NPORT-EX 2 QTLY_142_20191130.htm

Quarterly Holdings Report
for

Fidelity® Select Portfolio®

Biotechnology Portfolio

November 30, 2019







BIO-QTLY-0120
1.810668.115





Schedule of Investments November 30, 2019 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.9%   
 Shares Value 
Biotechnology - 89.8%   
Biotechnology - 89.8%   
AbbVie, Inc. 8,738,317 $766,612,543 
AC Immune SA (a)(b) 67,232 537,856 
ACADIA Pharmaceuticals, Inc. (a) 2,553,129 115,631,212 
Acceleron Pharma, Inc. (a) 1,593,058 77,996,120 
Acorda Therapeutics, Inc. (a)(c) 3,788,526 6,061,642 
Agios Pharmaceuticals, Inc. (a)(b) 1,654,303 64,352,387 
Aimmune Therapeutics, Inc. (a)(b) 457,660 12,777,867 
Akebia Therapeutics, Inc. (a) 62,668 394,182 
Albireo Pharma, Inc. (a) 420,100 9,502,662 
Aldeyra Therapeutics, Inc. (a) 1,341,633 10,706,231 
Alector, Inc. (b) 762,218 14,207,744 
Alexion Pharmaceuticals, Inc. (a) 806,816 91,928,615 
Alkermes PLC (a) 183,474 3,856,623 
Allakos, Inc. (a)(b) 775,463 73,668,985 
Allena Pharmaceuticals, Inc. (a)(b)(c) 28,440 62,852 
Allena Pharmaceuticals, Inc. (a)(c)(d) 1,447,443 3,198,849 
Allogene Therapeutics, Inc. (a)(b) 131,766 3,713,166 
Alnylam Pharmaceuticals, Inc. (a) 1,425,878 167,027,349 
Amarin Corp. PLC ADR (a)(b) 617,731 13,139,138 
Amgen, Inc. 1,489,076 349,515,919 
Amicus Therapeutics, Inc. (a) 1,827,381 19,150,953 
Apellis Pharmaceuticals, Inc. (a) 373,134 10,029,842 
Applied Therapeutics, Inc. (a)(b) 586,130 10,286,582 
Aprea Therapeutics, Inc. 535,700 13,488,926 
Aravive, Inc. (a)(b) 699,083 6,725,178 
Arcturus Therapeutics Holdings, Inc. (a) 400,000 4,468,000 
Ardelyx, Inc. (a) 412,508 3,064,934 
Arena Pharmaceuticals, Inc. (a) 877,773 41,588,885 
Argenx SE ADR (a) 892,486 132,132,552 
Arrowhead Pharmaceuticals, Inc. (a)(b) 1,301,022 94,987,616 
Ascendis Pharma A/S sponsored ADR (a) 649,309 74,787,411 
Assembly Biosciences, Inc. (a) 167,133 2,710,897 
Atara Biotherapeutics, Inc. (a) 673,043 9,563,941 
Atreca, Inc. 117,700 1,169,938 
aTyr Pharma, Inc. (b)(c) 262,046 1,284,025 
Audentes Therapeutics, Inc. (a) 98,714 2,865,667 
Autolus Therapeutics Ltd. ADR (a)(b) 100,000 1,500,000 
AVROBIO, Inc. (a) 120,443 1,931,906 
Axcella Health, Inc. 885,684 3,542,736 
BELLUS Health, Inc. (a) 464,300 3,250,100 
BioCryst Pharmaceuticals, Inc. (a) 1,286,541 3,666,642 
Biogen, Inc. (a) 769,827 230,801,833 
Biohaven Pharmaceutical Holding Co. Ltd. (a) 700,193 40,135,063 
BioMarin Pharmaceutical, Inc. (a) 483,171 38,996,731 
BioNTech SE ADR (a) 29,800 655,004 
BioXcel Therapeutics, Inc. (a)(b)(c) 910,589 5,663,864 
bluebird bio, Inc. (a)(b) 793,207 64,202,175 
Blueprint Medicines Corp. (a) 945,006 77,528,292 
Bridgebio Pharma, Inc. (b) 948,661 27,511,169 
