# EDGAR Filing Document

**Accession Number:** 0001952558
**File Stem:** 0001952558-23-000009
**Filing Date:** 2023-3
**Character Count:** 139740
**Document Hash:** acd2de6085efef5bbc0cb9e5afa6bc7d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001952558-23-000009.hdr.sgml**: 20230323

**ACCESSION NUMBER**: 0001952558-23-000009

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 7

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230323

**DATE AS OF CHANGE**: 20230323

**EFFECTIVENESS DATE**: 20230323

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY CHERRY STREET TRUST
- **CENTRAL INDEX KEY:** 0001952558
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23840
- **FILM NUMBER:** 23755578

**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 Hedged Equity Central Fund (Series ID: S000079960)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000241457 | Fidelity Hedged Equity Central Fund |  |

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UNITED STATES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECURITIES AND EXCHANGE COMMISSION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington, D.C. 20549

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **FORM N-CSR** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **MANAGEMENT INVESTMENT COMPANIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Company Act file number <u>811-23840</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Fidelity Cherry Street Trust</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Exact name of registrant as specified in charter)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cynthia Lo Bessette, Secretary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245 Summer St.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Boston, Massachusetts 02210</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Name and address of agent for service)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registrant's telephone number, including area code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>617-563-7000</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date of fiscal year end:  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; January 31  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date of reporting period:  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; January 31, 2023  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Reports to Stockholders</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

**Fidelity® Hedged Equity Central Fund**

**Annual Report**

**January 31, 2023**

![](img88797_1.jpg)

![](img88797_2.jpg)

**Contents**

---

| |
|:---|
| **[Performance](#Sec_Performance)** |
| **[Investment Summary](#Sec_InvestmentSummary7309)** |
| **[Schedule of Investments](#Sec_ScheduleOfInvestments7309)** |
| **[Financial Statements](#Sec_FinancialStatements7309)** |
| **[Notes to Financial Statements](#Sec_Notes to Financial Statements)** |
| **[Report of Independent Registered Public Accounting Firm](#Sec_Report of Independent Registered Public Accounting Firm)** |
| **[Trustees and Officers](#Sec_Trustee and Officers)** |
| **[Shareholder Expense Example](#Sec_Shareholder Expense Example)** |
| **[Distributions](#Sec_Distributions)** |
| **[Board Approval of Investment Advisory Contracts](#Sec_Board Approval of Investment Advisory Contracts and Management Fees)** |

---

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.© 2023 FMR LLC. All rights reserved.

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

**Performance: The Bottom Line**

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average annual total returns for Fidelity® Hedged Equity Central Fund will be reported once the fund is a year old.

**Investment Summary January 31, 2023 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Apple, Inc.  | 6.2  |
| Microsoft Corp.  | 5.3  |
| Alphabet, Inc. Class A  | 3.3  |
| Amazon.com, Inc.  | 2.6  |
| Berkshire Hathaway, Inc. Class B  | 1.8  |
| iShares S&P 500 Index ETF  | 1.8  |
| UnitedHealth Group, Inc.  | 1.6  |
| Exxon Mobil Corp.  | 1.5  |
| NVIDIA Corp.  | 1.5  |
| Johnson & Johnson  | 1.4  |
|  | 27.0  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  |
| Information Technology  | 25.5  |
| Health Care  | 13.9  |
| Financials  | 11.3  |
| Consumer Discretionary  | 10.1  |
| Industrials  | 8.3  |
| Communication Services  | 7.3  |
| Consumer Staples  | 6.4  |
| Energy  | 4.7  |
| Utilities  | 3.0  |
| Real Estate  | 2.6  |
| Materials  | 2.5  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88797_5.jpg)  |
| *Foreign investments - 2.9%*  |

