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: | December 31 |
Date of reporting period: | December 31, 2020 |
Item 1.
Reports to Stockholders
Fidelity® U.S. Equity Central Fund
Semi-Annual Report
December 31, 2020
Contents
Board Approval of Investment Advisory Contracts and Management Fees |
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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, 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.
Investment Summary (Unaudited)
Top Ten Stocks as of December 31, 2020
% of fund's net assets | |
Apple, Inc. | 5.8 |
Microsoft Corp. | 5.4 |
Amazon.com, Inc. | 3.5 |
Alphabet, Inc. Class A | 3.4 |
Facebook, Inc. Class A | 1.9 |
UnitedHealth Group, Inc. | 1.1 |
Adobe, Inc. | 1.1 |
Capital One Financial Corp. | 1.0 |
Procter & Gamble Co. | 1.0 |
Salesforce.com, Inc. | 1.0 |
25.2 |
Top Market Sectors as of December 31, 2020
% of fund's net assets | |
Information Technology | 26.0 |
Health Care | 13.6 |
Consumer Discretionary | 11.7 |
Financials | 11.3 |
Communication Services | 10.2 |
Industrials | 8.5 |
Consumer Staples | 6.1 |
Real Estate | 2.9 |
Utilities | 2.5 |
Materials | 2.5 |
Asset Allocation (% of fund's net assets)
As of December 31, 2020* | ||
Stocks | 98.5% | |
Short-Term Investments and Net Other Assets (Liabilities) | 1.5% |
* Foreign investments - 8.6%
Schedule of Investments December 31, 2020 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.6% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 10.2% | |||
Diversified Telecommunication Services - 0.3% | |||
Liberty Global PLC Class C (a) | 2,198,618 | $51,997,316 | |
Liberty Latin America Ltd. Class C (a) | 1,289,434 | 14,299,823 | |
Vonage Holdings Corp. (a) | 868,028 | 11,175,861 | |
77,473,000 | |||
Entertainment - 2.7% | |||
Activision Blizzard, Inc. | 1,131,225 | 105,034,241 | |
Cinemark Holdings, Inc. (b) | 1,639,500 | 28,543,695 | |
Electronic Arts, Inc. | 827,562 | 118,837,903 | |
Lions Gate Entertainment Corp.: | |||
Class A (a)(b) | 94,500 | 1,074,465 | |
Class B (a) | 927,526 | 9,627,720 | |
Live Nation Entertainment, Inc. (a) | 139,139 | 10,223,934 | |
Netflix, Inc. (a) | 226,505 | 122,478,049 | |
Sea Ltd. ADR (a) | 67,300 | 13,396,065 | |
Spotify Technology SA (a) | 23,200 | 7,300,112 | |
Take-Two Interactive Software, Inc. (a) | 152,060 | 31,596,547 | |
The Walt Disney Co. | 1,131,920 | 205,081,266 | |
World Wrestling Entertainment, Inc. Class A (b) | 491,824 | 23,632,143 | |
Zynga, Inc. (a) | 1,057,588 | 10,438,394 | |
687,264,534 | |||
Interactive Media & Services - 5.6% | |||
Alphabet, Inc. Class A (a) | 481,120 | 843,230,157 | |
ANGI Homeservices, Inc. Class A (a) | 1,470,502 | 19,403,274 | |
Facebook, Inc. Class A (a) | 1,727,825 | 471,972,677 | |
InterActiveCorp (a) | 43,100 | 8,160,985 | |
Match Group, Inc. (a) | 328,627 | 49,685,116 | |
1,392,452,209 | |||
Media - 0.9% | |||
Altice U.S.A., Inc. Class A (a) | 19,392 | 734,375 | |
Comcast Corp. Class A | 969,782 | 50,816,577 | |
DISH Network Corp. Class A (a) | 212,263 | 6,864,585 | |
Liberty Broadband Corp.: | |||
Class A (a) | 447,527 | 70,521,305 | |
Class C (a) | 153,495 | 24,309,003 | |
Liberty Media Corp.: | |||
Liberty Media Class A (a) | 531,371 | 20,186,784 | |
Liberty SiriusXM Series A (a) | 338,730 | 14,629,749 | |
Liberty SiriusXM Series C (a) | 60,991 | 2,653,718 | |
Nexstar Broadcasting Group, Inc. Class A | 79,100 | 8,636,929 | |
S4 Capital PLC (a) | 198,200 | 1,355,192 | |
Sinclair Broadcast Group, Inc. Class A | 43,888 | 1,397,833 | |
ViacomCBS, Inc. Class B (b) | 432,243 | 16,105,374 | |
218,211,424 | |||
Wireless Telecommunication Services - 0.7% | |||
Millicom International Cellular SA (a) | 731,200 | 28,355,936 | |
T-Mobile U.S., Inc. | 1,153,438 | 155,541,114 | |
183,897,050 | |||
TOTAL COMMUNICATION SERVICES | 2,559,298,217 | ||
CONSUMER DISCRETIONARY - 11.7% | |||
Automobiles - 1.0% | |||
Ferrari NV | 33,902 | 7,781,187 | |
Tesla, Inc. (a) | 335,950 | 237,069,837 | |
Thor Industries, Inc. | 14,100 | 1,311,159 | |
246,162,183 | |||
Diversified Consumer Services - 0.1% | |||
Bright Horizons Family Solutions, Inc. (a) | 47,800 | 8,268,922 | |
Grand Canyon Education, Inc. (a) | 138,895 | 12,932,513 | |
New Oriental Education & Technology Group, Inc. sponsored ADR (a) | 35,488 | 6,594,025 | |
27,795,460 | |||
Hotels, Restaurants & Leisure - 1.7% | |||
Airbnb, Inc. Class A | 98,200 | 14,415,760 | |
ARAMARK Holdings Corp. | 347,800 | 13,383,344 | |
Caesars Entertainment, Inc. (a) | 414,016 | 30,748,968 | |
Chipotle Mexican Grill, Inc. (a) | 26,027 | 36,091,901 | |
Churchill Downs, Inc. | 123,951 | 24,144,415 | |
Compass Group PLC | 614,800 | 11,466,854 | |
Extended Stay America, Inc. unit | 896,100 | 13,271,241 | |
Flutter Entertainment PLC | 11,700 | 2,417,562 | |
Hilton Worldwide Holdings, Inc. | 370,466 | 41,218,047 | |
Marriott International, Inc. Class A | 88,300 | 11,648,536 | |
Marriott Vacations Worldwide Corp. | 113,070 | 15,515,465 | |
McDonald's Corp. | 177,809 | 38,154,255 | |
Noodles & Co. (a) | 854,272 | 6,748,749 | |
Penn National Gaming, Inc. (a) | 264,111 | 22,811,267 | |
Planet Fitness, Inc. (a) | 179,332 | 13,921,543 | |
Restaurant Brands International, Inc. | 233,600 | 14,283,202 | |
Starbucks Corp. | 798,237 | 85,395,394 | |
Vail Resorts, Inc. | 39,379 | 10,985,166 | |
Wendy's Co. | 465,300 | 10,199,376 | |
416,821,045 | |||
Household Durables - 0.4% | |||
D.R. Horton, Inc. | 428,729 | 29,548,003 | |
Lennar Corp. Class A | 283,976 | 21,647,490 | |
NVR, Inc. (a) | 5,838 | 23,818,223 | |
Purple Innovation, Inc. (a) | 97,425 | 3,209,180 | |
Sony Corp. | 123,800 | 12,475,089 | |
Tempur Sealy International, Inc. (a) | 108,000 | 2,916,000 | |
