Fidelity Growth Strategies Fund ASSET CLASS: Domestic Equity

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1 FDEGX Fidelity Growth Strategies Fund ASSET CLASS: Domestic Equity Current performance may be higher or lower than that quoted. Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. See the end of the document for definitions. Hypothetical Growth of $10,000 AS OF 09/29/ k 10.00k 5.00k 0.00k Performance FUND INCEPTION 12/28/1990 YEAR-TO-DATE RETURN AT NAV: % AS OF 10/30/2017 Average Annual Total Returns 1 Yr 3 Yr 5 Yr 10 Yr Since Inception Quarter-end As of 09/30/2017 A hypothetical $10,000 investment made in the fund ten years ago, or on commencement of operations for funds lacking a ten-year track record. Figures show monthly returns and include reinvestment of dividends and capital gains but do not reflect the effect of any applicable sales charges or redemption fees, which would lower these figures. This chart is not intended to imply any future performance of the fund. NAV % +9.17% % +5.24% +8.77% Total Returns include changes in share price and reinvestment of dividends and capital gains. Details NAV $39.55 as of 10/30/2017 POP (Public Offering Price) $39.55 as of 10/30/ Month Low-High $32.63-$38.70 Turnover Rate Net Assets ($M) Portfolio Assets ($M) Morningstar Category 73% as of 05/01/2017 $2, $2, Mid-Cap Growth Fund # 324 CUSIP Fund Inception 12/28/1990 Share Class Inception 12/28/1990 Fiscal Year End November Expenses, Fees & Loads Exp Ratio (Gross) - Prospectus Exp Ratio (Net) - Prospectus 0.89% as of 01/28/ % as of 01/28/2017 Management Fee 0.60% as of 05/31/2017 Distribution and/or Service (12b- 1) fees 0.00% Low Balance Fee 12 if balance < 2000 Style Map AS OF 07/31/2017 Capitalization Large Mid Small Value Blend Growth Style Key: = Current = Historical Current fund assets covered: 99.02% Data provided by Morningstar, Inc. Investment Objective Seeks capital appreciation. Strategy Normally investing in companies FMR believes offer the potential for accelerated earnings or revenue growth (stocks of these companies are often called "growth" stocks). Normally investing primarily in common stocks. Focusing investments in medium-sizedcompanies, but may also invest substantially in larger or smaller companies. Risk The value of the fund's domestic and foreign investments will vary from day to day in response to many factors. Stock values fluctuate in response to the activities of individual companies, general market, and economic conditions. You may have a gain orloss when you sell your shares. The securities of smaller, less well-known companies may be more volatile than those of larger companies. Foreign investments involve greater risks than those of U.S. investments. "Growth" stocks can perform differentlyfrom the market as a whole and other types of stocks and can be more volatile than other types of stocks. s Total # of s Total # of Issuers Top 10 s % of Total Portfolios Turnover Rate 05/01/ TOTAL SYS SVCS INC VERISIGN INC HUNTINGTON INC W/I CITIZENS FINANCIAL GROUP INC PROGRESSIVE CORP OHIO WYNDHAM WORLDWIDE CORP CERNER CORP CITRIX SYSTEMS INC FISERV INC KLA TENCOR CORP Top 10: 20.52% Top 20: 35.79% Top 50: 67.35% 73% The Top Ten s are presented to illustrate examples of the securities in which the fund may invest, and may not be representative of the fund's current or future investments. For equity funds, the top ten holdings excludes money market investments and futures contracts. Depositary receipts are normally combined with the underlying security. Not FDIC Insured. May Lose Value. No Bank Guarantee. 1 / 3

2 Major Market Sectors - % of Total Net Assets AS OF 09/30/2017 BENCHMARK: Russell Midcap Growth Sector Fund Benchmark 28.50% 27.76% Health Care 16.90% 14.21% 15.68% 17.43% Industrials 15.09% 16.74% Financials 9.98% 7.08% Staples 4.63% 4.14% Materials 3.19% 6.46% Real Estate 2.91% 3.32% Energy 0.73% 2.60% Telecommunication Services 0.00% 0.22% Utilities 0.00% 0.05% Other 0.00% 0.00% s shown are presented to illustrate fund investment categories as of the date shown, and may not be representative of the fund's current or future investments. Percentages are displayed for the top categories as of the date stated. Percentages shown may represent a % of Equities in the fund (for multiasset funds) or a % of Total Net Assets (for other funds). Fund Managers Manager Since Jean Park 08/01/2013 Important Performance and Policy Information Risk Measures AS OF 09/30/2017 