Quarterly Holdings Report
for
Fidelity® Select Portfolio®
Biotechnology Portfolio
May 31, 2020
Schedule of Investments May 31, 2020 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 98.6% | |||
| Shares | Value | ||
| Biotechnology - 91.0% | |||
| Biotechnology - 91.0% | |||
| AbbVie, Inc. | 6,688,597 | $619,832,278 | |
| AC Immune SA (a)(b) | 67,232 | 520,376 | |
| ACADIA Pharmaceuticals, Inc. (a) | 1,867,294 | 92,767,166 | |
| Acceleron Pharma, Inc. (a) | 1,527,653 | 150,977,946 | |
| Acorda Therapeutics, Inc. (a)(b)(c) | 2,605,026 | 1,947,517 | |
| ADC Therapeutics SA (a) | 487,722 | 18,021,328 | |
| Adverum Biotechnologies, Inc. (a) | 175,008 | 3,610,415 | |
| Agios Pharmaceuticals, Inc. (a)(b) | 1,742,815 | 90,173,248 | |
| Aimmune Therapeutics, Inc. (a)(b) | 310,560 | 5,158,402 | |
| Akebia Therapeutics, Inc. (a) | 1,771,567 | 20,621,040 | |
| Albireo Pharma, Inc. (a) | 249,000 | 6,663,240 | |
| Aldeyra Therapeutics, Inc. (a) | 1,206,333 | 5,935,158 | |
| Alector, Inc. (a)(b) | 608,182 | 19,887,551 | |
| Alexion Pharmaceuticals, Inc. (a) | 1,168,488 | 140,101,711 | |
| Alkermes PLC (a) | 60,274 | 986,083 | |
| Allakos, Inc. (a)(b) | 492,831 | 32,034,015 | |
| Allena Pharmaceuticals, Inc. (a)(c) | 28,440 | 47,779 | |
| Allena Pharmaceuticals, Inc. (a)(c)(d) | 1,447,443 | 2,431,704 | |
| Allogene Therapeutics, Inc. (a)(b) | 102,470 | 4,934,955 | |
| Alnylam Pharmaceuticals, Inc. (a) | 1,269,378 | 171,708,762 | |
| Amarin Corp. PLC ADR (a)(b) | 556,831 | 3,819,861 | |
| Amgen, Inc. | 1,726,907 | 396,670,538 | |
| Amicus Therapeutics, Inc. (a) | 4,114,481 | 51,328,150 | |
| AnaptysBio, Inc. (a) | 175,119 | 3,341,271 | |
| Apellis Pharmaceuticals, Inc. (a) | 498,134 | 16,782,134 | |
| Applied Therapeutics, Inc. (a)(b) | 973,740 | 44,324,645 | |
| Aprea Therapeutics, Inc. | 535,700 | 14,388,902 | |
| Aravive, Inc. (a)(b) | 774,799 | 9,925,175 | |
| Arcturus Therapeutics Holdings, Inc. (a) | 675,000 | 26,284,500 | |
| Arcus Biosciences, Inc. (a) | 579,142 | 18,156,102 | |
| Arcutis Biotherapeutics, Inc. (a) | 776,474 | 26,050,703 | |
| Ardelyx, Inc. (a) | 464,294 | 3,403,275 | |
| Arena Pharmaceuticals, Inc. (a) | 851,273 | 50,880,587 | |
| Argenx SE ADR (a) | 555,386 | 121,796,150 | |
| Arrowhead Pharmaceuticals, Inc. (a) | 1,989,526 | 64,142,318 | |
| Ascendis Pharma A/S sponsored ADR (a) | 649,309 | 94,467,966 | |
| Assembly Biosciences, Inc. (a) | 405,783 | 7,908,711 | |
| Atara Biotherapeutics, Inc. (a) | 822,843 | 9,462,695 | |
| Athenex, Inc. (a)(b) | 717,400 | 7,798,138 | |
| Atreca, Inc. | 39,300 | 725,871 | |
| aTyr Pharma, Inc. | 407,046 | 1,522,352 | |
| Aurinia Pharmaceuticals, Inc. (a) | 1,844,186 | 29,267,232 | |
