UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21667
Fidelity Central Investment Portfolios LLC
(Exact name of registrant as specified in charter)
245 Summer St., Boston, MA 02210
(Address of principal executive offices) (Zip code)
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: | December 31, 2022 |
Item 1.
Reports to Stockholders
Fidelity® U.S. Equity Central Fund
Semi-Annual Report
December 31, 2022
Contents
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All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2023 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.
Top Holdings (% of Fund's net assets) |
| |
| Microsoft Corp. | 5.7 | |
| Apple, Inc. | 5.6 | |
| Alphabet, Inc. Class A | 3.0 | |
| Amazon.com, Inc. | 2.3 | |
| Exxon Mobil Corp. | 1.9 | |
| UnitedHealth Group, Inc. | 1.6 | |
| Bank of America Corp. | 1.5 | |
| The Travelers Companies, Inc. | 1.4 | |
| Wells Fargo & Co. | 1.1 | |
| Procter & Gamble Co. | 1.1 | |
| | 25.2 | |
| |
| Market Sectors (% of Fund's net assets) |
| |
| Information Technology | 24.0 | |
| Health Care | 15.0 | |
| Financials | 11.4 | |
| Consumer Discretionary | 9.9 | |
| Industrials | 9.4 | |
| Communication Services | 7.2 | |
| Consumer Staples | 6.9 | |
| Energy | 5.3 | |
| Real Estate | 3.2 | |
| Materials | 3.0 | |
| Utilities | 3.0 | |
| |
Asset Allocation (% of Fund's net assets) |
|
Foreign investments - 9.1% |
|
Showing Percentage of Net Assets
| Common Stocks - 97.9% |
| | | Shares | Value ($) |
| COMMUNICATION SERVICES - 7.1% | | | |
| Diversified Telecommunication Services - 0.2% | | | |
| AT&T, Inc. | | 89,800 | 1,653,218 |
| Liberty Global PLC Class C (a) | | 1,445,718 | 28,090,301 |
| | | | 29,743,519 |
| Entertainment - 1.7% | | | |
| Activision Blizzard, Inc. | | 476,525 | 36,477,989 |
| Cinemark Holdings, Inc. (a)(b) | | 478,800 | 4,146,408 |
| Electronic Arts, Inc. | | 367,896 | 44,949,533 |
| Endeavor Group Holdings, Inc. (a) | | 273,300 | 6,160,182 |
| Lions Gate Entertainment Corp.: | | | |
| Class A (a) | | 89,400 | 510,474 |
| Class B (a) | | 520,326 | 2,825,370 |
| Marcus Corp. (b) | | 363,300 | 5,227,887 |
| Netflix, Inc. (a) | | 342,405 | 100,968,386 |
| Take-Two Interactive Software, Inc. (a) | | 143,360 | 14,928,077 |
| The Walt Disney Co. (a) | | 430,120 | 37,368,826 |
| Warner Bros Discovery, Inc. (a) | | 116,388 | 1,103,358 |
| Warner Music Group Corp. Class A | | 208,200 | 7,291,164 |
| World Wrestling Entertainment, Inc. Class A (b) | | 118,724 | 8,134,968 |
| | | | 270,092,622 |
| Interactive Media & Services - 4.1% | | | |
| Alphabet, Inc. Class A (a) | | 5,259,200 | 464,019,216 |
| Angi, Inc. (a) | | 1,286,132 | 3,022,410 |
| IAC, Inc. (a) | | 15,000 | 666,000 |
| Meta Platforms, Inc. Class A (a) | | 1,248,325 | 150,223,431 |
| Snap, Inc. Class A (a) | | 1,718,600 | 15,381,470 |
| Zoominfo Technologies, Inc. (a) | | 127,600 | 3,842,036 |
| | | | 637,154,563 |
| Media - 0.7% | | | |
| Advantage Solutions, Inc. Class A (a) | | 1,748,700 | 3,637,296 |
| Altice U.S.A., Inc. Class A (a) | | 744,000 | 3,422,400 |
| Comcast Corp. Class A | | 1,321,582 | 46,215,723 |
| DISH Network Corp. Class A (a) | | 77,263 | 1,084,773 |
| Liberty Broadband Corp.: | | | |
| Class A (a) | | 331,031 | 25,108,701 |
| Class C (a) | | 272,800 | 20,806,456 |
| S4 Capital PLC (a) | | 740,200 | 1,693,084 |
| TechTarget, Inc. (a) | | 25,500 | 1,123,530 |
| | | | 103,091,963 |
| Wireless Telecommunication Services - 0.4% | | | |
| T-Mobile U.S., Inc. (a) | | 429,238 | 60,093,320 |
TOTAL COMMUNICATION SERVICES | | | 1,100,175,987 |
| CONSUMER DISCRETIONARY - 9.8% | | | |
| Auto Components - 0.1% | | | |
| Adient PLC (a) | | 273,645 | 9,492,745 |
| Automobiles - 0.7% | | | |
| Ferrari NV | | 44,191 | 9,466,596 |
| Tesla, Inc. (a) | | 836,710 | 103,065,938 |
| | | | 112,532,534 |
| Hotels, Restaurants & Leisure - 2.1% | | | |
| Airbnb, Inc. Class A (a) | | 148,700 | 12,713,850 |
| ARAMARK Holdings Corp. | | 673,094 | 27,825,706 |
| Booking Holdings, Inc. (a) | | 31,823 | 64,132,255 |
| Caesars Entertainment, Inc. (a) | | 447,558 | 18,618,413 |
| Churchill Downs, Inc. | | 163,982 | 34,670,714 |
| Compass Group PLC | | 2 | 46 |
| Domino's Pizza, Inc. | | 71,119 | 24,635,622 |
| Hilton Worldwide Holdings, Inc. | | 308,103 | 38,931,895 |
| Marriott International, Inc. Class A | | 280,176 | 41,715,405 |
| McDonald's Corp. | | 107,690 | 28,379,546 |
| Penn Entertainment, Inc. (a) | | 274,500 | 8,152,650 |
| Planet Fitness, Inc. (a) | | 191,107 | 15,059,232 |
| | | | 314,835,334 |
| Household Durables - 0.2% | | | |
| D.R. Horton, Inc. | | 141,720 | 12,632,921 |
| Helen of Troy Ltd. (a) | | 18,400 | 2,040,744 |
| Mohawk Industries, Inc. (a) | | 108,957 | 11,137,585 |
| Tupperware Brands Corp. (a) | | 123,109 | 509,671 |
| | | | 26,320,921 |
| Internet & Direct Marketing Retail - 2.7% | | | |
| Amazon.com, Inc. (a) | | 4,178,968 | 351,033,312 |
| eBay, Inc. | | 878,916 | 36,448,647 |
| Uber Technologies, Inc. (a) | | 1,098,812 | 27,173,621 |
| | | | 414,655,580 |
| Multiline Retail - 0.6% | | | |
| Dollar General Corp. | | 254,369 | 62,638,366 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | | 226,559 | 10,612,024 |
| Target Corp. | | 158,400 | 23,607,936 |
| | | | 96,858,326 |
| Specialty Retail - 2.2% | | | |
| Burlington Stores, Inc. (a) | | 162,738 | 32,996,757 |
| Five Below, Inc. (a) | | 118,429 | 20,946,537 |
| Industria de Diseno Textil SA | | 684,700 | 18,186,351 |
| Lowe's Companies, Inc. | | 553,261 | 110,231,722 |
| The Home Depot, Inc. | | 179,534 | 56,707,609 |
| TJX Companies, Inc. | | 1,251,176 | 99,593,610 |
| Warby Parker, Inc. (a) | | 400,000 | 5,396,000 |
| | | | 344,058,586 |
| Textiles, Apparel & Luxury Goods - 1.2% | | | |
| Capri Holdings Ltd. (a) | | 705,636 | 40,447,056 |
| lululemon athletica, Inc. (a) | | 125,967 | 40,357,307 |
| LVMH Moet Hennessy Louis Vuitton SE | | 13,891 | 10,108,387 |
| NIKE, Inc. Class B | | 360,810 | 42,218,378 |
| PVH Corp. | | 377,921 | 26,677,443 |
