# EDGAR Filing Document

**Accession Number:** 0001303459
**File Stem:** 0001303459-25-000090
**Filing Date:** 2025-10
**Character Count:** 304424
**Document Hash:** 6c48a777585ae5983460941ee110aeb4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001303459-25-000090.hdr.sgml**: 20251023

**ACCESSION NUMBER**: 0001303459-25-000090

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 35

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251023

**DATE AS OF CHANGE**: 20251023

**EFFECTIVENESS DATE**: 20251023

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Fidelity Central Investment Portfolios LLC
- **CENTRAL INDEX KEY:** 0001303459

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21667
- **FILM NUMBER:** 251411937

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

## Series and Classes Contracts Data

### Fidelity Specialized High Income Central Fund (Series ID: S000008406)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000023057 | Fidelity Specialized High Income Central Fund |  |

### Fidelity High Income Central Fund (Series ID: S000022433)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000064553 | Fidelity High Income Central Fund |  |

?xml version='1.0' encoding='ASCII'? Prospectus - Investment Objective

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-21667</u>

<u>Fidelity Central Investment Portfolios LLC</u>

(Exact name of registrant as specified in charter)

<u>245 Summer St., Boston, Massachusetts 02210</u>

(Address of principal executive offices) &nbsp;&nbsp;&nbsp;&nbsp; (Zip code)

Nicole Macarchuk, Secretary

245 Summer St.

<u>Boston, Massachusetts 02210</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:

<u>617-563-7000</u>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date of fiscal year end: | &nbsp;&nbsp;August 31 |
| &nbsp;&nbsp;Date of reporting period: | &nbsp;&nbsp;August 31, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Fidelity® Specialized High Income Central Fund<br> **Fidelity® Specialized High Income Central Fund true** <br>|

---

This annual shareholder report contains information about Fidelity® Specialized High Income Central Fund for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Specialized High Income Central Fund  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**What affected the Fund's performance this period?**

• High-yield bonds achieved a strong gain for the 12 months ending August 31, 2025, helped by resilient fundamentals, falling yields, compressed spreads and a steady economy against the backdrop of a possible September rate cut.

• Against this backdrop, the fund's core investment in high-yield bonds gained 7.41% and contributed to performance versus the ICE BofA BB US High Yield Constrained Index for the fiscal year. By industry, security selection was the primary contributor, led by media. Security selection in telecommunications and retail also boosted the fund's relative performance.

• The top individual relative contributor was a non-benchmark stake in EchoStar (+106%). A second notable relative contributor was a position in Walgreens Boots Alliance (+24%). A non-benchmark investment in Altice France (+30%) helped the fund's relative result for the 12 months.

• The biggest individual relative detractor was our stake in Sunnova Energy (-100%). A second notable relative detractor was a position in New Fortress Energy (-49%). Another notable relative detractor was Tronox (-16%). This period we decreased our position in Tronox. All of these detractors were non-benchmark positions.

• Notable changes in positioning include increased exposure to the financial services industry and a lower allocation to real estate.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

August 31, 2015 through August 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Specialized High Income Central Fund<br>| $10000 | $10739<br>| $11532<br>| $11811<br>| $12842<br>| $13389<br>| $14254<br>| $12832<br>| $13546<br>| $15086<br>| $16244<br>|
| ICE® BofA® BB US High Yield Constrained Index<br>| $10000 | $10975<br>| $11753<br>| $11915<br>| $13060<br>| $13889<br>| $15011<br>| $13447<br>| $14218<br>| $15901<br>| $17006<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10650<br>| $10793<br>| $10693<br>| $11770<br>| $12525<br>| $12636<br>| $11138<br>| $11094<br>| $11973<br>| $12419<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img113779_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Specialized High Income Central Fund | 7.67% | 3.94% | 4.97% |
| ICE® BofA® BB US High Yield Constrained Index | 6.95%<br>| 4.13%<br>| 5.45% |
| Bloomberg U.S. Universal Bond Index | 3.72%<br>| -0.17%<br>| 2.19% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $259647623<br>|
| Number of Holdings | 498<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 58%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 0.5 |
| BBB | 4.0 |
| BB | 65.4 |
| B | 23.4 |
| CCC,CC,C | 2.3 |
| Not Rated | 0.7 |
| Equities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.7 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1518_20250831_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 0.5 |
| &nbsp;&nbsp;BBB - 4.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 - 65.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 - 23.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 3.7 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Corporate Bonds | 86.9 |
| Bank Loan Obligations | 4.6 |
| Preferred Securities | 3.9 |
| U.S. Treasury Obligations | 0.5 |
| Asset-Backed Securities | 0.4 |
| Common Stocks | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.7 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1518_20250831_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 86.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 3.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Treasury Obligations - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.7 |

---

---

| | |
|:---|:---|
| United States | 86.9 |
| Canada | 3.0 |
| United Kingdom | 2.2 |
| Ireland | 1.3 |
| Australia | 1.1 |
| France | 0.8 |
| Israel | 0.8 |
| Grand Cayman (UK Overseas Ter) | 0.7 |
| Panama | 0.6 |
| Others | 2.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1518_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 86.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Ireland - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.7&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Panama - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp | 1.8<br>|
| Carnival Corp | 1.5<br>|
| Hilton Domestic Operating Co Inc | 1.2<br>|
| TransDigm Inc | 1.2<br>|
| Vistra Operations Co LLC | 1.2<br>|
| OneMain Finance Corp | 1.2<br>|
| Tenet Healthcare Corp | 1.2<br>|
| NRG Energy Inc | 1.0<br>|
| Ball Corp | 1.0<br>|
| Yum! Brands Inc | 0.9<br>|
|  | 12.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1518_20250831_2.jpg)<br>| ![](img113779_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913633.101 1518-TSRA-1025 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Fidelity® High Income Central Fund<br> **Fidelity® High Income Central Fund true** <br>|

---

This annual shareholder report contains information about Fidelity® High Income Central Fund for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® High Income Central Fund  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**What affected the Fund's performance this period?**

• High-yield bonds achieved a strong gain for the 12 months ending August 31, 2025, helped by resilient fundamentals, falling yields, compressed spreads and a steady economy against the backdrop of a possible September rate cut.

• Against this backdrop, the fund's core investment in high-yield bonds rose 9.49% and contributed to performance versus the ICE BofA US High Yield Constrained Index for the fiscal year. By industry, security selection was the primary contributor, led by media and energy.

• The top individual relative contributor was our non-benchmark stake in Mesquite Energy (+152%). The company was one of the fund's biggest holdings. A second notable relative contributor was an overweight in EchoStar (+65%). The company was the fund's largest holding. An overweight in Cox Media (+56%) also helped.

• In contrast, the primary detractor from performance versus the benchmark was security selection in health care. Also hurting our result were picks in utility and leisure. The fund's position in cash detracted.

• The biggest individual relative detractor was an overweight in PG&E (-1%). It was one of our largest holdings. A second notable relative detractor was an overweight in New Fortress Energy (-58%). Another notable relative detractor was our stake in Bausch Health (+8%). It was one of the fund's biggest holdings at period end.

• Notable changes in positioning include increased exposure to the telecommunications industry and a lower allocation to leisure.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

August 31, 2015 through August 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® High Income Central Fund<br>| $10000 | $10775<br>| $11810<br>| $12434<br>| $13253<br>| $13445<br>| $15457<br>| $14560<br>| $15561<br>| $17451<br>| $19351<br>|
| ICE® BofA® US High Yield Constrained Index<br>| $10000 | $10922<br>| $11882<br>| $12270<br>| $13077<br>| $13551<br>| $14941<br>| $13382<br>| $14322<br>| $16109<br>| $17419<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10650<br>| $10793<br>| $10693<br>| $11770<br>| $12525<br>| $12636<br>| $11138<br>| $11094<br>| $11973<br>| $12419<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img113820_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® High Income Central Fund | 10.89% | 7.55% | 6.82% |
| ICE® BofA® US High Yield Constrained Index | 8.13%<br>| 5.15%<br>| 5.71% |
| Bloomberg U.S. Universal Bond Index | 3.72%<br>| -0.17%<br>| 2.19% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1743247935<br>|
| Number of Holdings | 593<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 43%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| BBB | 4.6 |
| BB | 27.0 |
| B | 34.2 |
| CCC,CC,C | 19.6 |
| Not Rated | 3.4 |
| Equities | 6.6 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.6 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2062_20250831_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;BBB - 4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 - 27.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 - 34.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 19.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 4.6 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Corporate Bonds | 78.4 |
| Bank Loan Obligations | 8.7 |
| Common Stocks | 3.5 |
| Alternative Funds | 2.0 |
| Preferred Securities | 1.4 |
| Preferred Stocks | 1.1 |
| Asset-Backed Securities | 0.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.6 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2062_20250831_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 78.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 8.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Alternative Funds - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.6 |

---

---

| | |
|:---|:---|
| United States | 89.0 |
| France | 3.1 |
| Canada | 2.1 |
| United Kingdom | 1.2 |
| Switzerland | 0.7 |
| Australia | 0.5 |
| Brazil | 0.5 |
| Luxembourg | 0.4 |
| Japan | 0.3 |
| Others | 2.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2062_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Switzerland - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Luxembourg - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| EchoStar Corp | 2.7<br>|
| Mesquite Energy Inc | 2.6<br>|
| Altice France SA | 2.2<br>|
| TransDigm Inc | 2.2<br>|
| Fidelity Private Credit Company LLC | 2.0<br>|
| CHS/Community Health Systems Inc | 1.5<br>|
| Level 3 Financing Inc | 1.4<br>|
| Tenet Healthcare Corp | 1.2<br>|
| Pacific Gas and Electric Co | 1.2<br>|
| 1261229 BC Ltd | 1.1<br>|
|  | 18.1 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img2062_20250831_2.jpg)<br>| ![](img113820_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913634.101 2062-TSRA-1025 <br>|

---

Item 2.

<u>Code of Ethics</u>

As of the end of the period, August 31, 2025, Fidelity Central Investment Portfolios LLC (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

<u>Audit Committee Financial Expert</u>

The Board of Trustees of the trust has determined that Donald F. Donahue is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Donahue is independent for purposes of Item 3 of Form N-CSR.

Item 4.

<u>Principal Accountant Fees and Services</u>

<u>Fees and Services</u>

The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, "Deloitte Entities") in each of the last two fiscal years for services rendered to Fidelity High Income Central Fund and Fidelity Specialized High Income Central Fund (the "Funds"):

**<u>Services Billed by Deloitte Entities</u>**

**<u>August 31, 2025 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity High Income Central Fund | &nbsp;&nbsp;$51500  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$9500  | &nbsp;&nbsp;$800  |
| &nbsp;&nbsp;Fidelity Specialized High Income Central Fund | &nbsp;&nbsp;$59400  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$9500  | &nbsp;&nbsp;$900  |

---

**<u>August 31, 2024 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity High Income Central Fund | &nbsp;&nbsp;$49500  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$9700  | &nbsp;&nbsp;$1200  |
| &nbsp;&nbsp;Fidelity Specialized High Income Central Fund | &nbsp;&nbsp;$53100  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$9700  | &nbsp;&nbsp;$1300  |

---

<sup>A</sup> Amounts may reflect rounding.

The following table(s) present(s) fees billed by Deloitte Entities that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) ("Fund Service Providers"):

**<u>Services Billed by Deloitte Entities</u>**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**<u>August 31, 2025</u><sup>A</sup>** | &nbsp;&nbsp;**<u>August 31, 2024</u><sup>A</sup>** |
| &nbsp;&nbsp;Audit-Related Fees | &nbsp;&nbsp;$125000 | &nbsp;&nbsp;$200000 |
| &nbsp;&nbsp;Tax Fees | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- |
| &nbsp;&nbsp;All Other Fees | &nbsp;&nbsp;$2970400 | &nbsp;&nbsp;$1929500 |

---

<sup>A</sup> Amounts may reflect rounding.

"Audit-Related Fees" represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.

"Tax Fees" represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.

"All Other Fees" represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.

Assurance services must be performed by an independent public accountant.

\* \* \*

The aggregate non-audit fees billed by Deloitte Entities for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<u>Billed By</u>** | &nbsp;&nbsp;**<u>August 31, 2025</u><sup>A</sup>** | &nbsp;&nbsp;**<u>August 31, 2024</u><sup>A</sup>** |
| &nbsp;&nbsp;Deloitte Entities | &nbsp;&nbsp;$3452900  | &nbsp;&nbsp;$4970400  |

---

<sup>A</sup> Amounts may reflect rounding.

The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR's review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.

<u>Audit Committee Pre-Approval Policies and Procedures</u>

The trust's Audit Committee must pre-approve all audit and non-audit services provided by a fund's independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund ("Covered Service") are subject to approval by the Audit Committee before such service is provided.

All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair's absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.

Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.

<u>Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X ("De Minimis Exception")</u>

There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund's(s') last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).

The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the "PCAOB") has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

The Registrant is not a "foreign issuer," as defined in 17 CFR 240.3b-4.

Item 5.

<u>Audit Committee of Listed Registrants</u>

Not applicable.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable.

Item 7.

<u>Financial Statements and Financial Highlights for Open-End Management Investment Companies</u>

**Fidelity® Specialized High Income Central Fund**

**Annual Report**

**August 31, 2025**

![](img113701_1.jpg)

![](img113701_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_SHI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Specialized High Income Central Fund](#Sub_Sec_Fund_1518_SHI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements1518_SHI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_SHI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_SHI-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SHI-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SHI-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SHI-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SHI-ANN)** |

---

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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

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

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® Specialized High Income Central Fund**

