Quarterly Holdings Report
for
Fidelity® Select Portfolios®
Biotechnology Portfolio
November 30, 2022
BIO-NPRT3-0123
1.810668.118
Common Stocks - 98.2% | |||
Shares | Value ($) | ||
Biotechnology - 91.7% | |||
Biotechnology - 91.7% | |||
2seventy bio, Inc. (a) | 103,752 | 1,625,794 | |
4D Molecular Therapeutics, Inc. (a) | 24,264 | 586,461 | |
AbbVie, Inc. | 3,617,903 | 583,133,604 | |
Absci Corp. (a)(b) | 997,800 | 2,494,500 | |
ADC Therapeutics SA (a)(b) | 635,838 | 2,327,167 | |
Adicet Bio, Inc. (a)(b) | 713,361 | 12,968,903 | |
Adverum Biotechnologies, Inc. (a)(b)(c) | 8,332,581 | 5,581,996 | |
Aerovate Therapeutics, Inc. (a)(b) | 77,051 | 1,451,641 | |
Aldeyra Therapeutics, Inc. (a)(b) | 961,337 | 5,383,487 | |
Alector, Inc. (a) | 914,318 | 7,762,560 | |
Alkermes PLC (a) | 687,536 | 17,037,142 | |
Allena Pharmaceuticals, Inc. (a) | 93,683 | 1,096 | |
Allogene Therapeutics, Inc. (a)(b) | 1,556,685 | 15,348,914 | |
Allovir, Inc. (a)(b) | 852,383 | 6,401,396 | |
Alnylam Pharmaceuticals, Inc. (a) | 1,100,139 | 242,679,662 | |
ALX Oncology Holdings, Inc. (a) | 1,280,549 | 14,214,094 | |
Ambrx Biopharma, Inc. ADR (a) | 1,361,508 | 667,071 | |
Amgen, Inc. | 429,703 | 123,066,939 | |
Amicus Therapeutics, Inc. (a)(b) | 2,261,101 | 27,359,322 | |
AnaptysBio, Inc. (a)(b) | 273,328 | 7,552,053 | |
Apellis Pharmaceuticals, Inc. (a) | 1,431,684 | 71,483,982 | |
Applied Therapeutics, Inc. (a)(b)(c) | 2,639,536 | 2,956,280 | |
Arcellx, Inc. | 605,400 | 12,071,676 | |
Arcturus Therapeutics Holdings, Inc. (a)(b) | 875,824 | 16,150,195 | |
Arcus Biosciences, Inc. (a)(b) | 3,193,396 | 112,311,737 | |
Arcutis Biotherapeutics, Inc. (a) | 894,174 | 15,406,618 | |
Argenx SE ADR (a) | 407,247 | 162,072,089 | |
Arrowhead Pharmaceuticals, Inc. (a) | 1,923,532 | 61,937,730 | |
Ars Pharmaceuticals, Inc. (a)(b) | 1,675,577 | 10,422,089 | |
Ascendis Pharma A/S sponsored ADR (a)(b) | 659,409 | 81,146,872 | |
aTyr Pharma, Inc. (a)(b) | 1,146,952 | 2,477,416 | |
Aura Biosciences, Inc. (a) | 519,959 | 7,425,015 | |
Avidity Biosciences, Inc. (a)(b) | 476,750 | 5,549,370 | |
Axcella Health, Inc. (a)(b) | 1,661,354 | 1,396,202 | |
Beam Therapeutics, Inc. (a)(b) | 528,692 | 24,420,283 | |
BELLUS Health, Inc. (a) | 2,069,064 | 20,421,662 | |
Bicycle Therapeutics PLC ADR (a)(b) | 377,647 | 10,936,657 | |
BioCryst Pharmaceuticals, Inc. (a)(b) | 3,649,042 | 48,751,201 | |
Biogen, Inc. (a) | 703,036 | 214,545,496 | |
Biohaven Ltd. (a)(b) | 2,823,752 | 44,671,757 | |
BioInvent International AB (a) | 786,506 | 2,700,796 | |
BioMarin Pharmaceutical, Inc. (a) | 347,448 | 35,085,299 | |
Biomea Fusion, Inc. (a)(b) | 407,129 | 2,927,258 | |
BioNTech SE ADR | 185,928 | 31,053,695 | |
BioXcel Therapeutics, Inc. (a)(b) | 351,727 | 5,828,116 | |
Blueprint Medicines Corp. (a) | 1,461,508 | 69,845,467 | |
BridgeBio Pharma, Inc. (a)(b) | 613,842 | 5,751,700 | |
