Form N-CSRS Fidelity Central Investm For: Mar 31
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E-mailUNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21667
Fidelity Central Investment Portfolios LLC
(Exact name of registrant as specified in charter)
245 Summer St., Boston, MA 02210
(Address of principal executive offices) (Zip code)
Nicole Macarchuk, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
Date of fiscal year end: | September 30 |
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Date of reporting period: | March 31, 2026 |
Item 1.
Reports to Stockholders
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
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(based on hypothetical $10,000 investment)
Costs of a $10,000 investment
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Costs paid as a percentage of a $10,000 investment
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Fidelity® Real Estate Equity Central Fund
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$
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A Amount represents less than $.50
B Amount represents less than 0.005%
(as of March 31, 2026)
KEY FACTS
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Fund Size
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$
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Number of Holdings
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Portfolio Turnover
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What did the Fund invest in?
(as of March 31, 2026)
(as of March 31, 2026)
TOP INDUSTRIES
(% of Fund's net assets)
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Specialized REITs
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Health Care REITs
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Retail REITs
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Industrial REITs
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Residential REITs
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Hotel & Resort REITs
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Real Estate Management & Development
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ASSET ALLOCATION (% of Fund's net assets)
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Common Stocks - 99.2
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Short-Term Investments and Net Other Assets (Liabilities) - 0.8
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GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
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United States - 100.0
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TOP HOLDINGS (% of Fund's net assets) |
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Equinix Inc
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Prologis Inc
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Ventas Inc
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Welltower Inc
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Iron Mountain Inc
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Extra Space Storage Inc
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AvalonBay Communities Inc
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Tanger Inc
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Camden Property Trust
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Four Corners Property Trust Inc
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64.5
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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. © 2026 FMR LLC. All rights reserved.
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 |
 |
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
1.9915583.101 2724-TSRS-0526
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SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
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(based on hypothetical $10,000 investment)
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
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Fidelity® International Equity Central Fund
|
$
|
A Amount represents less than $.50
(as of March 31, 2026)
KEY FACTS
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Fund Size
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$
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Number of Holdings
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||
Portfolio Turnover
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What did the Fund invest in?
(as of March 31, 2026)
(as of March 31, 2026)
MARKET SECTORS
(% of Fund's net assets)
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Financials
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Industrials
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Health Care
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Information Technology
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Materials
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Consumer Discretionary
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Consumer Staples
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Energy
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Utilities
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Communication Services
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Real Estate
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ASSET ALLOCATION (% of Fund's net assets)
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Common Stocks - 98.0
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Short-Term Investments and Net Other Assets (Liabilities) - 2.0
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GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
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Japan - 17.4
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United States - 12.3
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United Kingdom - 12.1
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Canada - 8.9
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Germany - 8.4
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France - 6.2
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Spain - 5.5
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Netherlands - 4.4
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Australia - 3.9
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Others - 20.9
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TOP HOLDINGS (% of Fund's net assets) |
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ASML Holding NV
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Shell PLC
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Banco Santander SA
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Astrazeneca PLC
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Roche Holding AG
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Schneider Electric SE
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CaixaBank SA
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Rolls-Royce Holdings PLC
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Mizuho Financial Group Inc
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Hitachi Ltd
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18.3
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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. © 2026 FMR LLC. All rights reserved.
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||
 |
 |
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
1.9915579.101 2018-TSRS-0526
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
(based on hypothetical $10,000 investment)
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Fidelity® Floating Rate Central Fund
|
$
|
A Amount represents less than $.50
B Amount represents less than 0.005%
(as of March 31, 2026)
KEY FACTS
|
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Fund Size
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$
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Number of Holdings
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||
Portfolio Turnover
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What did the Fund invest in?
(as of March 31, 2026)
(as of March 31, 2026)
QUALITY DIVERSIFICATION (% of Fund's net assets)
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A - 0.1
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BBB - 1.9
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BB - 18.6
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B - 59.4
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CCC,CC,C - 7.5
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D - 0.0
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Not Rated - 5.9
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Equities - 2.1
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Short-Term Investments and Net Other Assets (Liabilities) - 4.5
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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.
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ASSET ALLOCATION (% of Fund's net assets)
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Bank Loan Obligations - 88.2
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Corporate Bonds - 3.6
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Common Stocks - 2.0
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Alternative Funds - 1.0
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Asset-Backed Securities - 0.4
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Preferred Securities - 0.2
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Preferred Stocks - 0.1
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Short-Term Investments and Net Other Assets (Liabilities) - 4.5
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GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
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United States - 91.4
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United Kingdom - 2.5
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France - 1.3
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Canada - 1.3
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Netherlands - 0.9
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Grand Cayman (UK Overseas Ter) - 0.7
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Switzerland - 0.3
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Germany - 0.3
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Luxembourg - 0.3
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Others - 1.0
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TOP HOLDINGS (% of Fund's net assets) |
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Great Outdoors Group LLC
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Asurion LLC
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Acrisure LLC
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Clydesdale Acquisition Holdings Inc
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Altice France SA
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UKG Inc
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Polaris Newco LLC
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Fertitta Entertainment LLC/NV
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Fidelity Private Credit Company LLC
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TransDigm Inc
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13.4
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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. © 2026 FMR LLC. All rights reserved.
|
||
 |
 |
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
1.9915553.101 1408-TSRS-0526
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
(based on hypothetical $10,000 investment)
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Fidelity® Emerging Markets Equity Central Fund
|
$
|
(as of March 31, 2026)
KEY FACTS
|
||
Fund Size
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$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
What did the Fund invest in?
(as of March 31, 2026)
(as of March 31, 2026)
MARKET SECTORS
(% of Fund's net assets)
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Information Technology
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Financials
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Consumer Discretionary
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Communication Services
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Industrials
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Materials
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Energy
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Consumer Staples
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Health Care
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Utilities
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Real Estate
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ASSET ALLOCATION (% of Fund's net assets)
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Common Stocks - 97.7
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Preferred Stocks - 0.7
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Short-Term Investments and Net Other Assets (Liabilities) - 1.6
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GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
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China - 26.3
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Taiwan - 21.2
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Korea (South) - 15.4
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India - 11.0
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Brazil - 5.8
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South Africa - 4.0
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Saudi Arabia - 2.8
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United States - 2.6
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Mexico - 2.4
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Others - 8.5
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TOP HOLDINGS (% of Fund's net assets) |
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Taiwan Semiconductor Manufacturing Co Ltd
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Samsung Electronics Co Ltd
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Tencent Holdings Ltd
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SK Hynix Inc
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Alibaba Group Holding Ltd
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China Construction Bank Corp H Shares
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HDFC Bank Ltd
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Ping An Insurance Group Co of China Ltd H Shares
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Reliance Industries Ltd
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Delta Electronics Inc
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41.7
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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. © 2026 FMR LLC. All rights reserved.
|
||
 |
 |
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
1.9915580.101 2113-TSRS-0526
|
Item 2.
Code of Ethics
Not applicable.
Item 3.
Audit Committee Financial Expert
Not applicable.
Item 4.
Principal Accountant Fees and Services
Not applicable.
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable
Item 7.
Financial Statements and Financial Highlights for Open-End Management Investment Companies
Fidelity® International Equity Central Fund
Semi-Annual Report
March 31, 2026
Contents
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.
The MSCI indexes are the exclusive property of MSCI Inc. ("MSCI"). MSCI and the MSCI index names are service mark(s) of MSCI or its affiliates and have been licensed for use for certain purposes by Fidelity. The financial products referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such financial products or any index on which such financial products are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any relevant financial products. No purchaser, seller or holder of this product, or any other person or entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market or promote this product without first contacting MSCI to determine whether MSCI's permission is required. Under no circumstances may any person or entity claim any affiliation with MSCI without the prior written permission of MSCI.
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. © 2026 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 (Semi-Annual Report)
Fidelity® International Equity Central Fund
Schedule of Investments March 31, 2026 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.0%
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Shares
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Value ($)
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AUSTRALIA - 3.9%
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Communication Services - 0.1%
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Interactive Media & Services - 0.1%
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CAR Group Ltd
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366,619
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5,852,474
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Consumer Discretionary - 0.0%
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Broadline Retail - 0.0%
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Wesfarmers Ltd
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113,082
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5,773,512
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Energy - 0.2%
|
|||
Oil, Gas & Consumable Fuels - 0.2%
|
|||
Santos Ltd
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1,836,847
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10,054,065
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Financials - 2.1%
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|||
Banks - 1.0%
|
|||
Commonwealth Bank of Australia
|
152,108
|
17,812,883
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Westpac Banking Corp
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1,559,164
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43,087,918
|
|
60,900,801
|
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Capital Markets - 0.3%
|
|||
Macquarie Group Ltd
|
152,190
|
21,619,630
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|
Financial Services - 0.1%
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Cuscal Ltd
|
2,842,542
|
7,865,263
|
|
Insurance - 0.7%
|
|||
QBE Insurance Group Ltd
|
1,701,049
|
25,101,973
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Suncorp Group Ltd
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1,788,857
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20,075,760
|
|
45,177,733
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TOTAL FINANCIALS
|
135,563,427
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Materials - 1.3%
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|||
Metals & Mining - 1.3%
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BHP Group Ltd
|
356,545
|
12,900,697
|
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Rio Tinto Ltd
|
59,608
|
6,772,279
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Rio Tinto PLC
|
710,300
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65,897,171
|
|
TOTAL MATERIALS
|
85,570,147
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Real Estate - 0.2%
|
|||
Diversified REITs - 0.0%
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Stockland unit
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783,019
|
2,350,489
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|
Industrial REITs - 0.2%
|
|||
Goodman Group unit
|
230,488
|
4,138,067
|
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Real Estate Management & Development - 0.0%
|
|||
Gemlife Communities Group unit
|
247,072
|
759,790
|
|
Retail REITs - 0.0%
|
|||
Charter Hall Retail REIT
|
1,139,937
|
3,017,157
|
|
Specialized REITs - 0.0%
|
|||
Arena REIT unit
|
1,361,343
|
3,091,877
|
|
TOTAL REAL ESTATE
|
13,357,380
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TOTAL AUSTRALIA
|
256,171,005
|
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BELGIUM - 1.4%
|
|||
Financials - 1.0%
|
|||
Banks - 1.0%
|
|||
KBC Group NV
|
533,562
|
65,303,720
|
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Health Care - 0.4%
|
|||
Pharmaceuticals - 0.4%
|
|||
UCB SA
|
79,400
|
23,922,961
|
|
Real Estate - 0.0%
|
|||
Industrial REITs - 0.0%
|
|||
Montea NV
|
2,500
|
190,525
|
|
Warehouses De Pauw CVA
|
91,900
|
2,393,963
|
|
TOTAL REAL ESTATE
|
2,584,488
|
||
TOTAL BELGIUM
|
91,811,169
|
||
BRAZIL - 0.3%
|
|||
Materials - 0.3%
|
|||
Metals & Mining - 0.3%
|
|||
Wheaton Precious Metals Corp
|
166,300
|
21,829,042
|
|
CANADA - 8.9%
|
|||
Communication Services - 0.1%
|
|||
Wireless Telecommunication Services - 0.1%
|
|||
Rogers Communications Inc Class B
|
225,805
|
8,684,183
|
|
Consumer Discretionary - 0.2%
|
|||
Broadline Retail - 0.1%
|
|||
Dollarama Inc
|
64,600
|
7,928,371
|
|
Specialty Retail - 0.1%
|
|||
Aritzia Inc Subordinate Voting Shares (c)
|
104,220
|
8,504,820
|
|
TOTAL CONSUMER DISCRETIONARY
|
16,433,191
|
||
Consumer Staples - 0.2%
|
|||
Consumer Staples Distribution & Retail - 0.2%
|
|||
Alimentation Couche-Tard Inc
|
217,600
|
12,333,952
|
|
Energy - 2.5%
|
|||
Oil, Gas & Consumable Fuels - 2.5%
|
|||
Athabasca Oil Corp (c)
|
1,914,319
|
15,481,338
|
|
Cameco Corp
|
47,000
|
5,111,178
|
|
Imperial Oil Ltd (b)
|
381,817
|
50,011,412
|
|
Sintana Energy Inc (c)
|
3,958,000
|
1,536,424
|
|
South Bow Corp
|
711,779
|
23,679,917
|
|
Strathcona Resources Ltd (b)
|
559,051
|
16,935,094
|
|
Suncor Energy Inc
|
826,266
|
54,650,805
|
|
TOTAL ENERGY
|
167,406,168
|
||
Financials - 2.8%
|
|||
Banks - 1.4%
|
|||
Royal Bank of Canada
|
439,500
|
71,047,919
|
|
Toronto Dominion Bank
|
187,800
|
17,539,340
|
|
88,587,259
|
|||
Capital Markets - 0.7%
|
|||
TMX Group Ltd
|
1,271,600
|
45,092,393
|
|
Insurance - 0.7%
|
|||
Intact Financial Corp
|
240,800
|
43,635,155
|
|
TOTAL FINANCIALS
|
177,314,807
|
||
Health Care - 0.1%
|
|||
Health Care Providers & Services - 0.1%
|
|||
Chartwell Retirement Residences
|
114,900
|
1,661,841
|
|
Sienna Senior Living Inc (b)
|
121,500
|
1,890,932
|
|
TOTAL HEALTH CARE
|
3,552,773
|
||
Information Technology - 0.9%
|
|||
Electronic Equipment, Instruments & Components - 0.3%
|
|||
Celestica Inc (c)
|
71,100
|
20,056,834
|
|
IT Services - 0.4%
|
|||
Shopify Inc Class A (United States) (c)
|
208,910
|
24,780,904
|
|
Software - 0.2%
|
|||
Constellation Software Inc/Canada
|
10,000
|
17,554,382
|
|
Constellation Software Inc/Canada warrants 3/31/2040 (c)(d)
|
19,800
|
1
|
|
17,554,383
|
|||
TOTAL INFORMATION TECHNOLOGY
|
62,392,121
|
||
Materials - 2.1%
|
|||
Chemicals - 0.3%
|
|||
Nutrien Ltd
|
246,300
|
18,592,454
|
|
Metals & Mining - 1.8%
|
|||
Agnico Eagle Mines Ltd/CA
|
124,000
|
25,169,923
|
|
Altius Minerals Corp
|
636,100
|
22,373,929
|
|
Barrick Mining Corp
|
363,200
|
14,842,873
|
|
Franco-Nevada Corp
|
124,600
|
30,852,183
|
|
McEwen Inc (Canada) (b)(c)
|
133,900
|
2,734,238
|
|
Metalla Royalty & Streaming Ltd (c)
|
764,900
|
5,071,285
|
|
Pan American Silver Corp
|
58,500
|
3,200,237
|
|
Teck Resources Ltd Class B
|
239,300
|
12,402,796
|
|
116,647,464
|
|||
TOTAL MATERIALS
|
135,239,918
|
||
Real Estate - 0.0%
|
|||
Residential REITs - 0.0%
|
|||
Killam Apartment Real Estate Investment Trust (b)
|
105,800
|
1,213,076
|
|
Utilities - 0.0%
|
|||
Independent Power and Renewable Electricity Producers - 0.0%
|
|||
TransAlta Corp
|
63,430
|
833,969
|
|
TOTAL CANADA
|
585,404,158
|
||
CHILE - 0.2%
|
|||
Materials - 0.2%
|
|||
Metals & Mining - 0.2%
|
|||
Antofagasta PLC
|
322,500
|
14,462,344
|
|
CHINA - 0.8%
|
|||
Consumer Discretionary - 0.2%
|
|||
Automobiles - 0.0%
|
|||
BYD Co Ltd H Shares
|
282,700
|
3,864,886
|
|
Broadline Retail - 0.2%
|
|||
Prosus NV Class N
|
252,430
|
11,686,391
|
|
TOTAL CONSUMER DISCRETIONARY
|
15,551,277
|
||
Industrials - 0.6%
|
|||
Machinery - 0.6%
|
|||
Airtac International Group
|
1,076,000
|
34,320,475
|
|
TOTAL CHINA
|
49,871,752
|
||
DENMARK - 1.4%
|
|||
Consumer Staples - 0.1%
|
|||
Beverages - 0.1%
|
|||
Royal Unibrew A/S
|
50,200
|
4,084,545
|
|
Health Care - 0.2%
|
|||
Pharmaceuticals - 0.2%
|
|||
Novo Nordisk A/S Series B
|
321,600
|
11,768,790
|
|
Industrials - 1.1%
|
|||
Air Freight & Logistics - 1.1%
|
|||
DSV A/S
|
305,100
|
73,684,171
|
|
TOTAL DENMARK
|
89,537,506
|
||
FINLAND - 0.6%
|
|||
Financials - 0.5%
|
|||
Insurance - 0.5%
|
|||
Sampo Oyj A Shares
|
2,995,500
|
32,022,818
|
|
Information Technology - 0.1%
|
|||
Communications Equipment - 0.1%
|
|||
Nokia Oyj
|
1,161,300
|
9,315,974
|
|
Utilities - 0.0%
|
|||
Electric Utilities - 0.0%
|
|||
Fortum Oyj
|
45,620
|
1,166,628
|
|
TOTAL FINLAND
|
42,505,420
|
||
FRANCE - 6.2%
|
|||
Communication Services - 0.4%
|
|||
Diversified Telecommunication Services - 0.4%
|
|||
Orange SA
|
1,287,397
|
26,395,576
|
|
Consumer Discretionary - 0.8%
|
|||
Textiles, Apparel & Luxury Goods - 0.8%
|
|||
Hermes International SCA
|
8,126
|
15,393,501
|
|
LVMH Moet Hennessy Louis Vuitton SE
|
67,385
|
36,835,985
|
|
TOTAL CONSUMER DISCRETIONARY
|
52,229,486
|
||
Consumer Staples - 1.0%
|
|||
Food Products - 0.6%
|
|||
Danone SA
|
470,860
|
37,625,074
|
|
Personal Care Products - 0.4%
|
|||
L'Oreal SA
|
63,900
|
26,089,762
|
|
TOTAL CONSUMER STAPLES
|
63,714,836
|
||
Energy - 0.5%
|
|||
Oil, Gas & Consumable Fuels - 0.5%
|
|||
Gaztransport Et Technigaz SA
|
59,400
|
13,970,508
|
|
TotalEnergies SE
|
224,023
|
20,559,517
|
|
TOTAL ENERGY
|
34,530,025
|
||
Financials - 0.3%
|
|||
Banks - 0.2%
|
|||
BNP Paribas SA
|
107,200
|
10,212,261
|
|
Capital Markets - 0.1%
|
|||
Amundi SA (f)(g)
|
112,900
|
9,702,378
|
|
TOTAL FINANCIALS
|
19,914,639
|
||
Health Care - 0.2%
|
|||
Biotechnology - 0.2%
|
|||
Abivax SA (b)(c)
|
86,600
|
9,615,733
|
|
Health Care Equipment & Supplies - 0.0%
|
|||
EssilorLuxottica SA
|
10,200
|
2,376,856
|
|
TOTAL HEALTH CARE
|
11,992,589
|
||
Industrials - 1.4%
|
|||
Aerospace & Defense - 1.1%
|
|||
Airbus SE
|
186,700
|
35,299,923
|
|
Safran SA
|
123,400
|
40,380,098
|
|
75,680,021
|
|||
Electrical Equipment - 0.3%
|
|||
Legrand SA
|
126,100
|
19,590,218
|
|
TOTAL INDUSTRIALS
|
95,270,239
|
||
Materials - 1.2%
|
|||
Chemicals - 1.2%
|
|||
Air Liquide SA
|
381,436
|
78,842,251
|
|
Real Estate - 0.1%
|
|||
Industrial REITs - 0.0%
|
|||
ARGAN SA
|
39,193
|
2,571,003
|
|
Retail REITs - 0.1%
|
|||
Unibail-Rodamco-Westfield unit
|
35,900
|
3,960,689
|
|
TOTAL REAL ESTATE
|
6,531,692
|
||
Utilities - 0.3%
|
|||
Multi-Utilities - 0.3%
|
|||
Engie SA
|
541,430
|
17,448,912
|
|
TOTAL FRANCE
|
406,870,245
|
||
GERMANY - 8.4%
|
|||
Communication Services - 0.6%
|
|||
Diversified Telecommunication Services - 0.5%
|
|||
Deutsche Telekom AG
|
960,184
|
35,837,204
|
|
Entertainment - 0.1%
|
|||
CTS Eventim AG & Co KGaA
|
88,622
|
5,190,654
|
|
TOTAL COMMUNICATION SERVICES
|
41,027,858
|
||
Consumer Discretionary - 0.3%
|
|||
Automobile Components - 0.0%
|
|||
Schaeffler AG Class Registered
|
71,800
|
599,724
|
|
Automobiles - 0.3%
|
|||
Bayerische Motoren Werke AG
|
178,570
|
16,518,930
|
|
TOTAL CONSUMER DISCRETIONARY
|
17,118,654
|
||
Financials - 1.5%
|
|||
Capital Markets - 0.6%
|
|||
Deutsche Boerse AG
|
150,800
|
44,176,165
|
|
Insurance - 0.9%
|
|||
Allianz SE
|
85,100
|
35,939,315
|
|
Hannover Rueck SE
|
69,300
|
21,787,987
|
|
57,727,302
|
|||
TOTAL FINANCIALS
|
101,903,467
|
||
Health Care - 0.8%
|
|||
Health Care Providers & Services - 0.7%
|
|||
Fresenius SE & Co KGaA
|
877,799
|
45,554,049
|
|
Pharmaceuticals - 0.1%
|
|||
Bayer AG
|
125,300
|
5,798,662
|
|
TOTAL HEALTH CARE
|
51,352,711
|
||
Industrials - 3.2%
|
|||
Aerospace & Defense - 1.1%
|
|||
Rheinmetall AG
|
42,588
|
71,836,853
|
|
Electrical Equipment - 1.0%
|
|||
Siemens Energy AG
|
389,940
|
67,244,986
|
|
Industrial Conglomerates - 1.1%
|
|||
Siemens AG
|
288,150
|
70,203,164
|
|
TOTAL INDUSTRIALS
|
209,285,003
|
||
Information Technology - 0.8%
|
|||
Software - 0.8%
|
|||
SAP SE
|
304,859
|
51,973,168
|
|
Materials - 0.7%
|
|||
Chemicals - 0.4%
|
|||
BASF SE
|
314,900
|
19,394,821
|
|
Evonik Industries AG
|
364,300
|
7,148,539
|
|
26,543,360
|
|||
Construction Materials - 0.3%
|
|||
Heidelberg Materials AG
|
89,600
|
18,908,870
|
|
TOTAL MATERIALS
|
45,452,230
|
||
Real Estate - 0.1%
|
|||
Real Estate Management & Development - 0.1%
|
|||
Instone Real Estate Group SE (f)(g)
|
213,900
|
1,918,383
|
|
LEG Immobilien SE
|
59,214
|
3,867,963
|
|
TOTAL REAL ESTATE
|
5,786,346
|
||
Utilities - 0.4%
|
|||
Independent Power and Renewable Electricity Producers - 0.2%
|
|||
RWE AG
|
184,890
|
12,439,186
|
|
Multi-Utilities - 0.2%
|
|||
E.ON SE
|
635,870
|
13,926,487
|
|
TOTAL UTILITIES
|
26,365,673
|
||
TOTAL GERMANY
|