| Tapestry, Inc. | | 645,661 | 24,586,771 |
| | | | 184,395,342 |
TOTAL CONSUMER DISCRETIONARY | | | 1,503,149,368 |
| CONSUMER STAPLES - 6.9% | | | |
| Beverages - 2.2% | | | |
| Boston Beer Co., Inc. Class A (a) | | 93,750 | 30,892,500 |
| Brown-Forman Corp. Class B (non-vtg.) | | 1,500 | 98,520 |
| Constellation Brands, Inc. Class A (sub. vtg.) | | 148,166 | 34,337,471 |
| Diageo PLC | | 176,683 | 7,733,746 |
| Keurig Dr. Pepper, Inc. | | 900,201 | 32,101,168 |
| Molson Coors Beverage Co. Class B | | 52,900 | 2,725,408 |
| Monster Beverage Corp. (a) | | 401,878 | 40,802,673 |
| PepsiCo, Inc. | | 179,300 | 32,392,338 |
| Primo Water Corp. | | 266,400 | 4,139,856 |
| The Coca-Cola Co. | | 2,407,691 | 153,153,225 |
| The Vita Coco Co., Inc. (a)(b) | | 5,800 | 80,156 |
| | | | 338,457,061 |
| Food & Staples Retailing - 1.3% | | | |
| Albertsons Companies, Inc. | | 270,300 | 5,606,022 |
| Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | | 331,100 | 14,549,815 |
| Costco Wholesale Corp. | | 29,400 | 13,421,100 |
| Grocery Outlet Holding Corp. (a) | | 7,700 | 224,763 |
| Kroger Co. | | 79,600 | 3,548,568 |
| Performance Food Group Co. (a) | | 610,102 | 35,623,856 |
| Sysco Corp. | | 137,500 | 10,511,875 |
| U.S. Foods Holding Corp. (a) | | 478,208 | 16,268,636 |
| Walgreens Boots Alliance, Inc. | | 3,300 | 123,288 |
| Walmart, Inc. | | 696,400 | 98,742,556 |
| | | | 198,620,479 |
| Food Products - 1.0% | | | |
| Archer Daniels Midland Co. | | 32,200 | 2,989,770 |
| Bunge Ltd. | | 197,600 | 19,714,552 |
| Conagra Brands, Inc. | | 232,200 | 8,986,140 |
| Darling Ingredients, Inc. (a) | | 149,626 | 9,365,091 |
| Freshpet, Inc. (a)(b) | | 232,200 | 12,253,194 |
| Ingredion, Inc. | | 2,600 | 254,618 |
| Laird Superfood, Inc. (a) | | 119,100 | 100,044 |
| Lamb Weston Holdings, Inc. | | 21,675 | 1,936,878 |
| McCormick & Co., Inc. (non-vtg.) | | 31,200 | 2,586,168 |
| Mondelez International, Inc. | | 847,912 | 56,513,335 |
| Nomad Foods Ltd. (a) | | 948,000 | 16,343,520 |
| Sovos Brands, Inc. (a) | | 50,689 | 728,401 |
| The Hain Celestial Group, Inc. (a) | | 71,800 | 1,161,724 |
| The Kraft Heinz Co. | | 11,300 | 460,023 |
| The Real Good Food Co. LLC: | | | |
| Class B (c) | | 156,156 | 2 |
| Class B unit (d) | | 156,156 | 1,035,314 |
| The Simply Good Foods Co. (a) | | 57,200 | 2,175,316 |
| TreeHouse Foods, Inc. (a) | | 205,303 | 10,137,862 |
| Tyson Foods, Inc. Class A | | 131,200 | 8,167,200 |
| | | | 154,909,152 |
| Household Products - 1.5% | | | |
| Church & Dwight Co., Inc. | | 18,600 | 1,499,346 |
| Colgate-Palmolive Co. | | 20,700 | 1,630,953 |
| Energizer Holdings, Inc. | | 608,315 | 20,408,968 |
| Kimberly-Clark Corp. | | 113,700 | 15,434,775 |
| Procter & Gamble Co. | | 1,074,693 | 162,880,471 |
| Reckitt Benckiser Group PLC | | 33,000 | 2,287,440 |
| Reynolds Consumer Products, Inc. | | 185,114 | 5,549,718 |
| Spectrum Brands Holdings, Inc. | | 173,700 | 10,581,804 |
| The Clorox Co. | | 56,000 | 7,858,480 |
| | | | 228,131,955 |
| Personal Products - 0.2% | | | |
| BellRing Brands, Inc. (a) | | 90,000 | 2,307,600 |
| Estee Lauder Companies, Inc. Class A | | 46,100 | 11,437,871 |
| Haleon PLC (a) | | 234,700 | 928,825 |
| Herbalife Nutrition Ltd. (a) | | 466,613 | 6,943,201 |
| Olaplex Holdings, Inc. (a) | | 1,372,200 | 7,149,162 |
| Shiseido Co. Ltd. | | 33,300 | 1,632,157 |
| The Beauty Health Co. (a) | | 135,000 | 1,228,500 |
| The Beauty Health Co. (a)(e) | | 600,000 | 5,460,000 |
| | | | 37,087,316 |
| Tobacco - 0.7% | | | |
| Altria Group, Inc. | | 1,159,067 | 52,980,953 |
| Philip Morris International, Inc. | | 562,653 | 56,946,110 |
| | | | 109,927,063 |
TOTAL CONSUMER STAPLES | | | 1,067,133,026 |
| ENERGY - 5.3% | | | |
| Energy Equipment & Services - 0.8% | | | |
| Championx Corp. | | 136,300 | 3,951,337 |
| Expro Group Holdings NV (a)(b) | | 1,189,000 | 21,556,570 |
| Schlumberger Ltd. | | 1,163,000 | 62,173,980 |
| Valaris Ltd. (a) | | 41,900 | 2,833,278 |
| Weatherford International PLC (a) | | 420,700 | 21,422,044 |
| | | | 111,937,209 |
| Oil, Gas & Consumable Fuels - 4.5% | | | |
| Antero Resources Corp. (a) | | 450,200 | 13,951,698 |
| Canadian Natural Resources Ltd. (b) | | 1,193,459 | 66,274,876 |
| CVR Energy, Inc. | | 61,500 | 1,927,410 |
| Delek U.S. Holdings, Inc. | | 114,100 | 3,080,700 |
| Exxon Mobil Corp. | | 2,652,838 | 292,608,031 |
| Hess Corp. | | 691,675 | 98,093,349 |
| Imperial Oil Ltd. | | 653,700 | 31,840,114 |
| Kosmos Energy Ltd. (a) | | 3,262,873 | 20,751,872 |
| MEG Energy Corp. (a) | | 4,428,950 | 61,658,573 |
| PBF Energy, Inc. Class A | | 49,500 | 2,018,610 |
| Phillips 66 Co. | | 397,259 | 41,346,717 |
| Talos Energy, Inc. (a) | | 142,600 | 2,692,288 |
| Tourmaline Oil Corp. | | 385,100 | 19,431,338 |
| Valero Energy Corp. | | 319,286 | 40,504,622 |
| | | | 696,180,198 |
TOTAL ENERGY | | | 808,117,407 |
| FINANCIALS - 11.4% | | | |
| Banks - 5.3% | | | |
| AIB Group PLC | | 1,330,500 | 5,150,029 |
| Bank of America Corp. | | 6,913,354 | 228,970,284 |
| Bank of Ireland Group PLC | | 3,284,300 | 31,289,542 |
| BankUnited, Inc. | | 157,356 | 5,345,383 |
| BNP Paribas SA | | 313,584 | 17,855,220 |
| Citizens Financial Group, Inc. | | 294,049 | 11,576,709 |
| Comerica, Inc. | | 309,840 | 20,712,804 |
| DNB Bank ASA | | 211,700 | 4,181,102 |
| JPMorgan Chase & Co. | | 597,473 | 80,121,129 |
| KBC Group NV | | 211,800 | 13,636,813 |
| M&T Bank Corp. | | 187,949 | 27,263,882 |
| NatWest Group PLC | | 1,938,100 | 6,181,046 |
| Piraeus Financial Holdings SA (a) | | 3,343,502 | 5,146,676 |
| PNC Financial Services Group, Inc. | | 181,868 | 28,724,232 |
| Signature Bank | | 110,141 | 12,690,446 |
| Societe Generale Series A | | 648,372 | 16,263,544 |
| Starling Bank Ltd. Series D (a)(c)(e) | | 4,618,325 | 17,475,804 |
| Sumitomo Mitsui Financial Group, Inc. | | 361,000 | 14,523,910 |
| U.S. Bancorp | | 1,418,116 | 61,844,039 |
| UniCredit SpA | | 1,662,268 | 23,586,857 |
| Wells Fargo & Co. | | 4,179,871 | 172,586,874 |
| Wintrust Financial Corp. | | 140,879 | 11,907,093 |
