UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21667
Fidelity Central Investment Portfolios LLC
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Cynthia Lo Bessette, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
Date of fiscal year end: | June 30 |
Date of reporting period: | June 30, 2021 |
Item 1.
Reports to Stockholders
Fidelity® U.S. Equity Central Fund
June 30, 2021
Contents
Board Approval of Investment Advisory Contracts and Management Fees | |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
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Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2021 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.
Note to Shareholders:
Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, 2020 the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.
In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.
The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.
Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average annual total returns for Fidelity® U.S. Equity Central Fund will be reported once the fund is a year old.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® U.S. Equity Central Fund on September 18, 2020, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the MSCI US Investable Market 2500 Index performed over the same period.
Period Ending Values | ||
$13,447 | Fidelity® U.S. Equity Central Fund | |
$13,399 | MSCI US Investable Market 2500 Index |
Management's Discussion of Fund Performance
Market Recap: The S&P 500® index gained 40.79% for the 12 months ending June 30, 2021, as U.S. equities staged a historic rebound following a steep but brief decline due to the early-2020 outbreak and spread of COVID-19. A confluence of powerful forces propelled risk assets, returning the stock market to pre-pandemic highs by late August 2020. The rally slowed in September, when stocks began a two-month retreat amid Congress’s inability to reach a deal on additional fiscal stimulus, as well as uncertainty about the election. But as the calendar turned, investors grew hopeful. The rollout of three COVID-19 vaccines was underway, the U.S. Federal Reserve pledged to hold interest rates near zero until the economy recovered, and the federal government planned to deploy trillions of dollars to boost consumers and the economy. A flattish May reflected concerns about inflation and jobs, but the uptrend resumed to close the first half of the year. This backdrop fueled a sharp rotation, with small-cap value usurping leadership from large growth. As part of the “reopening” trade, investors moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap smaller companies that stood to benefit from a broad cyclical recovery. By sector, financials (+62%) led, riding momentum among banks (+71%). Industrials (+51%), materials and energy (+49% each) followed. Conversely, notable “laggards” included the utilities (+16%), consumer staples (+23%) and health care (+28%) sectors. Information technology (+42%) edged the index.Comments from Portfolio Manager Robert Stansky: From commencement of operations on September 18, 2020, through June 30, 2021, the central fund gained 34.47%, modestly ahead of the 33.99% advance of its benchmark, the MSCI U.S. Investable Market 2500 Index. Versus the benchmark, stock selection in the communication services sector stood out as a meaningful contributor to performance. To a lesser extent, picks in the financials sector – especially the diversified financials segment – and the materials sector also helped. From a stock perspective, an overweighting in Capital One Financial (+116%) contributed most, by far. We reduced this position. Negligible exposure to weak-performing benchmark component Verizon Communications (-3%), which was sold from the fund during the period, also helped. It also aided relative performance to avoid lagging health care stocks Johnson & Johnson (+16%) and Merck (+1%). Conversely, investment choices in the industrials sector – particularly the capital goods segment – and the health care sector notably detracted from the fund’s performance versus the benchmark. A small cash position also weighed on relative performance in a strongly rising market. Among individual holdings, an out-of-benchmark stake in Switzerland-based Roche Holdings (+5%) – a position we considerably reduced – detracted most. Our decision to avoid strong-performing benchmark component Nvidia (+60%) also detracted. Non-benchmark exposure to Ant International (-74%) and an overweighting in salesforce.com (0%) further hampered the central fund’s relative result. Notable changes in positioning include increased exposure to the financials and communication services sectors and a lower allocation to health care and information technology.The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Investment Summary (Unaudited)
Top Ten Stocks as of June 30, 2021
% of fund's net assets | |
Microsoft Corp. | 5.8 |
Apple, Inc. | 5.3 |
Alphabet, Inc. Class A | 4.1 |
Amazon.com, Inc. | 3.0 |
Facebook, Inc. Class A | 2.5 |
Comcast Corp. Class A | 1.3 |
UnitedHealth Group, Inc. | 1.2 |
Capital One Financial Corp. | 1.1 |
Adobe, Inc. | 1.1 |
Bank of America Corp. | 1.0 |
26.4 |
Top Five Market Sectors as of June 30, 2021
% of fund's net assets | |
Information Technology | 24.7 |
Health Care | 13.0 |
Consumer Discretionary | 11.6 |
Financials | 11.6 |
Communication Services | 11.3 |
Asset Allocation (% of fund's net assets)
As of June 30, 2021* | ||
Stocks and Equity Futures | 98.5% | |
Convertible Securities | 0.1% | |
Short-Term Investments and Net Other Assets (Liabilities) | 1.4% |
* Foreign investments - 8.2%
Schedule of Investments June 30, 2021
Showing Percentage of Net Assets
Common Stocks - 97.8% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 11.3% | |||
Diversified Telecommunication Services - 0.2% | |||
AT&T, Inc. | 185,700 | $5,344,446 | |
Liberty Global PLC Class C (a) | 1,369,218 | 37,023,655 | |
Liberty Latin America Ltd. Class C (a) | 787,134 | 11,098,589 | |
53,466,690 | |||
Entertainment - 2.0% | |||
Activision Blizzard, Inc. | 825,425 | 78,778,562 | |
Cinemark Holdings, Inc. (a)(b) | 1,346,402 | 29,553,524 | |
Electronic Arts, Inc. | 535,696 | 77,049,156 | |
Lions Gate Entertainment Corp.: | |||
Class A (a)(b) | 113,100 | 2,341,170 | |
Class B (a) | 915,526 | 16,754,126 | |
Live Nation Entertainment, Inc. (a) | 177,939 | 15,585,677 | |
Marcus Corp. (a)(b) | 628,000 | 13,319,880 | |
Netflix, Inc. (a) | 171,405 | 90,537,835 | |
Take-Two Interactive Software, Inc. (a) | 234,160 | 41,451,003 | |
The Walt Disney Co. (a) | 968,120 | 170,166,452 | |
World Wrestling Entertainment, Inc. Class A (b) | 134,824 | 7,804,961 | |
Zynga, Inc. (a) | 1,565,388 | 16,640,074 | |
559,982,420 | |||
Interactive Media & Services - 6.9% | |||
Alphabet, Inc. Class A (a) | 471,920 | 1,152,329,537 | |
ANGI Homeservices, Inc. Class A (a) | 884,581 | 11,959,535 | |
Facebook, Inc. Class A (a) | 1,993,825 | 693,272,891 | |
IAC (a) | 23,700 | 3,653,829 | |
Match Group, Inc. (a) | 81,827 | 13,194,604 | |
Snap, Inc. Class A (a) | 931,500 | 63,472,410 | |
Vimeo, Inc. (a) | 69,972 | 3,428,628 | |
1,941,311,434 | |||
Media - 1.7% | |||
Altice U.S.A., Inc. Class A (a) | 228,400 | 7,797,576 | |
Comcast Corp. Class A | 6,350,582 | 362,110,186 | |
DISH Network Corp. Class A (a) | 219,563 | 9,177,733 | |
Liberty Broadband Corp. Class A (a) | 431,427 | 72,553,079 | |
Liberty Media Corp. Liberty Media Class A (a) | 190,671 | 8,128,305 | |
S4 Capital PLC (a) | 1,055,400 | 9,168,391 | |
TechTarget, Inc. (a) | 35,100 | 2,719,899 | |
ViacomCBS, Inc. Class B | 350,100 | 15,824,520 | |
487,479,689 | |||
Wireless Telecommunication Services - 0.5% | |||
T-Mobile U.S., Inc. | 992,238 | 143,705,830 | |
TOTAL COMMUNICATION SERVICES | 3,185,946,063 | ||
CONSUMER DISCRETIONARY - 11.6% | |||
Auto Components - 0.0% | |||
Adient PLC (a) | 193,313 | 8,737,748 | |
Automobiles - 0.8% | |||
Ferrari NV | 76,713 | 15,806,714 | |
Tesla, Inc. (a) | 307,850 | 209,245,645 | |
225,052,359 | |||
Diversified Consumer Services - 0.0% | |||
Grand Canyon Education, Inc. (a) | 47,295 | 4,255,131 | |