550,265,110
|
||
GREECE - 0.1%
|
|||
Consumer Staples - 0.1%
|
|||
Food Products - 0.1%
|
|||
Kri-Kri Milk Industry SA
|
179,800
|
4,474,271
|
|
HONG KONG - 2.4%
|
|||
Communication Services - 0.1%
|
|||
Diversified Telecommunication Services - 0.1%
|
|||
HKT Trust & HKT Ltd unit
|
4,465,239
|
6,977,811
|
|
Financials - 1.6%
|
|||
Insurance - 1.6%
|
|||
AIA Group Ltd
|
6,125,898
|
68,066,861
|
|
Prudential PLC
|
2,745,960
|
38,177,400
|
|
Prudential PLC rights (c)(e)
|
2,745,960
|
514,376
|
|
TOTAL FINANCIALS
|
106,758,637
|
||
Industrials - 0.5%
|
|||
Machinery - 0.5%
|
|||
Techtronic Industries Co Ltd
|
2,528,500
|
33,579,076
|
|
Real Estate - 0.2%
|
|||
Real Estate Management & Development - 0.2%
|
|||
CK Asset Holdings Ltd
|
940,588
|
5,381,849
|
|
Sun Hung Kai Properties Ltd
|
195,000
|
3,246,913
|
|
8,628,762
|
|||
Retail REITs - 0.0%
|
|||
Link REIT
|
614,200
|
2,846,703
|
|
TOTAL REAL ESTATE
|
11,475,465
|
||
TOTAL HONG KONG
|
158,790,989
|
||
HUNGARY - 0.6%
|
|||
Financials - 0.3%
|
|||
Banks - 0.3%
|
|||
OTP Bank Nyrt
|
172,100
|
18,329,367
|
|
Health Care - 0.3%
|
|||
Pharmaceuticals - 0.3%
|
|||
Richter Gedeon Nyrt
|
598,900
|
21,321,809
|
|
TOTAL HUNGARY
|
39,651,176
|
||
IRELAND - 1.7%
|
|||
Consumer Discretionary - 0.0%
|
|||
Household Durables - 0.0%
|
|||
Cairn Homes PLC (Ireland)
|
1,326,000
|
3,260,719
|
|
Financials - 0.8%
|
|||
Banks - 0.8%
|
|||
AIB Group PLC
|
3,745,100
|
39,979,369
|
|
Bank of Ireland Group PLC
|
692,500
|
12,564,195
|
|
TOTAL FINANCIALS
|
52,543,564
|
||
Industrials - 0.9%
|
|||
Building Products - 0.9%
|
|||
Kingspan Group PLC
|
675,100
|
57,727,728
|
|
TOTAL IRELAND
|
113,532,011
|
||
ISRAEL - 0.4%
|
|||
Health Care - 0.4%
|
|||
Pharmaceuticals - 0.4%
|
|||
Teva Pharmaceutical Industries Ltd ADR (c)
|
838,400
|
25,252,608
|
|
ITALY - 3.7%
|
|||
Communication Services - 0.1%
|
|||
Diversified Telecommunication Services - 0.1%
|
|||
Telecom Italia SpA/Milano (c)
|
17,194,190
|
12,072,105
|
|
Consumer Discretionary - 0.3%
|
|||
Leisure Products - 0.2%
|
|||
Technogym SpA (f)(g)
|
605,792
|
12,236,756
|
|
Textiles, Apparel & Luxury Goods - 0.1%
|
|||
Brunello Cucinelli SpA (b)
|
81,180
|
7,094,658
|
|
TOTAL CONSUMER DISCRETIONARY
|
19,331,414
|
||
Consumer Staples - 0.3%
|
|||
Beverages - 0.3%
|
|||
Coca-Cola HBC AG
|
312,500
|
17,602,876
|
|
Financials - 1.4%
|
|||
Banks - 1.4%
|
|||
FinecoBank Banca Fineco SpA
|
700,829
|
15,592,554
|
|
Intesa Sanpaolo SpA
|
9,287,200
|
56,167,918
|
|
UniCredit SpA
|
250,400
|
17,964,649
|
|
TOTAL FINANCIALS
|
89,725,121
|
||
Health Care - 0.5%
|
|||
Pharmaceuticals - 0.5%
|
|||
Recordati Industria Chimica e Farmaceutica SpA
|
557,900
|
31,944,548
|
|
Industrials - 0.8%
|
|||
Electrical Equipment - 0.6%
|
|||
Prysmian SpA
|
360,000
|
42,512,790
|
|
Machinery - 0.2%
|
|||
Interpump Group SpA
|
260,500
|
9,946,098
|
|
TOTAL INDUSTRIALS
|
52,458,888
|
||
Utilities - 0.3%
|
|||
Electric Utilities - 0.3%
|
|||
Enel SpA
|
2,049,666
|
22,408,650
|
|
TOTAL ITALY
|
245,543,602
|
||
JAPAN - 17.4%
|
|||
Communication Services - 1.0%
|
|||
Entertainment - 0.5%
|
|||
Capcom Co Ltd
|
65,300
|
1,379,915
|
|
Nintendo Co Ltd
|
544,538
|
31,085,301
|
|
32,465,216
|
|||
Wireless Telecommunication Services - 0.5%
|
|||
KDDI Corp
|
1,189,324
|
20,250,300
|
|
SoftBank Group Corp
|
631,571
|
15,378,596
|
|
35,628,896
|
|||
TOTAL COMMUNICATION SERVICES
|
68,094,112
|
||
Consumer Discretionary - 2.9%
|
|||
Automobile Components - 0.4%
|
|||
Niterra Co Ltd (b)
|
288,470
|
13,601,814
|
|
Sumitomo Electric Industries Ltd
|
179,200
|
10,182,160
|
|
Toyo Tire Corp
|
178,100
|
4,178,337
|
|
27,962,311
|
|||
Automobiles - 0.8%
|
|||
Toyota Motor Corp
|
2,481,160
|
51,576,740
|
|
Broadline Retail - 0.2%
|
|||
Pan Pacific International Holdings Corp
|
2,245,680
|
13,699,217
|
|
Hotels, Restaurants & Leisure - 0.1%
|
|||
Food & Life Cos Ltd
|
105,000
|
6,264,068
|
|
Household Durables - 0.8%
|
|||
Panasonic Holdings Corp
|
2,103,790
|
35,283,421
|
|
Sony Group Corp
|
760,700
|
15,855,070
|
|
51,138,491
|
|||
Specialty Retail - 0.4%
|
|||
Fast Retailing Co Ltd
|
70,160
|
27,720,666
|
|
Textiles, Apparel & Luxury Goods - 0.2%
|
|||
Asics Corp
|
385,630
|
10,367,707
|
|
TOTAL CONSUMER DISCRETIONARY
|
188,729,200
|
||
Consumer Staples - 0.9%
|
|||
Beverages - 0.1%
|
|||
Coca-Cola Bottlers Japan Holdings Inc
|
307,600
|
6,977,607
|
|
Consumer Staples Distribution & Retail - 0.0%
|
|||
Daikokutenbussan Co Ltd
|
89,200
|
2,757,795
|
|
Food Products - 0.8%
|
|||
Ajinomoto Co Inc
|
1,751,500
|
49,517,072
|
|
TOTAL CONSUMER STAPLES
|
59,252,474
|
||
Financials - 3.8%
|
|||
Banks - 2.7%
|
|||
Mitsubishi UFJ Financial Group Inc
|
1,760,500
|
29,812,192
|
|
Mizuho Financial Group Inc
|
2,125,974
|
86,067,431
|
|
SBI Shinsei Bank Ltd (b)
|
209,930
|
2,293,200
|
|
Sumitomo Mitsui Financial Group Inc
|
1,669,792
|
54,903,303
|
|
173,076,126
|
|||
Financial Services - 0.3%
|
|||
ORIX Corp
|
330,738
|
9,813,446
|
|
PayPay Corp ADR (b)
|
510,400
|
10,891,936
|
|
20,705,382
|
|||
Insurance - 0.8%
|
|||
Tokio Marine Holdings Inc
|
1,139,772
|
53,502,007
|
|
TOTAL FINANCIALS
|
247,283,515
|
||
Health Care - 1.2%
|
|||
Health Care Equipment & Supplies - 0.5%
|
|||
Hoya Corp
|
207,300
|
35,937,618
|
|
Pharmaceuticals - 0.7%
|
|||
Chugai Pharmaceutical Co Ltd
|
199,600
|
11,007,637
|
|
Takeda Pharmaceutical Co Ltd
|
954,500
|
35,152,226
|
|
46,159,863
|
|||
TOTAL HEALTH CARE
|
82,097,481
|
||
Industrials - 5.1%
|
|||
Commercial Services & Supplies - 0.2%
|
|||
Japan Elevator Service Holdings Co Ltd
|
1,115,958
|
11,539,625
|
|
Industrial Conglomerates - 1.6%
|
|||
Hikari Tsushin Inc
|
78,900
|
20,073,041
|
|
Hitachi Ltd
|
3,014,150
|
88,421,570
|
|
108,494,611
|
|||
Machinery - 2.4%
|
|||
Daifuku Co Ltd
|
1,131,700
|
39,959,286
|
|
Ebara Corp
|
1,528,000
|
43,254,831
|
|
Kawasaki Heavy Industries Ltd
|
554,000
|
10,419,158
|
|
Mitsubishi Heavy Industries Ltd
|
1,005,900
|
27,638,772
|
|
Namura Shipbuilding Co Ltd
|
548,400
|
15,209,980
|
|
Takeuchi Manufacturing Co Ltd
|
482,600
|
19,295,697
|
|
155,777,724
|
|||
Professional Services - 0.0%
|
|||
BayCurrent Inc
|
54,200
|
1,568,891
|
|
Trading Companies & Distributors - 0.9%
|
|||
ITOCHU Corp
|
4,149,800
|
52,787,496
|
|
Sumitomo Corp
|
87,000
|
3,255,459
|
|
56,042,955
|
|||
TOTAL INDUSTRIALS
|
333,423,806
|
||
Information Technology - 2.0%
|
|||
Electronic Equipment, Instruments & Components - 0.2%
|
|||
Ibiden Co Ltd
|
224,200
|
11,219,082
|
|
Seikoh Giken Co Ltd (b)
|
20,900
|
2,896,802
|
|
14,115,884
|
|||
Semiconductors & Semiconductor Equipment - 1.7%
|
|||
Advantest Corp
|
222,400
|
30,692,684
|
|
Disco Corp
|
43,700
|
17,811,391
|
|
Kioxia Holdings Corp (c)
|
128,900
|
16,834,354
|
|
Lasertec Corp
|
34,800
|
7,745,560
|
|
Renesas Electronics Corp
|
1,796,200
|
25,680,686
|
|
Tokyo Electron Ltd
|
39,500
|
9,813,813
|
|
108,578,488
|
|||
Software - 0.0%
|
|||
Money Forward Inc (b)(c)
|
146,200
|
3,258,769
|
|
Technology Hardware, Storage & Peripherals - 0.1%
|
|||
FUJIFILM Holdings Corp
|
226,000
|
4,306,577
|
|
TOTAL INFORMATION TECHNOLOGY
|
130,259,718
|
||
Materials - 0.1%
|
|||
Chemicals - 0.1%
|
|||
Shin-Etsu Chemical Co Ltd
|
228,800
|
9,316,464
|
|
Real Estate - 0.3%
|
|||
Real Estate Management & Development - 0.2%
|
|||
Hulic Co Ltd
|
232,300
|
2,707,821
|
|
Katitas Co Ltd
|
102,700
|
2,058,492
|
|
Nomura Real Estate Holdings Inc (b)
|
506,100
|
3,281,443
|
|
Starts Corp Inc
|
33,000
|
1,004,295
|
|
Tokyo Tatemono Co Ltd
|
177,000
|
4,083,451
|
|
Tosei Corp
|
216,900
|
2,173,123
|
|
15,308,625
|
|||
Residential REITs - 0.1%
|
|||
Advance Residence Investment Corp
|
3,250
|
3,321,166
|
|
TOTAL REAL ESTATE
|
18,629,791
|
||
Utilities - 0.1%
|
|||
Electric Utilities - 0.0%
|
|||
Kansai Electric Power Co Inc/The
|
28,980
|
481,824
|
|
Gas Utilities - 0.1%
|
|||
Osaka Gas Co Ltd
|
97,960
|
3,967,823
|
|
Tokyo Gas Co Ltd
|
81,030
|
3,816,194
|
|
7,784,017
|
|||
TOTAL UTILITIES
|
8,265,841
|
||
TOTAL JAPAN
|
1,145,352,402
|
||
LUXEMBOURG - 0.1%
|
|||
Materials - 0.1%
|
|||
Metals & Mining - 0.1%
|
|||
ArcelorMittal SA
|
164,200
|
8,515,658
|
|
NETHERLANDS - 4.4%
|
|||
Consumer Staples - 0.2%
|
|||
Consumer Staples Distribution & Retail - 0.2%
|
|||
Koninklijke Ahold Delhaize NV
|
214,000
|
9,989,718
|
|
Food Products - 0.0%
|
|||
Magnum Ice Cream Co NV/The
|
255,400
|
3,754,542
|
|
TOTAL CONSUMER STAPLES
|
13,744,260
|
||
Financials - 0.5%
|
|||
Banks - 0.5%
|
|||
ING Groep NV
|
1,231,100
|
31,955,270
|
|
Health Care - 0.1%
|
|||
Biotechnology - 0.1%
|
|||
Argenx SE (c)
|
12,900
|
9,362,034
|
|
Information Technology - 3.5%
|
|||
Semiconductors & Semiconductor Equipment - 3.5%
|
|||
ASM International NV
|
47,663
|
36,126,304
|
|
ASML Holding NV
|
138,290
|
183,892,049
|
|
BE Semiconductor Industries NV
|
40,700
|
8,717,690
|
|
TOTAL INFORMATION TECHNOLOGY
|
228,736,043
|
||
Materials - 0.1%
|
|||
Chemicals - 0.1%
|
|||
Akzo Nobel NV
|
62,300
|
3,581,337
|
|
Real Estate - 0.0%
|
|||
Real Estate Management & Development - 0.0%
|
|||
CTP NV (f)(g)
|
72,100
|
1,206,700
|
|
TOTAL NETHERLANDS
|
288,585,644
|
||
NORWAY - 0.2%
|
|||
Materials - 0.2%
|
|||
Metals & Mining - 0.2%
|
|||
Norsk Hydro ASA
|
1,163,000
|
12,395,715
|
|
PORTUGAL - 1.0%
|
|||
Consumer Staples - 0.1%
|
|||
Consumer Staples Distribution & Retail - 0.1%
|
|||
Jeronimo Martins SGPS SA
|
392,100
|
9,375,641
|
|
Sonae SGPS SA
|
620,400
|
1,377,945
|
|
TOTAL CONSUMER STAPLES
|
10,753,586
|
||
Energy - 0.2%
|
|||
Oil, Gas & Consumable Fuels - 0.2%
|
|||
Galp Energia SGPS SA
|
456,142
|
10,937,189
|
|
Financials - 0.7%
|
|||
Banks - 0.7%
|
|||
Banco Comercial Portugues SA
|
46,580,300
|
45,367,721
|
|
TOTAL PORTUGAL
|
67,058,496
|
||
SINGAPORE - 0.7%
|
|||
Communication Services - 0.2%
|
|||
Diversified Telecommunication Services - 0.2%
|
|||
Singapore Telecommunications Ltd
|
3,902,429
|
15,026,005
|
|
Consumer Discretionary - 0.0%
|
|||
Broadline Retail - 0.0%
|
|||
Sea Ltd Class A ADR (c)
|
22,300
|
1,846,663
|
|
Financials - 0.4%
|
|||
Banks - 0.4%
|
|||
United Overseas Bank Ltd
|
726,765
|
20,804,200
|
|
Real Estate - 0.1%
|
|||
Health Care REITs - 0.1%
|
|||
Parkway Life Real Estate Investment Trust
|
1,300,548
|
4,053,918
|
|
Real Estate Management & Development - 0.0%
|
|||
Wing Tai Holdings Ltd
|
1,396,900
|
1,780,629
|
|
TOTAL REAL ESTATE
|
5,834,547
|
||
TOTAL SINGAPORE
|
43,511,415
|
||
SOUTH AFRICA - 0.2%
|
|||
Materials - 0.2%
|
|||
Metals & Mining - 0.2%
|
|||
Anglo American PLC
|
315,937
|
13,564,943
|
|
SPAIN - 5.5%
|
|||
Communication Services - 0.0%
|
|||
Diversified Telecommunication Services - 0.0%
|
|||
Cellnex Telecom SA (f)(g)
|
12,200
|
392,288
|
|
Consumer Discretionary - 0.4%
|
|||
Household Durables - 0.1%
|
|||
Neinor Homes SA (f)(g)
|
351,651
|
6,789,477
|
|
Specialty Retail - 0.3%
|
|||
Industria de Diseno Textil SA
|
332,670
|
19,364,319
|
|
TOTAL CONSUMER DISCRETIONARY
|
26,153,796
|
||
Financials - 3.9%
|
|||
Banks - 3.9%
|
|||
Banco Santander SA
|
11,784,500
|
132,112,717
|
|
Bankinter SA
|
1,366,800
|
21,646,528
|
|
CaixaBank SA
|
8,547,300
|
102,462,114
|
|
TOTAL FINANCIALS
|
256,221,359
|
||
Utilities - 1.2%
|
|||
Electric Utilities - 1.2%
|
|||
Iberdrola SA
|
3,345,050
|
76,582,133
|
|
Independent Power and Renewable Electricity Producers - 0.0%
|
|||
EDP Renovaveis SA
|
28,440
|
455,832
|
|
TOTAL UTILITIES
|
77,037,965
|
||
TOTAL SPAIN
|
359,805,408
|
||
SWEDEN - 1.7%
|
|||
Consumer Discretionary - 0.1%
|
|||
Specialty Retail - 0.1%
|
|||
Haypp Group AB (c)
|
402,020
|
5,688,532
|
|
Industrials - 1.4%
|
|||
Building Products - 0.4%
|
|||
Assa Abloy AB B Shares
|
647,400
|
23,402,145
|
|
Machinery - 1.0%
|
|||
Epiroc AB A Shares
|
973,500
|
23,964,501
|
|
Indutrade AB
|
1,833,143
|
42,031,885
|
|
65,996,386
|
|||
TOTAL INDUSTRIALS
|
89,398,531
|
||
Information Technology - 0.2%
|
|||
Electronic Equipment, Instruments & Components - 0.2%
|
|||
Hexagon AB B Shares
|
1,496,300
|
14,562,168
|
|
Software - 0.0%
|
|||
Kry International Ab (c)(d)(h)
|
24,499
|
177,265
|
|
TOTAL INFORMATION TECHNOLOGY
|
14,739,433
|
||
TOTAL SWEDEN
|
109,826,496
|
||
SWITZERLAND - 2.1%
|
|||
Consumer Discretionary - 0.5%
|
|||
Textiles, Apparel & Luxury Goods - 0.5%
|
|||
Cie Financiere Richemont SA Series A
|
201,750
|
35,622,218
|
|
Financials - 1.4%
|
|||
Capital Markets - 1.0%
|
|||
UBS Group AG
|
1,647,040
|
64,223,682
|
|
Insurance - 0.4%
|
|||
Zurich Insurance Group AG
|
40,206
|
28,418,346
|
|
TOTAL FINANCIALS
|
92,642,028
|
||
Health Care - 0.2%
|
|||
Pharmaceuticals - 0.2%
|
|||
Galderma Group AG
|
66,373
|
13,044,539
|
|
TOTAL SWITZERLAND
|
141,308,785
|
||
TAIWAN - 1.1%
|
|||
Information Technology - 1.1%
|
|||
Electronic Equipment, Instruments & Components - 0.1%
|
|||
Delta Electronics Inc
|
150,000
|
6,773,301
|
|
Semiconductors & Semiconductor Equipment - 1.0%
|
|||
Taiwan Semiconductor Manufacturing Co Ltd
|
1,181,000
|
68,400,993
|
|
TOTAL TAIWAN
|
75,174,294
|
||
UNITED KINGDOM - 12.1%
|
|||
Communication Services - 0.3%
|
|||
Diversified Telecommunication Services - 0.3%
|
|||
Zegona Communications plc
|
804,720
|
17,705,439
|
|
Consumer Discretionary - 0.7%
|
|||
Broadline Retail - 0.1%
|
|||
Next PLC
|
48,560
|
8,204,157
|
|
Hotels, Restaurants & Leisure - 0.3%
|
|||
Compass Group PLC
|
745,100
|
20,788,982
|
|
Household Durables - 0.1%
|
|||
Beauty Tech Group PLC/The (c)
|
1,156,100
|
3,723,929
|
|
Leisure Products - 0.1%
|
|||
Games Workshop Group PLC
|
14,016
|
3,313,338
|
|
Textiles, Apparel & Luxury Goods - 0.1%
|
|||
Burberry Group PLC (c)
|
641,910
|
9,392,494
|
|
TOTAL CONSUMER DISCRETIONARY
|
45,422,900
|
||
Consumer Staples - 2.4%
|
|||
Beverages - 0.2%
|
|||
Diageo PLC
|
742,016
|
13,799,431
|
|
Fevertree Drinks PLC
|
79,915
|
814,823
|
|
14,614,254
|
|||
Consumer Staples Distribution & Retail - 0.2%
|
|||
J Sainsbury PLC
|
2,388,221
|
10,752,162
|
|
Food Products - 0.2%
|
|||
Cranswick PLC
|
129,700
|
9,104,087
|
|
Premier Foods PLC
|
1,918,600
|
4,758,621
|
|
13,862,708
|
|||
Household Products - 0.1%
|
|||
Reckitt Benckiser Group PLC
|
105,112
|
7,067,767
|
|
Personal Care Products - 0.4%
|
|||
Unilever PLC (Netherlands)
|
504,382
|
28,477,211
|
|
Unilever PLC rights (c)(e)
|
473,282
|
255,141
|
|
28,732,352
|
|||
Tobacco - 1.3%
|
|||
British American Tobacco PLC
|
1,447,552
|
84,043,174
|
|
TOTAL CONSUMER STAPLES
|
159,072,417
|
||
Financials - 2.6%
|
|||
Banks - 1.6%
|
|||
Lloyds Banking Group PLC
|
35,177,200
|
43,599,863
|
|
NatWest Group PLC
|
8,621,300
|
63,866,138
|
|
107,466,001
|
|||
Capital Markets - 0.1%
|
|||
3i Group PLC
|
132,700
|
4,324,826
|
|
Insurance - 0.9%
|
|||
Hiscox Ltd
|
2,046,000
|
41,298,654
|
|
Lancashire Holdings Ltd
|
1,996,000
|
15,507,705
|
|
56,806,359
|
|||
TOTAL FINANCIALS
|
168,597,186
|
||
Health Care - 2.2%
|
|||
Health Care Equipment & Supplies - 0.2%
|
|||
Convatec Group PLC (f)(g)
|
5,518,700
|
15,918,349
|
|
Pharmaceuticals - 2.0%
|
|||
Astrazeneca PLC
|
675,100
|
132,009,053
|
|
TOTAL HEALTH CARE
|
147,927,402
|
||
Industrials - 2.4%
|
|||
Aerospace & Defense - 1.9%
|
|||
BAE Systems PLC
|
802,500
|
23,528,101
|
|
Rolls-Royce Holdings PLC
|
6,662,216
|
101,215,215
|
|
124,743,316
|
|||
Trading Companies & Distributors - 0.5%
|
|||
Diploma PLC
|
224,965
|
17,961,652
|
|
RS GROUP PLC
|
2,344,377
|
17,554,568
|
|
35,516,220
|
|||
TOTAL INDUSTRIALS
|
160,259,536
|
||
Information Technology - 0.5%
|
|||
Electronic Equipment, Instruments & Components - 0.5%
|
|||
Halma PLC
|
649,400
|
33,139,380
|
|
Real Estate - 0.1%
|
|||
Industrial REITs - 0.0%
|
|||
LondonMetric Property PLC
|
647,700
|
1,564,580
|
|
Specialized REITs - 0.1%
|
|||
Big Yellow Group PLC (The)
|
210,777
|
2,376,081
|
|
TOTAL REAL ESTATE
|
3,940,661
|
||
Utilities - 0.9%
|
|||
Electric Utilities - 0.5%
|
|||
SSE PLC
|
976,350
|
33,751,056
|
|
Multi-Utilities - 0.4%
|
|||
National Grid PLC
|
1,430,636
|
24,149,270
|
|
TOTAL UTILITIES
|
57,900,326
|
||
TOTAL UNITED KINGDOM
|
793,965,247
|
||
UNITED STATES - 10.3%
|
|||
Communication Services - 0.0%
|
|||
Media - 0.0%
|
|||
EchoStar Corp Class A (c)
|
15,630
|
1,829,804
|
|
Consumer Discretionary - 0.4%
|
|||
Hotels, Restaurants & Leisure - 0.4%
|
|||
InterContinental Hotels Group PLC
|
183,030
|
24,137,056
|
|
Specialty Retail - 0.0%
|
|||
RealReal Inc/The (c)
|
392,570
|
3,564,536
|
|
TOTAL CONSUMER DISCRETIONARY
|
27,701,592
|
||
Consumer Staples - 0.8%
|
|||
Food Products - 0.7%
|
|||
Nestle SA
|
482,848
|
47,363,069
|
|
Personal Care Products - 0.1%
|
|||
Estee Lauder Cos Inc/The Class A
|
58,100
|
4,169,837
|
|
TOTAL CONSUMER STAPLES
|
51,532,906
|
||
Energy - 2.0%
|
|||
Oil, Gas & Consumable Fuels - 2.0%
|
|||
Shell PLC
|
2,887,025
|
133,712,685
|
|
Health Care - 3.7%
|
|||
Biotechnology - 0.2%
|
|||
Insmed Inc (c)
|
69,100
|
11,299,232
|
|
Health Care Equipment & Supplies - 0.8%
|
|||
Alcon AG
|
525,590
|
39,729,468
|
|
GE HealthCare Technologies Inc
|
194,800
|
13,865,864
|
|
53,595,332
|
|||
Pharmaceuticals - 2.7%
|
|||
GSK PLC
|
1,247,100
|
34,351,966
|
|
Novartis AG
|
166,690
|
25,585,988
|
|
Roche Holding AG
|
280,960
|
112,128,563
|
|
172,066,517
|
|||
TOTAL HEALTH CARE
|
236,961,081
|
||
Industrials - 2.2%
|
|||
Commercial Services & Supplies - 0.3%
|
|||
Waste Connections Inc
|
129,000
|
20,959,370
|
|
Construction & Engineering - 0.1%
|
|||
MasTec Inc (c)
|
6,780
|
2,181,397
|
|
Quanta Services Inc
|
2,710
|
1,487,844
|
|
3,669,241
|
|||
Electrical Equipment - 1.8%
|
|||
GE Vernova Inc
|
1,990
|
1,737,071
|
|
Nextpower Inc Class A (c)
|
26,630
|
3,210,247
|
|
Schneider Electric SE
|
399,750
|
108,884,547
|
|
113,831,865
|
|||
TOTAL INDUSTRIALS
|
138,460,476
|
||
Information Technology - 0.0%
|
|||
Technology Hardware, Storage & Peripherals - 0.0%
|
|||
Seagate Technology Holdings PLC
|
8,000
|
3,134,080
|
|
Materials - 0.9%
|
|||
Chemicals - 0.2%
|
|||
Linde PLC
|
38,612
|
19,142,285
|
|
Construction Materials - 0.7%
|
|||
CRH PLC
|
226,600
|
23,820,192
|
|
Holcim AG
|
235,020
|
19,427,213
|
|
43,247,405
|
|||
TOTAL MATERIALS
|
62,389,690
|
||
Utilities - 0.3%
|
|||
Electric Utilities - 0.2%
|
|||
Constellation Energy Corp
|
16,510
|
4,610,417
|
|
NRG Energy Inc
|
62,070
|
9,070,910
|
|
13,681,327
|
|||
Independent Power and Renewable Electricity Producers - 0.1%
|
|||
Vistra Corp
|
39,770
|
5,978,624
|
|
TOTAL UTILITIES
|
19,659,951
|
||
TOTAL UNITED STATES
|
675,382,265
|
||
ZAMBIA - 0.2%
|
|||
Materials - 0.2%
|
|||
Metals & Mining - 0.2%
|
|||
First Quantum Minerals Ltd (c)
|
605,200
|
14,469,810
|
|
|
TOTAL COMMON STOCKS
(Cost $4,790,105,663)
|
6,444,888,986
|
||
U.S. Treasury Obligations - 0.0%
|
||||
Yield (%) (i)
|
Principal
Amount (a)
|
Value ($)
|
||
US Treasury Bills 0% 4/2/2026 (j)
(Cost $2,899,716)
|
3.54 to 3.58
|
2,900,000
|
2,899,708
|
|
Money Market Funds - 2.4%
|
||||
Yield (%)
|
Shares
|
Value ($)
|
||
Fidelity Cash Central Fund (k)
|
3.69
|
90,342,830
|
90,360,899
|
|
Fidelity Securities Lending Cash Central Fund (k)(l)
|
3.69
|
69,180,395
|
69,187,312
|
|
|
TOTAL MONEY MARKET FUNDS
(Cost $159,548,210)
|
159,548,211
|
|||
|
TOTAL INVESTMENT IN SECURITIES - 100.4%
(Cost $4,952,553,589)
|
6,607,336,905
|
NET OTHER ASSETS (LIABILITIES) - (0.4)%
|
(23,806,385)
|
NET ASSETS - 100.0%
|
6,583,530,520
|
Futures Contracts
|
||||
Number
of contracts
|
Expiration
Date
|
Notional
Amount ($)
|
Unrealized
Appreciation/
(Depreciation) ($)
|
|
LONG
|
||||
Equity Contracts
|
||||
ICE MSCI Emerging Markets Index Contracts (United States)
|
16
|
6/2026
|
1,163,680
|
(2,483)
|
TMX S&P/TSX 60 Index Contracts (Canada)
|
2
|
6/2026
|
548,573
|
1,032
|
TOTAL FUTURES CONTRACTS
|
(1,451)
|
|||
The notional amount of long futures as a percentage of Net Assets is 0.0%.
|
||||
Legend
(a)
|
Amount is stated in United States dollars unless otherwise noted.
|
(b)
|
Security or a portion of the security is on loan at period end.
|
(c)
|
Non-income producing.
|
(d)
|
Level 3 security.
|
(e)
|
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
|
(f)
|
Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $48,164,331 or 0.7% of net assets.
|
(g)
|
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $48,164,331 or 0.7% of net assets.
|
(h)
|
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 $177,265 or 0.0% of net assets.
|
(i)
|
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.
|
(j)
|
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $85,991.
|
(k)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
|
(l)
|
Investment made with cash collateral received from securities on loan.
|
Additional information on each restricted holding is as follows:
|
||
Security
|
Acquisition Date
|
Acquisition Cost ($)
|
Kry International Ab
|
5/14/2021 - 10/30/2024
|
1,620,154
|
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,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
Fidelity Cash Central Fund
|
59,883,377
|
1,775,161,628
|
1,744,672,026
|
2,008,476
|
(12,080)
|
-
|
90,360,899
|
90,342,830
|
0.1%
|
Fidelity Securities Lending Cash Central Fund
|
23,064,114
|
448,495,884
|
402,371,130
|
164,124
|
(1,556)
|
-
|
69,187,312
|
69,180,395
|
0.2%
|
Total
|
82,947,491
|
2,223,657,512
|
2,147,043,156
|
2,172,600
|
(13,636)
|
-
|
159,548,211
|
||
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of March 31, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date:
|
||||
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Investments in Securities:
|
||||
Common Stocks
|
||||
Communication Services
|
204,057,655
|
10,513,987
|
193,543,668
|
-
|
Consumer Discretionary
|
460,863,154
|
21,844,390
|
439,018,764
|
-
|
Consumer Staples
|
396,566,123
|
16,758,930
|
379,807,193
|
-
|
Energy
|
356,640,132
|
167,406,168
|
189,233,964
|
-
|
Financials
|
1,662,250,846
|
207,050,486
|
1,455,200,360
|
-
|
Health Care
|
670,501,326
|
75,292,286
|
595,209,040
|
-
|
Industrials
|
1,277,867,929
|
29,575,929
|
1,248,292,000
|
-
|
Information Technology
|
608,864,211
|
65,526,200
|
543,160,745
|
177,266
|
Materials
|
505,629,549
|
214,501,247
|
291,128,302
|
-
|
Real Estate
|
70,560,146
|
1,213,076
|
69,347,070
|
-
|
Utilities
|
231,087,915
|
20,493,920
|
210,593,995
|
-
|
U.S. Treasury Obligations
|
2,899,708
|
-
|
2,899,708
|
-
|
Money Market Funds
|
159,548,211
|
159,548,211
|
-
|
-
|
Total Investments in Securities:
|
6,607,336,905
|
989,724,830
|
5,617,434,809
|
177,266
|
Derivative Instruments:
|
||||
Assets
|
||||
Futures Contracts
|
1,032
|
1,032
|
-
|
-
|
Total Assets
|
1,032
|
1,032
|
-
|
-
|
Liabilities
|
||||
Futures Contracts
|
(2,483)
|
(2,483)
|
-
|
-
|
Total Liabilities
|
(2,483)
|
(2,483)
|
-
|
-
|
Total Derivative Instruments:
|
(1,451)
|
(1,451)
|
-
|
-
|
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of March 31, 2026. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type
|
Value
|
|
Asset ($)
|
Liability ($)
|
|
Equity Risk
|
||
Futures Contracts (a)
|
1,032
|
(2,483)
|
Total Equity Risk
|
1,032
|
(2,483)
|
Total Value of Derivatives
|
1,032
|
(2,483)
|
(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 (Unaudited)
Statement of Assets and Liabilities
|
||||
|
As of March 31, 2026 (Unaudited)
|
||||
Assets
|
||||
Investment in securities, at value (including securities loaned of $67,362,980) - See accompanying schedule:
|
||||
Unaffiliated issuers (cost $4,793,005,379)
|
$
|
6,447,788,694
|
||
Fidelity Central Funds (cost $159,548,210)
|
159,548,211
|
|||
Total Investment in Securities (cost $4,952,553,589)
|
$
|
6,607,336,905
|
||
Foreign currency held at value (cost $6,784,895)
|
6,781,066
|
|||
Receivable for investments sold
|
11,959,397
|
|||
Receivable for fund shares sold
|
2,237,328
|
|||
Dividends receivable
|
21,849,533
|
|||
Reclaims receivable
|
25,783,934
|
|||
Distributions receivable from Fidelity Central Funds
|
257,285
|
|||
Receivable for variation margin on futures contracts
|
54,422
|
|||
Other receivables
|
6,544
|
|||
Total assets
|
6,676,266,414
|
|||
Liabilities
|
||||
Payable to custodian bank
|
$
|
2,564,893
|
||
Payable for investments purchased
|
||||
Regular delivery
|
19,736,782
|
|||
Delayed delivery
|
769,517
|
|||
Payable for fund shares redeemed
|
442,844
|
|||
Other payables and accrued expenses
|
35,719
|
|||
Collateral on securities loaned
|
69,186,139
|
|||
Total liabilities
|
92,735,894
|
|||
Net Assets
|
$
|
6,583,530,520
|
||
Net Assets consist of:
|
||||
Paid in capital
|
$
|
4,507,168,260
|
||
Total accumulated earnings (loss)
|
2,076,362,260
|
|||
Net Assets
|
$
|
6,583,530,520
|
||
Net Asset Value, offering price and redemption price per share ($6,583,530,520 ÷ 55,322,652 shares)
|
$
|
119.00
|
||
Statement of Operations
|
||||
Six months ended March 31, 2026 (Unaudited)
|
||||
Investment Income
|
||||
Dividends
|
$
|
63,796,343
|
||
Interest
|
92,355
|
|||
Income from Fidelity Central Funds (including $164,124 from security lending)
|
2,172,600
|
|||
Security lending
|
5,019
|
|||
Income before foreign taxes withheld
|
$
|
66,066,317
|
||
Less foreign taxes withheld
|
(2,719,964)
|
|||
Total income
|
63,346,353
|
|||
Expenses
|
||||
Custodian fees and expenses
|
$
|
199,981
|
||
Independent trustees' fees and expenses
|
10,560
|
|||
Interest
|
11,061
|
|||
Total expenses
|
221,602
|
|||
Net Investment income (loss)
|
63,124,751
|
|||
Realized and Unrealized Gain (Loss)
|
||||
Net realized gain (loss) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers (net of foreign taxes of $2,474,422)
|
510,247,510
|
|||
Fidelity Central Funds
|
(13,636)
|
|||
Foreign currency transactions
|
1,000,235
|
|||
Futures contracts
|
14,634,458
|
|||
Total net realized gain (loss)
|
525,868,567
|
|||
Change in net unrealized appreciation (depreciation) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers (net of decrease in deferred foreign taxes of $2,272,881)
|
(464,881,694)
|
|||
Assets and liabilities in foreign currencies
|
(408,628)
|
|||
Futures contracts
|
(457,784)
|
|||
Total change in net unrealized appreciation (depreciation)
|
(465,748,106)
|
|||
Net gain (loss)
|
60,120,461
|
|||
Net increase (decrease) in net assets resulting from operations
|
$
|
123,245,212
|
||
Statement of Changes in Net Assets
|
||||
Six months ended
March 31, 2026
(Unaudited)
|
Year ended
September 30, 2025
|
|||
Increase (Decrease) in Net Assets
|
||||
Operations
|
||||
Net investment income (loss)
|
$
|
63,124,751
|
$
|
127,729,675
|
Net realized gain (loss)
|
525,868,567
|
354,369,040
|
||
Change in net unrealized appreciation (depreciation)
|
(465,748,106)
|
385,980,868
|
||
Net increase (decrease) in net assets resulting from operations
|
123,245,212
|
868,079,583
|
||
Distributions to shareholders
|
(436,723,722)
|
(167,049,221)
|
||
Affiliated share transactions
|
||||
Proceeds from sales of shares
|
445,953,570
|
522,542,196
|
||
Reinvestment of distributions
|
436,723,722
|
167,049,221
|
||
Cost of shares redeemed
|
(409,771,861)
|
(714,249,048)
|
||
Net increase (decrease) in net assets resulting from share transactions
|
472,905,431
|
(24,657,631)
|
||
Total increase (decrease) in net assets
|
159,426,921
|
676,372,731
|
||
Net Assets
|
||||
Beginning of period
|
6,424,103,599
|
5,747,730,868
|
||
End of period
|
$
|
6,583,530,520
|
$
|
6,424,103,599
|
Other Information
|
||||
Shares
|
||||
Sold
|
3,666,670
|
4,798,257
|
||
Issued in reinvestment of distributions
|
3,688,545
|
1,465,240
|
||
Redeemed
|
(3,351,939)
|
(6,496,859)
|
||
Net increase (decrease)
|
4,003,276
|
(233,362)
|
||
Financial Highlights
Fidelity® International Equity Central Fund |
Six months ended
March 31, 2026
(Unaudited)
|
Years ended September 30, 2025
|
2024
|
2023
|
2022
|
2021
|
|||||||
Selected Per-Share Data
|
||||||||||||
Net asset value, beginning of period
|
$
|
125.18
|
$
|
111.49
|
$
|
88.42
|
$
|
71.85
|
$
|
106.88
|
$
|
84.62
|
Income from Investment Operations
|
||||||||||||
Net investment income (loss) A,B
|
1.16
|
2.47
|
2.23
|
2.13
|
2.07
|
1.80
|
||||||
Net realized and unrealized gain (loss)
|
1.13
|
14.46
|
23.26
|
16.42
|
(28.91)
|
22.17
|
||||||
Total from investment operations
|
2.29
|
16.93
|
25.49
|
18.55
|
(26.84)
|
23.97
|
||||||
Distributions from net investment income
|
(1.63)
|
(3.24)
|
(2.42)
|
(1.98)
|
(2.25)
|
(1.71)
|
||||||
Distributions from net realized gain
|
(6.84)
|
-
|
-
|
-
|
(5.94)
|
-
|
||||||
Total distributions
|
(8.47)
|
(3.24)
|
(2.42)
|
(1.98)
|
(8.19)
|
(1.71)
|
||||||
Net asset value, end of period
|
$
|
119.00
|
$
|
125.18
|
$
|
111.49
|
$
|
88.42
|
$
|
71.85
|
$
|
106.88
|
Total Return C,D
|
1.86 % |
15.50%
|
29.07%
|
25.78%
|
(27.21)%
|
28.42%
|
||||||
Ratios to Average Net Assets B,E,F
|
||||||||||||
Expenses before reductions
|
.01% G
|
.01%
|
.01%
|
.01%
|
.01%
|
.01%
|
||||||
Expenses net of fee waivers, if any
|
.01 % G |
.01%
|
.01%
|
.01%
|
.01%
|
.01%
|
||||||
Expenses net of all reductions, if any
|
.01% G
|
.01%
|
.01%
|
.01%
|
.01%
|
.01%
|
||||||
Net investment income (loss)
|
1.88% G
|
2.19%
|
2.21%
|
2.39%
|
2.25%
|
1.79%
|
||||||
Supplemental Data
|
||||||||||||
Net assets, end of period (000 omitted)
|
$
|
6,583,531
|
$
|
6,424,104
|
$
|
5,747,731
|
$
|
4,692,117
|
$
|
3,298,065
|
$
|
3,789,958
|
Portfolio turnover rate H
|
124 % G |
54%
|
35%
|
40%
|
38%
|
52%
|
ACalculated based on average shares outstanding during the period.