| | | | 817,033,418 |
| Capital Markets - 1.8% | | | |
| Bank of New York Mellon Corp. | | 1,422,076 | 64,732,900 |
| BlackRock, Inc. Class A | | 67,325 | 47,708,515 |
| Brookfield Asset Management Ltd. Class A | | 87,909 | 2,520,351 |
| Brookfield Corp. Class A | | 351,639 | 11,062,563 |
| Cboe Global Markets, Inc. | | 135,043 | 16,943,845 |
| Intercontinental Exchange, Inc. | | 262,264 | 26,905,664 |
| Lazard Ltd. Class A | | 225,906 | 7,832,161 |
| Patria Investments Ltd. | | 898,838 | 12,520,813 |
| State Street Corp. | | 806,401 | 62,552,526 |
| StepStone Group, Inc. Class A | | 365,990 | 9,215,628 |
| Virtu Financial, Inc. Class A | | 553,870 | 11,304,487 |
| | | | 273,299,453 |
| Consumer Finance - 0.5% | | | |
| American Express Co. | | 189,781 | 28,040,143 |
| Capital One Financial Corp. | | 250,825 | 23,316,692 |
| NerdWallet, Inc. (a) | | 374,400 | 3,594,240 |
| OneMain Holdings, Inc. | | 575,604 | 19,173,369 |
| | | | 74,124,444 |
| Diversified Financial Services - 0.2% | | | |
| Ant International Co. Ltd. Class C (a)(c)(e) | | 5,601,170 | 9,578,001 |
| Apollo Global Management, Inc. | | 297,700 | 18,990,283 |
| Jumo World Ltd. (a)(c) | | 998 | 1,065,834 |
| Sunrisemezz Ltd. (a) | | 477,643 | 57,929 |
| | | | 29,692,047 |
| Insurance - 3.3% | | | |
| Arch Capital Group Ltd. (a) | | 207,613 | 13,033,944 |
| Arthur J. Gallagher & Co. | | 202,626 | 38,203,106 |
| Assurant, Inc. | | 38,624 | 4,830,317 |
| Beazley PLC | | 2,355,907 | 19,353,341 |
| Chubb Ltd. | | 106,600 | 23,515,960 |
| Direct Line Insurance Group PLC | | 836,562 | 2,238,143 |
| Globe Life, Inc. | | 306,026 | 36,891,434 |
| Hartford Financial Services Group, Inc. | | 729,666 | 55,330,573 |
| Marsh & McLennan Companies, Inc. | | 372,303 | 61,608,700 |
| Prudential PLC | | 429,144 | 5,851,505 |
| Reinsurance Group of America, Inc. | | 160,200 | 22,762,818 |
| The Travelers Companies, Inc. | | 1,126,704 | 211,245,733 |
| Unum Group | | 428,300 | 17,573,149 |
| | | | 512,438,723 |
| Thrifts & Mortgage Finance - 0.3% | | | |
| Essent Group Ltd. | | 593,733 | 23,084,339 |
| MGIC Investment Corp. | | 952,399 | 12,381,187 |
| Mr. Cooper Group, Inc. (a) | | 20 | 803 |
| UWM Holdings Corp. Class A (b) | | 1,469,300 | 4,863,383 |
| | | | 40,329,712 |
TOTAL FINANCIALS | | | 1,746,917,797 |
| HEALTH CARE - 14.8% | | | |
| Biotechnology - 2.9% | | | |
| ADC Therapeutics SA (a) | | 285,000 | 1,094,400 |
| Agios Pharmaceuticals, Inc. (a) | | 100,000 | 2,808,000 |
| Alnylam Pharmaceuticals, Inc. (a) | | 100,000 | 23,765,000 |
| Ambrx Biopharma, Inc. ADR (a) | | 148,700 | 337,549 |
| Arcutis Biotherapeutics, Inc. (a) | | 300,000 | 4,440,000 |
| Argenx SE ADR (a) | | 140,000 | 53,036,200 |
| Ascendis Pharma A/S sponsored ADR (a) | | 260,000 | 31,753,800 |
| Beam Therapeutics, Inc. (a)(b) | | 100,000 | 3,911,000 |
| Biogen, Inc. (a) | | 14,000 | 3,876,880 |
| Blueprint Medicines Corp. (a) | | 280,000 | 12,266,800 |
| Caris Life Sciences, Inc. (c)(e) | | 227,063 | 1,271,553 |
| Celldex Therapeutics, Inc. (a) | | 190,000 | 8,468,300 |
| Century Therapeutics, Inc. (a) | | 240,000 | 1,231,200 |
| Cerevel Therapeutics Holdings (a) | | 415,000 | 13,089,100 |
| Cytokinetics, Inc. (a) | | 420,000 | 19,244,400 |
| Denali Therapeutics, Inc. (a) | | 140,000 | 3,893,400 |
| Erasca, Inc. (a) | | 550,000 | 2,370,500 |
| Generation Bio Co. (a) | | 240,000 | 943,200 |
| Instil Bio, Inc. (a) | | 255,100 | 160,713 |
| Janux Therapeutics, Inc. (a) | | 160,000 | 2,107,200 |
| Karuna Therapeutics, Inc. (a) | | 65,000 | 12,772,500 |
| Keros Therapeutics, Inc. (a) | | 125,000 | 6,002,500 |
| Legend Biotech Corp. ADR (a) | | 460,000 | 22,963,200 |
| Nuvalent, Inc. Class A (a) | | 165,000 | 4,913,700 |
| Poseida Therapeutics, Inc. (a) | | 800,000 | 4,240,000 |
| PTC Therapeutics, Inc. (a) | | 300,000 | 11,451,000 |
| Regeneron Pharmaceuticals, Inc. (a) | | 91,500 | 66,016,335 |
| Relay Therapeutics, Inc. (a) | | 340,000 | 5,079,600 |
| Repligen Corp. (a) | | 52,000 | 8,804,120 |
| Sarepta Therapeutics, Inc. (a) | | 185,000 | 23,972,300 |
| Scholar Rock Holding Corp. (a) | | 60,000 | 543,000 |
| Seagen, Inc. (a) | | 110,000 | 14,136,100 |
| Shattuck Labs, Inc. (a) | | 280,000 | 644,000 |
| Stoke Therapeutics, Inc. (a) | | 157,500 | 1,453,725 |
| uniQure B.V. (a) | | 180,000 | 4,080,600 |
| Vaxcyte, Inc. (a) | | 240,000 | 11,508,000 |
| Vertex Pharmaceuticals, Inc. (a) | | 92,500 | 26,712,150 |
| Verve Therapeutics, Inc. (a) | | 70,000 | 1,354,500 |
| Xencor, Inc. (a) | | 420,000 | 10,936,800 |
| Xenon Pharmaceuticals, Inc. (a) | | 160,000 | 6,308,800 |
| Zai Lab Ltd. (a) | | 1,500,000 | 4,642,884 |
| Zentalis Pharmaceuticals, Inc. (a) | | 340,000 | 6,847,600 |
| | | | 445,452,609 |
| Health Care Equipment & Supplies - 3.1% | | | |
| Boston Scientific Corp. (a) | | 2,920,000 | 135,108,400 |
| Inspire Medical Systems, Inc. (a) | | 52,000 | 13,097,760 |
| Insulet Corp. (a) | | 260,000 | 76,541,400 |
| Intuitive Surgical, Inc. (a) | | 46,000 | 12,206,100 |
| Masimo Corp. (a) | | 280,000 | 41,426,000 |
| Nevro Corp. (a) | | 245,000 | 9,702,000 |
| Novocure Ltd. (a) | | 140,100 | 10,276,335 |
| Outset Medical, Inc. (a) | | 240,000 | 6,196,800 |
| Penumbra, Inc. (a) | | 390,000 | 86,759,400 |
| PROCEPT BioRobotics Corp. (a) | | 170,000 | 7,061,800 |
| ResMed, Inc. | | 157,500 | 32,780,475 |
| Stryker Corp. | | 110,000 | 26,893,900 |
| Tandem Diabetes Care, Inc. (a) | | 460,000 | 20,677,000 |
| | | | 478,727,370 |
| Health Care Providers & Services - 4.3% | | | |
| agilon health, Inc. (a) | | 2,500,000 | 40,350,000 |
| Alignment Healthcare, Inc. (a) | | 889,600 | 10,461,696 |
| Centene Corp. (a) | | 700,000 | 57,407,000 |
| Cigna Corp. | | 300,000 | 99,402,000 |
| Guardant Health, Inc. (a) | | 280,000 | 7,616,000 |
| HCA Holdings, Inc. | | 50,000 | 11,998,000 |
| Humana, Inc. | | 147,500 | 75,548,025 |
| LifeStance Health Group, Inc. (a) | | 1,172,293 | 5,791,127 |
| Molina Healthcare, Inc. (a) | | 90,000 | 29,719,800 |
| Oak Street Health, Inc. (a) | | 1,750,000 | 37,642,500 |
