment opportunities. Based on the portfolio management team's extensive experience, the Adviser employs a multi-faceted approach to sourcing transactions through a large network of private equity firms, intermediaries, as well as other direct lending firms. The Adviser believes that Fidelity's scale and track record in the liquid markets, combined with the portfolio management team's long tenure in direct lending, will provide unique and rich access to high credit quality investment opportunities.

Private equity acquisition activity drives a substantial amount of private credit volume in the middle-market, and Fidelity has longstanding relationships with a diverse set of Sponsors that invest across a broad set of industries, geographies and business models. The Adviser expects to enhance these relationships and bolster its sourcing efforts with its differentiated and efficient credit review process that is honed by a team of experienced credit professionals.

Lastly, Fidelity's existing relationships with liquid issuers, some of which are owned by the same mix of Sponsors, and size in the liquid markets, provide the Adviser with differentiated investment opportunities. The Adviser can leverage these relationships to provide value-added capabilities and better execution on loans in the liquid markets, which can translate into a more robust pipeline of private credit investment opportunities for the Fund.

The Adviser seeks to employ a disciplined and rigorous process for all credit investments, which includes the following key features:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Underwriting the borrower</u>: Performing detailed credit and valuation analysis; analyzing historical trends and business drivers; assessing management; and developing a deep understanding of the business operations and cost structure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Analyzing the industry</u>: Leveraging Fidelity's broad research and analysts' platform and Sponsor provided third party industry studies (when available) to uncover macro and micro industry forces; understanding the competitive dynamics and market forces; validating the growth and outlook; and assessing public and private competitors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Underwriting the Sponsor or ownership group</u>: Evaluating investment performance; understanding track record and willingness to invest follow-on capital in times of stress; assessing available dry powder, due diligence quality and relevant sector expertise.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Confirming investment thesis</u>: Validating the sustainability of competitive advantages, revenues and margins; confirming diversity of products, customers, services, suppliers and institutionalized value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Evaluating the credit structure</u>: Analyzing ability to repay debt; performing loan-to-value analysis and downside case scenarios; and evaluating appropriate risk and reward for a proposed investment.

During the credit underwriting process, the deal team will compile and present diligence findings to the Adviser's Direct Lending Investment Committee at least once before issuing a term sheet and a second time before closing. The Adviser's focus is on downside protection so the deal team and Direct Lending Investment Committee are expected to spend substantial time understanding and validating various downside scenarios, exit options, and structural protections in each and every investment seeking to ensure adequate cushion.

Following the closing of an investment, one or several members of the deal team that originated the loan on behalf of the Fund are expected to manage the portfolio moving forward. As part of the portfolio management process, the investment professional seeks to assess liquidity needs daily or weekly, evaluate financial performance on a monthly basis for the majority of accounts (a minority may only report quarterly), scrutinize financial covenant calculations on a quarterly basis (if applicable) and maintain frequent dialogue with the company management and Sponsor regarding company performance, strategic initiatives, acquisitions or other business items.

*Portfolio Monitoring and Risk Management*

The Adviser has a strong culture focused on risk management, with significant dedicated resources committed to that effort. The Adviser firmly believes that one of the most powerful risk management tools occurs at the individual investment level. The regular monitoring of a portfolio's investments seeks to ensure that the risk/return ratio has not become unfavorable to help avoid unnecessary capital losses, and the Adviser believes it is a key component to positive long-term performance. Frequent monitoring and oversight are conducted by the portfolio managers to ensure that each position is still an attractive investment. At the portfolio level, the portfolio managers ensure that the overall risk profile, diversification, and positioning is consistent with the Fund's objectives. There is also considerable executive oversight with regular, systematic portfolio reviews with senior management.

Systems and technology play a critical role in portfolio monitoring and risk management. The Adviser's proprietary systems enable research professionals to get real-time access to risk measures and exposures across multiple dimensions, among other things. Compliance modules are also systematically linked to the trading platform as another mechanism to minimize risk.

Risk management efforts are further bolstered by various additional teams of resources. For example, a dedicated compliance team monitors all portfolios and investment professionals; a dedicated counterparty risk team monitors all trading and business counterparties; and a dedicated legal team is able to support the Adviser across a variety of legal questions.

*Direct Lending Investment Committee* 

The investment activities of the Fund are under the direction of the Direct Lending Investment Committee and subject to the oversight of the Board. The Direct Lending Investment Committee currently is comprised of the Fund's three portfolio managers, David Gaito, Therese Icuss and Jeffrey Scott. Additionally, the Head of Fidelity Investments' High Income and Alternatives division (the "High Income and Alternatives division") and/or the Chief Investment Officer of the High Income and Alternatives division meet with the Direct Lending team frequently to discuss the pipeline of opportunities and each has the authority to decline any opportunity at any point at his or her discretion. The day-to-day activities of the Fund are overseen by the Fund's portfolio managers, each of which is an officer or employee of the Adviser or its affiliate.

**Allocation of Investment Opportunities**

**General**

The Adviser and its affiliates provide investment management services to registered investment companies, investment funds, client accounts and proprietary accounts that may be established from time to time.

The Adviser will share any investment and sale opportunities with its other clients and the Fund in accordance with the Advisers Act and firm-wide allocation policies. Subject to the Advisers Act and as further set forth in this Form 10-K, certain other clients may receive certain priority or other allocation rights with respect to certain investments, subject to various conditions set forth in such other clients' respective governing agreements.

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The Adviser's policies will seek to ensure the equitable allocation of such investment opportunities among us and other clients over time. In cases where an investment may potentially be appropriate for several clients, the Adviser makes a determination of the appropriateness of the investment opportunity for a particular client and allocates an investment opportunity among eligible clients based on a variety of factors related to each such client the Adviser deems relevant (including, without limitation, the client's investment objectives and focus, available capital, the client's existing portfolio, portfolio company restrictions, targeted rate of return, minimum and maximum investment size requirements, transaction structure, cash flow considerations, risk considerations, tax implications, legal and regulatory requirements, whether a related investment opportunity has already been made available to the client, investment limitations and other factors). In cases where an investment opportunity is being evaluated on behalf of, and may be appropriate for, both us and another client and falls outside of the allocation methodology, the Adviser will generally consult with an allocation, conflicts or similar internal committee or sub-committee to decide on an appropriate allocation of a particular investment opportunity as between us and such other client, which may take into account, various factors.

In addition, as a BDC regulated under the 1940 Act, the Fund is subject to certain limitations relating to co-investments and joint transactions with affiliates, which are likely in certain circumstances to limit the Fund's ability to make investments or enter into other transactions alongside other clients.

**Trade Aggregation and Allocation**

Allocation of investment instruments that are traded by FMR's High Income, Fixed Income or Equity trading desks are governed by the respective trade allocation policies reasonably designed to seek to ensure that clients are not disadvantaged in the aggregation and allocation of securities over time. To the extent a particular investment in a liquid credit instrument (e.g., broadly syndicated loan), is suitable for both us and other clients, it is the practice of the Adviser, when appropriate, to bunch orders of various accounts, including those of us and the other clients and, in certain instances, proprietary accounts of the Adviser or its affiliates, for order entry and execution. Bunched orders may be executed through one or more broker-dealers. The allotment of trades among brokers is based on a variety of factors, which may include price, order size, the time of order, the security and market activity. A bunched trade executed with a particular broker is generally allocated pro rata among the accounts that are participating in the bunched trade until any account has been filled, after which the trade is allocated pro rata among the remaining accounts. Each broker's execution of a bunched order may be at a price different from another broker's bunched order execution price for the same security. Simultaneous portfolio transactions for us and one or more other clients may decrease the prices received and increase the prices required to be paid by us for sales and purchases.

The Adviser and its affiliates that execute trades on behalf of us and other clients have established allocation policies for their various accounts (including proprietary accounts) and securities types (e.g., equity, fixed income, and high income) to ensure allocations are appropriate given the clients' differing investment objectives and other considerations. These policies also apply to initial and secondary offerings. When, in the opinion of the executing party, the supply or demand is insufficient under the circumstances to satisfy all outstanding trade orders, across all securities types the amount executed generally is distributed among participating accounts based on account asset size (for purchases), and security position size (for sales), or otherwise according to the allocation policies. With limited exceptions, the trading systems contain rules that allocate trades on an automated basis in accordance with these policies. Generally, any exceptions to these policies (*i.e.*, special allocations) must be approved by senior trading and compliance personnel and documented.

**Co-Investment Relief**

The Fund and the Adviser have received an exemptive order from the SEC that permits us, among other things, to co-invest with certain other persons in negotiated transactions, including certain affiliates of the Adviser and certain funds managed and controlled by the Adviser and its affiliates, subject to certain terms and conditions. The Fund may determine to participate or not to participate in the co-investment opportunities presented to it, depending on whether the Adviser determines that the investment is appropriate for the Fund (e.g., based on investment strategy). The co-investment would generally be allocated to us and the other affiliated funds that target similar assets in accordance with allocation policies and procedures described above. If the Adviser determines that such investment is not appropriate for us, the investment will not be allocated to us.

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**Competition**

The business of investing in debt investments is highly competitive and involves a high degree of uncertainty. Market competition for investment opportunities includes traditional lending institutions, including commercial and investment banks, as well as a growing number of non-traditional participants, such as hedge funds, private equity funds, mezzanine funds, and other private investors, as well as BDCs, and debt-focused competitors, such as issuers of collateralized loan obligations ("CLOs") and other structured loan funds. In addition, given the Fund's target investment size and investment type, the Adviser expects a large number of competitors for investment opportunities. Some of these competitors may have access to greater amounts of capital and to capital that may be committed for longer periods of time or may have different return thresholds than the Fund, and thus these competitors may have advantages not shared by the Fund. In addition, competitors may have incurred, or may in the future incur, leverage to finance their debt investments at levels or on terms more favorable than those available to the Fund. Furthermore, competitors may offer loan terms that are more favorable to borrowers, such as less onerous borrower financial and other covenants, borrower rights to cure defaults, and other terms more favorable to borrowers than current or historical norms. Strong competition for investments could result in fewer investment opportunities for the Fund, as certain of these competitors have established or are establishing investment vehicles that target the same or similar investments that the Fund purchases.

Over the past several years, many investment funds have been formed with investment objectives similar to those of the Fund, and many such existing funds have grown in size and have added larger successor funds to their platform. These and other investors may make competing offers for investment opportunities identified by the Adviser which may affect the Fund's ability to participate in attractive investment opportunities and/or cause the Fund to incur additional risks when competing for investment opportunities. Moreover, identifying attractive investment opportunities is difficult and involves a high degree of uncertainty. The Adviser may identify an investment that presents an attractive investment opportunity but may not be able to complete such investment in a manner that meets the objectives of the Fund. The Fund may incur significant expenses in connection with the identification of investment opportunities and investigating other potential investments that are ultimately not consummated, including expenses related to due diligence, transportation and legal, accounting and other professional services as well as the fees of other third-party advisers.

**The Private Offering**

Prior to the BDC Conversion, the Fund entered into Subscription Agreements with investors who were admitted as limited partners (the "Limited Partners"). In connection with the BDC Conversion, existing Limited Partners were admitted as members of the Fund. Capital Commitments of Limited Partners pursuant to Subscription Agreements entered into prior to the BDC Conversion continue to be outstanding Capital Commitments to the Fund. Existing capital accounts of Limited Partners were converted to corresponding Units of the Fund. Following the BDC Conversion, the Fund expects to continue to enter into separate Subscription Agreements with a number of investors who will be admitted as Unit Holders providing for the private placement of the Fund's Units. Each Unit Holder makes a Capital Commitment to purchase Units of the Fund pursuant to the Subscription Agreement. Unit Holders are required to make Capital Contributions to purchase Units of the Fund each time the Fund delivers a drawdown notice.

The first closing date occurred on December 9, 2021, on which initial capital was contributed by investors. Additional closings are expected to occur from time to time as determined by the Fund (each, a "Subsequent Closing"). Capital Commitments will be drawn in such amounts and proportions as will be required by the Fund in its sole discretion, provided however, the Fund expects drawdowns to generally be made *pro rata* in accordance with each Unit Holder's unfunded Capital Commitments.

In connection with each drawdown, Unit Holders will receive a number of Units corresponding to the Capital Contribution, with such Units issued at a per-share price that will be determined prior to the issuance of such Units and in accordance with the 1940 Act, subject to a determination by the Board (including any committee thereof) or the officers of the Fund that such offer price is not below the Fund's then current NAV as required pursuant to the 1940 Act. Capital Commitments will generally be drawn from Unit Holders by the Fund as needed, upon 10 Business Days' prior written notice, in such amounts as will be required by the Fund in its sole discretion. Unit Holders of the Fund may waive the 10 Business Days' written notice requirement in their discretion.

Effective March 11, 2024, the Board approved the Fund entering into the First Amended and Restated Limited Liability Company Agreement which made eligible to invest any "accredited investor" (as enumerated in Rule 502 under Regulation D of the Securities Act) who has committed to a strategic relationship with Fidelity. In addition, the Board approved the Fund entering into a Placement Agent Agreement with Fidelity Distributors Company LLC, with respect to the private placement of its Units as described in *Note 4. Expenses and Transactions with Affiliates*.

The Fund is conducting a continuous private offering of its Units in reliance on exemptions from the registration requirements of the Securities Act, including the exemption provided by Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder, Regulation S under the Securities Act and other exemptions from the registration requirements of the Securities Act.

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The Fund may, at its discretion, offer investors an opportunity to repurchase their shares, but is not obligated to offer to repurchase any shares at any time. The Fund expects that its offers to repurchase Units from existing investors will occur in connection with the acceptance of Capital Commitments from new subscribers.

The Fund reserves the right to involuntarily redeem an investor's Units in the case of actual or suspected threatening conduct or actual or suspected fraudulent, illegal or suspicious activity by the investor or any other individual associated with the investor's account. Accordingly, an investor's Units will be sold at the NAV, minus any applicable shareholder fees, calculated on the day the Fund exercises its right as mentioned above.

The Board approved the Fund entering into the Second Amended and Restated Limited Liability Company Agreement, effective March 19, 2025, which reflects, among other non-material updates, the Fund's ability to forgive a Member's uncalled capital commitments, in whole or in part.

**Emerging Growth Company**

The Fund is an "emerging growth company," as defined by the Jumpstart Our Business Startups Act of 2012, or the "JOBS Act." As an emerging growth company, the Fund is eligible to take advantage of certain exemptions from various reporting and disclosure requirements that are applicable to public companies that are not emerging growth companies. For so long as the Fund remains an emerging growth company, it will not be required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•have an auditor attestation report on our internal control over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act ("Section 404");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•submit certain executive compensation matters to Unit Holder advisory votes pursuant to the "say on frequency" and "say on pay" provisions (requiring a non-binding Unit Holder vote to approve compensation of certain executive officers) and the "say on golden parachute" provisions (requiring a non-binding Unit Holder vote to approve golden parachute arrangements for certain executive officers in connection with mergers and certain other business combinations) of the Dodd-Frank Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•disclose certain executive compensation related items, such as the correlation between executive compensation and performance and comparisons of the chief executive officer's compensation to median employee compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•In addition, the JOBS Act provides that an emerging growth company may take advantage of an extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies. This means that an emerging growth company can delay adopting certain accounting standards until such standards are otherwise applicable to private companies.

The Fund is and will remain an emerging growth company until the earlier of: (a) the last day of the fiscal year (i) following the fifth anniversary of the first sale of the Fund's common equity securities in a public offering under the Securities Act. (ii) in which the Fund has total annual gross revenue of at least $1,235,000,000, or (iii) in which the Fund is deemed to be a large accelerated filer, which means the market value of the Units that is held by non-affiliates exceeds $700,000,000 as of the date of its most recently completed second fiscal quarter, and (b) the date on which the Fund has issued more than $1,000,000,000 in non-convertible debt during the prior three-year period.

The Fund does not believe that being an emerging growth company will have a significant impact on its business or its offering. The Fund has elected to opt in to the extended transition period for complying with new or revised accounting standards available to emerging growth companies. Also, because the Fund is not a large accelerated filer or an accelerated filer under Section 12b-2 of the Exchange Act, and will not be for so long as its Units are not traded on a securities exchange, the Fund will not be subject to auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act even once the Fund is no longer an emerging growth company. In addition, so long as the Fund is externally managed by the Adviser and the Fund does not directly compensate its executive officers, or reimburse the Adviser or its affiliates for the salaries, bonuses, benefits and severance payments for persons who also serve as one of the Fund's executive officers or as an executive officer of the Adviser, the Fund does not expect to include disclosures relating to executive compensation in its periodic reports or proxy statements and, as a result, does not expect to be required to seek Unit Holder approval of executive compensation and golden parachute compensation arrangements pursuant to Section 14A(a) and (b) of the Exchange Act.

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**Employees**

We do not currently have any employees and do not expect to have any employees. Services necessary for our business are provided by individuals who are employees of the Adviser or its affiliates pursuant to the terms of the Advisory Agreement between the Fund and Adviser (the "Advisory Agreement") and the Administrator or its affiliates pursuant to the Administration Agreement between the Fund and the Administrator (the "Administration Agreement"). Each of our executive officers is employed by the Adviser or its affiliates. Our day-to-day investment operations will be managed by the Adviser. The services necessary for the sourcing and administration of our investment portfolio will be provided by investment professionals employed by the Adviser or its affiliates. The portfolio management team will focus on origination, non-originated investments and transaction development and the ongoing monitoring of our investments.

**Regulation as a BDC**

The following discussion is a general summary of the material prohibitions and descriptions governing BDCs generally. It does not purport to be a complete description of all of the laws and regulations affecting BDCs.

***Qualifying Assets.*** Under the 1940 Act, a BDC may not acquire any asset other than Qualifying Assets, unless, at the time the acquisition is made, Qualifying Assets represent at least 70% of the Fund's total assets. The principal categories of Qualifying Assets relevant to our business are any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Securities purchased in transactions not involving any public offering from the issuer of such securities, which issuer (subject to certain limited exceptions) is an Eligible Portfolio Company (as defined below), or from any person who is, or has been during the preceding 13 months, an affiliated person of an Eligible Portfolio Company, or from any other person, subject to such rules as may be prescribed by the SEC. An "Eligible Portfolio Company" is defined in the 1940 Act as any issuer which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.is organized under the laws of, and has its principal place of business in, the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.is not an investment company (other than a small business investment company wholly owned by the BDC) or a company that would be an investment company but for certain exclusions under the 1940 Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.satisfies any of the following;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.does not have any class of securities that is traded on a national securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.has a class of securities listed on a national securities exchange, but has an aggregate market value of outstanding voting and non-voting common equity of less than $250,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.is controlled by a BDC or a group of companies, including a BDC and the BDC has an affiliated person who is a director of the Eligible Portfolio Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.is a small and solvent company having total assets of not more than $4,000,000 and capital and surplus of not less than $2,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Securities of any Eligible Portfolio Company controlled by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Securities purchased in a private transaction from a U.S. issuer that is not an investment company or from an affiliated person of the issuer, or in transactions incident thereto, if the issuer is in bankruptcy and subject to reorganization or if the issuer, immediately prior to the purchase of its securities was unable to meet its obligations as they came due without material assistance other than conventional lending or financing arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Securities of an Eligible Portfolio Company purchased from any person in a private transaction if there is no ready market for such securities and the Fund already owns 60% of the outstanding equity of the Eligible Portfolio Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Securities received in exchange for or distributed on or with respect to securities described in (1) through (4) above, or pursuant to the exercise of warrants or rights relating to such securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)Cash, cash equivalents, U.S. government securities or high-quality debt securities maturing in one year or less from the time of investment.

In addition, a BDC must be operated for the purpose of making investments in the types of securities described in (1), (2) or (3) above.

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***Significant Managerial Assistance.*** A BDC must have been organized and have its principal place of business in the United States and must be operated for the purpose of making investments in the types of securities described above. However, in order to count portfolio securities as Qualifying Assets for the purpose of the 70% test, the BDC must either control the issuer of the securities or must offer to make available to the issuer of the securities (other than small and solvent companies described above) significant managerial assistance; except that, where the BDC purchases such securities in conjunction with one or more other persons acting together, one of the other persons in the group makes available such managerial assistance. Making available significant managerial assistance means, among other things, any arrangement whereby the BDC, through its directors, officers, service providers (e.g., the Adviser) or employees, offers to provide and, if accepted, does so provide, significant guidance and counsel concerning the management, operations or business objectives and policies of a portfolio company through monitoring of portfolio company operations, selective participation in board and management meetings, consulting with and advising a portfolio company's officers or other organizational or financial guidance.

***1940 Act Ownership Restrictions.*** The Fund does not intend to acquire securities issued by any investment company that exceed the limits imposed by the 1940 Act. Under these limits, except for registered money market funds, a BDC generally cannot acquire more than 3% of the voting interests of any investment company, invest more than 5% of the value of its total assets in the securities of one investment company or invest more than 10% of the value of its total assets in the securities of investment companies in the aggregate. Subject to certain exemptive rules, including Rule 12d1-4, the Fund may, subject to certain conditions, invest in other investment companies in excess of such thresholds. As of the date of this Annual Report, the Fund is an "acquired fund" for purposes of Rule 12d1-4. For so long as the Fund is an "acquired fund" for purposes of Rule 12d1-4, the Fund will be required to limit its investments in the securities of other investment companies and private funds to no more than 10% of its total assets, subject to certain limited exceptions permitted under Rule 12d1-4. These restrictions may limit the Fund's ability to invest in other investment companies to the extent desired.

***Temporary Investments.*** Pending investment in other types of qualifying assets (including directly originated loans and broadly syndicated loans, as described above), the Fund's investments can consist of cash, cash equivalents, money market funds (including shares of Fidelity<sup>®</sup> Central Funds or other funds that are advised by the Adviser or its affiliates), U.S. government securities or high-quality debt securities maturing in one year or less from the time of investment, which are referred to herein, collectively, as temporary investments, so that 70% of the Fund's assets would be qualifying assets.

The Fund may invest in mutual funds or exchange-traded funds advised by the Adviser or its affiliates. Depending on the circumstances (which exclude investments in money market funds advised by the Adviser or its affiliates, from which the Adviser or its affiliates may retain any additional management or other fees), the Adviser will contractually waive either (1) its management fee payable by the Fund or (2) up to a portion of its management fee payable by the Fund in an amount equal to such underlying fund's management fee rate multiplied by the Fund's average monthly invested balance in such underlying fund for such month.

***Warrants.*** Under the 1940 Act, a BDC is subject to restrictions on the issuance, terms and amount of warrants, options or rights to purchase securities that it may have outstanding at any time. In particular, the amount of units that would result from the conversion or exercise of all outstanding warrants, options or rights to purchase units cannot exceed 25% of the BDC's total outstanding units.

***Leverage and Senior Securities; Coverage Ratio.*** The Fund is permitted, under specified conditions, to issue multiple classes of indebtedness and one class of equity securities senior to its Units if its asset coverage, as defined in the 1940 Act, would at least equal 150% immediately after each such issuance. In connection with the BDC Conversion, the Fund's Members approved the adoption of this 150% threshold pursuant to Section 61(a)(2) of the 1940 Act and such election became effective the following day. As defined in the 1940 Act, asset coverage of 150% means that for every $100 of net assets the Fund holds, it may raise $200 from borrowing and issuing senior securities. In addition, while any senior securities remain outstanding, the Fund will be required to make provisions to prohibit any dividend distribution to its Unit Holders or the repurchase of such securities or units unless the Fund meets the applicable asset coverage ratios at the time of the dividend distribution or repurchase. The Fund will also be permitted to borrow amounts up to 5% of the value of its total assets for temporary or emergency purposes, which borrowings would not be considered senior securities.

The Fund intends to establish one or more credit facilities and/or subscription facilities or enter into other financing arrangements to facilitate investments and the timely payment of its expenses. It is anticipated that any such credit facilities will bear interest at floating rates at to be determined spreads over the Secured Overnight Financing Rate ("SOFR") (or other applicable reference rate). The Fund cannot assure Unit Holders that it will be able to enter into a credit facility. Unit Holders will indirectly bear the costs associated with any borrowings under a credit facility or otherwise. In connection with a credit facility or other borrowings, lenders may require the Fund to pledge assets, commitments and/or drawdowns (and the ability to enforce the payment thereof) and may ask to comply with positive or negative covenants that could have an effect on the Fund's operations. In addition, from time to time, the Fund's losses on leveraged investments may result in the liquidation of other investments held by it and may result in additional drawdowns to repay such amounts.

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The Fund may enter into total return swap ("TRS") agreements. A TRS is a contract in which one party agrees to make periodic payments to another party based on the change in the market value of the assets underlying the TRS, which may include a specified security, basket of securities or securities indices during a specified period, in return for periodic payments based on a fixed or variable interest rate. A TRS effectively adds leverage to a portfolio by providing investment exposure to a security or market without owning or taking physical custody of such security or investing directly in such market. Because of the unique structure of a TRS, a TRS often offers lower financing costs than are offered through more traditional borrowing arrangements. The Fund would typically have to post collateral to cover this potential obligation. To the extent the Fund segregates liquid assets with a value equal (on a daily mark-to-market basis) to its obligations under TRS transactions, enters into offsetting transactions or otherwise covers such TRS transactions in accordance with applicable SEC guidance, the leverage incurred through TRS will not be considered a borrowing for purposes of the Fund's overall leverage limitation.

The Fund may also create leverage by securitizing its assets (including in Financing CLOs) and retaining the equity portion of the securitized vehicle. See "[*<u>Item 1A. Risk Factors. Forming Financing CLOs Risk.</u>*](#forming_clos_risk)" The Fund may also from time to time make secured loans of its marginable securities to brokers, dealers and other financial institutions.

***Code of Ethics.*** The Fund and the Adviser have adopted a code of ethics pursuant to Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act, respectively, that establishes procedures for personal investments and restricts certain personal securities transactions. Personnel subject to the code are permitted to invest in securities for their personal investment accounts, including securities that may be purchased or held by the Fund, so long as such investments are made in accordance with the code's requirements.

***Affiliated Transactions.*** The Fund may be prohibited under the 1940 Act from conducting certain transactions with its affiliates without the prior approval of its Directors who are not interested persons and, in some cases, the prior approval of the SEC. The Fund and the Adviser have received an exemptive order from the SEC that permits the Fund, among other things, to co-invest with certain other persons, including certain affiliates of the Adviser and certain funds managed and controlled by the Adviser and its affiliates, subject to certain terms and conditions.

***Other.*** The Fund will be periodically examined by the SEC for compliance with the 1940 Act and be subject to the periodic reporting and related requirements of the Exchange Act.

The Fund is also required to provide and maintain a bond issued by a reputable fidelity insurance company to protect against larceny and embezzlement. Furthermore, as a BDC, the Fund will be prohibited from protecting any director or officer against any liability to its Unit Holders arising from willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person's office.

The Fund is also required to designate a chief compliance officer ("CCO") and to adopt and implement written policies and procedures reasonably designed to prevent violation of the federal securities laws and to review these policies and procedures annually for their adequacy and the effectiveness of their implementation.

The Fund is not permitted to change the nature of its business so as to cease to be, or to withdraw its election as, a BDC unless approved by a majority of its outstanding voting securities. A majority of the outstanding voting securities of a company is defined under the 1940 Act as the lesser of: (i) 67% or more of such company's units present at a meeting if more than 50% of the outstanding units of such company are present or represented by proxy, or (ii) more than 50% of the outstanding units of such company.

**Financial Condition, Liquidity and Capital Resources** 

The Fund expects to generate cash primarily from (i) the net proceeds of its offering of Units, (ii) cash flows from its operations, (iii) any financing arrangements the Fund may enter into in the future and (iv) any future offerings of its equity or debt securities.

The Fund's primary uses of cash will be for (i) investments in portfolio companies and other investments, (ii) the cost of operations (including paying FDS (in its capacity as the Adviser and Administrator)), (iii) cost of any borrowings or other financing arrangements, (iv) cash distributions to the Unit Holders, and (v) funding repurchases under the Fund's unit repurchase program.

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**Advisory Agreement** 

The Adviser provides management services to us pursuant to the Advisory Agreement. Under the terms of the Advisory Agreement, the Adviser is responsible for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•determining the composition of the Fund's portfolio, the nature and timing of the changes to the Fund's portfolio and the manner of implementing such changes in accordance with our investment objective, policies and restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•identifying investment opportunities and making investment decisions for the Fund, including negotiating the terms of investments in, and dispositions of, portfolio securities and other instruments on the Fund's behalf;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•monitoring the Fund's investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•performing due diligence on prospective portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•exercising voting rights in respect of portfolio securities and other investments for the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•serving on, and exercising observer rights for, boards of directors and similar committees of the Fund's portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•negotiating, obtaining and managing financing facilities and other forms of leverage; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•providing the Fund with such other investment advisory and related services as the Fund may, from time to time, reasonably require for the investment of capital.

The Adviser's services under the Advisory Agreement are not exclusive, and it is free to furnish similar services to other entities, and it intends to do so, so long as its services to us are not impaired.

The Fund pays the Adviser a fee for its services under the Advisory Agreement. The cost of the management fee is ultimately borne by the Unit Holders.

*Management Fee*

The management fee is payable monthly in arrears at an annual rate of 1.25% of the average daily net assets of the Fund throughout the month. For purposes of the Advisory Agreement, net assets mean the Fund's total assets less liabilities determined on a consolidated basis in accordance with U.S. generally accepted accounting principles ("GAAP").

*Board Approval of the Advisory Agreement and Administration Agreement*

Each year, the Board of Directors, including the Independent Directors (together, the Board), considers the renewal of the Fund's Advisory Agreement and Administration Agreement with Fidelity Diversifying Solutions LLC (FDS) (together, the Agreements). 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 Agreements throughout the year.

At its November 2025 meeting, the Board unanimously determined to renew the Fund's Agreements. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the Fund and its Unit Holders (including the investment performance of the Fund); (ii) the competitiveness relative to peer funds of the Fund's management fee and the total expense ratio; (iii) the total costs of the services provided by and the profits realized by FDS and its affiliates (Fidelity) from its relationships with the Fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the Fund grows, and whether any economies of scale are appropriately shared with Fund Unit Holders. The Board's decision to renew the Agreements was not based on any single factor and the factors may have been weighed differently by individual Directors.

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<u>Nature, Extent, and Quality of Services Provided</u> 

The Board considered Fidelity's staffing as it relates to the Fund, including the backgrounds of investment personnel of Fidelity, and also considered Fidelity's implementation of the Fund's investment program. The Board also had discussions with members of the portfolio management team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Resources Dedicated to Investment Management and Support Services*. The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, such as size, education, experience, and resources, as well as Fidelity's approach to training and managing investment personnel. The Board 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 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, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, cybersecurity, technology and operations capabilities and resources, which are integral parts of the investment management process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Unit Holder and Administrative Services*. The Board considered: (i) the nature, extent, quality, and cost of advisory, administrative, and Unit Holder services to be performed by Fidelity under the Advisory Agreement and under separate agreements covering transfer agency and pricing and bookkeeping services for the Fund; (ii) the nature and extent of Fidelity's supervision of third-party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the Fund's compliance policies and procedures. The Board also considered the Fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the internet and through telephone representatives, investor education materials and asset allocation tools.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Investment Performance*. The Board took into account discussions that occur with representatives of Fidelity, and reports that it receives, at Board meetings throughout the year relating to Fund investment performance. In this regard the Board noted that as part of regularly scheduled reports to the Board on Fund performance, the Board considered annualized return information for the Fund since inception.

In addition to reviewing absolute Fund performance, the Board periodically considers the appropriateness of Fund performance metrics in evaluating the results achieved. The Board generally gives greater weight to Fund performance over longer time periods than over shorter time periods.

Based on its review, the Board concluded that the nature, extent, and quality of services to be provided to the Fund under the Advisory Agreement should benefit the Unit Holders of the Fund.

<u>Competitiveness of Management Fee and Total Expense Ratio</u>

In reviewing the Advisory Agreement, the Board considered the Fund's management fee rate and the total expense ratio. The Board noted that there are a limited number of unlisted competitors against which to assess the competitiveness of the Fund's fees and that Fidelity obtained BDC competitor fund information from Broadridge. The peer group includes competitors with similar legal structures, investment mandates, distribution characteristics, and fund size.

The Board noted that the Fund's base management fee, which excludes incentive fees, is equal to the peer group median. The Board also noted that total expenses (including interest expense) ranked below the peer group median. The Board considered the difficulty in comparing total expense ratios across the peer group due to varying incentive fees, interest expense on borrowed funds, operating expenses, and the extent of expense reimbursement. The Board noted that, excluding interest expense for both the Fund and its peer group, the Fund's total expenses also ranked below the peer group median. The Board noted that FDS is contractually limiting certain fund-level operating expenses to 0.50% (on an annualized basis) of the Fund's NAV and that such agreement may only be terminated with the approval of the Board.

The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity other than the Fund, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar investment mandates.

Based on its review, the Board concluded that the Fund's management fee and the total expense ratio of the Fund were reasonable in light of the services that the Fund and its Unit Holders receive and the other factors considered.

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<u>Costs of the Services and Profitability</u>

The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the Fund and servicing the Fund's Unit Holders. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds it oversees. The Board noted that the profitability information reflects the relatively small size of the funds overseen by the Board and their short history.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the Fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the 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 fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist.

The Board considered the costs of the services provided by and the lack of meaningful profits realized by Fidelity in connection with the operation of the funds overseen by the Board and was satisfied that the profitability was not excessive.

<u>Economies of Scale</u>

The Board will consider economies of scale when there is sufficient operating experience to permit assessment thereof. It noted that, notwithstanding the entrepreneurial risk associated with a new fund, the management fee had been set initially at a level normally associated, by comparison with competitors, with very high fund net assets, and Fidelity asserted to the Board that the level of the Fund's advisory fee anticipates economies of scale at lower asset levels even before, if ever, economies of scale are achieved. The Board also noted that the Fund and its Unit Holders would have access to the very considerable number and variety of services available through Fidelity.

The Board concluded that economies of scale, if any, are being appropriately shared between Fund Unit Holders and Fidelity.

<u>Conclusion</u>

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Directors, concluded that the advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances, and that the Fund's Agreements should be renewed through November 30, 2026.

**Administration Agreement** 

Under the terms of the Administration Agreement, the Administrator provides, or oversees the performance of, administrative and compliance services necessary for the Fund's operations, including, but not limited to, maintaining financial records, overseeing the calculation of NAV, compliance monitoring (including diligence and oversight of our other service providers), preparing reports to Unit Holders and reports filed with the SEC and other regulators, preparing materials and coordinating meetings of our Board, managing the payment of expenses, the payment and receipt of funds for investments and the performance of administrative and professional services rendered by others and providing office space, equipment and office services. In consideration of the administrative services provided by the Administrator to the Fund, the Fund pays to the Administrator a fee, payable monthly in arrears at an annual rate of 0.25% of the average daily net assets of the Fund throughout the month and reimburses the Administrator for the costs and expenses of the Fund incurred by the Administrator. The fee paid to the Administrator is an expense paid out of the Fund's net assets and is computed based on the average daily net assets of the Fund throughout the month.

From time to time, FDS, in its capacity as both the Adviser and the Administrator or its affiliates may pay third-party providers of goods or services. Unless such expenses are specifically assumed by the Adviser, Administrator or its affiliates under the Advisory Agreement or Administration Agreement, the Fund will reimburse the Adviser, the Administrator or such affiliates thereof for any such amounts paid on the Fund's behalf. From time to time, the Adviser or the Administrator may defer or waive fees and/or rights to be reimbursed for expenses.

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Costs and expenses of FDS in its capacity as both the Administrator and the Adviser that are eligible for reimbursement by the Fund will be reasonably allocated to the Fund on the basis of time spent, assets under management, usage rates, proportionate holdings, a combination thereof or other reasonable methods determined by the Administrator.

**Certain Terms of the Advisory Agreement and Administration Agreement**

Each of the Advisory Agreement and the Administration Agreement has been approved by the Board. Unless earlier terminated as described below, each of the Advisory Agreement and the Administration Agreement will remain in effect until November 30, 2026, or to the extent consistent with the requirements of the 1940 Act, from the date of the Fund's election to be regulated as a BDC under the 1940 Act, and indefinitely thereafter, but only so long as the continuance after such date shall be specifically approved at least annually by vote of the Board or by vote of a majority of the outstanding voting securities of the Fund. The Fund may terminate the Advisory Agreement upon 60 days' written notice, and the Administration Agreement upon 120 days' written notice, without payment of any penalty. The decision to terminate either agreement may be made by a majority of the Board or the holders of a majority of the outstanding voting securities, which means the lesser of (1) 67% or more of the voting securities present at a meeting if more than 50% of the outstanding voting securities are present or represented by proxy, or (2) more than 50% of the outstanding voting securities. In addition, without payment of any penalty, the Adviser may terminate the Advisory Agreement upon 120 days' written notice and the Administrator may terminate the Administration Agreement upon 120 days' written notice. The Advisory Agreement will automatically terminate within the meaning of the 1940 Act and related SEC guidance and interpretations in the event of its assignment.

In the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of obligations or duties hereunder on the part of the Adviser or the Administrator, neither the Adviser or the Administrator shall be subject to liability to the Fund or to any Unit Holder of the Fund for any act or omission in the course of, or connected with, rendering services hereunder or for any losses that may be sustained in the purchase, holding or sale of any security or other investment instrument.

The Adviser or the Administrator are expressly put on notice of the limitation of Unit Holder liability as set forth in the Fund's LLC Agreement or other organizational document and agrees that the obligations assumed by the Fund pursuant to the Advisory Agreement and Administration Agreement shall be limited in all cases to the Fund and its assets, and the Administrator shall not seek satisfaction of any such obligation from the Unit Holders or any Unit Holder of the Fund. In addition, the Adviser and the Administrator shall not seek satisfaction of any such obligations from the directors or any individual director.

**Payment of Our Expenses Under the Investment Advisory and Administration Agreements**

Except as specifically provided below, all investment professionals and staff of the Adviser, when and to the extent engaged in providing investment advisory services to us, and the base compensation, bonus and benefits, and the routine overhead expenses, of such personnel allocable to such services, will be provided and paid for by the Adviser. The Fund will bear the following costs and expenses of our operations, administration and transactions including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.investment advisory fees, to the Adviser, pursuant to the Advisory Agreement ("Advisory Fees");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.the fee paid to the Administrator pursuant to the Administration Agreement ("Administration Fees"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.other expenses of the Fund's operations and transactions.

From time to time, FDS (in its capacity as the Adviser and the Administrator) or its affiliates may pay third-party providers of goods or services. The Fund will reimburse FDS (in its capacity as the Adviser and as the Administrator) or such affiliates thereof for any such amounts paid on the Fund's behalf that are Fund expenses. From time to time, FDS (in its capacity as the Adviser and the Administrator) may defer or waive fees and/or rights to be reimbursed for expenses. All of the foregoing expenses are ultimately borne by our Unit Holders.

Costs and expenses of FDS (in its capacity as the Adviser and the Administrator) that are eligible for reimbursement by the Fund will be reasonably allocated to the Fund on the basis of time spent, assets under management, usage rates, proportionate holdings, a combination thereof or other reasonable methods determined by the Administrator.

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**Expense Limitation Agreement** 

On January 1, 2025, the Fund entered into an Amended and Restated Expense Limitation Agreement (the "Expense Limitation Agreement") with the Adviser. The Adviser agrees to pay on a monthly basis Other Operating Expenses (as defined below) of the Fund on the Fund's behalf (each such payment, an "Expense Payment") such that Other Operating Expenses of the Fund do not exceed 0.50% (on annualized basis) of the Fund's average net assets ("Expense Limitation"). Any Expense Payment must be paid by the Adviser to the Fund in any combination of cash or other immediately available funds and/or offset against amounts due from the Fund to the Adviser or its affiliates. "Other Operating Expenses" means the Fund's professional fees (including accounting, legal, and auditing fees), custodian and transfer agent fees, third party valuation agent fees, insurance costs, director fees, administration fees, and other related costs or expenses, but excluding the following: (a) management fees and any incentive fees, if applicable; (b) portfolio transaction and other investment-related costs (including brokerage commissions, dealer and underwriter spreads, prime broker fees and expenses, fees and expenses associated with the Fund's securities lending program, and dividend expenses related to short sales); (c) interest, financing and structuring costs and other related expenses for borrowings and line(s) of credit; (d) taxes; (e) the Fund's proportional share of expenses related to co-investments; (f) acquired fund fees and expenses (including fees and expenses associated with a wholly owned subsidiary); (g) Rule 12b-1 fees, if any; (h) expenses of printing and mailing proxy materials to shareholders of the Fund; (i) all other expenses incidental to holding meetings of the Fund's shareholders, including proxy solicitations therefor; and (j) such non-recurring and/or extraordinary as may arise, including actions, suits or proceedings to which the Fund is or is threatened to be a party and the legal obligation that the Fund may have to indemnify the Fund's directors and officers with respect thereto.

The Adviser's obligation to make an Expense Payment shall automatically become a liability of the Adviser and the Fund's right to receive an Expense Payment shall be an asset of the Fund on the last calendar day of the applicable month. Any Expense Payment shall be paid by the Adviser to the Fund in any combination of cash or other immediately available funds and/or offset against amounts due from the Fund to the Adviser or its affiliates no later than forty-five (45) days after such obligation was incurred.

In consideration of the Adviser's agreement to make Expense Payments, at any time during a fiscal year and, to the extent that expenses fall below the Expense Limitation, the Adviser reserves the right to recoup through the end of the fiscal year any expenses that were reimbursed during the fiscal year up to, but not in excess of, the Expense Limitation.

This Expense Limitation Agreement was in force until January 1, 2026 (the [<u>"</u>](#certain_us_federal_income_tax)Initial Term[<u>"</u>](#certain_us_federal_income_tax)). After the Initial Term this Expense Limitation Agreement shall renew automatically for successive one-year terms. The Adviser may not terminate this Expense Limitation Agreement before a term's expiration date without the approval of the Fund's Board of Directors.

The Adviser will look only to the assets of the Fund for its performance under the Expense Limitation Support Agreement and for any claims for payment. No directors, officers, employees, agents, or Members of the Fund will be personally liable for performance by the Fund under the Expense Support Limitation Agreement.

The Adviser voluntarily agreed to waive its right to receive any Reimbursement Payment for any Excess Operating Funds incurred in any month through December 31, 2024. Any such amounts shall not be considered unreimbursed Expense Payments reimbursable in future months pursuant to the terms of the Amended and Restated Expense Support and Conditional Reimbursement Agreement then in effect.

**Distributions**

The Fund expects to pay distributions to Unit Holders at least quarterly. Any distributions the Fund makes will be at the discretion of the Board, considering factors such as the Fund's earnings, cash flow, capital needs and general financial condition and the requirements of Delaware law. As a result, the Fund's distribution rates and payment frequency may vary from time to time.

The Board's discretion as to the payment of distributions will be directed, in substantial part, by its determination to cause the Fund to comply with the RIC requirements. To maintain the Fund's treatment as a RIC, it generally is required to make aggregate annual distributions to its Unit Holders of at least 90% of investment company taxable income. See "[*<u>Certain U.S. Federal Income Tax Considerations.</u>*](#certain_us_federal_income_tax)"

**Distribution Reinvestment Plan**

The Fund has adopted a distribution reinvestment plan, pursuant to which the Fund will reinvest all cash dividends or distributions declared by the Board on behalf of our Unit Holders who do not elect to receive their dividends or distributions in cash. As a result, if the Board authorizes, and the Fund declares, a cash dividend or other distribution, then our Unit Holders who have not opted out of our distribution reinvestment plan will have their cash distributions automatically reinvested in additional units, rather than receiving the cash dividend or other distribution. Distributions on fractional units will be credited to each participating Unit Holder's account. Units issued pursuant to the dividend reinvestment plan ("DRIP") will not reduce a Unit Holder's Capital Commitments to the Fund.

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The Fund will use newly issued Units to implement the DRIP, with such Units to be issued at a per Unit price as determined by the Board (including any committee thereof), which price will be determined prior to the issuance of Units and in accordance with the limitations under Section 23 of the 1940 Act. The number of Units to be issued to a Unit Holder is determined by dividing the total dollar amount of the distribution payable to such Unit Holder by the price per Unit. The number of Units to be outstanding after giving effect to payment of a distribution cannot be established until the value per Unit at which additional Units will be issued has been determined and the elections of the Unit Holders have been tabulated.

There will be no brokerage or other charges to Unit Holders who participate in the plan. The DRIP administrator's fees under the plan will be paid by the Fund. The Fund may terminate the DRIP upon notice in writing to each participant at least 30 days prior to any record date for the payment of any distribution by the Fund.

**Unit Repurchase Program** 

Subject to market conditions and the approval of the Board, the Fund may from time to time offer to repurchase Units pursuant to written tenders from the Unit Holders. The Fund currently expects to make tender offers of up to 10% per year. The Fund may make tender offers greater than the expected 10% per year subject to, among other things, market conditions, investor demand for liquidity, loan repayments, and new capital commitments to the Fund. With respect to any such repurchase offer, Unit Holders tendering Units must do so by a date specified in the notice describing the terms of the repurchase offer. No Unit Holder has the right to require the Fund to repurchase any Units.

There is no minimum portion of a Unit Holder's Units that must be repurchased in any repurchase offer. The Fund has no obligation to repurchase Units at any time; any such repurchases will only be made at such times, in such amounts and on such terms as may be determined by the Fund, in its sole discretion. In determining whether the Fund should offer to repurchase Units, the Fund will consider the timing of such an offer, as well as a variety of operational, business and economic factors. In determining whether to accept a recommendation to conduct a repurchase offer at any such time, the Fund will consider the following factors, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•whether any Unit Holders have requested to tender or expressed an interest in tendering Units to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the liquidity of the Fund's assets (including fees and costs associated with redeeming or otherwise withdrawing from investment funds);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the investment plans and working capital and reserve requirements of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the relative economies of scale of the tenders with respect to the size of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the existing conditions of the securities markets and the economy generally, as well as political, national or international developments or current affairs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any anticipated tax consequences to the Fund of any proposed repurchases of Units; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the recommendations of the Adviser.

The Fund will repurchase Units from Unit Holders pursuant to written tenders on terms and conditions that the Adviser determines are fair to the Fund and to all Unit Holders. Notice will be provided to Unit Holders describing the terms of the offer, containing information Unit Holders should consider in deciding whether to participate in the repurchase opportunity and containing information on how to participate.

Except for the Early Repurchase Deduction, the Fund does not impose any charges in connection with repurchases of Units. Payment of the Early Repurchase Deduction will be made by reducing the repurchase proceeds. The Early Repurchase Deduction will be retained by the Fund for the benefit of remaining Unit Holders. The Fund intends to conduct the repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the 1940 Act. All Units purchased by the Fund pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued units.

Units that are issued pursuant to the Fund's DRIP and tendered, including any portion of Units repurchased that are issued pursuant to the Fund's DRIP, shall not be subject to the Early Repurchase Deduction. Units repurchased will be treated as having been repurchased on a "first-in–first-out" basis for purposes of determining whether and to what extent the Early Repurchase Deduction is applicable.

Units will be repurchased by the Fund after the Advisory Fee and Administration Fee have been deducted from the Fund's assets as of the end of the month in which the repurchase occurs — *i.e.*, the accrued Advisory Fee and Administration Fee for the month in which Units are to be repurchased is deducted prior to effecting the relevant repurchase of Units.

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If a repurchase offer is oversubscribed by Unit Holders who tender Units, the Fund will repurchase a pro rata portion by value of the Units tendered by each Unit Holder, extend the repurchase offer, or take any other action with respect to the repurchase offer permitted by applicable law. The Fund also has the right to repurchase all of a Unit Holder's Units at any time if the aggregate value of such Unit Holder's Units is, at the time of such compulsory repurchase, less than the minimum initial investment applicable for the Fund.

Payment for repurchased Units may require the Fund to liquidate portfolio holdings earlier than the Adviser would otherwise have caused these holdings to be liquidated, potentially resulting in losses, and may increase the Fund's investment related expenses as a result of higher portfolio turnover rates.

The Adviser intends to take measures to attempt to avoid or minimize potential losses and expenses resulting from the repurchase of Units.

**Proxy Voting Policies and Procedures** 

The Fund has delegated to the Adviser the authority to vote the Fund's proxies in accordance with the Adviser's established formal written proxy voting guidelines ("Guidelines"). The Guidelines are designed to ensure that proxies cast on behalf of the Fund are voted in a manner consistent with the best interests of Members. The Adviser has also adopted the Guidelines as part of its proxy voting policies and procedures in accordance with Rule 206(4)-6 under the Advisers Act pursuant to which the Adviser has a duty to monitor corporate events and to vote proxies, as well as a duty to cast votes in the best interests of clients and not subrogate client interests to its own interests. The Guidelines are reviewed at least annually by the Adviser, and, accordingly, are subject to change.

In evaluating proxies, the Adviser considers factors that are financially material to individual companies and investing funds' investment objectives and strategies in support of maximizing long-term Member value. This includes considering the company's approach to financial and operational, human, and natural capital and the impact of that approach on the potential future value of the business. The Adviser will vote on proposals not specifically addressed by the Guidelines based on an evaluation of a proposal's likelihood to enhance the long-term economic returns or profitability of the company or to maximize long-term Member value.

In certain non-U.S. jurisdictions and in limited circumstances, the Adviser may determine not to vote proxies where certain restrictions apply. In accordance with the Guidelines, voting of proxies is conducted in a manner consistent with the Adviser's fiduciary obligations to the Fund, and all applicable laws and regulations. In other words, the Adviser votes in a manner consistent with the Guidelines and in the best interests of the Fund's Members, and without regard to any other Fidelity companies' business relationships. The Adviser takes its responsibility to vote proxies in the best interests of the Fund's Members seriously and has implemented policies and procedures to address actual and potential conflicts of interest.

To view the Fund's Guidelines, visit https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/Full-Proxy-Voting-Guidelines-for-Fidelity-Funds-Advised-by-FMRCo-or-FDS.pdf.

**Reporting Obligations and Available Information**

Unit Holders may obtain copies of our filings with the SEC, free of charge from the website maintained by the SEC at www.sec.gov.

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**Certain U.S. Federal Income Tax Considerations**

The following discussion is a general summary of certain U.S. federal income tax considerations applicable to the Fund and the purchase, ownership and disposition of our Units. This discussion does not purport to be complete or to deal with all aspects of U.S. federal income taxation that may be relevant to Unit Holders in light of their particular circumstances. Unless otherwise noted, this discussion applies only to U.S. Unit Holders that hold our units as capital assets. A U.S. Unit Holder is an individual who is a citizen or resident of the United States, a U.S. corporation, a trust if it (a) is subject to the primary supervision of a court in the United States and one or more U.S. persons have the authority to control all substantial decisions of the Fund or (b) has made a valid election to be treated as a U.S. person, or any estate the income of which is subject to U.S. federal income tax regardless of its source. This discussion is based upon present provisions of the Code, the regulations promulgated thereunder, and judicial and administrative ruling authorities, all of which are subject to change, or differing interpretations (possibly with retroactive effect). This discussion does not represent a detailed description of the U.S. federal income tax consequences relevant to special classes of taxpayers including, without limitation, financial institutions, insurance companies, investors in pass-through entities, U.S. Unit Holders whose "functional currency" is not the U.S. dollar, tax-exempt organizations, dealers in securities or currencies, traders in securities or commodities that elect mark to market treatment, or persons that will hold our units as a position in a "straddle," "hedge" or as part of a "constructive sale" for U.S. federal income tax purposes. In addition, this discussion does not address the application of the Medicare tax on net investment income or the U.S. federal alternative minimum tax, or any tax consequences attributable to persons being required to accelerate the recognition of any item of gross income with respect to our units as a result of such income being recognized on an applicable financial statement. Prospective investors should consult their tax advisers with regard to the U.S. federal income tax consequences of the purchase, ownership, or disposition of the Fund's Units, as well as the tax consequences arising under the laws of any state, foreign country or other taxing jurisdiction.

*Taxation as a Regulated Investment Company*

The Fund elected to be treated, and intends to qualify annually, as a RIC under Subchapter M of the Code. For the periods prior to June 6, 2023, the Fund was treated as a partnership for tax purposes and was not subject to U.S. federal income tax.

To qualify for the tax treatment accorded to RICs under Subchapter M of the Code, the Fund must, among other things: (1) have an election in effect to be treated as a BDC under the 1940 Act at all times during each taxable year; (2) have filed with its return for the taxable year an election to be a RIC or have made such election for a previous taxable year; (3) derive in each taxable year at least 90% of its gross income from (a) dividends, interest, payments with respect to certain securities loans, and gains from the sale or other disposition of stock or securities or foreign currencies, or other income (including but not limited to gains from options, futures or forward contracts) derived with respect to its business of investing in such stock, securities, or currencies; and (b) net income derived from an interest in certain publicly-traded partnerships that are treated as partnerships for U.S. federal income tax purposes and that derive less than 90% of their gross income from the items described in (a) above (each, a "Qualified Publicly Traded Partnership"); and (4) diversify its holdings so that, at the end of each quarter of each taxable year of the Fund (a) at least 50% of the value of the Fund's total assets is represented by cash and cash items (including receivables), U.S. government securities and securities of other RICs, and other securities for purposes of this calculation limited, in respect of any one issuer to an amount not greater in value than 5% of the value of the Fund's total assets, and to not more than 10% of the outstanding voting securities of such issuer, and (b) not more than 25% of the value of the Fund's total assets is invested in the securities (other than U.S. government securities or securities of other RICs) of (I) any one issuer, (II) any two or more issuers which the Fund controls and which are determined to be engaged in the same or similar trades or businesses or related trades or businesses or (III) any one or more Qualified Publicly Traded Partnerships (described in 3(b) above).

As a RIC, the Fund generally will not be subject to U.S. federal income tax on its investment company taxable income (as that term is defined in the Code, but determined without regard to the deduction for dividends paid) and net capital gain (the excess of net long-term capital gain over net short-term capital loss), if any, that it distributes in each taxable year to its Unit Holders, provided that it distributes at least 90% of the sum of its investment company taxable income and its net tax-exempt income for such taxable year. Generally, the Fund intends to distribute to its Unit Holders, at least annually, substantially all of its investment company taxable income and net capital gains, if any.

Amounts not distributed on a timely basis in accordance with a calendar year distribution requirement are subject to a nondeductible 4% U.S. federal excise tax. To prevent imposition of the excise tax, the Fund must distribute during each calendar year an amount at least equal to the sum of (i) 98% of its ordinary income for the calendar year, (ii) 98.2% of its capital gains in excess of its capital losses (adjusted for certain ordinary losses) for the one-year period ending October 31 of the calendar year and (iii) any ordinary income and capital gains for previous years that were not distributed during those years. For these purposes, the Fund will be deemed to have distributed any income or gains on which it paid U.S. federal income tax.

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A distribution will be treated as paid on December 31 of any calendar year if it is declared by the Fund in October, November or December with a record date in such a month and paid by the Fund during January of the following calendar year. Such distributions will be taxable to Unit Holders in the calendar year in which the distributions are declared, rather than the calendar year in which the distributions are received.

Some of the income that the Fund might otherwise earn (such as certain fees) may not be qualifying income for purposes of the 90% income test described above. To manage the risk that such income might disqualify the Fund as a RIC for failure to satisfy the 90% income test, one or more subsidiary entities treated as U.S. corporations for U.S. federal income tax purposes may be employed to earn such income. Such subsidiary entities will be required to pay U.S. federal income tax on their earnings, which ultimately will reduce the yield to the Fund's shareholders on such fees and income.

If the Fund failed to qualify as a RIC or failed to satisfy the 90% distribution requirement in any taxable year, the Fund would be subject to U.S. federal income tax at regular corporate rates on its taxable income (including distributions of net capital gain), even if such income were distributed to its Unit Holders, and all distributions out of earnings and profits would be taxed to Unit Holders as ordinary dividend income. Such distributions generally would be eligible (i) to be treated as "qualified dividend income" in the case of individual and other non-corporate Unit Holders and (ii) for the dividends received deduction in the case of corporate Unit Holders. In addition, the Fund could be required to recognize unrealized gains, pay taxes and make distributions (which could be subject to interest charges) before requalifying for taxation as a RIC.

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**Item 1A. Risk Factors.**

*Investing in the Fund's Units involves a number of significant risks. The following information is a discussion of the material risk factors associated with an investment in our Units. A prospective investor should consider, among other factors, the risk factors set forth below which are subject to or, if applicable, modified by the requirements and obligations described in the Subscription Agreement before making a decision to purchase Units. The risks below are not the only risks the Fund faces. Additional risks and uncertainties not presently known to the Fund or not presently deemed material by the Fund may also impair the Fund's operations and performance. If any of the following events occur the Fund's business, financial condition and results of operations could be materially and adversely affected. In such cases, the NAV of the Fund's Units could decline, and investors may lose all or part of their investment.* 

**Risks Relating to an Investment in the Fund** 

***Limited Operating History.*** The Fund operates as a non-diversified, closed-end management investment company has elected to be regulated as a BDC under the 1940 Act. The Fund has limited operating history as a private investment vehicle and limited operating history as a BDC. As a result, prospective investors have limited track record or history on which to base their investment decision. There can be no assurance that the results achieved by similar strategies managed by the Adviser or its affiliates will be achieved for the Fund. Past performance should not be relied upon as an indication of future results. Moreover, the Fund is subject to all of the business risks and uncertainties associated with any inexperienced business, including the risk that it will not achieve its investment objectives and that the value of an investor's investment could decline substantially or that the investor will suffer a complete loss of its investment in the Fund.

The investment philosophy and techniques used by the Adviser to manage a BDC may differ from the investment philosophy and techniques previously employed by the Adviser, its affiliates, and the portfolio managers in identifying and managing past investments. In addition, the 1940 Act and the Code impose numerous constraints on the operations of BDCs and RICs that do not apply to the other types of investment vehicles. For example, under the 1940 Act, BDCs are required to invest at least 70% of their total assets primarily in securities of qualifying private companies or thinly traded U.S. public companies, cash, cash equivalents, U.S. government securities and other high-quality debt investments that mature in one year or less from the time of investment. In addition, in order to qualify as a RIC for U.S. federal income tax purposes, the Fund is required to meet certain source-of-income and asset diversification requirements.

***Risk of Failure to Achieve Investment Objective.*** The Adviser cannot provide assurances that it will be able to identify, choose, make or realize investments of the type targeted for the Fund. There is also no guarantee that the Adviser will be able to source attractive investments for the Fund within a reasonable period of time. There can be no assurance that the Fund will be able to generate returns for the investors or that returns will be commensurate with the risks of the investments. The Fund may not be able to achieve its investment objectives and investors may lose some or all of their invested capital. The failure by the Fund to obtain indebtedness on favorable terms or in the desired amount will adversely affect the returns realized by the Fund and impair the Fund's ability to achieve its investment objective.

***Competition with Other Entities, Including Commercial Banks, Commercial Financing Companies, BDCs, Insurance Companies and Other Private Funds.*** Other entities compete with the Fund to make the types of investments that the Fund plans to make. Certain of these competitors may be substantially larger, have considerably greater financial, technical and marketing resources than the Fund will have and offer a wider array of financial services. There may be intense competition for investments of the type the Fund intends to make, and such competition may result in less favorable investment terms than might otherwise exist. The competitive pressures the Fund faces may have a material adverse effect on the Fund's business, financial condition, results of operations and cash flows.

***Risk of Dependence on Key Personnel of the Adviser.*** The Fund will depend on the diligence, skill, experience and network of business contacts of the Adviser's portfolio management team. There can be no assurances that certain members of the team will continue to provide investment services to the Adviser. The loss of key personnel would limit the Fund's ability to achieve its investment objectives and operate as anticipated. None of the Fund, the Adviser or its Affiliates maintain key person life insurance for any of their personnel.

***Illiquid Investments and Restrictions on Withdrawal*** The Fund's Units are illiquid investments for which there is not and will likely not be a secondary market. If the Fund makes repurchase offers, it will offer to repurchase Units at a price that is estimated by its internal valuation processes to be equal to its net asset value per unit, which may be lower than the price that you paid for the Fund's Units. As a result, to the extent asset prices have declined and to the extent you have the ability to sell your Units pursuant to the Fund's unit repurchase program, the price at which you may sell Units may be lower than the amount you paid in connection with the purchase of Units in the private offering.

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***Fund Investors have No Right to Control the Fund's Operations****.* The Fund is managed exclusively by the Adviser. Fund investors will not make decisions with respect to the management, disposition or other realization of any investment, the day-to-day operations of the Fund, or any other decisions regarding the Fund's business and affairs, except for limited circumstances. Specifically, Fund investors will not have an opportunity to evaluate for themselves the relevant economic, financial and other information regarding investments by the Fund or receive any financial information issued directly by the portfolio companies that is available to the Adviser. Fund investors should expect to rely solely on the ability of the Adviser with respect to the Fund's operations.

***The Fund's Assets are Subject to Recourse****.* The assets of the Fund, including any investments made by and any capital held by the Fund are available to satisfy all liabilities and other obligations of the Fund, as applicable. If the Fund becomes subject to a liability, parties seeking to have the liability satisfied may have recourse to the Fund's assets generally and may not be limited to any particular asset, such as the investment giving rise to the liability.

***No Assurance the Fund Will be Able to Obtain Leverage****.* The Fund will seek to regularly employ a significant amount of direct or indirect leverage in a variety of forms through borrowings, derivatives and other financial instruments as part of its investment program. However, there can be no assurance that the Fund will be able to obtain indebtedness at all or to the desired degree or that indebtedness will be accessible by the Fund at any time or in connection with any particular investment. If indebtedness is available to the Fund, there can be no assurance that such indebtedness will be available in the desired amount or on terms favorable to the Fund and/or terms comparable to terms obtained by competitors. The terms of any indebtedness are expected to vary based on the counterparty, timing, size, market interest rates, other fees and costs, duration, advance rates, eligible investments or collateral, ability to borrow in currencies other than the U.S. dollar and Fund investor creditworthiness and composition. Moreover, market conditions or other factors may cause or permit the amount of leverage employed by the Fund to fluctuate over the Fund's life. Furthermore, the Fund may seek to obtain indebtedness on an investment-by-investment basis, and leverage may not be available or may be available on less desirable terms in connection with particular investments. The instruments and borrowing utilized by the Fund to leverage its investments may be collateralized by other assets of the Fund.

It is expected that the Fund will directly or indirectly incur indebtedness collateralized by the Fund's assets. As a BDC, with certain limited exceptions, the Fund will only be permitted to borrow amounts such that the Fund's asset coverage ratio, as defined in the 1940 Act, equals at least 150% (equivalent to $2 of debt outstanding for each $1 of equity) after such borrowing. If the Fund is unable to obtain and maintain the desired amount of borrowings on favorable terms, the Adviser may seek to realize the Fund's investments earlier than originally expected.

***No Assurance of the Availability of Leverage****.* The Fund is expected to utilize leverage, however, there can be no assurance that the Fund will be able to obtain indebtedness. If indebtedness is available, there can be no assurance that such indebtedness will be on terms favorable to the Fund and/or terms comparable to terms obtained by competitors, including with respect to costs, duration, size, advance rates and interest rates. Moreover, market conditions or other factors may cause or permit the amount of leverage employed by the Fund to fluctuate over its life. For example, if leverage is obtained later in the Fund's life, the Fund may immediately deploy such leverage in order to achieve the desired borrowing ratio, which may involve making distributions of borrowed funds. If the Fund is unable to, or not expected to be able to, obtain indebtedness in connection with a particular investment, the Fund may determine not to make the investment or may invest a different proportion of its available capital in such investment. This may affect the ability of the Fund to make investments, could adversely affect the returns of the Fund and may impair its ability to achieve its investment objective. In addition, the lender may impose certain diversification or other requirements, and these restrictions are expected to impact the ability of the Fund to participate in certain investments or the amount of the Fund's participation in certain investments.

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***Leverage Risk***. The Fund will seek to employ direct or indirect leverage in a variety of forms, including through borrowings, derivatives, and other financial instruments as part of its investment program, which leverage is expected to be secured by the Fund's assets. The greater the total leverage of the Fund relative to its assets, the greater the risk of loss and possibility of gain due to changes in the values of its investments. The extent to which the Fund uses leverage may have other significant consequences to Fund investors, including, the following: (i) greater fluctuations in the net assets of the Fund; (ii) use of cash flow (including Capital Contributions) for debt service and related costs and expenses, rather than for additional investments, distributions, or other purposes; (iii) to the extent that the Fund's cash proceeds are required to meet principal payments, the Fund investors may be allocated income (and therefore incur tax liability) in excess of cash available for distribution; (iv) in certain circumstances the Fund may be required to harvest investments prematurely or in unfavorable market conditions to service its debt obligations, and in such circumstances the recovery the Fund receives from such harvests may be significantly diminished as compared to the Fund's expected return on such investments; (v) limitation on the Fund's flexibility to make distributions to Fund investors (vi) in the sale of assets that are pledged to secure the indebtedness; (vii) increased interest expense if interest rate levels were to increase significantly; (viii) during the term of any borrowing, the Fund's returns may be materially reduced by increased costs attributable to regulatory changes; and (ix) banks and dealers that provide financing to the Fund may apply discretionary margin, haircut, financing and collateral valuation policies. Changes by banks and dealers in any of the foregoing may result in large margin calls, loss of financing and forced liquidations of positions at disadvantageous prices. The cost associated with the use of leverage may not be recouped through investments or may significantly reduce the profitability of any investment. Certain types of loans require a fee payment irrespective if the credit facility is actually used and may require an annual fee to extend the facility. There can also be no assurance that the Fund will have sufficient cash flow or be able to liquidate sufficient assets to meet its debt service obligations. As a result, the Fund's exposure to losses, including a potential loss of principal, as a result of which Fund investors could potentially lose all or a portion of their investments in the Fund, may be increased due to the use of leverage and the illiquidity of the investments generally. Similar risks and consequences apply with respect to indebtedness related to a particular asset or portfolio of assets.

To the extent that the Fund enters into multiple financing arrangements, such arrangements may contain cross-default provisions that could magnify the effect of a default. If a cross-default provision were exercised, this could result in a substantial loss for the Fund.

As a BDC, the Fund generally will be required to meet a coverage ratio of total assets to total borrowings and other senior securities, which include all of its borrowings and any preferred units that the Fund may issue in the future, of at least 150%. As defined in the 1940 Act, asset coverage of 150% means that for every $100 of net assets the Fund holds, it may raise $200 from borrowing and issuing senior securities. In addition, while any senior securities remain outstanding, the Fund will be required to make provisions to prohibit any dividend distribution to its Unit Holders or the repurchase of such securities or units unless the Fund meets the applicable asset coverage ratios at the time of the dividend distribution or repurchase. If this ratio were to fall below 150%, the Fund could not incur additional debt and could be required to sell a portion of its investments to repay some debt when it is disadvantageous to do so. This could have a material adverse effect on the Fund's operations and investment activities. Moreover, the Fund's ability to make distributions to you may be significantly restricted or it may not be able to make any such distributions whatsoever. The amount of leverage that the Fund will employ will be subject to oversight by its Board, a majority of whom are Independent Directors with no material interests in such transactions.

Although borrowings by the Fund have the potential to enhance overall returns, they will diminish returns (or increase losses on capital) to the extent overall returns are less than the Fund's cost of funds. In addition, borrowings by the Fund may be secured by the Unit Holders' funded and unfunded capital commitments (including an assignment to the lender of the right to make capital calls, receive and apply capital contributions and enforce remedies and claims related thereto) as well as by the Fund's assets and the documentation relating to such borrowing may provide that during the continuance of a default under such borrowing, the interests of the investors may be subordinated to such borrowing.

***Obtaining a Rating from a Credit Rating Agency****.* The Fund may apply to a credit rating agency to rate the Fund and/or its assets in order to provide the Fund access to different sources of indebtedness or capital as well as to help meet the Fund's risk/return objectives, its overall target indebtedness ratio or other considerations as determined by the Adviser. In connection with such rating, the credit rating agency may review and analyze the Fund's counterparties, the Adviser (in its capacity as the Adviser and Administrator), the investments and expected investments of the Fund, the legal structure of the Fund, the historical and current Fund investors and Fund performance data. There can be no assurance that the Fund will apply for such a rating, that a credit rating agency will provide a rating or that such a rating will be beneficial to the Fund. In addition, when making investment decisions for the Fund (including establishing the Fund's investment portfolio), the Adviser may consider the implications of the investment portfolio on a credit rating agency's rating of the Fund and tailor the Fund's investment portfolio taking into account such considerations. There is a risk that a rating agency could incorrectly rate, or downgrade ratings which could have a material effect on the Fund, including its assets and its ability to acquire indebtedness.

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***Expedited Investment Decisions****.* Investment analyses and decisions by the Adviser may be required to be undertaken on an expedited basis to take advantage of investment opportunities. In such cases, the information available to the Adviser at the time of making an investment decision may be limited. Therefore, no assurance can be given that the Adviser will have knowledge of all circumstances that may adversely affect an investment. In addition, the Adviser may rely upon independent consultants and other sources in connection with its evaluation of proposed investments, and no assurance can be given as to the accuracy or completeness of the information provided by such independent consultants or other sources or to the Fund's right of recourse against them in the event errors or omissions do occur.

***Insurance Risk****.* The Adviser has purchased and expects to maintain an omnibus insurance policy or policies which includes coverage in respect of the Fund, the Adviser and their affiliates, as well as Other Clients (as defined below), including certain of their respective indemnified persons (which omnibus insurance policy or policies may provide coverage to the Adviser and its affiliates, as applicable, for events unrelated to the Fund). The premiums for such shared insurance policies generally are borne by the Adviser and the clients covered by such policies, and such shared insurance policy or policies are expected to have an overall cap on coverage for all the insured parties thereunder. To the extent an insurable event results in claims in excess of such cap, the Fund may not receive as much in insurance proceeds as it would have received if separate insurance policies had been purchased for each insured party. Similarly, insurable events may occur sequentially in time while subject to a single overall cap. To the extent insurance proceeds for one such event are applied towards a cap and the Fund experiences an insurable loss after such event, the Fund's receipts from such insurance policy may also be diminished. Insurance policies covering the Fund, the premiums of which are paid in whole or in part by the Fund, may provide insurance coverage to indemnified persons for conduct that would not be covered by indemnification. In addition, the Fund may need to initiate litigation in order to collect from an insurance provider, which may be lengthy and expensive for the Fund and which ultimately may not result in a financial award. In addition, the Adviser may cause the Fund to purchase and maintain insurance coverage that provides coverage to the Fund, and certain indemnified persons, in which case, the premiums would be borne by the Fund.

While the Adviser expects to allocate insurance expenses in a manner it determines to be fair and equitable, taking into account any factors it deems relevant to the allocation of such expenses, because of the uncertainty of whether claims will arise in the future and the timing and the amount that may be involved in any such claim, the determination of how to allocate such expenses may require the Adviser to take into consideration facts and circumstances that are subjective in nature. It is unlikely that the Adviser will be able to accurately allocate the expenses of any such insurance policies based on the actual claims related to a particular client, including the Fund.

***Indemnification Risk****.* The Fund is required to indemnify the Adviser, the members of the Board and each other person indemnified under the LLC Agreement of the Fund for liabilities incurred in connection with the LLC Agreement, the Advisory Agreement and the Fund's activities, except in certain circumstances. So long as the Fund is regulated under the 1940 Act, the indemnification and limitation of liability is limited by the 1940 Act. The Fund will also indemnify certain service providers, including the Administrator and the Fund's auditors, as well as consultants and sourcing, operating and joint venture partners. Such liabilities may be material and may have an adverse effect on the returns to the Fund investors. The indemnification obligation of the Fund would be payable from the assets of the Fund. The application of the indemnification and exculpation standards may result in Fund investors bearing a broader indemnification obligation in certain cases than they would in the absence of such standards. As a result of these considerations, even though such provisions will not act as a waiver on the part of any investor of any of its rights which are not permitted to be waived under applicable law, the Fund may bear significant financial losses even where such losses were caused by the negligence or other conduct of such indemnified persons.

***Portfolio Valuation Risk****.* The Adviser, subject to the oversight of the Board, determines the valuation of the Fund's investments. It is expected that most of the Fund's investments will not have readily available market quotations, which will require the Adviser to determine, in accordance with the Adviser's valuation policies, the fair value of such investments on the valuation date. Fair value pricing is based on subjective judgments, and it is possible that the fair value of a security may differ materially from the value that would be realized if the security were sold. Absent bad faith or manifest error, valuation determinations of the Adviser will be conclusive and binding on the Fund investors.

In addition, the Adviser may have an interest in determining higher valuations in order to be able to present better performance to prospective investors. In certain cases, the Fund may hold an investment in an issuer experiencing distress or going through bankruptcy. In such a situation, the Adviser may continue to place a favorable valuation on such investment due to the Adviser's determination that the investment is sufficiently secured despite the distressed state or bankruptcy of the issuer. However, no assurances can be given that this assumption is justified or that such valuations will be accurate in the long term. In addition, an investment in a portfolio company may not be permanently written-off or permanently written down despite its distressed state or covenant breach until such portfolio company experiences a material corporate event (*e.g.*, bankruptcy or partial sale) which establishes an objective basis for such revised valuation. In these circumstances, the Adviser has an interest in delaying any such write-offs or write-downs to maintain a higher management fee base and thus, management fees paid to the Adviser.

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In addition, the Fund may rely on third-party valuation services to assist in determining the value of certain investments. An investment may not have a readily ascertainable market value and accordingly, could potentially make it difficult to determine a fair value of an investment and may yield an inaccurate valuation. Further, because of the Adviser's knowledge of the investment, the valuation services may defer to the Adviser's valuation even where such valuation may not be accurate or the determination thereof involved a conflict of interest. Additionally, the Fund may also choose to discontinue the use of any third-party valuation services at any time, which could create a conflict of interest and impair the third-party valuation service's independence. An inaccurate valuation of an investment could have a substantial impact on the Fund.

***Due Diligence Risk****.* When conducting due diligence and making an assessment regarding a potential investment, the Adviser will be required to rely on resources available to it, including internal sources of information as well as information provided by existing and potential obligors, any equity sponsor(s), lenders and other independent sources. The due diligence process may at times rely on limited or incomplete information.

The Adviser will select investments for the Fund in part on the basis of publicly available information filed with various government regulators or information made directly available to the Adviser. Although the Adviser will evaluate all such information and data and seek independent corroboration when it considers it appropriate and reasonably available, the Adviser may not be in a position to confirm the completeness, genuineness or accuracy of such information and data. The Adviser is dependent upon the integrity of the management of the entities filing such information and of such companies and third parties providing such information, as well as the financial reporting process in general. The value of an investment made by the Fund may be affected by fraud, misrepresentation or omission on the part of a company or any related parties to such company, or by other parties to the investment (or any related collateral and security arrangements). Such fraud, misrepresentation or omission may adversely affect the value of the investment and/or the value of the collateral underlying the investment in question and may adversely affect the Fund's ability to enforce its contractual rights relating to that investment or the relevant obligor's ability to repay the principal or interest on the investment.

In addition, the Adviser may rely upon independent consultants or experts in connection with its evaluation of proposed investments. There can be no assurance that these consultants or experts will accurately evaluate such investments. Investment analyses and decisions by the Adviser may be undertaken on an expedited basis in order to make it possible for the Fund to take advantage of short-lived investment opportunities. In such cases, the available information at the time of an investment decision may be limited, inaccurate and/or incomplete. In addition, the financial information available to the Adviser may not be accurate or provided based upon accepted accounting methods. Accordingly, the Adviser cannot guarantee that the due diligence investigation it carries out with respect to any investment opportunity will reveal or highlight all relevant facts that may be necessary or helpful in evaluating such investment opportunity which may have a material adverse effect on the performance of the Fund.

***Compliance with Applicable Law****.* Although the Adviser will seek for it and the Fund to comply with all U.S. federal, state and local lending regulations and to obtain all required licenses, there is no assurance that the Adviser or the Fund will be able to obtain all required licenses or always be compliant or that there will not be allegations of non-compliance even if the Adviser and the Fund were or are fully compliant. Any violation of applicable law or failure to comply with regulatory requirements could result in, among other things, revocation of required licenses or registrations, loss of approval status, termination of contracts without compensation, damages, fines, penalties, litigation costs, investigation costs and even restrictions on the ability of the Fund's ability to conduct business.

***Litigation Risk****.* The Adviser will act in good faith and use reasonable judgment in managing the Fund. It is impossible for the Adviser to foresee what allegations may be brought by a regulatory agency or a third party, and the Adviser will seek to avoid litigation, if, in the Adviser's judgment, the circumstances warrant an alternative resolution. If an allegation is brought or litigation is commenced against the Fund, the Fund will incur legal fees and costs to respond to the allegations and to defend any resulting litigation, this could have an adverse effect on the Fund's financial performance.

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***Possession of Material Non-Public Information, Limiting the Adviser's Discretion****.* From time to time, the Adviser (in its capacity as investment adviser of investment vehicles, funds or accounts or in connection with investment activities on its own behalf) and its affiliates receive material non-public information with respect to issuers of publicly-traded securities or other securities in connection with, among other examples, acquisitions, refinancings, restructurings of such issuers that the Adviser reviews or participates in, oftentimes unrelated to its management of the Fund. In such circumstances, the Fund may be prohibited, by law, contract or by virtue of the Adviser's policies and procedures, from (i) selling all or a portion of a position in such issuer, thereby potentially incurring trading losses as a result, (ii) establishing an initial position or taking any greater position in such issuer, and (iii) pursuing other investment opportunities related to such issuer. In order to prevent the portfolio managers of the Fund from receiving material, non-public information that may prevent them from being able to trade in investments in other accounts the portfolio managers manage, portfolio management personnel (including the portfolio managers, research analysts, and traders) may be subject to information barriers and prevented from accessing certain information regarding Fund investments to which investors are otherwise entitled, such as information about a borrower's business prospects, financial situation and liquidity situation.

***Systems and Operational Risks****.* The Fund depends on the Adviser and Administrator to develop and implement appropriate systems for the Fund's activities. The Fund also relies heavily and on a regular basis on financial, accounting and other data processing systems to evaluate investments, to monitor its portfolio and capital, and to generate risk management and other reports that are critical to oversight of the Fund's activities. In addition, the Fund relies on information systems to store sensitive information about the Fund, the Adviser, their affiliates and the Unit Holders. Certain of the Fund's and the Adviser's activities will be dependent upon systems operated by third parties, including custodians, market counterparties and other service providers, and the Fund and the Adviser may not be in a position to adequately verify the risks or reliability of such third-party systems. These programs or systems may be subject to certain defects, failures or interruptions, including, but not limited to data or securities price data errors, mathematical or statistical errors, or computer system implementation errors or other errors, omissions, imperfections and malfunctions, including those caused by computer "worms," viruses and power failures. Failures in the systems employed by the Adviser, administrators, custodians, counterparties, exchanges and similar clearance and settlement facilities and other parties could result in mistakes made in the confirmation or settlement of transactions, or in transactions not being properly booked, evaluated or accounted for. Disruptions in the Fund's operations or breach of the Fund's information systems may cause the Fund to suffer, among other things, financial loss, the disruption of its business, liability to third parties, regulatory penalties or reputational damage. Any of the foregoing failures or disruptions could have a material adverse effect on the Fund and the Unit Holders' investment therein.

***Reliance on Data; Data Errors****.* The Adviser is highly reliant on the gathering, cleaning, culling and analysis of large amounts of data from third-party and other external sources. It is not possible or practicable, however, to factor all relevant, available data into economic forecasts or trading decisions. The Adviser will use its discretion to determine what data to gather with respect to any investment and what subset of that data the research models take into account to produce forecasts that may have an impact on ultimate investment decisions. In addition, it is inevitable that not all desired or relevant data will be available to, or processed by, the Adviser at all times. In these cases, the Adviser may continue to generate forecasts and make investment decisions based on the data available to it. In addition, the Adviser may determine that certain available data, while potentially useful in generating forecasts or making investment decisions, is not cost effective to gather due to either the technology costs or third-party vendor costs and, in these cases, the Adviser will not utilize the subject data. Investors should be aware that there is no guarantee that the data actually utilized in making investment decisions will be the most accurate data available or even free of errors. Investors should assume that the foregoing limitation and risks associated with gathering, cleaning, culling and analysis of large amounts of data from third party and other external sources are an inherent part of investing with an adviser such as the Adviser.

***Risk Evaluation Models***. The Adviser may develop proprietary risk evaluation models that seek to estimate risk based on numerous factors. These models may, for a variety of reasons, fail to accurately predict risk level, and correlations among, strategies and investments, including because of scarcity of historical data with respect to certain strategies and investments, erroneous underlying assumptions, and estimates for certain data, or other defects in inputs and the models, or because future events may not necessarily follow historical norms. In and of themselves, these risk evaluation models do not manage or reduce risk and, at most, provide certain assistance to the Adviser when determining a course of action.

***Public Disclosure Obligations****.* The Fund, the Adviser or their respective affiliates, service providers, or agents may from time to time be required or may, in their discretion, determine that it is advisable to disclose certain information about the Fund and the Fund investors, including investments held directly or indirectly by the Fund and the names and level of beneficial ownership of certain of the Fund investors, to (i) regulatory or taxing authorities of certain jurisdictions, which have or assert jurisdiction over the disclosing party or in which the Fund directly or indirectly invests, or (ii) any lenders, counterparty of, or service provider to, the Adviser or the Fund (and its subsidiaries). Disclosure of confidential information under such circumstances will not be regarded as a breach of any duty of confidentiality and, in certain circumstances, the Fund, the Adviser or any of their affiliates, Service Providers (as defined below) or agents, may be prohibited from disclosing to any Fund investor that any such disclosure has been made.

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***Cybersecurity Risk****.* With the increased use of technologies such as the Internet and cloud computing to conduct business, the Fund and the Adviser are susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events that may cause the Fund, the Adviser or their respective service providers to lose or compromise confidential information. Cyber-attacks include, but are not limited to, gaining unauthorized access to digital systems (*e.g.*, through "hacking" or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber-attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (*i.e.*, efforts to make network services unavailable to intended users). Cyber incidents affecting the Fund's or the Adviser's service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund's ability to value its investments, impediments to trading, the inability of Unit Holders to transact business, violations of applicable privacy and other laws, failure to maintain the security, confidentiality or privacy of sensitive data including personal information relating to the unit holders and their beneficial owners, violations of confidentiality obligations, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. Similar adverse consequences could result from cyber incidents affecting counterparties with which the Fund engages in transactions, governmental and other regulatory authorities, exchange and other financial market operators, banks, brokers, dealers, insurance companies and other financial institutions (including financial intermediaries and service providers) and other parties. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While the Adviser anticipates that the Fund's service providers generally will have established business continuity plans in the event of, and risk management systems to prevent, such cyber incidents, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. Furthermore, the Fund cannot control the cyber security plans and systems put in place by its service providers or any other third parties whose operations may affect the Fund or its Unit Holders. The Fund and its Unit Holders could be negatively impacted as a result. For example, if a service provider fails to adopt or adhere to adequate data security policies, or in the event of a breach of its networks, information relating to the transactions of the Fund and personally identifiable information of the Unit Holders may be lost or improperly accessed, used or disclosed.

***Artificial Intelligence and Machine Learning Risks.*** The emergence of recent technology developments in artificial intelligence and machine learning technology, including Open AI's release of its ChatGPT application (collectively, "Machine Learning Technology") could pose risks to FMR, the Adviser, the Fund and its investments. These risks could arise if FMR utilizes Machine Learning Technology in connection with its business activities, including investment activities, or if third-party service providers of or any counterparties or competitors to the Fund, whether or not known to FMR, use Machine Learning Technology. FMR will not be in the position to control the manner in which third-party products are developed or maintained or the manner in which third-party services are provided. Furthermore, FMR personnel could utilize Machine Learning Technology in contravention of any policies that FMR has to prohibit or otherwise restrict the use of Machine Learning Technology.

As the use and availability of Machine Learning Technology has grown, the U.S. Congress and a number of U.S. federal agencies have been examining the Machine Learning Technology and their use in a variety of industries, including financial services. The legislatures and administrative agencies of a variety of U.S. states and non-U.S. governments have also proposed, and in a number of cases adopted, rules and regulations addressing the use of Machine Learning Technology. Machine Learning Technology similarly faces an uncertain regulatory landscape in many foreign jurisdictions.

Use of Machine Learning Technology by any of the parties described in the previous paragraphs could include the input of confidential information (including material non-public information) into Machine Learning Technology, resulting in such confidential information becoming part of a dataset that is accessible by other third-party Machine Learning Technology applications and users. This use could be in contravention of confidentiality agreements or FMR policies. For more information on risks relating to information security, see also "[*<u>Cybersecurity Risks.</u>*](#cybersecurity_risk)" above.

Machine Learning Technology is generally highly reliant on the collection and analysis of large amounts of data, and it is not possible or practicable to incorporate all relevant data into the dataset that Machine Learning Technology utilizes to operate. Additionally, certain data in such datasets will inevitably contain a degree of inaccuracies and errors, potentially materially so, and could otherwise be inadequate or flawed, which would be likely to degrade the effectiveness of Machine Learning Technology. To the extent that FMR is exposed to the risk of Machine Learning Technology use, any such inaccuracies or errors could have adverse impacts on FMR, the Adviser, the Fund and its portfolio investments. Machine Learning Technology and its applications, including in the private investment and financial sectors, continue to develop rapidly and it is impossible to predict the future risks that may arise from such developments.

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***Social Media Risk.*** The use of social networks such as Facebook, Twitter and Instagram, message boards such as Reddit and other internet channels have become widespread within the U.S. and globally. As a result, individuals now have the ability to rapidly and broadly disseminate information or misinformation without relying on traditional media intermediaries. Information often spreads rapidly across large segments of the U.S. and global population, frequently without any independent verification as to its accuracy, which has led to the spread of misinformation in many cases. The spread of information or misinformation regarding FMR, the Adviser, the Fund, their respective affiliates or the Fund's portfolio investments could result in material and adverse effects on any of the foregoing. Furthermore, certain administrators of or other service providers to social networks, message boards, app stores, websites and other internet outlets have taken actions to ban, block, verify or censor the content disseminated on their networks. Such actions, or similar actions taken by government regulators or courts, could negatively affect FMR, the Adviser, the Fund, their respective affiliates or the Fund's portfolio investments (e.g., if an issuer were to face public backlash or regulatory penalties for taking such actions, or if an issuer were itself the subject of such a ban).

***Electronic Delivery of Information Risk.*** Fund information and information with respect to a Member's investment in the Fund may be delivered to such Member electronically. There are risks associated with such electronic delivery including, but not limited to, that e-mail messages are not secure and may contain computer viruses or other defects, may not be accurately replicated on other systems, or may be intercepted, deleted or interfered with without the knowledge of the sender or the intended recipient.

***Confidential Information.*** The Fund's agreements and Subscription Agreements contain confidentiality provisions intended to protect proprietary and other information relating to the Fund's investments. To the extent that such information is publicly disclosed, competitors of the Fund and/or its investments may benefit from such information, thereby adversely affecting the Fund, its investments, the Adviser and the economic interests of the Members.

As part of the subscription process and otherwise in their capacity as Members, investors will provide significant amounts of information about themselves to the Adviser and the Fund. Members should not assume that such information will be kept confidential. For example, subject to any specific legal requirements, such information may be made available to third parties that have dealings with the Fund and governmental authorities.

***Technology Systems Risk****.* The Fund depends on the Adviser to develop and implement appropriate systems for its activities. The Fund may rely on computer programs to evaluate certain securities and other investments, to monitor their portfolios, to trade, clear and settle securities transactions and to generate asset, risk management and other reports that are utilized in the oversight of the Fund's activities. In addition, certain of the Fund's and the Adviser's operations interface with or depend on systems operated by third parties, including loan servicers, custodians and administrators, and the Adviser may not always be in a position to verify the risks or reliability of such third-party systems. For example, the Fund and the Adviser generally expect to provide statements, reports, notices, updates, requests and any other communications in electronic form, such as e-mail or posting on a web-based reporting site or other internet service, in lieu of or in addition to sending such communications as hard copies via fax or mail. These programs or systems may be subject to certain defects, failures or interruptions, including, but not limited to, those caused by 'hacking' or other security breaches, computer 'worms,' viruses and power failures. Such failures could cause settlement of trades to fail, lead to inaccurate accounting, recording or processing of trades and cause inaccurate reports, which may affect the Fund's ability to monitor its investment portfolio and its risks. Any such defect or failure could cause the Fund to suffer financial loss, disruption of its business, liability to clients or third parties, regulatory intervention or reputational damage.

***No Registration as an Investment Company***. While the Fund is not registered as an investment company under the 1940 Act, it is subject to regulation as a BDC under the 1940 Act and is required to adhere to the provisions of the 1940 Act applicable to BDCs. The Units have not been recommended by any U.S. federal or state, or any non-U.S., securities commission or regulatory authority. Furthermore, the foregoing authorities have not confirmed the accuracy or determined the adequacy of the Fund's Registration Statement or this Annual Report. Any representation to the contrary is a criminal offense.

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***Rights Against Third Parties, Including Third-Party Service Providers****.* The Fund is reliant on the performance of third-party service providers, including the Adviser (in its capacity as the Adviser and Administrator), auditors, legal advisers, lenders, bankers, brokers, consultants, sourcing, operating and joint venture partners and other service providers (collectively, "Service Providers"). Further information regarding the duties and roles of certain of these Service Providers is provided in the Fund's Registration Statement. The Fund may bear the risk of any errors or omissions by such Service Providers. In addition, misconduct by such Service Providers may result in reputational damage, litigation, business disruption and/or financial losses to the Fund. Each Fund investor's contractual relationship in respect of its investment in Units of the Fund is with the Fund only and Fund investors are not in contractual privity with the Service Providers. Therefore, generally, no Fund investor will have any contractual claim against any Service Provider with respect to such Service Provider's default or breach. Accordingly, Fund investors must generally rely upon the Adviser to enforce the Fund's rights against Service Providers. In certain circumstances, which are generally not expected to prevail, Fund investors may have limited rights to enforce the Fund's rights on a derivative basis or may have rights against Service Providers if they can establish that such Service Providers owe duties to the Fund investors. In addition, Fund investors will have no right to participate in the day-to-day operation of the Fund and decisions regarding the selection of Service Providers. Rather, the Adviser will select the Fund's Service Providers and determine the retention and compensation of such providers without the review by or consent of the Fund investors. The Fund investors must therefore rely on the ability of the Adviser to select and compensate Service Providers and to make investments and manage and dispose of investments.

***Lack of Diversification Risk****.* The Fund is classified as a non-diversified investment company within the meaning of the 1940 Act, which means that the Fund is not limited by the 1940 Act with respect to the proportion of its assets that it may invest in securities of a single issuer. To the extent that the Fund assumes large positions in the securities of a small number of issuers, its net asset value may fluctuate to a greater extent than that of a diversified investment company as a result of changes in the financial condition or the market's assessment of the issuer. The Fund may also be more susceptible to any single economic or regulatory occurrence than a diversified investment company. Beyond the Fund's asset diversification requirements as a RIC under the Code, the Fund does not have fixed guidelines for diversification, and its investments could be concentrated in relatively few portfolio companies. Although the Fund is classified as a non-diversified investment company within the meaning of the 1940 Act, it maintains the flexibility to operate as a diversified investment company. To the extent that the Fund operates as a non-diversified investment company, it may be subject to greater risk.

The Fund does not have fixed guidelines for diversification by industry or type of security, and investments may be concentrated in only a few industries or types of securities. Further, if the expected amount of leverage is not obtained or deployed, the Fund may be more concentrated in an investment than originally anticipated. As a result, the Fund's investments may be concentrated and the poor performance of a single investment may have pronounced negative consequences to the Fund and the aggregate returns realized by the Fund investors.

***Consultation with Sourcing and Operating Partners Risk****.* In certain circumstances, sourcing and operating partners may be aware of and consulted in advance in relation to certain investments made by the Fund. While sourcing and operating partners will be subject to confidentiality obligations, they are not restricted from engaging in any activities or businesses that may be similar to the business of the Fund or competitive with the Fund. In particular, sourcing and operating partners may use information available to them as sourcing and operating partners of the Adviser in a manner that conflicts with the interests of the Fund. Except in limited circumstances, the sourcing and operating partners are generally not obligated to account to the Adviser for any profits or income earned or derived from their activities or businesses or inform the Adviser of any business opportunity that may be appropriate for the Fund.

***Timing of Realization of Investments****.* The Adviser, in its discretion, may seek to realize the Fund's investments earlier than originally expected, which may be accomplished through one or more transactions, including transactions with another investment fund or account sponsored or managed by the Adviser or its affiliates, which will be for a price equal to the fair value of such investment. The value of a security in a transaction between the Fund and an account sponsored or managed by the Adviser or its affiliates, subject to approval by the Board, will be determined by the Adviser and verified by one or more third-party valuation services. The Adviser may seek such realizations in order to support the Fund's target risk/return profile with respect to the Fund's unrealized investments, taking into account factors such as, but not limited to, the Fund's expense ratio relative to such assets and the availability of, or repayment obligations with respect to, any credit facilities.

***Risks Relating to the Use of Proceeds****.* While the Fund generally intends to make all distributions of net proceeds in accordance with "*Use of Proceeds*", the amount and timing of distributions from the Fund to the Fund investors will be at the discretion of the Board, who may also direct that amounts available for distribution be retained in the Fund (i) to be used to satisfy, or establish reserves for, the Fund's current or anticipated obligations (including the Advisory Fee and any other expenses) or (ii) for reinvestment of the cost basis of an investment. Accordingly, there can be no assurance as to the timing and amount of distributions from the Fund.

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***Risk of Electronic Delivery of Certain Documents***. Unit Holders will be deemed to consent to electronic delivery of: (i) certain closing documents such as the LLC Agreement and the Subscription Agreements; (ii) any notices or communications required or contemplated to be delivered to the Fund investors by the Fund, the Adviser, or any of their respective affiliates, pursuant to applicable law or regulation; (iii) certain tax-related information and documents; and (iv) notices, requests, demands, consents or other communications and any financial statements, reports, schedules, certificates or opinions required to be provided to the Fund investors under any agreements. There are certain costs and possible risks associated with electronic delivery. Moreover, the Adviser cannot provide any assurance that these communication methods are secure and will not be responsible for any computer viruses, problems or malfunctions resulting from the use of such communication methods. See "[*<u>Technology Systems Risk.</u>*](#technology_systems_risk)" and "[*<u>Cybersecurity Risk.</u>*](#cybersecurity_risk)" above.

***Risks Relating to Handling of Mail***. Mail addressed to the Fund and received at its registered office will be forwarded unopened to the forwarding address supplied by the Fund to be processed. None of the Fund, the Adviser or any of their directors, officers, advisers or Service Providers will bear any responsibility for any delay howsoever caused in mail reaching the forwarding address.