BNet 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.
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
DTotal returns for periods of less than one year are not annualized.
EFees 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.
FExpense 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.
GAnnualized.
HAmount 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
(Unaudited)For the period ended March 31, 2026
1. Organization.
Fidelity International Equity Central Fund (the Fund) is a fund of Fidelity Central Investment Portfolios LLC (the LLC) and is authorized to issue an unlimited number of shares. Shares of the Fund are only offered to other investment companies and accounts managed by Fidelity Management & Research Company 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:
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 foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. 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. 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.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of March 31, 2026 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the 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, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
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. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), 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
|
$1,809,988,561
|
Gross unrealized depreciation
|
(203,403,746)
|
Net unrealized appreciation (depreciation)
|
$1,606,584,815
|
Tax cost
|
$5,000,750,639
|
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (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.
4. 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):
Equity Risk
|
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
|
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 stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily. Subsequent payments from or to a fund are made or as needed depending on the 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 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.
5. 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 ($)
|
|
Fidelity International Equity Central Fund
|
4,163,601,653
|
4,075,834,057
|
6. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. Fidelity Management & Research Company LLC (the investment adviser) provides the Fund with investment management services. The Fund does not pay any fees for these services. Pursuant to the Fund's expense contract, the investment adviser also pays all other expenses of the Fund, excluding custody fees, the compensation of the independent Directors, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
Amount ($)
|
|
Fidelity International Equity Central Fund
|
2,659
|
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with FMR, or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
Borrower or Lender
|
Average Loan Balance ($)
|
Weighted Average Interest Rate
|
Interest Expense ($)
|
|
Fidelity International Equity Central Fund
|
Borrower
|
51,254,500
|
3.88%
|
11,061
|
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. Interfund trades during the period are noted in the table below.
Purchases ($)
|
Sales ($)
|
Realized Gain (Loss) ($)
|
|
Fidelity International Equity Central Fund
|
241,476,023
|
1,212,364,296
|
164,361,155
|
Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:
Amount ($)
|
|
Fidelity International Equity Central Fund
|
625,409
|
7. 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 in security lending. 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 ($)
|
|
Fidelity International Equity Central Fund
|
17,981
|
10,323
|
-
|
At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.
Amount ($)
|
|
Fidelity International Equity Central Fund
|
720,117
|
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 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.
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)
Note: This is not applicable for any fund included in this document.
 |
1.859211.118
INTCEN-SANN-0526
Fidelity® Floating Rate Central Fund
Semi-Annual Report
March 31, 2026
Contents
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. © 2026 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 (Semi-Annual Report)
Fidelity® Floating Rate Central Fund
Schedule of Investments March 31, 2026 (Unaudited)
Showing Percentage of Net Assets
Alternative Funds - 1.0%
|
|||
Shares
|
Value ($)
|
||
Fidelity Private Credit Company LLC (d)(o)
(Cost $19,727,136)
|
2,039,584
|
19,085,607
|
|
Asset-Backed Securities - 0.4%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
BAILIWICK OF JERSEY - 0.0%
|
|||
GoldenTree Loan Management US CLO 21 Ltd Series 2024-21A Class DJ, CME Term SOFR 3 month Index + 4.25%, 7.9176% 7/20/2037 (h)(i)(p)
|
293,000
|
292,992
|
|
Goldentree Loan Management US CLO 21 Ltd Series 2024-21A Class E, CME Term SOFR 3 month Index + 5.7%, 9.3676% 7/20/2037 (h)(i)(p)
|
440,000
|
437,375
|
|
TOTAL BAILIWICK OF JERSEY
|
730,367
|
||
GRAND CAYMAN (UK OVERSEAS TER) - 0.4%
|
|||
Apidos CLO LIII Series 2025-53A Class E, CME Term SOFR 3 month Index + 6.43%, 10.0976% 7/20/2038 (h)(i)(p)
|
260,000
|
258,080
|
|
Arini US CLO II Ltd Series 2025-2A Class E, CME Term SOFR 3 month Index + 5.65%, 9.3222% 3/31/2038 (h)(i)(p)
|
150,000
|
146,653
|
|
Balboa Bay Loan Funding Ltd Series 2025-1A Class D2, CME Term SOFR 3 month Index + 4.15%, 8.209% 7/20/2038 (h)(i)(p)
|
151,000
|
151,606
|
|
Balboa Bay Loan Funding Ltd Series 2025-1A Class E, CME Term SOFR 3 month Index + 5.75%, 9.4176% 7/20/2038 (h)(i)(p)
|
150,000
|
145,382
|
|
Bbam US CLO I Ltd Series 2025-1A Class D1R, CME Term SOFR 3 month Index + 3%, 6.6722% 3/30/2038 (h)(i)(p)
|
132,000
|
130,687
|
|
Brant Point Clo Ltd Series 2025-8A Class D1, CME Term SOFR 3 month Index + 2.85%, 6.8119% 3/31/2038 (h)(i)(p)
|
465,000
|
457,233
|
|
Carlyle US CLO Ltd Series 2025-2A Class E, CME Term SOFR 3 month Index + 6.75%, 11.046% 7/25/2038 (h)(i)(p)
|
250,000
|
248,176
|
|
CIFC Funding Ltd / CIFC Funding LLC Series 2025-5A Class CR, CME Term SOFR 3 month Index + 1.8%, 5.4722% 1/15/2038 (h)(i)(p)
|
410,000
|
409,462
|
|
CIFC Funding Ltd Series 2025-3A Class E, CME Term SOFR 3 month Index + 7.25%, 10.9197% 7/21/2038 (h)(i)(p)
|
317,000
|
317,166
|
|
CIFC Funding Ltd Series 2025-4A Class D2R, CME Term SOFR 3 month Index + 3.75%, 7.4176% 1/17/2038 (h)(i)(p)
|
109,000
|
103,754
|
|
Diameter Cap Ltd / LLC Series 2025-5A Class BR, CME Term SOFR 3 month Index + 1.8%, 5.4722% 1/15/2039 (h)(i)(p)
|
465,000
|
462,708
|
|
Flat Series 2025-30A Class D2, CME Term SOFR 3 month Index + 4.1%, 7.7722% 4/15/2038 (h)(i)(p)
|
150,000
|
150,010
|
|
Flatiron RR CLO 30 Ltd Series 2025-30A Class E, CME Term SOFR 3 month Index + 5.25%, 8.9222% 4/15/2038 (h)(i)(p)
|
200,000
|
193,804
|
|
Fortress Credit BSL Ltd Series 2026-1A Class C1, CME Term SOFR 3 month Index + 1.9%, 5.5624% 4/20/2039 (h)(i)(p)
|
420,000
|
419,993
|
|
Garnet CLO Ltd Series 2025-1A Class E, CME Term SOFR 3 month Index + 6.25%, 9.9176% 7/20/2037 (h)(i)(p)
|
100,000
|
97,187
|
|
Magnetite XXIX Ltd Series 2024-29A Class ER, CME Term SOFR 3 month Index + 6%, 9.6722% 7/15/2037 (h)(i)(p)
|
103,000
|
102,098
|
|
Midocean Cr Clo Xix Series 2025-19A Class E, CME Term SOFR 3 month Index + 6.25%, 9.9176% 7/20/2036 (h)(i)(p)
|
157,000
|
152,263
|
|
Midocean Cr Clo Xvi Series 2024-16A Class E, CME Term SOFR 3 month Index + 6.25%, 9.9176% 10/20/2037 (h)(i)(p)
|
125,000
|
124,112
|
|
OCP Aegis CLO Ltd Series 2025-47A Class D1A, CME Term SOFR 3 month Index + 2.6%, 6.3474% 1/21/2038 (h)(i)(p)
|
425,000
|
419,318
|
|
OCP CLO Ltd Series 2024-14A Class ER, CME Term SOFR 3 month Index + 6.55%, 10.2176% 7/20/2037 (h)(i)(p)
|
200,000
|
197,121
|
|
OHA Credit Partners Ltd Series 2024-18A Class D2, CME Term SOFR 3 month Index + 4.75%, 8.4176% 4/20/2037 (h)(i)(p)
|
250,000
|
248,258
|
|
Palmer Square CLO Ltd Series 2025-2A Class DR2, CME Term SOFR 3 month Index + 4.14%, 7.8122% 2/15/2038 (h)(i)(p)
|
100,000
|
97,056
|
|
Palmer Square Loan Funding Ltd Series 2025-2A Class D, CME Term SOFR 3 month Index + 4.5%, 8.1722% 7/15/2033 (h)(i)(p)
|
250,000
|
246,883
|
|
Pikes Peak CLO 1 Series 2025-12A Class D2R, CME Term SOFR 3 month Index + 3.8%, 7.4676% 4/20/2038 (h)(i)(p)
|
100,000
|
95,013
|
|
Regatta 36 Fdg Ltd / Regatta 36 Fdg LLC Series 2026-1A Class D2, 8.5% 4/15/2039 (p)(q)
|
296,000
|
296,000
|
|
TPG CLO Ltd Series 2025-2A Class D1, CME Term SOFR 3 month Index + 3.25%, 7.0673% 1/21/2039 (h)(i)(p)
|
250,000
|
250,197
|
|
TOTAL GRAND CAYMAN (UK OVERSEAS TER)
|
5,920,220
|
||
UNITED STATES - 0.0%
|
|||
Obra Homes Finance LLC Series 2024-1A Class E, CME Term SOFR 3 month Index + 6.75%, 10.4176% 1/20/2038 (h)(i)(p)
|
150,000
|
148,939
|
|
|
TOTAL ASSET-BACKED SECURITIES
(Cost $6,868,006)
|
6,799,526
|
||
Bank Loan Obligations - 88.2%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
CANADA - 1.3%
|
|||
Consumer Discretionary - 0.8%
|
|||
Automobiles - 0.1%
|
|||
Bombardier Produits Recreatifs Inc Tranche B3 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.9177% 12/13/2029 (g)(h)(i)
|
2,758,192
|
2,759,185
|
|
Bombardier Produits Recreatifs Inc Tranche B4 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.9177% 1/22/2031 (g)(h)(i)
|
79,034
|
79,021
|
|
2,838,206
|
|||
Hotels, Restaurants & Leisure - 0.7%
|
|||
1011778 BC ULC Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.4177% 9/20/2030 (g)(h)(i)
|
9,354,506
|
9,327,660
|
|
Four Seasons Hotels Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.4177% 9/22/2032 (g)(h)(i)
|
3,572,310
|
3,591,672
|
|
12,919,332
|
|||
TOTAL CONSUMER DISCRETIONARY
|
15,757,538
|
||
Energy - 0.1%
|
|||
Oil, Gas & Consumable Fuels - 0.1%
|
|||
Rockpoint Gas Storage Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1996% 9/18/2031 (g)(h)(i)
|
1,041,701
|
1,042,742
|
|
Health Care - 0.2%
|
|||
Health Care Equipment & Supplies - 0.2%
|
|||
VetStrategy Canada Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 7.4496% 12/12/2028 (g)(h)(i)
|
4,554,720
|
4,526,254
|
|
Industrials - 0.1%
|
|||
Passenger Airlines - 0.1%
|
|||
Air Canada Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.4168% 3/21/2031 (g)(h)(i)
|
1,410,150
|
1,396,640
|
|
Materials - 0.1%
|
|||
Chemicals - 0.1%
|
|||
Groupe Solmax Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 8.6285% 5/29/2028 (g)(h)(i)
|
2,757,494
|
2,219,782
|
|
TOTAL CANADA
|
24,942,956
|
||
DENMARK - 0.2%
|
|||
Health Care - 0.2%
|
|||
Biotechnology - 0.2%
|
|||
Genmab A/S Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.6996% 12/10/2032 (g)(h)(i)
|
4,509,375
|
4,522,046
|
|
FINLAND - 0.0%
|
|||
Materials - 0.0%
|
|||
Paper & Forest Products - 0.0%
|
|||
Ahlstrom-Munksjo Oyj 1LN, term loan CME Term SOFR 3 month Index + 4%, 7.9612% 2/4/2028 (g)(h)(i)
|
908,738
|
898,287
|
|
FRANCE - 0.8%
|
|||
Communication Services - 0.8%
|
|||
Diversified Telecommunication Services - 0.8%
|
|||
Altice France SA Tranche B13 1LN, term loan CME Term SOFR 1 month Index + 5.375%, 9.0472% 5/14/2029 (g)(h)(i)
|
1,229,077
|
1,220,166
|
|
Altice France SA Tranche B14 1LN, term loan CME Term SOFR 1 month Index + 6.875%, 10.5472% 5/31/2031 (g)(h)(i)
|
13,661,333
|
13,669,940
|
|
TOTAL COMMUNICATION SERVICES
|
14,890,106
|
||
Consumer Discretionary - 0.0%
|
|||
Hotels, Restaurants & Leisure - 0.0%
|
|||
Betclic Everest Group SAS Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 0% 12/10/2031 (g)(h)(i)(k)
|
1,260,000
|
1,254,494
|
|
TOTAL FRANCE
|
16,144,600
|
||
GERMANY - 0.3%
|
|||
Industrials - 0.3%
|
|||
Machinery - 0.3%
|
|||
TK Elevator US Newco Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.3773% 4/30/2030 (g)(h)(i)
|
475,829
|
476,590
|
|
TK Elevator US Newco Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 0% 4/3/2030 (g)(h)(i)(k)
|
5,230,000
|
5,235,439
|
|
TOTAL GERMANY
|
5,712,029
|
||
GRAND CAYMAN (UK OVERSEAS TER) - 0.1%
|
|||
Industrials - 0.1%
|
|||
Aerospace & Defense - 0.1%
|
|||
Azorra Soar Tlb Finance Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.174% 10/18/2029 (g)(h)(i)
|
2,010,998
|
2,010,154
|
|
HONG KONG - 0.2%
|
|||
Consumer Discretionary - 0.2%
|
|||
Diversified Consumer Services - 0.2%
|
|||
Fugue Finance BV Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.9211% 1/9/2032 (g)(h)(i)
|
3,254,702
|
3,208,941
|
|
INDIA - 0.0%
|
|||
Information Technology - 0.0%
|
|||
Software - 0.0%
|
|||
BYJU's Alpha Inc Tranche B 1LN, term loan 3 month U.S. LIBOR + 8%, 0% (g)(h)(i)(j)
|
3,023,738
|
166,306
|
|
BYJU's Alpha Inc Tranche NEW MONEY WIND-DOWN DIP, term loan CME Term SOFR 3 month Index + 0.25%, 0% 3/23/2033 (c)(g)(h)(i)(k)
|
89,450
|
89,450
|
|
BYJU's Alpha Inc Tranche SECOND OUT ROLLOVER WIND-DOWN DIP 1LN, term loan CME Term SOFR 3 month Index + 0.8%, 11.6677% 3/31/2033 (c)(g)(h)(i)
|
207,232
|
207,232
|
|
BYJU's Alpha Inc Tranche THIRD OUT ROLLOVER WIND-DOWN DIP 1LN, term loan CME Term SOFR 3 month Index + 0.8%, 11.6677% 3/31/2033 (c)(g)(h)(i)
|
912,361
|
48,354
|
|
TOTAL INDIA
|
511,342
|
||
IRELAND - 0.2%
|
|||
Consumer Discretionary - 0.2%
|
|||
Hotels, Restaurants & Leisure - 0.2%
|
|||
Flutter Financing BV Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.6996% 6/4/2032 (g)(h)(i)
|
3,127,246
|
3,088,155
|
|
LUXEMBOURG - 0.3%
|
|||
Financials - 0.2%
|
|||
Financial Services - 0.2%
|
|||
Accelya Lux Finco Sarl Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.25%, 8.9496% 10/1/2032 (g)(h)(i)
|
3,521,175
|
3,217,474
|
|
SK Neptune Husky Finance Sarl Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 0% (g)(h)(i)(j)
|
1,226,144
|
24,523
|
|
TOTAL FINANCIALS
|
3,241,997
|
||
Materials - 0.1%
|
|||
Containers & Packaging - 0.1%
|
|||
Kleopatra Finco Sarl Tranche EXIT LOAN 1LN, term loan CME Term SOFR 1 month Index + 7%, 10.6668% 1/30/2031 (g)(h)(i)
|
2,588,324
|
2,089,269
|
|
TOTAL LUXEMBOURG
|
5,331,266
|
||
NETHERLANDS - 0.9%
|
|||
Industrials - 0.6%
|
|||
Building Products - 0.6%
|
|||
Hunter Douglas Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 6.6996% 1/17/2032 (g)(h)(i)
|
11,794,936
|
11,726,172
|
|
Information Technology - 0.1%
|
|||
IT Services - 0.1%
|
|||
Cyberswift BV Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.6464% 10/8/2032 (g)(h)(i)
|
1,210,000
|
1,188,825
|
|
Materials - 0.2%
|
|||
Chemicals - 0.2%
|
|||
Nouryon Finance BV Tranche B-1 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.0358% 4/3/2028 (g)(h)(i)
|
2,758,972
|
2,700,344
|
|
Nouryon Finance BV Tranche B-2 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 6.9169% 4/3/2028 (g)(h)(i)
|
1,603,335
|
1,569,938
|
|
TOTAL MATERIALS
|
4,270,282
|
||
Utilities - 0.0%
|
|||
Independent Power and Renewable Electricity Producers - 0.0%
|
|||
Enstall Group BV Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 8.9612% 8/30/2028 (g)(h)(i)
|
2,047,238
|
859,839
|
|
TOTAL NETHERLANDS
|
18,045,118
|
||
PUERTO RICO - 0.2%
|
|||
Communication Services - 0.2%
|
|||
Media - 0.2%
|
|||
Coral-US Co-Borrower LLC Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.787% 10/15/2029 (g)(h)(i)
|
1,640,000
|
1,627,880
|
|
Coral-US Co-Borrower LLC Tranche B7 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9222% 1/31/2032 (g)(h)(i)
|
2,085,000
|
2,045,656
|
|
TOTAL PUERTO RICO
|
3,673,536
|
||
SWEDEN - 0.2%
|
|||
Industrials - 0.2%
|
|||
Commercial Services & Supplies - 0.2%
|
|||
Anticimex Global AB Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.56% 11/17/2031 (g)(h)(i)
|
3,685,748
|
3,686,522
|
|
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%, 8.1975% 11/15/2030 (g)(h)(i)
|
6,868,767
|
6,563,381
|
|
UNITED KINGDOM - 2.4%
|
|||
Communication Services - 0.6%
|
|||
Entertainment - 0.6%
|
|||
Crown Finance US Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.1712% 12/2/2031 (g)(h)(i)
|
12,597,958
|
12,454,215
|
|
Consumer Discretionary - 0.7%
|
|||
Hotels, Restaurants & Leisure - 0.7%
|
|||
City Football Group Ltd Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 7.2822% 7/18/2030 (g)(h)(i)
|
8,746,252
|
8,713,453
|
|
Entain Holdings Gibraltar Ltd Tranche B5 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 5.9507% 7/31/2032 (g)(h)(i)
|
2,586,845
|
2,582,008
|
|
Entain Holdings Gibraltar Ltd Tranche B6 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 5.9507% 10/31/2029 (g)(h)(i)
|
1,830,022
|
1,828,027
|
|
TOTAL CONSUMER DISCRETIONARY
|
13,123,488
|
||
Consumer Staples - 0.1%
|
|||
Consumer Staples Distribution & Retail - 0.1%
|
|||
Boots Group Finco LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.924% 8/30/2032 (g)(h)(i)
|
1,900,238
|
1,904,988
|
|
Energy - 0.6%
|
|||
Oil, Gas & Consumable Fuels - 0.6%
|
|||
EG America LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9177% 2/10/2031 (g)(h)(i)
|
11,705,000
|
11,696,221
|
|
Health Care - 0.1%
|
|||
Health Care Providers & Services - 0.1%
|
|||
Loire Finco Luxembourg Sarl Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.6677% 1/21/2030 (g)(h)(i)
|
1,049,440
|
1,046,596
|
|
Industrials - 0.3%
|
|||
Commercial Services & Supplies - 0.1%
|
|||
HomeServe USA Holding Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.675% 10/21/2030 (g)(h)(i)
|
1,953,921
|
1,935,848
|
|
Construction & Engineering - 0.2%
|
|||
Red SPV LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.925% 3/15/2032 (g)(h)(i)
|
4,570,463
|
4,559,036
|
|
TOTAL INDUSTRIALS
|
6,494,884
|
||
TOTAL UNITED KINGDOM
|
46,720,392
|
||
UNITED STATES - 80.8%
|
|||
Communication Services - 5.7%
|
|||
Diversified Telecommunication Services - 1.2%
|
|||
Aventiv Technologies LLC 1LN, term loan CME Term SOFR 3 month Index + 5.09%, 9.0512% 9/30/2026 (g)(h)(i)
|
9,977,355
|
5,753,642
|
|
Aventiv Technologies LLC 2LN, term loan CME Term SOFR 3 month Index + 8.65%, 0% (c)(g)(h)(i)(j)
|
9,354,568
|
23,386
|
|
Aventiv Technologies LLC Tranche DEC FLSO 1LN, term loan CME Term SOFR 3 month Index + 10%, 13.9491% 9/30/2026 (c)(g)(h)(i)
|
481,689
|
499,752
|
|
Aventiv Technologies LLC Tranche FLSO 1LN, term loan CME Term SOFR 1 month Index + 10%, 13.9327% 9/30/2026 (g)(h)(i)
|
2,650,096
|
2,749,474
|
|
Aventiv Technologies LLC Tranche FLSO 1LN, term loan CME Term SOFR 3 month Index + 7.5%, 11.4612% 9/30/2026 (c)(g)(h)(i)
|
267,753
|
267,753
|
|
Level 3 Financing Inc Tranche B4 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9177% 3/29/2032 (g)(h)(i)
|
9,195,000
|
9,185,437
|
|
Uniti Services LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.6677% 10/6/2032 (g)(h)(i)
|
4,214,438
|
4,211,825
|
|
22,691,269
|
|||
Entertainment - 1.6%
|
|||
Allen Media LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 9.3496% 2/10/2027 (g)(h)(i)
|
4,487,506
|
2,793,473
|
|
AP Core Holdings II LLC Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.4285% 9/1/2027 (g)(h)(i)
|
4,240,798
|
4,121,886
|
|
AP Core Holdings II LLC Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.4285% 9/1/2027 (g)(h)(i)
|
6,705,000
|
6,517,461
|
|
ECL Entertainment LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.6677% 8/30/2030 (g)(h)(i)
|
1,545,608
|
1,534,016
|
|
Live Nation Entertainment Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.675% 10/21/2032 (g)(h)(i)
|
1,162,088
|
1,160,634
|
|
OAK-Eagle Acquireco Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 0% 3/24/2033 (g)(h)(i)(k)
|
11,170,000
|
11,100,188
|
|
Sweetwater Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.6677% 2/17/2033 (g)(h)(i)
|
3,313,801
|
3,311,747
|
|
30,539,405
|
|||
Interactive Media & Services - 0.0%
|
|||
TripAdvisor Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4177% 7/8/2031 (g)(h)(i)
|
1,365,299
|
1,290,207
|
|
Media - 2.6%
|
|||
Acosta Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 9.2194% 8/21/2031 (g)(h)(i)
|
1,785,639
|
1,737,659
|
|
Advantage Sales & Marketing Inc 1LN, term loan CME Term SOFR 1 month Index + 6%, 9.7844% 4/19/2030 (g)(h)(i)
|
2,095,841
|
1,571,880
|
|
Charter Comm Operating LLC Tranche B4 1LN, term loan CME Term SOFR 3 month Index + 2%, 5.6608% 12/7/2030 (g)(h)(i)
|
1,552,733
|
1,550,543
|
|
Charter Comm Operating LLC Tranche B5 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 5.9108% 12/15/2031 (g)(h)(i)
|
1,920,145
|
1,919,070
|
|
CMG Media Corp Tranche B2 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 7.2996% 6/18/2029 (g)(h)(i)
|
10,321,767
|
9,640,531
|
|
Dotdash Meredith Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.1677% 6/16/2032 (g)(h)(i)
|
3,177,038
|
2,993,373
|
|
Nexstar Media Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1677% 6/28/2032 (g)(h)(i)
|
3,626,775
|
3,584,668
|
|
Nexstar Media Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 0% 3/23/2033 (g)(h)(i)(k)
|
5,605,000
|
5,537,292
|
|
Sinclair Television Group Inc Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 3.3%, 7.0822% 12/31/2029 (g)(h)(i)
|
1,025,526
|
915,928
|
|
Sinclair Television Group Inc Tranche B7 1LN, term loan CME Term SOFR 1 month Index + 4.1%, 7.8677% 12/31/2030 (g)(h)(i)
|
1,992,469
|
1,773,297
|
|
Townsquare Media Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 8.5865% 2/19/2030 (g)(h)(i)
|
784,686
|
565,963
|
|
Univision Communications Inc 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 7.9496% 6/24/2029 (g)(h)(i)
|
1,502,679
|
1,495,165
|
|
Univision Communications Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.0322% 1/31/2029 (g)(h)(i)
|
6,430,137
|
6,338,508
|
|
Univision Communications Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.2822% 1/31/2029 (g)(h)(i)
|
3,071,579
|
3,038,959
|
|
Versant Media Group Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 7.1996% 1/30/2031 (g)(h)(i)
|
5,645,000
|
5,634,444
|
|
Virgin Media Bristol LLC Tranche Y 1LN, term loan CME Term SOFR 6 month Index + 3.175%, 7.0523% 3/31/2031 (g)(h)(i)
|
1,018,792
|
926,469
|
|
49,223,749
|
|||
Wireless Telecommunication Services - 0.3%
|
|||
Crown Subsea Communications Holding Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.6677% 1/30/2031 (g)(h)(i)
|
7,046,132
|
7,058,462
|
|
TOTAL COMMUNICATION SERVICES
|
110,803,092
|
||
Consumer Discretionary - 15.6%
|
|||
Automobile Components - 0.9%
|
|||
American Axle & Manufacturing Inc Tranche C 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.92% 2/3/2033 (g)(h)(i)
|
1,945,350
|
1,934,417
|
|
American Trailer World Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.5177% 3/3/2028 (g)(h)(i)
|
4,160,000
|
3,510,582
|
|
Clarios Global LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1677% 5/6/2030 (g)(h)(i)
|
2,556,156
|
2,545,778
|
|
Clarios Global LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4177% 1/28/2032 (g)(h)(i)
|
5,198,875
|
5,180,679
|
|
LCI Industries Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.9177% 3/25/2032 (g)(h)(i)
|
1,603,830
|
1,599,821
|
|
Novae LLC/IN 1LN, term loan CME Term SOFR 3 month Index + 5%, 8.8496% 12/22/2028 (g)(h)(i)
|
3,617,566
|
3,197,024
|
|
17,968,301
|
|||
Automobiles - 0.3%
|
|||
CWGS Group LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.2822% 6/3/2028 (g)(h)(i)
|
3,662,620
|
3,493,810
|
|
HarbourVest Partners LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2%, 5.6996% 4/19/2030 (g)(h)(i)
|
2,309,213
|
2,303,439
|
|
5,797,249
|
|||
Broadline Retail - 2.9%
|
|||
CNT Holdings I Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.1668% 11/8/2032 (g)(h)(i)
|
5,015,426
|
5,009,658
|
|
Great Outdoors Group LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9177% 1/23/2032 (g)(h)(i)
|
51,630,389
|
51,475,499
|
|
56,485,157
|
|||
Distributors - 1.1%
|
|||
BCPE Empire Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9177% 12/11/2030 (g)(h)(i)
|
5,390,435
|
5,302,840
|
|
BCPE Empire Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.1731% 12/29/2032 (g)(h)(i)
|
9,180,000
|
9,025,134
|
|
Gloves Buyer Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.6677% 5/24/2032 (g)(h)(i)
|
4,673,288
|
4,652,258
|
|
Windsor Holdings III LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4177% 8/1/2030 (g)(h)(i)
|
3,164,102
|
3,112,684
|
|
22,092,916
|
|||
Diversified Consumer Services - 0.6%
|
|||
AI Aqua Merger Sub Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.1625% 7/30/2028 (g)(h)(i)
|
11,533,918
|
11,499,662
|
|
KUEHG Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4496% 6/12/2030 (g)(h)(i)
|
1
|
0
|
|
11,499,662
|
|||
Hotels, Restaurants & Leisure - 6.6%
|
|||
19th Holdings Golf LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.0234% 2/7/2029 (g)(h)(i)
|
6,222,866
|
6,207,309
|
|
Aramark Services Inc Tranche B10 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.4177% 6/24/2030 (g)(h)(i)
|
2,903,594
|
2,903,594
|
|
Arcis Golf LLC 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4177% 11/24/2028 (g)(h)(i)
|
2,130,782
|
2,129,013
|
|
Caesars Entertainment Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.9177% 2/6/2030 (g)(h)(i)
|
9,052,685
|
8,781,104
|
|
Caesars Entertainment Inc Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.9177% 2/6/2031 (g)(h)(i)
|
5,052,686
|
4,894,789
|
|
Dave & Buster's Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 6.9375% 11/1/2031 (g)(h)(i)
|
5,836,639
|
4,852,757
|
|
Dave & Buster's Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 6.9375% 6/29/2029 (g)(h)(i)
|
624,790
|
544,085
|
|
Eagle Parent Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 7.9496% 4/2/2029 (g)(h)(i)
|
6,702,484
|
6,712,270
|
|
Fertitta Entertainment LLC/NV Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9177% 1/29/2029 (g)(h)(i)
|
20,559,761
|
20,130,679
|
|
Fitness International LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.1677% 2/12/2029 (g)(h)(i)
|
1,332,800
|
1,334,466
|
|
Flutter Entertainment PLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 1.75%, 5.4496% 11/30/2030 (g)(h)(i)
|
6,412,922
|
6,332,761
|
|
Flynn Restaurant Group LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.4177% 1/28/2032 (g)(h)(i)
|
6,054,766
|
5,939,059
|
|
Golden Entertainment Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.9177% 5/26/2030 (g)(h)(i)
|
2,647,340
|
2,647,340
|
|
Golden State Foods LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.1822% 12/4/2031 (g)(h)(i)
|
1,825,442
|
1,825,442
|
|
Herschend Entertainment Co LLC 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1677% 5/27/2032 (g)(h)(i)
|
1,414,313
|
1,414,610
|
|
Hilton Grand Vacations Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.6677% 1/17/2031 (g)(h)(i)
|
3,174,109
|
3,163,412
|
|
Hilton Grand Vacations Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.6677% 8/2/2028 (g)(h)(i)
|
5,954,402
|
5,946,959
|
|
Hilton Worldwide Finance LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.4286% 11/8/2030 (g)(h)(i)
|
1,292,849
|
1,294,465
|
|
Horizon US Finco LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 8.4475% 10/31/2031 (g)(h)(i)
|
4,666,158
|
4,339,527
|
|
J&J Ventures Gaming LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.1677% 4/26/2030 (g)(h)(i)
|
5,242,248
|
5,170,167
|
|
Life Time Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.6712% 11/5/2031 (g)(h)(i)
|
697,881
|
697,224
|
|
Light & Wonder International Inc Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.675% 4/16/2029 (g)(h)(i)
|
2,996,820
|
2,994,332
|
|
Marriott Ownership Resorts Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.9177% 4/1/2031 (g)(h)(i)
|
1,424,625
|
1,419,881
|
|
Sgh2 LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.1996% 8/18/2032 (g)(h)(i)
|
1,621,850
|
1,591,440
|
|
