FIDELITY CONCORD STREET TRUST (Form: N-CSR, Received: 06/19/2020 11:05:28)

Fidelity® Event Driven Opportunities Fund

Annual Report

April 30, 2020

See the inside front cover for important information about access to your fund’s shareholder reports.

FIDELITY INVESTMENTS

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Contents

Note to Shareholders
Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Board Approval of Investment Advisory Contracts and Management Fees
Liquidity Risk Management Program

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Note to Shareholders:

Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.

In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.

Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended April 30, 2020	Past 1 year	Past 5 years	Life of fund^A
Fidelity® Event Driven Opportunities Fund	(26.52)%	(2.55)%	0.30%

^A From December 12, 2013

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Event Driven Opportunities Fund on December 12, 2013, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the Russell 3000® Index performed over the same period.

	Period Ending Values
	$10,193	Fidelity® Event Driven Opportunities Fund
	$17,925	Russell 3000® Index

Management's Discussion of Fund Performance

Market Recap: The U.S. equity bellwether S&P 500^® index gained 0.86% for the 12 months ending April 30, 2020, as the early-2020 outbreak and spread of the coronavirus hampered global economic growth and the outlook for corporate earnings. Declared a pandemic on March 11, the crisis and containment efforts caused broad contraction in economic activity, along with extreme uncertainty, volatility and dislocation in financial markets. By mid-March, U.S. stocks entered bear-market territory less than a month after hitting an all-time high and extending the longest-running bull market in American history. Following a flattish January to open the year, stocks slid in late February (-8.23%), after a surge in COVID-19 cases outside China pushed investors to safer asset classes. The downtrend continued in March (-12.35%), capping the index’s worst quarterly result since 2008. A historically rapid and expansive U.S. monetary/fiscal-policy response helped mitigate the most acute near-term liquidity issues and provided a partial offset to the economic disruption. This was evident in April, when the index achieved its highest monthly gain (+12.82%) since 1991, boosted by improving coronavirus trends, plans for reopening the economy and progress on potential treatments. By sector, energy stocks (-38%) fell hard along with the price of crude oil. Financials (-17%) and industrials (-16%) also lagged. In contrast, information technology (+18%) led, followed by health care (+15%), a defensive sector that saw higher demand due to the virus-containment response.

Comments from Portfolio Manager Joel Tillinghast: For the fiscal year, the fund returned -26.52%, significantly trailing the -1.04% result of the benchmark Russell 3000^® Index. Stock selection was the primary detractor from the fund's performance versus the benchmark the past 12 months. Most notable were stock choices in the consumer discretionary sector, a large overweighting for the fund. Stock picks in the information technology, communication services, real estate and health care sectors also lagged the benchmark. From a sector positioning standpoint, underweighting the strong-performing health care and information technology sectors also held back the fund's relative performance this period. Among individual stocks, an out-of-benchmark position in internet-based marketing company XL Media (-54%), which I established this period, was the fund's biggest individual relative detractor. A non-benchmark stake in legal and tax consulting services firm Ince Group also hurt, returning roughly -87% before I eliminated it. It also hurt to establish a sizable position in mobile technology accessory provider ZAGG (-46%). Conversely, significantly underweighting the weak-performing energy and financials sectors contributed to the fund's relative result this period, as did stock selection in the capital goods industry group within the industrials sector. Among individual stocks that added value, a large position in Arcosa, a provider of infrastructure-related products, was the fund's biggest relative contributor, gaining 18% for the fund until I sold it. A new non-benchmark investment in Reysas Gayrimenkul Yatirim Ortakligi (+242%), an industrial real estate investment trust that focuses on property in Turkey, also contributed. It was among our largest period-end holdings.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such 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.

Note to shareholders: On May 20, 2020, shareholders of Fidelity^® Event Driven Opportunities Fund approved the reorganization of the fund into Fidelity^® Low-Priced Stock Fund. The tax-free reorganization is expected to be completed on or about June 19, 2020. On March 31, 2020, Joel Tillinghast assumed management responsibilities for the fund, succeeding Arvind Navaratnam.

Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2020

	% of fund's net assets
IAA Spinco, Inc.	7.2
Allergan PLC	6.0
B&M European Value Retail SA	5.5
Walgreens Boots Alliance, Inc.	4.5
Alexion Pharmaceuticals, Inc.	4.4
XLMedia PLC	3.9
Super Micro Computer, Inc.	3.3
Reysas Gayrimenkul Yatirim Ortakligi A/S	3.3
Synchrony Financial	3.2
Zagg, Inc.	3.1
	44.4

Top Five Market Sectors as of April 30, 2020

	% of fund's net assets
Health Care	24.8
Industrials	14.6
Consumer Discretionary	12.5
Information Technology	11.1
Communication Services	7.2

Asset Allocation (% of fund's net assets)

As of April 30, 2020^*
	Stocks	90.4%
	Short-Term Investments and Net Other Assets (Liabilities)	9.6%

* Foreign investments - 38.8%

Schedule of Investments April 30, 2020

Showing Percentage of Net Assets

Common Stocks - 90.4%
	Shares	Value
COMMUNICATION SERVICES - 7.2%
Interactive Media & Services - 3.9%
XLMedia PLC	8,504,200	$2,436,762
Media - 1.4%
Nordic Entertainment Group AB Class B	26,400	625,718
Reach PLC	227,802	225,516
		851,234
Wireless Telecommunication Services - 1.9%
Okinawa Cellular Telephone Co.	30,000	1,155,943

TOTAL COMMUNICATION SERVICES		4,443,939

CONSUMER DISCRETIONARY - 12.5%
Auto Components - 1.2%
Linamar Corp.	30,000	720,716
Automobiles - 0.0%
Fiat Chrysler Automobiles NV	1,500	12,915
Hotels, Restaurants & Leisure - 0.0%
Melco International Development Ltd.	8,000	14,955
Wyndham Hotels & Resorts, Inc.	206	7,768
		22,723
Household Durables - 3.7%
Gree Electric Appliances, Inc. of Zhuhai (A Shares)	50,000	381,982
Zagg, Inc. (a)(b)	571,952	1,887,442
		2,269,424
Internet & Direct Marketing Retail - 1.0%
Secoo Holding Ltd. ADR (a)	201,000	639,180
Multiline Retail - 5.6%
B&M European Value Retail SA	803,600	3,368,383
Ryohin Keikaku Co. Ltd.	5,000	59,508
		3,427,891
Specialty Retail - 0.3%
Five Below, Inc. (a)	100	9,016
Mitsui & Associates Telepark Corp.	10,000	200,531
		209,547
Textiles, Apparel & Luxury Goods - 0.7%
Kontoor Brands, Inc. (b)	20,800	403,728
Mavi Jeans Class B (a)(c)	2,000	11,904
		415,632

TOTAL CONSUMER DISCRETIONARY		7,718,028

CONSUMER STAPLES - 6.8%
Beverages - 0.2%
Anhui Gujing Distillery Co. Ltd. (A Shares)	5,000	94,481
Food & Staples Retailing - 4.5%
Walgreens Boots Alliance, Inc.	65,000	2,813,850
Food Products - 2.1%
Kaveri Seed Co. Ltd.	259,199	1,277,096
Ulker Biskuvi Sanayi A/S (a)	5,000	16,954
		1,294,050
Personal Products - 0.0%
Natura & Co. Holding SA ADR (a)	900	11,709

TOTAL CONSUMER STAPLES		4,214,090

ENERGY - 0.3%
Energy Equipment & Services - 0.0%
Apergy Corp. (a)	5,000	46,050
Oil, Gas & Consumable Fuels - 0.3%
Tsakos Energy Navigation Ltd.	50,000	172,500

TOTAL ENERGY		218,550

FINANCIALS - 6.2%
Capital Markets - 0.1%
Daou Data Corp.	1,000	6,742
Interactive Brokers Group, Inc.	700	28,700
		35,442
Consumer Finance - 3.2%
Synchrony Financial	100,000	1,979,000
Insurance - 2.9%
Brighthouse Financial, Inc. (a)	448	11,518
Db Insurance Co. Ltd.	10,000	363,422
MetLife, Inc.	40,000	1,443,200
		1,818,140

TOTAL FINANCIALS		3,832,582

HEALTH CARE - 24.8%
Biotechnology - 8.9%
Alexion Pharmaceuticals, Inc. (a)	25,000	2,686,750
Gilead Sciences, Inc.	20,000	1,680,000
United Therapeutics Corp. (a)	10,000	1,095,600
		5,462,350
Health Care Equipment & Supplies - 0.8%
Alcon, Inc. (a)	6,779	357,999
InBody Co. Ltd.	10,000	155,164
		513,163
Health Care Providers & Services - 4.3%
Covetrus, Inc. (a)(b)	5,000	59,450
CVS Health Corp.	25,000	1,538,750
DVx, Inc.	700	5,968
Universal Health Services, Inc. Class B	10,000	1,056,900
		2,661,068
Pharmaceuticals - 10.8%
Allergan PLC	20,000	3,746,800
Bristol-Myers Squibb Co.	25,000	1,520,250
Dai Han Pharmaceutical Co. Ltd.	10,000	244,888
Elanco Animal Health, Inc. (a)	490	12,108
Jazz Pharmaceuticals PLC (a)	10,000	1,102,500
Kaken Pharmaceutical Co. Ltd.	1,000	55,072
		6,681,618

TOTAL HEALTH CARE		15,318,199

INDUSTRIALS - 14.6%
Aerospace & Defense - 0.1%
Raytheon Technologies Corp.	1,000	64,810
Airlines - 0.1%
Ryanair Holdings PLC sponsored ADR (a)	500	31,735
Wizz Air Holdings PLC (a)(c)	261	9,448
		41,183
Building Products - 2.9%
Carrier Global Corp. (a)	100,000	1,771,000
Commercial Services & Supplies - 7.2%
IAA Spinco, Inc. (a)	115,600	4,462,159
Construction & Engineering - 1.4%
Argan, Inc.	300	11,262
Boustead Singapore Ltd.	213,667	90,688
Seikitokyu Kogyo Co. Ltd.	100,000	745,469
		847,419
Electrical Equipment - 0.4%
GrafTech International Ltd.	28,800	233,856
Machinery - 0.2%
Ebara Jitsugyo Co. Ltd.	5,000	104,738
Otis Worldwide Corp. (a)	500	25,455
		130,193
Professional Services - 0.3%
ABIST Co. Ltd.	12,074	219,732
Trading Companies & Distributors - 2.0%
Chori Co. Ltd.	62,400	983,840
Nishikawa Keisoku Co. Ltd.	5,000	188,697
Yamazen Co. Ltd.	10,000	84,983
		1,257,520

TOTAL INDUSTRIALS		9,027,872

INFORMATION TECHNOLOGY - 11.1%
Electronic Equipment & Components - 3.3%
Coda Octopus Group, Inc. (a)(b)	10,220	62,342
ITC Networks Corp.	10,000	136,048
PAX Global Technology Ltd.	1,000,000	426,326
Tech Data Corp. (a)	10,000	1,406,400
		2,031,116
IT Services - 4.3%
Data Applications Co. Ltd.	7,200	101,443
E-Credible Co. Ltd.	1,000	15,352
Global Dominion Access SA (c)	182,167	562,950
Nice Information & Telecom, Inc.	25,000	609,134
Perspecta, Inc.	62,298	1,343,768
		2,632,647
Semiconductors & Semiconductor Equipment - 0.2%
Systems Technology, Inc.	10,000	132,528
Software - 0.0%
Micro Focus International PLC sponsored ADR	1,939	11,498
Technology Hardware, Storage & Peripherals - 3.3%
Super Micro Computer, Inc. (a)	88,700	2,031,230

TOTAL INFORMATION TECHNOLOGY		6,839,019

MATERIALS - 0.5%
Chemicals - 0.4%
DuPont de Nemours, Inc.	5,000	235,100
The Chemours Co. LLC	800	9,384
		244,484
Construction Materials - 0.1%
West China Cement Ltd.	168,000	29,942
Metals & Mining - 0.0%
Arconic Rolled Products Corp. (a)	1,000	8,720

TOTAL MATERIALS		283,146

REAL ESTATE - 3.3%
Equity Real Estate Investment Trusts (REITs) - 3.3%
CorePoint Lodging, Inc.	1,311	5,703
Reysas Gayrimenkul Yatirim Ortakligi A/S (a)	2,655,290	2,013,454
		2,019,157
Real Estate Management & Development - 0.0%
Midland Holdings Ltd. (a)	16,000	1,974
Open House Co. Ltd.	1,000	22,131
Sunteck Realty Ltd. (a)	2,140	5,592
		29,697

TOTAL REAL ESTATE		2,048,854

UTILITIES - 3.1%
Electric Utilities - 3.1%
Exelon Corp.	25,000	927,000
PPL Corp.	40,000	1,016,800
		1,943,800
TOTAL COMMON STOCKS
(Cost $59,719,361)		55,888,079
	Principal Amount	Value

U.S. Treasury Obligations - 0.5%
U.S. Treasury Bills, yield at date of purchase 0.36% to 1.53% 5/14/20 to 6/4/20
(Cost $299,847)	300,000	299,977
	Shares	Value

Money Market Funds - 13.6%
Fidelity Cash Central Fund 0.16% (d)	6,911,895	$6,913,968
Fidelity Securities Lending Cash Central Fund 0.11% (d)(e)	1,524,989	1,525,142
TOTAL MONEY MARKET FUNDS
(Cost $8,438,503)		8,439,110
TOTAL INVESTMENT IN SECURITIES - 104.5%
(Cost $68,457,711)		64,627,166
NET OTHER ASSETS (LIABILITIES) - (4.5)%		(2,765,352)
NET ASSETS - 100%		$61,861,814

Legend

(a) Non-income producing

(b) Security or a portion of the security is on loan at period end.

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $584,302 or 0.9% of net assets.

(d) 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. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(e) Investment made with cash collateral received from securities on loan.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$141,690
Fidelity Securities Lending Cash Central Fund	36,382
Total	$178,072

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Other Affiliated Issuers

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Realized Gain (loss)	Change in Unrealized appreciation (depreciation)	Value, end of period
The Ince Group PLC	$--	$4,294,175	$519,931	$111,509	$(3,774,244)	$--	$--
Total	$--	$4,294,175	$519,931	$111,509	$(3,774,244)	$--	$--

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2020, involving the Fund'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	$4,443,939	$3,818,221	$625,718	$--
Consumer Discretionary	7,718,028	7,261,583	456,445	--
Consumer Staples	4,214,090	2,842,513	1,371,577	--
Energy	218,550	218,550	--	--
Financials	3,832,582	3,832,582	--	--
Health Care	15,318,199	15,318,199	--	--
Industrials	9,027,872	8,937,184	90,688	--
Information Technology	6,839,019	6,412,693	426,326	--
Materials	283,146	253,204	29,942	--
Real Estate	2,048,854	2,041,288	7,566	--
Utilities	1,943,800	1,943,800	--	--
U.S. Government and Government Agency Obligations	299,977	--	299,977	--
Money Market Funds	8,439,110	8,439,110	--	--
Total Investments in Securities:	$64,627,166	$61,318,927	$3,308,239	$--

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America	61.2%
Ireland	7.9%
Japan	6.5%
Luxembourg	5.5%
Bailiwick of Jersey	4.0%
Turkey	3.3%
Korea (South)	2.4%
India	2.1%
Canada	1.2%
Cayman Islands	1.0%
Sweden	1.0%
Bermuda	1.0%
Others (Individually Less Than 1%)	2.9%
	100.0%

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

Financial Statements

Statement of Assets and Liabilities

		April 30, 2020
Assets
Investment in securities, at value (including securities loaned of $1,425,001) — See accompanying schedule: Unaffiliated issuers (cost $60,019,208)	$56,188,056
Fidelity Central Funds (cost $8,438,503)	8,439,110
Total Investment in Securities (cost $68,457,711)		$64,627,166
Receivable for fund shares sold		3,210
Dividends receivable		27,300
Distributions receivable from Fidelity Central Funds		1,824
Prepaid expenses		75
Other receivables		4,118
Total assets		64,663,693
Liabilities
Payable for investments purchased	$949,627
Payable for fund shares redeemed	244,552
Accrued management fee	16,435
Other affiliated payables	17,020
Other payables and accrued expenses	48,770
Collateral on securities loaned	1,525,475
Total liabilities		2,801,879
Net Assets		$61,861,814
Net Assets consist of:
Paid in capital		$139,119,078
Total accumulated earnings (loss)		(77,257,264)
Net Assets		$61,861,814
Net Asset Value, offering price and redemption price per share ($61,861,814 ÷ 7,548,320 shares)		$8.20

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

Statement of Operations

		Year ended April 30, 2020
Investment Income
Dividends (including $111,509 earned from other affiliated issuers)		$941,887
Special dividends		139,079
Interest		6,220
Income from Fidelity Central Funds (including $36,382 from security lending)		178,072
Total income		1,265,258
Expenses
Management fee
Basic fee	$1,026,049
Performance adjustment	(326,058)
Transfer agent fees	262,616
Accounting fees	47,819
Custodian fees and expenses	20,680
Independent trustees' fees and expenses	825
Registration fees	22,446
Audit	57,238
Legal	2,997
Interest	342
Miscellaneous	16,271
Total expenses before reductions	1,131,225
Expense reductions	(16,100)
Total expenses after reductions		1,115,125
Net investment income (loss)		150,133
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers (net of foreign taxes of $63,260)	(29,040,746)
Fidelity Central Funds	2,087
Other affiliated issuers	(3,774,244)
Foreign currency transactions	59,781
Futures contracts	(727,835)
Total net realized gain (loss)		(33,480,957)
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers (net of decrease in deferred foreign taxes of $62,172)	3,559,339
Fidelity Central Funds	(1,171)
Assets and liabilities in foreign currencies	(1,388)
Futures contracts	(215,835)
Total change in net unrealized appreciation (depreciation)		3,340,945
Net gain (loss)		(30,140,012)
Net increase (decrease) in net assets resulting from operations		$(29,989,879)

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

Statement of Changes in Net Assets

	Year ended April 30, 2020	Year ended April 30, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$150,133	$1,429,295
Net realized gain (loss)	(33,480,957)	(22,066,181)
Change in net unrealized appreciation (depreciation)	3,340,945	(45,072,900)
Net increase (decrease) in net assets resulting from operations	(29,989,879)	(65,709,786)
Distributions to shareholders	–	(25,036,824)
Share transactions
Proceeds from sales of shares	5,577,560	74,303,972
Reinvestment of distributions	–	23,439,538
Cost of shares redeemed	(105,130,278)	(281,846,432)
Net increase (decrease) in net assets resulting from share transactions	(99,552,718)	(184,102,922)
Total increase (decrease) in net assets	(129,542,597)	(274,849,532)
Net Assets
Beginning of period	191,404,411	466,253,943
End of period	$61,861,814	$191,404,411
Other Information
Shares
Sold	535,727	5,376,777
Issued in reinvestment of distributions	–	1,928,191
Redeemed	(10,142,194)	(22,783,133)
Net increase (decrease)	(9,606,467)	(15,478,165)

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

Financial Highlights

Fidelity Event Driven Opportunities Fund


Years ended April 30,	2020	2019	2018	2017	2016
Selected Per–Share Data
Net asset value, beginning of period	$11.16	$14.29	$13.93	$11.04	$11.36
Income from Investment Operations
Net investment income (loss)^A	.01^B	.05	.01	–^C	.14^D
Net realized and unrealized gain (loss)	(2.97)	(2.29)	1.71	3.12	(.35)^E
Total from investment operations	(2.96)	(2.24)	1.72	3.12	(.21)
Distributions from net investment income	–	(.07)	(.01)	(.09)^F	(.06)
Distributions from net realized gain	–	(.82)	(1.35)	(.14)^F	(.05)
Total distributions	–	(.89)	(1.36)	(.23)	(.11)
Net asset value, end of period	$8.20	$11.16	$14.29	$13.93	$11.04
Total Return^G	(26.52)%	(15.98)%	12.89%	28.57%	(1.89)%^E
Ratios to Average Net Assets^H,^I
Expenses before reductions	.92%	1.05%	1.12%	1.11%	1.06%
Expenses net of fee waivers, if any	.92%	1.05%	1.12%	1.11%	1.06%
Expenses net of all reductions	.91%	1.03%	1.10%	1.10%	1.04%
Net investment income (loss)	.12%^B	.40%	.07%	.01%	1.31%^D
Supplemental Data
Net assets, end of period (000 omitted)	$61,862	$191,404	$466,254	$355,392	$168,612
Portfolio turnover rate^J	115%	95%	89%	117%	111%

^A Calculated based on average shares outstanding during the period.

^B Net investment income per share reflects a large, non-recurring dividends which amounted to $.01 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .01%.

^C Amount represents less than $.005 per share.

^D Net investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .82%.

^E Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.01 per share. Excluding this reimbursement, the total return would have been (1.92)%.

^F The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

^G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^H Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^I Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

^J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

Notes to Financial Statements

For the period ended April 30, 2020

1. Organization.

Fidelity Event Driven Opportunities Fund (the Fund) is a non-diversified fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

Effective January 1, 2020:

Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".

Fidelity Investments Institutional Operations Company, Inc. converted from a Massachusetts corporation to a Massachusetts LLC, and changed its name to "Fidelity Investments Institutional Operations Company LLC".

Effective January 15, 2020, the Fund was closed to new accounts with certain exceptions.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. 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 have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund 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 Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund 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 the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

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. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 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 April 30, 2020 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund 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 rates at period end. Purchases and sales of investment 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 investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder 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 identified cost. 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 the Fund 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. During the period, dividend income has been decreased $197,989 with a corresponding increase to net unrealized appreciation (depreciation) as a result of a change in the prior period estimate, which had no impact on the total net assets or total return of the Fund. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2020, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund 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. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation	$5,145,728
Gross unrealized depreciation	(10,171,014)
Net unrealized appreciation (depreciation)	$(5,025,286)
Tax Cost	$69,652,452

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$475,335
Capital loss carryforward	$(72,707,415)
Net unrealized appreciation (depreciation) on securities and other investments	$(5,025,184)

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

No expiration
Short-term	$(46,381,706)
Long-term	(26,325,708)
Total capital loss carryforward	$(72,707,414)

The tax character of distributions paid was as follows:

	April 30, 2020	April 30, 2019
Ordinary Income	$–	$ 7,056,816
Long-term Capital Gains	–	17,980,008
Total	$–	$ 25,036,824

Restricted Securities (including Private Placements). The Fund 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. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. 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 may 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.

The Fund 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 Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its 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.

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund 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 Fund. Counterparty credit 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.

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 Fund used futures contracts to manage its 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 on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, are noted in the table below.

	Purchases ($)	Sales ($)
Fidelity Event Driven Opportunities Fund	132,626,867	230,538,291

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .60% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .10% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to its benchmark index, the Russell 3000 Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .57% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annual rate of .21% of average net assets.

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:

	% of Average Net Assets
Fidelity Event Driven Opportunities Fund	.04

Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

	Amount
Fidelity Event Driven Opportunities Fund	$11,662

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

	Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Fidelity Event Driven Opportunities Fund	Borrower	$6,896,000	1.78%	$342

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

7. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are as follows:

	Amount
Fidelity Event Driven Opportunities Fund	$331

During the period, there were no borrowings on this line of credit.

8. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with NFS, as affiliated borrower. Total fees paid by the Fund to NFS, as lending agent, amounted to $1,461. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds, and includes $162 from securities loaned to NFS, as affiliated borrower.

9. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $14,195 for the period. In addition, through arrangements with the Fund's custodian credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $570.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $1,335.

10. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

11. 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 Fund's performance.

12. Proposed Reorganization.

The Board of Trustees of the Fund approved an Agreement and Plan of Reorganization (the Agreement) between the Fund and Fidelity Low-Priced Stock Fund. The Agreement provides for the transfer of all the assets and the assumption of all the liabilities of the Fund in exchange for corresponding shares of Fidelity Low-Priced Stock Fund equal in value to the net assets of the Fund on the day the reorganization is effective.

The Funds shareholders approved the reorganization that is expected to become effective on or about June 19, 2020. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes with no gain or loss recognized by the funds or their shareholders.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Concord Street Trust and Shareholders of Fidelity Event Driven Opportunities Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Event Driven Opportunities Fund (one of the funds constituting Fidelity Concord Street Trust, referred to hereafter as the “Fund”) as of April 30, 2020, the related statement of operations for the year ended April 30, 2020, the statement of changes in net assets for each of the two years in the period ended April 30, 2020, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended April 30, 2020 and the financial highlights for each of the five years in the period ended April 30, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2020 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

June 15, 2020

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 312 funds. Mr. Chiel oversees 175 funds.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach and David M. Thomas serve as Co-Lead Independent Trustees and as such each (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity^® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity^® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity^® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity^® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity^® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

Mr. Chiel also serves as Trustee of other Fidelity^® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Acting Chairman of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity^® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).

* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity^® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as Trustee of other Fidelity^® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York, a member of the Board of NYC Leadership Academy (2012-present) and a member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity^® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity^® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee of other Fidelity^® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Compensation Committee and Executive Committee and as Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity^® funds (2020), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Mr. Lacy also serves as Trustee of other Fidelity^® funds. Previously, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity), Chief Executive Officer (2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation (retail), Chief Executive Officer and Chairman of the Board of Sears, Roebuck and Co. (retail, 2000-2005), Chairman (2014-2017) and a member of the Board (2010-2017) of Dave & Buster’s Entertainment, Inc. (restaurant and entertainment complexes) and a member of the Board of Bristol-Myers Squibb Company (global pharmaceuticals, 2008-2020). Mr. Lacy currently serves as a Trustee of the California Chapter of The Nature Conservancy (2015-present) and a member of the Board of the Center for Advanced Study in the Behavioral Sciences at Stanford University (2015-present).

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Co-Lead Independent Trustee

Mr. Lautenbach also serves as Trustee of other Fidelity^® funds. Mr. Lautenbach currently serves as Chair of the Board of Governors, State University System of Florida (2013-present) and is a member of the Council on Foreign Relations (1994-present). He is also a member and has in the past served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010); as well as Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach had a 30-year career with IBM (technology company), during which time he served as Senior Vice President and as a member of the Corporate Executive Committee (1968-1998).

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Mr. Mauriello also serves as Trustee of other Fidelity^® funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Independent Directors Council Governing Council (2015-present). Previously, Mr. Mauriello served as a member of the Board of XL Group plc. (global insurance and re-insurance, 2006-2018).

