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 811-23840
Fidelity Cherry Street Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Margaret Carey, 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: | January 31 |
Date of reporting period: | January 31, 2024 |
Item 1.
Reports to Stockholders
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Contents
Average Annual Total Returns | |||
Periods ended January 31, 2024 | Past 1 year | Life of Fund A |
Fidelity® Hedged Equity Central Fund | 14.02% | 14.86% |
$10,000 Over Life of Fund |
Let's say hypothetically that $10,000 was invested in Fidelity® Hedged Equity Central Fund, on January 17, 2023, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
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Top Holdings (% of Fund's net assets) | ||
Microsoft Corp. | 7.3 | |
Apple, Inc. | 6.7 | |
NVIDIA Corp. | 3.8 | |
Alphabet, Inc. Class A | 3.8 | |
Amazon.com, Inc. | 3.4 | |
Meta Platforms, Inc. Class A | 2.1 | |
Berkshire Hathaway, Inc. Class B | 2.0 | |
JPMorgan Chase & Co. | 1.5 | |
Broadcom, Inc. | 1.4 | |
UnitedHealth Group, Inc. | 1.4 | |
33.4 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 29.3 | |
Financials | 13.0 | |
Health Care | 12.3 | |
Consumer Discretionary | 9.9 | |
Communication Services | 8.6 | |
Industrials | 8.1 | |
Consumer Staples | 6.0 | |
Energy | 3.7 | |
Utilities | 2.4 | |
Real Estate | 2.3 | |
Materials | 2.1 | |
Investment Companies | 1.0 | |
Asset Allocation (% of Fund's net assets) |
![]() |
Common Stocks - 97.7% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 8.6% | |||
Diversified Telecommunication Services - 0.8% | |||
Frontier Communications Parent, Inc. (a) | 5,494 | 135,317 | |
Iridium Communications, Inc. | 1,622 | 58,814 | |
Verizon Communications, Inc. | 75,673 | 3,204,752 | |
3,398,883 | |||
Entertainment - 1.3% | |||
Liberty Media Corp. Liberty Formula One Class A | 2,006 | 122,547 | |
Madison Square Garden Sports Corp. (a) | 520 | 96,252 | |
Netflix, Inc. (a) | 4,781 | 2,697,010 | |
Spotify Technology SA (a) | 506 | 108,967 | |
The Walt Disney Co. | 25,173 | 2,417,867 | |
TKO Group Holdings, Inc. | 1,165 | 97,499 | |
5,540,142 | |||
Interactive Media & Services - 5.9% | |||
Alphabet, Inc. Class A (a) | 120,043 | 16,818,024 | |
IAC, Inc. (a) | 1,189 | 59,700 | |
Meta Platforms, Inc. Class A | 24,253 | 9,462,065 | |
Pinterest, Inc. Class A (a) | 2,985 | 111,848 | |
26,451,637 | |||
Media - 0.6% | |||
Comcast Corp. Class A | 52,500 | 2,443,350 | |
Liberty Media Corp. Liberty SiriusXM Class A | 4,303 | 130,768 | |
Nexstar Media Group, Inc. Class A | 704 | 125,108 | |
The Trade Desk, Inc. (a) | 959 | 65,624 | |
2,764,850 | |||
TOTAL COMMUNICATION SERVICES | 38,155,512 | ||
CONSUMER DISCRETIONARY - 9.9% | |||
Automobile Components - 0.1% | |||
Autoliv, Inc. | 1,198 | 128,330 | |
Gentex Corp. | 3,456 | 114,497 | |
Lear Corp. | 1,347 | 179,016 | |
Visteon Corp. (a) | 526 | 60,643 | |
482,486 | |||
Automobiles - 1.4% | |||
Ford Motor Co. | 74,450 | 872,554 | |
Rivian Automotive, Inc. (a) | 2,263 | 34,647 | |
Tesla, Inc. (a) | 29,808 | 5,582,740 | |
6,489,941 | |||
Broadline Retail - 3.4% | |||
Amazon.com, Inc. (a) | 97,682 | 15,160,246 | |
Distributors - 0.2% | |||
Genuine Parts Co. | 4,325 | 606,495 | |
LKQ Corp. | 9,905 | 462,266 | |
1,068,761 | |||
Diversified Consumer Services - 0.1% | |||
H&R Block, Inc. | 2,363 | 110,683 | |
Service Corp. International | 3,120 | 209,414 | |
320,097 | |||
Hotels, Restaurants & Leisure - 2.0% | |||
Aramark | 6,380 | 185,530 | |
Booking Holdings, Inc. (a) | 414 | 1,452,093 | |
Boyd Gaming Corp. | 4,721 | 299,736 | |
Choice Hotels International, Inc. (b) | 1,493 | 180,832 | |
Churchill Downs, Inc. | 1,524 | 184,358 | |
Domino's Pizza, Inc. | 1,226 | 522,546 | |
Doordash, Inc. (a) | 1,296 | 135,043 | |
Draftkings Holdings, Inc. (a) | 1,725 | 67,361 | |
Hyatt Hotels Corp. Class A | 2,428 | 311,682 | |
Light & Wonder, Inc. Class A (a) | 2,222 | 178,604 | |
Marriott Vacations Worldwide Corp. | 1,000 | 83,890 | |
McDonald's Corp. | 11,591 | 3,392,918 | |
MGM Resorts International (a) | 9,028 | 391,544 | |
Penn Entertainment, Inc. (a) | 3,158 | 71,213 | |
Planet Fitness, Inc. (a) | 1,130 | 76,569 | |
Texas Roadhouse, Inc. Class A | 3,238 | 407,081 | |
Vail Resorts, Inc. | 602 | 133,644 | |
Wendy's Co. | 9,524 | 181,718 | |
Wingstop, Inc. | 500 | 140,555 | |
Wyndham Hotels & Resorts, Inc. | 2,087 | 162,640 | |
Wynn Resorts Ltd. | 2,321 | 219,172 | |
8,778,729 | |||
Household Durables - 0.4% | |||
Leggett & Platt, Inc. | 3,632 | 84,299 | |
NVR, Inc. (a) | 142 | 1,004,691 | |
Taylor Morrison Home Corp. (a) | 1,612 | 84,050 | |
Tempur Sealy International, Inc. | 3,872 | 193,174 | |
