# EDGAR Filing Document

**Accession Number:** 0001303459
**File Stem:** 0001303459-25-000075
**Filing Date:** 2025-8
**Character Count:** 139088
**Document Hash:** 0efd65f69be23cd65ec26c5cf7ad4769
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001303459-25-000075.hdr.sgml**: 20250822

**ACCESSION NUMBER**: 0001303459-25-000075

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250822

**DATE AS OF CHANGE**: 20250822

**EFFECTIVENESS DATE**: 20250822

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Fidelity Central Investment Portfolios LLC
- **CENTRAL INDEX KEY:** 0001303459

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21667
- **FILM NUMBER:** 251243825

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

## Series and Classes Contracts Data

### Fidelity U.S. Equity Central Fund (Series ID: S000070098)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000223010 | Fidelity U.S. Equity Central Fund |  |

?xml version='1.0' encoding='ASCII'? Prospectus - Investment Objective

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 <u>811-21667</u>

<u>Fidelity Central Investment Portfolios LLC</u>

(Exact name of registrant as specified in charter)

<u>245 Summer St., Boston, Massachusetts 02210</u>

(Address of principal executive offices) &nbsp;&nbsp;&nbsp;&nbsp; (Zip code)

Nicole Macarchuk, Secretary

245 Summer St.

<u>Boston, Massachusetts 02210</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:

<u>617-563-7000</u>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date of fiscal year end: | &nbsp;&nbsp;June 30 |
| &nbsp;&nbsp;Date of reporting period: | &nbsp;&nbsp;June 30, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| Fidelity® U.S. Equity Central Fund<br> **Fidelity® U.S. Equity Central Fund true** <br>|

---

This annual shareholder report contains information about Fidelity® U.S. Equity Central Fund for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® U.S. Equity Central Fund  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending June 30, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through midyear, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the MSCI U.S. Investable Market 2500 Index S&P 500 Linked Index for the fiscal year, especially within information technology. Stock picking in consumer staples and consumer discretionary also hurt.

• The biggest individual relative detractor was an underweight in Broadcom (+74%), a stake we established this period that was among our largest holdings at period end. An underweight in Palantir Technologies (+438%) hurt as well. This was an investment we established this period. Another notable relative detractor was Apple (-2%), one of the portfolio's largest holdings.

• In contrast, the biggest contributor to performance versus the benchmark was stock picking in health care, primarily within the health care equipment & services industry. Investment choices in financials and communication services, in the latter case primarily among media & entertainment firms, also boosted the fund's relative result.

• The top individual relative contributor was a non-benchmark stake in Circle Internet Group (+123%). A outsized position in Salesforce (+29%) also helped, though the stock was no longer held at period end. An overweight in Boston Scientific (+39%) added value as well. This period we decreased our investment in Boston Scientific.

• Notable changes in positioning include lower allocations to the energy and health care sectors.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

September 18, 2020 through June 30, 2025.

Initial investment of $10,000.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® U.S. Equity Central Fund<br>| $10000 | $13447<br>| $11332<br>| $13706<br>| $16617<br>| $18969<br>|
| MSCI U.S. Investable Market 2500 Index S&P 500 Linked Index (1/1/25)<br>| $10000 | $13399<br>| $11554<br>| $13777<br>| $16979<br>| $19650<br>|
| S&P 500® Index<br>| $10000 | $13100<br>| $11709<br>| $14003<br>| $17442<br>| $20087<br>|
| MSCI USA Index<br>| $10000 | $13146<br>| $11415<br>| $13581<br>| $16855<br>| $19439<br>|
|  | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img110564_1.jpg)

Effective January 1, 2025, the fund began comparing its performance to S&P 500® Index rather than MSCI USA Index because the S&P 500® Index conforms more closely to the fund's investment policies.

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Fidelity® U.S. Equity Central Fund | 14.15% | 14.32% |
| MSCI U.S. Investable Market 2500 Index S&P 500 Linked Index (1/1/25) | 15.73%<br>| 15.17% |
| S&P 500® Index | 15.16%<br>| 15.70% |
| MSCI USA Index | 15.33%<br>| 14.91% |

---

**A** From September 18, 2020

Effective January 1, 2025, the fund began comparing its performance to S&P 500® Index rather than MSCI USA Index because the S&P 500® Index conforms more closely to the fund's investment policies.

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $17102657818<br>|
| Number of Holdings | 333<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 60%<br>|

---

**What did the Fund invest in?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 32.5 |
| Financials | 13.7 |
| Communication Services | 10.4 |
| Consumer Discretionary | 10.2 |
| Health Care | 9.2 |
| Industrials | 8.7 |
| Consumer Staples | 5.5 |
| Energy | 3.1 |
| Utilities | 2.2 |
| Real Estate | 2.0 |
| Materials | 1.8 |

---

---

| | |
|:---|:---|
| Common Stocks | 99.2 |
| Preferred Stocks | 0.1 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.7 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6211_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.7 |

---

---

| | |
|:---|:---|
| United States | 94.4 |
| Canada | 1.4 |
| Taiwan | 0.8 |
| United Kingdom | 0.7 |
| Netherlands | 0.7 |
| Puerto Rico | 0.3 |
| Ireland | 0.3 |
| Korea (South) | 0.2 |
| Spain | 0.2 |
| Others | 1.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6211_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Puerto Rico - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Ireland - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Microsoft Corp | 8.3<br>|
| NVIDIA Corp | 8.2<br>|
| Apple Inc | 6.8<br>|
| Amazon.com Inc | 4.7<br>|
| Alphabet Inc Class A | 4.5<br>|
| Meta Platforms Inc Class A | 3.5<br>|
| Broadcom Inc | 2.0<br>|
| Exxon Mobil Corp | 1.4<br>|
| Tesla Inc | 1.4<br>|
| Cisco Systems Inc | 1.3<br>|
|  | 42.1 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img6211_20250630_2.jpg)<br>| ![](img110564_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913371.101 6211-TSRA-0825 <br>|

---

Item 2.

<u>Code of Ethics</u>

As of the end of the period, June 30, 2025, Fidelity Central Investment Portfolios LLC (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

<u>Audit Committee Financial Expert</u>

The Board of Trustees of the trust has determined that Donald F. Donahue is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Donahue is independent for purposes of Item 3 of Form N-CSR.

Item 4.

<u>Principal Accountant Fees and Services</u>

<u>Fees and Services</u>

The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, "Deloitte Entities") in each of the last two fiscal years for services rendered to Fidelity U.S. Equity Central Fund (the "Fund"):

**<u>Services Billed by Deloitte Entities</u>**

**<u>June 30, 2025 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity U.S. Equity Central Fund | &nbsp;&nbsp;$48300  | &nbsp;&nbsp;$-  | &nbsp;&nbsp;$8500  | &nbsp;&nbsp;$900  |

---

**<u>June 30, 2024 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity U.S. Equity Central Fund | &nbsp;&nbsp;$46400  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$-  | &nbsp;&nbsp;$8700  | &nbsp;&nbsp;$1100  |

---

<sup>A</sup> Amounts may reflect rounding.

The following table(s) present(s) fees billed by Deloitte Entities that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) ("Fund Service Providers"):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**<u>June 30, 2025</u><sup>A</sup>** | &nbsp;&nbsp;**<u>June 30, 2024</u> <sup>A</sup>** |
| &nbsp;&nbsp;Audit-Related Fees | &nbsp;&nbsp;$125000 | &nbsp;&nbsp;$200000 |
| &nbsp;&nbsp;Tax Fees | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- |
| &nbsp;&nbsp;All Other Fees | &nbsp;&nbsp;$2970400 | &nbsp;&nbsp;$1929500 |

---

<sup>A</sup> Amounts may reflect rounding.

"Audit-Related Fees" represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.

"Tax Fees" represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.

"All Other Fees" represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.

Assurance services must be performed by an independent public accountant.

\* \* \*

The aggregate non-audit fees billed by Deloitte Entities for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<u>Billed By</u>** | &nbsp;&nbsp;**<u>June 30, 2025</u><sup>A</sup>** | &nbsp;&nbsp;**<u>June 30, 2024</u><sup>A</sup>** |
| &nbsp;&nbsp;Deloitte Entities | &nbsp;&nbsp;$3441600  | &nbsp;&nbsp;$6208300  |

---

 

<sup>A</sup> Amounts may reflect rounding.