Tupperware Brands Corp. (a) | 73,309 | 2,374,479 | |
95,988,464 | |||
Internet & Direct Marketing Retail - 4.1% | |||
Alibaba Group Holding Ltd. sponsored ADR (a) | 18,900 | 4,398,597 | |
Amazon.com, Inc. (a) | 266,542 | 868,108,636 | |
ContextLogic, Inc. | 40,500 | 738,720 | |
Doordash, Inc. (b) | 192,400 | 27,465,100 | |
Expedia, Inc. | 309,200 | 40,938,080 | |
Farfetch Ltd. Class A (a) | 120,300 | 7,676,343 | |
MercadoLibre, Inc. (a) | 20,100 | 33,671,922 | |
Ocado Group PLC (a) | 171,400 | 5,360,488 | |
The Booking Holdings, Inc. (a) | 7,500 | 16,704,525 | |
The Honest Co., Inc. (a)(c)(d) | 171,220 | 4,548,973 | |
The RealReal, Inc. (a) | 407,483 | 7,962,218 | |
Wayfair LLC Class A (a) | 40,318 | 9,104,208 | |
1,026,677,810 | |||
Leisure Products - 0.0% | |||
Vista Outdoor, Inc. (a) | 113,800 | 2,703,888 | |
Multiline Retail - 0.7% | |||
B&M European Value Retail SA | 926,152 | 6,537,739 | |
Dollar General Corp. | 298,561 | 62,787,378 | |
Dollar Tree, Inc. (a) | 333,337 | 36,013,729 | |
Kohl's Corp. | 88,400 | 3,596,996 | |
Nordstrom, Inc. | 343,700 | 10,726,877 | |
Ollie's Bargain Outlet Holdings, Inc. (a) | 253,459 | 20,725,342 | |
Target Corp. | 225,500 | 39,807,515 | |
180,195,576 | |||
Specialty Retail - 2.2% | |||
American Eagle Outfitters, Inc. | 208,000 | 4,174,560 | |
Aritzia LP (a) | 146,200 | 2,962,132 | |
AutoZone, Inc. (a) | 15,016 | 17,800,567 | |
Best Buy Co., Inc. | 174,531 | 17,416,448 | |
Burlington Stores, Inc. (a) | 179,394 | 46,920,501 | |
Carvana Co. Class A (a) | 19,010 | 4,553,655 | |
Dick's Sporting Goods, Inc. | 221,000 | 12,422,410 | |
Five Below, Inc. (a) | 124,629 | 21,807,582 | |
Floor & Decor Holdings, Inc. Class A (a) | 227,061 | 21,082,614 | |
L Brands, Inc. | 51,374 | 1,910,599 | |
Lowe's Companies, Inc. | 523,930 | 84,096,004 | |
National Vision Holdings, Inc. (a) | 180,839 | 8,190,198 | |
O'Reilly Automotive, Inc. (a) | 51,227 | 23,183,803 | |
Ross Stores, Inc. | 384,347 | 47,201,655 | |
Sally Beauty Holdings, Inc. (a) | 291,200 | 3,797,248 | |
The Home Depot, Inc. | 569,913 | 151,380,291 | |
TJX Companies, Inc. | 951,886 | 65,004,295 | |
Ulta Beauty, Inc. (a) | 27,500 | 7,896,900 | |
541,801,462 | |||
Textiles, Apparel & Luxury Goods - 1.5% | |||
adidas AG | 33,709 | 12,263,501 | |
Canada Goose Holdings, Inc. (a) | 110,000 | 3,270,013 | |
Capri Holdings Ltd. (a) | 1,969,805 | 82,731,810 | |
Crocs, Inc. (a) | 14,100 | 883,506 | |
Deckers Outdoor Corp. (a) | 85,685 | 24,572,744 | |
G-III Apparel Group Ltd. (a) | 186,200 | 4,420,388 | |
Hermes International SCA | 3,600 | 3,868,428 | |
Levi Strauss & Co. Class A | 278,400 | 5,590,272 | |
lululemon athletica, Inc. (a) | 60,150 | 20,934,005 | |
LVMH Moet Hennessy Louis Vuitton SE | 29,391 | 18,398,808 | |
NIKE, Inc. Class B | 788,652 | 111,570,598 | |
Puma AG | 15,900 | 1,789,178 | |
PVH Corp. | 473,049 | 44,414,571 | |
Ralph Lauren Corp. | 179,427 | 18,613,757 | |
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) | 108,000 | 3,881,520 | |
Tapestry, Inc. | 982,910 | 30,548,843 | |
387,751,942 | |||
TOTAL CONSUMER DISCRETIONARY | 2,925,897,830 | ||
CONSUMER STAPLES - 6.1% | |||
Beverages - 2.0% | |||
Boston Beer Co., Inc. Class A (a) | 500 | 497,145 | |
Coca-Cola Bottling Co. Consolidated | 1,800 | 479,286 | |
Constellation Brands, Inc. Class A (sub. vtg.) | 136,566 | 29,914,782 | |
Diageo PLC | 647,462 | 25,619,270 | |
GURU Organic Energy Corp. (a) | 106,800 | 1,695,678 | |
Keurig Dr. Pepper, Inc. | 1,708,600 | 54,675,200 | |
Molson Coors Beverage Co. Class B | 134,100 | 6,059,979 | |
Monster Beverage Corp. (a) | 688,878 | 63,707,437 | |
PepsiCo, Inc. | 821,300 | 121,798,790 | |
Primo Water Corp. | 315,500 | 4,947,040 | |
The Coca-Cola Co. | 3,429,161 | 188,055,189 | |
497,449,796 | |||
Food & Staples Retailing - 1.1% | |||
BJ's Wholesale Club Holdings, Inc. (a) | 509,546 | 18,995,875 | |
Costco Wholesale Corp. | 172,500 | 64,994,550 | |
Grocery Outlet Holding Corp. (a)(b) | 90,200 | 3,540,350 | |
Kroger Co. | 1,474,723 | 46,837,202 | |
Performance Food Group Co. (a) | 447,201 | 21,291,240 | |
Sysco Corp. | 80,900 | 6,007,634 | |
U.S. Foods Holding Corp. (a) | 931,636 | 31,032,795 | |
Walgreens Boots Alliance, Inc. | 64,500 | 2,572,260 | |
Walmart, Inc. | 532,200 | 76,716,630 | |
271,988,536 | |||
Food Products - 0.9% | |||
Archer Daniels Midland Co. | 30,500 | 1,537,505 | |
Bunge Ltd. | 104,300 | 6,839,994 | |
Campbell Soup Co. (b) | 63,900 | 3,089,565 | |
Conagra Brands, Inc. | 387,800 | 14,061,628 | |
Danone SA | 101,012 | 6,647,212 | |
Darling Ingredients, Inc. (a) | 87,600 | 5,052,768 | |
Farmer Brothers Co. (a) | 184,000 | 859,280 | |
Freshpet, Inc. (a) | 19,130 | 2,716,269 | |
General Mills, Inc. | 168,700 | 9,919,560 | |
JDE Peet's BV | 174,900 | 7,894,980 | |
Laird Superfood, Inc. | 31,500 | 1,490,580 | |
Lamb Weston Holdings, Inc. | 351,900 | 27,708,606 | |
Mondelez International, Inc. | 1,634,312 | 95,558,223 | |
Nomad Foods Ltd. (a) | 193,500 | 4,918,770 | |
Pilgrim's Pride Corp. (a) | 35,600 | 698,116 | |
Post Holdings, Inc. (a) | 120,400 | 12,161,604 | |
Sanderson Farms, Inc. | 15,100 | 1,996,220 | |
The Kraft Heinz Co. | 179,100 | 6,207,606 | |
TreeHouse Foods, Inc. (a) | 355,100 | 15,088,199 | |
Tyson Foods, Inc. Class A | 217,800 | 14,035,032 | |
238,481,717 | |||
Household Products - 1.4% | |||
Clorox Co. | 24,700 | 4,987,424 | |
Energizer Holdings, Inc. | 284,600 | 12,004,428 | |
Kimberly-Clark Corp. | 506,400 | 68,277,912 | |
Procter & Gamble Co. | 1,850,893 | 257,533,252 | |
Reckitt Benckiser Group PLC | 76,300 | 6,810,096 | |
Reynolds Consumer Products, Inc. | 360,200 | 10,820,408 | |
Spectrum Brands Holdings, Inc. | 21,888 | 1,728,714 | |
