Quarterly Holdings Report
for
Fidelity® Select Portfolio®
Biotechnology Portfolio
May 31, 2021
Schedule of Investments May 31, 2021 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 97.4% | |||
| Shares | Value | ||
| Biotechnology - 89.4% | |||
| Biotechnology - 89.4% | |||
| 4D Molecular Therapeutics, Inc. | 214,868 | $5,706,894 | |
| AbbVie, Inc. | 9,829,284 | 1,112,674,949 | |
| ACADIA Pharmaceuticals, Inc. (a) | 199,594 | 4,458,930 | |
| Acceleron Pharma, Inc. (a) | 924,453 | 121,001,653 | |
| ADC Therapeutics SA (a)(b) | 755,238 | 16,350,903 | |
| Agios Pharmaceuticals, Inc. (a) | 1,075,059 | 59,966,791 | |
| Akouos, Inc. (a)(b) | 716,626 | 9,359,136 | |
| Albireo Pharma, Inc. (a)(b) | 320,350 | 10,715,708 | |
| Aldeyra Therapeutics, Inc. (a) | 1,201,911 | 15,047,926 | |
| Alector, Inc. (a)(b) | 998,482 | 17,772,980 | |
| Allakos, Inc. (a) | 207,631 | 21,062,089 | |
| Allena Pharmaceuticals, Inc. (a)(c) | 1,447,443 | 1,577,713 | |
| Allena Pharmaceuticals, Inc. (a)(b) | 848,640 | 925,018 | |
| Allogene Therapeutics, Inc. (a) | 650,470 | 16,717,079 | |
| Allovir, Inc. (a) | 111,300 | 2,608,872 | |
| Alnylam Pharmaceuticals, Inc. (a) | 1,432,939 | 203,463,009 | |
| ALX Oncology Holdings, Inc. (a)(b) | 643,290 | 36,384,482 | |
| Amgen, Inc. | 401,451 | 95,521,251 | |
| Amicus Therapeutics, Inc. (a) | 1,229,001 | 11,380,549 | |
| Annexon, Inc. (a) | 344,736 | 7,280,824 | |
| Apellis Pharmaceuticals, Inc. (a) | 1,455,747 | 81,929,441 | |
| Applied Molecular Transport, Inc. (b) | 25,628 | 1,228,606 | |
| Applied Therapeutics, Inc. (a) | 569,640 | 10,954,177 | |
| Aravive, Inc. (a)(b) | 456,443 | 2,341,553 | |
| Arcturus Therapeutics Holdings, Inc. (a)(b) | 730,290 | 21,339,074 | |
| Arcus Biosciences, Inc. (a) | 3,091,165 | 76,722,715 | |
| Arcutis Biotherapeutics, Inc. (a) | 879,674 | 23,179,410 | |
| Ardelyx, Inc. (a) | 97,094 | 694,222 | |
| Arena Pharmaceuticals, Inc. (a) | 281,573 | 17,206,926 | |
| Argenx SE ADR (a) | 452,386 | 126,211,170 | |
| Arrowhead Pharmaceuticals, Inc. (a) | 1,052,226 | 76,391,608 | |
| Ascendis Pharma A/S sponsored ADR (a) | 659,409 | 88,611,381 | |
| Atara Biotherapeutics, Inc. (a) | 587,995 | 7,973,212 | |
| aTyr Pharma, Inc. (a)(b) | 481,990 | 2,188,235 | |
| Aurinia Pharmaceuticals, Inc. (a)(b) | 1,263,586 | 18,347,269 | |
| Autolus Therapeutics Ltd. ADR (a)(b) | 1,074,488 | 7,123,855 | |
| Avidity Biosciences, Inc. (b) | 235,484 | 5,590,390 | |
| AVROBIO, Inc. (a) | 120,951 | 1,087,349 | |
| Axcella Health, Inc. (a)(b) | 397,149 | 1,266,905 | |
| Bicycle Therapeutics PLC ADR (a)(b) | 211,444 | 6,237,598 | |
| BioAtla, Inc. | 262,115 | 11,284,051 | |
| BioCryst Pharmaceuticals, Inc. (a)(b) | 1,123,884 | 17,723,651 | |
| Biogen, Inc. (a) | 1,017,105 | 272,055,245 | |
| Biohaven Pharmaceutical Holding Co. Ltd. (a) | 1,128,162 | 98,150,094 | |
| BioMarin Pharmaceutical, Inc. (a) | 8,344 | 644,991 | |
| Biomea Fusion, Inc. (a) | 335,863 | 5,813,789 | |
| BioNTech SE ADR (a) | 164,628 | 33,584,112 | |