Hotels, Restaurants & Leisure - 2.2% | |||
Airbnb, Inc. Class A | 114,600 | 17,549,844 | |
ARAMARK Holdings Corp. | 359,100 | 13,376,475 | |
Booking Holdings, Inc. (a) | 31,400 | 68,706,026 | |
Caesars Entertainment, Inc. (a) | 636,186 | 66,004,298 | |
Chipotle Mexican Grill, Inc. (a) | 20,227 | 31,358,727 | |
Churchill Downs, Inc. | 155,150 | 30,760,039 | |
Compass Group PLC (a) | 602,500 | 12,693,419 | |
Domino's Pizza, Inc. | 36,900 | 17,213,481 | |
Expedia, Inc. (a) | 323,900 | 53,025,669 | |
Hilton Worldwide Holdings, Inc. (a) | 361,039 | 43,548,524 | |
Lindblad Expeditions Holdings (a) | 393,520 | 6,300,255 | |
Marriott International, Inc. Class A (a) | 244,300 | 33,351,836 | |
Marriott Vacations Worldwide Corp. (a) | 106,270 | 16,928,811 | |
McDonald's Corp. | 54,409 | 12,567,935 | |
MGM Resorts International | 52,300 | 2,230,595 | |
Noodles & Co. (a) | 1,074,094 | 13,404,693 | |
Penn National Gaming, Inc. (a) | 425,500 | 32,546,495 | |
Planet Fitness, Inc. (a) | 177,032 | 13,321,658 | |
Restaurant Brands International, Inc. | 231,100 | 14,890,253 | |
Ruth's Hospitality Group, Inc. (a) | 193,424 | 4,454,555 | |
Starbucks Corp. | 694,737 | 77,678,544 | |
Vail Resorts, Inc. (a) | 48,579 | 15,376,225 | |
Wyndham Hotels & Resorts, Inc. | 146,300 | 10,576,027 | |
607,864,384 | |||
Household Durables - 0.3% | |||
D.R. Horton, Inc. | 310,420 | 28,052,655 | |
Lennar Corp. Class A | 238,476 | 23,692,591 | |
NVR, Inc. (a) | 3,618 | 17,993,399 | |
Purple Innovation, Inc. (a) | 417,825 | 11,034,758 | |
Tempur Sealy International, Inc. | 184,400 | 7,226,636 | |
Tupperware Brands Corp. (a) | 56,309 | 1,337,339 | |
89,337,378 | |||
Internet & Direct Marketing Retail - 3.5% | |||
Alibaba Group Holding Ltd. sponsored ADR (a) | 32,200 | 7,302,316 | |
Amazon.com, Inc. (a) | 249,342 | 857,776,375 | |
Coupang, Inc. Class A (a)(b) | 94,600 | 3,956,172 | |
Deliveroo PLC (a)(c) | 833,500 | 3,325,196 | |
Deliveroo PLC | 676,600 | 2,564,291 | |
eBay, Inc. | 513,100 | 36,024,751 | |
Farfetch Ltd. Class A (a) | 349,500 | 17,600,820 | |
Global-e Online Ltd. (a) | 109,000 | 6,221,720 | |
Marqeta, Inc. Class A | 119,400 | 3,351,558 | |
MercadoLibre, Inc. (a) | 17,200 | 26,793,988 | |
The Honest Co., Inc. | 342,440 | 4,989,693 | |
The RealReal, Inc. (a) | 678,024 | 13,397,754 | |
Wayfair LLC Class A (a) | 40,318 | 12,728,796 | |
996,033,430 | |||
Multiline Retail - 0.6% | |||
B&M European Value Retail SA | 613,052 | 4,860,936 | |
Dollar General Corp. | 271,461 | 58,741,446 | |
Dollar Tree, Inc. (a) | 271,137 | 26,978,132 | |
Kohl's Corp. | 219,300 | 12,085,623 | |
Nordstrom, Inc. (a) | 405,800 | 14,840,106 | |
Ollie's Bargain Outlet Holdings, Inc. (a) | 249,859 | 21,020,638 | |
Target Corp. | 181,200 | 43,803,288 | |
182,330,169 | |||
Specialty Retail - 2.1% | |||
Academy Sports & Outdoors, Inc. | 181,500 | 7,485,060 | |
American Eagle Outfitters, Inc. | 1,091,374 | 40,959,266 | |
Aritzia LP (a) | 183,600 | 5,492,004 | |
Burlington Stores, Inc. (a) | 231,873 | 74,660,787 | |
Carvana Co. Class A (a) | 71,710 | 21,643,512 | |
Dick's Sporting Goods, Inc. | 153,300 | 15,359,127 | |
Five Below, Inc. (a) | 99,729 | 19,274,624 | |
Floor & Decor Holdings, Inc. Class A (a) | 226,216 | 23,911,031 | |
L Brands, Inc. | 189,674 | 13,667,908 | |
Lowe's Companies, Inc. | 462,130 | 89,639,356 | |
Ross Stores, Inc. | 343,447 | 42,587,428 | |
Sally Beauty Holdings, Inc. (a) | 296,500 | 6,543,755 | |
The Home Depot, Inc. | 495,313 | 157,950,363 | |
TJX Companies, Inc. | 539,186 | 36,351,920 | |
Ulta Beauty, Inc. (a) | 69,000 | 23,858,130 | |
579,384,271 | |||
Textiles, Apparel & Luxury Goods - 2.1% | |||
adidas AG | 33,114 | 12,356,750 | |
Canada Goose Holdings, Inc. (a) | 110,000 | 4,807,841 | |
Capri Holdings Ltd. (a) | 2,035,605 | 116,416,250 | |
Crocs, Inc. (a) | 14,100 | 1,642,932 | |
Deckers Outdoor Corp. (a) | 108,717 | 41,754,938 | |
G-III Apparel Group Ltd. (a) | 380,279 | 12,495,968 | |
Hermes International SCA | 3,600 | 5,244,098 | |
Kontoor Brands, Inc. | 56,700 | 3,198,447 | |
Levi Strauss & Co. Class A | 425,900 | 11,805,948 | |
lululemon athletica, Inc. (a) | 127,762 | 46,629,297 | |
LVMH Moet Hennessy Louis Vuitton SE | 25,891 | 20,367,337 | |
NIKE, Inc. Class B | 841,552 | 130,011,368 | |
PVH Corp. (a) | 654,572 | 70,425,401 | |
Ralph Lauren Corp. | 153,927 | 18,134,140 | |
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) | 105,500 | 5,257,065 | |
Tapestry, Inc. (a) | 1,948,810 | 84,734,259 | |
585,282,039 | |||
TOTAL CONSUMER DISCRETIONARY | 3,278,276,909 | ||
CONSUMER STAPLES - 5.6% | |||
Beverages - 1.7% | |||
Boston Beer Co., Inc. Class A (a) | 500 | 510,400 | |
Coca-Cola Bottling Co. Consolidated | 1,800 | 723,834 | |
Constellation Brands, Inc. Class A (sub. vtg.) | 110,866 | 25,930,449 | |
Diageo PLC | 508,574 | 24,375,203 | |
Keurig Dr. Pepper, Inc. | 1,170,401 | 41,244,931 | |
Molson Coors Beverage Co. Class B (a) | 66,500 | 3,570,385 | |
Monster Beverage Corp. (a) | 761,478 | 69,561,015 | |
PepsiCo, Inc. | 718,700 | 106,489,779 | |
Primo Water Corp. | 107,200 | 1,793,456 | |
The Coca-Cola Co. | 4,021,291 | 217,592,056 | |
491,791,508 | |||
Food & Staples Retailing - 0.8% | |||
BJ's Wholesale Club Holdings, Inc. (a) | 643,546 | 30,619,919 | |
Costco Wholesale Corp. | 123,700 | 48,944,379 | |
Grocery Outlet Holding Corp. (a)(b) | 145,100 | 5,029,166 | |
Kroger Co. | 113,623 | 4,352,897 | |
Performance Food Group Co. (a) | 382,557 | 18,550,189 | |
Sysco Corp. | 91,000 | 7,075,250 | |
U.S. Foods Holding Corp. (a) | 984,911 | 37,781,186 | |
Walmart, Inc. | 595,700 | 84,005,614 | |
236,358,600 | |||
Food Products - 0.8% | |||
Bunge Ltd. | 125,100 | 9,776,565 | |
Conagra Brands, Inc. | 414,500 | 15,079,510 | |
Darling Ingredients, Inc. (a) | 108,300 | 7,310,250 | |
JDE Peet's BV | 203,600 | 7,387,412 | |
Laird Superfood, Inc. | 63,100 | 1,884,797 | |
Lamb Weston Holdings, Inc. | 415,375 | 33,504,148 | |
McCormick & Co., Inc. (non-vtg.) | 78,100 | 6,897,792 | |
Mondelez International, Inc. | 1,745,612 | 108,996,013 | |
Nomad Foods Ltd. (a) | 61,000 | 1,724,470 | |
Sanderson Farms, Inc. | 1,200 | 225,564 | |
TreeHouse Foods, Inc. (a) | 582,603 | 25,937,486 | |
Tyson Foods, Inc. Class A | 175,300 | 12,930,128 | |
231,654,135 | |||
Household Products - 1.5% | |||
Energizer Holdings, Inc. | 313,715 | 13,483,471 | |
Kimberly-Clark Corp. | 586,400 | 78,448,592 | |
Procter & Gamble Co. | 1,905,093 | 257,054,198 | |
Reckitt Benckiser Group PLC | 6,900 | 609,616 | |
Reynolds Consumer Products, Inc. | 932,752 | 28,309,023 | |
The Clorox Co. | 169,000 | 30,404,790 | |
408,309,690 | |||
Personal Products - 0.2% | |||
Herbalife Nutrition Ltd. (a) | 751,413 | 39,622,007 | |
Shiseido Co. Ltd. | 56,000 | 4,118,781 | |
The Beauty Health Co. (a) | 200,000 | 3,360,000 | |
The Beauty Health Co. (d) | 600,000 | 9,072,000 | |
56,172,788 | |||
Tobacco - 0.6% | |||
Altria Group, Inc. | 1,907,067 | 90,928,955 | |
Philip Morris International, Inc. | 726,153 | 71,969,024 | |
RLX Technology, Inc. ADR (b) | 557,500 | 4,866,975 | |
167,764,954 | |||
TOTAL CONSUMER STAPLES | 1,592,051,675 | ||
ENERGY - 2.9% | |||
Energy Equipment & Services - 0.3% | |||
Baker Hughes Co. Class A | 968,454 | 22,148,543 | |
Halliburton Co. | 1,008,600 | 23,318,832 | |
Oceaneering International, Inc. (a) | 719,900 | 11,208,843 | |
Subsea 7 SA | 1,886,200 | 18,108,081 | |
74,784,299 | |||
Oil, Gas & Consumable Fuels - 2.6% | |||
Africa Oil Corp. (a) | 6,392,576 | 6,136,790 | |
APA Corp. | 650,200 | 14,063,826 | |
Canadian Natural Resources Ltd. | 1,559,459 | 56,611,532 | |
Cheniere Energy, Inc. (a) | 346,278 | 30,036,154 | |
Denbury, Inc. (a) | 69,300 | 5,320,854 | |
Enterprise Products Partners LP | 335,100 | 8,085,963 | |
Exxon Mobil Corp. | 4,298,738 | 271,164,393 | |
Hess Corp. | 998,675 | 87,204,301 | |
Imperial Oil Ltd. | 618,300 | 18,844,284 | |
Kosmos Energy Ltd. (a) | 2,928,345 | 10,132,074 | |
Magellan Midstream Partners LP | 432,916 | 21,173,922 | |
Marathon Petroleum Corp. | 86,000 | 5,196,120 | |
MEG Energy Corp. (a) | 6,637,700 | 48,031,759 | |
Murphy Oil Corp. | 1,045,600 | 24,341,568 | |
National Energy Services Reunited Corp. (a) | 113,500 | 1,617,375 | |
