Fidelity Growth Company Commingled Pool

[Pages:7]QUARTERLY REVIEW | AS OF SEPTEMBER 30, 2022

Fidelity? Growth Company Commingled Pool

Investment Approach

? Fidelity? Growth Company Commingled Pool is a diversified domestic equity strategy that invests across a spectrum of companies, from blue chip to aggressive growth.

? Our investment approach is anchored by the philosophy that the market often underestimates the duration of a company's growth, particularly in cases where the resiliency and extensibility of the business model are underappreciated.

? We focus on firms operating in well-positioned industries and niches that we find capable of delivering persistent sales and earnings growth.

? This approach typically leads us to companies that we think have the potential to unlock shareholder value through either a growth-enhancing product cycle or an internal catalyst such as a turnaround or acquisition.

? We believe it critical that companies fund their own growth ? through the cash they generate ? and benefit from management teams focused on creating long-term shareholder value.

PERFORMANCE SUMMARY

Cumulative

3 Month

YTD

1 Year

Annualized

3 Year

5 Year

10 Year/ LOP1

Fidelity Growth Company Commingled Pool Gross Expense Ratio: 0.43% 2

-2.57% -34.99% -30.75% 15.68% 13.99% 14.98%

Russell 3000 Growth Index

-3.37% -30.57% -23.01% 10.16% 11.57% 12.22%

1 Life of Pool (LOP) if performance is less than 10 years. Pool inception date: 12/13/2013. 2 This expense ratio is from the most recent annual report.

Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your holdings. Current performance may be higher or lower than the performance stated. To learn more or to obtain the most recent month-end performance visit or call your plan's toll free number. Cumulative total returns are reported as of the period indicated.

The Fidelity Growth Company Commingled Pool is a collective investment trust under the Fidelity Group Trust for Employee Benefit Plans and is managed by Fidelity Management Trust Company (FMTC). It is not a mutual fund. This information is only intended to provide a brief overview of this investment option, which is available only to certain qualified plans and is not offered to the general public. Investments in the pool are not guaranteed by the manager, the plan sponsor or insured by the FDIC.

For definitions and other important information, please see the Definitions and Important Information section of this Quarterly Review.

Manager: Steven Wymer

Start Date: December 13, 2013

Size (in millions): $46,615.35 The value of the fund's domestic and foreign investments will vary from day to day in response to many factors, such as adverse issuer, political, regulatory, market, or economic developments. Stock values fluctuate in response to the activities of individual companies, and general market and economic conditions. Foreign investments involve greater risks than those of U.S. investments, as well as exposure to currency fluctuations. 'Growth' stocks can perform differently from the market as a whole and other types of stocks and can be more volatile than other types of stocks. You may have a gain or loss when you sell your units.

Not FDIC Insured ? May Lose Value ? No Bank Guarantee

QUARTERLY REVIEW: Fidelity? Growth Company Commingled Pool | AS OF SEPTEMBER 30, 2022

Performance Review

For the quarter, the pool returned -2.57%, outpacing the -3.37% result of the benchmark, the Russell 3000? Growth Index.

Asset prices around the world extended their synchronized downturn through September 30, as a multitude of crosscurrents continued to challenge the global economy and financial markets. Growth stocks notably struggled, returning -3.37% in the third quarter, according to the Russell 3000? Growth Index, as persistently high inflation prompted the Federal Reserve to aggressively tighten monetary policy and pushed bond yields to their highest level in roughly a decade. The U.S. dollar surged, liquidity growth faded, and energy- and food-supply shocks exacerbated by the ongoing Russia?Ukraine conflict added to global stagflationary pressure. Against this volatile backdrop, nearly all asset categories were firmly in the red for the three months.

The third quarter began on a bright note for growth stocks, after the benchmark returned -28.15% in the first half of 2022, during which the Fed raised its benchmark interest rate three times and announced plans to shrink its massive asset portfolio, a process known as quantitative tightening. The benchmark gained 11.95% in July, even though the central bank again raised its policy rate by 0.75%, before another leg down (-4.44%) in August. The downtrend deepened in September amid another 0.75% hike and growing certainty that the Fed would persist in raising interest rates to fight inflation, even at the expense of economic growth. The pool's benchmark returned -9.68% in September, bringing its year-to-date result to -30.57%.

By sector within the benchmark, consumer discretionary gained 6% to lead the way, driven by auto-related companies (+17%). Energy rose 4%, benefiting from consistently high oil prices. In contrast, notable laggards included real estate (-12%), communication services (-11%) and consumer staples (-7%). Information technology, by far the largest sector in the index for the quarter, returned -5%, with semiconductor (-10%) and software/services (-7%) stocks selling off sharply.