| BioXcel Therapeutics, Inc. (a)(b) | 221,727 | 7,323,643 | |
| bluebird bio, Inc. (a) | 12,384 | 385,390 | |
| Blueprint Medicines Corp. (a) | 1,304,915 | 119,203,985 | |
| Bolt Biotherapeutics, Inc. | 423,000 | 7,406,730 | |
| BridgeBio Pharma, Inc. (a)(b) | 696,761 | 41,248,251 | |
| C4 Therapeutics, Inc. (b) | 357,691 | 13,216,682 | |
| Cabaletta Bio, Inc. (a)(b) | 35,650 | 404,271 | |
| CareDx, Inc. (a) | 178,500 | 14,351,400 | |
| Celldex Therapeutics, Inc. (a) | 337,900 | 9,444,305 | |
| Cellectis SA sponsored ADR (a)(b) | 157,465 | 2,467,477 | |
| Cerevel Therapeutics Holdings (a) | 201,800 | 2,647,616 | |
| ChemoCentryx, Inc. (a) | 2,062,222 | 20,931,553 | |
| Chinook Therapeutics, Inc. (a) | 840,646 | 13,870,659 | |
| Chinook Therapeutics, Inc. rights (a)(d) | 115,821 | 5,791 | |
| Codiak Biosciences, Inc. (b) | 436,539 | 9,874,512 | |
| Coherus BioSciences, Inc. (a) | 58,387 | 768,373 | |
| Connect Biopharma Holdings Ltd. ADR (a) | 1,079,600 | 16,064,448 | |
| Constellation Pharmaceuticals, Inc. (a)(b) | 90,259 | 1,788,031 | |
| ContraFect Corp. (a)(b) | 456,309 | 1,843,488 | |
| Cortexyme, Inc. (a)(b) | 1,947 | 80,547 | |
| Crinetics Pharmaceuticals, Inc. (a)(e) | 2,123,187 | 37,261,932 | |
| CRISPR Therapeutics AG (a)(b) | 260,522 | 30,788,490 | |
| Cullinan Oncology, Inc. | 179,440 | 5,334,751 | |
| Cyclerion Therapeutics, Inc. (a) | 837,285 | 2,712,803 | |
| Cyclerion Therapeutics, Inc. (a)(f) | 94,809 | 307,181 | |
| Cytokinetics, Inc. (a) | 1,546,871 | 33,768,194 | |
| CytomX Therapeutics, Inc. (a) | 221,700 | 1,587,372 | |
| CytomX Therapeutics, Inc. (a)(c) | 287,485 | 2,058,393 | |
| Day One Biopharmaceuticals, Inc. (a) | 310,467 | 7,354,963 | |
| Decibel Therapeutics, Inc. | 213,800 | 1,913,510 | |
| Deciphera Pharmaceuticals, Inc. (a) | 397,200 | 13,401,528 | |
| Denali Therapeutics, Inc. (a)(b) | 697,951 | 44,382,704 | |
| Design Therapeutics, Inc. (a) | 1,000,000 | 26,200,000 | |
| Dicerna Pharmaceuticals, Inc. (a) | 618,712 | 20,170,011 | |
| Edgewise Therapeutics, Inc. (a) | 713,600 | 20,601,632 | |
| Editas Medicine, Inc. (a)(b) | 9,789 | 332,337 | |
| Eledon Pharmaceuticals, Inc. (a)(e) | 1,004,111 | 9,559,137 | |
| Emergent BioSolutions, Inc. (a) | 18,101 | 1,097,826 | |
| Epizyme, Inc. (a)(b) | 1,799,135 | 14,806,881 | |
| Equillium, Inc. (a) | 209,800 | 1,376,288 | |
| Essa Pharma, Inc. (a) | 797,203 | 25,207,559 | |
| Evelo Biosciences, Inc. (a)(b) | 834,199 | 11,194,951 | |
| Exact Sciences Corp. (a) | 526,212 | 58,162,212 | |
| Exelixis, Inc. (a) | 3,524,744 | 79,482,977 | |
| Fate Therapeutics, Inc. (a) | 970,587 | 74,346,964 | |
| FibroGen, Inc. (a) | 1,071,831 | 22,776,409 | |
| Foghorn Therapeutics, Inc. | 443,055 | 4,612,203 | |
| Foghorn Therapeutics, Inc. (c) | 144,144 | 1,500,539 | |
| Forma Therapeutics Holdings, Inc. | 804,809 | 22,590,989 | |
| Fusion Pharmaceuticals, Inc. (a) | 871,443 | 7,154,547 | |
| G1 Therapeutics, Inc. (a)(b) | 813,600 | 17,671,392 | |
| Galapagos Genomics NV sponsored ADR (a)(b) | 564,459 | 42,977,908 | |