Phillips 66 Co. | 587,059 | 50,381,403 | |
Range Resources Corp. (a) | 772,200 | 12,942,072 | |
Targa Resources Corp. | 454,200 | 20,189,190 | |
Valero Energy Corp. | 478,286 | 37,344,571 | |
Whiting Petroleum Corp. (a) | 64,922 | 3,541,495 | |
732,359,646 | |||
TOTAL ENERGY | 807,143,945 | ||
FINANCIALS - 11.6% | |||
Banks - 4.4% | |||
Bank Ireland Group PLC | 2,424,300 | 12,984,630 | |
Bank of America Corp. | 6,776,778 | 279,406,557 | |
BNP Paribas SA | 354,000 | 22,216,914 | |
Citigroup, Inc. | 619,900 | 43,857,925 | |
Citizens Financial Group, Inc. | 1,280,100 | 58,718,187 | |
Comerica, Inc. | 347,900 | 24,819,186 | |
First Horizon National Corp. | 2,102,469 | 36,330,664 | |
JPMorgan Chase & Co. | 919,200 | 142,972,368 | |
M&T Bank Corp. | 278,128 | 40,414,780 | |
NatWest Group PLC | 2,452,600 | 6,893,929 | |
Piraeus Financial Holdings SA (a) | 4,443,800 | 7,851,161 | |
PNC Financial Services Group, Inc. | 697,500 | 133,055,100 | |
Signature Bank | 111,746 | 27,450,405 | |
Societe Generale Series A | 1,450,700 | 42,913,759 | |
Standard Chartered PLC (United Kingdom) | 4,813,500 | 30,695,752 | |
Starling Bank Ltd. Series D (a)(e) | 4,618,325 | 8,268,992 | |
UniCredit SpA | 1,566,500 | 18,481,900 | |
Wells Fargo & Co. | 6,054,877 | 274,225,379 | |
Wintrust Financial Corp. | 333,900 | 25,252,857 | |
1,236,810,445 | |||
Capital Markets - 2.7% | |||
Bank of New York Mellon Corp. | 3,269,100 | 167,475,993 | |
BlackRock, Inc. Class A | 157,714 | 137,995,019 | |
Brookfield Asset Management, Inc. Class A | 564,700 | 28,788,406 | |
Cboe Global Markets, Inc. | 281,972 | 33,568,767 | |
Coinbase Global, Inc. (a)(b) | 21,700 | 5,496,610 | |
Goldman Sachs Group, Inc. | 164,700 | 62,508,591 | |
Hamilton Lane, Inc. Class A | 171,196 | 15,599,380 | |
Lazard Ltd. Class A | 461,886 | 20,900,342 | |
Morgan Stanley | 1,543,484 | 141,522,048 | |
Patria Investments Ltd. | 899,178 | 15,843,516 | |
State Street Corp. | 818,500 | 67,346,180 | |
StepStone Group, Inc. Class A | 1,096,119 | 37,706,494 | |
Virtu Financial, Inc. Class A | 1,188,768 | 32,845,660 | |
767,597,006 | |||
Consumer Finance - 2.2% | |||
Ally Financial, Inc. | 670,845 | 33,434,915 | |
American Express Co. | 1,019,100 | 168,385,893 | |
Capital One Financial Corp. | 2,104,174 | 325,494,676 | |
LendingTree, Inc. (a) | 78,200 | 16,569,016 | |
OneMain Holdings, Inc. | 1,451,011 | 86,930,069 | |
630,814,569 | |||
Diversified Financial Services - 0.2% | |||
Ant International Co. Ltd. Class C (a)(d)(e) | 3,805,376 | 11,073,644 | |
Flywire Corp. (a) | 55,400 | 2,035,396 | |
Voya Financial, Inc. | 706,000 | 43,419,000 | |
56,528,040 | |||
Insurance - 1.8% | |||
AIA Group Ltd. | 1,564,400 | 19,407,287 | |
American International Group, Inc. | 1,171,363 | 55,756,879 | |
Arch Capital Group Ltd. (a) | 923,000 | 35,941,620 | |
Arthur J. Gallagher & Co. | 314,600 | 44,069,168 | |
Brookfield Asset Management Reinsurance Partners Ltd. (a) | 3,894 | 202,566 | |
Chubb Ltd. | 289,600 | 46,029,024 | |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 43,200 | 18,944,434 | |
Hartford Financial Services Group, Inc. | 1,394,769 | 86,433,835 | |
Principal Financial Group, Inc. | 582,800 | 36,827,132 | |
Reinsurance Group of America, Inc. | 203,700 | 23,221,800 | |
The Travelers Companies, Inc. | 765,678 | 114,629,653 | |
Willis Towers Watson PLC | 157,328 | 36,188,587 | |
517,651,985 | |||
Thrifts & Mortgage Finance - 0.3% | |||
Essent Group Ltd. | 870,133 | 39,112,478 | |
MGIC Investment Corp. | 2,262,719 | 30,772,978 | |
Mr. Cooper Group, Inc. (a) | 20 | 661 | |
69,886,117 | |||
TOTAL FINANCIALS | 3,279,288,162 | ||
HEALTH CARE - 12.9% | |||
Biotechnology - 2.9% | |||
Acceleron Pharma, Inc. (a) | 128,000 | 16,062,720 | |
ADC Therapeutics SA (a) | 350,738 | 8,540,470 | |
Agios Pharmaceuticals, Inc. (a) | 350,000 | 19,288,500 | |
Alnylam Pharmaceuticals, Inc. (a) | 333,800 | 56,585,776 | |
Ambrx Biopharma, Inc. ADR (b) | 170,350 | 3,338,860 | |
Arcutis Biotherapeutics, Inc. (a) | 296,100 | 8,080,569 | |
Argenx SE ADR (a) | 250,000 | 75,267,500 | |
Ascendis Pharma A/S sponsored ADR (a) | 340,000 | 44,727,000 | |
Avid Bioservices, Inc. (a) | 420,000 | 10,773,000 | |
BeiGene Ltd. ADR (a) | 40,000 | 13,727,600 | |
BioAtla, Inc. | 280,000 | 11,866,400 | |
Black Diamond Therapeutics, Inc. (a)(b) | 72,100 | 878,899 | |
Blueprint Medicines Corp. (a) | 140,000 | 12,314,400 | |
Century Therapeutics, Inc. | 291,350 | 8,548,209 | |
Cerevel Therapeutics Holdings (a) | 200,000 | 5,124,000 | |
Cytokinetics, Inc. (a) | 420,000 | 8,311,800 | |
Denali Therapeutics, Inc. (a) | 185,000 | 14,511,400 | |
Exelixis, Inc. (a) | 620,000 | 11,296,400 | |
Fate Therapeutics, Inc. (a) | 210,000 | 18,225,900 | |
Forma Therapeutics Holdings, Inc. | 250,000 | 6,222,500 | |
Generation Bio Co. | 300,000 | 8,070,000 | |
Graphite Bio, Inc. | 100,000 | 3,073,000 | |
Innovent Biologics, Inc. (a)(c) | 2,250,000 | 26,240,292 | |
Instil Bio, Inc. (a) | 180,000 | 3,477,600 | |
Intellia Therapeutics, Inc. (a) | 70,000 | 11,333,700 | |
Janux Therapeutics, Inc. | 122,893 | 3,066,180 | |
Keros Therapeutics, Inc. (a) | 160,000 | 6,795,200 | |
Kinnate Biopharma, Inc. | 100,000 | 2,328,000 | |
Kura Oncology, Inc. (a) | 440,000 | 9,174,000 | |
Kymera Therapeutics, Inc. (a) | 160,000 | 7,760,000 | |
Mirati Therapeutics, Inc. (a) | 174,000 | 28,106,220 | |
Novavax, Inc. (a) | 85,000 | 18,046,350 | |
ORIC Pharmaceuticals, Inc. (a) | 250,000 | 4,422,500 | |
Passage Bio, Inc. (a) | 260,000 | 3,442,400 | |
Poseida Therapeutics, Inc. (a) | 100,200 | 1,004,004 | |
Poseida Therapeutics, Inc. (c) | 516,591 | 5,176,242 | |
Prelude Therapeutics, Inc. | 280,000 | 8,016,400 | |
PTC Therapeutics, Inc. (a) | 358,400 | 15,149,568 | |
Recursion Pharmaceuticals, Inc. (a) | 100,000 | 3,650,000 | |
Regeneron Pharmaceuticals, Inc. (a) | 180,000 | 100,537,200 | |
Relay Therapeutics, Inc. (a) | 380,000 | 13,904,200 | |
Repare Therapeutics, Inc. | 175,600 | 5,475,208 | |
Revolution Medicines, Inc. (a) | 400,000 | 12,696,000 | |
Sage Therapeutics, Inc. (a) | 25,790 | 1,465,130 | |
Sarepta Therapeutics, Inc. (a) | 280,000 | 21,767,200 | |
Scholar Rock Holding Corp. (a) | 68,681 | 1,984,881 | |
Shattuck Labs, Inc. | 322,600 | 9,352,174 | |
Stoke Therapeutics, Inc. (a) | 200,000 | 6,732,000 | |
Taysha Gene Therapies, Inc. | 160,000 | 3,392,000 | |
TG Therapeutics, Inc. (a) | 920,000 | 35,686,800 | |
Turning Point Therapeutics, Inc. (a) | 128,000 | 9,986,560 | |
uniQure B.V. (a) | 228,000 | 7,022,400 | |
Vaxcyte, Inc. | 280,000 | 6,302,800 | |
Xencor, Inc. (a) | 450,000 | 15,520,500 | |
Zentalis Pharmaceuticals, Inc. (a) | 440,000 | 23,408,000 | |
Zymeworks, Inc. (a) | 338,106 | 11,728,897 | |
808,985,509 | |||
Health Care Equipment & Supplies - 2.7% | |||
Angelalign Technology, Inc. | 8,600 | 443,718 | |
Boston Scientific Corp. (a) | 4,750,000 | 203,110,000 | |
Danaher Corp. | 700,000 | 187,852,000 | |
DexCom, Inc. (a) | 32,000 | 13,664,000 | |
Envista Holdings Corp. (a) | 600,000 | 25,926,000 | |
Hologic, Inc. (a) | 600,000 | 40,032,000 | |
Insulet Corp. (a) | 350,000 | 96,078,500 | |
Intuitive Surgical, Inc. (a) | 28,000 | 25,749,920 | |
Masimo Corp. (a) | 128,000 | 31,033,600 | |
Outset Medical, Inc. | 300,000 | 14,994,000 | |
Penumbra, Inc. (a) | 394,112 | 108,010,335 | |
Tandem Diabetes Care, Inc. (a) | 254,000 | 24,739,600 | |
771,633,673 | |||
Health Care Providers & Services - 3.9% | |||
1Life Healthcare, Inc. (a) | 272,589 | 9,011,792 | |
Alignment Healthcare, Inc. (a) | 1,080,000 | 25,239,600 | |
Anthem, Inc. | 28,000 | 10,690,400 | |
Cano Health LLC (d) | 1,800,000 | 20,691,000 | |
Cano Health, Inc. (a) | 1,340,000 | 16,214,000 | |
Centene Corp. (a) | 1,600,000 | 116,688,000 | |
Cigna Corp. | 800,000 | 189,656,000 | |
Guardant Health, Inc. (a) | 180,000 | 22,354,200 | |
HCA Holdings, Inc. | 270,000 | 55,819,800 | |
Humana, Inc. | 520,000 | 230,214,400 | |
LifeStance Health Group, Inc. | 350,000 | 9,751,000 | |
Oak Street Health, Inc. (a) | 180,000 | 10,542,600 | |
Option Care Health, Inc. (a) | 410,600 | 8,979,822 | |
Rede D'Oregon Sao Luiz SA (c) | 1,900,000 | 26,369,577 | |
Surgery Partners, Inc. (a) | 250,000 | 16,655,000 | |