Security selection in health care was the top contributor versus the benchmark, led by our positions in Alnylam Pharmaceuticals (+37%) and Karuna Therapeutics (+78%). In health care, we're focused primarily on differentiated biotechnology and drug-discovery firms that are targeting the unmet medical needs of an aging population. Alnylam and Karuna exemplify this.

Shares of Alnylam rose in early August after the company reported favorable phase 3 trial results for its drug Onpattro?. Heart-disease patients who received the drug showed improved capacity for physical exertion, according to the company, which said it would seek approval from the U.S. Food and Drug Administration in late 2022 to treat a progressive heart disorder that afflicts about 250,000 people worldwide and often leads to heart failure and death. Alnylam was our No. 10 holding at quarter end.

Meanwhile, shares of Karuna surged to an all-time high in August after the firm reported positive phase 3 trial results for its drug candidate for adults with schizophrenia.

In contrast, our choices in information technology detracted from relative performance, especially among semiconductors & semiconductor equipment stocks. Within tech, we focus on niches that offer faster growth, including differentiated semiconductor companies, such as longtime pool holding Nvidia, our biggest relative detractor. Shares of Nvidia returned -20% the past three months, as the maker of graphics chips used in cloud computing, artificial intelligence and autonomous driving announced disappointing quarterly financial results, especially for its video gaming business, and revised its forecast to reflect "supply-chain transitions and a challenging macro environment." Specifically, Nvidia said it anticipates lower demand from gamers who covet cutting-edge graphics performance but have curtailed spending due to high inflation and rising interest rates. Nvidia was the pool's No. 4 holding at the end of September.

Alphabet, our No. 2 holding (combining its Class A and Class C shares), also hurt. The stock of the Google parent returned -12% for the quarter amid a challenging environment for technology-based growth stocks. In July, the company reported a net profit of $16 billion in the second quarter, down 14% from a year earlier, while revenue rose 13%, both results falling short of analysts' consensus estimate.

LARGEST CONTRIBUTORS VS. BENCHMARK

Holding

Market Segment

Average Relative Relative Contribution Weight (basis points)*

Alnylam Pharmaceuticals, Inc.

Health Care

0.94%

31

Karuna Therapeutics, Inc. Health Care

0.57%

31

Microsoft Corp.

Information Technology

-3.73%

22

Nutanix, Inc. Class A

Information Technology

0.51%

20

lululemon athletica, Inc.

Consumer Discretionary

3.54%

20

* 1 basis point = 0.01%.

LARGEST DETRACTORS VS. BENCHMARK

Holding

Market Segment

Average Relative Relative Contribution Weight (basis points)*

NVIDIA Corp.

Information Technology

4.72%

-80

, Inc.

Information Technology

1.91%

-19

Tesla, Inc.

Consumer Discretionary

-1.00%

-19

Alphabet, Inc. Class A

Communication Services

1.73%

-16

10X Genomics, Inc.

Health Care

0.20%

-9

* 1 basis point = 0.01%.

2 | For definitions and other important information, please see Definitions and Important Information section of this Quarterly Review.

QUARTERLY REVIEW: Fidelity? Growth Company Commingled Pool | AS OF SEPTEMBER 30, 2022

Outlook and Positioning

At the end of September, inflation and energy prices remain concerns. Inflation, in particular, is a headwind for many stocks and gas prices, and has a strong influence on consumer behavior. Higher rates have also driven a slowdown in housing, while dollar strength, COVID-related lockdowns in China, and economic and geopolitical challenges in Europe have only added to the turbulence.

Growth stocks appear to be trading in line with the historical average, with the market pricing in future earnings. We think consumer health is in historically good standing, although savings has modestly shrunk and credit card usage has increased. Still, we think many of the negative data points that concerned investors may already be reflected in most stocks.

This period we did not make any significant changes to the pool's positioning. We modestly added to our stake in health care, while slightly reducing stakes in materials and industrials.

In all sectors, we continue to hold companies with abovebenchmark, long-term earnings-per-share growth and sales growth, reflecting our view that growth for advantaged companies can persist for years.

Information technology remained by far the pool's largest area of investment, representing roughly 36% of assets at quarter end, but it was notably underweight, as we continued to find many of the larger-cap stocks here richly valued.

