Fidelity® U.S. Equity Central Fund
Semi-Annual Report
December 31, 2021
Contents
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Note to Shareholders:
Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, 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. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 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 continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Investment Summary (Unaudited)
Top Ten Stocks as of December 31, 2021
| | % of fund's net assets |
| Microsoft Corp. | 6.6 |
| Apple, Inc. | 6.4 |
| Alphabet, Inc. Class A | 4.3 |
| Amazon.com, Inc. | 3.0 |
| Meta Platforms, Inc. Class A | 1.9 |
| UnitedHealth Group, Inc. | 1.4 |
| Tesla, Inc. | 1.2 |
| Salesforce.com, Inc. | 1.1 |
| Adobe, Inc. | 1.0 |
| Wells Fargo & Co. | 1.0 |
| | 27.9 |
Top Five Market Sectors as of December 31, 2021
| | % of fund's net assets |
| Information Technology | 25.9 |
| Health Care | 12.6 |
| Consumer Discretionary | 11.9 |
| Financials | 10.6 |
| Communication Services | 9.6 |
Asset Allocation (% of fund's net assets)
| As of December 31, 2021* |
| | Stocks and Equity Futures | 98.3% |
| | Convertible Securities | 0.3% |
| | Short-Term Investments and Net Other Assets (Liabilities) | 1.4% |
* Foreign investments - 7.3%
Schedule of Investments December 31, 2021 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 95.9% | | | |
| | | Shares | Value |
| COMMUNICATION SERVICES - 9.6% | | | |
| Diversified Telecommunication Services - 0.5% | | | |
| AT&T, Inc. | | 909,600 | $22,376,160 |
| Deutsche Telekom AG | | 2,303,687 | 42,566,386 |
| Liberty Global PLC Class C (a) | | 1,816,218 | 51,017,564 |
| | | | 115,960,110 |
| Entertainment - 1.6% | | | |
| Activision Blizzard, Inc. | | 755,425 | 50,258,425 |
| Cinemark Holdings, Inc. (a)(b) | | 823,600 | 13,276,432 |
| Electronic Arts, Inc. | | 393,796 | 51,941,692 |
| Lions Gate Entertainment Corp.: | | | |
| Class A (a)(b) | | 89,400 | 1,487,616 |
| Class B (a) | | 626,326 | 9,639,157 |
| Marcus Corp. (a)(b) | | 439,600 | 7,851,256 |
| Netflix, Inc. (a) | | 107,205 | 64,584,580 |
| Sea Ltd. ADR (a) | | 176,600 | 39,507,186 |
| Take-Two Interactive Software, Inc. (a) | | 43,560 | 7,741,483 |
| The Walt Disney Co. (a) | | 621,120 | 96,205,277 |
| World Wrestling Entertainment, Inc. Class A (b) | | 228,724 | 11,285,242 |
| Zynga, Inc. (a) | | 3,753,988 | 24,025,523 |
| | | | 377,803,869 |
| Interactive Media & Services - 6.5% | | | |
| Alphabet, Inc. Class A (a) | | 348,820 | 1,010,545,493 |
| Angi, Inc. (a)(b) | | 991,732 | 9,133,852 |
| IAC (a) | | 15,000 | 1,960,650 |
| Meta Platforms, Inc. Class A (a) | | 1,350,925 | 454,383,624 |
| Snap, Inc. Class A (a) | | 960,700 | 45,181,721 |
| Twitter, Inc. (a) | | 188,900 | 8,164,258 |
| Vimeo, Inc. (a) | | 55,272 | 992,685 |
| Zoominfo Technologies, Inc. (a) | | 239,800 | 15,395,160 |
| | | | 1,545,757,443 |
| Media - 0.6% | | | |
| Advantage Solutions, Inc. Class A (a) | | 1,146,552 | 9,195,347 |
| Altice U.S.A., Inc. Class A (a) | | 296,100 | 4,790,898 |
| Comcast Corp. Class A | | 1,837,182 | 92,465,370 |
| DISH Network Corp. Class A (a) | | 77,263 | 2,506,412 |
| News Corp. Class A | | 774,300 | 17,274,633 |
| S4 Capital PLC (a) | | 740,200 | 6,388,997 |
| TechTarget, Inc. (a) | | 27,700 | 2,649,782 |
| | | | 135,271,439 |
| Wireless Telecommunication Services - 0.4% | | | |
| T-Mobile U.S., Inc. (a) | | 787,838 | 91,373,451 |
|
| TOTAL COMMUNICATION SERVICES | | | 2,266,166,312 |
|
| CONSUMER DISCRETIONARY - 11.8% | | | |
| Auto Components - 0.0% | | | |
| Adient PLC (a) | | 173,613 | 8,312,590 |
| Automobiles - 1.3% | | | |
| Ferrari NV | | 48,491 | 12,550,441 |
| Rivian Automotive, Inc. (b) | | 38,300 | 3,971,327 |
| Tesla, Inc. (a) | | 263,850 | 278,831,403 |
| | | | 295,353,171 |
| Hotels, Restaurants & Leisure - 2.1% | | | |
| Airbnb, Inc. Class A | | 120,200 | 20,012,098 |
| ARAMARK Holdings Corp. (b) | | 625,600 | 23,053,360 |
| Booking Holdings, Inc. (a) | | 35,500 | 85,172,665 |
| Brinker International, Inc. (a) | | 105,900 | 3,874,881 |
| Caesars Entertainment, Inc. (a) | | 509,386 | 47,642,873 |
| Chipotle Mexican Grill, Inc. (a) | | 10,127 | 17,704,528 |
| Churchill Downs, Inc. | | 116,250 | 28,004,625 |
| Compass Group PLC | | 283,700 | 6,387,134 |
| Domino's Pizza, Inc. | | 18,700 | 10,552,971 |
| Flutter Entertainment PLC (a) | | 145,600 | 23,293,001 |
| Hilton Worldwide Holdings, Inc. (a) | | 406,871 | 63,467,807 |
| Lindblad Expeditions Holdings (a) | | 401,649 | 6,265,724 |
| Marriott International, Inc. Class A (a) | | 353,000 | 58,329,720 |
| McDonald's Corp. | | 39,209 | 10,510,757 |
| Noodles & Co. (a) | | 862,335 | 7,821,378 |
| Penn National Gaming, Inc. (a) | | 306,200 | 15,876,470 |
| Planet Fitness, Inc. (a) | | 141,232 | 12,792,795 |
| Restaurant Brands International, Inc. | | 174,900 | 10,605,028 |
| Ruth's Hospitality Group, Inc. (a) | | 209,477 | 4,168,592 |
| Starbucks Corp. | | 188,269 | 22,021,825 |
| Vail Resorts, Inc. | | 34,879 | 11,436,824 |
| Wingstop, Inc. | | 13,200 | 2,280,960 |
| | | | 491,276,016 |
| Household Durables - 0.3% | | | |
| D.R. Horton, Inc. | | 197,520 | 21,421,044 |
| Lennar Corp. Class A | | 232,176 | 26,969,564 |
| Tempur Sealy International, Inc. | | 241,300 | 11,348,339 |
| Tupperware Brands Corp. (a) | | 111,309 | 1,701,915 |
| | | | 61,440,862 |
| Internet & Direct Marketing Retail - 3.3% | | | |
| Amazon.com, Inc. (a) | | 212,142 | 707,353,556 |
| eBay, Inc. | | 525,100 | 34,919,150 |
| Farfetch Ltd. Class A (a) | | 181,600 | 6,070,888 |
| Global-e Online Ltd. (a) | | 132,600 | 8,405,514 |
| The RealReal, Inc. (a) | | 676,624 | 7,855,605 |
| Wayfair LLC Class A (a) | | 31,718 | 6,025,468 |
| | | | 770,630,181 |
| Multiline Retail - 0.5% | | | |
| B&M European Value Retail SA | | 451,552 | 3,889,483 |
| Dollar General Corp. | | 175,461 | 41,378,968 |
| Dollar Tree, Inc. (a) | | 159,437 | 22,404,087 |
| Kohl's Corp. | | 199,000 | 9,828,610 |
| Nordstrom, Inc. (a) | | 310,700 | 7,028,034 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | | 231,759 | 11,863,743 |
| Target Corp. | | 115,900 | 26,823,896 |
| | | | 123,216,821 |
| Specialty Retail - 2.3% | | | |
| Academy Sports & Outdoors, Inc. (a) | | 158,000 | 6,936,200 |
| American Eagle Outfitters, Inc. | | 1,079,911 | 27,343,347 |
| Aritzia, Inc. (a) | | 145,400 | 6,017,384 |