***General Credit Risks***. The Fund may be exposed to losses resulting from default and foreclosure of any such loans or interests in loans in which it has invested. Therefore, the value of underlying collateral, the creditworthiness of borrowers and the priority of liens are each of great importance in determining the value of the Fund's investments. In the event of foreclosure, the Fund or an affiliate thereof may assume direct ownership of any assets collateralizing such foreclosed loans. The liquidation proceeds upon the sale of such assets may not satisfy the entire outstanding balance of principal and interest on such foreclosed loans, resulting in a loss to the Fund. Any costs or delays involved in the effectuation of loan foreclosures or liquidation of the assets collateralizing such foreclosed loans will further reduce proceeds associated therewith and, consequently, increase possible losses to the Fund. In addition, no assurances can be made that borrowers or third parties will not assert claims in connection with foreclosure proceedings or otherwise, or that such claims will not interfere with the enforcement of the Fund's rights.

***Volatility of Investment Prices***. The prices of the Fund's investments can be volatile. In addition, price movements may also be influenced by, among other things, changing supply and demand relationships, trade, fiscal, monetary and exchange control programs and national and international political and economic events and policies. In addition, governments from time to time intervene in certain markets. Such intervention often is intended directly to influence prices and may cause or contribute to rapid fluctuations in asset prices, which may adversely affect the Fund's returns.

***Syndication and/or Transfer of Investments Risk***. The Fund, directly or through the use of one or more subsidiary investment vehicles, may originate and/or purchase certain debt assets, including ancillary equity assets. The Fund may also purchase certain assets (including, participation interests or other indirect economic interests) that have been originated by other affiliated or unaffiliated parties and/or trading on the secondary market. The Fund may, in certain circumstances, originate or purchase such assets with the intent of syndicating and/or otherwise transferring a significant portion thereof, including to one or more offshore funds or accounts managed by the Adviser or any of its affiliates or to other third-party investment firms. In such instances, the Fund will bear the risk of any decline in value prior to such syndication and/or other transfer. In addition, the Fund will also bear the risk of any inability to syndicate or otherwise transfer such assets or such amount thereof as originally intended, which could result in the Fund owning a greater interest therein than anticipated.

***Raising Additional Capital***. The Fund may need additional capital to fund new investments and grow its portfolio of investments. Unfavorable economic conditions could increase the Fund's funding costs or limit its access to the capital. A reduction in the availability of new capital could limit the Fund's ability to grow. In addition, the Fund is required to distribute at least 90% of its net ordinary income and net short-term capital gains in excess of net long-term capital losses, if any, to investors to maintain its qualification as a RIC. As a result, to the extent Unit Holders do not participate in the DRIP, these earnings will not be available to fund new investments. An inability on the Fund's part to access the capital successfully could limit its ability to grow its business and execute its business strategy fully and could decrease its earnings, if any, which would have an adverse effect on the value of its securities.

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***Counterparty Risks***. To the extent that contracts for investment will be entered into between the Fund and a market counterparty as principal (and not as agent), the Fund is exposed to the risk that the market counterparty may, in an insolvency or similar event, be unable to meet its contractual obligations to the Fund. The Fund may have a limited number of potential counterparties for certain of its investments, which may significantly impair the Fund's ability to reduce its exposure to counterparty risk. In addition, difficulty reaching an agreement with any single counterparty could limit or eliminate the Fund's ability to execute such investments altogether. Because certain purchases, sales, hedging, financing arrangements and other instruments in which the Fund will engage are not traded on an exchange but are instead traded between counterparties based on contractual relationships, the Fund is subject to the risk that a counterparty will not perform its obligations under the related contracts. Although the Fund intends to pursue its remedies under any such contracts, there can be no assurance that a counterparty will not default and that the Fund will not sustain a loss on a transaction as a result.

***Service Provider Risk.*** The Fund relies heavily on financial, accounting and other data processing systems developed by the Fund's service providers. While the Adviser generally conducts a review of service providers engaged by the Fund prior to retaining such service providers pursuant to the Adviser's policies, the Adviser may not be in a position to verify the risks or reliability of such service providers' programs or systems and the Adviser's review may fail to identify material issues and concerns related to the service provider in question.

The Adviser conducts appropriate due diligence on any outside vendor that provides products or services to the Adviser and its affiliates and enters into an appropriate contract in accordance with the Adviser's policies and procedures, and any applicable third-party risk management frameworks. The Adviser's relationships with outside vendors are managed so that appropriate controls and oversight are in place to protect Adviser's interests, including safeguarding of private and confidential information regarding the Fund and the Adviser's employees. Despite the Adviser's best efforts, there can be no assurances that the Adviser will be able to identify and address all material risks related to vendors. Furthermore, the Fund may experience losses as a result of the failures or inadequate level of service by vendors.

***Return of Distributions to Satisfy Unpaid Debts of the Fund***. Under Delaware law, the investors could, under certain circumstances, be required to return distributions made by the Fund to satisfy unpaid debts of the Fund that were in existence at the time the distributions were made.

***Changes in the Fund's Investment Objective, Operating Policies or Strategies Without Prior Notice or Investor Approval****.* The Fund's Board has the authority to modify or waive certain of the Fund's operating policies and strategies without prior notice (except as required by the 1940 Act) and without investor approval. However, absent investor approval, the Fund may not change the nature of its business so as to cease to be, or withdraw its election as, a BDC. Under Delaware law, the Fund also cannot be dissolved without prior investor approval. The Fund cannot predict the effect any changes to its current operating policies and strategies would have on its business, operating results and value of its stock. Nevertheless, the effects may adversely affect the Fund's business and impact its ability to make distributions.

***Changes to the Fund's LLC Agreement Without Prior Investor Approval****.* Our Board may, without Unit Holder vote, subject to certain exceptions, amend or otherwise supplement the LLC Agreement by making an amendment, a supplemental thereto or an amended and restated LLC Agreement, including without limitation to classify the Board, to impose advance notice requirements for Director nominations or for Unit Holder proposals, to require super- majority approval of transactions with significant Unit Holder or other provisions that may be characterized as anti-takeover in nature.

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***Allocation of Investment Opportunities and Related Conflicts****.* The Fund generally is prohibited under the 1940 Act from participating in certain transactions with its affiliates without prior approval of the Independent Directors and, in some cases, the SEC. Any person that owns, directly or indirectly, 5% or more of the Fund's outstanding voting securities is an affiliate of the Fund for purposes of the 1940 Act, and the Fund generally is prohibited from buying or selling any security from or to such affiliate, absent the prior approval of the Independent Directors. The 1940 Act also prohibits certain "joint" transactions with certain of the Fund's affiliates, which could include investments in the same issuers (whether at the same or different times), without prior approval of the Independent Directors and, in some cases, the SEC. If a person acquires more than 25% of the Fund's voting securities, the Fund will be prohibited from buying or selling any security from or to such person or certain of that person's affiliates, or entering into prohibited joint transactions with such persons, absent the prior approval of the SEC. Similar restrictions limit the Fund's ability to transact business with the Fund's officers or Directors or their affiliates. These prohibitions will affect the manner in which investment opportunities are allocated between the Fund and other funds managed by the Adviser or its affiliates. Most importantly, the Fund generally is prohibited from co-investing with certain other accounts or affiliates of the Adviser in Fidelity-originated loans and financings unless the Fund co-invests in accordance with the applicable regulatory guidance or an exemptive order it has received from the SEC permitting such co-investment activities. Accordingly, while the Adviser intends to allocate suitable opportunities among the Fund and other accounts or affiliates of the Adviser based on the principles described above, the prohibition on co-investing with affiliates could significantly limit the scope of investment opportunities available to the Fund. In particular, the decision by the Adviser to allocate an opportunity to one or more other accounts or to an affiliate of the Adviser, or the existence of a prior co-investment structure, might cause the Fund to forgo an investment opportunity that it otherwise would have made. Similarly, the Fund generally may be limited in its ability to invest in an issuer in which another account or affiliate of the Adviser had previously invested. The Fund may in certain circumstances also be required to sell, transfer or otherwise reorganize assets in which the Fund has invested with other accounts or affiliates of the Adviser at times that the Fund may not consider advantageous.

The Fund and the Adviser have received an exemptive order from the SEC that permits the Fund to co-invest with certain other persons in negotiated transactions, including certain affiliates of the Adviser and certain funds managed and controlled by the Adviser and its affiliates. The Fund is permitted to co-invest alongside certain other accounts or other affiliates of the Adviser in accordance with the terms and conditions of the exemptive order.

***Distributions Risk****.* The Fund intends to pay distributions to Unit Holders out of assets legally available for distribution. The Fund cannot guarantee that it will achieve investment results that will allow it to make a specified level of cash distributions or year-to-year increases in cash distributions. If the Fund is unable to satisfy the asset coverage test applicable to it as a BDC, or if the Fund violates certain debt financing agreements, its ability to pay distributions to Unit Holders could be limited. All distributions will be paid at the discretion of the Fund's Board and will depend on the Fund's earnings, financial condition, maintenance of RIC status, compliance with applicable BDC regulations, compliance with debt financing agreements and such other factors as the Board may deem relevant from time to time. The distributions the Fund pays to investors in a year may exceed the Fund's taxable income for that year and, accordingly, a portion of such distributions may constitute a return of capital for U.S. federal income tax purposes.

Investors who periodically receive the payment of a distribution from a RIC consisting of a return of capital for U.S. federal income tax purposes may be under the impression that they are receiving a distribution of the RIC's net ordinary income or capital gains when they are not. Accordingly, investors should read carefully any written disclosure accompanying a distribution from the Fund and the information about the specific tax characteristics of the Fund's distributions provided to investors after the end of each calendar year, and should not assume that the source of any distribution is the Fund's net ordinary income or capital gains.

***Repurchase Program Risk****.* Subject to market conditions and the approval of the Board, the Fund may from time to time offer to repurchase Units pursuant to written tenders by Unit Holders. The Fund has no obligation to offer to repurchase Units and each repurchase, if any, will only be made at such times in such amounts and on such terms as may be determined by the Fund, in its sole discretion. Unit Holders may not be able to sell their Units at all in the event the Fund does not offer to repurchase Units, absent a liquidity event. The Fund does not currently intend to undertake a liquidity event, and it is not obligated by its LLC Agreement or otherwise to effect a liquidity event at any time. If less than the full amount of Units requested to be repurchased in any given repurchase offer are repurchased, funds will be allocated pro rata based on the total number of Units being repurchased.

***Timing of Repurchase May be Disadvantageous****.* In the event a Unit Holder chooses to participate in our unit repurchase program, the Unit Holder will be required to provide us with notice of intent to participate prior to knowing what the NAV per unit of the class of units being repurchased will be on the repurchase date. Although a Unit Holder will have the ability to withdraw a repurchase request prior to the repurchase date, to the extent a Unit Holder seeks to sell units to us as part of our periodic unit repurchase program, the Unit Holder will be required to do so without knowledge of what the repurchase price of our units will be on the repurchase date.

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***Pandemics and Natural Disasters Risk****.* Widespread disease as well as other pandemics and epidemics, and natural or environmental disasters, such as earthquakes, droughts, fires, floods, hurricanes, tsunamis and climate-related phenomena generally, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Economies and financial markets throughout the world have become increasingly interconnected, which increases the likelihood that events or conditions in one region or country will adversely affect markets or issuers in other regions or countries, including the United States. Additionally, market disruptions may result in increased market volatility; regulatory trading halts; closure of domestic or foreign exchanges, markets, or governments; or market participants operating pursuant to business continuity plans for indeterminate periods of time. Further, market disruptions can (i) prevent the Fund from executing advantageous investment decisions in a timely manner, (ii) negatively impact the Fund's ability to achieve its investment objective, as well as the operations of the Fund and the Adviser, and (iii) may exacerbate the risks discussed elsewhere in this Form 10-K, including political, social, and economic risks.

**Risks Relating to the Fund's Investments** 

The Fund's investments may be risky and, subject to compliance with our 80% test and the 70% test for Qualifying Assets under the requirements for BDCs, there is no limit on the amount of any such investments in which the Fund may invest.

***Risks Associated with Portfolio Companies.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**<u>General Risks</u>**<u>.</u> A fundamental risk associated with the Fund's investment strategy is that the companies in whose debt the Fund invests will be unable to make regular payments (*e.g.*, principal and interest payments) when due, or at all, or otherwise fail to perform. Portfolio companies could deteriorate as a result of, among other factors, an adverse development in their business, poor performance by their management teams, a change in the competitive environment, an economic downturn or legal, tax or regulatory changes. Portfolio companies that the Adviser expects to remain stable may in fact operate at a loss or have significant variations in operating results, may require substantial additional capital to support their operations or to maintain their competitive position, or may otherwise have a weak financial condition or be experiencing financial distress.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**<u>Highly Leveraged Portfolio Companies</u>**<u>.</u> Portfolio companies may be highly leveraged, and there is no restriction on the amount of debt a portfolio company can incur. Substantial indebtedness may add additional risk with respect to a portfolio company, and could (i) limit its ability to borrow money for its working capital, capital expenditures, debt service requirements, strategic initiatives or other purposes; (ii) require it to dedicate a substantial portion of its cash flow from operations to the repayment of its indebtedness, thereby reducing funds available to it for other purposes; (iii) make it more highly leveraged than some of its competitors, which may place it at a competitive disadvantage; and/or (iv) subject it to restrictive financial and operating covenants, which may preclude it from favorable business activities or the financing of future operations or other capital needs. In some cases, proceeds of debt incurred by a portfolio company could be paid as a dividend to shareholders rather than retained by the portfolio company for its working capital. Leveraged companies are often more sensitive to declines in revenues, increases in expenses, and adverse business, political, or financial developments or economic factors such as a significant rise in interest rates, a severe downturn in the economy or deterioration in the condition of such companies or their industries. A leveraged company's income and net assets will tend to increase or decrease at a greater rate than if borrowed money were not used.

If a portfolio company is unable to generate sufficient cash flow to meet principal and interest payments to its lenders, it may be forced to take other actions to satisfy such obligations under its indebtedness. These alternative measures may include reducing or delaying capital expenditures, selling assets, seeking additional capital, or restructuring or refinancing indebtedness. Any of these actions could significantly reduce the value of the Fund's investment(s) in such portfolio company. If such strategies are not successful and do not permit the portfolio company to meet its scheduled debt service obligations, the portfolio company may also be forced into liquidation, dissolution or insolvency, and the value of the Fund's investment in such portfolio company could be significantly reduced or even eliminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**<u>Risks Relating to Securities Lending.</u>** Securities lending involves the risk that the borrower may fail to return the securities loaned in a timely manner or at all. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. These delays and costs could be greater for foreign securities. If the Fund is not able to recover the securities loaned, the Fund may sell the collateral and purchase a replacement investment in the market. The value of the collateral could decrease below the value of the replacement investment by the time the replacement investment is purchased.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**<u>Issuer/Borrower Fraud.</u>** Of paramount concern in originating loans is the possibility of material misrepresentation or omission on the part of borrowers or guarantors. Such inaccuracy or incompleteness may adversely affect the valuation of the collateral underlying the loans or may adversely affect the ability of the Fund or its affiliates to perfect or effectuate a lien on the collateral securing the loan. The Fund or its affiliates will rely upon the accuracy and completeness of representations made by borrowers to the extent reasonable but cannot guarantee such accuracy or completeness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**<u>Reliance on Company Management</u>**<u>.</u> The Adviser generally will seek to monitor the performance of investments in operating companies either through interaction with the board of the applicable company and/or by maintaining an ongoing dialogue with the company's management team. However, the Fund generally will not be in a position to control any borrower by virtue of investing in its debt and the portfolio company's management will be primarily responsible for the operations of the company on a day-to-day basis. Although it is the intent of the Fund to invest in companies with strong management teams, there can be no assurance that the existing management team, or any new one, will be able to operate the company successfully. In addition, the Fund is subject to the risk that a borrower in which it invests may make business decisions with which the Fund disagrees and the management of such borrower, as representatives of the common equity holders, may take risks or otherwise act in ways that do not serve the interests of the debt investors, including the Fund. Furthermore, in exercising its investment discretion, the Adviser may in certain circumstances commit funds of the Fund to other entities that will be given a mandate to make certain investments consistent with the Fund's investment objectives and that may earn a performance-based fee on those investments. Once such a commitment is made, such entities will have full control over the investment of such funds, and the Adviser will cease to have such control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**<u>Environmental Matters</u>**<u>.</u> Ordinary operation or the occurrence of an accident with respect to the portfolio companies in which the Fund invest could cause major environmental damage, which may result in significant financial distress to the Fund's investments and any portfolio company holding such assets, even if covered by insurance. Certain environmental laws and regulations may require that an owner or operator of an asset address prior environmental contamination, which could involve substantial cost and other liabilities. The Fund (and the Fund investors) may therefore be exposed to substantial risk of loss from environmental claims arising in respect of its investments. Furthermore, changes in environmental laws or regulations or the environmental condition of an investment may create liabilities that did not exist at the time of its acquisition and that could not have been foreseen. Even in cases where the Fund is indemnified by the seller with respect to an investment against liabilities arising out of violations of environmental laws and regulations, there can be no assurance as to the financial viability of the seller to satisfy such indemnities or the ability of the Fund to achieve enforcement of such indemnities. See also "[*<u>Provision of Managerial Assistance and Control Person Liability.</u>*](#provision_of_managerial_assistance)"*below.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**<u>No Readily Determinable Valuation</u>**<u>.</u> The Fund expects that many of its Portfolio Investments will take the form of securities that are not publicly traded. The fair value of loans, securities and other investments that are not publicly traded may not be readily determinable and will be valued at fair value as determined in good faith by the Adviser, including to reflect significant events affecting the value of the Fund's investments. Most, if not all, of the Fund's investments (other than cash and cash equivalents) will be classified as Level 3 assets under Topic 820 of the U.S. Financial Accounting Standards Board's Accounting Standards Codification, as amended, Fair Value Measurements and Disclosures. This means that the Fund's portfolio valuations will be based on unobservable inputs and the Fund's assumptions about how market participants would price the asset or liability in question. The Fund expects that inputs into the determination of fair value of Portfolio Investments will require significant management judgment or estimation. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. In determining fair value of the Fund's loan investments the types of factors that the Fair Value Committee may take into account generally include comparison to publicly-traded securities including such factors as yield, maturity and measures of credit quality, the enterprise value of the portfolio company, the nature and realizable value of any collateral, the portfolio company's ability to make payments and its earnings and discounted cash flows, the markets in which the portfolio company does business and other relevant factors. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, may fluctuate over short periods of time and may be based on estimates, determinations of fair value may differ materially from the values that would have been used if a ready market for these loans and securities existed. The Fund engages one or more independent valuation firms to prepare month-end valuation recommendations for investments for which market quotations are not readily available as of the last calendar day of each month. The independent valuation firm undertakes a full analysis of the investments and provides estimated fair values for such investments to the Adviser. The independent valuation firm also provided analyses to support their methodology and calculations. The Adviser's Fair Value Committee reviews and approves each valuation recommendation and confirms it has been calculated in accordance with the Board-approved policies and procedures. The Fund's net asset value could be adversely affected if determinations regarding the fair value of the Fund's investments were materially higher than the values that the Fund ultimately realizes upon the disposal of such loans and securities. In addition, the method of calculating the Advisory Fee may result in conflicts of interest between the Adviser, on the one hand, and investors on the other hand, with respect to the valuation of investments.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**<u>Follow-On Investments in Portfolio Companies.</u>** Following an initial investment in a portfolio company, the Fund may make additional investments in that portfolio company as "follow-on" investments, in order to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•increase or maintain in whole or in part the Fund's equity ownership percentage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•exercise warrants, options or convertible securities that were acquired in the original or subsequent financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•attempt to preserve or enhance the value of the Fund's investment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•invest in various growth or merger and acquisition related initiatives.

The Fund may elect not to make follow-on investments or otherwise lack sufficient funds to make those investments.

The Fund has the discretion to make any follow-on investments, subject to the availability of capital resources. The failure to make follow-on investments may, in some circumstances, jeopardize the continued viability of a portfolio company and the Fund's initial investment, or may result in a missed opportunity for the Fund to increase its participation in a successful operation. Even if the Fund has sufficient capital to make a desired follow-on investment, it may elect not to make a follow-on investment because it may not want to increase its concentration of risk, because it prefers other opportunities or because it is inhibited by compliance with BDC requirements or compliance with the requirements for maintenance of its RIC status.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**<u>Equity Interests in Portfolio Companies.</u>** The Fund does not generally intend to take controlling equity positions in the Fund's portfolio companies. To the extent that the Fund does not hold a controlling equity interest in a portfolio company, it will be subject to the risk that such portfolio company may make business decisions with which the Fund disagrees, and the shareholders and management of such portfolio company may take risks or otherwise act in ways that are adverse to the Fund's interests. Due to the lack of liquidity for the debt and equity investments that the Fund typically holds in portfolio companies, the Fund may not be able to dispose of its investments in the event it disagrees with the actions of a portfolio company and may therefore suffer a decrease in the value of its investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**<u>Defaults by Portfolio Companies.</u>** A portfolio company's failure to satisfy financial or operating covenants imposed by the Fund or other lenders could lead to defaults and, potentially, acceleration of the time when the loans are due and foreclosure on the portfolio company's assets representing collateral for its obligations. This could trigger cross defaults under other agreements and jeopardize the portfolio company's ability to meet its obligations under the debt that the Fund holds and the value of any equity securities the Fund owns. The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting portfolio company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**<u>Third Party Litigation.</u>** The Fund's investment activities subject it to the normal risks of becoming involved in litigation initiated by third parties. This risk is somewhat greater where the Fund exercises control or influence over a company's direction. The expense of defending against claims by third parties and paying any amounts pursuant to settlements or judgments would, absent willful misconduct or gross negligence by the Adviser, be borne by the Fund (to the extent not borne by the portfolio companies) and would reduce net assets or could require Fund investors to return to the Fund distributed capital and earnings. The Adviser and others are indemnified in connection with such litigation, subject to certain conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**<u>Nature of Investments Risk.</u>** The Adviser will have broad discretion in making investments for the Fund. There can be no assurance that the Adviser will correctly evaluate the nature or magnitude of the various factors that could affect the value of and return on the Fund's investments. Prices of investments may be volatile, and a variety of factors that are inherently difficult to predict, such as domestic or international economic and political developments, may significantly affect the results of the Fund's activities and the value of its investments. These factors and others may significantly affect the results of the Fund's activities and the value of its investments.

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***Provision of Managerial Assistance and Control Person Liability***. The Fund may obtain rights to participate in the governance of certain of the Fund's portfolio companies. In such instances, the Fund typically could designate board members to serve on the boards of portfolio companies. The designation of representatives and other measures contemplated could expose the assets of the Fund to claims by a portfolio company, its security holders and its creditors, including claims that the Fund is a controlling person and thus is liable for securities laws violations and other liabilities of a portfolio company. The exercise of control over a company may impose additional risks of liability for environmental damage, product defects, failure to supervise management, violation of governmental regulations (including securities laws) or other types of liability in which the limited liability generally characteristic of business ownership may be ignored. If these liabilities were to arise, the Fund might suffer a significant loss. These measures also could result in certain liabilities in the event of the bankruptcy or reorganization of a portfolio company, could result in claims against the Fund if the designated board members violate their fiduciary or other duties to a portfolio company or fail to exercise appropriate levels of care under applicable corporate or securities laws, environmental laws or other legal principles, and could expose the Fund to claims that it has interfered in management to the detriment of a portfolio company. While the Adviser intends to operate the Fund in a way that will minimize the exposure to these risks, the possibility of successful claims cannot be precluded, nor can there be any assurance as to whether laws, rules, regulations and court decisions will be expanded or otherwise applied in a manner that is adverse to portfolio companies and the Fund and the Fund investors.

***Adverse Developments in the Debt Capital Markets****.* Recent market and economic conditions have been unprecedented and challenging. Continued concerns about the systemic impact of inflation, tariffs and trade embargos, energy costs, the pandemic, geopolitical issues, the availability and cost of credit, sovereign debt levels, the mortgage market and a declining real estate market in the U.S. have contributed to increased market volatility and diminished expectations for the U.S. economy. These conditions, combined with volatile oil prices, declining business and consumer confidence and increased unemployment have contributed to volatility of unprecedented levels. The factors described above have led to an overall reduction in liquidity in the debt capital markets, including sources of liquidity that the Fund may wish to utilize. Such conditions could reduce the availability of leverage to the Fund, its investments, and potential purchasers of the Fund's investments or make such leverage more expensive to obtain, thereby adversely affecting the performance of the Fund.

***Market Risk****.* The success of the Fund's activities will be affected by general economic and market conditions, such as interest rates, inflation rates, industry conditions, competition, technological developments, tax laws, availability of credit, economic uncertainty, changes in laws (including laws relating to taxation of the Fund's investments), trade barriers, currency exchange controls, and national and international political circumstances (including wars, terrorist acts or security operations). These factors may affect, among other things, the level and volatility of securities' prices, the liquidity of the Fund's investments and the availability of certain securities and investments. Volatility or illiquidity could impair the Fund's profitability or result in losses. The Fund may maintain substantial trading positions that can be materially adversely affected by the level of volatility in the financial markets—the larger the positions, the greater the potential for loss. Global markets have recently experienced unprecedented volatility and losses. The effects thereof are continuing and there can be no assurance that the Fund will not be materially adversely affected. Furthermore, none of these conditions is within the control of the Adviser.

***Temporary Investments; Use of Cash and Cash Equivalents Risk****.* Pending investment in other types of qualifying assets (including directly originated loans and broadly syndicated loans, as described herein), the Fund's investments can consist of cash, cash equivalents, money market funds (including shares of Fidelity<sup>®</sup>Central funds or other funds that are advised by the Adviser or its affiliates. U.S. government securities or high-quality debt securities maturing in one year or less from the time of investment, which are referred to herein, collectively, as temporary investments, so that 70% of the Fund's assets would be qualifying assets. Generally, these securities offer less potential for gains than other types of securities.

The Fund may invest in mutual funds or exchange-traded funds advised by the Adviser or its affiliates. Depending on the circumstances (which exclude investments in money market funds advised by the Adviser or its affiliates, from which the Adviser or its affiliates may retain any additional management or other fees), the Adviser will contractually waive either (1) its management fee payable by the Fund or (2) up to a portion of its management fee payable by the Fund in an amount equal to such underlying fund's management fee rate multiplied by the Fund's average monthly invested balance in such underlying fund for such month.

***Exposure to Foreign Markets Risk***. While the Fund does not expect to invest in securities of issuers located in foreign markets as a principal investment strategy, it may invest in such securities if the Adviser believes it is advantageous to do so. Foreign securities, foreign currencies, and securities issued by U.S. entities with substantial foreign operations may involve significant risks in addition to the risks inherent in U.S. investments. Investments in securities and instruments in emerging and developing markets could involve substantial risks not typically associated with investing in more established markets, including, without limitation, those set forth below under *"*Non-U.S. Securities."

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Foreign investments involve risks relating to local political, economic, regulatory, or social instability, military action or unrest, or adverse diplomatic developments, and may be affected by actions of foreign governments adverse to the interests of U.S. investors. Such actions may include expropriation or nationalization of assets, confiscatory taxation, restrictions on U.S. investment or on the ability to repatriate assets or convert currency into U.S. dollars, or other government intervention. From time to time, the Adviser and/or its affiliates may determine that, as a result of regulatory requirements that may apply to it and/or its affiliates due to investments in a particular country, investments in the securities of issuers domiciled or listed on trading markets in that country above certain thresholds (which may apply at the account level or in the aggregate across all accounts managed by the Adviser and/or its affiliates) may be impractical or undesirable. In such instances, the Adviser may limit or exclude investment in a particular issuer, and investment flexibility may be restricted. Additionally, governmental issuers of foreign debt securities may be unwilling to pay interest and repay principal when due and may require that the conditions for payment be renegotiated. There is no assurance that the Adviser will be able to anticipate these potential events or counter their effects. In addition, the value of securities denominated in foreign currencies and of dividends and interest paid with respect to such securities will fluctuate based on the relative strength of the U.S. dollar.

Emerging markets generally are not as efficient as those in developed countries. In some cases, a market for the security may not exist locally, and transactions will need to be made on a neighboring exchange. Volume and liquidity levels in emerging markets are lower than in developed countries. When seeking to sell emerging market securities, little or no market may exist for the securities.

It is anticipated that in most cases, the best available market for foreign securities will be on an exchange or in over-the-counter (*"*OTC") markets located outside of the United States. Foreign stock markets, while growing in volume and sophistication, are generally not as developed as those in the United States, and securities of some foreign issuers may be less liquid and more volatile than securities of comparable U.S. issuers. Foreign security trading, settlement and custodial practices (including those involving securities settlement where fund assets may be released prior to receipt of payment) are often less developed than those in U.S. markets and may result in increased investment or valuation risk or substantial delays in the event of a failed trade or the insolvency of, or breach of duty by, a foreign broker-dealer, securities depository, or foreign sub-custodian. In addition, the costs associated with foreign investments, including withholding taxes, brokerage commissions, and custodial costs, are generally higher than with U.S. investments.

Foreign markets may offer less protection to investors than U.S. markets and tend to be less regulated. Foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to U.S. issuers. Adequate public information on foreign issuers may not be available, and it may be difficult to secure dividends and information regarding corporate actions on a timely basis. In general, there is less overall governmental supervision and regulation of securities exchanges, brokers, and listed companies than in the United States. OTC markets tend to be less regulated than stock exchange markets and, in certain countries, may be totally unregulated. Regulatory enforcement may be influenced by economic or political concerns, and investors may have difficulty enforcing their legal rights in foreign countries.

Some foreign securities impose restrictions on transfer within the United States or to U.S. persons. Although securities subject to such transfer restrictions may be marketable abroad, they may be less liquid than foreign securities of the same class that are not subject to such restrictions.

The risks of foreign investing may be magnified for investments in emerging markets. Security prices in emerging markets can be significantly more volatile than those in more developed markets, reflecting the greater uncertainties of investing in less established markets and economies. In particular, countries with emerging markets may have relatively unstable governments, may present the risks of nationalization of businesses, restrictions on foreign ownership and prohibitions on the repatriation of assets, and may have less protection of property rights than more developed countries. The economies of countries with emerging markets may be based on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme and volatile debt burdens or inflation rates. Local securities markets may trade a small number of securities and may be unable to respond effectively to increases in trading volume, potentially making prompt liquidation of holdings difficult or impossible at times.

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***Credit Risk****.* Performance may be affected by the default or perceived credit impairment of the Fund's investments and by general or sector specific credit spread widening. Credit risks associated with the Fund's investments include (among others): (i) the possibility that earnings of the obligor may be insufficient to meet its debt service obligations; (ii) the obligor's assets declining in value; and (iii) the declining creditworthiness, default and potential for insolvency of the obligor during periods of rising interest rates and economic downturn. An economic downturn and/or rising interest rates could severely disrupt the market for the investments and adversely affect the value of the Fund's investments and the ability of the obligors thereof to repay principal and interest. In turn, this could have a material adverse effect on the performance of the Fund, and, by extension, the Fund's business, financial condition, results of operations and the value of the Units. In the event of a default by a borrower, the Fund will bear a risk of loss of principal and accrued interest on that investment. Any such investment may become defaulted for a variety of reasons, including non-payment of principal or interest, as well as breaches of contractual covenants. A defaulted investment may become subject to workout negotiations or may be restructured by, for example, reducing the interest rate, a write-down of the principal, and/or changes to its terms and conditions. Any such process may be extensive and protracted over time and therefore may result in substantial uncertainty with respect to the ultimate recovery on the defaulted investments. In addition, significant costs might be imposed on the lender, further affecting the value of the investment. The liquidity in such defaulted investment may also be limited and, where a defaulted investment is sold, it is unlikely that the proceeds from such sale will be equal to the amount of unpaid principal and interest owed on that investment. This would have a material adverse effect on the value of the Fund's portfolio, and, by extension, the Fund's business, financial condition, results of operations and the value of the Units. In the case of secured loans, restructuring can be an expensive and lengthy process which could have a material negative effect on the Fund's anticipated return on the restructured loan. By way of example, it would not be unusual for any costs of enforcement to be paid out in full before the repayment of interest and principal. This would substantially reduce the Fund's anticipated return on the restructured loan.

***Insolvency of Issuers, Counterparties, and Intermediaries****.* Issuers of securities held by the Fund or counterparties to Fund transactions that become insolvent or declare bankruptcy can pose special investment risks. In each circumstance, risk of loss, valuation uncertainty, increased illiquidity, and other unpredictable occurrences may negatively impact an investment. Each of these risks may be amplified in foreign markets, where security trading, settlement, and custodial practices can be less developed than those in the U.S. markets, and bankruptcy laws differ from those of the U.S.

***Forming Financing CLOs Risk****.* To finance investments, we may securitize certain of our secured loans or other investments, including, without limitation. through owning directly or indirectly an equity interest in one or more CLOs managed by the Adviser or any of its affiliates (each a "Financing CLO"), while retaining all or most of the exposure to the performance of these investments. This would involve contributing a pool of assets to a special purpose entity and selling debt interests in such entity on a non-recourse or limited-recourse basis to purchasers.

If we create a Financing CLO, we will depend in part on distributions from the Financing CLO's assets out of its earnings and cash flows to enable us to make distributions to Unit Holders. The ability of a Financing CLO to make distributions will be subject to various limitations, including the terms and covenants of the debt it issues. Also, a Financing CLO may take actions that delay distributions in order to preserve ratings and to keep the cost of present and future financings lower or the Financing CLO may be obligated to retain cash or other assets to satisfy over-collateralization requirements commonly provided for holders of the Financing CLO's debt, which could impact our ability to receive distributions from the Financing CLO. If we do not receive cash flow from any such Financing CLO that is necessary to satisfy the annual distribution requirement for maintaining RIC status, and we are unable to obtain cash from other sources necessary to satisfy this requirement, we may not maintain our qualification as a RIC, which would have a material adverse effect on an investment in the units.

In addition, a decline in the credit quality of loans in a Financing CLO due to poor operating results of the relevant borrower, declines in the value of loan collateral or increases in defaults, among other things, may force a Financing CLO to sell certain assets at a loss, reducing their earnings and, in turn, cash potentially available for distribution to us for distribution to Unit Holders. To the extent that any losses are incurred by the Financing CLO in respect of any collateral, such losses will be borne first by us as owner of equity interests in the Financing CLO.

The collateral manager for a Financing CLO that we create may be the Fund, the Adviser or an affiliate, and such collateral manager may be entitled to receive compensation for structuring and/or management services. To the extent the Adviser or an affiliate other than the Fund serves as collateral manager and the Fund is obligated to compensate the Adviser or the affiliate for such services, we, the Adviser or the affiliate will implement offsetting arrangements to assure that we, and indirectly, our Unit Holders, pay no additional fees to the Adviser or the affiliate in connection therewith. To the extent the Fund serves as collateral manager, the Fund will receive no fees for providing such collateral management services.

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***Non-Recourse Obligations Risk***. The Fund may invest in non-recourse obligations of issuers. Such obligations are payable solely from proceeds collected in respect of collateral pledged by an issuer to secure such obligations. None of the owners, officers, directors or incorporators of the issuers, board members, any of their respective affiliates or any other person or entity will be obligated to make payments on the obligations. Consequently, the Fund, as holder of the obligations, must rely solely on distributions of proceeds of collateral debt obligations and other collateral pledged to secure obligations for payments due in respect of principal thereof and interest thereon. If distributions of such proceeds are insufficient to make payments on the obligations, no other assets will be available for such payments and following liquidation of all the collateral, the obligations of the issuers to make such payments will be extinguished.

***Covenant-Lite Loans Risk****.* Although the Fund generally expects the transaction documentation of some portion of the Fund's investments to include covenants and other structural protections, a portion of the Fund's investments may be composed of so-called "covenant-lite loans." Generally, covenant-lite loans either do not have certain maintenance covenants that would require the issuer to maintain debt service or other financial ratios or do not contain common restrictions on the ability of the issuer to change significantly its operations or to enter into other significant transactions that could affect its ability to repay such loans. Ownership of covenant-lite loans may expose the Fund to different risks, including with respect to liquidity, price volatility and ability to restructure loans, than is the case with loans that have financial maintenance covenants. As a result, the Fund's exposure to losses may be increased, which could result in an adverse impact on the issuer's ability to comply with its obligations under the loan.

***Debt Guaranteed by a Subsidiary of the Issuer Risk****.* The Fund may invest in debt that is guaranteed by a subsidiary of the issuer. In some circumstances, guarantees of secured debt issued by subsidiaries of a portfolio company and held by the Fund may be subject to fraudulent conveyance or similar avoidance claims made by other creditors of such subsidiaries under applicable insolvency laws. As a result, such creditors may take priority over the claims of the Fund under such guarantees. Under federal or state fraudulent transfer law, a court may void or otherwise decline to enforce such debt and the Fund would no longer have any claim against such portfolio company or the applicable guarantor. In addition, the court might direct the Fund to disgorge any amounts already received from the portfolio company or a guarantor. In some cases, significant subsidiaries of portfolio companies may not guarantee the obligations of the portfolio company; in other cases, a portfolio company may have the ability to release subsidiaries as guarantors of the portfolio company's obligations. The repayment of such investments may depend on cash flow from subsidiaries of a portfolio company that are not themselves guarantors of the portfolio company's obligations.

***Loans with Limited Amortization Requirements Risk****.* The Fund may invest in loans that have limited mandatory amortization requirements. While such a loan may obligate a portfolio company to repay the loan out of asset sale proceeds or with annual excess cash flow, such requirements may be subject to substantial limitations and/or "baskets" that would allow a portfolio company to retain such proceeds or cash flow, thereby extending the expected weighted average life of the investment. In addition, a low level of amortization of any debt over the life of the investment may increase the risk that a portfolio company will not be able to repay or refinance the loans held by the Fund when they come due at their final stated maturity.

***Risks Related to Changes in Interest Rates****.* Interest rates are highly sensitive to many factors, including governmental monetary and tax policies, domestic and international economic and political considerations and other factors beyond the ability of the Fund to control or to forecast. Debt securities have varying levels of sensitivity to changes in interest rates. When the Fund chooses to borrow money to make investments, the Fund's net investment income will depend, in part, upon the difference between the rate at which the Fund borrows funds and the rate at which the Fund invest those funds. As a result, the Fund can offer no assurance that a significant change in market interest rates would not have a material adverse effect on its net investment income in the event the Fund uses debt to finance its investments. In periods of rising interest rates, the Fund's cost of funds would increase, which could reduce its net investment income. The Fund may use interest rate risk management techniques in an effort to limit its exposure to interest rate fluctuations. In addition, a rise in the general level of interest rates typically leads to higher interest rates applicable to the Fund's debt investments.

***Credit Markets Risk****.* Conditions in the credit markets may have a significant impact on the business of the Fund. The credit markets in the United States have experienced a variety of difficulties and changed economic conditions in recent years that have adversely affected the performance and market value of many securities and financial instruments. There can be no assurance that the Fund will not suffer material adverse effects from broad and rapid changes in market conditions in the future. Among other things, the level of investment opportunities may decline from the Adviser's current expectations. As a result, fewer investment opportunities may be available to the Fund, although if credit markets remain constrained, the Fund may have the opportunity to take larger positions in potential transactions. One possible consequence is that the Fund may take a larger than anticipated period to invest capital, as a result of which, at least for some period of time, the Fund may be relatively concentrated in a limited number of investments. Consequently, during this period, the returns realized by the Unit Holders may be substantially adversely affected by the unfavorable performance of a small number of these investments.

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Furthermore, market conditions may unfavorably impact the Fund's ability to secure leverage on terms as favorable as more established borrowers in the market, or to obtain any leverage on commercially feasible terms. To the extent the Fund is able to secure financing for investments, increases in interest rates or in the risk spread demanded by financing sources would make the partial financing of investments with indebtedness more expensive and could limit the Fund's ability to structure and consummate its investments. Although the Adviser believes that the continued unfolding of the credit cycle will result in attractive investment opportunities, it may not be able to time its investments correctly, which could result in further depreciation in values. Furthermore, market conditions could deteriorate further, and the Fund may be limited in its ability to realize investments already made by the Fund due to difficulties in buyers' ability to obtain financing on favorable terms, or to secure financing at all.

***Prepayment Risks.*** The terms of loans in which the Fund invests may permit the borrowers to voluntarily prepay loans at any time, either with no or a nominal prepayment premium. This prepayment right could result in the borrower repaying the principal on an obligation held by the Fund earlier than expected. This may happen when there is a decline in interest rates, an improvement in the credit market conditions, or the borrower's improved credit or operating or financial performance allows the refinancing of certain classes of debt with lower cost debt. The yield of the Fund's investments may be affected by the rate of prepayments differing from the Adviser's expectations. To the extent early prepayments increase, they may have a material adverse effect on the Fund's investment objective and profits. In addition, if the Fund is unable to reinvest the proceeds of such prepayments received in investments expected to be as profitable, the proceeds generated by the Fund will decline as compared to the Adviser's expectations.

***Convertible Securities Risk****.* The Fund may invest in convertible securities, which are bonds, debentures, notes, preferred stocks or other securities that may be converted into or exchanged for a specified amount of common stock of the same or different issuer within a particular period of time at a specified price or formula. A convertible security entitles its holder to receive interest that is generally paid or accrued on debt or a dividend that is paid or accrued on preferred stock, in each case, until the convertible security matures or is redeemed, converted or exchanged. Because of their embedded equity component, the value of convertible securities is sensitive to changes in equity volatility and price and a decrease in equity volatility and price could result in a loss for the Fund. The debt characteristic of convertible securities also exposes the Fund to changes in interest rates and credit spreads. The value of the convertible securities may fall when interest rates rise or credit spreads widen. The conversion value of a convertible security is determined by the market price of the underlying common stock. If the conversion value is low relative to the investment value, the price of the convertible security is governed principally by its investment value. To the extent the market price of the underlying common stock approaches or exceeds the conversion price, the price of the convertible security will be increasingly influenced by its conversion value. A convertible security generally will sell at a premium over its conversion value by the extent to which investors place value on the right to acquire the underlying common stock while holding a fixed income security. Generally, the amount of the premium decreases as the convertible security approaches maturity. A convertible security may be subject to redemption at the option of the issuer at a price established in the convertible security's governing instrument. If a convertible security held by the Fund is called for redemption, the Fund will be required to permit the issuer to redeem the security, convert it into the underlying common stock or sell it to a third party. Any of these actions could have an adverse effect on the Fund's ability to achieve its investment objective. The Fund's exposure to these risks may be unhedged or only partially hedged.

***Structured Credit Instruments Risk****.* The Fund may invest in structured credit instruments. Structured securities are extremely complex and are subject to risks related to, among other things, changes in interest rates, the rate of defaults in the collateral pool, the exercise of redemption rights by more senior tranches and the possibility that a liquid market will not exist in when the Fund seeks to sell its interest in a structured security.

***Derivative Investments Risk****.* The Fund may invest in derivative instruments or "derivatives" that include swaps, futures, options, structured securities and other instruments and contracts that are derived from, or the value of which is related to, one or more underlying securities, financial benchmarks, currencies or indices. Derivatives allow an investor to hedge or speculate upon the price movements of a particular security, financial benchmark currency or index at a fraction of the cost of investing in the underlying asset. The value of a derivative depends largely upon price movements in the underlying asset. Therefore, many of the risks applicable to trading the underlying asset are also applicable to derivatives of such asset. However, there are a number of other risks associated with derivatives trading. For example, because many derivatives are leveraged, and thus provide significantly more market exposure than the money paid or deposited when the transaction is entered into, a relatively small adverse market movement may expose the Fund to the possibility of a loss exceeding the original amount invested. Derivatives may also expose investors to liquidity risk, as there may not be a liquid market within which to close or dispose of outstanding derivatives contracts.

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All derivative instruments involve risks that are in addition to, and potentially greater than the risks of investing directly in securities and other more traditional assets, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Management Risks</u>. Derivative products are specialized instruments that require investment techniques and risk analyses different from those associated with equities and fixed income securities. The use of a derivative requires an understanding not only of the underlying instrument but also of the derivative itself. In particular, the use and complexity of derivatives require the maintenance of adequate controls to monitor the transactions entered into and the ability to assess the risk that a derivative adds to the Fund's portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Counterparty Risks</u>. This is the risk that a loss may be sustained by the Fund as a result of the failure of the other party to a derivative (usually referred to as a "counterparty") to comply with the terms of the derivative contract. The credit risk for exchange-traded derivatives is generally less than for OTC derivatives, since the clearinghouse, which is the issuer or counterparty to each exchange-traded or cleared derivative transaction is the counterparty to the derivative transaction. The Fund may post or receive collateral related to changes in the market value of a derivative. The Fund also may invest in derivatives that (i) do not require the counterparty to post collateral, (ii) require collateral but that do not provide for the Fund's security interest in it to be perfected, (iii) require significant upfront deposits unrelated to the derivatives' intrinsic value, or (iv) do not require that collateral be regularly marked-to-market. When a counterparty's obligations are not fully secured by collateral, the Fund runs the risk of having limited recourse if the counterparty defaults.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Documentation Risks</u>. Many derivative instruments also have documentation risk. Because the contract for each OTC derivative transaction is individually negotiated, the counterparty may interpret contractual terms (*e.g.*, the definition of default) differently than the Fund, and if it does, the Fund may decide not to pursue its claims against the counterparty to avoid incurring the cost and unpredictability of legal proceedings. The Fund, therefore, may be unable to obtain payments the Adviser believes are owed to the Fund under derivative instruments or those payments may be delayed or made only after the Fund has incurred the costs of litigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Liquidity Risks</u>. If a derivative transaction is particularly large or if the relevant market is illiquid (as is the case with many OTC derivatives), it may not be possible to initiate a transaction or liquidate a position at an advantageous price. Less liquid derivative instruments also may fall more in price than other securities during market falls. During periods of market disruptions, the Fund may have a greater need for cash to provide collateral for large swings in the mark-to-market obligations arising under the derivative instruments used by the Fund. These risks may be further exacerbated by requirements under rules issued pursuant to recently enacted financial reform legislation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Leverage Risks</u>. Because many derivatives have a leverage component (*i.e.*, a notional value in excess of the assets needed to establish or maintain the derivative position), adverse changes in the value or level of the underlying asset, rate or index can result in a loss substantially greater than the amount invested in the derivative itself. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Tax Uncertainties</u>. The taxation of derivatives, including credit default swaps, and other transactions in which the Fund may participate, is subject to uncertainties. Such transactions may become subject to new laws and regulations, possibly with retroactive effect, as well as differing interpretations of existing law and regulations by the relevant taxing authorities. There can be no assurance that such changes in law or interpretation will not have a material adverse effect on the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Other Risks</u>. Other risks in using derivatives include the risk of mispricing or incorrect valuation of derivatives. Many derivatives, in particular OTC derivatives, are complex and their valuation often requires modeling and judgment, which increases the risk of mispricing or incorrect valuation. The pricing models used may not produce valuations that are consistent with the values the Fund realizes when it closes or sells an OTC derivative. Valuation risk is more pronounced when the Fund enters into OTC derivatives with specialized terms because the market value of those derivatives in some cases is determined in part by reference to similar derivatives with more standardized terms. Incorrect valuations may result in increased cash payment requirements to counterparties, over- and/or under- collateralization, and/or errors in calculation of the Fund's NAV.

The Fund's use of derivatives may not be effective or have the desired result. Derivatives involve the risk that changes in their value may not move as expected relative to the value of the assets, rates or indices they are designed to track. The risk may be more pronounced when outstanding notional amounts in the market exceed the amounts of the referenced assets. For example, the Fund's use of reverse repurchase agreements subjects it to interest costs based on the difference between the sale and repurchase price of the securities involved. Derivatives are also subject to currency and other risks. Moreover, suitable derivatives may not be available in all circumstances. For example, the economic costs of taking some derivatives positions may be prohibitive. In addition, the Adviser may decide not to use derivatives to hedge or otherwise reduce the Fund's risk exposures, potentially resulting in losses for the Fund.

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Counterparties to derivatives contracts may have the right to terminate such contracts if the Fund's NAV declines below a certain level over a specified period of time. The exercise of such a right by the counterparty could have a material adverse effect on the Fund's operations.

In late October 2020, the SEC adopted Rule 18f-4 related to the use of derivatives and certain other transactions that rescinded and withdrew the guidance of the SEC and the SEC staff regarding asset segregation and coverage. Under Rule 18f-4, the Fund must trade derivatives and other transactions that potentially create senior securities (except reverse repurchase agreements) subject to a value-at-risk ("VaR") leverage limit, certain other testing and derivatives risk management program requirements and requirements related to board reporting. These requirements apply unless the Fund qualifies as a "limited derivatives user," as defined in Rule 18f-4. Reverse repurchase agreements need to aggregate the amount of indebtedness associated with the reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities representing indebtedness when calculating the asset coverage ratio (unless the fund determines to treat such agreements and transactions as derivatives for all purposes under the rule). Reverse repurchase agreements are not included in the calculation of whether the Fund is a limited derivatives user (unless the Fund determines to treat such agreements and transactions as derivatives for all purposes under the rule), but if the Fund is subject to the VaR testing, reverse repurchase agreements and similar financing transactions are included for purposes of such testing. These requirements may limit the Fund's ability to use derivatives and reverse repurchase agreements and similar financing transactions as part of the Fund's investment strategies. These requirements may increase the cost of the Fund's investments and cost of doing business, which could adversely affect investors.

***Illiquidity of Fund Investments Risk****.* The market value of the Fund's investments will fluctuate with, among other things, changes in market rates of interest, general economic conditions, economic conditions in particular industries, the condition of financial markets and the financial condition of the issuers of the Fund's investments. In addition, the lack of an established, liquid secondary market for some investments may have an adverse effect on the market value of those investments and on the Adviser's ability to dispose of them. Therefore, no assurance can be given that, if the Adviser decides to dispose of a particular investment, it will be able to dispose of such investment at the prevailing market price.

***Default Risk****.* Defaults by the Fund's investments will harm the Fund's operating results. An investment's failure to satisfy financial or operating covenants imposed by the Fund or other lenders could lead to defaults and, potentially, termination of its debt financing and foreclosure on its secured assets, which could trigger cross-defaults under other agreements and jeopardize an investment's ability to meet its obligations under the debt or equity securities that the Fund holds. The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms, which may include the waiver of certain financial covenants, with a defaulting investment.

***Distressed and Highly Leveraged Companies Risk****.* The Fund may make investments in restructurings that involve, or otherwise invest in the debt securities of, investments that are experiencing, or are expected to experience, severe financial difficulties. These severe financial difficulties may never be overcome and may cause such investments to become subject to bankruptcy proceedings. As such, these investments could subject the Fund to certain additional potential liabilities that may exceed the value of the Fund's original investment. Under certain circumstances, payments to the Fund may be reclaimed if any such payment or distribution is later determined to have been a fraudulent conveyance, a preferential payment or a similar transaction under the applicable bankruptcy and insolvency laws. In addition, under certain circumstances, a lender that has inappropriately exercised control of the management and policies of a debtor may have its claims subordinated or disallowed or may be found liable for damages suffered by parties as a result of such actions.

The Fund may also invest in highly leveraged companies. Investment in leveraged companies involves a number of significant risks. Leveraged companies in which the Fund invests may have limited financial resources and may be unable to meet their obligations under their debt securities that the Fund holds. Such developments may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of the Fund's realizing any guarantees that the Fund may have obtained in connection with the Fund's investment. Smaller leveraged companies also may have less predictable operating results and may require substantial additional capital to support their operations, finance their expansion or maintain their competitive position.

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***Bankruptcy Proceedings Risk****.* The Fund may hold the debt securities of leveraged companies that may, due to the significant volatility of such companies, enter into bankruptcy proceedings. Leveraged companies may experience bankruptcy or similar financial distress. The bankruptcy process has a number of significant inherent risks. Many events in a bankruptcy proceeding are the product of contested matters and adversary proceedings and are beyond the control of the creditors. A bankruptcy filing by an issuer may adversely and permanently affect the issuer. If the proceeding is converted to a liquidation, the value of the issuer may not equal the liquidation value that was believed to exist at the time of the investment. The duration of a bankruptcy proceeding is also difficult to predict, and a creditor's return on investment can be adversely affected by delays until the plan of reorganization or liquidation ultimately becomes effective. The administrative costs of a bankruptcy proceeding are frequently high and would be paid out of the debtor's estate prior to any return to creditors. Because the standards for classification of claims under bankruptcy law are vague, the Fund's influence with respect to the class of securities or other obligations the Fund owns may be lost by increases in the number and amount of claims in the same class or by different classification and treatment. In the early stages of the bankruptcy process, it is often difficult to estimate the extent of, or even to identify, any contingent claims that might be made. In addition, certain claims that have priority by law (for example, claims for taxes) may be substantial.

Depending on the facts and circumstances of the Fund's investments and the extent of the Fund's involvement in the management of an investment, upon the bankruptcy of an investment, a bankruptcy court may recharacterize the Fund's debt investments as equity interests and subordinate all or a portion of the Fund's claim to that of other creditors. This could occur even though the Fund may have structured the Fund's investment as senior debt.

***Exit Financing Risk****.* The Fund may invest in portfolio companies that are in the process of exiting, or that have recently exited, the bankruptcy process. Post-reorganization securities typically entail a higher degree of risk than investments in securities that have not undergone a reorganization or restructuring. Moreover, post-reorganization securities can be subject to heavy selling or downward pricing pressure after the completion of a bankruptcy reorganization or restructuring. If the Adviser's evaluation of the anticipated outcome of an investment situation should prove incorrect, the Fund could experience a loss.

***Bankruptcy Involving Non-U.S. Companies Risk****.* Investment in the debt of financially distressed companies domiciled outside the United States involves additional risks. Bankruptcy law and process may differ substantially from that in the United States, resulting in greater uncertainty as to the rights of creditors, the enforceability of such rights, reorganization timing and the classification, seniority and treatment of claims. In certain developing countries, although bankruptcy laws have been enacted, the process for reorganization remains highly uncertain, while other developing countries may have no bankruptcy laws enacted, adding further uncertainty to the process for reorganization.

***Investments in Special Situations Risk****.* The Fund's investments may involve investments in 'event-driven' special situations such as recapitalizations, spinoffs, corporate and financial restructurings, litigation or other liability impairments, turnarounds, management changes, consolidating industries and other catalyst-oriented situations. Investments in such securities are often difficult to analyze, have limited trading histories and have limited in-depth research coverage and, therefore, may present an increased risk of loss to the Fund.

***Creditors' Committee and/or Board Participation Risk***. In connection with some of the investments, the Fund may, but is not obligated to, seek representation on official and unofficial creditors' committees and/or boards (or comparable governing bodies) of the portfolio companies. While such representation may enable the Adviser to enhance the value of the investments, it may also prevent the Fund from disposing of the investments in a timely and profitable manner, because serving on a creditors' committee increases the possibility that the Fund will be deemed an "insider" or a "fiduciary" of the portfolio company. If the Adviser concludes that its obligations owed to the other parties as a committee or group member conflict with its duties owed to the Fund, it may resign from that committee or group, and the Fund may not realize the benefits, if any, of participation on the committee or group. If representation on a creditors' committee or board causes the Fund or the Adviser to be deemed affiliates or related parties of the portfolio company, the securities of such portfolio company held by the Fund may become restricted securities, which are not freely tradable. Participation on a creditors' committee and/or board representation may also subject the Fund to additional liability to which they would not otherwise be subject as an ordinary course, third-party investor. The Fund will indemnify the Adviser or any other person designated by the Adviser for claims arising from such board and/or committee representation, which could adversely affect the return on the investments. The Fund will attempt to balance the advantages and disadvantages of such representation when deciding whether and how to exercise its rights with respect to such portfolio companies, but changes in circumstances could produce adverse consequences in particular situations.

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***High Yield Securities Risk****.* The Fund may make significant investments in "high yield" debt and preferred securities which are rated lower than investment grade by the various credit rating agencies (or in comparable non-rated securities as determined by the Adviser). Securities that are rated lower than investment grade are subject to greater risk of loss of principal and interest than higher-rated securities and are generally considered to be predominantly speculative with respect to the issuer's capacity to pay interest and repay principal. They are also generally considered to be subject to greater risk than securities with higher ratings in the case of deterioration of general economic conditions. Because investors generally perceive that there are greater risks associated with lower-rated securities, the yields and prices of such securities may tend to fluctuate more than those for higher-rated securities. The market for lower-rated securities is thinner and less active than that for higher-rated securities, which can adversely affect the prices at which these securities can be sold. In addition, adverse publicity and investor perceptions about lower-rated securities, whether or not based on fundamental analysis, may be a contributing factor in a decrease in the value and liquidity of such lower-rated securities.

The Fund may invest in debt of issuers that have defaulted or are anticipated to default. Issuers in this situation frequently resort to bankruptcy and other litigation to effect debt restructuring on attractive terms. Such actions may require the issuer to spend material amounts on legal and other litigation costs. During such litigation the issuer may not be able to affect the operation and management of the real estate collateral, and its value may suffer as a result of loss of tenants, failure to make capital improvements or undertake required maintenance. Bankruptcy and other insolvency proceedings are highly complex and may result in undesirable outcomes, such as the return of payments characterized as a "preference," the invalidation of debt as a result of a deemed fraudulent conveyance and the recharacterization or equitable subordination of debt. There can be no assurance that the Fund will obtain favorable results in bankruptcy or insolvency proceedings.

Below investment grade debt securities are often referred to in the financial press as "junk bonds" and may include securities of issuers in default. "Junk bonds" are considered by the rating agencies to be predominately speculative and may involve major risk exposures such as: (i) vulnerability to economic downturns and changes in interest rates; (ii) sensitivity to adverse economic changes and corporate developments; (iii) redemption or call provisions which may be exercised at inopportune times; and (iv) difficulty in accurately valuing or disposing of such securities.

***Investment in Private and Middle-Market Investments Risk***. The Fund will make investments in private and middle-market companies, which involve a number of significant risks. Generally, little public information exists about these companies, and the Fund relies on the ability of the Adviser's investment professionals to obtain adequate information to evaluate the potential returns from investing in these companies. If the Adviser is unable to uncover all material information about these companies, it may not make a fully informed investment decision, and the Fund may lose money on the Fund's investments. Middle-market companies generally have less predictable operating results and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position. Middle-market companies may have limited financial resources, may have difficulty accessing the capital markets to meet future capital needs and may be unable to meet their obligations under their debt securities that the Fund holds, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of the Fund's realizing any guarantees the Fund may have obtained in connection with the Fund's investment. In addition, such companies typically have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors' actions and market conditions, as well as general economic downturns. Additionally, middle-market companies are more likely to depend on the management talents and efforts of a small group of persons. Therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on the Fund's investment and, in turn, on the Fund. Middle-market companies also may be parties to litigation and may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence. In addition, the Fund's executive officers, directors and the Adviser may, in the ordinary course of business, be named as defendants in litigation arising from the Fund's investments.

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***Senior Debt Risk****.* The Fund's investments may incur debt that ranks equally with, or senior to, the Fund's investments in such companies and such investments may not generate sufficient cash flow to service their debt obligations to the Fund. The Fund may invest a portion of the Fund's capital in second lien and subordinated loans issued by the Fund's investments. The Fund's investments may have, or be permitted to incur, other debt that ranks equally with, or senior to, the debt securities in which the Fund invests. Such subordinated investments are subject to greater risk of default than senior obligations as a result of adverse changes in the financial condition of the obligor or in general economic conditions. If the Fund makes a subordinated investment in an investment, the investment may be highly leveraged, and its relatively high debt-to-equity ratio may create increased risks that its operations might not generate sufficient cash flow to service all of its debt obligations. By their terms, such debt instruments may provide that the holders are entitled to receive payment of interest or principal on or before the dates on which the Fund is entitled to receive payments in respect of the securities in which the Fund invests. These debt instruments would usually prohibit the investments from paying interest on or repaying the Fund's investments in the event of and during the continuance of a default under such debt. Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of an investment, holders of securities ranking senior to the Fund's investment in that investment would typically be entitled to receive payment in full before the Fund receives any distribution in respect of the Fund's investment. After repaying senior creditors, the investment may not have any remaining assets to use for repaying its obligation to the Fund where the Fund is a junior creditor. In the case of debt ranking equally with debt securities in which the Fund invests, the Fund would have to share any distributions on an equal and ratable basis with other creditors holding such debt in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant investment.

Additionally, certain loans that the Fund makes to companies may be secured on a second priority basis by the same collateral securing senior secured debt of such companies. The first priority liens on the collateral will secure the investment's obligations under any outstanding senior debt and may secure certain other future debt that may be permitted to be incurred by the investment under the agreements governing the loans. The holders of obligations secured by first priority liens on the collateral will generally control the liquidation of, and be entitled to receive proceeds from, any realization of the collateral to repay their obligations in full before the Fund. In addition, the value of the collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. Similarly, investments in "last out" pieces of tranched first lien loans will be similar to second lien loans in that such investments will be junior in priority to the "first out" piece of the same tranched first lien loan with respect to payment of principal, interest and other amounts. The Fund can offer no assurance that the proceeds, if any, from sales of all of the collateral would be sufficient to satisfy the loan obligations secured by the second priority liens or the "last out" pieces of the tranched first lien loans after payment in full of all obligations secured by the first priority liens on the collateral. If such proceeds were not sufficient to repay amounts outstanding under the loan obligations secured by the second priority liens or the "last out" pieces of unitranche loans, then we, to the extent not repaid from the proceeds of the sale of the collateral, will only have an unsecured claim against the investment's remaining assets, if any.

The Fund may make unsecured loans, meaning that such loans will not benefit from any interest in collateral of such companies. Liens on an investment's collateral, if any, will secure the investment's obligations under its outstanding secured debt and may secure certain future debt that is permitted to be incurred by the investment under its secured loan agreements. The holders of obligations secured by such liens will generally control the liquidation of, and be entitled to receive proceeds from, any realization of such collateral to repay their obligations in full before the Fund. In addition, the value of such collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. The Fund can offer no assurance that the proceeds, if any, from sales of such collateral would be sufficient to satisfy the Fund's unsecured loan obligations after payment in full of all loans secured by collateral. If such proceeds were not sufficient to repay the outstanding secured loan obligations, then the Fund's unsecured claims would rank equally with the unpaid portion of such secured creditors' claims against the investment's remaining assets, if any.

The rights the Fund may have with respect to the collateral securing any junior priority loans, including any "last out" pieces of tranched first lien loans, the Fund makes to the Fund's investments may also be limited pursuant to the terms of one or more intercreditor agreements that the Fund enters into (or the absence of an intercreditor agreement) with the holders of senior debt. Under a typical intercreditor agreement, at any time that obligations that have the benefit of the first priority liens are outstanding, any of the following actions that may be taken in respect of the collateral will be at the direction of the holders of the obligations secured by the first priority liens:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability to cause the commencement of enforcement proceedings against the collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability to control the conduct of such proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the approval of amendments to collateral documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•releases of liens on the collateral; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•waivers of past defaults under collateral documents.

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The Fund may not have the ability to control or direct such actions, even if the Fund's rights as junior lenders are adversely affected.

***Revolver, Delayed-Draw and Line of Credit Investments Risk***. The Fund is expected to, from time to time, incur contingent liabilities in connection with an investment. For example, the Fund expects to participate in one or more investments that are structured as "revolvers," "delayed-draws" or "lines of credit." These types of investments generally have funding obligations that extend over a period of time, and if the portfolio company subsequently draws down on the revolver or delayed-draw facility or on the line of credit, the Fund would be obligated to fund the amounts due. However, there can be no assurance that a borrower will ultimately draw down on any such loan, in which case the Fund may never fund the investment (in full or in part), which may result in the Fund not fully deploying its capital. There can be no assurance that the Fund will adequately reserve for its contingent liabilities and that such liabilities will not have an adverse effect on the Fund.

It is possible that a revolver, delayed-draw or line of credit investment would be bifurcated by the Adviser into separate investments, with certain investors (which may or may not include the Fund) participating in the initial drawdowns and other investors (which may or may not include the Fund) participating in the later drawdowns. In this situation, it is possible that investors that participate in the initial funding of an investment may receive certain economic benefits in connection with such initial funding, such as original issue discount, closing payments, or commitment fees and these benefits are expected to be allocated based on participation in the initial funding, regardless of participation in future funding obligations. Conversely, the investors participating only in the later funding obligations will have the benefit of the most recent portfolio company performance information in evaluating their investment whereas the investors that participated in the initial drawdowns (which may or may not include the Fund) will be obligated in any event to fund such later funding obligations. In certain cases, the Fund may participate in the initial funding of an investment, but may not participate in later-arising funding obligations (*i.e.*, the revolver, delayed-draw or line of credit portions) related to such investment, including because of capacity limitations that an investment vehicle may have for making new revolver, delayed-draw investments or lines of credit. As a result, the Fund may be allocated a smaller or larger portion of revolver, delayed-draw investments or lines of credit than other investors participating in the loan. Where the Fund and any other participating investors have not participated in each funding of an investment on a pro rata basis, conflicts of interest may arise between the Fund and the other investors as the interests of the Fund and the other investors may not be completely aligned with respect to such investment. In addition, a revolver, delayed draw investment or line of credit may be senior to the rest of the loan or to the initial funding, and as a result, the interests of the Fund may not be aligned with other participating investors. There can be no assurance that the Fund will adequately reserve for its contingent liabilities and that such liabilities will not have an adverse effect on the Fund.

***Investments in Portfolio Companies in Regulated Industries Risk****.* Certain industries are heavily regulated. The Fund may make loans to borrowers operating in industries that are subject to greater amounts of regulation than other industries generally. These more highly regulated industries may include, among others, energy and power, gaming and healthcare. Investments in borrowers that are subject to a high level of governmental regulation pose additional risks relative to loans to other companies generally. Changes in applicable laws or regulations, or in the interpretations of these laws and regulations, could result in increased compliance costs or the need for additional capital expenditures. If a portfolio company fails to comply with these requirements, it could also be subject to civil or criminal liability and the imposition of fines. A portfolio company also could be materially and adversely affected as a result of statutory or regulatory changes or judicial or administrative interpretations of existing laws and regulations that impose more comprehensive or stringent requirements on such company. Governments have considerable discretion in implementing regulations that could impact a portfolio company's business, and governments may be influenced by political considerations and may make decisions that adversely affect a portfolio company's business. Additionally, certain portfolio companies may have a unionized workforce or employees who are covered by a collective bargaining agreement, which could subject any such portfolio company's activities and labor relations matters to complex laws and regulations relating thereto. Moreover, a portfolio company's operations and profitability could suffer if it experiences labor relations problems. A work stoppage at one or more of any such portfolio company's facilities could have a material adverse effect on its business, results of operations and financial condition. Any such problems additionally may bring scrutiny and attention to the Fund, which could adversely affect the Fund's ability to implement its investment objective.

***Original Issue Discount and Payment-In-Kind Interest Risks****.* The Fund's investments may include investments with original issue discount ("OID") or payment-in-kind ("PIK") interest features. To the extent the accretion of OID or PIK income constitutes a portion of the Fund's income, the Fund will be exposed to risks associated with the requirement to include such non-cash income in taxable and accounting income prior to receipt of cash, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the higher interest rates on investments with PIK interest features reflect the payment deferral and increased credit risk associated with these instruments, and investments with PIK interest features generally represent a significantly higher credit risk than coupon loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•investments with OID and PIK interest features may have unreliable valuations because the accruals require judgments about collectability of the deferred payments and the value of any associated collateral;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•an election to defer PIK interest payments by adding them to the principal on such investments increases our future investment income which increases our net assets and, as such, increases the Adviser's future base Advisory Fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•market prices of investments with PIK interest features and other zero-coupon instruments are affected to a greater extent by interest rate changes and may be more volatile than instruments that pay interest periodically in cash. While investments with PIK interest features are usually less volatile than zero coupon debt instruments, investments with PIK interest features are generally more volatile than cash pay securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the deferral of PIK interest on an instrument increases the loan-to-value ratio, which is a measure of the riskiness of a loan, with respect to such instrument;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•even if the conditions for income accrual under GAAP are satisfied, a borrower could still default when actual payment is due upon the maturity of such loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•for accounting purposes, cash distributions to investors representing OID income do not come from paid-in capital, although they may be paid from the offering proceeds. Thus, although a distribution of OID income may come from the cash invested by investors, the 1940 Act does not require that investors be given notice of this fact;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the required recognition of OID or PIK interest for U.S. federal income tax purposes may have a negative impact on liquidity, as it represents a non-cash component of our investment company taxable income that may require cash distributions to Unit Holders in order to maintain tax treatment as a RIC for U.S. federal income tax purposes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•OID may create a risk of non-refundable cash payments to the Adviser based on non-cash accruals that may never be realized.

***Lack of Liquidity Risk****.* The lack of liquidity in the Fund's investments may adversely affect the Fund's business. The Fund may invest in companies that are experiencing financial difficulties, which difficulties may never be overcome. The Fund's investments will be illiquid in most cases, and the Fund can offer no assurance that the Fund will be able to realize on such investments in a timely manner. A substantial portion of the Fund's investments in leveraged companies are and will be subject to legal and other restrictions on resale or will otherwise be less liquid than more broadly traded public securities. The illiquidity of these investments may make it difficult for the Fund to sell such investments if the need arises. In addition, if the Fund is required to liquidate all or a portion of the Fund's portfolio quickly, the Fund may realize significantly less than the value at which the Fund has previously recorded the Fund's investments. The Fund may also face other restrictions on the Fund's ability to liquidate an investment in an investment to the extent that the Adviser or any of its affiliates have material nonpublic information regarding such investment.

In addition, the Fund generally expects to invest in securities, instruments and assets that are not, and are not expected to become, publicly traded. The Fund will generally not be able to sell securities publicly unless the sale is registered under applicable securities laws, or unless an exemption from such registration requirements is available.

Investments may be illiquid and long-term. Illiquidity may result from the absence of an established or liquid market for investments as well as legal and contractual restrictions on their resale by the Fund. It is generally expected that the Fund will hold assets to maturity, and the amount of "discretionary sales" of investments generally will be limited. The Fund's investment in illiquid investments may restrict its ability to dispose of investments in a timely fashion and for a fair price. Furthermore, the Fund likely will be limited in the Fund's ability to sell investments because the Adviser may have material, non-public information regarding the issuers of such loans or investments or as a result of other policies of the Adviser. This limited ability to sell investments could materially adversely affect the Fund's investment results. As a result, the Fund's exposure to losses, including a potential loss of principal, as a result of which the Unit Holder could potentially lose all or a portion of the Unit Holder's investment in the Fund, may be increased due to the illiquidity of the Fund's investments generally.

In certain cases, the Fund may also be prohibited by contract from selling its investments for a period of time or otherwise be restricted from disposing of the Fund's investments. Furthermore, certain types of investments expected to be made may require a substantial length of time to realize a return or fully liquidate. The Fund may exit some investments through distributions in kind to the Unit Holders, after which the Unit Holder will still bear the risks associated with holding the securities and must make the Unit Holder's own disposition decisions.

Given the nature of the investments contemplated by the Fund, there is a material risk that the Fund will be unable to realize the Fund's investment objectives by sale or other disposition at attractive prices or will otherwise be unable to complete any exit strategy. In particular, this risk could arise from changes in the financial condition or prospects of the investment, changes in national or international economic conditions, changes in debt and equity capital markets and changes in laws, regulations, fiscal policies or political conditions of countries in which investments are made.

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In connection with the disposition of an investment, the Fund may be required to make representations about the business and financial affairs of the investment or may be responsible for the contents of disclosure documents under applicable securities laws. The Fund may also be required to indemnify the purchasers of such investment or underwriters to the extent that any such representations or disclosure documents turn out to be incorrect, inaccurate or misleading. These arrangements may result in contingent liabilities, for which the Fund may establish reserves or escrows. However, the Fund can offer no assurance that the Fund will adequately reserve for the Fund's contingent liabilities and that such liabilities will not have an adverse effect on the Fund. Such contingent liabilities might ultimately have to be funded by proceeds, including the return of capital, from the Fund's other investments.

***Inability of Investments to Repay or Refinance Outstanding Principal***. The Fund's prospective portfolio companies may be unable to repay or refinance outstanding principal on their loans at or prior to maturity, and rising interest rates may make it more difficult for the portfolio companies to make periodic payments on their loans. The portfolio companies in which the Fund expects to invest may be unable to repay or refinance outstanding principal on their loans at or prior to maturity. This risk and the risk of default is increased to the extent that the loan documents do not require the investments to pay down the outstanding principal of such debt prior to maturity. In addition, if general interest rates rise, there is a risk that the Fund's portfolio companies will be unable to pay escalating interest amounts, which could result in a default under their loan documents with the Fund. Rising interest rates could also cause portfolio companies to shift cash from other productive uses to the payment of interest, which may have a material adverse effect on their business and operations and could, over time, lead to increased defaults. Any failure of one or more portfolio companies to repay or refinance its debt at or prior to maturity or the inability of one or more portfolio companies to make ongoing payments following an increase in contractual interest rates could have a material adverse effect on the Fund's business, financial condition, results of operations and cash flows.

***Publicly Traded Securities Risk***. The Fund may invest in publicly traded equity and debt securities. These investments are subject to certain risks, including the risk of loss from counterparty defaults, the risks arising from the volatility of the global fixed-income and equity markets, movements in the stock market and trends in the overall economy, increased obligations to disclose information regarding such companies, increased likelihood of shareholder litigation against such companies' board members, which may include the Adviser personnel, regulatory action by the SEC and increased costs associated with each of the aforementioned risks. When buying a publicly traded security or other publicly traded instruments, the Fund may be unable to obtain financial covenants or other contractual rights that the Fund might otherwise be able to obtain in making privately-negotiated investments. Moreover, the Fund may not have the same access to information in connection with investments in publicly traded securities or other publicly traded instruments, either when investigating a potential investment or after making an investment, as compared to a privately-negotiated investment. Publicly traded securities that are rated by rating agencies are often reviewed and may be subject to downgrade, which generally results in a decline in the market value of such security. Furthermore, the Fund may be limited in its ability to make investments and to sell existing investments in public securities or other publicly traded instruments because the Adviser may have material, non-public information regarding the issuers of those securities or as a result of other the Adviser policies. Accordingly, there can be no assurance that the Fund will make investments in public securities or other publicly traded instruments or, if it does, as to the amount it will invest. The inability to sell such securities or instruments in these circumstances could materially adversely affect the investment results of the Fund.

***Equity Investments Risk****.* When the Fund invests in senior, unitranche, second lien and subordinated loans, the Fund may acquire warrants or other equity securities of investments as well. The Fund may also invest in equity securities directly. To the extent the Fund holds equity investments, the Fund will seek to dispose of them and realize gains upon the Fund's disposition of them. However, the equity interests the Fund receives may not appreciate in value and may decline in value. As a result, the Fund may not be able to realize gains from its equity interests, and any gains that the Fund does realize on the disposition of any equity interests may not be sufficient to offset any other losses the Fund experiences.

***Risk of No Controlling Equity Interests****.* Because the Fund generally does not hold controlling equity interests in the Fund's investments, the Fund may not be able to exercise control over the Fund's investments or to prevent decisions by management of the Fund's investments that could decrease the value of the Fund's investments. To the extent that the Fund does not hold controlling equity interests, the Fund will have a limited ability to protect the Fund's position in such investments.

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***Minority Investments and Joint Ventures Risk****.* The Fund may make minority equity investments in entities in which the Fund does not control the business or affairs of such entities. In addition, the Fund intends to co-invest with other parties through partnerships, joint ventures or other entities and the Adviser may share the Advisory Fee and/or other forms of compensation with such parties. The Adviser expects that in some cases the Fund will have control over, or significant influence on, the decision making of joint ventures. However, in other cases, in particular with respect to certain terms, amendments and waivers related to the underlying loans, the joint venture partner may have controlling or blocking rights (including because certain decisions require unanimous approval of the joint venture partners) or a tie vote among joint venture partners may be resolved by an appointed third party. Where a joint venture partner or third party has controlling or blocking rights or decision-making power with respect to a joint venture matter, there can be no assurance that the matter will be resolved in the manner desired by the Fund. In addition, these types of voting arrangements may slow the decision-making process and hinder the joint venture's ability to act quickly.

Cooperation among joint venture partners or co-investors on existing and future business decisions will be an important factor for the sound operation and financial success of any joint venture or other business in which the Fund is involved. In particular, a joint venture partner or co-investor may have economic or business interests or goals that are inconsistent with those of the Fund, and the Fund may not be in a position to limit or otherwise protect the value of one or more of the Fund's investments. Disputes among joint venture partners or co-investors over obligations, expenses or other matters could have an adverse effect on the financial conditions or results of operations of the relevant businesses. In addition, the Fund may in certain circumstances be liable for actions of its joint venture partners.

In certain cases, conflicts of interest may arise between the Fund and a joint venture partner, for example, because the joint venture partner has invested in a different level of the issuer's capital structure or because the joint venture partner has different investment goals or timelines. There can be no assurance that a joint venture partner with divergent interests from the Fund will cause the joint venture to be managed in a manner that is favorable to the Fund. In addition, it is anticipated that the Fund could be invested in debt instruments issued by a joint venture entity while one or more other investment funds, pooled investment vehicles or Other Clients (as defined below) managed by the Adviser will be invested in equity interests in such entity or vice versa, which presents certain potential conflicts of interest with respect to the capital structure of such entity.

***Non-U.S. Securities Risk***. The Fund may invest in securities and instruments of non-U.S. issuers. *See* "[*<u>Exposure to Foreign Markets Risk.</u>*](#exposure_to_foreign_markets)" above*.* The Fund's investments in securities and instruments in non-U.S. markets involve substantial risks often not typically associated with investing in U.S. securities. Investments in non-U.S. securities may be adversely affected by changes in currency rates or exchange control regulations, changes in governmental administration or economic or monetary policy (in the United States and abroad) or changed circumstances in dealings between nations. Changes in foreign currency exchange rates relative to the U.S. dollar will affect the U.S. dollar value of the Fund's assets denominated in that currency and thereby will have an impact upon the Fund's total return on such assets. The Fund may utilize options and forward contracts to hedge against currency fluctuations, but there can be no assurance that such hedging transactions will be effective.

Investments in non-U.S. securities will also be subject to risks relating to political and economic developments abroad, including the possibility of expropriations or confiscatory taxation, limitations on the use or transfer of the Fund's assets and the effects of foreign social, economic or political instability. Non-U.S. companies are not subject to the regulatory requirements of U.S. companies and, as such, there may be less publicly available information about such companies. Moreover, non-U.S. companies are not subject to uniform accounting, auditing and financial reporting standards and requirements comparable to those applicable to U.S. companies.

Securities of non-U.S. issuers may be less liquid than comparable securities of U.S. issuers and, as such, their price changes may be more volatile. Furthermore, foreign exchanges and broker-dealers are generally subject to less government and exchange scrutiny and regulation than their American counterparts. Brokerage commissions, dealer concessions and other transaction costs may be higher on foreign markets than in the U.S. In addition, differences in clearance and settlement procedures on foreign markets may occasionally lead to delays in settlements of the Fund's trades effected in such markets.

Repatriation of investment income, capital and the proceeds of sales by foreign investors may require governmental registration and/or approval. The Fund could be adversely affected by delays in or a refusal to grant any required governmental registration or approval for such repatriation or by withholding taxes imposed by the government of an emerging country.

Taxation of dividends, interest and capital gains received by non-residents varies among foreign countries and, in some cases, is comparatively high. In addition, some countries have tax laws and procedures that may permit retroactive taxation so that the Fund could in the future become subject to local tax liability that it had not reasonably anticipated in conducting its investment activities or valuing its assets.

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***Hedging Risk****.* The Fund may be subject to risks under hedging transactions. The Fund may engage in hedging transactions to the extent permitted under applicable commodities laws and the 1940 Act. Engaging in hedging transactions would entail additional risks to the Unit Holders. The Fund could, for example, use instruments such as interest rate swaps, caps, collars and floors and, if the Fund were to invest in foreign securities, the Fund could use instruments such as forward contracts or currency options and borrow under a credit facility in currencies selected to minimize the Fund's foreign currency exposure. In each such case, the Fund generally would seek to hedge against fluctuations of the relative values of the Fund's portfolio positions from changes in market interest rates or currency exchange rates. Hedging against a decline in the values of the Fund's portfolio positions would not eliminate the possibility of fluctuations in the values of such positions or prevent losses if the values of the positions declined. However, such hedging could establish other positions designed to gain from those same developments, thereby offsetting the decline in the value of such portfolio positions. Such hedging transactions could also limit the opportunity for gain if the values of the underlying portfolio positions increased. Moreover, it might not be possible to hedge against an exchange rate or interest rate fluctuation that was so generally anticipated that the Fund would not be able to enter into a hedging transaction at an acceptable price. Use of a hedging transaction could involve counterparty credit risk.

The success of any hedging transactions the Fund may enter into will depend on the Fund's ability to correctly predict movements in currencies and interest rates. Therefore, while the Fund may enter into hedging transactions to seek to reduce currency exchange rate and interest rate risks, unanticipated changes in currency exchange rates or interest rates could result in poorer overall investment performance than if the Fund had not engaged in any such hedging transactions. In addition, the degree of correlation between price movements of the instruments used in a hedging strategy and price movements in the portfolio positions being hedged could vary. Moreover, for a variety of reasons, the Fund might not seek to (or be able to) establish a perfect correlation between the hedging instruments and the portfolio holdings being hedged. Any such imperfect correlation could prevent the Fund from achieving the intended hedge and expose the Fund to risk of loss. In addition, it might not be possible to hedge fully or perfectly against currency fluctuations affecting the value of securities denominated in non-U.S. currencies because the value of those securities is likely to fluctuate as a result of factors not related to currency fluctuations. The Fund's ability to engage in hedging transactions may also be adversely affected by rules adopted by the CFTC.

***Force Majeure Risk****.* The Fund's investments may be affected by force majeure events *(i.e.,* events beyond the control of the party claiming that the event has occurred, including, without limitation, acts of God, fire, flood, earthquakes, outbreaks of an infectious disease, pandemic or any other serious public health concern, war, terrorism and labor strikes). Some force majeure events may adversely affect the ability of a party (including a company or a counterparty to the Fund or a company) to perform its obligations until it is able to remedy the force majeure event. In addition, the cost to a company of repairing or replacing damaged assets resulting from such force majeure event could be considerable. Additionally, a major governmental intervention into industry, including the nationalization of an industry or the assertion of control over one or more companies or its assets, could result in a loss to the Fund, including if its investment in such company is cancelled, unwound or acquired (which could be without what the Fund considers to be adequate compensation). To the extent the Fund is exposed to investments in companies that as a group are exposed to such force majeure events, the risks and potential losses to the Fund are enhanced.

***Custodial Risk.*** One or more banks may act as custodians for certain assets of the Fund. If a custodian were to become insolvent, the Fund would, in respect of financial assets credited to securities accounts and held in street name, have only rights in common with other customers of the custodian and would not have ownership of, or rights with respect to, any specific financial assets maintained by the custodian. If any custodian has insufficient financial assets to satisfy all of its customers and its secured creditors, the Fund could suffer losses.

The Custodian will maintain custody of the Fund's assets and may provide additional services such as clearance and settlement services. Where consistent with the federal securities laws, certain non-publicly traded instruments may be held in the custody of other financial institutions selected by Fidelity. In the event Fidelity has custody of all or a portion of the Fund's assets, it intends to comply with state and federal custody rules applicable to Fidelity.

***Repurchase Agreements Risk****.* Subject to our investment objectives and policies, the Fund may invest in repurchase agreements as a buyer for investment purposes. Repurchase agreements typically involve the acquisition by the Fund of debt securities from a selling financial institution such as a bank, savings and loan association or broker-dealer. The agreement provides that the Fund will sell the securities back to the institution at a fixed time in the future for the purchase price plus premium (which often reflects the interests). The Fund does not bear the risk of a decline in the value of the underlying security unless the seller defaults under its repurchase obligation. In the event of the bankruptcy or other default of a seller of a repurchase agreement, the Fund could experience both delays in liquidating the underlying securities and losses, including (1) possible decline in the value of the underlying security during the period in which the Fund seeks to enforce its rights thereto; (2) possible lack of access to income on the underlying security during this period; and (3) expenses of enforcing its rights. In addition, as described above, the value of the collateral underlying the repurchase agreement will be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement. In the event of a default or bankruptcy by a selling financial institution, the Fund generally will seek to liquidate such collateral. However, the exercise of the Fund's right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the Fund could suffer a loss.

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***Risk of Assignments and Participations***. The Fund may acquire investments directly, by way of assignment or indirectly by way of participation. The purchaser of an assignment of a loan obligation typically succeeds to all the rights and obligations of the selling institution and becomes a lender under the loan or credit agreement with respect to the loan obligation. In contrast, participations acquired in a portion of a loan obligation held by a selling institution typically result in a contractual relationship only with such selling institution, not with the obligor. Therefore, holders of indirect participation interests are subject to additional risks not applicable to a holder of a direct assignment interest in a loan. In purchasing a participation, the Fund generally would have no right to enforce compliance by the obligor with the terms of the loan or credit agreement or other instrument evidencing such loan obligation, nor any rights of set-off against the obligor, and the Fund may not directly benefit from the collateral supporting the loan obligation in which it has purchased the participation. As a result, the Fund would assume the credit risk of both the obligor and the selling institution, which would remain the legal owner of record of the applicable loan. In the event of the insolvency of the selling institution, the Fund may be treated as a general creditor of the selling institution in respect of the participation, may not benefit from any set-off exercised by the selling institution against the obligor and may be subject to any set-off exercised by the obligor against the selling institution. Assignments and participations are typically sold strictly without recourse to the selling institution, and the selling institution generally will make no representations or warranties about the underlying loan, the portfolio companies, the terms of the loans or any collateral securing the loans. Certain loans have restrictions on assignments and participations which may negatively impact the Fund's ability to exit from all or part of its investment in a loan. In addition, if a participation interest is purchased from a selling institution that does not itself retain any portion of the applicable loan, such selling institution may have limited interests in monitoring the terms of the loan agreement and the continuing creditworthiness of the borrower.

***Fraudulent Conveyances and Voidable Preferences by Issuers****.* Under U.S. legal principles, in a lawsuit brought by an unpaid creditor or representative of creditors of an issuer of indebtedness (including a bankruptcy trustee), if a court were to find that the issuer did not receive fair consideration or reasonably equivalent value for incurring the indebtedness or for granting security, and that after giving effect to such indebtedness or such security, the issuer (a) was insolvent, (b) was engaged in a business for which the remaining assets of such issuer constituted unreasonably small capital or (c) intended to incur, or believed that it would incur, debts beyond its ability to pay such debts as they mature, such court could determine to invalidate and avoid, in whole or in part, the obligation underlying an investment of the Fund as a constructive fraudulent conveyance. The measure of insolvency for purposes of the foregoing will vary. Generally, an issuer would be considered insolvent at a particular time if the sum of its debts was then greater than all of its property at a fair valuation, or if the present fair saleable value of its assets was then less than the amount that would be required to pay its probable liabilities on its existing debts as they became absolute and matured. There can be no assurance as to what standard a court would apply to determine whether the issuer was "insolvent" after giving effect to the incurrence of the indebtedness in which the Fund invested or that, regardless of the method of valuation, a court would not determine that the issuer was "insolvent" upon giving effect to such incurrence.

In addition, it is possible a court may invalidate, in whole or in part, the indebtedness underlying an investment of the Fund as a fraudulent conveyance, subordinate such indebtedness to existing or future creditors of the obligor or recover amounts previously paid by the obligor in satisfaction of such indebtedness. Moreover, in the event of the insolvency of an issuer of a portfolio company, payments made on its indebtedness could be subject to avoidance as a "preference" if made within a certain period of time (which may be as long as one year) before the portfolio company becomes a debtor in a bankruptcy case.

Even if the Fund does not engage in conduct that would form the basis for a successful cause of action based upon fraudulent conveyance or preference law, there can be no assurance as to whether any lending institution or other party from which the Fund may acquire such indebtedness, or any prior holder of such indebtedness, has not engaged in any such conduct (or any other conduct that would subject such indebtedness to disallowance or subordination under insolvency laws) and, if it did engage in such conduct, as to whether such creditor claims could be asserted in a U.S. court (or in the courts of any other country) against the Fund so that the Fund's claim against the issuer would be disallowed or subordinated.

***Risk of Default Under a Credit Facility****.* In the event the Fund defaults under a credit facility, the Fund's business could be adversely affected as the Fund may be forced to sell a portion of its investments quickly and prematurely at prices that may be disadvantageous to the Fund in order to meet its outstanding payment obligations and/or support working capital requirements under the credit facility or such future borrowing facility, any of which would have a material adverse effect on the Fund's business, financial condition, results of operations and cash flows. In addition, following any such default, the agent for the lenders under a credit facility could assume control of the disposition of any or all of the Fund's assets, including the selection of such assets to be disposed and the timing of such disposition, which would have a material adverse effect on the Fund's business, financial condition, results of operations and cash flows.

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**Risks Relating to Certain Regulatory and Tax Matters** 

***Regulations Governing the Fund's Operation as a BDC****.* The Fund will not generally be able to issue and sell its Units at a price below net asset value per unit. The Fund may, however, sell Units, or warrants, options or rights to acquire the Fund's Units, at a price below the then-current net asset value per unit of the Fund's Units if the Fund's Board determines that such sale is in the Fund's best interests, and if investors approve such sale. In any such case, the price at which the Fund's securities are to be issued and sold may not be less than a price that, in the determination of the Adviser, closely approximates the market value of such securities (less any distributing commission or discount). If the Fund raises additional funds by issuing Units or senior securities convertible into, or exchangeable for, its Units, then the percentage ownership of investors at that time will decrease, and investors may experience dilution.

***Investing a Sufficient Portion of Assets in Qualifying Assets****.* The Fund may not acquire any assets other than "Qualifying Assets" unless, at the time of and after giving effect to such acquisition, at least 70% of the Fund's total assets are Qualifying Assets.

The Fund believes that most of the investments that it may acquire in the future will constitute Qualifying Assets. However, the Fund may be precluded from investing in what it believes to be attractive investments if such investments are not Qualifying Assets for purposes of the 1940 Act. If the Fund does not invest a sufficient portion of its assets in Qualifying Assets, it could violate the 1940 Act provisions applicable to BDCs. As a result of such violation, specific rules under the 1940 Act could prevent the Fund, for example, from making follow-on investments in existing portfolio companies (which could result in the dilution of its position) or could require the Fund to dispose of investments at inappropriate times in order to come into compliance with the 1940 Act. If the Fund needs to dispose of such investments quickly, it could be difficult to dispose of such investments on favorable terms. The Fund may not be able to find a buyer for such investments and, even if a buyer is found, the Fund may have to sell the investments at a substantial loss. Any such outcomes would have a material adverse effect on the Fund's business, financial condition, results of operations and cash flows.

If the Fund does not maintain its status as a BDC, it would be subject to regulation as a registered closed-end management investment company under the 1940 Act. As a registered closed-end management investment company, the Fund would be subject to substantially more regulatory restrictions under the 1940 Act which would significantly decrease its operating flexibility.

***New or Modified Laws or Regulations Governing Our Operations****.* The Fund's portfolio companies and the Fund are subject to regulation by laws at the U.S. federal, state, and local levels. These laws and regulations, as well as their interpretation, may change from time to time, including as the result of interpretive guidance or other directives from the U.S. President and others in the executive branch, and new laws, regulations, and interpretations may also come into effect. Any such new or changed laws or regulations could have a material adverse effect on the Fund's business. The effects of such laws and regulations on the financial services industry will depend, in large part, upon the extent to which regulators exercise the authority granted to them and the approaches taken in implementing regulations.

Future legislative and regulatory proposals directed at the financial services industry that are proposed or pending in the U.S. Congress may negatively impact the operations, cash flows or financial condition of the Fund or its portfolio companies, impose additional costs on portfolio companies or the Fund intensify the regulatory supervision of the Fund or its portfolio companies or otherwise adversely affect the Fund's business or the business of its portfolio companies. Laws that apply to the Fund, either now or in the future, are often highly complex and may include licensing requirements. The licensing process can be lengthy and can be expected to subject the Fund to increased regulatory oversight. Failure, even if unintentional, to comply fully with applicable laws may result in sanctions, fines, or limitations on the ability of the Fund or the Adviser to do business in the relevant jurisdiction or to procure required licenses in other jurisdictions, all of which could have a material adverse effect on the Fund. In addition, if the Fund does not comply with applicable laws and regulations, it could lose any licenses that it then holds for the conduct of its business and may be subject to civil fines and criminal penalties.

Additionally, changes to the laws and regulations governing Fund operations, including those associated with RICs, may cause the Fund to alter its investment strategy in order to avail itself of new or different opportunities or result in the imposition of corporate-level taxes on us. Such changes could result in material differences to the Fund's strategies and plans and may shift the Fund's investment focus from the areas of expertise of the Adviser to other types of investments in which the Adviser may have little or no expertise or experience. Any such changes, if they occur, could have a material adverse effect on the Fund's results of operations and the value of an investor's investment. If the Fund invests in commodity interests in the future, the Adviser may determine not to use investment strategies that trigger additional regulation by the CFTC or may determine to operate subject to CFTC regulation, if applicable. If the Adviser or the Fund were to operate subject to CFTC regulation, the Fund may incur additional expenses and would be subject to additional regulation.

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In addition, certain regulations applicable to debt securitizations implementing credit risk retention requirements that have taken effect in both the U.S. and in Europe may adversely affect or prevent the Fund from entering into securitization transactions. These risk retention rules will increase the Fund's cost of funds under, or may prevent the Fund from completing, future securitization transactions. In particular, the U.S. Risk Retention Rules require the sponsor (directly or through a majority-owned affiliate) of a debt securitization, such as CLOs, in the absence of an exemption, to retain an economic interest in the credit risk of the assets being securitized in the form of an eligible horizontal residual interest, an eligible vertical interest, or a combination thereof, in accordance with the requirements of the U.S. Risk Retention Rules. Given the more attractive financing costs associated with these types of debt securitizations as opposed to other types of financing available (such as traditional senior secured facilities), this increases our financing costs, which increases the financing costs ultimately borne by the Fund's investors.

Over the last several years, there also has been an increase in regulatory attention to the extension of credit outside of the traditional banking sector, raising the possibility that some portion of the non-bank financial sector will be subject to new regulation. While it cannot be known at this time whether any regulation will be implemented or what form it will take, increased regulation of non-bank credit extension by the U.S. government could negatively impact our operations, cash flows or financial condition, impose additional costs on us, intensify the regulatory supervision of the Fund or otherwise adversely affect the Fund's business, financial condition and results of operations.

