# EDGAR Filing Document

**Accession Number:** 0000320351
**File Stem:** 0000035402-26-000533
**Filing Date:** 2026-1
**Character Count:** 39334
**Document Hash:** a595554dbeef1c2126389c31868b3fcc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000035402-26-000533.hdr.sgml**: 20260123

**ACCESSION NUMBER**: 0000035402-26-000533

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260123

**DATE AS OF CHANGE**: 20260123

**PERIOD START**: 20260228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY SELECT PORTFOLIOS
- **CENTRAL INDEX KEY:** 0000320351

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0228

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03114
- **FILM NUMBER:** 26555496

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

## Series and Classes Contracts Data

### Pharmaceuticals Portfolio (Series ID: S000007481)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000020455 | Pharmaceuticals Portfolio | FPHAX           |

## Nport-Ex

**Quarterly Holdings Report**

**for**

**Fidelity® Select Portfolios®**

**Pharmaceuticals Portfolio**

**November 30, 2025**

PHR-NPRT3-0126

1.810707.121 ---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 93.9%** | &nbsp;&nbsp;**Common Stocks - 93.9%** | &nbsp;&nbsp;**Common Stocks - 93.9%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 6.5%  |  |  |
| Health Care - 6.5% |  |  |
| Pharmaceuticals - 6.5% |  |  |
| AgomAb Therapeutics SA warrants 10/10/2033 (b)(c)(d) | 10 | 0 |
| AgomAb Therapeutics SA warrants 11/4/2034 (b)(c)(d) | 10 | 0 |
| Financiere de Tubize SA  | 91587 | 22317325 |
| UCB SA  | 232600 | 64910327 |
| TOTAL BELGIUM |  | 87227652 |
| CANADA - 0.9%  |  |  |
| Health Care - 0.9% |  |  |
| Biotechnology - 0.9% |  |  |
| Xenon Pharmaceuticals Inc (d) | 268600 | 12011792 |
| DENMARK - 2.3%  |  |  |
| Health Care - 2.3% |  |  |
| Biotechnology - 0.4% |  |  |
| Ascendis Pharma A/S ADR (d) | 24400 | 5180852 |
| Pharmaceuticals - 1.9% |  |  |
| Novo Nordisk A/S Class B ADR (e) | 510300 | 25183305 |
| TOTAL DENMARK |  | 30364157 |
| GERMANY - 1.0%  |  |  |
| Health Care - 1.0% |  |  |
| Biotechnology - 1.0% |  |  |
| BioNTech SE ADR (d)(e) | 132653 | 13683157 |
| NETHERLANDS - 1.6%  |  |  |
| Health Care - 1.6% |  |  |
| Biotechnology - 1.6% |  |  |
| uniQure NV (d) | 760669 | 20926004 |
| SWITZERLAND - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.2% |  |  |
| Idorsia Ltd (d) | 779340 | 3110179 |
| UNITED KINGDOM - 11.2%  |  |  |
| Health Care - 11.2% |  |  |
| Pharmaceuticals - 11.2% |  |  |
| Astrazeneca PLC ADR  | 1619500 | 150160040 |
| UNITED STATES - 70.2%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| MedAvail Holdings Inc (b)(d) | 66 | 3 |
| Health Care - 70.2% |  |  |
| Biotechnology - 16.5% |  |  |
| Arcus Biosciences Inc (d) | 774017 | 20201844 |
| ArriVent Biopharma Inc (d) | 107000 | 2454580 |
| Beam Therapeutics Inc (d) | 317500 | 8042275 |
| Biogen Inc (d) | 80400 | 14640036 |
| Cypherpunk Technologies Inc warrants 1/31/2026 (d) | 60600 | 1 |
| Disc Medicine Inc (d) | 115400 | 10773744 |
| Gilead Sciences Inc  | 515400 | 64857936 |
| Intellia Therapeutics Inc (d)(e) | 594800 | 5347252 |
| Legend Biotech Corp ADR (d) | 832700 | 23074117 |
| Mineralys Therapeutics Inc (d) | 325100 | 14018312 |
| Moderna Inc (d) | 529400 | 13753812 |
| Palvella Therapeutics Inc (d) | 35700 | 3669603 |
| Praxis Precision Medicines Inc (d) | 20000 | 3929200 |
| PTC Therapeutics Inc (d) | 208100 | 17894519 |
| Replimune Group Inc (d)(e) | 427800 | 4278000 |
| Summit Therapeutics Inc (d)(e) | 262104 | 4689041 |
| Ultragenyx Pharmaceutical Inc (d) | 253500 | 8809125 |
| Vir Biotechnology Inc (d) | 280800 | 1802735 |
|  |  | 222236132 |
| Pharmaceuticals - 53.7% |  |  |
