Medical Microinstruments Inc/Italy warrants 2/16/2031 (b)(c)(e)
2,363
28,616
Penumbra Inc (b)
212,000
41,193,720
PROCEPT BioRobotics Corp (b)
91,800
7,355,016
Stryker Corp
85,500
30,887,730
293,081,904
Health Care Providers & Services - 21.8%
agilon health Inc (b)(d)
1,000,000
3,930,000
Alignment Healthcare Inc (b)
850,000
10,047,000
BrightSpring Health Services Inc (b)
450,000
6,606,000
Cigna Group/The
106,000
36,722,640
CVS Health Corp
100,000
6,288,000
Humana Inc
18,500
5,859,690
LifeStance Health Group Inc (b)
1,058,600
7,410,200
McKesson Corp
44,000
21,754,480
Molina Healthcare Inc (b)
20,500
7,063,480
Privia Health Group Inc (b)(d)
630,000
11,472,300
Surgery Partners Inc (b)
590,400
19,034,496
UnitedHealth Group Inc
218,000
127,460,240
263,648,526
Health Care Technology - 1.8%
Phreesia Inc (b)
221,600
5,050,264
Veeva Systems Inc Class A (b)
84,000
17,629,080
22,679,344
Life Sciences Tools & Services - 11.7%
10X Genomics Inc Class A (b)
400,300
9,038,774
Bruker Corp
185,000
12,776,100
Danaher Corp
263,500
73,258,270
IQVIA Holdings Inc (b)
54,500
12,914,865
QIAGEN NV
100,000
4,504,918
Thermo Fisher Scientific Inc
38,000
23,505,660
West Pharmaceutical Services Inc
16,500
4,952,640
140,951,227
Pharmaceuticals - 12.0%
Contineum Therapeutics Inc Class A (d)
40,000
765,600
Eli Lilly & Co
104,000
92,137,760
Enliven Therapeutics Inc (b)
90,000
2,298,600
Merck & Co Inc
300,000
34,068,000
Neumora Therapeutics Inc
11,800
155,878
Rapport Therapeutics Inc (b)(d)
40,000
819,200
Royalty Pharma PLC Class A
350,000
9,901,500
Structure Therapeutics Inc ADR (b)(d)
101,500
4,454,835
144,601,373
TOTAL UNITED STATES
1,089,805,046
TOTAL COMMON STOCKS
(Cost $709,536,922)
1,188,447,371
Convertible Corporate Bonds - 0.0%
Principal
Amount (a)
Value ($)
UNITED STATES - 0.0%
Health Care - 0.0%
Health Care Technology - 0.0%
Wugen Inc 10% 6/14/2025 (c)(e)
353,945
367,359
Pharmaceuticals - 0.0%
Galvanize Therapeutics 6% 2/28/2027 (c)(e)
494,400
528,365
TOTAL HEALTH CARE
895,724
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $848,345)
895,724
Convertible Preferred Stocks - 1.3%
Shares
Value ($)
CHINA - 0.0%
Health Care - 0.0%
Health Care Providers & Services - 0.0%
dMed Biopharmaceutical Co Ltd Series C (b)(c)(e)(f)
45,182
226,814
ISRAEL - 0.1%
Health Care - 0.1%
Health Care Equipment & Supplies - 0.1%
InSightec Ltd Series G (c)(e)
1,824,838
1,569,361
UNITED STATES - 1.2%
Financials - 0.1%
Financial Services - 0.1%
Saluda Medical Inc Series E (b)(c)(e)
163,717
1,149,293
Health Care - 1.1%
Biotechnology - 0.7%
Asimov Inc Series B (b)(c)(e)
13,047
552,671
Caris Life Sciences Inc Series D (b)(c)(e)(f)
398,133
1,266,063
Cleerly Inc Series C (b)(c)(e)
179,891
1,959,013
Element Biosciences Inc Series C (b)(c)(e)
72,178
773,749
Element Biosciences Inc Series D (c)(e)
73,131
574,078
Element Biosciences Inc Series D1 (c)(e)
73,131
574,078
ElevateBio LLC Series C (b)(c)(e)
31,200
97,343
Endeavor BioMedicines Inc Series C (c)(e)
208,016
1,493,555
Inscripta Inc Series E (b)(c)(e)(f)
157,568
474,280
Oruka Therapeutics Inc (c)(f)
7
171,570
7,936,400
Health Care Equipment & Supplies - 0.1%
Medical Microinstruments Inc/Italy Series C (c)(e)
47,257
1,573,186