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Ms. Small also serves as Trustee of other Fidelity^® funds. Previously, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments and a member of Scudder, Stevens & Clark and Scudder Kemper Investments. Ms. Small previously served as a member of the Board (2009-2019) and Chair of the Investment Committee (2010-2019) of the Teagle Foundation and a member of the Investment Committee of the Berkshire Taconic Community Foundation (2008-2019).

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

Mr. Smith also serves as Trustee of other Fidelity^® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity^® funds (2012-2013).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Co-Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity^® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as Non-Executive Chairman of the Board of Fortune Brands Home and Security (home and security products, 2011-present), and a member of the Board (2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity^® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member of the Board of the Columbus Regional Airport Authority (2007-present), as a member of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity^® funds (2020), a member of the Board (2011-2019) and as Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2020

Trustee

Mr. Wiley also serves as Trustee of other Fidelity^® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity^® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).

Advisory Board Members and Officers:

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity^® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of certain funds (2017-2019), as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity^® funds (2016-2020) and Assistant Treasurer of certain Fidelity^® funds (2016-2018).

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Pogorelec also serves as an officer of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Assistant Secretary of certain Fidelity funds (2015-2020).

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity^® funds.

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche LLP (accounting firm, 2005-2013).

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2019 to April 30, 2020).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	Annualized Expense Ratio-^A	Beginning Account Value November 1, 2019	Ending Account Value April 30, 2020	Expenses Paid During Period-^B November 1, 2019 to April 30, 2020
Actual	.94%	$1,000.00	$799.20	$4.21
Hypothetical-^C		$1,000.00	$1,020.19	$4.72

^A Annualized expense ratio reflects expenses net of applicable fee waivers.

^B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

^C 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Event Driven Opportunities Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

Approval of Amended and Restated Advisory Contracts. At its November 2019 meeting, the Board unanimously determined to approve an amended and restated management contract and sub-advisory agreements (Amended and Restated Contracts) for a stub period of January 1, 2020 through January 31, 2020 in connection with a consolidation of certain of Fidelity's advisory businesses. The Board considered that, on or about January 1, 2020, FMR Co., Inc. (FMRC) expected to merge with and into FMR and, after the merger, FMR expected to redomicile as a Delaware limited liability company. The Board also approved the termination of the sub-advisory agreement with FMRC upon the completion of the merger. The Board noted that references to FMR in the Amended and Restated Contracts would be updated to reflect FMR's new form of organization and domicile and considered that the definition of "group assets" for purposes of the fund's group fee would be modified to avoid double-counting assets once the reorganization is complete. The Board also noted Fidelity's assurance that neither the planned consolidation nor the Amended and Restated Contracts will change the investment processes, the level or nature of services provided, the resources and personnel allocated, trading and compliance operations, or any fees paid by the fund.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its January 2020 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

The Board noted that it has approved the merger of the fund into Fidelity Low-Priced Stock Fund, subject to the approval of its shareholders. Assuming such approval is obtained, the merger is expected to close in June 2020.

Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.

The Board noted that it and the boards of certain other Fidelity funds had formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain target date funds and index funds; (vii) lowering expense caps for certain existing funds and classes, and converting certain voluntary expense caps to contractual caps, to reduce expenses borne by shareholders; (viii) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (ix) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (x) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.

The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and a peer group of funds with similar objectives (peer group), if any. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index for the most recent one-, three-, and five-year periods ended June 30, 2019, as shown below. A peer group is not shown below because the fund does not generally utilize a peer group for performance comparison purposes.

Fidelity Event Driven Opportunities Fund

The Board considered the fund's underperformance for different time periods ended June 30, 2019 (based on the performance of the retail class of the fund). The Board's discussions with FMR regarding underperformance cover topics including, but not limited to: the longer-term track record of a fund's portfolio manager(s); broader trends in the market that may adversely impact a fund's performance; and attribution reports on contributors to the fund's underperformance. The Board engages with FMR on steps that might be taken to address a fund's underperformance.

The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods ended June 30 (December 31 for periods prior to 2018) shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps, and without giving effect to the fund's performance adjustment, relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure without taking into account performance adjustments, if any. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked and the impact of the fund's performance adjustment, is also included in the chart and was considered by the Board.

Fidelity Event Driven Opportunities Fund

The Board noted that the fund's management fee rate ranked above the median of its Total Mapped Group and above the median of its ASPG for the 12-month period ended June 30, 2019. The Board also noted the effect of the fund's performance adjustment, if any, on the fund's management fee ranking. When compared to a subset of the 22 funds that pursue event driven strategies identified by Lipper, the fund ranks second lowest in the Total Mapped Group. The Board concluded that the fund's management fee rate is appropriate compared to competitor funds that pursue event-driven strategies.

The Board noted that it and the boards of other Fidelity funds formed an ad hoc Committee on Group Fee, which meets periodically, to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

The Board also noted that, in 2013, the ad hoc Committee on Management Fees was formed to conduct an in-depth review of the management fee rates of Fidelity's active equity mutual funds. The Committee focused on the following areas: (i) standard fee structures; (ii) research consumption and trading evolution; (iii) management fee competitiveness/profitability by category; and (iv) factors that drive institutional pricing.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio. In its review of the fund's total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board noted the impact of the fund's performance adjustment. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of the fund compared to competitive fund median expenses. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the fund's total expense ratio ranked above the competitive median for the 12-month period ended June 30, 2019. The Board considered that, in general, various factors can affect total expense ratios. The Board noted that the fund's total expense ratio was above the competitive median because of the fund's higher than standard management fee, which reflects the fund's specialized investment strategy as discussed above, and relatively higher other expenses due to low asset levels.

Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.

PricewaterhouseCoopers LLP (PwC), auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of the fund profitability information and its conformity to established allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board noted that changes to fall-out benefits year-over-year reflect business developments at Fidelity's various businesses. The Board considered that a joint ad hoc committee created by it and the boards of other Fidelity funds had recently been established, and met periodically, to evaluate potential fall-out benefits (PFOB Committee). The Board noted that the PFOB Committee, among other things: (i) discussed the legal framework surrounding potential fall-out benefits; (ii) reviewed the Board's responsibilities and approach to potential fall-out benefits; and (iii) reviewed practices employed by competitor funds regarding the review of potential fall-out benefits.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund, including the conclusions of the PFOB Committee, and was satisfied that the profitability was not excessive.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of performance fees for additional funds; (iii) changes in Fidelity's non-fund businesses and the impact of such changes on the funds; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee comparisons; (vi) the expense structures for different funds and classes; (vii) information regarding other accounts managed by Fidelity, including collective investment trusts and separately managed accounts; and (viii) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Amended and Restated Contracts should be approved and the fund's Advisory Contracts should be renewed.

Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.

In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

Highly liquid investments – cash or convertible to cash within three business days or less
Moderately liquid investments – convertible to cash in three to seven calendar days
Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
Illiquid investments – cannot be sold or disposed of within seven calendar days

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2018 through November 30, 2019. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.

FIDELITY INVESTMENTS

EDO-ANN-0620
1.9585357.106

Fidelity Flex® Funds

Fidelity Flex^® Large Cap Value II Fund (to be renamed Fidelity Flex^® Large Cap Value Fund effective June 30, 2020)

Annual Report

April 30, 2020

See the inside front cover for important information about access to your fund’s shareholder reports.

FIDELITY INVESTMENTS

Account Type	Website	Phone Number
Brokerage, Mutual Fund, or Annuity Contracts:	fidelity.com/mailpreferences	1-800-343-3548
Employer Provided Retirement Accounts:	netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print)	1-800-343-0860
Advisor Sold Accounts Serviced Through Your Financial Intermediary:	Contact Your Financial Intermediary	Your Financial Intermediary's phone number
Advisor Sold Accounts Serviced by Fidelity:	institutional.fidelity.com	1-877-208-0098

Contents

Note to Shareholders
Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Liquidity Risk Management Program

You may also call 1-800-544-3455 (for managed account clients) or 1-800-835-5092 (for retirement plan participants) to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Note to Shareholders:

Performance: The Bottom Line

Average annual total returns for Fidelity Flex® Large Cap Value Fund will be reported once the fund is a year old.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Flex® Large Cap Value Fund on June 27, 2019, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the Russell 1000® Value Index performed over the same period.

	Period Ending Values
	$9,085	Fidelity Flex® Large Cap Value Fund
	$8,948	Russell 1000® Value Index

Management's Discussion of Fund Performance

Market Recap: The U.S. equity bellwether S&P 500^® index gained 0.86% for the 12 months ending April 30, 2020, as the early-2020 outbreak and spread of the coronavirus hampered global economic growth and the outlook for corporate earnings. Declared a pandemic on March 11, the crisis and containment efforts caused broad contraction in economic activity, along with extreme uncertainty, volatility and dislocation in financial markets. By mid-March, U.S. stocks entered bear-market territory less than a month after hitting an all-time high and extending the longest-running bull market in American history. Following a flattish January to open the year, stocks slid in late February (-8.23%), after a surge in COVID-19 cases outside China pushed investors to safer asset classes. The downtrend continued in March (-12.35%), capping the index’s worst quarterly result since 2008. A historically rapid and expansive U.S. monetary/fiscal-policy response helped mitigate the most acute near-term liquidity issues, and provided a partial offset to the economic disruption. This was evident in April, when the index achieved its highest monthly gain (+12.82%) since 1991, boosted by improving coronavirus trends, plans for reopening the economy and progress on potential treatments. By sector, energy stocks (-38%) fell hard along with the price of crude oil. Financials (-17%) and industrials (-16%) also lagged. In contrast, information technology (+18%) led, followed by health care (+15%), a defensive sector that saw higher demand due to the virus-containment response.

Comments from the Geode Capital Management, LLC, passive equity index team: For the period between the fund's inception date of June 27, 2019, and its April 30, 2020, fiscal year end, the fund returned -9.15%, compared with the -10.52% return of the benchmark Russell 1000^® Value Index. On the negative side, at the individual-stock level, oil-price weakness, exacerbated by a Saudi/Russian oil-price war initiated in February, weighed on various energy stocks, especially integrated energy companies Exxon Mobil (-37%) and Chevron (-24%) and exploration and production firm ConocoPhillips (-30%). Banks, led by Wells Fargo (-37%), JPMorgan Chase (-12%) and Bank of America (-16%), also experienced a challenging performance backdrop, reflecting lower net interest income – a function of declining short-term interest rates – and investors' concern about declining consumer credit quality in an increasingly challenging economic environment. Also in financials, shares of asset manager Invesco returned -54%, highlighting financial-market weakness that reduced the company's management-fee income. Other notable detractors this period included conglomerate Berkshire Hathaway (-11%), a collection of insurance and other businesses run by investor Warren Buffett, and chemical manufacturer DuPont (-35%). The top individual contributor was Intel (+27%), whose shares gained on better-than-expected sales and earnings, among other factors. Meanwhile, certain stocks were well positioned to take advantage of increased demand fueled by the pandemic-related economic shutdown. These included grocery store chain Kroger (+51%), consumer-goods company Procter & Gamble (+10%) and retailer Target (+30%). Several health care companies also added value, led by biotechnology companies Regeneron Pharmaceuticals (+71%) and Biogen (+28%), pharmaceutical manufacturer Bristol-Myers Squibb (+38%), and medical products firm Johnson & Johnson (+10%).

Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2020

	% of fund's net assets
Berkshire Hathaway, Inc. Class B	3.4
Johnson & Johnson	3.1
JPMorgan Chase & Co.	2.8
Procter & Gamble Co.	2.7
Intel Corp.	2.6
Verizon Communications, Inc.	2.4
AT&T, Inc.	2.2
Chevron Corp.	1.8
Walmart, Inc.	1.8
Exxon Mobil Corp.	1.8
	24.6

Top Five Market Sectors as of April 30, 2020

	% of fund's net assets
Financials	19.5
Health Care	15.3
Consumer Staples	11.0
Communication Services	9.4
Industrials	8.8

Asset Allocation (% of fund's net assets)

As of April 30, 2020^*
	Stocks and Equity Futures	98.1%
	Short-Term Investments and Net Other Assets (Liabilities)	1.9%

* Foreign investments - 5.0%

Schedule of Investments April 30, 2020

Showing Percentage of Net Assets

Common Stocks - 95.7%
	Shares	Value
COMMUNICATION SERVICES - 9.4%
Diversified Telecommunication Services - 4.9%
AT&T, Inc.	13,185	$401,747
CenturyLink, Inc.	5,496	58,368
Verizon Communications, Inc.	7,502	430,990
		891,105
Entertainment - 2.2%
Electronic Arts, Inc. (a)	792	90,494
Roku, Inc. Class A (a)	130	15,760
The Walt Disney Co.	2,440	263,886
Zynga, Inc. (a)	2,439	18,390
		388,530
Interactive Media & Services - 0.7%
Alphabet, Inc. Class A (a)	65	87,536
Zillow Group, Inc.:
Class A (a)	91	3,962
Class C (a)	824	36,223
		127,721
Media - 1.6%
Comcast Corp. Class A	5,507	207,228
Liberty Media Corp.:
Liberty Formula One Group Series C (a)	40	1,288
Liberty Media Class A (a)	169	5,112
Liberty SiriusXM Series A (a)	1,504	50,700
Liberty SiriusXM Series C (a)	709	24,156
		288,484

TOTAL COMMUNICATION SERVICES		1,695,840

CONSUMER DISCRETIONARY - 4.8%
Auto Components - 0.2%
BorgWarner, Inc.	946	27,027
The Goodyear Tire & Rubber Co.	580	4,159
		31,186
Distributors - 0.2%
LKQ Corp. (a)	1,192	31,171
Diversified Consumer Services - 0.2%
Bright Horizons Family Solutions, Inc. (a)	33	3,843
Frontdoor, Inc. (a)	742	28,723
Service Corp. International	115	4,225
		36,791
Hotels, Restaurants & Leisure - 1.1%
McDonald's Corp.	924	173,305
Norwegian Cruise Line Holdings Ltd. (a)	1,078	17,679
Royal Caribbean Cruises Ltd.	178	8,325
		199,309
Household Durables - 1.5%
D.R. Horton, Inc.	2,116	99,918
Garmin Ltd.	1,253	101,693
Lennar Corp. Class A	817	40,907
PulteGroup, Inc.	1,232	34,829
		277,347
Internet & Direct Marketing Retail - 0.3%
eBay, Inc.	1,516	60,382
Multiline Retail - 0.4%
Target Corp.	608	66,722
Specialty Retail - 0.5%
Advance Auto Parts, Inc.	21	2,539
AutoNation, Inc. (a)	601	22,381
The Home Depot, Inc.	257	56,496
Tiffany & Co., Inc.	12	1,518
		82,934
Textiles, Apparel & Luxury Goods - 0.4%
Deckers Outdoor Corp. (a)	194	28,859
NIKE, Inc. Class B	613	53,441
		82,300

TOTAL CONSUMER DISCRETIONARY		868,142

CONSUMER STAPLES - 11.0%
Beverages - 1.0%
PepsiCo, Inc.	483	63,896
The Coca-Cola Co.	2,468	113,257
		177,153
Food & Staples Retailing - 2.5%
Kroger Co.	3,482	110,066
U.S. Foods Holding Corp. (a)	1,291	27,757
Walmart, Inc.	2,668	324,295
		462,118
Food Products - 2.2%
Archer Daniels Midland Co.	907	33,686
Darling International, Inc. (a)	201	4,139
General Mills, Inc.	2,033	121,756
Ingredion, Inc.	57	4,628
Lamb Weston Holdings, Inc.	103	6,320
Mondelez International, Inc.	1,592	81,892
The Hershey Co.	323	42,775
Tyson Foods, Inc. Class A	1,542	95,897
		391,093
Household Products - 4.1%
Clorox Co.	303	56,491
Colgate-Palmolive Co.	1,449	101,821
Kimberly-Clark Corp.	663	91,812
Procter & Gamble Co.	4,087	481,735
		731,859
Tobacco - 1.2%
Philip Morris International, Inc.	2,988	222,905

TOTAL CONSUMER STAPLES		1,985,128

ENERGY - 5.0%
Energy Equipment & Services - 0.1%
Halliburton Co.	1,010	10,605
Oil, Gas & Consumable Fuels - 4.9%
Antero Resources Corp. (a)	2,395	7,137
Chevron Corp.	3,537	325,404
Concho Resources, Inc.	31	1,758
ConocoPhillips Co.	3,095	130,300
EQT Corp.	284	4,144
Exxon Mobil Corp.	6,765	314,370
HollyFrontier Corp.	52	1,718
Kinder Morgan, Inc.	4,430	67,469
ONEOK, Inc.	151	4,519
Range Resources Corp.	3,522	20,533
Valero Energy Corp.	122	7,729
		885,081

TOTAL ENERGY		895,686

FINANCIALS - 19.5%
Banks - 7.6%
Bank of America Corp.	12,349	296,993
Citigroup, Inc.	4,950	240,372
First Hawaiian, Inc.	69	1,214
First Horizon National Corp.	725	6,583
Investors Bancorp, Inc.	341	3,175
JPMorgan Chase & Co.	5,242	501,974
M&T Bank Corp.	356	39,900
Regions Financial Corp.	3,817	41,033
Truist Financial Corp.	1,279	47,732
U.S. Bancorp	167	6,096
Wells Fargo & Co.	6,532	189,755
		1,374,827
Capital Markets - 3.4%
Affiliated Managers Group, Inc.	765	53,519
Ameriprise Financial, Inc.	354	40,689
Bank of New York Mellon Corp.	568	21,323
BlackRock, Inc. Class A	27	13,555
Charles Schwab Corp.	437	16,484
CME Group, Inc.	77	13,722
Goldman Sachs Group, Inc.	437	80,155
Interactive Brokers Group, Inc.	339	13,899
Intercontinental Exchange, Inc.	571	51,076
Invesco Ltd.	4,425	38,144
LPL Financial	247	14,874
MarketAxess Holdings, Inc.	23	10,465
Moody's Corp.	68	16,585
Morgan Stanley	2,534	99,916
State Street Corp.	1,884	118,767
		603,173
Consumer Finance - 0.4%
American Express Co.	236	21,535
Discover Financial Services	241	10,356
Synchrony Financial	1,924	38,076
		69,967
Diversified Financial Services - 3.7%
AXA Equitable Holdings, Inc.	2,323	42,557
Berkshire Hathaway, Inc. Class B (a)	3,282	614,909
Cannae Holdings, Inc. (a)	20	631
Jefferies Financial Group, Inc.	731	10,029
		668,126
Insurance - 4.1%
Allstate Corp.	1,368	139,153
American Financial Group, Inc.	163	10,797
American International Group, Inc.	67	1,704
American National Insurance Co.	24	1,932
Aon PLC	8	1,381
Arch Capital Group Ltd. (a)	1,112	26,721
Chubb Ltd.	464	50,117
First American Financial Corp.	1,825	84,169
FNF Group	1,644	44,470
Hanover Insurance Group, Inc.	175	17,567
Hartford Financial Services Group, Inc.	1,660	63,063
Lincoln National Corp.	90	3,192
MetLife, Inc.	383	13,819
Old Republic International Corp.	432	6,890
Primerica, Inc.	277	28,783
Progressive Corp.	1,536	118,733
Prudential Financial, Inc.	381	23,763
Selective Insurance Group, Inc.	253	12,683
Unum Group	2,472	43,136
W.R. Berkley Corp.	526	28,404
Willis Group Holdings PLC	100	17,829
		738,306
Mortgage Real Estate Investment Trusts - 0.2%
AGNC Investment Corp.	790	9,812
Annaly Capital Management, Inc.	2,983	18,644
Blackstone Mortgage Trust, Inc.	84	1,977
New Residential Investment Corp.	363	2,211
Starwood Property Trust, Inc.	515	6,664
		39,308
Thrifts & Mortgage Finance - 0.1%
MGIC Investment Corp.	481	3,516
Radian Group, Inc.	809	12,119
		15,635

TOTAL FINANCIALS		3,509,342

HEALTH CARE - 15.3%
Biotechnology - 2.2%
Amgen, Inc.	286	68,417
Biogen, Inc. (a)	283	84,003
Gilead Sciences, Inc.	1,397	117,348
Regeneron Pharmaceuticals, Inc. (a)	224	117,797
		387,565
Health Care Equipment & Supplies - 4.6%
Abbott Laboratories	2,426	223,410
Baxter International, Inc.	80	7,102
Becton, Dickinson & Co.	33	8,333
Danaher Corp.	869	142,047
Edwards Lifesciences Corp. (a)	141	30,668
Hill-Rom Holdings, Inc.	561	63,107
Hologic, Inc. (a)	1,403	70,290
Medtronic PLC	2,825	275,805
		820,762
Health Care Providers & Services - 1.6%
Anthem, Inc.	135	37,899
Cardinal Health, Inc.	40	1,979
Cigna Corp.	20	3,916
CVS Health Corp.	1,885	116,022
DaVita HealthCare Partners, Inc. (a)	302	23,861
McKesson Corp.	450	63,563
UnitedHealth Group, Inc.	134	39,191
		286,431
Health Care Technology - 0.3%
Cerner Corp.	770	53,430
Life Sciences Tools & Services - 0.0%
QIAGEN NV (a)	42	1,751
Thermo Fisher Scientific, Inc.	8	2,677
		4,428
Pharmaceuticals - 6.6%
Allergan PLC	325	60,886
Bristol-Myers Squibb Co.	2,337	142,113
Eli Lilly & Co.	180	27,835
Johnson & Johnson	3,745	561,900
Merck & Co., Inc.	1,161	92,114
Mylan NV (a)	5,330	89,384
Pfizer, Inc.	5,632	216,044
		1,190,276

TOTAL HEALTH CARE		2,742,892

INDUSTRIALS - 8.8%
Aerospace & Defense - 2.3%
Harris Corp.	607	117,576
Howmet Aerospace, Inc.	2,417	31,590
Lockheed Martin Corp.	48	18,675
Moog, Inc. Class A	208	10,292
Northrop Grumman Corp.	267	88,289
Parsons Corp.	666	24,908
Raytheon Technologies Corp.	1,944	125,991
Teledyne Technologies, Inc. (a)	14	4,559
		421,880
Air Freight & Logistics - 0.1%
FedEx Corp.	87	11,029
Airlines - 0.0%
American Airlines Group, Inc.	167	2,006
United Airlines Holdings, Inc. (a)	72	2,130
		4,136
Building Products - 0.7%
Carrier Global Corp. (a)	1,845	32,675
Fortune Brands Home & Security, Inc.	956	46,079
Johnson Controls International PLC	1,101	32,050
Universal Forest Products, Inc.	329	13,528
		124,332
Commercial Services & Supplies - 1.4%
Cintas Corp.	372	82,521
Republic Services, Inc.	1,346	105,446
UniFirst Corp.	200	33,630
Waste Management, Inc.	273	27,305
		248,902
Construction & Engineering - 0.4%
EMCOR Group, Inc.	1,020	64,801
Fluor Corp.	489	5,721
		70,522
Electrical Equipment - 0.5%
AMETEK, Inc.	199	16,690
Eaton Corp. PLC	603	50,351
Emerson Electric Co.	158	9,011
Hubbell, Inc. Class B	44	5,475
nVent Electric PLC	265	4,942
Regal Beloit Corp.	33	2,343
		88,812
Industrial Conglomerates - 0.3%
General Electric Co.	6,829	46,437
Machinery - 1.8%
AGCO Corp.	1,579	83,434
Caterpillar, Inc.	12	1,397
Crane Co.	63	3,430
Cummins, Inc.	768	125,568
Dover Corp.	118	11,051
IDEX Corp.	32	4,916
Oshkosh Corp.	177	11,953
Otis Worldwide Corp. (a)	922	46,939
Rexnord Corp.	953	25,988
Timken Co.	126	4,735
		319,411
Professional Services - 0.3%
Equifax, Inc.	243	33,753
FTI Consulting, Inc. (a)	224	28,529
		62,282
Road & Rail - 1.0%
CSX Corp.	1,111	73,582
Kansas City Southern	769	100,393
		173,975

TOTAL INDUSTRIALS		1,571,718

INFORMATION TECHNOLOGY - 8.3%
Communications Equipment - 0.4%
Ciena Corp. (a)	751	34,734
Cisco Systems, Inc.	593	25,131
CommScope Holding Co., Inc. (a)	82	903
ViaSat, Inc. (a)	51	2,162
		62,930
Electronic Equipment & Components - 0.2%
Dolby Laboratories, Inc. Class A	48	2,881
National Instruments Corp.	457	17,558
SYNNEX Corp.	129	11,295
		31,734
IT Services - 1.3%
Amdocs Ltd.	1,648	106,197
DXC Technology Co.	503	9,119
Fidelity National Information Services, Inc.	96	12,661
Global Payments, Inc.	103	17,100
IBM Corp.	712	89,399
ManTech International Corp. Class A	45	3,355
Perspecta, Inc.	29	626
		238,457
Semiconductors & Semiconductor Equipment - 4.0%
Applied Materials, Inc.	2,046	101,645
Cirrus Logic, Inc. (a)	505	38,178
First Solar, Inc. (a)	281	12,367
Intel Corp.	7,731	463,705
Microchip Technology, Inc.	175	15,353
Micron Technology, Inc. (a)	290	13,888
ON Semiconductor Corp. (a)	240	3,851
Qualcomm, Inc.	958	75,366
		724,353
Software - 1.6%
Cadence Design Systems, Inc. (a)	266	21,581
Microsoft Corp.	270	48,387
Nuance Communications, Inc. (a)	5,026	101,525
Synopsys, Inc. (a)	611	96,000
Verint Systems, Inc. (a)	656	28,037
		295,530
Technology Hardware, Storage & Peripherals - 0.8%
Apple, Inc.	259	76,094
HP, Inc.	998	15,479
Xerox Holdings Corp.	2,610	47,737
		139,310

TOTAL INFORMATION TECHNOLOGY		1,492,314

MATERIALS - 3.9%
Chemicals - 1.7%
CF Industries Holdings, Inc.	188	5,170
Dow, Inc.	326	11,961
DuPont de Nemours, Inc.	1,674	78,711
Eastman Chemical Co.	1,317	79,692
Huntsman Corp.	4,271	71,796
Linde PLC	307	56,485
		303,815
Construction Materials - 0.0%
Vulcan Materials Co.	97	10,958
Containers & Packaging - 0.2%
Graphic Packaging Holding Co.	2,279	30,425
Metals & Mining - 2.0%
Arconic Rolled Products Corp. (a)	604	5,267
Newmont Corp.	2,751	163,629
Reliance Steel & Aluminum Co.	959	85,907
Royal Gold, Inc.	645	79,032
Steel Dynamics, Inc.	1,067	25,896
		359,731

