Fidelity Growth Company Commingled Pool

QUARTERLY REVIEW | AS OF JUNE 30, 2020

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%

41.08% 24.45% 41.02% 24.13% 19.87% 19.18%

Russell 3000 Growth Index

27.99% 8.98% 21.94% 18.21% 15.23% 14.94%

1 Life of Pool (LOP) if performance is less than 10 years. Pool inception date: 12/13/2013.

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): $44,812.58 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 JUNE 30, 2020

Performance Review

For the quarter, the pool gained 41.08%, well ahead of the 27.99% advance of the benchmark Russell 3000? Growth Index. The pool was well-positioned as the market rebounded the past three months, helping to drive its significant outperformance of the benchmark. Specifically, relative performance benefited most from security selection its three biggest areas of investment: information technology, consumer discretionary and health care.

Growth stocks surged higher in the second quarter, amid signs of an early recovery in economic activity following a steep but brief decline due to the early-2020 outbreak and spread of the coronavirus and the respiratory disease it causes, COVID-19.

Declared a pandemic on March 11, the COVID-19 crisis and containment efforts caused broad economic contraction, along with extreme uncertainty, volatility and dislocation in financial markets. By mid-March, U.S. stocks had entered bear-market territory less than a month after hitting an all-time high and extending the longest bull market in American history. The Russell 3000? Growth Index returned -14.85% for the first quarter.

A historically rapid and expansive U.S. monetary/fiscal-policy response provided a partial offset to the economic disruption and fueled a sharp uptrend beginning March 24. Aggressive support for financial markets by the U.S. Federal Reserve, plans for reopening the economy and improving infection data boosted growth stocks in April (+15%) and May (+7%). Unemployment remained a concern, but in June the index gained roughly 4% amid progress on potential treatments, improved jobs data and hopeful expectations about reopening after global shutdowns to limit the spread of COVID-19.

Against this backdrop, e-commerce platforms Shopify, a sizable outof-benchmark holding, and Wayfair were the fund's top individual contributors versus the Russell index. Each exemplifies one of the areas in consumer discretionary we're bullish on: online retailers that we believe have favorable growth trends. Shares of Shopify more than doubled for the quarter. In May, the company reported a surprise quarterly profit and a 47% year-over-year revenue boost, driven by demand for its products and services that help small- and medium-sized companies conduct business online.

Meanwhile shares of online home goods retailer Wayfair advanced about 270% within the fund.

Within consumer discretionary, the fund benefited from holdings with a strong brand or customer proposition that had positive sales momentum this quarter. These included yoga-inspired athletic apparel retailer lululemon athletica (+64%), a sizable fund holding.

In tech, it helped to overweight chip designer Nvidia, the fund's top holding. Within the sector, we're focused on niches that offer faster growth, including differentiated semiconductor companies, like Nvidia, as well as software firms and storage and cybersecurity vendors. Shares of Nvidia advanced 44% for the three months, as shelter-in-place orders led to more people playing video games and working from home, which boosted demand for the company's products. Fiscal first-quarter revenue increased 39% year-over-year, and per-share earnings rose 130%. Each beat analysts' expectations.

Within the pharmaceuticals, biotechnology & life sciences segment, we focus on companies with differentiated products and pipelines. Moderna (+115%) was a notable contributor, as investors' appreciation for the company's early/mid-stage mRNA vaccine and therapeutic platform grew as the firm made headlines for its development of a COVID-19 vaccine. We boosted our position here, making it our No. 9 quarter-end holding.

In contrast, shares of oncology treatment specialist Novocure returned -12%, making it the fund's biggest relative detractor. In April, the firm reported first-quarter sales that missed the consensus estimate. In addition, Novocure delayed the release of phase 3 trial results for a technology to treat non-small cell lung cancer.

Apple was the fund's third-largest holding, but we were underweighted versus the benchmark's sizable position. This hurt our relative result, as Apple shares rose 44% the past three months. The maker of personal electronics released favorable financial results for its fiscal second quarter, driven by its services and wearables, home and accessories segments.

LARGEST CONTRIBUTORS VS. BENCHMARK

Holding

Market Segment

Relative Average Contribution Relative (basis Weight points)*

Shopify, Inc. Class A

Information Technology

4.20%

319

Wayfair LLC Class A

Consumer Discretionary

1.23%

140

lululemon athletica, Inc.

Consumer Discretionary

3.37%

113

NVIDIA Corp.

Information Technology

6.44%

101

Moderna, Inc.

Health Care

1.60%

81

* 1 basis point = 0.01%.

LARGEST DETRACTORS VS. BENCHMARK

Holding

Market Segment

Relative Average Contribution Relative (basis Weight points)*

Novocure Ltd.

Health Care

0.59%

-29

Apple, Inc.

Information Technology

-1.67%

-27

adidas AG

Consumer Discretionary

0.84%

-12

ACADIA Pharmaceuticals, Inc.

Health Care

0.79%

-11

Facebook, Inc. Class A

Communication Services

-1.08%

-11

* 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 JUNE 30, 2020

Outlook and Positioning

Much is still unknown about the deadly coronavirus pandemic, such as the scope of undetected spread and the full economic fallout resulting from job losses and the ad-hoc reopening and closing of businesses across states. However, what remains certain to us is that, as of June 30, infections of COVID-19 in the United States continue on the upswing. Therefore, we're also certain that the sooner we see an effective coronavirus vaccine or COVID-19 treatment, the more likely the potential for an economic recovery.