---

**Schedule of Investments January 31, 2023**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Common Stocks - 95.6%**  | &nbsp;&nbsp; **Common Stocks - 95.6%**  | &nbsp;&nbsp; **Common Stocks - 95.6%**  |
|  | Shares  | Value ($) <br>|
| COMMUNICATION SERVICES - 7.3%  |  |  |
| Diversified Telecommunication Services - 0.8%  |  |  |
|  Frontier Communications Parent, Inc. (a)  | 1121  | 33193  |
|  Verizon Communications, Inc.  | 19622  | 815687  |
|  |  | 848880  |
| Entertainment - 1.4%  |  |  |
|  Liberty Media Corp. Liberty Formula One Class A (a)  | 504  | 32095  |
|  Madison Square Garden Sports Corp.  | 174  | 31640  |
|  Netflix, Inc. (a)  | 1438  | 508851  |
|  Spotify Technology SA (a)  | 291  | 32802  |
|  The Walt Disney Co. (a)  | 6741  | 731331  |
|  Warner Bros Discovery, Inc. (a)  | 7543  | 111787  |
|  |  | 1448506  |
| Interactive Media & Services - 4.3%  |  |  |
|  Alphabet, Inc. Class A (a)  | 35795  | 3537978  |
|  Meta Platforms, Inc. Class A (a)  | 7179  | 1069456  |
|  Pinterest, Inc. Class A (a)  | 1049  | 27578  |
|  |  | 4635012  |
| Media - 0.8%  |  |  |
|  Comcast Corp. Class A  | 17090  | 672492  |
|  DISH Network Corp. Class A (a)  | 3128  | 45012  |
|  Liberty Media Corp. Liberty SiriusXM Series A (a)  | 1066  | 43301  |
|  Nexstar Broadcasting Group, Inc. Class A  | 230  | 47097  |
|  Sirius XM Holdings, Inc.  | 7924  | 45880  |
|  |  | 853782  |
|  TOTAL COMMUNICATION SERVICES  |  | 7786180  |
| CONSUMER DISCRETIONARY - 10.1%  |  |  |
| Auto Components - 0.1%  |  |  |
|  Gentex Corp.  | 1160  | 34232  |
|  Lear Corp.  | 347  | 50586  |
|  |  | 84818  |
| Automobiles - 1.5%  |  |  |
|  Ford Motor Co.  | 16707  | 225712  |
|  Harley-Davidson, Inc.  | 594  | 27342  |
|  Tesla, Inc. (a)  | 7928  | 1373288  |
|  |  | 1626342  |
| Hotels, Restaurants & Leisure - 1.9%  |  |  |
|  Airbnb, Inc. Class A (a)  | 402  | 44666  |
|  ARAMARK Holdings Corp.  | 240  | 10687  |
|  Booking Holdings, Inc. (a)  | 128  | 311565  |
|  Caesars Entertainment, Inc. (a)  | 1000  | 52060  |
|  Hyatt Hotels Corp. Class A (a)  | 517  | 56415  |
|  Las Vegas Sands Corp. (a)  | 1577  | 93043  |
|  Marriott Vacations Worldwide Corp.  | 332  | 53133  |
|  McDonald's Corp.  | 2998  | 801665  |
|  Starbucks Corp.  | 3821  | 417024  |
|  Texas Roadhouse, Inc. Class A  | 628  | 63070  |
|  Vail Resorts, Inc.  | 198  | 51943  |
|  Wendy's Co.  | 2198  | 49015  |
|  Wyndham Hotels & Resorts, Inc.  | 692  | 53637  |
|  |  | 2057923  |
| Household Durables - 0.5%  |  |  |
|  Leggett & Platt, Inc.  | 1196  | 43726  |
|  PulteGroup, Inc.  | 4121  | 234444  |
|  Tempur Sealy International, Inc.  | 736  | 29992  |
|  Toll Brothers, Inc.  | 989  | 58836  |
|  TopBuild Corp. (a)  | 189  | 37811  |
|  Whirlpool Corp.  | 581  | 90398  |
|  |  | 495207  |
| Internet & Direct Marketing Retail - 2.8%  |  |  |
|  Amazon.com, Inc. (a)  | 27110  | 2795854  |
|  Doordash, Inc. (a)  | 502  | 29076  |
|  Etsy, Inc. (a)  | 589  | 81035  |
|  Uber Technologies, Inc. (a)  | 1453  | 44941  |
|  |  | 2950906  |
| Multiline Retail - 0.6%  |  |  |
|  Dollar Tree, Inc. (a)  | 1158  | 173908  |
|  Macy's, Inc.  | 181  | 4277  |
|  Target Corp.  | 2364  | 406939  |
|  |  | 585124  |
| Specialty Retail - 2.2%  |  |  |
|  Burlington Stores, Inc. (a)  | 121  | 27809  |
|  Dick's Sporting Goods, Inc.  | 389  | 50866  |
|  Five Below, Inc. (a)  | 143  | 28190  |
|  Floor & Decor Holdings, Inc. Class A (a)  | 343  | 31134  |
|  Foot Locker, Inc.  | 753  | 32763  |
|  Gap, Inc.  | 2000  | 27140  |
|  Lowe's Companies, Inc.  | 2234  | 465231  |
|  Murphy U.S.A., Inc.  | 30  | 8161  |
|  RH (a)  | 104  | 32447  |
|  Ross Stores, Inc.  | 2536  | 299730  |
|  The Home Depot, Inc.  | 3521  | 1141403  |
|  Tractor Supply Co.  | 683  | 155717  |
|  Williams-Sonoma, Inc.  | 234  | 31576  |
|  |  | 2332167  |
| Textiles, Apparel & Luxury Goods - 0.5%  |  |  |
|  NIKE, Inc. Class B  | 4130  | 525873  |
|  Ralph Lauren Corp.  | 470  | 58210  |
|  |  | 584083  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 10716570  |
| CONSUMER STAPLES - 6.4%  |  |  |
| Beverages - 1.8%  |  |  |
|  Brown-Forman Corp. Class B (non-vtg.)  | 2858  | 190286  |
|  PepsiCo, Inc.  | 4913  | 840221  |
|  The Coca-Cola Co.  | 14435  | 885154  |
|  |  | 1915661  |
| Food & Staples Retailing - 1.5%  |  |  |
|  BJ's Wholesale Club Holdings, Inc. (a)  | 555  | 40221  |
|  Casey's General Stores, Inc.  | 115  | 27130  |
|  Costco Wholesale Corp.  | 1530  | 782044  |
|  Performance Food Group Co. (a)  | 383  | 23486  |
|  U.S. Foods Holding Corp. (a)  | 1553  | 59216  |
|  Walmart, Inc.  | 4868  | 700359  |
|  |  | 1632456  |
| Food Products - 1.2%  |  |  |
|  Bunge Ltd.  | 472  | 46775  |
|  Campbell Soup Co.  | 4456  | 231400  |
|  Flowers Foods, Inc.  | 1619  | 44830  |
|  Hormel Foods Corp.  | 3987  | 180651  |
|  Ingredion, Inc.  | 509  | 52325  |
|  Kellogg Co.  | 3570  | 244831  |
|  Post Holdings, Inc. (a)  | 296  | 28105  |
|  The Hershey Co.  | 1732  | 389007  |
|  |  | 1217924  |
| Household Products - 1.4%  |  |  |
|  Colgate-Palmolive Co.  | 6100  | 454633  |
|  Procter & Gamble Co.  | 7585  | 1079952  |
|  |  | 1534585  |
| Personal Products - 0.0%  |  |  |
|  Coty, Inc. Class A (a)  | 3730  | 37151  |
| Tobacco - 0.5%  |  |  |
|  Philip Morris International, Inc.  | 4609  | 480442  |
|  TOTAL CONSUMER STAPLES  |  | 6818219  |
| ENERGY - 4.7%  |  |  |
| Energy Equipment & Services - 0.5%  |  |  |
|  Halliburton Co.  | 4734  | 195135  |
|  Schlumberger Ltd.  | 5577  | 317777  |
|  |  | 512912  |
| Oil, Gas & Consumable Fuels - 4.2%  |  |  |
|  Antero Midstream GP LP  | 2694  | 29365  |
|  Antero Resources Corp. (a)  | 770  | 22207  |
|  Cheniere Energy, Inc.  | 451  | 68908  |
|  Chesapeake Energy Corp.  | 423  | 36683  |
|  Chevron Corp.  | 5900  | 1026718  |
|  CNX Resources Corp. (a)  | 1543  | 25814  |
|  ConocoPhillips Co.  | 4270  | 520385  |
|  Devon Energy Corp.  | 3817  | 241387  |
|  Exxon Mobil Corp.  | 13545  | 1571355  |
|  Kinder Morgan, Inc.  | 14790  | 270657  |
|  Marathon Oil Corp.  | 6288  | 172731  |
|  Murphy Oil Corp.  | 1134  | 49454  |
|  Occidental Petroleum Corp.  | 3207  | 207782  |
|  Ovintiv, Inc.  | 1466  | 72171  |
|  PDC Energy, Inc.  | 364  | 24654  |
|  Targa Resources Corp.  | 1698  | 127384  |
|  |  | 4467655  |
|  TOTAL ENERGY  |  | 4980567  |
| FINANCIALS - 11.3%  |  |  |