Toll Brothers, Inc. | 2,966 | 294,672 | |
TopBuild Corp. (a) | 322 | 118,860 | |
1,779,746 | |||
Specialty Retail - 1.9% | |||
AutoNation, Inc. (a) | 926 | 129,325 | |
Burlington Stores, Inc. (a) | 839 | 160,375 | |
Five Below, Inc. (a) | 422 | 75,732 | |
Floor & Decor Holdings, Inc. Class A (a) | 1,242 | 124,896 | |
Gap, Inc. | 3,638 | 67,994 | |
Lithia Motors, Inc. Class A (sub. vtg.) | 433 | 127,670 | |
Murphy U.S.A., Inc. | 563 | 198,469 | |
Penske Automotive Group, Inc. | 1,259 | 186,798 | |
RH (a) | 543 | 137,640 | |
Ross Stores, Inc. | 9,732 | 1,365,205 | |
The Home Depot, Inc. | 13,938 | 4,919,556 | |
Ulta Beauty, Inc. (a) | 1,288 | 646,640 | |
Valvoline, Inc. (a) | 2,581 | 94,181 | |
Williams-Sonoma, Inc. | 651 | 125,897 | |
8,360,378 | |||
Textiles, Apparel & Luxury Goods - 0.4% | |||
NIKE, Inc. Class B | 15,753 | 1,599,402 | |
Ralph Lauren Corp. | 2,365 | 339,780 | |
1,939,182 | |||
TOTAL CONSUMER DISCRETIONARY | 44,379,566 | ||
CONSUMER STAPLES - 6.0% | |||
Beverages - 1.8% | |||
Brown-Forman Corp. Class B (non-vtg.) | 11,658 | 640,024 | |
Keurig Dr. Pepper, Inc. | 33,849 | 1,064,213 | |
PepsiCo, Inc. | 19,348 | 3,260,718 | |
The Coca-Cola Co. | 54,812 | 3,260,766 | |
8,225,721 | |||
Consumer Staples Distribution & Retail - 1.9% | |||
Albertsons Companies, Inc. | 5,117 | 108,583 | |
BJ's Wholesale Club Holdings, Inc. (a) | 2,514 | 161,751 | |
Casey's General Stores, Inc. | 710 | 192,666 | |
Costco Wholesale Corp. | 5,212 | 3,621,715 | |
Performance Food Group Co. (a) | 1,787 | 129,879 | |
Target Corp. | 8,018 | 1,115,143 | |
U.S. Foods Holding Corp. (a) | 3,470 | 159,655 | |
Walmart, Inc. | 17,078 | 2,822,140 | |
8,311,532 | |||
Food Products - 0.8% | |||
Campbell Soup Co. | 17,040 | 760,495 | |
Darling Ingredients, Inc. (a) | 1,242 | 53,779 | |
Flowers Foods, Inc. | 7,214 | 164,479 | |
Ingredion, Inc. | 830 | 89,283 | |
Kellanova | 22,031 | 1,206,418 | |
Post Holdings, Inc. (a) | 3,185 | 295,791 | |
The Hershey Co. | 6,533 | 1,264,397 | |
3,834,642 | |||
Household Products - 1.5% | |||
Colgate-Palmolive Co. | 23,482 | 1,977,184 | |
Procter & Gamble Co. | 29,210 | 4,590,059 | |
6,567,243 | |||
TOTAL CONSUMER STAPLES | 26,939,138 | ||
ENERGY - 3.7% | |||
Energy Equipment & Services - 0.4% | |||
Championx Corp. | 3,199 | 87,685 | |
Schlumberger Ltd. | 21,875 | 1,065,313 | |
TechnipFMC PLC | 5,857 | 113,274 | |
Valaris Ltd. (a) | 1,583 | 97,940 | |
Weatherford International PLC (a) | 1,340 | 119,997 | |
1,484,209 | |||
Oil, Gas & Consumable Fuels - 3.3% | |||
Antero Midstream GP LP | 10,354 | 126,733 | |
Antero Resources Corp. (a) | 4,004 | 89,449 | |
Cheniere Energy, Inc. | 1,353 | 221,878 | |
Chesapeake Energy Corp. | 1,271 | 98,007 | |
Chevron Corp. | 24,808 | 3,657,443 | |
Chord Energy Corp. | 1,024 | 157,450 | |
CNX Resources Corp. (a) | 4,621 | 93,344 | |
Diamondback Energy, Inc. | 7,777 | 1,195,636 | |
DT Midstream, Inc. | 1,514 | 81,287 | |
Exxon Mobil Corp. | 54,055 | 5,557,395 | |
Kinder Morgan, Inc. | 75,841 | 1,283,230 | |
Marathon Oil Corp. | 37,361 | 853,699 | |
Matador Resources Co. | 2,760 | 151,496 | |
Murphy Oil Corp. | 5,123 | 198,260 | |
Occidental Petroleum Corp. | 12,288 | 707,420 | |
Ovintiv, Inc. | 4,384 | 185,969 | |
Range Resources Corp. | 3,362 | 97,632 | |
Southwestern Energy Co. (a) | 13,072 | 84,314 | |
14,840,642 | |||
TOTAL ENERGY | 16,324,851 | ||
FINANCIALS - 13.0% | |||
Banks - 3.0% | |||
Bank of America Corp. | 112,010 | 3,809,460 | |
Bank OZK | 2,157 | 97,302 | |
BOK Financial Corp. | 953 | 79,900 | |
Columbia Banking Systems, Inc. | 4,962 | 100,034 | |
Commerce Bancshares, Inc. | 2,216 | 115,498 | |
Cullen/Frost Bankers, Inc. | 1,057 | 112,169 | |
First Citizens Bancshares, Inc. | 63 | 95,130 | |
First Horizon National Corp. | 8,410 | 119,758 | |
JPMorgan Chase & Co. | 38,326 | 6,682,521 | |
New York Community Bancorp, Inc. | 8,871 | 57,395 | |
Old National Bancorp, Indiana | 5,060 | 83,338 | |
Pinnacle Financial Partners, Inc. | 2,432 | 214,940 | |
Prosperity Bancshares, Inc. | 2,097 | 134,019 | |
Synovus Financial Corp. | 2,693 | 101,418 | |
U.S. Bancorp | 31,626 | 1,313,744 | |
Wintrust Financial Corp. | 1,716 | 166,418 | |
13,283,044 | |||
Capital Markets - 1.9% | |||
Affiliated Managers Group, Inc. | 559 | 83,202 | |
Ameriprise Financial, Inc. | 3,029 | 1,171,708 | |
Ares Management Corp. | 3,168 | 384,849 | |
Blackstone, Inc. | 10,635 | 1,323,526 | |
Carlyle Group LP | 5,980 | 239,320 | |
Charles Schwab Corp. | 19,420 | 1,221,906 | |
Evercore, Inc. Class A | 1,369 | 235,098 | |
Franklin Resources, Inc. | 17,677 | 470,739 | |
Houlihan Lokey | 781 | 93,548 | |
Interactive Brokers Group, Inc. | 1,926 | 170,933 | |