| Surgery Partners, Inc. (a) | | 1,000,000 | 27,860,000 |
| The Oncology Institute, Inc. (a)(e) | | 761,936 | 1,257,194 |
| UnitedHealth Group, Inc. | | 474,000 | 251,305,320 |
| | | | 656,358,662 |
| Health Care Technology - 0.3% | | | |
| Doximity, Inc. (a)(b) | | 380,000 | 12,752,800 |
| Medlive Technology Co. Ltd. (d) | | 800,000 | 867,794 |
| Phreesia, Inc. (a) | | 315,000 | 10,193,400 |
| Veeva Systems, Inc. Class A (a) | | 115,000 | 18,558,700 |
| | | | 42,372,694 |
| Life Sciences Tools & Services - 2.3% | | | |
| 10X Genomics, Inc. (a) | | 85,000 | 3,097,400 |
| Agilent Technologies, Inc. | | 35,000 | 5,237,750 |
| Bruker Corp. | | 340,000 | 23,239,000 |
| Danaher Corp. | | 450,000 | 119,439,000 |
| Eden Biologics, Inc. (a)(c) | | 1,008,062 | 0 |
| IQVIA Holdings, Inc. (a) | | 150,000 | 30,733,500 |
| Lonza Group AG | | 28,000 | 13,744,513 |
| Olink Holding AB ADR (a) | | 329,500 | 8,362,710 |
| Sartorius Stedim Biotech | | 28,000 | 9,066,711 |
| Seer, Inc. (a) | | 250,000 | 1,450,000 |
| Thermo Fisher Scientific, Inc. | | 230,000 | 126,658,700 |
| West Pharmaceutical Services, Inc. | | 92,700 | 21,816,945 |
| | | | 362,846,229 |
| Pharmaceuticals - 1.9% | | | |
| Arvinas Holding Co. LLC (a) | | 150,000 | 5,131,500 |
| AstraZeneca PLC (United Kingdom) | | 385,000 | 52,097,962 |
| Chime Biologics Wuhan Co. Ltd. (a)(c) | | 1,008,062 | 525,029 |
| Eli Lilly & Co. | | 382,000 | 139,750,880 |
| Pharvaris BV (a) | | 208,000 | 2,340,000 |
| Roche Holding AG (participation certificate) | | 70,000 | 21,996,629 |
| Royalty Pharma PLC | | 1,491,291 | 58,935,820 |
| Theseus Pharmaceuticals, Inc. (a) | | 83,000 | 413,340 |
| UCB SA | | 170,000 | 13,386,191 |
| Verona Pharma PLC ADR (a) | | 100,000 | 2,613,000 |
| | | | 297,190,351 |
TOTAL HEALTH CARE | | | 2,282,947,915 |
| INDUSTRIALS - 9.4% | | | |
| Aerospace & Defense - 2.1% | | | |
| Axon Enterprise, Inc. (a) | | 69,200 | 11,482,356 |
| HEICO Corp. Class A | | 98,361 | 11,788,566 |
| Howmet Aerospace, Inc. | | 507,000 | 19,980,870 |
| L3Harris Technologies, Inc. | | 176,910 | 36,834,431 |
| Lockheed Martin Corp. | | 140,800 | 68,497,792 |
| Northrop Grumman Corp. | | 61,000 | 33,282,210 |
| Raytheon Technologies Corp. | | 611,098 | 61,672,010 |
| The Boeing Co. (a) | | 404,600 | 77,072,254 |
| | | | 320,610,489 |
| Air Freight & Logistics - 0.1% | | | |
| Air Transport Services Group, Inc. (a) | | 337,100 | 8,757,858 |
| Airlines - 0.2% | | | |
| Delta Air Lines, Inc. (a) | | 751,300 | 24,687,718 |
| JetBlue Airways Corp. (a) | | 2,031,700 | 13,165,416 |
| | | | 37,853,134 |
| Building Products - 0.7% | | | |
| Carlisle Companies, Inc. | | 165,778 | 39,065,586 |
| Trane Technologies PLC | | 385,110 | 64,733,140 |
| | | | 103,798,726 |
| Commercial Services & Supplies - 0.9% | | | |
| Cintas Corp. | | 158,528 | 71,594,415 |
| CoreCivic, Inc. (a) | | 346,200 | 4,002,072 |
| Waste Connections, Inc. (United States) (b) | | 494,272 | 65,520,696 |
| | | | 141,117,183 |
| Construction & Engineering - 0.5% | | | |
| Willscot Mobile Mini Holdings (a) | | 1,529,000 | 69,064,930 |
| Electrical Equipment - 0.6% | | | |
| AMETEK, Inc. | | 699,832 | 97,780,527 |
| Fluence Energy, Inc. (a)(b) | | 44,300 | 759,745 |
| | | | 98,540,272 |
| Industrial Conglomerates - 0.3% | | | |
| Honeywell International, Inc. | | 206,613 | 44,277,166 |
| Machinery - 2.5% | | | |
| AGCO Corp. | | 295,300 | 40,955,157 |
| Caterpillar, Inc. | | 355,683 | 85,207,419 |
| Chart Industries, Inc. (a)(b) | | 106,000 | 12,214,380 |
| Deere & Co. | | 167,700 | 71,903,052 |
| Flowserve Corp. | | 988,100 | 30,314,908 |
| Fortive Corp. | | 1,332,894 | 85,638,440 |
| IDEX Corp. | | 194,271 | 44,357,897 |
| ITT, Inc. | | 264,300 | 21,434,730 |
| | | | 392,025,983 |
| Marine - 0.1% | | | |
| Eagle Bulk Shipping, Inc. (b) | | 113,500 | 5,668,190 |
| Genco Shipping & Trading Ltd. | | 240,100 | 3,687,936 |
| | | | 9,356,126 |
| Professional Services - 0.1% | | | |
| TransUnion Holding Co., Inc. | | 324,895 | 18,437,791 |
| Road & Rail - 1.3% | | | |
| CSX Corp. | | 2,596,278 | 80,432,692 |
| Landstar System, Inc. | | 259,885 | 42,335,267 |
| Old Dominion Freight Lines, Inc. | | 77,383 | 21,959,748 |
| Union Pacific Corp. | | 235,616 | 48,789,005 |
| | | | 193,516,712 |
| Trading Companies & Distributors - 0.0% | | | |
| Air Lease Corp. Class A | | 121,500 | 4,668,030 |
TOTAL INDUSTRIALS | | | 1,442,024,400 |
| INFORMATION TECHNOLOGY - 24.0% | | | |
| Communications Equipment - 0.2% | | | |
| Cisco Systems, Inc. | | 710,900 | 33,867,276 |
| Electronic Equipment & Components - 0.5% | | | |
| Cognex Corp. | | 205,522 | 9,682,141 |
| Corning, Inc. | | 951,577 | 30,393,369 |
| TE Connectivity Ltd. | | 247,541 | 28,417,707 |
| Trimble, Inc. (a) | | 102,453 | 5,180,024 |
| | | | 73,673,241 |
| IT Services - 4.4% | | | |
| Affirm Holdings, Inc. (a)(b) | | 241,712 | 2,337,355 |
| Akamai Technologies, Inc. (a) | | 363,705 | 30,660,332 |
| Block, Inc. Class A (a) | | 354,100 | 22,251,644 |
| Capgemini SA | | 378,917 | 63,345,903 |
| Cognizant Technology Solutions Corp. Class A | | 1,229,877 | 70,336,666 |
| Cyxtera Technologies, Inc. Class A (a) | | 1,097,194 | 2,106,612 |
| DXC Technology Co. (a) | | 165,783 | 4,393,250 |
| ExlService Holdings, Inc. (a) | | 34,666 | 5,873,460 |
| Gartner, Inc. (a) | | 26,935 | 9,053,931 |
| Global Payments, Inc. | | 304,300 | 30,223,076 |
| GoDaddy, Inc. (a) | | 502,000 | 37,559,640 |
| MasterCard, Inc. Class A | | 316,100 | 109,917,453 |
| MongoDB, Inc. Class A (a) | | 230,500 | 45,371,620 |
| PayPal Holdings, Inc. (a) | | 534,452 | 38,063,671 |
| Repay Holdings Corp. (a) | | 679,744 | 5,471,939 |
| Shift4 Payments, Inc. (a) | | 150,900 | 8,439,837 |
| Snowflake, Inc. (a) | | 60,900 | 8,741,586 |
| StoneCo Ltd. Class A (a) | | 109,700 | 1,035,568 |
| Thoughtworks Holding, Inc. (a) | | 75,500 | 769,345 |
| Twilio, Inc. Class A (a) | | 458,600 | 22,453,056 |
| Visa, Inc. Class A | | 628,400 | 130,556,384 |
| Wix.com Ltd. (a) | | 145,500 | 11,178,765 |
