Fidelity Institutional Asset Management Trust CompanySM FIAM Group Trust for Employee Benefit Plans International Active Equity Commingled Pools

FIAM Emerging Markets Commingled Pool FIAM Emerging Markets Equity Small Cap Commingled Pool FIAM Emerging Markets Opportunities Commingled Pool FIAM Global Low Volatility Equity Commingled Pool FIAM International Equity Growth Commingled Pool FIAM International Equity Value Commingled Pool FIAM International Growth Commingled Pool FIAM Overseas Commingled Pool

Annual Report September 30, 2020 Contents

FIAM Emerging Markets Commingled Pool 3 Financial Statements 6 Schedule of Investments FIAM Emerging Markets Equity Small Cap 8 Financial Statements Commingled Pool 11 Schedule of Investments FIAM Emerging Markets Opportunities 14 Financial Statements Commingled Pool 17 Schedule of Investments FIAM Global Low Volatility Equity 23 Financial Statements Commingled Pool 26 Schedule of Investments FIAM International Equity Growth 29 Financial Statements Commingled Pool 31 Schedule of Investments FIAM International Equity Value 34 Financial Statements Commingled Pool 36 Schedule of Investments FIAM International Growth Commingled Pool 39 Financial Statements 42 Schedule of Investments FIAM Overseas Commingled Pool 45 Financial Statements 47 Schedule of Investments Notes to Financial Statements 50 Report of Independent Auditors 57

Annual Report FIAM Emerging Markets Commingled Pool Financial Statements

Statement of Assets and Liabilities September 30, 2020 Assets Investments in securities at value (cost $185,365,069) (See accompanying schedule) $ 206,022,581 Foreign currency holdings, at market value (cost $1,753,771) 1,756,807 Receivable for investments sold 1,315,874 Dividends receivable 324,596 Interest receivable 28 Other receivable 705,286 Total assets 210,125,172 Liabilities Payable to custodian bank $ 1,438,315 Payable for investments purchased 368,044 Affiliated payables 2,798 Other accrued expenses 53,073 Total liabilities 1,862,230 Net Assets (equivalent to $42.77 per unit based on 4,869,195 units outstanding) $ 208,262,942

Statement of Operations Year ended September 30, 2020 Investment Income Interest $ 237,859 Dividends 5,728,311 Miscellaneous 541,741 6,507,911 Less foreign taxes withheld (590,031) Total investment income 5,917,880 Expenses Pricing and bookkeeping fees $ 43,923 Audit fees 75,449 Custodian fees 198,781 Other expenses 499 Total expenses before reductions 318,652 Expense reductions (84,339) 234,313 Net investment income (loss) 5,683,567 Realized and Unrealized Gain (Loss) on Investments Net realized gain (loss) on investments 5,392,289 Net realized gain (loss) on futures contracts (1,568,230) Net realized gain (loss) on foreign currency transactions (515,508) Total net realized gain (loss) 3,308,551 Change in net unrealized appreciation (depreciation) on investments 33,640,498 Change in net unrealized appreciation (depreciation) on futures contracts 101,317 Change in net unrealized appreciation (depreciation) on assets and liabilities in foreign currencies (10,507) Total change in net unrealized appreciation (depreciation) 33,731,308 Net gain (loss) 37,039,859 Net increase (decrease) in net assets resulting from operations $ 42,723,426

See accompanying notes which are an integral part of the financial statements.

3 Annual Report Financial Statements – continued

Statement of Changes in Net Assets Year ended Year ended September 30, September 30, 2020 2019 Increase (Decrease) in Net Assets: Operations Net investment income (loss) $ 5,683,567 $ 9,784,934 Net realized gain (loss) 3,308,551 10,996,582 Change in net unrealized appreciation (depreciation) 33,731,308 (35,952,824) Net increase (decrease) in net assets resulting from operations 42,723,426 (15,171,308) Net increase (decrease) in net assets resulting from unit transactions (304,601,081) 121,119,536 Total increase (decrease) in net assets (261,877,655) 105,948,228 Net Assets Beginning of period 470,140,597 364,192,369 End of period $ 208,262,942 $ 470,140,597

See accompanying notes which are an integral part of the financial statements.

Annual Report 4 Financial Highlights FIAM Emerging Markets Commingled Pool

Periods ended September 30, 2020 2019 2018 2017 2016 Selected Per Unit Data Net asset value, beginning of period $ 41.07 $ 42.30 $ 44.03 $ 37.76 $ 31.85 Income from Investment Operations Net investment income (loss) A .75 1.04 1.07 1.01 .98 Net realized and unrealized gain (loss) .95 (2.27) (2.80) 5.26 4.93 Total from investment operations 1.70 (1.23) (1.73) 6.27 5.91 Net asset value, end of period $ 42.77 $ 41.07 $ 42.30 $ 44.03 $ 37.76 Total Return B,C 4.14% (2.91)% (3.93)% 16.60% 18.56% Ratios and Supplemental Data B,D,E Net assets, end of period (000s) $ 208,263 $ 470,141 $ 364,192 $ 1,747,884 $ 1,263,005 Ratio of expenses to average net assets before reductions .10% .16% .06% .06% .06% Ratio of expenses to average net assets net of reductions .07% .16% .06% .06% .06% Ratio of net investment income (loss) to average net assets 1.80% 2.49% 2.34% 2.52% 2.89% Portfolio Turnover Rate 79% 52% 58% 45% 38%

A Calculated based on average units outstanding during the period. B Excludes advisory fees which are charged directly to unitholders. C Total returns would have been lower had certain expenses not been reduced during the applicable periods shown. D Expense ratios reflect operating expenses of the Portfolio. Expenses before reductions do not reflect amounts reimbursed by the Trustee or reductions from expense offset arrangements and do not represent the amount paid by the Portfolio during periods when reimbursements or reductions occur. Expenses net of reductions reflect expenses after reimbursements from the Trustee and expense offset arrangements, if any, and represent the net expenses paid by the Portfolio. E Amounts do not include the activity of any underlying fund.

See accompanying notes which are an integral part of the financial statements.

5 Annual Report FIAM Emerging Markets Commingled Pool Schedule of Investments September 30, 2020 Showing Percentage of Net Assets Common Stocks – 96.1% Shares/Units Value Shares/Units Value Bermuda – 1.0% Samsung Electronics Co. Ltd. 318,514 $ 15,896,611 Shangri‑La Asia Ltd. 2,664,000 $ 2,184,258 Shinhan Financial Group Co. Ltd. 164,080 3,860,536

Brazil – 3.3% TOTAL KOREA (SOUTH) 23,182,863 BM&F BOVESPA SA 210,400 2,060,953 Suzano Papel e Celulose SA 600,100 4,867,351 Mexico – 6.6% CEMEX S.A.B. de CV sponsored ADR 1,202,700 4,570,260 TOTAL BRAZIL 6,928,304 Grupo Financiero Banorte S.A.B. de CV Series O 873,700 3,027,515 Wal‑Mart de Mexico SA de CV Series V 2,569,500 6,164,755 Cayman Islands – 21.1% Airtac International Group 130,000 2,925,539 TOTAL MEXICO 13,762,530 Alibaba Group Holding Ltd. sponsored ADR 30,600 8,995,788 Best Pacific International Holdings Ltd. 2,924,000 478,732 Netherlands – 2.0% JD.com, Inc. sponsored ADR 39,300 3,050,073 Yandex NV Series A 62,800 4,097,700 Li Ning Co. Ltd. 1,400,500 6,589,772 Sunny Optical Technology Group Co. Ltd. 182,400 2,833,096 Philippines – 0.3% Tencent Holdings Ltd. 280,945 18,975,976 Pilipinas Shell Petroleum Corp. 2,042,186 682,660

TOTAL CAYMAN ISLANDS 43,848,976 Russia – 3.0% Lukoil PJSC sponsored ADR 45,859 2,654,319 China – 14.7% Sberbank of Russia sponsored ADR 308,800 3,608,328 AVIC Jonhon OptronicTechnology Co. Ltd. 323,453 2,214,039 China Life Insurance Co. Ltd. (H Shares) 1,485,000 3,366,460 TOTAL RUSSIA 6,262,647 China Merchants Bank Co. Ltd. (H Shares) 1,137,000 5,395,538 Haier Smart Home Co. Ltd. (A Shares) 3,187,893 10,296,163 South Africa – 1.9% Hualan Biological Engineer, Inc. (A Shares) 267,315 2,250,096 Impala Platinum Holdings Ltd. 465,000 4,038,421 Industrial & Commercial Bank of China Ltd. (H Shares) 8,399,000 4,375,003 Shenzhen Inovance Technology Co. Ltd. (A Shares) 305,750 2,621,542 Taiwan – 15.2% ECLAT Textile Co. Ltd. 183,000 2,271,052 TOTAL CHINA 30,518,841 HIWIN Technologies Corp. 391,000 3,852,150 MediaTek, Inc. 123,000 2,580,925 Hong Kong – 4.5% Sporton International, Inc. 325,000 2,735,671 China Resources Beer Holdings Co. Ltd. 1,016,000 6,240,157 Taiwan Semiconductor Manufacturing Co. Ltd. 838,000 12,621,755 CNOOC Ltd. sponsored ADR 32,500 3,121,625 Unified‑President Enterprises Corp. 2,435,000 5,260,906 Yageo Corp. 186,500 2,266,135 TOTAL HONG KONG 9,361,782 TOTAL TAIWAN 31,588,594 Hungary – 2.5% Richter Gedeon PLC 246,000 5,197,520 TOTAL COMMON STOCKS (Cost $176,669,324) 200,079,086 India – 4.9% Hemisphere Properties India Ltd. 400,948 881,791 Nonconvertible Preferred Stocks – 2.8% Housing Development Finance Corp. Ltd. 131,000 3,113,917 JK Cement Ltd. 118,300 2,426,709 Brazil – 2.8% Larsen & Toubro Ltd. 164,000 2,016,706 Itau Unibanco Holding SA 861,300 3,450,783 Solar Industries India Ltd. 128,500 1,806,625 Petroleo Brasileiro SA ‑ Petrobras sponsored ADR 350,100 2,492,712

TOTAL INDIA 10,245,748 TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $8,695,745) 5,943,495 Indonesia – 1.7% TOTAL INVESTMENT IN SECURITIES – 98.9% PT Bank Mandiri (Persero) Tbk 10,444,400 3,492,878 (Cost $185,365,069) 206,022,581

Israel – 2.3% NET OTHER ASSETS (LIABILITIES) – 1.1% 2,240,361 Elbit Systems Ltd. (Israel) 38,500 4,685,364 NET ASSETS – 100% $208,262,942 Korea (South) – 11.1% Hyundai Motor Co. 22,380 3,425,716

See accompanying notes which are an integral part of the financial statements.

Annual Report 6 Investment Valuation The following is a summary of the inputs used, as of September 30, 2020, involving the Portfolio’s assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date: Description Total Level 1 Level 2 Level 3 Investments in Securities: Equities: Communication Services $ 23,073,676 $ 4,097,700 $18,975,976 $ — Consumer Discretionary 37,291,554 17,742,629 19,548,925 — Consumer Staples 17,665,818 11,425,661 6,240,157 — Energy 8,951,316 8,268,656 682,660 — Financials 35,751,911 12,147,579 23,604,332 — Health Care 7,447,616 5,197,520 2,250,096 — Industrials 18,836,972 14,198,724 4,638,248 — Information Technology 38,412,561 20,743,671 17,668,890 — Materials 17,709,366 13,476,032 4,233,334 — Real Estate 881,791 — — 881,791 Total Investments in Securities: $206,022,581 $107,298,172 $97,842,618 $881,791

The following is additional disclosure of Investments in Securities for which Level 3 inputs were used in determining value:

Real Estate: Cost of Purchases — Transfers into Level 3 — Transfers out of Level 3 —

The information used in the above disclosure represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases may include securities received or delivered through corporate actions or exchanges.

See accompanying notes which are an integral part of the financial statements.

7 Annual Report FIAM Emerging Markets Equity Small Cap Commingled Pool Financial Statements

Statement of Assets and Liabilities September 30, 2020 Assets Investments in securities at value (cost $70,278,810) (See accompanying schedule) $ 72,318,018 Cash 9,353 Foreign currency holdings, at market value (cost $26,349) 26,350 Receivable for investments sold 25,244 Dividends receivable 125,997 Interest receivable 24 Other receivable 3,684 Total assets 72,508,670 Liabilities Payable for investments purchased $ 175,905 Affiliated payables 1,120 Audit fees payable 26,400 Other accrued expenses 10,557 Deferred taxes payable 235,474 Total liabilities 449,456 Net Assets (equivalent to $12.63 per unit based on 5,704,771 units outstanding) $ 72,059,214

Statement of Operations Year ended September 30, 2020 Investment Income Interest $ 5,773 Dividends 1,765,825 1,771,598 Less foreign taxes withheld (239,839) Total investment income 1,531,759 Expenses Pricing and bookkeeping fees $ 12,790 Audit fees 44,541 Custodian fees 42,486 Other expenses 84 Total expenses 99,901 Net investment income (loss) 1,431,858 Realized and Unrealized Gain (Loss) on Investments Net realized gain (loss) on investments 2,246,644 Net realized gain (loss) on foreign currency transactions (10,284) Total net realized gain (loss) 2,236,360 Change in net unrealized appreciation (depreciation) on investments (net of increase (decrease) in deferred foreign taxes of $163,528) 1,653,076 Change in net unrealized appreciation (depreciation) on assets and liabilities in foreign currencies (195) Total change in net unrealized appreciation (depreciation) 1,652,881 Net gain (loss) 3,889,241 Net increase (decrease) in net assets resulting from operations $ 5,321,099

See accompanying notes which are an integral part of the financial statements.

Annual Report 8 Statement of Changes in Net Assets Year ended Year ended September 30, September 30, 2020 2019 Increase (Decrease) in Net Assets: Operations Net investment income (loss) $ 1,431,858 $ 1,536,027 Net realized gain (loss) 2,236,360 (612,718) Change in net unrealized appreciation (depreciation) 1,652,881 2,349,379 Net increase (decrease) in net assets resulting from operations 5,321,099 3,272,688 Net increase (decrease) in net assets resulting from unit transactions (1,985,111) 32,735,706 Total increase (decrease) in net assets 3,335,988 36,008,394 Net Assets Beginning of period 68,723,226 32,714,832 End of period $ 72,059,214 $ 68,723,226

See accompanying notes which are an integral part of the financial statements.

9 Annual Report Financial Highlights FIAM Emerging Markets Equity Small Cap Commingled Pool

Periods ended September 30, 2020 2019 2018 2017 2016 Selected Per Unit Data Net asset value, beginning of period $ 11.73 $ 11.20 $ 11.87 $ 10.34 $ 9.23 Income from Investment Operations Net investment income (loss) A .25 .31 .25 .25 .19 Net realized and unrealized gain (loss) .65 .22 (.92) 1.28 .92 Total from investment operations .90 .53 (.67) 1.53 1.11 Net asset value, end of period $ 12.63 $ 11.73 $ 11.20 $ 11.87 $ 10.34 Total Return B,C 7.67% 4.73% (5.64)% 14.80% 12.03% Ratios and Supplemental Data B,D,E Net assets, end of period (000s) $ 72,059 $ 68,723 $ 32,715 $ 35,004 $ 30,778 Ratio of expenses to average net assets before reductions .15% .19% .24% .27% .24% Ratio of expenses to average net assets net of reductions .15% .19% .20% .20% .20% Ratio of net investment income (loss) to average net assets 2.08% 2.70% 2.06% 2.33% 1.99% Portfolio Turnover Rate 33% 32% 26% 21% 28%

A Calculated based on average units outstanding during the period. B Excludes advisory fees which are charged directly to unitholders. C Total returns would have been lower had certain expenses not been reduced during the applicable periods shown. D Expense ratios reflect operating expenses of the Portfolio. Expenses before reductions do not reflect amounts reimbursed by the Trustee or reductions from expense offset arrangements and do not represent the amount paid by the Portfolio during periods when reimbursements or reductions occur. Expenses net of reductions reflect expenses after reimbursements from the Trustee and expense offset arrangements, if any, and represent the net expenses paid by the Portfolio. E Amounts do not include the activity of any underlying fund.

See accompanying notes which are an integral part of the financial statements.