| Autolus Therapeutics Ltd. ADR (a)(b) | 212,108 | 2,655,592 | |
| AVROBIO, Inc. (a) | 776,654 | 15,703,944 | |
| Axcella Health, Inc. | 737,149 | 4,422,894 | |
| BELLUS Health, Inc. (a) | 464,300 | 4,870,507 | |
| BioCryst Pharmaceuticals, Inc. (a)(b) | 2,556,584 | 11,491,845 | |
| Biogen, Inc. (a) | 14,914 | 4,579,940 | |
| Biohaven Pharmaceutical Holding Co. Ltd. (a)(b) | 790,293 | 49,369,604 | |
| BioMarin Pharmaceutical, Inc. (a) | 996,423 | 106,168,871 | |
| BioNTech SE ADR (a) | 13,400 | 663,702 | |
| BioXcel Therapeutics, Inc. (a) | 245,690 | 11,439,326 | |
| Black Diamond Therapeutics, Inc. (a)(b) | 308,700 | 12,054,735 | |
| bluebird bio, Inc. (a)(b) | 499,084 | 31,756,715 | |
| Blueprint Medicines Corp. (a) | 1,098,241 | 71,539,419 | |
| Bridgebio Pharma, Inc. (b) | 784,161 | 22,999,442 | |
| Cabaletta Bio, Inc. (a) | 170,550 | 1,458,203 | |
| Calithera Biosciences, Inc. (a) | 21,906 | 127,493 | |
| Cellectis SA sponsored ADR (a) | 189,200 | 3,494,524 | |
| ChemoCentryx, Inc. (a) | 2,018,222 | 125,916,871 | |
| Chimerix, Inc. (a) | 1,373,762 | 4,286,137 | |
| Clovis Oncology, Inc. (a)(b) | 590,070 | 4,083,284 | |
| Coherus BioSciences, Inc. (a) | 129,072 | 2,405,902 | |
| Constellation Pharmaceuticals, Inc. (a) | 152,100 | 5,404,113 | |
| Corbus Pharmaceuticals Holdings, Inc. (a)(b) | 1,479,867 | 11,039,808 | |
| Cortexyme, Inc. (b) | 8,847 | 407,758 | |
| Crinetics Pharmaceuticals, Inc. (a)(b) | 1,202,629 | 19,650,958 | |
| CRISPR Therapeutics AG (a)(b) | 476,242 | 30,755,708 | |
| Cyclerion Therapeutics, Inc. (a)(b) | 837,285 | 3,332,394 | |
| Cyclerion Therapeutics, Inc. (a)(e) | 94,809 | 377,340 | |
| Cytokinetics, Inc. (a)(b) | 2,407,544 | 49,860,236 | |
| CytomX Therapeutics, Inc. (a) | 4,700 | 41,642 | |
| CytomX Therapeutics, Inc. (a)(d) | 287,485 | 2,547,117 | |
| Deciphera Pharmaceuticals, Inc. (a) | 216,100 | 12,656,977 | |
| Denali Therapeutics, Inc. (a)(b) | 709,416 | 19,743,047 | |
| Dicerna Pharmaceuticals, Inc. (a) | 722,512 | 15,584,584 | |
| Dynavax Technologies Corp. (a)(b) | 162,598 | 995,100 | |
| Eagle Pharmaceuticals, Inc. (a) | 48,108 | 2,466,016 | |
| Editas Medicine, Inc. (a)(b) | 113,189 | 3,064,026 | |
| Eidos Therapeutics, Inc. (a)(b) | 118,947 | 5,817,698 | |
| Emergent BioSolutions, Inc. (a) | 118,101 | 9,860,252 | |
| Enanta Pharmaceuticals, Inc. (a) | 12,167 | 626,479 | |
| Epizyme, Inc. (a) | 1,992,046 | 34,960,407 | |
| Equillium, Inc. (a) | 619,843 | 2,138,458 | |
| Esperion Therapeutics, Inc. (a)(b) | 207,432 | 8,788,894 | |
| Evelo Biosciences, Inc. (a)(b) | 26,600 | 116,242 | |
| Exact Sciences Corp. (a)(b) | 849,312 | 72,938,915 | |
| Exelixis, Inc. (a) | 2,448,750 | 60,508,613 | |