The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR's review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.

<u>Audit Committee Pre-Approval Policies and Procedures</u>

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.

<u>Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X ("De Minimis Exception")</u>

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.

<u>Audit Committee of Listed Registrants</u>

Not applicable.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable.

Item 7.

<u>Financial Statements and Financial Highlights for Open-End Management Investment Companies</u>

**Fidelity® U.S. Equity Central Fund**

**Annual Report**

**June 30, 2025**

![](img110502_1.jpg)

![](img110502_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7Consolidated_USE-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® U.S. Equity Central Fund](#Sub_Sec_Fund_6211_USE-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Consolidated Financial Statements](#Sub_Sec_NotestoFinancialStatements6211_USE-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_USE-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_USE-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_USE-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_USE-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_USE-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_USE-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

**Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® U.S. Equity Central Fund**

**Consolidated Schedule of Investments June 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.2%** | &nbsp;&nbsp;**Common Stocks - 99.2%** | &nbsp;&nbsp;**Common Stocks - 99.2%** |
|  | Shares | Value ($)<br>|
| BAILIWICK OF JERSEY - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobile Components - 0.1% |  |  |
| Aptiv PLC  | 322800 | 22021416 |
| BELGIUM - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Pharmaceuticals - 0.2% |  |  |
| UCB SA  | 141500 | 27827213 |
| BRAZIL - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Wheaton Precious Metals Corp (United States)  | 116700 | 10479660 |
| CANADA - 1.4%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Restaurant Brands International Inc (b) | 420000 | 27860180 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Alimentation Couche-Tard Inc  | 191300 | 9509158 |
| Energy - 0.8% |  |  |
| Oil, Gas & Consumable Fuels - 0.8% |  |  |
| Athabasca Oil Corp (c) | 5392300 | 22333447 |
| Cameco Corp (United States)  | 147100 | 10919233 |
| Imperial Oil Ltd  | 635600 | 50493268 |
| MEG Energy Corp  | 2123250 | 40118394 |
| Meren Energy Inc  | 4222357 | 5178143 |
| South Bow Corp  | 294000 | 7632018 |
|  |  | 136674503 |
| Financials - 0.2% |  |  |
| Insurance - 0.2% |  |  |
| Fairfax Financial Holdings Ltd Subordinate Voting Shares  | 22771 | 41102345 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Xenon Pharmaceuticals Inc (c) | 320000 | 10016000 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Constellation Software Inc/Canada warrants 3/31/2040 (c)(d) | 9990 | 1 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Nutrien Ltd (United States)  | 88300 | 5142592 |
| Metals & Mining - 0.0% |  |  |
| Teck Resources Ltd Class B (United States)  | 124700 | 5035386 |
| TOTAL MATERIALS |  | 10177978 |
| TOTAL CANADA |  | 235340165 |
| CHINA - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Chime Biologics Wuhan Co Ltd (c)(d) | 1008062 | 9 |
| DENMARK - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.2% |  |  |
| Ascendis Pharma A/S ADR (c) | 175000 | 30205000 |
| FINLAND - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Amer Sports Inc (c) | 168300 | 6523308 |
| FRANCE - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| BNP Paribas SA  | 182500 | 16370562 |
| GERMANY - 0.1%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Birkenstock Holding Plc (c) | 47900 | 2355722 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| BioNTech SE ADR (c) | 118000 | 12563460 |
| TOTAL GERMANY |  | 14919182 |
| GREECE - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Piraeus Financial Holdings SA  | 2496502 | 17295223 |
| INDIA - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| HDFC Bank Ltd  | 517500 | 12086071 |
| IRELAND - 0.3%  |  |  |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Bank of Ireland Group PLC  | 2413900 | 34363136 |
| Information Technology - 0.1% |  |  |
| IT Services - 0.1% |  |  |
| Accenture PLC Class A  | 29500 | 8817255 |
| TOTAL IRELAND |  | 43180391 |
| ISRAEL - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Etoro Group Ltd Class A  | 35379 | 2355888 |
| KOREA (SOUTH) - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| SK Hynix Inc  | 159870 | 34498664 |
| MAURITIUS - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Jumo World Holding Limited (c)(d)(e) | 999839 | 1329786 |
| NETHERLANDS - 0.7%  |  |  |
| Health Care - 0.3% |  |  |
| Biotechnology - 0.3% |  |  |
| Argenx SE ADR (c) | 74000 | 40790280 |
| Merus NV (c) | 334000 | 17568400 |
|  |  | 58358680 |
| Information Technology - 0.4% |  |  |
| Semiconductors & Semiconductor Equipment - 0.4% |  |  |
| NXP Semiconductors NV  | 299363 | 65407822 |
| TOTAL NETHERLANDS |  | 123766502 |
| PORTUGAL - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Galp Energia SGPS SA  | 340900 | 6240463 |
| PUERTO RICO - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| Popular Inc  | 482600 | 53187346 |
| SPAIN - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Banco Santander SA  | 4048300 | 33523479 |
| TAIWAN - 0.8%  |  |  |
| Health Care - 0.0% |  |  |
| Life Sciences Tools & Services - 0.0% |  |  |
| Eden Biologics Inc (c)(d) | 1008062 | 0 |
| Information Technology - 0.8% |  |  |
| Semiconductors & Semiconductor Equipment - 0.8% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 579893 | 131339966 |
| TOTAL TAIWAN |  | 131339966 |
| UNITED KINGDOM - 0.7%  |  |  |
| Consumer Staples - 0.3% |  |  |
| Beverages - 0.2% |  |  |
| Diageo PLC  | 967227 | 24389700 |
| Food Products - 0.0% |  |  |
| Nomad Foods Ltd  | 365107 | 6203167 |
| Tobacco - 0.1% |  |  |
| British American Tobacco PLC ADR  | 410100 | 19410033 |
| TOTAL CONSUMER STAPLES |  | 50002900 |
| Financials - 0.4% |  |  |
| Banks - 0.1% |  |  |
| Starling Bank Ltd (d) | 4618325 | 15341212 |
| Capital Markets - 0.1% |  |  |
| London Stock Exchange Group PLC  | 130000 | 19012138 |
| Insurance - 0.2% |  |  |
| Beazley PLC  | 1754552 | 22518408 |
| Hiscox Ltd  | 1132400 | 19507580 |
|  |  | 42025988 |