Health Care Technology - 0.3%
Aledade Inc Series B1 (b)(c)(e)
24,966
945,213
Aledade Inc Series E1 (b)(c)(e)
10,776
407,979
Candid Therapeutics (c)(e)
491,360
589,632
Omada Health Inc Series E (b)(c)(e)
281,490
1,078,107
Wugen Inc Series B (b)(c)(e)
57,585
243,584
3,264,515
Pharmaceuticals - 0.0%
Galvanize Therapeutics Series B (b)(c)(e)
505,495
429,671
TOTAL HEALTH CARE
13,203,772
TOTAL UNITED STATES
14,353,065
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $22,475,250)
16,149,240
Preferred Securities - 0.2%
Principal
Amount (a)
Value ($)
CANADA - 0.2%
Health Care - 0.2%
Health Care Equipment & Supplies - 0.2%
Kardium Inc/CA 10% 12/31/2026 (c)(e)
(Cost $1,929,405)
1,929,405
1,949,995
Money Market Funds - 4.5%
Yield (%)
Shares
Value ($)
Fidelity Cash Central Fund (g)
4.89
1,451,743
1,452,034
Fidelity Securities Lending Cash Central Fund (g)(h)
4.89
52,397,437
52,402,676
TOTAL MONEY MARKET FUNDS
(Cost $53,854,710)
53,854,710
TOTAL INVESTMENT IN SECURITIES - 104.4%
(Cost $788,644,632)
1,261,297,040
NET OTHER ASSETS (LIABILITIES) - (4.4)%
(53,555,623)
NET ASSETS - 100.0%
1,207,741,417
Legend
(a)
Amount is stated in United States dollars unless otherwise noted.
(b)
Non-income producing
(c)
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 $21,194,611 or 1.7% of net assets.
(d)
Security or a portion of the security is on loan at period end.
(e)
Level 3 security
(f)
Security is perpetual in nature with no stated maturity date.
(g)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(h)
Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
Aledade Inc Series B1
5/07/21
955,966
Aledade Inc Series E1
5/20/22
536,800
Asimov Inc Series B
10/29/21
1,209,205
Candid Therapeutics
8/27/24
589,632
Caris Life Sciences Inc
10/06/22
1,424,808
Caris Life Sciences Inc Series D
5/11/21
3,224,877
Cartesian Therapeutics Inc
7/02/24
1,139,080
Cleerly Inc Series C
7/08/22
2,119,224
dMed Biopharmaceutical Co Ltd Series C
12/01/20
641,727
Element Biosciences Inc Series C
6/21/21
1,483,741
Element Biosciences Inc Series D
6/28/24
573,588
Element Biosciences Inc Series D1
6/28/24
573,588
ElevateBio LLC Series C
3/09/21
130,884
Endeavor BioMedicines Inc Series C
4/22/24
1,357,221
Galvanize Therapeutics 6% 2/28/2027
2/28/24
494,400
Galvanize Therapeutics Series B
3/29/22
875,156
Inscripta Inc Series E
3/30/21
1,391,325
InSightec Ltd Series G
6/17/24
1,620,091
Kardium Inc/CA 10% 12/31/2026
5/31/24 - 9/30/24
1,929,405
Medical Microinstruments Inc/Italy Series C
2/16/24
1,575,251
Medical Microinstruments Inc/Italy warrants 2/16/2031
2/16/24
0
Omada Health Inc Series E
12/22/21
1,687,589
Oruka Therapeutics Inc
9/12/24
161,000
Oruka Therapeutics Inc
9/12/24
416,507
Saluda Medical Inc Series E
4/06/23
1,321,818
Wugen Inc 10% 6/14/2025
6/14/24
353,945
Wugen Inc Series B
7/09/21
446,566
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
6,859,554
120,750,338
126,157,576
185,180
(282)
-
1,452,034
0.0%
Fidelity Securities Lending Cash Central Fund
34,271,248
196,872,915
178,741,487
43,228
-
-
52,402,676
0.2%
Total
41,130,802
317,623,253
304,899,063
228,408
(282)
-
53,854,710
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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