| Bath & Body Works, Inc. | | 209,974 | 14,654,085 |
| Burlington Stores, Inc. (a) | | 231,573 | 67,505,845 |
| Carvana Co. Class A (a) | | 74,710 | 17,317,031 |
| Dick's Sporting Goods, Inc. | | 90,718 | 10,431,663 |
| Five Below, Inc. (a) | | 101,329 | 20,963,957 |
| Floor & Decor Holdings, Inc. Class A (a) | | 205,016 | 26,654,130 |
| Lowe's Companies, Inc. | | 364,130 | 94,120,322 |
| Ross Stores, Inc. | | 319,147 | 36,472,119 |
| Sally Beauty Holdings, Inc. (a) | | 234,800 | 4,334,408 |
| The Home Depot, Inc. | | 347,813 | 144,345,873 |
| TJX Companies, Inc. | | 660,986 | 50,182,057 |
| Torrid Holdings, Inc. (b) | | 349,796 | 3,455,984 |
| Victoria's Secret & Co. (a) | | 305,655 | 16,976,079 |
| Warby Parker, Inc. (a) | | 170,000 | 7,915,200 |
| | | | 555,625,684 |
| Textiles, Apparel & Luxury Goods - 2.0% | | | |
| adidas AG | | 44,114 | 12,702,422 |
| Canada Goose Holdings, Inc. (a) | | 81,700 | 3,027,864 |
| Capri Holdings Ltd. (a) | | 1,616,705 | 104,940,322 |
| Crocs, Inc. (a) | | 40,100 | 5,141,622 |
| Deckers Outdoor Corp. (a) | | 91,917 | 33,670,116 |
| Kontoor Brands, Inc. (b) | | 256,732 | 13,157,515 |
| Levi Strauss & Co. Class A | | 475,926 | 11,912,428 |
| lululemon athletica, Inc. (a) | | 100,662 | 39,404,140 |
| LVMH Moet Hennessy Louis Vuitton SE | | 16,891 | 13,959,295 |
| NIKE, Inc. Class B | | 626,852 | 104,477,423 |
| On Holding AG | | 34,400 | 1,300,664 |
| PVH Corp. | | 569,672 | 60,755,519 |
| Ralph Lauren Corp. | | 126,170 | 14,996,566 |
| Skechers U.S.A., Inc. Class A (sub. vtg.) (a) | | 83,500 | 3,623,900 |
| Tapestry, Inc. | | 1,465,810 | 59,511,886 |
| | | | 482,581,682 |
|
| TOTAL CONSUMER DISCRETIONARY | | | 2,788,437,007 |
|
| CONSUMER STAPLES - 5.4% | | | |
| Beverages - 1.6% | | | |
| Boston Beer Co., Inc. Class A (a) | | 35,800 | 18,082,580 |
| Constellation Brands, Inc. Class A (sub. vtg.) | | 124,466 | 31,237,232 |
| Keurig Dr. Pepper, Inc. | | 983,001 | 36,233,417 |
| Molson Coors Beverage Co. Class B | | 59,300 | 2,748,555 |
| Monster Beverage Corp. (a) | | 590,878 | 56,747,923 |
| PepsiCo, Inc. | | 211,100 | 36,670,181 |
| The Coca-Cola Co. | | 3,526,291 | 208,791,690 |
| | | | 390,511,578 |
| Food & Staples Retailing - 0.6% | | | |
| BJ's Wholesale Club Holdings, Inc. (a) | | 7,900 | 529,063 |
| Costco Wholesale Corp. | | 16,200 | 9,196,740 |
| Grocery Outlet Holding Corp. (a) | | 145,800 | 4,123,224 |
| Performance Food Group Co. (a) | | 581,457 | 26,683,062 |
| Sysco Corp. | | 59,700 | 4,689,435 |
| U.S. Foods Holding Corp. (a) | | 682,708 | 23,778,720 |
| Walgreens Boots Alliance, Inc. | | 3,300 | 172,128 |
| Walmart, Inc. | | 571,800 | 82,733,742 |
| | | | 151,906,114 |
| Food Products - 0.9% | | | |
| Archer Daniels Midland Co. | | 18,100 | 1,223,379 |
| Bunge Ltd. | | 113,400 | 10,587,024 |
| Conagra Brands, Inc. | | 227,700 | 7,775,955 |
| Darling Ingredients, Inc. (a) | | 90,700 | 6,284,603 |
| Freshpet, Inc. (a) | | 23,900 | 2,276,953 |
| Laird Superfood, Inc. (a) | | 114,100 | 1,487,864 |
| Lamb Weston Holdings, Inc. | | 664,775 | 42,133,440 |
| Mondelez International, Inc. | | 1,264,412 | 83,843,160 |
| Nomad Foods Ltd. (a) | | 139,400 | 3,539,366 |
| Post Holdings, Inc. (a) | | 42,600 | 4,802,298 |
| Sanderson Farms, Inc. | | 900 | 171,972 |
| The Real Good Food Co. LLC Class B unit | | 156,156 | 879,783 |
| TreeHouse Foods, Inc. (a) | | 653,803 | 26,498,636 |
| Tyson Foods, Inc. Class A | | 137,800 | 12,010,648 |
| | | | 203,515,081 |
| Household Products - 1.3% | | | |
| Energizer Holdings, Inc. | | 419,415 | 16,818,542 |
| Kimberly-Clark Corp. | | 388,700 | 55,553,004 |
| Procter & Gamble Co. | | 1,271,793 | 208,039,899 |
| Reynolds Consumer Products, Inc. | | 733,025 | 23,016,985 |
| The Clorox Co. | | 73,100 | 12,745,716 |
| | | | 316,174,146 |
| Personal Products - 0.2% | | | |
| Edgewell Personal Care Co. | | 3,300 | 150,843 |
| Herbalife Nutrition Ltd. (a) | | 714,513 | 29,245,017 |
| Shiseido Co. Ltd. | | 38,600 | 2,152,312 |
| The Beauty Health Co. (a) | | 120,000 | 2,899,200 |
| The Beauty Health Co. (c) | | 600,000 | 14,496,000 |
| The Honest Co., Inc. (b) | | 342,440 | 2,770,340 |
| | | | 51,713,712 |
| Tobacco - 0.8% | | | |
| Altria Group, Inc. | | 1,648,467 | 78,120,851 |
| Philip Morris International, Inc. | | 1,004,253 | 95,404,035 |
| RLX Technology, Inc. ADR (b) | | 923,900 | 3,603,210 |
| | | | 177,128,096 |
|
| TOTAL CONSUMER STAPLES | | | 1,290,948,727 |
|
| ENERGY - 2.6% | | | |
| Energy Equipment & Services - 0.3% | | | |
| Aspen Aerogels, Inc. (a) | | 58,500 | 2,912,715 |
| Baker Hughes Co. Class A (b) | | 164,854 | 3,966,387 |
| Championx Corp. (a) | | 228,100 | 4,609,901 |
| Halliburton Co. | | 1,464,000 | 33,481,680 |
| Liberty Oilfield Services, Inc. Class A (a) | | 677,400 | 6,570,780 |
| Oceaneering International, Inc. (a) | | 739,500 | 8,363,745 |
| Schlumberger Ltd. | | 270,700 | 8,107,465 |
| Weatherford International PLC (a) | | 196,700 | 5,452,524 |
| | | | 73,465,197 |
| Oil, Gas & Consumable Fuels - 2.3% | | | |
| Africa Oil Corp. (a) | | 5,404,276 | 7,647,460 |
| Antero Resources Corp. (a) | | 655,500 | 11,471,250 |
| Canadian Natural Resources Ltd. | | 1,307,959 | 55,267,330 |
| Cheniere Energy, Inc. | | 49,478 | 5,018,059 |
| ConocoPhillips Co. | | 34,000 | 2,454,120 |
| CVR Energy, Inc. | | 178,800 | 3,005,628 |
| Denbury, Inc. (a) | | 95,100 | 7,283,709 |
| Exxon Mobil Corp. | | 3,011,838 | 184,294,367 |
| Genesis Energy LP | | 2,251,100 | 24,109,281 |
| Harbour Energy PLC (a) | | 1,272,400 | 6,140,661 |
| Hess Corp. | | 763,875 | 56,549,666 |
| Imperial Oil Ltd. | | 349,700 | 12,611,814 |
| MEG Energy Corp. (a) | | 5,120,100 | 47,357,737 |
| Murphy Oil Corp. | | 908,700 | 23,726,157 |
| Phillips 66 Co. | | 547,459 | 39,668,879 |
| Plains All American Pipeline LP | | 132,000 | 1,232,880 |
| Range Resources Corp. (a) | | 377,600 | 6,732,608 |
| Targa Resources Corp. | | 186,900 | 9,763,656 |
| Tourmaline Oil Corp. | | 422,400 | 13,637,548 |
| Valero Energy Corp. | | 261,486 | 19,640,213 |
| | | | 537,613,023 |
|
| TOTAL ENERGY | | | 611,078,220 |
|
| FINANCIALS - 10.6% | | | |
| Banks - 4.3% | | | |
| Bank of America Corp. | | 5,169,709 | 230,000,353 |
| Bank of Ireland Group PLC (a) | | 3,918,300 | 22,191,158 |
| Citizens Financial Group, Inc. | | 1,026,043 | 48,480,532 |
| Comerica, Inc. | | 261,724 | 22,769,988 |