Measure Alpha - Annualized Beta Information Ratio R-Squared Annualized Tracking Error Downside Volatility Volatility Measure Sharpe Ratio Standard Deviation Fund vs. Russell Midcap Growth vs. Russell Midcap Growth An R-Squared value of less than 0.5 indicates that Annualized Alpha and Beta are not reliable performance statistics. Asset Allocation AS OF 09/30/2017 Asset Class Domestic Equities International Equities Developed Markets Emerging Markets Tax- Advantaged Domiciles Fund 94.88% 2.73% 2.73% 0.00% 0.00% Bonds 0.00% Cash & Net Other Assets 2.39% Total 100% Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into any of the Portfolio Composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are held for future settlement, Net Other Assets can be a negative number. In addition to fund receivables and payables, Net Other Assets (when applicable) may include notional assets/liabilities of certain derivative instruments. SEC Yield This data is currently unavailable. Morningstar Ratings AS OF 09/30/2017 ; MORNINGSTAR CATEGORY: MID-CAP GROWTH Overall Out of 563 funds 3 Yr Out of 563 funds 5 Yr Out of 484 funds 10 Yr Out of 362 funds The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics, which are based on riskadjusted returns. Past performance is no guarantee of future results. Initial offering of the Fidelity Limited Term Bond Fund Retail Class took place on November 1, Returns prior to that date are those of the Fidelity Advisor Limited Term Bond Fund Class I and reflect the Class I's expense ratio. Initial offering of the Fidelity Stock Selector Mid Cap Retail Class took place on June 12, Returns prior to that date are those of the Fidelity Advisor Stock Selector Mid Cap Class I and reflect the Class I's expense ratio. Had the Fidelity Stock Selector Mid Cap Retail Class expense ratio been reflected, total returns would have been lower. Initial offering of the Fidelity Floating Rate High Income Retail Class took place on September 19, Returns prior to that date are those of the Fidelity Advisor Series I Share Class and reflect the Fidelity Advisor Series I Class expense ratio. Had the Retail Class' expense ratio been reflected, total returns would have been higher Initial offering of the Fidelity Advantage Share Class of the Spartan 500 Index Fund, Spartan Extended Market Index Fund, Spartan Total Market Index Fund, and the Spartan International Index Funds took place on October 17, Initial offering of the Spartan US Bond Index Fund Fidelity Advantage Share Class took place on May 10, Returns prior to those dates are those of the Investor Class and reflect the Investors Class' expense ratio. Had the Fidelity Advantage Class' expense ratio been reflected, total returns would have been higher. Additional Information TM For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar risk-adjusted return measure that accounts for variation in a fund monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Morningstar Rating is for the indicated share class only; other classes may have different performance characteristics Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its affiliates; (2) may not be copied or redistributed; (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Third-party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliated 2 / 3

3 company. It is not possible to invest directly in an index. All indices are unmanaged. If applicable: StyleMaps estimate characteristics of a fund's equity holdings over two dimensions: market capitalization and valuation. The percentage of fund assets represented by these holdings is indicated besides each StyleMap. The position of the most recent publicly released full holdings is denoted on the StyleMap with a dot. Historical StyleMap characteristics are calculated for the shorter of either the past three years or the life of the fund, and are represented by the shading of the box(es) previously occupied by the dot. Prior to 7/1/99, 2/1/07 and 2/1/07, Value Strategies, Trend and Growth Discovery operated under certain different investment policies and compared their performance to a different benchmark. Prior to 2/11/00, 9/1/00, 12/29/01, 10/1/04 and 12/1/07, respectively, Aggressive International, China Region, Focused Stock, International Discovery, and Mega Cap Stock operated under certain different investment policies. These funds' historical performance may not represent their current investment policies. Prior to 10/1/06 Select IT