| Fate Therapeutics, Inc. (a)(b) | 1,045,687 | 33,911,629 | |
| FibroGen, Inc. (a) | 1,409,365 | 47,129,166 | |
| Frequency Therapeutics, Inc. (b) | 88,256 | 1,638,031 | |
| G1 Therapeutics, Inc. (a) | 789,800 | 13,402,906 | |
| Galapagos Genomics NV sponsored ADR (a)(b) | 456,979 | 92,666,202 | |
| Gamida Cell Ltd. (a) | 1,465,111 | 8,248,575 | |
| Genmab A/S ADR | 281,690 | 8,583,094 | |
| Geron Corp. (a)(b) | 14,094,132 | 22,691,553 | |
| Geron Corp. warrants 7/2/24 (a) | 2,100,000 | 863,820 | |
| Gilead Sciences, Inc. | 5,000 | 389,150 | |
| Global Blood Therapeutics, Inc. (a)(b) | 1,202,016 | 84,044,959 | |
| Gossamer Bio, Inc. (a)(b) | 299,014 | 3,633,020 | |
| Gritstone Oncology, Inc. (a)(b) | 1,248,800 | 8,067,248 | |
| Halozyme Therapeutics, Inc. (a) | 610,577 | 14,818,704 | |
| Heron Therapeutics, Inc. (a) | 1,793,025 | 32,668,916 | |
| Homology Medicines, Inc. (a) | 426,676 | 6,075,866 | |
| Hookipa Pharma, Inc. (a)(b) | 819,000 | 8,935,290 | |
| Idorsia Ltd. (a) | 1,024,508 | 31,125,103 | |
| IGM Biosciences, Inc. (a)(b) | 12,928 | 837,476 | |
| ImmunoGen, Inc. (a) | 1,573,743 | 7,365,117 | |
| Immunomedics, Inc. (a)(b) | 4,317,772 | 145,033,961 | |
| Immunovant, Inc. (a)(b) | 500,000 | 12,830,000 | |
| Incyte Corp. (a) | 18,371 | 1,872,189 | |
| Innovent Biologics, Inc. (a)(d) | 1,268,500 | 6,965,940 | |
| Insmed, Inc. (a) | 1,346,120 | 32,697,255 | |
| Intellia Therapeutics, Inc. (a)(b) | 830,456 | 14,541,285 | |
| Intercept Pharmaceuticals, Inc. (a)(b) | 570,125 | 41,197,233 | |
| Ionis Pharmaceuticals, Inc. (a) | 1,735,977 | 97,579,267 | |
| Iovance Biotherapeutics, Inc. (a)(b) | 1,632,207 | 52,377,523 | |
| Ironwood Pharmaceuticals, Inc. Class A (a)(b) | 2,107,920 | 20,510,062 | |
| Jounce Therapeutics, Inc. (a)(b) | 563,774 | 3,038,742 | |
| Kalvista Pharmaceuticals, Inc. (a) | 884,861 | 9,954,686 | |
| Karuna Therapeutics, Inc. (a) | 226,008 | 21,213,111 | |
| Karyopharm Therapeutics, Inc. (a)(b) | 884,110 | 16,347,194 | |
| Keros Therapeutics, Inc. (b) | 342,996 | 9,857,705 | |
| Kezar Life Sciences, Inc. (a) | 820,472 | 3,913,651 | |
| Kiniksa Pharmaceuticals Ltd. (a)(b) | 252,940 | 5,278,858 | |
| Kodiak Sciences, Inc. (a)(b) | 351,813 | 22,730,638 | |
| Krystal Biotech, Inc. (a)(b)(c) | 1,329,286 | 68,338,593 | |
| Kura Oncology, Inc. (a) | 2,429,963 | 41,528,068 | |
| La Jolla Pharmaceutical Co. (a)(b) | 1,254,989 | 5,923,548 | |
| Lexicon Pharmaceuticals, Inc. (a)(b) | 390,904 | 746,627 | |
| Ligand Pharmaceuticals, Inc. Class B (a)(b) | 3,998 | 406,077 | |
| Macrogenics, Inc. (a) | 173,331 | 3,334,888 | |
| Madrigal Pharmaceuticals, Inc. (a)(b) | 34,241 | 3,972,641 | |