| TOTAL FINANCIALS |  | 76379338 |
| TOTAL UNITED KINGDOM |  | 126382238 |
| UNITED STATES - 93.6%  |  |  |
| Communication Services - 10.4% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| GCI Liberty Inc Class A (c)(d) | 264647 | 3 |
| Entertainment - 2.1% |  |  |
| Liberty Media Corp-Liberty Formula One Class C (c) | 91058 | 9515561 |
| Live Nation Entertainment Inc (c) | 85700 | 12964696 |
| Netflix Inc (c) | 112005 | 149989256 |
| ROBLOX Corp Class A (c) | 325200 | 34211040 |
| Roku Inc Class A (c) | 145300 | 12770417 |
| Take-Two Interactive Software Inc (c) | 142800 | 34678980 |
| Walt Disney Co/The  | 667100 | 82727071 |
| Warner Bros Discovery Inc (c) | 1436200 | 16458852 |
|  |  | 353315873 |
| Interactive Media & Services - 8.0% |  |  |
| Alphabet Inc Class A  | 4324679 | 762138180 |
| Meta Platforms Inc Class A  | 799825 | 590342834 |
| Reddit Inc Class A (c) | 74200 | 11172294 |
|  |  | 1363653308 |
| Media - 0.3% |  |  |
| Charter Communications Inc Class A (c) | 52000 | 21258120 |
| Magnite Inc (c) | 1339477 | 32308185 |
|  |  | 53566305 |
| TOTAL COMMUNICATION SERVICES |  | 1770535489 |
| Consumer Discretionary - 9.9% |  |  |
| Automobiles - 1.4% |  |  |
| Tesla Inc (c) | 750910 | 238534071 |
| Broadline Retail - 4.7% |  |  |
| Amazon.com Inc (c) | 3583568 | 786198984 |
| Etsy Inc (c) | 123800 | 6209808 |
| Macy's Inc (b) | 370000 | 4314200 |
|  |  | 796722992 |
| Distributors - 0.1% |  |  |
| LKQ Corp  | 312600 | 11569325 |
| Diversified Consumer Services - 0.1% |  |  |
| Service Corp International/US  | 244200 | 19877880 |
| Hotels, Restaurants & Leisure - 1.5% |  |  |
| Airbnb Inc Class A (c) | 244200 | 32317428 |
| Booking Holdings Inc  | 4523 | 26184733 |
| Caesars Entertainment Inc (c) | 263458 | 7479573 |
| Chipotle Mexican Grill Inc (c) | 257300 | 14447395 |
| Churchill Downs Inc  | 199864 | 20186264 |
| Domino's Pizza Inc  | 43419 | 19564601 |
| DraftKings Inc Class A (c) | 538100 | 23079109 |
| Dutch Bros Inc Class A (c) | 137500 | 9400875 |
| Marriott International Inc/MD Class A1  | 208376 | 56930407 |
| Starbucks Corp  | 140400 | 12864852 |
| Yum! Brands Inc  | 203500 | 30154630 |
|  |  | 252609867 |
| Household Durables - 0.2% |  |  |
| PulteGroup Inc  | 237100 | 25004566 |
| Somnigroup International Inc  | 133700 | 9098285 |
|  |  | 34102851 |
| Specialty Retail - 1.4% |  |  |
| Dick's Sporting Goods Inc  | 53200 | 10523492 |
| Floor & Decor Holdings Inc Class A (c) | 77800 | 5909688 |
| Home Depot Inc/The  | 152234 | 55815074 |
| Lowe's Cos Inc  | 570961 | 126679117 |
| Ross Stores Inc  | 301000 | 38401580 |
| TJX Cos Inc/The  | 59276 | 7319993 |
|  |  | 244648944 |
| Textiles, Apparel & Luxury Goods - 0.5% |  |  |
| Capri Holdings Ltd (c) | 171951 | 3043533 |
| NIKE Inc Class B  | 597010 | 42411590 |
| PVH Corp  | 256121 | 17569901 |
| Tapestry Inc  | 281361 | 24706309 |
|  |  | 87731333 |
| TOTAL CONSUMER DISCRETIONARY |  | 1685797263 |
| Consumer Staples - 5.2% |  |  |
| Beverages - 1.8% |  |  |
| Boston Beer Co Inc/The Class A (c) | 102950 | 19643890 |
| Brown-Forman Corp Class B (b) | 88900 | 2392299 |
| Coca-Cola Co/The  | 1712791 | 121179963 |
| Constellation Brands Inc Class A  | 254266 | 41363993 |
| Keurig Dr Pepper Inc  | 2536101 | 83843499 |
| Monster Beverage Corp (c) | 198956 | 12462604 |
| PepsiCo Inc  | 243500 | 32151740 |
|  |  | 313037988 |
| Consumer Staples Distribution & Retail - 1.2% |  |  |
| Albertsons Cos Inc Class A  | 1088400 | 23411484 |
| Costco Wholesale Corp  | 37700 | 37320738 |
| Dollar Tree Inc (c) | 9300 | 921072 |
| Kroger Co/The  | 72500 | 5200425 |
| Target Corp  | 452555 | 44644551 |
| Walmart Inc  | 923900 | 90338942 |
|  |  | 201837212 |
| Food Products - 0.7% |  |  |
| Bunge Global SA  | 456900 | 36679932 |
| Conagra Brands Inc  | 40200 | 822894 |
| Freshpet Inc (c) | 80400 | 5463984 |
| JM Smucker Co  | 260900 | 25620380 |
| Lamb Weston Holdings Inc  | 275900 | 14305415 |
| Mondelez International Inc  | 296312 | 19983281 |
| TreeHouse Foods Inc (c) | 889530 | 17274673 |
|  |  | 120150559 |
| Household Products - 0.9% |  |  |
| Energizer Holdings Inc  | 1508901 | 30419444 |
| Procter & Gamble Co/The  | 705793 | 112446941 |
| Reynolds Consumer Products Inc  | 371900 | 7966098 |
|  |  | 150832483 |
| Personal Care Products - 0.4% |  |  |
| Estee Lauder Cos Inc/The Class A  | 580400 | 46896320 |
| Kenvue Inc  | 685512 | 14347766 |
|  |  | 61244086 |
| Tobacco - 0.2% |  |  |
| Philip Morris International Inc  | 185053 | 33703702 |
| TOTAL CONSUMER STAPLES |  | 880806030 |
| Energy - 2.3% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Weatherford International PLC  | 102900 | 5176899 |
| Oil, Gas & Consumable Fuels - 2.3% |  |  |
| ConocoPhillips  | 306300 | 27487362 |
| Expand Energy Corp  | 117036 | 13686190 |
| Exxon Mobil Corp  | 2216138 | 238899676 |
| Marathon Petroleum Corp  | 132800 | 22059408 |
| Shell PLC ADR  | 709200 | 49934772 |
| Valero Energy Corp  | 304186 | 40888682 |
|  |  | 392956090 |
| TOTAL ENERGY |  | 398132989 |
| Financials - 12.1% |  |  |
| Banks - 4.2% |  |  |
| Bancorp Inc/The (c) | 834300 | 47530071 |
| Bank of America Corp  | 4150114 | 196383395 |
| Comerica Inc  | 340100 | 20286965 |
| First Horizon Corp  | 1174000 | 24888800 |
| JPMorgan Chase & Co  | 301344 | 87362639 |
| KeyCorp  | 1080041 | 18814314 |
| M&T Bank Corp  | 126070 | 24456319 |
| Synovus Financial Corp  | 267700 | 13853475 |
| Truist Financial Corp  | 914200 | 39301458 |
| US Bancorp  | 1338036 | 60546129 |
| Wells Fargo & Co  | 1996987 | 159998598 |
|  |  | 693422163 |
| Capital Markets - 3.0% |  |  |
| Bank of New York Mellon Corp/The  | 492001 | 44826211 |
| Blackrock Inc  | 89600 | 94012800 |
| Cboe Global Markets Inc  | 107430 | 25053750 |
| Charles Schwab Corp/The  | 1162600 | 106075624 |
| Intercontinental Exchange Inc  | 335600 | 61572532 |
| LPL Financial Holdings Inc  | 92765 | 34784092 |
| MarketAxess Holdings Inc  | 217247 | 48519945 |
| Northern Trust Corp  | 288600 | 36591594 |
| State Street Corp  | 305400 | 32476236 |
| StepStone Group Inc rights 12/31/2038 (c)(d) | 18125 | 1162538 |
| Tradeweb Markets Inc Class A  | 66200 | 9691680 |
| Virtu Financial Inc Class A  | 567464 | 25416713 |
|  |  | 520183715 |
| Consumer Finance - 0.1% |  |  |
| OneMain Holdings Inc  | 194704 | 11098128 |
| SLM Corp  | 380900 | 12489711 |
|  |  | 23587839 |
| Financial Services - 2.3% |  |  |
| Affirm Holdings Inc Class A (c) | 216000 | 14934240 |
| Apollo Global Management Inc  | 255140 | 36196712 |
| Berkshire Hathaway Inc Class A (c) | 41 | 29880800 |