TOTAL MATERIALS		704,929

REAL ESTATE - 3.4%
Equity Real Estate Investment Trusts (REITs) - 3.3%
Alexandria Real Estate Equities, Inc.	66	10,368
American Campus Communities, Inc.	68	2,400
Apple Hospitality (REIT), Inc.	1,566	15,159
AvalonBay Communities, Inc.	352	57,358
Boston Properties, Inc.	168	16,326
Brixmor Property Group, Inc.	4,091	46,842
Camden Property Trust (SBI)	390	34,347
Colony Capital, Inc.	976	2,255
Columbia Property Trust, Inc.	646	9,231
Crown Castle International Corp.	183	29,176
Digital Realty Trust, Inc.	252	37,671
Douglas Emmett, Inc.	801	24,422
EastGroup Properties, Inc.	175	18,550
Empire State Realty Trust, Inc.	137	1,145
Equity Residential (SBI)	133	8,653
Gaming & Leisure Properties	644	18,187
HCP, Inc.	692	18,089
Healthcare Realty Trust, Inc.	92	2,704
Hospitality Properties Trust (SBI)	292	2,024
Life Storage, Inc.	430	37,664
Outfront Media, Inc.	1,121	17,588
Park Hotels & Resorts, Inc.	2,735	26,010
Physicians Realty Trust	62	956
Piedmont Office Realty Trust, Inc. Class A	496	8,606
Prologis, Inc.	41	3,658
Public Storage	339	62,868
Realty Income Corp.	416	22,847
Retail Properties America, Inc.	504	3,125
Store Capital Corp.	787	15,795
Sunstone Hotel Investors, Inc.	1,666	15,311
The Macerich Co.	356	2,659
Ventas, Inc.	679	21,966
VEREIT, Inc.	517	2,833
Weyerhaeuser Co.	210	4,593
		601,386
Real Estate Management & Development - 0.1%
CBRE Group, Inc. (a)	8	343
Jones Lang LaSalle, Inc.	98	10,347
		10,690

TOTAL REAL ESTATE		612,076

UTILITIES - 6.3%
Electric Utilities - 3.7%
American Electric Power Co., Inc.	224	18,617
Avangrid, Inc.	123	5,289
Duke Energy Corp.	722	61,125
Entergy Corp.	304	29,035
Evergy, Inc.	320	18,698
Eversource Energy	248	20,014
Exelon Corp.	3,657	135,602
FirstEnergy Corp.	473	19,521
IDACORP, Inc.	106	9,729
NextEra Energy, Inc.	366	84,590
OGE Energy Corp.	1,626	51,252
PNM Resources, Inc.	342	13,848
Portland General Electric Co.	1,020	47,726
PPL Corp.	2,533	64,389
Southern Co.	32	1,815
Xcel Energy, Inc.	1,311	83,327
		664,577
Gas Utilities - 0.3%
UGI Corp.	1,432	43,218
Independent Power and Renewable Electricity Producers - 0.2%
Clearway Energy, Inc. Class C	182	3,645
The AES Corp.	2,435	32,264
Vistra Energy Corp.	209	4,084
		39,993
Multi-Utilities - 1.9%
Ameren Corp.	757	55,072
Black Hills Corp.	11	681
CMS Energy Corp.	126	7,193
Dominion Energy, Inc.	1,853	142,922
DTE Energy Co.	405	42,015
MDU Resources Group, Inc.	2,500	56,150
NorthWestern Energy Corp.	74	4,269
Public Service Enterprise Group, Inc.	616	31,237
		339,539
Water Utilities - 0.2%
American Water Works Co., Inc.	290	35,290
Aqua America, Inc.	106	4,430
		39,720

TOTAL UTILITIES		1,127,047

TOTAL COMMON STOCKS
(Cost $18,620,278)		17,205,114

Money Market Funds - 3.9%
Fidelity Cash Central Fund 0.16% (b)
(Cost $709,817)	709,675	709,888
TOTAL INVESTMENT IN SECURITIES - 99.6%
(Cost $19,330,095)		17,915,002
NET OTHER ASSETS (LIABILITIES) - 0.4%		63,556
NET ASSETS - 100%		$17,978,558

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation/(Depreciation)
Purchased
Equity Index Contracts
CME E-mini S&P 500 Index Contracts (United States)	3	June 2020	$435,360	$19,084	$19,084

The notional amount of futures purchased as a percentage of Net Assets is 2.4%

For the period, the average monthly notional amount at value for futures contracts in the aggregate was $527,970.

Legend

(a) Non-income producing

(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. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$14,960
Total	$14,960

Investment Valuation

All investments are categorized as Level 1 under the Fair Value Hierarchy. 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 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	$1,695,840	$1,695,840	$--	$--
Consumer Discretionary	868,142	868,142	--	--
Consumer Staples	1,985,128	1,985,128	--	--
Energy	895,686	895,686	--	--
Financials	3,509,342	3,509,342	--	--
Health Care	2,742,892	2,742,892	--	--
Industrials	1,571,718	1,571,718	--	--
Information Technology	1,492,314	1,492,314	--	--
Materials	704,929	704,929	--	--
Real Estate	612,076	612,076	--	--
Utilities	1,127,047	1,127,047	--	--
Money Market Funds	709,888	709,888	--	--
Total Investments in Securities:	$17,915,002	$17,915,002	$--	$--
Derivative Instruments:
Assets
Futures Contracts	$19,084	$19,084	$--	$--
Total Assets	$19,084	$19,084	$--	$--
Total Derivative Instruments:	$19,084	$19,084	$--	$--

Value of Derivative Instruments

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

Primary Risk Exposure / Derivative Type	Value
	Asset	Liability
Equity Risk
Futures Contracts^(a)	$19,084	$0
Total Equity Risk	19,084	0
Total Value of Derivatives	$19,084	$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 on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

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

Financial Statements

Statement of Assets and Liabilities

		April 30, 2020
Assets
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $18,620,278)	$17,205,114
Fidelity Central Funds (cost $709,817)	709,888
Total Investment in Securities (cost $19,330,095)		$17,915,002
Segregated cash with brokers for derivative instruments		36,000
Receivable for fund shares sold		11,396
Dividends receivable		22,034
Distributions receivable from Fidelity Central Funds		131
Receivable from investment adviser for expense reductions		1,083
Total assets		17,985,646
Liabilities
Payable for fund shares redeemed	468
Payable for daily variation margin on futures contracts	5,789
Other payables and accrued expenses	831
Total liabilities		7,088
Net Assets		$17,978,558
Net Assets consist of:
Paid in capital		$19,555,153
Total accumulated earnings (loss)		(1,576,595)
Net Assets		$17,978,558
Net Asset Value, offering price and redemption price per share ($17,978,558 ÷ 2,016,078 shares)		$8.92

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

Statement of Operations

		For the period June 27, 2019 (commencement of operations) to April 30, 2020
Investment Income
Dividends		$467,563
Income from Fidelity Central Funds		14,960
Total income		482,523
Expenses
Independent trustees' fees and expenses	$98
Miscellaneous	1,084
Total expenses before reductions	1,182
Expense reductions	(1,083)
Total expenses after reductions		99
Net investment income (loss)		482,424
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(274,199)
Fidelity Central Funds	(42)
Futures contracts	74,017
Total net realized gain (loss)		(200,224)
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	(1,415,164)
Fidelity Central Funds	71
Futures contracts	19,084
Total change in net unrealized appreciation (depreciation)		(1,396,009)
Net gain (loss)		(1,596,233)
Net increase (decrease) in net assets resulting from operations		$(1,113,809)

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

Statement of Changes in Net Assets

	For the period June 27, 2019 (commencement of operations) to April 30, 2020
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$482,424
Net realized gain (loss)	(200,224)
Change in net unrealized appreciation (depreciation)	(1,396,009)
Net increase (decrease) in net assets resulting from operations	(1,113,809)
Distributions to shareholders	(381,002)
Share transactions
Proceeds from sales of shares	37,185,870
Reinvestment of distributions	381,002
Cost of shares redeemed	(18,093,503)
Net increase (decrease) in net assets resulting from share transactions	19,473,369
Total increase (decrease) in net assets	17,978,558
Net Assets
Beginning of period	–
End of period	$17,978,558
Other Information
Shares
Sold	3,748,876
Issued in reinvestment of distributions	35,213
Redeemed	(1,768,011)
Net increase (decrease)	2,016,078

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

Financial Highlights

Fidelity Flex Large Cap Value II Fund


Year ended April 30,	2020 ^A
Selected Per–Share Data
Net asset value, beginning of period	$10.00
Income from Investment Operations
Net investment income (loss)^B	.22
Net realized and unrealized gain (loss)	(1.10)
Total from investment operations	(.88)
Distributions from net investment income	(.18)
Distributions from net realized gain	(.03)
Total distributions	(.20)^C
Net asset value, end of period	$8.92
Total Return^D,^E	(9.15)%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.01%^H
Expenses net of fee waivers, if any^I	- %^H
Expenses net of all reductions^I	- %^H
Net investment income (loss)	2.63%^H
Supplemental Data
Net assets, end of period (000 omitted)	$17,979
Portfolio turnover rate^J	134%^H

^A For the period June 27, 2019 (commencement of operations) to April 30, 2020.

^B Calculated based on average shares outstanding during the period.

^C Total distributions of $.20 per share is comprised of distributions from net investment income of $.175 and distributions from net realized gain of $.025 per share.

^D Total returns for periods of less than one year are not annualized.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

^H Annualized

^I Amount represents less than .005%.

^J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

Notes to Financial Statements

For the period ended April 30, 2020

1. Organization.

Fidelity Flex Large Cap Value II Fund (the Fund)(to be renamed Fidelity Flex Large Cap Value Fund effective June 30, 2020) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund is available only to certain fee-based accounts offered by Fidelity.

Effective January 1, 2020:

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund 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 Committee, in accordance with procedures adopted by the Board. 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 the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund 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 the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

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 mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder 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 identified cost. 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 the Fund 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Book-tax differences are primarily due to futures contracts and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation	$843,432
Gross unrealized depreciation	(2,338,201)
Net unrealized appreciation (depreciation)	$(1,494,769)
Tax Cost	$19,409,771

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$65,681
Net unrealized appreciation (depreciation) on securities and other investments	$(1,494,769)

The Fund intends to elect to defer to its next fiscal year $147,506 of capital losses recognized during the period November 1, 2019 to April 30, 2020.

The tax character of distributions paid was as follows:

	April 30, 2020^(a)
Ordinary Income	$363,857
Long-term Capital Gains	17,145
Total	$381,002

(a) For the period June 27, 2019 (commencement of operations) to April 30, 2020.

4. Derivative Instruments.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, are noted in the table below.

	Purchases ($)	Sales ($)
Fidelity Flex Large Cap Value II Fund	42,847,633	23,932,346

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services and the Fund does not pay any fees for these services. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

7. Committed Line of Credit.

	Amount
Fidelity Flex Large Cap Value II Fund	$1

During the period, there were no borrowings on this line of credit.

8. Expense Reductions.

During the period, the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $1,083.

9. Other.

10. Coronavirus (COVID-19) Pandemic.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Concord Street Trust and Shareholders of Fidelity Flex Large Cap Value II Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Flex Large Cap Value II Fund (one of the funds constituting Fidelity Concord Street Trust, referred to hereafter as the “Fund”) as of April 30, 2020, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period June 27, 2019 (commencement of operations) through April 30, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2020, and the results of its operations, changes in its net assets, and the financial highlights for the period June 27, 2019 (commencement of operations) through April 30, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2020 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

June 15, 2020

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455 (for managed account clients) or 1-800-835-5092 (for retirement plan participants).

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Acting Chairman of the Board of Trustees

* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Co-Lead Independent Trustee

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Co-Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2020

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2019 to April 30, 2020).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value November 1, 2019	Ending Account Value April 30, 2020	Expenses Paid During Period-^B November 1, 2019 to April 30, 2020
Actual	- %-^C	$1,000.00	$871.90	$--^D
Hypothetical-^E		$1,000.00	$1,024.86	$--^D

^A Annualized expense ratio reflects expenses net of applicable fee waivers.

^B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

^C Amount represents less than .005%.

^D Amount represents less than $.005.

^E 5% return per year before expenses

Distributions (Unaudited)

The fund hereby designates as a capital gain dividend with respect to the taxable year ended April 30, 2020, $16,850, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 74% of the dividends distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

The fund designates 78% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 2% of the dividends distributed during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2021 of amounts for use in preparing 2020 income tax returns.

Liquidity Risk Management Program

Highly liquid investments – cash or convertible to cash within three business days or less
Moderately liquid investments – convertible to cash in three to seven calendar days
Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
Illiquid investments – cannot be sold or disposed of within seven calendar days

FIDELITY INVESTMENTS

FLV-ANN-0620
1.9893832.100

Fidelity® Large Cap Stock Fund

Annual Report

April 30, 2020

See the inside front cover for important information about access to your fund’s shareholder reports.

FIDELITY INVESTMENTS

Account Type	Website	Phone Number
Brokerage, Mutual Fund, or Annuity Contracts:	fidelity.com/mailpreferences	1-800-343-3548
Employer Provided Retirement Accounts:	netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print)	1-800-343-0860
Advisor Sold Accounts Serviced Through Your Financial Intermediary:	Contact Your Financial Intermediary	Your Financial Intermediary's phone number
Advisor Sold Accounts Serviced by Fidelity:	institutional.fidelity.com	1-877-208-0098

Contents

Note to Shareholders
Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Board Approval of Investment Advisory Contracts and Management Fees
Liquidity Risk Management Program

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Note to Shareholders:

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended April 30, 2020	Past 1 year	Past 5 years	Past 10 years
Fidelity® Large Cap Stock Fund	(8.41)%	4.99%	9.93%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Large Cap Stock Fund on April 30, 2010.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.

	Period Ending Values
	$25,784	Fidelity® Large Cap Stock Fund
	$30,221	S&P 500® Index

Management's Discussion of Fund Performance

Comments from Portfolio Manager Matthew Fruhan: For the fiscal year, the fund returned -8.41%, lagging the benchmark S&P 500^® index. A combination of security selection and sector allocation hampered the fund's result versus the benchmark. Stock picks in communication services, financials and industrials notably detracted. Meanwhile, the fund's large overweight in the energy sector hurt most, given that group's sharp decline along with the price of oil. Other relative detractors included a significant underweight in information technology – the market's strongest-performing group this period – and overweights in the lagging industrials and financials sectors. In contrast, we benefited from a meaningful overweight in health care. The biggest individual detractor versus the benchmark was a sizable position in industrial conglomerate General Electric (-33%). The stock fell on concerns about reduced air travel amid the coronavirus, which hurt the company's financially important jet-engine business. In an environment of oil-price weakness, exposure to integrated energy giant Exxon Mobil (-39%) and a non-benchmark stake in Canadian oil and natural gas company Cenovus Energy (-62%) also were big detractors. On the positive side, drugmaker Bristol-Myers Squibb gained 35% and was the top contributor versus the benchmark. Another notable contributor – and, partly due to its large stake in the benchmark, our largest individual holding on April 30 – was software and cloud-computing company Microsoft (+39%).

Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2020

	% of fund's net assets
Microsoft Corp.	6.8
General Electric Co.	4.8
Exxon Mobil Corp.	4.1
Comcast Corp. Class A	3.8
Altria Group, Inc.	3.6
Bank of America Corp.	3.0
Apple, Inc.	3.0
Bristol-Myers Squibb Co.	2.9
Wells Fargo & Co.	2.9
Johnson & Johnson	2.3
	37.2

Top Five Market Sectors as of April 30, 2020

	% of fund's net assets
Health Care	20.8
Information Technology	18.8
Financials	15.2
Industrials	12.0
Consumer Staples	8.3

Asset Allocation (% of fund's net assets)

As of April 30, 2020^*
	Stocks	96.5%
	Other Investments	0.2%
	Short-Term Investments and Net Other Assets (Liabilities)	3.3%

* Foreign investments - 11.0%

Schedule of Investments April 30, 2020

Showing Percentage of Net Assets

Common Stocks - 96.5%
	Shares	Value (000s)
COMMUNICATION SERVICES - 7.6%
Diversified Telecommunication Services - 1.0%
Verizon Communications, Inc.	372,606	$21,406
Entertainment - 1.8%
Activision Blizzard, Inc.	148,532	9,466
Electronic Arts, Inc. (a)	76,117	8,697
The Walt Disney Co.	53,704	5,808
Vivendi SA (b)	753,020	16,275
		40,246
Interactive Media & Services - 0.6%
Alphabet, Inc.:
Class A (a)	3,414	4,598
Class C (a)	3,416	4,607
ANGI Homeservices, Inc. Class A (a)	64,400	436
Match Group, Inc. (a)(b)	54,500	4,194
		13,835
Media - 4.2%
Comcast Corp. Class A	2,163,947	81,429
Discovery Communications, Inc. Class A (a)(b)	109,203	2,448
Interpublic Group of Companies, Inc.	401,216	6,813
		90,690

TOTAL COMMUNICATION SERVICES		166,177

CONSUMER DISCRETIONARY - 4.4%
Auto Components - 0.3%
BorgWarner, Inc.	249,717	7,134
Automobiles - 0.2%
General Motors Co.	155,800	3,473
Distributors - 0.3%
LKQ Corp. (a)	190,963	4,994
Hotels, Restaurants & Leisure - 0.2%
Drive Shack, Inc. (a)	9,854	13
Starbucks Corp.	56,200	4,312
		4,325
Household Durables - 1.0%
Mohawk Industries, Inc. (a)	124,641	10,934
Whirlpool Corp.	96,475	10,780
		21,714
Internet & Direct Marketing Retail - 1.0%
Expedia, Inc.	23,900	1,696
Ocado Group PLC (a)	162,400	3,282
The Booking Holdings, Inc. (a)	11,588	17,157
		22,135
Specialty Retail - 1.0%
Lowe's Companies, Inc.	209,653	21,961
Textiles, Apparel & Luxury Goods - 0.4%
NIKE, Inc. Class B	68,800	5,998
PVH Corp.	38,314	1,886
Tapestry, Inc.	59,989	893
		8,777

TOTAL CONSUMER DISCRETIONARY		94,513

CONSUMER STAPLES - 8.3%
Beverages - 1.3%
Anheuser-Busch InBev SA NV ADR	73,900	3,438
Diageo PLC sponsored ADR	39,700	5,504
The Coca-Cola Co.	443,472	20,351
		29,293
Food & Staples Retailing - 1.7%
Performance Food Group Co. (a)	66,646	1,956
Sysco Corp.	190,400	10,714
Walmart, Inc.	190,998	23,216
		35,886
Household Products - 0.6%
Colgate-Palmolive Co.	7,500	527
Energizer Holdings, Inc.	2,900	113
Procter & Gamble Co.	75,222	8,866
Spectrum Brands Holdings, Inc.	83,898	3,613
		13,119
Personal Products - 0.1%
Unilever NV	51,600	2,570
Tobacco - 4.6%
Altria Group, Inc.	1,975,515	77,539
British American Tobacco PLC sponsored ADR	459,788	17,541
Philip Morris International, Inc.	69,009	5,148
		100,228

TOTAL CONSUMER STAPLES		181,096

ENERGY - 7.3%
Energy Equipment & Services - 0.0%
Subsea 7 SA	52,900	293
Oil, Gas & Consumable Fuels - 7.3%
Cenovus Energy, Inc. (Canada)	4,332,141	15,717
Equinor ASA sponsored ADR	1,592,184	21,622
Exxon Mobil Corp. (b)	1,910,500	88,781
Hess Corp.	615,247	29,926
Kosmos Energy Ltd.	1,536,559	2,535
Total SA sponsored ADR	19,000	668
		159,249

TOTAL ENERGY		159,542

FINANCIALS - 15.2%
Banks - 10.1%
Bank of America Corp.	2,741,970	65,944
JPMorgan Chase & Co.	336,090	32,184
M&T Bank Corp.	27,403	3,071
PNC Financial Services Group, Inc.	203,412	21,698
Truist Financial Corp.	565,554	21,106
U.S. Bancorp	362,843	13,244
Wells Fargo & Co.	2,128,098	61,821
		219,068
Capital Markets - 3.5%
Cboe Global Markets, Inc.	10,945	1,088
KKR & Co. LP	333,358	8,404
Morgan Stanley	214,645	8,463
Northern Trust Corp.	344,512	27,272
Raymond James Financial, Inc.	52,330	3,450
State Street Corp.	447,389	28,203
		76,880
Consumer Finance - 0.2%
Discover Financial Services	125,100	5,376
Diversified Financial Services - 0.2%
KKR Renaissance Co-Invest LP unit (a)(c)	9,907	3,490
Insurance - 0.3%
Chubb Ltd.	43,511	4,700
The Travelers Companies, Inc.	17,988	1,821
		6,521
Thrifts & Mortgage Finance - 0.9%
MGIC Investment Corp.	596,211	4,358
Radian Group, Inc.	1,008,389	15,106
		19,464

TOTAL FINANCIALS		330,799

HEALTH CARE - 20.8%
Biotechnology - 2.6%
AbbVie, Inc.	81,229	6,677
Alexion Pharmaceuticals, Inc. (a)	162,404	17,454
Alnylam Pharmaceuticals, Inc. (a)	33,955	4,472
Amgen, Inc.	27,696	6,625
Crinetics Pharmaceuticals, Inc. (a)	47,600	794
Gritstone Oncology, Inc. (a)	146,087	1,024
Heron Therapeutics, Inc. (a)	28,816	411
Insmed, Inc. (a)	204,739	4,709
Intercept Pharmaceuticals, Inc. (a)(b)	153,442	12,570
United Therapeutics Corp. (a)	8,300	909
		55,645
Health Care Equipment & Supplies - 1.1%
Becton, Dickinson & Co.	25,584	6,461
Boston Scientific Corp. (a)	441,228	16,537
Intuitive Surgical, Inc. (a)	1,500	766
		23,764
Health Care Providers & Services - 7.9%
AmerisourceBergen Corp.	123,457	11,069
Cardinal Health, Inc.	310,696	15,373
Centene Corp. (a)	48,800	3,249
Cigna Corp.	188,533	36,911
Covetrus, Inc. (a)(b)	110,519	1,314
CVS Health Corp.	641,693	39,496
McKesson Corp.	195,005	27,544
UnitedHealth Group, Inc.	129,023	37,735
		172,691
Health Care Technology - 0.0%
Castlight Health, Inc. Class B (a)	269,429	197
Pharmaceuticals - 9.2%
Bayer AG	547,562	36,087
Bristol-Myers Squibb Co.	1,021,325	62,107
Elanco Animal Health, Inc. (a)	72,500	1,791
GlaxoSmithKline PLC sponsored ADR	958,998	40,345
Johnson & Johnson	330,138	49,534
Sanofi SA sponsored ADR	157,000	7,352
TherapeuticsMD, Inc. (a)(b)	1,522,947	2,406
		199,622

TOTAL HEALTH CARE		451,919

INDUSTRIALS - 12.0%
Aerospace & Defense - 0.8%
Airbus Group NV	26,200	1,659
General Dynamics Corp.	39,016	5,096
Huntington Ingalls Industries, Inc.	25,901	4,958
Raytheon Technologies Corp.	45,981	2,980
Safran SA	15,300	1,422
The Boeing Co.	14,488	2,043
		18,158
Air Freight & Logistics - 2.3%
FedEx Corp.	98,173	12,445
United Parcel Service, Inc. Class B	380,261	35,996
XPO Logistics, Inc. (a)	30,204	2,016
		50,457
Airlines - 0.1%
Ryanair Holdings PLC sponsored ADR (a)	16,900	1,073
Commercial Services & Supplies - 0.1%
IAA Spinco, Inc. (a)	33,000	1,274
Electrical Equipment - 0.8%
Acuity Brands, Inc.	51,428	4,453
Hubbell, Inc. Class B	36,655	4,561
Vertiv Holdings Co.(a)	29,500	312
Vertiv Holdings LLC (c)	850,000	9,002
		18,328
Industrial Conglomerates - 5.1%
3M Co.	39,267	5,965
General Electric Co.	15,476,688	105,241
		111,206
Machinery - 0.9%
Cummins, Inc.	18,900	3,090
Flowserve Corp.	141,470	3,985
Fortive Corp.	38,700	2,477
Otis Worldwide Corp. (a)	54,540	2,777
Stanley Black & Decker, Inc.	20,000	2,204
Westinghouse Air Brake Co.	83,492	4,711
		19,244
Professional Services - 0.3%
Acacia Research Corp. (a)	24,000	61
RELX PLC (London Stock Exchange)	264,400	5,983
		6,044
Road & Rail - 1.6%
J.B. Hunt Transport Services, Inc.	81,552	8,247
Knight-Swift Transportation Holdings, Inc. Class A	510,232	18,970
Lyft, Inc. (a)	96,816	3,178
Ryder System, Inc.	100,200	3,547
		33,942

TOTAL INDUSTRIALS		259,726

INFORMATION TECHNOLOGY - 18.8%
Communications Equipment - 0.4%
Cisco Systems, Inc.	201,775	8,551
IT Services - 3.0%
Gartner, Inc. (a)	26,800	3,184
Genpact Ltd.	116,100	3,997
IBM Corp.	31,200	3,917
MasterCard, Inc. Class A	27,592	7,587
Twilio, Inc. Class A (a)	12,800	1,437
Unisys Corp. (a)	385,922	4,859
Visa, Inc. Class A	227,984	40,745
		65,726
Semiconductors & Semiconductor Equipment - 2.7%
Analog Devices, Inc.	22,390	2,454
Applied Materials, Inc.	77,352	3,843
Marvell Technology Group Ltd.	78,777	2,106
NVIDIA Corp.	1,591	465
Qualcomm, Inc.	613,754	48,284
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	27,345	1,453
		58,605
Software - 9.5%
Autodesk, Inc. (a)	49,309	9,227
Dynatrace, Inc.	66,314	1,979
Elastic NV (a)	53,900	3,457
Microsoft Corp.	829,747	148,702
Oracle Corp.	195,666	10,364
Parametric Technology Corp. (a)	54,000	3,740
SAP SE sponsored ADR	213,919	25,358
Workday, Inc. Class A (a)	18,200	2,801
		205,628
Technology Hardware, Storage & Peripherals - 3.2%
Apple, Inc.	221,193	64,987
HP, Inc.	275,600	4,275
		69,262

TOTAL INFORMATION TECHNOLOGY		407,772

MATERIALS - 1.6%
Chemicals - 1.2%
DuPont de Nemours, Inc.	318,600	14,981
Intrepid Potash, Inc. (a)	833,405	803
Livent Corp. (a)	11,000	68
LyondellBasell Industries NV Class A	56,500	3,274
Nutrien Ltd.	156,456	5,587
PPG Industries, Inc.	23,400	2,125
		26,838
Metals & Mining - 0.4%
BHP Billiton Ltd. sponsored ADR (b)	180,450	7,341

TOTAL MATERIALS		34,179

REAL ESTATE - 0.5%
Equity Real Estate Investment Trusts (REITs) - 0.5%
American Tower Corp.	19,746	4,700
Equinix, Inc.	7,024	4,743
Simon Property Group, Inc.	15,037	1,004
		10,447
UTILITIES - 0.0%
Multi-Utilities - 0.0%
Sempra Energy	7,264	900
TOTAL COMMON STOCKS
(Cost $2,101,579)		2,097,070

Other - 0.2%
Energy - 0.2%
Oil, Gas & Consumable Fuels - 0.2%
Utica Shale Drilling Program (non-operating revenue interest) (c)(d)(e)
(Cost $6,968)	6,967,758	3,361

Money Market Funds - 5.7%
Fidelity Cash Central Fund 0.16% (f)	74,238,685	74,261
Fidelity Securities Lending Cash Central Fund 0.11% (f)(g)	49,471,428	49,476
TOTAL MONEY MARKET FUNDS
(Cost $123,730)		123,737
TOTAL INVESTMENT IN SECURITIES - 102.4%
(Cost $2,232,277)		2,224,168
NET OTHER ASSETS (LIABILITIES) - (2.4)%		(51,205)
NET ASSETS - 100%		$2,172,963

Legend

(a) Non-income producing

(b) Security or a portion of the security is on loan at period end.