Services, Select, Select Industrials, Select Communications Equipment, Select Staples,and Select Materials were named Select Business Services and Outsourcing, Select Industries, Select Cyclical Industries, Select Developing Communications, Select Food and Agriculture, Select Industrial Materials, respectively. These funds and Select Utilities Growth operated under certain different investment policies and compared their performance to different secondary benchmarks prior to 10/1/06. Prior to 7/1/10 Select Environment and Alternative Energy was named Select Environmental and compared its performance to a different secondary benchmark. The funds' historical performance may not represent their current investment policies. Definitions Alpha-Annualized A risk-adjusted performance measure. A positive (negative) alpha indicates stronger (poorer) fund performance than predicted by the fund's level of risk (measured by beta). Alpha is annualized. Annualized Tracking Error Measures how closely the fund's returns have tracked an index historically. It is defined as the standard deviation of the monthly differences between the fund return and the index return, over a 36 month rolling time horizon. Asset Allocation The percent of net assets invested in both domestic and international Equities (common stocks, preferred stocks, rights and warrants, convertible preferred stocks and stock index futures and options), Bond (all debt instruments, including investment grade, non-investment grade, non-rated securities and convertible bonds), and Cash & Net Other Assets (cash, repurchase agreements, receivables and payables). Average Annual Total Return A hypothetical rate of return that, if achieved annually, would have produced the same cumulative total return if performance had been constant over the entire period. Average annual total returns smooth out variation in performance; they are not the same as actual year-by-year results. Beta A historical measure of a fund's sensitivity to market movements and is calculated by comparing the fund's monthly returns, over 36 months, to those of the market, defined by the fund's benchmark. By definition, the Beta of the market (as measured by the benchmark) is 1.0. A Beta of less than 1.0 indicates that the fund is less sensitive to the market, while a Beta of more than 1.0 indicates that the fund is more sensitive to the market. The higher the correlation between the fund and the market (as measured by R-squared), the more meaningful is Beta. Downside Volatility Measures the volatility of a fund's returns below a minimum accepted level; calculated as the standard deviation of a fund's under-performance relative to the benchmark. Foreign Investments percentage of portfolio holdings in foreign investments. Exp Ratio (Net) Prospectus Expense ratio is a measure of what it costs to operate an investment, expressed as a percentage of its assets, as a dollar amount, or in basis points. These are costs the investor pays through a reduction in the investment's rate of return. For a mutual fund, the gross expense ratio is the total annual fund or class operating expenses directly paid by the fund from the fund's most recent prospectus after any fee waiver and/or expense reimbursements that will reduce any fund operating expenses. This ratio also includes Acquired Fund Fees and Expenses, which are expenses indirectly incurred by a fund through its ownership of shares in other investment companies, This number does not include any fee waiver arrangement or expense reimbursement that may be terminated without agreement of the fund's board of trustees. If the investment option is not a mutual fund, the expense ratio may be calculated using methodologies that differ from those used for mutual funds. Exp Ratio (Gross) Prospectus Expense ratio is a measure of what it costs to operate an investment, expressed as a percentage of its assets, as a dollar amount, or in basis points. These are costs the investor pays through a reduction in the investment's rate of return. For a mutual fund, the gross expense ratio is the total annual fund or class operating expenses directly paid by the fund from the fund's most recent prospectus (before waivers or reimbursements). This ratio also includes Acquired Fund Fees and Expenses, which are expenses indirectly incurred by a fund through its ownership of shares in other investment companies. If the investment option is not a mutual fund, the expense ratio may