| Banks - 3.6%  |  |  |
|  Bank of America Corp.  | 26663  | 946003  |
|  Cadence Bank  | 1575  | 40289  |
|  Commerce Bancshares, Inc.  | 692  | 46060  |
|  Cullen/Frost Bankers, Inc.  | 174  | 22669  |
|  East West Bancorp, Inc.  | 804  | 63130  |
|  First Citizens Bancshares, Inc.  | 34  | 26441  |
|  First Horizon National Corp.  | 1777  | 43945  |
|  FNB Corp., Pennsylvania  | 1668  | 23802  |
|  Huntington Bancshares, Inc.  | 13205  | 200320  |
|  JPMorgan Chase & Co.  | 10362  | 1450266  |
|  Old National Bancorp, Indiana  | 1483  | 25953  |
|  Popular, Inc.  | 555  | 38095  |
|  Prosperity Bancshares, Inc.  | 689  | 52268  |
|  Synovus Financial Corp.  | 883  | 37042  |
|  Webster Financial Corp.  | 553  | 29115  |
|  Wells Fargo & Co.  | 14656  | 686927  |
|  Wintrust Financial Corp.  | 568  | 51955  |
|  |  | 3784280  |
| Capital Markets - 2.7%  |  |  |
|  Affiliated Managers Group, Inc.  | 185  | 31957  |
|  Ares Management Corp.  | 632  | 52450  |
|  BlackRock, Inc. Class A  | 615  | 466914  |
|  Blackstone, Inc.  | 566  | 54313  |
|  Carlyle Group LP  | 1589  | 57156  |
|  Charles Schwab Corp.  | 5249  | 406378  |
|  Evercore, Inc. Class A  | 457  | 59323  |
|  Goldman Sachs Group, Inc.  | 1453  | 531522  |
|  Interactive Brokers Group, Inc.  | 634  | 50682  |
|  Janus Henderson Group PLC  | 645  | 16718  |
|  Jefferies Financial Group, Inc.  | 1547  | 60766  |
|  KKR & Co. LP  | 1215  | 67809  |
|  Lazard Ltd. Class A  | 409  | 16393  |
|  LPL Financial  | 183  | 43393  |
|  Morgan Stanley  | 5879  | 572203  |
|  Morningstar, Inc.  | 117  | 28417  |
|  SEI Investments Co.  | 806  | 50319  |
|  State Street Corp.  | 2509  | 229147  |
|  Stifel Financial Corp.  | 772  | 52041  |
|  Tradeweb Markets, Inc. Class A  | 236  | 17591  |
|  |  | 2865492  |
| Consumer Finance - 0.5%  |  |  |
|  Ally Financial, Inc.  | 2134  | 69334  |
|  American Express Co.  | 2404  | 420532  |
|  SLM Corp.  | 1662  | 29201  |
|  |  | 519067  |
| Diversified Financial Services - 2.0%  |  |  |
|  Apollo Global Management, Inc.  | 860  | 60871  |
|  Berkshire Hathaway, Inc. Class B (a)  | 6311  | 1966003  |
|  Equitable Holdings, Inc.  | 2421  | 77641  |
|  Voya Financial, Inc.  | 836  | 58328  |
|  |  | 2162843  |
| Insurance - 2.3%  |  |  |
|  AFLAC, Inc.  | 5762  | 423507  |
|  American Financial Group, Inc.  | 336  | 47910  |
|  Arch Capital Group Ltd. (a)  | 3568  | 229601  |
|  Assured Guaranty Ltd.  | 453  | 28358  |
|  Axis Capital Holdings Ltd.  | 315  | 19710  |
|  Brighthouse Financial, Inc. (a)  | 509  | 28641  |
|  Brown & Brown, Inc.  | 3064  | 179428  |
|  Fidelity National Financial, Inc.  | 1409  | 62038  |
|  First American Financial Corp.  | 560  | 34647  |
|  Globe Life, Inc.  | 1236  | 149371  |
|  Hanover Insurance Group, Inc.  | 315  | 42393  |
|  Lincoln National Corp.  | 794  | 28131  |
|  Loews Corp.  | 3998  | 245797  |
|  Markel Corp. (a)  | 53  | 74676  |
|  Old Republic International Corp.  | 1975  | 52120  |
|  Principal Financial Group, Inc.  | 2626  | 243036  |
|  Reinsurance Group of America, Inc.  | 204  | 30961  |
|  RenaissanceRe Holdings Ltd.  | 151  | 29549  |
|  Selective Insurance Group, Inc.  | 304  | 28880  |
|  Unum Group  | 702  | 29505  |
|  W.R. Berkley Corp.  | 3266  | 229077  |
|  Willis Towers Watson PLC  | 838  | 213011  |
|  |  | 2450347  |
| Mortgage Real Estate Investment Trusts - 0.2%  |  |  |
|  AGNC Investment Corp.  | 3875  | 44950  |
|  Annaly Capital Management, Inc.  | 2719  | 63815  |
|  Starwood Property Trust, Inc.  | 3517  | 73470  |
|  |  | 182235  |
| Thrifts & Mortgage Finance - 0.0%  |  |  |
|  New York Community Bancorp, Inc.  | 2987  | 29840  |
|  TOTAL FINANCIALS  |  | 11994104  |
| HEALTH CARE - 13.9%  |  |  |
| Biotechnology - 2.6%  |  |  |
|  AbbVie, Inc.  | 5856  | 865224  |
|  Alnylam Pharmaceuticals, Inc. (a)  | 119  | 26942  |
|  Amgen, Inc.  | 1898  | 479055  |
|  Biogen, Inc. (a)  | 634  | 184431  |
|  BioMarin Pharmaceutical, Inc. (a)  | 221  | 25492  |
|  Gilead Sciences, Inc.  | 4258  | 357417  |
|  Moderna, Inc. (a)  | 1121  | 197363  |
|  Regeneron Pharmaceuticals, Inc. (a)  | 364  | 276083  |
|  Seagen, Inc. (a)  | 226  | 31522  |
|  Vertex Pharmaceuticals, Inc. (a)  | 932  | 301129  |
|  |  | 2744658  |
| Health Care Equipment & Supplies - 2.4%  |  |  |
|  Abbott Laboratories  | 6600  | 729630  |
|  Boston Scientific Corp. (a)  | 10471  | 484284  |
|  DexCom, Inc. (a)  | 1406  | 150569  |
|  Envista Holdings Corp. (a)  | 847  | 33025  |
|  GE HealthCare Technologies, Inc. (a)  | 2296  | 159618  |
|  Globus Medical, Inc. (a)  | 755  | 57003  |
|  Insulet Corp. (a)  | 98  | 28157  |
|  Integra LifeSciences Holdings Corp. (a)  | 385  | 22061  |
|  Intuitive Surgical, Inc. (a)  | 1443  | 354531  |
|  Masimo Corp. (a)  | 94  | 15988  |
|  STERIS PLC  | 900  | 185859  |
|  Teleflex, Inc.  | 528  | 128526  |
|  The Cooper Companies, Inc.  | 638  | 222617  |
|  |  | 2571868  |
| Health Care Providers & Services - 3.0%  |  |  |
|  Acadia Healthcare Co., Inc. (a)  | 528  | 44363  |
|  Centene Corp. (a)  | 2379  | 181375  |
|  Chemed Corp.  | 92  | 46473  |
|  CVS Health Corp.  | 5298  | 467390  |
|  Encompass Health Corp.  | 864  | 53957  |
|  HCA Holdings, Inc.  | 1019  | 259916  |
|  Humana, Inc.  | 823  | 421129  |
|  LHC Group, Inc. (a)  | 168  | 26645  |
|  Option Care Health, Inc. (a)  | 668  | 19285  |
|  UnitedHealth Group, Inc.  | 3390  | 1692254  |
|  |  | 3212787  |
| Health Care Technology - 0.1%  |  |  |
|  Teladoc Health, Inc. (a)  | 477  | 14024  |
|  Veeva Systems, Inc. Class A (a)  | 255  | 43490  |
|  |  | 57514  |
| Life Sciences Tools & Services - 1.4%  |  |  |
|  Avantor, Inc. (a)  | 1989  | 47537  |
|  Danaher Corp.  | 2387  | 631075  |
|  QIAGEN NV (a)  | 1002  | 49098  |
|  Thermo Fisher Scientific, Inc.  | 1332  | 759680  |
|  |  | 1487390  |
| Pharmaceuticals - 4.4%  |  |  |
|  Bristol-Myers Squibb Co.  | 8030  | 583380  |
|  Eli Lilly & Co.  | 2472  | 850739  |
|  Johnson & Johnson  | 9386  | 1533860  |
|  Merck & Co., Inc.  | 8417  | 904070  |
|  Pfizer, Inc.  | 17796  | 785871  |
|  Royalty Pharma PLC  | 800  | 31352  |
|  |  | 4689272  |
|  TOTAL HEALTH CARE  |  | 14763489  |
| INDUSTRIALS - 8.3%  |  |  |
| Aerospace & Defense - 1.6%  |  |  |
|  Curtiss-Wright Corp.  | 155  | 25699  |
|  HEICO Corp.  | 545  | 93168  |
|  Howmet Aerospace, Inc.  | 4394  | 178792  |