**Schedule of Investments August 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities - 0.4%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.4%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.4%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| GRAND CAYMAN (UK OVERSEAS TER) - 0.4%  |  |  |
| Ammc Clo 24 Ltd Series 2024-24A Class ER, CME Term SOFR 3 month Index + 6.5%, 10.8255% 1/20/2035 (b)(c)(d) | 150000 | 149987 |
| Bbam US Clo I Ltd Series 2025-1A Class D1R, CME Term SOFR 3 month Index + 3%, 7.3176% 3/30/2038 (b)(c)(d) | 125000 | 124118 |
| Carlyle US Clo Ltd Series 2024-6A Class E, CME Term SOFR 3 month Index + 5.75%, 10.0685% 10/25/2037 (b)(c)(d) | 150000 | 151568 |
| CIFC Funding Ltd Series 2025-4A Class D2R, CME Term SOFR 3 month Index + 3.75%, 8.0724% 1/17/2038 (b)(c)(d) | 100000 | 100689 |
| Oha Credit Partners VII Ltd Series 2025-7A Class D1R4, CME Term SOFR 3 month Index + 2.5%, 6.7035% 2/20/2038 (b)(c)(d) | 150000 | 148934 |
| Palmer Square Clo Ltd Series 2025-2A Class DR2, CME Term SOFR 3 month Index + 4.14%, 8.4576% 2/15/2038 (b)(c)(d) | 100000 | 100959 |
| Palmer Square Loan Funding Ltd Series 2024-2A Class D, CME Term SOFR 3 month Index + 4.7%, 9.0176% 1/15/2033 (b)(c)(d) | 250000 | 247693 |
| TOTAL GRAND CAYMAN (UK OVERSEAS TER) |  | 1023948 |
| <br> **TOTAL ASSET-BACKED SECURITIES**<br> (Cost $1,025,000) |  | <br> **1023948** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bank Loan Obligations - 4.6%** | &nbsp;&nbsp;**Bank Loan Obligations - 4.6%** | &nbsp;&nbsp;**Bank Loan Obligations - 4.6%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| FRANCE - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Altice France SA Tranche B14 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 9.8176% 8/15/2028 (b)(c)(e) | 85000 | 77733 |
| SWITZERLAND - 0.3%  |  |  |
| Materials - 0.3% |  |  |
| Chemicals - 0.3% |  |  |
| Consolidated Energy Finance SA Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.816% 11/15/2030 (b)(c)(e) | 698232 | 660221 |
| UNITED STATES - 4.3%  |  |  |
| Consumer Discretionary - 1.1% |  |  |
| Automobile Components - 0.1% |  |  |
| Clarios Global LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.066% 1/28/2032 (b)(c)(e) | 255000 | 255000 |
| Broadline Retail - 0.6% |  |  |
| Great Outdoors Group LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.566% 1/23/2032 (b)(c)(e) | 1266655 | 1269188 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Fertitta Entertainment LLC/NV Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.566% 1/29/2029 (b)(c)(e) | 379021 | 378596 |
| Specialty Retail - 0.3% |  |  |
| LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.2099% 6/6/2031 (b)(c)(e) | 284282 | 275702 |
| LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5%, 9.3599% 6/6/2031 (b)(c)(e) | 234662 | 231905 |
| Valvoline Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 0% 3/19/2032 (b)(c)(e) | 370000 | 370463 |
|  |  | 878070 |
| TOTAL CONSUMER DISCRETIONARY |  | 2780854 |
| Consumer Staples - 0.2% |  |  |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| C&S Wholesale Grocers Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5%, 0% 8/6/2030 (b)(c)(e)(f) | 315000 | 307323 |
| Froneri US Inc Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 0% 7/16/2032 (b)(c)(e)(f) | 255000 | 254490 |
|  |  | 561813 |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| CVR CHC LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.2956% 12/30/2027 (b)(c)(e) | 676594 | 676594 |
| New Fortress Energy Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 9.8075% 10/30/2028 (b)(c)(e) | 543638 | 258907 |
|  |  | 935501 |
| Financials - 0.5% |  |  |
| Financial Services - 0.2% |  |  |
| WH Borrower LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 8.9535% 2/20/2032 (b)(c)(e) | 630000 | 631380 |
| Insurance - 0.3% |  |  |
| Asurion LLC Tranche B10 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.416% 8/19/2028 (b)(c)(e) | 758051 | 754852 |
| TOTAL FINANCIALS |  | 1386232 |
| Health Care - 0.7% |  |  |
| Health Care Equipment & Supplies - 0.4% |  |  |
| Bausch + Lomb Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.566% 1/15/2031 (b)(c)(e) | 1050000 | 1050189 |
| Pharmaceuticals - 0.3% |  |  |
| 1261229 BC Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 6.25%, 10.566% 10/8/2030 (b)(c)(e) | 795000 | 783298 |
| TOTAL HEALTH CARE |  | 1833487 |
| Industrials - 0.2% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| Rand Parent LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.2956% 3/18/2030 (b)(c)(e) | 75000 | 74652 |
| Ground Transportation - 0.2% |  |  |
| Genesee & Wyoming Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2%, 6.0456% 4/10/2031 (b)(c)(e) | 486325 | 483947 |
| Machinery - 0.0% |  |  |
| Beach Acquisition Bidco LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 0% 6/28/2032 (b)(c)(e)(f) | 35000 | 35204 |
| Passenger Airlines - 0.0% |  |  |
| Vista Management Holding Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.0406% 4/1/2031 (b)(c)(e) | 15000 | 15070 |
| TOTAL INDUSTRIALS |  | 608873 |
| Information Technology - 0.7% |  |  |
| IT Services - 0.5% |  |  |
| X Corp Tranche B1 1LN, term loan CME Term SOFR 3 month Index + 6.5%, 10.9579% 10/26/2029 (b)(c)(e) | 1117353 | 1091420 |
| Software - 0.1% |  |  |
| Polaris Newco LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.3195% 6/2/2028 (b)(c)(e) | 294326 | 279074 |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| Sandisk Corp/DE Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.3407% 2/20/2032 (b)(c)(e) | 362842 | 361481 |
| TOTAL INFORMATION TECHNOLOGY |  | 1731975 |
| Materials - 0.4% |  |  |
| Chemicals - 0.3% |  |  |
| Herens US Holdco Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.3206% 7/3/2028 (b)(c)(e) | 264338 | 232453 |
| INEOS US Petrochem LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.666% 4/2/2029 (b)(c)(e) | 214722 | 192713 |
| M2S Group Intermediate Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 9.0579% 8/25/2031 (b)(c)(e) | 387861 | 381679 |
|  |  | 806845 |
| Containers & Packaging - 0.1% |  |  |
| Clydesdale Acquisition Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 3.175%, 7.491% 4/13/2029 (b)(c)(e) | 175000 | 174759 |
| TOTAL MATERIALS |  | 981604 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.0% |  |  |
| NRG Energy Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2%, 6.0643% 4/16/2031 (b)(c)(e) | 35000 | 35028 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Natgasoline LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.816% 3/29/2030 (b)(c)(e) | 376621 | 379134 |
| TOTAL UTILITIES |  | 414162 |
| TOTAL UNITED STATES |  | 11234501 |
| <br> **TOTAL BANK LOAN OBLIGATIONS**<br> (Cost $11,948,451) |  | <br> **11972455** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 0.0%** | &nbsp;&nbsp;**Common Stocks - 0.0%** | &nbsp;&nbsp;**Common Stocks - 0.0%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| New Fortress Energy Inc <br>(Cost $31,445)<br>| 3314 | **8152** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 0.3%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.3%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.3%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.3%  |  |  |
| Communication Services - 0.3% |  |  |
| Media - 0.3% |  |  |
| EchoStar Corp 3.875% 11/30/2030 pay-in-kind <br>(Cost $427,316)<br>| 388469 | **790612** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 86.6%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 86.6%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 86.6%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| AUSTRALIA - 1.1%  |  |  |
| Materials - 1.1% |  |  |
| Metals & Mining - 1.1% |  |  |
| Fortescue Treasury Pty Ltd 4.375% 4/1/2031 (d) | 215000 | 204437 |
| Fortescue Treasury Pty Ltd 4.5% 9/15/2027 (d) | 590000 | 584607 |
| Fortescue Treasury Pty Ltd 6.125% 4/15/2032 (d) | 100000 | 102633 |
| Mineral Resources Ltd 8% 11/1/2027 (d) | 1885000 | 1918604 |
| TOTAL AUSTRALIA |  | 2810281 |
| CANADA - 3.0%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| TELUS Corp 6.625% 10/15/2055 (c) | 305000 | 310287 |
| TELUS Corp 7% 10/15/2055 (c) | 330000 | 338640 |
|  |  | 648927 |
| Consumer Discretionary - 0.8% |  |  |
| Hotels, Restaurants & Leisure - 0.8% |  |  |
| 1011778 BC ULC / New Red Finance Inc 3.5% 2/15/2029 (d) | 395000 | 375813 |
| 1011778 BC ULC / New Red Finance Inc 3.875% 1/15/2028 (d) | 1030000 | 1002571 |
| 1011778 BC ULC / New Red Finance Inc 6.125% 6/15/2029 (d) | 715000 | 732346 |
|  |  | 2110730 |
| Consumer Staples - 0.0% |  |  |
| Household Products - 0.0% |  |  |
| Kronos Acquisition Holdings Inc 8.25% 6/30/2031 (d) | 115000 | 85387 |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Parkland Corp 6.625% 8/15/2032 (d) | 595000 | 612807 |
| South Bow Canadian Infrastructure Holdings Ltd 7.5% 3/1/2055 (c) | 96000 | 100338 |
|  |  | 713145 |
| Industrials - 0.1% |  |  |
| Machinery - 0.1% |  |  |
| New Flyer Holdings Inc 9.25% 7/1/2030 (d) | 130000 | 139450 |
| Information Technology - 0.6% |  |  |
| Software - 0.6% |  |  |
| Open Text Corp 3.875% 12/1/2029 (d) | 330000 | 311070 |
| Open Text Corp 3.875% 2/15/2028 (d) | 1375000 | 1336501 |
|  |  | 1647571 |
| Materials - 0.9% |  |  |
| Chemicals - 0.4% |  |  |
| Methanex Corp 5.125% 10/15/2027  | 505000 | 502755 |
| Methanex Corp 5.25% 12/15/2029  | 65000 | 64578 |
| NOVA Chemicals Corp 5.25% 6/1/2027 (d) | 375000 | 375946 |
|  |  | 943279 |
| Metals & Mining - 0.5% |  |  |
| Capstone Copper Corp 6.75% 3/31/2033 (d) | 635000 | 652094 |
| Champion Iron Canada Inc 7.875% 7/15/2032 (d) | 250000 | 260909 |
| New Gold Inc 6.875% 4/1/2032 (d) | 250000 | 260592 |
|  |  | 1173595 |
| TOTAL MATERIALS |  | 2116874 |
| Utilities - 0.1% |  |  |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| TransAlta Corp 6.5% 3/15/2040  | 270000 | 265518 |
| TOTAL CANADA |  | 7727602 |
| COLOMBIA - 0.4%  |  |  |
| Utilities - 0.4% |  |  |
| Independent Power and Renewable Electricity Producers - 0.4% |  |  |
| EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 5.375% 12/30/2030 (d) | 875000 | 802813 |
| EnfraGen Energia Sur SAU/ EnfraGen Chile SpA/ EnfraGen Spain SAU 8.499% 6/30/2032 (d) | 150000 | 154557 |
| TOTAL COLOMBIA |  | 957370 |
| FINLAND - 0.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Leisure Products - 0.3% |  |  |
| Amer Sports Co 6.75% 2/16/2031 (d) | 700000 | 729662 |
| FRANCE - 0.6%  |  |  |
| Communication Services - 0.4% |  |  |
| Diversified Telecommunication Services - 0.4% |  |  |
| Altice France SA 5.125% 7/15/2029 (d) | 550000 | 470250 |
| Maya SAS/Paris France 7% 4/15/2032 (d) | 400000 | 411438 |
|  |  | 881688 |
| Energy - 0.2% |  |  |
| Energy Equipment & Services - 0.2% |  |  |
| Vallourec SACA 7.5% 4/15/2032 (d) | 600000 | 637133 |
| TOTAL FRANCE |  | 1518821 |
| GERMANY - 0.4%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Automobile Components - 0.4% |  |  |
| ZF North America Capital Inc 6.75% 4/23/2030 (d) | 260000 | 253416 |
| ZF North America Capital Inc 6.875% 4/14/2028 (d) | 380000 | 384904 |
| ZF North America Capital Inc 6.875% 4/23/2032 (d) | 405000 | 388355 |
| TOTAL GERMANY |  | 1026675 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Financial Services - 0.3% |  |  |
| Global Aircraft Leasing Co Ltd 8.75% 9/1/2027 (d) | 865000 | 889995 |
| GUATEMALA - 0.3%  |  |  |
| Communication Services - 0.3% |  |  |
| Wireless Telecommunication Services - 0.3% |  |  |
| Millicom International Cellular SA 4.5% 4/27/2031 (d) | 250000 | 232626 |
| Millicom International Cellular SA 5.125% 1/15/2028 (d) | 666000 | 660797 |
| TOTAL GUATEMALA |  | 893423 |
| IRELAND - 1.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Flutter Treasury DAC 5.875% 6/4/2031 (d) | 920000 | 936753 |
| Financials - 1.0% |  |  |
| Consumer Finance - 0.3% |  |  |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 6.5% 1/31/2056 (c) | 755000 | 776675 |
| Financial Services - 0.7% |  |  |
| GGAM Finance Ltd 5.875% 3/15/2030 (d) | 765000 | 772622 |
| GGAM Finance Ltd 6.875% 4/15/2029 (d) | 285000 | 294976 |
| GGAM Finance Ltd 7.75% 5/15/2026 (d) | 440000 | 441511 |
| GGAM Finance Ltd 8% 2/15/2027 (d) | 270000 | 276938 |
|  |  | 1786047 |
| TOTAL FINANCIALS |  | 2562722 |
| TOTAL IRELAND |  | 3499475 |
| ISRAEL - 0.8%  |  |  |
| Energy - 0.5% |  |  |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| Energean PLC 6.5% 4/30/2027 (d) | 1285000 | 1270769 |
| Health Care - 0.3% |  |  |
| Pharmaceuticals - 0.3% |  |  |
| Teva Pharmaceutical Finance Netherlands III BV 6% 12/1/2032  | 300000 | 308496 |
| Teva Pharmaceutical Finance Netherlands IV BV 5.75% 12/1/2030  | 400000 | 408847 |
|  |  | 717343 |
| TOTAL ISRAEL |  | 1988112 |
| NETHERLANDS - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Media - 0.1% |  |  |
| Ziggo BV 4.875% 1/15/2030 (d) | 410000 | 384768 |
| NORWAY - 0.5%  |  |  |
| Energy - 0.5% |  |  |
| Energy Equipment & Services - 0.5% |  |  |
| Seadrill Finance Ltd 8.375% 8/1/2030 (d) | 700000 | 726963 |
| TGS ASA 8.5% 1/15/2030 (d) | 585000 | 596957 |
| TOTAL NORWAY |  | 1323920 |
| PANAMA - 0.6%  |  |  |
| Communication Services - 0.6% |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |
| Sable International Finance Ltd 7.125% 10/15/2032 (d) | 640000 | 650400 |
| Wireless Telecommunication Services - 0.3% |  |  |
| C&W Senior Finance Ltd 9% 1/15/2033 (d) | 795000 | 834644 |
| TOTAL PANAMA |  | 1485044 |
| TANZANIA - 0.3%  |  |  |
| Information Technology - 0.3% |  |  |
| Communications Equipment - 0.3% |  |  |
| HTA Group Ltd/Mauritius 7.5% 6/4/2029 (d) | 735000 | 760725 |
| UNITED KINGDOM - 1.7%  |  |  |
| Communication Services - 0.4% |  |  |
| Media - 0.1% |  |  |
| Virgin Media Secured Finance PLC 4.5% 8/15/2030 (d) | 340000 | 319193 |
| Wireless Telecommunication Services - 0.3% |  |  |
| Vmed O2 UK Financing I PLC 4.25% 1/31/2031 (d) | 415000 | 383047 |
| Vmed O2 UK Financing I PLC 4.75% 7/15/2031 (d) | 245000 | 229089 |
|  |  | 612136 |
| TOTAL COMMUNICATION SERVICES |  | 931329 |
| Consumer Discretionary - 0.2% |  |  |
| Automobile Components - 0.1% |  |  |
| Macquarie Airfinance Holdings Ltd 8.125% 3/30/2029 (d) | 165000 | 172006 |
| Specialty Retail - 0.1% |  |  |
| Belron UK Finance PLC 5.75% 10/15/2029 (d) | 365000 | 369593 |
| TOTAL CONSUMER DISCRETIONARY |  | 541599 |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| EG Global Finance PLC 12% 11/30/2028 (d) | 620000 | 684544 |
| Health Care - 0.2% |  |  |
| Health Care Providers & Services - 0.2% |  |  |
| 180 Medical Inc 3.875% 10/15/2029 (d) | 585000 | 561098 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| INEOS Quattro Finance 2 Plc 9.625% 3/15/2029 (d) | 255000 | 255592 |
| Utilities - 0.6% |  |  |
| Independent Power and Renewable Electricity Producers - 0.6% |  |  |
| California Buyer Ltd / Atlantica Sustainable Infrastructure PLC 6.375% 2/15/2032 (d) | 1020000 | 1034584 |
| ContourGlobal Power Holdings SA 6.75% 2/28/2030 (d) | 495000 | 511087 |
|  |  | 1545671 |
| TOTAL UNITED KINGDOM |  | 4519833 |
| UNITED STATES - 74.9%  |  |  |
| Communication Services - 3.4% |  |  |
| Entertainment - 0.2% |  |  |
| ROBLOX Corp 3.875% 5/1/2030 (d) | 565000 | 537179 |
| Interactive Media & Services - 0.2% |  |  |
| Snap Inc 6.875% 3/1/2033 (d) | 125000 | 126299 |
| Snap Inc 6.875% 3/15/2034 (d) | 385000 | 386006 |
|  |  | 512305 |
| Media - 3.0% |  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.25% 2/1/2031 (d) | 625000 | 576509 |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.5% 5/1/2032  | 1265000 | 1156786 |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.5% 8/15/2030 (d) | 585000 | 553738 |
| CCO Holdings LLC / CCO Holdings Capital Corp 5% 2/1/2028 (d) | 1664000 | 1650449 |
| CCO Holdings LLC / CCO Holdings Capital Corp 5.125% 5/1/2027 (d) | 610000 | 606926 |
| Dotdash Meredith Inc 7.625% 6/15/2032 (d) | 260000 | 254722 |
| EchoStar Corp 6.75% 11/30/2030 pay-in-kind (c) | 641684 | 633066 |
| Nexstar Media Inc 5.625% 7/15/2027 (d) | 825000 | 824107 |
| Sirius XM Radio LLC 5% 8/1/2027 (d) | 505000 | 502721 |
| Sirius XM Radio LLC 5.5% 7/1/2029 (d)(g) | 155000 | 154778 |
| TEGNA Inc 4.625% 3/15/2028 (g) | 230000 | 228094 |
| TEGNA Inc 5% 9/15/2029  | 120000 | 120124 |
| Univision Communications Inc 8.5% 7/31/2031 (d)(g) | 375000 | 386423 |
| Univision Communications Inc 9.375% 8/1/2032 (d) | 125000 | 131636 |
|  |  | 7780079 |
| TOTAL COMMUNICATION SERVICES |  | 8829563 |
| Consumer Discretionary - 12.4% |  |  |
| Automobile Components - 0.3% |  |  |
| Clarios Global LP / Clarios US Finance Co 6.75% 2/15/2030 (d) | 245000 | 253873 |
| Patrick Industries Inc 6.375% 11/1/2032 (d) | 635000 | 644146 |
|  |  | 898019 |
| Automobiles - 0.6% |  |  |
| Ford Motor Co 3.25% 2/12/2032  | 440000 | 377210 |
| Ford Motor Co 6.1% 8/19/2032  | 550000 | 555687 |
| Nissan Motor Acceptance Co LLC 2.45% 9/15/2028 (d) | 45000 | 40884 |
| Nissan Motor Acceptance Co LLC 5.55% 9/13/2029 (d)(g) | 70000 | 69071 |
| Thor Industries Inc 4% 10/15/2029 (d)(g) | 545000 | 514637 |
|  |  | 1557489 |
| Broadline Retail - 1.1% |  |  |
| Macy's Retail Holdings LLC 7.375% 8/1/2033 (d)(g) | 355000 | 364507 |
| Match Group Holdings II LLC 3.625% 10/1/2031 (d)(g) | 255000 | 230164 |
| Match Group Holdings II LLC 4.125% 8/1/2030 (d) | 570000 | 536713 |
| Nordstrom Inc 4.375% 4/1/2030 (g) | 250000 | 230233 |
| Wayfair LLC 7.25% 10/31/2029 (d)(g) | 900000 | 917667 |
| Wayfair LLC 7.75% 9/15/2030 (d)(g) | 480000 | 495914 |
|  |  | 2775198 |
| Diversified Consumer Services - 0.9% |  |  |
| Service Corp International/US 4% 5/15/2031  | 680000 | 639312 |
| Service Corp International/US 5.125% 6/1/2029 (g) | 505000 | 501202 |
| Service Corp International/US 5.75% 10/15/2032  | 375000 | 378726 |
| Sotheby's 7.375% 10/15/2027 (d) | 865000 | 855479 |
|  |  | 2374719 |
| Hotels, Restaurants & Leisure - 6.4% |  |  |
| Aramark Services Inc 5% 2/1/2028 (d)(g) | 830000 | 823902 |
| Boyd Gaming Corp 4.75% 12/1/2027 (g) | 650000 | 644094 |
| Caesars Entertainment Inc 6.5% 2/15/2032 (d) | 755000 | 774014 |
| Carnival Corp 5.75% 3/15/2030 (d) | 300000 | 307546 |
| Carnival Corp 5.75% 8/1/2032 (d) | 205000 | 208587 |
| Carnival Corp 5.875% 6/15/2031 (d) | 495000 | 507447 |
| Carnival Corp 6.125% 2/15/2033 (d) | 2445000 | 2510744 |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc 4.625% 1/15/2029 (d) | 135000 | 129053 |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc 6.75% 1/15/2030 (d) | 410000 | 385585 |
| Hilton Domestic Operating Co Inc 3.625% 2/15/2032 (d) | 565000 | 515714 |
| Hilton Domestic Operating Co Inc 4% 5/1/2031 (d) | 1305000 | 1229360 |
| Hilton Domestic Operating Co Inc 5.75% 9/15/2033 (d) | 305000 | 307515 |
| Hilton Domestic Operating Co Inc 5.875% 4/1/2029 (d) | 1085000 | 1104861 |
| Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc 5% 6/1/2029 (d) | 590000 | 570637 |
| Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc 6.625% 1/15/2032 (d) | 400000 | 408158 |
| Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp 4.875% 4/1/2027  | 211000 | 210440 |
| Life Time Inc 6% 11/15/2031 (d)(g) | 575000 | 581116 |
| Royal Caribbean Cruises Ltd 5.5% 4/1/2028 (d) | 1345000 | 1369010 |
| Royal Caribbean Cruises Ltd 6.25% 3/15/2032 (d) | 215000 | 221897 |
| Wyndham Hotels & Resorts Inc 4.375% 8/15/2028 (d) | 652000 | 636556 |
| Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp 5.25% 5/15/2027 (d) | 450000 | 450300 |
| Wynn Resorts Finance LLC / Wynn Resorts Capital Corp 6.25% 3/15/2033 (d)(g) | 280000 | 283445 |
| Yum! Brands Inc 3.625% 3/15/2031  | 1760000 | 1633115 |
| Yum! Brands Inc 4.625% 1/31/2032  | 750000 | 724969 |
|  |  | 16538065 |
| Household Durables - 1.5% |  |  |
| Century Communities Inc 3.875% 8/15/2029 (d) | 215000 | 200272 |
| LGI Homes Inc 7% 11/15/2032 (d)(g) | 855000 | 833843 |
| LGI Homes Inc 8.75% 12/15/2028 (d) | 190000 | 199021 |
| Somnigroup International Inc 3.875% 10/15/2031 (d) | 1075000 | 983459 |
| TopBuild Corp 4.125% 2/15/2032 (d) | 720000 | 671044 |
| Whirlpool Corp 6.125% 6/15/2030  | 140000 | 141556 |
| Whirlpool Corp 6.5% 6/15/2033  | 755000 | 760277 |
|  |  | 3789472 |
| Specialty Retail - 1.2% |  |  |
| Advance Auto Parts Inc 7% 8/1/2030 (d) | 255000 | 261663 |
| Asbury Automotive Group Inc 4.625% 11/15/2029 (d)(g) | 290000 | 281644 |
| Asbury Automotive Group Inc 5% 2/15/2032 (d)(g) | 325000 | 312452 |
| Bath & Body Works Inc 6.625% 10/1/2030 (d) | 565000 | 580024 |
| Bath & Body Works Inc 6.875% 11/1/2035  | 580000 | 604076 |
| Group 1 Automotive Inc 6.375% 1/15/2030 (d)(g) | 750000 | 768463 |
| LBM Acquisition LLC 9.5% 6/15/2031 (d) | 180000 | 188643 |
|  |  | 2996965 |
| Textiles, Apparel & Luxury Goods - 0.4% |  |  |
| Crocs Inc 4.125% 8/15/2031 (d) | 740000 | 664281 |
| Levi Strauss & Co 3.5% 3/1/2031 (d)(g) | 365000 | 336760 |
|  |  | 1001041 |
| TOTAL CONSUMER DISCRETIONARY |  | 31930968 |
| Consumer Staples - 3.7% |  |  |
| Consumer Staples Distribution & Retail - 2.1% |  |  |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 3.5% 3/15/2029 (d) | 1200000 | 1140917 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 4.625% 1/15/2027 (d) | 250000 | 248478 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 4.875% 2/15/2030 (d)(g) | 515000 | 507193 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 6.5% 2/15/2028 (d) | 320000 | 326098 |
| C&S Group Enterprises LLC 5% 12/15/2028 (d) | 200000 | 181849 |
| Performance Food Group Inc 4.25% 8/1/2029 (d) | 530000 | 513238 |
| Performance Food Group Inc 6.125% 9/15/2032 (d)(g) | 745000 | 762520 |
| US Foods Inc 4.625% 6/1/2030 (d) | 785000 | 765574 |
| US Foods Inc 5.75% 4/15/2033 (d)(g) | 685000 | 687237 |
| US Foods Inc 7.25% 1/15/2032 (d) | 180000 | 188999 |
|  |  | 5322103 |
| Food Products - 1.2% |  |  |
| Darling Ingredients Inc 5.25% 4/15/2027 (d) | 380000 | 379122 |
| Darling Ingredients Inc 6% 6/15/2030 (d) | 625000 | 631778 |
| Fiesta Purchaser Inc 9.625% 9/15/2032 (d) | 235000 | 252486 |
| Lamb Weston Holdings Inc 4.375% 1/31/2032 (d) | 1030000 | 968927 |
| Pilgrim's Pride Corp 3.5% 3/1/2032  | 640000 | 578313 |
| Pilgrim's Pride Corp 4.25% 4/15/2031 (g) | 320000 | 308113 |
|  |  | 3118739 |
| Household Products - 0.2% |  |  |
| Central Garden & Pet Co 4.125% 4/30/2031 (d)(g) | 550000 | 512531 |
| Resideo Funding Inc 6.5% 7/15/2032 (d) | 125000 | 127635 |
|  |  | 640166 |
| Personal Care Products - 0.2% |  |  |
| BellRing Brands Inc 7% 3/15/2030 (d) | 600000 | 620562 |
| TOTAL CONSUMER STAPLES |  | 9701570 |
| Energy - 10.5% |  |  |
| Energy Equipment & Services - 0.9% |  |  |
| Archrock Partners LP / Archrock Partners Finance Corp 6.625% 9/1/2032 (d) | 620000 | 635554 |
| Kodiak Gas Services LLC 7.25% 2/15/2029 (d) | 320000 | 330995 |
| Nabors Industries Inc 7.375% 5/15/2027 (d) | 255000 | 259250 |
| Nabors Industries Inc 9.125% 1/31/2030 (d) | 130000 | 133215 |
| Transocean Inc 8% 2/1/2027 (d) | 305000 | 304462 |
| Transocean Inc 8.25% 5/15/2029 (d) | 455000 | 440110 |
| Valaris Ltd 8.375% 4/30/2030 (d) | 280000 | 291504 |
|  |  | 2395090 |
| Oil, Gas & Consumable Fuels - 9.6% |  |  |
| Antero Midstream Partners LP / Antero Midstream Finance Corp 5.75% 3/1/2027 (d)(g) | 1000000 | 999757 |
| APA Corp 4.25% 1/15/2030 (d) | 124000 | 119929 |
| California Resources Corp 8.25% 6/15/2029 (d) | 495000 | 511422 |
| CNX Midstream Partners LP 4.75% 4/15/2030 (d) | 710000 | 673493 |
| CNX Resources Corp 7.25% 3/1/2032 (d)(g) | 320000 | 332047 |
| CQP Holdco LP / BIP-V Chinook Holdco LLC 5.5% 6/15/2031 (d) | 380000 | 374777 |
| CQP Holdco LP / BIP-V Chinook Holdco LLC 7.5% 12/15/2033 (d) | 960000 | 1029534 |
| CVR Energy Inc 8.5% 1/15/2029 (d) | 460000 | 464956 |
| Delek Logistics Partners LP / Delek Logistics Finance Corp 7.375% 6/30/2033 (d) | 330000 | 330214 |
| Delek Logistics Partners LP / Delek Logistics Finance Corp 8.625% 3/15/2029 (d) | 845000 | 883285 |
