Fidelity Growth Company Commingled Pool

1 QUARTERLY REVIEW | AS OF DECEMBER 31, 2021. Fidelity Growth Company Commingled Pool Investment Approach Fidelity Growth Company Commingled Pool is a diversified domestic equity strategy that Manager: invests across a spectrum of companies, from blue chip to aggressive Growth . Steven Wymer 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 Start Date: of the business model are underappreciated. December 13, 2013.

2 We focus on firms operating in well-positioned industries and niches that we find capable of Size (in millions): delivering persistent sales and earnings Growth . $74, This approach typically leads us to companies that we think have the potential to unlock The value of the fund's domestic and shareholder value through either a Growth -enhancing product cycle or an internal catalyst such foreign investments will vary from day to as a turnaround or acquisition. day in response to many factors, such as We believe it critical that companies fund their own Growth through the cash they generate adverse issuer, political, regulatory, and benefit from management teams focused on creating long-term shareholder value.

3 Market, or economic developments. Stock values fluctuate in response to the activities of individual companies, and general market and economic conditions. PERFORMANCE Cumulative Annualized Foreign investments involve greater risks SUMMARY 3 1 3 5 10 Year/ than those of investments, as well as Month YTD Year Year Year LOP1 exposure to currency fluctuations. Fidelity Growth Company Commingled Pool ' Growth ' stocks can perform differently from the market as a whole and other Gross Expense Ratio: types of stocks and can be more volatile Russell 3000 Growth Index than other types of stocks.

4 You may have a gain or loss when you sell your units. 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.

5 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.

6 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 QUARTERLY REVIEW: Fidelity Growth Company Commingled Pool | AS OF DECEMBER 31, 2021. Performance Review Health care was a notable detractor, with our decision to own Adagio Therapeutics (-82%), BeiGene (-25%) and Novocure (-35%). For the final quarter of 2021, the pool advanced , lagging the hampering performance as each of the stocks underperformed for gain of the benchmark, the Russell 3000 Growth Index.

7 Idiosyncratic reasons. Within the sector, we focus on firms with differentiated products and pipelines, as we believe innovation Growth stocks experienced some intra-quarter volatility but across multiple modalities will lead to increased supply and, ultimately overcame a number of concerns, including the rampant therefore, shorter periods of market exclusivity and more spread of the highly transmissible omicron variant of the competition. Notably, BeiGene was not a part of our benchmark this coronavirus, surging inflation, fading hopes for another big quarter, while Adagio was included in the index for part of the government spending bill, and the beginning of a shift toward less quarter.

8 Accommodative monetary policy from the Federal Reserve (Fed). Stock picks in consumer discretionary also hurt, particularly the pool'. s overweighting in Wayfair (-26%) the biggest relative detractor. At the same time, strong earnings Growth amid an ongoing mid- Investors began to fear last year's strong performance for the online cycle economic expansion continued to provide support for Growth home goods retailer was a one-time bump due to the pandemic, as stocks, with the Russell index beginning the fourth quarter with an the firm's quarterly financial results reported in November gain in October.

9 The upward momentum moderated disappointed and analysts downgraded the stock. somewhat in November (+ ), as inflation broached a 40-year high amid surging commodity prices, and ongoing supply Yoga-inspired athletic retailer lululemon athletica (-3%) a large and constraints and disruption. Later in the month, stocks notably sold longtime pool holding also dragged on relative results. off after the World Health Organization declared omicron a "variant Despite the poor performance of these detractors this quarter, we of concern.". owned each of these stocks in the pool at the end of the year, In December, multiple studies late in the month suggested that believing in their longer-term Growth potential.

10 While the omicron variant was more contagious than previous Conversely, our choices in information technology helped the most, strains, it was likely to result in fewer severe cases of COVID-19, including Nvidia (+42%) our top contributor and the largest pool particularly among those vaccinated. That news buoyed stocks, and holding. The maker of graphics chips used in cloud computing, the Russell 3000 Growth Index finished the month with a artificial intelligence and autonomous driving reported 50% year- gain. Also noteworthy was the Fed's pivot in its monetary policy over-year revenue Growth for the third quarter and record revenue stance, signaling a strong effort to combat inflation by speeding up in both its gaming and data center businesses.