Cabaletta Bio, Inc. (a)(b) 30,550 418,535 
ChemoCentryx, Inc. (a) 2,018,222 61,212,673 
Chimerix, Inc. (a) 1,849,867 4,069,707 
Clovis Oncology, Inc. (a)(b) 205,170 3,063,188 
Coherus BioSciences, Inc. (a) 100,387 1,805,962 
Constellation Pharmaceuticals, Inc. (a) 81,900 3,813,264 
Corbus Pharmaceuticals Holdings, Inc. (a)(b) 952,867 4,478,475 
Cortexyme, Inc. (b) 8,847 232,234 
Crinetics Pharmaceuticals, Inc. (a) 990,700 19,378,092 
CRISPR Therapeutics AG (a)(b) 589,942 42,269,344 
Cyclerion Therapeutics, Inc. (a)(b) 624,607 1,155,523 
Cyclerion Therapeutics, Inc. (e) 94,809 175,397 
Cytokinetics, Inc. (a) 551,137 5,329,495 
CytomX Therapeutics, Inc. (a) 4,700 29,422 
CytomX Therapeutics, Inc. (a)(d) 287,485 1,799,656 
Deciphera Pharmaceuticals, Inc. (a) 261,800 12,380,522 
Denali Therapeutics, Inc. (a)(b) 323,004 5,746,241 
Dicerna Pharmaceuticals, Inc. (a) 722,512 17,383,639 
Dynavax Technologies Corp. (a)(b) 162,598 918,679 
Eagle Pharmaceuticals, Inc. (a) 48,108 2,813,356 
Editas Medicine, Inc. (a)(b) 62,088 1,880,025 
Eidos Therapeutics, Inc. (a)(b) 118,947 6,700,285 
Emergent BioSolutions, Inc. (a) 229,880 12,611,217 
Enanta Pharmaceuticals, Inc. (a) 39,967 2,544,299 
Epizyme, Inc. (a) 2,255,646 37,263,272 
Equillium, Inc. (a)(b) 619,843 1,995,894 
Esperion Therapeutics, Inc. (a)(b) 205,484 10,553,658 
Evelo Biosciences, Inc. (a)(b) 26,600 119,966 
Exact Sciences Corp. (a) 961,212 77,867,784 
Exelixis, Inc. (a) 1,365,643 22,710,643 
Fate Therapeutics, Inc. (a) 1,045,687 16,333,631 
FibroGen, Inc. (a) 1,949,542 82,602,095 
Frequency Therapeutics, Inc. (b) 75,174 1,255,406 
G1 Therapeutics, Inc. (a) 789,800 17,059,680 
Galapagos Genomics NV sponsored ADR (a)(b) 561,734 109,993,135 
Gamida Cell Ltd. (a) 700,400 3,586,048 
Genmab A/S ADR 281,690 6,594,363 
Geron Corp. (a)(b)(c) 15,536,850 22,217,696 
Gilead Sciences, Inc. 2,466,589 165,853,444 
Global Blood Therapeutics, Inc. (a)(b) 1,076,372 71,578,738 
Gossamer Bio, Inc. 95,714 2,440,707 
Gritstone Oncology, Inc. (a) 1,248,800 10,877,048 
Halozyme Therapeutics, Inc. (a) 2,344,477 45,459,409 
Heron Therapeutics, Inc. (a)(b) 3,257,625 83,264,895 
Homology Medicines, Inc. (a)(b) 136,867 2,189,872 
Hookipa Pharma, Inc. (b) 300,000 3,033,000 
Idorsia Ltd. (a)(b) 432,921 11,587,863 
Immunomedics, Inc. (a)(b) 4,003,383 75,183,533 
Incyte Corp. (a) 1,288,585 121,333,164 
Insmed, Inc. (a) 1,275,820 29,407,651 
Intellia Therapeutics, Inc. (a)(b) 423,519 7,339,584 
Intercept Pharmaceuticals, Inc. (a)(b) 666,025 72,177,129 
Ionis Pharmaceuticals, Inc. (a) 1,830,177 117,058,121 
Iovance Biotherapeutics, Inc. (a) 1,611,807 36,797,554 
Ironwood Pharmaceuticals, Inc. Class A (a)(b) 2,386,762 28,688,879 
Jounce Therapeutics, Inc. (a) 1,238,774 6,701,767 