UnitedHealth Group, Inc. | 834,000 | 333,966,960 | |
1,102,844,151 | |||
Health Care Technology - 0.4% | |||
agilon health, Inc. (a)(b) | 500,000 | 20,285,000 | |
Castlight Health, Inc. (a) | 689,200 | 1,812,596 | |
Castlight Health, Inc. Class B (a) | 1,000,000 | 2,630,000 | |
Doximity, Inc. | 41,200 | 2,397,840 | |
Evolent Health, Inc. (a) | 451,689 | 9,539,672 | |
Health Catalyst, Inc. (a) | 400,000 | 22,204,000 | |
Inspire Medical Systems, Inc. (a) | 100,000 | 19,326,000 | |
Phreesia, Inc. (a) | 280,000 | 17,164,000 | |
95,359,108 | |||
Life Sciences Tools & Services - 1.1% | |||
10X Genomics, Inc. (a) | 315,000 | 61,683,300 | |
Bio-Rad Laboratories, Inc. Class A (a) | 69,000 | 44,456,010 | |
Bruker Corp. | 650,000 | 49,387,000 | |
Charles River Laboratories International, Inc. (a) | 54,000 | 19,975,680 | |
JHL Biotech, Inc. (a)(e) | 1,008,062 | 0 | |
Lonza Group AG | 64,000 | 45,373,233 | |
Maravai LifeSciences Holdings, Inc. | 280,000 | 11,684,400 | |
Olink Holding AB ADR (a) | 200,000 | 6,884,000 | |
Seer, Inc. Class A (d) | 151,545 | 4,967,645 | |
Thermo Fisher Scientific, Inc. | 150,000 | 75,670,500 | |
320,081,768 | |||
Pharmaceuticals - 1.9% | |||
Arvinas Holding Co. LLC (a) | 250,000 | 19,250,000 | |
AstraZeneca PLC (United Kingdom) | 770,000 | 92,511,053 | |
Atea Pharmaceuticals, Inc. | 140,000 | 3,007,200 | |
Bristol-Myers Squibb Co. | 1,000,000 | 66,820,000 | |
Chime Biologics Ltd. (a)(e) | 1,008,062 | 525,029 | |
Eli Lilly & Co. | 800,000 | 183,616,000 | |
Harmony Biosciences Holdings, Inc. (c) | 16,125 | 455,209 | |
Nektar Therapeutics (a) | 700,000 | 12,012,000 | |
Pharvaris BV | 260,000 | 4,724,200 | |
Pliant Therapeutics, Inc. | 358,443 | 10,437,860 | |
Revance Therapeutics, Inc. (a) | 240,000 | 7,113,600 | |
Roche Holding AG (participation certificate) | 234,000 | 88,180,123 | |
Royalty Pharma PLC (a)(d)(e) | 3,028 | 0 | |
Royalty Pharma PLC | 560,000 | 22,954,400 | |
Royalty Pharma PLC (c) | 388,170 | 15,911,088 | |
Theravance Biopharma, Inc. (a) | 553,570 | 8,037,836 | |
UCB SA | 80,000 | 8,362,858 | |
543,918,456 | |||
TOTAL HEALTH CARE | 3,642,822,665 | ||
INDUSTRIALS - 9.1% | |||
Aerospace & Defense - 1.5% | |||
Axon Enterprise, Inc. (a) | 86,500 | 15,293,200 | |
HEICO Corp. Class A | 133,161 | 16,535,933 | |
L3Harris Technologies, Inc. | 224,810 | 48,592,682 | |
Lockheed Martin Corp. | 269,774 | 102,068,993 | |
Raytheon Technologies Corp. | 748,798 | 63,879,957 | |
Teledyne Technologies, Inc. (a) | 30,600 | 12,816,198 | |
The Boeing Co. (a) | 658,800 | 157,822,128 | |
417,009,091 | |||
Air Freight & Logistics - 0.0% | |||
Air Transport Services Group, Inc. (a) | 531,700 | 12,351,391 | |
Airlines - 0.3% | |||
JetBlue Airways Corp. (a) | 4,718,800 | 79,181,464 | |
Building Products - 1.2% | |||
Fortune Brands Home & Security, Inc. | 1,066,476 | 106,231,674 | |
The AZEK Co., Inc. | 2,096,500 | 89,017,390 | |
Trane Technologies PLC | 737,810 | 135,860,333 | |
331,109,397 | |||
Commercial Services & Supplies - 0.5% | |||
Cintas Corp. | 162,028 | 61,894,696 | |
Copart, Inc. (a) | 90,102 | 11,878,147 | |
CoreCivic, Inc. (a) | 205,400 | 2,150,538 | |
Waste Connection, Inc. (United States) | 597,272 | 71,332,195 | |
147,255,576 | |||
Electrical Equipment - 0.5% | |||
AMETEK, Inc. | 950,732 | 126,922,722 | |
Plug Power, Inc. (a)(b) | 243,000 | 8,308,170 | |
Regal Beloit Corp. | 103,500 | 13,818,285 | |
149,049,177 | |||
Industrial Conglomerates - 0.4% | |||
Carlisle Companies, Inc. | 259,678 | 49,697,176 | |
Honeywell International, Inc. | 287,813 | 63,131,782 | |
112,828,958 | |||
Machinery - 2.5% | |||
AGCO Corp. | 915,300 | 119,336,814 | |
Caterpillar, Inc. | 808,883 | 176,037,207 | |
Chart Industries, Inc. (a) | 379,500 | 55,528,440 | |
Columbus McKinnon Corp. (NY Shares) | 550,800 | 26,570,592 | |
Deere & Co. | 321,300 | 113,325,723 | |
Fortive Corp. | 1,206,394 | 84,133,918 | |
IDEX Corp. | 269,871 | 59,385,114 | |
ITT, Inc. | 410,600 | 37,606,854 | |
Otis Worldwide Corp. | 242,649 | 19,841,409 | |
691,766,071 | |||
Marine - 0.1% | |||
Eagle Bulk Shipping, Inc. (a) | 166,500 | 7,878,780 | |
Genco Shipping & Trading Ltd. | 332,000 | 6,268,160 | |
14,146,940 | |||
Professional Services - 0.4% | |||
IHS Markit Ltd. | 597,354 | 67,297,902 | |
TransUnion Holding Co., Inc. | 506,795 | 55,651,159 | |
122,949,061 | |||
Road & Rail - 1.7% | |||
CSX Corp. | 3,312,678 | 106,270,710 | |
Landstar System, Inc. | 355,985 | 56,252,750 | |
Lyft, Inc. (a) | 1,203,100 | 72,763,488 | |
Old Dominion Freight Lines, Inc. | 483,583 | 122,733,365 | |
TuSimple Holdings, Inc. (a) | 283,100 | 20,168,044 | |
Uber Technologies, Inc. (a) | 598,212 | 29,982,385 | |
Union Pacific Corp. | 295,916 | 65,080,806 | |
473,251,548 | |||
Trading Companies & Distributors - 0.0% | |||
Air Lease Corp. Class A | 254,300 | 10,614,482 | |
TOTAL INDUSTRIALS | 2,561,513,156 | ||
INFORMATION TECHNOLOGY - 24.7% | |||
Communications Equipment - 0.2% | |||
Cisco Systems, Inc. | 981,600 | 52,024,800 | |
Electronic Equipment & Components - 0.5% | |||
Cognex Corp. | 261,122 | 21,947,304 | |
Corning, Inc. | 1,285,277 | 52,567,829 | |
TE Connectivity Ltd. | 336,441 | 45,490,188 | |
Trimble, Inc. (a) | 221,853 | 18,154,231 | |
138,159,552 | |||
IT Services - 4.3% | |||
Akamai Technologies, Inc. (a) | 507,305 | 59,151,763 | |
Capgemini SA | 634,517 | 121,885,323 | |
Cognizant Technology Solutions Corp. Class A | 1,707,977 | 118,294,487 | |
DXC Technology Co. (a) | 209,483 | 8,157,268 | |
ExlService Holdings, Inc. (a) | 249,092 | 26,468,516 | |
Gartner, Inc. (a) | 230,835 | 55,908,237 | |
Global Payments, Inc. | 444,531 | 83,367,344 | |
GoDaddy, Inc. (a) | 695,500 | 60,480,680 | |
MasterCard, Inc. Class A | 410,200 | 149,759,918 | |
MongoDB, Inc. Class A (a) | 168,300 | 60,843,816 | |
PayPal Holdings, Inc. (a) | 738,652 | 215,302,285 | |
StoneCo Ltd. Class A (a) | 184,200 | 12,352,452 | |
Twilio, Inc. Class A (a) | 105,400 | 41,544,464 | |
Visa, Inc. Class A | 859,700 | 201,015,054 | |
1,214,531,607 | |||
Semiconductors & Semiconductor Equipment - 2.5% | |||
Analog Devices, Inc. | 1,260,061 | 216,932,102 | |
Intel Corp. | 1,380,100 | 77,478,814 | |
Lam Research Corp. | 20,000 | 13,014,000 | |
Marvell Technology, Inc. | 437,044 | 25,492,777 | |
Microchip Technology, Inc. | 602,752 | 90,256,084 | |
Micron Technology, Inc. (a) | 2,068,211 | 175,756,571 | |
ON Semiconductor Corp. (a) | 228,500 | 8,746,980 | |
Skyworks Solutions, Inc. | 223,263 | 42,810,680 | |
Xilinx, Inc. | 358,800 | 51,896,832 | |
702,384,840 | |||
Software - 11.8% | |||
Adobe, Inc. (a) | 538,049 | 315,103,016 | |
Alteryx, Inc. Class A (a) | 187,900 | 16,163,158 | |
Anaplan, Inc. (a) | 1,211,200 | 64,556,960 | |
Aspen Technology, Inc. (a) | 217,400 | 29,901,196 | |
Autodesk, Inc. (a) | 417,732 | 121,935,971 | |
Blackbaud, Inc. (a) | 299,200 | 22,909,744 | |
Ceridian HCM Holding, Inc. (a) | 428,100 | 41,063,352 | |
Citrix Systems, Inc. | 65,040 | 7,627,241 | |
Constellation Software, Inc. | 19,090 | 28,912,356 | |
DiDi Global, Inc. ADR | 37,700 | 533,078 | |
Elastic NV (a) | 381,900 | 55,665,744 | |
HubSpot, Inc. (a) | 90,404 | 52,680,219 | |
Micro Focus International PLC | 959,094 | 7,261,953 | |
Microsoft Corp. | 6,064,459 | 1,642,861,936 | |
Mimecast Ltd. (a) | 423,000 | 22,440,150 | |
Momentive Global, Inc. (a) | 416,400 | 8,773,548 | |
New Relic, Inc. (a) | 276,000 | 18,483,720 | |
NortonLifeLock, Inc. | 1,975,010 | 53,759,772 | |
Palo Alto Networks, Inc. (a) | 230,230 | 85,426,842 | |
Procore Technologies, Inc. (a) | 9,100 | 864,045 | |
Proofpoint, Inc. (a) | 252,300 | 43,839,648 | |
PTC, Inc. (a) | 451,757 | 63,815,194 | |
Salesforce.com, Inc. (a) | 1,104,031 | 269,681,652 | |
Slack Technologies, Inc. Class A (a) | 2,380,245 | 105,444,854 | |
Smartsheet, Inc. (a) | 134,200 | 9,705,344 | |
Talend SA ADR (a) | 347,091 | 22,769,170 | |
Tenable Holdings, Inc. (a) | 886,500 | 36,656,775 | |
Topicus.Com, Inc. | 33,003 | 2,397,483 | |
Unity Software, Inc. (b) | 154,500 | 16,968,735 | |
Workday, Inc. Class A (a) | 399,789 | 95,445,626 | |
Workiva, Inc. (a) | 200,700 | 22,343,931 | |
Zendesk, Inc. (a) | 361,000 | 52,106,740 | |
3,338,099,153 | |||
