Name	Symbol	Market	Type
Fidelity Nasdaq Composite Index ETF	NASDAQ:ONEQ	NASDAQ	Exchange Traded Fund

	Price Change	% Change	Price	Bid Price	Offer Price	High Price	Low Price	Open Price	Traded	Last Trade
	0.14	0.18%	78.69	78.10	79.26	79.1599	78.1701	78.785	193,237	01:00:00

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21667

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:	March 31, 2009

Item 1. Reports to Stockholders

Fidelity ® Equity Sector
Central Funds

Consumer Discretionary Central Fund

Consumer Staples Central Fund

Energy Central Fund

Financials Central Fund

Health Care Central Fund

Industrials Central Fund

Information Technology Central Fund

Materials Central Fund

Telecom Services Central Fund

Utilities Central Fund

Semiannual Report

March 31, 2009

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

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

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

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

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

ESCIP-SANN-0509
1.831586.102

Shareholder Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2008 to March 31, 2009).

Actual Expenses

The first line of the accompanying table for each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each fund provides information about hypothetical account values and hypothetical expenses based on a fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

Semiannual Report

	Annualized Expense Ratio	Beginning Account Value October 1, 2008	Ending Account Value March 31, 2009	Expenses Paid During Period * October 1, 2008 to March 31, 2009
Consumer Discretionary	.0025%
Actual		$ 1,000.00	$ 750.70	$ .01
Hypothetical ^A		$ 1,000.00	$ 1,024.92	$ .01
Consumer Staples	.0140%
Actual		$ 1,000.00	$ 782.20	$ .06
Hypothetical ^A		$ 1,000.00	$ 1,024.86	$ .07
Energy	.0062%
Actual		$ 1,000.00	$ 608.80	$ .02
Hypothetical ^A		$ 1,000.00	$ 1,024.90	$ .03
Financials	.0073%
Actual		$ 1,000.00	$ 548.10	$ .03
Hypothetical ^A		$ 1,000.00	$ 1,024.90	$ .04
Health Care	.0114%
Actual		$ 1,000.00	$ 813.30	$ .05
Hypothetical ^A		$ 1,000.00	$ 1,024.87	$ .06
Industrials	.0050%
Actual		$ 1,000.00	$ 640.30	$ .02
Hypothetical ^A		$ 1,000.00	$ 1,024.91	$ .03
Information Technology	.0144%
Actual		$ 1,000.00	$ 776.60	$ .06
Hypothetical ^A		$ 1,000.00	$ 1,024.86	$ .07
Materials	.0101%
Actual		$ 1,000.00	$ 730.80	$ .04
Hypothetical ^A		$ 1,000.00	$ 1,024.88	$ .05
Telecom Services	.0043%
Actual		$ 1,000.00	$ 864.20	$ .02
Hypothetical ^A		$ 1,000.00	$ 1,024.91	$ .02
Utilities	.0045%
Actual		$ 1,000.00	$ 799.10	$ .02
Hypothetical ^A		$ 1,000.00	$ 1,024.91	$ .02

^A 5% return per year before expenses

* Expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). The fees and expenses of the underlying Money Market Central Funds in which each Fund invests are not included in each Fund's annualized expense ratio.

Semiannual Report

Fidelity Consumer Discretionary Central Fund

Investment Changes (Unaudited)

Top Ten Stocks as of March 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
McDonald's Corp.	7.9	6.6
Lowe's Companies, Inc.	7.3	5.8
Target Corp.	7.0	6.9
Comcast Corp. Class A	4.9	4.8
Home Depot, Inc.	4.2	1.2
The Walt Disney Co.	3.9	3.2
Staples, Inc.	3.6	3.1
Time Warner, Inc.	3.4	5.7
Amazon.com, Inc.	2.9	2.5
Costco Wholesale Corp.	2.5	1.0
	47.6

Top Industries (% of fund's net assets)
As of March 31, 2009
	Specialty Retail 25.7%
	Media 22.0%
	Hotels, Restaurants & Leisure 18.8%
	Multiline Retail 7.6%
	Textiles, Apparel & Luxury Goods 6.8%
	All Others * 19.1%

FID168756

As of September 30, 2008
	Media 29.9%
	Specialty Retail 23.1%
	Hotels, Restaurants & Leisure 15.3%
	Multiline Retail 7.8%
	Textiles, Apparel & Luxury Goods 6.2%
	All Others * 17.7%

FID168764

* Includes short-term investments and net other assets.

Semiannual Report

Fidelity Consumer Discretionary Central Fund

Investments March 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%
	Shares		Value
AUTO COMPONENTS - 0.6%
Auto Parts & Equipment - 0.6%
Gentex Corp.	260,200		$ 2,591,592
AUTOMOBILES - 0.0%
Motorcycle Manufacturers - 0.0%
Harley-Davidson, Inc.	2,300		30,797
DISTRIBUTORS - 0.9%
Distributors - 0.9%
Li & Fung Ltd.	1,656,000		3,888,703
DIVERSIFIED CONSUMER SERVICES - 3.8%
Education Services - 3.2%
Apollo Group, Inc. Class A (non-vtg.) (a)	118,000		9,242,940
Princeton Review, Inc. (a)	202,478		880,779
Strayer Education, Inc.	18,000		3,237,660
			13,361,379
Specialized Consumer Services - 0.6%
Coinstar, Inc. (a)	75,400		2,470,104
TOTAL DIVERSIFIED CONSUMER SERVICES			15,831,483
FOOD & STAPLES RETAILING - 4.3%
Food Retail - 1.0%
Susser Holdings Corp. (a)	330,560		4,442,726
Hypermarkets & Super Centers - 3.3%
Costco Wholesale Corp.	226,300		10,482,216
Wal-Mart Stores, Inc.	61,200		3,188,520
			13,670,736
TOTAL FOOD & STAPLES RETAILING			18,113,462
HOTELS, RESTAURANTS & LEISURE - 18.8%
Casinos & Gaming - 3.3%
Bally Technologies, Inc. (a)	97,700		1,799,634
International Game Technology	363,400		3,350,548
Las Vegas Sands Corp. unit	20,900		1,048,484
Penn National Gaming, Inc. (a)	187,100		4,518,465
WMS Industries, Inc. (a)	150,900		3,155,319
Wynn Resorts Ltd. (a)	100		1,997
			13,874,447
Common Stocks - continued
	Shares		Value
HOTELS, RESTAURANTS & LEISURE - CONTINUED
Hotels, Resorts & Cruise Lines - 1.9%
Carnival Corp. unit	376,500		$ 8,132,400
Restaurants - 13.6%
Brinker International, Inc.	163,300		2,465,830
Burger King Holdings, Inc.	271,000		6,219,450
Darden Restaurants, Inc.	171,600		5,879,016
Jack in the Box, Inc. (a)	73,800		1,718,802
McDonald's Corp.	601,458		32,821,564
P.F. Chang's China Bistro, Inc. (a)	68,300		1,562,704
Sonic Corp. (a)	381,200		3,819,624
Wendy's/Arby's Group, Inc.	427,300		2,149,319
			56,636,309
TOTAL HOTELS, RESTAURANTS & LEISURE			78,643,156
HOUSEHOLD DURABLES - 2.1%
Homebuilding - 1.7%
Centex Corp.	163,600		1,227,000
Lennar Corp. Class A	164,400		1,234,644
Pulte Homes, Inc.	296,300		3,238,559
Toll Brothers, Inc. (a)	77,900		1,414,664
			7,114,867
Household Appliances - 0.4%
Whirlpool Corp.	58,200		1,722,138
TOTAL HOUSEHOLD DURABLES			8,837,005
INTERNET & CATALOG RETAIL - 2.9%
Internet Retail - 2.9%
Amazon.com, Inc. (a)	163,700		12,022,128
INTERNET SOFTWARE & SERVICES - 1.6%
Internet Software & Services - 1.6%
Google, Inc. Class A (sub. vtg.) (a)	18,700		6,508,722
LEISURE EQUIPMENT & PRODUCTS - 1.1%
Leisure Products - 1.1%
Hasbro, Inc.	189,374		4,747,606
MEDIA - 22.0%
Advertising - 2.4%
Interpublic Group of Companies, Inc. (a)	761,000		3,135,320
Common Stocks - continued
	Shares		Value
MEDIA - CONTINUED
Advertising - continued
Lamar Advertising Co. Class A (a)(d)	104,600		$ 1,019,850
Omnicom Group, Inc.	254,600		5,957,640
			10,112,810
Broadcasting - 1.2%
Grupo Televisa SA de CV (CPO) sponsored ADR	377,400		5,147,736
Cable & Satellite - 9.6%
Comcast Corp. Class A	1,509,850		20,594,354
Liberty Media Corp. - Entertainment Class A (a)	149,000		2,972,550
The DIRECTV Group, Inc. (a)	445,300		10,148,387
Time Warner Cable, Inc. (d)	218,449		5,417,535
Virgin Media, Inc.	185,900		892,320
			40,025,146
Movies & Entertainment - 7.9%
Ascent Media Corp. (a)	23,700		592,500
News Corp. Class A	300,724		1,990,793
The Walt Disney Co.	891,000		16,180,560
Time Warner, Inc.	742,266		14,325,734
			33,089,587
Publishing - 0.9%
McGraw-Hill Companies, Inc.	158,200		3,618,034
TOTAL MEDIA			91,993,313
MULTILINE RETAIL - 7.6%
Department Stores - 0.6%
Nordstrom, Inc. (d)	140,200		2,348,350
General Merchandise Stores - 7.0%
Target Corp.	852,381		29,313,383
TOTAL MULTILINE RETAIL			31,661,733
SPECIALTY RETAIL - 25.7%
Apparel Retail - 4.6%
Abercrombie & Fitch Co. Class A	95,000		2,261,000
Citi Trends, Inc. (a)	220,501		5,047,268
Ross Stores, Inc.	195,100		7,000,188
Urban Outfitters, Inc. (a)	152,900		2,502,973
Zumiez, Inc. (a)	244,153		2,368,284
			19,179,713
Common Stocks - continued
	Shares		Value
SPECIALTY RETAIL - CONTINUED
Automotive Retail - 3.1%
Advance Auto Parts, Inc.	205,500		$ 8,441,940
AutoZone, Inc. (a)	26,700		4,341,954
			12,783,894
Computer & Electronics Retail - 0.6%
Best Buy Co., Inc.	100		3,796
Gamestop Corp. Class A (a)	95,100		2,664,702
			2,668,498
Home Improvement Retail - 12.4%
Home Depot, Inc.	744,200		17,533,352
Lowe's Companies, Inc.	1,682,400		30,703,800
Lumber Liquidators, Inc. (a)	159,904		2,038,776
Sherwin-Williams Co.	31,600		1,642,252
			51,918,180
Homefurnishing Retail - 0.3%
Williams-Sonoma, Inc.	100,400		1,012,032
Specialty Stores - 4.7%
PetSmart, Inc.	151,837		3,182,504
Sally Beauty Holdings, Inc. (a)	254,800		1,447,264
Staples, Inc.	836,012		15,140,177
			19,769,945
TOTAL SPECIALTY RETAIL			107,332,262
TEXTILES, APPAREL & LUXURY GOODS - 6.8%
Apparel, Accessories & Luxury Goods - 2.7%
Coach, Inc. (a)	174,000		2,905,800
G-III Apparel Group Ltd. (a)	198,936		1,098,127
Hanesbrands, Inc. (a)	207,500		1,985,775
Polo Ralph Lauren Corp. Class A	47,500		2,006,875
VF Corp.	59,400		3,392,334
			11,388,911
Common Stocks - continued
	Shares		Value
TEXTILES, APPAREL & LUXURY GOODS - CONTINUED
Footwear - 4.1%
Iconix Brand Group, Inc. (a)	785,305		$ 6,949,949
NIKE, Inc. Class B	212,900		9,982,881
			16,932,830
TOTAL TEXTILES, APPAREL & LUXURY GOODS			28,321,741
TOTAL COMMON STOCKS (Cost $544,309,886)		410,523,703
Money Market Funds - 2.7%

Fidelity Cash Central Fund, 0.52% (b)	6,847,518		6,847,518
Fidelity Securities Lending Cash Central Fund, 0.46% (b)(c)	4,295,450		4,295,450
TOTAL MONEY MARKET FUNDS (Cost $11,142,968)		11,142,968
TOTAL INVESTMENT PORTFOLIO - 100.9% (Cost $555,452,854)			421,666,671
NET OTHER ASSETS - (0.9)%			(3,807,033 )
NET ASSETS - 100%		$ 417,859,638

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.

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	$ 39,300
Fidelity Securities Lending Cash Central Fund	244,946
Total	$ 284,246

Other Information

The following is a summary of the inputs used, as of March 31, 2009, involving the Fund's assets 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 Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 421,666,671	$ 420,618,187	$ 1,048,484	$ -

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Fidelity Consumer Discretionary Central Fund

Financial Statements

Statement of Assets and Liabilities

	March 31, 2009 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $4,160,825) - See accompanying schedule: Unaffiliated issuers (cost $544,309,886)	$ 410,523,703
Fidelity Central Funds (cost $11,142,968)	11,142,968
Total Investments (cost $555,452,854)		$ 421,666,671
Foreign currency held at value (cost $3)		3
Receivable for investments sold		2,364,342
Receivable for fund shares sold		58,181
Dividends receivable		234,116
Distributions receivable from Fidelity Central Funds		15,885
Total assets		424,339,198

Liabilities
Payable for investments purchased	$ 1,914,347
Payable for fund shares redeemed	267,540
Other payables and accrued expenses	2,223
Collateral on securities loaned, at value	4,295,450
Total liabilities		6,479,560

Net Assets		$ 417,859,638
Net Assets consist of:
Paid in capital		$ 551,645,959
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(133,786,321 )
Net Assets , for 6,083,237 shares outstanding		$ 417,859,638
Net Asset Value , offering price and redemption price per share ($417,859,638 ÷ 6,083,237 shares)		$ 68.69

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Fidelity Consumer Discretionary Central Fund
Financial Statements - continued

Statement of Operations

Six months ended March 31, 2009 (Unaudited)

Investment Income
Dividends		$ 4,114,126
Income from Fidelity Central Funds (including $244,946 from security lending)		284,246
Total income		4,398,372

Expenses
Custodian fees and expenses	$ 5,123
Independent directors' compensation	1,474
Total expenses before reductions	6,597
Expense reductions	(1,715 )	4,882
Net investment income (loss)		4,393,490
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(67,200,638)
Foreign currency transactions	112
Total net realized gain (loss)		(67,200,526)
Change in net unrealized appreciation (depreciation) on: Investment securities	(72,996,644)
Assets and liabilities in foreign currencies	(2,297 )
Total change in net unrealized appreciation (depreciation)		(72,998,941 )
Net gain (loss)		(140,199,467 )
Net increase (decrease) in net assets resulting from operations		$ (135,805,977 )

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Changes in Net Assets

	Six months ended March 31, 2009 (Unaudited)	Year ended September 30, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 4,393,490	$ 9,965,424
Net realized gain (loss)	(67,200,526)	(58,829,095)
Change in net unrealized appreciation (depreciation)	(72,998,941 )	(110,261,559 )
Net increase (decrease) in net assets resulting from operations	(135,805,977 )	(159,125,230 )
Distributions to partners from net investment income	(4,292,362 )	(9,089,713 )
Affiliated share transactions Proceeds from sales of shares	28,633,826	17,789,224
Reinvestment of distributions	4,292,319	3,819,650
Cost of shares redeemed	(5,693,851 )	(36,210,148 )
Net increase (decrease) in net assets resulting from share transactions	27,232,294	(14,601,274 )
Total increase (decrease) in net assets	(112,866,045)	(182,816,217)

Net Assets
Beginning of period	530,725,683	713,541,900
End of period	$ 417,859,638	$ 530,725,683
Other Information Shares
Sold	368,624	170,035
Issued in reinvestment of distributions	62,578	39,314
Redeemed	(88,825 )	(330,897 )
Net increase (decrease)	342,377	(121,548 )

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights

	Six months ended March 31, 2009	Years ended September 30,
	(Unaudited)	2008	2007	2006 ^I
Selected Per-Share Data
Net asset value, beginning of period	$ 92.45	$ 121.71	$ 114.48	$ 100.00
Income from Investment Operations
Net investment income (loss) ^D	.73	1.71	1.68 ^H	.19
Net realized and unrealized gain (loss)	(23.78 )	(29.41 )	7.33	14.46
Total from investment operations	(23.05 )	(27.70 )	9.01	14.65
Distributions to partners from net investment income	(.71 )	(1.56 )	(1.78 )	(.17 )
Net asset value, end of period	$ 68.69	$ 92.45	$ 121.71	$ 114.48
Total Return ^{B, C}	(24.93)%	(22.90)%	7.87%	14.66%
Ratios to Average Net Assets ^{E, J}
Expenses before reductions	-% ^{A, G}	-% ^G	-% ^G	-% ^G
Expenses net of fee waivers, if any	-% ^{A, G}	-% ^G	-% ^G	-% ^G
Expenses net of all reductions	-% ^{A, G}	-% ^G	-% ^G	-% ^G
Net investment income (loss)	2.14% ^A	1.62%	1.35% ^H	.18%
Supplemental Data
Net assets, end of period (000 omitted)	$ 417,860	$ 530,726	$ 713,542	$ 786,815
Portfolio turnover rate ^F	48% ^A	62%	110%	15% ^K

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Calculated based on average shares outstanding during the period.

^E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than .01%.

^H Investment income per share reflects a special dividend which amounted to $.43 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been 1.00%.

^I For the period July 21, 2006 (commencement of operations) to September 30, 2006.

^J Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

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

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Fidelity Consumer Staples Central Fund

Investment Changes (Unaudited)

Top Ten Stocks as of March 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Procter & Gamble Co.	14.0	16.7
The Coca-Cola Co.	9.2	10.6
PepsiCo, Inc.	9.0	8.8
CVS Caremark Corp.	6.7	5.6
Wal-Mart Stores, Inc.	6.5	4.5
British American Tobacco PLC sponsored ADR	4.1	3.7
Nestle SA (Reg.)	4.1	4.0
Unilever NV (NY Shares)	3.1	0.0
Molson Coors Brewing Co. Class B	3.0	2.0
Anheuser-Busch InBev NV	3.0	0.0
	62.7

Top Industries (% of fund's net assets)
As of March 31, 2009
	Beverages 34.1%
	Food & Staples Retailing 19.7%
	Household Products 16.1%
	Food Products 14.4%
	Tobacco 8.5%
	All Others * 7.2%

FID168772

As of September 30, 2008
	Beverages 32.0%
	Household Products 24.1%
	Food & Staples Retailing 15.5%
	Food Products 14.1%
	Tobacco 7.8%
	All Others * 6.5%

FID168780

* Includes short-term investments and net other assets.

Semiannual Report

Fidelity Consumer Staples Central Fund

Investments March 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.7%
	Shares		Value
BEVERAGES - 34.1%
Brewers - 6.6%
Anadolu Efes Biracilik ve Malt Sanyii AS	137,148		$ 849,597
Anheuser-Busch InBev NV	466,400		12,850,473
Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR	31,400		1,499,350
Molson Coors Brewing Co. Class B	387,020		13,267,046
SABMiller PLC	14,300		212,768
			28,679,234
Distillers & Vintners - 4.8%
Constellation Brands, Inc. Class A (sub. vtg.) (a)	993,067		11,817,497
Diageo PLC sponsored ADR	123,200		5,513,200
Pernod Ricard SA	62,920		3,507,733
Remy Cointreau SA	9,800		232,333
			21,070,763
Soft Drinks - 22.7%
Coca-Cola Enterprises, Inc.	641,800		8,465,342
Coca-Cola FEMSA SAB de CV sponsored ADR	62,200		2,118,532
Coca-Cola Icecek AS	254,668		1,202,348
Cott Corp. (a)	639,300		639,072
Dr Pepper Snapple Group, Inc. (a)	175,100		2,960,941
Embotelladora Andina SA sponsored ADR	142,500		2,024,925
Fomento Economico Mexicano SAB de CV sponsored ADR	42,800		1,078,988
Pepsi Bottling Group, Inc.	53,927		1,193,944
PepsiCo, Inc.	761,476		39,200,784
The Coca-Cola Co.	908,800		39,941,760
			98,826,636
TOTAL BEVERAGES			148,576,633
FOOD & STAPLES RETAILING - 19.7%
Drug Retail - 9.4%
CVS Caremark Corp.	1,058,552		29,099,594
Walgreen Co.	457,600		11,879,296
			40,978,890
Food Retail - 3.8%
Kroger Co.	291,800		6,191,996
Safeway, Inc.	526,779		10,635,668
			16,827,664
Common Stocks - continued
	Shares		Value
FOOD & STAPLES RETAILING - CONTINUED
Hypermarkets & Super Centers - 6.5%
Wal-Mart Stores, Inc.	542,108		$ 28,243,827
TOTAL FOOD & STAPLES RETAILING			86,050,381
FOOD PRODUCTS - 14.4%
Agricultural Products - 3.3%
Archer Daniels Midland Co.	265,100		7,364,478
Bunge Ltd.	74,328		4,210,681
Corn Products International, Inc.	34,200		725,040
SLC Agricola SA	188,900		1,017,999
Viterra, Inc. (a)	152,100		1,059,493
			14,377,691
Packaged Foods & Meats - 11.1%
Cadbury PLC sponsored ADR	36,404		1,103,041
General Mills, Inc.	62,850		3,134,958
Groupe Danone	32,100		1,562,948
Kraft Foods, Inc. Class A	223,000		4,970,670
Lindt & Spruengli AG (d)	50		812,615
Nestle SA (Reg.)	528,705		17,872,765
Perdigao SA (ON)	73,000		913,011
PureCircle Ltd. (a)	174,100		474,617
Sadia SA ADR (d)	190,300		784,036
Tyson Foods, Inc. Class A	382,121		3,588,116
Unilever NV (NY Shares)	679,900		13,326,040
			48,542,817
TOTAL FOOD PRODUCTS			62,920,508
HOUSEHOLD DURABLES - 0.5%
Housewares & Specialties - 0.5%
Fortune Brands, Inc.	44,500		1,092,475
Newell Rubbermaid, Inc.	174,188		1,111,319
			2,203,794
HOUSEHOLD PRODUCTS - 16.1%
Household Products - 16.1%
Colgate-Palmolive Co.	134,800		7,950,504
Kimberly-Clark Corp.	27,238		1,255,944
Procter & Gamble Co.	1,298,702		61,155,880
			70,362,328
Common Stocks - continued
	Shares		Value
PERSONAL PRODUCTS - 2.6%
Personal Products - 2.6%
Avon Products, Inc.	533,750		$ 10,264,013
Mead Johnson Nutrition Co. Class A	40,400		1,166,348
			11,430,361
PHARMACEUTICALS - 1.8%
Pharmaceuticals - 1.8%
Johnson & Johnson	126,279		6,642,275
Perrigo Co.	48,447		1,202,939
			7,845,214
TOBACCO - 8.5%
Tobacco - 8.5%
Altria Group, Inc.	536,100		8,588,322
British American Tobacco PLC sponsored ADR (d)	390,600		17,967,600
Philip Morris International, Inc.	264,200		9,400,236
Souza Cruz Industria Comerico	53,800		1,028,915
			36,985,073
TOTAL COMMON STOCKS (Cost $471,504,083)		426,374,292
Money Market Funds - 2.4%

Fidelity Cash Central Fund, 0.52% (b)	8,961,665		8,961,665
Fidelity Securities Lending Cash Central Fund, 0.46% (b)(c)	1,632,496		1,632,496
TOTAL MONEY MARKET FUNDS (Cost $10,594,161)		10,594,161
TOTAL INVESTMENT PORTFOLIO - 100.1% (Cost $482,098,244)			436,968,453
NET OTHER ASSETS - (0.1)%			(606,742 )
NET ASSETS - 100%		$ 436,361,711

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	$ 55,650
Fidelity Securities Lending Cash Central Fund	72,102
Total	$ 127,752

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 436,968,453	$ 436,968,453	$ -	$ -

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	78.5%
United Kingdom	5.7%
Switzerland	4.3%
Netherlands	3.1%
Belgium	3.0%
France	1.2%
Brazil	1.1%
Bermuda	1.1%
Others (individually less than 1%)	2.0%
	100.0%

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Fidelity Consumer Staples Central Fund

Financial Statements

Statement of Assets and Liabilities

	March 31, 2009 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $1,630,065) - See accompanying schedule: Unaffiliated issuers (cost $471,504,083)	$ 426,374,292
Fidelity Central Funds (cost $10,594,161)	10,594,161
Total Investments (cost $482,098,244)		$ 436,968,453
Foreign currency held at value (cost $72)		69
Receivable for investments sold		3,572,292
Receivable for fund shares sold		68,725
Dividends receivable		1,813,585
Distributions receivable from Fidelity Central Funds		4,673
Total assets		442,427,797

Liabilities
Payable for investments purchased	$ 4,105,615
Payable for fund shares redeemed	316,225
Other payables and accrued expenses	11,750
Collateral on securities loaned, at value	1,632,496
Total liabilities		6,066,086

Net Assets		$ 436,361,711
Net Assets consist of:
Paid in capital		$ 481,493,578
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(45,131,867 )
Net Assets , for 4,916,720 shares outstanding		$ 436,361,711
Net Asset Value , offering price and redemption price per share ($436,361,711 ÷ 4,916,720 shares)		$ 88.75

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Fidelity Consumer Staples Central Fund
Financial Statements - continued

Statement of Operations

Six months ended March 31, 2009 (Unaudited)

Investment Income
Dividends		$ 5,998,423
Income from Fidelity Central Funds (including $72,102 from security lending)		127,752
Total income		6,126,175

Expenses
Custodian fees and expenses	$ 32,086
Independent directors' compensation	1,613
Total expenses before reductions	33,699
Expense reductions	(1,739 )	31,960
Net investment income (loss)		6,094,215
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(39,648,492)
Foreign currency transactions	(52,984 )
Total net realized gain (loss)		(39,701,476)
Change in net unrealized appreciation (depreciation) on: Investment securities	(86,592,858)
Assets and liabilities in foreign currencies	27,661
Total change in net unrealized appreciation (depreciation)		(86,565,197 )
Net gain (loss)		(126,266,673 )
Net increase (decrease) in net assets resulting from operations		$ (120,172,458 )

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Changes in Net Assets

	Six months ended March 31, 2009 (Unaudited)	Year ended September 30, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 6,094,215	$ 12,904,727
Net realized gain (loss)	(39,701,476)	7,062,853
Change in net unrealized appreciation (depreciation)	(86,565,197 )	(58,557,208 )
Net increase (decrease) in net assets resulting from operations	(120,172,458 )	(38,589,628 )
Distributions to partners from net investment income	(5,999,535 )	(12,699,130 )
Affiliated share transactions Proceeds from sales of shares	27,778,792	16,720,823
Reinvestment of distributions	5,999,479	5,673,850
Cost of shares redeemed	(6,547,047 )	(19,461,729 )
Net increase (decrease) in net assets resulting from share transactions	27,231,224	2,932,944
Total increase (decrease) in net assets	(98,940,769)	(48,355,814)

Net Assets
Beginning of period	535,302,480	583,658,294
End of period	$ 436,361,711	$ 535,302,480
Other Information Shares
Sold	270,118	134,806
Issued in reinvestment of distributions	65,235	47,522
Redeemed	(74,371 )	(153,199 )
Net increase (decrease)	260,982	29,129

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights

	Six months ended March 31, 2009	Years ended September 30,
	(Unaudited)	2008	2007	2006 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 114.98	$ 126.15	$ 104.59	$ 100.00
Income from Investment Operations
Net investment income (loss) ^D	1.25	2.77	2.43	.39
Net realized and unrealized gain (loss)	(26.25 )	(11.21 )	21.58	4.58
Total from investment operations	(25.00 )	(8.44 )	24.01	4.97
Distributions to partners from net investment income	(1.23 )	(2.73 )	(2.45 )	(.38 )
Net asset value, end of period	$ 88.75	$ 114.98	$ 126.15	$ 104.59
Total Return ^{B, C}	(21.78)%	(6.82)%	23.21%	4.97%
Ratios to Average Net Assets ^{E, I}
Expenses before reductions	.01% ^A	.01%	.01%	-% ^G
Expenses net of fee waivers, if any	.01% ^A	.01%	.01%	-% ^G
Expenses net of all reductions	.01% ^A	.01%	.01%	-% ^G
Net investment income (loss)	2.67% ^A	2.23%	2.14%	.37%
Supplemental Data
Net assets, end of period (000 omitted)	$ 436,362	$ 535,302	$ 583,658	$ 569,589
Portfolio turnover rate ^F	103% ^A	59%	93%	10% ^J

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than .01%.

^H For the period July 21, 2006 (commencement of operations) to September 30, 2006.

^I Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

^J Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Fidelity Energy Central Fund

Investment Changes (Unaudited)

Top Ten Stocks as of March 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Southwestern Energy Co.	5.4	2.3
Occidental Petroleum Corp.	5.3	3.7
Range Resources Corp.	4.6	4.1
Hess Corp.	4.3	3.1
Transocean Ltd.	4.2	0.4
Noble Corp.	4.1	0.0
Petrohawk Energy Corp.	3.5	2.8
Schlumberger Ltd. (NY Shares)	3.1	3.4
Cabot Oil & Gas Corp.	3.0	3.1
Marathon Oil Corp.	2.9	0.5
	40.4

Top Industries (% of fund's net assets)
As of March 31, 2009
	Oil, Gas & Consumable Fuels 63.8%
	Energy Equipment & Services 31.1%
	Electrical Equipment 2.6%
	Gas Utilities 1.2%
	Construction & Engineering 0.6%
	All Others * 0.7%

FID168788

As of September 30, 2008
	Oil, Gas & Consumable Fuels 63.4%
	Energy Equipment & Services 27.9%
	Electrical Equipment 4.6%
	Construction & Engineering 0.5%
	Metals & Mining 0.4%
	All Others * 3.2%

FID168796

* Includes short-term investments and net other assets.

Semiannual Report

Fidelity Energy Central Fund

Investments March 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 0.0%
Environmental & Facility Services - 0.0%
Fuel Tech, Inc. (a)	13,701		$ 143,312
CONSTRUCTION & ENGINEERING - 0.6%
Construction & Engineering - 0.6%
Jacobs Engineering Group, Inc. (a)	58,558		2,263,852
ELECTRICAL EQUIPMENT - 2.6%
Electrical Components & Equipment - 2.5%
Energy Conversion Devices, Inc. (a)	48,654		645,639
Evergreen Solar, Inc. (a)(d)	233,725		497,834
First Solar, Inc. (a)(d)	34,700		4,604,690
JA Solar Holdings Co. Ltd. ADR (a)(d)	421,900		1,421,803
Q-Cells SE (a)	16,307		317,942
Renewable Energy Corp. AS (a)(d)	63,800		553,396
Sunpower Corp. Class B (a)	87,800		1,738,440
Suntech Power Holdings Co. Ltd. sponsored ADR (a)(d)	39,200		458,248
			10,237,992
Heavy Electrical Equipment - 0.1%
Vestas Wind Systems AS (a)	12,217		535,996
TOTAL ELECTRICAL EQUIPMENT			10,773,988
ENERGY EQUIPMENT & SERVICES - 31.1%
Oil & Gas Drilling - 14.7%
Atwood Oceanics, Inc. (a)	320,855		5,322,984
Helmerich & Payne, Inc.	304,398		6,931,142
Hercules Offshore, Inc. (a)	181,293		286,443
Nabors Industries Ltd. (a)	733,084		7,323,509
Noble Corp.	716,597		17,262,822
Patterson-UTI Energy, Inc.	72,272		647,557
Pride International, Inc. (a)	334,200		6,008,916
Transocean Ltd. (a)	295,775		17,403,401
			61,186,774
Oil & Gas Equipment & Services - 16.4%
Baker Hughes, Inc.	58,000		1,655,900
BJ Services Co.	168,554		1,677,112
Core Laboratories NV	6,000		438,960
Dresser-Rand Group, Inc. (a)	43,600		963,560
Dril-Quip, Inc. (a)	108,859		3,341,971
Exterran Holdings, Inc. (a)	74,995		1,201,420
FMC Technologies, Inc. (a)	105,300		3,303,261
Common Stocks - continued
	Shares		Value
ENERGY EQUIPMENT & SERVICES - CONTINUED
Oil & Gas Equipment & Services - continued
Fugro NV (Certificaten Van Aandelen) unit	1,650		$ 52,485
Global Industries Ltd. (a)	361,603		1,388,556
Halliburton Co.	279,000		4,316,130
Helix Energy Solutions Group, Inc. (a)	71,300		366,482
Hornbeck Offshore Services, Inc. (a)	74,447		1,134,572
National Oilwell Varco, Inc. (a)	383,695		11,015,883
Oceaneering International, Inc. (a)	63,430		2,338,664
Oil States International, Inc. (a)	38,000		509,960
Schlumberger Ltd. (NY Shares)	317,578		12,900,018
Smith International, Inc.	101,100		2,171,628
Superior Energy Services, Inc. (a)	162,556		2,095,347
Tenaris SA sponsored ADR	96,000		1,936,320
Tidewater, Inc.	24,536		911,022
TSC Offshore Group Ltd. (a)	1,216,000		117,671
Weatherford International Ltd. (a)	1,072,526		11,872,863
Willbros Group, Inc. (a)	235,899		2,288,220
			67,998,005
TOTAL ENERGY EQUIPMENT & SERVICES			129,184,779
GAS UTILITIES - 1.2%
Gas Utilities - 1.2%
EQT Corp.	50,479		1,581,507
Questar Corp.	112,372		3,307,108
Zhongyu Gas Holdings Ltd. (a)	4,720,000		249,689
			5,138,304
METALS & MINING - 0.1%
Diversified Metals & Mining - 0.1%
Teck Cominco Ltd. Class B (sub. vtg.)	56,800		317,696
OIL, GAS & CONSUMABLE FUELS - 63.8%
Coal & Consumable Fuels - 3.9%
Arch Coal, Inc.	278,115		3,718,398
CONSOL Energy, Inc.	165,749		4,183,505
Foundation Coal Holdings, Inc.	314,100		4,507,335
Massey Energy Co.	218,151		2,207,688
Peabody Energy Corp.	62,761		1,571,535
PT Bumi Resources Tbk	2,434,500		170,751
			16,359,212
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Integrated Oil & Gas - 21.5%
Chevron Corp.	112,200		$ 7,544,328
ConocoPhillips	211,818		8,294,793
ENI SpA sponsored ADR	199,900		7,660,168
Exxon Mobil Corp.	55,629		3,788,335
Hess Corp.	330,250		17,899,550
Marathon Oil Corp.	458,900		12,064,481
Occidental Petroleum Corp.	397,600		22,126,440
Petroleo Brasileiro SA - Petrobras (PN) sponsored ADR (non-vtg.)	201,500		4,936,750
Suncor Energy, Inc.	224,000		5,000,881
			89,315,726
Oil & Gas Exploration & Production - 30.0%
Anadarko Petroleum Corp.	254,700		9,905,283
Apache Corp.	15,100		967,759
Berry Petroleum Co. Class A	23,429		256,782
Bill Barrett Corp. (a)	29,900		664,976
Cabot Oil & Gas Corp.	523,400		12,336,538
Canadian Natural Resources Ltd.	117,000		4,540,021
Chesapeake Energy Corp.	161,470		2,754,678
Comstock Resources, Inc. (a)	203,553		6,065,879
Concho Resources, Inc. (a)	86,956		2,225,204
Denbury Resources, Inc. (a)	409,800		6,089,628
Devon Energy Corp.	2,400		107,256
EOG Resources, Inc.	969		53,062
EXCO Resources, Inc. (a)	431,847		4,318,470
Forest Oil Corp. (a)	800		10,520
Newfield Exploration Co. (a)	98,226		2,229,730
Noble Energy, Inc.	101,600		5,474,208
Oil Search Ltd.	309,650		1,137,443
OPTI Canada, Inc. (a)	259,700		203,977
Petrobank Energy & Resources Ltd. (a)	22,900		426,042
Petrohawk Energy Corp. (a)	759,100		14,597,493
Plains Exploration & Production Co. (a)	252,232		4,345,957
Range Resources Corp.	467,435		19,239,625
SandRidge Energy, Inc. (a)	219,068		1,443,658
Southwestern Energy Co. (a)	759,900		22,561,433
Talisman Energy, Inc.	4,800		50,839
Ultra Petroleum Corp. (a)	55,200		1,981,128
Whiting Petroleum Corp. (a)	32,100		829,785
			124,817,374
Common Stocks - continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS - CONTINUED
Oil & Gas Refining & Marketing - 7.8%
Frontier Oil Corp.	725,708		$ 9,281,805
Holly Corp.	139,602		2,959,562
Sunoco, Inc.	224,163		5,935,836
Tesoro Corp.	356,865		4,806,972
Valero Energy Corp.	522,200		9,347,380
			32,331,555
Oil & Gas Storage & Transport - 0.6%
El Paso Corp.	267,300		1,670,625
Williams Companies, Inc.	80,473		915,783
			2,586,408
TOTAL OIL, GAS & CONSUMABLE FUELS			265,410,275
TOTAL COMMON STOCKS (Cost $533,886,136)		413,232,206
Money Market Funds - 2.2%

Fidelity Cash Central Fund, 0.52% (b)	2,844,546		2,844,546
Fidelity Securities Lending Cash Central Fund, 0.46% (b)(c)	6,232,070		6,232,070
TOTAL MONEY MARKET FUNDS (Cost $9,076,616)		9,076,616
TOTAL INVESTMENT PORTFOLIO - 101.6% (Cost $542,962,752)			422,308,822
NET OTHER ASSETS - (1.6)%			(6,569,493 )
NET ASSETS - 100%		$ 415,739,329

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	$ 57,332
Fidelity Securities Lending Cash Central Fund	112,843
Total	$ 170,175

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 422,308,822	$ 421,000,628	$ 1,308,194	$ -

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	77.8%
Switzerland	11.2%
Netherlands Antilles	3.1%
Canada	3.1%
Italy	1.9%
Brazil	1.2%
Others (individually less than 1%)	1.7%
	100.0%

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Fidelity Energy Central Fund

Financial Statements

Statement of Assets and Liabilities

	March 31, 2009 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $5,968,682) - See accompanying schedule: Unaffiliated issuers (cost $533,886,136)	$ 413,232,206
Fidelity Central Funds (cost $9,076,616)	9,076,616
Total Investments (cost $542,962,752)		$ 422,308,822
Receivable for investments sold		5,006,330
Receivable for fund shares sold		76,211
Dividends receivable		347,928
Distributions receivable from Fidelity Central Funds		14,396
Total assets		427,753,687

Liabilities
Payable to custodian bank	$ 946
Payable for investments purchased	5,355,346
Payable for fund shares redeemed	350,651
Other payables and accrued expenses	75,345
Collateral on securities loaned, at value	6,232,070
Total liabilities		12,014,358

Net Assets		$ 415,739,329
Net Assets consist of:
Paid in capital		$ 536,462,945
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(120,723,616 )
Net Assets , for 6,220,500 shares outstanding		$ 415,739,329
Net Asset Value , offering price and redemption price per share ($415,739,329 ÷ 6,220,500 shares)		$ 66.83

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Six months ended March 31, 2009 (Unaudited)

Investment Income
Dividends		$ 2,525,739
Income from Fidelity Central Funds (including $112,843 from security lending)		170,175
Total income		2,695,914

Expenses
Custodian fees and expenses	$ 13,680
Independent directors' compensation	1,600
Total expenses before reductions	15,280
Expense reductions	(1,874 )	13,406
Net investment income (loss)		2,682,508
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(207,336,988)
Foreign currency transactions	(69,002 )
Total net realized gain (loss)		(207,405,990)
Change in net unrealized appreciation (depreciation) on: Investment securities	(39,906,790)
Assets and liabilities in foreign currencies	4,509
Total change in net unrealized appreciation (depreciation)		(39,902,281 )
Net gain (loss)		(247,308,271 )
Net increase (decrease) in net assets resulting from operations		$ (244,625,763 )

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Fidelity Energy Central Fund
Financial Statements - continued

Statement of Changes in Net Assets

	Six months ended March 31, 2009 (Unaudited)	Year ended September 30, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 2,682,508	$ 6,221,005
Net realized gain (loss)	(207,405,990)	131,040,114
Change in net unrealized appreciation (depreciation)	(39,902,281 )	(278,415,916 )
Net increase (decrease) in net assets resulting from operations	(244,625,763 )	(141,154,797 )
Distributions to partners from net investment income	(2,552,073 )	(6,159,006 )
Affiliated share transactions Proceeds from sales of shares	100,449,371	22,064,048
Reinvestment of distributions	375,044	3,830
Cost of shares redeemed	(6,537,413 )	(46,214,945 )
Net increase (decrease) in net assets resulting from share transactions	94,287,002	(24,147,067 )
Total increase (decrease) in net assets	(152,890,834)	(171,460,870)

Net Assets
Beginning of period	568,630,163	740,091,033
End of period	$ 415,739,329	$ 568,630,163
Other Information Shares
Sold	1,164,849	153,630
Issued in reinvestment of distributions	5,578	25
Redeemed	(96,988 )	(275,359 )
Net increase (decrease)	1,073,439	(121,704 )

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights

	Six months ended March 31, 2009	Years ended September 30,
	(Unaudited)	2008	2007	2006 ^I
Selected Per-Share Data
Net asset value, beginning of period	$ 110.48	$ 140.47	$ 97.16	$ 100.00
Income from Investment Operations
Net investment income (loss) ^D	.43	1.18	1.22 ^H	.29
Net realized and unrealized gain (loss)	(43.67 )	(29.99 )	43.31	(2.85 )
Total from investment operations	(43.24 )	(28.81 )	44.53	(2.56 )
Distributions to partners from net investment income	(.41 )	(1.18 )	(1.22 )	(.28 )
Net asset value, end of period	$ 66.83	$ 110.48	$ 140.47	$ 97.16
Total Return ^{B, C}	(39.12)%	(20.73)%	46.10%	(2.57)%
Ratios to Average Net Assets ^{E, J}
Expenses before reductions	.01% ^A	.01%	-% ^G	-% ^G
Expenses net of fee waivers, if any	.01% ^A	.01%	-% ^G	-% ^G
Expenses net of all reductions	.01% ^A	.01%	-% ^G	-% ^G
Net investment income (loss)	1.22% ^A	.80%	1.05% ^H	.28%
Supplemental Data
Net assets, end of period (000 omitted)	$ 415,739	$ 568,630	$ 740,091	$ 616,182
Portfolio turnover rate ^F	198% ^A	108%	52%	12% ^K

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than .01%.