362,162,234 | |||
Personal Products - 0.2% | |||
Edgewell Personal Care Co. | 305,800 | 10,574,564 | |
Herbalife Nutrition Ltd. (a) | 509,600 | 24,486,280 | |
Unilever PLC | 73,454 | 4,447,719 | |
Yatsen Holding Ltd. ADR | 85,700 | 1,456,900 | |
40,965,463 | |||
Tobacco - 0.5% | |||
Altria Group, Inc. | 1,584,167 | 64,950,847 | |
Philip Morris International, Inc. | 683,653 | 56,599,632 | |
121,550,479 | |||
TOTAL CONSUMER STAPLES | 1,532,598,225 | ||
ENERGY - 2.3% | |||
Energy Equipment & Services - 0.3% | |||
Baker Hughes Co. Class A | 737,554 | 15,378,001 | |
Oceaneering International, Inc. (a) | 1,940,200 | 15,424,590 | |
SBM Offshore NV | 619,600 | 11,781,683 | |
Subsea 7 SA (a) | 2,649,200 | 27,219,998 | |
TechnipFMC PLC | 659,800 | 6,202,120 | |
76,006,392 | |||
Oil, Gas & Consumable Fuels - 2.0% | |||
Africa Oil Corp. (a) | 6,090,176 | 5,406,473 | |
Aker BP ASA | 272,800 | 6,883,828 | |
Apache Corp. | 1,930,400 | 27,392,376 | |
Black Stone Minerals LP | 424,800 | 2,837,664 | |
Canadian Natural Resources Ltd. | 1,694,359 | 40,718,393 | |
Cheniere Energy, Inc. (a) | 314,478 | 18,878,114 | |
Chevron Corp. | 121,342 | 10,247,332 | |
Equinor ASA sponsored ADR | 1,127,400 | 18,511,908 | |
Exxon Mobil Corp. | 3,554,938 | 146,534,544 | |
Hess Corp. | 1,001,875 | 52,888,981 | |
Kosmos Energy Ltd. | 6,699,545 | 15,743,931 | |
Magellan Midstream Partners LP | 422,200 | 17,918,168 | |
Marathon Petroleum Corp. | 72,400 | 2,994,464 | |
MEG Energy Corp. (a) | 8,777,000 | 30,683,989 | |
Phillips 66 Co. | 566,859 | 39,646,118 | |
Royal Dutch Shell PLC Class B sponsored ADR | 643,600 | 21,631,396 | |
Targa Resources Corp. | 267,900 | 7,067,202 | |
Total SA sponsored ADR | 292,300 | 12,250,293 | |
Valero Energy Corp. | 514,286 | 29,093,159 | |
507,328,333 | |||
TOTAL ENERGY | 583,334,725 | ||
FINANCIALS - 11.3% | |||
Banks - 3.2% | |||
Bank of America Corp. | 4,912,678 | 148,903,270 | |
Citigroup, Inc. | 1,527,900 | 94,210,314 | |
Comerica, Inc. | 845,200 | 47,212,872 | |
First Horizon National Corp. | 2,403,469 | 30,668,264 | |
Huntington Bancshares, Inc. | 2,187,397 | 27,626,824 | |
JPMorgan Chase & Co. | 942,300 | 119,738,061 | |
KeyCorp | 1,893,695 | 31,075,535 | |
M&T Bank Corp. | 282,428 | 35,953,084 | |
Piraeus Bank SA (a) | 4,160,204 | 6,607,007 | |
Signature Bank | 163,146 | 22,072,022 | |
Societe Generale Series A | 1,232,600 | 25,624,052 | |
Standard Chartered PLC (United Kingdom) | 1,916,600 | 12,211,008 | |
Wells Fargo & Co. | 5,887,177 | 177,675,002 | |
Wintrust Financial Corp. | 339,000 | 20,709,510 | |
800,286,825 | |||
Capital Markets - 3.0% | |||
Bank of New York Mellon Corp. | 4,180,000 | 177,399,200 | |
BlackRock, Inc. Class A | 134,814 | 97,273,694 | |
Brookfield Asset Management, Inc. Class A | 507,700 | 20,952,779 | |
Cboe Global Markets, Inc. | 286,472 | 26,676,273 | |
Hamilton Lane, Inc. Class A | 271,496 | 21,190,263 | |
Intercontinental Exchange, Inc. | 713,800 | 82,294,002 | |
Lazard Ltd. Class A | 303,586 | 12,841,688 | |
Morgan Stanley | 2,215,584 | 151,833,972 | |
State Street Corp. | 789,900 | 57,488,922 | |
StepStone Group, Inc. Class A | 1,468,125 | 55,509,806 | |
Vesper Healthcare Acquisition Corp. Class A (a) | 100,000 | 1,131,000 | |
Virtu Financial, Inc. Class A | 1,873,731 | 47,161,809 | |
751,753,408 | |||
Consumer Finance - 1.8% | |||
Ally Financial, Inc. | 1,155,145 | 41,192,471 | |
Capital One Financial Corp. | 2,632,574 | 260,229,940 | |
Discover Financial Services | 521,700 | 47,229,501 | |
OneMain Holdings, Inc. | 1,473,211 | 70,949,842 | |
SLM Corp. | 3,084,065 | 38,211,565 | |
457,813,319 | |||
Diversified Financial Services - 0.7% | |||
Ant International Co. Ltd. Class C (a)(c)(d) | 3,805,376 | 32,726,234 | |
Berkshire Hathaway, Inc. Class B (a) | 224,700 | 52,101,189 | |
Jaws Acquisition Corp. (a) | 1,280,000 | 17,164,800 | |
Skillz, Inc. (a)(b) | 834,300 | 16,686,000 | |
Voya Financial, Inc. | 843,600 | 49,612,116 | |
168,290,339 | |||
Insurance - 2.2% | |||
American International Group, Inc. | 1,394,363 | 52,790,583 | |
Arch Capital Group Ltd. (a) | 532,300 | 19,200,061 | |
Arthur J. Gallagher & Co. | 318,300 | 39,376,893 | |
Chubb Ltd. | 321,900 | 49,546,848 | |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 79,000 | 26,926,035 | |
Hartford Financial Services Group, Inc. | 1,231,869 | 60,336,944 | |
Marsh & McLennan Companies, Inc. | 481,550 | 56,341,350 | |
Reinsurance Group of America, Inc. | 258,400 | 29,948,560 | |
The Travelers Companies, Inc. | 1,255,378 | 176,217,410 | |
Willis Towers Watson PLC | 173,428 | 36,537,811 | |
547,222,495 | |||
Mortgage Real Estate Investment Trusts - 0.1% | |||
AGNC Investment Corp. | 1,402,100 | 21,872,760 | |
Thrifts & Mortgage Finance - 0.3% | |||
Essent Group Ltd. | 819,933 | 35,421,106 | |
MGIC Investment Corp. | 2,297,419 | 28,832,608 | |
Mr. Cooper Group, Inc. (a) | 20 | 621 | |
64,254,335 | |||
TOTAL FINANCIALS | 2,811,493,481 | ||
HEALTH CARE - 13.6% | |||
Biotechnology - 3.6% | |||
Acceleron Pharma, Inc. (a) | 170,000 | 21,749,800 | |
ADC Therapeutics SA (a) | 344,324 | 11,021,811 | |
Alnylam Pharmaceuticals, Inc. (a) | 300,000 | 38,991,000 | |
Aprea Therapeutics, Inc. (a) | 95,700 | 470,844 | |
Arcutis Biotherapeutics, Inc. (a) | 280,000 | 7,876,400 | |
Argenx SE ADR (a) | 228,000 | 67,052,520 | |
Ascendis Pharma A/S sponsored ADR (a) | 345,000 | 57,539,100 | |
BeiGene Ltd. ADR (a) | 60,000 | 15,503,400 | |
BioAtla, Inc. | 280,000 | 9,522,800 | |
Black Diamond Therapeutics, Inc. (a) | 120,000 | 3,846,000 | |
Blueprint Medicines Corp. (a) | 140,000 | 15,701,000 | |
Denali Therapeutics, Inc. (a) | 138,400 | 11,592,384 | |
