UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-21667

Fidelity Central Investment Portfolios LLC
(Exact name of registrant as specified in charter)

82 Devonshire St., Boston, Massachusetts 02109
(Address of principal executive offices) (Zip code)

Scott C. Goebel, Secretary

82 Devonshire St.

Boston, Massachusetts 02109
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-563-7000

Date of fiscal year end:	September 30

Date of reporting period:	June 30, 2009

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Consumer Discretionary
Central Fund

June 30, 2009

1.851896.102

CDCIP-QTLY-0809

Investments June 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%
	Shares		Value
AUTO COMPONENTS - 3.7%
Auto Parts & Equipment - 3.7%
Autoliv, Inc.	37,400		$ 1,075,998
BorgWarner, Inc.	87,600		2,991,540
Federal-Mogul Corp. Class A (a)	133,998		1,266,281
Gentex Corp.	147,500		1,711,000
Johnson Controls, Inc.	434,800		9,443,856
			16,488,675
AUTOMOBILES - 0.4%
Automobile Manufacturers - 0.0%
Ford Motor Co. (a)	300		1,821
Motorcycle Manufacturers - 0.4%
Harley-Davidson, Inc. (d)	117,400		1,903,054
TOTAL AUTOMOBILES			1,904,875
CONSUMER FINANCE - 0.3%
Consumer Finance - 0.3%
Capital One Financial Corp.	49,700		1,087,436
DISTRIBUTORS - 1.0%
Distributors - 1.0%
Li & Fung Ltd.	1,578,000		4,235,203
DIVERSIFIED CONSUMER SERVICES - 2.7%
Education Services - 2.6%
Apollo Group, Inc. Class A (non-vtg.) (a)	45,400		3,228,848
DeVry, Inc.	60,400		3,022,416
Princeton Review, Inc. (a)	202,478		1,095,406
Strayer Education, Inc.	20,200		4,405,822
			11,752,492
Specialized Consumer Services - 0.1%
Coinstar, Inc. (a)	13,100		349,770
TOTAL DIVERSIFIED CONSUMER SERVICES			12,102,262
FOOD & STAPLES RETAILING - 3.9%
Food Retail - 0.8%
Susser Holdings Corp. (a)	330,560		3,698,966
Common Stocks - continued
	Shares		Value
FOOD & STAPLES RETAILING - CONTINUED
Hypermarkets & Super Centers - 3.1%
Costco Wholesale Corp.	188,000		$ 8,591,600
Wal-Mart Stores, Inc.	103,000		4,989,320
			13,580,920
TOTAL FOOD & STAPLES RETAILING			17,279,886
HOTELS, RESTAURANTS & LEISURE - 20.2%
Casinos & Gaming - 3.9%
Ameristar Casinos, Inc.	106,800		2,032,404
International Game Technology	186,500		2,965,350
Las Vegas Sands Corp. unit	20,900		2,760,472
Penn National Gaming, Inc. (a)	173,100		5,038,941
WMS Industries, Inc. (a)(d)	150,600		4,745,406
Wynn Resorts Ltd. (a)	100		3,530
			17,546,103
Hotels, Resorts & Cruise Lines - 4.8%
Carnival Corp. unit	374,000		9,637,980
Marriott International, Inc. Class A	150,051		3,311,626
Starwood Hotels & Resorts Worldwide, Inc.	185,000		4,107,000
Wyndham Worldwide Corp.	364,300		4,415,316
			21,471,922
Restaurants - 11.5%
Brinker International, Inc.	138,700		2,362,061
Burger King Holdings, Inc.	268,000		4,628,360
Darden Restaurants, Inc.	209,200		6,899,416
Jack in the Box, Inc. (a)	73,800		1,656,810
McDonald's Corp.	542,658		31,197,408
P.F. Chang's China Bistro, Inc. (a)(d)	68,300		2,189,698
Sonic Corp. (a)	203,500		2,041,105
			50,974,858
TOTAL HOTELS, RESTAURANTS & LEISURE			89,992,883
HOUSEHOLD DURABLES - 2.9%
Home Furnishings - 0.3%
Mohawk Industries, Inc. (a)	36,600		1,305,888
Homebuilding - 1.8%
Centex Corp.	164,700		1,393,362
Lennar Corp. Class A	164,400		1,593,036
M.D.C. Holdings, Inc.	20,100		605,211
Common Stocks - continued
	Shares		Value
HOUSEHOLD DURABLES - CONTINUED
Homebuilding - continued
NVR, Inc. (a)	1,400		$ 703,346
Pulte Homes, Inc. (d)	296,300		2,616,329
Toll Brothers, Inc. (a)	77,900		1,321,963
			8,233,247
Household Appliances - 0.8%
Whirlpool Corp.	81,900		3,485,664
TOTAL HOUSEHOLD DURABLES			13,024,799
INTERNET & CATALOG RETAIL - 2.3%
Internet Retail - 2.3%
Amazon.com, Inc. (a)	124,200		10,390,572
INTERNET SOFTWARE & SERVICES - 1.9%
Internet Software & Services - 1.9%
Google, Inc. Class A (sub. vtg.) (a)	15,700		6,618,963
Tencent Holdings Ltd.	143,200		1,671,304
			8,290,267
LEISURE EQUIPMENT & PRODUCTS - 0.7%
Leisure Products - 0.7%
Hasbro, Inc.	128,774		3,121,482
MEDIA - 19.5%
Advertising - 1.3%
Interpublic Group of Companies, Inc. (a)	891,500		4,502,075
Lamar Advertising Co. Class A (a)(d)	75,300		1,149,831
			5,651,906
Cable & Satellite - 8.8%
Comcast Corp. Class A	1,162,250		16,841,003
Liberty Media Corp. Entertainment Series A (a)	231,800		6,200,650
The DIRECTV Group, Inc. (a)	258,500		6,387,535
Time Warner Cable, Inc.	248,252		7,862,141
Virgin Media, Inc.	185,900		1,738,165
			39,029,494
Movies & Entertainment - 8.6%
The Walt Disney Co.	1,024,700		23,906,251
Time Warner, Inc.	364,766		9,188,456
Viacom, Inc. Class B (non-vtg.) (a)	235,800		5,352,660
			38,447,367
Common Stocks - continued
	Shares		Value
MEDIA - CONTINUED
Publishing - 0.8%
McGraw-Hill Companies, Inc.	120,900		$ 3,640,299
TOTAL MEDIA			86,769,066
MULTILINE RETAIL - 6.9%
Department Stores - 0.3%
Nordstrom, Inc. (d)	74,500		1,481,805
General Merchandise Stores - 6.6%
Target Corp.	743,881		29,360,983
TOTAL MULTILINE RETAIL			30,842,788
SPECIALTY RETAIL - 26.8%
Apparel Retail - 4.7%
Citi Trends, Inc. (a)	122,501		3,170,326
Pacific Sunwear of California, Inc. (a)	384,200		1,294,754
Ross Stores, Inc.	145,200		5,604,720
TJX Companies, Inc.	105,100		3,306,446
Urban Outfitters, Inc. (a)	262,107		5,470,173
Zumiez, Inc. (a)	245,253		1,964,477
			20,810,896
Automotive Retail - 4.5%
Advance Auto Parts, Inc.	278,600		11,559,114
AutoZone, Inc. (a)	28,400		4,291,524
Group 1 Automotive, Inc.	60,400		1,571,608
Monro Muffler Brake, Inc.	46,000		1,182,660
Penske Auto Group, Inc.	86,100		1,432,704
			20,037,610
Computer & Electronics Retail - 2.0%
Best Buy Co., Inc.	150,900		5,053,641
Gamestop Corp. Class A (a)	167,900		3,695,479
			8,749,120
Home Improvement Retail - 11.7%
Home Depot, Inc.	638,400		15,085,392
Lowe's Companies, Inc.	1,683,900		32,684,498
Lumber Liquidators, Inc. (a)	287,104		4,524,759
			52,294,649
Specialty Stores - 3.9%
PetSmart, Inc.	59,837		1,284,102
Common Stocks - continued
	Shares		Value
SPECIALTY RETAIL - CONTINUED
Specialty Stores - continued
Sally Beauty Holdings, Inc. (a)	322,600		$ 2,051,736
Staples, Inc.	646,012		13,030,062
Tiffany & Co., Inc.	34,500		874,920
			17,240,820
TOTAL SPECIALTY RETAIL			119,133,095
TEXTILES, APPAREL & LUXURY GOODS - 5.6%
Apparel, Accessories & Luxury Goods - 1.7%
Coach, Inc.	222,700		5,986,176
Hanesbrands, Inc. (a)	113,600		1,705,136
VF Corp.	100		5,535
			7,696,847
Footwear - 3.9%
Deckers Outdoor Corp. (a)	9,700		681,619
Iconix Brand Group, Inc. (a)	498,005		7,659,317
NIKE, Inc. Class B	168,300		8,714,574
			17,055,510
TOTAL TEXTILES, APPAREL & LUXURY GOODS			24,752,357
TOTAL COMMON STOCKS (Cost $503,711,437)		439,415,646
Money Market Funds - 3.5%

Fidelity Cash Central Fund, 0.40% (b)	3,877,112		3,877,112
Fidelity Securities Lending Cash Central Fund, 0.22% (b)(c)	11,807,700		11,807,700
TOTAL MONEY MARKET FUNDS (Cost $15,684,812)		15,684,812
Cash Equivalents - 0.0%
	Maturity Amount		Value
Investments in repurchase agreements in a joint trading account at 0.01%, dated 6/30/09 due 7/1/09 (Collateralized by U.S. Treasury Obligations) # (Cost $42,000)	$ 42,000		$ 42,000
TOTAL INVESTMENT PORTFOLIO - 102.3% (Cost $519,438,249)			455,142,458
NET OTHER ASSETS - (2.3)%			(10,072,330 )
NET ASSETS - 100%		$ 445,070,128

Legend

(a) Non-income producing

(b) Affiliated fund that is 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.

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

# Additional information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty	Value
$42,000 due 7/01/09 at 0.01%
Barclays Capital, Inc.	$ 5,623
Deutsche Bank Securities, Inc.	4,986
ING Financial Markets LLC	1,847
J.P. Morgan Securities, Inc.	25,850
Mizuho Securities USA, Inc.	1,847
Morgan Stanley & Co., Inc.	1,847
	$ 42,000

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 44,556
Fidelity Securities Lending Cash Central Fund	278,657
Total	$ 323,213

Other Information

The following is a summary of the inputs used, as of June 30, 2009, involving the Fund's assets and liabilities carried at 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 in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 412,758,057	$ 409,997,585	$ 2,760,472	$ -
Consumer Staples	17,279,886	17,279,886	-	-
Financials	1,087,436	1,087,436	-	-
Information Technology	8,290,267	8,290,267	-	-
Cash Equivalents	42,000	-	42,000	-
Money Market Funds	15,684,812	15,684,812	-	-
Total Investments in Securities:	$ 455,142,458	$ 452,339,986	$ 2,802,472	$ -

Income Tax Information

At June 30, 2009, the aggregate cost of investment securities for income tax purposes was $521,324,820. Net unrealized depreciation aggregated $66,182,362, of which $33,013,940 related to appreciated investment securities and $99,196,302 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. Valuation techniques of the Fund's major categories of assets and liabilities 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 an independent pricing service on the primary market or exchange on which they are traded. 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. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Consumer Staples
Central Fund

June 30, 2009

1.851897.102

CSCIP-QTLY-0809

Investments June 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.0%
	Shares		Value
BEVERAGES - 29.7%
Brewers - 6.8%
Anadolu Efes Biracilik ve Malt Sanyii AS	137,148		$ 1,237,131
Anheuser-Busch InBev NV	405,800		14,651,611
Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR	25,300		1,640,199
Molson Coors Brewing Co. Class B	335,420		14,198,329
			31,727,270
Distillers & Vintners - 4.2%
Constellation Brands, Inc. Class A (sub. vtg.) (a)	1,010,788		12,816,792
Diageo PLC sponsored ADR	121,200		6,938,700
			19,755,492
Soft Drinks - 18.7%
Coca-Cola Enterprises, Inc.	461,100		7,677,315
Coca-Cola FEMSA SAB de CV sponsored ADR	58,100		2,330,972
Coca-Cola Icecek AS	210,668		1,203,075
Cott Corp. (a)	38,100		214,560
Dr Pepper Snapple Group, Inc. (a)	231,800		4,911,842
Embotelladora Andina SA sponsored ADR	139,400		2,372,588
Fomento Economico Mexicano SAB de CV sponsored ADR	36,010		1,160,962
Pepsi Bottling Group, Inc.	140,527		4,755,434
PepsiCo, Inc.	523,071		28,747,982
The Coca-Cola Co.	719,385		34,523,286
			87,898,016
TOTAL BEVERAGES			139,380,778
FOOD & STAPLES RETAILING - 19.3%
Drug Retail - 8.9%
CVS Caremark Corp.	1,172,793		37,376,913
Walgreen Co.	151,500		4,454,100
			41,831,013
Food Retail - 5.2%
Kroger Co.	449,000		9,900,450
Safeway, Inc.	707,926		14,420,453
			24,320,903
Hypermarkets & Super Centers - 5.2%
Wal-Mart Stores, Inc.	500,508		24,244,608
TOTAL FOOD & STAPLES RETAILING			90,396,524
Common Stocks - continued
	Shares		Value
FOOD PRODUCTS - 16.1%
Agricultural Products - 3.5%
Archer Daniels Midland Co.	261,729		$ 7,006,485
Bunge Ltd. (d)	73,928		4,454,162
Corn Products International, Inc.	86,600		2,320,014
SLC Agricola SA	127,800		1,184,330
Viterra, Inc. (a)	135,800		1,179,245
			16,144,236
Packaged Foods & Meats - 12.6%
Cadbury PLC sponsored ADR	100,823		3,468,311
Cermaq ASA	151,600		1,207,907
Danone	30,240		1,492,253
Danone rights (a)	5		17
General Mills, Inc.	222,953		12,489,827
Lindt & Spruengli AG (d)	50		1,104,566
Nestle SA (Reg.)	501,269		18,880,640
Perdigao SA (ON)	1,000		18,953
PureCircle Ltd. (a)	99,300		399,424
Sadia SA ADR (d)	38,600		283,324
Tyson Foods, Inc. Class A	365,215		4,605,361
Unilever NV (NY Shares)	626,200		15,141,516
			59,092,099
TOTAL FOOD PRODUCTS			75,236,335
HOUSEHOLD DURABLES - 0.2%
Housewares & Specialties - 0.2%
Newell Rubbermaid, Inc.	103,588		1,078,351
HOUSEHOLD PRODUCTS - 17.3%
Household Products - 17.3%
Colgate-Palmolive Co.	281,594		19,919,960
Energizer Holdings, Inc. (a)	52,500		2,742,600
Procter & Gamble Co.	1,143,488		58,432,236
			81,094,796
PERSONAL PRODUCTS - 3.8%
Personal Products - 3.8%
Avon Products, Inc.	550,400		14,189,312
Mead Johnson Nutrition Co. Class A	75,000		2,382,750
Natura Cosmeticos SA	90,400		1,181,609
			17,753,671
Common Stocks - continued
	Shares		Value
PHARMACEUTICALS - 2.0%
Pharmaceuticals - 2.0%
Johnson & Johnson	167,788		$ 9,530,358
Perrigo Co.	1,047		29,086
			9,559,444
TOBACCO - 9.6%
Tobacco - 9.6%
Altria Group, Inc.	624,250		10,231,458
British American Tobacco PLC sponsored ADR	397,700		22,191,660
Philip Morris International, Inc.	255,202		11,131,911
Souza Cruz Industria Comerico	42,000		1,203,676
			44,758,705
TOTAL COMMON STOCKS (Cost $435,064,200)		459,258,604
Money Market Funds - 2.8%

Fidelity Cash Central Fund, 0.40% (b)	6,918,277		6,918,277
Fidelity Securities Lending Cash Central Fund, 0.22% (b)(c)	5,889,517		5,889,517
TOTAL MONEY MARKET FUNDS (Cost $12,807,794)		12,807,794
TOTAL INVESTMENT PORTFOLIO - 100.8% (Cost $447,871,994)			472,066,398
NET OTHER ASSETS - (0.8)%			(3,515,107 )
NET ASSETS - 100%		$ 468,551,291

Legend

(a) Non-income producing

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

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 63,000
Fidelity Securities Lending Cash Central Fund	112,702
Total	$ 175,702

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 1,078,351	$ 1,078,351	$ -	$ -
Consumer Staples	448,620,809	448,620,792	17	-
Health Care	9,559,444	9,559,444	-	-
Money Market Funds	12,807,794	12,807,794	-	-
Total Investments in Securities:	$ 472,066,398	$ 472,066,381	$ 17	$ -

Income Tax Information

At June 30, 2009, the aggregate cost of investment securities for income tax purposes was $454,043,714. Net unrealized appreciation aggregated $18,022,684, of which $46,756,827 related to appreciated investment securities and $28,734,143 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Directors to value its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. Valuation techniques of the Fund's major categories of assets and liabilities are as follows.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Directors. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Emerging Markets Equity
Central Fund

June 30, 2009

1.876939.100

EMQ-QTLY-0809

Investments June 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.0%
	Shares		Value
Australia - 0.3%
Sino Gold Mining Ltd. (a)	112,751		$ 470,569
Austria - 0.3%
Erste Bank AG	17,600		474,741
Bermuda - 1.5%
Aquarius Platinum Ltd. (Australia)	166,404		651,588
China Foods Ltd.	910,000		547,181
Orient Overseas International Ltd.	125,000		533,878
Ports Design Ltd.	207,500		488,368
TOTAL BERMUDA			2,221,015
Brazil - 14.2%
America Latina Logistica SA unit	111,800		686,709
B2W Companhia Global Do Varejo	13,000		242,271
Banco ABC Brasil SA	58,000		217,069
Banco Bradesco SA (PN) sponsored ADR	135,200		1,996,904
BM&F BOVESPA SA	249,200		1,488,673
Companhia Energetica de Minas Gerais (CEMIG) (PN) sponsored ADR (non-vtg.)	32,125		431,760
Companhia Siderurgica Nacional SA (CSN) sponsored ADR	54,000		1,206,900
Cosan SA Industria e Comercio (a)	66,400		487,520
Gerdau SA	87,500		704,092
Gerdau SA (PN)	21,500		225,588
GVT Holding SA (a)	48,500		805,547
Iguatemi Empresa de Shopping Centers SA	39,100		373,322
Natura Cosmeticos SA	49,500		647,009
Net Servicos de Comunicacao SA sponsored ADR	84,500		823,030
Petroleo Brasileiro SA - Petrobras:
(PN) sponsored ADR (non-vtg.)	102,500		3,419,400
sponsored ADR	77,600		3,180,048
Tele Norte Leste Participacoes SA sponsored ADR (non-vtg.)	33,200		493,684
Vale SA (PN-A) sponsored ADR	200,900		3,083,815
Votorantim Celulose e Papel SA sponsored ADR (non-vtg.)	56,600		606,186
TOTAL BRAZIL			21,119,527
Canada - 1.9%
Addax Petroleum, Inc.	10,300		436,849
Eldorado Gold Corp. (a)	43,800		394,656
First Quantum Minerals Ltd.	9,800		473,949
Sherritt International Corp.	132,300		596,038
Common Stocks - continued
	Shares		Value
Canada - continued
Sino-Forest Corp. (a)	42,700		$ 455,232
Uranium One, Inc. (a)	176,700		405,631
TOTAL CANADA			2,762,355
Cayman Islands - 3.0%
China High Speed Transmission Equipment Group Co. Ltd.	338,000		673,392
China Shanshui Cement Group Ltd.	277,000		191,937
CNinsure, Inc. ADR	15,700		210,537
Eurasia Drilling Co. Ltd. GDR (Reg. S)	47,800		533,926
Hengan International Group Co. Ltd.	155,000		726,009
Integra Group Holdings unit (a)	147,900		325,380
Stella International Holdings Ltd.	337,000		543,555
Suntech Power Holdings Co. Ltd. sponsored ADR (a)	11,000		196,460
Xinao Gas Holdings Ltd.	334,000		570,609
Yingli Green Energy Holding Co. Ltd. ADR (a)	35,200		476,960
TOTAL CAYMAN ISLANDS			4,448,765
China - 12.2%
Baidu.com, Inc. sponsored ADR (a)	1,600		481,744
China Construction Bank Corp. (H Shares)	4,240,000		3,288,094
China Gas Holdings Ltd.	3,096,000		771,014
China Merchants Bank Co. Ltd. (H Shares)	544,600		1,246,623
China Metal Recycling (Holdings) Ltd.	125,000		105,808
China Oilfield Services Ltd. (H Shares)	400,000		434,070
China Railway Construction Corp. Ltd. (H Shares)	498,000		768,536
China South Locomotive & Rolling Stock Corp. Ltd. (H Shares)	1,015,000		594,601
China Yurun Food Group Ltd.	392,000		591,801
Golden Eagle Retail Group Ltd. (H Shares)	323,000		375,102
Industrial & Commercial Bank of China Ltd.	5,542,000		3,861,572
Li Ning Co. Ltd.	189,000		557,252
Maanshan Iron & Steel Co. Ltd. (H Shares)	480,000		302,249
NetEase.com, Inc. sponsored ADR (a)	9,400		330,692
Parkson Retail Group Ltd.	256,000		366,002
PICC Property & Casualty Co. Ltd. (H Shares) (a)	494,000		341,024
Ping An Insurance (Group) Co. of China, Ltd. (H Shares)	261,500		1,769,787
Shanda Interactive Entertainment Ltd. sponsored ADR (a)	4,800		250,992
Tencent Holdings Ltd.	84,000		980,374
ZTE Corp. (H Shares)	196,840		683,234
TOTAL CHINA			18,100,571
Cyprus - 0.0%
AFI Development PLC GDR (Reg. S)	47,400		71,100
Common Stocks - continued
	Shares		Value
Czech Republic - 0.7%
Ceske Energeticke Zavody AS	24,200		$ 1,090,426
Egypt - 0.2%
Telecom Egypt SAE	130,200		367,279
Georgia - 0.6%
Bank of Georgia unit (a)	152,000		910,480
Hong Kong - 6.0%
China Mobile (Hong Kong) Ltd. sponsored ADR	78,200		3,916,256
China Overseas Land & Investment Ltd.	504,000		1,170,596
China Resources Power Holdings Co. Ltd.	242,000		538,340
China Resources Power Holdings Co. Ltd. rights 7/10/09 (a)	24,200		10,305
CNOOC Ltd. sponsored ADR	13,300		1,636,299
CNPC (Hong Kong) Ltd.	770,000		635,879
Hong Kong Exchange & Clearing Ltd.	22,900		356,654
Shanghai Industrial Holdings Ltd. (H Shares)	161,000		648,163
TOTAL HONG KONG			8,912,492
Hungary - 0.3%
OTP Bank Ltd. (a)	28,800		518,103
India - 9.5%
Bank of Baroda	40,000		379,060
Bharat Heavy Electricals Ltd.	18,704		863,341
Bharti Airtel Ltd. (a)	31,981		537,247
Educomp Solutions Ltd.	5,000		396,963
Godrej Consumer Products Ltd.	150,960		522,116
Grasim Industries Ltd.	10,660		521,429
Housing Development and Infrastructure Ltd.	80,000		391,539
Housing Development Finance Corp. Ltd.	36,874		1,810,687
Indiabulls Real Estate Ltd.	90,000		368,199
Infosys Technologies Ltd. sponsored ADR	42,100		1,548,438
Jain Irrigation Systems Ltd.	38,358		506,567
JSW Steel Ltd.	53,457		688,504
Pantaloon Retail India Ltd.	85,531		579,617
Power Finance Corp. Ltd.	100,000		406,387
Punj Lloyd Ltd.	132,817		583,143
Reliance Industries Ltd.	55,857		2,366,933
Tata Power Co. Ltd.	35,674		859,426
Tata Steel Ltd.	60,000		490,869
Union Bank of India	70,000		354,911
TOTAL INDIA			14,175,376
Indonesia - 3.5%
PT Bank Central Asia Tbk	3,163,500		1,092,463
Common Stocks - continued
	Shares		Value
Indonesia - continued
PT Bank Rakyat Indonesia Tbk	1,681,000		$ 1,037,500
PT Bumi Resources Tbk	2,950,500		537,636
PT Indocement Tunggal Prakarsa Tbk	591,500		449,093
PT International Nickel Indonesia Tbk (a)	745,500		303,093
PT Perusahaan Gas Negara Tbk Series B	3,308,000		1,020,836
PT Telkomunikasi Indonesia Tbk Series B	1,019,500		749,080
TOTAL INDONESIA			5,189,701
Ireland - 0.4%
Dragon Oil PLC (a)	99,000		592,032
Israel - 2.0%
Israel Chemicals Ltd.	65,900		652,808
Teva Pharmaceutical Industries Ltd. sponsored ADR	48,600		2,397,924
TOTAL ISRAEL			3,050,732
Italy - 0.4%
UniCredit SpA (a)	230,567		580,532
Korea (South) - 6.4%
GS Engineering & Construction Corp.	11,201		650,199
Hana Financial Group, Inc.	49,330		1,060,278
Hyundai Engineering & Construction Co. Ltd.	13,682		573,124
Hyundai Industrial Development & Construction Co.	19,602		620,443
KT&G Corp.	15,939		900,226
MegaStudy Co. Ltd.	2,455		442,932
NCsoft Corp.	1,924		276,194
NHN Corp. (a)	5,578		772,292
Samsung Electronics Co. Ltd.	5,937		2,757,064
Shinhan Financial Group Co. Ltd. (a)	13,307		335,254
Shinhan Financial Group Co. Ltd. sponsored ADR	22,900		1,164,007
TOTAL KOREA (SOUTH)			9,552,013
Luxembourg - 0.9%
ArcelorMittal SA (NY Shares) Class A	17,000		562,360
Evraz Group SA GDR	28,500		540,075
Ternium SA sponsored ADR	17,100		295,146
TOTAL LUXEMBOURG			1,397,581
Malaysia - 0.3%
DiGi.com Bhd	60,000		378,947
Mexico - 4.3%
America Movil SAB de CV Series L sponsored ADR	78,800		3,051,136
Fomento Economico Mexicano SAB de CV sponsored ADR	29,900		963,976
Common Stocks - continued
	Shares		Value
Mexico - continued
Grupo Aeroportuario del Pacifico SA de CV sponsored ADR	21,800		$ 559,388
Grupo Televisa SA de CV (CPO) sponsored ADR	43,800		744,600
Telmex Internacional SAB de CV Series L ADR	39,200		495,880
Wal-Mart de Mexico SA de CV Series V	181,800		537,877
TOTAL MEXICO			6,352,857
Norway - 0.2%
Det Norske Oljeselskap ASA (DNO) (A Shares) (a)	226,000		281,086
Papua New Guinea - 0.3%
Oil Search Ltd.	108,360		476,689
Peru - 0.4%
Compania de Minas Buenaventura SA sponsored ADR	24,900		598,347
Philippines - 0.4%
Megaworld Corp.	4,170,000		84,855
Philippine Long Distance Telephone Co. sponsored ADR	9,300		462,396
TOTAL PHILIPPINES			547,251
Russia - 6.6%
Magnit OJSC GDR (Reg. S) (a)	33,200		294,816
OAO Gazprom sponsored ADR	163,400		3,313,752
OAO NOVATEK GDR	16,300		777,510
OAO Tatneft unit	26,700		654,150
OJSC MMC Norilsk Nickel sponsored ADR	94,200		857,220
OJSC Oil Company Rosneft GDR (Reg. S)	192,100		1,046,945
PIK Group GDR (Reg. S) unit (a)	34,200		42,750
Polymetal JSC GDR (Reg. S) (a)	59,000		520,970
Sberbank (Savings Bank of the Russian Federation) GDR	6,500		1,431,455
Uralkali JSC GDR (Reg. S)	28,200		454,020
Vimpel Communications sponsored ADR	35,200		414,304
TOTAL RUSSIA			9,807,892
Singapore - 0.3%
Singapore Exchange Ltd.	26,000		127,451
Straits Asia Resources Ltd.	300,000		362,469
TOTAL SINGAPORE			489,920
South Africa - 6.5%
Absa Group Ltd.	39,634		565,356
African Bank Investments Ltd.	57,000		205,264
African Rainbow Minerals Ltd.	34,500		581,152
AngloGold Ashanti Ltd. sponsored ADR	25,200		923,076
Aspen Pharmacare Holdings Ltd.	93,100		660,990
Common Stocks - continued
	Shares		Value
South Africa - continued
Bell Equipment Ltd. (a)	33,659		$ 30,553
Clicks Group Ltd.	119,000		283,168
Eqstra Holdings Ltd. (a)	67,100		54,122
FirstRand Ltd.	545,600		994,766
Lewis Group Ltd.	41,800		261,267
Mr. Price Group Ltd.	153,100		557,485
MTN Group Ltd.	198,800		3,049,994
Mvelaphanda Resources Ltd. (a)	86,421		341,919
Naspers Ltd. Class N	26,200		689,697
Shoprite Holdings Ltd.	75,200		536,342
TOTAL SOUTH AFRICA			9,735,151
Taiwan - 6.3%
Acer, Inc.	395,000		686,382
Asia Cement Corp.	662,000		705,113
Farglory Land Development Co. Ltd.	180,000		435,484
Hon Hai Precision Industry Co. Ltd. (Foxconn)	641,300		1,980,887
HTC Corp.	83,000		1,172,002
Innolux Display Corp.	386,000		471,634
MediaTek, Inc.	89,000		1,061,716
Taiwan Mobile Co. Ltd.	257,000		437,979
Taiwan Semiconductor Manufacturing Co. Ltd.	1,094,000		1,821,114
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	60,400		568,364
TOTAL TAIWAN			9,340,675
Thailand - 0.9%
Siam Commercial Bank PCL (For. Reg.)	616,500		1,325,855
Turkey - 2.8%
Anadolu Efes Biracilik ve Malt Sanyii AS	73,000		658,490
Asya Katilim Bankasi AS	504,000		699,932
Coca-Cola Icecek AS	97,000		553,944
Enka Insaat ve Sanayi AS	193,500		605,257
Turk Hava Yollari AO	435,000		654,921
Turkiye Garanti Bankasi AS (a)	341,000		925,001
TOTAL TURKEY			4,097,545
United Arab Emirates - 0.4%
DP World Ltd.	1,468,971		530,299
United Kingdom - 2.2%
Cairn Energy PLC (a)	7,900		304,382
Hikma Pharmaceuticals PLC	78,300		604,788
Max Petroleum PLC (a)	555,400		226,145
Common Stocks - continued
	Shares		Value
United Kingdom - continued
Randgold Resources Ltd. sponsored ADR	8,200		$ 526,194
Standard Chartered PLC (Hong Kong)	25,200		487,748
Tullow Oil PLC	27,300		421,056
Xstrata PLC	66,200		715,858
TOTAL UNITED KINGDOM			3,286,171
United States of America - 0.8%
CTC Media, Inc. (a)	40,200		475,164
Freeport-McMoRan Copper & Gold, Inc. Class B	14,100		706,551
TOTAL UNITED STATES OF AMERICA			1,181,715
TOTAL COMMON STOCKS (Cost $109,101,494)		144,435,790
Money Market Funds - 2.2%