^H Investment income per share reflects a special dividend which amounted to $.13 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .94%.

^I For the period July 21, 2006 (commencement of operations) to September 30, 2006.

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

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Fidelity Financials Central Fund

Investment Changes (Unaudited)

Top Ten Stocks as of March 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
The First American Corp.	5.5	0.0
Fidelity National Financial, Inc. Class A	5.1	0.0
BM&F BOVESPA SA	4.5	0.0
MetLife, Inc.	4.1	2.3
Everest Re Group Ltd.	4.1	2.9
IntercontinentalExchange, Inc.	4.1	0.0
Citigroup, Inc.	3.8	5.3
Deutsche Bank AG (NY Shares)	3.8	0.0
Franklin Resources, Inc.	3.8	1.6
Deutsche Boerse AG	3.6	0.6
	42.4

Top Industries (% of fund's net assets)
As of March 31, 2009
	Capital Markets 27.3%
	Insurance 24.6%
	Diversified Financial Services 22.5%
	Commercial Banks 8.3%
	Consumer Finance 3.7%
	All Others * 13.6%

FID168805

As of September 30, 2008
	Diversified Financial Services 23.4%
	Insurance 21.3%
	Commercial Banks 19.7%
	Capital Markets 18.0%
	Real Estate Investment Trusts 5.5%
	All Others * 12.1%

FID168813

* Includes short-term investments and net other assets.

Semiannual Report

Fidelity Financials Central Fund

Investments March 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%
	Shares		Value
CAPITAL MARKETS - 27.3%
Asset Management & Custody Banks - 17.2%
Bank of New York Mellon Corp.	399,500		$ 11,285,875
Bank Sarasin & Co. Ltd. Series B (Reg.)	243,344		5,119,994
BlackRock, Inc. Class A	39,300		5,110,572
EFG International	970,610		7,239,286
Franklin Resources, Inc.	337,665		18,190,014
GLG Partners, Inc. (d)	92,600		262,984
Janus Capital Group, Inc.	263,500		1,752,275
Julius Baer Holding Ltd.	182,093		4,479,139
Legg Mason, Inc.	915,142		14,550,758
Och-Ziff Capital Management Group LLC Class A	211,200		1,281,984
T. Rowe Price Group, Inc.	453,331		13,083,133
			82,356,014
Diversified Capital Markets - 3.8%
Deutsche Bank AG (NY Shares)	449,100		18,255,915
Investment Banking & Brokerage - 6.3%
Evercore Partners, Inc. Class A	214,322		3,311,275
GFI Group, Inc.	3,009,024		9,658,967
Goldman Sachs Group, Inc.	12,300		1,304,046
Lazard Ltd. Class A	160,000		4,704,000
MF Global Ltd. (a)	920,374		3,893,182
Morgan Stanley	186,900		4,255,713
Nomura Holdings, Inc.	621,300		3,151,384
			30,278,567
TOTAL CAPITAL MARKETS			130,890,496
COMMERCIAL BANKS - 8.3%
Diversified Banks - 0.6%
KB Financial Group, Inc. ADR (a)(d)	15,600		378,300
Wells Fargo & Co.	166,700		2,373,808
			2,752,108
Regional Banks - 7.7%
Bank of Hawaii Corp.	137,719		4,541,973
Cathay General Bancorp (d)	87,900		916,797
Glacier Bancorp, Inc.	592,317		9,305,300
Huntington Bancshares, Inc. (d)	638,300		1,059,578
Common Stocks - continued
	Shares		Value
COMMERCIAL BANKS - CONTINUED
Regional Banks - continued
KeyCorp	1,704,563		$ 13,414,911
Umpqua Holdings Corp. (d)	865,367		7,840,225
			37,078,784
TOTAL COMMERCIAL BANKS			39,830,892
CONSUMER FINANCE - 3.7%
Consumer Finance - 3.7%
American Express Co.	345,000		4,702,350
Capital One Financial Corp.	336,602		4,120,008
Dollar Financial Corp. (a)	716,637		6,822,384
Promise Co. Ltd. (d)	134,300		2,126,551
			17,771,293
DIVERSIFIED FINANCIAL SERVICES - 22.5%
Other Diversified Financial Services - 7.2%
Bank of America Corp.	254,487		1,735,601
Citigroup, Inc. (d)	7,254,230		18,353,202
JPMorgan Chase & Co.	539,600		14,342,568
			34,431,371
Specialized Finance - 15.3%
BM&F BOVESPA SA	7,022,300		21,343,917
CME Group, Inc.	58,200		14,339,898
Deutsche Boerse AG	287,400		17,322,014
IntercontinentalExchange, Inc. (a)	262,000		19,511,140
JSE Ltd.	109,300		513,335
			73,030,304
TOTAL DIVERSIFIED FINANCIAL SERVICES			107,461,675
INSURANCE - 24.6%
Insurance Brokers - 0.1%
National Financial Partners Corp.	100,000		320,000
Life & Health Insurance - 5.5%
MetLife, Inc.	878,154		19,995,567
Prudential Financial, Inc.	71,200		1,354,224
Unum Group	417,400		5,217,500
			26,567,291
Multi-Line Insurance - 0.1%
Hartford Financial Services Group, Inc.	68,080		534,428
Common Stocks - continued
	Shares		Value
INSURANCE - CONTINUED
Property & Casualty Insurance - 12.8%
Fidelity National Financial, Inc. Class A	1,257,792		$ 24,539,522
MBIA, Inc. (a)(d)	73,400		336,172
The First American Corp.	989,817		26,240,048
United America Indemnity Ltd. Class A (a)	75,400		303,108
XL Capital Ltd. Class A	1,792,000		9,784,320
			61,203,170
Reinsurance - 6.1%
Everest Re Group Ltd.	279,388		19,780,670
Validus Holdings Ltd. (d)	403,716		9,559,995
			29,340,665
TOTAL INSURANCE			117,965,554
INTERNET SOFTWARE & SERVICES - 2.1%
Internet Software & Services - 2.1%
China Finance Online Co. Ltd. ADR (a)	1,150,425		10,077,723
IT SERVICES - 2.9%
Data Processing & Outsourced Services - 2.9%
CyberSource Corp. (a)	84,931		1,257,828
MasterCard, Inc. Class A	23,700		3,969,276
MoneyGram International, Inc. (a)	1,904,481		2,247,288
Visa, Inc.	114,400		6,360,640
			13,835,032
PROFESSIONAL SERVICES - 1.8%
Research & Consulting Services - 1.8%
First Advantage Corp. Class A (a)	621,721		8,567,315
REAL ESTATE INVESTMENT TRUSTS - 0.3%
Mortgage REITs - 0.1%
Chimera Investment Corp.	79,100		265,776
Residential REITs - 0.1%
UDR, Inc.	77,209		664,769
Retail REITs - 0.1%
Developers Diversified Realty Corp.	141,000		300,330
TOTAL REAL ESTATE INVESTMENT TRUSTS			1,230,875
Common Stocks - continued
	Shares		Value
REAL ESTATE MANAGEMENT & DEVELOPMENT - 2.1%
Diversified Real Estate Activities - 0.5%
Mitsubishi Estate Co. Ltd.	201,000		$ 2,279,863
Real Estate Development - 1.6%
Xinyuan Real Estate Co. Ltd. ADR (a)(d)	2,103,578		7,867,382
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT			10,147,245
SOFTWARE - 3.3%
Application Software - 3.3%
EPIQ Systems, Inc. (a)	878,371		15,837,029
SPECIALTY RETAIL - 0.2%
Home Improvement Retail - 0.2%
Home Depot, Inc.	29,600		697,376
THRIFTS & MORTGAGE FINANCE - 0.0%
Thrifts & Mortgage Finance - 0.0%
Washington Mutual, Inc.	543,828		30,182
TOTAL COMMON STOCKS (Cost $502,323,333)		474,342,687
Convertible Preferred Stocks - 0.1%

COMMERCIAL BANKS - 0.0%
Regional Banks - 0.0%
UCBH Holdings, Inc. Series B, 8.50%	100		35,655
THRIFTS & MORTGAGE FINANCE - 0.1%
Thrifts & Mortgage Finance - 0.1%
Fannie Mae 8.75%	225,600		243,648
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $585,932)		279,303
Money Market Funds - 10.7%
	Shares		Value
Fidelity Cash Central Fund, 0.52% (b)	30,723,304		$ 30,723,304
Fidelity Securities Lending Cash Central Fund, 0.46% (b)(c)	20,746,215		20,746,215
TOTAL MONEY MARKET FUNDS (Cost $51,469,519)		51,469,519
TOTAL INVESTMENT PORTFOLIO - 109.9% (Cost $554,378,784)			526,091,509
NET OTHER ASSETS - (9.9)%			(47,300,382 )
NET ASSETS - 100%		$ 478,791,127

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	$ 141,602
Fidelity Securities Lending Cash Central Fund	1,113,056
Total	$ 1,254,658

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 526,091,509	$ 518,254,408	$ 7,837,101	$ -

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	71.2%
Bermuda	7.9%
Germany	7.4%
Brazil	4.5%
Switzerland	3.5%
Hong Kong	2.1%
Cayman Islands	1.7%
Japan	1.5%
Others (individually less than 1%)	0.2%
	100.0%

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Fidelity Financials Central Fund

Financial Statements

Statement of Assets and Liabilities

	March 31, 2009 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $20,584,802) - See accompanying schedule: Unaffiliated issuers (cost $502,909,265)	$ 474,621,990
Fidelity Central Funds (cost $51,469,519)	51,469,519
Total Investments (cost $554,378,784)		$ 526,091,509
Receivable for investments sold		3,301,462
Receivable for fund shares sold		74,854
Dividends receivable		573,363
Distributions receivable from Fidelity Central Funds		546,563
Total assets		530,587,751

Liabilities
Payable to custodian bank	$ 12
Payable for investments purchased	30,695,827
Payable for fund shares redeemed	344,689
Other payables and accrued expenses	9,881
Collateral on securities loaned, at value	20,746,215
Total liabilities		51,796,624

Net Assets		$ 478,791,127
Net Assets consist of:
Paid in capital		$ 507,074,252
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(28,283,125 )
Net Assets , for 13,522,560 shares outstanding		$ 478,791,127
Net Asset Value , offering price and redemption price per share ($478,791,127 ÷ 13,522,560 shares)		$ 35.41

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Fidelity Financials Central Fund
Financial Statements - continued

Statement of Operations

Six months ended March 31, 2009 (Unaudited)

Investment Income
Dividends		$ 8,324,980
Interest		1,449
Income from Fidelity Central Funds (including $1,113,056 from security lending)		1,254,658
Total income		9,581,087

Expenses
Custodian fees and expenses	$ 20,807
Independent directors' compensation	2,119
Interest	34
Total expenses before reductions	22,960
Expense reductions	(2,411 )	20,549
Net investment income (loss)		9,560,538
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(450,870,840)
Investment not meeting investment restrictions	(2,933)
Foreign currency transactions	(104,837)
Payment from investment advisor for loss on investment not meeting investment restrictions	2,933
Total net realized gain (loss)		(450,975,677)
Change in net unrealized appreciation (depreciation) on: Investment securities	49,683,725
Assets and liabilities in foreign currencies	4,728
Total change in net unrealized appreciation (depreciation)		49,688,453
Net gain (loss)		(401,287,224 )
Net increase (decrease) in net assets resulting from operations		$ (391,726,686 )

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Changes in Net Assets

	Six months ended March 31, 2009 (Unaudited)	Year ended September 30, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 9,560,538	$ 31,059,470
Net realized gain (loss)	(450,975,677)	(311,212,521)
Change in net unrealized appreciation (depreciation)	49,654,453	(235,491,814 )
Net increase (decrease) in net assets resulting from operations	(391,726,686 )	(515,644,865 )
Distributions to partners from net investment income	(10,536,127 )	(32,890,411 )
Affiliated share transactions Proceeds from sales of shares	48,711,127	45,410,729
Reinvestment of distributions	10,536,051	11,219,440
Cost of shares redeemed	(7,300,146 )	(3,898,602 )
Net increase (decrease) in net assets resulting from share transactions	51,947,032	52,731,567
Total increase (decrease) in net assets	(350,315,781)	(495,803,709)

Net Assets
Beginning of period	829,106,908	1,324,910,617
End of period	$ 478,791,127	$ 829,106,908
Other Information Shares
Sold	879,066	523,609
Issued in reinvestment of distributions	258,785	161,714
Redeemed	(203,301 )	(48,595 )
Net increase (decrease)	934,550	636,728

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights

	Six months ended March 31, 2009	Years ended September 30,
	(Unaudited)	2008	2007	2006 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 65.86	$ 110.86	$ 107.96	$ 100.00
Income from Investment Operations
Net investment income (loss) ^D	.72	2.54	2.56	.47
Net realized and unrealized gain (loss)	(30.38 )	(44.85 )	2.87	7.95
Total from investment operations	(29.66 )	(42.31 )	5.43	8.42
Distributions to partners from net investment income	(.79 )	(2.69 )	(2.53 )	(.46 )
Net asset value, end of period	$ 35.41	$ 65.86	$ 110.86	$ 107.96
Total Return ^{B, C}	(45.19)%	(38.65)%	5.01%	8.43%
Ratios to Average Net Assets ^{E, I}
Expenses before reductions	.01% ^A	-% ^G	-% ^G	-% ^G
Expenses net of fee waivers, if any	.01% ^A	-% ^G	-% ^G	-% ^G
Expenses net of all reductions	.01% ^A	-% ^G	-% ^G	-% ^G
Net investment income (loss)	3.35% ^A	2.96%	2.25%	.45%
Supplemental Data
Net assets, end of period (000 omitted)	$ 478,791	$ 829,107	$ 1,324,911	$ 1,531,468
Portfolio turnover rate ^F	313% ^A	53%	35%	4% ^J

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than .01%.

^H For the period July 21, 2006 (commencement of operations) to September 30, 2006.

^J Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Fidelity Health Care Central Fund

Investment Changes (Unaudited)

Top Ten Stocks as of March 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Medco Health Solutions, Inc.	6.0	1.6
Schering-Plough Corp.	5.8	0.0
Wyeth	5.3	5.1
Merck & Co., Inc.	4.9	0.0
Allergan, Inc.	4.8	1.3
Gilead Sciences, Inc.	4.1	0.0
Covidien Ltd.	3.5	5.5
Pfizer, Inc.	3.4	3.0
Baxter International, Inc.	3.4	4.0
Biogen Idec, Inc.	3.0	1.0
	44.2

Top Industries (% of fund's net assets)
As of March 31, 2009
	Pharmaceuticals 34.0%
	Health Care Equipment & Supplies 18.3%
	Health Care Providers & Services 16.6%
	Biotechnology 16.3%
	Life Sciences Tools & Services 8.0%
	All Others * 6.8%

FID168821

As of September 30, 2008
	Health Care Equipment & Supplies 23.6%
	Pharmaceuticals 19.8%
	Biotechnology 17.9%
	Health Care Providers & Services 13.8%
	Life Sciences Tools & Services 12.3%
	All Others * 12.6%

FID168829

* Includes short-term investments and net other assets.

Semiannual Report

Fidelity Health Care Central Fund

Investments March 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.1%
	Shares		Value
BIOTECHNOLOGY - 16.3%
Biotechnology - 16.3%
Alexion Pharmaceuticals, Inc. (a)	116,318		$ 4,380,536
Alkermes, Inc. (a)	88,700		1,075,931
Alnylam Pharmaceuticals, Inc. (a)	72,063		1,372,080
Amgen, Inc. (a)	335,562		16,617,030
Biogen Idec, Inc. (a)	324,601		17,015,584
BioMarin Pharmaceutical, Inc. (a)(d)	308,471		3,809,617
Celgene Corp. (a)	63,302		2,810,609
Cephalon, Inc. (a)	8,900		606,090
Cougar Biotechnology, Inc. (a)	11,226		361,477
Genzyme Corp. (a)	76,413		4,538,168
Gilead Sciences, Inc. (a)	508,697		23,562,845
GTx, Inc. (a)	82,500		872,850
Momenta Pharmaceuticals, Inc. (a)	89,190		981,982
Myriad Genetics, Inc. (a)	107,200		4,874,384
ONYX Pharmaceuticals, Inc. (a)	35,852		1,023,575
OSI Pharmaceuticals, Inc. (a)	74,800		2,861,848
Theravance, Inc. (a)	94,526		1,606,942
United Therapeutics Corp. (a)	69,800		4,613,082
			92,984,630
CHEMICALS - 0.8%
Fertilizers & Agricultural Chemicals - 0.8%
Monsanto Co.	52,400		4,354,440
DIVERSIFIED CONSUMER SERVICES - 0.3%
Specialized Consumer Services - 0.3%
Carriage Services, Inc. Class A (a)	387,500		592,875
Stewart Enterprises, Inc. Class A	387,120		1,254,269
			1,847,144
DIVERSIFIED FINANCIAL SERVICES - 0.0%
Other Diversified Financial Services - 0.0%
MBF Healthcare Acquisition Corp. warrants 4/16/11 (a)	56,107		561
FOOD & STAPLES RETAILING - 0.7%
Drug Retail - 0.7%
CVS Caremark Corp.	156,232		4,294,818
HEALTH CARE EQUIPMENT & SUPPLIES - 18.3%
Health Care Equipment - 15.2%
Baxter International, Inc.	382,049		19,568,550
Common Stocks - continued
	Shares		Value
HEALTH CARE EQUIPMENT & SUPPLIES - CONTINUED
Health Care Equipment - continued
Boston Scientific Corp. (a)	381,138		$ 3,030,047
C.R. Bard, Inc.	131,905		10,515,467
Conceptus, Inc. (a)	152,459		1,791,393
Covidien Ltd.	593,102		19,714,710
Edwards Lifesciences Corp. (a)	96,782		5,867,893
Electro-Optical Sciences, Inc. (a)(d)	68,545		298,171
Electro-Optical Sciences, Inc. warrants 8/2/12 (a)(f)	18,650		66,012
ev3, Inc. (a)	196,333		1,393,964
Hospira, Inc. (a)	115,902		3,576,736
Kinetic Concepts, Inc. (a)	52,197		1,102,401
Masimo Corp. (a)	222,900		6,459,642
Medtronic, Inc.	63,500		1,871,345
Micrus Endovascular Corp. (a)	118,155		705,385
NuVasive, Inc. (a)	111,300		3,492,594
Orthofix International NV (a)	13,200		244,464
St. Jude Medical, Inc. (a)	177,556		6,450,609
Wright Medical Group, Inc. (a)	76,143		992,143
			87,141,526
Health Care Supplies - 3.1%
Align Technology, Inc. (a)	174,586		1,384,467
Cooper Companies, Inc.	243,797		6,445,993
DENTSPLY International, Inc.	50,830		1,364,786
InfuSystems Holdings, Inc. (a)	539,000		1,228,920
Inverness Medical Innovations, Inc. (a)	213,020		5,672,723
RTI Biologics, Inc. (a)	471,400		1,343,490
			17,440,379
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES			104,581,905
HEALTH CARE PROVIDERS & SERVICES - 16.6%
Health Care Distributors & Services - 1.0%
Henry Schein, Inc. (a)	122,700		4,909,227
Profarma Distribuidora de Produtos Farmaceuticos SA	540,200		1,082,962
			5,992,189
Health Care Facilities - 1.5%
Hanger Orthopedic Group, Inc. (a)	253,177		3,354,595
Sun Healthcare Group, Inc. (a)	120,505		1,017,062
Universal Health Services, Inc. Class B	104,800		4,018,032
			8,389,689
Common Stocks - continued
	Shares		Value
HEALTH CARE PROVIDERS & SERVICES - CONTINUED
Health Care Services - 10.6%
Express Scripts, Inc. (a)	326,265		$ 15,063,655
Fresenius Medical Care AG & Co. KGaA sponsored ADR	69,500		2,689,650
Genoptix, Inc. (a)	36,300		990,264
Health Grades, Inc. (a)	491,846		1,003,366
Laboratory Corp. of America Holdings (a)	83,400		4,878,066
LHC Group, Inc. (a)	67,800		1,510,584
Medco Health Solutions, Inc. (a)	830,522		34,333,781
Rural/Metro Corp. (a)	101,500		87,290
			60,556,656
Managed Health Care - 3.5%
Health Net, Inc. (a)	214,700		3,108,856
Humana, Inc. (a)	183,218		4,778,325
UnitedHealth Group, Inc.	417,989		8,748,510
WellPoint, Inc. (a)	94,600		3,591,962
			20,227,653
TOTAL HEALTH CARE PROVIDERS & SERVICES			95,166,187
HEALTH CARE TECHNOLOGY - 2.5%
Health Care Technology - 2.5%
Allscripts Healthcare Solutions, Inc.	203,335		2,092,317
athenahealth, Inc. (a)	160,892		3,879,106
Cerner Corp. (a)(d)	170,500		7,496,885
MedAssets, Inc. (a)	50,700		722,475
			14,190,783
LIFE SCIENCES TOOLS & SERVICES - 8.0%
Life Sciences Tools & Services - 8.0%
AMAG Pharmaceuticals, Inc. (a)	48,817		1,795,001
Bruker BioSciences Corp. (a)	321,084		1,977,877
Illumina, Inc. (a)(d)	357,280		13,305,107
Life Technologies Corp. (a)	138,800		4,508,224
Millipore Corp. (a)	105,800		6,073,978
QIAGEN NV (a)	713,001		11,379,496
Waters Corp. (a)	177,594		6,562,098
			45,601,781
PHARMACEUTICALS - 33.6%
Pharmaceuticals - 33.6%
Abbott Laboratories	283,482		13,522,091
Common Stocks - continued
	Shares		Value
PHARMACEUTICALS - CONTINUED
Pharmaceuticals - continued
Allergan, Inc.	580,628		$ 27,730,793
Auxilium Pharmaceuticals, Inc. (a)	33,600		931,392
Bristol-Myers Squibb Co.	114,598		2,511,988
Cadence Pharmaceuticals, Inc. (a)	177,860		1,668,327
Johnson & Johnson	280,379		14,747,935
Medicines Co. (a)	165,252		1,791,332
Merck & Co., Inc.	1,047,670		28,025,173
Merck KGaA (d)	43,500		3,845,472
Optimer Pharmaceuticals, Inc. (a)	104,358		1,376,482
Pfizer, Inc.	1,441,107		19,627,877
Roche Holding AG (participation certificate)	40,592		5,570,122
Schering-Plough Corp.	1,398,457		32,933,662
Teva Pharmaceutical Industries Ltd. sponsored ADR	129,579		5,837,534
Wyeth	700,173		30,135,446
XenoPort, Inc. (a)	96,251		1,863,419
			192,119,045
TOTAL COMMON STOCKS (Cost $568,084,780)		555,141,294
Convertible Preferred Stocks - 0.2%

PHARMACEUTICALS - 0.2%
Pharmaceuticals - 0.2%
Mylan, Inc. 6.50% (Cost $851,824)	1,400		1,205,750
Nonconvertible Bonds - 0.2%
	Principal Amount
PHARMACEUTICALS - 0.2%
Pharmaceuticals - 0.2%
Elan Finance PLC/Elan Finance Corp. 5.2344% 11/15/11 (e) (Cost $1,311,089)	$ 1,721,000		1,394,010
Money Market Funds - 4.5%
	Shares		Value
Fidelity Cash Central Fund, 0.52% (b)	15,793,783		$ 15,793,783
Fidelity Securities Lending Cash Central Fund, 0.46% (b)(c)	10,012,040		10,012,040
TOTAL MONEY MARKET FUNDS (Cost $25,805,823)		25,805,823
TOTAL INVESTMENT PORTFOLIO - 102.0% (Cost $596,053,516)			583,546,877
NET OTHER ASSETS - (2.0)%			(11,665,207 )
NET ASSETS - 100%		$ 571,881,670

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 $66,012 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	$ 104,872
Fidelity Securities Lending Cash Central Fund	95,040
Total	$ 199,912

Other Information

The following is a summary of the inputs used, as of March 31, 2009, involving the Fund's assets 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 Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 583,546,877	$ 580,880,544	$ 2,665,772	$ 561

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

	Investments in Securities
Beginning Balance	$ -
Total Realized Gain (Loss)	(11,468)
Total Unrealized Gain (Loss)	(9,028)
Cost of Purchases	-
Proceeds of Sales	(1,371)
Amortization/Accretion	-
Transfer in/out of Level 3	22,428
Ending Balance	$ 561

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.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Fidelity Health Care Central Fund

Financial Statements

Statement of Assets and Liabilities

	March 31, 2009 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $9,830,459) - See accompanying schedule: Unaffiliated issuers (cost $570,247,693)	$ 557,741,054
Fidelity Central Funds (cost $25,805,823)	25,805,823
Total Investments (cost $596,053,516)		$ 583,546,877
Foreign currency held at value (cost $402)		374
Receivable for investments sold		9,806,827
Receivable for fund shares sold		87,410
Dividends receivable		670,140
Interest receivable		11,260
Distributions receivable from Fidelity Central Funds		43,092
Other receivables		58,556
Total assets		594,224,536

Liabilities
Payable for investments purchased	$ 11,907,829
Payable for fund shares redeemed	402,179
Other payables and accrued expenses	20,818
Collateral on securities loaned, at value	10,012,040
Total liabilities		22,342,866

Net Assets		$ 571,881,670
Net Assets consist of:
Paid in capital		$ 584,404,077
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(12,522,407 )
Net Assets , for 7,120,903 shares outstanding		$ 571,881,670
Net Asset Value , offering price and redemption price per share ($571,881,670 ÷ 7,120,903 shares)		$ 80.31

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Fidelity Health Care Central Fund
Financial Statements - continued

Statement of Operations

Six months ended March 31, 2009 (Unaudited)

Investment Income
Dividends		$ 4,738,536
Interest		126,968
Income from Fidelity Central Funds (including $95,040 from security lending)		199,912
Total income		5,065,416

Expenses
Custodian fees and expenses	$ 32,309
Independent directors' compensation	2,005
Total expenses before reductions	34,314
Expense reductions	(2,246 )	32,068
Net investment income (loss)		5,033,348
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(139,141,117)
Foreign currency transactions	(101,149 )
Total net realized gain (loss)		(139,242,266)
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $8,453)	5,873,892
Assets and liabilities in foreign currencies	(2,145 )
Total change in net unrealized appreciation (depreciation)		5,871,747
Net gain (loss)		(133,370,519 )
Net increase (decrease) in net assets resulting from operations		$ (128,337,171 )

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Changes in Net Assets

	Six months ended March 31, 2009 (Unaudited)	Year ended September 30, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 5,033,348	$ 7,574,760
Net realized gain (loss)	(139,242,266)	(7,035,174)
Change in net unrealized appreciation (depreciation)	5,871,747	(128,360,833 )
Net increase (decrease) in net assets resulting from operations	(128,337,171 )	(127,821,247 )
Distributions to partners from net investment income	(4,822,951 )	(7,538,792 )
Affiliated share transactions Proceeds from sales of shares	40,422,839	22,144,127
Reinvestment of distributions	4,822,916	2,802,162
Cost of shares redeemed	(8,377,081 )	(21,514,742 )
Net increase (decrease) in net assets resulting from share transactions	36,868,674	3,431,547
Total increase (decrease) in net assets	(96,291,448)	(131,928,492)

Net Assets
Beginning of period	668,173,118	800,101,610
End of period	$ 571,881,670	$ 668,173,118
Other Information Shares
Sold	459,148	195,831
Issued in reinvestment of distributions	61,595	26,414
Redeemed	(107,826 )	(201,483 )
Net increase (decrease)	412,917	20,762

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights

	Six months ended March 31, 2009	Years ended September 30,
	(Unaudited)	2008	2007	2006 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 99.61	$ 119.65	$ 106.16	$ 100.00
Income from Investment Operations
Net investment income (loss) ^D	.71	1.13	1.41	.35
Net realized and unrealized gain (loss)	(19.33)	(20.05)	13.52	6.15
Total from investment operations	(18.62)	(18.92)	14.93	6.50
Distributions to partners from net investment income	(.68)	(1.12)	(1.44)	(.34)
Net asset value, end of period	$ 80.31	$ 99.61	$ 119.65	$ 106.16
Total Return ^{B, C}	(18.67)%	(15.90)%	14.18%	6.50%
Ratios to Average Net Assets ^{E, I}
Expenses before reductions	.01% ^A	.01%	.01%	-% ^G
Expenses net of fee waivers, if any	.01% ^A	.01%	.01%	-% ^G
Expenses net of all reductions	.01% ^A	.01%	.01%	-% ^G
Net investment income (loss)	1.77% ^A	1.01%	1.26%	.34%
Supplemental Data
Net assets, end of period (000 omitted)	$ 571,882	$ 668,173	$ 800,102	$ 860,466
Portfolio turnover rate ^F	243% ^A	137%	113%	27% ^J

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than .01%.

^H For the period July 21, 2006 (commencement of operations) to September 30, 2006.

^J Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Fidelity Industrials Central Fund

Investment Changes (Unaudited)

Top Ten Stocks as of March 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
General Electric Co.	8.3	11.0
United Technologies Corp.	6.7	5.4
Union Pacific Corp.	5.2	4.2
Honeywell International, Inc.	5.0	4.9
Danaher Corp.	4.1	3.1
Lockheed Martin Corp.	3.1	3.2
Deere & Co.	2.9	1.9
Cummins, Inc.	2.9	2.9
3M Co.	2.8	0.0
AMETEK, Inc.	2.5	1.3
	43.5

Top Industries (% of fund's net assets)
As of March 31, 2009
	Aerospace & Defense 22.3%
	Machinery 17.1%
	Industrial Conglomerates 15.3%
	Road & Rail 12.0%
	Electrical Equipment 10.7%
	All Others * 22.6%

FID168837

As of September 30, 2008
	Aerospace & Defense 20.1%
	Machinery 19.5%
	Industrial Conglomerates 16.5%
	Electrical Equipment 9.2%
	Air Freight & Logistics 9.1%
	All Others * 25.6%

FID168845

* Includes short-term investments and net other assets.