|  Lockheed Martin Corp.  | 921  | 426662  |
|  Raytheon Technologies Corp.  | 5687  | 567847  |
|  The Boeing Co. (a)  | 1834  | 390642  |
|  Woodward, Inc.  | 281  | 28735  |
|  |  | 1711545  |
| Air Freight & Logistics - 0.6%  |  |  |
|  C.H. Robinson Worldwide, Inc.  | 1160  | 116197  |
|  United Parcel Service, Inc. Class B  | 2868  | 531240  |
|  |  | 647437  |
| Airlines - 0.2%  |  |  |
|  American Airlines Group, Inc. (a)  | 6773  | 109316  |
|  United Airlines Holdings, Inc. (a)  | 2577  | 126170  |
|  |  | 235486  |
| Building Products - 0.4%  |  |  |
|  Builders FirstSource, Inc. (a)  | 409  | 32597  |
|  Carlisle Companies, Inc.  | 198  | 49670  |
|  Fortune Brands Home & Security, Inc.  | 702  | 45286  |
|  Lennox International, Inc.  | 185  | 48215  |
|  Masco Corp.  | 3490  | 185668  |
|  Owens Corning  | 543  | 52481  |
|  |  | 413917  |
| Commercial Services & Supplies - 0.8%  |  |  |
|  Cintas Corp.  | 913  | 405135  |
|  Clean Harbors, Inc. (a)  | 372  | 48472  |
|  Republic Services, Inc.  | 2821  | 352117  |
|  Stericycle, Inc. (a)  | 930  | 50043  |
|  Tetra Tech, Inc.  | 189  | 29393  |
|  |  | 885160  |
| Construction & Engineering - 0.1%  |  |  |
|  AECOM  | 730  | 63707  |
|  Willscot Mobile Mini Holdings (a)  | 602  | 29173  |
|  |  | 92880  |
| Electrical Equipment - 0.4%  |  |  |
|  AMETEK, Inc.  | 1909  | 276652  |
|  Hubbell, Inc. Class B  | 194  | 44409  |
|  Regal Rexnord Corp.  | 332  | 46214  |
|  Sensata Technologies, Inc. PLC  | 1162  | 59088  |
|  |  | 426363  |
| Industrial Conglomerates - 0.9%  |  |  |
|  General Electric Co.  | 5017  | 403768  |
|  Honeywell International, Inc.  | 2566  | 534960  |
|  |  | 938728  |
| Machinery - 2.2%  |  |  |
|  AGCO Corp.  | 211  | 29145  |
|  Caterpillar, Inc.  | 1643  | 414512  |
|  Cummins, Inc.  | 1353  | 337628  |
|  Dover Corp.  | 2013  | 305634  |
|  Fortive Corp.  | 3660  | 248990  |
|  Graco, Inc.  | 683  | 46663  |
|  IDEX Corp.  | 1062  | 254540  |
|  ITT, Inc.  | 611  | 55961  |
|  Lincoln Electric Holdings, Inc.  | 319  | 53232  |
|  Middleby Corp. (a)  | 200  | 31090  |
|  Oshkosh Corp.  | 315  | 31746  |
|  PACCAR, Inc.  | 2662  | 290983  |
|  Snap-On, Inc.  | 679  | 168888  |
|  Toro Co.  | 251  | 27992  |
|  |  | 2297004  |
| Professional Services - 0.2%  |  |  |
|  Booz Allen Hamilton Holding Corp. Class A  | 440  | 41642  |
|  CACI International, Inc. Class A (a)  | 151  | 46522  |
|  KBR, Inc.  | 926  | 47439  |
|  Science Applications International Corp.  | 457  | 47427  |
|  TransUnion Holding Co., Inc.  | 751  | 53884  |
|  |  | 236914  |
| Road & Rail - 0.6%  |  |  |
|  Knight-Swift Transportation Holdings, Inc. Class A  | 877  | 51831  |
|  Landstar System, Inc.  | 294  | 50812  |
|  Saia, Inc. (a)  | 126  | 34370  |
|  Union Pacific Corp.  | 2415  | 493119  |
|  Werner Enterprises, Inc.  | 664  | 31188  |
|  XPO, Inc. (a)  | 413  | 16462  |
|  |  | 677782  |
| Trading Companies & Distributors - 0.3%  |  |  |
|  W.W. Grainger, Inc.  | 377  | 222234  |
|  Watsco, Inc.  | 164  | 47129  |
|  |  | 269363  |
|  TOTAL INDUSTRIALS  |  | 8832579  |
| INFORMATION TECHNOLOGY - 25.5%  |  |  |
| Communications Equipment - 0.8%  |  |  |
|  Ciena Corp. (a)  | 409  | 21276  |
|  Cisco Systems, Inc.  | 16882  | 821647  |
|  |  | 842923  |
| Electronic Equipment & Components - 0.5%  |  |  |
|  Arrow Electronics, Inc. (a)  | 440  | 51696  |
|  Avnet, Inc.  | 217  | 9956  |
|  Coherent Corp. (a)  | 1087  | 47176  |
|  Jabil, Inc.  | 726  | 57085  |
|  Keysight Technologies, Inc. (a)  | 1677  | 300770  |
|  National Instruments Corp.  | 1068  | 57672  |
|  TD SYNNEX Corp.  | 472  | 48215  |
|  |  | 572570  |
| IT Services - 4.0%  |  |  |
|  Accenture PLC Class A  | 2524  | 704322  |
|  Amdocs Ltd.  | 517  | 47528  |
|  Block, Inc. Class A (a)  | 770  | 62924  |
|  Cloudflare, Inc. (a)  | 472  | 24974  |
|  ExlService Holdings, Inc. (a)  | 147  | 25078  |
|  Genpact Ltd.  | 938  | 44349  |
|  GoDaddy, Inc. (a)  | 585  | 48046  |
|  IBM Corp.  | 3372  | 454310  |
|  MasterCard, Inc. Class A  | 2726  | 1010256  |
|  Maximus, Inc.  | 717  | 53667  |
|  MongoDB, Inc. Class A (a)  | 134  | 28704  |
|  Okta, Inc. (a)  | 477  | 35112  |
|  PayPal Holdings, Inc. (a)  | 4007  | 326530  |
|  Snowflake, Inc. (a)  | 100  | 15644  |
|  SS&C Technologies Holdings, Inc.  | 843  | 50875  |
|  The Western Union Co.  | 2923  | 41419  |
|  Twilio, Inc. Class A (a)  | 568  | 33989  |
|  Visa, Inc. Class A  | 5451  | 1254875  |
|  WEX, Inc. (a)  | 134  | 24786  |
|  |  | 4287388  |
| Semiconductors & Semiconductor Equipment - 5.5%  |  |  |
|  Advanced Micro Devices, Inc. (a)  | 5664  | 425650  |
|  Broadcom, Inc.  | 1540  | 900915  |
|  Enphase Energy, Inc. (a)  | 481  | 106484  |
|  Entegris, Inc.  | 883  | 71267  |
|  Intel Corp.  | 13837  | 391034  |
|  Lam Research Corp.  | 964  | 482096  |
|  Lattice Semiconductor Corp. (a)  | 470  | 35621  |
|  Micron Technology, Inc.  | 5013  | 302284  |
|  MKS Instruments, Inc.  | 515  | 52695  |
|  NVIDIA Corp.  | 7966  | 1556317  |
|  onsemi (a)  | 2492  | 183037  |
|  Qualcomm, Inc.  | 3779  | 503401  |
|  SolarEdge Technologies, Inc. (a)  | 240  | 76591  |
|  Texas Instruments, Inc.  | 3736  | 662057  |
|  Universal Display Corp.  | 247  | 32735  |
|  Wolfspeed, Inc. (a)  | 236  | 18174  |
|  |  | 5800358  |
| Software - 8.3%  |  |  |
|  Adobe, Inc. (a)  | 1560  | 577730  |
|  Aspen Technology, Inc. (a)  | 100  | 19875  |
|  Atlassian Corp. PLC (a)  | 187  | 30223  |
|  Bill.Com Holdings, Inc. (a)  | 181  | 20927  |
|  Crowdstrike Holdings, Inc. (a)  | 260  | 27534  |
|  Datadog, Inc. Class A (a)  | 464  | 34712  |
|  DocuSign, Inc. (a)  | 685  | 41538  |
|  Dolby Laboratories, Inc. Class A  | 602  | 47895  |
|  Dropbox, Inc. Class A (a)  | 2043  | 47459  |
|  Dynatrace, Inc. (a)  | 706  | 27132  |
|  Fair Isaac Corp. (a)  | 49  | 32632  |
|  Guidewire Software, Inc. (a)  | 698  | 51122  |
|  HubSpot, Inc. (a)  | 92  | 31925  |
|  Intuit, Inc.  | 1079  | 456061  |
|  Manhattan Associates, Inc. (a)  | 319  | 41585  |
|  Microsoft Corp.  | 22688  | 5622313  |
|  Oracle Corp.  | 5149  | 455481  |
|  Palo Alto Networks, Inc. (a)  | 251  | 39819  |
|  Paylocity Holding Corp. (a)  | 100  | 20829  |
|  Salesforce.com, Inc. (a)  | 3219  | 540695  |
|  ServiceNow, Inc. (a)  | 855  | 389136  |
|  Splunk, Inc. (a)  | 500  | 47885  |