Annual Report 10 FIAM Emerging Markets Equity Small Cap Commingled Pool Schedule of Investments September 30, 2020 Showing Percentage of Net Assets Common Stocks – 96.4% Shares/Units Value Shares/Units Value Bermuda – 0.5% Hungary – 0.9% Brilliance China Automotive Holdings Ltd. 418,000 $ 395,035 Richter Gedeon PLC 30,800 $ 650,746

Brazil – 6.3% India – 15.8% Boa Vista Servicos SA 31,600 79,058 Amber Enterprises India Ltd. 22,021 611,586 Companhia de Locacao das Americas 143,500 606,871 Apollo Hospitals Enterprise Ltd. 38,900 1,136,882 Estacio Participacoes SA 97,500 475,877 City Union Bank Ltd. 187,900 357,713 Hypermarcas SA 85,200 452,405 Cyient Ltd. 85,400 447,004 Iguatemi Empresa de Shopping Centers SA 51,722 283,205 Embassy Office Parks (REIT) 95,000 467,463 Instituto Hermes Pardini SA 143,700 580,849 Essel Propack Ltd. 315,604 1,046,713 LOG Commercial Properties e Participacoes SA 93,800 502,246 Gujarat State Petronet Ltd. 275,520 782,264 Neoenergia SA 158,100 478,025 HDFC Asset Management Co. Ltd. 26,089 807,979 Notre Dame Intermedica Participacoes SA 54,427 630,535 Indian Energy Exchange Ltd. 246,200 697,571 Odontoprev SA 203,000 433,768 JK Cement Ltd. 28,524 585,118 Mahindra & Mahindra Financial Services Ltd. 260,310 438,735 TOTAL BRAZIL 4,522,839 Oberoi Realty Ltd. 110,700 594,670 PI Industries Ltd. 40,552 1,087,910 Cayman Islands – 9.6% Redington India Ltd. 135,727 218,709 Best Pacific International Holdings Ltd. 680,000 111,333 TCNS Clothing Co. Ltd. 51,400 278,079 Cimc Enric Holdings Ltd. 568,446 251,199 Torrent Pharmaceuticals Ltd. 15,707 598,582 FIT Hon Teng Ltd. 1,270,000 498,194 V‑Mart Retail Ltd. 19,860 535,622 Frontage Holdings Corp. 914,000 411,559 Voltas Ltd. 72,900 676,540 Hua Medicine 695,500 448,730 Kingdee International Software Group Co. Ltd. 392,000 1,022,455 TOTAL INDIA 11,369,140 Lee’s Pharmaceutical Holdings Ltd. 520,000 335,913 Nexteer Auto Group Ltd. 438,000 306,855 Indonesia – 1.3% Parade Technologies Ltd. 29,000 1,052,613 PT AKR Corporindo Tbk 2,405,400 413,813 SOHO China Ltd. 1,988,000 540,557 PT Pakuwon Jati Tbk 14,441,495 345,693 Towngas China Co. Ltd. 1,041,583 431,121 PT Summarecon Agung Tbk 4,235,200 158,753 Yeong Guan Energy Technology Group Co. Ltd. 249,000 763,492 Yeong Guan Energy Technology Group Co. Ltd. rights 10/8/20 10,609 3,191 TOTAL INDONESIA 918,259 Zhou Hei Ya International Holdings Co. Ltd. 717,000 751,645 Korea (South) – 16.4% TOTAL CAYMAN ISLANDS 6,928,857 Binggrea Co. Ltd. 12,778 646,499 Busan City Gas Co. Ltd. 7,009 302,928 China – 4.2% Cosmax, Inc. 5,120 509,309 China BlueChemical Ltd. (H Shares) 2,383,617 346,777 Cuckoo Holdings Co. Ltd. 6,600 560,315 Chongqing Fuling Zhacai Group Co. Ltd. Group (A Shares) 87,200 606,625 DuzonBizon Co. Ltd. 8,360 749,162 Qingdao Port International Co. Ltd. (H Shares) 815,000 475,155 Hansol Chemical Co. Ltd. 9,650 1,237,149 Shenzhen Airport Co. Ltd. (A Shares) 424,700 537,725 HUGEL, Inc. 6,315 989,384 Shenzhen Expressway Co. Ltd. (H Shares) 666,000 581,731 Hy‑Lok Corp. 13,983 142,692 Venus MedTech Hangzhou, Inc. (H Shares) 47,000 501,652 Hyosung Advanced Materials Co. 2,129 254,685 Hyundai Fire & Marine Insurance Co. Ltd. 29,480 565,012 TOTAL CHINA 3,049,665 Koh Young Technology, Inc. 7,400 567,947 Kyung Dong Navien Co. Ltd. 18,718 845,908 Greece – 1.4% LG Innotek Co. Ltd. 8,232 1,094,183 Fourlis Holdings SA 73,700 326,628 LS Industrial Systems Ltd. 11,581 561,109 Mytilineos SA 66,400 713,501 NHN Entertainment Corp. 10,540 672,460 NICE Information Service Co. Ltd. 28,800 487,767 TOTAL GREECE 1,040,129 Sam Yung Trading Co. Ltd. 44,307 518,630 Seobu T&D 96,957 522,146 Hong Kong – 1.6% Songwon Industrial Co. Ltd. 50,070 558,180 Fushan International Energy Group Ltd. 3,574,000 768,410 MMG Ltd. 1,480,000 372,766 TOTAL KOREA (SOUTH) 11,785,465

TOTAL HONG KONG 1,141,176

See accompanying notes which are an integral part of the financial statements.

11 Annual Report Schedule of Investments – continued

Common Stocks – continued Shares/Units Value Shares/Units Value Malaysia – 0.5% Tong Hsing Electronics Industries Ltd. 108,000 $ 496,543 Padini Holdings Bhd 656,600 $ 369,319 Tong Yang Industry Co. Ltd. 159,185 197,000 Tripod Technology Corp. 209,000 794,732 Mexico – 3.9% TSRC Corp. 964,000 589,837 Banco del Bajio SA 426,000 319,045 Unimicron Technology Corp. 462,006 1,188,234 Credito Real S.A.B. de CV 219,100 108,502 Voltronic Power Technology Corp. 29,925 1,016,879 Gruma S.A.B. de CV Series B 58,900 652,757 Wiwynn Corp. 24,700 557,560 Grupo Aeroportuario Norte S.A.B. de CV 94,400 433,545 Qualitas Controladora S.A.B. de CV 199,203 751,262 TOTAL TAIWAN 15,532,937 Terrafina 401,200 555,219 Thailand – 2.0% TOTAL MEXICO 2,820,330 Bangchak Corp. PCL (For. Reg.) 490,369 233,114 Bangkok Aviation Fuel Services PCL 514,900 336,262 Philippines – 3.7% Eastern Water Resources Development & Management PCL (For.Reg.) 991,600 293,496 Century Pacific Food, Inc. 2,580,400 914,784 Supalai PCL (For. Reg.) 1,169,200 573,792 D&L Industries, Inc. 2,667,400 304,888 Jollibee Food Corp. 95,470 286,268 TOTAL THAILAND 1,436,664 LT Group, Inc. 1,020,800 190,251 Robinsons Land Corp. 1,490,494 439,307 Turkey – 1.9% Wilcon Depot, Inc. 1,570,400 519,119 Coca‑Cola Icecek Sanayi A/S 74,200 430,437 Mavi Jeans Class B 82,000 408,367 TOTAL PHILIPPINES 2,654,617 Tupras Turkiye Petrol Rafinerileri A/S 52,000 535,975

Poland – 0.8% TOTAL TURKEY 1,374,779 Warsaw Stock Exchange 49,209 576,698 TOTAL COMMON STOCKS (Cost $67,127,649) 69,476,766 Russia – 1.2% Moscow Exchange MICEX‑RTS OAO 452,700 852,734 Nonconvertible Preferred Stocks – 2.3% South Africa – 2.8% Brazil – 1.9% Alexander Forbes Group Holdings Ltd. 1,179,577 246,479 Alpargatas SA (PN) 117,575 799,759 AVI Ltd. 42,900 190,322 Azul SA 75,100 326,028 Clicks Group Ltd. 47,911 635,943 Banco ABC Brasil SA 109,473 228,853 Pretoria Portland Cement Co. Ltd. 1,521,700 53,600 Raubex Group Ltd. 285,192 323,501 TOTAL BRAZIL 1,354,640 Sibanye Stillwater Ltd. 218,900 607,532

TOTAL SOUTH AFRICA 2,057,377 Chile – 0.4% Embotelladora Andina SA Class B 135,060 298,484 Taiwan – 21.6% TOTAL NONCONVERTIBLE PREFERRED STOCKS Addcn Technology Co. Ltd. 71,125 501,573 (Cost $1,963,033) 1,653,124 Advantech Co. Ltd. 100,195 1,007,907 D‑Link Corp. 1,067,000 680,522 Money Market Funds – 1.7% ECLAT Textile Co. Ltd. 44,092 547,187 Faraday Technology Corp. 389,000 589,659 Fidelity Cash Central Fund 0.10% (a) FLEXium Interconnect, Inc. 242,860 1,020,032 (Cost $1,188,128) 1,187,890 1,188,128 GlobalWafers Co. Ltd. 49,000 650,442 King Slide Works Co. Ltd. 27,305 264,291 TOTAL INVESTMENT IN SECURITIES – 100.4% Micro‑Star International Co. Ltd. 159,000 731,022 (Cost $70,278,810) 72,318,018 NAK Sealing Technologies Corp. 89,000 196,903 Nien Made Enterprise Co. Ltd. 90,000 1,068,688 NET OTHER ASSETS (LIABILITIES) – (0.4)% (258,804) Pacific Hospital Supply Co. Ltd. 64,885 157,682 NET ASSETS – 100% $72,059,214 Poya International Co. Ltd. 45,000 860,239 Sporton International, Inc. 115,510 972,300 St.Shine Optical Co. Ltd. 32,314 316,683 Sunonwealth Electric Machine Industry Co. Ltd. 525,000 1,127,022

See accompanying notes which are an integral part of the financial statements.

Annual Report 12 Legend (a) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end.

Investment Valuation The following is a summary of the inputs used, as of September 30, 2020, involving the Portfolio’s assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date: Description Total Level 1 Level 2 Level 3 Investments in Securities: Equities: Communication Services $ 1,174,033 $ 1,174,033 $ — $ — Consumer Discretionary 9,179,422 5,766,206 3,413,216 — Consumer Staples 5,636,805 3,363,751 2,273,054 — Energy 769,089 535,975 233,114 — Financials 6,029,641 3,727,643 2,301,998 — Health Care 7,645,370 4,212,052 3,433,318 — Industrials 11,735,332 8,272,656 3,462,676 — Information Technology 13,631,211 11,943,043 1,688,168 — Materials 8,580,248 3,803,720 4,776,528 — Real Estate 4,460,905 1,340,670 3,120,235 — Utilities 2,287,834 780,953 1,506,881 — Money Market Funds 1,188,128 1,188,128 — — Total Investments in Securities: $72,318,018 $46,108,830 $26,209,188 $ —

See accompanying notes which are an integral part of the financial statements.

13 Annual Report FIAM Emerging Markets Opportunities Commingled Pool Financial Statements

Statement of Assets and Liabilities September 30, 2020 Assets Investments in securities at value (cost $4,288,860,860) (See accompanying schedule) $ 4,813,957,513 Foreign currency holdings, at market value (cost $4,663,387) 4,666,246 Receivable for investments sold 15,128,372 Receivable for units sold 62,337,912 Dividends receivable 7,978,948 Interest receivable 7,033 Other receivable 228,983 Receivable from Trustee 1,216,722 Receivable for daily variation margin for derivative instruments 192,135 Total assets 4,905,713,864 Liabilities Payable to custodian bank $ 1,811,128 Payable for investments purchased 21,894,258 Payable for units redeemed 538,462 Deferred taxes payable 6,240,695 Total liabilities 30,484,543 Net Assets (equivalent to $11.97 per unit based on 407,367,991 units outstanding) $ 4,875,229,321

Statement of Operations Year ended September 30, 2020 Investment Income Interest $ 1,249,785 Dividends 77,612,918 78,862,703 Less foreign taxes withheld (9,474,734) Total investment income 69,387,969 Expenses — Net investment income (loss) 69,387,969 Realized and Unrealized Gain (Loss) on Investments Net realized gain (loss) on investments $ 133,164,590 Net realized gain (loss) on futures contracts 10,694,573 Net realized gain (loss) on foreign currency transactions (443,200) Total net realized gain (loss) 143,415,963 Change in net unrealized appreciation (depreciation) on investments (net of increase (decrease) in deferred foreign taxes of $6,240,695) 408,535,248 Change in net unrealized appreciation (depreciation) on futures contracts 909,661 Change in net unrealized appreciation (depreciation) on assets and liabilities in foreign currencies (18,831) Total change in net unrealized appreciation (depreciation) 409,426,078 Net gain (loss) 552,842,041 Net increase (decrease) in net assets resulting from operations $ 622,230,010

See accompanying notes which are an integral part of the financial statements.

Annual Report 14 Statement of Changes in Net Assets Year ended Year ended September 30, September 30, 2020 2019 Increase (Decrease) in Net Assets: Operations Net investment income (loss) $ 69,387,969 $ 75,445,019 Net realized gain (loss) 143,415,963 (7,190,562) Change in net unrealized appreciation (depreciation) 409,426,078 107,712,220 Net increase (decrease) in net assets resulting from operations 622,230,010 175,966,677 Net increase (decrease) in net assets resulting from unit transactions 1,368,864,195 2,210,612,817 Total increase (decrease) in net assets 1,991,094,205 2,386,579,494 Net Assets Beginning of period 2,884,135,116 497,555,622 End of period $ 4,875,229,321 $ 2,884,135,116

See accompanying notes which are an integral part of the financial statements.

15 Annual Report Financial Highlights FIAM Emerging Markets Opportunities Commingled Pool

Periods ended September 30, 2020 2019 2018 A Selected Per Unit Data Net asset value, beginning of period $ 10.38 $ 9.91 $ 10.00 Income from Investment Operations Net investment income (loss) B .20 .36 .03 Net realized and unrealized gain (loss) 1.39 .11 (.12) Total from investment operations 1.59 .47 (.09) Net asset value, end of period $ 11.97 $ 10.38 $ 9.91 Total Return C,D,E 15.32% 4.74% (.90)% Ratios and Supplemental Data C,F,G Net assets, end of period (000s) $ 4,875,229 $ 2,884,135 $ 497,556 Ratio of expenses to average net assets before reductions —% .01% .04%H,I Ratio of expenses to average net assets net of reductions —% .01% .02%H,I Ratio of net investment income (loss) to average net assets 1.79% 3.55% 2.96%H Portfolio Turnover Rate 49% 47% –%

A For the period August 24, 2018 (commencement of operations) to September 30, 2018. B Calculated based on average units outstanding during the period. C Excludes advisory fees which are charged directly to unitholders. D Total returns for periods of less than one year are not annualized. E Total returns would have been lower had certain expenses not been reduced during the applicable periods shown. F Expense ratios reflect operating expenses of the Portfolio. Expenses before reductions do not reflect amounts reimbursed by the Trustee or reductions from expense offset arrangements and do not represent the amount paid by the Portfolio during periods when reimbursements or reductions occur. Expenses net of reductions reflect expenses after reimbursements from the Trustee and expense offset arrangements, if any, and represent the net expenses paid by the Portfolio. G Amounts do not include the activity of any underlying fund. H Annualized I Audit fees have not been annualized. If Audit fees had been annualized, the Ratios of expenses to average net assets before reductions and net of reductions would have been .26% and .20%, respectively.

See accompanying notes which are an integral part of the financial statements.

Annual Report 16 FIAM Emerging Markets Opportunities Commingled Pool Schedule of Investments September 30, 2020 Showing Percentage of Net Assets Common Stocks – 93.8% Shares/Units Value Shares/Units Value Belgium – 0.3% JD.com, Inc. sponsored ADR 690,248 $ 53,570,147 Titan Cement International Trading SA 1,125,400 $ 14,778,123 JHBP CY Holdings Ltd. 344,700 1,067,451 Kangji Medical Holdings Ltd. 2,006,500 4,761,717 Bermuda – 1.1% KE Holdings, Inc. ADR 118,700 7,276,310 AGTech Holdings Ltd. 10,256,000 384,492 Kingdee International Software Group Co. Ltd. 2,938,000 7,663,196 China Gas Holdings Ltd. 2,350,800 6,727,284 LexinFintech Holdings Ltd. ADR 156,024 1,068,764 Credicorp Ltd. (United States) 145,241 18,008,432 Li Ning Co. Ltd. 9,889,000 46,530,704 Haier Electronics Group Co. Ltd. 1,825,000 6,634,836 Meituan Dianping Class B 1,630,300 51,356,576 Kunlun Energy Co. Ltd. 10,380,000 6,854,144 Ming Yuan Cloud Group Holdings Ltd. 128,500 483,721 Marvell Technology Group Ltd. 130,625 5,185,813 NetEase, Inc. ADR 23,791 10,817,054 Shangri‑La Asia Ltd. 9,610,000 7,879,401 New Oriental Education & Technology Group, Inc. sponsored ADR 322,372 48,194,614 NIO, Inc. sponsored ADR 150,800 3,199,976 TOTAL BERMUDA 51,674,402 PagSeguro Digital Ltd. 400,860 15,116,431 Phoenix Tree Holdings Ltd. ADR 95,200 391,272 Brazil – 3.9% Pinduoduo, Inc. ADR 349,906 25,945,530 Atacadao SA 6,105,600 22,276,704 Semiconductor Manufacturing International Corp. 3,033,000 7,100,698 B2W Companhia Global do Varejo 968,542 15,518,334 Shenzhou International Group Holdings Ltd. 1,704,800 29,030,853 Banco do Brasil SA 6,021,600 31,759,788 Shimao Property Holdings Ltd. 1,552,500 6,476,947 BM&F BOVESPA SA 946,300 9,269,389 Sino Biopharmaceutical Ltd. 11,237,000 12,305,000 BR Malls Participacoes SA 2,007,200 2,995,127 StoneCo Ltd. Class A 156,200 8,261,418 BTG Pactual Participations Ltd. unit 561,100 7,278,644 Sunny Optical Technology Group Co. Ltd. 893,400 13,876,579 Centrais Eletricas Brasileiras SA (Electrobras) 917,100 4,951,383 TAL Education Group ADR 336,288 25,571,340 Companhia de Saneamento Basico do Estado de Sao Paulo Tencent Holdings Ltd. 5,452,700 368,293,843 (SABESP) 134,400 1,120,020 Uni‑President China Holdings Ltd. 16,367,000 15,010,257 Companhia de Saneamento de Minas Gerais 268,100 2,230,865 Wise Talent Information Technology Co. Ltd. 1,408,200 3,523,572 Direcional Engenharia SA 2,006,800 4,838,418 YY, Inc. ADR 128,676 10,380,293 Equatorial Energia SA 1,608,900 6,067,861 Zai Lab Ltd. 49,800 4,143,629 LOG Commercial Properties e Participacoes SA 81,500 436,387 Zai Lab Ltd. ADR 115,913 9,640,484 MRV Engenharia e Participacoes SA 1,288,800 3,692,514 Natura & Co. Holding SA 2,757,825 25,108,637 TOTAL CAYMAN ISLANDS 1,360,861,290 Petrobras Distribuidora SA 1,144,700 4,107,214 Rumo SA 4,477,900 15,197,702 Chile – 0.0% Suzano Papel e Celulose SA 2,508,300 20,344,569 Sociedad Quimica y Minera de Chile SA (PN‑B) sponsored ADR 51,600 1,672,872 Vale SA sponsored ADR 1,397,296 14,783,392 China – 9.8% TOTAL BRAZIL 191,976,948 Bafang Electric Suzhou Co. Ltd. (A Shares) 341,975 8,017,723 BBMG Corp. (H Shares) 28,579,000 5,306,446 British Virgin Islands – 0.1% China Communications Construction Co. Ltd. (H Shares) 10,567,000 5,556,785 Mail.Ru Group Ltd. GDR (Reg. S) 192,184 5,265,842 China Communications Services Corp. Ltd. (H Shares) 13,782,000 8,136,288 China Life Insurance Co. Ltd. (H Shares) 18,402,000 41,716,897 Cayman Islands – 27.9% China Longyuan Power Grid Corp. Ltd. (H Shares) 28,113,250 17,663,541 51job, Inc. sponsored ADR 107,200 8,360,528 China Merchants Bank Co. Ltd. (H Shares) 3,204,000 15,204,312 Agora, Inc. ADR 13,200 567,336 China Petroleum & Chemical Corp. (H Shares) 43,200,000 17,442,796 Akeso, Inc. 1,605,000 5,508,739 China Tower Corp. Ltd. (H Shares) 25,826,000 4,493,179 Alibaba Group Holding Ltd. sponsored ADR 1,502,046 441,571,481 Chongqing Changan Automobile Co. Ltd. (A Shares) 4,519,600 8,975,831 Archosaur Games, Inc. 495,000 1,497,113 CRRC Corp. Ltd. (H Shares) 21,070,000 8,439,365 Bilibili, Inc. ADR 1,005,343 41,822,269 Glodon Co. Ltd. (A Shares) 509,544 5,495,663 Chailease Holding Co. Ltd. 2,200,621 9,965,478 Great Wall Motor Co. Ltd. (H Shares) 15,058,500 19,208,875 China Resources Land Ltd. 2,306,600 10,519,998 Guangzhou Automobile Group Co. Ltd. (H Shares) 20,600,000 17,281,112 China State Construction International Holdings Ltd. 11,146,000 7,311,566 Haier Smart Home Co. Ltd. (A Shares) 3,571,346 11,534,628 CStone Pharmaceuticals Co. Ltd. 152,521 194,115 Hangzhou Tigermed Consulting Co. Ltd. (H Shares) 906,500 12,990,634 Haitian International Holdings Ltd. 3,592,000 8,361,372 Industrial & Commercial Bank of China Ltd. (H Shares) 67,775,000 35,303,709 Hansoh Pharmaceutical Group Co. Ltd. 3,280,978 16,036,233 Jiangsu Hengrui Medicine Co. Ltd. (A Shares) 950,220 12,616,416 Hua Medicine 6,105,500 3,939,210 NARI Technology Co. Ltd. (A Shares) 1,201,215 3,502,492 Innovent Biologics, Inc. 1,422,000 10,604,132 Pharmaron Beijing Co. Ltd. (H Shares) 1,195,100 14,964,502 iQIYI, Inc. ADR 156,924 3,543,344 PICC Property & Casualty Co. Ltd. (H Shares) 23,740,000 16,676,350

