Medical Microinstruments Inc/Italy warrants 2/16/2031 (b)(d)(e)
15,815
194,050
Penumbra Inc (b)
1,330,000
324,679,600
PROCEPT BioRobotics Corp (b)(c)
649,600
62,095,264
Stryker Corp
594,000
232,937,100
2,118,596,114
Health Care Providers & Services - 23.3%
Alignment Healthcare Inc (b)
4,500,000
56,745,000
BrightSpring Health Services Inc (b)
3,000,000
57,900,000
Cigna Group/The
530,000
179,034,000
CVS Health Corp
950,000
56,857,500
LifeStance Health Group Inc (b)
5,800,000
43,616,000
McKesson Corp
318,000
199,863,000
Molina Healthcare Inc (b)
228,000
67,921,200
Privia Health Group Inc (b)
4,000,000
85,920,000
Surgery Partners Inc (b)
3,666,302
87,404,640
UnitedHealth Group Inc
1,500,000
915,300,000
1,750,561,340
Health Care Technology - 2.1%
Phreesia Inc (b)
1,449,451
30,481,955
Veeva Systems Inc Class A (b)
560,000
127,596,000
158,077,955
Life Sciences Tools & Services - 10.2%
10X Genomics Inc Class A (b)
2,120,000
33,708,000
10X Genomics Inc Class B (b)(g)
500,000
7,950,000
Bruker Corp
1,180,000
68,381,000
Danaher Corp
1,875,000
449,418,750
IQVIA Holdings Inc (b)
100,000
20,084,000
Thermo Fisher Scientific Inc
280,000
148,296,400
West Pharmaceutical Services Inc
108,000
35,173,440
763,011,590
Pharmaceuticals - 8.3%
Contineum Therapeutics Inc Class A
200,000
2,982,000
Eli Lilly & Co
534,000
424,716,900
Enliven Therapeutics Inc (b)
600,000
14,628,000
Merck & Co Inc
880,000
89,443,200
Neumora Therapeutics Inc (b)
443,666
4,410,040
Rapport Therapeutics Inc (b)(c)
276,132
6,306,855
Royalty Pharma PLC Class A
1,750,000
46,655,000
Septerna Inc
213,000
5,386,770
Structure Therapeutics Inc ADR (b)
670,000
22,210,500
Third Harmonic Bio Inc (b)
680,000
8,676,800
625,416,065
TOTAL UNITED STATES
6,794,966,529
TOTAL COMMON STOCKS
(Cost $4,297,575,368)
7,366,963,601
Convertible Corporate Bonds - 0.0%
Principal
Amount (a)
Value ($)
UNITED STATES - 0.0%
Health Care - 0.0%
Health Care Technology - 0.0%
Wugen Inc 10% 6/14/2025 (d)(e)
2,299,153
2,420,318
Pharmaceuticals - 0.0%
Galvanize Therapeutics 6% 2/28/2027 (d)(e)
3,306,100
3,615,882
TOTAL HEALTH CARE
6,036,200
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $5,605,253)
6,036,200
Convertible Preferred Stocks - 1.5%
Shares
Value ($)
CHINA - 0.0%
Health Care - 0.0%
Health Care Providers & Services - 0.0%
dMed Biopharmaceutical Co Ltd Series C (b)(d)(e)
380,451
2,046,826
ISRAEL - 0.1%
Health Care - 0.1%
Health Care Equipment & Supplies - 0.1%
InSightec Ltd Series G (d)(e)
11,853,768
10,075,703
UNITED STATES - 1.4%
Financials - 0.1%
Financial Services - 0.1%
Saluda Medical Inc Series E (b)(d)(e)
1,155,359
7,775,566
Health Care - 1.3%
Biotechnology - 0.8%
Asimov Inc Series B (b)(d)(e)
101,438
2,854,465
Caris Life Sciences Inc Series D (b)(d)(e)
3,206,021
10,195,147
Cleerly Inc Series C (b)(d)(e)
1,285,367
13,869,111
Element Biosciences Inc Series C (b)(d)(e)
572,265
5,545,248
Element Biosciences Inc Series D (d)(e)
413,355
2,910,019
Element Biosciences Inc Series D1 (d)(e)
413,355
2,910,019
ElevateBio LLC Series C (b)(d)(e)
254,900
739,210
Endeavor BioMedicines Inc Series C (d)(e)
1,366,212
9,809,402
Inscripta Inc Series E (b)(d)(e)
1,282,228
3,846,684
52,679,305
Health Care Equipment & Supplies - 0.1%
Medical Microinstruments Inc/Italy Series C (d)(e)
316,310
10,447,719
Health Care Providers & Services - 0.0%