Kalvista Pharmaceuticals, Inc. (a) 807,634 11,694,540 
Karuna Therapeutics, Inc. (a) 226,008 16,245,455 
Karyopharm Therapeutics, Inc. (a) 452,300 7,924,296 
Kezar Life Sciences, Inc. (a) 820,472 2,141,432 
Krystal Biotech, Inc. (a)(b)(c) 1,148,286 64,889,642 
Kura Oncology, Inc. (a) 2,096,963 33,425,590 
La Jolla Pharmaceutical Co. (a)(b) 1,254,989 3,438,670 
Leap Therapeutics, Inc. (a)(b) 140,296 101,013 
Lexicon Pharmaceuticals, Inc. (a)(b) 390,904 1,379,891 
Ligand Pharmaceuticals, Inc. Class B (a)(b) 11,198 1,265,374 
Macrogenics, Inc. (a) 187,331 1,774,025 
Madrigal Pharmaceuticals, Inc. (a)(b) 34,241 3,790,136 
Magenta Therapeutics, Inc. (a) 40,712 539,027 
MannKind Corp. (a)(b) 2,580,448 3,173,951 
MediciNova, Inc. (a)(b) 96,484 686,966 
Minerva Neurosciences, Inc. (a)(c) 2,218,614 13,866,338 
Miragen Therapeutics, Inc. (a)(b)(c) 2,888,656 2,310,925 
Mirati Therapeutics, Inc. (a)(b) 678,240 68,346,245 
Moderna, Inc. (b) 714,205 14,541,214 
Molecular Templates, Inc. (a) 483,700 6,302,611 
Momenta Pharmaceuticals, Inc. (a) 1,274,556 21,412,541 
Morphic Holding, Inc. (b) 586,137 9,307,856 
Morphosys AG (a) 141,175 17,452,330 
Morphosys AG sponsored ADR (a) 1,114,727 34,132,941 
Myovant Sciences Ltd. (a)(b) 308,200 5,489,042 
Natera, Inc. (a) 671,031 24,485,921 
Neon Therapeutics, Inc. (a)(b) 165,426 188,586 
Neurocrine Biosciences, Inc. (a) 1,215,662 141,758,346 
NextCure, Inc. (b) 11,390 544,556 
ObsEva SA (a) 661,655 3,010,530 
Oragenics, Inc. (a) 155,806 96,600 
Ovid Therapeutics, Inc. (a)(c) 4,000,000 17,040,000 
Pharming Group NV (a)(b) 3,074,756 4,864,832 
Portola Pharmaceuticals, Inc. (a)(b) 780,332 22,278,479 
Prevail Therapeutics, Inc. (b) 872,000 12,548,080 
Principia Biopharma, Inc. (a) 1,028,008 36,833,527 
ProQR Therapeutics BV (a) 1,257,186 10,736,368 
Protagonist Therapeutics, Inc. (a) 608,963 5,297,978 
Prothena Corp. PLC (a) 685,651 8,790,046 
PTC Therapeutics, Inc. (a) 2,096,747 98,463,239 
Puma Biotechnology, Inc. (a)(b) 122,868 1,166,017 
Radius Health, Inc. (a) 667,421 14,950,230 
Regeneron Pharmaceuticals, Inc. (a) 64,103 23,654,007 
REGENXBIO, Inc. (a) 445,008 18,628,035 
Repligen Corp. (a) 296,386 26,304,258 
Replimune Group, Inc. (a) 868,010 12,065,339 
Retrophin, Inc. (a) 424,199 5,883,640 
Rhythm Pharmaceuticals, Inc. (a)(b) 226,078 5,075,451 
Rigel Pharmaceuticals, Inc. (a) 904,339 2,025,719 
Rocket Pharmaceuticals, Inc. (a)(b) 1,359,736 23,917,756 
Rubius Therapeutics, Inc. (a) 24,500 188,650 
Sage Therapeutics, Inc. (a) 836,193 129,417,591 
Sangamo Therapeutics, Inc. (a)(b) 2,419,027 26,125,492 
Sarepta Therapeutics, Inc. (a)(b) 939,504 105,684,805 
Scholar Rock Holding Corp. (a)(b)(c) 1,528,947 13,011,339 