***Licensing Requirements****.* Certain banking and regulatory bodies or agencies in or outside the United States may require the Fund, its subsidiaries, the Adviser and/or certain employees of the Adviser to obtain licenses or authorizations to engage in many types of lending activities including the origination of loans. It may take a significant amount of time and expense to obtain such licenses or authorizations and the Fund may be required to bear the cost of obtaining such licenses and authorizations. There can be no assurance that any such licenses or authorizations would be granted or, if granted, whether any such licenses or authorizations would impose restrictions on the Fund. Such licenses or authorizations may require the disclosure of confidential information about the Fund, Fund investors or their respective affiliates, including the identity, financial information and/or information regarding the Fund investors and their officers and directors. The Fund may not be willing or able to comply with these requirements. Alternatively, the Adviser may be compelled to structure certain potential investments in a manner that would not require such licenses and authorizations, although such transactions may be inefficient or otherwise disadvantageous for the Fund and/or any relevant portfolio company, including because of the risk that licensing authorities would not accept such structuring alternatives in lieu of obtaining a license or authorization. The inability of the Fund or the Adviser to obtain necessary licenses or authorizations, the structuring of an investment in an inefficient or otherwise disadvantageous manner, or changes in licensing regulations, could adversely affect the Fund's ability to implement its investment program and achieve its intended results.

***Dodd-Frank Act****.* The enactment of the Dodd-Frank Act and other financial regulations curtailed certain investment activities of U.S. banks. As a result, alternative providers of capital (such as the Fund) were able to access certain investment opportunities on a larger scale. If the restrictions under the Dodd-Frank Act are curtailed or repealed, banks may be subject to fewer restrictions on their investment activities, thereby increasing competition with the Fund for potential investment opportunities. As a result, any changes to the Dodd-Frank Act may adversely impact the Fund.

***The Fund is Subject to Risks Relating to Pay-to-Play Laws, Regulations and Policies****.* Many states, their subdivisions and associated pension plans have adopted so-called "pay-to-play" laws, rules, regulations or policies which prohibit, restrict or require disclosure of payments to, and/or certain contacts with, certain politicians or officials associated with public entities by individuals and entities seeking to do business with related entities, including seeking investments by public retirement funds in collective investment funds such as the Fund. The SEC also has adopted rules that, among other things, prohibit an investment adviser from providing advisory services for compensation with respect to a government plan investor for two years after the adviser or certain of its executives or employees makes a contribution to certain elected officials or candidates for certain elected offices. If the Adviser or the Adviser's respective employees or affiliates violate such pay-to-play laws, rules, regulations or policies, such non-compliance could have an adverse effect on the Fund by, for example, providing the basis for the ability of such government-affiliated pension plan investor to cease funding its obligations to the Fund or to withdraw from the Fund.

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***Government Policies, Changes in Laws, and International Trade****.* Governmental regulatory activity, especially that of the Board of Governors of the U.S. Federal Reserve System, may have a significant effect on interest rates and on the economy generally, which in turn may affect the price of the securities in which the Fund plans to invest. High interest rates, the imposition of credit controls or other restraints on the financing of takeovers or other acquisitions could diminish the number of merger tender offers, exchange offers or other acquisitions, and as a consequence have a materially adverse effect on the activities of the Fund. Moreover, changes in U.S. federal, state, and local tax laws, U.S. federal or state securities and bankruptcy laws or in accounting standards may make corporate acquisitions or restructurings less desirable or make risk arbitrage less profitable. Amendments to the U.S. Bankruptcy Code or other relevant laws could also alter an expected outcome or introduce greater uncertainty regarding the likely outcome of an investment situation.

In addition, governmental policies could create uncertainty for the global financial system and such uncertainty may increase the risks inherent to the Fund and its activities. For example, in March 2018, the United States imposed an additional 25% tariff under Section 232 of the Trade Expansion Act of 1962, as amended, on steel products imported into the United States. Furthermore, in May 2019, the United States imposed a 25% tariff on certain imports from China, and China reacted with tariffs on certain imports from the United States. These tariffs and restrictions, as well as other changes in U.S. trade policy, have resulted in, and may continue to trigger, retaliatory actions by affected countries, including imposing trade sanctions on certain U.S. products. A "trade war" of this nature has the potential to increase costs, decrease margins, reduce the competitiveness of products and services offered by current and future portfolio companies and adversely affect the revenues and profitability of companies whose businesses rely on imports and exports. Prospective Fund investors should realize that any significant changes in governmental policies (including tariffs and other policies involving international trade) could have a material adverse impact on the Fund and its investments.

***European Union General Data Protection Regulation****.* In Europe, the General Data Protection Regulation ("GDPR") was made effective on May 25, 2018, introducing substantial changes to current European privacy laws. It has superseded the existing Data Protection Directive, which is the key European legislation governing the use of personal data relating to living individuals. The GDPR provides enhanced rights to individuals with respect to the privacy of their personal data and applies not only to organizations with a presence in the European Union (the "EU") which use or hold data relating to living individuals, but also to those organizations that offer services to individual EU investors. In addition, although regulatory behavior and penalties under the GDPR remain an area of considerable scrutiny, it does increase the sanctions for serious breaches to the greater of €20,000,000 or 4% of worldwide revenue, the impact of which could be significant. Compliance with the GDPR may require additional measures, including updating policies and procedures and reviewing relevant IT systems, which may create additional costs and expenses for the Fund and therefore the Fund investors. The Fund may have indemnification obligations in respect of, or be required to pay the expenses relating to, any litigation or action as a result of any purported breach of the GDPR. Fund investors other than individuals in the EU may not be afforded the protections of the GDPR.

***Potential Controlled Group Liability****.* Under certain circumstances it would be possible for the Fund, along with its affiliates, to obtain a controlling interest (*i.e.*, 80% or more) in certain portfolio companies. This could occur, for example, in connection with a work out of the portfolio company's debt obligations or a restructuring of the portfolio company's capital structure. Thus, there is a risk that the Fund could be treated as a single employer with one or more of its portfolio companies for purposes the controlled group rules under the Employee Retirement Income Security Act of 1974, as amended. In such an event, the Fund could be jointly and severally liable for a portfolio company's liabilities with respect to the underfunding of any pension plans which such portfolio company sponsors or to which it contributes. If the portfolio company were not able to satisfy those liabilities, they could become the responsibility of the Fund, causing it to incur potentially significant, unexpected liabilities for which reserves were not established.

***Being an "Emerging Growth Company***"*.* The Fund is and will remain an "emerging growth company" as defined in the JOBS Act until the earlier of (a) the last day of the fiscal year (i) following the fifth anniversary of the first sale of the Fund's common equity securities in a public offering under the Securities Act, (ii) in which we have total annual gross revenue of at least $1,235,000,000, or (iii) in which we are deemed to be a large accelerated filer, which means the market value of our units that is held by non-affiliates exceeds $700,000,000 as of the date of our most recently completed second fiscal quarter, and (b) the date on which we have issued more than $1,000,000,000 in non-convertible debt during the prior three- year period. For so long as we remain an "emerging growth company," we may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not "emerging growth companies" including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404. We cannot predict if investors will find our units less attractive because we will rely on some or all of these exemptions. If some investors find our units less attractive as a result, there may be a less active trading market for our units and our unit price may be more volatile.

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In addition, Section 107 of the JOBS Act also provides that an "emerging growth company" can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an "emerging growth company" can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We will take advantage of the extended transition period for complying with new or revised accounting standards, which may make it more difficult for investors and securities analysts to evaluate us since our financial statements may not be comparable to companies that comply with public company effective dates and may result in less investor confidence.

***Compliance with the SEC's Regulation Best Interest****.* Broker-dealers must comply with Rule 151-1 under the Exchange Act ("Regulation Best Interest"), which, among other requirements, enhances the existing standard of conduct for broker-dealers and natural persons who are associated persons of a broker-dealer when recommending to a retail customer any securities transaction or investment strategy involving securities to a retail customer. Regulation Best Interest imposes a duty of care for broker-dealers to evaluate reasonably available alternatives in the best interests of their clients. There are likely alternatives to us that are reasonably available to you, through your broker or otherwise, and those alternatives may be less costly or have a lower investment risk. Among other alternatives, listed BDCs may be reasonable alternatives to an investment in our Units, and may feature characteristics like lower cost, less complexity, and lesser or different risks. Investments in listed securities also often involve nominal or zero commissions at the time of initial purchase. The impact of Regulation Best Interest on broker-dealers participating in our offering cannot be determined at this time, but it may negatively impact whether broker-dealers and their associated persons recommend our offering to retail customers. Under Regulation Best Interest, high cost, high risk and complex products may be subject to greater scrutiny by broker-dealers and their salespersons. If Regulation Best Interest reduces our ability to raise capital in our offering, it would harm our ability to create a diversified portfolio of investments and achieve our investment objective and would result in our fixed operating costs representing a larger percentage of our gross income.

**Federal Income Tax Risks** 

***RIC Qualification Risks****.* To obtain and maintain RIC tax treatment under Subchapter M of the Code, we must, among other things, meet annual distribution, income source and asset diversification requirements. If we do not qualify for or maintain RIC tax treatment for any reason and are subject to corporate income tax, the resulting corporate taxes could substantially reduce our net assets, the amount of income available for distribution and the amount of our distributions.

***Paying Required Distributions****.* For U.S. federal income tax purposes, we may be required to recognize taxable income in circumstances in which we do not receive a corresponding payment in cash. For example, if we hold debt obligations that are treated under applicable tax rules as having OID (such as zero coupon securities, debt instruments with PIK interest or, in certain cases, increasing interest rates or debt instruments that were issued with warrants), we must include in income each year a portion of the OID that accrues over the life of the obligation, regardless of whether cash representing such income is received by us in the same taxable year. We may also have to include in income other amounts that we have not yet received in cash, such as deferred loan origination fees that are paid after origination of the loan or are paid in non-cash compensation such as warrants or stock. We anticipate that a portion of our income may constitute OID or other income required to be included in taxable income prior to receipt of cash. Further, we may elect to accrete market discount and include such amounts in our taxable income in the current year, instead of upon disposition.

Because any OID or other amounts accrued will be included in our investment company taxable income for the year of the accrual, we may be required to make a distribution to our Unit Holders in order to satisfy the annual distribution requirement, even though we will not have received any corresponding cash amount. As a result, we may have difficulty meeting the annual distribution requirement necessary to qualify for and maintain RIC tax treatment under Subchapter M of the Code. We may have to sell some of our investments at times and/or at prices we would not consider advantageous, raise additional debt or equity capital or forgo new investment opportunities for this purpose. If we are not able to obtain cash from other sources, we may not qualify for or maintain RIC tax treatment and thus may become subject to corporate-level income tax. The resulting corporate taxes could substantially reduce our net assets, the amount of income available for distribution and the amount of our distributions.

***Corporate-Level Income Tax***. The Fund expects to make certain investments through taxable subsidiaries and the taxable income of these taxable subsidiaries will be subject to U.S. federal and applicable state corporate income taxes. The Fund may invest in certain foreign debt and equity investments which could be subject to foreign taxes (such as income tax, withholding and value added taxes).

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***Special Tax Issues****.* The Fund may invest in debt securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Investments in these types of instruments may present special tax issues. U.S. federal income tax rules are not entirely clear about certain issues related to such investments such as when the Fund may cease to accrue interest, OID or market discount, when and to what extent deductions may be taken for bad debts or worthless instruments, how payments received on obligations in default should be allocated between principal and income and whether exchanges of debt obligations in a bankruptcy or workout context are taxable. These and other issues will be addressed by us, to the extent necessary, to distribute sufficient income to preserve our tax status as a RIC and minimize the extent to which we are subject to U.S. federal income or excise tax.

***"Publicly Offered Regulated Investment Company" Tax Issue.*** A "publicly offered regulated investment company" is a RIC whose shares are either (i) continuously offered pursuant to a public offering within the meaning of Section 4 of the Securities Act, (ii) regularly traded on an established securities market or (iii) held by at least 500 persons at all times during the taxable year. The Fund does not currently expect to be treated as a "publicly offered regulated investment company," and there is no expectation the Fund would be so treated in any future taxable year. Each taxable year for which the Fund is not a "publicly offered regulated investment company", a non-corporate Unit Holder's allocable portion of the Fund's affected expenses, including the Fund's management fees, will be treated as an additional noncash but taxable distribution to the Unit Holder and may not be deductible by such Unit Holder.

***Legislative or Regulatory Tax Changes****.* At any time, the U.S. federal income tax laws or regulations governing RICs or investors or the administrative interpretations of those laws or regulations may be amended. Any new laws, regulations or interpretations may take effect retroactively and could adversely affect the taxation of us or our Unit Holders. Therefore, changes in tax laws, regulations or administrative interpretations or any amendments thereto could diminish the value of an investment in our units or the value or the resale potential of our investments.

**Risks Related to the Private Offering** 

***Risks Relating to Securities Lending.*** Securities lending involves the risk that the borrower may fail to return the securities loaned in a timely manner or at all. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, The Fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. These delays and costs could be greater for foreign securities. If the Fund is not able to recover the securities loaned, the Fund may sell the collateral and purchase a replacement investment in the market. The value of the collateral could decrease below the value of the replacement investment by the time the replacement investment is purchased.

***Illiquid Nature of the Fund's Units****.* The Units may be issued in reliance upon certain exemptions from registration or qualification under applicable Federal and state securities laws and so may be subject to certain restrictions on transferability. There will be no public market for the Units and none is expected to develop. In addition, Unit Holders will not be entitled to withdraw their Capital Contributions, and Units may not be assigned or transferred without the consent of the Adviser, subject to certain exceptions. Accordingly, the Units constitute illiquid investments and should only be purchased by persons that are "accredited investors" as such term is defined under the Securities Act, and able to bear the risk of their investment in Units for an indefinite period of time.

***Possibility of the Need to Raise Additional Capital****.* The Fund may need additional capital to fund new investments and grow its portfolio of investments once it has fully invested the net proceeds of our offering. Unfavorable economic conditions could increase the Fund's funding costs or limit its access to the capital. A reduction in the availability of new capital could limit the Fund's ability to grow. In addition, the Fund will be required to distribute at least 90% of its net ordinary income and net short-term capital gains in excess of net long-term capital losses, if any, to Unit Holders to maintain its qualification as a RIC. As a result, to the extent Unit Holders do not participate in the DRIP, these earnings will not be available to fund new investments. An inability on the Fund's part to access the capital successfully could limit its ability to grow its business and execute its business strategy fully and could decrease its earnings, if any, which would have an adverse effect on the value of its securities.

***Failure to Fund Commitments****.* The Fund intends to draw down against the commitments made by Unit Holders. Unit Holders will be required to make Capital Contributions to purchase the Fund's Units each time the Fund delivers a funding notice. There can be no assurance, however, that all Unit Holders may fund their commitments in a timely manner. Failure by Unit Holders to fund their commitments when called could result in the Fund being precluded from an investment opportunity and could result in returns being less than might otherwise occur.

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***Severe Economic Consequences of Defaulting Unit Holders****.* If Unit Holders fail to fund their commitment obligations or to make required Capital Contributions when due, the Fund's ability to complete its investment program or otherwise continue operations may be substantially impaired. A Unit Holder's failure to fund such amounts when due causes that Unit Holder to become a defaulting Unit Holder. If a substantial number of Unit Holders become defaulting Unit Holders, this may severely limit opportunities for investment diversification and would likely reduce returns to the Fund and restrict the Fund's ability to meet loan obligations. Any single defaulting Unit Holder could cause substantial costs to be incurred by the Fund if such default causes the Fund to fail to meet its contractual obligations or if the Fund must pursue remedial action against such Unit Holder. In the event a Unit Holder fails to make a required Capital Contributions when due, it may be subject to various remedies, including, without limitation, forfeiture of its right to participate in purchasing additional Units on any future drawdown date or otherwise participate in any future investments of the Fund. Without limitation on the rights the Fund may have against the defaulting Unit Holder, the Fund may call for additional Capital Contributions from non-defaulting Unit Holders to make up any shortfall. The non-defaulting Unit Holders could therefore be required to fund any shortfall up to their remaining Capital Commitments, without regard to the underlying value of their investment.

If the Fund fails to meet its contractual obligations related to a Portfolio Investment due to a defaulting Unit Holder, the relevant portfolio company may have a cause of action against the Fund, which may include a claim against assets of the Fund other than the Fund's interest in such portfolio company. A creditor of the Fund (including a portfolio company with respect to which the Fund has failed to meet its contractual obligations) will not be bound to satisfy its claims from the assets attributable to a particular Portfolio Investment and such creditor generally may seek to satisfy its claims from the assets of the Fund as a whole. As a result, if a creditor's claims relating to a particular Portfolio Investment exceed the net assets attributable to that Portfolio Investment, the remaining assets of the Fund will likely be subject to such claim.

***Potential Fluctuations in the Fund's Net Asset Value***. The Fund's net asset value may fluctuate over time and, consequently, a Unit Holder may pay a different price per Unit at subsequent closings than some other Unit Holders paid at earlier closings. Consequently, Unit Holders in subsequent closings may receive a different number of Units for the same Capital Contribution that earlier Unit Holders made depending on the net asset value at the relevant time.

***Possibility of Issuing Multiple Classes of Units***. If the Fund applies for and receives Multi-Class Exemptive Relief, the Fund would be permitted to offer multiple classes of Units and impose varying sales loads, contingent deferred sales charges, and/or asset-based service and/or distribution fees. There is no assurance that the Fund will apply for such relief or that such relief will be granted.

***Controlling Unit Holders***. Upon the initial closing, the Fund expects certain Unit Holders to own a significant portion of Units. Therefore, these entities may be able to exert influence over management and policies and may have significant voting influence on votes requiring Unit Holder approval. This concentration of ownership may also have the effect of delaying, preventing or deterring a change of control of us, could deprive Unit Holders of an opportunity to receive a premium for their Units as part of a sale of us and might ultimately affect the market price of Units, should a market for Units develop.

*The foregoing list of risk factors does not purport to be a complete enumeration or explanation of the risks involved in an investment in the Fund. In addition, as the Fund's investment program develops and changes over time, an investment in the Fund may be subject to additional and different risk factors.* 

**Conflicts of Interest** 

The following inherent or potential conflicts of interest should be considered by prospective investors before subscribing for the Units.

***Relationship among the Fund, the Adviser and the Portfolio Managers*.** The Adviser has a conflict of interest between its responsibility to act in the best interests of the Fund, on the one hand, and any benefit, monetary or otherwise, that results to it or its affiliates from the operation of the Fund, on the other hand. The Adviser may be incentivized not to permanently write down, write off, revalue or dispose of an investment that has poor prospects for improvement in order to receive ongoing Advisory Fees in respect of such investment and to avoid reductions in potential incentive fees if such asset appreciates in the future.

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The functions performed by the Adviser are not exclusive. The Adviser, its affiliates and their principals and employees serve as investment adviser, managing member or general partner to other investment funds, pooled investment vehicles and client accounts (the "Other Clients") and conduct investment activities for their own accounts. Other Clients may have investment objectives and investment strategies that are substantially identical to that of the Fund. Due to a difference in fees attributable to the Other Clients, which may be higher than those attributable to the Fund either on percentage terms or in total dollar amounts received by the Adviser and/or its affiliates, it is possible that the Adviser could allocate investment opportunities among the Other Clients and the Fund in a manner that favors the performance of Other Clients and adversely impacts the performance of the Fund. In addition, the principals and employees of the Adviser and its affiliates may and do also make investments of their own personal assets in the Fund and in Other Clients of the Adviser and its affiliates.

Investment decisions for the Fund and for such Other Clients are made with a view to achieving their respective investment objectives and after consideration of certain factors which may include their current holdings, availability of cash for investment, and the size of their positions generally. The Adviser, its affiliates and their principals and employees may give advice or take action with respect to the Other Clients that differs from the advice given with respect to the Fund.

The Fund could be disadvantaged because of activities conducted by the Adviser and its affiliates for the Other Clients as a result of, among other things: (i) legal restrictions on the combined size of positions which may be taken for the Fund and Other Clients, thereby limiting the size of the Fund's position; and (ii) the difficulty of liquidating an investment for more than one account where the market cannot absorb the sale of the combined positions.

Frequently, a particular investment may be bought or sold for only the Fund or only one Other Client, or in different amounts and at different times for more than one but less than all Other Clients, and the Fund may or may not be included in such purchase or sale. Likewise, a particular investment may be bought for the Fund or one or more Other Clients when one or more Other Clients are selling the same security. In addition, purchases or sales of the same investment may be made for two or more Other Clients (and possibly for the Fund) on the same date. Certain of the Other Clients have different terms, fees (including incentive fees) and investment objectives from the Fund. In such events, such transactions will be allocated among the Fund and Other Clients in a manner believed by the Adviser and its affiliates to be equitable to each in accordance with its policies. In effecting transactions, it may not always be possible, or consistent with the possibly differing investment objectives of the various Other Clients and of the Fund, to take or liquidate the same investment positions at the same time or at the same prices. In addition, funds or client accounts for which the Adviser or an affiliate serves as adviser or sub-adviser may and do also make investments in the Fund.

As a result of the foregoing, the Adviser, its affiliates and their principals and employees may have conflicts of interest in allocating their time and activity between the Fund and Other Clients, in allocating investments among the Fund and Other Clients and in effecting transactions between the Fund and Other Clients, including ones in which the Adviser, its affiliates and their principals and employees may have a greater financial interest.

In addition, the Adviser, its affiliates and their principals and employees, including employees of the Adviser, may make personal investments in third-party entities (directly or through investment funds managed by third-party managers). Such entities may enter into transactions with the Fund, presenting a conflict of interest for the Adviser between acting in the best interests of the Fund and enhancing the returns of such personal investments.

***Co-Investment Transactions.*** We and the Adviser have received an exemptive order from the SEC that permits us to co-invest with certain other persons, including certain affiliated accounts managed and controlled by the Adviser and/or its affiliates. Subject to the 1940 Act and the conditions of the co-investment order issued by the SEC, the Fund may, under certain circumstances, co-invest with certain affiliated accounts in investments that are suitable for the Fund and one or more of such affiliated accounts. Even though the Fund and any such affiliated account co-invest in the same securities, conflicts of interest may still arise. If the Adviser is presented with co-investment opportunities that generally fall within the Fund's investment objective and those of one or more affiliated accounts advised by the Adviser and/or its affiliates, whether focused on a debt strategy or otherwise, the Adviser and/or its affiliates will allocate such opportunities among the Fund and such affiliated accounts in a manner consistent with the exemptive order and the applicable allocation policies and procedures.

With respect to co-investment transactions conducted under the exemptive order, initial internal allocations among the Fund and other investment funds affiliated with the Adviser will generally be made, taking into account the allocation considerations set forth in the Adviser's allocation policies and procedures as described above. If the Fund invests in a transaction under the co-investment exemptive order and, immediately before the submission of the order for the Fund and all other funds, accounts, or other similar arrangements advised by the Adviser and its affiliates, the opportunity is oversubscribed, it will be allocated in accordance with the Adviser's allocation policies and procedures.

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To the extent consistent with applicable law and/or exemptive relief issued to the Fund, in addition to such co-investments, the Fund and the Adviser or an affiliated account may, as part of unrelated transactions, invest in either the same or different tiers of a portfolio company's capital structure or in an affiliate of such portfolio company. To the extent the Fund holds investments in the same portfolio company or in an affiliate thereof that are different (including with respect to their relative seniority) than those held by the Adviser or an affiliated account, the Adviser may be presented with decisions when the interests of the two co-investors are in conflict. If the portfolio company in which the Fund has an equity or debt investment and in which an affiliated account has an equity or debt investment elsewhere in the portfolio company's capital structure, becomes distressed or defaults on its obligations under the private credit investment, the Adviser may have conflicting loyalties between its duties to the affiliated account, the Fund, certain of its other affiliates and the portfolio company. In that regard, actions may be taken for such affiliated account that are adverse to the Fund, or actions may or may not be taken by the Fund due to such affiliated account's investment, which action or failure to act may be adverse to the Fund. In addition, it is possible that in a bankruptcy proceeding, the Fund's interest may be adversely affected by virtue of such affiliated account's involvement and actions relating to its investment. Decisions about what action should be taken in a troubled situation, including whether to enforce claims, whether to advocate or initiate restructuring or liquidation inside or outside of bankruptcy and the terms of any work-out or restructuring, raise conflicts of interest. In those circumstances where the Fund and such affiliated accounts hold investments in different classes of a company's debt or equity, the Adviser may also, to the fullest extent permitted by applicable law, take steps to reduce the potential for adversity between the Fund and such affiliated accounts, including causing the Fund to take certain actions that, in the absence of such conflict, it would not take, such as (A) remaining passive in a restructuring or similar situations (including electing not to vote or voting pro rata with other security-holders), (B) divesting investments or (C) otherwise taking action designed to reduce adversity.

***Transaction Fees and Other Fees****.* In connection with investments made by us, the Adviser and its affiliates may negotiate and receive origination, commitment, documentation, structuring, facility, monitoring, amendment, refinancing, and/or other fees from Portfolio Investments in which we invest or propose to invest. The Adviser and its affiliates will only retain transaction and other fees if permissible under the 1940 Act, SEC exemptive relief, and other applicable law. Under the terms of our co-investment relief, transaction fees (except for fees contemplated by Section 17(e) or 57(k) of the 1940 Act) received in connection with a co-investment transaction are distributed pro rata to funds that participate in such transaction. The potential for the Adviser and its affiliates to receive economic benefits creates conflicts of interest as the Adviser and its affiliates would have an incentive to invest in Portfolio Investments that provide such benefits. Similarly, the Adviser and its affiliates could be incentivized to waive certain fees in connection with a refinancing in order to receive certain fees in the new transaction, including when we and/or other accounts advised by the Adviser and its affiliates can participate in the original or refinanced investment, or both.

***Broken Deal Expenses.*** Any expenses that may be incurred by the Fund for actual investments as described herein may also be incurred by the Fund with respect to broken deals (*i.e.*, investments that are not consummated). The Adviser is not required to and, in most circumstances, will not seek reimbursement of broken deal expenses (*i.e.*, expenses incurred in pursuit of an investment that is not consummated) from third parties, including counterparties to the potential transaction or potential co-investors. Examples of such broken deal expenses include, but are not limited to, reverse termination fees, extraordinary expenses such as litigation costs and judgments, travel and entertainment expenses incurred, costs of negotiating co-investment documentation, and legal, accounting, tax and other due diligence and pursuit costs and expenses. Any such broken deal expenses could, in the sole discretion of the Adviser, be allocated solely to the Fund and not to Other Clients or co-investment vehicles that could have made the investment, even when the Other Client or co-investment vehicle commonly invests alongside the Fund in its investments or the Adviser or Other Clients in their investments. In such cases, the Fund's shares of expenses would increase. In the event broken deal expenses are allocated to an Other Client or a co-investment vehicle, the Adviser may advance such fees and expenses without charging interest until paid by the Other Client or co-investment vehicle, as applicable.

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***Policies and Procedures of the Adviser and its Affiliates.*** Because the Adviser and its affiliates have many different asset management and advisory businesses, the Adviser may be subject to a number of actual and potential conflicts of interest, greater regulatory oversight and more legal and contractual restrictions than that to which it would be subject if it had just one line of business. Certain policies and procedures implemented by the Adviser and its affiliates to mitigate potential conflicts of interest and address certain regulatory requirements and contractual restrictions will from time to time impact the Fund. For example, the Adviser will come into possession of material non-public information with respect to companies, including companies in which the Fund has investments or is considering making investments. The information, which could be of benefit to the Fund, is likely to be restricted to those other businesses and otherwise be unavailable to the Fund. It is also possible that the Fund could be restricted from trading despite the fact that the Fund did not receive such information. The inability to buy or sell securities in such circumstances could materially adversely affect the investment results of the Fund, including but not limited to a material loss with respect to an individual investment or differing results than those obtained by Other Clients with respect to the same investment. Additionally, the Adviser may restrict or otherwise limit the Fund and/or its portfolio companies from entering into agreements with, or related to, companies that either are advisory clients of the Adviser and its affiliates or in which any fund of the Adviser or its affiliates have invested or has considered making an investment. The Adviser will from time to time restrict or otherwise limit the ability of the Fund and/or its portfolio companies from making investments in or otherwise engaging in businesses or activities competitive with companies of other advisory clients of the Adviser or its affiliates, either as a result of contractual restrictions or otherwise. Furthermore, there will be circumstances in which affiliates of the Adviser and its affiliates (including Other Clients) may refrain from taking certain confidential information in order to avoid trading restrictions. There can be no assurance that additional restrictions will not be imposed that would further limit the ability of the Adviser and its affiliates to share information internally.

***Declining an Investment.*** The Adviser may decline an investment opportunity on behalf of the Fund based on various factors including its investment allocation policies and procedures and to the extent the Adviser determines, in its discretion, that such investment may (a) have reputational considerations for the Fund investors, the Adviser or the Fund, (b) to the Adviser's knowledge, have been the subject of concern or controversy among financial institutions, institutional investors or the public or (c) give rise to other similar considerations. In certain cases, such an investment may be allocated to other affiliated accounts that have consented to the investment or do not, in the Adviser's discretion, have such considerations, in lieu of the investment being allocated to the Fund. Finally, although Fidelity believes its positive reputation in the marketplace provides benefit to the Fund and Other Clients, the Adviser could decline to undertake investment activity or transact with a counterparty on behalf of the Fund for reputational reasons, and this decision could result in the Fund foregoing a profit or suffering a loss.

***Conflicts of Interest Generally.*** If any matter arises that the Adviser, as applicable, determines in its good faith judgment constitutes an actual conflict of interest, the Adviser, as applicable, will take such actions as it determines in good faith may be necessary or appropriate to ameliorate the conflict. (These actions include, by way of example and without limitation, (i) disposing of the investment or refraining from making the investment giving rise to the conflict of interest; (ii) appointing an independent fiduciary to act with respect to the matter giving rise to the conflict of interest; (iii) in connection with a matter giving rise to a conflict of interest with respect to an investment, consulting with the Board regarding the conflict of interest and/or obtaining a waiver or consent from the Board of the conflict of interest or acting in a manner, or pursuant to standards or procedures, approved by or disclosed to the Board with respect to such conflict of interest; (iv) disclosing the conflict to the Fund investors; (v) implementing certain policies and procedures designed to ameliorate such conflict of interest or (vi) remaining passive and/or electing not to be the lead investor of a tranche of securities (even though the Fund may hold the largest stake in the applicable tranche of securities).) There can be no assurance that the Adviser will identify or resolve all conflicts of interest in a manner that is favorable to the Fund. By acquiring Units in the Fund, each Fund investor will be deemed to have acknowledged and consented to the existence or resolution of any such actual, apparent or potential conflicts of interest and to have waived any claim with respect to any liability arising from the existence of any such conflict of interest. For the avoidance of doubt, in some cases after evaluating such conflict or potential conflict, the Adviser may determine that no action is required or that taking action may be adverse to the interests of the Fund, the Adviser or its affiliates.

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***Diverse Membership; Relationships with Fund Investors.*** The Fund and investors are generally expected to have conflicting investment, tax and other interests with respect to the investments made by the Fund. The Fund's investors may include various types of persons or entities organized in various jurisdictions, and different Fund investors may have conflicting investment, tax and other interests in respect of their investment in the Fund. The conflicting interests of the Fund and of individual Fund investors may relate to or arise from, among other things, the nature of investments made by the Fund, the structuring of the acquisition of the Fund's investments, and the timing of disposition of investments, which may be more beneficial for the Fund or Fund investors than for one or more of the other Fund investors. Such structuring of the Fund's investments and other factors may result in different returns being realized by different Fund investors. Furthermore, under the U.S. tax audit rules applicable to the Fund, decisions or elections made in connection with certain laws and regulations by the Adviser (or such other person designated by the Adviser) in connection with tax audits (including whether or not to make an election under those rules) may be more beneficial for one type of Fund investor than for another type of Fund investor. As a consequence, conflicts of interest among different Fund investors may arise in connection with decisions made by the Adviser, including in respect of the nature or structuring of investments and the use of leverage that may be more beneficial for one Fund investor than for another Fund investor, especially in respect of individual tax situations. In addition, the Fund may face certain tax risks based on positions taken by the Fund, the Adviser on behalf of the Fund, the Fund's subsidiaries and/or a withholding agent.

***Allocation of Personnel.*** The Adviser and its members, officers, personnel and employees will devote as much of their time to the activities of the Fund as they deem necessary to conduct its business affairs in an appropriate manner. By the terms of the Advisory Agreement, the Adviser is not restricted from forming additional investment funds, from entering into other investment advisory relationships or from engaging in other business activities, even though such activities may be in competition with the Fund and/or may involve substantial time and resources of the Adviser. Personnel of the Adviser and its affiliates, including members of the Direct Lending Investment Committee, will work on other projects, serve on other committees and source potential investments for and otherwise assist the investment programs of Other Clients and their portfolio companies, including other investment programs to be developed in the future. These activities could be viewed as creating a conflict of interest in that the time and effort of the members of the Adviser and its officers, personnel and employees will not be devoted exclusively to the business of the Fund but will be allocated between the business of the Fund and the management of the monies of such other advisees of the Adviser. Time spent on these other initiatives diverts attention from the activities of the Fund, which could negatively impact the Fund and its Unit Holders. Furthermore, personnel of the Adviser and its affiliates derive financial benefit from these other activities, including fees and performance-based compensation. Fidelity personnel outside of the Adviser may share in the fees from the Fund; similarly, personnel of the Adviser and its affiliates may share in the fees and performance-based compensation generated by Other Clients. These and other factors create conflicts of interest in the allocation of time by personnel of the Adviser and its affiliates. The determination of the Adviser and its affiliates of the amount of time necessary to conduct the Fund's activities will be conclusive, and Unit Holders rely on the Adviser's judgment in this regard. The officers and Directors will devote such portion of their time to our affairs as is required for the performance of their duties, but they are not required to devote all of their time to us.

***Outside Activities of Principals and Other Personnel and their Related Parties.*** Certain of the principals, personnel and employees of the Adviser may be subject to a variety of conflicts of interest relating to their responsibilities to the Fund, Other Clients and their respective portfolio companies, and their outside business activities as members of investment or advisory committees or boards of directors of or advisors to investment funds, corporations, foundations or other organizations. Such positions create a conflict if such other entities have interests that are adverse to those of the Fund, including if such other entities compete with the Fund for investment opportunities or other resources. The other managed accounts and/or investment funds in which such individuals may become involved may have investment objectives that overlap with the Fund. Furthermore, certain principals and employees of the Adviser may have a greater financial interest in the performance of such other funds or accounts than the performance of the Fund. Such involvement may create conflicts of interest in making investments on behalf of the Fund and such other funds and accounts. Although such principals and employees will seek to limit any such conflicts in a manner that is in accordance with their fiduciary duties to the Fund, there can be no assurance they will be resolved favorably for the Fund. Also, Fidelity personnel and employees, including personnel and employees of the Adviser, are generally permitted to invest in alternative investment funds, private equity funds, real estate funds, hedge funds or other investment vehicles, including potential competitors of the Fund. Unit Holders will not receive any benefit from any such investments, and the financial incentives of such Fidelity employees in such other investments could be greater than their financial incentives in relation to the Fund.

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Additionally, certain employees and other professionals of Fidelity have family members or relatives employed by such advisers and service providers (or their affiliates) or otherwise actively involved in industries and sectors in which the Fund invests, or have business, financial, personal or other relationships with companies in such industries and sectors (including the advisors and service providers described above) or other industries, which gives rise to potential or actual conflicts of interest. For example, such family members or relatives might be employees, officers, directors or owners of companies or assets that are actual or potential investments of the Fund or other counterparties of the Fund and its portfolio companies and/or assets. Moreover, in certain instances, the Fund or its portfolio companies may issue loans to or acquire securities from, or otherwise transact with, companies that are owned by such family members or relatives or in respect of which such family members or relatives have other involvement. These relationships may influence the Adviser in deciding whether to select or recommend such service providers to perform services for the Fund or portfolio companies (the cost of which will generally be borne directly or indirectly by the Fund or such portfolio companies, as applicable). Notwithstanding the foregoing, to the extent that the Adviser determines appropriate, conflict mitigation strategies may be put in place with respect to a particular circumstance, such as internal information barriers or recusal, disclosure or other steps determined appropriate by the Adviser. The Unit Holders rely on the Adviser to manage these conflicts in its sole discretion.

***Valuation of Assets.*** A majority of securities and other assets in which the Fund will directly or indirectly invest, including secured loan investments, are not expected to have a readily ascertainable market value and will be valued by the Adviser in accordance with its established valuation policies. Such securities and other assets will constitute a substantial portion of the Fund's investments. In addition, when the Adviser determines that the market price does not fairly represent the value of an investment, the Adviser will fair value such investment in accordance with the Fund's policies and procedures. The Adviser has a conflict of interest in determining such valuations, as the Adviser's determination of a fair value for such investments may cause it to receive higher advisory fees.

The Adviser and its affiliates are engaged in advisory and management services for multiple collective investment vehicles and managed accounts, including other investment funds managed by the Adviser and its affiliates. In connection with these activities, the Adviser and its affiliates are required to value assets, including in connection with managing or advising their proprietary and client accounts. In this regard, the Adviser and its affiliates may share information regarding valuation techniques and models or other information relevant to the valuation of a specific asset or category of assets, although they are under no obligation to engage in such information sharing.

***Conflicts with Portfolio Companies.*** In certain instances, the portfolio managers and officers, personnel and employees of the Adviser may serve as board members of certain portfolio companies and, in that capacity, will be required to make decisions that they consider to be in the best interests of the portfolio company. In certain circumstances, such as in situations involving bankruptcy or near insolvency of the portfolio company, actions that may be in the best interests of the portfolio company may not be in the best interests of the Fund, and vice versa. Accordingly, in these situations, there may be conflicts of interest between an individual's duties as a portfolio manager or officer or employee of the Adviser and such individual's duties as a board member of the portfolio company. Additionally, the Adviser or affiliates of the Adviser may enter into transactions with a portfolio company (for example, a property lease), which may create a conflict of interest. While it is generally expected that any such transaction would be on arm's length terms, it is possible that the portfolio company may pay higher fees or receive fewer benefits in the transaction than it would if the counterparty to the transaction were a third party.

***Selection of Service Providers.*** The Fund's advisers and Service Providers or their affiliates are expected to provide goods or services to, or have business, personal, financial or other relations with the Adviser, its affiliates, advisory clients and portfolio companies. Such advisers and Service Providers may be investors in the Fund, sources of investment opportunities or co-investors or commercial counterparties or entities in which the Adviser or an affiliate has an investment. Additionally, certain employees of the Adviser or its affiliates may have family members or relatives employed by such advisers and Service Providers. These relationships may influence the Adviser in deciding whether to select or recommend such Service Providers to perform services for the Fund or portfolio companies (the cost of which generally will be borne directly or indirectly by the Fund or such entities, as applicable).

Additionally, affiliates of the Fund's adviser are acting and expected to continue to act in the future as the administrative agent on a number of loans in which the Fund invested or may invest in the future, which may contemplate additional compensation to such affiliates for the service of acting as administrative agent thereunder. The Adviser and its affiliates will only retain compensation as administrative agent if permissible under the 1940 Act, SEC exemptive relief, and other applicable law. Under the documentation for such loans, an entity typically is designated as the administrative agent and/or collateral agent, and this agent is granted a lien on any collateral on behalf of the other lenders and distributes payments on the indebtedness as they are received. As is typical in such agency arrangements, the agent is the party responsible for administering and enforcing the terms of the loan facility, may take certain actions and make certain decisions in its discretion and generally may take material actions only in accordance with the instructions of a designated percentage of the lenders.

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***Data.*** The Adviser and its affiliates receive or obtains various kinds of data and information from the Fund, Other Clients and their portfolio companies, including data and information relating to business operations, trends, budgets, customers and other metrics, some of which is sometimes referred to as "big data." The Adviser can be expected to be better able to anticipate macroeconomic and other trends, and otherwise develop investment themes, as a result of its access to (and rights regarding) this data and information from the Fund, Other Clients and their portfolio companies. In light of its relationship with the Fund, Other Clients and their portfolio companies, related parties and service providers, the Adviser may have access to (and rights regarding) data that it would not otherwise obtain in the ordinary course. Although the Adviser believes that these activities improve the Adviser's investment management activities on behalf of the Fund and Other Clients, information obtained from the Fund and its portfolio companies may provide material benefits to the Adviser and its affiliates or Other Clients without compensation or other benefit accruing to the Fund or Unit Holders. For example, information from a portfolio company in which the Fund holds an interest may enable the Adviser to better understand a particular industry and execute trading and investment strategies in reliance on that understanding for the Adviser, its affiliates and Other Clients that do not own an interest in the portfolio company, without compensation or benefit to the Fund or its portfolio companies.

Furthermore, except for contractual obligations to third parties to maintain confidentiality of certain information, and regulatory limitations on the use of material nonpublic information, the Adviser may use data and information from the Fund's activities to assist in the pursuit of the Adviser's various other activities, including to trade for the benefit of the Adviser and/or an Other Client. Any confidentiality obligations in the operative documents do not limit the Adviser's ability to do so. For example, the Adviser's ability to trade in securities of an issuer relating to a specific industry may, subject to applicable law, be enhanced by information of a portfolio company in the same or related industry. Such trading can be expected to provide a material benefit to the Adviser without compensation or other benefit to the Fund or Unit Holders.

The sharing and use of "big data" and other information presents potential conflicts of interest and the Unit Holders acknowledge and agree that any benefits received by the Adviser or its personnel (including fees, costs and expenses) will not reduce the Advisory Fee or incentive fees payable to the Adviser or otherwise be shared with the Fund or Unit Holders. As a result, the Adviser has an incentive to pursue investments that have data and information that can be utilized in a manner that benefits the Adviser, its affiliates or Other Clients.

***Material, Non-Public Information.*** The Adviser and its affiliates will come into possession of confidential information with respect to an issuer. The Adviser may be restricted from buying, originating or selling securities, loans of, or derivatives with respect to, the issuer on behalf of the Fund until such time as the information becomes public or is no longer deemed material such that it would preclude the Fund from participating in an investment. Disclosure of such information to the Adviser's personnel responsible for the affairs of the Fund will be on a need-to-know basis only, and the Fund may not be free to act for the Fund upon any such information. Therefore, the Fund may not have access to confidential information in the possession of the Adviser that might be relevant to an investment decision to be made for the Fund. In addition, the Adviser, in an effort to avoid buying or selling restrictions on behalf of the Fund or Other Clients, may choose to forego an opportunity to receive (or elect not to receive) information that other market participants or counterparties, including those with the same positions in the issuer as the Fund, are eligible to receive or have received, even if possession of such information would otherwise be advantageous to the Fund.

In addition, affiliates of the Adviser within Fidelity may come into possession of confidential information with respect to an issuer. The Adviser may be restricted from buying, originating or selling securities, loans of, or derivatives with respect to, the issuer on behalf of the Fund if the Adviser deemed such restriction appropriate. Disclosure of such information to the Adviser's personnel responsible for the affairs of the Fund will be on a need-to-know basis only, and the Fund may not be free to act upon any such information. Therefore, the Fund may not have access to confidential information in the possession of the Adviser or its affiliates that might be relevant to an investment decision to be made by the Fund. Accordingly, the Fund may not be able to initiate a transaction that it otherwise might have initiated and may not be able to sell an investment that it otherwise might have sold.

***Loan Agreements with Affiliates.*** The Fund may enter into loan agreements with the Adviser or its affiliates. The Adviser and its affiliates have a conflict of interest between the obligation to act in the Fund's best interest and the Adviser or affiliate's own best interest. Any such loans or advances made to the Fund will be consistent with applicable law, the Adviser's fiduciary obligations to act in the Fund's best interests, the Fund's investment objectives, and the asset coverage ratio requirements under the 1940 Act. The terms associated with any such loans from the Adviser or its affiliates, including the interest charged, shall, in the aggregate, be no more favorable to the Adviser or its affiliates than could be obtained in an arm's-length transaction but will not necessarily be on the same terms or at the same interest rate charged by the Adviser to other funds that it manages. Neither the Adviser nor any of its affiliates is obligated to extend any such loans to the Fund and such loans will not necessarily be made available to the Fund in the same amounts or on the same economic terms as are made available to other funds advised by the Adviser or its affiliates, or at all. In the event that the Fund is required to find third-party financing in place of or in addition to loans from the Adviser and its affiliates, such third-party financing could be at less favorable economic terms than the loans from the Adviser and its affiliates, which could reduce the Fund's returns.

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***Buying and Selling Investments or Assets from Certain Related Parties.*** The Fund and its portfolio companies may purchase investments or assets from or sell investments or assets to Unit Holders, other portfolio companies of the Fund, portfolio companies of Other Clients or their respective related parties. Purchases and sales of investments or assets between the Fund or its portfolio companies, on the one hand, and Unit Holders, other portfolio companies of the Fund, portfolio companies of Other Clients or their respective related parties, on the other hand, are not, unless required by applicable law, subject to the approval of the Board or any Unit Holder. These transactions involve conflicts of interest, as the Adviser may receive fees and other benefits, directly or indirectly, from or otherwise have interests in both parties to the transaction, including different financial incentives Fidelity may have with respect to the parties to the transaction. For example, there can be no assurance that any investment or asset sold by the Fund to a Unit Holder, other portfolio companies of the Fund, portfolio company of Other Clients or any of their respective related parties will not be valued or allocated a sale price that is lower than might otherwise have been the case if such asset were sold to a third party rather than to a Unit Holder, portfolio company of Other Clients or any of their respective related parties. The Adviser will not be required to solicit third party bids or obtain a third-party valuation prior to causing the Fund or any of its portfolio companies to purchase or sell any asset or investment from or to a Unit Holder, other portfolio companies of the Fund, portfolio company of Other Clients or any of their respective related parties as provided above.

***Other Affiliate Transactions and Investments in Different Levels of Capital Structure.*** From time to time, the Fund and the Other Clients may make investments at different levels of an issuer's capital structure or otherwise in different classes of an issuer's securities or loans, subject to the limitations of the 1940 Act. While less common, subject to applicable law, from time to time the Fund could hold an investment in a different layer of the capital structure than an investor or another party with which the Adviser or its affiliates have a material relationship, in which case the Adviser or its affiliates could have an incentive to cause the Fund or the portfolio company to offer more favorable terms to such parties (including, for instance, financing arrangements). Such investments may inherently give rise to conflicts of interest or perceived conflicts of interest between or among the various classes of securities or loans that may be held by such entities. To the extent the Fund holds securities or loans that are different (including with respect to their relative seniority) than those held by an Other Client, the Adviser and its affiliates may be presented with decisions when the interests of the funds are in conflict. For example, conflicts could arise where the Fund lends funds to a portfolio company while an Other Client invests in equity securities of such portfolio company. In this circumstance, for example, if such portfolio company were to go into bankruptcy, become insolvent or otherwise be unable to meet its payment obligations or comply with its debt covenants, conflicts of interest could arise between the holders of different types of securities or loans as to what actions the portfolio company should take. Further conflicts could arise after the Fund and Other Clients have made their respective initial investments. For example, if additional financing is necessary as a result of financial or other difficulties, it may not be in the best interests of the Fund to provide such additional financing. If the Other Clients were to lose their respective investments as a result of such difficulties, the ability of the Adviser to recommend actions in the best interests of the Fund might be impaired. Any applicable co-investment order issued by the SEC may restrict the Fund's ability to participate in follow-on financings. The Adviser may in its discretion take steps to reduce the potential for adversity between the Fund and the Other Clients, including causing the Fund and/or such Other Clients to take certain actions that, in the absence of such conflict, it would not take. Such conflicts will be more difficult if the Fund and Other Clients hold significant or controlling interests in competing or different tranches of a portfolio company's capital structure. Equity holders and debt holders have different (and often competing) motives, incentives, liquidity goals and other interests with respect to a portfolio company. In addition, there may be circumstances where the Adviser agrees to implement certain procedures to ameliorate conflicts of interest that may involve a forbearance of rights relating to the Fund or Other Clients, such as where the Adviser or its affiliates may cause the Fund or Other Clients to decline to exercise certain control-and/or foreclosure-related rights with respect to a portfolio company.

Further, the Fund is prohibited under the 1940 Act from participating in certain transactions with certain affiliates (including portfolio companies of Other Clients) without the prior approval of a majority of the independent members of the Board and, in some cases, the SEC. Any person that owns, directly or indirectly, 5% or more of the outstanding voting securities will be an affiliate of the Fund for purposes of the 1940 Act and generally the Fund will be prohibited from buying or selling any securities from or to such affiliate, absent the prior approval of the Board. However, the Fund may under certain circumstances purchase any such affiliate's loans or securities in the secondary market, which could create a conflict for the Adviser between the Fund's interests and the interests of such affiliate, in that the ability of the Adviser to recommend actions in the Fund's best interest may be limited. The 1940 Act also prohibits certain "joint" transactions with certain affiliates, which could include investments in the same portfolio company (whether at the same or closely related times), without prior approval of the Board and, in some cases, the SEC.

In addition, conflicts may arise in determining the amount of an investment, if any, to be allocated among potential investors and the respective terms thereof. There can be no assurance that any conflict will be resolved in favor of the Fund, and in some cases, subject to applicable law, a decision by the Adviser to take any particular action could have the effect of benefiting an Other Client (and, incidentally, may also have the effect of benefiting the Adviser and its affiliates) and therefore may not have been in the best interests of, and may be adverse to, the Fund. There can be no assurance that the return on the Fund's investment will be equivalent to or better than the returns obtained by the Other Clients participating in the transaction.

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***Related Financing Counterparties.*** The Fund may invest in companies or other entities in which Other Clients make an investment in a different part of the capital structure (and vice versa) subject to the requirements of the 1940 Act and the Fund's co-investment order. The Adviser and its affiliates take into account various facts and circumstances they deem relevant in selecting financing sources, including whether a potential lender has expressed an interest in evaluating debt financing opportunities, whether a potential lender has a history of participating in debt financing opportunities generally and with the Adviser in particular, the size of the potential lender's loan amount, the timing of the relevant cash requirement, the availability of other sources of financing, the creditworthiness of the lender, whether the potential lender has demonstrated a long-term or continuing commitment to the success of the Adviser, its affiliates and their funds, and such other factors that the Adviser and its affiliates deem relevant under the circumstances. The cost of debt alone is not determinative.

It is possible that Unit Holders, Other Clients, their portfolio companies, co-investors and other parties with material relationships with the Adviser, such as shareholders of and lenders to the Adviser and its affiliates and lenders to Other Clients and their portfolio companies, could provide additional first lien financing to portfolio companies of the Fund, subject to the requirements of the 1940 Act. The Adviser could have incentives to cause the Fund and its portfolio companies to accept less favorable financing terms from a Unit Holder, Other Clients, their portfolio companies, Fidelity, and other parties with material relationships with the Adviser than it would from a third party. If the Fund or a portfolio company occupies a more senior position in the capital structure than a Unit Holder, Other Client, their portfolio companies and other parties with material relationships with the Adviser, the Adviser could have an incentive to cause the Fund or portfolio company to offer more favorable financing terms to such parties. In the case of a related party financing between the Fund or its portfolio companies, on the one hand, and the Adviser or Other Clients' portfolio companies, on the other hand, to the extent permitted by the 1940 Act, the Adviser could, but is not obligated to, rely on a third party agent to confirm the terms offered by the counterparty are consistent with market terms, or the Adviser could instead rely on its own internal analysis, which the Adviser believes is often superior to third party analysis given the scale of the Adviser and its affiliates in the market. If, however, any of the Adviser, the Fund, an Other Client or any of their portfolio companies delegates to a third party, such as another member of a financing syndicate or a joint venture partner, the negotiation of the terms of the financing, the transaction will be assumed to be conducted on an arms-length basis, even though the participation of the Adviser related vehicle impacts the market terms. For example, in the case of a loan extended to the Fund or a portfolio company by a financing syndicate in which an Other Client has agreed to participate on terms negotiated by a third-party participant in the syndicate, it may have been necessary to offer better terms to the financing provider to fully subscribe the syndicate if the Other Client had not participated. It is also possible that the frequent participation of Other Clients in such syndicates could dampen interest among other potential financing providers, thereby lowering demand to participate in the syndicate and increasing the financing costs to the Fund. The Adviser does not believe either of these effects is significant, but no assurance can be given to Unit Holders that these effects will not be significant in any circumstance. Unless required by applicable law, the Adviser will not seek any consent or approvals from Unit Holders or the Board in the case of any of these conflicts.

The Adviser and its affiliates could cause actions adverse to the Fund to be taken for the benefit of Other Clients that have made an investment more senior in the capital structure of a portfolio company than the Fund (e.g., provide financing to a portfolio company, the equity of which is owned by the Fund) and, vice versa, actions may be taken for the benefit of the Fund and its portfolio companies that are adverse to Other Clients. The Adviser and its affiliates could seek to implement procedures to mitigate conflicts of interest in these situations such as (i) a forbearance of rights, including some or all non-economic rights, by the Fund or relevant Other Client (or their respective portfolio companies, as the case may be) by, for example, agreeing to follow the vote of a third party in the same tranche of the capital structure, or otherwise deciding to recuse itself with respect to decisions on defaults, foreclosures, workouts, restructurings and other similar matters, (ii) causing the Fund or relevant Other Client (or their respective portfolio companies, as the case may be) to hold only a non-controlling interest in any such portfolio company, (iii) retaining a third party loan servicer, administrative agent or other agent to make decisions on behalf of the Fund or relevant Other Client (or their respective portfolio companies, as the case may be), or (iv) create groups of personnel within the Adviser and its affiliates separated by information barriers (which may be temporary and limited purpose in nature), each of which would advise one of the clients that has a conflicting position with Other Clients. As an example, to the extent an Other Client holds an interest in a loan or security that is different (including with respect to relative seniority) than those held by the Fund or its portfolio companies, the Adviser may decline to exercise, or delegate to a third party, certain control, foreclosure and other similar governance rights of the Other Client. In these cases, the Adviser would generally act on behalf of one of its clients, though the Other Client would generally retain certain control rights, such as the right to consent to certain actions taken by the trustee or administrative or other agent of the investment, including a release, waiver, forgiveness or reduction of any claim for principal or interest; extension of maturity date or due date of any payment of any principal or interest; release or substitution of any material collateral; release, waiver, termination or modification of any material provision of any guaranty or indemnity; subordination of any lien; and release, waiver or permission with respect to any covenants.

In addition, it is anticipated that in a bankruptcy proceeding the Fund's interests will likely be subordinated or otherwise adverse to the interests of Other Clients with ownership positions that are more senior to those of the Fund. For example, an Other Client that has provided debt financing to an investment of the Fund may take actions for its benefit, particularly if the Fund's investment is in financial distress, which adversely impact the value of the Fund's subordinated interests.

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Although Other Clients can be expected to provide financing to the Fund and its portfolio companies subject to the requirements of the 1940 Act, there can be no assurance that any Other Client will indeed provide any such financing with respect to any particular investment. Participation by Other Clients in some but not all financings of the Fund and its portfolio companies may adversely impact the ability of the Fund and its portfolio companies to obtain financing from third parties when Other Clients do not participate, as it may serve as a negative signal to market participants. Any financing provided by a Unit Holder or an affiliate to the Fund or a portfolio company is not an investment in the Fund.

The respective investment programs of the Fund and the Other Clients may or may not be substantially similar. The Adviser and its affiliates may give advice to, and recommend securities for, Other Clients that may differ from advice given to, or securities recommended or bought for, the Fund, even though their investment objectives may be the same as or similar to those of the Fund. While the Adviser will seek to manage potential conflicts of interest in a fair and equitable manner, the portfolio strategies employed by the Adviser and its affiliates in managing their respective Other Clients are likely to conflict from time to time with the transactions and strategies employed by the Adviser in managing the Fund and may affect the prices and availability of the securities and instruments in which the Fund invests. Conversely, participation in specific investment opportunities may be appropriate, at times, for both the Fund and Other Clients. In any event, it is the policy of the Adviser to allocate investment opportunities and sale opportunities on a basis deemed by the Adviser, in its sole discretion, to be fair and equitable over time.

***Joint Ventures.*** The Fund or the Adviser may partner with one or more unaffiliated banks or other financial institutions to make particular investments or types of investments, with, in some instances, such partners having senior exposure to the investment program and the Fund and Other Clients participating in the junior exposure or vice versa. In doing so, the Adviser would seek to benefit from the larger combined capital base of working with a partner, as well as such partner's sourcing channels and expertise. In addition, the Fund may be an initial economic participant in such an investment program or may join the investment program after it has made investments. As a result, the Fund may or may not share in the returns of the investments that have already been originated and, accordingly the returns realized by the Fund investors may differ from the returns realized by other participants of such investment program.

The structure of this type of investment program will vary and will be determined on a case-by-case basis in order to accommodate the nature of the arrangements, applicable bank and other regulatory restrictions, particular considerations applicable to the funds and accounts participating in the investment program, tax considerations, and other factors. For example, the investment program may be structured so that the Fund purchases debt of a holding company (the "JV Participant") and the JV Participant then participates in the joint venture or the investments sourced through the joint venture. In such a situation, the equity of the JV Participant is expected to be held by Other Clients. As a result, conflicts of interest may arise between the Fund (as debt holders of the JV Participant) and the Other Clients participating in the investment program (as equity holders of the JV Participant). These conflicts of interest would be magnified in the event of any default, bankruptcy or similar event of financial distress with respect to the JV Participant. Further, the returns realized by the Fund are likely to differ from the returns realized by the Other Clients participating in the investment program. In such a structure, the Fund as a debt holder will have more enhanced downside protection than the Other Clients but will not benefit from all of the upside from the underlying investments, whereas the Other Clients, while being subject to a greater risk of loss, will also benefit from greater upside than the Fund.

The Fund's joint venture partner may be a regulated banking entity, and the joint venture vehicle may be subject to bank regulation as a result of the bank's ownership interest therein. As a result, there is a risk that the joint venture could be subject to bank regulatory audit and review, as well as potential fines or other enforcement actions that the Fund, acting on its own, would not otherwise be subject. While the bank joint venture partner would be expected to assume some of these liabilities directly, the JV Participant would nevertheless have some exposure, potentially in respect of larger liabilities. Such liabilities could be significant. Furthermore, the activities of the joint venture may be restricted because of regulatory requirements applicable to the bank or its internal policies designed to comply with, limit the applicability of, or that otherwise relate to such requirements.

The Adviser believes that any such joint venture will be structured in a manner that would not cause a violation of applicable banking laws and regulations. However, it is possible that future changes or clarifications in statutes, regulations or interpretations concerning the permissible activities of bank holding companies, as well as further judicial or administrative decisions and interpretations of present or future statutes or regulations could restrict (or possibly prevent) the banking partner from continuing to participate in the joint venture in the manner originally contemplated. In such event, the Adviser and the applicable banking partner may agree to alter or restrict the investment program or may elect to terminate the investment program altogether. Any such restructuring or termination may adversely affect the returns realized by the Fund in connection with its participation in the investment program.

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***Certain Investments Inside the Fund's Mandate that are not Pursued by the Fund.*** Under certain circumstances, the Adviser may determine not to pursue some or all of an investment opportunity within the Fund's mandate pursuant to its investment allocation policies and procedures, including without limitation, as a result of business, reputational or other reasons applicable to the Fund, Other Clients, their respective portfolio companies or the Adviser. In addition, the Adviser may determine that the Fund should not pursue some or all of an investment opportunity, including, by way of example and without limitation, because the Fund has already invested sufficient capital in the investment, sector, industry, geographic region or markets in question, as determined by the Adviser in its good faith discretion, or the investment is not appropriate for the Fund for other reasons as determined by the Adviser in its good faith reasonable sole discretion. In any such case the Adviser or its affiliates could, thereafter, offer such opportunity to other parties, including Other Clients or portfolio companies or Limited Partners or Unit Holders of the Fund or Other Clients, joint venture partners, related parties or third parties. Any such Other Clients may be advised by an affiliate of the Adviser, which could determine an investment opportunity to be more attractive than the Adviser believes to be the case. In any event, there can be no assurance that the Adviser's assessment will prove correct or that the performance of any investments actually pursued by the Fund will be comparable to any investment opportunities that are not pursued by the Fund. The Adviser and its affiliates, including their personnel, may receive compensation from any such party that makes the investment, including an allocation of carried interest or referral fees, and any such compensation could be greater than amounts paid by the Fund to the Adviser. In some cases, the Adviser or its affiliates earn greater fees when Other Clients participate alongside or instead of the Fund in an investment.

***Allocation of Revolver, Delayed-Draw Investment or Line of Credit Obligations.*** The Fund generally expects to participate in one or more investments that are structured as "revolvers," "delayed-draws" or "lines of credit" with funding obligations that extend past the initial date of investment. Later funding obligations related to such investments may not be allocated pro rata among all the investors who participated in the initial funding of an investment. In particular, the Fund may participate in the initial funding of an investment, but may not participate in later-arising funding obligations (*i.e.*, the revolver, delayed-draw or line of credit portions) related to such investment, including because of capacity limitations that an investment vehicle may have for making new revolver, delayed-draw investments or lines of credit. As a result, the Fund may be allocated a smaller or larger portion of revolver, delayed-draw investments or lines of credit than other investors participating in the loan (or may not be allocated any portion). Fund investors that participate in the initial funding of an investment may receive certain economic benefits in connection with such initial funding, such as original issue discount, closing payments, or commitment fees and these benefits are expected to be allocated based on participation in the initial funding, regardless of participation in future funding obligations. In addition, where the Fund and any other participating investors have not participated in each funding of an investment on a pro rata basis, conflicts of interest may arise between the Fund and the other investors as the interests of the Fund and the other investors may not be completely aligned with respect to such investment. In that regard, the revolver, delayed draw or line of credit portion of an investment may be senior to the investment in the portfolio company made by the Fund, and as a result, the interests of the Fund may not be aligned with other participating investors.

***Insurance.*** The Adviser will cause the Fund to purchase, and/or bear premiums, fees, costs and expenses (including any expenses or fees of insurance brokers) for insurance to insure the Fund and the Board against liability in connection with the activities of the Fund. This includes a portion of any premiums, fees, costs and expenses for one or more "umbrella," group or other insurance policies maintained by the Adviser or its affiliates that cover the Fund and one or more of the Other Clients, the Adviser, and/or its affiliates (including their respective directors, officers, employees, agents, representatives, independent client representative (if any) and other indemnified parties). The Adviser will make judgments about the allocation of premiums, fees, costs and expenses for such "umbrella," group or other insurance policies among the Fund, one or more Other Clients, the Adviser, and/or its affiliates on a fair and reasonable basis, subject to approval by the Board.

***Expense Allocations.*** The Administrator and its affiliates provide, or oversee the provision of, administrative resources to the Fund. The resources provided by the Administrator and its affiliates to the Fund include shared resources among the Fund and Other Clients. The Fund is responsible for paying its allocable share of such expenses. The Administrator takes into account a variety of considerations when allocating such expenses, both between the Administrator/its affiliates, on the one hand, and the Fund and Other Clients on the other, and between and among the Fund and Other Clients. The Administrator seeks to allocate expenses using fair and reasonable methodologies. The Administrator will make judgments about the allocation of fees, costs and expenses among the Fund, one or more Other Clients, the Adviser, the Administrator and/or its affiliates on a fair and reasonable basis, subject to oversight of the Board.

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***Additional Potential Conflicts of Interest.*** The officers, directors, members, managers, employees and personnel of the Adviser, as applicable, may trade in securities for their own accounts, subject to restrictions and reporting requirements as may be required by law or the policies of the Adviser and its affiliates, or otherwise determined from time to time by the Adviser. In addition, certain Other Clients may be subject to the 1940 Act or other regulations that, due to the role of the Adviser or its affiliates, could restrict the ability of the Fund to buy investments from, to sell investments to or to invest in the same securities as, such Other Clients. Such regulations may have the effect of limiting the investment opportunities available to the Fund. Finally, although Fidelity believes its positive reputation in the marketplace provides benefit to the Fund and Other Clients, the Adviser could decline to undertake investment activity or transact with a counterparty on behalf of the Fund for reputational reasons, and this decision could result in the Fund foregoing a profit or suffering a loss.

*The foregoing list of conflicts does not purport to be a complete enumeration or explanation of the actual and potential conflicts involved in an investment in the Fund. In addition, as the Fund's investment program develops and changes over time, an investment in the Fund may be subject to additional and different actual and potential conflicts. Although the various conflicts discussed herein are generally described separately, investors should consider the potential effects of the interplay of multiple conflicts.* 

**Item 1B. Unresolved Staff Comments.**

None.

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**Item 1C. Cybersecurity.**

*Overview*

Fidelity and its Enterprise Cybersecurity organization, on behalf of the Fund, have established a risk management program which includes processes to identify, assess, and manage cybersecurity risks, including material risks from cybersecurity threats, and to put in place appropriate controls to mitigate these risks and reduce the potential impact to the Fund and its Members. The Fund does not have any employees and relies upon Fidelity and its Enterprise Cybersecurity organization for the Fund's day-to-day operations and to establish strategies, policies, and standards for the security of, and operations in, cyberspace.

Management of cybersecurity risk is a key area of focus for the Enterprise Cybersecurity organization, as threat actors continue to target Fidelity with sophisticated, ever-evolving attacks. Enterprise Cybersecurity's mission is to protect Fidelity and its customers from these attacks and other cyber incidents through risk optimization, policies, controls, technical capabilities, and employee training and awareness on risks, policies and standards. As Enterprise Cybersecurity implements measures to address cyber risk, it also continuously reviews its resources to better enhance security of systems, networks, data, and other technology.

The potential impact of risks from cybersecurity threats on the Fund are assessed on an ongoing basis. These risks are regularly evaluated to determine if they could materially affect the Fund's business strategy, operational results, and financial condition. During the reporting period, Fidelity did not identify any material risks from cybersecurity threats that have materially affected or are reasonability likely to materially affect the Fund, including its day-to-day operations, financial condition, or business strategies.

While Fidelity will continue to enhance its approach to address cybersecurity risk, it is possible that it will not be successful in preventing or mitigating a future cybersecurity incident that could have a material impact on Fidelity or the Fund's operations, financial condition, and business strategies.

*Third Party Risk and Engagement*

The Fund depends on and engages various third parties, including suppliers, vendors, and service providers, to operate its business. Third party incidents, such as supply chain attacks, ransomware operations, or insider misconduct, could result in a material impact to the Fund through the compromise of sensitive information or system failures. To address these risks, Fidelity has a vendor oversight program which includes periodic reviews of the cyber controls of third-party service providers, with the frequency of such reviews generally based on the nature of the Fund's information processed by the vendor and the vendor's criticality to business operations.

*Independent Assessment of Controls*

On behalf of the Fund, Fidelity engages third-party consultants to assess, identify, and/or manage material risks from cybersecurity threats. For example, Fidelity engages third-party consultants to perform audits of its cybersecurity measures and risk management processes, including those applicable to Fund. Fidelity has also hired qualified independent assessors to review applicable security controls in accordance with the American Institute of Certified Public Accountants' System and Organization Controls assurance programs. Additionally, Fidelity utilizes third-party consultants with specific areas of cybersecurity expertise to review and report on various aspects of its cybersecurity program, including those applicable to the Fund. The results of these consulting engagements are shared with the Fund's Board of Directors as part of periodic reporting.

*Monitoring Emerging Threats*

Threat actors' utilization of emerging and new technologies such as Artificial Intelligence to enhance cyber-attacks is an ongoing risk. Fidelity's Cyberthreat Intelligence ("CTI") unit within Enterprise Cybersecurity is designed to alert stakeholders, control owners, and decision-makers of emerging cyber threats to Fidelity infrastructure, vendors, and clients. CTI operates via a follow-the-sun approach, monitoring criminal, nation-state, hacktivist, and insider groups and their use of these technologies to carry out attacks.

CTI utilizes information gathered from public and private sources, including industry groups such as the U.S. Cybersecurity and Infrastructure Security Agency and the Financial Services Information Sharing and Analysis Center. The organization analyzes such information and incorporates threat actors' tactics, techniques, and procedures into the program's security monitoring and detection tools and processes.

------

*Organization and Management*

Fidelity Enterprise Cybersecurity is comprised of several product areas that are designed to defend against attack, damage, and unauthorized action to information, data, and systems. Among these functions are:

*Detect and Respond,* which is responsible for delivering global cybersecurity operations, intelligence, and analytics to ensure data confidentiality, integrity, and availability for Fidelity and its customers. This product area utilizes the latest tools and technology to monitor Fidelity's environment for signs of suspicious activity, as well as proactively detect and hunt for the latest cyber threats. Key functions include the Security Operations Center, Threat Intelligence, Insider Threat, and Endpoint Security.

*The Information Security Office,* which is a team that assists with the migration and implementation of Enterprise Cybersecurity policy into each of the firm's business units. Each Fidelity business unit has a dedicated Information Security Office team that partners with the business on cyber client engagement, security advisory, risk reduction, regulatory compliance, and education and awareness.

*Application and Infrastructure Security,* which is responsible for identifying, assessing, and mitigating risks posed by software vulnerabilities, malware, and configuration exposures in Fidelity's applications and technology infrastructure. This product area focuses on critical functions such as vulnerability scanning, penetration testing, and vendor application remediation, enabling Fidelity to address risks from vulnerabilities before they are exploited.

Enterprise Cybersecurity also employs several teams that work together and are responsible for enabling Fidelity with a persistent readiness posture through comprehensive cyber risk management from risk identification through remediation. These teams include Cyber Risk, Cyber Controls & Policy, and Cyber Regulatory & Audit. Together, these teams provide a foundation and framework for the Enterprise Cybersecurity organization to align with industry standards, meet regulatory expectations, and adjust to changing risks.

*Governance and Oversight*

The Board, in conjunction with Fidelity's Enterprise Cybersecurity organization, provides strategic oversight regarding cybersecurity risks and threats to the Fund. The Board receives and reviews periodic reports from senior executives in Fidelity's Enterprise Cybersecurity organization and the Fund's management, including Fidelity's Chief Information Security Officer ("CISO"), members of the CISO's staff, and the Fund's CCO. These reports contain information about risks from cybersecurity threats, including results of independent reviews of the cybersecurity program, summaries of recent threat intelligence assessments, progress on key initiatives and strategies, and updates on recent regulatory activities, including new regulations and examinations.

The Fund's management, including the CCO of the Fund, is responsible for assessing and managing material risks from cybersecurity threats. In connection with the Fund's reliance on Fidelity and its Enterprise Cybersecurity organization, the CCO relies on the cybersecurity expertise of Fidelity's CISO and members of the CISO's staff to assist in assessing and managing the Fund's material risks from cybersecurity threats. Fidelity's CISO has over thirty years of experience as a technology and information risk management leader, holding global senior management roles with large, diversified financial services companies. He has served as Fidelity's CISO since May 2024. He reports to Fidelity's Head of Technology and Global Services.

Management of the Fund is informed about cybersecurity incidents, including material cybersecurity incidents, impacting the Fund. The Board monitors the prevention, detection, mitigation, and remediation of such incidents, including through the receipt of notifications from service providers and reliance on communications with risk management, legal, cybersecurity, information technology, and/or compliance personnel of Fidelity. In conjunction with Fidelity's Enterprise Cybersecurity organization, the Fund participates in regular testing of applicable incident response processes to ensure appropriate escalation, mitigation, communication, and reporting processes are in place.

**Item 2. Properties.**

The Fund does not own any real estate or other physical properties materially important to its operation. The Fund's corporate headquarters is located at 245 Summer Street, Boston, Massachusetts 02210. The Fund believes that its office facilities are suitable and adequate for its business as it is currently conducted.

------

**Item 3. Legal Proceedings.**

The Fund is not currently subject to any material legal proceedings, nor, to the Fund's knowledge, is any material legal proceeding threatened against the Fund. From time to time, the Fund may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Fund's rights under loans to or other contracts with the Fund's portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, the Fund does not expect that these proceedings will have a material effect upon the Fund's financial condition or results of operations.

**Item 4. Mine Safety Disclosures.**

Not Applicable.

------

**PART II**

**Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.**

*Market Information* 

There is currently no market for the Fund's Units, and the Fund can offer no assurances that a market for the Fund's Units will develop in the future.

*Unit Holders*

As of March 18, 2026 there were 13 holders of record of our Units.

Effective January 31, 2023, the Fund has the authority to issue an unlimited number of units. A Unit Holder shall have no liability in excess of its obligation to pay the purchase price for its units. As of the dates indicated, the Fund had aggregate Capital Commitments and undrawn Capital Commitments from investors as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Capital Commitments** | **Unfunded Capital <br>Commitments** | **% Unfunded Capital <br>Commitments** |
| Common Units | $765510000 | $76549966 | 10.0% |
| **Total** | $765510000 | $76549966 | 10.0% |

---

*Distributions*

The Fund expects to pay distributions to Unit Holders at least quarterly. Any distributions the Fund makes will be at the discretion of its Board, considering factors such as the Fund's earnings, cash flow, capital needs and general financial condition and the requirements of Delaware law. As a result, the Fund's distribution rates and payment frequency may vary from time to time.

The Board's discretion as to the payment of distributions will be directed, in substantial part, by its determination to cause the Fund to comply with RIC requirements. To maintain our treatment as a RIC, the Fund generally is required to make aggregate annual distributions to its Unit Holders of at least 90% of investment company taxable income. See "[*<u>Item 1. Business. Certain U.S. Federal Income Tax Considerations.</u>*](#certain_us_federal_income_tax)" Prior to June 6, 2023, the fund was classified as a partnership and was not required to distribute at least 90% of investment company taxable income or otherwise comply with RIC requirements.

The following tables summarize distributions declared for the year ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Month** | **Distribution per unit** | **Gross Distributions** | **Reinvestment of <br>Distributions** |
| January 2025 | $— | $— | $— |
| February 2025 | 0.09 | 6872061 | 3343410 |
| March 2025 | 0.10 | 8426153 | 4211266 |
| April 2025 | 0.11 | 8781463 | 4468957 |
| May 2025 | 0.10 | 8583617 | 4392023 |
| June 2025 | 0.12 | 9959767 | 5123315 |
| July 2025 | 0.09 | 7351036 | 3804303 |
| August 2025 | 0.10 | 8309181 | 4319107 |
| September 2025 | 0.12 | 9788635 | 5113394 |
| October 2025 | 0.11 | 9091918 | 4908288 |
| November 2025 | 0.11 | 9232678 | 5011015 |
| December 2025 | 0.26 | 21673177 | 11860662 |
|  | $1.31 | $108069686 | $56555740 |

---

------

*Distribution Reinvestment Plan* 

The Fund has adopted a distribution reinvestment plan, pursuant to which the Fund will reinvest all cash dividends or distributions declared by the Board on behalf of its Unit Holders who do not elect to receive their dividends or distributions in cash. As a result, if the Board authorizes, and the Fund declares, a cash dividend or other distribution, then the Unit Holders who have not opted out of the Fund's distribution reinvestment plan will have their cash distributions automatically reinvested in additional units, rather than receiving the cash dividend or other distribution. Distributions on fractional units will be credited to each participating Unit Holder's account. Units issued pursuant to the DRIP will not reduce a Unit Holder's Capital Commitments to the Fund.

The Fund will use newly issued Units to implement the DRIP, with such Units to be issued at a per Unit price as determined by the Board (including any committee thereof), which price will be determined prior to the issuance of Units and in accordance with the limitations under Section 23 of the 1940 Act. The number of Units to be issued to a Unit Holder is determined by dividing the total dollar amount of the distribution payable to such Unit Holder by the price per Unit. The number of Units to be outstanding after giving effect to payment of a distribution cannot be established until the value per Unit at which additional Units will be issued has been determined and the elections of the Unit Holders have been tabulated.

There will be no brokerage or other charges to Unit Holders who participate in the plan. The DRIP administrator's fees under the plan will be paid by the Fund. The Fund may terminate the DRIP upon notice in writing to each participant at least 30 days prior to any record date for the payment of any distribution by the Fund.

After the Fund's adoption of the dividend reinvestment plan which became effective upon the Fund's election to be regulated as a BDC, the Fund issued 1,935,310 Common Units in connection with reinvestment of distributions. These issuances were not subject to the registration requirements of the Securities Act. The aggregate value of the shares of the Fund's Common Units issued for reinvestment of distributions was approximately $19.4 million. In 2023, prior to the adoption of the dividend reinvestment plan, $31.8 million of distributions were reinvested and 2,710,207 Common Units were issued.

*Unit Repurchase Program*

Unit Holders tendering Units must do so by a date specified in the notice describing the terms of the repurchase offer. No Unit Holder has the right to require the Fund to repurchase any Units. The Fund has no obligation to repurchase units at any time; any such repurchases will only be made at such times, in such amounts and on such terms as may be determined by the Fund, in its sole discretion.

The following table presents the repurchases of Units completed for the year ended December 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Repurchase deadline request** | **Percentage of Outstanding Shares the Company Offered to Repurchase** | **Price Paid Per Share** | **Repurchase Pricing Date** | **Amount Repurchased** | **Number of Shares<br>Repurchased** | **Percentage of Outstanding<br>Shares Repurchased** |
| March 27, 2025 | 2.50% | $9.69 | March 31, 2025 | $18917680 | 1952289 | 2.50% ⁽¹⁾ |
| September 26, 2025 | 2.50% | $9.47 | September 30, 2025 | $21512513 | 2270785 | 2.72% ⁽²⁾ |
| December 29, 2025 | 2.50% | $9.29 | December 31, 2025 | $6368624 | 685875 | 0.83% ⁽³⁾ |

---

(1)Percentage is based on total shares as of the close of the previous calendar quarter. The Fund accepted for purchase 33.3% of the Units of the Fund that were validly tendered and not withdrawn prior to the expiration of the offer as permitted by Rule 13e-4(f)(1).

(2)Percentage is based on total shares as of the close of the previous calendar quarter. The Fund accepted for purchase 100.0% of the Units of the Fund that were validly tendered and not withdrawn prior to the expiration of the Offer as permitted by Rule 13e-4(f)(1). In accordance with rules promulgated by the U.S. Securities and Exchange Commission, the Fund determined to accept for purchase Units in excess of the Tender Cap by up to, but not more than, 2% of the outstanding Units without amending or extending the Offer.

(3)Percentage is based on total shares as of the close of the previous calendar quarter. The Fund accepted for purchase 100.0% of the Units of the Fund that were validly tendered and not withdrawn prior to the expiration of the Offer as permitted by Rule 13e-4(f)(1).

------

*Sales of Unregistered Securities*

The following table summarizes the total Units issued and proceeds related to capital drawdowns during the years ended December 31, 2025, 2024 and 2023:

---

| | | |
|:---|:---|:---|
| **Unit Issue Date** | **Units Issued** | **Proceeds Received** |
| **For the Year Ended December 31, 2025** |  |  |
| February 24, 2025 | 2588127 | $25286000 |
| March 28, 2025 | 2564103 | 25000000 |
| Total capital drawdowns | 5152230 | $50286000 |

---

---

| | | |
|:---|:---|:---|
| **Unit Issue Date** | **Units Issued** | **Proceeds Received** |
| **For the Year Ended December 31, 2024** |  |  |
| January 2, 2024 | 992063 | $10000000 |
| June 24, 2024 | 986466 | 10000000 |
| September 11, 2024 | 1524390 | 15000000 |
| October 28, 2024 | 2487562 | 25000000 |
| November 19, 2024 | 2786070 | 28000000 |
| Total capital drawdowns | 8776551 | $88000000 |

---

---

| | | |
|:---|:---|:---|
| **Unit Issue Date** | **Units Issued** | **Proceeds Received** |
| **For the Year Ended December 31, 2023** |  |  |
| January 11, 2023 | —<br> \* | $36100014 |
| January 23, 2023 | —<br> \* | 30000000 |
| April 4, 2023 | 5555657 | 55001004 |
| May 30, 2023 | 504541 | 5000004 |
| July 6, 2023 | 499500 | 5000000 |
| August 30, 2023 | 995025 | 10000000 |
| October 30, 2023 | 985222 | 10000000 |
| Total capital drawdowns | 8539945 | $151101022 |

---

\*Capital investment occurred prior to unitization of the Fund. These capital investments were included in the amount converted to units on January 31, 2023.

Each of the above issuances and sales of the Units was exempt from the registration requirements of Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D promulgated thereunder. Each purchaser of Units was required to represent that it is (i) either an "accredited investor" as defined in Rule 501 of Regulation D under the Securities Act or, in the case of Units sold outside the United States, not a "U.S. person" in accordance with Regulation S of the Securities Act and (ii) was acquiring the Units for investment and not with a view to resell or distribute. The Fund does not engage in general solicitation or advertising and does not offer securities to the public, in connection with such issuances and sales.

Because the Units were acquired by investors in one or more transactions "not involving a public offering," they are "restricted securities" and may be required to be held indefinitely. The Fund's Units may not be sold, transferred, assigned, pledged or otherwise disposed of unless (i) the Fund's consent is granted, and (ii) the Units are registered under applicable securities laws or specifically exempted from registration (in which case the Unit Holder may, at the Fund's option, be required to provide the Fund with a legal opinion, in form and substance satisfactory to us, that registration is not required). The Fund's Units are privately placed and any transfers require the Fund's prior consent. As a result, it is not expected that Unit Holders will be able to take advantage of transfers under Rule 144. Accordingly, an investor must be willing to bear the economic risk of investment in the Units until the Fund is liquidated. No sale, transfer, assignment, pledge or other disposition, whether voluntary or involuntary, of the Units may be made except by registration of the transfer on the Fund's books. Each transferee will be required to execute an instrument agreeing to be bound by these restrictions and the other restrictions imposed on the Units and to execute such other instruments or certifications as are reasonably required by the Fund.

------

*Affiliated Unit Holder Investments*

FIAM Institutional Funds Manager, LLC ("FIAMIFM"), as the former General Partner, owned 1,699.30 units of net assets as of December 31, 2025.

In addition, the following investment companies managed by an affiliate were each owners of record of 10% or more of the total net assets:

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| | | |
|:---|:---|:---|
| **Affiliated Investment Company** | **December 31, 2025 % Net Assets** | **December 31, 2024 % Net Assets** |
| Fidelity Capital and Income Fund | 45% | 48% |
| Fidelity Advisor Floating Rate High Income Fund | 16% | 16% |

---

Investment companies managed by an affiliate, in aggregate, were owners of record of 100% of the total units as of December 31, 2025 and 2024.

**Item 6. [Reserved]**

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**Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.**

*The information contained in this section should be read in conjunction with* "[*<u>Item 1A. Risk Factors.</u>*](#item_1a_risk_factors)" *and* "[*<u>Cautionary Statement Regarding Forward-Looking Statements.</u>*](#cautionary_statement_regarding_forward)"*This discussion contains forward-looking statements, which relate to future events, the Fund's future performance or financial condition and involves numerous risks and uncertainties. Actual results could differ materially from those implied or expressed on any forward-looking statements.*

**Overview**

The Fund was formed on September 16, 2021 as a Delaware limited partnership and converted to a Delaware limited liability company effective January 31, 2023. The Fund elected to be regulated as a business development company ("BDC") on June 1, 2023. On June 6, 2023, the Fund elected to be treated, and intends to qualify annually, as a regulated investment company ("RIC") for U.S. federal income tax purposes as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). As such, the Fund is required to comply with various regulatory requirements, such as the requirement to invest at least 70% of the Fund's assets in "qualifying assets," source of income limitations, asset diversification requirements, and the requirement to distribute annually at least 90% of the Fund's taxable income and tax-exempt interest. The Fund is externally managed by the Adviser, which is responsible for sourcing potential investments, conducting due diligence on prospective investments, analyzing investment opportunities, determining the value of Fund investments, structuring investments and monitoring the Fund's portfolio on an ongoing basis. The Adviser is registered as an investment adviser with the SEC.

An externally-managed BDC generally does not have any employees, and its investment and management functions are provided by an outside investment adviser and administrator under an advisory agreement and administration agreement. Instead of directly compensating employees, the Fund pays FDS for investment and management services pursuant to the terms of the Advisory Agreement and the Administration Agreement.

The Fund's investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. The Fund will achieve these objectives primarily through directly originated loans to private companies but also liquid credit investments, like broadly syndicated loans, and other select Private Credit investments. Under normal circumstances, the Fund will invest at least 80% of its total assets in Private Credit investments. If the Fund changes its 80% test, the Fund will provide Unit Holders with at least 60 days' prior notice of such change. The Adviser may also invest to a lesser degree in equity linked instruments (which may include debt with warrants, preferred equity investments, or equity co-investments). Most of the Fund's investments will be in private U.S. operating companies, but (subject to compliance with BDCs' requirement to invest at least 70% of its assets in private U.S. companies) the Fund may also invest to a lesser degree in non-U.S. companies. Subject to the limitations of the 1940 Act, the Fund may invest in loans or other securities, the proceeds of which may refinance or otherwise repay debt or securities of companies whose debt is owned by other affiliated funds. From time to time, the Fund may co-invest with other affiliated funds.

**Key Components of the Fund's Results of Operations**

***Investments***

The Fund focuses primarily on directly originated loans to private companies but will also invest in liquid credit investments, such as broadly syndicated loans. The Fund's level of investment activity (both the number of investments and the size of each investment) can and will vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to private companies, the level of merger and acquisition activity for such companies, the general economic environment, trading prices of loans and other securities and the competitive environment for the types of investments the Fund makes.

***Revenues***

The Fund generates revenue in the form of interest and fee income on debt investments, capital gains, and dividend income from its equity investments in its portfolio companies. The Fund's senior and subordinated debt investments bear interest predominantly at a floating rate. Interest on debt securities is generally payable monthly, quarterly or semiannually. In some cases, the Fund's investments may provide for deferred interest payments or payment-in-kind ("PIK") interest. The principal amount of the debt securities and any accrued but unpaid PIK interest generally will become due at the maturity date. In addition, the Fund may generate revenue in the form of commitment and other fees in connection with transactions. Original issue discounts ("OIDs") and market discounts or premiums will be capitalized, and the Fund will accrete or amortize such amounts as interest income. The Fund will record prepayment premiums on loans and debt securities as interest income. Dividend income, if any, will be recognized on an accrual basis to the extent that the Fund expects to collect such amounts.

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***Expenses*** 

The Adviser and/or its affiliates paid, directly or through reimbursement of the Fund, for all costs and expenses incurred in connection with the organization of the Fund, including, without limitation, the following: (i) the offering and sale of the Units of the Fund, (ii) the BDC Conversion and the organization of the Fund, (iii) the election to be treated as a BDC under the 1940 Act, and (iv) the negotiation, execution and delivery of the LLC Agreement, the Advisory Agreement, Administration Agreement (if any), and any related or similar documents, including, without limitation, any related legal and accounting fees and expenses, printing costs, travel and out-of-pocket expenses and filing fees.

Except as specifically provided below, all investment professionals and staff of the Adviser, when and to the extent engaged in providing investment advisory services to us, and the base compensation, bonus and benefits, and the routine overhead expenses, of such personnel allocable to such services, will be provided and paid for by the Adviser. The Administrator or its affiliates will bear all fees, costs, and expenses incurred that are not specifically assumed by the Fund under the Administration Agreement.

From time to time, FDS (in its capacity as the Adviser and Administrator) or its affiliates may pay third-party providers of goods or services. The Fund will reimburse FDS (in its capacity as the Adviser or Administrator) or such affiliates thereof for any such amounts paid on the Fund's behalf. From time to time, FDS (in its capacity as the Adviser and Administrator) may defer or waive fees and/or rights to be reimbursed for expenses. All of the foregoing expenses will ultimately be borne by the Fund's Unit Holders, subject to the cap on organization and offering expenses.

***Expense Limitation Agreement***

On January 1, 2025, the Fund entered into Expense Limitation Agreement with the Adviser. The Adviser agrees to pay on a monthly basis Other Operating Expenses of the Fund on the Fund's behalf (each such payment, an "Expense Payment") such that Other Operating Expenses of the Fund do not exceed 0.50% (on annualized basis) of the Fund's average net assets ("Expense Limitation"). Any Required Expense Payment must be paid by the Adviser to the Fund in any combination of cash or other immediately available funds and/or offset against amounts due from the Fund to the Adviser or its affiliates. "Other Operating Expenses" means the Fund's professional fees (including accounting, legal, and auditing fees), custodian and transfer agent fees, third party valuation agent fees, insurance costs, director fees, administration fee, and other related costs or expenses, but excluding the following: (a) management fees and any incentive fees, if applicable; (b) portfolio transaction and other investment-related costs (including brokerage commissions, dealer and underwriter spreads, prime broker fees and expenses, fees and expenses associated with the Fund's securities lending program, and dividend expenses related to short sales); (c) interest, financing and structuring costs and other related expenses for borrowings and line(s) of credit; (d) taxes; (e) the Fund's proportional share of expenses related to co-investments; (f) acquired fund fees and expenses (including fees and expenses associated with a wholly owned subsidiary); (g) Rule 12b-1 fees, if any; (h) expenses of printing and mailing proxy materials to shareholders of the Fund; (i) all other expenses incidental to holding meetings of the Fund's shareholders, including proxy solicitations therefor; and (j) such non-recurring and/or extraordinary as may arise, including actions, suits or proceedings to which the Fund is or is threatened to be a party and the legal obligation that the Fund may have to indemnify the Fund's directors and officers with respect thereto. For additional information, see *"*[*<u>Item 8. Consolidated Financial Statements and Supplementary Data. Notes to Consolidated Financial Statements. Note 4. Expenses and Transactions with Affiliates.</u>*](#note4)"

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**Portfolio and Investment Activity** 

Our investment activity is presented below (information presented herein is at amortized cost unless otherwise indicated):

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| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
| **Investments:** |  |  |
| Total investments, beginning of period | $1590134722 | $1371453021 |
| New investments purchased | 364697861 | 578944193 |
| Payment-in-kind interest capitalized | 6393523 | 2146720 |
| Net purchases (sales) of short-term securities | 15863203 | (10583485) |
| Net accretion of discount on investments | 9574847 | 11475610 |
| Net realized gain (loss) on investments | 4705506 | 327060 |
| Investments sold or repaid | (313515111) | (363628397) |
| **Total Investments, End of Period** | $1677854551 | $1590134722 |
| Number of portfolio companies | 98 | 76 |
| Weighted average yield on debt, at amortized cost<sup>(1)</sup> | 9.40% | 10.33% |
| Weighted average yield on debt, at fair value<sup>(2)</sup> | 9.35% | 10.32% |
| Percentage of debt investments bearing a floating rate, at fair value | 100.0% | 100.0% |
| Percentage of debt investments bearing a fixed rate, at fair value | 0.0% | 0.0% |

---

(1)Computed as the sum of, (a) the weighted average amortized cost multiplied by (b) the annual interest rate, for each income producing debt investment, excluding unfunded commitments. The weighted average amortized cost of an investment is computed by dividing the amortized cost by the sum of total amortized cost of debt investments, excluding unfunded commitments.

(2)Computed as the sum of, (a) the weighted average fair value multiplied by (b) the annual interest rate, for each income producing debt investment, excluding unfunded commitments. The weighted average fair value of an investment is computed by dividing the fair value by the sum of total fair value of debt investments, excluding unfunded commitments.

Our investments consisted of the following:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Cost** | **Fair Value** | **% of Total Investments <br>at Fair Value** | **Cost** | **Fair Value** | **% of Total Investments <br>at Fair Value** |
| First Lien Debt | $1639776304 | $1600336929 | 97.6% | $1522615486 | $1525175632 | 96.3% |
| Second Lien Debt |  |  | 0.0% | 46293451 | 37433922 | 2.4% |
| Unsecured Debt | 128340 | 103631 | 0.0% |  |  | 0.0% |
| Equity | 18862283 | 20153337 | 1.2% | 18001364 | 18047546 | 1.1% |
| Mutual Funds | 19087624 | 19087624 | 1.2% | 3224421 | 3224421 | 0.2% |
| **Total Investments** | $1677854551 | $1639681521 | 100.0% | $1590134722 | $1583881521 | 100.0% |

---

As of December 31, 2025 and 2024, there were no investments on non-accrual status.

------

The industry composition of investments at fair value was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| Health Care Services | 22.5% | 21.4% |
| Application Software | 11.5% | 9.4% |
| Diversified Support Services | 8.9% | 6.9% |
| Specialized Consumer Services | 6.7% | 5.7% |
| Paper & Plastic Packaging Products & Materials | 5.9% | 3.2% |
| Air Freight & Logistics | 5.0% | 3.3% |
| Trading Companies & Distributors | 4.4% | 3.9% |
| Industrial Machinery & Supplies & Components | 3.9% | 7.7% |
| Packaged Foods & Meats | 3.6% | 2.4% |
| Soft Drinks & Non-alcoholic Beverages | 3.4% | 3.5% |
| Pharmaceuticals | 3.0% | 3.1% |
| Life Sciences Tools & Services | 2.8% | 1.5% |
| Data Processing & Outsourced Services | 2.1% | 2.2% |
| Health Care Technology | 2.0% | 4.6% |
| Health Care Facilities | 2.0% | 2.0% |
| Electronic Components | 1.6% | 1.6% |
| Automotive Parts & Equipment | 1.4% | 1.4% |
| Electronic Manufacturing Services | 1.3% | 1.4% |
| Aerospace & Defense | 1.3% | 0.6% |
| Mutual Funds | 1.2% | 0.2% |
| Research & Consulting Services | 1.0% | 0.8% |
| IT Consulting & Other Services | 1.0% | 0.0% |
| Diversified Financial Services | 0.9% | 3.1% |
| Environmental & Facilities Services | 0.8% | 5.3% |
| Electrical Components & Equipment | 0.5% | 0.0% |
| Office Services & Supplies | 0.4% | 0.4% |
| Insurance Brokers | 0.3% | 0.9% |
| Health Care Supplies | 0.2% | 0.0% |
| Advertising | 0.2% | 0.0% |
| Specialty Chemicals | 0.1% | 0.0% |
| Building Products | 0.1% | 0.1% |
| Human Resource & Employment Services | 0.0% | 0.0% |
| Construction & Engineering | 0.0% | 0.0% |
| Specialized Finance | 0.0% | 0.0% |
| Copper | 0.0% | 2.5% |
| Commodity Chemicals | 0.0% | 0.9% |
| **Total** | 100.0% | 100.0% |

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Amounts shown as 0.0% in the above table may represent values of less than 0.05%.

The geographic composition of investments at fair value was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Fair Value** | **% of Total Investments <br>at Fair Value** | **Fair Value as % of <br>Net Assets** | **Fair Value** | **% of Total Investments <br>at Fair Value** | **Fair Value as % of<br>Net Assets** |
| United States | $1608084129 | 98.1% | 205.5% | $1551974599 | 98.0% | 205.4% |
| Australia | 31078536 | 1.9% | 4.0% | 31393256 | 2.0% | 4.2% |
| Canada | 518856 | 0.0% | 0.1% | 513666 | 0.0% | 0.1% |
| **Total** | $1639681521 | 100.0% | 209.6% | $1583881521 | 100.0% | 209.7% |

---

------

The Adviser monitors the Fund's portfolio companies on an ongoing basis. It monitors the financial trends of each portfolio company to determine if they are meeting their respective business plans and to assess the appropriate course of action with respect to each portfolio company. The Adviser has several methods of evaluating and monitoring the performance and fair value of our investments, which may include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•assessment of success of the portfolio company in adhering to its business plan and compliance with covenants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•periodic and regular contact with portfolio company management and, if appropriate, the financial or strategic sponsor, to discuss financial position, requirements and accomplishments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•comparisons to other companies in the portfolio company's industry; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•review of monthly or quarterly financial statements and financial projections for portfolio companies.