See accompanying notes which are an integral part of the financial statements.

17 Annual Report Schedule of Investments – continued

Common Stocks – continued Shares/Units Value Shares/Units Value China – continued Manappuram General Finance & Leasing Ltd. 5,344,300 $ 11,503,713 Ping An Bank Co. Ltd. (A Shares) 4,718,645 $ 10,588,631 Maruti Suzuki India Ltd. 144,800 13,312,610 Ping An Insurance Group Co. of China Ltd. (H Shares) 7,665,400 79,573,353 Mindspace Business Parks 248,200 1,030,643 Shenzhen Mindray Bio‑Medical Electronics Co. Ltd. (A Shares) 418,167 21,482,618 Mindspace Business Parks 658,800 2,452,273 Sinopec Engineering Group Co. Ltd. (H Shares) 5,922,500 2,189,240 NTPC Ltd. 5,220,917 6,057,866 TravelSky Technology Ltd. (H Shares) 2,662,000 5,721,526 Oberoi Realty Ltd. 1,358,701 7,298,814 Tsingtao Brewery Co. Ltd. (H Shares) 4,292,000 35,121,084 Petronet LNG Ltd. 2,206,900 6,631,166 Venus MedTech Hangzhou, Inc. (H Shares) 454,500 4,851,081 Phoenix Mills Ltd. 423,400 3,365,231 WuXi AppTec Co. Ltd. (H Shares) 1,230,890 17,799,615 Power Grid Corp. of India Ltd. 7,509,631 16,609,153 Zhuzhou CRRC Times Electric Co. Ltd. (H Shares) 2,644,700 8,886,278 Reliance Industries Ltd. 180,760 3,325,680 Reliance Industries Ltd. 2,711,400 82,465,824 TOTAL CHINA 476,740,970 Shree Cement Ltd. 69,800 19,285,470 Shriram Transport Finance Co. Ltd. 2,348,769 19,881,859 Egypt – 0.0% State Bank of India 8,757,200 22,166,685 Six of October Development & Investment Co. 2,155,015 1,725,106 Sunteck Realty Ltd. 180,297 675,659 Tata Consultancy Services Ltd. 269,900 9,157,438 France – 0.2% Torrent Pharmaceuticals Ltd. 373,700 14,241,426 Ubisoft Entertainment SA 82,800 7,480,897 TOTAL INDIA 491,904,966 Germany – 0.3% Delivery Hero AG 147,900 17,014,533 Indonesia – 0.7% PT Bank Mandiri (Persero) Tbk 58,515,900 19,569,231 Hong Kong – 2.4% PT Bank Rakyat Indonesia Tbk 55,456,300 11,377,101 China Overseas Land and Investment Ltd. 7,967,500 20,125,717 PT Perusahaan Gas Negara Tbk Series B 17,646,400 1,104,044 China Resources Beer Holdings Co. Ltd. 6,728,000 41,322,613 PT United Tractors Tbk 2,697,000 4,143,764 China Unicom Ltd. 21,116,000 13,860,382 TOTAL INDONESIA 36,194,140 CNOOC Ltd. 20,625,000 19,838,738 Everest Medicines Ltd. 119,500 848,059 Japan – 1.3% Far East Horizon Ltd. 11,135,000 9,086,825 Sun Art Retail Group Ltd. 9,081,500 10,082,783 Capcom Co. Ltd. 172,300 9,615,813 Freee KK 168,800 12,801,361 TOTAL HONG KONG 115,165,117 Keyence Corp. 15,100 7,058,937 Money Forward, Inc. 160,900 11,645,997 Hungary – 0.2% Murata Manufacturing Co. Ltd. 87,300 5,676,872 OTP Bank PLC 332,500 10,017,475 Rakus Co. Ltd. 500,800 8,984,579 Square Enix Holdings Co. Ltd. 123,700 8,186,630 India – 10.1% TOTAL JAPAN 63,970,189 Adani Ports & Special Economic Zone Ltd. 2,790,800 13,031,955 Axis Bank Ltd. 5,864,200 34,035,196 Kazakhstan – 0.1% Axis Bank Ltd. GDR (Reg. S) 462,243 13,589,944 JSC Halyk Bank of Kazakhstan GDR unit 365,116 3,906,741 Bharti Infratel Ltd. 375,200 896,145 DLF Ltd. 2,793,935 5,821,207 Korea (South) – 11.9% Eicher Motors Ltd. 359,110 10,795,320 Federal Bank Ltd. 6,918,800 4,592,613 AMOREPACIFIC Group, Inc. 334,556 14,029,129 HDFC Bank Ltd. 262,000 3,857,090 Coway Co. Ltd. 193,078 13,129,827 HDFC Bank Ltd. sponsored ADR 185,100 9,247,596 DuzonBizon Co. Ltd. 57,830 5,182,300 Housing Development Finance Corp. Ltd. 198,900 4,727,924 Hanon Systems 677,500 7,175,122 ICICI Bank Ltd. 73,300 355,435 Hyundai Fire & Marine Insurance Co. Ltd. 679,072 13,015,066 ICICI Bank Ltd. sponsored ADR 7,830,187 76,970,738 Hyundai Mobis 101,800 20,078,379 Indraprastha Gas Ltd. 2,168,100 11,452,313 Hyundai Motor Co. 22,300 3,413,470 ITC Ltd. 6,340,900 14,855,704 Kakao Corp. 73,280 22,905,302 JK Cement Ltd. 849,700 17,430,046 KB Financial Group, Inc. 889,310 28,718,531 JM Financial Ltd. 5,340,342 5,635,743 Korea Electric Power Corp. 388,295 6,785,236 Larsen & Toubro Ltd. 1,291,800 15,885,253 Korea Electric Power Corp. sponsored ADR 37,442 326,120 LIC Housing Finance Ltd. 1,634,600 6,164,910 LG Chemical Ltd. 20,070 11,255,846 Mahanagar Gas Ltd. 273,721 3,098,324 LG Corp. 222,462 14,136,018 NAVER Corp. 32,498 8,262,936 See accompanying notes which are an integral part of the financial statements.

Annual Report 18 Common Stocks – continued Shares/Units Value Shares/Units Value Korea (South) – continued Peru – 0.3% NCSOFT Corp. 21,985 $ 15,195,484 Compania de Minas Buenaventura SA sponsored ADR 1,399,225 $ 17,098,530 Netmarble Corp. 24,580 3,498,992 POSCO 154,330 25,939,372 Philippines – 0.6% S‑Oil Corp. 121,560 5,378,899 Ayala Land, Inc. 16,694,300 10,276,728 Samsung Biologics Co. Ltd. 34,420 20,366,340 Metropolitan Bank & Trust Co. 17,741,843 14,049,251 Samsung Electronics Co. Ltd. 4,736,650 236,399,913 Robinsons Land Corp. 8,943,200 2,635,911 Samsung Fire & Marine Insurance Co. Ltd. 97,762 15,257,891 Samsung SDI Co. Ltd. 71,550 26,598,171 TOTAL PHILIPPINES 26,961,890 Shinhan Financial Group Co. Ltd. 711,260 16,734,793 SK Hynix, Inc. 611,280 44,032,415 Poland – 0.2% Powszechny Zaklad Ubezpieczen SA 1,682,000 10,787,184 TOTAL KOREA (SOUTH) 577,815,552 Russia – 3.1% Luxembourg – 0.1% LSR Group OJSC 69,071 758,932 Adecoagro SA 475,200 2,219,184 Lukoil PJSC sponsored ADR 547,015 31,661,228 Globant SA 15,899 2,849,419 MMC Norilsk Nickel PJSC sponsored ADR 1,181,374 28,530,182 NOVATEK OAO GDR (Reg. S) 112,792 15,452,504 TOTAL LUXEMBOURG 5,068,603 Sberbank of Russia 7,830,600 22,906,909 Sberbank of Russia sponsored ADR 3,336,298 38,984,642 Mexico – 1.8% Tatneft PAO 1,370,770 8,150,000 America Movil S.A.B. de CV Series L sponsored ADR 538,594 6,727,039 Unipro PJSC 89,531,840 3,199,664 CEMEX S.A.B. de CV sponsored ADR 6,532,000 24,821,600 Fibra Uno Administracion SA de CV 6,923,700 5,476,585 TOTAL RUSSIA 149,644,061 Grupo Aeroportuario del Pacifico S.A.B. de CV Series B 996,600 7,999,753 Grupo Aeroportuario Norte S.A.B. de CV 788,000 3,618,995 Singapore – 0.3% Grupo Financiero Banorte S.A.B. de CV Series O 3,623,800 12,557,066 First Resources Ltd. 16,237,400 14,469,085 Macquarie Mexican (REIT) 7,607,354 9,344,266 Wal‑Mart de Mexico SA de CV Series V 7,055,900 16,928,544 South Africa – 2.7% Absa Group Ltd. 3,909,176 20,845,827 TOTAL MEXICO 87,473,848 AngloGold Ashanti Ltd. 1,136,840 29,739,373 Bidvest Group Ltd. 819,100 6,753,785 Multi-National – 0.2% Impala Platinum Holdings Ltd. 3,595,434 31,225,539 HKT Trust/HKT Ltd. unit 6,971,000 9,252,660 Naspers Ltd. Class N 166,292 29,371,143 Pick ‘n Pay Stores Ltd. 4,185,425 11,731,684 Netherlands – 1.7% Adyen BV 7,500 13,833,632 TOTAL SOUTH AFRICA 129,667,351 ASML Holding NV (Netherlands) 14,900 5,503,659 NXP Semiconductors NV 40,953 5,111,344 Taiwan – 7.7% X5 Retail Group NV GDR (Reg. S) 594,100 21,981,700 Formosa Plastics Corp. 2,307,000 6,268,328 Yandex NV Series A 573,105 37,395,101 Largan Precision Co. Ltd. 88,000 10,221,239 MediaTek, Inc. 1,101,000 23,102,427 TOTAL NETHERLANDS 83,825,436 Taiwan Semiconductor Manufacturing Co. Ltd. 20,759,000 312,667,078 Unified‑President Enterprises Corp. 11,754,000 25,394,946 Nigeria – 0.2% Guaranty Trust Bank PLC 44,754,600 3,256,463 TOTAL TAIWAN 377,654,018 Guaranty Trust Bank PLC GDR (Reg. S) 602,042 1,565,309 Zenith Bank PLC 57,387,044 2,657,221 Thailand – 0.5% Kasikornbank PCL (For. Reg.) 3,057,500 7,452,301 TOTAL NIGERIA 7,478,993 PTT Global Chemical PCL (For. Reg.) 9,938,100 12,416,118 Siam Cement PCL: Pakistan – 0.1% (For. Reg.) 312,600 3,187,664 Habib Bank Ltd. 4,952,000 3,906,030 rights 86,596 58,255

Panama – 0.1% TOTAL THAILAND 23,114,338 Copa Holdings SA Class A 143,404 7,218,957

See accompanying notes which are an integral part of the financial statements.

19 Annual Report Schedule of Investments – continued

Common Stocks – continued Shares/Units Value Shares/Units Value Turkey – 0.4% Korea (South) – 1.0% Aselsan A/S 5,075,000 $ 12,696,125 Hyundai Motor Co. Series 2 308,769 $ 23,353,679 Turkiye Garanti Bankasi A/S 7,956,396 7,314,805 Samsung Electronics Co. Ltd. 602,110 26,074,756 49,428,435 TOTAL TURKEY 20,010,930 Russia – 0.0% Tatneft PAO 234,400 1,337,231 United Arab Emirates – 0.1% Emaar Properties PJSC 5,294,600 4,021,598 TOTAL NONCONVERTIBLE PREFERRED STOCKS 160,060,523

United Kingdom – 1.1% TOTAL PREFERRED STOCKS Midea Group Co. Ltd.(UBS AG London Branch Bank Warrant (Cost $206,995,945) 161,671,507 Program) Class A warrants 7/21/22 1,758,600 18,876,274 Mondi PLC 1,312,827 27,863,283 Government Obligations – 0.0% Network International Holdings PLC 1,394,600 4,916,294 Principal Amount TOTAL UNITED KINGDOM 51,655,851 United States of America – 0.0% U.S. Treasury Bills, yield at date of purchase .09% 11/5/20 (a) United States of America – 2.3% (Cost $1,599,634) $ 1,600,000 1,599,856 Activision Blizzard, Inc. 249,891 20,228,676 Arco Platform Ltd. Class A 96,758 3,951,597 Money Market Funds – 1.7% DouYu International Holdings Ltd. ADR 370,706 4,897,026 Shares/Units MercadoLibre, Inc. 38,202 41,352,901 Micron Technology, Inc. 804,239 37,767,063 Fidelity Cash Central Fund 0.10% (b) ON Semiconductor Corp. 193,279 4,192,222 (Cost $80,822,631) 80,805,977 80,822,139 TOTAL INVESTMENT IN SECURITIES – 98.7% TOTAL UNITED STATES OF AMERICA 112,389,485 (Cost $4,288,860,860) 4,813,957,513

TOTAL COMMON STOCKS NET OTHER ASSETS (LIABILITIES) – 1.3% 61,271,808 (Cost $3,999,442,650) 4,569,864,011 NET ASSETS – 100% $4,875,229,321 Preferred Stocks – 3.3%

Convertible Preferred Stocks – 0.0% Hong Kong – 0.0% Antengene Corp. Series C1 570,081 1,610,984

Nonconvertible Preferred Stocks – 3.3% Brazil – 2.3% Ambev SA sponsored ADR 5,880,776 13,290,554 Banco do Estado Rio Grande do Sul SA 1,342,100 2,851,057 Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) sponsored ADR 501,500 4,162,450 Companhia Paranaense de Energia‑Copel: (PN‑B) 17,600 194,337 (PN‑B) sponsored ADR 340,521 3,752,541 Itau Unibanco Holding SA sponsored ADR 7,261,242 28,899,743 Metalurgica Gerdau SA (PN) 8,734,800 14,620,474 Petroleo Brasileiro SA ‑ Petrobras: (PN) sponsored ADR (non‑vtg.) 2,830,320 19,925,453 sponsored ADR 2,470,416 17,589,362 Telefonica Brasil SA 425,200 3,287,484 108,573,455 Cayman Islands – 0.0% Chailease Holding Co. Ltd. 208,896 721,402

See accompanying notes which are an integral part of the financial statements.

Annual Report 20 Futures Contracts Number Expiration Notional Value Unrealized of contracts Date Amount Appreciation/ (Depreciation)

Purchased

Equity Index Contracts ICE E‑mini MSCI Emerging Markets Index Contracts (United States) 1,353 Dec. 2020 $73,637,025 $206,166 $ 206,166 The notional amount of futures purchased as a percentage of Net Assets is 1.5%

Legend (a) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,163,895. (b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end.