Exelixis, Inc. (a) | 640,000 | 12,844,800 | |
Fate Therapeutics, Inc. (a) | 280,000 | 25,460,400 | |
Forma Therapeutics Holdings, Inc. | 250,000 | 8,725,000 | |
Generation Bio Co. | 52,800 | 1,496,880 | |
Generation Bio Co. (e) | 59,945 | 1,699,441 | |
Innovent Biologics, Inc. (a)(e) | 2,250,000 | 23,813,440 | |
Insmed, Inc. (a) | 400,000 | 13,316,000 | |
Kinnate Biopharma, Inc. | 100,000 | 3,978,000 | |
Kura Oncology, Inc. (a) | 440,000 | 14,370,400 | |
Kymera Therapeutics, Inc. (a) | 160,000 | 9,920,000 | |
Mirati Therapeutics, Inc. (a) | 84,000 | 18,449,760 | |
Neurocrine Biosciences, Inc. (a) | 328,000 | 31,438,800 | |
ORIC Pharmaceuticals, Inc. (a) | 250,000 | 8,462,500 | |
Passage Bio, Inc. | 212,500 | 5,433,625 | |
Poseida Therapeutics, Inc. (a) | 78,900 | 865,533 | |
Poseida Therapeutics, Inc. | 516,591 | 5,610,333 | |
Prelude Therapeutics, Inc. | 280,000 | 20,034,000 | |
PTC Therapeutics, Inc. (a) | 208,000 | 12,694,240 | |
Regeneron Pharmaceuticals, Inc. (a) | 269,000 | 129,956,590 | |
Relay Therapeutics, Inc. (a) | 200,000 | 8,312,000 | |
Repare Therapeutics, Inc. | 175,600 | 6,023,080 | |
Revolution Medicines, Inc. | 440,000 | 17,419,600 | |
Sage Therapeutics, Inc. (a) | 48,026 | 4,154,729 | |
Sarepta Therapeutics, Inc. (a) | 280,000 | 47,737,200 | |
Scholar Rock Holding Corp. (a) | 53,500 | 2,596,355 | |
Shattuck Labs, Inc. (b) | 315,300 | 16,524,873 | |
Stoke Therapeutics, Inc. (a) | 280,000 | 17,340,400 | |
Taysha Gene Therapies, Inc. | 160,000 | 4,246,400 | |
TG Therapeutics, Inc. (a) | 500,000 | 26,010,000 | |
Turning Point Therapeutics, Inc. (a) | 170,000 | 20,714,500 | |
uniQure B.V. (a) | 228,000 | 8,237,640 | |
Vaxcyte, Inc. | 220,000 | 5,845,400 | |
Vertex Pharmaceuticals, Inc. (a) | 120,000 | 28,360,800 | |
Viela Bio, Inc. (a) | 400,000 | 14,388,000 | |
Xencor, Inc. (a) | 460,000 | 20,069,800 | |
Zentalis Pharmaceuticals, Inc. | 381,819 | 19,831,679 | |
Zymeworks, Inc. (a) | 338,106 | 15,978,890 | |
893,228,147 | |||
Health Care Equipment & Supplies - 2.8% | |||
Becton, Dickinson & Co. | 128,000 | 32,028,160 | |
Boston Scientific Corp. (a) | 3,000,000 | 107,850,000 | |
Danaher Corp. | 725,000 | 161,051,500 | |
DexCom, Inc. (a) | 34,000 | 12,570,480 | |
Hologic, Inc. (a) | 930,000 | 67,731,900 | |
Hoya Corp. | 98,000 | 13,543,751 | |
Insulet Corp. (a) | 360,000 | 92,026,800 | |
Intuitive Surgical, Inc. (a) | 45,000 | 36,814,500 | |
Masimo Corp. (a) | 161,369 | 43,308,212 | |
Outset Medical, Inc. | 47,500 | 2,699,900 | |
Outset Medical, Inc. | 241,241 | 13,026,532 | |
Penumbra, Inc. (a) | 380,000 | 66,500,000 | |
Shockwave Medical, Inc. (a) | 140,000 | 14,520,800 | |
Tandem Diabetes Care, Inc. (a) | 254,000 | 24,302,720 | |
687,975,255 | |||
Health Care Providers & Services - 3.6% | |||
1Life Healthcare, Inc. (a) | 400,000 | 17,460,000 | |
Anthem, Inc. | 204,000 | 65,502,360 | |
Centene Corp. (a) | 1,700,000 | 102,051,000 | |
Cigna Corp. | 840,000 | 174,871,200 | |
Guardant Health, Inc. (a) | 116,000 | 14,950,080 | |
HCA Holdings, Inc. | 154,000 | 25,326,840 | |
Humana, Inc. | 450,000 | 184,621,500 | |
Rede D'Oregon Sao Luiz SA | 2,000,000 | 26,298,564 | |
UnitedHealth Group, Inc. | 800,000 | 280,544,000 | |
891,625,544 | |||
Health Care Technology - 0.2% | |||
Castlight Health, Inc. (a) | 689,200 | 895,960 | |
Castlight Health, Inc. Class B (a) | 1,000,000 | 1,300,000 | |
Inspire Medical Systems, Inc. (a) | 165,000 | 31,034,850 | |
Phreesia, Inc. (a) | 280,000 | 15,192,800 | |
Veeva Systems, Inc. Class A (a) | 28,000 | 7,623,000 | |
56,046,610 | |||
Life Sciences Tools & Services - 0.9% | |||
10X Genomics, Inc. (a) | 280,000 | 39,648,000 | |
Bio-Rad Laboratories, Inc. Class A (a) | 52,000 | 30,312,880 | |
Bruker Corp. | 860,000 | 46,551,800 | |
JHL Biotech, Inc. (a)(d) | 1,008,062 | 0 | |
Lonza Group AG | 65,000 | 41,870,842 | |
Maravai LifeSciences Holdings, Inc. | 330,000 | 9,256,500 | |
Seer, Inc. Class A (c) | 151,545 | 7,656,963 | |
Sotera Health Co. | 240,000 | 6,585,600 | |
Thermo Fisher Scientific, Inc. | 102,000 | 47,509,560 | |
229,392,145 | |||
Pharmaceuticals - 2.5% | |||
Arvinas Holding Co. LLC (a) | 200,000 | 16,986,000 | |
AstraZeneca PLC (United Kingdom) | 1,140,000 | 113,673,130 | |
Atea Pharmaceuticals, Inc. | 160,000 | 6,684,800 | |
Bristol-Myers Squibb Co. | 560,000 | 34,736,800 | |
Chime Biologics Ltd. (d) | 1,008,062 | 525,029 | |
Eli Lilly & Co. | 960,000 | 162,086,400 | |
Harmony Biosciences Holdings, Inc. | 681,389 | 23,400,602 | |
IMARA, Inc. | 150,000 | 3,307,500 | |
Nektar Therapeutics (a) | 700,000 | 11,900,000 | |
Pliant Therapeutics, Inc. | 345,200 | 7,842,944 | |
Revance Therapeutics, Inc. (a) | 240,000 | 6,801,600 | |
Roche Holding AG (participation certificate) | 500,000 | 174,149,283 | |
Royalty Pharma PLC (a)(c)(d) | 3,028 | 0 | |
Royalty Pharma PLC | 488,367 | 24,442,768 | |
Royalty Pharma PLC (e) | 388,170 | 19,427,909 | |
Theravance Biopharma, Inc. (a) | 520,889 | 9,256,198 | |
UCB SA | 150,000 | 15,480,749 | |
630,701,712 | |||
TOTAL HEALTH CARE | 3,388,969,413 | ||
INDUSTRIALS - 8.5% | |||
Aerospace & Defense - 1.2% | |||
Axon Enterprise, Inc. (a) | 85,200 | 10,439,556 | |
HEICO Corp. Class A | 91,061 | 10,659,601 | |
L3Harris Technologies, Inc. | 221,710 | 41,907,624 | |
Lockheed Martin Corp. | 266,074 | 94,450,949 | |
Raytheon Technologies Corp. | 738,298 | 52,795,690 | |
Teledyne Technologies, Inc. (a) | 30,000 | 11,759,400 | |
The Boeing Co. | 362,500 | 77,596,750 | |
299,609,570 | |||
Air Freight & Logistics - 0.2% | |||
Air Transport Services Group, Inc. (a) | 523,500 | 16,406,490 | |
C.H. Robinson Worldwide, Inc. | 315,502 | 29,616,173 | |
46,022,663 | |||
Airlines - 0.2% | |||