| Amylyx Pharmaceuticals Inc (d) | 354700 | 5313406 |
| Axsome Therapeutics Inc (d) | 48900 | 7408350 |
| Corcept Therapeutics Inc (d)(e) | 45100 | 3580940 |
| Crinetics Pharmaceuticals Inc (d) | 122800 | 5594768 |
| Edgewise Therapeutics Inc (d)(e) | 83600 | 2176944 |
| Elanco Animal Health Inc (d)(e) | 2565200 | 59692204 |
| Eli Lilly & Co  | 308501 | 331783570 |
| GSK PLC ADR  | 1370560 | 65595002 |
| Harmony Biosciences Holdings Inc (d) | 93877 | 3312919 |
| Jazz Pharmaceuticals PLC (d) | 107400 | 18959322 |
| Johnson & Johnson  | 351700 | 72773764 |
| LENZ Therapeutics Inc (d)(e) | 134000 | 4089680 |
| Merck & Co Inc  | 644536 | 67566709 |
| Ocular Therapeutix Inc (d) | 1331717 | 16180362 |
| Roche Holding AG non-voting shares  | 33410 | 12799484 |
| Royalty Pharma PLC Class A  | 1096200 | 43869924 |
|  |  | 720697348 |
| TOTAL HEALTH CARE |  | 942933480 |
| TOTAL UNITED STATES |  | 942933483 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $703,490,160) |  | <br> **1260416464** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 0.0%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.0%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Evozyne Inc 6% 9/13/2028 pay-in-kind (b)(c)<br>(Cost $993,955)<br>| 993955 | **1157460** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.7%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.7%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.7%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 0.4%  |  |  |
| Health Care - 0.4% |  |  |
| Pharmaceuticals - 0.4% |  |  |
| AgomAb Therapeutics SA Series C (b)(c)(d) | 7729 | 2294013 |
| AgomAb Therapeutics SA Series D (b)(c)(d) | 7649 | 2336214 |
| TOTAL BELGIUM |  | 4630227 |
| UNITED STATES - 0.3%  |  |  |
| Financials - 0.1% |  |  |
| Financial Services - 0.1% |  |  |
| Paragon Biosciences Emalex Capital Inc Series C (b)(c)(d) | 158879 | 1474397 |
| Paragon Biosciences Emalex Capital Inc Series D-3 (b)(c) | 4581 | 46864 |
| Paragon Biosciences Emalex Capital Inc Series D1 (b)(c)(d) | 15977 | 148746 |
| Paragon Biosciences Emalex Capital Inc Series D2 (b)(c)(d) | 22477 | 195999 |
|  |  | 1866006 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Castle Creek Biosciences Inc Series C (b)(c)(d) | 200 | 51034 |
| Castle Creek Biosciences Inc Series D1 (b)(c)(d) | 6308 | 1417597 |
| Castle Creek Biosciences Inc Series D2 (b)(c)(d) | 85 | 17046 |
|  |  | 1485677 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Evozyne Inc Series A (b)(c)(d) | 5900 | 97349 |
| Evozyne Inc Series B (b)(c)(d) | 56643 | 961232 |
|  |  | 1058581 |
| TOTAL UNITED STATES |  | 4410264 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $8,260,983) |  | <br> **9040491** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 6.4%** | &nbsp;&nbsp;**Money Market Funds - 6.4%** | &nbsp;&nbsp;**Money Market Funds - 6.4%** | &nbsp;&nbsp;**Money Market Funds - 6.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 4.02 | 49860511 | 49870483 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.02 | 36259007 | 36262633 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $86,133,116) |  |  | **86133116** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.0%**<br> (Cost $798,878,214)<br>| <br>**1356747531** |
| **NET OTHER ASSETS (LIABILITIES) - (1.0)%**  | **(13747875)** |
| **NET ASSETS - 100.0%** | **1342999656** |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) 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 $10,197,954 or 0.8% of net assets.

(c) Level 3 security.

(d) Non-income producing.

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

(f) 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.

(g) Investment made with cash collateral received from securities on loan.