Investment Valuation The following is a summary of the inputs used, as of September 30, 2020, involving the Portfolio’s assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date: Description Total Level 1 Level 2 Level 3 Investments in Securities: Equities: Communication Services $ 621,327,076 $ 201,707,739 $ 419,619,337 $ — Consumer Discretionary 1,034,484,962 755,679,076 278,805,886 — Consumer Staples 283,822,608 152,961,082 130,861,526 — Energy 233,342,645 99,494,677 133,847,968 — Financials 795,582,057 353,702,695 441,879,362 — Health Care 189,972,385 30,006,824 158,354,577 1,610,984 Industrials 157,282,457 75,981,863 81,300,594 — Information Technology 883,633,989 455,578,561 428,055,428 — Materials 326,625,482 239,202,110 87,365,117 58,255 Real Estate 103,104,711 32,425,583 70,679,128 — Utilities 102,357,146 26,005,241 76,351,905 — Government Obligations 1,599,856 — 1,599,856 — Money Market Funds 80,822,139 80,822,139 — — Total Investments in Securities: $4,813,957,513 $2,503,567,590 $2,308,720,684 $1,669,239 Derivative Instruments: Assets Futures Contracts 206,166 206,166 — — Total Assets $ 206,166 $ 206,166 $ — $ — Total Derivative Instruments: $ 206,166 $ 206,166 $ — $ —

Value of Derivative Instruments The following table is a summary of the Portfolio’s value of derivative instruments by primary risk exposure as of September 30, 2020. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

See accompanying notes which are an integral part of the financial statements.

21 Annual Report Schedule of Investments – continued

Primary Risk Exposure / Derivative Type Value Asset Liability Equity Risk Futures Contracts (a) $206,166 $0 Total Equity Risk 206,166 0 Total Value of Derivatives $206,166 $0

(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin for derivative instruments.

See accompanying notes which are an integral part of the financial statements.

Annual Report 22 FIAM Global Low Volatility Equity Commingled Pool Financial Statements

Statement of Assets and Liabilities September 30, 2020 Assets Investments in securities at value (cost $516,041,261) (See accompanying schedule) $ 568,692,876 Foreign currency holdings, at market value (cost $25,037) 25,037 Receivable for units sold 17,756 Dividends receivable 1,141,381 Interest receivable 228 Total assets 569,877,278 Liabilities Payable for investments purchased $ 23,408,455 Payable for units redeemed 38,574,144 Affiliated payables 5,180 Other accrued expenses 26,801 Total liabilities 62,014,580 Net Assets (equivalent to $15.99 per unit based on 31,757,455 units outstanding) $ 507,862,698

Statement of Operations Year ended September 30, 2020 Investment Income Interest $ 25,421 Dividends 8,216,764 8,242,185 Less foreign taxes withheld (76,677) Total investment income 8,165,508 Expenses Pricing and bookkeeping fees $ 50,892 Audit fees 26,400 Custodian fees 45,950 Other expenses 282 Total expenses before reductions 123,524 Expense reductions (18) 123,506 Net investment income (loss) 8,042,002 Realized and Unrealized Gain (Loss) on Investments Net realized gain (loss) on investments 9,469,839 Net realized gain (loss) on foreign currency transactions 118,681 Total net realized gain (loss) 9,588,520 Change in net unrealized appreciation (depreciation) on investments 22,888,310 Change in net unrealized appreciation (depreciation) on assets and liabilities in foreign currencies 30,819 Total change in net unrealized appreciation (depreciation) 22,919,129 Net gain (loss) 32,507,649 Net increase (decrease) in net assets resulting from operations $ 40,549,651

See accompanying notes which are an integral part of the financial statements.

23 Annual Report Financial Statements – continued

Statement of Changes in Net Assets Year ended Year ended September 30, September 30, 2020 2019 Increase (Decrease) in Net Assets: Operations Net investment income (loss) $ 8,042,002 $ 6,709,931 Net realized gain (loss) 9,588,520 4,158,902 Change in net unrealized appreciation (depreciation) 22,919,129 14,818,737 Net increase (decrease) in net assets resulting from operations 40,549,651 25,687,570 Net increase (decrease) in net assets resulting from unit transactions 178,997,407 30,393,804 Total increase (decrease) in net assets 219,547,058 56,081,374 Net Assets Beginning of period 288,315,640 232,234,266 End of period $ 507,862,698 $ 288,315,640

See accompanying notes which are an integral part of the financial statements.

Annual Report 24 Financial Highlights FIAM Global Low Volatility Equity Commingled Pool

Periods ended September 30, 2020 2019 2018 2017 2016 Selected Per Unit Data Net asset value, beginning of period $ 15.11 $ 13.83 $ 12.56 $ 11.30 $ 9.86 Income from Investment Operations Net investment income (loss) A .33 .37 .32 .28 .24 Net realized and unrealized gain (loss) .55 .91 .95 .98 1.20 Total from investment operations .88 1.28 1.27 1.26 1.44 Net asset value, end of period $ 15.99 $ 15.11 $ 13.83 $ 12.56 $ 11.30 Total Return B,C 5.82% 9.27% 10.11% 11.15% 14.60% Ratios and Supplemental Data B,D,E Net assets, end of period (000s) $ 507,863 $ 288,316 $ 232,234 $ 85,210 $ 43,147 Ratio of expenses to average net assets before reductions .03% .04% .05% .10% .15% Ratio of expenses to average net assets net of reductions .03% .04% .05% .10% .10% Ratio of net investment income (loss) to average net assets 2.15% 2.67% 2.39% 2.41% 2.25% Portfolio Turnover Rate 107% 70% 58% 69% 62%

A Calculated based on average units outstanding during the period. B Excludes advisory fees which are charged directly to unitholders. C Total returns would have been lower had certain expenses not been reduced during the applicable periods shown. D Expense ratios reflect operating expenses of the Portfolio. Expenses before reductions do not reflect amounts reimbursed by the Trustee or reductions from expense offset arrangements and do not represent the amount paid by the Portfolio during periods when reimbursements or reductions occur. Expenses net of reductions reflect expenses after reimbursements from the Trustee and expense offset arrangements, if any, and represent the net expenses paid by the Portfolio. E Amounts do not include the activity of any underlying fund.

See accompanying notes which are an integral part of the financial statements.

25 Annual Report FIAM Global Low Volatility Equity Commingled Pool Schedule of Investments September 30, 2020 Showing Percentage of Net Assets Common Stocks – 97.5% Shares/Units Value Shares/Units Value Canada – 6.4% Cosmos Pharmaceutical Corp. 17,224 $ 3,001,635 Agnico Eagle Mines Ltd. (Canada) 65,587 $ 5,225,583 East Japan Railway Co. 31,178 1,917,407 Algonquin Power & Utilities Corp. 265,688 3,858,966 Fujitsu Ltd. 21,116 2,884,819 Barrick Gold Corp. (Canada) 203,309 5,710,455 Itochu Corp. 172,012 4,404,512 Franco‑Nevada Corp. 24,150 3,374,707 Kamigumi Co. Ltd. 88,970 1,753,186 Kirkland Lake Gold Ltd. 112,708 5,501,874 Kao Corp. 39,250 2,946,527 Waste Connection, Inc. (United States) 36,010 3,737,838 Keyence Corp. 6,270 2,931,095 Wheaton Precious Metals Corp. 105,243 5,163,550 Kirin Holdings Co. Ltd. 52,650 988,904 Marui Group Co. Ltd. 109,380 2,098,923 TOTAL CANADA 32,572,973 Nitori Holdings Co. Ltd. 27,008 5,602,860 Oracle Corp. Japan 26,320 2,841,951 Denmark – 0.9% Pan Pacific International Holdings Ltd. 197,150 4,591,284 ORSTED A/S 33,725 4,649,343 Secom Co. Ltd. 12,070 1,104,592 SG Holdings Co. Ltd. 43,107 2,243,015 France – 0.7% Tokio Marine Holdings, Inc. 67,070 2,934,619 Sanofi SA 34,790 3,486,370 Tsuruha Holdings, Inc. 28,790 4,081,474 Unicharm Corp. 82,990 3,711,588 Germany – 1.9% adidas AG 7,620 2,466,696 TOTAL JAPAN 58,937,481 Beiersdorf AG 13,517 1,534,686 Muenchener Rueckversicherungs‑Gesellschaft AG in Muenchen 12,018 3,052,003 Multi-National – 0.4% Vonovia SE 37,876 2,601,404 HKT Trust/HKT Ltd. unit 1,480,469 1,965,037

TOTAL GERMANY 9,654,789 Singapore – 1.0% Singapore Technologies Engineering Ltd. 1,067,290 2,719,798 Hong Kong – 3.4% United Overseas Bank Ltd. 175,320 2,469,767 AIA Group Ltd. 375,050 3,728,034 CLP Holdings Ltd. 335,300 3,130,782 TOTAL SINGAPORE 5,189,565 Henderson Land Development Co. Ltd. 769,412 2,856,918 Hong Kong Exchanges and Clearing Ltd. 75,920 3,573,819 Switzerland – 5.5% Link (REIT) 441,464 3,617,527 Barry Callebaut AG 1,774 3,944,576 Sino Land Ltd. 473,413 554,228 Chubb Ltd. 21,698 2,519,572 Lindt & Spruengli AG (participation certificate) 293 2,473,346 TOTAL HONG KONG 17,461,308 Nestle SA (Reg. S) 30,880 3,675,092 Novartis AG 42,856 3,720,943 Ireland – 1.9% Roche Holding AG (participation certificate) 13,499 4,623,955 Accenture PLC Class A 24,531 5,543,761 SGS SA (Reg.) 1,308 3,506,272 Jazz Pharmaceuticals PLC 29,882 4,260,874 Zurich Insurance Group Ltd. 9,811 3,421,246

TOTAL IRELAND 9,804,635 TOTAL SWITZERLAND 27,885,002

Israel – 1.4% United Kingdom – 2.0% Elbit Systems Ltd. (Israel) 16,116 1,961,281 AstraZeneca PLC (United Kingdom) 41,212 4,503,007 NICE Systems Ltd. 21,890 4,945,171 Diageo PLC 83,402 2,864,752 Liberty Global PLC Class C 125,561 2,578,395 TOTAL ISRAEL 6,906,452 TOTAL UNITED KINGDOM 9,946,154 Italy – 1.5% Enel SpA 507,015 4,398,819 United States of America – 58.9% Recordati SpA 66,690 3,420,061 Activision Blizzard, Inc. 51,685 4,183,901 Adobe, Inc. 9,223 4,523,236 TOTAL ITALY 7,818,880 Akamai Technologies, Inc. 34,400 3,802,576 Alexion Pharmaceuticals, Inc. 27,480 3,144,536 Japan – 11.6% Allstate Corp. 36,419 3,428,485 Asahi Group Holdings 72,100 2,512,874 Alphabet, Inc. Class A 2,508 3,675,725 Bandai Namco Holdings, Inc. 44,637 3,270,556 Amazon.com, Inc. 1,563 4,921,465 Chugai Pharmaceutical Co. Ltd. 69,429 3,115,660 American Electric Power Co., Inc. 48,800 3,988,424

See accompanying notes which are an integral part of the financial statements.

Annual Report 26 Common Stocks – continued Shares/Units Value Shares/Units Value United States of America – continued Starbucks Corp. 36,912 $ 3,171,479 American Tower Corp. 20,485 $ 4,951,839 T‑Mobile U.S., Inc. 32,138 3,675,302 American Water Works Co., Inc. 26,365 3,819,761 Take‑Two Interactive Software, Inc. 21,782 3,598,822 Amgen, Inc. 14,492 3,683,287 Target Corp. 26,021 4,096,226 Assurant, Inc. 27,916 3,386,490 The Coca‑Cola Co. 61,191 3,021,000 Atmos Energy Corp. 36,990 3,535,874 The J.M. Smucker Co. 29,830 3,445,962 Becton, Dickinson & Co. 14,070 3,273,808 The Travelers Companies, Inc. 22,328 2,415,666 Berkshire Hathaway, Inc. Class B 19,354 4,121,241 Thermo Fisher Scientific, Inc. 9,811 4,331,753 Bio‑Rad Laboratories, Inc. Class A 7,764 4,002,031 TJX Companies, Inc. 67,896 3,778,412 Black Knight, Inc. 55,469 4,828,576 UnitedHealth Group, Inc. 12,402 3,866,572 Booz Allen Hamilton Holding Corp. Class A 48,695 4,040,711 Vertex Pharmaceuticals, Inc. 12,517 3,406,126 Bristol‑Myers Squibb Co. 62,999 3,798,210 Visa, Inc. Class A 25,099 5,019,047 Brown & Brown, Inc. 95,096 4,304,996 Waste Management, Inc. 42,714 4,833,943 CMS Energy Corp. 77,077 4,733,299 Willis Towers Watson PLC 18,456 3,853,982 Conagra Brands, Inc. 102,447 3,658,382 Costco Wholesale Corp. 11,801 4,189,355 TOTAL UNITED STATES OF AMERICA 299,037,561 Danaher Corp. 27,055 5,825,753 Dollar General Corp. 25,171 5,276,345 TOTAL COMMON STOCKS Dollar Tree, Inc. 30,028 2,742,758 (Cost $442,645,774) 495,315,550 Dominion Energy, Inc. 43,910 3,465,816 Duke Energy Corp. 37,792 3,346,860 Investment Companies – 1.5% Electronic Arts, Inc. 31,747 4,140,126 Eli Lilly & Co. 29,431 4,356,377 United States of America – 1.5% Entergy Corp. 38,727 3,815,771 iShares MSCI EAFE Minimum Volatility ETF Equinix, Inc. 6,579 5,000,895 (Cost $7,294,443) 106,800 7,276,282 Evergy, Inc. 57,183 2,906,040 Eversource Energy 45,155 3,772,700 Money Market Funds – 13.0% Facebook, Inc. Class A 16,053 4,204,281 Fidelity National Information Services, Inc. 22,716 3,344,022 Fidelity Cash Central Fund 0.10% (a) Fiserv, Inc. 31,760 3,272,868 (Cost $66,101,044) 66,087,826 66,101,044 Humana, Inc. 8,812 3,647,199 TOTAL INVESTMENT IN SECURITIES – 112.0% Intercontinental Exchange, Inc. 38,979 3,899,849 (Cost $516,041,261) 568,692,876 Jack Henry & Associates, Inc. 19,757 3,212,291 Keurig Dr. Pepper, Inc. 127,009 3,505,448 NET OTHER ASSETS (LIABILITIES) – (12.0)% (60,830,178) Keysight Technologies, Inc. 22,003 2,173,456 NET ASSETS – 100% $507,862,698 Kimberly‑Clark Corp. 25,530 3,769,760 Kroger Co. 114,251 3,874,251 Lamb Weston Holdings, Inc. 47,111 3,122,046 Legend Marsh & McLennan Companies, Inc. 42,725 4,900,558 (a) Affiliated fund that is generally available only to investment companies and other accounts managed by Masimo Corp. 17,606 4,156,072 Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. McDonald’s Corp. 22,076 4,845,461 Microsoft Corp. 17,396 3,658,901 Mondelez International, Inc. 75,708 4,349,425 Monster Beverage Corp. 51,496 4,129,979 Newmont Corp. 70,686 4,485,027 NextEra Energy, Inc. 21,446 5,952,552 Northrop Grumman Corp. 11,741 3,704,168 Philip Morris International, Inc. 37,268 2,794,727 Pinnacle West Capital Corp. 34,836 2,597,024 PPL Corp. 110,117 2,996,284 Procter & Gamble Co. 31,760 4,414,322 Prologis (REIT), Inc. 27,698 2,786,973 Public Service Enterprise Group, Inc. 59,512 3,267,804 Regeneron Pharmaceuticals, Inc. 7,723 4,323,181 Roper Technologies, Inc. 9,443 3,731,024 Ross Stores, Inc. 50,993 4,758,667

See accompanying notes which are an integral part of the financial statements.

27 Annual Report Schedule of Investments – continued

Investment Valuation The following is a summary of the inputs used, as of September 30, 2020, involving the Portfolio’s assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date: Description Total Level 1 Level 2 Level 3 Investments in Securities: Equities: Communication Services $ 28,021,589 $ 26,056,552 $ 1,965,037 $ — Consumer Discretionary 51,621,132 36,057,509 15,563,623 — Consumer Staples 76,010,111 50,692,579 25,317,532 — Financials 52,010,327 35,882,842 16,127,485 — Health Care 78,945,775 59,495,840 19,449,935 — Industrials 35,617,036 21,474,526 14,142,510 — Information Technology 57,022,481 48,364,616 8,657,865 — Materials 29,461,196 29,461,196 — — Real Estate 22,369,784 15,341,111 7,028,673 — Utilities 64,236,119 56,706,518 7,529,601 — Investment Companies 7,276,282 7,276,282 — — Money Market Funds 66,101,044 66,101,044 — — Total Investments in Securities: $568,692,876 $452,910,615 $115,782,261 $ —

See accompanying notes which are an integral part of the financial statements.

Annual Report 28 FIAM International Equity Growth Commingled Pool Financial Statements

Statement of Assets and Liabilities September 30, 2020 Assets Investments in securities at value (cost $1,554,203,510) (See accompanying schedule) $ 2,006,516,914 Foreign currency holdings, at market value (cost $2,443,863) 2,446,415 Receivable for investments sold 3,107,470 Receivable for units sold 30,156 Dividends receivable 6,855,527 Interest receivable 2,386 Total assets 2,018,958,868 Liabilities Payable for investments purchased, regular delivery basis 4,144,831 Payable for investments purchased, delayed delivery basis 152,003 Payable for units redeemed 28,208,827 Total liabilities 32,505,661 Net Assets (equivalent to $12.79 per unit based on 155,279,424 units outstanding) $ 1,986,453,207

Statement of Operations Year ended September 30, 2020 Investment Income Interest $ 421,154 Dividends 30,211,558 30,632,712 Less foreign taxes withheld (1,588,521) Total investment income 29,044,191 Expenses – Net investment income (loss) 29,044,191 Realized and Unrealized Gain (Loss) on Investments Net realized gain (loss) on investments $ 32,114,964 Net realized gain (loss) on foreign currency transactions 181,118 Total net realized gain (loss) 32,296,082 Change in net unrealized appreciation (depreciation) on investments 274,516,283 Change in net unrealized appreciation (depreciation) on assets and liabilities in foreign currencies 320,125 Total change in net unrealized appreciation (depreciation) 274,836,408 Net gain (loss) 307,132,490 Net increase (decrease) in net assets resulting from operations $ 336,176,681

Statement of Changes in Net Assets Year ended Year ended September 30, September 30, 2020 2019 Increase (Decrease) in Net Assets: Operations Net investment income (loss) $ 29,044,191 $ 49,735,930 Net realized gain (loss) 32,296,082 (41,745,881) Change in net unrealized appreciation (depreciation) 274,836,408 165,046,532 Net increase (decrease) in net assets resulting from operations 336,176,681 173,036,581 Net increase (decrease) in net assets resulting from unit transactions (720,535,247) 559,681,100 Total increase (decrease) in net assets (384,358,566) 732,717,681 Net Assets Beginning of period 2,370,811,773 1,638,094,092 End of period $ 1,986,453,207 $ 2,370,811,773

See accompanying notes which are an integral part of the financial statements.