| Worldline SA (a)(d) | | 335,949 | 13,156,592 |
| X Holdings I, Inc. (c)(e) | | 3,189 | 1,265,172 |
| | | | 674,562,857 |
| Semiconductors & Semiconductor Equipment - 2.7% | | | |
| Advanced Micro Devices, Inc. (a) | | 457,571 | 29,636,874 |
| Analog Devices, Inc. | | 885,061 | 145,176,556 |
| Intel Corp. | | 1,023,400 | 27,048,462 |
| Lam Research Corp. | | 15,800 | 6,640,740 |
| Marvell Technology, Inc. | | 338,244 | 12,528,558 |
| Microchip Technology, Inc. | | 753,604 | 52,940,681 |
| Micron Technology, Inc. | | 1,507,011 | 75,320,410 |
| NVIDIA Corp. | | 238,400 | 34,839,776 |
| onsemi (a) | | 182,500 | 11,382,525 |
| Skyworks Solutions, Inc. | | 172,063 | 15,680,101 |
| | | | 411,194,683 |
| Software - 10.5% | | | |
| Adobe, Inc. (a) | | 418,349 | 140,786,989 |
| Alteryx, Inc. Class A (a) | | 112,300 | 5,690,241 |
| Aspen Technology, Inc. (a) | | 60,990 | 12,527,346 |
| Autodesk, Inc. (a) | | 334,832 | 62,570,056 |
| Black Knight, Inc. (a) | | 89,200 | 5,508,100 |
| Blackbaud, Inc. (a) | | 230,000 | 13,537,800 |
| Blend Labs, Inc. (a)(b) | | 284,300 | 409,392 |
| Ceridian HCM Holding, Inc. (a) | | 370,100 | 23,741,915 |
| Constellation Software, Inc. | | 11,190 | 17,470,615 |
| Coupa Software, Inc. (a) | | 233,200 | 18,462,444 |
| Elastic NV (a) | | 350,300 | 18,040,450 |
| Five9, Inc. (a) | | 121,700 | 8,258,562 |
| Gen Digital, Inc. | | 1,416,110 | 30,347,237 |
| HubSpot, Inc. (a) | | 90,904 | 26,283,074 |
| Micro Focus International PLC | | 751,494 | 4,814,036 |
| Microsoft Corp. | | 3,647,959 | 874,853,522 |
| Momentive Global, Inc. (a) | | 329,600 | 2,307,200 |
| New Relic, Inc. (a) | | 152,300 | 8,597,335 |
| Palo Alto Networks, Inc. (a) | | 434,790 | 60,670,597 |
| PTC, Inc. (a) | | 294,357 | 35,334,614 |
| Roper Technologies, Inc. | | 101,500 | 43,857,135 |
| Salesforce.com, Inc. (a) | | 938,938 | 124,493,789 |
| Smartsheet, Inc. (a) | | 34,600 | 1,361,856 |
| Tenable Holdings, Inc. (a) | | 667,900 | 25,480,385 |
| Workday, Inc. Class A (a) | | 293,289 | 49,076,048 |
| Workiva, Inc. (a) | | 67,100 | 5,634,387 |
| Zoom Video Communications, Inc. Class A (a) | | 88,700 | 6,008,538 |
| | | | 1,626,123,663 |
| Technology Hardware, Storage & Peripherals - 5.7% | | | |
| Apple, Inc. | | 6,707,332 | 871,483,647 |
| Western Digital Corp. (a) | | 329,014 | 10,380,392 |
| | | | 881,864,039 |
TOTAL INFORMATION TECHNOLOGY | | | 3,701,285,759 |
| MATERIALS - 3.0% | | | |
| Chemicals - 2.0% | | | |
| Air Products & Chemicals, Inc. | | 137,889 | 42,505,663 |
| Albemarle Corp. | | 54,000 | 11,710,440 |
| Ashland, Inc. | | 73,000 | 7,849,690 |
| Cabot Corp. | | 112,500 | 7,519,500 |
| Celanese Corp. Class A | | 108,100 | 11,052,144 |
| CF Industries Holdings, Inc. | | 41,000 | 3,493,200 |
| Chemtrade Logistics Income Fund | | 386,500 | 2,560,491 |
| Corteva, Inc. | | 445,400 | 26,180,612 |
| DuPont de Nemours, Inc. | | 238,607 | 16,375,598 |
| Eastman Chemical Co. | | 29,900 | 2,435,056 |
| Ecolab, Inc. | | 59,401 | 8,646,410 |
| Element Solutions, Inc. | | 166,100 | 3,021,359 |
| Huntsman Corp. | | 107,300 | 2,948,604 |
| Linde PLC | | 242,300 | 79,033,414 |
| LyondellBasell Industries NV Class A | | 169,800 | 14,098,494 |
| Olin Corp. | | 220,684 | 11,683,011 |
| PPG Industries, Inc. | | 74,000 | 9,304,760 |
| RPM International, Inc. | | 38,400 | 3,742,080 |
| Sherwin-Williams Co. | | 5,483 | 1,301,280 |
| The Chemours Co. LLC | | 282,300 | 8,644,026 |
| Tronox Holdings PLC | | 743,200 | 10,189,272 |
| Valvoline, Inc. | | 593,371 | 19,373,563 |
| Westlake Corp. | | 58,200 | 5,967,828 |
| | | | 309,636,495 |
| Construction Materials - 0.1% | | | |
| Martin Marietta Materials, Inc. | | 26,322 | 8,896,046 |
| Vulcan Materials Co. | | 56,000 | 9,806,160 |
| | | | 18,702,206 |
| Containers & Packaging - 0.3% | | | |
| Aptargroup, Inc. | | 95,500 | 10,503,090 |
| Avery Dennison Corp. | | 43,800 | 7,927,800 |
| Crown Holdings, Inc. | | 79,995 | 6,576,389 |
| Greif, Inc. Class A | | 118,700 | 7,960,022 |
| Sealed Air Corp. | | 169,600 | 8,459,648 |
| | | | 41,426,949 |
| Metals & Mining - 0.6% | | | |
| Alcoa Corp. | | 201,200 | 9,148,564 |
| Commercial Metals Co. | | 136,056 | 6,571,505 |
| First Quantum Minerals Ltd. | | 1,168,480 | 24,413,810 |
| Freeport-McMoRan, Inc. | | 827,600 | 31,448,800 |
| Glencore PLC | | 1,521,400 | 10,145,680 |
| Reliance Steel & Aluminum Co. | | 44,800 | 9,069,312 |
| Steel Dynamics, Inc. | | 42,100 | 4,113,170 |
| | | | 94,910,841 |
TOTAL MATERIALS | | | 464,676,491 |
| REAL ESTATE - 3.2% | | | |
| Equity Real Estate Investment Trusts (REITs) - 3.0% | | | |
| Alexandria Real Estate Equities, Inc. | | 101,600 | 14,800,072 |
| American Tower Corp. | | 179,504 | 38,029,717 |
| Crown Castle International Corp. | | 332,400 | 45,086,736 |
| CubeSmart | | 871,515 | 35,078,479 |
| EastGroup Properties, Inc. | | 65,100 | 9,638,706 |
| Equinix, Inc. | | 58,400 | 38,253,752 |
| Equity Lifestyle Properties, Inc. | | 285,600 | 18,449,760 |
| Essex Property Trust, Inc. | | 88,659 | 18,788,615 |
| Four Corners Property Trust, Inc. | | 574,403 | 14,894,270 |
| Host Hotels & Resorts, Inc. | | 336,400 | 5,399,220 |
| Invitation Homes, Inc. | | 533,851 | 15,823,344 |
| Lamar Advertising Co. Class A | | 145,000 | 13,688,000 |
| Mid-America Apartment Communities, Inc. | | 156,400 | 24,553,236 |
| Phillips Edison & Co., Inc. | | 180,000 | 5,731,200 |
| Prologis (REIT), Inc. | | 468,651 | 52,831,027 |
| Public Storage | | 22,200 | 6,220,218 |
| Ryman Hospitality Properties, Inc. | | 149,800 | 12,250,644 |
| SITE Centers Corp. | | 812,500 | 11,098,750 |
| Spirit Realty Capital, Inc. | | 225,300 | 8,996,229 |
| Terreno Realty Corp. | | 124,600 | 7,086,002 |
| UDR, Inc. | | 249,200 | 9,651,516 |
| Urban Edge Properties | | 525,000 | 7,397,250 |
| Ventas, Inc. | | 587,000 | 26,444,350 |
| VICI Properties, Inc. | | 200,900 | 6,509,160 |
| Welltower, Inc. | | 237,600 | 15,574,680 |
| | | | 462,274,933 |
| Real Estate Management & Development - 0.2% | | | |