| Energy Transfer LP 6.5% 2/15/2056 (c) | 385000 | 382491 |
| Energy Transfer LP 6.75% 2/15/2056 (c) | 130000 | 129362 |
| EQT Corp 7.5% 6/1/2027 (d) | 355000 | 361495 |
| Harvest Midstream I LP 7.5% 5/15/2032 (d) | 860000 | 885467 |
| Hess Midstream Operations LP 5.125% 6/15/2028 (d) | 580000 | 578710 |
| Hess Midstream Operations LP 6.5% 6/1/2029 (d) | 1155000 | 1194224 |
| Hilcorp Energy I LP / Hilcorp Finance Co 6% 2/1/2031 (d) | 105000 | 101035 |
| Hilcorp Energy I LP / Hilcorp Finance Co 6.25% 4/15/2032 (d) | 405000 | 387713 |
| Hilcorp Energy I LP / Hilcorp Finance Co 8.375% 11/1/2033 (d) | 125000 | 130524 |
| Howard Midstream Energy Partners LLC 6.625% 1/15/2034 (d) | 290000 | 294738 |
| Howard Midstream Energy Partners LLC 7.375% 7/15/2032 (d) | 365000 | 380629 |
| Kinetik Holdings LP 5.875% 6/15/2030 (d)(g) | 370000 | 373169 |
| Kinetik Holdings LP 6.625% 12/15/2028 (d) | 565000 | 581282 |
| Matador Resources Co 6.25% 4/15/2033 (d) | 510000 | 513770 |
| Matador Resources Co 6.5% 4/15/2032 (d) | 385000 | 390613 |
| Murphy Oil Corp 6% 10/1/2032 (g) | 265000 | 258085 |
| Murphy Oil USA Inc 3.75% 2/15/2031 (d)(g) | 695000 | 643425 |
| Northern Oil & Gas Inc 8.125% 3/1/2028 (d) | 505000 | 508809 |
| Northern Oil & Gas Inc 8.75% 6/15/2031 (d) | 495000 | 508529 |
| PBF Holding Co LLC / PBF Finance Corp 7.875% 9/15/2030 (d)(g) | 755000 | 731059 |
| PBF Holding Co LLC / PBF Finance Corp 9.875% 3/15/2030 (d) | 890000 | 918871 |
| Permian Resources Operating LLC 5.875% 7/1/2029 (d) | 230000 | 230000 |
| Permian Resources Operating LLC 6.25% 2/1/2033 (d) | 635000 | 646814 |
| Permian Resources Operating LLC 7% 1/15/2032 (d) | 630000 | 653190 |
| Rockies Express Pipeline LLC 4.8% 5/15/2030 (d) | 425000 | 413823 |
| Rockies Express Pipeline LLC 6.75% 3/15/2033 (d) | 145000 | 151464 |
| Rockies Express Pipeline LLC 6.875% 4/15/2040 (d) | 110000 | 110746 |
| Rockies Express Pipeline LLC 7.5% 7/15/2038 (d) | 245000 | 252818 |
| Sunoco LP / Sunoco Finance Corp 4.5% 4/30/2030  | 105000 | 101469 |
| Sunoco LP / Sunoco Finance Corp 4.5% 5/15/2029 (g) | 645000 | 628709 |
| Sunoco LP / Sunoco Finance Corp 5.875% 3/15/2028  | 105000 | 105368 |
| Sunoco LP / Sunoco Finance Corp 6% 4/15/2027  | 700000 | 700564 |
| Sunoco LP 6.25% 7/1/2033 (d) | 245000 | 250396 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 6% 12/31/2030 (d) | 675000 | 665009 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 6% 3/1/2027 (d) | 126000 | 125841 |
| Venture Global Calcasieu 3.875% 11/1/2033 (d)(g) | 145000 | 129167 |
| Venture Global Calcasieu 3.875% 8/15/2029 (d) | 220000 | 210912 |
| Venture Global LNG Inc 7% 1/15/2030 (d)(g) | 220000 | 226698 |
| Venture Global LNG Inc 8.125% 6/1/2028 (d) | 550000 | 569912 |
| Venture Global LNG Inc 8.375% 6/1/2031 (d)(g) | 440000 | 461638 |
| Venture Global Plaquemines LNG LLC 6.5% 1/15/2034 (d) | 500000 | 521984 |
| Venture Global Plaquemines LNG LLC 6.75% 1/15/2036 (d) | 505000 | 529972 |
| Venture Global Plaquemines LNG LLC 7.5% 5/1/2033 (d) | 590000 | 647155 |
| Venture Global Plaquemines LNG LLC 7.75% 5/1/2035 (d) | 580000 | 645798 |
|  |  | 24952861 |
| TOTAL ENERGY |  | 27347951 |
| Financials - 8.0% |  |  |
| Banks - 0.0% |  |  |
| Western Alliance Bancorp 3% 6/15/2031 (c) | 105000 | 99712 |
| Capital Markets - 1.0% |  |  |
| Jane Street Group / JSG Finance Inc 4.5% 11/15/2029 (d)(g) | 675000 | 651924 |
| Jane Street Group / JSG Finance Inc 6.125% 11/1/2032 (d) | 545000 | 547519 |
| Jane Street Group / JSG Finance Inc 6.75% 5/1/2033 (d) | 350000 | 361674 |
| Jefferies Finance LLC / JFIN Co-Issuer Corp 6.625% 10/15/2031 (d) | 255000 | 255704 |
| VFH Parent LLC / Valor Co-Issuer Inc 7.5% 6/15/2031 (d) | 730000 | 766258 |
|  |  | 2583079 |
| Consumer Finance - 1.8% |  |  |
| Ford Motor Credit Co LLC 2.7% 8/10/2026 (g) | 600000 | 587982 |
| Navient Corp 6.75% 6/15/2026  | 640000 | 646989 |
| OneMain Finance Corp 3.5% 1/15/2027  | 675000 | 660585 |
| OneMain Finance Corp 6.125% 5/15/2030  | 305000 | 309358 |
| OneMain Finance Corp 6.625% 5/15/2029  | 240000 | 246789 |
| OneMain Finance Corp 7.125% 11/15/2031  | 120000 | 124676 |
| OneMain Finance Corp 7.125% 3/15/2026  | 109000 | 110200 |
| OneMain Finance Corp 7.125% 9/15/2032  | 625000 | 650788 |
| OneMain Finance Corp 7.5% 5/15/2031  | 440000 | 461250 |
| OneMain Finance Corp 7.875% 3/15/2030  | 410000 | 433773 |
| PRA Group Inc 5% 10/1/2029 (d)(g) | 555000 | 521487 |
|  |  | 4753877 |
| Financial Services - 4.0% |  |  |
| Block Inc 2.75% 6/1/2026  | 180000 | 176950 |
| Block Inc 3.5% 6/1/2031 (g) | 325000 | 300237 |
| Block Inc 5.625% 8/15/2030 (d) | 240000 | 245328 |
| Block Inc 6% 8/15/2033 (d) | 190000 | 195064 |
| Block Inc 6.5% 5/15/2032  | 1000000 | 1036129 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 10% 11/15/2029 (d) | 705000 | 697868 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 6.25% 5/15/2026  | 506000 | 505161 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 9.75% 1/15/2029  | 500000 | 497050 |
| Nationstar Mortgage Holdings Inc 6.5% 8/1/2029 (d) | 355000 | 363451 |
| NFE Financing LLC 12% 11/15/2029 (d) | 217010 | 79751 |
| PennyMac Financial Services Inc 6.75% 2/15/2034 (d) | 640000 | 644367 |
| PennyMac Financial Services Inc 6.875% 5/15/2032 (d) | 500000 | 511918 |
| Rocket Cos Inc 6.125% 8/1/2030 (d) | 755000 | 776857 |
| Rocket Cos Inc 6.375% 8/1/2033 (d) | 1005000 | 1042914 |
| Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc 3.625% 3/1/2029 (d) | 680000 | 648285 |
| Shift4 Payments LLC / Shift4 Payments Finance Sub Inc 6.75% 8/15/2032 (d) | 320000 | 331797 |
| UWM Holdings LLC 6.625% 2/1/2030 (d) | 740000 | 751742 |
| Walker & Dunlop Inc 6.625% 4/1/2033 (d) | 245000 | 254900 |
| WEX Inc 6.5% 3/15/2033 (d) | 630000 | 644593 |
| Windstream Services LLC / Windstream Escrow Finance Corp 8.25% 10/1/2031 (d) | 475000 | 494084 |
|  |  | 10198446 |
| Insurance - 1.0% |  |  |
| APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves 7.875% 11/1/2029 (d) | 1010000 | 1048160 |
| Athene Holding Ltd 6.875% 6/28/2055 (c) | 630000 | 634996 |
| Ryan Specialty LLC 4.375% 2/1/2030 (d) | 265000 | 256123 |
| Ryan Specialty LLC 5.875% 8/1/2032 (d) | 630000 | 634309 |
|  |  | 2573588 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.2% |  |  |
| Starwood Property Trust Inc 6.5% 7/1/2030 (d) | 615000 | 638299 |
| TOTAL FINANCIALS |  | 20847001 |
| Health Care - 6.0% |  |  |
| Health Care Equipment & Supplies - 1.5% |  |  |
| Avantor Funding Inc 3.875% 11/1/2029 (d) | 500000 | 475075 |
| Avantor Funding Inc 4.625% 7/15/2028 (d) | 605000 | 595433 |
| Hologic Inc 3.25% 2/15/2029 (d) | 560000 | 535005 |
| Hologic Inc 4.625% 2/1/2028 (d) | 85000 | 84172 |
| Medline Borrower LP 3.875% 4/1/2029 (d) | 580000 | 556943 |
| Medline Borrower LP/Medline Co-Issuer Inc 6.25% 4/1/2029 (d) | 690000 | 708834 |
| Teleflex Inc 4.25% 6/1/2028 (d) | 780000 | 764141 |
|  |  | 3719603 |
| Health Care Providers & Services - 3.3% |  |  |
| Acadia Healthcare Co Inc 5% 4/15/2029 (d)(g) | 390000 | 381189 |
| Acadia Healthcare Co Inc 7.375% 3/15/2033 (d) | 245000 | 255139 |
| Centene Corp 2.5% 3/1/2031  | 575000 | 489939 |
| CVS Health Corp 6.75% 12/10/2054 (c) | 400000 | 405483 |
| CVS Health Corp 7% 3/10/2055 (c) | 875000 | 910970 |
| DaVita Inc 4.625% 6/1/2030 (d) | 320000 | 308072 |
| DaVita Inc 6.75% 7/15/2033 (d) | 950000 | 984607 |
| DaVita Inc 6.875% 9/1/2032 (d)(g) | 240000 | 248287 |
| Molina Healthcare Inc 3.875% 5/15/2032 (d) | 740000 | 661652 |
| Molina Healthcare Inc 6.25% 1/15/2033 (d) | 855000 | 861081 |
| Tenet Healthcare Corp 4.375% 1/15/2030 (g) | 255000 | 247623 |
| Tenet Healthcare Corp 4.625% 6/15/2028  | 1710000 | 1690595 |
| Tenet Healthcare Corp 5.125% 11/1/2027  | 980000 | 977154 |
|  |  | 8421791 |
| Health Care Technology - 0.6% |  |  |
| IQVIA Inc 5% 5/15/2027 (d) | 380000 | 378467 |
| IQVIA Inc 6.25% 6/1/2032 (d) | 1250000 | 1288521 |
|  |  | 1666988 |
| Life Sciences Tools & Services - 0.2% |  |  |
| Charles River Laboratories International Inc 3.75% 3/15/2029 (d) | 595000 | 564085 |
| Charles River Laboratories International Inc 4.25% 5/1/2028 (d) | 75000 | 73243 |
|  |  | 637328 |
| Pharmaceuticals - 0.4% |  |  |
| Jazz Securities DAC 4.375% 1/15/2029 (d) | 520000 | 509052 |
| Organon & Co / Organon Foreign Debt Co-Issuer BV 4.125% 4/30/2028 (d)(g) | 265000 | 253776 |
| Organon & Co / Organon Foreign Debt Co-Issuer BV 5.125% 4/30/2031 (d)(g) | 355000 | 304194 |
|  |  | 1067022 |
| TOTAL HEALTH CARE |  | 15512732 |
| Industrials - 12.1% |  |  |
| Aerospace & Defense - 2.0% |  |  |
| Axon Enterprise Inc 6.125% 3/15/2030 (d) | 315000 | 323638 |
| Axon Enterprise Inc 6.25% 3/15/2033 (d) | 290000 | 299776 |
| BWX Technologies Inc 4.125% 4/15/2029 (d) | 420000 | 404206 |
| BWX Technologies Inc 4.125% 6/30/2028 (d) | 495000 | 483569 |
| Moog Inc 4.25% 12/15/2027 (d) | 730000 | 718586 |
| TransDigm Inc 6% 1/15/2033 (d) | 1445000 | 1461224 |
| TransDigm Inc 6.25% 1/31/2034 (d)(g) | 85000 | 87214 |
| TransDigm Inc 6.375% 3/1/2029 (d) | 1105000 | 1131335 |
| TransDigm Inc 6.75% 8/15/2028 (d) | 365000 | 372300 |
|  |  | 5281848 |
| Air Freight & Logistics - 0.4% |  |  |
| Rand Parent LLC 8.5% 2/15/2030 (d)(g) | 1005000 | 1041533 |
| Building Products - 2.0% |  |  |
| Advanced Drainage Systems Inc 5% 9/30/2027 (d) | 940000 | 933320 |
| Advanced Drainage Systems Inc 6.375% 6/15/2030 (d) | 195000 | 198881 |
| Builders FirstSource Inc 4.25% 2/1/2032 (d)(g) | 980000 | 921122 |
| Builders FirstSource Inc 6.75% 5/15/2035 (d) | 500000 | 521427 |
| EMRLD Borrower LP / Emerald Co-Issuer Inc 6.625% 12/15/2030 (d) | 645000 | 662432 |
| JH North America Holdings Inc 6.125% 7/31/2032 (d) | 630000 | 639434 |
| Masterbrand Inc 7% 7/15/2032 (d) | 525000 | 543849 |
| Standard Building Solutions Inc 6.25% 8/1/2033 (d) | 255000 | 260256 |
| Standard Building Solutions Inc 6.5% 8/15/2032 (d) | 370000 | 381881 |
| Standard Industries Inc/NY 4.375% 7/15/2030 (d)(g) | 265000 | 253944 |
|  |  | 5316546 |
| Commercial Services & Supplies - 2.5% |  |  |
| ADT Security Corp/The 4.125% 8/1/2029 (d) | 130000 | 125665 |
| Artera Services LLC 8.5% 2/15/2031 (d) | 475000 | 415071 |
| Brand Industrial Services Inc 10.375% 8/1/2030 (d) | 420000 | 412350 |
| Clean Harbors Inc 5.125% 7/15/2029 (d) | 405000 | 401295 |
| Clean Harbors Inc 6.375% 2/1/2031 (d) | 425000 | 435519 |
| CoreCivic Inc 8.25% 4/15/2029  | 355000 | 375721 |
| GEO Group Inc/The 10.25% 4/15/2031  | 225000 | 248034 |
| GEO Group Inc/The 8.625% 4/15/2029  | 355000 | 375651 |
| GFL Environmental Inc 6.75% 1/15/2031 (d) | 1195000 | 1247500 |
| Neptune Bidco US Inc 9.29% 4/15/2029 (d) | 815000 | 808888 |
| OT Midco Inc 10% 2/15/2030 (d) | 200000 | 136645 |
| Prime Security Services Borrower LLC / Prime Finance Inc 3.375% 8/31/2027 (d) | 390000 | 377814 |
| Waste Pro USA Inc 7% 2/1/2033 (d) | 365000 | 381655 |
| Williams Scotsman Inc 6.625% 4/15/2030 (d) | 615000 | 636571 |
|  |  | 6378379 |
| Construction & Engineering - 0.5% |  |  |
| AECOM 6% 8/1/2033 (d) | 890000 | 908383 |
| Dycom Industries Inc 4.5% 4/15/2029 (d) | 390000 | 380444 |
|  |  | 1288827 |
| Electrical Equipment - 0.4% |  |  |
| Sensata Technologies BV 4% 4/15/2029 (d) | 370000 | 354396 |
| Vertiv Group Corp 4.125% 11/15/2028 (d) | 390000 | 380692 |
| WESCO Distribution Inc 6.375% 3/15/2033 (d) | 370000 | 383770 |
|  |  | 1118858 |
| Ground Transportation - 0.4% |  |  |
| Genesee & Wyoming Inc 6.25% 4/15/2032 (d) | 345000 | 350796 |
| XPO Inc 6.25% 6/1/2028 (d) | 350000 | 356078 |
| XPO Inc 7.125% 2/1/2032 (d) | 295000 | 309413 |
|  |  | 1016287 |
| Industrial Conglomerates - 0.3% |  |  |
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp 4.25% 2/1/2027 (d)(g) | 765000 | 752463 |
| Machinery - 0.5% |  |  |
| Allison Transmission Inc 3.75% 1/30/2031 (d) | 605000 | 558375 |
| Enpro Inc 6.125% 6/1/2033 (d) | 375000 | 382656 |
| Esab Corp 6.25% 4/15/2029 (d) | 415000 | 426709 |
|  |  | 1367740 |
| Passenger Airlines - 0.6% |  |  |
| American Airlines Inc 7.25% 2/15/2028 (d)(g) | 150000 | 153890 |
| American Airlines Inc 8.5% 5/15/2029 (d) | 195000 | 204349 |
| United Airlines Inc 4.375% 4/15/2026 (d) | 1080000 | 1076462 |
|  |  | 1434701 |
| Professional Services - 1.1% |  |  |
| Amentum Holdings Inc 7.25% 8/1/2032 (d)(g) | 720000 | 750926 |
| Booz Allen Hamilton Inc 3.875% 9/1/2028 (d) | 655000 | 639845 |
| CACI International Inc 6.375% 6/15/2033 (d) | 485000 | 500250 |
| TriNet Group Inc 3.5% 3/1/2029 (d) | 295000 | 276215 |
| TriNet Group Inc 7.125% 8/15/2031 (d)(g) | 585000 | 608327 |
|  |  | 2775563 |
| Trading Companies & Distributors - 1.4% |  |  |
| FTAI Aviation Investors LLC 5.875% 4/15/2033 (d)(g) | 365000 | 365712 |
| FTAI Aviation Investors LLC 7% 6/15/2032 (d) | 460000 | 480082 |
| FTAI Aviation Investors LLC 7.875% 12/1/2030 (d) | 275000 | 292312 |
| Herc Holdings Inc 7% 6/15/2030 (d) | 490000 | 509969 |
| Herc Holdings Inc 7.25% 6/15/2033 (d)(g) | 355000 | 372390 |
| QXO Building Products Inc 6.75% 4/30/2032 (d) | 365000 | 376974 |
| United Rentals North America Inc 3.75% 1/15/2032 (g) | 465000 | 428573 |
| United Rentals North America Inc 6.125% 3/15/2034 (d)(g) | 680000 | 704330 |
|  |  | 3530342 |
| TOTAL INDUSTRIALS |  | 31303087 |
| Information Technology - 5.4% |  |  |
| Electronic Equipment, Instruments & Components - 1.2% |  |  |
| Coherent Corp 5% 12/15/2029 (d) | 1165000 | 1144910 |
| Insight Enterprises Inc 6.625% 5/15/2032 (d) | 245000 | 252243 |
| Lightning Power LLC 7.25% 8/15/2032 (d) | 600000 | 636511 |
| Sensata Technologies Inc 3.75% 2/15/2031 (d) | 225000 | 206804 |
| TTM Technologies Inc 4% 3/1/2029 (d) | 795000 | 760535 |
|  |  | 3001003 |
| IT Services - 1.4% |  |  |
| Acuris Finance US Inc / Acuris Finance SARL 5% 5/1/2028 (d) | 135000 | 131367 |
| ASGN Inc 4.625% 5/15/2028 (d) | 1045000 | 1022741 |
| CoreWeave Inc 9% 2/1/2031 (d) | 330000 | 326699 |
| CoreWeave Inc 9.25% 6/1/2030 (d) | 520000 | 521864 |
| Gartner Inc 3.625% 6/15/2029 (d) | 100000 | 95480 |
| Gartner Inc 3.75% 10/1/2030 (d) | 265000 | 249340 |
| Go Daddy Operating Co LLC / GD Finance Co Inc 3.5% 3/1/2029 (d) | 750000 | 710548 |
| Go Daddy Operating Co LLC / GD Finance Co Inc 5.25% 12/1/2027 (d) | 700000 | 697211 |
|  |  | 3755250 |
| Semiconductors & Semiconductor Equipment - 0.8% |  |  |
| Entegris Inc 3.625% 5/1/2029 (d)(g) | 805000 | 758779 |
| Entegris Inc 4.375% 4/15/2028 (d)(g) | 645000 | 627140 |
| ON Semiconductor Corp 3.875% 9/1/2028 (d) | 310000 | 301232 |
| Qorvo Inc 4.375% 10/15/2029 (g) | 475000 | 465234 |
|  |  | 2152385 |
| Software - 1.3% |  |  |
| Crowdstrike Holdings Inc 3% 2/15/2029 (g) | 405000 | 381687 |
| Elastic NV 4.125% 7/15/2029 (d) | 1060000 | 1018620 |
| Fair Isaac Corp 4% 6/15/2028 (d) | 915000 | 891477 |
| Fair Isaac Corp 6% 5/15/2033 (d)(g) | 630000 | 638453 |
| Gen Digital Inc 6.25% 4/1/2033 (d) | 370000 | 380472 |
|  |  | 3310709 |
| Technology Hardware, Storage & Peripherals - 0.7% |  |  |
| Seagate Data Storage Technology Pte Ltd 5.75% 12/1/2034 (d) | 300000 | 291376 |
| Seagate Data Storage Technology Pte Ltd 5.875% 7/15/2030 (d) | 325000 | 328877 |
| Seagate Data Storage Technology Pte Ltd 8.25% 12/15/2029 (d) | 1225000 | 1301189 |
|  |  | 1921442 |
| TOTAL INFORMATION TECHNOLOGY |  | 14140789 |
| Materials - 7.2% |  |  |
| Chemicals - 2.1% |  |  |
| Axalta Coating Systems Dutch Holding B BV 7.25% 2/15/2031 (d) | 120000 | 126288 |
| Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV 4.75% 6/15/2027 (d) | 505000 | 502657 |
| Axalta Coating Systems LLC 3.375% 2/15/2029 (d) | 265000 | 250340 |
| Celanese US Holdings LLC 6.5% 4/15/2030 (g) | 295000 | 297688 |
| Celanese US Holdings LLC 6.75% 4/15/2033 (g) | 615000 | 619437 |
| Chemours Co/The 4.625% 11/15/2029 (d) | 675000 | 602738 |
| Chemours Co/The 5.75% 11/15/2028 (d)(g) | 650000 | 625894 |
| Methanex US Operations Inc 6.25% 3/15/2032 (d)(g) | 620000 | 625623 |
| Olin Corp 5% 2/1/2030 (g) | 134000 | 130065 |
| Olin Corp 6.625% 4/1/2033 (d) | 640000 | 639171 |
| Tronox Inc 4.625% 3/15/2029 (d)(g) | 265000 | 195631 |
| WR Grace Holdings LLC 4.875% 6/15/2027 (d) | 270000 | 267828 |
| WR Grace Holdings LLC 6.625% 8/15/2032 (d) | 540000 | 538488 |
|  |  | 5421848 |
| Construction Materials - 0.7% |  |  |
| Quikrete Holdings Inc 6.375% 3/1/2032 (d) | 740000 | 763200 |
| Smyrna Ready Mix Concrete LLC 8.875% 11/15/2031 (d) | 975000 | 1040093 |
|  |  | 1803293 |
| Containers & Packaging - 2.8% |  |  |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 3.25% 9/1/2028 (d) | 575000 | 543411 |
| Ball Corp 2.875% 8/15/2030  | 905000 | 818687 |
| Ball Corp 3.125% 9/15/2031 (g) | 855000 | 770679 |
| Ball Corp 5.5% 9/15/2033  | 385000 | 389650 |
| Ball Corp 6% 6/15/2029  | 450000 | 460482 |
| Clydesdale Acquisition Holdings Inc 6.75% 4/15/2032 (d) | 370000 | 380162 |
| Clydesdale Acquisition Holdings Inc 6.875% 1/15/2030 (d) | 840000 | 863604 |
| Crown Americas LLC / Crown Americas Capital Corp 5.875% 6/1/2033 (d) | 1140000 | 1153116 |
| Graphic Packaging International LLC 3.75% 2/1/2030 (d) | 380000 | 356874 |
| Graphic Packaging International LLC 6.375% 7/15/2032 (d) | 500000 | 508024 |
| Sealed Air Corp 5% 4/15/2029 (d) | 230000 | 228126 |
| Sealed Air Corp 6.875% 7/15/2033 (d) | 340000 | 367295 |
| Sealed Air Corp/Sealed Air Corp US 7.25% 2/15/2031 (d) | 310000 | 326368 |
|  |  | 7166478 |
| Metals & Mining - 1.6% |  |  |
| Alcoa Nederland Holding BV 7.125% 3/15/2031 (d) | 85000 | 89651 |
| Alumina Pty Ltd 6.375% 9/15/2032 (d) | 755000 | 769994 |
| Cleveland-Cliffs Inc 4.875% 3/1/2031 (d) | 390000 | 356577 |
| Cleveland-Cliffs Inc 7% 3/15/2032 (d)(g) | 985000 | 979235 |
| Cleveland-Cliffs Inc 7.5% 9/15/2031 (d) | 370000 | 375083 |
| Commercial Metals Co 3.875% 2/15/2031  | 375000 | 348093 |
| Commercial Metals Co 4.375% 3/15/2032  | 300000 | 281026 |
| Kaiser Aluminum Corp 4.625% 3/1/2028 (d)(g) | 630000 | 619242 |
| Novelis Corp 3.875% 8/15/2031 (d) | 280000 | 253931 |
| Novelis Corp 6.875% 1/30/2030 (d)(g) | 120000 | 124514 |
|  |  | 4197346 |
| TOTAL MATERIALS |  | 18588965 |
| Real Estate - 2.3% |  |  |
| Hotel & Resort REITs - 0.6% |  |  |
| Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer 4.875% 5/15/2029 (d)(g) | 635000 | 618084 |
| Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer 7% 2/1/2030 (d)(g) | 270000 | 278797 |
| RHP Hotel Properties LP / RHP Finance Corp 6.5% 4/1/2032 (d)(g) | 365000 | 375148 |
| RHP Hotel Properties LP / RHP Finance Corp 6.5% 6/15/2033 (d) | 370000 | 382162 |
|  |  | 1654191 |
| Real Estate Management & Development - 0.5% |  |  |
| Howard Hughes Corp/The 4.375% 2/1/2031 (d) | 810000 | 754421 |
| Taylor Morrison Communities Inc 5.75% 1/15/2028 (d)(g) | 500000 | 506302 |
|  |  | 1260723 |
| Specialized REITs - 1.2% |  |  |
| Iron Mountain Inc 4.875% 9/15/2027 (d) | 125000 | 124201 |
| Iron Mountain Inc 4.875% 9/15/2029 (d)(g) | 385000 | 378436 |
| Iron Mountain Inc 6.25% 1/15/2033 (d) | 370000 | 378618 |
| Millrose Properties Inc 6.375% 8/1/2030 (d) | 640000 | 645760 |
| SBA Communications Corp 3.125% 2/1/2029 (g) | 1345000 | 1263991 |
| SBA Communications Corp 3.875% 2/15/2027  | 255000 | 250664 |
|  |  | 3041670 |
| TOTAL REAL ESTATE |  | 5956584 |
| Utilities - 3.9% |  |  |
| Electric Utilities - 3.4% |  |  |
| Clearway Energy Operating LLC 3.75% 1/15/2032 (d) | 110000 | 99025 |
| Clearway Energy Operating LLC 3.75% 2/15/2031 (d) | 675000 | 620869 |
| Clearway Energy Operating LLC 4.75% 3/15/2028 (d) | 145000 | 143384 |
| Edison International 7.875% 6/15/2054 (c)(g) | 203000 | 200678 |
| Edison International 8.125% 6/15/2053 (c) | 100000 | 100036 |
| NRG Energy Inc 5.25% 6/15/2029 (d) | 626000 | 624143 |
| NRG Energy Inc 5.75% 1/15/2028  | 659000 | 661088 |
| NRG Energy Inc 6% 2/1/2033 (d) | 380000 | 385116 |
| NRG Energy Inc 6.25% 11/1/2034 (d) | 875000 | 897091 |
| PG&E Corp 5% 7/1/2028  | 255000 | 252096 |
| PG&E Corp 7.375% 3/15/2055 (c) | 1235000 | 1225595 |
| Vistra Operations Co LLC 5% 7/31/2027 (d) | 1000000 | 997300 |
| Vistra Operations Co LLC 5.5% 9/1/2026 (d)(g) | 1022000 | 1020507 |
| Vistra Operations Co LLC 5.625% 2/15/2027 (d) | 480000 | 480194 |
| Vistra Operations Co LLC 6.875% 4/15/2032 (d) | 145000 | 152178 |
| Vistra Operations Co LLC 7.75% 10/15/2031 (d) | 355000 | 377181 |
| XPLR Infrastructure Operating Partners LP 7.25% 1/15/2029 (d)(g) | 375000 | 383001 |
| XPLR Infrastructure Operating Partners LP 8.375% 1/15/2031 (d)(g) | 215000 | 224832 |
|  |  | 8844314 |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| Sunnova Energy Corp 5.875% (d)(h) | 130000 | 390 |
| TerraForm Power Operating LLC 5% 1/31/2028 (d) | 514000 | 509617 |
|  |  | 510007 |
| Multi-Utilities - 0.3% |  |  |
| Sempra 6.375% 4/1/2056 (c) | 645000 | 650196 |
| TOTAL UTILITIES |  | 10004517 |
| TOTAL UNITED STATES |  | 194163727 |
| <br> **TOTAL NON-CONVERTIBLE CORPORATE BONDS**<br> (Cost $221,755,797) |  | <br> **224679433** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 3.9%** | &nbsp;&nbsp;**Preferred Securities - 3.9%** | &nbsp;&nbsp;**Preferred Securities - 3.9%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| FRANCE - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| BNP Paribas SA 7.45% (c)(d)(i) | 385000 | 397150 |
| SWITZERLAND - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| UBS Group AG 7% (c)(d)(i) | 200000 | 203719 |
| UNITED KINGDOM - 0.5%  |  |  |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| Barclays PLC 7.625% (c)(i) | 755000 | 792073 |
| HSBC Holdings PLC 7.05% (c)(i) | 500000 | 524285 |
| TOTAL UNITED KINGDOM |  | 1316358 |
| UNITED STATES - 3.2%  |  |  |
| Energy - 0.6% |  |  |
| Oil, Gas & Consumable Fuels - 0.6% |  |  |
| Energy Transfer LP Series G, 7.125% (c)(i) | 865000 | 905907 |
| Plains All American Pipeline LP CME Term SOFR 3 month Index + 4.3716%, 8.583% (b)(c)(i) | 630000 | 632782 |
|  |  | 1538689 |
| Financials - 2.6% |  |  |
| Banks - 1.5% |  |  |
| Bank of America Corp 6.25% (c)(i) | 1020000 | 1027670 |
| BW Real Estate Inc 9.5% (c)(d)(i) | 375000 | 386365 |
| Citigroup Inc 6.75% (c)(i) | 564000 | 570329 |
| Citigroup Inc 6.875% (c)(i) | 635000 | 650947 |
| Citigroup Inc 7.125% (c)(i) | 430000 | 441655 |
| JPMorgan Chase & Co 6.5% (c)(i) | 490000 | 508632 |
| Wells Fargo & Co 7.625% (c)(g)(i) | 270000 | 292729 |
|  |  | 3878327 |
| Capital Markets - 0.5% |  |  |
| Charles Schwab Corp/The 4% (c)(g)(i) | 635000 | 586877 |
| Goldman Sachs Group Inc/The 6.85% (c)(i) | 690000 | 713438 |
|  |  | 1300315 |
| Consumer Finance - 0.6% |  |  |
| Ally Financial Inc 4.7% (c)(g)(i) | 1505000 | 1467726 |
| TOTAL FINANCIALS |  | 6646368 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Edison International 5% (c)(i) | 145000 | 132946 |
| TOTAL UNITED STATES |  | 8318003 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $10,000,630) |  | <br> **10235230** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.5%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.5%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.5%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.5%** |
|  | Yield (%) (j) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Notes 4.125% 11/15/2032 <br>(Cost $1,199,414)<br>| 4.40 | 1220000 | **1233630** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 11.4%** | &nbsp;&nbsp;**Money Market Funds - 11.4%** | &nbsp;&nbsp;**Money Market Funds - 11.4%** | &nbsp;&nbsp;**Money Market Funds - 11.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (k) | 4.36 | 7178821 | 7180257 |
| Fidelity Securities Lending Cash Central Fund (k)(l) | 4.36 | 22473548 | 22475795 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $29,654,113) |  |  | **29656052** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 107.7%**<br> (Cost $276,042,166)<br>| <br>**279599512** |
| **NET OTHER ASSETS (LIABILITIES) - (7.7)%**  | **(19951889)** |
| **NET ASSETS - 100.0%** | **259647623** |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