(c) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $15,853,000 or 0.7% of net assets.

(d) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.

(e) Level 3 security

(f) 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. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(g) Investment made with cash collateral received from securities on loan.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
KKR Renaissance Co-Invest LP unit	7/25/13	$1,045
Utica Shale Drilling Program (non-operating revenue interest)	10/5/16 - 9/1/17	$6,968
Vertiv Holdings LLC	2/6/20	$8,500

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
	(Amounts in thousands)
Fidelity Cash Central Fund	$966
Fidelity Securities Lending Cash Central Fund	634
Total	$1,600

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
(Amounts in thousands)
Investments in Securities:
Equities:
Communication Services	$166,177	$149,902	$16,275	$--
Consumer Discretionary	94,513	94,513	--	--
Consumer Staples	181,096	178,526	2,570	--
Energy	159,542	159,542	--	--
Financials	330,799	327,309	3,490	--
Health Care	451,919	451,919	--	--
Industrials	259,726	256,645	3,081	--
Information Technology	407,772	407,772	--	--
Materials	34,179	34,179	--	--
Real Estate	10,447	10,447	--	--
Utilities	900	900	--	--
Other	3,361	--	--	3,361
Money Market Funds	123,737	123,737	--	--
Total Investments in Securities:	$2,224,168	$2,195,391	$25,416	$3,361

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America	89.0%
United Kingdom	3.2%
Germany	2.9%
France	1.1%
Norway	1.0%
Canada	1.0%
Others (Individually Less Than 1%)	1.8%
	100.0%

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

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amount)		April 30, 2020
Assets
Investment in securities, at value (including securities loaned of $46,616) — See accompanying schedule: Unaffiliated issuers (cost $2,108,547)	$2,100,431
Fidelity Central Funds (cost $123,730)	123,737
Total Investment in Securities (cost $2,232,277)		$2,224,168
Restricted cash		230
Foreign currency held at value (cost $324)		324
Receivable for investments sold		11,147
Receivable for fund shares sold		3,584
Dividends receivable		4,124
Distributions receivable from Fidelity Central Funds		60
Prepaid expenses		1
Other receivables		80
Total assets		2,243,718
Liabilities
Payable for investments purchased	$16,914
Payable for fund shares redeemed	3,643
Accrued management fee	319
Other affiliated payables	329
Other payables and accrued expenses	72
Collateral on securities loaned	49,478
Total liabilities		70,755
Net Assets		$2,172,963
Net Assets consist of:
Paid in capital		$2,159,757
Total accumulated earnings (loss)		13,206
Net Assets		$2,172,963
Net Asset Value, offering price and redemption price per share ($2,172,963 ÷ 78,168 shares)		$27.80

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

Statement of Operations

Amounts in thousands		Year ended April 30, 2020
Investment Income
Dividends		$61,083
Income from Fidelity Central Funds (including $634 from security lending)		1,600
Total income		62,683
Expenses
Management fee
Basic fee	$13,296
Performance adjustment	(6,409)
Transfer agent fees	3,925
Accounting fees	741
Custodian fees and expenses	41
Independent trustees' fees and expenses	15
Registration fees	71
Audit	55
Legal	7
Miscellaneous	42
Total expenses before reductions	11,784
Expense reductions	(32)
Total expenses after reductions		11,752
Net investment income (loss)		50,931
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	87,644
Redemptions in-kind with affiliated entities	70,493
Fidelity Central Funds	5
Foreign currency transactions	1
Total net realized gain (loss)		158,143
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	(409,073)
Fidelity Central Funds	7
Assets and liabilities in foreign currencies	10
Total change in net unrealized appreciation (depreciation)		(409,056)
Net gain (loss)		(250,913)
Net increase (decrease) in net assets resulting from operations		$(199,982)

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

Statement of Changes in Net Assets

Amounts in thousands	Year ended April 30, 2020	Year ended April 30, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$50,931	$56,767
Net realized gain (loss)	158,143	286,854
Change in net unrealized appreciation (depreciation)	(409,056)	(72,868)
Net increase (decrease) in net assets resulting from operations	(199,982)	270,753
Distributions to shareholders	(145,049)	(319,807)
Share transactions
Proceeds from sales of shares	768,694	755,068
Reinvestment of distributions	132,690	288,173
Cost of shares redeemed	(1,179,794)	(2,062,176)
Net increase (decrease) in net assets resulting from share transactions	(278,410)	(1,018,935)
Total increase (decrease) in net assets	(623,441)	(1,067,989)
Net Assets
Beginning of period	2,796,404	3,864,393
End of period	$2,172,963	$2,796,404
Other Information
Shares
Sold	26,504	24,059
Issued in reinvestment of distributions	4,174	9,565
Redeemed	(39,608)	(63,553)
Net increase (decrease)	(8,930)	(29,929)

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

Financial Highlights

Fidelity Large Cap Stock Fund


Years ended April 30,	2020	2019	2018	2017	2016
Selected Per–Share Data
Net asset value, beginning of period	$32.11	$33.02	$30.85	$26.62	$29.28
Income from Investment Operations
Net investment income (loss)^A	.63	.63	.47	.38	.37
Net realized and unrealized gain (loss)	(3.12)	2.17	2.87	4.91	(1.74)
Total from investment operations	(2.49)	2.80	3.34	5.29	(1.37)
Distributions from net investment income	(.62)	(.53)^B	(.38)	(.41)	(.32)
Distributions from net realized gain	(1.20)	(3.18)^B	(.79)	(.65)	(.97)
Total distributions	(1.82)	(3.71)	(1.17)	(1.06)	(1.29)
Net asset value, end of period	$27.80	$32.11	$33.02	$30.85	$26.62
Total Return^C	(8.41)%	9.57%	10.96%	20.37%	(4.82)%
Ratios to Average Net Assets^D,^E
Expenses before reductions	.47%	.63%	.67%	.62%	.78%
Expenses net of fee waivers, if any	.47%	.63%	.67%	.62%	.77%
Expenses net of all reductions	.47%	.62%	.66%	.62%	.77%
Net investment income (loss)	2.05%	1.96%	1.44%	1.33%	1.38%
Supplemental Data
Net assets, end of period (in millions)	$2,173	$2,796	$3,864	$4,656	$2,580
Portfolio turnover rate^F	32%^G	35%^G	40%^G	32%^G	31%

^A Calculated based on average shares outstanding during the period.

^B The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Portfolio turnover rate excludes securities received or delivered in-kind.

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

Notes to Financial Statements

For the period ended April 30, 2020
(Amounts in thousands except percentages)

1. Organization.

Fidelity Large Cap Stock Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

Effective January 1, 2020:

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund 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 Committee, in accordance with procedures adopted by the Board. 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 the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund 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 the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder 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 identified cost and 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 the Fund 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Book-tax differences are primarily due to foreign currency transactions, redemptions in kind, partnerships and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation	$397,531
Gross unrealized depreciation	(430,307)
Net unrealized appreciation (depreciation)	$(32,776)
Tax Cost	$2,256,944

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$16,092
Undistributed long-term capital gain	$30,056
Net unrealized appreciation (depreciation) on securities and other investments	$(32,941)

The tax character of distributions paid was as follows:

	April 30, 2020	April 30, 2019
Ordinary Income	$48,688	$ 59,101
Long-term Capital Gains	96,361	260,706
Total	$145,049	$ 319,807

Consolidated Subsidiary. The Fund invests in certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

As of period end, the Fund held an investment of $3,591 in this Subsidiary, representing .17% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and the Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.

Any cash held by the Subsidiary is restricted as to its use and is presented as Restricted cash in the Statement of Assets and Liabilities.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions are noted in the table below.

	Purchases ($)	Sales ($)
Fidelity Large Cap Stock Fund	785,287	902,925

Unaffiliated Redemptions In-Kind. During the period, 40 shares of the Fund were redeemed in-kind for investments and cash with a value of $1,207. The net realized gain of $351 on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. The Fund recognized no gain or loss for federal income tax purposes.

Prior Fiscal Year Unaffiliated Redemptions In-Kind. During the prior period, 97 shares of the Fund were redeemed in-kind for investments and cash with a value of $3,010. The Fund had a net realized gain of $895 on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. The Fund recognized no gain or loss for federal income tax purposes.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to its benchmark index, the S&P 500 Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .28% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

	% of Average Net Assets
Fidelity Large Cap Stock Fund	.03

	Amount
Fidelity Large Cap Stock Fund	$23

Affiliated Redemptions In-Kind. During the period, 8,794 shares of the Fund were redeemed in-kind for investments and cash with a value of $271,433. The net realized gain of $70,493 on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. The Fund recognized no gain or loss for federal income tax purposes.

Prior Fiscal Year Affiliated Redemptions In-Kind. During the prior period, 7,586 shares of the Fund were redeemed in-kind for investments and cash with a value of $257,324. The Fund had a net realized gain of $77,760 on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. The Fund recognized no gain or loss for federal income tax purposes.

6. Committed Line of Credit.

	Amount
Fidelity Large Cap Stock Fund	$6

During the period, there were no borrowings on this line of credit.

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to NFS, as affiliated borrower, at period end was $516. Total fees paid by the Fund to NFS, as lending agent, amounted to $58. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds, and includes $16 from securities loaned to NFS, as affiliated borrower.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $16 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $1.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $15.

9. Other.

10. Coronavirus (COVID-19) Pandemic.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Concord Street Trust and Shareholders of Fidelity Large Cap Stock Fund

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Large Cap Stock Fund (the "Fund"), a fund of Fidelity Concord Street Trust, including the schedule of investments, as of April 30, 2020, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2020, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

June 10, 2020

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

Trustees and Officers

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Acting Chairman of the Board of Trustees

* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Co-Lead Independent Trustee

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Co-Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2020

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2019 to April 30, 2020).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value November 1, 2019	Ending Account Value April 30, 2020	Expenses Paid During Period-^B November 1, 2019 to April 30, 2020
Actual	.42%	$1,000.00	$893.30	$1.98
Hypothetical-^C		$1,000.00	$1,022.77	$2.11

^A Annualized expense ratio reflects expenses net of applicable fee waivers.

^B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

^C 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of Fidelity Large Cap Stock Fund voted to pay on June 8, 2020, to shareholders of record at the opening of business on June 5, 2020, a distribution of $0.393 per share derived from capital gains realized from sales of portfolio securities and a dividend of $0.210 per share from net investment income.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended April 30, 2020, $98,256,350, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 100% of the dividends distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

The fund designates 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2021 of amounts for use in preparing 2020 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Large Cap Stock Fund

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods ended June 30, 2019, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.

Fidelity Large Cap Stock Fund

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Fidelity Large Cap Stock Fund

The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended June 30, 2019. The Board also noted the effect of the fund's performance adjustment, if any, on the fund's management fee ranking.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

The Board noted that the fund's total expense ratio ranked below the competitive median for the 12-month period ended June 30, 2019.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Liquidity Risk Management Program

Highly liquid investments – cash or convertible to cash within three business days or less
Moderately liquid investments – convertible to cash in three to seven calendar days
Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
Illiquid investments – cannot be sold or disposed of within seven calendar days

FIDELITY INVESTMENTS

LCS-ANN-0620
1.703546.122

Fidelity® Large Cap Stock K6 Fund

Annual Report

April 30, 2020

See the inside front cover for important information about access to your fund’s shareholder reports.

FIDELITY INVESTMENTS

Account Type	Website	Phone Number
Brokerage, Mutual Fund, or Annuity Contracts:	fidelity.com/mailpreferences	1-800-343-3548
Employer Provided Retirement Accounts:	netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print)	1-800-343-0860
Advisor Sold Accounts Serviced Through Your Financial Intermediary:	Contact Your Financial Intermediary	Your Financial Intermediary's phone number
Advisor Sold Accounts Serviced by Fidelity:	institutional.fidelity.com	1-877-208-0098

Contents

Note to Shareholders
Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Board Approval of Investment Advisory Contracts and Management Fees
Liquidity Risk Management Program

You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Note to Shareholders:

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended April 30, 2020	Past 1 year	Life of fund^A
Fidelity® Large Cap Stock K6 Fund	(8.32)%	3.85%

^A From May 25, 2017

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Large Cap Stock K6 Fund on May 25, 2017, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.

	Period Ending Values
	$11,171	Fidelity® Large Cap Stock K6 Fund
	$12,774	S&P 500® Index

Management's Discussion of Fund Performance

Comments from Portfolio Manager Matthew Fruhan: For the fiscal year, the fund returned -8.32%, lagging the benchmark S&P 500^® index. A combination of security selection and sector allocation hampered the fund's result versus the benchmark. Stock picks in communication services, financials and industrials notably detracted. Meanwhile, the fund's large overweight in the energy sector hurt most, given that group's sharp decline along with the price of oil. Other relative detractors included a significant underweight in information technology – the market's strongest-performing group this period – and overweights in the lagging industrials and financials sectors. In contrast, we benefited from a meaningful overweight in health care. The biggest individual detractor versus the benchmark was a sizable position in industrial conglomerate General Electric (-33%). The stock fell on concerns about reduced air travel amid the coronavirus, which hurt the company's financially important jet-engine business. In an environment of oil-price weakness, exposure to integrated energy giant Exxon Mobil (-39%) and a non-benchmark stake in Canadian oil and natural gas company Cenovus Energy (-62%) also were big detractors. On the positive side, drugmaker Bristol-Myers Squibb gained 35% and was the top contributor versus the benchmark. Another notable contributor – and, partly due to its large stake in the benchmark, our largest individual holding on April 30 – was software and cloud-computing company Microsoft (+39%).

Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2020

	% of fund's net assets
Microsoft Corp.	7.0
General Electric Co.	4.9
Exxon Mobil Corp.	4.1
Comcast Corp. Class A	3.9
Altria Group, Inc.	3.6
Apple, Inc.	3.1
Bank of America Corp.	3.1
Bristol-Myers Squibb Co.	2.9
Wells Fargo & Co.	2.8
Johnson & Johnson	2.3
	37.7

Top Five Market Sectors as of April 30, 2020

	% of fund's net assets
Health Care	21.4
Information Technology	19.0
Financials	15.3
Industrials	12.1
Consumer Staples	8.5

Asset Allocation (% of fund's net assets)

As of April 30, 2020^*
	Stocks	97.6%
	Short-Term Investments and Net Other Assets (Liabilities)	2.4%

* Foreign investments - 11.3%

Schedule of Investments April 30, 2020

Showing Percentage of Net Assets

Common Stocks - 97.6%
	Shares	Value
COMMUNICATION SERVICES - 7.6%
Diversified Telecommunication Services - 1.0%
Verizon Communications, Inc.	12,733	$731,511
Entertainment - 1.9%
Activision Blizzard, Inc.	4,806	306,286
Electronic Arts, Inc. (a)	2,617	299,018
The Walt Disney Co.	1,827	197,590
Vivendi SA	24,565	530,927
		1,333,821
Interactive Media & Services - 0.4%
Alphabet, Inc.:
Class A (a)	52	70,028
Class C (a)	52	70,130
ANGI Homeservices, Inc. Class A (a)	2,100	14,228
Match Group, Inc. (a)(b)	1,700	130,832
		285,218
Media - 4.3%
Comcast Corp. Class A	72,157	2,715,268
Discovery Communications, Inc. Class A (a)(b)	4,158	93,222
Interpublic Group of Companies, Inc.	13,023	221,131
		3,029,621

TOTAL COMMUNICATION SERVICES		5,380,171

CONSUMER DISCRETIONARY - 4.2%
Auto Components - 0.3%
BorgWarner, Inc.	8,100	231,417
Automobiles - 0.2%
General Motors Co.	5,000	111,450
Distributors - 0.3%
LKQ Corp. (a)	6,554	171,387
Hotels, Restaurants & Leisure - 0.2%
Starbucks Corp.	1,500	115,095
Household Durables - 0.9%
Mohawk Industries, Inc. (a)	4,069	356,933
Whirlpool Corp.	2,728	304,827
		661,760
Internet & Direct Marketing Retail - 0.9%
Expedia, Inc.	800	56,784
Ocado Group PLC (a)	5,300	107,106
The Booking Holdings, Inc. (a)	332	491,549
		655,439
Specialty Retail - 1.0%
Lowe's Companies, Inc.	6,833	715,757
Textiles, Apparel & Luxury Goods - 0.4%
NIKE, Inc. Class B	2,400	209,232
PVH Corp.	1,322	65,082
Tapestry, Inc.	1,015	15,103
		289,417

TOTAL CONSUMER DISCRETIONARY		2,951,722

CONSUMER STAPLES - 8.5%
Beverages - 1.4%
Anheuser-Busch InBev SA NV ADR	2,400	111,648
Diageo PLC sponsored ADR	1,300	180,245
The Coca-Cola Co.	15,175	696,381
		988,274
Food & Staples Retailing - 1.6%
Performance Food Group Co. (a)	1,600	46,960
Sysco Corp.	6,200	348,874
Walmart, Inc.	6,189	752,273
		1,148,107
Household Products - 0.6%
Colgate-Palmolive Co.	300	21,081
Energizer Holdings, Inc.	200	7,792
Procter & Gamble Co.	2,413	284,420
Spectrum Brands Holdings, Inc.	2,853	122,850
		436,143
Personal Products - 0.2%
Unilever NV	1,900	94,619
Tobacco - 4.7%
Altria Group, Inc.	64,671	2,538,337
British American Tobacco PLC sponsored ADR	15,817	603,419
Philip Morris International, Inc.	2,648	197,541
		3,339,297

TOTAL CONSUMER STAPLES		6,006,440

ENERGY - 7.4%
Energy Equipment & Services - 0.0%
Subsea 7 SA	1,800	9,983
Oil, Gas & Consumable Fuels - 7.4%
Cenovus Energy, Inc. (Canada)	137,210	497,798
Equinor ASA sponsored ADR	53,882	731,718
Exxon Mobil Corp.	62,180	2,889,505
Hess Corp.	20,039	974,697
Kosmos Energy Ltd.	52,719	86,986
Total SA sponsored ADR	600	21,090
		5,201,794

TOTAL ENERGY		5,211,777

FINANCIALS - 15.3%
Banks - 10.2%
Bank of America Corp.	89,593	2,154,712
JPMorgan Chase & Co.	11,437	1,095,207
M&T Bank Corp.	761	85,293
PNC Financial Services Group, Inc.	6,824	727,916
Truist Financial Corp.	18,995	708,893
U.S. Bancorp	11,790	430,335
Wells Fargo & Co.	69,220	2,010,841
		7,213,197
Capital Markets - 3.6%
Cboe Global Markets, Inc.	333	33,094
KKR & Co. LP	11,387	287,066
Morgan Stanley	7,014	276,562
Northern Trust Corp.	11,261	891,421
Raymond James Financial, Inc.	1,707	112,525
State Street Corp.	14,816	934,001
		2,534,669
Consumer Finance - 0.3%
Discover Financial Services	4,100	176,177
Insurance - 0.3%
Chubb Ltd.	1,542	166,551
The Travelers Companies, Inc.	602	60,928
		227,479
Thrifts & Mortgage Finance - 0.9%
MGIC Investment Corp.	13,630	99,635
Radian Group, Inc.	35,678	534,456
		634,091

TOTAL FINANCIALS		10,785,613

HEALTH CARE - 21.4%
Biotechnology - 2.8%
AbbVie, Inc.	2,681	220,378
Alexion Pharmaceuticals, Inc. (a)	5,463	587,109
Alnylam Pharmaceuticals, Inc. (a)	1,126	148,294
Amgen, Inc.	946	226,302
Crinetics Pharmaceuticals, Inc. (a)	1,800	30,024
Gritstone Oncology, Inc. (a)	5,111	35,828
Heron Therapeutics, Inc. (a)(b)	1,051	14,987
Insmed, Inc. (a)	7,374	169,602
Intercept Pharmaceuticals, Inc. (a)	6,048	495,452
United Therapeutics Corp. (a)	300	32,868
		1,960,844
Health Care Equipment & Supplies - 1.1%
Becton, Dickinson & Co.	835	210,863
Boston Scientific Corp. (a)	14,584	546,608
Intuitive Surgical, Inc. (a)	100	51,088
		808,559
Health Care Providers & Services - 8.2%
AmerisourceBergen Corp.	3,989	357,654
Cardinal Health, Inc.	10,289	509,100
Centene Corp. (a)	1,700	113,186
Cigna Corp.	6,242	1,222,059
Covetrus, Inc. (a)(b)	3,687	43,838
CVS Health Corp.	22,250	1,369,488
McKesson Corp.	6,612	933,945
UnitedHealth Group, Inc.	4,186	1,224,279
		5,773,549
Health Care Technology - 0.0%
Castlight Health, Inc. Class B (a)	9,995	7,326
Pharmaceuticals - 9.3%
Bayer AG	18,252	1,202,887
Bristol-Myers Squibb Co.	33,883	2,060,425
Elanco Animal Health, Inc. (a)	2,400	59,304
GlaxoSmithKline PLC sponsored ADR	31,505	1,325,415
Johnson & Johnson	10,787	1,618,481
Sanofi SA sponsored ADR	5,100	238,833
TherapeuticsMD, Inc. (a)(b)	51,588	81,509
		6,586,854

TOTAL HEALTH CARE		15,137,132

INDUSTRIALS - 12.1%
Aerospace & Defense - 0.9%
Airbus Group NV	900	56,987
General Dynamics Corp.	1,332	173,986
Huntington Ingalls Industries, Inc.	867	165,952
Raytheon Technologies Corp.	1,372	88,919
Safran SA	500	46,486
The Boeing Co.	504	71,074
		603,404
Air Freight & Logistics - 2.4%
FedEx Corp.	3,373	427,595
United Parcel Service, Inc. Class B	12,935	1,224,427
XPO Logistics, Inc. (a)	1,012	67,541
		1,719,563
Airlines - 0.1%
Ryanair Holdings PLC sponsored ADR (a)	600	38,082
Commercial Services & Supplies - 0.0%
IAA Spinco, Inc. (a)	900	34,740
Electrical Equipment - 0.9%
Acuity Brands, Inc.	1,758	152,225
Hubbell, Inc. Class B	1,254	156,035
Vertiv Holdings Co.(a)	1,000	10,590
Vertiv Holdings LLC (c)	29,000	307,110
		625,960
Industrial Conglomerates - 5.2%
3M Co.	1,301	197,648
General Electric Co.	507,415	3,450,422
		3,648,070
Machinery - 0.8%
Cummins, Inc.	600	98,100
Flowserve Corp.	5,124	144,343
Fortive Corp.	1,400	89,600
Otis Worldwide Corp. (a)	1,886	96,016
Stanley Black & Decker, Inc.	100	11,020
Westinghouse Air Brake Co.	2,879	162,433
		601,512
Professional Services - 0.3%
RELX PLC (London Stock Exchange)	8,600	194,591
Road & Rail - 1.5%
J.B. Hunt Transport Services, Inc.	2,485	251,283
Knight-Swift Transportation Holdings, Inc. Class A	16,617	617,820
Lyft, Inc. (a)	3,311	108,700
Ryder System, Inc.	3,300	116,820
		1,094,623

TOTAL INDUSTRIALS		8,560,545

INFORMATION TECHNOLOGY - 19.0%
Communications Equipment - 0.4%
Cisco Systems, Inc.	6,632	281,064
IT Services - 2.9%
Gartner, Inc. (a)	400	47,524
Genpact Ltd.	3,800	130,834
IBM Corp.	1,100	138,116
MasterCard, Inc. Class A	803	220,801
Twilio, Inc. Class A (a)	400	44,920
Unisys Corp. (a)	12,882	162,184
Visa, Inc. Class A	7,618	1,361,489
		2,105,868
Semiconductors & Semiconductor Equipment - 2.8%
Analog Devices, Inc.	765	83,844
Applied Materials, Inc.	2,540	126,187
Marvell Technology Group Ltd.	2,731	73,027
NVIDIA Corp.	54	15,783
Qualcomm, Inc.	20,566	1,617,927
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	905	48,083
		1,964,851
Software - 9.6%
Autodesk, Inc. (a)	1,621	303,338
Dynatrace, Inc.	1,827	54,536
Elastic NV (a)	1,800	115,452
Microsoft Corp.	27,567	4,940,286
Oracle Corp.	6,366	337,207
Parametric Technology Corp. (a)	1,800	124,650
SAP SE sponsored ADR	6,896	817,452
Workday, Inc. Class A (a)	600	92,340
		6,785,261
Technology Hardware, Storage & Peripherals - 3.3%
Apple, Inc.	7,477	2,196,743
HP, Inc.	8,400	130,284
		2,327,027

TOTAL INFORMATION TECHNOLOGY		13,464,071

MATERIALS - 1.6%
Chemicals - 1.3%
DuPont de Nemours, Inc.	10,300	484,306
Intrepid Potash, Inc. (a)	29,551	28,461
Livent Corp. (a)	600	3,720
LyondellBasell Industries NV Class A	2,000	115,900
Nutrien Ltd.	5,307	189,526
PPG Industries, Inc.	800	72,664
		894,577
Metals & Mining - 0.3%
BHP Billiton Ltd. sponsored ADR (b)	5,916	240,663

TOTAL MATERIALS		1,135,240

REAL ESTATE - 0.5%
Equity Real Estate Investment Trusts (REITs) - 0.5%
American Tower Corp.	676	160,888
Equinix, Inc.	243	164,074
Simon Property Group, Inc.	513	34,253
		359,215
UTILITIES - 0.0%
Multi-Utilities - 0.0%
Sempra Energy	221	27,371
TOTAL COMMON STOCKS
(Cost $71,931,827)		69,019,297

Money Market Funds - 2.3%
Fidelity Cash Central Fund 0.16% (d)	1,065,274	1,065,593
Fidelity Securities Lending Cash Central Fund 0.11% (d)(e)	589,811	589,870
TOTAL MONEY MARKET FUNDS
(Cost $1,655,369)		1,655,463
TOTAL INVESTMENT IN SECURITIES - 99.9%
(Cost $73,587,196)		70,674,760
NET OTHER ASSETS (LIABILITIES) - 0.1%		66,898
NET ASSETS - 100%		$70,741,658

Legend

(a) Non-income producing

(b) Security or a portion of the security is on loan at period end.