|  VMware, Inc. Class A (a)  | 377  | 46171  |
|  Workday, Inc. Class A (a)  | 338  | 61323  |
|  Zoom Video Communications, Inc. Class A (a)  | 385  | 28875  |
|  Zscaler, Inc. (a)  | 255  | 31661  |
|  |  | 8772538  |
| Technology Hardware, Storage & Peripherals - 6.4%  |  |  |
|  Apple, Inc.  | 45453  | 6558399  |
|  Dell Technologies, Inc.  | 447  | 18157  |
|  Hewlett Packard Enterprise Co.  | 11781  | 190028  |
|  Xerox Holdings Corp.  | 1764  | 28894  |
|  |  | 6795478  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 27071255  |
| MATERIALS - 2.5%  |  |  |
| Chemicals - 1.7%  |  |  |
|  Albemarle Corp.  | 483  | 135940  |
|  Ashland, Inc.  | 432  | 47205  |
|  Axalta Coating Systems Ltd. (a)  | 2919  | 87862  |
|  Celanese Corp. Class A  | 1272  | 156710  |
|  Eastman Chemical Co.  | 1996  | 175987  |
|  Element Solutions, Inc.  | 2409  | 49336  |
|  Huntsman Corp.  | 1698  | 53810  |
|  Linde PLC  | 2264  | 749248  |
|  LyondellBasell Industries NV Class A  | 2562  | 247720  |
|  Olin Corp.  | 487  | 31455  |
|  RPM International, Inc.  | 528  | 47472  |
|  Valvoline, Inc.  | 860  | 31528  |
|  Westlake Corp.  | 268  | 32897  |
|  |  | 1847170  |
| Construction Materials - 0.0%  |  |  |
|  Eagle Materials, Inc.  | 230  | 33598  |
| Containers & Packaging - 0.3%  |  |  |
|  Aptargroup, Inc.  | 428  | 49494  |
|  Berry Global Group, Inc.  | 872  | 53829  |
|  Crown Holdings, Inc.  | 823  | 72556  |
|  Graphic Packaging Holding Co.  | 2011  | 48445  |
|  Silgan Holdings, Inc.  | 960  | 51734  |
|  Sonoco Products Co.  | 715  | 43694  |
|  |  | 319752  |
| Metals & Mining - 0.5%  |  |  |
|  Alcoa Corp.  | 570  | 29777  |
|  Newmont Corp.  | 4417  | 233792  |
|  Reliance Steel & Aluminum Co.  | 140  | 31843  |
|  Royal Gold, Inc.  | 281  | 35695  |
|  Southern Copper Corp.  | 457  | 34371  |
|  Steel Dynamics, Inc.  | 1087  | 131136  |
|  |  | 496614  |
|  TOTAL MATERIALS  |  | 2697134  |
| REAL ESTATE - 2.6%  |  |  |
| Equity Real Estate Investment Trusts (REITs) - 2.6%  |  |  |
|  American Homes 4 Rent Class A  | 2764  | 94778  |
|  American Tower Corp.  | 1898  | 423994  |
|  Americold Realty Trust  | 968  | 30405  |
|  Brixmor Property Group, Inc.  | 2138  | 50307  |
|  Camden Property Trust (SBI)  | 2038  | 251102  |
|  CubeSmart  | 1013  | 46385  |
|  EastGroup Properties, Inc.  | 274  | 46101  |
|  Equity Lifestyle Properties, Inc.  | 736  | 52830  |
|  Federal Realty Investment Trust (SBI)  | 1472  | 164172  |
|  First Industrial Realty Trust, Inc.  | 870  | 46415  |
|  Gaming & Leisure Properties  | 900  | 48204  |
|  Healthcare Trust of America, Inc.  | 1875  | 40369  |
|  Healthpeak Properties, Inc.  | 7685  | 211184  |
|  Independence Realty Trust, Inc.  | 2360  | 44439  |
|  Kite Realty Group Trust  | 1415  | 30706  |
|  Lamar Advertising Co. Class A  | 204  | 21734  |
|  Life Storage, Inc.  | 368  | 39759  |
|  Medical Properties Trust, Inc.  | 3215  | 41634  |
|  Mid-America Apartment Communities, Inc.  | 1623  | 270587  |
|  National Retail Properties, Inc.  | 992  | 46971  |
|  Omega Healthcare Investors, Inc.  | 1358  | 39980  |
|  Physicians Realty Trust  | 1866  | 29595  |
|  Rexford Industrial Realty, Inc.  | 736  | 46714  |
|  SBA Communications Corp. Class A  | 726  | 216007  |
|  Spirit Realty Capital, Inc.  | 779  | 34183  |
|  Store Capital Corp.  | 1421  | 45770  |
|  Sun Communities, Inc.  | 628  | 98508  |
|  UDR, Inc.  | 4428  | 188589  |
|  WP Carey, Inc.  | 898  | 76806  |
|  |  | 2778228  |
| Real Estate Management & Development - 0.0%  |  |  |
|  Jones Lang LaSalle, Inc. (a)  | 174  | 32167  |
|  TOTAL REAL ESTATE  |  | 2810395  |
| UTILITIES - 3.0%  |  |  |
| Electric Utilities - 1.4%  |  |  |
|  Exelon Corp.  | 8073  | 340600  |
|  IDACORP, Inc.  | 383  | 40525  |
|  NextEra Energy, Inc.  | 8451  | 630698  |
|  OGE Energy Corp.  | 1081  | 42505  |
|  PNM Resources, Inc.  | 638  | 31568  |
|  Xcel Energy, Inc.  | 5377  | 369776  |
|  |  | 1455672  |
| Gas Utilities - 0.0%  |  |  |
|  National Fuel Gas Co.  | 430  | 24966  |
| Independent Power and Renewable Electricity Producers - 0.0%  |  |  |
|  Vistra Corp.  | 611  | 14090  |
| Multi-Utilities - 1.5%  |  |  |
|  Ameren Corp.  | 3938  | 342094  |
|  Black Hills Corp.  | 557  | 40316  |
|  CMS Energy Corp.  | 5066  | 320121  |
|  Consolidated Edison, Inc.  | 3828  | 364847  |
|  DTE Energy Co.  | 2606  | 303260  |
|  NiSource, Inc.  | 9041  | 250888  |
|  |  | 1621526  |
| Water Utilities - 0.1%  |  |  |
|  Essential Utilities, Inc.  | 1415  | 66123  |
|  TOTAL UTILITIES  |  | 3182377  |
| <br> **TOTAL COMMON STOCKS** <br> (Cost $99,492,233)  |  | <br> **101652869**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Money Market Funds - 0.3%**  | &nbsp;&nbsp; **Money Market Funds - 0.3%**  | &nbsp;&nbsp; **Money Market Funds - 0.3%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Cash Central Fund 4.38% (b) <br>(Cost $328,083) <br>| 328017  | **328083**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Equity Funds - 1.8%**  | &nbsp;&nbsp; **Equity Funds - 1.8%**  | &nbsp;&nbsp; **Equity Funds - 1.8%**  |
|  | Shares  | Value ($) <br>|
| Domestic Equity Funds - 1.8%  |  |  |
|  iShares S&P 500 Index ETF <br> (Cost $1,878,285)  | 4700  | **1919057**  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Purchased Options - 2.2%**  | **Purchased Options - 2.2%**  | **Purchased Options - 2.2%**  | **Purchased Options - 2.2%**  | **Purchased Options - 2.2%**  | **Purchased Options - 2.2%**  | **Purchased Options - 2.2%**  |
|  | Counterparty  | Number <br> of Contracts  | Notional Amount  | Exercise <br> Price ($)  | Expiration <br> Date  | Value ($)  |
| Put Options  |  |  |  |  |  |  |
| S&P 500 Index  | Chicago Board Options Exchange  | 200  | 81532000  | 2650  | 11/17/23  | 473000  |
| S&P 500 Index  | Chicago Board Options Exchange  | 210  | 85608600  | 2600  | 12/15/23  | 516600  |
| S&P 500 Index  | Chicago Board Options Exchange  | 220  | 89685200  | 2550  | 01/19/24  | 555500  |
| S&P 500 Index  | Chicago Board Options Exchange  | 68  | 27720880  | 3860  | 02/17/23  | 94520  |
| S&P 500 Index  | Chicago Board Options Exchange  | 85  | 34651100  | 3810  | 03/17/23  | 254575  |
| S&P 500 Index  | Chicago Board Options Exchange  | 104  | 42396640  | 3770  | 04/21/23  | 480480  |
| **TOTAL PURCHASED OPTIONS** <br> (Cost 3,301,314)  |  |  |  |  |  | **2374675**  |