Jefferies Financial Group, Inc. | 6,412 | 261,353 | |
KKR & Co. LP | 4,400 | 380,952 | |
Lazard, Inc. Class A | 2,432 | 94,799 | |
LPL Financial | 551 | 131,794 | |
Morgan Stanley | 23,830 | 2,078,929 | |
SEI Investments Co. | 3,077 | 194,589 | |
Stifel Financial Corp. | 2,322 | 169,390 | |
Virtu Financial, Inc. Class A | 4,166 | 69,947 | |
8,776,582 | |||
Consumer Finance - 0.5% | |||
Ally Financial, Inc. | 6,449 | 236,549 | |
American Express Co. | 9,546 | 1,916,264 | |
OneMain Holdings, Inc. | 1,797 | 85,537 | |
SLM Corp. | 5,017 | 99,738 | |
2,338,088 | |||
Financial Services - 5.2% | |||
Apollo Global Management, Inc. | 2,581 | 259,132 | |
Berkshire Hathaway, Inc. Class B (a) | 22,669 | 8,699,002 | |
Block, Inc. Class A (a) | 1,122 | 72,941 | |
Equitable Holdings, Inc. | 7,290 | 238,310 | |
Fidelity National Information Services, Inc. | 10,442 | 650,119 | |
FleetCor Technologies, Inc. (a) | 2,212 | 641,325 | |
MasterCard, Inc. Class A | 11,886 | 5,339,548 | |
PayPal Holdings, Inc. (a) | 15,640 | 959,514 | |
Visa, Inc. Class A | 21,908 | 5,986,580 | |
Voya Financial, Inc. | 2,538 | 183,675 | |
WEX, Inc. (a) | 435 | 88,910 | |
23,119,056 | |||
Insurance - 2.2% | |||
AFLAC, Inc. | 17,528 | 1,478,312 | |
American Financial Group, Inc. | 1,997 | 240,439 | |
Arch Capital Group Ltd. (a) | 9,422 | 776,655 | |
Arthur J. Gallagher & Co. | 7,770 | 1,803,883 | |
Fidelity National Financial, Inc. | 3,558 | 178,007 | |
Loews Corp. | 11,950 | 870,677 | |
Markel Group, Inc. (a) | 231 | 345,906 | |
Old Republic International Corp. | 5,974 | 167,511 | |
Prudential Financial, Inc. | 16,905 | 1,773,842 | |
Reinsurance Group of America, Inc. | 620 | 107,812 | |
RenaissanceRe Holdings Ltd. | 465 | 106,406 | |
Unum Group | 2,118 | 102,384 | |
W.R. Berkley Corp. | 13,492 | 1,104,725 | |
Willis Towers Watson PLC | 3,095 | 762,299 | |
9,818,858 | |||
Mortgage Real Estate Investment Trusts - 0.2% | |||
AGNC Investment Corp. (b) | 11,635 | 110,300 | |
Annaly Capital Management, Inc. | 8,177 | 156,917 | |
Rithm Capital Corp. | 16,597 | 177,588 | |
Starwood Property Trust, Inc. | 18,997 | 386,209 | |
831,014 | |||
TOTAL FINANCIALS | 58,166,642 | ||
HEALTH CARE - 12.3% | |||
Biotechnology - 2.1% | |||
AbbVie, Inc. | 21,369 | 3,513,064 | |
Alnylam Pharmaceuticals, Inc. (a) | 588 | 101,671 | |
BioMarin Pharmaceutical, Inc. (a) | 2,307 | 203,201 | |
Exelixis, Inc. (a) | 3,676 | 79,990 | |
Gilead Sciences, Inc. | 21,701 | 1,698,320 | |
Moderna, Inc. (a) | 5,185 | 523,944 | |
Neurocrine Biosciences, Inc. (a) | 1,075 | 150,253 | |
Regeneron Pharmaceuticals, Inc. (a) | 1,653 | 1,558,415 | |
Sarepta Therapeutics, Inc. (a) | 690 | 82,103 | |
United Therapeutics Corp. (a) | 418 | 89,778 | |
Vertex Pharmaceuticals, Inc. (a) | 3,053 | 1,323,109 | |
9,323,848 | |||
Health Care Equipment & Supplies - 2.5% | |||
Abbott Laboratories | 24,220 | 2,740,493 | |
Align Technology, Inc. (a) | 1,245 | 332,813 | |
Boston Scientific Corp. (a) | 36,875 | 2,332,713 | |
DexCom, Inc. (a) | 5,534 | 671,551 | |
Envista Holdings Corp. (a) | 2,567 | 60,325 | |
GE Healthcare Holding LLC | 8,179 | 600,011 | |
Globus Medical, Inc. (a) | 2,275 | 120,097 | |
Haemonetics Corp. (a) | 1,381 | 105,591 | |
Hologic, Inc. (a) | 9,261 | 689,389 | |
ICU Medical, Inc. (a) | 555 | 50,799 | |
Inspire Medical Systems, Inc. (a) | 239 | 50,398 | |
Intuitive Surgical, Inc. (a) | 4,202 | 1,589,280 | |
Masimo Corp. (a) | 567 | 73,109 | |
Penumbra, Inc. (a) | 324 | 81,710 | |
ResMed, Inc. | 4,103 | 780,391 | |
Shockwave Medical, Inc. (a) | 567 | 128,284 | |
The Cooper Companies, Inc. | 1,785 | 665,859 | |
11,072,813 | |||
Health Care Providers & Services - 2.6% | |||
Acadia Healthcare Co., Inc. (a) | 1,589 | 130,520 | |
Centene Corp. (a) | 11,484 | 864,860 | |
Chemed Corp. | 280 | 165,981 | |
CVS Health Corp. | 21,810 | 1,622,010 | |
DaVita, Inc. (a) | 1,835 | 198,474 | |
Encompass Health Corp. | 1,534 | 108,975 | |
HCA Holdings, Inc. | 4,821 | 1,469,923 | |
Humana, Inc. | 2,682 | 1,013,957 | |
Tenet Healthcare Corp. (a) | 1,136 | 93,993 | |
UnitedHealth Group, Inc. | 11,959 | 6,119,899 | |
11,788,592 | |||
Health Care Technology - 0.0% | |||
Veeva Systems, Inc. Class A (a) | 916 | 189,988 | |
Life Sciences Tools & Services - 1.3% | |||
Avantor, Inc. (a) | 6,031 | 138,653 | |
Bruker Corp. | 1,038 | 74,227 | |
Danaher Corp. | 8,901 | 2,135,439 | |
ICON PLC (a) | 632 | 164,870 | |
Medpace Holdings, Inc. (a) | 504 | 146,956 | |
QIAGEN NV | 4,676 | 204,154 | |
Thermo Fisher Scientific, Inc. | 5,092 | 2,744,486 | |
5,608,785 | |||
Pharmaceuticals - 3.8% | |||
Eli Lilly & Co. | 9,106 | 5,878,925 | |
Jazz Pharmaceuticals PLC (a) | 781 | 95,844 | |
Johnson & Johnson | 31,775 | 5,049,048 | |