Fidelity Cash Central Fund, 0.40% (b) (Cost $3,204,183)	3,204,183		3,204,183
TOTAL INVESTMENT PORTFOLIO - 99.2% (Cost $112,305,677)			147,639,973
NET OTHER ASSETS - 0.8%			1,259,851
NET ASSETS - 100%		$ 148,899,824

Legend

(a) Non-income producing

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 12,518

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 147,639,973	$ 145,824,613	$ 1,815,360	$ -

The information used in the above reconciliation represents fiscal year to date activity for any Investment Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period.

Income Tax Information

At June 30, 2009, the aggregate cost of investment securities for income tax purposes was $112,429,187. Net unrealized appreciation aggregated $35,210,786, of which $36,554,922 related to appreciated investment securities and $1,344,136 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Directors to value its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. Valuation techniques of the Fund's major categories of assets and liabilities are as follows.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Energy
Central Fund

June 30, 2009

1.851898.102

ENCIP-QTLY-0809

Investments June 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 0.0%
Environmental & Facility Services - 0.0%
Fuel Tech, Inc. (a)	13,701		$ 132,900
CONSTRUCTION & ENGINEERING - 0.5%
Construction & Engineering - 0.5%
Jacobs Engineering Group, Inc. (a)	58,558		2,464,706
ELECTRICAL EQUIPMENT - 3.3%
Electrical Components & Equipment - 3.1%
centrotherm photovoltaics AG (a)	22,300		963,118
Energy Conversion Devices, Inc. (a)	96,754		1,369,069
Evergreen Solar, Inc. (a)(d)	233,725		507,183
First Solar, Inc. (a)(d)	30,200		4,896,024
JA Solar Holdings Co. Ltd. ADR (a)(d)	848,716		3,988,965
Q-Cells SE (a)	16,307		331,671
Sunpower Corp.:
Class A (a)(d)	21,000		559,440
Class B (a)	87,800		2,102,810
			14,718,280
Heavy Electrical Equipment - 0.2%
Vestas Wind Systems AS (a)	12,217		875,692
TOTAL ELECTRICAL EQUIPMENT			15,593,972
ENERGY EQUIPMENT & SERVICES - 35.3%
Oil & Gas Drilling - 14.9%
Atwood Oceanics, Inc. (a)	265,755		6,619,957
ENSCO International, Inc.	33,100		1,154,197
Helmerich & Payne, Inc.	249,698		7,708,177
Hercules Offshore, Inc. (a)	145,393		577,210
Nabors Industries Ltd. (a)	657,084		10,237,369
Noble Corp.	567,997		17,181,909
Patterson-UTI Energy, Inc.	72,272		929,418
Pride International, Inc. (a)	269,400		6,751,164
Seadrill Ltd.	181,200		2,586,076
Songa Offshore Se (a)	93,000		302,183
Transocean Ltd. (a)	235,875		17,523,154
			71,570,814
Oil & Gas Equipment & Services - 20.4%
Baker Hughes, Inc.	5,300		193,132
Basic Energy Services, Inc. (a)	29,240		199,709
BJ Services Co.	821,106		11,191,675
Common Stocks - continued
	Shares		Value
ENERGY EQUIPMENT & SERVICES - CONTINUED
Oil & Gas Equipment & Services - continued
Cameron International Corp. (a)	19,300		$ 546,190
Complete Production Services, Inc. (a)	34,746		220,985
Core Laboratories NV	20,800		1,812,720
Dresser-Rand Group, Inc. (a)	34,200		892,620
Dril-Quip, Inc. (a)	100,859		3,842,728
Exterran Holdings, Inc. (a)	74,995		1,202,920
FMC Technologies, Inc. (a)	101,200		3,803,096
Fugro NV (Certificaten Van Aandelen) unit	1,650		68,323
Global Industries Ltd. (a)	311,203		1,761,409
Halliburton Co.	322,400		6,673,680
Helix Energy Solutions Group, Inc. (a)	61,500		668,505
Hornbeck Offshore Services, Inc. (a)	56,547		1,209,540
Key Energy Services, Inc. (a)	52,500		302,400
Lufkin Industries, Inc.	6,700		281,735
National Oilwell Varco, Inc. (a)	320,095		10,454,303
Newpark Resources, Inc. (a)	18,419		52,494
Oceaneering International, Inc. (a)	114,930		5,194,836
Oil States International, Inc. (a)	38,000		919,980
Schlumberger Ltd. (NY Shares)	315,478		17,070,515
Smith International, Inc.	30,964		797,323
Superior Energy Services, Inc. (a)	162,556		2,807,342
Tenaris SA sponsored ADR	96,000		2,595,840
Tidewater, Inc.	53,036		2,273,653
TSC Offshore Group Ltd. (a)	1,216,000		227,513
Weatherford International Ltd. (a)	916,226		17,921,381
Willbros Group, Inc. (a)	235,899		2,951,096
			98,137,643
TOTAL ENERGY EQUIPMENT & SERVICES			169,708,457
GAS UTILITIES - 1.1%
Gas Utilities - 1.1%
EQT Corp.	50,479		1,762,222
Questar Corp.	109,372		3,397,094
Zhongyu Gas Holdings Ltd. (a)	4,720,000		274,068
			5,433,384
METALS & MINING - 0.2%
Diversified Metals & Mining - 0.2%
Teck Resources Ltd. Class B (sub. vtg.)	56,800		905,889
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - 58.5%
Coal & Consumable Fuels - 7.5%
Arch Coal, Inc.	436,115		$ 6,703,088
CONSOL Energy, Inc.	201,949		6,858,188
Foundation Coal Holdings, Inc.	307,300		8,638,203
Massey Energy Co.	544,651		10,642,481
Peabody Energy Corp.	98,961		2,984,664
PT Bumi Resources Tbk	2,434,500		443,611
			36,270,235
Integrated Oil & Gas - 18.3%
Chevron Corp.	186,700		12,368,875
ConocoPhillips	122,018		5,132,077
ENI SpA sponsored ADR (d)	171,700		8,140,297
Exxon Mobil Corp.	145,177		10,149,324
Hess Corp.	126,750		6,812,813
Marathon Oil Corp.	531,826		16,023,917
Occidental Petroleum Corp.	385,500		25,369,753
Suncor Energy, Inc.	127,800		3,886,412
			87,883,468
Oil & Gas Exploration & Production - 27.7%
Anadarko Petroleum Corp.	185,600		8,424,384
Apache Corp.	39,100		2,821,065
Berry Petroleum Co. Class A	17,129		318,428
Cabot Oil & Gas Corp.	423,900		12,988,296
Canadian Natural Resources Ltd.	83,500		4,392,885
Chesapeake Energy Corp.	474,454		9,408,423
Comstock Resources, Inc. (a)	163,353		5,398,817
Concho Resources, Inc. (a)	86,956		2,494,768
Denbury Resources, Inc. (a)	323,751		4,768,852
EOG Resources, Inc.	969		65,814
EXCO Resources, Inc. (a)	456,980		5,904,182
Forest Oil Corp. (a)	800		11,936
Newfield Exploration Co. (a)	49,226		1,608,213
Noble Energy, Inc.	69,900		4,122,003
Oil Search Ltd.	313,139		1,377,537
OPTI Canada, Inc. (a)(d)	124,800		209,234
Petrobank Energy & Resources Ltd. (a)	22,900		665,086
Petrohawk Energy Corp. (a)	721,600		16,091,680
Plains Exploration & Production Co. (a)	262,832		7,191,084
Quicksilver Resources, Inc. (a)	186,400		1,731,656
Range Resources Corp.	429,835		17,799,467
SandRidge Energy, Inc. (a)	48,268		411,243
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Oil & Gas Exploration & Production - continued
Southwestern Energy Co. (a)	611,600		$ 23,760,660
Talisman Energy, Inc.	4,800		68,961
Ultra Petroleum Corp. (a)	38,500		1,501,500
			133,536,174
Oil & Gas Refining & Marketing - 4.2%
Frontier Oil Corp.	471,308		6,178,848
Holly Corp.	219,202		3,941,252
Sunoco, Inc.	97,663		2,265,782
Tesoro Corp.	118,565		1,509,332
Valero Energy Corp.	369,200		6,235,788
			20,131,002
Oil & Gas Storage & Transport - 0.8%
El Paso Corp.	267,300		2,467,179
Williams Companies, Inc.	80,473		1,256,184
			3,723,363
TOTAL OIL, GAS & CONSUMABLE FUELS			281,544,242
TOTAL COMMON STOCKS (Cost $522,618,785)		475,783,550

Convertible Bonds - 0.1%
	Principal Amount
ELECTRICAL EQUIPMENT - 0.1%
Electrical Components & Equipment - 0.1%
Sunpower Corp. 4.75% 4/15/14 (Cost $310,000)	$ 310,000	356,407

Money Market Funds - 3.7%
	Shares		Value
Fidelity Cash Central Fund, 0.40% (b)	3,259,702		$ 3,259,702
Fidelity Securities Lending Cash Central Fund, 0.22% (b)(c)	14,794,260		14,794,260
TOTAL MONEY MARKET FUNDS (Cost $18,053,962)		18,053,962
TOTAL INVESTMENT PORTFOLIO - 102.7% (Cost $540,982,747)			494,193,919
NET OTHER ASSETS - (2.7)%			(12,906,522 )
NET ASSETS - 100%		$ 481,287,397

Legend

(a) Non-income producing

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

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 61,503
Fidelity Securities Lending Cash Central Fund	159,833
Total	$ 221,336

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Energy	$ 451,252,699	$ 451,252,699	$ -	$ -
Industrials	18,191,578	18,191,578	-	-
Materials	905,889	905,889	-	-
Utilities	5,433,384	5,433,384	-	-
Corporate Bonds	356,407	-	356,407	-
Money Market Funds	18,053,962	18,053,962	-	-
Total Investments in Securities:	$ 494,193,919	$ 493,837,512	$ 356,407	$ -

Income Tax Information

At June 30, 2009, the aggregate cost of investment securities for income tax purposes was $568,343,196. Net unrealized depreciation aggregated $74,149,277, of which $48,111,107 related to appreciated investment securities and $122,260,384 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Directors to value its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. Valuation techniques of the Fund's major categories of assets and liabilities 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 an independent pricing service on the primary market or exchange on which they are traded. 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. Debt securities, including restricted securities, are valued based on quotations received from dealers who make markets in such securities or by independent pricing services. For corporate bonds pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as available dealer supplied prices.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Financials
Central Fund

June 30, 2009

1.851899.102

FNCIP-QTLY-0809

Investments June 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.8%
	Shares		Value
CAPITAL MARKETS - 27.3%
Asset Management & Custody Banks - 9.8%
Bank Sarasin & Co. Ltd. Series B (Reg.)	196,661		$ 6,118,503
BlackRock, Inc. Class A	31,900		5,595,898
EFG International	809,940		8,759,936
Franklin Resources, Inc.	59,165		4,260,472
GLG Partners, Inc.	92,600		378,734
Janus Capital Group, Inc.	196,400		2,238,960
Julius Baer Holding Ltd.	147,161		5,713,596
Legg Mason, Inc. (d)	364,267		8,880,829
T. Rowe Price Group, Inc.	150,906		6,288,253
The Blackstone Group LP	1,187,500		12,516,250
			60,751,431
Diversified Capital Markets - 5.6%
Credit Suisse Group sponsored ADR	68,300		3,123,359
Deutsche Bank AG (NY Shares)	518,600		31,634,602
			34,757,961
Investment Banking & Brokerage - 11.9%
GFI Group, Inc.	2,032,924		13,701,908
Goldman Sachs Group, Inc.	144,000		21,231,360
Lazard Ltd. Class A	129,300		3,480,756
MF Global Ltd. (a)	743,874		4,411,173
Morgan Stanley	1,068,500		30,462,935
			73,288,132
TOTAL CAPITAL MARKETS			168,797,524
COMMERCIAL BANKS - 14.9%
Diversified Banks - 7.5%
Banco Macro SA sponsored ADR (a)(d)	573,556		9,285,872
BBVA Banco Frances SA sponsored ADR (a)(d)	331,067		1,552,704
China Citic Bank Corp. Ltd. Class H	1,088,000		706,156
China Merchants Bank Co. Ltd. (H Shares)	8,576,000		19,630,994
KB Financial Group, Inc. ADR (a)	15,600		519,636
U.S. Bancorp, Delaware	276,800		4,960,256
Wells Fargo & Co.	395,200		9,587,552
			46,243,170
Regional Banks - 7.4%
Bank of Hawaii Corp.	111,319		3,988,560
Cathay General Bancorp (d)	79,900		759,849
Fifth Third Bancorp	224,100		1,591,110
Common Stocks - continued
	Shares		Value
COMMERCIAL BANKS - CONTINUED
Regional Banks - continued
Glacier Bancorp, Inc. (d)	478,817		$ 7,072,127
Huntington Bancshares, Inc.	421,300		1,761,034
KeyCorp	3,306,078		17,323,849
PNC Financial Services Group, Inc.	125,340		4,864,445
Umpqua Holdings Corp. (d)	699,367		5,427,088
Zions Bancorp (d)	262,700		3,036,812
			45,824,874
TOTAL COMMERCIAL BANKS			92,068,044
CONSUMER FINANCE - 0.7%
Consumer Finance - 0.7%
Capital One Financial Corp.	134,900		2,951,612
Promise Co. Ltd. (d)	107,700		1,378,462
			4,330,074
DIVERSIFIED FINANCIAL SERVICES - 14.9%
Other Diversified Financial Services - 7.9%
Bank of America Corp.	1,748,087		23,074,748
Citigroup, Inc. (d)	760,030		2,257,289
JPMorgan Chase & Co.	680,600		23,215,266
			48,547,303
Specialized Finance - 7.0%
BM&F BOVESPA SA	985,600		5,887,784
CIT Group, Inc. (d)	7,144,725		15,361,159
CME Group, Inc.	52,522		16,340,119
Deutsche Boerse AG	68,600		5,319,330
JSE Ltd.	96,500		606,793
			43,515,185
TOTAL DIVERSIFIED FINANCIAL SERVICES			92,062,488
INSURANCE - 18.4%
Insurance Brokers - 0.1%
National Financial Partners Corp. (d)	88,300		646,356
Life & Health Insurance - 7.3%
Lincoln National Corp.	1,051,540		18,097,003
MetLife, Inc.	413,417		12,406,644
Common Stocks - continued
	Shares		Value
INSURANCE - CONTINUED
Life & Health Insurance - continued
Principal Financial Group, Inc.	737,300		$ 13,890,732
Protective Life Corp.	40,800		466,752
			44,861,131
Multi-Line Insurance - 5.8%
Genworth Financial, Inc. Class A (non-vtg.)	3,901,100		27,268,689
Hartford Financial Services Group, Inc.	730,580		8,671,985
			35,940,674
Property & Casualty Insurance - 3.2%
CNA Financial Corp.	411,836		6,371,103
Fidelity National Financial, Inc. Class A	177,192		2,397,408
United America Indemnity Ltd. Class A (a)	75,400		361,166
XL Capital Ltd. Class A	939,611		10,767,942
			19,897,619
Reinsurance - 2.0%
Everest Re Group Ltd.	91,027		6,514,802
Transatlantic Holdings, Inc.	10,100		437,633
Validus Holdings Ltd.	241,782		5,314,368
			12,266,803
TOTAL INSURANCE			113,612,583
INTERNET SOFTWARE & SERVICES - 1.9%
Internet Software & Services - 1.9%
China Finance Online Co. Ltd. ADR (a)(d)	1,150,425		11,912,651
IT SERVICES - 6.2%
Data Processing & Outsourced Services - 6.2%
CyberSource Corp. (a)	75,831		1,160,214
Euronet Worldwide, Inc. (a)	1,197,200		23,213,708
MasterCard, Inc. Class A	19,100		3,195,621
MoneyGram International, Inc. (a)	1,590,381		2,830,878
Visa, Inc.	128,500		8,000,410
			38,400,831
MEDIA - 2.0%
Publishing - 2.0%
McGraw-Hill Companies, Inc.	422,476		12,720,752
Common Stocks - continued
	Shares		Value
PROFESSIONAL SERVICES - 1.5%
Research & Consulting Services - 1.5%
First Advantage Corp. Class A (a)	621,721		$ 9,456,376
REAL ESTATE INVESTMENT TRUSTS - 0.3%
Industrial REITs - 0.1%
ProLogis Trust	55,500		447,330
Mortgage REITs - 0.0%
Chimera Investment Corp.	60,900		212,541
Residential REITs - 0.1%
UDR, Inc.	77,209		797,569
Retail REITs - 0.1%
Developers Diversified Realty Corp.	149,882		731,424
TOTAL REAL ESTATE INVESTMENT TRUSTS			2,188,864
REAL ESTATE MANAGEMENT & DEVELOPMENT - 6.2%
Diversified Real Estate Activities - 0.5%
Mitsubishi Estate Co. Ltd.	170,000		2,842,892
Real Estate Development - 5.7%
Central China Real Estate Ltd.	51,884,000		17,138,678
Xinyuan Real Estate Co. Ltd. ADR (a)(d)	2,798,378		18,133,489
			35,272,167
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT			38,115,059
ROAD & RAIL - 3.2%
Trucking - 3.2%
Arkansas Best Corp. (d)	336,726		8,872,730
Dollar Thrifty Automotive Group, Inc. (a)	779,389		10,872,477
			19,745,207
SPECIALTY RETAIL - 0.1%
Home Improvement Retail - 0.1%
Home Depot, Inc.	29,600		699,448
Common Stocks - continued
	Shares		Value
THRIFTS & MORTGAGE FINANCE - 0.2%
Thrifts & Mortgage Finance - 0.2%
Radian Group, Inc.	358,200		$ 974,304
Washington Mutual, Inc.	543,828		54,927
			1,029,231
TOTAL COMMON STOCKS (Cost $572,937,506)		605,139,132
Convertible Preferred Stocks - 0.9%

COMMERCIAL BANKS - 0.0%
Regional Banks - 0.0%
UCBH Holdings, Inc. Series B, 8.50%	100		29,752
DIVERSIFIED FINANCIAL SERVICES - 0.9%
Other Diversified Financial Services - 0.9%
Citigroup, Inc. Series T, 6.50%	158,800		5,329,725
THRIFTS & MORTGAGE FINANCE - 0.0%
Thrifts & Mortgage Finance - 0.0%
Fannie Mae 8.75%	225,600		200,784
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $5,498,767)		5,560,261
Money Market Funds - 2.8%

Fidelity Cash Central Fund, 0.40% (b)	1,390		1,390
Fidelity Securities Lending Cash Central Fund, 0.22% (b)(c)	17,526,030		17,526,030
TOTAL MONEY MARKET FUNDS (Cost $17,527,420)		17,527,420
TOTAL INVESTMENT PORTFOLIO - 101.5% (Cost $595,963,693)			628,226,813
NET OTHER ASSETS - (1.5)%			(9,292,503 )
NET ASSETS - 100%		$ 618,934,310

Legend

(a) Non-income producing

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

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 148,041
Fidelity Securities Lending Cash Central Fund	3,874,157
Total	$ 4,022,198

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 13,420,200	$ 13,420,200	$ -	$ -
Financials	517,764,128	512,203,867	5,560,261	-
Industrials	29,201,583	29,201,583	-	-
Information Technology	50,313,482	50,313,482	-	-
Money Market Funds	17,527,420	17,527,420	-	-
Total Investments in Securities:	$ 628,226,813	$ 622,666,552	$ 5,560,261	$ -

Income Tax Information

At June 30, 2009, the aggregate cost of investment securities for income tax purposes was $672,980,004. Net unrealized depreciation aggregated $44,753,191, of which $88,630,539 related to appreciated investment securities and $133,383,730 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Directors to value its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. Valuation techniques of the Fund's major categories of assets and liabilities are as follows.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Floating Rate
Central Fund

June 30, 2009

1.816012.105

FR1-QTLY-0809

Investments June 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Floating Rate Loans (d) - 89.1%
	Principal Amount		Value