29 Annual Report Financial Highlights FIAM International Equity Growth Commingled Pool

Periods ended September 30, 2020 2019 2018 A Selected Per Unit Data Net asset value, beginning of period $ 10.76 $ 10.04 $ 10.00 Income from Investment Operations Net investment income (loss) B .15 .25 .03 Net realized and unrealized gain (loss) 1.88 .47 .01 Total from investment operations 2.03 .72 .04 Net asset value, end of period $ 12.79 $ 10.76 $ 10.04 Total Return C,D 18.87% 7.17% .40% Ratios and Supplemental Data C,E,F Net assets, end of period (000s) $ 1,986,453 $ 2,370,812 $ 1,638,094 Ratio of expenses to average net assets before reductions —% .01% .02%G Ratio of expenses to average net assets net of reductions —% .01% .02%G Ratio of net investment income (loss) to average net assets 1.27% 2.53% 1.31%G Portfolio Turnover Rate 20% 27% 30%

A For the period June 22, 2018 (commencement of operations) to September 30, 2018. B Calculated based on average units outstanding during the period. C Excludes advisory fees which are charged directly to unitholders. D Total returns for periods of less than one year are not annualized. E Expense ratios reflect operating expenses of the Portfolio. Expenses before reductions do not reflect amounts reimbursed by the Trustee or reductions from expense offset arrangements and do not represent the amount paid by the Portfolio during periods when reimbursements or reductions occur. Expenses net of reductions reflect expenses after reimbursements from the Trustee and expense offset arrangements, if any, and represent the net expenses paid by the Portfolio. F Amounts do not include the activity of any underlying fund. G Annualized

See accompanying notes which are an integral part of the financial statements.

Annual Report 30 FIAM International Equity Growth Commingled Pool Schedule of Investments September 30, 2020 Showing Percentage of Net Assets Common Stocks – 99.1% Shares/Units Value Shares/Units Value Australia – 2.7% Ireland – 1.0% CSL Ltd. 261,557 $ 54,028,997 CRH PLC sponsored ADR 540,259 $ 19,497,947

Bailiwick of Jersey – 1.8% Italy – 0.8% Experian PLC 971,700 36,511,024 Interpump Group SpA 425,213 15,813,720

Belgium – 0.8% Japan – 14.5% UCB SA 132,200 15,034,795 Azbil Corp. 610,000 22,856,675 FANUC Corp. 148,677 28,533,432 Brazil – 0.3% Hoya Corp. 366,406 41,373,221 BM&F BOVESPA SA 688,700 6,746,094 Keyence Corp. 165,986 77,595,020 Lasertec Corp. 105,000 8,630,885 Canada – 2.0% Misumi Group, Inc. 1,183,000 33,167,691 Canadian National Railway Co. 80,500 8,573,245 Nabtesco Corp. 190,700 6,923,630 Canadian Pacific Railway Ltd. 48,300 14,692,588 OSG Corp. 466,700 7,478,019 Franco‑Nevada Corp. 124,900 17,453,451 Recruit Holdings Co. Ltd. 806,600 32,034,409 SHO‑BOND Holdings Co. Ltd. 305,000 15,219,779 TOTAL CANADA 40,719,284 USS Co. Ltd. 785,857 14,061,641

Cayman Islands – 4.4% TOTAL JAPAN 287,874,402 Alibaba Group Holding Ltd. 77,100 2,830,427 Alibaba Group Holding Ltd. sponsored ADR 161,700 47,536,566 Kenya – 0.6% Tencent Holdings Ltd. 538,800 36,392,379 Safaricom Ltd. 45,813,100 12,540,544

TOTAL CAYMAN ISLANDS 86,759,372 Korea (South) – 0.2% BGF Retail Co. Ltd. 37,501 3,971,576 Finland – 1.3% Big Hit Entertainment Co. Ltd. (a) 1,300 150,498 Kone OYJ (B Shares) 246,100 21,657,808 Tikkurila Oyj 225,700 3,953,452 TOTAL KOREA (SOUTH) 4,122,074

TOTAL FINLAND 25,611,260 Netherlands – 4.2% ASML Holding NV (Netherlands) 225,405 83,258,547 France – 5.0% Edenred SA 339,100 15,266,987 New Zealand – 0.4% Legrand SA 255,700 20,440,055 Auckland International Airport Ltd. 1,539,218 7,471,198 LVMH Moet Hennessy Louis Vuitton SE 99,600 46,602,913 Sanofi SA 175,500 17,587,179 Norway – 1.4% Adevinta ASA Class B 569,950 9,795,013 TOTAL FRANCE 99,897,134 Schibsted ASA (B Shares) 428,991 17,155,041

Germany – 9.0% TOTAL NORWAY 26,950,054 Deutsche Borse AG 131,200 23,043,051 Linde PLC 230,733 54,618,574 South Africa – 0.5% SAP SE 513,203 79,915,048 Clicks Group Ltd. 753,535 10,001,996 Vonovia SE 296,531 20,366,378 Spain – 1.9% TOTAL GERMANY 177,943,051 Amadeus IT Holding SA Class A 434,989 24,271,036 Cellnex Telecom SA 237,200 14,461,467 Hong Kong – 4.5% AIA Group Ltd. 5,828,474 57,935,600 TOTAL SPAIN 38,732,503 Hong Kong Exchanges and Clearing Ltd. 662,800 31,200,309 Sweden – 4.8% TOTAL HONG KONG 89,135,909 ASSA ABLOY AB (B Shares) 1,774,800 41,495,034 Atlas Copco AB (A Shares) 778,100 37,254,898 India – 0.7% Epiroc AB Class A 1,107,600 16,096,087 Housing Development Finance Corp. Ltd. 587,992 13,976,779 TOTAL SWEDEN 94,846,019 See accompanying notes which are an integral part of the financial statements.

31 Annual Report Schedule of Investments – continued

Common Stocks – continued Money Market Funds – 1.9% Shares/Units Value Shares/Units Value Switzerland – 13.4% Fidelity Cash Central Fund 0.10% (b) Nestle SA (Reg. S) 1,095,470 $ 130,374,120 (Cost $38,437,050) 38,428,516 $38,436,201 Roche Holding AG (participation certificate) 278,055 95,245,115 TOTAL INVESTMENT IN SECURITIES – 101.0% Schindler Holding AG: (Cost $1,554,203,510) 2,006,516,914 (participation certificate) 83,040 22,674,730 (Reg.) 13,961 3,798,520 NET OTHER ASSETS (LIABILITIES) – (1.0)% (20,063,707) Temenos Group AG 97,280 13,101,986 NET ASSETS – 100% $1,986,453,207 TOTAL SWITZERLAND 265,194,471 Legend Taiwan – 1.3% Taiwan Semiconductor Manufacturing Co. Ltd. 980,000 14,760,525 (a) Security or a portion of the security purchased on a delayed delivery or when-issued basis. Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 144,300 11,698,401 (b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. TOTAL TAIWAN 26,458,926

United Kingdom – 3.7% BAE Systems PLC 1,124,550 6,984,034 Dechra Pharmaceuticals PLC 151,300 6,294,214 InterContinental Hotel Group PLC ADR 193,630 10,161,702 London Stock Exchange Group PLC 192,200 22,048,589 Network International Holdings PLC 9,762 34,413 Prudential PLC 528,544 7,583,718 Rightmove PLC 1,107,700 8,958,982 Spectris PLC 364,196 11,452,445

TOTAL UNITED KINGDOM 73,518,097

United States of America – 17.9% Alphabet, Inc. Class A 10,100 14,802,560 Autoliv, Inc. 107,600 7,841,888 Berkshire Hathaway, Inc. Class B 37,000 7,878,780 Black Knight, Inc. 185,300 16,130,365 Lam Research Corp. 48,700 16,156,225 Marsh & McLennan Companies, Inc. 266,564 30,574,891 MasterCard, Inc. Class A 123,900 41,899,263 Moody’s Corp. 107,500 31,158,875 MSCI, Inc. 82,300 29,362,994 NICE Systems Ltd. sponsored ADR 111,000 25,200,330 PriceSmart, Inc. 81,329 5,404,312 ResMed, Inc. 159,900 27,411,657 S&P Global, Inc. 86,000 31,011,600 Sherwin‑Williams Co. 43,300 30,168,842 Visa, Inc. Class A 202,200 40,433,934

TOTAL UNITED STATES OF AMERICA 355,436,516

TOTAL COMMON STOCKS (Cost $1,515,766,460) 1,968,080,713

See accompanying notes which are an integral part of the financial statements.

Annual Report 32 Investment Valuation The following is a summary of the inputs used, as of September 30, 2020, involving the Portfolio’s assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date: Description Total Level 1 Level 2 Level 3 Investments in Securities: Equities: Communication Services $ 114,256,484 $ 77,713,607 $ 36,542,877 $ — Consumer Discretionary 129,035,137 65,540,156 63,494,981 — Consumer Staples 149,752,004 19,377,884 130,374,120 — Financials 292,521,280 159,776,285 132,744,995 — Health Care 256,975,178 48,740,666 208,234,512 — Industrials 376,819,901 161,001,651 215,818,250 — Information Technology 502,662,085 215,645,385 287,016,700 — Materials 125,692,266 125,692,266 — — Real Estate 20,366,378 20,366,378 — — Money Market Funds 38,436,201 38,436,201 — — Total Investments in Securities: $2,006,516,914 $932,290,479 $1,074,226,435 $ —

See accompanying notes which are an integral part of the financial statements.

33 Annual Report FIAM International Equity Value Commingled Pool Financial Statements

Statement of Assets and Liabilities September 30, 2020 Assets Investments in securities at value (cost $2,066,651,964) (See accompanying schedule) $ 1,929,108,955 Receivable for investments sold 480,000 Receivable for units sold 13,896,515 Dividends receivable 13,149,362 Interest receivable 518 Total assets 1,956,635,350 Liabilities Payable to custodian bank $ 149 Payable for investments purchased 3,967,245 Payable for units redeemed 336,572 Total liabilities 4,303,966 Net Assets (equivalent to $8.99 per unit based on 217,123,578 units outstanding) $ 1,952,331,384

Statement of Operations Year ended September 30, 2020 Investment Income Interest $ 116,829 Dividends 67,485,520 67,602,349 Less foreign taxes withheld (3,069,303) Total investment income 64,533,046 Expenses – Net investment income (loss) 64,533,046 Realized and Unrealized Gain (Loss) on Investments Net realized gain (loss) on investments $ (132,196,519) Net realized gain (loss) on foreign currency transactions (405,130) Total net realized gain (loss) (132,601,649) Change in net unrealized appreciation (depreciation) on investments (80,865,351) Change in net unrealized appreciation (depreciation) on assets and liabilities in foreign currencies 379,597 Total change in net unrealized appreciation (depreciation) (80,485,754) Net gain (loss) (213,087,403) Net increase (decrease) in net assets resulting from operations $ (148,554,357)

Statement of Changes in Net Assets Year ended Year ended September 30, September 30, 2020 2019 Increase (Decrease) in Net Assets: Operations Net investment income (loss) $ 64,533,046 $ 82,711,806 Net realized gain (loss) (132,601,649) (98,128,567) Change in net unrealized appreciation (depreciation) (80,485,754) (73,837,839) Net increase (decrease) in net assets resulting from operations (148,554,357) (89,254,600) Net increase (decrease) in net assets resulting from unit transactions (93,017,523) 617,686,074 Total increase (decrease) in net assets (241,571,880) 528,431,474 Net Assets Beginning of period 2,193,903,264 1,665,471,790 End of period $ 1,952,331,384 $ 2,193,903,264

See accompanying notes which are an integral part of the financial statements.

Annual Report 34 Financial Highlights FIAM International Equity Value Commingled Pool

Periods ended September 30, 2020 2019 2018 A Selected Per Unit Data Net asset value, beginning of period $ 9.52 $ 10.14 $ 10.00 Income from Investment Operations Net investment income (loss) B .28 .41 .07 Net realized and unrealized gain (loss) (.81) (1.03) .07 Total from investment operations (.53) (.62) .14 Net asset value, end of period $ 8.99 $ 9.52 $ 10.14 Total Return C,D (5.57)% (6.11)% 1.40% Ratios and Supplemental Data C,E,F Net assets, end of period (000s) $ 1,952,331 $ 2,193,903 $ 1,665,472 Ratio of expenses to average net assets before reductions —% —% .03%G Ratio of expenses to average net assets net of reductions —% —% .03%G Ratio of net investment income (loss) to average net assets 3.05% 4.43% 2.68%G Portfolio Turnover Rate 46% 37% 21%

A For the period June 22, 2018 (commencement of operations) to September 30, 2018. B Calculated based on average units outstanding during the period. C Excludes advisory fees which are charged directly to unitholders. D Total returns for periods of less than one year are not annualized. E Expense ratios reflect operating expenses of the Portfolio. Expenses before reductions do not reflect amounts reimbursed by the Trustee or reductions from expense offset arrangements and do not represent the amount paid by the Portfolio during periods when reimbursements or reductions occur. Expenses net of reductions reflect expenses after reimbursements from the Trustee and expense offset arrangements, if any, and represent the net expenses paid by the Portfolio. F Amounts do not include the activity of any underlying fund. G Annualized

See accompanying notes which are an integral part of the financial statements.

35 Annual Report FIAM International Equity Value Commingled Pool Schedule of Investments September 30, 2020 Showing Percentage of Net Assets Common Stocks – 97.1% Shares/Units Value Shares/Units Value Australia – 2.1% Siemens AG 459,100 $ 58,068,761 Commonwealth Bank of Australia 342,924 $ 15,780,091 Vonovia SE 499,482 34,305,483 Evolution Mining Ltd. 1,792,216 7,486,868 Macquarie Group Ltd. 210,851 18,277,472 TOTAL GERMANY 286,396,552

TOTAL AUSTRALIA 41,544,431 Hong Kong – 0.9% AIA Group Ltd. 1,699,600 16,894,190 Austria – 0.7% Erste Group Bank AG 621,246 13,019,790 India – 0.4% Reliance Industries Ltd. sponsored GDR 139,500 8,481,600 Bailiwick of Jersey – 1.7% Ferguson PLC 172,400 17,348,696 Indonesia – 0.3% Glencore Xstrata PLC 7,372,500 15,284,487 PT Bank Rakyat Indonesia Tbk 26,251,500 5,385,609

TOTAL BAILIWICK OF JERSEY 32,633,183 Ireland – 2.1% CRH PLC 823,242 29,851,852 Belgium – 1.3% Ryanair Holdings PLC 29,500 391,668 KBC Groep NV 514,296 25,801,786 Ryanair Holdings PLC sponsored ADR 127,700 10,440,752

Denmark – 1.4% TOTAL IRELAND 40,684,272 A.P. Moller ‑ Maersk A/S Series B 8,950 14,148,889 ORSTED A/S 100,900 13,910,118 Italy – 3.7% Assicurazioni Generali SpA 843,900 11,897,902 TOTAL DENMARK 28,059,007 Enel SpA 5,336,100 46,295,552 Mediobanca SpA 1,830,828 14,377,621 Finland – 0.8% Sampo Oyj (A Shares) 403,400 15,981,532 TOTAL ITALY 72,571,075

France – 13.7% Japan – 25.0% ALTEN 38,300 3,637,292 DENSO Corp. 426,200 18,681,090 Atos Origin SA 159,379 12,856,237 FANUC Corp. 119,800 22,991,486 AXA SA 1,788,600 33,103,366 Fujitsu Ltd. 131,900 18,019,870 BNP Paribas SA 939,600 33,989,610 Hoya Corp. 235,795 26,625,106 Capgemini SA 124,265 15,989,971 Ibiden Co. Ltd. 222,900 7,595,782 Natixis SA 1,636,400 3,688,503 Idemitsu Kosan Co. Ltd. 438,700 9,366,590 Sanofi SA 472,519 47,352,000 Itochu Corp. 1,148,877 29,417,963 SR Teleperformance SA 71,500 22,097,634 Kao Corp. 185,825 13,950,025 Total SA 1,274,823 43,780,686 Minebea Mitsumi, Inc. 1,039,900 19,808,260 VINCI SA 260,779 21,789,802 Mitsubishi Estate Co. Ltd. 580,000 8,785,613 Vivendi SA 702,164 19,610,652 Mitsubishi UFJ Financial Group, Inc. 5,379,885 21,470,468 Worldline SA 123,752 10,173,923 Mitsui Fudosan Co. Ltd. 420,919 7,324,700 OBIC Co. Ltd. 72,500 12,750,044 TOTAL FRANCE 268,069,676 Oracle Corp. Japan 122,800 13,259,557 ORIX Corp. 1,442,501 18,017,229 Germany – 14.7% Recruit Holdings Co. Ltd. 312,182 12,398,421 Bayer AG 424,200 26,170,482 Shin‑Etsu Chemical Co. Ltd. 225,188 29,466,825 Deutsche Post AG 499,800 22,795,031 Shinsei Bank Ltd. 1,049,600 12,959,708 Hannover Reuck SE 132,900 20,599,220 SoftBank Group Corp. 324,990 20,108,621 HeidelbergCement AG 272,200 16,697,451 Sony Corp. 269,600 20,662,693 Infineon Technologies AG 610,900 17,218,703 Sumitomo Mitsui Financial Group, Inc. 816,500 22,829,999 Linde PLC 113,019 26,753,593 Suzuki Motor Corp. 375,900 16,102,753 Muenchener Rueckversicherungs‑Gesellschaft AG in Muenchen 84,600 21,484,396 Takeda Pharmaceutical Co. Ltd. 299,248 10,696,002 Rheinmetall AG 120,500 10,844,670 Tokio Marine Holdings, Inc. 519,990 22,751,940 RWE AG 507,700 19,036,187 Tokyo Electron Ltd. 44,900 11,730,337 SAP SE 79,776 12,422,575 Toyota Motor Corp. 908,100 60,270,613

TOTAL JAPAN 488,041,695

See accompanying notes which are an integral part of the financial statements.

