Fidelity Contrafund Commingled Pool

1 QUARTERLY REVIEW | AS OF JUNE 30, 2022 Fidelity Contrafund Commingled PoolInvestment Approach Fidelity Contrafund Commingled Pool is an opportunistic, diversified equity strategy with a large-cap growth bias. Philosophically, we believe stock prices follow companies' earnings, and those companies that can deliver durable multiyear earnings growth provide attractive investment opportunities. As a result, our investment approach seeks companies we believe are poised for sustained, above-average earnings growth that is not accurately reflected in the stocks' current valuation.

2 In particular, we emphasize companies with "best-of-breed" qualities, including those with a strong competitive position, high returns on capital, solid free cash flow generation and management teams that are stewards of shareholder capital. We strive to uncover these investment opportunities through in-depth bottom-up, fundamental analysis, working in concert with Fidelity 's global research Year/ LOP1 Fidelity Contrafund Commingled Pool Gross Expense Ratio: 500 Life of Pool (LOP) if performance is less than 10 years.

3 Pool inception date: 01/17 This expense ratio is from the most recent annual 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 Fidelity Contrafund 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).

4 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 sectionof this Quarterly :William DanoffStart Date:January 17, 2014 Size (in millions):$32, value of the fund's domestic and foreign investments will vary from day to day in response to many factors.

5 Stock values may fluctuate in response to the activities of individual companies, and general market and economic conditions,and the value of an individual security or particular type of security can be more volatile than, or can perform differently from, the market as a whole. Investmentsin foreign securities involve greater risk than investments, including increased political and economic risk, as well as exposure to currency may have a gain or loss when you sell your units. Not FDIC Insured May Lose Value No Bank GuaranteeQUARTERLY REVIEW: Fidelity Contrafund Commingled Pool | AS OF JUNE 30, 20222 | For definitions and other important information, please see Definitions and Important Information section of this Quarterly ReviewThe pool returned for the quarter, lagging the result of the benchmark S&P 500.

6 Stocks slid into bear market territory the past three months, as a multitude of crosscurrents challenged the global economy and financial markets. Persistently high inflation, exacerbated by energy price shocks from the Russia Ukraine conflict, spurred the Federal Reserve to hike interest rates more aggressively than anticipated. Value stocks topped growth for the quarter and energy and defensive sectors held up best a challenging environment for the faster-growing, best-of-breed companies we this volatile backdrop, the S&P 500 returned in Aprilamid clearer signals of the Fed's intension to tighten monetary policy.

7 In early May, the Fed approved a rare half-percentage-point interest rate increase and announced plans to shrink its $9 trillion asset portfolio. The index gained for the month. June began with the Fed allowing up to billions in Treasuries and mortgage bonds to mature every month without investing the proceeds. Two weeks later, the central bank raised rates by percentage points, its largest increase since 1994, and said it was becoming more difficult to achieve a soft landing, in which the economy slows enough to bring down inflation while avoiding a recession.

8 Partly in reaction, the S&P 500 returned in June and since the end of 2021 its worst first-half result to begin a year since sector for the full three months, energy, consumer staples and utilities each returned about -5%, followed by health care (-6%). In contrast, notable laggards included the growth-oriented consumer discretionary (-26%), communication services (-21%) and informationtechnology (-20%) pool's relative shortfall for the quarter can be largely traced to security selection in these harder-hit groups, especially among tech-related names.

9 The stock of returned -35% the past three months, slipping in late April after the online retailer posted itsfirst quarterly loss in seven years amid what it called "unusual growth and challenges," including supply-chain woes, higher costs for fuel and labor, the war in Ukraine, and a large write-down on its investment in electric-vehicle maker Rivian Automotive. Looking ahead, the company said it expects revenue to continue to stabilize after an outsized gain earlier in the pandemic. We trimmed our commitment to Amazon because it was not generating free cash flow, but it remains a sizable pool holding and of Meta Platforms (formerly Facebook) returned about -27% the past three months, as the recently rebranded and refocused firmannounced a surprising rise in quarterly profit, but revenue that was lower than expected and disappointing financial guidance.

10 Meta said its outlook "reflects a continuation of the trends impacting revenue growth in the first quarter, including softness that coincidedwith the war in Ukraine." Some analysts believe Meta is being pressured on a number of fronts with scrutiny from Congress, regulators and even its own users as it transitions to a new identity and focus on the online digital realm it refers to as the metaverse. Although Meta is categorized within media & entertainment, we seeit as a leading tech company with the ability to generate healthy operating margins and free cash flow.