Merck & Co., Inc. | 32,855 | 3,968,227 | |
Pfizer, Inc. | 65,676 | 1,778,506 | |
Royalty Pharma PLC | 5,723 | 162,476 | |
16,933,026 | |||
TOTAL HEALTH CARE | 54,917,052 | ||
INDUSTRIALS - 8.1% | |||
Aerospace & Defense - 1.6% | |||
BWX Technologies, Inc. | 1,504 | 122,546 | |
Curtiss-Wright Corp. | 567 | 126,197 | |
HEICO Corp. | 1,632 | 293,091 | |
Howmet Aerospace, Inc. | 17,450 | 981,737 | |
Lockheed Martin Corp. | 4,719 | 2,026,386 | |
RTX Corp. | 21,200 | 1,931,744 | |
The Boeing Co. (a) | 7,404 | 1,562,540 | |
Woodward, Inc. | 843 | 116,140 | |
7,160,381 | |||
Air Freight & Logistics - 0.5% | |||
GXO Logistics, Inc. (a) | 1,379 | 74,990 | |
United Parcel Service, Inc. Class B | 15,775 | 2,238,473 | |
2,313,463 | |||
Building Products - 0.5% | |||
Advanced Drain Systems, Inc. | 671 | 87,512 | |
Allegion PLC (b) | 5,076 | 628,866 | |
Builders FirstSource, Inc. (a) | 2,154 | 374,214 | |
Carlisle Companies, Inc. | 1,067 | 335,315 | |
Fortune Brands Innovations, Inc. | 2,969 | 230,365 | |
Lennox International, Inc. | 798 | 341,672 | |
Owens Corning | 1,644 | 249,115 | |
Trex Co., Inc. (a) | 1,799 | 146,583 | |
2,393,642 | |||
Commercial Services & Supplies - 0.9% | |||
Cintas Corp. | 3,088 | 1,866,912 | |
Clean Harbors, Inc. (a) | 581 | 97,585 | |
RB Global, Inc. | 1,651 | 105,614 | |
Republic Services, Inc. | 9,681 | 1,656,613 | |
Tetra Tech, Inc. | 1,342 | 212,278 | |
3,939,002 | |||
Construction & Engineering - 0.1% | |||
AECOM | 2,242 | 197,722 | |
EMCOR Group, Inc. | 514 | 117,249 | |
Willscot Mobile Mini Holdings (a) | 1,814 | 85,802 | |
400,773 | |||
Electrical Equipment - 0.4% | |||
AMETEK, Inc. | 7,337 | 1,188,961 | |
nVent Electric PLC | 4,464 | 268,019 | |
Regal Rexnord Corp. | 1,002 | 133,727 | |
Sensata Technologies, Inc. PLC | 3,489 | 126,197 | |
1,716,904 | |||
Ground Transportation - 0.9% | |||
J.B. Hunt Transport Services, Inc. | 4,045 | 812,964 | |
Knight-Swift Transportation Holdings, Inc. Class A | 5,125 | 294,073 | |
Landstar System, Inc. | 1,989 | 381,331 | |
Ryder System, Inc. | 1,194 | 135,603 | |
Saia, Inc. (a) | 444 | 200,058 | |
Uber Technologies, Inc. (a) | 29,158 | 1,903,143 | |
XPO, Inc. (a) | 1,524 | 130,211 | |
3,857,383 | |||
Industrial Conglomerates - 0.6% | |||
Honeywell International, Inc. | 13,457 | 2,721,813 | |
Machinery - 1.8% | |||
AGCO Corp. | 639 | 78,169 | |
Caterpillar, Inc. | 7,680 | 2,306,381 | |
CNH Industrial NV | 5,323 | 63,876 | |
Donaldson Co., Inc. | 1,212 | 78,283 | |
Dover Corp. | 9,297 | 1,392,505 | |
Graco, Inc. | 3,883 | 331,220 | |
IDEX Corp. | 3,913 | 827,600 | |
ITT, Inc. | 1,838 | 221,994 | |
Lincoln Electric Holdings, Inc. | 1,379 | 306,441 | |
Middleby Corp. (a) | 1,714 | 241,794 | |
Oshkosh Corp. | 938 | 103,274 | |
PACCAR, Inc. | 13,006 | 1,305,672 | |
Timken Co. | 1,367 | 111,971 | |
Toro Co. | 759 | 70,192 | |
Watts Water Technologies, Inc. Class A | 661 | 130,885 | |
Westinghouse Air Brake Tech Co. | 4,758 | 626,010 | |
8,196,267 | |||
Passenger Airlines - 0.2% | |||
American Airlines Group, Inc. (a) | 37,750 | 537,183 | |
United Airlines Holdings, Inc. (a) | 6,583 | 272,405 | |
809,588 | |||
Professional Services - 0.4% | |||
Booz Allen Hamilton Holding Corp. Class A | 2,201 | 309,835 | |
CACI International, Inc. Class A (a) | 455 | 156,397 | |
Clarivate PLC (a)(b) | 8,096 | 72,378 | |
Genpact Ltd. | 2,850 | 102,315 | |
KBR, Inc. | 3,176 | 165,501 | |
Paylocity Holding Corp. (a) | 516 | 81,740 | |
Science Applications International Corp. | 1,379 | 176,043 | |
SS&C Technologies Holdings, Inc. | 6,290 | 383,816 | |
TransUnion | 2,273 | 157,269 | |
1,605,294 | |||
Trading Companies & Distributors - 0.2% | |||
Air Lease Corp. Class A | 1,816 | 75,927 | |
Ferguson PLC | 2,381 | 447,295 | |
GATX Corp. | 1,100 | 134,915 | |
MSC Industrial Direct Co., Inc. Class A | 783 | 77,266 | |
SiteOne Landscape Supply, Inc. (a) | 447 | 69,084 | |
Watsco, Inc. | 492 | 192,362 | |
WESCO International, Inc. | 647 | 112,267 | |
1,109,116 | |||
TOTAL INDUSTRIALS | 36,223,626 | ||
INFORMATION TECHNOLOGY - 29.3% | |||
Communications Equipment - 0.8% | |||
Ciena Corp. (a) | 2,136 | 113,208 | |
Cisco Systems, Inc. | 66,220 | 3,322,920 | |
Ubiquiti, Inc. (b) | 435 | 54,697 | |
3,490,825 | |||
Electronic Equipment, Instruments & Components - 0.5% | |||
Amphenol Corp. Class A | 18,885 | 1,909,274 | |
Arrow Electronics, Inc. (a) | 1,318 | 146,496 | |
TD SYNNEX Corp. | 1,444 | 144,371 | |
2,200,141 | |||
IT Services - 1.6% | |||
Accenture PLC Class A | 8,567 | 3,117,360 | |
Amdocs Ltd. | 1,983 | 181,801 | |
Cloudflare, Inc. (a) | 1,751 | 138,417 | |
Cognizant Technology Solutions Corp. Class A | 11,234 | 866,366 | |
GoDaddy, Inc. (a) | 2,426 | 258,757 | |