Semiannual Report

Fidelity Industrials Central Fund

Investments March 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%
	Shares		Value
AEROSPACE & DEFENSE - 22.3%
Aerospace & Defense - 22.3%
Alliant Techsystems, Inc. (a)	34,900		$ 2,337,602
Goodrich Corp.	120,700		4,573,323
Honeywell International, Inc.	774,370		21,573,948
Lockheed Martin Corp.	196,000		13,529,880
Precision Castparts Corp.	106,400		6,373,360
Raytheon Co.	253,075		9,854,741
Stanley, Inc. (a)	42,700		1,084,153
The Boeing Co.	242,500		8,628,150
United Technologies Corp.	678,700		29,170,526
			97,125,683
AIR FREIGHT & LOGISTICS - 5.8%
Air Freight & Logistics - 5.8%
C.H. Robinson Worldwide, Inc.	123,500		5,632,835
FedEx Corp.	176,600		7,856,934
United Parcel Service, Inc. Class B	184,900		9,100,778
UTI Worldwide, Inc.	238,200		2,846,490
			25,437,037
AUTO COMPONENTS - 2.6%
Auto Parts & Equipment - 0.9%
Johnson Controls, Inc.	303,400		3,640,800
Tires & Rubber - 1.7%
The Goodyear Tire & Rubber Co. (a)	1,204,400		7,539,544
TOTAL AUTO COMPONENTS			11,180,344
BUILDING PRODUCTS - 1.9%
Building Products - 1.9%
Masco Corp.	1,062,300		7,414,854
Owens Corning (a)	104,680		946,307
			8,361,161
CHEMICALS - 1.6%
Specialty Chemicals - 1.6%
Albemarle Corp.	69,300		1,508,661
Nalco Holding Co.	253,836		3,317,637
W.R. Grace & Co. (a)	325,000		2,054,000
			6,880,298
Common Stocks - continued
	Shares		Value
COMMERCIAL SERVICES & SUPPLIES - 1.6%
Diversified Support Services - 0.5%
Cintas Corp.	87,200		$ 2,155,584
Environmental & Facility Services - 0.7%
Republic Services, Inc.	176,266		3,022,962
Office Services & Supplies - 0.4%
United Stationers, Inc. (a)	65,400		1,836,432
TOTAL COMMERCIAL SERVICES & SUPPLIES			7,014,978
CONSTRUCTION MATERIALS - 0.3%
Construction Materials - 0.3%
Martin Marietta Materials, Inc. (d)	14,200		1,126,060
DIVERSIFIED CONSUMER SERVICES - 0.5%
Specialized Consumer Services - 0.5%
Brinks Home Security Holdings, Inc. (a)	102,701		2,321,043
ELECTRICAL EQUIPMENT - 10.7%
Electrical Components & Equipment - 10.1%
Acuity Brands, Inc.	155,500		3,504,970
AMETEK, Inc.	342,950		10,724,047
Cooper Industries Ltd. Class A	300,600		7,773,516
Emerson Electric Co.	222,180		6,349,904
Ener1, Inc. (a)(d)	284,048		1,468,528
Energy Conversion Devices, Inc. (a)(d)	109,099		1,447,744
Regal-Beloit Corp.	145,537		4,459,254
Rockwell Automation, Inc.	282,200		6,163,248
Saft Groupe SA	80,800		2,178,485
			44,069,696
Heavy Electrical Equipment - 0.6%
Vestas Wind Systems AS (a)	57,300		2,513,920
TOTAL ELECTRICAL EQUIPMENT			46,583,616
ELECTRONIC EQUIPMENT & COMPONENTS - 0.5%
Electronic Equipment & Instruments - 0.5%
Itron, Inc. (a)(d)	42,927		2,032,593
HOUSEHOLD DURABLES - 0.3%
Homebuilding - 0.3%
Centex Corp.	156,000		1,170,000
Common Stocks - continued
	Shares		Value
INDUSTRIAL CONGLOMERATES - 15.3%
Industrial Conglomerates - 15.3%
3M Co.	248,200		$ 12,340,504
General Electric Co.	3,576,996		36,163,429
Siemens AG sponsored ADR (d)	108,365		6,173,554
Textron, Inc.	401,200		2,302,888
Tyco International Ltd.	503,475		9,847,971
			66,828,346
IT SERVICES - 0.1%
IT Consulting & Other Services - 0.1%
NCI, Inc. Class A (a)	13,400		348,400
MACHINERY - 17.1%
Construction & Farm Machinery & Heavy Trucks - 10.4%
Cummins, Inc.	500,118		12,728,003
Deere & Co.	387,800		12,746,986
Navistar International Corp. (a)	222,800		7,454,888
PACCAR, Inc.	378,400		9,747,584
Toro Co. (d)	100,629		2,433,209
			45,110,670
Industrial Machinery - 6.7%
Briggs & Stratton Corp.	72,600		1,197,900
Danaher Corp.	328,400		17,805,848
Graco, Inc.	116,300		1,985,241
Ingersoll-Rand Co. Ltd. Class A	174,200		2,403,960
Parker Hannifin Corp.	169,800		5,769,804
			29,162,753
TOTAL MACHINERY			74,273,423
MARINE - 0.3%
Marine - 0.3%
Safe Bulkers, Inc.	119,600		377,936
Ultrapetrol (Bahamas) Ltd. (a)	370,579		1,000,563
			1,378,499
PAPER & FOREST PRODUCTS - 0.5%
Forest Products - 0.5%
Weyerhaeuser Co.	85,500		2,357,235
Common Stocks - continued
	Shares		Value
PROFESSIONAL SERVICES - 1.7%
Human Resource & Employment Services - 0.8%
Manpower, Inc.	114,600		$ 3,613,338
Research & Consulting Services - 0.9%
Equifax, Inc.	154,500		3,777,525
TOTAL PROFESSIONAL SERVICES			7,390,863
ROAD & RAIL - 12.0%
Railroads - 8.6%
CSX Corp.	170,700		4,412,595
Genesee & Wyoming, Inc. Class A (a)	63,100		1,340,875
Kansas City Southern (a)	5,800		73,718
Norfolk Southern Corp.	270,900		9,142,875
Union Pacific Corp.	545,600		22,429,616
			37,399,679
Trucking - 3.4%
Con-way, Inc.	145,600		2,610,608
Heartland Express, Inc.	87,100		1,289,951
Landstar System, Inc.	42,100		1,409,087
Old Dominion Freight Lines, Inc. (a)	171,345		4,024,894
Ryder System, Inc.	188,000		5,322,280
			14,656,820
TOTAL ROAD & RAIL			52,056,499
TRADING COMPANIES & DISTRIBUTORS - 2.2%
Trading Companies & Distributors - 2.2%
Rush Enterprises, Inc. Class A (a)	615,662		5,491,705
W.W. Grainger, Inc.	49,800		3,494,964
WESCO International, Inc. (a)	43,600		790,032
			9,776,701
TRANSPORTATION INFRASTRUCTURE - 1.0%
Marine Ports & Services - 1.0%
Aegean Marine Petroleum Network, Inc.	267,300		4,477,275
TOTAL COMMON STOCKS (Cost $555,878,405)		428,120,054

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 - 3.6%
	Shares
Fidelity Cash Central Fund, 0.52% (b)	4,617,904		4,617,904
Fidelity Securities Lending Cash Central Fund, 0.46% (b)(c)	10,796,950		10,796,950
TOTAL MONEY MARKET FUNDS (Cost $15,414,854)		15,414,854
TOTAL INVESTMENT PORTFOLIO - 101.9% (Cost $571,415,279)			443,597,908
NET OTHER ASSETS - (1.9)%			(8,130,433 )
NET ASSETS - 100%		$ 435,467,475

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	$ 108,748
Fidelity Securities Lending Cash Central Fund	76,784
Total	$ 185,532

Other Information

The following is a summary of the inputs used, as of March 31, 2009, involving the Fund's assets 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 Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 443,597,908	$ 443,534,908	$ -	$ 63,000

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

	Investments in Securities
Beginning Balance	$ 78,750
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	44,320
Cost of Purchases	-
Proceeds of Sales	(60,070)
Amortization/Accretion	-
Transfer in/out of Level 3	-
Ending Balance	$ 63,000

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Fidelity Industrials Central Fund

Financial Statements

Statement of Assets and Liabilities

	March 31, 2009 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $10,606,147) - See accompanying schedule: Unaffiliated issuers (cost $556,000,425)	$ 428,183,054
Fidelity Central Funds (cost $15,414,854)	15,414,854
Total Investments (cost $571,415,279)		$ 443,597,908
Foreign currency held at value (cost $49)		48
Receivable for investments sold		20,953,542
Receivable for fund shares sold		63,103
Dividends receivable		725,830
Distributions receivable from Fidelity Central Funds		12,353
Total assets		465,352,784

Liabilities
Payable for investments purchased	$ 18,792,389
Payable for fund shares redeemed	290,485
Other payables and accrued expenses	5,485
Collateral on securities loaned, at value	10,796,950
Total liabilities		29,885,309

Net Assets		$ 435,467,475
Net Assets consist of:
Paid in capital		$ 563,293,145
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(127,825,670 )
Net Assets , for 6,523,880 shares outstanding		$ 435,467,475
Net Asset Value , offering price and redemption price per share ($435,467,475 ÷ 6,523,880 shares)		$ 66.75

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Fidelity Industrials Central Fund
Financial Statements - continued

Statement of Operations

Six months ended March 31, 2009 (Unaudited)

Investment Income
Dividends		$ 5,978,574
Income from Fidelity Central Funds (including $76,784 from security lending)		185,532
Total income		6,164,106

Expenses
Custodian fees and expenses	$ 11,870
Independent directors' compensation	1,737
Total expenses before reductions	13,607
Expense reductions	(1,831 )	11,776
Net investment income (loss)		6,152,330
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(168,179,018)
Foreign currency transactions	29,724
Total net realized gain (loss)		(168,149,294)
Change in net unrealized appreciation (depreciation) on: Investment securities	(75,243,761)
Assets and liabilities in foreign currencies	(2,901 )
Total change in net unrealized appreciation (depreciation)		(75,246,662 )
Net gain (loss)		(243,395,956 )
Net increase (decrease) in net assets resulting from operations		$ (237,243,626 )

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Changes in Net Assets

	Six months ended March 31, 2009 (Unaudited)	Year ended September 30, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 6,152,330	$ 11,921,801
Net realized gain (loss)	(168,149,294)	2,919,191
Change in net unrealized appreciation (depreciation)	(75,246,662 )	(176,363,907 )
Net increase (decrease) in net assets resulting from operations	(237,243,626 )	(161,522,915 )
Distributions to partners from net investment income	(5,629,428 )	(11,860,873 )
Affiliated share transactions Proceeds from sales of shares	54,041,931	21,737,305
Reinvestment of distributions	5,629,389	4,996,307
Cost of shares redeemed	(6,228,887 )	(47,486,516 )
Net increase (decrease) in net assets resulting from share transactions	53,442,433	(20,752,904 )
Total increase (decrease) in net assets	(189,430,621)	(194,136,692)

Net Assets
Beginning of period	624,898,096	819,034,788
End of period	$ 435,467,475	$ 624,898,096
Other Information Shares
Sold	618,529	175,711
Issued in reinvestment of distributions	81,066	41,089
Redeemed	(96,200 )	(355,430 )
Net increase (decrease)	603,395	(138,630 )

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights

	Six months ended March 31, 2009	Years ended September 30,
	(Unaudited)	2008	2007	2006 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 105.55	$ 135.17	$ 106.63	$ 100.00
Income from Investment Operations
Net investment income (loss) ^D	.95	1.98	1.84	.42
Net realized and unrealized gain (loss)	(38.88 )	(29.63 )	28.51	6.62
Total from investment operations	(37.93 )	(27.65 )	30.35	7.04
Distributions to partners from net investment income	(.87 )	(1.97 )	(1.81 )	(.41 )
Net asset value, end of period	$ 66.75	$ 105.55	$ 135.17	$ 106.63
Total Return ^{B, C}	(35.97)%	(20.68)%	28.69%	7.04%
Ratios to Average Net Assets ^{E, I}
Expenses before reductions	.01% ^A	.01%	-% ^G	-% ^G
Expenses net of fee waivers, if any	.01% ^A	-% ^G	-% ^G	-% ^G
Expenses net of all reductions	-% ^{A, G}	-% ^G	-% ^G	-% ^G
Net investment income (loss)	2.60% ^A	1.57%	1.53%	.40%
Supplemental Data
Net assets, end of period (000 omitted)	$ 435,467	$ 624,898	$ 819,035	$ 751,701
Portfolio turnover rate ^F	165% ^A	109%	92%	7% ^J

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than .01%.

^H For the period July 21, 2006 (commencement of operations) to September 30, 2006.

^J Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Fidelity Information Technology Central Fund

Investment Changes (Unaudited)

Top Ten Stocks as of March 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Hewlett-Packard Co.	7.4	0.0
QUALCOMM, Inc.	5.8	3.0
Microsoft Corp.	4.9	1.1
Apple, Inc.	4.7	11.5
Google, Inc. Class A (sub. vtg.)	3.8	0.5
Starent Networks Corp.	2.5	2.2
Visa, Inc.	2.1	1.9
ASML Holding NV (NY Shares)	1.9	0.8
Micron Technology, Inc.	1.6	0.5
Cadence Design Systems, Inc.	1.4	0.2
	36.1

Top Industries (% of fund's net assets)
As of March 31, 2009
	Semiconductors & Semiconductor Equipment 26.3%
	Software 17.8%
	Computers & Peripherals 16.5%
	Communications Equipment 13.5%
	Internet Software & Services 7.7%
	All Others * 18.2%

FID168853

As of September 30, 2008
	Computers & Peripherals 19.4%
	Semiconductors & Semiconductor Equipment 17.3%
	Software 16.4%
	Communications Equipment 15.9%
	Electronic Equipment & Components 6.2%
	All Others * 24.8%

FID168861

* Includes short-term investments and net other assets.

Semiannual Report

Fidelity Information Technology Central Fund

Investments March 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.5%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 13.5%
Communications Equipment - 13.5%
ADC Telecommunications, Inc. (a)	425,500		$ 1,867,945
Aruba Networks, Inc. (a)	13,100		41,134
AudioCodes Ltd. (a)	636,600		738,456
Brocade Communications Systems, Inc. (a)	444,500		1,533,525
Ciena Corp. (a)(d)	209,810		1,632,322
Cisco Systems, Inc. (a)	101,900		1,708,863
Cogo Group, Inc. (a)	44,165		295,022
CommScope, Inc. (a)	119,000		1,351,840
Comverse Technology, Inc. (a)	740,100		4,248,174
Delta Networks, Inc.	7,139,000		1,611,939
F5 Networks, Inc. (a)	128,702		2,696,307
Harris Stratex Networks, Inc. Class A (a)	98,216		378,132
Infinera Corp. (a)	160,000		1,184,000
Juniper Networks, Inc. (a)	150,800		2,271,048
Motorola, Inc.	663,000		2,804,490
Nice Systems Ltd. sponsored ADR (a)	16,100		400,246
Palm, Inc. (a)(d)	231,900		1,998,978
Polycom, Inc. (a)	89,900		1,383,561
Powerwave Technologies, Inc. (a)	677,800		402,613
QUALCOMM, Inc.	1,017,300		39,583,143
Research In Motion Ltd. (a)	77,000		3,316,391
Riverbed Technology, Inc. (a)	100		1,308
Sandvine Corp. (a)	2,267,800		1,349,399
Sandvine Corp. (U.K.) (a)	1,156,000		655,158
Sonus Networks, Inc. (a)	320,433		503,080
Starent Networks Corp. (a)	1,047,312		16,558,003
ZTE Corp. (H Shares)	157,000		639,105
			91,154,182
COMPUTERS & PERIPHERALS - 16.5%
Computer Hardware - 14.2%
3PAR, Inc. (a)	8,200		53,874
Apple, Inc. (a)	302,000		31,746,240
Dell, Inc. (a)	912,300		8,648,604
Hewlett-Packard Co.	1,563,400		50,122,603
NCR Corp. (a)	201,100		1,598,745
Stratasys, Inc. (a)	203,000		1,678,810
Sun Microsystems, Inc. (a)	323,950		2,371,314
			96,220,190
Common Stocks - continued
	Shares		Value
COMPUTERS & PERIPHERALS - CONTINUED
Computer Storage & Peripherals - 2.3%
China Digital TV Holding Co. Ltd. ADR	2,100		$ 14,133
EMC Corp. (a)	506,100		5,769,540
NetApp, Inc. (a)	83,900		1,245,076
Quanta Storage, Inc.	300,000		255,488
Seagate Technology	1,134,600		6,818,946
Synaptics, Inc. (a)(d)	57,050		1,526,658
			15,629,841
TOTAL COMPUTERS & PERIPHERALS			111,850,031
CONSTRUCTION & ENGINEERING - 0.1%
Construction & Engineering - 0.1%
Dycom Industries, Inc. (a)	79,500		460,305
MasTec, Inc. (a)	28,200		340,938
			801,243
ELECTRIC UTILITIES - 0.0%
Electric Utilities - 0.0%
Enernoc, Inc. (a)(d)	11,000		159,940
ELECTRICAL EQUIPMENT - 1.3%
Electrical Components & Equipment - 1.2%
centrotherm photovoltaics AG (a)	3,300		85,028
Energy Conversion Devices, Inc. (a)	39,000		517,530
First Solar, Inc. (a)	10,300		1,366,810
General Cable Corp. (a)(d)	147,400		2,921,468
JA Solar Holdings Co. Ltd. ADR (a)	149,800		504,826
Neo-Neon Holdings Ltd.	3,517,000		630,754
Q-Cells SE (a)	2,500		48,743
Sunpower Corp. Class B (a)	36,024		713,275
Suntech Power Holdings Co. Ltd. sponsored ADR (a)(d)	62,500		730,625
Yingli Green Energy Holding Co. Ltd. ADR (a)(d)	35,200		211,904
			7,730,963
Heavy Electrical Equipment - 0.1%
China High Speed Transmission Equipment Group Co. Ltd.	643,000		920,888
TOTAL ELECTRICAL EQUIPMENT			8,651,851
ELECTRONIC EQUIPMENT & COMPONENTS - 6.1%
Electronic Components - 1.0%
Amphenol Corp. Class A	105,800		3,014,242
Common Stocks - continued
	Shares		Value
ELECTRONIC EQUIPMENT & COMPONENTS - CONTINUED
Electronic Components - continued
DTS, Inc. (a)	50,500		$ 1,215,030
Everlight Electronics Co. Ltd.	1,087,395		1,999,512
Vishay Intertechnology, Inc. (a)	125,900		438,132
			6,666,916
Electronic Equipment & Instruments - 0.9%
China Security & Surveillance Technology, Inc. (a)(d)	475,600		1,826,304
Chroma ATE, Inc.	2,499,238		1,822,783
Digital Ally, Inc. (a)	273,900		428,654
FLIR Systems, Inc. (a)	42,100		862,208
National Instruments Corp.	36,100		673,265
Test Research, Inc.	133,288		65,986
			5,679,200
Electronic Manufacturing Services - 1.4%
Flextronics International Ltd. (a)	1,258,800		3,637,932
Jabil Circuit, Inc.	121,400		674,984
Ju Teng International Holdings Ltd. (a)	2,000,000		601,255
Molex, Inc.	57,600		791,424
Multi-Fineline Electronix, Inc. (a)	50,000		842,000
Trimble Navigation Ltd. (a)	114,540		1,750,171
TTM Technologies, Inc. (a)	58,600		339,880
Tyco Electronics Ltd.	92,000		1,015,680
			9,653,326
Technology Distributors - 2.8%
Anixter International, Inc. (a)	23,600		747,648
Arrow Electronics, Inc. (a)	125,800		2,397,748
Avnet, Inc. (a)	181,700		3,181,567
Brightpoint, Inc. (a)	79,300		339,404
Digital China Holdings Ltd. (H Shares)	4,394,000		1,836,869
Ingram Micro, Inc. Class A (a)	448,100		5,663,984
Synnex Technology International Corp.	854,000		1,078,353
Tech Data Corp. (a)	31,500		686,070
WPG Holding Co. Ltd.	4,895,000		3,166,207
			19,097,850
TOTAL ELECTRONIC EQUIPMENT & COMPONENTS			41,097,292
ENERGY EQUIPMENT & SERVICES - 0.1%
Oil & Gas Equipment & Services - 0.1%
IHS, Inc. Class A (a)	15,800		650,644
Common Stocks - continued
	Shares		Value
HEALTH CARE EQUIPMENT & SUPPLIES - 0.6%
Health Care Equipment - 0.6%
China Medical Technologies, Inc. sponsored ADR (d)	153,100		$ 2,108,187
Golden Meditech Co. Ltd. (a)	1,532,000		225,339
I-Flow Corp. (a)	95,200		347,480
Mingyuan Medicare Development Co. Ltd.	18,460,000		1,107,536
			3,788,542
HEALTH CARE TECHNOLOGY - 0.0%
Health Care Technology - 0.0%
athenahealth, Inc. (a)	800		19,288
HOTELS, RESTAURANTS & LEISURE - 0.0%
Hotels, Resorts & Cruise Lines - 0.0%
Ctrip.com International Ltd. sponsored ADR	11,300		309,620
HOUSEHOLD DURABLES - 0.0%
Consumer Electronics - 0.0%
TomTom Group BV (a)(d)	18,500		88,209
INDUSTRIAL CONGLOMERATES - 0.0%
Industrial Conglomerates - 0.0%
CSR Ltd.	310,343		259,494
INTERNET & CATALOG RETAIL - 1.3%
Internet Retail - 1.3%
Amazon.com, Inc. (a)	37,300		2,739,312
Expedia, Inc. (a)	257,200		2,335,376
Priceline.com, Inc. (a)(d)	44,400		3,497,832
			8,572,520
INTERNET SOFTWARE & SERVICES - 7.7%
Internet Software & Services - 7.7%
Akamai Technologies, Inc. (a)	38,900		754,660
Alibaba.com Ltd. (a)	13,000		11,943
Baidu.com, Inc. sponsored ADR (a)	22,800		4,026,480
comScore, Inc. (a)	34,000		411,060
eBay, Inc. (a)	259,000		3,253,040
Equinix, Inc. (a)(d)	62,200		3,492,530
Google, Inc. Class A (sub. vtg.) (a)	74,300		25,860,858
LivePerson, Inc. (a)	943,900		2,142,653
NetEase.com, Inc. sponsored ADR (a)	42,300		1,135,755
Omniture, Inc. (a)	5,800		76,502
Openwave Systems, Inc. (a)	88,100		85,457
Common Stocks - continued
	Shares		Value
INTERNET SOFTWARE & SERVICES - CONTINUED
Internet Software & Services - continued
Rackspace Hosting, Inc.	47,900		$ 358,771
SAVVIS, Inc.	25,800		159,702
Sohu.com, Inc. (a)(d)	118,700		4,903,497
Switch & Data Facilities Co., Inc. (a)	33,100		290,287
Tencent Holdings Ltd.	278,600		2,063,318
VeriSign, Inc. (a)	31,000		584,970
Vocus, Inc. (a)	10,000		132,900
Yahoo!, Inc. (a)	192,700		2,468,487
			52,212,870
IT SERVICES - 3.8%
Data Processing & Outsourced Services - 3.1%
CyberSource Corp. (a)	30,500		451,705
Lender Processing Services, Inc.	90,800		2,779,388
MasterCard, Inc. Class A	20,600		3,450,088
Visa, Inc.	257,900		14,339,240
WNS Holdings Ltd. sponsored ADR (a)	31,900		165,880
			21,186,301
IT Consulting & Other Services - 0.7%
CACI International, Inc. Class A (a)	14,200		518,158
China Information Security Technology, Inc. (a)	100,000		316,000
Cognizant Technology Solutions Corp. Class A (a)	32,900		683,991
SAIC, Inc. (a)	65,500		1,222,885
Satyam Computer Services Ltd. sponsored ADR (d)	53,300		83,681
Yucheng Technologies Ltd. (a)	244,150		1,555,236
			4,379,951
TOTAL IT SERVICES			25,566,252
LIFE SCIENCES TOOLS & SERVICES - 0.0%
Life Sciences Tools & Services - 0.0%
Thermo Fisher Scientific, Inc. (a)	8,000		285,360
MACHINERY - 0.4%
Industrial Machinery - 0.4%
China Fire & Security Group, Inc. (a)	91,700		720,762
Meyer Burger Technology AG (a)	3,400		348,274
Shin Zu Shing Co. Ltd.	352,347		1,225,193
Toshiba Machine Co. Ltd.	129,000		383,366
			2,677,595
Common Stocks - continued
	Shares		Value
MEDIA - 2.0%
Advertising - 1.9%
AirMedia Group, Inc. ADR (a)	226,600		$ 949,454
Focus Media Holding Ltd. ADR (a)(d)	475,900		3,236,120
SinoMedia Holding Ltd.	150,000		20,902
VisionChina Media, Inc. ADR (a)(d)	1,324,900		8,545,605
			12,752,081
Cable & Satellite - 0.1%
Virgin Media, Inc.	194,400		933,120
TOTAL MEDIA			13,685,201
METALS & MINING - 0.0%
Diversified Metals & Mining - 0.0%
Timminco Ltd. (a)	10,500		21,242
OFFICE ELECTRONICS - 0.0%
Office Electronics - 0.0%
Xerox Corp.	71,300		324,415
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 25.7%
Semiconductor Equipment - 8.6%
Aixtron AG	212,600		1,098,399
Amkor Technology, Inc. (a)	1,492,700		4,000,436
Applied Materials, Inc.	125,100		1,344,825
ASM International NV (NASDAQ) (a)(d)	36,000		297,000
ASML Holding NV (NY Shares) (d)	750,300		13,137,753
ATMI, Inc. (a)	47,000		725,210
Axcelis Technologies, Inc. (a)	1,374,800		522,424
Cymer, Inc. (a)	308,900		6,876,114
FormFactor, Inc. (a)	123,400		2,223,668
Global Unichip Corp.	167,000		733,255
Inotera Memories, Inc. (a)	2,535,000		1,004,737
Lam Research Corp. (a)	195,800		4,458,366
LTX-Credence Corp. (a)	839,372		235,024
MEMC Electronic Materials, Inc. (a)	157,500		2,597,175
MKS Instruments, Inc. (a)	116,400		1,707,588
Photronics, Inc. (a)	160,700		154,272
Tessera Technologies, Inc. (a)	661,674		8,846,581
Varian Semiconductor Equipment Associates, Inc. (a)	269,100		5,828,706
Verigy Ltd. (a)	320,500		2,644,125
			58,435,658
Common Stocks - continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - CONTINUED
Semiconductors - 17.1%
Advanced Micro Devices, Inc. (a)	552,700		$ 1,685,735
Advanced Semiconductor Engineering, Inc. sponsored ADR (d)	1,431,900		3,594,069
ANADIGICS, Inc. (a)	89,100		184,437
Analog Devices, Inc.	62,400		1,202,448
Applied Micro Circuits Corp. (a)	24,594		119,527
ARM Holdings PLC sponsored ADR	753,400		3,330,028
Atheros Communications, Inc. (a)	92,400		1,354,584
Atmel Corp. (a)	1,681,800		6,104,934
AuthenTec, Inc. (a)	69,650		103,082
Cavium Networks, Inc. (a)	715,491		8,256,766
Cree, Inc. (a)	182,700		4,298,931
CSR PLC (a)(d)	268,100		942,441
Cypress Semiconductor Corp. (a)	433,600		2,935,472
Diodes, Inc. (a)	41,000		435,010
Elan Microelectronics Corp.	264,000		241,167
Epistar Corp.	1,640,000		2,464,712
Fairchild Semiconductor International, Inc. (a)	962,400		3,589,752
Hynix Semiconductor, Inc. (a)	43,770		396,714
Infineon Technologies AG sponsored ADR (a)	357,500		403,975
Integrated Device Technology, Inc. (a)	33,500		152,425
Intel Corp.	4,600		69,230
International Rectifier Corp. (a)	364,800		4,928,448
Intersil Corp. Class A	177,100		2,036,650
Kinsus Interconnect Technology Corp.	400,000		506,262
LSI Corp. (a)	631,900		1,920,976
Marvell Technology Group Ltd. (a)	839,400		7,688,904
MediaTek, Inc.	73,000		686,224
Micrel, Inc.	84,300		593,472
Microchip Technology, Inc. (d)	96,900		2,053,311
Micron Technology, Inc. (a)(d)	2,687,900		10,912,874
Microsemi Corp. (a)	144,600		1,677,360
Monolithic Power Systems, Inc. (a)	129,600		2,008,800
National Semiconductor Corp.	465,000		4,775,550
Netlogic Microsystems, Inc. (a)	83,700		2,300,076
NVIDIA Corp. (a)	501,300		4,942,818
O2Micro International Ltd. sponsored ADR (a)	20,000		68,400
Omnivision Technologies, Inc. (a)	232,800		1,564,416
PMC-Sierra, Inc. (a)	544,600		3,474,548
Power Integrations, Inc.	31,600		543,520
Powertech Technology, Inc.	464,000		836,800
Radiant Opto-Electronics Corp.	50,000		43,613
Common Stocks - continued
	Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - CONTINUED
Semiconductors - continued
Realtek Semiconductor Corp.	16,000		$ 20,981
RF Micro Devices, Inc. (a)	1,534,300		2,040,619
Samsung Electronics Co. Ltd.	9,781		4,068,152
Semtech Corp. (a)	38,200		509,970
Silicon Image, Inc. (a)	125,000		300,000
Silicon Laboratories, Inc. (a)	27,200		718,080
Silicon Motion Technology Corp. sponsored ADR (a)(d)	110,500		307,190
Siliconware Precision Industries Co. Ltd. sponsored ADR	114,002		661,212
SiRF Technology Holdings, Inc. (a)	837,100		1,925,330
Skyworks Solutions, Inc. (a)	515,200		4,152,512
Standard Microsystems Corp. (a)	125,200		2,328,720
Supertex, Inc. (a)	5,000		115,500
Taiwan Semiconductor Manufacturing Co. Ltd.	1,164,000		1,763,065
TriQuint Semiconductor, Inc. (a)	348,600		861,042
Volterra Semiconductor Corp. (a)	35,600		300,464
			115,501,298
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT			173,936,956
SOFTWARE - 17.8%
Application Software - 6.8%
Amdocs Ltd. (a)	69,200		1,281,584
Ansys, Inc. (a)	20,600		517,060
Autodesk, Inc. (a)	3,400		57,154
Autonomy Corp. PLC (a)	175,100		3,278,597
Blackboard, Inc. (a)(d)	38,900		1,234,686
Cadence Design Systems, Inc. (a)	2,250,000		9,450,000
Callidus Software, Inc. (a)	504,119		1,461,945
Citrix Systems, Inc. (a)	129,300		2,927,352
Concur Technologies, Inc. (a)(d)	89,839		1,724,010
Epicor Software Corp. (a)	100,000		381,000
Informatica Corp. (a)	96,300		1,276,938
Kingdee International Software Group Co. Ltd.	7,164,000		924,333
Longtop Financial Technologies Ltd. ADR (a)	82,300		1,747,229
Nuance Communications, Inc. (a)	30,100		326,886
Parametric Technology Corp. (a)	37,800		377,244
Quest Software, Inc. (a)	12,187		154,531
Salesforce.com, Inc. (a)	211,851		6,933,883
Smith Micro Software, Inc. (a)	395,175		2,066,765
SuccessFactors, Inc. (a)(d)	482,600		3,682,238
Synchronoss Technologies, Inc. (a)	271,000		3,322,460
Common Stocks - continued
	Shares		Value
SOFTWARE - CONTINUED
Application Software - continued
Synopsys, Inc. (a)	3,400		$ 70,482
Taleo Corp. Class A (a)	144,058		1,702,766
TIBCO Software, Inc. (a)	66,800		392,116
Verint Systems, Inc. (a)	149,300		522,550
			45,813,809
Home Entertainment Software - 3.2%
Activision Blizzard, Inc. (a)	28,500		298,110
Electronic Arts, Inc. (a)	439,700		7,998,143
Gameloft (a)	434,000		945,324
Kingsoft Corp. Ltd.	1,095,000		456,341
Nintendo Co. Ltd.	17,700		5,168,400
Perfect World Co. Ltd. sponsored ADR Class B (a)	411,516		5,781,800
Take-Two Interactive Software, Inc.	95,700		799,095
THQ, Inc. (a)	92,900		282,416
			21,729,629
Systems Software - 7.8%
Ariba, Inc. (a)	139,600		1,218,708
BMC Software, Inc. (a)	133,180		4,394,940
CA, Inc.	17,700		311,697
Check Point Software Technologies Ltd. (a)	19,500		433,095
CommVault Systems, Inc. (a)	94,800		1,039,956
Insyde Software Corp.	1,183,000		3,280,398
McAfee, Inc. (a)	10,300		345,050
Microsoft Corp.	1,810,300		33,255,211
Oracle Corp.	94,500		1,707,615
Phoenix Technologies Ltd. (a)	61,000		98,820
Red Hat, Inc. (a)	232,300		4,144,232
Symantec Corp. (a)	85,200		1,272,888
VMware, Inc. Class A (a)	62,000		1,464,440
			52,967,050
TOTAL SOFTWARE			120,510,488
SPECIALTY RETAIL - 0.1%
Computer & Electronics Retail - 0.1%
The Game Group PLC	378,261		818,164
WIRELESS TELECOMMUNICATION SERVICES - 1.5%
Wireless Telecommunication Services - 1.5%
American Tower Corp. Class A (a)	108,600		3,304,698
Common Stocks - continued
	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES - CONTINUED
Wireless Telecommunication Services - continued
Crown Castle International Corp. (a)	15,700		$ 320,437
SBA Communications Corp. Class A (a)	268,000		6,244,400
			9,869,535
TOTAL COMMON STOCKS (Cost $726,333,988)		667,310,934

Convertible Bonds - 0.6%
	Principal Amount
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.6%
Semiconductors - 0.6%
Advanced Micro Devices, Inc. 5.75% 8/15/12 (Cost $8,048,696)	$ 10,300,000	4,557,750

Money Market Funds - 6.4%
	Shares
Fidelity Cash Central Fund, 0.52% (b)	6,466,215		6,466,215
Fidelity Securities Lending Cash Central Fund, 0.46% (b)(c)	36,726,876		36,726,876
TOTAL MONEY MARKET FUNDS (Cost $43,193,091)		43,193,091
TOTAL INVESTMENT PORTFOLIO - 105.5% (Cost $777,575,775)			715,061,775
NET OTHER ASSETS - (5.5)%			(37,515,227 )
NET ASSETS - 100%		$ 677,546,548

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	$ 118,758
Fidelity Securities Lending Cash Central Fund	360,046
Total	$ 478,804

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	$ 715,061,775	$ 700,227,899	$ 14,833,876	$ -

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	80.3%
Cayman Islands	5.0%
Taiwan	3.8%
China	2.0%
Netherlands	1.9%
United Kingdom	1.4%
Bermuda	1.4%
Others (individually less than 1%)	4.2%
	100.0%

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Fidelity Information Technology Central Fund

Financial Statements

Statement of Assets and Liabilities

	March 31, 2009 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $36,253,286) - See accompanying schedule: Unaffiliated issuers (cost $734,382,684)	$ 671,868,684
Fidelity Central Funds (cost $43,193,091)	43,193,091
Total Investments (cost $777,575,775)		$ 715,061,775
Foreign currency held at value (cost $34)		35
Receivable for investments sold		9,495,653
Receivable for fund shares sold		108,713
Dividends receivable		512,564
Interest receivable		74,031
Distributions receivable from Fidelity Central Funds		34,338
Total assets		725,287,109

Liabilities
Payable for investments purchased	$ 10,490,780
Payable for fund shares redeemed	499,671
Other payables and accrued expenses	23,234
Collateral on securities loaned, at value	36,726,876
Total liabilities		47,740,561

Net Assets		$ 677,546,548
Net Assets consist of:
Paid in capital		$ 740,061,407
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(62,514,859 )
Net Assets , for 8,926,089 shares outstanding		$ 677,546,548
Net Asset Value , offering price and redemption price per share ($677,546,548 ÷ 8,926,089 shares)		$ 75.91

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Six months ended March 31, 2009 (Unaudited)

Investment Income
Dividends		$ 2,255,873
Interest		548,546
Income from Fidelity Central Funds (including $360,046 from security lending)		478,804
Total income		3,283,223

Expenses
Custodian fees and expenses	$ 45,988
Independent directors' compensation	2,268
Total expenses before reductions	48,256
Expense reductions	(3,090 )	45,166
Net investment income (loss)		3,238,057
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(292,046,584)
Other affiliated issuers	(7,298,332)
Foreign currency transactions	75,792
Total net realized gain (loss)		(299,269,124)
Change in net unrealized appreciation (depreciation) on: Investment securities	113,217,785
Assets and liabilities in foreign currencies	(46,556 )
Total change in net unrealized appreciation (depreciation)		113,171,229
Net gain (loss)		(186,097,895 )
Net increase (decrease) in net assets resulting from operations		$ (182,859,838 )

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Fidelity Information Technology Central Fund
Financial Statements - continued

Statement of Changes in Net Assets

	Six months ended March 31, 2009 (Unaudited)	Year ended September 30, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 3,238,057	$ 7,899,633
Net realized gain (loss)	(299,269,124)	(40,185,282)
Change in net unrealized appreciation (depreciation)	113,171,229	(365,187,723 )
Net increase (decrease) in net assets resulting from operations	(182,859,838 )	(397,473,372 )
Distributions to partners from net investment income	(2,850,475 )	(7,413,622 )
Affiliated share transactions Proceeds from sales of shares	91,453,020	40,735,477
Reinvestment of distributions	2,850,459	3,547,215
Cost of shares redeemed	(9,652,146 )	(7,725,856 )
Net increase (decrease) in net assets resulting from share transactions	84,651,333	36,556,836
Total increase (decrease) in net assets	(101,058,980)	(368,330,158)

Net Assets
Beginning of period	778,605,528	1,146,935,686
End of period	$ 677,546,548	$ 778,605,528
Other Information Shares
Sold	1,091,924	315,151
Issued in reinvestment of distributions	41,641	29,441
Redeemed	(135,365 )	(58,404 )
Net increase (decrease)	998,200	286,188

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights

	Six months ended March 31, 2009	Years ended September 30,
	(Unaudited)	2008	2007	2006 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 98.21	$ 150.09	$ 116.37	$ 100.00
Income from Investment Operations
Net investment income (loss) ^D	.36	1.01	.44	.14
Net realized and unrealized gain (loss)	(22.34 )	(51.94 )	33.72	16.37
Total from investment operations	(21.98 )	(50.93 )	34.16	16.51
Distributions to partners from net investment income	(.32 )	(.95 )	(.44 )	(.14 )
Net asset value, end of period	$ 75.91	$ 98.21	$ 150.09	$ 116.37
Total Return ^{B, C}	(22.34)%	(34.07)%	29.41%	16.51%
Ratios to Average Net Assets ^{E, I}
Expenses before reductions	.02% ^A	.01%	.01%	-% ^G
Expenses net of fee waivers, if any	.01% ^A	.01%	.01%	-% ^G
Expenses net of all reductions	.01% ^A	.01%	.01%	-% ^G
Net investment income (loss)	1.01% ^A	.79%	.34%	.13%
Supplemental Data
Net assets, end of period (000 omitted)	$ 677,547	$ 778,606	$ 1,146,936	$ 1,053,661
Portfolio turnover rate ^F	298% ^A	218%	168%	72% ^J

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than .01%.

^H For the period July 21, 2006 (commencement of operations) to September 30, 2006.