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

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

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $187,683,600 or 72.3% of net assets.

(e) Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.

(f) A coupon rate of 0% signifies an unsettled loan. The coupon rate will be determined upon settlement of the loan after period end.

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

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

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

(j) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

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

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

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 14471537 | 56144902 | 63436183 | 464346 | - | 1 | 7180257 | 7178821 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 12364537 | 148050489 | 137939231 | 53493 | - | - | 22475795 | 22473548 | 0.1% |
| Total | 26836074 | 204195391 | 201375414 | 517839 | - | 1 | 29656052 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of August 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Asset-Backed Securities** | 1023948 | - | 1023948 | - |
|  **Bank Loan Obligations** |  |  |  |  |
| Communication Services | 77733 | - | 77733 | - |
| Consumer Discretionary | 2780854 | - | 2780854 | - |
| Consumer Staples | 561813 | - | 561813 | - |
| Energy | 935501 | - | 935501 | - |
| Financials | 1386232 | - | 1386232 | - |
| Health Care | 1833487 | - | 1833487 | - |
| Industrials | 608873 | - | 608873 | - |
| Information Technology | 1731975 | - | 1731975 | - |
| Materials | 1641825 | - | 1641825 | - |
| Utilities | 414162 | - | 414162 | - |
|  **Common Stocks** |  |  |  |  |
| Energy | 8152 | 8152 | - | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 790612 | - | 790612 | - |
|  **Non-Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 14054742 | - | 14054742 | - |
| Consumer Discretionary | 37276387 | - | 37276387 | - |
| Consumer Staples | 9786957 | - | 9786957 | - |
| Energy | 31977462 | - | 31977462 | - |
| Financials | 24299718 | - | 24299718 | - |
| Health Care | 16791173 | - | 16791173 | - |
| Industrials | 31442537 | - | 31442537 | - |
| Information Technology | 16549085 | - | 16549085 | - |
| Materials | 23771712 | - | 23771712 | - |
| Real Estate | 5956584 | - | 5956584 | - |
| Utilities | 12773076 | - | 12773076 | - |
|  **Preferred Securities** |  |  |  |  |
| Energy | 1538689 | - | 1538689 | - |
| Financials | 8563595 | - | 8563595 | - |
| Utilities | 132946 | - | 132946 | - |
|  **U.S. Treasury Obligations** | 1233630 | - | 1233630 | - |
|  **Money Market Funds** | 29656052 | 29656052 | - | - |
| **Total Investments in Securities:** | 279599512 | 29664204 | 249935308 | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of August 31, 2025** | **As of August 31, 2025** | **As of August 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $21,661,021) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $246,388,053) | $249943460 |  |
| Fidelity Central Funds (cost $29,654,113) | 29656052 |  |
| Total Investment in Securities (cost $276,042,166) |  | $279599512 |
| Cash |  | 7206 |
| Receivable for investments sold |  | 722695 |
| Interest receivable |  | 3652503 |
| Distributions receivable from Fidelity Central Funds |  | 32812 |
| **Total assets** |  | 284014728 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $1888558 |  |
| Other payables and accrued expenses | 2752 |  |
| Collateral on securities loaned | 22475795 |  |
| **Total liabilities** |  | 24367105 |
| **Net Assets**  |  | $259647623 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $272016351 |
| Total accumulated earnings (loss) |  | (12368728) |
| **Net Assets** |  | $259647623 |
| **Net Asset Value**, offering price and redemption price per share ($259,647,623 ÷ 2,904,107 shares) |  | $89.41 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended August 31, 2025** | <br> **Year ended August 31, 2025** | <br> **Year ended August 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $331803 |
| Interest  |  | 13884438 |
| Income from Fidelity Central Funds (including $53,493 from security lending)  |  | 517839 |
| **Total income** |  | 14734080 |
| **Expenses** |  |  |
| Custodian fees and expenses | $1454 |  |
| Independent trustees' fees and expenses | 944 |  |
| Total expenses before reductions | 2398 |  |
| Expense reductions | (1731) |  |
| Total expenses after reductions |  | 667 |
| **Net Investment income (loss)** |  | 14733413 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (1193478) |  |
| Total net realized gain (loss) |  | (1193478) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 4962373 |  |
| Fidelity Central Funds  | 1 |  |
| Total change in net unrealized appreciation (depreciation) |  | 4962374 |
| **Net gain (loss)** |  | 3768896 |
| **Net increase (decrease) in net assets resulting from operations** |  | $18502309 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **August 31, 2025** | **Year ended**<br> **August 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $14733413 | $20705587 |
| &nbsp;&nbsp;Net realized gain (loss) | (1193478)<br>| (7896168)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 4962374 | 21766379<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 18502309<br>| 34575798<br>|
| Distributions to shareholders | (14745533)<br>| (20358240)<br>|
|  Affiliated share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | - | 75000000 |
| Reinvestment of distributions | 14745533<br>| 19363097<br>|
| &nbsp;&nbsp;Cost of shares redeemed | - | (228742015) |
| **Net increase (decrease) in net assets resulting from share transactions** | 14745533<br>| (134378918)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 18502309<br>| (120161360)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 241145314 | 361306674<br>|
| &nbsp;&nbsp;End of period | $259647623 | $241145314 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | - | 886194 |
| Issued in reinvestment of distributions | 167500<br>| 227078<br>|
| &nbsp;&nbsp;Redeemed | - | (2687289) |
| &nbsp;&nbsp;Net increase (decrease) | 167500 | (1574017) |

---

**Financial Highlights** 

**Fidelity® Specialized High Income Central Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended August 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $88.12 | $83.82 | $83.76 | $100.89 | $100.01 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | 5.240  | 5.075  | 4.570  | 4.198  | 4.670  |
| Net realized and unrealized gain (loss)  | 1.293  | 4.164  | (.039)  | (13.727)  | 1.582  |
| Total from investment operations  | 6.533  | 9.239  | 4.531  | (9.529)  | 6.252  |
| Distributions from net investment income  | (5.243)  | (4.939)  | (4.471)  | (4.181)  | (4.623)  |
| Distributions from net realized gain  | -  | -  | -  | (3.420)  | (.749)  |
| Total distributions  | (5.243)  | (4.939)  | (4.471)  | (7.601)  | (5.372)  |
| Net asset value, end of period  | $89.41 | $88.12 | $83.82 | $83.76 | $100.89 |
| **Total Return** C | 7.67% <br>| 11.37%  | 5.56%  | (9.98)%  | 6.46%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions F | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any F | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any F | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 5.97%  | 5.93%  | 5.48%  | 4.61%  | 4.67%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $259648 | $241145 | $361307 | $332758 | $361517 |
| Portfolio turnover rate G | 58% <br>| 17% H | 23%  | 23%  | 55%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

D*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

E*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

F*Amount represents less than .005%.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

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

**Notes to Financial Statements**

For the period ended August 31, 2025

**1. Organization.**

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

**2. Investments in Fidelity Central Funds.**

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

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

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

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. 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 investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Directors (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the 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. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds, bank loan obligations, preferred securities and U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Asset backed securities are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Paid in Kind (PIK) income is recorded at the fair market value of the securities received. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of August 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

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

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

Book-tax differences are primarily due to prior period premium and discount on debt securities, partnerships, capital loss carryforwards and losses deferred due to wash sales.

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $5483370 |
| **Gross unrealized depreciation**  | <u>(1900509)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$3582861</u> |
| **Tax Cost**  | <u>$276016651</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$-</u> |
| **Capital loss carryforward**  | <u>$(15932017)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$3582861</u> |

---

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 period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(1331946) |
| Long-term | <u>(14600071)</u> |
| **Total capital loss carryforward** | <u>$(15932017)</u> |

---

Due to large redemptions in a prior period, approximately $6,574,623 of the Fund's realized capital losses and some of its unrealized capital losses (to the extent realized) are subject to limitation. Due to this limitation, the Fund will only be permitted to use approximately $7,670,522 of those capital losses per year to offset capital gains.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **August 31, 2025** | **August 31, 2024** |
| **Ordinary Income**  | $14745533 | $20358240 |

---

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

**Loans and Other Direct Debt Instruments.** Direct debt instruments are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate a fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment, participation, or may be made directly to a borrower. Such instruments are presented in the Bank Loan Obligations section in the Schedule of Investments. Certain funds may also invest in unfunded loan commitments, which are contractual obligations for future funding. Information regarding unfunded commitments is included at the end of the Schedule of Investments, if applicable.

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Specialized High Income Central Fund** | 155179045 | 134539911 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee and Expense Contract.** Fidelity Management & Research Company LLC (the investment adviser) provides the Fund with investment management services. The Fund does not pay any fees for these services. Pursuant to the Fund's expense contract, the investment adviser also pays all other expenses of the Fund, excluding custody fees, the compensation of the independent Directors, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.

**Prior Fiscal Year Affiliated Redemptions In-Kind.** Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **Fidelity Specialized High Income Central Fund** | 2687289 | (5913441) | 228742015 |

---

**6. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of interest. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Specialized High Income Central Fund** | 5370 | - | - |

---

**7. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $1,731.

**8. Other.**

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

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

**9. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

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

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Fidelity Specialized High Income Central Fund (the "Fund"), a fund of Fidelity Central Investment Portfolios LLC, including the schedule of investments, as of August 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of August 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

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

/s/ Deloitte & Touche LLP

Boston, Massachusetts

October 10, 2025

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

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

A total of 0.71% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $14,609,262 of distributions paid in the calendar year 2024 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.

The fund designates $14,745,553 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Specialized High Income Central Fund**

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

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

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. The Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Directors' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable in light of all of the surrounding circumstances. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Directors.

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

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating 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, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency 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, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

<u>Investment Performance</u>. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, and considered the fund's underperformance for different time periods ended February 28, 2025. The Board noted that the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is designed to offer a liquid investment option for other investment companies managed by Fidelity and ultimately to enhance the performance of those investment companies.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board considered that while the fund does not pay a management fee, FMR receives fees for providing services to funds that invest in the fund. The Board also noted that FMR bears all expenses of the fund with certain limited exceptions (i.e., custody fees, interest, taxes, fees and expenses of the Independent Directors, proxy and shareholder meeting expenses, and extraordinary expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable. Based on its review, the Board concluded that the management fee received for providing services to the fund and the fund's total expense ratio were reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

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

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

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

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** 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 and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img113701_4.jpg)<br>

1.820817.120 SHI-ANN-1025

**Fidelity® High Income Central Fund**

**Annual Report**

**August 31, 2025**

![](img113720_1.jpg)

![](img113720_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_HICII-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® High Income Central Fund](#Sub_Sec_Fund_2062_HICII-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2062_HICII-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_HICII-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_HICII-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_HICII-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_HICII-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_HICII-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_HICII-ANN)** |

---

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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

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

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® High Income Central Fund**