(e) Investment made with cash collateral received from securities on loan.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Vertiv Holdings LLC	2/6/20	$290,000

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$33,294
Fidelity Securities Lending Cash Central Fund	16,703
Total	$49,997

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Communication Services	$5,380,171	$4,849,244	$530,927	$--
Consumer Discretionary	2,951,722	2,951,722	--	--
Consumer Staples	6,006,440	5,911,821	94,619	--
Energy	5,211,777	5,211,777	--	--
Financials	10,785,613	10,785,613	--	--
Health Care	15,137,132	15,137,132	--	--
Industrials	8,560,545	8,457,072	103,473	--
Information Technology	13,464,071	13,464,071	--	--
Materials	1,135,240	1,135,240	--	--
Real Estate	359,215	359,215	--	--
Utilities	27,371	27,371	--	--
Money Market Funds	1,655,463	1,655,463	--	--
Total Investments in Securities:	$70,674,760	$69,945,741	$729,019	$--

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America	88.7%
United Kingdom	3.3%
Germany	2.8%
France	1.2%
Norway	1.1%
Canada	1.0%
Others (Individually Less Than 1%)	1.9%
	100.0%

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

Financial Statements

Statement of Assets and Liabilities

		April 30, 2020
Assets
Investment in securities, at value (including securities loaned of $536,637) — See accompanying schedule: Unaffiliated issuers (cost $71,931,827)	$69,019,297
Fidelity Central Funds (cost $1,655,369)	1,655,463
Total Investment in Securities (cost $73,587,196)		$70,674,760
Receivable for investments sold		897,749
Receivable for fund shares sold		93,813
Dividends receivable		133,731
Distributions receivable from Fidelity Central Funds		1,601
Other receivables		373
Total assets		71,802,027
Liabilities
Payable for investments purchased	$383,172
Payable for fund shares redeemed	61,176
Accrued management fee	25,303
Other payables and accrued expenses	806
Collateral on securities loaned	589,912
Total liabilities		1,060,369
Net Assets		$70,741,658
Net Assets consist of:
Paid in capital		$73,647,078
Total accumulated earnings (loss)		(2,905,420)
Net Assets		$70,741,658
Net Asset Value, offering price and redemption price per share ($70,741,658 ÷ 6,824,205 shares)		$10.37

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

Statement of Operations

		Year ended April 30, 2020
Investment Income
Dividends		$1,973,500
Income from Fidelity Central Funds (including $16,703 from security lending)		49,997
Total income		2,023,497
Expenses
Management fee	$364,585
Independent trustees' fees and expenses	481
Miscellaneous	1,182
Total expenses before reductions	366,248
Expense reductions	(612)
Total expenses after reductions		365,636
Net investment income (loss)		1,657,861
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	1,099,484
Fidelity Central Funds	192
Foreign currency transactions	(58)
Total net realized gain (loss)		1,099,618
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	(9,621,392)
Fidelity Central Funds	94
Assets and liabilities in foreign currencies	289
Total change in net unrealized appreciation (depreciation)		(9,621,009)
Net gain (loss)		(8,521,391)
Net increase (decrease) in net assets resulting from operations		$(6,863,530)

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

Statement of Changes in Net Assets

	Year ended April 30, 2020	Year ended April 30, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$1,657,861	$1,812,516
Net realized gain (loss)	1,099,618	681,058
Change in net unrealized appreciation (depreciation)	(9,621,009)	4,887,715
Net increase (decrease) in net assets resulting from operations	(6,863,530)	7,381,289
Distributions to shareholders	(2,242,462)	(3,617,047)
Share transactions
Proceeds from sales of shares	18,179,108	21,947,649
Reinvestment of distributions	2,242,462	3,617,047
Cost of shares redeemed	(27,741,705)	(26,378,256)
Net increase (decrease) in net assets resulting from share transactions	(7,320,135)	(813,560)
Total increase (decrease) in net assets	(16,426,127)	2,950,682
Net Assets
Beginning of period	87,167,785	84,217,103
End of period	$70,741,658	$87,167,785
Other Information
Shares
Sold	1,601,758	1,967,708
Issued in reinvestment of distributions	187,273	342,490
Redeemed	(2,473,530)	(2,457,463)
Net increase (decrease)	(684,499)	(147,265)

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

Financial Highlights

Fidelity Large Cap Stock K6 Fund


Years ended April 30,	2020	2019	2018 ^A
Selected Per–Share Data
Net asset value, beginning of period	$11.61	$11.00	$10.00
Income from Investment Operations
Net investment income (loss)^B	.23	.23	.16
Net realized and unrealized gain (loss)	(1.15)	.84	.91
Total from investment operations	(.92)	1.07	1.07
Distributions from net investment income	(.24)	(.20)	(.05)
Distributions from net realized gain	(.08)	(.26)	(.01)
Total distributions	(.32)	(.46)	(.07)^C
Net asset value, end of period	$10.37	$11.61	$11.00
Total Return^D,^E	(8.32)%	10.12%	10.65%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.45%	.45%	.45%^H
Expenses net of fee waivers, if any	.45%	.45%	.45%^H
Expenses net of all reductions	.45%	.44%	.45%^H
Net investment income (loss)	2.05%	2.09%	1.55%^H
Supplemental Data
Net assets, end of period (000 omitted)	$70,742	$87,168	$84,217
Portfolio turnover rate^I	30%^J	49%^J	67%^H,^J

^A For the period May 25, 2017 (commencement of operations) to April 30, 2018.

^B Calculated based on average shares outstanding during the period.

^C Total distributions of $.07 per share is comprised of distributions from net investment income of $.052 and distributions from net realized gain of $.013 per share.

^D Total returns for periods of less than one year are not annualized.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

^H Annualized

^I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^J Portfolio turnover rate excludes securities received or delivered in-kind.

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

Notes to Financial Statements

For the period ended April 30, 2020

1. Organization.

Fidelity Large Cap Stock K6 Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity.

Effective January 1, 2020:

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund 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 Committee, in accordance with procedures adopted by the Board. 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 the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund 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 the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Book-tax differences are primarily due to foreign currency transactions and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation	$9,098,405
Gross unrealized depreciation	(12,920,026)
Net unrealized appreciation (depreciation)	$(3,821,621)
Tax Cost	$74,496,381

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$534,651
Undistributed long-term capital gain	$381,236
Net unrealized appreciation (depreciation) on securities and other investments	$(3,821,306)

The tax character of distributions paid was as follows:

	April 30, 2020	April 30, 2019
Ordinary Income	$1,699,925	$ 2,701,462
Long-term Capital Gains	542,537	915,585
Total	$2,242,462	$ 3,617,047

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions are noted in the table below.

	Purchases ($)	Sales ($)
Fidelity Large Cap Stock K6 Fund	23,747,891	32,761,393

Unaffiliated Exchanges In-Kind. During the period, the Fund received investments and cash valued at $1,207,059 in exchange for 107,485 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

Prior Fiscal Year Unaffiliated Exchanges In-Kind. During the prior period, the Fund received investments and cash valued at $3,009,509 in exchange for 268,268 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .45% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

	Amount
Fidelity Large Cap Stock K6 Fund	$1,280

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $1,051.

6. Committed Line of Credit.

	Amount
Fidelity Large Cap Stock K6 Fund	$203

During the period, there were no borrowings on this line of credit.

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to NFS, as affiliated borrower, at period end was $80,905. Total fees paid by the Fund to NFS, as lending agent, amounted to $1,466. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds, and includes $10,564 from securities loaned to NFS, as affiliated borrower.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $533 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $79.

9. Other.

10. Coronavirus (COVID-19) Pandemic.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Concord Street Trust and Shareholders of Fidelity Large Cap Stock K6 Fund

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Large Cap Stock K6 Fund (the "Fund"), a fund of Fidelity Concord Street Trust, including the schedule of investments, as of April 30, 2020, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the two years in the period then ended and for the period from May 25, 2017 (commencement of operations) to April 30, 2018, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the two years in the period then ended and for the period from May 25, 2017 (commencement of operations) to April 30, 2018, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ Deloitte & Touche LLP

Boston, Massachusetts

June 15, 2020

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

Trustees and Officers

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-835-5092

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Acting Chairman of the Board of Trustees

* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Co-Lead Independent Trustee

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Co-Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2020

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2019 to April 30, 2020).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value November 1, 2019	Ending Account Value April 30, 2020	Expenses Paid During Period-^B November 1, 2019 to April 30, 2020
Actual	.45%	$1,000.00	$894.00	$2.12
Hypothetical-^C		$1,000.00	$1,022.63	$2.26

^A Annualized expense ratio reflects expenses net of applicable fee waivers.

^B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

^C 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of Fidelity Large Cap Stock K6 Fund voted to pay on June 8, 2020, to shareholders of record at the opening of business on June 5, 2020, a distribution of $0.055 per share derived from capital gains realized from sales of portfolio securities and a dividend of $0.077 per share from net investment income.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended April 30, 2020, $923,722, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 100% of the dividends distributed in June and December, respectively during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

The fund designates 100% of the dividends distributed in June and December as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2021 of amounts for use in preparing 2020 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Large Cap Stock K6 Fund

Approval of Amended and Restated Advisory Contracts. At its November 2019 meeting, the Board unanimously determined to approve an amended and restated management contract and sub-advisory agreements (Amended and Restated Contracts) for a stub period of January 1, 2020 through January 31, 2020 in connection with a consolidation of certain of Fidelity's advisory businesses. The Board considered that, on or about January 1, 2020, FMR Co., Inc. (FMRC) expected to merge with and into FMR and, after the merger, FMR expected to redomicile as a Delaware limited liability company. The Board also approved the termination of the sub-advisory agreement with FMRC upon the completion of the merger. The Board noted that references to FMR in the Amended and Restated Contracts would be updated to reflect FMR's new form of organization and domicile. The Board also noted Fidelity's assurance that neither the planned consolidation nor the Amended and Restated Contracts will change the investment processes, the level or nature of services provided, the resources and personnel allocated, trading and compliance operations, or any fees paid by the fund.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net total return information for the fund and an appropriate benchmark index and peer group for the most recent one-year period ended June 30, 2019, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.

Fidelity Large Cap Stock K6 Fund

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods ended June 30 shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.

Fidelity Large Cap Stock K6 Fund

The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended June 30, 2019.

The Board noted that it and the boards of other Fidelity funds formed an ad hoc Committee on Group Fee, which meets periodically, to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component (such as the fund) and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio. In its review of the fund's total expense ratio, the Board considered the fund's unitary fee rate as well as other fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratio of the fund compared to competitive fund median expenses. The fund is compared to those funds in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the fund's total expense ratio ranked below the competitive median for the 12-month period ended June 30, 2019.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that, due to the fund's current contractual arrangements, its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Liquidity Risk Management Program

Highly liquid investments – cash or convertible to cash within three business days or less
Moderately liquid investments – convertible to cash in three to seven calendar days
Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
Illiquid investments – cannot be sold or disposed of within seven calendar days

FIDELITY INVESTMENTS

LCSK6-ANN-0620
1.9883971.102

Fidelity® Mid-Cap Stock Fund

Annual Report

April 30, 2020

See the inside front cover for important information about access to your fund’s shareholder reports.

FIDELITY INVESTMENTS

Account Type	Website	Phone Number
Brokerage, Mutual Fund, or Annuity Contracts:	fidelity.com/mailpreferences	1-800-343-3548
Employer Provided Retirement Accounts:	netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print)	1-800-343-0860
Advisor Sold Accounts Serviced Through Your Financial Intermediary:	Contact Your Financial Intermediary	Your Financial Intermediary's phone number
Advisor Sold Accounts Serviced by Fidelity:	institutional.fidelity.com	1-877-208-0098

Contents

Note to Shareholders
Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Board Approval of Investment Advisory Contracts and Management Fees
Liquidity Risk Management Program

You may also call 1-800-544-8544 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Note to Shareholders:

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended April 30, 2020	Past 1 year	Past 5 years	Past 10 years
Fidelity® Mid-Cap Stock Fund	(12.42)%	3.73%	8.32%
Class K	(12.30)%	3.85%	8.46%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Mid-Cap Stock Fund, a class of the fund, on April 30, 2010.

The chart shows how the value of your investment would have changed, and also shows how the S&P MidCap 400® Index performed over the same period.

	Period Ending Values
	$22,239	Fidelity® Mid-Cap Stock Fund
	$23,372	S&P MidCap 400® Index

Management's Discussion of Fund Performance

Market Recap: The U.S. equity bellwether S&P 500^® index gained 0.86% for the 12 months ending April 30, 2020, as the early-2020 outbreak and spread of the coronavirus hampered global economic growth and the outlook for corporate earnings. Declared a pandemic on March 11, the crisis and containment efforts caused broad contraction in economic activity, along with extreme uncertainty, volatility and dislocation in financial markets. By mid-March, U.S. stocks entered bear-market territory less than a month after hitting an all-time high and extending the longest-running bull market in American history. Following a flattish January to open the year, stocks slid in late February (-8.23%), after a surge in COVID-19 cases outside China pushed investors to safer asset classes. The downtrend continued in March (-12.35%), capping the index’s worst quarterly result since 2008. A historically rapid and expansive U.S. monetary/fiscal-policy response helped mitigate the most acute near-term liquidity issues, and provided a partial offset to the economic disruption. This was evident in April, when the index achieved its highest monthly gain (+12.82%) since 1991, boosted by improving coronavirus trends, plans for reopening the economy and progress on potential treatments. By sector, energy stocks (-38%) fell hard along with the price of crude oil. Financials (-17%) and industrials (-16%) also lagged. In contrast, information technology (+18%) led, followed by health care (+15%), a defensive sector that saw higher demand due to the virus-containment response.

Comments from Lead Portfolio Manager John Roth: For the fiscal year, the fund returned -12.42%, outpacing the -14.94% result of the S&P MidCap 400^® Index. The fund benefited from successful security selection versus the benchmark, particularly in the information technology, consumer discretionary, materials, energy and industrials sectors. The fund’s cash position of about 6%, on average, also boosted the fund’s relative result amid market volatility this period. Conversely, choices among financials names detracted. Among individual stocks, a non-index stake in Novagold Resources, a pure-play gold investment, added the most value. Gold prices surged this period, as investors flocked to the defensively oriented segment amid increasing fears over coronavirus, a global recession, and continued trade and geopolitical risks. An overweighting in power-generation equipment company Generac Holdings also helped, as threat of wildfires and power shutdowns due to natural disasters led to a surge in demand for Generac’s backup generators. Conversely, the fund was hurt most by an out-of-benchmark stake in upstream oil company Kosmos Energy, which suffered along with the price of crude oil. It also hurt not to own index component West Pharmaceutical Services, which outperformed the index.

Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2020

	% of fund's net assets
NVR, Inc.	2.1
Molina Healthcare, Inc.	1.8
Hess Corp.	1.7
Amphenol Corp. Class A	1.7
Peloton Interactive, Inc. Class B	1.4
WNS Holdings Ltd. sponsored ADR	1.4
M&T Bank Corp.	1.2
Fabrinet	1.2
Brunello Cucinelli SpA	1.2
OGE Energy Corp.	1.2
	14.9

Top Five Market Sectors as of April 30, 2020

	% of fund's net assets
Financials	19.2
Industrials	17.3
Consumer Discretionary	15.1
Information Technology	12.0
Health Care	7.9

Asset Allocation (% of fund's net assets)

As of April 30, 2020^*
	Stocks	96.4%
	Convertible Securities	0.9%
	Other Investments	0.2%
	Short-Term Investments and Net Other Assets (Liabilities)	2.5%

* Foreign investments - 17.3%

Schedule of Investments April 30, 2020

Showing Percentage of Net Assets

Common Stocks - 96.3%
	Shares	Value (000s)
COMMUNICATION SERVICES - 1.9%
Diversified Telecommunication Services - 0.8%
Cogent Communications Group, Inc.	372,800	$31,252
Iridium Communications, Inc. (a)	676,000	15,213
		46,465
Entertainment - 0.3%
WME Entertainment Parent, LLC Class A (a)(b)(c)(d)	9,001,296	13,412
Media - 0.8%
Nexstar Broadcasting Group, Inc. Class A	228,600	16,011
Omnicom Group, Inc.	338,000	19,276
Sinclair Broadcast Group, Inc. Class A (e)	565,600	9,983
		45,270

TOTAL COMMUNICATION SERVICES		105,147

CONSUMER DISCRETIONARY - 14.7%
Automobiles - 0.9%
Aston Martin Lagonda Global Holdings PLC (a)(e)(f)	14,941,500	10,783
Fiat Chrysler Automobiles NV	4,291,596	36,951
		47,734
Hotels, Restaurants & Leisure - 2.2%
Boyd Gaming Corp.	925,412	15,445
Churchill Downs, Inc.	297,700	29,835
Drive Shack, Inc. (a)	36,681	48
Dunkin' Brands Group, Inc.	582,200	36,585
Wyndham Hotels & Resorts, Inc.	1,129,496	42,593
		124,506
Household Durables - 4.0%
D.R. Horton, Inc.	1,174,789	55,474
Lennar Corp. Class A	568,536	28,467
Mohawk Industries, Inc. (a)	282,296	24,763
NVR, Inc. (a)	38,271	118,640
		227,344
Internet & Direct Marketing Retail - 0.8%
GrubHub, Inc. (a)(e)	930,072	44,448
Leisure Products - 1.9%
American Outdoor Brands Corp. (a)	1,260,420	11,930
New Academy Holding Co. LLC unit (a)(c)(d)(g)	294,000	9,164
Peloton Interactive, Inc.:
Class A (a)	179,200	5,645
Class B	2,507,776	78,995
		105,734
Multiline Retail - 0.4%
Dollar General Corp.	116,858	20,485
Specialty Retail - 2.4%
AutoZone, Inc. (a)	33,895	34,584
Best Buy Co., Inc.	287,278	22,043
National Vision Holdings, Inc. (a)(e)	1,314,767	34,841
Ross Stores, Inc.	465,900	42,565
		134,033
Textiles, Apparel & Luxury Goods - 2.1%
Allbirds, Inc. (a)(c)(d)	53,875	441
Brunello Cucinelli SpA	2,065,300	66,495
PVH Corp.	420,959	20,724
Tapestry, Inc.	1,375,317	20,465
Under Armour, Inc. Class A (sub. vtg.) (a)(e)	1,090,018	11,358
		119,483

TOTAL CONSUMER DISCRETIONARY		823,767

CONSUMER STAPLES - 3.9%
Food & Staples Retailing - 0.7%
Kroger Co.	1,189,056	37,586
Food Products - 2.0%
Bunge Ltd.	457,281	18,140
Conagra Brands, Inc.	733,194	24,518
Greencore Group PLC	15,719,584	36,073
Sanderson Farms, Inc.	258,400	35,179
		113,910
Household Products - 0.6%
Reckitt Benckiser Group PLC	448,100	37,327
Personal Products - 0.6%
Edgewell Personal Care Co. (a)	1,192,003	32,911

TOTAL CONSUMER STAPLES		221,734

ENERGY - 5.7%
Energy Equipment & Services - 0.6%
Borr Drilling Ltd. (a)(e)	2,120,800	1,501
Oceaneering International, Inc. (a)	1,963,779	10,094
Pacific Drilling SA (a)(e)	914,803	586
Schlumberger Ltd.	850,400	14,304
TechnipFMC PLC	656,463	5,849
		32,334
Oil, Gas & Consumable Fuels - 5.1%
Cabot Oil & Gas Corp.	1,469,044	31,761
Cenovus Energy, Inc. (Canada)	5,817,500	21,106
Cheniere Energy, Inc. (a)	1,010,500	47,180
GasLog Ltd. (e)	1,148,215	5,305
Golar LNG Ltd. (e)	1,948,645	13,816
Hess Corp. (e)	1,991,308	96,857
Kosmos Energy Ltd.	7,067,701	11,662
New Fortress Energy LLC (a)	1,273,500	16,466
The Williams Companies, Inc.	2,210,839	42,824
		286,977

TOTAL ENERGY		319,311

FINANCIALS - 19.2%
Banks - 8.4%
Bank of Hawaii Corp.	461,469	31,463
Comerica, Inc.	444,914	15,510
Cullen/Frost Bankers, Inc. (e)	681,387	48,964
First Horizon National Corp.	3,368,751	30,588
Huntington Bancshares, Inc.	6,831,100	63,119
M&T Bank Corp.	618,780	69,353
Prosperity Bancshares, Inc.	912,270	54,672
Signature Bank	602,800	64,608
Truist Financial Corp.	795,511	29,688
UMB Financial Corp.	614,700	31,251
Wintrust Financial Corp.	852,900	35,737
		474,953
Capital Markets - 3.7%
Cboe Global Markets, Inc.	212,200	21,088
Lazard Ltd. Class A	851,059	23,404
Northern Trust Corp.	509,100	40,300
Raymond James Financial, Inc.	295,084	19,452
The NASDAQ OMX Group, Inc.	456,500	50,064
TPG Specialty Lending, Inc.	1,917,023	31,554
Virtu Financial, Inc. Class A	897,600	20,977
		206,839
Insurance - 6.0%
American Financial Group, Inc.	665,026	44,051
American International Group, Inc.	921,500	23,434
Arch Capital Group Ltd. (a)	1,783,600	42,860
Axis Capital Holdings Ltd.	639,317	23,399
Beazley PLC	2,865,400	14,292
First American Financial Corp.	1,023,055	47,183
Hartford Financial Services Group, Inc.	745,851	28,335
Hiscox Ltd.	1,398,607	12,377
Principal Financial Group, Inc.	648,600	23,616
RenaissanceRe Holdings Ltd.	337,200	49,235
The Travelers Companies, Inc.	261,200	26,436
		335,218
Thrifts & Mortgage Finance - 1.1%
Radian Group, Inc.	4,235,310	63,445

TOTAL FINANCIALS		1,080,455

HEALTH CARE - 7.5%
Health Care Equipment & Supplies - 0.9%
Hologic, Inc. (a)	1,007,930	50,497
Health Care Providers & Services - 3.5%
Centene Corp. (a)	911,784	60,707
Molina Healthcare, Inc. (a)	623,778	102,281
Universal Health Services, Inc. Class B	339,155	35,845
		198,833
Life Sciences Tools & Services - 1.8%
Bruker Corp.	1,105,400	43,464
Lonza Group AG	135,224	59,035
		102,499
Pharmaceuticals - 1.3%
Nektar Therapeutics (a)(e)	1,488,800	28,585
Recordati SpA	685,100	29,783
Zogenix, Inc. (a)	502,100	14,174
		72,542

TOTAL HEALTH CARE		424,371

INDUSTRIALS - 17.2%
Aerospace & Defense - 2.3%
Huntington Ingalls Industries, Inc.	254,583	48,730
Kratos Defense & Security Solutions, Inc. (a)	2,196,900	32,997
Space Exploration Technologies Corp.:
Class A (a)(c)(d)	139,629	30,718
Class C (a)(c)(d)	2,034	447
TransDigm Group, Inc.	42,600	15,467
		128,359
Air Freight & Logistics - 0.8%
XPO Logistics, Inc. (a)(e)	680,589	45,423
Airlines - 0.5%
JetBlue Airways Corp. (a)(e)	2,173,900	21,174
Southwest Airlines Co.	298,700	9,334
		30,508
Building Products - 1.0%
Fortune Brands Home & Security, Inc.	456,300	21,994
Owens Corning	736,000	31,913
		53,907
Commercial Services & Supplies - 1.4%
IAA Spinco, Inc. (a)	619,280	23,904
KAR Auction Services, Inc. (e)	614,992	9,213
Stericycle, Inc. (a)	677,300	33,052
U.S. Ecology, Inc.	365,981	11,997
		78,166
Construction & Engineering - 0.9%
AECOM (a)	1,429,479	51,833
Electrical Equipment - 3.6%
AMETEK, Inc.	674,594	56,578
Generac Holdings, Inc. (a)	569,703	55,512
Melrose Industries PLC	17,680,941	22,220
Regal Beloit Corp.	595,401	42,279
Sensata Technologies, Inc. PLC (a)	727,951	26,483
		203,072
Machinery - 4.4%
Allison Transmission Holdings, Inc.	971,571	35,307
Donaldson Co., Inc.	1,460,171	63,999
Fortive Corp.	711,367	45,527
Gardner Denver Holdings, Inc. (a)	1,154,095	33,561
Oshkosh Corp.	587,006	39,641
Pentair PLC	886,948	30,680
		248,715
Marine - 0.3%
Goodbulk Ltd. (a)(d)	1,490,722	16,714
Professional Services - 0.8%
Clarivate Analytics PLC (a)	716,940	16,475
Equifax, Inc.	204,548	28,412
		44,887
Road & Rail - 1.0%
Knight-Swift Transportation Holdings, Inc. Class A (e)	1,490,663	55,423
Trading Companies & Distributors - 0.2%
Beacon Roofing Supply, Inc. (a)	558,636	12,290