In tech, the pool holds above-benchmark stakes in niche companies that appear to us to be attractive, secular growers. For instance, we prefer differentiated semiconductor companies that help power artificial intelligence and machine-learning workloads, video gaming, and autonomous vehicles. These include Nvidia and Marvell Technology, among others.

The pool also holds positions in select software and payment firms allowing clients to digitize their business processes and conduct ecommerce. Key investments include MasterCard, Visa and PayPal Holdings. Most of this software is cloud-based, so it is agile, easy to integrate and always up to date. Customers tend to pay for these offerings based on usage, allowing software and payment firms to benefit from the growth of their customers' businesses.

The pool's second-largest area of investment and biggest overweight was consumer discretionary, where our quarter-end allocation was about 21%. Here, we are bullish on leaders in athletic apparel and footwear that have executed well and have grown their brands globally, such as our sizable long-time holding in lululemon athletica. We think several secular trends and factors support their continued growth.

We continue to hold a large position in e-commerce giant , our No. 3 holding at the end of September.

MARKET-SEGMENT DIVERSIFICATION

Market Segment Information Technology Consumer Discretionary Health Care Communication Services Industrials Consumer Staples Energy Materials Financials Real Estate Utilities Other

Index Pool Weight Weight

Relative Weight

Relative Change From Prior Quarter

36.45% 41.31% -4.86% -0.73%

20.72% 16.14%

16.67% 12.98%

4.05% 3.16%

0.06% 2.13%

9.09% 5.43% 4.58% 3.46% 1.76% 1.59% 0.41% 0.08% 0.00%

7.26% 7.80% 5.57% 1.86% 1.54% 3.22% 1.65% 0.15% 0.00%

1.83% -2.37% -0.99% 1.60% 0.22% -1.63% -1.24% -0.07% 0.00%

-0.49% -0.46% -0.22% -0.06% -0.27% -0.05% 0.12% -0.02% 0.00%

CHARACTERISTICS

Valuation Price/Earnings Trailing Price/Earnings (IBES 1-Year Forecast) Price/Book Price/Cash Flow Return on Equity (5-Year Trailing) Growth Sales/Share Growth 1-Year (Trailing) Earnings/Share Growth 1-Year (Trailing) Earnings/Share Growth 1-Year (IBES Forecast) Earnings/Share Growth 5-Year (Trailing) Size Weighted Average Market Cap ($ Billions) Weighted Median Market Cap ($ Billions) Median Market Cap ($ Billions)

Pool

33.8x 24.9x 6.1x 24.0x 14.5%

34.8% 83.7% 26.7% 29.0%

589.2 143.7 12.8

Index

26.1x 20.6x 8.3x 19.2x 29.2%

27.5% 32.8% 18.6% 25.0%

664.3 209.1

2.0

3 | For definitions and other important information, please see Definitions and Important Information section of this Quarterly Review.

QUARTERLY REVIEW: Fidelity? Growth Company Commingled Pool | AS OF SEPTEMBER 30, 2022

LARGEST OVERWEIGHTS BY HOLDING

Holding

Market Segment

NVIDIA Corp.

Information Technology

lululemon athletica, Inc.

Consumer Discretionary

Alphabet, Inc. Class A

Communication Services

, Inc.

Information Technology

Alnylam Pharmaceuticals, Inc. Health Care

Relative Weight

4.07% 3.59% 1.73% 1.72% 1.08%

LARGEST UNDERWEIGHTS BY HOLDING

Holding Microsoft Corp. Apple, Inc. UnitedHealth Group, Inc. AbbVie, Inc. Tesla, Inc.

Market Segment Information Technology Information Technology Health Care Health Care Consumer Discretionary

Relative Weight

-3.65% -1.71% -1.62% -1.16% -1.05%

10 LARGEST HOLDINGS

Holding

Market Segment

Apple, Inc.

Information Technology

Microsoft Corp.

Information Technology

, Inc.

Consumer Discretionary

NVIDIA Corp. Alphabet, Inc. Class A lululemon athletica, Inc. Tesla, Inc.

Information Technology Communication Services Consumer Discretionary Consumer Discretionary

Alphabet, Inc. Class C

Communication Services

, Inc.

Information Technology

Alnylam Pharmaceuticals, Inc.

Health Care

10 Largest Holdings as a % of Net Assets

44.08%

Total Number of Holdings

556

The 10 largest holdings are as of the end of the reporting period, and may not be representative of the pool's current or future investments. Holdings do not include money market investments.