| Magenta Therapeutics, Inc. (a) | 40,712 | 359,894 | |
| MannKind Corp. (a)(b) | 4,943,162 | 7,464,175 | |
| MediciNova, Inc. (a)(b) | 96,484 | 515,225 | |
| Mersana Therapeutics, Inc. (a) | 614,906 | 13,921,472 | |
| Mesoblast Ltd. (a)(b) | 2,182,670 | 5,625,121 | |
| Minerva Neurosciences, Inc. (a) | 1,487,014 | 5,516,822 | |
| Miragen Therapeutics, Inc. (a)(c) | 3,888,656 | 3,838,103 | |
| Mirati Therapeutics, Inc. (a) | 854,540 | 84,761,823 | |
| Mirum Pharmaceuticals, Inc. (a)(b) | 235,000 | 3,959,750 | |
| Moderna, Inc. (a) | 336,805 | 20,713,508 | |
| Molecular Templates, Inc. (a) | 132,103 | 2,050,239 | |
| Momenta Pharmaceuticals, Inc. (a) | 1,392,056 | 43,821,923 | |
| Morphic Holding, Inc. | 758,437 | 15,760,321 | |
| Morphosys AG (a) | 38,739 | 5,016,210 | |
| Morphosys AG sponsored ADR (a) | 267,813 | 8,669,107 | |
| Myovant Sciences Ltd. (a)(b) | 567,855 | 6,956,224 | |
| Natera, Inc. (a) | 542,515 | 23,789,283 | |
| Neurocrine Biosciences, Inc. (a) | 1,090,151 | 136,007,239 | |
| NextCure, Inc. (b) | 148,490 | 4,634,373 | |
| ObsEva SA (a)(b) | 1,355,036 | 5,067,835 | |
| Oragenics, Inc. (a) | 155,806 | 88,015 | |
| ORIC Pharmaceuticals, Inc. (a)(b) | 782,528 | 22,708,963 | |
| Ovid Therapeutics, Inc. (a) | 1,981,406 | 10,600,522 | |
| Passage Bio, Inc. | 690,162 | 15,204,269 | |
| Pharming Group NV (a)(b) | 497,756 | 736,252 | |
| Prevail Therapeutics, Inc. | 742,000 | 12,376,560 | |
| Principia Biopharma, Inc. (a) | 1,028,008 | 65,679,431 | |
| ProQR Therapeutics BV (a) | 756,716 | 4,207,341 | |
| Protagonist Therapeutics, Inc. (a) | 652,063 | 10,778,601 | |
| Prothena Corp. PLC (a) | 519,151 | 5,534,150 | |
| PTC Therapeutics, Inc. (a) | 1,768,011 | 89,655,838 | |
| Puma Biotechnology, Inc. (a)(b) | 122,868 | 1,254,482 | |
| Radius Health, Inc. (a) | 193,049 | 2,444,000 | |
| Regeneron Pharmaceuticals, Inc. (a) | 736,328 | 451,229,162 | |
| REGENXBIO, Inc. (a) | 265,008 | 9,980,201 | |
| Replimune Group, Inc. (a) | 872,936 | 16,393,738 | |
| Retrophin, Inc. (a) | 781,199 | 12,253,106 | |
| Revolution Medicines, Inc. | 451,167 | 13,859,850 | |
| Rhythm Pharmaceuticals, Inc. (a)(b) | 226,078 | 4,383,652 | |
| Rigel Pharmaceuticals, Inc. (a) | 290,839 | 568,590 | |
| Rocket Pharmaceuticals, Inc. (a)(b) | 1,023,818 | 19,258,017 | |
| Rubius Therapeutics, Inc. (a) | 125,863 | 811,816 | |
| Sage Therapeutics, Inc. (a) | 836,193 | 29,868,814 | |
| Sangamo Therapeutics, Inc. (a)(b) | 828,127 | 9,266,741 | |
| Sarepta Therapeutics, Inc. (a) | 932,504 | 141,992,384 | |
| Scholar Rock Holding Corp. (a)(b)(c) | 1,528,947 | 28,132,625 | |
| Seattle Genetics, Inc. (a) | 2,486,760 | 390,943,540 | |
| Seres Therapeutics, Inc. (a)(b) | 491,475 | 2,698,198 | |