At period end, the value of non-cash collateral for securities on loan amounted to $25,261,975.

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| AgomAb Therapeutics SA Series C | 10/3/2023 | 1687596 |
| AgomAb Therapeutics SA Series D | 10/22/2024 | 1979796 |
| AgomAb Therapeutics SA warrants 10/10/2033 | 10/3/2023 | 0 |
| AgomAb Therapeutics SA warrants 11/4/2034 | 10/22/2024 | 0 |
| Castle Creek Biosciences Inc Series C | 12/9/2019 | 82370 |
| Castle Creek Biosciences Inc Series D1 | 4/19/2022 | 1356409 |
| Castle Creek Biosciences Inc Series D2 | 6/28/2021 | 14700 |
| Evozyne Inc 6% 9/13/2028 pay-in-kind | 9/14/2023 - 9/30/2025 | 993955 |
| Evozyne Inc Series A | 4/9/2021 | 132573 |
| Evozyne Inc Series B | 9/14/2023 | 877400 |
| MedAvail Holdings Inc | 7/2/2012 | 500000 |
| Paragon Biosciences Emalex Capital Inc Series C | 2/26/2021 | 1700006 |
| Paragon Biosciences Emalex Capital Inc Series D-3 | 5/6/2025 | 63355 |
| Paragon Biosciences Emalex Capital Inc Series D1 | 10/21/2022 - 3/13/2025 | 173031 |
| Paragon Biosciences Emalex Capital Inc Series D2 | 5/18/2022 | 193747 |

---

**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,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 29571172 | 352003404 | 331703902 | 404016 | (191) | - | 49870483 | 49860511 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 72940117 | 765139685 | 801817394 | 115885 | 225 | - | 36262633 | 36259007 | 0.1% |
| Total | 102511289 | 1117143089 | 1133521296 | 519901 | 34 | - | 86133116 |  |  |

---

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 income 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.

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 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.*

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Fidelity Select Portfolios

- **b. Investment Company Act file number:** 811-03114

- **c. CIK number of Registrant:** 0000320351

- **d. LEI of Registrant:** Z57125JG1LHEQKDYS630

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 245 Summer Street

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02210

  - **Telephone number:** 1-800-FIDELITY

**Item A.2. Information about the Series.**

- **a. Name of Series:** Select Pharmaceuticals Portfolio

- **b. EDGAR series identifier (if any):** S000007481

- **c. LEI of Series:** MN21BN6DBQP38HPMPO32

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-02-28

- **b. Date as of which information is reported:** 2025-11-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1376896338.86

**Total Liabilities:** $35272896.62

**Net Assets:** $1341623442.24

**Cash Not Reported:** $25587843.59

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000020455 | 6.03%                | 9.11%                | 9.88%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-36735062.44            | $100520769.00                              |
| Month 2  | $52061409.20             | $50065605.82                               |
| Month 3  | $6505072.74              | $111863162.15                              |