IBM Corp. | 13,349 | 2,451,677 | |
MongoDB, Inc. Class A (a) | 216 | 86,512 | |
Snowflake, Inc. (a) | 494 | 96,646 | |
Twilio, Inc. Class A (a) | 1,695 | 119,209 | |
7,316,745 | |||
Semiconductors & Semiconductor Equipment - 8.6% | |||
Advanced Micro Devices, Inc. (a) | 20,132 | 3,375,935 | |
Amkor Technology, Inc. | 2,607 | 82,538 | |
Broadcom, Inc. | 5,294 | 6,246,920 | |
Cirrus Logic, Inc. (a) | 1,635 | 126,222 | |
Entegris, Inc. | 2,687 | 316,260 | |
GlobalFoundries, Inc. (a) | 1,189 | 65,371 | |
Intel Corp. | 51,453 | 2,216,595 | |
Lam Research Corp. | 3,007 | 2,481,286 | |
Lattice Semiconductor Corp. (a) | 2,772 | 168,704 | |
MACOM Technology Solutions Holdings, Inc. (a) | 940 | 81,056 | |
Micron Technology, Inc. | 18,116 | 1,553,447 | |
MKS Instruments, Inc. | 1,557 | 165,743 | |
NVIDIA Corp. | 27,388 | 16,851,015 | |
Onto Innovation, Inc. (a) | 953 | 153,910 | |
Power Integrations, Inc. | 1,713 | 128,406 | |
Qualcomm, Inc. | 16,197 | 2,405,416 | |
Rambus, Inc. (a) | 1,991 | 136,443 | |
Skyworks Solutions, Inc. | 7,933 | 828,681 | |
Synaptics, Inc. (a) | 896 | 95,702 | |
Teradyne, Inc. | 7,647 | 738,624 | |
Universal Display Corp. | 759 | 128,855 | |
Wolfspeed, Inc. (a) | 930 | 30,272 | |
38,377,401 | |||
Software - 11.1% | |||
Adobe, Inc. (a) | 5,201 | 3,213,074 | |
Atlassian Corp. PLC (a) | 551 | 137,623 | |
Bentley Systems, Inc. Class B | 1,465 | 73,836 | |
Bill Holdings, Inc. (a) | 1,026 | 80,079 | |
Crowdstrike Holdings, Inc. (a) | 1,041 | 304,493 | |
Datadog, Inc. Class A (a) | 916 | 113,987 | |
DocuSign, Inc. (a) | 2,042 | 124,399 | |
Dolby Laboratories, Inc. Class A | 812 | 67,542 | |
Dropbox, Inc. Class A (a) | 7,643 | 242,130 | |
Dynatrace, Inc. (a) | 2,089 | 119,073 | |
Five9, Inc. (a) | 957 | 72,598 | |
Guidewire Software, Inc. (a) | 1,143 | 127,650 | |
HubSpot, Inc. (a) | 392 | 239,512 | |
Intuit, Inc. | 3,374 | 2,130,107 | |
Manhattan Associates, Inc. (a) | 1,204 | 292,042 | |
Microsoft Corp. | 81,553 | 32,423,837 | |
Oracle Corp. | 20,303 | 2,267,845 | |
Palantir Technologies, Inc. (a) | 5,647 | 90,860 | |
Palo Alto Networks, Inc. (a) | 4,261 | 1,442,391 | |
Qualys, Inc. (a) | 761 | 143,958 | |
Salesforce, Inc. (a) | 11,008 | 3,094,239 | |
ServiceNow, Inc. (a) | 2,597 | 1,987,744 | |
Splunk, Inc. (a) | 870 | 133,432 | |
Unity Software, Inc. (a) | 1,720 | 55,728 | |
Workday, Inc. Class A (a) | 987 | 287,286 | |
Zoom Video Communications, Inc. Class A (a) | 1,910 | 123,405 | |
Zscaler, Inc. (a) | 769 | 181,230 | |
49,570,100 | |||
Technology Hardware, Storage & Peripherals - 6.7% | |||
Apple, Inc. | 162,754 | 30,011,838 | |
TOTAL INFORMATION TECHNOLOGY | 130,967,050 | ||
MATERIALS - 2.1% | |||
Chemicals - 1.5% | |||
Ashland, Inc. | 1,302 | 121,893 | |
Axalta Coating Systems Ltd. (a) | 8,795 | 285,134 | |
Celanese Corp. Class A | 4,666 | 682,589 | |
Dow, Inc. | 22,755 | 1,219,668 | |
Eastman Chemical Co. | 5,988 | 500,297 | |
Element Solutions, Inc. | 4,229 | 94,011 | |
Linde PLC | 8,010 | 3,242,688 | |
Olin Corp. | 2,218 | 115,491 | |
RPM International, Inc. | 2,634 | 280,942 | |
Westlake Corp. | 808 | 111,787 | |
6,654,500 | |||
Construction Materials - 0.1% | |||
Eagle Materials, Inc. | 1,373 | 310,682 | |
Containers & Packaging - 0.2% | |||
Aptargroup, Inc. | 1,302 | 169,104 | |
Berry Global Group, Inc. | 2,638 | 172,683 | |
Crown Holdings, Inc. | 2,538 | 224,613 | |
Graphic Packaging Holding Co. | 6,113 | 155,943 | |
Sealed Air Corp. | 4,144 | 143,175 | |
Silgan Holdings, Inc. | 1,906 | 87,562 | |
Sonoco Products Co. | 2,169 | 123,416 | |
1,076,496 | |||
Metals & Mining - 0.3% | |||
Alcoa Corp. | 2,850 | 84,788 | |
Cleveland-Cliffs, Inc. (a) | 5,041 | 101,072 | |
Newmont Corp. | 21,681 | 748,211 | |
Reliance Steel & Aluminum Co. | 420 | 119,876 | |
Royal Gold, Inc. | 524 | 59,940 | |
Southern Copper Corp. | 2,162 | 177,500 | |
United States Steel Corp. | 3,334 | 156,765 | |
1,448,152 | |||
TOTAL MATERIALS | 9,489,830 | ||
REAL ESTATE - 2.3% | |||
Equity Real Estate Investment Trusts (REITs) - 2.3% | |||
Agree Realty Corp. | 1,848 | 110,159 | |
American Homes 4 Rent Class A | 9,352 | 327,788 | |
American Tower Corp. | 7,981 | 1,561,483 | |
Americold Realty Trust | 2,922 | 80,355 | |
Apartment Income (REIT) Corp. | 2,463 | 80,515 | |
Brixmor Property Group, Inc. | 6,508 | 146,040 | |
Camden Property Trust (SBI) | 7,328 | 687,660 | |
CubeSmart | 3,064 | 132,426 | |
EastGroup Properties, Inc. | 828 | 146,912 | |
Equity Lifestyle Properties, Inc. | 4,671 | 316,180 | |
Federal Realty Investment Trust (SBI) | 4,251 | 432,454 | |
First Industrial Realty Trust, Inc. | 2,640 | 136,013 | |
Gaming & Leisure Properties | 8,275 | 377,754 | |
Healthcare Trust of America, Inc. | 5,707 | 91,940 | |