Seattle Genetics, Inc. (a) 1,100,742 132,474,300 
Seres Therapeutics, Inc. (a) 584,082 2,307,124 
Spectrum Pharmaceuticals, Inc. (a) 1,983,103 17,808,265 
Spero Therapeutics, Inc. (a) 98,952 1,183,466 
Springworks Therapeutics, Inc. (a)(b) 1,111,112 25,344,465 
Stemline Therapeutics, Inc. (a)(b) 884,698 9,457,422 
Stoke Therapeutics, Inc. (b) 554,397 13,582,727 
Sutro Biopharma, Inc. (a) 222,000 2,459,760 
Synthorx, Inc. (b) 131,962 2,362,120 
Syros Pharmaceuticals, Inc. (a) 704,361 3,592,241 
Syros Pharmaceuticals, Inc. (a)(d) 303,621 1,548,467 
Syros Pharmaceuticals, Inc. warrants 10/10/22 (a) 21,625 20,128 
TG Therapeutics, Inc. (a)(b) 1,753,237 14,359,011 
Translate Bio, Inc. (a)(b) 1,613,497 16,215,645 
Turning Point Therapeutics, Inc. 891,319 50,109,954 
Twist Bioscience Corp. 504,331 12,018,208 
Ultragenyx Pharmaceutical, Inc. (a) 1,391,337 55,166,512 
uniQure B.V. (a)(b) 421,462 23,458,575 
United Therapeutics Corp. (a) 111,805 10,315,129 
UNITY Biotechnology, Inc. (a) 51,400 396,808 
UroGen Pharma Ltd. (a)(b) 455,961 14,426,606 
Vanda Pharmaceuticals, Inc. (a) 232,692 3,892,937 
Vertex Pharmaceuticals, Inc. (a) 1,726,327 382,813,012 
Viela Bio, Inc. (b) 1,705,130 52,790,825 
Viking Therapeutics, Inc. (a)(b) 277,400 2,030,568 
Voyager Therapeutics, Inc. (a) 229,729 3,133,504 
X4 Pharmaceuticals, Inc. (a)(c) 900,000 9,567,000 
X4 Pharmaceuticals, Inc. warrants 4/12/24 (a) 450,000 1,697,622 
Xencor, Inc. (a) 1,070,243 42,167,574 
Y-mAbs Therapeutics, Inc. (a) 1,390,842 46,940,918 
Zealand Pharma A/S (a)(b) 205,144 6,310,308 
Zymeworks, Inc. (a) 658,795 28,716,874 
  6,355,253,206 
Capital Markets - 0.1%   
Asset Management & Custody Banks - 0.1%   
Arix Bioscience PLC (a)(b)(d) 2,049,700 2,743,658 
Health Care Equipment & Supplies - 0.9%   
Health Care Equipment - 0.9%   
Novocure Ltd. (a)(d) 701,713 64,683,904 
Health Care Providers & Services - 0.0%   
Health Care Services - 0.0%   
Precipio, Inc. (a)(e) 525 1,108 
Life Sciences Tools & Services - 0.4%   
Life Sciences Tools & Services - 0.4%   
10X Genomics, Inc. (a) 42,356 2,748,481 
Bruker Corp. 316,600 16,206,754 
Evotec OAI AG (a)(b) 510,200 11,304,602 
  30,259,837 
Personal Products - 0.0%   
Personal Products - 0.0%   
MYOS Corp. (a) 33,334 49,001 
Pharmaceuticals - 6.7%   
Pharmaceuticals - 6.7%   
Adimab LLC (a)(e)(f)(g) 1,954,526 90,240,465 
Aerie Pharmaceuticals, Inc. (a)(b) 586,704 11,141,509 
Afferent Pharmaceuticals, Inc. rights 12/31/24 (a)(g) 8,274,568 12,825,580 
Aradigm Corp. (a) 148,009 25,902 
Aradigm Corp. (a) 11,945 2,090 
Arvinas Holding Co. LLC (a)(b) 389,300 14,949,120 
Axsome Therapeutics, Inc. (a)(b) 52,900 2,082,673 
Cara Therapeutics, Inc. (a)(b) 2,286 59,390 
Chiasma, Inc. (a)(b) 2,046,399 10,948,235 
