Medical Microinstruments Inc/Italy warrants 2/16/2031 (b)(d)(e)
9,982
121,880
Penumbra Inc (b)
820,000
187,673,400
PROCEPT BioRobotics Corp (b)(c)
400,000
36,000,000
Stryker Corp
335,000
119,353,800
1,219,856,320
Health Care Providers & Services - 19.1%
agilon health Inc (b)(c)
2,000,000
5,100,000
Alignment Healthcare Inc (b)
3,140,000
38,936,000
BrightSpring Health Services Inc (b)
1,850,000
27,694,500
Cigna Group/The
308,000
96,961,480
Elevance Health Inc
128,000
51,937,280
LifeStance Health Group Inc (b)
4,280,000
28,718,800
McKesson Corp
200,494
100,365,291
Molina Healthcare Inc (b)
134,000
43,043,480
Privia Health Group Inc (b)
2,500,000
45,900,000
Surgery Partners Inc (b)(c)
2,320,000
66,816,000
UnitedHealth Group Inc
625,000
352,812,500
858,285,331
Health Care Technology - 1.8%
Phreesia Inc (b)
903,744
16,529,478
Veeva Systems Inc Class A (b)
328,000
68,496,240
85,025,718
Life Sciences Tools & Services - 10.2%
10X Genomics Inc Class A (b)
1,672,500
26,810,175
Bruker Corp
730,000
41,325,300
Danaher Corp
1,050,000
257,943,000
IQVIA Holdings Inc (b)
28,000
5,762,960
Thermo Fisher Scientific Inc
200,000
109,264,000
West Pharmaceutical Services Inc
65,000
20,015,450
461,120,885
Pharmaceuticals - 10.0%
Contineum Therapeutics Inc Class A
128,000
2,145,280
Eli Lilly & Co
367,000
304,514,580
Enliven Therapeutics Inc (b)
360,000
10,026,000
Merck & Co Inc
760,000
77,763,200
Neumora Therapeutics Inc (b)
269,213
3,082,489
Rapport Therapeutics Inc (b)(c)
160,000
3,924,800
Royalty Pharma PLC Class A
1,180,000
31,860,000
Structure Therapeutics Inc ADR (b)(c)
412,000
16,953,800
Third Harmonic Bio Inc (b)
156,700
2,160,893
452,431,042
TOTAL UNITED STATES
3,962,864,117
TOTAL COMMON STOCKS
(Cost $2,659,536,115)
4,362,108,766
Convertible Corporate Bonds - 0.0%
Principal
Amount (a)
Value ($)
UNITED STATES - 0.0%
Health Care - 0.0%
Health Care Technology - 0.0%
Wugen Inc 10% 6/14/2025 (d)(e)
1,433,586
1,502,828
Pharmaceuticals - 0.0%
Galvanize Therapeutics 6% 2/28/2027 (d)(e)
2,082,600
2,252,124
TOTAL HEALTH CARE
3,754,952
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $3,516,186)
3,754,952
Convertible Preferred Stocks - 1.7%
Shares
Value ($)
CHINA - 0.0%
Health Care - 0.0%
Health Care Providers & Services - 0.0%
dMed Biopharmaceutical Co Ltd Series C (b)(d)(e)
236,142
1,279,889
ISRAEL - 0.1%
Health Care - 0.1%
Health Care Equipment & Supplies - 0.1%
InSightec Ltd Series G (d)(e)
7,391,153
6,356,392
UNITED STATES - 1.6%
Financials - 0.1%
Financial Services - 0.1%
Saluda Medical Inc Series E (b)(d)(e)
781,583
5,502,344
Health Care - 1.5%
Biotechnology - 0.9%
Asimov Inc Series B (b)(d)(e)
67,547
2,745,110
Caris Life Sciences Inc Series D (b)(d)(e)
2,082,481
6,622,290
Cleerly Inc Series C (b)(d)(e)
882,089
9,544,203
Element Biosciences Inc Series C (b)(d)(e)
376,690
4,034,351
Element Biosciences Inc Series D (d)(e)
246,623
1,933,524
Element Biosciences Inc Series D1 (d)(e)
246,623
1,933,524
ElevateBio LLC Series C (b)(d)(e)
163,300
509,496
Endeavor BioMedicines Inc Series C (d)(e)
863,746
6,201,696
Inscripta Inc Series E (b)(d)(e)
826,424
2,487,536
Oruka Therapeutics Inc (e)
19
532,000
36,543,730
Health Care Equipment & Supplies - 0.1%
Medical Microinstruments Inc/Italy Series C (d)(e)
199,633
6,605,856
Health Care Providers & Services - 0.0%
Thriveworks Topco LLC (b)(d)(e)
327,591
1,690,370
Health Care Technology - 0.5%
Aledade Inc Series B1 (b)(d)(e)
130,618
4,945,198
Aledade Inc Series E1 (b)(d)(e)
46,526
1,761,474
Candid Therapeutics (d)(e)
1,956,465
2,347,758