As part of the monitoring process, the Adviser employs an investment rating system to categorize our investments. In addition to various risk management and monitoring tools, the Adviser rates the credit risk of all debt investments on a scale of 1 to 5. This system is intended primarily to reflect the underlying risk of a portfolio investment relative to our initial cost basis in respect of such portfolio investment (*i.e.*, at the time of origination or acquisition), although it may also take into account the performance of the portfolio company's business, the collateral coverage of the investment and other relevant factors. The rating system is as follows:

1 – The portfolio investment is performing above our underwriting expectations.

2 – The portfolio investment is performing as expected at the time of underwriting. As a general rule, new investments are initially rated a 2.

3 – The portfolio investment is operating below our underwriting expectations and requires closer monitoring. The company may be out of compliance with financial covenants, however, principal or interest payments are generally not past due.

4 – The portfolio investment is performing materially below our underwriting expectations and returns on our investment are likely to be impaired. Principal or interest payments may be past due, however, full recovery of principal and interest payments are expected.

5 – The portfolio investment is performing significantly below expectations and the risk of the investment has increased substantially. The company is in payment default and the principal and interest payments are not expected to be repaid in full.

The following table shows the composition of our debt portfolio on the 1 to 5 rating scale as of December 31, 2025 and 2024.

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Rating** | **Fair Value** | **Fair Value** |
| 1 | $— | $— |
| 2 | 1432513559 | 1426401159 |
| 3 | 146838049 | 136208395 |
| 4 | 21088952 |  |
| 5 |  |  |
| **Total** | $1600440560 | $1562609554 |

---

------

**Discussion and Analysis of Results of Operations and Financial Condition, Liquidity and Capital Resources** 

Set forth below is a comparison of the results of operations and changes in financial condition for the years ended December 31, 2025 and 2024. The comparison of, and changes between, the fiscal years ended December 31, 2024 and 2023 can be found within "[*<u>Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.</u>*](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001899996/000095017025041961/ck0001899996-20241231.htm#item7_managements_discussion)"included in Part II of our annual report on Form 10-K for the fiscal year ended December 31, 2024, which is incorporated herein by reference.

**Results of Operations**

The following table represents the Fund's operating results:

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
| Total investment income | $179219635 | $180660579 |
| Net expenses | 76521659 | 77974426 |
| **Net investment income (loss) before taxes** | 102697976 | 102686153 |
| Net change in provision (benefit) for income and excise taxes | 179902 | 147964 |
| **Net investment income (loss) after taxes** | 102518074 | 102538189 |
| Net realized gain (loss) | 4413629 | 88701 |
| Net change in unrealized appreciation (depreciation) | (31736753) | (14999425) |
| **Net increase (decrease) in net assets resulting from operations** | $75194950 | $87627465 |

---

Net increase (decrease) in net assets resulting from operations can vary from period to period as a result of various factors, including acquisitions, the level of new investment commitments, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio. As a result, comparisons may not be meaningful.

***Investment Income***

Investment income was as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
| Interest income | $175172949 | $178460495 |
| Dividend income | 1355975 | 1037274 |
| Other income | 2690711 | 1162810 |
| **Total Investment Income** | $179219635 | $180660579 |

---

For the year ended December 31, 2025, total investment income was $179.2 million, as additional fees earned by the Fund offset declining base rates and a stable investment portfolio at fair value. The size of the Fund's investment portfolio at fair value was approximately $1.6 billion as of December 31, 2025 and its weighted average yield on debt and income producing investments, at fair value, was 9.35%. For the year ended December 31, 2024, total investment income was $180.7 million, driven by the Fund's investment of capital and the performance of the investment portfolio. The size of the Fund's investment portfolio at fair value was approximately $1.6 billion as of December 31, 2024 and its weighted average yield on debt and income producing investments, at fair value, was 10.32%. The year over year decline in the weighted average yield on debt and income producing investments is primarily attributable to the decline in the Secured Overnight Financing Rate ("SOFR") given the floating rate nature of the Fund's investment portfolio.

The elevated interest rate environment of 2023 remained for most of 2024 with the SOFR remaining in a tight range around 5.30% through late in the third quarter, before declining to around 4.30% by the end of the fourth quarter. During the first three quarters of 2025, SOFR held steady at approximately 4.30% before declining to approximately 3.90% at the end of 2025. Spreads in the traditional middle market, the Fund's primary area of focus, modestly compressed throughout the course of 2025.

------

While interest rates are considered when determining appropriate capital structures of our borrowers, future interest rate increases may result in a higher cost of capital for our borrowers. This could in turn negatively impact the free cash flow of certain borrowers, impacting their ability to service their debt. Additionally, if higher interest rates persist during a slowdown in growth or period of economic weakness, our borrowers' and potentially the Fund's portfolio performance may be negatively impacted. Alternatively, if interest rates decline, our investment income on the existing investment portfolio could be negatively impacted.

***Expenses***

Expenses were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
| Interest expense | $62637110 | $65529121 |
| Management fees | 9877833 | 8884812 |
| Administration fees | 1975442 | 1776996 |
| Custodian fees | 5627 | 2744 |
| Board of Directors' fees | 315161 | 282149 |
| Professional fees | 1807441 | 1481383 |
| Other general and administrative expenses | 926502 | 668488 |
| **Total Expenses Before Reductions** | 77545116 | 78625693 |
| Expense support | (1023457) | (651267) |
| **Net Expenses** | 76521659 | 77974426 |
| Net change in provision (benefit) for income and excise taxes | 179902 | 147964 |
| **Net Expenses Including Taxes** | $76701561 | $78122390 |

---

*Interest Expense*

Total interest expense (including unused fees and amortization of deferred financing costs) for the years ended December 31, 2025, and 2024 was approximately $62.6 million and $65.5 million, respectively. The decrease in interest expense was primarily driven by lower interest rates, partially offset by greater borrowings under the Fund's credit facility as the Fund continues to grow the portfolio. The weighted average interest rate paid decreased to 6.40%, for the year ended December 31, 2025, compared to 7.79%, for the year ended December 31, 2024. The average principal balance outstanding increased to $859.2 million, for the year ended December 31, 2025, compared to $758.6 million, for the year ended December 31, 2024.

*Management Fees*

For the years ended December 31, 2025 and 2024, management fees were $9.9 million and $8.9 million, respectively. The increase in management fees was due to increase in the average daily net assets, compared to the year ended December 31, 2024. Management fees, which went into effect on June 9, 2023, are payable monthly in arrears at an annual rate of 1.25% of the average daily net assets of the Fund throughout the month.

*Other Expenses*

For the years ended December 31, 2025 and 2024, total other expenses were $5.0 million and $4.2 million, respectively. The increase in total other expenses was primarily driven by an increase in professional fees and other general and administrative expenses driven by the larger portfolio and associated costs with managing the Fund.

***Income Taxes, Including Excise Taxes***

The Fund elected to be treated, and intends to qualify annually as, a RIC as defined under Subchapter M of the Code. For all periods prior to June 6, 2023, the Fund was treated as a partnership for tax purposes and was not subject to U.S. federal income tax. To qualify for tax treatment as a RIC, the Fund must, among other things, distribute to its Unit Holders in each taxable year generally at least 90% of the sum of its investment company taxable income, as defined by the Code (without regard to the deduction for dividends paid), and net tax-exempt income for that taxable year. To maintain its tax treatment as a RIC, the Fund, among other things, intends to make the requisite distributions to its Unit Holders, which generally relieve it from corporate-level U.S. federal income taxes.

------

Depending on the level of taxable income earned in a tax year, the Fund may carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that the Fund determines that its estimated current year annual required distributable amount of income will be in excess of estimated current year dividend distributions from such income, the Fund will accrue excise tax on estimated excess taxable income.

The Fund holds certain portfolio investments through wholly-owned subsidiaries taxed as corporations which may be subject to federal and state taxes. The wholly-owned subsidiaries are not consolidated with the Fund for income tax purposes and may generate income tax expense, benefit, and the related tax assets and liabilities as a result of their ownership of certain portfolio investments. Tax liabilities are estimated and may differ materially depending on conditions when these investments earn income or are disposed. The income tax expense, or benefit, if any, and related tax assets and liabilities are reflected on the Fund's consolidated financial statements.

As of December 31, 2025 and 2024, the Fund, through wholly-owned subsidiaries, recorded tax liabilities of approximately $0.7 million and $0.9 million, respectively, which are included in other accounts payable and accrued liabilities on the consolidated statements of assets and liabilities.

For the year ended December 31, 2025, the Fund, through wholly-owned subsidiaries, recognized a total provision for taxes of approximately $0.3 million, which was comprised of a provision for taxes of approximately $0.2 million related to income, provision for taxes related to realized gain on investments of approximately $0.3 million, and benefit for deferred tax expense related to unrealized loss on investments of approximately $0.2 million. For the year ended December 31, 2024, the Fund, through wholly-owned subsidiaries, recognized a total provision for taxes of $0.9 million, which was comprised of provision for taxes related to income of approximately $0.1 million, provision for taxes related to realized gain on investments of approximately $0.2 million, and provision for deferred tax expense related to unrealized gain on investments of approximately $0.5 million. The Fund did not incur an excise tax for the years ended December 31, 2025 and 2024.

***Net Realized Gain (Loss)***

Net realized gain (loss) was comprised of the following:

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
| Net realized gain (loss) on non-controlled / non-affiliate investments | $4705506 | $327060 |
| Net realized gain (loss) on foreign currency transactions | 157 | (904) |
| Benefit (provision) for taxes on realized gain on investments | (292034) | (237455) |
| **Net Realized Gain (Loss)** | $4413629 | $88701 |

---

For the year ended December 31, 2025, the Fund generated $4.7 million of net realized gain on investments. For the year ended December 31, 2024, the Fund generated approximately $0.3 million of net realized gain on investments, primarily from the sale of investments. For the years ended December 31, 2025 and 2024, the Fund's realized gains on investments were partially offset by a tax on capital gains, incurred due to the realization of certain investments that were held in a wholly-owned subsidiary that is treated as a corporation for tax purposes.

***Net Change in Unrealized Appreciation (Depreciation)***

Net change in unrealized appreciation (depreciation) was comprised of the following:

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
| Net change in unrealized appreciation (depreciation) on non-controlled / non-affiliate investments | $(31919829) | $(14465080) |
| Net change in unrealized appreciation (depreciation) on foreign currency translation | 433 | (46) |
| Net change in benefit (provision) for deferred taxes on unrealized appreciation (depreciation) on investments | 182643 | (534299) |
| **Net change in unrealized appreciation (depreciation)** | $(31736753) | $(14999425) |

---

------

For the year ended December 31, 2025, the Fund recorded a decrease in the net change in unrealized appreciation (depreciation) during the period, primarily attributable to a decline in the fair value of one of the Fund's broadly syndicated investments and, to a lesser extent, the performance of a small subset of underlying portfolio investments. The Fund also recorded a tax benefit for certain depreciated investments held in a subsidiary that is treated as a corporation for tax purposes, which partially offset the net change in unrealized depreciation for the year.

For the year ended December 31, 2024, unrealized losses on the Fund's debt investments grew and the improved financial performance of the Fund's portfolio companies was offset primarily due to a markdown of one of the Fund's portfolio companies. The Fund also recorded a tax accrual for certain appreciated investments held in a subsidiary that is treated as a corporation for tax purposes, which further reduced the net change in unrealized depreciation for the year.

**Financial Condition, Liquidity and Capital Resources**

The Fund generates cash primarily from the net proceeds of the Fund's continuous offering of Units, proceeds from net borrowings on its credit facilities, income earned and repayments on principal on its debt investments. The primary uses of the Fund's cash are for (i) originating and purchasing debt and other investments, (ii) funding the costs of the Fund's operations (including fees paid to the Adviser and expense reimbursements paid to the Fund's Administrator), (iii) debt service, repayment and other financing costs of the Fund's borrowings, (iv) cash distributions to the holders of the Fund's units and (v) funding repurchases under the Fund's unit repurchase program.

As of December 31, 2025, the Fund had one asset-based leverage facility and one revolving credit facility and as of December 31, 2024, the Fund had one asset-based leverage facility.

In order to finance certain investment transactions, the Fund may, from time to time, enter into short-term borrowing arrangements. Such short-term borrowing arrangements include reverse repurchase agreements, whereby the Fund sells an investment that it holds and concurrently enters into an agreement to repurchase the same investment at an agreed-upon purchase price at a future date. During the year ended December 31, 2025 and 2024, there were no short-term borrowings.

The Fund may, from time to time, enter into additional credit facilities, increase the size of the Fund's existing credit facilities or issue additional debt securities, including debt securitizations, unsecured debt or other forms of debt. Any such incurrence or issuance may be from sources within the U.S. or from various foreign geographies or jurisdictions and may be denominated in currencies other than the U.S. dollar. Additionally, any such incurrence or issuance would be subject to prevailing market conditions, the Fund's liquidity requirements, contractual and regulatory restrictions and other factors. In accordance with the 1940 Act, with certain limited exceptions, the Fund is only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. As of December 31, 2025 and 2024, the Fund had an aggregate amount of $893.4 million and $868.4 million of debt outstanding and the Fund's asset coverage ratio was 188% and 187%, respectively.

Cash as of December 31, 2025, taken together with the Fund's $536.6 million of available capacity under its credit facilities (subject to borrowing base availability), proceeds from new or amended financing arrangements and proceeds from calling capital from uncalled commitments is expected to be sufficient for the Fund's investing activities and to conduct the Fund's operations in the near term. This determination is based in part on the Fund's expectations for the timing of funding investment purchases and the use of existing and future financing arrangements.

Although the Fund has attractive financing arrangements, any disruption in the financial markets or any other negative economic development could restrict its access to incremental financing in the future. The Fund may not be able to find new financing for future investments or liquidity needs and, even if the Fund is able to obtain such financing, such financing may not be on as favorable terms as the Fund could have obtained previously. These factors may limit the Fund's ability to make new investments and adversely impact its results of operations.

As of December 31, 2025, the Fund had $34.1 million in cash and $19.1 million in short-term liquid investments. During the year ended December 31, 2025, cash provided by operating activities was $22.4 million, primarily as a result of sales of investments and principal repayments, partially offset by funding portfolio investments. Cash used in financing activities was $22.1 million during the period, primarily as a result of net repayment of borrowings, distributions to investors and repurchased units, partially offset by capital called from investors.

------

As of December 31, 2024, the Fund had $33.8 million in cash and $3.2 million in short-term liquid investments. During the year ended December 31, 2024, cash used in operating activities was $123.4 million, primarily as a result of funding portfolio investments. Cash provided by financing activities was $111.1 million during the period, primarily as a result of capital called from investors and net borrowings, partially offset by distributions to investors.

***Equity***

Prior to the BDC Conversion, the Fund operated as a private limited partnership. As a private limited partnership, the Fund entered into separate subscription agreements (each, a "Subscription Agreement") with investors who were admitted as Limited Partners. An affiliate of the Fund, FIAM Institutional Funds Manager, LLC ("FIAMIFM"), served as the general partner of the Fund and had a capital commitment of $10,000 which was fully funded prior to the BDC Conversion. In connection with the BDC Conversion, existing investors were admitted as members of the Fund. Capital Commitments of investors pursuant to subscription agreements entered into prior to the BDC Conversion continue to be outstanding capital commitments to the Fund. Existing capital accounts of Limited Partners were converted to corresponding Units of the Fund. Following the BDC Conversion, the Fund continues to enter into separate subscription agreements with a number of investors who will be admitted as Unit Holders providing for the private placement of the Fund's Units. Each subscriber makes a Capital Commitment to purchase Units of the Fund pursuant to the subscription agreement. Subscribers are required to make Capital Contributions to purchase Units of the Fund each time the Fund delivers a drawdown notice. Capital Commitments will generally be drawn from investors by the Fund as needed, upon 10 Business Days' prior written notice, in such amounts as will be required by the Fund in its sole discretion.

Effective March 11, 2024, the Board approved the Fund entering into the First Amended and Restated Limited Liability Company Agreement which made eligible to invest any "accredited investor" (as enumerated in Rule 502 under Regulation D of the Securities Act) who has committed to a strategic relationship with Fidelity. In addition, the Board approved the Fund entering into a Placement Agent Agreement with Fidelity Distributors Company LLC, with respect to the private placement of its Units.

On February 11, 2025, the Fund entered into the Second Amended and Restated Limited Liability Company Agreement, in which the Fund expects that it will commence drawdowns of Capital Commitments from subscribers who make a Capital Commitment to the Fund on or after March 1, 2025 only after the Fund has drawn down 90% of the Capital Commitments of each subscriber admitted prior to March 1, 2025.The Fund expects that it will draw down Capital Commitments pro rata in accordance with each subscriber's unfunded Capital Commitment. The Fund expects to cease drawing down Capital Commitments from each subscriber once the Fund has drawn 90% of the Capital Commitment(s) of such subscriber, however the Fund may draw down additional Capital Commitments as necessary in its sole discretion. In addition, the Second Amended and Restated Limited Liability Company Agreement reflects the Adviser's authority to forgive a Member's uncalled capital commitments, in whole or in part, for the Fund and certain non-material changes.

On April 1, 2025, the Fund released uncalled capital commitments from a Unit Holder of $12.3 million.

Investment companies managed by an affiliate, in aggregate, were owners of record of 100% of the total units as of December 31, 2025 and 2024.

Effective January 31, 2023, the Fund has the authority to issue an unlimited number of units. A Unit Holder shall have no liability in excess of its obligation to pay the purchase price for its units.

As of the dates indicated, the Fund had aggregate Capital Commitments and unfunded Capital Commitments from investors as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Capital Commitments** | **Unfunded Capital <br>Commitments** | **% Unfunded Capital <br>Commitments** |
| Common Units | $765510000 | $76549966 | 10.0% |
| **Total** | $765510000 | $76549966 | 10.0% |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Capital Commitments** | **Unfunded Capital <br>Commitments** | **% Unfunded Capital <br>Commitments** |
| Common Units | $798010000 | $116611957 | 14.6% |
| **Total** | $798010000 | $116611957 | 14.6% |

---

------

The following tables summarize total units issued and proceeds related to capital drawdowns for the years ended December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| **Unit Issue Date** | **Units Issued** | **Proceeds Received** |
| **For the Year Ended December 31, 2025** |  |  |
| February 24, 2025 | 2588127 | $25286000 |
| March 28, 2025 | 2564103 | 25000000 |
| Total capital drawdowns | 5152230 | $50286000 |

---

---

| | | |
|:---|:---|:---|
| **Unit Issue Date** | **Units Issued** | **Proceeds Received** |
| **For the Year Ended December 31, 2024** |  |  |
| January 2, 2024 | 992063 | $10000000 |
| June 24, 2024 | 986466 | 10000000 |
| September 11, 2024 | 1524390 | 15000000 |
| October 28, 2024 | 2487562 | 25000000 |
| November 19, 2024 | 2786070 | 28000000 |
| Total capital drawdowns | 8776551 | $88000000 |

---

*Distributions*

The following tables summarize distributions declared for the years ended December 31, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
| **Month** | **Distribution per unit** | **Gross Distributions** | **Reinvestment of <br>Distributions** |
| January 2025 | $— | $— | $— |
| February 2025 | 0.09 | 6872061 | 3343410 |
| March 2025 | 0.10 | 8426153 | 4211266 |
| April 2025 | 0.11 | 8781463 | 4468957 |
| May 2025 | 0.10 | 8583617 | 4392023 |
| June 2025 | 0.12 | 9959767 | 5123315 |
| July 2025 | 0.09 | 7351036 | 3804303 |
| August 2025 | 0.10 | 8309181 | 4319107 |
| September 2025 | 0.12 | 9788635 | 5113394 |
| October 2025 | 0.11 | 9091918 | 4908288 |
| November 2025 | 0.11 | 9232678 | 5011015 |
| December 2025 | 0.26 | 21673177 | 11860662 |
|  | $1.31 | $108069686 | $56555740 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Month** | **Distribution per unit** | **Gross Distributions** | **Reinvestment of <br>Distributions** |
| January 2024 | $— | $— | $— |
| February 2024 | 0.10 | 6728204 | 2338075 |
| March 2024 | 0.09 | 5932764 | 2074772 |
| April 2024 | 0.11 | 7250072 | 2549529 |
| May 2024 | 0.12 | 8443898 | 2989728 |
| June 2024 | 0.12 | 8895001 | 3174181 |
| July 2024 | 0.11 | 7938565 | 2876668 |
| August 2024 | 0.11 | 7618153 | 2780234 |
| September 2024 | 0.13 | 8639407 | 3767263 |
| October 2024 | 0.12 | 8410556 | 3774843 |
| November 2024 | 0.11 | 8317477 | 3834646 |
| December 2024 | 0.53 | 40168766 | 19117156 |
|  | $1.65 | $118342863 | $49277095 |

---

------

*Unit Repurchase Program*

Unit Holders tendering Units must do so by a date specified in the notice describing the terms of the repurchase offer. No Unit Holder has the right to require the Fund to repurchase any Units. The Fund has no obligation to repurchase units at any time; any such repurchases will only be made at such times, in such amounts and on such terms as may be determined by the Fund, in its sole discretion.

The following tables summarize the Unit repurchases completed during the years ended December 31, 2025 and 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Repurchase deadline request** | **Percentage of Outstanding Shares the Company Offered to Repurchase** | **Price Paid Per Share** | **Repurchase Pricing Date** | **Amount Repurchased** | **Number of Shares<br>Repurchased** | **Percentage of Outstanding<br>Shares Repurchased** |
| March 27, 2025 | 2.50% | $9.69 | March 31, 2025 | $18917680 | 1952289 | 2.50% ⁽¹⁾ |
| September 26, 2025 | 2.50% | $9.47 | September 30, 2025 | $21512513 | 2270785 | 2.72% ⁽²⁾ |
| December 29, 2025 | 2.50% | $9.29 | December 31, 2025 | $6368624 | 685875 | 0.83% ⁽³⁾ |

---

(1)Percentage is based on total shares as of the close of the previous calendar quarter. The Fund accepted for purchase 33.3% of the Units of the Fund that were validly tendered and not withdrawn prior to the expiration of the offer as permitted by Rule 13e-4(f)(1).

(2)Percentage is based on total shares as of the close of the previous calendar quarter. The Fund accepted for purchase 100.0% of the Units of the Fund that were validly tendered and not withdrawn prior to the expiration of the Offer as permitted by Rule 13e-4(f)(1). In accordance with rules promulgated by the U.S. Securities and Exchange Commission, the Fund determined to accept for purchase Units in excess of the Tender Cap by up to, but not more than, 2% of the outstanding Units without amending or extending the Offer.

(3)Percentage is based on total shares as of the close of the previous calendar quarter. The Fund accepted for purchase 100.0% of the Units of the Fund that were validly tendered and not withdrawn prior to the expiration of the Offer as permitted by Rule 13e-4(f)(1).

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Repurchase deadline request** | **Percentage of Outstanding <br>Shares the Company Offered <br>to Repurchase** | **Price Paid Per Share** | **Repurchase Pricing Date** | **Amount Repurchased** | **Number of Shares<br>Repurchased** | **Percentage of Outstanding <br>Shares Repurchased ⁽¹⁾** |
| September 26, 2024 | 3.75% | $9.91 | September 30, 2024 | $26107687 | 2634479 | 3.75% |

---

(1)Percentage is based on total shares as of the close of the previous calendar quarter. The Fund accepted for purchase 65.6% of the Units of the Fund that were validly tendered and not withdrawn prior to the expiration of the offer as permitted by Rule 13e-4(f)(1).

***Borrowings***

The Fund's average outstanding debt and weighted average interest rate paid for the years ended December 31, 2025 and 2024, was $859.2 million and 6.40% and $758.6 million and 7.79%, respectively. The Fund's weighted average interest rate paid as of December 31, 2025 and 2024 was 6.09% and 6.78%, respectively.

The Fund's outstanding debt obligations were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Aggregate Principal Committed** | **Outstanding Principal** | **Carrying Value** |
| Fidelity Direct Lending Fund I JSPV LLC Facility ⁽¹⁾ | $1000000000 | $680353357 | $680353357 |
| Truist Senior Secured Revolving Credit Facility | 430000000 | 213000000 | 213000000 |
| **Total** | $1430000000 | $893353357 | $893353357 |

---

(1)Under the Fidelity Direct Lending Fund I JSPV LLC Facility, the Fund is permitted to borrow in USD or certain other currencies. As of December 31, 2025 the Fund had borrowings denominated in Canadian Dollars ("CAD") of 0.5 million, translated to USD of $0.4 million.

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Aggregate Principal Committed** | **Outstanding Principal** | **Carrying Value** |
| Fidelity Direct Lending Fund I JSPV LLC Facility⁽¹⁾ | $1000000000 | $868361752 | $868361752 |
| **Total** | $1000000000 | $868361752 | $868361752 |

---

(1)Under the Fidelity Direct Lending Fund I JSPV LLC Facility, the Fund is permitted to borrow in USD or certain other currencies. As of December 31, 2024, the Fund had borrowings denominated in Canadian Dollars ("CAD") of 0.5 million, translated to USD of $0.4 million.

For additional information on the Fund's borrowings, refer to "[*<u>Item 8. Consolidated Financial Statements and Supplementary Data. Notes to Consolidated Financial Statements. Note 8. Borrowings.</u>*](#note8)"

------

**Off-Balance Sheet Arrangements**

Other than contractual commitments and other legal contingencies incurred in the normal course of its business, the Fund does not expect to have any off-balance sheet financings or liabilities.

The Fund's investment portfolio contains and is expected to continue to contain debt investments in the form of lines of credit, revolving credit facilities and delayed draw commitments which require the Fund to provide funding when requested by portfolio companies in accordance with the underlying loan agreements. As of December 31, 2025 and 2024, the Fund had unfunded commitments to borrowers in the aggregate principal amount of $256.2 million and $233.0 million, respectively.

In addition, the Fund was party to subscription agreements to fund equity investment commitments. As of December 31, 2025, the Fund had unfunded equity investment commitments of approximately $0.04 million. As of December 31, 2024 the Fund was not party to any subscription agreements to fund equity investment commitments.

From time to time, the Fund may become party to certain legal proceedings in the ordinary course of business. As of December 31, 2025, management is not aware of any pending or threatened material litigation.

**Related-Party Transactions**

The Fund has entered into a number of business relationships with affiliated or related parties, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Advisory Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Administration Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Transfer Agent Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Expense Limitation Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Administrative Agent Expense Allocation Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Affiliated investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Affiliated Unit Holder Investments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Placement Agent Agreement

In addition to the aforementioned agreements, the Fund, the Adviser, and certain of the Adviser's affiliates have been granted exemptive relief by the SEC to co-invest with other funds managed by the Adviser or its affiliates in a manner consistent with the Fund's investment objectives, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. See "[*<u>Item 8. Consolidated Financial Statements and Supplementary Data. Notes to Consolidated Financial Statements. Note 4. Expenses and Transactions with Affiliates.</u>*](#note4)"

**Recent Developments**

See "[*<u>Item 8. Consolidated Financial Statements and Supplementary Data. Notes to Consolidated Financial Statements. Note 11. Subsequent Events.</u>*](#note10)" for a summary of recent developments.

**Critical Accounting Estimates**

The preparation of the consolidated financial statements requires the Fund to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. A critical accounting estimate made in accordance with GAAP involves a significant level of estimation uncertainty and has, or is likely to have, a material impact on the financial condition or results of operations of the Fund.

*Fair Value Measurements*

The Fund values its investments in accordance with ASC 820, Fair Value Measurement, which provides a framework for measuring fair value, establishes a fair value hierarchy based on the observability of inputs used to measure fair value and prescribes disclosure requirements for fair value measurements.

------

The fair value measurement of an investment that is not publicly traded or that lacks readily available market prices or quotations involves a significant level of estimation uncertainty when the determination of fair value requires subjective judgements or the use of unobservable inputs. Subjective judgments include determining the appropriate valuation method (market, income, or cost approach) and associated technique and, as applicable, selecting market or investment specific events, transaction data, estimated cash flows, or market observation comparable investments. Subjective judgements for loan investments and illiquid debt securities may include selecting publicly-traded securities to compare factors such as yield, maturity and measures of credit quality, the enterprise value of the portfolio company, the nature and realizable value of any collateral, the portfolio company's ability to make payments and its earnings and discounted cash flows, and the markets in which the portfolio company does business to estimate a fair value. While the valuation method and technique selected seeks to maximize the use of observable inputs developed using market data and minimize the use of unobservable inputs for which market data is not available, many required inputs are often unobservable. Unobservable inputs are developed using the best available information when the valuation recommendation is prepared.

As the fair value measurement for substantially all of the Fund's investments is determined using subjective judgements and unobservable inputs, changes to the assumptions and estimates underlying the fair value measurements are reasonably likely to have a material impact on the financial condition and results of operations of the Fund. Information on valuation techniques and unobservable inputs used, including the impact to the valuation from a change in the input, for the fair value measurements of investments categorized as Level 3 in the fair value hierarchy is included in Note 6. Fair Value Measurements within the Fund's financial statements in Part II, Item 8.

------

**Item 7A. Quantitative and Qualitative Disclosures About Market Risk.**

The Fund is subject to financial market risks, including valuation risk and interest rate risk.

***Valuation Risk***

The Fund has invested, and plans to continue to invest, primarily in illiquid debt securities of private companies. Most of the Fund's investments will not have a readily available market price, and the Fund values these investments at fair value as determined in good faith by the Adviser, based on, among other things, input from independent third-party valuation firms engaged to review the Fund's investments. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund's investments may fluctuate from period to period. Additionally, the fair value of the Fund's investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Fund may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If the Fund is required to liquidate a portfolio investment in a forced or liquidation sale, the Fund could realize significantly less than the value at which the Fund has recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on the Fund's investments to be different than the unrealized appreciation (depreciation) reflected in the valuations currently recorded.

***Interest Rate Risk***

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates, including changes due to inflation. The Fund intends to fund portions of its investments with borrowings, and at such time, its net investment income will be affected by the difference between the rate at which the Fund invests and the rate at which the Fund borrows. Accordingly, the Fund cannot assure Unit Holders that a significant change in market interest rates will not have a material adverse effect on its net investment income.

As of December 31, 2025, 100% of the Fund's debt investments at fair value were at floating rates. Based on the Fund's consolidated statements of assets and liabilities as of December 31, 2025, the following table shows the annualized impact on net income of hypothetical base rate changes in interest rates (considering base rate floors and ceilings for floating rate instruments assuming no changes in the Fund's investment and borrowing structure):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest Income** | **Interest Expense** | **Interest Expense** | **Net Income** |
| Up 300 basis points | $49919893 | $— | 26800601 | $23119292 |
| Up 200 basis points | 33279929 |  | 17867067 | 15412862 |
| Up 100 basis points | 16639964 |  | 8933534 | 7706430 |
| Down 100 basis points | (16639964) |  | (8933534) | (7706430) |
| Down 200 basis points | (33277630) |  | (17867067) | (15410563) |
| Down 300 basis points | (45553316) |  | (26800601) | (18752715) |

---

------

**Item 8. Consolidated Financial Statements and Supplementary Data.**

**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Page** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#cor_report_the_independent_auditor) | &nbsp;&nbsp;99 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Consolidated Statements of Assets and Liabilities as of December 31, 2025 and 2024](#consolidated_statement_of_assets_and_lia) | &nbsp;&nbsp;100 |
| [Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023](#consolidated_statements_of_operations). | &nbsp;&nbsp;101 |
| [Consolidated Statements of Changes in Net Assets for the years ended December 31, 2025, 2024 and 2023](#consolidated_statements_of_changes_na) | &nbsp;&nbsp;102 |
| [Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023](#consolidated_statements_of_cash_flows) | &nbsp;&nbsp;103 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Consolidated Schedules of Investments as of December 31, 2025 and 2024](#consolidated_schedule_of_investments) | &nbsp;&nbsp;104 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Notes to Consolidated Financial Statements](#notes_to_consolidated_fin_statements) | &nbsp;&nbsp;138 |

---

------

**Report of Independent Registered Public Accounting Firm**

To the shareholders and the Board of Directors of Fidelity Private Credit Company LLC:

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statements of assets and liabilities of Fidelity Private Credit Company LLC (the "Fund"), including the consolidated schedules of investments, as of December 31, 2025 and 2024, the related consolidated statements of operations, changes in net assets, and cash flows for each of the three years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025 and 2024, and the results of its operations, changes in net assets, and cash flows for each of the three years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of investments owned as of December 31, 2025 and 2024, by correspondence with the custodian, loan agents, borrowers, and brokers; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

March 23, 2026

We have served as the Fund's auditor since 2022.

------

**Fidelity Private Credit Company LLC**

**Consolidated Statements of Assets and Liabilities**

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Assets** |  |  |
| &nbsp;&nbsp;Investments at fair value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled / non-affiliate investments (amortized cost $1,677,854,551 and $1,590,134,722 as of December 31, 2025 and December 31, 2024, respectively) | $1639681521 | $1583881521 |
| &nbsp;&nbsp;Cash | 34121577 | 33804984 |
| &nbsp;&nbsp;Foreign cash (cost $9,485 and $14,073 as of December 31, 2025 and December 31, 2024, respectively) | 9557 | 13914 |
| &nbsp;&nbsp;Deferred financing costs | 9740241 | 6507716 |
| &nbsp;&nbsp;Receivables from sales and paydowns of investments | 1561250 | 3099283 |
| &nbsp;&nbsp;Interest receivable | 13682396 | 14127573 |
| &nbsp;&nbsp;Prepaid expenses and other assets | 59662 | 146324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $1698856204 | $1641581315 |
| &nbsp;&nbsp;**Liabilities** |  |  |
| &nbsp;&nbsp;Debt | 893353357 | 868361752 |
| &nbsp;&nbsp;Due to custodian |  | 155575 |
| &nbsp;&nbsp;Payable for purchases of investments | 217916 | 319262 |
| &nbsp;&nbsp;Payable for capital units repurchased | 6368624 |  |
| &nbsp;&nbsp;Interest payable | 14124305 | 14820731 |
| &nbsp;&nbsp;Management fee payable | 815967 | 797625 |
| &nbsp;&nbsp;Due to affiliates, net | 63719 | 188679 |
| &nbsp;&nbsp;Other accounts payable and accrued liabilities | 1198351 | 1391913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | $916142239 | $886035537 |
| &nbsp;&nbsp;Commitments and Contingencies (Note 7) |  |  |
| &nbsp;&nbsp;**Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in-capital in excess of par value | 821416367 | 763124223 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | (38702402) | (7578445) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Net Assets** | $782713965 | $755545778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities and Net Assets** | $1698856204 | $1641581315 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value per unit (84,305,051 and 78,091,599 units issued and outstanding as of December 31, 2025 and December 31, 2024, respectively) | $9.28 | $9.68 |

---

*The accompanying notes are an integral part of these consolidated financial statements*

------

**Fidelity Private Credit Company LLC**

**Consolidated Statements of Operations**

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **Investment Income** |  |  |  |
| From non-controlled / non-affiliate investments |  |  |  |
| &nbsp;&nbsp;Interest income | $175172949 | $178460495 | $146028443 |
| &nbsp;&nbsp;Dividend income | 1355975 | 1037274 | 74281 |
| &nbsp;&nbsp;Other income | 2690711 | 1162810 | 779285 |
| From non-controlled / affiliate investments |  |  |  |
| &nbsp;&nbsp;Dividend income |  |  | 96090 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 179219635 | 180660579 | 146978099 |
| **Expenses** |  |  |  |
| &nbsp;&nbsp;Interest expense | 62637110 | 65529121 | 55697195 |
| &nbsp;&nbsp;Management fees | 9877833 | 8884812 | 4548517 |
| &nbsp;&nbsp;Administration fees | 1975442 | 1776996 | 934215 |
| &nbsp;&nbsp;Custodian fees | 5627 | 2744 | 2019 |
| &nbsp;&nbsp;Board of Directors' fees | 315161 | 282149 | 161347 |
| &nbsp;&nbsp;Professional fees | 1807441 | 1481383 | 723734 |
| &nbsp;&nbsp;Other general and administrative expenses | 926502 | 668488 | 621532 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses Before Reductions** | 77545116 | 78625693 | 62688559 |
| &nbsp;&nbsp;Expense support | (1023457) | (651267) | (696395) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | 76521659 | 77974426 | 61992164 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income (Loss) Before Taxes** | 102697976 | 102686153 | 84985935 |
| &nbsp;&nbsp;Net change in provision (benefit) for income and excise taxes | 179902 | 147964 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income (Loss) After Taxes** | 102518074 | 102538189 | 84985935 |
| **Net Realized and Change in Unrealized Gains (Losses)** |  |  |  |
| &nbsp;&nbsp;Net realized gain (loss) on non-controlled / non-affiliate investments | 4705506 | 327060 | 804231 |
| &nbsp;&nbsp;Net realized gain (loss) on foreign currency transactions | 157 | (904) |  |
| &nbsp;&nbsp;Benefit (provision) for taxes on realized gain on investments | (292034) | (237455) |  |
| &nbsp;&nbsp;Net realized gain (loss) | 4413629 | 88701 | 804231 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on non-controlled / non-affiliate investments | (31919829) | (14465080) | 9489236 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on foreign currency translation | 433 | (46) |  |
| &nbsp;&nbsp;Net change in benefit (provision) for deferred taxes on unrealized appreciation (depreciation) on investments | 182643 | (534299) |  |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (31736753) | (14999425) | 9489236 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Realized and Change in Unrealized Gains (Losses)** | (27323124) | (14910724) | 10293467 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $75194950 | $87627465 | $95279402 |

---

*The accompanying notes are an integral part of these consolidated financial statements*

------

**Fidelity Private Credit Company LLC**

**Consolidated Statements of Changes in Net Assets**

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations:** |  |  |  |
| Net investment income (loss) | $102518074 | $102538189 | $84985935 |
| Net realized gain (loss) | 4413629 | 88701 | 804231 |
| Net change in unrealized appreciation (depreciation) | (31736753) | (14999425) | 9489236 |
| Net increase (decrease) in net assets resulting from operations | 75194950 | 87627465 | 95279402 |
| **Capital Activity:** |  |  |  |
| Capital contributions | 50286000 | 88000000 | 151101022 |
| Distributions to Unit Holders | (105751849) | (105369381) | (85027749) |
| Distributions to Unit Holders from tax return of capital | (2317837) | (12973482) |  |
| Capital units repurchased | (46798817) | (26107687) |  |
| Reinvestment of distributions | 56555740 | 49277095 | 51168034 |
| Net increase (decrease) in net assets resulting from capital activity | (48026763) | (7173455) | 117241307 |
| Total increase (decrease) in net assets | 27168187 | 80454010 | 212520709 |
| Net assets, beginning of period | 755545778 | 675091768 | 462571059 |
| **Net Assets, End of Period** | $782713965 | $755545778 | $675091768 |

---

*The accompanying notes are an integral part of these consolidated financial statements*

------

**Fidelity Private Credit Company LLC**

**Consolidated Statements of Cash Flows**

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **Cash Flows from Operating Activities:** |  |  |  |
| Net increase (decrease) in net assets resulting from operations | $75194950 | $87627465 | $95279402 |
| &nbsp;&nbsp;Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: |  |  |  |
| &nbsp;&nbsp;Payments for purchases of investments | (364697861) | (578944193) | (675605753) |
| &nbsp;&nbsp;Proceeds from sales of investments and principal repayments | 313515111 | 363628397 | 62264593 |
| &nbsp;&nbsp;Net proceeds (payments) from sales (purchases) of short-term securities | (15863203) | 10583485 | (13807906) |
| &nbsp;&nbsp;Net realized (gain) loss on investments | (4705506) | (327060) | (804231) |
| &nbsp;&nbsp;Net realized (gain) loss on foreign currency transactions | (157) | 904 |  |
| &nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on investments | 31919829 | 14465080 | (9489236) |
| &nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on foreign currency translation | (433) | 46 |  |
| &nbsp;&nbsp;Payment-in-kind interest capitalized | (6393523) | (2146720) |  |
| &nbsp;&nbsp;Net accretion of discount and amortization of premium | (9574847) | (11475610) | (4480937) |
| &nbsp;&nbsp;Amortization of deferred financing costs | 2187822 | 2089827 | 2027059 |
| Changes in operating assets and liabilities |  |  |  |
| &nbsp;&nbsp;(Increase) decrease in receivables from sales and paydowns of investments | 1538033 | (3099283) | 112421 |
| &nbsp;&nbsp;(Increase) decrease in interest receivable | 445177 | (4990045) | (4189186) |
| &nbsp;&nbsp;(Increase) decrease in prepaid expenses and other assets | 86662 | (73227) | (73097) |
| &nbsp;&nbsp;Increase (decrease) in due to custodian | (155575) | (931648) | 1087223 |
| &nbsp;&nbsp;Increase (decrease) in payable for purchases of investments | (101346) | 188884 | 130378 |
| &nbsp;&nbsp;Increase (decrease) in interest payable | (696426) | (1069384) | 11927221 |
| &nbsp;&nbsp;Increase (decrease) in management fee payable | 18342 | 98402 | 699223 |
| &nbsp;&nbsp;Increase (decrease) in due to affiliates, net | (124960) | 48705 | 135813 |
| &nbsp;&nbsp;Increase (decrease) in other accounts payable and accrued liabilities | (193562) | 889676 | 477446 |
| **Net Cash Provided by (Used in) Operating Activities** | 22398527 | (123436299) | (534309567) |
| **Cash Flows from Financing Activities:** |  |  |  |
| Payment of financing costs | (5420347) | (1244653) | (4599022) |
| Capital contributions | 50286000 | 88000000 | 151101022 |
| Repurchased units | (40430192) | (26107687) |  |
| Capital distributions | (51513946) | (74947317) | (27978166) |
| Proceeds from borrowings | 248400000 | 125370806 | 422000000 |
| Repayment of borrowings | (223408395) |  | (62846018) |
| **Net Cash Provided by (Used in) Financing Activities** | (22086880) | 111071149 | 477677816 |
| **Net increase (decrease) in Cash and Foreign cash** | 311647 | (12365150) | (56631751) |
| Effect of foreign currency exchange rates changes on cash | 589 | (10004) |  |
| Cash and Foreign cash, beginning of the period | 33818898 | 46194052 | 102825803 |
| **Cash and Foreign cash, End of the Period** | $34131134 | $33818898 | $46194052 |
| **Supplemental Information and Non-Cash Financing Activities** |  |  |  |
| Non-cash distributions | $56555740 | $49277095 | $51168034 |
| Reinvestment of distributions | $(56555740) | $(49277095) | $(51168034) |
| Non-cash purchases of payment-in-kind securities | $6393523 | $2146720 | $— |
| Non-cash interest income from payment-in-kind securities | $(6393523) | $(2146720) | $— |
| Cash paid for state and federal taxes | $537900 | $8724 | $— |
| Cash paid for interest expense | $61145714 | $64508678 | $41742915 |

---

*The accompanying notes are an integral part of these consolidated financial statements*

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
| **Investments -- non-controlled/ non-affiliate** |  |  |  |  |  |  |  |  |
| **First Lien Debt** |  |  |  |  |  |  |  |  |
| **Advertising** |  |  |  |  |  |  |  |  |
| Penn Quarter Partners, LLC (i)(l)(q) | Term Loan | SOFR + 5.00% | 8.82% | 8/25/2031 | 3731558 | $3686985 | $3684914 |  |
| Penn Quarter Partners, LLC (f)(i)(q) | Delayed Draw Term Loan | - | - | 8/25/2031 | - | (16543) | (17536) |  |
| Penn Quarter Partners, LLC (f)(i)(q) | Revolving Credit Facility | - | - | 8/25/2031 | - | (16531) | (17536) |  |
|  |  |  |  |  |  | 3653911 | 3649842 | 0.47% |
| **Aerospace & Defense** |  |  |  |  |  |  |  |  |
| Cadence - Southwick, Inc. (i)(l) | Term Loan | SOFR + 4.75% | 8.74% | 5/3/2029 | 8164113 | 8008154 | 8164113 |  |
| Cadence - Southwick, Inc. (f)(i)(q) | Revolving Credit Facility | SOFR + 4.75% | 8.60% | 5/3/2028 | 2058252 | 2002109 | 2058252 |  |
| Tex-Tech Industries Inc (j)(l) | Term Loan | SOFR + 4.75% | 8.48% | 1/13/2031 | 708929 | 702732 | 708929 |  |
| Tex-Tech Industries Inc (f)(j)(q) | Delayed Draw Term Loan | SOFR + 4.75% | 8.48% | 1/13/2031 | 95238 | 94366 | 95238 |  |
| Tex-Tech Industries Inc (f)(j)(q) | Revolving Credit Facility | SOFR + 4.75% | 8.48% | 1/13/2031 | 36508 | 35429 | 36508 |  |
| Tighitco Inc (i)(l)(q) | Term Loan | SOFR + 6.00% | 10.04% | 2/28/2030 | 8725275 | 8611882 | 8672923 |  |
| Tighitco Inc (f)(i)(q) | Revolving Credit Facility | SOFR + 6.00% | 9.94% | 2/28/2030 | 714286 | 700240 | 707692 |  |
|  |  |  |  |  |  | 20154912 | 20443655 | 2.60% |
| **Air Freight & Logistics** |  |  |  |  |  |  |  |  |
| Dynamic Connections, Ltd (i)(m)(q) | Term Loan | SOFR + 5.75% | 9.57% | 11/27/2030 | 157760 | 155726 | 154605 |  |
| Dynamic Connections, Ltd (i)(l)(m)(p) | Term Loan | CORRA + 5.75% | 8.30% | 11/27/2030 | 515349 | 362777 | 368710 |  |
| Dynamic Connections, Ltd (f)(i)(m)(q) | Delayed Draw Term Loan | - | - | 11/27/2030 | - | (4277) | (6928) |  |
| Dynamic Connections, Ltd (f)(i)(m)(q) | Revolving Credit Facility | - | - | 11/27/2030 | - | (1425) | (2309) |  |
| Echo Global Logistics Inc (k)(l) | Term Loan | SOFR + 4.75% | 8.57% | 11/23/2028 | 15093000 | 14791792 | 15093000 |  |
| Pla Buyer, LLC (i)(l) | Term Loan | SOFR + 7.00% (0.50% PIK) | 10.79% | 11/22/2029 | 16676000 | 16401276 | 15725468 |  |
| Pla Buyer, LLC (f)(i)(q) | Revolving Credit Facility | SOFR + 7.00% | 10.79% | 11/22/2029 | 1000000 | 966550 | 880000 |  |
| R1 Holdings, LLC (i)(l) | Term Loan | SOFR + 6.25% | 9.95% | 12/29/2028 | 21470950 | 21094396 | 21063002 |  |
| R1 Holdings, LLC (i)(q) | Delayed Draw Term Loan | SOFR + 6.25% | 9.96% | 12/29/2028 | 2449936 | 2384786 | 2403388 |  |

---

*The accompanying notes are an integral part of these consolidated financial statements*

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
| R1 Holdings, LLC (f)(i)(q) | Revolving Credit Facility | SOFR + 6.25% | 10.02% | 12/29/2028 | 4855204 | $4768761 | $4752036 |  |
| STG Distribution LLC (h)(m)(q) | Term Loan | SOFR + 8.40% (7.25% PIK) | 12.34% | 10/3/2029 | 17953124 | 17189262 | 16642546 |  |
| STG Distribution LLC (h)(m)(q) | Term Loan | SOFR + 7.65% (6.50% PIK) | 11.59% | 10/3/2029 | 38664397 | 38664397 | 4446406 |  |
|  |  |  |  |  |  | 116774021 | 81519924 | 10.42% |
| **Application Software** |  |  |  |  |  |  |  |  |
| ACP Avenu Midco LLC (i)(l) | Term Loan | SOFR + 4.75% | 8.74% | 10/2/2029 | 18375000 | 18022459 | 18375000 |  |
| ACP Avenu Midco LLC (f)(i)(q) | Revolving Credit Facility | - | - | 10/2/2029 | - | (115665) | - |  |
| ACP Avenu Midco LLC (i)(q) | Delayed Draw Term Loan | SOFR + 4.75% | 8.74% | 10/2/2029 | 4678379 | 4617862 | 4678379 |  |
| ACP Avenu Midco LLC (i)(q) | Term Loan | SOFR + 4.75% | 8.74% | 10/2/2029 | 464491 | 460452 | 464491 |  |
| ACP Avenu Midco LLC (f)(i)(q) | Delayed Draw Term Loan | - | - | 10/2/2029 | - | (1673) | - |  |
| ACP Avenu Midco LLC (i)(q) | Term Loan | SOFR + 4.75% | 8.74% | 10/2/2029 | 13965000 | 13836720 | 13965000 |  |
| ACP Falcon Buyer Inc (i)(l)(q) | Term Loan | SOFR + 5.50% | 9.49% | 8/1/2029 | 23300916 | 22829209 | 23300916 |  |
| ACP Falcon Buyer Inc (f)(i)(q) | Revolving Credit Facility | - | - | 8/1/2029 | - | (117821) | - |  |
| Alegeus Technologies Holdings Corp (i)(l)(q) | Term Loan | SOFR + 6.50% | 10.34% | 11/5/2029 | 26953418 | 26403723 | 26791698 |  |
| Atlas AU Bidco Pty Ltd / Atlas US Finco, Inc. (i)(l)(q) | Term Loan | SOFR + 4.75% | 8.61% | 12/9/2029 | 31078536 | 30465125 | 31078536 |  |
| Atlas AU Bidco Pty Ltd / Atlas US Finco, Inc. (f)(i)(q) | Revolving Credit Facility | - | - | 12/9/2028 | - | (54508) | - |  |
| Cytracom LLC (i)(l) | Term Loan | SOFR + 6.00% | 9.72% | 6/28/2027 | 3426966 | 3408536 | 3406404 |  |
| Cytracom LLC (f)(i)(q) | Delayed Draw Term Loan | SOFR + 6.00% | 9.72% | 6/28/2027 | 659213 | 654942 | 654906 |  |
| Cytracom LLC (f)(i)(q) | Revolving Credit Facility | - | - | 6/28/2027 | - | (2814) | (3371) |  |
| Lightspeed Solutions, LLC (j)(l) | Term Loan | SOFR + 6.00% | 9.72% | 3/1/2028 | 20874167 | 20681696 | 20686300 |  |
| Lightspeed Solutions, LLC (j)(q) | Delayed Draw Term Loan | SOFR + 6.00% | 9.72% | 3/1/2028 | 1376764 | 1375664 | 1364373 |  |
| Prism Parent Co Inc. (f)(j)(q) | Delayed Draw Term Loan | SOFR + 5.00% | 8.73% | 9/16/2028 | 1474000 | 1453241 | 1474000 |  |
| Prism Parent Co Inc. (j)(l) | Term Loan | SOFR + 5.00% | 8.73% | 9/16/2028 | 30804129 | 30477893 | 30804129 |  |
| Routeware, Inc (i)(l) | Term Loan | SOFR + 5.25% | 8.95% | 9/18/2031 | 9545455 | 9463052 | 9497727 |  |
| Routeware, Inc (f)(i)(q) | Delayed Draw Term Loan | SOFR + 5.25% | 9.06% | 9/18/2031 | 579545 | 557687 | 576648 |  |
| Routeware, Inc (f)(i)(q) | Revolving Credit Facility | SOFR + 5.25% | 8.98% | 9/18/2031 | 204545 | 196122 | 199432 |  |

---

*The accompanying notes are an integral part of these consolidated financial statements*

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
|  |  |  |  |  |  | $184611902 | $187314568 | 23.92% |
| **Automotive Parts & Equipment** |  |  |  |  |  |  |  |  |
| Arrowhead Holdco Company (j)(l) | Term Loan | SOFR + 5.25% (2.75% PIK) | 9.09% | 8/31/2028 | 26426762 | 26148354 | 21194263 |  |
| Arrowhead Holdco Company (j)(q) | Delayed Draw Term Loan | SOFR + 5.25% (2.75% PIK) | 9.09% | 8/31/2028 | 2413403 | 2413403 | 1935549 |  |
|  |  |  |  |  |  | 28561757 | 23129812 | 2.96% |
| **Building Products** |  |  |  |  |  |  |  |  |
| Tgnl Purchaser LLC (i)(q) | Term Loan | SOFR + 4.50% | 8.22% | 6/25/2031 | 824586 | 814961 | 824586 |  |
| Tgnl Purchaser LLC (f)(i)(q) | Revolving Credit Facility | - | - | 6/25/2031 | - | (1896) | - |  |
|  |  |  |  |  |  | 813065 | 824586 | 0.11% |
| **Construction & Engineering** |  |  |  |  |  |  |  |  |
| BPCP Craftsman Buyer, LLC (i)(q) | Term Loan | SOFR + 5.50% | 9.17% | 4/9/2030 | 355078 | 350380 | 334484 |  |
| BPCP Craftsman Buyer, LLC (f)(i)(q) | Delayed Draw Term Loan | - | - | 4/9/2030 | - | (3028) | (23765) |  |
| BPCP Craftsman Buyer, LLC (f)(i)(q) | Revolving Credit Facility | - | - | 4/9/2030 | - | (2019) | (9098) |  |
|  |  |  |  |  |  | 345333 | 301621 | 0.04% |
| **Data Processing & Outsourced Services** |  |  |  |  |  |  |  |  |
| Vrc Companies LLC (i)(l) | Term Loan | SOFR + 5.50% | 9.19% | 6/29/2027 | 33947127 | 33764002 | 33947127 |  |
|  |  |  |  |  |  | 33764002 | 33947127 | 4.34% |
| **Diversified Financial Services** |  |  |  |  |  |  |  |  |
| Benefit Plan Administrators of Eau Claire, LLC (j)(l) | Term Loan | SOFR + 4.75% | 8.57% | 11/1/2030 | 7185484 | 7109425 | 7142371 |  |
| Benefit Plan Administrators of Eau Claire, LLC (f)(j)(q) | Revolving Credit Facility | - | - | 11/1/2030 | - | (12228) | (7258) |  |
| Benefit Plan Administrators of Eau Claire, LLC (f)(j)(q) | Delayed Draw Term Loan | - | - | 11/1/2030 | - | (20410) | - |  |
| Benefit Plan Administrators of Eau Claire, LLC (j)(q) | Term Loan | SOFR + 4.75% | 8.57% | 11/1/2030 | 992500 | 981542 | 986545 |  |
| Cub Financing Intermediate, LLC (k)(l) | Term Loan | SOFR + 4.75% | 8.42% | 6/28/2030 | 5074653 | 5033991 | 5074653 |  |
| Cub Financing Intermediate, LLC (k)(q) | Delayed Draw Term Loan | SOFR + 4.75% | 8.54% | 6/28/2030 | 2358681 | 2331663 | 2358681 |  |
|  |  |  |  |  |  | 15423983 | 15554992 | 1.99% |
| **Diversified Support Services** |  |  |  |  |  |  |  |  |

---

*The accompanying notes are an integral part of these consolidated financial statements*

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
| All-Lift Systems, LLC (i)(l)(q) | Term Loan | SOFR + 6.25% | 10.07% | 9/19/2028 | 12707877 | $12591139 | $12580798 |  |
| All-Lift Systems, LLC (f)(i)(q) | Revolving Credit Facility | SOFR + 6.25% | 10.07% | 9/19/2028 | 308219 | 289546 | 287671 |  |
| American Trailer Rental Group, LLC (i)(l) | Term Loan | SOFR + 5.50% | 9.32% | 6/1/2027 | 15458500 | 15305774 | 14561907 |  |
| American Trailer Rental Group, LLC (i)(l)(q) | Delayed Draw Term Loan | SOFR + 5.50% | 9.32% | 6/1/2027 | 14588284 | 14585576 | 13742163 |  |
| American Trailer Rental Group, LLC (i)(l) | Delayed Draw Term Loan | SOFR + 5.75% | 9.57% | 6/1/2027 | 19024292 | 18804353 | 17977956 |  |
| Eversmith Brands Intermediate Holding Company (i)(l) | Term Loan | SOFR + 5.00% | 8.84% | 6/17/2030 | 521471 | 515245 | 521471 |  |
| Eversmith Brands Intermediate Holding Company (f)(i)(q) | Delayed Draw Term Loan | SOFR + 5.00% | 8.73% | 6/17/2030 | 323309 | 319399 | 323309 |  |
| Eversmith Brands Intermediate Holding Company (f)(i)(q) | Revolving Credit Facility | - | - | 6/17/2030 | - | (1155) | - |  |
| Eversmith Brands Intermediate Holding Company (f)(i)(q) | Delayed Draw Term Loan | - | - | 6/17/2030 | - | (9205) | - |  |
| Hy-Tek Opco, LLC (i)(l)(q) | Term Loan | SOFR + 5.50% | 9.17% | 9/19/2028 | 16796919 | 16642757 | 16326606 |  |
| Hy-Tek Opco, LLC (f)(i)(q) | Revolving Credit Facility | - | - | 9/19/2028 | - | (28812) | (88961) |  |
| Identiti Resources LLC (i)(l) | Term Loan | SOFR + 5.00% | 8.72% | 11/1/2029 | 12343453 | 12193915 | 12306423 |  |
| Identiti Resources LLC (i)(q) | Delayed Draw Term Loan | SOFR + 5.00% | 8.82% | 11/1/2029 | 5060255 | 4999432 | 5045074 |  |
| Identiti Resources LLC (f)(i)(q) | Revolving Credit Facility | SOFR + 5.00% | 8.72% | 11/1/2029 | 229813 | 209254 | 224509 |  |
| Identiti Resources LLC (i)(q) | Term Loan | SOFR + 5.00% | 8.72% | 11/1/2029 | 325331 | 320846 | 324355 |  |
| Mri Acquisitions, Inc (i)(l)(q) | Term Loan | SOFR + 6.25% | 10.07% | 7/1/2026 | 32479999 | 32378322 | 31050879 |  |
| Mri Acquisitions, Inc (f)(i)(q) | Revolving Credit Facility | SOFR + 6.25% | 10.07% | 7/1/2026 | 666667 | 659453 | 556667 |  |
| National Power, LLC (i)(l) | Term Loan | SOFR + 4.75% | 8.47% | 10/20/2029 | 1361904 | 1350940 | 1356457 |  |
| National Power, LLC (f)(i)(q) | Delayed Draw Term Loan | - | - | 10/20/2029 | - | (3223) | (1674) |  |
| National Power, LLC (f)(i)(q) | Revolving Credit Facility | - | - | 10/20/2029 | - | (2881) | (1494) |  |
| Perimeter Solutions Group, LLC (i)(l) | Term Loan | SOFR + 4.75% | 8.42% | 10/2/2030 | 11946369 | 11821834 | 11826905 |  |
| Perimeter Solutions Group, LLC (f)(i)(q) | Delayed Draw Term Loan | SOFR + 4.75% | 8.43% | 10/2/2030 | 3332505 | 3294799 | 3296486 |  |
| Perimeter Solutions Group, LLC (f)(i)(q) | Revolving Credit Facility | - | - | 10/2/2030 | - | (43972) | (42608) |  |
| Perimeter Solutions Group, LLC (i)(q) | Term Loan | SOFR + 4.75% | 8.44% | 10/2/2030 | 2809672 | 2774697 | 2781576 |  |
| Perimeter Solutions Group, LLC (f)(i)(q) | Delayed Draw Term Loan | - | - | 10/2/2030 | - | (11119) | (6705) |  |
|  |  |  |  |  |  | 148956914 | 144949770 | 18.52% |

---

*The accompanying notes are an integral part of these consolidated financial statements*

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
| **Electrical Components & Equipment** |  |  |  |  |  |  |  |  |
| Luminii LLC (i)(l)(q) | Term Loan | SOFR + 6.00% | 9.67% | 3/21/2030 | 6653022 | $6565585 | $6633063 |  |
| Luminii LLC (f)(i)(q) | Delayed Draw Term Loan | SOFR + 6.00% | 9.67% | 3/21/2030 | 1373626 | 1345637 | 1367033 |  |
| Luminii LLC (f)(i)(q) | Revolving Credit Facility | - | - | 3/21/2030 | - | (13954) | (3297) |  |
| Luminii LLC (f)(i)(q) | Delayed Draw Term Loan | - | - | 3/21/2030 | - | (9913) | - |  |
| Warshaw Opco LLC (i)(q) | Term Loan | SOFR + 6.00% | 9.67% | 3/27/2030 | 741446 | 731683 | 680647 |  |
| Warshaw Opco LLC (f)(i)(q) | Revolving Credit Facility | SOFR + 6.00% | 9.67% | 3/27/2030 | 66610 | 63577 | 47251 |  |
|  |  |  |  |  |  | 8682615 | 8724697 | 1.12% |
| **Electronic Components** |  |  |  |  |  |  |  |  |
| Aep Passion Intermediate Holdings, Inc. (i)(l) | Term Loan | SOFR + 6.50% (4.75% PIK) | 10.49% | 10/5/2027 | 25072305 | 24748731 | 23292171 |  |
| Aep Passion Intermediate Holdings, Inc. (i)(q) | Delayed Draw Term Loan | SOFR + 6.50% (4.75% PIK) | 10.49% | 10/5/2027 | 1388388 | 1371739 | 1289813 |  |
| Aep Passion Intermediate Holdings, Inc. (f)(i)(q) | Revolving Credit Facility | SOFR + 6.50% (4.75% PIK) | 10.49% | 10/5/2027 | 593537 | 571808 | 469588 |  |
| Eds Buyer, LLC (i)(l) | Term Loan | SOFR + 4.50% | 8.17% | 1/10/2029 | 898784 | 886379 | 898784 |  |
| Eds Buyer, LLC (f)(i)(q) | Revolving Credit Facility | - | - | 1/10/2029 | - | (1088) | - |  |
|  |  |  |  |  |  | 27577569 | 25950356 | 3.31% |
| **Electronic Manufacturing Services** |  |  |  |  |  |  |  |  |
| Principal Lighting Group Holdings, LLC (i)(l)(q) | Term Loan | SOFR + 5.25% | 8.96% | 11/4/2030 | 22183120 | 21900417 | 22116570 |  |
| Principal Lighting Group Holdings, LLC (f)(i)(q) | Revolving Credit Facility | - | - | 11/4/2030 | - | (37769) | (9319) |  |
|  |  |  |  |  |  | 21862648 | 22107251 | 2.83% |
| **Environmental & Facilities Services** |  |  |  |  |  |  |  |  |
| Dragonfly Pond Works (i)(q) | Term Loan | SOFR + 5.25% | 8.92% | 8/16/2030 | 2955586 | 2919250 | 2955586 |  |
| Dragonfly Pond Works (f)(i)(q) | Delayed Draw Term Loan | SOFR + 5.25% | 8.99% | 8/16/2030 | 3195792 | 3167651 | 3195792 |  |
| Dragonfly Pond Works (f)(i)(q) | Revolving Credit Facility | - | - | 8/16/2030 | - | (10165) | - |  |
| Scp Mechanical Services Buyer, LLC (i)(l)(q) | Term Loan | SOFR + 4.75% | 8.57% | 8/20/2031 | 6713942 | 6633951 | 6713942 |  |
| Scp Mechanical Services Buyer, LLC (f)(i)(q) | Revolving Credit Facility | - | - | 8/20/2031 | - | (16948) | - |  |
| Scp Mechanical Services Buyer, LLC (f)(i)(q) | Delayed Draw Term Loan | - | - | 8/20/2031 | - | (39574) | - |  |

---

*The accompanying notes are an integral part of these consolidated financial statements*

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments** 

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
|  |  |  |  |  |  | $12654165 | $12865320 | 1.65% |
| **Health Care Facilities** |  |  |  |  |  |  |  |  |
| Infusion Services Management LLC (i)(l) | Term Loan | SOFR + 6.50% | 10.37% | 7/7/2028 | 18614825 | 18292653 | 18614825 |  |
| Infusion Services Management LLC (i)(q) | Delayed Draw Term Loan | SOFR + 6.50% | 10.35% | 7/7/2028 | 7032689 | 6947342 | 7032689 |  |
| Infusion Services Management LLC (f)(i)(q) | Revolving Credit Facility | SOFR + 6.50% | 10.30% | 7/7/2028 | 1674554 | 1632051 | 1674554 |  |
| Infusion Services Management LLC (i)(q) | Term Loan | SOFR + 6.00% | 9.87% | 7/7/2028 | 4754630 | 4690375 | 4754630 |  |
|  |  |  |  |  |  | 31562421 | 32076698 | 4.10% |
| **Health Care Services** |  |  |  |  |  |  |  |  |
| Ab Centers Acquisition Corporation (j)(l) | Term Loan | SOFR + 5.25% | 8.97% | 7/2/2031 | 20043334 | 19787667 | 20003247 |  |
| Ab Centers Acquisition Corporation (f)(j)(q) | Delayed Draw Term Loan | SOFR + 5.25% | 8.97% | 7/2/2031 | 1314486 | 1283383 | 1311857 |  |
| Ab Centers Acquisition Corporation (f)(j)(q) | Revolving Credit Facility | - | - | 7/2/2031 | - | (23427) | (3681) |  |
| Ab Centers Acquisition Corporation (j)(l) | Term Loan | SOFR + 5.25% | 8.97% | 7/2/2031 | 992500 | 988197 | 990515 |  |
| Bebright Mso, LLC (i)(l) | Term Loan | SOFR + 5.75% | 9.42% | 6/3/2030 | 9517823 | 9442254 | 9517823 |  |
| Bebright Mso, LLC (i)(q) | Delayed Draw Term Loan | SOFR + 5.75% | 9.42% | 6/3/2030 | 7640203 | 7580272 | 7640203 |  |
| Bebright Mso, LLC (f)(i)(q) | Revolving Credit Facility | - | - | 6/3/2030 | - | (15077) | - |  |
| Bebright Mso, LLC (i)(q) | Term Loan | SOFR + 5.25% | 8.92% | 6/3/2030 | 90682 | 89833 | 90500 |  |
| Bebright Mso, LLC (f)(i)(q) | Delayed Draw Term Loan | - | - | 6/3/2030 | - | (3813) | - |  |
| Behavioral Framework LLC (i)(l)(q) | Term Loan | SOFR + 4.75% | 8.64% | 11/20/2031 | 11280161 | 11168999 | 11167359 |  |
| Behavioral Framework LLC (f)(i)(q) | Delayed Draw Term Loan | SOFR + 4.75% | 8.47% | 11/20/2031 | 1818700 | 1799385 | 1799050 |  |
| Behavioral Framework LLC (f)(i)(q) | Revolving Credit Facility | - | - | 11/20/2031 | - | (15786) | (16086) |  |
| CareRing Health, LLC (j)(q) | Delayed Draw Term Loan | SOFR + 6.00% | 9.82% | 5/4/2028 | 6500949 | 6489059 | 6312422 |  |
| CareRing Health, LLC (j)(l) | Term Loan | SOFR + 6.00% | 9.82% | 5/4/2028 | 27951724 | 27639822 | 27141124 |  |
| Dpt Management, LLC (i)(l) | Term Loan | SOFR + 5.50% | 9.22% | 12/18/2027 | 1782000 | 1769760 | 1694682 |  |
| Dpt Management, LLC (f)(i)(q) | Delayed Draw Term Loan | - | - | 12/18/2027 | - | (2744) | (20417) |  |
| Dpt Management, LLC (f)(i)(q) | Revolving Credit Facility | SOFR + 5.50% | 9.22% | 12/18/2027 | 189167 | 187516 | 176917 |  |
| Fertility (ITC) Investment Holdco, LLC / Fertility (ITC) Buyer, Inc. (i)(q) | Delayed Draw Term Loan | SOFR + 5.00% | 8.91% | 1/3/2029 | 8886364 | 8757463 | 8886364 |  |

---

*The accompanying notes are an integral part of these consolidated financial statements*

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
| Fertility (ITC) Investment Holdco, LLC / Fertility (ITC) Buyer, Inc. (f)(i)(q) | Revolving Credit Facility | - | - | 1/3/2029 | - | $(34642) | $- |  |
| Fertility (ITC) Investment Holdco, LLC/Fertility (ITC) Buyer, Inc. (i)(l) | Term Loan | SOFR + 5.00% | 9.12% | 1/3/2029 | 37640612 | 37091946 | 37640612 |  |
| Future Care Associates LLC (i)(l) | Term Loan | SOFR + 5.25% | 9.07% | 12/30/2028 | 29100000 | 28671948 | 29100000 |  |
| Future Care Associates LLC (i)(q) | Delayed Draw Term Loan | SOFR + 5.25% | 9.07% | 12/30/2028 | 24465000 | 24115384 | 24465000 |  |
| Future Care Associates LLC (f)(i)(q) | Revolving Credit Facility | - | - | 12/30/2028 | - | (64045) | - |  |
| Houseworks Holdings, LLC (i)(q) | Term Loan | SOFR + 5.50% | 9.17% | 12/15/2028 | 6547500 | 6433953 | 6423098 |  |
| Houseworks Holdings, LLC (i)(l)(q) | Delayed Draw Term Loan | SOFR + 5.50% | 9.17% | 12/15/2028 | 24312500 | 23896311 | 23850563 |  |
| Houseworks Holdings, LLC (f)(i)(q) | Revolving Credit Facility | SOFR + 5.50% | 9.20% | 12/15/2028 | 3214343 | 3125923 | 3108130 |  |
| Houseworks Holdings, LLC (i)(l) | Term Loan | SOFR + 5.50% | 9.17% | 12/15/2028 | 43188567 | 42404925 | 42367984 |  |
| Lifecare Intermediate II, LLC (i)(l)(m)(q) | Term Loan | SOFR + 5.00% | 8.86% | 5/20/2030 | 3000000 | 2970015 | 2970000 |  |
| Lifecare Intermediate II, LLC (f)(i)(m)(q) | Delayed Draw Term Loan | - | - | 5/20/2030 | - | (9994) | (10000) |  |
| Lifecare Intermediate II, LLC (i)(m)(q) | Term Loan | SOFR + 5.00% | 8.67% | 5/20/2030 | 1000000 | 990005 | 990000 |  |
| NE Ortho Management Services, LLC (f)(i)(q) | Delayed Draw Term Loan | - | - | 12/13/2030 | - | (40206) | (48465) |  |
| NE Ortho Management Services, LLC (f)(i)(q) | Revolving Credit Facility | Prime + 4.00% | 10.75% | 12/13/2030 | 484653 | 474620 | 472536 |  |
| NE Ortho Management Services, LLC (i)(l) | Term Loan | SOFR + 5.00% | 8.67% | 12/13/2030 | 5211026 | 5143559 | 5132860 |  |
| NE Ortho Management Services, LLC (i)(q) | Delayed Draw Term Loan | SOFR + 5.00% | 8.67% | 12/13/2030 | 2423263 | 2392556 | 2386914 |  |
| The Smilist Dso, LLC (i)(l) | Term Loan | SOFR + 6.00% | 9.67% | 4/4/2029 | 20929403 | 20594098 | 20929403 |  |
| The Smilist Dso, LLC (f)(i)(q) | Revolving Credit Facility | - | - | 4/4/2029 | - | (16979) | - |  |
| The Smilist Dso, LLC (i)(q) | Delayed Draw Term Loan | SOFR + 6.00% | 9.67% | 4/4/2029 | 4544101 | 4472923 | 4544101 |  |
| The Smilist Dso, LLC (i)(q) | Delayed Draw Term Loan | SOFR + 6.00% | 9.67% | 4/4/2029 | 5658347 | 5568580 | 5658347 |  |
| The Smilist Dso, LLC (f)(i)(q) | Delayed Draw Term Loan | SOFR + 5.25% | 8.93% | 4/4/2029 | 831878 | 824248 | 827719 |  |
| Tiger Healthcare Buyer, LLC (f)(i)(q) | Delayed Draw Term Loan | SOFR + 6.50% (0.50% PIK) | 10.17% | 2/27/2030 | 73761 | 72144 | 67498 |  |
| Tiger Healthcare Buyer, LLC (i)(l) | Term Loan | SOFR + 6.50% (0.50% PIK) | 10.17% | 2/27/2030 | 2459912 | 2417910 | 2324616 |  |
| Tiger Healthcare Buyer, LLC (f)(i)(q) | Revolving Credit Facility | SOFR + 6.50% | 10.17% | 2/27/2030 | 1125000 | 1089014 | 1001250 |  |
| Together Womens Health, LLC (j)(l)(q) | Term Loan | SOFR + 4.75% | 8.42% | 8/26/2031 | 9426923 | 9314362 | 9309087 |  |
| Together Womens Health, LLC (f)(j)(q) | Delayed Draw Term Loan | SOFR + 4.75% | 8.42% | 8/26/2031 | 1205769 | 1146081 | 1142620 |  |

---

*The accompanying notes are an integral part of these consolidated financial statements*

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
| Together Womens Health, LLC (f)(j)(q) | Revolving Credit Facility | - | - | 8/26/2031 | - | $(19427) | $(20604) |  |
| VIP Medical US Buyer, LLC (i)(l) | Term Loan | SOFR + 5.25% | 9.07% | 12/12/2028 | 33353450 | 32972540 | 33353450 |  |
| VIP Medical US Buyer, LLC (f)(i)(q) | Revolving Credit Facility | - | - | 12/12/2028 | - | (77339) | - |  |
| VIP Medical US Buyer, LLC (i)(q) | Delayed Draw Term Loan | SOFR + 5.25% | 9.08% | 12/12/2028 | 7986500 | 7902011 | 7986500 |  |
| VIP Medical US Buyer, LLC (i)(q) | Term Loan | SOFR + 5.50% | 9.33% | 12/12/2028 | 500000 | 495012 | 500000 |  |
|  |  |  |  |  |  | 361240199 | 363165098 | 46.44% |
| **Health Care Supplies** |  |  |  |  |  |  |  |  |
| C2dx, Inc (i)(l) | Term Loan | SOFR + 5.50% | 9.32% | 3/19/2030 | 516229 | 510316 | 509002 |  |
| C2dx, Inc (f)(i)(q) | Revolving Credit Facility | SOFR + 5.50% | 9.32% | 3/19/2030 | 33898 | 32442 | 32000 |  |
| C2dx, Inc (f)(i)(q) | Delayed Draw Term Loan | SOFR + 5.50% | 9.32% | 3/19/2030 | 333432 | 329724 | 328717 |  |
| Premier Dental Products Company LLC (i)(l) | Term Loan | SOFR + 5.00% | 8.67% | 1/31/2031 | 3101563 | 3060559 | 3008516 |  |
| Premier Dental Products Company LLC (f)(i)(q) | Delayed Draw Term Loan | - | - | 1/31/2031 | - | (7981) | (28125) |  |
| Premier Dental Products Company LLC (f)(i)(q) | Revolving Credit Facility | - | - | 1/31/2031 | - | (8048) | (18750) |  |
|  |  |  |  |  |  | 3917012 | 3831360 | 0.49% |
| **Health Care Technology** |  |  |  |  |  |  |  |  |
| Harmony Hit US Holdings Inc (i)(l)(q) | Term Loan | SOFR + 5.00% | 8.72% | 12/3/2030 | 17278695 | 17093109 | 17157744 |  |
| Harmony Hit US Holdings Inc (f)(i)(q) | Delayed Draw Term Loan | - | - | 12/3/2030 | - | (18552) | (2698) |  |
| Harmony Hit US Holdings Inc (f)(i)(q) | Revolving Credit Facility | - | - | 12/3/2030 | - | (31131) | (21174) |  |
| Pillr Health Intermediate II, LLC (f)(j)(q) | Revolving Credit Facility | SOFR + 4.75% | 8.42% | 12/31/2031 | 380958 | 342879 | 342862 |  |
| Pillr Health Intermediate II, LLC (j)(l)(q) | Term Loan | SOFR + 4.75% | 8.42% | 12/31/2031 | 15862828 | 15704256 | 15704199 |  |
| Pillr Health Intermediate II, LLC (f)(j)(q) | Delayed Draw Term Loan | - | - | 12/31/2031 | - | (31732) | (31746) |  |
|  |  |  |  |  |  | 33058829 | 33149187 | 4.24% |
| **Industrial Machinery & Supplies & Components** |  |  |  |  |  |  |  |  |
| Double E Company, LLC (i)(l) | Term Loan | SOFR + 6.25% (2.25% PIK) | 10.07% | 6/21/2028 | 16185772 | 16090689 | 14907096 |  |
| Double E Company, LLC (f)(i)(q) | Revolving Credit Facility | SOFR + 6.25% | 10.07% | 6/21/2028 | 1321586 | 1321586 | 1133656 |  |
| Double E Company, LLC (i)(q) | Term Loan | SOFR + 6.25% (2.25% PIK) | 10.07% | 6/21/2028 | 666202 | 648707 | 613572 |  |

---

*The accompanying notes are an integral part of these consolidated financial statements*

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
| La-Co Industries, Inc (i)(l) | Term Loan | SOFR + 5.00% | 8.67% | 7/2/2030 | 9030181 | $8921611 | $9012120 |  |
| La-Co Industries, Inc (f)(i)(q) | Revolving Credit Facility | - | - | 7/2/2030 | - | (8635) | (1521) |  |
| Lake Air Products, LLC (i)(l)(q) | Term Loan | SOFR + 7.00% | 10.82% | 1/9/2029 | 35672824 | 35142424 | 35672824 |  |
| Lake Air Products, LLC (f)(i)(q) | Revolving Credit Facility | SOFR + 7.00% | 10.82% | 1/9/2029 | 1000000 | 922830 | 1000000 |  |
|  |  |  |  |  |  | 63039212 | 62337747 | 7.95% |
| **Insurance Brokers** |  |  |  |  |  |  |  |  |
| Knight AcquireCo, LLC (k)(l)(q) | Term Loan | SOFR + 4.50% | 8.37% | 11/7/2032 | 5608966 | 5581369 | 5580921 |  |
| Knight AcquireCo, LLC (f)(k)(q) | Delayed Draw Term Loan | - | - | 11/7/2032 | - | (4573) | (4674) |  |
|  |  |  |  |  |  | 5576796 | 5576247 | 0.71% |
| **IT Consulting & Other Services** |  |  |  |  |  |  |  |  |
| Cait Intermediate, LLC (i)(l)(q) | Term Loan | SOFR + 4.75% | 8.42% | 10/8/2030 | 13479730 | 13317468 | 13311233 |  |
| Cait Intermediate, LLC (f)(i)(q) | Revolving Credit Facility | - | - | 10/8/2030 | - | (18141) | (19003) |  |
| Digital Experience Services, LLC (i)(q) | Term Loan | SOFR + 5.00% | 9.20% | 4/25/2030 | 1150962 | 1135610 | 1144056 |  |
| Digital Experience Services, LLC (f)(i)(q) | Delayed Draw Term Loan | SOFR + 5.00% | 8.74% | 4/25/2030 | 466346 | 455808 | 463548 |  |
| Digital Experience Services, LLC (f)(i)(q) | Revolving Credit Facility | - | - | 4/25/2030 | - | (2497) | (1154) |  |
| Insight Technology Operation LLC (i)(q) | Term Loan | SOFR + 5.50% | 9.17% | 3/31/2031 | 853364 | 841780 | 853364 |  |
| Insight Technology Operation LLC (f)(i)(q) | Revolving Credit Facility | - | - | 3/31/2031 | - | (1643) | - |  |
|  |  |  |  |  |  | 15728385 | 15752044 | 2.02% |
| **Life Sciences Tools & Services** |  |  |  |  |  |  |  |  |
| Ecir Intermediate II LLC (i)(l)(q) | Term Loan | SOFR + 4.75% | 8.42% | 9/26/2031 | 8633906 | 8550475 | 8547567 |  |
| Ecir Intermediate II LLC (f)(i)(q) | Delayed Draw Term Loan | - | - | 9/26/2031 | - | (19731) | (20608) |  |
| Ecir Intermediate II LLC (f)(i)(q) | Revolving Credit Facility | - | - | 9/26/2031 | - | (9860) | (10304) |  |
| Wci-Bxc Purchaser, LLC (f)(j)(q) | Revolving Credit Facility | - | - | 11/6/2030 | - | (96582) | (53899) |  |
| Wci-Bxc Purchaser, LLC (j)(l)(q) | Term Loan | SOFR + 4.75% | 8.62% | 11/6/2031 | 23041132 | 22581742 | 22833761 |  |
| Woven Health Collective, LLC (i)(l)(q) | Term Loan | SOFR + 5.00% | 8.86% | 10/23/2028 | 13891395 | 13825810 | 13821938 |  |
| Woven Health Collective, LLC (f)(i)(q) | Delayed Draw Term Loan | - | - | 10/23/2028 | - | (20352) | (21705) |  |

---

*The accompanying notes are an integral part of these consolidated financial statements*

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
| Woven Health Collective, LLC (f)(i)(q) | Revolving Credit Facility | SOFR + 5.00% | 8.73% | 10/23/2028 | 260464 | $252318 | $251782 |  |
|  |  |  |  |  |  | 45063820 | 45348532 | 5.79% |
| **Office Services & Supplies** |  |  |  |  |  |  |  |  |
| Mse Supplies, LLC (i)(l) | Term Loan | SOFR + 5.25% | 9.07% | 8/14/2030 | 5697115 | 5615509 | 5492019 |  |
| Mse Supplies, LLC (f)(i)(q) | Revolving Credit Facility | SOFR + 5.25% | 9.08% | 8/14/2030 | 663462 | 643755 | 611538 |  |
|  |  |  |  |  |  | 6259264 | 6103557 | 0.78% |
| **Packaged Foods & Meats** |  |  |  |  |  |  |  |  |
| CCI Prime, LLC (i)(l)(q) | Term Loan | SOFR + 7.25% (5.50% PIK) | 11.12% | 10/18/2029 | 972323 | 955354 | 819666 |  |
| CCI Prime, LLC (i)(q) | Delayed Draw Term Loan | SOFR + 7.25% (5.50% PIK) | 11.12% | 10/18/2029 | 344863 | 339148 | 290720 |  |
| CCI Prime, LLC (f)(i)(q) | Revolving Credit Facility | SOFR + 7.25% | 11.12% | 10/18/2029 | 2450000 | 2392999 | 1900500 |  |
| Midas Foods International LLC (i)(q) | Term Loan | SOFR + 6.25% | 9.97% | 4/30/2029 | 558948 | 551560 | 553918 |  |
| Midas Foods International LLC (i)(q) | Delayed Draw Term Loan | SOFR + 6.25% | 9.97% | 4/30/2029 | 487377 | 480508 | 482990 |  |
| Midas Foods International LLC (f)(i)(q) | Revolving Credit Facility | - | - | 4/30/2029 | - | (2199) | (1475) |  |
| Midas Foods International LLC (f)(i)(q) | Delayed Draw Term Loan | - | - | 4/30/2029 | - | (8603) | (6870) |  |
| Nutrail Acquisitionco, LLC (i)(q) | Term Loan | SOFR + 6.00% | 9.67% | 5/23/2030 | 702788 | 693246 | 702788 |  |
| Nutrail Acquisitionco, LLC (f)(i)(q) | Delayed Draw Term Loan | - | - | 5/23/2030 | - | (1361) | - |  |
| Nutrail Acquisitionco, LLC (f)(i)(q) | Revolving Credit Facility | - | - | 5/23/2030 | - | (2290) | - |  |
| Sabrosura Foods, LLC (i)(l)(q) | Term Loan | SOFR + 5.00% | 8.84% | 8/22/2029 | 32778861 | 32398523 | 32221621 |  |
| Sabrosura Foods, LLC (f)(i)(q) | Delayed Draw Term Loan | SOFR + 5.00% | 8.84% | 8/22/2029 | 154813 | 129346 | 111222 |  |
| Sabrosura Foods, LLC (f)(i)(q) | Revolving Credit Facility | SOFR + 5.00% | 8.84% | 8/22/2029 | 4139931 | 4049556 | 4002829 |  |
| SCP Baked Goods Holdings, LLC (i)(q) | Term Loan | SOFR + 4.75% | 8.42% | 5/1/2031 | 639643 | 632338 | 639003 |  |
| SCP Baked Goods Holdings, LLC (f)(i)(q) | Delayed Draw Term Loan | - | - | 5/1/2031 | - | (1493) | - |  |
| SCP Baked Goods Holdings, LLC (f)(i)(q) | Revolving Credit Facility | - | - | 5/1/2031 | - | (994) | (89) |  |
| Shf Holdings, Inc (i)(l)(q) | Term Loan | SOFR + 5.50% | 9.17% | 1/22/2030 | 17475652 | 17253440 | 17475652 |  |
| Shf Holdings, Inc (f)(i)(q) | Revolving Credit Facility | - | - | 1/22/2030 | - | (28972) | - |  |
|  |  |  |  |  |  | 59830106 | 59192475 | 7.54% |

---

*The accompanying notes are an integral part of these consolidated financial statements*

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
| **Paper & Plastic Packaging Products & Materials** |  |  |  |  |  |  |  |  |
| ACP Packaging IntermediateCo, LLC (i)(l)(q) | Term Loan | SOFR + 5.25% | 8.92% | 10/22/2031 | 21104592 | $20795690 | $20788023 |  |
| ACP Packaging IntermediateCo, LLC (f)(i)(q) | Revolving Credit Facility | - | - | 10/22/2031 | - | (52693) | (54405) |  |
| Bron Buyer, LLC (i)(l)(q) | Term Loan | SOFR + 6.00% | 9.77% | 1/13/2029 | 32092500 | 31616028 | 32092500 |  |
| Bron Buyer, LLC (f)(i)(q) | Revolving Credit Facility | SOFR + 6.00% | 9.70% | 1/13/2029 | 750000 | 685884 | 750000 |  |
| Currier Plastics Acquisition, LLC (i)(l)(q) | Term Loan | SOFR + 4.75% | 8.47% | 9/19/2031 | 6187500 | 6112945 | 6110156 |  |
| Currier Plastics Acquisition, LLC (f)(i)(q) | Delayed Draw Term Loan | - | - | 9/19/2031 | - | (28030) | (29370) |  |
| Currier Plastics Acquisition, LLC (f)(i)(q) | Revolving Credit Facility | - | - | 9/19/2031 | - | (23068) | (23923) |  |
| Currier Plastics Acquisition, LLC (i)(q) | Term Loan | SOFR + 4.75% | 8.48% | 9/19/2031 | 6149194 | 6072722 | 6072329 |  |
| Currier Plastics Acquisition, LLC (i)(q) | Delayed Draw Term Loan | SOFR + 4.75% | 8.47% | 9/19/2031 | 5846774 | 5810459 | 5773690 |  |
| Firmapak Intermediary LLC (i)(q) | Term Loan | SOFR + 5.50% | 9.22% | 2/4/2031 | 578958 | 572559 | 578958 |  |
| Firmapak Intermediary LLC (f)(i)(q) | Revolving Credit Facility | - | - | 2/4/2031 | - | (1482) | - |  |
| Firmapak Intermediary LLC (f)(i)(q) | Delayed Draw Term Loan | SOFR + 5.50% | 9.22% | 2/4/2031 | 232340 | 229336 | 232340 |  |
| Soteria Flexibles Corporation (i)(q) | Delayed Draw Term Loan | SOFR + 5.50% | 9.17% | 8/15/2029 | 7214219 | 7157044 | 7214219 |  |
| Soteria Flexibles Corporation (i)(l) | Term Loan | SOFR + 5.50% | 9.17% | 8/15/2029 | 15110618 | 14854292 | 15110618 |  |
| Soteria Flexibles Corporation (f)(i)(q) | Revolving Credit Facility | SOFR + 5.50% | 9.19% | 8/15/2029 | 923032 | 832810 | 923032 |  |
|  |  |  |  |  |  | 94634496 | 95538167 | 12.21% |
| **Pharmaceuticals** |  |  |  |  |  |  |  |  |
| Alcami Corporation (i)(l) | Term Loan | SOFR + 7.00% | 10.97% | 12/21/2028 | 43716438 | 42357741 | 43716438 |  |
| Alcami Corporation (i)(q) | Delayed Draw Term Loan | SOFR + 7.00% | 10.83% | 12/21/2028 | 3931615 | 3815556 | 3931615 |  |
| Alcami Corporation (f)(i)(q) | Revolving Credit Facility | SOFR + 7.00% | 10.83% | 12/21/2028 | 1560274 | 1364605 | 1560274 |  |
|  |  |  |  |  |  | 47537902 | 49208327 | 6.28% |
| **Research & Consulting Services** |  |  |  |  |  |  |  |  |
| NAM Acquisition Co LLC (j)(l)(q) | Term Loan | SOFR + 4.50% | 8.17% | 7/16/2030 | 4016920 | 3969786 | 4016920 |  |
| NAM Acquisition Co LLC (f)(j)(q) | Delayed Draw Term Loan | SOFR + 4.50% | 8.17% | 7/16/2030 | 963855 | 948473 | 963855 |  |
| NAM Acquisition Co LLC (f)(j)(q) | Revolving Credit Facility | - | - | 7/16/2030 | - | (5497) | - |  |

---

*The accompanying notes are an integral part of these consolidated financial statements*

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
| RPX Corporation (i)(q) | Term Loan | SOFR + 5.50% | 9.25% | 8/2/2030 | 9068878 | $8958023 | $9068878 |  |
| RPX Corporation (f)(i)(q) | Revolving Credit Facility | - | - | 8/2/2030 | - | (9405) | - |  |
| RPX Corporation (i)(l) | Term Loan | SOFR + 5.50% | 9.23% | 8/2/2030 | 2000000 | 1980132 | 2000000 |  |
|  |  |  |  |  |  | 15841512 | 16049653 | 2.05% |
| **Soft Drinks & Non-alcoholic Beverages** |  |  |  |  |  |  |  |  |
| Refresh Buyer LLC (f)(j)(q) | Revolving Credit Facility | SOFR + 4.75% | 8.35% | 12/23/2027 | 1472393 | 1472393 | 1441718 |  |
| Refresh Buyer LLC (j)(l) | Term Loan | SOFR + 4.75% | 8.35% | 12/23/2028 | 14171779 | 14085986 | 14030061 |  |
| Refresh Buyer LLC (j)(q) | Delayed Draw Term Loan | SOFR + 4.75% | 8.35% | 12/23/2028 | 2136810 | 2136810 | 2115442 |  |
| Refresh Buyer LLC (j)(l) | Term Loan | SOFR + 4.75% | 8.35% | 12/23/2028 | 33980124 | 33596328 | 33640323 |  |
| Refresh Buyer LLC (j)(q) | Delayed Draw Term Loan | SOFR + 4.75% | 8.35% | 12/23/2028 | 4869565 | 4816912 | 4820870 |  |
|  |  |  |  |  |  | 56108429 | 56048414 | 7.15% |
| **Specialized Consumer Services** |  |  |  |  |  |  |  |  |
| Mustang Prospects Purchaser LLC (j)(l) | Term Loan | SOFR + 5.00% | 8.67% | 6/13/2031 | 16104607 | 15970551 | 15943561 |  |
| Mustang Prospects Purchaser LLC (j)(q) | Delayed Draw Term Loan | SOFR + 5.00% | 8.72% | 6/13/2031 | 3789319 | 3752543 | 3751426 |  |
| Mustang Prospects Purchaser LLC (f)(j)(q) | Revolving Credit Facility | SOFR + 5.00% | 8.72% | 6/13/2031 | 473665 | 455093 | 449982 |  |
| Mustang Prospects Purchaser LLC (f)(j)(q) | Delayed Draw Term Loan | SOFR + 5.00% | 8.72% | 6/13/2031 | 558178 | 549272 | 550374 |  |
| Quick Roofing Acquisition, LLC (i)(l) | Term Loan | SOFR + 5.50% | 9.27% | 12/22/2029 | 8032787 | 7885785 | 8032787 |  |
| Quick Roofing Acquisition, LLC (f)(i)(q) | Revolving Credit Facility | SOFR + 5.50% | 9.27% | 12/22/2029 | 1700000 | 1555949 | 1700000 |  |
| Quick Roofing Acquisition, LLC (i)(q) | Delayed Draw Term Loan | SOFR + 5.50% | 9.27% | 12/22/2029 | 2940449 | 2888180 | 2940449 |  |
| Quick Roofing Acquisition, LLC (i)(q) | Term Loan | SOFR + 5.50% | 9.27% | 12/22/2029 | 490000 | 483935 | 490000 |  |
| Quick Roofing Acquisition, LLC (f)(i)(q) | Delayed Draw Term Loan | SOFR + 5.50% | 9.27% | 12/22/2029 | 20152 | 16008 | 20152 |  |
| Roofing Services Solutions LLC (i)(l) | Term Loan | SOFR + 5.75% | 9.57% | 11/27/2029 | 10312500 | 10185444 | 10065000 |  |
| Roofing Services Solutions LLC (i)(q) | Delayed Draw Term Loan | SOFR + 5.75% | 9.42% | 11/27/2029 | 6207083 | 6131288 | 6058113 |  |
| Roofing Services Solutions LLC (f)(i)(q) | Revolving Credit Facility | SOFR + 5.75% | 9.46% | 11/27/2029 | 2229167 | 2191865 | 2154167 |  |
| Scp Wqs Buyer, LLC (i)(l) | Term Loan | SOFR + 5.25% | 8.92% | 10/2/2029 | 4274468 | 4207397 | 4274468 |  |
| Scp Wqs Buyer, LLC (i)(q) | Delayed Draw Term Loan | SOFR + 5.25% | 8.92% | 10/2/2029 | 8002435 | 7874875 | 8002435 |  |

---

*The accompanying notes are an integral part of these consolidated financial statements*