Annual Report 36 Common Stocks – continued Shares/Units Value Shares/Units Value Korea (South) – 0.8% RSA Insurance Group PLC 2,201,000 $ 12,828,553 Samsung Electronics Co. Ltd. 321,430 $ 16,042,145 Standard Chartered PLC (United Kingdom) 2,782,962 12,787,533

Netherlands – 2.0% TOTAL UNITED KINGDOM 208,537,017 AerCap Holdings NV 195,500 4,924,645 Koninklijke Philips Electronics NV 345,754 16,326,208 TOTAL COMMON STOCKS (Cost $2,028,890,439) NN Group NV 446,309 16,770,963 1,895,488,566

TOTAL NETHERLANDS 38,021,816 Nonconvertible Preferred Stocks – 1.6%

Portugal – 0.3% Germany – 1.6% Galp Energia SGPS SA Class B 706,335 6,551,603 Porsche Automobil Holding SE (Germany) (Cost $35,383,668) 523,521 31,242,532 Russia – 0.4% MMC Norilsk Nickel PJSC sponsored ADR 329,300 7,952,595 Money Market Funds – 0.1%

Singapore – 0.7% Fidelity Cash Central Fund 0.10% (a) United Overseas Bank Ltd. 1,005,300 14,161,856 (Cost $2,377,857) 2,377,381 2,377,857 TOTAL INVESTMENT IN SECURITIES – 98.8% Spain – 2.0% (Cost $2,066,651,964) 1,929,108,955 Banco Santander SA (Spain) 11,719,146 21,859,179 Cellnex Telecom SA 220,700 13,455,505 NET OTHER ASSETS (LIABILITIES) – 1.2% 23,222,429 Unicaja Banco SA 4,378,604 3,288,131 NET ASSETS – 100% $1,952,331,384 TOTAL SPAIN 38,602,815 Legend Sweden – 3.3% (a) Affiliated fund that is generally available only to investment companies and other accounts managed by Ericsson (B Shares) 2,242,400 24,539,119 Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. Investor AB (B Shares) 473,856 31,058,300 Volvo AB (B Shares) 468,100 9,044,893

TOTAL SWEDEN 64,642,312

Switzerland – 8.1% Novartis AG 717,470 62,293,846 Roche Holding AG (participation certificate) 41,290 14,143,500 Siemens Energy AG rights 229,550 5,880,619 Swiss Life Holding AG 26,555 10,047,682 UBS Group AG 2,164,300 24,131,945 Zurich Insurance Group Ltd. 117,329 40,914,417

TOTAL SWITZERLAND 157,412,009

United Kingdom – 10.7% Anglo American PLC (United Kingdom) 1,224,288 29,633,139 AstraZeneca PLC (United Kingdom) 160,824 17,572,349 Beazley PLC 1,262,500 4,981,687 BHP Billiton PLC 3,167,911 67,584,701 BP PLC 10,403,504 30,086,743 Imperial Brands PLC 584,136 10,307,393 Lloyds Banking Group PLC 37,078,132 12,587,363 Royal Dutch Shell PLC Class B sponsored ADR 419,800 10,167,556

See accompanying notes which are an integral part of the financial statements.

37 Annual Report Schedule of Investments – continued

Investment Valuation The following is a summary of the inputs used, as of September 30, 2020, involving the Portfolio’s assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date: Description Total Level 1 Level 2 Level 3 Investments in Securities: Equities: Communication Services $ 53,174,778 $ 13,455,505 $ 39,719,273 $ — Consumer Discretionary 146,959,681 31,242,532 115,717,149 — Consumer Staples 24,257,418 10,307,393 13,950,025 — Energy 108,434,778 18,649,156 89,785,622 — Financials 553,728,041 242,745,544 310,982,497 — Health Care 221,179,493 — 221,179,493 — Industrials 276,511,571 138,216,386 138,295,185 — Information Technology 176,235,555 58,699,568 117,535,987 — Materials 230,711,511 81,036,778 149,674,733 — Real Estate 50,415,796 34,305,483 16,110,313 — Utilities 85,122,476 32,946,305 52,176,171 — Money Market Funds 2,377,857 2,377,857 — — Total Investments in Securities: $1,929,108,955 $663,982,507 $1,265,126,448 $ —

See accompanying notes which are an integral part of the financial statements.

Annual Report 38 FIAM International Growth Commingled Pool Financial Statements

Statement of Assets and Liabilities September 30, 2020 Assets Investments in securities at value (cost $173,922,616) (See accompanying schedule) $ 199,940,314 Cash 2,423 Foreign currency holdings, at market value (cost $28,491) 21,624 Receivable for units sold 2,141,138 Dividends receivable (including foreign tax withholding reclaim of $4,553,722) 4,888,187 Interest receivable 370 Total assets 206,994,056 Liabilities Payable for investments purchased $ 23,306 Payable for units redeemed 50 Affiliated payables 2,756 Audit fees payable 26,400 Custodian fees payable 7,575 Total liabilities 60,087 Net Assets (equivalent to $49.83 per unit based on 4,153,201 units outstanding) $ 206,933,969

Statement of Operations Year ended September 30, 2020 Investment Income Interest $ 41,547 Dividends 4,113,113 4,154,660 Less foreign taxes withheld (247,608) Total investment income 3,907,052 Expenses Pricing and bookkeeping fees $ 34,485 Audit fees 26,400 Custodian fees 49,293 Other expenses 565 Total expenses 110,743 Net investment income (loss) 3,796,309 Realized and Unrealized Gain (Loss) on Investments Net realized gain (loss) on investments 13,418,386 Net realized gain (loss) on foreign currency transactions 39,111 Total net realized gain (loss) 13,457,497 Change in net unrealized appreciation (depreciation) on investments 5,716,265 Change in net unrealized appreciation (depreciation) on assets and liabilities in foreign currencies 383,925 Total change in net unrealized appreciation (depreciation) 6,100,190 Net gain (loss) 19,557,687 Net increase (decrease) in net assets resulting from operations $ 23,353,996

See accompanying notes which are an integral part of the financial statements.

39 Annual Report Financial Statements – continued

Statement of Changes in Net Assets Year ended Year ended September 30, September 30, 2020 2019 Increase (Decrease) in Net Assets: Operations Net investment income (loss) $ 3,796,309 $ 7,901,647 Net realized gain (loss) 13,457,497 (17,149,124) Change in net unrealized appreciation (depreciation) 6,100,190 (47,708,139) Net increase (decrease) in net assets resulting from operations 23,353,996 (56,955,616) Net increase (decrease) in net assets resulting from unit transactions (81,236,388) (416,278,070) Total increase (decrease) in net assets (57,882,392) (473,233,686) Net Assets Beginning of period 264,816,361 738,050,047 End of period $ 206,933,969 $ 264,816,361

See accompanying notes which are an integral part of the financial statements.

Annual Report 40 Financial Highlights FIAM International Growth Commingled Pool

Periods ended September 30, 2020 2019 2018 2017 2016 Selected Per Unit Data Net asset value, beginning of period $ 45.44 $ 46.19 $ 45.01 $ 37.97 $ 36.16 Income from Investment Operations Net investment income (loss) A .79 1.05 1.15 1.06 1.04 Net realized and unrealized gain (loss) 3.60 (1.80) .03 5.98 .77 Total from investment operations 4.39 (.75) 1.18 7.04 1.81 Net asset value, end of period $ 49.83 $ 45.44 $ 46.19 $ 45.01 $ 37.97 Total Return B 9.66% (1.62)% 2.62% 18.54% 5.01% Ratios and Supplemental Data B,C,D Net assets, end of period (000s) $ 206,934 $ 264,816 $ 738,050 $ 983,522 $ 983,571 Ratio of expenses to average net assets before reductions .05% .06% .03% .03% .03% Ratio of expenses to average net assets net of reductions .05% .06% .03% .03% .03% Ratio of net investment income (loss) to average net assets 1.71% 2.43% 2.47% 2.66% 2.81% Portfolio Turnover Rate 53% 81% 102% 53% 62%

A Calculated based on average units outstanding during the period. B Excludes advisory fees which are charged directly to unitholders. C Expense ratios reflect operating expenses of the Portfolio. Expenses before reductions do not reflect amounts reimbursed by the Trustee or reductions from expense offset arrangements and do not represent the amount paid by the Portfolio during periods when reimbursements or reductions occur. Expenses net of reductions reflect expenses after reimbursements from the Trustee and expense offset arrangements, if any, and represent the net expenses paid by the Portfolio. D Amounts do not include the activity of any underlying fund.

See accompanying notes which are an integral part of the financial statements.

41 Annual Report FIAM International Growth Commingled Pool Schedule of Investments September 30, 2020 Showing Percentage of Net Assets Common Stocks – 92.5% Shares/Units Value Shares/Units Value Australia – 3.1% Siemens AG 19,588 $ 2,477,567 Aristocrat Leisure Ltd. 34,818 $ 759,330 Vonovia SE 32,381 2,223,996 CSL Ltd. 6,092 1,258,405 Goodman Group unit 97,260 1,259,267 TOTAL GERMANY 22,673,477 Macquarie Group Ltd. 21,348 1,850,536 National Storage (REIT) unit 235,154 307,352 Hong Kong – 6.0% Northern Star Resources Ltd. 92,586 917,439 AIA Group Ltd. 576,600 5,731,460 Link (REIT) 98,600 807,967 TOTAL AUSTRALIA 6,352,329 Techtronic Industries Co. Ltd. 446,000 5,929,883

Bailiwick of Jersey – 2.2% TOTAL HONG KONG 12,469,310 Experian PLC 59,431 2,233,083 Ferguson PLC 12,905 1,298,636 Indonesia – 0.1% Glencore Xstrata PLC 460,491 954,679 PT ACE Hardware Indonesia Tbk 2,430,100 260,760

TOTAL BAILIWICK OF JERSEY 4,486,398 Ireland – 3.5% CRH PLC 69,189 2,508,885 Cayman Islands – 3.3% DCC PLC (United Kingdom) 12,284 952,308 Alibaba Group Holding Ltd. 20,500 752,578 James Hardie Industries PLC CDI 49,543 1,187,635 Hansoh Pharmaceutical Group Co. Ltd. 86,000 420,337 Kerry Group PLC Class A 12,637 1,622,379 Meituan Dianping Class B 34,500 1,086,795 Ryanair Holdings PLC sponsored ADR 12,603 1,030,421 New Oriental Education & Technology Group, Inc. sponsored ADR 2,600 388,700 Shenzhou International Group Holdings Ltd. 178,600 3,041,360 TOTAL IRELAND 7,301,628 Tencent Holdings Ltd. 10,200 688,943 Zai Lab Ltd. 900 74,885 Japan – 24.4% ZTO Express, Inc. 9,500 276,473 Asahi Group Holdings 34,100 1,188,475 Astellas Pharma, Inc. 127,100 1,894,628 TOTAL CAYMAN ISLANDS 6,730,071 Capcom Co. Ltd. 9,600 535,762 Chugai Pharmaceutical Co. Ltd. 22,700 1,018,674 Denmark – 0.9% Daiichi Sankyo Kabushiki Kaisha 91,200 2,799,636 Novo Nordisk A/S Series B 26,078 1,806,803 Daikin Industries Ltd. 7,200 1,330,375 DENSO Corp. 49,200 2,156,522 France – 10.1% Disco Corp. 2,100 513,460 Arkema SA 17,423 1,851,149 Fast Retailing Co. Ltd. 2,700 1,696,738 AXA SA 123,631 2,288,160 Hitachi Ltd. 47,000 1,591,395 BNP Paribas SA 52,051 1,882,922 Hoya Corp. 20,900 2,359,951 Capgemini SA 14,584 1,876,616 Ibiden Co. Ltd. 11,700 398,702 Edenred SA 21,368 962,032 Isuzu Motors Ltd. 81,500 712,780 ENGIE 139,017 1,861,351 Itochu Corp. 63,900 1,636,213 LVMH Moet Hennessy Louis Vuitton SE 6,292 2,944,031 ITOCHU Techno‑Solutions Corp. 10,500 398,322 Pernod Ricard SA 8,315 1,327,316 Keyence Corp. 3,500 1,636,178 Safran SA 15,524 1,527,362 Lasertec Corp. 8,300 682,251 Sanofi SA 43,877 4,396,995 Minebea Mitsumi, Inc. 91,100 1,735,294 Misumi Group, Inc. 67,500 1,892,493 TOTAL FRANCE 20,917,934 Nidec Corp. 12,300 1,153,469 Nintendo Co. Ltd. 5,000 2,833,456 Germany – 11.0% Nippon Steel & Sumitomo Metal Corp. 69,200 653,278 adidas AG 6,885 2,228,767 Nissin Food Holdings Co. Ltd. 8,600 807,952 Allianz SE 11,489 2,204,007 NOF Corp. 10,200 401,982 Bayer AG 11,858 731,564 Nomura Research Institute Ltd. 22,200 653,668 Deutsche Borse AG 6,498 1,141,263 Pan Pacific International Holdings Ltd. 66,300 1,544,013 Fresenius Medical Care AG & Co. KGaA 27,555 2,329,410 Recruit Holdings Co. Ltd. 31,900 1,266,920 Infineon Technologies AG 56,732 1,599,037 Shin‑Etsu Chemical Co. Ltd. 13,400 1,753,448 Linde PLC 9,262 2,192,479 SMC Corp. 4,300 2,398,698 Morphosys AG 9,410 1,195,399 SMS Co., Ltd. 29,700 862,387 SAP SE 27,935 4,349,988 Sony Corp. 45,600 3,494,877 THK Co. Ltd. 16,900 425,298 See accompanying notes which are an integral part of the financial statements.

Annual Report 42 Common Stocks – continued Shares/Units Value Shares/Units Value Japan – continued Siemens Energy AG rights 9,794 $ 250,903 Tokio Marine Holdings, Inc. 62,300 $ 2,725,910 Sonova Holding AG Class B 4,670 1,184,422 Tokyo Electron Ltd. 5,000 1,306,274 Tsuruha Holdings, Inc. 5,500 779,719 TOTAL SWITZERLAND 12,689,603 Unicharm Corp. 28,800 1,288,031 Taiwan – 1.3% TOTAL JAPAN 50,527,229 Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 32,900 2,667,203

Luxembourg – 0.4% United Kingdom – 5.2% ArcelorMittal SA (Netherlands) 66,646 889,536 Barclays PLC 494,548 622,888 BP PLC 12,358 35,739 Netherlands – 7.9% British American Tobacco PLC (United Kingdom) 1,712 61,412 ABN AMRO Group NV GDR 127,340 1,067,792 Compass Group PLC 65,388 982,244 Argenx SE 3,877 1,024,174 Imperial Brands PLC 48,890 862,690 ASML Holding NV (Netherlands) 9,180 3,390,845 Informa PLC 190,854 925,007 Heineken NV (Bearer) 15,699 1,396,669 Lloyds Banking Group PLC 635,739 215,822 JDE Peet’s BV 13,145 535,254 Prudential PLC 173,330 2,486,994 Koninklijke Philips Electronics NV 52,684 2,487,693 RELX PLC (Euronext N.V.) 105,653 2,357,301 Prosus NV 19,222 1,774,243 Royal Dutch Shell PLC Class A 98,872 1,246,694 SBM Offshore NV 57,455 920,180 Standard Chartered PLC (United Kingdom) 88,872 408,361 Unilever NV 63,074 3,830,319 The Weir Group PLC 36,389 588,106

TOTAL NETHERLANDS 16,427,169 TOTAL UNITED KINGDOM 10,793,258

New Zealand – 0.4% TOTAL COMMON STOCKS Ryman Healthcare Group Ltd. 93,391 877,401 (Cost $164,888,913) 191,494,682

Norway – 1.9% Nonconvertible Preferred Stocks – 1.6% DNB ASA 77,883 1,084,959 Equinor ASA 88,008 1,253,011 Germany – 0.9% Schibsted ASA (A Shares) 34,780 1,541,842 Volkswagen AG 10,936 1,761,731

TOTAL NORWAY 3,879,812 Spain – 0.7% Grifols SA Class B 83,862 1,453,173 Spain – 1.4% Cellnex Telecom SA 34,691 2,115,020 TOTAL NONCONVERTIBLE PREFERRED STOCKS Inditex SA 30,967 856,683 (Cost $3,802,947) 3,214,904

TOTAL SPAIN 2,971,703 Money Market Funds – 2.5%

Sweden – 3.3% Fidelity Cash Central Fund 0.10% (a) EQT AB 28,944 562,989 (Cost $5,230,756) 5,229,682 5,230,728 Ericsson (B Shares) 139,535 1,526,965 TOTAL INVESTMENT IN SECURITIES – 96.6% Lundin Petroleum AB 29,801 593,967 (Cost $173,922,616) 199,940,314 Sandvik AB 80,045 1,565,307 SKF AB (B Shares) 61,304 1,271,142 Tele2 AB (B Shares) 88,477 1,252,688 NET OTHER ASSETS (LIABILITIES) – 3.4% 6,993,655 NET ASSETS – 100% $206,933,969 TOTAL SWEDEN 6,773,058

Switzerland – 6.1% Legend Coca‑Cola HBC AG 60,177 1,484,656 (a) Affiliated fund that is generally available only to investment companies and other accounts managed by LafargeHolcim Ltd. (Reg.) 21,229 967,815 Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. Nestle SA (Reg. S) 26,159 3,113,236 Roche Holding AG (participation certificate) 16,607 5,688,571

See accompanying notes which are an integral part of the financial statements.

