Fidelity Growth Company Commingled Pool

QUARTERLY REVIEW | AS OF JUNE 30, 2024

Fidelity? Growth Company

Commingled Pool

Investment Approach

? Fidelity? Growth Company Commingled Pool is a 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 ¨C through the cash they generate ¨C

and benefit from management teams focused on creating long-term shareholder value.

PERFORMANCE

SUMMARY

Cumulative

Annualized

3

Month

YTD

1

Year

3

Year

5

Year

10 Year/

LOP1

Fidelity Growth Company Commingled Pool Class A

Gross Expense Ratio: 0.43% 2

8.84%

26.10%

38.72%

9.39%

23.76%

19.27%

Russell 3000 Growth Index

7.80%

19.90%

32.22%

10.33%

18.55%

15.75%

1

2

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

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.

Not FDIC Insured ? May Lose Value ? No Bank Guarantee

Manager:

Steven Wymer

Start Date:

December 13, 2013

Size (in millions):

$88,656.64

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.

QUARTERLY REVIEW: Fidelity? Growth Company Commingled Pool | AS OF JUNE 30, 2024

Performance Review

For the quarter, the pool gained 8.88%, topping the 7.80% advance

of the benchmark, the Russell 3000? Growth Index. As always, we

focused on firms operating in well-positioned industries and niches

that we believe are capable of delivering persistent sales and

earnings growth. Importantly, given our focus, long-term

performance continues to favor the pool over the benchmark.

U.S. growth stocks shook off a rough April and rose steadily due to

resilient corporate profits, a frenzy over generative artificial

intelligence and the Federal Reserve's likely pivot to cutting interest

rates later this year. Amid this favorable backdrop for higher-risk

assets, the index continued its late-2023 momentum and reached

midyear just shy of its all-time closing high. Growth stocks led the

narrow rally, with only two of 11 sectors within the Russell 3000?

Growth Index topping the broader market.

Large-cap growth stocks once again topped the performance

leaderboard, adding to a strong year-to-date gain in what was a

relatively quiet three months for asset markets. In April, the index

returned -4.41%, as inflation remained stickier than expected,

spurring doubts of a soft landing for the economy. Reversing course,

the benchmark rose 5.96% in May. Tech stocks, particularly AIrelated names, came back into focus, while the bull market finally

began to reflect broader participation. At its June meeting, the Fed

bumped up its inflation forecast and reduced its outlook from three

cuts to one in 2024. The market followed suit, reducing its rate-cut

expectations for the second straight quarter. Still, signs of inflation

easing helped the benchmark gain 6.43% for the month, boosting its

year-to-date result to 19.90%.

For the quarter, growth shares handily topped value, as the Russell

3000? Value Index returned -2.25% in Q2. By sector within the

Russell 3000? Growth Index, a continued rally in the stock prices of

the largest U.S. companies by market capitalization ¨C concentrated

in information technology (+15%) and communication services

(+14%), fanned by AI fervor ¨C once again stood out. Within tech,

semiconductor-related firms gained about 27%, with AI-focused

chipmakers Nvidia (+37%) and Broadcom (+22%) leading the way.

Hardware and equipment stocks (+21%) also powered the surge,

paced by personal-electronics maker Apple (+23%). In

communication services, Google parent Alphabet advanced about

21%, while , from the consumer discretionary sector,

was up 7%. Conversely, notable laggards included materials (-7%),

industrials (-5%) and financials (-5%).

LARGEST CONTRIBUTORS VS. BENCHMARK

Market Segment

NVIDIA Corp.

Information

Technology

7.72%

Pure Storage, Inc. Class A

Information

Technology

Also in tech, an overweight in Pure Storage was the second-largest

contributor. Within the sector, the pool owns larger-than-benchmark

holdings in niche companies that appear to be attractive, secular

growers, including Pure Storage. Shares of the storage hardware

and software firm advanced about 24% in Q2, as growth accelerated

from strong demand for its all-flash enterprise storage offerings. We

modestly added to the stock because we think the firm stands to

benefit from further earnings growth. It was among the pool's top

holdings and overweights as of June 30.

Conversely, stock selection and an overweight in consumer

discretionary hurt, with an outsized stake in longtime pool holding

lululemon athletica the biggest individual detractor. Within the

sector, we focus on areas with strong underlying growth trends,

including athletic apparel brands and retailers. Indeed, lululemon

was the pool's No. 9 holding and second-biggest overweight on

June 30. But the stock returned -24% the past three months, as the

company's earnings growth slowed in response to some execution

issues and new product offerings from competitors.