### Schedule of Portfolio Investments

| Name                                   | Title                                                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ASCENDIS PHARMA A/S                    | ASCENDIS PHARMA AS SPON ADR                           | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             | EC               | CORP              | DK        |     24400 | NS      | $5180852.00   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| ASTRAZENECA PLC                        | ASTRAZENECA PLC SPONS ADR                             | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |   1619500 | NS      | $150160040.00 | 11.19%            |  |  |  | No            |                  1 | On Loan: No      |
| AXSOME THERAPEUTICS INC                | AXSOME THERAPEUTICS INC                               | CUSIP: 05464T104<br>LEI: 549300EXGR0XLRJEIB95 | Long             | EC               | CORP              | US        |     48900 | NS      | $7408350.00   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| BIOGEN INC                             | BIOGEN INC                                            | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |     80400 | NS      | $14640036.00  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| CORCEPT THERAPEUTICS INC               | CORCEPT THERAPEUTICS INC                              | CUSIP: 218352102<br>LEI: 529900EO9LUTFMZ7FF90 | Long             | EC               | CORP              | US        |     45100 | NS      | $3580940.00   | 0.27%             |  |  |  | No            |                  1 | On Loan: —       |
| Fidelity Revere Street Trust           | Fidelity Cash Central Fund                            | CUSIP: 31635A105<br>LEI: 549300BDV45LJNXBZC55 | Long             | STIV             | RF                | US        |  25244965 | NS      | $25250014.04  | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Revere Street Trust           | Fidelity Securities Lending Cash Central Fund         | CUSIP: 31635A303<br>LEI: 549300BDV45LJNXBZC55 | Long             | STIV             | RF                | US        |  34334099 | NS      | $34337532.68  | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| FINANCIERE DE TUBIZE SA                | FINANCIERE DE TUBIZE SA                               | CUSIP: N/A<br>LEI: 549300I1MGC0OK6W8828       | Long             | EC               | CORP              | BE        |     91587 | NS      | $22317324.77  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| GILEAD SCIENCES INC                    | GILEAD SCIENCES INC                                   | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |    515400 | NS      | $64857936.00  | 4.83%             |  |  |  | No            |                  1 | On Loan: No      |
| GSK PLC                                | GSK PLC SPONS ADR                                     | CUSIP: 37733W204<br>LEI: 5493000HZTVUYLO1D793 | Long             | EC               | CORP              | GB        |   1370560 | NS      | $65595001.60  | 4.89%             |  |  |  | No            |                  1 | On Loan: No      |
| JAZZ PHARMACEUTICALS PLC               | JAZZ PHARMA PLC                                       | CUSIP: N/A<br>LEI: 635400GAUMJCLEZRRV50       | Long             | EC               | CORP              | IE        |    107400 | NS      | $18959322.00  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON and JOHNSON                    | JOHNSON and JOHNSON                                   | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |    351700 | NS      | $72773764.00  | 5.42%             |  |  |  | No            |                  1 | On Loan: No      |
| ELI LILLY and CO                       | ELI LILLY and CO                                      | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |    323861 | NS      | $348302789.67 | 25.96%            |  |  |  | No            |                  1 | On Loan: No      |
| MEDAVAIL HOLDINGS INC                  | MEDAVAIL HOLDINGS INC PIPE                            | CUSIP: N/A<br>LEI: 549300ZNQGSJ2V3ZB668       | Long             | EC               | CORP              | US        |        66 | NS      | $3.30         | 0.00%             |  |  |  | Yes           |                  1 | On Loan: No      |
| MERCK and CO INC                       | MERCK and CO INC NEW                                  | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |    644536 | NS      | $67566708.88  | 5.04%             |  |  |  | No            |                  1 | On Loan: No      |
| UNIQURE N.V.                           | UNIQURE N.V.                                          | CUSIP: N/A<br>LEI: 724500RPCTZLFYJZ3S98       | Long             | EC               | CORP              | NL        |    760669 | NS      | $20926004.19  | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVO-NORDISK AS                        | NOVO-NORDISK AS CL B ADR                              | CUSIP: 670100205<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |    510300 | NS      | $25183305.00  | 1.88%             |  |  |  | No            |                  1 | On Loan: —       |