43 Annual Report Schedule of Investments – continued

Investment Valuation The following is a summary of the inputs used, as of September 30, 2020, involving the Portfolio’s assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date: Description Total Level 1 Level 2 Level 3 Investments in Securities: Equities: Communication Services $ 9,892,718 $ 4,909,550 $ 4,983,168 $ — Consumer Discretionary 26,442,152 4,379,198 22,062,954 — Consumer Staples 18,298,108 7,228,964 11,069,144 — Energy 4,049,591 2,767,158 1,282,433 — Financials 24,274,063 6,007,300 18,266,763 — Health Care 33,002,121 2,379,821 30,622,300 — Industrials 34,208,736 8,676,845 25,531,891 — Information Technology 23,552,936 5,505,851 18,047,085 — Materials 14,278,325 5,900,979 8,377,346 — Real Estate 4,598,582 2,223,996 2,374,586 — Utilities 2,112,254 1,861,351 250,903 — Money Market Funds 5,230,728 5,230,728 — — Total Investments in Securities: $199,940,314 $57,071,741 $142,868,573 $ —

See accompanying notes which are an integral part of the financial statements.

Annual Report 44 FIAM Overseas Commingled Pool Financial Statements

Statement of Assets and Liabilities September 30, 2020 Assets Investments in securities at value (cost $1,775,205,388) (See accompanying schedule) $ 1,988,269,299 Receivable for investments sold 4,841,964 Receivable for units sold 34,696 Dividends receivable 4,366,821 Interest receivable 1,724 Other receivable 55,988 Total assets 1,997,570,492 Liabilities Payable for investments purchased $ 3,203,842 Payable for units redeemed 7,289,336 Deferred taxes payable 1,785,054 Total liabilities 12,278,232 Net Assets (equivalent to $11.25 per unit based on 176,491,154 units outstanding) $ 1,985,292,260

Statement of Operations Year ended September 30, 2020 Investment Income Interest $ 331,750 Dividends 26,354,109 26,685,859 Less foreign taxes withheld (1,049,253) Total investment income 25,636,606 Expenses — Net investment income (loss) 25,636,606 Realized and Unrealized Gain (Loss) on Investments Net realized gain (loss) on investments $ (25,428,339) Net realized gain (loss) on futures contracts (2,019,913) Net realized gain (loss) on foreign currency transactions 45,045 Total net realized gain (loss) (27,403,207) Change in net unrealized appreciation (depreciation) on investments (net of increase (decrease) in deferred foreign taxes of $1,785,054) 204,415,247 Change in net unrealized appreciation (depreciation) on assets and liabilities in foreign currencies 155,630 Total change in net unrealized appreciation (depreciation) 204,570,877 Net gain (loss) 177,167,670 Net increase (decrease) in net assets resulting from operations $ 202,804,276

Statement of Changes in Net Assets For the period June 21, 2019 Year ended (commencement September 30, of operations) to 2020 September 30, 2019 Increase (Decrease) in Net Assets: Operations Net investment income (loss) $ 25,636,606 $ 4,604,930 Net realized gain (loss) (27,403,207) (2,313,726) Change in net unrealized appreciation (depreciation) 204,570,877 6,862,551 Net increase (decrease) in net assets resulting from operations 202,804,276 9,153,755 Net increase (decrease) in net assets resulting from unit transactions 780,359,855 992,974,374 Total increase (decrease) in net assets 983,164,131 1,002,128,129 Net Assets Beginning of period 1,002,128,129 – End of period $ 1,985,292,260 $ 1,002,128,129

See accompanying notes which are an integral part of the financial statements.

45 Annual Report Financial Highlights FIAM Overseas Commingled Pool

Periods ended September 30, 2020 2019 A Selected Per Unit Data Net asset value, beginning of period $ 9.92 $ 10.00 Income from Investment Operations Net investment income (loss) B .16 .07 Net realized and unrealized gain (loss) 1.17 (.15) Total from investment operations 1.33 (.08) Net asset value, end of period $ 11.25 $ 9.92 Total Return C,D 13.41% (.80)% Ratios and Supplemental Data C,E,F Net assets, end of period (000s) $ 1,985,292 $ 1,002,128 Ratio of expenses to average net assets before reductions —% .00%G Ratio of expenses to average net assets net of reductions —% .00%G Ratio of net investment income (loss) to average net assets 1.54% 2.59%G Portfolio Turnover Rate 49% 5%

A For the period June 21, 2019 (commencement of operations) to September 30, 2019. B Calculated based on average units outstanding during the period. C Excludes advisory fees which are charged directly to unitholders. D Total returns for periods of less than one year are not annualized. E Expense ratios reflect operating expenses of the Portfolio. Expenses before reductions do not reflect amounts reimbursed by the Trustee or reductions from expense offset arrangements and do not represent the amount paid by the Portfolio during periods when reimbursements or reductions occur. Expenses net of reductions reflect expenses after reimbursements from the Trustee and expense offset arrangements, if any, and represent the net expenses paid by the Portfolio. F Amounts do not include the activity of any underlying fund. G Annualized

See accompanying notes which are an integral part of the financial statements.

Annual Report 46 FIAM Overseas Commingled Pool Schedule of Investments September 30, 2020 Showing Percentage of Net Assets Common Stocks – 99.0% Shares/Units Value Shares/Units Value Austria – 0.3% SAP SE 268,272 $ 41,774,833 Erste Group Bank AG 285,174 $ 5,976,547 Vonovia SE 320,600 22,019,488

Bailiwick of Jersey – 1.1% TOTAL GERMANY 157,968,651 Experian PLC 458,214 17,217,106 Sanne Group PLC 514,444 4,361,250 Hong Kong – 1.7% AIA Group Ltd. 3,446,612 34,259,660 TOTAL BAILIWICK OF JERSEY 21,578,356 India – 1.6% Belgium – 0.7% HDFC Bank Ltd. 734,300 10,810,156 KBC Groep NV 274,456 13,769,220 Reliance Industries Ltd. 659,700 20,064,433 Reliance Industries Ltd. 43,980 809,158 Bermuda – 2.3% Credicorp Ltd. (United States) 61,809 7,663,698 TOTAL INDIA 31,683,747 Genpact Ltd. 279,300 10,878,735 Hiscox Ltd. 768,183 8,855,604 Indonesia – 0.3% IHS Markit Ltd. 226,604 17,790,680 PT Bank Rakyat Indonesia Tbk 26,759,100 5,489,745

TOTAL BERMUDA 45,188,717 Ireland – 2.1% DCC PLC (United Kingdom) 185,972 14,417,336 Canada – 1.1% Kerry Group PLC Class A 128,265 16,467,081 Constellation Software, Inc. 18,813 20,905,170 Linde PLC 45,300 10,787,289

Cayman Islands – 0.8% TOTAL IRELAND 41,671,706 Alibaba Group Holding Ltd. sponsored ADR 53,100 15,610,338 Italy – 1.8% Denmark – 1.5% FinecoBank SpA 1,057,753 14,578,110 DSV Panalpina A/S 187,723 30,671,761 GVS SpA 136,800 1,844,498 Recordati SpA 397,053 20,362,054 Finland – 0.5% TOTAL ITALY 36,784,662 Nordea Bank ABP (Stockholm Stock Exchange) 1,400,821 10,644,466 Japan – 15.1% France – 10.9% A/S One Corp. 20,400 2,922,659 ALTEN 128,315 12,185,877 Astellas Pharma, Inc. 821,600 12,247,260 Amundi SA 85,521 6,036,200 Curves Holdings Co. Ltd. 134,612 868,791 Capgemini SA 169,975 21,871,769 Daikin Industries Ltd. 98,900 18,274,182 Dassault Systemes SA 74,600 13,972,497 Hoya Corp. 264,763 29,896,067 Edenred SA 354,429 15,957,131 IT Holdings Corp. 342,300 7,270,442 Kering SA 30,215 20,107,557 Kao Corp. 204,862 15,379,147 Legrand SA 203,900 16,299,285 Keyence Corp. 52,372 24,482,826 LVMH Moet Hennessy Louis Vuitton SE 81,471 38,120,341 Nexon Co. Ltd. 515,700 12,863,504 Pernod Ricard SA 115,500 18,437,157 Nitori Holdings Co. Ltd. 74,777 15,512,629 Sanofi SA 276,700 27,728,617 Olympus Corp. 705,410 14,669,526 SR Teleperformance SA 84,218 26,028,231 Oracle Corp. Japan 43,449 4,691,486 TOTAL FRANCE 216,744,662 Otsuka Corp. 183,208 9,362,178 Persol Holdings Co., Ltd. 651,775 10,646,209 Recruit Holdings Co. Ltd. 491,027 19,501,314 Germany – 8.0% Relo Group, Inc. 390,769 9,386,676 adidas AG 74,263 24,039,931 SMC Corp. 37,335 20,826,834 Allianz SE 109,700 21,044,439 Sony Corp. 298,200 22,854,655 Bayer AG 198,667 12,256,509 Suzuki Motor Corp. 269,808 11,557,998 Deutsche Borse AG 114,679 20,141,418 Tokyo Electron Ltd. 75,700 19,776,982 Hannover Reuck SE 107,692 16,692,033 Tsuruha Holdings, Inc. 122,181 17,321,241

TOTAL JAPAN 300,312,606

See accompanying notes which are an integral part of the financial statements.

47 Annual Report Schedule of Investments – continued

Common Stocks – continued Shares/Units Value Shares/Units Value Korea (South) – 1.2% Taiwan – 1.0% LG Chemical Ltd. 21,510 $ 12,063,441 Taiwan Semiconductor Manufacturing Co. Ltd. 1,305,000 $ 19,655,597 Samsung Electronics Co. Ltd. 221,300 11,044,789 United Kingdom – 9.9% TOTAL KOREA (SOUTH) 23,108,230 Beazley PLC 2,028,366 8,003,710 Compass Group PLC 1,432,798 21,523,167 Mexico – 0.2% Cranswick PLC 114,913 5,376,560 Grupo Financiero Banorte S.A.B. de CV Series O 1,081,822 3,748,692 Dechra Pharmaceuticals PLC 249,468 10,378,089 Diageo PLC 807,666 27,742,291 Netherlands – 7.6% Diploma PLC 248,721 7,067,036 ASML Holding NV (Netherlands) 103,895 38,376,020 London Stock Exchange Group PLC 249,671 28,641,484 BE Semiconductor Industries NV 174,000 7,464,590 Mondi PLC 652,219 13,797,881 Euronext NV 93,200 11,681,213 Prudential PLC 1,181,681 16,955,136 Imcd NV 220,776 26,299,040 RELX PLC (London Stock Exchange) 941,221 20,962,348 JDE Peet’s BV 488,900 19,907,611 Rentokil Initial PLC 2,660,044 18,383,869 Koninklijke Philips Electronics NV 525,240 24,801,383 Smith & Nephew PLC 672,700 13,177,751 Wolters Kluwer NV 273,154 23,327,695 Victrex PLC 181,575 4,289,947

TOTAL NETHERLANDS 151,857,552 TOTAL UNITED KINGDOM 196,299,269

Norway – 1.3% United States of America – 6.7% Adevinta ASA Class B 490,075 8,422,302 Ares Management Corp. 126,151 5,099,023 Schibsted ASA (A Shares) 371,297 16,460,071 Aspen Technology, Inc. 51,784 6,555,337 Becton, Dickinson & Co. 49,461 11,508,585 TOTAL NORWAY 24,882,373 Black Knight, Inc. 161,600 14,067,280 Boston Scientific Corp. 283,460 10,831,007 South Africa – 0.8% Fidelity National Information Services, Inc. 71,800 10,569,678 Naspers Ltd. Class N 95,200 16,814,596 Global Payments, Inc. 88,131 15,650,303 Intercontinental Exchange, Inc. 112,900 11,295,645 Spain – 2.5% Marsh & McLennan Companies, Inc. 153,043 17,554,032 Amadeus IT Holding SA Class A 336,871 18,796,356 NICE Systems Ltd. sponsored ADR 72,139 16,377,717 Iberdrola SA 2,578,893 31,778,279 Roper Technologies, Inc. 31,990 12,639,569

TOTAL SPAIN 50,574,635 TOTAL UNITED STATES OF AMERICA 132,148,176

Sweden – 5.8% TOTAL COMMON STOCKS AddTech AB (B Shares) 1,084,740 14,243,810 (Cost $1,753,136,827) 1,966,200,738 ASSA ABLOY AB (B Shares) 707,477 16,540,896 Atlas Copco AB (A Shares) 389,798 18,663,263 Money Market Funds – 1.1% Hexagon AB (B Shares) 296,219 22,418,558 Indutrade AB 430,030 23,086,410 Fidelity Cash Central Fund 0.10% (a) Svenska Handelsbanken AB (A Shares) 257,206 2,151,984 (Cost $22,068,561) 22,064,149 22,068,561 Swedish Match Co. AB 227,400 18,606,689 TOTAL INVESTMENT IN SECURITIES – 100.1% TOTAL SWEDEN 115,711,610 (Cost $1,775,205,388) 1,988,269,299

Switzerland – 12.2% NET OTHER ASSETS (LIABILITIES) – (0.1)% (2,977,039) Alcon, Inc. 204,400 11,640,580 NET ASSETS – 100% $1,985,292,260 Julius Baer Group Ltd. 377,395 16,028,869 Lonza Group AG 47,319 29,202,237 Nestle SA (Reg. S) 547,205 65,123,981 Legend Roche Holding AG (participation certificate) 149,893 51,344,432 (a) Affiliated fund that is generally available only to investment companies and other accounts managed by Sika AG 120,061 29,498,729 Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. Sonova Holding AG Class B 71,349 18,095,789 Zurich Insurance Group Ltd. 60,810 21,205,377

TOTAL SWITZERLAND 242,139,994

See accompanying notes which are an integral part of the financial statements.

Annual Report 48 Investment Valuation The following is a summary of the inputs used, as of September 30, 2020, involving the Portfolio’s assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date: Description Total Level 1 Level 2 Level 3 Investments in Securities: Equities: Communication Services $ 37,745,877 $ 24,882,373 $ 12,863,504 $ — Consumer Discretionary 187,010,003 59,757,826 127,252,177 — Consumer Staples 204,361,758 78,795,098 125,566,660 — Energy 20,873,591 — 20,873,591 — Financials 322,687,711 176,500,834 146,186,877 — Health Care 302,907,043 84,660,602 218,246,441 — Industrials 372,886,874 269,880,333 103,006,541 — Information Technology 384,106,151 218,715,787 165,390,364 — Materials 70,437,287 70,437,287 — — Real Estate 31,406,164 22,019,488 9,386,676 — Utilities 31,778,279 31,778,279 — — Money Market Funds 22,068,561 22,068,561 — — Total Investments in Securities: $1,988,269,299 $1,059,496,468 $928,772,831 $ —

See accompanying notes which are an integral part of the financial statements.

49 Annual Report Notes to Financial Statements For the period ended September 30, 2020

1. Organization: FIAM Group Trust for Employee Benefit Plans (Trust) was established under the Declaration of Trust dated May 1, 2006, as amended thereafter from time to time. These financial statements report on: FIAM Emerging Markets Commingled Pool, FIAM Emerging Markets Equity Small Cap Commingled Pool, FIAM Emerging Markets Opportunities Commingled Pool, FIAM Global Low Volatility Equity Commingled Pool, FIAM International Equity Growth Commingled Pool, FIAM International Equity Value Commingled Pool, FIAM International Growth Commingled Pool and FIAM Overseas Commingled Pool (collectively the Portfolios). Fidelity Institutional Asset Management Trust Company (FIAM), a New Hampshire chartered trust company, is the Trustee of the Trust and the Manager of each Portfolio. The Investment Objective of each Portfolio is available upon request.

2. Significant Accounting Policies: The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued, January 15, 2021, have been evaluated in the preparation of the financial statements. The Portfolios qualify as investment companies under FASB ASC 946Financial Services -Investment Companies and follow the accounting and reporting guidance for investment companies. The following summarizes the significant accounting policies of the Portfolios: Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. In accordance with valuation policies and procedures approved by the Trustee, each Portfolio attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fair Value Committee (the Committee), in accordance with procedures adopted by the Trustee. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees each Portfolio’s valuation policies and procedures and is responsible for approving and reporting to the Trustee all fair value determinations. Each Portfolio categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below: Level 1 – quoted prices in active markets for identical investments Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.) Level 3 – unobservable inputs (including each Portfolio’s own assumptions based on the best information available) Valuation techniques used to value each Portfolio’s investments by major category are as follows: Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. For equity securities, including restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and /or other risk factors. Debt securities, including restricted securities are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For U.S. govern‑ ment and government agency obligations, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices. ETFs are valued at their last sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Trustee believes reflects fair value in accordance with the Trustee fair value pricing policies and may be categorized as Level 2 in the hierarchy. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end investment companies, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day. Registered investment companies are categorized as Level 1 in the hierarchy and non-registered investment companies are categorized as Level 2 in the hierarchy. Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of September 30, 2020, as well as additional information on Level 3 investments, is included at the end of each Portfolio’s Schedule of Investments. Investment Transactions and Income. For financial reporting purposes, each Portfolio’s investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per unit for processing unitholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time, and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of average cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as each Portfolio is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that

Annual Report 50 represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Trustee determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. For FIAM International Growth Commingled Pool, at period end, a significant receivable for reclaim of foreign taxes withheld from dividends is included in Dividends receivable in the accompanying Statement of Assets and Liabilities. Expenses. Expenses are recorded on the accrual basis. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known. Expenses included in the accompanying financial statements reflect the expenses of each Portfolio and do not include any expenses associated with the Fidelity Central Funds. Foreign Currency. Certain Portfolios may use foreign currency contracts to facilitate transactions in foreign–denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts’ terms. Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date. The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investments. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately. Taxes. It is the Portfolios’ policy to comply with the requirements of Section 501(a) of the Internal Revenue Code related to pooled employee benefit funds. Accordingly, the Portfolios are exempt from federal and state income taxes. A provision for federal income taxes is made only in respect of unrelated business taxable income, if any. Certain Portfolios are subject to a tax imposed on short term capital gains on securities of certain issuers domiciled in India. The Portfolios record an estimated deferred tax liability for net unrealized gains on these securities in an amount that would be payable if the securities were disposed of at period end. In the normal course of business, each Portfolio may be subject to examination by tax authorities. ASC 740 Income Taxes (“ASC 740”) provides guidance on the accounting for and disclosure of uncertainty in tax positions. ASC 740 requires the evaluation of tax positions taken or expected to be taken to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. As of September 30, 2020, each Portfolio did not have any unrecognized tax benefits in the financial statements; nor is each Portfolio aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Foreign taxes are provided for based on the Trustee’s understanding of the tax rules and rates that exist in the foreign markets in which each Portfolio invests. Distributions. No distributions are declared by the Portfolios. All net investment income and net realized gains are retained by the Portfolios. Significant Cash Flow Policy.At the discretion of the Trustee, any Portfolio capital transaction in excess of the threshold described in the FIAM Significant Cash Flow Policy may be assessed a standard cash flow levy. The levy is applied by reducing the number of units purchased or reducing proceeds payable upon redemption. The net increase (decrease) in net assets resulting from unit transactions shown on the Statements of Changes in Net Assets are net of any levies assessed. Delayed Delivery Transactions and When-Issued Securities. Certain of the Portfolios may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The value of unsettled securities purchased on a delayed delivery or when-issued basis are identified as such in each applicable Portfolio’s Schedule of Investments. Each Portfolio may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, each Portfolio identifies securities as segregated in its records with a value at least equal to the amount of the commitment. The payables and receivables associated with delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to a different broker are reflected as both payables and receivables in each applicable Portfolio’s Statements of Assets and Liabilities under the caption “Delayed delivery”. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract’s terms, or if the issuer does not issue the securities due to political, economic, or other factors. Restricted Securities. Certain Portfolios may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time–consuming negotiations and expense, and prompt sale at an acceptable price may be difficult.