Healthpeak Properties, Inc. | 37,767 | 698,690 | |
Kite Realty Group Trust | 4,293 | 91,870 | |
Lamar Advertising Co. Class A | 1,881 | 196,903 | |
Medical Properties Trust, Inc. (b) | 8,724 | 27,044 | |
Mid-America Apartment Communities, Inc. | 7,741 | 978,308 | |
NNN (REIT), Inc. | 6,053 | 244,178 | |
Omega Healthcare Investors, Inc. | 4,095 | 118,755 | |
Prologis, Inc. | 16,783 | 2,126,238 | |
Realty Income Corp. | 1,781 | 96,869 | |
Rexford Industrial Realty, Inc. | 2,975 | 156,455 | |
Stag Industrial, Inc. | 6,147 | 227,070 | |
Sun Communities, Inc. | 2,281 | 285,923 | |
WP Carey, Inc. | 4,405 | 272,934 | |
10,148,916 | |||
Real Estate Management & Development - 0.0% | |||
Jones Lang LaSalle, Inc. (a) | 174 | 30,808 | |
TOTAL REAL ESTATE | 10,179,724 | ||
UTILITIES - 2.4% | |||
Electric Utilities - 1.2% | |||
Exelon Corp. | 38,634 | 1,344,850 | |
NextEra Energy, Inc. | 31,494 | 1,846,493 | |
OGE Energy Corp. | 11,041 | 367,003 | |
Xcel Energy, Inc. | 25,627 | 1,534,288 | |
5,092,634 | |||
Gas Utilities - 0.0% | |||
National Fuel Gas Co. | 1,577 | 74,371 | |
Independent Power and Renewable Electricity Producers - 0.0% | |||
Vistra Corp. | 2,618 | 107,417 | |
Multi-Utilities - 1.1% | |||
Ameren Corp. | 18,333 | 1,275,427 | |
CMS Energy Corp. | 23,110 | 1,320,968 | |
DTE Energy Co. | 13,300 | 1,402,086 | |
NiSource, Inc. | 35,796 | 929,622 | |
4,928,103 | |||
Water Utilities - 0.1% | |||
Essential Utilities, Inc. | 9,130 | 327,402 | |
TOTAL UTILITIES | 10,529,927 | ||
TOTAL COMMON STOCKS (Cost $381,079,531) | 436,272,918 | ||
Money Market Funds - 0.6% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (c) | 1,464,504 | 1,464,796 | |
Fidelity Securities Lending Cash Central Fund 5.39% (c)(d) | 1,038,146 | 1,038,250 | |
TOTAL MONEY MARKET FUNDS (Cost $2,503,046) | 2,503,046 | ||
Equity Funds - 1.0% | |||
Shares | Value ($) | ||
Domestic Equity Funds - 1.0% | |||
iShares S&P 500 Index ETF (Cost $3,952,620) | 9,267 | 4,496,348 | |
Purchased Options - 0.9% | ||||||
Counterparty | Number of Contracts | Notional Amount($) | Exercise Price ($) | Expiration Date | Value ($) | |
Put Options | ||||||
S&P 500 Index | Chicago Board Options Exchange | 363 | 175,897,095 | 3,100 | 11/15/24 | 626,175 |
S&P 500 Index | Chicago Board Options Exchange | 357 | 172,989,705 | 4,340 | 02/16/24 | 70,508 |
S&P 500 Index | Chicago Board Options Exchange | 343 | 166,205,795 | 3,200 | 12/20/24 | 770,035 |
S&P 500 Index | Chicago Board Options Exchange | 377 | 182,681,005 | 4,490 | 03/15/24 | 491,985 |
S&P 500 Index | Chicago Board Options Exchange | 293 | 141,977,545 | 3,250 | 01/17/25 | 760,335 |
S&P 500 Index | Chicago Board Options Exchange | 345 | 167,174,925 | 4,560 | 04/19/24 | 1,166,100 |
3,885,138 | ||||||
TOTAL PURCHASED OPTIONS (Cost $8,733,473) | 3,885,138 |
TOTAL INVESTMENT IN SECURITIES - 100.2% (Cost $396,268,670) | 447,157,450 |
NET OTHER ASSETS (LIABILITIES) - (0.2)% | (748,228) |
NET ASSETS - 100.0% | 446,409,222 |
ETF | - | EXCHANGE-TRADED FUND |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 328,083 | 367,686,993 | 366,550,280 | 106,869 | - | - | 1,464,796 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | - | 38,662,465 | 37,624,215 | 19,744 | - | - | 1,038,250 | 0.0% |
Total | 328,083 | 406,349,458 | 404,174,495 | 126,613 | - | - | 2,503,046 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 38,155,512 | 38,155,512 | - | - |
Consumer Discretionary | 44,379,566 | 44,379,566 | - | - |
Consumer Staples | 26,939,138 | 26,939,138 | - | - |
Energy | 16,324,851 | 16,324,851 | - | - |
Financials | 58,166,642 | 58,166,642 | - | - |
Health Care | 54,917,052 | 54,917,052 | - | - |
Industrials | 36,223,626 | 36,223,626 | - | - |
Information Technology | 130,967,050 | 130,967,050 | - | - |
Materials | 9,489,830 | 9,489,830 | - | - |
Real Estate | 10,179,724 | 10,179,724 | - | - |
Utilities | 10,529,927 | 10,529,927 | - | - |
Money Market Funds | 2,503,046 | 2,503,046 | - | - |
Equity Funds | 4,496,348 | 4,496,348 | - | - |
Purchased Options | 3,885,138 | 3,885,138 | - | - |
Total Investments in Securities: | 447,157,450 | 447,157,450 | - | - |
Primary Risk Exposure / Derivative Type | Value | |
Asset ($) | Liability ($) | |
Equity Risk | ||
Purchased Options (a) | 3,885,138 | 0 |
Total Equity Risk | 3,885,138 | 0 |
Total Value of Derivatives | 3,885,138 | 0 |
Statement of Assets and Liabilities | ||||
January 31, 2024 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $995,322) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $393,765,624) | $ | 444,654,404 | ||
Fidelity Central Funds (cost $2,503,046) | 2,503,046 | |||
Total Investment in Securities (cost $396,268,670) | $ | 447,157,450 | ||