| Block Inc Class A (c) | 67349 | 4575017 |
| Fiserv Inc (c) | 289636 | 49936143 |
| Mastercard Inc Class A  | 346144 | 194512159 |
| PayPal Holdings Inc (c) | 485700 | 36097224 |
| UWM Holdings Corp Class A (b) | 1874800 | 7761672 |
| Visa Inc Class A  | 62957 | 22352883 |
|  |  | 396246850 |
| Insurance - 2.5% |  |  |
| American Financial Group Inc/OH  | 188400 | 23777964 |
| Arthur J Gallagher & Co  | 180131 | 57663536 |
| Brighthouse Financial Inc (c) | 223200 | 12001464 |
| Chubb Ltd  | 326552 | 94608645 |
| Hartford Insurance Group Inc/The  | 396347 | 50284544 |
| Marsh & McLennan Cos Inc  | 307758 | 67288209 |
| Travelers Companies Inc/The  | 246700 | 66002118 |
| Unum Group  | 211281 | 17063054 |
| Willis Towers Watson PLC  | 129200 | 39599800 |
|  |  | 428289334 |
| TOTAL FINANCIALS |  | 2061729901 |
| Health Care - 8.2% |  |  |
| Biotechnology - 1.8% |  |  |
| AbbVie Inc  | 250000 | 46405000 |
| Alnylam Pharmaceuticals Inc (c) | 128000 | 41739520 |
| Cargo Therapeutics Inc (c) | 334300 | 1377316 |
| Caris Life Sciences Inc (e)(f) | 518478 | 13853732 |
| Crinetics Pharmaceuticals Inc (c) | 375000 | 10785000 |
| Cytokinetics Inc (c) | 170000 | 5616800 |
| Exact Sciences Corp (c) | 785000 | 41714900 |
| Gilead Sciences Inc  | 485000 | 53771950 |
| Janux Therapeutics Inc (c) | 280000 | 6468000 |
| Legend Biotech Corp ADR (c) | 1050000 | 37264500 |
| MoonLake Immunotherapeutics Class A (c) | 174000 | 8212800 |
| Nurix Therapeutics Inc (c) | 500000 | 5695000 |
| Nuvalent Inc Class A (c) | 170000 | 12971000 |
| Vaxcyte Inc (c) | 280000 | 9102800 |
| Veracyte Inc (c) | 435000 | 11758050 |
| Viking Therapeutics Inc (c) | 330000 | 8745000 |
|  |  | 315481368 |
| Health Care Equipment & Supplies - 2.7% |  |  |
| Boston Scientific Corp (c) | 1480000 | 158966801 |
| Glaukos Corp (c) | 128000 | 13221120 |
| Inspire Medical Systems Inc (c) | 128000 | 16610560 |
| Insulet Corp (c) | 169000 | 53096420 |
| Intuitive Surgical Inc (c) | 37500 | 20377875 |
| Kestra Medical Technologies Ltd  | 360000 | 5968800 |
| Masimo Corp (c) | 380000 | 63923600 |
| Medical Microinstruments Inc/Italy warrants 2/16/2031 (c)(d)(e) | 4627 | 56172 |
| Penumbra Inc (c) | 292688 | 75112521 |
| Stryker Corp  | 145000 | 57366350 |
|  |  | 464700219 |
| Health Care Providers & Services - 1.9% |  |  |
| agilon health Inc (c) | 2850000 | 6555000 |
| BrightSpring Health Services Inc (c) | 1000000 | 23590000 |
| Cencora Inc  | 118000 | 35382300 |
| Centene Corp (c) | 80000 | 4342400 |
| Cigna Group/The  | 70000 | 23140600 |
| CVS Health Corp  | 1000000 | 68980000 |
| LifeStance Health Group Inc (c) | 1400000 | 7238000 |
| Molina Healthcare Inc (c) | 90000 | 26811000 |
| Omada Health Inc (e)(f) | 199183 | 3645049 |
| Privia Health Group Inc (c) | 800000 | 18400000 |
| Surgery Partners Inc (c) | 480000 | 10670400 |
| UnitedHealth Group Inc  | 306000 | 95462820 |
|  |  | 324217569 |
| Health Care Technology - 0.2% |  |  |
| Phreesia Inc (c) | 320000 | 9107200 |
| Veeva Systems Inc Class A (c) | 85000 | 24478300 |
|  |  | 33585500 |
| Life Sciences Tools & Services - 0.8% |  |  |
| 10X Genomics Inc Class A (c) | 330000 | 3821400 |
| Bruker Corp  | 135000 | 5562000 |
| Danaher Corp  | 500000 | 98770000 |
| IQVIA Holdings Inc (c) | 86000 | 13552740 |
| Repligen Corp (c) | 65000 | 8084700 |
| Thermo Fisher Scientific Inc  | 12000 | 4865520 |
|  |  | 134656360 |
| Pharmaceuticals - 0.8% |  |  |
| Eli Lilly & Co  | 128000 | 99779840 |
| Merck & Co Inc  | 230000 | 18206800 |
| Royalty Pharma PLC Class A  | 500000 | 18015000 |
|  |  | 136001640 |
| TOTAL HEALTH CARE |  | 1408642656 |
| Industrials - 8.7% |  |  |
| Aerospace & Defense - 3.0% |  |  |
| Boeing Co (c) | 418620 | 87713449 |
| GE Aerospace  | 569200 | 146506388 |
| Howmet Aerospace Inc  | 384600 | 71585598 |
| Lockheed Martin Corp  | 148800 | 68915232 |
| Northrop Grumman Corp  | 70700 | 35348586 |
| RTX Corp  | 169100 | 24691982 |
| TransDigm Group Inc  | 42500 | 64627200 |
|  |  | 499388435 |
| Building Products - 0.8% |  |  |
| Trane Technologies PLC  | 315910 | 138182193 |
| Commercial Services & Supplies - 0.4% |  |  |
| Cintas Corp  | 172200 | 38378214 |
| Republic Services Inc  | 149400 | 36843534 |
|  |  | 75221748 |
| Construction & Engineering - 0.3% |  |  |
| Quanta Services Inc  | 119400 | 45142752 |
| Electrical Equipment - 1.3% |  |  |
| AMETEK Inc  | 383932 | 69476335 |
| Eaton Corp PLC  | 154600 | 55190653 |
| GE Vernova Inc  | 190650 | 100882448 |
|  |  | 225549436 |
| Ground Transportation - 1.0% |  |  |
| CSX Corp  | 1175578 | 38359110 |
| Old Dominion Freight Line Inc  | 185366 | 30084902 |
| Uber Technologies Inc (c) | 799000 | 74546700 |
| Union Pacific Corp  | 149200 | 34327936 |
|  |  | 177318648 |
| Machinery - 1.5% |  |  |
| Deere & Co  | 72100 | 36662129 |
| Dover Corp  | 205900 | 37727057 |
| Ingersoll Rand Inc  | 453800 | 37747084 |
| Parker-Hannifin Corp  | 142900 | 99811363 |
| Westinghouse Air Brake Technologies Corp  | 160200 | 33537870 |
|  |  | 245485503 |
| Professional Services - 0.2% |  |  |
| Verisk Analytics Inc  | 119100 | 37099650 |
| Trading Companies & Distributors - 0.2% |  |  |
| Fastenal Co  | 629600 | 26443200 |
| United Rentals Inc  | 20600 | 15520040 |
|  |  | 41963240 |
| TOTAL INDUSTRIALS |  | 1485351605 |
| Information Technology - 31.0% |  |  |
| Communications Equipment - 1.8% |  |  |
| Arista Networks Inc  | 693385 | 70940219 |
| Cisco Systems Inc  | 3278516 | 227463440 |
| Motorola Solutions Inc  | 25000 | 10511500 |
|  |  | 308915159 |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Amphenol Corp Class A  | 403324 | 39828245 |
| IT Services - 0.3% |  |  |
| Gartner Inc (c) | 138796 | 56104119 |
| X.Ai Holdings Corp Class A (d)(e) | 88526 | 3236511 |
|  |  | 59340630 |
| Semiconductors & Semiconductor Equipment - 12.1% |  |  |
| Advanced Micro Devices Inc (c) | 24700 | 3504930 |
| Analog Devices Inc  | 619161 | 147372701 |
| Astera Labs Inc (c) | 7500 | 678150 |
| Broadcom Inc  | 1238998 | 341529799 |
| First Solar Inc (c) | 13997 | 2317063 |
| Marvell Technology Inc  | 808544 | 62581306 |
| Micron Technology Inc  | 925250 | 114037063 |
| NVIDIA Corp  | 8834099 | 1395699301 |
|  |  | 2067720313 |
| Software - 9.8% |  |  |
| Cadence Design Systems Inc (c) | 193289 | 59562005 |
| Circle Internet Group Inc (e)(f) | 548150 | 99374114 |
| HubSpot Inc (c) | 51069 | 28426537 |
| Intuit Inc  | 11300 | 8900219 |
| Microsoft Corp  | 2855942 | 1420574111 |
| OpenAI Global LLC rights (c)(d)(e) | 1650181 | 2425766 |
| Oracle Corp  | 81500 | 17818345 |
| Palantir Technologies Inc Class A (c) | 65100 | 8874432 |