be calculated using methodologies that differ from those used for mutual funds. Volatility A fund's relative volatility is a ratio that compares the fund's volatility to the volatility of a benchmark index, such as the S&P 500 Index. By definition, the benchmark has a relative volatility of 1.0. A fund with a relative volatility greater than 1.0 has had returns that have been more variable than those of the benchmark index, while a fund with a relative volatility less than 1.0 would have had less volatility than the benchmark index. R-Squared(R2) An historical measurement, calculated over 36 months, which indicates how closely a fund's fluctuations correlate with the fluctuations of its appropriate benchmark index. An R2 of 1.00 indicates perfect correlation, while an R2 of 0.00 indicates no correlation. Sharpe Ratio is a measure of historical risk-adjusted performance calculated by dividing the fund's excess returns (fund's average annual return for the period minus the average annual return for the period of the Salomon Smith Barney 3-Month T-Bill Index) by standard deviation of the fund returns. The higher the ratio, the better the fund's return per unit of risk. Standard Deviation A statistical measurement of the dispersion of a fund's return over a specified time period. Fidelity calculates standard deviations by comparing a fund's monthly returns to its average monthly return over a 36-month period, and then annualizes the number. A higher standard deviation indicates a wider dispersion of past returns and thus greater historical volatility. Top Industry Sectors Diversification of fund assets by major industry, arranged by weighting from largest to smallest positions on the dates shown. Turnover Rate The lesser of amounts of purchases or sales of long-term portfolio securities divided by the monthly average value of long-term securities owned by the fund. Before investing, consider the funds investment objectives, risks, charges, and expenses. Contact your investment professional or visit advisor.fidelity.com for a prospectus, or, if available, a summary prospectus containing this information. Read it carefully. Not NCUA or NCUSIF insured. May lose value. No credit union guarantee. Fidelity Investments Institutional Services Company, Inc. 500 Salem Street Smithfield, RI / 3

4 QUARTERLY FUND REVIEW AS OF SEPTEMBER 30, 2017 Fidelity Growth Strategies Fund Investment Approach Fidelity Growth Strategies Fund is a diversified domestic equity strategy with a mid-cap growth orientation. Our guiding philosophy is that stocks of high-quality companies that exhibit persistent growth and generate positive free cash flow, when purchased at reasonable prices, can outperform the market over time. We believe differences often exist between a stock's price and its true value because the market incorrectly forecasts the sustainability and/or magnitude of future growth. We look to uncover these opportunities through in-depth bottom-up, fundamental analysis, working in concert with Fidelity's global research team. PERFORMANCE SUMMARY Cumulative 3 Month YTD 1 Year Annualized 3 Year 5 Year 10 Year/ LOF 1 Fidelity Growth Strategies Fund Gross Expense Ratio: 0.89% % 13.86% 13.58% 9.17% 14.04% 5.24% Russell Midcap Growth Index 5.28% 17.29% 17.82% 9.96% 14.18% 8.20% Morningstar Fund Mid-Cap Growth 4.63% 16.84% 18.18% 9.13% 12.62% 6.92% % Rank in Morningstar Category (1% = Best) % 54% 21% 83% # of Funds in Morningstar Category Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 12/28/ This expense ratio is from the most recent prospectus and generally is based on amounts incurred during the most recent fiscal year. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different returns. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com/performance, institutional.fidelity.com, or 401k.com. Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated. For definitions and other important information, please see the Definitions and Important Information section of this Fund Review. FUND INFORMATION Manager(s): Jean Park Trading Symbol: FDEGX Start Date: December 28, 1990 Size (in millions): $2, Morningstar Category: Fund Mid-Cap Growth The value of the fund's domestic and foreign investments will vary from day to day in response to many factors. Stock values fluctuate in response to the activities of individual companies, general market, and economic conditions. You may have a gain or loss when you sell your shares. The securities of smaller, less wellknown companies may be more volatile than those of larger companies. Foreign investments involve greater risks than those of U.S. investments. "Growth" stocks can perform differently from the market as a whole and other types of stocks and can be more volatile than other types of stocks. Not FDIC Insured May Lose Value No Bank Guarantee