**Schedule of Investments August 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Alternative Funds - 2.0%** | &nbsp;&nbsp;**Alternative Funds - 2.0%** | &nbsp;&nbsp;**Alternative Funds - 2.0%** |
|  | Shares | Value ($)<br>|
| Fidelity Private Credit Company LLC (b)(c)<br>(Cost $35,046,398)<br>| 3578118 | **34249390** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities - 0.3%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.3%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.3%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| GRAND CAYMAN (UK OVERSEAS TER) - 0.3%  |  |  |
| 720 East CLO IV Ltd Series 2024-1A Class E, CME Term SOFR 3 month Index + 6.5%, 10.8176% 4/15/2037 (d)(e)(f) | 250000 | 252748 |
| Ares Loan Funding VII Ltd Series 2024-ALF7A Class E, CME Term SOFR 3 month Index + 6.25%, 10.582% 10/22/2037 (d)(e)(f) | 121000 | 121950 |
| Cifc Fdg 2025-Iii Ltd Series 2025-3A Class E, CME Term SOFR 3 month Index + 7.25%, 11.579% 7/21/2038 (d)(e)(f) | 314000 | 327391 |
| Croton Pk Clo Ltd Series 2024-1A Class E, CME Term SOFR 3 month Index + 5.55%, 9.8676% 10/15/2036 (d)(e)(f) | 543000 | 547529 |
| Flat Series 2025-30A Class D2, CME Term SOFR 3 month Index + 4.1%, 8.3834% 4/15/2038 (d)(e)(f) | 150000 | 150491 |
| Orchard Park Clo Ltd Series 2024-1A Class E, CME Term SOFR 3 month Index + 5.6%, 9.9255% 10/20/2037 (d)(e)(f) | 214000 | 215717 |
| Palmer Square Loan Funding Ltd Series 2024-3A Class D, CME Term SOFR 3 month Index + 5.4%, 9.6343% 8/8/2032 (d)(e)(f) | 2000000 | 1982780 |
| Sandstone Peak III Ltd Series 2024-1A Class D2A, CME Term SOFR 3 month Index + 5.25%, 9.5685% 4/25/2037 (d)(e)(f) | 1000000 | 1012510 |
| TOTAL GRAND CAYMAN (UK OVERSEAS TER) |  | 4611116 |
| UNITED STATES - 0.0%  |  |  |
| Goldentree Loan Management US Clo 7 Ltd Series 2024-7A Class ERR, CME Term SOFR 3 month Index + 5.25%, 9.5755% 4/20/2034 (d)(e)(f) | 250000 | 250565 |
| <br> **TOTAL ASSET-BACKED SECURITIES**<br> (Cost $4,843,941) |  | <br> **4861681** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bank Loan Obligations - 8.7%** | &nbsp;&nbsp;**Bank Loan Obligations - 8.7%** | &nbsp;&nbsp;**Bank Loan Obligations - 8.7%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| CANADA - 0.3%  |  |  |
| Consumer Staples - 0.3% |  |  |
| Household Products - 0.3% |  |  |
| Kronos Acquisition Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.2956% 7/8/2031 (e)(f)(g) | 6558480 | 4830321 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| DH Corporation/Societe DH 1LN, term loan CME Term SOFR 3 month Index + 7.25%, 11.5725% 9/13/2029 (e)(f)(g)(h) | 143645 | 143645 |
| TOTAL CANADA |  | 4973966 |
| FRANCE - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Altice France SA Tranche B14 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 9.8176% 8/15/2028 (e)(f)(g) | 1032185 | 943932 |
| SWITZERLAND - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Consolidated Energy Finance SA Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.816% 11/15/2030 (e)(f)(g) | 2128063 | 2012211 |
| UNITED KINGDOM - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Entertainment - 0.1% |  |  |
| Crown Finance US Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.8536% 12/2/2031 (e)(f)(g) | 1671600 | 1669511 |
| UNITED STATES - 8.2%  |  |  |
| Communication Services - 1.6% |  |  |
| Diversified Telecommunication Services - 1.1% |  |  |
| Aventiv Technologies LLC Tranche FLSO 1LN, term loan CME Term SOFR 1 month Index + 10%, 14.5794% 3/25/2026 (e)(f)(g) | 10237426 | 10715207 |
| Lumen Technologies Inc Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 2.35%, 6.7805% 4/16/2029 (e)(f)(g) | 5342767 | 5307184 |
| Lumen Technologies Inc Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 2.35%, 6.7805% 4/15/2030 (e)(f)(g) | 3284765 | 3261508 |
|  |  | 19283899 |
| Entertainment - 0.1% |  |  |
| AP Core Holdings II LLC Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.9305% 9/1/2027 (e)(f)(g) | 1213004 | 1167213 |
| Media - 0.4% |  |  |
| CMG Media Corp Tranche B2 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 7.8956% 6/18/2029 (e)(f)(g) | 6978763 | 6696123 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Crown Subsea Communications Holding Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.8176% 1/30/2031 (e)(f)(g) | 420750 | 423775 |
| TOTAL COMMUNICATION SERVICES |  | 27571010 |
| Consumer Discretionary - 1.0% |  |  |
| Broadline Retail - 0.3% |  |  |
| Great Outdoors Group LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.566% 1/23/2032 (e)(f)(g) | 5694112 | 5705500 |
| Diversified Consumer Services - 0.7% |  |  |
| Spin Holdco Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.5774% 3/4/2028 (e)(f)(g) | 9552788 | 8066183 |
| TKC Holdings Inc 1LN, term loan 13.5% 2/15/2027 (e)(g) | 838972 | 838972 |
| TKC Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 5%, 9.323% 5/15/2028 (e)(f)(g) | 1872821 | 1873608 |
|  |  | 10778763 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Herschend Entertainment Co LLC 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.573% 5/27/2032 (e)(f)(g) | 140000 | 140832 |
| TOTAL CONSUMER DISCRETIONARY |  | 16625095 |
| Consumer Staples - 0.4% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Northeast Grocery Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 7.5%, 11.6946% 12/13/2028 (e)(f)(g) | 675156 | 677405 |
| Food Products - 0.3% |  |  |
| Del Monte Foods Corp II Inc 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 0% 8/2/2028 (e)(f)(g)(j) | 1837875 | 133246 |
| Del Monte Foods Corp II Inc 1LN, term loan CME Term SOFR 3 month Index + 8.15%, 0% 8/2/2028 (e)(f)(g)(j) | 293500 | 139413 |
| Del Monte Foods Corp II Inc Tranche FLFO B 1LN, term loan CME Term SOFR 3 month Index + 8%, 0% 8/2/2028 (e)(f)(g)(j) | 243716 | 115764 |
| Del Monte Foods Corp II Inc Tranche TLA DIP, term loan CME Term SOFR 3 month Index + 0.1%, 13.9612% 3/30/2026 (e)(f)(g) | 1009574 | 962457 |
| Del Monte Foods Corp II Inc Tranche TLB DIP ROLLUP, term loan CME Term SOFR 3 month Index + 0.1%, 13.964% 3/30/2026 (e)(f)(g) | 1309724 | 1021585 |
| Nourish Buyer I Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.8294% 7/12/2032 (e)(f)(g) | 2630000 | 2610275 |
|  |  | 4982740 |
| Personal Care Products - 0.1% |  |  |
| Opal LLC Tranche B 1LN, term loan CME Term SOFR 6 month Index + 3.25%, 7.4352% 4/28/2032 (e)(f)(g) | 1435000 | 1442175 |
| TOTAL CONSUMER STAPLES |  | 7102320 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Mesquite Energy Inc 1LN, term loan 0% (e)(g)(h)(j) | 1710000 | 0 |
| Mesquite Energy Inc 1LN, term loan 3 month U.S. LIBOR + 8%, 0% (e)(f)(g)(h)(j) | 3964252 | 1 |
| New Fortress Energy Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 9.5699% 10/30/2028 (e)(f)(g) | 4668300 | 2223277 |
|  |  | 2223278 |
| Financials - 1.1% |  |  |
| Capital Markets - 0.0% |  |  |
| GTCR Everest Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0643% 9/5/2031 (e)(f)(g) | 283575 | 284040 |
| Financial Services - 0.8% |  |  |
| Cabazon Finance Authority 1LN term loan 13% 11/23/2026 (e)(g)(h) | 4123447 | 2552826 |
| Nexus Buyer LLC Tranche B 2LN, term loan CME Term SOFR 1 month Index + 5.75%, 10.066% 2/16/2032 (e)(f)(g) | 2295000 | 2280656 |
| Softbank Svf II Cayman LP 1LN, term loan 3 month U.S. LIBOR + 5%, 6% 12/31/2025 (e)(f)(g)(h) | 6967270 | 6967270 |
| WH Borrower LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 8.9535% 2/20/2032 (e)(f)(g) | 1440000 | 1443153 |
|  |  | 13243905 |
| Insurance - 0.3% |  |  |
| Acrisure LLC Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.316% 11/6/2030 (e)(f)(g) | 208589 | 208263 |
| Alera Group Inc 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.566% 5/31/2032 (e)(f)(g) | 505000 | 506778 |
| Alera Group Inc 2LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.816% 5/31/2033 (e)(f)(g) | 3280000 | 3394800 |
| CRC Insurance Group LLC 2LN, term loan CME Term SOFR 3 month Index + 4.75%, 9.0456% 5/6/2032 (e)(f)(g) | 1294737 | 1320632 |
| HUB International Ltd Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.8255% 6/20/2030 (e)(f)(g) | 547915 | 548830 |
| USI Inc/NY Tranche D 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.5456% 11/21/2029 (e)(f)(g) | 425102 | 424439 |
|  |  | 6403742 |
| TOTAL FINANCIALS |  | 19931687 |
| Health Care - 0.6% |  |  |
| Health Care Technology - 0.2% |  |  |
| Cotiviti Inc 1LN, term loan 7.625% 5/1/2031 (g) | 2220000 | 2244975 |
| Cotiviti Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.1036% 5/1/2031 (e)(f)(g) | 553021 | 552678 |
|  |  | 2797653 |
| Pharmaceuticals - 0.4% |  |  |
| 1261229 BC Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 6.25%, 10.566% 10/8/2030 (e)(f)(g) | 7295000 | 7187618 |
| TOTAL HEALTH CARE |  | 9985271 |
| Industrials - 1.3% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| Kaman Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.91% 2/26/2032 (e)(f)(g) | 2933276 | 2938791 |
| Kaman Corp Tranche B-DD 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 1.5835% 2/26/2032 (e)(f)(g)(k) | 276724 | 277244 |
|  |  | 3216035 |
| Air Freight & Logistics - 0.5% |  |  |
| Echo Global Logistics Inc 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 9.166% 11/23/2028 (e)(f)(g)(h) | 7106058 | 7098951 |
| Echo Global Logistics Inc 2LN, term loan CME Term SOFR 3 month Index + 7.25%, 11.666% 11/23/2029 (e)(f)(g)(h) | 915000 | 906765 |
|  |  | 8005716 |
| Building Products - 0.2% |  |  |
| Hobbs & Associates LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.066% 7/23/2031 (e)(f)(g) | 2764372 | 2761275 |
| Commercial Services & Supplies - 0.4% |  |  |
| Allied Universal Holdco LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5904% 8/6/2032 (e)(f)(g) | 2065000 | 2070865 |
| Ensemble RCM LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.3079% 8/1/2029 (e)(f)(g) | 164583 | 165238 |
| Neptune Bidco US Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 9.4294% 4/11/2029 (e)(f)(g) | 5410463 | 5248149 |
|  |  | 7484252 |
| Electrical Equipment - 0.0% |  |  |
| GrafTech Global Enterprises Inc Tranche NEW $1LN, term loan CME Term SOFR 1 month Index + 6%, 10.3226% 12/21/2029 (e)(f)(g) | 340789 | 345264 |
| GrafTech Global Enterprises Inc Tranche NEW $1LN, term loan CME Term SOFR 1 month Index + 6%, 3.75% 12/21/2029 (e)(f)(g)(k) | 194737 | 197294 |
|  |  | 542558 |
| Machinery - 0.0% |  |  |
| STS Operating Inc 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.416% 3/25/2031 (e)(f)(g) | 636938 | 631167 |
| Passenger Airlines - 0.0% |  |  |
| AAdvantage Loyalty IP Ltd Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.5755% 5/28/2032 (e)(f)(g) | 174563 | 175381 |
| TOTAL INDUSTRIALS |  | 22816384 |
| Information Technology - 1.9% |  |  |
| Communications Equipment - 0.1% |  |  |
| CommScope LLC 1LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.066% 12/17/2029 (e)(f)(g) | 2855000 | 2902279 |
| IT Services - 0.8% |  |  |
| Kaseya Inc 2LN, term loan CME Term SOFR 1 month Index + 5%, 9.316% 3/20/2033 (e)(f)(g) | 695000 | 695653 |
| X Corp 1LN, term loan 9.5% 10/26/2029 (g) | 9475000 | 9307483 |
| X Corp Tranche B1 1LN, term loan CME Term SOFR 3 month Index + 6.5%, 10.9579% 10/26/2029 (e)(f)(g) | 4263138 | 4164190 |
|  |  | 14167326 |
| Software - 1.0% |  |  |
| Applied Systems Inc 2LN, term loan CME Term SOFR 3 month Index + 5.25%, 8.7956% 2/23/2032 (e)(f)(g) | 25000 | 25575 |
| Ascend Learning LLC 2LN, term loan CME Term SOFR 1 month Index + 5.75%, 10.166% 12/10/2029 (e)(f)(g) | 143411 | 143267 |
| Ellucian Holdings Inc 2LN, term loan CME Term SOFR 1 month Index + 4.75%, 9.066% 11/22/2032 (e)(f)(g) | 890000 | 914475 |
| Finastra USA Inc 1LN, term loan CME Term SOFR 1 month Index + 7.25%, 11.428% 9/13/2029 (e)(f)(g)(h) | 6134695 | 6134695 |
| MH Sub I LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.566% 12/31/2031 (e)(f)(g) | 3157604 | 2723433 |
| MH Sub I LLC Tranche B 2LN, term loan CME Term SOFR 1 month Index + 6.25%, 10.566% 2/23/2029 (e)(f)(g) | 1525000 | 1316899 |
| Project Alpha Intermediate Holding Inc 2LN, term loan CME Term SOFR 1 month Index + 5%, 9.2956% 5/9/2033 (e)(f)(g) | 730000 | 726810 |
| UKG Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 6.81% 2/10/2031 (e)(f)(g) | 4691315 | 4687421 |
|  |  | 16672575 |
| TOTAL INFORMATION TECHNOLOGY |  | 33742180 |
| Materials - 0.2% |  |  |
| Chemicals - 0.2% |  |  |
| Discovery Purchaser Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.375%, 8.082% 10/4/2029 (e)(f)(g) | 2796237 | 2786926 |
| TOTAL UNITED STATES |  | 142784151 |
| <br> **TOTAL BANK LOAN OBLIGATIONS**<br> (Cost $159,586,315) |  | <br> **152383771** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 3.5%** | &nbsp;&nbsp;**Common Stocks - 3.5%** | &nbsp;&nbsp;**Common Stocks - 3.5%** |
|  | Shares | Value ($)<br>|
| HONG KONG - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Studio City International Holdings Ltd ADR (l) | 28000 | 134960 |
| Studio City International Holdings Ltd ADR (d)(l) | 25434 | 122592 |
| TOTAL HONG KONG |  | 257552 |
| LUXEMBOURG - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Travelport Finance Luxembourg Sarl (h)(l) | 261 | 552936 |
| UNITED STATES - 3.5%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| iHeartMedia Inc Class A (l) | 8204 | 17474 |
| Main Street Sports Group (h) | 1441 | 19526 |
|  |  | 37000 |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| UC Holdings Inc (h)(l) | 32168 | 0 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| New Cotai LLC / New Cotai Capital Corp (b)(h)(l) | 1330466 | 585405 |
| TOTAL CONSUMER DISCRETIONARY |  | 585405 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Northeast Grocery Inc (b)(h)(l) | 228430 | 1219816 |
| Southeastern Grocers Inc rights (h)(l) | 687397 | 26932 |
|  |  | 1246748 |
| Energy - 3.1% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| Forbes Energy Services Ltd (h)(l) | 72087 | 1 |
| KLX Energy Services Holdings Inc warrants 3/12/2030 (l) | 56003 | 109308 |
| Noble Corp PLC Tranche 1 warrants 2/4/2028 (l) | 27051 | 285821 |
| Noble Corp PLC Tranche 2 warrants 2/4/2028 (l) | 27051 | 222903 |
| Superior Energy Services Inc Class A (h)(l) | 15005 | 845232 |
| Tidewater Inc warrants 11/14/2042 (l) | 8251 | 546465 |
|  |  | 2009730 |
| Oil, Gas & Consumable Fuels - 3.0% |  |  |
| California Resources Corp  | 72074 | 3580636 |
| EP Energy Corp (h)(l) | 218900 | 345862 |
| Expand Energy Corp  | 31281 | 3027375 |
| Mesquite Energy Inc (h)(l) | 214437 | 43586403 |
| New Fortress Energy Inc Class A (m) | 210800 | 518568 |
| Tribune Resources Inc (h) | 182155 | 54647 |
|  |  | 51113491 |
| TOTAL ENERGY |  | 53123221 |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Incora Top Holdco LLC (h) | 1785 | 44072 |
| Utilities - 0.3% |  |  |
| Electric Utilities - 0.3% |  |  |
| PG&E Corp  | 350590 | 5357015 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| PureWest Energy LLC (h)(l) | 2832 | 637 |
| TOTAL UTILITIES |  | 5357652 |
| TOTAL UNITED STATES |  | 60394098 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $27,158,988) |  | <br> **61204586** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 0.6%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.6%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.6%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.6%  |  |  |
| Communication Services - 0.4% |  |  |
| Media - 0.4% |  |  |
| EchoStar Corp 3.875% 11/30/2030 pay-in-kind  | 3538306 | 7201160 |
| Consumer Discretionary - 0.2% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| New Cotai LLC 5% 2/24/2027 (h) | 1804866 | 2619944 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Coinbase Global Inc 0.25% 4/1/2030  | 40000 | 47269 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Wolfspeed Inc 1.875% (j) | 2949000 | 1054268 |
| TOTAL UNITED STATES |  | 10922641 |
| <br> **TOTAL CONVERTIBLE CORPORATE BONDS**<br> (Cost $7,181,622) |  | <br> **10922641** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 1.1%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 1.1%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 1.1%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 1.1%  |  |  |
| Financials - 1.1% |  |  |
| Capital Markets - 0.3% |  |  |
| KKR & Co Inc Series D 6.25%  | 85600 | 4688068 |
| Financial Services - 0.8% |  |  |
| Acrisure Holdings Inc Series A-2 (h) | 546507 | 13875813 |
| TOTAL FINANCIALS |  | 18563881 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $17,439,889) |  | <br> **18563881** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 77.8%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 77.8%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 77.8%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| AUSTRALIA - 0.5%  |  |  |
| Materials - 0.5% |  |  |
| Metals & Mining - 0.5% |  |  |
| Fortescue Treasury Pty Ltd 4.375% 4/1/2031 (d) | 2265000 | 2153723 |
| Fortescue Treasury Pty Ltd 5.875% 4/15/2030 (d) | 3405000 | 3476519 |
| Mineral Resources Ltd 8% 11/1/2027 (d) | 3025000 | 3078927 |
| Mineral Resources Ltd 8.5% 5/1/2030 (d) | 680000 | 705792 |
| TOTAL AUSTRALIA |  | 9414961 |
| BAILIWICK OF JERSEY - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobiles - 0.1% |  |  |
| Aston Martin Capital Holdings Ltd 10% 3/31/2029 (d) | 1745000 | 1697530 |
| BRAZIL - 0.5%  |  |  |
| Materials - 0.5% |  |  |
| Metals & Mining - 0.5% |  |  |
| ERO Copper Corp 6.5% 2/15/2030 (d) | 9285000 | 9052875 |
| CANADA - 1.8%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Hotels, Restaurants & Leisure - 0.4% |  |  |
| 1011778 BC ULC / New Red Finance Inc 4% 10/15/2030 (d) | 8005000 | 7484824 |
| Industrials - 0.6% |  |  |
| Aerospace & Defense - 0.3% |  |  |
| Bombardier Inc 7% 6/1/2032 (d) | 1845000 | 1926499 |
| Bombardier Inc 7.25% 7/1/2031 (d) | 2370000 | 2498660 |
| Bombardier Inc 7.875% 4/15/2027 (d) | 783000 | 787814 |
|  |  | 5212973 |
| Commercial Services & Supplies - 0.1% |  |  |
| Garda World Security Corp 8.25% 8/1/2032 (d) | 2495000 | 2593957 |
| Machinery - 0.1% |  |  |
| New Flyer Holdings Inc 9.25% 7/1/2030 (d) | 995000 | 1067333 |
| Passenger Airlines - 0.1% |  |  |
| Air Canada 3.875% 8/15/2026 (d) | 2110000 | 2084500 |
| TOTAL INDUSTRIALS |  | 10958763 |
| Information Technology - 0.4% |  |  |
| Software - 0.4% |  |  |
| Open Text Holdings Inc 4.125% 12/1/2031 (d) | 3200000 | 2944093 |
| Open Text Holdings Inc 4.125% 2/15/2030 (d)(m) | 3395000 | 3205049 |
|  |  | 6149142 |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| Hudbay Minerals Inc 6.125% 4/1/2029 (d) | 5025000 | 5079944 |
| New Gold Inc 6.875% 4/1/2032 (d) | 1805000 | 1881472 |
|  |  | 6961416 |
| TOTAL CANADA |  | 31554145 |
| COLOMBIA - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Canacol Energy Ltd 5.75% 11/24/2028 (d) | 3172000 | 1177605 |
| FINLAND - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Paper & Forest Products - 0.1% |  |  |
| Ahlstrom Holding 3 Oy 4.875% 2/4/2028 (d) | 1770000 | 1699804 |
| FRANCE - 3.0%  |  |  |
| Communication Services - 2.5% |  |  |
| Diversified Telecommunication Services - 2.5% |  |  |
| Altice France SA 5.125% 1/15/2029 (d) | 2270000 | 1946525 |
| Altice France SA 5.125% 7/15/2029 (d) | 12175000 | 10409625 |
| Altice France SA 5.5% 1/15/2028 (d) | 10490000 | 9231200 |
| Altice France SA 5.5% 10/15/2029 (d) | 19790000 | 16969926 |
| Maya SAS/Paris France 7% 4/15/2032 (d) | 2615000 | 2689776 |
| Maya SAS/Paris France 8.5% 4/15/2031 (d) | 2555000 | 2749527 |
|  |  | 43996579 |
| Consumer Staples - 0.4% |  |  |
| Personal Care Products - 0.4% |  |  |
| Opal Bidco SAS 6.5% 3/31/2032 (d) | 7560000 | 7692708 |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| Vallourec SACA 7.5% 4/15/2032 (d) | 1300000 | 1380454 |
| TOTAL FRANCE |  | 53069741 |
| GHANA - 0.2%  |  |  |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Tullow Oil PLC 10.25% 5/15/2026 (d) | 3457000 | 2911442 |
| HONG KONG - 0.2%  |  |  |
| Industrials - 0.2% |  |  |
| Marine Transportation - 0.2% |  |  |