JetBlue Airways Corp. (a) | 3,260,000 | 47,400,400 | |
Building Products - 0.9% | |||
Fortune Brands Home & Security, Inc. | 930,176 | 79,734,687 | |
The AZEK Co., Inc. | 1,094,300 | 42,075,835 | |
Trane Technologies PLC | 693,010 | 100,597,332 | |
222,407,854 | |||
Commercial Services & Supplies - 0.5% | |||
Cintas Corp. | 159,828 | 56,492,805 | |
Copart, Inc. (a) | 49,002 | 6,235,505 | |
Waste Connection, Inc. (United States) | 588,972 | 60,410,858 | |
123,139,168 | |||
Electrical Equipment - 0.5% | |||
AMETEK, Inc. | 1,025,932 | 124,076,216 | |
Regal Beloit Corp. | 101,800 | 12,502,058 | |
136,578,274 | |||
Industrial Conglomerates - 0.9% | |||
Carlisle Companies, Inc. | 351,478 | 54,893,834 | |
Honeywell International, Inc. | 283,813 | 60,367,025 | |
Roper Technologies, Inc. | 227,500 | 98,072,975 | |
213,333,834 | |||
Machinery - 1.8% | |||
AGCO Corp. | 615,631 | 63,465,400 | |
Caterpillar, Inc. | 776,683 | 141,371,840 | |
Chart Industries, Inc. (a) | 136,700 | 16,101,893 | |
Columbus McKinnon Corp. (NY Shares) | 289,200 | 11,116,848 | |
Fortive Corp. | 1,189,494 | 84,239,965 | |
IDEX Corp. | 457,371 | 91,108,303 | |
ITT, Inc. | 404,900 | 31,185,398 | |
Otis Worldwide Corp. | 239,249 | 16,161,270 | |
454,750,917 | |||
Professional Services - 0.5% | |||
IHS Markit Ltd. | 649,254 | 58,322,487 | |
TransUnion Holding Co., Inc. | 551,295 | 54,699,490 | |
113,021,977 | |||
Road & Rail - 1.8% | |||
CSX Corp. | 1,088,826 | 98,810,960 | |
Landstar System, Inc. | 350,985 | 47,263,640 | |
Lyft, Inc. (a) | 1,285,100 | 63,136,963 | |
Old Dominion Freight Lines, Inc. | 476,883 | 93,078,024 | |
Schneider National, Inc. Class B | 427,400 | 8,847,180 | |
Uber Technologies, Inc. (a) | 387,512 | 19,763,112 | |
Union Pacific Corp. | 607,716 | 126,538,626 | |
457,438,505 | |||
Trading Companies & Distributors - 0.0% | |||
Air Lease Corp. Class A | 249,300 | 11,073,906 | |
TOTAL INDUSTRIALS | 2,124,777,068 | ||
INFORMATION TECHNOLOGY - 26.0% | |||
Communications Equipment - 0.2% | |||
Cisco Systems, Inc. | 981,600 | 43,926,600 | |
Electronic Equipment & Components - 0.7% | |||
Cognex Corp. | 319,940 | 25,686,383 | |
Corning, Inc. | 1,443,577 | 51,968,772 | |
TE Connectivity Ltd. | 415,441 | 50,297,442 | |
Trimble, Inc. (a) | 402,753 | 26,891,818 | |
Vontier Corp. (a) | 833,577 | 27,841,472 | |
182,685,887 | |||
IT Services - 4.2% | |||
Akamai Technologies, Inc. (a) | 481,305 | 50,532,212 | |
Capgemini SA | 795,517 | 123,229,735 | |
Cognizant Technology Solutions Corp. Class A | 1,714,481 | 140,501,718 | |
DXC Technology Co. | 254,783 | 6,560,662 | |
ExlService Holdings, Inc. (a) | 304,866 | 25,953,243 | |
Gartner, Inc. (a) | 389,935 | 62,463,688 | |
Global Payments, Inc. | 225,200 | 48,512,584 | |
GoDaddy, Inc. (a) | 695,500 | 57,691,725 | |
MasterCard, Inc. Class A | 336,500 | 120,110,310 | |
MongoDB, Inc. Class A (a) | 72,400 | 25,994,496 | |
PayPal Holdings, Inc. (a) | 750,491 | 175,764,992 | |
StoneCo Ltd. Class A (a) | 204,200 | 17,136,464 | |
Twilio, Inc. Class A (a) | 90,400 | 30,600,400 | |
Visa, Inc. Class A | 757,300 | 165,644,229 | |
1,050,696,458 | |||
Semiconductors & Semiconductor Equipment - 2.7% | |||
Analog Devices, Inc. | 1,368,561 | 202,177,517 | |
Intel Corp. | 1,380,100 | 68,756,582 | |
Lam Research Corp. | 41,000 | 19,363,070 | |
Marvell Technology Group Ltd. | 437,044 | 20,777,072 | |
Microchip Technology, Inc. | 677,252 | 93,535,274 | |
Micron Technology, Inc. (a) | 2,206,511 | 165,885,497 | |
ON Semiconductor Corp. (a) | 228,500 | 7,478,805 | |
Skyworks Solutions, Inc. | 252,863 | 38,657,695 | |
Xilinx, Inc. | 358,800 | 50,867,076 | |
667,498,588 | |||
Software - 12.3% | |||
Adobe, Inc. (a) | 538,049 | 269,089,066 | |
Alteryx, Inc. Class A (a) | 149,100 | 18,158,889 | |
Anaplan, Inc. (a) | 1,211,200 | 87,024,720 | |
Aspen Technology, Inc. (a) | 217,400 | 28,316,350 | |
Autodesk, Inc. (a) | 417,732 | 127,550,289 | |
Blackbaud, Inc. | 345,200 | 19,869,712 | |
Ceridian HCM Holding, Inc. (a) | 277,800 | 29,602,368 | |
Citrix Systems, Inc. | 31,640 | 4,116,364 | |
Constellation Software, Inc. | 19,090 | 24,789,255 | |
Digital Turbine, Inc. (a) | 92,900 | 5,254,424 | |
Elastic NV (a) | 370,100 | 54,082,713 | |
HubSpot, Inc. (a) | 100,004 | 39,645,586 | |
Micro Focus International PLC | 1,307,421 | 7,522,591 | |
Microsoft Corp. | 6,092,559 | 1,355,106,973 | |
Mimecast Ltd. (a) | 423,000 | 24,043,320 | |
New Relic, Inc. (a) | 276,000 | 18,050,400 | |
NortonLifeLock, Inc. | 2,036,510 | 42,318,678 | |
Nuance Communications, Inc. (a) | 530,000 | 23,367,700 | |
Palo Alto Networks, Inc. (a) | 230,230 | 81,821,440 | |
Pluralsight, Inc. (a) | 2,636,636 | 55,263,891 | |
Proofpoint, Inc. (a) | 252,300 | 34,416,243 | |
PTC, Inc. (a) | 465,157 | 55,637,429 | |
RealPage, Inc. (a) | 563,200 | 49,133,568 | |
Salesforce.com, Inc. (a) | 1,104,031 | 245,680,018 | |
Slack Technologies, Inc. Class A (a)(b) | 2,380,245 | 100,541,549 | |
Smartsheet, Inc. (a) | 311,100 | 21,556,119 | |
SVMK, Inc. (a) | 416,400 | 10,639,020 | |
Talend SA ADR (a) | 347,691 | 13,330,473 | |
Tenable Holdings, Inc. (a) | 886,500 | 46,328,490 | |
Topicus.Com, Inc. (a)(d) | 35,503 | 134,222 | |
Workday, Inc. Class A (a) | 399,789 | 95,793,442 | |
Workiva, Inc. (a) | 363,000 | 33,258,060 | |
Zendesk, Inc. (a) | 372,400 | 53,297,888 | |
3,074,741,250 | |||
Technology Hardware, Storage & Peripherals - 5.9% | |||
Apple, Inc. | 10,902,532 | 1,446,656,967 | |
Western Digital Corp. | 484,614 | 26,842,769 | |
1,473,499,736 | |||
TOTAL INFORMATION TECHNOLOGY | 6,493,048,519 | ||
MATERIALS - 2.5% | |||
Chemicals - 1.0% | |||
Air Products & Chemicals, Inc. | 156,189 | 42,673,959 | |
Albemarle Corp. U.S. | 173,700 | 25,624,224 | |