| CBRE Group, Inc. (a) | | 319,900 | 24,619,504 |
| Doma Holdings, Inc. Class A (a) | | 2,667,140 | 1,207,948 |
| WeWork, Inc. (a) | | 1,320,300 | 1,888,029 |
| | | | 27,715,481 |
TOTAL REAL ESTATE | | | 489,990,414 |
| UTILITIES - 3.0% | | | |
| Electric Utilities - 2.2% | | | |
| Avangrid, Inc. | | 91,100 | 3,915,478 |
| Constellation Energy Corp. | | 393,681 | 33,939,239 |
| Duke Energy Corp. | | 93,900 | 9,670,761 |
| Edison International | | 325,582 | 20,713,527 |
| Entergy Corp. | | 176,300 | 19,833,750 |
| Eversource Energy | | 60,100 | 5,038,784 |
| Exelon Corp. | | 577,379 | 24,960,094 |
| FirstEnergy Corp. | | 576,579 | 24,181,723 |
| NextEra Energy, Inc. | | 804,017 | 67,215,821 |
| OGE Energy Corp. | | 175,200 | 6,929,160 |
| PG&E Corp. (a) | | 2,084,506 | 33,894,068 |
| Pinnacle West Capital Corp. | | 109,000 | 8,288,360 |
| PPL Corp. | | 659,200 | 19,261,824 |
| Southern Co. | | 771,255 | 55,075,320 |
| | | | 332,917,909 |
| Independent Power and Renewable Electricity Producers - 0.2% | | | |
| Clearway Energy, Inc. Class A | | 44,888 | 1,343,049 |
| NextEra Energy Partners LP | | 84,638 | 5,932,277 |
| The AES Corp. | | 577,396 | 16,605,909 |
| Vistra Corp. | | 467,978 | 10,857,090 |
| | | | 34,738,325 |
| Multi-Utilities - 0.6% | | | |
| Consolidated Edison, Inc. | | 82,200 | 7,834,482 |
| Dominion Energy, Inc. | | 371,313 | 22,768,913 |
| NiSource, Inc. | | 568,902 | 15,599,293 |
| Public Service Enterprise Group, Inc. | | 217,900 | 13,350,733 |
| Sempra Energy | | 199,688 | 30,859,784 |
| | | | 90,413,205 |
TOTAL UTILITIES | | | 458,069,439 |
| TOTAL COMMON STOCKS (Cost $11,436,752,966) | | | 15,064,488,003 |
| | | | |
| Preferred Stocks - 0.4% |
| | | Shares | Value ($) |
| Convertible Preferred Stocks - 0.3% | | | |
| COMMUNICATION SERVICES - 0.1% | | | |
| Interactive Media & Services - 0.1% | | | |
| Reddit, Inc. Series F (a)(c)(e) | | 236,672 | 8,865,733 |
| | | | |
| CONSUMER DISCRETIONARY - 0.0% | | | |
| Internet & Direct Marketing Retail - 0.0% | | | |
| Circle Internet Financial Ltd. Series F (c)(e) | | 160,054 | 4,201,418 |
| | | | |
| HEALTH CARE - 0.2% | | | |
| Biotechnology - 0.1% | | | |
| Asimov, Inc. Series B (a)(c)(e) | | 35,044 | 1,874,854 |
| Caris Life Sciences, Inc. Series D (a)(c)(e) | | 1,077,331 | 6,033,054 |
| Cleerly, Inc. Series C (c)(e) | | 411,426 | 4,805,456 |
| Element Biosciences, Inc. Series C (a)(c)(e) | | 195,016 | 3,007,147 |
| ElevateBio LLC Series C (a)(c)(e) | | 626,000 | 2,291,160 |
| Inscripta, Inc. Series E (a)(c)(e) | | 423,474 | 2,498,497 |
| | | | 20,510,168 |
| Health Care Providers & Services - 0.0% | | | |
| dMed Biopharmaceutical Co. Ltd. Series C (a)(c)(e) | | 416,172 | 3,733,063 |
| | | | |
| Health Care Technology - 0.1% | | | |
| Aledade, Inc.: | | | |
| Series B1(a)(c)(e) | | 67,586 | 3,246,156 |
| Series E1(c)(e) | | 14,822 | 711,901 |
| Omada Health, Inc. Series E (c)(e) | | 597,550 | 1,822,528 |
| Wugen, Inc. Series B (a)(c)(e) | | 155,150 | 809,883 |
| | | | 6,590,468 |
| Pharmaceuticals - 0.0% | | | |
| Aristea Therapeutics, Inc. Series B (a)(c)(e) | | 391,809 | 3,036,520 |
| Galvanize Therapeutics Series B (c)(e) | | 1,112,588 | 1,891,400 |
| | | | 4,927,920 |
TOTAL HEALTH CARE | | | 35,761,619 |
| | | | |
| TOTAL CONVERTIBLE PREFERRED STOCKS | | | 48,828,770 |
| Nonconvertible Preferred Stocks - 0.1% | | | |
| CONSUMER DISCRETIONARY - 0.1% | | | |
| Internet & Direct Marketing Retail - 0.1% | | | |
| Circle Internet Financial Ltd. Series E (c)(e) | | 388,096 | 10,187,520 |
| | | | |
| FINANCIALS - 0.0% | | | |
| Diversified Financial Services - 0.0% | | | |
| Thriveworks TopCo LLC Series B (a)(c)(e)(f) | | 141,317 | 2,340,210 |
| | | | |
| TOTAL NONCONVERTIBLE PREFERRED STOCKS | | | 12,527,730 |
| TOTAL PREFERRED STOCKS (Cost $77,051,619) | | | 61,356,500 |
| | | | |
| Convertible Bonds - 0.0% |
| | | Principal Amount (g) | Value ($) |
| INFORMATION TECHNOLOGY - 0.0% | | | |
| IT Services - 0.0% | | | |
Affirm Holdings, Inc. 0% 11/15/26 (Cost $6,836,292) | | 10,803,000 | 5,941,650 |
| | | | |
| Money Market Funds - 1.8% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 4.37% (h) | | 222,688,234 | 222,732,772 |
| Fidelity Securities Lending Cash Central Fund 4.37% (h)(i) | | 49,175,086 | 49,180,003 |
| TOTAL MONEY MARKET FUNDS (Cost $271,912,775) | | | 271,912,775 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 100.1% (Cost $11,792,553,652) | 15,403,698,928 |
NET OTHER ASSETS (LIABILITIES) - (0.1)% | (8,781,526) |
| NET ASSETS - 100.0% | 15,394,917,402 |
| | |
Legend
| (b) | Security or a portion of the security is on loan at period end. |
| (d) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $15,059,700 or 0.1% of net assets. |
| (e) | 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 $97,664,224 or 0.6% of net assets. |
| (f) | Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes. |
| (g) | Amount is stated in United States dollars unless otherwise noted. |
| (h) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (i) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) |
| Aledade, Inc. Series B1 | 5/07/21 | 2,587,915 |
| | | |
| Aledade, Inc. Series E1 | 5/20/22 | 738,349 |
| | | |
| Ant International Co. Ltd. Class C | 5/16/18 | 21,348,159 |
| | | |
| Aristea Therapeutics, Inc. Series B | 10/06/20 | 2,160,317 |
| | | |
| Asimov, Inc. Series B | 10/29/21 | 3,247,902 |
| | | |
| Caris Life Sciences, Inc. | 10/06/22 | 1,271,553 |
| | | |
| Caris Life Sciences, Inc. Series D | 5/11/21 | 8,726,381 |
| | | |
| Circle Internet Financial Ltd. Series E | 5/11/21 | 6,298,800 |
| | | |
| Circle Internet Financial Ltd. Series F | 5/09/22 | 6,744,676 |
| | | |
| Cleerly, Inc. Series C | 7/08/22 | 4,846,845 |
| | | |
| dMed Biopharmaceutical Co. Ltd. Series C | 12/01/20 | 5,910,953 |
| | | |
| Element Biosciences, Inc. Series C | 6/21/21 | 4,008,885 |
| | | |
| ElevateBio LLC Series C | 3/09/21 | 2,626,070 |
| | | |
| Galvanize Therapeutics Series B | 3/29/22 | 1,926,207 |
| | | |
| Inscripta, Inc. Series E | 3/30/21 | 3,739,275 |