| Seaspan Corp 5.5% 8/1/2029 (d) | 3440000 | 3260584 |
| INDIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| IT Services - 0.0% |  |  |
| CA Magnum Holdings 5.375% 10/31/2026 (d) | 770000 | 765187 |
| IRELAND - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Financial Services - 0.1% |  |  |
| GGAM Finance Ltd 6.875% 4/15/2029 (d) | 1690000 | 1749157 |
| ISRAEL - 0.3%  |  |  |
| Health Care - 0.3% |  |  |
| Pharmaceuticals - 0.3% |  |  |
| Teva Pharmaceutical Finance Netherlands III BV 6% 12/1/2032  | 1880000 | 1933243 |
| Teva Pharmaceutical Finance Netherlands IV BV 5.75% 12/1/2030  | 2830000 | 2892592 |
| TOTAL ISRAEL |  | 4825835 |
| LUXEMBOURG - 0.4%  |  |  |
| Communication Services - 0.4% |  |  |
| Media - 0.4% |  |  |
| Altice Financing SA 5.75% 8/15/2029 (d) | 3940000 | 3122450 |
| Altice France Holding SA 10.5% (d)(j) | 7650000 | 2754001 |
| Altice France Holding SA 6% 2/15/2028 (d) | 1970000 | 709139 |
|  |  | 6585590 |
| Materials - 0.0% |  |  |
| Containers & Packaging - 0.0% |  |  |
| ARD Finance SA 6.5% 6/30/2027 pay-in-kind (d)(e) | 2711380 | 94898 |
| TOTAL LUXEMBOURG |  | 6680488 |
| MACAU - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Studio City Finance Ltd 6.5% 1/15/2028 (d) | 2155000 | 2149785 |
| NORWAY - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| TGS ASA 8.5% 1/15/2030 (d) | 1465000 | 1494943 |
| PANAMA - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Sable International Finance Ltd 7.125% 10/15/2032 (d) | 2310000 | 2347538 |
| PUERTO RICO - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Media - 0.1% |  |  |
| Lcpr Senior Secured Financing Dac 5.125% 7/15/2029 (d) | 3220000 | 1851219 |
| SPAIN - 0.1%  |  |  |
| Utilities - 0.1% |  |  |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Atlantica Sustainable Infrastructure Ltd 4.125% 6/15/2028 (d) | 1485000 | 1438181 |
| SWITZERLAND - 0.4%  |  |  |
| Industrials - 0.2% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| VistaJet Malta Finance PLC / Vista Management Holding Inc 6.375% 2/1/2030 (d) | 4335000 | 4172699 |
| Materials - 0.2% |  |  |
| Chemicals - 0.2% |  |  |
| Consolidated Energy Finance SA 12% 2/15/2031 (d) | 3405000 | 3129480 |
| TOTAL SWITZERLAND |  | 7302179 |
| UNITED KINGDOM - 0.9%  |  |  |
| Communication Services - 0.4% |  |  |
| Media - 0.1% |  |  |
| Virgin Media Secured Finance PLC 4.5% 8/15/2030 (d) | 2690000 | 2525380 |
| Wireless Telecommunication Services - 0.3% |  |  |
| Vmed O2 UK Financing I PLC 4.25% 1/31/2031 (d) | 3415000 | 3152057 |
| Vmed O2 UK Financing I PLC 4.75% 7/15/2031 (d) | 1155000 | 1079992 |
|  |  | 4232049 |
| TOTAL COMMUNICATION SERVICES |  | 6757429 |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Macquarie Airfinance Holdings Ltd 6.4% 3/26/2029 (d) | 440000 | 462000 |
| Macquarie Airfinance Holdings Ltd 6.5% 3/26/2031 (d) | 675000 | 721952 |
|  |  | 1183952 |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| EG Global Finance PLC 12% 11/30/2028 (d) | 2855000 | 3152214 |
| Utilities - 0.3% |  |  |
| Independent Power and Renewable Electricity Producers - 0.3% |  |  |
| California Buyer Ltd / Atlantica Sustainable Infrastructure PLC 6.375% 2/15/2032 (d) | 2755000 | 2794391 |
| ContourGlobal Power Holdings SA 6.75% 2/28/2030 (d) | 1705000 | 1760412 |
|  |  | 4554803 |
| TOTAL UNITED KINGDOM |  | 15648398 |
| UNITED STATES - 68.4%  |  |  |
| Communication Services - 10.4% |  |  |
| Diversified Telecommunication Services - 2.9% |  |  |
| Cablevision Lightpath LLC 5.625% 9/15/2028 (d) | 3189000 | 3160229 |
| Consolidated Communications Inc 5% 10/1/2028 (d) | 1320000 | 1332401 |
| Frontier Communications Holdings LLC 5% 5/1/2028 (d) | 13230000 | 13195632 |
| Frontier Communications Holdings LLC 5.875% 11/1/2029  | 615475 | 620839 |
| Frontier Communications Holdings LLC 6% 1/15/2030 (d) | 3230000 | 3265630 |
| Level 3 Financing Inc 4% 4/15/2031 (d)(m) | 4090000 | 3425375 |
| Level 3 Financing Inc 4.5% 4/1/2030 (d) | 8155000 | 7319114 |
| Level 3 Financing Inc 4.875% 6/15/2029 (d) | 4570000 | 4261525 |
| Level 3 Financing Inc 6.875% 6/30/2033 (d) | 4995000 | 5039830 |
| Level 3 Financing Inc 7% 3/31/2034 (d) | 3465000 | 3488534 |
| Lumen Technologies Inc 4.125% 4/15/2029 (d) | 2937950 | 2879191 |
| Lumen Technologies Inc 4.125% 4/15/2030 (d) | 2938130 | 2879367 |
|  |  | 50867667 |
| Entertainment - 0.5% |  |  |
| Allen Media LLC / Allen Media Co-Issuer Inc 10.5% 2/15/2028 (d) | 7650000 | 3289500 |
| ROBLOX Corp 3.875% 5/1/2030 (d) | 6445000 | 6127643 |
|  |  | 9417143 |
| Media - 7.0% |  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.25% 1/15/2034 (d)(m) | 4035000 | 3503499 |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.5% 6/1/2033 (d) | 4305000 | 3839887 |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.75% 3/1/2030 (d) | 5630000 | 5410814 |
| Clear Channel Outdoor Holdings Inc 7.125% 2/15/2031 (d) | 1765000 | 1792849 |
| Clear Channel Outdoor Holdings Inc 7.5% 3/15/2033 (d) | 1765000 | 1796509 |
| Clear Channel Outdoor Holdings Inc 7.5% 6/1/2029 (d) | 3390000 | 3151659 |
| Clear Channel Outdoor Holdings Inc 7.75% 4/15/2028 (d) | 1520000 | 1478327 |
| Clear Channel Outdoor Holdings Inc 7.875% 4/1/2030 (d)(m) | 4730000 | 4927099 |
| CMG Media Corp 8.875% 6/18/2029 (d) | 4010000 | 3736217 |
| CSC Holdings LLC 3.375% 2/15/2031 (d) | 4055000 | 2593573 |
| CSC Holdings LLC 4.125% 12/1/2030 (d) | 2890000 | 1893636 |
| CSC Holdings LLC 4.5% 11/15/2031 (d) | 2425000 | 1573135 |
| CSC Holdings LLC 4.625% 12/1/2030 (d) | 8995000 | 3940869 |
| CSC Holdings LLC 5% 11/15/2031 (d) | 2290000 | 995948 |
| CSC Holdings LLC 5.75% 1/15/2030 (d) | 4090000 | 1921808 |
| DISH DBS Corp 5.125% 6/1/2029  | 10520000 | 8684266 |
| Dotdash Meredith Inc 7.625% 6/15/2032 (d) | 2645000 | 2591311 |
| EchoStar Corp 10.75% 11/30/2029  | 26341531 | 28350073 |
| EchoStar Corp 6.75% 11/30/2030 pay-in-kind (e) | 10864434 | 10718525 |
| EW Scripps Co/The 9.875% 8/15/2030 (d) | 1745000 | 1640366 |
| Gray Media Inc 5.375% 11/15/2031 (d) | 2970000 | 2189703 |
| Lamar Media Corp 4.875% 1/15/2029  | 1980000 | 1953314 |
| Nexstar Media Inc 5.625% 7/15/2027 (d) | 2905000 | 2901851 |
| Scripps Escrow II Inc 5.375% 1/15/2031 (d) | 1130000 | 797049 |
| Sirius XM Radio LLC 4.125% 7/1/2030 (d) | 2755000 | 2561614 |
| Sirius XM Radio LLC 5% 8/1/2027 (d) | 4530000 | 4509554 |
| Univision Communications Inc 7.375% 6/30/2030 (d)(m) | 3285000 | 3302937 |
| Univision Communications Inc 8.5% 7/31/2031 (d)(m) | 3990000 | 4111540 |
| Univision Communications Inc 9.375% 8/1/2032 (d) | 2710000 | 2853879 |
|  |  | 119721811 |
| TOTAL COMMUNICATION SERVICES |  | 180006621 |
| Consumer Discretionary - 6.9% |  |  |
| Automobile Components - 0.7% |  |  |
| Clarios Global LP / Clarios US Finance Co 6.75% 2/15/2030 (d) | 1425000 | 1476613 |
| Hertz Corp/The 4.625% 12/1/2026 (d) | 2330000 | 2159750 |
| Hertz Corp/The 5% 12/1/2029 (d) | 3040000 | 2189187 |
| Hertz Corp/The 5.5% (j)(n) | 3155000 | 165638 |
| Hertz Corp/The 6% (j)(n) | 3900000 | 624000 |
| Hertz Corp/The 6.25% (j)(n) | 2880000 | 172800 |
| Hertz Corp/The 7.125% (j)(n) | 3980000 | 756200 |
| Nesco Holdings II Inc 5.5% 4/15/2029 (d) | 1770000 | 1726748 |
| Patrick Industries Inc 6.375% 11/1/2032 (d)(m) | 2865000 | 2906265 |
|  |  | 12177201 |
| Broadline Retail - 0.2% |  |  |
| Macy's Retail Holdings LLC 6.125% 3/15/2032 (d) | 1065000 | 1039487 |
| Match Group Holdings II LLC 4.125% 8/1/2030 (d) | 1515000 | 1426527 |
| Wayfair LLC 7.25% 10/31/2029 (d)(m) | 1370000 | 1396892 |
|  |  | 3862906 |
| Diversified Consumer Services - 0.5% |  |  |
| Service Corp International/US 5.125% 6/1/2029 (m) | 1845000 | 1831124 |
| TKC Holdings Inc 10.5% 5/15/2029 (d) | 5639000 | 5757335 |
| WASH Multifamily Acquisition Inc 5.75% 4/15/2026 (d)(m) | 1640000 | 1639081 |
|  |  | 9227540 |
| Hotels, Restaurants & Leisure - 3.5% |  |  |
| Carnival Corp 5.75% 3/15/2030 (d) | 1940000 | 1988798 |
| Carnival Corp 5.75% 8/1/2032 (d) | 4295000 | 4370163 |
| Carnival Corp 5.875% 6/15/2031 (d) | 2625000 | 2691006 |
| CEC Entertainment LLC 6.75% 5/1/2026 (d) | 2250000 | 2240836 |
| Churchill Downs Inc 5.75% 4/1/2030 (d)(m) | 4600000 | 4600727 |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc 4.625% 1/15/2029 (d) | 3220000 | 3078161 |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc 6.75% 1/15/2030 (d) | 1660000 | 1561147 |
| Hilton Domestic Operating Co Inc 3.625% 2/15/2032 (d) | 2170000 | 1980705 |
| Hilton Domestic Operating Co Inc 3.75% 5/1/2029 (d)(m) | 2250000 | 2157842 |
| Hilton Domestic Operating Co Inc 5.875% 3/15/2033 (d)(m) | 3340000 | 3408581 |
| Hilton Domestic Operating Co Inc 6.125% 4/1/2032 (d)(m) | 1450000 | 1489225 |
| Jacobs Entertainment Inc 6.75% 2/15/2029 (d) | 1245000 | 1207242 |
| KFC Holding Co/Pizza Hut Holdings LLC/Taco Bell of America LLC 4.75% 6/1/2027 (d) | 1575000 | 1572390 |
| Lindblad Expeditions LLC 7% 9/15/2030 (d) | 1095000 | 1121390 |
| Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC 8.25% 4/15/2030 (d) | 1870000 | 1932467 |
| NCL Corp Ltd 5.875% 3/15/2026 (d) | 117000 | 117277 |
| NCL Corp Ltd 7.75% 2/15/2029 (d) | 3375000 | 3605567 |
| NCL Finance Ltd 6.125% 3/15/2028 (d) | 1010000 | 1024312 |
| Papa John's International Inc 3.875% 9/15/2029 (d) | 870000 | 835189 |
| Royal Caribbean Cruises Ltd 4.25% 7/1/2026 (d) | 3870000 | 3863033 |
| Royal Caribbean Cruises Ltd 6% 2/1/2033 (d) | 3605000 | 3698625 |
| Royal Caribbean Cruises Ltd 6.25% 3/15/2032 (d) | 1805000 | 1862904 |
| Station Casinos LLC 4.625% 12/1/2031 (d)(m) | 5605000 | 5303865 |
| Yum! Brands Inc 4.625% 1/31/2032  | 3535000 | 3417023 |
|  |  | 59128475 |
| Household Durables - 0.3% |  |  |
| Ashton Woods USA LLC / Ashton Woods Finance Co 4.625% 8/1/2029 (d)(m) | 1380000 | 1322967 |
| LGI Homes Inc 7% 11/15/2032 (d)(m) | 2545000 | 2482024 |
| Tri Pointe Homes Inc 5.7% 6/15/2028  | 795000 | 807865 |
|  |  | 4612856 |
| Leisure Products - 0.0% |  |  |
| Mattel Inc 3.375% 4/1/2026 (d) | 745000 | 738334 |
| Specialty Retail - 1.7% |  |  |
| Asbury Automotive Group Inc 4.5% 3/1/2028 (m) | 681000 | 672969 |
| Asbury Automotive Group Inc 4.625% 11/15/2029 (d) | 2170000 | 2107477 |
| Asbury Automotive Group Inc 4.75% 3/1/2030 (m) | 680000 | 664138 |
| Asbury Automotive Group Inc 5% 2/15/2032 (d)(m) | 2170000 | 2086217 |
| Bath & Body Works Inc 6.625% 10/1/2030 (d)(m) | 2820000 | 2894987 |
| Carvana Co 9% 12/1/2028 pay-in-kind (d)(e) | 336501 | 344163 |
| Carvana Co 9% 6/1/2030 pay-in-kind (d)(e) | 508760 | 532185 |
| Carvana Co 9% 6/1/2031 pay-in-kind (d)(e) | 695892 | 789551 |
| Group 1 Automotive Inc 6.375% 1/15/2030 (d) | 1275000 | 1306387 |
| Hudson Automotive Group 8% 5/15/2032 (d) | 825000 | 874353 |
| LBM Acquisition LLC 6.25% 1/15/2029 (d) | 2455000 | 2252175 |
| LBM Acquisition LLC 9.5% 6/15/2031 (d) | 2590000 | 2714372 |
| LCM Investments Holdings II LLC 4.875% 5/1/2029 (d) | 3740000 | 3672743 |
| Michaels Cos Inc/The 5.25% 5/1/2028 (d) | 1320000 | 1041769 |
| PetSmart LLC / PetSmart Finance Corp 7.5% 9/15/2032 (d) | 1610000 | 1593289 |
| Sally Holdings LLC / Sally Capital Inc 6.75% 3/1/2032 (m) | 3270000 | 3392602 |
| Staples Inc 10.75% 9/1/2029 (d) | 1400000 | 1340500 |
| Victoria's Secret & Co 4.625% 7/15/2029 (d) | 1665000 | 1579771 |
|  |  | 29859648 |
| TOTAL CONSUMER DISCRETIONARY |  | 119606960 |
| Consumer Staples - 3.4% |  |  |
| Beverages - 0.3% |  |  |
| Primo Water Holdings Inc / Triton Water Holdings Inc 6.25% 4/1/2029 (d) | 4570000 | 4594060 |
| Consumer Staples Distribution & Retail - 1.9% |  |  |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 3.5% 3/15/2029 (d) | 1805000 | 1716129 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 4.875% 2/15/2030 (d)(m) | 8910000 | 8774940 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 6.25% 3/15/2033 (d) | 3155000 | 3227221 |
| Performance Food Group Inc 4.25% 8/1/2029 (d) | 1500000 | 1452561 |
| Performance Food Group Inc 5.5% 10/15/2027 (d) | 6175000 | 6166607 |
| Performance Food Group Inc 6.125% 9/15/2032 (d)(m) | 2935000 | 3004019 |
| US Foods Inc 4.75% 2/15/2029 (d) | 3360000 | 3309567 |
| US Foods Inc 6.875% 9/15/2028 (d) | 3035000 | 3126982 |
| US Foods Inc 7.25% 1/15/2032 (d) | 1800000 | 1889994 |
|  |  | 32668020 |
| Food Products - 1.1% |  |  |
| Chobani Holdco II LLC 9.5% 10/1/2029 pay-in-kind (d)(e) | 1320105 | 1424903 |
| Chobani LLC / Chobani Finance Corp Inc 4.625% 11/15/2028 (d)(m) | 1965000 | 1935313 |
| Chobani LLC / Chobani Finance Corp Inc 7.625% 7/1/2029 (d)(m) | 2955000 | 3085076 |
| Fiesta Purchaser Inc 7.875% 3/1/2031 (d) | 1215000 | 1289425 |
| Fiesta Purchaser Inc 9.625% 9/15/2032 (d) | 785000 | 843412 |
| Kraft Heinz Foods Co 5.5% 6/1/2050  | 855000 | 773535 |
| Lamb Weston Holdings Inc 4.125% 1/31/2030 (d)(m) | 2290000 | 2195542 |
| Post Holdings Inc 4.625% 4/15/2030 (d) | 625000 | 602740 |
| Post Holdings Inc 6.25% 10/15/2034 (d)(m) | 1515000 | 1523973 |
| Post Holdings Inc 6.25% 2/15/2032 (d)(m) | 4185000 | 4299109 |
| TreeHouse Foods Inc 4% 9/1/2028  | 860000 | 798844 |
|  |  | 18771872 |
| Household Products - 0.1% |  |  |
| Central Garden & Pet Co 4.125% 10/15/2030 (m) | 1675000 | 1584286 |
| Personal Care Products - 0.0% |  |  |
| BellRing Brands Inc 7% 3/15/2030 (d) | 845000 | 873959 |
| Tobacco - 0.0% |  |  |
| Turning Point Brands Inc 7.625% 3/15/2032 (d) | 1490000 | 1557659 |
| TOTAL CONSUMER STAPLES |  | 60049856 |
| Energy - 8.4% |  |  |
| Energy Equipment & Services - 0.7% |  |  |
| Archrock Partners LP / Archrock Partners Finance Corp 6.25% 4/1/2028 (d)(m) | 2625000 | 2633791 |
| Archrock Partners LP / Archrock Partners Finance Corp 6.875% 4/1/2027 (d) | 252000 | 252230 |
| KLX Energy Services Holdings Inc CME Term SOFR 3 month Index + 8.5%, 12.8524% 3/12/2030 pay-in-kind (d)(e)(f) | 2782891 | 2643746 |
| Nabors Industries Inc 8.875% 8/15/2031 (d) | 845000 | 761017 |
| Nabors Industries Ltd 7.5% 1/15/2028 (d) | 4840000 | 4858315 |
| Transocean Inc 8.25% 5/15/2029 (d) | 705000 | 681928 |
| Transocean Inc 8.5% 5/15/2031 (d) | 1405000 | 1320101 |
|  |  | 13151128 |
| Oil, Gas & Consumable Fuels - 7.7% |  |  |
| Alpha Natural Resources Inc 9.75% (h)(j) | 1099000 | 0 |
| Ascent Resources Utica Holdings LLC / ARU Finance Corp 6.625% 7/15/2033 (d) | 2230000 | 2263686 |
| Blue Racer Midstream LLC / Blue Racer Finance Corp 7.25% 7/15/2032 (d) | 2120000 | 2249812 |
| California Resources Corp 8.25% 6/15/2029 (d) | 4065000 | 4199860 |
| Caturus Energy LLC 8.5% 2/15/2030 (d) | 1365000 | 1416190 |
| CITGO Petroleum Corp 6.375% 6/15/2026 (d) | 2760000 | 2758244 |
| CNX Resources Corp 6% 1/15/2029 (d) | 1385000 | 1387980 |
| CNX Resources Corp 7.25% 3/1/2032 (d)(m) | 2585000 | 2682315 |
| CNX Resources Corp 7.375% 1/15/2031 (d)(m) | 2185000 | 2266101 |
| Comstock Resources Inc 5.875% 1/15/2030 (d) | 5120000 | 4805226 |
| Comstock Resources Inc 6.75% 3/1/2029 (d)(m) | 3795000 | 3741283 |
| Comstock Resources Inc 6.75% 3/1/2029 (d) | 1345000 | 1323894 |
| CQP Holdco LP / BIP-V Chinook Holdco LLC 5.5% 6/15/2031 (d)(m) | 7640000 | 7534999 |
| Delek Logistics Partners LP / Delek Logistics Finance Corp 7.125% 6/1/2028 (d) | 1520000 | 1525846 |
| DT Midstream Inc 4.125% 6/15/2029 (d) | 3295000 | 3202338 |
| DT Midstream Inc 4.375% 6/15/2031 (d) | 3295000 | 3170119 |
| EQT Corp 3.625% 5/15/2031 (d) | 1720000 | 1606614 |
| Excelerate Energy LP 8% 5/15/2030 (d)(m) | 1695000 | 1804983 |
| Expand Energy Corp 4.75% 2/1/2032  | 2135000 | 2078067 |
| Expand Energy Corp 5.375% 2/1/2029  | 1625000 | 1628063 |
| Global Partners LP / GLP Finance Corp 6.875% 1/15/2029  | 2395000 | 2427108 |
| Global Partners LP / GLP Finance Corp 7.125% 7/1/2033 (d) | 725000 | 742035 |
| Global Partners LP / GLP Finance Corp 8.25% 1/15/2032 (d) | 820000 | 862025 |
| Harvest Midstream I LP 7.5% 9/1/2028 (d) | 5845000 | 5907781 |
| Hess Midstream Operations LP 4.25% 2/15/2030 (d) | 2060000 | 2000334 |
| Hess Midstream Operations LP 5.125% 6/15/2028 (d) | 3125000 | 3118053 |
| Hess Midstream Operations LP 5.5% 10/15/2030 (d) | 1020000 | 1025544 |
| Howard Midstream Energy Partners LLC 7.375% 7/15/2032 (d)(m) | 3235000 | 3373519 |
| Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp 6.875% 12/1/2032 (d) | 4865000 | 4998213 |
| Murphy Oil USA Inc 3.75% 2/15/2031 (d)(m) | 3475000 | 3217126 |
| Northern Oil & Gas Inc 8.125% 3/1/2028 (d)(m) | 3610000 | 3637227 |
| Northern Oil & Gas Inc 8.75% 6/15/2031 (d) | 2390000 | 2455323 |
| Occidental Petroleum Corp 4.4% 4/15/2046  | 1750000 | 1325867 |
| Occidental Petroleum Corp 4.5% 7/15/2044  | 815000 | 613678 |
| ONEOK Inc 5.625% 1/15/2028 (d) | 1060000 | 1084582 |
| ONEOK Inc 6.5% 9/1/2030 (d)(m) | 2150000 | 2313763 |
| PBF Holding Co LLC / PBF Finance Corp 6% 2/15/2028  | 3175000 | 3118638 |
| PBF Holding Co LLC / PBF Finance Corp 7.875% 9/15/2030 (d) | 3440000 | 3330916 |
| PBF Holding Co LLC / PBF Finance Corp 9.875% 3/15/2030 (d) | 3850000 | 3974894 |
| Permian Resources Operating LLC 5.875% 7/1/2029 (d) | 3410000 | 3410000 |
| Permian Resources Operating LLC 6.25% 2/1/2033 (d) | 3860000 | 3931811 |
| Sunoco LP / Sunoco Finance Corp 4.5% 5/15/2029 (m) | 3080000 | 3002209 |
| Sunoco LP 6.25% 7/1/2033 (d)(m) | 4945000 | 5053914 |
| Sunoco LP 7.25% 5/1/2032 (d)(m) | 1665000 | 1761368 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 6% 12/31/2030 (d)(m) | 2370000 | 2334920 |
| Venture Global Calcasieu 3.875% 8/15/2029 (d) | 2030000 | 1946142 |
| Venture Global Calcasieu 4.125% 8/15/2031 (d) | 585000 | 549256 |
| Venture Global Plaquemines LNG LLC 6.5% 1/15/2034 (d) | 1765000 | 1842602 |
| Venture Global Plaquemines LNG LLC 6.75% 1/15/2036 (d) | 2975000 | 3122115 |
| Venture Global Plaquemines LNG LLC 7.5% 5/1/2033 (d) | 1880000 | 2062121 |
| Venture Global Plaquemines LNG LLC 7.75% 5/1/2035 (d) | 1920000 | 2137812 |
| Vnom Sub Inc 5.375% 11/1/2027 (d) | 1105000 | 1104275 |
|  |  | 133430791 |
| TOTAL ENERGY |  | 146581919 |
| Financials - 8.0% |  |  |
| Capital Markets - 1.9% |  |  |
| Aretec Group Inc 10% 8/15/2030 (d) | 3020000 | 3296390 |
| Coinbase Global Inc 3.375% 10/1/2028 (d) | 4055000 | 3847665 |
| Coinbase Global Inc 3.625% 10/1/2031 (d)(m) | 6385000 | 5714859 |
| Focus Financial Partners LLC 6.75% 9/15/2031 (d)(m) | 3140000 | 3244798 |
| Hightower Holding LLC 6.75% 4/15/2029 (d) | 970000 | 966685 |
| Jane Street Group / JSG Finance Inc 6.125% 11/1/2032 (d) | 2335000 | 2345792 |
| Jane Street Group / JSG Finance Inc 6.75% 5/1/2033 (d) | 2785000 | 2877896 |
| Jane Street Group / JSG Finance Inc 7.125% 4/30/2031 (d) | 3040000 | 3176050 |
| Jefferies Finance LLC / JFIN Co-Issuer Corp 6.625% 10/15/2031 (d)(m) | 4690000 | 4702944 |
| MSCI Inc 4% 11/15/2029 (d) | 2265000 | 2214001 |
|  |  | 32387080 |
| Consumer Finance - 0.5% |  |  |
| Ally Financial Inc 8% 11/1/2031  | 2573000 | 2933717 |
| Ally Financial Inc 8% 11/1/2031  | 1623000 | 1857451 |
| OneMain Finance Corp 7.125% 11/15/2031  | 1730000 | 1797408 |
| OneMain Finance Corp 7.125% 3/15/2026  | 1572000 | 1589320 |
| RFNA LP 7.875% 2/15/2030 (d)(m) | 1065000 | 1102222 |
|  |  | 9280118 |
| Financial Services - 3.2% |  |  |
| Block Inc 2.75% 6/1/2026  | 3055000 | 3003238 |
| Block Inc 3.5% 6/1/2031 (m) | 3255000 | 3006985 |
| Block Inc 5.625% 8/15/2030 (d) | 1665000 | 1701965 |
| Block Inc 6% 8/15/2033 (d) | 1315000 | 1350046 |
| Block Inc 6.5% 5/15/2032  | 3805000 | 3942472 |
| Boost Newco Borrower LLC 7.5% 1/15/2031 (d) | 6810000 | 7224988 |
| Clue Opco LLC 9.5% 10/15/2031 (d)(m) | 2745000 | 2922341 |
| Freedom Mortgage Holdings LLC 8.375% 4/1/2032 (d) | 1430000 | 1474877 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 10% 11/15/2029 (d) | 2560000 | 2534103 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 5.25% 5/15/2027 (m) | 6375000 | 6218907 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 9% 6/15/2030  | 3115000 | 2967458 |
| NFE Financing LLC 12% 11/15/2029 (d) | 6720000 | 2469600 |
| PennyMac Financial Services Inc 6.875% 2/15/2033 (d) | 2150000 | 2196771 |
| Raven Acquisition Holdings LLC 6.875% 11/15/2031 (d) | 4865000 | 4956048 |