Turning back to tech, it hurt to overweight cloud-software company

Salesforce (-15%). Its shares fell sharply in May after the company

reported its first quarter of weaker-than-expected revenue since

2006, and also cut its outlook for subscription revenue for the fiscal

year. Management cited increased spending scrutiny by its

corporate customers. Still, the stock remains a sizable holding and

overweight at the end of June, given our positive view of Salesforce'

s longer-term growth prospects. ¡ö

LARGEST DETRACTORS VS. BENCHMARK

Average

Relative

Relative Contribution

Weight (basis points)*

Holding

We're pleased that stock selection contributed to performance

versus the benchmark for the quarter, led by tech, where

semiconductor-related holdings stood out. Here, the pool's top

individual contributor by far was a sizable investment in chipmaker

Nvidia. 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. In midMay, the firm reported financial results for the three months ending

April 28 that far exceeded analysts' expectations ¨C sales roughly

tripled, and earnings surged about sevenfold, each setting a

quarterly record. In addition, management raised its financial

forecast for the firm's next fiscal quarter. We reduced the pool's

exposure to Nvidia the past three months, but it was by far the top

holding, at roughly 17% of assets, and overweight as of midyear.

Average

Relative

Relative Contribution

Weight (basis points)*

Holding

Market Segment

192

lululemon athletica, Inc.

Consumer

Discretionary

2.36%

-87

1.37%

20

Apple, Inc.

Information

Technology

-1.89%

-28

Alnylam Pharmaceuticals,

Health Care

Inc.

0.30%

16

Salesforce, Inc.

Information

Technology

0.94%

-24

AbbVie, Inc.

Health Care

-0.94%

13

-22

-0.65%

13

Information

Technology

-1.67%

The Home Depot, Inc.

Consumer

Discretionary

Broadcom, Inc.

Viking Therapeutics, Inc.

Health Care

0.37%

-20

* 1 basis point = 0.01%.

* 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, 2024

Outlook and Positioning

As of midyear, the economy appears generally stable against a

backdrop of moderating inflation. This bodes well for equities, as we

expect earnings to grow and likely to be aided by flat-to-lower

interest rates in the near future.

Additionally, geopolitical risk remains. The Russia¨CUkraine and

Israel¨CHamas wars could broaden, threatening to bring the U.S.

and/or other countries into a wider conflict. We expect that

economic developments will be uneven and challenge some

industries and companies harder than others.

As a result of this risk, we continue to focus on companies we think

can prosper in an uncertain environment, and we plan to be even

more selective in selecting stocks. Specifically, we have increased

the pool's positions in some large-capitalization stocks, which we

believe can hold up better if there is an unexpected downturn.

In all sectors, the pool holds companies with above-benchmark,

long-term growth in sales and earnings per share, reflecting our

view that growth for advantaged companies can persist for years.

The pool's allocation to information technology remained by far the

largest area of investment, at about 48% of assets at the end of

June, making it the top sector overweight. Here, we favor niche

companies that we consider attractive, secular growers. For

instance, we prefer differentiated semiconductor-related businesses

that help power AI and machine-learning workloads, video gaming,

and autonomous vehicles. These include AI-focused chipmakers

Nvidia and Advanced Micro Devices, among others.

Information

Technology

Pool Weight

48.32%

Index

Weight

45.83%

Relative

Weight

2.49%

We are bullish on leaders in athletic apparel and footwear, leading

e-commerce providers of goods and services, and off-priced

retailers that have executed well and have grown their brands

globally. Holdings reflecting this include lululemon athletica and

Dick's Sporting Goods, the latter a non-benchmark position we

added to the past three months.

The portfolio holds larger-than-benchmark positions in footwear

brands Deckers Outdoor and Sketchers, both of which are top-20

holdings at the end of June. We think several secular trends and

factors support continued growth for each.

At the end of June, the pool is overweight health care stocks. Here,

we focus on companies with differentiated products and pipelines,

especially since innovation across multiple modalities will lead to

shorter periods of market exclusivity and more competition. Since

many early-stage biotechnology firms need capital to grow, those

with ample free cash and good data on their programs could lead to

them being an attractive buy opportunity during periods of

uncertainty. In Q2, we established several small positions in

promising biotech stocks that were trading at an attractive price.

Notable sector underweights include financials, industrials and

consumer staples. ¡ö

CHARACTERISTICS

MARKET-SEGMENT DIVERSIFICATION

Market Segment

The pool's second-largest area of investment and No. 2 overweight

as of quarter end was consumer discretionary, where our allocation

represented 16% of assets, down a bit from March 31. Here, ecommerce giant was a big holding and overweight as

the second half of 2024 begins.