ASSET ALLOCATION

Asset Class

Index Pool Weight Weight

Relative Weight

Relative Change From Prior Quarter

Domestic Equities

95.91%

99.86% -3.95%

0.63%

International Equities 3.71%

0.14%

3.57%

-0.63%

Developed Markets

1.78%

0.08%

1.70%

-0.44%

Emerging Markets 1.93%

0.06%

1.87%

-0.19%

Tax-Advantaged Domiciles

0.00%

0.00%

0.00%

0.00%

Bonds

0.10%

0.00%

0.10%

0.02%

Cash & Net Other Assets

0.28%

0.00%

0.28%

-0.02%

Net Other Assets can include pool receivables, pool payables, and offsets to other derivative positions, as well as certain assets that do not fall into any of the pool composition categories. Depending on the extent to which the pool invests in derivatives and the number of positions that are held for future settlement, Net Other Assets can be a negative number.

3-YEAR RISK/RETURN STATISTICS

Beta Standard Deviation Sharpe Ratio Tracking Error Information Ratio R-Squared 3 years of data required.

Pool 1.11 26.34% 0.57 6.80% 0.81 0.94

Index 1.00 23.10% 0.42

----

4 | For definitions and other important information, please see Definitions and Important Information section of this Quarterly Review.

QUARTERLY REVIEW: Fidelity? Growth Company Commingled Pool | AS OF SEPTEMBER 30, 2022

Definitions and Important Information

Information provided in this document is for informational and educational purposes only. To the extent any investment information in this material is deemed to be a recommendation, it is not meant to be impartial investment advice or advice in a fiduciary capacity and is not intended to be used as a primary basis for you or your client's investment decisions. Fidelity, and its representatives may have a conflict of interest in the products or services mentioned in this material because they have a financial interest in, and receive compensation, directly or indirectly, in connection with the management, distribution and/or servicing of these products or services including Fidelity funds, certain third-party funds and products, and certain investment services.

CHARACTERISTICS Earnings-Per-Share Growth measures the growth in reported earnings per share over the specified past time period.

Median Market Cap identifies the median market capitalization of the pool or benchmark as determined by the underlying security market caps.

Price-to-Book (P/B) Ratio is the ratio of a company's current share price to reported accumulated profits and capital.

Price/Cash Flow is the ratio of a company's current share price to its trailing 12-months cash flow per share.

Price-to-Earnings (P/E) Ratio (IBES 1-Year Forecast) is the ratio of a company's current share price to Wall Street analysts' estimates of earnings.

Price-to-Earnings (P/E) Ratio Trailing is the ratio of a company's current share price to its trailing 12-months earnings per share.

Return on Equity (ROE) 5-Year Trailing is the ratio of a company's last five years historical profitability to its shareholders' equity. Preferred stock is included as part of each company's net worth.

Sales-Per-Share Growth measures the growth in reported sales over the specified past time period.

Weighted Average Market Cap identifies the market capitalization of the average equity holding as determined by the dollars invested in the pool or benchmark.

Weighted Median Market Cap identifies the market capitalization of the median equity holding as determined by the dollars invested in the pool or benchmark.

IMPORTANT POOL INFORMATION

Relative positioning data presented in this commentary is based on the pool's primary benchmark (index) unless a secondary benchmark is provided to assess performance.

INDICES It is not possible to invest directly in an index. All indices represented are unmanaged. All indices include reinvestment of dividends and interest income unless otherwise noted.

Russell 3000 Growth Index is a market-capitalization-weighted index designed to measure the performance of the broad growth

segment of the U.S. equity market. It includes those Russell 3000 Index companies with higher price-to-book ratios and higher forecasted growth rates.

MARKET-SEGMENT WEIGHTS Market-segment weights illustrate examples of sectors or industries in which the pool may invest, and may not be representative of the pool's current or future investments. They should not be construed or used as a recommendation for any sector or industry.

RELATIVE WEIGHTS Relative weights represents the % of pool assets in a particular market segment, asset class or credit quality relative to the benchmark. A positive number represents an overweight, and a negative number is an underweight. The pool's benchmark is listed immediately under the pool name in the Performance Summary.

5 |

Fidelit y Invest ment s GIPS? Composit e Report

GROWTH COM PANY COM POSITE (USD) VERSUS RUSSELL 3000 GROWTH INDEX

Period

Composite Return (Gross%) Composite Return (Net%) Benchmark Return (%) Number of Portfolios Total Composite Assets End of Period ($M ) Composite 3 Year Standard Deviat ion (Gross%) Benchmark 3 Year Standard Deviation (%) Asset Weighted Standard Deviation (Gross%) Total Firm Assets ($B)

YTD 2022

(34.67) (35.01) (30.57)

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