TOTAL INDUSTRIALS		969,297

INFORMATION TECHNOLOGY - 12.0%
Communications Equipment - 0.3%
Ericsson (B Shares)	1,988,500	16,988
Electronic Equipment & Components - 5.4%
Amphenol Corp. Class A	1,092,711	96,443
Arrow Electronics, Inc. (a)	912,500	57,415
CDW Corp.	222,700	24,675
Fabrinet (a)(e)	1,087,856	68,263
FLIR Systems, Inc.	348,000	15,103
Keysight Technologies, Inc. (a)	417,405	40,392
		302,291
IT Services - 4.9%
Akamai Technologies, Inc. (a)	250,900	24,515
Black Knight, Inc. (a)	309,712	21,856
Euronet Worldwide, Inc. (a)	145,800	13,379
Fiserv, Inc. (a)	596,800	61,506
Gartner, Inc. (a)	133,400	15,849
Leidos Holdings, Inc.	461,861	45,636
Verra Mobility Corp. (a)	1,916,700	17,174
WNS Holdings Ltd. sponsored ADR (a)	1,569,531	76,672
		276,587
Semiconductors & Semiconductor Equipment - 0.4%
Lam Research Corp.	78,300	19,988
Software - 1.0%
Aspen Technology, Inc. (a)	331,900	33,937
Citrix Systems, Inc.	172,500	25,014
		58,951

TOTAL INFORMATION TECHNOLOGY		674,805

MATERIALS - 4.2%
Chemicals - 1.1%
LG Chemical Ltd.	83,610	25,912
Nutrien Ltd.	480,500	17,160
Olin Corp.	1,326,337	17,707
		60,779
Containers & Packaging - 0.9%
Avery Dennison Corp.	225,774	24,923
O-I Glass, Inc.	2,886,400	23,784
		48,707
Metals & Mining - 2.2%
Franco-Nevada Corp.	333,600	44,136
Newcrest Mining Ltd.	1,260,479	22,621
Novagold Resources, Inc. (a)	5,097,676	57,204
		123,961

TOTAL MATERIALS		233,447

REAL ESTATE - 6.1%
Equity Real Estate Investment Trusts (REITs) - 6.1%
Apartment Investment & Management Co. Class A	888,899	33,485
Cousins Properties, Inc.	1,276,338	38,507
Gaming & Leisure Properties	965,100	27,254
Healthcare Realty Trust, Inc.	1,675,304	49,237
Healthcare Trust of America, Inc.	1,608,510	39,618
National Retail Properties, Inc.	1,023,525	33,408
Spirit Realty Capital, Inc.	772,583	23,765
VEREIT, Inc.	5,970,879	32,720
VICI Properties, Inc. (e)	3,684,168	64,178
		342,172
UTILITIES - 3.9%
Electric Utilities - 3.1%
Alliant Energy Corp.	1,212,400	58,862
IDACORP, Inc.	544,019	49,930
OGE Energy Corp.	2,060,941	64,961
		173,753
Gas Utilities - 0.8%
Atmos Energy Corp.	466,704	47,590

TOTAL UTILITIES		221,343

TOTAL COMMON STOCKS
(Cost $5,161,526)		5,415,849

Preferred Stocks - 0.9%
Convertible Preferred Stocks - 0.8%
CONSUMER DISCRETIONARY - 0.3%
Textiles, Apparel & Luxury Goods - 0.3%
Allbirds, Inc.:
Series A (a)(c)(d)	21,265	174
Series B (a)(c)(d)	3,735	31
Series C (a)(c)(d)	35,700	292
Series D (c)(d)	68,801	563
Series Seed (a)(c)(d)	101,339	829
Bolt Threads, Inc. Series D(a)(c)(d)	976,285	14,840
		16,729
CONSUMER STAPLES - 0.1%
Food & Staples Retailing - 0.1%
Sweetgreen, Inc.:
Series C (c)(d)	3,889	53
Series D (c)(d)	62,561	846
Series I (c)(d)	147,450	1,994
		2,893
HEALTH CARE - 0.3%
Health Care Equipment & Supplies - 0.3%
Butterfly Network, Inc. Series D (a)(c)(d)	1,647,945	19,133
INDUSTRIALS - 0.1%
Aerospace & Defense - 0.1%
Space Exploration Technologies Corp. Series H (a)(c)(d)	18,837	4,144

TOTAL CONVERTIBLE PREFERRED STOCKS		42,899

Nonconvertible Preferred Stocks - 0.1%
HEALTH CARE - 0.1%
Health Care Providers & Services - 0.1%
Oak Street Health LLC Series III-E (b)(c)(d)	45,575	7,983
TOTAL PREFERRED STOCKS
(Cost $48,472)		50,882
	Principal Amount (000s)	Value (000s)

Corporate Bonds - 0.1%
Convertible Bonds - 0.1%
CONSUMER DISCRETIONARY - 0.1%
Textiles, Apparel & Luxury Goods - 0.1%
Bolt Threads, Inc. 3% 2/7/23 (c)(d)	7,161	7,161
Nonconvertible Bonds - 0.0%
ENERGY - 0.0%
Energy Equipment & Services - 0.0%
Pacific Drilling SA 12% 4/1/24 pay-in-kind (f)(h)	463	14
TOTAL CORPORATE BONDS
(Cost $7,631)		7,175
	Shares	Value (000s)

Other - 0.2%
ENERGY - 0.2%
Oil, Gas & Consumable Fuels - 0.2%
Utica Shale Drilling Program (non-operating revenue interest) (b)(c)(d)
(Cost $20,398)	20,397,834	9,838

Money Market Funds - 6.1%
Fidelity Cash Central Fund 0.16% (i)	141,397,571	141,440
Fidelity Securities Lending Cash Central Fund 0.11% (i)(j)	198,786,691	198,807
TOTAL MONEY MARKET FUNDS
(Cost $340,211)		340,247
TOTAL INVESTMENT IN SECURITIES - 103.6%
(Cost $5,578,238)		5,823,991
NET OTHER ASSETS (LIABILITIES) - (3.6)%		(202,717)
NET ASSETS - 100%		$5,621,274

Legend

(a) Non-income producing

(b) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.

(d) Level 3 security

(e) Security or a portion of the security is on loan at period end.

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $10,797,000 or 0.2% of net assets.

(g) Investment is owned by an entity that is treated as a U.S. Corporation for tax purposes in which the Fund holds a percentage ownership.

(h) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(i) 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. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(j) Investment made with cash collateral received from securities on loan.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Allbirds, Inc.	10/9/18	$591
Allbirds, Inc. Series A	10/9/18	$233
Allbirds, Inc. Series B	10/9/18	$41
Allbirds, Inc. Series C	10/9/18	$392
Allbirds, Inc. Series D	12/23/19	$887
Allbirds, Inc. Series Seed	10/9/18 - 1/23/20	$1,012
Bolt Threads, Inc. Series D	12/13/17	$15,659
Bolt Threads, Inc. 3% 2/7/23	2/7/20	$7,161
Butterfly Network, Inc. Series D	5/4/18	$16,924
New Academy Holding Co. LLC unit	8/1/11	$30,988
Oak Street Health LLC Series III-E	2/21/20	$7,123
Space Exploration Technologies Corp. Class A	4/8/16 - 9/11/17	$14,283
Space Exploration Technologies Corp. Class C	9/11/17	$275
Space Exploration Technologies Corp. Series H	8/4/17	$2,543
Sweetgreen, Inc. Series C	9/13/19	$67
Sweetgreen, Inc. Series D	9/13/19	$1,070
Sweetgreen, Inc. Series I	9/13/19	$2,521
Utica Shale Drilling Program (non-operating revenue interest)	10/5/16 - 9/1/17	$20,398
WME Entertainment Parent, LLC Class A	8/16/16	$16,835

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
	(Amounts in thousands)
Fidelity Cash Central Fund	$8,492
Fidelity Securities Lending Cash Central Fund	1,552
Total	$10,044

Other Affiliated Issuers

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds^(a)	Dividend Income	Realized Gain (loss)	Change in Unrealized appreciation (depreciation)	Value, end of period
Goodbulk Ltd.	$25,046	$--	$202	$3,886	$36	$(8,166)	$--
Total	$25,046	$--	$202	$3,886	$36	$(8,166)	$--

(a) Includes the value of securities delivered through in-kind transactions, if applicable.

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
(Amounts in thousands)
Investments in Securities:
Equities:
Communication Services	$105,147	$91,735	$--	$13,412
Consumer Discretionary	840,496	814,162	--	26,334
Consumer Staples	224,627	184,407	37,327	2,893
Energy	319,311	319,311	--	--
Financials	1,080,455	1,080,455	--	--
Health Care	451,487	424,371	--	27,116
Industrials	973,441	921,418	--	52,023
Information Technology	674,805	657,817	16,988	--
Materials	233,447	210,826	22,621	--
Real Estate	342,172	342,172	--	--
Utilities	221,343	221,343	--	--
Corporate Bonds	7,175	--	14	7,161
Other	9,838	--	--	9,838
Money Market Funds	340,247	340,247	--	--
Total Investments in Securities:	$5,823,991	$5,608,264	$76,950	$138,777

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

(Amounts in thousands)
Investments in Securities:
Equities - Consumer Discretionary
Beginning Balance	$72,656
Net Realized Gain (Loss) on Investment Securities	--
Net Unrealized Gain (Loss) on Investment Securities	2,838
Cost of Purchases	1,773
Proceeds of Sales	--
Amortization/Accretion	--
Transfers into Level 3	--
Transfers out of Level 3	(50,933)
Ending Balance	$26,334
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2020	$2,838
Other
Beginning Balance	$111,238
Net Realized Gain (Loss) on Investment Securities	36
Net Unrealized Gain (Loss) on Investment Securities	(16,396)
Cost of Purchases	17,942
Proceeds of Sales	(377)
Amortization/Accretion	--
Transfers into Level 3	--
Transfers out of Level 3	--
Ending Balance	$112,443
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2020	$(16,396)

The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities and Other Financial Instruments identified as using Level 3 inputs at either the beginning or the end of the current fiscal period, and proceeds of sales includes securities delivered through affiliated in-kind transactions. See Note 4 of the Notes to Financial Statements. 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 and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliations are included in Net Gain (Loss) on the Fund's Statement of Operations.

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America	82.7%
Bermuda	3.6%
Canada	2.5%
United Kingdom	2.1%
Italy	1.7%
Bailiwick of Jersey	1.7%
Ireland	1.3%
Cayman Islands	1.2%
Switzerland	1.0%
Others (Individually Less Than 1%)	2.2%
	100.0%

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

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)		April 30, 2020
Assets
Investment in securities, at value (including securities loaned of $190,986) — See accompanying schedule: Unaffiliated issuers (cost $5,238,027)	$5,483,744
Fidelity Central Funds (cost $340,211)	340,247
Total Investment in Securities (cost $5,578,238)		$5,823,991
Restricted cash		766
Receivable for investments sold		64
Receivable for fund shares sold		2,438
Dividends receivable		2,832
Interest receivable		57
Distributions receivable from Fidelity Central Funds		84
Prepaid expenses		3
Other receivables		474
Total assets		5,830,709
Liabilities
Payable for investments purchased	$1,279
Payable for fund shares redeemed	4,983
Accrued management fee	3,154
Other affiliated payables	686
Other payables and accrued expenses	547
Collateral on securities loaned	198,786
Total liabilities		209,435
Net Assets		$5,621,274
Net Assets consist of:
Paid in capital		$5,208,583
Total accumulated earnings (loss)		412,691
Net Assets		$5,621,274
Net Asset Value and Maximum Offering Price
Mid-Cap Stock:
Net Asset Value, offering price and redemption price per share ($4,125,105 ÷ 142,423 shares)		$28.96
Class K:
Net Asset Value, offering price and redemption price per share ($1,496,169 ÷ 51,625 shares)		$28.98

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

Statement of Operations

Amounts in thousands		Year ended April 30, 2020
Investment Income
Dividends (including $3,886 earned from other affiliated issuers)		$112,677
Interest		103
Income from Fidelity Central Funds (including $1,552 from security lending)		10,044
Total income		122,824
Expenses
Management fee
Basic fee	$37,385
Performance adjustment	11,054
Transfer agent fees	8,329
Accounting fees	1,163
Custodian fees and expenses	140
Independent trustees' fees and expenses	42
Registration fees	93
Audit	69
Legal	12
Miscellaneous	106
Total expenses before reductions	58,393
Expense reductions	(352)
Total expenses after reductions		58,041
Net investment income (loss)		64,783
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	525,104
Redemptions in-kind with affiliated entities	31,103
Fidelity Central Funds	51
Other affiliated issuers	36
Foreign currency transactions	218
Total net realized gain (loss)		556,512
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	(1,425,033)
Fidelity Central Funds	(11)
Other affiliated issuers	(8,166)
Assets and liabilities in foreign currencies	1
Total change in net unrealized appreciation (depreciation)		(1,433,209)
Net gain (loss)		(876,697)
Net increase (decrease) in net assets resulting from operations		$(811,914)

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

Statement of Changes in Net Assets

Amounts in thousands	Year ended April 30, 2020	Year ended April 30, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$64,783	$76,180
Net realized gain (loss)	556,512	964,362
Change in net unrealized appreciation (depreciation)	(1,433,209)	(439,242)
Net increase (decrease) in net assets resulting from operations	(811,914)	601,300
Distributions to shareholders	(479,896)	(1,189,126)
Share transactions - net increase (decrease)	(807,976)	325,889
Total increase (decrease) in net assets	(2,099,786)	(261,937)
Net Assets
Beginning of period	7,721,060	7,982,997
End of period	$5,621,274	$7,721,060

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

Financial Highlights

Fidelity Mid-Cap Stock Fund

Years ended April 30,	2020	2019	2018	2017	2016
Selected Per–Share Data
Net asset value, beginning of period	$35.31	$38.38	$36.62	$34.07	$40.11
Income from Investment Operations
Net investment income (loss)^A	.31	.34	.22	.22	.21
Net realized and unrealized gain (loss)	(4.29)	2.26	4.30	5.19	(1.54)
Total from investment operations	(3.98)	2.60	4.52	5.41	(1.33)
Distributions from net investment income	(.35)	(.29)	(.22)	(.27)	(.22)
Distributions from net realized gain	(2.02)	(5.38)	(2.55)	(2.59)	(4.49)
Total distributions	(2.37)	(5.67)	(2.76)^B	(2.86)	(4.71)
Redemption fees added to paid in capital^A	–	–	–	–^C	–^C
Net asset value, end of period	$28.96	$35.31	$38.38	$36.62	$34.07
Total Return^D	(12.42)%	7.90%	12.66%	16.80%	(3.44)%
Ratios to Average Net Assets^E,^F
Expenses before reductions	.86%	.68%	.61%	.58%	.72%
Expenses net of fee waivers, if any	.86%	.67%	.61%	.58%	.72%
Expenses net of all reductions	.86%	.67%	.61%	.58%	.72%
Net investment income (loss)	.90%	.93%	.58%	.64%	.59%
Supplemental Data
Net assets, end of period (in millions)	$4,125	$5,373	$5,629	$5,622	$5,136
Portfolio turnover rate^G	36%^H	29%	22%	27%^H	23%^H

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $2.76 per share is comprised of distributions from net investment income of $.217 and distributions from net realized gain of $2.545 per share.

^C Amount represents less than $.005 per share.

^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H Portfolio turnover rate excludes securities received or delivered in-kind.

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

Fidelity Mid-Cap Stock Fund Class K

Years ended April 30,	2020	2019	2018	2017	2016
Selected Per–Share Data
Net asset value, beginning of period	$35.32	$38.40	$36.64	$34.08	$40.12
Income from Investment Operations
Net investment income (loss)^A	.34	.37	.26	.26	.25
Net realized and unrealized gain (loss)	(4.27)	2.26	4.30	5.20	(1.54)
Total from investment operations	(3.93)	2.63	4.56	5.46	(1.29)
Distributions from net investment income	(.39)	(.33)	(.26)	(.31)	(.26)
Distributions from net realized gain	(2.02)	(5.38)	(2.55)	(2.59)	(4.49)
Total distributions	(2.41)	(5.71)	(2.80)^B	(2.90)	(4.75)
Redemption fees added to paid in capital^A	–	–	–	–^C	–^C
Net asset value, end of period	$28.98	$35.32	$38.40	$36.64	$34.08
Total Return^D	(12.30)%	7.99%	12.78%	16.96%	(3.33)%
Ratios to Average Net Assets^E,^F
Expenses before reductions	.76%	.57%	.51%	.46%	.60%
Expenses net of fee waivers, if any	.76%	.57%	.51%	.46%	.60%
Expenses net of all reductions	.76%	.57%	.50%	.46%	.60%
Net investment income (loss)	1.00%	1.03%	.69%	.76%	.71%
Supplemental Data
Net assets, end of period (in millions)	$1,496	$2,348	$2,354	$2,213	$1,988
Portfolio turnover rate^G	36%^H	29%	22%	27%^H	23%^H

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $2.80 per share is comprised of distributions from net investment income of $.259 and distributions from net realized gain of $2.545 per share.

^C Amount represents less than $.005 per share.

^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H Portfolio turnover rate excludes securities received or delivered in-kind.

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

Notes to Financial Statements

For the period ended April 30, 2020
(Amounts in thousands except percentages)

1. Organization.

Fidelity Mid-Cap Stock Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Mid-Cap Stock and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

Effective January 1, 2020:

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

The Fund 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 the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund'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 may be used and would be 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. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

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. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.

Asset Type	Fair Value	Valuation Technique(s)	Unobservable Input	Amount or Range/Weighted Average	Impact to Valuation from an Increase in Input^(a)
Equities	$ 121,778	Market approach	Transaction price	$220.20	Increase
			Discount rate	0.1%	Decrease
		Market comparable	Enterprise value/EBITDA multiple (EV/EBITDA)	9.7	Increase
			Discount rate	3.7% - 6.4% / 5.7%	Decrease
			Enterprise value/Sales multiple (EV/S)	2.5 - 13.1 / 9.0	Increase
			Discount for lack of marketability	10.0%	Decrease
			Premium rate	12.3% - 94.7% / 52.7%	Increase
		Discounted cash flow	Weighted average cost of capital (WACC)	13.0%	Decrease
			Growth rate	1.0%	Increase
Corporate Bonds	$7,161	Market approach	Transaction price	$100.00	Increase
Other	$9,838	Discounted cash flow	Discount rate	17.5%	Decrease

(a) Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.

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 April 30, 2020, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder 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 identified cost and 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 the Fund 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Paid in Kind (PIK) income is recorded at the fair market value of the securities received. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for the Fund, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees of $409 are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, respectively.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships, deferred trustees compensation, redemptions in-kind and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation	$1,216,402
Gross unrealized depreciation	(978,399)
Net unrealized appreciation (depreciation)	$238,003
Tax Cost	$5,585,988

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$8,780
Undistributed long-term capital gain	$166,332
Net unrealized appreciation (depreciation) on securities and other investments	$237,989

The tax character of distributions paid was as follows:

	April 30, 2020	April 30, 2019
Ordinary Income	$72,160	$ 93,469
Long-term Capital Gains	407,736	1,095,657
Total	$479,896	$ 1,189,126

Consolidated Subsidiary. The Fund invests in certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

As of period end, the Fund held an investment of $31,999 in these Subsidiaries, representing .57% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and each Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.

Any cash held by the Subsidiaries is restricted as to its use and is presented as Restricted cash in the Statement of Assets and Liabilities.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, are noted in the table below.

	Purchases ($)	Sales ($)
Fidelity Mid-Cap Stock Fund	2,324,224	2,811,615

Unaffiliated Redemptions In-Kind. During the period, 2,071 shares of the Fund were redeemed in-kind for investments and cash with a value of $72,886. The net realized gain of $22,744 on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Mid-Cap Stock as compared to its benchmark index, the S&P MidCap 400 Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .69% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Mid-Cap Stock, except for Class K. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. Effective February 1, 2020, the Board approved to change the fee for Class K from .046% to .044%.

For the period, transfer agent fees for each class were as follows:

	Amount	% of Class-Level Average Net Assets
Mid-Cap Stock	$7,484	.15
Class K	845	.04
	$8,329

	% of Average Net Assets
Fidelity Mid-Cap Stock Fund	.02

	Amount
Fidelity Mid-Cap Stock Fund	$84

Affiliated Redemptions In-Kind. During the period, 3,271 shares of the Fund were redeemed in-kind for investments, including accrued interest, and cash with a value of $112,604. The net realized gain of $31,103 on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $5.

6. Committed Line of Credit.

	Amount
Fidelity Mid-Cap Stock Fund	$18

During the period, there were no borrowings on this line of credit.

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with NFS, as affiliated borrower. Total fees paid by the Fund to NFS, as lending agent, amounted to $52. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds, and includes $22 from securities loaned to NFS, as affiliated borrower.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $305 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $2. During the period, transfer agent credits reduced each class' expenses as noted in the table below.

	Expense reduction
Mid-Cap Stock	$1

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $44.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended April 30, 2020	Year ended April 30, 2019
Distributions to shareholders
Mid-Cap Stock	$347,837	$805,928
Class K	132,059	383,198
Total	$479,896	$1,189,126

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

	Shares	Shares	Dollars	Dollars
	Year ended April 30, 2020	Year ended April 30, 2019	Year ended April 30, 2020	Year ended April 30, 2019
Mid-Cap Stock
Shares sold	11,711	9,727	$390,934	$346,378
Reinvestment of distributions	9,253	22,487	327,745	761,032
Shares redeemed	(30,725)	(26,697)	(1,012,964)	(975,536)
Net increase (decrease)	(9,761)	5,517	$(294,285)	$131,874
Class K
Shares sold	8,568	18,446	$288,454	$677,575
Reinvestment of distributions	3,733	11,384	132,059	383,198
Shares redeemed	(27,149)^(a)	(24,667)	(934,205)^(a)	(866,758)
Net increase (decrease)	(14,848)	5,163	$(513,692)	$194,015

(a) Amount includes in-kind redemptions (see the Affiliated Redemptions In-Kind note and the Unaffiliated Redemptions In-Kind note for additional details).

11. Other.

12. Coronavirus (COVID-19) Pandemic.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Concord Street Trust and Shareholders of Fidelity Mid-Cap Stock Fund

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Mid-Cap Stock Fund (the "Fund"), a fund of Fidelity Concord Street Trust, including the schedule of investments, as of April 30, 2020, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ Deloitte & Touche LLP

Boston, Massachusetts

June 10, 2020

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

Trustees and Officers

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one.

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Acting Chairman of the Board of Trustees

* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Co-Lead Independent Trustee

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Co-Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2020

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2019 to April 30, 2020).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

	Annualized Expense Ratio-^A	Beginning Account Value November 1, 2019	Ending Account Value April 30, 2020	Expenses Paid During Period-^B November 1, 2019 to April 30, 2020
Mid-Cap Stock	.91%
Actual		$1,000.00	$848.90	$4.18
Hypothetical-^C		$1,000.00	$1,020.34	$4.57
Class K	.81%
Actual		$1,000.00	$849.60	$3.72
Hypothetical-^C		$1,000.00	$1,020.84	$4.07

^A Annualized expense ratio reflects expenses net of applicable fee waivers.

^B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

^C 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of Fidelity Mid-Cap Stock Fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:

	Pay Date	Record Date	Dividends	Capital Gains
Fidelity Mid-Cap Stock Fund
Mid-Cap Stock Fund	06/08/20	06/05/20	$0.043	$0.872
Class K	06/08/20	06/05/20	$0.055	$0.872

The fund hereby designates as a capital gain dividend with respect to the taxable year ended April 30, 20, $501,046,035, or, if subsequently determined to be different, the net capital gain of such year.

Mid-Cap Stock Fund designates 100% and 97%; Class K designates 100% and 89%; of the dividends distributed in June and December, respectively during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

Mid-Cap Stock Fund designates 100% and Class K designates 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2021 of amounts for use in preparing 2020 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Mid-Cap Stock Fund

Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board noted that there was a portfolio management change for the fund in June 2017. The Board will continue to monitor closely the fund's performance, taking into account the portfolio management change.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods ended June 30, 2019, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.

Fidelity Mid-Cap Stock Fund

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Fidelity Mid-Cap Stock Fund

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio. In its review of each class's total expense ratio, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board noted the impact of the fund's performance adjustment. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the total expense ratio of each class ranked below the competitive median for the 12-month period ended June 30, 2019.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Liquidity Risk Management Program

Highly liquid investments – cash or convertible to cash within three business days or less
Moderately liquid investments – convertible to cash in three to seven calendar days
Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
Illiquid investments – cannot be sold or disposed of within seven calendar days

FIDELITY INVESTMENTS

MCS-ANN-0620
1.703594.122

Fidelity® Mid-Cap Stock K6 Fund

Annual Report

April 30, 2020

See the inside front cover for important information about access to your fund’s shareholder reports.

FIDELITY INVESTMENTS

Account Type	Website	Phone Number
Brokerage, Mutual Fund, or Annuity Contracts:	fidelity.com/mailpreferences	1-800-343-3548
Employer Provided Retirement Accounts:	netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print)	1-800-343-0860
Advisor Sold Accounts Serviced Through Your Financial Intermediary:	Contact Your Financial Intermediary	Your Financial Intermediary's phone number
Advisor Sold Accounts Serviced by Fidelity:	institutional.fidelity.com	1-877-208-0098

Contents

Note to Shareholders
Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Board Approval of Investment Advisory Contracts and Management Fees
Liquidity Risk Management Program

You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Note to Shareholders:

Performance: The Bottom Line

Average annual total returns for Fidelity® Mid-Cap Stock K6 Fund will be reported once the fund is a year old.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Mid-Cap Stock K6 Fund on June 13, 2019, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the S&P MidCap 400® Index performed over the same period.