| | | |
| Omada Health, Inc. Series E | 12/22/21 | 3,582,432 |
| | | |
| Reddit, Inc. Series F | 8/11/21 | 14,625,004 |
| | | |
| Starling Bank Ltd. Series D | 6/18/21 | 8,257,037 |
| | | |
| The Beauty Health Co. | 12/08/20 | 6,000,000 |
| | | |
| The Oncology Institute, Inc. | 6/28/21 | 7,619,360 |
| | | |
| Thriveworks TopCo LLC Series B | 7/23/21 - 2/25/22 | 4,060,362 |
| | | |
| Wugen, Inc. Series B | 7/09/21 | 1,203,173 |
| | | |
| X Holdings I, Inc. | 10/27/21 | 2,390,803 |
| | | |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 4.37% | 149,637,573 | 1,970,848,607 | 1,897,753,408 | 1,650,946 | - | - | 222,732,772 | 0.5% |
| Fidelity Securities Lending Cash Central Fund 4.37% | 130,631,814 | 381,600,992 | 463,052,803 | 361,057 | - | - | 49,180,003 | 0.2% |
| Total | 280,269,387 | 2,352,449,599 | 2,360,806,211 | 2,012,003 | - | - | 271,912,775 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of December 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 1,109,041,720 | 1,100,175,987 | - | 8,865,733 |
Consumer Discretionary | 1,517,538,306 | 1,474,854,584 | 28,294,784 | 14,388,938 |
Consumer Staples | 1,067,133,026 | 1,055,479,681 | 11,653,343 | 2 |
Energy | 808,117,407 | 808,117,407 | - | - |
Financials | 1,749,258,007 | 1,616,718,161 | 102,079,997 | 30,459,849 |
Health Care | 2,318,709,534 | 2,187,801,551 | 93,349,782 | 37,558,201 |
Industrials | 1,442,024,400 | 1,442,024,400 | - | - |
Information Technology | 3,701,285,759 | 3,618,704,056 | 81,316,531 | 1,265,172 |
Materials | 464,676,491 | 454,530,811 | 10,145,680 | - |
Real Estate | 489,990,414 | 489,990,414 | - | - |
Utilities | 458,069,439 | 458,069,439 | - | - |
|
| Corporate Bonds | 5,941,650 | - | 5,941,650 | - |
|
| Money Market Funds | 271,912,775 | 271,912,775 | - | - |
| Total Investments in Securities: | 15,403,698,928 | 14,978,379,266 | 332,781,767 | 92,537,895 |
| Statement of Assets and Liabilities |
| | | | December 31, 2022 (Unaudited) |
| | | | | |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $47,673,601) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $11,520,640,877) | | $15,131,786,153 | | |
Fidelity Central Funds (cost $271,912,775) | | 271,912,775 | | |
| | | | | |
| Total Investment in Securities (cost $11,792,553,652) | | | $ | 15,403,698,928 |
| Foreign currency held at value (cost $1,068,531) | | | | 1,076,935 |
| Receivable for investments sold | | | | 6,668,665 |
| Receivable for fund shares sold | | | | 23,917,195 |
| Dividends receivable | | | | 14,806,467 |
| Distributions receivable from Fidelity Central Funds | | | | 537,633 |
| Other receivables | | | | 449,889 |
Total assets | | | | 15,451,155,712 |
| Liabilities | | | | |
| Payable to custodian bank | | $689,614 | | |
| Payable for investments purchased | | 6,075,181 | | |
| Payable for fund shares redeemed | | 271,721 | | |
| Other payables and accrued expenses | | 21,791 | | |
| Collateral on securities loaned | | 49,180,003 | | |
| Total Liabilities | | | | 56,238,310 |
| Net Assets | | | $ | 15,394,917,402 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 11,812,993,686 |
| Total accumulated earnings (loss) | | | | 3,581,923,716 |
| Net Assets | | | $ | 15,394,917,402 |
Net Asset Value , offering price and redemption price per share ($15,394,917,402 ÷ 148,945,124 shares) | | | $ | 103.36 |
| | | | | |
| Statement of Operations |
| | | | Six months ended December 31, 2022 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 102,641,669 |
| Interest | | | | 559,781 |
| Income from Fidelity Central Funds (including $361,057 from security lending) | | | | 2,012,003 |
| Total Income | | | | 105,213,453 |
| Expenses | | | | |
| Custodian fees and expenses | | 47,414 | | |
| Independent trustees' fees and expenses | | 29,266 | | |
| Interest | | 32,029 | | |
| Total Expenses | | | | 108,709 |
| Net Investment income (loss) | | | | 105,104,744 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 204,427,874 | | |
| Foreign currency transactions | | (181,843) | | |
| Futures contracts | | 5,672,290 | | |
| Total net realized gain (loss) | | | | 209,918,321 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 305,460,867 | | |
| Assets and liabilities in foreign currencies | | 82,574 | | |
| Futures contracts | | 4,666 | | |
| Total change in net unrealized appreciation (depreciation) | | | | 305,548,107 |
| Net gain (loss) | | | | 515,466,428 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 620,571,172 |
| Statement of Changes in Net Assets |
| |
| | Six months ended December 31, 2022 (Unaudited) | | Year ended June 30, 2022 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 105,104,744 | $ | 259,201,447 |
| Net realized gain (loss) | | 209,918,321 | | 4,400,424,206 |
| Change in net unrealized appreciation (depreciation) | | 305,548,107 | | (7,653,205,554) |
| Net increase (decrease) in net assets resulting from operations | | 620,571,172 | | (2,993,579,901) |
| Distributions to shareholders | | (363,604,413) | | (1,982,604,210) |
| Affiliated share transactions | | | | |
| Proceeds from sales of shares | | 249,006,268 | | 1,480,601,338 |
| Reinvestment of distributions | | 363,604,413 | | 1,982,604,210 |
| Cost of shares redeemed | | (2,107,376,352) | | (10,094,925,893) |
Net increase (decrease) in net assets resulting from share transactions | | (1,494,765,671) | | (6,631,720,345) |
| Total increase (decrease) in net assets | | (1,237,798,912) | | (11,607,904,456) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 16,632,716,314 | | 28,240,620,770 |
| End of period | $ | 15,394,917,402 | $ | 16,632,716,314 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 2,377,506 | | 11,218,721 |
| Issued in reinvestment of distributions | | 3,441,746 | | 15,351,739 |
| Redeemed | | (19,506,298) | | (76,700,915) |
| Net increase (decrease) | | (13,687,046) | | (50,130,455) |
| | | | | |
Financial Highlights
| Fidelity® U.S. Equity Central Fund |
| |
| | Six months ended (Unaudited) December 31, 2022 | | Years ended June 30, 2022 | | 2021 A |
