Fidelity Blue Chip Growth K6 Fund

QUARTERLY FUND REVIEW AS OF DECEMBER 31, 2018 Fidelity Blue Chip Growth K6 Fund Investment Approach Fidelity Blue Chip Growth K6 Fund is a diversified domestic equity growth strategy with a large-cap bias. Our investment approach focuses on companies we believe have above-average earnings growth potential with sustainable business models, for which the market has mispriced the rate and/or durability of growth. In particular, we look for events that might provide a business catalyst such as product cycles, a change in management and turnaround situations that could add to a stock's true value. We believe finding companies with a competitive advantage, pricing power and strong management teams will deliver superior earnings over the long term. We look to exploit inappropriate valuations in the market through 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 Blue Chip Growth K6 Fund Gross Expense Ratio: 0.45% 2-17.82% -2.32% -2.32% -- -- 7.03% Russell 1000 Growth Index -15.89% -1.51% -1.51% 11.15% 10.40% 7.55% Morningstar Fund Large Growth -15.43% -2.09% -2.09% 8.98% 8.16% -- % Rank in Morningstar Category (1% = Best) -- -- 52% -- -- -- # of Funds in Morningstar Category -- -- 1,405 1,247 1,107 -- FUND INFORMATION Manager(s): Sonu Kalra Trading Symbol: FBCGX Start Date: May 25, 2017 Size (in millions): $1,634.44 Morningstar Category: Fund Large Growth Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. "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. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks. 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 05/25/2017. 2 This expense ratio is from the most recent prospectus and generally is based on amounts incurred during the most recent fiscal year. It does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio. 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. Not FDIC Insured May Lose Value No Bank Guarantee

Performance Review The fund returned -17.82% for the fourth quarter ending December 31, 2018, behind the -15.89% result of the benchmark Russell 1000 Growth Index. Both security selection and market allocations detracted from the fun's relative results this quarter. From an individual stock perspective, our focus remained on companies we thought could sustain above-average earnings over the long term. We aimed to achieve this by looking for firms with some combination of competitive advantage, high barriers to entry, pricing power and strong management. We also sought companies that demonstrated above-average growth versus peers and those with good return on equity and improving return on capital. One such name was Nvidia, the fund's largest individual detractor and also one of our largest holdings for the period. Nvidia shares corrected sharply this quarter (-52%), especially in mid-november after the chip designer missed quarterly earnings targets and also issued weaker guidance. Demand for Nvidia's chips, which had been red-hot for much of 2018 amid the cryptocurrency mining craze, cooled considerably as cryptocurrency prices collapsed. As a result, the company faced an inventory glut in its supply chain that it estimated would take about a quarter to work off. Another negative was the fund's overweighting in Activision Blizzard. Shares of the gaming and entertainment company returned -44% for the quarter, as the maker of the "Call of Duty" and "World of Warcraft" families of video games reported a third straight quarterly decline in monthly active users. Management guided revenue lower for the fourth quarter, which is traditionally the most important sales period for the gaming industry. In addition, some fans reacted negatively to early views of the company's "Diablo Immortal" mobile game, slated for release in 2019. Late in the quarter, the company announced plans to fire its CFO for reasons management said were unrelated to financial reporting. Elsewhere, Amazon.com the fund's largest holding during the quarter also weighed on the fund's relative result. LARGEST CONTRIBUTORS VS. BENCHMARK Tesla, Inc. Broadcom, Inc. Discretionary Information Technology Average Contribution (basis points)* 2.37% 70 1.83% 35 JUUL Labs, Inc. Class A Staples 0.27% 31 Dollar Tree, Inc. Discretionary 0.95% 22 JUUL Labs, Inc. Series E Staples 0.15% 17 * 1 basis point = 0.01%. Shares of Amazon returned -25% the past three months, as the online retailer announced disappointing growth in third-quarter revenue and warned that its fiscal fourth quarter, which includes the holiday season, also would come up short of analysts' estimates for sales. Amazon continued to report record profits, but investors seemed to focus on the company's conservative forecast for the allimportant holiday-shopping quarter. Despite the poor fourth-quarter performance of all three of the detractors we mentioned, we remained optimistic about their longer-term growth prospects and remained heavily invested in Nvidia, Activision and Amazon on December 31, and added meaningfully to shares of Amazon on price weakness. Conversely, the fund's sizable position in Tesla added more value than any other holding. Shares of Tesla gained about 26% for the fourth quarter, surging in late-october after the maker of electric vehicles reported earnings that far exceeded Wall Street forecasts, driven by deliveries of its new Model 3 car more than 56,000 for the three months, according to the company. Investors also seemed impressed with $181 million in quarterly free cash flow after being negative for several quarters and capital spending that was lower than analysts expected. Elsewhere, it helped to overweight Broadcom (+4%), a large fund holding. Broadcom, a key supplier to consumer electronics giant Apple's iphone smartphones, benefited from better-than-expected fourth-quarter earnings. Notably, Broadcom completed one of the largest technology acquisitions in history in November, with its purchase of CA Technologies. The valuation of JUUL Labs increased notably during the quarter. JUUL has emerged as a leader in the rapidly growing electronic cigarette market. Its disruptive technology is intended to offer smokers a potentially safer alternative to combustible cigarettes. JUUL's success in penetrating the U.S. market supported a higher estimate of fair value for this position. It is not publicly traded. Competition in this space is likely to increase. The company and the industry face a number of social and public policy concerns. LARGEST DETRACTORS VS. BENCHMARK NVIDIA Corp. Activision Blizzard, Inc. Amazon.com, Inc. Information Technology Communication Services Discretionary Average Contribution (basis points)* 1.67% -79 0.93% -32 2.15% -20 The Coca-Cola Co. Staples -1.13% -19 PepsiCo, Inc. Staples -1.14% -16 * 1 basis point = 0.01%. 2 For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