Sizzling Platter LLC 1LN, term loan CME Term SOFR 1 month Index + 5%, 8.6677% 7/2/2032 (g)(h)(i)
|
1,577,734
|
1,417,011
|
|
Sizzling Platter LLC Tranche DD 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 5% 7/2/2032 (g)(h)(i)(l)
|
67,266
|
60,413
|
|
Station Casinos LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.6677% 3/14/2031 (g)(h)(i)
|
5,520,221
|
5,514,039
|
|
United PF Holdings LLC 1LN, term loan CME Term SOFR 3 month Index + 4%, 7.9285% 12/30/2026 (g)(h)(i)
|
5,593,516
|
5,358,589
|
|
United PF Holdings LLC 2LN, term loan CME Term SOFR 3 month Index + 8.5%, 12.4285% 12/30/2027 (g)(h)(i)
|
750,000
|
562,500
|
|
United PF Holdings LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 8.5%, 12.4285% 12/30/2026 (g)(h)(i)
|
1,649,347
|
1,591,619
|
|
Whatabrands LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1677% 8/3/2028 (g)(h)(i)
|
5,373,988
|
5,361,520
|
|
Wok Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 6.25%, 9.9168% 9/3/2029 (g)(h)(i)
|
1,920,641
|
1,361,255
|
|
124,493,631
|
|||
Household Durables - 0.5%
|
|||
Somnigroup International Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.88% 10/24/2031 (g)(h)(i)
|
5,160,283
|
5,168,901
|
|
Weber-Stephen Products LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.4108% 10/1/2032 (g)(h)(i)
|
3,815,000
|
3,721,532
|
|
8,890,433
|
|||
Specialty Retail - 2.4%
|
|||
Academy Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.4177% 11/5/2027 (g)(h)(i)
|
787,609
|
787,609
|
|
Belron Finance 2019 LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2%, 5.6599% 10/16/2031 (g)(h)(i)
|
4,915,493
|
4,910,577
|
|
Empire Today LLC Tranche EXCH 1ST OUT TLB 1LN, term loan 9.4285% 8/3/2029 (g)(i)
|
219,300
|
94,299
|
|
Empire Today LLC Tranche EXCH FLSO TL 1LN, term loan CME Term SOFR 3 month Index + 5%, 8.9285% 8/3/2029 (c)(g)(h)(i)
|
1,334,074
|
13,341
|
|
Empire Today LLC Tranche NEW $ 1ST OUT TLA 1LN, term loan 9.4285% 8/3/2029 (g)(i)
|
416,168
|
178,952
|
|
Johnstone Supply LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.9177% 6/9/2031 (g)(h)(i)
|
122,926
|
122,004
|
|
LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.525% 6/6/2031 (g)(h)(i)
|
1,260,683
|
1,005,243
|
|
LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5%, 8.675% 6/6/2031 (g)(h)(i)
|
1,968,117
|
1,655,325
|
|
Needle Holdings LLC Tranche EXIT 1LN, term loan CME Term SOFR 3 month Index + 9.5%, 0% (c)(g)(h)(i)(j)
|
60,115
|
24,138
|
|
Park River Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.1608% 3/15/2031 (g)(h)(i)
|
2,925,000
|
2,852,987
|
|
Peer USA LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.9496% 9/29/2032 (g)(h)(i)
|
2,435,000
|
2,410,650
|
|
RH Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.2822% 10/20/2028 (g)(h)(i)
|
1,674,558
|
1,627,318
|
|
RH Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.0177% 10/20/2028 (g)(h)(i)
|
2,839,706
|
2,817,812
|
|
RVR Dealership Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.1807% 2/26/2033 (g)(h)(i)
|
4,135,000
|
3,979,938
|
|
Staples Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.75%, 9.4136% 9/4/2029 (g)(h)(i)
|
11,190,055
|
10,144,456
|
|
Tory Burch LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.0322% 4/16/2028 (g)(h)(i)
|
5,030,883
|
5,024,595
|
|
Wand NewCo 3 Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1677% 1/30/2031 (g)(h)(i)
|
1,940,914
|
1,922,727
|
|
White Cap Supply Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9177% 10/31/2029 (g)(h)(i)
|
5,805,342
|
5,570,980
|
|
White Cap Supply Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.1677% 2/10/2033 (g)(h)(i)
|
1,990,000
|
1,888,848
|
|
47,031,799
|
|||
Textiles, Apparel & Luxury Goods - 0.3%
|
|||
Varsity Brands Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4496% 8/26/2031 (g)(h)(i)
|
5,517,796
|
5,488,496
|
|
TOTAL CONSUMER DISCRETIONARY
|
299,747,644
|
||
Consumer Staples - 2.4%
|
|||
Beverages - 0.7%
|
|||
Celsius Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.1996% 4/1/2032 (g)(h)(i)
|
1,559,386
|
1,560,851
|
|
Naked Juice LLC Tranche EXCH FLSO FL20 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.0496% 1/24/2029 (g)(h)(i)
|
2,563,546
|
1,352,271
|
|
Naked Juice LLC Tranche EXCH FLTO FL30 PIK 1LN, term loan CME Term SOFR 1 month Index + 6%, 9.7996% 1/24/2030 (g)(h)(i)
|
1,290,968
|
266,804
|
|
Naked Juice LLC Tranche NEW $$ FLFO 1LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.1996% 1/24/2029 (g)(h)(i)
|
2,335,683
|
2,318,166
|
|
Primo Brands Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 0% 3/19/2031 (g)(h)(i)(k)
|
7,850,000
|
7,858,557
|
|
13,356,649
|
|||
Consumer Staples Distribution & Retail - 0.7%
|
|||
C&S Wholesale Grocers Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5%, 8.6996% 9/20/2030 (g)(h)(i)
|
3,678,445
|
3,589,537
|
|
Froneri US Inc Tranche B-4 1LN, term loan CME Term SOFR 6 month Index + 2.25%, 5.8773% 9/30/2031 (g)(h)(i)
|
1,427,180
|
1,396,709
|
|
Heritage Grocers Group LLC 1LN, term loan CME Term SOFR 3 month Index + 6.75%, 10.5496% 8/1/2029 (g)(h)(i)
|
6,065,195
|
4,629,139
|
|
JP Intermediate B LLC Tranche TAKEBK TL A 1LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.1996% 3/31/2031 (c)(g)(h)(i)
|
1,903,258
|
1,401,369
|
|
JP Intermediate B LLC Tranche NEW $ 1ST L TL 1LN, term loan CME Term SOFR 1 month Index + 7%, 10.6996% 9/30/2030 (c)(g)(h)(i)
|
504,980
|
489,831
|
|
Primary Products Finance LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 6.8964% 4/1/2029 (g)(h)(i)
|
2,205,276
|
2,187,369
|
|
13,693,954
|
|||
Food Products - 0.8%
|
|||
Aspire Bakeries Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.6677% 12/23/2030 (g)(h)(i)
|
1,723,862
|
1,723,862
|
|
Chobani LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.9177% 10/28/2032 (g)(h)(i)
|
4,159,575
|
4,157,828
|
|
Del Monte Foods Corp II Inc 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 0% (c)(g)(h)(i)(j)
|
4,852,665
|
0
|
|
Del Monte Foods Corp II Inc 1LN, term loan CME Term SOFR 3 month Index + 8.15%, 0% (c)(g)(h)(i)(j)
|
1,200,945
|
0
|
|
Del Monte Foods Corp II Inc Tranche FLFO B 1LN, term loan CME Term SOFR 3 month Index + 8%, 0% (c)(g)(h)(i)(j)
|
856,020
|
0
|
|
Del Monte Foods Corp II Inc Tranche TLB DIP ROLLUP, term loan CME Term SOFR 3 month Index + 9.5%, 0% (c)(g)(h)(i)(j)
|
3,419,877
|
1,295,211
|
|
Fiesta Purchaser Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4177% 2/12/2031 (g)(h)(i)
|
4,042,771
|
3,936,648
|
|
Nourish Buyer I Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.6692% 7/9/2032 (g)(h)(i)
|
4,395,113
|
4,397,881
|
|
15,511,430
|
|||
Personal Care Products - 0.2%
|
|||
Conair Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.5322% 5/17/2028 (g)(h)(i)
|
3,095,015
|
2,153,233
|
|
Olaplex Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 7.2727% 2/23/2029 (g)(h)(i)
|
800,000
|
800,504
|
|
2,953,737
|
|||
TOTAL CONSUMER STAPLES
|
45,515,770
|
||
Energy - 1.7%
|
|||
Oil, Gas & Consumable Fuels - 1.7%
|
|||
Apro LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 7.4265% 7/9/2031 (g)(h)(i)
|
2,304,900
|
2,307,781
|
|
BW Gas & Convenience Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.2822% 3/31/2028 (g)(h)(i)
|
605,756
|
603,485
|
|
CQP Holdco LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 1.75%, 5.4496% 12/31/2032 (g)(h)(i)
|
7,235,014
|
7,194,353
|
|
Delek US Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.2677% 11/19/2029 (g)(h)(i)
|
2,374,009
|
2,374,863
|
|
EMG Utica Midstream Holdings LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 7.1996% 4/1/2030 (g)(h)(i)
|
1,544,795
|
1,548,657
|
|
Hamilton Projects Acquiror LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1677% 5/30/2031 (g)(h)(i)
|
1,257,616
|
1,258,735
|
|
New Fortress Energy Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 0% (g)(h)(i)(j)
|
16,799,868
|
9,346,272
|
|
Par Petroleum LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 6.9333% 2/28/2030 (g)(h)(i)
|
2,935,956
|
2,933,754
|
|
Prairie Acquiror LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9177% 8/1/2029 (g)(h)(i)
|
1,038,952
|
1,039,731
|
|
Stonepeak Bayou Holdings LP 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4496% 10/1/2032 (g)(h)(i)
|
1,805,000
|
1,747,836
|
|
Venture Global Plaquemines LNG LLC 1LN, term loan CME Term SOFR 1 month Index + 2.225%, 5.8927% 5/25/2029 (g)(h)(i)
|
2,842,602
|
2,830,179
|
|
Venture Global Plaquemines LNG LLC 1LN, term loan CME Term SOFR 1 month Index + 2.225%, 5.8927% 5/25/2029 (g)(h)(i)
|
355,564
|
355,120
|
|
TOTAL ENERGY
|
33,540,766
|
||
Financials - 10.0%
|
|||
Capital Markets - 2.7%
|
|||
Broadstreet Partners Group LLC Tranche B4 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1677% 6/13/2031 (g)(h)(i)
|
4,736,105
|
4,613,582
|
|
Citadel Securities Global Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.6996% 10/31/2031 (g)(h)(i)
|
12,884,206
|
12,891,422
|
|
CPI Holdco B LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.6677% 5/17/2031 (g)(h)(i)
|
1,218,013
|
1,208,744
|
|
Focus Financial Partners LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1677% 9/15/2031 (g)(h)(i)
|
5,357,320
|
5,177,046
|
|
GTCR Everest Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1996% 9/5/2031 (g)(h)(i)
|
4,083,345
|
4,050,842
|
|
Hightower Holding LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.4132% 2/3/2032 (g)(h)(i)
|
4,712,815
|
4,656,874
|
|
Jane Street Group LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2%, 5.6727% 12/15/2031 (g)(h)(i)
|
9,977,029
|
9,783,175
|
|
Jupiter Borrower Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 0% 3/25/2033 (g)(h)(i)(k)
|
5,630,000
|
5,615,925
|
|
PEX Holdings LLC 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.4496% 11/26/2031 (g)(h)(i)
|
1,881,000
|
1,855,926
|
|
Superannuation & Investments US LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1677% 12/1/2028 (g)(h)(i)
|
1,708,122
|
1,705,559
|
|
51,559,095
|
|||
Financial Services - 2.7%
|
|||
ACNR Holdings Inc 2LN, term loan 13% (c)(g)(i)(m)
|
837,219
|
824,661
|
|
CFC USA 2025 LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.1608% 7/1/2032 (g)(h)(i)
|
2,164,575
|
2,061,758
|
|
Corpay Technologies Operating Co LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.4177% 11/5/2032 (g)(h)(i)
|
2,837,888
|
2,831,985
|
|
Heubach Holding USA LLC Tranche TL, term loan CME Term SOFR 1 month Index + 10%, 0% (c)(g)(h)(i)(j)
|
136,173
|
0
|
|
Kingpin Intermediate Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9177% 9/22/2032 (g)(h)(i)
|
3,152,100
|
2,863,147
|
|
NCR Atleos Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 6.686% 4/16/2029 (g)(h)(i)
|
1,562,415
|
1,556,556
|
|
Neon Maple US Debt Mergersub Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1677% 11/17/2031 (g)(h)(i)
|
5,360,952
|
5,244,780
|
|
Nexus Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.1677% 7/31/2031 (g)(h)(i)
|
9,878,731
|
9,479,136
|
|
Nexus Buyer LLC Tranche B 2LN, term loan CME Term SOFR 1 month Index + 5.75%, 9.4177% 2/16/2032 (g)(h)(i)
|
1,645,000
|
1,586,833
|
|
Orion US Finco Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.1497% 10/8/2032 (g)(h)(i)
|
1,780,000
|
1,760,349
|
|
Priority Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.4177% 8/2/2032 (g)(h)(i)
|
1,572,783
|
1,528,556
|
|
Recess Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 7.418% 2/20/2030 (g)(h)(i)
|
2,375,213
|
2,377,755
|
|
Shift4 Payments LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.6517% 7/6/2032 (g)(h)(i)
|
603,488
|
601,605
|
|
TKO Worldwide Holdings LLC Tranche B5 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.664% 11/21/2031 (g)(h)(i)
|
2,894,842
|
2,891,137
|
|
Trans Union LLC Tranche B8 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.4496% 6/24/2031 (g)(h)(i)
|
142,476
|
141,611
|
|
Trans Union LLC Tranche B9 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.4496% 6/24/2031 (g)(h)(i)
|
1,536,664
|
1,526,876
|
|
WH Borrower LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 0% 2/20/2032 (g)(h)(i)(k)
|
40,000
|
39,969
|
|
WH Borrower LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.1556% 2/20/2032 (g)(h)(i)
|
14,349,050
|
14,337,858
|
|
51,654,572
|
|||
Insurance - 4.6%
|
|||
Acrisure LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9177% 6/21/2032 (g)(h)(i)
|
1,423,539
|
1,377,274
|
|
Acrisure LLC Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.6677% 11/6/2030 (g)(h)(i)
|
27,685,741
|
26,779,033
|
|
Alera Group Intermediate Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4177% 5/28/2032 (g)(h)(i)
|
5,084,482
|
4,924,422
|
|
Alliant Hldgs Intermediate LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1677% 9/19/2031 (g)(h)(i)
|
2,065,148
|
2,047,305
|
|
AmWINS Group Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.6677% 1/30/2032 (g)(h)(i)
|
3,870,263
|
3,840,539
|
|
Asurion LLC Tranche B12 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 7.9177% 9/19/2030 (g)(h)(i)
|
1,201,052
|
1,187,323
|
|
Asurion LLC Tranche B13 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 7.9177% 9/19/2030 (g)(h)(i)
|
5,209,394
|
5,143,182
|
|
Asurion LLC Tranche B14 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.4177% 2/23/2033 (g)(h)(i)
|
15,599,481
|
15,063,327
|
|
Asurion LLC Tranche B4 2LN, term loan CME Term SOFR 1 month Index + 5.25%, 9.0322% 1/20/2029 (g)(h)(i)
|
11,157,477
|
11,073,796
|
|
CRC Insurance Group LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.4496% 5/6/2031 (g)(h)(i)
|
6,076,210
|
5,983,183
|
|
HUB International Ltd Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 5.9197% 6/20/2030 (g)(h)(i)
|
10,763,482
|
10,732,591
|
|
USI Inc/NY Tranche C 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 5.9496% 9/29/2030 (g)(h)(i)
|
292,010
|
290,915
|
|
USI Inc/NY Tranche D 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 5.9496% 11/21/2029 (g)(h)(i)
|
964,493
|
961,484
|
|
89,404,374
|
|||
TOTAL FINANCIALS
|
192,618,041
|
||
Health Care - 8.2%
|
|||
Biotechnology - 0.1%
|
|||
Alkermes Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4177% 8/12/2031 (g)(h)(i)
|
1,325,000
|
1,334,115
|
|
BioMarin Pharmaceutical Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 0% 1/28/2033 (g)(h)(i)(k)
|
2,340,000
|
2,332,699
|
|
3,666,814
|
|||
Health Care Equipment & Supplies - 1.9%
|
|||
Bausch + Lomb Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.4177% 1/15/2031 (g)(h)(i)
|
4,707,975
|
4,713,860
|
|
Embecta Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.6677% 3/30/2029 (g)(h)(i)
|
2,328,291
|
2,326,964
|
|
Hopper Merger Sub Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 0% 1/14/2033 (g)(h)(i)(k)
|
8,610,000
|
8,502,375
|
|
Insulet Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.6677% 8/1/2031 (g)(h)(i)
|
5,907,056
|
5,943,975
|
|
Medline Borrower LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.4177% 10/23/2028 (g)(h)(i)
|
2,644,875
|
2,648,340
|
|
QuidelOrtho Corp Tranche A 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 0% 8/21/2030 (g)(h)(i)(k)
|
1,612,967
|
1,536,351
|
|
QuidelOrtho Corp Tranche A-DD 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 0% 8/21/2030 (g)(h)(i)(k)
|
142,033
|
135,286
|
|
QuidelOrtho Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.6677% 8/23/2032 (g)(h)(i)
|
8,208,750
|
8,190,773
|
|
Sotera Health Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1677% 5/30/2031 (g)(h)(i)
|
2,071,655
|
2,071,655
|
|
36,069,579
|
|||
Health Care Providers & Services - 2.5%
|
|||
Accelerated Health Systems LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.0668% 2/15/2029 (g)(h)(i)
|
1,861,323
|
944,621
|
|
Aveanna Healthcare LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 7.4177% 9/17/2032 (g)(h)(i)
|
1,129,325
|
1,127,213
|
|
Charlotte Buyer Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 7.92% 2/11/2028 (g)(h)(i)
|
4,488,652
|
4,442,644
|
|
DaVita Inc Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.4177% 5/9/2031 (g)(h)(i)
|
3,696,926
|
3,701,547
|
|
Examworks Bidco Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1677% 2/6/2033 (g)(h)(i)
|
1,000,000
|
998,130
|
|
Global Medical Response Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.1697% 10/1/2032 (g)(h)(i)
|
2,084,775
|
2,075,831
|
|
HAH Group Holding Co LLC 1LN, term loan CME Term SOFR 1 month Index + 5%, 8.6677% 9/24/2031 (g)(h)(i)
|
6,378,034
|
5,424,518
|
|
Hanger Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.1677% 10/23/2031 (g)(h)(i)
|
1,184,048
|
1,186,120
|
|
Hanger Inc Tranche DD 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 5.7885% 10/23/2031 (g)(h)(i)(l)
|
153,423
|
153,691
|
|
Heartland Dental LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.4177% 8/25/2032 (g)(h)(i)
|
1,928,640
|
1,923,162
|
|
ICON Luxembourg Sarl Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2%, 5.6996% 7/3/2028 (g)(h)(i)
|
1,346,226
|
1,346,792
|
|
ICON Luxembourg Sarl Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2%, 5.6996% 7/3/2028 (g)(h)(i)
|
335,413
|
335,553
|
|
Lumexa Imaging Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.6996% 12/17/2032 (g)(h)(i)
|
922,688
|
924,422
|
|
MED ParentCo LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.6677% 4/15/2031 (g)(h)(i)
|
2,933,655
|
2,929,988
|
|
National Mentor Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 6%, 9.6648% 12/12/2030 (g)(h)(i)
|
4,025,000
|
3,999,844
|
|
National Mentor Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 6%, 0% 12/12/2030 (g)(h)(i)(k)
|
1,205,000
|
1,197,468
|
|
National Mentor Holdings Inc Tranche DD 1LN, term loan CME Term SOFR 1 month Index + 6%, 0% 12/12/2030 (g)(h)(i)(k)
|
1,725,000
|
1,714,219
|
|
Phoenix Guarantor Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1677% 2/21/2031 (g)(h)(i)
|
1,935,648
|
1,934,642
|
|
Southern Veterinary Partners LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.1807% 12/4/2031 (g)(h)(i)
|
7,483,271
|
7,410,160
|
|
Team Public Choices LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.25%, 0% 1/31/2033 (g)(h)(i)(k)
|
780,000
|
736,367
|
|
US Anesthesia Partners Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 7.7821% 10/1/2028 (g)(h)(i)
|
1,476,804
|
1,475,623
|
|
US Fertility Enterprises LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.1668% 12/30/2032 (g)(h)(i)
|
1,220,132
|
1,215,556
|
|
US Fertility Enterprises LLC Tranche DD 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 0% 12/30/2032 (g)(h)(i)(k)(l)
|
184,868
|
184,175
|
|
47,382,286
|
|||
Health Care Technology - 1.7%
|
|||
athenahealth Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4177% 2/15/2029 (g)(h)(i)
|
11,110,236
|
10,888,031
|
|
Cotiviti Inc 1LN, term loan 7.625% 5/1/2031 (g)
|
965,000
|
897,450
|
|
Cotiviti Inc 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4177% 3/26/2032 (g)(h)(i)
|
481,363
|
442,131
|
|
Cotiviti Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4177% 5/1/2031 (g)(h)(i)
|
8,572,937
|
7,881,787
|
|
Zelis Payments Buyer Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4177% 9/28/2029 (g)(h)(i)
|
912,968
|
882,566
|
|
Zelis Payments Buyer Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9177% 11/26/2031 (g)(h)(i)
|
11,905,382
|
11,500,600
|
|
32,492,565
|
|||
Life Sciences Tools & Services - 0.4%
|
|||
PAREXEL International Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4177% 12/12/2031 (g)(h)(i)
|
8,107,309
|
8,073,502
|
|
Pharmaceuticals - 1.6%
|
|||
1261229 BC Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 6.25%, 9.9177% 10/8/2030 (g)(h)(i)
|
14,063,373
|
13,551,607
|
|
Amneal Pharmaceuticals LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.6677% 8/2/2032 (g)(h)(i)
|
2,825,800
|
2,832,865
|
|
Elanco Animal Health Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.4177% 10/31/2032 (g)(h)(i)
|
1,356,600
|
1,356,260
|
|
Endo Finance Holdings LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.4177% 4/23/2031 (g)(h)(i)
|
3,591,817
|
3,569,369
|
|
Jazz Financing Lux Sarl Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.9177% 5/5/2028 (g)(h)(i)
|
5,155,681
|
5,170,168
|
|
Organon & Co Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.9177% 5/19/2031 (g)(h)(i)
|
4,341,228
|
4,126,337
|
|
30,606,606
|
|||
TOTAL HEALTH CARE
|
158,291,352
|
||
Industrials - 14.0%
|
|||
Aerospace & Defense - 2.2%
|
|||
Bleriot US Bidco Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.1996% 10/31/2030 (g)(h)(i)
|
1,278,862
|
1,279,770
|
|
Goat Holdco LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1677% 1/27/2032 (g)(h)(i)
|
1,574,781
|
1,571,175
|
|
Kaman Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.1996% 2/26/2032 (g)(h)(i)
|
7,459,569
|
7,458,152
|
|
Kaman Corp Tranche B-DD 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 1% 2/26/2032 (g)(h)(i)(l)
|
558,295
|
558,189
|
|
Karman Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4608% 4/1/2032 (g)(h)(i)
|
1,332,715
|
1,331,888
|
|
OneSky Flight LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4281% 2/17/2033 (c)(g)(h)(i)
|
1,655,000
|
1,648,794
|
|
Signia Aerospace LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.4231% 12/11/2031 (g)(h)(i)
|
3,340,143
|
3,344,318
|
|
Signia Aerospace LLC Tranche B-DD 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 1% 12/11/2031 (g)(h)(i)(l)
|
163,236
|
163,440
|
|
TransDigm Group Inc Tranche M 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1677% 8/19/2032 (g)(h)(i)
|
3,457,625
|
3,456,795
|
|
TransDigm Inc Tranche K 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 5.9177% 3/22/2030 (g)(h)(i)
|
9,860,552
|
9,857,890
|
|
TransDigm Inc Tranche L 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.1677% 1/19/2032 (g)(h)(i)
|
6,379,211
|
6,377,170
|
|
TransDigm Inc Tranche N 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1677% 2/13/2033 (g)(h)(i)
|
1,830,000
|
1,830,348
|
|
VSE Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 0% 3/17/2033 (g)(h)(i)(k)
|
2,255,000
|
2,250,310
|
|
41,128,239
|
|||
Air Freight & Logistics - 0.2%
|
|||
Dynasty Acquisition Co Inc Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.6677% 10/31/2031 (g)(h)(i)
|
2,053,166
|
2,052,243
|
|
Dynasty Acquisition Co Inc Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.6677% 10/31/2031 (g)(h)(i)
|
780,959
|
780,607
|
|
Echo Global Logistics Inc 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.5177% 11/23/2028 (g)(h)(i)
|
768,834
|
752,633
|
|
STG Distribution LLC Tranche DIP FLFO ROLLUP 1LN, term loan 8% 7/13/2026 (c)(g)(h)(i)
|
449,635
|
449,635
|
|
STG Distribution LLC Tranche DIP FLSO ROLLUP 1LN, term loan CME Term SOFR 3 month Index + 0%, 8% 7/13/2026 (c)(g)(h)(i)(k)
|
35,719
|
35,719
|
|
STG Distribution LLC Tranche EXCHANGE FLFO 1LN, term loan CME Term SOFR 1 month Index + 8.35%, 0% (c)(g)(h)(i)(j)
|
211,365
|
211,365
|
|
STG Distribution LLC Tranche EXCHANGE FLSO 1LN, term loan CME Term SOFR 1 month Index + 7.6%, 0% 10/3/2029 (c)(g)(h)(i)(j)
|
1,355,146
|
14,907
|
|
STG Distribution LLC Tranche NEW MONEY DIP 1LN, term loan CME Term SOFR 1 month Index + 8%, 8% 7/13/2026 (c)(g)(h)(i)
|
372,811
|
372,811
|
|
4,669,920
|
|||
Building Products - 1.2%
|
|||
APi Group DE Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.4177% 1/3/2029 (g)(h)(i)
|
3,217,392
|
3,212,630
|
|
Chariot Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4177% 9/8/2032 (g)(h)(i)
|
1,826,236
|
1,807,316
|
|
Cornerstone Building Brands Inc 1LN, term loan CME Term SOFR 1 month Index + 5.625%, 9.299% 8/1/2028 (g)(h)(i)
|
491,830
|
263,129
|
|
Cornerstone Building Brands Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.024% 4/12/2028 (g)(h)(i)
|
6,674,676
|
3,761,647
|
|
Cornerstone Building Brands Inc Tranche C 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.174% 5/15/2031 (g)(h)(i)
|
1,375,825
|
653,517
|
|
Emrld Borrower LP Tranche B 1LN, term loan CME Term SOFR 6 month Index + 2.25%, 5.9227% 5/31/2030 (g)(h)(i)
|
575,650
|
574,642
|
|
Emrld Borrower LP Tranche B2 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 5.9496% 8/4/2031 (g)(h)(i)
|
6,759,735
|
6,742,836
|
|
Griffon Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.6677% 1/24/2029 (g)(h)(i)
|
1,418,740
|
1,421,408
|
|
HP PHRG Borrower LLC Tranche B 1LN, term loan CME Term SOFR 6 month Index + 4%, 7.6996% 2/20/2032 (g)(h)(i)
|
5,006,118
|
4,956,057
|
|
23,393,182
|
|||
Commercial Services & Supplies - 6.3%
|
|||
ABG Intermediate Holdings 2 LLC Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.9177% 12/21/2028 (g)(h)(i)
|
12,112,037
|
12,078,366
|
|
Allied Universal Holdco LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9177% 8/20/2032 (g)(h)(i)
|
12,721,075
|
12,714,078
|
|
Arcwood Environmental Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 0% 3/18/2033 (g)(h)(i)(k)
|
1,460,000
|
1,460,000
|
|
Artera Services LLC 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.1677% 2/15/2031 (g)(h)(i)
|
5,458,369
|
4,639,614
|
|
Brand Industrial Services Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.1636% 8/1/2030 (g)(h)(i)
|
10,375,145
|
8,879,360
|
|
Congruex Group LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.75%, 5.3496% 5/3/2029 (g)(h)(i)
|
1,994,785
|
1,341,154
|
|
CSC ServiceWorks East LLC Tranche EXCHANGE FLSO TL 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.9326% 9/4/2030 (g)(h)(i)
|
17,819,028
|
13,943,390
|
|
CSC ServiceWorks East LLC Tranche INITIAL FL1O 1LN, term loan CME Term SOFR 1 month Index + 5.43%, 9.101% 9/4/2030 (g)(h)(i)
|
3,018,500
|
3,072,591
|
|
Ensemble RCM LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.6599% 2/9/2033 (g)(h)(i)
|
12,635,000
|
12,474,409
|
|
Filtration Group Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1677% 10/21/2028 (g)(h)(i)
|
94,200
|
94,159
|
|
GFL ES US LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.1657% 3/3/2032 (g)(h)(i)
|
4,721,275
|
4,718,348
|
|
HNI Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.6674% 12/10/2032 (g)(h)(i)
|
1,401,488
|
1,408,495
|
|
Jupiter Buyer Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.6996% 11/1/2031 (g)(h)(i)
|
3,476,374
|
3,474,219
|
|
Madison IAQ LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.3776% 11/8/2032 (g)(h)(i)
|
2,869,315
|
2,873,131
|
|
Madison IAQ LLC Tranche B 1LN, term loan CME Term SOFR 6 month Index + 2.5%, 6.1276% 6/21/2028 (g)(h)(i)
|
5,257,620
|
5,252,047
|
|
Neptune Bidco US Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 8.7602% 2/3/2033 (g)(h)(i)
|
17,690,000
|
16,858,570
|
|
OMNIA Partners LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.4333% 12/31/2032 (g)(h)(i)
|
4,019,494
|
4,011,977
|
|
OPENLANE Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1399% 10/8/2032 (g)(h)(i)
|
852,863
|
851,796
|
|
Sabert Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.7822% 12/10/2026 (g)(h)(i)
|
966,865
|
965,057
|
|
Vericast Corp 1LN, term loan CME Term SOFR 1 month Index + 7.75%, 11.5% 6/15/2030 (g)(h)(i)
|
1,575,820
|
1,522,636
|
|
Wash Bidco Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9177% 9/10/2032 (g)(h)(i)
|
1,870,000
|
1,873,123
|
|
Wellful Inc Tranche BOOTSTRAP FLSO TL 1LN, term loan CME Term SOFR 3 month Index + 6.25%, 0% 10/19/2030 (g)(h)(i)
|
1,346,233
|
1,188,050
|
|
Wellful Inc Tranche PRIMING TL 1LN, term loan CME Term SOFR 1 month Index + 5%, 8.9612% 4/19/2030 (g)(h)(i)
|
1,403,553
|
1,378,991
|
|
WMB Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.6677% 11/2/2029 (g)(h)(i)
|
2,359,251
|
2,340,094
|
|
119,413,655
|
|||
Construction & Engineering - 0.4%
