Fidelity Blue Chip Growth Fund

QUARTERLY FUND REVIEW AS OF DECEMBER 31, 2017 Fidelity Blue Chip Growth Fund Investment Approach Fidelity Blue Chip Growth 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 we believe 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 Fund Gross Expense Ratio: 0.70% 2 7.13% 36.06% 36.06% 13.68% 18.68% 11.12% Russell 1000 Growth Index 7.86% 30.21% 30.21% 13.79% 17.33% 10.00% Morningstar Fund Large Growth 6.44% 27.67% 27.67% 11.06% 15.29% 8.31% % Rank in Morningstar Category (1% = Best) -- -- 7% 16% 6% 5% # of Funds in Morningstar Category -- -- 1,363 1,216 1,109 787 FUND INFORMATION Manager(s): Sonu Kalra Trading Symbol: FBGRX Start Date: December 31, 1987 Size (in millions): $23,227.62 Morningstar Category: Fund Large Growth The value of equity securities fluctuates in response to issuer, political, market, and economic developments. In the short term, equity prices can fluctuate dramatically in response to these developments. Different parts of the market and different types of equity securities can react differently to these developments. For example, 'growth' stocks can react differently from 'value' stocks. Foreign securities, foreign currencies, and securities issued by U.S. entities with substantial foreign operations can involve additional risks. You may have a gain or loss when you sell your shares. 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 12/31/1987. 2 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. Not FDIC Insured May Lose Value No Bank Guarantee

Performance Review The fund's Retail Class shares advanced 7.13%, slightly behind the 7.86% gain of the benchmark Russell 1000 Growth Index for the quarter ending December 31, 2017. Technology stocks extended a sharp rally that began in the fourth quarter of 2016; however, idiosyncratic, or stock-specific, events negatively affected our picks in software & services, and they hurt us most versus the index this period. We think it's worth noting that the industry also was easily our largest area of investment this quarter, making up about 25% of fund assets, on average. From an individual stock perspective, our focus remained on companies that we think can sustain above-average earnings over the long term. We aim to achieve this by looking for firms with some combination of competitive advantage, high barriers to entry, pricing power and strong management. We also seek firms that demonstrate above-average growth versus peers and those with good return on equity and improving return on capital. One such name was Uber Technologies, which, unfortunately, proved the fund's biggest individual detractor this quarter. Uber, a privately held global operator of a popular app for ride sharing, transportation and food delivery, saw its fair market value return about -28% for the quarter. In November, a consortium led by Japan's SoftBank Group a tech and telecom conglomerate offered to purchase Uber shares from existing stockholders at a sizable discount to the company's last valuation. The fund did not participate in the tender offer, and we think the company is wellpositioned within the nascent ride-sharing industry, but Fidelity did mark down the company's valuation to reflect the lower market price. Underexposure to large index component Microsoft also hurt. We continued to add to our position here, as we liked the growth of Microsoft's cloud-computing segment, in which the firm rents software to customers on a subscription basis; however the fund remained underweighted in the stock this quarter. LARGEST CONTRIBUTORS VS. BENCHMARK Amazon.com, Inc. Average Contribution (basis points)* 2.27% 29 PAX Labs, Inc. Series C Staples 0.16% 22 Sage Therapeutics, Inc. Health Care 0.14% 16 Dollar Tree, Inc. 1.08% 16 Gilead Sciences, Inc. Health Care -0.57% 12 * 1 basis point = 0.01%. Shares of the software maker rose about 15%, driven by improving sales of cloud-based internet software, which continued to help Microsoft overcome sluggish sales tied to personal computers. In particular, revenue from Azure, which competes with Amazon Web Services, rose 90%, and contributed to a healthy 57% gross margin for Microsoft's cloud business. Elsewhere, a substantial overweighting in Tesla proved the fund's second-biggest individual detractor. Shares of the electric car manufacturer returned about -9% for the quarter. Tesla sparked widely if not wildly divergent opinions, with naysayers pointing to battery limitations and production delays, and bulls highlighting surveys touting industry-topping owner satisfaction, along with left-field surprises such as electric semi-autonomous semitrailers, unveiled on November 17. This quarter, selling pressure gained the upper hand amid non-performance across business and products SolarCity, Solar Roof, Powerwall and, especially, the Model 3 all faced substantial hurdles. That said, on November 23, Tesla met its 100-day deadline to power up Powerpack, its 100-megawatt lithium-ion battery built in Australia and believed to be the largest in the world. Turning to individual contributors, our large stake in Amazon.com helped most. Shares of the online retailer gained about 22% for the quarter, soaring in late-october after the firm announced quarterly financial results that far exceeded analyst expectations. Revenue increased 34% over the same period a year earlier, partly due to $1.3 billion in sales from Whole Foods Market, acquired in late August. Earnings were even stronger, topping expectations by $0.49. Amazon Web Services (AWS) remained a prominent growth driver, as sales for the company's cloudcomputing division rose 42%. Amazon also offered a positive financial outlook for the final three months of 2017, generally considered its most important quarter. Another helpful pick was our position in Sage Therapeutics, a clinical stage biotechnology company. In December, the firm announced very positive trial results for its depressive disorder treatment, sending shares soaring 70% in a day. LARGEST DETRACTORS VS. BENCHMARK Uber Technologies, Inc. Series D, 8.00% Tesla, Inc. adidas AG Microsoft Corp. Regeneron Pharmaceuticals, Inc. * 1 basis point = 0.01%. Information Technology Information Technology Average Contribution (basis points)* 0.96% -42 1.81% -31 1.22% -26-3.17% -24 Health Care 0.77% -21 2 For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