| Servicenow Inc (c) | 16868 | 17341653 |
| Synopsys Inc (c) | 19800 | 10151064 |
|  |  | 1673448246 |
| Technology Hardware, Storage & Peripherals - 6.8% |  |  |
| Apple Inc  | 5631476 | 1155409931 |
| TOTAL INFORMATION TECHNOLOGY |  | 5304662524 |
| Materials - 1.6% |  |  |
| Chemicals - 1.2% |  |  |
| Air Products and Chemicals Inc  | 78089 | 22025783 |
| Axalta Coating Systems Ltd (c) | 245500 | 7288895 |
| Balchem Corp  | 50100 | 7975920 |
| Chemours Co/The  | 244700 | 2801815 |
| Corteva Inc  | 280100 | 20875853 |
| Dow Inc  | 72800 | 1927744 |
| Ecolab Inc  | 131300 | 35377472 |
| Element Solutions Inc  | 218900 | 4958085 |
| Linde PLC  | 161600 | 75819488 |
| Mosaic Co/The  | 468000 | 17072640 |
| Sherwin-Williams Co/The  | 39200 | 13459712 |
|  |  | 209583407 |
| Construction Materials - 0.0% |  |  |
| Martin Marietta Materials Inc  | 30722 | 16865149 |
| Containers & Packaging - 0.1% |  |  |
| AptarGroup Inc  | 48600 | 7602498 |
| International Paper Co  | 301500 | 14119245 |
|  |  | 21721743 |
| Metals & Mining - 0.3% |  |  |
| Freeport-McMoRan Inc  | 312100 | 13529535 |
| Newmont Corp  | 296500 | 17274090 |
| Nucor Corp  | 110800 | 14353032 |
|  |  | 45156657 |
| TOTAL MATERIALS |  | 293326956 |
| Real Estate - 2.0% |  |  |
| Health Care REITs - 0.2% |  |  |
| Ventas Inc  | 630000 | 39784500 |
| Industrial REITs - 0.2% |  |  |
| Prologis Inc  | 330671 | 34760136 |
| Office REITs - 0.0% |  |  |
| Douglas Emmett Inc  | 328900 | 4946655 |
| Real Estate Management & Development - 0.2% |  |  |
| Jones Lang LaSalle Inc (c) | 92820 | 23741500 |
| Zillow Group Inc Class C (c) | 120600 | 8448030 |
|  |  | 32189530 |
| Residential REITs - 0.3% |  |  |
| Camden Property Trust  | 265800 | 29953002 |
| Invitation Homes Inc  | 229300 | 7521040 |
| Sun Communities Inc  | 38500 | 4869865 |
|  |  | 42343907 |
| Retail REITs - 0.2% |  |  |
| Federal Realty Investment Trust  | 135000 | 12823650 |
| Macerich Co/The  | 917500 | 14845150 |
| NNN REIT Inc  | 317500 | 13709650 |
|  |  | 41378450 |
| Specialized REITs - 0.9% |  |  |
| American Tower Corp  | 266500 | 58901830 |
| Equinix Inc  | 57800 | 45978166 |
| Iron Mountain Inc  | 101100 | 10369827 |
| Public Storage Operating Co  | 97700 | 28667134 |
|  |  | 143916957 |
| TOTAL REAL ESTATE |  | 339320135 |
| Utilities - 2.2% |  |  |
| Electric Utilities - 1.6% |  |  |
| Constellation Energy Corp  | 125871 | 40626124 |
| Duke Energy Corp  | 311800 | 36792400 |
| Entergy Corp  | 244692 | 20338799 |
| Evergy Inc  | 209000 | 14406370 |
| Exelon Corp  | 544700 | 23650874 |
| NextEra Energy Inc  | 755417 | 52441048 |
| NRG Energy Inc  | 95388 | 15317405 |
| PG&E Corp  | 966206 | 13468912 |
| PPL Corp  | 463400 | 15704626 |
| Southern Co/The  | 118246 | 10858530 |
| TXNM Energy Inc  | 83500 | 4702720 |
| Xcel Energy Inc  | 240800 | 16398480 |
|  |  | 264706288 |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| AES Corp/The  | 90800 | 955216 |
| Vistra Corp  | 173978 | 33718676 |
|  |  | 34673892 |
| Multi-Utilities - 0.4% |  |  |
| Ameren Corp  | 180000 | 17287200 |
| CenterPoint Energy Inc  | 457700 | 16815898 |
| NiSource Inc  | 314302 | 12678942 |
| Sempra  | 342406 | 25944103 |
|  |  | 72726143 |
| TOTAL UTILITIES |  | 372106323 |
| TOTAL UNITED STATES |  | 16000411871 |
| ZAMBIA - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| First Quantum Minerals Ltd (c) | 657080 | 11672308 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $9,708,790,066) |  | <br> **16960956711** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 0.0%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.0%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Galvanize Therapeutics 6% 2/28/2027 (d)(e)<br>(Cost $973,100)<br>| 973100 | **1175018** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.1%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.1%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.1%** |
|  | Shares | Value ($)<br>|
| CHINA - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| dMed Biopharmaceutical Co Ltd Series C (c)(d)(e) | 361330 | 2894253 |
| UNITED STATES - 0.1%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Waymo LLC Series C2 (d)(e) | 21928 | 1809279 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Saluda Medical Inc Series E (c)(d)(e) | 301188 | 1536059 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Asimov Inc Series B (c)(d)(e) | 35044 | 905187 |
| Cleerly Inc Series C (c)(d)(e) | 411426 | 4620315 |
| Element Biosciences Inc Series C (c)(d)(e) | 195016 | 1589380 |
| ElevateBio LLC Series C (c)(d)(e) | 626000 | 1233220 |
|  |  | 8348102 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Medical Microinstruments Inc/Italy Series C (c)(d)(e) | 92546 | 3097515 |
| Health Care Providers & Services - 0.0% |  |  |
| Thriveworks Topco LLC Class B (c)(d)(e)(g) | 141317 | 576573 |
| Health Care Technology - 0.0% |  |  |
| Aledade Inc Series B1 (c)(d)(e) | 67586 | 2420931 |
| Aledade Inc Series E1 (c)(d)(e) | 14822 | 530924 |
| Wugen Inc Series B (c)(d)(e) | 155150 | 125671 |
|  |  | 3077526 |
| Pharmaceuticals - 0.0% |  |  |
| Galvanize Therapeutics Series B (c)(d)(e) | 1112588 | 356028 |
| TOTAL HEALTH CARE |  | 15455744 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Manus Bio Inc Series One-6 (d)(e) | 356485 | 1083714 |
| TOTAL UNITED STATES |  | 19884796 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $41,524,447) |  | <br> **22779049** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** |
|  | Yield (%) (h) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 7/10/2025  | 4.25 | 6730000 | 6722948 |
| US Treasury Bills 0% 7/3/2025  | 4.19 to 4.23 | 4650000 | 4648917 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $11,371,845) |  |  | **11371865** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.7%** | &nbsp;&nbsp;**Money Market Funds - 0.7%** | &nbsp;&nbsp;**Money Market Funds - 0.7%** | &nbsp;&nbsp;**Money Market Funds - 0.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (i) | 4.32 | 102368770 | 102389244 |
| Fidelity Securities Lending Cash Central Fund (i)(j) | 4.32 | 23354758 | 23357094 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $125,746,337) |  |  | **125746338** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.1%**<br> (Cost $9,888,405,795)<br>| <br>**17122028981** |
| **NET OTHER ASSETS (LIABILITIES) - (0.1)%**  | **(19371163)** |
| **NET ASSETS - 100.0%** | **17102657818** |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Security or a portion of the security is on loan at period end.