| JPMorgan Chase & Co. | | 659,741 | 104,469,987 |
| M&T Bank Corp. | | 429,339 | 65,937,884 |
| Piraeus Financial Holdings SA (a) | | 3,343,502 | 4,902,552 |
| PNC Financial Services Group, Inc. | | 595,767 | 119,463,199 |
| Signature Bank | | 88,489 | 28,623,537 |
| Societe Generale Series A | | 856,043 | 29,421,113 |
| Standard Chartered PLC (United Kingdom) | | 2,610,582 | 15,874,397 |
| Starling Bank Ltd. Series D (a)(c)(d) | | 4,618,325 | 8,091,155 |
| SVB Financial Group (a) | | 52,701 | 35,743,926 |
| UniCredit SpA | | 1,276,115 | 19,615,618 |
| Wells Fargo & Co. | | 4,854,596 | 232,923,516 |
| Wintrust Financial Corp. | | 251,195 | 22,813,530 |
| | | | 1,011,322,445 |
| Capital Markets - 3.0% | | | |
| Bank of New York Mellon Corp. | | 2,583,461 | 150,047,415 |
| BlackRock, Inc. Class A | | 118,654 | 108,634,856 |
| Brookfield Asset Management, Inc. Class A | | 424,933 | 25,657,455 |
| Cboe Global Markets, Inc. | | 281,756 | 36,740,982 |
| CME Group, Inc. | | 176,700 | 40,368,882 |
| Goldman Sachs Group, Inc. | | 96,605 | 36,956,243 |
| Intercontinental Exchange, Inc. | | 697,900 | 95,451,783 |
| Lazard Ltd. Class A | | 347,547 | 15,163,476 |
| Morgan Stanley | | 781,302 | 76,692,604 |
| Patria Investments Ltd. | | 898,838 | 14,561,176 |
| State Street Corp. | | 680,768 | 63,311,424 |
| StepStone Group, Inc. Class A | | 675,431 | 28,077,667 |
| Virtu Financial, Inc. Class A | | 301,856 | 8,702,508 |
| | | | 700,366,471 |
| Consumer Finance - 1.1% | | | |
| Ally Financial, Inc. | | 311,594 | 14,834,990 |
| American Express Co. | | 607,953 | 99,461,111 |
| Capital One Financial Corp. | | 704,706 | 102,245,794 |
| OneMain Holdings, Inc. | | 1,104,911 | 55,289,746 |
| | | | 271,831,641 |
| Diversified Financial Services - 0.1% | | | |
| Ant International Co. Ltd. Class C (a)(c)(d) | | 5,601,170 | 10,586,211 |
| Jumo World Ltd. (d) | | 998 | 7,500,699 |
| WeWork, Inc. (a) | | 945,700 | 8,133,020 |
| | | | 26,219,930 |
| Insurance - 1.9% | | | |
| AIA Group Ltd. | | 541,600 | 5,466,286 |
| Arch Capital Group Ltd. (a) | | 694,459 | 30,868,703 |
| Arthur J. Gallagher & Co. | | 327,220 | 55,519,417 |
| Hartford Financial Services Group, Inc. | | 1,142,915 | 78,906,852 |
| Marsh & McLennan Companies, Inc. | | 445,291 | 77,400,482 |
| Prudential PLC (a) | | 461,854 | 7,986,776 |
| Reinsurance Group of America, Inc. | | 161,000 | 17,627,890 |
| The Travelers Companies, Inc. | | 1,197,822 | 187,375,295 |
| | | | 461,151,701 |
| Thrifts & Mortgage Finance - 0.2% | | | |
| Essent Group Ltd. | | 683,133 | 31,103,045 |
| MGIC Investment Corp. | | 1,702,462 | 24,549,502 |
| Mr. Cooper Group, Inc. (a) | | 20 | 832 |
| | | | 55,653,379 |
|
| TOTAL FINANCIALS | | | 2,526,545,567 |
|
| HEALTH CARE - 12.4% | | | |
| Biotechnology - 2.5% | | | |
| ADC Therapeutics SA (a) | | 276,838 | 5,592,128 |
| Agios Pharmaceuticals, Inc. (a) | | 228,000 | 7,494,360 |
| Alnylam Pharmaceuticals, Inc. (a) | | 308,000 | 52,230,640 |
| Ambrx Biopharma, Inc. ADR | | 140,000 | 1,264,200 |
| Arcutis Biotherapeutics, Inc. (a) | | 233,100 | 4,834,494 |
| Argenx SE ADR (a) | | 200,000 | 70,038,000 |
| Ascendis Pharma A/S sponsored ADR (a) | | 267,700 | 36,013,681 |
| Atara Biotherapeutics, Inc. (a) | | 500,000 | 7,880,000 |
| Avid Bioservices, Inc. (a) | | 280,000 | 8,170,400 |
| BeiGene Ltd. ADR (a) | | 31,500 | 8,534,295 |
| Celldex Therapeutics, Inc. (a) | | 187,316 | 7,237,890 |
| Century Therapeutics, Inc. | | 240,000 | 3,806,400 |
| Cerevel Therapeutics Holdings (a) | | 340,000 | 11,022,800 |
| Cytokinetics, Inc. (a) | | 400,000 | 18,232,000 |
| Denali Therapeutics, Inc. (a) | | 185,000 | 8,251,000 |
| Erasca, Inc. | | 670,000 | 10,438,600 |
| Exelixis, Inc. (a) | | 450,000 | 8,226,000 |
| Fate Therapeutics, Inc. (a) | | 108,000 | 6,319,080 |
| Forma Therapeutics Holdings, Inc. (a) | | 196,800 | 2,798,496 |
| Generation Bio Co. (a) | | 236,200 | 1,672,296 |
| Graphite Bio, Inc. | | 236,200 | 2,935,966 |
| Imago BioSciences, Inc. | | 90,000 | 2,133,900 |
| Innovent Biologics, Inc. (a)(e) | | 2,280,000 | 14,108,278 |
| Instil Bio, Inc. (a) | | 400,000 | 6,844,000 |
| Intellia Therapeutics, Inc. (a) | | 118,000 | 13,952,320 |
| Janux Therapeutics, Inc. | | 160,000 | 3,156,800 |
| Keros Therapeutics, Inc. (a) | | 126,000 | 7,372,260 |
| Kinnate Biopharma, Inc. | | 80,000 | 1,417,600 |
| Kura Oncology, Inc. (a) | | 350,000 | 4,900,000 |
| Kymera Therapeutics, Inc. (a) | | 126,000 | 7,999,740 |
| Mirati Therapeutics, Inc. (a) | | 167,000 | 24,497,230 |
| Nuvalent, Inc. Class A (a) | | 157,400 | 2,996,896 |
| ORIC Pharmaceuticals, Inc. (a) | | 196,800 | 2,892,960 |
| Passage Bio, Inc. (a) | | 56,228 | 357,048 |
| Poseida Therapeutics, Inc. (a) | | 487,891 | 3,322,538 |
| Prelude Therapeutics, Inc. (a) | | 244,000 | 3,037,800 |
| PTC Therapeutics, Inc. (a) | | 320,000 | 12,745,600 |
| Regeneron Pharmaceuticals, Inc. (a) | | 92,500 | 58,415,600 |
| Relay Therapeutics, Inc. (a) | | 400,000 | 12,284,000 |
| Repare Therapeutics, Inc. (a) | | 138,200 | 2,914,638 |
| Revolution Medicines, Inc. (a) | | 236,200 | 5,945,154 |
| Sarepta Therapeutics, Inc. (a) | | 220,000 | 19,811,000 |
| Scholar Rock Holding Corp. (a) | | 60,000 | 1,490,400 |
| Shattuck Labs, Inc. (a) | | 259,400 | 2,207,494 |
| Stoke Therapeutics, Inc. (a) | | 157,500 | 3,778,425 |
| Taysha Gene Therapies, Inc. (a) | | 73,421 | 855,355 |
| TG Therapeutics, Inc. (a) | | 850,000 | 16,150,000 |
| Twist Bioscience Corp. (a) | | 90,000 | 6,965,100 |
| uniQure B.V. (a) | | 180,000 | 3,733,200 |
| Vaxcyte, Inc. (a) | | 280,000 | 6,661,200 |
| Verve Therapeutics, Inc. | | 70,000 | 2,580,900 |
| Xencor, Inc. (a) | | 360,000 | 14,443,200 |
| Xenon Pharmaceuticals, Inc. (a) | | 94,500 | 2,952,180 |
| Zai Lab Ltd. (a) | | 70,000 | 4,463,173 |
| Zentalis Pharmaceuticals, Inc. (a) | | 335,000 | 28,160,100 |
| Zymeworks, Inc. (a) | | 267,700 | 4,387,603 |
| | | | 592,926,418 |
| Health Care Equipment & Supplies - 2.1% | | | |
| Boston Scientific Corp. (a) | | 3,650,000 | 155,052,000 |
| DexCom, Inc. (a) | | 26,000 | 13,960,700 |
| Envista Holdings Corp. (a) | | 600,000 | 27,036,000 |
| Hologic, Inc. (a) | | 330,000 | 25,264,800 |
| Insulet Corp. (a) | | 312,486 | 83,143,150 |
| Intuitive Surgical, Inc. (a) | | 60,000 | 21,558,000 |
| Masimo Corp. (a) | | 100,000 | 29,278,000 |
| Outset Medical, Inc. (a) | | 240,000 | 11,061,600 |