^J Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Fidelity Materials Central Fund

Investment Changes (Unaudited)

Top Ten Stocks as of March 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Monsanto Co.	15.4	13.1
E.I. du Pont de Nemours & Co.	7.0	10.0
Newmont Mining Corp.	6.1	4.5
Freeport-McMoRan Copper & Gold, Inc. Class B	5.6	3.8
Air Products & Chemicals, Inc.	4.5	2.1
Praxair, Inc.	3.8	1.9
Celanese Corp. Class A	2.8	3.4
Weyerhaeuser Co.	2.8	3.2
FMC Corp.	2.6	3.0
Albemarle Corp.	2.6	2.7
	53.2

Top Industries (% of fund's net assets)
As of March 31, 2009
	Chemicals 56.1%
	Metals & Mining 21.6%
	Containers & Packaging 10.6%
	Construction Materials 2.8%
	Paper & Forest Products 2.8%
	All Others * 6.1%

FID168869

As of September 30, 2008
	Chemicals 55.5%
	Metals & Mining 21.2%
	Containers & Packaging 11.5%
	Paper & Forest Products 3.2%
	Marine 1.2%
	All Others * 7.4%

FID168877

* Includes short-term investments and net other assets.

Semiannual Report

Fidelity Materials Central Fund

Investments March 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.3%
	Shares		Value
BUILDING PRODUCTS - 1.4%
Building Products - 1.4%
Masco Corp.	319,800		$ 2,232,204
CHEMICALS - 55.6%
Commodity Chemicals - 2.8%
Celanese Corp. Class A	335,822		4,489,940
Diversified Chemicals - 10.5%
Ashland, Inc.	11,700		120,861
Cabot Corp.	33,400		351,034
E.I. du Pont de Nemours & Co.	496,649		11,090,172
FMC Corp.	94,580		4,080,181
Solutia, Inc. (a)	503,538		941,616
			16,583,864
Fertilizers & Agricultural Chemicals - 21.0%
CF Industries Holdings, Inc.	39,700		2,823,861
Monsanto Co.	293,632		24,400,819
Terra Industries, Inc.	94,500		2,654,505
The Mosaic Co.	80,200		3,366,796
			33,245,981
Industrial Gases - 10.0%
Air Products & Chemicals, Inc.	126,700		7,126,875
Airgas, Inc.	81,800		2,765,658
Praxair, Inc.	88,900		5,982,081
			15,874,614
Specialty Chemicals - 11.3%
Albemarle Corp.	185,432		4,036,855
Cytec Industries, Inc.	75,200		1,129,504
H.B. Fuller Co.	34,200		444,600
Lubrizol Corp.	103,194		3,509,628
Nalco Holding Co.	184,382		2,409,873
OMNOVA Solutions, Inc. (a)	206,832		359,888
Rockwood Holdings, Inc. (a)	188,150		1,493,911
Valspar Corp.	91,000		1,817,270
W.R. Grace & Co. (a)	426,200		2,693,584
			17,895,113
TOTAL CHEMICALS			88,089,512
Common Stocks - continued
	Shares		Value
CONSTRUCTION MATERIALS - 2.8%
Construction Materials - 2.8%
Eagle Materials, Inc.	39,500		$ 957,875
Martin Marietta Materials, Inc. (d)	43,400		3,441,620
			4,399,495
CONTAINERS & PACKAGING - 10.6%
Metal & Glass Containers - 6.2%
Ball Corp.	62,000		2,690,800
Crown Holdings, Inc. (a)	121,700		2,766,241
Greif, Inc. Class A	42,400		1,411,496
Owens-Illinois, Inc. (a)	131,100		1,893,084
Pactiv Corp. (a)	74,600		1,088,414
			9,850,035
Paper Packaging - 4.4%
Packaging Corp. of America	117,600		1,531,152
Rock-Tenn Co. Class A	63,236		1,710,534
Sealed Air Corp.	135,300		1,867,140
Temple-Inland, Inc.	333,726		1,792,109
			6,900,935
TOTAL CONTAINERS & PACKAGING			16,750,970
HOUSEHOLD DURABLES - 0.4%
Homebuilding - 0.4%
Centex Corp.	85,100		638,250
MACHINERY - 0.5%
Construction & Farm Machinery & Heavy Trucks - 0.5%
Deere & Co.	25,330		832,597
MARINE - 0.4%
Marine - 0.4%
Ultrapetrol (Bahamas) Ltd. (a)	254,100		686,070
METALS & MINING - 21.0%
Diversified Metals & Mining - 6.3%
BHP Billiton PLC	60,700		1,206,229
Freeport-McMoRan Copper & Gold, Inc. Class B	231,863		8,836,299
			10,042,528
Gold - 8.1%
Newmont Mining Corp.	216,600		9,695,016
Common Stocks - continued
	Shares		Value
METALS & MINING - CONTINUED
Gold - continued
Randgold Resources Ltd. sponsored ADR	29,715		$ 1,615,010
Yamana Gold, Inc.	167,600		1,565,038
			12,875,064
Precious Metals & Minerals - 0.6%
Impala Platinum Holdings Ltd.	54,527		910,702
Steel - 6.0%
AK Steel Holding Corp.	114,000		811,680
ArcelorMittal SA (NY Shares) Class A (d)	61,800		1,238,472
Cliffs Natural Resources, Inc.	45,800		831,728
Commercial Metals Co.	174,500		2,015,475
Reliance Steel & Aluminum Co.	90,500		2,382,865
Steel Dynamics, Inc.	246,400		2,170,784
			9,451,004
TOTAL METALS & MINING			33,279,298
OIL, GAS & CONSUMABLE FUELS - 0.9%
Coal & Consumable Fuels - 0.9%
Foundation Coal Holdings, Inc.	34,200		490,770
Massey Energy Co.	86,478		875,157
			1,365,927
PAPER & FOREST PRODUCTS - 2.8%
Forest Products - 2.8%
Weyerhaeuser Co.	159,500		4,397,415
TRANSPORTATION INFRASTRUCTURE - 0.9%
Marine Ports & Services - 0.9%
Aegean Marine Petroleum Network, Inc.	89,600		1,500,800
TOTAL COMMON STOCKS (Cost $182,257,479)		154,172,538
Convertible Preferred Stocks - 0.6%

METALS & MINING - 0.6%
Diversified Metals & Mining - 0.6%
Freeport-McMoRan Copper & Gold, Inc. 6.75% (Cost $831,838)	15,400		992,869

Floating Rate Loans - 0.5%
	Principal Amount	Value
MATERIALS - 0.5%
Chemicals - 0.5%
Celanese Holding LLC term loan 2.935% 4/2/14 (e) (Cost $694,170)	$ 897,716	$ 763,058

Money Market Funds - 5.9%
	Shares
Fidelity Cash Central Fund, 0.52% (b)	4,737,697		4,737,697
Fidelity Securities Lending Cash Central Fund, 0.46% (b)(c)	4,639,500		4,639,500
TOTAL MONEY MARKET FUNDS (Cost $9,377,197)		9,377,197
TOTAL INVESTMENT PORTFOLIO - 104.3% (Cost $193,160,684)			165,305,662
NET OTHER ASSETS - (4.3)%			(6,878,597 )
NET ASSETS - 100%		$ 158,427,065

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.

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	$ 45,105
Fidelity Securities Lending Cash Central Fund	44,235
Total	$ 89,340

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 165,305,662	$ 163,549,735	$ 1,755,927	$ -

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Fidelity Materials Central Fund

Financial Statements

Statement of Assets and Liabilities

	March 31, 2009 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $4,600,792) - See accompanying schedule: Unaffiliated issuers (cost $183,783,487)	$ 155,928,465
Fidelity Central Funds (cost $9,377,197)	9,377,197
Total Investments (cost $193,160,684)		$ 165,305,662
Foreign currency held at value (cost $21)		21
Receivable for investments sold		1,484,519
Receivable for fund shares sold		22,469
Dividends receivable		186,073
Interest receivable		6,441
Distributions receivable from Fidelity Central Funds		9,764
Total assets		167,014,949

Liabilities
Payable for investments purchased	$ 3,841,902
Payable for fund shares redeemed	103,540
Other payables and accrued expenses	2,942
Collateral on securities loaned, at value	4,639,500
Total liabilities		8,587,884

Net Assets		$ 158,427,065
Net Assets consist of:
Paid in capital		$ 186,282,216
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(27,855,151 )
Net Assets , for 1,993,748 shares outstanding		$ 158,427,065
Net Asset Value , offering price and redemption price per share ($158,427,065 ÷ 1,993,748 shares)		$ 79.46

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Six months ended March 31, 2009 (Unaudited)

Investment Income
Dividends		$ 1,751,832
Interest		32,631
Income from Fidelity Central Funds (including $44,235 from security lending)		89,340
Total income		1,873,803

Expenses
Custodian fees and expenses	$ 7,618
Independent directors' compensation	543
Total expenses before reductions	8,161
Expense reductions	(543 )	7,618
Net investment income (loss)		1,866,185
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(40,864,765)
Foreign currency transactions	(19,982 )
Total net realized gain (loss)		(40,884,747)
Change in net unrealized appreciation (depreciation) on: Investment securities	(14,830,351)
Assets and liabilities in foreign currencies	147
Total change in net unrealized appreciation (depreciation)		(14,830,204 )
Net gain (loss)		(55,714,951 )
Net increase (decrease) in net assets resulting from operations		$ (53,848,766 )

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Fidelity Materials Central Fund
Financial Statements - continued

Statement of Changes in Net Assets

	Six months ended March 31, 2009 (Unaudited)	Year ended September 30, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 1,866,185	$ 4,332,128
Net realized gain (loss)	(40,884,747)	(196,691)
Change in net unrealized appreciation (depreciation)	(14,830,204 )	(61,794,114 )
Net increase (decrease) in net assets resulting from operations	(53,848,766 )	(57,658,677 )
Distributions to partners from net investment income	(1,722,731 )	(4,455,922 )
Affiliated share transactions Proceeds from sales of shares	24,702,686	7,147,223
Reinvestment of distributions	1,722,695	1,473,396
Cost of shares redeemed	(2,161,527 )	(13,563,583 )
Net increase (decrease) in net assets resulting from share transactions	24,263,854	(4,942,964 )
Total increase (decrease) in net assets	(31,307,643)	(67,057,563)

Net Assets
Beginning of period	189,734,708	256,792,271
End of period	$ 158,427,065	$ 189,734,708
Other Information Shares
Sold	275,017	50,849
Issued in reinvestment of distributions	23,649	10,227
Redeemed	(29,079 )	(84,602 )
Net increase (decrease)	269,587	(23,526 )

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights

	Six months ended March 31, 2009	Years ended September 30,
	(Unaudited)	2008	2007	2006 ^J
Selected Per-Share Data
Net asset value, beginning of period	$ 110.04	$ 146.93	$ 103.95	$ 100.00
Income from Investment Operations
Net investment income (loss) ^D	.94	2.48	2.64 ^H	.53
Net realized and unrealized gain (loss)	(30.65 )	(36.82 )	42.85	3.92
Total from investment operations	(29.71 )	(34.34 )	45.49	4.45
Distributions to partners from net investment income	(.87 )	(2.55 )	(2.51 )	(.50 )
Net asset value, end of period	$ 79.46	$ 110.04	$ 146.93	$ 103.95
Total Return ^{B, C}	(26.92)%	(23.79)%	44.20%	4.45%
Ratios to Average Net Assets ^{E, J}
Expenses before reductions	.01% ^A	.01%	-% ^G	-% ^G
Expenses net of fee waivers, if any	.01% ^A	.01%	-% ^G	-% ^G
Expenses net of all reductions	.01% ^A	-% ^G	-% ^G	-% ^G
Net investment income (loss)	2.48% ^A	1.72%	2.09% ^H	.51%
Supplemental Data
Net assets, end of period (000 omitted)	$ 158,427	$ 189,735	$ 256,792	$ 211,310
Portfolio turnover rate ^F	153% ^A	100%	65%	0% ^K

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than .01%.

^H Investment income per share reflects a special dividend which amounted to $.35 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been 1.82%.

^I For the period July 21, 2006 (commencement of operations) to September 30, 2006.

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

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Fidelity Telecom Services Central Fund

Investment Changes (Unaudited)

Top Ten Stocks as of March 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Sprint Nextel Corp.	13.2	2.3
AT&T, Inc.	12.9	12.4
Verizon Communications, Inc.	11.9	4.1
Global Crossing Ltd.	5.5	7.2
The DIRECTV Group, Inc.	5.0	2.2
Virgin Media, Inc.	4.9	3.9
Cbeyond, Inc.	4.1	1.9
Starent Networks Corp.	3.9	4.3
Qwest Communications International, Inc.	3.6	7.1
SBA Communications Corp. Class A	3.4	0.9
	68.4

Top Industries (% of fund's net assets)
As of March 31, 2009
	Diversified Telecommunication Services 48.5%
	Wireless Telecommunication Services 29.7%
	Media 12.5%
	Communications Equipment 4.1%
	Software 3.0%
	All Others * 2.2%

FID168891

As of September 30, 2008
	Diversified Telecommunication Services 44.6%
	Wireless Telecommunication Services 27.1%
	Media 14.7%
	Software 5.4%
	Communications Equipment 4.6%
	All Others * 3.6%

FID168899

* Includes short-term investments and net other assets.

Semiannual Report

Fidelity Telecom Services Central Fund

Investments March 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%
	Shares		Value
COMMUNICATIONS EQUIPMENT - 4.1%
Communications Equipment - 4.1%
Aruba Networks, Inc. (a)	2,600		$ 8,164
F5 Networks, Inc. (a)	400		8,380
Infinera Corp. (a)	33,600		248,640
Juniper Networks, Inc. (a)	300		4,518
Polycom, Inc. (a)	400		6,156
Sandvine Corp. (a)	2,700		1,607
Starent Networks Corp. (a)(d)	358,600		5,669,466
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR	12,600		101,934
			6,048,865
COMPUTERS & PERIPHERALS - 0.1%
Computer Hardware - 0.1%
Apple, Inc. (a)	1,100		115,632
Computer Storage & Peripherals - 0.0%
Isilon Systems, Inc. (a)	31,300		68,860
NetApp, Inc. (a)	300		4,452
			73,312
TOTAL COMPUTERS & PERIPHERALS			188,944
DIVERSIFIED TELECOMMUNICATION SERVICES - 48.5%
Alternative Carriers - 8.6%
Cable & Wireless PLC	5,367		10,742
Cogent Communications Group, Inc. (a)	35,600		256,320
Global Crossing Ltd. (a)	1,156,800		8,097,600
Iliad Group SA	800		74,589
Level 3 Communications, Inc. (a)	758,037		697,394
PAETEC Holding Corp. (a)	39,000		56,160
tw telecom, inc. (a)	386,200		3,379,250
			12,572,055
Integrated Telecommunication Services - 39.9%
AT&T, Inc.	748,492		18,861,998
Cbeyond, Inc. (a)	318,200		5,991,706
China Telecom Corp. Ltd. sponsored ADR (d)	73,900		3,061,677
China Unicom (Hong Kong) Ltd. sponsored ADR	278,700		2,901,267
Cincinnati Bell, Inc. (a)	154,200		354,660
Consolidated Communications Holdings, Inc.	39,300		403,218
Deutsche Telekom AG (Reg.)	400		4,940
Embarq Corp.	1,800		68,130
FairPoint Communications, Inc.	6,204		4,839
Common Stocks - continued
	Shares		Value
DIVERSIFIED TELECOMMUNICATION SERVICES - CONTINUED
Integrated Telecommunication Services - continued
NTELOS Holdings Corp.	19,551		$ 354,655
PT Indosat Tbk	11,200		4,536
PT Telkomunikasi Indonesia Tbk Series B	194,000		125,041
Qwest Communications International, Inc. (d)	1,522,100		5,205,582
Telecom Italia SpA	2,553,300		3,290,683
Telecom Italia SpA sponsored ADR	9,700		124,063
Telefonica SA	600		11,961
Telenor ASA	1,800		10,311
Telenor ASA sponsored ADR	1,100		18,876
Telkom SA Ltd.	900		10,020
Verizon Communications, Inc.	575,100		17,368,020
Vimpel Communications sponsored ADR	2,000		13,080
Windstream Corp.	2,596		20,924
			58,210,187
TOTAL DIVERSIFIED TELECOMMUNICATION SERVICES			70,782,242
INTERNET SOFTWARE & SERVICES - 0.4%
Internet Software & Services - 0.4%
Equinix, Inc. (a)	6,910		387,997
Google, Inc. Class A (sub. vtg.) (a)	100		34,806
SAVVIS, Inc.	14,900		92,231
			515,034
MEDIA - 12.5%
Cable & Satellite - 12.5%
Comcast Corp. Class A	281,400		3,838,296
Liberty Global, Inc. Class A (a)	200		2,912
The DIRECTV Group, Inc. (a)	320,100		7,295,079
Virgin Media, Inc.	1,494,100		7,171,680
			18,307,967
SOFTWARE - 3.0%
Application Software - 0.4%
Nuance Communications, Inc. (a)	300		3,258
OnMobile Global Ltd. (a)	88,195		557,371
Synchronoss Technologies, Inc. (a)	1,405		17,225
			577,854
Common Stocks - continued
	Shares		Value
SOFTWARE - CONTINUED
Home Entertainment Software - 2.6%
Gameloft (a)	1,728,989		$ 3,766,025
Glu Mobile, Inc. (a)	78,700		40,137
			3,806,162
TOTAL SOFTWARE			4,384,016
WIRELESS TELECOMMUNICATION SERVICES - 29.7%
Wireless Telecommunication Services - 29.7%
America Movil SAB de CV Series L sponsored ADR	1,200		32,496
American Tower Corp. Class A (a)	159,600		4,856,628
Bharti Airtel Ltd. (a)	78,842		975,824
Clearwire Corp. Class A (a)	5,900		30,385
Crown Castle International Corp. (a)	105,500		2,153,255
Idea Cellular Ltd. (a)	15,887		15,734
Leap Wireless International, Inc. (a)	60,950		2,125,327
MetroPCS Communications, Inc. (a)	165,050		2,819,054
MTN Group Ltd.	242,600		2,688,443
NII Holdings, Inc. (a)	88,800		1,332,000
NTT DoCoMo, Inc.	86		117,152
Orascom Telecom Holding SAE unit	300		6,714
Rogers Communications, Inc. Class B (non-vtg.)	500		11,524
SBA Communications Corp. Class A (a)	213,800		4,981,540
Sprint Nextel Corp. (a)	5,372,839		19,181,034
Syniverse Holdings, Inc. (a)	21,800		343,568
Telephone & Data Systems, Inc.	10,600		281,006
Virgin Mobile USA, Inc. Class A (a)	900		1,161
Vivo Participacoes SA sponsored ADR	800		10,440
Vodafone Group PLC sponsored ADR	76,400		1,330,888
			43,294,173
TOTAL COMMON STOCKS (Cost $159,368,256)		143,521,241
Money Market Funds - 9.2%
	Shares		Value
Fidelity Cash Central Fund, 0.52% (b)	3,393,268		$ 3,393,268
Fidelity Securities Lending Cash Central Fund, 0.46% (b)(c)	10,100,875		10,100,875
TOTAL MONEY MARKET FUNDS (Cost $13,494,143)		13,494,143
TOTAL INVESTMENT PORTFOLIO - 107.5% (Cost $172,862,399)			157,015,384
NET OTHER ASSETS - (7.5)%			(11,001,320 )
NET ASSETS - 100%		$ 146,014,064

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	$ 16,338
Fidelity Securities Lending Cash Central Fund	142,096
Total	$ 158,434

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 157,015,384	$ 151,912,142	$ 5,103,242	$ -

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	81.2%
Bermuda	5.5%
France	2.7%
Italy	2.4%
China	2.1%
Hong Kong	2.0%
South Africa	1.9%
India	1.1%
Others (individually less than 1%)	1.1%
	100.0%

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Fidelity Telecom Services Central Fund

Financial Statements

Statement of Assets and Liabilities

	March 31, 2009 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $9,663,056) - See accompanying schedule: Unaffiliated issuers (cost $159,368,256)	$ 143,521,241
Fidelity Central Funds (cost $13,494,143)	13,494,143
Total Investments (cost $172,862,399)		$ 157,015,384
Foreign currency held at value (cost $2)		2
Receivable for investments sold		459,750
Receivable for fund shares sold		22,232
Dividends receivable		78,047
Distributions receivable from Fidelity Central Funds		8,513
Total assets		157,583,928

Liabilities
Payable for investments purchased	$ 1,364,509
Payable for fund shares redeemed	101,994
Other payables and accrued expenses	2,486
Collateral on securities loaned, at value	10,100,875
Total liabilities		11,569,864

Net Assets		$ 146,014,064
Net Assets consist of:
Paid in capital		$ 161,860,353
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(15,846,289 )
Net Assets , for 1,902,584 shares outstanding		$ 146,014,064
Net Asset Value , offering price and redemption price per share ($146,014,064 ÷ 1,902,584 shares)		$ 76.75

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Six months ended March 31, 2009 (Unaudited)

Investment Income
Dividends		$ 699,221
Income from Fidelity Central Funds (including $142,096 from security lending)		158,434
Total income		857,655

Expenses
Custodian fees and expenses	$ 2,802
Independent directors' compensation	460
Total expenses before reductions	3,262
Expense reductions	(859 )	2,403
Net investment income (loss)		855,252
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(24,815,544)
Foreign currency transactions	19,357
Total net realized gain (loss)		(24,796,187)
Change in net unrealized appreciation (depreciation) on: Investment securities	2,563,137
Assets and liabilities in foreign currencies	19,426
Total change in net unrealized appreciation (depreciation)		2,582,563
Net gain (loss)		(22,213,624 )
Net increase (decrease) in net assets resulting from operations		$ (21,358,372 )

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Fidelity Telecom Services Central Fund
Financial Statements - continued

Statement of Changes in Net Assets

	Six months ended March 31, 2009 (Unaudited)	Year ended September 30, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 855,252	$ 4,629,737
Net realized gain (loss)	(24,796,187)	(4,815,215)
Change in net unrealized appreciation (depreciation)	2,582,563	(100,222,455 )
Net increase (decrease) in net assets resulting from operations	(21,358,372 )	(100,407,933 )
Distributions to partners from net investment income	(1,304,013 )	(4,591,852 )
Affiliated share transactions Proceeds from sales of shares	12,780,289	12,552,763
Reinvestment of distributions	1,304,013	1,832,894
Cost of shares redeemed	(2,081,219 )	(369,404 )
Net increase (decrease) in net assets resulting from share transactions	12,003,083	14,016,253
Total increase (decrease) in net assets	(10,659,302)	(90,983,532)

Net Assets
Beginning of period	156,673,366	247,656,898
End of period	$ 146,014,064	$ 156,673,366
Other Information Shares
Sold	165,420	106,662
Issued in reinvestment of distributions	19,384	17,255
Redeemed	(28,542 )	(3,545 )
Net increase (decrease)	156,262	120,372

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights

	Six months ended March 31, 2009	Years ended September 30,
	(Unaudited)	2008	2007	2006 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 89.72	$ 152.32	$ 114.90	$ 100.00
Income from Investment Operations
Net investment income (loss) ^D	.45	2.76	2.85	.14
Net realized and unrealized gain (loss)	(12.73 )	(62.62 )	37.42	14.89
Total from investment operations	(12.28 )	(59.86 )	40.27	15.03
Distributions to partners from net investment income	(.69 )	(2.74 )	(2.85 )	(.13 )
Net asset value, end of period	$ 76.75	$ 89.72	$ 152.32	$ 114.90
Total Return ^{B, C}	(13.58)%	(39.72)%	35.42%	15.03%
Ratios to Average Net Assets ^{E, I}
Expenses before reductions	-% ^{A, G}	.02%	-% ^G	-% ^G
Expenses net of fee waivers, if any	-% ^{A, G}	.01%	-% ^G	-% ^G
Expenses net of all reductions	-% ^{A, G}	.01%	-% ^G	-% ^G
Net investment income (loss)	1.30% ^A	2.34%	2.13%	.13%
Supplemental Data
Net assets, end of period (000 omitted)	$ 146,014	$ 156,673	$ 247,657	$ 217,927
Portfolio turnover rate ^F	199% ^A	191%	55%	16% ^J

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than .01%.

^H For the period July 21, 2006 (commencement of operations) to September 30, 2006.

^J Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Fidelity Utilities Central Fund

Investment Changes (Unaudited)

Top Ten Stocks as of March 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Exelon Corp.	9.6	11.0
Sempra Energy	6.3	4.7
Entergy Corp.	5.7	8.0
PG&E Corp.	5.3	0.0
Public Service Enterprise Group, Inc.	5.2	4.8
FPL Group, Inc.	5.0	3.5
Dominion Resources, Inc.	4.9	5.7
FirstEnergy Corp.	4.7	5.2
American Electric Power Co., Inc.	3.9	5.4
Duke Energy Corp.	3.9	6.7
	54.5

Top Industries (% of fund's net assets)
As of March 31, 2009
	Electric Utilities 48.1%
	Multi-utilities 38.9%
	Independent Power Producers & Energy Traders 5.6%
	Gas Utilities 3.5%
	Oil, Gas & Consumable Fuels 1.4%
	All Others * 2.5%

FID168907

As of September 30, 2008
	Electric Utilities 62.7%
	Multi-utilities 23.7%
	Independent Power Producers & Energy Traders 7.0%
	Gas Utilities 2.2%
	Electronic Equipment & Components 0.5%
	All Others * 3.9%

FID168915

* Includes short-term investments and net other assets.

Semiannual Report

Fidelity Utilities Central Fund

Investments March 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.7%
	Shares		Value
DIVERSIFIED FINANCIAL SERVICES - 0.2%
Other Diversified Financial Services - 0.2%
Hicks Acquisition Co. I, Inc. unit (a)	33,600		$ 316,848
ELECTRIC UTILITIES - 48.1%
Electric Utilities - 48.1%
Allegheny Energy, Inc.	72,500		1,679,825
American Electric Power Co., Inc.	242,100		6,115,446
DPL, Inc.	194,610		4,386,509
Duke Energy Corp.	425,046		6,086,659
Entergy Corp.	131,500		8,953,835
Exelon Corp.	335,818		15,242,778
FirstEnergy Corp.	193,300		7,461,380
FPL Group, Inc.	156,794		7,954,160
NV Energy, Inc.	277,700		2,607,603
Pinnacle West Capital Corp.	163,600		4,345,216
PPL Corp.	101,400		2,911,194
Progress Energy, Inc.	118,800		4,307,688
Unisource Energy Corp.	54,500		1,536,355
Westar Energy, Inc.	139,000		2,436,670
			76,025,318
GAS UTILITIES - 3.5%
Gas Utilities - 3.5%
EQT Corp.	53,500		1,676,155
Questar Corp.	110,800		3,260,844
Southwest Gas Corp.	28,600		602,602
			5,539,601
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 5.6%
Independent Power Producers & Energy Traders - 5.6%
AES Corp. (a)	401,591		2,333,244
Black Hills Corp.	16,385		293,128
Constellation Energy Group, Inc.	163,100		3,369,646
Dynegy, Inc. Class A (a)	609,800		859,818
NRG Energy, Inc. (a)	115,100		2,025,760
			8,881,596
MULTI-UTILITIES - 38.9%
Multi-Utilities - 38.9%
Alliant Energy Corp.	115,000		2,839,350
Ameren Corp.	197,000		4,568,430
CenterPoint Energy, Inc.	460,500		4,803,015
Common Stocks - continued
	Shares		Value
MULTI-UTILITIES - CONTINUED
Multi-Utilities - continued
CMS Energy Corp.	348,000		$ 4,120,320
Dominion Resources, Inc.	251,812		7,803,654
OGE Energy Corp.	174,000		4,144,680
PG&E Corp.	216,800		8,286,096
PNM Resources, Inc.	37,000		305,620
Public Service Enterprise Group, Inc.	279,000		8,222,130
Sempra Energy	213,500		9,872,240
TECO Energy, Inc.	240,635		2,683,080
Wisconsin Energy Corp.	90,486		3,725,309
			61,373,924
OIL, GAS & CONSUMABLE FUELS - 1.4%
Oil & Gas Storage & Transport - 1.4%
Southern Union Co.	149,800		2,279,956
TOTAL COMMON STOCKS (Cost $171,769,093)		154,417,243
Money Market Funds - 0.5%

Fidelity Cash Central Fund, 0.52% (b)	95,766		95,766
Fidelity Securities Lending Cash Central Fund, 0.46% (b)(c)	655,650		655,650
TOTAL MONEY MARKET FUNDS (Cost $751,416)		751,416
TOTAL INVESTMENT PORTFOLIO - 98.2% (Cost $172,520,509)			155,168,659
NET OTHER ASSETS - 1.8%			2,812,719
NET ASSETS - 100%		$ 157,981,378

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	$ 30,262
Fidelity Securities Lending Cash Central Fund	8,197
Total	$ 38,459

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 155,168,659	$ 155,168,659	$ -	$ -

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Fidelity Utilities Central Fund

Financial Statements

Statement of Assets and Liabilities

	March 31, 2009 (Unaudited)

Assets
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $171,769,093)	$ 154,417,243
Fidelity Central Funds (cost $751,416)	751,416
Total Investments (cost $172,520,509)		$ 155,168,659
Receivable for investments sold		6,498,717
Receivable for fund shares sold		26,049
Dividends receivable		309,290
Distributions receivable from Fidelity Central Funds		2,451
Total assets		162,005,166

Liabilities
Payable for investments purchased	$ 3,246,523
Payable for fund shares redeemed	119,953
Other payables and accrued expenses	1,662
Collateral on securities loaned, at value	655,650
Total liabilities		4,023,788

Net Assets		$ 157,981,378
Net Assets consist of:
Paid in capital		$ 175,333,228
Net unrealized appreciation (depreciation) on investments		(17,351,850 )
Net Assets , for 2,157,360 shares outstanding		$ 157,981,378
Net Asset Value , offering price and redemption price per share ($157,981,378 ÷ 2,157,360 shares)		$ 73.23

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Six months ended March 31, 2009 (Unaudited)

Investment Income
Dividends		$ 3,170,625
Interest		6,510
Income from Fidelity Central Funds (including $8,197 from security lending)		38,459
Total income		3,215,594

Expenses
Custodian fees and expenses	$ 3,767
Independent directors' compensation	604
Total expenses before reductions	4,371
Expense reductions	(604 )	3,767
Net investment income (loss)		3,211,827
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(40,268,360)
Foreign currency transactions	(741 )
Total net realized gain (loss)		(40,269,101)
Change in net unrealized appreciation (depreciation) on investment securities		(2,204,921 )
Net gain (loss)		(42,474,022 )
Net increase (decrease) in net assets resulting from operations		$ (39,262,195 )

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Fidelity Utilities Central Fund
Financial Statements - continued

Statement of Changes in Net Assets

	Six months ended March 31, 2009 (Unaudited)	Year ended September 30, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 3,211,827	$ 5,579,798
Net realized gain (loss)	(40,269,101)	(11,421,877)
Change in net unrealized appreciation (depreciation)	(2,204,921 )	(49,529,424 )
Net increase (decrease) in net assets resulting from operations	(39,262,195 )	(55,371,503 )
Distributions to partners from net investment income	(3,049,564 )	(5,400,531 )
Affiliated share transactions Proceeds from sales of shares	8,906,757	7,074,072
Reinvestment of distributions	3,049,499	2,613,027
Cost of shares redeemed	(2,706,064 )	(6,459,983 )
Net increase (decrease) in net assets resulting from share transactions	9,250,192	3,227,116
Total increase (decrease) in net assets	(33,061,567)	(57,544,918)

Net Assets
Beginning of period	191,042,945	248,587,863
End of period	$ 157,981,378	$ 191,042,945
Other Information Shares
Sold	108,224	58,952
Issued in reinvestment of distributions	39,276	22,910
Redeemed	(36,954 )	(53,027 )
Net increase (decrease)	110,546	28,835

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights

	Six months ended March 31, 2009	Years ended September 30,
	(Unaudited)	2008	2007	2006 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 93.34	$ 123.19	$ 101.64	$ 100.00
Income from Investment Operations
Net investment income (loss) ^D	1.50	2.74	3.02	.62
Net realized and unrealized gain (loss)	(20.18 )	(29.93 )	21.53	1.63
Total from investment operations	(18.68 )	(27.19 )	24.55	2.25
Distributions to partners from net investment income	(1.43 )	(2.66 )	(3.00 )	(.61 )
Net asset value, end of period	$ 73.23	$ 93.34	$ 123.19	$ 101.64
Total Return ^{B, C}	(20.09)%	(22.54)%	24.29%	2.24%
Ratios to Average Net Assets ^{E, I}
Expenses before reductions	.01% ^A	-% ^G	-% ^G	-% ^G
Expenses net of fee waivers, if any	-% ^{A, G}	-% ^G	-% ^G	-% ^G
Expenses net of all reductions	-% ^{A, G}	-% ^G	-% ^G	-% ^G
Net investment income (loss)	3.80% ^A	2.27%	2.57%	.61%
Supplemental Data
Net assets, end of period (000 omitted)	$ 157,981	$ 191,043	$ 248,588	$ 250,499
Portfolio turnover rate ^F	242% ^A	112%	94%	1% ^J

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than .01%.

^H For the period July 21, 2006 (commencement of operations) to September 30, 2006.

^J Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended March 31, 2009 (Unaudited)

1. Organization.

Fidelity Consumer Discretionary Central Fund (Consumer Discretionary), Fidelity Consumer Staples Central Fund (Consumer Staples), Fidelity Energy Central Fund (Energy), Fidelity Financials Central Fund (Financials), Fidelity Health Care Central Fund (Health Care), Fidelity Industrials Central Fund (Industrials), Fidelity Information Technology Central Fund (Information Technology), Fidelity Materials Central Fund (Materials), Fidelity Telecom Services Central Fund (Telecom Services), and Fidelity Utilities Central Fund (Utilities), collectively referred to as the Funds, are funds of Fidelity Central Investment Portfolios LLC (the LLC) and are authorized to issue an unlimited number of shares. The LLC is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware Limited Liability Company. Each Fund in the LLC is a separate partnership for tax purposes. Shares of each Fund are only offered to other investment companies and accounts managed by Fidelity Management & Research Company (FMR), or its affiliates (the Investing Funds).The Funds are non-diversified with the exception of Financials. The Funds invest primarily in securities of companies whose principal business activities fall within specific industries. The Funds are referred to as Fidelity Central Funds and may also invest in other Fidelity Central Funds available only to investment companies and other accounts managed by FMR and its affiliates. The Board of Directors may permit the purchase of shares (for cash, securities or other consideration) and admit new Eligible Accredited Investors into each Fund, in accordance with the Partnership Agreement. Certain Funds' investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

2. Investments in Fidelity Central Funds.

The Funds may invest in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by FMR and its affiliates. The Funds' Schedules of Investments list each of the Fidelity Central Funds held as of period end, if any, as an investment of each Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Funds indirectly bear their proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.

Semiannual Report

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Funds:

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Each Fund uses independent pricing services approved by the Board of Directors to value their investments.

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 by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds, including other 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. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. 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 (NAV) calculation under these procedures may differ from published prices for the same securities.

The Funds adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Funds' fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Security Valuation - continued

Level 1	Quoted prices in active markets for identical securities.
Level 2	Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3	Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

The aggregate value by input level, as of March 31, 2009, for each Fund's investments, as well as a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining value if any, is included at the end of each Fund's Schedule of Investments.

Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE),normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified

Semiannual Report

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Funds estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions. As a result of a change in the estimate of the return of capital component of dividend income realized in the year ended September 30, 2008, dividend income has been reduced $600,181 for Telecom Services, with a corresponding increase to net unrealized appreciation (depreciation). The change in estimate has no impact on total net assets or total return of Telecom Services. Interest income and distributions from other Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Most expenses of the LLC can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the LLC. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Partners. No provision has been made for federal income taxes because all income and expenses and gain/loss (realized and unrealized) are allocated daily to the partners, based on their capital balances, for inclusion in their individual income tax returns.

Distributions are recorded on the ex-dividend date. Due to the Fund's partnership structure, paid in capital includes net realized gain/loss on investments.

Each Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. There are no unrecognized tax benefits in the accompanying financial statements. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Partners - continued

The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows for each Fund:

	Cost for Federal Income Tax Purposes	Unrealized Appreciation	Unrealized Depreciation	Net Unrealized Appreciation/ (Depreciation)
Consumer Discretionary	$ 556,701,942	$ 32,638,390	$ (167,673,661)	$ (135,035,271)
Consumer Staples	488,851,889	19,737,234	(71,620,670)	(51,883,436)
Energy	566,900,541	26,711,260	(171,302,979)	(144,591,719)
Financials	647,133,739	44,670,496	(165,712,726)	(121,042,230)
Health Care	614,665,807	37,776,866	(68,895,796)	(31,118,930)
Industrials	585,853,835	12,369,304	(154,625,231)	(142,255,927)
Information Technology	795,656,141	60,003,667	(140,598,033)	(80,594,366)
Materials	198,869,767	18,748,566	(52,312,671)	(33,564,105)
Telecom Services	178,948,312	17,050,946	(38,983,874)	(21,932,928)
Utilities	181,914,705	3,532,369	(30,278,415)	(26,746,046)

4. Operating Policies.

Repurchase Agreements. FMR has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits certain Funds and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. Certain Funds may also invest directly with institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. Each applicable Fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.

Restricted Securities. Certain Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of each applicable Fund's Schedule of Investments.

Semiannual Report

4. Operating Policies - continued

Loans and Other Direct Debt Instruments. Certain Funds may invest in loans and loan participations, trade claims or other receivables. These investments may include standby financing commitments, including revolving credit facilities, that obligate the Fund to supply additional cash to the borrower on demand. Loan participations involve a risk of insolvency of the lending bank or other financial intermediary.

5. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Consumer Discretionary	129,118,468	102,304,705
Consumer Staples	261,636,130	235,962,558
Energy	559,989,245	452,364,018
Financials	981,048,077	900,953,064
Health Care	729,113,569	682,527,678
Industrials	451,656,220	394,313,764
Information Technology	1,063,713,568	952,479,477
Materials	146,490,726	115,812,014
Telecom Services	149,883,528	134,607,075
Utilities	217,500,305	204,631,901

Fidelity Financials Central Fund realized a loss on the sale of an investment not meeting the investment restrictions of the Fund. The loss was fully reimbursed by the Fund's investment advisor.