Balchem Corp. | 198,600 | 22,882,692 | |
Ecolab, Inc. | 110,601 | 23,929,632 | |
FMC Corp. | 157,652 | 18,118,944 | |
Innospec, Inc. | 242,100 | 21,965,733 | |
LyondellBasell Industries NV Class A | 235,400 | 21,576,764 | |
Olin Corp. | 1,435,484 | 35,255,487 | |
Sherwin-Williams Co. | 33,361 | 24,517,333 | |
Tronox Holdings PLC | 434,100 | 6,346,542 | |
242,891,310 | |||
Construction Materials - 0.4% | |||
Martin Marietta Materials, Inc. | 149,122 | 42,346,174 | |
Summit Materials, Inc. (a) | 1,277,340 | 25,648,987 | |
Vulcan Materials Co. | 164,000 | 24,322,840 | |
92,318,001 | |||
Containers & Packaging - 0.2% | |||
Crown Holdings, Inc. (a) | 607,295 | 60,850,959 | |
Metals & Mining - 0.9% | |||
Commercial Metals Co. | 1,296,156 | 26,623,044 | |
First Quantum Minerals Ltd. | 2,217,400 | 39,804,847 | |
Freeport-McMoRan, Inc. | 3,142,300 | 81,762,646 | |
Lundin Mining Corp. | 3,133,600 | 27,818,116 | |
Newmont Corp. | 406,356 | 24,336,661 | |
Royal Gold, Inc. | 167,800 | 17,847,208 | |
218,192,522 | |||
TOTAL MATERIALS | 614,252,792 | ||
REAL ESTATE - 2.9% | |||
Equity Real Estate Investment Trusts (REITs) - 2.7% | |||
Alexandria Real Estate Equities, Inc. | 121,300 | 21,618,086 | |
American Tower Corp. | 482,504 | 108,302,848 | |
Americold Realty Trust | 504,714 | 18,840,974 | |
CubeSmart | 1,321,115 | 44,402,675 | |
Digital Realty Trust, Inc. | 523,272 | 73,001,677 | |
Douglas Emmett, Inc. | 516,100 | 15,059,798 | |
Equity Lifestyle Properties, Inc. | 283,700 | 17,975,232 | |
Essex Property Trust, Inc. | 132,459 | 31,448,416 | |
Four Corners Property Trust, Inc. | 1,139,603 | 33,925,981 | |
Healthcare Realty Trust, Inc. | 733,322 | 21,706,331 | |
Invitation Homes, Inc. | 997,451 | 29,624,295 | |
Iron Mountain, Inc. | 373,800 | 11,019,624 | |
Kilroy Realty Corp. | 54,000 | 3,099,600 | |
Lamar Advertising Co. Class A | 257,600 | 21,437,472 | |
Mid-America Apartment Communities, Inc. | 247,000 | 31,292,430 | |
Outfront Media, Inc. | 505,243 | 9,882,553 | |
Prologis (REIT), Inc. | 712,591 | 71,016,819 | |
RLJ Lodging Trust | 1,769,685 | 25,041,043 | |
SBA Communications Corp. Class A | 46,200 | 13,034,406 | |
Sunstone Hotel Investors, Inc. | 210,300 | 2,382,699 | |
Ventas, Inc. | 681,900 | 33,440,376 | |
VICI Properties, Inc. | 1,315,300 | 33,540,150 | |
Weyerhaeuser Co. | 385,700 | 12,932,521 | |
684,026,006 | |||
Real Estate Management & Development - 0.2% | |||
CBRE Group, Inc. (a) | 564,500 | 35,405,440 | |
TOTAL REAL ESTATE | 719,431,446 | ||
UTILITIES - 2.5% | |||
Electric Utilities - 1.7% | |||
American Electric Power Co., Inc. | 406,918 | 33,884,062 | |
Duke Energy Corp. | 256,180 | 23,455,841 | |
Edison International | 813,644 | 51,113,116 | |
Entergy Corp. | 124,927 | 12,472,712 | |
Evergy, Inc. | 394,975 | 21,925,062 | |
Exelon Corp. | 878,379 | 37,085,161 | |
FirstEnergy Corp. | 1,042,079 | 31,898,038 | |
NextEra Energy, Inc. | 1,001,156 | 77,239,185 | |
NRG Energy, Inc. | 424,654 | 15,945,758 | |
PG&E Corp. (a) | 3,131,189 | 39,014,615 | |
Pinnacle West Capital Corp. | 68,700 | 5,492,565 | |
Portland General Electric Co. | 37,600 | 1,608,152 | |
PPL Corp. | 464,531 | 13,099,774 | |
Southern Co. | 762,955 | 46,868,326 | |
411,102,367 | |||
Independent Power and Renewable Electricity Producers - 0.3% | |||
Clearway Energy, Inc.: | |||
Class A | 56,688 | 1,675,130 | |
Class C | 427,614 | 13,653,715 | |
NextEra Energy Partners LP | 151,175 | 10,136,284 | |
Sunnova Energy International, Inc. (a) | 186,200 | 8,403,206 | |
The AES Corp. | 1,635,475 | 38,433,663 | |
Vistra Corp. | 619,278 | 12,175,005 | |
84,477,003 | |||
Multi-Utilities - 0.5% | |||
CenterPoint Energy, Inc. | 1,251,798 | 27,088,909 | |
Dominion Energy, Inc. | 415,313 | 31,231,538 | |
NiSource, Inc. | 305,352 | 7,004,775 | |
Public Service Enterprise Group, Inc. | 505,100 | 29,447,330 | |
Sempra Energy | 284,356 | 36,229,798 | |
131,002,350 | |||
Water Utilities - 0.0% | |||
Essential Utilities, Inc. | 56,300 | 2,662,427 | |
TOTAL UTILITIES | 629,244,147 | ||
TOTAL COMMON STOCKS | |||
(Cost $15,716,366,703) | 24,382,345,863 | ||
Convertible Preferred Stocks - 0.0% | |||
HEALTH CARE - 0.0% | |||
Health Care Providers & Services - 0.0% | |||
Dmed Biopharmaceutical Co. Ltd. Series C (c)(d) | 416,172 | 5,910,953 | |
Pharmaceuticals - 0.0% | |||
Aristea Therapeutics, Inc. Series B (c)(d) | 391,809 | 2,824,943 | |
TOTAL CONVERTIBLE PREFERRED STOCKS | |||
(Cost $8,071,270) | 8,735,896 | ||
Money Market Funds - 1.7% | |||
Fidelity Cash Central Fund 0.11% (f) | 380,474,892 | 380,550,987 | |
Fidelity Securities Lending Cash Central Fund 0.11% (f)(g) | 56,818,268 | 56,823,950 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $437,374,937) | 437,374,937 | ||
Equity Funds - 0.9% | |||
Domestic Equity Funds - 0.9% | |||
iShares S&P 500 Index ETF | |||
(Cost $223,111,824) | 603,500 | 226,547,865 | |
TOTAL INVESTMENT IN SECURITIES - 100.2% | |||
(Cost $16,384,924,734) | 25,055,004,561 | ||
NET OTHER ASSETS (LIABILITIES) - (0.2)% | (62,003,440) | ||
NET ASSETS - 100% | $24,993,001,121 |
Security Type Abbreviations
ETF – Exchange-Traded Fund
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) 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 $53,668,066 or 0.2% of net assets.
(d) Level 3 security
(e) 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 $44,940,790 or 0.2% of net assets.
(f) 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.
(g) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost |
Ant International Co. Ltd. Class C | 5/16/18 | $21,348,159 |
Aristea Therapeutics, Inc. Series B | 10/6/20 | $2,160,317 |
Dmed Biopharmaceutical Co. Ltd. Series C | 12/1/20 | $5,910,953 |
