Fidelity Growth Company Commingled Pool

QUARTERLY REVIEW | AS OF SEPTEMBER 30, 2023

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 Class A Gross Expense Ratio: 0.43% 2

-3.86%

27.74% 31.77%

6.55%

14.36% 16.59%

Russell 3000 Growth Index

-3.34% 23.77% 26.63% 7.54% 11.70% 13.62%

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): $59,557.56 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, 2023

Performance Review

For the quarter, the pool returned -3.86%, modestly underperforming the -3.34% result of the benchmark, the Russell 3000? Growth Index.

U.S. stocks, including growth-oriented shares, declined in the third quarter, as the year-to-date rally sputtered amid a stalling pattern in disinflationary trends, soaring yields on longer-term government bonds and concern that the U.S. Federal Reserve will keep interest rates higher for longer than expected just months ago. These factors, among others, slowed the advance of a stock market powered by richly valued stocks in the information technology sector, and seemed to lower the odds of an economic "soft landing." An uncertain global economic outlook and climbing oil prices added to the choppy backdrop for stocks and other higherrisk assets the past three months.

Aggressive monetary tightening by major central banks, including the Fed, continued amid signs of consistent pressure on core inflation, a closely watched measure that excludes food and energy. Since March 2022, the Fed has hiked its benchmark interest rate 11 times, by 5.25 percentage points. The latest bump came in late July, a fourth consecutive raise of a stepped down 25 basis points.

Against this dynamic backdrop, the Russell 3000? Growth Index rose 3.44% in July, driven by exuberance related to artificial intelligence. After the Fed's quarter-percentage-point increase brought interest rates to a 22-year high, the central bank said it was too soon to tell whether the hike would conclude its campaign to cool inflation. The benchmark began a downtrend in August (-1.12%) that continued through September (-5.50%), hampered by a retreat in tech shares, which lost some of their appeal as yields on U.S. Treasuries and other bonds rose meaningfully.

By sector for the quarter, three defensive-oriented groups within the benchmark lagged most amid inflation and higher interest rates: utilities (-12%), real estate (-11%) and consumer staples (-7%). Tech returned -6% after leading the way in the first half of the year. In contrast, energy (+16%) rode a rally in oil prices, while communication services gained 5%. Financials and health care lost modest ground but topped the benchmark.

Stock choices in health care detracted from the 's performance versus the benchmark in the third quarter. This was due in large part to overweights in Insulet and Novocure, our top-two individual relative detractors.

The pool's position in shares of medical device firm Insulet returned about -44% the past three months, despite the company reporting better-than-expected Q2 financial results. Strong demand for its Omnipod? tubeless insulin pumps prompted management to raise its 2023 revenue growth forecast. Still, the stock trended lower throughout the third quarter, as market participants became concerned about the potential impact of new diabetes drugs on insulin pump sales. We notably reduced our position in Insulet this quarter to help manage risk, and it ended September as a modest overweight.

Novocure (-61%) fell in June after the firm reported disappointing clinical results for its lung cancer treatment. However, we maintain our positive view and added to the pool's position.

In contrast, stock selection in information technology contributed to the pool's relative result for the third quarter. This predominantly reflected a large overweight in Nvidia, the pool's top individual contributor, largest holding and biggest overweight. The stock gained 3% in the third quarter, as the chipmaker continued to capitalize on booming interest in language-generating artificial intelligence. After years of investment in the development of chips and software for AI, Nvidia dominates the market for advanced graphics chips that are the lifeblood of new generative AI systems, including the viral chatbot ChatGPT. In August, the firm reported financial results for the three months ending July 31 that far exceeded expectations, and also raised its forecast for Q3. But the stock trended lower in September amid concerns about its high valuation and the near-term strength of the AI boom.

Another noteworthy contributor was an overweight in Nutanix (+24%), a maker of cloud-computing network management software. Shares rose in September after the firm reported betterthan-anticipated financial results for its fiscal 2023 fourth quarter and issued a strong sales outlook. The company said it benefited from growth in its core infrastructure software and strong demand for its hybrid multi-cloud solutions for large enterprises. Nutanix was a large holding and overweight at the end of September.

LARGEST CONTRIBUTORS VS. BENCHMARK

Holding

Market Segment

Average Relative Relative Contribution Weight (basis points)*

NVIDIA Corp.

Information Technology

8.74%

52

Apple, Inc.

Information Technology

-2.18%

20

Nutanix, Inc. Class A

Information Technology

0.78%

19

lululemon athletica, Inc.

Consumer Discretionary

3.64%

18

Microsoft Corp.

Information Technology

-4.47%

17

* 1 basis point = 0.01%.

LARGEST DETRACTORS VS. BENCHMARK

Holding

Market Segment

Average Relative Relative Contribution Weight (basis points)*

Insulet Corp.

Health Care

0.57%

-30

Novocure Ltd.

Health Care

0.28%

-23

AbbVie, Inc.

Health Care

-1.01%

-14

Avis Budget Group, Inc. Industrials

0.77%

-14

Meta Platforms, Inc. Class Communication

A

Services

-1.69%

-13

* 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, 2023

Outlook and Positioning

As the fourth quarter begins, the market backdrop is mixed. The Fed and other central banks are likely nearing the end of their hiking cycles, but global monetary tightening is dampening liquidity and adding to growth risk. Tight labor markets and higher oil prices will make continued disinflation more difficult without greater economic slowing. Additionally, China's policy easing is picking up pace amid weak cyclical and structural trends.