| Gamida Cell Ltd. (a) | 795,067 | 5,159,985 | |
| Gemini Therapeutics, Inc. (f) | 1,000,000 | 12,300,000 | |
| Generation Bio Co. | 137,100 | 4,697,046 | |
| Genmab A/S ADR (a) | 21,490 | 872,924 | |
| Geron Corp. (a)(b) | 4,109,206 | 5,670,704 | |
| Geron Corp. warrants 12/31/25 (a) | 2,100,000 | 632,908 | |
| Gilead Sciences, Inc. | 448,782 | 29,668,978 | |
| Global Blood Therapeutics, Inc. (a) | 413,716 | 15,899,106 | |
| Gritstone Bio, Inc. (a)(b) | 780,780 | 7,183,176 | |
| Halozyme Therapeutics, Inc. (a) | 906,308 | 37,530,214 | |
| Heron Therapeutics, Inc. (a)(b) | 354,625 | 4,705,874 | |
| Homology Medicines, Inc. (a) | 1,057,874 | 7,024,283 | |
| Hookipa Pharma, Inc. (a)(b)(e) | 1,405,103 | 23,451,169 | |
| Ideaya Biosciences, Inc. (a) | 44,000 | 886,600 | |
| Idorsia Ltd. (a) | 1,218,641 | 33,273,844 | |
| IGM Biosciences, Inc. (a) | 99,368 | 7,417,821 | |
| Immunic, Inc. (a) | 602,072 | 8,133,993 | |
| Immunocore Holdings PLC | 400,875 | 15,614,081 | |
| ImmunoGen, Inc. (a) | 1,176,923 | 7,273,384 | |
| Immunome, Inc. (b) | 226,456 | 4,737,460 | |
| Incyte Corp. (a) | 760,067 | 63,678,413 | |
| Inhibikase Therapeutics, Inc. (b) | 100,000 | 537,000 | |
| Inozyme Pharma, Inc. (a)(b) | 609,380 | 9,969,457 | |
| Insmed, Inc. (a) | 742,920 | 18,275,832 | |
| Instil Bio, Inc. (a) | 63,200 | 1,124,960 | |
| Instil Bio, Inc. | 1,431,274 | 22,929,009 | |
| Intellia Therapeutics, Inc. (a) | 1,150,501 | 86,218,545 | |
| Intercept Pharmaceuticals, Inc. (a)(b) | 102,794 | 1,709,464 | |
| Invitae Corp. (a)(b) | 657,417 | 18,920,461 | |
| Ionis Pharmaceuticals, Inc. (a)(b) | 1,722,677 | 64,169,718 | |
| Iovance Biotherapeutics, Inc. (a) | 779,179 | 14,469,354 | |
| iTeos Therapeutics, Inc. (a) | 303,681 | 6,237,608 | |
| Jounce Therapeutics, Inc. (a) | 790,934 | 6,208,832 | |
| Kalvista Pharmaceuticals, Inc. (a)(b) | 218,620 | 5,902,740 | |
| Karuna Therapeutics, Inc. (a) | 229,311 | 25,641,556 | |
| Keros Therapeutics, Inc. (a) | 310,786 | 16,956,484 | |
| Kezar Life Sciences, Inc. (a) | 814,232 | 4,657,407 | |
| Kiniksa Pharmaceuticals Ltd. (a)(b) | 305,540 | 4,164,510 | |
| Kinnate Biopharma, Inc. | 639,303 | 14,860,726 | |
| Kodiak Sciences, Inc. (a)(b) | 265,168 | 22,173,348 | |
| Kronos Bio, Inc. (b) | 52,276 | 1,276,057 | |
| Kronos Bio, Inc. (c) | 495,356 | 12,091,640 | |
| Krystal Biotech, Inc. (a)(e) | 1,341,897 | 87,545,360 | |
| Kura Oncology, Inc. (a) | 1,150,809 | 25,605,500 | |
| Kymera Therapeutics, Inc. (a)(b) | 608,371 | 29,256,561 | |
| Legend Biotech Corp. ADR (b) | 36,994 | 1,456,454 | |
| Lexicon Pharmaceuticals, Inc. (a)(b) | 1,045,768 | 4,590,922 | |
| Ligand Pharmaceuticals, Inc. Class B (a) | 698 | 82,155 | |
| LogicBio Therapeutics, Inc. (a)(b) | 500,000 | 2,185,000 | |
| Macrogenics, Inc. (a) | 1,279,250 | 41,179,058 | |
| Madrigal Pharmaceuticals, Inc. (a) | 166,540 | 18,702,442 | |
| Magenta Therapeutics, Inc. (a) | 72,800 | 899,080 | |
| MannKind Corp. (a)(b) | 4,446,462 | 19,653,362 | |