---

For the period, the average monthly notional amount at value for purchased options in the aggregate was $361,594,420.

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.9%** <br> (Cost $104,999,915) <br>| <br>**106274684**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.1%**  | **54942**  |
| **NET ASSETS - 100.0%**  | **106329626**  |

---

**Security Type Abbreviations**

ETF - EXCHANGE-TRADED FUND

**Legend**

(a) Non-income producing

(b) 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.

**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 ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 4.38%  | -  | 105278045  | 104949962  | 13689  | -  | -  | 328083  | 0.0%  |
| Total  | -  | 105278045  | 104949962  | 13689  | -  | -  | 328083  |  |

---

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

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 January 31, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:**  | **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>**  |  |  |  |  |
|  **Equities:**  |  |  |  |  |
| Communication Services  | 7786180  | 7786180  | -  | -  |
| Consumer Discretionary  | 10716570  | 10716570  | -  | -  |
| Consumer Staples  | 6818219  | 6818219  | -  | -  |
| Energy  | 4980567  | 4980567  | -  | -  |
| Financials  | 11994104  | 11994104  | -  | -  |
| Health Care  | 14763489  | 14763489  | -  | -  |
| Industrials  | 8832579  | 8832579  | -  | -  |
| Information Technology  | 27071255  | 27071255  | -  | -  |
| Materials  | 2697134  | 2697134  | -  | -  |
| Real Estate  | 2810395  | 2810395  | -  | -  |
| Utilities  | 3182377  | 3182377  | -  | -  |
|  Money Market Funds  | 328083  | 328083  | -  | -  |
|  Equity Funds  | 1919057  | 1919057  | -  | -  |
|  Purchased Options  | 2374675  | 2374675  | -  | -  |
| **Total Investments in Securities:**  | 106274684  | 106274684  | -  | -  |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2023. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value**  | **Value**  |
|  | **Asset ($)**  | **Liability ($)**  |
| **Equity Risk**  |  |  |
| Purchased Options (a)  | 2374675  | 0  |
| **Total Equity Risk**  | 2374675  | 0  |
| **Total Value of Derivatives**  | 2374675  | 0  |

---

(a)Gross value is presented in the Statement of Assets and Liabilities in the Investments in Securities at value line-item.

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **January 31, 2023**  |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:  |  |  |
|  Unaffiliated issuers (cost $104,671,832)  | $105946601  |  |
|  Fidelity Central Funds (cost $328,083)  | 328083  |  |
|  Total Investment in Securities (cost $104,999,915)  |  | $106274684  |
|  Cash  |  | 222  |
|  Dividends receivable  |  | 41471  |
|  Distributions receivable from Fidelity Central Funds  |  | 13689  |
| **Total assets**  |  | 106330066  |
| **Liabilities**  |  |  |
|  Other payables and accrued expenses  | $440  |  |
| **Total Liabilities**  |  | 440  |
| **Net Assets**  |  | $106329626  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $105000001  |
|  Total accumulated earnings (loss)  |  | 1329625  |
|  **Net Assets**  |  | $106329626  |
|  **Net Asset Value** , offering price and redemption price per share ($106,329,626 ÷ 1,050,000 shares)  |  | $101.27  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **For the period January 17, 2023 (commencement of operations) through January 31, 2023**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $41607  |
| Income from Fidelity Central Funds  |  | 13689  |
| **Total Income**  |  | 55296  |
|  **Expenses**  |  |  |
| Custodian fees and expenses  | $439  |  |
| **Total Expenses**  |  | 439  |
| **Net Investment income (loss)**  |  | 54857  |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 1274769  |
| **Net gain (loss)**  |  | 1274769  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $1329626  |

---

---

| | |
|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **For the period January 17, 2023 (commencement of operations) through January 31, 2023**  |
| **Increase (Decrease) in Net Assets**  |  |
| Operations  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $54857  |
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | 1274769  |
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | 1329626 <br>|
|  Affiliated share transactions  |  |
| &nbsp;&nbsp; Proceeds from sales of shares  | 105000000  |
| **Net increase (decrease) in net assets resulting from share transactions**  | 105000000 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | 106329626 <br>|
| **Net Assets**  |  |
| &nbsp;&nbsp; Beginning of period  | -  |
| &nbsp;&nbsp; End of period  | $106329626  |
| **Other Information**  |  |
| Shares  |  |
| &nbsp;&nbsp; Sold  | 1050000  |
| &nbsp;&nbsp; Redeemed  | -  |
| &nbsp;&nbsp; Net increase (decrease)  | 1050000  |

---

**Financial Highlights** 

 **Fidelity® Hedged Equity Central Fund** <br>

---

| | |
|:---|:---|
| **Years ended January 31,**  | **2023** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $100.00  |
| Income from Investment Operations  |  |
| Net investment income (loss) <sup>B,C</sup>  | .05  |
| Net realized and unrealized gain (loss)  | 1.22  |
| Total from investment operations  | 1.27  |
| Net asset value, end of period  | $101.27  |
| **Total Return** <sup>D</sup>  | 1.27%  |
| **Ratios to Average Net Assets** <sup>C,E,F</sup>  |  |
| Expenses before reductions  | .01% <sup>G</sup>  |
| Expenses net of fee waivers, if any  | .01% <sup>G</sup>  |
| Expenses net of all reductions  | .01% <sup>G</sup>  |
| Net investment income (loss)  | 1.25% <sup>G</sup>  |
| **Supplemental Data**  |  |
| Net assets, end of period (000 omitted)  | $106330  |
| Portfolio turnover rate <sup>H</sup>  | -% <sup>I</sup>  |

---

<sup>A</sup> *For the period January 17, 2023 (commencement of operations) through January 31, 2023.*

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *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.*

<sup>D</sup> *Total returns for periods of less than one year are not annualized.*

<sup>E</sup> *Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

<sup>F</sup> *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.*

<sup>G</sup> *Annualized.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>I</sup> *Amount not annualized.*

**Notes to Financial Statements**

For the period ended January 31, 2023

**1. Organization.**

Fidelity Hedged Equity Central Fund (the Fund) is a fund of Fidelity Cherry Street Trust (the Trust) 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 Trust 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 statutory trust.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund**  | **Investment Manager**  | **Investment Objective**  | **Investment Practices**  | **Expense Ratio** <sup>A</sup>  |
| 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%  |

---

<sup>A</sup> *Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies* . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

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

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

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

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

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

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

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

ETFs are valued at their last 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 but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.

Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2023 is included at the end of the Fund's Schedule of Investments.

**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. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of January 31, 2023, the Fund did not have any unrecognized tax benefits in the 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.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to options, capital loss carryforwards and losses deferred due to options transactions.

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**  | $3245216  |
| **Gross unrealized depreciation**  | <u>(1044691)</u>  |
| **Net unrealized appreciation (depreciation)**  | <u>$</u> <u>2200525</u>  |
| **Tax Cost**  | <u>$104074159</u>  |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$55740</u>  |
| **Capital loss carryforward**  | <u>$(885867)</u>  |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$2159752</u>  |

---

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term  | $(354347)  |
| Long-term  | <u>(531520)</u>  |
| **Total capital loss carryforward**  | <u>$(885867)</u>  |

---

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** The Fund's investment objectives allow for various types of derivative instruments, including options. 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 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.

**Options.** Options give the purchaser the right, but not the obligation, to buy (call) or sell (put) an underlying security or financial instrument at an agreed exercise or strike price between or on certain dates. Options obligate the seller (writer) to buy (put) or sell (call) an underlying instrument at the exercise or strike price or cash settle an underlying derivative instrument if the holder exercises the option on or before the expiration date. Exchange-traded options were used to manage exposure to the market.

Upon entering into an options contract, a fund will pay or receive a premium. Premiums paid on purchased options are reflected as cost of investments and premiums received on written options are reflected as a liability on the Statement of Assets and Liabilities. Certain options may be purchased or written with premiums to be paid or received on a future date. Options are valued daily and any unrealized appreciation (depreciation) is reflected on the Statement of Assets and Liabilities. When an option is exercised, the cost or proceeds of the underlying instrument purchased or sold is adjusted by the amount of the premium. When an option is closed, a gain or loss is realized depending on whether the proceeds or amount paid for the closing sale transaction is greater or less than the premium received or paid. When an option expires, gains and losses are realized to the extent of premiums received and paid, respectively. The net realized and unrealized gains (losses) on purchased options are included in the Statement of Operations in net realized gain (loss) and change in net unrealized appreciation (depreciation) on investment securities. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on written options are presented in the Statement of Operations.

Any open options at period end are presented in the Schedule of Investments under the captions "Purchased Options," "Purchased Swaptions," "Written Options" and "Written Swaptions," as applicable, and are representative of volume of activity during the period unless an average notional amount is presented.

Writing puts and buying calls tend to increase exposure to the underlying instrument while buying puts and writing calls tend to decrease exposure to the underlying instrument. For purchased options, risk of loss is limited to the premium paid, and for written options, risk of loss is the change in value in excess of the premium received.

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)**  | **Sales ($)**  |
| **Fidelity Hedged Equity Central Fund**  | 101370769  | -  |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Diversifying Solutions LLC (the investment adviser) provides the Fund with investment management services. The Fund does not pay any fees for these services. Pursuant to the Fund's management contract, the investment adviser receives a monthly management fee that represents a portion of the management fees it receives from the Investing Funds. In addition, the investment adviser also pays all other expenses of the Fund, excluding custody fees, the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount**  |
| **Fidelity Hedged Equity Central Fund**  | $700  |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)**  | **Sales ($)**  | **Realized Gain (Loss) ($)**  |
| **Fidelity Hedged Equity Central Fund**  | 28088  | -  | -  |

---

**7. Other.**

A fund's organizational documents provide former and current trustees 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.