While it's difficult to predict if the economy will enter a recession, it appears to us that economic growth ? at the very least ? will likely dwindle in 2023 and into 2024. And while other variables will inevitably come into play, we're certain that the Fed's interest rate policy will continue to weigh heavily on our market outlook.

Equity markets reflect an economic slowdown to varying degrees, especially in certain sectors. We plan to continue to focus on areas of the market that already reflect a slowdown, as well as companies we think have the potential to perform well through macroeconomic headwinds.

We didn't make any significant shifts to sector positioning the past three months. The pool's position in information technology remained by far our largest area of investment, representing 43% of assets at the end of September. Tech was the pool's second-largest sector overweight, behind consumer discretionary.

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.

In tech, the pool holds above-benchmark investments in niche companies that we consider 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 Silicon Laboratories, among others.

The pool's second-largest area of investment and top overweight on September 30 was consumer discretionary, where our allocation was roughly 19%. Here, we are bullish on leaders in athletic apparel and footwear that have executed well and have grown their brands globally, such as our longtime holding in lululemon athletica, the pool's sixth-biggest holding and No. 2 overweight.

We also hold larger-than-benchmark positions in footwear brands Sketchers and Deckers Outdoor. We think several secular trends and factors support continued growth for these companies.

The pool holds large stakes in e-commerce giant and Tesla, although we remain underweight Tesla, based on concerns about the stock's valuation.

At the end of Q3, the pool is slightly overweight health care stocks. Here, we emphasize the biotechnology subindustry, where we continue to favor innovative companies that we consider underappreciated by the market.

Specifically, we prefer stocks of companies with products with a large addressable market, as well as smaller firms developing treatments for unmet medical needs. Our largest biotech holdings fitting this description were Eli Lilly, Alnylam Pharmaceuticals, argenx and Ionis Pharmaceuticals.

MARKET-SEGMENT DIVERSIFICATION

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

Index Pool Weight Weight

Relative Weight

Relative Change From Prior Quarter

43.21% 41.06% 2.15%

0.71%

19.25% 13.49%

15.71% 11.82%

3.54% 1.67%

0.48% -1.34%

10.06% 4.85% 3.24% 3.24% 1.54% 0.77% 0.19% 0.03% 0.00%

11.17% 6.65% 4.30% 6.55% 0.85% 0.85% 0.91% 0.12% 0.00%

-1.11% -1.80% -1.06% -3.31% 0.69% -0.08% -0.72% -0.09% 0.00%

0.34% 0.09% -0.07% -0.23% -0.01% -0.06% 0.13% -0.03% 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

46.0x 29.3x 8.1x 28.1x 14.8%

13.8% 14.1% 58.2% 22.0%

851.4 467.4 12.7

Index

32.5x 24.5x 10.2x 21.5x 30.0%

13.6% 7.5% 25.7% 22.6%

918.3 467.4

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, 2023

LARGEST OVERWEIGHTS BY HOLDING

Holding NVIDIA Corp. lululemon athletica, Inc. Pure Storage, Inc. Class A Salesforce, Inc. Nutanix, Inc. Class A

Market Segment Information Technology Consumer Discretionary Information Technology Information Technology Information Technology

Relative Weight

8.52% 3.78% 1.05% 0.97% 0.91%

LARGEST UNDERWEIGHTS BY HOLDING

Holding Microsoft Corp. Apple, Inc. Meta Platforms, Inc. Class A Broadcom, Inc. Tesla, Inc.

Market Segment Information Technology Information Technology Communication Services Information Technology Consumer Discretionary

Relative Weight

-4.29% -1.91% -1.67% -1.29% -1.13%

10 LARGEST HOLDINGS

Holding

Market Segment

NVIDIA Corp.

Information Technology

Apple, Inc.

Information Technology

Microsoft Corp.

Information Technology

, Inc. Alphabet, Inc. Class A lululemon athletica, Inc. Alphabet, Inc. Class C

Consumer Discretionary Communication Services Consumer Discretionary Communication Services

Tesla, Inc.

Consumer Discretionary

Salesforce, Inc.

Information Technology

Eli Lilly & Co.

Health Care

10 Largest Holdings as a % of Net Assets

50.81%

Total Number of Holdings

563

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

95.84% 99.67% -3.83% -0.10%

International Equities 3.93%

0.33%

3.60%

0.07%

Developed Markets

2.25%

0.11%

2.14%

0.14%

Emerging Markets 1.68%

0.22%

1.46%

-0.07%

Tax-Advantaged Domiciles

0.00%

0.00%

0.00%

0.00%

Bonds

0.10%

0.00%

0.10%

0.03%

Cash & Net Other Assets

0.13%

0.00%

0.13%

0.00%

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 1.09 23.26% 0.21 5.72% -0.17 0.95

Index 1.00 20.69% 0.28

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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, 2023

Definitions and Important Information

Information provided in, and presentation of, this document are for informational and educational purposes only and are not a recommendation to take any particular action, or any action at all, nor an offer or solicitation to buy or sell any securities or services presented. It is not investment advice. Fidelity does not provide legal or tax advice.

Before making any investment decisions, you should consult with your own professional advisers and take into account all of the particular facts and circumstances of your individual situation. Fidelity and its representatives may have a conflict of interest in the products or services mentioned in these materials because they have a financial interest in them, 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 Trailing measures the growth in reported earnings per share over trailing one- and five-year periods.

Earnings-Per-Share Growth (IBES 1-Year Forecast) measures the growth in reported earnings per share as estimated by Wall Street analysts.

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.

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