(c) Non-income producing

(d) Level 3 security

(e) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $147,875,197 or 0.9% of net assets.

(f) Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $116,872,895 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

(g) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.

(h) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(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, 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.

(j) Investment made with cash collateral received from securities on loan.

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Aledade Inc Series B1 | 5/07/21 | 2587915 |
| Aledade Inc Series E1 | 5/20/22 | 738349 |
| Asimov Inc Series B | 10/29/21 | 3247902 |
| Caris Life Sciences Inc | 5/11/21 - 10/06/22 | 9997934 |
| Circle Internet Group Inc | 5/11/21 - 5/09/22 | 13043476 |
| Cleerly Inc Series C | 7/08/22 | 4846845 |
| dMed Biopharmaceutical Co Ltd Series C | 12/01/20 | 5132023 |
| Element Biosciences Inc Series C | 6/21/21 | 4008885 |
| ElevateBio LLC Series C | 3/09/21 | 2626070 |
| Galvanize Therapeutics 6% 2/28/2027 | 2/28/24 | 973100 |
| Galvanize Therapeutics Series B | 3/29/22 | 1926207 |
| Jumo World Holding Limited | 9/06/23 | 8500538 |
| Manus Bio Inc Series One-6 | 3/30/21 | 3739275 |
| Medical Microinstruments Inc/Italy Series C | 2/16/24 | 3084901 |
| Medical Microinstruments Inc/Italy warrants 2/16/2031 | 2/16/24 | 0 |
| Omada Health Inc | 12/22/21 | 3582432 |
| OpenAI Global LLC rights | 9/30/24 | 1650181 |
| Saluda Medical Inc Series E | 4/06/23 | 2431732 |
| Thriveworks Topco LLC Class B | 7/23/21 - 2/25/22 | 4056252 |
| Waymo LLC Series C2 | 10/18/24 | 1714798 |
| Wugen Inc Series B | 7/09/21 | 1203173 |
| X.Ai Holdings Corp Class A | 10/27/21 | 2390803 |

---

---

| | |
|:---|:---|
| Additional information on each lock-up restriction is as follows: | Additional information on each lock-up restriction is as follows: |
| Security | Restriction Expiration Date |
| Caris Life Sciences Inc | 12/15/2025 |
| Circle Internet Group Inc | 12/2/2025 |
| Omada Health Inc | 12/3/2025 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 292864317 | 6214791145 | 6405266219 | 10862553 | - | 1 | 102389244 | 102368770 | 0.2% |
| Fidelity Securities Lending Cash Central Fund | 22724699 | 636945572 | 636313177 | 56246 | - | - | 23357094 | 23354758 | 0.1% |
| Total | 315589016 | 6851736717 | 7041579396 | 10918799 | - | 1 | 125746338 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Consolidated Statement of Operations, if applicable.

Amounts in the dividend income column 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 income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of June 30, 2025, 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 Consolidated Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 1770535489 | 1770535486 | - | 3 |
| Consumer Discretionary | 1744557889 | 1744557889 | - | - |
| Consumer Staples | 940318088 | 915928388 | 24389700 | - |
| Energy | 541047955 | 534807492 | 6240463 | - |
| Financials | 2349723075 | 2245688137 | 86201402 | 17833536 |
| Health Care | 1547613018 | 1547556837 | - | 56181 |
| Industrials | 1485351605 | 1485351605 | - | - |
| Information Technology | 5544726232 | 5539063954 | - | 5662278 |
| Materials | 325656902 | 325656902 | - | - |
| Real Estate | 339320135 | 339320135 | - | - |
| Utilities | 372106323 | 372106323 | - | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Health Care | 1175018 | - | - | 1175018 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Consumer Discretionary | 1809279 | - | - | 1809279 |
| Financials | 1536059 | - | - | 1536059 |
| Health Care | 18349997 | - | - | 18349997 |
| Materials | 1083714 | - | - | 1083714 |
|  **U.S. Treasury Obligations** | 11371865 | - | 11371865 | - |
|  **Money Market Funds** | 125746338 | 125746338 | - | - |
| **Total Investments in Securities:** | 17122028981 | 16946319486 | 128203430 | 47506065 |

---

**Consolidated Financial Statements**

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** |
| **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $22,627,649) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $9,762,659,458) | $16996282643 |  |
| Fidelity Central Funds (cost $125,746,337) | 125746338 |  |
| Total Investment in Securities (cost $9,888,405,795) |  | $17122028981 |
| Foreign currency held at value (cost $1,085,226) |  | 1129782 |
| Receivable for investments sold |  | 9334440 |
| Receivable for fund shares sold |  | 733695 |
| Dividends receivable |  | 12576395 |
| Interest receivable |  | 78061 |
| Distributions receivable from Fidelity Central Funds |  | 335918 |
| Other receivables |  | 576217 |
| **Total assets** |  | 17146793489 |
| **Liabilities** |  |  |
| Payable to custodian bank | $234865 |  |
| Payable for investments purchased  | 13416184 |  |
| Payable for fund shares redeemed | 6353493 |  |
| Other payables and accrued expenses | 774035 |  |
| Collateral on securities loaned | 23357094 |  |
| **Total liabilities** |  | 44135671 |
| **Net Assets**  |  | $17102657818 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $8321728802 |
| Total accumulated earnings (loss) |  | 8780929016 |
| **Net Assets** |  | $17102657818 |
| **Net Asset Value**, offering price and redemption price per share ($17,102,657,818 ÷ 119,288,861 shares) |  | $143.37 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Operations** | **Consolidated Statement of Operations** | **Consolidated Statement of Operations** |
| <br> **Year ended June 30, 2025** | <br> **Year ended June 30, 2025** | <br> **Year ended June 30, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $202301235 |
| Interest  |  | 772010 |
| Income from Fidelity Central Funds (including $56,246 from security lending)  |  | 10918799 |
| **Total income** |  | 213992044 |
| **Expenses** |  |  |
| Custodian fees and expenses | $141089 |  |
| Independent trustees' fees and expenses | 75726 |  |
| Miscellaneous | 26 |  |
| **Total expenses** |  | 216841 |
| **Net Investment income (loss)** |  | 213775203 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 2339771080 |  |
| Foreign currency transactions | 50137 |  |
| Futures contracts | 20157729 |  |
| Total net realized gain (loss) |  | 2359978946 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $214,915)  | (172787753) |  |
| Fidelity Central Funds  | 1 |  |
| Assets and liabilities in foreign currencies | 164882 |  |
| Futures contracts | (138233) |  |
| Total change in net unrealized appreciation (depreciation) |  | (172761103) |
| **Net gain (loss)** |  | 2187217843 |
| **Net increase (decrease) in net assets resulting from operations** |  | $2400993046 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** |
|  | **Year ended**<br> **June 30, 2025** | **Year ended**<br> **June 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $213775203 | $223605804 |
| &nbsp;&nbsp;Net realized gain (loss) | 2359978946<br>| 1286911181<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (172761103) | 1900497921<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 2400993046<br>| 3411014906<br>|
| Distributions to shareholders | (1680166025)<br>| (1060981097)<br>|
|  Affiliated share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 1403121261 | 903611745 |
| Reinvestment of distributions | 1680166025<br>| 1060981097<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (6026141814) | (1689398232) |
| **Net increase (decrease) in net assets resulting from share transactions** | (2942854528)<br>| 275194610<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (2222027507)<br>| 2625228419<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 19324685325 | 16699456906<br>|
| &nbsp;&nbsp;End of period | $17102657818 | $19324685325 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 9965190 | 7218667 |
| Issued in reinvestment of distributions | 11776230<br>| 8850529<br>|
| &nbsp;&nbsp;Redeemed | (43793288) | (13607009) |
| &nbsp;&nbsp;Net increase (decrease) | (22051868) | 2462187 |

---

**Consolidated Financial Highlights** 

**Fidelity® U.S. Equity Central Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended June 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021** A |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $136.72 | $120.25 | $102.27 | $132.73 | $100.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | 1.63  | 1.60  | 1.47  | 1.41  | 1.05  |
| Net realized and unrealized gain (loss)  | 17.56  | 22.76  | 19.57  | (19.85)  | 33.21  |
| Total from investment operations  | 19.19  | 24.36  | 21.04  | (18.44)  | 34.26  |
| Distributions from net investment income  | (1.72)  | (1.62)  | (1.52)  | (1.38)  | (.87)  |
| Distributions from net realized gain  | (10.82)  | (6.27)  | (1.54)  | (10.64)  | (.66)  |
| Total distributions  | (12.54)  | (7.89)  | (3.06)  | (12.02)  | (1.53)  |
| Net asset value, end of period  | $143.37 | $136.72 | $120.25 | $102.27 | $132.73 |
| **Total Return** D,E | 14.15% <br>| 21.24%  | 20.95%  | (15.73)%  | 34.47%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |  |
| Expenses before reductions H | -%  | -%  | -%  | -%  | -% I |
| Expenses net of fee waivers, if any H | -% <br>| -%  | -%  | -%  | -% I |
| Expenses net of all reductions, if any H | -%  | -%  | -%  | -%  | -% I |
| Net investment income (loss)  | 1.18%  | 1.28%  | 1.34%  | 1.10%  | 1.12% I |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $17102658 | $19324685 | $16699457 | $16632716 | $28240621 |
| Portfolio turnover rate J | 60% <br>| 44%  | 31%  | 34% K | 47% I,L |