|
|||
Chromalloy Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9108% 3/27/2031 (g)(h)(i)
|
3,197,939
|
3,196,436
|
|
Construction Partners Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1677% 11/3/2031 (g)(h)(i)
|
1,896,000
|
1,893,042
|
|
Dycom Industries Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.4225% 1/27/2033 (g)(h)(i)
|
1,930,000
|
1,935,636
|
|
Traverse Midstream Partners LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.1668% 2/16/2028 (g)(h)(i)
|
1,021,388
|
1,020,540
|
|
8,045,654
|
|||
Ground Transportation - 0.2%
|
|||
Avis Budget Car Rental LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1677% 7/16/2032 (g)(h)(i)
|
1,860,938
|
1,828,371
|
|
Genesee & Wyoming Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 1.75%, 5.4496% 4/10/2031 (g)(h)(i)
|
2,887,045
|
2,871,108
|
|
4,699,479
|
|||
Machinery - 1.3%
|
|||
Allison Transmission Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.4216% 1/2/2033 (g)(h)(i)
|
1,300,000
|
1,303,250
|
|
Astro Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9496% 8/30/2032 (g)(h)(i)
|
1,680,788
|
1,684,989
|
|
Beach Acquisition Bidco LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 6.9496% 9/13/2032 (g)(h)(i)
|
2,683,275
|
2,686,629
|
|
Chart Industries Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.1608% 3/15/2030 (g)(h)(i)
|
2,318,882
|
2,313,804
|
|
Columbus McKinnon Corp/NY Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.1996% 2/3/2033 (g)(h)(i)
|
2,936,056
|
2,921,376
|
|
CPM Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.1677% 9/28/2028 (g)(h)(i)
|
1,935,154
|
1,934,457
|
|
Crown Equipment Corp Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.6677% 10/10/2031 (g)(h)(i)
|
1,367,329
|
1,366,194
|
|
Indicor LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.1996% 11/22/2029 (g)(h)(i)
|
2,283,790
|
2,281,575
|
|
JBT Marel Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.4177% 1/2/2032 (g)(h)(i)
|
816,750
|
815,525
|
|
STS Operating Inc 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.7677% 3/25/2031 (g)(h)(i)
|
8,005,024
|
7,996,699
|
|
25,304,498
|
|||
Passenger Airlines - 0.6%
|
|||
AAdvantage Loyalty IP Ltd Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 5.9176% 4/20/2028 (g)(h)(i)
|
2,781,068
|
2,751,088
|
|
AAdvantage Loyalty IP Ltd Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.4176% 5/28/2032 (g)(h)(i)
|
1,746,800
|
1,728,458
|
|
American Airlines Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.5206% 1/29/2027 (g)(h)(i)
|
2,191,684
|
2,175,247
|
|
United Airlines Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 1.75%, 5.4307% 2/24/2031 (g)(h)(i)
|
2,631,719
|
2,620,218
|
|
Vista Management Holding Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 7.4108% 4/1/2031 (g)(h)(i)
|
3,290,207
|
3,251,152
|
|
12,526,163
|
|||
Professional Services - 1.2%
|
|||
AlixPartners LLP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.6677% 8/12/2032 (g)(h)(i)
|
2,950,154
|
2,919,413
|
|
Amentum Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.6677% 9/29/2031 (g)(h)(i)
|
8,325,889
|
8,318,978
|
|
CACI International Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.4177% 10/30/2031 (g)(h)(i)
|
1,362,750
|
1,362,178
|
|
CACI International Inc Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.4177% 3/9/2033 (g)(h)(i)
|
900,000
|
898,875
|
|
Cast & Crew LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.4168% 12/29/2028 (g)(h)(i)
|
6,672,028
|
2,550,383
|
|
CHG Healthcare Services Inc Tranche B1 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.4168% 9/29/2028 (g)(h)(i)
|
2,035,693
|
2,036,324
|
|
Sedgwick Claims Management Services Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1677% 7/31/2031 (g)(h)(i)
|
5,636,566
|
5,526,878
|
|
23,613,029
|
|||
Transportation Infrastructure - 0.4%
|
|||
AIT Worldwide Logistics Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 7.6695% 4/8/2030 (g)(h)(i)
|
2,850,191
|
2,852,557
|
|
Beacon Mobility Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4496% 8/6/2030 (g)(h)(i)
|
1,558,175
|
1,557,692
|
|
Beacon Mobility Corp Tranche DD 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 2.75% 8/6/2030 (g)(h)(i)(l)
|
76,825
|
76,801
|
|
Lasership Inc Tranche A 1LN, term loan CME Term SOFR 3 month Index + 6.25%, 9.9496% 1/2/2029 (g)(h)(i)
|
436,152
|
439,764
|
|
Lasership Inc Tranche C 1LN, term loan CME Term SOFR 1 month Index + 7%, 7.6996% 1/2/2029 (g)(h)(i)
|
852,989
|
627,800
|
|
Lasership Inc Tranche E 1LN, term loan CME Term SOFR 1 month Index + 7.5%, 12.4612% 8/10/2029 (g)(h)(i)
|
1,718,546
|
433,932
|
|
WWEX Uni Topco Holdings LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 7.6996% 7/26/2028 (g)(h)(i)
|
1,801,639
|
1,801,494
|
|
7,790,040
|
|||
TOTAL INDUSTRIALS
|
270,583,859
|
||
Information Technology - 15.0%
|
|||
Communications Equipment - 0.0%
|
|||
Ciena Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.425% 10/24/2030 (g)(h)(i)
|
704,018
|
703,721
|
|
Electronic Equipment, Instruments & Components - 1.2%
|
|||
Coherent Corp Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.4177% 7/2/2029 (g)(h)(i)
|
2,219,404
|
2,218,471
|
|
DG Investment Intermediate Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9177% 7/9/2032 (g)(h)(i)
|
4,813,292
|
4,807,275
|
|
DG Investment Intermediate Holdings Inc Tranche B 2LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.1677% 7/29/2033 (g)(h)(i)
|
665,000
|
648,375
|
|
Go Daddy Operating Co LLC Tranche B7 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.4177% 5/30/2031 (g)(h)(i)
|
1,823,781
|
1,788,291
|
|
Go Daddy Operating Co LLC Tranche B8 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.4177% 11/9/2029 (g)(h)(i)
|
1,370,906
|
1,349,204
|
|
Lightning Power LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 5.9177% 8/18/2031 (g)(h)(i)
|
1,373,876
|
1,375,374
|
|
MX Holdings US Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.6677% 3/17/2032 (g)(h)(i)
|
284,721
|
284,721
|
|
Pinnacle Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1608% 10/1/2032 (g)(h)(i)
|
2,417,811
|
2,418,561
|
|
Pinnacle Buyer LLC Tranche DD 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 2.5% 10/1/2032 (g)(h)(i)(l)
|
466,129
|
466,273
|
|
Pye-Barker Fire & Safety LLC 1LN, term loan CME Term SOFR 1 month Index + 1.25%, 1% 12/16/2032 (g)(h)(i)(l)
|
292,500
|
292,760
|
|
Pye-Barker Fire & Safety LLC 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1677% 12/16/2032 (g)(h)(i)
|
1,957,500
|
1,959,243
|
|
Resilience Parent LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1261% 2/28/2033 (g)(h)(i)
|
2,755,000
|
2,738,635
|
|
TCP Sunbelt Acquisition Co Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 7.9227% 10/24/2031 (g)(h)(i)
|
1,777,500
|
1,773,056
|
|
TTM Technologies Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.9177% 5/30/2030 (g)(h)(i)
|
1,545,015
|
1,552,740
|
|
23,672,979
|
|||
IT Services - 2.6%
|
|||
Ahead DB Holdings LLC Tranche B4 1LN, term loan CME Term SOFR 3 month Index + 3%, 6.1996% 2/3/2031 (g)(h)(i)
|
3,078,072
|
3,029,500
|
|
Constant Contact Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 7.9338% 2/10/2028 (g)(h)(i)
|
6,495,001
|
6,026,451
|
|
GTT Communications Inc Tranche NEW $ HOLDCO 1LN, term loan 14% 7/15/2031 (g)(i)
|
1,585,715
|
1,286,411
|
|
Indy US Holdco LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 5.9177% 10/31/2030 (g)(h)(i)
|
3,335,407
|
3,285,376
|
|
Kaseya Inc 2LN, term loan CME Term SOFR 1 month Index + 5%, 8.6677% 3/21/2033 (g)(h)(i)
|
4,265,000
|
3,372,890
|
|
Kaseya Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9177% 3/22/2032 (g)(h)(i)
|
9,735,617
|
9,066,293
|
|
Mitchell International Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 0% 6/17/2031 (g)(h)(i)(k)
|
800,000
|
761,384
|
|
Mitchell International Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.6677% 6/17/2031 (g)(h)(i)
|
4,396,952
|
4,184,711
|
|
Peraton Corp 2LN, term loan CME Term SOFR 3 month Index + 7.75%, 11.5227% 2/1/2029 (g)(h)(i)
|
1,545,000
|
1,104,675
|
|
Peraton Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.5168% 2/1/2028 (g)(h)(i)
|
15,818,309
|
13,471,980
|
|
VFH Parent LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1677% 6/20/2031 (g)(h)(i)
|
2,960,100
|
2,955,157
|
|
48,544,828
|
|||
Semiconductors & Semiconductor Equipment - 0.3%
|
|||
MKS Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.4142% 2/4/2033 (g)(h)(i)
|
1,560,000
|
1,560,484
|
|
Qnity Electronics Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.6677% 11/1/2032 (g)(h)(i)
|
4,488,750
|
4,477,528
|
|
6,038,012
|
|||
Software - 10.9%
|
|||
Applied Systems Inc Tranche B2 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 5.9496% 2/24/2031 (g)(h)(i)
|
7,803,553
|
7,643,112
|
|
Ascend Learning LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.6677% 12/11/2028 (g)(h)(i)
|
10,595,501
|
10,330,613
|
|
Central Parent LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 6.9496% 7/6/2029 (g)(h)(i)
|
2,605,164
|
1,849,901
|
|
Cloud Software Group Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 6.9496% 8/13/2032 (g)(h)(i)
|
7,438,375
|
6,783,500
|
|
Cloud Software Group Inc Tranche B2 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 6.9496% 3/21/2031 (g)(h)(i)
|
4,212,556
|
3,846,064
|
|
Darktrace Finco US LLC 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 6.8981% 10/9/2031 (g)(h)(i)
|
7,213,669
|
6,889,992
|
|
Darktrace Finco US LLC 2LN, term loan CME Term SOFR 3 month Index + 5.25%, 8.8981% 10/9/2032 (g)(h)(i)
|
2,750,000
|
2,528,295
|
|
Dayforce Bidco LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.6608% 2/4/2033 (g)(h)(i)
|
11,710,000
|
11,062,671
|
|
Dcert Buyer Inc Tranche B 2LN, term loan CME Term SOFR 1 month Index + 7%, 10.6677% 2/19/2029 (g)(h)(i)
|
6,258,409
|
4,740,745
|
|
Disco Parent Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.6727% 8/6/2032 (g)(h)(i)
|
1,940,138
|
1,901,335
|
|
Eagle Parent Canada Inc Tranche INCR B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 7.9496% 4/2/2029 (c)(g)(h)(i)
|
3,880,875
|
3,786,174
|
|
Ellucian Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1677% 10/9/2029 (g)(h)(i)
|
4,679,897
|
4,544,367
|
|
EP Purchaser LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.2872% 11/6/2028 (g)(h)(i)
|
424,800
|
262,768
|
|
Epicor Software Corp 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1677% 5/30/2031 (g)(h)(i)
|
3,172,781
|
3,108,533
|
|
Gen Digital Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.4177% 4/16/2032 (g)(h)(i)
|
640,163
|
629,363
|
|
Gen Digital Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.4177% 9/12/2029 (g)(h)(i)
|
6,715,312
|
6,639,764
|
|
Genesys Cloud Services Holdings II LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1677% 1/30/2032 (g)(h)(i)
|
3,566,836
|
3,407,826
|
|
KnowBe4 Inc 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.4168% 7/26/2032 (g)(h)(i)
|
5,321,663
|
4,727,392
|
|
MH Sub I LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 7.9177% 12/31/2031 (g)(h)(i)
|
9,821,485
|
6,502,609
|
|
MH Sub I LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 7.9177% 5/3/2028 (g)(h)(i)
|
10,509,515
|
9,008,126
|
|
MH Sub I LLC Tranche B 2LN, term loan CME Term SOFR 1 month Index + 6.25%, 9.9177% 2/23/2029 (g)(h)(i)
|
3,530,000
|
2,345,826
|
|
Modena Buyer LLC 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 7.9168% 7/1/2031 (g)(h)(i)
|
12,175,067
|
10,893,276
|
|
Optiv Parent Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.25%, 8.9213% 7/31/2026 (g)(h)(i)
|
4,326,071
|
2,855,207
|
|
Ping Identity Holding Corp 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4216% 11/15/2032 (g)(h)(i)
|
2,420,000
|
2,386,725
|
|
Polaris Newco LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 7.9285% 6/2/2028 (g)(h)(i)
|
21,889,285
|
19,207,848
|
|
Project Alpha Intermediate Holding Inc 2LN, term loan CME Term SOFR 3 month Index + 5%, 8.6996% 5/9/2033 (g)(h)(i)
|
2,065,000
|
1,199,765
|
|
Project Alpha Intermediate Holding Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 6.9496% 10/26/2030 (g)(h)(i)
|
3,011,596
|
2,268,967
|
|
Project Boost Purchaser LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4496% 7/16/2031 (g)(h)(i)
|
2,940,115
|
2,829,508
|
|
Proofpoint Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.6996% 8/31/2028 (g)(h)(i)
|
8,917,602
|
8,620,378
|
|
Rackspace Finance LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.544% 5/15/2028 (g)(h)(i)
|
6,078,312
|
2,811,219
|
|
Rackspace Finance LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 6.25%, 10.044% 5/15/2028 (g)(h)(i)
|
1,416,415
|
1,401,812
|
|
Red Planet Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.6677% 9/8/2032 (g)(h)(i)
|
7,361,550
|
7,188,554
|
|
Renaissance Holdings Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 7.6668% 4/5/2030 (g)(h)(i)
|
10,522,660
|
7,428,367
|
|
SonarSource Financing LLC 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.1676% 12/19/2030 (g)(h)(i)
|
2,250,000
|
2,053,125
|
|
Sovos Compliance LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9177% 8/13/2029 (g)(h)(i)
|
4,176,751
|
3,957,471
|
|
SS&C Technologies Inc Tranche B8 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.6677% 5/9/2031 (g)(h)(i)
|
5,788,326
|
5,765,520
|
|
UKG Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1668% 2/10/2031 (g)(h)(i)
|
20,467,673
|
19,528,821
|
|
VS Buyer LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 5.9168% 4/14/2031 (g)(h)(i)
|
5,154,483
|
5,025,621
|
|
207,961,160
|
|||
TOTAL INFORMATION TECHNOLOGY
|
286,920,700
|
||
Materials - 6.5%
|
|||
Chemicals - 3.7%
|
|||
A-Gas FinCo Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.25%, 8.9496% 12/14/2029 (g)(h)(i)
|
4,077,008
|
3,620,057
|
|
Advancion Holdings LLC 2LN, term loan CME Term SOFR 1 month Index + 7.75%, 11.5227% 11/24/2028 (g)(h)(i)
|
2,875,000
|
2,576,718
|
|
Advancion Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.7727% 11/24/2027 (g)(h)(i)
|
4,594,837
|
4,382,326
|
|
Arc Falcon I Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.2677% 9/30/2028 (g)(h)(i)
|
5,117,589
|
5,068,000
|
|
Bakelite US Holdco Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 7.4496% 12/23/2031 (g)(h)(i)
|
3,811,501
|
3,672,800
|
|
Chemours Co/The Tranche B3 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.1677% 10/15/2032 (g)(h)(i)
|
5,910,188
|
5,858,473
|
|
CompoSecure Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.9281% 1/14/2033 (g)(h)(i)
|
4,135,000
|
4,116,930
|
|
CoorsTek Inc 1LN, term loan CME Term SOFR 3 month Index + 3%, 6.6713% 10/28/2032 (g)(h)(i)
|
2,004,975
|
2,012,494
|
|
Derby Buyer LLC 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.6781% 11/1/2030 (g)(h)(i)
|
2,116,962
|
2,111,670
|
|
Discovery Purchaser Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 7.4192% 10/4/2029 (g)(h)(i)
|
7,959,916
|
7,818,627
|
|
Herens US Holdco Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.925%, 7.7246% 7/3/2028 (g)(h)(i)
|
5,995,433
|
5,221,003
|
|
Hexion Holdings Corp 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.675% 3/15/2029 (g)(h)(i)
|
9,507,831
|
9,077,982
|
|
Hexion Inc 2LN, term loan CME Term SOFR 1 month Index + 7.4375%, 11.2052% 3/15/2030 (g)(h)(i)
|
835,588
|
775,008
|
|
M2S Group Intermediate Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 8.4168% 8/25/2031 (g)(h)(i)
|
5,197,439
|
5,063,189
|
|
Mativ Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 0% 3/30/2033 (g)(h)(i)(k)
|
1,950,000
|
1,872,000
|
|
Solstice Advanced Materials Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.4168% 10/29/2032 (g)(h)(i)
|
1,960,000
|
1,968,173
|
|
USALCO LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 7.1677% 9/30/2031 (g)(h)(i)
|
1,752,646
|
1,745,863
|
|
USALCO LLC Tranche B-DD 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 7.1764% 9/30/2031 (g)(h)(i)
|
182,854
|
182,147
|
|
WR Grace Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.6996% 8/9/2032 (g)(h)(i)
|
2,407,900
|
2,396,872
|
|
69,540,332
|
|||
Construction Materials - 0.4%
|
|||
Quikrete Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.9177% 2/10/2032 (g)(h)(i)
|
7,469,550
|
7,450,876
|
|
VM Consolidated Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.6677% 10/15/2032 (g)(h)(i)
|
1,190,991
|
1,191,491
|
|
8,642,367
|
|||
Containers & Packaging - 2.2%
|
|||
AOT Packaging Products Acquisition Co LLC 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9177% 3/3/2031 (g)(h)(i)
|
5,734,113
|
5,437,831
|
|
Berlin Packaging LLC Tranche B7 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9388% 6/9/2031 (g)(h)(i)
|
5,890,067
|
5,662,652
|
|
Charter Next Generation Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1712% 11/29/2030 (g)(h)(i)
|
1,008,144
|
1,001,006
|
|
Clydesdale Acquisition Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 3.175%, 6.8427% 4/13/2029 (g)(h)(i)
|
17,366,678
|
16,527,867
|
|
Clydesdale Acquisition Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9177% 4/1/2032 (g)(h)(i)
|
6,994,256
|
6,515,150
|
|
Graham Packaging Co Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.9177% 1/26/2033 (g)(h)(i)
|
2,230,000
|
2,204,600
|
|
LC Ahab US Bidco LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1677% 5/1/2031 (g)(h)(i)
|
1,995,487
|
1,970,543
|
|
Proampac PG Borrower LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 7.7822% 3/7/2033 (g)(h)(i)
|
3,045,000
|
2,933,096
|
|
SupplyOne Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.1677% 4/21/2031 (g)(h)(i)
|
889,965
|
891,639
|
|
43,144,384
|
|||
Metals & Mining - 0.1%
|
|||
Tiger Acquisition LLC 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1807% 8/23/2032 (g)(h)(i)
|
2,542,225
|
2,542,861
|
|
Paper & Forest Products - 0.1%
|
|||
Asplundh Tree Expert LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.4177% 5/23/2031 (g)(h)(i)
|
1,913,925
|
1,917,274
|
|
TOTAL MATERIALS
|
125,787,218
|
||
Real Estate - 0.1%
|
|||
Real Estate Management & Development - 0.1%
|
|||
Greystar Real Estate Partners LLC Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1727% 8/21/2030 (g)(h)(i)
|
1,736,218
|
1,736,218
|
|
Utilities - 1.6%
|
|||
Electric Utilities - 0.7%
|
|||
NRG Energy Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 1.75%, 5.5206% 4/16/2031 (g)(h)(i)
|
3,768,546
|
3,772,654
|
|
Vistra Operations Co LLC Tranche B-3 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.4177% 12/20/2030 (g)(h)(i)
|
2,758,979
|
2,761,573
|
|
WEC US Holdings Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.6677% 1/27/2031 (g)(h)(i)
|
7,125,907
|
7,110,301
|
|
13,644,528
|
|||
Independent Power and Renewable Electricity Producers - 0.7%
|
|||
Alpha Generation LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.4177% 9/30/2031 (g)(h)(i)
|
861,256
|
858,319
|
|
Calpine Construction Finance Co LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.4177% 7/31/2030 (g)(h)(i)
|
2,830,000
|
2,829,547
|
|
Cogentrix Finance Holdco I LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.9177% 2/26/2032 (g)(h)(i)
|
442,978
|
442,757
|
|
MRP Buyer LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 6.9496% 6/4/2032 (g)(h)(i)
|
3,306,486
|
3,302,352
|
|
MRP Buyer LLC Tranche DD 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 5.4759% 6/4/2032 (g)(h)(i)(l)
|
421,667
|
421,140
|
|
Natgasoline LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.1727% 3/29/2030 (g)(h)(i)
|
1,758,416
|
1,765,010
|
|
Talen Energy Supply LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.6677% 11/25/2032 (g)(h)(i)
|
3,152,100
|
3,151,533
|
|
Talen Energy Supply LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1525% 12/15/2031 (g)(h)(i)
|
1,012,188
|
1,013,027
|
|
13,783,685
|
|||
Multi-Utilities - 0.2%
|
|||
Osmose Utilities Services Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.0322% 6/23/2028 (g)(h)(i)
|
2,978,121
|
2,921,358
|
|
TOTAL UTILITIES
|
30,349,571
|
||
TOTAL UNITED STATES
|
1,555,894,231
|
||
|
TOTAL BANK LOAN OBLIGATIONS
(Cost $1,793,433,134)
|
1,700,952,956
|
||
Common Stocks - 2.0%
|
|||
Shares
|
Value ($)
|
||
FRANCE - 0.1%
|
|||
Communication Services - 0.1%
|
|||
Media - 0.1%
|
|||
Altice France Holding SA (c)
|
122,825
|
1,821,440
|
|
GRAND CAYMAN (UK OVERSEAS TER) - 0.2%
|
|||
Communication Services - 0.2%
|
|||
Entertainment - 0.2%
|
|||
New Cineworld Ltd (b)(c)
|
191,905
|
3,425,504
|
|
LUXEMBOURG - 0.0%
|
|||
Materials - 0.0%
|
|||
Containers & Packaging - 0.0%
|
|||
Kloeckner Pentaplast GmbH (c)
|
337,878
|
3
|
|
UNITED STATES - 1.7%
|
|||
Communication Services - 0.0%
|
|||
Media - 0.0%
|
|||
Main Street Sports Group (b)(c)
|
6,307
|
1,185
|
|
Consumer Discretionary - 0.1%
|
|||
Hotels, Restaurants & Leisure - 0.1%
|
|||
Old Claimco LLC (b)(c)
|
105,486
|
1,175,114
|
|
Specialty Retail - 0.0%
|
|||
White Iris LLC (c)
|
17,385
|
235,741
|
|
TOTAL CONSUMER DISCRETIONARY
|
1,410,855
|
||
Consumer Staples - 0.0%
|
|||
Consumer Staples Distribution & Retail - 0.0%
|
|||
JP Intermediate B LLC (c)(f)
|
19,142
|
52,066
|
|
Energy - 1.1%
|
|||
Oil, Gas & Consumable Fuels - 1.1%
|
|||
California Resources Corp
|
68,210
|
4,721,496
|
|
EP Energy Corp (b)(c)
|
15,785
|
26,203
|
|
Expand Energy Corp
|
83,841
|
9,204,066
|
|
Expand Energy Corp (d)
|
928
|
101,876
|
|
Exxon Mobil Corp
|
40,902
|
6,939,433
|
|
New Fortress Energy Inc Class A (b)(e)
|
37,399
|
22,065
|
|
TOTAL ENERGY
|
21,015,139
|
||
Financials - 0.5%
|
|||
Financial Services - 0.5%
|
|||
ACNR Holdings Inc (c)
|
55,333
|
9,460,283
|
|
Carnelian Point Holdings LP warrants 6/30/2027 (b)(c)
|
5,132
|
14,985
|
|
Limetree Bay Cayman Ltd (b)(c)
|
776
|
0
|
|
TOTAL FINANCIALS
|
9,475,268
|
||
Information Technology - 0.0%
|
|||
IT Services - 0.0%
|
|||
GTT Communications Inc (b)(c)
|
35,300
|
1,261,975
|
|
TOTAL UNITED STATES
|
33,216,488
|
||
|
TOTAL COMMON STOCKS
(Cost $21,501,388)
|
38,463,435
|
||
Non-Convertible Corporate Bonds - 3.6%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
FRANCE - 0.4%
|
|||
Communication Services - 0.4%
|
|||
Diversified Telecommunication Services - 0.4%
|
|||
Altice France SA 6.5% 10/15/2031 (p)
|
651,676
|
617,957
|
|
Altice France SA 6.5% 4/15/2032 (p)
|
5,110,522
|
4,829,669
|
|
Altice France SA 6.875% 7/15/2032 (p)
|
1,875,001
|
1,776,617
|
|
TOTAL FRANCE
|
7,224,243
|
||
UNITED KINGDOM - 0.1%
|
|||
Energy - 0.1%
|
|||
Oil, Gas & Consumable Fuels - 0.1%
|
|||
EG Global Finance PLC 12% 11/30/2028 (p)
|
2,380,000
|
2,546,198
|
|
UNITED STATES - 3.1%
|
|||
Communication Services - 0.9%
|
|||
Diversified Telecommunication Services - 0.1%
|
|||
Frontier Communications Holdings LLC 5% 5/1/2028 (p)
|
1,160,000
|
1,159,818
|
|
WULF Compute LLC 7.75% 10/15/2030 (p)
|
400,000
|
422,672
|
|
1,582,490
|
|||
Entertainment - 0.0%
|
|||
OAK-Eagle Acquireco Inc 7.25% 7/1/2033 (p)(q)
|
330,000
|
341,911
|
|
Media - 0.8%
|
|||
CCO Holdings LLC / CCO Holdings Capital Corp 5.375% 6/1/2029 (p)
|
3,760,000
|
3,708,310
|
|
DISH Network Corp 11.75% 11/15/2027 (p)
|
4,170,000
|
4,296,122
|
|
Dotdash Meredith Inc 7.625% 6/15/2032 (p)
|
1,510,000
|
1,392,341
|
|
EchoStar Corp 10.75% 11/30/2029
|
3,328,070
|
3,595,150
|
|
Univision Communications Inc 9.375% 8/1/2032 (p)
|
1,620,000
|
1,669,597
|
|
14,661,520
|
|||
TOTAL COMMUNICATION SERVICES
|
16,585,921
|
||
Consumer Discretionary - 0.8%
|
|||
Automobile Components - 0.1%
|
|||
Clarios Global LP / Clarios US Finance Co 6.75% 5/15/2028 (p)
|
1,205,000
|
1,216,726
|
|
Cooper-Standard Automotive Inc 4.75% 3/1/2031 (p)
|
1,150,000
|
1,080,712
|
|
2,297,438
|
|||
Hotels, Restaurants & Leisure - 0.7%
|
|||
Caesars Entertainment Inc 7% 2/15/2030 (p)
|
1,465,000
|
1,483,093
|
|
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc 4.625% 1/15/2029 (p)
|
11,640,000
|
11,124,665
|
|
12,607,758
|
|||
Specialty Retail - 0.0%
|
|||
Staples Inc 10.75% 9/1/2029 (p)
|
1,520,000
|
1,405,725
|
|
TOTAL CONSUMER DISCRETIONARY
|
16,310,921
|
||
Energy - 0.0%
|
|||
Oil, Gas & Consumable Fuels - 0.0%
|
|||
CQP Holdco LP / BIP-V Chinook Holdco LLC 5.5% 6/15/2031 (p)
|
445,000
|
433,983
|
|
Venture Global Plaquemines LNG LLC 6.125% 12/15/2030 (p)
|
205,000
|
210,826
|
|
TOTAL ENERGY
|
644,809
|
||
Financials - 0.9%
|
|||
Insurance - 0.9%
|
|||
Acrisure LLC / Acrisure Finance Inc 7.5% 11/6/2030 (p)
|
2,235,000
|
2,241,848
|
|
Asurion LLC/ Asurion Co-Issuer Inc 8% 12/31/2032 (p)
|
770,000
|
798,835
|
|
Asurion LLC/ Asurion Co-Issuer Inc 8.375% 2/1/2034 (p)
|
14,365,000
|
13,946,439
|
|
TOTAL FINANCIALS
|
16,987,122
|
||
Health Care - 0.1%
|
|||
Health Care Providers & Services - 0.1%
|
|||
National Mentor Holdings Inc 10.5% 12/15/2030 (p)
|
1,385,000
|
1,429,565
|
|
Pharmaceuticals - 0.0%
|
|||
Organon & Co / Organon Foreign Debt Co-Issuer BV 5.125% 4/30/2031 (p)
|
330,000
|
268,947
|
|
TOTAL HEALTH CARE
|
1,698,512
|
||
Industrials - 0.1%
|
|||
Building Products - 0.0%
|
|||
Camelot Return Merger Sub Inc 8.75% 8/1/2028 (p)
|
375,000
|
219,166
|
|
Commercial Services & Supplies - 0.1%
|
|||
Artera Services LLC 8.5% 2/15/2031 (p)
|
1,085,000
|
929,066
|
|
Brand Industrial Services Inc 10.375% 8/1/2030 (p)
|
600,000
|
548,348
|
|
OT Midco Inc 10% 2/15/2030 (p)
|
705,000
|
291,074
|
|
1,768,488
|
|||
Machinery - 0.0%
|
|||
Chart Industries Inc 7.5% 1/1/2030 (p)
|
330,000
|
342,839
|
|
Passenger Airlines - 0.0%
|
|||
American Airlines Inc/AAdvantage Loyalty IP Ltd 5.5% 4/20/2026 (p)
|
92,084
|
92,119
|
|
TOTAL INDUSTRIALS
|
2,422,612
|
||
Information Technology - 0.2%
|
|||
Software - 0.2%
|
|||
Cloud Software Group Inc 8.25% 6/30/2032 (p)
|
1,734,000
|
1,644,586
|
|
Cloud Software Group Inc 9% 9/30/2029 (p)
|
1,370,000
|
1,321,603
|
|
TOTAL INFORMATION TECHNOLOGY
|
2,966,189
|
||
Real Estate - 0.1%
|
|||
Diversified REITs - 0.0%
|
|||
Vici Properties LP / Vici Note Co Inc 4.25% 12/1/2026 (p)
|
345,000
|
344,057
|
|
Vici Properties LP / Vici Note Co Inc 4.625% 12/1/2029 (p)
|
200,000
|
196,627
|
|
540,684
|
|||
Health Care REITs - 0.1%
|
|||
MPT Operating Partnership LP / MPT Finance Corp 5% 10/15/2027
|
1,905,000
|
1,771,659
|
|
TOTAL REAL ESTATE
|
2,312,343
|
||
TOTAL UNITED STATES
|
59,928,429
|
||
|
TOTAL NON-CONVERTIBLE CORPORATE BONDS
(Cost $70,061,681)
|
69,698,870
|
||
Non-Convertible Preferred Stocks - 0.1%
|
|||
Shares
|
Value ($)
|
||
UNITED STATES - 0.1%
|
|||
Information Technology - 0.1%
|
|||
Software - 0.1%
|
|||
Strategy Inc 11.5% (n)
(Cost $1,011,751)
|
11,800
|
1,179,941
|
|
Preferred Securities - 0.2%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
UNITED STATES - 0.2%
|
|||
Energy - 0.2%
|
|||
Oil, Gas & Consumable Fuels - 0.2%
|
|||
Plains All American Pipeline LP CME Term SOFR 3 month Index + 4.3716%, 8.0241% (h)(i)(m)
|
3,105,000
|
3,128,908
|
|
Industrials - 0.0%
|
|||
Trading Companies & Distributors - 0.0%
|
|||
Aircastle Ltd 5.25% (i)(m)(p)
|
895,000
|
892,336
|
|
TOTAL UNITED STATES
|
4,021,244
|
||
|
TOTAL PREFERRED SECURITIES
(Cost $4,004,764)
|
4,021,244
|
||
Money Market Funds - 6.4%
|
||||
Yield (%)
|
Shares
|
Value ($)
|
||
Fidelity Cash Central Fund (r)
|
3.69
|
124,007,506
|
124,032,307
|
|
Fidelity Securities Lending Cash Central Fund (r)(s)
|
3.69
|
37,296
|
37,300
|
|
|
TOTAL MONEY MARKET FUNDS
(Cost $124,066,489)
|
124,069,607
|
|||
|
TOTAL INVESTMENT IN SECURITIES - 101.9%
(Cost $2,040,674,349)
|
1,964,271,186
|
NET OTHER ASSETS (LIABILITIES) - (1.9)%
|
(36,450,683)
|
NET ASSETS - 100.0%
|
1,927,820,503
|
Legend
(a)
|
Amount is stated in United States dollars unless otherwise noted.