| Penumbra, Inc. (a) | | 330,000 | 94,815,600 |
| PROCEPT BioRobotics Corp. | | 90,000 | 2,250,900 |
| Tandem Diabetes Care, Inc. (a) | | 175,000 | 26,341,000 |
| | | | 489,761,750 |
| Health Care Providers & Services - 3.9% | | | |
| 1Life Healthcare, Inc. (a) | | 400,000 | 7,028,000 |
| agilon health, Inc. (a) | | 930,000 | 25,110,000 |
| Alignment Healthcare, Inc. (a) | | 850,000 | 11,951,000 |
| Cano Health, Inc. (a) | | 2,345,800 | 20,901,078 |
| Centene Corp. (a) | | 1,190,000 | 98,056,000 |
| Cigna Corp. | | 580,000 | 133,185,400 |
| Guardant Health, Inc. (a) | | 160,000 | 16,003,200 |
| HCA Holdings, Inc. | | 167,000 | 42,905,640 |
| Humana, Inc. | | 384,000 | 178,122,240 |
| LifeStance Health Group, Inc. | | 920,000 | 8,758,400 |
| Oak Street Health, Inc. (a) | | 830,000 | 27,506,200 |
| Rede D'Oregon Sao Luiz SA (e) | | 1,600,000 | 12,877,558 |
| Surgery Partners, Inc. (a) | | 380,000 | 20,295,800 |
| The Oncology Institute, Inc. (c) | | 761,936 | 7,057,432 |
| UnitedHealth Group, Inc. | | 650,000 | 326,391,000 |
| | | | 936,148,948 |
| Health Care Technology - 0.3% | | | |
| Castlight Health, Inc. (a) | | 689,200 | 1,061,368 |
| Castlight Health, Inc. Class B (a) | | 787,200 | 1,212,288 |
| Definitive Healthcare Corp. | | 135,000 | 3,689,550 |
| Doximity, Inc. (b) | | 130,000 | 6,516,900 |
| Evolent Health, Inc. (a) | | 160,000 | 4,427,200 |
| Health Catalyst, Inc. (a) | | 390,000 | 15,451,800 |
| Inspire Medical Systems, Inc. (a) | | 78,000 | 17,944,680 |
| Medlive Technology Co. Ltd. (e) | | 800,000 | 2,790,620 |
| Phreesia, Inc. (a) | | 230,000 | 9,581,800 |
| | | | 62,676,206 |
| Life Sciences Tools & Services - 2.1% | | | |
| 10X Genomics, Inc. (a) | | 180,000 | 26,812,800 |
| Avantor, Inc. (a) | | 280,000 | 11,799,200 |
| Bio-Rad Laboratories, Inc. Class A (a) | | 71,800 | 54,249,926 |
| Bruker Corp. | | 450,000 | 37,759,500 |
| Charles River Laboratories International, Inc. (a) | | 75,000 | 28,258,500 |
| Danaher Corp. | | 543,200 | 178,718,232 |
| Eden Biologics, Inc. (a)(d) | | 1,008,062 | 0 |
| Lonza Group AG | | 52,000 | 43,294,595 |
| Maravai LifeSciences Holdings, Inc. (a) | | 260,000 | 10,894,000 |
| Olink Holding AB ADR (a) | | 236,524 | 4,304,737 |
| Seer, Inc. Class A (c) | | 151,545 | 3,456,741 |
| Stevanato Group SpA | | 320,000 | 7,184,000 |
| Thermo Fisher Scientific, Inc. | | 154,000 | 102,754,960 |
| | | | 509,487,191 |
| Pharmaceuticals - 1.5% | | | |
| Arvinas Holding Co. LLC (a) | | 220,000 | 18,070,800 |
| AstraZeneca PLC (United Kingdom) | | 380,000 | 44,372,389 |
| Bristol-Myers Squibb Co. | | 230,000 | 14,340,500 |
| Chime Biologics Ltd. (a)(d) | | 1,008,062 | 525,029 |
| Eli Lilly & Co. | | 600,000 | 165,732,000 |
| Nektar Therapeutics (a) | | 240,000 | 3,242,400 |
| Pharvaris BV | | 208,000 | 3,290,560 |
| Pliant Therapeutics, Inc. (a) | | 284,901 | 3,846,164 |
| Roche Holding AG (participation certificate) | | 108,000 | 44,805,015 |
| Royalty Pharma PLC | | 960,000 | 38,256,000 |
| Theseus Pharmaceuticals, Inc. | | 180,000 | 2,282,400 |
| UCB SA | | 64,000 | 7,304,067 |
| | | | 346,067,324 |
|
| TOTAL HEALTH CARE | | | 2,937,067,837 |
|
| INDUSTRIALS - 9.1% | | | |
| Aerospace & Defense - 0.9% | | | |
| Axon Enterprise, Inc. (a) | | 68,500 | 10,754,500 |
| HEICO Corp. Class A | | 122,461 | 15,738,688 |
| L3Harris Technologies, Inc. | | 178,010 | 37,958,852 |
| Raytheon Technologies Corp. | | 592,898 | 51,024,802 |
| The Boeing Co. (a) | | 483,200 | 97,277,824 |
| | | | 212,754,666 |
| Air Freight & Logistics - 0.1% | | | |
| Air Transport Services Group, Inc. (a) | | 421,000 | 12,368,980 |
| Airlines - 0.3% | | | |
| JetBlue Airways Corp. (a) | | 4,479,400 | 63,786,656 |
| Building Products - 1.5% | | | |
| Carlisle Companies, Inc. | | 284,678 | 70,634,305 |
| Fortune Brands Home & Security, Inc. | | 844,376 | 90,263,794 |
| The AZEK Co., Inc. (a) | | 1,935,700 | 89,506,768 |
| Trane Technologies PLC | | 475,510 | 96,067,285 |
| | | | 346,472,152 |
| Commercial Services & Supplies - 0.6% | | | |
| Cintas Corp. | | 128,328 | 56,871,120 |
| Copart, Inc. (a) | | 42,802 | 6,489,639 |
| CoreCivic, Inc. (a) | | 368,400 | 3,672,948 |
| Waste Connections, Inc. (United States) | | 473,572 | 64,533,656 |
| | | | 131,567,363 |
| Construction & Engineering - 0.3% | | | |
| Willscot Mobile Mini Holdings (a) | | 1,887,200 | 77,073,248 |
| Electrical Equipment - 0.6% | | | |
| AMETEK, Inc. | | 752,732 | 110,681,713 |
| Plug Power, Inc. (a)(b) | | 192,400 | 5,431,452 |
| Regal Rexnord Corp. | | 81,900 | 13,937,742 |
| | | | 130,050,907 |
| Industrial Conglomerates - 0.6% | | | |
| Honeywell International, Inc. | | 227,913 | 47,522,140 |
| Roper Technologies, Inc. | | 206,800 | 101,716,648 |
| | | | 149,238,788 |
| Machinery - 2.0% | | | |
| AGCO Corp. | | 397,800 | 46,152,756 |
| Caterpillar, Inc. | | 481,983 | 99,645,165 |
| Chart Industries, Inc. (a) | | 300,500 | 47,926,745 |
| Columbus McKinnon Corp. (NY Shares) | | 436,100 | 20,173,986 |
| Deere & Co. | | 240,800 | 82,567,912 |
| Fortive Corp. | | 1,195,394 | 91,196,608 |
| IDEX Corp. | | 240,671 | 56,875,371 |
| ITT, Inc. | | 325,100 | 33,221,969 |
| | | | 477,760,512 |
| Marine - 0.0% | | | |
| Eagle Bulk Shipping, Inc. | | 131,800 | 5,996,900 |
| Genco Shipping & Trading Ltd. | | 262,900 | 4,206,400 |
| | | | 10,203,300 |
| Professional Services - 0.5% | | | |
| Equifax, Inc. | | 45,800 | 13,409,782 |
| IHS Markit Ltd. | | 472,954 | 62,865,046 |
| TransUnion Holding Co., Inc. | | 401,295 | 47,585,561 |
| | | | 123,860,389 |
| Road & Rail - 1.7% | | | |
| CSX Corp. | | 2,922,778 | 109,896,453 |
| Landstar System, Inc. | | 281,885 | 50,463,053 |
| Lyft, Inc. (a) | | 192,900 | 8,242,617 |
| Old Dominion Freight Lines, Inc. | | 294,983 | 105,716,008 |
| TuSimple Holdings, Inc. (a)(b) | | 180,600 | 6,474,510 |
| Uber Technologies, Inc. (a) | | 1,756,612 | 73,654,741 |
| Union Pacific Corp. | | 234,316 | 59,031,230 |
| | | | 413,478,612 |
| Trading Companies & Distributors - 0.0% | | | |
| Air Lease Corp. Class A | | 130,200 | 5,758,746 |
|
| TOTAL INDUSTRIALS | | | 2,154,374,319 |
|
| INFORMATION TECHNOLOGY - 25.9% | | | |
| Communications Equipment - 0.2% | | | |
| Cisco Systems, Inc. | | 777,000 | 49,238,490 |
| Electronic Equipment & Components - 0.5% | | | |
| Cognex Corp. | | 206,722 | 16,074,703 |
| Corning, Inc. | | 1,017,377 | 37,876,946 |