| Mersana Therapeutics, Inc. (a) | 116,606 | 1,669,798 | |
| Merus BV (a)(b) | 246,600 | 5,215,590 | |
| Metacrine, Inc. | 312,500 | 1,287,500 | |
| Minerva Neurosciences, Inc. (a) | 394,479 | 1,163,713 | |
| Mirati Therapeutics, Inc. (a) | 621,040 | 98,217,476 | |
| Mirum Pharmaceuticals, Inc. (a)(b) | 114,328 | 1,890,985 | |
| Moderna, Inc. (a) | 971,228 | 179,686,892 | |
| Molecular Templates, Inc. (a)(b) | 138,914 | 1,241,891 | |
| Morphic Holding, Inc. (a) | 805,337 | 39,751,434 | |
| Myovant Sciences Ltd. (a)(b) | 110,166 | 2,581,189 | |
| Natera, Inc. (a) | 565,433 | 53,229,863 | |
| Neurocrine Biosciences, Inc. (a) | 532,698 | 51,256,202 | |
| Neximmune, Inc. | 525,000 | 9,754,500 | |
| Nkarta, Inc. (a)(b) | 60,200 | 1,465,870 | |
| Novavax, Inc. (a) | 368,936 | 54,462,332 | |
| NuCana PLC ADR (a) | 369,200 | 1,129,752 | |
| Nurix Therapeutics, Inc. (a)(b) | 564,634 | 15,753,289 | |
| Olema Pharmaceuticals, Inc. (b) | 61,997 | 1,733,436 | |
| Opko Health, Inc. (a)(b) | 1,434,911 | 5,481,360 | |
| Oragenics, Inc. (a) | 155,806 | 107,008 | |
| ORIC Pharmaceuticals, Inc. (a)(b) | 724,374 | 16,551,946 | |
| Passage Bio, Inc. (a) | 643,962 | 8,532,497 | |
| PMV Pharmaceuticals, Inc. (b) | 172,300 | 5,927,120 | |
| Poseida Therapeutics, Inc. (a) | 101,700 | 859,365 | |
| Poseida Therapeutics, Inc. (c) | 513,583 | 4,339,776 | |
| Praxis Precision Medicines, Inc. | 321,261 | 6,293,503 | |
| Prelude Therapeutics, Inc. | 10,079 | 350,346 | |
| Prelude Therapeutics, Inc. (c) | 550,977 | 19,151,961 | |
| Prometheus Biosciences, Inc. (a)(b) | 412,800 | 9,614,112 | |
| ProQR Therapeutics BV (a)(b) | 555,016 | 3,463,300 | |
| Protagonist Therapeutics, Inc. (a) | 564,855 | 19,832,059 | |
| Prothena Corp. PLC (a) | 1,060,789 | 30,943,215 | |
| PTC Therapeutics, Inc. (a) | 2,268,744 | 89,093,577 | |
| Radius Health, Inc. (a) | 40,249 | 776,403 | |
| Rain Therapeutics, Inc. (a)(b) | 800,000 | 15,896,000 | |
| Recursion Pharmaceuticals, Inc. (a) | 220,300 | 5,807,108 | |
| Regeneron Pharmaceuticals, Inc. (a) | 14,976 | 7,524,392 | |
| REGENXBIO, Inc. (a) | 15,108 | 532,859 | |
| Relay Therapeutics, Inc. (a)(b) | 1,319,943 | 42,396,569 | |
| Repare Therapeutics, Inc. | 540,250 | 17,460,880 | |
| Replimune Group, Inc. (a) | 1,054,117 | 41,078,939 | |
| Revolution Medicines, Inc. (a) | 785,492 | 23,494,066 | |
| Rhythm Pharmaceuticals, Inc. (a) | 83,278 | 1,633,082 | |
| Rigel Pharmaceuticals, Inc. (a) | 1,097,800 | 4,083,816 | |
| Rocket Pharmaceuticals, Inc. (a)(b) | 558,836 | 23,750,530 | |
| Rubius Therapeutics, Inc. (a)(b) | 743,329 | 18,159,527 | |
| Sage Therapeutics, Inc. (a) | 925,235 | 64,396,356 | |
| Sana Biotechnology, Inc. (b) | 15,490 | 324,825 | |
| Sangamo Therapeutics, Inc. (a) | 360,627 | 3,887,559 | |
| Sarepta Therapeutics, Inc. (a) | 697,604 | 52,773,743 | |
| Scholar Rock Holding Corp. (a) | 1,543,247 | 41,467,047 | |
| Seagen, Inc. (a) | 329,784 | 51,231,944 | |
| Selecta Biosciences, Inc. (a) | 1,032,715 | 4,481,983 | |
| Sensorion SA (a) | 3,270,000 | 8,134,707 | |