3. Derivative Instruments: Risk Exposures and the Use of Derivative Instruments. Certain Portfolios’ investment objectives allow the Portfolios to enter into various types of derivative contracts, including futures con‑ tracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party. Certain Portfolios used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Portfolios may not achieve their objectives. The Portfolios’ use of derivatives increased or decreased their exposure to the following risk:

Equity Risk Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.

51 Annual Report Notes to Financial Statements – continued

The Portfolios are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Portfolios will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Portfolios. Counterparty risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade. Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument. Net Realized Gain (Loss) and Change in Net Unrealized Appreciation (Depreciation) on Derivatives. The table below, which reflects the impacts of derivatives on the financial performance of the applicable Portfolios, summarizes the net realized gain (loss) and change in net unrealized appreciation (depreciation) for derivatives during the period as presented in the Statement of Operations.

Change in Net Net Realized Gain (Loss) Unrealized Appreciation Risk Exposure / Derivative Type ($) (Depreciation)($) FIAM Emerging Markets Commingled Pool Equity Risk Futures Contracts (1,568,230) 101,317 Total Equity Risk (1,568,230) 101,317 Totals(a) (1,568,230) 101,317 FIAM Emerging Markets Opportunities Commingled Pool Equity Risk Futures Contracts 10,694,573 909,661 Total Equity Risk 10,694,573 909,661 Totals(a) 10,694,573 909,661 FIAM Overseas Commingled Pool Equity Risk Futures Contracts (2,019,913) – Total Equity Risk (2,019,913) – Totals(a) (2,019,913) –

(a) A summary of the value of derivatives by primary risk exposure as of period end, if any, is included at the end of the Schedule of Investments.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Portfolios used futures contracts to manage their exposure to the stock market. Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin for derivative instruments in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. Any open futures contracts at period end are presented in the Schedule of Investments under the caption “Futures Contracts”. The underlying face amount at value reflects each contract’s exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.

4. Expenses and Transactions with Affiliates: Advisory and Service Contract. Under an advisory and service contract with the Trustee, Fidelity Management & Research Company LLC (FMR) and its affiliates provide investment related advice and other services to the Portfolios. The fee for services under this contract is not charged to the Portfolios, but is borne by FIAM as part of its overall trustee-related arrangements with the Portfolios’ unitholders. Where applicable, there is an advisory fee, which is charged directly to unitholders outside of the operations of the Portfolios, based on an established fee schedule. Pricing and Bookkeeping Fees. Pricing and bookkeeping fees are based on the level of net assets of each applicable Portfolio and are paid on a monthly basis.

Net Assets less than $50 million 2.00 basis points Net Assets between $50 million – $200 million 1.50 basis points Net Assets between $200 million – $1 billion 1.05 basis points Net Assets greater than $1 billion 0.50 basis points

Fidelity Cash Central Fund Holdings. The Portfolios invest in Fidelity Cash Central Fund (Central Fund), a money market fund managed by an affiliate of FMR. The fund incurs certain costs related to its investment activities (such as custodial expenses) but the fund does not pay an investment management fee from its assets. Instead, FMR or an affiliate pays the investment

Annual Report 52 management fee on behalf of the investing funds. Additional information about the Fidelity Cash Central Fund, including the fund’s prospectus and annual and semiannual reports, can be provided upon request. Income earned from the Fidelity Cash Central Fund is included in interest income on the respective Portfolio’s Statement of Operations. For the period ended September 30, 2020, total income earned from the Fidelity Cash Central Fund by each Portfolio was as follows:

Portfolio Amount ($) FIAM Emerging Markets Commingled Pool 238,017 FIAM Emerging Markets Equity Small Cap Commingled Pool 5,738 FIAM Emerging Markets Opportunities Commingled Pool 1,250,958 FIAM Global Low Volatility Equity Commingled Pool 25,469 FIAM International Equity Growth Commingled Pool 421,182 FIAM International Equity Value Commingled Pool 116,608 FIAM International Growth Commingled Pool 41,585 FIAM Overseas Commingled Pool 334,031

Other. During the period, the Trustee reimbursed the following Portfolios for certain losses in the amounts indicated:

Portfolio Amount ($) FIAM Emerging Markets Opportunities Commingled Pool 1,216,722 FIAM International Equity Growth Commingled Pool 9,569

5. Expense Reductions: Expense Reimbursements. FIAM has voluntarily agreed to absorb the expenses of certain Portfolios to the extent that aggregate operating expenses exceed certain levels of average net assets. FIAM voluntarily agreed to absorb all Portfolio-level expenses of the Portfolios. FIAM may terminate this absorption at any time. For the period ended September 30, 2020, the following annual operating expense limitations were in effect, and the following amounts were absorbed by FIAM

Reimbursement Amount Portfolio Expense Limitation (%) ($) FIAM Global Low Volatility Equity Commingled Pool .1000 — FIAM Emerging Markets Equity Small Cap Commingled Pool .2000 —

Expense Credits. FIAM, has arrangements through each Portfolio’s custodian, to earn credits on uninvested cash balances which were used to reduce certain of the Portfolios’ expenses. During the year ended September 30, 2020 the amounts related to these earnings credits were:

Portfolio Credit Amount ($) FIAM Emerging Markets Commingled Pool 84,339 FIAM Global Low Volatility Equity Commingled Pool 18

6. Broker Commission Recapture: FIAM, subject to best execution, directed certain portfolio trades to brokers who reimbursed a portion of their commissions. All amounts received under this arrangement are included in Net realized gain (loss) on investments in the respective Portfolio’s Statements of Operations. For the year ended September 30, 2020, the amount of commission recapture for each Portfolio was as follows:

Portfolio Amount ($) FIAM Emerging Markets Commingled Pool 102,145 FIAM Emerging Markets Equity Small Cap Commingled Pool 5,808 FIAM Emerging Markets Opportunities Commingled Pool 768,849 FIAM Global Low Volatility Equity Commingled Pool 27,781 FIAM International Equity Growth Commingled Pool 161,415 FIAM International Equity Value Commingled Pool 276,350 FIAM International Growth Commingled Pool 18,011 FIAM Overseas Commingled Pool 237,464

7. Unit Transactions: For the years ended September 30, 2020 and September 30, 2019, unit transactions for each Portfolio were as follows:

53 Annual Report Notes to Financial Statements – continued

2020 2020 2019 2019 Units Amounts ($) Units Amounts ($) FIAM Emerging Markets Commingled Pool Units sold 5,423,491 222,565,648 4,338,747 182,688,659 Units redeemed (12,001,450) (527,166,729) (1,501,097) (61,569,123) Net increase (decrease) (6,577,959) (304,601,081) 2,837,650 121,119,536 FIAM Emerging Markets Equity Small Cap Commingled Pool Units sold 210,084 2,000,000 2,998,685 33,409,953 Units redeemed (366,153) (3,985,111) (58,768) (674,247) Net increase (decrease) (156,069) (1,985,111) 2,939,917 32,735,706 FIAM Emerging Markets Opportunities Commingled Pool Units sold 239,371,604 2,580,803,935 243,500,966 2,372,386,027 Units redeemed (109,780,314) (1,211,939,740) (15,954,508) (161,773,210) Net increase (decrease) 129,591,290 1,368,864,195 227,546,458 2,210,612,817 FIAM Global Low Volatility Equity Commingled Pool Units sold 27,831,992 413,141,347 7,542,237 102,165,689 Units redeemed (15,152,742) (234,143,940) (5,261,313) (71,771,885) Net increase (decrease) 12,679,250 178,997,407 2,280,924 30,393,804 FIAM International Equity Growth Commingled Pool Units sold 80,806,991 939,468,334 72,744,763 716,696,235 Units redeemed (145,834,755) (1,660,003,581) (15,632,780) (157,015,135) Net increase (decrease) (65,027,764) (720,535,247) 57,111,983 559,681,100 FIAM International Equity Value Commingled Pool Units sold 97,677,876 952,816,794 83,156,817 774,095,303 Units redeemed (111,118,151) (1,045,834,317) (16,793,884) (156,409,229) Net increase (decrease) (13,440,275) (93,017,523) 66,362,933 617,686,074 FIAM International Growth Commingled Pool Units sold 1,588,495 74,994,140 711,513 31,817,030 Units redeemed (3,263,700) (156,230,528) (10,861,358) (448,095,100) Net increase (decrease) (1,675,205) (81,236,388) (10,149,845) (416,278,070) FIAM Overseas Commingled Pool(a) Units sold 125,870,752 1,307,010,727 101,144,497 993,945,528 Units redeemed (50,426,565) (526,650,872) (97,530) (971,154) Net increase (decrease) 75,444,187 780,359,855 101,046,967 992,974,374

(a) 2019 amounts are for the period June 21, 2019 (commencement of sale of units) to September 30, 2019.

8. Units of Participation: The beneficial interest in the net assets of each Portfolio is represented by units. Net asset value per unit is determined each business day. Issues and redemptions of units are recorded, upon receipt of unitholder’s instructions in good order, based on the next determined net asset value per unit, normally each day. In unusual market conditions, in accordance with the Declaration of Trust, the Trustee may in its sole discretion, impose restrictions on issues and redemptions of units. In certain circumstances units may be purchased or redeemed through the exchange of securities, the fair value of which is used to determine the number of units issued or redeemed.

9. Risks: Stock Market Volatility. The value of equity securities fluctuates in response to issuer, political, market, and economic developments. Fluctuations, especially in foreign markets, can be dramatic over the short as well as long term, and different parts of the market, including different market sectors, and different types of equity securities can react differently to these developments. For example, stocks of companies in one sector can react differently from those in another, large cap stocks can react differently from small cap stocks, and “growth” stocks can react differently from “value” stocks. Issuer, political, or economic developments can affect a single issuer, issuers within an industry or economic sector or geographic region, or the market as a whole. Changes in the financial condition of a single issuer can impact the market as a whole. Terrorism and related geo-political risks have led, and may in the future lead, to increased short-term market volatility and may have adverse long-term effects on world economies and markets generally. Foreign and Emerging Market Risk. Foreign securities, foreign currencies, and securities issued by U.S. entities with substantial foreign operations can involve additional risks relating to political, economic, or regulatory conditions in foreign countries. These risks include fluctuations in foreign exchange rates; withholding or other taxes; trading, settlement, custodial, and other operational risks; and the less stringent investor protection and disclosure standards of some foreign markets. All of these factors can make foreign investments, especially those in emerging markets, more volatile and potentially less liquid than U.S. investments. In addition, foreign markets can perform differently from the U.S. market.

Annual Report 54 Investing in emerging markets can involve risks in addition to and greater than those generally associated with investing in more developed foreign markets. The extent of economic development; political stability; market depth, infrastructure, and capitalization; and regulatory oversight can be less than in more developed markets. Emerging market economies can be subject to greater social, economic, regulatory, and political uncertainties. All of these factors can make emerging market securities more volatile and potentially less liquid than securities issued in more developed markets. Global economies and financial markets are becoming increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers or provid‑ ers in, or foreign exchange rates with, a different country or region.

10. Other Information: In the normal course of business, the Portfolios may enter into contracts that provide general indemnifications. Each Portfolio’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Portfolios. The risk of material loss from such claims is considered remote. At the end of the period, the following investment companies managed by an affiliate were each owners of record of 10% or more of the total outstanding units of the following Portfolios:

% of units held Portfolio Affiliated Investment Company FIAM Emerging Markets Opportunities Commingled Pool FIAM Blend Target Date 2030 Commingled Pool 13 FIAM Emerging Markets Opportunities Commingled Pool FIAM Blend Target Date 2035 Commingled Pool 11 FIAM Emerging Markets Opportunities Commingled Pool FIAM Blend Target Date 2040 Commingled Pool 11 FIAM International Equity Growth Commingled Pool FIAM Blend Target Date 2030 Commingled Pool 12 FIAM International Equity Growth Commingled Pool FIAM Blend Target Date 2035 Commingled Pool 12 FIAM International Equity Growth Commingled Pool FIAM Blend Target Date 2040 Commingled Pool 12 FIAM International Equity Value Commingled Pool FIAM Blend Target Date 2030 Commingled Pool 12 FIAM International Equity Value Commingled Pool FIAM Blend Target Date 2035 Commingled Pool 12 FIAM International Equity Value Commingled Pool FIAM Blend Target Date 2040 Commingled Pool 12 FIAM Overseas Commingled Pool FIAM Blend Target Date 2030 Commingled Pool 12 FIAM Overseas Commingled Pool FIAM Blend Target Date 2035 Commingled Pool 12 FIAM Overseas Commingled Pool FIAM Blend Target Date 2040 Commingled Pool 12

Investment companies managed by an affiliate, in aggregate, were owners of record of more than 20% of the outstanding units of the following Portfolios:

Portfolio % of units held FIAM Emerging Markets Opportunities Commingled Pool 100 FIAM International Equity Growth Commingled Pool 100 FIAM International Equity Value Commingled Pool 100 FIAM Overseas Commingled Pool 100

In addition, unaffiliated unitholders were each owners of 10% or more of the units outstanding of the Portfolios. The table below shows the number of unaffiliated unitholders owning 10% or more of the units outstanding and the aggregate percentage that represents at the end of the period.

Aggregate Percentage for Number of Unaffiliated Unaffiliated Unitholders Portfolio Unitholders (%) FIAM Emerging Markets Commingled Pool 4 99 FIAM Emerging Markets Equity Small Cap Commingled Pool 3 100 FIAM Global Low Volatility Equity Commingled Pool 3 53 FIAM International Growth Commingled Pool 2 48

11. In-Kind Transactions: For the year ended September 30, 2020, the Portfolios completed transactions on an in-kind basis as noted in the table below. Realized gain (loss) on investments delivered on an in-kind basis is included in each applicable Portfolio’s accompanying Statement of Operations. In-kind subscriptions and redemptions are included in each applicable Portfolio’s accompanying Statement of Changes in Net Assets as well as Note 7: Unit Transactions.

55 Annual Report Notes to Financial Statements – continued

Realized gain (loss) on Number of in-kind investments delivered on Portfolio transactions an in-kind basis ($) FIAM Emerging Markets Commingled Pool 1 16,940,028 FIAM Global Low Volatility Equity Commingled Pool 1 –

12. Transition Accounts: At period end, capital allocations designated for FIAM Emerging Markets Commingled Pool were held in transition accounts. The total net asset value held in the transition accounts as of September 30, 2020 were $9,634,403. The Portfolio does not bear the market risk exposure for securities held in transition accounts.

13. Coronavirus (COVID-19) Pandemic. An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Portfolio’s performance.

Annual Report 56 Report of Independent Auditors

To the Trustee of FIAM Group Trust for Employee Benefit Plans

We have audited the accompanying financial statements of FIAM Emerging Markets Commingled Pool, FIAM Emerging Markets Equity Small Cap Commingled Pool, FIAM Emerging Markets Opportunities Commingled Pool, FIAM Global Low Volatility Equity Commingled Pool, FIAM International Equity Growth Commingled Pool, FIAM International Equity Value Commingled Pool, FIAM International Growth Commingled Pool and FIAM Overseas Commingled Pool (eight of the portfolios constituting FIAM Group Trust for Employee Benefit Plans, hereafter referred to as the “Portfolios”), which comprise the statements of assets and liabilities, including the schedules of investments, as of September 30, 2020, the related statements of operations for the year ended September 30, 2020, the statements of changes in net assets for each of the two years in the period ended September 30, 2020 (or for FIAM Overseas Commingled Pool, for the year ended September 30, 2020 and for the period June 21, 2019 (commencement of operations) to September 30, 2019), and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are hereafter collectively referred to as “financial statements.” Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors’ Responsibility Our responsibility is to express an opinion on the financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the Portfolios’ preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Portfolios’ internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of FIAM Emerging Markets Commingled Pool, FIAM Emerging Markets Equity Small Cap Commingled Pool, FIAM Emerging Markets Opportunities Commingled Pool, FIAM Global Low Volatility Equity Commingled Pool, FIAM International Equity Growth Commingled Pool, FIAM International Equity Value Commingled Pool, FIAM International Growth Commingled Pool and FIAM Overseas Commingled Pool as of September 30, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended September 30, 2020 (or for FIAM Overseas Commingled Pool, for the year ended September 30, 2020 and for the period June 21, 2019 (commencement of operations) to September 30, 2019) and each of the financial highlights for each of the periods indicated therein, in accordance with accounting principles generally accepted in the United States of America.

/s/ PricewaterhouseCoopers LLP Boston, Massachusetts January 15, 2021

57 Annual Report Fidelity Institutional Asset Management Trust CompanySM 900 Salem Street Smithfield RI, 02917

COM-IAE-ANN-1220 1.822336.115 For more information please call 800-343-8736