Outlook and Positioning Despite the sharp market pullback during the fourth quarter, overall macroeconomic data appears healthy, including solid consumer spending, low unemployment and wage growth. In addition, corporate profits remain strong. Internationally, the picture is mixed. There appear to be some signs of an economic slowdown in China, as well as other emerging markets, such as India. In addition, we think uncertainty around trade tension and tariffs could continue to create more globalmarket volatility ahead. Heightened concerns over Britain's impending exit from the European Union are another headwind. Against this backdrop, we're committed to trying to find companies we think can control their own destiny and grow regardless of the market environment. Additionally, we've been drawn to companies with larger market capitalizations, which we think tend to perform well in the late stages of market cycles. As of December 31, the fund maintained notable overweightings in the consumer discretionary and communication services sectors, and underweightings in industrials, health care and real estate. Also as of December 31, the fund continues to be exposed to consumer discretionary companies we think could benefit from global expansion of their product lines, or where we foresee upcoming product cycles. We favor innovative companies we think can gain market share, as well as firms that are expanding internationally. As of quarter end, internet retailer Amazon.com remains a notable holding in consumer discretionary. The fund also is exposed to retailers we think can benefit from solid consumer spending, such as discount retailer Dollar Tree, and off-price retailer Burlington Stores. Historically, tech spending has been positively correlated with growth in U.S. GDP (gross domestic product) and capital spending. We believe firms will look to tech including cloud computing as a way to improve productivity. Partly a result, we continued to add to the fund's stake in Microsoft in the fourth quarter. Still, the fund remains underweighted in Microsoft relative to the benchmark as of the end of December, and our underexposure to this name detracted versus the benchmark for the period. The communication services sector includes the media & entertainment industry. As of year-end 2018, media & entertainment made up about 16% of fund assets. We believe the media industry is experiencing a landmark shift in how consumers are viewing media content. Over the past few years, the cord-cutting phenomenon has put significant pressure on cable providers, as customers are more reluctant to pay for the content they don't want in expensive cable bundles. Within multiple sectors, we're interested in owning media firms we consider potential long-term "winners," including Amazon due to its Prime offering streaming-video services firm Netflix, and fund holding Alphabet, parent of Google, for its YouTube offering. We're also watching Disney, another fund holding, as it works to complete its purchase of 21 st Century Fox, expected in March 2019. MARKET-SEGMENT DIVERSIFICATION Portfolio Index Change From Prior Quarter Information Technology 33.37% 31.46% 1.91% 1.95% Discretionary 24.59% 15.14% 9.45% 0.91% Communication Services 16.66% 11.93% 4.73% 0.02% Health Care 11.94% 14.29% -2.35% 0.56% Industrials 4.24% 11.83% -7.59% -0.41% Staples 3.19% 6.03% -2.84% -0.42% Financials 2.54% 4.40% -1.86% -1.28% Materials 1.32% 1.84% -0.52% -0.57% Energy 1.00% 0.76% 0.24% -1.18% Utilities 0.00% 0.00% 0.00% 0.00% Real Estate 0.00% 2.32% -2.32% -0.33% Other 0.00% 0.00% 0.00% 0.00% CHARACTERISTICS Valuation Portfolio Index Price/Earnings Trailing 26.1x 20.8x Price/Earnings (IBES 1-Year Forecast) 20.4x 18.0x Price/Book 5.0x 6.5x Price/Cash Flow 17.3x 15.4x Return on Equity (5-Year Trailing) Growth Sales/Share Growth 1-Year (Trailing) 21.8% 16.0% Earnings/Share Growth 1-Year (Trailing) 29.2% 22.4% Earnings/Share Growth 1-Year (IBES Forecast) 29.0% 20.0% Earnings/Share Growth 5-Year (Trailing) 17.6% 13.5% Size ed Average Market Cap ($ Billions) 278.4 246.4 ed Median Market Cap ($ Billions) 105.0 97.8 Median Market Cap ($ Billions) 8.5 10.3 3 For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