	Period Ending Values
	$8,826	Fidelity® Mid-Cap Stock K6 Fund
	$8,742	S&P MidCap 400® Index

Management's Discussion of Fund Performance

Market Recap: The U.S. equity bellwether S&P 500^® index gained 0.86% for the 12 months ending April 30, 2020, as the early-2020 outbreak and spread of the coronavirus hampered global economic growth and the outlook for corporate earnings. Declared a pandemic on March 11, the crisis and containment efforts caused broad contraction in economic activity, along with extreme uncertainty, volatility and dislocation in financial markets. By mid-March, U.S. stocks entered bear-market territory less than a month after hitting an all-time high and extending the longest-running bull market in American history. Following a flattish January to open the year, stocks slid in late February (-8.23%), after a surge in COVID-19 cases outside China pushed investors to safer asset classes. The downtrend continued in March (-12.35%), capping the index’s worst quarterly result since 2008. A historically rapid and expansive U.S. monetary/fiscal-policy response helped mitigate the most acute near-term liquidity issues, and provided a partial offset to the economic disruption. This was evident in April, when the index achieved its highest monthly gain (+12.82%) since 1991, boosted by improving coronavirus trends, plans for reopening the economy and progress on potential treatments. By sector, energy stocks (-38%) fell hard along with the price of crude oil. Financials (-17%) and industrials (-16%) also lagged. In contrast, information technology (+18%) led, followed by health care (+15%), a defensive sector that saw higher demand due to the virus-containment response.

Comments from Lead Portfolio Manager John Roth: From the fund’s inception on June 13, 2019, through April 30, 2020, the fund returned -11.74%, outpacing the -12.58% result of the S&P MidCap 400^® Index. The fund benefited from successful security selection versus the benchmark, particularly in the materials, consumer discretionary and information technology sectors. The fund’s cash position of about 6%, on average, also boosted relative results amid market volatility this period. Conversely, choices among financials names hurt, as did an overweighting in energy. Among individual stocks, a non-index stake in Novagold Resources, a pure-play gold investment, added the most value. Gold prices surged this period, as investors flocked to the perceived safe haven of this precious metal, amid increasing fears about coronavirus, a global recession, and continued trade and geopolitical risks. An out-of-index stake in at-home fitness company Peloton Interactive also contributed. This stock rose due to an expected increase in demand for home exercise equipment, driven partly by gym closures amid the pandemic. Conversely, a non-benchmark stake in upstream oil company Kosmos Energy suffered along with the price of crude oil, detracting from the fund’s relative result notably. A non-index position in ridesharing firm Lyft also hurt. We sold our position in Lyft by period end.

Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2020

	% of fund's net assets
NVR, Inc.	2.2
Molina Healthcare, Inc.	1.9
Amphenol Corp. Class A	1.8
Hess Corp.	1.8
Peloton Interactive, Inc. Class A	1.5
WNS Holdings Ltd. sponsored ADR	1.4
M&T Bank Corp.	1.3
Fabrinet	1.2
Brunello Cucinelli SpA	1.2
OGE Energy Corp.	1.2
	15.5

Top Five Market Sectors as of April 30, 2020

	% of fund's net assets
Financials	19.8
Industrials	17.0
Consumer Discretionary	14.8
Information Technology	12.3
Health Care	7.8

Asset Allocation (% of fund's net assets)

As of April 30, 2020^*
	Stocks	97.8%
	Short-Term Investments and Net Other Assets (Liabilities)	2.2%

* Foreign investments - 17.4%

Schedule of Investments April 30, 2020

Showing Percentage of Net Assets

Common Stocks - 97.8%
	Shares	Value
COMMUNICATION SERVICES - 1.7%
Diversified Telecommunication Services - 0.9%
Cogent Communications Group, Inc.	7,455	$624,953
Iridium Communications, Inc. (a)	13,499	303,795
		928,748
Media - 0.8%
Nexstar Broadcasting Group, Inc. Class A	4,534	317,561
Omnicom Group, Inc.	6,500	370,695
Sinclair Broadcast Group, Inc. Class A	11,283	199,145
		887,401

TOTAL COMMUNICATION SERVICES		1,816,149

CONSUMER DISCRETIONARY - 14.8%
Automobiles - 0.9%
Aston Martin Lagonda Global Holdings PLC(a)(b)(c)	301,500	217,591
Fiat Chrysler Automobiles NV	83,654	720,261
		937,852
Hotels, Restaurants & Leisure - 2.3%
Boyd Gaming Corp.	17,988	300,220
Churchill Downs, Inc.	5,800	581,276
Dunkin' Brands Group, Inc.	11,657	732,526
Wyndham Hotels & Resorts, Inc.	22,548	850,285
		2,464,307
Household Durables - 4.2%
D.R. Horton, Inc.	23,043	1,088,090
Lennar Corp. Class A	11,348	568,194
Mohawk Industries, Inc. (a)	5,704	500,355
NVR, Inc. (a)	778	2,411,788
		4,568,427
Internet & Direct Marketing Retail - 0.8%
GrubHub, Inc. (a)(c)	18,354	877,138
Leisure Products - 1.7%
American Outdoor Brands Corp. (a)	24,500	231,893
Peloton Interactive, Inc. Class A (a)	50,897	1,603,256
		1,835,149
Multiline Retail - 0.3%
Dollar General Corp.	2,245	393,549
Specialty Retail - 2.4%
AutoZone, Inc. (a)	660	673,411
Best Buy Co., Inc.	5,655	433,908
National Vision Holdings, Inc. (a)	25,498	675,697
Ross Stores, Inc.	9,158	836,675
		2,619,691
Textiles, Apparel & Luxury Goods - 2.2%
Brunello Cucinelli SpA	41,000	1,320,039
PVH Corp.	8,586	422,689
Tapestry, Inc.	27,843	414,304
Under Armour, Inc. Class A (sub. vtg.) (a)(c)	21,742	226,552
		2,383,584

TOTAL CONSUMER DISCRETIONARY		16,079,697

CONSUMER STAPLES - 4.0%
Food & Staples Retailing - 0.7%
Kroger Co.	23,644	747,387
Food Products - 2.0%
Bunge Ltd.	9,086	360,442
Conagra Brands, Inc.	14,682	490,966
Greencore Group PLC	306,179	702,622
Sanderson Farms, Inc.	5,000	680,700
		2,234,730
Household Products - 0.7%
Reckitt Benckiser Group PLC	8,826	735,204
Personal Products - 0.6%
Edgewell Personal Care Co. (a)	23,772	656,345

TOTAL CONSUMER STAPLES		4,373,666

ENERGY - 5.8%
Energy Equipment & Services - 0.6%
Borr Drilling Ltd.(a)(c)	42,312	29,942
Oceaneering International, Inc. (a)	39,180	201,385
Pacific Drilling SA (a)	18,272	11,709
Schlumberger Ltd.	16,400	275,848
TechnipFMC PLC	13,134	117,024
		635,908
Oil, Gas & Consumable Fuels - 5.2%
Cabot Oil & Gas Corp.	29,372	635,023
Cenovus Energy, Inc. (Canada)	120,400	436,812
Cheniere Energy, Inc. (a)	19,607	915,451
GasLog Ltd.	22,931	105,941
Golar LNG Ltd. (c)	38,987	276,418
Hess Corp.	39,401	1,916,465
Kosmos Energy Ltd.	140,123	231,203
New Fortress Energy LLC (a)	24,762	320,173
The Williams Companies, Inc.	42,983	832,581
		5,670,067

TOTAL ENERGY		6,305,975

FINANCIALS - 19.8%
Banks - 8.7%
Bank of Hawaii Corp.	9,199	627,188
Comerica, Inc.	8,686	302,794
Cullen/Frost Bankers, Inc.	13,602	977,440
First Horizon National Corp.	68,349	620,609
Huntington Bancshares, Inc.	134,012	1,238,271
M&T Bank Corp.	12,285	1,376,903
Prosperity Bancshares, Inc.	18,212	1,091,445
Signature Bank	11,782	1,262,795
Truist Financial Corp.	15,404	574,877
UMB Financial Corp.	12,290	624,824
Wintrust Financial Corp.	16,935	709,577
		9,406,723
Capital Markets - 3.8%
Cboe Global Markets, Inc.	4,231	420,477
Lazard Ltd. Class A	17,027	468,243
Northern Trust Corp.	9,932	786,217
Raymond James Financial, Inc.	5,716	376,799
The NASDAQ OMX Group, Inc.	9,071	994,817
TPG Specialty Lending, Inc.	38,107	627,241
Virtu Financial, Inc. Class A	18,100	422,997
		4,096,791
Insurance - 6.1%
American Financial Group, Inc.	13,016	862,180
American International Group, Inc.	18,600	472,998
Arch Capital Group Ltd. (a)	35,428	851,335
Axis Capital Holdings Ltd.	12,777	467,638
Beazley PLC	57,221	285,397
First American Financial Corp.	20,308	936,605
Hartford Financial Services Group, Inc.	14,970	568,710
Hiscox Ltd.	27,941	247,257
Principal Financial Group, Inc.	13,182	479,957
RenaissanceRe Holdings Ltd.	6,600	963,666
The Travelers Companies, Inc.	5,200	526,292
		6,662,035
Thrifts & Mortgage Finance - 1.2%
Radian Group, Inc.	84,574	1,266,919

TOTAL FINANCIALS		21,432,468

HEALTH CARE - 7.8%
Health Care Equipment & Supplies - 0.9%
Hologic, Inc. (a)	19,828	993,383
Health Care Providers & Services - 3.6%
Centene Corp. (a)	18,099	1,205,031
Molina Healthcare, Inc. (a)	12,387	2,031,096
Universal Health Services, Inc. Class B	6,615	699,139
		3,935,266
Life Sciences Tools & Services - 1.9%
Bruker Corp.	21,715	853,834
Lonza Group AG	2,720	1,187,473
		2,041,307
Pharmaceuticals - 1.4%
Nektar Therapeutics (a)(c)	30,000	576,000
Recordati SpA	13,701	595,615
Zogenix, Inc. (a)	9,974	281,566
		1,453,181

TOTAL HEALTH CARE		8,423,137

INDUSTRIALS - 17.0%
Aerospace & Defense - 1.8%
Huntington Ingalls Industries, Inc.	5,122	980,402
Kratos Defense & Security Solutions, Inc. (a)	43,823	658,221
TransDigm Group, Inc.	900	326,772
		1,965,395
Air Freight & Logistics - 0.8%
XPO Logistics, Inc. (a)	13,297	887,442
Airlines - 0.6%
JetBlue Airways Corp. (a)	43,300	421,742
Southwest Airlines Co.	6,200	193,750
		615,492
Building Products - 1.0%
Fortune Brands Home & Security, Inc.	8,800	424,160
Owens Corning	14,800	641,728
		1,065,888
Commercial Services & Supplies - 1.4%
IAA Spinco, Inc. (a)	12,411	479,065
KAR Auction Services, Inc.	12,298	184,224
Stericycle, Inc. (a)	13,292	648,650
U.S. Ecology, Inc.	7,354	241,064
		1,553,003
Construction & Engineering - 0.9%
AECOM (a)	28,221	1,023,293
Electrical Equipment - 3.7%
AMETEK, Inc.	13,410	1,124,697
Generac Holdings, Inc. (a)	11,274	1,098,539
Melrose Industries PLC	340,827	428,327
Regal Beloit Corp.	11,914	846,013
Sensata Technologies, Inc. PLC (a)	14,649	532,931
		4,030,507
Machinery - 4.6%
Allison Transmission Holdings, Inc.	19,161	696,311
Donaldson Co., Inc.	28,787	1,261,734
Fortive Corp.	14,133	904,512
Gardner Denver Holdings, Inc. (a)	23,105	671,893
Oshkosh Corp.	11,735	792,465
Pentair PLC	17,682	611,620
		4,938,535
Marine - 0.1%
Goodbulk Ltd. (a)(d)	4,600	51,576
Professional Services - 0.8%
Clarivate Analytics PLC (a)	13,760	316,205
Equifax, Inc.	4,091	568,240
		884,445
Road & Rail - 1.0%
Knight-Swift Transportation Holdings, Inc. Class A (c)	29,627	1,101,532
Trading Companies & Distributors - 0.3%
Beacon Roofing Supply, Inc. (a)	14,350	315,700

TOTAL INDUSTRIALS		18,432,808

INFORMATION TECHNOLOGY - 12.3%
Communications Equipment - 0.3%
Ericsson (B Shares)	39,692	339,095
Electronic Equipment & Components - 5.5%
Amphenol Corp. Class A	21,725	1,917,449
Arrow Electronics, Inc. (a)	18,200	1,145,144
CDW Corp.	4,500	498,600
Fabrinet (a)	21,318	1,337,705
FLIR Systems, Inc.	6,700	290,780
Keysight Technologies, Inc. (a)	8,190	792,546
		5,982,224
IT Services - 5.0%
Akamai Technologies, Inc. (a)	4,829	471,842
Black Knight, Inc. (a)	5,976	421,726
Euronet Worldwide, Inc. (a)	2,822	258,947
Fiserv, Inc. (a)	11,960	1,232,598
Gartner, Inc. (a)	2,600	308,906
Leidos Holdings, Inc.	9,265	915,475
Verra Mobility Corp. (a)	37,911	339,683
WNS Holdings Ltd. sponsored ADR (a)	31,223	1,525,244
		5,474,421
Semiconductors & Semiconductor Equipment - 0.4%
Lam Research Corp.	1,500	382,920
Software - 1.1%
Aspen Technology, Inc. (a)	6,700	685,075
Citrix Systems, Inc.	3,365	487,959
		1,173,034

TOTAL INFORMATION TECHNOLOGY		13,351,694

MATERIALS - 4.3%
Chemicals - 1.1%
LG Chemical Ltd.	1,633	506,095
Nutrien Ltd.	9,571	341,804
Olin Corp.	26,510	353,909
		1,201,808
Containers & Packaging - 0.9%
Avery Dennison Corp.	4,526	499,625
O-I Glass, Inc.	57,800	476,272
		975,897
Metals & Mining - 2.3%
Franco-Nevada Corp.	6,649	879,687
Newcrest Mining Ltd.	25,208	452,394
Novagold Resources, Inc. (a)	101,752	1,141,827
		2,473,908

TOTAL MATERIALS		4,651,613

REAL ESTATE - 6.2%
Equity Real Estate Investment Trusts (REITs) - 6.2%
Apartment Investment & Management Co. Class A	17,479	658,434
Cousins Properties, Inc.	25,196	760,163
Gaming & Leisure Properties	19,246	543,507
Healthcare Realty Trust, Inc.	33,274	977,923
Healthcare Trust of America, Inc.	31,736	781,658
National Retail Properties, Inc.	20,130	657,043
Spirit Realty Capital, Inc.	15,411	474,042
VEREIT, Inc.	117,641	644,673
VICI Properties, Inc.	73,205	1,275,231
		6,772,674
UTILITIES - 4.1%
Electric Utilities - 3.2%
Alliant Energy Corp.	24,164	1,173,162
IDACORP, Inc.	10,874	998,016
OGE Energy Corp.	41,008	1,292,572
		3,463,750
Gas Utilities - 0.9%
Atmos Energy Corp.	9,276	945,874

TOTAL UTILITIES		4,409,624

TOTAL COMMON STOCKS
(Cost $119,387,117)		106,049,505
	Principal Amount	Value

Nonconvertible Bonds - 0.0%
ENERGY - 0.0%
Energy Equipment & Services - 0.0%
Pacific Drilling SA 12% 4/1/24 pay-in-kind (Cost $7,696)(b)(e)	11,236	337
	Shares	Value

Money Market Funds - 4.3%
Fidelity Cash Central Fund 0.16% (f)	2,405,322	2,406,043
Fidelity Securities Lending Cash Central Fund 0.11% (f)(g)	2,220,696	2,220,918
TOTAL MONEY MARKET FUNDS
(Cost $4,626,786)		4,626,961
TOTAL INVESTMENT IN SECURITIES - 102.1%
(Cost $124,021,599)		110,676,803
NET OTHER ASSETS (LIABILITIES) - (2.1)%		(2,242,239)
NET ASSETS - 100%		$108,434,564

Legend

(a) Non-income producing

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $217,928 or 0.2% of net assets.

(d) Level 3 security

(e) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(g) Investment made with cash collateral received from securities on loan.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$80,735
Fidelity Securities Lending Cash Central Fund	69,796
Total	$150,531

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Communication Services	$1,816,149	$1,816,149	$--	$--
Consumer Discretionary	16,079,697	16,079,697	--	--
Consumer Staples	4,373,666	3,638,462	735,204	--
Energy	6,305,975	6,305,975	--	--
Financials	21,432,468	21,432,468	--	--
Health Care	8,423,137	8,423,137	--	--
Industrials	18,432,808	18,381,232	--	51,576
Information Technology	13,351,694	13,012,599	339,095	--
Materials	4,651,613	4,199,219	452,394	--
Real Estate	6,772,674	6,772,674	--	--
Utilities	4,409,624	4,409,624	--	--
Corporate Bonds	337	--	337	--
Money Market Funds	4,626,961	4,626,961	--	--
Total Investments in Securities:	$110,676,803	$109,098,197	$1,527,030	$51,576

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America	82.6%
Bermuda	3.4%
Canada	2.6%
United Kingdom	2.2%
Italy	1.8%
Bailiwick of Jersey	1.7%
Cayman Islands	1.2%
Ireland	1.2%
Switzerland	1.1%
Others (Individually Less Than 1%)	2.2%
	100.0%

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

Financial Statements

Statement of Assets and Liabilities

		April 30, 2020
Assets
Investment in securities, at value (including securities loaned of $2,135,735) — See accompanying schedule: Unaffiliated issuers (cost $119,394,813)	$106,049,842
Fidelity Central Funds (cost $4,626,786)	4,626,961
Total Investment in Securities (cost $124,021,599)		$110,676,803
Receivable for investments sold		134,196
Receivable for fund shares sold		43,123
Dividends receivable		47,513
Distributions receivable from Fidelity Central Funds		1,523
Other receivables		1,113
Total assets		110,904,271
Liabilities
Payable for investments purchased	$174,123
Payable for fund shares redeemed	36,296
Accrued management fee	38,002
Other payables and accrued expenses	803
Collateral on securities loaned	2,220,483
Total liabilities		2,469,707
Net Assets		$108,434,564
Net Assets consist of:
Paid in capital		$124,554,683
Total accumulated earnings (loss)		(16,120,119)
Net Assets		$108,434,564
Net Asset Value, offering price and redemption price per share ($108,434,564 ÷ 12,354,396 shares)		$8.78

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

Statement of Operations

		For the period June 13, 2019 (commencement of operations) to April 30, 2020
Investment Income
Dividends		$1,316,097
Interest		851
Income from Fidelity Central Funds (including $69,796 from security lending)		150,531
Total income		1,467,479
Expenses
Management fee	$381,462
Independent trustees' fees and expenses	414
Miscellaneous	976
Total expenses before reductions	382,852
Expense reductions	(2,586)
Total expenses after reductions		380,266
Net investment income (loss)		1,087,213
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(3,211,434)
Fidelity Central Funds	1,078
Foreign currency transactions	(517)
Total net realized gain (loss)		(3,210,873)
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	(13,344,972)
Fidelity Central Funds	176
Assets and liabilities in foreign currencies	46
Total change in net unrealized appreciation (depreciation)		(13,344,750)
Net gain (loss)		(16,555,623)
Net increase (decrease) in net assets resulting from operations		$(15,468,410)

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

Statement of Changes in Net Assets

	For the period June 13, 2019 (commencement of operations) to April 30, 2020
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$1,087,213
Net realized gain (loss)	(3,210,873)
Change in net unrealized appreciation (depreciation)	(13,344,750)
Net increase (decrease) in net assets resulting from operations	(15,468,410)
Distributions to shareholders	(651,712)
Share transactions
Proceeds from sales of shares	145,177,278
Reinvestment of distributions	651,712
Cost of shares redeemed	(21,274,304)
Net increase (decrease) in net assets resulting from share transactions	124,554,686
Total increase (decrease) in net assets	108,434,564
Net Assets
Beginning of period	–
End of period	$108,434,564
Other Information
Shares
Sold	14,531,536
Issued in reinvestment of distributions	61,079
Redeemed	(2,238,219)
Net increase (decrease)	12,354,396

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

Financial Highlights

Fidelity Mid-Cap Stock K6 Fund


Year ended April 30,	2020 ^A
Selected Per–Share Data
Net asset value, beginning of period	$10.00
Income from Investment Operations
Net investment income (loss)^B	.11
Net realized and unrealized gain (loss)	(1.27)
Total from investment operations	(1.16)
Distributions from net investment income	(.06)
Total distributions	(.06)
Net asset value, end of period	$8.78
Total Return^C,^D	(11.74)%
Ratios to Average Net Assets^E,^F
Expenses before reductions	.45%^G
Expenses net of fee waivers, if any	.45%^G
Expenses net of all reductions	.45%^G
Net investment income (loss)	1.29%^G
Supplemental Data
Net assets, end of period (000 omitted)	$108,435
Portfolio turnover rate^H	52%^I,^J

^A For the period June 13, 2019 (commencement of operations) to April 30, 2020.

^B Calculated based on average shares outstanding during the period.

^C Total returns for periods of less than one year are not annualized.

^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

^G Annualized

^H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^I Portfolio turnover rate excludes securities received or delivered in-kind.

^J Amount not annualized.

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

Notes to Financial Statements

For the period ended April 30, 2020

1. Organization.

Fidelity Mid-Cap Stock K6 Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity.

Effective January 1, 2020:

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

The Fund 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 the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

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. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Book-tax differences are primarily due to foreign currency transactions, capital loss carryforwards, partnerships and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation	$5,740,103
Gross unrealized depreciation	(19,486,252)
Net unrealized appreciation (depreciation)	$(13,746,149)
Tax Cost	$124,422,952

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$421,754
Capital loss carryforward	$(2,795,773)
Net unrealized appreciation (depreciation) on securities and other investments	$(13,746,103)

No expiration
Short-term	$(2,795,773)

The tax character of distributions paid was as follows:

	April 30, 2020^(a)
Ordinary Income	$651,712

(a) For the period June 13, 2019 (commencement of operations) to April 30, 2020.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, are noted in the table below.

	Purchases ($)	Sales ($)
Fidelity Mid-Cap Stock K6 Fund	37,206,488	38,345,997

Unaffiliated Exchanges In-Kind. During the period, the Fund received investments and cash valued at $21,330,582 in exchange for 2,041,105 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .45% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

	Amount
Fidelity Mid-Cap Stock K6 Fund	$1,364

Affiliated Exchanges In-Kind. During the period, the Fund received investments and cash valued at $112,603,573 in exchange for 11,351,167 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

6. Committed Line of Credit.

	Amount
Fidelity Mid-Cap Stock K6 Fund	$10

During the period, there were no borrowings on this line of credit.

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with NFS, as affiliated borrower. Total fees paid by the Fund to NFS, as lending agent, amounted to $6,712. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds, and includes $824 from securities loaned to NFS, as affiliated borrower.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $2,488 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $98.

9. Other.

10. Coronavirus (COVID-19) Pandemic.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Concord Street Trust and Shareholders of Fidelity Mid-Cap Stock K6 Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Mid-Cap Stock K6 Fund (one of the funds constituting Fidelity Concord Street Trust, referred to hereafter as the “Fund”) as of April 30, 2020, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period June 13, 2019 (commencement of operations) through April 30, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2020, and the results of its operations, changes in its net assets, and the financial highlights for the period June 13, 2019 (commencement of operations) through April 30, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

PricewaterhouseCoopers LLP

Boston, Massachusetts

June 15, 2020

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Acting Chairman of the Board of Trustees

* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Co-Lead Independent Trustee

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Co-Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2020

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2019 to April 30, 2020).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value November 1, 2019	Ending Account Value April 30, 2020	Expenses Paid During Period-^B November 1, 2019 to April 30, 2020
Actual	.45%	$1,000.00	$851.10	$2.07
Hypothetical-^C		$1,000.00	$1,022.63	$2.26

^A Annualized expense ratio reflects expenses net of applicable fee waivers.

^B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

^C 5% return per year before expenses

Distributions (Unaudited)

The fund designates 81% of the dividends distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

The fund designates 91% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 8% of the dividend distributed during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2021 of amounts for use in preparing 2020 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Mid Cap Stock K6 Fund

Approval of Amended and Restated Advisory Contracts. At its November 2019 meeting, the Board unanimously determined to approve an amended and restated management contract and sub-advisory agreements (Amended and Restated Contracts) for a stub period of January 1, 2020 through January 31, 2020 in connection with a consolidation of certain of Fidelity's advisory businesses. The Board considered that, on or about January 1, 2020, FMR Co., Inc. (FMRC) expected to merge with and into FMR and, after the merger, FMR expected to redomicile as a Delaware limited liability company. The Board also approved the termination of the sub-advisory agreement with FMRC upon the completion of the merger. The Board noted that references to FMR in the Amended and Restated Contracts would be updated to reflect FMR's new form of organization and domicile. The Board also noted Fidelity's assurance that neither the planned consolidation nor the Amended and Restated Contracts will change the investment processes, the level or nature of services provided, the resources and personnel allocated, trading and compliance operations, or any fees paid by the fund.

Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. As the fund recently commenced operations, the Board did not believe that it was appropriate to assign significant weight to its limited investment performance.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Management Fee. The Board considered two proprietary management fee comparisons for the period of the fund's operations ended June 30 shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG % and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked is also included in the chart and was considered by the Board.

Fidelity Mid Cap Stock K6 Fund

The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the period.

The Board noted that it and the boards of other Fidelity funds formed an ad hoc Committee on Group Fee, which meets periodically, to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component (such as the fund) and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio. In its review of the fund's total expense ratio, the Board considered the fund's unitary fee rate as well as other fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current total expense ratio of the fund compared to competitive fund median expenses. The fund is compared to those funds in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the fund's total expense ratio ranked below the competitive median for the period ended June 30, 2019.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that, due to the fund's current contractual arrangements, its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Liquidity Risk Management Program

Highly liquid investments – cash or convertible to cash within three business days or less
Moderately liquid investments – convertible to cash in three to seven calendar days
Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
Illiquid investments – cannot be sold or disposed of within seven calendar days

FIDELITY INVESTMENTS

MCS-K6-ANN-0620
1.9893890.100

Fidelity® Founders Fund

Annual Report

April 30, 2020

Includes Fidelity and Fidelity Advisor share classes

See the inside front cover for important information about access to your fund’s shareholder reports.