Aerospace - 0.7%
McKechnie Aerospace Holdings Ltd.:
Tranche 1LN, term loan 2.31% 5/11/14 (c)	$ 1,102,835		$ 981,523
Tranche 2LN, term loan 5.31% 5/11/15 pay-in-kind (c)	860,000		490,200
Sequa Corp. term loan 4.057% 12/3/14 (c)	7,657,472		5,781,392
TransDigm, Inc. term loan 2.4303% 6/23/13 (c)	9,760,000		9,247,600
Wesco Aircraft Hardware Corp.:
Tranche 1LN, term loan 2.56% 9/29/13 (c)	1,556,000		1,353,720
Tranche 2LN, term loan 6.06% 3/28/14 (c)	570,000		387,600
			18,242,035
Air Transportation - 1.8%
American Airlines, Inc. Tranche B, term loan 6.5% 12/17/10 (c)	7,000,000		6,457,500
Delta Air Lines, Inc.:
Tranche 1LN, Revolving Credit-Linked Deposit 2.3289% 6/29/09 (c)	9,860,978		8,529,746
Tranche 2LN, term loan 3.5675% 4/30/14 (c)	13,717,228		9,464,888
Northwest Airlines, Inc. term loan 2.32% 12/31/10 (c)	18,326,328		17,318,380
US Airways Group, Inc. term loan 2.8113% 3/23/14 (c)	15,955,000		8,057,275
			49,827,789
Automotive - 4.7%
AM General LLC:
term loan 6.0575% 4/17/12 (c)	25,925,744		19,703,565
Credit-Linked Deposit 3.3113% 9/30/12 (c)	444,716		409,138
Tranche B, term loan 3.4454% 9/30/13 (c)	9,973,067		9,175,222
Federal-Mogul Corp.:
Tranche B, term loan 2.2478% 12/27/14 (c)	35,174,697		23,039,427
Tranche C, term loan 2.2489% 12/27/15 (c)	17,946,274		11,754,810
Ford Motor Co. term loan 3.5944% 12/15/13 (c)	18,840,000		13,800,300
Navistar International Corp.:
term loan 3.56% 1/19/12 (c)	26,902,333		23,203,263
Credit-Linked Deposit 3.5773% 1/19/12 (c)	9,782,667		8,437,550
Oshkosh Co. Tranche B, term loan 6.6227% 12/6/13 (c)	4,889,272		4,473,684
Rexnord Corp. Tranche B, term loan 3.3092% 7/19/13 (c)	4,740,820		3,982,289
Visteon Corp. term loan 4.426% 6/13/13 (a)(c)	20,445,000		8,382,450
			126,361,698
Floating Rate Loans (d) - continued
	Principal Amount		Value
Broadcasting - 2.5%
FoxCo Acquisition LLC Tranche B, term loan 7.25% 7/14/15 (c)	$ 5,005,827		$ 3,554,137
Nexstar Broadcasting, Inc. Tranche B, term loan 2.5623% 10/1/12 (c)	5,375,336		3,923,996
Univision Communications, Inc. Tranche 1LN, term loan 2.56% 9/29/14 (c)	43,645,000		32,406,413
VNU, Inc. term loan 2.3213% 8/9/13 (c)	30,859,380		27,464,848
			67,349,394
Cable TV - 5.5%
Charter Communications Operating LLC Tranche B 1LN, term loan 6.25% 3/6/14 (c)	74,964,968		66,343,997
CSC Holdings, Inc. Tranche B, term loan 2.0694% 3/31/13 (c)	38,398,965		35,999,029
Discovery Communications, Inc. term loan 2.5975% 5/14/14 (c)	14,731,577		13,847,683
Liberty Cablevision of Puerto Rico LTC term loan 2.3194% 6/15/14 (c)	2,009,000		1,406,300
San Juan Cable, Inc. Tranche 1, term loan 2.07% 10/31/12 (c)	5,353,529		4,791,409
UPC Broadband Holding BV:
Tranche N1, term loan 2.065% 12/31/14 (c)	25,199,627		23,026,160
Tranche T, term loan 3.815% 12/31/16 (c)	2,429,363		2,301,821
			147,716,399
Capital Goods - 1.7%
Amsted Industries, Inc.:
term loan 3.0599% 4/5/13 (c)	3,519,192		3,220,061
Tranche DD, term loan 2.7806% 4/5/13 (c)	2,277,636		2,084,037
Baker Tanks, Inc. Tranche C, term loan 2.5651% 5/8/14 (c)	1,450,400		928,256
Chart Industries, Inc. Tranche B, term loan 2.3125% 10/17/12 (c)	226,667		210,800
Dresser, Inc.:
Tranche 2LN, term loan 6.0681% 5/4/15 pay-in-kind (c)	18,963,460		13,464,057
Tranche B 1LN, term loan 3.1044% 5/4/14 (c)	8,108,052		7,317,517
EnergySolutions, Inc.:
Credit-Linked Deposit 2.57% 6/7/13 (c)	415,935		386,819
term loan 2.57% 6/7/13 (c)	10,280,228		9,560,612
Kinetek Industries, Inc. Tranche B, term loan 3.5949% 11/10/13 (c)	1,186,429		652,536
Polypore, Inc. Tranche B, term loan 2.59% 7/3/14 (c)	9,978,794		9,130,597
			46,955,292
Floating Rate Loans (d) - continued
	Principal Amount		Value
Chemicals - 2.2%
Ashland, Inc. Tranche B, term loan 7.65% 5/13/14 (c)	$ 8,460,001		$ 8,523,451
Celanese Holding LLC term loan 2.9419% 4/2/14 (c)	6,867,481		6,352,420
Lyondell Chemical Co. term loan:
5.8248% 12/15/09 (c)	2,624,121		2,178,020
5.8279% 12/20/13 (c)	6,275,290		2,745,439
8.6678% 12/15/09 (c)(e)	13,946,709		14,365,110
Nalco Co. term loan 6.5% 5/6/16 (c)	9,415,000		9,462,075
Solutia, Inc. term loan 7.25% 2/28/14 (c)	15,835,094		14,647,462
			58,273,977
Consumer Products - 2.0%
Fender Musical Instrument Corp.:
term loan 2.85% 6/9/14 (c)	6,157,000		4,125,190
Tranche DD, term loan 2.57% 6/9/14 (c)	3,109,833		2,083,588
Huish Detergents, Inc.:
Tranche 2LN, term loan 4.57% 10/26/14 (c)	4,710,000		4,403,850
Tranche B 1LN, term loan 2.06% 4/26/14 (c)	19,472,713		18,109,623
Jarden Corp.:
term loan 2.3475% 1/24/12 (c)	3,460,852		3,287,810
Tranche B2, term loan 2.3475% 1/24/12 (c)	1,053,889		1,001,194
KIK Custom Products, Inc. Tranche 1LN, term loan 2.57% 5/31/14 (c)	5,860,798		3,926,735
Simmons Bedding Co. Tranche D, term loan 10.5% 12/19/11 (c)	4,461,139		3,948,108
Sports Authority, Inc. Tranche B, term loan 2.8475% 5/3/13 (c)	20,872,379		12,523,427
			53,409,525
Containers - 1.5%
Anchor Glass Container Corp. term loan 6.75% 6/20/14 (c)	15,699,797		15,071,805
Crown Holdings, Inc.:
term loan B 2.0694% 11/15/12 (c)	1,940,000		1,881,800
Tranche B, term loan 2.0694% 11/15/12 (c)	11,009,500		10,679,215
Owens-Brockway Glass Container, Inc. Tranche B, term loan 1.8194% 6/14/13 (c)	14,528,048		13,801,646
			41,434,466
Floating Rate Loans (d) - continued
	Principal Amount		Value
Diversified Financial Services - 4.2%
AlixPartners LLP Tranche B, term loan 2.4194% 10/12/13 (c)	$ 17,388,892		$ 16,780,280
AX Acquisition Corp. Tranche B1, term loan 4.1021% 8/15/14 (c)	7,692,975		6,000,521
BRSP LLC term loan 7.5% 6/24/14 (c)	4,395,000		4,252,163
DaimlerChrysler Financial Services Tranche 1LN, term loan 4.32% 8/3/12 (c)	19,462,688		18,294,926
Lender Processing Services, Inc. Tranche B, term loan 2.81% 6/18/14 (c)	8,271,450		8,147,378
LPL Investment Holdings, Inc. Tranche D, term loan 2.1997% 6/28/13 (c)	9,750,563		8,775,506
Nuveen Investments, Inc. term loan 3.3089% 11/13/14 (c)	13,936,181		11,009,583
Royalty Pharma Finance Trust Tranche B, term loan 2.8475% 4/16/13 (c)	33,278,980		31,781,426
Tempus Public Foundation Generation Holdings LLC:
revolver loan 2.5975% 12/15/11 (c)	584,903		546,884
Credit-Linked Deposit 2.5975% 12/15/13 (c)	1,865,840		1,744,561
Tranche 1LN, term loan 2.31% 12/15/13 (c)	5,312,121		4,966,833
Tranche 2LN, term loan 4.56% 12/15/14 (c)	3,280,000		2,673,200
			114,973,261
Diversified Media - 0.5%
Advanstar, Inc. Tranche 1LN, term loan 2.8475% 5/31/14 (c)	4,694,200		2,675,694
Advantage Sales & Marketing LLC term loan 2.318% 3/29/13 (c)	2,059,104		1,935,558
Affinion Group, Inc. Tranche B, term loan 2.81% 10/17/12 (c)	4,032,901		3,801,009
Muzak Holdings LLC term loan 5% 4/15/08 (a)(c)	4,836,272		3,869,018
NextMedia Operating, Inc. Tranche 2, term loan 10.17% 11/15/13 (c)	3,030,533		257,595
Quebecor Media, Inc. Tranche B, term loan 3.1313% 1/17/13 (c)	2,496,150		2,296,458
			14,835,332
Floating Rate Loans (d) - continued
	Principal Amount		Value
Electric Utilities - 6.6%
AES Corp. term loan 5.0813% 8/10/11 (c)	$ 2,825,000		$ 2,768,500
Ashmore Energy International:
Revolving Credit-Linked Deposit 3.3075% 3/30/12 (c)	2,882,655		2,306,124
term loan 3.5975% 3/30/14 (c)	15,300,237		12,240,190
Bicent Power LLC Tranche 2LN, term loan 4.6% 12/31/14 (c)	7,570,000		2,573,800
Calpine Corp. Tranche D, term loan 3.475% 3/29/14 (c)	26,314,152		23,090,668
Energy Investors Funds term loan 2.0681% 4/11/14 (c)	3,800,248		3,496,229
MACH Gen LLC Credit-Linked Deposit 2.5975% 2/22/13 (c)	242,828		206,404
Mirant North America LLC term loan 2.0688% 1/3/13 (c)	11,591,282		10,953,762
NRG Energy, Inc.:
term loan 2.016% 2/1/13 (c)	13,974,337		12,856,390
Credit-Linked Deposit 2.2475% 2/1/13 (c)	7,494,558		6,894,993
NSG Holdings LLC:
term loan 2.1294% 6/15/14 (c)	2,021,600		1,849,764
Credit-Linked Deposit 2.1294% 6/15/14 (c)	338,139		309,397
Texas Competitive Electric Holdings Co. LLC:
Tranche B1, term loan 3.8206% 10/10/14 (c)	23,208,920		16,594,378
Tranche B2, term loan 3.8206% 10/10/14 (c)	96,211,146		68,790,969
Tranche B3, term loan 3.8206% 10/10/14 (c)	18,525,039		13,245,403
			178,176,971
Energy - 1.5%
Alon USA, Inc. term loan 2.6664% 8/4/13 (c)	2,114,600		1,353,344
Antero Resources Corp. Tranche 2LN, term loan 5.71% 4/12/14 (c)	6,400,000		4,928,000
Coffeyville Resources LLC:
Credit-Linked Deposit 8.75% 12/28/10 (c)	324,324		290,270
Tranche D, term loan 8.75% 12/28/13 (c)	2,604,917		2,331,401
Helix Energy Solutions Group, Inc. term loan 2.8566% 7/1/13 (c)	2,496,584		2,315,581
Nebraska Energy, Inc.:
Tranche 2LN, term loan 5.125% 5/1/14 (c)	8,170,000		6,168,350
Tranche B 1LN, term loan 3.125% 11/1/13 (c)	12,320,733		10,903,849
Tranche B, Credit-Linked Deposit 3.125% 11/1/13 (c)	1,587,480		1,404,920
Targa Resources, Inc./Targa Resources Finance Corp.:
Credit-Linked Deposit 2.5975% 10/31/12 (c)	1,677,696		1,602,200
term loan 2.3117% 10/31/12 (c)	2,885,218		2,755,383
Floating Rate Loans (d) - continued
	Principal Amount		Value
Energy - continued
Venoco, Inc. Tranche 2LN, term loan 4.375% 5/7/14 (c)	$ 5,093,201		$ 3,870,832
Western Refining, Inc. term loan 8.25% 5/30/14 (c)	1,741,763		1,650,321
			39,574,451
Entertainment/Film - 1.3%
LodgeNet Entertainment Corp. term loan 2.6723% 4/4/14 (c)	5,107,839		4,418,281
MGM Holdings II, Inc.:
term loan 3.56% 4/8/12 (c)	5,525,819		3,039,200
Tranche B, term loan 3.56% 4/8/12 (c)	23,177,162		12,747,439
National CineMedia LLC term loan 2.38% 2/13/15 (c)	16,210,000		15,075,300
			35,280,220
Environmental - 0.0%
Synagro Technologies, Inc. Tranche 1LN, term loan 2.32% 3/30/14 (c)	215,600		171,402
Food and Drug Retail - 1.8%
GNC Corp. term loan 3.0164% 9/16/13 (c)	23,277,361		20,484,077
Rite Aid Corp.:
Tranche ABL, term loan 2.0668% 6/4/14 (c)	29,133,513		23,015,475
Tranche B4, term loan 9.5% 6/15/15 (c)	5,000,000		5,012,500
			48,512,052
Food/Beverage/Tobacco - 1.9%
Advance Food Co.:
Tranche 1LN, term loan 2.06% 3/16/14 (c)	2,111,157		1,921,153
Tranche DD 1LN, term loan 2.06% 3/16/14 (c)	182,338		165,928
Bolthouse Farms, Inc. Tranche 1, term loan 2.625% 12/16/12 (c)	3,940,267		3,743,253
Dean Foods Co. Tranche B, term loan 1.9734% 4/2/14 (c)	15,590,506		14,655,076
Jetro Holdings, Inc. term loan 2.5694% 7/2/14 (c)	15,043,781		14,442,030
Michael Foods, Inc. Tranche B, term loan 6.5% 5/1/14 (c)	1,815,000		1,826,344
Wm. Wrigley Jr. Co. Tranche B, term loan 6.5% 10/6/14 (c)	14,547,000		14,601,551
			51,355,335
Floating Rate Loans (d) - continued
	Principal Amount		Value
Gaming - 3.0%
Centaur Gaming LLC:
Tranche 1LN, term loan 9.25% 10/30/12 (c)	$ 6,925,467		$ 4,847,827
Tranche 2LN, term loan 14.25% 10/30/12 (c)	4,671,665		934,333
Fantasy Springs Resort Casino term loan 7.8188% 8/6/12 (c)	7,190,000		4,314,000
Greenwood Racing, Inc. term loan 2.56% 11/28/11 (c)	6,921,733		6,367,994
Harrah's Entertainment, Inc. Tranche B1, term loan 4.0919% 1/28/15 (c)	10,728,120		7,885,168
Kerzner International Ltd.:
term loan 3.5975% 9/1/13 (c)	28,304,420		10,472,636
Class DD, term loan 3.5736% 9/1/13 (c)	14,468,834		5,353,469
PITG Gaming Investor Holdings LLC Tranche 1LN, term loan 9.25% 2/19/13 (c)	5,650,000		4,520,000
Venetian Macau Ltd. Tranche B, term loan:
2.85% 5/26/12 (c)	7,733,208		6,727,891
2.85% 5/26/13 (c)	13,543,717		11,783,034
Venetian Macau US Finance, Inc. Tranche B, term loan 2.85% 5/25/13 (c)	19,501,853		16,966,612
			80,172,964
Healthcare - 10.8%
AMR HoldCo, Inc./EmCare HoldCo, Inc. term loan 2.3175% 2/7/12 (c)	8,586,830		8,028,686
Community Health Systems, Inc.:
term loan 2.8978% 7/25/14 (c)	38,367,614		34,339,015
Tranche DD, term loan 2.56% 7/25/14 (c)	1,957,921		1,752,339
Concentra Operating Corp. Tranche B 1LN, term loan 2.85% 6/25/14 (c)	6,847,626		5,752,006
DaVita, Inc. Tranche B1, term loan 2.0428% 10/5/12 (c)	9,045,432		8,547,933
Fresenius Medical Care Holdings, Inc.:
Tranche B 1LN, term loan 6.75% 9/10/14 (c)	7,279,053		7,315,449
Tranche B 2LN, term loan 6.75% 9/10/14 (c)	3,921,309		3,940,916
Golden Gate National Senior Care LLC:
Tranche 1, term loan 3.06% 3/14/11 (c)	5,837,450		5,282,892
Tranche 2, term loan 8.06% 9/14/11 (c)	9,060,000		7,519,800
Graceway Pharmaceuticals LLC:
Tranche B 1LN, term loan 3.06% 5/3/12 (c)	7,502,475		5,551,831
Tranche B 2LN, term loan 6.8075% 5/3/13 (c)	5,945,000		2,348,275
HCA, Inc. Tranche B, term loan 2.8475% 11/17/13 (c)	90,704,454		81,747,379
HealthSouth Corp. term loan 2.5698% 3/10/13 (c)	7,707,579		7,245,124
Hologic, Inc. Tranche B, term loan 3.625% 3/31/13 (c)	2,856,666		2,728,116
Floating Rate Loans (d) - continued
	Principal Amount		Value
Healthcare - continued
Inverness Medical Innovations, Inc. Tranche 1LN, term loan 2.5734% 6/26/14 (c)	$ 20,269,650		$ 18,850,774
Manor Care, Inc. term loan 2.8116% 12/21/14 (c)	9,401,172		8,367,043
Mylan, Inc. Tranche B, term loan 3.8146% 10/2/14 (c)	19,338,719		18,710,211
National Renal Institutes, Inc. term loan 6.25% 3/31/13 (c)	9,303,335		6,326,268
PTS Acquisition Corp. term loan 2.56% 4/10/14 (c)	15,897,383		13,075,597
Sheridan Healthcare, Inc.:
Tranche 1LN, term loan 3.2539% 6/15/14 (c)	20,880,704		17,957,405
Tranche 2LN, term loan 6.0681% 6/15/15 (c)	8,000,000		6,000,000
Sun Healthcare Group, Inc.:
Credit-Linked Deposit 2.5975% 4/19/13 (c)	1,903,817		1,694,397
Tranche B, term loan 3.1157% 4/19/14 (c)	9,019,662		8,027,499
Team Health, Inc. term loan 2.6871% 11/22/12 (c)	6,390,666		5,847,460
VWR Funding, Inc. term loan 2.81% 6/29/14 (c)	7,500,000		6,600,000
			293,556,415
Homebuilding/Real Estate - 1.5%
Capital Automotive (REIT) Tranche B, term loan 2.07% 12/16/10 (c)	15,577,382		11,371,489
CB Richard Ellis Group, Inc. Tranche B, term loan 6.0007% 12/20/13 (c)	8,577,273		7,805,318
General Growth Properties, Inc. Tranche A1, term loan 1.79% 2/24/10 (a)(c)	13,560,526		6,983,671
Realogy Corp.:
Credit-Linked Deposit 3.5007% 10/10/13 (c)	3,920,448		2,822,722
Realogy Corp.: - continued
Tranche B, term loan 4.1769% 10/10/13 (c)	14,561,663		10,484,397
Tishman Speyer Properties term loan 2.07% 12/27/12 (c)	7,780,000		2,334,000
			41,801,597
Hotels - 0.1%
Fontainebleau Florida Hotel LLC:
Tranche B, term loan 4.3175% 6/6/14 (c)	4,615,708		1,338,555
Tranche DD, term loan 5.25% 6/6/14 (c)	2,307,854		669,278
			2,007,833
Insurance - 0.3%
USI Holdings Corp. Tranche B, term loan 3.35% 5/4/14 (c)	10,888,454		8,057,456
Floating Rate Loans (d) - continued
	Principal Amount		Value
Leisure - 1.9%
24 Hour Fitness Worldwide, Inc. Tranche B, term loan 3.2544% 6/8/12 (c)	$ 7,007,405		$ 5,465,776
AMF Bowling Worldwide, Inc. Tranche B, term loan 3.13% 6/8/13 (c)	4,771,785		3,197,096
London Arena & Waterfront Finance LLC Tranche A, term loan 2.8206% 3/8/12 (c)	2,804,196		2,327,483
Six Flags, Inc. Tranche B, term loan 3.3655% 4/30/15 (c)	11,863,991		11,270,792
Southwest Sports Group, Inc. Tranche B, term loan 5.75% 12/22/10 (c)	14,600,000		12,410,000
Universal City Development Partners Ltd. term loan 6% 6/9/11 (c)	16,599,366		16,267,378
			50,938,525
Metals/Mining - 0.5%
Alpha National Resources LLC/Alpha National Resources Capital Corp. Tranche B, term loan 2.125% 10/26/12 (c)	1,091,025		1,069,205
Compass Minerals Tranche B, term loan 1.9191% 12/22/12 (c)	4,029,004		3,908,134
Oxbow Carbon LLC:
Tranche B, term loan 2.5975% 5/8/14 (c)	10,136,408		9,148,108
Tranche DD, term loan 2.31% 5/8/14 (c)	729,863		658,701
			14,784,148
Paper - 1.5%
Georgia-Pacific Corp. Tranche B1, term loan 2.5566% 12/20/12 (c)	18,129,711		17,268,550
Graphic Packaging International, Inc. Tranche C, term loan 3.7492% 5/16/14 (c)	7,850,460		7,379,432
NewPage Corp. term loan 4.0625% 12/21/14 (c)	10,467,892		8,897,708
Smurfit-Stone Container Enterprises, Inc. term loan 2.7377% 11/11/11 (c)	7,575,012		6,874,323
			40,420,013
Floating Rate Loans (d) - continued
	Principal Amount		Value
Publishing/Printing - 4.2%
Cenveo Corp.:
term loan 5.1088% 6/21/13 (c)	$ 18,281,366		$ 17,001,670
Tranche DD, term loan 5.1088% 6/21/13 (c)	523,054		486,441
Getty Images, Inc. term loan 6.25% 7/2/15 (c)	9,591,408		9,543,451
Idearc, Inc. term loan 3.4179% 11/17/14 (a)(c)	6,573,220		2,760,752
Newsday LLC term loan:
6.6313% 8/1/13 (c)	4,000,000		3,820,000
9.75% 8/1/13	8,000,000		8,000,000
Quebecor World, Inc. term loan 8.25% 6/29/12 (c)	5,185,000		4,873,900
The Reader's Digest Association, Inc. term loan 2.6438% 3/2/14 (c)	18,005,904		7,922,598
Thomson Learning, Inc. term loan 2.81% 7/5/14 (c)	56,039,230		46,512,561
Tribune Co. term loan 7.0838% 3/17/09 (a)(c)	8,655,238		2,856,229
Tribune Receivables LLC term loan 9% 4/10/10 (c)	4,450,000		4,461,125
Yell Group PLC Tranche B1, term loan 3.31% 2/10/13 (c)	7,120,000		4,556,800
			112,795,527
Railroad - 0.4%
Helm Holding Corp. Tranche 1, term loan 2.5644% 7/8/11 (c)	1,076,509		947,328
Kansas City Southern Railway Co. Tranche B, term loan 2.5427% 4/28/13 (c)	10,905,312		9,705,728
			10,653,056
Restaurants - 0.5%
Del Taco Tranche B, term loan 10.25% 3/29/13 (c)	5,274,687		4,325,243
NPC International, Inc. term loan 2.4882% 5/3/13 (c)	1,998,075		1,838,229
OSI Restaurant Partners, Inc.:
Credit-Linked Deposit 2.8794% 6/14/13 (c)	802,388		573,708
term loan 2.625% 6/14/14 (c)	9,089,960		6,499,322
			13,236,502
Floating Rate Loans (d) - continued
	Principal Amount		Value
Services - 4.0%
Adesa, Inc. term loan 2.56% 10/20/13 (c)	$ 7,787,869		$ 6,775,446
Affinion Group Holdings, Inc. term loan 8.5225% 3/1/12 (c)	5,000,000		3,753,224
ARAMARK Corp.:
Credit-Linked Deposit 2.3356% 1/26/14 (c)	797,583		733,776
term loan 2.4725% 1/26/14 (c)	12,550,261		11,357,986
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. term loan 4.79% 4/19/12 (c)	5,187,934		4,020,649
Brand Energy & Infrastructure Services, Inc. Tranche B 1LN, term loan 2.6019% 2/7/14 (c)	1,998,988		1,729,124
Bright Horizons Family Solutions, Inc. Tranche B, term loan 6.25% 5/28/15 (c)	2,573,999		2,316,599
Central Parking Corp.:
Tranche 2LN, term loan 4.875% 11/22/14 (c)	1,950,000		1,053,000
Tranche B 1LN, term loan 2.5625% 5/22/14 (c)	4,465,212		3,080,997
2.63% 5/22/14 (c)	3,236,777		2,233,376
Coinmach Service Corp. Tranche B, term loan 3.76% 11/20/14 (c)	8,249,918		6,434,936
Educate, Inc.:
Tranche 1LN, term loan 3.2417% 6/14/13 (c)	501,760		461,619
Tranche 2LN, term loan 5.85% 6/14/14 (c)	2,700,000		2,295,000
Education Management LLC/Education Management Finance Corp. Tranche B, term loan 2.375% 6/1/13 (c)	10,981,986		10,048,517
Florida Career College Holdings, Inc. Tranche B, term loan 3.06% 6/7/13 (c)	8,275,536		6,289,408
Hertz Corp.:
Credit-Linked Deposit 2.3588% 12/21/12 (c)	2,898,844		2,652,442
Tranche B, term loan 2.0748% 12/21/12 (c)	19,522,744		17,863,311
Rural/Metro Corp.:
Credit-Linked Deposit 3.84% 3/4/11 (c)	6,259,635		6,040,548
term loan 3.8175% 3/4/11 (c)	8,154,117		7,868,723
Sedgwick CMS Holdings, Inc. Tranche B, term loan 2.56% 1/31/13 (c)	1,133,445		1,020,101
West Corp. term loan 2.6888% 10/24/13 (c)	11,640,803		10,534,927
			108,563,709
Specialty Retailing - 1.8%
Burlington Coat Factory Warehouse Corp. term loan 2.56% 5/28/13 (c)	4,837,500		3,773,250
Claire's Stores, Inc. term loan 3.148% 5/29/14 (c)	7,084,008		4,037,884
Michaels Stores, Inc. term loan 2.6762% 10/31/13 (c)	10,778,895		8,461,432
Sally Holdings LLC Tranche B, term loan 2.93% 11/16/13 (c)	9,359,351		8,821,189
Floating Rate Loans (d) - continued
	Principal Amount		Value
Specialty Retailing - continued
Toys 'R' US, Inc. term loan:
3.32% 12/8/09 (c)	$ 18,902,882		$ 18,572,082
4.565% 7/19/12 (c)	5,750,000		5,318,750
			48,984,587
Steels - 0.3%
Edgen Murray Corp. term loan 3.4922% 5/11/14 (c)	9,310,000		5,586,000
Tube City IMS Corp.:
term loan 2.5975% 1/25/14 (c)	4,571,193		3,474,107
Revolving Credit-Linked Deposit 2.5975% 1/25/14 (c)	566,838		430,797
			9,490,904
Super Retail - 1.1%
Dollar General Corp. Tranche B1, term loan 3.4277% 7/6/14 (c)	16,060,000		15,176,700
Harbor Freight Tools USA, Inc. Tranche C, term loan 9.7382% 2/12/13 (c)	1,098,891		989,002
J. Crew Group, Inc. term loan 2.0625% 5/15/13 (c)	3,034,285		2,579,142
PETCO Animal Supplies, Inc. term loan 2.8467% 10/26/13 (c)	10,822,500		10,200,206
			28,945,050
Technology - 6.6%
Affiliated Computer Services, Inc.:
term loan 2.3075% 3/20/13 (c)	8,437,209		8,036,441
Tranche B2, term loan 2.3175% 3/20/13 (c)	6,239,258		5,942,894
First Data Corp. Tranche B3, term loan 3.0647% 9/24/14 (c)	2,947,500		2,217,994
Flextronics International Ltd.:
Tranche B-A, term loan 3.0366% 10/1/14 (c)	26,033,017		21,477,239
Tranche B-A1, term loan 3.3813% 10/1/14 (c)	7,480,752		6,171,620
Freescale Semiconductor, Inc. term loan 2.07% 12/1/13 (c)	40,384,513		29,480,694
Intergraph Corp.:
Tranche 1LN, term loan 2.6638% 5/29/14 (c)	14,832,753		13,794,460
Tranche 2LN, term loan 6.4411% 11/29/14 (c)	3,950,000		3,495,750
Kronos, Inc.:
Tranche 1LN, term loan 2.8475% 6/11/14 (c)	19,841,363		17,956,434
Tranche 2LN, term loan 7.0975% 6/11/15 (c)	30,920,000		23,499,200
Macrovision Solutions Corp. Tranche B, term loan 6% 5/1/13 (c)	3,805,860		3,786,831
Palm, Inc. Tranche B, term loan 3.81% 4/24/14 (c)	8,458,477		6,343,858
Floating Rate Loans (d) - continued
	Principal Amount		Value
Technology - continued
Serena Software, Inc. term loan 2.6294% 3/10/13 (c)	$ 6,969,500		$ 6,063,465
SunGard Data Systems, Inc. term loan 2.4615% 2/28/14 (c)	32,655,666		30,369,770
			178,636,650
Telecommunications - 9.1%
Asurion Corp.:
Tranche 1LN, term loan 3.5985% 7/3/14 (c)	17,000,000		16,086,250
Tranche 2LN, term loan 6.8213% 7/3/15 (c)	9,805,000		8,432,300
Crown Castle International Corp. Tranche B, term loan 1.81% 3/6/14 (c)	5,073,225		4,730,782
Digicel International Finance Ltd.:
term loan 3.125% 3/30/12 (c)	73,380,000		68,977,200
Tranche C, term loan 3.125% 3/23/12 (c)	2,825,000		2,655,500
FairPoint Communications, Inc. Tranche B, term loan 3/31/15 (c)	5,000,000		3,737,500
Hawaiian Telcom Communications, Inc. Tranche C, term loan 4.75% 6/1/14 (c)	22,574		13,206
Intelsat Jackson Holdings Ltd. term loan 3.3188% 2/1/14 (c)	42,923,189		35,197,015
Intelsat Ltd. Tranche B, term loan 2.8188% 7/3/13 (c)	20,550,807		19,163,628
Knology, Inc. term loan 2.57% 6/30/12 (c)	9,063,811		8,248,068
Level 3 Financing, Inc. term loan 3.155% 3/13/14 (c)	24,770,000		20,559,100
NTELOS, Inc. Tranche B1, term loan 2.56% 8/24/11 (c)	7,336,358		7,134,609
Nuvox, Inc. Tranche B, term loan 3.625% 5/31/14 (c)	3,194,800		2,947,203
PanAmSat Corp.:
Tranche B2 A, term loan 2.8188% 1/3/14 (c)	6,890,706		6,253,316
Tranche B2 B, term loan 2.8188% 1/3/14 (c)	6,888,613		6,251,416
Tranche B2 C, term loan 2.8188% 1/3/14 (c)	6,888,613		6,251,416
Telesat Holding, Inc. term loan:
3.31% 10/31/14 (c)	358,720		335,403
3.31% 10/31/14 (c)	4,185,232		3,913,192
Wind Telecomunicazioni SpA:
term loan 8.3569% 12/21/11 pay-in-kind (c)	15,262,591		15,083,809
Tranche B, term loan 3.9913% 5/26/13 (c)	2,355,000		2,178,375
Tranche C, term loan 4.9913% 5/26/14 (c)	2,355,000		2,178,375
Windstream Corp. Tranche B1, term loan 2.4757% 7/17/13 (c)	7,213,889		6,799,090
			247,126,753
Textiles & Apparel - 0.9%
Hanesbrands, Inc. Tranche B 1LN, term loan 5.7891% 9/5/13 (c)	3,870,179		3,870,179
Floating Rate Loans (d) - continued
	Principal Amount		Value
Textiles & Apparel - continued
Iconix Brand Group, Inc. term loan 2.56% 4/30/13 (c)	$ 10,920,247		$ 10,046,627
Levi Strauss & Co. term loan 2.5681% 4/4/14 (c)	11,550,000		9,528,750
			23,445,556
Trucking & Freight - 0.2%
Swift Transportation Co., Inc. term loan 8.375% 5/10/14 (c)	8,595,000		6,381,788
TOTAL FLOATING RATE LOANS (Cost $2,672,853,375)		2,412,448,632
Nonconvertible Bonds - 5.6%