Candel Therapeutics, Inc. (a)(b) | 737,596 | 1,290,793 | |
Celldex Therapeutics, Inc. (a) | 819,700 | 30,402,673 | |
Centessa Pharmaceuticals PLC ADR (a)(b) | 1,230,909 | 4,923,636 | |
Century Therapeutics, Inc. (a)(b) | 834,618 | 8,763,489 | |
Cerevel Therapeutics Holdings (a)(b) | 1,044,180 | 30,239,453 | |
Chinook Therapeutics, Inc. (a) | 303,781 | 6,880,640 | |
Chinook Therapeutics, Inc. rights (a)(d) | 115,821 | 1 | |
Codiak Biosciences, Inc. (a)(b) | 448,539 | 309,537 | |
Codiak Biosciences, Inc. warrants 9/15/27 (a) | 46,000 | 6,217 | |
Cogent Biosciences, Inc. (a) | 1,139,767 | 14,338,269 | |
Compass Therapeutics, Inc. | 2,232,400 | 9,175,164 | |
Crinetics Pharmaceuticals, Inc. (a) | 1,179,587 | 21,079,220 | |
CRISPR Therapeutics AG (a)(b) | 305,022 | 16,712,155 | |
Cyclerion Therapeutics, Inc. (a) | 837,285 | 795,421 | |
Cyclerion Therapeutics, Inc. (a)(e) | 94,809 | 90,069 | |
Cyteir Therapeutics, Inc. (a) | 451,123 | 649,617 | |
Cytokinetics, Inc. (a)(b) | 2,154,571 | 91,569,268 | |
Day One Biopharmaceuticals, Inc. (a) | 845,671 | 17,953,595 | |
Denali Therapeutics, Inc. (a) | 417,851 | 13,333,625 | |
Design Therapeutics, Inc. (a)(b) | 806,620 | 11,292,680 | |
Dyne Therapeutics, Inc. (a) | 310,813 | 3,636,512 | |
Enanta Pharmaceuticals, Inc. (a) | 263,946 | 11,558,195 | |
Entrada Therapeutics, Inc. (a)(b) | 503,853 | 7,542,679 | |
EQRx, Inc. (a) | 507,567 | 1,908,452 | |
EQRx, Inc.: | |||
rights (a)(d) | 116,649 | 381,442 | |
rights (a)(d) | 49,993 | 132,981 | |
Erasca, Inc. (a) | 635,623 | 4,798,954 | |
Evelo Biosciences, Inc. (a)(b) | 1,098,999 | 2,296,908 | |
Exelixis, Inc. (a) | 2,072,034 | 35,390,341 | |
Fate Therapeutics, Inc. (a)(b) | 608,787 | 12,674,945 | |
Foghorn Therapeutics, Inc. (a)(b) | 252,746 | 1,706,036 | |
Fusion Pharmaceuticals, Inc. (a) | 1,142,702 | 2,593,934 | |
G1 Therapeutics, Inc. (a) | 276,904 | 1,650,348 | |
Gemini Therapeutics, Inc. (a)(b) | 1,555,907 | 2,676,160 | |
Generation Bio Co. (a) | 137,100 | 730,743 | |
Geron Corp. (a) | 174,306 | 404,390 | |
Geron Corp. warrants 12/31/25 (a) | 2,100,000 | 1,396,702 | |
Gilead Sciences, Inc. | 437,804 | 38,452,325 | |
Gossamer Bio, Inc. (a)(b) | 1,687,174 | 14,442,209 | |
Graphite Bio, Inc. (a) | 1,058,457 | 3,736,353 | |
Gritstone Bio, Inc. (a)(b) | 431,580 | 1,268,845 | |
Halozyme Therapeutics, Inc. (a) | 531,800 | 30,450,868 | |
Hookipa Pharma, Inc. (a) | 1,480,200 | 1,569,012 | |
Horizon Therapeutics PLC (a) | 325,247 | 32,619,022 | |
Icosavax, Inc. (a) | 490,857 | 1,639,462 | |
Ideaya Biosciences, Inc. (a)(b) | 715,157 | 12,787,007 | |
Idorsia Ltd. (a)(b) | 1,092,661 | 16,200,657 | |
IGM Biosciences, Inc. (a)(b) | 591,539 | 13,019,773 | |
Immuneering Corp. (a)(b) | 188,677 | 1,224,514 | |
Immunocore Holdings PLC ADR (a)(b) | 267,318 | 16,790,244 | |
ImmunoGen, Inc. (a) | 922,023 | 4,785,299 | |