Relative

Change

From Prior

Quarter

-1.29%

Consumer

Discretionary

16.15%

13.91%

2.24%

-0.53%

Health Care

12.69%

10.56%

2.13%

0.05%

Communication

Services

11.38%

12.20%

-0.82%

0.41%

Industrials

4.29%

5.74%

-1.45%

0.50%

Financials

3.26%

5.67%

-2.41%

0.65%

Consumer Staples

2.70%

3.81%

-1.11%

0.02%

Materials

0.52%

0.76%

-0.24%

0.07%

Energy

0.46%

0.64%

-0.18%

-0.01%

Real Estate

0.11%

0.77%

-0.66%

0.09%

Utilities

0.00%

0.11%

-0.11%

-0.01%

Other

0.00%

0.00%

0.00%

0.00%

Pool

Index

Valuation

Price/Earnings Trailing

49.4x

36.0x

Price/Earnings (IBES 1-Year Forecast)

34.5x

28.4x

Price/Book

9.8x

12.0x

Price/Cash Flow

32.4x

26.1x

Return on Equity (5-Year Trailing)

15.5%

30.4%

Growth

Sales/Share Growth 1-Year (Trailing)

21.0%

15.3%

Earnings/Share Growth 1-Year (Trailing)

136.2%

38.7%

Earnings/Share Growth 1-Year (IBES

Forecast)

42.5%

22.2%

Earnings/Share Growth 5-Year (Trailing)

25.0%

22.1%

Weighted Average Market Cap ($ Billions)

1504.0

1448.0

Weighted Median Market Cap ($ Billions)

1279.0

815.2

15.0

2.3

Size

Median Market Cap ($ Billions)

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, 2024

LARGEST OVERWEIGHTS BY HOLDING

Holding

Market Segment

LARGEST UNDERWEIGHTS BY HOLDING

Relative

Weight

Holding

Market Segment

Relative

Weight

NVIDIA Corp.

Information Technology

7.54%

Microsoft Corp.

Information Technology

lululemon athletica, Inc.

Consumer Discretionary

1.86%

Apple, Inc.

Information Technology

-3.70%

-1.86%

Information Technology

-1.75%

Pure Storage, Inc. Class A

Information Technology

1.43%

Broadcom, Inc.

Nutanix, Inc. Class A

Information Technology

1.05%

Meta Platforms, Inc. Class A

Communication Services

-1.31%

Deckers Outdoor Corp.

Consumer Discretionary

1.02%

Tesla, Inc.

Consumer Discretionary

-1.03%

10 LARGEST HOLDINGS

ASSET ALLOCATION

Holding

Market Segment

NVIDIA Corp.

Information Technology

Apple, Inc.

Information Technology

Microsoft Corp.

Information Technology

, Inc.

Consumer Discretionary

Alphabet, Inc. Class A

Communication Services

Alphabet, Inc. Class C

Communication Services

Meta Platforms, Inc. Class A

Communication Services

Eli Lilly & Co.

Health Care

lululemon athletica, Inc.

Consumer Discretionary

Pure Storage, Inc. Class A

Information Technology

10 Largest Holdings as a % of Net

Assets

55.39%

606

Total Number of Holdings

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.

Pool Weight

Index

Weight

Relative

Weight

Relative

Change

From Prior

Quarter

Domestic Equities

96.38%

99.62%

-3.24%

-0.25%

International Equities

3.42%

0.38%

3.04%

0.19%

Developed

Markets

2.39%

0.16%

2.23%

0.21%

Emerging Markets

1.00%

0.22%

0.78%

-0.03%

Tax-Advantaged

Domiciles

0.03%

0.00%

0.03%

0.01%

Bonds

0.07%

0.00%

0.07%

0.02%

Cash & Net Other

Assets

0.13%

0.00%

0.13%

0.04%

Asset Class

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

Pool

Index

1.10

1.00

23.67%

21.08%

Sharpe Ratio

0.26

0.34

Tracking Error

5.32%

--

Information Ratio

-0.18

--

R-Squared

0.96

--

3 years of data required.

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, 2024

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.

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.

Russell 3000 Value Index is a market capitalization¨Cweighted

index designed to measure the performance of the broad value

segment of the U.S. equity market. It includes those Russell 3000

Index companies with a lower price-to-book ratio and lower

forecasted growth rate.

CHARACTERISTICS

MARKET-SEGMENT WEIGHTS

Earnings-Per-Share Growth Trailing measures the growth in

reported earnings per share over trailing one- and five-year

periods.

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.

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.

5 |

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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