Automotive - 0.4%
Ford Motor Credit Co. LLC 7.375% 10/28/09	4,500,000		4,455,000
General Motors Acceptance Corp. 6.875% 9/15/11	7,500,000		6,525,000
			10,980,000
Cable TV - 0.1%
Charter Communications Holdings II LLC/Charter Communications Holdings II Capital Corp. Series B, 10.25% 9/15/10 (a)	1,760,000		1,865,600
Capital Goods - 0.1%
Esco Corp. 4.5044% 12/15/13 (b)(c)	5,250,000		3,990,000
Energy - 0.4%
SandRidge Energy, Inc. 4.8325% 4/1/14 (c)	12,000,000		9,720,000
Gaming - 0.7%
Chukchansi Economic Development Authority 4.9125% 11/15/12 (b)(c)	8,886,000		5,775,900
MGM Mirage, Inc.:
10.375% 5/15/14 (b)	3,350,000		3,551,000
11.125% 11/15/17 (b)	4,715,000		4,997,900
13% 11/15/13 (b)	4,720,000		5,168,400
			19,493,200
Healthcare - 0.2%
Inverness Medical Innovations, Inc. 9% 5/15/16	4,710,000		4,556,925
Insurance - 0.1%
USI Holdings Corp. 4.7581% 11/15/14 (b)(c)	3,050,000		1,982,500
Nonconvertible Bonds - 5.6%
	Principal Amount		Value
Leisure - 0.8%
Harrah's Escrow Corp. 11.25% 6/1/17 (b)	$ 7,075,000		$ 6,615,125
Universal City Development Partners Ltd./UCDP Finance, Inc. 11.75% 4/1/10	6,590,000		6,194,600
Universal City Florida Holding Co. I/II 5.7775% 5/1/10 (c)	9,990,000		7,992,000
			20,801,725
Metals/Mining - 1.1%
FMG Finance Property Ltd. 4.6675% 9/1/11 (b)(c)	15,065,000		14,387,075
Freeport-McMoRan Copper & Gold, Inc. 4.995% 4/1/15 (c)	9,420,000		8,760,600
Teck Resources Ltd. 9.75% 5/15/14 (b)	6,590,000		6,837,125
			29,984,800
Services - 0.3%
ARAMARK Corp. 4.5275% 2/1/15 (c)	10,595,000		8,608,438
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 3.3831% 5/15/14 (c)	1,810,000		1,058,850
			9,667,288
Technology - 0.6%
Avago Technologies Finance Ltd. 6.1675% 6/1/13 (c)	1,000,000		862,500
Freescale Semiconductor, Inc. 4.5044% 12/15/14 (c)	18,925,000		7,191,500
Nortel Networks Corp. 9.0025% 7/15/11 (a)(c)	8,680,000		2,929,500
NXP BV 3.8813% 10/15/13 (c)	13,280,000		5,046,400
			16,029,900
Telecommunications - 0.6%
DigitalGlobe, Inc. 10.5% 5/1/14 (b)	3,635,000		3,707,700
Qwest Corp. 3.8794% 6/15/13 (c)	10,540,000		9,420,125
Sprint Nextel Corp. 1.0013% 6/28/10 (c)	4,705,000		4,422,700
			17,550,525
Textiles & Apparel - 0.2%
Hanesbrands, Inc. 4.5925% 12/15/14 (c)	6,590,000		5,337,900
TOTAL NONCONVERTIBLE BONDS (Cost $185,672,678)		151,960,363

Cash Equivalents - 5.5%
	Maturity Amount	Value
Investments in repurchase agreements in a joint trading account at 0.01%, dated 6/30/09 due 7/1/09 (Collateralized by U.S. Treasury Obligations) # (Cost $150,445,000)	$ 150,445,047	$ 150,445,000

TOTAL INVESTMENT PORTFOLIO - 100.2%

(Cost $3,008,971,053)

2,714,853,995

NET OTHER ASSETS - (0.2)%

(6,205,805 )

NET ASSETS - 100%

$ 2,708,648,190

Legend

(a) Non-income producing - Issuer is in default.

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $57,012,725 or 2.1% of net assets.

(d) Remaining maturities of floating rate loans may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.

(e) Position or a portion of the position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $4,647,473 and $4,786,897, respectively.

# Additional information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty	Value
$150,445,000 due 7/01/09 at 0.01%
Barclays Capital, Inc.	$ 20,140,510
Deutsche Bank Securities, Inc.	17,858,991
ING Financial Markets LLC	6,614,441
J.P. Morgan Securities, Inc.	92,602,176
Mizuho Securities USA, Inc.	6,614,441
Morgan Stanley & Co., Inc.	6,614,441
	$ 150,445,000

Other Information

The following is a summary of the inputs used, as of June 30, 2009, involving the Fund's assets and liabilities carried at 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 in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Cash Equivalents	$ 150,445,000	$ -	$ 150,445,000	$ -
Corporate Bonds	151,960,363	-	151,960,363	-
Floating Rate Loans	2,412,448,632	-	2,404,265,614	8,183,018
Total Investments in Securities:	$ 2,714,853,995	$ -	$ 2,706,670,977	$ 8,183,018

The following is a reconciliation of Investment in Securities for which level 3 inputs were used in determining value:


Investments in Securities
Beginning Balance	$ 6,327,200
Total Realized Gain (Loss)	512
Total Unrealized Gain (Loss)	(2,685,198)
Cost of Purchases	-
Proceeds of Sales	(37,783)
Amortization/Accretion	45,415
Transfer in/out of Level 3	4,532,872
Ending Balance	$ 8,183,018
Total unrealized gain (loss) on investments held at June 30, 2009	$ (2,685,198 )

Income Tax Information

At June 30, 2009, the aggregate cost of investment securities for income tax purposes was $2,983,894,156. Net unrealized depreciation aggregated $269,040,161, of which $81,117,071 related to appreciated investment securities and $350,157,232 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Directors to value its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. Valuation techniques of the Fund's major categories of assets and liabilities are as follows.

Debt securities, including restricted securities, are valued based on quotations received from dealers who make markets in such securities or by independent pricing services. For corporate bonds and floating rate loans pricing services generally utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as available dealer supplied prices. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. Actual prices received at disposition may differ.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Health Care
Central Fund

June 30, 2009

1.851900.102

HCCIP-QTLY-0809

Investments June 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%
	Shares		Value
BIOTECHNOLOGY - 13.2%
Biotechnology - 13.2%
Alexion Pharmaceuticals, Inc. (a)	88,018		$ 3,619,300
Alnylam Pharmaceuticals, Inc. (a)	72,063		1,604,843
Amgen, Inc. (a)	411,747		21,797,886
Biogen Idec, Inc. (a)	273,701		12,357,600
BioMarin Pharmaceutical, Inc. (a)(d)	312,971		4,885,477
Dendreon Corp. (a)	61,700		1,533,245
Genzyme Corp. (a)	34,713		1,932,473
Gilead Sciences, Inc. (a)	261,427		12,245,241
GTx, Inc. (a)(d)	91,700		846,391
Momenta Pharmaceuticals, Inc. (a)	89,190		1,072,956
Myriad Genetics, Inc. (a)	164,861		5,877,295
Myriad Pharmaceuticals, Inc. (a)	2,194		10,202
OncoGenex Pharmaceuticals, Inc. (a)(d)	25,575		559,581
OSI Pharmaceuticals, Inc. (a)	104,000		2,935,920
Theravance, Inc. (a)	131,826		1,929,933
United Therapeutics Corp. (a)	67,100		5,591,443
			78,799,786
CHEMICALS - 0.6%
Fertilizers & Agricultural Chemicals - 0.6%
Monsanto Co.	49,100		3,650,094
DIVERSIFIED CONSUMER SERVICES - 0.6%
Specialized Consumer Services - 0.6%
Carriage Services, Inc. Class A (a)	413,100		1,474,767
Stewart Enterprises, Inc. Class A	386,520		1,863,026
			3,337,793
ELECTRONIC EQUIPMENT & COMPONENTS - 0.2%
Electronic Equipment & Instruments - 0.2%
Agilent Technologies, Inc. (a)	74,700		1,517,157
FOOD & STAPLES RETAILING - 1.0%
Drug Retail - 1.0%
CVS Caremark Corp.	185,032		5,896,970
HEALTH CARE EQUIPMENT & SUPPLIES - 25.3%
Health Care Equipment - 21.4%
Abiomed, Inc. (a)	238,639		2,104,796
Baxter International, Inc.	411,749		21,806,227
Boston Scientific Corp. (a)	1,302,238		13,204,693
C.R. Bard, Inc.	224,090		16,683,501
Common Stocks - continued
	Shares		Value
HEALTH CARE EQUIPMENT & SUPPLIES - CONTINUED
Health Care Equipment - continued
Conceptus, Inc. (a)	153,248		$ 2,589,891
Covidien PLC	975,802		36,534,023
Edwards Lifesciences Corp. (a)	127,082		8,645,388
Electro-Optical Sciences, Inc. warrants 8/2/12 (a)(f)	18,650		87,026
ev3, Inc. (a)	280,143		3,003,133
HeartWare International, Inc. unit (a)	1,049,705		744,258
Kinetic Concepts, Inc. (a)	52,197		1,422,368
Masimo Corp. (a)	125,726		3,031,254
Micrus Endovascular Corp. (a)	209,170		1,890,897
Nobel Biocare Holding AG (Switzerland)	148,541		3,243,182
NuVasive, Inc. (a)	111,300		4,963,980
Orthofix International NV (a)	52,840		1,321,528
Quidel Corp. (a)	136,400		1,985,984
St. Jude Medical, Inc. (a)	115,956		4,765,792
			128,027,921
Health Care Supplies - 3.9%
Align Technology, Inc. (a)	161,865		1,715,769
Cooper Companies, Inc.	288,681		7,139,081
InfuSystems Holdings, Inc. (a)	539,000		1,611,610
Inverness Medical Innovations, Inc. (a)	312,770		11,128,357
RTI Biologics, Inc. (a)	449,500		1,928,355
			23,523,172
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			151,551,093
HEALTH CARE PROVIDERS & SERVICES - 20.5%
Health Care Distributors & Services - 1.6%
Henry Schein, Inc. (a)	158,200		7,585,690
Profarma Distribuidora de Produtos Farmaceuticos SA (a)	413,700		2,196,768
			9,782,458
Health Care Facilities - 1.6%
Hanger Orthopedic Group, Inc. (a)	253,177		3,440,675
Health Management Associates, Inc. Class A (a)	491,000		2,425,540
Sun Healthcare Group, Inc. (a)	76,115		642,411
Universal Health Services, Inc. Class B	68,300		3,336,455
			9,845,081
Health Care Services - 10.3%
Express Scripts, Inc. (a)	353,965		24,335,094
Fresenius Medical Care AG & Co. KGaA sponsored ADR	67,700		3,046,500
Common Stocks - continued
	Shares		Value
HEALTH CARE PROVIDERS & SERVICES - CONTINUED
Health Care Services - continued
Genoptix, Inc. (a)	36,300		$ 1,161,237
Health Grades, Inc. (a)	486,546		1,902,395
Medco Health Solutions, Inc. (a)	677,818		30,915,279
			61,360,505
Managed Health Care - 7.0%
CIGNA Corp.	633,800		15,268,242
Health Net, Inc. (a)	205,200		3,190,860
Humana, Inc. (a)	224,018		7,226,821
UnitedHealth Group, Inc.	448,145		11,194,662
WellPoint, Inc. (a)	97,700		4,971,953
			41,852,538
TOTAL HEALTH CARE PROVIDERS & SERVICES			122,840,582
HEALTH CARE TECHNOLOGY - 1.2%
Health Care Technology - 1.2%
Allscripts-Misys Healthcare Solutions, Inc.	122,235		1,938,647
Cerner Corp. (a)(d)	68,400		4,260,636
MedAssets, Inc. (a)	50,700		986,115
			7,185,398
INTERNET SOFTWARE & SERVICES - 0.4%
Internet Software & Services - 0.4%
WebMD Health Corp. Class A (a)	76,975		2,303,092
LIFE SCIENCES TOOLS & SERVICES - 11.6%
Life Sciences Tools & Services - 11.6%
AMAG Pharmaceuticals, Inc. (a)	30,407		1,662,351
Bruker BioSciences Corp. (a)	348,384		3,226,036
Illumina, Inc. (a)(d)	472,990		18,418,231
Life Technologies Corp. (a)	317,900		13,262,788
Millipore Corp. (a)	52,700		3,700,067
PerkinElmer, Inc.	246,300		4,285,620
QIAGEN NV (a)	821,101		15,264,268
Waters Corp. (a)	192,794		9,923,107
			69,742,468
PHARMACEUTICALS - 24.0%
Pharmaceuticals - 24.0%
Abbott Laboratories	232,182		10,921,841
Allergan, Inc.	597,628		28,435,140
Common Stocks - continued
	Shares		Value
PHARMACEUTICALS - CONTINUED
Pharmaceuticals - continued
Ardea Biosciences, Inc. (a)	76,500		$ 1,204,110
Auxilium Pharmaceuticals, Inc. (a)	33,600		1,054,368
Cadence Pharmaceuticals, Inc. (a)	250,309		2,500,587
Cardiome Pharma Corp. (a)	257,400		980,382
Johnson & Johnson	110,599		6,282,023
King Pharmaceuticals, Inc. (a)	626,100		6,029,343
Merck & Co., Inc.	1,002,470		28,029,061
Optimer Pharmaceuticals, Inc. (a)	127,033		1,901,684
Pfizer, Inc.	2,257,007		33,855,105
Pronova BioPharma ASA (a)	411,900		1,095,036
Roche Holding AG (participation certificate)	37,710		5,126,811
Schering-Plough Corp.	161,857		4,065,848
Teva Pharmaceutical Industries Ltd. sponsored ADR	206,779		10,202,476
XenoPort, Inc. (a)	75,451		1,748,200
			143,432,015
TOTAL COMMON STOCKS (Cost $566,314,569)		590,256,448
Convertible Preferred Stocks - 0.2%

PHARMACEUTICALS - 0.2%
Pharmaceuticals - 0.2%
Mylan, Inc. 6.50% (Cost $851,824)	1,400		1,202,250

Nonconvertible Bonds - 0.3%
	Principal Amount
PHARMACEUTICALS - 0.3%
Pharmaceuticals - 0.3%
Elan Finance PLC/Elan Finance Corp. 4.8831% 11/15/11 (e) (Cost $1,343,524)	$ 1,721,000	1,514,480

Money Market Funds - 1.7%
	Shares		Value
Fidelity Cash Central Fund, 0.40% (b)	4,612,245		$ 4,612,245
Fidelity Securities Lending Cash Central Fund, 0.22% (b)(c)	5,820,919		5,820,919
TOTAL MONEY MARKET FUNDS (Cost $10,433,164)		10,433,164
TOTAL INVESTMENT PORTFOLIO - 100.8% (Cost $578,943,081)			603,406,342
NET OTHER ASSETS - (0.8)%			(4,868,693 )
NET ASSETS - 100%		$ 598,537,649

Legend

(a) Non-income producing

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

(e) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $87,026 or 0.0% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Electro-Optical Sciences, Inc. warrants 8/2/12	8/1/07	$ 19

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 116,317
Fidelity Securities Lending Cash Central Fund	134,012
Total	$ 250,329

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 3,337,793	$ 3,337,793	$ -	$ -
Consumer Staples	5,896,970	5,896,970	-	-
Health Care	574,753,592	573,464,316	1,289,276	-
Information Technology	3,820,249	3,820,249	-	-
Materials	3,650,094	3,650,094	-	-
Corporate Bonds	1,514,480	-	1,514,480	-
Money Market Funds	10,433,164	10,433,164	-	-
Total Investments in Securities:	$ 603,406,342	$ 600,602,586	$ 2,803,756	$ -

Income Tax Information

At June 30, 2009, the aggregate cost of investment securities for income tax purposes was $597,756,529. Net unrealized appreciation aggregated $2,649,813, of which $45,588,186 related to appreciated investment securities and $42,938,373 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Directors to value its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. Valuation techniques of the Fund's major categories of assets and liabilities 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 an independent pricing service on the primary market or exchange on which they are traded. 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. Debt securities, including restricted securities, are valued based on quotations received from dealers who make markets in such securities or by independent pricing services. For corporate bonds pricing services generally utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as available dealer supplied prices.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® High Income
Central Fund 1