| Seres Therapeutics, Inc. (a)(b) | 687,847 | 14,520,450 | |
| Shattuck Labs, Inc. | 110,936 | 3,010,803 | |
| Silverback Therapeutics, Inc. | 16,978 | 467,404 | |
| Silverback Therapeutics, Inc. | 296,788 | 8,088,868 | |
| Solid Biosciences, Inc. (a) | 769,800 | 2,925,240 | |
| Springworks Therapeutics, Inc. (a)(b) | 624,520 | 50,923,361 | |
| Spruce Biosciences, Inc. (b) | 698,273 | 9,866,597 | |
| Stoke Therapeutics, Inc. (a)(b) | 270,036 | 10,709,628 | |
| Surface Oncology, Inc. (a)(b) | 885,265 | 8,002,796 | |
| Sutro Biopharma, Inc. (a)(b) | 737,300 | 13,721,153 | |
| Syros Pharmaceuticals, Inc. (a) | 2,002,674 | 12,917,247 | |
| Syros Pharmaceuticals, Inc. (a)(c) | 303,621 | 1,958,355 | |
| Syros Pharmaceuticals, Inc. warrants 10/10/22 (a) | 21,625 | 18,455 | |
| Talaris Therapeutics, Inc. (a)(b) | 60,000 | 964,200 | |
| Taysha Gene Therapies, Inc. | 882,847 | 19,864,058 | |
| TCR2 Therapeutics, Inc. (a) | 424,800 | 8,134,920 | |
| TG Therapeutics, Inc. (a) | 2,842,420 | 99,115,185 | |
| Translate Bio, Inc. (a)(b) | 1,083,726 | 19,517,905 | |
| Travere Therapeutics, Inc. (a) | 12,299 | 186,576 | |
| Trillium Therapeutics, Inc. (a)(b) | 84,760 | 675,537 | |
| Turning Point Therapeutics, Inc. (a) | 451,601 | 29,886,954 | |
| Twist Bioscience Corp. (a) | 287,151 | 30,814,174 | |
| Ultragenyx Pharmaceutical, Inc. (a) | 690,637 | 70,244,689 | |
| uniQure B.V. (a) | 643,408 | 22,345,560 | |
| United Therapeutics Corp. (a) | 270,616 | 50,307,514 | |
| UroGen Pharma Ltd. (a)(b) | 47,603 | 838,765 | |
| Vaxcyte, Inc. | 559,915 | 11,797,409 | |
| Veracyte, Inc. (a) | 176,200 | 6,880,610 | |
| Verastem, Inc. (a) | 254,200 | 983,754 | |
| Vertex Pharmaceuticals, Inc. (a) | 1,643,479 | 342,879,024 | |
| Vor Biopharma, Inc. | 424,208 | 8,503,249 | |
| Werewolf Therapeutics, Inc. (a)(b) | 315,000 | 4,687,200 | |
| X4 Pharmaceuticals, Inc. (a) | 212,620 | 2,019,890 | |
| X4 Pharmaceuticals, Inc. warrants 4/12/24 (a) | 450,000 | 975,597 | |
| Xencor, Inc. (a) | 972,143 | 37,388,620 | |
| Xenon Pharmaceuticals, Inc. (a) | 643,198 | 11,879,867 | |
| Y-mAbs Therapeutics, Inc. (a) | 1,354,184 | 48,520,413 | |
| Yumanity Therapeutics, Inc. (f) | 173,913 | 2,674,782 | |
| Yumanity Therapeutics, Inc. | 132,069 | 1,929,660 | |
| Zai Lab Ltd. ADR (a) | 275,449 | 48,936,269 | |
| Zealand Pharma A/S (a) | 555,044 | 17,084,018 | |
| Zentalis Pharmaceuticals, Inc. (a) | 621,333 | 34,701,448 | |
| Zymergen, Inc. (a)(b) | 76,290 | 2,470,270 | |
| Zymeworks, Inc. (a) | 709,195 | 22,126,884 | |
| 6,865,132,635 | |||
| Capital Markets - 0.0% | |||
| Asset Management & Custody Banks - 0.0% | |||
| Arix Bioscience PLC (a)(c) | 1,411,100 | 3,544,536 | |
| Food & Staples Retailing - 0.0% | |||
| Drug Retail - 0.0% | |||
| MedAvail Holdings, Inc. (a) | 2,777 | 35,657 | |
| Health Care Equipment & Supplies - 0.5% | |||
| Health Care Equipment - 0.3% | |||
| Novocure Ltd. (a) | 4,200 | 856,800 | |
| Novocure Ltd. (a)(c) | 106,313 | 21,687,852 | |
| 22,544,652 | |||