6. Fees and Other Transactions with Affiliates.

Management Fee and Expense Contract . Fidelity Management & Research Company, Inc. (FMRC), an affiliate of FMR, provides each Fund with investment management services. The Funds do not pay any fees for these services. Pursuant to each Fund's management contract with FMRC, FMR pays FMRC a portion of the management fees it receives from the Investing Funds. In addition, under an expense contract FMR pays all other expenses of each Fund, excluding custody fees, the compensation of the independent Directors, and certain exceptions such as interest expense.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

6. Fees and Other Transactions with Affiliates - continued

Brokerage Commissions. Certain Funds placed a portion of their portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were as follows:

	Amount
Consumer Discretionary	$ 7,092
Consumer Staples	2,166
Energy	3,464
Financials	254,725
Health Care	11,321
Industrials	15,883
Information Technology	31,368
Materials	1,566
Telecom Services	2,282
Utilities	3,277

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Funds, along with other registered investment companies having management contracts with FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Each applicable fund's activity in this program during the period for which loans were outstanding was as follows:

	Borrower or Lender	Average Daily Loan Balance	Weighted Average Interest Rate	Interest Expense
Financials	Borrower	$ 5,606,000	.22%	$ 34

7. Security Lending.

Certain Funds lend portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, each applicable Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities until the loaned securities are returned. The market value of the loaned securities is determined at the close of business of the Funds and any additional required collateral is delivered to the Funds on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities, if any, and cash collateral at period end are disclosed on each applicable Fund's Statement of Assets

Semiannual Report

7. Security Lending - continued

and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented on each applicable Fund's Statement of Operations as a component of income from Fidelity Central Funds.

8. Expense Reductions.

FMR voluntarily agreed to reimburse a portion of each Fund's operating expenses. In addition, through arrangements with each applicable Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce each applicable Fund's expenses. During the period, the reductions of expenses for each Fund is noted in the table below.

Fund	Expense Reduction	Custody Earnings Credits
Consumer Discretionary	$ 1,474	$ 241
Consumer Staples	1,613	126
Energy	1,600	274
Financials	2,119	292
Health Care	2,005	241
Industrials	1,737	94
Information Technology	2,268	822
Materials	543	-
Telecom Services	460	399
Utilities	604	-

9. Other.

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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

9. Other - continued

At the end of the period, mutual funds managed by FMR or an affiliate were the owners of record of all of the outstanding shares of the Funds according to the following schedule:

	% ownership of each Equity Sector Central Fund
Asset Manager 20%	9.1%
Asset Manager 30%	0.3%
Asset Manager 40%	0.2%
Asset Manager 50%	56.0%
Asset Manager 60%	0.3%
Asset Manager 70%	27.9%
Asset Manager 85%	6.1%
Broad Market Opportunities	0.1%

Semiannual Report

Fidelity ® Emerging Markets Equity Central Fund

Semiannual Report

March 31, 2009

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

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

All other marks appearing herein are the registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

EMQ-SANN-0509
1.876936.100

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 9, 2008 to March 31, 2009). The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (October 1, 2008 to March 31, 2009).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Semiannual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio	Beginning Account Value	Ending Account Value March 31, 2009	Expenses Paid During Period
Actual	.1010%	$ 1,000.00	$ 1,044.90	$ .32 ^A
Hypothetical (5% return per year before expenses)		$ 1,000.00	$ 1,024.43	$ .51 ^B

^A Actual expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 113/365 (to reflect the period December 9, 2008 to March 31, 2009).

^B Hypothetical expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

The fees and expenses of the underlying Money Market Central Funds in which the Fund invests are not included in the Fund's annualized expense ratio.

Semiannual Report

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)
As of March 31, 2009
	Brazil 15.6%
	China 13.6%
	Korea (South) 8.7%
	South Africa 8.4%
	India 7.8%
	Hong Kong 6.8%
	Taiwan 6.0%
	Russia 4.9%
	Mexico 4.4%
	Other 23.8%

FID168931

Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation
	% of fund's net assets
Stocks	99.4
Short-Term Investments and Net Other Assets	0.6
Top Ten Stocks as of March 31, 2009
	% of fund's net assets
China Mobile (Hong Kong) Ltd. sponsored ADR (Hong Kong, Wireless Telecommunication Services)	3.3
Industrial & Commercial Bank of China (China, Commercial Banks)	2.7
Companhia Vale do Rio Doce (PN-A) sponsored ADR (Brazil, Metals & Mining)	2.7
Teva Pharmaceutical Industries Ltd. sponsored ADR (Israel, Pharmaceuticals)	2.6
Petroleo Brasileiro SA - Petrobras (PN) sponsored ADR (non-vtg.) (Brazil, Oil, Gas & Consumable Fuels)	2.4
Samsung Electronics Co. Ltd. (Korea (South), Semiconductors & Semiconductor Equipment)	2.3
China Construction Bank Corp. (H Shares) (China, Commercial Banks)	2.2
Petroleo Brasileiro SA - Petrobras sponsored ADR (Brazil, Oil, Gas & Consumable Fuels)	2.2
America Movil SAB de CV Series L sponsored ADR (Mexico, Wireless Telecommunication Services)	2.1
MTN Group Ltd. (South Africa, Wireless Telecommunication Services)	2.1
	24.6
Market Sectors as of March 31, 2009
	% of fund's net assets
Financials	22.0
Energy	15.3
Materials	13.3
Information Technology	12.1
Telecommunication Services	11.7
Industrials	7.7
Consumer Staples	5.6
Consumer Discretionary	4.9
Utilities	3.4
Health Care	3.4

Semiannual Report

Investments March 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%
	Shares		Value
Australia - 0.4%
Sino Gold Mining Ltd. (a)	98,928		$ 368,153
Bermuda - 1.2%
Aquarius Platinum Ltd. (Australia)	132,222		386,111
C C Land Holdings Ltd.	503,000		111,627
Credicorp Ltd. (NY Shares)	7,600		355,984
Ports Design Ltd.	233,000		268,761
TOTAL BERMUDA			1,122,483
Brazil - 15.6%
B2W Companhia Global Do Varejo	13,000		119,491
Banco ABC Brasil SA	58,000		137,530
Banco Bradesco SA (PN) sponsored ADR	153,000		1,514,700
Companhia Energetica de Minas Gerais (CEMIG) (PN) sponsored ADR (non-vtg.)	24,100		356,198
Companhia Siderurgica Nacional SA (CSN) sponsored ADR	47,400		703,416
Companhia Vale do Rio Doce (PN-A) sponsored ADR	222,600		2,510,928
GVT Holding SA (a)	42,600		479,721
Iguatemi Empresa de Shopping Centers SA	39,100		233,471
Itau Unibanco Banco Multiplo SA ADR	105,801		1,151,115
Log-in Logistica Intermodal SA	113,500		296,044
Natura Cosmeticos SA	47,400		464,498
Net Servicos de Comunicacao SA sponsored ADR	74,100		537,225
OGX Petroleo e Gas Participacoes SA	1,600		497,355
Petroleo Brasileiro SA - Petrobras:
(PN) sponsored ADR (non-vtg.)	90,000		2,205,000
sponsored ADR	68,100		2,075,007
Redecard SA	33,800		409,622
Tele Norte Leste Participacoes SA sponsored ADR (non-vtg.)	29,200		404,128
Usinas Siderurgicas de Minas Gerais SA - Usiminas (PN-A) (non-vtg.)	43,400		550,663
TOTAL BRAZIL			14,646,112
Canada - 0.6%
Addax Petroleum, Inc.	14,600		316,220
Sino-Forest Corp. (a)	40,000		278,948
TOTAL CANADA			595,168
Cayman Islands - 2.8%
Chaoda Modern Agriculture (Holdings) Ltd.	706,000		421,754
China Digital TV Holding Co. Ltd. ADR	25,900		174,307
China Dongxiang Group Co. Ltd.	1,003,000		368,824
CNinsure, Inc. ADR (a)	15,700		115,709
Foxconn International Holdings Ltd. (a)	828,000		350,411
Common Stocks - continued
	Shares		Value
Cayman Islands - continued
Stella International Holdings Ltd.	329,500		$ 348,187
Suntech Power Holdings Co. Ltd. sponsored ADR (a)	11,000		128,590
Xinao Gas Holdings Ltd.	314,000		316,007
Yingli Green Energy Holding Co. Ltd. ADR (a)	60,800		366,016
TOTAL CAYMAN ISLANDS			2,589,805
China - 13.6%
Baidu.com, Inc. sponsored ADR (a)	2,200		388,520
China Communications Construction Co. Ltd. (H Shares)	513,000		562,612
China Construction Bank Corp. (H Shares)	3,720,000		2,111,877
China Gas Holdings Ltd.	2,716,000		424,022
China Merchants Bank Co. Ltd. (H Shares)	367,500		642,021
China Shenhua Energy Co. Ltd. (H Shares)	311,000		700,612
China South Locomotive & Rolling Stock Corp. Ltd. (H Shares)	544,000		248,471
China Yurun Food Group Ltd.	455,000		580,018
Dongfang Electric Corp. Ltd.	159,600		356,660
Global Bio-Chem Technology Group Co. Ltd.	3,092,000		398,945
Golden Eagle Retail Group Ltd. (H Shares)	323,000		212,543
Industrial & Commercial Bank of China	4,863,000		2,528,613
Li Ning Co. Ltd.	183,000		302,228
Parkson Retail Group Ltd.	256,000		258,958
PICC Property & Casualty Co. Ltd. (H Shares) (a)	494,000		269,613
Ping An Insurance (Group) Co. of China, Ltd. (H Shares)	229,500		1,369,517
Tencent Holdings Ltd.	73,800		546,564
Zhuzhou CSR Times Electric Co. Ltd. (H Shares)	329,000		334,499
ZTE Corp. (H Shares)	132,800		540,593
TOTAL CHINA			12,776,886
Czech Republic - 0.9%
Ceske Energeticke Zavody AS	22,600		806,379
Philip Morris CR AS	100		27,705
TOTAL CZECH REPUBLIC			834,084
Egypt - 1.2%
Eastern Tobacco Co.	14,400		370,673
Orascom Construction Industries	16,600		397,834
Telecom Egypt SAE	122,100		325,138
TOTAL EGYPT			1,093,645
Georgia - 0.3%
Bank of Georgia unit (a)	133,400		320,160
Common Stocks - continued
	Shares		Value
Hong Kong - 6.8%
China Mobile (Hong Kong) Ltd. sponsored ADR	72,500		$ 3,155,199
China Overseas Land & Investment Ltd.	472,000		740,540
China Resources Power Holdings Co. Ltd.	162,000		339,449
CNOOC Ltd. sponsored ADR	11,600		1,166,960
CNPC (Hong Kong) Ltd.	720,000		304,705
Shanghai Industrial Holdings Ltd. (H Shares)	194,000		536,911
Sino-Ocean Land Holdings Ltd.	236,000		155,294
TOTAL HONG KONG			6,399,058
India - 7.8%
Bank of Baroda	40,000		185,068
Bharat Heavy Electricals Ltd.	20,867		622,644
Bharti Airtel Ltd. (a)	30,000		371,309
Educomp Solutions Ltd.	5,000		206,288
Godrej Consumer Products Ltd.	150,000		395,720
Grasim Industries Ltd.	10,000		314,527
Housing Development Finance Corp. Ltd.	41,734		1,164,720
Infosys Technologies Ltd. sponsored ADR	37,000		985,310
IVRCL Infrastructures & Projects Ltd.	150,000		360,422
Jain Irrigation Systems Ltd.	50,000		336,953
Pantaloon Retail India Ltd.	80,000		262,694
Piramal Healthcare Ltd.	120,000		462,580
Power Finance Corp. Ltd.	100,000		285,988
Reliance Industries Ltd.	20,867		628,725
Rolta India Ltd.	100,000		113,522
Tata Power Co. Ltd.	31,300		475,596
Union Bank of India	70,000		202,940
TOTAL INDIA			7,375,006
Indonesia - 2.7%
PT Bank Central Asia Tbk	2,775,500		734,641
PT Bank Rakyat Indonesia Tbk	2,053,500		739,204
PT Perusahaan Gas Negara Tbk Series B	2,902,500		535,076
PT Telkomunikasi Indonesia Tbk Series B	894,500		576,542
TOTAL INDONESIA			2,585,463
Ireland - 0.4%
Dragon Oil PLC (a)	137,200		381,406
Israel - 4.2%
Cellcom Israel Ltd.	15,000		319,500
Israel Chemicals Ltd.	90,000		729,638
Mizrahi Tefahot Bank Ltd.	38,700		185,203
Common Stocks - continued
	Shares		Value
Israel - continued
Nice Systems Ltd. sponsored ADR (a)	10,400		$ 258,544
Teva Pharmaceutical Industries Ltd. sponsored ADR	55,100		2,482,255
TOTAL ISRAEL			3,975,140
Italy - 0.3%
UniCredit SpA	171,100		282,240
Kazakhstan - 0.5%
KazMunaiGas Exploration & Production JSC (Reg. S) GDR	34,300		511,070
Korea (South) - 8.7%
Hana Financial Group, Inc.	43,280		663,843
Hyundai Industrial Development & Construction Co.	22,147		548,251
Hyunjin Materials Co. Ltd.	23,079		555,635
KT&G Corp.	13,286		738,257
MegaStudy Co. Ltd.	2,303		337,313
NHN Corp. (a)	5,822		645,800
POSCO sponsored ADR	18,500		1,236,355
Samsung Electronics Co. Ltd.	5,209		2,166,548
Shinhan Financial Group Co. Ltd.	13,307		242,309
Shinhan Financial Group Co. Ltd. sponsored ADR	20,100		723,801
Taewoong Co. Ltd.	4,654		289,320
TOTAL KOREA (SOUTH)			8,147,432
Luxembourg - 0.2%
MHP SA GDR (Reg. S)	61,400		164,552
Malaysia - 0.4%
DiGi.com Bhd	59,200		344,307
Mexico - 4.4%
America Movil SAB de CV Series L sponsored ADR	72,600		1,966,008
Fomento Economico Mexicano SAB de CV sponsored ADR	26,300		663,023
Grupo Televisa SA de CV (CPO) sponsored ADR	43,100		587,884
Telmex Internacional SAB de CV Series L ADR	38,700		354,879
Wal-Mart de Mexico SA de CV Series V	233,200		544,435
TOTAL MEXICO			4,116,229
Nigeria - 0.1%
Guaranty Trust Bank PLC (Reg. S) unit	20,300		58,870
Papua New Guinea - 0.4%
Oil Search Ltd.	101,648		373,385
Peru - 0.6%
Compania de Minas Buenaventura SA sponsored ADR	21,900		525,162
Common Stocks - continued
	Shares		Value
Philippines - 0.5%
Alliance Global Group, Inc. (a)	2,878,000		$ 93,070
Philippine Long Distance Telephone Co. sponsored ADR	8,700		383,931
TOTAL PHILIPPINES			477,001
Russia - 4.9%
Lukoil Oil Co. sponsored ADR	33,500		1,262,950
OAO Gazprom sponsored ADR	99,500		1,482,550
OJSC Oil Company Rosneft GDR (Reg. S)	168,600		723,294
Sberbank (Savings Bank of the Russian Federation) GDR	5,700		620,702
Uralkali JSC GDR (Reg. S)	40,600		474,208
TOTAL RUSSIA			4,563,704
South Africa - 8.4%
Absa Group Ltd.	37,179		377,480
African Bank Investments Ltd.	57,000		151,599
African Rainbow Minerals Ltd.	34,000		496,956
AngloGold Ashanti Ltd. sponsored ADR	22,100		812,396
Aspen Pharmacare Holdings Ltd.	57,400		276,247
Aveng Ltd.	142,600		392,056
Exxaro Resources Ltd.	82,400		602,151
FirstRand Ltd.	478,700		609,300
Harmony Gold Mining Co. Ltd. sponsored ADR (a)	49,300		539,342
MTN Group Ltd.	174,400		1,932,665
Mvelaphanda Resources Ltd. (a)	29,900		91,451
Naspers Ltd. Class N	30,400		513,351
Raubex Group Ltd.	135,500		257,414
Sasol Ltd. sponsored ADR	23,900		691,905
Truworths International Ltd.	56,400		191,254
TOTAL SOUTH AFRICA			7,935,567
Taiwan - 6.0%
Acer, Inc.	346,000		519,994
Asia Cement Corp.	581,000		503,356
Hon Hai Precision Industry Co. Ltd. (Foxconn)	490,000		1,107,500
HTC Corp.	73,000		897,038
Innolux Display Corp.	362,000		352,559
Powertech Technology, Inc.	161,000		290,355
Taiwan Mobile Co. Ltd.	241,000		349,054
Taiwan Semiconductor Manufacturing Co. Ltd.	960,000		1,454,074
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	24,000		214,800
TOTAL TAIWAN			5,688,730
Common Stocks - continued
	Shares		Value
Thailand - 1.5%
PTT Exploration & Production PCL (For. Reg.)	221,700		$ 592,207
Siam Commercial Bank PCL (For. Reg.)	540,900		837,865
TOTAL THAILAND			1,430,072
Turkey - 2.0%
Anadolu Efes Biracilik ve Malt Sanyii AS	56,000		346,906
Asya Katilim Bankasi AS	442,000		295,074
Enka Insaat ve Sanayi AS	121,000		429,362
Tupras-Turkiye Petrol Rafinerileri AS	38,000		381,668
Turkiye Garanti Bankasi AS (a)	299,000		424,394
TOTAL TURKEY			1,877,404
United Kingdom - 1.3%
Cairn Energy PLC (a)	7,900		246,535
Randgold Resources Ltd. sponsored ADR	7,100		385,885
Standard Chartered PLC (Hong Kong)	23,600		285,315
Xstrata PLC	40,900		273,904
TOTAL UNITED KINGDOM			1,191,639
United States of America - 0.7%
Freeport-McMoRan Copper & Gold, Inc. Class B	18,300		697,413
TOTAL COMMON STOCKS (Cost $87,950,883)		93,447,346
Money Market Funds - 3.1%

Fidelity Cash Central Fund, 0.52% (b) (Cost $2,879,139)	2,879,139		2,879,139
TOTAL INVESTMENT PORTFOLIO - 102.5% (Cost $90,830,022)			96,326,485
NET OTHER ASSETS - (2.5)%			(2,353,374 )
NET ASSETS - 100%		$ 93,973,111

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	$ 4,904

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 96,326,485	$ 78,262,022	$ 18,064,463	$ -

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	March 31, 2009 (Unaudited)

Assets
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $87,950,883)	$ 93,447,346
Fidelity Central Funds (cost $2,879,139)	2,879,139
Total Investments (cost $90,830,022)		$ 96,326,485
Foreign currency held at value (cost $142)		142
Receivable for investments sold		208,141
Receivable for fund shares sold		8,549
Dividends receivable		369,287
Distributions receivable from Fidelity Central Funds		1,192
Total assets		96,913,796

Liabilities
Payable for investments purchased	$ 2,836,654
Payable for fund shares redeemed	51,264
Other payables and accrued expenses	52,767
Total liabilities		2,940,685

Net Assets		$ 93,973,111
Net Assets consist of:
Paid in capital		$ 88,520,396
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		5,452,715
Net Assets , for 903,541 shares outstanding		$ 93,973,111
Net Asset Value , offering price and redemption price per share ($93,973,111 ÷ 903,541 shares)		$ 104.01

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Operations

For the period
December 9, 2008
(commencement of
operations) to March 31, 2009 (Unaudited)


Investment Income
Dividends		$ 579,258
Interest		240
Income from Fidelity Central Funds		4,904
		584,402
Less foreign taxes withheld		(48,270 )
Total income		536,132

Expenses
Custodian fees and expenses	$ 27,110
Independent directors' compensation	163
Total expenses before reductions	27,273
Expense reductions	(209 )	27,064
Net investment income (loss)		509,068
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(1,679,411)
Foreign currency transactions	(253,878 )
Total net realized gain (loss)		(1,933,289)
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $33,318)	5,463,145
Assets and liabilities in foreign currencies	(10,430 )
Total change in net unrealized appreciation (depreciation)		5,452,715
Net gain (loss)		3,519,426
Net increase (decrease) in net assets resulting from operations		$ 4,028,494

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Changes in Net Assets

	For the period December 9, 2008 (commencement of operations) to March 31, 2009 (Unaudited)
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 509,068
Net realized gain (loss)	(1,933,289)
Change in net unrealized appreciation (depreciation)	5,452,715
Net increase (decrease) in net assets resulting from operations	4,028,494
Distributions to partners from net investment income	(398,919)
Affiliated share transactions Proceeds from sales of shares	90,532,661
Reinvestment of distributions	99,813
Cost of shares redeemed	(288,938 )
Net increase (decrease) in net assets resulting from share transactions	90,343,536
Total increase (decrease) in net assets	93,973,111

Net Assets
Beginning of period	-
End of period	$ 93,973,111
Other Information Shares
Sold	905,393
Issued in reinvestment of distributions	980
Redeemed	(2,832 )
Net increase (decrease)	903,541

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights

	Period ended March 31, 2009 ^G
	(Unaudited)
Selected Per-Share Data
Net asset value, beginning of period	$ 100.00
Income from Investment Operations
Net investment income (loss) ^D	.58
Net realized and unrealized gain (loss)	3.88
Total from investment operations	4.46
Distributions to partners from net investment income	(.45 )
Net asset value, end of period	$ 104.01
Total Return ^{B, C}	4.49%
Ratios to Average Net Assets ^{E, H}
Expenses before reductions	.10% ^A
Expenses net of fee waivers, if any	.10% ^A
Expenses net of all reductions	.10% ^A
Net investment income (loss)	1.90% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 93,973
Portfolio turnover rate ^F	34%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G For the period December 9, 2008 (commencement of operations) to March 31, 2009.

^H Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended March 31, 2009 (Unaudited)

1. Organization.

Fidelity Emerging Markets Equity Central Fund (the Fund) is a fund of Fidelity Central Investment Portfolios LLC (the LLC) and is authorized to issue an unlimited number of shares. The LLC is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware Limited Liability Company. The Fund in the LLC is a separate partnership for tax purposes. Shares of the Fund are only offered to other investment companies and accounts managed by Fidelity Management & Research Company (FMR), or its affiliates (the Investing Funds). The Board of Directors may permit the purchase of shares (for cash, securities or other consideration) and admit new Eligible Accredited Investors into the Fund, in accordance with the Partnership Agreement. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

2. Investments in Fidelity Central Funds.

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

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

3. Significant Accounting Policies.

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Directors to value its investments.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Security Valuation - continued

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 other 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. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. 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 (NAV) calculation under these procedures may differ from published prices for the same securities.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157). SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1	Quoted prices in active markets for identical securities.
Level 2	Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3	Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Semiannual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

The aggregate value by input level, as of March 31, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income and distributions from other Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Distributions are recorded on the ex-dividend date. Due to the Fund's partnership structure, paid in capital includes net realized gain/loss on investments.

The Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years.

The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:

Unrealized appreciation	$ 9,291,355
Unrealized depreciation	(3,906,794 )
Net unrealized appreciation (depreciation)	$ 5,384,561
Cost for federal income tax purposes	$ 90,941,924

4. Operating Policies.

Repurchase Agreements. FMR has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the Fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. The Fund may also invest directly with institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The Fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $118,804,920 and $29,176,119, respectively.

Semiannual Report

6. Fees and Other Transactions with Affiliates.

Management Fee and Expense Contract. Fidelity Management & Research Company, Inc. (FMRC), an affiliate of FMR, provides the Fund with investment management services. The Fund does not pay any fees for these services. Pursuant to the Fund's management contract with FMRC, FMR pays FMRC a portion of the management fees it receives from the Investing Funds. In addition, under an expense contract, FMR also pays all other expenses of the Fund, excluding custody fees, the compensation of the independent Directors, and certain exceptions such as interest expense.

7. Expense Reductions.

FMR has voluntarily agreed to reimburse a portion of the Fund's operating expenses. For the period, the reimbursement reduced the expenses by $163.

In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $46.

8. Other.

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

At the end of the period, mutual funds managed by FMR or an affiliate were the owners of record of all of the outstanding shares of the Fund.

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Emerging Markets Equity Central Fund

On September 17, 2008, the Board of Directors, including the Independent Directors (together, the Board), voted to approve the management contract and sub-advisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and Independent Directors' counsel, considered a broad range of information.

Nature, Extent, and Quality of Services Provided. The Board considered staffing within the investment adviser, FMR Co., Inc., and the sub-advisers (together, the Investment Advisers), including the backgrounds of the fund's investment personnel and the fund's investment objective and discipline.

Resources Dedicated to Investment Management and Support Services . The Board reviewed the size, education, and experience of the Investment Advisers' investment staff, their use of technology, and the Investment Advisers' approach to recruiting, training, and retaining portfolio managers and other research, advisory, and management personnel. The Board noted that Fidelity's analysts have access to a variety of technological tools that enable them to perform both fundamental and quantitative analysis and to specialize in various disciplines. The Board considered Fidelity's extensive global research capabilities that enable the Investment Advisers to aggregate data from various sources in an effort to produce positive investment results. The Board also considered that Fidelity's portfolio managers and analysts have access to daily portfolio attribution that allows for monitoring of a fund's portfolio, as well as an electronic communication system that provides immediate real-time access to research concerning issuers and credit enhancers.

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

Investment Performance . The fund is a new fund and therefore had no historical performance for the Board to review at the time it approved the fund's Advisory Contracts. Once the fund has been in operation for at least one calendar year, the Board will review the fund's absolute and relative investment performance. The Board noted that the fund is designed to offer a liquid investment option for other investment companies and accounts managed by Fidelity Management & Research Company (FMR) or its affiliates and ultimately to enhance the performance of those investment companies and accounts.

Semiannual Report

Based on its review, the Board concluded that the nature, extent, and quality of the services provided by Fidelity will benefit the fund's shareholders.

Competitiveness of Management Fee and Total Fund Expenses. The Board considered that FMR pays the fund's management fee on behalf of the fund. The Board also noted that FMR bears all expenses of the fund, except expenses related to the fund's investment activities (primarily custody expenses). Based on its review, the Board concluded that the fund's management fee and projected total expenses were reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

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

Economies of Scale. The Board concluded that the realization of economies of scale was not relevant to the approval of Advisory Contracts because the fund pays no advisory fees and FMR bears all other expenses of the fund, except expenses related to the fund's investment activities.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Advisory Contracts, the Board received additional information on the benefits of pooled investments such as the fund. The Board received information explaining that the fund is a centralized vehicle for the management of securities on a pooled basis. The Board noted that those Fidelity funds investing in the fund will benefit from investing in one centralized fund as portfolio transaction costs are likely to be lower and, for investing funds with smaller allocations, the fund can provide better diversification by taking advantage of the larger asset base in a centralized fund.

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

Semiannual Report

Fidelity ^® Floating Rate
Central Fund

Semiannual Report

March 31, 2009

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

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

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

FR1-SANN-0509
1.814673.104

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2008 to March 31, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value October 1, 2008	Ending Account Value March 31, 2009	Expenses Paid During Period * October 1, 2008 to March 31, 2009
Actual	.0003%	$ 1,000.00	$ 869.40	$ .00**
Hypothetical (5% return per year before expenses)		$ 1,000.00	$ 1,024.93	$ .00**

* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

** Rounds to less than $.01.

Semiannual Report

Investment Changes (Unaudited)

Top Five Holdings as of March 31, 2009
(by issuer, excluding cash equivalents)	% of fund's net assets	% of fund's net assets 6 months ago
HCA, Inc.	3.9	3.5
Texas Competitive Electric Holdings Co. LLC	3.9	4.0
Charter Communications Operating LLC	2.7	2.3
Digicel International Finance Ltd.	2.6	0.8
Thomson Learning, Inc.	1.6	1.2
	14.7
Top Five Market Sectors as of March 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Healthcare	12.3	11.7
Telecommunications	10.1	7.4
Electric Utilities	8.2	7.7
Technology	6.5	8.3
Cable TV	6.3	5.1

Quality Diversification (% of fund's net assets)
As of March 31, 2009		As of September 30, 2008
	BBB 3.4%		BBB 2.6%
	BB 34.8%		BB 38.7%
	B 37.4%		B 38.9%
	CCC,CC,C 4.6%		CCC,CC,C 3.7%
	D 0.2%		D 0.0%
	Not Rated 15.3%		Not Rated 12.5%
	Short-Term Investments and Net Other Assets 4.3%		Short-Term Investments and Net Other Assets 3.6%

FID168954

We have used ratings from Moody's ® Investors Services, Inc. Where Moody's ratings are not available, we have used S&P ® ratings. All ratings are as of the report date and do not reflect subsequent downgrades.

Asset Allocation (% of fund's net assets)
As of March 31, 2009 *			As of September 30, 2008 **
	Floating Rate Loans 91.8%			Floating Rate Loans 90.5%
	Nonconvertible Bonds 3.9%			Nonconvertible Bonds 5.9%
	Interfund Loans 0.0%			Interfund Loans 1.5%
	Short-Term Investments and Net Other Assets 4.3%			Short-Term Investments and Net Other Assets 2.1%
* Foreign investments		5.2%	** Foreign investments		5.0%