|
(b)
|
Non-income producing.
|
(c)
|
Level 3 security.
|
(d)
|
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 $19,187,483 or 1.0% of net assets.
|
(e)
|
Security or a portion of the security is on loan at period end.
|
(f)
|
Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $52,066 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.
|
(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)
|
Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
|
(i)
|
Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
|
(j)
|
Non-income producing - Security is in default.
|
(k)
|
A coupon rate of 0% signifies an unsettled loan. The coupon rate will be determined upon settlement of the loan after period end.
|
(l)
|
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 $2,034,783 and $2,027,606, respectively.
|
(m)
|
Security is perpetual in nature with no stated maturity date.
|
(n)
|
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.
|
(o)
|
Affiliated fund.
|
(p)
|
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 $72,023,923 or 3.7% of net assets.
|
(q)
|
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
|
(r)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
|
(s)
|
Investment made with cash collateral received from securities on loan.
|
Additional information on each restricted holding is as follows:
|
||
Security
|
Acquisition Date
|
Acquisition Cost ($)
|
Expand Energy Corp
|
2/10/2021
|
8,788
|
Fidelity Private Credit Company LLC
|
6/6/2022 - 3/9/2026
|
20,102,160
|
Additional information on each lock-up restriction is as follows:
|
|
Security
|
Restriction Expiration Date
|
JP Intermediate B LLC
|
9/30/2027
|
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,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
Fidelity Cash Central Fund
|
95,656,847
|
346,461,656
|
318,085,276
|
2,538,509
|
(920)
|
-
|
124,032,307
|
124,007,506
|
0.2%
|
Fidelity Securities Lending Cash Central Fund
|
-
|
1,522,268
|
1,485,062
|
521
|
94
|
-
|
37,300
|
37,296
|
0.0%
|
Total
|
95,656,847
|
347,983,924
|
319,570,338
|
2,539,030
|
(826)
|
-
|
124,069,607
|
||
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
Fidelity Private Credit Company LLC
|
18,015,590
|
1,286,151
|
-
|
1,145,678
|
-
|
(75,661)
|
19,085,607
|
2,039,584
|
18,015,590
|
1,286,151
|
-
|
1,145,678
|
-
|
(75,661)
|
19,085,607
|
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 March 31, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date:
|
||||
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Investments in Securities:
|
||||
Alternative Funds
|
19,085,607
|
-
|
19,085,607
|
-
|
Asset-Backed Securities
|
6,799,526
|
-
|
6,799,526
|
-
|
Bank Loan Obligations
|
||||
Communication Services
|
141,820,949
|
-
|
141,030,058
|
790,891
|
Consumer Discretionary
|
336,180,260
|
-
|
336,142,781
|
37,479
|
Consumer Staples
|
47,420,758
|
-
|
44,234,347
|
3,186,411
|
Energy
|
46,279,729
|
-
|
46,279,729
|
-
|
Financials
|
195,860,038
|
-
|
195,035,377
|
824,661
|
Health Care
|
168,386,248
|
-
|
168,386,248
|
-
|
Industrials
|
301,610,260
|
-
|
298,877,029
|
2,733,231
|
Information Technology
|
288,620,867
|
-
|
284,489,657
|
4,131,210
|
Materials
|
141,828,219
|
-
|
141,828,219
|
-
|
Real Estate
|
1,736,218
|
-
|
1,736,218
|
-
|
Utilities
|
31,209,410
|
-
|
31,209,410
|
-
|
Common Stocks
|
||||
Communication Services
|
5,248,129
|
-
|
-
|
5,248,129
|
Consumer Discretionary
|
1,410,855
|
-
|
-
|
1,410,855
|
Consumer Staples
|
52,066
|
-
|
-
|
52,066
|
Energy
|
21,015,139
|
20,988,936
|
-
|
26,203
|
Financials
|
9,475,268
|
-
|
-
|
9,475,268
|
Information Technology
|
1,261,975
|
-
|
-
|
1,261,975
|
Materials
|
3
|
-
|
-
|
3
|
Non-Convertible Corporate Bonds
|
||||
Communication Services
|
23,810,164
|
-
|
23,810,164
|
-
|
Consumer Discretionary
|
16,310,921
|
-
|
16,310,921
|
-
|
Energy
|
3,191,007
|
-
|
3,191,007
|
-
|
Financials
|
16,987,122
|
-
|
16,987,122
|
-
|
Health Care
|
1,698,512
|
-
|
1,698,512
|
-
|
Industrials
|
2,422,612
|
-
|
2,422,612
|
-
|
Information Technology
|
2,966,189
|
-
|
2,966,189
|
-
|
Real Estate
|
2,312,343
|
-
|
2,312,343
|
-
|
Non-Convertible Preferred Stocks
|
||||
Information Technology
|
1,179,941
|
1,179,941
|
-
|
-
|
Preferred Securities
|
||||
Energy
|
3,128,908
|
-
|
3,128,908
|
-
|
Industrials
|
892,336
|
-
|
892,336
|
-
|
Money Market Funds
|
124,069,607
|
124,069,607
|
-
|
-
|
Total Investments in Securities:
|
1,964,271,186
|
146,238,484
|
1,788,854,320
|
29,178,382
|
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 ($)
|
Amortization/
Accretion ($)
|
Transfers into Level 3 ($)
|
Transfers out of Level 3 ($)
|
Ending Balance ($)
|
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at March 31, 2026 ($)
|
|
Bank Loan Obligations
|
18,390,641
|
(986,043)
|
(3,629,009)
|
3,654,106
|
(12,768,577)
|
1,380,152
|
5,662,613
|
-
|
11,703,883
|
(3,946,389)
|
Common Stocks
|
15,064,759
|
-
|
(1,746,116)
|
4,155,856
|
-
|
-
|
-
|
-
|
17,474,499
|
(1,746,116)
|
|
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.
|
||||||||||
Financial Statements (Unaudited)
Statement of Assets and Liabilities
|
||||
|
As of March 31, 2026 (Unaudited)
|
||||
Assets
|
||||
Investment in securities, at value (including securities loaned of $22,007) - See accompanying schedule:
|
||||
Unaffiliated issuers (cost $1,896,880,724)
|
$
|
1,821,115,972
|
||
Fidelity Central Funds (cost $124,066,489)
|
124,069,607
|
|||
Other affiliated issuers (cost $19,727,136)
|
19,085,607
|
|||
Total Investment in Securities (cost $2,040,674,349)
|
$
|
1,964,271,186
|
||
Cash
|
3,522,577
|
|||
Receivable for investments sold
|
18,955,639
|
|||
Receivable for fund shares sold
|
28,124
|
|||
Dividends receivable
|
562
|
|||
Interest receivable
|
14,632,492
|
|||
Distributions receivable from Fidelity Central Funds
|
394,075
|
|||
Receivable from investment adviser for expense reductions
|
11,787
|
|||
Other receivables
|
129
|
|||
Total assets
|
2,001,816,571
|
|||
Liabilities
|
||||
Payable for investments purchased
|
||||
Regular delivery
|
$
|
73,310,555
|
||
Delayed delivery
|
626,000
|
|||
Payable for fund shares redeemed
|
5,620
|
|||
Other payables and accrued expenses
|
16,593
|
|||
Collateral on securities loaned
|
37,300
|
|||
Total liabilities
|
73,996,068
|
|||
Commitments and contingent liabilities (see Significant Accounting Policies note)
|
||||
Net Assets
|
$
|
1,927,820,503
|
||
Net Assets consist of:
|
||||
Paid in capital
|
$
|
2,163,488,589
|
||
Total accumulated earnings (loss)
|
(235,668,086)
|
|||
Net Assets
|
$
|
1,927,820,503
|
||
Net Asset Value, offering price and redemption price per share ($1,927,820,503 ÷ 20,512,372 shares)
|
$
|
93.98
|
||
Statement of Operations
|
||||
Six months ended March 31, 2026 (Unaudited)
|
||||
Investment Income
|
||||
Dividends (including $1,145,678 earned from affiliated issuers)
|
$
|
1,836,309
|
||
Interest
|
71,170,919
|
|||
Income from Fidelity Central Funds (including $521 from security lending)
|
2,539,030
|
|||
Payment from investment adviser
|
68,629
|
|||
Total income
|
75,614,887
|
|||
Expenses
|
||||
Custodian fees and expenses
|
$
|
2,323
|
||
Independent trustees' fees and expenses
|
3,189
|
|||
Legal
|
1,525
|
|||
Total expenses before reductions
|
7,037
|
|||
Expense reductions
|
(2,810)
|
|||
Total expenses after reductions
|
4,227
|
|||
Net Investment income (loss)
|
75,610,660
|
|||
Realized and Unrealized Gain (Loss)
|
||||
Net realized gain (loss) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers
|
646,920
|
|||
Fidelity Central Funds
|
(826)
|
|||
Foreign currency transactions
|
(2,621)
|
|||
Total net realized gain (loss)
|
643,473
|
|||
Change in net unrealized appreciation (depreciation) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers
|
(46,881,673)
|
|||
Affiliated issuers
|
(75,661)
|
|||
Total change in net unrealized appreciation (depreciation)
|
(46,957,334)
|
|||
Net gain (loss)
|
(46,313,861)
|
|||
Net increase (decrease) in net assets resulting from operations
|
$
|
29,296,799
|
||
Statement of Changes in Net Assets
|
||||
Six months ended
March 31, 2026
(Unaudited)
|
Year ended
September 30, 2025
|
|||
Increase (Decrease) in Net Assets
|
||||
Operations
|
||||
Net investment income (loss)
|
$
|
75,610,660
|
$
|
147,243,154
|
Net realized gain (loss)
|
643,473
|
(34,047,202)
|
||
Change in net unrealized appreciation (depreciation)
|
(46,957,334)
|
12,919,490
|
||
Net increase (decrease) in net assets resulting from operations
|
29,296,799
|
126,115,442
|
||
Distributions to shareholders
|
(76,678,559)
|
(147,904,199)
|
||
Affiliated share transactions
|
||||
Proceeds from sales of shares
|
120,386,144
|
566,276,564
|
||
Reinvestment of distributions
|
76,678,172
|
147,778,955
|
||
Cost of shares redeemed
|
(208,257,068)
|
(133,419,815)
|
||
Net increase (decrease) in net assets resulting from share transactions
|
(11,192,752)
|
580,635,704
|
||
Total increase (decrease) in net assets
|
(58,574,512)
|
558,846,947
|
||
Net Assets
|
||||
Beginning of period
|
1,986,395,015
|
1,427,548,068
|
||
End of period
|
$
|
1,927,820,503
|
$
|
1,986,395,015
|
Other Information
|
||||
Shares
|
||||
Sold
|
1,262,668
|
5,887,958
|
||
Issued in reinvestment of distributions
|
806,804
|
1,525,833
|
||
Redeemed
|
(2,185,700)
|
(1,375,005)
|
||
Net increase (decrease)
|
(116,228)
|
6,038,786
|
||
Financial Highlights
Fidelity® Floating Rate Central Fund |
Six months ended
March 31, 2026
(Unaudited)
|
Years ended September 30, 2025
|
2024
|
2023
|
2022
|
2021
|
|||||||
Selected Per-Share Data
|
||||||||||||
Net asset value, beginning of period
|
$
|
96.29
|
$
|
97.85
|
$
|
98.01
|
$
|
94.22
|
$
|
100.91
|
$
|
96.50
|
Income from Investment Operations
|
||||||||||||
Net investment income (loss) A,B
|
3.651
|
8.253
|
9.418
|
8.494
|
4.767
|
4.112
|
||||||
Net realized and unrealized gain (loss)
|
(2.258)
|
(1.478)
|
(.147)
|
3.878
|
(6.696)
|
4.431
|
||||||
Total from investment operations
|
1.393
|
6.775
|
9.271
|
12.372
|
(1.929)
|
8.543
|
||||||
Distributions from net investment income
|
(3.703)
|
(8.335)
|
(9.431)
|
(8.582)
|
(4.761)
|
(4.133)
|
||||||
Total distributions
|
(3.703)
|
(8.335)
|
(9.431)
|
(8.582)
|
(4.761)
|
(4.133)
|
||||||
Net asset value, end of period
|
$
|
93.98
|
$
|
96.29
|
$
|
97.85
|
$
|
98.01
|
$
|
94.22
|
$
|
100.91
|
Total Return C,D
|
1.47 % |
7.20%
|
9.87%
|
13.65%
|
(1.98)%
|
8.99%
|
||||||
Ratios to Average Net Assets B,E,F
|
||||||||||||
Expenses before reductions
|
-% G,H
|
.01%
|
-% H
|
-% H
|
-% H
|
-% H
|
||||||
Expenses net of fee waivers, if any
|
- % G,H |
.01%
|
-% H
|
-% H
|
-% H
|
-% H
|
||||||
Expenses net of all reductions, if any H
|
-% G
|
-%
|
-%
|
-%
|
-%
|
-%
|
||||||
Net investment income (loss)
|
7.69% G
|
8.54%
|
9.60%
|
8.78%
|
4.83%
|
4.14%
|
||||||
Supplemental Data
|
||||||||||||
Net assets, end of period (000 omitted)
|
$
|
1,927,821
|
$
|
1,986,395
|
$
|
1,427,548
|
$
|
1,474,144
|
$
|
2,543,324
|
$
|
2,773,908
|
Portfolio turnover rate I
|
51 % G |
44%
|
50%
|
24%
|
39%
|
41%
|
ACalculated based on average shares outstanding during the period.
BNet 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.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees 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.
FExpense 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.
GAnnualized.
HAmount represents less than .005%.
IAmount 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
(Unaudited)For the period ended March 31, 2026
1. Organization.
Fidelity Floating Rate Central Fund (the Fund) is a fund of Fidelity Central Investment Portfolios LLC (the LLC) and is authorized to issue an unlimited number of shares. Shares of the Fund are only offered to other investment companies and accounts managed by Fidelity Management & Research Company 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. 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 twelve month period ended December 31, 2025 was 9.71%.
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 foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. 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.
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.
Asset Type
|
Fair Value
|
Valuation Technique(s)
|
Unobservable Input
|
Amount or Range/Weighted Average
|
Impact to Valuation from an Increase in InputA
|
Common Stocks
|
$17,474,499
|
Market comparable
|
Enterprise value/EBITDA multiple (EV/EBITDA)
|
2.4 - 8.3 / 4.6
|
Increase
|
Market approach
|
Transaction price
|
$0.19 - $2.92 / $2.72
|
Increase
|
||
Recovery value
|
Recovery value
|
$0.00
|
Increase
|
||
Discounted cash flow
|
Discount rate
|
11.6%
|
Decrease
|
||
Bank Loan Obligations
|
$11,703,883
|
Market comparable
|
Enterprise value/Revenue multiple (EV/R)
|
0.3
|
Increase
|
Recovery value
|
Recovery value
|
$0.00 - $40.15 / $37.91
|
Increase
|
||
Discounted cash flow
|
Yield
|
8.8% - 17.0% / 11.4%
|
Decrease
|
||
Indicative market price
|
Evaluated bid
|
$0.25 - $103.75 / $97.51
|
Increase
|
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 March 31, 2026, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. The Fund earns certain fees in connection with its floating rate loan purchasing activities. These fees are in addition to interest payments earned and may include amendment fees, consent fees and prepayment fees. These fees are recorded as Interest in the accompanying financial statements. 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 January 31, 2027 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. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to passive foreign investment companies (PFIC), 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
|
$39,567,299
|
Gross unrealized depreciation
|
(116,151,600)
|
Net unrealized appreciation (depreciation)
|
$(76,584,301)
|
Tax cost
|
$2,040,855,487
|
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 prior fiscal period end and is subject to adjustment.
Short-term
|
$(9,549,081)
|
Long-term
|
(147,204,157)
|
Total capital loss carryforward
|
$(156,753,238)
|
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (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.
Investment to be Acquired
|
Commitment Amount ($)
|
Unrealized Appreciation (Depreciation)($)
|
|
Fidelity Floating Rate Central Fund
|
STG Distribution LLC 8% PIK 7/7/2026
|
83,549
|
-
|
Fidelity Floating Rate Central Fund
|
Fidelity Private Credit Company LLC
|
2,730,014
|
-
|
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
Purchases ($)
|
Sales ($)
|
|
Fidelity Floating Rate Central Fund
|
479,885,962
|
491,905,576
|
6. 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.
7. 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 in security lending. 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 Floating Rate Central Fund
|
57
|
-
|
-
|
8. 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 $2,810.
9. 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.
10. 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.
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)
Note: This is not applicable for any fund included in this document.
 |
1.814673.121
FR1-SANN-0526
Fidelity® Real Estate Equity Central Fund
Semi-Annual Report
March 31, 2026
Contents
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. © 2026 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 (Semi-Annual Report)
Fidelity® Real Estate Equity Central Fund
Schedule of Investments March 31, 2026 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.2%
|
|||
Shares
|
Value ($)
|
||
UNITED STATES - 99.2%
|
|||
Real Estate - 99.2%
|
|||
Health Care REITs - 18.4%
|
|||
CareTrust REIT Inc
|
316,900
|
11,614,385
|
|
Ventas Inc
|
1,025,194
|
83,840,366
|
|
Welltower Inc
|
406,966
|
80,461,248
|
|
175,915,999
|
|||
Hotel & Resort REITs - 2.3%
|
|||
DiamondRock Hospitality Co
|
99,100
|
928,567
|
|
Ryman Hospitality Properties Inc
|
228,400
|
21,074,468
|
|
22,003,035
|
|||
Industrial REITs - 15.8%
|
|||
Americold Realty Trust Inc
|
944,500
|
10,823,969
|
|
EastGroup Properties Inc
|
69,200
|
12,808,228
|
|
Prologis Inc
|
793,537
|
104,889,721
|
|
Terreno Realty Corp
|
370,816
|
22,775,519
|
|
151,297,437
|
|||
Real Estate Management & Development - 1.6%
|
|||
Compass Inc Class A (a)
|
706,740
|
5,166,269
|
|
Jones Lang LaSalle Inc (a)
|
34,600
|
10,529,472
|
|
15,695,741
|
|||
Residential REITs - 13.7%
|
|||
AvalonBay Communities Inc
|
249,400
|
40,739,490
|
|
Camden Property Trust
|
338,300
|
33,038,378
|
|
Invitation Homes Inc
|
1,042,340
|
25,902,149
|
|
Sun Communities Inc
|
203,800
|
25,670,648
|
|
UDR Inc
|
167,382
|
5,654,164
|
|
131,004,829
|
|||
Retail REITs - 16.8%
|
|||
Acadia Realty Trust
|
493,676
|
9,439,085
|
|
Curbline Properties Corp (b)
|
458,500
|
11,824,715
|
|
Federal Realty Investment Trust
|
216,100
|
22,951,981
|
|
Macerich Co/The
|
1,461,000
|
27,612,900
|
|
NNN REIT Inc
|
695,200
|
29,219,256
|
|
Tanger Inc
|
1,066,700
|
36,246,466
|
|
Urban Edge Properties
|
1,166,700
|
23,310,666
|
|
160,605,069
|
|||
Specialized REITs - 30.6%
|
|||
American Tower Corp
|
42,900
|
7,403,682
|
|
CubeSmart
|
625,319
|
22,917,941
|
|
Digital Realty Trust Inc
|
49,200
|
8,866,332
|
|
Equinix Inc
|
114,138
|
111,882,634
|
|
Extra Space Storage Inc
|
359,400
|
47,128,122
|
|
Four Corners Property Trust Inc
|
1,241,500
|
29,361,475
|
|
Iron Mountain Inc
|
468,500
|
47,852,590
|
|
Lamar Advertising Co Class A
|
137,300
|
17,390,418
|
|
292,803,194
|
|||
TOTAL UNITED STATES
|
949,325,304
|
||
|
TOTAL COMMON STOCKS
(Cost $762,576,177)
|
949,325,304
|
||
Money Market Funds - 1.5%
|
||||
Yield (%)
|
Shares
|
Value ($)
|
||
Fidelity Cash Central Fund (c)
|
3.69
|
3,085,422
|
3,086,039
|
|
Fidelity Securities Lending Cash Central Fund (c)(d)
|
3.69
|
11,771,948
|
11,773,125
|
|
|
TOTAL MONEY MARKET FUNDS
(Cost $14,859,164)
|
14,859,164
|
|||
|
TOTAL INVESTMENT IN SECURITIES - 100.7%
(Cost $777,435,341)
|
964,184,468
|
NET OTHER ASSETS (LIABILITIES) - (0.7)%
|
(6,763,064)
|
NET ASSETS - 100.0%
|
957,421,404
|
Legend
(a)
|
Non-income producing.
|
(b)
|
Security or a portion of the security is on loan at period end.
|
(c)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
|
(d)
|
Investment made with cash collateral received from securities on loan.