| TE Connectivity Ltd. | | 266,341 | 42,971,457 |
| Teledyne Technologies, Inc. (a) | | 24,200 | 10,572,738 |
| Trimble, Inc. (a) | | 102,453 | 8,932,877 |
| | | | 116,428,721 |
| IT Services - 4.1% | | | |
| Akamai Technologies, Inc. (a) | | 401,505 | 46,992,145 |
| Capgemini SA | | 406,417 | 99,604,972 |
| Cognizant Technology Solutions Corp. Class A | | 1,351,877 | 119,938,527 |
| Cyxtera Technologies, Inc. (c) | | 319,903 | 4,033,977 |
| Cyxtera Technologies, Inc. Class A (a) | | 431,500 | 5,441,215 |
| DXC Technology Co. (a) | | 165,783 | 5,336,555 |
| ExlService Holdings, Inc. (a) | | 113,066 | 16,368,565 |
| Gartner, Inc. (a) | | 101,535 | 33,945,181 |
| Global Payments, Inc. | | 369,579 | 49,959,689 |
| GoDaddy, Inc. (a) | | 550,500 | 46,715,430 |
| MasterCard, Inc. Class A | | 346,300 | 124,432,516 |
| MongoDB, Inc. Class A (a) | | 121,400 | 64,263,090 |
| PayPal Holdings, Inc. (a) | | 579,352 | 109,254,200 |
| Repay Holdings Corp. (a) | | 1,079,600 | 19,724,292 |
| Snowflake Computing, Inc. (a) | | 50,800 | 17,208,500 |
| StoneCo Ltd. Class A (a) | | 145,800 | 2,458,188 |
| Thoughtworks Holding, Inc. | | 75,500 | 2,024,155 |
| Twilio, Inc. Class A (a) | | 133,600 | 35,182,224 |
| Visa, Inc. Class A | | 690,000 | 149,529,900 |
| Wix.com Ltd. (a) | | 148,600 | 23,447,594 |
| | | | 975,860,915 |
| Semiconductors & Semiconductor Equipment - 2.6% | | | |
| Analog Devices, Inc. | | 997,361 | 175,306,143 |
| Intel Corp. | | 1,092,400 | 56,258,600 |
| Lam Research Corp. | | 15,800 | 11,362,570 |
| Marvell Technology, Inc. | | 345,944 | 30,266,641 |
| Microchip Technology, Inc. | | 954,204 | 83,073,000 |
| Micron Technology, Inc. | | 1,637,011 | 152,487,575 |
| NVIDIA Corp. | | 14,800 | 4,352,828 |
| ON Semiconductor Corp. (a) | | 180,800 | 12,279,936 |
| Skyworks Solutions, Inc. | | 176,663 | 27,407,498 |
| Xilinx, Inc. | | 284,000 | 60,216,520 |
| | | | 613,011,311 |
| Software - 12.0% | | | |
| Adobe, Inc. (a) | | 425,849 | 241,481,934 |
| Alteryx, Inc. Class A (a) | | 148,700 | 8,996,350 |
| Anaplan, Inc. (a) | | 1,072,000 | 49,151,200 |
| Aspen Technology, Inc. (a) | | 172,100 | 26,193,620 |
| Autodesk, Inc. (a) | | 358,932 | 100,928,089 |
| AvidXchange Holdings, Inc. | | 56,800 | 855,408 |
| Blackbaud, Inc. (a) | | 236,800 | 18,702,464 |
| Braze, Inc. (b) | | 25,800 | 1,990,728 |
| Ceridian HCM Holding, Inc. (a) | | 385,600 | 40,279,776 |
| Citrix Systems, Inc. | | 51,440 | 4,865,710 |
| Constellation Software, Inc. | | 11,590 | 21,503,644 |
| Coupa Software, Inc. (a) | | 117,800 | 18,618,290 |
| Elastic NV (a) | | 302,300 | 37,210,107 |
| GitLab, Inc. | | 18,500 | 1,609,500 |
| HashiCorp, Inc. | | 21,500 | 1,957,360 |
| HubSpot, Inc. (a) | | 45,404 | 29,928,047 |
| Micro Focus International PLC | | 759,094 | 4,298,295 |
| Microsoft Corp. | | 4,671,159 | 1,571,004,192 |
| Mimecast Ltd. (a) | | 189,200 | 15,054,644 |
| Momentive Global, Inc. (a) | | 329,600 | 6,971,040 |
| New Relic, Inc. (a) | | 146,100 | 16,065,156 |
| NortonLifeLock, Inc. | | 1,563,310 | 40,614,794 |
| Palo Alto Networks, Inc. (a) | | 172,830 | 96,224,831 |
| PTC, Inc. (a) | | 357,557 | 43,318,031 |
| Salesforce.com, Inc. (a) | | 1,020,038 | 259,222,257 |
| Samsara, Inc. | | 70,500 | 1,981,755 |
| Smartsheet, Inc. (a) | | 67,800 | 5,251,110 |
| Tenable Holdings, Inc. (a) | | 701,700 | 38,642,619 |
| Workday, Inc. Class A (a) | | 316,489 | 86,458,465 |
| Workiva, Inc. (a) | | 54,200 | 7,072,558 |
| Zendesk, Inc. (a) | | 450,900 | 47,024,361 |
| Zoom Video Communications, Inc. Class A (a) | | 85,000 | 15,632,350 |
| | | | 2,859,108,685 |
| Technology Hardware, Storage & Peripherals - 6.5% | | | |
| Apple, Inc. | | 8,536,932 | 1,515,903,015 |
| Western Digital Corp. (a) | | 335,414 | 21,872,347 |
| | | | 1,537,775,362 |
|
| TOTAL INFORMATION TECHNOLOGY | | | 6,151,423,484 |
|
| MATERIALS - 2.8% | | | |
| Chemicals - 1.8% | | | |
| Air Products & Chemicals, Inc. | | 99,689 | 30,331,375 |
| Albemarle Corp. U.S. | | 67,900 | 15,872,983 |
| Ashland Global Holdings, Inc. | | 34,300 | 3,692,738 |
| CF Industries Holdings, Inc. | | 249,300 | 17,645,454 |
| Corteva, Inc. | | 441,900 | 20,893,032 |
| DuPont de Nemours, Inc. | | 276,307 | 22,320,079 |
| Eastman Chemical Co. | | 39,500 | 4,775,945 |
| Ecolab, Inc. | | 118,001 | 27,681,855 |
| Element Solutions, Inc. | | 506,500 | 12,297,820 |
| FMC Corp. | | 30,952 | 3,401,315 |
| Huntsman Corp. | | 179,800 | 6,271,424 |
| International Flavors & Fragrances, Inc. | | 131,020 | 19,738,163 |
| Linde PLC | | 227,600 | 78,847,468 |
| Livent Corp. (a)(b) | | 215,900 | 5,263,642 |
| LyondellBasell Industries NV Class A | | 140,900 | 12,995,207 |
| Nutrien Ltd. | | 214,500 | 16,122,898 |
| Olin Corp. | | 392,684 | 22,587,184 |
| PPG Industries, Inc. | | 104,100 | 17,951,004 |
| RPM International, Inc. | | 69,400 | 7,009,400 |
| Sherwin-Williams Co. | | 112,983 | 39,788,093 |
| The Mosaic Co. | | 337,300 | 13,252,517 |
| The Scotts Miracle-Gro Co. Class A | | 22,000 | 3,542,000 |
| Tronox Holdings PLC | | 1,072,700 | 25,776,981 |
| Wacker Chemie AG | | 21,100 | 3,136,755 |
| | | | 431,195,332 |
| Construction Materials - 0.2% | | | |
| Martin Marietta Materials, Inc. | | 36,022 | 15,868,411 |
| Summit Materials, Inc. (a) | | 146,140 | 5,866,060 |
| Vulcan Materials Co. | | 75,000 | 15,568,500 |
| | | | 37,302,971 |
| Containers & Packaging - 0.2% | | | |
| Aptargroup, Inc. | | 52,800 | 6,466,944 |
| Avery Dennison Corp. | | 57,000 | 12,344,490 |
| Ball Corp. | | 165,600 | 15,942,312 |
| Crown Holdings, Inc. | | 82,895 | 9,169,845 |
| Packaging Corp. of America | | 39,000 | 5,309,850 |
| | | | 49,233,441 |
| Metals & Mining - 0.6% | | | |
| Alcoa Corp. | | 170,500 | 10,158,390 |
| Cleveland-Cliffs, Inc. (a) | | 340,400 | 7,410,508 |
| Commercial Metals Co. | | 186,856 | 6,781,004 |
| Compass Minerals International, Inc. | | 22,600 | 1,154,408 |
| First Quantum Minerals Ltd. | | 464,900 | 11,124,964 |
| Freeport-McMoRan, Inc. | | 878,500 | 36,659,805 |
| Lundin Mining Corp. | | 404,100 | 3,156,258 |
| Newmont Corp. | | 401,656 | 24,910,705 |
| Nucor Corp. | | 152,800 | 17,442,120 |
| Reliance Steel & Aluminum Co. | | 60,300 | 9,781,866 |
| Royal Gold, Inc. | | 33,700 | 3,545,577 |
| Steel Dynamics, Inc. | | 114,200 | 7,088,394 |
| | | | 139,213,999 |
| Paper & Forest Products - 0.0% | | | |
| Louisiana-Pacific Corp. | | 97,700 | 7,654,795 |