LARGEST OVERWEIGHTS BY HOLDING Tesla, Inc. Discretionary 2.81% Alphabet, Inc. Class A Communication Services 2.45% Salesforce.com, Inc. 2.35% Broadcom, Inc. 2.23% Amazon.com, Inc. Discretionary 2.08% LARGEST UNDERWEIGHTS BY HOLDING Microsoft Corp. -1.38% The Coca-Cola Co. Staples -1.22% AbbVie, Inc. Health Care -1.21% PepsiCo, Inc. Staples -1.20% Union Pacific Corp. Industrials -0.81% 10 LARGEST HOLDINGS Amazon.com, Inc. Alphabet, Inc. Class A Apple, Inc. Microsoft Corp. Facebook, Inc. Class A Salesforce.com, Inc. Tesla, Inc. Broadcom, Inc. Visa, Inc. Class A NVIDIA Corp. 10 Largest s as a % of Net Assets Total Number of s 334 Discretionary Communication Services Communication Services Discretionary 43.18% 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 93.72% 99.96% -6.24% 0.29% International Equities 5.13% 0.04% 5.09% -1.06% Developed Markets 2.51% 0.01% 2.50% -0.72% Emerging Markets 2.53% 0.03% 2.50% -0.35% Tax-Advantaged Domiciles 0.09% 0.00% 0.09% 0.01% Bonds 0.00% 0.00% 0.00% 0.00% Cash & Net Other Assets 1.15% 0.00% 1.15% 0.77% 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 -- 1.00 Standard Deviation -- -- Sharpe Ratio -- -- Tracking Error -- -- Information Ratio -- -- R-Squared -- -- 4 For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

Definitions and Important Information Information provided in this document is for informational and educational purposes only. To the extent any investment information in this material is deemed to be a recommendation, it is not meant to be impartial investment advice or advice in a fiduciary capacity and is not intended to be used as a primary basis for you or your client's investment decisions. Fidelity, and its representatives may have a conflict of interest in the products or services mentioned in this material because they have a financial interest in, and receive compensation, directly or indirectly, in connection with the management, distribution and/or servicing of these products or services including Fidelity funds, certain third-party funds and products, and certain investment services. 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. 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 1000 Growth Index is a market-capitalization-weighted index designed to measure the performance of the large-cap growth segment of the U.S. equity market. It includes those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth rates. 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. RANKING INFORMATION 2019 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 topperforming 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. K6 Shares generally are available only to certain employersponsored retirement plans. As of September 28, 2018, S&P and MSCI made changes to the Global Industry Classification Standard (GICS) classification framework. The Telecommunication Services sector was broadened and renamed Communication Services to include additional companies previously classified in the Information Technology and Discretionary sectors, and the Internet Software & Services industry/sub-industry was eliminated. 5

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. 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. 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. 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. 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 02917. Fidelity Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI 02917. 2019 FMR LLC. All rights reserved. Not NCUA or NCUSIF insured. May lose value. No credit union guarantee. 820217.6.0 Diversification does not ensure a profit or guarantee against a loss.