| Common Stocks - 96.5% |
| | | Shares | Value ($) |
| Biotechnology - 16.5% | | | |
| Biotechnology - 16.5% | | | |
| Acelyrin, Inc. (a) | | 600,000 | 6,111,000 |
| Allogene Therapeutics, Inc. (a)(b) | | 2,879,255 | 8,119,499 |
| Alnylam Pharmaceuticals, Inc. (b) | | 87,500 | 13,282,500 |
| Ambrx Biopharma, Inc. (a) | | 227,300 | 2,366,193 |
| Arcellx, Inc. (b) | | 330,000 | 11,632,500 |
| Arcus Biosciences, Inc. (b) | | 407,400 | 6,400,254 |
| Arcutis Biotherapeutics, Inc. (a)(b) | | 690,000 | 1,552,500 |
| Argenx SE ADR (b) | | 245,000 | 115,044,650 |
| Ascendis Pharma A/S sponsored ADR (b) | | 565,607 | 50,514,361 |
| Avidity Biosciences, Inc. (b) | | 1,000,000 | 5,150,000 |
| Blueprint Medicines Corp. (b) | | 500,000 | 29,430,000 |
| Caris Life Sciences, Inc. (c)(d) | | 1,098,028 | 4,600,737 |
| Celldex Therapeutics, Inc. (b) | | 540,000 | 12,700,800 |
| Cerevel Therapeutics Holdings (b) | | 1,000,000 | 23,650,000 |
| Cytokinetics, Inc. (a)(b) | | 1,080,000 | 37,648,800 |
| Janux Therapeutics, Inc. (b) | | 400,000 | 2,568,000 |
| Karuna Therapeutics, Inc. (b) | | 190,000 | 31,655,900 |
| Keros Therapeutics, Inc. (b) | | 320,000 | 9,132,800 |
| Legend Biotech Corp. ADR (b) | | 1,000,000 | 66,070,000 |
| Morphic Holding, Inc. (b) | | 280,000 | 5,586,000 |
| Nuvalent, Inc. Class A (a)(b) | | 419,000 | 21,825,710 |
| Poseida Therapeutics, Inc. (a)(b) | | 1,187,520 | 2,398,790 |
| Regeneron Pharmaceuticals, Inc. (b) | | 240,000 | 187,173,600 |
| Repligen Corp. (a)(b) | | 69,000 | 9,284,640 |
| Sarepta Therapeutics, Inc. (b) | | 167,000 | 11,240,770 |
| Vaxcyte, Inc. (b) | | 950,065 | 45,698,127 |
| Vera Therapeutics, Inc. (a)(b) | | 209,354 | 2,181,469 |
| Vertex Pharmaceuticals, Inc. (b) | | 28,000 | 10,139,080 |
| Viridian Therapeutics, Inc. (c) | | 647,842 | 7,288,223 |
| Xencor, Inc. (b) | | 1,000,000 | 17,350,000 |
| Xenon Pharmaceuticals, Inc. (b) | | 540,000 | 16,740,000 |
| Zentalis Pharmaceuticals, Inc. (b) | | 600,000 | 9,816,000 |
| | | | 784,352,903 |
| Health Care Equipment & Supplies - 18.2% | | | |
| Health Care Equipment - 17.8% | | | |
| Boston Scientific Corp. (b) | | 7,860,000 | 402,353,400 |
| Edwards Lifesciences Corp. (b) | | 340,000 | 21,664,800 |
| Glaukos Corp. (b) | | 540,000 | 36,828,000 |
| Inspire Medical Systems, Inc. (b) | | 318,000 | 46,796,880 |
| Insulet Corp. (b) | | 480,000 | 63,633,600 |
| Intuitive Surgical, Inc. (b) | | 62,000 | 16,257,640 |
| Masimo Corp. (b) | | 530,000 | 42,998,900 |
| Outset Medical, Inc. (a)(b) | | 600,000 | 2,124,000 |
| Penumbra, Inc. (b) | | 740,000 | 141,451,000 |
| PROCEPT BioRobotics Corp. (a)(b) | | 433,400 | 11,610,786 |
| Stryker Corp. | | 216,000 | 58,367,520 |
| Tandem Diabetes Care, Inc. (b) | | 200,000 | 3,460,000 |
| | | | 847,546,526 |
| Health Care Supplies - 0.4% | | | |
| ICU Medical, Inc. (b) | | 120,000 | 11,767,200 |
| Lantheus Holdings, Inc. (b) | | 108,103 | 6,983,454 |
| | | | 18,750,654 |
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES | | | 866,297,180 |
| Health Care Providers & Services - 32.6% | | | |
| Health Care Facilities - 2.2% | | | |
| Acadia Healthcare Co., Inc. (b) | | 604,180 | 44,413,272 |
| Surgery Partners, Inc. (b) | | 2,550,000 | 58,981,500 |
| | | | 103,394,772 |
| Health Care Services - 13.2% | | | |
| agilon health, Inc. (a)(b) | | 7,400,000 | 133,200,000 |
| Cigna Group | | 850,000 | 262,820,000 |
| CVS Health Corp. | | 2,380,000 | 164,243,800 |
| LifeStance Health Group, Inc. (b) | | 3,800,000 | 22,154,000 |
| Privia Health Group, Inc. (a)(b) | | 2,215,000 | 46,559,300 |
| | | | 628,977,100 |
| Managed Health Care - 17.2% | | | |
| Alignment Healthcare, Inc. (b) | | 2,688,726 | 18,498,435 |
| Centene Corp. (b) | | 1,400,000 | 96,572,000 |
| Elevance Health, Inc. | | 108,000 | 48,609,720 |
| Humana, Inc. | | 75,000 | 39,276,750 |