| West Fraser Timber Co. Ltd. (b) | | 39,400 | 3,758,877 |
| | | | 11,413,672 |
|
| TOTAL MATERIALS | | | 668,359,415 |
|
| REAL ESTATE - 3.3% | | | |
| Equity Real Estate Investment Trusts (REITs) - 3.1% | | | |
| Alexandria Real Estate Equities, Inc. | | 92,700 | 20,668,392 |
| American Tower Corp. | | 337,804 | 98,807,670 |
| Americold Realty Trust | | 295,614 | 9,693,183 |
| Crown Castle International Corp. | | 187,400 | 39,117,876 |
| CubeSmart | | 1,059,115 | 60,274,235 |
| Digital Realty Trust, Inc. | | 364,572 | 64,481,850 |
| Digitalbridge Group, Inc. (a) | | 778,500 | 6,484,905 |
| Douglas Emmett, Inc. | | 317,200 | 10,626,200 |
| Equity Lifestyle Properties, Inc. | | 322,700 | 28,287,882 |
| Essex Property Trust, Inc. | | 108,659 | 38,272,960 |
| Four Corners Property Trust, Inc. | | 806,903 | 23,731,017 |
| Healthcare Trust of America, Inc. | | 209,000 | 6,978,510 |
| Host Hotels & Resorts, Inc. (a) | | 133,700 | 2,325,043 |
| Invitation Homes, Inc. | | 508,551 | 23,057,702 |
| Lamar Advertising Co. Class A | | 168,400 | 20,426,920 |
| Mid-America Apartment Communities, Inc. | | 163,700 | 37,559,328 |
| Phillips Edison & Co., Inc. | | 128,600 | 4,248,944 |
| Prologis (REIT), Inc. | | 588,391 | 99,061,509 |
| RLJ Lodging Trust | | 1,838,285 | 25,607,310 |
| SITE Centers Corp. | | 919,100 | 14,549,353 |
| Spirit Realty Capital, Inc. | | 193,800 | 9,339,222 |
| Terreno Realty Corp. | | 96,600 | 8,239,014 |
| Ventas, Inc. | | 684,300 | 34,981,416 |
| VICI Properties, Inc. | | 792,700 | 23,868,197 |
| Washington REIT (SBI) | | 423,800 | 10,955,230 |
| Welltower, Inc. | | 181,300 | 15,550,101 |
| | | | 737,193,969 |
| Real Estate Management & Development - 0.2% | | | |
| CBRE Group, Inc. | | 362,000 | 39,280,620 |
| Jones Lang LaSalle, Inc. (a) | | 43,400 | 11,689,356 |
| | | | 50,969,976 |
|
| TOTAL REAL ESTATE | | | 788,163,945 |
|
| UTILITIES - 2.4% | | | |
| Electric Utilities - 1.6% | | | |
| American Electric Power Co., Inc. | | 260,718 | 23,196,080 |
| Duke Energy Corp. | | 132,878 | 13,938,902 |
| Edison International | | 404,025 | 27,574,706 |
| Entergy Corp. | | 107,700 | 12,132,405 |
| Evergy, Inc. | | 300,675 | 20,629,312 |
| Exelon Corp. | | 1,051,079 | 60,710,323 |
| FirstEnergy Corp. | | 692,279 | 28,791,884 |
| NextEra Energy, Inc. | | 998,901 | 93,257,397 |
| NRG Energy, Inc. | | 142,654 | 6,145,534 |
| OGE Energy Corp. | | 205,500 | 7,887,090 |
| PG&E Corp. (a) | | 2,308,667 | 28,027,217 |
| Southern Co. | | 796,155 | 54,600,310 |
| | | | 376,891,160 |
| Independent Power and Renewable Electricity Producers - 0.2% | | | |
| Clearway Energy, Inc. Class A | | 44,888 | 1,502,850 |
| NextEra Energy Partners LP | | 108,875 | 9,189,050 |
| Sunnova Energy International, Inc. (a) | | 153,443 | 4,284,129 |
| The AES Corp. | | 1,091,796 | 26,530,643 |
| Vistra Corp. | | 669,978 | 15,255,399 |
| | | | 56,762,071 |
| Multi-Utilities - 0.6% | | | |
| CenterPoint Energy, Inc. | | 751,398 | 20,971,518 |
| Dominion Energy, Inc. | | 438,013 | 34,410,301 |
| NiSource, Inc. | | 653,152 | 18,033,527 |
| Public Service Enterprise Group, Inc. | | 465,500 | 31,062,815 |
| Sempra Energy | | 286,388 | 37,883,405 |
| | | | 142,361,566 |
|
| TOTAL UTILITIES | | | 576,014,797 |
|
| TOTAL COMMON STOCKS | | | |
| (Cost $14,082,704,214) | | | 22,758,579,630 |
|
| Preferred Stocks - 0.3% | | | |
| Convertible Preferred Stocks - 0.3% | | | |
| CONSUMER DISCRETIONARY - 0.1% | | | |
| Internet & Direct Marketing Retail - 0.1% | | | |
| Reddit, Inc. Series F (c)(d) | | 236,672 | 14,625,004 |
| HEALTH CARE - 0.2% | | | |
| Biotechnology - 0.1% | | | |
| Asimov, Inc. Series B (c)(d) | | 35,044 | 3,247,902 |
| Caris Life Sciences, Inc. Series D (c)(d) | | 1,077,331 | 8,726,381 |
| Element Biosciences, Inc. Series C (c)(d) | | 195,016 | 4,008,944 |
| ElevateBio LLC Series C (c)(d) | | 626,000 | 2,304,306 |
| Inscripta, Inc. Series E (c)(d) | | 423,474 | 3,739,275 |
| | | | 22,026,808 |
| Health Care Providers & Services - 0.0% | | | |
| dMed Biopharmaceutical Co. Ltd. Series C (a)(c)(d) | | 416,172 | 5,888,834 |
| Health Care Technology - 0.1% | | | |
| Aledade, Inc. Series B1 (c)(d) | | 67,586 | 2,662,888 |
| Omada Health, Inc. Series E (c)(d) | | 597,550 | 3,582,432 |
| Wugen, Inc. Series B (c)(d) | | 155,150 | 1,203,173 |
| | | | 7,448,493 |
| Pharmaceuticals - 0.0% | | | |
| Aristea Therapeutics, Inc. Series B (a)(c)(d) | | 391,809 | 3,643,824 |
| TOTAL HEALTH CARE | | | 39,007,959 |
|
| TOTAL CONVERTIBLE PREFERRED STOCKS | | | 53,632,963 |
|
| Nonconvertible Preferred Stocks - 0.0% | | | |
| FINANCIALS - 0.0% | | | |
| Diversified Financial Services - 0.0% | | | |
| Thriveworks TopCo LLC Series B (c)(d)(f) | | 103,485 | 2,970,352 |
| TOTAL PREFERRED STOCKS | | | |
| (Cost $55,388,659) | | | 56,603,315 |
| | | Principal Amount | Value |
|
| U.S. Treasury Obligations - 0.1% | | | |
| U.S. Treasury Bills, yield at date of purchase 0.04% to 0.06% 3/3/22 to 3/31/22 (g) | | | |
| (Cost $29,387,060) | | 29,390,000 | 29,386,955 |
|
| Preferred Securities - 0.0% | | | |
| CONSUMER DISCRETIONARY - 0.0% | | | |
| Internet & Direct Marketing Retail - 0.0% | | | |
Circle Internet Financial Ltd. 0%
(Cost $6,298,800)(c)(h) | | $6,298,800 | $7,407,852 |
| | | Shares | Value |
|
| Money Market Funds - 3.6% | | | |
| Fidelity Cash Central Fund 0.08% (i) | | 801,515,924 | 801,676,228 |
| Fidelity Securities Lending Cash Central Fund 0.08% (i)(j) | | 57,316,421 | 57,322,153 |
| TOTAL MONEY MARKET FUNDS | | | |
| (Cost $858,998,380) | | | 858,998,381 |
| TOTAL INVESTMENT IN SECURITIES - 99.9% | | | |
| (Cost $15,032,777,113) | | | 23,710,976,133 |
| NET OTHER ASSETS (LIABILITIES) - 0.1% | | | 23,605,410 |
| NET ASSETS - 100% | | | $23,734,581,543 |
| Futures Contracts | | | | | |
| | Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) |
| Purchased | | | | | |
| Equity Index Contracts | | | | | |
| CME E-mini S&P 500 Index Contracts (United States) | 2,425 | March 2022 | $576,968,125 | $4,940,138 | $4,940,138 |
The notional amount of futures purchased as a percentage of Net Assets is 2.4%
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 $111,732,683 or 0.5% 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 $29,776,456 or 0.1% 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) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $29,386,955.