| Spectrum Pharmaceuticals, Inc. (a) | 55,103 | 162,003 | |
| Spero Therapeutics, Inc. (a) | 98,952 | 1,169,613 | |
| Springworks Therapeutics, Inc. (a)(b) | 901,412 | 34,316,755 | |
| Stoke Therapeutics, Inc. (b) | 558,641 | 15,452,010 | |
| Sutro Biopharma, Inc. (a) | 96,300 | 963,963 | |
| Syros Pharmaceuticals, Inc. (a) | 758,619 | 7,426,880 | |
| Syros Pharmaceuticals, Inc. (a)(d) | 303,621 | 2,972,450 | |
| Syros Pharmaceuticals, Inc. warrants 10/10/22 (a) | 21,625 | 73,461 | |
| TG Therapeutics, Inc. (a)(b) | 3,623,459 | 67,577,510 | |
| Translate Bio, Inc. (a)(b) | 1,527,923 | 31,658,565 | |
| Turning Point Therapeutics, Inc. (a)(b) | 936,458 | 64,849,717 | |
| Twist Bioscience Corp. (a) | 654,831 | 24,850,836 | |
| Ultragenyx Pharmaceutical, Inc. (a)(b) | 1,292,337 | 88,473,391 | |
| uniQure B.V. (a)(b) | 574,315 | 38,570,995 | |
| United Therapeutics Corp. (a) | 305,616 | 36,047,407 | |
| UNITY Biotechnology, Inc. (a) | 223,800 | 1,830,684 | |
| UroGen Pharma Ltd. (a)(b) | 256,085 | 6,010,315 | |
| Vanda Pharmaceuticals, Inc. (a) | 232,692 | 2,727,150 | |
| Verastem, Inc. (a)(b) | 475,000 | 883,500 | |
| Vertex Pharmaceuticals, Inc. (a) | 21,233 | 6,114,255 | |
| Viela Bio, Inc. (b) | 1,722,399 | 80,780,513 | |
| Viking Therapeutics, Inc. (a) | 177,400 | 1,268,410 | |
| Voyager Therapeutics, Inc. (a)(b) | 229,729 | 2,779,721 | |
| X4 Pharmaceuticals, Inc. (a) | 697,800 | 5,959,212 | |
| X4 Pharmaceuticals, Inc. warrants 4/12/24 (a) | 450,000 | 969,843 | |
| Xencor, Inc. (a) | 1,014,543 | 30,689,926 | |
| Xenon Pharmaceuticals, Inc. (a) | 214,500 | 2,938,650 | |
| Y-mAbs Therapeutics, Inc. (a) | 1,390,842 | 53,102,348 | |
| Zai Lab Ltd. ADR (a) | 38,400 | 2,856,960 | |
| Zealand Pharma A/S (a) | 162,144 | 6,374,544 | |
| Zentalis Pharmaceuticals, Inc. (b) | 404,019 | 21,097,872 | |
| Zymeworks, Inc. (a) | 709,195 | 27,034,513 | |
| 6,764,606,726 | |||
| Capital Markets - 0.1% | |||
| Asset Management & Custody Banks - 0.1% | |||
| Arix Bioscience PLC (a)(b)(d) | 2,049,700 | 2,417,467 | |
| Health Care Equipment & Supplies - 0.4% | |||
| Health Care Equipment - 0.4% | |||
| Novocure Ltd. (a) | 54,800 | 3,695,164 | |
| Novocure Ltd. (a)(d) | 336,313 | 22,677,586 | |
| 26,372,750 | |||
| Health Care Providers & Services - 0.0% | |||
| Health Care Services - 0.0% | |||
| Precipio, Inc. (a)(e) | 525 | 440 | |
| Life Sciences Tools & Services - 0.5% | |||
| Life Sciences Tools & Services - 0.5% | |||
| 10X Genomics, Inc. (a) | 90,619 | 7,065,563 | |
| Adaptive Biotechnologies Corp. | 69,980 | 2,708,226 | |
| Bruker Corp. | 316,600 | 13,702,448 | |
| Evotec OAI AG (a)(b) | 594,300 | 16,043,970 | |
| 39,520,207 | |||