Cash | 6 | |||
Dividends receivable | 284,382 | |||
Distributions receivable from Fidelity Central Funds | 5,972 | |||
Receivable from investment adviser for expense reductions | 14,205 | |||
Other receivables | 345 | |||
Total assets | 447,462,360 | |||
Liabilities | ||||
Other affiliated payables | $ | 10,298 | ||
Other payables and accrued expenses | 4,590 | |||
Collateral on securities loaned | 1,038,250 | |||
Total Liabilities | 1,053,138 | |||
Net Assets | $ | 446,409,222 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 405,146,960 | ||
Total accumulated earnings (loss) | 41,262,262 | |||
Net Assets | $ | 446,409,222 | ||
Net Asset Value, offering price and redemption price per share ($446,409,222 ÷ 3,909,715 shares) | $ | 114.18 |
Statement of Operations | ||||
Year ended January 31, 2024 | ||||
Investment Income | ||||
Dividends | $ | 4,660,249 | ||
Income from Fidelity Central Funds (including $19,744 from security lending) | 126,613 | |||
Total Income | 4,786,862 | |||
Expenses | ||||
Custodian fees and expenses | $ | 10,558 | ||
Independent trustees' fees and expenses | 239,180 | |||
Total expenses before reductions | 249,738 | |||
Expense reductions | (240,456) | |||
Total expenses after reductions | 9,282 | |||
Net Investment income (loss) | 4,777,580 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (9,644,369) | |||
Foreign currency transactions | (170) | |||
Total net realized gain (loss) | (9,644,539) | |||
Change in net unrealized appreciation (depreciation) on investment securities | 49,614,011 | |||
Net gain (loss) | 39,969,472 | |||
Net increase (decrease) in net assets resulting from operations | $ | 44,747,052 |
Statement of Changes in Net Assets | ||||
Year ended January 31, 2024 | For the period January 17, 2023 (commencement of operations) through January 31, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 4,777,580 | $ | 54,857 |
Net realized gain (loss) | (9,644,539) | - | ||
Change in net unrealized appreciation (depreciation) | 49,614,011 | 1,274,769 | ||
Net increase (decrease) in net assets resulting from operations | 44,747,052 | 1,329,626 | ||
Distributions to shareholders | (4,612,780) | - | ||
Affiliated share transactions | ||||
Proceeds from sales of shares | 327,244,655 | 105,000,000 | ||
Reinvestment of distributions | 4,612,780 | - | ||
Cost of shares redeemed | (31,912,111) | - | ||
Net increase (decrease) in net assets resulting from share transactions | 299,945,324 | 105,000,000 | ||
Total increase (decrease) in net assets | 340,079,596 | 106,329,626 | ||
Net Assets | ||||
Beginning of period | 106,329,626 | - | ||
End of period | $ | 446,409,222 | $ | 106,329,626 |
Other Information | ||||
Shares | ||||
Sold | 3,108,671 | 1,050,000 | ||
Issued in reinvestment of distributions | 42,192 | - | ||
Redeemed | (291,148) | - | ||
Net increase (decrease) | 2,859,715 | 1,050,000 | ||
Fidelity® Hedged Equity Central Fund |
Years ended January 31, | 2024 | 2023 A | ||
Selected Per-Share Data | ||||
Net asset value, beginning of period | $ | 101.27 | $ | 100.00 |
Income from Investment Operations | ||||
Net investment income (loss) B,C | 1.67 | .05 | ||
Net realized and unrealized gain (loss) | 12.47 | 1.22 | ||
Total from investment operations | 14.14 | 1.27 | ||
Distributions from net investment income | (1.23) | - | ||
Total distributions | (1.23) | - | ||
Net asset value, end of period | $ | 114.18 | $ | 101.27 |
Total Return D,E | 14.02% | 1.27% | ||
Ratios to Average Net Assets C,F,G | ||||
Expenses before reductions | .08% | .01% H | ||
Expenses net of fee waivers, if any | -% I | .01% H | ||
Expenses net of all reductions | -% I | .01% H | ||
Net investment income (loss) | 1.57% | 1.25% H | ||
Supplemental Data | ||||
Net assets, end of period (000 omitted) | $ | 446,409 | $ | 106,330 |
Portfolio turnover rate J | 41% | -% K |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Gross unrealized appreciation | $64,700,051 |
Gross unrealized depreciation | (9,713,351) |
Net unrealized appreciation (depreciation) | $54,986,700 |
Tax Cost | $392,170,750 |
Undistributed ordinary income | $127,635 |
Capital loss carryforward | $(13,312,384) |
Net unrealized appreciation (depreciation) on securities and other investments | $54,447,011 |
Short-term | $(4,381,110) |
Long-term | (8,931,274) |
Total capital loss carryforward | $(13,312,384) |
January 31, 2024 | January 31, 2023A | ||
Ordinary Income | $4,612,780 | $- |
Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Purchases ($) | Sales ($) | |
Fidelity Hedged Equity Central Fund | 409,840,277 | 125,285,932 |
Amount | |