FID168965

Semiannual Report

Investments March 31, 2009

Showing Percentage of Net Assets

Floating Rate Loans (d) - 91.8%
	Principal Amount		Value
Aerospace - 0.7%
McKechnie Aerospace Holdings Ltd.:
Tranche 1LN, term loan 2.52% 5/11/14 (c)	$ 1,102,835		$ 749,928
Tranche 2LN, term loan 5.52% 5/11/15 pay-in-kind (c)	860,000		301,000
Sequa Corp. term loan 3.7614% 12/3/14 (c)	7,664,215		4,176,997
TransDigm, Inc. term loan 3.2269% 6/23/13 (c)	9,760,000		8,832,800
Wesco Aircraft Hardware Corp.:
Tranche 1LN, term loan 2.77% 9/29/13 (c)	1,556,000		1,260,360
Tranche 2LN, term loan 6.27% 3/28/14 (c)	570,000		407,550
			15,728,635
Air Transportation - 1.6%
Delta Air Lines, Inc.:
Tranche 1LN, Revolving Credit-Linked Deposit 2.5026% 4/30/12 (c)	9,860,978		7,445,038
Tranche 2LN, term loan 3.7575% 4/30/14 (c)	13,752,221		6,050,977
Northwest Airlines, Inc. term loan 2.57% 12/31/10 (c)	18,326,328		16,310,432
United Air Lines, Inc. Tranche B, term loan 2.5625% 2/1/14 (c)	11,450,770		5,381,862
			35,188,309
Automotive - 3.6%
AM General LLC:
term loan 6.2725% 4/17/12 (c)	27,180,215		14,949,118
Tranche B, term loan 4.149% 9/30/13 (c)	10,194,003		8,868,782
3.5231% 9/30/12 (c)	444,716		386,903
Federal-Mogul Corp.:
Tranche B, term loan 2.4468% 12/27/14 (c)	3,118,784		1,512,610
Tranche C, term loan 2.4975% 12/27/15 (c)	1,591,216		771,740
General Motors Corp. term loan 8% 11/29/13 (c)	31,671,441		12,985,291
Navistar International Corp.:
term loan 3.7681% 1/19/12 (c)	26,902,333		20,714,797
Credit-Linked Deposit 4.1482% 1/19/12 (c)	9,782,667		7,532,653
Oshkosh Co. Tranche B, term loan 7.0593% 12/6/13 (c)	8,644,272		6,396,761
Rexnord Corp. Tranche B, term loan 3.3882% 7/19/13 (c)	4,740,820		3,508,207
Visteon Corp. term loan 4.426% 6/13/13 (c)	20,445,000		2,862,300
			80,489,162
Floating Rate Loans (d) - continued
	Principal Amount		Value
Broadcasting - 2.5%
FoxCo Acquisition LLC Tranche B, term loan 7.25% 7/14/15 (c)	$ 9,028,511		$ 4,514,256
Nexstar Broadcasting, Inc. Tranche B, term loan 2.6288% 10/1/12 (c)	5,389,816		2,694,908
Univision Communications, Inc. Tranche 1LN, term loan 2.7681% 9/29/14 (c)	40,335,000		21,175,875
VNU, Inc. term loan 2.5331% 8/9/13 (c)	35,178,580		27,703,132
			56,088,171
Cable TV - 6.2%
Charter Communications Operating LLC Tranche B 1LN, term loan 3.2114% 3/6/14 (c)	75,166,166		61,636,256
CSC Holdings, Inc. Tranche B, term loan 2.3066% 3/31/13 (c)	38,498,187		35,033,350
Discovery Communications, Inc. term loan 3.22% 5/14/14 (c)	14,769,158		13,643,010
Liberty Cablevision of Puerto Rico LTC term loan 2.5563% 6/15/14 (c)	2,014,125		966,780
San Juan Cable, Inc. Tranche 1, term loan 2.51% 10/31/12 (c)	5,367,382		3,864,515
UPC Broadband Holding BV Tranche N1, term loan 2.2469% 12/31/14 (c)	27,628,990		24,175,366
			139,319,277
Capital Goods - 1.6%
Amsted Industries, Inc.:
term loan 3.1239% 4/5/13 (c)	3,529,173		3,176,256
Tranche DD, term loan 3.243% 4/5/13 (c)	2,283,416		2,055,075
Baker Tanks, Inc. Tranche C, term loan 2.7885% 5/8/14 (c)	1,454,100		872,460
Chart Industries, Inc. Tranche B, term loan 2.5% 10/17/12 (c)	226,667		198,333
Dresser, Inc.:
Tranche 2LN, term loan 6.9875% 5/4/15 pay-in-kind (c)	15,330,000		6,132,000
Tranche B 1LN, term loan 3.4561% 5/4/14 (c)	8,108,052		6,081,039
EnergySolutions, Inc.:
Credit-Linked Deposit 2.77% 6/7/13 (c)	415,935		366,023
term loan 4.15% 6/7/13 (c)	10,312,533		9,075,029
Kinetek Industries, Inc. Tranche B, term loan 3.0181% 11/10/13 (c)	1,186,736		593,368
Polypore, Inc. Tranche B, term loan 2.48% 7/3/14 (c)	10,004,186		7,203,014
			35,752,597
Floating Rate Loans (d) - continued
	Principal Amount		Value
Chemicals - 1.4%
Celanese Holding LLC term loan 2.935% 4/2/14 (c)	$ 6,885,000		$ 5,852,250
Lyondell Chemical Co. term loan:
5.94% 12/15/09 (c)	2,626,709		1,392,156
6.7039% 12/20/13 (c)	6,278,384		1,506,812
9.1679% 12/15/09 (c)(e)	13,946,709		13,667,775
Solutia, Inc. term loan 8.5% 2/28/14 (c)	12,275,284		8,163,064
			30,582,057
Consumer Products - 1.9%
Amscan Holdings, Inc. term loan 3.6499% 5/25/13 (c)	6,399,400		4,991,532
Fender Musical Instrument Corp.:
term loan 3.47% 6/9/14 (c)	6,157,000		2,462,800
Tranche DD, term loan 2.75% 6/9/14 (c)	3,117,667		1,247,067
Huish Detergents, Inc. Tranche B 1LN, term loan 2.27% 4/26/14 (c)	19,522,388		16,789,254
Jarden Corp.:
term loan 2.975% 1/24/12 (c)	4,946,458		4,526,009
Tranche B2, term loan 1.7609% 1/24/12 (c)	1,275,774		1,167,333
KIK Custom Products, Inc. Tranche 1LN, term loan 2.78% 5/31/14 (c)	5,875,711		2,820,341
Simmons Bedding Co. Tranche D, term loan 10.5% 12/19/11 (c)	4,461,139		3,368,160
Sports Authority, Inc. Tranche B, term loan 3.2274% 5/3/13 (c)	20,932,207		5,651,696
			43,024,192
Containers - 1.8%
Anchor Glass Container Corp. term loan 6.75% 6/20/14 (c)	16,957,969		14,244,694
Crown Holdings, Inc.:
term loan B 2.3063% 11/15/12 (c)	1,940,000		1,804,200
Tranche B, term loan 2.3063% 11/15/12 (c)	11,009,500		10,238,835
Owens-Brockway Glass Container, Inc. Tranche B, term loan 2.0556% 6/14/13 (c)	16,328,048		15,021,804
			41,309,533
Diversified Financial Services - 4.1%
AlixPartners LLP Tranche B, term loan 3.0486% 10/12/13 (c)	17,388,892		15,650,003
AX Acquisition Corp. Tranche B1, term loan 4.4671% 8/15/14 (c)	7,709,754		4,780,047
DaimlerChrysler Financial Services:
Tranche 1LN, term loan 4.56% 8/3/12 (c)	19,512,211		10,146,350
Floating Rate Loans (d) - continued
	Principal Amount		Value
Diversified Financial Services - continued
DaimlerChrysler Financial Services: - continued
Tranche 2LN, term loan 7.06% 8/3/13 (c)	$ 4,770,000		$ 1,264,050
Lender Processing Services, Inc. Tranche B, term loan 3.0181% 6/18/14 (c)	8,292,338		7,981,375
LPL Investment Holdings, Inc. Tranche D, term loan 2.6932% 6/28/13 (c)	9,775,500		7,918,155
Nuveen Investments, Inc. term loan 3.532% 11/13/14 (c)	18,984,121		10,441,266
Royalty Pharma Finance Trust Tranche B, term loan 3.47% 4/16/13 (c)	26,966,001		24,943,551
Tempus Public Foundation Generation Holdings LLC:
revolver loan 3.22% 12/15/11 (c)	584,903		520,564
Credit-Linked Deposit 3.22% 12/15/13 (c)	1,865,840		1,660,598
Tranche 1LN, term loan 2.5181% 12/15/13 (c)	5,470,684		4,868,909
Tranche 2LN, term loan 4.7681% 12/15/14 (c)	3,280,000		2,296,000
			92,470,868
Diversified Media - 0.6%
Advanstar, Inc. Tranche 1LN, term loan 3.47% 5/31/14 (c)	4,706,175		1,647,161
Advantage Sales & Marketing LLC term loan 2.5126% 3/29/13 (c)	2,208,444		1,805,403
Affinion Group, Inc. Tranche B, term loan 3.7227% 10/17/12 (c)	4,072,695		3,380,337
Muzak Holdings LLC term loan 6% 1/15/09 (a)(c)	4,861,461		3,889,169
NextMedia Operating, Inc. Tranche 2, term loan 9.17% 11/15/13 (c)	3,022,975		483,676
Quebecor Media, Inc. Tranche B, term loan 3.0944% 1/17/13 (c)	2,502,600		2,177,262
			13,383,008
Electric Utilities - 8.2%
AES Corp. term loan 5.0813% 8/10/11 (c)	2,825,000		2,599,000
Ashmore Energy International:
Revolving Credit-Linked Deposit 3.52% 3/30/12 (c)	2,375,034		1,508,147
term loan 4.22% 3/30/14 (c)	11,006,896		6,989,379
Bicent Power LLC Tranche 2LN, term loan 5.22% 12/31/14 (c)	7,570,000		4,542,000
Calpine Corp. Tranche D, term loan 4.095% 3/29/14 (c)	26,380,939		20,181,418
Coleto Creek WLE LP:
LOC 3.97% 6/28/13 (c)	1,320,695		898,073
term loan 3.7706% 6/28/13 (c)	4,510,921		3,067,427
Floating Rate Loans (d) - continued
	Principal Amount		Value
Electric Utilities - continued
Dynegy Holdings, Inc. Revolving Credit-Linked Deposit 2.02% 4/2/13 (c)	$ 3,000,000		$ 2,625,000
Energy Investors Funds term loan 2.3056% 4/11/14 (c)	3,821,128		3,247,959
MACH Gen LLC Credit-Linked Deposit 3.4675% 2/22/13 (c)	242,828		179,693
Mirant North America LLC term loan 2.2287% 1/3/13 (c)	11,628,549		10,523,837
Nebraska Energy, Inc. Tranche 2LN, term loan 5.75% 5/1/14 (c)	8,170,000		5,147,100
NRG Energy, Inc.:
term loan 2.72% 2/1/13 (c)	22,773,337		20,496,004
Credit-Linked Deposit 2.62% 2/1/13 (c)	12,165,721		10,949,149
NSG Holdings LLC:
term loan 2.82% 6/15/14 (c)	2,128,817		1,873,359
Credit-Linked Deposit 2.82% 6/15/14 (c)	338,139		297,562
Texas Competitive Electric Holdings Co. LLC:
Tranche B1, term loan 4.033% 10/10/14 (c)	18,557,976		12,155,474
Tranche B2, term loan 4.033% 10/10/14 (c)	96,455,958		63,178,653
Tranche B3, term loan 4.033% 10/10/14 (c)	18,572,177		12,164,776
			182,624,010
Energy - 2.0%
Alon USA, Inc. term loan 2.9837% 8/4/13 (c)	2,120,050		742,018
Antero Resources Corp. Tranche 2LN, term loan 5.94% 4/12/14 (c)	10,000,000		4,000,000
Coffeyville Resources LLC:
Credit-Linked Deposit 8.75% 12/28/10 (c)	810,811		583,784
Tranche D, term loan 8.7498% 12/28/13 (c)	2,611,446		1,880,241
Compagnie Generale de Geophysique SA term loan 4.5937% 1/12/14 (c)	4,202,387		3,677,089
Helix Energy Solutions Group, Inc. term loan 2.9404% 7/1/13 (c)	2,503,060		1,877,295
Nebraska Energy, Inc.:
Tranche B 1LN, term loan 3.75% 11/1/13 (c)	12,320,733		10,595,831
Tranche B, Credit-Linked Deposit 4% 11/1/13 (c)	1,587,480		1,365,232
Quicksilver Resources, Inc. Tranche 2LN, term loan 7.75% 8/8/13 (c)	11,799,930		8,731,948
Targa Resources, Inc./Targa Resources Finance Corp.:
Credit-Linked Deposit 3.22% 10/31/12 (c)	1,677,696		1,358,934
term loan 2.5266% 10/31/12 (c)	2,902,694		2,351,182
Venoco, Inc. Tranche 2LN, term loan 5.25% 5/7/14 (c)	5,093,201		2,648,464
Western Refining, Inc. term loan 8.25% 5/30/14 (c)	5,911,843		3,931,375
			43,743,393
Floating Rate Loans (d) - continued
	Principal Amount		Value
Entertainment/Film - 1.3%
LodgeNet Entertainment Corp. term loan 3.1688% 4/4/14 (c)	$ 5,120,869		$ 2,918,895
MGM Holdings II, Inc.:
term loan 3.7681% 4/8/12 (c)	5,539,951		2,492,978
Tranche B, term loan 3.7681% 4/8/12 (c)	23,237,051		10,456,673
National CineMedia LLC term loan 3.08% 2/13/15 (c)	16,210,000		13,778,500
			29,647,046
Environmental - 0.0%
Synagro Technologies, Inc. Tranche 1LN, term loan 2.5696% 3/30/14 (c)	216,150		129,690
Food and Drug Retail - 1.6%
GNC Corp. term loan 3.193% 9/16/13 (c)	21,714,852		15,851,842
Rite Aid Corp. Tranche ABL, term loan 2.2801% 6/4/14 (c)	31,092,268		20,909,550
			36,761,392
Food/Beverage/Tobacco - 2.5%
Advance Food Co.:
Tranche 1LN, term loan 2.27% 3/16/14 (c)	2,266,783		1,360,070
Tranche DD 1LN, term loan 2.27% 3/16/14 (c)	195,779		117,467
Bolthouse Farms, Inc. Tranche 1, term loan 2.75% 12/16/12 (c)	4,170,511		3,503,229
Culligan International Co. Tranche 1LN, term loan 3.0534% 11/24/12 (c)	9,753,384		5,071,760
Dean Foods Co. Tranche B, term loan 2.7144% 4/2/14 (c)	15,630,380		13,989,190
Jetro Holdings, Inc. term loan 2.8144% 7/2/14 (c)	18,748,781		16,686,415
Wm. Wrigley Jr. Co. Tranche B, term loan 6.5% 10/6/14 (c)	14,733,500		14,475,664
			55,203,795
Gaming - 2.9%
Centaur Gaming LLC:
Tranche 1LN, term loan 9.25% 10/30/12 (c)	6,925,467		3,809,007
Tranche 2LN, term loan 13.25% 10/30/12 (c)	4,631,217		926,243
Fantasy Springs Resort Casino term loan 7.9963% 8/6/12 (c)	7,190,000		3,595,000
Greenwood Racing, Inc. term loan 2.77% 11/28/11 (c)	6,939,481		5,690,374
Harrah's Entertainment, Inc. Tranche B1, term loan 4.1529% 1/28/15 (c)	7,425,000		4,380,750
Kerzner International Ltd.:
term loan 4.4421% 9/1/13 (c)	28,483,562		11,393,425
Class DD, term loan 4.104% 9/1/13 (c)	14,560,409		5,824,164
Floating Rate Loans (d) - continued
	Principal Amount		Value
Gaming - continued
PITG Gaming Investor Holdings LLC Tranche 1LN, term loan 9.25% 2/19/13 (c)	$ 5,650,000		$ 3,955,000
Venetian Macau Ltd. Tranche B, term loan:
2.73% 5/26/13 (c)	13,577,662		8,757,592
2.77% 5/26/12 (c)	7,752,589		5,000,420
Venetian Macau US Finance, Inc. Tranche B, term loan 2.77% 5/25/13 (c)	19,550,730		12,610,221
			65,942,196
Healthcare - 12.3%
AMR HoldCo, Inc./EmCare HoldCo, Inc. term loan 2.5463% 2/7/12 (c)	8,609,250		7,705,279
Community Health Systems, Inc.:
term loan 3.4413% 7/25/14 (c)	34,611,683		29,766,048
Tranche DD, term loan 2.7681% 7/25/14 (c)	1,766,321		1,519,036
Concentra Operating Corp. Tranche B 1LN, term loan 3.47% 6/25/14 (c)	6,865,095		4,050,406
DaVita, Inc. Tranche B1, term loan 2.2611% 10/5/12 (c)	9,045,432		8,412,252
Fresenius Medical Care Holdings, Inc.:
Tranche B 1LN, term loan 6.75% 9/10/14 (c)	7,334,059		7,260,718
Tranche B 2LN, term loan 6.75% 9/10/14 (c)	3,950,941		3,911,432
Golden Gate National Senior Care LLC:
Tranche 1, term loan 3.2681% 3/14/11 (c)	3,203,788		2,755,258
Tranche 2, term loan 8.2681% 9/14/11 (c)	5,560,000		3,614,000
Graceway Pharmaceuticals LLC:
Tranche B 1LN, term loan 3.2681% 5/3/12 (c)	3,861,836		2,548,812
Tranche B 2LN, term loan 7.0181% 5/3/13 (c)	5,945,000		1,575,425
HCA, Inc. Tranche B, term loan 3.47% 11/17/13 (c)	103,356,233		87,594,394
HealthSouth Corp. term loan 3.0494% 3/10/13 (c)	7,727,813		6,742,516
Hologic, Inc. Tranche B, term loan 3.875% 3/31/13 (c)	3,854,481		3,623,212
Inverness Medical Innovations, Inc. Tranche 1LN, term loan 2.886% 6/26/14 (c)	20,321,358		17,628,778
Invitrogen Corp. Tranche B, term loan 5.25% 9/19/15 (c)	6,502,325		6,421,046
Manor Care, Inc. term loan 3.0317% 12/21/14 (c)	9,434,984		6,887,538
Mylan, Inc. Tranche B, term loan 4.3671% 10/2/14 (c)	19,384,638		17,930,790
National Renal Institutes, Inc. term loan 6.25% 3/31/13 (c)	9,225,037		5,073,770
PTS Acquisition Corp. term loan 2.7681% 4/10/14 (c)	15,937,937		9,801,831
Sheridan Healthcare, Inc.:
Tranche 1LN, term loan 3.4993% 6/15/14 (c)	20,934,109		14,025,853
Tranche 2LN, term loan 6.8325% 6/15/15 (c)	8,000,000		4,400,000
Floating Rate Loans (d) - continued
	Principal Amount		Value
Healthcare - continued
Sun Healthcare Group, Inc.:
Credit-Linked Deposit 3.22% 4/19/13 (c)	$ 1,903,817		$ 1,637,283
Tranche B, term loan 3.2628% 4/19/14 (c)	9,042,555		7,776,597
Team Health, Inc. term loan 3.2429% 11/22/12 (c)	6,407,222		4,485,056
U.S. Oncology, Inc. Tranche C, term loan 4.5613% 8/20/11 (c)	501,468		466,365
VWR Funding, Inc. term loan 3.0181% 6/29/14 (c)	10,000,000		8,125,000
			275,738,695
Homebuilding/Real Estate - 1.4%
Capital Automotive (REIT) Tranche B, term loan 2.25% 12/16/10 (c)	15,577,382		8,256,013
CB Richard Ellis Group, Inc. Tranche B, term loan 6% 12/20/13 (c)	8,577,273		6,004,091
General Growth Properties, Inc. Tranche A1, term loan 1.79% 2/24/10 (c)	13,560,526		2,406,993
Realogy Corp.:
Credit-Linked Deposit 3.4363% 10/10/13 (c)	3,930,449		2,318,965
Tranche B, term loan 3.5182% 10/10/13 (c)	14,598,810		8,613,298
Tishman Speyer Properties term loan 2.3% 12/27/12 (c)	7,780,000		3,501,000
			31,100,360
Hotels - 0.1%
Fontainebleau Florida Hotel LLC:
Tranche B, term loan 4.5266% 6/6/14 (c)	4,615,708		692,356
Tranche DD, term loan 5.25% 6/6/14 (c)	2,307,854		346,178
			1,038,534
Insurance - 0.2%
USI Holdings Corp. Tranche B, term loan 3.97% 5/4/14 (c)	8,409,854		4,793,617

Leisure - 2.0%
24 Hour Fitness Worldwide, Inc. Tranche B, term loan 3.4891% 6/8/12 (c)	6,875,512		3,437,756
AMF Bowling Worldwide, Inc. Tranche B, term loan 3.7781% 6/8/13 (c)	4,792,480		2,635,864
Intrawest Resorts term loan 8.02% 10/23/09 (c)	13,870,856		6,935,428
London Arena & Waterfront Finance LLC Tranche A, term loan 3.7838% 3/8/12 (c)	2,844,116		2,218,411
Six Flags, Inc. Tranche B, term loan 3.022% 4/30/15 (c)	11,863,991		7,830,234
Floating Rate Loans (d) - continued
	Principal Amount		Value
Leisure - continued
Southwest Sports Group, Inc. Tranche B, term loan 3.75% 12/22/10 (c)	$ 14,600,000		$ 7,300,000
Universal City Development Partners Ltd. term loan 6% 6/9/11 (c)	16,599,366		15,022,426
			45,380,119
Metals/Mining - 0.6%
Alpha National Resources LLC/Alpha National Resources Capital Corp. Tranche B, term loan 2.75% 10/26/12 (c)	1,091,025		981,923
Compass Minerals Tranche B, term loan 2.4174% 12/22/12 (c)	4,039,441		3,635,497
Oxbow Carbon LLC:
Tranche B, term loan 2.8019% 5/8/14 (c)	10,162,877		7,317,271
Tranche DD, term loan 2.5181% 5/8/14 (c)	731,614		526,762
			12,461,453
Paper - 1.7%
Domtar Corp. Tranche B, term loan 1.9081% 3/7/14 (c)	4,282,371		3,640,016
Georgia-Pacific Corp. Tranche B1, term loan 3.2584% 12/20/12 (c)	18,175,378		16,130,648
Graphic Packaging International, Inc. Tranche C, term loan 3.896% 5/16/14 (c)	9,497,583		8,357,873
NewPage Corp. term loan 4.8072% 12/21/14 (c)	11,095,983		7,434,309
Smurfit-Stone Container Enterprises, Inc. term loan 3.0767% 11/11/11 (c)	3,475,262		2,337,114
			37,899,960
Publishing/Printing - 3.5%
Cenveo Corp.:
term loan 2.9769% 6/21/13 (c)	17,080,017		11,614,411
Tranche DD, term loan 2.9769% 6/21/13 (c)	471,891		320,886
Getty Images, Inc. term loan 6.25% 7/2/15 (c)	11,035,313		10,649,077
Idearc, Inc. term loan 3.22% 11/17/14 (c)	3,979,644		1,512,265
Newsday LLC term loan:
6.5944% 8/1/13 (c)	4,000,000		3,580,000
9.75% 8/1/13	8,000,000		7,380,000
The Reader's Digest Association, Inc. term loan 3.2874% 3/2/14 (c)	6,944,339		1,736,085
Thomson Learning, Inc. term loan 3.02% 7/5/14 (c)	52,411,824		35,771,070
Tribune Co. term loan 7.0838% 6/4/09 (a)(c)	8,655,238		2,250,362
Yell Group PLC Tranche B1, term loan 3.5181% 2/10/13 (c)	7,120,000		3,702,400
			78,516,556
Floating Rate Loans (d) - continued
	Principal Amount		Value
Railroad - 0.4%
Helm Holding Corp. Tranche 1, term loan 2.7899% 7/8/11 (c)	$ 1,079,318		$ 874,248
Kansas City Southern Railway Co. Tranche B, term loan 2.829% 4/28/13 (c)	10,933,419		9,074,738
			9,948,986
Restaurants - 0.6%
Arby's Restaurant Group, Inc. Tranche B, term loan 6.25% 7/25/12 (c)	4,524,992		4,049,868
Del Taco Tranche B, term loan 9.75% 3/29/13 (c)	5,302,557		1,908,921
NPC International, Inc. term loan 2.7534% 5/3/13 (c)	2,130,093		1,767,977
OSI Restaurant Partners, Inc.:
Credit-Linked Deposit 3.6816% 6/14/13 (c)	802,388		437,302
term loan 2.8172% 6/14/14 (c)	9,115,222		4,967,796
			13,131,864
Services - 4.7%
Adesa, Inc. term loan 3.1439% 10/20/13 (c)	7,787,869		5,490,447
Affinion Group Holdings, Inc. term loan 8.5225% 3/1/12 (c)	5,000,000		2,210,939
ARAMARK Corp.:
Credit-Linked Deposit 5.3588% 1/26/14 (c)	1,370,439		1,158,021
term loan 3.095% 1/26/14 (c)	21,567,405		18,224,457
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. term loan 4.93% 4/19/12 (c)	5,202,437		2,185,024
Brand Energy & Infrastructure Services, Inc. Tranche B 1LN, term loan 3.514% 2/7/14 (c)	2,004,100		1,122,296
Bright Horizons Family Solutions, Inc. Tranche B, term loan 7.4994% 5/28/15 (c)	2,580,499		1,909,569
Central Parking Corp.:
Credit-Linked Deposit 2.81% 5/22/14 (c)	3,236,777		2,233,376
Tranche 2LN, term loan 5.125% 11/22/14 (c)	1,950,000		975,000
Tranche B 1LN, term loan 2.8125% 5/22/14 (c)	4,497,851		3,103,518
Coinmach Service Corp. Tranche B, term loan 4.26% 11/20/14 (c)	14,413,246		9,656,875
Educate, Inc.:
Tranche 1LN, term loan 3.7398% 6/14/13 (c)	617,698		420,035
Tranche 2LN, term loan 6.47% 6/14/14 (c)	2,700,000		945,000
Education Management LLC/Education Management Finance Corp. Tranche B, term loan 3.25% 6/1/13 (c)	11,010,858		9,249,121
Florida Career College Holdings, Inc. Tranche B, term loan 3.2681% 6/7/13 (c)	8,296,647		6,305,452
Hertz Corp.:
Credit-Linked Deposit 2.9769% 12/21/12 (c)	2,898,844		2,174,133
Floating Rate Loans (d) - continued
	Principal Amount		Value
Services - continued
Hertz Corp.: - continued
Tranche B, term loan 2.2979% 12/21/12 (c)	$ 19,576,664		$ 14,682,498
Rural/Metro Corp.:
Credit-Linked Deposit 4.04% 3/4/11 (c)	6,259,635		5,492,830
term loan 6.2039% 3/4/11 (c)	8,154,117		7,155,238
Sedgwick CMS Holdings, Inc. Tranche B, term loan 2.7681% 1/31/13 (c)	1,208,459		996,979
West Corp. term loan 2.89% 10/24/13 (c)	11,670,575		8,782,107
			104,472,915
Specialty Retailing - 1.2%
Burlington Coat Factory Warehouse Corp. term loan 2.77% 5/28/13 (c)	4,848,928		2,085,039
Claire's Stores, Inc. term loan 3.4581% 5/29/14 (c)	7,102,079		2,698,790
Michaels Stores, Inc. term loan 2.7582% 10/31/13 (c)	10,806,533		6,024,642
Sally Holdings LLC Tranche B, term loan 3.0601% 11/16/13 (c)	9,460,039		8,041,033
Toys 'R' US, Inc. term loan 3.5088% 12/8/09 (c)	19,145,534		8,711,218
			27,560,722
Steels - 0.3%
Edgen Murray Corp. term loan 3.7873% 5/11/14 (c)	9,333,750		5,133,563
Tube City IMS Corp.:
term loan 3.22% 1/25/14 (c)	4,582,884		2,062,298
Revolving Credit-Linked Deposit 3.22% 1/25/14 (c)	566,838		255,077
			7,450,938
Super Retail - 1.5%
Dollar General Corp.:
Tranche B1, term loan 3.6085% 7/6/14 (c)	16,060,000		14,132,800
Tranche B2, term loan 3.2681% 7/6/14 (c)	6,740,000		5,762,700
Harbor Freight Tools USA, Inc. Tranche C, term loan 9.75% 2/12/13 (c)	1,109,235		776,465
J. Crew Group, Inc. term loan 2.3125% 5/15/13 (c)	3,042,105		2,509,737
PETCO Animal Supplies, Inc. term loan 3.2197% 10/26/13 (c)	10,850,250		9,331,215
			32,512,917
Technology - 6.2%
Affiliated Computer Services, Inc.:
term loan 2.52% 3/20/13 (c)	8,437,209		7,888,790
Tranche B2, term loan 2.5406% 3/20/13 (c)	6,255,339		5,848,742
First Data Corp. Tranche B3, term loan 3.2717% 9/24/14 (c)	2,955,000		1,987,238
Floating Rate Loans (d) - continued
	Principal Amount		Value
Technology - continued
Flextronics International Ltd.:
Tranche B-A, term loan 3.6811% 10/1/14 (c)	$ 26,099,259		$ 16,834,022
Tranche B-A1, term loan 3.3444% 10/1/14 (c)	7,499,787		4,837,363
Freescale Semiconductor, Inc. term loan 2.2469% 12/1/13 (c)	40,488,781		16,701,622
Information Resources, Inc. Tranche B, term loan 3.0018% 5/16/14 (c)	4,014,800		2,609,620
Intergraph Corp.:
Tranche 1LN, term loan 3.2563% 5/29/14 (c)	16,832,753		14,307,840
Tranche 2LN, term loan 6.7961% 11/29/14 (c)	3,950,000		3,219,250
Kronos, Inc.:
Tranche 1LN, term loan 3.47% 6/11/14 (c)	19,893,752		13,527,751
Tranche 2LN, term loan 6.97% 6/11/15 (c)	30,920,000		13,914,000
Macrovision Solutions Corp. Tranche B, term loan 6% 5/1/13 (c)	5,496,946		5,359,522
Serena Software, Inc. term loan 2.5075% 3/10/13 (c)	7,013,333		4,225,533
SunGard Data Systems, Inc. term loan 2.6955% 2/28/14 (c)	32,739,399		27,992,186
			139,253,479
Telecommunications - 9.7%
Asurion Corp.:
Tranche 1LN, term loan 3.8133% 7/3/14 (c)	17,000,000		14,365,000
Tranche 2LN, term loan 7.0331% 7/3/15 (c)	5,000,000		3,625,000
Crown Castle International Corp. Tranche B, term loan 2.0181% 3/6/14 (c)	5,086,200		4,577,580
Digicel International Finance Ltd.:
term loan 3.75% 3/30/12 (c)	63,290,000		56,486,325
Tranche C, term loan 3.75% 3/23/12 (c)	2,825,000		2,521,313
Hawaiian Telcom Communications, Inc. Tranche C, term loan 4.75% 6/1/14 (c)	5,754,148		2,646,908
Intelsat Jackson Holdings Ltd. term loan 4.435% 2/1/14 (c)	42,923,189		30,904,696
Intelsat Ltd. Tranche B, term loan 3.925% 7/3/13 (c)	20,603,502		18,749,187
Knology, Inc. term loan 2.7469% 6/30/12 (c)	9,086,933		7,633,024
Leap Wireless International, Inc. Tranche B, term loan 5.75% 6/16/13 (c)	7,584,758		7,167,596
Level 3 Financing, Inc. term loan 3.3091% 3/13/14 (c)	24,770,000		18,701,350
MetroPCS Wireless, Inc. Tranche B, term loan 3.2131% 11/3/13 (c)	5,934,032		5,370,299
NTELOS, Inc. Tranche B1, term loan 2.77% 8/24/11 (c)	7,355,471		6,877,365
Nuvox, Inc. Tranche B, term loan 3.8063% 5/31/14 (c)	3,202,950		2,690,478
Floating Rate Loans (d) - continued
	Principal Amount		Value
Telecommunications - continued
PanAmSat Corp.:
Tranche B2 A, term loan 3.925% 1/3/14 (c)	$ 6,908,371		$ 6,027,553
Tranche B2 B, term loan 3.925% 1/3/14 (c)	6,906,277		6,025,727
Tranche B2 C, term loan 3.925% 1/3/14 (c)	6,906,277		6,025,727
Telesat Holding, Inc. term loan:
4.1599% 10/31/14 (c)	4,195,854		3,692,352
4.22% 10/31/14 (c)	359,626		316,471
Wind Telecomunicazioni SpA term loan 8.3925% 12/21/11 pay-in-kind (c)	9,498,305		6,491,599
Windstream Corp. Tranche B1, term loan 2.59% 7/17/13 (c)	7,232,292		6,581,385
			217,476,935
Textiles & Apparel - 0.9%
Hanesbrands, Inc. Tranche B 1LN, term loan 5.9751% 9/5/13 (c)	5,870,179		5,620,696
Iconix Brand Group, Inc. term loan 3.47% 4/30/13 (c)	10,920,247		8,244,787
Levi Strauss & Co. term loan 2.8056% 4/4/14 (c)	11,550,000		6,525,750
			20,391,233
TOTAL FLOATING RATE LOANS (Cost $2,705,218,149)		2,056,516,614
Nonconvertible Bonds - 3.9%
Automotive - 0.5%
Ford Motor Credit Co. LLC 5.5444% 4/15/09 (c)	7,310,000		7,163,800
GMAC LLC 2.4875% 5/15/09 (c)	4,220,000		3,966,800
			11,130,600
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		1,575,200
Capital Goods - 0.1%
Esco Corp. 5.195% 12/15/13 (b)(c)	5,250,000		3,202,500
Energy - 0.4%
Energy Partners Ltd. 6.2194% 4/15/13 (c)	7,500,000		1,725,000
SandRidge Energy, Inc. 5.06% 4/1/14 (c)	12,000,000		7,080,000
			8,805,000
Gaming - 0.3%
Chukchansi Economic Development Authority 6.095% 11/15/12 (b)(c)	8,886,000		1,843,845
Nonconvertible Bonds - continued
	Principal Amount		Value
Gaming - continued
MGM Mirage, Inc. 13% 11/15/13 (b)	$ 4,720,000		$ 3,469,200
Snoqualmie Entertainment Authority 5.3838% 2/1/14 (b)(c)	3,985,000		996,250
			6,309,295
Insurance - 0.1%
USI Holdings Corp. 5.1125% 11/15/14 (b)(c)	3,050,000		1,433,500
Leisure - 0.1%
Universal City Florida Holding Co. I/II 5.92% 5/1/10 (c)	9,990,000		3,496,500
Metals/Mining - 1.0%
FMG Finance Property Ltd. 5.2613% 9/1/11 (b)(c)	15,065,000		12,955,900
Freeport-McMoRan Copper & Gold, Inc. 7.0838% 4/1/15 (c)	9,420,000		7,700,850
Noranda Aluminium Acquisition Corp. 7.345% 5/15/15 pay-in-kind (c)	3,510,000		989,989
			21,646,739
Services - 0.4%
ARAMARK Corp. 4.67% 2/1/15 (c)	10,595,000		8,078,688
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 3.7375% 5/15/14 (c)	1,810,000		425,350
			8,504,038
Technology - 0.3%
Avago Technologies Finance Ltd. 6.7613% 6/1/13 (c)	1,000,000		802,500
Freescale Semiconductor, Inc. 5.195% 12/15/14 (c)	18,925,000		3,501,125
Nortel Networks Corp. 9.0025% 7/15/11 (a)(c)	8,680,000		1,562,400
NXP BV 3.8444% 10/15/13 (c)	13,280,000		2,124,800
			7,990,825
Telecommunications - 0.4%
Qwest Corp. 4.57% 6/15/13 (c)	10,540,000		9,038,050
Textiles & Apparel - 0.2%
Hanesbrands, Inc. 5.6975% 12/15/14 (c)	6,590,000		4,349,400
TOTAL NONCONVERTIBLE BONDS (Cost $160,519,793)		87,481,647

Cash Equivalents - 4.2%
	Maturity Amount		Value
Investments in repurchase agreements in a joint trading account at 0.16%, dated 3/31/09 due 4/1/09 (Collateralized by U.S. Government Obligations) # (Cost $92,564,000)	$ 92,564,399		$ 92,564,000
TOTAL INVESTMENT PORTFOLIO - 99.9% (Cost $2,958,301,942)			2,236,562,261
NET OTHER ASSETS - 0.1%			3,292,769
NET ASSETS - 100%		$ 2,239,855,030

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 $23,901,195 or 1.1% 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 $4,019,333 and $3,938,946, respectively. The coupon rate will be determined at time of settlement.

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

Repurchase Agreement / Counterparty	Value
$92,564,000 due 4/01/09 at 0.16%
BNP Paribas Securities Corp.	$ 62,618,234
ING Financial Markets LLC	3,109,380
J.P. Morgan Securities, Inc.	26,836,386
	$ 92,564,000

Other Information

The following is a summary of the inputs used, as of March 31, 2009, involving the Fund's assets 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 Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 2,236,562,261	$ -	$ 2,194,298,053	$ 42,264,208

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

	Investments in Securities
Beginning Balance	$ 6,327,200
Total Realized Gain (Loss)	(2,634,250)
Total Unrealized Gain (Loss)	(14,660,353)
Cost of Purchases	4,837,910
Proceeds of Sales	(11,933,305)
Amortization/Accretion	372,785
Transfer in/out of Level 3	59,954,221
Ending Balance	$ 42,264,208

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	March 31, 2009

Assets
Investment in securities, at value (including repurchase agreements of $92,564,000) - See accompanying schedule: Unaffiliated issuers (cost $2,958,301,942)		$ 2,236,562,261
Cash		5,452,466
Receivable for investments sold		26,297,719
Receivable for fund shares sold		16,041
Interest receivable		14,107,670
Total assets		2,282,436,157

Liabilities
Payable for investments purchased	$ 34,756,837
Payable for fund shares redeemed	106,141
Distributions payable	7,715,958
Other payables and accrued expenses	2,191
Total liabilities		42,581,127

Net Assets		$ 2,239,855,030
Net Assets consist of:
Paid in capital		$ 2,961,594,711
Net unrealized appreciation (depreciation) on investments		(721,739,681 )
Net Assets , for 31,475,602 shares outstanding		$ 2,239,855,030
Net Asset Value , offering price and redemption price per share ($2,239,855,030 ÷ 31,475,602 shares)		$ 71.16

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Operations

	Six months ended March 31, 2009

Investment Income
Interest (including $35,025 from affiliated interfund lending)		$ 90,306,558

Expenses
Custodian fees and expenses	$ 3,738
Independent directors' compensation	7,553
Total expenses before reductions	11,291
Expense reductions	(11,291 )	-
Net investment income		90,306,558
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers		(87,577,744)
Change in net unrealized appreciation (depreciation) on investment securities		(334,752,375 )
Net gain (loss)		(422,330,119 )
Net increase (decrease) in net assets resulting from operations		$ (332,023,561 )

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Changes in Net Assets

	Six months ended March 31, 2009	Year ended September 30, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income	$ 90,306,558	$ 180,590,742
Net realized gain (loss)	(87,577,744)	(43,336,377)
Change in net unrealized appreciation (depreciation)	(334,752,375 )	(318,978,918 )
Net increase (decrease) in net assets resulting from operations	(332,023,561 )	(181,724,553 )
Distributions to partners from net investment income	(75,832,066 )	(170,362,113 )
Affiliated share transactions Proceeds from sales of shares	360,833,403	935,550,819
Reinvestment of distributions	23,368,443	23,902,858
Cost of shares redeemed	(270,224,655 )	(465,772,263 )
Net increase (decrease) in net assets resulting from share transactions	113,977,191	493,681,414
Total increase (decrease) in net assets	(293,878,436)	141,594,748

Net Assets
Beginning of period	2,533,733,466	2,392,138,718
End of period	$ 2,239,855,030	$ 2,533,733,466
Other Information Shares
Sold	5,188,286	10,310,565
Issued in reinvestment of distributions	339,491	263,367
Redeemed	(3,932,547 )	(5,198,777 )
Net increase (decrease)	1,595,230	5,375,155

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights

	Six months ended March 31,	Years ended September 30,
	2009	2008	2007	2006	2005 ^F
Selected Per-Share Data
Net asset value, beginning of period	$ 84.80	$ 97.62	$ 100.32	$ 100.61	$ 100.00
Income from Investment Operations
Net investment income ^D	2.901	6.638	7.633	6.947	4.001
Net realized and unrealized gain (loss)	(14.095 )	(13.134 )	(2.728 )	(.538 )	.396
Total from investment operations	(11.194 )	(6.496 )	4.905	6.409	4.397
Distributions to partners from net investment income	(2.446 )	(6.324 )	(7.605 )	(6.699 )	(3.787 )
Net asset value, end of period	$ 71.16	$ 84.80	$ 97.62	$ 100.32	$ 100.61
Total Return ^B,C	(13.06)%	(6.98)%	5.00%	6.57%	4.47%
Ratios to Average Net Assets ^G
Expenses before reductions	-% ^A,E	-% ^E	-% ^E	.01%	.03% ^A
Expenses net of fee waivers, if any	-% ^A,E	-% ^E	-% ^E	.01%	.03% ^A
Expenses net of all reductions	-% ^A,E	-% ^E	-% ^E	.01%	.03% ^A
Net investment income	8.37% ^A	7.18%	7.66%	6.94%	5.08% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,239,855	$ 2,533,733	$ 2,392,139	$ 1,545,370	$ 471,162
Portfolio turnover rate	28% ^A	30%	65%	43%	48% ^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Calculated based on average shares outstanding during the period.

^E Amount represents less than .01%.

^F For the period December 15, 2004 (commencement of operations) to September 30, 2005.

^G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended March 31, 2009

1. Organization.

Fidelity Floating Rate Central Fund (the Fund) is a fund of Fidelity Central Investment Portfolios LLC (the LLC) and is authorized to issue an unlimited number of shares. The LLC is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware Limited Liability Company. Each Fund in the LLC is a separate partnership for tax purposes. Shares of the Fund are only offered to other investment companies and accounts managed by Fidelity Management & Research Company (FMR), or its affiliates (the Investing Funds). The Board of Directors may permit the purchase of shares (for cash, securities or other consideration) and admit new Eligible Accredited Investors into each Fund, in accordance with the Partnership Agreement.

2. Significant Accounting Policies.

Semiannual Report

Notes to Financial Statements - continued

2. Significant Accounting Policies - continued

Security Valuation - continued

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1	Quoted prices in active markets for identical securities.
Level 2	Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3	Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

The aggregate value by input level, as of March 31, 2009, for the Fund's investments, as well as a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining value, is included at the end of the Fund's Schedule of Investments.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectibility of interest is reasonably assured. The Fund earns certain fees in connection with its floating rate loan purchasing activities. These fees are in

Semiannual Report

2. Significant Accounting Policies - continued

Investment Transactions and Income - continued

addition to interest payments earned and may include amendment fees, consent fees and prepayment fees. These fees are recorded as Investment Income in the accompanying financial statements.

Distributions are declared daily and paid monthly from net investment income on a book basis, except for certain items such as market discount and term loan fee income which are deemed distributed based on allocations to the partners and are reclassified to paid in capital. Due to the Fund's partnership structure, paid in capital includes net realized gain/loss on investments.

The Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. There are no unrecognized tax benefits in the accompanying financial statements. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years.

The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:

Unrealized appreciation	$ 21,579,603
Unrealized depreciation	(726,360,976 )
Net unrealized appreciation (depreciation)	$ (704,781,373 )
Cost for federal income tax purposes	$ 2,941,343,634

3. Operating Policies.

Semiannual Report

Notes to Financial Statements - continued

3. Operating Policies - continued

Repurchase Agreements - continued

institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The Fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

Loans and Other Direct Debt Instruments. The Fund may invest in loans and loan participations, trade claims or other receivables. These investments may include standby financing commitments, including revolving credit facilities, that obligate the Fund to supply additional cash to the borrower on demand. Loan participations involve a risk of insolvency of the lending bank or other financial intermediary. The Fund may be contractually obligated to receive approval from the agent bank and/or borrower prior to the sale of these investments.

4. Purchases and Sales of Investments.

Purchases and sales of securities (including principal repayments of floating rate loans), other than short-term securities, aggregated $386,766,135 and $289,567,779, respectively.

5. Fees and Other Transactions with Affiliates.

Semiannual Report

5. Fees and Other Transactions with Affiliates - continued

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding.

The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender	Average Daily Loan Balance	Weighted Average Interest Rate
Lender	$ 14,252,500	.78%

6. Expense Reductions.

FMR has voluntarily agreed to reimburse a portion of the Fund's operating expenses. For the period, the reimbursement reduced the expenses by $7,553.

7. Other.

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

At the end of the period mutual funds managed by FMR or an FMR affiliate were the owners of record of all the outstanding shares of the Fund.