(h) Security is perpetual in nature with no stated maturity date.
(i) 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.
(j) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
| Security | Acquisition Date | Acquisition Cost |
| Aledade, Inc. Series B1 | 5/7/21 | $2,587,915 |
| Ant International Co. Ltd. Class C | 5/16/18 | $21,348,159 |
| Aristea Therapeutics, Inc. Series B | 10/6/20 | $2,160,317 |
| Asimov, Inc. Series B | 10/29/21 | $3,247,902 |
| Caris Life Sciences, Inc. Series D | 5/11/21 | $8,726,381 |
| Circle Internet Financial Ltd. 0% | 5/11/21 | $6,298,800 |
| Cyxtera Technologies, Inc. | 2/21/21 | $3,199,030 |
| dMed Biopharmaceutical Co. Ltd. Series C | 12/1/20 | $5,910,953 |
| Element Biosciences, Inc. Series C | 6/21/21 | $4,008,885 |
| ElevateBio LLC Series C | 3/9/21 | $2,626,070 |
| Inscripta, Inc. Series E | 3/30/21 | $3,739,275 |
| Omada Health, Inc. Series E | 12/22/21 | $3,582,432 |
| Reddit, Inc. Series F | 8/11/21 | $14,625,004 |
| Seer, Inc. Class A | 12/8/20 | $2,879,355 |
| Starling Bank Ltd. Series D | 6/18/21 | $8,257,037 |
| The Beauty Health Co. | 12/8/20 | $6,000,000 |
| The Oncology Institute, Inc. | 6/28/21 | $7,619,360 |
| Thriveworks TopCo LLC Series B | 7/23/21 | $2,970,352 |
| Wugen, Inc. Series B | 7/9/21 | $1,203,173 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
| Fidelity Cash Central Fund 0.08% | $554,315,775 | $3,277,506,222 | $3,030,145,769 | $172,972 | $-- | $-- | $801,676,228 | 1.4% |
| Fidelity Securities Lending Cash Central Fund 0.08% | 52,585,595 | 450,534,473 | 445,797,915 | 145,723 | -- | -- | 57,322,153 | 0.2% |
| Total | $606,901,370 | $3,728,040,695 | $3,475,943,684 | $318,695 | $-- | $-- | $858,998,381 | |
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, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| | Valuation Inputs at Reporting Date: |
| Description | Total | Level 1 | Level 2 | Level 3 |
| Investments in Securities: | | | | |
| Equities: | | | | |
| Communication Services | $2,266,166,312 | $2,217,210,929 | $48,955,383 | $-- |
| Consumer Discretionary | 2,803,062,011 | 2,728,205,672 | 60,231,335 | 14,625,004 |
| Consumer Staples | 1,290,948,727 | 1,290,068,944 | 879,783 | -- |
| Energy | 611,078,220 | 604,937,559 | 6,140,661 | -- |
| Financials | 2,529,515,919 | 2,394,909,602 | 105,457,900 | 29,148,417 |
| Health Care | 2,976,075,796 | 2,785,246,137 | 151,296,671 | 39,532,988 |
| Industrials | 2,154,374,319 | 2,154,374,319 | -- | -- |
| Information Technology | 6,151,423,484 | 6,047,520,217 | 103,903,267 | -- |
| Materials | 668,359,415 | 665,222,660 | 3,136,755 | -- |
| Real Estate | 788,163,945 | 788,163,945 | -- | -- |
| Utilities | 576,014,797 | 576,014,797 | -- | -- |
| U.S. Government and Government Agency Obligations | 29,386,955 | -- | 29,386,955 | -- |
| Preferred Securities | 7,407,852 | -- | 7,407,852 | -- |
| Money Market Funds | 858,998,381 | 858,998,381 | -- | -- |
| Total Investments in Securities: | $23,710,976,133 | $23,110,873,162 | $516,796,562 | $83,306,409 |
| Net unrealized depreciation on unfunded commitments | $(25,080) | $-- | $(25,080) | $-- |
| Derivative Instruments: | | | | |
| Assets | | | | |
| Futures Contracts | $4,940,138 | $4,940,138 | $-- | $-- |
| Total Assets | $4,940,138 | $4,940,138 | $-- | $-- |
| Total Derivative Instruments: | $4,940,138 | $4,940,138 | $-- | $-- |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2021. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
| Primary Risk Exposure / Derivative Type | Value |
| | Asset | Liability |
| Equity Risk | | |
| Futures Contracts(a) | $4,940,138 | $0 |
| Total Equity Risk | 4,940,138 | 0 |
| Total Value of Derivatives | $4,940,138 | $0 |
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| | | December 31, 2021 (Unaudited) |
| Assets | | |
Investment in securities, at value (including securities loaned of $55,401,807) — See accompanying schedule:
Unaffiliated issuers (cost $14,173,778,733) | $22,851,977,752 | |
| Fidelity Central Funds (cost $858,998,380) | 858,998,381 | |
| Total Investment in Securities (cost $15,032,777,113) | | $23,710,976,133 |
| Foreign currency held at value (cost $1,118,464) | | 1,116,648 |
| Receivable for investments sold | | 25,263,760 |
| Receivable for fund shares sold | | 72,396,034 |
| Dividends receivable | | 15,107,991 |
| Distributions receivable from Fidelity Central Funds | | 48,499 |
| Other receivables | | 1,389,922 |
| Total assets | | 23,826,298,987 |
| Liabilities | | |
| Payable to custodian bank | $581,354 | |
| Payable for investments purchased | 27,684,108 | |
| Unrealized depreciation on unfunded commitments | 25,080 | |
| Payable for fund shares redeemed | 4,391,110 | |
| Payable for daily variation margin on futures contracts | 1,667,188 | |
| Other payables and accrued expenses | 46,451 | |
| Collateral on securities loaned | 57,322,153 | |
| Total liabilities | | 91,717,444 |
| Net Assets | | $23,734,581,543 |
| Net Assets consist of: | | |
| Paid in capital | | $11,636,687,268 |
| Total accumulated earnings (loss) | | 12,097,894,275 |
| Net Assets | | $23,734,581,543 |
| Net Asset Value, offering price and redemption price per share ($23,734,581,543 ÷ 180,766,486 shares) | | $131.30 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended December 31, 2021 (Unaudited) |
| Investment Income | | |
| Dividends | | $136,893,193 |
| Interest | | 9,587 |
| Income from Fidelity Central Funds (including $145,723 from security lending) | | 318,695 |
| Total income | | 137,221,475 |
| Expenses | | |
| Custodian fees and expenses | $33,686 | |
| Independent directors' fees and expenses | 49,452 | |
| Total expenses | | 83,138 |
| Net investment income (loss) | | 137,138,337 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | 1,056,794,405 | |
| Redemptions in-kind with affiliated entities | 3,072,585,365 | |
| Foreign currency transactions | (9,106) | |
| Futures contracts | 17,261,851 | |
| Total net realized gain (loss) | | 4,146,632,515 |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | (2,277,107,230) | |
| Unfunded commitments | 1,097,903 | |
| Assets and liabilities in foreign currencies | (27,330) | |
| Futures contracts | 2,928,609 | |
| Total change in net unrealized appreciation (depreciation) | | (2,273,108,048) |
| Net gain (loss) | | 1,873,524,467 |
| Net increase (decrease) in net assets resulting from operations | | $2,010,662,804 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended December 31, 2021 (Unaudited) | For the period
September 18, 2020 (commencement of operations) through June 30, 2021 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $137,138,337 | $222,684,363 |
| Net realized gain (loss) | 4,146,632,515 | 1,867,679,942 |
| Change in net unrealized appreciation (depreciation) | (2,273,108,048) | 5,252,737,508 |
| Net increase (decrease) in net assets resulting from operations | 2,010,662,804 | 7,343,101,813 |
| Distributions to shareholders | (1,891,026,026) | (325,383,396) |
| Affiliated share transactions | | |
| Proceeds from sales of shares | 1,200,161,080 | 1,706,447,125 |
| Net asset value of shares issued in exchange for the net assets of each Target Fund (note 9) | – | 21,629,434,310 |
| Reinvestment of distributions | 1,891,026,026 | 325,383,378 |
| Cost of shares redeemed | (7,716,863,111) | (2,438,362,460) |
| Net increase (decrease) in net assets resulting from share transactions | (4,625,676,005) | 21,222,902,353 |
| Total increase (decrease) in net assets | (4,506,039,227) | 28,240,620,770 |
| Net Assets | | |
| Beginning of period | 28,240,620,770 | – |
| End of period | $23,734,581,543 | $28,240,620,770 |
| Other Information | | |
| Shares | | |
| Sold | 8,903,407 | 14,502,448 |
| Issued in exchange for the shares of each Target Fund (note 9) | – | 216,294,365 |
| Issued in reinvestment of distributions | 14,542,310 | 2,778,660 |
| Redeemed | (55,441,856) | (20,812,848) |
| Net increase (decrease) | (31,996,139) | 212,762,625 |
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, | Years endedJune 30, |
| | 2021 | 2021 A |
| Selected Per–Share Data | | |
| Net asset value, beginning of period | $132.73 | $100.00 |
| Income from Investment Operations | | |
| Net investment income (loss)B | .71 | 1.05 |
| Net realized and unrealized gain (loss) | 9.34 | 33.21 |
| Total from investment operations | 10.05 | 34.26 |
| Distributions from net investment income | (.84) | (.87) |
| Distributions from net realized gain | (10.64) | (.66) |
| Total distributions | (11.48) | (1.53) |