5 QUARTERLY FUND REVIEW: Fidelity Growth Strategies Fund AS OF SEPTEMBER 30, 2017 Performance Review For the quarter, the fund's Retail Class shares gained 3.12%, trailing the 5.28% result of the Russell Midcap Growth Index. Unfavorable stock selection, particularly in the industrials and health care sectors, held back our benchmark-relative result. At the stock level, Equifax fell precipitously in early September after the consumer-credit reporting agency announced a July data breach affecting more than 145 million of its customers. Shares declined further after Equifax later revealed another breach, this one back in March. In the wake of these reports, the company's chief information officer and its chief security officer both retired. These changes, plus the subsequent departure of the company's CEO at the end of the quarter, helped Equifax recover somewhat from September's depths. For the quarter, shares returned -23%, and our overweighted stake hurt us. Elsewhere, the fund's out-of-index position in Newell Brands also detracted. Shares of the food and home-goods products company returned -20% the past three months. Newell is best known for its household brands Calphalon, Crock-Pot, Rubbermaid and Yankee Candle, and also owns recognizable brands in the office supplies (Sharpie), outdoor (Coleman) and team sports (Rawlings) segments. Hurricane Harvey resulted in a number of supply-chain disruptions, and the firm lowered fiscal 2018 guidance. The revision prompted a number of analysts to downgrade the stock, further hampering its price. In consumer discretionary, positioning in auto-parts retailer O'Reilly Automotive (-2%) held back the fund's relative result. A longtime fund holding, shares of O'Reilly had experienced a tough run due to declining store traffic and earnings growth. In July, the company once again announced weaker-than-expected same store sales, and we decided to sell the position; however, the stock rebounded somewhat and the fund missed out. LARGEST CONTRIBUTORS VS. BENCHMARK Huntington Ingalls Industries, Inc. Scripps Networks Interactive, Inc. Class A VeriSign, Inc. Ulta Beauty, Inc. Visteon Corp. * 1 basis point = 0.01%. Average Contribution (basis points)* Industrials 1.95% 29 Information Technology 0.50% % % % 15 Overweighting Westinghouse Air Brake Technologies, also known as Wabtec, also hurt. The company is a leading supplier of parts, components and systems to the freight- and transit-train industry. The stock price, which fell in mid-july after the firm reported lackluster financial results, returned -17% for the full quarter. On the plus side, positioning in the materials sector helped buoy our relative result somewhat, as did choices in consumer staples. That said, the fund's biggest stock-level contributor came from the industrials sector. In mid-september, shares of military shipbuilder Huntington Ingalls Industries rose strongly after the U.S. Senate approved $700 billion defense spending bill, of which $25 billion has been set aside for shipbuilding. As the manufacturer of the next-generation Virginia-class nuclearpowered fast-attack submarines, Huntington is set to directly benefit from this decision; for the quarter, shares returned 22%. Owning a larger-than-index stake in Scripps Networks Interactive also helped. Shares of the media network, which owns HGTV, Food Network and Travel Channel, among other brands, popped in July after the company announced it was in merger discussions with Discovery Communications, which owns Discovery Channel, Animal Planet and TLC. By the end of July, Discovery agreed to acquire Scripps in a $15 billion deal. For the quarter, shares of Scripps rose 26%; we had trimmed much of the fund's position by period end to take profits. Lastly, we'd note the fund's stake in internet security-services provider VeriSign (+14%). The value of our position rose steadily throughout the quarter, bolstered by the firm's solid business execution and financial results. One of the fund's largest holdings, VeriSign met several of our investment criteria, including strong free-cash-flow (FCF) yield and increasing market share. LARGEST DETRACTORS VS. BENCHMARK Average Contribution (basis points)* Equifax, Inc. Industrials 1.45% -41 Newell Brands, Inc. O'Reilly Automotive, Inc. 1.35% % -28 Wabtec Corp. Industrials 0.78% -24 MEDNAX, Inc. Health Care 0.47% -21 * 1 basis point = 0.01%. 2 For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