Semiannual Report

Report of Independent Registered Public Accounting Firm

To the Directors of Fidelity Central Investment Portfolios LLC and Partners of Fidelity Floating Rate Central Fund:

We have audited the accompanying statement of assets and liabilities of Fidelity Floating Rate Central Fund (the Fund), a fund of Fidelity Central Investment Portfolios LLC, including the schedule of investments, as of March 31, 2009, and the related statement of operations for the six months then ended, the statement of changes in net assets for the six months ended March 31, 2009 and for the year ended September 30, 2008, and the financial highlights for the six months ended March 31, 2009 and for each of the three years in the period ended September 30, 2008 and for the period from December 15, 2004 (commencement of operations) to September 30, 2005. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities and senior loans owned as of March 31, 2009, by correspondence with the custodians, brokers and selling agent banks; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Floating Rate Central Fund as of March 31, 2009, the results of its operations for the six months then ended, the changes in its net assets for the six months ended March 31, 2009 and for the year ended September 30, 2008, and the financial highlights for the six months ended March 31, 2009 and for each of the three years in the period ended September 30, 2008 and for the period December 15, 2004 (commencement of operations) to September 30, 2005, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

DELOITTE & TOUCHE LLP

Boston, Massachusetts

May 21, 2009

Semiannual Report

Fidelity ^® High Income
Central Fund 1

Semiannual Report

March 31, 2009

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

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

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

HP1-SANN-0509
1.807410.104

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2008 to March 31, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value October 1, 2008	Ending Account Value March 31, 2009	Expenses Paid During Period * October 1, 2008 to March 31, 2009
Actual	.0037%	$ 1,000.00	$ 895.30	$ .02
Hypothetical (5% return per year before expenses)		$ 1,000.00	$ 1,024.91	$ .02

* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Top Five Holdings as of March 31, 2009
(by issuer, excluding cash equivalents)	% of fund's net assets	% of fund's net assets 6 months ago
HCA, Inc.	2.7	2.2
Chesapeake Energy Corp.	2.2	0.8
EchoStar Communications Corp.	2.0	0.9
Freeport-McMoRan Copper & Gold, Inc.	1.7	1.1
CSC Holdings, Inc.	1.7	1.4
	10.3
Top Five Market Sectors as of March 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Telecommunications	12.9	7.0
Energy	10.4	11.1
Healthcare	9.8	6.1
Electric Utilities	8.2	7.3
Cable TV	6.8	4.5

Quality Diversification (% of fund's net assets)
As of March 31, 2009		As of September 30, 2008
	AAA,AA,A 0.1%		AAA,AA,A 0.0%
	BBB 4.3%		BBB 3.1%
	BB 37.7%		BB 33.7%
	B 39.3%		B 43.9%
	CCC,CC,C 12.2%		CCC,CC,C 11.4%
	D 0.1%		D 0.0%
	Not Rated 1.6%		Not Rated 1.2%
	Equities 0.5%		Equities 0.5%
	Interfund Loans 0.0%		Interfund Loans 4.3%
	Short-Term Investments and Net Other Assets 4.2%		Short-Term Investments and Net Other Assets 1.9%

FID168989

Asset Allocation (% of fund's net assets)
As of March 31, 2009 *			As of September 30, 2008 **
	Interfund Loans 0.0%			Interfund Loans 4.3%
	Nonconvertible Bonds 85.1%			Nonconvertible Bonds 84.6%
	Convertible Bonds, Preferred Stocks 0.9%			Convertible Bonds, Preferred Stocks 0.8%
	Common Stocks 0.4%			Common Stocks 0.4%
	Floating Rate Loans 9.3%			Floating Rate Loans 7.8%
	Other Investments 0.1%			Other Investments 0.2%
	Short-Term Investments and Net Other Assets 4.2%			Short-Term Investments and Net Other Assets 1.9%
* Foreign investments		13.8%	** Foreign investments		16.9%

FID169005

Semiannual Report

Investments March 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 85.9%
	Principal Amount		Value
Convertible Bonds - 0.8%
Building Materials - 0.2%
General Cable Corp. 1% 10/15/12	$ 1,150,000		$ 816,960
Energy - 0.3%
Chesapeake Energy Corp. 2.5% 5/15/37	1,520,000		987,848
Homebuilding/Real Estate - 0.1%
Ventas, Inc. 3.875% 11/15/11 (d)	530,000		441,649
Technology - 0.1%
Advanced Micro Devices, Inc. 6% 5/1/15	660,000		247,500
Lucent Technologies, Inc. 2.875% 6/15/25	400,000		186,624
			434,124
Telecommunications - 0.1%
Nextel Communications, Inc. 5.25% 1/15/10	360,000		346,536
TOTAL CONVERTIBLE BONDS			3,027,117
Nonconvertible Bonds - 85.1%
Aerospace - 1.1%
Alliant Techsystems, Inc. 6.75% 4/1/16	380,000		361,000
BE Aerospace, Inc. 8.5% 7/1/18	675,000		562,781
Bombardier, Inc.:
6.3% 5/1/14 (d)	1,000,000		705,000
7.45% 5/1/34 (d)	695,000		403,100
L-3 Communications Corp.:
6.125% 7/15/13	275,000		262,625
6.375% 10/15/15	520,000		490,100
7.625% 6/15/12	1,415,000		1,418,538
Sequa Corp.:
11.75% 12/1/15 (d)	485,000		106,700
13.5% 12/1/15 pay-in-kind (d)	270,651		40,158
			4,350,002
Air Transportation - 1.8%
American Airlines, Inc. pass-thru trust certificates:
6.817% 5/23/11	1,605,000		1,123,500
6.977% 11/23/22	139,733		71,264
8.608% 10/1/12	390,000		273,000
Continental Airlines, Inc. pass-thru trust certificates:
7.566% 9/15/21	526,261		394,696
7.73% 9/15/12	203,400		158,652
7.875% 7/2/18	367,798		205,967
8.388% 5/1/22	238,905		152,899
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Air Transportation - continued
Continental Airlines, Inc. pass-thru trust certificates: - continued
9.558% 9/1/19	$ 666,535		$ 373,260
9.798% 4/1/21	4,133,479		2,232,079
Delta Air Lines, Inc. pass-thru trust certificates:
7.57% 11/18/10	1,145,000		1,036,225
8.021% 8/10/22	367,508		198,454
8.954% 8/10/14	366,823		223,762
Northwest Airlines, Inc. pass-thru trust certificates 8.028% 11/1/17	280,000		161,000
United Air Lines, Inc. pass-thru trust certificates Class B, 7.336% 7/2/19	676,123		351,584
			6,956,342
Auto Parts Distribution - 0.1%
PACCAR, Inc. 6.875% 2/15/14	325,000		338,481
Automotive - 0.6%
Ford Motor Co.:
7.45% 7/16/31	4,510,000		1,431,925
9.5% 9/15/11	110,000		50,050
Ford Motor Credit Co. LLC:
5.5444% 4/15/09 (e)	360,000		352,800
7.25% 10/25/11	160,000		113,913
7.375% 10/28/09	485,000		431,650
			2,380,338
Broadcasting - 0.0%
Nexstar Broadcasting, Inc.:
7% 1/15/14	17,000		5,100
7% 1/15/14 pay-in-kind (d)	52,527		11,819
			16,919
Building Materials - 0.5%
General Cable Corp. 7.125% 4/1/17	1,245,000		1,045,800
Owens Corning 6.5% 12/1/16	1,200,000		880,386
			1,926,186
Cable TV - 5.9%
Cablevision Systems Corp. 8% 4/15/12	140,000		135,800
Charter Communications Holdings I LLC:
9.92% 4/1/14 (b)	532,000		4,655
10% 5/15/14 (b)	165,000		1,444
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Cable TV - continued
Charter Communications Holdings I LLC/Charter Communications Holdings I Capital Corp. 11% 10/1/15 (b)	$ 1,230,000		$ 132,225
Charter Communications Holdings II LLC/Charter Communications Holdings II Capital Corp. 10.25% 9/15/10 (b)	760,000		684,000
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.:
8.375% 4/30/14 (d)	970,000		853,600
10.875% 9/15/14 (d)	800,000		776,000
CSC Holdings, Inc.:
6.75% 4/15/12	1,435,000		1,363,250
7.625% 4/1/11	1,115,000		1,106,638
8.5% 4/15/14 (d)	920,000		910,800
8.5% 6/15/15 (d)	800,000		782,000
8.625% 2/15/19 (d)	1,805,000		1,732,800
DIRECTV Holdings LLC/DIRECTV Financing, Inc.:
6.375% 6/15/15	1,920,000		1,809,600
7.625% 5/15/16	890,000		867,750
8.375% 3/15/13	415,000		419,150
EchoStar Communications Corp.:
6.375% 10/1/11	4,255,000		4,106,075
7% 10/1/13	2,355,000		2,178,375
7.125% 2/1/16	1,225,000		1,099,438
Kabel Deutschland GmbH 10.625% 7/1/14	1,190,000		1,201,900
Time Warner Cable, Inc. 7.5% 4/1/14	1,320,000		1,345,856
Videotron Ltd.:
9.125% 4/15/18 (d)	625,000		634,375
9.125% 4/15/18 (d)	780,000		791,700
			22,937,431
Capital Goods - 1.6%
Case Corp. 7.25% 1/15/16	1,670,000		1,219,100
Leucadia National Corp.:
7% 8/15/13	60,000		48,600
7.125% 3/15/17	1,480,000		1,021,200
RBS Global, Inc. / Rexnord Corp.:
8.875% 9/1/16	240,000		170,400
9.5% 8/1/14	145,000		114,550
11.75% 8/1/16	240,000		134,400
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Capital Goods - continued
Sensus Metering Systems, Inc. 8.625% 12/15/13	$ 2,235,000		$ 1,855,050
Terex Corp. 8% 11/15/17	2,190,000		1,746,525
			6,309,825
Chemicals - 1.3%
Airgas, Inc. 7.125% 10/1/18 (d)	990,000		940,500
Chemtura Corp. 6.875% 6/1/16 (b)	710,000		312,400
Huntsman LLC 11.5% 7/15/12	280,000		218,400
Momentive Performance Materials, Inc. 9.75% 12/1/14	885,000		261,075
Nalco Co. 7.75% 11/15/11	585,000		579,150
NOVA Chemicals Corp.:
5.72% 11/15/13 (e)	280,000		210,000
6.5% 1/15/12	1,780,000		1,566,400
Westlake Chemical Corp. 6.625% 1/15/16	1,250,000		843,750
			4,931,675
Consumer Products - 1.3%
Jostens Holding Corp. 10.25% 12/1/13	3,135,000		2,727,450
Revlon Consumer Products Corp. 9.5% 4/1/11	1,075,000		731,000
Riddell Bell Holdings, Inc. 8.375% 10/1/12	2,100,000		1,617,000
			5,075,450
Containers - 1.6%
Berry Plastics Corp. 5.8444% 2/15/15 (e)	770,000		565,950
Crown Americas LLC/Crown Americas Capital Corp. 7.75% 11/15/15	240,000		239,400
Crown Cork & Seal, Inc.:
7.375% 12/15/26	2,755,000		2,286,650
8% 4/15/23	115,000		100,625
Greif, Inc. 6.75% 2/1/17	2,100,000		1,890,000
Owens-Brockway Glass Container, Inc. 8.25% 5/15/13	725,000		730,438
Owens-Illinois, Inc. 7.8% 5/15/18	460,000		437,000
			6,250,063
Diversified Financial Services - 0.2%
NiSource Finance Corp.:
5.25% 9/15/17	650,000		484,524
5.45% 9/15/20	270,000		197,838
Sprint Capital Corp. 8.75% 3/15/32	135,000		90,450
			772,812
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Diversified Media - 2.2%
Interpublic Group of Companies, Inc.:
6.25% 11/15/14	$ 565,000		$ 355,950
7.25% 8/15/11	1,065,000		878,625
Lamar Media Corp.:
Series B, 6.625% 8/15/15	90,000		64,800
6.625% 8/15/15	1,200,000		876,000
9.75% 4/1/14 (d)	870,000		843,900
Nielsen Finance LLC/Nielsen Finance Co.:
0% 8/1/16 (c)	1,435,000		606,288
10% 8/1/14	1,605,000		1,396,350
11.625% 2/1/14 (d)	2,625,000		2,375,625
Quebecor Media, Inc.:
7.75% 3/15/16	490,000		369,950
7.75% 3/15/16	1,010,000		762,550
			8,530,038
Electric Utilities - 6.9%
AES Corp.:
7.75% 3/1/14	555,000		491,175
7.75% 10/15/15	1,405,000		1,222,350
8% 10/15/17	460,000		395,600
9.75% 4/15/16 (d)	700,000		660,625
Aquila, Inc. 11.875% 7/1/12 (e)	70,000		72,100
CMS Energy Corp. 6.3% 2/1/12	835,000		780,725
Dynegy Holdings, Inc. 8.375% 5/1/16	260,000		177,450
Edison Mission Energy:
7% 5/15/17	995,000		726,350
7.2% 5/15/19	1,315,000		913,925
7.625% 5/15/27	1,050,000		619,500
Energy Future Holdings:
10.875% 11/1/17	2,740,000		1,767,300
12% 11/1/17 pay-in-kind (e)	1,710,000		666,330
Intergen NV 9% 6/30/17 (d)	1,810,000		1,638,050
IPALCO Enterprises, Inc. 7.25% 4/1/16 (d)	495,000		438,075
Mirant Americas Generation LLC:
8.3% 5/1/11	495,000		478,913
8.5% 10/1/21	1,640,000		1,205,400
9.125% 5/1/31	1,305,000		900,450
NiSource Finance Corp. 10.75% 3/15/16	775,000		784,570
NRG Energy, Inc.:
7.25% 2/1/14	3,780,000		3,553,200
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Electric Utilities - continued
NRG Energy, Inc.: - continued
7.375% 2/1/16	$ 285,000		$ 263,625
7.375% 1/15/17	2,135,000		1,985,550
NSG Holdings II, LLC 7.75% 12/15/25 (d)	2,460,000		1,943,400
Orion Power Holdings, Inc. 12% 5/1/10	30,000		30,938
Reliant Energy, Inc.:
6.75% 12/15/14	795,000		735,375
7.625% 6/15/14	1,765,000		1,447,300
7.875% 6/15/17	210,000		165,900
Tenaska Alabama Partners LP 7% 6/30/21 (d)	661,776		529,421
Texas Competitive Electric Holdings Co. LLC:
10.25% 11/1/15	1,905,000		914,400
10.25% 11/1/15	1,995,000		957,600
11.25% 11/1/16 pay-in-kind	750,000		249,609
			26,715,206
Energy - 10.1%
Atlas Pipeline Partners LP 8.125% 12/15/15	1,140,000		649,800
Chesapeake Energy Corp.:
6.5% 8/15/17	550,000		442,750
6.875% 1/15/16	200,000		167,000
7.25% 12/15/18	1,540,000		1,270,500
7.5% 9/15/13	1,175,000		1,069,250
7.5% 6/15/14	805,000		726,513
7.625% 7/15/13	445,000		409,400
9.5% 2/15/15	3,475,000		3,379,438
Compagnie Generale de Geophysique SA:
7.5% 5/15/15	410,000		311,600
7.75% 5/15/17	420,000		312,900
Denbury Resources, Inc. 9.75% 3/1/16	1,415,000		1,358,400
Dynegy Holdings, Inc. 8.75% 2/15/12	265,000		230,550
El Paso Corp.:
7% 6/15/17	1,195,000		1,017,759
8.25% 2/15/16	390,000		366,600
El Paso Energy Corp. 7.75% 1/15/32	570,000		424,671
El Paso Performance-Linked Trust 7.75% 7/15/11 (d)	905,000		862,013
Energy Partners Ltd.:
6.2194% 4/15/13 (e)	700,000		161,000
9.75% 4/15/14	525,000		120,750
Forest Oil Corp.:
7.25% 6/15/19	1,315,000		1,045,425
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Energy - continued
Forest Oil Corp.: - continued
7.25% 6/15/19 (d)	$ 130,000		$ 103,025
7.75% 5/1/14	765,000		684,675
8.5% 2/15/14 (d)	1,820,000		1,692,600
Frontier Oil Corp. 8.5% 9/15/16	1,395,000		1,374,075
Helix Energy Solutions Group, Inc. 9.5% 1/15/16 (d)	445,000		258,100
Hilcorp Energy I LP/Hilcorp Finance Co. 7.75% 11/1/15 (d)	1,645,000		1,151,500
Inergy LP/Inergy Finance Corp. 8.75% 3/1/15 (d)	950,000		940,500
Kinder Morgan Finance Co. ULC 5.35% 1/5/11	275,000		262,625
Newfield Exploration Co. 7.125% 5/15/18	2,180,000		1,918,400
OPTI Canada, Inc.:
7.875% 12/15/14	115,000		49,450
8.25% 12/15/14	410,000		176,300
Pan American Energy LLC 7.75% 2/9/12 (d)	730,000		620,500
Parker Drilling Co. 9.625% 10/1/13	1,230,000		824,100
Petrohawk Energy Corp.:
7.875% 6/1/15 (d)	410,000		360,800
9.125% 7/15/13	675,000		636,188
10.5% 8/1/14 (d)	1,355,000		1,334,675
Petroleum Development Corp. 12% 2/15/18	615,000		369,000
Pioneer Natural Resources Co. 6.65% 3/15/17	720,000		558,000
Plains Exploration & Production Co.:
7% 3/15/17	3,175,000		2,540,000
10% 3/1/16	830,000		790,575
Range Resources Corp. 7.375% 7/15/13	4,235,000		4,023,250
SandRidge Energy, Inc.:
5.06% 4/1/14 (e)	285,000		168,150
8.625% 4/1/15 pay-in-kind (e)	2,395,000		1,508,850
Southwestern Energy Co. 7.5% 2/1/18 (d)	1,175,000		1,116,250
Tennessee Gas Pipeline Co. 8% 2/1/16 (d)	235,000		233,825
Williams Companies, Inc. 8.75% 1/15/20 (d)	1,005,000		999,975
Williams Partners LP/Williams Partners Finance Corp. 7.25% 2/1/17	120,000		102,000
			39,123,707
Entertainment/Film - 0.2%
AMC Entertainment, Inc. 8% 3/1/14	125,000		102,500
Marquee Holdings, Inc. 12% 8/15/14	705,000		493,500
			596,000
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Environmental - 1.1%
Allied Waste North America, Inc.:
6.875% 6/1/17	$ 1,680,000		$ 1,528,800
7.125% 5/15/16	1,740,000		1,622,550
Browning-Ferris Industries, Inc. 7.4% 9/15/35	260,000		221,000
Waste Management, Inc. 6.375% 3/11/15	805,000		805,100
			4,177,450
Food and Drug Retail - 0.7%
Albertsons, Inc.:
7.5% 2/15/11	1,085,000		1,074,150
7.75% 6/15/26	170,000		142,375
8% 5/1/31	1,045,000		854,288
Macy's Retail Holdings, Inc. 7.875% 7/15/15	475,000		350,577
SUPERVALU, Inc. 7.5% 11/15/14	220,000		214,775
			2,636,165
Food/Beverage/Tobacco - 2.3%
Constellation Brands, Inc.:
7.25% 9/1/16	1,525,000		1,448,750
7.25% 5/15/17	1,025,000		971,188
8.375% 12/15/14	885,000		889,425
Dean Foods Co.:
6.9% 10/15/17	1,505,000		1,369,550
7% 6/1/16	2,465,000		2,341,750
National Beef Packing Co. LLC/National Beef Finance Corp. 10.5% 8/1/11	1,145,000		881,650
Smithfield Foods, Inc. 7.75% 7/1/17	630,000		379,575
Tyson Foods, Inc. 10.5% 3/1/14 (d)	685,000		696,988
			8,978,876
Gaming - 1.7%
Mashantucket Western Pequot Tribe 8.5% 11/15/15 (d)	1,865,000		317,050
MGM Mirage, Inc.:
6.625% 7/15/15	790,000		276,500
6.75% 9/1/12	835,000		296,425
6.75% 4/1/13	75,000		25,875
7.625% 1/15/17	195,000		68,250
Mohegan Tribal Gaming Authority:
6.125% 2/15/13	2,050,000		881,500
6.375% 7/15/09	1,085,000		873,425
7.125% 8/15/14	520,000		135,200
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Gaming - continued
Scientific Games Corp.:
6.25% 12/15/12	$ 370,000		$ 325,600
7.875% 6/15/16 (d)	670,000		589,600
Seminole Hard Rock Entertainment, Inc. 3.82% 3/15/14 (d)(e)	665,000		345,800
Seneca Gaming Corp.:
Series B, 7.25% 5/1/12	940,000		600,425
7.25% 5/1/12	1,070,000		683,463
Snoqualmie Entertainment Authority:
5.3838% 2/1/14 (d)(e)	800,000		200,000
9.125% 2/1/15 (d)	355,000		92,300
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.:
6.625% 12/1/14	655,000		487,975
6.625% 12/1/14	670,000		489,100
			6,688,488
Healthcare - 8.6%
Biomet, Inc.:
10% 10/15/17	1,770,000		1,761,150
10.375% 10/15/17 pay-in-kind (e)	485,000		409,219
11.625% 10/15/17	2,240,000		1,965,600
Boston Scientific Corp. 6.4% 6/15/16	410,000		381,300
Community Health Systems, Inc. 8.875% 7/15/15	4,355,000		4,115,475
DaVita, Inc.:
6.625% 3/15/13	705,000		680,325
7.25% 3/15/15	1,000,000		962,500
DJO Finance LLC / DJO Finance Corp. 10.875% 11/15/14	3,525,000		2,573,250
FMC Finance III SA 6.875% 7/15/17	535,000		521,625
Fresenius US Finance II, Inc. 9% 7/15/15 (d)	675,000		702,000
HCA, Inc.:
6.5% 2/15/16	2,080,000		1,331,200
7.875% 2/1/11	500,000		482,500
8.75% 9/1/10	885,000		880,575
9.125% 11/15/14	2,415,000		2,270,100
9.25% 11/15/16	2,685,000		2,429,925
9.875% 2/15/17 (d)	240,000		227,400
10.375% 11/15/16 pay-in-kind (e)	1,385,000		1,042,929
HealthSouth Corp. 10.75% 6/15/16	2,130,000		2,087,400
Omega Healthcare Investors, Inc.:
7% 4/1/14	3,780,000		3,477,600
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Healthcare - continued
Omega Healthcare Investors, Inc.: - continued
7% 1/15/16	$ 435,000		$ 389,325
Psychiatric Solutions, Inc. 7.75% 7/15/15	455,000		409,500
Service Corp. International 7.5% 4/1/27	1,790,000		1,315,650
Ventas Realty LP:
6.5% 6/1/16	1,400,000		1,211,000
6.625% 10/15/14	790,000		707,050
Viant Holdings, Inc. 10.125% 7/15/17 (d)	1,244,000		622,000
VWR Funding, Inc. 10.25% 7/15/15 pay-in-kind	515,000		345,050
			33,301,648
Homebuilding/Real Estate - 1.3%
American Real Estate Partners/American Real Estate Finance Corp.:
7.125% 2/15/13	1,435,000		1,140,825
8.125% 6/1/12	2,870,000		2,439,500
D.R. Horton, Inc. 6.5% 4/15/16	400,000		314,000
KB Home 6.375% 8/15/11	185,000		166,500
Pulte Homes, Inc.:
5.25% 1/15/14	575,000		471,500
8.125% 3/1/11	705,000		676,800
			5,209,125
Hotels - 0.9%
Host Hotels & Resorts LP 6.875% 11/1/14	130,000		99,450
Host Marriott LP 7.125% 11/1/13	2,530,000		2,024,000
Starwood Hotels & Resorts Worldwide, Inc.:
6.25% 2/15/13	1,230,000		947,100
7.875% 5/1/12	555,000		474,525
			3,545,075
Leisure - 1.1%
Royal Caribbean Cruises Ltd. yankee:
7% 6/15/13	1,535,000		861,519
7.25% 6/15/16	1,220,000		585,600
7.5% 10/15/27	2,285,000		1,051,100
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		189,000
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Leisure - continued
Universal City Florida Holding Co. I/II:
5.92% 5/1/10 (e)	$ 1,700,000		$ 595,000
8.375% 5/1/10	260,000		91,000
			4,171,429
Metals/Mining - 4.4%
Arch Western Finance LLC 6.75% 7/1/13	1,015,000		913,500
Compass Minerals International, Inc. 12% 6/1/13	3,161,000		3,287,440
Drummond Co., Inc. 7.375% 2/15/16 (d)	1,750,000		1,207,500
FMG Finance Property Ltd.:
5.2613% 9/1/11 (d)(e)	1,250,000		1,075,000
10% 9/1/13 (d)	1,055,000		902,025
10.625% 9/1/16 (d)	1,225,000		1,041,250
Freeport-McMoRan Copper & Gold, Inc.:
7.0838% 4/1/15 (e)	70,000		57,225
8.25% 4/1/15	4,095,000		3,890,250
8.375% 4/1/17	3,070,000		2,847,425
Massey Energy Co. 6.875% 12/15/13	2,005,000		1,744,350
Peabody Energy Corp. 7.375% 11/1/16	210,000		207,900
			17,173,865
Paper - 2.4%
Abitibi-Consolidated, Inc. 13.75% 4/1/11 (b)(d)	430,000		365,500
Cascades, Inc. 7.25% 2/15/13	825,000		459,938
Catalyst Paper Corp. 8.625% 6/15/11	485,000		221,888
Domtar Corp.:
5.375% 12/1/13	365,000		246,375
7.125% 8/15/15	1,110,000		749,250
7.875% 10/15/11	555,000		449,550
Georgia-Pacific Corp. 7% 1/15/15 (d)	3,515,000		3,268,950
Graphic Packaging International, Inc. 8.5% 8/15/11	1,040,000		894,400
Rock-Tenn Co. 9.25% 3/15/16	1,700,000		1,695,750
Temple-Inland, Inc. 6.875% 1/15/18	1,265,000		885,500
			9,237,101
Publishing/Printing - 0.4%
Scholastic Corp. 5% 4/15/13	950,000		717,250
The Reader's Digest Association, Inc. 9% 2/15/17	1,090,000		98,100
TL Acquisitions, Inc.:
0% 7/15/15 (c)(d)	210,000		90,300
10.5% 1/15/15 (d)	1,430,000		757,900
			1,663,550
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Railroad - 0.1%
Kansas City Southern Railway Co. 8% 6/1/15	$ 430,000		$ 356,900
Restaurants - 0.2%
Carrols Corp. 9% 1/15/13	835,000		718,100
Services - 3.3%
ARAMARK Corp.:
4.67% 2/1/15 (e)	1,110,000		846,375
8.5% 2/1/15	2,260,000		2,062,250
Ashtead Capital, Inc. 9% 8/15/16 (d)	900,000		504,000
Corrections Corp. of America 6.25% 3/15/13	1,240,000		1,187,300
FTI Consulting, Inc.:
7.625% 6/15/13	1,585,000		1,596,888
7.75% 10/1/16	760,000		758,100
Hertz Corp.:
8.875% 1/1/14	585,000		348,075
10.5% 1/1/16	265,000		116,600
Iron Mountain, Inc.:
6.625% 1/1/16	780,000		721,500
7.75% 1/15/15	195,000		192,563
8% 6/15/20	240,000		223,800
8.625% 4/1/13	2,245,000		2,245,000
JohnsonDiversey Holdings, Inc. 10.67% 5/15/13	165,000		123,750
JohnsonDiversey, Inc. 9.625% 5/15/12	75,000		67,875
Rental Service Corp. 9.5% 12/1/14	990,000		495,000
Rural/Metro Corp. 0% 3/15/16 (c)	315,000		122,850
United Rentals North America, Inc.:
7% 2/15/14	215,000		111,800
7.75% 11/15/13	145,000		79,025
US Investigations Services, Inc.:
10.5% 11/1/15 (d)	1,145,000		873,063
11.75% 5/1/16 (d)	325,000		232,375
			12,908,189
Shipping - 3.2%
Navios Maritime Holdings, Inc. 9.5% 12/15/14	1,815,000		1,034,550
Overseas Shipholding Group, Inc.:
7.5% 2/15/24	240,000		141,600
8.75% 12/1/13	40,000		33,600
Ship Finance International Ltd. 8.5% 12/15/13	9,465,000		6,625,488
Teekay Corp. 8.875% 7/15/11	4,970,000		4,771,200
			12,606,438
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Specialty Retailing - 0.8%
Dollar General Corp.:
10.625% 7/15/15	$ 795,000		$ 795,000
11.875% 7/15/17 pay-in-kind (e)	145,000		143,550
Michaels Stores, Inc. 10% 11/1/14	245,000		116,375
Sally Holdings LLC:
9.25% 11/15/14	650,000		615,875
10.5% 11/15/16	240,000		210,000
Staples, Inc. 7.75% 4/1/11	911,000		931,267
Yankee Acquisition Corp. 8.5% 2/15/15	500,000		275,000
			3,087,067
Steels - 0.6%
Steel Dynamics, Inc.:
6.75% 4/1/15	1,355,000		914,625
7.375% 11/1/12	1,905,000		1,485,900
			2,400,525
Super Retail - 0.8%
GSC Holdings Corp./Gamestop, Inc. 8% 10/1/12	425,000		420,750
NBC Acquisition Corp. 11% 3/15/13	6,105,000		2,319,900
Sonic Automotive, Inc. 8.625% 8/15/13	280,000		72,800
Toys 'R' US, Inc.:
7.375% 10/15/18	100,000		32,000
7.625% 8/1/11	865,000		337,350
			3,182,800
Technology - 2.8%
Amkor Technology, Inc.:
7.75% 5/15/13	1,000,000		800,000
9.25% 6/1/16	1,340,000		1,025,100
Avago Technologies Finance Ltd. 10.125% 12/1/13	490,000		436,100
Flextronics International Ltd.:
6.25% 11/15/14	105,000		88,200
6.5% 5/15/13	75,000		66,000
Jabil Circuit, Inc. 8.25% 3/15/18	225,000		167,625
Lucent Technologies, Inc.:
6.45% 3/15/29	560,000		212,800
6.5% 1/15/28	2,150,000		817,000
Seagate Technology HDD Holdings:
6.375% 10/1/11	650,000		468,000
6.8% 10/1/16	1,050,000		609,000
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Technology - continued
SunGard Data Systems, Inc.:
9.125% 8/15/13	$ 1,770,000		$ 1,539,900
10.25% 8/15/15	340,000		238,000
Xerox Capital Trust I 8% 2/1/27	6,230,000		4,387,602
			10,855,327
Telecommunications - 12.3%
Cincinnati Bell, Inc. 8.375% 1/15/14	2,030,000		1,898,050
Citizens Communications Co.:
6.25% 1/15/13	400,000		364,000
9% 8/15/31	1,370,000		940,163
Cricket Communications, Inc.:
9.375% 11/1/14	1,215,000		1,157,288
10% 7/15/15 (d)	735,000		705,600
Crown Castle International Corp. 9% 1/15/15	1,035,000		1,042,763
Digicel Group Ltd.:
8.875% 1/15/15 (d)	4,280,000		2,760,600
9.125% 1/15/15 pay-in-kind (d)(e)	190,000		117,800
9.25% 9/1/12 (d)	3,015,000		2,713,500
12% 4/1/14 (d)	990,000		920,700
Embarq Corp. 6.738% 6/1/13	640,000		596,800
Intelsat Jackson Holdings Ltd.:
9.5% 6/15/16 (d)	3,290,000		3,055,752
11.5% 6/15/16 (d)	1,000,000		945,000
Intelsat Ltd.:
6.5% 11/1/13	1,765,000		1,270,800
7.625% 4/15/12	1,725,000		1,431,750
11.25% 6/15/16	2,340,000		2,281,500
Intelsat Subsidiary Holding Co. Ltd.:
8.5% 1/15/13 (d)	500,000		476,250
8.875% 1/15/15 (d)	1,430,000		1,329,900
8.875% 1/15/15 (d)	245,000		227,238
Level 3 Financing, Inc.:
8.75% 2/15/17	800,000		512,000
9.25% 11/1/14	265,000		182,850
MetroPCS Wireless, Inc.:
9.25% 11/1/14	1,885,000		1,828,450
9.25% 11/1/14 (d)	1,210,000		1,170,675
Mobile Telesystems Finance SA 8% 1/28/12 (d)	1,303,000		1,151,526
Nextel Communications, Inc.:
5.95% 3/15/14	1,605,000		890,775
Corporate Bonds - continued
	Principal Amount		Value
Nonconvertible Bonds - continued
Telecommunications - continued
Nextel Communications, Inc.: - continued
6.875% 10/31/13	$ 1,805,000		$ 1,028,850
7.375% 8/1/15	335,000		177,550
Orascom Telecom Finance SCA 7.875% 2/8/14 (d)	1,605,000		1,035,225
Qwest Capital Funding, Inc. 7.25% 2/15/11	730,000		697,150
Qwest Communications International, Inc.:
7.5% 2/15/14	180,000		155,700
7.5% 2/15/14	525,000		454,125
Qwest Corp.:
4.57% 6/15/13 (e)	1,400,000		1,200,500
6.5% 6/1/17	420,000		348,600
7.5% 10/1/14	2,000,000		1,820,000
7.625% 6/15/15	650,000		585,000
Sprint Capital Corp.:
6.875% 11/15/28	2,105,000		1,284,050
7.625% 1/30/11	1,820,000		1,683,500
8.375% 3/15/12	1,170,000		1,053,000
Sprint Nextel Corp. 6% 12/1/16	2,205,000		1,576,575
Time Warner Telecom Holdings, Inc. 9.25% 2/15/14	2,430,000		2,344,950
U.S. West Communications:
6.875% 9/15/33	225,000		147,375
7.5% 6/15/23	1,750,000		1,330,000
Valor Telecommunications Enterprises LLC/Valor Finance Corp. 7.75% 2/15/15	900,000		875,250
			47,769,130
Textiles & Apparel - 0.7%
Hanesbrands, Inc. 5.6975% 12/15/14 (e)	1,670,000		1,102,200
Levi Strauss & Co. 9.75% 1/15/15	1,990,000		1,711,400
			2,813,600
TOTAL NONCONVERTIBLE BONDS			330,691,323
TOTAL CORPORATE BONDS (Cost $377,352,365)		333,718,440
Commercial Mortgage Securities - 0.1%

Berkeley Federal Bank & Trust FSB Series 1994-1 Class B, 0.1272% 8/1/24 (d)(e) (Cost $590,040)	692,601		325,522

Common Stocks - 0.4%
	Shares		Value
Gaming - 0.2%
Las Vegas Sands Corp. unit	11,200		$ 561,867
Textiles & Apparel - 0.2%
Arena Brands Holding Corp. Class B (a)(f)	144,445		837,781
TOTAL COMMON STOCKS (Cost $6,954,134)		1,399,648
Convertible Preferred Stocks - 0.1%

Electric Utilities - 0.1%
AES Trust III 6.75% (Cost $329,167)	6,600		227,238

Floating Rate Loans (g) - 9.3%
	Principal Amount
Air Transportation - 0.4%
Delta Air Lines, Inc. Tranche 2LN, term loan 3.7575% 4/30/14 (e)	$ 854,327		375,904
Northwest Airlines, Inc. term loan 2.57% 12/31/10 (e)	185,000		164,650
United Air Lines, Inc. Tranche B, term loan 2.5625% 2/1/14 (e)	2,373,511		1,115,550
			1,656,104
Automotive - 0.3%
Federal-Mogul Corp.:
Tranche B, term loan 2.4468% 12/27/14 (e)	532,876		258,445
Tranche C, term loan 2.4975% 12/27/15 (e)	412,550		200,087
The Goodyear Tire & Rubber Co. Tranche 2LN, term loan 2.28% 4/30/14 (e)	680,000		476,000
			934,532
Broadcasting - 0.2%
Univision Communications, Inc. Tranche 1LN, term loan 2.7681% 9/29/14 (e)	390,000		204,750
VNU, Inc. term loan 2.5331% 8/9/13 (e)	805,870		634,622
			839,372
Cable TV - 0.9%
Charter Communications Operating LLC Tranche B 1LN, term loan 3.2114% 3/6/14 (e)	2,613,625		2,143,173
Floating Rate Loans (g) - continued
	Principal Amount		Value
Cable TV - continued
CSC Holdings, Inc. Tranche B, term loan 2.3066% 3/31/13 (e)	$ 849,962		$ 773,465
Insight Midwest Holdings LLC Tranche B, term loan 2.5% 4/6/14 (e)	700,000		619,500
			3,536,138
Capital Goods - 0.1%
Dresser, Inc. Tranche 2LN, term loan 6.9875% 5/4/15 pay-in-kind (e)	590,000		236,000
Chemicals - 0.5%
Chemtura Corp. term loan 9.75% 3/19/10 (e)	1,885,000		1,828,450
Containers - 0.2%
Anchor Glass Container Corp. term loan 6.75% 6/20/14 (e)	950,284		798,238
Diversified Financial Services - 0.1%
Tempus Public Foundation Generation Holdings LLC:
revolver loan 3.22% 12/15/11 (e)	16,541		14,721
Credit-Linked Deposit 3.22% 12/15/13 (e)	52,765		46,961
Tranche 1LN, term loan 2.5181% 12/15/13 (e)	154,709		137,691
Tranche 2LN, term loan 4.7681% 12/15/14 (e)	155,000		108,500
			307,873
Electric Utilities - 1.2%
Ashmore Energy International:
Revolving Credit-Linked Deposit 3.52% 3/30/12 (e)	415,575		263,890
term loan 4.22% 3/30/14 (e)	3,043,406		1,932,563
Calpine Corp. Tranche D, term loan 4.095% 3/29/14 (e)	503,725		385,349
NRG Energy, Inc.:
term loan 2.72% 2/1/13 (e)	234,397		210,957
Credit-Linked Deposit 2.62% 2/1/13 (e)	125,083		112,575
Texas Competitive Electric Holdings Co. LLC Tranche B3, term loan 4.033% 10/10/14 (e)	2,661,490		1,743,276
			4,648,610
Entertainment/Film - 0.4%
AMC Entertainment, Inc. term loan 2.0209% 1/26/13 (e)	69,820		62,139
Zuffa LLC term loan 2.5625% 6/19/15 (e)	2,187,100		1,618,454
			1,680,593
Gaming - 0.2%
Fantasy Springs Resort Casino term loan 7.9963% 8/6/12 (e)	730,000		365,000
Floating Rate Loans (g) - continued
	Principal Amount		Value
Gaming - continued
Las Vegas Sands LLC:
term loan 2.25% 5/23/14 (e)	$ 143,774		$ 76,919
Tranche B, term loan 2.27% 5/23/14 (e)	682,031		364,887
			806,806
Healthcare - 1.2%
Community Health Systems, Inc.:
term loan 3.4413% 7/25/14 (e)	2,583,695		2,221,977
Tranche DD, term loan 2.7681% 7/25/14 (e)	131,828		113,372
HCA, Inc. Tranche B, term loan 3.47% 11/17/13 (e)	2,060,408		1,746,195
PTS Acquisition Corp. term loan 2.7681% 4/10/14 (e)	930,147		572,041
			4,653,585
Homebuilding/Real Estate - 0.2%
Realogy Corp.:
Credit-Linked Deposit 3.4363% 10/10/13 (e)	249,553		147,236
Tranche B, term loan 3.5182% 10/10/13 (e)	926,910		546,877
Tranche DD, term loan 3.919% 10/10/13 (e)	402,955		237,743
			931,856
Paper - 0.6%
Georgia-Pacific Corp. Tranche B1, term loan 3.2584% 12/20/12 (e)	2,594,980		2,303,044
Publishing/Printing - 0.4%
Education Media and Publishing Group Ltd. Tranche 2LN, term loan 10.7563% 12/12/14 (e)	883,760		265,128
Newsday LLC term loan 9.75% 8/1/13	1,175,000		1,083,938
R.H. Donnelley Corp. Tranche D2, term loan 6.75% 6/30/11 (e)	343,212		147,581
			1,496,647
Services - 0.3%
ARAMARK Corp.:
Credit-Linked Deposit 5.3588% 1/26/14 (e)	52,567		44,419
term loan 3.095% 1/26/14 (e)	827,433		699,181
Hertz Corp.:
Credit-Linked Deposit 2.9769% 12/21/12 (e)	66,266		49,700
Tranche B, term loan 2.2979% 12/21/12 (e)	363,734		272,800
Penhall International Corp. term loan 12.2875% 4/1/12 pay-in-kind (e)	1,119,745		223,949
			1,290,049
Specialty Retailing - 0.2%
Michaels Stores, Inc. term loan 2.7582% 10/31/13 (e)	1,147,066		639,489
Floating Rate Loans (g) - continued
	Principal Amount		Value
Super Retail - 0.3%
Dollar General Corp. Tranche B1, term loan 3.6085% 7/6/14 (e)	$ 1,470,000		$ 1,293,600
Technology - 0.8%
Flextronics International Ltd.:
Tranche B-A, term loan 3.6811% 10/1/14 (e)	1,035,204		667,707
Tranche B-A1, term loan 3.3444% 10/1/14 (e)	267,528		172,556
Tranche B-B, term loan 3.685% 10/1/12 (e)	1,395,000		1,081,125
Kronos, Inc.:
Tranche 1LN, term loan 3.47% 6/11/14 (e)	1,472,169		1,001,075
Tranche 2LN, term loan 6.97% 6/11/15 (e)	730,000		328,500
			3,250,963
Telecommunications - 0.5%
Digicel International Finance Ltd. term loan 3.75% 3/30/12 (e)	1,115,000		995,138
Intelsat Jackson Holdings Ltd. term loan 4.435% 2/1/14 (e)	605,000		435,600
MetroPCS Wireless, Inc. Tranche B, term loan 3.2131% 11/3/13 (e)	263,648		238,601
Wind Telecomunicazioni SpA term loan 8.3925% 12/21/11 pay-in-kind (e)	350,000		239,207
			1,908,546
Textiles & Apparel - 0.3%
Hanesbrands, Inc. Tranche B 1LN, term loan 5.9751% 9/5/13 (e)	231,069		221,249
Levi Strauss & Co. term loan 2.8056% 4/4/14 (e)	1,495,000		844,675
			1,065,924
TOTAL FLOATING RATE LOANS (Cost $43,466,327)		36,106,419

Cash Equivalents - 2.4%
	Maturity Amount		Value
Investments in repurchase agreements in a joint trading account at 0.16%, dated 3/31/09 due 4/1/09 (Collateralized by U.S. Government Obligations) # (Cost $9,458,000)	9,458,041		$ 9,458,000
TOTAL INVESTMENT PORTFOLIO - 98.2% (Cost $438,150,033)			381,235,267
NET OTHER ASSETS - 1.8%			7,052,970
NET ASSETS - 100%		$ 388,288,237

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 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 $58,279,349 or 15.0% of net assets.