| Net asset value, end of period | $131.30 | $132.73 |
| Total ReturnC,D | 7.67% | 34.47% |
| Ratios to Average Net AssetsE,F | | |
| Expenses before reductions | - %G,H | - %G,H |
| Expenses net of fee waivers, if any | - %G,H | - %G,H |
| Expenses net of all reductions | - %G,H | - %G,H |
| Net investment income (loss) | 1.04%G | 1.12%G |
| Supplemental Data | | |
| Net assets, end of period (000 omitted) | $23,734,582 | $28,240,621 |
| Portfolio turnover rateI | 32%G,J | 47%G,K |
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 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 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.
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 Portfolio turnover rate excludes securities received or delivered in-kind.
K The portfolio turnover rate does not include the assets acquired in the merger.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended December 31, 2021
1. Organization.
Fidelity U.S. Equity Central Fund (the Fund) is a fund of Fidelity Central Investment Portfolios LLC (the LLC) and is authorized to issue an unlimited number of shares. Shares of the Fund are only offered to other investment companies and accounts managed by Fidelity Management & Research Company LLC (FMR), or its affiliates (the Investing Funds). The LLC is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware Limited Liability Company.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Directors (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Preferred securities and U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. 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 vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2021 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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, partnerships, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $9,115,975,965 |
| Gross unrealized depreciation | (465,814,041) |
| Net unrealized appreciation (depreciation) | $8,650,161,924 |
| Tax cost | $15,065,729,267 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
Special Purpose Acquisition Companies. Funds may invest in stock, warrants, and other securities of special purpose acquisition companies (SPACs) or similar special purpose entities. A SPAC is a publicly traded company that raises investment capital via an initial public offering (IPO) for the purpose of acquiring the equity securities of one or more existing companies via merger, business combination, acquisition or other similar transactions within a designated time frame.
Private Investment in Public Equity. Funds may acquire equity securities of an issuer through a private investment in a public equity (PIPE) transaction, including through commitments to purchase securities on a when-issued basis. A PIPE typically involves the purchase of securities directly from a publicly traded company in a private placement transaction. Securities purchased through PIPE transactions will be restricted from trading and considered illiquid until a resale registration statement for the shares is filed and declared effective.
At period end, the Fund had commitments to purchase when-issued securities through PIPE transactions with SPACs. The commitments are contingent upon the SPACs acquiring the securities of target companies. Unrealized appreciation (depreciation) on these commitments is separately presented in the Statements of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and in the Statement of Operations as Change in unrealized appreciation (depreciation) on unfunded commitments.
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 | 2,970,352 | 0.01 |
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 objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk:
| Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
|
The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.
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 | 4,092,547,241 | 4,795,010,627 |
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 | $84,879 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity U.S. Equity Central Fund | 224,491,235 | 316,931,653 | 64,250,080 |
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. The net realized gain or loss on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. 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 |
Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:
| | Amount ($) |
| Fidelity U.S. Equity Central Fund | 37,512 |
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 | $14,268 | $3,406 | $– |
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. Prior Fiscal Year Merger Information.
On September 18, 2020, the Fund acquired all of the assets and assumed all of the liabilities of each Target Fund listed in the below table pursuant to an Agreement and Plan of Reorganization approved by the Board of Trustees ("The Board"). The securities held by each Target Fund were the primary assets acquired by the Fund. Each acquisition was accomplished by an exchange of shares of the Fund for shares then outstanding of each Target Fund at their respective net asset value on the acquisition date. The reorganization provides shareholders of each Target Fund access to a larger portfolio with a similar investment objective and lower projected expenses. For financial reporting purposes, the assets and liabilities of each Target Fund and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from each Target Fund were carried forward and will be utilized for purposes of the Fund's ongoing reporting of realized and unrealized gains and losses to more closely align subsequent reporting of realized gains with amounts distributable to shareholders for tax purposes. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders.
| Target Funds | Securities $ | Unrealized appreciation (depreciation) $ | Net Assets $ | Shares Exchanged | Shares Exchanged Ratio |
| Fidelity Communication Services Central Fund | 2,141,812,833 | 519,302,172 | 2,120,801,164 | 21,208,011 | 2.404169 |
| Fidelity Consumer Discretionary Central Fund | 2,379,545,185 | 1,008,679,474 | 2,377,079,793 | 23,770,800 | 4.114729 |
| Fidelity Consumer Staples Central Fund | 1,404,755,423 | 183,109,941 | 1,408,546,669 | 14,085,469 | 2.173535 |
| Fidelity Energy Central Fund | 492,966,055 | (166,203,567) | 492,316,660 | 4,923,164 | .592504 |
| Fidelity Financials Central Fund | 2,972,669,112 | 121,195,967 | 2,979,099,815 | 29,791,012 | .892308 |
| Fidelity Health Care Central Fund | 3,329,427,513 | 1,050,591,177 | 3,330,176,008 | 33,301,760 | 5.057539 |
| Fidelity Industrials Central Fund | 1,767,416,176 | 475,772,074 | 1,769,747,563 | 17,697,476 | 2.866827 |
| Fidelity Information Technology Central Fund | 6,093,403,752 | 2,363,995,847 | 6,085,657,837 | 60,856,583 | 5.380155 |
| Fidelity Materials Central Fund | 509,207,518 | 93,756,573 | 509,656,880 | 5,096,569 | 2.038593 |
| Fidelity Utilities Central Fund | 555,511,461 | 56,313,305 | 556,351,921 | 5,563,521 | 1.681890 |
| Surviving Fund | Net assets $ | Total net assets after the acquisition $ |
| Fidelity U.S. Equity Central Fund | 100 | 21,629,434,410 |
Pro forma results of operations of the combined entity for the entire period ended June 30, 2021 as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:
| Net investment income (loss) | $285,180,268 |
| Total net realized gain (loss) | 2,242,434,479 |
| Total change in net unrealized appreciation (depreciation) | 6,315,625,250 |
| Net increase (decrease) in net assets resulting from operations | $8,843,239,997 |
Because the combined investment portfolios have been managed as a single portfolio since each acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of each Target Fund that has been included in the Fund's Statement of Operations since September 18, 2020.
10. 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 Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2021 to December 31, 2021).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | Annualized Expense Ratio-A | Beginning
Account Value
July 1, 2021 | Ending
Account Value
December 31, 2021 | Expenses Paid
During Period-B
July 1, 2021
to December 31, 2021 |
| Fidelity U.S. Equity Central Fund | .0006% | | | |
| Actual | | $1,000.00 | $1,076.70 | $--C |
| Hypothetical-D | | $1,000.00 | $1,025.20 | $--C |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 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.
C Amount represents less than $.005.
D 5% return per year before expenses
USE-SANN-0322
1.9900194.101