June 30, 2009

1.816013.105

HP1-QTLY-0809

Investments June 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 89.0%
	Principal Amount		Value
Convertible Bonds - 0.6%
Building Materials - 0.2%
General Cable Corp. 1% 10/15/12	$ 1,150,000		$ 898,150
Energy - 0.1%
Chesapeake Energy Corp. 2.5% 5/15/37	870,000		624,225
Homebuilding/Real Estate - 0.1%
Ventas, Inc. 3.875% 11/15/11 (e)	530,000		507,364
Railroad - 0.1%
Hertz Global Holdings, Inc. 5.25% 6/1/14	180,000		204,061
Technology - 0.1%
Advanced Micro Devices, Inc. 6% 5/1/15	660,000		309,408
TOTAL CONVERTIBLE BONDS			2,543,208
Nonconvertible Bonds - 88.4%
Aerospace - 0.7%
BE Aerospace, Inc. 8.5% 7/1/18	675,000		636,188
Bombardier, Inc. 7.45% 5/1/34 (e)	340,000		258,400
L-3 Communications Corp.:
6.125% 7/15/13	275,000		258,500
7.625% 6/15/12	1,415,000		1,422,075
Sequa Corp.:
11.75% 12/1/15 (e)	485,000		280,088
13.5% 12/1/15 pay-in-kind (e)	279,785		131,149
			2,986,400
Air Transportation - 2.1%
American Airlines, Inc. pass-thru trust certificates:
6.817% 5/23/11	1,605,000		1,300,050
6.977% 11/23/22	126,440		77,129
7.024% 4/15/11	655,000		646,813
8.608% 10/1/12	390,000		312,000
10.375% 7/2/19	870,000		874,350
Continental Airlines, Inc. pass-thru trust certificates:
7.566% 9/15/21	526,261		431,534
7.73% 9/15/12	203,400		170,856
7.875% 7/2/18	367,798		224,357
8.388% 5/1/22	231,708		167,989
9.558% 9/1/19	656,753		394,052
9.798% 4/1/21	4,083,420		2,613,389
Delta Air Lines, Inc. pass-thru trust certificates:
7.57% 11/18/10	1,145,000		1,093,475
8.021% 8/10/22	367,508		238,880
8.954% 8/10/14	366,823		238,435
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Air Transportation - continued
Northwest Airlines, Inc. pass-thru trust certificates 8.028% 11/1/17	$ 263,419		$ 176,491
United Air Lines, Inc. pass-thru trust certificates Class B, 7.336% 7/2/19	676,123		351,584
			9,311,384
Auto Parts Distribution - 0.1%
RSC Equipment Rental, Inc. 10% 7/15/17 (e)	535,000		534,331
Automotive - 1.8%
ArvinMeritor, Inc. 8.125% 9/15/15	1,070,000		561,750
Ford Motor Co.:
7.45% 7/16/31	410,000		241,900
9.5% 9/15/11	110,000		85,800
Ford Motor Credit Co. LLC:
7.25% 10/25/11	2,180,000		1,885,565
7.375% 10/28/09	485,000		480,150
8% 6/1/14	1,160,000		934,763
8% 12/15/16	1,010,000		772,174
8.625% 11/1/10	495,000		465,262
12% 5/15/15	785,000		730,050
General Motors Corp.:
7.125% 7/15/13 (b)	875,000		105,000
7.2% 1/15/11 (b)	915,000		109,800
8.25% 7/15/23 (b)	1,115,000		136,588
8.375% 7/15/33 (b)	1,745,000		222,488
Tenneco, Inc. 8.625% 11/15/14	800,000		572,000
The Goodyear Tire & Rubber Co. 10.5% 5/15/16	1,020,000		1,040,400
			8,343,690
Banks and Thrifts - 1.4%
CIT Group, Inc.:
4.75% 12/15/10	785,000		616,232
5.2% 11/3/10	340,000		268,584
5.4% 3/7/13	715,000		443,129
5.6% 4/27/11	340,000		254,947
7.625% 11/30/12	1,735,000		1,188,034
12% 12/18/18 (e)	340,000		159,732
General Motors Acceptance Corp. 6.875% 8/28/12	200,000		164,000
GMAC LLC:
6.625% 5/15/12	200,000		164,000
6.75% 12/1/14 (e)	1,930,000		1,544,000
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Banks and Thrifts - continued
GMAC LLC: - continued
6.875% 9/15/11 (e)	$ 1,080,000		$ 966,600
8% 11/1/31 (e)	775,000		542,500
			6,311,758
Broadcasting - 0.4%
Nexstar Broadcasting, Inc.:
0.4479% 1/15/14 pay-in-kind (e)(f)	52,527		13,023
7% 1/15/14	17,000		5,950
Univision Communications, Inc. 12% 7/1/14 (e)	450,000		441,563
UPC Holding BV 9.875% 4/15/18 (e)	1,560,000		1,497,600
			1,958,136
Building Materials - 0.6%
General Cable Corp. 7.125% 4/1/17	1,245,000		1,120,500
Owens Corning:
6.5% 12/1/16	1,200,000		1,051,876
9% 6/15/19	340,000		329,800
			2,502,176
Cable TV - 4.1%
Cablevision Systems Corp. 8% 4/15/12	140,000		138,250
Charter Communications Holdings I LLC:
9.92% 4/1/14 (b)	532,000		3,325
10% 5/15/14 (b)	165,000		1,031
Charter Communications Holdings I LLC/Charter Communications Holdings I Capital Corp. 11% 10/1/15 (b)	1,230,000		147,600
Charter Communications Holdings II LLC/Charter Communications Holdings II Capital Corp. 10.25% 9/15/10 (b)	760,000		801,800
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.:
10.375% 4/30/14 (e)(f)	970,000		928,775
10.875% 9/15/14 (e)	800,000		832,000
CSC Holdings, Inc.:
6.75% 4/15/12	1,435,000		1,384,775
7.625% 4/1/11	1,115,000		1,103,850
8.5% 4/15/14 (e)	920,000		911,950
8.5% 6/15/15 (e)	800,000		786,000
8.625% 2/15/19 (e)	1,275,000		1,233,563
DIRECTV Holdings LLC/DIRECTV Financing, Inc.:
6.375% 6/15/15	670,000		619,750
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Cable TV - continued
DIRECTV Holdings LLC/DIRECTV Financing, Inc.: - continued
7.625% 5/15/16	$ 405,000		$ 394,369
8.375% 3/15/13	100,000		100,375
EchoStar Communications Corp.:
6.375% 10/1/11	3,595,000		3,505,125
7% 10/1/13	2,355,000		2,243,138
7.125% 2/1/16	550,000		510,125
Kabel Deutschland GmbH 10.625% 7/1/14	1,275,000		1,306,875
Videotron Ltd.:
9.125% 4/15/18 (e)	780,000		789,750
9.125% 4/15/18	625,000		635,938
			18,378,364
Capital Goods - 1.5%
Case Corp. 7.25% 1/15/16	1,670,000		1,505,088
Leucadia National Corp.:
7% 8/15/13	25,000		23,250
7.125% 3/15/17	1,480,000		1,198,800
RBS Global, Inc. / Rexnord Corp.:
9.5% 8/1/14	145,000		123,250
9.5% 8/1/14 (e)	222,000		188,700
11.75% 8/1/16	405,000		299,700
Sensus Metering Systems, Inc. 8.625% 12/15/13	2,235,000		2,123,250
Terex Corp. 8% 11/15/17	1,395,000		1,088,100
			6,550,138
Chemicals - 1.2%
Chemtura Corp. 6.875% 6/1/16 (b)	710,000		514,750
Huntsman LLC 11.5% 7/15/12	280,000		283,500
MacDermid, Inc. 9.5% 4/15/17 (e)	115,000		83,950
Momentive Performance Materials, Inc. 9.75% 12/1/14	885,000		389,400
Nalco Co.:
7.75% 11/15/11	106,000		105,205
8.25% 5/15/17 (e)	1,250,000		1,246,875
NOVA Chemicals Corp.:
4.5375% 11/15/13 (f)	845,000		697,125
6.5% 1/15/12	1,645,000		1,525,738
Westlake Chemical Corp. 6.625% 1/15/16	500,000		437,500
			5,284,043
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Consumer Products - 0.9%
Jostens Holding Corp. 10.25% 12/1/13	$ 3,135,000		$ 3,072,300
Revlon Consumer Products Corp. 9.5% 4/1/11	1,075,000		972,875
			4,045,175
Containers - 2.0%
Berry Plastics Corp. 5.8813% 2/15/15 (f)	770,000		669,900
BWAY Corp. 10% 4/15/14 (e)	760,000		760,000
Crown Americas LLC/Crown Americas Capital Corp. 7.75% 11/15/15	240,000		232,800
Crown Cork & Seal, Inc.:
7.375% 12/15/26	2,755,000		2,341,750
8% 4/15/23	115,000		98,325
Greif, Inc. 6.75% 2/1/17	2,100,000		1,926,750
Owens-Brockway Glass Container, Inc.:
7.375% 5/15/16 (e)	1,025,000		991,688
8.25% 5/15/13	725,000		725,000
Owens-Illinois, Inc. 7.8% 5/15/18	460,000		432,400
Silgan Holdings, Inc. 7.25% 8/15/16 (e)	1,025,000		986,563
			9,165,176
Department Stores - 0.1%
Neiman Marcus Group, Inc. 10.375% 10/15/15	515,000		303,850
Diversified Financial Services - 0.4%
NiSource Finance Corp.:
5.25% 9/15/17	650,000		557,376
5.45% 9/15/20	270,000		227,093
Sprint Capital Corp. 8.75% 3/15/32	135,000		108,675
Whirlpool Corp. 8.6% 5/1/14	1,010,000		1,055,450
			1,948,594
Diversified Media - 2.8%
Affinion Group, Inc.:
10.125% 10/15/13 (e)	505,000		468,388
11.5% 10/15/15	465,000		395,250
Interpublic Group of Companies, Inc.:
6.25% 11/15/14	565,000		494,375
10% 7/15/17 (e)	515,000		522,725
Lamar Media Corp.:
Series B, 6.625% 8/15/15	90,000		76,050
6.625% 8/15/15	1,200,000		1,050,000
9.75% 4/1/14 (e)	870,000		900,450
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Diversified Media - continued
Liberty Media Corp.:
5.7% 5/15/13	$ 680,000		$ 588,200
8.25% 2/1/30	120,000		82,650
Nielsen Finance LLC/Nielsen Finance Co.:
0% 8/1/16 (c)	2,255,000		1,454,475
10% 8/1/14	1,605,000		1,524,750
11.5% 5/1/16 (e)	1,050,000		1,021,125
11.625% 2/1/14 (e)	2,625,000		2,605,313
Quebecor Media, Inc.:
7.75% 3/15/16	790,000		707,050
7.75% 3/15/16	1,010,000		903,950
			12,794,751
Electric Utilities - 5.9%
AES Corp.:
7.75% 3/1/14	555,000		521,700
7.75% 10/15/15	1,405,000		1,306,650
8% 10/15/17	460,000		427,800
9.75% 4/15/16 (e)	700,000		708,750
Aquila, Inc. 11.875% 7/1/12 (f)	70,000		77,350
Calpine Construction Finance Co. LP 8% 6/1/16 (e)	1,365,000		1,313,813
Dynegy Holdings, Inc. 8.375% 5/1/16	260,000		221,000
Edison Mission Energy:
7% 5/15/17	565,000		433,638
7.2% 5/15/19	1,100,000		819,500
7.625% 5/15/27	890,000		574,050
Energy Future Holdings:
10.875% 11/1/17	2,320,000		1,693,600
12% 11/1/17 pay-in-kind (f)	1,752,600		1,033,450
Intergen NV 9% 6/30/17 (e)	1,810,000		1,714,975
IPALCO Enterprises, Inc. 7.25% 4/1/16 (e)	495,000		472,725
Mirant Americas Generation LLC:
8.5% 10/1/21	1,640,000		1,361,200
9.125% 5/1/31	1,460,000		1,051,200
NiSource Finance Corp. 10.75% 3/15/16	775,000		859,628
NRG Energy, Inc.:
7.25% 2/1/14	2,220,000		2,164,500
7.375% 2/1/16	235,000		223,250
7.375% 1/15/17	2,135,000		2,012,238
NSG Holdings II, LLC 7.75% 12/15/25 (e)	2,460,000		1,968,000
Orion Power Holdings, Inc. 12% 5/1/10	30,000		31,050
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Electric Utilities - continued
RRI Energy, Inc.:
6.75% 12/15/14	$ 745,000		$ 717,994
7.625% 6/15/14	2,210,000		2,022,150
7.875% 6/15/17	210,000		187,950
Tenaska Alabama Partners LP 7% 6/30/21 (e)	653,078		558,382
Texas Competitive Electric Holdings Co. LLC:
Series A, 10.25% 11/1/15	1,365,000		849,713
Series B, 10.25% 11/1/15	1,995,000		1,246,875
11.25% 11/1/16 pay-in-kind	747,187		329,779
			26,902,910
Energy - 10.1%
Ashland, Inc. 9.125% 6/1/17 (e)	525,000		540,750
Atlas Pipeline Partners LP 8.125% 12/15/15	1,140,000		815,100
Berry Petroleum Co. 10.25% 6/1/14	470,000		470,000
Chesapeake Energy Corp.:
6.5% 8/15/17	550,000		462,000
6.875% 1/15/16	200,000		175,500
7.25% 12/15/18	1,540,000		1,339,800
7.5% 9/15/13	1,175,000		1,122,125
7.5% 6/15/14	805,000		762,738
7.625% 7/15/13	445,000		422,750
9.5% 2/15/15	3,475,000		3,501,063
Compagnie Generale de Geophysique SA:
7.5% 5/15/15	225,000		208,125
7.75% 5/15/17	275,000		247,500
9.5% 5/15/16 (e)	1,140,000		1,137,150
Denbury Resources, Inc. 9.75% 3/1/16	1,415,000		1,453,913
Dynegy Holdings, Inc. 8.75% 2/15/12	265,000		257,050
El Paso Corp.:
7% 6/15/17	760,000		692,173
8.25% 2/15/16	390,000		380,250
El Paso Energy Corp. 7.75% 1/15/32	570,000		463,992
El Paso Performance-Linked Trust 7.75% 7/15/11 (e)	905,000		873,325
Forest Oil Corp.:
7.25% 6/15/19	1,445,000		1,300,500
7.75% 5/1/14	765,000		722,925
8.5% 2/15/14 (e)	1,820,000		1,788,150
Frontier Oil Corp. 8.5% 9/15/16	1,395,000		1,405,463
Helix Energy Solutions Group, Inc. 9.5% 1/15/16 (e)	445,000		393,825
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Energy - continued
Hilcorp Energy I LP/Hilcorp Finance Co. 7.75% 11/1/15 (e)	$ 1,645,000		$ 1,316,000
Inergy LP/Inergy Finance Corp. 8.75% 3/1/15 (e)	950,000		931,000
Newfield Exploration Co. 7.125% 5/15/18	2,180,000		1,978,350
OPTI Canada, Inc.:
7.875% 12/15/14	115,000		74,750
8.25% 12/15/14	310,000		203,050
Pan American Energy LLC 7.75% 2/9/12 (e)	630,000		623,700
Parker Drilling Co. 9.625% 10/1/13	755,000		698,375
Petrohawk Energy Corp.:
7.875% 6/1/15	410,000		379,250
9.125% 7/15/13	675,000		671,625
10.5% 8/1/14 (e)	1,355,000		1,404,119
Petroleum Development Corp. 12% 2/15/18	615,000		516,600
Pioneer Natural Resources Co. 6.65% 3/15/17	720,000		626,400
Plains Exploration & Production Co.:
7% 3/15/17	3,175,000		2,770,188
10% 3/1/16	1,515,000		1,552,875
Pride International, Inc. 8.5% 6/15/19	700,000		693,000
Quicksilver Resources, Inc. 11.75% 1/1/16	1,030,000		1,060,900
Range Resources Corp.:
7.375% 7/15/13	4,235,000		4,150,300
8% 5/15/19	885,000		861,769
SandRidge Energy, Inc.:
4.8325% 4/1/14 (f)	215,000		174,150
8.625% 4/1/15 pay-in-kind (f)	1,595,000		1,435,500
Southwestern Energy Co. 7.5% 2/1/18 (e)	1,175,000		1,133,875
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 11.25% 7/15/17 (e)	870,000		826,265
Williams Companies, Inc. 8.75% 1/15/20 (e)	780,000		813,150
			45,831,358
Entertainment/Film - 0.4%
AMC Entertainment, Inc.:
8% 3/1/14	125,000		107,500
8.75% 6/1/19 (e)	1,315,000		1,236,100
Marquee Holdings, Inc. 9.5% 8/15/14 (d)	705,000		549,900
			1,893,500
Environmental - 0.1%
Browning-Ferris Industries, Inc. 7.4% 9/15/35	260,000		239,200
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Food and Drug Retail - 1.0%
Albertsons, Inc.:
7.5% 2/15/11	$ 1,085,000		$ 1,090,425
7.75% 6/15/26	170,000		144,925
8% 5/1/31	1,045,000		896,088
Federated Retail Holdings, Inc. 5.9% 12/1/16	520,000		423,637
Macy's Retail Holdings, Inc. 7.875% 7/15/15	475,000		459,663
SUPERVALU, Inc.:
7.5% 11/15/14	220,000		211,200
8% 5/1/16	1,430,000		1,401,400
			4,627,338
Food/Beverage/Tobacco - 1.9%
Constellation Brands, Inc.:
7.25% 9/1/16	1,525,000		1,410,625
7.25% 5/15/17	1,025,000		945,563
8.375% 12/15/14	885,000		885,000
Dean Foods Co.:
6.9% 10/15/17	1,505,000		1,384,600
7% 6/1/16	2,035,000		1,856,938
National Beef Packing Co. LLC/National Beef Finance Corp. 10.5% 8/1/11	1,145,000		1,104,925
Smithfield Foods, Inc. 10% 7/15/14 (e)	615,000		608,850
Tyson Foods, Inc. 10.5% 3/1/14 (e)	520,000		562,900
			8,759,401
Gaming - 2.4%
Ameristar Casinos, Inc. 9.25% 6/1/14 (e)	970,000		979,700
Mashantucket Western Pequot Tribe 8.5% 11/15/15 (e)	1,865,000		932,500
MGM Mirage, Inc.:
8.375% 2/1/11	295,000		237,475
8.5% 9/15/10	335,000		304,850
Mohegan Tribal Gaming Authority:
6.125% 2/15/13	2,050,000		1,547,750
6.375% 7/15/09	1,085,000		1,063,300
7.125% 8/15/14	405,000		263,250
Scientific Games Corp.:
6.25% 12/15/12	370,000		351,500
7.875% 6/15/16 (e)	670,000		636,500
9.25% 6/15/19 (e)	890,000		896,675
Seminole Hard Rock Entertainment, Inc. 3.1294% 3/15/14 (e)(f)	665,000		458,850
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Gaming - continued
Seneca Gaming Corp.:
Series B, 7.25% 5/1/12	$ 940,000		$ 813,100
7.25% 5/1/12	1,070,000		925,550
Snoqualmie Entertainment Authority:
5.3838% 2/1/14 (e)(f)	800,000		384,000
9.125% 2/1/15 (e)	355,000		184,600
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.:
6.625% 12/1/14	479,000		417,928
6.625% 12/1/14	530,000		461,100
			10,858,628
Healthcare - 8.5%
Biomet, Inc.:
10% 10/15/17	1,770,000		1,800,975
10.375% 10/15/17 pay-in-kind (f)	485,000		469,238
11.625% 10/15/17	2,240,000		2,133,600
Community Health Systems, Inc. 8.875% 7/15/15	4,355,000		4,267,900
DJO Finance LLC / DJO Finance Corp. 10.875% 11/15/14	3,525,000		3,084,375
HCA, Inc.:
6.5% 2/15/16	2,080,000		1,700,400
7.875% 2/1/11	500,000		492,500
8.5% 4/15/19 (e)	1,740,000		1,696,500
8.75% 9/1/10	885,000		882,788
9.125% 11/15/14	2,415,000		2,387,831
9.25% 11/15/16	2,685,000		2,631,300
9.625% 11/15/16 pay-in-kind (f)	1,456,000		1,445,080
9.875% 2/15/17 (e)	240,000		241,800
HealthSouth Corp. 10.75% 6/15/16	1,065,000		1,070,325
Inverness Medical Innovations, Inc. 9% 5/15/16	1,340,000		1,296,450
Omega Healthcare Investors, Inc.:
7% 4/1/14	3,780,000		3,449,250
7% 1/15/16	435,000		391,500
Psychiatric Solutions, Inc.:
7.75% 7/15/15	455,000		419,738
7.75% 7/15/15 (e)	375,000		343,125
Service Corp. International 7.5% 4/1/27	1,790,000		1,405,150
Tenet Healthcare Corp. 8.875% 7/1/19 (e)	1,695,000		1,703,475
United Surgical Partners International, Inc. 9.25% 5/1/17 pay-in-kind (f)	410,000		336,200
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Healthcare - continued
Valeant Pharmaceuticals International 8.375% 6/15/16 (e)	$ 1,100,000		$ 1,094,500
Ventas Realty LP:
6.5% 6/1/16	1,400,000		1,253,000
6.5% 6/1/16	215,000		192,425
6.625% 10/15/14	790,000		750,500
Viant Holdings, Inc. 10.125% 7/15/17 (e)	1,244,000		995,200
VWR Funding, Inc. 10.25% 7/15/15 pay-in-kind	515,000		406,850
			38,341,975
Homebuilding/Real Estate - 2.1%
American Real Estate Partners/American Real Estate Finance Corp.:
7.125% 2/15/13	1,435,000		1,295,088
8.125% 6/1/12	4,119,872		3,790,282
D.R. Horton, Inc. 6.5% 4/15/16	400,000		342,000
KB Home:
5.875% 1/15/15	345,000		307,050
6.375% 8/15/11	540,000		521,100
Lennar Corp. 12.25% 6/1/17 (e)	1,015,000		1,035,300
Pulte Homes, Inc.:
5.25% 1/15/14	575,000		491,625
8.125% 3/1/11	705,000		705,000
Ryland Group, Inc. 8.4% 5/15/17	875,000		831,250
			9,318,695
Hotels - 1.4%
Host Hotels & Resorts LP:
6.875% 11/1/14	130,000		116,350
9% 5/15/17 (e)	1,025,000		963,500
Host Marriott LP 7.125% 11/1/13	2,530,000		2,365,550
Starwood Hotels & Resorts Worldwide, Inc.:
6.25% 2/15/13	1,230,000		1,143,900
7.875% 5/1/12	555,000		510,600
7.875% 10/15/14	1,240,000		1,165,600
			6,265,500
Leisure - 1.7%
Royal Caribbean Cruises Ltd.:
11.875% 7/15/15	660,000		642,833
yankee:
7% 6/15/13	1,455,000		1,271,306
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Leisure - continued
Royal Caribbean Cruises Ltd.: - continued
7.25% 6/15/16	$ 1,080,000		$ 850,500
7.5% 10/15/27	2,180,000		1,482,400
Speedway Motorsports, Inc. 8.75% 6/1/16 (e)	665,000		673,313
Town Sports International Holdings, Inc. 11% 2/1/14	1,629,000		798,210
Universal City Development Partners Ltd./UCDP Finance, Inc. 11.75% 4/1/10	225,000		211,500
Universal City Florida Holding Co. I/II:
5.7775% 5/1/10 (f)	1,700,000		1,360,000
8.375% 5/1/10	260,000		213,850
			7,503,912
Metals/Mining - 3.9%
Arch Western Finance LLC 6.75% 7/1/13	1,015,000		923,650
Compass Minerals International, Inc. 8% 6/1/19 (e)	1,240,000		1,221,400
Crown Americas LLC/Capital Corp. II 7.625% 5/15/17 (e)	635,000		612,775
Drummond Co., Inc. 7.375% 2/15/16 (e)	1,750,000		1,277,500
FMG Finance Property Ltd.:
4.6675% 9/1/11 (e)(f)	835,000		797,425
10% 9/1/13 (e)	1,055,000		1,007,525
10.625% 9/1/16 (e)	1,225,000		1,169,875
Freeport-McMoRan Copper & Gold, Inc.:
4.995% 4/1/15 (f)	70,000		65,100
8.25% 4/1/15	4,095,000		4,120,594
8.375% 4/1/17	2,380,000		2,391,900
Massey Energy Co. 6.875% 12/15/13	2,005,000		1,834,575
Teck Resources Ltd.:
9.75% 5/15/14 (e)	685,000		710,688
10.25% 5/15/16 (e)	685,000		720,963
10.75% 5/15/19 (e)	685,000		724,388
			17,578,358
Paper - 2.8%
Cascades, Inc. 7.25% 2/15/13	990,000		863,775
Catalyst Paper Corp. 8.625% 6/15/11	485,000		291,000
Domtar Corp.:
5.375% 12/1/13	365,000		290,175
7.125% 8/15/15	1,110,000		904,650
7.875% 10/15/11	41,000		40,180
10.75% 6/1/17	1,135,000		1,092,438
Georgia-Pacific Corp. 7% 1/15/15 (e)	3,045,000		2,862,300
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Paper - continued
Georgia-Pacific LLC 8.25% 5/1/16 (e)	$ 820,000		$ 805,650
Graphic Packaging International, Inc.:
8.5% 8/15/11	621,000		608,580
9.5% 6/15/17 (e)	780,000		766,350
Rock-Tenn Co.:
9.25% 3/15/16	1,700,000		1,729,750
9.25% 3/15/16 (e)	245,000		249,288
Solo Cup Co. 10.5% 11/1/13 (e)	410,000		411,025
Temple-Inland, Inc.:
6.625% 1/15/16	255,000		228,225
6.875% 1/15/18	1,265,000		1,125,850
Verso Paper Holdings LLC/ Verso Paper, Inc. 11.5% 7/1/14 (e)	445,000		398,275
			12,667,511
Publishing/Printing - 0.5%
Cenveo Corp. 7.875% 12/1/13	35,000		24,500
Scholastic Corp. 5% 4/15/13	765,000		619,650
The Reader's Digest Association, Inc. 9% 2/15/17	1,090,000		46,325
TL Acquisitions, Inc.:
0% 7/15/15 (c)(e)	595,000		435,094
10.5% 1/15/15 (e)	1,430,000		1,144,000
			2,269,569
Railroad - 0.1%
Kansas City Southern Railway Co. 8% 6/1/15	430,000		395,600
Restaurants - 0.5%
Carrols Corp. 9% 1/15/13	835,000		782,813
Wendy's/Arby's Restaurants LLC 10% 7/15/16 (e)	1,580,000		1,516,800
			2,299,613
Services - 3.3%
ARAMARK Corp.:
4.5275% 2/1/15 (f)	1,110,000		901,875
8.5% 2/1/15	1,615,000		1,550,400
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.:
7.625% 5/15/14	630,000		431,550
7.75% 5/15/16	1,190,000		791,350
Corrections Corp. of America:
6.25% 3/15/13	1,240,000		1,174,900
7.75% 6/1/17	680,000		666,400
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Services - continued
FTI Consulting, Inc.:
7.625% 6/15/13	$ 1,585,000		$ 1,513,675
7.75% 10/1/16	760,000		725,800
Hertz Corp.:
8.875% 1/1/14	1,240,000		1,140,800
10.5% 1/1/16	475,000		427,500
Iron Mountain, Inc.:
6.625% 1/1/16	600,000		537,000
7.75% 1/15/15	195,000		187,200
8% 6/15/20	240,000		222,000
8.625% 4/1/13	2,245,000		2,239,388
JohnsonDiversey Holdings, Inc. 10.67% 5/15/13	165,000		133,650
JohnsonDiversey, Inc. 9.625% 5/15/12	75,000		74,438
Rental Service Corp. 9.5% 12/1/14	830,000		664,000
Rural/Metro Corp. 0% 3/15/16 (c)	470,000		343,100
US Investigations Services, Inc.:
10.5% 11/1/15 (e)	1,145,000		933,175
11.75% 5/1/16 (e)	325,000		250,250
			14,908,451
Shipping - 3.3%
Navios Maritime Holdings, Inc. 9.5% 12/15/14	2,070,000		1,697,400
Overseas Shipholding Group, Inc.:
7.5% 2/15/24	240,000		174,300
8.75% 12/1/13	290,000		268,250
Ship Finance International Ltd. 8.5% 12/15/13	9,465,000		7,950,571
Teekay Corp. 8.875% 7/15/11	4,970,000		4,932,725
			15,023,246
Specialty Retailing - 0.6%
Dollar General Corp.:
10.625% 7/15/15	850,000		922,250
11.875% 7/15/17 pay-in-kind (f)	145,000		156,600
Ltd. Brands, Inc. 8.5% 6/15/19 (e)	575,000		553,438
Michaels Stores, Inc. 10% 11/1/14	245,000		205,800
Sally Holdings LLC:
9.25% 11/15/14	650,000		646,750
10.5% 11/15/16	240,000		237,600
			2,722,438
Steels - 0.7%
Metals USA, Inc. 11.125% 12/1/15	80,000		64,000
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Steels - continued
Steel Dynamics, Inc.:
6.75% 4/1/15	$ 1,180,000		$ 1,044,300
7.375% 11/1/12	1,905,000		1,795,463
Tube City IMS Corp. 9.75% 2/1/15	775,000		474,688
			3,378,451
Super Retail - 0.8%
GSC Holdings Corp./Gamestop, Inc. 8% 10/1/12	425,000		428,188
NBC Acquisition Corp. 11% 3/15/13	6,105,000		1,831,500
Neiman Marcus Group, Inc. 9.75% 10/15/15 pay-in-kind (d)	530,000		291,047
Toys 'R' US, Inc.:
7.375% 10/15/18	100,000		71,500
7.625% 8/1/11	1,260,000		1,165,500
			3,787,735
Technology - 3.5%
Amkor Technology, Inc.:
7.75% 5/15/13	1,000,000		925,000
9.25% 6/1/16	1,340,000		1,239,500
Avago Technologies Finance Ltd. 10.125% 12/1/13	490,000		499,800
Flextronics International Ltd.:
6.25% 11/15/14	105,000		97,650
6.5% 5/15/13	75,000		72,750
Freescale Semiconductor, Inc. 8.875% 12/15/14	2,075,000		1,037,500
Jabil Circuit, Inc. 8.25% 3/15/18	225,000		202,500
Lucent Technologies, Inc.:
6.45% 3/15/29	990,000		561,825
6.5% 1/15/28	2,150,000		1,204,000
Seagate Technology HDD Holdings:
6.375% 10/1/11	650,000		624,000
6.8% 10/1/16	1,050,000		882,000
Seagate Technology International 10% 5/1/14 (e)	310,000		319,300
SunGard Data Systems, Inc.:
9.125% 8/15/13	1,770,000		1,681,500
10.25% 8/15/15	340,000		316,200
Terremark Worldwide, Inc. 12% 6/15/17 (e)	1,580,000		1,501,000
Xerox Capital Trust I 8% 2/1/27	6,230,000		4,734,800
			15,899,325
Telecommunications - 12.1%
Cincinnati Bell, Inc. 8.375% 1/15/14	2,030,000		1,862,525
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Telecommunications - continued
Citizens Communications Co.:
6.25% 1/15/13	$ 175,000		$ 161,000
9% 8/15/31	1,020,000		841,500
Cricket Communications, Inc.:
7.75% 5/15/16 (e)	1,355,000		1,300,800
9.375% 11/1/14	1,215,000		1,196,775
10% 7/15/15	735,000		729,488
Crown Castle International Corp. 9% 1/15/15	1,035,000		1,045,350
Digicel Group Ltd.:
8.875% 1/15/15 (e)	4,280,000		3,595,200
9.125% 1/15/15 pay-in-kind (e)(f)	485,000		402,550
9.25% 9/1/12 (e)	3,015,000		2,954,700
12% 4/1/14 (e)	1,355,000		1,368,550
DigitalGlobe, Inc. 10.5% 5/1/14 (e)	620,000		632,400
Frontier Communications Corp. 8.25% 5/1/14	1,070,000		1,016,500
Intelsat Bermuda Ltd. 12.5% 2/4/17 pay-in-kind (d)(e)	780,000		579,367
Intelsat Jackson Holdings Ltd.:
9.5% 6/15/16 (e)	3,290,000		3,290,000
11.5% 6/15/16 (e)	1,390,000		1,362,200
Intelsat Ltd.:
6.5% 11/1/13	1,765,000		1,420,825
7.625% 4/15/12	1,725,000		1,526,625
11.25% 6/15/16	1,105,000		1,129,863
Intelsat Subsidiary Holding Co. Ltd.:
8.5% 1/15/13	500,000		482,500
8.875% 1/15/15 (e)	245,000		236,425
8.875% 1/15/15	1,225,000		1,179,063
MetroPCS Wireless, Inc.:
9.25% 11/1/14	1,885,000		1,873,219
9.25% 11/1/14 (e)	1,210,000		1,205,463
Mobile Telesystems Finance SA 8% 1/28/12 (e)	1,195,000		1,180,063
Nextel Communications, Inc.:
5.95% 3/15/14	1,745,000		1,374,188
6.875% 10/31/13	1,805,000		1,493,638
7.375% 8/1/15	1,450,000		1,156,375
Orascom Telecom Finance SCA 7.875% 2/8/14 (e)	1,605,000		1,348,200
Qwest Capital Funding, Inc. 7.25% 2/15/11	730,000		704,450
Qwest Communications International, Inc.:
7.5% 2/15/14	180,000		164,250
7.5% 2/15/14	525,000		479,063
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Telecommunications - continued
Qwest Corp.:
3.8794% 6/15/13 (f)	$ 1,400,000		$ 1,251,250
6.5% 6/1/17	420,000		369,600
7.5% 10/1/14	1,500,000		1,432,500
7.625% 6/15/15	650,000		611,000
8.375% 5/1/16 (e)	1,720,000		1,659,800
Sprint Capital Corp.:
6.875% 11/15/28	2,105,000		1,494,550
7.625% 1/30/11	1,820,000		1,799,525
8.375% 3/15/12	1,170,000		1,152,450
Sprint Nextel Corp. 6% 12/1/16	2,345,000		1,917,038
Time Warner Telecom Holdings, Inc. 9.25% 2/15/14	2,430,000		2,411,775
U.S. West Communications:
6.875% 9/15/33	225,000		164,250
7.5% 6/15/23	1,750,000		1,365,000
			54,921,853
Textiles & Apparel - 0.7%
Hanesbrands, Inc. 4.5925% 12/15/14 (f)	1,670,000		1,352,700
Levi Strauss & Co. 9.75% 1/15/15	1,990,000		1,940,250
			3,292,950
TOTAL NONCONVERTIBLE BONDS			400,105,483
TOTAL CORPORATE BONDS (Cost $409,336,462)		402,648,691
Commercial Mortgage Securities - 0.1%