Royalty Pharma PLC | 5/21/15 | $357,001 |
Seer, Inc. Class A | 12/8/20 | $2,879,355 |
The Honest Co., Inc. | 8/28/18 | $1,921,088 |
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 | $75,197 |
Fidelity Securities Lending Cash Central Fund | 86,829 |
Total | $162,026 |
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.
Investment Valuation
The following is a summary of the inputs used, as of December 31, 2020, 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 | $2,559,298,217 | $2,559,298,217 | $-- | $-- |
Consumer Discretionary | 2,925,897,830 | 2,864,955,427 | 56,393,430 | 4,548,973 |
Consumer Staples | 1,532,598,225 | 1,493,521,647 | 39,076,578 | -- |
Energy | 583,334,725 | 549,230,899 | 34,103,826 | -- |
Financials | 2,811,493,481 | 2,697,633,389 | 81,133,858 | 32,726,234 |
Health Care | 3,397,705,309 | 3,009,056,699 | 379,387,685 | 9,260,925 |
Industrials | 2,124,777,068 | 2,124,777,068 | -- | -- |
Information Technology | 6,493,048,519 | 6,485,391,706 | 7,522,591 | 134,222 |
Materials | 614,252,792 | 614,252,792 | -- | -- |
Real Estate | 719,431,446 | 719,431,446 | -- | -- |
Utilities | 629,244,147 | 629,244,147 | -- | -- |
Money Market Funds | 437,374,937 | 437,374,937 | -- | -- |
Equity Funds | 226,547,865 | 226,547,865 | -- | -- |
Total Investments in Securities: | $25,055,004,561 | $24,410,716,239 | $597,617,968 | $46,670,354 |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
December 31, 2020 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $56,234,022) — See accompanying schedule: Unaffiliated issuers (cost $15,947,549,797) | $24,617,629,624 | |
Fidelity Central Funds (cost $437,374,937) | 437,374,937 | |
Total Investment in Securities (cost $16,384,924,734) | $25,055,004,561 | |
Receivable for investments sold | 45,167,761 | |
Receivable for fund shares sold | 12,964,031 | |
Dividends receivable | 18,178,677 | |
Distributions receivable from Fidelity Central Funds | 72,523 | |
Other receivables | 50,648 | |
Total assets | 25,131,438,201 | |
Liabilities | ||
Payable to custodian bank | $3,022,835 | |
Payable for investments purchased | 62,275,193 | |
Payable for fund shares redeemed | 16,164,897 | |
Other payables and accrued expenses | 150,205 | |
Collateral on securities loaned | 56,823,950 | |
Total liabilities | 138,437,080 | |
Net Assets | $24,993,001,121 | |
Net Assets consist of: | ||
Paid in capital | $15,860,808,627 | |
Total accumulated earnings (loss) | 9,132,192,494 | |
Net Assets | $24,993,001,121 | |
Net Asset Value, offering price and redemption price per share ($24,993,001,121 ÷ 215,773,117 shares) | $115.83 |
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 December 31, 2020 (Unaudited) | ||
Investment Income | ||
Dividends | $72,675,183 | |
Income from Fidelity Central Funds (including $86,829 from security lending) | 162,026 | |
Total income | 72,837,209 | |
Expenses | ||
Custodian fees and expenses | $82,473 | |
Independent directors' fees and expenses | 37,799 | |
Legal | 17,817 | |
Total expenses before reductions | 138,089 | |
Expense reductions | (100,076) | |
Total expenses after reductions | 38,013 | |
Net investment income (loss) | 72,799,196 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 587,103,901 | |
Foreign currency transactions | (3,673,644) | |
Futures contracts | 434,827 | |
Total net realized gain (loss) | 583,865,084 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | 2,963,566,864 | |
Assets and liabilities in foreign currencies | 3,321,155 | |
Total change in net unrealized appreciation (depreciation) | 2,966,888,019 | |
Net gain (loss) | 3,550,753,103 | |
Net increase (decrease) in net assets resulting from operations | $3,623,552,299 |
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 December 31, 2020 (Unaudited) | |
Increase (Decrease) in Net Assets | |
Operations | |
Net investment income (loss) | $72,799,196 |
Net realized gain (loss) | 583,865,084 |
Change in net unrealized appreciation (depreciation) | 2,966,888,019 |
Net increase (decrease) in net assets resulting from operations | 3,623,552,299 |
Distributions to shareholders | (197,872,768) |
Affiliated share transactions | |
Proceeds from sales of shares | 515,520,995 |
Net asset value of shares issued in exchange for the net assets of Target Funds (note 10) | 21,629,434,310 |
Reinvestment of distributions | 197,872,749 |
Cost of shares redeemed | (775,506,464) |
Net increase (decrease) in net assets resulting from share transactions | 21,567,321,590 |
Total increase (decrease) in net assets | 24,993,001,121 |
Net Assets | |
Beginning of period | – |
End of period | $24,993,001,121 |
Other Information | |
Shares | |
Sold | 4,905,747 |
Issued in exchange for the shares of Target Funds (note 10) | 216,294,365 |
Issued in reinvestment of distributions | 1,764,988 |
Redeemed | (7,191,983) |
Net increase (decrease) | 215,773,117 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity U.S. Equity Central Fund
Six months ended (Unaudited) December 31, | |
2020 A | |
Selected Per–Share Data | |
Net asset value, beginning of period | $100.00 |
Income from Investment Operations | |
Net investment income (loss)B | .34 |
Net realized and unrealized gain (loss) | 16.42 |
Total from investment operations | 16.76 |
Distributions from net investment income | (.27) |
Distributions from net realized gain | (.66) |
Total distributions | (.93) |
Net asset value, end of period | $115.83 |
Total ReturnC,D | 16.79% |
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) | $24,993,001 |
Portfolio turnover rateI | 19%J,K |
A For the period September 18, 2020 (commencement of operations) to December 31, 2020.