| Molina Healthcare, Inc. (b) | | 90,000 | 29,965,500 |
| UnitedHealth Group, Inc. | | 1,100,000 | 589,116,000 |
| | | | 822,038,405 |
TOTAL HEALTH CARE PROVIDERS & SERVICES | | | 1,554,410,277 |
| Health Care Technology - 1.5% | | | |
| Health Care Technology - 1.5% | | | |
| Evolent Health, Inc. (b) | | 596,774 | 14,579,189 |
| Evolent Health, Inc. (e) | | 803,226 | 19,622,811 |
| Phreesia, Inc. (b) | | 690,000 | 9,425,400 |
| Veeva Systems, Inc. Class A (b) | | 145,000 | 27,942,950 |
| | | | 71,570,350 |
| Life Sciences Tools & Services - 14.8% | | | |
| Life Sciences Tools & Services - 14.8% | | | |
| 10X Genomics, Inc. (a)(b) | | 1,581,800 | 55,805,904 |
| Bruker Corp. | | 728,000 | 41,496,000 |
| Danaher Corp. | | 1,400,000 | 268,828,000 |
| IQVIA Holdings, Inc. (b) | | 345,000 | 62,386,350 |
| Lonza Group AG | | 45,000 | 15,759,179 |
| Thermo Fisher Scientific, Inc. | | 510,000 | 226,832,700 |
| West Pharmaceutical Services, Inc. | | 100,000 | 31,829,000 |
| | | | 702,937,133 |
| Personal Care Products - 0.1% | | | |
| Personal Care Products - 0.1% | | | |
| The Beauty Health Co. (a)(b) | | 546,577 | 2,213,637 |
| The Beauty Health Co. (b)(c) | | 1,000,000 | 4,050,000 |
| | | | 6,263,637 |
| Pharmaceuticals - 12.8% | | | |
| Pharmaceuticals - 12.8% | | �� | |
| Arvinas Holding Co. LLC (a)(b) | | 130,746 | 2,107,626 |
| AstraZeneca PLC (United Kingdom) | | 700,000 | 87,642,627 |
| Eli Lilly & Co. | | 600,000 | 332,358,000 |
| Enliven Therapeutics, Inc. (b) | | 280,000 | 3,469,200 |
| Merck & Co., Inc. | | 860,000 | 88,322,000 |
| Pharvaris BV (b) | | 400,000 | 6,804,000 |
| Royalty Pharma PLC | | 1,280,000 | 34,393,600 |
| Structure Therapeutics, Inc. (c) | | 270,000 | 6,018,300 |
| Structure Therapeutics, Inc. ADR | | 200,000 | 14,860,000 |
| UCB SA | | 280,000 | 20,460,268 |
| Ventyx Biosciences, Inc. (b) | | 570,000 | 8,219,400 |
| Verona Pharma PLC ADR (b) | | 400,000 | 5,580,000 |
| | | | 610,235,021 |
| TOTAL COMMON STOCKS (Cost $3,409,092,037) | | | 4,596,066,501 |
| | | | |
| Preferred Stocks - 1.2% |
| | | Shares | Value ($) |
| Convertible Preferred Stocks - 1.1% | | | |
| Biotechnology - 0.6% | | | |
| Biotechnology - 0.6% | | | |
| Asimov, Inc. Series B (b)(c)(d) | | 67,547 | 2,224,998 |
| Caris Life Sciences, Inc. Series D (b)(c)(d) | | 2,082,481 | 8,725,595 |
| Cleerly, Inc. Series C (b)(c)(d) | | 882,089 | 9,455,994 |
| Element Biosciences, Inc. Series C (b)(c)(d) | | 376,690 | 4,893,203 |
| ElevateBio LLC Series C (b)(c)(d) | | 163,300 | 543,789 |
| Inscripta, Inc. Series E (b)(c)(d) | | 826,424 | 2,421,422 |
| | | | 28,265,001 |
| Financial Services - 0.1% | | | |
| Specialized Finance - 0.1% | | | |
| Saluda Medical, Inc. Series E (c)(d) | | 781,583 | 6,049,452 |
| | | | |
| Health Care Providers & Services - 0.0% | | | |
| Health Care Services - 0.0% | | | |
| dMed Biopharmaceutical Co. Ltd. Series C (b)(c)(d) | | 236,142 | 1,848,992 |
| | | | |
| Health Care Technology - 0.3% | | | |
| Health Care Technology - 0.3% | | | |
| Aledade, Inc.: | | | |
| Series B1(b)(c)(d) | | 130,618 | 6,193,906 |
| Series E1(b)(c)(d) | | 46,526 | 2,206,263 |
| Omada Health, Inc. Series E (b)(c)(d) | | 1,456,953 | 4,909,932 |
| Wugen, Inc. Series B (b)(c)(d) | | 300,054 | 1,491,268 |
| | | | 14,801,369 |
| Pharmaceuticals - 0.1% | | | |
| Pharmaceuticals - 0.1% | | | |
| Galvanize Therapeutics Series B (b)(c)(d) | | 2,552,870 | 3,548,489 |
| | | | |
| TOTAL CONVERTIBLE PREFERRED STOCKS | | | 54,513,303 |
| Nonconvertible Preferred Stocks - 0.1% | | | |
| Financial Services - 0.1% | | | |
| Diversified Financial Services - 0.1% | | | |
| Thriveworks TopCo LLC Series B (b)(c)(d)(f) | | 327,591 | 4,373,340 |
| | | | |
| TOTAL PREFERRED STOCKS (Cost $91,163,913) | | | 58,886,643 |
| | | | |
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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