| Health Care Supplies - 0.2% | |||
| Centessa Pharmaceuticals PLC ADR (a) | 790,000 | 15,800,000 | |
| Pulmonx Corp. | 8,300 | 356,236 | |
| 16,156,236 | |||
| TOTAL HEALTH CARE EQUIPMENT & SUPPLIES | 38,700,888 | ||
| Health Care Providers & Services - 0.4% | |||
| Health Care Services - 0.4% | |||
| Guardant Health, Inc. (a) | 106,500 | 13,218,780 | |
| Ikena Oncology, Inc. (a) | 142,100 | 2,557,800 | |
| Ikena Oncology, Inc. | 878,347 | 14,229,221 | |
| Precipio, Inc. (a)(f) | 525 | 1,738 | |
| 30,007,539 | |||
| Life Sciences Tools & Services - 1.0% | |||
| Life Sciences Tools & Services - 1.0% | |||
| 10X Genomics, Inc. (a) | 122,919 | 22,125,420 | |
| Adaptive Biotechnologies Corp. (a) | 26,080 | 986,085 | |
| Berkeley Lights, Inc. (a) | 10,200 | 443,700 | |
| Bruker Corp. | 151,600 | 10,527,104 | |
| Compugen Ltd. (a)(b) | 515,388 | 3,958,180 | |
| Evotec OAI AG (a) | 382,500 | 16,885,114 | |
| Maravai LifeSciences Holdings, Inc. | 146,700 | 5,507,118 | |
| Pacific Biosciences of California, Inc. (a) | 252,282 | 6,824,228 | |
| Seer, Inc. | 40,900 | 1,209,822 | |
| Seer, Inc. Class A (f) | 263,158 | 7,784,214 | |
| 76,250,985 | |||
| Pharmaceuticals - 6.1% | |||
| Pharmaceuticals - 6.1% | |||
| Aclaris Therapeutics, Inc. (a) | 562,399 | 12,507,754 | |
| Adimab LLC (a)(d)(f)(g) | 1,954,526 | 99,265,489 | |
| Aerie Pharmaceuticals, Inc. (a)(b) | 186,043 | 3,030,640 | |
| Afferent Pharmaceuticals, Inc. rights 12/31/24 (a)(d) | 8,274,568 | 13,487,546 | |
| Angion Biomedica Corp. | 312,500 | 4,825,000 | |
| Antengene Corp. (c) | 2,066,800 | 4,505,954 | |
| Aradigm Corp. (d) | 11,945 | 549 | |
| Aradigm Corp. (a)(d) | 148,009 | 6,808 | |
| Arvinas Holding Co. LLC (a) | 696,123 | 50,635,987 | |
| Atea Pharmaceuticals, Inc. | 75,200 | 1,535,584 | |
| Axsome Therapeutics, Inc. (a)(b) | 201,209 | 12,215,398 | |
| Chiasma, Inc. warrants 12/16/24 (a) | 382,683 | 252,487 | |
| Corcept Therapeutics, Inc. (a) | 52,359 | 1,130,954 | |
| Fulcrum Therapeutics, Inc. (a)(b) | 210,767 | 1,882,149 | |
| Harmony Biosciences Holdings, Inc. (a) | 30,600 | 977,976 | |
| Horizon Therapeutics PLC (a) | 202,529 | 18,563,808 | |
| IMARA, Inc. (a) | 413,291 | 3,004,626 | |
| Intra-Cellular Therapies, Inc. (a) | 1,235,276 | 48,682,227 | |
| Kaleido Biosciences, Inc. (a) | 249,460 | 1,791,123 | |
| Longboard Pharmaceuticals, Inc. (a) | 371,100 | 3,065,286 | |
| Marinus Pharmaceuticals, Inc. (a)(b) | 474,765 | 7,985,547 | |
| Nektar Therapeutics (a) | 280,931 | 5,076,423 | |
| Nuvation Bio, Inc. (a)(b) | 74,700 | 1,062,234 | |
| Nuvation Bio, Inc. (f) | 1,000,000 | 13,509,000 | |
| Nuvation Bio, Inc. | 408,991 | 5,525,059 | |
| Ocular Therapeutix, Inc. (a) | 184,853 | 2,691,460 | |
| OptiNose, Inc. (a)(b) | 229,115 | 730,877 | |
| Pharvaris BV (b) | 575,126 | 11,790,083 | |
| Pliant Therapeutics, Inc. | 971,031 | 29,189,192 | |
| Reata Pharmaceuticals, Inc. (a)(b) | 99,032 | 13,541,636 | |
| Reneo Pharmaceuticals, Inc. (a)(b) | 187,500 | 1,884,375 | |