Incyte Corp. (a) | 427,600 | 34,066,892 | |
Inhibrx, Inc. (a)(b) | 254,309 | 7,624,184 | |
Insmed, Inc. (a) | 647,392 | 11,970,278 | |
Instil Bio, Inc. (a) | 1,445,074 | 1,921,948 | |
Intellia Therapeutics, Inc. (a) | 885,001 | 45,542,151 | |
Ionis Pharmaceuticals, Inc. (a) | 1,084,277 | 44,227,659 | |
iTeos Therapeutics, Inc. (a) | 238,000 | 4,795,700 | |
Iveric Bio, Inc. (a) | 555,584 | 13,122,894 | |
Janux Therapeutics, Inc. (a)(b) | 714,722 | 9,748,808 | |
Karuna Therapeutics, Inc. (a) | 393,512 | 92,597,309 | |
Keros Therapeutics, Inc. (a) | 378,977 | 18,888,214 | |
Kiniksa Pharmaceuticals Ltd. (a)(b) | 177,166 | 2,981,704 | |
Kinnate Biopharma, Inc. (a)(b) | 1,808,291 | 14,321,665 | |
Kronos Bio, Inc. (a)(b) | 617,758 | 1,173,740 | |
Krystal Biotech, Inc. (a)(b)(c) | 2,105,960 | 163,717,330 | |
Kymera Therapeutics, Inc. (a)(b) | 1,072,813 | 31,090,121 | |
Legend Biotech Corp. ADR (a) | 912,716 | 47,014,001 | |
Madrigal Pharmaceuticals, Inc. (a)(b) | 153,140 | 10,736,645 | |
MannKind Corp. (a)(b) | 6,449,301 | 30,182,729 | |
Merus BV (a)(b) | 458,686 | 7,040,830 | |
Mirati Therapeutics, Inc. (a) | 662,148 | 60,507,084 | |
Moderna, Inc. (a) | 888,986 | 156,381,527 | |
Monte Rosa Therapeutics, Inc. (a)(b) | 1,257,805 | 10,666,186 | |
Morphic Holding, Inc. (a)(b) | 805,337 | 22,162,874 | |
Morphosys AG sponsored ADR (a) | 217,028 | 894,155 | |
Natera, Inc. (a) | 356,133 | 14,644,189 | |
Nkarta, Inc. (a)(b) | 244,766 | 2,075,616 | |
Nurix Therapeutics, Inc. (a)(b) | 1,056,746 | 13,093,083 | |
Nuvalent, Inc. Class A (a) | 218,574 | 7,186,713 | |
Omega Therapeutics, Inc. (a)(b) | 915,541 | 6,408,787 | |
Oragenics, Inc. (a) | 155,806 | 30,663 | |
ORIC Pharmaceuticals, Inc. (a) | 98,139 | 352,319 | |
PepGen, Inc. | 440,591 | 6,591,241 | |
Poseida Therapeutics, Inc. (a) | 570,083 | 2,599,578 | |
Prelude Therapeutics, Inc. (a) | 359,156 | 2,395,571 | |
Prometheus Biosciences, Inc. (a) | 342,555 | 14,082,436 | |
Protagonist Therapeutics, Inc. (a) | 124,027 | 981,054 | |
Prothena Corp. PLC (a) | 761,589 | 47,606,928 | |
PTC Therapeutics, Inc. (a) | 2,267,944 | 94,096,997 | |
Rallybio Corp. (a)(b) | 1,550,692 | 8,931,986 | |
RAPT Therapeutics, Inc. (a) | 750,682 | 13,272,058 | |
Recursion Pharmaceuticals, Inc. (a)(b) | 89,200 | 838,480 | |
Regeneron Pharmaceuticals, Inc. (a) | 271,706 | 204,241,400 | |
Regulus Therapeutics, Inc. (a)(b)(c) | 2,195,000 | 3,753,450 | |
Relay Therapeutics, Inc. (a)(b) | 770,589 | 14,317,544 | |
Repare Therapeutics, Inc. (a)(b) | 174,960 | 2,804,609 | |
Replimune Group, Inc. (a) | 910,817 | 18,644,424 | |
Revolution Medicines, Inc. (a)(b) | 418,772 | 9,878,831 | |
Rhythm Pharmaceuticals, Inc. (a)(b) | 826,303 | 22,120,131 | |
Rocket Pharmaceuticals, Inc. (a)(b) | 223,736 | 4,224,136 | |
Roivant Sciences Ltd. (a)(b) | 5,957,525 | 31,932,334 | |