Berkeley Federal Bank & Trust FSB Series 1994-1 Class B, 0.0441% 8/1/24 (e)(f) (Cost $559,968)	692,601		298,857

Common Stocks - 0.2%
	Shares
Textiles & Apparel - 0.2%
Arena Brands Holding Corp. Class B (a)(g) (Cost $5,834,134)	144,445	884,003
Convertible Preferred Stocks - 0.1%
	Shares	Value
Electric Utilities - 0.1%
AES Trust III 6.75% (Cost $329,167)	6,600	$ 282,348

Floating Rate Loans - 7.2%
	Principal Amount
Air Transportation - 0.5%
Delta Air Lines, Inc. Tranche 2LN, term loan 3.5675% 4/30/14 (f)	$ 852,153		587,985
Northwest Airlines, Inc. term loan 2.32% 12/31/10 (f)	355,000		335,475
United Air Lines, Inc. Tranche B, term loan 2.3309% 2/1/14 (f)	2,373,511		1,370,703
			2,294,163
Automotive - 0.8%
Federal-Mogul Corp.:
Tranche B, term loan 2.2478% 12/27/14 (f)	736,797		482,602
Tranche C, term loan 2.2489% 12/27/15 (f)	516,236		338,134
Ford Motor Co. term loan 3.5944% 12/15/13 (f)	3,320,000		2,431,900
The Goodyear Tire & Rubber Co. Tranche 2LN, term loan 2.07% 4/30/14 (f)	680,000		571,200
			3,823,836
Broadcasting - 0.0%
Univision Communications, Inc. Tranche 1LN, term loan 2.56% 9/29/14 (f)	140,000		103,950
Cable TV - 0.5%
Charter Communications Operating LLC Tranche B 1LN, term loan 6.25% 3/6/14 (f)	2,606,623		2,306,861
Capital Goods - 0.1%
Dresser, Inc. Tranche 2LN, term loan 6.0681% 5/4/15 pay-in-kind (f)	590,000		418,900
Chemicals - 0.4%
Chemtura Corp. term loan 10.5% 3/19/10 (f)	1,885,000		1,885,000
Containers - 0.2%
Anchor Glass Container Corp. term loan 6.75% 6/20/14 (f)	879,779		844,587
Electric Utilities - 1.0%
Ashmore Energy International:
Revolving Credit-Linked Deposit 3.3075% 3/30/12 (f)	415,575		332,460
Floating Rate Loans - continued
	Principal Amount		Value
Electric Utilities - continued
Ashmore Energy International: - continued
term loan 3.5975% 3/30/14 (f)	$ 3,008,205		$ 2,406,564
Texas Competitive Electric Holdings Co. LLC Tranche B3, term loan 3.8206% 10/10/14 (f)	2,654,735		1,898,135
			4,637,159
Entertainment/Film - 0.4%
Zuffa LLC term loan 2.375% 6/19/15 (f)	2,181,535		1,876,120
Gaming - 0.3%
Fantasy Springs Resort Casino term loan 7.8188% 8/6/12 (f)	730,000		438,000
Las Vegas Sands LLC:
term loan 2.06% 5/23/14 (f)	200,558		140,391
Tranche B, term loan 2.06% 5/23/14 (f)	963,149		674,204
			1,252,595
Healthcare - 0.8%
Community Health Systems, Inc.:
term loan 2.8978% 7/25/14 (f)	1,328,999		1,189,454
Tranche DD, term loan 2.56% 7/25/14 (f)	67,819		60,698
HCA, Inc. Tranche B, term loan 2.8475% 11/17/13 (f)	1,808,194		1,629,635
PTS Acquisition Corp. term loan 2.56% 4/10/14 (f)	927,781		763,100
			3,642,887
Publishing/Printing - 0.3%
Education Media and Publishing Group Ltd. Tranche 2LN, term loan 11.75% 12/12/14 (f)	902,035		135,305
Newsday LLC term loan 9.75% 8/1/13	1,175,000		1,175,000
			1,310,305
Services - 0.1%
Hertz Corp. Tranche B, term loan 2.0748% 12/21/12 (f)	907		830
Penhall International Corp. term loan 9.995% 4/1/12 pay-in-kind (f)	1,189,304		237,861
			238,691
Specialty Retailing - 0.2%
Michaels Stores, Inc. term loan 2.6762% 10/31/13 (f)	1,144,133		898,144
Technology - 0.9%
Flextronics International Ltd.:
Tranche B-A, term loan 3.0366% 10/1/14 (f)	1,032,577		851,876
Tranche B-A1, term loan 3.3813% 10/1/14 (f)	266,849		220,150
Tranche B-B, term loan 3.4575% 10/1/12 (f)	1,387,937		1,214,445
Floating Rate Loans - continued
	Principal Amount		Value
Technology - continued
Kronos, Inc.:
Tranche 1LN, term loan 2.8475% 6/11/14 (f)	$ 1,468,292		$ 1,328,804
Tranche 2LN, term loan 7.0975% 6/11/15 (f)	730,000		554,800
			4,170,075
Telecommunications - 0.4%
Digicel International Finance Ltd. term loan 3.125% 3/30/12 (f)	1,115,000		1,048,100
Intelsat Jackson Holdings Ltd. term loan 3.3188% 2/1/14 (f)	605,000		496,100
Wind Telecomunicazioni SpA term loan 8.3569% 12/21/11 pay-in-kind (f)	357,343		353,158
			1,897,358
Textiles & Apparel - 0.3%
Levi Strauss & Co. term loan 2.5681% 4/4/14 (f)	1,495,000		1,233,375
TOTAL FLOATING RATE LOANS (Cost $35,045,323)		32,834,006

Cash Equivalents - 2.5%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 0.01%, dated 6/30/09 due 7/1/09 (Collateralized by U.S. Treasury Obligations) # (Cost $11,265,000)	$ 11,265,004		11,265,000
TOTAL INVESTMENT PORTFOLIO - 99.1% (Cost $462,370,054)			448,212,905
NET OTHER ASSETS - 0.9%			4,191,881
NET ASSETS - 100%		$ 452,404,786

Legend

(a) Non-income producing

(b) Non-income producing - Issuer is in default.

(c) Security initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end.

(d) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $98,082,566 or 21.7% of net assets.

(f) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $884,003 or 0.2% of net assets.

Additional information on each holding is as follows:

Security ^A	Acquisition Date	Acquisition Cost
Arena Brands Holding Corp. Class B	6/18/97	$ 5,834,134

^A Acquired as a result of an in-kind
exchange and represents the original
acquisition date and cost.

# Additional information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty	Value
$11,265,000 due 7/01/09 at 0.01%
Barclays Capital, Inc.	$ 1,508,078
Deutsche Bank Securities, Inc.	1,337,243
ING Financial Markets LLC	495,275
J.P. Morgan Securities, Inc.	6,933,854
Mizuho Securities USA, Inc.	495,275
Morgan Stanley & Co., Inc.	495,275
	$ 11,265,000

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 884,003	$ -	$ -	$ 884,003
Utilities	282,348	-	282,348	-
Cash Equivalents	11,265,000	-	11,265,000	-
Commercial Mortgage Securities	298,857	-	-	298,857
Corporate Bonds	402,648,691	-	402,648,691	-
Floating Rate Loans	32,834,006	-	32,260,701	573,305
Total Investments in Securities:	$ 448,212,905	$ -	$ 446,456,740	$ 1,756,165

The following is a reconciliation of Investments in Securities for which level 3 inputs were used in determining value:

Investments in Securities:
Beginning Balance	$ 2,043,950
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(912,031)
Cost of Purchases	33,884
Proceeds of Sales	-
Amortization/Accretion	(56,058)
Transfer in/out of Level 3	646,420
Ending Balance	$ 1,756,165
Total unrealized gain (loss) on investments held at June 30, 2009	(912,031 )

Income Tax Information

At June 30, 2009, the aggregate cost of investment securities for income tax purposes was $458,746,762. Net unrealized depreciation aggregated $10,533,857, of which $29,300,327 related to appreciated investment securities and $39,834,184 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Directors to value its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. Valuation techniques of the Fund's major categories of assets and liabilities are as follows.

For commercial mortgage securities, pricing services generally utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and types as well as dealer supplied prices. 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 an independent pricing service on the primary market or exchange on which they are traded. 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.

Investments in open-end mutual funds are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. Actual prices received at disposition may differ.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Industrials
Central Fund

June 30, 2009

1.851901.102

INCIP-QTLY-0809

Investments June 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.5%
	Shares		Value
AEROSPACE & DEFENSE - 18.3%
Aerospace & Defense - 18.3%
BE Aerospace, Inc. (a)	169,300		$ 2,431,148
Goodrich Corp.	144,600		7,225,662
Honeywell International, Inc.	718,570		22,563,098
Lockheed Martin Corp.	190,100		15,331,565
Precision Castparts Corp.	91,200		6,660,336
Raytheon Co.	227,475		10,106,714
United Technologies Corp.	553,900		28,780,644
			93,099,167
AIR FREIGHT & LOGISTICS - 4.5%
Air Freight & Logistics - 4.5%
C.H. Robinson Worldwide, Inc.	101,500		5,293,225
FedEx Corp.	181,900		10,117,278
United Parcel Service, Inc. Class B	149,300		7,463,507
			22,874,010
AUTO COMPONENTS - 5.1%
Auto Parts & Equipment - 3.1%
BorgWarner, Inc.	83,100		2,837,865
Johnson Controls, Inc.	595,600		12,936,432
			15,774,297
Tires & Rubber - 2.0%
The Goodyear Tire & Rubber Co. (a)	916,120		10,315,511
TOTAL AUTO COMPONENTS			26,089,808
BUILDING PRODUCTS - 2.8%
Building Products - 2.8%
Masco Corp.	1,116,800		10,698,944
Owens Corning (a)	255,280		3,262,478
			13,961,422
CHEMICALS - 0.8%
Specialty Chemicals - 0.8%
W.R. Grace & Co. (a)	325,000		4,020,250
COMMERCIAL SERVICES & SUPPLIES - 3.8%
Commercial Printing - 0.8%
R.R. Donnelley & Sons Co.	376,400		4,373,768
Diversified Support Services - 0.9%
Cintas Corp.	194,200		4,435,528
Common Stocks - continued
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - CONTINUED
Environmental & Facility Services - 1.1%
Republic Services, Inc.	221,666		$ 5,410,867
Office Services & Supplies - 0.5%
United Stationers, Inc. (a)	68,900		2,403,232
Security & Alarm Services - 0.5%
The Brink's Co.	87,400		2,537,222
TOTAL COMMERCIAL SERVICES & SUPPLIES			19,160,617
CONSTRUCTION MATERIALS - 0.6%
Construction Materials - 0.6%
Eagle Materials, Inc.	58,500		1,476,540
Vulcan Materials Co.	32,400		1,396,440
			2,872,980
DIVERSIFIED CONSUMER SERVICES - 0.3%
Specialized Consumer Services - 0.3%
Brinks Home Security Holdings, Inc. (a)	59,801		1,692,966
ELECTRICAL EQUIPMENT - 10.5%
Electrical Components & Equipment - 10.5%
Acuity Brands, Inc. (d)	159,800		4,482,390
AMETEK, Inc.	340,150		11,762,387
Cooper Industries Ltd. Class A	194,900		6,051,645
Emerson Electric Co.	109,280		3,540,672
Ener1, Inc. (a)(d)	284,048		1,550,902
Energy Conversion Devices, Inc. (a)(d)	180,199		2,549,816
Regal-Beloit Corp.	211,937		8,418,138
Rockwell Automation, Inc.	341,000		10,952,920
Saft Groupe SA	35,500		1,403,745
Sunpower Corp. Class B (a)	98,800		2,366,260
			53,078,875
ELECTRONIC EQUIPMENT & COMPONENTS - 0.5%
Electronic Manufacturing Services - 0.5%
Tyco Electronics Ltd.	139,959		2,601,838
HOUSEHOLD DURABLES - 1.3%
Homebuilding - 0.3%
Centex Corp.	156,000		1,319,760
Common Stocks - continued
	Shares		Value
HOUSEHOLD DURABLES - CONTINUED
Household Appliances - 1.0%
Black & Decker Corp.	179,400		$ 5,141,604
TOTAL HOUSEHOLD DURABLES			6,461,364
INDUSTRIAL CONGLOMERATES - 10.5%
Industrial Conglomerates - 10.5%
3M Co.	282,800		16,996,280
General Electric Co.	1,874,329		21,967,136
Siemens AG sponsored ADR	36,165		2,502,256
Textron, Inc.	281,400		2,718,324
Tyco International Ltd.	354,975		9,222,251
			53,406,247
IT SERVICES - 0.4%
IT Consulting & Other Services - 0.4%
NCI, Inc. Class A (a)	72,922		2,218,287
MACHINERY - 19.3%
Construction & Farm Machinery & Heavy Trucks - 11.5%
Cummins, Inc.	559,218		19,690,066
Deere & Co.	258,900		10,343,055
Navistar International Corp. (a)	310,400		13,533,440
PACCAR, Inc.	330,100		10,731,551
Toro Co. (d)	148,329		4,435,037
			58,733,149
Industrial Machinery - 7.8%
Blount International, Inc. (a)	169,000		1,455,090
Briggs & Stratton Corp.	54,300		724,362
Danaher Corp.	298,500		18,429,390
Graco, Inc.	205,000		4,514,100
Ingersoll-Rand Co. Ltd. Class A	405,900		8,483,310
Parker Hannifin Corp.	137,800		5,919,888
			39,526,140
TOTAL MACHINERY			98,259,289
MARINE - 0.3%
Marine - 0.3%
Ultrapetrol (Bahamas) Ltd. (a)	370,579		1,641,665
Common Stocks - continued
	Shares		Value
PAPER & FOREST PRODUCTS - 0.5%
Forest Products - 0.5%
Weyerhaeuser Co.	90,100		$ 2,741,743
PROFESSIONAL SERVICES - 1.9%
Human Resource & Employment Services - 1.1%
Manpower, Inc.	135,400		5,732,836
Research & Consulting Services - 0.8%
Equifax, Inc.	149,800		3,909,780
TOTAL PROFESSIONAL SERVICES			9,642,616
ROAD & RAIL - 13.8%
Railroads - 9.6%
CSX Corp.	288,939		10,005,958
Genesee & Wyoming, Inc. Class A (a)	63,100		1,672,781
Norfolk Southern Corp.	282,500		10,641,775
Union Pacific Corp.	506,100		26,347,566
			48,668,080
Trucking - 4.2%
Con-way, Inc.	212,700		7,510,437
Heartland Express, Inc.	104,500		1,538,240
Hertz Global Holdings, Inc. (a)	216,700		1,731,433
Ryder System, Inc.	311,400		8,694,288
Saia, Inc. (a)	96,084		1,730,473
			21,204,871
TOTAL ROAD & RAIL			69,872,951
TRADING COMPANIES & DISTRIBUTORS - 3.0%
Trading Companies & Distributors - 3.0%
Fastenal Co. (d)	103,900		3,446,363
Interline Brands, Inc. (a)	210,200		2,875,536
Rush Enterprises, Inc. Class A (a)	749,493		8,731,593
			15,053,492
TRANSPORTATION INFRASTRUCTURE - 0.3%
Marine Ports & Services - 0.3%
Aegean Marine Petroleum Network, Inc.	91,500		1,381,650
TOTAL COMMON STOCKS (Cost $543,419,475)		500,131,237

Nonconvertible Bonds - 0.0%
	Principal Amount	Value
AIRLINES - 0.0%
Airlines - 0.0%
Delta Air Lines, Inc. 8.3% 12/15/29 (a) (Cost $122,020)	$ 6,300,000	$ 63,000

Money Market Funds - 4.2%
	Shares
Fidelity Cash Central Fund, 0.40% (b)	7,751,057		7,751,057
Fidelity Securities Lending Cash Central Fund, 0.22% (b)(c)	13,501,435		13,501,435
TOTAL MONEY MARKET FUNDS (Cost $21,252,492)		21,252,492
TOTAL INVESTMENT PORTFOLIO - 102.7% (Cost $564,793,987)			521,446,729
NET OTHER ASSETS - (2.7)%			(13,513,158 )
NET ASSETS - 100%		$ 507,933,571

Legend

(a) Non-income producing

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

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 119,946
Fidelity Securities Lending Cash Central Fund	185,693
Total	$ 305,639

Other Information

The following is a summary of the inputs used, as of June 30, 2009, involving the Fund's assets and liabilities carried at 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 in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 34,244,138	$ 34,244,138	$ -	$ -
Industrials	451,432,001	451,432,001	-	-
Information Technology	4,820,125	4,820,125	-	-
Materials	9,634,973	9,634,973	-	-
Corporate Bonds	63,000	-	-	63,000
Money Market Funds	21,252,492	21,252,492	-	-
Total Investments in Securities:	$ 521,446,729	$ 521,383,729	$ -	$ 63,000

The following is a reconciliation of assets for which Level 3 inputs were used in determining fair value:

	Investments in Securities
Beginning Balance	$ 78,750
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(15,750)
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfer in/out of Level 3	-
Ending Balance	$ 63,000

Income Tax Information

At June 30, 2009, the aggregate cost of investment securities for income tax purposes was $580,505,629. Net unrealized depreciation aggregated $59,058,900, of which $31,862,846 related to appreciated investment securities and $90,921,746 related to depreciated investment securities.