Chiasma, Inc. warrants 12/16/24 (a) 382,683 613,192 
Corcept Therapeutics, Inc. (a) 714,854 9,171,577 
Fulcrum Therapeutics, Inc. 72,750 898,463 
GW Pharmaceuticals PLC ADR (a)(b) 86,800 8,863,148 
Horizon Pharma PLC (a) 530,219 17,380,579 
Intra-Cellular Therapies, Inc. (a)(b) 544,748 5,289,503 
Kaleido Biosciences, Inc. (a)(b) 66,633 580,373 
Milestone Pharmaceuticals, Inc. (b) 239,600 4,061,220 
MyoKardia, Inc. (a) 1,020,501 66,485,640 
Nektar Therapeutics (a) 543,851 11,034,737 
NeurogesX, Inc. (a)(g) 2,550,000 26 
Ocular Therapeutix, Inc. (a)(b) 166,453 664,147 
Odonate Therapeutics, Inc. (a) 154,594 5,314,942 
OptiNose, Inc. (a) 190,615 1,780,344 
Reata Pharmaceuticals, Inc. (a)(b) 336,103 65,583,778 
RedHill Biopharma Ltd. sponsored ADR (a)(b) 93,300 639,105 
Revance Therapeutics, Inc. (a) 7,600 136,040 
RPI International Holdings LP (a)(e)(g) 54,958 8,572,624 
Stemcentrx, Inc. rights 12/31/21 (a)(g) 876,163 9 
TherapeuticsMD, Inc. (a)(b) 3,438,742 8,631,242 
Theravance Biopharma, Inc. (a) 354,600 7,716,096 
Trevi Therapeutics, Inc. (b) 792,700 2,790,304 
Tricida, Inc. (a)(b) 260,028 10,390,719 
Urovant Sciences Ltd. (a)(b) 1,172,436 13,248,527 
Verrica Pharmaceuticals, Inc. (a)(b) 635,680 9,579,698 
WAVE Life Sciences (a)(b) 161,012 5,337,548 
Xeris Pharmaceuticals, Inc. (a) 819,896 7,321,671 
Zogenix, Inc. (a) 1,231,628 58,847,186 
  473,207,402 
TOTAL COMMON STOCKS   
(Cost $4,380,948,481)  6,926,198,116 
Preferred Stocks - 0.7%   
Convertible Preferred Stocks - 0.6%   
Biotechnology - 0.4%   
Biotechnology - 0.4%   
23andMe, Inc. Series E (a)(e)(g) 1,505,457 20,820,470 
Immunocore Ltd. Series A (a)(e)(g) 73,318 9,120,945 
Nuvation Bio, Inc. Series A (e)(g)(h) 2,086,600 1,609,562 
  31,550,977 
Health Care Technology - 0.2%   
Health Care Technology - 0.2%   
Codiak Biosciences, Inc.:   
Series A 8.00% (a)(e)(g) 856,366 3,108,609 
Series B 8.00% (a)(e)(g) 2,783,187 10,102,969 
  13,211,578 
Pharmaceuticals - 0.0%   
Pharmaceuticals - 0.0%   
Afferent Pharmaceuticals, Inc. Series C (a)(e)(g) 8,274,568 83 
TOTAL CONVERTIBLE PREFERRED STOCKS  44,762,638 
Nonconvertible Preferred Stocks - 0.1%   
Biotechnology - 0.1%   
Biotechnology - 0.1%   
Yumanity Holdings LLC Class A (a)(e)(g) 588,700 3,879,533 
TOTAL PREFERRED STOCKS   
(Cost $44,891,248)  48,642,171 
Money Market Funds - 9.9%   
Fidelity Cash Central Fund 1.61% (i) 67,017,638 67,031,041 
Fidelity Securities Lending Cash Central Fund 1.61% (i)(j) 637,227,806 637,291,529 
TOTAL MONEY MARKET FUNDS   
(Cost $704,284,793)  704,322,570 
TOTAL INVESTMENT IN SECURITIES - 108.5%   
(Cost $5,130,124,522)  7,679,162,857 
NET OTHER ASSETS (LIABILITIES) - (8.5)%  (604,370,027) 
NET ASSETS - 100%  $7,074,792,830 