Roivant Sciences Ltd. (a)(e) | 2,500,000 | 13,400,000 | |
Sage Therapeutics, Inc. (a) | 699,553 | 28,709,655 | |
Sarepta Therapeutics, Inc. (a) | 552,604 | 67,865,297 | |
Scholar Rock Holding Corp. (a)(b) | 1,693,925 | 13,161,797 | |
Scholar Rock Holding Corp. warrants 12/31/25 (a)(e) | 17,850 | 55,193 | |
Seagen, Inc. (a) | 357,732 | 43,425,087 | |
Selecta Biosciences, Inc. (a) | 395,568 | 518,194 | |
Sensorion SA (a)(b) | 2,243,198 | 992,007 | |
Seres Therapeutics, Inc. (a)(b) | 854,347 | 5,553,256 | |
Shattuck Labs, Inc. (a) | 110,936 | 251,825 | |
SpringWorks Therapeutics, Inc. (a)(b) | 463,711 | 11,212,532 | |
SpringWorks Therapeutics, Inc. (e) | 54,800 | 1,192,558 | |
Stoke Therapeutics, Inc. (a) | 203,036 | 1,530,891 | |
Sutro Biopharma, Inc. (a) | 540,100 | 4,045,349 | |
Tango Therapeutics, Inc. (a) | 1,463,188 | 10,988,542 | |
Taysha Gene Therapies, Inc. (a) | 811,647 | 1,793,740 | |
Tenaya Therapeutics, Inc. (a) | 1,263,918 | 3,349,383 | |
TG Therapeutics, Inc. (a)(b) | 1,976,220 | 17,430,260 | |
Travere Therapeutics, Inc. (a) | 300,428 | 6,047,616 | |
Twist Bioscience Corp. (a)(b) | 681,332 | 18,634,430 | |
Tyra Biosciences, Inc. (a) | 342,201 | 2,398,829 | |
Ultragenyx Pharmaceutical, Inc. (a) | 978,351 | 35,514,141 | |
uniQure B.V. (a) | 255,608 | 6,763,388 | |
United Therapeutics Corp. (a) | 442,409 | 123,825,855 | |
Vaxcyte, Inc. (a) | 1,355,250 | 62,422,815 | |
Vera Therapeutics, Inc. (a) | 779,768 | 13,022,126 | |
Vertex Pharmaceuticals, Inc. (a) | 709,810 | 224,583,884 | |
Verve Therapeutics, Inc. (a)(b) | 249,393 | 5,793,399 | |
Vigil Neuroscience, Inc. (b) | 86,610 | 1,082,625 | |
Vor Biopharma, Inc. (a)(b) | 696,659 | 3,204,631 | |
X4 Pharmaceuticals, Inc. warrants 4/12/24 (a) | 450,000 | 41 | |
Xencor, Inc. (a) | 169,343 | 5,032,874 | |
Xenon Pharmaceuticals, Inc. (a) | 1,004,333 | 37,039,801 | |
Zealand Pharma A/S (a)(b) | 375,400 | 10,746,405 | |
Zentalis Pharmaceuticals, Inc. (a) | 638,433 | 14,122,138 | |
4,903,853,044 | |||
Food & Staples Retailing - 0.0% | |||
Drug Retail - 0.0% | |||
MedAvail Holdings, Inc. (a) | 2,777 | 1,164 | |
Health Care Equipment & Supplies - 0.0% | |||
Health Care Equipment - 0.0% | |||
Alpha Tau Medical Ltd. Class A (a)(b) | 362,046 | 1,444,564 | |
Novocure Ltd. (a) | 11,113 | 853,923 | |
2,298,487 | |||
Health Care Providers & Services - 0.2% | |||
Health Care Services - 0.2% | |||
23andMe Holding Co. Class A (a)(b) | 2,046,974 | 6,243,271 | |
Guardant Health, Inc. (a) | 82,500 | 4,318,050 | |
10,561,321 | |||
Health Care Technology - 0.1% | |||
Health Care Technology - 0.1% | |||
Schrodinger, Inc. (a) | 199,427 | 3,589,686 | |
Life Sciences Tools & Services - 0.1% | |||
Life Sciences Tools & Services - 0.1% | |||
Olink Holding AB ADR (a) | 57,100 | 1,360,693 | |
Seer, Inc. (a) | 304,058 | 1,964,215 | |
3,324,908 | |||
Pharmaceuticals - 6.1% | |||