|
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
Fidelity Cash Central Fund
|
5,801,309
|
63,696,093
|
66,409,625
|
162,963
|
(1,738)
|
-
|
3,086,039
|
3,085,422
|
0.0%
|
Fidelity Securities Lending Cash Central Fund
|
4,620,700
|
27,012,856
|
19,860,430
|
1,272
|
(1)
|
-
|
11,773,125
|
11,771,948
|
0.0%
|
Total
|
10,422,009
|
90,708,949
|
86,270,055
|
164,235
|
(1,739)
|
-
|
14,859,164
|
||
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 March 31, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date:
|
||||
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Investments in Securities:
|
||||
Common Stocks
|
||||
Real Estate
|
949,325,304
|
949,325,304
|
-
|
-
|
Money Market Funds
|
14,859,164
|
14,859,164
|
-
|
-
|
Total Investments in Securities:
|
964,184,468
|
964,184,468
|
-
|
-
|
Financial Statements (Unaudited)
Statement of Assets and Liabilities
|
||||
|
As of March 31, 2026 (Unaudited)
|
||||
Assets
|
||||
Investment in securities, at value (including securities loaned of $11,566,815) - See accompanying schedule:
|
||||
Unaffiliated issuers (cost $762,576,177)
|
$
|
949,325,304
|
||
Fidelity Central Funds (cost $14,859,164)
|
14,859,164
|
|||
Total Investment in Securities (cost $777,435,341)
|
$
|
964,184,468
|
||
Cash
|
1
|
|||
Receivable for fund shares sold
|
13,826,631
|
|||
Dividends receivable
|
3,764,797
|
|||
Distributions receivable from Fidelity Central Funds
|
18,222
|
|||
Total assets
|
981,794,119
|
|||
Liabilities
|
||||
Payable for investments purchased
|
$
|
12,588,485
|
||
Payable for fund shares redeemed
|
8,692
|
|||
Other payables and accrued expenses
|
2,413
|
|||
Collateral on securities loaned
|
11,773,125
|
|||
Total liabilities
|
24,372,715
|
|||
Net Assets
|
$
|
957,421,404
|
||
Net Assets consist of:
|
||||
Paid in capital
|
$
|
803,140,202
|
||
Total accumulated earnings (loss)
|
154,281,202
|
|||
Net Assets
|
$
|
957,421,404
|
||
Net Asset Value, offering price and redemption price per share ($957,421,404 ÷ 6,787,765 shares)
|
$
|
141.05
|
||
Statement of Operations
|
||||
Six months ended March 31, 2026 (Unaudited)
|
||||
Investment Income
|
||||
Dividends
|
$
|
14,807,679
|
||
Income from Fidelity Central Funds (including $1,272 from security lending)
|
164,235
|
|||
Total income
|
14,971,914
|
|||
Expenses
|
||||
Custodian fees and expenses
|
$
|
6,072
|
||
Independent trustees' fees and expenses
|
1,453
|
|||
Total expenses before reductions
|
7,525
|
|||
Expense reductions
|
(1,296)
|
|||
Total expenses after reductions
|
6,229
|
|||
Net Investment income (loss)
|
14,965,685
|
|||
Realized and Unrealized Gain (Loss)
|
||||
Net realized gain (loss) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers
|
(7,780,652)
|
|||
Fidelity Central Funds
|
(1,739)
|
|||
Total net realized gain (loss)
|
(7,782,391)
|
|||
Change in net unrealized appreciation (depreciation) on investment securities
|
38,063,239
|
|||
Net gain (loss)
|
30,280,848
|
|||
Net increase (decrease) in net assets resulting from operations
|
$
|
45,246,533
|
||
Statement of Changes in Net Assets
|
||||
Six months ended
March 31, 2026
(Unaudited)
|
Year ended
September 30, 2025
|
|||
Increase (Decrease) in Net Assets
|
||||
Operations
|
||||
Net investment income (loss)
|
$
|
14,965,685
|
$
|
30,407,056
|
Net realized gain (loss)
|
(7,782,391)
|
48,805,462
|
||
Change in net unrealized appreciation (depreciation)
|
38,063,239
|
(113,410,838)
|
||
Net increase (decrease) in net assets resulting from operations
|
45,246,533
|
(34,198,320)
|
||
Distributions to shareholders
|
(11,311,330)
|
(28,783,051)
|
||
Affiliated share transactions
|
||||
Proceeds from sales of shares
|
90,222,404
|
56,312,634
|
||
Reinvestment of distributions
|
11,311,330
|
28,783,051
|
||
Cost of shares redeemed
|
(51,074,103)
|
(192,009,823)
|
||
Net increase (decrease) in net assets resulting from share transactions
|
50,459,631
|
(106,914,138)
|
||
Total increase (decrease) in net assets
|
84,394,834
|
(169,895,509)
|
||
Net Assets
|
||||
Beginning of period
|
873,026,570
|
1,042,922,079
|
||
End of period
|
$
|
957,421,404
|
$
|
873,026,570
|
Other Information
|
||||
Shares
|
||||
Sold
|
658,669
|
405,618
|
||
Issued in reinvestment of distributions
|
84,723
|
208,207
|
||
Redeemed
|
(357,930)
|
(1,394,039)
|
||
Net increase (decrease)
|
385,462
|
(780,214)
|
||
Financial Highlights
Fidelity® Real Estate Equity Central Fund |
Six months ended
March 31, 2026
(Unaudited)
|
Years ended September 30, 2025
|
2024
|
2023
|
2022
|
2021
|
|||||||
Selected Per-Share Data
|
||||||||||||
Net asset value, beginning of period
|
$
|
136.36
|
$
|
145.20
|
$
|
112.05
|
$
|
111.15
|
$
|
141.00
|
$
|
108.09
|
Income from Investment Operations
|
||||||||||||
Net investment income (loss) A,B
|
2.23
|
4.43
|
3.93
|
4.22
|
3.36
|
3.33
|
||||||
Net realized and unrealized gain (loss)
|
4.13
|
(8.94)
|
33.21
|
.29
|
(30.20)
|
32.42
|
||||||
Total from investment operations
|
6.36
|
(4.51)
|
37.14
|
4.51
|
(26.84)
|
35.75
|
||||||
Distributions from net investment income
|
(1.67)
|
(4.33)
|
(3.99)
|
(3.61)
|
(3.01)
|
(2.84)
|
||||||
Total distributions
|
(1.67)
|
(4.33)
|
(3.99)
|
(3.61)
|
(3.01)
|
(2.84)
|
||||||
Net asset value, end of period
|
$
|
141.05
|
$
|
136.36
|
$
|
145.20
|
$
|
112.05
|
$
|
111.15
|
$
|
141.00
|
Total Return C,D
|
4.73 % |
(3.12)%
|
33.70%
|
3.90%
|
(19.44)%
|
33.38%
|
||||||
Ratios to Average Net Assets B,E,F
|
||||||||||||
Expenses before reductions G
|
-% H
|
-%
|
-%
|
-%
|
-%
|
-%
|
||||||
Expenses net of fee waivers, if any G
|
- % H |
-%
|
-%
|
-%
|
-%
|
-%
|
||||||
Expenses net of all reductions, if any G
|
-% H
|
-%
|
-%
|
-%
|
-%
|
-%
|
||||||
Net investment income (loss)
|
3.21% H
|
3.23%
|
3.13%
|
3.53%
|
2.36%
|
2.54%
|
||||||
Supplemental Data
|
||||||||||||
Net assets, end of period (000 omitted)
|
$
|
957,421
|
$
|
873,027
|
$
|
1,042,922
|
$
|
925,902
|
$
|
973,455
|
$
|
1,632,601
|
Portfolio turnover rate I
|
37 % H |
43%
|
39%
|
44%
|
56%
|
28%
|
ACalculated based on average shares outstanding during the period.
BNet 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.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees 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.
FExpense 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.
GAmount represents less than .005%.
HAnnualized.
IAmount 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
(Unaudited)For the period ended March 31, 2026
1. Organization.
Fidelity Real Estate Equity Central Fund (the Fund) is a non-diversified 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:
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 foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. 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 March 31, 2026 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. 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, 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.
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. 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 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 short term capital gain dividends, certain corporate actions, 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
|
$219,563,905
|
Gross unrealized depreciation
|
(35,056,588)
|
Net unrealized appreciation (depreciation)
|
$184,507,317
|
Tax cost
|
$779,677,151
|
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 prior fiscal period end and is subject to adjustment.
Short-term
|
$(29,457,403)
|
Long-term
|
-
|
Total capital loss carryforward
|
$(29,457,403)
|
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
Purchases ($)
|
Sales ($)
|
|
Fidelity Real Estate Equity Central Fund
|
226,893,660
|
171,000,681
|
5. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. Fidelity Management & Research Company LLC (the investment adviser) provides the Fund with investment management services. The Fund does not pay any fees for these services. Pursuant to the Fund's expense contract, the investment adviser also pays all other expenses of the Fund, excluding custody fees, the compensation of the independent Directors, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
Amount ($)
|
|
Fidelity Real Estate Equity Central Fund
|
2,176
|
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. Interfund trades during the period are noted in the table below.
Purchases ($)
|
Sales ($)
|
Realized Gain (Loss) ($)
|
|
Fidelity Real Estate Equity Central Fund
|
13,366,114
|
10,847,275
|
(1,506,030)
|
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 in security lending. 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 Real Estate Equity Central Fund
|
138
|
387
|
-
|
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 $1,296.
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.
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)
Note: This is not applicable for any fund included in this document.
 |
1.831586.119
ESCIP-SANN-0526
Fidelity® Emerging Markets Equity Central Fund
Semi-Annual Report
March 31, 2026
Contents
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. © 2026 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 (Semi-Annual Report)
Fidelity® Emerging Markets Equity Central Fund
Schedule of Investments March 31, 2026 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.7%
|
|||
Shares
|
Value ($)
|
||
AUSTRALIA - 0.8%
|
|||
Materials - 0.8%
|
|||
Metals & Mining - 0.8%
|
|||
Anglogold Ashanti Plc (South Africa)
|
243,600
|
24,314,203
|
|
BRAZIL - 5.7%
|
|||
Consumer Discretionary - 0.6%
|
|||
Household Durables - 0.1%
|
|||
Construtora Tenda S/A
|
208,400
|
1,255,264
|
|
Cury Construtora e Incorporadora SA
|
176,719
|
1,207,046
|
|
2,462,310
|
|||
Specialty Retail - 0.4%
|
|||
Vibra Energia SA
|
1,728,736
|
10,552,938
|
|
Textiles, Apparel & Luxury Goods - 0.1%
|
|||
Azzas 2154 SA
|
834,202
|
4,138,921
|
|
TOTAL CONSUMER DISCRETIONARY
|
17,154,169
|
||
Energy - 1.0%
|
|||
Oil, Gas & Consumable Fuels - 1.0%
|
|||
Petroleo Brasileiro SA - Petrobras ADR
|
349,400
|
7,250,050
|
|
Petroleo Brasileiro SA - Petrobras ADR (PN)
|
416,500
|
7,809,375
|
|
PRIO SA/Brazil (a)
|
1,194,500
|
15,268,366
|
|
TOTAL ENERGY
|
30,327,791
|
||
Financials - 1.7%
|
|||
Banks - 0.7%
|
|||
Itau Unibanco Holding SA ADR
|
2,552,312
|
21,388,375
|
|
Capital Markets - 1.0%
|
|||
B3 SA - Brasil Bolsa Balcao
|
4,553,600
|
16,175,418
|
|
XP Inc Class A
|
726,051
|
13,824,011
|
|
29,999,429
|
|||
TOTAL FINANCIALS
|
51,387,804
|
||
Health Care - 0.1%
|
|||
Pharmaceuticals - 0.1%
|
|||
Hypera SA
|
611,815
|
2,749,704
|
|
Industrials - 0.3%
|
|||
Ground Transportation - 0.3%
|
|||
Localiza Rent a Car SA
|
1,150,775
|
10,437,254
|
|
Localiza Rent a Car SA (PN)
|
53,082
|
464,122
|
|
TOTAL INDUSTRIALS
|
10,901,376
|
||
Materials - 1.0%
|
|||
Metals & Mining - 1.0%
|
|||
Metalurgica Gerdau SA
|
4,276,649
|
7,050,895
|
|
Vale SA ADR
|
1,417,715
|
22,555,846
|
|
29,606,741
|
|||
Paper & Forest Products - 0.0%
|
|||
Dexco SA
|
3,036,715
|
2,761,263
|
|
TOTAL MATERIALS
|
32,368,004
|
||
Real Estate - 0.0%
|
|||
Real Estate Management & Development - 0.0%
|
|||
LOG Commercial Properties e Participacoes SA
|
147,305
|
785,744
|
|
Utilities - 1.0%
|
|||
Electric Utilities - 0.8%
|
|||
Axia Energia
|
741,300
|
8,380,654
|
|
Axia Energia Series C
|
194,835
|
2,130,458
|
|
Equatorial SA
|
1,017,094
|
8,005,429
|
|
Isa Energia Brasil sa
|
524,300
|
2,944,465
|
|
Transmissora Alianca de Energia Eletrica S/A unit
|
312,100
|
2,591,469
|
|
24,052,475
|
|||
Water Utilities - 0.2%
|
|||
Cia de Saneamento Basico do Estado de Sao Paulo SABESP
|
261,178
|
7,978,765
|
|
TOTAL UTILITIES
|
32,031,240
|
||
TOTAL BRAZIL
|
177,705,832
|
||
CHILE - 0.6%
|
|||
Materials - 0.6%
|
|||
Metals & Mining - 0.6%
|
|||
Antofagasta PLC
|
442,450
|
19,841,439
|
|
CHINA - 26.1%
|
|||
Communication Services - 5.6%
|
|||
Entertainment - 0.5%
|
|||
Netease Inc
|
56,000
|
1,251,309
|
|
Netease Inc ADR
|
125,685
|
14,069,179
|
|
Tencent Music Entertainment Group Class A ADR
|
16,500
|
153,120
|
|
15,473,608
|
|||
Interactive Media & Services - 5.1%
|
|||
Baidu Inc A Shares (a)
|
561,967
|
7,855,283
|
|
Baidu Inc Class A ADR (a)(b)
|
43,100
|
4,802,202
|
|
Tencent Holdings Ltd
|
2,319,316
|
146,284,783
|
|
158,942,268
|
|||
TOTAL COMMUNICATION SERVICES
|
174,415,876
|
||
Consumer Discretionary - 6.8%
|
|||
Automobile Components - 0.3%
|
|||
Fuyao Glass Industry Group Co Ltd A Shares (China)
|
469,000
|
3,923,512
|
|
Fuyao Glass Industry Group Co Ltd H Shares (c)(d)
|
157,604
|
1,185,569
|
|
Hesai Group ADR (a)
|
187,621
|
3,587,314
|
|
Hesai Group B Shares
|
151,421
|
2,877,872
|
|
11,574,267
|
|||
Automobiles - 1.1%
|
|||
BYD Co Ltd A Shares (China)
|
531,410
|
8,236,193
|
|
BYD Co Ltd H Shares
|
1,562,284
|
21,358,512
|
|
XPeng Inc A Shares (a)
|
512,200
|
4,378,074
|
|
33,972,779
|
|||
Broadline Retail - 3.5%
|
|||
Alibaba Group Holding Ltd
|
5,692,569
|
89,228,112
|
|
PDD Holdings Inc Class A ADR (a)
|
179,915
|
18,383,715
|
|
107,611,827
|
|||
Diversified Consumer Services - 0.4%
|
|||
New Oriental Education & Technology Group Inc
|
1,542,873
|
8,739,254
|
|
New Oriental Education & Technology Group Inc ADR
|
55,803
|
3,160,124
|
|
11,899,378
|
|||
Hotels, Restaurants & Leisure - 0.8%
|
|||
H World Group Ltd ADR
|
191,684
|
9,639,788
|
|
Luckin Coffee Inc ADR (a)(b)
|
103,403
|
3,319,236
|
|
Meituan B Shares (a)(c)(d)
|
520,781
|
5,682,893
|
|
Trip.com Group Ltd (a)
|
19,306
|
954,078
|
|
Yum China Holdings Inc
|
30,500
|
1,487,790
|
|
Yum China Holdings Inc (Hong Kong)
|
82,000
|
4,073,039
|
|
25,156,824
|
|||
Textiles, Apparel & Luxury Goods - 0.7%
|
|||
Laopu Gold Co Ltd H Shares (b)
|
155,967
|
12,626,264
|
|
Shenzhou International Group Holdings Ltd
|
1,450,453
|
8,862,540
|
|
21,488,804
|
|||
TOTAL CONSUMER DISCRETIONARY
|
211,703,879
|
||
Consumer Staples - 1.1%
|
|||
Beverages - 0.9%
|
|||
China Resources Beer Holdings Co Ltd
|
1,119,666
|
3,705,479
|
|
Eastroc Beverage Group Co Ltd A Shares (China)
|
173,400
|
5,182,627
|
|
Kweichow Moutai Co Ltd A Shares (China)
|
49,800
|
10,518,399
|
|
Tsingtao Brewery Co Ltd H Shares
|
1,289,800
|
8,012,547
|
|
27,419,052
|
|||
Food Products - 0.1%
|
|||
Uni-President China Holdings Ltd
|
3,438,400
|
3,450,717
|
|
Personal Care Products - 0.1%
|
|||
Mao Geping Cosmetics Co LTD H Shares (b)
|
283,900
|
2,749,850
|
|
TOTAL CONSUMER STAPLES
|
33,619,619
|
||
Energy - 0.3%
|
|||
Oil, Gas & Consumable Fuels - 0.3%
|
|||
PetroChina Co Ltd H Shares
|
7,812,000
|
10,716,982
|
|
Financials - 5.3%
|
|||
Banks - 3.8%
|
|||
Bank of Chengdu Co Ltd A Shares (China)
|
2,175,996
|
5,418,831
|
|
Bank of Ningbo Co Ltd A Shares (China)
|
1,988,565
|
8,814,456
|
|
China Construction Bank Corp H Shares
|
81,695,913
|
88,167,408
|
|
Huaxia Bank Co Ltd A Shares (China)
|
8,212,338
|
8,743,720
|
|
Industrial & Commercial Bank of China Ltd H Shares
|
6,704,000
|
5,909,228
|
|
117,053,643
|
|||
Insurance - 1.5%
|
|||
China Life Insurance Co Ltd H Shares
|
2,512,218
|
8,014,560
|
|
Ping An Insurance Group Co of China Ltd H Shares
|
5,025,899
|
38,645,215
|
|
46,659,775
|
|||
TOTAL FINANCIALS
|
163,713,418
|
||
Health Care - 1.5%
|
|||
Biotechnology - 0.6%
|
|||
Akeso Inc (a)(c)(d)
|
347,318
|
5,913,751
|
|
Clover Biopharmaceuticals Ltd (a)
|
604,770
|
208,458
|
|
Innovent Biologics Inc (a)(c)(d)
|
716,278
|
7,878,749
|
|
Remegen Co Ltd H Shares (a)(c)(d)
|
93,170
|
1,161,171
|
|
Sichuan Kelun-Biotech Biopharmaceutical Co Ltd H Shares (a)
|
34,622
|
2,053,470
|
|
Zai Lab Ltd (a)
|
1,219,066
|
2,249,112
|
|
19,464,711
|
|||
Health Care Equipment & Supplies - 0.0%
|
|||
Shandong Weigao Group Medical Polymer Co Ltd H Shares
|
1,863,068
|
895,792
|
|
Life Sciences Tools & Services - 0.5%
|
|||
Wuxi Apptec Co Ltd H Shares (c)(d)
|
860,193
|
13,174,238
|
|
WuXi XDC Cayman Inc (a)
|
267,565
|
2,029,496
|
|
15,203,734
|
|||
Pharmaceuticals - 0.4%
|
|||
Hansoh Pharmaceutical Group Co Ltd (c)(d)
|
1,496,929
|
6,852,112
|
|
Jiangsu Hengrui Pharmaceuticals Co Ltd A Shares (China)
|
365,605
|
2,962,995
|
|
Jiangsu Hengrui Pharmaceuticals Co Ltd H Shares
|
222,812
|
1,855,240
|
|
11,670,347
|
|||
TOTAL HEALTH CARE
|
47,234,584
|
||
Industrials - 2.1%
|
|||
Construction & Engineering - 0.1%
|
|||
Sinopec Engineering Group Co Ltd H Shares
|
4,235,300
|
3,188,821
|
|
Electrical Equipment - 1.0%
|
|||
Contemporary Amperex Technology Co Ltd A Shares (China)
|
447,984
|
26,584,467
|
|
Hongfa Technology Co Ltd A Shares
|
896,900
|
3,657,277
|
|
Hongfa Technology Co Ltd A Shares (China)
|
564,600
|
2,305,895
|
|
32,547,639
|
|||
Machinery - 1.0%
|
|||
Airtac International Group
|
295,000
|
9,409,424
|
|
Shenzhen Inovance Technology Co Ltd A Shares (China)
|
816,600
|
8,024,142
|
|
Yangzijiang Shipbuildling (Holdings) Ltd
|
4,342,900
|
12,900,112
|
|
30,333,678
|
|||
TOTAL INDUSTRIALS
|
66,070,138
|
||
Information Technology - 1.0%
|
|||
Communications Equipment - 0.0%
|
|||
Yangtze Optical Fibre & Cable Joint Stock Ltd Co A Shares (China)
|
14,000
|
647,837
|
|
Electronic Equipment, Instruments & Components - 0.0%
|
|||
WUS Printed Circuit Kunshan Co Ltd A Shares (China)
|
121,300
|
1,378,079
|
|
Semiconductors & Semiconductor Equipment - 0.8%
|
|||
Advanced Micro-Fabrication Equipment Inc China A Shares (China)
|
282,400
|
12,801,718
|
|
Hua Hong Semiconductor Ltd (a)(c)(d)
|
165,873
|
1,673,722
|
|
Montage Technology Co Ltd A Shares (China)
|
113,142
|
2,110,843
|
|
NAURA Technology Group Co Ltd A Shares (China)
|
47,500
|
3,133,104
|
|
Shanghai Fudan Microelectronics Group Co Ltd H Shares
|
417,117
|
2,072,785
|
|
Yuanjie Semiconductor Technology Co Ltd A Shares (China)
|
1,900
|
289,058
|
|
22,081,230
|
|||
Software - 0.1%
|
|||
Minimax Group Inc A Shares
|
4,000
|
479,378
|
|
Pony AI Inc ADR (a)
|
231,831
|
2,188,485
|
|
2,667,863
|
|||
Technology Hardware, Storage & Peripherals - 0.1%
|
|||
Xiaomi Corp B Shares (a)(c)(d)
|
828,600
|
3,422,667
|
|
TOTAL INFORMATION TECHNOLOGY
|
30,197,676
|
||
Materials - 1.7%
|
|||
Construction Materials - 0.5%
|
|||
Anhui Conch Cement Co Ltd H Shares
|
2,771,500
|
7,543,585
|
|
China Jushi Co Ltd A Shares (China)
|
2,110,904
|
7,566,909
|
|
15,110,494
|
|||
Metals & Mining - 1.2%
|
|||
MMG Ltd (a)
|
19,652,000
|
18,619,297
|
|
Zijin Mining Group Co Ltd A Shares (China)
|
4,127,200
|
20,103,746
|
|
38,723,043
|
|||
TOTAL MATERIALS
|
53,833,537
|
||
Real Estate - 0.3%
|
|||
Real Estate Management & Development - 0.3%
|
|||
China Overseas Land & Investment Ltd
|
248,432
|
370,485
|
|
China Resources Land Ltd
|
1,361,109
|
5,044,722
|
|
KE Holdings Inc A Shares
|
645,603
|
3,197,297
|
|
Longfor Group Holdings Ltd (c)(d)
|
494,924
|
481,841
|
|
TOTAL REAL ESTATE
|
9,094,345
|
||
Utilities - 0.4%
|
|||
Gas Utilities - 0.4%
|
|||
ENN Energy Holdings Ltd
|
587,600
|
4,784,483
|
|
Kunlun Energy Co Ltd
|
6,796,000
|
6,209,827
|
|
TOTAL UTILITIES
|
10,994,310
|
||
TOTAL CHINA
|
811,594,364
|
||
FRANCE - 0.1%
|
|||
Energy - 0.1%
|
|||
Oil, Gas & Consumable Fuels - 0.1%
|
|||
Gaztransport Et Technigaz SA
|
11,700
|
2,751,767
|
|
GREECE - 0.5%
|
|||
Financials - 0.5%
|
|||
Banks - 0.5%
|
|||
Alpha Bank SA
|
2,100,839
|
7,792,691
|
|
Piraeus Bank SA
|
1,078,636
|
8,862,082
|
|
TOTAL GREECE
|
16,654,773
|
||
HONG KONG - 0.0%
|
|||
Communication Services - 0.0%
|
|||
Entertainment - 0.0%
|
|||
Huanxi Media Group Ltd (a)
|
1,639,702
|
47,780
|
|
INDIA - 11.0%
|
|||
Communication Services - 0.8%
|
|||
Wireless Telecommunication Services - 0.8%
|
|||
Bharti Airtel Ltd
|
1,274,506
|
24,583,512
|
|
Consumer Discretionary - 0.9%
|
|||
Automobiles - 0.5%
|
|||
Mahindra & Mahindra Ltd
|
530,657
|
16,894,751
|
|
Broadline Retail - 0.2%
|
|||
Meesho (f)
|
3,360,703
|
5,130,152
|
|
Meesho
|
79,140
|
120,923
|
|
5,251,075
|
|||
Hotels, Restaurants & Leisure - 0.2%
|
|||
Eternal Ltd (a)
|
1,398,437
|
3,492,119
|
|
MakeMyTrip Ltd (a)(b)
|
42,717
|
1,592,917
|
|
5,085,036
|
|||
TOTAL CONSUMER DISCRETIONARY
|
27,230,862
|
||
Consumer Staples - 0.2%
|
|||
Tobacco - 0.2%
|
|||
ITC Ltd
|
2,112,587
|
6,552,384
|
|
Energy - 1.5%
|
|||
Oil, Gas & Consumable Fuels - 1.5%
|
|||
Coal India Ltd
|
1,930,500
|
9,368,464
|
|
Reliance Industries Ltd
|
2,543,094
|
37,122,690
|
|
TOTAL ENERGY
|
46,491,154
|
||
Financials - 4.0%
|
|||
Banks - 2.7%
|
|||
Canara Bank
|
6,626,223
|
8,860,812
|
|
HDFC Bank Ltd
|
5,170,166
|
41,106,082
|
|
ICICI Bank Ltd
|
2,492,112
|
32,472,115
|
|
82,439,009
|
|||
Consumer Finance - 1.0%
|
|||
Bajaj Finance Ltd
|
1,878,374
|
16,313,925
|
|
Shriram Finance Ltd
|
1,594,360
|
15,056,319
|
|
31,370,244
|
|||
Insurance - 0.3%
|
|||
HDFC Life Insurance Co Ltd (c)(d)
|
1,577,313
|
10,061,222
|
|
TOTAL FINANCIALS
|
123,870,475
|
||
Health Care - 0.7%
|
|||
Health Care Providers & Services - 0.2%
|
|||
Max Healthcare Institute Ltd
|
520,952
|
5,425,641
|
|
Life Sciences Tools & Services - 0.1%
|
|||
Divi's Laboratories Ltd
|
67,412
|
4,323,414
|
|
Pharmaceuticals - 0.4%
|
|||
Sun Pharmaceutical Industries Ltd
|
501,726
|
9,524,753
|
|
Torrent Pharmaceuticals Ltd
|
79,650
|
3,606,761
|
|
13,131,514
|
|||
TOTAL HEALTH CARE
|
22,880,569
|
||
Industrials - 1.3%
|
|||
Aerospace & Defense - 0.7%
|
|||
Bharat Electronics Ltd
|
3,161,900
|
13,733,676
|
|
Hindustan Aeronautics Ltd (d)
|
231,800
|
8,707,761
|
|
22,441,437
|
|||
Construction & Engineering - 0.6%
|
|||
Larsen & Toubro Ltd
|
460,551
|
17,379,278
|
|
TOTAL INDUSTRIALS
|
39,820,715
|
||
Information Technology - 0.2%
|
|||
IT Services - 0.2%
|
|||
Infosys Ltd
|
75,900
|
1,039,095
|
|
Infosys Ltd ADR (b)
|
281,600
|
3,804,416
|
|
TOTAL INFORMATION TECHNOLOGY
|
4,843,511
|
||
Materials - 0.5%
|
|||
Construction Materials - 0.2%
|
|||
JK Cement Ltd
|
118,998
|
6,542,819
|
|
Metals & Mining - 0.3%
|
|||
Tata Steel Ltd
|
4,079,700
|
8,496,235
|
|
TOTAL MATERIALS
|
15,039,054
|
||
Real Estate - 0.0%
|
|||
Real Estate Management & Development - 0.0%
|
|||
Godrej Properties Ltd (a)
|
124,378
|
1,976,636
|
|
Sunteck Realty Ltd
|
466,703
|
1,372,489
|
|
TOTAL REAL ESTATE
|
3,349,125
|
||
Utilities - 0.9%
|
|||
Electric Utilities - 0.3%
|
|||
Power Grid Corp of India Ltd
|
3,259,296
|
10,415,247
|
|
Independent Power and Renewable Electricity Producers - 0.6%
|
|||
NHPC Ltd
|
7,129,123
|
5,668,301
|
|
NTPC Ltd
|
2,951,676
|
11,799,952
|
|
17,468,253
|
|||
TOTAL UTILITIES
|
27,883,500
|
||
TOTAL INDIA
|
342,544,861
|
||
INDONESIA - 1.5%
|
|||
Consumer Staples - 0.6%
|
|||
Consumer Staples Distribution & Retail - 0.2%
|
|||
Sumber Alfaria Trijaya Tbk PT
|
93,811,600
|
8,232,257
|
|
Food Products - 0.4%
|
|||
First Resources Ltd
|
5,028,300
|
11,363,102
|
|
TOTAL CONSUMER STAPLES
|
19,595,359
|
||
Financials - 0.9%
|
|||
Banks - 0.9%
|
|||
Bank Central Asia Tbk PT
|
32,604,674
|
12,594,567
|
|
Bank Rakyat Indonesia Persero Tbk PT
|
54,522,367
|
10,894,715
|
|
Bank Syariah Indonesia Tbk PT
|
25,026,869
|
3,133,061
|
|
TOTAL FINANCIALS
|
26,622,343
|
||
TOTAL INDONESIA
|
46,217,702
|
||
ITALY - 0.2%
|
|||
Consumer Staples - 0.2%
|
|||
Beverages - 0.2%
|
|||
Coca-Cola HBC AG
|
112,600
|
6,342,668
|
|
KOREA (SOUTH) - 15.0%
|
|||
Communication Services - 0.5%
|
|||
Diversified Telecommunication Services - 0.0%
|
|||
KT Corp
|
29,950
|
1,219,971
|
|
Entertainment - 0.2%
|
|||
HYBE Co Ltd
|
26,536
|
5,477,130
|
|
Interactive Media & Services - 0.3%
|
|||
Kakao Corp
|
331,807
|
10,429,323
|
|
TOTAL COMMUNICATION SERVICES
|
17,126,424
|
||
Consumer Discretionary - 0.6%
|
|||
Automobiles - 0.4%
|
|||
Kia Corp
|
118,092
|
11,870,692
|
|
Household Durables - 0.2%
|
|||
Coway Co Ltd (a)
|
126,080
|
6,218,218
|
|
TOTAL CONSUMER DISCRETIONARY
|
18,088,910
|
||
Consumer Staples - 0.1%
|
|||
Tobacco - 0.1%
|
|||
KT&G Corp
|
45,120
|
4,939,827
|
|
Financials - 1.7%
|
|||
Banks - 1.3%
|
|||
KB Financial Group Inc
|
235,665
|
23,554,718
|
|
Woori Financial Group Inc
|
763,078
|
17,031,324
|
|
40,586,042
|
|||
Insurance - 0.4%
|
|||
Samsung Life Insurance Co Ltd
|
81,193
|
11,919,257
|
|
TOTAL FINANCIALS
|
52,505,299
|
||
Health Care - 0.3%
|
|||
Life Sciences Tools & Services - 0.3%
|
|||
Samsung Biologics Co Ltd (a)(c)(d)
|
9,096
|
9,491,166
|
|
Industrials - 1.4%
|
|||
Aerospace & Defense - 0.5%
|
|||
Korea Aerospace Industries Ltd
|
143,540
|
16,520,735
|
|
Electrical Equipment - 0.5%
|
|||
LS Electric Co Ltd
|
28,130
|
14,315,259
|
|
Industrial Conglomerates - 0.2%
|
|||
LG Corp
|
120,832
|
6,956,100
|
|
Machinery - 0.2%
|
|||
HD Hyundai Marine Solution Co Ltd
|
40,290
|
5,064,995
|
|
TOTAL INDUSTRIALS
|
42,857,089
|
||
Information Technology - 10.4%
|
|||
Electronic Equipment, Instruments & Components - 0.0%
|
|||
Samsung Electro-Mechanics Co Ltd
|
3,199
|
933,157
|
|
Semiconductors & Semiconductor Equipment - 3.9%
|
|||
Eugene Technology Co Ltd
|
14,425