| Personal Products - 0.0% | |||
| Personal Products - 0.0% | |||
| MYOS Corp. (a) | 33,334 | 29,504 | |
| Pharmaceuticals - 6.6% | |||
| Pharmaceuticals - 6.6% | |||
| Adimab LLC (a)(e)(f)(g) | 1,954,526 | 78,454,674 | |
| Aerie Pharmaceuticals, Inc. (a)(b) | 504,143 | 7,073,126 | |
| Afferent Pharmaceuticals, Inc. rights 12/31/24 (a)(g) | 8,274,568 | 14,232,257 | |
| Aradigm Corp. (a) | 148,009 | 7,400 | |
| Aradigm Corp. (a) | 11,945 | 597 | |
| Arvinas Holding Co. LLC (a) | 908,953 | 30,240,866 | |
| Axsome Therapeutics, Inc. (a)(b) | 223,309 | 17,190,327 | |
| Chiasma, Inc. (a) | 1,625,699 | 10,160,619 | |
| Chiasma, Inc. warrants 12/16/24 (a) | 382,683 | 721,354 | |
| Corcept Therapeutics, Inc. (a)(b) | 350,259 | 5,302,921 | |
| Fulcrum Therapeutics, Inc. | 81,267 | 1,618,026 | |
| GW Pharmaceuticals PLC ADR (a)(b) | 51,400 | 6,309,350 | |
| Horizon Pharma PLC (a) | 470,319 | 23,859,283 | |
| IMARA, Inc. | 557,300 | 18,663,977 | |
| Intra-Cellular Therapies, Inc. (a) | 701,444 | 14,646,151 | |
| Kala Pharmaceuticals, Inc. (a)(b) | 1,103,100 | 13,579,161 | |
| Kaleido Biosciences, Inc. (a)(b) | 66,633 | 481,090 | |
| Marinus Pharmaceuticals, Inc. (a) | 1,324,700 | 3,364,738 | |
| MyoKardia, Inc. (a) | 840,640 | 85,989,066 | |
| Nektar Therapeutics (a) | 543,851 | 11,801,567 | |
| Ocular Therapeutix, Inc. (a)(b) | 166,453 | 1,171,829 | |
| Odonate Therapeutics, Inc. (a)(b) | 154,594 | 5,050,586 | |
| OptiNose, Inc. (a) | 190,615 | 823,457 | |
| Reata Pharmaceuticals, Inc. (a)(b) | 226,552 | 32,922,537 | |
| RedHill Biopharma Ltd. sponsored ADR (a)(b) | 93,300 | 664,296 | |
| Revance Therapeutics, Inc. (a) | 7,600 | 158,840 | |
| RPI International Holdings LP (e)(g) | 54,958 | 11,127,621 | |
| Stemcentrx, Inc. rights 12/31/21 (a)(g) | 876,163 | 9 | |
| TherapeuticsMD, Inc. (a)(b) | 1,972,242 | 2,228,633 | |
| Theravance Biopharma, Inc. (a) | 371,300 | 9,375,325 | |
| Trevi Therapeutics, Inc. | 792,700 | 2,156,144 | |
| UCB SA | 347,418 | 34,708,622 | |
| Urovant Sciences Ltd. (a)(b) | 893,536 | 8,792,394 | |
| Verrica Pharmaceuticals, Inc. (a)(b) | 635,680 | 7,297,606 | |
| WAVE Life Sciences (a)(b) | 52,312 | 532,536 | |
| Xeris Pharmaceuticals, Inc. (a)(b) | 266,300 | 1,368,782 | |
| Zogenix, Inc.(a) | 1,018,372 | 29,665,176 | |
| 491,740,943 | |||
| TOTAL COMMON STOCKS | |||
| (Cost $4,656,446,000) | 7,324,688,037 | ||
| Preferred Stocks - 0.7% | |||
| Convertible Preferred Stocks - 0.7% | |||
| Biotechnology - 0.5% | |||
| Biotechnology - 0.5% | |||
| 23andMe, Inc. Series E (a)(e)(g) | 1,505,457 | 22,988,328 | |
| Immunocore Ltd. Series A (a)(e)(g) | 73,318 | 10,786,046 | |
| Nuvation Bio, Inc. Series A (e)(g)(h) | 2,086,600 | 1,961,404 | |