Technology Hardware, Storage & Peripherals - 5.4% | |||
Apple, Inc. | 10,985,832 | 1,504,619,551 | |
Western Digital Corp. (a) | 423,814 | 30,162,842 | |
1,534,782,393 | |||
TOTAL INFORMATION TECHNOLOGY | 6,979,982,345 | ||
MATERIALS - 2.7% | |||
Chemicals - 1.7% | |||
Air Products & Chemicals, Inc. | 122,989 | 35,381,476 | |
Albemarle Corp. U.S. | 83,500 | 14,066,410 | |
Ashland Global Holdings, Inc. | 40,300 | 3,526,250 | |
Balchem Corp. | 78,400 | 10,290,784 | |
CF Industries Holdings, Inc. | 157,100 | 8,082,795 | |
Corbion NV | 23,400 | 1,337,384 | |
Corteva, Inc. | 450,700 | 19,988,545 | |
Diversey Holdings Ltd. (a) | 174,400 | 3,123,504 | |
DuPont de Nemours, Inc. | 220,407 | 17,061,706 | |
Eastman Chemical Co. | 47,200 | 5,510,600 | |
Ecolab, Inc. | 145,601 | 29,989,438 | |
Element Solutions, Inc. | 621,800 | 14,537,684 | |
FMC Corp. | 95,652 | 10,349,546 | |
Huntsman Corp. | 219,500 | 5,821,140 | |
Ingevity Corp. (a) | 18,900 | 1,537,704 | |
Innospec, Inc. | 60,400 | 5,472,844 | |
International Flavors & Fragrances, Inc. | 161,220 | 24,086,268 | |
Linde PLC | 279,900 | 80,919,090 | |
Livent Corp. (a)(b) | 271,500 | 5,256,240 | |
LyondellBasell Industries NV Class A | 173,800 | 17,878,806 | |
Nutrien Ltd. | 265,100 | 16,062,973 | |
Olin Corp. | 601,377 | 27,819,700 | |
PPG Industries, Inc. | 128,500 | 21,815,445 | |
RPM International, Inc. | 85,800 | 7,608,744 | |
Sherwin-Williams Co. | 139,383 | 37,974,898 | |
Stepan Co. | 11,300 | 1,359,051 | |
The Mosaic Co. | 131,200 | 4,186,592 | |
The Scotts Miracle-Gro Co. Class A | 11,300 | 2,168,696 | |
Tronox Holdings PLC | 1,323,700 | 29,650,880 | |
Wacker Chemie AG | 38,400 | 5,921,541 | |
468,786,734 | |||
Construction Materials - 0.2% | |||
Martin Marietta Materials, Inc. | 65,922 | 23,192,019 | |
Summit Materials, Inc. (a) | 178,140 | 6,208,179 | |
Vulcan Materials Co. | 131,900 | 22,959,833 | |
52,360,031 | |||
Containers & Packaging - 0.2% | |||
Aptargroup, Inc. | 69,600 | 9,802,464 | |
Avery Dennison Corp. | 69,900 | 14,695,776 | |
Ball Corp. | 204,200 | 16,544,284 | |
Crown Holdings, Inc. | 137,695 | 14,073,806 | |
Packaging Corp. of America | 46,200 | 6,256,404 | |
61,372,734 | |||
Metals & Mining - 0.6% | |||
Alcoa Corp. (a) | 81,800 | 3,013,512 | |
Allegheny Technologies, Inc. (a) | 82,600 | 1,722,210 | |
Cleveland-Cliffs, Inc. (a) | 407,900 | 8,794,324 | |
Commercial Metals Co. | 290,256 | 8,916,664 | |
First Quantum Minerals Ltd. | 600,700 | 13,844,788 | |
Freeport-McMoRan, Inc. | 1,083,800 | 40,219,818 | |
Kaiser Aluminum Corp. | 17,000 | 2,099,330 | |
Lundin Mining Corp. | 2,006,000 | 18,092,191 | |
MMC Norilsk Nickel PJSC sponsored ADR | 95,500 | 3,253,685 | |
Newmont Corp. | 495,756 | 31,421,015 | |
Nucor Corp. | 188,500 | 18,082,805 | |
Reliance Steel & Aluminum Co. | 74,500 | 11,242,050 | |
Royal Gold, Inc. | 50,400 | 5,750,640 | |
Steel Dynamics, Inc. | 138,300 | 8,242,680 | |
174,695,712 | |||
Paper & Forest Products - 0.0% | |||
Louisiana-Pacific Corp. | 124,900 | 7,530,221 | |
West Fraser Timber Co. Ltd. | 45,200 | 3,244,876 | |
10,775,097 | |||
TOTAL MATERIALS | 767,990,308 | ||
REAL ESTATE - 3.1% | |||
Equity Real Estate Investment Trusts (REITs) - 2.9% | |||
Alexandria Real Estate Equities, Inc. | 130,500 | 23,743,170 | |
American Tower Corp. | 467,504 | 126,291,531 | |
Americold Realty Trust | 592,314 | 22,419,085 | |
CubeSmart | 1,405,815 | 65,117,351 | |
Digital Realty Trust, Inc. | 572,072 | 86,073,953 | |
Douglas Emmett, Inc. | 360,800 | 12,130,096 | |
Equity Lifestyle Properties, Inc. | 351,000 | 26,082,810 | |
Essex Property Trust, Inc. | 141,959 | 42,589,120 | |
Four Corners Property Trust, Inc. | 1,093,003 | 30,177,813 | |
Healthcare Realty Trust, Inc. | 817,622 | 24,692,184 | |
Invitation Homes, Inc. | 786,351 | 29,323,029 | |
Lamar Advertising Co. Class A | 239,200 | 24,977,264 | |
Mid-America Apartment Communities, Inc. | 265,700 | 44,749,194 | |
Prologis (REIT), Inc. | 758,891 | 90,710,241 | |
RLJ Lodging Trust | 2,089,385 | 31,821,334 | |
SBA Communications Corp. Class A | 108,200 | 34,483,340 | |
SITE Centers Corp. | 1,024,200 | 15,424,452 | |
Spirit Realty Capital, Inc. | 225,500 | 10,787,920 | |
Terreno Realty Corp. | 120,200 | 7,755,304 | |
Ventas, Inc. | 737,100 | 42,088,410 | |
VICI Properties, Inc. | 1,077,200 | 33,414,744 | |
Washington REIT (SBI) | 176,600 | 4,061,800 | |
828,914,145 | |||
Real Estate Management & Development - 0.2% | |||
CBRE Group, Inc. (a) | 509,500 | 43,679,435 | |
Realogy Holdings Corp. (a) | 818,200 | 14,907,604 | |
58,587,039 | |||
TOTAL REAL ESTATE | 887,501,184 | ||
UTILITIES - 2.3% | |||
Electric Utilities - 1.5% | |||
American Electric Power Co., Inc. | 406,918 | 34,421,194 | |
Duke Energy Corp. | 259,026 | 25,571,047 | |
Edison International | 671,825 | 38,844,922 | |
Entergy Corp. | 160,800 | 16,031,760 | |
Evergy, Inc. | 521,675 | 31,524,820 | |
Exelon Corp. | 1,171,479 | 51,908,234 | |
FirstEnergy Corp. | 941,879 | 35,047,318 | |
NextEra Energy, Inc. | 1,066,156 | 78,127,912 | |
NRG Energy, Inc. | 317,554 | 12,797,426 | |
OGE Energy Corp. | 146,100 | 4,916,265 | |
PG&E Corp. (a) | 2,916,067 | 29,656,401 | |
Southern Co. | 1,048,355 | 63,435,961 | |
422,283,260 | |||
Independent Power and Renewable Electricity Producers - 0.2% | |||
Clearway Energy, Inc.: | |||
Class A | 56,688 | 1,429,671 | |
Class C | 48,217 | 1,276,786 | |
NextEra Energy Partners LP | 142,075 | 10,848,847 | |
Sunnova Energy International, Inc. (a) | 112,743 | 4,245,901 | |
The AES Corp. | 1,259,896 | 32,845,489 | |
Vistra Corp. | 424,178 | 7,868,502 | |
58,515,196 | |||
Multi-Utilities - 0.6% | |||
CenterPoint Energy, Inc. | 1,298,698 | 31,844,075 | |
Dominion Energy, Inc. | 562,213 | 41,362,010 | |
NiSource, Inc. | 919,252 | 22,521,674 | |
Public Service Enterprise Group, Inc. | 379,700 | 22,683,278 | |
Sempra Energy | 368,388 | 48,804,042 | |
167,215,079 | |||
TOTAL UTILITIES | 648,013,535 | ||
TOTAL COMMON STOCKS | |||
(Cost $16,676,449,603) | 27,630,529,947 | ||
Convertible Preferred Stocks - 0.1% | |||
HEALTH CARE - 0.1% | |||
Biotechnology - 0.1% | |||
Caris Life Sciences, Inc. Series D (d)(e) | 1,077,331 | 8,726,381 | |
Element Biosciences, Inc. Series C (d)(e) | 195,016 | 4,008,944 | |
ElevateBio LLC Series C (d)(e) | 626,000 | 2,626,070 | |
Inscripta, Inc. Series E (d)(e) | 423,474 | 3,739,275 | |
19,100,670 | |||
Health Care Providers & Services - 0.0% | |||
dMed Biopharmaceutical Co. Ltd. Series C (d)(e) | 416,172 | 5,755,659 | |
Health Care Technology - 0.0% | |||
Aledade, Inc. Series B1 (d)(e) | 67,586 | 2,587,915 | |
Pharmaceuticals - 0.0% | |||
Aristea Therapeutics, Inc. Series B (d)(e) | 391,809 | 3,541,953 | |
TOTAL CONVERTIBLE PREFERRED STOCKS | |||
(Cost $29,759,796) | 30,986,197 | ||
Principal Amount | Value | ||
Convertible Bonds - 0.0% | |||
CONSUMER STAPLES - 0.0% | |||
Food & Staples Retailing - 0.0% | |||
The Real Good Food Co. LLC 1% (Cost $1,499,100)(d)(e)(f) | 1,499,100 | 1,499,100 | |
U.S. Treasury Obligations - 0.1% | |||
U.S. Treasury Bills, yield at date of purchase 0.01% 8/5/21 (g) | |||
(Cost $14,059,856) | 14,060,000 | 14,059,360 | |
Preferred Securities - 0.0% | |||
CONSUMER DISCRETIONARY - 0.0% | |||
Internet & Direct Marketing Retail - 0.0% | |||
Circle Internet Financial Ltd. 0% (Cost $6,298,800)(d)(e)(f) | $6,298,800 | $6,298,800 | |
Shares | Value | ||
Money Market Funds - 2.2% | |||
Fidelity Cash Central Fund 0.06% (h) | 554,204,934 | 554,315,775 | |
Fidelity Securities Lending Cash Central Fund 0.06% (h)(i) | 52,580,337 | 52,585,595 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $606,901,369) | 606,901,370 | ||
TOTAL INVESTMENT IN SECURITIES - 100.2% | |||
(Cost $17,334,968,524) | 28,290,274,774 | ||
NET OTHER ASSETS (LIABILITIES) - (0.2)% | (49,654,004) | ||
NET ASSETS - 100% | $28,240,620,770 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) | |
Purchased | |||||
Equity Index Contracts | |||||
CME E-mini S&P 500 Index Contracts (United States) | 909 | Sept. 2021 | $194,916,870 | $2,011,529 | $2,011,529 |
The notional amount of futures purchased as a percentage of Net Assets is 0.7%
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 $77,477,604 or 0.3% of net assets.