| Rocket Cos Inc 6.125% 8/1/2030 (d) | 885000 | 910621 |
| Rocket Cos Inc 6.375% 8/1/2033 (d) | 2645000 | 2744783 |
| Walker & Dunlop Inc 6.625% 4/1/2033 (d) | 1100000 | 1144451 |
| Windstream Services LLC / Windstream Escrow Finance Corp 8.25% 10/1/2031 (d) | 5425000 | 5642960 |
|  |  | 56412614 |
| Insurance - 2.4% |  |  |
| Acrisure LLC / Acrisure Finance Inc 6% 8/1/2029 (d) | 2255000 | 2209914 |
| Acrisure LLC / Acrisure Finance Inc 6.75% 7/1/2032 (d) | 955000 | 979834 |
| Acrisure LLC / Acrisure Finance Inc 7.5% 11/6/2030 (d) | 2105000 | 2180974 |
| Acrisure LLC / Acrisure Finance Inc 8.5% 6/15/2029 (d) | 3305000 | 3475013 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 5.875% 11/1/2029 (d) | 3225000 | 3186498 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 6.5% 10/1/2031 (d) | 1545000 | 1579339 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 6.75% 10/15/2027 (d) | 10645000 | 10670538 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 7.375% 10/1/2032 (d) | 1205000 | 1241433 |
| AmWINS Group Inc 4.875% 6/30/2029 (d) | 1400000 | 1365802 |
| Amynta Agency Borrower Inc and Amynta Warranty Borrower Inc 7.5% 7/15/2033 (d) | 3180000 | 3248357 |
| HUB International Ltd 7.25% 6/15/2030 (d) | 6635000 | 6940037 |
| Panther Escrow Issuer LLC 7.125% 6/1/2031 (d) | 3120000 | 3237593 |
| Ryan Specialty LLC 5.875% 8/1/2032 (d) | 910000 | 916224 |
|  |  | 41231556 |
| TOTAL FINANCIALS |  | 139311368 |
| Health Care - 6.7% |  |  |
| Biotechnology - 0.0% |  |  |
| Emergent BioSolutions Inc 3.875% 8/15/2028 (d) | 1470000 | 1230744 |
| Health Care Equipment & Supplies - 0.8% |  |  |
| Avantor Funding Inc 3.875% 11/1/2029 (d)(m) | 2990000 | 2840949 |
| Avantor Funding Inc 4.625% 7/15/2028 (d) | 2465000 | 2426021 |
| Hologic Inc 3.25% 2/15/2029 (d)(m) | 2525000 | 2412300 |
| Insulet Corp 6.5% 4/1/2033 (d) | 625000 | 647968 |
| Medline Borrower LP 3.875% 4/1/2029 (d) | 3300000 | 3168814 |
| Medline Borrower LP/Medline Co-Issuer Inc 6.25% 4/1/2029 (d)(m) | 2705000 | 2778833 |
|  |  | 14274885 |
| Health Care Providers & Services - 4.1% |  |  |
| Acadia Healthcare Co Inc 7.375% 3/15/2033 (d) | 1105000 | 1150729 |
| AHP Health Partners Inc 5.75% 7/15/2029 (d) | 2665000 | 2646184 |
| CHS/Community Health Systems Inc 10.875% 1/15/2032 (d) | 885000 | 936534 |
| CHS/Community Health Systems Inc 4.75% 2/15/2031 (d) | 12575000 | 10718857 |
| CHS/Community Health Systems Inc 5.25% 5/15/2030 (d) | 5265000 | 4719151 |
| CHS/Community Health Systems Inc 6.125% 4/1/2030 (d) | 9510000 | 6834099 |
| CHS/Community Health Systems Inc 6.875% 4/15/2029 (d) | 3115000 | 2476420 |
| DaVita Inc 3.75% 2/15/2031 (d)(m) | 3345000 | 3052324 |
| DaVita Inc 4.625% 6/1/2030 (d) | 3480000 | 3350281 |
| DaVita Inc 6.75% 7/15/2033 (d) | 2615000 | 2710259 |
| DaVita Inc 6.875% 9/1/2032 (d)(m) | 1535000 | 1588007 |
| Encompass Health Corp 5.75% 9/15/2025  | 1372000 | 1370628 |
| HAH Group Holding Co LLC 9.75% 10/1/2031 (d) | 1395000 | 1289809 |
| HealthEquity Inc 4.5% 10/1/2029 (d) | 1005000 | 971522 |
| Molina Healthcare Inc 3.875% 5/15/2032 (d) | 3495000 | 3124968 |
| Molina Healthcare Inc 6.25% 1/15/2033 (d) | 945000 | 951720 |
| Team Health Holdings Inc 8.375% 6/30/2028 (d) | 1740000 | 1761350 |
| Tenet Healthcare Corp 4.375% 1/15/2030 (m) | 4045000 | 3927979 |
| Tenet Healthcare Corp 6.125% 10/1/2028 (m) | 7640000 | 7645516 |
| Tenet Healthcare Corp 6.125% 6/15/2030  | 3505000 | 3558532 |
| Tenet Healthcare Corp 6.75% 5/15/2031 (m) | 5280000 | 5487816 |
| Tenet Healthcare Corp 6.875% 11/15/2031  | 330000 | 354364 |
|  |  | 70627049 |
| Health Care Technology - 0.1% |  |  |
| IQVIA Inc 6.5% 5/15/2030 (d)(m) | 1875000 | 1944281 |
| Pharmaceuticals - 1.7% |  |  |
| 1261229 BC Ltd 10% 4/15/2032 (d) | 11610000 | 12055255 |
| Amneal Pharmaceuticals LLC 6.875% 8/1/2032 (d) | 1665000 | 1713144 |
| Bausch Health Americas Inc 8.5% 1/31/2027 (d) | 2025000 | 2019938 |
| Bausch Health Cos Inc 5.25% 1/30/2030 (d) | 3200000 | 2329952 |
| Bausch Health Cos Inc 5.25% 2/15/2031 (d) | 430000 | 290250 |
| Endo Finance Holdings Inc 8.5% 4/15/2031 (d)(m) | 2040000 | 2171798 |
| Jazz Securities DAC 4.375% 1/15/2029 (d) | 1980000 | 1938314 |
| Organon & Co / Organon Foreign Debt Co-Issuer BV 4.125% 4/30/2028 (d)(m) | 3855000 | 3691726 |
| Organon & Co / Organon Foreign Debt Co-Issuer BV 5.125% 4/30/2031 (d)(m) | 3845000 | 3294718 |
|  |  | 29505095 |
| TOTAL HEALTH CARE |  | 117582054 |
| Industrials - 10.3% |  |  |
| Aerospace & Defense - 2.7% |  |  |
| AAR Escrow Issuer LLC 6.75% 3/15/2029 (d) | 2285000 | 2351305 |
| ATI Inc 4.875% 10/1/2029 (m) | 1455000 | 1425386 |
| ATI Inc 5.125% 10/1/2031 (m) | 845000 | 824736 |
| ATI Inc 5.875% 12/1/2027  | 3530000 | 3524843 |
| Moog Inc 4.25% 12/15/2027 (d) | 735000 | 723508 |
| OneSky Flight LLC 8.875% 12/15/2029 (d) | 1315000 | 1381523 |
| TransDigm Inc 4.625% 1/15/2029 (m) | 8515000 | 8332057 |
| TransDigm Inc 6% 1/15/2033 (d) | 1545000 | 1562346 |
| TransDigm Inc 6.25% 1/31/2034 (d)(m) | 590000 | 605370 |
| TransDigm Inc 6.375% 3/1/2029 (d) | 5895000 | 6035496 |
| TransDigm Inc 6.375% 5/31/2033 (d) | 8505000 | 8618023 |
| TransDigm Inc 6.625% 3/1/2032 (d) | 2360000 | 2430078 |
| TransDigm Inc 6.75% 1/31/2034 (d) | 3040000 | 3138076 |
| TransDigm Inc 6.875% 12/15/2030 (d) | 5310000 | 5506443 |
|  |  | 46459190 |
| Building Products - 1.1% |  |  |
| Advanced Drainage Systems Inc 5% 9/30/2027 (d) | 505000 | 501411 |
| Advanced Drainage Systems Inc 6.375% 6/15/2030 (d) | 2620000 | 2672141 |
| Builders FirstSource Inc 6.375% 3/1/2034 (d)(m) | 5170000 | 5324743 |
| EMRLD Borrower LP / Emerald Co-Issuer Inc 6.625% 12/15/2030 (d) | 5915000 | 6074859 |
| EMRLD Borrower LP / Emerald Co-Issuer Inc 6.75% 7/15/2031 (d) | 1890000 | 1954921 |
| Masterbrand Inc 7% 7/15/2032 (d)(m) | 1055000 | 1092878 |
| Miter Brands Acquisition Holdco Inc / MIWD Borrower LLC 6.75% 4/1/2032 (d) | 1065000 | 1097869 |
| MIWD Holdco II LLC / MIWD Finance Corp 5.5% 2/1/2030 (d)(m) | 590000 | 579993 |
|  |  | 19298815 |
| Commercial Services & Supplies - 2.5% |  |  |
| Allied Universal Holdco LLC / Allied Universal Finance Corp 6% 6/1/2029 (d) | 2905000 | 2872924 |
| Allied Universal Holdco LLC 7.875% 2/15/2031 (d) | 7725000 | 8118010 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl 4.625% 6/1/2028 (d) | 1478000 | 1444788 |
| Artera Services LLC 8.5% 2/15/2031 (d) | 2915000 | 2547228 |
| Brand Industrial Services Inc 10.375% 8/1/2030 (d) | 3975000 | 3902597 |
| Brink's Co/The 6.5% 6/15/2029 (d)(m) | 3405000 | 3501678 |
| Brink's Co/The 6.75% 6/15/2032 (d)(m) | 2895000 | 2999278 |
| CoreCivic Inc 8.25% 4/15/2029  | 2225000 | 2354869 |
| GEO Group Inc/The 10.25% 4/15/2031  | 2570000 | 2833099 |
| GEO Group Inc/The 8.625% 4/15/2029  | 1560000 | 1650750 |
| Madison IAQ LLC 4.125% 6/30/2028 (d) | 2295000 | 2231134 |
| Madison IAQ LLC 5.875% 6/30/2029 (d) | 3625000 | 3588910 |
| Neptune Bidco US Inc 9.29% 4/15/2029 (d) | 3150000 | 3126375 |
| OT Midco Inc 10% 2/15/2030 (d) | 2155000 | 1472354 |
| Reworld Holding Corp 4.875% 12/1/2029 (d) | 1355000 | 1310192 |
|  |  | 43954186 |
| Construction & Engineering - 0.4% |  |  |
| Arcosa Inc 4.375% 4/15/2029 (d) | 1425000 | 1383600 |
| Pike Corp 5.5% 9/1/2028 (d) | 5595000 | 5596623 |
|  |  | 6980223 |
| Electrical Equipment - 0.9% |  |  |
| GrafTech Global Enterprises Inc 9.875% 12/23/2029 (d) | 1850000 | 1572499 |
| Sensata Technologies BV 4% 4/15/2029 (d) | 5180000 | 4961541 |
| Vertiv Group Corp 4.125% 11/15/2028 (d) | 3505000 | 3421350 |
| WESCO Distribution Inc 6.625% 3/15/2032 (d)(m) | 5170000 | 5360648 |
|  |  | 15316038 |
| Ground Transportation - 1.0% |  |  |
| Avis Budget Car Rental LLC / Avis Budget Finance Inc 5.375% 3/1/2029 (d) | 1470000 | 1426221 |
| Genesee & Wyoming Inc 6.25% 4/15/2032 (d) | 4475000 | 4550184 |
| Uber Technologies Inc 4.5% 8/15/2029 (d)(m) | 7335000 | 7329076 |
| Uber Technologies Inc 6.25% 1/15/2028 (d) | 2145000 | 2147040 |
| Uber Technologies Inc 7.5% 9/15/2027 (d)(m) | 1507000 | 1506706 |
|  |  | 16959227 |
| Machinery - 0.2% |  |  |
| Beach Acquisition Bidco LLC 10% 7/15/2033 pay-in-kind (d)(e) | 2615000 | 2775705 |
| Passenger Airlines - 0.2% |  |  |
| Allegiant Travel Co 7.25% 8/15/2027 (d) | 1545000 | 1571714 |
| United Airlines Inc 4.625% 4/15/2029 (d) | 1650000 | 1623755 |
|  |  | 3195469 |
| Professional Services - 0.2% |  |  |
| Amentum Holdings Inc 7.25% 8/1/2032 (d)(m) | 1585000 | 1653080 |
| CACI International Inc 6.375% 6/15/2033 (d) | 1745000 | 1799867 |
|  |  | 3452947 |
| Trading Companies & Distributors - 1.0% |  |  |
| FTAI Aviation Investors LLC 5.875% 4/15/2033 (d)(m) | 2785000 | 2790434 |
| FTAI Aviation Investors LLC 7% 5/1/2031 (d)(m) | 3090000 | 3232091 |
| FTAI Aviation Investors LLC 7% 6/15/2032 (d)(m) | 2250000 | 2348223 |
| Herc Holdings Inc 7% 6/15/2030 (d) | 2620000 | 2726775 |
| Herc Holdings Inc 7.25% 6/15/2033 (d)(m) | 2680000 | 2811283 |
| United Rentals North America Inc 6.125% 3/15/2034 (d) | 3770000 | 3904890 |
|  |  | 17813696 |
| Transportation Infrastructure - 0.1% |  |  |
| Beacon Mobility Corp 7.25% 8/1/2030 (d) | 1685000 | 1746144 |
| TOTAL INDUSTRIALS |  | 177951640 |
| Information Technology - 4.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| Coherent Corp 5% 12/15/2029 (d) | 1385000 | 1361115 |
| Lightning Power LLC 7.25% 8/15/2032 (d) | 1260000 | 1336673 |
| TTM Technologies Inc 4% 3/1/2029 (d) | 2215000 | 2118976 |
|  |  | 4816764 |
| IT Services - 1.0% |  |  |
| ASGN Inc 4.625% 5/15/2028 (d) | 6175000 | 6043472 |
| CoreWeave Inc 9% 2/1/2031 (d) | 3205000 | 3172938 |
| CoreWeave Inc 9.25% 6/1/2030 (d) | 5195000 | 5213625 |
| Go Daddy Operating Co LLC / GD Finance Co Inc 5.25% 12/1/2027 (d) | 2235000 | 2226095 |
| Sabre GLBL Inc 11.125% 7/15/2030 (d) | 1395000 | 1367239 |
|  |  | 18023369 |
| Semiconductors & Semiconductor Equipment - 0.4% |  |  |
| ON Semiconductor Corp 3.875% 9/1/2028 (d)(m) | 4710000 | 4576787 |
| Synaptics Inc 4% 6/15/2029 (d)(m) | 1210000 | 1154925 |
| Wolfspeed Inc 7.9583% 6/23/2030 (d)(h)(j)(o) | 837921 | 835826 |
|  |  | 6567538 |
| Software - 2.0% |  |  |
| Cloud Software Group Inc 6.625% 8/15/2033 (d)(m) | 2300000 | 2331793 |
| Cloud Software Group Inc 8.25% 6/30/2032 (d)(m) | 3590000 | 3838170 |
| Cloud Software Group Inc 9% 9/30/2029 (d) | 3700000 | 3856991 |
| Elastic NV 4.125% 7/15/2029 (d) | 1275000 | 1225227 |
| Ellucian Holdings Inc 6.5% 12/1/2029 (d) | 3630000 | 3692752 |
| NCR Voyix Corp 5.125% 4/15/2029 (d) | 517000 | 510503 |
| SS&C Technologies Inc 6.5% 6/1/2032 (d) | 5145000 | 5338945 |
| UKG Inc 6.875% 2/1/2031 (d) | 5980000 | 6183679 |
| X.AI LLC / X.AI Co Issuer Corp 12.5% 6/30/2030  | 8690000 | 8645334 |
|  |  | 35623394 |
| Technology Hardware, Storage & Peripherals - 0.3% |  |  |
| Seagate Data Storage Technology Pte Ltd 5.875% 7/15/2030 (d) | 1675000 | 1694979 |
| Seagate Data Storage Technology Pte Ltd 8.25% 12/15/2029 (d) | 1645000 | 1747311 |
| Seagate Data Storage Technology Pte Ltd 8.5% 7/15/2031 (d) | 1760000 | 1867692 |
|  |  | 5309982 |
| TOTAL INFORMATION TECHNOLOGY |  | 70341047 |
| Materials - 3.9% |  |  |
| Chemicals - 2.2% |  |  |
| Advancion Sciences Inc 9.25% 11/1/2026 pay-in-kind (d)(e) | 7311721 | 6489152 |
| Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV 4.75% 6/15/2027 (d) | 2445000 | 2433657 |
| Chemours Co/The 4.625% 11/15/2029 (d)(m) | 4435000 | 3960215 |
| Chemours Co/The 5.375% 5/15/2027  | 1565000 | 1559226 |
| Chemours Co/The 8% 1/15/2033 (d)(m) | 1715000 | 1677642 |
| Inversion Escrow Issuer LLC 6.75% 8/1/2032 (d)(m) | 4280000 | 4238200 |
| LSB Industries Inc 6.25% 10/15/2028 (d) | 270000 | 267878 |
| Olympus Water US Holding Corp 7.125% 10/1/2027 (d)(m) | 2110000 | 2148096 |
| Olympus Water US Holding Corp 9.75% 11/15/2028 (d) | 2105000 | 2206783 |
| Scih Salt Hldgs Inc 4.875% 5/1/2028 (d) | 3430000 | 3351563 |
| Scih Salt Hldgs Inc 6.625% 5/1/2029 (d) | 2255000 | 2264065 |
| Scotts Miracle-Gro Co/The 4% 4/1/2031  | 1495000 | 1375486 |
| Tronox Inc 4.625% 3/15/2029 (d)(m) | 2210000 | 1631494 |
| WR Grace Holdings LLC 4.875% 6/15/2027 (d) | 2249000 | 2230904 |
| WR Grace Holdings LLC 5.625% 8/15/2029 (d) | 3075000 | 2877065 |
|  |  | 38711426 |
| Construction Materials - 0.3% |  |  |
| Quikrete Holdings Inc 6.375% 3/1/2032 (d) | 3005000 | 3099209 |
| Quikrete Holdings Inc 6.75% 3/1/2033 (d)(m) | 3005000 | 3114779 |
|  |  | 6213988 |
| Containers & Packaging - 0.7% |  |  |
| Berry Global Inc 4.875% 7/15/2026 (d) | 631000 | 630195 |
| Clydesdale Acquisition Holdings Inc 6.625% 4/15/2029 (d) | 1170000 | 1186760 |
| Clydesdale Acquisition Holdings Inc 6.75% 4/15/2032 (d)(m) | 2810000 | 2887178 |
| Clydesdale Acquisition Holdings Inc 8.75% 4/15/2030 (d)(m) | 2260000 | 2328984 |
| Crown Americas LLC / Crown Americas Capital Corp 5.875% 6/1/2033 (d)(m) | 2730000 | 2761409 |
| Graham Packaging Co Inc 7.125% 8/15/2028 (d) | 1430000 | 1430445 |
| Graphic Packaging International LLC 3.75% 2/1/2030 (d) | 1185000 | 1112884 |
|  |  | 12337855 |
| Metals & Mining - 0.7% |  |  |
| Alcoa Nederland Holding BV 4.125% 3/31/2029 (d) | 2870000 | 2763768 |
| Alcoa Nederland Holding BV 7.125% 3/15/2031 (d) | 555000 | 585371 |
| Arsenal AIC Parent LLC 8% 10/1/2030 (d) | 910000 | 963859 |
| Cleveland-Cliffs Inc 4.875% 3/1/2031 (d) | 1770000 | 1618310 |
| Cleveland-Cliffs Inc 7% 3/15/2032 (d)(m) | 4535000 | 4508457 |
| Commercial Metals Co 3.875% 2/15/2031  | 1125000 | 1044278 |
|  |  | 11484043 |
| TOTAL MATERIALS |  | 68747312 |
| Real Estate - 2.5% |  |  |
| Diversified REITs - 1.0% |  |  |
| Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC 6% 1/15/2030 (d) | 5110000 | 4696790 |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 10.5% 2/15/2028 (d) | 3662000 | 3853266 |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 4.75% 4/15/2028 (d)(m) | 2235000 | 2180452 |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 6.5% 2/15/2029 (d) | 4890000 | 4657239 |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 8.625% 6/15/2032 (d) | 2575000 | 2532021 |
|  |  | 17919768 |
| Health Care REITs - 0.2% |  |  |
| MPT Operating Partnership LP / MPT Finance Corp 3.5% 3/15/2031  | 700000 | 492840 |
| MPT Operating Partnership LP / MPT Finance Corp 5% 10/15/2027  | 1380000 | 1308085 |
| MPT Operating Partnership LP / MPT Finance Corp 8.5% 2/15/2032 (d) | 1860000 | 1950078 |
|  |  | 3751003 |
| Hotel & Resort REITs - 0.1% |  |  |
| Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer 7% 2/1/2030 (d)(m) | 925000 | 955137 |
| Real Estate Management & Development - 1.1% |  |  |
| Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp 5.25% 4/15/2030 (d) | 3555000 | 3115392 |
| Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp 5.75% 1/15/2029 (d) | 3835000 | 3553203 |
| Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp 9.75% 4/15/2030 (d) | 1640000 | 1742108 |
| Kennedy-Wilson Inc 4.75% 3/1/2029 (m) | 2840000 | 2704555 |
| Kennedy-Wilson Inc 5% 3/1/2031 (m) | 2840000 | 2651355 |
| Taylor Morrison Communities Inc 5.75% 1/15/2028 (d) | 3395000 | 3437794 |
| Weekley Homes LLC / Weekley Finance Corp 4.875% 9/15/2028 (d) | 1185000 | 1153721 |
|  |  | 18358128 |
| Specialized REITs - 0.1% |  |  |
| Millrose Properties Inc 6.375% 8/1/2030 (d) | 1730000 | 1745570 |
| SBA Communications Corp 3.125% 2/1/2029  | 730000 | 686032 |
|  |  | 2431602 |
| TOTAL REAL ESTATE |  | 43415638 |
| Utilities - 3.9% |  |  |
| Electric Utilities - 3.8% |  |  |
| Clearway Energy Operating LLC 4.75% 3/15/2028 (d) | 3390000 | 3352229 |
| DPL Inc 4.35% 4/15/2029 (m) | 9945000 | 9842864 |
| NRG Energy Inc 3.875% 2/15/2032 (d)(m) | 132000 | 121243 |
| NRG Energy Inc 6% 2/1/2033 (d) | 3645000 | 3694073 |
| NRG Energy Inc 6.25% 11/1/2034 (d) | 3645000 | 3737025 |
| Pacific Gas and Electric Co 3.75% 8/15/2042  | 350000 | 255547 |
| Pacific Gas and Electric Co 3.95% 12/1/2047  | 2495000 | 1802071 |
| Pacific Gas and Electric Co 4.55% 7/1/2030  | 4465000 | 4422058 |
| Pacific Gas and Electric Co 4.95% 7/1/2050  | 16400000 | 13579397 |
| PG&E Corp 5.25% 7/1/2030  | 17060000 | 16626151 |
| PG&E Corp 7.375% 3/15/2055 (e) | 1257000 | 1247427 |
| Vistra Operations Co LLC 5.625% 2/15/2027 (d) | 2000000 | 2000810 |
| XPLR Infrastructure Operating Partners LP 8.375% 1/15/2031 (d)(m) | 2705000 | 2828708 |
| XPLR Infrastructure Operating Partners LP 8.625% 3/15/2033 (d)(m) | 2300000 | 2425667 |
|  |  | 65935270 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Alpha Generation LLC 6.75% 10/15/2032 (d)(m) | 1650000 | 1701110 |
| Sunnova Energy Corp 5.875% (d)(j) | 2820000 | 8460 |
|  |  | 1709570 |
| TOTAL UTILITIES |  | 67644840 |
| TOTAL UNITED STATES |  | 1191239255 |
| ZAMBIA - 0.3%  |  |  |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| First Quantum Minerals Ltd 7.25% 2/15/2034 (d) | 1065000 | 1075278 |
| First Quantum Minerals Ltd 8% 3/1/2033 (d) | 1555000 | 1614917 |
| First Quantum Minerals Ltd 9.375% 3/1/2029 (d) | 1755000 | 1860125 |
| TOTAL ZAMBIA |  | 4550320 |
| <br> **TOTAL NON-CONVERTIBLE CORPORATE BONDS**<br> (Cost $1,361,708,976) |  | <br> **1355881172** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 1.4%** | &nbsp;&nbsp;**Preferred Securities - 1.4%** | &nbsp;&nbsp;**Preferred Securities - 1.4%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| FRANCE - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| BNP Paribas SA 7.45% (d)(e)(n) | 2560000 | 2640789 |
| JAPAN - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Banks - 0.2% |  |  |
| Sumitomo Mitsui Financial Group Inc 6.45% (e)(n) | 2865000 | 2950286 |
| Capital Markets - 0.1% |  |  |
| Nomura Holdings Inc 7% (e)(n) | 2055000 | 2130640 |
| TOTAL JAPAN |  | 5080926 |
| SWITZERLAND - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Capital Markets - 0.2% |  |  |
| UBS Group AG 6.6% (d)(e)(n) | 1680000 | 1688024 |
| UBS Group AG 7% (d)(e)(n) | 1680000 | 1702108 |
| TOTAL SWITZERLAND |  | 3390132 |
| UNITED KINGDOM - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Barclays PLC 7.625% (e)(n) | 1180000 | 1237942 |
| HSBC Holdings PLC 6.95% (e)(n) | 1415000 | 1455241 |
| TOTAL UNITED KINGDOM |  | 2693183 |
| UNITED STATES - 0.6%  |  |  |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| Bank of America Corp 6.25% (e)(n) | 3530000 | 3556544 |
| Citigroup Inc 6.75% (e)(n) | 3592000 | 3632310 |
| Citigroup Inc 6.875% (e)(n) | 3657000 | 3748837 |
| TOTAL UNITED STATES |  | 10937691 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $24,185,038) |  | <br> **24742721** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 11.0%** | &nbsp;&nbsp;**Money Market Funds - 11.0%** | &nbsp;&nbsp;**Money Market Funds - 11.0%** | &nbsp;&nbsp;**Money Market Funds - 11.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (p) | 4.36 | 57018151 | 57029555 |
| Fidelity Securities Lending Cash Central Fund (p)(i) | 4.36 | 134536261 | 134549715 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $191,579,270) |  |  | **191579270** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 106.4%**<br> (Cost $1,828,730,437)<br>| <br>**1854389113** |
| **NET OTHER ASSETS (LIABILITIES) - (6.4)%**  | **(111141178)** |
| **NET ASSETS - 100.0%** | **1743247935** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Interest Rate Contracts |  |  |  |  |  |
| CBOT 10Y US Treasury Notes Contracts (United States) | 279 | 12/19/2025 | 31391859 | 177281 | 177281 |
| The notional amount of futures purchased as a percentage of Net Assets is 1.8% | The notional amount of futures purchased as a percentage of Net Assets is 1.8% | The notional amount of futures purchased as a percentage of Net Assets is 1.8% | The notional amount of futures purchased as a percentage of Net Assets is 1.8% | The notional amount of futures purchased as a percentage of Net Assets is 1.8% | The notional amount of futures purchased as a percentage of Net Assets is 1.8% |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) 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 $36,054,611 or 2.1% of net assets.