| 35,735,778 | |||
| Health Care Technology - 0.2% | |||
| Health Care Technology - 0.2% | |||
| Codiak Biosciences, Inc.: | |||
| Series A 8.00% (a)(e)(g) | 856,366 | 3,656,683 | |
| Series B 8.00% (a)(e)(g) | 2,783,187 | 11,884,208 | |
| 15,540,891 | |||
| Pharmaceuticals - 0.0% | |||
| Pharmaceuticals - 0.0% | |||
| Afferent Pharmaceuticals, Inc. Series C (a)(e)(g) | 8,274,568 | 83 | |
| TOTAL CONVERTIBLE PREFERRED STOCKS | 51,276,752 | ||
| Nonconvertible Preferred Stocks - 0.0% | |||
| Biotechnology - 0.0% | |||
| Biotechnology - 0.0% | |||
| Yumanity Holdings LLC Class A (a)(e)(g) | 588,700 | 4,562,425 | |
| TOTAL PREFERRED STOCKS | |||
| (Cost $44,891,248) | 55,839,177 | ||
| Money Market Funds - 9.6% | |||
| Fidelity Cash Central Fund 0.11% (i) | 59,448,087 | 59,459,976 | |
| Fidelity Securities Lending Cash Central Fund 0.10% (i)(j) | 652,455,220 | 652,520,466 | |
| TOTAL MONEY MARKET FUNDS | |||
| (Cost $711,943,084) | 711,980,442 | ||
| TOTAL INVESTMENT IN SECURITIES - 108.9% | |||
| (Cost $5,413,280,332) | 8,092,507,656 | ||
| NET OTHER ASSETS (LIABILITIES) - (8.9)% | (660,529,608) | ||
| NET ASSETS - 100% | $7,431,978,048 |
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 $40,012,264 or 0.5% of net assets.
(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 $145,799,252 or 2.0% 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 | $31,858,278 |
| 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 | $57,154 |
| Fidelity Securities Lending Cash Central Fund | 1,057,898 |
| Total | $1,115,052 |
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. | $3,751,237 | $-- | $-- | $-- | $-- | $(1,803,720) | $1,947,517 |
| Allena Pharmaceuticals, Inc. | 56,027 | -- | -- | -- | -- | (8,248) | 47,779 |
| Allena Pharmaceuticals, Inc. | 2,851,463 | -- | -- | -- | -- | (419,759) | 2,431,704 |
| aTyr Pharma, Inc. | 1,510,141 | -- | -- | -- | -- | 12,211 | -- |
| Geron Corp. | 15,417,418 | 2,730,000 | 2,550,744 | -- | 213,499 | 6,881,380 | -- |
| Krystal Biotech, Inc. | 61,375,887 | 9,955,000 | -- | -- | -- | (2,992,294) | 68,338,593 |
| Miragen Therapeutics, Inc. | 2,887,327 | -- | -- | -- | -- | 950,776 | 3,838,103 |
| Scholar Rock Holding Corp. | 21,573,442 | -- | -- | -- | -- | 6,559,183 | 28,132,625 |
| X4 Pharmaceuticals, Inc. | 8,808,864 | -- | 1,046,130 | -- | (350,870) | (1,452,652) | -- |
| Total | $118,231,806 | $12,685,000 | $3,596,874 | $-- | $(137,371) | $7,726,877 | $104,736,321 |
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, the income approach and cost approach 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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