6 QUARTERLY FUND REVIEW: Fidelity Growth Strategies Fund AS OF SEPTEMBER 30, 2017 Outlook and Positioning The fund focuses on higher-quality stocks with below-average valuations, emphasizing names with higher relative FCF yield. Historically, fund holdings have exhibited above-benchmark trailing one-year earnings-per-share growth at relatively lower price-to-earnings and price-to-cash flow multiples. We aim to optimize the probability of upside return while focusing on downside-risk protection, and we believe we can accomplish this through individual security selection. Thus, the fund seeks to outperform the benchmark mainly through stock picking while maintaining a more or less neutral sector allocation compared with the benchmark. In accordance with this goal, portfolio sector weightings were all generally within plus or minus 2 percentage points of benchmark. Among sectors, a new position in Take-Two Interactive Software pushed up our information technology weighting. The company's solid FCF yield, continued sales growth from its "Grand Theft Auto Online" product (a multiplayer online version of the eponymous franchise), and strong financial results were among factors that drove our decision to add Take-Two to the portfolio. We also were overweighted in financials. We think the investment environment for this sector remains poised to change under the Trump administration and, given a potential overhaul of industry regulations, we maintained positions in Citizens Financial Group and Huntington Bancshares, both of which fit our investment criteria and, in our opinion, could benefit in a shifting landscape. We also established a new position in Ameriprise Financial, which had a solid FCF yield and balance sheet. We remain overweighted in health care, led by a position in health care tech services provider Cerner, one of the fund's largest holdings as of September 30. Earlier this year, we had an opportunity to buy this "always-expensive" stock at what we considered an attractive valuation. We have strong conviction in the durability of Cerner's business and its highly recurring revenue, which accounts for about 75% of its total sales. We would like to underscore that all of our stock choices are made on an individual basis and in light of company-specific opportunities as well as a low valuation relative to what we believe is the growth potential for that specific company. Moving forward, we believe government stimulus or tax reforms could change cash flows at many firms. Overall, we are seeing more-widespread opportunity for companies to grow their earnings, whether through organic growth, stimulus or tax reform. As we trim fund holdings such as video-game maker Electronic Arts which has grown to the higher end of the mid-cap market and look to uncover new opportunities, we'll be looking to invest in companies that fit our investment process at reasonable valuations and that we believe can benefit in this environment. MARKET-SEGMENT DIVERSIFICATION Portfolio Index Change From Prior Quarter Information Technology 28.50% 27.76% 0.74% 2.04% Health Care 16.90% 14.21% 2.69% 0.35% 15.68% 17.43% -1.75% -3.54% Industrials 15.09% 16.74% -1.65% -1.36% Financials 9.98% 7.08% 2.90% 2.55% Staples 4.63% 4.14% 0.49% -0.23% Materials 3.19% 6.46% -3.27% -0.45% Real Estate 2.91% 3.32% -0.41% 0.04% Energy 0.73% 2.60% -1.87% -0.54% Telecommunication Services 0.00% 0.22% -0.22% -0.01% Utilities 0.00% 0.05% -0.05% -0.01% Other 0.00% 0.00% 0.00% 0.00% CHARACTERISTICS Valuation Portfolio Index Price/Earnings Trailing 22.9x 28.9x Price/Earnings (IBES 1-Year Forecast) 18.6x 21.4x Price/Book 5.1x 5.8x Price/Cash Flow 14.8x 16.8x Return on Equity (5-Year Trailing) 23.6% 20.1% Growth Sales/Share Growth 1-Year (Trailing) 10.8% 10.3% Earnings/Share Growth 1-Year (Trailing) 12.3% 10.9% Earnings/Share Growth 1-Year (IBES Forecast) 25.4% 31.1% Earnings/Share Growth 5-Year (Trailing) 14.0% 12.0% Size ed Average Market Cap ($ Billions) ed Median Market Cap ($ Billions) Median Market Cap ($ Billions) For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