Selected Per-Share Data | | | | | | |
| Net asset value, beginning of period | $ | 102.27 | $ | 132.73 | $ | 100.00 |
| Income from Investment Operations | | | | | | |
Net investment income (loss) B,C | | .68 | | 1.41 | | 1.05 |
| Net realized and unrealized gain (loss) | | 2.88 | | (19.85) | | 33.21 |
| Total from investment operations | | 3.56 | | (18.44) | | 34.26 |
| Distributions from net investment income | | (.94) | | (1.38) | | (.87) |
| Distributions from net realized gain | | (1.54) | | (10.64) | | (.66) |
| Total distributions | | (2.47) D | | (12.02) | | (1.53) |
| Net asset value, end of period | $ | 103.36 | $ | 102.27 | $ | 132.73 |
Total Return E,F | | 3.44% | | (15.73)% | | 34.47% |
Ratios to Average Net Assets C,G,H | | | | | | |
Expenses before reductions I | | -% J | | -% | | -% J |
Expenses net of fee waivers, if any I | | -% J | | -% | | -% J |
Expenses net of all reductions I | | -% J | | -% | | -% J |
| Net investment income (loss) | | 1.28% J | | 1.10% | | 1.12% J |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $ | 15,394,917 | $ | 16,632,716 | $ | 28,240,621 |
Portfolio turnover rate K | | 23% J | | 34% L | | 47% J,M |
A For the period September 18, 2020 (commencement of operations) through June 30, 2021.
B Calculated based on average shares outstanding during the period.
C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
D Total distributions per share do not sum due to rounding.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G 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.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
I Amount represents less than .005%.
J Annualized.
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
L Portfolio turnover rate excludes securities received or delivered in-kind.
M The portfolio turnover rate does not include the assets acquired in the merger.
For the period ended December 31, 2022
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% |
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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2022 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), redemptions in-kind, partnerships and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $4,716,640,558 |
| Gross unrealized depreciation | (1,166,670,547) |
| Net unrealized appreciation (depreciation) | $3,549,970,011 |
| Tax cost | $11,853,728,917 |
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.
Consolidated Subsidiary. The Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.
As of period end, investments in Subsidiaries were as follows:
| | $ Amount | % of Net Assets |
| Fidelity U.S. Equity Central Fund | 2,340,210 | .02 |
The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.
At period end, any estimated tax liability for these investments is presented as "Deferred taxes" in the Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Statement of Operations. The tax liability incurred may differ materially depending on conditions when these investments are disposed. Any cash held by a Subsidiary is restricted as to its use and is presented as "Restricted cash" in the Statement of Assets and Liabilities, if applicable.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
Derivatives were used to increase or decrease exposure to the following risk(s):
| | |
| Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity U.S. Equity Central Fund | 1,879,519,508 | 3,735,492,748 |
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 | $53,508 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with FMR, or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| | Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense |
| Fidelity U.S. Equity Central Fund | Borrower | $64,263,857 | 2.56% | $32,029 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity U.S. Equity Central Fund | 118,680,398 | 324,440,361 | 37,146,167 |
Prior Fiscal Year Affiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| | Shares | Total net realized gain or loss ($) | Total Proceeds ($) |
| Fidelity U.S. Equity Central Fund | 42,998,101 | 3,072,585,365 | 6,008,984,643 |
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 | $36,533 | $27,647 | $458,435 |
8. Other.
A fund's organizational documents provide former and current directors and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
9. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.
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 (July 1, 2022 to December 31, 2022). |
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. In addition, if these transactional costs were included, your costs would have been higher.
| | | | | Annualized Expense Ratio- A | | Beginning Account Value July 1, 2022 | | Ending Account Value December 31, 2022 | | Expenses Paid During Period- C July 1, 2022 to December 31, 2022 |
| | | | | | | | | | |
| Fidelity® U.S. Equity Central Fund | | | | 0.0013% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 1,034.40 | | $ .01 |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,025.20 | | $ .01 |
| |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
1.9900194.102
USE-SANN-0323
Item 2.
Code of Ethics
Not applicable.
Item 3.
Audit Committee Financial Expert
Not applicable.
Item 4.
Principal Accountant Fees and Services
Not applicable.
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable
Item 7.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Central Investment Portfolios LLC’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Central Investment Portfolios LLC’s (the “Trust”) disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.
Item 12.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 13.
Exhibits
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: | February 21, 2023 |
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: | February 21, 2023 |
| |
By: | /s/John J. Burke III |
| John J. Burke III |
| Chief Financial Officer |
|
|
Date: | February 21, 2023 |