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Affiliated company

 (d) 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 $73,974,534 or 1.0% of net assets.

 (e) Restricted securities - 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 $147,631,765 or 2.1% 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) Level 3 security

 (h) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (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 
23andMe, Inc. Series E 6/18/15 $16,299,991 
Adimab LLC 9/17/14 - 6/5/15 $31,853,048 
Afferent Pharmaceuticals, Inc. Series C 7/1/15 $0 
Codiak Biosciences, Inc. Series A 8.00% 11/12/15 $856,366 
Codiak Biosciences, Inc. Series B 8.00% 11/12/15 $8,349,561 
Cyclerion Therapeutics, Inc. 4/2/19 $1,404,026 
Immunocore Ltd. Series A 7/27/15 $13,796,921 
Nuvation Bio, Inc. Series A 6/17/19 $1,609,562 
Precipio, Inc. 2/3/12 $2,828,200 
RPI International Holdings LP 5/21/15 $6,479,548 
Yumanity Holdings LLC Class A 2/8/16 $3,978,847 

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $1,127,773 
Fidelity Securities Lending Cash Central Fund 3,914,435 
Total $5,042,208 

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 
Acorda Therapeutics, Inc. $27,659,463 $8,361,218 $-- $-- $-- $(29,959,039) $6,061,642 
Aldeyra Therapeutics, Inc. 15,316,715 -- 3,506,633 -- (4,110,868) 3,007,017 -- 
Allena Pharmaceuticals, Inc. 302,085 -- 76,063 -- (111,538) (51,632) 62,852 
Allena Pharmaceuticals, Inc. 10,450,538 -- -- -- -- (7,251,689) 3,198,849 
aTyr Pharma, Inc. 465,786 1,055,153 -- -- -- (236,914) 1,284,025 
BioXcel Therapeutics, Inc. 7,133,758 1,681,350 1,390,433 -- (88,583) (1,672,228) 5,663,864 
Chiasma, Inc. 6,554,922 8,452,824 7,732,393 -- (1,845,889) 5,518,771 -- 
Geron Corp. 22,683,801 -- -- -- -- (466,105) 22,217,696 
Krystal Biotech, Inc. 27,623,544 13,780,000 14,279,321 -- 6,963,181 30,802,238 64,889,642 
Kura Oncology, Inc. 29,861,469 14,937,860 9,417,571 -- (2,521,237) 565,069 -- 
La Jolla Pharmaceutical Co. 6,781,849 1,074,435 641,807 -- (2,929,399) (846,408) -- 
Minerva Neurosciences, Inc. 22,014,584 -- 4,203,736 -- (818,315) (3,126,195) 13,866,338 
Miragen Therapeutics, Inc. 8,088,237 -- -- -- -- (5,777,312) 2,310,925 
Ovid Therapeutics, Inc. -- 10,020,000 -- -- -- 7,020,000 17,040,000 
Scholar Rock Holding Corp. 28,051,905 336,000 -- -- -- (15,376,566) 13,011,339 
Seres Therapeutics, Inc. 14,224,512 2,160,000 10,896,903 -- (43,447,013) 40,266,528 -- 
Urovant Sciences Ltd. 16,285,606 4,174,942 5,184,065 -- (2,353,535) 325,579 -- 
X4 Pharmaceuticals, Inc. -- 9,900,000 -- -- -- (333,000) 9,567,000 
Total $243,498,774 $75,933,782 $57,328,925 $-- $(51,263,196) $22,408,114 $159,174,172 

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's 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 vendor 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 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, 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 open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the 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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