Investment Valuation

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 an independent pricing service on the primary market or exchange on which they are traded. 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. Debt securities, including restricted securities, are valued based on quotations received from dealers who make markets in such securities or by independent pricing services. For corporate bonds pricing services generally utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as available dealer supplied prices.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Information Technology
Central Fund

June 30, 2009

1.851902.102

ITCIP-QTLY-0809

Investments June 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.4%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 9.8%
Communications Equipment - 9.8%
Adtran, Inc.	20,900		$ 448,723
Aruba Networks, Inc. (a)	13,100		114,494
Brocade Communications Systems, Inc. (a)	606,300		4,741,266
Ciena Corp. (a)	244,100		2,526,435
Cisco Systems, Inc. (a)	107,700		2,007,528
Cogo Group, Inc. (a)	14,065		83,968
CommScope, Inc. (a)	105,300		2,765,178
Comverse Technology, Inc. (a)	212,900		1,820,295
Emulex Corp. (a)	15,600		152,568
F5 Networks, Inc. (a)	198,202		6,855,807
Harris Stratex Networks, Inc. Class A (a)	98,216		636,440
Infinera Corp. (a)	160,000		1,460,800
Juniper Networks, Inc. (a)	122,600		2,893,360
Motorola, Inc.	134,600		892,398
Palm, Inc. (a)(d)	231,900		3,842,583
Polycom, Inc. (a)	141,000		2,858,070
Powerwave Technologies, Inc. (a)(d)	319,700		514,717
QUALCOMM, Inc.	496,700		22,450,840
Research In Motion Ltd. (a)	7,200		511,560
Riverbed Technology, Inc. (a)	172,300		3,995,637
Sandvine Corp. (a)	2,380,798		2,722,433
Sandvine Corp. (U.K.) (a)	1,156,000		1,369,291
Sonus Networks, Inc. (a)	24,233		39,015
Starent Networks Corp. (a)	513,712		12,539,710
Tekelec (a)	231,100		3,889,413
			82,132,529
COMPUTERS & PERIPHERALS - 13.4%
Computer Hardware - 11.1%
3PAR, Inc. (a)	8,200		101,680
Apple, Inc. (a)	422,000		60,105,460
Dell, Inc. (a)	37,600		516,248
Hewlett-Packard Co.	713,700		27,584,505
Stratasys, Inc. (a)	203,000		2,230,970
Teradata Corp. (a)	36,500		855,195
Toshiba Corp.	333,000		1,209,841
Wistron Corp.	309,000		512,492
			93,116,391
Computer Storage & Peripherals - 2.3%
China Digital TV Holding Co. Ltd. ADR	2,100		18,354
Common Stocks - continued
	Shares		Value
COMPUTERS & PERIPHERALS - CONTINUED
Computer Storage & Peripherals - continued
EMC Corp. (a)	329,700		$ 4,319,070
NetApp, Inc. (a)	4,500		88,740
Quanta Storage, Inc.	325,000		443,092
SanDisk Corp. (a)	487,600		7,162,844
Seagate Technology	457,700		4,787,542
SIMPLO Technology Co. Ltd.	112,000		449,909
Synaptics, Inc. (a)(d)	57,050		2,204,983
			19,474,534
TOTAL COMPUTERS & PERIPHERALS			112,590,925
CONSTRUCTION & ENGINEERING - 0.0%
Construction & Engineering - 0.0%
MasTec, Inc. (a)	6,900		80,868
ELECTRIC UTILITIES - 0.0%
Electric Utilities - 0.0%
EnerNOC, Inc. (a)	3,800		82,346
ELECTRICAL EQUIPMENT - 0.5%
Electrical Components & Equipment - 0.3%
centrotherm photovoltaics AG (a)	3,300		142,524
Energy Conversion Devices, Inc. (a)	24,900		352,335
First Solar, Inc. (a)	500		81,060
General Cable Corp. (a)	14,000		526,120
JA Solar Holdings Co. Ltd. ADR (a)	149,800		704,060
Q-Cells SE (a)	2,500		50,848
Sunpower Corp. Class B (a)	15,724		376,590
Yingli Green Energy Holding Co. Ltd. ADR (a)	35,200		476,960
			2,710,497
Heavy Electrical Equipment - 0.2%
China High Speed Transmission Equipment Group Co. Ltd.	571,000		1,137,594
TOTAL ELECTRICAL EQUIPMENT			3,848,091
ELECTRONIC EQUIPMENT & COMPONENTS - 4.6%
Electronic Components - 0.7%
Amphenol Corp. Class A	66,800		2,113,552
DTS, Inc. (a)	32,400		877,068
Everlight Electronics Co. Ltd.	885,395		2,257,946
Tripod Technology Corp.	245,000		410,073
Common Stocks - continued
	Shares		Value
ELECTRONIC EQUIPMENT & COMPONENTS - CONTINUED
Electronic Components - continued
Unimicron Technology Corp.	560,000		$ 429,458
Vishay Intertechnology, Inc. (a)	12,600		85,554
			6,173,651
Electronic Equipment & Instruments - 0.8%
China Security & Surveillance Technology, Inc. (a)(d)	215,700		1,626,378
Chroma ATE, Inc.	2,399,158		2,482,391
Digital Ally, Inc. (a)(d)	273,900		606,689
Itron, Inc. (a)	28,600		1,575,002
National Instruments Corp.	3,700		83,472
Test Research, Inc.	133,288		87,209
			6,461,141
Electronic Manufacturing Services - 1.6%
Flextronics International Ltd. (a)	1,166,300		4,793,493
Ju Teng International Holdings Ltd.	1,546,000		833,853
Molex, Inc.	27,600		429,180
Multi-Fineline Electronix, Inc. (a)	1,200		25,680
Trimble Navigation Ltd. (a)	99,040		1,944,155
Tyco Electronics Ltd.	298,300		5,545,397
			13,571,758
Technology Distributors - 1.5%
Digital China Holdings Ltd. (H Shares)	6,285,000		4,379,282
Ingram Micro, Inc. Class A (a)	200,600		3,510,500
Inspur International Ltd.	4,098,000		703,279
Synnex Technology International Corp.	559,000		910,119
WPG Holding Co. Ltd.	3,086,000		3,056,887
			12,560,067
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS			38,766,617
HEALTH CARE EQUIPMENT & SUPPLIES - 0.4%
Health Care Equipment - 0.4%
China Medical Technologies, Inc. sponsored ADR (d)	3,400		67,694
Golden Meditech Co. Ltd. (a)	1,532,000		264,891
I-Flow Corp. (a)	95,200		660,688
Mingyuan Medicare Development Co. Ltd.	18,460,000		2,048,491
			3,041,764
HEALTH CARE TECHNOLOGY - 0.0%
Health Care Technology - 0.0%
athenahealth, Inc. (a)	800		29,608
Common Stocks - continued
	Shares		Value
HOTELS, RESTAURANTS & LEISURE - 0.4%
Hotels, Resorts & Cruise Lines - 0.4%
Ctrip.com International Ltd. sponsored ADR	64,800		$ 3,000,240
HOUSEHOLD DURABLES - 0.2%
Consumer Electronics - 0.2%
Harman International Industries, Inc.	70,000		1,316,000
TomTom Group BV (a)(d)	18,500		222,391
			1,538,391
INTERNET & CATALOG RETAIL - 1.4%
Internet Retail - 1.4%
Amazon.com, Inc. (a)	76,900		6,433,454
Expedia, Inc. (a)	5,400		81,594
Priceline.com, Inc. (a)(d)	46,900		5,231,695
			11,746,743
INTERNET SOFTWARE & SERVICES - 10.6%
Internet Software & Services - 10.6%
Akamai Technologies, Inc. (a)	38,900		746,102
Alibaba.com Ltd. (a)	13,000		23,048
Baidu.com, Inc. sponsored ADR (a)	30,400		9,153,136
comScore, Inc. (a)	34,000		452,880
eBay, Inc. (a)	547,500		9,378,675
Equinix, Inc. (a)	1,200		87,288
Google, Inc. Class A (sub. vtg.) (a)	103,800		43,761,042
LivePerson, Inc. (a)(d)	268,900		1,075,600
LogMeIn, Inc.	7,300		116,800
NetEase.com, Inc. sponsored ADR (a)	62,500		2,198,750
Omniture, Inc. (a)	5,800		72,848
OpenTable, Inc.	700		21,119
Rackspace Hosting, Inc. (d)	35,900		497,574
SAVVIS, Inc.	6,800		77,928
Sina Corp. (a)	109,600		3,231,008
Sohu.com, Inc. (a)(d)	69,600		4,372,968
Switch & Data Facilities Co., Inc. (a)	6,800		79,764
Tencent Holdings Ltd.	841,400		9,820,079
VistaPrint Ltd. (a)	41,300		1,761,445
Vocus, Inc. (a)	10,000		197,600
Websense, Inc. (a)	4,988		88,986
Yahoo!, Inc. (a)	131,500		2,059,290
			89,273,930
Common Stocks - continued
	Shares		Value
IT SERVICES - 1.2%
Data Processing & Outsourced Services - 0.6%
CyberSource Corp. (a)	30,500		$ 466,650
Lender Processing Services, Inc.	2,700		74,979
Visa, Inc.	67,900		4,227,454
WNS Holdings Ltd. sponsored ADR (a)	31,900		283,272
			5,052,355
IT Consulting & Other Services - 0.6%
CACI International, Inc. Class A (a)	14,200		606,482
China Information Security Technology, Inc. (a)	23,200		66,352
Cognizant Technology Solutions Corp. Class A (a)	82,800		2,210,760
Yucheng Technologies Ltd. (a)	301,050		2,567,957
			5,451,551
TOTAL IT SERVICES			10,503,906
LIFE SCIENCES TOOLS & SERVICES - 0.0%
Life Sciences Tools & Services - 0.0%
Thermo Fisher Scientific, Inc. (a)	8,000		326,160
MACHINERY - 0.4%
Industrial Machinery - 0.4%
China Fire & Security Group, Inc. (a)(d)	91,700		1,115,989
Meyer Burger Technology AG (a)	3,400		524,834
Shin Zu Shing Co. Ltd.	352,347		1,672,736
			3,313,559
MEDIA - 0.8%
Advertising - 0.5%
AirMedia Group, Inc. ADR (a)	226,600		1,459,304
SinoMedia Holding Ltd.	150,000		35,033
VisionChina Media, Inc. ADR (a)	481,600		2,942,576
			4,436,913
Cable & Satellite - 0.3%
Sirius XM Radio, Inc. (a)	1,287,600		553,668
Virgin Media, Inc.	194,400		1,817,640
			2,371,308
TOTAL MEDIA			6,808,221
Common Stocks - continued
	Shares		Value
METALS & MINING - 0.0%
Diversified Metals & Mining - 0.0%
Timminco Ltd. (a)	10,500		$ 11,104
PROFESSIONAL SERVICES - 0.1%
Research & Consulting Services - 0.1%
IHS, Inc. Class A (a)	15,800		787,946
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 23.2%
Semiconductor Equipment - 6.9%
Aixtron AG	146,700		1,802,599
Amkor Technology, Inc. (a)(d)	1,332,400		6,302,252
ASM International NV (NASDAQ) (a)(d)	36,000		529,560
ASM Pacific Technology Ltd.	44,200		227,276
ASML Holding NV (NY Shares)	537,900		11,645,535
ATMI, Inc. (a)	47,000		729,910
Cymer, Inc. (a)	156,400		4,649,772
FormFactor, Inc. (a)	123,400		2,127,416
Global Unichip Corp.	76,000		356,178
Lam Research Corp. (a)	158,000		4,108,000
LTX-Credence Corp. (a)	839,372		394,505
MEMC Electronic Materials, Inc. (a)	157,500		2,805,075
MKS Instruments, Inc. (a)	60,600		799,314
Photronics, Inc. (a)	160,700		650,835
Tessera Technologies, Inc. (a)	498,974		12,619,052
Varian Semiconductor Equipment Associates, Inc. (a)	192,500		4,618,075
Verigy Ltd. (a)	266,000		3,237,220
			57,602,574
Semiconductors - 16.3%
ANADIGICS, Inc. (a)	19,400		81,286
Applied Micro Circuits Corp. (a)	56,694		460,922
ARM Holdings PLC sponsored ADR	495,200		2,956,344
Atmel Corp. (a)	761,400		2,840,022
Cavium Networks, Inc. (a)(d)	735,591		12,365,285
Cree, Inc. (a)	102,900		3,024,231
CSR PLC (a)(d)	1,350,340		7,769,738
Cypress Semiconductor Corp. (a)	433,600		3,989,120
Diodes, Inc. (a)	28,000		437,920
Elpida Memory, Inc. (a)(d)	60,200		653,023
Epistar Corp.	1,049,000		2,831,598
Fairchild Semiconductor International, Inc. (a)	395,500		2,764,545
Hynix Semiconductor, Inc. (a)	38,950		417,060
Infineon Technologies AG (a)(d)	4,139,500		14,778,238
Common Stocks - continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - CONTINUED
Semiconductors - continued
Inotera Memories, Inc. (a)	2,064,000		$ 888,789
Intel Corp.	2,429,200		40,203,260
International Rectifier Corp. (a)	364,800		5,402,688
Intersil Corp. Class A	79,000		993,030
Kinsus Interconnect Technology Corp.	233,000		387,861
Marvell Technology Group Ltd. (a)	566,900		6,598,716
MediaTek, Inc.	35,000		417,529
Micron Technology, Inc. (a)	2,334,000		11,810,040
Monolithic Power Systems, Inc. (a)	98,900		2,216,349
Netlogic Microsystems, Inc. (a)	2,400		87,504
NVIDIA Corp. (a)	189,000		2,133,810
O2Micro International Ltd. sponsored ADR (a)	20,000		100,000
Omnivision Technologies, Inc. (a)	249,700		2,594,383
PMC-Sierra, Inc. (a)	154,000		1,225,840
Power Integrations, Inc.	19,000		452,010
Powertech Technology, Inc.	398,000		829,671
Radiant Opto-Electronics Corp.	631,000		723,941
Realtek Semiconductor Corp.	16,000		29,702
Silicon Image, Inc. (a)	34,900		80,270
Silicon Laboratories, Inc. (a)	27,200		1,031,968
Silicon Motion Technology Corp. sponsored ADR (a)	110,500		403,325
Skyworks Solutions, Inc. (a)	8,700		85,086
Standard Microsystems Corp. (a)	125,200		2,560,340
Supertex, Inc. (a)	5,000		125,550
TriQuint Semiconductor, Inc. (a)	16,200		86,022
Volterra Semiconductor Corp. (a)	35,600		467,784
			137,304,800
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			194,907,374
SOFTWARE - 30.9%
Application Software - 10.7%
Adobe Systems, Inc. (a)	296,300		8,385,290
ANSYS, Inc. (a)	20,600		641,896
Autodesk, Inc. (a)	3,400		64,532
Autonomy Corp. PLC (a)	165,600		3,914,917
Blackboard, Inc. (a)(d)	38,900		1,122,654
Cadence Design Systems, Inc. (a)	862,200		5,086,980
Callidus Software, Inc. (a)	450,302		1,283,361
Citrix Systems, Inc. (a)	492,800		15,715,392
Concur Technologies, Inc. (a)(d)	85,339		2,652,336
Common Stocks - continued
	Shares		Value
SOFTWARE - CONTINUED
Application Software - continued
Epicor Software Corp. (a)	32,400		$ 171,720
Gameloft (a)	434,000		1,613,245
Informatica Corp. (a)	295,400		5,077,926
Intuit, Inc. (a)	274,000		7,715,840
JDA Software Group, Inc. (a)	61,800		924,528
Kingdee International Software Group Co. Ltd.	14,360,000		2,482,922
Longtop Financial Technologies Ltd. ADR (a)	52,400		1,286,944
Mentor Graphics Corp. (a)	168,700		922,789
Nice Systems Ltd. sponsored ADR (a)	16,100		371,427
Parametric Technology Corp. (a)	112,800		1,318,632
Pegasystems, Inc.	6,600		174,108
Quest Software, Inc. (a)	12,187		169,887
Salesforce.com, Inc. (a)	267,751		10,220,056
Smith Micro Software, Inc. (a)	396,875		3,897,313
SolarWinds, Inc.	5,200		85,748
SuccessFactors, Inc. (a)(d)	383,200		3,517,776
Synchronoss Technologies, Inc. (a)	256,300		3,144,801
Synopsys, Inc. (a)	71,100		1,387,161
Taleo Corp. Class A (a)	216,858		3,961,996
TIBCO Software, Inc. (a)	127,100		911,307
Verint Systems, Inc. (a)	149,300		1,537,790
			89,761,274
Home Entertainment Software - 2.7%
Activision Blizzard, Inc. (a)	238,600		3,013,518
Changyou.com Ltd. (A Shares) ADR	1,500		57,705
Electronic Arts, Inc. (a)	638,000		13,857,360
Kingsoft Corp. Ltd.	591,000		412,561
Perfect World Co. Ltd. sponsored ADR Class B (a)	99,416		2,843,298
Rosetta Stone, Inc.	1,800		49,392
Shanda Interactive Entertainment Ltd. sponsored ADR (a)	34,900		1,824,921
Take-Two Interactive Software, Inc.	44,300		419,521
THQ, Inc. (a)	92,900		665,164
			23,143,440
Systems Software - 17.5%
Ariba, Inc. (a)	37,500		369,000
BMC Software, Inc. (a)	621,880		21,013,325
CA, Inc.	4,200		73,206
Check Point Software Technologies Ltd. (a)	19,500		457,665
CommVault Systems, Inc. (a)	29,500		489,110
Insyde Software Corp.	678,300		3,426,592
Common Stocks - continued
	Shares		Value
SOFTWARE - CONTINUED
Systems Software - continued
McAfee, Inc. (a)	10,300		$ 434,557
Microsoft Corp.	3,249,500		77,240,612
Oracle Corp.	1,309,600		28,051,632
Phoenix Technologies Ltd. (a)	61,000		165,310
Red Hat, Inc. (a)	691,300		13,915,869
VMware, Inc. Class A (a)	62,000		1,690,740
			147,327,618
TOTAL SOFTWARE			260,232,332
WIRELESS TELECOMMUNICATION SERVICES - 0.5%
Wireless Telecommunication Services - 0.5%
Sprint Nextel Corp. (a)	174,000		836,940
Syniverse Holdings, Inc. (a)	202,200		3,241,266
			4,078,206
TOTAL COMMON STOCKS (Cost $726,032,523)		827,100,860

Convertible Bonds - 0.7%
	Principal Amount
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.7%
Semiconductors - 0.7%
Advanced Micro Devices, Inc. 5.75% 8/15/12 (Cost $8,183,031)	$ 10,300,000	6,334,500

Money Market Funds - 3.7%
	Shares
Fidelity Cash Central Fund, 0.40% (b)	3,562,057		3,562,057
Fidelity Securities Lending Cash Central Fund, 0.22% (b)(c)	27,615,068		27,615,068
TOTAL MONEY MARKET FUNDS (Cost $31,177,125)		31,177,125
TOTAL INVESTMENT PORTFOLIO - 102.8% (Cost $765,392,679)			864,612,485
NET OTHER ASSETS - (2.8)%			(23,887,383 )
NET ASSETS - 100%		$ 840,725,102

Legend

(a) Non-income producing

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

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 123,345
Fidelity Securities Lending Cash Central Fund	538,753
Total	$ 662,098

Other Affiliated Issuers

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Mogem Co. Ltd.	$ 729,958	$ -	$ 185,895	$ -	$ -

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 23,093,595	$ 23,093,595	$ -	$ -
Health Care	3,397,532	3,397,532	-	-
Industrials	8,030,464	8,030,464	-	-
Information Technology	788,407,613	773,512,575	14,895,038	-
Materials	11,104	11,104	-	-
Telecommunication Services	4,078,206	4,078,206	-	-
Utilities	82,346	82,346	-	-
Corporate Bonds	6,334,500	-	6,334,500	-
Money Market Funds	31,177,125	31,177,125	-	-
Total Investments in Securities:	$ 864,612,485	$ 843,382,947	$ 21,229,538	$ -

Income Tax Information

At June 30, 2009, the aggregate cost of investment securities for income tax purposes was $776,465,834. Net unrealized appreciation aggregated $88,146,651, of which $144,917,693 related to appreciated investment securities and $56,771,042 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Directors to value its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. Valuation techniques of the Fund's major categories of assets and liabilities 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 an independent pricing service on the primary market or exchange on which they are traded. 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. Debt securities, including restricted securities, are valued based on quotations received from dealers who make markets in such securities or by independent pricing services. For corporate bonds pricing services generally utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as available dealer supplied prices.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® International Equity
Central Fund

June 30, 2009

1.859215.101

INTCEN-QTLY-0809

Investments June 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.7%
	Shares		Value
Australia - 1.4%
AMP Ltd.	86,762		$ 341,132
Brambles Ltd.	493,466		2,369,610
Qantas Airways Ltd.	322,692		522,586
QBE Insurance Group Ltd.	53,769		862,102
Rio Tinto Ltd.	35,000		1,472,014
Rio Tinto Ltd. rights 7/1/09 (a)(d)	18,375		353,981
Westfield Group unit	199,735		1,831,343
TOTAL AUSTRALIA			7,752,768
Austria - 0.7%
OMV AG	8,600		321,967
voestalpine AG (d)	120,000		3,290,734
TOTAL AUSTRIA			3,612,701
Belgium - 0.9%
Anheuser-Busch InBev NV	128,600		4,643,167
Anheuser-Busch InBev NV (strip VVPR) (a)	157,000		661
TOTAL BELGIUM			4,643,828
Bermuda - 0.1%
Seadrill Ltd.	52,700		752,131
Brazil - 0.1%
Petroleo Brasileiro SA - Petrobras sponsored ADR	16,100		659,778
Canada - 0.9%
Canadian Natural Resources Ltd.	8,400		441,919
Canadian Pacific Railway Ltd.	31,800		1,268,063
Open Text Corp. (a)	20,700		756,384
Petrobank Energy & Resources Ltd. (a)	41,200		1,196,575
Suncor Energy, Inc.	43,400		1,319,799
TOTAL CANADA			4,982,740
Cayman Islands - 0.6%
China Dongxiang Group Co. Ltd.	1,977,000		1,329,071
Want Want China Holdings Ltd.	3,100,000		1,752,023
TOTAL CAYMAN ISLANDS			3,081,094
China - 1.5%
Baidu.com, Inc. sponsored ADR (a)	1,500		451,635
China Communications Construction Co. Ltd. (H Shares)	1,416,000		1,655,371
China Merchants Bank Co. Ltd. (H Shares)	1,625,000		3,719,725
Common Stocks - continued
	Shares		Value
China - continued
Industrial & Commercial Bank of China Ltd.	2,805,000		$ 1,954,477
NetEase.com, Inc. sponsored ADR (a)	12,300		432,714
TOTAL CHINA			8,213,922
Denmark - 1.0%
Carlsberg AS Series B	26,800		1,719,033
Novo Nordisk AS Series B	47,100		2,546,450
Vestas Wind Systems AS (a)	19,400		1,390,557
TOTAL DENMARK			5,656,040
Finland - 1.1%
Fortum Oyj	41,100		935,099
Neste Oil Oyj	7,600		105,539
Nokia Corp.	322,650		4,725,373
TOTAL FINLAND			5,766,011
France - 11.0%
Accor SA (d)	33,623		1,332,590
Alstom SA	32,900		1,940,789
Atos Origin SA	12,271		415,769
AXA SA	207,800		3,932,582
BNP Paribas SA	147,397		9,562,362
Cap Gemini SA	11,000		404,875
Compagnie de St. Gobain	44,600		1,490,502
Credit Agricole SA	142,400		1,772,932
Danone	85,800		4,233,971
Electricite de France	27,200		1,322,971
GDF Suez	78,790		2,933,167
Ipsos SA (d)	31,700		795,934
Legrand SA	63,700		1,388,083
LVMH Moet Hennessy - Louis Vuitton	32,000		2,441,820
Pernod Ricard SA (d)	47,764		3,006,226
Sanofi-Aventis	81,200		4,797,555
Schneider Electric SA	45,031		3,429,859
Societe Generale Series A	36,704		2,001,983
Technip SA	11,100		543,236
Total SA Series B	139,900		7,581,825
Unibail-Rodamco	10,600		1,578,453
Vivendi	88,031		2,103,500
TOTAL FRANCE			59,010,984
Germany - 7.6%
Allianz AG (Reg.)	23,400		2,155,047
Common Stocks - continued
	Shares		Value
Germany - continued
BASF AG	148,200		$ 5,889,244
Bayerische Motoren Werke AG (BMW)	44,900		1,690,416
Bilfinger Berger AG	15,800		733,584
Daimler AG (Reg.)	79,600		2,887,099
Deutsche Bank AG	30,100		1,836,149
Deutsche Boerse AG	12,000		930,495
E.ON AG	129,100		4,567,054
Fresenius Medical Care AG & Co. KGaA sponsored ADR	29,000		1,305,000
Henkel AG & Co. KGaA	38,521		1,037,982
Metro AG	36,600		1,746,547
Munich Re Group (Reg.)	23,000		3,103,291
RWE AG	37,600		2,958,272
SAP AG	62,300		2,503,917
Siemens AG (Reg.)	71,800		4,967,927
SolarWorld AG (d)	18,920		445,060
Volkswagen AG	6,000		2,029,482
TOTAL GERMANY			40,786,566
Greece - 0.2%
Hellenic Telecommunications Organization SA	56,000		856,208
Hong Kong - 2.1%
Cheung Kong Holdings Ltd.	158,000		1,816,514
China Unicom (Hong Kong) Ltd. sponsored ADR	105,000		1,400,700
CLP Holdings Ltd.	230,000		1,525,439
Hong Kong Exchange & Clearing Ltd.	58,400		909,545
Hutchison Whampoa Ltd.	319,000		2,084,846
Sun Hung Kai Properties Ltd.	148,000		1,842,600
Swire Pacific Ltd. (A Shares)	150,500		1,518,613
TOTAL HONG KONG			11,098,257
India - 0.9%
Bharti Airtel Ltd. (a)	45,515		764,604
Tata Steel Ltd.	500,000		4,090,576
TOTAL INDIA			4,855,180
Ireland - 1.2%
Covidien PLC	49,300		1,845,792
CRH PLC	190,758		4,361,493
TOTAL IRELAND			6,207,285
Israel - 0.3%
Teva Pharmaceutical Industries Ltd. sponsored ADR	33,100		1,633,154
Common Stocks - continued
	Shares		Value
Italy - 2.6%
Assicurazioni Generali SpA	72,800		$ 1,512,346
Enel SpA	638,400		3,107,328
ENI SpA	186,200		4,415,632
Intesa Sanpaolo SpA (a)	1,252,200		4,031,078
Saipem SpA	34,900		848,866
TOTAL ITALY			13,915,250
Japan - 19.9%
Aioi Insurance Co. Ltd.	55,000		251,778
Bridgestone Corp.	87,200		1,371,340
Canon, Inc.	102,400		3,344,794
Chubu Electric Power Co., Inc.	74,200		1,717,610
Denso Corp.	68,500		1,763,430
Eisai Co. Ltd.	43,800		1,564,042
Fujifilm Holdings Corp.	14,100		448,730
Honda Motor Co. Ltd.	135,400		3,724,969
Inpex Corp.	116		929,589
JTEKT Corp.	441,500		4,495,889
Jupiter Telecommunications Co.	247		187,683
Kansai Electric Power Co., Inc.	83,200		1,839,581
Miraca Holdings, Inc.	46,900		1,148,949
Mitsubishi Corp.	186,100		3,454,059
Mitsubishi Estate Co. Ltd.	102,000		1,705,735
Mitsubishi UFJ Financial Group, Inc.	1,679,000		10,367,483
Mitsui & Co. Ltd.	128,600		1,529,824
Mitsui Fudosan Co. Ltd.	83,000		1,450,034
Mitsui Sumitomo Insurance Group Holdings, Inc.	46,400		1,220,989
Murata Manufacturing Co. Ltd.	3,700		157,471
Nippon Building Fund, Inc.	83		711,662
Nippon Electric Glass Co. Ltd.	35,000		393,107
Nippon Oil Corp.	20,000		118,337
Nippon Telegraph & Telephone Corp.	49,400		2,011,836
Nippon Thompson Co. Ltd.	262,000		1,370,717
Nissan Motor Co. Ltd.	318,000		1,929,907
Nomura Holdings, Inc.	179,500		1,515,132
Omron Corp.	118,400		1,714,517
ORIX Corp.	85,770		5,172,821
Ozeki Co. Ltd.	57,000		1,600,509
Panasonic Corp.	187,100		2,520,720
Promise Co. Ltd. (d)	139,150		1,780,993
Ricoh Co. Ltd.	119,000		1,537,915
Rohto Pharmaceutical Co. Ltd.	72,000		813,910
Common Stocks - continued
	Shares		Value
Japan - continued
Seven & i Holdings Co., Ltd.	101,200		$ 2,384,637
Sharp Corp.	133,000		1,384,741
Shin-Etsu Chemical Co., Ltd.	50,100		2,329,870
Shionogi & Co. Ltd.	60,000		1,162,817
Showa Shell Sekiyu KK	22,600		239,759
SMC Corp.	18,300		1,973,706
Sompo Japan Insurance, Inc.	101,000		677,282
Sony Corp.	98,900		2,580,204
Sony Financial Holdings, Inc.	111		307,300
Sumitomo Mitsui Financial Group, Inc.	223,700		9,125,873
Sysmex Corp.	13,400		486,843
T&D Holdings, Inc.	19,100		549,198
THK Co. Ltd.	94,100		1,409,522
Tohoku Electric Power Co., Inc.	59,300		1,240,354
Tokio Marine Holdings, Inc.	84,700		2,316,545
Tokyo Electric Power Co.	104,400		2,687,621
Tokyo Electron Ltd.	10,300		499,310
Tokyo Ohka Kogyo Co. Ltd.	14,700		284,738
Toyota Motor Corp.	217,500		8,225,278
Tsutsumi Jewelry Co. Ltd.	52,700		979,765
TOTAL JAPAN			106,711,425
Korea (South) - 0.1%
Samsung Electronics Co. Ltd.	1,290		599,059
Luxembourg - 1.6%
ArcelorMittal SA (Netherlands)	220,000		7,218,014
SES SA (A Shares) FDR unit	41,172		779,652
Tenaris SA sponsored ADR	21,600		584,064
TOTAL LUXEMBOURG			8,581,730
Netherlands - 4.0%
Akzo Nobel NV	57,500		2,529,349
ASML Holding NV (Netherlands)	53,300		1,155,149
Fugro NV (Certificaten Van Aandelen) unit	10,100		418,218
Gemalto NV (a)	38,500		1,331,737
Koninklijke Ahold NV	296,400		3,402,582
Koninklijke KPN NV	329,200		4,524,873
Randstad Holdings NV (a)	131,100		3,625,470
Royal DSM NV	135,000		4,228,509
TOTAL NETHERLANDS			21,215,887
Common Stocks - continued
	Shares		Value
Norway - 0.9%
Petroleum Geo-Services ASA (a)	37,150		$ 230,159
Pronova BioPharma ASA (a)	513,900		1,366,203
StatoilHydro ASA sponsored ADR	93,200		1,842,564
Telenor ASA (a)	160,000		1,230,061
TOTAL NORWAY			4,668,987
Papua New Guinea - 0.9%
Lihir Gold Ltd. (a)	2,000,000		4,753,630
Singapore - 0.2%
CapitaLand Ltd.	392,000		1,004,087
South Africa - 0.7%
MTN Group Ltd.	235,000		3,605,375
Spain - 3.6%
Banco Santander SA	471,000		5,692,896
Iberdrola SA	278,600		2,258,779
Inditex SA	34,700		1,663,180
Telefonica SA	433,325		9,839,554
TOTAL SPAIN			19,454,409
Sweden - 0.9%
H&M Hennes & Mauritz AB (B Shares)	59,200		2,954,073
Telefonaktiebolaget LM Ericsson (B Shares)	173,800		1,712,001
TOTAL SWEDEN			4,666,074
Switzerland - 7.1%
Actelion Ltd. (Reg.) (a)	23,679		1,239,093
Compagnie Financiere Richemont Series A	81,110		1,685,810
Credit Suisse Group (Reg.)	61,742		2,829,162
Kuehne & Nagel International AG	29,524		2,312,677
Nestle SA (Reg.)	317,748		11,968,196
Nobel Biocare Holding AG (Switzerland)	71,820		1,568,088
Novartis AG (Reg.)	28,686		1,167,889
Roche Holding AG (participation certificate)	65,384		8,889,191
Sonova Holding AG	26,463		2,150,850
UBS AG (For. Reg.) (a)	128,183		1,574,101
Zurich Financial Services AG (Reg.)	16,879		2,973,712
TOTAL SWITZERLAND			38,358,769
Taiwan - 0.7%
Hon Hai Precision Industry Co. Ltd. (Foxconn)	688,850		2,127,762
Common Stocks - continued
	Shares		Value
Taiwan - continued
MediaTek, Inc.	64,000		$ 763,481
Taiwan Semiconductor Manufacturing Co. Ltd.	507,000		843,971
TOTAL TAIWAN			3,735,214
United Kingdom - 21.2%
AstraZeneca PLC (United Kingdom)	133,900		5,903,809
Autonomy Corp. PLC (a)	26,000		614,661
Barclays PLC	1,054,400		4,899,704
BG Group PLC	255,500		4,279,019
BP PLC	1,139,100		9,000,690
British American Tobacco PLC (United Kingdom)	80,400		2,219,310
British Land Co. PLC	155,500		977,236
Centrica PLC	473,700		1,737,856
Compass Group PLC	315,500		1,773,836
Diageo PLC	121,000		1,737,887
easyJet PLC (a)	280,700		1,247,997
Experian PLC	412,700		3,084,146
GlaxoSmithKline PLC	61,409		1,084,654
Hikma Pharmaceuticals PLC	97,300		751,543
HSBC Holdings PLC (Hong Kong) (Reg.)	1,509,510		12,595,267
Imperial Tobacco Group PLC	143,900		3,735,711
Informa PLC	672,140		2,421,639
Land Securities Group PLC	2,273		17,622
Man Group PLC	139,600		637,315
Misys PLC	335,900		953,245
National Grid PLC	231,900		2,088,769
Prudential PLC	554,700		3,773,455
Reckitt Benckiser Group PLC	95,600		4,350,264
Reed Elsevier PLC	140,300		1,044,436
Rio Tinto PLC:
rights 7/1/09 (a)	63,000		723,438
(Reg.)	120,000		4,155,649
Royal Dutch Shell PLC Class A (United Kingdom)	365,221		9,120,802
Scottish & Southern Energy PLC	87,300		1,635,850
Serco Group PLC	138,100		958,764
Standard Chartered PLC (United Kingdom)	171,157		3,210,000
Tesco PLC	510,200		2,967,961
Unilever PLC	129,700		3,048,132
Vodafone Group PLC	4,953,772		9,634,506
Wolseley PLC	139,360		2,654,925
WPP PLC	262,200		1,743,578
Common Stocks - continued
	Shares		Value
United Kingdom - continued
Xstrata PLC	250,000		$ 2,703,393
Yell Group PLC	502,600		217,049
TOTAL UNITED KINGDOM			113,704,118
United States of America - 1.7%
Cummins, Inc.	100,000		3,521,000
CVS Caremark Corp.	43,600		1,389,532
Express Scripts, Inc. (a)	9,900		680,625
Union Pacific Corp.	54,400		2,832,064
Wyeth	19,400		880,566
TOTAL UNITED STATES OF AMERICA			9,303,787
TOTAL COMMON STOCKS (Cost $619,582,474)		523,846,448
Nonconvertible Preferred Stocks - 0.3%