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.
K Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended December 31, 2020
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.
The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but do not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC 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 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. 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.
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.
Investments in open-end mutual funds, including other 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, 2020 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. 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. 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. 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.
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 | $8,951,572,601 |
Gross unrealized depreciation | (358,585,413) |
Net unrealized appreciation (depreciation) | $8,592,987,188 |
Tax cost | $16,462,017,373 |
Restricted Securities (including Private Placements). The Fund 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 is included at the end of the Fund's Schedule of Investments.
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.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and securities acquired in the merger, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity U.S. Equity Central Fund | 3,517,942,953 | 3,733,291,210 |
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 | $67,625 |
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. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
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 Income 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 | $9,036 | $– | $– |
8. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $100,075 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $1.
9. Other.
The 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 Fund shown in the table below (Target Funds) pursuant to an Agreement and Plan of Reorganization approved by the Board of Trustees ("The Board"). 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 expenses. 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 |
Fidelity Communication Services Central Fund | 2,141,812,833 | 519,302,172 | 2,120,801,164 | 21,208,011 |
Fidelity Consumer Discretionary Central Fund | 2,379,545,185 | 1,008,679,474 | 2,377,079,793 | 23,770,800 |
Fidelity Consumer Staples Central Fund | 1,404,755,423 | 183,109,941 | 1,408,546,669 | 14,085,469 |
Fidelity Energy Central Fund | 492,966,055 | (166,203,567) | 492,316,660 | 4,923,164 |
Fidelity Financials Central Fund | 2,972,669,112 | 121,195,967 | 2,979,099,815 | 29,791,012 |
Fidelity Health Care Central Fund | 3,329,427,513 | 1,050,591,177 | 3,330,176,008 | 33,301,760 |
Fidelity Industrials Central Fund | 1,767,416,176 | 475,772,074 | 1,769,747,563 | 17,697,476 |
Fidelity Information Technology Central Fund | 6,093,403,752 | 2,363,995,847 | 6,085,657,837 | 60,856,583 |
Fidelity Materials Central Fund | 509,207,518 | 93,756,573 | 509,656,880 | 5,096,569 |
Fidelity Utilities Central Fund | 555,511,461 | 56,313,305 | 556,351,921 | 5,563,521 |
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 December 31, 2020 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) | $135,215,748 |
Total net realized gain (loss) | 958,619,621 |
Total change in net unrealized appreciation (depreciation) | 4,029,775,760 |
Net increase (decrease) in net assets resulting from operations | $5,123,611,129 |
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.
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 actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 18, 2020 to December 31, 2020). The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (July 1, 2020 to December 31, 2020).
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 | Ending Account Value December 31, 2020 | Expenses Paid During Period | |
Fidelity U.S. Equity Central Fund | .0021% | |||
Actual | $1,000.00 | $1,167.90 | $.01-B | |
Hypothetical-C | $1,000.00 | $1,025.19 | $.01-D |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Actual expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 105/365 (to reflect the period September 18, 2020 to December 31, 2020).
C 5% return per year before expenses
D Hypothetical 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).
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity U.S. Equity Central Fund
At its July 2020 meeting, the Board of Directors, including the Independent Directors (together, the Board), voted to approve 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 collectively referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Directors' counsel, considered a broad range of information.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, and the purpose of central funds generally. 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.Administrative Services. The Board considered the nature, extent, quality, and cost of advisory and administrative services to be 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. The Board also considered the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors.Investment Performance. The fund is a new fund and therefore had no historical performance for the Board to review at the time it approved the fund's Advisory Contracts. The Board noted that the fund is designed to offer a liquid investment option for other Fidelity funds and accounts and ultimately to enhance the performance of those funds and accounts. The Board considered the Investment Advisers' strength in fundamental, research-driven security selection, which the Board is familiar with through its supervision of other Fidelity funds.Based on its review, the Board concluded that the nature, extent, and quality of services to be provided to the fund under the Advisory Contracts should benefit the shareholders of the fund.Competitiveness of Management Fee and Total Expense Ratio. The Board considered that while the fund will not pay a management fee, FMR receives a management fee that is determined based on the fees FMR receives 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 and expenses, interest, taxes, fees and expenses of the Independent Directors, proxy and shareholder meeting expenses, and extraordinary expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.Based on its review, the Board concluded that the management fee to be received for providing services to the fund and the fund's projected total expense ratio were reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.Costs of the Services and Profitability. The fund is a new fund and therefore no revenue, cost, or profitability data was available for the Board to review in respect of the fund at the time it approved the Advisory Contracts. In connection with its future renewal of the fund's Advisory Contracts, the Board will consider 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.Economies of Scale. The Board concluded that because the fund will pay no advisory fees and FMR will bear all expenses of the fund, with certain limited exceptions, the realization of economies of scale was not a material factor in the Board's decision to approve the fund's Advisory Contracts.Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Advisory Contracts, the Board received information explaining that the fund is a centralized vehicle for the management of securities on a pooled basis. The Board also noted that those Fidelity funds investing in the fund will benefit from investing in one centralized fund as the fund may deliver more uniform asset class performance and offer additional opportunities to generate returns and diversify the investing funds' equity allocations.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 approved.USE-SANN-0221
1.9900194.100
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
(a) | (1) | Not applicable. |
(a) | (2) | |
(a) | (3) | Not applicable. |
(b) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Central Investment Portfolios LLC
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | February 17, 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: | February 17, 2021 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | February 17, 2021 |