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
| Scp Wqs Buyer, LLC (f)(i)(q) | Revolving Credit Facility | - | - | 10/2/2029 | - | $(57112) | $- |  |
| Solid Ground Solutions Acquisitions Inc (i)(l) | Term Loan | SOFR + 5.00% | 8.60% | 5/6/2029 | 1876190 | 1852467 | 1853676 |  |
| Solid Ground Solutions Acquisitions Inc (i)(q) | Delayed Draw Term Loan | SOFR + 5.00% | 8.60% | 5/6/2029 | 2370833 | 2342054 | 2342383 |  |
| Solid Ground Solutions Acquisitions Inc (f)(i)(q) | Revolving Credit Facility | - | - | 5/6/2029 | - | (7030) | (7143) |  |
| Solid Ground Solutions Acquisitions Inc (i)(q) | Term Loan | SOFR + 5.00% | 9.04% | 5/6/2029 | 997500 | 986099 | 985530 |  |
| Solid Ground Solutions Acquisitions Inc (f)(i)(q) | Delayed Draw Term Loan | - | - | 5/6/2029 | - | (36202) | (33387) |  |
| Solid Ground Solutions Acquisitions Inc (i)(q) | Term Loan | SOFR + 5.00% | 8.62% | 5/6/2029 | 193548 | 191134 | 191226 |  |
| Trutemp Acquisition LLC (i)(l)(q) | Term Loan | SOFR + 5.00% | 8.82% | 8/26/2031 | 3597624 | 3546051 | 3543660 |  |
| Trutemp Acquisition LLC (f)(i)(q) | Revolving Credit Facility | - | - | 8/26/2031 | - | (20453) | (21694) |  |
| Trutemp Acquisition LLC (f)(i)(q) | Delayed Draw Term Loan | - | - | 8/26/2031 | - | (51166) | (54236) |  |
| Unified Service Partners, LLC (i)(q) | Term Loan | SOFR + 8.00% (4.00% PIK) | 11.60% | 4/14/2030 | 358057 | 353337 | 297188 |  |
| Unified Service Partners, LLC (i)(q) | Delayed Draw Term Loan | SOFR + 8.00% (4.00% PIK) | 11.60% | 4/14/2030 | 305115 | 301147 | 253246 |  |
| Unified Service Partners, LLC (i)(q) | Revolving Credit Facility | SOFR + 8.00% | 11.60% | 4/14/2030 | 89286 | 88116 | 74107 |  |
| USW Buyer, LLC (i)(q) | Term Loan | SOFR + 6.25% (5.00% PIK) | 10.02% | 11/3/2028 | 15553849 | 15384374 | 14978356 |  |
| USW Buyer, LLC (i)(q) | Delayed Draw Term Loan | SOFR + 6.25% (5.00% PIK) | 10.02% | 11/3/2028 | 14701870 | 14547573 | 14157901 |  |
| USW Buyer, LLC (f)(i)(q) | Revolving Credit Facility | SOFR + 6.25% | 10.02% | 11/3/2028 | 3030000 | 2979105 | 2845000 |  |
|  |  |  |  |  |  | 106547679 | 105838727 | 13.53% |
| **Specialty Chemicals** |  |  |  |  |  |  |  |  |
| Penta Fine Ingredients, Inc. (f)(i)(q) | Revolving Credit Facility | - | - | 4/4/2031 | - | (1627) | - |  |
| Penta Fine Ingredients, Inc. (i)(q) | Term Loan | SOFR + 5.00% | 8.72% | 4/4/2031 | 853632 | 842050 | 853632 |  |
|  |  |  |  |  |  | 840423 | 853632 | 0.11% |
| **Trading Companies & Distributors** |  |  |  |  |  |  |  |  |
| All States Ag Parts LLC (i)(l)(q) | Term Loan | SOFR + 6.50% (0.50% PIK) | 10.43% | 9/1/2026 | 23857570 | 23728445 | 23094128 |  |
| Belt Power Holdings LLC (i)(l) | Term Loan | SOFR + 5.00% | 8.82% | 8/22/2028 | 26625134 | 26348616 | 26625134 |  |
| Belt Power Holdings LLC (i)(q) | Delayed Draw Term Loan | SOFR + 5.00% | 8.82% | 8/22/2028 | 6177533 | 6131196 | 6177533 |  |
| Belt Power Holdings LLC (f)(i)(q) | Revolving Credit Facility | - | - | 8/22/2028 | - | (31515) | - |  |

---

*The accompanying notes are an integral part of these consolidated financial statements*

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
| Erosion Intermediate Holdings LLC (i)(l) | Term Loan | SOFR + 5.75% | 9.42% | 9/30/2029 | 1983817 | $1960173 | $1983817 |  |
| Erosion Intermediate Holdings LLC (f)(i)(q) | Delayed Draw Term Loan | SOFR + 5.75% | 9.43% | 9/30/2029 | 3072321 | 3026456 | 3072321 |  |
| Erosion Intermediate Holdings LLC (f)(i)(q) | Revolving Credit Facility | - | - | 9/30/2029 | - | (15132) | - |  |
| Mobotrex, LLC (i)(l)(q) | Term Loan | SOFR + 5.00% | 8.67% | 6/7/2031 | 7413510 | 7313269 | 7331961 |  |
| Mobotrex, LLC (f)(i)(q) | Revolving Credit Facility | SOFR + 5.00% | 8.68% | 6/7/2031 | 175191 | 158011 | 160738 |  |
| Mobotrex, LLC (f)(i)(q) | Delayed Draw Term Loan | SOFR + 5.00% | 8.67% | 6/7/2031 | 557371 | 533503 | 537911 |  |
|  |  |  |  |  |  | 69153022 | 68983543 | 8.80% |
| **Total First Lien Debt** |  |  |  |  |  | 1639776304 | 1600336929 | 204.59% |
| **Unsecured Debt** |  |  |  |  |  |  |  |  |
| **Specialized Consumer Services** |  |  |  |  |  |  |  |  |
| Usw Holdings, LLC (m) | Convertible Promissory Note | 18.00% (18.00% PIK) | 18.00% | 5/3/2029 | 53475 | 53475 | 45079 |  |
| Usw Holdings, LLC (m) | Convertible Promissory Note | 18.00% (18.00% PIK) | 18.00% | 12/31/2029 | 32085 | 32085 | 25706 |  |
| Usw Holdings, LLC (m) | Convertible Promissory Note | 18.00% (18.00% PIK) | 18.00% | 12/31/2029 | 42780 | 42780 | 32846 |  |
|  |  |  |  |  |  | 128340 | 103631 | 0.01% |
| **Total Unsecured Debt** |  |  |  |  |  | 128340 | 103631 | 0.01% |
| **Equity** |  |  |  |  |  |  |  |  |
| **Aerospace & Defense** |  |  |  |  |  |  |  |  |
| Hitco Parent LLC (o) | Class A Units |  |  |  | 8723 | 109890 | 129883 |  |
|  |  |  |  |  |  | 109890 | 129883 | 0.02% |
| **Air Freight & Logistics** |  |  |  |  |  |  |  |  |
| REP RO COINVEST IV-A, L.P. (m)(o) | Equity Units |  |  |  | 800000 | 800000 | 240000 |  |
| Scp 3pl Topco, LLC (m)(o) | Common Units |  |  |  | 69 | 346 | - |  |
| Scp 3pl Topco, LLC (m)(o) | Class B Units |  |  |  | 7 | 6580 | 4778 |  |
|  |  |  |  |  |  | 806926 | 244778 | 0.03% |
| **Building Products** |  |  |  |  |  |  |  |  |
| Tgnl Topco LP (o) | Common Units |  |  |  | 5525 | 5525 | 7403 |  |

---

*The accompanying notes are an integral part of these consolidated financial statements*

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
|  |  |  |  |  |  | $5525 | $7403 | 0.00% |
| **Construction & Engineering** |  |  |  |  |  |  |  |  |
| BPCP Craftsman Holdings, LLC (o) | Class A Units |  |  |  | 16 | 15686 | 5746 |  |
|  |  |  |  |  |  | 15686 | 5746 | 0.00% |
| **Diversified Support Services** |  |  |  |  |  |  |  |  |
| Hy-Tek Holdings, LLC (o) | Common Units |  |  |  | 61 | 147217 | 120181 |  |
| Hy-Tek Holdings, LLC (o) | Series A Preferred Units |  |  |  | 61 | 61287 | 61287 |  |
| Identiti Holdings LLC (o) | Class A Units |  |  |  | 115875 | 115875 | 253766 |  |
| Klc Fund 1022-Ci-A LP (m)(o) | Equity Interest |  |  |  |  | 752670 | 1208250 |  |
| Perimeter Solutions Holdings, LP (o) | Common Units |  |  |  | 133274 | 139672 | 151932 |  |
|  |  |  |  |  |  | 1216721 | 1795416 | 0.23% |
| **Electrical Components & Equipment** |  |  |  |  |  |  |  |  |
| Warshaw Holdings, LLC (o) | Common Units |  |  |  | 17 | 8432 | - |  |
| Warshaw Holdings, LLC (o) | Series A Preferred Units |  |  |  | 17 | 8432 | 7661 |  |
|  |  |  |  |  |  | 16864 | 7661 | 0.00% |
| **Electronic Components** |  |  |  |  |  |  |  |  |
| AdvancedPCB Parent, L.P. (o) | Class A Units |  |  |  | 1500 | 1500000 | - |  |
| AdvancedPCB Parent, L.P. (o) | Class C Units |  |  |  | 76 | 38419 | - |  |
| AdvancedPCB Parent, L.P. (o) | Class C Units |  |  |  | 430 | 154957 | - |  |
|  |  |  |  |  |  | 1693376 | - | 0.00% |
| **Environmental & Facilities Services** |  |  |  |  |  |  |  |  |
| Dragonfly Ultimate Holdings LLC (o) | Class A Units |  |  |  | 131272 | 131272 | 202159 |  |
| Erosion Holdings, LLC (o) | Class A Units |  |  |  | 134 | 133930 | 88241 |  |
|  |  |  |  |  |  | 265202 | 290400 | 0.04% |
| **Health Care Services** |  |  |  |  |  |  |  |  |
| Dpt Management, LLC (o) | Preferred Units |  |  |  | 10753 | 33333 | 19140 |  |

---

*The accompanying notes are an integral part of these consolidated financial statements*

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
| NE Ortho Holdings, LLC (o) | Class B Membership Units |  |  |  | 80 | $79511 | $205086 |  |
| Personal Care (Itc) Holdings, LLC (o) | Class A Units |  |  |  | 187961 | 1879621 | 1253700 |  |
| Tiger Healthcare Holdings, LLC (o) | Class A Interest |  |  |  | 97500 | 125000 | 1 |  |
| VIP Medical Holdings, LLC (o) | Class A Units |  |  |  | 1000000 | 10 | 2030000 |  |
| VIP Medical Holdings, LLC (o) | Series A Preferred Units |  |  |  | 455593 | 455593 | 455593 |  |
|  |  |  |  |  |  | 2573068 | 3963520 | 0.51% |
| **Health Care Technology** |  |  |  |  |  |  |  |  |
| Pillr Health Holdings, LP (m)(o) | Class B Preferred Units |  |  |  | 128 | 127712 | 127710 |  |
| Pillr Health Holdings, LP (m)(o) | Common Units |  |  |  | 12771 | - | - |  |
|  |  |  |  |  |  | 127712 | 127710 | 0.02% |
| **Human Resource & Employment Services** |  |  |  |  |  |  |  |  |
| Fca Partners LLC (m)(o) | Common Units |  |  |  | 839085 | 4 | 8 |  |
| Fca Partners LLC (m)(o) | Class A Preferred Units |  |  |  | 839085 | 839085 | 436324 |  |
|  |  |  |  |  |  | 839089 | 436332 | 0.06% |
| **Industrial Machinery & Supplies & Components** |  |  |  |  |  |  |  |  |
| Double E Equity, L.P. (m)(o) | Class A Common Units |  |  |  | 1000 | 1000000 | 265030 |  |
| Double E Equity, L.P. (m)(o) | Class A Preferred Units |  |  |  | 124 | 124465 | 136690 |  |
| Endurance PT Technology Holdings LLC (o) | Common Units |  |  |  | 611 | 61117 | 299363 |  |
| Endurance PT Technology Holdings LLC (o) | Preferred Units |  |  |  | 550 | 550052 | 579005 |  |
| Lake Air Products Aggregator LLC (m)(o) | Common Units |  |  |  | 1000000 | 1000000 | 970000 |  |
|  |  |  |  |  |  | 2735634 | 2250088 | 0.28% |
| **Insurance Brokers** |  |  |  |  |  |  |  |  |
| Knight Holdings, LP (m)(o) | Class A-1 Units |  |  |  | 16204 | 162037 | 162037 |  |
|  |  |  |  |  |  | 162037 | 162037 | 0.02% |
| **IT Consulting & Other Services** |  |  |  |  |  |  |  |  |
| Insight Technology Enterprises LLC (o) | Preferred Units |  |  |  | 9657 | 15576 | 15837 |  |

---

*The accompanying notes are an integral part of these consolidated financial statements*

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
|  |  |  |  |  |  | $15576 | $15837 | 0.00% |
| **Life Sciences Tools & Services** |  |  |  |  |  |  |  |  |
| Gauge Ecir Blocker LLC (m)(o) | Class A-1 Units |  |  |  | 243103 | 274779 | 294154 |  |
| Wci-Bxc Investment Holdings LP (m)(o) | Equity Interest |  |  |  |  | 608645 | 650676 |  |
|  |  |  |  |  |  | 883424 | 944830 | 0.12% |
| **Office Services & Supplies** |  |  |  |  |  |  |  |  |
| Mse Acquisitions Inc (o) | Series A Preferred Stock |  |  |  | 288 | 288462 | 172286 |  |
|  |  |  |  |  |  | 288462 | 172286 | 0.02% |
| **Packaged Foods & Meats** |  |  |  |  |  |  |  |  |
| Cci Prime Holdings, LLC (o) | Series A Preferred Units |  |  |  | 92 | 92025 | - |  |
| Cci Prime Holdings, LLC (m)(o) | Series AA Preferred Units |  |  |  | 8 | 7636 | 6414 |  |
| Et-Harvest Investment Aggregator, LP (o) | Class A Units |  |  |  | 17341 | 17341 | 22543 |  |
| Mfi Group Holdings LLC (o) | Class A Units |  |  |  | 19 | 19393 | 19678 |  |
| Sabrosura Super Holdings LLC (o) | Class A Interests |  |  |  | 323750 | 388500 | 265475 |  |
|  |  |  |  |  |  | 524895 | 314110 | 0.03% |
| **Paper & Plastic Packaging Products & Materials** |  |  |  |  |  |  |  |  |
| Acp Flexibles I LP (m)(o) | Equity Interest |  |  |  |  | 191571 | 145594 |  |
| Bron Holdings, LLC (o) | Class A Units |  |  |  | 1227 | 1227273 | 1232609 |  |
| Currier Plastics Holdings, LLC (o) | Class B Units |  |  |  | 273422 | 3 | 49216 |  |
| Currier Plastics Holdings, LLC (m)(o) | Class A Units |  |  |  | 273422 | 273422 | 278890 |  |
|  |  |  |  |  |  | 1692269 | 1706309 | 0.23% |
| **Specialized Consumer Services** |  |  |  |  |  |  |  |  |
| Acp Roofing Holdings, LLC (o) | Common Units |  |  |  | 17857 | 17857 | - |  |
| Mustang Prospects Holdco, LLC (o) | Class A Units |  |  |  | 1177 | 1177239 | 1596208 |  |
| Mustang Prospects Holdco, LLC (o) | Class B Units |  |  |  | 1177238 | 107607 | 341399 |  |
| NAM Group Holdings LLC (o) | Class A Units |  |  |  | 84337 | 84337 | 131566 |  |

---

*The accompanying notes are an integral part of these consolidated financial statements*

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
| Quick Roofing Topco, LLC (o) | Class A Interest |  |  |  | 327869 | $327869 | $1111475 |  |
| Roofing Services Solutions Holdings, LLC (o) | Common Units |  |  |  | 196 | 20256 | 12812 |  |
| Roofing Services Solutions Holdings, LLC (o) | Series A Preferred Units |  |  |  | 196 | 228590 | 248894 |  |
| Scp Mechanical Services Holdco, LLC (o) | Common Units |  |  |  | 962 | 4808 | 4029 |  |
| Scp Mechanical Services Holdco, LLC (o) | Class B Units |  |  |  | 91 | 91350 | 94574 |  |
| Solid Ground Solutions Investment LLC (o) | Class A Units |  |  |  | 171827 | 171827 | 151208 |  |
| Trutemp Holdings LLC (o) | Class A Interest |  |  |  | 206612 | 206612 | 206612 |  |
| Usw Holdings, LLC (o) | Class A-1 Units |  |  |  | 694 | 718048 | 714061 |  |
|  |  |  |  |  |  | 3156400 | 4612838 | 0.58% |
| **Specialized Finance** |  |  |  |  |  |  |  |  |
| Lift Solutions Holdings LLC (o) | Common Units |  |  |  | 143 | - | 1589 |  |
| Lift Solutions Holdings LLC (o) | Series A Preferred Units |  |  |  | 143 | 205491 | 205491 |  |
|  |  |  |  |  |  | 205491 | 207080 | 0.03% |
| **Specialty Chemicals** |  |  |  |  |  |  |  |  |
| Penta Fine Ingredients Parent, LLC (o) | Class A Common Units |  |  |  | 26 | 26 | 668 |  |
| Penta Fine Ingredients Parent, LLC (o) | Preferred Units |  |  |  | 16 | 16435 | 17644 |  |
|  |  |  |  |  |  | 16461 | 18312 | 0.00% |
| **Trading Companies & Distributors** |  |  |  |  |  |  |  |  |
| Belt Power Parent, LLC (o) | Class A Units |  |  |  | 1271725 | 1395332 | 2568884 |  |
| Mobotrex Ultimate Holdings, LLC (o) | Class A-2 Units |  |  |  | 112338 | 116243 | 171877 |  |
|  |  |  |  |  |  | 1511575 | 2740761 | 0.35% |
| **Total Equity** |  |  |  |  |  | 18862283 | 20153337 | 2.57% |
| **Money Market Mutual Funds** |  |  |  |  |  |  |  |  |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| State Street Institutional Treasury Plus Money Market Fund - 3.66% (g)(n) | Investor Class Units |  |  |  | 19087624 | 19087624 | 19087624 |  |
|  |  |  |  |  |  | 19087624 | 19087624 | 2.44% |

---

*The accompanying notes are an integral part of these consolidated financial statements*

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
| **Total Money Market Mutual Funds** |  |  |  |  |  | $19087624 | $19087624 | 2.44% |
| **Total Investments -- non-controlled/ non-affiliate** |  |  |  |  |  | 1677854551 | 1639681521 | 209.61% |
| **Total Investment Portfolio** |  |  |  |  |  | $1677854551 | $1639681521 | 209.61% |

---

(a)All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted.

(b)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either Secured Overnight Funds Rate (SOFR) or Canadian Overnight Repo Rate Average (CORRA) and Prime Rate (Prime) which reset daily, monthly, quarterly, or semi-annually. For each loan, the Fund has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2025.

(c)The total par amount is presented for debt investments and the number of shares or units owned is presented for equity investments.

(d)All debt investments are shown at amortized cost.

(e)Unless otherwise indicated, investments were valued using unobservable inputs and are considered Level 3 investments.

(f)Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused and/or letter of credit commitment fees. Negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. Negative fair value is the result of the unfunded commitment being valued below par and/or the capitalized discount on the loan. The unfunded loan commitment may be subject to a commitment termination date and may expire prior to the maturity date stated. See Notes to Consolidated Financial Statements for more information on the Fund's unfunded commitments.

(g)The investment was not valued using unobservable inputs and is not considered a Level 3 investment.

(h)The interest rate floor on these investments as of December 31, 2025 was 1.50%.

(i)The interest rate floor on these investments as of December 31, 2025 was 1.00%.

(j)The interest rate floor on these investments as of December 31, 2025 was 0.75%.

(k)The interest rate floor on these investments as of December 31, 2025 was 0.50%.

(l)Security or portion of the security is pledged as collateral for Fidelity Direct Lending Fund I JSPV LLC Facility.

(m)The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Fund may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Fund's total assets. As of December 31, 2025, non-qualifying assets amounted to $30,583,216 which represents 1.8% of total assets as calculated in accordance with regulatory requirements.

(n)The rate quoted is the annualized seven-day yield of the fund at period end.

(o)Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $20,153,337 or 2.6% of net assets.

*The accompanying notes are an integral part of these consolidated financial statements*

------

Additional information on each restricted holding is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Investment** | **Type** | **Acquisition Date** | **Acquisition Cost ($)** |
| Acp Flexibles I LP | Equity Interest | 10/22/2025 | 191571 |
| Acp Roofing Holdings, LLC | Common Units | 4/14/2025 | 17857 |
| AdvancedPCB Parent, L.P. | Class A Units | 2/14/2023 | 1500000 |
| AdvancedPCB Parent, L.P. | Class C Units | 8/9/2024 | 38419 |
| AdvancedPCB Parent, L.P. | Class C Units | 2/7/2025 - 10/9/2025 | 154957 |
| Belt Power Parent, LLC | Class A Units | 10/7/2022 - 3/31/2025 | 1395332 |
| BPCP Craftsman Holdings, LLC | Class A Units | 4/9/2025 | 15686 |
| Bron Holdings, LLC | Class A Units | 1/13/2023 - 7/31/2025 | 1227273 |
| Cci Prime Holdings, LLC | Series A Preferred Units | 10/18/2023 | 92025 |
| Cci Prime Holdings, LLC | Series AA Preferred Units | 12/8/2025 | 7636 |
| Currier Plastics Holdings, LLC | Class A Units | 9/19/2025 - 12/18/2025 | 273422 |
| Currier Plastics Holdings, LLC | Class B Units | 9/19/2025 - 12/18/2025 | 3 |
| Double E Equity, L.P. | Class A Common Units | 6/21/2022 | 1000000 |
| Double E Equity, L.P. | Class A Preferred Units | 5/7/2024 - 9/5/2025 | 124465 |
| Dpt Management, LLC | Preferred Units | 12/18/2024 | 33333 |
| Dragonfly Ultimate Holdings LLC | Class A Units | 8/16/2024 | 131272 |
| Endurance PT Technology Holdings LLC | Common Units | 2/29/2024 - 10/28/2025 | 61117 |
| Endurance PT Technology Holdings LLC | Preferred Units | 2/29/2024 - 10/28/2025 | 550052 |
| Erosion Holdings, LLC | Class A Units | 9/30/2024 | 133930 |
| Et-Harvest Investment Aggregator, LP | Class A Units | 5/23/2025 | 17341 |
| Fca Partners LLC | Class A Preferred Units | 4/17/2023 - 6/7/2024 | 839085 |
| Fca Partners LLC | Common Units | 4/17/2023 - 6/7/2024 | 4 |
| Gauge Ecir Blocker LLC | Class A-1 Units | 9/26/2025 | 274779 |
| Hitco Parent LLC | Class A Units | 2/28/2025 | 109890 |
| Hy-Tek Holdings, LLC | Common Units | 9/19/2025 | 147217 |
| Hy-Tek Holdings, LLC | Series A Preferred Units | 9/19/2025 | 61287 |
| Identiti Holdings LLC | Class A Units | 11/1/2024 | 115875 |
| Insight Technology Enterprises LLC | Preferred Units | 3/31/2025 | 15576 |
| Klc Fund 1022-Ci-A LP | Equity Interest | 12/1/2022 | 750000 |
| Knight Holdings, LP | Class A-1 Units | 11/7/2025 | 162037 |
| Lake Air Products Aggregator LLC | Common Units | 1/9/2023 | 1000000 |
| Lift Solutions Holdings LLC | Common Units | 9/19/2025 | - |
| Lift Solutions Holdings LLC | Series A Preferred Units | 9/19/2025 | 205491 |
| Mfi Group Holdings LLC | Class A Units | 4/30/2024 - 11/15/2024 | 19393 |
| Mobotrex Ultimate Holdings, LLC | Class A-2 Units | 6/7/2024 - 11/6/2025 | 116243 |

---

*The accompanying notes are an integral part of these consolidated financial statements*

------

---

| | | | |
|:---|:---|:---|:---|
| **Investment** | **Type** | **Acquisition Date** | **Acquisition Cost ($)** |
| Mse Acquisitions Inc | Series A Preferred Stock | 8/14/2024 | 288462 |
| Mustang Prospects Holdco, LLC | Class A Units | 12/15/2022 - 9/30/2025 | 1177239 |
| Mustang Prospects Holdco, LLC | Class B Units | 12/15/2022 - 9/30/2025 | 107607 |
| NAM Group Holdings LLC | Class A Units | 7/16/2024 | 84337 |
| NE Ortho Holdings, LLC | Class B Membership Units | 12/13/2024 - 7/10/2025 | 79511 |
| Penta Fine Ingredients Parent, LLC | Class A Common Units | 4/4/2025 | 26 |
| Penta Fine Ingredients Parent, LLC | Preferred Units | 4/4/2025 | 16435 |
| Perimeter Solutions Holdings, LP | Common Units | 10/2/2024 - 7/31/2025 | 139672 |
| Personal Care (Itc) Holdings, LLC | Class A Units | 2/14/2023 - 10/18/2023 | 1879621 |
| Pillr Health Holdings, LP | Class B Preferred Units | 12/31/2025 | 127712 |
| Pillr Health Holdings, LP | Common Units | 12/31/2025 | - |
| Quick Roofing Topco, LLC | Class A Interest | 12/22/2023 | 327869 |
| REP RO COINVEST IV-A, L.P. | Equity Units | 12/29/2022 | 800000 |
| Roofing Services Solutions Holdings, LLC | Common Units | 11/27/2024 - 9/30/2025 | 20256 |
| Roofing Services Solutions Holdings, LLC | Series A Preferred Units | 11/27/2024 - 9/30/2025 | 228590 |
| Sabrosura Super Holdings LLC | Class A Interests | 8/22/2024 | 388500 |
| Scp 3pl Topco, LLC | Class B Units | 11/27/2024 | 6580 |
| Scp 3pl Topco, LLC | Common Units | 11/27/2024 | 346 |
| Scp Mechanical Services Holdco, LLC | Class B Units | 8/20/2025 | 91350 |
| Scp Mechanical Services Holdco, LLC | Common Units | 8/20/2025 | 4808 |
| Solid Ground Solutions Investment LLC | Class A Units | 5/6/2024 - 9/5/2025 | 171827 |
| Tgnl Topco LP | Common Units | 6/25/2025 | 5525 |
| Tiger Healthcare Holdings, LLC | Class A Interest | 2/27/2024 | 125000 |
| Trutemp Holdings LLC | Class A Interest | 8/26/2025 | 206612 |
| Usw Holdings, LLC | Class A-1 Units | 11/3/2022 - 1/14/2025 | 718048 |
| VIP Medical Holdings, LLC | Class A Units | 12/12/2022 | 10 |
| VIP Medical Holdings, LLC | Series A Preferred Units | 12/12/2022 - 12/29/2025 | 455593 |
| Warshaw Holdings, LLC | Common Units | 3/27/2025 | 8432 |
| Warshaw Holdings, LLC | Series A Preferred Units | 3/27/2025 | 8432 |
| Wci-Bxc Investment Holdings LP | Equity Interest | 11/6/2023 | 608108 |

---

(p)The par value of these investments is stated in Canadian Dollars.

(q)Security or portion of the security is pledged as collateral for Truist Senior Secured Revolving Credit Facility.

*The accompanying notes are an integral part of these consolidated financial statements*

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Reference Rate and Spread (b)** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/ Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
| **Investments -- non-controlled/ non-affiliate** |  |  |  |  |  |  |  |  |  |  |
| **First Lien Debt** |  |  |  |  |  |  |  |  |  |  |
| **Aerospace & Defense** |  |  |  |  |  |  |  |  |  |  |
| Cadence - Southwick, Inc. (i)(l) | Term Loan | SOFR | + | 5.00% | 9.63% | 5/3/2029 | 8247847 | $8052292 | $8198360 |  |
| Cadence - Southwick, Inc. (f)(i) | Revolving Credit Facility | SOFR | + | 5.00% | 9.62% | 5/3/2028 | 1917917 | 1840009 | 1892657 |  |
|  |  |  |  |  |  |  |  | 9892301 | 10091017 | 1.34% |
| **Air Freight & Logistics** |  |  |  |  |  |  |  |  |  |  |
| Dynamic Connections, Ltd (i)(m) | Term Loan | SOFR | + | 5.50% | 10.02% | 11/27/2030 | 159353 | 156991 | 156963 |  |
| Dynamic Connections, Ltd (i)(l)(m)(p) | Term Loan | CORRA | + | 5.50% | 9.30% | 11/27/2030 | 520554 | 365698 | 356705 |  |
| Dynamic Connections, Ltd (f)(i)(m) | Delayed Draw Term Loan |  | - |  | - | 11/27/2030 | - | (5117) | (5196) |  |
| Dynamic Connections, Ltd (f)(i)(m) | Revolving Credit Facility |  | - |  | - | 11/27/2030 | - | (1705) | (1732) |  |
| Echo Global Logistics Inc (k)(l) | Term Loan | SOFR | + | 4.75% | 9.21% | 11/23/2028 | 15249000 | 14857941 | 15249000 |  |
| R1 Holdings, LLC (i)(l) | Term Loan | SOFR | + | 6.25% | 10.84% | 12/29/2028 | 21692300 | 21210147 | 21692300 |  |
| R1 Holdings, LLC (i)(l) | Delayed Draw Term Loan | SOFR | + | 6.25% | 10.84% | 12/29/2028 | 2474590 | 2439041 | 2474590 |  |
| R1 Holdings, LLC (f)(i) | Revolving Credit Facility | SOFR | + | 6.25% | 10.84% | 12/29/2028 | 1235294 | 1124353 | 1235294 |  |
|  |  |  |  |  |  |  |  | 40147349 | 41157924 | 5.45% |
| **Application Software** |  |  |  |  |  |  |  |  |  |  |
| ACP Avenu Buyer, LLC (i)(l) | Term Loan | SOFR | + | 5.25% | 9.84% | 10/2/2029 | 18562500 | 18131364 | 18376875 |  |
| ACP Avenu Buyer, LLC (f)(i) | Revolving Credit Facility | SOFR | + | 5.25% | 9.85% | 10/2/2029 | 1454196 | 1310323 | 1388839 |  |
| ACP Avenu Buyer, LLC (f)(i) | Delayed Draw Term Loan | SOFR | + | 5.25% | 9.84% | 10/2/2029 | 1920066 | 1845960 | 1900865 |  |
| ACP Falcon Buyer, Inc. (i)(l) | Term Loan | SOFR | + | 5.50% | 10.09% | 8/1/2029 | 23538681 | 22957546 | 23538681 |  |
| ACP Falcon Buyer, Inc. (f)(i) | Revolving Credit Facility |  | - |  | - | 8/1/2029 | - | (149961) | - |  |
| Atlas AU Bidco Pty Ltd / Atlas US Finco, Inc. (i)(l) | Term Loan | SOFR | + | 5.00% | 9.63% | 12/9/2029 | 31393256 | 30650347 | 31393256 |  |
| Atlas AU Bidco Pty Ltd / Atlas US Finco, Inc. (f)(i) | Revolving Credit Facility |  | - |  | - | 12/9/2028 | - | (67432) | - |  |
| Cytracom, LLC (i)(l) | Term Loan | SOFR | + | 6.00% | 10.36% | 6/28/2027 | 3426966 | 3397681 | 3396124 |  |
| Cytracom, LLC (f)(i) | Delayed Draw Term Loan |  | - |  | - | 6/28/2027 | - | (4219) | (4045) |  |
| Cytracom, LLC (f)(i) | Revolving Credit Facility |  | - |  | - | 6/28/2027 | - | (4684) | (5056) |  |
| Finastra USA Inc (f)(i)(m) | Revolving Credit Facility | SOFR | + | 7.25% | 11.65% | 9/13/2029 | 4851990 | 4727462 | 4851990 |  |
| Lightspeed Solutions, LLC (j)(l) | Term Loan | SOFR | + | 6.50% (3.62% PIK) | 10.85% | 3/1/2028 | 20499211 | 20232423 | 20396715 |  |
| Lightspeed Solutions, LLC (j)(l) | Delayed Draw Term Loan | SOFR | + | 6.50% (3.62% PIK) | 10.85% | 3/1/2028 | 1352034 | 1350506 | 1345274 |  |
| Prism Parent Co Inc. (f)(j) | Delayed Draw Term Loan | SOFR | + | 5.00% | 9.34% | 9/16/2028 | 1488889 | 1465654 | 1488889 |  |
| Prism Parent Co Inc. (j)(l) | Term Loan | SOFR | + | 5.00% | 9.37% | 9/16/2028 | 31122518 | 30691280 | 31122518 |  |

---

*The accompanying notes are an integral part of these consolidated financial statements*

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Reference Rate and Spread (b)** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/ Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
| Routeware, Inc (i)(l) | Term Loan | SOFR | + | 5.25% | 9.60% | 9/18/2031 | 9545455 | $9452714 | $9450000 |  |
| Routeware, Inc (f)(i) | Delayed Draw Term Loan |  | - |  | - | 9/18/2031 | - | (21273) | (22159) |  |
| Routeware, Inc (f)(i) | Revolving Credit Facility |  | - |  | - | 9/18/2031 | - | (9819) | (10227) |  |
|  |  |  |  |  |  |  |  | 145955872 | 148608539 | 19.68% |
| **Automotive Parts & Equipment** |  |  |  |  |  |  |  |  |  |  |
| Arrowhead Holdco Company (j)(l) | Term Loan | SOFR | + | 5.25% (2.75% PIK) | 9.91% | 8/31/2028 | 25641875 | 25276369 | 19641676 |  |
| Arrowhead Holdco Company (j)(l) | Delayed Draw Term Loan | SOFR | + | 5.25% (2.75% PIK) | 9.91% | 8/31/2028 | 2341724 | 2341724 | 1793761 |  |
|  |  |  |  |  |  |  |  | 27618093 | 21435437 | 2.84% |
| **Commodity Chemicals** |  |  |  |  |  |  |  |  |  |  |
| Soteria Flexibles Corporation (f)(i) | Delayed Draw Term Loan |  | - |  | - | 8/15/2029 | - | (70714) | - |  |
| Soteria Flexibles Corporation (i)(l) | Term Loan | SOFR | + | 5.50% | 9.83% | 8/15/2029 | 15265202 | 14950057 | 15097285 |  |
| Soteria Flexibles Corporation (f)(i) | Revolving Credit Facility |  | - |  | - | 8/15/2029 | - | (114428) | (64981) |  |
|  |  |  |  |  |  |  |  | 14764915 | 15032304 | 1.99% |
| **Copper** |  |  |  |  |  |  |  |  |  |  |
| Copperweld Group, Inc. (i)(l) | Term Loan | SOFR | + | 6.00% | 10.59% | 3/31/2026 | 37741381 | 37072457 | 37514933 |  |
| Copperweld Group, Inc. (f)(i) | Revolving Credit Facility | SOFR | + | 6.00% | 10.33% | 3/31/2026 | 2876481 | 2791414 | 2846024 |  |
|  |  |  |  |  |  |  |  | 39863871 | 40360957 | 5.35% |
| **Data Processing & Outsourced Services** |  |  |  |  |  |  |  |  |  |  |
| VRC Companies LLC (i)(l) | Term Loan | SOFR | + | 5.75% | 10.27% | 6/29/2027 | 34297127 | 34003700 | 34125641 |  |
|  |  |  |  |  |  |  |  | 34003700 | 34125641 | 4.52% |
| **Diversified Financial Services** |  |  |  |  |  |  |  |  |  |  |
| CUB Financing Intermediate, LLC (k)(l) | Term Loan | SOFR | + | 4.75% | 9.08% | 6/28/2030 | 5126042 | 5077892 | 5126042 |  |
| CUB Financing Intermediate, LLC (f)(k) | Delayed Draw Term Loan |  | - |  | - | 6/28/2030 | - | (10877) | - |  |
| STG Distribution, LLC (h)(l)(m) | Term Loan | SOFR | + | 8.35% | 12.87% | 10/3/2029 | 16876603 | 15969850 | 16775343 |  |
|  |  |  |  |  |  |  |  | 21036865 | 21901385 | 2.90% |
| **Diversified Support Services** |  |  |  |  |  |  |  |  |  |  |
| American Trailer Rental Group, LLC (i)(l) | Term Loan | SOFR | + | 5.50% | 10.01% | 6/1/2027 | 15578500 | 15331019 | 14737261 |  |
| American Trailer Rental Group, LLC (i)(l) | Delayed Draw Term Loan | SOFR | + | 5.50% | 10.01% | 6/1/2027 | 14732284 | 14729194 | 13936740 |  |
| American Trailer Rental Group, LLC (i)(l) | Delayed Draw Term Loan | SOFR | + | 5.75% | 10.26% | 6/1/2027 | 19219292 | 18861937 | 18277547 |  |
| EverSmith Brands Intermediate Holding Company (i)(l) | Term Loan | SOFR | + | 5.00% | 9.36% | 6/17/2030 | 526765 | 519394 | 495159 |  |
| EverSmith Brands Intermediate Holding Company (f)(i) | Delayed Draw Term Loan |  | - |  | - | 6/17/2030 | - | (2516) | (19301) |  |
| EverSmith Brands Intermediate Holding Company (f)(i) | Revolving Credit Facility |  | - |  | - | 6/17/2030 | - | (1408) | (6176) |  |

---

*The accompanying notes are an integral part of these consolidated financial statements*

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Reference Rate and Spread (b)** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/ Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
| Identiti Resources LLC (i)(l) | Term Loan | SOFR | + | 5.00% | 9.57% | 11/1/2029 | 12468134 | $12285954 | $12281112 |  |
| Identiti Resources LLC (f)(i) | Delayed Draw Term Loan |  | - |  | - | 11/1/2029 | - | (74020) | (76477) |  |
| Identiti Resources LLC (f)(i) | Revolving Credit Facility |  | - |  | - | 11/1/2029 | - | (33632) | (34762) |  |
| MRI Acquisitions, Inc (i)(l) | Term Loan | SOFR | + | 6.25% | 10.73% | 12/30/2025 | 33354800 | 33115063 | 32421603 |  |
| MRI Acquisitions, Inc (f)(i) | Revolving Credit Facility | SOFR | + | 6.25% | 10.73% | 12/30/2025 | 666667 | 650289 | 596667 |  |
| National Power, LLC (i)(l) | Term Loan | SOFR | + | 5.00% | 9.36% | 10/31/2029 | 1375801 | 1362406 | 1362043 |  |
| National Power, LLC (f)(i) | Delayed Draw Term Loan |  | - |  | - | 10/31/2029 | - | (7227) | (7472) |  |
| National Power, LLC (f)(i) | Revolving Credit Facility |  | - |  | - | 10/31/2029 | - | (3612) | (3736) |  |
| Perimeter Solutions Group, LLC (i)(l) | Term Loan | SOFR | + | 4.50% | 8.83% | 10/2/2030 | 12067039 | 11920905 | 11886034 |  |
| Perimeter Solutions Group, LLC (f)(i) | Delayed Draw Term Loan | SOFR | + | 4.50% | 8.83% | 10/2/2030 | 1820633 | 1785149 | 1773631 |  |
| Perimeter Solutions Group, LLC (f)(i) | Revolving Credit Facility |  | - |  | - | 10/2/2030 | - | (44991) | (56250) |  |
|  |  |  |  |  |  |  |  | 110393904 | 107563623 | 14.24% |
| **Electronic Components** |  |  |  |  |  |  |  |  |  |  |
| AEP Passion Intermediate Holdings, Inc. (i)(l) | Term Loan | SOFR | + | 6.50% | 11.17% | 10/5/2027 | 24494992 | 24009944 | 22265948 |  |
| AEP Passion Intermediate Holdings, Inc. (i) | Delayed Draw Term Loan | SOFR | + | 6.50% | 11.17% | 10/5/2027 | 1356240 | 1331289 | 1232822 |  |
| AEP Passion Intermediate Holdings, Inc. (f)(i) | Revolving Credit Facility | SOFR | + | 4.60% | 9.27% | 10/5/2027 | 1198723 | 1166845 | 1043026 |  |
| EDS Buyer, LLC (i)(l) | Term Loan | SOFR | + | 5.75% | 10.08% | 1/10/2029 | 907990 | 892073 | 907990 |  |
| EDS Buyer, LLC (f)(i) | Revolving Credit Facility |  | - |  | - | 1/10/2029 | - | (1441) | - |  |
|  |  |  |  |  |  |  |  | 27398710 | 25449786 | 3.37% |
| **Electronic Manufacturing Services** |  |  |  |  |  |  |  |  |  |  |
| Principal Lighting Group Holdings, LLC (i)(l) | Term Loan | SOFR | + | 5.25% | 9.81% | 11/4/2030 | 23359808 | 23016177 | 23009411 |  |
| Principal Lighting Group Holdings, LLC (f)(i) | Revolving Credit Facility |  | - |  | - | 11/4/2030 | - | (45398) | (46595) |  |
|  |  |  |  |  |  |  |  | 22970779 | 22962816 | 3.04% |
| **Environmental & Facilities Services** |  |  |  |  |  |  |  |  |  |  |
| Dragonfly Pond Works (i) | Term Loan | SOFR | + | 5.25% | 9.58% | 8/16/2030 | 2985516 | 2942812 | 2973574 |  |
| Dragonfly Pond Works (f)(i) | Delayed Draw Term Loan |  | - |  | - | 8/16/2030 | - | (24653) | - |  |
| Dragonfly Pond Works (f)(i) | Revolving Credit Facility |  | - |  | - | 8/16/2030 | - | (12318) | (3501) |  |
| Erosion Intermediate Holdings LLC (i)(l) | Term Loan | SOFR | + | 5.50% | 9.83% | 9/30/2029 | 2003906 | 1975023 | 1977855 |  |
| Erosion Intermediate Holdings LLC (f)(i) | Delayed Draw Term Loan | SOFR | + | 5.50% | 9.84% | 9/30/2029 | 803571 | 746245 | 751339 |  |
| Erosion Intermediate Holdings LLC (f)(i) | Revolving Credit Facility |  | - |  | - | 9/30/2029 | - | (19093) | (17411) |  |

---

*The accompanying notes are an integral part of these consolidated financial statements*

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Reference Rate and Spread (b)** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/ Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
| Pave America Interco, LLC (i)(l) | Term Loan | SOFR | + | 6.75% | 11.23% | 2/7/2028 | 39744347 | $38919160 | $39466136 |  |
| Pave America Interco, LLC (i)(l) | Delayed Draw Term Loan | SOFR | + | 6.75% | 11.23% | 2/7/2028 | 5692211 | 5571339 | 5652366 |  |
| Pave America Interco, LLC (f)(i) | Revolving Credit Facility | SOFR | + | 6.75% | 11.23% | 2/7/2028 | 2591080 | 2516585 | 2564698 |  |
| Pave America Interco, LLC (i)(l) | Term Loan | SOFR | + | 6.75% | 11.23% | 2/7/2028 | 995000 | 968587 | 988035 |  |
| Ruppert Landscape, LLC (j)(l) | Term Loan | SOFR | + | 5.00% | 9.55% | 12/1/2028 | 23874058 | 23359470 | 23874058 |  |
| Ruppert Landscape, LLC (j)(l) | Delayed Draw Term Loan | SOFR | + | 5.00% | 9.51% | 12/1/2028 | 6232696 | 6072188 | 6232696 |  |
| Ruppert Landscape, LLC (f)(j) | Revolving Credit Facility |  | - |  | - | 12/1/2028 | - | (88556) | - |  |
|  |  |  |  |  |  |  |  | 82926789 | 84459845 | 11.17% |
| **Health Care Facilities** |  |  |  |  |  |  |  |  |  |  |
| Infusion Services Management, LLC (i)(l) | Term Loan | SOFR | + | 6.50% | 10.83% | 7/7/2028 | 18805258 | 18373981 | 18805258 |  |
| Infusion Services Management, LLC (f)(i) | Delayed Draw Term Loan | SOFR | + | 5.50% | 10.83% | 7/7/2028 | 6229744 | 6115164 | 6229744 |  |
| Infusion Services Management, LLC (f)(i) | Revolving Credit Facility | SOFR | + | 6.50% | 10.87% | 7/7/2028 | 1401157 | 1344047 | 1401157 |  |
| Infusion Services Management, LLC (i)(l) | Term Loan | SOFR | + | 6.00% | 10.26% | 7/7/2028 | 4802778 | 4716511 | 4764356 |  |
|  |  |  |  |  |  |  |  | 30549703 | 31200515 | 4.13% |
| **Health Care Services** |  |  |  |  |  |  |  |  |  |  |
| AB Centers Acquisition Corporation (j)(l) | Term Loan | SOFR | + | 5.25% | 9.84% | 7/2/2031 | 20245792 | 19953535 | 20205300 |  |
| AB Centers Acquisition Corporation (f)(j) | Delayed Draw Term Loan | SOFR | + | 5.25% | 9.78% | 7/2/2031 | 252382 | 223950 | 251877 |  |
| AB Centers Acquisition Corporation (f)(j) | Revolving Credit Facility |  | - |  | - | 7/2/2031 | - | (27586) | (3681) |  |
| AB Centers Acquisition Corporation (j)(l) | Term Loan | SOFR | + | 5.25% | 9.61% | 7/2/2031 | 1000000 | 995090 | 998000 |  |
| BeBright MSO, LLC (i)(l) | Term Loan | SOFR | + | 5.75% | 10.26% | 6/3/2030 | 9614450 | 9525087 | 9595221 |  |
| BeBright MSO, LLC (f)(i) | Delayed Draw Term Loan | SOFR | + | 5.75% | 10.34% | 6/3/2030 | 7269684 | 7198748 | 7254256 |  |
| BeBright MSO, LLC (f)(i) | Revolving Credit Facility |  | - |  | - | 6/3/2030 | - | (17494) | (3865) |  |
| CareRing Health, LLC (j)(l) | Delayed Draw Term Loan | SOFR | + | 6.00% | 10.57% | 5/4/2028 | 6566367 | 6550042 | 6316845 |  |
| CareRing Health, LLC (j)(l) | Term Loan | SOFR | + | 6.00% | 10.51% | 5/4/2028 | 28241379 | 27813840 | 27168207 |  |
| DPT Management, LLC (i)(l) | Term Loan | SOFR | + | 5.25% | 9.63% | 12/18/2027 | 1800000 | 1782197 | 1782000 |  |
| DPT Management, LLC (f)(i) | Delayed Draw Term Loan |  | - |  | - | 12/18/2027 | - | (4115) | (4167) |  |
| DPT Management, LLC (f)(i) | Revolving Credit Facility |  | - |  | - | 12/18/2027 | - | (2469) | (2500) |  |
| Fertility (ITC) Investment Holdco, LLC / Fertility (ITC) Buyer, Inc. (i)(l) | Term Loan | SOFR | + | 6.50% | 11.74% | 1/3/2029 | 38027663 | 37325000 | 38027663 |  |
| Fertility (ITC) Investment Holdco, LLC / Fertility (ITC) Buyer, Inc. (i)(l) | Delayed Draw Term Loan | SOFR | + | 6.50% | 11.74% | 1/3/2029 | 8954545 | 8790166 | 8954545 |  |
| Fertility (ITC) Investment Holdco, LLC / Fertility (ITC) Buyer, Inc. (f)(i) | Revolving Credit Facility |  | - |  | - | 1/3/2029 | - | (45956) | - |  |

---

*The accompanying notes are an integral part of these consolidated financial statements*

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Reference Rate and Spread (b)** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/ Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
| Future Care Associates LLC (i)(l) | Term Loan | SOFR | + | 5.25% | 9.71% | 12/30/2028 | 29400000 | $28849767 | $29047200 |  |
| Future Care Associates LLC (i) | Delayed Draw Term Loan | SOFR | + | 5.25% | 9.71% | 12/30/2028 | 24715000 | 24265598 | 24418420 |  |
| Future Care Associates LLC (f)(i) | Revolving Credit Facility |  | - |  | - | 12/30/2028 | - | (85035) | (60000) |  |
| Houseworks Holdings, LLC (i)(l) | Term Loan | SOFR | + | 5.25% | 9.58% | 12/16/2028 | 6615000 | 6468536 | 6615000 |  |
| Houseworks Holdings, LLC (i)(l) | Delayed Draw Term Loan | SOFR | + | 5.25% | 9.58% | 12/16/2028 | 24562500 | 24025652 | 24562500 |  |
| Houseworks Holdings, LLC (f)(i) | Revolving Credit Facility | SOFR | + | 5.25% | 9.56% | 12/16/2028 | 698770 | 583429 | 698770 |  |
| Houseworks Holdings, LLC (i)(l) | Term Loan | SOFR | + | 5.25% | 9.58% | 12/16/2028 | 43632665 | 42621985 | 43632665 |  |
| NE Ortho Management Services, LLC (f)(i) | Delayed Draw Term Loan |  | - |  | - | 12/13/2030 | - | (48062) | (48465) |  |
| NE Ortho Management Services, LLC (f)(i) | Revolving Credit Facility |  | - |  | - | 12/13/2030 | - | (12014) | (12116) |  |
| NE Ortho Management Services, LLC (i)(l) | Term Loan | SOFR | + | 5.00% | 9.40% | 12/13/2030 | 5250404 | 5172150 | 5171648 |  |
| NE Ortho Management Services, LLC (f)(i) | Delayed Draw Term Loan |  | - |  | - | 12/13/2030 | - | (18023) | (18174) |  |
| The Smilist DSO, LLC (i)(l) | Term Loan | SOFR | + | 6.00% | 10.33% | 4/4/2029 | 21141884 | 20720720 | 21141884 |  |
| The Smilist DSO, LLC (f)(i) | Revolving Credit Facility |  | - |  | - | 4/4/2029 | - | (22085) | - |  |
| The Smilist DSO, LLC (f)(i) | Delayed Draw Term Loan | SOFR | + | 6.00% | 10.33% | 4/4/2029 | 3944681 | 3861547 | 3944681 |  |
| The Smilist DSO, LLC (i)(l) | Delayed Draw Term Loan | SOFR | + | 6.00% | 10.33% | 4/4/2029 | 5715774 | 5603019 | 5715774 |  |
| The Smilist DSO, LLC (f)(i) | Delayed Draw Term Loan |  | - |  | - | 4/4/2029 | - | (4984) | (5000) |  |
| Tiger Healthcare Buyer, LLC (f)(i) | Delayed Draw Term Loan | SOFR | + | 6.00% | 10.33% | 2/27/2030 | 74397 | 72444 | 73801 |  |
| Tiger Healthcare Buyer, LLC (i)(l) | Term Loan | SOFR | + | 6.00% | 10.33% | 2/27/2030 | 2481250 | 2431148 | 2461400 |  |
| Tiger Healthcare Buyer, LLC (f)(i) | Revolving Credit Facility |  | - |  | - | 2/27/2030 | - | (43665) | (18000) |  |
| VIP Medical US Buyer, LLC (i)(l) | Term Loan | SOFR | + | 5.75% | 10.21% | 12/12/2028 | 33697300 | 33205777 | 33697300 |  |
| VIP Medical US Buyer, LLC (f)(i) | Revolving Credit Facility | SOFR | + | 5.75% | 10.21% | 12/12/2028 | 5500000 | 5397701 | 5500000 |  |
| VIP Medical US Buyer, LLC (f)(i) | Delayed Draw Term Loan | SOFR | + | 5.75% | 10.21% | 12/12/2028 | 8067500 | 7932181 | 8067500 |  |
|  |  |  |  |  |  |  |  | 331037821 | 335126489 | 44.36% |
| **Health Care Supplies** |  |  |  |  |  |  |  |  |  |  |
| C2DX, Inc (i)(l) | Term Loan | SOFR | + | 5.25% | 9.76% | 3/19/2030 | 521483 | 514425 | 521483 |  |
| C2DX, Inc (f)(i) | Revolving Credit Facility | SOFR | + | 5.25% | 9.76% | 3/19/2030 | 15254 | 13474 | 15254 |  |
| C2DX, Inc (f)(i) | Delayed Draw Term Loan |  | - |  | - | 3/19/2030 | - | (4439) | - |  |
|  |  |  |  |  |  |  |  | 523460 | 536737 | 0.07% |

---

*The accompanying notes are an integral part of these consolidated financial statements*

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Reference Rate and Spread (b)** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/ Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
| **Health Care Technology** |  |  |  |  |  |  |  |  |  |  |
| Alegeus Technologies Holdings Corp (i)(l) | Term Loan | SOFR | + | 6.75% | 11.30% | 11/5/2029 | 27363876 | $26695038 | $26679779 |  |
| Benefit Plan Administrators Of Eau Claire, LLC (j)(l) | Term Loan | SOFR | + | 4.75% | 9.30% | 11/1/2030 | 7258065 | 7169212 | 7167339 |  |
| Benefit Plan Administrators Of Eau Claire, LLC (f)(j) | Revolving Credit Facility |  | - |  | - | 11/1/2030 | - | (14707) | (15121) |  |
| Benefit Plan Administrators Of Eau Claire, LLC (f)(j) | Delayed Draw Term Loan |  | - |  | - | 11/1/2030 | - | (24507) | (25202) |  |
| Harmony Hit US Holdings Inc (i)(l) | Term Loan | SOFR | + | 5.00% | 9.53% | 12/3/2030 | 17863020 | 17641903 | 17639733 |  |
| Harmony Hit US Holdings Inc (f)(i) | Delayed Draw Term Loan |  | - |  | - | 12/3/2030 | - | (22200) | (22486) |  |
| Harmony Hit US Holdings Inc (f)(i) | Revolving Credit Facility |  | - |  | - | 12/3/2030 | - | (37324) | (37810) |  |
| RxStrategies, Inc (i)(l) | Term Loan | SOFR | + | 5.25% | 9.84% | 8/12/2030 | 20797236 | 20500055 | 20610060 |  |
| RxStrategies, Inc (f)(i) | Revolving Credit Facility |  | - |  | - | 8/12/2030 | - | (52708) | (33750) |  |
|  |  |  |  |  |  |  |  | 71854762 | 71962542 | 9.53% |
| **Industrial Machinery & Supplies & Components** |  |  |  |  |  |  |  |  |  |  |
| Astro Acquisition LLC (i)(l) | Term Loan | SOFR | + | 5.50% | 9.82% | 12/13/2027 | 48500000 | 48114765 | 48500000 |  |
| Astro Acquisition LLC (f)(i) | Revolving Credit Facility | SOFR | + | 5.50% | 10.01% | 12/13/2027 | 3250000 | 3250000 | 3250000 |  |
| Double E Company, LLC (i)(l) | Term Loan | SOFR | + | 6.75% (2.75% PIK) | 11.25% | 6/21/2028 | 15904645 | 15776731 | 14345989 |  |
| Double E Company, LLC (f)(i) | Revolving Credit Facility | SOFR | + | 6.75% | 11.25% | 6/21/2028 | 2176211 | 2176211 | 1943084 |  |
| Endurance PT Technology Buyer Corporation (i)(l) | Term Loan | SOFR | + | 5.50% | 9.86% | 2/28/2030 | 4224389 | 4148653 | 4224389 |  |
| Endurance PT Technology Buyer Corporation (f)(i) | Revolving Credit Facility |  | - |  | - | 2/28/2030 | - | (53192) | - |  |
| Endurance PT Technology Buyer Corporation (i)(l) | Term Loan | SOFR | + | 5.25% | 9.61% | 2/28/2030 | 995000 | 978766 | 992015 |  |
| LA-CO Industries, Inc (i)(l) | Term Loan | SOFR | + | 5.00% | 9.33% | 7/2/2030 | 9121625 | 8993295 | 9021288 |  |
| LA-CO Industries, Inc (f)(i) | Revolving Credit Facility |  | - |  | - | 7/2/2030 | - | (10476) | (8365) |  |
| Lake Air Products, LLC (i)(l) | Term Loan | SOFR | + | 7.00% | 11.48% | 1/9/2029 | 36066085 | 35390533 | 36066085 |  |
| Lake Air Products, LLC (f)(i) | Revolving Credit Facility |  | - |  | - | 1/9/2029 | - | (101773) | - |  |
| Lamons Manufacturing And Service Company (i)(m) | Term Loan | SOFR | + | 6.50% | 10.97% | 12/20/2025 | 990000 | 978080 | 969210 |  |
| MoboTrex, LLC (i)(l) | Term Loan | SOFR | + | 5.25% | 9.58% | 6/7/2030 | 542727 | 532625 | 531873 |  |
| MoboTrex, LLC (i) | Delayed Draw Term Loan | SOFR | + | 5.25% | 9.58% | 6/7/2030 | 314685 | 308917 | 308391 |  |
| MoboTrex, LLC (f)(i) | Revolving Credit Facility |  | - |  | - | 6/7/2030 | - | (5348) | (5669) |  |
| MoboTrex, LLC (i)(l) | Term Loan | SOFR | + | 5.25% | 9.58% | 6/7/2030 | 819375 | 803001 | 802987 |  |
|  |  |  |  |  |  |  |  | 121280788 | 120941277 | 16.01% |

---

*The accompanying notes are an integral part of these consolidated financial statements*

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Reference Rate and Spread (b)** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/ Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
| **Insurance Brokers** |  |  |  |  |  |  |  |  |  |  |
| Alera Group, Inc. (j)(l) | Term Loan | SOFR | + | 5.25% | 9.61% | 9/30/2028 | 4887500 | $4819492 | $4887500 |  |
| Alera Group, Inc. (j)(l) | Delayed Draw Term Loan | SOFR | + | 5.25% | 9.61% | 9/30/2028 | 9804375 | 9671135 | 9804375 |  |
|  |  |  |  |  |  |  |  | 14490627 | 14691875 | 1.95% |
| **Life Sciences Tools & Services** |  |  |  |  |  |  |  |  |  |  |
| WCI-BXC Purchaser, LLC (f)(j) | Revolving Credit Facility |  | - |  | - | 11/6/2029 | - | (120495) | - |  |
| WCI-BXC Purchaser, LLC (j)(l) | Term Loan | SOFR | + | 6.25% | 10.78% | 11/6/2030 | 23221435 | 22706819 | 23221435 |  |
|  |  |  |  |  |  |  |  | 22586324 | 23221435 | 3.07% |
| **Office Services & Supplies** |  |  |  |  |  |  |  |  |  |  |
| MSE Supplies, LLC (i)(l) | Term Loan | SOFR | + | 5.00% | 9.51% | 8/14/2030 | 5754808 | 5658828 | 5697260 |  |
| MSE Supplies, LLC (f)(i) | Revolving Credit Facility | SOFR | + | 5.00% | 9.33% | 8/14/2030 | 144231 | 120533 | 129808 |  |
|  |  |  |  |  |  |  |  | 5779361 | 5827068 | 0.77% |
| **Packaged Foods & Meats** |  |  |  |  |  |  |  |  |  |  |
| CCI Prime, LLC (i)(l) | Term Loan | SOFR | + | 6.00% | 10.33% | 10/18/2029 | 968742 | 948140 | 947430 |  |
| CCI Prime, LLC (f)(i) | Delayed Draw Term Loan | SOFR | + | 6.00% | 10.33% | 10/18/2029 | 343558 | 334836 | 334110 |  |
| CCI Prime, LLC (f)(i) | Revolving Credit Facility |  | - |  | - | 10/18/2029 | - | (70299) | (77000) |  |
| Midas Foods International LLC (i) | Term Loan | SOFR | + | 6.25% | 10.61% | 4/30/2029 | 326230 | 320379 | 321010 |  |
| Midas Foods International LLC (f)(i) | Delayed Draw Term Loan | SOFR | + | 6.25% | 10.61% | 4/30/2029 | 426229 | 417631 | 418360 |  |
| Midas Foods International LLC (f)(i) | Revolving Credit Facility |  | - |  | - | 4/30/2029 | - | (2847) | (2623) |  |
| Sabrosura Foods, LLC (i)(l) | Term Loan | SOFR | + | 5.00% | 9.33% | 8/22/2029 | 33110799 | 32642276 | 32514805 |  |
| Sabrosura Foods, LLC (f)(i) | Delayed Draw Term Loan | SOFR | + | 5.00% | 9.52% | 8/22/2029 | 156377 | 124130 | 108291 |  |
| Sabrosura Foods, LLC (f)(i) | Revolving Credit Facility | SOFR | + | 5.00% | 9.52% | 8/22/2029 | 2795797 | 2683262 | 2650631 |  |
|  |  |  |  |  |  |  |  | 37397508 | 37215014 | 4.92% |
| **Paper & Plastic Packaging Products & Materials** |  |  |  |  |  |  |  |  |  |  |
| Bron Buyer, LLC (i)(l) | Term Loan | SOFR | + | 6.75% | 11.18% | 1/13/2029 | 32422500 | 31814840 | 32422500 |  |
| Bron Buyer, LLC (f)(i) | Revolving Credit Facility |  | - |  | - | 1/13/2029 | - | (84847) | - |  |
| PLA Buyer, LLC (i)(l) | Term Loan | SOFR | + | 6.50% | 11.01% | 11/22/2029 | 16842105 | 16510736 | 16505263 |  |
| PLA Buyer, LLC (f)(i) | Delayed Draw Term Loan |  | - |  | - | 11/22/2029 | - | (20610) | (21053) |  |
| PLA Buyer, LLC (f)(i) | Revolving Credit Facility |  | - |  | - | 11/22/2029 | - | (41210) | (42105) |  |
|  |  |  |  |  |  |  |  | 48178909 | 48864605 | 6.46% |

---

*The accompanying notes are an integral part of these consolidated financial statements*

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Reference Rate and Spread (b)** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/ Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
| **Pharmaceuticals** |  |  |  |  |  |  |  |  |  |  |
| Alcami Corporation (i)(l) | Term Loan | SOFR | + | 7.00% | 11.66% | 12/21/2028 | 44167123 | $42435625 | $44167123 |  |
| Alcami Corporation (i)(l) | Delayed Draw Term Loan | SOFR | + | 7.00% | 11.55% | 12/21/2028 | 3971632 | 3823542 | 3971632 |  |
| Alcami Corporation (f)(i) | Revolving Credit Facility | SOFR | + | 7.00% | 11.44% | 12/21/2028 | 550685 | 291511 | 550685 |  |
|  |  |  |  |  |  |  |  | 46550678 | 48689440 | 6.45% |
| **Research & Consulting Services** |  |  |  |  |  |  |  |  |  |  |
| NAM Acquisition Co LLC (j)(l) | Term Loan | SOFR | + | 5.00% | 9.25% | 7/16/2030 | 3461205 | 3412270 | 3426593 |  |
| NAM Acquisition Co LLC (f)(j) | Delayed Draw Term Loan |  | - |  | - | 7/16/2030 | - | (6689) | (2410) |  |
| NAM Acquisition Co LLC (f)(j) | Revolving Credit Facility |  | - |  | - | 7/16/2030 | - | (6684) | (4819) |  |
| RPX Corporation (i) | Term Loan | SOFR | + | 5.50% | 10.02% | 8/2/2030 | 9160714 | 9030266 | 9069107 |  |
| RPX Corporation (f)(i) | Revolving Credit Facility |  | - |  | - | 8/2/2030 | - | (11414) | (8163) |  |
|  |  |  |  |  |  |  |  | 12417749 | 12480308 | 1.65% |
| **Soft Drinks & Non-alcoholic Beverages** |  |  |  |  |  |  |  |  |  |  |
| Refresh Buyer LLC (f)(j) | Revolving Credit Facility | SOFR | + | 4.25% | 9.33% | 12/23/2027 | 245399 | 245399 | 214724 |  |
| Refresh Buyer LLC (j)(l) | Term Loan | SOFR | + | 4.25% | 9.33% | 12/23/2028 | 14319018 | 14208135 | 14175828 |  |
| Refresh Buyer LLC (j)(l) | Delayed Draw Term Loan | SOFR | + | 4.25% | 9.33% | 12/23/2028 | 2158896 | 2158896 | 2137307 |  |
| Refresh Buyer LLC (j)(l) | Term Loan | SOFR | + | 4.50% | 9.58% | 12/23/2028 | 34330435 | 33834991 | 34124452 |  |
| Refresh Buyer LLC (j)(l) | Delayed Draw Term Loan | SOFR | + | 4.50% | 9.58% | 12/23/2028 | 4919255 | 4851285 | 4889739 |  |
|  |  |  |  |  |  |  |  | 55298706 | 55542050 | 7.36% |
| **Specialized Consumer Services** |  |  |  |  |  |  |  |  |  |  |
| Mustang Prospects Purchaser LLC (j)(l) | Term Loan | SOFR | + | 5.00% | 9.33% | 6/13/2031 | 16104607 | 15952556 | 15943561 |  |
| Mustang Prospects Purchaser LLC (f)(j) | Delayed Draw Term Loan | SOFR | + | 5.00% | 9.51% | 6/13/2031 | 2062021 | 2034843 | 2033170 |  |
| Mustang Prospects Purchaser LLC (f)(j) | Revolving Credit Facility |  | - |  | - | 6/13/2031 | - | (21855) | (23683) |  |
| Quick Roofing Acquisition, LLC (i)(l) | Term Loan | SOFR | + | 5.75% | 10.18% | 12/22/2029 | 8114754 | 7937597 | 8001148 |  |
| Quick Roofing Acquisition, LLC (f)(i) | Revolving Credit Facility | SOFR | + | 5.75% | 10.21% | 12/22/2029 | 3400000 | 3222914 | 3281000 |  |
| Quick Roofing Acquisition, LLC (i) | Delayed Draw Term Loan | SOFR | + | 5.75% | 10.37% | 12/22/2029 | 2970203 | 2907215 | 2928620 |  |
| Quick Roofing Acquisition, LLC (i)(l) | Term Loan | SOFR | + | 5.75% | 10.37% | 12/22/2029 | 494949 | 487637 | 488020 |  |
| Quick Roofing Acquisition, LLC (f)(i) | Delayed Draw Term Loan |  | - |  | - | 12/22/2029 | - | (4953) | (4545) |  |
| Roofing Services Solutions LLC (i)(l) | Term Loan | SOFR | + | 5.25% | 9.77% | 11/27/2029 | 10416667 | 10262718 | 10260417 |  |
| Roofing Services Solutions LLC (f)(i) | Delayed Draw Term Loan | SOFR | + | 5.25% | 9.60% | 11/27/2029 | 2333333 | 2241194 | 2239583 |  |
| Roofing Services Solutions LLC (f)(i) | Revolving Credit Facility | SOFR | + | 5.25% | 9.77% | 11/27/2029 | 208333 | 162149 | 161458 |  |

---

*The accompanying notes are an integral part of these consolidated financial statements*

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Reference Rate and Spread (b)** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/ Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
| SCP WQS Buyer, LLC (i)(l) | Term Loan | SOFR | + | 5.25% | 9.58% | 10/2/2028 | 4318085 | $4240294 | $4309449 |  |
| SCP WQS Buyer, LLC (f)(i) | Delayed Draw Term Loan | SOFR | + | 5.25% | 9.58% | 10/2/2028 | 4300722 | 4171914 | 4284597 |  |
| SCP WQS Buyer, LLC (f)(i) | Revolving Credit Facility | SOFR | + | 5.25% | 9.58% | 10/2/2028 | 783331 | 722887 | 776225 |  |
| Solid Ground Solutions Acquisitions Inc (i)(l) | Term Loan | SOFR | + | 5.00% | 9.33% | 5/6/2029 | 1895238 | 1865501 | 1883867 |  |
| Solid Ground Solutions Acquisitions Inc (f)(i) | Delayed Draw Term Loan |  | - |  | - | 5/6/2029 | - | (18173) | - |  |
| Solid Ground Solutions Acquisitions Inc (f)(i) | Revolving Credit Facility |  | - |  | - | 5/6/2029 | - | (9077) | (3571) |  |
| USW Buyer, LLC (i)(l) | Term Loan | SOFR | + | 6.25% | 10.68% | 11/3/2028 | 15163852 | 14946283 | 13935580 |  |
| USW Buyer, LLC (i)(l) | Delayed Draw Term Loan | SOFR | + | 6.25% | 10.68% | 11/3/2028 | 14333236 | 14135087 | 13172244 |  |
| USW Buyer, LLC (f)(i) | Revolving Credit Facility | SOFR | + | 6.25% | 10.68% | 11/3/2028 | 3030000 | 2963431 | 2625000 |  |
|  |  |  |  |  |  |  |  | 88200162 | 86292140 | 11.42% |
| **Trading Companies & Distributors** |  |  |  |  |  |  |  |  |  |  |
| All States AG Parts LLC (i)(l) | Term Loan | SOFR | + | 6.00% | 10.59% | 9/1/2026 | 24496746 | 24182716 | 23614863 |  |
| Belt Power Holdings LLC (i)(l) | Term Loan | SOFR | + | 5.50% | 9.96% | 8/22/2028 | 29074359 | 28676996 | 29074359 |  |
| Belt Power Holdings LLC (i)(l) | Delayed Draw Term Loan | SOFR | + | 5.50% | 9.96% | 8/22/2028 | 6745641 | 6679020 | 6745641 |  |
| Belt Power Holdings LLC (f)(i) | Revolving Credit Facility |  | - |  | - | 8/22/2028 | - | (42952) | - |  |
|  |  |  |  |  |  |  |  | 59495780 | 59434863 | 7.87% |
| **Total First Lien Debt** |  |  |  |  |  |  |  | 1522615486 | 1525175632 | 201.91% |
| **Second Lien Debt** |  |  |  |  |  |  |  |  |  |  |
| **Air Freight & Logistics** |  |  |  |  |  |  |  |  |  |  |
| Echo Global Logistics Inc (k)(l) | Term Loan | SOFR | + | 8.00% | 12.46% | 11/23/2029 | 10000000 | 9714888 | 10000000 |  |
|  |  |  |  |  |  |  |  | 9714888 | 10000000 | 1.32% |
| **Diversified Financial Services** |  |  |  |  |  |  |  |  |  |  |
| STG Distribution, LLC (h)(l)(m) | Term Loan | SOFR | + | 7.50% | 12.12% | 9/30/2029 | 36578563 | 36578563 | 27433922 |  |
|  |  |  |  |  |  |  |  | 36578563 | 27433922 | 3.63% |
| **Total Second Lien Debt** |  |  |  |  |  |  |  | 46293451 | 37433922 | 4.95% |
| **Equity** |  |  |  |  |  |  |  |  |  |  |
| **Air Freight & Logistics** |  |  |  |  |  |  |  |  |  |  |
| REP RO Coinvest IV-A, L.P. (m)(o) | Equity Units |  |  |  |  |  | 800000 | 800000 | 544000 |  |
| SCP 3PL Topco, LLC (m)(o) | Common Units |  |  |  |  |  | 69 | 346 | 346 |  |
| SCP 3PL Topco, LLC (m)(o) | Class B Units |  |  |  |  |  | 7 | 6580 | 6580 |  |
|  |  |  |  |  |  |  |  | 806926 | 550926 | 0.07% |

---

*The accompanying notes are an integral part of these consolidated financial statements*

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/ Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
| **Building Products** |  |  |  |  |  |  |  |  |
| Copperweld Investor, LLC (o) | Class A Common Units |  |  |  | 600000 | $1500000 | $1032000 |  |
|  |  |  |  |  |  | 1500000 | 1032000 | 0.14% |
| **Diversified Support Services** |  |  |  |  |  |  |  |  |
| Air Control Concepts Holdings, L.P (m)(o) | Class A-1 Units |  |  |  | 33715 | 337148 | 1197549 |  |
| Identiti Holdings LLC (o) | Class A Units |  |  |  | 115875 | 115875 | 118193 |  |
| KLC Fund 1022-CI-A LP (m)(o) | Equity Interest |  |  |  |  | 750000 | 845775 |  |
| Perimeter Solutions Holdings, LP (m)(o) | Common Units |  |  |  | 111732 | 111732 | 111732 |  |
|  |  |  |  |  |  | 1314755 | 2273249 | 0.30% |
| **Electronic Components** |  |  |  |  |  |  |  |  |
| APCT Parent, L.P. (o) | Class A Units |  |  |  | 1500 | 1500000 | 416295 |  |
| APCT Parent, L.P. (o) | Class C Units |  |  |  | 76 | 38419 | 56622 |  |
|  |  |  |  |  |  | 1538419 | 472917 | 0.07% |
| **Environmental & Facilities Services** |  |  |  |  |  |  |  |  |
| Dragonfly Ultimate Holdings LLC (o) | Class A Units |  |  |  | 131272 | 131272 | 143086 |  |
| Erosion Holdings, LLC (o) | Class A Units |  |  |  | 134 | 133930 | 125747 |  |
|  |  |  |  |  |  | 265202 | 268833 | 0.04% |
| **Health Care Services** |  |  |  |  |  |  |  |  |
| DPT Management, LLC (o) | Preferred Units |  |  |  | 10753 | 33333 | 33333 |  |
| NE Ortho Holdings, LLC (o) | Class B Membership Units |  |  |  | 57 | 56540 | 56540 |  |
| Personal Care (ITC) Holdings, LLC (o) | Class A Units |  |  |  | 187961 | 1879621 | 2052534 |  |
| Tiger Healthcare Holdings, LLC (o) | Class A Interest |  |  |  | 97500 | 125000 | 116025 |  |
| VIP Medical Holdings, LLC (o) | Class A Units |  |  |  | 1000000 | 10 | 10 |  |
| VIP Medical Holdings, LLC (o) | Series A Preferred Units |  |  |  | 1000000 | 1000000 | 1200000 |  |
|  |  |  |  |  |  | 3094504 | 3458442 | 0.46% |
| **Health Care Technology** |  |  |  |  |  |  |  |  |
| RXS Enterprises LLC (o) | Preferred Units |  |  |  | 57423 | 308494 | 318125 |  |
| RXS Enterprises LLC (o) | Senior Preferred Units |  |  |  | 92147 | 92147 | 92147 |  |
|  |  |  |  |  |  | 400641 | 410272 | 0.05% |
| **Human Resource & Employment Services** |  |  |  |  |  |  |  |  |
| FCA Partners LLC (m)(o) | Common Units |  |  |  | 839085 | 4 | 8 |  |
| FCA Partners LLC (m)(o) | Class A Preferred Units |  |  |  | 839085 | 839085 | 520233 |  |
|  |  |  |  |  |  | 839089 | 520241 | 0.07% |

---

*The accompanying notes are an integral part of these consolidated financial statements*

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/ Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
| **Industrial Machinery & Supplies & Components** |  |  |  |  |  |  |  |  |
| Double E Equity, L.P. (m)(o) | Class A Common Units |  |  |  | 1000 | $1000000 | $266860 |  |
| Double E Equity, L.P. (m)(o) | Class A Preferred Units |  |  |  | 18 | 17500 | 19464 |  |
| Endurance PT Technology Holdings LLC (o) | Common Units |  |  |  | 177 | 17722 | 26576 |  |
| Endurance PT Technology Holdings LLC (o) | Preferred Units |  |  |  | 159 | 159499 | 165488 |  |
| Lake Air Products, LLC (m)(o) | Common Units |  |  |  | 1000000 | 1000000 | 990000 |  |
| MoboTrex Ultimate Holdings, LLC (o) | Class A-2 Units |  |  |  | 54041 | 54041 | 81062 |  |
|  |  |  |  |  |  | 2248762 | 1549450 | 0.20% |
| **Life Sciences Tools & Services** |  |  |  |  |  |  |  |  |
| WCI-BXC Investment Holdings LP (m)(o) | Equity Interest |  |  |  |  | 608645 | 559459 |  |
|  |  |  |  |  |  | 608645 | 559459 | 0.07% |
| **Office Services & Supplies** |  |  |  |  |  |  |  |  |
| MSE Acquisitions, Inc (o) | Series A Preferred Stock |  |  |  | 288 | 288462 | 330399 |  |
|  |  |  |  |  |  | 288462 | 330399 | 0.04% |
| **Packaged Foods & Meats** |  |  |  |  |  |  |  |  |
| CCI Prime Holdings, LLC (o) | Series A Preferred Units |  |  |  | 92 | 92025 | 78752 |  |
| MFI Group Holdings LLC (o) | Class A Units |  |  |  | 19 | 19393 | 19935 |  |
| Sabrosura Super Holdings LLC (o) | Class A Interests |  |  |  | 323750 | 388500 | 346413 |  |
|  |  |  |  |  |  | 499918 | 445100 | 0.06% |
| **Paper & Plastic Packaging Products & Materials** |  |  |  |  |  |  |  |  |
| Bron Holdings, LLC (o) | Class A Units |  |  |  | 1000 | 1000000 | 1028060 |  |
|  |  |  |  |  |  | 1000000 | 1028060 | 0.14% |
| **Specialized Consumer Services** |  |  |  |  |  |  |  |  |
| Mustang Prospects Holdco, LLC (o) | Class A Units |  |  |  | 1027 | 1026657 | 1255242 |  |

---

*The accompanying notes are an integral part of these consolidated financial statements*

------

**Fidelity Private Credit Company LLC**

**Consolidated Schedule of Investments**

**December 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments (a)** | **Type** | **Reference Rate and Spread (b)** | **Interest Rate (b)** | **Maturity Date** | **Par Amount/ Units (c)** | **Cost (d)** | **Fair Value (e)** | **Percentage of Net Assets** |
| Mustang Prospects Holdco, LLC (o) | Class B Units |  |  |  | 1026689 | $32318 | $503078 |  |
| NAM Group Holdings, LLC (o) | Class A Units |  |  |  | 84337 | 84337 | 95301 |  |
| Quick Roofing Topco, LLC (o) | Class A Interest |  |  |  | 327869 | 327869 | 1045902 |  |
| Roofing Services Solutions Holdings LLC (o) | Common Units |  |  |  | 166 | - | - |  |
| Roofing Services Solutions Holdings LLC (o) | Series A Preferred Units |  |  |  | 166 | 208334 | 208334 |  |
| Solid Ground Solutions Investment LLC (o) | Class A Units |  |  |  | 119048 | 119048 | 128571 |  |
| USW Holdings, LLC (o) | Class A-1 Units |  |  |  | 627 | 651026 | 291003 |  |
|  |  |  |  |  |  | 2449589 | 3527431 | 0.48% |
| **Trading Companies & Distributors** |  |  |  |  |  |  |  |  |
| Belt Power Parent, LLC (o) | Class A Units |  |  |  | 1110114 | 1146452 | 1620767 |  |
|  |  |  |  |  |  | 1146452 | 1620767 | 0.21% |
| **Total Equity** |  |  |  |  |  | 18001364 | 18047546 | 2.40% |
| **Money Market Mutual Funds** |  |  |  |  |  |  |  |  |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| State Street Institutional Treasury Plus Money Market Fund - 4.34% (g)(n) | Investor Class Units |  |  |  | 3224421 | 3224421 | 3224421 |  |
|  |  |  |  |  |  | 3224421 | 3224421 | 0.43% |
| **Total Money Market Mutual Funds** |  |  |  |  |  | 3224421 | 3224421 | 0.43% |
| **Total Investments -- non-controlled/ non-affiliate** |  |  |  |  |  | 1590134722 | 1583881521 | 209.69% |
| **Total Investment Portfolio** |  |  |  |  |  | $1590134722 | $1583881521 | 209.69% |

---

(a)All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted.

(b)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to Secured Overnight Funds Rate (SOFR) or Canadian Overnight Repo Rate Average (CORRA) which resets monthly, quarterly, or semi-annually. For each loan, the Fund has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2024.

(c)The total par amount is presented for debt investments and the number of shares or units owned is presented for equity investments.

(d)All debt investments are shown at amortized cost. All equity investments are shown at identified cost.

(e)Unless otherwise indicated, investments were valued using unobservable inputs and are considered Level 3 investments.

(f)Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused and/or letter of credit commitment fees. Negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. Negative fair value is the result of the unfunded commitment being valued below par and/or the capitalized discount on the loan. The unfunded loan commitment may be subject to a commitment termination date and may expire prior to the maturity date stated. See Notes to Consolidated Financial Statements for more information on the Fund's unfunded commitments.

(g)These investments were not valued using unobservable inputs and are not considered Level 3 investments.

(h)The interest rate floor on these investments as of December 31, 2024 was 1.50%.

(i)The interest rate floor on these investments as of December 31, 2024 was 1.00%.

(j)The interest rate floor on these investments as of December 31, 2024 was 0.75%.

(k)The interest rate floor on these investments as of December 31, 2024 was 0.50%.

(l)Security or portion of the security is pledged as collateral for Fidelity Direct Lending Fund I JSPV LLC Facility.

(m)The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Fund may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Fund's total assets. As of December 31, 2024, non-qualifying assets amounted to $55,599,211 which represents 3.4% of total assets as calculated in accordance with regulatory requirements.

(n)The rate quoted is the annualized seven-day yield of the fund at period end.

(o)Restricted securities (including private placements) – Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $18,047,546 or 2.4% of net assets.

*The accompanying notes are an integral part of these consolidated financial statements*

------

Additional information on each restricted holding is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Investment** | **Type** | **Acquisition Date** | **Acquisition Cost ($)** |
| Air Control Concepts Holdings, L.P | Class A-1 Units | 4/11/2023 - 7/12/2024 | 337148 |
| APCT Parent, L.P. | Class A Units | 2/14/2023 | 1500000 |
| APCT Parent, L.P. | Class C Units | 8/9/2024 | 38419 |
| Belt Power Parent, LLC | Class A Units | 8/22/2022 - 7/24/2024 | 1146452 |
| Bron Holdings, LLC | Class A Units | 1/13/2023 | 1000000 |
| CCI Prime Holdings, LLC | Series A Preferred Units | 10/18/2023 | 92025 |
| Copperweld Investor, LLC | Class A Common Units | 12/15/2022 | 1500000 |
| Double E Equity, L.P. | Class A Common Units | 6/21/2022 | 1000000 |
| Double E Equity, L.P. | Class A Preferred Units | 5/7/2024 | 17500 |
| DPT Management, LLC | Preferred Units | 12/18/2024 | 33333 |
| Dragonfly Ultimate Holdings LLC | Class A Units | 8/16/2024 | 131272 |
| Endurance PT Technology Holdings LLC | Common Units | 2/29/2024 - 6/28/2024 | 17722 |
| Endurance PT Technology Holdings LLC | Preferred Units | 2/29/2024 - 6/28/2024 | 159499 |
| Erosion Holdings, LLC | Class A Units | 9/30/2024 | 133930 |
| FCA Partners LLC | Common Units | 4/17/2023 - 6/07/2024 | 4 |
| FCA Partners LLC | Class A Preferred Units | 4/17/2023 - 6/07/2024 | 839085 |
| Identiti Holdings LLC | Class A Units | 11/1/2024 | 115875 |
| KLC Fund 1022-CI-A LP | Equity Interest | 12/1/2022 | 750000 |
| Lake Air Products, LLC | Common Units | 1/9/2023 | 1000000 |
| MFI Group Holdings LLC | Class A Units | 4/30/2024 - 11/15/2024 | 19393 |
| MoboTrex Ultimate Holdings, LLC | Class A-2 Units | 6/07/2024 - 10/17/2024 | 54041 |
| MSE Acquisitions, Inc | Series A Preferred Stock | 8/14/2024 | 288462 |
| Mustang Prospects Holdco, LLC | Class A Units | 12/15/2022 - 9/30/2024 | 1026657 |
| Mustang Prospects Holdco, LLC | Class B Units | 12/15/2022 - 9/30/2024 | 32318 |
| NAM Group Holdings, LLC | Class A Units | 7/16/2024 | 84337 |
| NE Ortho Holdings, LLC | Class B Membership Units | 12/13/2024 | 56540 |
| Perimeter Solutions Holdings, LP | Common Units | 9/11/2024 | 111732 |
| Personal Care (ITC) Holdings, LLC | Class A Units | 2/14/2023 - 10/18/2023 | 1879621 |
| Quick Roofing Topco, LLC | Class A Interest | 12/22/2023 | 327869 |
| REP RO Coinvest IV-A, L.P. | Equity Units | 12/29/2022 | 800000 |
| Roofing Services Solutions Holdings LLC | Common Units | 11/14/2024 | - |
| Roofing Services Solutions Holdings LLC | Series A Preferred Units | 11/26/2024 | 208334 |
| RXS Enterprises LLC | Preferred Units | 8/12/2024 | 308494 |
| RXS Enterprises LLC | Senior Preferred Units | 8/12/2024 | 92147 |
| Sabrosura Super Holdings LLC | Class A Interests | 8/22/2024 | 388500 |
| SCP 3PL Topco, LLC | Common Units | 11/27/2024 | 346 |
| SCP 3PL Topco, LLC | Class B Units | 11/20/2024 | 6580 |
| Solid Ground Solutions Investment LLC | Class A Units | 5/6/2024 | 119048 |
| Tiger Healthcare Holdings, LLC | Class A Interest | 2/27/2024 | 125000 |
| USW Holdings, LLC | Class A-1 Units | 11/03/2022 - 12/05/2023 | 651026 |
| VIP Medical Holdings, LLC | Class A Units | 12/12/2022 | 10 |
| VIP Medical Holdings, LLC | Series A Preferred Units | 12/12/2022 | 1000000 |
| WCI-BXC Investment Holdings LP | Equity Interest | 11/6/2023 | 608108 |

---

(p)The Par value is denoted in CAD (Canadian Dollars).

*The accompanying notes are an integral part of these consolidated financial statements*

------

**Fidelity Private Credit Company LLC**

**Notes to Consolidated Financial Statements**

**Note 1. Organization**

Fidelity Private Credit Company LLC (formerly Fidelity Private Credit Central Fund LLC) (the "Fund") is a non-diversified, closed-end management investment company. The Fund was formed on September 16, 2021, as a Delaware limited partnership named Fidelity Direct Lending Fund L.P. and elected, on January 31, 2023, to amend its legal structure to a Delaware limited liability company, adopt a fiscal year end of December 31 and was renamed Fidelity Private Credit Central Fund LLC. On March 11, 2024, the Fund was renamed Fidelity Private Credit Company LLC. The Fund has entered into an Investment Advisory Agreement with Fidelity Diversifying Solutions LLC ("FDS" or the "Adviser"), a Delaware limited liability company. FDS is registered as an investment adviser with the U.S. Securities and Exchange Commission (the "SEC") and is an affiliate of FMR LLC ("FMR") and its subsidiaries. Prior to May 10, 2023, FIAM LLC was the Adviser. Prior to January 31, 2023, FIAM Institutional Funds Manager, LLC ("FIAMIFM"), a Delaware limited liability company and a wholly owned subsidiary of FIAM Holdings Corp., was the general partner of the Fund ("General Partner").

Effective January 31, 2023, the General Partner and the Limited Partners became unit holders of the Fund ("Unit Holder") and the interests in the Limited Partnership were converted into Common Units ("Units") of the Fund. Within these Consolidated Financial Statements and Notes to Consolidated Financial Statements, all references to Unit Holder and net assets prior to January 31, 2023 are referring to Partners and Partners' Capital, respectively.

On June 1, 2023, the Fund elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"), and elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a regulated investment company ("RIC") as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

The Fund's investment objective is to generate current income and, to a lesser extent, long-term capital appreciation. The Fund seeks to achieve its investment objective by investing primarily in directly originated loans to private companies but also in liquid credit investments, like broadly syndicated loans, and other select private credit investments. The Fund generally seeks to invest in loans that carry variable (*i.e.*, "floating") interest rates. Under normal circumstances, the Fund will invest at least 80% of its total assets in private credit investments. Specific investments may include: (a) directly originated first lien loans, senior secured revolving lines of credit, term loans and delayed draw term loans, (b) directly originated second lien, last out senior, secured or unsecured mezzanine term loans and delayed draw term loans, (c) club deals (investments generally comprised from a small group of lenders), and broadly syndicated leveraged loans (investments generally arranged or underwritten by investment banks or other intermediaries), and (d) other debt (collectively referred to as "Private Credit"). The Adviser may also invest to a lesser degree in equity linked instruments (may include debt with warrants, preferred equity investments, or equity co-investments). The Adviser and/or its affiliates may lead and structure the transaction as sole-lender, as the agent of a club credit facility (a group of similar direct lenders that invest in the same tranches), or may participate as a non-agent investor in a large club or syndicated transactions. In order to provide liquidity for unit repurchases, the Fund intends to maintain an allocation to syndicated loans and other liquid investments.

**Note 2. Significant Accounting Policies**

The following is a summary of the significant accounting and reporting policies used in preparing the consolidated financial statements.

*Basis of Presentation* 

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946 and pursuant to Regulation S-X. The functional currency is the U.S. dollar and these consolidated financial statements have been prepared in that currency. These consolidated financial statements reflect all adjustments considered necessary for the fair presentation of consolidated financial statements for the period presented. Certain prior period information has been reclassified to conform to the current period presentation and this had no effect on the Fund's consolidated financial position or the consolidated results of operations as previously reported. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the Adviser's Direct Lending Investment Committee supported by other individuals responsible for oversight functions of the Fund, using the information presented on the financial statements and financial highlights.

------

*Consolidation* 

The Fund will generally consolidate any wholly-owned, or substantially wholly-owned, subsidiary when the design and purpose of the subsidiary is to act as an extension of the Fund's investment operations and to facilitate the execution of the Fund's investment strategy. Accordingly, as of December 31, 2025 and 2024, and for the years ended December 31, 2025, 2024 and 2023, the Fund consolidated the financial position and results of its wholly-owned subsidiaries on its consolidated financial statements. All intercompany transactions and balances have been eliminated in consolidation. Since the Fund is an investment company, portfolio investments held by the Fund are not consolidated into the consolidated financial statements. The portfolio investments held by the Fund (including investments held by consolidated subsidiaries) are included on the consolidated statements of assets and liabilities as investments at fair value.

*Use of Estimates* 

The preparation of the consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual amounts may ultimately differ from those estimates and the differences could be material.

*Income Taxes* 

The Fund was formerly classified as a partnership for U.S. federal income tax purposes. While the Fund was classified as a partnership no provisions for income taxes were recorded on the consolidated financial statements since the Fund was not subject to income tax. Tax obligations relating to the Fund's activities were the responsibility of the Unit Holders.

Effective June 6, 2023, the Fund elected to be classified as a corporation for U.S. federal income tax purposes and to be treated as a RIC under the Code for its taxable period starting June 6, 2023 and ended December 31, 2023 and intends to qualify annually thereafter. So long as the Fund maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its Unit Holders as dividends. Rather, any tax liability related to income earned and distributed by the Fund would represent obligations of the Fund's investors and would not be reflected on the consolidated financial statements of the Fund.

The Fund evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are reserved and recorded as a tax benefit or expense in the current year. As of December 31, 2025 and 2024, the Fund did not have any unrecognized tax benefits in the consolidated financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. All penalties and interest associated with income taxes, if any, are included in provision for income and excise taxes on the consolidated statements of operations. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof.

The Fund holds certain portfolio investments through wholly-owned subsidiaries taxed as corporations which may be subject to federal and state taxes. The wholly-owned subsidiaries are not consolidated with the Fund for income tax purposes and may generate income tax expense, benefit, and the related tax assets and liabilities as a result of their ownership of certain portfolio investments. Tax liabilities are estimated and may differ materially depending on conditions when these investments earn income or are disposed. The income tax expense, or benefit, if any, and related tax assets and liabilities are reflected on the Fund's consolidated financial statements.

As of December 31, 2025 and 2024, the Fund, through wholly-owned subsidiaries, recorded tax liabilities of approximately $0.7 million and $0.9 million, respectively, which are included in other accounts payable and accrued liabilities on the consolidated statements of assets and liabilities.

------

For the year ended December 31, 2025, the Fund, through wholly-owned subsidiaries, recognized a total provision for taxes of approximately $0.3 million, which was comprised of a provision for taxes of approximately $0.2 million related to income, provision for taxes related to realized gain on investments of approximately $0.3 million, and benefit for deferred tax expense related to unrealized loss on investments of approximately $0.2 million. For the year ended December 31, 2024, the Fund, through wholly-owned subsidiaries, recognized a total provision for taxes of $0.9 million, which was comprised of provision for taxes related to income of approximately $0.1 million, provision for taxes related to realized gain on investments of approximately $0.2 million, and provision for deferred tax expense related to unrealized gain on investments of approximately $0.5 million. The Fund did not incur an excise tax for the years ended December 31, 2025 and 2024. For the year ended December 31, 2023, the Fund did not recognize any provisions for taxes, including excise taxes. For all periods prior to June 6, 2023, the Fund was treated as a partnership for tax purposes and was not subject to U.S, federal income tax.

The Fund files a U.S. federal income tax return, in addition to state and local tax returns as required. The Fund's U.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.

To qualify for and maintain qualification as a RIC, the Fund must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Fund must distribute to its Unit Holders, for each taxable year, at least 90% of its "investment company taxable income" for that year, which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses.

In addition, based on the excise tax distribution requirements, the Fund will be subject to a 4% nondeductible U.S. federal excise tax on undistributed income unless the Fund distributes in a timely manner in each taxable year an amount at least equal to the sum of (1) 98% of its ordinary income for the calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Fund that is subject to corporate income tax is considered to have been distributed.

*Deferred Financing Costs* 

The Fund records costs related to issuance of revolving credit facilities as deferred financing costs on the consolidated statements of assets and liabilities. These costs are deferred and amortized using the straight-line method through interest expense on the consolidated statements of operations over the life of the related credit facility.

*Investment Valuation* 

The Fund values its investments, upon which its NAV is based, in accordance with ASC 820, Fair Value Measurement, which defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also provides a framework for measuring fair value, establishes a fair value hierarchy based on the observability of inputs used to measure fair value and prescribes disclosure requirements for fair value measurements.

Pursuant to Rule 2a-5 of the 1940 Act, the Fund's Board of Directors (the "Board") has designated the Adviser as the valuation designee responsible for valuing all of the Fund's investments, including making fair valuation determinations as needed. The Adviser has established a fair value committee (the "Fair Value Committee") to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern activities of the Fair Value Committee and the performance of functions required to determine the fair value of the Fund's investments in good faith. These functions include periodically assessing and managing material risks associated with fair value determinations, selecting, applying, reviewing, and testing fair value methodologies, monitoring for circumstances that may necessitate the use of fair value, and overseeing and evaluating pricing services used.

In accordance with the Adviser's policies and procedures, which have been approved by the Board, investments, including debt securities, that are publicly traded but for which no readily available market quotations exist are generally valued on the basis of information furnished by an independent third-party pricing service that uses a valuation matrix which incorporates both dealer-supplied valuations and electronic data processing techniques. To assess the continuing appropriateness of pricing sources and methodologies, the Adviser regularly performs price verification procedures, engages in oversight activities with respect to third-party pricing sources used and issues challenges as necessary to independent pricing services or brokers, and any differences are reviewed in accordance with the valuation procedures. The Adviser does not adjust the prices unless it has a reason to believe market quotations or prices received from third-party pricing services are not reflective of the fair value of an investment.

------

Investments that are not publicly traded or whose current market prices or quotations are not readily available are valued at fair value as determined by the Adviser in good faith pursuant to the Adviser's Board-approved policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. In determining fair value of the Fund's loan investments the types of factors that the Fair Value Committee may take into account generally include comparison to publicly-traded securities including such factors as yield, maturity and measures of credit quality, the enterprise value of the portfolio company, the nature and realizable value of any collateral, the portfolio company's ability to make payments and its earnings and discounted cash flows, the markets in which the portfolio company does business and other relevant factors.

The Fund has engaged an independent valuation firm to prepare month-end valuation recommendations for investments for which market quotations are not readily available as of the last calendar day of each month. The independent valuation firm undertakes a full analysis of the investments and provides estimated fair values for such investments to the Adviser. The independent valuation firm also provides analyses to support their valuation methodology and calculations. The Adviser's Fair Value Committee reviews and approves each valuation recommendation and confirms it has been calculated in accordance with the Board-approved policies and procedures. The Fair Value Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Adviser reports to the Board information regarding the fair valuation process and related material matters. The Board may determine to modify its designation of the Adviser as valuation designee, relating to any or all Fund investments, at any time.

*Investment Transactions* 

For financial reporting purposes, the Fund's investment holdings and net assets include trades executed through the end of the last business day of the period. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method and is recorded within net realized gain (loss) on the consolidated statements of operations.