The U.S. stock market has recovered sooner than most expected, albeit with major fiscal and monetary support. While we expect both to continue, we see additional uncertainty ahead, given that this is a presidential election year. All of this is transpiring amid modest inflation and historically low interest rates.

Against an evolving global economic backdrop, we're focusing on identifying compelling investment opportunities, especially those that we think can benefit from improvement in employment, corporate earnings and other measures. As of midyear, this includes some stocks that are sensitive to the economy and operate in some of the hardest-hit areas of the market, namely travel, retail and restaurants.

We've been closely examining all the resources global industries and governments are using to improve the trajectory of the outbreak and to make the world safer for all of us. This is one reason we are closely watching companies in the health care sector.

From a treatment standpoint, clinical practice in many countries has improved so that global death rates from the virus largely appear to have moderated. Additionally, two existing compounds have shown benefits to reduce ill effects of the disease.

Meanwhile, several biopharma companies are in the race to find effective antibody "cocktails" and/or antivirals. Others are working diligently toward producing vaccines to provide some degree of protection, and will hopefully take us further down the path to herd immunity. While perhaps no compound or program is a silver bullet to abruptly abolish the virus, the hope is that, collectively, these efforts can allow people to resume a more normal life.

Health care was the fund's second-largest overweighting at quarter end. Drug development is a risky business, and the fund is invested in several stocks involved in treatment/vaccine development for COVID-19. In addition to Moderna ? the fund's largest biopharma holding as of June 30 ? our higher-profile holdings include Regeneron Pharmaceuticals, which is in the race for an antiviral therapy, and BioNTech in the vaccine area.

In terms of positioning, we didn't make any material sector shifts the past three months, although the fund's allocations versus the benchmark shifted somewhat as a result of the index's yearly rebalance in June. Notably, information technology went from an overweighting to a modest underweighting, although tech remained by far the fund's largest absolute sector weighting.

As of June 30, the fund's largest overweighting is in consumer discretionary. Here, our investments are concentrated in areas with strong underlying growth trends, including online retail leaders, with e-commerce giant our No. 2 position. Other notable holdings in this area include Wayfair as well as out-of-benchmark stakes in Chinese e-commerce firms and Alibaba Group Holding. We also hold athletic footwear and apparel makers, such as lululemon, Skechers USA, Nike and adidas, and electric-vehicle producers, including Tesla. Skechers and adidas were nonbenchmark holdings.

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

40.87% 42.58% -1.71% -3.08%

21.60% 18.50%

15.27% 16.13%

6.33% 2.37%

1.35% -0.29%

10.80% 3.71% 2.20% 1.12% 0.63% 0.33% 0.14% 0.00% 0.00%

10.65% 5.10% 4.73% 2.23% 0.08% 0.93% 2.17% 0.13% 0.00%

0.15% -1.39% -2.53% -1.11% 0.55% -0.60% -2.03% -0.13% 0.00%

-1.31% 3.66% -1.52% 0.55% 0.18% 0.45% 0.22% -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

73.2x 62.7x 8.1x 36.4x 13.5%

13.3% 6.1% 19.7% 23.7%

421.4 126.9 14.1

Index

37.3x 31.1x 10.2x 24.1x 25.5%

13.0% 24.5% 12.2% 18.8%

542.0 191.9

1.6

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 JUNE 30, 2020

LARGEST OVERWEIGHTS BY HOLDING

Holding NVIDIA Corp. Shopify, Inc. Class A lululemon athletica, Inc. , Inc. Moderna, Inc.

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

Relative Weight

6.36% 5.05% 3.68% 1.96% 1.95%

LARGEST UNDERWEIGHTS BY HOLDING

Holding Microsoft Corp. Apple, Inc. Facebook, Inc. Class A Merck & Co., Inc. Visa, Inc. Class A

Market Segment Information Technology Information Technology Communication Services Health Care Information Technology

Relative Weight

-4.75% -3.17% -1.69% -1.10% -0.97%

10 LARGEST HOLDINGS

Holding

Market Segment

NVIDIA Corp.

Information Technology

, Inc.

Consumer Discretionary

Apple, Inc.

Information Technology

Microsoft Corp. Shopify, Inc. Class A lululemon athletica, Inc. Alphabet, Inc. Class A

Information Technology Information Technology Consumer Discretionary Communication Services

, Inc.

Information Technology

Moderna, Inc.

Health Care

Alphabet, Inc. Class C

Communication Services

10 Largest Holdings as a % of Net Assets

45.56%

Total Number of Holdings

436

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

88.67% 99.89% -11.22% -1.67%

International Equities 11.21%

0.11% 11.10% 1.83%

Developed Markets

8.93%

0.03%

8.90%

2.07%

Emerging Markets 2.28%

0.08%

2.20%

-0.22%

Tax-Advantaged Domiciles

0.00%

0.00%

0.00%

-0.02%

Bonds

0.01%

0.00%

0.01%

0.01%

Cash & Net Other Assets

0.11%

0.00%

0.11%

-0.17%

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 1.16 21.39% 1.05 5.63% 1.05 0.95

Index 1.00 17.91% 0.92

----

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 JUNE 30, 2020

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.

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.

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

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