| OCULAR THERAPEUTIX INC                 | OCULAR THERAPEUTIX INC                                | CUSIP: 67576A100<br>LEI: 529900ABAWFXOHSIHG03 | Long             | EC               | CORP              | US        |   1331717 | NS      | $16180361.55  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC THERAPEUTICS INC                   | PTC THERAPEUTICS INC                                  | CUSIP: 69366J200<br>LEI: 549300UJLWOIWFDGB318 | Long             | EC               | CORP              | US        |    208100 | NS      | $17894519.00  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| PALVELLA THERAPEUTICS INC              | PALVELLA THERAPEUTICS INC                             | CUSIP: 697947109<br>LEI: 254900AJDH8PAOOI5T33 | Long             | EC               | CORP              | US        |     35700 | NS      | $3669603.00   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| ROCHE HOLDING AG                       | ROCHE HOLDINGS AG (GENUSSCHEINE)                      | CUSIP: N/A<br>LEI: 549300U41AUUVOAAOB37       | Long             | EC               | CORP              | CH        |     33410 | NS      | $12799484.05  | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| INTELLIA THERAPEUTICS INC              | INTELLIA THERAPEUTICS INC                             | CUSIP: 45826J105<br>LEI: 5493002T5BCPE5DZC723 | Long             | EC               | CORP              | US        |    594800 | NS      | $5347252.00   | 0.40%             |  |  |  | No            |                  1 | On Loan: —       |
| ULTRAGENYX PHARMACEUTICAL INC          | ULTRAGENYX PHARMA INC                                 | CUSIP: 90400D108<br>LEI: 529900EV44GVDN1DCX77 | Long             | EC               | CORP              | US        |    253500 | NS      | $8809125.00   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| UCB SA                                 | UCB SA                                                | CUSIP: N/A<br>LEI: 2138008J191VLSGY5A09       | Long             | EC               | CORP              | BE        |    232600 | NS      | $64910326.88  | 4.84%             |  |  |  | No            |                  1 | On Loan: No      |
| XENON PHARMACEUTICALS INC              | XENON PHARMACEUTICALS INC                             | CUSIP: 98420N105<br>LEI: 549300XV44Q9Z1MIPQ03 | Long             | EC               | CORP              | CA        |    268600 | NS      | $12011792.00  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| MODERNA INC                            | MODERNA INC                                           | CUSIP: 60770K107<br>LEI: 549300EI6OKH5K5Q2G38 | Long             | EC               | CORP              | US        |    529400 | NS      | $13753812.00  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| IDORSIA LTD                            | IDORSIA LTD                                           | CUSIP: N/A<br>LEI: 506700XOVZUB107S5720       | Long             | EC               | CORP              | CH        |    779340 | NS      | $3110178.93   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCUS BIOSCIENCES INC                  | ARCUS BIOSCIENCES INC                                 | CUSIP: 03969F109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    774017 | NS      | $20201843.70  | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| CRINETICS PHARMACEUTICALS INC          | CRINETICS PHARMACEUTICALS INC                         | CUSIP: 22663K107<br>LEI: 549300Q1CNFXK5P31D28 | Long             | EC               | CORP              | US        |    122800 | NS      | $5594768.00   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| REPLIMUNE GROUP INC                    | REPLIMUNE GROUP INC                                   | CUSIP: 76029N106<br>LEI: 549300AY704NEIRC4K64 | Long             | EC               | CORP              | US        |    427800 | NS      | $4278000.00   | 0.32%             |  |  |  | No            |                  1 | On Loan: —       |
| ELANCO ANIMAL HEALTH INC               | ELANCO ANIMAL HEALTH INC                              | CUSIP: 28414H103<br>LEI: 549300SHPNDCE059M934 | Long             | EC               | CORP              | US        |   2565200 | NS      | $59692204.00  | 4.45%             |  |  |  | No            |                  1 | On Loan: —       |
| LEAP THERAPEUTICS INC                  | LEAP THERAPEUTICS INC WT                              | CUSIP: N/A<br>LEI: 549300T31SMMJ2DDLI13       | Long             | EC               | CORP              | US        |     60600 | NS      | $0.61         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BIONTECH SE                            | BIONTECH SE ADR                                       | CUSIP: 09075V102<br>LEI: 894500UZJ5LG1F8J1U58 | Long             | EC               | CORP              | DE        |    132653 | NS      | $13683156.95  | 1.02%             |  |  |  | No            |                  1 | On Loan: —       |
| VIR BIOTECHNOLOGY INC                  | VIR BIOTECHNOLOGY INC                                 | CUSIP: 92764N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    280800 | NS      | $1802736.00   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| CASTLE CREEK BIOSCIENCES INC           | CASTLE CREEK BIOSCIENCES INC SER C PC PERP PP         | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |       200 | NS      | $51034.00     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BEAM THERAPEUTICS INC                  | BEAM THERAPEUTICS INC                                 | CUSIP: 07373V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    317500 | NS      | $8042275.00   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| LEGEND BIOTECH CORP                    | LEGEND BIOTECH CORP SPON ADR                          | CUSIP: 52490G102<br>LEI: 254900EIUFZTW136H859 | Long             | EC               | CORP              | KY        |    832700 | NS      | $23074117.00  | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYALTY PHARMA PLC                     | ROYALTY PHARMA PLC                                    | CUSIP: N/A<br>LEI: 549300FGFN7VOK8BZR03       | Long             | EC               | CORP              | GB        |   1096200 | NS      | $43869924.00  | 3.27%             |  |  |  | No            |                  1 | On Loan: No      |