7 QUARTERLY FUND REVIEW: Fidelity Growth Strategies Fund AS OF SEPTEMBER 30, 2017 LARGEST OVERWEIGHTS BY HOLDING VeriSign, Inc. 2.05% Citizens Financial Group, Inc. Financials 2.03% Total System Services, Inc. 2.02% Huntington Ingalls Industries, Inc. Industrials 2.02% Wyndham Worldwide Corp. 1.59% LARGEST UNDERWEIGHTS BY HOLDING Zoetis, Inc. Class A Health Care -1.07% DXC Technology Co % C.R. Bard, Inc. Health Care -0.79% Rockwell Automation, Inc. Industrials -0.78% International Paper Co. Materials -0.73% 10 LARGEST HOLDINGS Total System Services, Inc. VeriSign, Inc. Huntington Ingalls Industries, Inc. Citizens Financial Group, Inc. Progressive Corp. Wyndham Worldwide Corp. Cerner Corp. Citrix Systems, Inc. Fiserv, Inc. KLA-Tencor Corp. 10 Largest s as a % of Net Assets Industrials Financials Financials Health Care 20.52% Total Number of s 106 The 10 largest holdings are as of the end of the reporting period, and may not be representative of the fund's current or future investments. s do not include money market investments. ASSET ALLOCATION Asset Class Portfolio Index Change From Prior Quarter Domestic Equities 94.88% 99.08% -4.20% -0.55% International Equities 2.73% 0.92% 1.81% -0.62% Developed Markets 2.73% 0.81% 1.92% -0.62% Emerging Markets 0.00% 0.11% -0.11% -0.01% Tax-Advantaged Domiciles 0.00% 0.00% 0.00% 0.01% Bonds 0.00% 0.00% 0.00% 0.00% Cash & Net Other Assets 2.39% 0.00% 2.39% 1.17% Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into any of the portfolio composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are held for future settlement, Net Other Assets can be a negative number. "Tax-Advantaged Domiciles" represent countries whose tax policies may be favorable for company incorporation. 3-YEAR RISK/RETURN STATISTICS Portfolio Index Beta Standard Deviation 9.91% 11.05% Sharpe Ratio Tracking Error 3.23% -- Information Ratio R-Squared For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

8 QUARTERLY FUND REVIEW: Fidelity Growth Strategies Fund AS OF SEPTEMBER 30, 2017 Definitions and Important Information Unless otherwise disclosed to you, in providing this information, Fidelity is not undertaking to provide impartial investment advice, act as an impartial adviser, or to give advice in a fiduciary capacity. CHARACTERISTICS Earnings-Per-Share Growth measures the growth in reported earnings per share over the specified past time period. Median Market Cap identifies the median market capitalization of the portfolio or benchmark as determined by the underlying security market caps. Price-to-Book (P/B) Ratio is the ratio of a company's current share price to reported accumulated profits and capital. Price/Cash Flow is the ratio of a company's current share price to its trailing 12-months cash flow per share. Price-to-Earnings (P/E) Ratio (IBES 1-Year Forecast) is the ratio of a company's current share price to Wall Street analysts' estimates of earnings. Price-to-Earnings (P/E) Ratio Trailing is the ratio of a company's current share price to its trailing 12-months earnings per share. Return on Equity (ROE) 5-Year Trailing is the ratio of a company's last five years historical profitability to its shareholders' equity. Preferred stock is included as part of each company's net worth. Sales-Per-Share Growth measures the growth in reported sales over the specified past time period. ed Average Market Cap identifies the market capitalization of the average equity holding as determined by the dollars invested in the portfolio or benchmark. ed Median Market Cap identifies the market capitalization of the median equity holding as determined by the dollars invested in the portfolio or benchmark. RANKING INFORMATION 2017 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Fidelity does not review the Morningstar data and, for mutual fund performance, you should check the fund's current prospectus for the most up-to-date information concerning applicable loads, fees and expenses. % Rank in Morningstar Category is the fund's total-return percentile rank relative to all funds that have the same Morningstar Category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1%. % Rank in Morningstar Category is based on total returns which include reinvested dividends and capital gains, if any, and exclude sales charges. Multiple share classes of a fund have a common portfolio but impose different expense structures. RELATIVE WEIGHTS weights represents the % of fund assets in a particular market segment, asset