(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 $84,588,386 or 0.3% of net assets.
(e) Level 3 security
(f) Security is perpetual in nature with no stated maturity date.
(g) 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 $10,546,520.
(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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
(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 |
Aledade, Inc. Series B1 | 5/7/21 | $2,587,915 |
Ant International Co. Ltd. Class C | 5/16/18 | $21,348,159 |
Aristea Therapeutics, Inc. Series B | 10/6/20 | $2,160,317 |
Cano Health LLC | 11/11/20 | $18,000,000 |
Caris Life Sciences, Inc. Series D | 5/11/21 | $8,726,381 |
Circle Internet Financial Ltd. 0% | 5/11/21 | $6,298,800 |
dMed Biopharmaceutical Co. Ltd. Series C | 12/1/20 | $5,910,953 |
Element Biosciences, Inc. Series C | 6/21/21 | $4,008,885 |
ElevateBio LLC Series C | 3/9/21 | $2,626,070 |
Inscripta, Inc. Series E | 3/30/21 | $3,739,275 |
Royalty Pharma PLC | 5/21/15 | $357,001 |
Seer, Inc. Class A | 12/8/20 | $2,879,355 |
The Beauty Health Co. | 12/8/20 | $6,000,000 |
The Real Good Food Co. LLC 1% | 5/7/21 | $1,499,100 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $221,696 |
Fidelity Securities Lending Cash Central Fund | 201,396 |
Total | $423,092 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount 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 payments received for lending certain types of securities.
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Fund | Value, beginning of period | Purchases | Sales Proceeds | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
Fidelity Cash Central Fund 0.06% | $-- | $5,130,259,842 | $4,575,935,962 | $(8,106) | $1 | $554,315,775 | 0.9% |
Fidelity Securities Lending Cash Central Fund 0.06% | -- | 800,856,236 | 748,270,641 | -- | -- | 52,585,595 | 0.2% |
Total | $-- | $5,931,116,078 | $5,324,206,603 | $(8,106) | $1 | $606,901,370 |
Investment Valuation
The following is a summary of the inputs used, as of June 30, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $3,185,946,063 | $3,185,946,063 | $-- | $-- |
Consumer Discretionary | 3,278,276,909 | 3,225,305,419 | 52,971,490 | -- |
Consumer Staples | 1,592,051,675 | 1,557,994,856 | 34,056,819 | -- |
Energy | 807,143,945 | 807,143,945 | -- | -- |
Financials | 3,279,288,162 | 3,175,407,566 | 84,537,960 | 19,342,636 |
Health Care | 3,673,808,862 | 3,395,542,227 | 246,755,409 | 31,511,226 |
Industrials | 2,561,513,156 | 2,561,513,156 | -- | -- |
Information Technology | 6,979,982,345 | 6,972,720,392 | 7,261,953 | -- |
Materials | 767,990,308 | 767,990,308 | -- | -- |
Real Estate | 887,501,184 | 887,501,184 | -- | -- |
Utilities | 648,013,535 | 648,013,535 | -- | -- |
Corporate Bonds | 1,499,100 | -- | -- | 1,499,100 |
U.S. Government and Government Agency Obligations | 14,059,360 | -- | 14,059,360 | -- |
Preferred Securities | 6,298,800 | -- | -- | 6,298,800 |
Money Market Funds | 606,901,370 | 606,901,370 | -- | -- |
Total Investments in Securities: | $28,290,274,774 | $27,791,980,021 | $439,642,991 | $58,651,762 |
Net unrealized depreciation on unfunded commitments | $(1,122,983) | $-- | $(1,122,983) | $-- |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | $2,011,529 | $2,011,529 | $-- | $-- |
Total Assets | $2,011,529 | $2,011,529 | $-- | $-- |
Total Derivative Instruments: | $2,011,529 | $2,011,529 | $-- | $-- |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of June 30, 2021. 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) | $2,011,529 | $0 |
Total Equity Risk | 2,011,529 | 0 |
Total Value of Derivatives | $2,011,529 | $0 |
(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).
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
June 30, 2021 | ||
Assets | ||
Investment in securities, at value (including securities loaned of $51,197,889) — See accompanying schedule: Unaffiliated issuers (cost $16,728,067,155) | $27,683,373,404 | |
Fidelity Central Funds (cost $606,901,369) | 606,901,370 | |
Total Investment in Securities (cost $17,334,968,524) | $28,290,274,774 | |
Cash | 1,901,645 | |
Foreign currency held at value (cost $1,400,563) | 1,378,290 | |
Receivable for investments sold | 65,664,864 | |
Receivable for fund shares sold | 1,991,179 | |
Dividends receivable | 18,062,473 | |
Interest receivable | 2,249 | |
Distributions receivable from Fidelity Central Funds | 36,165 | |
Receivable for daily variation margin on futures contracts | 299,970 | |
Other receivables | 1,305 | |
Total assets | 28,379,612,914 | |
Liabilities | ||
Payable for investments purchased | $78,859,998 | |
Payable for fund shares redeemed | 6,299,755 | |
Unrealized depreciation on unfunded commitments | 1,122,983 | |
Other payables and accrued expenses | 123,813 | |
Collateral on securities loaned | 52,585,595 | |
Total liabilities | 138,992,144 | |
Net Assets | $28,240,620,770 | |
Net Assets consist of: | ||
Paid in capital | $16,262,363,273 | |
Total accumulated earnings (loss) | 11,978,257,497 | |
Net Assets | $28,240,620,770 | |
Net Asset Value, offering price and redemption price per share ($28,240,620,770 ÷ 212,762,625 shares) | $132.73 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
For the period September 18, 2020 (commencement of operations) to June 30, 2021 | ||
Investment Income | ||
Dividends | $222,589,293 | |
Interest | 19,775 | |
Income from Fidelity Central Funds (including $201,396 from security lending) | 423,092 | |
Total income | 223,032,160 | |
Expenses | ||
Custodian fees and expenses | $248,393 | |
Independent directors' fees and expenses | 81,474 | |
Legal | 17,817 | |
Miscellaneous | 206 | |
Total expenses before reductions | 347,890 | |
Expense reductions | (93) | |
Total expenses after reductions | 347,797 | |
Net investment income (loss) | 222,684,363 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 1,846,814,825 | |
Fidelity Central Funds | (8,106) | |
Foreign currency transactions | (3,646,141) | |
Futures contracts | 24,519,364 | |
Total net realized gain (loss) | 1,867,679,942 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | 5,248,793,284 | |
Fidelity Central Funds | 1 | |
Unfunded commitments | (1,122,983) | |
Assets and liabilities in foreign currencies | 3,055,677 | |
Futures contracts | 2,011,529 | |
Total change in net unrealized appreciation (depreciation) | 5,252,737,508 | |
Net gain (loss) | 7,120,417,450 | |
Net increase (decrease) in net assets resulting from operations | $7,343,101,813 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
For the period September 18, 2020 (commencement of operations) to June 30, 2021 | |
Increase (Decrease) in Net Assets | |
Operations | |
Net investment income (loss) | $222,684,363 |
Net realized gain (loss) | 1,867,679,942 |
Change in net unrealized appreciation (depreciation) | 5,252,737,508 |
Net increase (decrease) in net assets resulting from operations | 7,343,101,813 |
Distributions to shareholders | (325,383,396) |
Affiliated share transactions | |
Proceeds from sales of shares | 1,706,447,125 |
Net asset value of shares issued in exchange for the net assets of each Target Fund (note 10) | 21,629,434,310 |
Reinvestment of distributions | 325,383,378 |
Cost of shares redeemed | (2,438,362,460) |
Net increase (decrease) in net assets resulting from share transactions | 21,222,902,353 |
Total increase (decrease) in net assets | 28,240,620,770 |
Net Assets | |
Beginning of period | – |
End of period | $28,240,620,770 |
Other Information | |
Shares | |
Sold | 14,502,448 |
Issued in exchange for the shares of each Target Fund (note 10) | 216,294,365 |
Issued in reinvestment of distributions | 2,778,660 |
Redeemed | (20,812,848) |
Net increase (decrease) | 212,762,625 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity U.S. Equity Central Fund
Years ended June 30, | 2021 A |
Selected Per–Share Data | |
Net asset value, beginning of period | $100.00 |
Income from Investment Operations | |
Net investment income (loss)B | 1.05 |
Net realized and unrealized gain (loss) | 33.21 |
Total from investment operations | 34.26 |
Distributions from net investment income | (.87) |
Distributions from net realized gain | (.66) |
Total distributions | (1.53) |
Net asset value, end of period�� | $132.73 |
Total ReturnC,D | 34.47% |
Ratios to Average Net AssetsE,F | |
Expenses before reductions | - %G,H |
Expenses net of fee waivers, if any | - %G,H |
Expenses net of all reductions | - %G,H |
Net investment income (loss) | 1.12%G |
Supplemental Data | |
Net assets, end of period (000 omitted) | $28,240,621 |
Portfolio turnover rateI | 47%G,J |
A For the period September 18, 2020 (commencement of operations) to June 30, 2021.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, 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.