Pharmaceuticals - 6.1% | |||
Adimab LLC (a)(d)(e)(f) | 1,954,526 | 78,747,853 | |
Afferent Pharmaceuticals, Inc. rights 12/31/24 (a)(d) | 8,274,568 | 8,605,551 | |
Aradigm Corp. (a)(d) | 11,945 | 549 | |
Aradigm Corp. (a)(d) | 148,009 | 6,808 | |
Arvinas Holding Co. LLC (a) | 382,343 | 15,691,357 | |
Atea Pharmaceuticals, Inc. (a) | 66,800 | 313,292 | |
Axsome Therapeutics, Inc. (a)(b) | 242,373 | 17,521,144 | |
CinCor Pharma, Inc. (b) | 81,593 | 962,797 | |
Corcept Therapeutics, Inc. (a) | 164,400 | 4,156,032 | |
DICE Therapeutics, Inc. (a)(b) | 451,946 | 15,732,240 | |
Edgewise Therapeutics, Inc. (a) | 1,704,107 | 15,251,758 | |
Fulcrum Therapeutics, Inc. (a)(b) | 1,631,789 | 11,177,755 | |
GH Research PLC (a)(b) | 893,124 | 9,770,777 | |
Harmony Biosciences Holdings, Inc. (a) | 135,325 | 8,088,375 | |
Ikena Oncology, Inc. (a) | 416,547 | 928,900 | |
Intra-Cellular Therapies, Inc. (a) | 559,989 | 30,362,604 | |
Longboard Pharmaceuticals, Inc. (a) | 371,100 | 1,992,807 | |
Nuvation Bio, Inc. (a)(b) | 727,400 | 1,389,334 | |
OptiNose, Inc. (a)(b) | 794,031 | 1,405,435 | |
OptiNose, Inc. warrants (a) | 91,712 | 59,516 | |
Pharvaris BV (a) | 353,507 | 728,224 | |
Pliant Therapeutics, Inc. (a)(b) | 372,222 | 6,841,440 | |
Rain Therapeutics, Inc. (a) | 206,669 | 1,595,485 | |
Reata Pharmaceuticals, Inc. (a)(b) | 381,628 | 15,104,836 | |
Royalty Pharma PLC | 285,820 | 12,567,505 | |
Terns Pharmaceuticals, Inc. (a) | 810,600 | 6,298,362 | |
Theseus Pharmaceuticals, Inc. (a)(b) | 1,857,891 | 12,243,502 | |
Trevi Therapeutics, Inc. (a) | 1,299,855 | 2,443,727 | |
UCB SA | 121,277 | 9,789,060 | |
Ventyx Biosciences, Inc. (a)(b) | 716,630 | 20,775,104 | |
Verona Pharma PLC ADR (a) | 290,000 | 3,741,000 | |
Verrica Pharmaceuticals, Inc. (a)(b) | 1,597,876 | 5,193,097 | |
WAVE Life Sciences (a)(b) | 1,696,733 | 7,194,148 | |
326,680,374 | |||
TOTAL COMMON STOCKS (Cost $3,973,997,054) | 5,250,308,984 | ||
Convertible Preferred Stocks - 1.4% | |||
Shares | Value ($) | ||
Biotechnology - 1.2% | |||
Biotechnology - 1.2% | |||
ElevateBio LLC Series C (a)(d)(e) | 216,600 | 990,512 | |
Korro Bio, Inc.: | |||
Series B1 (d)(e) | 957,854 | 1,829,501 | |
Series B2 (d)(e) | 899,280 | 1,717,625 | |
National Resilience, Inc. Series B (a)(d)(e) | 732,064 | 44,458,247 | |
SalioGen Therapeutics, Inc. Series B (d)(e) | 94,461 | 7,043,957 | |
ValenzaBio, Inc. Series A (a)(d)(e) | 1,685,311 | 9,993,894 | |
66,033,736 | |||
Health Care Providers & Services - 0.1% | |||
Health Care Services - 0.1% | |||
Scorpion Therapeutics, Inc. Series B (a)(d)(e) | 3,099,905 | 3,874,881 | |
Pharmaceuticals - 0.1% | |||
Pharmaceuticals - 0.1% | |||
Afferent Pharmaceuticals, Inc. Series C (a)(d)(e) | 8,274,568 | 83 | |
Aristea Therapeutics, Inc. Series B (a)(d)(e) | 836,400 | 6,431,916 | |
6,431,999 | |||