(c) Affiliated Fund

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,143,038,623 or 65.6% of net assets.

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

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

(g) Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.

(h) Level 3 security

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

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

(k) Position or a portion of the position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $444,895 and $447,923, respectively.

(l) Non-income producing.

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

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

(o) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Fidelity Private Credit Company LLC | 4/15/2022 - 8/4/2025 | 35511357 |
| New Cotai LLC / New Cotai Capital Corp | 9/11/2020 | 6590796 |
| Northeast Grocery Inc | 11/8/2021 | 90888 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 79924290 | 867795297 | 890690032 | 3924287 | - | - | 57029555 | 57018151 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 33680980 | 626913947 | 526045212 | 237690 | - | - | 134549715 | 134536261 | 0.5% |
| Total | 113605270 | 1494709244 | 1416735244 | 4161977 | - | - | 191579270 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Private Credit Company LLC | 28374118 | 7033458 | - | 4647498 | - | (693226) | 34249390 | 3578118 |
|  | 28374118 | 7033458 | - | 4647498 | - | (693226) | 34249390 |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of August 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Alternative Funds** | 34249390 | - | 34249390 | - |
|  **Asset-Backed Securities** | 4861681 | - | 4861681 | - |
|  **Bank Loan Obligations** |  |  |  |  |
| Communication Services | 30184453 | - | 30184453 | - |
| Consumer Discretionary | 16625095 | - | 16625095 | - |
| Consumer Staples | 11932641 | - | 11932641 | - |
| Energy | 2223278 | - | 2223277 | 1 |
| Financials | 19931687 | - | 10411591 | 9520096 |
| Health Care | 9985271 | - | 9985271 | - |
| Industrials | 22816384 | - | 14810668 | 8005716 |
| Information Technology | 33885825 | - | 27607485 | 6278340 |
| Materials | 4799137 | - | 4799137 | - |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 37000 | 17474 | - | 19526 |
| Consumer Discretionary | 1395893 | 257552 | - | 1138341 |
| Consumer Staples | 1246748 | - | - | 1246748 |
| Energy | 53123221 | 7349482 | 941594 | 44832145 |
| Industrials | 44072 | - | - | 44072 |
| Utilities | 5357652 | 5357015 | - | 637 |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 7201160 | - | 7201160 | - |
| Consumer Discretionary | 2619944 | - | - | 2619944 |
| Financials | 47269 | - | 47269 | - |
| Information Technology | 1054268 | - | 1054268 | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Financials | 18563881 | - | 4688068 | 13875813 |
|  **Non-Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 241544976 | - | 241544976 | - |
| Consumer Discretionary | 132123051 | - | 132123051 | - |
| Consumer Staples | 67742564 | - | 67742564 | - |
| Energy | 156698577 | - | 156698577 | - |
| Financials | 141060525 | - | 141060525 | - |
| Health Care | 122407889 | - | 122407889 | - |
| Industrials | 196343686 | - | 196343686 | - |
| Information Technology | 77255376 | - | 76419550 | 835826 |
| Materials | 103651066 | - | 103651066 | - |
| Real Estate | 43415638 | - | 43415638 | - |
| Utilities | 73637824 | - | 73637824 | - |
|  **Preferred Securities** |  |  |  |  |
| Financials | 24742721 | - | 24742721 | - |
|  **Money Market Funds** | 191579270 | 191579270 | - | - |
| **Total Investments in Securities:** | 1854389113 | 204560793 | 1561411115 | 88417205 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 177281 | 177281 | - | - |
| Total Assets | 177281 | 177281 | - | - |
| **Total Derivative Instruments:** | 177281 | 177281 | - | - |

---

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value. Beginning balances have been updated to conform to current period presentation, as applicable.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Balance ($)** | **Net Realized Gain (Loss) on Investment Securities ($)** | **Net Unrealized Gain (Loss) on Investment Securities ($)** | **Cost of Purchases ($)** | **Proceeds of Sales ($)** | **Amortization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2025 ($)** |
| **Bank Loan Obligations** | 34359754 | 277466 | (797931) | 504039 | (10612173) | 72998 | - | - | 23804153 | (507158) |
| **Common Stocks** | 24418666 | (625789) | 24643468 | 2245173 | (3400049) | - | - | - | 47281469 | 24249471 |
| **Convertible Preferred Stocks** | - | - | 715924 | 13159889 | - | - | - | - | 13875813 | 715924 |
| **Convertible Corporate Bonds** | 3076585 | - | (558221) | 87110 | - | 14470 | - | - | 2619944 | (558221) |
| **Non-Convertible Corporate Bonds** | 905338 | - | (874062) | 804544 | - | 6 | - | - | 835826 | 31276 |
| <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. |  |  |  |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of August 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Interest Rate Risk** |  |  |
| Futures Contracts (a)  | 177281 | - |
| **Total Interest Rate Risk**  | 177281 | - |
| **Total Value of Derivatives** | 177281 | - |

---

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of August 31, 2025** | **As of August 31, 2025** | **As of August 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $129,469,231) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,602,104,769) | $1628560453 |  |
| Fidelity Central Funds (cost $191,579,270) | 191579270 |  |
| Other affiliated issuers (cost $35,046,398) | 34249390 |  |
| Total Investment in Securities (cost $1,828,730,437) |  | $1854389113 |
| Segregated cash with brokers for derivative instruments |  | 545625 |
| Receivable for investments sold |  | 320576 |
| Receivable for fund shares sold |  | 58817 |
| Dividends receivable |  | 140631 |
| Interest receivable |  | 25935161 |
| Distributions receivable from Fidelity Central Funds |  | 330435 |
| Receivable from investment adviser for expense reductions |  | 21087 |
| **Total assets** |  | 1881741445 |
| **Liabilities** |  |  |
| Payable to custodian bank | $8698 |  |
| Payable for investments purchased  | 3761752 |  |
| Payable for fund shares redeemed | 151117 |  |
| Payable for daily variation margin on futures contracts | 21797 |  |
| Other payables and accrued expenses | 431 |  |
| Collateral on securities loaned | 134549715 |  |
| **Total liabilities** |  | 138493510 |
| Commitments and contingent liabilities (see Significant Accounting Policies and Litigation notes) |  |  |
| **Net Assets**  |  | $1743247935 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1729193425 |
| Total accumulated earnings (loss) |  | 14054510 |
| **Net Assets** |  | $1743247935 |
| **Net Asset Value**, offering price and redemption price per share ($1,743,247,935 ÷ 15,823,428 shares) |  | $110.17 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended August 31, 2025** | <br> **Year ended August 31, 2025** | <br> **Year ended August 31, 2025** |
| **Investment Income** |  |  |
| Dividends (including $4,647,498 earned from affiliated issuers) |  | $6366348 |
| Interest  |  | 102213313 |
| Income from Fidelity Central Funds (including $237,690 from security lending)  |  | 4161977 |
| Payment from investment adviser |  | 237131 |
| **Total income** |  | 112978769 |
| **Expenses** |  |  |
| Custodian fees and expenses | $3409 |  |
| Independent trustees' fees and expenses | 5882 |  |
| Legal | 19183 |  |
| Total expenses before reductions | 28474 |  |
| Expense reductions | (3556) |  |
| Total expenses after reductions |  | 24918 |
| **Net Investment income (loss)** |  | 112953851 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (9708773) |  |
| Futures contracts | 308731 |  |
| Total net realized gain (loss) |  | (9400042) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 80614230 |  |
| Affiliated issuers  | (693226) |  |
| Futures contracts | 177281 |  |
| Total change in net unrealized appreciation (depreciation) |  | 80098285 |
| **Net gain (loss)** |  | 70698243 |
| **Net increase (decrease) in net assets resulting from operations** |  | $183652094 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **August 31, 2025** | **Year ended**<br> **August 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $112953851 | $95924676 |
| &nbsp;&nbsp;Net realized gain (loss) | (9400042)<br>| 6116838<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 80098285 | 52699471<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 183652094<br>| 154740985<br>|
| Distributions to shareholders | (112938478)<br>| (102769717)<br>|
|  Affiliated share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 522418803 | 117837487 |
| Reinvestment of distributions | 112805876<br>| 102769381<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (350227475) | (355597698) |
| **Net increase (decrease) in net assets resulting from share transactions** | 284997204<br>| (134990830)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 355710820<br>| (83019562)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1387537115 | 1470556677<br>|
| &nbsp;&nbsp;End of period | $1743247935 | $1387537115 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 4976402 | 1096239 |
| Issued in reinvestment of distributions | 1045313<br>| 992495<br>|
| &nbsp;&nbsp;Redeemed | (3216623) | (3423697) |
| &nbsp;&nbsp;Net increase (decrease) | 2805092 | (1334963) |

---

**Financial Highlights** 

**Fidelity® High Income Central Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended August 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $106.58 | $102.45 | $103.00 | $115.51 | $106.08 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | 7.585  | 7.286  | 7.647  | 6.198  | 6.202  |
| Net realized and unrealized gain (loss)  | 3.606  | 4.648  | (.838)  | (12.709)  | 9.246  |
| Total from investment operations  | 11.191  | 11.934  | 6.809  | (6.511)  | 15.448  |
| Distributions from net investment income  | (7.601)  | (7.804)  | (7.276)  | (5.999)  | (6.018)  |
| Distributions from net realized gain  | -  | -  | (.083)  | -  | -  |
| Total distributions  | (7.601)  | (7.804)  | (7.359)  | (5.999)  | (6.018)  |
| Net asset value, end of period  | $110.17 | $106.58 | $102.45 | $103.00 | $115.51 |
| **Total Return** C | 10.89% <br>| 12.14%  | 6.88%  | (5.81)%  | 14.97%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | -% F | -% F | .03%  | .04%  | -% F |
| Expenses net of fee waivers, if any  | -% F<br>| -% F | .03%  | .04%  | -% F |
| Expenses net of all reductions, if any  | -% F | -% F | .03%  | .04%  | -% F |
| Net investment income (loss)  | 7.05%  | 7.04%  | 7.49%  | 5.63%  | 5.62%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1743248 | $1387537 | $1470557 | $1880197 | $2434406 |
| Portfolio turnover rate G | 43% <br>| 24%  | 14%  | 23%  | 37%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

D*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report. For additional expense information related to investments in Fidelity Private Credit Company LLC, please refer to the Investment in Fidelity Private Credit Company LLC note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

E*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

F*Amount represents less than .005%.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**Notes to Financial Statements**

For the period ended August 31, 2025

**1. Organization.**

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

**2. Investments in Fidelity Central Funds.**

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

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

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*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

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

**3. Investment in Fidelity Private Credit Company LLC.**

The Fund invests in Fidelity Private Credit Company LLC, which is an affiliated limited liability company. Fidelity Private Credit Company LLC's units are not registered under the Securities Act of 1933 and are subject to substantial restrictions on transfer. The Fund has no redemption rights under Fidelity Private Credit Company LLC's limited liability company agreement. There will be no trading market for the units.

Based on its investment objective, Fidelity Private Credit Company LLC may invest or participate in various investments or strategies that are similar to those in which the Fund may invest or participate. These strategies are consistent with the investment objectives of the Fund and may involve certain economic risks which may cause a decline in value of Fidelity Private Credit Company LLC and thus a decline in the value of the Fund. Fidelity Private Credit Company LLC intends to invest primarily in directly originated loans to private companies but also with liquid credit investments, like broadly syndicated loans, and other select private credit investments.

The Schedule of Investments lists Fidelity Private Credit Company LLC as an investment as of period end, but does not include the underlying holdings of Fidelity Private Credit Company LLC. Fidelity Private Credit Company LLC represented less than 5% of the Fund's net assets at period end. The Fund indirectly bears its proportionate share of the expenses of Fidelity Private Credit Company LLC. The annualized expense ratio for Fidelity Private Credit Company LLC for the six month period ended June 30, 2025 was 9.80%.

**4. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. 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 investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Directors (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the 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. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds, bank loan obligations and preferred securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Asset backed securities are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

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

Fidelity Private Credit Company LLC is valued at its net asset value (NAV) each month end and is categorized as Level 2 in the hierarchy.

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker and valuations using NAV as a practical expedient.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Type** | **Fair Value** | **Valuation Technique(s)** | **Unobservable Input** | **Amount or Range/Weighted Average** | **Impact to Valuation from an Increase in InputA** |
| Bank Loan Obligations | $23804153  | Market comparable  | Enterprise value/EBITDA multiple (EV/EBITDA)  | 5.9 | Increase |
|  |  | Recovery value  | Recovery value  | $0.00  | Increase |
|  |  | Discounted cash flow  | Yield  | 6.6% - 11.4% / 8.7% | Decrease |
| Common Stocks | $47281469  | Market comparable  | Enterprise value/EBITDA multiple (EV/EBITDA)  | 3.6 - 11.8 / 6.3 | Increase |
|  |  | Market approach  | Transaction price  | $0.00 - $13.55 - $13.55 | Increase |
|  |  | Recovery value  | Recovery value  | $0.00 - $0.22 / $0.04 | Increase |
|  |  | Black scholes  | Volatility  | 45.0% | Increase |
|  |  |  | Discount rate  | 3.7% | Increase |
|  |  |  | Term  | 1.5 | Increase |
|  |  | Discounted cash flow  | Discount rate  | 8.9% - 12.7% / 9.0% | Decrease |
|  |  | Indicative market price  | Bid price  | $0.50  | Increase |
| Convertible Corporate Bonds | $2619944  | Black scholes  | Volatility  | 45.0% | Increase |
|  |  |  | Discount rate  | 3.7% | Increase |
|  |  |  | Term  | 1.5 | Increase |
| Convertible Preferred Stocks | $13875813  | Market comparable  | Enterprise value/EBITDA multiple (EV/EBITDA)  | 21.5 | Increase |
| Non-Convertible Corporate Bonds | $835826  | Recovery value  | Recovery value  | $0.00  | Increase |
|  |  | Discounted cash flow  | Discount rate | 15.5% | Decrease |

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*A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.* 

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2025, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Paid in Kind (PIK) income is recorded at the fair market value of the securities received. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured. The investment adviser has contractually agreed to reimburse the Fund with respect to the portion of the Fund's assets invested in Fidelity Private Credit Company LLC until December 31, 2025 as presented in the Statement of Operations in payment from investment adviser.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of August 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

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

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

Book-tax differences are primarily due to partnerships, futures contracts, capital loss carryforwards and losses deferred due to wash sales.

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

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| | |
|:---|:---|
| **Gross unrealized appreciation**  | $101894207 |
| **Gross unrealized depreciation**  | <u>(74493551)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$27400656</u> |
| **Tax Cost**  | <u>$1826988457</u> |

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

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| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$558197</u> |
| **Capital loss carryforward**  | <u>$(13904344)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$27400656</u> |

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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 period end and is subject to adjustment.

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| | |
|:---|:---|
| Short-term | $- |
| Long-term | <u>(13904344)</u> |
| **Total capital loss carryforward** | <u>$(13904344)</u> |

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The tax character of distributions paid was as follows:

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| | | |
|:---|:---|:---|
|  | **August 31, 2025** | **August 31, 2024** |
| **Ordinary Income**  | $112938478 | $102769717 |

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

**Loans and Other Direct Debt Instruments.** Direct debt instruments are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate a fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment, participation, or may be made directly to a borrower. Such instruments are presented in the Bank Loan Obligations section in the Schedule of Investments. Certain funds may also invest in unfunded loan commitments, which are contractual obligations for future funding. Information regarding unfunded commitments is included at the end of the Schedule of Investments, if applicable.

**Commitments.** A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Commitments outstanding at period end are presented in the table below. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Statement of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Statement of Operations, as applicable based on contractual conditions of each commitment. The commitment amount for Wolfspeed New 2L Convertible Notes represents the maximum amount of the commitment.

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| | | | |
|:---|:---|:---|:---|
|  | **Investment to be Acquired** | **Commitment Amount ($)** | **Unrealized Appreciation (Depreciation)($)** |
| **Fidelity High Income Central Fund** | Fidelity Private Credit Company LLC | 2700001 | - |
| **Fidelity High Income Central Fund** | Wolfspeed New 2L Convertible Notes | 471176 | - |

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**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**5. Derivative Instruments.**

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

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

Derivatives were used to increase or decrease exposure to the following risk(s):

<br> Interest Rate Risk Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates.

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

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

**Futures Contracts.** A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the bond market and fluctuations in interest rates.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.

Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

**6. Purchases and Sales of Investments.**

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

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| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity High Income Central Fund** | 940357025 | 655242380 |

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**7. Fees and Other Transactions with Affiliates.**

**Management Fee and Expense Contract.** Fidelity Management & Research Company LLC (the investment adviser) provides the Fund with investment management services. The Fund does not pay any fees for these services. Pursuant to the Fund's expense contract, the investment adviser also pays all other expenses of the Fund, excluding custody fees, the compensation of the independent Directors, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

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

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| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity High Income Central Fund** | 398 |

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**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.

**8. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of interest. Affiliated security lending activity, if any, was as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity High Income Central Fund** | 24204 | - | - |

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**9. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $3,556.

**10. Other.**

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

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

**11. Litigation.**

The Fund and other entities managed by FMR or its affiliates are involved with proceedings arising out of disputes in the United States Bankruptcy Court for the Southern District of Texas ("Bankruptcy Court"), relating to the In re Sanchez Energy Corporation chapter 11 bankruptcy case (Case No. 19-34508). A Bankruptcy Court-appointed representative of unsecured creditors asserted that eight million shares of Mesquite Energy, Inc. (formerly known as Sanchez Energy Corporation) (the "Company"), held in escrow pursuant to the terms of the Company's confirmed chapter 11 plan, should be awarded to the unsecured creditors instead of the Company's current equity holders, including the Fund, which were providers of debtor-in-possession financing to the Company during its chapter 11 case and holders of secured notes issued by the Company in 2018. The unsecured creditors also asserted that certain additional equity issued by the Company in 2020 in connection with two post-bankruptcy financings, also held by the Fund, is invalid. In August 2023, the Bankruptcy Court issued an opinion awarding a portion of the eight million shares to the unsecured creditors, diluting the value of the Fund's holdings in Mesquite. The Fund appealed this decision to the U.S. Court of Appeals for the Fifth Circuit. On May 30, 2025, the Fifth Circuit vacated the Bankruptcy Court's decision and ruled in favor of the providers of debtor-in-possession financing, including the Fund. Because additional court proceedings remain pending, and there may be further petitions to appeal the Fifth Circuit's ruling, the matter remains ongoing. The Fund is also incurring legal costs in defending the disputes and has recovered a portion of these legal costs through an insurance claim.

**12. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

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

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Fidelity High Income Central Fund (the "Fund"), a fund of Fidelity Central Investment Portfolios LLC, including the schedule of investments, as of August 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of August 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

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

/s/ Deloitte & Touche LLP

Boston, Massachusetts

October 13, 2025

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

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

A total of 0.51% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $78,191,188 of distributions paid in the calendar year 2024 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.

The fund designates $112,938,478 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity High Income Central Fund**

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

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

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. The Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Directors' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable in light of all of the surrounding circumstances. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Directors.

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

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating 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, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency 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, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

<u>Investment Performance</u>. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance and noted that the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is designed to offer a liquid investment option for other investment companies managed by Fidelity and ultimately to enhance the performance of those investment companies.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board considered that while the fund does not pay a management fee, FMR receives fees for providing services to funds that invest in the fund. The Board also noted that FMR bears all expenses of the fund with certain limited exceptions (i.e., custody fees, interest, taxes, fees and expenses of the Independent Directors, proxy and shareholder meeting expenses, and extraordinary expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable. Based on its review, the Board concluded that the management fee received for providing services to the fund and the fund's total expense ratio were reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

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

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

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

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** 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 and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances, and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img113720_4.jpg)<br>

1.861961.117 HICII-ANN-1025

Item 8.

<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>

See Item 7.

Item 9.

<u>Proxy Disclosures for Open-End Management Investment Companies</u>

See Item 7.

Item 10.

<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>

See Item 7.

Item 11.

<u>Statement Regarding Basis for Approval of Investment Advisory Contract</u>

See Item 7.

Item 12.

<u>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies</u>

Not applicable.

Item 13.

<u>Portfolio Managers of Closed-End Management Investment Companies</u>

Not applicable.

Item 14.

<u>Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers</u>

Not applicable.

Item 15.

<u>Submission of Matters to a Vote of Security Holders</u>

There were no material changes to the procedures by which shareholders may recommend nominees to the trust's Board of Trustees.

Item 16.

<u>Controls and Procedures</u>

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

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

Item 17.

<u>Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>

Not applicable.

Item 18.

<u>Recovery of Erroneously Awarded Compensation</u>

(a) Not applicable.

(b) Not applicable.

Item 19.

<u>Exhibits</u>

(a) (1) [Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.](code.htm)

(a) (2) [Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.](ex99.htm)

(a) (3) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.](ex99_906.htm)

SIGNATURES

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

Fidelity Central Investment Portfolios LLC

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; October 23, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; October 23, 2025 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
|  | &nbsp;&nbsp; Stephanie Caron |
|  | &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; October 23, 2025 |

---

## Ex-99.Code

**Fidelity Investments**

**FIDELITY FUNDS'**

**CODE OF ETHICS**

**FOR PRESIDENT, TREASURER**

**AND PRINCIPAL ACCOUNTING OFFICER**

2023

**FIDELITY FUNDS' CODE OF ETHICS FOR**

**PRESIDENT, TREASURER AND PRINCIPAL ACCOUNTING OFFICER**

**I. Purposes of the Code/Covered Officers**

This document constitutes the Code of Ethics (Code) adopted by the Fidelity Funds (Funds) pursuant to Section 406 of the Sarbanes-Oxley Act of 2002. The Code applies to the Fidelity Funds' President and Treasurer, and Chief Financial Officer (Covered Officers). Fidelity's Ethics Office, within Enterprise Compliance, administers the Code.

The purposes of the Code are to deter wrongdoing and to promote, on the part of the Covered Officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that the Fidelity Funds submit to the Securities and Exchange Commission (SEC), and in other public communications by a Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically** 

**Actual and Apparent Conflicts of Interest**

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or their service to, the Fidelity Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of their family, receives improper personal benefits as a result of their position with the Fidelity Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fidelity Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (Investment Company Act) and the Investment Advisers Act of 1940 (Investment Advisers Act). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fidelity Fund because of their status as "affiliated persons" of the Fund. Separate compliance programs and procedures of the Fidelity Funds, Fidelity Management & Research Company (FMR) and the other Fidelity companies are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fidelity Funds, FMR or another Fidelity company), be involved in establishing policies and implementing decisions that have different effects on the Fidelity Funds, FMR and other Fidelity companies. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) and is consistent with the performance by the Covered Officers of their duties as officers of the Fidelity Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Trustees (Board) that the Covered Officers also may be officers or employees of one or more other Fidelity Funds covered by this Code.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fidelity Fund.

\* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use their personal influence or personal relationships improperly to influence investment decisions or financial reporting by any Fidelity Fund whereby the Covered Officer would benefit personally to the detriment of any Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause a Fidelity Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not engage in any outside business activity, including serving as a director or trustee, that prevents the Covered Officer from devoting appropriate time and attention to the Covered Officer's responsibilities with the Fidelity Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not have a consulting or employment relationship with any of the Fidelity Funds' service providers that are not affiliated with Fidelity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any employee or Covered Officer for reports of actual or potential misconduct, which are made in good faith.

With respect to other fact patterns, if a Covered Officer is in doubt, other potential conflict of interest situations should be described immediately to the Fidelity Ethics Office for resolution. Similarly, any questions a Covered Officer has generally regarding the application or interpretation of the Code should be directed to the Fidelity Ethics Office immediately.

**III. Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize themself with the disclosure requirements generally applicable to the Fidelity Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about any Fidelity Fund to others, whether within or outside Fidelity, including to the Board and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should, to the extent appropriate within their area of responsibility, consult with other officers and employees of the Fidelity Funds, FMR and the Fidelity service providers, and with the Board's Compliance Committee, with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fidelity Funds file with, or submit to, the SEC and in other public communications made by the Fidelity Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV. Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon receipt of the Code, and annually thereafter, submit to the Fidelity Ethics Office an acknowledgement stating that they have received, read, and understand the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Fidelity Ethics Office promptly if they know of any violation of the Code. <u>Failure to do so is itself a violation of this Code</u>.

The Fidelity Ethics Office shall take all action it considers appropriate to investigate any actual or potential violations reported to it. Upon completion of the investigation, if necessary, the matter will be reviewed with senior management or other appropriate parties, and a determination will be made as to whether any action should be taken as detailed below. The Covered Officer will be informed of any action determined to be appropriate. The Fidelity Ethics Office will inform the Personal Trading Committee of all Code violations and actions taken in response. Without implied limitation, appropriate remedial, disciplinary or preventive action may include a written warning, a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities. Additionally, other legal remedies may be pursued.

The policies and procedures described in the Code do not create any obligations to any person or entity other than the Fidelity Funds. The Code is intended solely for the internal use by the Fidelity Funds and does not constitute a promise, contract or an admission by or on behalf of any Fidelity Fund as to any fact, circumstance, or legal conclusion. The Fidelity Funds, the Fidelity companies and the Fidelity Head of Ethics retain the discretion to decide whether the Code applies to a specific situation, and how it should be interpreted.

**V. Oversight**

Material violations of this Code will be reported promptly by FMR (or another Fidelity company) to the Board's Compliance Committee. In addition, at least once each year, FMR (or another Fidelity company) will provide a written report to the Board, which describes any issues arising under the Code since the last report to the Board, including, but not limited to, information about material violations of the Code and action taken in response to the material violations.

**VI. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Fidelity Funds for purposes of Section 406 of the Sarbanes-Oxley Act. Other Fidelity policies or procedures that cover the behavior or activities of Covered Officers are separate requirements applying to the Covered Officers (and others) and are not part of this Code.

**VII. Amendments**

Any material amendments or changes to this Code must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not interested persons of the Fidelity Funds.

**VIII. Records and Confidentiality**

Records of any violation of the Code and of the actions taken as a result of such violations will be kept by the Fidelity Ethics Office. All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fidelity Ethics Office, the Personal Trading Committee, the Board, appropriate personnel at the relevant Fidelity company or companies and the legal counsel of any or all of the foregoing.

2023

## Ex-99.Cert

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>Exhibit EX-99.CERT</u>

I, Stacie M. Smith, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Central Investment Portfolios LLC;

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, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) 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 a date within 90 days prior to the filing date of this report based upon 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 period covered by this 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(s) and I have disclosed 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:

October 23, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp;Stacie M. Smith |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

I, Stephanie Caron, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Central Investment Portfolios LLC;

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, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) 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 a date within 90 days prior to the filing date of this report based upon 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 period covered by this 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(s) and I have disclosed 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:

October 23, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

---

## Exhibit 99.906

<u>Exhibit EX-99.906CERT</u>

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)**

In connection with the attached Report of Fidelity Central Investment Portfolios LLC (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.

Dated: October 23, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp;Stacie M. Smith |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

Dated: October 23, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

---

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

<br>