G Annualized
H Amount represents less than .005%.
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J The portfolio turnover rate does not include the assets acquired in the merger.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended June 30, 2021
1. Organization.
Fidelity U.S. 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 Ratio(a) |
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% to .01% |
(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. 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 (ETFs) 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For 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 vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices.
ETFs are valued at their last sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.
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 June 30, 2021 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 included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of June 30, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, foreign currency transactions, partnerships, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $11,095,533,789 |
Gross unrealized depreciation | (189,008,021) |
Net unrealized appreciation (depreciation) | $10,906,525,768 |
Tax Cost | $17,382,626,034 |
The tax-based components of distributable earnings as of period end were as follows:
Undistributed ordinary income | $239,870,536 |
Undistributed long-term capital gain | $828,805,515 |
Net unrealized appreciation (depreciation) on securities and other investments | $10,909,581,445 |
The tax character of distributions paid was as follows:
June 30, 2021(a) | |
Ordinary Income | $185,170,340 |
Long-term Capital Gains | 140,213,056 |
Total | $325,383,396 |
(a) For the period September 18, 2020 (commencement of operations) to June 30, 2021.
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.
Special Purpose Acquisition Companies. Funds may invest in stock, warrants, and other securities of special purpose acquisition companies (SPACs) or similar special purpose entities. A SPAC is a publicly traded company that raises investment capital via an initial public offering (IPO) for the purpose of acquiring the equity securities of one or more existing companies via merger, business combination, acquisition or other similar transactions within a designated time frame.
Private Investment in Public Equity. Funds may acquire equity securities of an issuer through a private investment in a public equity (PIPE) transaction, including through commitments to purchase securities on a when-issued basis. A PIPE typically involves the purchase of securities directly from a publicly traded company in a private placement transaction. Securities purchased through PIPE transactions will be restricted from trading and considered illiquid until a resale registration statement for the shares is filed and declared effective.
At period end, the Fund had commitments to purchase when-issued securities through PIPE transactions with SPACs. The commitments are contingent upon the SPACs acquiring the securities of target companies. Unrealized appreciation (depreciation) on these commitments is separately presented in the Statements of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and in the Statement of Operations as Change in unrealized appreciation (depreciation) on unfunded commitments.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, 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.
The Fund used derivatives 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 Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk:
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. |
The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the 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 the Fund. Counterparty credit risk related to exchange-traded futures 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. The Fund used futures contracts to manage its 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 and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, and securities acquired in the merger, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity U.S. Equity Central Fund | 8,829,305,296 | 9,414,149,660 |
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 management contract, the investment adviser receives a monthly management fee that represents a portion of the management fees it receives from the Investing Funds. In addition, under an 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 U.S. Equity Central Fund | $172,984 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note and are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity U.S. Equity Central Fund | 706,713,156 | 581,398,117 |
Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:
Amount ($) | |
Fidelity U.S. Equity Central Fund | 1,125 |
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, a fund receives 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 market value of the loaned securities during the period of the loan. The market 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. 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 and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. 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 U.S. Equity Central Fund | $21,516 | $6,429 | $– |
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 $93.
9. Other.
Fund's organizational documents provide former and current directors and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
10.��Merger Information.
On September 18, 2020, the Fund acquired all of the assets and assumed all of the liabilities of each Target Fund listed in the below table pursuant to an Agreement and Plan of Reorganization approved by the Board of Trustees ("The Board"). The securities held by each Target Fund were the primary assets acquired by the Fund. Each acquisition was accomplished by an exchange of shares of the Fund for shares then outstanding of each Target Fund at their respective net asset value on the acquisition date. The reorganization provides shareholders of each Target Fund access to a larger portfolio with a similar investment objective and lower projected expenses. For financial reporting purposes, the assets and liabilities of each Target Fund and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from each Target Fund were carried forward and will be utilized for purposes of the Fund's ongoing reporting of realized and unrealized gains and losses to more closely align subsequent reporting of realized gains with amounts distributable to shareholders for tax purposes. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders.
Target Funds | Securities $ | Unrealized appreciation (depreciation) $ | Net Assets $ | Shares Exchanged | Shares Exchanged Ratio % |
Fidelity Communication Services Central Fund | 2,141,812,833 | 519,302,172 | 2,120,801,164 | 21,208,011 | 2.404169 |
Fidelity Consumer Discretionary Central Fund | 2,379,545,185 | 1,008,679,474 | 2,377,079,793 | 23,770,800 | 4.114729 |
Fidelity Consumer Staples Central Fund | 1,404,755,423 | 183,109,941 | 1,408,546,669 | 14,085,469 | 2.173535 |
Fidelity Energy Central Fund | 492,966,055 | (166,203,567) | 492,316,660 | 4,923,164 | .592504 |
Fidelity Financials Central Fund | 2,972,669,112 | 121,195,967 | 2,979,099,815 | 29,791,012 | .892308 |
Fidelity Health Care Central Fund | 3,329,427,513 | 1,050,591,177 | 3,330,176,008 | 33,301,760 | 5.057539 |
Fidelity Industrials Central Fund | 1,767,416,176 | 475,772,074 | 1,769,747,563 | 17,697,476 | 2.866827 |
Fidelity Information Technology Central Fund | 6,093,403,752 | 2,363,995,847 | 6,085,657,837 | 60,856,583 | 5.380155 |
Fidelity Materials Central Fund | 509,207,518 | 93,756,573 | 509,656,880 | 5,096,569 | 2.038593 |
Fidelity Utilities Central Fund | 555,511,461 | 56,313,305 | 556,351,921 | 5,563,521 | 1.681890 |
Surviving Fund | Net assets $ | Total net assets after the acquisition $ |
Fidelity U.S. Equity Central Fund | 100 | 21,629,434,410 |
Pro forma results of operations of the combined entity for the entire period ended June 30, 2021 as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:
Net investment income (loss) | $285,180,268 |
Total net realized gain (loss) | 2,242,434,479 |
Total change in net unrealized appreciation (depreciation) | 6,315,625,250 |
Net increase (decrease) in net assets resulting from operations | $8,843,239,997 |
Because the combined investment portfolios have been managed as a single portfolio since each acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of each Target Fund that has been included in the Fund's accompanying Statement of Operations since September 18, 2020.
11. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Central Investment Portfolios LLC and the Shareholders of Fidelity U.S. Equity Central Fund
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity U.S. Equity Central Fund (the "Fund"), a fund of Fidelity Central Investment Portfolios LLC, including the schedule of investments, as of June 30, 2021, the related statement of operations, the statement of changes in net assets and the financial highlights for the period from September 18, 2020 (commencement of operations) through June 30, 2021, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of June 30, 2021, and the results of its operations, the changes in its net assets and the financial highlights for the period from September 18, 2020 (commencement of operations) through June 30, 2021, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audit included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of June 30, 2021, by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from issuers of privately offered securities and brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
August 12, 2021
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Directors and Officers (Trustees and Officers)
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 314 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Bettina Doulton (1964)
Year of Election or Appointment: 2020
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Acting Chairman of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the LLC or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of NYC Leadership Academy (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Investment Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2018
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2004
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2016
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche LLP (accounting firm, 2005-2013).
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2021 to June 30, 2021).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Annualized Expense Ratio-A | Beginning Account Value January 1, 2021 | Ending Account Value June 30, 2021 | Expenses Paid During Period-B January 1, 2021 to June 30, 2021 | |
Fidelity U.S. Equity Central Fund | .0016% | |||
Actual | $1,000.00 | $1,151.40 | $.01 | |
Hypothetical-C | $1,000.00 | $1,024.79 | $.01 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Distributions (Unaudited)
The fund hereby designates as a capital gain dividend with respect to the taxable year ended June 30, 2021, $966,726,595, or, if subsequently determined to be different, the net capital gain of such year.
A total of 0.05% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.
The fund designates 100%, 95%, and 95% of the dividends distributed in December, March, and June, respectively during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.
The fund designates 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.
The following funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended September 18, 2020, or, if subsequently determined to be different, the net capital gain of such year.