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $53,020,299) | 76,340,616 | ||
Money Market Funds - 8.5% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 3.86% (g) | 9,911,593 | 9,913,575 | |
Fidelity Securities Lending Cash Central Fund 3.86% (g)(h) | 447,029,121 | 447,073,824 | |
TOTAL MONEY MARKET FUNDS (Cost $456,953,758) | 456,987,399 | ||
TOTAL INVESTMENT IN SECURITIES - 108.1% (Cost $4,483,971,111) | 5,783,636,999 |
NET OTHER ASSETS (LIABILITIES) - (8.1)% | (435,779,983) |
NET ASSETS - 100.0% | 5,347,857,016 |
Legend
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated company |
(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 $169,826,289 or 3.2% of net assets. |
(f) | Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes. |
(g) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(h) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Adimab LLC | 9/17/14 - 6/05/15 | 31,218,977 |
Afferent Pharmaceuticals, Inc. Series C | 7/01/15 | 0 |
Aristea Therapeutics, Inc. Series B | 10/06/20 | 4,611,659 |
Cyclerion Therapeutics, Inc. | 4/02/19 | 1,404,026 |
ElevateBio LLC Series C | 3/09/21 | 908,637 |
Korro Bio, Inc. Series B1 | 12/17/21 | 2,499,999 |
Korro Bio, Inc. Series B2 | 12/17/21 | 2,499,998 |
National Resilience, Inc. Series B | 12/01/20 | 9,999,994 |
Roivant Sciences Ltd. | 5/01/21 | 25,000,000 |
SalioGen Therapeutics, Inc. Series B | 12/10/21 | 10,000,019 |
Scholar Rock Holding Corp. warrants 12/31/25 | 6/17/22 | 0 |
Scorpion Therapeutics, Inc. Series B | 1/08/21 | 7,500,000 |
SpringWorks Therapeutics, Inc. | 9/07/22 | 1,425,348 |
ValenzaBio, Inc. Series A | 3/25/21 | 14,999,993 |
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 ($) | % ownership, end of period |
Fidelity Cash Central Fund 3.86% | 42,446,755 | 853,872,649 | 886,405,829 | 410,199 | 3,258 | (3,258) | 9,913,575 | 0.0% |
Fidelity Securities Lending Cash Central Fund 3.86% | 492,109,261 | 1,822,937,237 | 1,867,972,674 | 6,001,517 | - | - | 447,073,824 | 1.4% |
Total | 534,556,016 | 2,676,809,886 | 2,754,378,503 | 6,411,716 | 3,258 | (3,258) | 456,987,399 | |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
Adverum Biotechnologies, Inc. | - | 14,311,389 | 1,586,381 | - | (1,487,269) | (5,655,743) | 5,581,996 |
Applied Therapeutics, Inc. | 1,070,923 | 2,575,660 | 1,176,547 | - | (14,439,872) | 14,926,116 | 2,956,280 |
Candel Therapeutics, Inc. | 8,593,545 | - | 6,141,156 | - | (4,644,572) | 3,482,976 | - |
Krystal Biotech, Inc. | 126,760,516 | 6,531,325 | - | - | - | 30,425,489 | 163,717,330 |
Regulus Therapeutics, Inc. | - | 4,631,450 | - | - | - | (878,000) | 3,753,450 |
Total | 136,424,984 | 28,049,824 | 8,904,084 | - | (20,571,713) | 42,300,838 | 176,009,056 |
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.
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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