*Interest Income* 

Interest income, including paid-in-kind interest, is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Commitment fees, loan origination fees, original issue discount ("OID") and market discount or premium are capitalized into the cost of the investment to which it applies and amortized or accreted into interest income. For the Fund's investments in revolving credit facilities and delayed draw term loans, the cost basis of the investment is adjusted for any market discount or OID on the total balance committed. The fair value is also adjusted for price appreciation or depreciation on the unfunded portion. As a result, the purchase of commitments not fully funded may result in a negative cost and fair value until funded. Upon prepayment of a loan or debt instrument, any prepayment premium and any unamortized discount or premium are recognized through interest income.

*Dividend Income*

Dividend income earned on the Fund's equity and mutual fund investments is recorded on an accrual basis to the extent that such amounts are payable and are expected to be collected. Dividend income is recorded on the record date for private portfolio companies or on the ex-dividend date for mutual funds.

*PIK Income* 

Certain investments may have contractual payment-in-kind ("PIK") interest or dividends. PIK represents accrued interest or accumulated dividends that are added to the principal amount (if debt) or shares (if equity) of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or upon the investment being called by the issuer. PIK is recorded as interest or dividend income and capitalized to the cost basis of the related instrument. If at any point the Fund believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are generally reversed through interest or dividend income.

*Fee Income* 

The Fund earns certain fees in connection with its direct lending underwriting activities. These fees are in addition to interest payments earned and may include amendment fees, consent fees and syndication fees. Certain fees such as structuring fees and syndication fees are recorded as other income when earned. Administrative agent fees received by the Fund are recorded as other income when received.

------

*Non-Accrual Policy* 

Debt investments 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. For further information regarding the non-accrual status of investments, refer to "[*<u>Note 5. Investments.</u>*](#note5)"

*Cash*

Cash represents deposits maintained with the Fund's custodian bank. At times, deposits may be in excess of federally insured limits. The Fund has not experienced any losses and does not believe it is exposed to any significant credit risk on such deposits.

*Expenses* 

Expenses are recorded on the accrual basis. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

*Foreign Currency*

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

Unrealized gains and losses on foreign currency holdings and non-investment assets and liabilities attributable to the changes in foreign currency exchange rates are included in the net change in unrealized appreciation/(depreciation) on foreign currency translation on the consolidated statements of operations. Net realized gains and losses on foreign currency holdings and non-investment assets and liabilities attributable to changes in foreign currency exchange rates are included in net realized gain (loss) on foreign currency transactions on the consolidated statements of operations. The portion of both realized and unrealized gains and losses on investments that result from changes in foreign currency exchange rates is included in net realized gain (loss) on investments and net change in unrealized appreciation (depreciation) on investments, respectively, on the consolidated statements of operations.

**Note 3. Unit Holder Transactions**

Effective January 31, 2023, the Fund has the authority to issue an unlimited number of units. Units have no par value. The following table summarizes unit transaction activity for the years ended December 31, 2025, December 31, 2024 and for the period January 31, 2023 through December 31, 2023:

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Period January 31, 2023 through December 31,** |
|  | **2025** | **2024** | **2023** |
|  | **Units** | **Units** | **Units** |
| Units issued - initial conversion to unitized LLC |  |  | 53784131 |
| Units issued - contributions during the period | 5152230 | 8776551 | 8539945 |
| Units repurchased | (4908949) | (2634479) |  |
| Distributions reinvested | 5970171 | 4979934 | 4645517 |
| **Net increase (decrease)** | 6213452 | 11122006 | 66969593 |

---

As of the dates indicated, the Fund had aggregate Capital Commitments and unfunded Capital Commitments from investors as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Capital Commitments** | **Unfunded Capital <br>Commitments** | **% Unfunded Capital <br>Commitments** |
| Common Units | $765510000 | $76549966 | 10.0% |
| **Total** | $765510000 | $76549966 | 10.0% |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Capital Commitments** | **Unfunded Capital <br>Commitments** | **% Unfunded Capital <br>Commitments** |
| Common Units | $798010000 | $116611957 | 14.6% |
| **Total** | $798010000 | $116611957 | 14.6% |

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The following tables summarize the total Units issued and proceeds related to capital drawdowns during the years ended December 31, 2025, 2024 and 2023:

---

| | | |
|:---|:---|:---|
| **Unit Issue Date** | **Units Issued** | **Proceeds Received** |
| **For the Year Ended December 31, 2025** |  |  |
| February 24, 2025 | 2588127 | $25286000 |
| March 28, 2025 | 2564103 | 25000000 |
| Total capital drawdowns | 5152230 | $50286000 |

---

---

| | | |
|:---|:---|:---|
| **Unit Issue Date** | **Units Issued** | **Proceeds Received** |
| **For the Year Ended December 31, 2024** |  |  |
| January 2, 2024 | 992063 | $10000000 |
| June 24, 2024 | 986466 | 10000000 |
| September 11, 2024 | 1524390 | 15000000 |
| October 28, 2024 | 2487562 | 25000000 |
| November 19, 2024 | 2786070 | 28000000 |
| Total capital drawdowns | 8776551 | $88000000 |

---

---

| | | |
|:---|:---|:---|
| **Unit Issue Date** | **Units Issued** | **Proceeds Received** |
| **For the Year Ended December 31, 2023** |  |  |
| January 11, 2023 | —<br> \* | $36100014 |
| January 23, 2023 | —<br> \* | 30000000 |
| April 4, 2023 | 5555657 | 55001004 |
| May 30, 2023 | 504541 | 5000004 |
| July 6, 2023 | 499500 | 5000000 |
| August 30, 2023 | 995025 | 10000000 |
| October 30, 2023 | 985222 | 10000000 |
| Total capital drawdowns | 8539945 | $151101022 |

---

\*Capital investment occurred prior to unitization of the Fund. These capital investments were included in the amount converted to units on January 31, 2023.

The following tables summarize distributions declared for the years ended December 31, 2025, 2024 and 2023:

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| | | | |
|:---|:---|:---|:---|
| **Month** | **Distribution per unit** | **Gross Distributions** | **Reinvestment of <br>Distributions** |
| January 2025 | $— | $— | $— |
| February 2025 | 0.09 | 6872061 | 3343410 |
| March 2025 | 0.10 | 8426153 | 4211266 |
| April 2025 | 0.11 | 8781463 | 4468957 |
| May 2025 | 0.10 | 8583617 | 4392023 |
| June 2025 | 0.12 | 9959767 | 5123315 |
| July 2025 | 0.09 | 7351036 | 3804303 |
| August 2025 | 0.10 | 8309181 | 4319107 |
| September 2025 | 0.12 | 9788635 | 5113394 |
| October 2025 | 0.11 | 9091918 | 4908288 |
| November 2025 | 0.11 | 9232678 | 5011015 |
| December 2025 | 0.26 | 21673177 | 11860662 |
|  | $1.31 | $108069686 | $56555740 |

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------

---

| | | | |
|:---|:---|:---|:---|
| **Month** | **Distribution per unit** | **Gross Distributions** | **Reinvestment of <br>Distributions** |
| January 2024 | $— | $— | $— |
| February 2024 | 0.10 | 6728204 | 2338075 |
| March 2024 | 0.09 | 5932764 | 2074772 |
| April 2024 | 0.11 | 7250072 | 2549529 |
| May 2024 | 0.12 | 8443898 | 2989728 |
| June 2024 | 0.12 | 8895001 | 3174181 |
| July 2024 | 0.11 | 7938565 | 2876668 |
| August 2024 | 0.11 | 7618153 | 2780234 |
| September 2024 | 0.13 | 8639407 | 3767263 |
| October 2024 | 0.12 | 8410556 | 3774843 |
| November 2024 | 0.11 | 8317477 | 3834646 |
| December 2024 | 0.53 | 40168766 | 19117156 |
|  | $1.65 | $118342863 | $49277095 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Month** | **Distribution per unit** | **Gross Distributions** | **Reinvestment of Distributions** |
| January 2023 | $—<br> \* | $4917124 | $4917124 |
| February 2023 | 0.11 | 5887203 | 5887204 |
| March 2023 | 0.12 | 6708882 | 6708882 |
| April 2023 | 0.12 | 6893872 | 6753294 |
| May 2023 | 0.13 | 7984318 | 7508716 |
| June 2023 |  |  |  |
| July 2023 | 0.05 | 3152702 | 2920181 |
| August 2023 | 0.11 | 7221550 | 2320830 |
| September 2023 | 0.11 | 7296972 | 2387948 |
| October 2023 | 0.14 | 8879552 | 2927901 |
| November 2023 | 0.10 | 6476842 | 2175410 |
| December 2023 | 0.30 | 19608732 | 6660544 |
|  | $1.29 | $85027749 | $51168034 |

---

*\*Capital distribution occurred prior to unitization of the Fund.*

*The Private Offering* 

Prior to the BDC Conversion, the Fund entered into separate subscription agreements (each, a "Subscription Agreement") with investors who were admitted as limited partners. Following the BDC Conversion, the Fund continues to enter into separate Subscription Agreements with a number of investors who will be admitted as Unit Holders providing for the private placement of the Fund's Units. Each subscriber makes a capital commitment ("Capital Commitment") to purchase Units of the Fund pursuant to the Subscription Agreement. Subscribers are required to make capital contributions ("Capital Contributions") to purchase Units of the Fund each time the Fund delivers a drawdown notice.

The first closing date occurred on December 9, 2021, on which initial capital was contributed by investors. Additional closings are expected to occur from time to time as determined by the Fund (each, a "Subsequent Closing"). Capital Commitments will be drawn in such amounts and proportions as will be required by the Fund in its sole discretion, provided however, the Fund expects drawdowns to generally be made pro rata in accordance with each Unit Holder's unfunded Capital Commitments.

In connection with each drawdown, Unit Holders will receive a number of Units corresponding to the Capital Contribution, with such Units issued at a per-share price that will be determined prior to the issuance of such Units and in accordance with the 1940 Act, subject to a determination by the Board (including any committee thereof) or the officers of the Fund that such offer price is not below the Fund's then current net asset value per Unit of the Fund ("NAV") as required pursuant to the 1940 Act. Capital Commitments will generally be drawn from Unit Holders by the Fund as needed, upon 10 business days' prior written notice, in such amounts as will be required by the Fund in its sole discretion.

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Effective March 11, 2024, the Board approved the Fund entering into the First Amended and Restated Limited Liability Company Agreement which made eligible to invest any "accredited investor" (as enumerated in Rule 502 under Regulation D of the Securities Act) who has committed to a strategic relationship with Fidelity. In addition, the Board approved the Fund entering into a Placement Agent Agreement with Fidelity Distributors Company LLC, with respect to the private placement of its Units as described in "[*<u>Note 4. Expenses and Transactions with Affiliates.</u>*](#note4)"

On February 11, 2025, the Fund entered into the Second Amended and Restated Limited Liability Company Agreement, in which the Fund expects that it will commence drawdowns of Capital Commitments from subscribers who make a Capital Commitment to the Fund after March 1, 2025 only after the Fund has drawn down 90% of the Capital Commitments of each subscriber admitted prior to March 1, 2025. The Fund expects that it will draw down Capital Commitments pro rata in accordance with each subscriber's unfunded Capital Commitment. The Fund expects to cease drawing down Capital Commitments from each subscriber once the Fund has drawn 90% of the Capital Commitment(s) of such subscriber, however the Fund may draw down additional Capital Commitments as necessary in its sole discretion. In addition, the Second Amended and Restated Limited Liability Company Agreement reflects the Adviser's authority to forgive a Member's uncalled capital commitments, in whole or in part, for the Fund and certain non-material changes.

On April 1, 2025, the Fund released uncalled capital commitments from a Unit Holder of $12.3 million.

*Distribution Reinvestment Plan*

The Fund has adopted an "opt out" distribution reinvestment plan ("DRIP"), which became effective upon the filing of the election to be regulated as a BDC. As a result of adopting the plan, if the Board authorizes, and the Fund declares, a cash dividend or distribution, Unit Holders will have their cash dividends or distributions automatically reinvested in additional Units, rather than receiving cash, unless they "opt out." Unit Holders who make an affirmative election to "opt out" will receive their distributions in cash. Units issued pursuant to the DRIP will not reduce a Unit Holder's Capital Commitments to the Fund.

The Fund may terminate the DRIP upon notice in writing to each participant at least 30 days prior to any record date for the payment of any distribution by the Fund.

*Repurchase Program*

The Fund has implemented a share repurchase program under which, subject to market conditions and the approval of the Board, the Fund may from time to time offer to repurchase Units pursuant to written tenders from the Unit Holders. The Fund currently expects to make tender offers of up to 10% per year. With respect to any such repurchase offer, Unit Holders tendering Units must do so by a date specified in the notice describing the terms of the repurchase offer. No Unit Holder has the right to require the Fund to repurchase any Units.

There is no minimum portion of a Unit Holder's Units which must be repurchased in any repurchase offer. The Fund has no obligation to repurchase Units at any time; any such repurchases will only be made at such times, in such amounts and on such terms as may be determined by the Fund, in its sole discretion. In determining whether the Fund should offer to repurchase Units, the Fund will consider the timing of such an offer, as well as a variety of operational, business and economic factors. In determining whether to accept a recommendation to conduct a repurchase offer at any such time, the Fund will consider the following factors, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•whether any Unit Holders have requested to tender or expressed an interest in tendering Units to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the liquidity of the Fund's assets (including fees and costs associated with redeeming or otherwise withdrawing from investment funds);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the investment plans and working capital and reserve requirements of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the relative economies of scale of the tenders with respect to the size of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the existing conditions of the securities markets and the economy generally, as well as political, national or international developments or current affairs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any anticipated tax consequences to the Fund of any proposed repurchases of Units; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the recommendations of the Adviser.

------

The Fund will repurchase Units from Unit Holders pursuant to written tenders on terms and conditions that the Adviser determines are fair to the Fund and to all Unit Holders. Notice will be provided to Unit Holders describing the terms of the offer, containing information Unit Holders should consider in deciding whether to participate in the repurchase opportunity and containing information on how to participate.

Units that have not been outstanding for at least two years will be repurchased at 98% of such net asset value (the "Early Repurchase Deduction"). The Early Repurchase Deduction may be waived at the Fund's discretion. The Fund does not impose any charges in connection with repurchases of Units.

If a repurchase offer is oversubscribed by Unit Holders who tender Units, the Fund will repurchase a pro rata portion by value of the Units tendered by each Unit Holder, extend the repurchase offer, or take any other action with respect to the repurchase offer permitted by applicable law. The Fund also has the right to repurchase all of a Unit Holder's Units at any time if the aggregate value of such Unit Holder's Units is, at the time of such compulsory repurchase, less than the minimum initial investment applicable for the Fund.

The following tables summarize the Unit repurchases completed during the years ended December 31, 2025 and 2024:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Repurchase deadline request** | **Percentage of Outstanding Shares the Company Offered to Repurchase** | **Price Paid Per Share** | **Repurchase Pricing Date** | **Amount Repurchased** | **Number of Shares<br>Repurchased** | **Percentage of Outstanding<br>Shares Repurchased** |
| March 27, 2025 | 2.50% | $9.69 | March 31, 2025 | $18917680 | 1952289 | 2.50% ⁽¹⁾ |
| September 26, 2025 | 2.50% | $9.47 | September 30, 2025 | $21512513 | 2270785 | 2.72% ⁽²⁾ |
| December 29, 2025 | 2.50% | $9.29 | December 31, 2025 | $6368624 | 685875 | 0.83% ⁽³⁾ |

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(1)Percentage is based on total shares as of the close of the previous calendar quarter. The Fund accepted for purchase 33.3% of the Units of the Fund that were validly tendered and not withdrawn prior to the expiration of the offer as permitted by Rule 13e-4(f)(1).

(2)Percentage is based on total shares as of the close of the previous calendar quarter. The Fund accepted for purchase 100.0% of the Units of the Fund that were validly tendered and not withdrawn prior to the expiration of the Offer as permitted by Rule 13e-4(f)(1). In accordance with rules promulgated by the U.S. Securities and Exchange Commission, the Fund determined to accept for purchase Units in excess of the Tender Cap by up to, but not more than, 2% of the outstanding Units without amending or extending the Offer.

(3)Percentage is based on total shares as of the close of the previous calendar quarter. The Fund accepted for purchase 100.0% of the Units of the Fund that were validly tendered and not withdrawn prior to the expiration of the Offer as permitted by Rule 13e-4(f)(1).

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Repurchase deadline request** | **Percentage of Outstanding <br>Shares the Company Offered <br>to Repurchase** | **Price Paid Per Share** | **Repurchase Pricing Date** | **Amount Repurchased** | **Number of Shares<br>Repurchased** | **Percentage of Outstanding <br>Shares Repurchased ⁽¹⁾** |
| September 26, 2024 | 3.75% | $9.91 | September 30, 2024 | $26107687 | 2634479 | 3.75% |

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(1)Percentage is based on total shares as of the close of the previous calendar quarter. The Fund accepted for purchase 65.6% of the Units of the Fund that were validly tendered and not withdrawn prior to the expiration of the offer as permitted by Rule 13e-4(f)(1).

For the year ended December 31, 2023, the Fund did not repurchase any Units from Unit Holders.

**Note 4. Expenses and Transactions with Affiliates**

*Investment Advisory Agreement*

Effective May 10, 2023, the Fund entered into an Advisory Agreement with FDS. As compensation for advisory services, commencing on June 9, 2023, the Fund pays an advisory fee (the "Management Fee") to FDS monthly in arrears at an annual rate of 1.25% of the average daily net assets of the Fund throughout the month.

For the years ended December 31, 2025, 2024 and 2023, management fees were approximately $9.9 million, $8.9 million, and $4.5 million, respectively.

As of December 31, 2025 and 2024, approximately $0.8 million, for each period presented, was payable to the Adviser for management fees in management fee payable on the consolidated statements of assets and liabilities.

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*Administration Agreement*

Prior to May 10, 2023, administration fees were based on the level of net assets of the Fund and were paid on a monthly basis as follows:

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| | |
|:---|:---|
| Net Assets less than $50 million | 2.00 basis points |
| Net Assets between $50 million – $200 million | 1.50 basis points |
| Net Assets between $200 million – $1 billion | 1.05 basis points |
| Net Assets greater than $1 billion | 0.50 basis points |

---

Effective May 10, 2023, the Fund entered into an Administration Agreement with FDS (in its capacity as both the Adviser and Administrator). Under the terms of the Administration Agreement, the Administrator provides, or oversees the performance of, administrative and compliance services necessary for the Fund's operations, including, but not limited to, maintaining financial records, overseeing the calculation of NAV, compliance monitoring (including diligence and oversight of the Fund's other service providers), preparing reports to Unit Holders and reports filed with the SEC and other regulators, preparing materials and coordinating meetings of the Board, managing the payment of expenses, the payment and receipt of funds for investments and the performance of administrative and professional services rendered by others and providing office space, equipment and office services.

As compensation for the services of and expenses borne by FDS in its capacity as administrator, commencing on June 9, 2023, the Fund pays an administration fee to FDS monthly in arrears at an annual rate of 0.25% of the average daily net assets of the Fund throughout the month.

From time to time, FDS or its affiliates may pay third-party providers of goods or services. The Fund will reimburse the Adviser, the Administrator or such affiliates thereof for any such amounts paid on the Fund's behalf. From time to time, the Adviser or the Administrator may defer or waive fees and/or rights to be reimbursed for expenses. All of the foregoing expenses will ultimately be borne by our Unit Holders, subject to the cap on organization and offering expenses.

Costs and expenses of FDS in its capacity as both the Administrator and the Adviser that are eligible for reimbursement by the Fund will be reasonably allocated to the Fund on the basis of time spent, assets under management, usage rates, proportionate holdings, a combination thereof or other reasonable methods determined by the Administrator.

For the years ended December 31, 2025, 2024 and 2023, the Fund incurred approximately $2.0 million, $1.8 million, and $0.9 million, respectively, in expenses under the Administration Agreement, which were recorded as administration fees on the consolidated statements of operations. Included in the $0.9 million, for the year ended December 31, 2023 is approximately $0.02 million in pricing and bookkeeping fees.

*Transfer Agent Agreement* 

On March 11, 2024, the Fund entered into a Transfer Agent Agreement with Fidelity Investments Institutional Operations Company LLC ("FIIOC"), an affiliate of the Adviser, effective April 1, 2024. In accordance with the Transfer Agent Agreement, FIIOC is the Fund's transfer agent, distribution paying agent and registrar. FIIOC receives an asset-based fee with respect to Units. The Fund pays a fee for transfer agent services equal to 0.00833% (0.10% on an annualized basis) of the Fund's net assets as of the end of the last business day of the month. Such fees are payable in arrears.

For the years ended December 31, 2025 and 2024, the Fund recorded approximately $0.8 million and $0.5 million, respectively, in transfer agent fees, which are included in other general and administrative expenses on the consolidated statements of operations. No transfer agency fees were incurred by the Fund prior to April 1, 2024, the effective date of the fee.

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*Expense Limitation Agreement*

On January 1, 2025, the Fund entered into an Amended and Restated Expense Limitation Agreement (the "Expense Limitation Agreement") with the Adviser. The Adviser agrees to pay on a monthly basis Other Operating Expenses of the Fund on the Fund's behalf (each such payment, an "Expense Payment") such that Other Operating Expenses of the Fund do not exceed 0.50% (on annualized basis) of the Fund's average net assets ("Expense Limitation"). "Other Operating Expenses" means the Fund's professional fees (including accounting, legal, and auditing fees), custodian and transfer agent fees, third party valuation agent fees, insurance costs, director fees, administration fee, and other related costs or expenses, but excluding the following: (a) management fees and any incentive fees, if applicable; (b) portfolio transaction and other investment-related costs (including brokerage commissions, dealer and underwriter spreads, prime broker fees and expenses, fees and expenses associated with the Fund's securities lending program, and dividend expenses related to short sales); (c) interest, financing and structuring costs and other related expenses for borrowings and line(s) of credit; (d) taxes; (e) the Fund's proportional share of expenses related to co-investments; (f) acquired fund fees and expenses (including fees and expenses associated with a wholly owned subsidiary); (g) Rule 12b-1 fees, if any; (h) expenses of printing and mailing proxy materials to shareholders of the Fund; (i) all other expenses incidental to holding meetings of the Fund's shareholders, including proxy solicitations therefor; and (j) such non-recurring and/or extraordinary as may arise, including actions, suits or proceedings to which the Fund is or is threatened to be a party and the legal obligation that the Fund may have to indemnify the Fund's directors and officers with respect thereto.

The Adviser's obligation to make an Expense Payment shall automatically become a liability of the Adviser and the Fund's right to receive an Expense Payment shall be an asset of the Fund on the last calendar day of the applicable month. Any Expense Payment shall be paid by the Adviser to the Fund in any combination of cash or other immediately available funds and/or offset against amounts due from the Fund to the Adviser or its affiliates no later than forty-five (45) days after such obligation was incurred.

In consideration of the Adviser's agreement to make Expense Payments, at any time during a fiscal year and, to the extent that expenses fall below the Expense Limitation, the Adviser reserves the right to recoup through the end of the fiscal year any expenses that were reimbursed during the fiscal year up to, but not in excess of, the Expense Limitation (an "Adviser Reimbursement"). For the years ending December 31, 2025, and 2024, there was no recoupment of reimbursed expenses by the Adviser. The Adviser will look only to the assets of the Fund for its performance under the Expense Support Agreement and for any claims for payment. No directors, officers, employees, agents, or Members of the Fund will be personally liable for performance by the Fund under the Expense Support Agreement.

This Expense Limitation Agreement was in force until January 1, 2026. After the Initial Term this Expense Limitation Agreement shall renew automatically for successive one-year terms. The Adviser may not terminate this Expense Limitation Agreement before a term's expiration date without the approval of the Fund's Board of Directors.

Prior to the Expense Limitation Agreement, the Fund had entered into an Amended and Restated Expense Support and Conditional Reimbursement Agreement (the "Expense Support Agreement") with the Adviser. Pursuant to the Expense Support Agreement for the first twelve months commencing upon the Fund's election to be regulated as a BDC under the 1940 Act, which occurred on June 1, 2023, the Adviser, was obligated to advance all of the Fund's Other Operating Expenses to the effect that such expenses did not exceed 0.50% (on an annualized basis) of the Fund's average net assets (referred to as a "Required Expense Payment"). "Other Operating Expenses", which meant the Fund's professional fees (including accounting, legal, and auditing fees), custodian and transfer agent fees and third party valuation agent fees, insurance costs, director fees, administration fees, and other general and administrative expenses.

Upon the termination of Adviser's obligation to make Required Expense Payments, the Adviser had an option to elect to pay, at such times as the Adviser determined, certain expenses on the Fund's behalf, provided that no portion of the payment was used to pay any interest expense or Unit Holder servicing fees of the Fund (referred to as a "Voluntary Expense Payment" and together with a Required Expense Payment, the "Expense Payments"). Any Expense Payments that the Adviser committed to pay had to be paid by the Adviser to the Fund in any combination of cash or other immediately available funds no later than 45 days after such commitment was made in writing, and/or offset against amounts due from the Fund to the Adviser or its affiliates.

------

In consideration of the Adviser's agreement to make Expense Payments, the Fund had agreed to repay the Adviser in the amount of any Expense Payment subject to the limitation that a repayment to the Adviser (an "Adviser Reimbursement") were only made if and to the extent that: (i) it was payable not more than three years from the date on which the applicable Expense Payment was made by the Adviser; and (ii) the Adviser Reimbursement did not cause the Fund's total annual operating expenses (on an annualized basis and net of any Advisor Reimbursements received by the Fund during such fiscal year) during the applicable quarter to exceed the Expense Limitation (as applicable). The Adviser had an option to waive its right to receive all or a portion of any Adviser Reimbursement in any particular calendar month. The Fund's obligation to make an Adviser Reimbursement automatically became a liability of the Fund on the last business day of the applicable calendar month, except to the extent the Adviser had waived its right to receive such payment for the applicable month. The Adviser voluntarily agreed to waive its right to receive any Reimbursement Payment for any Excess Operating Funds incurred in any month through December 31, 2024, the effective end day of terms of the Expense Support Agreement, and any such amounts were not considered unreimbursed Expense Payments reimbursable in future periods.

For the years ended December 31, 2025, 2024 and 2023, approximately $1.0 million, $0.7 million, and $0.7 million, respectively, was recognized and recorded in expense support on the consolidated statements of operations.

*Administrative Agent Expense Allocation Agreement* 

Fidelity Direct Lending LLC ("FDL"), an affiliate of the Fund, acts as administrative agent for certain of the Fund's loan investments. As an administrative agent, FDL is responsible for performing loan administrative services on behalf of borrowers and lenders and is entitled to fees for those services. FDL does not retain fees from portfolio companies for providing services with respect to loans in which the Fund has invested. Pursuant to the Amended and Restated Administrative Agent Expense Allocation Agreement (the "Agent Allocation Agreement"), all fees earned and expenses incurred by FDL are transferred pro rata to the Fund and other affiliated funds based on the amounts the funds invested or committed, provided that those expenses shall not exceed the fees received by the Fund by FDL. Any income received or expense incurred is included in other income or other general and administrative expenses, respectively, on the consolidated statements of operations.

*Affiliated Investments*

There were no affiliated holdings as of December 31, 2025 and 2024.

*Affiliated Unit Holder Investments*

FIAM Institutional Funds Manager, LLC ("FIAMIFM"), as the former General Partner, owned 1,699.30 units and 1,481.96 units of net assets as of December 31, 2025 and 2024, respectively.

The following investment companies managed by an affiliate were each owners of record of 10% or more of the total net assets:

---

| | | |
|:---|:---|:---|
| **Affiliated Investment Company** | **December 31, 2025 % Net Assets** | **December 31, 2024 % Net Assets** |
| Fidelity Capital and Income Fund | 45% | 48% |
| Fidelity Advisor Floating Rate High Income Fund | 16% | 16% |

---

Investment companies managed by an affiliate, in aggregate, were owners of record of 100% of the units as of December 31, 2025 and 2024.

*Placement Agent Agreement*

The Fund has entered into a Placement Agent Agreement (the "Placement Agent Agreement") with Fidelity Distributors Company LLC ("FDC"), an affiliate of the Adviser. FDC will act as a non-exclusive placement agent for the Fund in connection with the private placement offering of units of interest.

------

*Co-Investment Relief* 

The Fund and the Adviser have received an exemptive order from the SEC that permits the Fund, among other things, to co-invest with certain other persons in negotiated transactions, including certain affiliates of the Adviser and certain funds managed and controlled by the Adviser and its affiliates, subject to certain terms and conditions. The Fund may determine to participate or not to participate, depending on whether the Adviser determines that the investment is appropriate for the Fund (e.g., based on investment strategy). The co-investment would generally be allocated to the Fund and the other affiliated funds that target similar assets in accordance with the Adviser's allocation policies and procedures. If the Adviser determines that such investment is not appropriate for the Fund, the investment will not be allocated to the Fund.

**Note 5. Investments**

The composition of the Fund's investment portfolio at cost and fair value was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Cost** | **Fair Value** | **% of Total Investments <br>at Fair Value** | **Cost** | **Fair Value** | **% of Total Investments <br>at Fair Value** |
| First Lien Debt | $1639776304 | $1600336929 | 97.6% | $1522615486 | $1525175632 | 96.3% |
| Second Lien Debt |  |  | 0.0% | 46293451 | 37433922 | 2.4% |
| Unsecured Debt | 128340 | 103631 | 0.0% |  |  | 0.0% |
| Equity | 18862283 | 20153337 | 1.2% | 18001364 | 18047546 | 1.1% |
| Mutual Funds | 19087624 | 19087624 | 1.2% | 3224421 | 3224421 | 0.2% |
| **Total Investments** | $1677854551 | $1639681521 | 100.0% | $1590134722 | $1583881521 | 100.0% |

---

------

The industry composition of investments at fair value was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| Health Care Services | 22.5% | 21.4% |
| Application Software | 11.5% | 9.4% |
| Diversified Support Services | 8.9% | 6.9% |
| Specialized Consumer Services | 6.7% | 5.7% |
| Paper & Plastic Packaging Products & Materials | 5.9% | 3.2% |
| Air Freight & Logistics | 5.0% | 3.3% |
| Trading Companies & Distributors | 4.4% | 3.9% |
| Industrial Machinery & Supplies & Components | 3.9% | 7.7% |
| Packaged Foods & Meats | 3.6% | 2.4% |
| Soft Drinks & Non-alcoholic Beverages | 3.4% | 3.5% |
| Pharmaceuticals | 3.0% | 3.1% |
| Life Sciences Tools & Services | 2.8% | 1.5% |
| Data Processing & Outsourced Services | 2.1% | 2.2% |
| Health Care Technology | 2.0% | 4.6% |
| Health Care Facilities | 2.0% | 2.0% |
| Electronic Components | 1.6% | 1.6% |
| Automotive Parts & Equipment | 1.4% | 1.4% |
| Electronic Manufacturing Services | 1.3% | 1.4% |
| Aerospace & Defense | 1.3% | 0.6% |
| Mutual Funds | 1.2% | 0.2% |
| Research & Consulting Services | 1.0% | 0.8% |
| IT Consulting & Other Services | 1.0% | 0.0% |
| Diversified Financial Services | 0.9% | 3.1% |
| Environmental & Facilities Services | 0.8% | 5.3% |
| Electrical Components & Equipment | 0.5% | 0.0% |
| Office Services & Supplies | 0.4% | 0.4% |
| Insurance Brokers | 0.3% | 0.9% |
| Health Care Supplies | 0.2% | 0.0% |
| Advertising | 0.2% | 0.0% |
| Specialty Chemicals | 0.1% | 0.0% |
| Building Products | 0.1% | 0.1% |
| Human Resource & Employment Services | 0.0% | 0.0% |
| Construction & Engineering | 0.0% | 0.0% |
| Specialized Finance | 0.0% | 0.0% |
| Copper | 0.0% | 2.5% |
| Commodity Chemicals | 0.0% | 0.9% |
| **Total** | 100.0% | 100.0% |

---

Amounts shown as 0.0% in the above table may represent values of less than 0.05%.

The geographic composition of investments at fair value was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Fair Value** | **% of Total Investments <br>at Fair Value** | **Fair Value as % of <br>Net Assets** | **Fair Value** | **% of Total Investments <br>at Fair Value** | **Fair Value as % of<br>Net Assets** |
| United States | $1608084129 | 98.1% | 205.5% | $1551974599 | 98.0% | 205.4% |
| Australia | 31078536 | 1.9% | 4.0% | 31393256 | 2.0% | 4.2% |
| Canada | 518856 | 0.0% | 0.1% | 513666 | 0.0% | 0.1% |
| **Total** | $1639681521 | 100.0% | 209.6% | $1583881521 | 100.0% | 209.7% |

---

As of December 31, 2025 and 2024, on a fair value basis, 100% of debt investments bore interest at a floating rate and 0% of debt investments bore interest at a fixed rate. As of December 31, 2025 and 2024, there were no investments on non-accrual status.

------

**Note 6. Fair Value Measurements**

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

Level 1 — unadjusted quoted prices in active markets for identical investments

Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 — unobservable inputs (including the Fund's own assumptions based on the best information available)

The following is a summary of the inputs used, as of December 31, 2025 and 2024, involving the Fund's assets 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| First Lien Debt | $— | $— | $1600336929 | $1600336929 |
| Unsecured Debt |  |  | 103631 | 103631 |
| Equity |  |  | 20153337 | 20153337 |
| Mutual Funds | 19087624 |  |  | 19087624 |
| **Total Investments** | $19087624 | $— | $1620593897 | $1639681521 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| First Lien Debt | $— | $— | $1525175632 | $1525175632 |
| Second Lien Debt |  |  | 37433922 | 37433922 |
| Equity |  |  | 18047546 | 18047546 |
| Mutual Funds | 3224421 |  |  | 3224421 |
| **Total Investments** | $3224421 | $— | $1580657100 | $1583881521 |

---

The following tables provide a reconciliation of the beginning and ending balances for investments for which fair value was determined using Level 3 inputs for the years ended December 31, 2025 and 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** |
|  | **First Lien Debt** | **Second Lien Debt** | **Unsecured Debt** | **Equity** | **Total Investments** |
| Fair value, beginning of period | $1525175632 | $37433922 | $— | $18047546 | $1580657100 |
| Purchases of investments | 367319929 |  | 128340 | 3643115 | 371091384 |
| Proceeds from principal repayments and sales of investments | (297037342) | (9718142) |  | (6759627) | (313515111) |
| Accretion of discount/ amortization of premium | 9571593 | 3254 |  |  | 9574847 |
| Net realized gain (loss) | 728075 |  |  | 3977431 | 4705506 |
| Transfers into Level 3 | 27433922 |  |  |  | 27433922 |
| Transfers out of Level 3 |  | (27433922) |  |  | (27433922) |
| Net change in unrealized appreciation (depreciation) | (32854880) | (285112) | (24709) | 1244872 | (31919829) |
| **Fair value, end of period** | $1600336929 | $— | $103631 | $20153337 | $1620593897 |
| Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of December 31, 2025 | $(29925544) | $— | $(24709) | $1646904 | $(28303349) |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
|  | **First Lien Debt** | **Second Lien Debt** | **Equity** | **Total Investments** |
| Fair value, beginning of period | $1339308277 | $10000000 | $16548717 | $1365856994 |
| Purchases of investments | 541406494 | 36578608 | 3105811 | 581090913 |
| Proceeds from principal repayments and sales of investments | (362442654) | (44) | (1185699) | (363628397) |
| Accretion of discount/ amortization of premium | 11437561 | 38049 |  | 11475610 |
| Net realized gain (loss) | (521490) |  | 848550 | 327060 |
| Net change in unrealized appreciation (depreciation) | (4012556) | (9182691) | (1269833) | (14465080) |
| **Fair value, end of period** | $1525175632 | $37433922 | $18047546 | $1580657100 |
| Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of December 31, 2024 | $(1740238) | $(9182691) | $(1269833) | $(12192762) |

---

The information used in the above reconciliation represents period to date activity for any investments identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any security or instrument where a change in the pricing level occurred from the beginning to the end of the period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated statements of operations.

The following provides information on Level 3 securities held by the Fund that were valued as of December 31, 2025 and 2024 based on unobservable inputs.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  |  |  |  | **Range** | **Range** |  |  |
|  | **Fair Value** | **Valuation Technique** | **Unobservable Input** | **Low** | **High** | **Weighted Average** | **Impact to Valuation from <br>an Increase in Input\*** |
| First Lien Debt | $1600336929 | Market approach | Transaction price | $99.00 | $99.50 | $99.00 | Increase |
|  |  | Market comparable | Enterprise value/Revenue multiple (EV/R) | 0.30 | 1.20 | 1.10 | Increase |
|  |  | Discounted cash flow | Yield | 7.9% | 19.5% | 10.1% | Decrease |
| Unsecured Debt | 103631 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 1.20 | 1.20 | 1.20 | Increase |
| Equity | 20153337 | Market approach | Transaction price | $— | $1000.00 | $1000.00 | Increase |
|  |  | Market approach | Discount rate | 40.0% | 40.0% | 40.0% | Decrease |
|  |  | Market approach | Net Asset Value | $1223.00 | $1223.00 | $1223.00 | Increase |
|  |  | Market comparable | Enterprise value/Revenue multiple (EV/R) | 1.20 | 1.20 | 1.20 | Increase |
|  |  | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 5.30 | 17.50 | 11.00 | Increase |
| **Total** | $1620593897 |  |  |  |  |  |  |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  |  |  |  | **Range** | **Range** |  |  |
|  | **Fair Value** | **Valuation Technique** | **Unobservable Input** | **Low** | **High** | **Weighted Average** | **Impact to Valuation from <br>an Increase in Input\*** |
| First Lien Debt | $1525175632 | Market approach | Transaction price | $98.50 | $99.50 | $98.62 | Increase |
|  |  | Discounted cash flow | Yield | 8.2% | 19.5% | 10.8% | Decrease |
| Second Lien Debt | 37433922 | Discounted cash flow | Yield | 11.3% | 11.3% | 11.3% | Decrease |
|  |  | Market comparable | Enterprise value/Revenue multiple (EV/R) | 0.50 | 0.50 | 0.50 | Increase |
| Equity | 18047546 | Market approach | Transaction price | $3.10 | $1000.00 | $77.04 | Increase |
|  |  | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 5.70 | 17.00 | 10.70 | Increase |
| **Total** | $1580657100 |  |  |  |  |  |  |

---

\* Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

*Financial Instruments Not Carried at Fair Value* 

*Debt* 

The carrying value of the Fund's debt, which would be categorized as Level 3 within the fair value hierarchy, as of December 31, 2025 and 2024, approximates fair value.

**Note 7. Commitments and Contingencies**

In the normal course of business, the Fund enters into contracts that provide a variety of general indemnifications. Any exposure to the Fund under these arrangements could involve future claims that may be made against the Fund. Currently, no such claims exist or are expected to arise and, accordingly, the Fund has not accrued any liability in connection with such indemnifications.

*Commitments* 

In the normal course of business, the Fund may become party to financial instruments with off-balance sheet risk to fund investments that have unfunded commitments associated with such instruments. These financial instruments may include commitments to extend credit on the unused portions of the Fund's commitments pursuant to the terms of certain of the Fund's investments in revolving credit facilities, letters of credit, delayed draw and other loan financing agreements in connection with the Fund's investments in direct lending instruments. The unfunded commitments are carried at fair value with the unrealized appreciation or depreciation on the unfunded portion being included in fair value for each such position disclosed on the schedules of investments, and changes in those fair values are recorded in the net change in unrealized appreciation (depreciation) on investments on the consolidated statements of operations.

------

The following table details the unfunded loan commitments as of December 31, 2025:

**As of December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Investments - non-controlled/ non-affiliate** | **Commitment Type** | **Commitment Maturity Date** | **Unfunded Commitment ($)** |
| Ab Centers Acquisition Corporation | Delayed Draw Term Loan | 7/2/2031 | $2353804 |
| Ab Centers Acquisition Corporation | Revolving Credit Facility | 7/2/2031 | 1840527 |
| ACP Avenu Midco LLC | Revolving Credit Facility | 10/2/2029 | 6673945 |
| ACP Avenu Midco LLC | Delayed Draw Term Loan | 10/2/2029 | 394945 |
| ACP Falcon Buyer Inc | Revolving Credit Facility | 8/1/2029 | 6500000 |
| ACP Packaging IntermediateCo, LLC | Revolving Credit Facility | 10/22/2031 | 3626997 |
| Aep Passion Intermediate Holdings, Inc. | Revolving Credit Facility | 10/5/2027 | 1152223 |
| Alcami Corporation | Revolving Credit Facility | 12/21/2028 | 5782192 |
| All-Lift Systems, LLC | Revolving Credit Facility | 9/19/2028 | 1746575 |
| Atlas AU Bidco Pty Ltd / Atlas US Finco, Inc. | Revolving Credit Facility | 12/9/2028 | 4338106 |
| Bebright Mso, LLC | Revolving Credit Facility | 6/3/2030 | 2015197 |
| Bebright Mso, LLC | Delayed Draw Term Loan | 6/3/2030 | 826446 |
| Behavioral Framework LLC | Revolving Credit Facility | 11/20/2031 | 1608579 |
| Behavioral Framework LLC | Delayed Draw Term Loan | 11/20/2031 | 292560 |
| Belt Power Holdings LLC | Revolving Credit Facility | 8/22/2028 | 3418803 |
| Benefit Plan Administrators of Eau Claire, LLC | Delayed Draw Term Loan | 11/1/2030 | 4032258 |
| Benefit Plan Administrators of Eau Claire, LLC | Revolving Credit Facility | 11/1/2030 | 1209677 |
| BPCP Craftsman Buyer, LLC | Delayed Draw Term Loan | 4/9/2030 | 470588 |
| BPCP Craftsman Buyer, LLC | Revolving Credit Facility | 4/9/2030 | 156863 |
| Bron Buyer, LLC | Revolving Credit Facility | 1/13/2029 | 4250000 |
| C2dx, Inc | Revolving Credit Facility | 3/19/2030 | 101695 |
| C2dx, Inc | Delayed Draw Term Loan | 3/19/2030 | 3390 |
| Cadence - Southwick, Inc. | Revolving Credit Facility | 5/3/2028 | 2151809 |
| Cait Intermediate, LLC | Revolving Credit Facility | 10/8/2030 | 1520270 |
| CCI Prime, LLC | Revolving Credit Facility | 10/18/2029 | 1050000 |
| Currier Plastics Acquisition, LLC | Delayed Draw Term Loan | 9/19/2031 | 4699248 |
| Currier Plastics Acquisition, LLC | Revolving Credit Facility | 9/19/2031 | 1913807 |
| Cytracom LLC | Revolving Credit Facility | 6/28/2027 | 561798 |
| Cytracom LLC | Delayed Draw Term Loan | 6/28/2027 | 352022 |
| Digital Experience Services, LLC | Delayed Draw Term Loan | 4/25/2030 | 687500 |
| Digital Experience Services, LLC | Revolving Credit Facility | 4/25/2030 | 192308 |
| Double E Company, LLC | Revolving Credit Facility | 6/21/2028 | 1057269 |
| Dpt Management, LLC | Delayed Draw Term Loan | 12/18/2027 | 416667 |
| Dpt Management, LLC | Revolving Credit Facility | 12/18/2027 | 60833 |
| Dragonfly Pond Works | Revolving Credit Facility | 8/16/2030 | 875146 |
| Dragonfly Pond Works | Delayed Draw Term Loan | 8/16/2030 | 297550 |
| Dynamic Connections, Ltd | Delayed Draw Term Loan | 11/27/2030 | 346420 |
| Dynamic Connections, Ltd | Revolving Credit Facility | 11/27/2030 | 115473 |
| Ecir Intermediate II LLC | Delayed Draw Term Loan | 9/26/2031 | 4121688 |
| Ecir Intermediate II LLC | Revolving Credit Facility | 9/26/2031 | 1030422 |

---

------

**As of December 31, 2025 (continued):** 

---

| | | | |
|:---|:---|:---|:---|
| **Investments - non-controlled/ non-affiliate** | **Commitment Type** | **Commitment Maturity Date** | **Unfunded Commitment ($)** |
| Eds Buyer, LLC | Revolving Credit Facility | 1/10/2029 | $85106 |
| Erosion Intermediate Holdings LLC | Revolving Credit Facility | 9/30/2029 | 1339286 |
| Erosion Intermediate Holdings LLC | Delayed Draw Term Loan | 9/30/2029 | 937500 |
| Eversmith Brands Intermediate Holding Company | Delayed Draw Term Loan | 6/17/2030 | 1878123 |
| Eversmith Brands Intermediate Holding Company | Revolving Credit Facility | 6/17/2030 | 102941 |
| Eversmith Brands Intermediate Holding Company | Delayed Draw Term Loan | 6/17/2030 | 44118 |
| Fertility (ITC) Investment Holdco, LLC / Fertility (ITC) Buyer, Inc. | Revolving Credit Facility | 1/3/2029 | 2727273 |
| Firmapak Intermediary LLC | Revolving Credit Facility | 2/4/2031 | 138889 |
| Firmapak Intermediary LLC | Delayed Draw Term Loan | 2/4/2031 | 44444 |
| Future Care Associates LLC | Revolving Credit Facility | 12/30/2028 | 5000000 |
| Harmony Hit US Holdings Inc | Delayed Draw Term Loan | 12/3/2030 | 3597789 |
| Harmony Hit US Holdings Inc | Revolving Credit Facility | 12/3/2030 | 3024817 |
| Houseworks Holdings, LLC | Revolving Credit Facility | 12/15/2028 | 2375819 |
| Hy-Tek Opco, LLC | Revolving Credit Facility | 9/19/2028 | 3177173 |
| Identiti Resources LLC | Revolving Credit Facility | 11/1/2029 | 1537976 |
| Infusion Services Management LLC | Revolving Credit Facility | 7/7/2028 | 1059412 |
| Insight Technology Operation LLC | Revolving Credit Facility | 3/31/2031 | 124611 |
| Knight AcquireCo, LLC | Delayed Draw Term Loan | 11/7/2032 | 1869655 |
| La-Co Industries, Inc | Revolving Credit Facility | 7/2/2030 | 760456 |
| Lake Air Products, LLC | Revolving Credit Facility | 1/9/2029 | 5000000 |
| Lifecare Intermediate II, LLC | Delayed Draw Term Loan | 5/20/2030 | 2000000 |
| Luminii LLC | Delayed Draw Term Loan | 3/21/2030 | 2000000 |
| Luminii LLC | Revolving Credit Facility | 3/21/2030 | 1098901 |
| Luminii LLC | Delayed Draw Term Loan | 3/21/2030 | 824176 |
| Midas Foods International LLC | Delayed Draw Term Loan | 4/30/2029 | 763359 |
| Midas Foods International LLC | Revolving Credit Facility | 4/30/2029 | 163934 |
| Mobotrex, LLC | Delayed Draw Term Loan | 6/7/2031 | 2806072 |
| Mobotrex, LLC | Revolving Credit Facility | 6/7/2031 | 1138743 |
| Mri Acquisitions, Inc | Revolving Credit Facility | 7/1/2026 | 1833333 |
| Mse Supplies, LLC | Revolving Credit Facility | 8/14/2030 | 778846 |
| Mustang Prospects Purchaser LLC | Revolving Credit Facility | 6/13/2031 | 1894660 |
| Mustang Prospects Purchaser LLC | Delayed Draw Term Loan | 6/13/2031 | 444537 |
| NAM Acquisition Co LLC | Delayed Draw Term Loan | 7/16/2030 | 591901 |
| NAM Acquisition Co LLC | Revolving Credit Facility | 7/16/2030 | 481928 |
| National Power, LLC | Delayed Draw Term Loan | 10/20/2029 | 418404 |
| National Power, LLC | Revolving Credit Facility | 10/20/2029 | 373575 |
| NE Ortho Management Services, LLC | Delayed Draw Term Loan | 12/13/2030 | 6462036 |
| NE Ortho Management Services, LLC | Revolving Credit Facility | 12/13/2030 | 323102 |
| Nutrail Acquisitionco, LLC | Revolving Credit Facility | 5/23/2030 | 173410 |
| Nutrail Acquisitionco, LLC | Delayed Draw Term Loan | 5/23/2030 | 102929 |

---

------

**As of December 31, 2025 (continued):** 

---

| | | | |
|:---|:---|:---|:---|
| **Investments - non-controlled/ non-affiliate** | **Commitment Type** | **Commitment Maturity Date** | **Unfunded Commitment ($)** |
| Penn Quarter Partners, LLC | Delayed Draw Term Loan | 8/25/2031 | $2805683 |
| Penn Quarter Partners, LLC | Revolving Credit Facility | 8/25/2031 | 1402842 |
| Penta Fine Ingredients, Inc. | Revolving Credit Facility | 4/4/2031 | 123457 |
| Perimeter Solutions Group, LLC | Revolving Credit Facility | 10/2/2030 | 4260850 |
| Perimeter Solutions Group, LLC | Delayed Draw Term Loan | 10/2/2030 | 1787973 |
| Perimeter Solutions Group, LLC | Delayed Draw Term Loan | 10/2/2030 | 718185 |
| Pillr Health Intermediate II, LLC | Delayed Draw Term Loan | 12/31/2031 | 6349295 |
| Pillr Health Intermediate II, LLC | Revolving Credit Facility | 12/31/2031 | 3428619 |
| Pla Buyer, LLC | Revolving Credit Facility | 11/22/2029 | 1105263 |
| Premier Dental Products Company LLC | Delayed Draw Term Loan | 1/31/2031 | 1250000 |
| Premier Dental Products Company LLC | Revolving Credit Facility | 1/31/2031 | 625000 |
| Principal Lighting Group Holdings, LLC | Revolving Credit Facility | 11/4/2030 | 3106357 |
| Prism Parent Co Inc. | Delayed Draw Term Loan | 9/16/2028 | 2214815 |
| Quick Roofing Acquisition, LLC | Revolving Credit Facility | 12/22/2029 | 6800000 |
| Quick Roofing Acquisition, LLC | Delayed Draw Term Loan | 12/22/2029 | 484848 |
| R1 Holdings, LLC | Revolving Credit Facility | 12/29/2028 | 574661 |
| Refresh Buyer LLC | Revolving Credit Facility | 12/23/2027 | 1595092 |
| Roofing Services Solutions LLC | Revolving Credit Facility | 11/27/2029 | 895833 |
| Routeware, Inc | Delayed Draw Term Loan | 9/18/2031 | 3852273 |
| Routeware, Inc | Revolving Credit Facility | 9/18/2031 | 818182 |
| RPX Corporation | Revolving Credit Facility | 8/2/2030 | 816327 |
| Sabrosura Foods, LLC | Delayed Draw Term Loan | 8/22/2029 | 4311535 |
| Sabrosura Foods, LLC | Revolving Credit Facility | 8/22/2029 | 3924869 |
| SCP Baked Goods Holdings, LLC | Delayed Draw Term Loan | 5/1/2031 | 267857 |
| SCP Baked Goods Holdings, LLC | Revolving Credit Facility | 5/1/2031 | 89286 |
| Scp Mechanical Services Buyer, LLC | Delayed Draw Term Loan | 8/20/2031 | 6730769 |
| Scp Mechanical Services Buyer, LLC | Revolving Credit Facility | 8/20/2031 | 1442308 |
| Scp Wqs Buyer, LLC | Revolving Credit Facility | 10/2/2029 | 4258004 |
| Shf Holdings, Inc | Revolving Credit Facility | 1/22/2030 | 2347826 |
| Solid Ground Solutions Acquisitions Inc | Delayed Draw Term Loan | 5/6/2029 | 5806452 |
| Solid Ground Solutions Acquisitions Inc | Revolving Credit Facility | 5/6/2029 | 595238 |
| Soteria Flexibles Corporation | Revolving Credit Facility | 8/15/2029 | 4984375 |
| Tex-Tech Industries Inc | Revolving Credit Facility | 1/13/2031 | 90476 |
| Tex-Tech Industries Inc | Delayed Draw Term Loan | 1/13/2031 | 63492 |
| Tgnl Purchaser LLC | Revolving Credit Facility | 6/25/2031 | 165746 |
| The Smilist Dso, LLC | Revolving Credit Facility | 4/4/2029 | 1148547 |
| The Smilist Dso, LLC | Delayed Draw Term Loan | 4/4/2029 | 165048 |
| Tiger Healthcare Buyer, LLC | Revolving Credit Facility | 2/27/2030 | 1125000 |
| Tiger Healthcare Buyer, LLC | Delayed Draw Term Loan | 2/27/2030 | 50417 |
| Tighitco Inc | Revolving Credit Facility | 2/28/2030 | 384615 |
| Together Womens Health, LLC | Delayed Draw Term Loan | 8/26/2031 | 7692308 |
| Together Womens Health, LLC | Revolving Credit Facility | 8/26/2031 | 1648352 |
| Trutemp Acquisition LLC | Delayed Draw Term Loan | 8/26/2031 | 7231405 |
| Trutemp Acquisition LLC | Revolving Credit Facility | 8/26/2031 | 1446281 |
| USW Buyer, LLC | Revolving Credit Facility | 11/3/2028 | 1970000 |
| VIP Medical US Buyer, LLC | Revolving Credit Facility | 12/12/2028 | 7500000 |
| Warshaw Opco LLC | Revolving Credit Facility | 3/27/2030 | 169477 |
| Wci-Bxc Purchaser, LLC | Revolving Credit Facility | 11/6/2030 | 5988807 |
| Woven Health Collective, LLC | Delayed Draw Term Loan | 10/23/2028 | 4341061 |
| Woven Health Collective, LLC | Revolving Credit Facility | 10/23/2028 | 1475961 |
| **Total Unfunded Commitments** |  |  | $256175901 |

---

------

The following table details the unfunded loan commitments as of December 31, 2024:

**As of December 31, 2024**

---

| | | | |
|:---|:---|:---|:---|
| **Investments - non-controlled/ non-affiliate** | **Commitment Type** | **Commitment Maturity Date** | **Unfunded Commitment ($)** |
| AB Centers Acquisition Corporation | Delayed Draw Term Loan | 7/2/2031 | $3428671 |
| AB Centers Acquisition Corporation | Revolving Credit Facility | 7/2/2031 | 1840527 |
| ACP Avenu Buyer, LLC | Revolving Credit Facility | 10/2/2029 | 5081518 |
| ACP Avenu Buyer, LLC | Delayed Draw Term Loan | 10/2/2029 | 2784571 |
| ACP Falcon Buyer, Inc. | Revolving Credit Facility | 8/1/2029 | 6500000 |
| AEP Passion Intermediate Holdings, Inc. | Revolving Credit Facility | 10/5/2027 | 512237 |
| Alcami Corporation | Revolving Credit Facility | 12/21/2028 | 6791781 |
| Astro Acquisition LLC | Revolving Credit Facility | 12/13/2027 | 3000000 |
| Atlas AU Bidco Pty Ltd / Atlas US Finco, Inc. | Revolving Credit Facility | 12/9/2028 | 3389831 |
| BeBright MSO, LLC | Delayed Draw Term Loan | 6/3/2030 | 444487 |
| BeBright MSO, LLC | Revolving Credit Facility | 6/3/2030 | 1932553 |
| Belt Power Holdings LLC | Revolving Credit Facility | 8/22/2028 | 3418803 |
| Benefit Plan Administrators Of Eau Claire, LLC | Delayed Draw Term Loan | 11/1/2030 | 4032258 |
| Benefit Plan Administrators Of Eau Claire, LLC | Revolving Credit Facility | 11/1/2030 | 1209677 |
| Bron Buyer, LLC | Revolving Credit Facility | 1/13/2029 | 5000000 |
| C2DX, Inc | Revolving Credit Facility | 3/19/2030 | 120339 |
| C2DX, Inc | Delayed Draw Term Loan | 3/19/2030 | 338983 |
| Cadence - Southwick, Inc. | Revolving Credit Facility | 5/3/2028 | 2292145 |
| CCI Prime, LLC | Delayed Draw Term Loan | 10/18/2029 | 85890 |
| CCI Prime, LLC | Revolving Credit Facility | 10/18/2029 | 3500000 |
| Copperweld Group, Inc. | Revolving Credit Facility | 3/31/2026 | 2199662 |
| CUB Financing Intermediate, LLC | Delayed Draw Term Loan | 6/28/2030 | 2361111 |
| Cytracom, LLC | Delayed Draw Term Loan | 6/28/2027 | 1011236 |
| Cytracom, LLC | Revolving Credit Facility | 6/28/2027 | 561798 |
| Double E Company, LLC | Revolving Credit Facility | 6/21/2028 | 202643 |
| DPT Management, LLC | Delayed Draw Term Loan | 12/18/2027 | 416667 |
| DPT Management, LLC | Revolving Credit Facility | 12/18/2027 | 250000 |
| Dragonfly Pond Works | Delayed Draw Term Loan | 8/16/2030 | 3500583 |
| Dragonfly Pond Works | Revolving Credit Facility | 8/16/2030 | 875146 |
| Dynamic Connections, Ltd | Delayed Draw Term Loan | 11/27/2030 | 346420 |
| Dynamic Connections, Ltd | Revolving Credit Facility | 11/27/2030 | 115473 |
| EDS Buyer, LLC | Revolving Credit Facility | 1/10/2029 | 85106 |
| Endurance PT Technology Buyer Corporation | Revolving Credit Facility | 2/28/2030 | 3080645 |
| Erosion Intermediate Holdings LLC | Delayed Draw Term Loan | 9/30/2029 | 3214286 |
| Erosion Intermediate Holdings LLC | Revolving Credit Facility | 9/30/2029 | 1339286 |

---

------

**As of December 31, 2024 (continued):** 

---

| | | | |
|:---|:---|:---|:---|
| **Investments - non-controlled/ non-affiliate** | **Commitment Type** | **Commitment Maturity Date** | **Unfunded Commitment ($)** |
| EverSmith Brands Intermediate Holding Company | Delayed Draw Term Loan | 6/17/2030 | $367647 |
| EverSmith Brands Intermediate Holding Company | Revolving Credit Facility | 6/17/2030 | 102941 |
| Fertility (ITC) Investment Holdco, LLC / Fertility (ITC) Buyer, Inc. | Revolving Credit Facility | 1/3/2029 | 2727273 |
| Finastra USA Inc | Revolving Credit Facility | 9/13/2029 | 2948762 |
| Future Care Associates LLC | Revolving Credit Facility | 12/30/2028 | 5000000 |
| Harmony Hit US Holdings Inc | Revolving Credit Facility | 12/3/2030 | 3024817 |
| Harmony Hit US Holdings Inc | Delayed Draw Term Loan | 12/3/2030 | 3597789 |
| Houseworks Holdings, LLC | Revolving Credit Facility | 12/16/2028 | 4891392 |
| Identiti Resources LLC | Delayed Draw Term Loan | 11/1/2029 | 5098494 |
| Identiti Resources LLC | Revolving Credit Facility | 11/1/2029 | 2317497 |
| Infusion Services Management, LLC | Delayed Draw Term Loan | 7/7/2028 | 865242 |
| Infusion Services Management, LLC | Revolving Credit Facility | 7/7/2028 | 1332808 |
| LA-CO Industries, Inc | Revolving Credit Facility | 7/2/2030 | 760456 |
| Lake Air Products, LLC | Revolving Credit Facility | 1/9/2029 | 6000000 |
| Midas Foods International LLC | Delayed Draw Term Loan | 4/30/2029 | 65574 |
| Midas Foods International LLC | Revolving Credit Facility | 4/30/2029 | 163934 |
| MoboTrex, LLC | Revolving Credit Facility | 6/7/2030 | 283466 |
| MRI Acquisitions, Inc | Revolving Credit Facility | 12/30/2025 | 1833333 |
| MSE Supplies, LLC | Revolving Credit Facility | 8/14/2030 | 1298077 |
| Mustang Prospects Purchaser LLC | Delayed Draw Term Loan | 6/13/2031 | 1727298 |
| Mustang Prospects Purchaser LLC | Revolving Credit Facility | 6/13/2031 | 2368325 |
| NAM Acquisition Co LLC | Delayed Draw Term Loan | 7/16/2030 | 963855 |
| NAM Acquisition Co LLC | Revolving Credit Facility | 7/16/2030 | 481928 |
| National Power, LLC | Delayed Draw Term Loan | 10/31/2029 | 747150 |
| National Power, LLC | Revolving Credit Facility | 10/31/2029 | 373575 |
| NE Ortho Management Services, LLC | Revolving Credit Facility | 12/13/2030 | 807754 |
| NE Ortho Management Services, LLC | Delayed Draw Term Loan | 12/13/2030 | 2423263 |
| NE Ortho Management Services, LLC | Delayed Draw Term Loan | 12/13/2030 | 6462036 |
| Pave America Interco, LLC | Revolving Credit Facility | 2/7/2028 | 1177764 |
| Perimeter Solutions Group, LLC | Delayed Draw Term Loan | 10/2/2030 | 2250596 |
| Perimeter Solutions Group, LLC | Revolving Credit Facility | 10/2/2030 | 3750000 |
| PLA Buyer, LLC | Delayed Draw Term Loan | 11/22/2029 | 1052632 |
| PLA Buyer, LLC | Revolving Credit Facility | 11/22/2029 | 2105263 |
| Principal Lighting Group Holdings, LLC | Revolving Credit Facility | 11/4/2030 | 3106357 |
| Prism Parent Co Inc. | Delayed Draw Term Loan | 9/16/2028 | 2214815 |
| Quick Roofing Acquisition, LLC | Revolving Credit Facility | 12/22/2029 | 5100000 |
| Quick Roofing Acquisition, LLC | Delayed Draw Term Loan | 12/22/2029 | 505051 |
| R1 Holdings, LLC | Revolving Credit Facility | 12/29/2028 | 4194570 |
| Refresh Buyer LLC | Revolving Credit Facility | 12/23/2027 | 2822086 |
| Roofing Services Solutions LLC | Delayed Draw Term Loan | 11/27/2029 | 3916667 |
| Roofing Services Solutions LLC | Revolving Credit Facility | 11/27/2029 | 2916666 |
| Routeware, Inc | Delayed Draw Term Loan | 9/18/2031 | 4431818 |
| Routeware, Inc | Revolving Credit Facility | 9/18/2031 | 1022727 |
| RPX Corporation | Revolving Credit Facility | 8/2/2030 | 816327 |
| Ruppert Landscape, LLC | Revolving Credit Facility | 12/1/2028 | 4347826 |
| RxStrategies, Inc | Revolving Credit Facility | 8/12/2030 | 3750000 |
| Sabrosura Foods, LLC | Delayed Draw Term Loan | 8/22/2029 | 4311535 |
| Sabrosura Foods, LLC | Revolving Credit Facility | 8/22/2029 | 5269003 |

---

------

**As of December 31, 2024 (continued):** 

---

| | | | |
|:---|:---|:---|:---|
| **Investments - non-controlled/ non-affiliate** | **Commitment Type** | **Commitment Maturity Date** | **Unfunded Commitment ($)** |
| SCP WQS Buyer, LLC | Delayed Draw Term Loan | 10/2/2028 | $3761897 |
| SCP WQS Buyer, LLC | Revolving Credit Facility | 10/2/2028 | 2769301 |
| Solid Ground Solutions Acquisitions Inc | Delayed Draw Term Loan | 5/6/2029 | 2380952 |
| Solid Ground Solutions Acquisitions Inc | Revolving Credit Facility | 5/6/2029 | 595238 |
| Soteria Flexibles Corporation | Delayed Draw Term Loan | 8/15/2029 | 7287090 |
| Soteria Flexibles Corporation | Revolving Credit Facility | 8/15/2029 | 5907407 |
| The Smilist DSO, LLC | Revolving Credit Facility | 4/4/2029 | 1148547 |
| The Smilist DSO, LLC | Delayed Draw Term Loan | 4/4/2029 | 643752 |
| The Smilist DSO, LLC | Delayed Draw Term Loan | 4/4/2029 | 1000000 |
| Tiger Healthcare Buyer, LLC | Delayed Draw Term Loan | 2/27/2030 | 50417 |
| Tiger Healthcare Buyer, LLC | Revolving Credit Facility | 2/27/2030 | 2250000 |
| USW Buyer, LLC | Revolving Credit Facility | 11/3/2028 | 1970000 |
| VIP Medical US Buyer, LLC | Revolving Credit Facility | 12/12/2028 | 2000000 |
| VIP Medical US Buyer, LLC | Delayed Draw Term Loan | 12/12/2028 | 1900000 |
| WCI-BXC Purchaser, LLC | Revolving Credit Facility | 11/6/2029 | 5935897 |
| **Total Unfunded Commitments** |  |  | $232961220 |

---

In addition, as of December 31, 2025, the Fund was party to subscription agreements to fund equity investment commitments as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Investment to be acquired** | **Investment Type** | **Commitment Amount** | **Unrealized Appreciation (Depreciation)** |
| Acp Flexibles I LP | Equity Interest | $23946 | $— |
| Cci Prime Holdings, LLC | Series AA Preferred Units | 11698 |  |
| **Total Unfunded Equity Commitments** |  | $35644 | $— |

---

As of December 31, 2024, the fund was not party to any subscription agreements to fund equity investment commitments.

**Note 8. Borrowings**

In accordance with the 1940 Act, with certain limitations, the Fund is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. As of December 31, 2025 and 2024, the Fund's asset coverage was 188% and 187%, respectively.

The Fund's average outstanding debt and weighted average interest rate paid for the years ended December 31, 2025 and 2024 were $859.2 million and 6.40% and $758.6 million and 7.79%, respectively. The Fund's weighted average interest rate paid as of December 31, 2025 and 2024 was 6.09% and 6.78%, respectively.

The Fund's outstanding borrowings as of December 31, 2025 and 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Aggregate Principal Committed** | **Outstanding Principal** | **Carrying Value** |
| Fidelity Direct Lending Fund I JSPV LLC Facility ⁽¹⁾ | $1000000000 | $680353357 | $680353357 |
| Truist Senior Secured Revolving Credit Facility | 430000000 | 213000000 | 213000000 |
| **Total** | $1430000000 | $893353357 | $893353357 |

---

(1)Under the Fidelity Direct Lending Fund I JSPV LLC Facility, the Fund is permitted to borrow in USD or certain other currencies. As of December 31, 2025 the Fund had borrowings denominated in Canadian Dollars ("CAD") of 0.5 million, translated to USD of $0.4 million.

------

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Aggregate Principal Committed** | **Outstanding Principal** | **Carrying Value** |
| Fidelity Direct Lending Fund I JSPV LLC Facility⁽¹⁾ | $1000000000 | $868361752 | $868361752 |
| **Total** | $1000000000 | $868361752 | $868361752 |

---

(1)Under the Fidelity Direct Lending Fund I JSPV LLC Facility, the Fund is permitted to borrow in USD or certain other currencies. As of December 31, 2024, the Fund had borrowings denominated in Canadian Dollars ("CAD") of 0.5 million, translated to USD of $0.4 million.

For the years ended December 31, 2025, 2024 and 2023, the components of interest expense were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Borrowing interest expense | $58774710 | $62451462 | $52676634 |
| Facility unused fees | 1674578 | 987832 | 993502 |
| Amortization of deferred financing costs | 2187822 | 2089827 | 2027059 |
| **Total Interest Expense** | $62637110 | $65529121 | $55697195 |

---

*Fidelity Direct Lending Fund I JSPV LLC* 

On August 25, 2022, Fidelity Direct Lending Fund I JSPV LLC (the "SPV") entered into a senior secured revolving credit facility (the "Fidelity Direct Lending Fund I JSPV LLC Facility") with JPMorgan Chase Bank, NA ("JPM"), governed by the Loan and Security Agreement (the "Agreement"), as amended from time to time. JPM serves as administrative agent, Citibank, N.A. serves as collateral agent and securities intermediary, and Virtus Group, LP serves as collateral administrator under the Fidelity Direct Lending Fund I JSPV LLC Facility.

The initial commitment amount under the Fidelity Direct Lending Fund I JSPV LLC Facility was $500 million. On January 24, 2023, June 6, 2023, and November 26, 2024 this was increased to $750 million, $950 million, and $1 billion, respectively. On August 6, 2025, the SPV entered into the fourth amendment to the Agreement. The amendment provides for an increase in the maximum facility amount permitted under an accordion provision to $1.5 billion. Proceeds from borrowings under the credit facility may be used to fund portfolio investments by the SPV and to make advances under delayed draw term loans where the SPV is a lender. On September 12, 2024, the Fidelity Direct Lending Fund I JSPV LLC Facility entered into the Third Amendment to the Agreement. The amendment extends the last day of the revolving period to August 25, 2027, and the stated maturity date to February 25, 2029. Under the Fidelity Direct Lending Fund I JSPV LLC Facility, the Fund is permitted to borrow in USD or certain other currencies. Advances under the Fidelity Direct Lending Fund I JSPV LLC Facility currently bear interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advance (which is Term SOFR in the case of U.S. dollar advances), plus an applicable margin of 2.20% per annum except for borrowings denominated in British pounds, for which the applicable margin is 2.3193% per annum. Prior to September 12, 2024, the applicable margins were 2.97% per annum for certain advances in British Pounds and 2.85% per annum for other advances. The SPV currently pays a commitment fee of 0.525% per annum of the unused facility amount, based on the average daily unused amount of the financing commitments, subject to minimum utilization amounts.

In connection with the Fidelity Direct Lending Fund I JSPV LLC Facility, the SPV has made certain customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. The Fidelity Direct Lending Fund I JSPV LLC Facility contains customary events of default for similar financing transactions. Upon the occurrence and during the continuation of an event of default, the lender under the Fidelity Direct Lending Fund I JSPV LLC Facility may declare the outstanding advances and all other obligations under the Fidelity Direct Lending Fund I JSPV LLC Facility immediately due and payable.

The Fidelity Direct Lending Fund I JSPV LLC Facility is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the SPV, subject to certain exceptions. Proceeds of the Fidelity Direct Lending Fund I JSPV LLC Facility may be used for general corporate purposes, including, without limitation, repaying outstanding indebtedness, making distributions, contributions and investments, and acquisition and funding of portfolio investments, and such other uses as permitted under the Agreement.

*Truist Senior Secured Revolving Credit Facility*

On June 16, 2025, the Fund entered into a senior secured revolving credit facility (the "Truist Facility") pursuant to a Senior Secured Revolving Credit Agreement (the "Truist Agreement"). Truist Bank is administrative agent, ING Capital LLC is the valuation agent and Truist Securities, Inc., ING Capital LLC and Sumitomo Mitsui Banking Corporation are joint book runners and joint lead arrangers.

------

The Fund may borrow amounts in USD or certain agreed foreign currencies under the Truist Facility. Borrowings made under the Truist Facility will have a per annum rate equal to 0.75% or 0.875% plus an "alternate base rate" (as described in the Truist Agreement) in the case of any ABR Loan. In the case of any other loan, borrowings will have a per annum rate equal to 1.75% or 1.875% plus the Adjusted Term SOFR Rate or, for foreign denominated loans, the relevant rate for such currency, in each case, depending on the Fund's rate option election and borrowing base. The Fund will also pay a fee of 0.375% on average daily undrawn amounts under the Truist Facility.

The initial principal amount of the Truist Facility was $300 million. On August 22, 2025, the Fund entered into a commitment increase agreement, which provided for an increase in the principal commitment amount to $400 million. On November 26, 2025, the Fund entered into a second commitment increase agreement under Truist Facility, with Canadian Imperial Bank of Commerce as an assuming lender, for an increase in the principal commitment amount from $400 million to $430 million, subject to availability under the borrowing base, which is based on the Fund's portfolio investments and other outstanding indebtedness, with an accordion provision to permit increases to the total facility amount up to $750 million, subject to the satisfaction of certain conditions. In addition, the Truist Facility includes a $60 million limit for swingline loans.

The Truist Facility is guaranteed by certain subsidiaries of the Fund and will be guaranteed by certain domestic subsidiaries of the Fund that are formed or acquired by the Fund in the future (collectively, the "Guarantors"). Proceeds of the Facility may be used for general corporate purposes, including, without limitation, repaying outstanding indebtedness, making distributions, contributions and investments, and acquisition and funding of portfolio investments, and such other uses as permitted under the Agreement.

The Truist Facility is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Fund and each Guarantor, subject to certain exceptions.

The availability period under the Truist Facility will terminate on June 15, 2029 (the "Commitment Termination Date") and the Facility will mature on June 14, 2030 (the "Maturity Date"). During the period from the Commitment Termination Date to the Maturity Date, the Fund will be obligated to make mandatory prepayments under the Facility out of the proceeds of certain asset sales, other recovery events and equity and debt issuances.

The Agreement includes customary affirmative and negative covenants, including financial covenants requiring the Fund to maintain a minimum shareholders' equity and asset coverage ratio, and certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature. Upon the occurrence and during the continuation of an event of default, the lender under the Truist Facility may declare the outstanding advances and all other obligations under the Truist Facility immediately due and payable.

**Note 9. Income Taxes.**

For the period from December 9, 2021 (commencement of operations) to June 5, 2023, the Fund was classified as a partnership for U.S. federal income tax purposes. While the Fund was classified as a partnership no provisions for income taxes were recorded in the consolidated financial statements since the Fund was not subject to income tax. Tax obligations relating to the Fund's activities were the responsibility of the Unit Holders. Effective June 6, 2023, the Fund elected to be classified as a corporation for U.S. federal income tax purposes and the Fund elected to be treated, and intends to qualify annually as, a regulated investment company ("RIC") as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

Taxable income differs from net increase (decrease) in net assets resulting from operations primarily due to: (1) unrealized appreciation (depreciation) on investments, as gains and losses are generally not included in taxable income until they are realized (2) income or loss recognition on exited investments and (3) other non-deductible expenses.

The Fund makes certain adjustments to the classification of net assets as a result of permanent book-to-tax differences, which include differences in the book and tax basis of certain assets and liabilities, and non-deductible expenses, among other items. To the extent these differences are permanent, they are charged or credited to additional paid in capital, undistributed net investment income or undistributed net realized gains on investments, as appropriate.

------

For the years ended December 31, 2025, 2024 and for the period starting June 6, 2023 and ended December 31, 2023, permanent differences were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Undistributed net investment income (loss) | $287963 | $2485018 | $39893 |
| Accumulated net realized gain (loss) | (855021) | (879599) | (141164) |
| Paid In Capital | 567058 | (1605419) | 101271 |

---

During the years ended December 31, 2025, permanent differences were principally related to paydowns, capital loss carried forward and partnerships, among other items. During the year ended December 31, 2024, permanent differences were principally related to paydowns, capital loss carried forward, and partnerships, among other items. During the period starting June 6, 2023 and ended December 31, 2023, permanent differences were principally related to income earned by the Fund prior to June 6, 2023, when the fund was classified as a partnership for tax purposes ("Pre-RIC Conversion Income").

The following reconciles the increase in net assets resulting from operations for the years ended December 31, 2025, 2024 and the period starting June 6, 2023 to December 31, 2023, to taxable income for the respective period:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Net increase (decrease) in net assets resulting from operations | $75194950 | $87627465 | $95279402 |
| Net unrealized (appreciation) depreciation on investments | 31736753 | 14999425 | (9489236) |
| Realized gain (loss) for tax not included in book income | (169081) |  |  |
| Pre-RIC Conversion Income |  |  | (34963890) |
| Other permanent and timing differences | 237336 | 2486986 |  |
| Realized losses for tax not recognized |  | 521488 |  |
| Realized gain (loss) for book not included for tax | (1248109) | (610189) |  |
| Other non-deductible expenses and excise tax |  |  | 2156246 |
| **Taxable/distributable income** | $105751849 | $105025175 | $52982522 |

---

The components of accumulated gains / losses as calculated on a tax basis for the years ended December 31, 2025, 2024 and the period starting June 6, 2023 to December 31, 2023 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Distributable ordinary income | $— | $— | $346173 |
| Capital loss carried forward |  | (185367) |  |
| Net unrealized appreciation/(depreciation) on investments | (38702402) | (7393077) | 8211879 |
| **Total accumulated under-distributed (over-distributed) earnings** | $(38702402) | $(7578444) | $8558052 |

---

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal year end and is subject to adjustment.

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Long-term | $— | $(185367) | $— |
| **Total capital loss carried forward** | $— | $(185367) | $— |

---

------

The cost and unrealized gain (loss) of the Fund's investments, as calculated on a tax basis, at December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Gross unrealized appreciation | $19250973 | $22901926 |
| Gross unrealized depreciation | (57953762) | (30294957) |
| **Net unrealized (appreciation) depreciation** | $(38702789) | $(7393031) |
| Tax cost of investments | $1678384310 | $1591274552 |

---

Of the distributions declared during the year ended December 31, 2025, $102.8 million was derived from ordinary income and $3.0 million was derived from capital gains as determined on a tax basis. For the applicable year ended December 31, 2025, the Fund's distributions exceeded the aggregate amount of taxable income and net realized gains resulting in an approximate $2.3 million return of capital for tax purposes.

Of the distributions declared during the year ended December 31, 2024, approximately $105.4 million was derived from ordinary income as determined on a tax basis. For the applicable year ended December 31, 2024, the Fund's distributions exceeded the aggregate amount of taxable income and net realized gains resulting in an approximate $13.0 million return of capital for tax purposes.

The Fund designates approximately $102.8 million and $105.4 million of distributions paid during the years ended December 31, 2025 and 2024, respectively, as qualifying to be taxed as section 163(j) interest dividends.

The Fund designates approximately $104.8 million of distributions paid in the year ended December 31, 2024 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.

Management has analyzed the Fund's tax positions taken, or to be taken, on U.S. federal income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund's consolidated financial statements other than the provision for income taxes recorded on the consolidated financial statements related to the Fund's investment in wholly-owned subsidiaries. The Fund's U.S. federal income tax returns are subject to examination by the Internal Revenue Service for a period of three fiscal years after they are filed.

**Note 10. Financial Highlights**

The financial highlights for the years ended December 31, 2025, 2024 and 2023 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Period From January 31, 2023 through December 31, 2023 ᴬ** |
|  | **2025** | **2024** |  |
| **Per Unit Data** |  |  |  |
| Net asset value per unit, beginning of period | $9.68 | $10.08 | $9.93 |
| Net investment income (loss) <sup>B</sup> | 1.24 | 1.45 | 1.26 |
| Net realized and change in unrealized gain (loss) | (0.33) | (0.20) | 0.18 |
| Net increase (decrease) in net assets resulting from operations | 0.91 | 1.25 | 1.44 |
| Distributions | (1.28) | (1.48) | (1.29) |
| Distributions from tax return of capital | (0.03) | (0.17) |  |
| Net asset value per unit, end of period | $9.28 | $9.68 | $10.08 |
| Total return <sup>E</sup> | 9.98% | 13.19% | 16.44% |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **Ratios:** |  |  |  |
| Net investment income (loss) to average net assets | 12.98% | 14.43% | 13.93% |
| Expenses to average net assets, before reductions <sup>C</sup> | 9.84% | 11.09% | 10.28% |
| Expenses to average net assets, after reductions <sup>C</sup> | 9.71% | 10.99% | 10.16% |
| Portfolio turnover rate <sup>D</sup> | 19.71% | 25.71% | 5.45% |
| **Supplemental Data:** |  |  |  |
| Ratio of expenses to average net assets, before reductions, <br>excluding income and excise tax expense and interest expense <sup>C</sup> | 1.89% | 1.84% | 1.15% |
| Ratio of expenses to average net assets, after reductions, excluding income and excise tax expense and interest expense <sup>C</sup> | 1.76% | 1.75% | 1.03% |

---

A. Prior to January 31, 2023, the Fund was not unitized.

B. Calculated based on weighted average units outstanding during the period.

C. Expense ratios reflect operating expenses of the Fund.

D. The portfolio turnover rate is calculated based on the lesser of purchases or sales of securities year to date divided by the average fair value of the portfolio securities, excluding short-term securities.

E. Total returns of less than one year are not annualized. Total Return was not calculated for periods prior to the date that the Fund elected to be regulated as a BDC.

**Note 11. Subsequent Events**

In preparation of these consolidated financial statements, management has evaluated the events and transactions subsequent to December 31, 2025, through the date when the consolidated financial statements were issued, and determined that there are no subsequent events or transactions that would require adjustments to or disclosures on the Fund's consolidated financial statements.

------

**Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.**

There are not and have not been any disagreements between the Fund and its accountant on any matter of accounting principles, practices, or financial statement disclosure.

**Item 9A. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Evaluation of Disclosure Controls and Procedures**

In accordance with Rules 13a-15(b) and 15d-15(b) of the Exchange Act, the Fund's management, under the supervision and with the participation of the Fund's President and Treasurer (principal executive officer) and Chief Financial Officer (principal financial officer), carried out an evaluation of the effectiveness of the Fund's disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this Annual Report on Form 10-K (the "Annual Report") and determined that the Fund's disclosure controls and procedures are effective as of the end of the period covered by the Annual Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Management's Report on Internal Control Over Financial Reporting**

The Fund's management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act). Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP.

The Fund's management, under the supervision and with the participation of the Fund's President and Treasurer (principal executive officer) and Chief Financial Officer (principal financial officer) assessed the effectiveness of the Fund's internal control over financial reporting at December 31, 2025. In making this assessment, management used criteria set forth in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 COSO Framework). Based on this assessment, management concluded that the Fund's internal control over financial reporting was effective as of December 31, 2025.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

This Annual Report does not include an attestation report of the Fund's independent registered public accounting firm pursuant to the rules of the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Changes in Internal Controls Over Financial Reporting**

There have been no changes in the Fund's internal control over financial reporting that occurred during its most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, its internal control over financial reporting.

**Item 9B. Other Information.**

None of the officers or directors of the Fund have adopted or terminated any Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements applicable to them (if any) or the Fund.

**Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.**

Not Applicable.

------

**PART III**

**Item 10. Directors, Executive Officers and Corporate Governance.**

**Board**

The business and affairs of the Fund are managed under the direction and oversight of the Board. The Directors are experienced executives who meet periodically throughout the year to oversee the Fund's activities, including, among other things, the oversight of our investment activities, the valuation of our assets, review of contractual arrangements with companies that provide services to the Fund, oversight of our financing arrangements and corporate governance activities. The Board consists of five members, four of whom are not "interested persons" of the Fund, the Adviser or their respective affiliates as defined in Section 2(a)(19) of the 1940 Act. The Fund refers to these individuals as the Fund's "Independent Directors." The Board appoints the officers, who serve at the discretion of the Board. The responsibilities of the Board include valuation of the Fund's assets, corporate governance activities, oversight of the Fund's financing arrangements and oversight of the Fund's investment activities.

**Directors** 

Information regarding the Board is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Year of Birth** | **Position** | **Length of Time Served** |
| ***Interested Directors*** |  |  |  |
| David B. Jones | 1962 | Chairman of the Board of Directors | Since 2023 |
| ***Independent Directors*** |  |  |  |
| Jennifer M. Birmingham | 1971 | Director | Since 2023 |
| Matthew J. Conti | 1966 | Director | Since 2023 |
| Thomas F. Flannery | 1959 | Director | Since 2025 |
| Tara C. Kenney | 1960 | Director | Since 2023 |

---

The address for each director is c/o Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. While the Fund does not intend to list our units on any securities exchange, if any class of our units is listed on a national securities exchange, our Board will be divided into three classes of directors serving staggered terms of three years each.

------

**Executive Officers who are not Directors** 

The following information regarding the executive officers who are not directors:

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Year of Birth** | **Position** | **Length of Time Served** |
| Heather Bonner | 1977 | President and Treasurer | Since 2023 |
| Stephanie Caron | 1969 | Chief Financial Officer | Since 2024 |
| Nicole Macarchuk | 1968 | Secretary and Chief Legal Officer | Since 2024 |
| David Gaito | 1976 | Vice President | Since 2023 |
| Robert Gannon | 1972 | Vice President | Since 2024 |
| Therese Icuss | 1983 | Vice President | Since 2023 |
| Harley Lank | 1968 | Vice President | Since 2023 |
| Ksenia Portnoy | 1980 | Chief Compliance Officer | Since 2023 |
| Christopher Quinlan | 1963 | Vice President | Since 2024 |
| Hadi Husain | 1982 | Vice President | Since 2024 |
| Jeffrey Scott | 1975 | Vice President | Since 2023 |

---

The address for each executive officer is c/o Fidelity Private Credit Company LLC, 245 Summer Street, Boston, Massachusetts 02210.

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**Biographical Information** 

The following is information concerning the business experience of the Board and executive officers. The Directors have been divided into two groups—Interested Directors and Independent Directors. Interested Directors are "interested persons" as defined in the 1940 Act.

***Interested Directors***

**David B. Jones.** *Chair of the Board of Directors.* Mr. Jones also serves as Director of other Fidelity<sup>®</sup> funds. Prior to his retirement, Mr. Jones served in a variety of positions at Fidelity Investments (1982-2008), retiring as a Senior Vice President. His duties included new product development, serving as a liaison to the board of trustees of various Fidelity<sup>®</sup> funds, and development of policies and procedures for fund investments in derivatives and complex securities. He also served on the FMR Fair Value Committee, which is responsible for day-to-day valuation activities for various Fidelity<sup>®</sup> funds.

***Independent Directors*** 

**Jennifer M. Birmingham.** *Director.* Ms. Birmingham also serves as Director of other Fidelity<sup>®</sup> funds. Ms. Birmingham serves as Managing Director of Princeton University Investment Company (PRINCO) (2010-present). Previously, Ms. Birmingham served in a variety of positions at Deutsche Bank Asset Management (2002-2010), including Managing Director, Global Chief Financial Officer of DB Advisors and Deutsche Insurance Asset Management, Americas Chief Financial Officer of DWS Americas and various legal entities (2005-2010). Prior to Deutsche Bank, Ms. Birmingham was an employee of Investors Bank and Trust Company (1997-2002) and Deloitte & Touche LLP (1993-1997).

**Matthew J. Conti.** *Director.* Mr. Conti also serves as Director of other Fidelity<sup>®</sup> funds. Prior to his retirement, Mr. Conti served in a variety of positions at Fidelity Investments, including as a portfolio manager to certain Fidelity<sup>®</sup> funds (2000-2018) and research analyst (1995-2003). Mr. Conti serves as a member of the Board of Directors of the Rose Kennedy Greenway Conservancy (2021-present).

**Thomas F. Flannery.** *Director*.*** Mr. Flannery also serves as a Trustee of other Fidelity<sup>®</sup>funds. Prior to his retirement, Mr. Flannery was a Partner at Ernst & Young LLP (1995–2021) and served as Co-Leader, Americas Wealth and Asset Management (2014–2019), and Partner in the Financial Services Office (2006–2021). Previously, Mr. Flannery was a member of the Board of Trustees of Macquarie Asset Management ETF Trust (2023–2025), where he served as the Chair of the Audit Committee and a member of the Nominating and Corporate Governance Committee, and was a member of the Board of Directors of Computershare Trust Company, N.A. (2022–2025). Mr. Flannery previously served as a member of the Advisory Board of certain Fidelity<sup>®</sup> funds (2025).

**Tara C. Kenney.** *Director.* Ms. Kenney also serves as Director of other Fidelity<sup>®</sup> funds. Prior to her retirement, Ms. Kenney served as Senior Vice President of Boston Common Asset Management (2017-2020). Previously, Ms. Kenney served as Managing Director in a variety of roles for Deutsche Asset Management (2003-2016) as well as Scudder Investments where she was a Portfolio Manager (1995-2003). Currently, Ms. Kenney serves as a Board member for a number of non-profit organizations and academic institutions, including Catholic Charities USA (2017-present) and the Kellogg Institute for International Studies at the University of Notre Dame (2002-present). Ms. Kenney is also an adjunct professor of finance at the University of Notre Dame.

***Executive Officers Who are not Directors*** 

**Heather Bonner.** *President and Treasurer.* Ms. Bonner also serves as an officer of other funds. Ms. Bonner is a Senior Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Bonner serves as Senior Vice President, Vice President, Treasurer or Director of certain Fidelity entities. Prior to joining Fidelity Investments, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).

**Stephanie Caron.** *Chief Financial Officer.* Ms. Caron also serves as Chief Financial Officer of other funds. Ms. Caron is Head of Fidelity Fund and Investment Operations (2024-present) and is an employee of Fidelity Investments. Ms. Caron serves as President, Executive Vice President or Director of certain Fidelity entities. Previously, Ms. Caron was Head of Investment Services for Strategic Advisers LLC (investment adviser firm, 2019-2024).

------

**David Gaito.** *Vice President.* Mr. Gaito also serves as Vice President of other funds. Mr. Gaito is Head of Direct Lending in the High Income and Alternatives division at Fidelity Investments and is an employee of Fidelity Investments (2021-present). Mr. Gaito serves as Chief Executive Officer, President, Vice President, Assistant Treasurer or Director of certain Fidelity entities. Prior to joining Fidelity Investments, Mr. Gaito held several senior roles at PNC Corporate and Institutional Banking (1999-2021). He was most recently an executive vice president and division executive for PNC's middle market senior secured lending platform (2019-2021).

**Robert Gannon.** *Vice President.* Mr. Gannon also serves as Vice President of other funds. Mr. Gannon is Head of Portfolio Optimization, Direct Lending in the High Income and Alternative division at Fidelity Investments (2025 - present) and is an employee of Fidelity Investments. Previously, Mr. Gannon was Head of Credit Alternatives Investment Services, including Fidelity Agency Services in the High Income and Alternatives division at Fidelity Investments (2021-2025). Mr. Gannon serves as Vice President or Assistant Treasurer of certain Fidelity entities. (2022-present).

**Hadi Husain.** *Vice President.* Mr. Husain also serves as Vice President of other funds. Mr. Husain is Head of Credit Alternatives Financing in the High Income and Alternatives division at Fidelity Investments (2024-present) and is an employee of Fidelity Investments. Mr. Husain serves as Vice President of Fidelity Unlevered Private Credit Fund GP, LLC. Prior to joining Fidelity Investments, Mr. Husain was Chief Financial Officer at Above Lending (2023-2024) and Head of Liability Management at Kohlberg Kravis Roberts & Co LLP (2018-2023).

**Therese Icuss.** *Vice President.* Ms. Icuss also serves as Vice President of other funds. Ms. Icuss is Managing Director of underwriting and credit in the High Income and Alternatives division at Fidelity Investments (2021-present) and is an employee of Fidelity Investments (2021-present). Ms. Icuss serves as Vice President, Treasurer, Assistant Treasurer or Director of certain Fidelity entities. Prior to joining Fidelity Investments, Ms. Icuss was co-head of underwriting (2019-2021) and Director (2018-2019) at Twin Brook Capital Partners.

**Harley Lank.** *Vice President.* Mr. Lank also serves as Vice President of other funds. Mr. Lank is Head of Fidelity Investments' High Income and Alternatives division (2019-present), is an employee of Fidelity Investments, and a portfolio manager of certain Fidelity® funds and other privately offered funds. Mr. Lank serves as Chief Executive Officer, President, Manager or Director of certain Fidelity entities. Previously, Mr. Lank managed various Fidelity® funds and products.

**Nicole Macarchuk.** *Chief Legal Officer and Secretary.* Ms. Macarchuk also serves as an officer of other funds and as CLO, Secretary, or Senior Vice President of certain Fidelity entities. Ms. Macarchuk is a Senior Vice President, Deputy General Counsel, Head of Asset Management Legal (2024-present) and is an employee of Fidelity Investments (2024-present). Prior to joining Fidelity, Ms. Macarchuk was a Partner at Dechert LLP (law firm, 2022-2024), where she focused her corporate practice on financial services and asset management industry. Prior to joining Dechert LLP, Ms. Macarchuk was Managing Director, Chief Operating Officer and General Counsel for Angel Island Capital, LLC (2019-2022).

**Ksenia Portnoy.** *Chief Compliance Officer.* Ms. Portnoy also serves as Chief Compliance Officer of other funds. Ms. Portnoy is a Senior Vice President of Asset Management Compliance (2021-present) and is an employee of Fidelity Investments (2021-present). Prior to joining Fidelity, Ms. Portnoy worked in the asset management divisions of Morgan Stanley Investment Management (investment adviser firm, 2020-2021) and Mizuho (investment adviser firm, 2015-2020).

**Christopher Quinlan.** *Vice President.* Mr. Quinlan also serves as Vice President of other funds. Mr. Quinlan is Head of Investment Services for the High Income and Alternatives division at Fidelity Investments (2019-present) and is an employee of Fidelity Investments. Mr. Quinlan serves as Chief Operating Officer, Assistant Treasurer or Director of certain Fidelity entities. Mr. Quinlan has held a variety of senior roles since he began his career in 1985.

**Jeffrey Scott.** *Vice President.* Mr. Scott also serves as Vice President of other funds. Mr. Scott is Managing Director of originations in the High Income and Alternatives division at Fidelity Investments (2021-present) and is an employee of Fidelity Investments (2021-present). Mr. Scott serves as Vice President of Fidelity Unlevered Private Credit Fund GP, LLC. Prior to joining Fidelity Investments, Mr. Scott was a Managing Director at Madison Capital Funding (now Apogem Capital) (2013-2021).

------

***Non-Executive Officers Who are not Directors*** 

**Joseph Benedetti.** *Assistant Secretary.* Mr. Benedetti also serves as Assistant Secretary of other funds. Mr. Benedetti is a Senior Vice President, Deputy General Counsel (2020-present) and is an employee of Fidelity Investments (2020-present). Mr. Benedetti serves as Assistant Secretary of Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present), Secretary and Assistant Secretary of certain other Fidelity entities. Previously, Mr. Benedetti was Secretary of Fidelity Diversifying Solutions LLC (2021-2022). Prior to joining Fidelity, Mr. Benedetti was Assistant General Counsel at Invesco (investment adviser firm, 2019-2020).

**Craig S. Brown.** *Assistant Treasurer.* Mr. Brown also serves as an officer of other funds. Mr. Brown is a Vice President (2015-present) and is an employee of Fidelity Investments. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).

**Andrew Dabrowski.** *Assistant Vice President.* Mr. Dabrowski also serves as Assistant Vice President of other funds. Mr. Dabrowski is a Director in Fidelity's High Income and Alternatives division (2022-present) and is an employee of Fidelity Investments. Prior to joining Fidelity, Mr. Dabrowski was a Vice President in the leveraged finance department at Barclay's Investment Bank (2017-2022).

**Nati Davidi.** *Assistant Secretary.* Ms. Davidi also serves as Assistant Secretary of other funds. Ms. Davidi is a Vice President, Associate General Counsel (2013-present) and is an employee of Fidelity Investments. Previously, Ms. Davidi served as Assistant Secretary of the North Carolina Capital Management Trust (2016-2022).

**Jonathan Davis.** *Assistant Treasurer.* Mr. Davis also serves as an officer of other funds. Mr. Davis is a Vice President (2006-present) and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer or Director of certain Fidelity entities.

**Laura M. Del Prato.** *Assistant Treasurer.* Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is a Senior Vice President (2017-present) and is an employee of Fidelity Investments. Ms. Del Prato serves as Senior Vice President, Vice President, Assistant Treasurer or Director of certain Fidelity entities. Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).