Fidelity Communication Services Central Fund | $55,222,235 |
Fidelity Consumer Discretionary Central Fund | $1,178,237 |
Fidelity Financials Central Fund | $83,537,856 |
Fidelity Health Care Central Fund | $192,119,128 |
Fidelity Information Technology Central Fund | $345,877,487 |
The following funds hereby designate the percentages noted below of the short-term capital gain dividends distributed during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders:
September, 2020 | |
Fidelity Health Care Central Fund | 100% |
Fidelity Information Technology Central Fund | 100% |
A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends–received deduction for corporate shareholders:
Fidelity Communication Services Central Fund | |
December 2019 | 6% |
February 2020 | 84% |
April 2020 | 84% |
May 2020 | 84% |
June 2020 | 84% |
July 2020 | 84% |
August 2020 | 84% |
September 2020 | 84% |
Fidelity Consumer Discretionary Central Fund | |
October 2019 | 54% |
November 2019 | 86% |
December 2019 | 86% |
February 2020 | 93% |
March 2020 | 93% |
April 2020 | 93% |
May 2020 | 93% |
June 2020 | 93% |
July 2020 | 93% |
August 2020 | 93% |
September 2020 | 93% |
Fidelity Consumer Staples Central Fund | |
October 2019 | 24% |
November 2019 | 55% |
December 2019 | 87% |
February 2020 | 90% |
March 2020 | 90% |
April 2020 | 90% |
May 2020 | 90% |
June 2020 | 90% |
July 2020 | 90% |
August 2020 | 90% |
September 2020 | 90% |
Fidelity Energy Central Fund | |
November 2019 | 30% |
December 2019 | 84% |
March 2020 | 92% |
May 2020 | 92% |
June 2020 | 92% |
July 2020 | 92% |
August 2020 | 92% |
September 2020 | 92% |
Fidelity Financials Central Fund | |
November 2019 | 32% |
December 2019 | 68% |
March 2020 | 83% |
April 2020 | 83% |
May 2020 | 83% |
June 2020 | 83% |
July 2020 | 83% |
August 2020 | 83% |
September 2020 | 83% |
Fidelity Health Care Central Fund | |
December 2019 | 49% |
February 2020 | 10% |
March 2020 | 10% |
April 2020 | 10% |
May 2020 | 10% |
June 2020 | 10% |
July 2020 | 10% |
August 2020 | 10% |
September 2020 | 10% |
Fidelity Industrials Central Fund | |
October 2019 | 34% |
November 2019 | 89% |
December 2019 | 91% |
February 2020 | 89% |
March 2020 | 89% |
April 2020 | 89% |
May 2020 | 89% |
June 2020 | 89% |
July 2020 | 89% |
August 2020 | 89% |
September 2020 | 89% |
Fidelity Information Technology Central Fund | |
November 2019 | 21% |
December 2019 | 51% |
February 2020 | 28% |
March 2020 | 28% |
April 2020 | 28% |
May 2020 | 28% |
June 2020 | 28% |
July 2020 | 28% |
August 2020 | 28% |
September 2020 | 28% |
Fidelity Materials Central Fund | |
November 2019 | 5% |
December 2019 | 75% |
February 2020 | 60% |
March 2020 | 60% |
April 2020 | 60% |
May 2020 | 60% |
June 2020 | 60% |
July 2020 | 60% |
August 2020 | 60% |
September 2020 | 60% |
Fidelity Utilities Central Fund | |
October 2019 | 67% |
November 2019 | 67% |
December 2019 | 90% |
March 2020 | 100% |
April 2020 | 100% |
May 2020 | 100% |
June 2020 | 100% |
July 2020 | 100% |
August 2020 | 100% |
September 2020 | 100% |
A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
Fidelity Communication Services Central Fund | |
October 2019 | 1% |
November 2019 | 1% |
December 2019 | 7% |
February 2020 | 84% |
April 2020 | 84% |
May 2020 | 84% |
June 2020 | 84% |
July 2020 | 84% |
August 2020 | 84% |
September 2020 | 84% |
Fidelity Consumer Discretionary Central Fund | |
October 2019 | 100% |
November 2019 | 98% |
December 2019 | 98% |
February 2020 | 98% |
March 2020 | 98% |
April 2020 | 98% |
May 2020 | 98% |
June 2020 | 98% |
July 2020 | 98% |
August 2020 | 98% |
September 2020 | 98% |
Fidelity Consumer Staples Central Fund | |
October 2019 | 74% |
November 2019 | 85% |
December 2019 | 96% |
February 2020 | 94% |
March 2020 | 94% |
April 2020 | 94% |
May 2020 | 94% |
June 2020 | 94% |
July 2020 | 94% |
August 2020 | 94% |
September 2020 | 94% |
Fidelity Energy Central Fund | |
October 2019 | 4% |
November 2019 | 38% |
December 2019 | 97% |
March 2020 | 100% |
May 2020 | 100% |
June 2020 | 100% |
July 2020 | 100% |
August 2020 | 100% |
September 2020 | 100% |
Fidelity Financials Central Fund | |
November 2019 | 33% |
December 2019 | 68% |
March 2020 | 86% |
April 2020 | 86% |
May 2020 | 86% |
June 2020 | 86% |
July 2020 | 86% |
August 2020 | 86% |
September 2020 | 86% |
Fidelity Health Care Central Fund | |
October 2019 | 21% |
November 2019 | 21% |
December 2019 | 62% |
February 2020 | 18% |
March 2020 | 18% |
April 2020 | 18% |
May 2020 | 18% |
June 2020 | 18% |
July 2020 | 18% |
August 2020 | 18% |
September 2020 | 18% |
Fidelity Industrials Central Fund | |
October 2019 | 87% |
November 2019 | 96% |
December 2019 | 97% |
February 2020 | 99% |
March 2020 | 99% |
April 2020 | 99% |
May 2020 | 99% |
June 2020 | 99% |
July 2020 | 99% |
August 2020 | 99% |
September 2020 | 99% |
Fidelity Information Technology Central Fund | |
October 2019 | 4% |
November 2019 | 24% |
December 2019 | 52% |
February 2020 | 30% |
March 2020 | 30% |
April 2020 | 30% |
May 2020 | 30% |
June 2020 | 30% |
July 2020 | 30% |
August 2020 | 30% |
September 2020 | 30% |
Fidelity Materials Central Fund | |
October 2019 | 57% |
November 2019 | 59% |
December 2019 | 95% |
February 2020 | 96% |
March 2020 | 96% |
April 2020 | 96% |
May 2020 | 96% |
June 2020 | 96% |
July 2020 | 96% |
August 2020 | 96% |
September 2020 | 96% |
Fidelity Utilities Central Fund | |
October 2019 | 97% |
November 2019 | 97% |
December 2019 | 98% |
March 2020 | 100% |
April 2020 | 100% |
May 2020 | 100% |
June 2020 | 100% |
July 2020 | 100% |
August 2020 | 100% |
September 2020 | 100% |
A percentage of the dividends distributed during the fiscal year for the following funds qualify as a section 199A dividend:
Fidelity Communication Services Central Fund | |
October 2019 | 1% |
November 2019 | 1% |
December 2019 | 1% |
Fidelity Consumer Discretionary Central Fund | |
February 2020 | 1% |
March 2020 | 1% |
April 2020 | 1% |
May 2020 | 1% |
June 2020 | 1% |
July 2020 | 1% |
August 2020 | 1% |
September 2020 | 1% |
Fidelity Financials Central Fund | |
October 2019 | 100% |
November 2019 | 63% |
December 2019 | 22% |
March 2020 | 15% |
April 2020 | 15% |
May 2020 | 15% |
June 2020 | 15% |
July 2020 | 15% |
August 2020 | 15% |
September 2020 | 15% |
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity U.S. Equity Central Fund
Each year, the Board of Directors, including the Independent Directors (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Directors' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Directors with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.At its May 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Directors' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable.Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Directors also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund.Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process. The Board also considered Fidelity's investments in business continuity planning, and its success in continuously providing services to the fund notwithstanding the severe disruptions caused by the COVID-19 pandemic.Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, and the use of "soft" commission dollars to pay for research services.Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, but did not consider performance to be a material factor in its decision to renew the fund's Advisory Contracts, as the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is designed to offer a liquid investment option for other investment companies managed by Fidelity and ultimately to enhance the performance of those investment companies.Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.Competitiveness of Management Fee and Total Expense Ratio. The Board considered that while the fund does not pay a management fee, FMR receives fees for providing services to funds that invest in the fund. The Board also noted that FMR bears all expenses of the fund with certain limited exceptions (i.e., custody fees, interest, taxes, fees and expenses of the Independent Trustees, proxy and shareholder meeting expenses, and extraordinary expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable. Based on its review, the Board concluded that the management fee received for providing services to the fund and the fund's total expense ratio were reasonable in light of the services that the fund and its shareholders receive and the other factors considered.Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds, as well as the profitability of the funds that invest in the fund.A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board also considered that in 2019 a joint ad hoc committee created by it and the boards of other Fidelity funds evaluated potential fall-out benefits (PFOB Committee). The Board noted that it considered the PFOB Committee's findings in connection with its consideration of the renewal of the Advisory Contracts.The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions.Economies of Scale. The Board concluded that because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contract.Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of expanding the use of performance fees for additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee and expense comparisons; (vi) the expense structures for different funds and classes and information about the differences between various expense structures; (vii) group fee breakpoints; (viii) information regarding other accounts managed by Fidelity and sub-advisory arrangements; and (ix) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.Liquidity Risk Management Program
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.
In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments – cash or convertible to cash within three business days or less
- Moderately liquid investments – convertible to cash in three to seven calendar days
- Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments – cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2019 through November 30, 2020. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.
USE-ANN-0821
1.9900193.100
Item 2.
Code of Ethics
As of the end of the period, June 30, 2021, Fidelity Central Investment Portfolios LLC (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
Item 3.
Audit Committee Financial Expert
The Board of Trustees of the trust has determined that Donald F. Donahue is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Donahue is independent for purposes of Item 3 of Form N-CSR.
Item 4.
Principal Accountant Fees and Services
Fees and Services
The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, “Deloitte Entities”) in each of the last two fiscal years for services rendered to Fidelity U.S. Equity Central Fund (the “Fund”):
Services Billed by Deloitte Entities
June 30, 2021 FeesA,B
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity U.S. Equity Central Fund | $38,100 | $- | $7,000 | $700 |
June 30, 2020 FeesB
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity U.S. Equity Central Fund | $- | $- | $- | $- |
A Amounts may reflect rounding.
B The Fidelity U.S. Equity Central Fund commenced operations on September 18, 2020.
The following table(s) present(s) fees billed by Deloitte Entities that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) (“Fund Service Providers”):
Services Billed by Deloitte Entities
June 30, 2021A,B | June 30, 2020 B | |
Audit-Related Fees | $- | $- |
Tax Fees | $- | $- |
All Other Fees | $- | $- |
A Amounts may reflect rounding.
B May include amounts billed prior to the Fidelity U.S. Equity Central Fund’s commencement of operations.
“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.
“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.
“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.
Assurance services must be performed by an independent public accountant.
* * *
The aggregate non-audit fees billed by Deloitte Entities for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:
Billed By | June 30, 2021A,B | June 30, 2020 B |
Deloitte Entities | $529,300 | $- |
A Amounts may reflect rounding.
B May include amounts billed prior to the Fidelity U.S. Equity Central Fund’s commencement of operations.
The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.
Audit Committee Pre-Approval Policies and Procedures
The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.
All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.
Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.
Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)
There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund’s(s’) last two fiscal
years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable.
Item 7.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the trust’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust’s internal control over financial reporting.
Item 12.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 13.
Exhibits
(a) | (1) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. |
(a) | (2) | |
(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 | |
Date: | August 19, 2021 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | August 19, 2021 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | August 19, 2021 |