|
1,117,453
|
|
SK Hynix Inc
|
210,031
|
121,324,364
|
|
122,441,817
|
|||
Technology Hardware, Storage & Peripherals - 6.5%
|
|||
Samsung Electronics Co Ltd
|
1,673,971
|
199,339,076
|
|
TOTAL INFORMATION TECHNOLOGY
|
322,714,050
|
||
TOTAL KOREA (SOUTH)
|
467,722,765
|
||
KUWAIT - 0.4%
|
|||
Financials - 0.4%
|
|||
Banks - 0.4%
|
|||
Kuwait Finance House KSCP
|
5,219,388
|
13,575,468
|
|
MEXICO - 2.4%
|
|||
Communication Services - 0.5%
|
|||
Wireless Telecommunication Services - 0.5%
|
|||
America Movil SAB de CV Series B
|
11,557,449
|
14,689,432
|
|
Consumer Staples - 0.3%
|
|||
Beverages - 0.1%
|
|||
Arca Continental SAB de CV
|
393,000
|
4,532,777
|
|
Consumer Staples Distribution & Retail - 0.2%
|
|||
Wal-Mart de Mexico SAB de CV Series V
|
1,870,600
|
6,074,258
|
|
TOTAL CONSUMER STAPLES
|
10,607,035
|
||
Financials - 0.9%
|
|||
Banks - 0.9%
|
|||
Grupo Financiero Banorte SAB de CV
|
2,274,432
|
25,225,219
|
|
Industrials - 0.2%
|
|||
Transportation Infrastructure - 0.2%
|
|||
Grupo Aeroportuario del Pacifico SAB de CV Series B
|
285,600
|
7,045,586
|
|
Materials - 0.4%
|
|||
Construction Materials - 0.4%
|
|||
Cemex SAB de CV ADR
|
1,185,600
|
13,563,264
|
|
Real Estate - 0.1%
|
|||
Diversified REITs - 0.1%
|
|||
Fibra Uno Administracion SA de CV
|
1,423,450
|
2,316,690
|
|
Real Estate Management & Development - 0.0%
|
|||
Corp Inmobiliaria Vesta SAB de CV
|
691,724
|
2,316,038
|
|
TOTAL REAL ESTATE
|
4,632,728
|
||
TOTAL MEXICO
|
75,763,264
|
||
NETHERLANDS - 0.0%
|
|||
Real Estate - 0.0%
|
|||
Real Estate Management & Development - 0.0%
|
|||
CTP NV (c)(d)
|
74,925
|
1,253,981
|
|
PANAMA - 0.3%
|
|||
Industrials - 0.3%
|
|||
Passenger Airlines - 0.3%
|
|||
Copa Holdings SA Class A
|
74,763
|
8,493,824
|
|
PERU - 0.6%
|
|||
Financials - 0.6%
|
|||
Banks - 0.6%
|
|||
Credicorp Ltd
|
56,338
|
19,108,723
|
|
PHILIPPINES - 0.2%
|
|||
Industrials - 0.1%
|
|||
Industrial Conglomerates - 0.1%
|
|||
SM Investments Corp
|
278,000
|
2,849,845
|
|
Real Estate - 0.1%
|
|||
Real Estate Management & Development - 0.1%
|
|||
Ayala Land Inc
|
5,664,229
|
1,517,723
|
|
SM Prime Holdings Inc
|
3,968,725
|
1,344,633
|
|
TOTAL REAL ESTATE
|
2,862,356
|
||
TOTAL PHILIPPINES
|
5,712,201
|
||
POLAND - 0.1%
|
|||
Communication Services - 0.1%
|
|||
Entertainment - 0.1%
|
|||
CD Projekt SA
|
52,784
|
3,396,104
|
|
PUERTO RICO - 0.1%
|
|||
Communication Services - 0.1%
|
|||
Diversified Telecommunication Services - 0.1%
|
|||
Liberty Latin America Ltd Class C (a)
|
207,409
|
1,829,347
|
|
ROMANIA - 0.1%
|
|||
Utilities - 0.1%
|
|||
Independent Power and Renewable Electricity Producers - 0.1%
|
|||
Societatea De Producere A Energiei Electrice in Hidrocentrale Hidroelectrica SA
|
49,600
|
1,669,958
|
|
RUSSIA - 0.0%
|
|||
Energy - 0.0%
|
|||
Oil, Gas & Consumable Fuels - 0.0%
|
|||
Gazprom PJSC ADR (a)(e)
|
782,800
|
8
|
|
Financials - 0.0%
|
|||
Banks - 0.0%
|
|||
Sberbank of Russia PJSC (a)(e)
|
794,750
|
0
|
|
Sberbank of Russia PJSC ADR (a)(e)
|
1,468,992
|
15
|
|
TOTAL FINANCIALS
|
15
|
||
Materials - 0.0%
|
|||
Metals & Mining - 0.0%
|
|||
Severstal PAO GDR (a)(d)(e)
|
433,400
|
4
|
|
Real Estate - 0.0%
|
|||
Real Estate Management & Development - 0.0%
|
|||
LSR Group PJSC (a)(e)
|
6,300
|
0
|
|
TOTAL RUSSIA
|
27
|
||
SAUDI ARABIA - 2.8%
|
|||
Consumer Discretionary - 0.1%
|
|||
Specialty Retail - 0.1%
|
|||
Aldrees Petroleum and Transport Services Co
|
103,204
|
3,671,517
|
|
Energy - 0.6%
|
|||
Oil, Gas & Consumable Fuels - 0.6%
|
|||
Saudi Arabian Oil Co (c)(d)
|
2,731,400
|
19,943,602
|
|
Financials - 1.7%
|
|||
Banks - 1.7%
|
|||
Al Rajhi Bank
|
963,346
|
27,365,742
|
|
Saudi National Bank/The
|
2,161,356
|
24,086,742
|
|
TOTAL FINANCIALS
|
51,452,484
|
||
Health Care - 0.1%
|
|||
Health Care Providers & Services - 0.1%
|
|||
Dr Sulaiman Al Habib Medical Services Group Co
|
40,922
|
2,817,844
|
|
Industrials - 0.3%
|
|||
Electrical Equipment - 0.3%
|
|||
Electrical Industries Co
|
2,012,800
|
8,957,459
|
|
TOTAL SAUDI ARABIA
|
86,842,906
|
||
SINGAPORE - 0.3%
|
|||
Consumer Discretionary - 0.3%
|
|||
Broadline Retail - 0.3%
|
|||
Sea Ltd Class A ADR (a)
|
123,174
|
10,200,039
|
|
SOUTH AFRICA - 4.0%
|
|||
Communication Services - 0.3%
|
|||
Wireless Telecommunication Services - 0.3%
|
|||
MTN Group Ltd
|
750,800
|
8,766,837
|
|
Consumer Discretionary - 0.8%
|
|||
Broadline Retail - 0.8%
|
|||
Naspers Ltd Class N
|
487,550
|
25,219,503
|
|
Consumer Staples - 0.5%
|
|||
Consumer Staples Distribution & Retail - 0.5%
|
|||
Pick n Pay Stores Ltd (a)
|
3,460,602
|
3,960,869
|
|
Shoprite Holdings Ltd
|
719,941
|
11,806,243
|
|
TOTAL CONSUMER STAPLES
|
15,767,112
|
||
Financials - 1.3%
|
|||
Banks - 0.6%
|
|||
Capitec Bank Holdings Ltd
|
77,946
|
19,150,875
|
|
Financial Services - 0.7%
|
|||
FirstRand Ltd (b)
|
3,980,708
|
20,378,485
|
|
TOTAL FINANCIALS
|
39,529,360
|
||
Industrials - 0.1%
|
|||
Industrial Conglomerates - 0.1%
|
|||
Bidvest Group Ltd (b)
|
342,300
|
4,667,553
|
|
Materials - 1.0%
|
|||
Chemicals - 0.4%
|
|||
Sasol Ltd (a)
|
856,300
|
11,294,756
|
|
Metals & Mining - 0.6%
|
|||
Impala Platinum Holdings Ltd
|
1,334,200
|
18,974,959
|
|
TOTAL MATERIALS
|
30,269,715
|
||
TOTAL SOUTH AFRICA
|
124,220,080
|
||
TAIWAN - 21.2%
|
|||
Consumer Staples - 0.2%
|
|||
Food Products - 0.2%
|
|||
Uni-President Enterprises Corp
|
2,697,000
|
6,033,088
|
|
Financials - 0.8%
|
|||
Banks - 0.8%
|
|||
CTBC Financial Holding Co Ltd
|
15,047,400
|
24,489,045
|
|
Industrials - 0.4%
|
|||
Electrical Equipment - 0.4%
|
|||
Bizlink Holding Inc
|
219,744
|
12,636,219
|
|
Information Technology - 19.8%
|
|||
Communications Equipment - 0.1%
|
|||
Accton Technology Corp
|
62,000
|
3,063,313
|
|
Ezconn Corp
|
8,403
|
531,753
|
|
3,595,066
|
|||
Electronic Equipment, Instruments & Components - 1.9%
|
|||
Chroma ATE Inc
|
124,000
|
5,958,644
|
|
Delta Electronics Inc
|
758,861
|
34,266,629
|
|
Elite Material Co Ltd
|
126,624
|
10,822,481
|
|
Tripod Technology Corp
|
47,000
|
514,118
|
|
Unimicron Technology Corp
|
279,000
|
4,088,314
|
|
Universal Microwave Technology Inc
|
14,000
|
650,844
|
|
Yageo Corp
|
321,867
|
2,547,197
|
|
58,848,227
|
|||
Semiconductors & Semiconductor Equipment - 17.6%
|
|||
ASE Technology Holding Co Ltd
|
1,557,838
|
17,170,529
|
|
Hon Precision Inc
|
16,000
|
1,772,891
|
|
Jentech Precision Industrial Co Ltd
|
27,000
|
3,399,837
|
|
MediaTek Inc
|
555,399
|
26,678,196
|
|
MPI Corp
|
26,141
|
3,084,411
|
|
Taiwan Semiconductor Manufacturing Co Ltd
|
8,550,796
|
495,243,805
|
|
Visual Photonics Epitaxy Co Ltd
|
60,000
|
488,666
|
|
547,838,335
|
|||
Technology Hardware, Storage & Peripherals - 0.2%
|
|||
Asia Vital Components Co Ltd
|
108,000
|
7,143,625
|
|
TOTAL INFORMATION TECHNOLOGY
|
617,425,253
|
||
TOTAL TAIWAN
|
660,583,605
|
||
THAILAND - 0.3%
|
|||
Materials - 0.3%
|
|||
Chemicals - 0.3%
|
|||
PTT Global Chemical PCL
|
7,652,000
|
8,634,153
|
|
TURKEY - 1.1%
|
|||
Consumer Staples - 0.3%
|
|||
Consumer Staples Distribution & Retail - 0.3%
|
|||
BIM Birlesik Magazalar AS
|
570,000
|
8,760,252
|
|
Financials - 0.1%
|
|||
Banks - 0.1%
|
|||
Akbank TAS
|
1,898,100
|
2,818,929
|
|
Industrials - 0.5%
|
|||
Aerospace & Defense - 0.5%
|
|||
Aselsan Elektronik Sanayi Ve Ticaret AS
|
2,365,000
|
17,042,816
|
|
Materials - 0.2%
|
|||
Construction Materials - 0.2%
|
|||
Oyak Cimento Fabrikalari AS
|
9,876,215
|
5,164,731
|
|
TOTAL TURKEY
|
33,786,728
|
||
UNITED ARAB EMIRATES - 1.3%
|
|||
Energy - 0.2%
|
|||
Energy Equipment & Services - 0.2%
|
|||
ADNOC Drilling Co PJSC
|
4,081,563
|
5,689,054
|
|
Financials - 0.8%
|
|||
Banks - 0.8%
|
|||
Abu Dhabi Commercial Bank PJSC
|
3,286,566
|
11,058,709
|
|
Abu Dhabi Islamic Bank PJSC
|
2,287,000
|
12,825,579
|
|
TOTAL FINANCIALS
|
23,884,288
|
||
Real Estate - 0.3%
|
|||
Real Estate Management & Development - 0.3%
|
|||
Aldar Properties PJSC (a)
|
1,740,613
|
3,691,333
|
|
Emaar Properties PJSC
|
1,844,624
|
5,875,399
|
|
RAK Properties PJSC (a)
|
2,007,750
|
514,331
|
|
TOTAL REAL ESTATE
|
10,081,063
|
||
TOTAL UNITED ARAB EMIRATES
|
39,654,405
|
||
UNITED STATES - 1.0%
|
|||
Energy - 0.3%
|
|||
Energy Equipment & Services - 0.3%
|
|||
Tenaris SA ADR (b)
|
162,700
|
9,465,886
|
|
Health Care - 0.3%
|
|||
Biotechnology - 0.3%
|
|||
BeOne Medicines Ltd ADR (a)
|
15,969
|
4,742,314
|
|
BeOne Medicines Ltd H Shares (a)
|
192,227
|
4,312,115
|
|
TOTAL HEALTH CARE
|
9,054,429
|
||
Materials - 0.4%
|
|||
Construction Materials - 0.4%
|
|||
Titan SA
|
257,130
|
13,469,078
|
|
TOTAL UNITED STATES
|
31,989,393
|
||
|
TOTAL COMMON STOCKS
(Cost $1,853,534,985)
|
3,042,452,360
|
||
Convertible Preferred Stocks - 0.2%
|
|||
Shares
|
Value ($)
|
||
CHINA - 0.2%
|
|||
Communication Services - 0.2%
|
|||
Interactive Media & Services - 0.2%
|
|||
Bytedance Ltd Series E1 (a)(e)(g)
|
30,246
|
8,186,988
|
|
Health Care - 0.0%
|
|||
Health Care Providers & Services - 0.0%
|
|||
dMed Biopharmaceutical Co Ltd Series C (a)(e)(g)
|
45,658
|
272,578
|
|
TOTAL CHINA
|
8,459,566
|
||
UNITED STATES - 0.0%
|
|||
Information Technology - 0.0%
|
|||
IT Services - 0.0%
|
|||
Gupshup Inc (a)(e)(g)
|
44,950
|
240,032
|
|
|
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $4,990,458)
|
8,699,598
|
||
Non-Convertible Preferred Stocks - 0.5%
|
|||
Shares
|
Value ($)
|
||
BRAZIL - 0.1%
|
|||
Financials - 0.1%
|
|||
Financial Services - 0.1%
|
|||
Creditas Financial Solutions Ltd Series G2 (e)(g)
|
15,215
|
2,946,689
|
|
KOREA (SOUTH) - 0.4%
|
|||
Consumer Discretionary - 0.4%
|
|||
Automobiles - 0.4%
|
|||
Hyundai Motor Co Series 2
|
82,906
|
13,362,921
|
|
|
TOTAL NON-CONVERTIBLE PREFERRED STOCKS
(Cost $8,647,658)
|
16,309,610
|
||
Money Market Funds - 2.9%
|
||||
Yield (%)
|
Shares
|
Value ($)
|
||
Fidelity Cash Central Fund (h)
|
3.69
|
47,104,935
|
47,114,356
|
|
Fidelity Securities Lending Cash Central Fund (h)(i)
|
3.69
|
41,888,981
|
41,893,170
|
|
|
TOTAL MONEY MARKET FUNDS
(Cost $89,007,142)
|
89,007,526
|
|||
|
TOTAL INVESTMENT IN SECURITIES - 101.3%
(Cost $1,956,180,243)
|
3,156,469,094
|
NET OTHER ASSETS (LIABILITIES) - (1.3)%
|
(40,980,345)
|
NET ASSETS - 100.0%
|
3,115,488,749
|
Legend
(a)
|
Non-income producing.
|
(b)
|
Security or a portion of the security is on loan at period end.
|
(c)
|
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $88,176,684 or 2.8% of net assets.
|
(d)
|
Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $96,884,449 or 3.1% of net assets.
|
(e)
|
Level 3 security.
|
(f)
|
Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $5,130,152 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.
|
(g)
|
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 $11,646,287 or 0.4% of net assets.
|
(h)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
|
(i)
|
Investment made with cash collateral received from securities on loan.
|
Additional information on each restricted holding is as follows:
|
||
Security
|
Acquisition Date
|
Acquisition Cost ($)
|
Bytedance Ltd Series E1
|
11/18/2020
|
3,314,181
|
Creditas Financial Solutions Ltd Series G2
|
1/28/2022 - 7/28/2023
|
2,066,600
|
dMed Biopharmaceutical Co Ltd Series C
|
12/1/2020
|
648,487
|
Gupshup Inc
|
6/8/2021
|
1,027,790
|
Additional information on each lock-up restriction is as follows:
|
|
Security
|
Restriction Expiration Date
|
Meesho
|
6/9/2026
|
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,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
Fidelity Cash Central Fund
|
45,064,555
|
619,643,172
|
617,585,484
|
925,191
|
(7,887)
|
-
|
47,114,356
|
47,104,935
|
0.1%
|
Fidelity Securities Lending Cash Central Fund
|
18,920,834
|
305,214,003
|
282,243,511
|
299,789
|
1,844
|
-
|
41,893,170
|
41,888,981
|
0.1%
|
Total
|
63,985,389
|
924,857,175
|
899,828,995
|
1,224,980
|
(6,043)
|
-
|
89,007,526
|
||
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of March 31, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date:
|
||||
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Investments in Securities:
|
||||
Common Stocks
|
||||
Communication Services
|
244,855,312
|
35,543,280
|
209,312,032
|
-
|
Consumer Discretionary
|
313,268,879
|
72,196,609
|
241,072,270
|
-
|
Consumer Staples
|
112,217,344
|
19,367,287
|
92,850,057
|
-
|
Energy
|
125,386,244
|
65,426,333
|
59,959,903
|
8
|
Financials
|
634,837,643
|
187,452,915
|
447,384,713
|
15
|
Health Care
|
94,228,296
|
10,309,862
|
83,918,434
|
-
|
Industrials
|
221,342,620
|
52,441,061
|
168,901,559
|
-
|
Information Technology
|
975,180,490
|
5,992,901
|
969,187,589
|
-
|
Materials
|
216,497,182
|
51,095,999
|
165,401,179
|
4
|
Real Estate
|
32,059,342
|
15,499,535
|
16,559,807
|
-
|
Utilities
|
72,579,008
|
33,701,198
|
38,877,810
|
-
|
Convertible Preferred Stocks
|
||||
Communication Services
|
8,186,988
|
-
|
-
|
8,186,988
|
Health Care
|
272,578
|
-
|
-
|
272,578
|
Information Technology
|
240,032
|
-
|
-
|
240,032
|
Non-Convertible Preferred Stocks
|
||||
Consumer Discretionary
|
13,362,921
|
-
|
13,362,921
|
-
|
Financials
|
2,946,689
|
-
|
-
|
2,946,689
|
Money Market Funds
|
89,007,526
|
89,007,526
|
-
|
-
|
Total Investments in Securities:
|
3,156,469,094
|
638,034,506
|
2,506,788,274
|
11,646,314
|
Financial Statements (Unaudited)
Statement of Assets and Liabilities
|
||||
|
As of March 31, 2026 (Unaudited)
|
||||
Assets
|
||||
Investment in securities, at value (including securities loaned of $42,855,525) - See accompanying schedule:
|
||||
Unaffiliated issuers (cost $1,867,173,101)
|
$
|
3,067,461,568
|
||
Fidelity Central Funds (cost $89,007,142)
|
89,007,526
|
|||
Total Investment in Securities (cost $1,956,180,243)
|
$
|
3,156,469,094
|
||
Foreign currency held at value (cost $2,633,020)
|
2,636,173
|
|||
Receivable for investments sold
|
12,919,886
|
|||
Receivable for fund shares sold
|
1,691,743
|
|||
Dividends receivable
|
7,633,660
|
|||
Distributions receivable from Fidelity Central Funds
|
185,293
|
|||
Other receivables
|
535,672
|
|||
Total assets
|
3,182,071,521
|
|||
Liabilities
|
||||
Payable to custodian bank
|
$
|
134,161
|
||
Payable for investments purchased
|
13,657,900
|
|||
Payable for fund shares redeemed
|
232,129
|
|||
Deferred taxes
|
10,404,356
|
|||
Other payables and accrued expenses
|
260,445
|
|||
Collateral on securities loaned
|
41,893,781
|
|||
Total liabilities
|
66,582,772
|
|||
Net Assets
|
$
|
3,115,488,749
|
||
Net Assets consist of:
|
||||
Paid in capital
|
$
|
1,967,237,560
|
||
Total accumulated earnings (loss)
|
1,148,251,189
|
|||
Net Assets
|
$
|
3,115,488,749
|
||
Net Asset Value, offering price and redemption price per share ($3,115,488,749 ÷ 10,339,169 shares)
|
$
|
301.33
|
||
Statement of Operations
|
||||
Six months ended March 31, 2026 (Unaudited)
|
||||
Investment Income
|
||||
Dividends
|
$
|
27,318,797
|
||
Income from Fidelity Central Funds (including $299,789 from security lending)
|
1,224,980
|
|||
Security lending
|
33,491
|
|||
Income before foreign taxes withheld
|
$
|
28,577,268
|
||
Less foreign taxes withheld
|
(3,462,868)
|
|||
Total income
|
25,114,400
|
|||
Expenses
|
||||
Custodian fees and expenses
|
$
|
348,606
|
||
Independent trustees' fees and expenses
|
5,004
|
|||
Interest
|
46,295
|
|||
Total expenses
|
399,905
|
|||
Net Investment income (loss)
|
24,714,495
|
|||
Realized and Unrealized Gain (Loss)
|
||||
Net realized gain (loss) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers (net of foreign taxes of $2,020,596)
|
189,509,300
|
|||
Fidelity Central Funds
|
(6,043)
|
|||
Foreign currency transactions
|
116,766
|
|||
Total net realized gain (loss)
|
189,620,023
|
|||
Change in net unrealized appreciation (depreciation) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers (net of decrease in deferred foreign taxes of $11,631,364)
|
125,601,464
|
|||
Assets and liabilities in foreign currencies
|
(85,212)
|
|||
Total change in net unrealized appreciation (depreciation)
|
125,516,252
|
|||
Net gain (loss)
|
315,136,275
|
|||
Net increase (decrease) in net assets resulting from operations
|
$
|
339,850,770
|
||
Statement of Changes in Net Assets
|
||||
Six months ended
March 31, 2026
(Unaudited)
|
Year ended
September 30, 2025
|
|||
Increase (Decrease) in Net Assets
|
||||
Operations
|
||||
Net investment income (loss)
|
$
|
24,714,495
|
$
|
59,711,038
|
Net realized gain (loss)
|
189,620,023
|
34,790,017
|
||
Change in net unrealized appreciation (depreciation)
|
125,516,252
|
446,529,575
|
||
Net increase (decrease) in net assets resulting from operations
|
339,850,770
|
541,030,630
|
||
Distributions to shareholders
|
(35,197,171)
|
(55,030,471)
|
||
Affiliated share transactions
|
||||
Proceeds from sales of shares
|
215,013,714
|
225,061,479
|
||
Reinvestment of distributions
|
35,197,171
|
55,030,471
|
||
Cost of shares redeemed
|
(452,065,274)
|
(258,711,772)
|
||
Net increase (decrease) in net assets resulting from share transactions
|
(201,854,389)
|
21,380,178
|
||
Total increase (decrease) in net assets
|
102,799,210
|
507,380,337
|
||
Net Assets
|
||||
Beginning of period
|
3,012,689,539
|
2,505,309,202
|
||
End of period
|
$
|
3,115,488,749
|
$
|
3,012,689,539
|
Other Information
|
||||
Shares
|
||||
Sold
|
749,423
|
990,063
|
||
Issued in reinvestment of distributions
|
124,517
|
228,837
|
||
Redeemed
|
(1,478,228)
|
(1,131,570)
|
||
Net increase (decrease)
|
(604,288)
|
87,330
|
||
Financial Highlights
Fidelity® Emerging Markets Equity Central Fund |
Six months ended
March 31, 2026
(Unaudited)
|
Years ended September 30, 2025
|
2024
|
2023
|
2022
|
2021
|
|||||||
Selected Per-Share Data
|
||||||||||||
Net asset value, beginning of period
|
$
|
275.30
|
$
|
230.77
|
$
|
187.80
|
$
|
168.44
|
$
|
277.72
|
$
|
237.14
|
Income from Investment Operations
|
||||||||||||
Net investment income (loss) A,B
|
2.25
|
5.46
|
4.94
|
5.48
|
5.84
|
5.06
|
||||||
Net realized and unrealized gain (loss)
|
26.99
|
44.13
|
42.80
|
19.98
|
(90.17)
|
40.55
|
||||||
Total from investment operations
|
29.24
|
49.59
|
47.74
|
25.46
|
(84.33)
|
45.61
|
||||||
Distributions from net investment income
|
(3.21)
|
(5.06)
|
(4.77)
|
(6.10)
|
(6.45)
|
(5.03)
|
||||||
Distributions from net realized gain
|
-
|
-
|
-
|
-
|
(18.50)
|
-
|
||||||
Total distributions
|
(3.21)
|
(5.06)
|
(4.77)
|
(6.10)
|
(24.95)
|
(5.03)
|
||||||
Net asset value, end of period
|
$
|
301.33
|
$
|
275.30
|
$
|
230.77
|
$
|
187.80
|
$
|
168.44
|
$
|
277.72
|
Total Return C
|
10.70 % |
21.83%
|
25.79%
|
15.11%
|
(32.96)%
|
19.17%
|
||||||
Ratios to Average Net Assets B,D,E
|
||||||||||||
Expenses before reductions
|
.02% F
|
.02%
|
.02%
|
.02%
|
.02%
|
.03%
|
||||||
Expenses net of fee waivers, if any
|
.02 % F |
.02%
|
.02%
|
.02%
|
.02%
|
.03%
|
||||||
Expenses net of all reductions, if any
|
.02% F
|
.02%
|
.02%
|
.02%
|
.02%
|
.03%
|
||||||
Net investment income (loss)
|
1.52% F
|
2.34%
|
2.39%
|
2.88%
|
2.68%
|
1.74%
|
||||||
Supplemental Data
|
||||||||||||
Net assets, end of period (000 omitted)
|
$
|
3,115,489
|
$
|
3,012,690
|
$
|
2,505,309
|
$
|
2,155,542
|
$
|
1,772,064
|
$
|
1,902,714
|
Portfolio turnover rate G
|
56 % F |
53%
|
42%
|
50%
|
58%
|
68%
|
ACalculated based on average shares outstanding during the period.
BNet 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.
CTotal returns for periods of less than one year are not annualized.
DFees 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.
EExpense 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.
FAnnualized.
GAmount 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
(Unaudited)For the period ended March 31, 2026
1. Organization.
Fidelity Emerging Markets Equity Central Fund (the Fund) is a fund of Fidelity Central Investment Portfolios LLC (the LLC) and is authorized to issue an unlimited number of shares. Shares of the Fund are only offered to other investment companies and accounts managed by Fidelity Management & Research Company 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. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
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:
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 foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. 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. 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.
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 March 31, 2026 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the 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, 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. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
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. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets and Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), 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
|
$1,309,463,971
|
Gross unrealized depreciation
|
(136,304,474)
|
Net unrealized appreciation (depreciation)
|
$1,173,159,497
|
Tax cost
|
$1,983,309,597
|
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 prior fiscal period end and is subject to adjustment.
Short-term
|
$(141,912,838)
|
Long-term
|
(66,046,468)
|
Total capital loss carryforward
|
$(207,959,306)
|
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
Purchases ($)
|
Sales ($)
|
|
Fidelity Emerging Markets Equity Central Fund
|
899,185,081
|
1,119,034,709
|
5. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. Fidelity Management & Research Company LLC (the investment adviser) provides the Fund with investment management services. The Fund does not pay any fees for these services. Pursuant to the Fund's expense contract, the investment adviser also pays all other expenses of the Fund, excluding custody fees, the compensation of the independent Directors, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
Amount ($)
|
|
Fidelity Emerging Markets Equity Central Fund
|
1,452
|
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with FMR, or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
Borrower or Lender
|
Average Loan Balance ($)
|
Weighted Average Interest Rate
|
Interest Expense ($)
|
|
Fidelity Emerging Markets Equity Central Fund
|
Borrower
|
71,366,667
|
3.89%
|
46,295
|
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. Interfund trades during the period are noted in the table below.
Purchases ($)
|
Sales ($)
|
Realized Gain (Loss) ($)
|
|
Fidelity Emerging Markets Equity Central Fund
|
10,680,118
|
12,297,298
|
1,203,723
|
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 in security lending. 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 Emerging Markets Equity Central Fund
|
35,639
|
2,412
|
-
|
At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.
Amount ($)
|
|
Fidelity Emerging Markets Equity Central Fund
|
2,252,445
|
7. 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.
8. 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.
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)
Note: This is not applicable for any fund included in this document.
 |
1.876936.117
EMQ-SANN-0526
Item 8.
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
See Item 7.
Item 9.
Proxy Disclosures for Open-End Management Investment Companies
See Item 7.
Item 10.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
See Item 7.
Item 11.
Statement Regarding Basis for Approval of Investment Advisory Contract
See Item 7.
Item 12.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 13.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 14.
Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 15.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Central Investment Portfolios LLC’s Board of Trustees.
Item 16.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Central Investment Portfolios LLC’s (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the 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.
Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 18.
Recovery of Erroneously Awarded Compensation
(a)
Not applicable.
(b)
Not applicable.
Item 19.
Exhibits
| (a) | (1) | Not applicable. |
| (a) | (2) | |
| (a) | (3) | Not applicable. |
| (b) |
|
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Central Investment Portfolios LLC
| By: | /s/Stacie M. Smith |
|
| Stacie M. Smith |
|
| President and Treasurer (Principal Executive Officer) |
|
|
|
| Date: | May 21, 2026 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: | /s/Stacie M. Smith |
|
| Stacie M. Smith |
|
| President and Treasurer (Principal Executive Officer) |
|
|
|
| Date: | May 21, 2026 |
| By: | /s/Stephanie Caron |
|
| Stephanie Caron |
|
| Chief Financial Officer (Principal Financial Officer) |
|
|
|
| Date: | May 21, 2026 |
ATTACHMENTS / EXHIBITS
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