Outlook and Positioning We are cautiously optimistic that recent stock-market strength could extend into the start of 2018. Investors seem optimistic that the faster earnings growth could be buoyed by a lower regulatory burden on corporate America, as well as by the potentially positive impact of recently passed tax reform. Only time will tell how firms use their tax savings; however, we are hopeful that we could see an improvement in the economy given this backdrop. Although interest rates continue to rise, they are still low by historical standards. We are paying particular attention to the possible effect this may have on the U.S. housing market. Energy prices experienced an uptick in the third quarter, and employment growth has been robust. We are watching for early signs of rising inflation, as well as for the impact of higher wages as they filter through the U.S. economy. By history's standard, equity valuations remain high, but we are optimistic that after two years of stagnation, corporate earnings growth should help support stock prices. We did not make any notable shifts in the fund's overall positioning this quarter, although we did opportunistically add to or reduce some individual names. As of December 31, the fund's largest sector overweightings remained consumer discretionary and information technology. Within consumer discretionary, the fund is exposed to companies that we believe are benefiting from a global expansion of their product lines or where we foresee an upcoming product cycle. MARKET-SEGMENT DIVERSIFICATION Portfolio Index Change From Prior Quarter Information Technology 42.88% 37.93% 4.95% -0.91% 25.57% 18.11% 7.46% -0.62% Health Care 11.00% 12.82% -1.82% -0.16% Industrials 6.03% 12.78% -6.75% 0.77% Staples 5.09% 6.82% -1.73% -0.46% Financials 4.21% 3.39% 0.82% 0.33% Materials 2.80% 3.74% -0.94% 0.60% Energy 1.98% 0.88% 1.10% 0.49% Telecommunication Services 0.28% 0.99% -0.71% -0.01% Real Estate 0.09% 2.52% -2.43% 0.00% Utilities 0.05% 0.01% 0.04% 0.04% Other 0.00% 0.00% 0.00% 0.00% We also have positioned the fund towards innovators we see as poised to gain market share, as well as firms that are expanding internationally, among other themes. Historically, IT 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 means to improve productivity. As we mentioned, we materially added to the fund's stake in Microsoft, the second-largest cloud services firm behind Amazon. We believe the trend towards mobility will continue. We see online advertisers taking market share from legacy media and think the proliferation of online video could have a positive influence on communications-infrastructure providers. Another trend we follow is the advent of artificial intelligence and machine learning. Within discretionary, Amazon is a large holding in the internetretail space. The fund also held positions in some athletic and luxury apparel/goods names that we think are executing their businesses well, such as yoga-inspired active-wear maker Lululemon Athletica and France-based Kering, where we like long-term growth prospects among its strong collection of brands, including Gucci and others. By contrast, the fund remained underweighted in industrials, real estate and health care. Within industrials, however, we did add to or establish positions in airlines such as JetBlue Airways, Spirit Airlines and United Continental s. Airlines stand to benefit from several positive factors going into 2018, including the recent tax overhaul and higher profits next year, according to the International Air Transport Association. CHARACTERISTICS Valuation Portfolio Index Price/Earnings Trailing 33.9x 26.7x Price/Earnings (IBES 1-Year Forecast) 24.2x 21.5x Price/Book 5.3x 6.7x Price/Cash Flow 20.3x 17.6x Return on Equity (5-Year Trailing) 15.8% 24.3% Growth Sales/Share Growth 1-Year (Trailing) 16.0% 12.4% Earnings/Share Growth 1-Year (Trailing) 15.4% 19.2% Earnings/Share Growth 1-Year (IBES Forecast) 32.8% 24.6% Earnings/Share Growth 5-Year (Trailing) 17.8% 14.5% Size ed Average Market Cap ($ Billions) 245.7 227.9 ed Median Market Cap ($ Billions) 86.1 93.7 Median Market Cap ($ Billions) 9.3 11.7 3 For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

LARGEST OVERWEIGHTS BY HOLDING Amazon.com, Inc. 2.22% Alphabet, Inc. Class A 2.17% Tesla, Inc. 1.81% Salesforce.com, Inc. 1.76% NVIDIA Corp. 1.74% LARGEST UNDERWEIGHTS BY HOLDING Microsoft Corp. -3.10% Comcast Corp. Class A -1.35% UnitedHealth Group, Inc. Health Care -1.25% AbbVie, Inc. Health Care -1.20% PepsiCo, Inc. Staples -1.17% 10 LARGEST HOLDINGS Apple, Inc. Alphabet, Inc. Class A Amazon.com, Inc. Facebook, Inc. Class A NVIDIA Corp. Salesforce.com, Inc. Broadcom Ltd. Tesla, Inc. Home Depot, Inc. Visa, Inc. Class A 10 Largest s as a % of Net Assets 36.84% Total Number of s 429 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 88.11% 98.79% -10.68% 0.09% International Equities 11.83% 1.21% 10.62% -0.07% Developed Markets 7.72% 1.18% 6.54% -0.44% Emerging Markets 4.11% 0.03% 4.08% 0.37% Tax-Advantaged Domiciles 0.00% 0.00% 0.00% 0.00% Bonds 0.03% 0.00% 0.03% 0.03% Cash & Net Other Assets 0.03% 0.00% 0.03% -0.05% 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 1.06 1.00 Standard Deviation 12.03% 10.69% Sharpe Ratio 1.11 1.25 Tracking Error 4.15% -- Information Ratio -0.03 -- R-Squared 0.88 -- 4 For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

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 2018 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 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. 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. 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 02917. Fidelity Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI 02917. 2018 FMR LLC. All rights reserved. Not NCUA or NCUSIF insured. May lose value. No credit union guarantee. 656316.21.0