| HARMONY BIOSCIENCES HOLDINGS INC       | HARMONY BIOSCIENCES HOLDINGS INC                      | CUSIP: 413197104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     93877 | NS      | $3312919.33   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| DISC MEDICINE INC                      | DISC MEDICINE INC                                     | CUSIP: 254604101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    115400 | NS      | $10773744.00  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| SUMMIT THERAPEUTICS INC                | SUMMIT THERAPEUTICS INC                               | CUSIP: 86627T108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    262104 | NS      | $4689040.56   | 0.35%             |  |  |  | No            |                  1 | On Loan: —       |
| PRAXIS PRECISION MEDICINES INC.        | PRAXIS PRECISION MEDICINES INC                        | CUSIP: 74006W207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20000 | NS      | $3929200.00   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| PARAGON BIOSCIENCES EMALEX CAPITAL INC | PARAGON BIOSCIENCES EMALEX CAPITAL INC SER C PC PP    | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |    158879 | NS      | $1474397.12   | 0.11%             |  |  |  | Yes           |                  3 | On Loan: No      |
| LENZ THERAPEUTICS INC                  | LENZ THERAPEUTICS INC                                 | CUSIP: 52635N103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    134000 | NS      | $4089680.00   | 0.30%             |  |  |  | No            |                  1 | On Loan: —       |
| EDGEWISE THERAPEUTICS INC              | EDGEWISE THERAPEUTICS INC                             | CUSIP: 28036F105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     83600 | NS      | $2176944.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: —       |
| EVOZYNE INC                            | EVOZYNE INC SER A PC PP                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |      5900 | NS      | $97350.00     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AMYLYX PHARMACEUTICALS INC             | AMYLYX PHARMACEUTICALS INC                            | CUSIP: 03237H101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    354700 | NS      | $5313406.00   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| CASTLE CREEK BIOSCIENCES INC           | CASTLE CREEK BIOSCIENCES INC SER D-1 PC PP            | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |      6308 | NS      | $1417596.84   | 0.11%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CASTLE CREEK BIOSCIENCES INC           | CASTLE CREEK BIOSCIENCES INC SER D-2 PC PP            | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |        85 | NS      | $17045.90     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PARAGON BIOSCIENCES EMALEX CAPITAL INC | PARAGON BIOSCIENCES EMALEX CAPITAL INC SER D-1 PC PP  | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |     15977 | NS      | $148745.87    | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PARAGON BIOSCIENCES EMALEX CAPITAL INC | PARAGON BIOSCIENCES EMALEX CAPITAL INC SER D-2 PC PP  | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |     22477 | NS      | $195999.44    | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MINERALYS THERAPEUTICS INC             | MINERALYS THERAPEUTICS INC                            | CUSIP: 603170101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    325100 | NS      | $14018312.00  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| EVOZYNE INC                            | EVOZYNE INC CPIK 6% 09/13/2028 P/P                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |    993955 | PA      | $1157460.84   | 0.09%             | 2028-09-13      | Fixed         | 0.06%                 | Yes           |                  3 | On Loan: No      |
| EVOZYNE INC                            | EVOZYNE INC SER B PC PP                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |     56643 | NS      | $961231.71    | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AGOMAB THERAPEUTICS SA                 | AGOMAB THERAPEUTICS SA SER C PC PP                    | CUSIP: N/A<br>LEI: 894500APP6UE5N4PKJ68       | Long             | EP               | CORP              | BE        |      7729 | NS      | $2294013.00   | 0.17%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AGOMAB THERAPEUTICS SA                 | AGOMAB THERAPEUTICS SA ANTI-DILUTION WT PP 10/10/2033 | CUSIP: N/A<br>LEI: 894500APP6UE5N4PKJ68       | Long             | EC               | CORP              | BE        |        10 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ARRIVENT BIOPHARMA INC                 | ARRIVENT BIOPHARMA INC                                | CUSIP: 04272N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    107000 | NS      | $2454580.00   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| AGOMAB THERAPEUTICS SA                 | AGOMAB THERAPEUTICS SA SER D PC PP                    | CUSIP: N/A<br>LEI: 894500APP6UE5N4PKJ68       | Long             | EP               | CORP              | BE        |      7649 | NS      | $2336213.62   | 0.17%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AGOMAB THERAPEUTICS SA                 | AGOMAB THERAPEUTICS SA ANTI-DILUTION WT PP 11/04/2034 | CUSIP: N/A<br>LEI: 894500APP6UE5N4PKJ68       | Long             | EC               | CORP              | BE        |        10 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PARAGON BIOSCIENCES EMALEX CAPITAL INC | PARAGON BIOSCIENCES EMALEX CAPITAL INC SER D-3 PC PP  | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |      4581 | NS      | $46863.63     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-30

**Name of Applicant:** Stacie M. Smith

**Signature:** Stacie M. Smith

**Name of Signer:** Stacie M. Smith

**Title:** President and Treasurer