Fidelity Hedged Equity Central Fund | $3,401 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Hedged Equity Central Fund | 3,204,738 | 599,906 | 54,618 |
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 Hedged Equity Central Fund | $1,989 | $ - | $- |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2023 to January 31, 2024). |
Annualized Expense Ratio- A | Beginning Account Value August 1, 2023 | Ending Account Value January 31, 2024 | Expenses Paid During Period- C August 1, 2023 to January 31, 2024 | |||||||
Fidelity® Hedged Equity Central Fund | 0.0026% | |||||||||
Actual | $ 1,000 | $ 1,053.40 | $ .01 | |||||||
Hypothetical-B | $ 1,000 | $ 1,025.19 | $ .01 | |||||||
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
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Item 2.
Code of Ethics
As of the end of the period, January 31, 2024, Fidelity Cherry Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
Item 3.
Audit Committee Financial Expert
The Board of Trustees of the trust has determined that Jennifer M. Birmingham is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Birmingham is independent for purposes of Item 3 of Form N-CSR.
Item 4.
Principal Accountant Fees and Services
Fees and Services
The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, “Deloitte Entities”) in each of the last two fiscal years for services rendered to Fidelity Hedged Equity Central Fund (the “Fund”):
Services Billed by Deloitte Entities
January 31, 2024 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Hedged Equity Central Fund | $58,100 | $- | $9,700 | $1,800 |
January 31, 2023 FeesA,B
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Hedged Equity Central Fund | $31,600 | $- | $9,700 | $- |
A Amounts may reflect rounding.
B Fidelity Hedged Equity Central Fund commenced operations on January 17, 2023.
The following table(s) present(s) fees billed by Deloitte Entities that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Diversifying Solutions LLC ("FDS") and entities controlling, controlled by, or under common control with FDS (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) (“Fund Service Providers”):
Services Billed by Deloitte Entities
January 31, 2024A | January 31, 2023A,B | |
Audit-Related Fees | $- | $- |
Tax Fees | $- | $- |
All Other Fees | $935,000 | $- |
A Amounts may reflect rounding.
B May include amounts billed prior to the Fidelity Hedged Equity Central Fund’s commencement of operations.
“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.
“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.
“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.
Assurance services must be performed by an independent public accountant.
* * *
The aggregate non-audit fees billed by Deloitte Entities for services rendered to the Fund(s), FDS (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:
Billed By | January 31, 2024A | January 31, 2023A,B |
Deloitte Entities | $1,201,500 | $252,300 |
A Amounts may reflect rounding.
B May include amounts billed prior to the Fidelity Hedged Equity Central Fund’s commencement of operations.
The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FDS’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.
Audit Committee Pre-Approval Policies and Procedures
The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.
All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.
Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.
Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)
There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund’s(s’) last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).
The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the “PCAOB”) has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.
The Registrant is not a “foreign issuer,” as defined in 17 CFR 240.3b-4.
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable.
Item 7.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the trust’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust’s internal control over financial reporting.
Item 12.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 18.
Recovery of Erroneously Awarded Compensation
(a)
Not applicable.
(b)
Not applicable.
Item 19.
Exhibits
(a) | (1) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. |
(a) | (2) | |
(a) | (3) | Not applicable. |
(b) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Cherry Street Trust
By: | /s/Heather Bonner |
Heather Bonner | |
President and Treasurer | |
Date: | March 21, 2024 |
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/Heather Bonner |
Heather Bonner | |
President and Treasurer | |
Date: | March 21, 2024 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | March 21, 2024 |