**8. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Cherry Street Trust and the Shareholders of Fidelity Hedged Equity Central Fund

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

We have audited the accompanying statement of assets and liabilities of Fidelity Hedged Equity Central Fund (the "Fund"), a fund of Fidelity Cherry Street Trust, including the schedule of investments, as of January 31, 2023, the related statement of operations, the statement of changes in net assets and the financial highlights for the period from January 17, 2023 (commencement of operations) through January 31, 2023, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of January 31, 2023, and the results of its operations, the changes in its net assets and the financial highlights for the period from January 17, 2023 (commencement of operations) through January 31, 2023 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 audit. 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 audit 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 audit 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 audit 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 audit 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 January 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

March 16, 2023

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

**Trustees and Officers**

**<u>TRUSTEES AND OFFICERS</u>**

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees four funds.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

<u>Experience, Skills, Attributes, and Qualifications of the Trustees.</u> The Board of Trustees has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Board of Trustees also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Board of Trustees. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

<u>Board Structure and Oversight Function.</u> David B. Jones is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session.

Fidelity <sup>®</sup> funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's alternative investment funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, high income, and equity funds. The asset allocation funds may invest in Fidelity <sup>®</sup> funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity **®** funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity <sup>®</sup> funds overseen by each Board.

The Trustees primarily operate as a full Board, but have also established one standing committee, the Audit Committee, to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board has charged FDS and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FDS, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. Board oversight of different aspects of the fund's activities is exercised primarily through the full Board, but also through the Audit Committee. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FDS's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board and Audit Committee, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity <sup>®</sup> funds. The responsibilities of the Audit Committee, including its oversight responsibilities, are described further under "Standing Committees of the Trustees."

<u>Interested Trustees\*:</u>

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

David B. Jones (1962)

Year of Election or Appointment: 2021

Trustee

Chair of the Board of Trustees

Mr. Jones also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, Mr. Jones served in a variety of positions at Fidelity Investments (1982-2008), retiring as a Senior Vice President. His duties included new product development, serving as a liaison to the board of trustees of various Fidelity <sup>®</sup> funds, and development of policies and procedures for fund investments in derivatives and complex securities. He also served on the FMR Fair Value Committee, which is responsible for day-to-day valuation activities for various Fidelity <sup>®</sup> funds

\* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FDS.

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Independent Trustees:</u>

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Jennifer M. Birmingham (1971)

Year of Election or Appointment: 2021

Trustee

Ms. Birmingham also serves as Trustee of other Fidelity <sup>®</sup> funds. Ms. Birmingham serves as Managing Director of Princeton University Investment Company (PRINCO) (2010-present). Previously, Ms. Birmingham served in a variety of positions at Deutsche Bank Asset Management (2002-2010), including Managing Director, Global CFO of DB Advisors and Deutsche Insurance Asset Management, Americas CFO of DWS Americas and various legal entities (2005-2010). Prior to Deutsche Bank, Ms. Birmingham was an employee of Investors Bank and Trust Company (1997-2002) and Deloitte & Touche LLP (1993-1997).

Matthew J. Conti (1966)

Year of Election or Appointment: 2021

Trustee

Mr. Conti also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, Mr. Conti served in a variety of positions at Fidelity Investments, including as a portfolio manager to certain Fidelity® funds (2000-2018) and research analyst (1995-2003). Mr. Conti serves as a member of the Board of Directors of the Rose Kennedy Greenway Conservancy (2021-present).

Tara C. Kenney (1960)

Year of Election or Appointment: 2021

Trustee

Ms. Kenney also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Kenney served as Senior Vice President of Boston Common Asset Management (2017-2020). Previously, Ms. Kenney served as Managing Director in a variety of roles for Deutsche Asset Management (2003-2016) as well as Scudder Investments where she was a Portfolio Manager (1995-2003). Currently, Ms. Kenney serves as a Board member for a number of non-profit organizations and academic institutions, including Catholic Charities USA (2017-present) and the Kellogg Institute for International Studies at the University of Notre Dame (2002-present). Ms. Kenney is also an adjunct professor of finance at the University of Notre Dame.

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Advisory Board Members and Officers:</u>

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

<u>Name, Year of Birth; Principal Occupation</u>

Joseph Benedetti (1965)

Year of Election or Appointment: 2021

Assistant Secretary

Mr. Benedetti also serves as Assistant Secretary of other funds. Mr. Benedetti is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2020-present) and is an employee of Fidelity Investments. Mr. Benedetti serves as Assistant Secretary of Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present) and FIAM LLC (investment adviser firm, 2021-present). Previously, Mr. Benedetti served as Secretary of Fidelity Diversifying Solutions LLC (2021-2022). Prior to joining Fidelity, Mr. Benedetti was Assistant General Counsel at Invesco (investment adviser firm, 2019-2020); Senior Vice President and Managing Counsel at OppenheimerFunds Inc. (investment adviser firm, 2017-2019); and a Managing Director in the Legal Department of Morgan Stanley Investment Management Inc. (investment adviser firm, 2004-2017).

Heather Bonner (1977)

Year of Election or Appointment: 2023

President and Treasurer

Ms. Bonner also serves as President and Treasurer of other funds. Ms. Bonner serves as Senior Vice President (2022-present), and is an employee of Fidelity Investments. Ms. Bonner serves as Assistant Treasurer of Fidelity CRET Trustee LLC (2022-present). Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).

Craig S. Brown (1977)

Year of Election or Appointment: 2021

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2022).

John J. Burke III (1964)

Year of Election or Appointment: 2021

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

Nati Davidi (1971)

Year of Election or Appointment: 2021

Assistant Secretary

Ms. Davidi also serves as Assistant Secretary of other funds. Ms. Davidi serves as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2013-present) and is an employee of Fidelity Investments. Previously, Ms. Davidi served as Assistant Secretary of the North Carolina Capital Management Trust (2016-2022).

Jonathan Davis (1968)

Year of Election or Appointment: 2021

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2021

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2021

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity <sup>®</sup> funds (2016-2020) and Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2016-2018).

William Irving (1964)

Year of Election or Appointment: 2023

Vice President

Mr. Irving also serves as Vice President of other funds. Mr. Irving serves as Head of Fidelity Asset Management Solutions (2022-present) and is an employee of Fidelity Investments. Mr. Irving serves as President and Director of Fidelity Diversifying Solutions LLC (investment adviser firm, 2023-present) and President, Director, or Vice President of certain other Fidelity entities. Previously, Mr. Irving served as Chief Investment Officer (CIO) in the Global Asset Allocation division (2020-2022). Prior to that, he was Managing Director of Research in the Global Asset Allocation division (2018-2020) and portfolio manager of certain Fidelity <sup>®</sup> funds (2004-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2021

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2021

Assistant Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Ksenia Portnoy (1980)

Year of Election or Appointment: 2021

Chief Compliance Officer

Ms. Portnoy also serves as Chief Compliance Officer of other funds. Ms. Portnoy is a Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2021-present). Prior to joining Fidelity, Ms. Portnoy worked in the asset management divisions of Morgan Stanley Investment Management (investment adviser firm, 2020-2021), Mizuho (investment adviser firm, 2015-2020), Guggenheim Partners (investment adviser firm, 2012-2015) and Lehman Brothers (investment adviser firm, 2008-2012).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2021

Assistant Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity <sup>®</sup> funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2021

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2021).

**Shareholder Expense Example**

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 17, 2023 to January 31, 2023). The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (August 1, 2022 to January 31, 2023). <br>

***Actual Expenses***

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

***Hypothetical Example for Comparison Purposes***

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Annualized Expense Ratio-** <sup>A</sup>  | **Beginning Account Value**  | **Ending Account Value January 31, 2023**  | **Expenses Paid During Period**  |
| **Fidelity® Hedged Equity Central Fund**  | .01%  |  |  |  |
| **Actual**  |  | $1000  | $1012.70  | $- <sup>C, E</sup> <br>|
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1025.16  | $.05 <sup>D</sup>  |

---

*A Annualized expense ratio reflects expenses net of applicable fee waivers.*

*B 5% return per year before expenses*

*C Actual expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 15 / 365 (to reflect the period January 17, 2023 to January 31, 2023).*

*D Hypothetical expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).*

*E Amount represents less than $.005.*

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

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

The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.