class or credit quality relative to the benchmark. A positive number represents an overweight, and a negative number is an underweight. The fund's benchmark is listed immediately under the fund name in the Performance Summary. IMPORTANT FUND INFORMATION positioning data presented in this commentary is based on the fund's primary benchmark (index) unless a secondary benchmark is provided to assess performance. INDICES It is not possible to invest directly in an index. All indices represented are unmanaged. All indices include reinvestment of dividends and interest income unless otherwise noted. Russell Midcap Growth Index is a market-capitalization-weighted index designed to measure the performance of the mid-cap growth segment of the U.S. equity market. It includes those Russell Midcap Index companies with higher price-to-book ratios and higher forecasted growth values. MARKET-SEGMENT WEIGHTS Market-segment weights illustrate examples of sectors or industries in which the fund may invest, and may not be representative of the fund's current or future investments. Should not be construed or used as a recommendation for any sector or industry. 5

9 3-YEAR RISK/RETURN STATISTICS Beta is a measure of the volatility of a fund relative to its benchmark index. A beta greater (less) than 1 is more (less) volatile than the index. Information Ratio measures a fund's active return (fund's average monthly return minus the benchmark's average monthly return) in relation to the volatility of its active returns. R-Squared measures how a fund's performance correlates with a benchmark index's performance and shows what portion of it can be explained by the performance of the overall market/index. R- Squared ranges from 0, meaning no correlation, to 1, meaning perfect correlation. An R-Squared value of less than 0.5 indicates that annualized alpha and beta are not reliable performance statistics. Sharpe Ratio is a measure of historical risk-adjusted performance. It is calculated by dividing the fund's excess returns (the fund's average annual return for the period minus the 3-month "risk free" return rate) and dividing it by the standard deviation of the fund's returns. The higher the ratio, the better the fund's return per unit of risk. The three month "risk free" rate used is the 90-day Treasury Bill rate. Standard Deviation is a statistical measurement of the dispersion of a fund's return over a specified time period. Fidelity calculates standard deviations by comparing a fund's monthly returns to its average monthly return over a 36-month period, and then annualizes the number. Investors may examine historical standard deviation in conjunction with historical returns to decide whether a fund's volatility would have been acceptable given the returns it would have produced. A higher standard deviation indicates a wider dispersion of past returns and thus greater historical volatility. Standard deviation does not indicate how the fund actually performed, but merely indicates the volatility of its returns over time. Tracking Error is the divergence between the price behavior of a position or a portfolio and the price behavior of a benchmark, creating an unexpected profit or loss. Before investing in any mutual fund, please carefully consider the investment objectives, risks, charges, and expenses. For this and other information, call or write Fidelity for a free prospectus or, if available, a summary prospectus. Read it carefully before you invest. Past performance is no guarantee of future results. Views expressed are through the end of the period stated and do not necessarily represent the views of Fidelity. Views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund. The securities mentioned are not necessarily holdings invested in by the portfolio manager(s) or FMR LLC. References to specific company securities should not be construed as recommendations or investment advice. Diversification does not ensure a profit or guarantee against a loss. S&P 500 is a registered service mark of Standard & Poor's Financial Services LLC. Other third-party marks appearing herein are the property of their respective owners. All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. Fidelity Brokerage Services LLC, Member NYSE, SIPC., 900 Salem Street, Smithfield, RI Fidelity Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI FMR LLC. All rights reserved. Not NCUA or NCUSIF insured. May lose value. No credit union guarantee