Omada Health Inc Series E (b)(d)(e)
1,456,953
5,915,229
Wugen Inc Series B (b)(d)(e)
300,054
1,263,227
16,232,886
Pharmaceuticals - 0.0%
Galvanize Therapeutics Series B (b)(d)(e)
2,552,870
2,169,940
TOTAL HEALTH CARE
63,242,782
TOTAL UNITED STATES
68,745,126
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $116,757,062)
76,381,407
Preferred Securities - 0.2%
Principal
Amount (a)
Value ($)
CANADA - 0.2%
Health Care - 0.2%
Health Care Equipment & Supplies - 0.2%
Kardium Inc/CA 10% 12/31/2026 (d)(e)
(Cost $7,819,972)
7,819,972
7,662,095
Money Market Funds - 4.6%
Yield (%)
Shares
Value ($)
Fidelity Cash Central Fund (g)
4.87
59,241,130
59,252,978
Fidelity Securities Lending Cash Central Fund (g)(h)
4.87
147,590,928
147,605,687
TOTAL MONEY MARKET FUNDS
(Cost $206,858,665)
206,858,665
TOTAL INVESTMENT IN SECURITIES - 103.3%
(Cost $2,994,488,000)
4,656,765,885
NET OTHER ASSETS (LIABILITIES) - (3.3)%
(147,930,342)
NET ASSETS - 100.0%
4,508,835,543
Legend
(a)
Amount is stated in United States dollars unless otherwise noted.
(b)
Non-income producing
(c)
Security or a portion of the security is on loan at period end.
(d)
Level 3 security
(e)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $94,370,917 or 2.0% of net assets.
(f)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(g)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(h)
Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
Aerovate Therapeutics Inc
10/30/24
1,905,603
Aledade Inc Series B1
5/07/21
5,001,455
Aledade Inc Series E1
5/20/22
2,317,665
Asimov Inc Series B
10/29/21
6,260,303
Candid Therapeutics
8/27/24
2,347,758
Caris Life Sciences Inc
10/06/22
6,148,957
Caris Life Sciences Inc Series D
5/11/21
16,868,096
Cleerly Inc Series C
7/08/22
10,391,538
dMed Biopharmaceutical Co Ltd Series C
12/01/20
3,353,960
Element Biosciences Inc Series C
6/21/21
7,743,503
Element Biosciences Inc Series D
6/28/24
1,934,338
Element Biosciences Inc Series D1
6/28/24
1,934,338
ElevateBio LLC Series C
3/09/21
685,044
Endeavor BioMedicines Inc Series C
4/22/24
5,635,597
Galvanize Therapeutics 6% 2/28/2027
2/28/24
2,082,600
Galvanize Therapeutics Series B
3/29/22
4,419,746
Inscripta Inc Series E
3/30/21
7,297,324
InSightec Ltd Series G
6/17/24
6,561,866
Kardium Inc/CA 10% 12/31/2026
5/31/24 - 9/30/24
7,819,972
Medical Microinstruments Inc/Italy Series C
2/16/24
6,654,507
Medical Microinstruments Inc/Italy warrants 2/16/2031
2/16/24
0
Omada Health Inc Series E
12/22/21
8,734,725
Oruka Therapeutics Inc
9/12/24
437,000
Oruka Therapeutics Inc
9/12/24
1,126,494
Saluda Medical Inc Series E
4/06/23
6,310,345
Thriveworks Topco LLC
7/23/21 - 2/25/22
9,541,068
Wugen Inc 10% 6/14/2025
6/14/24
1,433,586
Wugen Inc Series B
7/09/21
2,326,889
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund
9,058,921
190,596,014
140,401,957
164,200
-
-
59,252,978
0.1%
Fidelity Securities Lending Cash Central Fund
204,662,086
178,760,864
235,817,263
376,610
-
-
147,605,687
0.6%
Total
213,721,007
369,356,878
376,219,220
540,810
-
-
206,858,665
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.
Investment Valuation
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 1 - Unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For any foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Convertible Corporate Bonds and Preferred Securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in 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.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.
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