---

A*For the period September 18, 2020 (commencement of operations) through June 30, 2021.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*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 Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.*

G*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.*

H*Amount represents less than .005%.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

K*Portfolio turnover rate excludes securities received or delivered in-kind.*

L*The portfolio turnover rate does not include the assets acquired in the merger.*

**Notes to Consolidated Financial Statements**

For the period ended June 30, 2025

**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 Consolidated 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 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% |

---

*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 consolidated 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 consolidated financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the consolidated financial statements and consolidated financial highlights. Subsequent events, if any, through the date that the consolidated financial statements were issued have been evaluated in the preparation of the consolidated financial statements. The Fund's Consolidated Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Directors (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds and U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of June 30, 2025 is included at the end of the Fund's Consolidated 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 Consolidated Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Consolidated Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Consolidated Statement of Assets and Liabilities in dividends receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Consolidated Statement of Operations in dividends. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

**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 consolidated 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.

**Deferred Director Compensation.** Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Directors have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Directors presented below are included in the accompanying Consolidated Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

---

| | |
|:---|:---|
| **Fidelity U.S. Equity Central Fund** | $544598 |

---

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of June 30, 2025, the Fund did not have any unrecognized tax benefits in the consolidated financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Consolidated Statement of Assets and Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the consolidated 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 the short-term capital gain dividends, futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), partnerships 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**  | $7516716392 |
| **Gross unrealized depreciation**  | <u>(355390527)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$7161325865</u> |
| **Tax Cost**  | <u>$9960703116</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$24354015</u> |
| **Undistributed long-term capital gain**  | <u>$1647256902</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$7161742944</u> |

---

The Fund intends to elect to defer to its next fiscal year $52,209,929 of capital losses recognized during the period November 1, 2024 to June 30, 2025.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2024** |
| **Ordinary Income**  | $296111739 | $223390008 |
| **Long-term Capital Gains**  | <u>1384054286</u> | <u>837591089</u> |
| **Total**  | <u>$1680166025</u> | <u>$1060981097</u> |

---

**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 Consolidated Schedule of Investments, if applicable.

**Consolidated Subsidiary.** The Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

As of period end, investments in Subsidiaries were as follows:

---

| | | |
|:---|:---|:---|
|  | **Amount ($)** | **% of Net Assets** |
| **Fidelity U.S. Equity Central Fund** | 576573 | -**A** |

---

*A Amount represents less than .005%.*

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 Consolidated Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Consolidated 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 Consolidated Statement of Assets and Liabilities, if applicable.

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the consolidated financial statements.

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

---

| | |
|:---|:---|
| Equity Risk  | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.<br>|

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Consolidated Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

**Futures Contracts.** A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Consolidated 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 Consolidated Statement of Operations.

Any open futures contracts at period end are presented in the Consolidated 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.

Any securities deposited to meet initial margin requirements are identified in the Consolidated Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Consolidated Statement of Assets and Liabilities.

**5. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity U.S. Equity Central Fund** | 10717065088 | 14856282702 |

---

**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 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 Consolidated Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity U.S. Equity Central Fund** | 269651 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. 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** | 857750623 | 1180098437 | 135122939 |

---

**Other.** During the period, the investment adviser reimbursed the Fund for certain losses as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity U.S. Equity Central Fund** | 1938 |

---

**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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Consolidated Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Consolidated Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Consolidated Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Consolidated Statement of Operations as a component of dividends. 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** | 5977 | 4 | - |

---

**8. Other.**

A fund's organizational documents provide former and current directors and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, mutual funds managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.

**9. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Central Investment Portfolios LLC and the Shareholders of Fidelity U.S. Equity Central Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying consolidated statement of assets and liabilities of Fidelity U.S. Equity Central Fund (the "Fund"), a fund of Fidelity Central Investment Portfolios LLC, including the consolidated schedule of investments, as of June 30, 2025, the related consolidated statement of operations for the year then ended, the consolidated statement of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the four years in the period then ended and for the period from September 18, 2020 (commencement of operations) through June 30, 2021, and the related notes. In our opinion, the consolidated financial statements and consolidated financial highlights present fairly, in all material respects, the financial position of the Fund as of June 30, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended and for the period from September 18, 2020 (commencement of operations) through June 30, 2021 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

August 14, 2025

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended June 30, 2025, $2,393,503,102, or, if subsequently determined to be different, the net capital gain of such year.

A total of 0.80% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates 100% of the short-term capital gain dividends distributed in December, during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.

The fund designates $7,723,273 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 3%, 55%, 100%, and 100% of the dividends distributed in September, December, March, and June, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 14.33%, 60.28%, 100%, and 100% of the dividends distributed in September, December, March, and June, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 7.66%, 5.11%, 0%, and 0% of the dividends distributed in September, December, March, and June, respectively during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. |
| **Proposal 1** | **Proposal 1** | **Proposal 1** |
| To elect a Board of Trustees. | To elect a Board of Trustees. | To elect a Board of Trustees. |
|  | **# of**<br> **Votes** | **% of**<br> **Votes** |
| Bettina Doulton | Bettina Doulton | Bettina Doulton |
| Affirmative | 31231071082.58 | 100.00 |
| TOTAL  | 31231071082.58 | 100.00 |
| Robert A. Lawrence | Robert A. Lawrence | Robert A. Lawrence |
| Affirmative | 31231071082.58 | 100.00 |
| TOTAL  | 31231071082.58 | 100.00 |
| Vijay C. Advani | Vijay C. Advani | Vijay C. Advani |
| Affirmative | 31231071082.58 | 100.00 |
| TOTAL  | 31231071082.58 | 100.00 |
| Thomas P. Bostick | Thomas P. Bostick | Thomas P. Bostick |
| Affirmative | 31231071082.58 | 100.00 |
| TOTAL  | 31231071082.58 | 100.00 |
| Donald F. Donahue | Donald F. Donahue | Donald F. Donahue |
| Affirmative | 31231071082.58 | 100.00 |
| TOTAL  | 31231071082.58 | 100.00 |
| Vicki L. Fuller | Vicki L. Fuller | Vicki L. Fuller |
| Affirmative | 31231071082.58 | 100.00 |
| TOTAL  | 31231071082.58 | 100.00 |
| Patricia L. Kampling | Patricia L. Kampling | Patricia L. Kampling |
| Affirmative | 31231071082.58 | 100.00 |
| TOTAL  | 31231071082.58 | 100.00 |
| Thomas A. Kennedy | Thomas A. Kennedy | Thomas A. Kennedy |
| Affirmative | 31231071082.58 | 100.00 |
| TOTAL  | 31231071082.58 | 100.00 |
| Oscar Munoz | Oscar Munoz | Oscar Munoz |
| Affirmative | 31231071082.58 | 100.00 |
| TOTAL  | 31231071082.58 | 100.00 |
| Karen B. Peetz | Karen B. Peetz | Karen B. Peetz |
| Affirmative | 31231071082.58 | 100.00 |
| TOTAL  | 31231071082.58 | 100.00 |
| David M. Thomas | David M. Thomas | David M. Thomas |
| Affirmative | 31231071082.58 | 100.00 |
| TOTAL  | 31231071082.58 | 100.00 |
| Susan Tomasky | Susan Tomasky | Susan Tomasky |
| Affirmative | 31231071082.58 | 100.00 |
| TOTAL  | 31231071082.58 | 100.00 |
| Michael E. Wiley | Michael E. Wiley | Michael E. Wiley |
| Affirmative | 31231071082.58 | 100.00 |
| TOTAL  | 31231071082.58 | 100.00 |
| Proposal 1 reflects trust-wide proposal and voting results. | Proposal 1 reflects trust-wide proposal and voting results. | Proposal 1 reflects trust-wide proposal and voting results. |

---

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the consolidated financial statements for each Fund as part of Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity U.S. Equity Central Fund**

Each year, the Board of Directors, including the Independent Directors (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Directors' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Directors), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. The Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Directors' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable in light of all of the surrounding circumstances. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Directors.