**Colm A. Hogan.** *Assistant Treasurer.* Mr. Hogan also serves as an officer of other funds. Mr. Hogan is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Hogan serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).

**Christopher Maher.** *Assistant Treasurer.* Mr. Maher also serves as an officer of other funds. Mr. Maher is a Senior Vice President (2023-present) and is an employee of Fidelity Investments. Mr. Maher serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020).

**Stacie M. Smith.** *Assistant Treasurer.* Ms. Smith also serves as an officer of other funds. Ms. Smith is a Senior Vice President (2016-present) and is an employee of Fidelity Investments. Ms. Smith serves as Assistant Treasurer of certain Fidelity entities and has served in other fund officer roles.

**Joyce Todisco.** *Deputy Treasurer.* Ms. Todisco also serves as an officer of other funds. Ms. Todisco is a Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Todisco serves as Assistant Treasurer of Fidelity CRET Trustee LLC (2024-present). Prior to joining Fidelity, Ms. Todisco was a Director in the asset and wealth management practice of PricewaterhouseCoopers LLP (2017-2022).

**James Wegmann.** *Assistant Treasurer.* Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).

**William Yoon.** *Assistant Vice President.* Mr. Yoon also serves as Assistant Vice President of other funds. Mr. Yoon is a Director in Fidelity's High Income and Alternatives division (2022-present) and is an employee of Fidelity Investments. Prior to joining Fidelity, Mr. Yoon was Vice President of direct lending at Apogem Capital (2017-2022).

------

**Christina Zervoudakis.** *Assistant Secretary.* Ms. Zervoudakis also serves as Assistant Secretary of other funds. Ms. Zervoudakis is a Vice President and Assistant General Counsel of FMR LLC (diversified financial services company, 2021-present) and is an employee of Fidelity Investments. Prior to joining Fidelity, Ms. Zervoudakis was Assistant General Counsel at Invesco (investment adviser firm, 2019-2021).

**Communications with Directors**

Unit Holders and other interested parties may contact any member (or all members) of the Board by mail. To communicate with the Board, any individual Director or any group or committee of Directors, correspondence should be addressed to the Board or any such individual Directors or group or committee of Directors by either name or title. All such correspondence should be sent to Fidelity Private Credit Company LLC, c/o Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

**Code of Ethics and Insider Trading Policies and Procedures**

The Fund and the Adviser have adopted a code of ethics pursuant to Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act, respectively, that establishes procedures for personal investments and restricts certain personal securities transactions. Personnel subject to the code are permitted to invest in securities for their personal investment accounts, including securities that may be purchased or held by us, so long as such investments are made in accordance with the code's requirements. The Fund's insider trading policies are included in the Fund's code of ethics.

**Committee of the Board** 

The Fund's Board currently has one committee: an Audit Committee. The Fund does not have a compensation committee because its executive officers do not receive any direct compensation from the Fund. The Fund also does not have a nominating committee; such matters are considered by the full Board, including the Independent Directors, or, when applicable, by only the Independent Directors. The Board will consider nominees for Directors recommended by Unit Holders. Recommendations should be submitted to the Independent Directors in care of the Secretary of the Fund.

***Audit Committee*** 

The Audit Committee operates pursuant to a charter approved by the Board. The charter sets forth the responsibilities of the Audit Committee. The primary function of the Audit Committee is to serve as an independent and objective party to assist the Board in selecting, engaging and discharging the Fund's independent accountants, reviewing the plans, scope and results of audit engagements with its independent accountants, approving professional services provided by its independent accountants (including compensation therefore), reviewing the independence of its independent accountants and reviewing the adequacy of its internal controls over financial reporting. The Audit Committee is presently composed of four persons including Jennifer Birmingham, Matthew Conti, Thomas Flannery, and Tara Kenney, all of whom are considered independent for purposes of the 1940 Act. Jennifer Birmingham serves as the chair of the Audit Committee. The Board has determined that Jennifer Birmingham qualifies as an "Audit Committee financial expert" as defined in Item 407 of Regulation S-X of the Exchange Act. Each of the members of the Audit Committee meet the independence requirements of Rule 10A-3 of the Exchange Act and, in addition, is not an "interested person" of the Fund or of the Adviser as defined in section 2(a)(19) of the 1940 Act.

A copy of the charter of the Audit Committee is available in print to any Unit Holder who requests it.

------

**Board Leadership Structure**

The Fund's business and affairs are managed under the direction of our Board. Among other things, our Board sets broad policies for us, approves the appointment of our investment adviser, administrator and officers, and has oversight of the valuation process used to establish the Fund's NAV. The role of our Board, and of any individual Director, is one of oversight and not of management of our day-to-day affairs.

Under our bylaws, our Board may designate one of our Directors as chair to preside over meetings of our Board and meetings of Unit Holders, and to perform such other duties as may be assigned to him or her by our Board. David B. Jones is an interested person and currently serves as Chairman. The Directors have determined that an interested Chairman is appropriate and benefits Unit Holders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the Fund. Independent Directors exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Director happens to be independent or a member of management. The Independent Directors have determined that they can act independently and effectively without having an Independent Director serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Directors to constitute a substantial majority for the Board. The Independent Directors also regularly meet in executive session.

Fidelity<sup>®</sup> funds are overseen by different Boards of Directors. Our Board oversees the Fund and certain Fidelity's alternative investment funds. Other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, high income and equity funds. The use of separate Boards, each with its own committee structure, allows the Directors of each group of Fidelity<sup>®</sup> funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity<sup>®</sup> funds overseen by each Board. Our Board believes that, collectively, the Directors have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the Fund and protecting the interests of Unit Holders.

**Board Role in Risk Oversight**

The Fund's Board believes that, collectively, the Directors have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the Fund and protecting the interests of Unit Holders.

The Board performs its risk oversight function primarily through (i) its Audit Committee, which reports to the entire Board and is comprised solely of Independent Directors, and (ii) active monitoring by our CCO and the Fund's compliance policies and procedures.

Oversight of the Fund's investment activities extends to oversight of the risk management processes employed by the Adviser as part of its day-to-day management of our investment activities. The Board anticipates reviewing risk management processes at both regular and special board meetings throughout the year, consulting with appropriate representatives of the Adviser as necessary and periodically requesting the production of risk management reports or presentations. The goal of the Board's risk oversight function is to ensure that the risks associated with the Fund's investment activities are accurately identified, thoroughly investigated and responsibly addressed. Investors should note, however, that the Board's oversight function cannot eliminate all risks or ensure that particular events do not adversely affect the value of investments.

The Fund believes that the role of the Board in risk oversight is generally effective and appropriate given the extensive regulation to which the Fund is subject as a BDC. As a BDC, the Fund is required to comply with certain regulatory requirements that control the levels of risk in the Fund's business and operations. For example, the Fund is limited in its ability to enter into transactions with the Fund's affiliates, including investing in any portfolio company in which one the Fund's affiliates currently has an investment.

**Delinquent Section 16(a) Reports**

Pursuant to Section 16(a) of the Exchange Act, the Fund's executive officers and directors, and any persons holding more than 10% of the Fund's units, are required to report their beneficial ownership and any changes therein to the SEC. Specific due dates for those reports have been established, and the Fund is required to report herein any failure to file such reports by those due dates. Based on the Fund's review of Forms 3, 4 and 5 filed by such persons and information provided by the Fund's executive officers and directors, the Fund believes that during the fiscal year ended December 31, 2025, all section 16(a) filing requirements applicable to such persons were timely filed.

------

**Dollar Range of Equity Securities Beneficially Owned by Directors**

The following table sets forth the dollar range of the Fund's equity securities as of December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Name and Address** | **Dollar Range of Equity<br>Securities in<br>the Fund** <sup>(1)(2)(3)</sup> | **Dollar Range of Equity<br>Securities in<br>the Fund<br>Complex** <sup>(1)(3)(4)</sup> |
| **Interested Directors** |  |  |
| David B. Jones |  | over $100,000 |
| **Independent Directors** |  |  |
| Jennifer M. Birmingham |  |  |
| Matthew J. Conti |  | over $100,000 |
| Thomas F. Flannery |  |  |
| Tara C. Kenney |  |  |

---

(1)Beneficial ownership has been determined in accordance with Rule 16-1(a)(2) of the Exchange Act.

(2)Dollar ranges were determined using the number of units that are beneficially owned as of December 31, 2025, multiplied by the Fund's net asset value per unit of $9.28.

(3)The dollar range of equity securities beneficially owned are: none, $1 - $10,000, $10,001 - $50,000, $50,001 - $100,000, or over $100,000.

(4)The "Fund Complex" consists of the Fund, Fidelity Private Credit Fund, Fidelity Multi-Strategy Credit Fund, Fidelity Risk Parity Fund, Fidelity SAI Convertible Arbitrage Fund, Fidelity SAI Alternative Risk Premia Commodity Strategy Fund, Fidelity SAI Alternative Risk Premia Currency Strategy Fund, Fidelity Equity Market Neutral Fund, Fidelity Hedged Equity Fund, Fidelity Hedged Equity ETF, Fidelity Dynamic Buffered Equity ETF, Fidelity Yield Enhanced Equity ETF, VIP Hedged Equity Portfolio, Fidelity SAI Merger Arbitrage Fund, Fidelity SAI Managed Futures Fund, and Fidelity Managed Futures ETF.

**Item 11. Executive Compensation.**

**Executive Compensation**

None of the Fund's officers will receive direct compensation from the Fund.

**Compensation of Directors**

The Fund's Directors who do not also serve in an executive officer capacity for us or the Adviser are entitled to receive annual cash retainer fees, annual fees for serving on committees and annual fees for serving as a committee chairperson. These Directors are Jennifer Birmingham, Matthew Conti, Thomas Flannery, and Tara Kenney. The below table sets forth compensation received by each Director from the Fund Complex for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
|  |  | **Annual Committee Chair Cash Retainer** |
| **Annual Cash Retainer** | **Committee Retainer Fee** | **Audit** |
| $290000 | $15000 | $35000 |

---

The Fund also reimburses each of the Directors for all reasonable and authorized business expenses in accordance with the Fund's policies as in effect from time to time, including reimbursement of reasonable out-of-pocket expenses incurred in connection with attending each board meeting and each committee meeting not held concurrently with a board meeting.

------

The Fund will not pay compensation to the Fund's Directors who also serve in an executive officer capacity for us or the Adviser.

---

| | | |
|:---|:---|:---|
| **Name** | **Total Compensation<br>earned from the<br>Fund for the<br>year ended<br>December 31, 2025** <sup>(3)</sup> | **Total Compensation<br>earned from the<br>Fund Complex<br>for the year<br>ended<br>December 31, 2025** <sup>(4)</sup> |
| ***Interested Directors*** |  |  |
| David B. Jones<sup>(1)</sup> | $— | $— |
| ***Independent Directors*** |  |  |
| Jennifer M. Birmingham<sup>(2)</sup> | $71534 | $325000 |
| Matthew J. Conti | $67132 | $305000 |
| Thomas F. Flannery<sup>(5)</sup> | $12452 | $74160 |
| Tara C. Kenney | $67132 | $305000 |

---

(1)David B. Jones is an interested director and, as such, does not receive compensation from the Fund or the Fund Complex for his services as director.

(2)Includes compensation as Chairperson of the Audit Committee.

(3)The Fund does not have a profit-sharing plan and directors do not receive any pension or retirement benefits from the Fund.

(4)The "Fund Complex" consists of the Fund, Fidelity Private Credit Fund, Fidelity Multi-Strategy Credit Fund, Fidelity Risk Parity Fund, Fidelity SAI Convertible Arbitrage Fund, Fidelity SAI Alternative Risk Premia Commodity Strategy Fund, Fidelity SAI Alternative Risk Premia Currency Strategy Fund, Fidelity Equity Market Neutral Fund, Fidelity Hedged Equity Fund, Fidelity Hedged Equity ETF, Fidelity Dynamic Buffered Equity ETF, Fidelity Yield Enhanced Equity ETF, VIP Hedged Equity Portfolio, Fidelity SAI Merger Arbitrage Fund, Fidelity SAI Managed Futures Fund, and Fidelity Managed Futures ETF.

(5)Thomas F. Flannery was appointed to the Board and as a member of the Board's Audit Committee, effective on December 1, 2025.

**Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.**

As of December 31, 2025, 100% of the Fund's total outstanding Units was held by Fidelity<sup>®</sup>funds. As of December 31, 2025, the directors, executive officers, and affiliates of the Fund owned, in the aggregate, less than 1% of total outstanding Units.

The address for each director, executive officer, and owner is c/o Fidelity Private Credit Company LLC, 245 Summer Street, Boston, Massachusetts, 02210.

**Item 13. Certain Relationships and Related Transactions, and Director Independence.**

*Advisory Agreement; Administration Agreement; Pricing and Bookkeeping Fees; Transfer Agent Agreement; Expense Limitation Agreement*

The Fund has entered into an Advisory Agreement with FDS. As compensation for advisory services, the Fund pays an advisory fee to FDS monthly in arrears at an annual rate of 1.25% of the average daily net assets of the Fund throughout the month.

The Fund has entered into an Administration Agreement with FDS. As compensation for the services of and expenses borne by FDS in its capacity as administrator, the Fund shall pay an administration fee to FDS monthly in arrears at an annual rate of 0.25% of the average daily net assets of the Fund throughout the month.

Each of the Advisory Agreement and the Administration Agreement has been approved by the Board. Unless earlier terminated, each of the Advisory Agreement and the Administration Agreement will remain in effect until November 30, 2026, or to the extent consistent with the requirements of the 1940 Act, from the date of the Fund's election to be regulated as a BDC under the 1940 Act, and indefinitely thereafter, but only so long as the continuance after such date shall be specifically approved at least annually by vote of the Board or by vote of a majority of the outstanding voting securities of the Fund.

------

Prior to May 10, 2023, pricing and bookkeeping fees were based on the level of net assets of the Fund and were paid on a monthly basis. Effective May 10, 2023 the Fund was no longer charged a pricing and bookkeeping fee. The pricing and bookkeeping fees were charged as follows:

---

| | |
|:---|:---|
| Net Assets less than $50 million | 2.00 basis points |
| Net Assets between $50 million – $200 million | 1.50 basis points |
| Net Assets between $200 million – $1 billion | 1.05 basis points |
| Net Assets greater than $1 billion | 0.50 basis points |

---

On March 11, 2024, the Fund entered into a Transfer Agent Agreement with Fidelity Investments Institutional Operations Company LLC ("FIIOC"), an affiliate of the Adviser, effective April 1, 2024. In accordance with the Transfer Agent Agreement, FIIOC is the Fund's transfer agent, distribution paying agent and registrar. FIIOC will receive an asset-based fee with respect to Units. The Fund will pay a fee for transfer agent services equal to 0.00833% (0.10% on an annualized basis) of the Fund's net assets as of the end of the last business day of the month. Such fees are payable in arrears.

On January 1, 2025, the Fund entered into an Amended and Restated Expense Limitation Agreement with the Adviser. For additional information, see "[*<u>Item 8. Consolidated Financial Statements and Supplementary Data. Notes to Consolidated Financial Statements. Note 4. Expenses and Transactions with Affiliates.</u>*](#note4)"

For the year ended December 31, 2025, the Fund paid the Adviser $9.9 million in base management fees.

For the year ended December 31, 2025, the Fund incurred $2.0 million in administrative fees.

For the year ended December 31, 2025, the Fund incurred $0.8 million in transfer agent fees.

For the year ended December 31, 2025, the Fund reimbursed $0.1 million of expenses advanced by the Adviser.

*Co-Investment Relief*

The Fund and the Adviser have received an exemptive order from the SEC that permits the Fund, among other things, to co-invest with certain other persons in negotiated transactions, including certain affiliates of the Adviser and certain funds managed and controlled by the Adviser and its affiliates, subject to certain terms and conditions. The Fund may determine to participate or not to participate in the co-investment opportunities presented to it, depending on whether the Adviser determines that the investment is appropriate for the Fund (e.g., based on investment strategy). The co-investment would generally be allocated to the Fund and the other affiliated funds that target similar assets in accordance with the Adviser's allocation policies and procedures. If the Adviser determines that such investment is not appropriate for the Fund, the investment will not be allocated to the Fund.

**Transactions with Promoters and Certain Control Persons**

The Adviser may be deemed a promoter of the Fund. The Fund has entered into the Advisory Agreement with the Adviser and the Administration Agreement with the Administrator. The Adviser, for its services to us, are entitled to receive management fees in addition to the reimbursement of certain expenses. The Administrator, for its services to us, are entitled to receive reimbursement of certain expenses. In addition, under the Advisory Agreement and Administration Agreement, to the extent permitted by applicable law and in the discretion of the Fund's Board, the Fund has indemnified the Adviser and the Administrator and certain of their affiliates. See "[*<u>Item 1. Business</u>*<u>.</u>](#item1_business)"

**Statement of Policy Regarding Transactions with Related Persons**

The Board or Audit Committee, as appropriate, reviews potential related party transactions brought to its attention pursuant to the Fund's compliance policies and procedures. The Fund's policies and procedures and Code of Ethics place significant restrictions on related party transactions.

------

**Director Independence**

For information regarding the independence of the Fund's directors, see "[*<u>Item 10. Directors, Executive Officers and Corporate Governance</u>*<u>.</u>](#item10_directors)"

**Item 14. Principal Accounting Fees and Services.**

**Audit Fees**

The aggregate audit fees billed by Deloitte & Touche LLP (PCAOB ID No. 34) to the Fund for the years ended December 31, 2025 and 2024 were $0.4 million and $0.3 million, respectively.

Fees included in the audit fees category are those associated with the annual audit of the Fund's consolidated financial statements and services that are normally provided in connection with statutory and regulatory filings.

**Audit-Related Fees**

The aggregate audit-related fees billed by Deloitte & Touche LLP to the Fund for the years ended December 31, 2025 and 2024 were approximately $0.02 million and $0.02 million, respectively.

Audit-related fees are for any services rendered to the Fund that are reasonably related to the performance of the audits or reviews of the Fund's consolidated financial statements (but not reported as audit fees above). These services include attestation services that are not required by statute or regulation and consultations concerning financial accounting and reporting standards.

Audit-related fees of approximately $0.1 million and $0.1 million were billed by Deloitte & Touche LLP to the Adviser, or any entity controlling, controlled by, or under common control with, the Adviser, that provides ongoing services to the Fund, for engagements directly related to the Fund's operations and financial reporting, for the years ended December 31, 2025 and 2024.

**Tax Fees**

Tax fees of approximately $0,02 million and $0.02 million were billed by Deloitte & Touche LLP for services rendered to the Fund for professional tax services for the years ended December 31, 2025 and 2024, respectively.

Fees included in the tax fees category comprise all services performed by professional staff in the independent registered public accountant's tax division except those services related to the audits. This category comprises fees for services provided in connection with the preparation and review of the Fund's tax returns.

Tax fees of approximately $0.1 million and $0.1 million were billed by Deloitte & Touche LLP to the Adviser, or any entity controlling, controlled by, or under common control with, the Adviser, that provides ongoing services to the Fund, for engagements directly related to the Fund's operations and financial reporting, for the years ended December 31, 2025 and 2024.

**All Other Fees**

No fees billed by Deloitte & Touche LLP for products and services provided to the Fund for the years ended December 31, 2025 and 2024.

Other fees of approximately $2.0 million and $2.9 million were billed by Deloitte & Touche LLP to the Adviser, or any entity controlling, controlled by, or under common control with, the Adviser, that provides ongoing services to the Fund, for engagements directly related to the Fund's operations and financial reporting, for the years ended December 31, 2025 and 2024.

**Aggregate Non-Audit Fees**

Non-audit fees of approximately $2.4 million and $3.3 million were billed to the Adviser and service affiliates by Deloitte & Touche LLP for non-audit services for the years ended December 31, 2025 and 2024. This includes any non-audit services required to be pre-approved or non-audit services that did not require pre-approval since they did not directly relate to the Fund's operations or financial reporting.

------

**Pre-Approval of Audit and Non-Audit Services Provided to the Fund**

As part of this responsibility, the Audit Committee is required to pre-approve all audit and non-audit services performed by the Fund's independent auditor (the "Independent Auditor") in order to assure that the performance of these services does not impair the auditor's independence from the Fund. Accordingly, the Audit Committee has adopted policies and procedures, which sets forth the conditions and procedures governing the pre-approval services that the Independent Auditor proposes to provide.

*Annual Approval*

On an annual basis, at the time of the appointment of the Fund's Independent Auditor and such other times as determined by the Audit Committee, the Audit Committee will consider and approve the services (including audit, audit-related, tax and all other services) that the Independent Auditor may initiate. Summary descriptions of the types of services the Audit Committee believes are appropriate for annual approval are provided in accordance with adopted policies and procedures. In addition, in connection with the annual pre-approval of services, the Audit Committee will supplementally review and approve a detailed presentation that sets forth the types of audit, audit-related, tax and other services proposed to be provided by the Independent Auditor, which shall include estimates of the fees for such services. The Audit Committee may periodically revise the list of pre-approved services based on subsequent determinations.

*Specific Pre-Approval*

Specific pre-approval is required for the provision of certain audit services as described in the policies and procedures. In addition, if a service proposed to be performed by the Independent Auditor does not fall within an existing pre-approval, either because it is a new type of service or because provision of the service would cause the Independent Auditor to exceed the maximum dollar amount approved for a particular type of service, the proposed service will require specific pre-approval by the Audit Committee.

*De Minimis Exception*

In the event that the Independent Auditor is inadvertently engaged other than by the Audit Committee for a non-audit service, such engagement will not be a violation of the Audit Committee's Independent Auditor Services Policy if: (i) any and all such services do not aggregate to more than 5% of total revenues paid by the Fund to the Independent Auditor in the fiscal year when services are provided; (ii) the services were not recognized as non-audit services at the time of the engagement; (iii) the services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or one or more designated representatives; and (iv) separate disclosure of the services retroactively approved under this exception is made in accordance with the proxy disclosure rules.

The Audit Committee has considered these fees and the nature of the services rendered and has concluded that they are compatible with maintaining the independence of Deloitte & Touche LLP. The Audit Committee did not approve any of the audit-related, tax, or other non-audit fees described above pursuant to the "de minimis exceptions" set forth in Rule 2-01(c)(7)(i)(C) and Rule 2-01(c)(7)(ii) of Regulation S-X. Deloitte & Touche LLP did not provide any audit-related services, tax services or other non-audit services to the Adviser or any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund that the Audit Committee was required to approve pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X. The Audit Committee considered whether any provision of non-audit services rendered to the Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the Fund that were not pre-approved by the Audit Committee because the engagement did not relate directly to the operations and financial reporting of the Fund is compatible with maintaining Deloitte & Touche LLP's independence.

------

**PART IV**

**Item 15. Exhibits, Financial Statement Schedules.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)For a list of the financial statements included herein, see the Index to Consolidated Financial Statements on page 98 of this Annual Report on Form 10-K, incorporated into this Item by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Financial statement schedules have been omitted because they are either not required or not applicable or the information is included in the consolidated financial statements or the notes thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Exhibits:

---

| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| 3.1 | [First Amended and Restated Limited Liability Company Agreement of the Fund.<sup>(3)</sup>](https://www.sec.gov/Archives/edgar/data/1899996/000095017024032034/ck0001899996-ex3_1.htm) |
| 3.2 | [Second Amended and Restated Limited Liability Company Agreement of the Fund.<sup>(9)</sup>](https://www.sec.gov/Archives/edgar/data/1899996/000095017025041961/ck0001899996-ex3_2.htm) |
| 4.1 | [Descriptions of Securities.\*](ck0001899996-ex4_1.htm) |
| 10.1 | [Advisory Agreement.<sup>(2)</sup>](https://www.sec.gov/Archives/edgar/data/1899996/000119312523164561/d456039dex99101.htm) |
| 10.2 | [Administration Agreement.<sup>(2)</sup>](https://www.sec.gov/Archives/edgar/data/1899996/000119312523164561/d456039dex99102.htm) |
| 10.3 | [Form of Subscription Agreement.\*](ck0001899996-ex10_3.htm) |
| 10.4 | [Custodian Agreement.<sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/1920453/000119312522315311/d428500dex99j.htm) |
| 10.5 | [Amended and Restated Expense Limitation Agreement.<sup>(7)</sup>](https://www.sec.gov/Archives/edgar/data/1899996/000095017024125367/ck0001899996-ex10_5.htm) |
| 10.6 | [Waiver of Recoupment Letter.<sup>(2)</sup>](https://www.sec.gov/Archives/edgar/data/1899996/000119312523164561/d456039dex99106.htm) |
| 10.7 | [Distribution Reinvestment Plan.<sup>(2)</sup>](https://www.sec.gov/Archives/edgar/data/1899996/000119312523164561/d456039dex99107.htm) |
| 10.8 | [Loan and Security Agreement.<sup>(2)</sup>](https://www.sec.gov/Archives/edgar/data/1899996/000119312523164561/d456039dex99108.htm) |
| 10.9 | [First Amendment to the Loan and Security Agreement.<sup>(2)</sup>](https://www.sec.gov/Archives/edgar/data/1899996/000119312523164561/d456039dex99109.htm) |
| 10.10 | [Second Amendment to the Loan and Security Agreement.<sup>(2)</sup>](https://www.sec.gov/Archives/edgar/data/1899996/000119312523164561/d456039dex991010.htm) |
| 10.11 | [Third Amendment to the Loan and Security Agreement.<sup>(6)</sup>](https://www.sec.gov/Archives/edgar/data/1899996/000095017024107154/ck0001899996-ex10_1.htm) |
| 10.12 | [Fourth Amendment to the Loan and Security Agreement](https://www.sec.gov/Archives/edgar/data/1899996/000095017025106999/ck0001899996-ex10_1.htm)<sup>(11)(14)</sup> |
| 10.13 | [First Commitment Increase Request under Loan and Security Agreement.<sup>(8)</sup>](https://www.sec.gov/Archives/edgar/data/1899996/000095017024132096/ck0001899996-ex10_1.htm) |
| 10.14 | [Placement Agent Agreement.<sup>(4)</sup>](https://www.sec.gov/Archives/edgar/data/1899996/000095017024032034/ck0001899996-ex10_11.htm) |
| 10.15 | [Senior Secured Revolving Credit Agreement](https://www.sec.gov/Archives/edgar/data/1899996/000095017025087837/ck0001899996-ex10_1.htm)<sup>(10)</sup> |
| 10.16 | [Incremental Assumption Agreement under Senior Secured Revolving Credit Agreement](https://www.sec.gov/Archives/edgar/data/1899996/000095017025111337/ck0001899996-ex10_1.htm)<sup>(12)</sup> |
| 10.17 | [Incremental Assumption Agreement under Senior Secured Revolving Credit Agreement](https://www.sec.gov/Archives/edgar/data/1899996/000119312525303480/ck0001899996-ex10_1.htm)<sup>(13)</sup> |
| 14.1 | [Code of Ethics of the Fund and the Adviser.\*](ck0001899996-ex14_1.htm) |
| 14.2 | [Fidelity® Funds' Code of Ethics for President, Treasurer and Principal Accounting Officer.<sup>(5)</sup>](https://www.sec.gov/Archives/edgar/data/1899996/000095017024035352/ck0001899996-ex14_2.htm) |
| 19.1 | [Insider Trading Policy (included in the Code of Ethics of the Fund and the Adviser).\*](ck0001899996-ex14_1.htm) |
| 21.1 | [Subsidiaries.\*](ck0001899996-ex21_1.htm) |
| 24.1 | [Power of Attorney.\*](ck0001899996-ex24_1.htm) |
| 31.1 | [Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.\*](ck0001899996-ex31_1.htm) |
| 31.2 | [Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.\*](ck0001899996-ex31_2.htm) |
| 32.1 | [Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.\*](ck0001899996-ex32_1.htm) |

---

------

---

| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| 32.2 | [Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.\*](ck0001899996-ex32_2.htm) |
| 101.INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

------

\* Filed herewith.

(1)Previously filed as an exhibit to the Fidelity Private Credit Fund's Registration Statement on Form N-2 (File No. 333-267297), filed on December 30, 2022 and incorporated herein by reference.

(2)Previously filed as an exhibit to the Fund's Registration Statement on Form 10 (File No. 000-56538), filed on June 9, 2023 and incorporated herein by reference.

(3)Previously filed as Exhibit 3.1 to the Fund's Current Report on Form 8-K (File No. 814-01645), filed on March 15, 2024.

(4)Previously filed as Exhibit 10.11 to the Fund's Current Report on Form 8-K (File No. 814-01645), filed on March 15, 2024.

(5)Previously filed as Exhibit 14.2 to the Fund's Current Report on Form 10-K (File No. 814-01645), filed on March 22, 2024.

(6)Previously filed as Exhibit 10.1 to the Fund's Current Report on Form 8-K (File No. 814-01645), filed on September 17, 2024.

(7)Previously filed as Exhibit 10.5 to the Fund's Quarterly Report on Form 10-Q (File No. 814-01645), filed on November 12, 2024.

(8)Previously filed as Exhibit 10.1 to the Fund's Current Report on Form 8-K (File No. 814-01645), filed on December 2, 2024.

(9)Previously filed as Exhibit 3.2 to the Fund's Current Report on Form 10-K (File No. 814-01645), filed on March 19, 2025.

(10)Previously filed as Exhibit 10.1 to the Fund's Current Report on Form 8-K (File No. 814-01645), filed on June 18, 2025.

(11)Previously filed as Exhibit 10.1 to the Fund's Current Report on Form 8-K (File No. 814-01645), filed on August 12, 2025.

(12)Previously filed as Exhibit 10.1 to the Fund's Current Report on Form 8-K (File No. 814-01645), filed on August 26, 2025.

(13)Previously filed as Exhibit 10.1 to the Fund's Current Report on Form 8-K (File No. 814-01645), filed on December 1, 2025.

(14)Certain schedules and exhibits to this Exhibit have been omitted in accordance with Item 601 of Regulation S-K

**Item 16. Form 10-K Summary**

None.

------

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), the Registrant has duly caused this Annual Report on Form 10-K (the "Annual Report") to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **FIDELITY PRIVATE CREDIT COMPANY LLC** | **FIDELITY PRIVATE CREDIT COMPANY LLC** |
| Date: March 23, 2026 | By: | /s/ Heather Bonner |
|  | Name: | Heather Bonner |
|  | Title: | President and Treasurer (Principal Executive Officer) |

---

Pursuant to the requirements of the Exchange Act, this Annual Report has been signed by the following persons on behalf of the Registrant in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Heather Bonner |  |  |
| Heather Bonner | &nbsp;&nbsp;&nbsp;&nbsp;President and Treasurer (Principal Executive Officer) | Date: March 23, 2026 |
| /s/ Stephanie Caron |  |  |
| Stephanie Caron | &nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) | Date: March 23, 2026 |
| /s/ David B. Jones |  |  |
| David B. Jones\* | &nbsp;&nbsp;&nbsp;&nbsp;Director and Chairman of the Board | Date: March 23, 2026 |
| /s/ Jennifer M. Birmingham |  |  |
| Jennifer M. Birmingham\* | Director | Date: March 23, 2026 |
| /s/ Matthew J. Conti |  |  |
| Matthew J. Conti\* | Director | Date: March 23, 2026 |
| /s/ Tara C. Kenney |  |  |
| Tara C. Kenney\* | Director | Date: March 23, 2026 |
| /s/ Thomas F. Flannery |  |  |
| Thomas F. Flannery\* | Director | Date: March 23, 2026 |

---

---

| | |
|:---|:---|
| \*By: | /s/ Heather Bonner |
|  | As Agent or Attorney-in-Fact |
|  | The original power of attorney authorizing Heather Bonner to execute the Annual Report, and any amendments thereto, for the directors of the Registrant on whose behalf this Annual Report is filed have been executed and filed as an Exhibit hereto. |

---

1.9919579.101 FDLA-10K-0326

------

## Exhibit 4.1

**Exhibit 4.1**

**Description of our Units**

**REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES**

**EXCHANGE ACT OF 1934**

*Capitalized terms used but not defined herein shall have the meaning ascribed to them in the Annual Report on Form 10-K to which this Description of our Common Units is attached as an exhibit.*

*General.*

Under the terms of the Fund's LLC Agreement, the Fund is authorized to issue an unlimited number of Units. There is currently no market for the Fund's Units, and the Fund can offer no assurances that a market for its Units will develop in the future. There are no outstanding options or warrants to purchase the Fund's Units. No Units have been authorized for issuance under any equity compensation plans. Under Delaware law, Unit Holders generally are not personally liable for the debts or obligations of the Fund.

*Units.*

All the Fund's Units have equal rights as to earnings, assets, dividends, subject to any preferential dividend rights of outstanding preferred units, if any. Distributions may be paid to the holders of the Fund's Units if, as and when authorized by the Board and declared by the Fund out of funds legally available therefor. In the event of the Fund's liquidation, termination or winding up, each Unit of the Fund's Units would be entitled to share ratably in all of the Fund's assets that are legally available for distribution after the Fund pays all debts and other liabilities and subject to any preferential rights of holders of the Fund's preferred Units, if any preferred Units are outstanding at such time. Each share of the Fund's Units is entitled to one vote on all matters submitted to a vote of Unit Holders, including the election of directors. Except as provided with respect to any other class or series of Units, the holders of the Fund's Units will possess exclusive voting power. There is no cumulative voting in the election of directors, which means that holders of a majority of the outstanding Units can elect all of the Fund's directors, and holders of less than a majority of such Units will not be able to elect any directors.

**Transferability of Units**

Prior to an IPO (if any), Unit Holders may not sell, assign, transfer or pledge (each, a "Transfer") any Units, rights or obligations unless (i) the Adviser gives consent, which consent may be granted or denied in the sole discretion of the Adviser, (ii) any purported transferee satisfies applicable eligibility and/or suitability requirements, and (iii) the Transfer is made in accordance with applicable securities laws and in compliance with the LLC Agreement. No Transfer will be effectuated except by registration of the Transfer on the Fund's books. Each transferee must agree to be bound by these restrictions and all other obligations as a Unit Holder in the Fund.

Following an IPO, if any, Unit Holders may be restricted from selling or transferring their Units for a certain period of time by applicable securities laws or contractually by a lock-up agreement with the underwriters of the IPO.

**Limited Liability of the Unit Holders**

No common Unit Holder or former Unit Holder, in its capacity as such, will be liable for any of our debts, liabilities or obligations except as provided hereunder and to the extent otherwise required by law. Each Unit Holder will be required to pay to us any unpaid balance of any payments that he, she or it is expressly required to make to us pursuant to the LLC Agreement or pursuant to such Unit Holder's Subscription Agreement, as the case may be.

**Limitation on Liability of Directors and Officers**

To the fullest extent permitted by applicable law, none of the Fund's Directors and Officers or employees will be liable to the Fund or to any Unit Holder for any act or omission performed or omitted by any such person (including any acts or omissions of or by another Director, Officer or employee), in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office.

**Delaware Law and Certain Limited LLC Agreement Provisions**

***Organization and Duration*** 

The Fund was initially formed as a limited partnership and converted by operation of law to a Delaware limited liability company. We will remain in existence until dissolved in accordance with the LLC Agreement or pursuant to Delaware law.

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***Purpose***

Under the LLC Agreement, we may engage in any lawful act or activity for which limited liability companies may be formed under the laws of the State of Delaware and shall have all the powers available to it as a limited liability company formed under the laws of the State of Delaware.

***Agreement to be Bound by the LLC Agreement; Power of Attorney***

By executing the Subscription Agreement (which signature page constitutes a counterpart signature page to the LLC Agreement), each investor accepted by the Fund is agreeing to be admitted as a member of the Fund and bound by the terms of the LLC Agreement. Pursuant to the LLC Agreement, each Unit Holder and each person who acquires Units from a Unit Holder grants any duly authorized representative of the Fund as its true and lawful representative and its attorney-in-fact, in its name, place, and stead.

***Resignation and Removal of Directors; Procedures for Vacancies***

Any director may resign at any time by submitting his or her written resignation to the Board or secretary of the Fund. Such resignation shall take effect at the time of its receipt by the Fund unless another time be fixed in the resignation, in which case it shall become effective at the time so fixed. The acceptance of a resignation shall not be required to make it effective. Any or all of the directors may be removed by the affirmative vote of fifty percent (50%) or more of the full Board, provided however, that any or all directors appointed by preferred Unit Holders may be removed only by the affirmative vote of at least 66 2/3% in voting power of all the then-outstanding preferred Units of the Fund.

Except as otherwise provided by applicable law, including the 1940 Act, any newly created directorship on the Board that results from an increase in the number of directors, and any vacancy occurring in the Board that results from the death, resignation, retirement, disqualification or removal of a director or other cause, shall be filled by exclusively by the appointment and affirmative vote of a majority of the remaining directors in office, although less than a quorum, or by a sole remaining director. Any director elected to fill a vacancy or newly created directorship shall hold office for the remainder of the full term of the directorship in which the vacancy occurred and until a successor is duly elected and qualified, or until his or her death, resignation, retirement, disqualification or removal.

***Action by Unit Holders***

Under the LLC Agreement, whenever action is required to be taken by a specified percentage in interest of the Unit Holders (or any class or group of Unit Holders), such action shall be deemed to be valid if taken upon the written vote or written consent of those Unit Holders (or those Unit Holders included in such class or group) whose Units represent the specified percentage of the aggregate outstanding Units of all Unit Holders (or all Unit Holders included in such class or group) at the time. Each Unit Holder shall be entitled to one vote for each Unit held on all matters submitted to a vote of the Unit Holders.

Only our Board, the Chairman of the Board or our President may call a meeting of Unit Holders. Only business specified in the Fund's notice of meeting (or any supplement thereto) may be conducted at such meeting.

***Amendment of the LLC Agreement; No Approval by Unit Holders***

Except as otherwise provided in the LLC Agreement, the terms and provisions of the LLC Agreement may be amended with the consent of the Board (which term includes any waiver, modification, or deletion of the LLC Agreement) during or after the term of the Fund, together with the prior written consent of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.If no preferred Units have been issued and are outstanding, the holders of a majority of the Units; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.If preferred Units have been issued and are outstanding, (i) in the case of an amendment not affecting the rights of preferred Unit Holders, the holders of a majority of the Units, (ii) in the case of an amendment not affecting the rights of the Unit Holders (including rights or protections with respect to tax consequences of Unit Holders), the holders of a majority of the preferred Units, and (iii) in case of an amendment affecting the rights (including rights or protections with respect to tax consequences of Unit Holders) of both the Unit Holders and preferred Unit Holders, the holders of a majority of the Units and the holders of a majority of the preferred Units.

Notwithstanding clauses (a) or (b) above, certain limited amendments, as set forth in the LLC Agreement, may be made with the consent of the Board and without the need to seek the consent of any Unit Holder or preferred Unit Holder.

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***Merger, Sale or Other Disposition of Assets***

Subject to any restrictions of the 1940 Act and applicable law, the Board shall be entitled, without the approval of any Unit Holders, to cause the Fund to, among other things, sell, exchange or otherwise dispose of all or substantially all of the Fund's assets in a single transaction or series of transactions, or approve on behalf of the Fund, the sale, exchange or disposition of all or substantially all of the Fund's assets. The Board may also cause the sale of all or substantially all of the Fund's assets under foreclosure or other realization without the consent of any Unit Holders.

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## Exhibit 10.3

**Exhibit 10.3**

***SUBSCRIPTION DOCUMENTS***

**______________________________________________**

**<u>Fidelity Private Credit COMPANY LLC</u>**

**______________________________________________**

***<u>For Internal Use Only:</u>*** <br>*Subscription Amount:* _______________<br>*Subscription Date:* _______________

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**<u>Fidelity Private Credit COMPANY LLC</u>**

**SUBSCRIPTION BOOKLET**

<u>CONTENTS</u>

&nbsp;&nbsp;&nbsp;&nbsp;(I) Subscription Agreement

&nbsp;&nbsp;&nbsp;&nbsp;(II) Attachment A, Subscriber Information Form and Signature Pages to the Subscription Agreement and Fund Documents

&nbsp;&nbsp;&nbsp;&nbsp;(III) Attachment B, Subscriber Questionnaire

&nbsp;&nbsp;&nbsp;&nbsp;(IV) Attachment C, Tax Forms

&nbsp;&nbsp;&nbsp;&nbsp;(V) Attachment D, Privacy Notice

**In connection with completing this Subscription Booklet, please sign and return original copies of (1) executed item (II) – Attachment A, (2) item (III) – Attachment B, and (3) the executed tax forms listed in item (IV) – Attachment C to the Fund at alternatives@fmr.com.**

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**Subscription Agreement**

Fidelity Private Credit Company LLC <br>245 Summer Street,

Boston, MA 02210

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Subject to acceptance by Fidelity Diversifying Solutions LLC, a Delaware limited liability company (the "<u>Investment Adviser</u>") and any other conditions precedent set forth herein or in any separate agreement entered into with the undersigned, the undersigned (the "<u>Subscriber</u>") hereby (i) makes an irrevocable capital commitment to Fidelity Private Credit Company LLC, a Delaware limited liability company (the "<u>Fund</u>"), in the amount set forth on the Signature Pages (a "<u>Capital Commitment</u>") and thereby subscribes to acquire the dollar amount of Class I Common Units (the "<u>Units</u>") of the Fund through periodic capital calls of all or a portion of the Subscriber's Capital Commitment and (ii) agrees to become a Member of the Fund, to be bound by all of the terms and conditions of the Second Amended and Restated Limited Liability Company Agreement of the Fund, as the same may be amended from time to time (the "<u>Fund Agreement</u>"), and to perform the Subscriber's obligations thereunder in accordance with the terms thereof. Capitalized terms used but not defined herein have their meanings set forth in the Confidential Private Placement Memorandum of the Fund, dated March 2025, as the same may be updated and/or supplemented from time to time (the "<u>Memorandum</u>") and the Fund Agreement (together with the Memorandum and this Subscription Agreement, the "<u>Fund Documents</u>").

The Investment Adviser serves as the Fund's investment adviser pursuant to an investment advisory agreement between the Fund and the Investment Adviser (the "<u>Advisory Agreement</u>").

The Subscriber hereby agrees that this Subscription Agreement, and the subscription contemplated herein, is irrevocable, and the Subscriber further understands and agrees that (i) this subscription shall not be deemed accepted by the Fund unless and until the Fund has indicated its acceptance of such subscription by countersigning this Subscription Agreement and (ii) the Fund reserves the right to reject this subscription in whole or in part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The Subscriber understands and agrees that its Capital Commitment to the Fund shall be payable at the times and in the manner and amounts provided in or determined pursuant to the Fund Agreement. The Subscriber further understands and agrees that, in accordance with the terms of the Fund Agreement, upon the failure of the Subscriber to pay all or any portion of any drawdown due from the Subscriber on any drawdown date, the Subscriber will be in default and will be subject to certain rights and remedies available to the Fund as set forth in the Fund Agreement. For the avoidance of doubt, these remedies and rights set forth in the Fund Agreement are in addition to, and not in limitation of, any other rights available to the Fund at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.As an inducement to the Fund to accept this Subscription Agreement, the Subscriber hereby represents, warrants and, if applicable, covenants to the Fund, the Investment Adviser, and Fidelity Diversifying Solutions LLC, in its capacity as the administrator to the Fund (the "<u>Administrator</u>"), as follows:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Subscriber, if an entity: (i) is duly formed or created, validly existing and in good standing under the laws of its jurisdiction of organization or creation; (ii) has the power and authority to execute and deliver this Subscription Agreement and each other document required to be executed and delivered by the Subscriber pursuant to the Fund Documents; (iii) represents that the execution and delivery of this Subscription Agreement and such other documents and the performance of the Subscriber's obligations thereunder and the consummation of the transactions contemplated thereby have been duly authorized; and (iv) represents that the person signing this Subscription Agreement on behalf of the Subscriber has been duly authorized to execute and deliver this Subscription Agreement and each other document required to be executed and delivered by the Subscriber pursuant to the Fund Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Subscriber, if a natural person: (i) is at least 21 years of age; and (ii) has all requisite legal capacity to acquire and hold Units on a capital commitment basis and to execute, deliver and comply with the terms of each of the documents required to be executed and delivered by the Subscriber pursuant to the Fund Documents. If the Subscriber is a natural person (or an entity that is an "alter ego" of a natural person), the Subscriber has received and read a copy of the initial privacy notice with respect to the Fund's collection and maintenance of non-public personal information regarding the Subscriber attached hereto as <u>Attachment E</u>, and the Subscriber hereby requests and agrees, to the extent permitted by applicable law, that the Fund shall refrain from sending to the Subscriber (i) an annual privacy notice, as contemplated by 16 CFR Part 313, §313.5 (the Federal Trade Commission's Final Rules regarding the Privacy of Consumer Financial Information); provided, that, to the extent required by applicable law, the Fund shall keep an annual privacy notice with the books and records of the business and such annual privacy notice shall be available to the Subscriber upon its request, and (ii) any other information regarding the customer relationship, as contemplated by 16 CFR Part 313, §313.9(e)(2). The Subscriber understands that, at any time subsequent to the date hereof, it may elect to receive any information contemplated by clauses (i) and (ii) above, but only to the extent that the Fund is required by applicable law to deliver such information, by providing reasonable prior written notice to the Fund to such effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Subscriber is either: (i) acquiring the Units on a capital commitment basis for which the Subscriber has hereby subscribed for the Subscriber's own account, for investment purposes only, not as a nominee or financial intermediary and not with a view to or for the resale or distribution thereof, in whole or in part, and no other person has a direct or indirect beneficial interest in the Units (including, without limitation, an economic interest arising out of a structured note, swap or similar transaction entered into between the Subscriber and any other person with respect to which the Fund constitutes any component of the underlying reference asset); or (ii) subscribing as a nominee or financial intermediary for person(s) acquiring an economic interest in the Fund, as a swap counterparty under a swap or as an issuer of an investment incorporating the Fund as any component of its reference asset, in which case all representations, warranties, acknowledgements and covenants set forth herein that are made by the Subscriber shall be deemed also to be made by the Subscriber on behalf of the person(s) in respect of which the Subscriber is acting in such capacity, and any such person(s) is/are responsible to the Fund, the Investment Adviser, and the Administrator for the representations, warranties, acknowledgements and covenants of such person(s) made in this Subscription Agreement on behalf of such person(s) to the same extent as such person(s) would be had they executed this Subscription Agreement themselves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Subscriber has all governmental, regulatory and administrative registrations and approvals required for the Subscriber to invest in the Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Subscriber has such knowledge, sophistication and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Fund and has determined that the acquisition of Units on a capital commitment basis is a suitable investment for the Subscriber. The Subscriber recognizes that an investment in the Fund involves certain risks, the Subscriber understands and accepts the risks related to the subscription of Units on a capital commitment basis and the Subscriber is able to bear the economic risks of this investment (including the possible complete loss of the Capital Commitment amount). The Subscriber has adequate means of providing for current needs, contingencies and cash flow requirements and has no need for liquidity with respect to the Subscriber's Units. In addition, the Subscriber has consulted, to the extent necessary, with the Subscriber's own advisors with respect to the investment, tax, and other legal and financial aspects of an acquisition of Units on a capital commitment basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The Subscriber:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)has been furnished a copy of the Memorandum, the Fund Agreement and Part 2A of the Investment Adviser's Form ADV ("<u>Form ADV</u>") and has carefully read and understands the Fund Documents and the Investment Adviser's Form ADV and specifically agrees to and acknowledges the terms of the Fund Documents (including the exculpation and indemnification provisions set forth therein, and that such provisions shall survive the Fund's dissolution); has evaluated the risks of an investment in the Fund, including the risks and conflicts of interest set forth in the Memorandum under "Certain Risks" and "Conflicts of Interest" and the considerations described under "Executive Summary of Principal Terms", "Market Opportunity and Investment Approach", "Summary of Certain Principal Terms of the Offering", "Certain U.S. Federal Income Tax Matters", and "Certain ERISA and Other Benefit Plan Investor Considerations" and has evaluated the risks of an investment in the Fund; and has relied solely on the information contained in the Fund Documents in deciding whether to make a subscription (irrespective of any other materials and information furnished to the Subscriber in connection with such subscription);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)has been furnished with any materials relating to the Fund, its operations, the offering of the Units on a capital commitment basis, the Fund Agreement, the investment experience of the Fund's and the Investment Adviser's personnel and any other matters relating to the Fund, the Investment Adviser, the Administrator, and this investment that the Subscriber has requested;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)understands that certain of the terms and conditions of the Fund and the Units originally set forth in the Memorandum may have been modified and, as modified, will be reflected in the final form of the Fund Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)understands that the Fund has limited financial and operating history upon which the Subscriber may evaluate its performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)acknowledges that the past performance of any investments or investment funds in whose management the Fund, the Investment Adviser or their respective affiliates participated cannot be construed as any indication of the future results of an investment in the Fund, and there can be no assurance that the Investment Adviser will be successful in implementing the Fund's strategy;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)has been afforded the opportunity to ask questions of, and receive answers from, the Fund, the Investment Adviser, and the Administrator to the extent that the Subscriber has deemed necessary or advisable in order to verify the accuracy of the information set forth in the Fund Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)understands that the information provided in this Subscription Agreement will be relied upon by the Fund, including without limitation for the purpose of determining the eligibility of the Subscriber to purchase or hold the Units on a capital commitment basis and/or for the purpose of making any required filings pursuant to applicable securities laws. The Subscriber shall inform the Fund in writing promptly if any such information provided herein (including the schedules hereto and any other documents provided by the Subscriber to the Fund in connection with its investment in the Fund) ceases to be true and accurate and agrees to provide, if requested, any additional information that may reasonably be required by the Fund. In addition to the Subscriber's agreement to provide updated information pursuant to other sections of this Subscription Agreement, the Subscriber will furnish to the Fund promptly, upon request, any information about the Subscriber reasonably determined by the Fund to be necessary or required by third parties for the evaluation, structuring, implementation or consummation of the Fund's investments or for the formation, operation, dissolution, winding-up or termination of the Fund, including, without limitation, governmental agencies and authorities, if relevant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)The Subscriber is an "accredited investor", as defined in Rule 501(a) of Regulation D ("<u>Regulation D</u>") promulgated under the Securities Act of 1933, as amended (the "<u>1933 Act</u>"), for one or more of the reasons listed on <u>Attachment B</u> hereto, and the Subscriber has indicated its accredited investor status on <u>Attachment B</u>. The Subscriber understands that the Units that will be acquired by the Subscriber have not been registered under the 1933 Act, or the applicable securities laws of any states or other jurisdictions, and the Units cannot be resold or transferred unless the Units are subsequently registered under the 1933 Act and the applicable laws of any states or other jurisdictions, or unless an exemption from such registration is available. The Subscriber also understands that the Units and Capital Commitment obligations are not transferable, except with the consent of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)The Subscriber understands that the Fund will elect or has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"), and the Fund will not qualify as an excepted entity under the 1940 Act, as determined by the Fund. The Subscriber understands that the Fund has filed a registration statement on Form 10 (the "<u>Registration Statement</u>") for the registration of its Units with the SEC under the Securities Exchange Act of 1934, as amended (the "<u>1934 Act</u>"). The Registration Statement is not the offering document pursuant to which the Fund is conducting this offering of securities. Accordingly, the Subscriber should rely exclusively on information contained in the Memorandum, together with reports the Fund may file under the 1934 Act from time to time, in making its investment decisions. The Fund expects to enter into separate Subscription Agreements (the "<u>Other Subscription Agreements</u>" and, together with this Subscription Agreement, the "<u>Subscription Agreements</u>") with other investors (the "<u>Other Investors</u>" and, together with the Subscriber, the "<u>Investors</u>"), providing for the sale of Units to the Other Investors. This Subscription Agreement and the Other Subscription Agreements are separate agreements, and the sales of Units to the undersigned and the Other Investors are to be separate sales.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Subscriber acknowledges that the Investment Adviser is registered with the Commodity Futures Trading Commission (the "<u>CFTC</u>") as a "commodity pool operator" ("<u>CPO</u>"). However, with respect to the Fund, the Investment Adviser is exempt from registration with the CFTC as a CPO under CFTC Rule 4.5. Consequently, unlike a registered CPO, the Investment Adviser is not required to deliver a Disclosure Document or an Annual Report, as these terms are used in the CFTC's rules, to Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)The Subscriber recognizes that there is not now any public market for the Units and that such a market is not expected to develop. Consequently, the Subscriber is prepared to hold Units in the Fund for a significant period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)The Subscriber acknowledges that distributions may be made in cash or in-kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)The Subscriber is not subscribing for Units on a capital commitment basis as a result of, or subsequent to, any advertisement, article, notice or other communication published in any newspaper, magazine, website or similar media or broadcast over television, radio or internet, or presented at any seminar or general meeting, or any solicitation by a person not previously known to the Subscriber in connection with investments generally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)The Subscriber has determined that its subscription is consistent with the obligations which the Subscriber may have to its beneficiaries or beneficial owners, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)The Subscriber is not subject to any conviction, order, judgment, decree, suspension, expulsion, bar, injunction, investigation or proceeding, and has not filed or been named in a registration statement or Regulation A offering statement, such that the Fund (i) would be unable to rely on Rule 506 of Regulation D under the 1933 Act or (ii) would be required to make disclosures under Rule 506(d) of Regulation D under the 1933 Act, in each case assuming the Subscriber were to own, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, twenty percent (20%) or more of the outstanding voting equity securities of the Fund, calculated on the basis of (1) voting power, which includes the power to vote, or to direct the voting of, such securities; and/or (2) investment power, which includes the power to dispose, or to direct the disposition of, such securities.

The Subscriber may be required, at the Fund's discretion, to complete an additional questionnaire for the purposes of complying with Rule 506(d) of Regulation D prior to the Subscriber's purchase of Units, or at any time after such purchase and while the Subscriber continues to hold such Units. The Subscriber agrees to complete and return such questionnaire to the Fund as soon as practicable. The Subscriber acknowledges that if the Subscriber fails to provide any such representations or information in a timely manner, or any such representations or information cease to be true and correct, the Fund may take any action permitted by the Fund Agreement that it determines is necessary or advisable for the Fund to comply with Rule 506(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)The Subscriber specifically waives any recourse against the Fund and the Investment Adviser in respect of the private placement of the Units and the operations of the Fund, provided that such person complies with the standard of care set forth in the Fund Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)The Subscriber confirms that none of the Fund, the Investment Adviser or their respective affiliates guarantees the success of an investment in the Fund or that substantial or total losses will not be incurred on such investment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)The Subscriber understands that an investment in the Fund is subject to substantial fees and expenses. The Fund is authorized to retain and pay compensation out of the Fund's assets to the Investment Adviser under the Advisory Agreement and certain affiliates of the Investment Adviser that provide services to the Fund, including, without limitation, the payment of a separate administrative fee (as detailed in the Memorandum).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)The Subscriber specifically agrees and consents to the conflicts of interest to which the Investment Adviser or its respective affiliates may be subject in operating the Fund (as described in the Memorandum, the Fund Agreement, and the Investment Adviser's Form ADV); including, without limitation, the use of service providers affiliated with the Investment Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)The Subscriber acknowledges and agrees that by reason of the other business activities of one or more of the Investment Adviser or its respective affiliates, the Investment Adviser may not be able, or may determine not, to initiate a transaction for the Fund that the Investment Adviser would otherwise have initiated for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)The Subscriber acknowledges that the Investment Adviser or its respective affiliates may manage other investment funds, investment vehicles and/or accounts in addition to the Fund and that the Investment Adviser may have financial and other incentives to favor certain of such investment funds, investment vehicles and/or accounts over the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)The Subscriber understands and consents to the brokerage and custody arrangements used by the Fund. The Investment Adviser and its affiliates may place portfolio transactions for the Fund with affiliated broker-dealers, including Fidelity Capital Markets ("<u>FCM</u>"), a division of National Financial Services LLC ("<u>NFS</u>"), a Fidelity Investments registered broker-dealer, or other brokers with whom it is under common control, if it reasonably believes that the quality of the transaction is comparable to what it would be with other qualified broker-dealers, and if the transaction is otherwise permitted under applicable law (including ERISA, as applicable). FCM may, as broker, cross transactions on an agency basis between the Fund and other funds and accounts. When effecting such agency cross transactions, FCM will act as broker for, receive commissions from, and have a potentially conflicting division of loyalties and responsibilities regarding the Fund and the other parties to the transaction; and, by the execution of this Agreement, the Subscriber hereby authorizes and consents to any and all of the foregoing transactions, including any exercise by the Fund of its right to consent to such transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)The Subscriber understands that (i) the Fund may execute trades through alternative trading systems or national securities exchanges, including MEMX, in which affiliates of the Investment Adviser have an interest, (ii) ancillary benefits in the form of increased valuation(s) of its equity interest, or other remuneration (including rebates) may be received by affiliates of the Investment Adviser or the Investment Adviser itself for trades placed on such venues, but it is not possible to predict the likelihood of that occurring or quantify the amount of any such benefit in advance, and (iii) by investing or remaining invested in the Fund, each Subscriber authorizes and consents to the possible execution of trades through affiliated alternative trading systems or exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)The Subscriber understands that no U.S. federal or state agency, securities or commodity exchange or self-regulatory body has reviewed the private placement of the Units or made any finding or determination as to the fairness of the business terms of an investment in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)The Subscriber represents and warrants that, except as it may disclose in writing to the Fund, the Subscriber is not subject to the U.S. Freedom of Information Act or any similar legislation or regulation in any applicable jurisdiction that could compel the Subscriber to disclose to the public any information regarding the Subscriber's subscription or the Subscriber's Units.

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(y)The Subscriber covenants that the Subscriber will: (i) provide any information, form, certification, or other cooperation and assistance requested by and acceptable to the Fund that is necessary or advisable, as determined by the Fund, for the Fund (A) to prevent withholding or qualify for a reduced rate of withholding or backup withholding in any jurisdiction from or through which the Fund receives payments, (B) to satisfy reporting or other obligations under the U.S. Internal Revenue Code of 1986, as amended (the "<u>Code</u>"), the regulations of the U.S. Department of the Treasury (the "<u>U.S. Treasury Department</u>" or the "<u>Treasury</u>"), any agreement with the U.S. Treasury Department or any other government division or department or any applicable intergovernmental agreement or implementing legislation, or (C) to make payments (including of distributions) to the Subscriber free of (or at a reduced rate of) withholding or deduction; (ii) update or replace such form, certification or other information in accordance with its terms or subsequent amendments or as requested by the Fund; and (iii) otherwise comply with any reporting obligations imposed by the United States or any other jurisdiction, including reporting obligations that may be imposed by future legislation or regulations. The Subscriber hereby consents to the disclosure by the Fund of the foregoing information to any governmental authority or to any person or entity from which the Fund receives payments. The Subscriber waives any provision under the laws and regulations of any jurisdiction that would, in the absence of such waiver, prevent or inhibit the Fund's compliance with applicable law as described in this paragraph including, but not limited to, preventing (i) the Fund from providing any requested information or documentation, or (ii) the disclosure by the Fund or its agents of the provided information or documentation to applicable governmental or regulatory authorities. The Subscriber understands that the Fund intends to elect or has elected to be treated as a "regulated investment company" within the meaning of Section 851 of the Code for U.S. federal income tax purposes. Pursuant to these elections, the Subscriber shall be required to furnish certain information to the Fund as required under U.S. Treasury Regulation §1.852-6(a) and other regulations. If the Subscriber is unable or refuses to provide such information directly to the Fund, the Subscriber understands that it shall be required to include additional information on its income tax return as provided in U.S. Treasury Regulation § 1.852-7.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)The Subscriber certifies that the information contained in the executed Internal Revenue Service ("<u>IRS</u>") relevant Form W-8 (W-8BEN, W, 8IMY, W-8ECI or W-8EXP) or Form W-9 (as applicable) as required to be returned to the Fund pursuant to <u>Attachment C</u> is true, correct, and complete. The Subscriber agrees to furnish to the Fund such additional information, documentation and certifications as the Fund may from time to time request, including, without limitation, information, documentation and certifications requested by the Fund in order for the Fund to reduce withholding pursuant to tax treaties, where applicable, or comply with the provisions of the Foreign Account Tax Compliance Act, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code (which, for the avoidance of doubt, the Fund or a related vehicle may enter in the sole discretion of the Fund), any fiscal or regulatory legislation, rules, or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation thereof, and any similar reporting regime under relevant non-U.S. law (together, "<u>FATCA</u>"). The Subscriber further agrees to notify the Fund immediately of any change in the information, documentation or certifications provided pursuant to this Section 3(z). In the event of any change in the applicable status of the Subscriber, or in the event that any information, documentation or certifications previously provided to the IRS becomes incorrect or obsolete (including, without limitation, by operation of law), the Subscriber will promptly inform the Fund thereof and execute and deliver updated information, documentation and certifications, including applicable new IRS forms. The Subscriber acknowledges that the information, documentation and certifications provided to the Fund may be disclosed to any applicable tax authority and third parties as appropriate in the judgment of the Fund. The Subscriber waives any provision under the laws and regulations of any jurisdiction that would, in the absence of such waiver, prevent or inhibit the Fund's compliance with applicable law as described in this paragraph including, but not limited to, preventing (i) the Fund from providing any requested information or documentation, or (ii) the disclosure by the Fund or its agents of the provided information or documentation to applicable governmental or regulatory authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)If the Subscriber is either an "investment company" as defined under the 1940 Act, or relying on an exclusion from the definition of "investment company" under Section 3(c)(1) or Section 3(c)(7) of the 1940 Act, the Subscriber understands and agrees that: (i) it is solely responsible for monitoring purchases and acquisitions of the Fund's shares for purposes of complying with the limits under Section 12(d)(1) (or, if applicable, the conditions under Section 12(d)(1)(E)); and (ii) it will promptly notify the Fund if the purchase or acquisition of the Fund's shares causes it to violate Section 12(d)(1).

If the only "investment security" (as defined under the 1940 Act) held by the Subscriber will be shares of the Fund, the Subscriber will either: (i) seek instructions from its holders with regard to the voting of all proxies with respect to shares of the Fund and vote such proxies only in accordance with such instructions; or (ii) vote the shares of the Fund held by the Subscriber in the same proportion as the vote of all other shareholders of the Fund; and (iii) the Subscriber will refrain from "substituting" (as interpreted under the 1940 Act) the shares of the Fund unless the SEC approves such substitution in the manner provided under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb)If the Subscriber is treated as a nominee, then the representations in and provisions of Section 3(y) hereto are made with respect to both itself and its beneficial owner, and if the Subscriber is a disregarded entity for U.S. federal income tax purposes, then the representations in and provisions of Section 3(y) hereto are made with respect to itself and the first entity or individual in the Subscriber's chain of ownership that is not a disregarded entity for U.S. federal income tax purposes.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc)If the Subscriber is or will be (or is acting on behalf of any person that is or will be) a Benefit Plan Investor, as described below, or a benefit plan that is not subject to Title I of ERISA or Section 4975 of the Code but is subject to any other federal, state, local, non-U.S. or other laws or regulations ("<u>Similar Law</u>") that are similar to the fiduciary responsibility or prohibited transaction provisions contained in Title I of ERISA or Section 4975 of the Code (each of the foregoing, together with Benefit Plan Investors, a "<u>Plan</u>"), then the Subscriber agrees to indicate on the questionnaire that it is a Benefit Plan Investor and further represents and agrees that (A) the decision to invest in the Fund was made by a fiduciary of the Plan that has the authority and discretion to, and is duly authorized to, make a decision to invest in Units on a capital commitment basis on behalf of the Plan, (B) the Plan's acquisition of Units on a capital commitment basis has been duly authorized in accordance with the plan documents governing such Plan, (C) the fiduciary authorizing the acquisition of the Units on a capital commitment basis is responsible for exercising independent judgment in evaluating the acquisition and holding of the Units, has considered its fiduciary duties under Section 404 of ERISA and has concluded that the purchase of such Units is consistent with such duties and is capable of evaluating investment risks independently, both in general and with regard to particular transactions and investment strategies, (D) (I) the fiduciary authorizing the acquisition of Units on a capital commitment basis is not related to the Adviser, the Administrator, the Fund or any of their respective employees, representatives or affiliates, and (II) the none of the Adviser, the Administrator, the Fund or any of their respective employees, representatives or affiliates have investment discretion with respect to the investment of the Plan's assets in the Fund, (E) the acquisition and the subsequent holding of such Units do not and will not constitute a "prohibited transaction" within the meaning of Section 406 of ERISA or Section 4975 of the Code, that is not subject to an exemption contained in ERISA or adopted by the DOL thereunder, and (F) the provisions of any applicable Similar Law will not apply to the Fund's operation or management as a result of the Plan's investment in Units and the acquisition and holding of Units will not result in a non-exempt prohibited transaction under any applicable Similar Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.The Subscriber agrees promptly to provide to the Fund such information as the Fund may from time to time reasonably request for purposes of determining whether the assets of the Fund are "plan assets" (as defined in Section 3(42) of ERISA), and the Subscriber represents and warrants that such information it has provided and will provide to the Fund is true, accurate, and complete in all respects. The Subscriber understands that the Fund and Adviser are relying on such information and assurances in connection with, as applicable, determining whether Benefit Plan Investors own or will own less than 25% of the value of Units of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.The Subscriber expressly acknowledges that the Fund has the authority, in its sole discretion, from time to time, to require capital contributions from Other Investors and not the Subscriber if the Fund determines that the purchase of Units pursuant to a capital contribution, in the opinion of the Fund, could result in the Fund being subject to ERISA or Section 4975 of the Code.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.If the Subscriber is acting on behalf of a Benefit Plan Investor, none of the Fund, the Adviser, or any affiliate of any of the foregoing has acted as, or otherwise represented or acknowledged that it is acting as, a fiduciary of the Subscriber (or, to the extent applicable, any of its underlying Benefit Plan Investors) with respect to the Subscriber's decision to purchase or hold any Units, and none of the Fund, the Adviser, or any affiliate of any of the foregoing is undertaking to provide impartial investment advice, or to give advice in a fiduciary capacity, in connection with the acquisition or holding of any Units or shall at any time be relied upon as a fiduciary of the Subscriber (or, to the extent applicable, any of its underlying Benefit Plan Investors) with respect to any decision to purchase, or continue to hold, any Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.The representations and warranties set forth in this Section (cc) shall be deemed repeated and reaffirmed on each day the Subscriber holds its Units. Without limiting the remedies available in the event of a breach, if at any time during the term of the Subscriber's investment in the Fund the representations and warranties set forth in this Section (cc) shall cease to be true, the Subscriber shall promptly notify the Fund in writing. If at any time during the term of the Subscriber's investment in the Fund the Subscriber's status as a Benefit Plan Investor changes, the Subscriber shall promptly notify the Fund in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.If the Subscriber (or any person or entity on whose behalf such Subscriber is acting) is not a Benefit Plan Investor on the date the Signature Pages are signed, then the Subscriber agrees to notify the Fund within a reasonable time in advance if the Subscriber becomes a Benefit Plan Investor, and in no event less than thirty (30) days prior to becoming a Benefit Plan Investor. The term "<u>Benefit Plan Investor</u>" refers to: (a) any "employee benefit plan," as defined in, and subject to the fiduciary responsibility provisions of, the U.S. Employee Retirement Income Security Act of 1974, as amended ("<u>ERISA</u>") (an "<u>ERISA Plan</u>"); (b) any "plan," as defined in and subject to Section 4975 of the Code (a "<u>Tax Plan</u>"); and (c) any entity (a "<u>Plan Assets Entity</u>") deemed for any purpose of ERISA or Section 4975 of the Code to hold assets of any ERISA Plan or Tax Plan (each, a "<u>Plan</u>" and together the, "<u>Plans</u>") due to investments made by Plans in such entity. Benefit Plan Investors include, but are not limited to, corporate pension and profit sharing plans, "simplified employee pension plans," Keogh plans for self-employed individuals (including partners), individual retirement accounts, funded medical benefit plans, funded life insurance plans, church plans that have elected to be subject to ERISA, bank commingled trust funds or insurance company separate accounts in which Plans have invested, and, under certain circumstances, all or a portion of the general account of an insurance company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd)The Subscriber understands that the Fund has retained Dechert LLP ("<u>Dechert</u>") as counsel to the Fund and the Investment Adviser in connection with the formation of the Fund and the offer and sale of Units on a capital commitment basis in the Fund and that the Investment Adviser may retain Dechert as counsel in connection with the management and operation of the Fund, including, without limitation, making, holding or disposing of investments, or any dispute that may arise between the Subscriber or any other Member, on the one hand, and the Fund and/or the Investment Adviser on the other hand (the "<u>LLC Legal Matters</u>"). The Subscriber understands that Dechert will not represent the Subscriber in connection with the formation of the Fund and the offer and sale of Units on a capital commitment basis in the Fund, unless, subject to applicable law, the Fund (or an affiliate) and the Subscriber otherwise agree and the Subscriber separately engages Dechert. The Subscriber will, if it wishes counsel on any LLC Legal Matter, retain its own independent counsel with respect thereto and will pay all fees and expenses of such independent counsel. The Subscriber understands and agrees that Dechert has not investigated or verified the accuracy and completeness of any of the information set forth in the Fund Documents or in the due diligence materials made available to the Subscriber. Dechert is not providing any advice, opinion, representation, warranty or other assurance of any kind as to any matter to any Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee)The Subscriber's answers to each question set forth in <u>Attachment B</u> are true and complete to the best information and belief of the Subscriber, and the Subscriber shall promptly notify the Fund of any changes affecting this Agreement or the answers in <u>Attachment B</u> occurring at any time.

By executing this Subscription Agreement, the Subscriber hereby irrevocably designates and appoints the Fund as its true and lawful representative and attorney-in-fact under the provisions of and in accordance with the terms of the Fund Agreement.

*___________________*

*The Subscriber agrees that the foregoing representations and warranties, and all other information regarding the Subscriber set forth herein, may be used as a defense in any actions relating to the Fund or the offering of the Units on a capital commitment basis, and that it is only on the basis of such representations, warranties and other information that the Fund may be willing to accept this Subscription Agreement.*

*If there should be any material change in any of the foregoing information, representations, warranties or covenants, the Subscriber agrees to inform the Fund as promptly as reasonably practicable. The Subscriber acknowledges that the Fund, the Investment Adviser or their respective affiliates and the Members shall rely on such information, representations, warranties and covenants on an ongoing basis.*

**THE UNITS ARE SPECULATIVE, ILLIQUID, AND INVOLVE SUBSTANTIAL RISK. THE SUBSCRIBER COULD LOSE ALL OF THE SUBSCRIBER'S INVESTMENT IN THE FUND. THE SUBSCRIBER HAS READ CAREFULLY AND UNDERSTANDS THE FUND DOCUMENTS, AND HAS RELIED ON THE SUBSCRIBER'S OWN ADVISERS WITH RESPECT TO THE SUBSCRIBER'S SUBSCRIPTION AND THE SUITABILITY OF SUCH SUBSCRIPTION FOR THE SUBSCRIBER. THE SUBSCRIBER HAS NOT RELIED ON THE FUND, THE INVESTMENT ADVISER OR ANY OF THEIR RESPECTIVE EMPLOYEES, PRINCIPALS, AGENTS OR AFFILIATES FOR INVESTMENT, TAX OR OTHER LEGAL OR FINANCIAL ADVICE IN CONNECTION WITH THE PURCHASE OF UNITS ON A CAPITAL COMMITMENT BASIS, BUT ONLY ON THE SUBSCRIBER'S OWN ADVISERS.** 

4. As an inducement to the Fund to accept this Subscription Agreement, the Subscriber hereby represents, warrants and, if applicable, covenants to the Fund, the Investment Adviser, and the Administrator (the "<u>AML Parties</u>") as follows:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All evidence of identity provided by the Subscriber to the AML Parties is genuine, and all related information furnished by the Subscriber to the AML Parties is accurate. In order to prevent an investment in the Fund from being used as a means of money laundering, the Fund at its discretion may require a detailed verification of the identity of the Subscriber and source of funds (as well as the Subscriber's direct or indirect beneficial owners, if any). The Subscriber restates and reaffirms the representations and warranties made by the Subscriber in Section 3(c) in the specific context of money-laundering prevention. Unless otherwise stated herein, the Subscriber is not acting as agent, representative, intermediary/nominee or in any similar capacity for any other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Subscriber agrees to provide any information deemed necessary from time to time by any AML Party to comply with applicable anti-money laundering laws, any AML Party's anti-money laundering and sanctions program and/or related responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Subscriber (or, if an entity, an authorized officer, director, partner, member, manager or other similar person thereof or on its behalf) certifies that: (i) it is in compliance with all applicable anti-money laundering and sanctions laws and regulations and, if legally required to maintain anti-money laundering policies ("<u>AML Policies</u>") does so as required; and (ii) it has not received a deficiency letter, negative report or any similar determination regarding, and there is no current investigation relating to, its compliance with any applicable anti-money laundering laws and regulations and, if applicable, its AML Policies, from a person responsible for reviewing or auditing compliance therewith or from a regulator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Subscriber represents, warrants and covenants that none of the Subscriber, any person controlling, controlled by, or, to the Subscriber's knowledge, under common control with, the Subscriber, or to the Subscriber's knowledge, any person having a beneficial interest in the Subscriber or that will have a beneficial interest in the Units, is a Prohibited Investor,<sup>1</sup> and that the Subscriber is not investing and will not invest in the Fund on behalf of or for the benefit of any Prohibited Investor. The Subscriber acknowledges that, if, following issuance of the Units to the Subscriber, an AML Party reasonably believes that the Subscriber (or any of Subscriber's direct or indirect beneficial owners) is a Prohibited Investor, has otherwise breached any of the Subscriber's representations, warranties or covenants set forth herein, furnished incorrect information to the Fund, or otherwise caused concerns under any AML Party's anti-money laundering and sanctions program and/or related responsibilities (as applicable), the Fund may freeze the Subscriber's Units, which the Fund may do by declining any additional Capital Contributions and/or segregating the assets attributable to the Subscriber's Units and/or taking such other action as the Fund considers necessary or advisable in order to comply with applicable law, rules or regulations, including requiring the mandatory withdrawal of all or a portion of the Subscriber's Units,

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<sup>1</sup> "Prohibited Investors" include: (1) a Person that is the subject of any sanctions administered or enforced by the United States (including the U.S. Treasury Department's Office of Foreign Assets Control ("<u>OFAC</u>"); the U.S. Department of State; or the U.S. Department of Commerce); the United Nations Security Council; the European Union; or the United Kingdom; (2) a Person located, organized, or ordinarily resident in a jurisdiction that is the subject of comprehensive sanctions administered by the United States (currently, Cuba, Iran, North Korea, Syria, Crimea, or the so-called Donetsk or Luhansk People's Republics regions); (3) a Person whose name appears on the list of Specially Designated Nationals and Blocked Persons maintained by OFAC, any SEC-maintained blocked persons list or other lists as required by law, the Administrator, the Investment Adviser or the Fund; (4) a Person with whom U.S. persons are otherwise prohibited from transacting or accepting investments under applicable sanctions; (5) any Foreign Shell Bank (as defined below); and (6) any Person resident in or whose subscription funds are transferred from or through an account in a jurisdiction that is designated as non-cooperative with international anti-money laundering principles or procedures by an intergovernmental group or organization, such as the Financial Action Task Force on Money Laundering ("<u>FATF</u>"), of which the United States is a member, and with which designation the U.S. representative to the group or organization continues to concur.

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prohibiting additional capital contributions by the Subscriber, restricting distributions to the Subscriber, or suspending the payment of withdrawal proceeds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)If the Subscriber or any director, officer, partner, member, shareholder, affiliate or beneficial owner of the Subscriber is or becomes a Senior Foreign Political Figure,<sup>2</sup> any member of a Senior Foreign Political Figure's Immediate Family<sup>3</sup> or any Close Associate<sup>4</sup> of a Senior Foreign Political Figure, the Subscriber has provided notice of such status to the AML Parties and will provide any information requested by the AML Parties to conduct enhanced due diligence as may be appropriate in the AML Parties' discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The Subscriber is not resident in, or organized or chartered under the laws of, a jurisdiction that has been designated by the U.S. Secretary of the Treasury under Section 311 of the Uniting and Strengthening America by Providing Appropriate Tools Required to Interrupt and Obstruct Terrorism (USA PATRIOT) Act of 2001 (the "<u>USA PATRIOT Act</u>") as warranting special measures due to money laundering concerns.<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)The Subscriber's Capital Contributions do not originate from, nor shall they be routed through, an account maintained at a Foreign Shell Bank,<sup>6</sup> an "offshore bank" or a bank organized or

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<sup>2</sup> "Senior Foreign Political Figure" means a current or former senior political official in the executive, legislative, administrative, military or judicial branches of a non-U.S. government (whether elected or not), a senior official of a major non-U.S. political party, or a senior executive of a non-U.S. government-owned corporation. In addition, a Senior Foreign Political Figure includes any corporation, business or other entity that has been formed by, or for the benefit of, a Senior Foreign Political Figure. Senior executives are individuals with substantial authority over policy, operations or the use of government owned resources.

<sup>3</sup> "Immediate Family," with respect to a Senior Foreign Political Figure, typically includes such Senior Foreign Political Figure's parents, siblings, spouse, children and in-laws.

<sup>4</sup> "Close Associate" means, with respect to a Senior Foreign Political Figure, a person who is widely and publicly known (or actually known to the Subscriber) to maintain an unusually close relationship with such Senior Foreign Political Figure, and includes a Person who is in a position to conduct substantial U.S. and non-U.S. financial transactions on behalf of such Senior Foreign Political Figure.

<sup>5</sup> The U.S. Treasury Department's Financial Crimes Enforcement Network ("<u>FinCEN</u>") issues advisories regarding countries of primary money laundering concern. FinCEN's advisories are posted at https://www.fincen.gov/resources/advisoriesbulletinsfact-sheets.

<sup>6</sup> "Foreign Shell Bank" means a Foreign Bank (as defined below) without a Physical Presence (as defined below) in any country, but does not include a Regulated Affiliate (as defined below).

"Foreign Bank" means an organization that: (i) is organized under the laws of a country outside the United States; (ii) engages in the business of banking; (iii) is recognized as a bank by the bank supervisory or monetary authority of the country of its organization or principal banking operations; (iv) receives deposits to a substantial extent in the regular course of its business; and (v) has the power to accept demand deposits, but does not include the U.S. branches or agencies of a non-U.S. bank.

"Physical Presence" means a place of business that is maintained by a Foreign Bank and is located at a fixed address, other than solely a post office box or an electronic address, in a country in which the Foreign Bank is authorized to conduct banking activities, at which location the Foreign Bank: (i) employs one or more individuals on a full-time basis; (ii) maintains operating records related to its banking activities; and (iii) is subject to inspection by the banking authority that licensed the Foreign Bank to conduct banking activities.

"Regulated Affiliate" means a Foreign Shell Bank that: (i) is an affiliate of a depository institution, credit union or Foreign Bank that maintains a Physical Presence in the United States or a non-U.S. country, as applicable; and (ii) is subject to supervision by a banking authority in the country regulating such affiliated depository institution, credit union or Foreign Bank.

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chartered under the laws of a jurisdiction that is designated as non-cooperative with international anti-money laundering principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)The Subscriber's Capital Contributions will not cause the AML Parties to violate applicable anti-money laundering laws or sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Subscriber does not know, or have reason to suspect, that the proceeds of its investment will be used (i) to fund or support any unlawful activity; or (ii) in any other manner that would cause the AML Parties to be in violation of applicable anti-money laundering laws or sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)The Subscriber acknowledges and agrees that any distributions paid to the Subscriber by the Fund shall only be paid to the same account from which the Subscriber's Capital Contributions were originally remitted, unless the Fund, in its sole discretion, agrees otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)The Subscriber acknowledges and agrees that the AML Parties may release confidential information concerning the Subscriber and, if applicable, any person with a direct or indirect beneficial interest in the Subscriber's Units or in the Subscriber itself, to affiliates or agents, as well as regulatory or law enforcement authorities, if any AML Party determines that it is required or advisable to do so in order to ensure compliance with law or if any AML Party considers such disclosure necessary or appropriate in the normal course of business or to enable them properly to conduct their affairs. The Subscriber acknowledges and agrees that any AML Party may share confidential information concerning the Subscriber and, if applicable, any person with a direct or indirect beneficial interest in the Subscriber's Units or in the Subscriber itself, in connection with any actual or potential investment by the Fund to the extent such disclosure is reasonably determined by the Fund to advance the interests of the Fund in the consummation, administration or disposition of any such investment. The Subscriber also agrees that any AML Party may share information with agents, affiliates and other service providers in connection with the services they provide to the Fund, provided that such parties agree to preserve the confidentiality of such confidential information or are otherwise obligated to preserve the confidentiality of such confidential information pursuant to applicable law, rules or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)The Subscriber, by executing the applicable Signature Pages of this Subscription Agreement, represents and warrants that the Subscriber's Capital Contribution funds were derived from legal sources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)In addition to the foregoing, each AML Party reserves the right, but is not required, to request such information as such AML Party may deem necessary or advisable to verify the identity of the Subscriber (or the Subscriber's direct or indirect beneficial owners) and/or the Subscriber's source of funds, or to require the Subscriber, if an entity, to provide a copy of its anti-money laundering policies to the applicable AML Party. In the event of any delay or failure by the Subscriber to produce any information so requested, the Fund may, until proper information has been provided, refuse to accept any new Capital Contributions; refuse to process a transfer requested by the Subscriber; and/or delay or withhold distributions. The Fund reserves the right to require the Subscriber to withdraw its investment if at any time the Subscriber fails to provide any additional information requested by any AML Party for verification purposes, for purposes of evaluating the Subscriber's anti-money laundering policies in light of applicable regulation and/or any AML Parties' related anti-money laundering responsibilities, or as may be required by applicable law, rules or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)The Subscriber agrees that it shall have no claim against any AML Party for any form of damages as a result of any AML Party taking any of the actions referred to in this Section 4.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)The Subscriber understands and acknowledges that the Fund, and the Administrator on the Fund's behalf, also reserves the right to refuse to pay any distributions to the Subscriber if the Fund or the Administrator suspects or is advised that the payment of distributions to the Subscriber may be non-compliant with applicable law, rules or regulations, or if such refusal is considered necessary or advisable to ensure the compliance by the Fund or the Administrator with such law, rules or regulations.

**The Subscriber agrees promptly to notify THE AML Parties, or, in the case of the Fund, the Person appointed by the Fund to administer the Fund's anti-money laundering program as notified to the Subscriber by the Fund, if any of the foregoing representations, warranties or covenants IS no longer accurate or if the Subscriber is not complying with any of the foregoing covenants, in each case in all material respects.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.[RESERVED].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.[RESERVED].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.[RESERVED].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.[RESERVED].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.The Subscriber hereby agrees to indemnify, to the extent permitted by law, the Fund, the Investment Adviser (and their respective officers, directors, trustees, shareholders, members, partners, employees, representatives and agents) and persons who serve at the Fund's request as partners, members, directors, trustees, officers, employees, agents, advisers or managers, or independent contractors of another organization in which the Fund has any interest as a shareholder, creditor or otherwise, and their respective successors and assigns against any and all losses, damages, liabilities, costs and expenses (including attorneys' fees and expenses) incurred or sustained by reason of, or in connection with: (i) any breach of any representation, warranty, covenant or agreement of the Subscriber contained in this Subscription Agreement; or (ii) any material misrepresentation or misstatement by the Subscriber contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.If the Subscriber is acting as trustee, agent, representative or nominee for a subscriber (a "<u>Beneficial Owner</u>"), the Subscriber understands and acknowledges that the representations, warranties and agreements made herein are made by the Subscriber (a) with respect to the Subscriber as well as (b) with respect to the Beneficial Owner. The Subscriber further represents and warrants that it has all requisite power and authority from said Beneficial Owner to execute and perform the obligations under this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.The Subscriber agrees that on the date designated by the Fund as the date as of which the Subscriber has been admitted to the Fund, the Subscriber shall become a Member of the Fund, and shall be bound by all of the terms and conditions of the Fund Agreement, and shall be required to perform all of the Subscriber's obligations thereunder in accordance with the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.[RESERVED].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.The following provisions are applicable even if the Fund does not accept this Subscription Agreement and the Subscriber does not become a Member:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)THIS SUBSCRIPTION AGREEMENT IS MADE PURSUANT TO, AND SHALL BE GOVERNED BY, THE LAWS OF THE STATE OF DELAWARE, NOTWITHSTANDING THE PLACE WHERE THIS SUBSCRIPTION AGREEMENT OR ANY FUND AGREEMENT IS EXECUTED BY ANY MEMBER OR PROSPECTIVE MEMBER OR THE LOCATION OF ANY OFFICE, VENTURE OR OPERATION OF THE FUND OR ANY MEMBER. ANY ACTION OR PROCEEDING BROUGHT BY THE INVESTMENT ADVISER OR ITS AFFILIATES AGAINST ONE OR MORE MEMBERS OR THE FUND RELATING IN ANY RESPECT TO THIS SUBSCRIPTION AGREEMENT, THE FUND AGREEMENT, THE OPERATION OF THE FUND AND/OR THE OFFERING OF THE UNITS ON A CAPITAL COMMITMENT BASIS MAY — AND ANY ACTION OR PROCEEDING BROUGHT BY ANY OTHER PARTY AGAINST ANY OF THE INVESTMENT ADVISER OR ITS AFFILIATES OR THE FUND RELATING IN ANY RESPECT TO THIS SUBSCRIPTION AGREEMENT, THE FUND AGREEMENT, THE OPERATION OF THE FUND AND/OR THE OFFERING OF THE UNITS ON A CAPITAL COMMITMENT BASIS SHALL — BE BROUGHT AND ENFORCED IN THE COMMONWEALTH OF MASSACHUSETTS OR (TO THE EXTENT SUBJECT MATTER JURISDICTION EXISTS THEREFOR) IN THE COURTS OF THE UNITED STATES FOR THE COMMONWEALTH OF MASSACHUSETTS, AND THE MEMBERS AND THE FUND IRREVOCABLY SUBMIT TO THE JURISDICTION OF BOTH SUCH STATE AND U.S. FEDERAL COURTS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING. THE SUBSCRIBER AND THE FUND IRREVOCABLY WAIVE ANY OBJECTION THAT THEY MAY NOW OR HEREAFTER HAVE TO LAYING THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN THE COURTS OF THE COMMONWEALTH OF MASSACHUSETTS OR IN THE COURTS OF THE UNITED STATES FOR THE COMMONWEALTH OF MASSACHUSETTS AND ANY CLAIM THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)THE SUBSCRIBER HEREBY IRREVOCABLY WAIVES ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY CLAIM AGAINST THE INVESTMENT ADVISER OR ITS AFFILIATES OR THE FUND RELATING IN ANY WAY TO THIS SUBSCRIPTION AGREEMENT, THE FUND AGREEMENT, THE OPERATION OF THE FUND AND/OR THE OFFERING OF THE UNITS ON A CAPITAL COMMITMENT BASIS.…

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)NOTWITHSTANDING THE FOREGOING, NOTHING CONTAINED HEREIN SHALL BE DEEMED TO CONSTITUTE A WAIVER OF ANY RIGHTS THAT ANY PERSON MAY HAVE UNDER LAW TO THE EXTENT THAT SUCH RIGHTS MAY NOT BE WAIVED, MODIFIED OR LIMITED UNDER LAW (INCLUDING U.S. FEDERAL SECURITIES LAWS).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)THE SUBSCRIBER HEREBY AGREES THAT SERVICE OF PROCESS MAY BE EFFECTED ON THE SUBSCRIBER IN THE SAME MANNER AS NOTICES ARE GIVEN AS SET FORTH IN THE FUND AGREEMENT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Subscriber agrees that the Fund, the Investment Adviser, the Administrator, or one or more of the Fund or Investment Adviser or their respective affiliates would be subject to potentially irreparable injury as a result of any breach by the Subscriber of any of the representations, warranties, acknowledgements, covenants or agreements set forth in this Subscription Agreement, and that monetary damages would not be sufficient to compensate or make whole the Fund, the Investment Adviser, or the Administrator for any such breach. Accordingly, the Subscriber agrees that the Fund, the Investment Adviser, or the Administrator, separately or together, shall be entitled to seek equitable and injunctive relief, on an emergency, temporary, preliminary and/or permanent basis, so as to prevent any such breach or the continuation thereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The Subscriber agrees that (i) the representations, warranties, agreements and covenants set forth in this Subscription Agreement shall, in pertinent part, survive the acceptance (or rejection) of this Subscription Agreement and the dissolution of the Fund and (ii) this Subscription Agreement shall be binding upon the Subscriber and the Fund to the extent set forth herein prior to acceptance by the Fund and, if accepted, upon the Subscriber and the Fund, and shall inure to the benefit of the Subscriber, the Fund, the Investment Adviser, the Administrator and their respective affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)In the event that any provision of this Subscription Agreement is held to be invalid or unenforceable in any jurisdiction, such provision shall be deemed modified to the minimum extent necessary so that such provision, as so modified, shall no longer be held to be invalid or unenforceable. Any such modification, invalidity or unenforceability shall be strictly limited both to such provision and to such jurisdiction, and in each case to no other. Furthermore, in the event of any such modification, invalidity or unenforceability, this Subscription Agreement shall be interpreted so as to achieve the intent expressed herein to the greatest extent possible in the jurisdiction in question and otherwise as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)The Signature Pages of this Subscription Agreement may be executed in one or more counterparts, each of which shall, however, together constitute the same document. Electronic copies shall have the same binding force as originals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Subscriber agrees that the Fund is authorized to accept and execute this Subscription Agreement as well as any instructions given by the Subscriber in original signed form or by electronic communication. If instructions are given by electronic communication, the Subscriber shall indemnify the Fund, the Investment Adviser, the Administrator, or their respective affiliates for any losses and damages suffered by them as a result of acting on electronic communication instructions rather than instructions in original signed form. The Subscriber further agrees that the Fund, the Investment Adviser, the Administrator, and their respective affiliates are entitled to rely conclusively on any action taken on the basis of, any notice, consent, request, instruction or other instrument believed in good faith to be genuine or to be signed by properly authorized Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)This Subscription Agreement, including the appendices, exhibits and schedules hereto and any side letter or similar agreement entered into by the Subscriber, the Fund, and/or the Investment Adviser in connection with the Subscriber's subscription for Units, and the Fund Agreement contain the entire agreement and understanding of the parties hereto relating to the subject matter hereof, and supersede any prior agreements and understandings of the parties relating to such subject matter. This Subscription Agreement may be amended only in writing, executed by the Subscriber and the Fund. The Subscriber acknowledges and agrees that any notations, alterations, strike-outs, addenda, inserts or verbiage purporting to amend the terms of this Subscription Agreement shall not be effective unless explicitly agreed to by the Fund or its agents. Absent explicit agreement, the issuance of a trade confirmation or contract note shall not be construed as the Fund's acceptance or agreement to any such purported amendments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)No failure or delay on the part of the Fund, the Investment Adviser, or the Administrator in exercising any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy. Failure on the part of the Fund, the Investment Adviser, or the Administrator to challenge any act or omission of the Subscriber or to declare the Subscriber in default with respect to the Fund, the Investment Adviser, or the Administrator, irrespective of how long that failure continues, shall not constitute a waiver by the Fund, the Investment Adviser, or the Administrator of their rights with respect to such default. Any waiver granted hereunder must be in writing and shall be valid only in the specific instance in which given.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)The Subscriber has carefully read and understands the Fund Agreement, including without limitation the confidentiality undertakings set forth therein which shall apply to the Subscriber, whether or not this Subscription Agreement is accepted by the Fund. Notwithstanding anything to the contrary set forth herein, nothing in this Subscription Agreement or the Fund Agreement in any way limits or restricts the Subscriber or any Subscriber from communicating with any governmental agency or entity, or communicating with any official or staff member of a governmental agency or entity, concerning matters relevant to the governmental agency or entity, including reporting any good faith allegation of unlawful employment practices, criminal conduct, or violation of the securities laws; participating in any related proceeding; making any truthful statements or disclosures required by law, regulation or legal process; or requesting or receiving confidential legal advice, nor does it require any individual to notify the Adviser or the Fund of any of the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.With the exception of the investor notices listed in Section 15 below, all notices or other communications that the Fund or the Subscriber may desire or be required to give hereunder shall be in writing and shall be delivered and effective as set forth in the Fund Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.The Subscriber agrees and consents to have the Fund, the Investment Adviser and/or the Administrator electronically deliver Account Communications (as defined herein). "<u>Account Communications</u>" means all current and future account statements; the Fund Agreement (including all supplements and amendments thereto); the Memorandum (including all supplements and amendments thereto); notices (including privacy notices); letters or notices to investors; and other tax information such as any applicable state or local tax information; periodic or annual reports; annual audited financial statements; and regulatory communications and other information, documents, data and records regarding each Member's investment in the Fund. Electronic communication by the Fund and/or the Administrator includes email delivery as well as making Account Communications electronically available to the Members on the Administrator's, Investment Adviser's or their affiliates' internet site, if applicable, and providing notice of such availability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.The Subscriber acknowledges that the Fund collects or otherwise processes personal information, including non-public personal information (NPI) (as defined below), relating to the Subscriber for such purposes as are necessary in relation to the Subscriber's investment in the Fund and the provision, administration or management of services to the Fund. This may include, without limitation, processing NPI for the purposes of providing administrative services in connection with the Subscriber's investment, preventing fraud, carrying out money laundering checks or conflict checks, complying with any legal regulations and reporting to and auditing by national and international regulatory bodies (collectively, the "<u>Services</u>").

"<u>Non-public personal information</u>" or "<u>NPI</u>" is any personally identifiable financial information relating to the Subscriber(s) that is not publicly available, as further defined in § 248.3(t) of Regulation S-P: Privacy of Consumer Financial Information and Safeguarding Customer Information promulgated by the Securities and Exchange Commission under federal Gramm-Leach-Bliley Act (Public Law 106-102) and implementing regulations, as amended ("<u>Regulation S-P</u>"). For purposes hereof, NPI refers to the non-public personal information concerning the Subscriber (A) set forth in this Subscription Agreement, (B) otherwise disclosed by or on behalf of the Subscriber to the Fund or agents of the Fund, such as the Subscriber's name, address, social security number, assets and income, and (C) information regarding the Subscriber's investment in the Fund, including the Subscriber's capital account statements, forms 1099 and Schedules K-1 and capital call notices, distribution notices, redemption and transfer confirmations. NPI may be collected directly from the Subscriber, through the Administrator, including the Administrator's employees, affiliates, agents or contractors, through the Subscriber's financial adviser or any other third party who communicates with the Fund on the Subscriber's behalf.