**Board Approval of Investment Advisory Contracts**

**Board Approval of Investment Advisory Contracts** 

**Fidelity Hedged Equity Central Fund** 

At its November 2022 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve the management contract with Fidelity Diversifying Solutions LLC (FDS) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FDS and the sub-advisers are collectively referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, considered a broad range of information.

**Nature, Extent, and Quality of Services Provided.** The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, related investment philosophy, and the purpose of central funds generally.

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

<u>Administrative Services.</u> The Board considered the nature, extent, quality, and cost of advisory and administrative services to be performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund. The Board also considered the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors.

<u>Investment Performance.</u> The fund is a new fund and therefore had no historical performance for the Board to review at the time it approved the fund's Advisory Contracts. The Board noted that the fund is designed to offer a liquid investment option for other Fidelity funds and accounts and ultimately to enhance the performance of those funds and accounts. The Board considered the Investment Advisers' strength in fundamental, research-driven security selection, which the Board is familiar with through its supervision of other Fidelity funds. The Board also considered the fact that it oversees another fund managed by FDS that has similar investment objectives and policies as the fund.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board considered that while the fund will not pay a management fee, FDS receives a management fee that is determined based on the fees the adviser to the investing funds receives for providing services to funds that invest in the fund. The Board also noted that FDS bears all expenses of the fund, with certain limited exceptions (i.e., custody fees, interest, taxes, fees and expenses of the Independent Trustees, proxy and shareholder meeting expenses, and extraordinary expenses). The Board considered that FDS has agreed to contractually cap total expenses of the fund to cover certain expenses excluded from the management fee through May 31, 2024 and that the cap cannot be removed or increased prior to that date without Board approval.

The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.

Based on its review, the Board concluded that the management fee to be received for providing services to the fund and the fund's projected total expense ratio were reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.

**Costs of the Services and Profitability.** The fund is a new fund and therefore no revenue, cost, or profitability data was available for the Board to review in respect of the fund at the time it approved the Advisory Contracts. In connection with its future renewal of the fund's Advisory Contracts, the Board will consider Fidelity's profits in respect of all the Fidelity funds.

**Economies of Scale.** The Board concluded that because the fund will pay no advisory fees and FDS will bear all expenses of the fund, with certain limited exceptions, the realization of economies of scale was not a material factor in the Board's decision to approve the fund's Advisory Contracts.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Advisory Contracts, the Board received information explaining that the fund is a centralized vehicle for the management of securities on a pooled basis. The Board also noted that those Fidelity funds investing in the fund will benefit from investing in one centralized fund as the fund may deliver more uniform asset class performance and offer additional opportunities to generate returns and diversify the investing funds' allocations.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be approved.

![](img88797_2.jpg) <br>

1.9907612.100 HEC-ANN-0323

Item 2.

<u>Code of Ethics</u>

As of the end of the period, January 31, 2023, Fidelity Cherry Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

<u>Audit Committee Financial Expert</u>

The Board of Trustees of the trust has determined that Jennifer M. Birmingham is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Birmingham is independent for purposes of Item 3 of Form N-CSR.

Item 4.

<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 Hedged Equity Central Fund (the "Fund"):

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

**<u>January 31, 2023 Fees</u><sup>A,B</sup>**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Audit Fees** | **Audit-Related Fees** | **Tax Fees** | **All Other Fees** |
| Fidelity Hedged Equity Central Fund<br>| $31600  | $-  | $9700  | $-  |

---

**<u>January 31, 2022 Fees</u> <sup>B</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Audit Fees** | **Audit-Related Fees** | **Tax Fees** | **All Other Fees** |
| Fidelity Hedged Equity Central Fund<br>| $- | $- | $- | $- |

---

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

<sup>B</sup> Fidelity Hedged Equity Central Fund commenced operations on January 17, 2023.

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

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

---

| | | |
|:---|:---|:---|
|  | **<u>January 31, 2023</u><sup>A,B</sup>** | **<u>January 31, 2022</u> <sup>B</sup>** |
| Audit-Related Fees | $- | $- |
| Tax Fees | $- | $- |
| All Other Fees | $- | $- |

---

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

<sup>B</sup> May include amounts billed prior to the Fidelity Hedged Equity Central Fund's commencement of operations.

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

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

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

Assurance services must be performed by an independent public accountant.

\* \* \*

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

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| | | |
|:---|:---|:---|
| **<u>Billed By</u>** | **<u>January 31, 2023</u><sup>A,B</sup>** | **<u>January 31, 2022</u><sup>A,B</sup>** |
| Deloitte Entities | $467300  | $521600  |

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

<sup>B</sup> May include amounts billed prior to the Fidelity Hedged Equity Central Fund's commencement of operations.

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

<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).

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

Not applicable.

Item 8.

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

Not applicable.

Item 9.

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

Not applicable.

Item 10.

<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 11.

<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 12.

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

<u>Investment Companies</u>

Not applicable.

Item 13.

<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 Cherry Street Trust

---

| | |
|:---|:---|
| By: | <u>/s/Heather Bonner</u> |
|  | Heather Bonner |
|  | President and Treasurer |
| Date: | March 23, 2023 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | <u>/s/Heather Bonner</u> |
|  | Heather Bonner |
|  | President and Treasurer |
| Date: | March 23, 2023 |

---

---

| | |
|:---|:---|
| By: | <u>/s/John J. Burke III</u> |
|  | John J. Burke III |
|  | Chief Financial Officer |
| Date: | March 23, 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;&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> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I, Heather Bonner, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of Fidelity Cherry Street Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 23, 2023

---

| |
|:---|
|  &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>/s/Heather Bonner</u>  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heather Bonner  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Treasurer  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I, John J. Burke III, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of Fidelity Cherry Street Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 23, 2023

---

| |
|:---|
|  &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>/s/John J. Burke III</u>  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John J. Burke III  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

## Exhibit 99.906

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibit EX-99.906CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **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)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In connection with the attached Report of Fidelity Cherry Street Trust (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;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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;&nbsp;&nbsp;&nbsp;&nbsp; 2.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dated: March 23, 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| |
|:---|
|  &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>/s/Heather Bonner</u>  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heather Bonner  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Treasurer  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dated: March 23, 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| |
|:---|
|  &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>/s/John J. Burke III</u>  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John J. Burke III  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

## Ex-99.Code

**EXHIBIT EX-99.CODE ETH**

**FIDELITY FUNDS' CODE OF ETHICS FOR PRESIDENT, TREASURER AND PRINCIPAL ACCOUNTING OFFICER**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.**

**Purposes of the Code/Covered Officers**

This document constitutes the Code of Ethics (Code) adopted by the Fidelity Funds (Funds) pursuant to the provisions of Rule 30b2-1(a) under the Investment Company Act of 1940), which Rule implements Sections 406 of the Sarbanes-Oxley Act of 2002 with respect to registered investment companies. The Code applies to the Fidelity Funds' President and Treasurer, and Chief Financial Officer (Covered Officers). Fidelity's Ethics Office, a part of Corporate Compliance Group within Core 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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.**

&nbsp;&nbsp;&nbsp;&nbsp;**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 his service to, the Fidelity Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his 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;&nbsp;&nbsp;&nbsp;&nbsp;· not use his or her 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;&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;&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;&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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.**

&nbsp;&nbsp;&nbsp;&nbsp;**Disclosure and Compliance**

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

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should, to the extent appropriate within his 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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.**

&nbsp;&nbsp;&nbsp;&nbsp;**Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&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 he or she has received, read, and understands the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Fidelity Ethics Office promptly if he or she knows 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 Chief Ethics Officer retain the discretion to decide whether the Code applies to a specific situation, and how it should be interpreted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.**

&nbsp;&nbsp;&nbsp;&nbsp;**Oversight**

Material violations of this Code will be reported promptly by FMR to the Board's Compliance Committee. In addition, at least once each year, FMR 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.**

&nbsp;&nbsp;&nbsp;&nbsp;**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 and the rules and forms applicable to registered investment companies thereunder. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.**

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

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