| Revance Therapeutics, Inc. (a) | 88,100 | 2,608,641 | |
| Royalty Pharma PLC (a)(d)(f) | 3,976 | 0 | |
| Royalty Pharma PLC (c) | 509,820 | 20,453,978 | |
| Stemcentrx, Inc. rights 12/31/21 (a)(d) | 876,163 | 9 | |
| Terns Pharmaceuticals, Inc. | 689,509 | 11,797,499 | |
| Theravance Biopharma, Inc. (a) | 371,300 | 6,416,064 | |
| Trevi Therapeutics, Inc. (a)(b) | 195,220 | 415,819 | |
| UCB SA | 357,627 | 33,632,668 | |
| Vera Therapeutics, Inc. (a) | 50,600 | 872,850 | |
| Vera Therapeutics, Inc. | 729,168 | 11,320,333 | |
| Verrica Pharmaceuticals, Inc. (a)(b) | 236,949 | 2,668,046 | |
| 464,539,138 | |||
| TOTAL COMMON STOCKS | |||
| (Cost $5,284,933,593) | 7,478,211,378 | ||
| Convertible Preferred Stocks - 2.1% | |||
| Biotechnology - 1.9% | |||
| Biotechnology - 1.9% | |||
| 23andMe, Inc.: | |||
| Series E (a)(f) | 1,340,332 | 27,024,069 | |
| Series F1 (f) | 57,637 | 1,162,090 | |
| Adagio Theraputics, Inc. Series B (d)(f) | 19,100 | 1,491,438 | |
| Ambrx, Inc.: | |||
| Series A (d)(f) | 4,797,917 | 9,883,709 | |
| Series B (d)(f) | 4,318,126 | 8,895,340 | |
| Century Therapeutics, Inc. Series C (d)(f) | 1,931,406 | 12,499,996 | |
| ElevateBio LLC Series C (d)(f) | 216,600 | 908,637 | |
| EQRx, Inc. Series B (d)(f) | 1,823,553 | 6,054,196 | |
| Graphite Bio, Inc. Series B (d)(f) | 2,929,230 | 14,821,904 | |
| Monte Rosa Therapeutics, Inc. Series C (d)(f) | 5,061,241 | 15,000,000 | |
| National Resilience, Inc. Series B (d)(f) | 732,064 | 9,999,994 | |
| Omega Therapeutics, Inc. Series C (d)(f) | 4,166,667 | 12,500,001 | |
| Tenaya Therapeutics, Inc. Series C (d)(f) | 7,239,382 | 15,000,000 | |
| ValenzaBio, Inc. Series A (d)(f) | 1,685,311 | 14,999,991 | |
| 150,241,365 | |||
| Health Care Providers & Services - 0.1% | |||
| Health Care Services - 0.1% | |||
| Scorpion Therapeutics, Inc. Series B (d)(f) | 3,099,905 | 7,500,000 | |
| Pharmaceuticals - 0.1% | |||
| Pharmaceuticals - 0.1% | |||
| Afferent Pharmaceuticals, Inc. Series C (a)(d)(f) | 8,274,568 | 83 | |
| Aristea Therapeutics, Inc. Series B (d)(f) | 836,400 | 6,030,444 | |
| 6,030,527 | |||
| TOTAL CONVERTIBLE PREFERRED STOCKS | |||
| (Cost $144,437,676) | 163,771,892 | ||
| Principal Amount | Value | ||
| Convertible Bonds - 0.0% | |||
| Textiles, Apparel & Luxury Goods - 0.0% | |||
| Textiles - 0.0% | |||
| AbSci Corp. 6% (Cost $2,700,000)(d)(h) | 2,700,000 | 2,700,000 | |
| Shares | Value | ||
| Money Market Funds - 6.7% | |||
| Fidelity Cash Central Fund 0.03% (i) | 52,742,917 | 52,753,466 | |
| Fidelity Securities Lending Cash Central Fund 0.03% (i)(j) | 459,695,480 | 459,741,450 | |
| TOTAL MONEY MARKET FUNDS | |||
| (Cost $512,457,558) | 512,494,916 | ||
| TOTAL INVESTMENT IN SECURITIES - 106.2% | |||
| (Cost $5,944,528,827) | 8,157,178,186 | ||
| NET OTHER ASSETS (LIABILITIES) - (6.2)% | (476,451,255) | ||
| NET ASSETS - 100% | $7,680,726,931 |
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) 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 $92,870,697 or 1.2% of net assets.