**Nature, Extent, and Quality of Services Provided.** The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Directors also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

<u>Investment Performance</u>. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, and noted that the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is designed to offer a liquid investment option for other investment companies managed by Fidelity and ultimately to enhance the performance of those investment companies.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board considered that while the fund does not pay a management fee, FMR receives fees for providing services to funds that invest in the fund. The Board also noted that FMR bears all expenses of the fund with certain limited exceptions (i.e., custody fees, interest, taxes, fees and expenses of the Independent Directors, proxy and shareholder meeting expenses, and extraordinary expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable. Based on its review, the Board concluded that the management fee received for providing services to the fund and the fund's total expense ratio were reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the level of Fidelity's profits in respect of all the Fidelity funds, as well as the profitability of the funds that invest in the fund.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions.

**Economies of Scale.** The Board concluded that because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contract.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Directors, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img110502_4.jpg)<br>

1.9900193.104 USE-ANN-0825

Item 8.

<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>

See Item 7.

Item 9.

<u>Proxy Disclosures for Open-End Management Investment Companies</u>

See Item 7.

Item 10.

<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>

See Item 7.

Item 11.

<u>Statement Regarding Basis for Approval of Investment Advisory Contract</u>

See Item 7.

Item 12.

<u>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies</u>

Not applicable.

Item 13.

<u>Portfolio Managers of Closed-End Management Investment Companies</u>

Not applicable.

Item 14.

<u>Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers</u>

Not applicable.

Item 15.

<u>Submission of Matters to a Vote of Security Holders</u>

There were no material changes to the procedures by which shareholders may recommend nominees to the trust's Board of Trustees.

Item 16.

<u>Controls and Procedures</u>

(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 17.

<u>Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>

Not applicable.

Item 18.

<u>Recovery of Erroneously Awarded Compensation</u>

(a) Not applicable.

(b) Not applicable.

Item 19.

<u>Exhibits</u>

(a) (1) [Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.](code.htm)

(a) (2) [Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.](ex99cert.htm)

(a) (3) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.](ex99906cert.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Central Investment Portfolios LLC

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; August 22, 2025 |

---

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.

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; August 22, 2025 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
|  | &nbsp;&nbsp; Stephanie Caron |
|  | &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; August 22, 2025 |

---

## Ex-99.Code

**Fidelity Investments**

**FIDELITY FUNDS'**

**CODE OF ETHICS**

**FOR PRESIDENT, TREASURER**

**AND PRINCIPAL ACCOUNTING OFFICER**

2023

**FIDELITY FUNDS' CODE OF ETHICS FOR**

**PRESIDENT, TREASURER AND PRINCIPAL ACCOUNTING OFFICER**

**I. Purposes of the Code/Covered Officers**

This document constitutes the Code of Ethics (Code) adopted by the Fidelity Funds (Funds) pursuant to Section 406 of the Sarbanes-Oxley Act of 2002. The Code applies to the Fidelity Funds' President and Treasurer, and Chief Financial Officer (Covered Officers). Fidelity's Ethics Office, within Enterprise Compliance, administers the Code.

The purposes of the Code are to deter wrongdoing and to promote, on the part of the Covered Officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that the Fidelity Funds submit to the Securities and Exchange Commission (SEC), and in other public communications by a Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically** 

**Actual and Apparent Conflicts of Interest**

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or their service to, the Fidelity Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of their family, receives improper personal benefits as a result of their position with the Fidelity Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fidelity Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (Investment Company Act) and the Investment Advisers Act of 1940 (Investment Advisers Act). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fidelity Fund because of their status as "affiliated persons" of the Fund. Separate compliance programs and procedures of the Fidelity Funds, Fidelity Management & Research Company (FMR) and the other Fidelity companies are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fidelity Funds, FMR or another Fidelity company), be involved in establishing policies and implementing decisions that have different effects on the Fidelity Funds, FMR and other Fidelity companies. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) and is consistent with the performance by the Covered Officers of their duties as officers of the Fidelity Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Trustees (Board) that the Covered Officers also may be officers or employees of one or more other Fidelity Funds covered by this Code.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fidelity Fund.

\* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use their personal influence or personal relationships improperly to influence investment decisions or financial reporting by any Fidelity Fund whereby the Covered Officer would benefit personally to the detriment of any Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause a Fidelity Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not engage in any outside business activity, including serving as a director or trustee, that prevents the Covered Officer from devoting appropriate time and attention to the Covered Officer's responsibilities with the Fidelity Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not have a consulting or employment relationship with any of the Fidelity Funds' service providers that are not affiliated with Fidelity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any employee or Covered Officer for reports of actual or potential misconduct, which are made in good faith.

With respect to other fact patterns, if a Covered Officer is in doubt, other potential conflict of interest situations should be described immediately to the Fidelity Ethics Office for resolution. Similarly, any questions a Covered Officer has generally regarding the application or interpretation of the Code should be directed to the Fidelity Ethics Office immediately.

**III. Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize themself with the disclosure requirements generally applicable to the Fidelity Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about any Fidelity Fund to others, whether within or outside Fidelity, including to the Board and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should, to the extent appropriate within their area of responsibility, consult with other officers and employees of the Fidelity Funds, FMR and the Fidelity service providers, and with the Board's Compliance Committee, with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fidelity Funds file with, or submit to, the SEC and in other public communications made by the Fidelity Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV. Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon receipt of the Code, and annually thereafter, submit to the Fidelity Ethics Office an acknowledgement stating that they have received, read, and understand the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Fidelity Ethics Office promptly if they know of any violation of the Code. <u>Failure to do so is itself a violation of this Code</u>.

The Fidelity Ethics Office shall take all action it considers appropriate to investigate any actual or potential violations reported to it. Upon completion of the investigation, if necessary, the matter will be reviewed with senior management or other appropriate parties, and a determination will be made as to whether any action should be taken as detailed below. The Covered Officer will be informed of any action determined to be appropriate. The Fidelity Ethics Office will inform the Personal Trading Committee of all Code violations and actions taken in response. Without implied limitation, appropriate remedial, disciplinary or preventive action may include a written warning, a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities. Additionally, other legal remedies may be pursued.

The policies and procedures described in the Code do not create any obligations to any person or entity other than the Fidelity Funds. The Code is intended solely for the internal use by the Fidelity Funds and does not constitute a promise, contract or an admission by or on behalf of any Fidelity Fund as to any fact, circumstance, or legal conclusion. The Fidelity Funds, the Fidelity companies and the Fidelity Head of Ethics retain the discretion to decide whether the Code applies to a specific situation, and how it should be interpreted.

**V. Oversight**

Material violations of this Code will be reported promptly by FMR (or another Fidelity company) to the Board's Compliance Committee. In addition, at least once each year, FMR (or another Fidelity company) will provide a written report to the Board, which describes any issues arising under the Code since the last report to the Board, including, but not limited to, information about material violations of the Code and action taken in response to the material violations.

**VI. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Fidelity Funds for purposes of Section 406 of the Sarbanes-Oxley Act. Other Fidelity policies or procedures that cover the behavior or activities of Covered Officers are separate requirements applying to the Covered Officers (and others) and are not part of this Code.

**VII. Amendments**

Any material amendments or changes to this Code must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not interested persons of the Fidelity Funds.

**VIII. Records and Confidentiality**

Records of any violation of the Code and of the actions taken as a result of such violations will be kept by the Fidelity Ethics Office. All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fidelity Ethics Office, the Personal Trading Committee, the Board, appropriate personnel at the relevant Fidelity company or companies and the legal counsel of any or all of the foregoing.

2023

## Ex-99.Cert

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Exhibit EX-99.CERT</u>

I, Stacie M. Smith, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Central Investment Portfolios LLC;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

August 22, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp;Stacie M. Smith |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

I, Stephanie Caron, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Central Investment Portfolios LLC;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

August 22, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

---

## Exhibit 99.906

<u>Exhibit EX-99.906CERT</u>

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)**

In connection with the attached Report of Fidelity Central Investment Portfolios LLC (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.

Dated: August 22, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp;Stacie M. Smith |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

Dated: August 22, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

---

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

<br>