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

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.

(g) 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.

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

Repurchase Agreement / Counterparty	Value
$9,458,000 due 4/01/09 at 0.16%
BNP Paribas Securities Corp.	$ 6,398,203
ING Financial Markets LLC	317,710
J.P. Morgan Securities, Inc.	2,742,087
	$ 9,458,000

Other Information

The following is a summary of the inputs used, as of March 31, 2009, involving the Fund's assets 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 Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 381,235,267	$ -	$ 379,441,836	$ 1,793,431

The following is a reconciliation of assets 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)	(888,347)
Cost of Purchases	21,868
Proceeds of Sales	-
Amortization/Accretion	(30,460)
Transfer in/out of Level 3	646,420
Ending Balance	$ 1,793,431

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	86.2%
Bermuda	6.2%
Canada	1.9%
Marshall Islands	1.5%
Others (individually less than 1%)	4.2%
	100.0%

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	March 31, 2009 (Unaudited)
Assets
Investment in securities, at value (including repurchase agreements of $9,458,000) - See accompanying schedule: Unaffiliated issuers (cost $438,150,033)		$ 381,235,267
Cash		761,105
Receivable for investments sold		2,245,849
Receivable for fund shares sold		60,962
Interest receivable		9,396,467
Total assets		393,699,650

Liabilities
Payable for investments purchased	$ 5,151,823
Payable for fund shares redeemed	221,622
Distributions payable	35,054
Other payables and accrued expenses	2,914
Total liabilities		5,411,413

Net Assets		$ 388,288,237
Net Assets consist of:
Paid in capital		$ 445,203,003
Net unrealized appreciation (depreciation) on investments		(56,914,766 )
Net Assets , for 5,330,279 shares outstanding		$ 388,288,237
Net Asset Value , offering price and redemption price per share ($388,288,237 ÷ 5,330,279 shares)		$ 72.85

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Six months ended March 31, 2009 (Unaudited)
Investment Income
Dividends		$ 68,638
Interest (including $11,504 from affiliated interfund lending)		18,410,682
Total income		18,479,320

Expenses
Custodian fees and expenses	$ 5,875
Independent directors' compensation	1,044
Total expenses before reductions	6,919
Expense reductions	(2,157 )	4,762
Net investment income		18,474,558
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers		(22,865,655)
Change in net unrealized appreciation (depreciation) on investment securities		(18,618,136 )
Net gain (loss)		(41,483,791 )
Net increase (decrease) in net assets resulting from operations		$ (23,009,233 )

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

	Six months ended March 31, 2009 (Unaudited)	Year ended September 30, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income	$ 18,474,558	$ 23,457,133
Net realized gain (loss)	(22,865,655)	(7,949,729)
Change in net unrealized appreciation (depreciation)	(18,618,136 )	(30,425,733 )
Net increase (decrease) in net assets resulting from operations	(23,009,233 )	(14,918,329 )
Distributions to partners from net investment income	(15,841,412 )	(21,875,611 )
Affiliated share transactions Proceeds from sales of shares	162,567,578	11,162,271
Reinvestment of distributions	15,804,874	10,763,688
Cost of shares redeemed	(1,311,123 )	(32,474,888 )
Net increase (decrease) in net assets resulting from share transactions	177,061,329	(10,548,929 )
Total increase (decrease) in net assets	138,210,684	(47,342,869)

Net Assets
Beginning of period	250,077,553	297,420,422
End of period	$ 388,288,237	$ 250,077,553
Other Information Shares
Sold	2,202,759	118,811
Issued in reinvestment of distributions	221,248	117,512
Redeemed	(18,351 )	(331,277 )
Net increase (decrease)	2,405,656	(94,954 )

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights

	Six months ended March 31, 2009	Years ended September 30,
	(Unaudited)	2008	2007	2006	2005 ^F
Selected Per-Share Data
Net asset value, beginning of period	$ 85.51	$ 98.50	$ 98.25	$ 97.30	$ 100.00
Income from Investment Operations
Net investment income ^D	4.118	8.305	8.377	7.858	6.548
Net realized and unrealized gain (loss)	(13.221 )	(13.548 )	(.027 )	.757	(2.855 )
Total from investment operations	(9.103 )	(5.243 )	8.350	8.615	3.693
Distributions to partners from net investment income	(3.557 )	(7.747 )	(8.100 )	(7.665 )	(6.393 )
Net asset value, end of period	$ 72.85	$ 85.51	$ 98.50	$ 98.25	$ 97.30
Total Return ^{B, C}	(10.47)%	(5.71)%	8.70%	9.23%	3.83%
Ratios to Average Net Assets ^G
Expenses before reductions	-% ^E	-% ^E	-% ^E	.01%	.01% ^A
Expenses net of fee waivers, if any	-% ^E	-% ^E	-% ^E	.01%	.01% ^A
Expenses net of all reductions	-% ^E	-% ^E	-% ^E	.01%	.01% ^A
Net investment income	11.55%	8.83%	8.36%	8.07%	7.60%
Supplemental Data
Net assets, end of period (000 omitted)	$ 388,288	$ 250,078	$ 297,420	$ 588,163	$ 1,048,098
Portfolio turnover rate	31%	55%	62%	57%	113% ^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Calculated based on average shares outstanding during the period.

^E Amount represents less than .01%.

^F For the period November 12, 2004 (commencement of operations) to September 30, 2005.

^G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended March 31, 2009 (Unaudited)

1. Organization.

Fidelity High Income Central Fund 1 (the Fund) is a fund of Fidelity Central Investment Portfolios LLC (the LLC) and is authorized to issue an unlimited number of shares. The LLC is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware Limited Liability Company. Each Fund in the LLC is a separate partnership for tax purposes. Shares of the Fund are only offered to other investment companies and accounts managed by Fidelity Management & Research Company (FMR), or its affiliates (the Investing Funds). The Board of Directors may permit the purchase of shares (for cash, securities or other consideration) and admit new Eligible Accredited Investors into each Fund, in accordance with the Partnership Agreement.

2. Significant Accounting Policies.

Debt securities, including restricted securities, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type 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. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions. Actual prices received at disposition may differ.

Semiannual Report

2. Significant Accounting Policies - continued

Security Valuation - continued

specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. 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 (NAV) calculation under these procedures may differ from published prices for the same securities.

Level 1	Quoted prices in active markets for identical securities.
Level 2	Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3	Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

2. Significant Accounting Policies - continued

Investment Transactions and Income - continued

from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectibility of interest is reasonably assured.

The Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. There are no unrecognized tax benefits in the accompanying financial statements. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years.

The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:

Unrealized appreciation	$ 13,846,422
Unrealized depreciation	(68,237,290 )
Net unrealized appreciation (depreciation)	$ (54,390,868 )
Cost for federal income tax purposes	$ 435,626,135

Semiannual Report

3. Operating Policies.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $220,177,021 and $47,655,886, respectively.

5. Fees and Other Transactions with Affiliates.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

5. Fees and Other Transactions with Affiliates - continued

Borrower or Lender	Average Daily Loan Balance	Weighted Average Interest Rate
Lender	$ 7,321,988	.68%

6. Expense Reductions.

FMR has voluntarily agreed to reimburse a portion of the Fund's operating expenses. For the period, the reimbursement reduced the expenses by $1,044.

7. Other.

At the end of the period mutual funds managed by FMR or an FMR affiliate were the owners of record of all outstanding shares of the Fund.

Semiannual Report

Fidelity ^® International Equity
Central Fund

Semiannual Report

March 31, 2009

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

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

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

INTCEN-SANN-0509
1.859211.101

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2008 to March 31, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

Semiannual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio	Beginning Account Value October 1, 2008	Ending Account Value March 31, 2009	Expenses Paid During Period * October 1, 2008 to March 31, 2009
Actual	.0303%	$ 1,000.00	$ 680.40	$ .13
Hypothetical (5% return per year before expenses)		$ 1,000.00	$ 1,024.78	$ .15

* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of March 31, 2009
	United Kingdom 21.5%
	Japan 19.1%
	France 9.8%
	Switzerland 8.3%
	Germany 7.9%
	Netherlands 4.2%
	Italy 3.7%
	Spain 3.2%
	United States of America 3.1%
	Other 19.2%

FID169022

As of September 30, 2008
	United Kingdom 23.0%
	Japan 15.2%
	Germany 10.8%
	France 9.4%
	Switzerland 9.3%
	United States of America 4.3%
	Canada 3.1%
	Italy 2.9%
	Australia 2.7%
	Other 19.3%

FID169034

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	98.3	96.9
Short-Term Investments and Net Other Assets	1.7	3.1
Top Ten Stocks as of March 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Nestle SA (Reg.) (Switzerland, Food Products)	2.7	2.3
Mitsubishi UFJ Financial Group, Inc. (Japan, Commercial Banks)	2.2	2.7
Telefonica SA (Spain, Diversified Telecommunication Services)	2.1	2.0
Vodafone Group PLC (United Kingdom, Wireless Telecommunication Services)	2.0	1.8
Toyota Motor Corp. (Japan, Automobiles)	1.7	1.4
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals)	1.7	1.1
Royal Dutch Shell PLC Class A (United Kingdom) (United Kingdom, Oil, Gas & Consumable Fuels)	1.6	1.9
Sumitomo Mitsui Financial Group, Inc. (Japan, Commercial Banks)	1.6	1.6
Standard Chartered PLC (United Kingdom) (United Kingdom, Commercial Banks)	1.6	0.7
HSBC Holdings PLC (Hong Kong) (Reg.) (United Kingdom, Commercial Banks)	1.6	3.3
	18.8
Market Sectors as of March 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	21.1	25.1
Consumer Staples	11.5	9.7
Industrials	10.7	10.6
Consumer Discretionary	10.4	9.6
Materials	9.1	9.3
Health Care	9.2	8.1
Energy	8.4	7.9
Telecommunication Services	7.3	6.1
Utilities	5.8	5.5
Information Technology	4.8	5.0

Semiannual Report

Investments March 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%
	Shares		Value
Australia - 2.5%
AMP Ltd.	86,762		$ 283,177
Brambles Ltd.	411,648		1,372,907
CSL Ltd.	237,381		5,362,828
QBE Insurance Group Ltd.	53,769		721,154
Rio Tinto Ltd.	30,000		1,191,205
Westfield Group unit	199,735		1,384,259
TOTAL AUSTRALIA			10,315,530
Austria - 0.6%
OMV AG	21,000		702,857
voestalpine AG	150,000		1,962,342
TOTAL AUSTRIA			2,665,199
Belgium - 1.0%
Anheuser-Busch InBev NV	157,000		4,325,738
Anheuser-Busch InBev NV (strip VVPR) (a)	157,000		626
TOTAL BELGIUM			4,326,364
Bermuda - 0.5%
Covidien Ltd.	36,900		1,226,556
Pacific Basin Shipping Ltd.	1,476,000		672,255
Seadrill Ltd.	27,700		269,528
TOTAL BERMUDA			2,168,339
Brazil - 0.9%
Companhia Vale do Rio Doce (PN-A)	180,000		2,080,535
Petroleo Brasileiro SA - Petrobras sponsored ADR	51,600		1,572,252
TOTAL BRAZIL			3,652,787
Canada - 1.7%
Canadian Natural Resources Ltd.	38,500		1,493,939
Canadian Pacific Railway Ltd.	31,800		946,595
Open Text Corp. (a)	43,600		1,507,122
OPTI Canada, Inc. (a)	230,500		181,042
Petrobank Energy & Resources Ltd. (a)	69,000		1,283,708
Suncor Energy, Inc.	70,900		1,582,868
TOTAL CANADA			6,995,274
Cayman Islands - 0.7%
China Dongxiang Group Co. Ltd.	3,623,000		1,332,252
Common Stocks - continued
	Shares		Value
Cayman Islands - continued
Subsea 7, Inc. (a)	16,000		$ 102,599
Want Want China Holdings Ltd.	3,100,000		1,439,916
TOTAL CAYMAN ISLANDS			2,874,767
China - 1.0%
China Communications Construction Co. Ltd. (H Shares)	1,416,000		1,552,942
China Merchants Bank Co. Ltd. (H Shares)	698,500		1,220,276
Industrial & Commercial Bank of China	2,805,000		1,458,515
TOTAL CHINA			4,231,733
Cyprus - 0.0%
ProSafe ASA (a)	24,400		87,308
Denmark - 0.9%
Carlsberg AS Series B	35,500		1,456,189
Novo Nordisk AS Series B	47,100		2,255,417
TOTAL DENMARK			3,711,606
Finland - 0.8%
Fortum Oyj	36,600		697,558
Nokia Corp.	220,900		2,582,643
TOTAL FINLAND			3,280,201
France - 9.8%
Accor SA	31,900		1,110,677
Alstom SA	42,400		2,195,384
AXA SA	225,100		2,700,834
BNP Paribas SA	143,300		5,922,880
Cap Gemini SA	11,000		353,846
Compagnie de St. Gobain	44,600		1,251,054
GDF Suez	68,189		2,341,111
Ipsos SA	31,700		698,899
Legrand SA	63,700		1,107,032
LVMH Moet Hennessy - Louis Vuitton	32,000		2,009,863
Pernod Ricard SA	40,600		2,263,413
Sanofi-Aventis	82,900		4,650,866
Schneider Electric SA	37,600		2,502,415
Societe Generale Series A	35,400		1,386,987
Technip SA	8,800		311,010
Total SA Series B	121,300		5,996,180
Unibail-Rodamco	10,600		1,501,179
Common Stocks - continued
	Shares		Value
France - continued
VINCI SA	11,460		$ 425,492
Vivendi	91,038		2,409,174
TOTAL FRANCE			41,138,296
Germany - 7.9%
Allianz AG (Reg.)	23,400		1,956,209
BASF AG	148,200		4,485,797
Bayerische Motoren Werke AG (BMW)	44,900		1,299,423
Bilfinger Berger AG	15,800		597,436
Daimler AG (Reg.)	83,200		2,124,825
Deutsche Bank AG (d)	30,100		1,223,547
Deutsche Boerse AG	12,000		723,257
E.ON AG	115,000		3,193,736
Metro AG	38,000		1,254,172
Munich Re Group (Reg.)	33,300		4,060,075
RWE AG	33,500		2,349,677
SAP AG	70,300		2,480,870
Siemens AG (Reg.)	80,200		4,568,954
SolarWorld AG (d)	64,520		1,321,374
Volkswagen AG	6,000		1,843,207
TOTAL GERMANY			33,482,559
Hong Kong - 1.3%
Cheung Kong Holdings Ltd.	158,000		1,360,760
CLP Holdings Ltd.	205,000		1,408,467
Hong Kong Exchange & Clearing Ltd.	58,400		551,565
Sun Hung Kai Properties Ltd.	148,000		1,325,239
Swire Pacific Ltd. (A Shares)	150,500		1,003,922
TOTAL HONG KONG			5,649,953
India - 0.6%
Bharti Airtel Ltd. (a)	205,515		2,543,650
Ireland - 1.3%
CRH PLC	145,200		3,127,599
CRH PLC rights 4/9/09 (a)	41,485		901,959
Kerry Group PLC Class A	71,900		1,456,283
TOTAL IRELAND			5,485,841
Israel - 0.5%
Teva Pharmaceutical Industries Ltd. sponsored ADR	46,000		2,072,300
Italy - 3.7%
Assicurazioni Generali SpA	70,000		1,199,319
Common Stocks - continued
	Shares		Value
Italy - continued
Enel SpA	374,100		$ 1,794,910
ENI SpA	216,200		4,184,697
Finmeccanica SpA	103,972		1,293,907
Intesa Sanpaolo SpA	1,733,200		4,770,791
Saipem SpA	29,200		519,679
Telecom Italia SpA	1,476,500		1,902,907
TOTAL ITALY			15,666,210
Japan - 19.1%
Asahi Glass Co. Ltd.	352,000		1,868,472
Bridgestone Corp.	87,200		1,264,303
Canon, Inc.	11,800		343,939
Capcom Co. Ltd.	37,300		671,807
Chubu Electric Power Co., Inc.	66,100		1,456,666
Denso Corp.	68,500		1,384,541
East Japan Railway Co.	34,300		1,787,933
Eisai Co. Ltd.	43,800		1,289,041
Honda Motor Co. Ltd.	139,100		3,310,881
JFE Holdings, Inc.	70,000		1,544,891
Jupiter Telecommunications Co.	247		164,976
Kansai Electric Power Co., Inc.	74,100		1,610,135
Konica Minolta Holdings, Inc.	79,000		688,506
Miraca Holdings, Inc.	46,900		951,521
Mitsubishi Corp.	186,100		2,466,703
Mitsubishi Estate Co. Ltd.	102,000		1,156,946
Mitsubishi UFJ Financial Group, Inc.	1,888,400		9,302,216
Mitsui Fudosan Co. Ltd.	83,000		910,360
Mizuho Financial Group, Inc.	471,900		921,369
Murata Manufacturing Co. Ltd.	17,000		659,455
NGK Insulators Ltd.	120,000		1,876,586
Nippon Building Fund, Inc.	83		717,258
Nippon Telegraph & Telephone Corp.	49,400		1,885,051
Nippon Thompson Co. Ltd.	262,000		885,972
Nissan Motor Co. Ltd.	318,000		1,149,182
Nomura Holdings, Inc.	179,500		910,467
Ozeki Co. Ltd.	57,000		1,357,056
Panasonic Corp.	187,100		2,065,049
Promise Co. Ltd. (d)	351,750		5,569,726
Ricoh Co. Ltd.	94,000		1,136,468
Rohto Pharmaceutical Co. Ltd.	72,000		654,097
Seven & i Holdings Co., Ltd.	126,300		2,787,910
Sharp Corp.	133,000		1,064,133
Common Stocks - continued
	Shares		Value
Japan - continued
Sony Corp.	103,200		$ 2,134,315
Sumitomo Mitsui Financial Group, Inc.	190,000		6,689,149
Sysmex Corp.	25,700		825,918
THK Co. Ltd.	94,100		1,275,615
Tohoku Electric Power Co., Inc.	52,800		1,161,979
Tokio Marine Holdings, Inc.	74,100		1,820,637
Tokyo Electric Power Co.	96,000		2,399,025
Tokyo Electron Ltd.	10,300		385,715
Tokyo Ohka Kogyo Co. Ltd.	14,700		205,323
Toyota Motor Corp.	220,300		6,996,519
Tsutsumi Jewelry Co. Ltd.	52,700		917,361
TOTAL JAPAN			80,625,172
Korea (South) - 0.1%
Samsung Electronics Co. Ltd.	1,290		536,542
Luxembourg - 0.7%
ArcelorMittal SA (Netherlands)	100,000		2,028,749
SES SA (A Shares) FDR unit	41,172		781,961
Tenaris SA sponsored ADR	13,900		280,363
TOTAL LUXEMBOURG			3,091,073
Netherlands - 4.2%
Akzo Nobel NV	105,700		4,000,284
ASML Holding NV (Netherlands)	53,300		938,187
Gemalto NV (a)	38,500		1,099,376
Koninklijke Ahold NV	296,400		3,247,725
Koninklijke KPN NV	329,200		4,398,503
Royal DSM NV (d)	117,600		3,094,914
Unilever NV (Certificaten Van Aandelen)	50,500		996,013
TOTAL NETHERLANDS			17,775,002
Norway - 1.0%
Det Norske Oljeselskap ASA (DNO) (A Shares) (a)	136,000		119,382
Pronova BioPharma ASA (a)	513,900		1,368,606
StatoilHydro ASA sponsored ADR (d)	93,200		1,625,408
Telenor ASA	160,000		916,489
TOTAL NORWAY			4,029,885
Papua New Guinea - 1.1%
Lihir Gold Ltd. (a)	2,000,000		4,523,993
Singapore - 0.1%
CapitaLand Ltd.	392,000		601,085
Common Stocks - continued
	Shares		Value
South Africa - 0.5%
MTN Group Ltd.	205,000		$ 2,271,768
Spain - 3.2%
Grifols SA	46,405		668,716
Iberdrola SA	248,200		1,740,535
Inditex SA	34,700		1,352,648
Telefonica SA	433,325		8,638,143
Union Fenosa SA	42,500		1,016,035
TOTAL SPAIN			13,416,077
Sweden - 1.4%
H&M Hennes & Mauritz AB (B Shares)	59,200		2,224,901
Skandinaviska Enskilda Banken AB (A Shares) (d)	281,400		886,450
Telefonaktiebolaget LM Ericsson (B Shares)	360,800		2,916,267
TOTAL SWEDEN			6,027,618
Switzerland - 8.3%
Adecco SA (Reg.)	36,049		1,126,789
Compagnie Financiere Richemont Series A	81,110		1,266,921
Credit Suisse Group (Reg.)	61,742		1,879,919
Kuehne & Nagel International AG	32,219		1,880,833
Nestle SA (Reg.)	334,050		11,292,491
Novartis AG (Reg.)	28,686		1,085,294
Roche Holding AG (participation certificate)	50,878		6,981,590
Sonova Holding AG	41,853		2,529,638
Syngenta AG (Switzerland)	7,000		1,407,088
UBS AG (For. Reg.)	128,183		1,201,747
Zurich Financial Services AG (Reg.)	26,656		4,217,470
TOTAL SWITZERLAND			34,869,780
United Kingdom - 21.5%
AstraZeneca PLC (United Kingdom)	115,600		4,093,833
Autonomy Corp. PLC (a)	26,000		486,828
BAE Systems PLC	454,400		2,180,850
BG Group PLC	137,500		2,081,357
BHP Billiton PLC	150,000		2,980,797
BP PLC	911,600		6,112,417
British Airways PLC	429,900		868,483
British American Tobacco PLC (United Kingdom)	101,000		2,333,107
British Land Co. PLC	155,500		804,874
Capita Group PLC	77,200		751,551
Centrica PLC	421,900		1,378,667
Compass Group PLC	315,500		1,444,047
Common Stocks - continued
	Shares		Value
United Kingdom - continued
Diageo PLC	121,000		$ 1,351,142
easyJet PLC (a)	166,000		665,704
Experian PLC	412,700		2,586,180
GlaxoSmithKline PLC	61,409		956,394
HSBC Holdings PLC (Hong Kong) (Reg.)	1,186,400		6,547,389
Imperial Tobacco Group PLC	122,700		2,758,703
Informa PLC	480,100		1,808,225
Man Group PLC	139,600		437,651
Misys PLC	1,343,700		2,429,205
National Grid PLC	206,600		1,587,381
Prudential PLC	601,700		2,909,386
Reckitt Benckiser Group PLC	99,000		3,720,164
Reed Elsevier PLC	140,300		1,008,525
Rio Tinto PLC (Reg.)	100,000		3,357,695
Royal Dutch Shell PLC Class A (United Kingdom)	306,021		6,897,930
Scottish & Southern Energy PLC	77,800		1,237,948
Standard Chartered PLC (United Kingdom)	536,857		6,674,497
Tesco PLC	510,200		2,440,605
Unilever PLC	148,500		2,808,000
Vodafone Group PLC	4,953,772		8,636,384
Wolseley PLC	435,500		1,441,854
WPP PLC	262,200		1,474,511
Xstrata PLC	250,000		1,674,232
TOTAL UNITED KINGDOM			90,926,516
United States of America - 1.4%
Cummins, Inc.	91,300		2,323,585
Perrigo Co.	13,200		327,756
Union Pacific Corp.	54,400		2,236,384
Wyeth	23,700		1,020,048
TOTAL UNITED STATES OF AMERICA			5,907,773
TOTAL COMMON STOCKS (Cost $612,054,398)		414,950,201
Money Market Funds - 5.8%

Fidelity Cash Central Fund, 0.52% (b)	6,036,612		6,036,612
Fidelity Securities Lending Cash Central Fund, 0.46% (b)(c)	18,164,005		18,164,005
TOTAL MONEY MARKET FUNDS (Cost $24,200,617)		24,200,617
Cash Equivalents - 0.4%
	Maturity Amount		Value
Investments in repurchase agreements in a joint trading account at 0.16%, dated 3/31/09 due 4/1/09 (Collateralized by U.S. Treasury Obligations) # (Cost $1,797,000)	$ 1,797,008		$ 1,797,000
TOTAL INVESTMENT PORTFOLIO - 104.5% (Cost $638,052,015)			440,947,818
NET OTHER ASSETS - (4.5)%			(18,850,029 )
NET ASSETS - 100%		$ 422,097,789

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
$1,797,000 due 4/01/09 at 0.16%
Barclays Capital, Inc.	$ 261,117
Deutsche Bank Securities, Inc.	396,101
J.P. Morgan Securities, Inc.	1,077,114
UBS Securities LLC	62,668
	$ 1,797,000

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	$ 56,454
Fidelity Securities Lending Cash Central Fund	159,467
Total	$ 215,921

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 440,947,818	$ 249,894,797	$ 191,053,021	$ -

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	March 31, 2009 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $17,470,023 and repurchase agreements of $1,797,000) - See accompanying schedule: Unaffiliated issuers (cost $613,851,398)	$ 416,747,201
Fidelity Central Funds (cost $24,200,617)	24,200,617
Total Investments (cost $638,052,015)		$ 440,947,818
Foreign currency held at value (cost $1,409,761)		1,409,766
Receivable for investments sold		21,085,522
Receivable for fund shares sold		89,745
Dividends receivable		2,341,501
Distributions receivable from Fidelity Central Funds		37,728
Other receivables		33,996
Total assets		465,946,076

Liabilities
Payable to custodian bank	$ 177,461
Payable for investments purchased	25,191,786
Payable for fund shares redeemed	277,786
Other payables and accrued expenses	37,249
Collateral on securities loaned, at value	18,164,005
Total liabilities		43,848,287

Net Assets		$ 422,097,789
Net Assets consist of:
Paid in capital		$ 619,251,807
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(197,154,018 )
Net Assets , for 9,337,927 shares outstanding		$ 422,097,789
Net Asset Value , offering price and redemption price per share ($422,097,789 ÷ 9,337,927 shares)		$ 45.20

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Six months ended March 31, 2009 (Unaudited)

Investment Income
Dividends		$ 5,646,286
Interest		1,111
Income from Fidelity Central Funds		215,921
		5,863,318
Less foreign taxes withheld		(416,458 )
Total income		5,446,860

Expenses
Custodian fees and expenses	$ 68,868
Independent directors' compensation	2,500
Total expenses before reductions	71,368
Expense reductions	(2,500 )	68,868
Net investment income (loss)		5,377,992
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers (net of foreign taxes of $(33,730))	(217,397,613)
Foreign currency transactions	504,784
Total net realized gain (loss)		(216,892,829)
Change in net unrealized appreciation (depreciation) on: Investment securities	12,772,731
Assets and liabilities in foreign currencies	6,314
Total change in net unrealized appreciation (depreciation)		12,779,045
Net gain (loss)		(204,113,784 )
Net increase (decrease) in net assets resulting from operations		$ (198,735,792 )

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

	Six months ended March 31, 2009 (Unaudited)	For the period December 10, 2007 (commencement of operations) to September 30, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 5,377,992	$ 20,088,480
Net realized gain (loss)	(216,892,829)	(86,916,154)
Change in net unrealized appreciation (depreciation)	12,779,045	(209,933,063 )
Net increase (decrease) in net assets resulting from operations	(198,735,792 )	(276,760,737 )
Distributions to partners from net investment income	(4,365,690 )	(18,931,173 )
Affiliated share transactions Proceeds from sales of shares	6,366,190	905,908,787
Reinvestment of distributions	4,365,690	10,679,867
Cost of shares redeemed	(6,429,353 )	-
Net increase (decrease) in net assets resulting from share transactions	4,302,527	916,588,654
Total increase (decrease) in net assets	(198,798,955)	620,896,744

Net Assets
Beginning of period	620,896,744	-
End of period	$ 422,097,789	$ 620,896,744
Other Information Shares
Sold	137,956	9,126,116
Issued in reinvestment of distributions	95,314	125,026
Redeemed	(146,485 )	-
Net increase (decrease)	86,785	9,251,142

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights

	Six months ended March 31, 2009	Year ended September 30,
	(Unaudited)	2008 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 67.12	$ 100.00
Income from Investment Operations
Net investment income (loss) ^D	.58	2.22
Net realized and unrealized gain (loss)	(22.03 )	(33.01 )
Total from investment operations	(21.45 )	(30.79 )
Distributions to partners from net investment income	(.47 )	(2.09 )
Net asset value, end of period	$ 45.20	$ 67.12
Total Return ^{B, C}	(31.96)%	(31.24)%
Ratios to Average Net Assets ^{E, H}
Expenses before reductions	.03% ^A	.03% ^A
Expenses net of fee waivers, if any	.03% ^A	.03% ^A
Expenses net of all reductions	.03% ^A	.03% ^A
Net investment income (loss)	2.37% ^A	3.21% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 422,098	$ 620,897
Portfolio turnover rate ^F	108% ^A	75% ^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G For the period December 10, 2007 (commencement of operations) to September 30, 2008.

^H Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended March 31, 2009 (Unaudited)

1. Organization.

Fidelity International Equity Central Fund (the Fund) is a fund of Fidelity Central Investment Portfolios LLC (the LLC) and is authorized to issue an unlimited number of shares. The LLC is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware Limited Liability Company. Each Fund in the LLC is a separate partnership for tax purposes. Shares of the Fund are only offered to other investment companies and accounts managed by Fidelity Management & Research Company (FMR), or its affiliates (the Investing Funds). The Board of Directors may permit the purchase of shares (for cash, securities or other consideration) and admit new Eligible Accredited Investors into each Fund, in accordance with the Partnership Agreement.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

3. Significant Accounting Policies.

Semiannual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

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.

Level 1	Quoted prices in active markets for identical securities.
Level 2	Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3	Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Significant Accounting Policies - continued

Security Valuation - continued

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

The aggregate value by input level, as of March 31, 2009, for the Fund's investments, is included at the end of the Fund's Schedule of Investments.

Semiannual Report

3. Significant Accounting Policies - continued

Distributions are recorded on the ex-dividend date. Due to the Fund's partnership structure, paid in capital includes net realized gain/loss on investments.

The Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. There are no unrecognized tax benefits in the accompanying financial statements. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years.

The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:

Unrealized appreciation	$ 10,044,395
Unrealized depreciation	(208,780,799 )
Net unrealized appreciation (depreciation)	$ (198,736,404 )
Cost for federal income tax purposes	$ 639,684,222

4. Operating Policies.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $267,841,033 and $249,693,914, respectively.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

6. Fees and Other Transactions with Affiliates.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $773 for the period.

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $159,467.

8. Expense Reductions.

FMR has voluntarily agreed to reimburse a portion of the Fund's operating expenses. For the period, the reimbursement reduced the expenses by $2,500.

Semiannual Report

9. Other.

At the end of the period mutual funds managed by FMR or an FMR affiliate were the owners of record of all outstanding shares of the Fund.

Semiannual Report

Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

(a) Not applicable.

(b) Not applicable

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Central Investment Portfolios LLC's Board of Trustees.

Item 11. 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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 12. Exhibits

(a)	(1)	Not applicable.
(a)	(2)	Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
(a)	(3)	Not applicable.
(b)		Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

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:	May 28, 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:	May 28, 2009

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

Date:	May 28, 2009

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- Certified semi-annual shareholder report for management investment companies (N-CSRS)

28/05/2009 8:04pm

Edgar (US Regulatory)

Shareholder Expense Example

Investment Changes (Unaudited)

Investments March 31, 2009 (Unaudited)

Financial Statements

Statement of Assets and Liabilities

Statement of Operations

Statement of Changes in Net Assets

Financial Highlights

Six months ended March 31, 2009

Years ended September 30,

(Unaudited)

2008

2007

2006 I

Investment Changes (Unaudited)

Investments March 31, 2009 (Unaudited)

Financial Statements

Statement of Assets and Liabilities

Statement of Operations

Statement of Changes in Net Assets

Financial Highlights

Six months ended March 31, 2009

Years ended September 30,

(Unaudited)

2008

2007

2006 H

Investment Changes (Unaudited)

Investments March 31, 2009 (Unaudited)

Financial Statements

Statement of Assets and Liabilities

Statement of Operations

Statement of Changes in Net Assets

Financial Highlights

Six months ended March 31, 2009

Years ended September 30,

(Unaudited)

2008

2007

2006 I

Investment Changes (Unaudited)

Investments March 31, 2009 (Unaudited)

Financial Statements

Statement of Assets and Liabilities

Statement of Operations

Statement of Changes in Net Assets

Financial Highlights

Six months ended March 31, 2009

Years ended September 30,

(Unaudited)

2008

2007

2006 H

Investment Changes (Unaudited)

Investments March 31, 2009 (Unaudited)

Financial Statements

Statement of Assets and Liabilities

Statement of Operations

Statement of Changes in Net Assets

Financial Highlights

Six months ended March 31, 2009

Years ended September 30,

(Unaudited)

2008

2006 ^I

2006 ^H

2006 ^I

2006 ^H

2006 ^H

Six months ended
March 31, 2009

2006 ^H

Six months ended
March 31, 2009

2006 ^H

Six months ended
March 31, 2009

2006 ^J

Six months ended
March 31, 2009

2006 ^H