(d) Level 3 security
(e) Affiliated company
(f) 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 $299,614,294 or 3.9% of net assets.
(g) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
(h) Security is perpetual in nature with no stated maturity date.
(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 | $14,512,138 |
| 23andMe, Inc. Series F1 | 12/9/20 | $1,000,002 |
| Adagio Theraputics, Inc. Series B | 11/4/20 | $1,083,352 |
| Adimab LLC | 9/17/14 - 6/5/15 | $31,194,506 |
| Afferent Pharmaceuticals, Inc. Series C | 7/1/15 | $0 |
| Ambrx, Inc. Series A | 11/6/20 | $7,499,998 |
| Ambrx, Inc. Series B | 11/6/20 | $7,500,002 |
| Aristea Therapeutics, Inc. Series B | 10/6/20 | $4,611,659 |
| Century Therapeutics, Inc. Series C | 2/25/21 | $12,499,996 |
| Cyclerion Therapeutics, Inc. | 4/2/19 | $1,404,026 |
| ElevateBio LLC Series C | 3/9/21 | $908,637 |
| EQRx, Inc. Series B | 11/19/20 | $5,000,000 |
| Gemini Therapeutics, Inc. | 2/5/21 | $10,000,000 |
| Graphite Bio, Inc. Series B | 3/11/21 | $14,821,904 |
| Monte Rosa Therapeutics, Inc. Series C | 3/11/21 | $15,000,000 |
| National Resilience, Inc. Series B | 12/1/20 | $9,999,994 |
| Nuvation Bio, Inc. | 2/10/21 | $10,000,000 |
| Omega Therapeutics, Inc. Series C | 3/17/21 | $12,500,001 |
| Precipio, Inc. | 2/3/12 | $2,828,200 |
| Royalty Pharma PLC | 5/21/15 | $468,770 |
| Scorpion Therapeutics, Inc. Series B | 1/8/21 | $7,500,000 |
| Seer, Inc. Class A | 12/8/20 | $5,000,002 |
| Tenaya Therapeutics, Inc. Series C | 1/12/21 | $15,000,000 |
| ValenzaBio, Inc. Series A | 3/25/21 | $14,999,993 |
| Yumanity Therapeutics, Inc. | 12/22/20 | $3,999,999 |
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 | $4,929 |
| Fidelity Securities Lending Cash Central Fund | 375,976 |
| Total | $380,905 |
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 |
| Crinetics Pharmaceuticals, Inc. | $32,463,529 | $-- | $-- | $-- | $-- | $4,798,403 | $37,261,932 |
| Eledon Pharmaceuticals, Inc. | 16,136,064 | -- | -- | -- | -- | (6,576,927) | 9,559,137 |
| Hookipa Pharma, Inc. | 19,760,960 | -- | 3,541,873 | -- | 291,501 | 6,940,581 | 23,451,169 |
| Krystal Biotech, Inc. | 105,862,254 | -- | -- | -- | -- | (18,316,894) | 87,545,360 |
| Total | $174,222,807 | $-- | $3,541,873 | $-- | $291,501 | $(13,154,837) | $157,817,598 |
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, changes in interest rates and credit quality. 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.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors 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 vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
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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