Germany - 0.3%
Henkel AG & Co. KGaA (Cost $1,671,324)	54,800		1,708,775
Money Market Funds - 2.9%

Fidelity Cash Central Fund, 0.40% (b)	4,615,177		4,615,177
Fidelity Securities Lending Cash Central Fund, 0.22% (b)(c)	10,701,839		10,701,839
TOTAL MONEY MARKET FUNDS (Cost $15,317,016)		15,317,016
Cash Equivalents - 0.4%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 0.01%, dated 6/30/09 due 7/1/09 (Collateralized by U.S. Treasury Obligations) # (Cost $2,248,000)	$ 2,248,001		2,248,000
TOTAL INVESTMENT PORTFOLIO - 101.3% (Cost $638,818,814)			543,120,239
NET OTHER ASSETS - (1.3)%			(6,983,807 )
NET ASSETS - 100%		$ 536,136,432

Legend

(a) Non-income producing

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

# Additional information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty	Value
$2,248,000 due 7/01/09 at 0.01%
Barclays Capital, Inc.	$ 300,946
Deutsche Bank Securities, Inc.	266,855
ING Financial Markets LLC	98,835
J.P. Morgan Securities, Inc.	1,383,694
Mizuho Securities USA, Inc.	98,835
Morgan Stanley & Co., Inc.	98,835
	$ 2,248,000

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 65,907
Fidelity Securities Lending Cash Central Fund	560,742
Total	$ 626,649

Other Information

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
United Kingdom	$ 113,704,118	$ 61,836,581	$ 51,867,537	$ -
Japan	106,711,425	67,725,827	38,985,598	-
France	59,010,984	42,699,022	16,311,962	-
Germany	42,495,341	28,145,202	14,350,139	-
Switzerland	38,358,769	32,787,617	5,571,152	-
Netherlands	21,215,887	20,060,738	1,155,149	-
Spain	19,454,409	3,921,959	15,532,450	-
Italy	13,915,250	9,499,618	4,415,632	-
Hong Kong	11,098,257	9,255,657	1,842,600	-
Other	99,590,783	92,799,428	6,791,355	-
Cash Equivalents	2,248,000	-	2,248,000	-
Money Market Funds	15,317,016	15,317,016	-	-
Total Investments in Securities:	$ 543,120,239	$ 384,048,665	$ 159,071,574	$ -

Income Tax Information

At June 30, 2009, the aggregate cost of investment securities for income tax purposes was $640,131,165. Net unrealized depreciation aggregated $97,010,926, of which $45,336,376 related to appreciated investment securities and $142,347,302 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Directors to value its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. Valuation techniques of the Fund's major categories of assets and liabilities are as follows.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Materials
Central Fund

June 30, 2009

1.851903.102

MTCIP-QTLY-0809

Investments June 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.5%
	Shares		Value
BUILDING PRODUCTS - 1.7%
Building Products - 1.7%
Masco Corp.	337,100		$ 3,229,418
CHEMICALS - 51.4%
Commodity Chemicals - 5.0%
Celanese Corp. Class A	391,622		9,301,023
Diversified Chemicals - 17.3%
Akzo Nobel NV	9,069		398,933
Ashland, Inc.	112,400		3,152,820
Cabot Corp.	103,700		1,304,546
Dow Chemical Co.	762,182		12,301,617
E.I. du Pont de Nemours & Co.	503,149		12,890,677
Solutia, Inc. (a)	403,538		2,324,379
			32,372,972
Fertilizers & Agricultural Chemicals - 9.9%
Agrium, Inc.	18,100		722,848
Monsanto Co.	155,532		11,562,249
Terra Industries, Inc.	74,200		1,797,124
The Mosaic Co.	103,100		4,567,330
			18,649,551
Industrial Gases - 10.3%
Air Products & Chemicals, Inc.	139,800		9,029,682
Airgas, Inc.	95,700		3,878,721
Praxair, Inc.	90,359		6,421,814
			19,330,217
Specialty Chemicals - 8.9%
Albemarle Corp.	145,582		3,722,532
Cytec Industries, Inc.	105,131		1,957,539
H.B. Fuller Co.	33,900		636,303
Lubrizol Corp.	38,294		1,811,689
OMNOVA Solutions, Inc. (a)	171,236		558,229
Rockwood Holdings, Inc. (a)	125,850		1,842,444
Valspar Corp.	35,800		806,574
W.R. Grace & Co. (a)	426,200		5,272,094
			16,607,404
TOTAL CHEMICALS			96,261,167
COMMERCIAL SERVICES & SUPPLIES - 0.5%
Commercial Printing - 0.5%
R.R. Donnelley & Sons Co.	82,400		957,488
Common Stocks - continued
	Shares		Value
CONSTRUCTION MATERIALS - 4.4%
Construction Materials - 4.4%
CRH PLC	40,900		$ 935,138
Eagle Materials, Inc.	64,800		1,635,552
Martin Marietta Materials, Inc.	35,500		2,800,240
Texas Industries, Inc.	17,100		536,256
Vulcan Materials Co.	53,400		2,301,540
			8,208,726
CONTAINERS & PACKAGING - 10.2%
Metal & Glass Containers - 5.7%
Ball Corp.	65,300		2,948,948
Crown Holdings, Inc. (a)	87,512		2,112,540
Greif, Inc. Class A	28,500		1,260,270
Owens-Illinois, Inc. (a)	157,200		4,403,172
			10,724,930
Paper Packaging - 4.5%
Packaging Corp. of America	108,900		1,764,180
Rock-Tenn Co. Class A	46,936		1,791,078
Temple-Inland, Inc.	367,826		4,825,877
			8,381,135
TOTAL CONTAINERS & PACKAGING			19,106,065
FOOD PRODUCTS - 1.0%
Agricultural Products - 1.0%
Bunge Ltd.	13,800		831,450
Corn Products International, Inc.	40,900		1,095,711
			1,927,161
HOUSEHOLD DURABLES - 0.4%
Homebuilding - 0.4%
Centex Corp.	85,100		719,946
MARINE - 0.6%
Marine - 0.6%
Ultrapetrol (Bahamas) Ltd. (a)	240,900		1,067,187
METALS & MINING - 24.6%
Diversified Metals & Mining - 8.7%
Anglo American PLC (United Kingdom)	35,100		1,018,329
BHP Billiton PLC	45,400		1,018,769
Common Stocks - continued
	Shares		Value
METALS & MINING - CONTINUED
Diversified Metals & Mining - continued
Freeport-McMoRan Copper & Gold, Inc. Class B	265,163		$ 13,287,319
Teck Resources Ltd. Class B (sub. vtg.)	57,300		913,864
			16,238,281
Gold - 6.9%
Agnico-Eagle Mines Ltd. (Canada)	36,700		1,933,289
AngloGold Ashanti Ltd. sponsored ADR	17,200		630,036
Harmony Gold Mining Co. Ltd. (a)	62,000		640,157
Newcrest Mining Ltd.	113,090		2,779,968
Newmont Mining Corp.	90,700		3,706,909
Randgold Resources Ltd. sponsored ADR	31,115		1,996,650
Yamana Gold, Inc.	149,000		1,324,615
			13,011,624
Precious Metals & Minerals - 0.8%
Impala Platinum Holdings Ltd.	67,727		1,496,994
Steel - 8.2%
Commercial Metals Co.	110,700		1,774,521
Nucor Corp.	165,900		7,370,937
Reliance Steel & Aluminum Co.	76,900		2,952,191
Steel Dynamics, Inc.	220,300		3,245,019
			15,342,668
TOTAL METALS & MINING			46,089,567
OIL, GAS & CONSUMABLE FUELS - 1.2%
Coal & Consumable Fuels - 1.2%
Foundation Coal Holdings, Inc.	32,700		919,197
Massey Energy Co.	64,978		1,269,670
			2,188,867
PAPER & FOREST PRODUCTS - 2.5%
Forest Products - 2.5%
Weyerhaeuser Co.	155,000		4,716,650
TOTAL COMMON STOCKS (Cost $192,183,102)		184,472,242
Money Market Funds - 1.2%
	Shares		Value
Fidelity Cash Central Fund, 0.40% (b) (Cost $2,230,420)	2,230,420		$ 2,230,420
TOTAL INVESTMENT PORTFOLIO - 99.7% (Cost $194,413,522)			186,702,662
NET OTHER ASSETS - 0.3%			603,207
NET ASSETS - 100%		$ 187,305,869

Legend

(a) Non-income producing

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 50,179
Fidelity Securities Lending Cash Central Fund	46,680
Total	$ 96,859

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 719,946	$ 719,946	$ -	$ -
Consumer Staples	1,927,161	1,927,161	-	-
Energy	2,188,867	2,188,867	-	-
Industrials	5,254,093	5,254,093	-	-
Materials	174,382,175	173,742,018	640,157	-
Money Market Funds	2,230,420	2,230,420	-	-
Total Investments in Securities:	$ 186,702,662	$ 186,062,505	$ 640,157	$ -

Income Tax Information

At June 30, 2009, the aggregate cost of investment securities for income tax purposes was $200,223,579. Net unrealized depreciation aggregated $13,520,917, of which $18,900,290 related to appreciated investment securities and $32,421,207 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Directors to value its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. Valuation techniques of the Fund's major categories of assets and liabilities are as follows.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Telecom Services
Central Fund

June 30, 2009

1.851904.102

TSCIP-QTLY-0809

Investments June 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.7%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 2.5%
Communications Equipment - 2.5%
Aruba Networks, Inc. (a)	2,600		$ 22,724
F5 Networks, Inc. (a)	400		13,836
Infinera Corp. (a)	33,600		306,768
Juniper Networks, Inc. (a)	300		7,080
Polycom, Inc. (a)	400		8,108
Sandvine Corp. (a)	2,700		3,087
Starent Networks Corp. (a)	150,700		3,678,587
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR	12,600		123,228
			4,163,418
COMPUTERS & PERIPHERALS - 0.2%
Computer Hardware - 0.1%
Apple, Inc. (a)	1,100		156,673
Computer Storage & Peripherals - 0.1%
Isilon Systems, Inc. (a)	31,300		132,712
NetApp, Inc. (a)	300		5,916
			138,628
TOTAL COMPUTERS & PERIPHERALS			295,301
DIVERSIFIED TELECOMMUNICATION SERVICES - 53.3%
Alternative Carriers - 4.2%
Cable & Wireless PLC	5,367		11,752
Cogent Communications Group, Inc. (a)	35,600		290,140
Global Crossing Ltd. (a)	184,600		1,694,628
Iliad Group SA	800		77,586
Level 3 Communications, Inc. (a)	758,037		1,144,636
PAETEC Holding Corp. (a)	39,000		105,300
tw telecom, inc. (a)	356,400		3,660,228
			6,984,270
Integrated Telecommunication Services - 49.1%
AT&T, Inc.	1,316,132		32,692,718
Cbeyond, Inc. (a)(d)	101,900		1,462,265
China Telecom Corp. Ltd. sponsored ADR	57,000		2,836,320
China Unicom (Hong Kong) Ltd. sponsored ADR	210,900		2,813,406
Cincinnati Bell, Inc. (a)	154,200		437,928
Consolidated Communications Holdings, Inc.	39,300		460,203
Deutsche Telekom AG (Reg.)	400		4,720
Embarq Corp.	1,800		75,708
FairPoint Communications, Inc.	6,204		3,722
Common Stocks - continued
	Shares		Value
DIVERSIFIED TELECOMMUNICATION SERVICES - CONTINUED
Integrated Telecommunication Services - continued
France Telecom SA	76,000		$ 1,729,084
NTELOS Holdings Corp.	19,551		360,129
PT Telkomunikasi Indonesia Tbk Series B	194,000		142,542
Qwest Communications International, Inc. (d)	1,540,200		6,391,830
Telecom Italia SpA sponsored ADR	9,700		133,472
Telefonica SA	600		13,624
Telefonica SA sponsored ADR	38,200		2,593,398
Telenor ASA (a)	1,800		13,838
Telenor ASA sponsored ADR	1,100		25,355
Telkom SA Ltd.	900		4,433
Verizon Communications, Inc.	931,170		28,614,854
Vimpel Communications sponsored ADR	2,000		23,540
Windstream Corp.	2,596		21,703
			80,854,792
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			87,839,062
INTERNET SOFTWARE & SERVICES - 0.4%
Internet Software & Services - 0.4%
Equinix, Inc. (a)	6,910		502,633
Google, Inc. Class A (sub. vtg.) (a)	100		42,159
SAVVIS, Inc.	14,900		170,754
			715,546
MEDIA - 7.5%
Cable & Satellite - 7.5%
Comcast Corp. Class A	281,700		4,081,833
Liberty Global, Inc. Class A (a)	200		3,178
The DIRECTV Group, Inc. (a)(d)	187,300		4,628,183
Virgin Media, Inc.	382,500		3,576,375
			12,289,569
SOFTWARE - 1.5%
Application Software - 1.5%
Gameloft (a)	434,489		1,615,063
Nuance Communications, Inc. (a)	300		3,627
OnMobile Global Ltd. (a)	88,195		803,729
Synchronoss Technologies, Inc. (a)	1,405		17,239
			2,439,658
Common Stocks - continued
	Shares		Value
SOFTWARE - CONTINUED
Home Entertainment Software - 0.0%
Glu Mobile, Inc. (a)	78,700		$ 98,375
TOTAL SOFTWARE			2,538,033
WIRELESS TELECOMMUNICATION SERVICES - 29.3%
Wireless Telecommunication Services - 29.3%
America Movil SAB de CV Series L sponsored ADR	1,200		46,464
American Tower Corp. Class A (a)	269,600		8,500,488
Clearwire Corp. Class A (a)(d)	274,900		1,520,197
Crown Castle International Corp. (a)	105,500		2,534,110
Idea Cellular Ltd. (a)	15,887		23,722
Leap Wireless International, Inc. (a)(d)	43,750		1,440,688
MetroPCS Communications, Inc. (a)	34,450		458,530
MTN Group Ltd.	368,700		5,656,603
NII Holdings, Inc. (a)	65,100		1,241,457
NTT DoCoMo, Inc.	86		125,787
Orascom Telecom Holding SAE unit	300		7,980
PT Indosat Tbk	11,200		5,459
Rogers Communications, Inc. Class B (non-vtg.)	500		12,854
SBA Communications Corp. Class A (a)	126,100		3,094,494
Sprint Nextel Corp. (a)	4,102,339		19,732,251
Syniverse Holdings, Inc. (a)	21,800		349,454
Telephone & Data Systems, Inc.	10,600		299,980
Virgin Mobile USA, Inc. Class A (a)	900		3,618
Vivo Participacoes SA sponsored ADR	800		15,152
Vodafone Group PLC sponsored ADR	158,700		3,093,063
			48,162,351
TOTAL COMMON STOCKS (Cost $149,183,895)		156,003,280
Money Market Funds - 12.9%

Fidelity Cash Central Fund, 0.40% (b)	8,484,547		8,484,547
Fidelity Securities Lending Cash Central Fund, 0.22% (b)(c)	12,772,425		12,772,425
TOTAL MONEY MARKET FUNDS (Cost $21,256,972)		21,256,972
Cash Equivalents - 0.0%
	Maturity Amount		Value
Investments in repurchase agreements in a joint trading account at 0.01%, dated 6/30/09 due 7/1/09 (Collateralized by U.S. Treasury Obligations) # (Cost $2,000)	$ 2,000		$ 2,000
TOTAL INVESTMENT PORTFOLIO - 107.6% (Cost $170,442,867)			177,262,252
NET OTHER ASSETS - (7.6)%			(12,566,657 )
NET ASSETS - 100%		$ 164,695,595

Legend

(a) Non-income producing

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

# Additional information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty	Value
$2,000 due 7/01/09 at 0.01%
Barclays Capital, Inc.	$ 268
Deutsche Bank Securities, Inc.	237
ING Financial Markets LLC	88
J.P. Morgan Securities, Inc.	1,231
Mizuho Securities USA, Inc.	88
Morgan Stanley & Co., Inc.	88
	$ 2,000

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 19,612
Fidelity Securities Lending Cash Central Fund	184,604
Total	$ 204,216

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 12,289,569	$ 12,289,569	$ -	$ -
Information Technology	7,712,298	7,712,298	-	-
Telecommunication Services	136,001,413	134,128,198	1,873,215	-
Cash Equivalents	2,000	-	2,000	-
Money Market Funds	21,256,972	21,256,972	-	-
Total Investments in Securities	$ 177,262,252	$ 175,387,037	$ 1,875,215	$ -

Income Tax Information

At June 30, 2009, the aggregate cost of investment securities for income tax purposes was $176,107,118. Net unrealized appreciation aggregated $1,155,134, of which $18,533,425 related to appreciated investment securities and $17,378,291 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Directors to value its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. Valuation techniques of the Fund's major categories of assets and liabilities are as follows.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Utilities
Central Fund

June 30, 2009

1.851905.102

UTCIP-QTLY-0809

Investments June 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%
	Shares		Value
ELECTRIC UTILITIES - 54.6%
Electric Utilities - 54.6%
American Electric Power Co., Inc.	759,100		$ 21,930,398
Entergy Corp.	105,300		8,162,856
Exelon Corp.	286,318		14,662,345
FirstEnergy Corp.	408,600		15,833,250
FPL Group, Inc.	221,194		12,577,091
NV Energy, Inc.	434,200		4,685,018
Pinnacle West Capital Corp.	168,300		5,074,245
Southern Co.	251,600		7,839,856
			90,765,059
GAS UTILITIES - 2.1%
Gas Utilities - 2.1%
EQT Corp.	100,800		3,518,928
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 18.6%
Independent Power Producers & Energy Traders - 18.6%
AES Corp.	401,591		4,662,472
Black Hills Corp.	16,385		376,691
Calpine Corp. (a)	147,500		1,644,625
Constellation Energy Group, Inc.	483,700		12,856,746
NRG Energy, Inc. (a)	340,300		8,834,188
RRI Energy, Inc. (a)	526,199		2,636,257
			31,010,979
MULTI-UTILITIES - 23.9%
Multi-Utilities - 23.9%
CenterPoint Energy, Inc.	818,400		9,067,872
CMS Energy Corp.	348,000		4,203,840
PG&E Corp.	207,200		7,964,768
Sempra Energy	213,500		10,596,005
TECO Energy, Inc.	662,335		7,901,657
			39,734,142
TOTAL COMMON STOCKS (Cost $161,608,624)		165,029,108
Money Market Funds - 0.3%
	Shares		Value
Fidelity Cash Central Fund, 0.40% (b) (Cost $461,978)	461,978		$ 461,978
TOTAL INVESTMENT PORTFOLIO - 99.5% (Cost $162,070,602)			165,491,086
NET OTHER ASSETS - 0.5%			783,545
NET ASSETS - 100%		$ 166,274,631

Legend

(a) Non-income producing

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 33,517
Fidelity Securities Lending Cash Central	8,201
Total	$ 41,718

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. 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, please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At June 30, 2009, the aggregate cost of investment securities for income tax purposes was $169,039,401. Net unrealized depreciation aggregated $3,548,315, of which $10,830,219 related to appreciated investment securities and $14,378,534 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Directors to value its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. Valuation techniques of the Fund's major categories of assets and liabilities are as follows.

Quarterly Report

Item 2. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Central Investment Portfolios LLC's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trust's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 3. Exhibits

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.

SIGNATURES

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

Fidelity Central Investment Portfolios LLC

By:	/s/Kenneth B. Robins
	Kenneth B. Robins
	President and Treasurer

Date:	August 31, 2009

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

By:	/s/Kenneth B. Robins
	Kenneth B. Robins
	President and Treasurer

Date:	August 31, 2009

By:	/s/Christine Reynolds
	Christine Reynolds
	Chief Financial Officer

Date:	August 31, 2009

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