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The Fund and its affiliates who process personal information, including the Subscriber's NPI, will handle such information in accordance with applicable U.S. laws and regulations, including, without limitation, those relating to privacy, data protection and/or the processing or use of personal information (the "<u>Privacy Laws</u>"), including, where applicable, Regulation S-P. The Subscriber acknowledges having received and read the Privacy Notice for the Fund (the current version as of the date of this Subscription Agreement of which is included in <u>Attachment D</u> hereto) and agrees to promptly provide this Privacy Notice (or any updated version thereof as may be provided to the Subscriber by or on behalf of the Fund from time to time) to each individual (such as any individual directors, shareholders, beneficial owners, authorized signatories, trustees or others) whose personal information the Subscriber provides to the Fund or any of its affiliates or delegates, including but not limited to the Administrator. The Privacy Notice for the Fund provides information on the Fund's and its affiliates' and delegates' use of NPI and other personal information, as of the date of this Subscription Agreement.

The Subscriber represents and warrants that (a) all NPI and other personal information provided to the Fund, its affiliates and delegates including but not limited to the Administrator by or on behalf of the Subscriber is provided in accordance with applicable Privacy Laws; (b) it has complied, and shall continue to comply, with its obligations relating to the NPI and other personal information regarding individuals that are beneficial owners or otherwise related to the Subscriber under the Privacy Laws; (c) among other things, it (i) has provided adequate notice(s) and such other fair processing information, and (if required under the Privacy Laws) obtained valid consents from, the relevant individuals, in each case, to the extent necessary to authorize the Fund, the Administrator, the Adviser, and their respective affiliates and delegates to process NPI and other personal information regarding those individuals in connection with and as described in this Subscription Agreement; and (ii) shall not, by act or omission, cause any of the Fund, the Administrator, the Adviser or their respective affiliates to violate any Privacy Laws or breach any undertakings in or conditions in any notices provided to, or consents obtained from, data subjects as a result of the Fund, the Administrator, the Adviser or their respective affiliates processing NPI and other personal information for any purpose relating to the Subscriber's investment in the Fund and Subscription Agreement or the Subscriber's ownership of Interests; and (d) it shall ensure that any NPI and other personal information that the Subscriber provides is accurate and up-to-date and the Subscriber shall promptly notify the Fund, the Administrator, and the Adviser if the Subscriber becomes aware that any such data is no longer accurate or up-to-date.

The Subscriber understands, acknowledges and agrees that in addition to sharing personal information, including Subscriber's NPI, as described in the Privacy Notice, the Fund may share such information (i) with the Administrator, the Adviser, and with the Fund's and its affiliates' attorneys, accountants and auditors in furtherance of the Fund's and its affiliates' business and with other service providers such as brokers or financial institutions who may have a need for the information in connection with providing services to the Fund or its affiliates and who agree to protect and use the information only for the purposes of providing such services to the Fund or its affiliates, (ii) in connection with any actual or potential investment, borrowing or other transaction by the Fund or its affiliates to the extent such disclosure is reasonably determined by the Adviser to advance the interests of the Fund or any such affiliate in the consummation, administration or disposition of any such investments, borrowing or other transaction, (iii) as otherwise required or permitted by law or regulation and (iv) with the Subscriber's financial adviser, and if the Subscriber consents as part of the Subscriber Questionnaire (including by listing an Investment Platform Service Provider (as defined below) to receive Subscriber's duplicate reporting, notices and other communications) with the third party service provider of the Subscriber's financial adviser through which the Subscriber is effectuating this investment (such third party service provider, the "<u>Investment Platform Service Provider</u>") and whose platform shall be used by such financial adviser and/or the Subscriber to access the NPI. The Subscriber may revoke the consent for the Fund to share the Subscriber's NPI (including duplicate reporting, notices and other communications) with the Investment Platform Service Provider by e-mailing Fidelity at alternatives@fmr.com.

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**<u>Attachment A</u>**

**SUBSCRIBER INFORMATION FORM**

***Please return this form to the Fund***

The Subscriber's name, address, email address and telephone numbers are:

______________________________________________________

______________________________________________________

______________________________________________________

The primary contact at the Subscriber is: ___________________________

The Subscriber's Requested Capital Commitment is $________________________.

The Subscriber's tax year ends on: ___________________________.

The Subscriber<sup>7</sup> is [check, if applicable]:

☐ An "exempt organization" listed in Section 501(a), including a trust described in Section 401(a), of the Code.

☐ An individual retirement account as described in Section 408(a) of the Code or a Roth IRA as described in Section 408A(a) of the Code.

☐ A U.S. person (as described in Attachment (C)) that is not listed in Section 501(a) of the Code.

[Please continue to next page]

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<sup>7</sup> If the Subscriber is a disregarded entity for U.S. federal income tax purposes, please complete this section based on the status of the Subscriber's regarded beneficial owner. Any prospective Subscriber that is not a U.S. person as described in Attachment (C) should contact the Fund.

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Subscriber's wire instructions for return of capital and/or distributions:

Account Name: ___________________________

Account Number: ___________________________

Name of Bank: ___________________________

ABA / Routing Number: ___________________________

SWIFT Code: ___________________________

Reference: ___________________________

Duplicate reports, notices and other communications should be sent to the following:

___________________________ ___________________________

(Name) (Phone)

___________________________ ___________________________

(Street Address) (Email)

___________________________

(City/State/Zip Code)

(If you would like duplicate reports, notices and other communications sent to additional contacts, please include the name, address and contact information for such party(ies) in a separate sheet.)

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**Information Sharing with Investment Platform Service Providers**

Do you wish to share your NPI with Investment Platform Service Providers as set forth in Section 16 of the Subscription Agreement for the purpose of enabling your financial adviser to manage your account? Please note: if the Subscriber has listed an Investment Platform Service Provider to receive duplicate reporting above, then such Investment Platform Service Provider will receive such duplicate reports, notices and other communications even if Subscriber does not opt-in below to share Subscriber's NPI with the Investment Platform Service Provider hereunder.

☐ Yes ☐ No

**Name of Trustees or Other Fiduciaries Exercising Investment Discretion with Respect to the Trust (To be completed by <u>Trust Subscribers Only</u>)**

*Name Occupation Business Affiliation*

___________________ ___________________ ___________________

___________________ ___________________ ___________________

___________________ ___________________ ___________________

___________________ ___________________ ___________________

**Authorized Signatories:**

Set forth below are the names of persons authorized by the Subscriber to give and receive instructions between the Fund and the Subscriber, together with their respective signatures. Such persons are the only persons so authorized until further written notice to the Fund signed by one or more of such persons. **Note: Authorized Signatories do not necessarily need to be Trustees/Fiduciaries. (To be completed by <u>Entity Subscribers Only</u>)**

*Signature Printed Name Title*

________ ________ ________

________ ________ ________

________ ________ ________

________ ________ ________

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**Fidelity Private Credit COMPANY LLC**

**FUND DOCUMENTS**

**<u>SUBSCRIBER SIGNATURE PAGE</u>**

***Please return this executed page to the Fund***

The undersigned, desiring to become a Subscriber of Fidelity Private Credit Company LLC, a Delaware limited liability company (the "<u>Fund</u>"), subject to the acceptance of the Subscriber's subscription by the Fund, hereby becomes a party to the Fund Documents of the Fund. The undersigned hereby agrees to all the provisions of said Fund Documents, and agrees that this signature page may be attached to any counterpart copy of said Fund Documents.

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| | |
|:---|:---|
| &nbsp;&nbsp;**INDIVIDUALS** | &nbsp;&nbsp;**ENTITIES** |
| &nbsp;&nbsp;_______________________________ | &nbsp;&nbsp;__________________________________ |
| &nbsp;&nbsp;Subscriber Signature | &nbsp;&nbsp;Print Name of Entity |
| &nbsp;&nbsp;_______________________________ | &nbsp;&nbsp;By:_______________________________ |
| &nbsp;&nbsp;Print Name | &nbsp;&nbsp; Authorized Signatory |
| &nbsp;&nbsp;_______________________________ | &nbsp;&nbsp;__________________________________ |
| &nbsp;&nbsp;Additional Subscriber Signature / <br>Signature of Spouse, if joint investment | &nbsp;&nbsp;Print Name  |
| &nbsp;&nbsp;_______________________________ | &nbsp;&nbsp;_______________________________ |
| &nbsp;&nbsp;Print Name | &nbsp;&nbsp;Print Title |
|  | &nbsp;&nbsp;By:_______________________________ |
|  | &nbsp;&nbsp; Authorized Signature |
|  | &nbsp;&nbsp;__________________________________ |
|  | &nbsp;&nbsp;Print Name  |
|  | &nbsp;&nbsp;_______________________________ |
|  | &nbsp;&nbsp;Print Title |

---

------

The foregoing subscription is hereby accepted upon the terms and conditions set forth above this _____ day of _____________________, 20___.

The Subscriber's Accepted Capital Commitment is $________________________.

(if blank, the Accepted Capital Commitment will equal the Requested Capital Commitment)

**Fidelity Private Credit Company LLC**

By: _____________________________________

Name:

Title:

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**<u>Attachment B</u>**

**subscriber Questionnaire**

***Please complete and return this Questionnaire to the Fund***

Name of Subscriber (please print):

**PLEASE ANSWER ALL OF THE APPLICABLE QUESTIONS AND PROVIDE ALL OF THE REQUESTED INFORMATION IN THIS <u>ATTACHMENT B</u>. FAILURE TO ANSWER SUCH QUESTIONS/PROVIDE SUCH INFORMATION MAY RESULT IN A DELAY OR REJECTION OF YOUR SUBSCRIPTION FOR UNITS ON A CAPITAL COMMITMENT BASIS. THE FOLLOWING INFORMATION IS REQUIRED TO DETERMINE WHETHER THE SUBSCRIBER NAMED IN THE SUBSCRIPTION AGREEMENT TO WHICH THIS <u>ATTACHMENT B</u> IS ATTACHED AND INCORPORATED WILL BE ELIGIBLE TO INVEST IN THE FUND.** 

**I. <u>Accredited Investor Status</u>**

The Subscriber hereby represents and warrants that it is correctly and in all respects described by the category or categories indicated by it or its authorized representative below.

***Please check each box that applies under the appropriate subscription header (Individual or Entity).***

**<u>FOR INDIVIDUAL SUBSCRIBERS</u> (INCLUDING INDIVIDUAL RETIREMENT ACCOUNTS)**

☐ The Subscriber has a net worth (or joint net worth together with the Subscriber's spouse or spousal equivalent) in excess of $1,000,000 and the Subscriber has no reason to believe that the Subscriber's net worth will not remain in excess of $1,000,000 for the foreseeable future.<sup>8</sup>

☐ The Subscriber had individual income (exclusive of any income attributable to the Subscriber's spouse (or spousal equivalent)) of more than $200,000 for each of the past two (2) years or joint income with the Subscriber's spouse or spousal equivalent in excess of $300,000 in each of those years and the Subscriber reasonably expects to reach the same individual income level, or the same joint income level, as the case may be, in the current year.<sup>9</sup>

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<sup>8</sup> For these purposes, net worth means the fair market value of the Subscriber's total assets less the Subscriber's total liabilities, except that: (i) the Subscriber must exclude from the Subscriber's assets the value of the Subscriber's primary residence, and (ii) the Subscriber may exclude from the Subscriber's liabilities the amount of indebtedness secured by the Subscriber's primary residence other than any portion that (A) exceeds the fair market value of the Subscriber's primary residence or (B) was incurred within sixty (60) days preceding the applicable Closing Date (other than as a result of the acquisition of the primary residence).

<sup>9</sup> "<u>Individual income</u>" means adjusted gross income, as reported for U.S. federal income tax purposes, less any income attributable to a spouse (or spousal equivalent) or to property owned by a spouse, increased by the following amounts (but not including any amounts attributable to a spouse or to property owned by a spouse): (i) the amount of any tax-exempt interest income under Section 103 of the Code; (ii) the amount of losses claimed as a limited partner in a limited partnership as reported on Schedule E of Form 1040; (iii) any deduction claimed for depletion under Section 611 et seq. of the Code; (iv) amounts contributed to an Individual Retirement Account (as defined in the Code) or Keogh retirement plan; and (v) alimony paid.

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☐ The Subscriber is an Individual Retirement Account, Keogh plan or other self-directed plan (i.e., a tax-qualified defined contribution plan in which a participant may exercise control over the investment of assets credited to his or her account) in which all of the participants are accredited investors (as described in this Part I of Attachment B).

☐ The Subscriber has certain professional certifications, designations or other credentials issued by an accredited educational institution (e.g., Series 7, Series 65 or Series 82 license), which the Securities and Exchange Commission has designated as qualifying an individual for accredited investor status.

(Please describe):___________________________________________________

☐ The Subscriber is a "knowledgeable employee," as defined in Rule 3c-5(a)(4) under the 1940 Act, of the Fund.<sup>10</sup>

**<u>FOR ENTITY SUBSCRIBERS</u>**

☐ The Subscriber is a trust, with total assets in excess of $5,000,000, whose purchase is directed by a person who has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of investing in the Fund.

☐ The Subscriber is a tax-exempt organization described in Section 501(c)(3) of the Code, a corporation, a Massachusetts or similar business trust, a partnership or a limited liability company, with total assets in excess of $5,000,000.

☐ The Subscriber is an entity (e.g., Indian tribe, governmental body, fund, or entity organized under the laws of foreign countries) that owns "investments" as defined in Rule 2a51-1(b) under the 1940 Act in excess of $5,000,000.<sup>11</sup>

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<sup>10</sup> If the Subscriber checks this box a separate Knowledgeable Employee Questionnaire may be required to be submitted in addition to this Subscriber Questionnaire. A "knowledgeable employee" includes an employee of the Fund, the Investment Adviser, or an affiliate thereof who, in connection with his/her regular functions or duties, participates in the investment activities of the Fund, Investment Adviser or affiliate thereof, as well as certain executive officers, directors, trustees, general partners, advisory board members, or persons serving in a similar capacity, of the foregoing.

<sup>11</sup> (1) <u>Net Investments</u>. (A) (1) securities (other than securities of an issuer that controls, is controlled by, or is under common control with, the person that owns such securities); (2) real estate held for investment purposes; (3) commodity interests held for investment purposes; (4) physical commodities held for investment purposes; (5) financial contracts held for investment purposes (to the extent they are not securities); and (6) cash and cash equivalents held for investment, less (B) any outstanding indebtedness incurred to acquire any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>Investments</u>. Includes the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) Securities, including stocks, bonds and notes, other than securities of an issuer that controls, is controlled by or is under common control with the prospective qualified purchaser (*e.g.*, an interest in a family-owned or closely-held business). Notwithstanding the foregoing, "<u>Investments</u>" includes securities held in (1) a company that files reports under the 1934 Act, or has a class of securities that is listed on a "designated offshore securities market," as defined in Regulation S under the 1933 Act, (2) any registered or unregistered investment company (*i.e.*, a company that would be required to register but for the exclusions or exemptions provided in the 1940 Act), or commodity pool and (3) any company with shareholders' equity of not less than $50,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Real estate held for investment purposes. Real estate is not held for investment purposes if it is used by the prospective qualified purchaser or a related person for personal purposes or as a place of business, or in connection with the conduct of the trade or business of the prospective qualified purchaser or a related person; provided that real estate owned by a prospective qualified purchaser who is engaged primarily in the business of investing, trading or developing real estate in connection with such business may be deemed to be held for investment purposes. Residential real estate shall not be deemed to be used for personal purposes if deductions with respect to such real estate are not disallowed by Section 280A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) Any "Commodity Interests" held for investment purposes. "<u>Commodity Interests</u>" means any commodity futures contracts, options on commodity futures and options on physical commodities traded on or subject to the rules of (1) any contract market designated for trading such transactions under the U.S. Commodity Exchange Act, as amended (the "<u>CEA</u>"), and the rules thereunder, or (2) any board of trade or exchange outside the United States, as contemplated in Part 30 of the rules made under the CEA. A Commodity Interest or physical commodity owned, or a financial contract entered into, by a prospective qualified purchaser who is engaged primarily in the business of investing, reinvesting or trading in Commodity Interests, physical commodities or financial contracts in connection with such business may be deemed to be held for investment purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) Physical commodities (*e.g.*, gold and silver), with respect to which Commodity Interests are traded on a contract market or board of trade described in (c) above, held for investment purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) Financial contracts (*e.g.*, swaps and similar individually negotiated financial transactions), other than securities, held for investment purposes. "Financial Contract" means any arrangement that: (1) takes the form of an individually negotiated contract, agreement or option to buy, sell, lend, swap or repurchase, or other similar individually negotiated transaction commonly entered into by participants in the financial markets; (2) is in respect of securities, commodities, currencies, interest or other rates, other measures of value, or any other financial or economic interest similar in purpose or function to any of the foregoing; and (3) is entered into in response to a request from a counterparty for a quotation, or is otherwise entered into and structured to accommodate the objectives of the counterparty to such arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f) If the Subscriber is an excepted investment company (*i.e.*, excluded from the definition of "investment company" pursuant to Section 3(c)(1) or 3(c)(7) of the 1940 Act) or a commodity pool, any amounts payable to the Subscriber pursuant to a firm agreement or similar binding commitment pursuant to which a person has agreed to acquire an interest in, or make capital contributions to, the Subscriber upon demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g) Cash and cash equivalents (*e.g.*, foreign currencies, bank deposits, certificates of deposit, bankers acceptances and the net cash surrender value of an insurance policy) held for investment purposes. Neither cash used by an individual to meet everyday expenses nor working capital used by a business is considered cash held for investment purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) <u>Valuation</u>. The value of Investments may be determined by either their fair market value on the most recent practicable date or their cost; provided that, in the case of Commodity Interests, value shall be the initial margin or option premium deposited in connection with such Commodity Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) <u>Deductions; "Net Investments"</u>. Any outstanding indebtedness incurred to acquire Investments must be deducted from the value of the Investments. In addition, any outstanding indebtedness incurred by an owner of a family company to acquire Investments must be deducted from the value of the family company's Investments. "Net Investments" equals Investments minus such deductions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) <u>Joint Investments</u>. A natural person may include in the amount of such person's Investments any Investments held jointly with such person's spouse, or Investments in which such person shares with such person's spouse a community property or similar shared ownership interest. Spouses who are making a joint investment may include in the amount of each spouse's Investments any Investments owned by the other spouse (whether or not such Investments are held jointly).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) <u>Investments of Parents and Subsidiaries</u>. A company may include Investments owned by majority-owned subsidiaries of the company, Investments owned by a company ("<u>Parent Company</u>") of which the company is a majority-owned subsidiary, and Investments owned by other majority-owned subsidiaries of the Parent Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) <u>Retirement Plan Investments</u>. A natural person may include in the amount of such person's Investments any Investments held in an individual retirement account or similar account, so long as the Investments in such account are directed by and held for the benefit of such person.

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☐ The Subscriber is (a) a family office<sup>12</sup> (i) with assets under management in excess of $5,000,000, (ii) not formed for the specific purpose of acquiring the Units offered and (iii) whose prospective investment is directed by a person with such knowledge and experience in financial and business matters that the family office is capable of evaluating merits and risks of the prospective investment or (b) a family client<sup>13</sup> of such family office whose investment is directed by such family office.

☐ The Subscriber is either (i) an entity (excluding a trust) in which all of the equity owners, unit owners or participants (*i.e.*, all partners (including limited partners) of a partnership and shareholders of a corporation) are "accredited investors" or (ii) a revocable trust of which each grantor is an accredited investor and has the power to revoke the trust at any time; <u>provided</u> that in either case the Subscriber makes the additional representations, warranties and covenants listed in <u>footnote 14</u>.<sup>14</sup>

☐ The Subscriber is a broker or dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934, as amended (the "1934 Act").

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<sup>12</sup> A "family office" means a company (including its directors, partners, members, managers, trustees, and employees acting within the scope of their position or employment) that: (1) has no clients other than family clients; provided that if a person that is not a family client becomes a client of the family office as a result of the death of a family member or key employee (as defined in Rule 202(a)(11)(G)-1(d)) or other involuntary transfer from a family member or key employee, that person shall be deemed to be a family client for purposes of Rule 202(a)(11)(G)-1 of the Advisers Act for one year following the completion of the transfer of legal title to the assets resulting from the involuntary event; (2) is wholly owned by family clients and is exclusively controlled (directly or indirectly) by one or more family members and/or family entities; and (3) does not hold itself out to the public as an investment adviser.

<sup>13</sup> A "family client" means: (i) any family member; (ii) any former family member; (iii) any key employee; (iv) any former key employee, provided that upon the end of such individual's employment by the family office, the former key employee shall not receive investment advice from the family office (or invest additional assets with a family office-advised trust, foundation or entity) other than with respect to assets advised (directly or indirectly) by the family office immediately prior to the end of such individual's employment, except that a former key employee shall be permitted to receive investment advice from the family office with respect to additional investments that the former key employee was contractually obligated to make, and that relate to a family-office advised investment existing, in each case prior to the time the person became a former key employee; (v) any non-profit organization, charitable foundation, charitable trust (including charitable lead trusts and charitable remainder trusts whose only current beneficiaries are other family clients and charitable or non-profit organizations), or other charitable organization, in each case for which all the funding such foundation, trust or organization holds came exclusively from one or more other family clients; (vi) any estate of a family member, former family member, key employee, or, subject to the condition contained in paragraph (d)(4)(iv) of Rule 202(a)(11)(G)-1 of the Advisers Act, former key employee; (vii) any irrevocable trust in which one or more other family clients are the only current beneficiaries; (viii) any irrevocable trust funded exclusively by one or more other family clients in which other family clients and non-profit organizations, charitable foundations, charitable trusts, or other charitable organizations are the only current beneficiaries; (ix) any revocable trust of which one or more other family clients are the sole grantor; (x) any trust of which: (a) each trustee or other person authorized to make decisions with respect to the trust is a key employee; and (b) each settlor or other person who has contributed assets to the trust is a key employee or the key employee's current and/or former spouse (or spousal equivalent) who, at the time of contribution, holds a joint, community property, or other similar shared ownership interest with the key employee; or (xi) any company wholly owned (directly or indirectly) exclusively by, and operated for the sole benefit of, one or more other family clients; provided that if any such entity is a pooled investment vehicle, it is excepted from the definition of "investment company" under the 1940 Act. See Rule 202(a)(11)(G)-1(d)(4) under the Advisers Act.

<sup>14</sup> If the Subscriber is an accredited investor for the reason described in this response, the Subscriber hereby represents, warrants and covenants with respect to each person making investment decisions for the Subscriber that: (i) the Subscriber is sufficiently familiar with each such person's regulatory status and/or asset ownership to make representations on each such person's behalf; (ii) each such person qualifies as an "accredited investor" under one or more of the provisions of this Subscriber Questionnaire; (iii) the Fund may rely on the Subscriber's representations on behalf of each such person hereunder to the same extent as if each such person had completed this Subscriber Questionnaire; and (iv) the Subscriber shall permit no direct or indirect transfer of beneficial interests in the Subscriber or change in investment decision making that at any time would result in any of the representations contained in <u>clauses (i)</u>-<u>(iii)</u> ceasing to be true.

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☐ The Subscriber is a registered investment adviser pursuant to state law, a registered investment adviser pursuant to Section 203 of the Investment Advisers Act of 1940, as amended (the "Advisers Act") or an exempt reporting adviser under Section 203(m) or Section 203(l) of the Advisers Act.

☐ The Subscriber is an investment company registered under the 1940 Act or a business development company as defined in Section 2(a)(48) thereof that was not formed for the specific purpose of investing in the Fund.

☐ The Subscriber is a bank as defined in Section 3(a)(2) of the 1933 Act, or any savings and loan association or other institution as defined in Section 3(a)(5)(A) of the 1933 Act, acting for its own account or for the account of an "accredited investor."

☐ The Subscriber is a private business development company as defined in Section 202(a)(22) of the Advisers Act.

☐ The Subscriber is a Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958, as amended, or a rural business investment company ("<u>RBIC</u>") as defined in Section 384(A) of the Consolidated Farm and Rural Development Act.

☐ The Subscriber is a plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, if such plan has total assets in excess of $5,000,000.

☐ The Subscriber is an employee benefit plan within the meaning of Title I of ERISA, if:

☐ (A) the investment decision is made by a plan fiduciary, as defined in Section 3(21) of ERISA, which is either a bank, savings and loan association, insurance company or registered investment adviser;

☐ (B) the employee benefit plan has total assets in excess of $5,000,000; or

☐ (C) such plan is a self-directed plan with investment decisions made solely by persons that are "accredited investors."

☐ The Subscriber is an insurance company as defined in Section 2(a)(13) of the 1933 Act, acting for its own account or for the account of an "accredited investor."

☐ Other (describe):__________________________________________________________

**II. <u>Registered and Unregistered Investment Companies</u>**

A. Section 12(d)(1) of the 1940 Act contains limits on the extent to which Units of the Fund can be purchased or otherwise acquired by any other registered or unregistered investment company or issuer that would be an investment company under Section 3(a) of the 1940 Act but for the exclusions from that definition provided for in Section 3(c)(1) or Section 3(c)(7) of the 1940 Act. The Subscriber hereby represents and warrants that (i) it is correctly and in all respects described by the category or categories indicated by it or its authorized representative below; (ii) it is solely responsible for monitoring purchases and acquisitions of Units for purposes of complying with the limits under Section 12(d)(1); and (iii) it will promptly notify the Fund if the purchase or acquisition of Units causes it to violate Section 12(d)(1).

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***Please check each box that applies\*:***

☐ The Subscriber is registered or required to be registered as an investment company under the 1940 Act.

If checked and the Subscriber is an investment company registered under the 1940 Act, please contact FoFCoE@fmr.com to obtain an investment agreement for purposes of Rule 12d1-4 under the 1940 Act.

☐ The Subscriber has elected to be regulated as a business development company under the 1940 Act.

If checked, please contact FoFCoE@fmr.com to obtain an investment agreement for purposes of Rule 12d1-4 under the 1940 Act.

☐ The Subscriber is either (i) relying on an exclusion from the definition of "investment company" under Section 3(c)(1) or Section 3(c)(7) of the 1940 Act (*i.e.,* private funds) or (ii) an investment company that is not required to be registered as an investment company under the 1940 Act.

☐ The Subscriber is controlled<sup>15</sup> by an investment company.

If checked, please provide the name of such investment company _____________________

☐ The Subscriber is relying, or seeks to rely, on a statutory exemption (e.g., Section 12(d)(1)(F)) or exemptive rule (i.e., Rule 12d1-4) or order that permits it to purchase or otherwise acquire Units in excess of the limits under Section 12(d)(1) of the 1940 Act. Please note, however, that the availability of a statutory exemption or exemptive rule or order may depend on the category or categories indicated above.

If checked, please specify the exemption ________________

**\*If the Subscriber checked any of the above, please contact the Fund at *<u>FoFCoE@fmr.com</u>*.**

Please specify the name of your adviser and sub-adviser (if applicable):

*<u>Adviser:</u>_________________________________________________________________* 

*<u>Sub-Adviser (if applicable):</u>__________________________________________________* 

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<sup>15</sup> Any person who owns beneficially, either directly or through one or more controlled companies, more than 25% of the voting securities of a company is presumed to control such company.

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**III. <u>Status for Purposes of ERISA</u>.** 

A. Is the Subscriber a Benefit Plan Investor? A Benefit Plan Investor is (a) any "employee benefit plan," as defined in, and subject to the fiduciary responsibility provisions of ERISA; (b) any "plan," as defined in and subject to Section 4975 of the Code; and (c) any entity (a "<u>Plan Assets Entity</u>") deemed for any purpose of ERISA or Section 4975 of the Code to hold assets of any of the investors described in (a) or (b) (each, a "Plan" and together the, "<u>Plans</u>") due to investments made by Plans in such entity.

☐ Yes ☐ No

**IV <u>Description of Subscriber</u>**

A. <u>FORM PF INVESTOR TYPE</u>: Subscriber must check one box below that most accurately describes the Subscriber and its beneficial owners:

***Please select one:***

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ An individual that is a United States Person<sup>16</sup> (including their trusts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ An individual that is not a United States Person (including their trusts) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ A broker-dealer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ An insurance company |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ An investment company registered with the Securities and Exchange Commission | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ A Private Fund<sup>17</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ A non-profit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ A pension plan (excluding a governmental pension plan) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ A banking or thrift institution (proprietary) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ A state or municipal Government Entity<sup>18</sup> (excluding a governmental pension plan) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ A state or municipal governmental pension plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ A sovereign wealth fund or foreign official institution |
| &nbsp;&nbsp;&nbsp;&nbsp; ☐ A person that is not a United States Person and about which the foregoing beneficial ownership information is not known and cannot reasonably be obtained because the beneficial interest is held through a chain involving one or more third party intermediaries  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ Other —Specify:  |

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B. <u>PAY TO PLAY</u>: Please check the appropriate box below if the Subscriber is or is investing on behalf of:

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<sup>16</sup> "United States Person" has the meaning set forth in rule 203(m)-1 under the Advisers Act.

<sup>17</sup> "Private Fund" means any issuer that would be an investment company as defined in Section 3 of the Investment Company Act of 1940, as amended, but for Section 3(c)(1) or 3(c)(7) of that Act.

<sup>18</sup> "Government Entity" means any state or political subdivision of a state, including (i) any agency, authority, or instrumentality of the state or political subdivision, (ii) a plan or pool of assets controlled by the state or political subdivision or any agency, authority, or instrumentality thereof, and (iii) any officer, agent, or employee of the state or political subdivision or any agency, authority, or instrumentality thereof, acting in their official capacity.

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***Please select one, if applicable:***

☐ Any state of the United States or a political sub-division of a state of the United States.

☐ Any agency, authority, or instrumentality of a state of the United States or political subdivision of a state of the United States.

☐ A pool of assets sponsored or established by a state of the United States or political subdivision thereof or any agency, authority or instrumentality thereof, or a general fund of a state of the United States.

☐ Plan or program of any person covered by this Subsection IV.B.

☐ An officer, agent, or employee of a state of the United States or political subdivision or any agency, authority or instrumentality thereof, acting in their official capacity.

If the Subscriber has checked any of the foregoing boxes, the Subscriber certifies that other than Rule 206(4)-5 promulgated under the Advisers Act, there are no other "pay to play" or similar regulations that would be imposed on the Fund or its affiliates in connection with the Subscriber's subscription for Units on a capital commitment basis.

Please check the following box to indicate that the Subscriber is making such a certification. ☐

**V. <u>Subscriber's Fidelity Person Status</u>**

***Please answer the below (A-B):***

A. The Subscriber is an executive, employee, owner, officer or affiliate of any of the Fund, Investment Adviser, FMR LLC, or any of their respective direct or indirect subsidiaries (*i.e.*, "Fidelity Investments"):

☐ Yes ☐ No

B. The Subscriber is a family member or estate planning vehicle of any of the persons identified in Section V.A. above:

☐ Yes ☐ No

**VI. <u>Election with Respect to Distributions</u>**

A. The Fund may make quarterly distributions to those Subscribers who elect to receive such distributions. Please indicate below if the Subscriber elects to receive distributions, rather than cause the Fund to reinvest the associated amounts.

☐ Yes, I elect to receive distributions.

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**<u>Attachment C</u>** 

**tax FORMs**

***Please sign and return a properly completed IRS Form W-8 or Form W-9 (as applicable) to the Fund.*** 

IRS Forms W-8 and W-9 and related instructions can be obtained from the IRS website at www.irs.gov.

For these purposes, Section 7701(a)(30) of the Code defines a "U.S. Person" as: (i) an individual who is a citizen or resident of the U.S.; (ii) a corporation, partnership or other entity created or organized in the U.S. or under the laws of the U.S. or any political subdivision thereof; (iii) an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or (iv) a trust (A) which is subject to the supervision of a court within the U.S. and the control of one or more U.S. Persons as described in Section 7701(a)(30) of the Code or (B) that has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. Person.

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**<u>Attachment D</u>**

**PRIVACY NOTICE**

Rev. 06/2024

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| | | |
|:---|:---|:---|
| ![img184830815_0.jpg](img184830815_0.jpg) | ![img184830815_0.jpg](img184830815_0.jpg) | ![img184830815_0.jpg](img184830815_0.jpg) |
| &nbsp;&nbsp;&nbsp;&nbsp;**FACTS** | &nbsp;&nbsp;**What do Fidelity Investments and the Fidelity Funds do with your personal information?** | ![img184830815_1.jpg](img184830815_1.jpg) |
| &nbsp;&nbsp;&nbsp;&nbsp;**WHY?** | &nbsp;&nbsp;&nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | &nbsp;&nbsp;&nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| &nbsp;&nbsp;&nbsp;&nbsp;**WHAT?** | &nbsp;&nbsp;&nbsp;&nbsp;The types of personal information we collect and share depend on the product or service you have with us. This information can include:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Social Security number and employment information <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪assets and income<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪account balances and transaction history<br>When you are *no longer* our customer, we continue to share your information as described in this notice. | &nbsp;&nbsp;&nbsp;&nbsp;The types of personal information we collect and share depend on the product or service you have with us. This information can include:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Social Security number and employment information <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪assets and income<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪account balances and transaction history<br>When you are *no longer* our customer, we continue to share your information as described in this notice. |
| &nbsp;&nbsp;&nbsp;&nbsp;**HOW?** | &nbsp;&nbsp;&nbsp;&nbsp;All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information, the reasons Fidelity Investments and the Fidelity Funds (hereinafter referred to as "Fidelity") choose to share, and whether you can limit this sharing. | &nbsp;&nbsp;&nbsp;&nbsp;All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information, the reasons Fidelity Investments and the Fidelity Funds (hereinafter referred to as "Fidelity") choose to share, and whether you can limit this sharing. |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**REASONS WE CAN SHARE**<br>**YOUR PERSONAL INFORMATION** | &nbsp;&nbsp;&nbsp;**DOES FIDELITY** <br>**SHARE?** | &nbsp;&nbsp;&nbsp;**CAN YOU LIMIT** <br>**THIS SHARING?** |
| &nbsp;&nbsp;&nbsp;&nbsp;**For our everyday business purposes —**<br>such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | <br>Yes | <br>No |
| &nbsp;&nbsp;&nbsp;&nbsp;**For our marketing purposes —**<br>to offer our products and services to you | <br>Yes | <br>No |
| &nbsp;&nbsp;&nbsp;&nbsp;**For joint marketing with other financial companies** | No | We don't share |
| &nbsp;&nbsp;&nbsp;&nbsp;**For our affiliates' everyday business purposes —**<br>information about your transactions and experiences | <br>Yes | <br>No |
| &nbsp;&nbsp;&nbsp;&nbsp;**For our affiliates' everyday business purposes —**<br>information about your creditworthiness | <br>No | <br>We don't share |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**For nonaffiliates to market to you** | &nbsp;&nbsp;&nbsp;&nbsp;**For nonaffiliates to market to you** | No | We don't share |
| &nbsp;&nbsp;&nbsp;&nbsp;**QUESTIONS?** | &nbsp;&nbsp;&nbsp;&nbsp;Call 800.343.3548. If we serve you through an investment professional, please contact them directly. Specific Internet addresses, mailing addresses, and telephone numbers are listed on your statements and other correspondence. | &nbsp;&nbsp;&nbsp;&nbsp;Call 800.343.3548. If we serve you through an investment professional, please contact them directly. Specific Internet addresses, mailing addresses, and telephone numbers are listed on your statements and other correspondence. | &nbsp;&nbsp;&nbsp;&nbsp;Call 800.343.3548. If we serve you through an investment professional, please contact them directly. Specific Internet addresses, mailing addresses, and telephone numbers are listed on your statements and other correspondence. |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**WHO WE ARE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Who is providing this notice?** | &nbsp;&nbsp;&nbsp;&nbsp;Companies owned by Fidelity Investments and using the Fidelity name to provide financial services to customers, and the Fidelity Funds. A list of companies is located at the end of this notice. |
| &nbsp;&nbsp;&nbsp;&nbsp;**WHAT WE DO** | &nbsp;&nbsp;&nbsp;&nbsp;**WHAT WE DO** |
| &nbsp;&nbsp;&nbsp;&nbsp;**How does Fidelity protect my personal information?** | &nbsp;&nbsp;&nbsp;&nbsp;To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. |
| &nbsp;&nbsp;&nbsp;&nbsp;**How does Fidelity collect my personal information?** | &nbsp;&nbsp;&nbsp;&nbsp;We collect your personal information, for example, when you<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•open an account or direct us to buy/sell your securities<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•provide account information or give us your contact information<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•tell us about your investment portfolio<br>We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
| &nbsp;&nbsp;&nbsp;&nbsp;**Why can't I limit** <br>**all sharing?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal law gives you the right to limit only<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•sharing for affiliates' everyday business purposes — information about your creditworthiness<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•affiliates from using certain information to market to you<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•sharing for nonaffiliates to market to you<br>State laws and individual companies may give you additional rights to limit sharing. |
| &nbsp;&nbsp;&nbsp;&nbsp;**DEFINITIONS** | &nbsp;&nbsp;&nbsp;&nbsp;**DEFINITIONS** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Affiliates** | &nbsp;&nbsp;&nbsp;&nbsp;Companies related by common ownership or control. They can be financial and nonfinancial companies.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Fidelity Investments affiliates include companies with the Fidelity name (excluding the Fidelity Funds), as listed below, and other financial companies such as Green Pier Fintech LLC, National Financial Services LLC, Strategic Advisers LLC, and FIAM LLC. |
| &nbsp;&nbsp;&nbsp;&nbsp;**Nonaffiliates** | &nbsp;&nbsp;&nbsp;&nbsp;Companies not related by common ownership or control. They can be financial and nonfinancial companies.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Fidelity does not share with nonaffiliates so they can market to you. |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Joint marketing** | &nbsp;&nbsp;&nbsp;&nbsp;A formal agreement between nonaffiliated financial companies that together market financial products or services to you.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Fidelity doesn't jointly market. |
| &nbsp;&nbsp;&nbsp;&nbsp;**OTHER IMPORTANT INFORMATION** | &nbsp;&nbsp;&nbsp;&nbsp;**OTHER IMPORTANT INFORMATION** |
| &nbsp;&nbsp;&nbsp;&nbsp;If you transact business through Fidelity Investments life insurance companies, we may validate and obtain information about you from an insurance support organization. The insurance support organization may further share your information with other insurers, as permitted by law. We may share medical information about you to learn if you qualify for coverage, to process claims, to prevent fraud, or otherwise at your direction, as permitted by law. You are entitled to receive, upon written request, a record of any disclosures of your medical record information. Please refer to your statements and other correspondence for mailing addresses.<br>If you establish an account in connection with your employer, your employer may request and receive certain information relevant to the administration of employee accounts.<br>If you interact with Fidelity Investments directly as an individual investor (including joint account holders), we may exchange certain information about you with Fidelity Investments financial services affiliates, such as our brokerage and insurance companies, for their use in marketing products and services, as allowable by law. Information collected from investment professionals' customers is not shared with Fidelity Investments affiliates for marketing purposes, except with your consent and as allowed by law.<br>The Fidelity Funds have entered into a number of arrangements with Fidelity Investments companies to provide for investment management, distribution, and servicing of the Funds. The Fidelity Funds do not share personal information about you with other entities for any reason, except for everyday business purposes in order to service your account.<br>For additional information, please visit Fidelity.com/privacy. | &nbsp;&nbsp;&nbsp;&nbsp;If you transact business through Fidelity Investments life insurance companies, we may validate and obtain information about you from an insurance support organization. The insurance support organization may further share your information with other insurers, as permitted by law. We may share medical information about you to learn if you qualify for coverage, to process claims, to prevent fraud, or otherwise at your direction, as permitted by law. You are entitled to receive, upon written request, a record of any disclosures of your medical record information. Please refer to your statements and other correspondence for mailing addresses.<br>If you establish an account in connection with your employer, your employer may request and receive certain information relevant to the administration of employee accounts.<br>If you interact with Fidelity Investments directly as an individual investor (including joint account holders), we may exchange certain information about you with Fidelity Investments financial services affiliates, such as our brokerage and insurance companies, for their use in marketing products and services, as allowable by law. Information collected from investment professionals' customers is not shared with Fidelity Investments affiliates for marketing purposes, except with your consent and as allowed by law.<br>The Fidelity Funds have entered into a number of arrangements with Fidelity Investments companies to provide for investment management, distribution, and servicing of the Funds. The Fidelity Funds do not share personal information about you with other entities for any reason, except for everyday business purposes in order to service your account.<br>For additional information, please visit Fidelity.com/privacy. |
| &nbsp;&nbsp;&nbsp;&nbsp;**WHO IS PROVIDING THIS NOTICE?** | &nbsp;&nbsp;&nbsp;&nbsp;**WHO IS PROVIDING THIS NOTICE?** |
| &nbsp;&nbsp;&nbsp;&nbsp;Empire Fidelity Investments Life Insurance Company®; FIAM LLC; Fidelity Brokerage Services LLC; Fidelity Distributors Company LLC; Fidelity Diversifying Solutions LLC; Fidelity Funds, which include funds advised by Strategic Advisers LLC and Fidelity Diversifying Solutions LLC; Fidelity Health Insurance Services, LLC; Fidelity Institutional Wealth Adviser LLC; Fidelity Insurance Agency, Inc.; Fidelity Investments Institutional Operations Company LLC; Fidelity Investments Life Insurance Company; Fidelity Management Trust Company; Fidelity Personal and Workplace Advisors LLC; Fidelity Personal Trust Company, FSB; Fidelity Wealth Technologies LLC; Green Pier Fintech LLC; National Financial Services LLC and Strategic Advisers LLC. | &nbsp;&nbsp;&nbsp;&nbsp;Empire Fidelity Investments Life Insurance Company®; FIAM LLC; Fidelity Brokerage Services LLC; Fidelity Distributors Company LLC; Fidelity Diversifying Solutions LLC; Fidelity Funds, which include funds advised by Strategic Advisers LLC and Fidelity Diversifying Solutions LLC; Fidelity Health Insurance Services, LLC; Fidelity Institutional Wealth Adviser LLC; Fidelity Insurance Agency, Inc.; Fidelity Investments Institutional Operations Company LLC; Fidelity Investments Life Insurance Company; Fidelity Management Trust Company; Fidelity Personal and Workplace Advisors LLC; Fidelity Personal Trust Company, FSB; Fidelity Wealth Technologies LLC; Green Pier Fintech LLC; National Financial Services LLC and Strategic Advisers LLC. |

---

![img184830815_2.jpg](img184830815_2.jpg)

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| | |
|:---|:---|
| Effective June 2024.  | 1.752018.128  |
|© 2024–2025 FMR LLC. All rights reserved | PRIV-INS-0524 |
|  | 524812.60.0 |

---

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## Exhibit 14.1

**Exhibit 14.1**

Ethics Office MyCompliance.fmr.com

![img243337569_0.jpg](img243337569_0.jpg)

<br>2026

Rules for

Employee Investing

**CODE OF ETHICS FOR PERSONAL INVESTING**

***Fund Access Version***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**GLOBAL POLICY ON INSIDE INFORMATIONIDEINFORMATION**

------

![img243337569_1.gif](img243337569_1.gif)

Rules for Employee Investing

These ***Rules for Employee Investing*** contain the ***Code of Ethics for Personal Investing*** and the ***Global Policy on Inside Information.***

The Fund Access Version of the ***Code of Ethics for Personal Investing*** contains rules about owning and trading securities for personal benefit. This version applies to officers, directors, and employees of Fidelity companies that are involved in the management and operations of Fidelity's funds, or have access to non-public information about the funds, including investment advisors to the funds, the principal underwriter of the funds, and anyone designated by the Ethics Office. Keep in mind that if you change jobs within Fidelity, a different version of the ***Code of Ethics*** may apply to you.

The ***Global Policy on Inside Information,*** which applies to every Fidelity employee, contains rules on inside information and how to prevent its unauthorized use or dissemination.

The *Rules for Employee Investing* are fairly comprehensive. They cover most of the personal investing situations a Fidelity employee is likely to experience. Yet it's always possible you will encounter a situation that isn't fully addressed by the rules. If that happens, you need to know what to do. The easiest way to make sure you are making the right decision is to follow these three principles:

1. Know the policy.

If you think your situation isn't covered, check again. It never hurts to take a second look at the rules.

2. Seek guidance.

Asking questions is always appropriate. Talk with your manager or the Ethics Office if you're not sure about the policy requirements or how they apply to your situation.

Additionally, resources are available at **MyCompliance** to assist you with your questions.

3. Use sound judgment.

Analyze the situation and weigh the options. Think about how your decision would look to an outsider.

Understanding and following the *Rules for Employee Investing* is one of the most important ways we can ensure our customers' interests always come first.

**1\|** *Code of Ethics for Personal Investing*

**Rules for All Employees Subject to This *Code of Ethics*** 4

**What's Required**

Acknowledging that you understand the rules Complying with securities laws

Reporting violations to the Ethics Office Disclosing securities accounts and holdings in covered securities

Moving covered accounts to Fidelity Moving holdings in Fidelity funds to Fidelity Disclosing transactions of covered securities Disclosing gifts and transfers of ownership of covered securities

Getting approval before engaging in private securities transactions

Clearing trades in advance (pre-clearance) Surrendering 60-day gains (60-Day Rule)

**What's Prohibited**

Trading restricted securities

Selling short

Participating in an IPO

Participating in an investment club

Investing in a hedge fund

Excessive trading

Buying securities of certain broker-dealers

Trading after a research note

Profiting from knowledge of fund transactions

Influencing a fund to benefit yourself or others

Attempting to defraud a client or fund

Using a derivative to get around a rule

------

**Additional Rules for Traders, Research Analysts, and Portfolio Managers** 12

*All rules listed above plus the rules in this section*

**What's Required**

Notification of your ownership of covered securities in a research note

Disclosing trading opportunities to the funds before personally trading

**What's Prohibited**

Trading within seven days of a fund you manage

**Key Concepts** 14

<br>**CONTACT INFORMATION**

**Ethics Office (including Pre-Clearance)**

**Phone**: +1 (800) 580-8780

**Email**: ethics.office@fmr.com

**Web**: MyCompliance.fmr.com

**Pre-clearance**: preclear.fmr.com (internal) or preclear.fidelity.com (external)

**Other policies you should be aware of (available at MyCompliance.fmr.com)**

There are other policies that you need to be familiar with, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Professional Conduct Policy, Reporting of Criminal Matters Policy, Personal Conflicts of Interest Policy, and other Fidelity-wide policies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Inclusive & Respectful Workplace (prohibiting discrimination and harassment) Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Electronic Communications Policy, Social Media Policy, and Systems Usage Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Information Protection Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Anti-Money Laundering Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Corporate Gifts & Entertainment Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Outside Business Activities Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Global Anti-Corruption Policy and applicable Supplements to the Global Anti-Corruption Policy

**2\|***GlobalPolicyonInsideInformation*

**Scope**

**Policy Requirements**

CallyourMNPIDesignatedContactifyouthinkyoumayhavebecomeawareofinsideinformationRefrain from sharing inside information with anyone else

RefrainfromtradingortransferringanysecurityoftheissuertowhichtheinsideinformationrelatesComply with any information barriers to which you are made subject

------

![img243337569_2.gif](img243337569_2.gif)

**1 \|** *Code of Ethics for Personal Investing*

*Fund Access Version*

**Following the rules — in letter and in spirit**

This Fund Access Version of the ***Code of Ethics*** contains rules about owning and trading securities for personal benefit. Certain rules, which are noted, apply both to you and to anyone else who is a covered person (see Key Concepts on page 14).

You have a fiduciary duty to never place your personal interests ahead of the interests of Fidelity's clients, including shareholders of the Fidelity funds. This means never taking unfair advantage of your relationship to the funds or Fidelity in attempting to benefit yourself or another party. It also means avoiding any actual or potential conflicts of interest with the funds or Fidelity when managing your personal investments.

Because no set of rules can anticipate every possible situation, it is essential that you follow these rules not just in letter, but in spirit as well. Any activity that compromises Fidelity's integrity, even if it does not expressly violate a rule, has the potential to harm Fidelity's reputation and may result in scrutiny or further action from the Ethics Office.

**WHAT'S REQUIRED**

**Acknowledging that you understand the rules**

When you begin working for Fidelity, and again each year, you are required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪acknowledge that you understand and will comply with all rules that apply to you

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪authorize Fidelity to have access to all your covered accounts (see Key Concepts on page 11) and to obtain and review account and transaction data (including duplicate copies of non-Fidelity account statements) for compliance or employment-related purposes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪acknowledge that you will comply with any new or existing rules that become applicable to you in the future

**To Do**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Promptly take action on any emails or alerts that you receive from the Ethics Office requiring you to acknowledge the Code of Ethics. All employees need to acknowledge within 10 days of receipt.

**Complying with securities laws**

In addition to complying with these rules and other company-wide policies, you need to comply with U.S. securities laws and any other securities laws to which you are subject.

------

**Reporting violations to the Ethics Office**

If you become aware that you or someone else has violated any of these rules, you need to promptly report the violation.

**To Do**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Call the Ethics Office Service Line at 617-563-5566 or 800-580-8780.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Call the Chairman's Line at 800-242-4762 if you would prefer to speak on a non-recorded line.

**Disclosing securities accounts and holdings in covered securities**

You must disclose all securities accounts — those that hold covered securities (see Key Concepts on page 14) and those that do not. You must also disclose all covered securities held in your covered accounts and those not held in an account. This rule covers not only securities accounts and holdings under your own name or control, but also those under the name or control (including trading discretion or investment control) of your covered persons (see Key Concepts on page 14). It includes securities accounts held at Fidelity as well as those held at other financial institutions. Information regarding these holdings must not be more than 45 days old when you submit it.

**To Do**

***Employees newly subject to this rule***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Within 10 days of hire or of being notified by the Ethics Office that this version of the Code of Ethics applies to you, you will be asked to certify as to your understanding of the applicable Code of Ethics and, in conjunction with your certification, you will be required to disclose all your securities accounts and holdings in covered securities not held in an account. Submit the most recent statement for each securities account listed to the Ethics Office if not held at Fidelity.

***Current employees***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Each year, you will be asked to complete an Annual Code of Ethics Certification. You will be required to confirm that all information previously disclosed is accurate and complete.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪As soon as any new securities account is opened, or a preexisting securities account becomes associated with you (such as through marriage or inheritance), complete an Account Disclosure Form (available at MyCompliance.fmr.com) with the new information and submit it promptly to the Ethics Office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪On your next Quarterly Trade Verification, confirm that the list of disclosed securities accounts in the appropriate section of the report is accurate and complete.

**Automatic investment plan**

A program in which regular periodic purchases (or withdrawals) are made automatically in (or from) covered accounts according to a predetermined schedule and allocation.

An "automatic investment plan" includes a direct purchase plan, a dividend reinvestment plan, an employee compensation plan, an automatic investment plan with a public company, or similar program. The term does not include a schedule of automated transactions in covered securities in a covered account which is established and controlled by you or your covered person.

**Moving covered accounts to Fidelity**

You and your covered persons need to maintain all covered accounts (see Key Concepts on page 14) at Fidelity Brokerage Services LLC (FBS).

**Exceptions — Approval Required**

With prior written approval from the Ethics Office, you and your covered persons can maintain a covered account at a broker-dealer other than FBS if any of the exceptions below apply. Note that approval must be obtained prior to opening any new covered account outside FBS:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪it contains only securities that cannot be transferred

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪it exists solely for investment products or investment services that FBS does not provide — Note: Approval will not be granted for requests based on ancillary account features or promotional offers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪it exists solely because your covered person's employer also prohibits external covered accounts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪it is a discretionary managed account (see Key Concepts on page 14)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪it is associated with an ESOP (employee stock option plan) in which a covered person is a participant through their current employer, or was from a previous employer, and for which the employee has options that have not yet vested

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪it is associated with an ESPP (employee stock purchase plan) in which a covered person is a participant through their current employer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪it is required by a direct purchase plan, a dividend reinvestment plan, an employee compensation plan, or an automatic investment plan with a public company (each an "automatic investment plan") in which regularly scheduled purchases are made or planned on a predetermined basis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪it is required by a trust agreement

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪it is associated with an estate of which you or any of your covered persons are the executor and involvement with the account is temporary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪transferring the account would be inconsistent with other applicable rules

**To Do**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Transfer assets to an FBS account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Close all external covered accounts except for those that you have received written permission to maintain. Note that you must disclose all covered accounts which were still open as of your date of hire, even if those accounts are in the process of being closed or transferred to an FBS account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪For permission to maintain an external covered account, submit a completed Account Exception Request form (available at MyCompliance.fmr.com) to the Ethics Office. Follow the specific instructions for each type of account and provide a current statement for each account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Comply with any Ethics Office request for duplicate reporting, such as account statements and transaction reports.

**Moving holdings in Fidelity funds to Fidelity**

You and your covered persons need to maintain holdings in shares of Fidelity funds in a Fidelity account.

**Exceptions — No Approval Required**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪You and your covered persons can continue to maintain a preexisting interest in either of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a Fidelity money market fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a variable annuity or life insurance product whose underlying assets are held in Fidelity-advised funds

**Exceptions — Approval Required**

With prior written approval from the Ethics Office, you or your covered persons can maintain holdings in Fidelity funds in an account outside Fidelity if any of the following apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪the holdings are in a defined benefit or contribution plan, such as a 401(k), that is administered by a company at which a covered person is currently employed

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪the holdings are in a retirement plan and transferring them would result in a tax penalty

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪the holdings are in a discretionary managed account (see Key Concepts on page 14)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪maintaining the holdings in the external account is required by a trust agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪the holdings are associated with an estate of which you or any of your covered persons is the executor, and involvement with the account is temporary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪you can show that transferring the holdings would create a significant hardship

**To Do**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Transfer shares of Fidelity funds to a Fidelity account except for those that you have received written permission to maintain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪For permission to maintain shares of Fidelity funds in an account at another financial institution, submit a completed Account Exception Request form (available at MyCompliance.fmr.com). Attach a current statement for each account you list on the form. Forward the form and statement(s) to the Ethics Office.

**Disclosing transactions of covered securities**

You need to disclose transactions of covered securities made by you and your covered persons. For accounts held at FBS that you have disclosed, the Ethics Office will receive transaction reports automatically. For approved covered accounts held outside FBS, comply with any Ethics Office requests for duplicate reporting. For any other transactions in covered securities (for example, if you or any of your covered persons purchases interests in a Fidelity-advised investment product in a non-brokerage account outside Fidelity), you need to disclose this transaction information to the Ethics Office.

**Exception**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪You do not have to report transactions in a covered account if the transactions are being made through an approved discretionary managed account or under an automatic investment plan (see the side bar on page 6) and the details of the account or plan have been provided to the Ethics Office.

**To Do**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪For transactions in covered securities not made through a covered account, submit a completed Security Transactions report (available at MyCompliance.fmr.com) to the Ethics Office within 30 days following the end of the quarter in which the transaction was completed.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪When requested each quarter, promptly confirm or update your transaction history in covered securities on the Quarterly Trade Verification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Provide the details of any automatic investment plan to the Ethics Office.

**Disclosing gifts and transfers of ownership of covered securities**

You need to notify the Ethics Office of any covered securities that you or your covered persons give, donate, or transfer to another party, or that you or your covered persons receive from another party. This includes, among other things, inheritances of covered securities and donations of covered securities to charities.

**To Do**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Complete a Security Transactions report (available at MyCompliance.fmr.com) within 30 days following the end of the quarter during which the gift or transfer was made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪When requested each quarter, promptly confirm or update your history of giving, donating, transferring, or receiving covered securities on the Quarterly Trade Verification.

**Exception**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪You do not have to submit a Security Transactions report for any gifts, donations, or transfers of covered securities if being made to a Fidelity Charitable Giving Account. The Ethics Office will arrange to get reporting from Fidelity Charitable and will update the Quarterly Trade Verification.

**Getting approval before engaging in private securities transactions**

You and your covered persons need prior written approval from the Ethics Office for each and every intended investment in a private placement or other private securities transaction in covered securities, including non-public limited entities (e.g., limited partnerships, LLCs, S Corporations, or other legal entities). This includes any add-on, any subsequent investment, or any investment whose terms materially differ from any previous approval you may have received.

**To Do**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Before engaging in any private securities transaction, submit a Private Securities Request form (available at MyCompliance.fmr.com).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Report the final transaction within 30 days following the end of the quarter in which it was completed using a Security Transactions report (available at MyCompliance.fmr.com).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪When requested each quarter, promptly confirm or update your transaction history in private securities transactions on the Quarterly Trade Verification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Confirm your holdings in completing your Annual Code of Ethics Certification.

For private securities transactions offered by a Fidelity company, the Ethics Office will typically preapprove such investments for employees who are offered an opportunity to invest. In such cases, you will receive notification that the offering has been preapproved by the Ethics Office.

**Prohibited transaction**

You and your covered persons are prohibited from selling and/or offering your privately held shares into an IPO.

------

**Delegating pre-clearance responsibilities**

In very limited circumstances, you may, with the prior written approval of the Ethics Office, designate someone to obtain pre- clearance approvals for you. In such a case, the agent is responsible for obtaining the correct approvals, and you are responsible for maintain-ing reasonable supervision over that person's activities related to pre-clearance.

![img243337569_3.jpg](img243337569_3.jpg)

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**Clearing trades in advance (pre-clearance)**

You and your covered persons must obtain pre- clearance approval before placing any orders to buy, sell, or tender a covered security (see "How to Pre- Clear a Trade" in the sidebar). The purpose of this rule is to reduce the possibility of conflicts between personal trades in covered securities and trades made by the funds. When you apply for pre- clearance, you are not just asking for approval, you are giving your word that you and your covered persons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪do not have any inside information on the security you want to trade (see Global Policy on Inside Information on page 15)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪are not using knowledge of actual or potential fund trades to benefit yourself or others

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪believe the trade is available to the general investor on the same terms

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪will provide any relevant information requested by the Ethics Office

Generally, requests will not be approved if it is determined that your transaction may take advantage of trading by the funds or create an actual or perceived conflict of interest with fund trades.

*Note:* If a non-covered person has authority to trade on one of your covered account(s), the non-covered person is also expected to pre-clear trades for that covered account.

**The rules of pre-clearance**

It is important to understand the following rules before requesting pre-clearance for a trade:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪You have to request — and receive — pre- clearance approval during the market session in which you intend to trade and prior to placing the trade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Pre-clearance approval is only good during the market session for which you receive it. If you do not trade during the market session for which you were granted approval, it expires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Place day orders only (orders that automatically expire at the end of the trading session). Good-til- cancelled orders (such as orders that stay open indefinitely until a security reaches a specified market price) are not permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Check the status of all orders at the end of the market session and cancel any orders that have not been executed. If any covered person leaves an order open and it is executed the next day (or later), it will generate a violation that will be assigned to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Trade only during the regular market hours, or the after-hours trading session, of the exchange(s) where the security in question is traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Place requests for pre-clearance after the market has been open for a while, as pre-clearance is not available right at market opening. To find out when pre-clearance for a given market typically becomes available, visit preclear.fmr.com (internal) or preclear.fidelity.com (external).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Unless an exception listed below applies or the Ethics Office has instructed you otherwise, these pre-clearance rules apply to all your covered accounts — including Fidelity accounts and any outside covered accounts that belong to you or any of your covered persons.

**Exceptions**

You do not need to pre-clear trades or transactions in certain covered securities. These include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪shares of Fidelity funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪exchange-traded funds (ETFs)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•(note that you and your covered persons are restricted from trading in single-stock ETFs)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪options and futures that are based on an index (e.g., S&P 100 and S&P 500) or that are based on one or more instruments that are not covered securities (e.g., commodities, currencies, and U.S. Treasuries; see Key Concepts on page 11 for an expanded list of non-covered securities)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪securities being transferred as a gift or a donation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪automatic dividend reinvestments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪subscription rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪currency warrants

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪the regular exercise of an employee stock option (note that any resulting sale of the underlying stock at current market prices must be pre- cleared)

With the prior written approval of the Ethics Office, there are a few situations where you may be permitted to trade without pre-clearing. These situations are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪trades in a discretionary managed account (see Key Concepts on page 14)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪trades made through an automatic investment plan, the details of which have been disclosed to the Ethics Office in advance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪when you can show that a repeated rejection of your pre-clearance request is causing a significant hardship

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**To Do**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Before placing any trade in a covered security, pre-clear it using the Fidelity Global Pre-Clearance System, available at preclear.fmr.com (internal) and preclear.fidelity.com (external).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Immediately cancel any good-til-cancelled orders in your covered accounts.

**Option transactions under the 60-Day Rule**

Option transactions can be matched either to a prior purchase of the under- lying security or to prior option transactions in the opposite direction.

When matching an option transaction to prior purchases of the underlying security, opening an option position by selling a call or buying a put is treated as a sale and will be matched to any purchases of the underlying security made during the preceding 60 days.

When matching an option transaction to prior option transactions, a closing position is matched to any like opening positions taken during the preceding 60 days.

When exercising an option, the initial purchase or sale of an option, not the exercise or assignment of the option, is matched to any opposite transactions made during the preceding 60 days. The sale of the underlying securities received from the exercise of an option will also be matched to any opposite transactions made during the period.

There is no exception to the 60-Day Rule for the selling of securities upon the automatic exercise of an option that is in the money at its expiration date. To avoid surrendering 60-day gains that would result from an automatic liquidation, you need to cancel the automatic liquidation before it happens.

**Surrendering 60-day gains (60-Day Rule)**

Any sale of covered securities in a covered account will be matched against any purchases of that security, or its equivalent, in the same account during the previous 60 days (starting with the earliest purchase in the 60-day period). Any gain resulting from any matched transactions must be surrendered. For specific information about how certain option transactions are treated under this rule, see the sidebar and the examples below.

In addition, the premium received from the opening of an option position in which the expiration of that contract will occur within the next 60 days must be surrendered (e.g., selling a call to open or selling a put to open that expires within 60 days).

Gains are calculated differently under this rule than they would be for tax purposes. The tax lot of a position is not a factor in the calculation. Neither losses nor potential tax liabilities will be offset against the amount that must be surrendered under this rule.

**Exceptions**

This rule does not apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪to transactions in shares of Fidelity funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪to transactions in options and futures on, or ETFs that track, the following indexes: Dow Jones Industrial Average, FTSE 100, FTSE 250, Hang Seng, MSCI China, MSCI EAFE, MSCI EM, NASDAQ 100, Nikkei 225, NSE S&P CNX Nifty

(Nifty 50), Russell 1000, Russell 2000, Russell 3000,

S&P 100, S&P 500, S&P Europe 350, S&P MidCap

400, and S&P/TSX 60

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪to transactions in options, futures, and ETFs based on one or more instruments that are not covered securities (e.g., commodities, currencies, and U.S. Treasuries; see Key Concepts on page 14 for an expanded list of non-covered securities)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪to transactions made in a discretionary managed account (see Key Concepts on page 14) that has been approved by the Ethics Office

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪to transactions under an automatic investment plan, and the details of the plan have been provided to the Ethics Office

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪to tax-planning transactions, provided that there is a demonstration of how the proposed transaction relates to the covered person's tax strategy; this exception is not automatic, is granted on a case-by-case basis, and requires advanced review and written approval of the Ethics Office

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪when the rule would impose a substantial unforeseen personal financial hardship on the employee; this exception is not automatic, is granted on a case-by-case basis, and requires advanced review and written approval of the Ethics Office (note that an employee seeking relief must establish a bona fide financial hardship, such as unforeseen medical expenses, and should be prepared to demonstrate, among other things, that he or she possesses no other assets to meet the financial need)

**To Do**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Before trading a covered security in a covered account that might trigger the 60-Day Rule, make sure you understand how much may have to be surrendered. The calculation may be complicated, especially if options or multiple prior purchases are involved. If you have any questions about this provision, call the Ethics Office at 617-563-5566 or 800-580-8780.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪To request permission for a tax-planning or hardship exception, you must contact the Ethics Office before trading. Allow at least two business days for your request to be considered. Approvals will be based on fund trading and other pre-clearance tests. You are limited to a total of five exceptions per calendar year across all your covered accounts.

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**EXAMPLES**

Additional examples are available on MyCompliance in the 60-Day Rule Job Aid.

**Example 1** The March 25 sale is matched to the February 2 purchase (not the January 20 purchase, which was more than 60 days prior).

Surrendered: $500 ($5 x 100 shares)

60 DAYS

JAN 20 FEB 2 MAR 1 MAR 25

Buy Buy Buy Sell

100 shares 200 shares 200 shares 100 shares

at $16 each at $10 each at $17 each at $15 each

**Example 2** The March 25 call option sale is matched to the February 2 purchase of the underlying security (the call's execution price and expiration date are immaterial). Surrendered: $500 (the premium for selling the option)

FEB 2 MAR 25

Buy Sell call option to open

100 shares for 100 shares at $5;

at $10 each receive $500 premium

**Example 3** The March 25 call option purchase is a closing transaction and is matched to the February 2 sale (since that opening transaction was made within 60 days). Surrendered: $200 (difference between premium received and premium paid)

FEB 2 MAR 25

Sell one call option to Buy an identical call

open at $5; receive option to close at $3;

$500 premium pay $300 premium

**Selling short**

Selling a security that is on loan to you from a broker- dealer (rather than owned by you) at the time you sell it.

**Option transactions**

The corresponding shares of the underlying security (100 shares for the standard US option contract) must be held long in the same account for each put option purchased and each call option sold to open. This is true regardless of the overall direction of the trade (e.g., while a long call spread is a bullish strategy, the corresponding shares of the underlying security must be held long in the same account for each call option sold).

Options cannot be used as coverage for other option positions (e.g., the long call option in a bull call spread cannot be used to cover the short call option).

You are not permitted to use the same underlying shares of a security to cover two different option transactions (e.g., if you own 100 shares of a stock, you can sell 1 covered call or buy 1 protective put using those shares to cover your short position, but you cannot execute both option transactions using the same underlying shares).

**Excessive Trading**

Employees are limited to 60 "block trades" in covered securities (excluding Fidelity funds) per calendar quarter across all covered accounts. Block trades are transactions that execute on the same day, in the same security, on the same side of the market, across all covered accounts.

**WHAT'S PROHIBITED**

**Trading restricted securities**

Neither you nor your covered persons may trade a security that Fidelity has restricted. If you have been notified not to trade a particular security, neither you nor your covered persons may trade that security until you are notified that the restriction has been removed.

**Note:** Fidelity has restricted trading in all single-stock exchange traded products.

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**Short strategy restriction**

The short position in a particular covered security may not exceed the number of shares of that security held in the same account. This restriction includes the following actions: selling securities short, buying puts to open, selling calls to open, as well as writing straddles, collars, and spreads. See the side bar for additional detail on the treatment of options under this restriction.

**Exceptions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Options and futures on, or ETFs that track, the following indexes: Dow Jones Industrial Average, FTSE 100, FTSE 250, Hang Seng, MSCI China, MSCI EAFE, MSCI EM, NASDAQ 100, Nikkei 225,

NSE S&P CNX Nifty (Nifty 50), Russell 1000, Russell 2000, Russell 3000, S&P 100, S&P 500, S&P

Europe 350, S&P MidCap 400, and S&P/TSX 60

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Options, futures, and ETFs based on one or more instruments that are not covered securities (e.g., commodities, currencies, and U.S. Treasuries; see Key Concepts on page 14 for an expanded list of non-covered securities)

**Participating in an IPO**

Neither you nor your covered persons are allowed to participate in an initial public offering (IPO) of securities where no public market in a similar security of the issuer previously existed. This rule applies to equity securities, corporate debt securities, and free stock offers through the Internet.

**Exceptions**

With prior written approval from the Ethics Office, you or your covered persons may participate if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪you or your covered persons have been offered shares because you already own equity in the company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪you or your covered persons have been offered shares because you are a policyholder or depositor of a mutual company that is reorganizing into a stock company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪you or your covered persons have been offered shares because of employment with the company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪you or your covered persons want to participate in an IPO of a closed-end fund

**To Do**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪For written approval to participate in an IPO that may qualify as an exception, submit to the Ethics Office a completed Request Initial Public Offering (IPO) Exception form (available at MyCompliance.fmr.com).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Do not participate in any IPO without prior written approval from the Ethics Office.

**Participating in an investment club** 

Neither you nor your covered persons may participate in an investment club or similar entity.

**Investing in a hedge fund**

Neither you nor your covered persons may invest in a hedge fund, alternative investment, or similar investment product or vehicle.

**Exceptions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Investment products or vehicles issued or advised by Fidelity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪A hedge fund, alternative investment, or similar investment product or vehicle that you or your covered persons bought before joining Fidelity. The prior written approval of your manager and the Ethics Office is required to qualify for this exception. Note that even if your request is approved, neither you nor your covered persons can make any further investments in the product.

**To Do**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪To request an exception, submit a Private Securities Request form (available at MyCompliance.fmr.com) to the Ethics Office.

**Excessive trading**

Excessive trading in covered accounts is strongly discouraged. In general, anyone trading covered securities more than 60 times (other than Fidelity funds) in a quarter across all their covered accounts should expect additional scrutiny of their trades. Note that you and your covered persons also need to comply with the policies in any Fidelity fund prospectus concerning excessive trading.

The Ethics Office monitors trading activity and may limit the number of trades allowed in your covered accounts during a given period, (see the side bar for additional detail).

**Exceptions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Trades in a discretionary managed account (see Key Concepts on page 14) that has been approved by the Ethics Office.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Trades made through an automatic investment plan that has been disclosed to the Ethics Office in advance.

**Buying securities of certain broker-dealers**

Neither you nor your covered persons are allowed to buy the securities of a broker-dealer or its parent company if the Ethics Office has restricted those securities.

**Trading after a research note**

Neither you nor your covered persons are allowed to trade a covered security of an issuer until two full business days have elapsed following the date of the publication of a research note on that issuer by any Fidelity entity. For purposes of clarity, the prohibited period begins with the publication of the note and continues for an additional two full business days.

**Profiting from knowledge of fund transactions**

You may not use your knowledge of transactions in funds or other accounts advised by any Fidelity entity to profit by the market effect of these transactions.

**Influencing a fund to benefit yourself or others**

The funds and accounts advised by Fidelity are required to act in the best interests of their shareholders and clients, respectively. Accordingly, you are prohibited from influencing any of these funds or accounts to act for the benefit of any party other than their shareholders or clients.

For example, you may not influence a fund to buy, sell, or refrain from trading a security that would affect that security's price to advance your own interests or the interests of a party that has or seeks to have a business relationship with Fidelity.

**Attempting to defraud a client or fund**

Attempting to defraud a fund or an account advised by any Fidelity entity in any way is a violation of Fidelity's rules and securities law.

**Using a derivative to get around a rule**

If something is prohibited by these rules, then it is also against these rules to effectively accomplish the same thing by using a derivative. This includes futures, options, and other types of derivatives.

**HOW WE ENFORCE THE CODE OF ETHICS**

The Ethics Office regularly reviews the forms and reports it receives. If these reviews turn up information that is incomplete, questionable, or potentially in violation of the Code of Ethics, the Ethics Office will investigate the matter and may contact you.

If it is determined that you or any of your covered persons has violated the Code of Ethics, the Ethics Office or another appropriate party may take action. Among other things, subject to applicable law, potential actions may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•an informational memorandum

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a written warning

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a fine, a deduction from wages, disgorgement of profit, or other payment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a limitation or ban on personal trading

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•referral of the matter to Human Resources

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•dismissal from employment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•referral of the matter to civil or criminal authorities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•disclosure of the matter to a regulator as required by law or regulation

Fidelity takes all Code of Ethics violations seriously, and, at least once a year, provides the funds' trustees with a summary of actions taken in response to material violations of the Code of Ethics. You should be aware that other securities laws and regulations not addressed by the Code of Ethics may also apply to you, depending on your role at Fidelity.

The Head of Ethics and their designees retain the discretion to interpret and grant exceptions to the Code of Ethics and to decide how the rules apply to any given situation for the purpose of protecting the funds and being consistent with the general principles and objectives of the Code of Ethics.

**Exceptions** In cases where exceptions to the Code of Ethics are noted and you may qualify for them, you need to get prior written approval from the Ethics Office. The way to request any particular exception is discussed in the text of the relevant rule. If you believe that you have a situation that warrants an exception that is not discussed in the Code of Ethics, you may submit a written request to the Ethics Office. Your request will be considered by the Ethics Office, and you will be notified of the outcome.

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**Appeals** If you believe a request of yours has been incorrectly denied or that an action is not warranted, you may appeal the decision. To make an appeal, you need to provide the Ethics Office with a written explanation of your reasons for appeal within 30 days of when you were informed of the decision. Be sure to include any extenuating circumstances or other factors not previously considered. During the review process, you may, at your own expense, engage an attorney to represent you. The Ethics Office may arrange for senior management or other parties to be part of the review process. The Ethics Office will notify you in writing about the outcome of your appeal.

Additional Rules for Traders,

Research Analysts, and Portfolio Managers

Employees trading for the funds (traders), employees making investment recommendations for the funds (research analysts), and employees who manage a fund or a portion of a fund's assets (portfolio managers)

**WHAT'S REQUIRED**

**Notification of your ownership of covered securities in a research note**

You must check the box on a research note you are publishing to indicate any ownership, either by you or your covered persons, of any covered security of an issuer (see Key Concepts on page 14) that is the subject of the research note.

**Disclosing trading opportunities to the funds before personally trading**

There are three aspects to this rule:

**Disclosing information received from an issuer**

Any time you receive, directly from an issuer, material information about that issuer (that is not considered inside information), you must check to see if that information has been disclosed to the funds in a research note. If not, you must communicate that information to the funds before you or any of your covered persons personally trade any securities of that issuer.

**To Do**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Confirm whether a Fidelity research note has been published with the relevant information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪If not, publish a research note or provide the information to the relevant head of research.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪If you are a trader, disclose the information to the analyst covering the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪If you think you may have received inside information, follow the rules in the Global Policy on Inside Information (see page 15).

**Disclosing information about an issuer that is assigned to you**

If you are a research analyst, you must disclose in a research note material information you have about an issuer that is assigned to you before you or any of your covered persons personally trade a security of that issuer.

**Exception**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪You or any of your covered persons may be permitted to trade the assigned security in a covered account without publishing a research note if you have obtained the prior approval of both the relevant head of research and the Ethics Office.

**To Do**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Publish a research note with the relevant information, and indicate any ownership interest in the issuer that you or your covered persons may have before personally trading a security you are assigned to cover.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Note:* You will not be able to obtain pre- clearance approval for your personal trade until two full business days have elapsed (not including the day the note was published) following the publication of your research note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪To request an exception to this rule, first contact the relevant head of research and seek approval. Then contact the Ethics Office for approval. Do not personally trade the security until you have received full approval.

**Recommending trading opportunities**

In addition, you must recommend for the funds, and, if you are a portfolio manager, trade for the funds, a suitable security before personally trading that security.

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**WHAT'S PROHIBITED**

**Trading within seven days of a fund you manage**

Neither you nor your covered persons are allowed to trade within seven calendar days (not including the day of the trade) before or after a trade is executed in any covered security of the same issuer (see Key Concepts on page 14) by any of the funds you manage.

**Exceptions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪**When the rule would work to the disadvantage of a fund**

You must never let a personal trade prevent a fund you manage from subsequently trading a covered security of the same issuer, if not making the trade would disadvantage the fund. However, you need approval from the Ethics Office before making any trades under this exception. The Ethics Office will need to know, among other things, what new information arose since the date of the trade in your covered account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪**When the conflicting fund trade results from standing orders**

A personal trade may precede a fund trade in a covered security of the same issuer when the fund's trade was generated independently by the trading desk because of a standing instruction to trade proportionally across the fund's holdings in response to fund cash flows.

![img243337569_4.gif](img243337569_4.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪**When the conflicting fund trade is the result of a proportional slice**

A personal trade may precede a fund trade in a covered security of the same issuer when the fund's trade was conducted as part of the execution of a proportional slice across the fund for cash management or rebalancing purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪**When the covered account is independently managed**

This exception applies only to discretionary managed accounts (See Key Concepts on page 14) that have received Ethics Office approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪**When the conflicting personal trade or fund trade is in options or futures on, or ETFs that track, the following indexes:** Dow Jones Industrial Average, FTSE 100, FTSE 250, Hang Seng, MSCI China, MSCI EAFE, MSCI EM, NASDAQ 100, Nikkei 225, NSE S&P

CNX Nifty (Nifty 50), Russell 1000, Russell 2000,

Russell 3000, S&P 100, S&P 500, S&P Europe 350, S&P

MidCap 400, and S&P/TSX 60

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪**When the conflicting personal trade or fund trade is in options, futures, or ETFs based on one or more instruments that are not covered securities** (e.g., commodities, currencies, and U.S. Treasuries; see Key Concepts on page 14 for an expanded list of non-covered securities).

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**To Do**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Before trading personally, consider whether there is any likelihood that you may be interested in trading a covered security of the same issuer in your assigned funds within seven calendar days following the day of the fund trade. If so, refrain from personally trading in a covered account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪If a fund you manage has recently traded a security, you must delay any covered account trades in any covered security of the same issuer for seven calendar days following the day of the most recent fund trade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Contact the Ethics Office immediately to discuss any situation where these rules would work to the disadvantage of the funds.

**Legal Information** The *Code of Ethics for Personal Investing* constitutes the code of ethics required by Rule 17j-1 under the Investment Company Act of 1940 and by Rule 204A-1 under the Investment Advisers Act of 1940 for the Fidelity funds, investment advisers or principal underwriters, and any other entity designated by the Ethics Office.

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**KEY CONCEPTS**

These definitions encompass broad categories, and the examples given are not all inclusive. If you have any questions regarding these definitions or application of these rules to a person, security, or account that is not addressed in this section, you can contact the Ethics Office for additional guidance.

**Covered person** 

Fidelity is concerned not only that you observe the requirements of the *Code of Ethics,* but also that those in whose affairs you are actively involved observe the *Code of Ethics*. This means that the *Code of Ethics* can apply to persons owning assets over which you have control or influence or in which you have an opportunity to directly or indirectly profit or share in any profit derived from a securities transaction. This includes:

• you

• your spouse or domestic partner who shares your household

• any other immediate family member who shares your household and (a) is under 18 or (b) is supported financially by you or who financially supports you

• anyone else the Ethics Office has designated as a covered person

This is not an exclusive list, and a covered person may include, for example, immediate family members who live with you but whom you do not financially support, or whom you financially support or who financially support you but who do not live with you. If you have any doubt as to whether a person would be considered a "covered person" under the *Code of Ethics*, contact the Ethics Office.

**Immediate family member** 

Your spouse or domestic partner who shares your household, and anyone who is related to you in any of the following ways, whether by blood, adoption, or marriage:

• children, stepchildren, and grandchildren

• parents, stepparents, and grandparents

• siblings

• parents-, children-, and siblings-in-law

**Domestic partner**

A person in a marriage-like relationship with you who is not your relative, has reached the age of majority, and is not married to any other person. You and your domestic partner must have lived together for at least one year, with the intent to be life partners, and generally must be economically interdependent.

**Covered account** 

The term "covered account" encompasses a fairly wide range of accounts. Important factors to consider are:

• your actual or potential investment control over an account, including whether you have trading authority, power of attorney, or investment control over an account

Specifically, a covered account is a brokerage account or any other type of account that holds, or is capable of holding, a covered security, and that belongs to, or is controlled by (including trading discretion or investment control), any of the following:

• a covered person

• any corporation or similar entity where a covered person is a controlling shareholder or participates in investment decisions by the entity

• any trust of which you or any of your covered persons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪participates in making investment decisions for the trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪is a trustee of the trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪is a settlor who can independently revoke the trust and participate in making investment decisions for the trust

**Exception** 

With prior written approval from the Ethics Office, a covered account may qualify for an exception from these rules where:

• it is the account of a nonprofit organization and a covered person is a member of a board or committee responsible for the investments of the organization, provided that the covered person does not participate in investment decisions with respect to covered securities

• it is an educational institution's account that is used in connection with an investment course that is part of an MBA or other educational program, and a covered person participates in investment decisions with respect to the account

**Fidelity fund** 

The terms "fund" and "Fidelity fund" mean any investment company or pool of assets that is advised or sub advised by any Fidelity entity.

**Issuer** 

An entity, including its wholly owned bank branch, foreign office, or term note program that offers securities or other financial instruments to investors.

**Discretionary Managed Account** 

A covered account may be eligible for certain exceptions, as specified in the Code of Ethics, with prior written approval of the Ethics Office validating that the covered account is managed by a third-party investment advisor who has discretionary trading authority over that covered account. To qualify for this exception, the third-party investment advisor must exercise all trading discretion over the covered account and will not accept any order to buy or sell specific securities from the employee or any other covered person. An approved discretionary managed account will still be subject to the *Code of Ethics* and all provisions in the *Code of Ethics* unless otherwise stated in a specific exception.

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**Covered security** 

This definition applies to all persons subject to this version of the *Code of Ethics*.

Covered securities include securities in which a covered person has the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in such securities, and encompasses most types of securities, including, but not limited to:

• shares of Fidelity mutual funds (except money market funds), including shares of Fidelity funds in a 529 plan

• shares of another company's mutual fund if it is advised by Fidelity (check the prospectus to see if this is the case)

• interests in a variable annuity or life insurance product in which any of the underlying assets are held in funds advised by Fidelity, such as Fidelity VIP Funds (check the prospectus to see if this is the case)

• interests in Fidelity's deferred compensation plan reflecting hypothetical investments in Fidelity funds

• interests in Fidelity's deferred bonus plan (ECI) reflecting hypothetical investments in Fidelity funds

• shares of stock (of both public and private companies)

• ownership units in a private company or partnership

• corporate and municipal bonds

• bonds convertible into stock

• options on securities (including options on stocks and stock indexes)

• security futures (futures on covered securities)

• shares of exchange-traded funds (ETFs)

• shares of closed-end funds

**Exceptions** 

The following are not considered covered securities (please note that securities accounts holding non-covered securities still require disclosure):

• shares of money market funds (including Fidelity money market funds)

• shares of non-Fidelity open-end mutual funds (including shares of funds in non-Fidelity 529 plans)

• shares, debentures, or other securities issued by FMR LLC to you as compensation or a benefit associated with your employment

• U.S. Treasury securities

• obligations of U.S. government agencies with remaining maturities of one year or less

• money market instruments, such as certificates of deposit, banker's acceptances, and commercial paper

• currencies

• commodities (such as agricultural products or metals), and options and futures on commodities that are traded on a commodities exchange

------

Global Policy on Inside Information

February 2026

Fidelity expects its associates to act with integrity and maintain high ethical standards. This includes complying with applicable securities laws. Many of these laws prohibit the misuse of inside information, also known as Material, Non-Public Information (MNPI). These laws prohibit trading a security while in possession of inside information, and they impose severe penalties for doing so, including fines, prison sentences, and being barred from employment in the securities industry. Understanding and following the Global Policy on Inside Information helps ensure that your actions comply with these laws and meet Fidelity's expectations.

**MNPI Designated Contacts** 

**Ethics Office** 

617-563-5566

800-580-8780

**Asset Management** 

617-563-3630

**India** 

8-691-7373

+91-80-6691-7373

**Chairman's Line** 

1-800-242-4762

**Purpose** 

You may become aware of inside information in the course of performing your work at Fidelity or outside of the workplace. This policy explains what you should do if you think you may have become aware of inside information. Importantly, this policy prohibits you from trading a security if you have become aware of inside information about that security or the issuer of that security.

**Scope** 

This policy applies to all regular full-time, regular part-time, and temporary employees of Fidelity Investments, regardless of job location, citizenship, or country of residence (collectively referred to as "associates"). Other business unit, regional, or supplemental policies may also apply (a list of other relevant policies is provided on page 4).

**Overview** 

If you believe you may have become aware of inside information, you must (1) call your MNPI Designated Contact; (2) refrain from sharing the information with anyone else; (3) refrain from trading any security of the issuer to which the information relates; and (4) comply with any information barriers Fidelity may establish.

**What is Inside Information?** 

Inside information is any information about a security, or an issuer of a security, that is both material and non-public. A security includes, but is not limited to, a financing or investment instrument, such as stocks (common or preferred), mutual funds, bonds, notes, options, and warrants. An issuer is an entity that offers or sells securities, such as corporations, mutual funds, and domestic and foreign governments. Please note that the terms "security" and "issuer" are defined broadly and may include instruments and entities not specifically mentioned here.

**What is material information?** 

Information is generally considered to be material if it is likely that a reasonable investor would consider the information important in making an investment decision. Information may also be material if it is reasonable to expect that the price of a security would change if the information were made public (this is known as Price Sensitive Information, or PSI, in some jurisdictions). Examples include company earnings, financing activities, product launches or discontinuations, bankruptcy, mergers, tender offers, prospective acquisitions or spin-offs, key management changes, major litigation, and potential or actual damages or fines against an issuer.

------

**What is non-public information?** 

Information is non-public if it is not generally available to the public in a widely used medium, such as a press release or public regulatory filing. Also, some jurisdictions have specific rules about when non- public information becomes public.

As you can see, the terms security, issuer, material, and non-public are broadly defined and may vary from jurisdiction to jurisdiction. For these reasons, if you have any doubt about whether an instrument or entity is a security or issuer, or about whether certain information is material or non-public, you should call your MNPI Designated Contact for guidance.

Remember – your MNPI Designated Contact is here to help you with these issues!

**How You May Encounter Inside Information** 

There are a number of ways you may encounter inside information, either at work or outside of Fidelity. For example:

**Clients and Colleagues** 

• You may learn inside information from a conversation with a client in the course of providing business support, such as handling a trade request.

• You may be exposed to inside information about a mutual fund that may have an impact on the fund's net asset value in the future, such as non- public information about a fund's decision to reconsider the value of certain assets in its portfolio.

**Brokers and Company Employees** 

• Brokers may share inside information when contacting you about securities offerings.

• You may receive inside information when meeting with employees of public companies, such as CEOs, CFOs, or Investor Relations representatives.

**Consultants and Other Vendors** 

• In the course of providing consulting services to Fidelity, a third-party consultant may reveal inside information to you (knowingly or unknowingly), such as non-public information about another of the consultant's public company clients.

• You may be negotiating a vendor contract, and inside information might be shared with you in the contract or the negotiations.

**Outside the Workplace** 

• You may hear inside information from personal sources, such as a spouse, significant other, family member or friend who works at a company that issues publicly-traded securities.

• You may overhear conversations that reveal inside information in elevators, restaurants, public transportation or from speaker and mobile phones, or you may encounter written information that has been left out in public, such as on a copy machine or train seat.

• Associates participating in an outside business activity may encounter inside information while serving on a corporate board or from serving as a consultant or advisor to an outside business.

Please note that these are only examples, and you may receive inside information from other sources or in other circumstances.

**What You Should Do If You Believe You May Have Received Inside Information** 

**Contact Your MNPI Designated Contact** 

While this policy requires you to understand what inside information could be, and be aware of the circumstances in which you may receive it, you should never make any decisions about inside information on your own – for example, whether information you have received is material or non- public, or what steps you should take as a result.

Instead, if you think you may have received inside information, you must call your MNPI Designated Contact (telephone numbers are provided on pages 1 and 4). While it may seem contrary to normal protocol, it is important that you not share the information with anyone else, including your manager. By not sharing the information, you are protecting not only yourself and the information, but also other associates and Fidelity.

When you talk to your MNPI Designated Contact, reveal the details of the information as your contact asks for them, and follow the instructions you receive. Your contact will then determine whether the information requires an information barrier (which are described below) and inform you of that decision.

The possession of inside information is not in itself unlawful or an indication of wrongdoing. However, our goal as a firm is to limit the distribution of inside information only to those associates who have a business need to know and are subject to an information barrier. By assisting us in limiting the distribution of such information, you can best protect the information and yourself, and reduce the number of people who are subject to additional compliance protocols and restrictions.

**Comply with Information Barriers** 

After you contact your MNPI Designated Contact, he or she will determine whether an information barrier is required. Information barriers are established as a way of helping the firm and its associates control inside information and avoid improper communication and potential compliance violations. If you are made subject to an information barrier, the Ethics Office will contact you, provide you with a document explaining the terms of the barrier, and require you to acknowledge and agree to abide by those terms.

------

Information barriers are established by identifying individual associates and groups of people who have received inside information. The information is then protected by employing a combination of information handling, storage protocols, and physical or technical barriers around the associates and the information they possess. Information barriers are monitored to detect possible gaps, including reviews of communications (such as emails), enhanced physical access and access designations, and additions of associates to the information barrier. Surveillance is conducted of associates' personal trading to detect potential misuse of inside information.

**Do Not Trade in the Security or the Issuer**

If you have received inside information, you are prohibited from trading any security of the issuer to which the information relates. This is known as "insider trading" or "insider dealing," which is a serious violation of law. You may not buy, sell, transfer, gift, loan or pledge these securities, even if you have a reason to trade that is independent of the inside information. You also may not modify, suspend, or cancel an automatic investment plan of the security or the issuer of the security or make any recommendations to anyone to deal in the security in any way. These prohibitions apply:

• Not only to your covered accounts, but also to any account you manage, including accounts at Fidelity;

• Regardless of whether you receive any financial or other benefit from the account or the trade; and

• Regardless of whether your trade is in a different direction than the inside information may indicate(e.g., a sale where the inside information indicates you should buy).

Remember that shares of mutual funds are also securities subject to these restrictions. You may not trade or transfer shares of mutual funds, whether advised by Fidelity or not, if you believe that you may have become aware of inside information about the mutual fund.

**Protect Inside Information** 

It is critical that you keep inside information to yourself. You should refrain from discussing inside information in public, including elevators, restaurants, public transportation, on speaker and mobile phones, or on social media (such as Twitter, LinkedIn, or Facebook). You should also store any documents containing or reflecting the inside information in a secure place in accordance with the document- handling procedures of Fidelity's Global Policy on Information Protection ("SP2I") Policy.

**Do Not "Tip" or Improperly Disclose Inside Information** 

The prohibition on communicating with others about inside information extends to recommending investments or expressing opinions to anyone, or soliciting orders from Fidelity clients, on the basis of inside information. This is known as "tipping" or "tipping off," which is a serious violation of law. You may become liable for any transactions by anyone to whom you have improperly disclosed inside information, or to whom they have made investment recommendations or expressed opinions on the basis of that information.

**Reporting Potential Violations** 

You should report known or suspected violations of this policy to your MNPI Designated Contact or call the Chairman's Line at 800-242-4762 to speak anonymously on an unrecorded line.

**MNPI Designated Contacts** 

**Asset Management associates:** Asset Management MNPI Hotline 617-563-3630

**India associates:** 

FBS India Ethics Office 8-691-7373

+91-80-6691-7373

**All other associates:** 

Ethics Office 617-563-5566

800-580-8780

**Contacts and Web Resources** 

**General Policy Issues or Violations** 

Ethics Office

*800-580-8780* 

*617-563-5566* 

*ethics.office@fmr.com politicallaw@fmr.com* 

**Chairman's Line** 

*800-242-4762* 

**Compliance and Regulatory Issues** 

*Your MNPI Designated Contact* 

(See above)

**Business Unit, Regional or Supplemental Policies on Inside Information** 

Personal Investing – Corporate Issues: Insider Trading

------

Fidelity Capital Markets – Equity Origination Information Barriers

Fidelity Institutional Online Reference – Inside Information

**Other Related Policies** 

*Global Anti-Corruption Policy* 

*Corporate Gifts & Entertainment Policy* 

*Personal Conflicts of Interest Policy* 

*Outside Business Activities Policy* 

*Information Protection Policy* 

------

## Exhibit 21.1

**Exhibit 21.1**

**SUBSIDIARIES OF FIDELITY PRIVATE CREDIT COMPANY LLC**

---

| | |
|:---|:---|
| **<u>Name</u>** | **<u>Jurisdiction</u>** |
| Fidelity Direct Lending Fund I JSPV LLC | Delaware |
| FDLF CA SPE LLC | Delaware |
| Fidelity Direct Lending Fund 1 Blocker LLC | Delaware |
| Fidelity Direct Lending Tactical 1 LLC | Delaware |
| Fidelity Direct Lending Tactical 2 LLC | Delaware |
| Fidelity Direct Lending Tactical 3 LLC | Delaware |

---

------

## Exhibit 24.1

**Exhibit 24.1**

**Fidelity Private Credit Company LLC**

**Power of Attorney**

**Reports Under the Securities Exchange Act of 1934**

Know all by these present that each of the undersigned directors of Fidelity Private Credit Company LLC, a Delaware limited liability company (the "Fund"), hereby constitutes and appoints, effective December 1, 2025, Heather Bonner and Stephanie Caron, of Fidelity Management & Research Company, LLC, signing singly, the undersigned's true lawful attorneys-in-fact and agents with full power to act without the others and with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign my name to any Annual Report on Form 10-K of the Fund, and any and all other reports required to be filed by the Fund pursuant to the Securities Exchange Act of 1934, as amended, and any and all amendments thereto and other documents in connection therewith, and to file, or cause to be filed, the same with all exhibits thereto (including this power of attorney), with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises as fully and to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them, or their or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

WITNESS our hands on this 1<sup>st</sup>day of December, 2025.

---

| |
|:---|
| /s/ David B. Jones |
| David B. Jones |
| /s/ Jennifer M. Birmingham |
| Jennifer M. Birmingham |
| /s/ Matthew J. Conti |
| Matthew J. Conti |
| /s/ Tara C. Kenney |
| Tara C. Kenney |
| /s/ Thomas F. Flannery |
| Thomas F. Flannery |

---

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## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER**

**PURSUANT TO RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Heather Bonner, President and Treasurer of Fidelity Private Credit Company LLC, certify that:

1. I have reviewed this Annual Report on Form 10-K of Fidelity Private Credit Company LLC (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: March 23, 2026 | By: | /s/ Heather Bonner |
|  |  | Heather Bonner |
|  |  | President and Treasurer |
|  |  | (Principal Executive Officer) |

---

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## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER**

**PURSUANT TO RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Stephanie Caron, Chief Financial Officer of Fidelity Private Credit Company LLC, certify that:

1. I have reviewed this Annual Report on Form 10-K of Fidelity Private Credit Company LLC (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: March 23, 2026 | By: | /s/ Stephanie Caron |
|  |  | Stephanie Caron |
|  |  | Chief Financial Officer |
|  |  | (Principal Financial Officer) |

---

------

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, in connection with this Annual Report on Form 10-K (the "Report") for Fidelity Private Credit Company LLC (the "Fund"), I, Heather Bonner, the President and Treasurer of the Fund, hereby certify, to the best of my knowledge, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

---

| | | |
|:---|:---|:---|
| Date: March 23, 2026 | By: | /s/ Heather Bonner |
|  |  | Heather Bonner |
|  |  | President and Treasurer |
|  |  | (Principal Executive Officer) |

---

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## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, in connection with this Annual Report on Form 10-K (the "Report") for Fidelity Private Credit Company LLC (the "Fund"), I, Stephanie Caron, the Chief Financial Officer of the Fund, hereby certify, to the best of my knowledge, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

---

| | | |
|:---|:---|:---|
| Date: March 23, 2026 | By: | /s/ Stephanie Caron |
|  |  | Stephanie Caron |
|  |  | Chief Financial Officer |
|  |  | (Principal Financial Officer) |

---

------