Thriveworks Topco LLC (b)(d)(e)(h)
473,270
2,148,645
Health Care Technology - 0.4%
Aledade Inc Series B1 (b)(d)(e)
201,220
7,618,189
Aledade Inc Series E1 (b)(d)(e)
56,664
2,145,299
Candid Therapeutics (d)(e)
3,162,302
3,478,532
Omada Health Inc Series E (b)(d)(e)
2,153,073
9,279,745
Wugen Inc Series B (b)(d)(e)
454,342
1,903,693
24,425,458
Pharmaceuticals - 0.0%
Galvanize Therapeutics Series B (b)(d)(e)
3,696,429
2,772,322
TOTAL HEALTH CARE
92,473,449
TOTAL UNITED STATES
100,249,015
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $176,741,062)
112,371,544
Preferred Securities - 0.2%
Principal
Amount (a)
Value ($)
CANADA - 0.2%
Health Care - 0.2%
Health Care Equipment & Supplies - 0.2%
Kardium Inc/CA 10% 12/31/2026 (d)(e)
(Cost $12,563,204)
12,563,204
12,404,210
Money Market Funds - 1.0%
Yield (%)
Shares
Value ($)
Fidelity Cash Central Fund (i)
4.64
12,775,027
12,777,582
Fidelity Securities Lending Cash Central Fund (i)(j)
4.64
58,617,574
58,623,435
TOTAL MONEY MARKET FUNDS
(Cost $71,399,268)
71,401,017
TOTAL INVESTMENT IN SECURITIES - 100.8%
(Cost $4,563,884,155)
7,569,176,572
NET OTHER ASSETS (LIABILITIES) - (0.8)%
(60,379,086)
NET ASSETS - 100.0%
7,508,797,486
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 $140,836,994 or 1.9% of net assets.
(f)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(g)
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 $7,950,000 or 0.1% of net assets.
(h)
Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
(i)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(j)
Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
Aerovate Therapeutics Inc
10/30/24
3,115,498
Aledade Inc Series B1
5/07/21
7,704,855
Aledade Inc Series E1
5/20/22
2,822,683
Asimov Inc Series B
10/29/21
9,401,345
Candid Therapeutics
8/27/24
3,794,762
Caris Life Sciences Inc
10/06/22
7,954,682
Caris Life Sciences Inc Series D
5/11/21
25,968,770
Cleerly Inc Series C
7/08/22
15,142,394
dMed Biopharmaceutical Co Ltd Series C
12/01/20
5,403,602
Element Biosciences Inc Series C
6/21/21
11,763,880
Element Biosciences Inc Series D
6/28/24
3,242,067
Element Biosciences Inc Series D1
6/28/24
3,242,067
ElevateBio LLC Series C
3/09/21
1,069,306
Endeavor BioMedicines Inc Series C
4/22/24
8,913,987
Galvanize Therapeutics 6% 2/28/2027
2/28/24
3,306,100
Galvanize Therapeutics Series B
3/29/22
6,399,572
Inscripta Inc Series E
3/30/21
11,322,073
InSightec Ltd Series G
6/17/24
10,523,775
Kardium Inc/CA 10% 12/31/2026
5/31/24 - 9/30/24
12,563,204
Medical Microinstruments Inc/Italy Series C
2/16/24
10,543,783
Medical Microinstruments Inc/Italy warrants 2/16/2031
2/16/24
0
Omada Health Inc Series E
12/22/21
12,908,103
Oruka Therapeutics Inc
9/12/24
2,538,188
Saluda Medical Inc Series E
4/06/23
9,328,137
Thriveworks Topco LLC
7/23/21 - 2/25/22
13,722,523
Wugen Inc 10% 6/14/2025
6/14/24
2,299,153
Wugen Inc Series B
7/09/21
3,523,377
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
3,213,126
592,058,632
582,494,848
311,438
672
-
12,777,582
0.0%
Fidelity Securities Lending Cash Central Fund
90,247,977
507,416,506
539,041,048
389,842
-
-
58,623,435
0.2%
Total
93,461,103
1,099,475,138
1,121,535,896
701,280
672
-
71,401,017
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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