FIDELITY INVESTMENTS

Account Type	Website	Phone Number
Brokerage, Mutual Fund, or Annuity Contracts:	fidelity.com/mailpreferences	1-800-343-3548
Employer Provided Retirement Accounts:	netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print)	1-800-343-0860
Advisor Sold Accounts Serviced Through Your Financial Intermediary:	Contact Your Financial Intermediary	Your Financial Intermediary's phone number
Advisor Sold Accounts Serviced by Fidelity:	institutional.fidelity.com	1-877-208-0098

Contents

Note to Shareholders
Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Board Approval of Investment Advisory Contracts and Management Fees
Liquidity Risk Management Program

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Note to Shareholders:

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended April 30, 2020	Past 1 year	Life of fund^A
Class A (incl. 5.75% sales charge)	2.97%	9.61%
Class M (incl. 3.50% sales charge)	5.13%	11.51%
Class C (incl. contingent deferred sales charge)	7.39%	14.28%
Fidelity® Founders Fund	9.49%	15.41%
Class I	9.49%	15.41%
Class Z	9.67%	15.57%

^A From February 14, 2019

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Founders Fund, a class of the fund, on February 14, 2019, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the Russell 3000® Index performed over the same period.

	Period Ending Values
	$11,890	Fidelity® Founders Fund
	$10,604	Russell 3000® Index

Management's Discussion of Fund Performance

Comments from Portfolio Manager Daniel Kelley: For the fiscal year, the fund’s share classes (excluding sales charges, if applicable) gained roughly 8% to 10%, handily topping the -1.04% return of the benchmark Russell 3000^® Index. Security selection in the materials, health care and financials sectors helped the fund outpace its benchmark the past 12 months, with added boosts from a significant underweighting in financials and a large overweighting in information technology. The top individual relative contributor was a sizable non-benchmark position in Barrick Gold (+103%), a mining company that benefited from a sharp rise in gold prices. Elsewhere, an overweighting in software giant Microsoft (+39%), our top holding, rose due to a market-share gain in its cloud-services business and effective cost management. DocuSign (+80%), which provides electronic-signature software, and a large position in e-commerce juggernaut Amazon.com (+28%) also stood out, thanks to accelerated demand for their services. No sectors negatively influenced relative performance. Not owning consumer technology leader and benchmark component Apple detracted most, as the company’s defensive characteristics and anticipation of a 5G iPhone^® device drove the stock’s roughly 48% gain. An overweighting in cloud-based human resources software company Workday (-26%) also hurt, pressured by investor profit-taking in the first half of the period and later by the postponement of software upgrades.

Investment Summary (Unaudited)

Top Five Stocks as of April 30, 2020

	% of fund's net assets
Microsoft Corp.	7.6
Amazon.com, Inc.	7.0
Alphabet, Inc. Class C	4.1
Barrick Gold Corp.	3.6
Salesforce.com, Inc.	3.2
	25.5

Top Five Market Sectors as of April 30, 2020

	% of fund's net assets
Information Technology	33.1
Health Care	21.3
Consumer Discretionary	15.3
Communication Services	10.0
Financials	5.6

Asset Allocation (% of fund's net assets)

As of April 30, 2020 ^*
	Stocks	99.0%
	Short-Term Investments and Net Other Assets (Liabilities)	1.0%

* Foreign investments - 14.7%

Schedule of Investments April 30, 2020

Showing Percentage of Net Assets

Common Stocks - 99.0%
	Shares	Value
COMMUNICATION SERVICES - 10.0%
Entertainment - 2.0%
Netflix, Inc. (a)	1,326	$556,721
Spotify Technology SA (a)	605	91,700
		648,421
Interactive Media & Services - 8.0%
Alphabet, Inc. Class C (a)	979	1,320,338
Facebook, Inc. Class A (a)	4,500	921,195
Tencent Holdings Ltd. sponsored ADR	6,430	338,347
		2,579,880

TOTAL COMMUNICATION SERVICES		3,228,301

CONSUMER DISCRETIONARY - 15.3%
Diversified Consumer Services - 0.5%
Arco Platform Ltd. Class A (a)	2,972	149,254
Hotels, Restaurants & Leisure - 0.0%
Monarch Casino & Resort, Inc. (a)	581	19,371
Internet & Direct Marketing Retail - 12.6%
Alibaba Group Holding Ltd. sponsored ADR (a)	3,453	699,820
Amazon.com, Inc. (a)	918	2,271,132
Boohoo.Com PLC (a)	25,087	102,059
GrubHub, Inc. (a)	1,382	66,046
JD.com, Inc. sponsored ADR (a)	3,254	140,247
MercadoLibre, Inc. (a)	196	114,368
Ocado Group PLC (a)	8,715	176,119
Pinduoduo, Inc. ADR (a)	10,504	498,310
Wayfair LLC Class A (a)	146	18,110
		4,086,211
Multiline Retail - 0.8%
Dollar Tree, Inc. (a)	3,124	248,889
Textiles, Apparel & Luxury Goods - 1.4%
LVMH Moet Hennessy Louis Vuitton SE	402	155,410
Moncler SpA	5,982	224,849
Ralph Lauren Corp.	1,123	82,855
		463,114

TOTAL CONSUMER DISCRETIONARY		4,966,839

CONSUMER STAPLES - 2.5%
Beverages - 1.5%
Boston Beer Co., Inc. Class A (a)	639	298,100
Monster Beverage Corp. (a)	3,204	198,039
		496,139
Food Products - 0.6%
Beyond Meat, Inc.	1,804	178,578
Personal Products - 0.4%
Estee Lauder Companies, Inc. Class A	734	129,478

TOTAL CONSUMER STAPLES		804,195

ENERGY - 0.6%
Oil, Gas & Consumable Fuels - 0.6%
Hess Corp.	3,888	189,112
FINANCIALS - 5.6%
Banks - 0.4%
Signature Bank	1,397	149,730
Capital Markets - 3.6%
BlackRock, Inc. Class A	425	213,367
EQT AB	1,020	14,095
Morningstar, Inc.	2,530	394,579
The Blackstone Group LP	3,072	160,481
Tradeweb Markets, Inc. Class A	3,406	177,657
XP, Inc. Class A (a)	7,819	196,726
		1,156,905
Consumer Finance - 0.7%
Capital One Financial Corp.	3,521	228,020
Diversified Financial Services - 0.9%
Berkshire Hathaway, Inc. Class B (a)	1,550	290,408

TOTAL FINANCIALS		1,825,063

HEALTH CARE - 21.3%
Biotechnology - 6.7%
Argenx SE ADR (a)	2,414	353,627
Ascendis Pharma A/S sponsored ADR (a)	484	65,693
Black Diamond Therapeutics, Inc. (a)	255	9,445
Blueprint Medicines Corp. (a)	657	38,651
Neurocrine Biosciences, Inc. (a)	1,927	189,116
Regeneron Pharmaceuticals, Inc. (a)	912	479,603
Seattle Genetics, Inc. (a)	1,367	187,593
Vertex Pharmaceuticals, Inc. (a)	3,306	830,467
		2,154,195
Health Care Equipment & Supplies - 9.0%
Boston Scientific Corp. (a)	5,198	194,821
Danaher Corp.	6,063	991,058
Genmark Diagnostics, Inc. (a)	1,983	24,807
Hologic, Inc. (a)	6,976	349,498
Masimo Corp. (a)	3,665	783,980
Penumbra, Inc. (a)	2,027	359,428
ResMed, Inc.	1,369	212,633
		2,916,225
Health Care Providers & Services - 2.6%
Andlauer Healthcare Group, Inc.	1,369	25,955
UnitedHealth Group, Inc.	2,810	821,841
		847,796
Health Care Technology - 1.5%
Inspire Medical Systems, Inc. (a)	1,303	93,373
Phreesia, Inc.	2,264	57,483
Veeva Systems, Inc. Class A (a)	1,679	320,353
		471,209
Life Sciences Tools & Services - 1.5%
10X Genomics, Inc. (a)	3,176	253,667
Bruker Corp.	6,183	243,116
		496,783

TOTAL HEALTH CARE		6,886,208

INDUSTRIALS - 4.1%
Air Freight & Logistics - 0.2%
XPO Logistics, Inc. (a)	1,107	73,881
Airlines - 0.8%
Southwest Airlines Co.	8,200	256,250
Commercial Services & Supplies - 1.6%
Cintas Corp.	997	221,165
Copart, Inc. (a)	2,876	230,396
Waste Connection, Inc. (United States)	741	63,659
		515,220
Machinery - 0.7%
Fortive Corp.	2,024	129,536
PACCAR, Inc.	1,375	95,191
		224,727
Road & Rail - 0.8%
Lyft, Inc. (a)	3,742	122,850
Uber Technologies, Inc.	4,124	124,833
		247,683

TOTAL INDUSTRIALS		1,317,761

INFORMATION TECHNOLOGY - 33.1%
IT Services - 6.5%
Adyen BV (a)(b)	262	258,746
Black Knight, Inc. (a)	4,145	292,513
EPAM Systems, Inc. (a)	1,067	235,690
Euronet Worldwide, Inc. (a)	1,574	144,430
GoDaddy, Inc. (a)	4,888	339,374
MongoDB, Inc. Class A (a)	1,220	197,799
VeriSign, Inc. (a)	2,311	484,131
Wix.com Ltd. (a)	1,255	164,167
		2,116,850
Semiconductors & Semiconductor Equipment - 3.4%
Analog Devices, Inc.	2,666	292,194
NVIDIA Corp.	2,133	623,433
SolarEdge Technologies, Inc. (a)	1,087	121,298
Universal Display Corp.	415	62,300
		1,099,225
Software - 23.2%
Adobe, Inc. (a)	2,884	1,019,898
Atlassian Corp. PLC (a)	1,757	273,196
BlackLine, Inc. (a)	1,396	84,793
Cloudflare, Inc. (a)	108	2,544
Datadog, Inc. Class A (a)	62	2,797
DocuSign, Inc. (a)	4,235	443,616
HubSpot, Inc. (a)	1,251	210,956
Intuit, Inc.	1,356	365,862
LivePerson, Inc. (a)	2,177	52,117
Microsoft Corp.	13,792	2,471,665
Paylocity Holding Corp. (a)	2,103	240,857
RingCentral, Inc. (a)	1,648	376,617
Salesforce.com, Inc. (a)	6,433	1,041,824
Slack Technologies, Inc. Class A (a)	5,540	147,863
SS&C Technologies Holdings, Inc.	1,437	79,265
SurveyMonkey (a)	3,699	58,074
The Trade Desk, Inc. (a)	550	160,919
Workday, Inc. Class A (a)	1,396	214,844
Zoom Video Communications, Inc. Class A	1,937	261,824
		7,509,531

TOTAL INFORMATION TECHNOLOGY		10,725,606

MATERIALS - 3.6%
Metals & Mining - 3.6%
Barrick Gold Corp.	44,632	1,147,935
Steel Dynamics, Inc.	485	11,771
		1,159,706
REAL ESTATE - 2.9%
Equity Real Estate Investment Trusts (REITs) - 2.9%
Alexandria Real Estate Equities, Inc.	1,054	165,573
Crown Castle International Corp.	4,492	716,160
Public Storage	403	74,736
		956,469
TOTAL COMMON STOCKS
(Cost $27,416,207)		32,059,260

Money Market Funds - 1.6%
Fidelity Cash Central Fund 0.16% (c)
(Cost $506,235)	506,107	506,259
TOTAL INVESTMENT IN SECURITIES - 100.6%
(Cost $27,922,442)		32,565,519
NET OTHER ASSETS (LIABILITIES) - (0.6)%		(194,254)
NET ASSETS - 100%		$32,371,265

Legend

(a) Non-income producing

(c) 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. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$5,088
Total	$5,088

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Communication Services	$3,228,301	$3,228,301	$--	$--
Consumer Discretionary	4,966,839	4,811,429	155,410	--
Consumer Staples	804,195	804,195	--	--
Energy	189,112	189,112	--	--
Financials	1,825,063	1,810,968	14,095	--
Health Care	6,886,208	6,886,208	--	--
Industrials	1,317,761	1,317,761	--	--
Information Technology	10,725,606	10,725,606	--	--
Materials	1,159,706	1,159,706	--	--
Real Estate	956,469	956,469	--	--
Money Market Funds	506,259	506,259	--	--
Total Investments in Securities:	$32,565,519	$32,396,014	$169,505	$--

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America	85.3%
Cayman Islands	5.1%
Canada	3.9%
Netherlands	1.9%
United Kingdom	1.3%
Others (Individually Less Than 1%)	2.5%
	100.0%

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

Financial Statements

Statement of Assets and Liabilities

		April 30, 2020
Assets
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $27,416,207)	$32,059,260
Fidelity Central Funds (cost $506,235)	506,259
Total Investment in Securities (cost $27,922,442)		$32,565,519
Receivable for investments sold		504,244
Receivable for fund shares sold		279,295
Distributions receivable from Fidelity Central Funds		85
Prepaid expenses		10
Receivable from investment adviser for expense reductions		8,078
Other receivables		73
Total assets		33,357,304
Liabilities
Payable for investments purchased	$872,739
Payable for fund shares redeemed	57,216
Accrued management fee	14,375
Distribution and service plan fees payable	744
Other affiliated payables	5,247
Other payables and accrued expenses	35,718
Total liabilities		986,039
Net Assets		$32,371,265
Net Assets consist of:
Paid in capital		$29,726,800
Total accumulated earnings (loss)		2,644,465
Net Assets		$32,371,265
Net Asset Value and Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($1,310,208 ÷ 110,569 shares)^(a)		$11.85
Maximum offering price per share (100/94.25 of $11.85)		$12.57
Class M:
Net Asset Value and redemption price per share ($695,198 ÷ 58,826 shares)^(a)		$11.82
Maximum offering price per share (100/96.50 of $11.82)		$12.25
Class C:
Net Asset Value and offering price per share ($335,396 ÷ 28,553 shares)^(a)		$11.75
Fidelity Founders Fund:
Net Asset Value, offering price and redemption price per share ($22,724,311 ÷ 1,913,155 shares)		$11.88
Class I:
Net Asset Value, offering price and redemption price per share ($467,438 ÷ 39,354 shares)		$11.88
Class Z:
Net Asset Value, offering price and redemption price per share ($6,838,714 ÷ 574,762 shares)		$11.90

(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

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

Statement of Operations

		Year ended April 30, 2020
Investment Income
Dividends		$128,054
Special dividends		56,003
Income from Fidelity Central Funds		5,088
Total income		189,145
Expenses
Management fee
Basic fee	$130,071
Performance adjustment	4,110
Transfer agent fees	48,522
Distribution and service plan fees	7,418
Accounting fees and expenses	9,469
Custodian fees and expenses	10,822
Independent trustees' fees and expenses	129
Registration fees	156,358
Audit	41,612
Legal	649
Miscellaneous	1,025
Total expenses before reductions	410,185
Expense reductions	(167,317)
Total expenses after reductions		242,868
Net investment income (loss)		(53,723)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(1,907,619)
Fidelity Central Funds	88
Foreign currency transactions	(223)
Total net realized gain (loss)		(1,907,754)
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	3,719,722
Fidelity Central Funds	24
Assets and liabilities in foreign currencies	234
Total change in net unrealized appreciation (depreciation)		3,719,980
Net gain (loss)		1,812,226
Net increase (decrease) in net assets resulting from operations		$1,758,503

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

Statement of Changes in Net Assets

	Year ended April 30, 2020	For the period February 14, 2019 (commencement of operations) to April 30, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$(53,723)	$(10,220)
Net realized gain (loss)	(1,907,754)	(20,929)
Change in net unrealized appreciation (depreciation)	3,719,980	923,329
Net increase (decrease) in net assets resulting from operations	1,758,503	892,180
Distributions to shareholders	(20,286)	–
Share transactions - net increase (decrease)	12,864,316	16,876,552
Total increase (decrease) in net assets	14,602,533	17,768,732
Net Assets
Beginning of period	17,768,732	–
End of period	$32,371,265	$17,768,732

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

Financial Highlights

Fidelity Founders Fund Class A

Years ended April 30,	2020	2019 ^A
Selected Per–Share Data
Net asset value, beginning of period	$10.85	$10.00
Income from Investment Operations
Net investment income (loss)^B	(.05)^C	(.02)
Net realized and unrealized gain (loss)	1.05	.87
Total from investment operations	1.00	.85
Distributions from net investment income	–^D	–
Total distributions	–^D	–
Net asset value, end of period	$11.85	$10.85
Total Return^E,^F,^G	9.25%	8.50%
Ratios to Average Net Assets^H,^I
Expenses before reductions	2.05%	4.81%^J
Expenses net of fee waivers, if any	1.25%	1.25%^J
Expenses net of all reductions	1.25%	1.25%^J
Net investment income (loss)	(.47)%^C	(.74)%^J
Supplemental Data
Net assets, end of period (000 omitted)	$1,310	$220
Portfolio turnover rate^K	82%	4%^L

^A For the period February 14, 2019 (commencement of operations) to April 30, 2019.

^B Calculated based on average shares outstanding during the period.

^C Net investment income per share reflects a large, non-recurring dividend which amounted to $.01 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.45) %.

^D Amount represents less than $.005 per share.

^E Total returns for periods of less than one year are not annualized.

^F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^G Total returns do not include the effect of the sales charges.

^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^J Annualized

^K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^L Amount not annualized.

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

Fidelity Founders Fund Class M

Years ended April 30,	2020	2019 ^A
Selected Per–Share Data
Net asset value, beginning of period	$10.85	$10.00
Income from Investment Operations
Net investment income (loss)^B	(.08)^C	(.02)
Net realized and unrealized gain (loss)	1.05	.87
Total from investment operations	.97	.85
Net asset value, end of period	$11.82	$10.85
Total Return^D,^E,^F	8.94%	8.50%
Ratios to Average Net Assets^G,^H
Expenses before reductions	2.14%	5.05%^I
Expenses net of fee waivers, if any	1.50%	1.50%^I
Expenses net of all reductions	1.50%	1.50%^I
Net investment income (loss)	(.72)%^C	(.99)%^I
Supplemental Data
Net assets, end of period (000 omitted)	$695	$205
Portfolio turnover rate^J	82%	4%^K

^A For the period February 14, 2019 (commencement of operations) to April 30, 2019.

^B Calculated based on average shares outstanding during the period.

^C Net investment income per share reflects a large, non-recurring dividend which amounted to $.03 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (1.04) %.

^D Total returns for periods of less than one year are not annualized.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^F Total returns do not include the effect of the sales charges.

^G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^I Annualized

^J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^K Amount not annualized.

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

Fidelity Founders Fund Class C

Years ended April 30,	2020	2019 ^A
Selected Per–Share Data
Net asset value, beginning of period	$10.84	$10.00
Income from Investment Operations
Net investment income (loss)^B	(.13)^C	(.03)
Net realized and unrealized gain (loss)	1.04	.87
Total from investment operations	.91	.84
Net asset value, end of period	$11.75	$10.84
Total Return^D,^E,^F	8.39%	8.40%
Ratios to Average Net Assets^G,^H
Expenses before reductions	2.64%	5.67%^I
Expenses net of fee waivers, if any	2.00%	2.00%^I
Expenses net of all reductions	2.00%	2.00%^I
Net investment income (loss)	(1.22)%^C	(1.49)%^I
Supplemental Data
Net assets, end of period (000 omitted)	$335	$173
Portfolio turnover rate^J	82%	4%^K

^A For the period February 14, 2019 (commencement of operations) to April 30, 2019.

^B Calculated based on average shares outstanding during the period.

^D Total returns for periods of less than one year are not annualized.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^F Total returns do not include the effect of the contingent deferred sales charge.

^I Annualized

^J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^K Amount not annualized.

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

Fidelity Founders Fund

Years ended April 30,	2020	2019 ^A
Selected Per–Share Data
Net asset value, beginning of period	$10.86	$10.00
Income from Investment Operations
Net investment income (loss)^B	(.02)^C	(.01)
Net realized and unrealized gain (loss)	1.05	.87
Total from investment operations	1.03	.86
Distributions from net investment income	(.01)	–
Total distributions	(.01)	–
Net asset value, end of period	$11.88	$10.86
Total Return^D,^E	9.49%	8.60%
Ratios to Average Net Assets^F,^G
Expenses before reductions	1.70%	3.49%^H
Expenses net of fee waivers, if any	1.00%	1.00%^H
Expenses net of all reductions	1.00%	1.00%^H
Net investment income (loss)	(.22)%^C	(.48)%^H
Supplemental Data
Net assets, end of period (000 omitted)	$22,724	$10,595
Portfolio turnover rate^I	82%	4%^J

^A For the period February 14, 2019 (commencement of operations) to April 30, 2019.

^B Calculated based on average shares outstanding during the period.

^D Total returns for periods of less than one year are not annualized.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^H Annualized

^I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^J Amount not annualized.

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

Fidelity Founders Fund Class I

Years ended April 30,	2020	2019 ^A
Selected Per–Share Data
Net asset value, beginning of period	$10.86	$10.00
Income from Investment Operations
Net investment income (loss)^B	(.02)^C	(.01)
Net realized and unrealized gain (loss)	1.05	.87
Total from investment operations	1.03	.86
Distributions from net investment income	(.01)	–
Total distributions	(.01)	–
Net asset value, end of period	$11.88	$10.86
Total Return^D,^E	9.49%	8.60%
Ratios to Average Net Assets^F,^G
Expenses before reductions	1.63%	4.10%^H
Expenses net of fee waivers, if any	1.00%	1.00%^H
Expenses net of all reductions	1.00%	1.00%^H
Net investment income (loss)	(.22)%^C	(.48)%^H
Supplemental Data
Net assets, end of period (000 omitted)	$467	$831
Portfolio turnover rate^I	82%	4%^J

^A For the period February 14, 2019 (commencement of operations) to April 30, 2019.

^B Calculated based on average shares outstanding during the period.

^D Total returns for periods of less than one year are not annualized.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^H Annualized

^I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^J Amount not annualized.

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

Fidelity Founders Fund Class Z

Years ended April 30,	2020	2019 ^A
Selected Per–Share Data
Net asset value, beginning of period	$10.86	$10.00
Income from Investment Operations
Net investment income (loss)^B	(.01)^C	(.01)
Net realized and unrealized gain (loss)	1.06	.87
Total from investment operations	1.05	.86
Distributions from net investment income	(.01)	–
Total distributions	(.01)	–
Net asset value, end of period	$11.90	$10.86
Total Return^D,^E	9.67%	8.60%
Ratios to Average Net Assets^F,^G
Expenses before reductions	1.51%	3.18%^H
Expenses net of fee waivers, if any	.85%	.85%^H
Expenses net of all reductions	.85%	.85%^H
Net investment income (loss)	(.07)%^C	(.34)%^H
Supplemental Data
Net assets, end of period (000 omitted)	$6,839	$5,745
Portfolio turnover rate^I	82%	4%^J

^A For the period February 14, 2019 (commencement of operations) to April 30, 2019.

^B Calculated based on average shares outstanding during the period.

^D Total returns for periods of less than one year are not annualized.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^H Annualized

^I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^J Amount not annualized.

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

Notes to Financial Statements

For the period ended April 30, 2020

1. Organization.

Fidelity Founders Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Fidelity Founders Fund, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.

Effective January 1, 2020:

Broker-dealer Fidelity Distributors Corporation merged with and into Fidelity Investments Institutional Services Company, Inc. ("FIISC"). FIISC was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Distributors Company LLC".

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund 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 Committee, in accordance with procedures adopted by the Board. 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 the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund 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 the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Book-tax differences are primarily due to foreign currency transactions, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation	$5,292,052
Gross unrealized depreciation	(1,156,235)
Net unrealized appreciation (depreciation)	$4,135,817
Tax Cost	$28,429,702

The tax-based components of distributable earnings as of period end were as follows:

Capital loss carryforward	$(1,420,728)
Net unrealized appreciation (depreciation) on securities and other investments	$4,135,739

No expiration
Short-term	$(1,222,983)
Long-term	(197,745)
Total capital loss carryforward	$(1,420,728)

The Fund intends to elect to defer to its next fiscal year $70,625 of ordinary losses recognized during the period January 1, 2020 to April 30, 2020.

The tax character of distributions paid was as follows:

	April 30, 2020
Ordinary Income	$20,286

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, are noted in the table below.

	Purchases ($)	Sales ($)
Fidelity Founders Fund	32,394,518	19,663,179

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .10% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Fidelity Founders Fund as compared to its benchmark index, the Russell 3000 Index, over the same 36 month performance period. The Fund's performance adjustment took effect in February 1, 2020. Subsequent months will be added until the performance period includes 36 months. For the reporting period, the total annual management fee rate, including the performance adjustment, was .55% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$3,235	$542
Class M	.25%	.25%	1,838	876
Class C	.75%	.25%	2,345	1,919
			$7,418	$3,337

Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$2,013
Class M	463
	$2,476

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of and Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. Effective February 1, 2020, the Board approved to change the fee for and Class Z from .046% to .044%.

For the period, transfer agent fees for each class were as follows:

	Amount	% of Class-Level Average Net Assets
Class A	$3,332	.26
Class M	730	.20
Class C	416	.18
Fidelity Founders Fund	41,203	.24
Class I	597	.16
Class Z	2,244	.04
	$48,522

	% of Average Net Assets
Fidelity Founders Fund	.04

	Amount
Fidelity Founders Fund	$463

6. Committed Line of Credit.

	Amount
Fidelity Founders Fund	$57

During the period, there were no borrowings on this line of credit.

7. Expense Reductions.

The investment adviser contractually agreed to reimburse expenses of each class to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through August 31, 2021. Some expenses, for example the compensation of the independent Trustees are excluded from this reimbursement.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement
Class A	1.25%	$10,126
Class M	1.50%	2,310
Class C	2.00%	1,488
Fidelity Founders Fund	1.00%	117,654
Class I	1.00%	2,288
Class Z	.85%	33,027
		$166,893

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $374 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $50.

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended April 30, 2020
Distributions to shareholders
Class A	$858
Fidelity Founders Fund	15,487
Class I	317
Class Z	3,624
Total	$20,286

9. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

	Shares	Shares	Dollars	Dollars
	Year ended April 30, 2020	Year ended April 30, 2019^(a)	Year ended April 30, 2020	Year ended April 30, 2019^(a)
Class A
Shares sold	301,933	20,239	$3,380,259	$204,750
Reinvestment of distributions	74	–	858	–
Shares redeemed	(211,677)	–	(2,032,620)	–
Net increase (decrease)	90,330	20,239	$1,348,497	$204,750
Class M
Shares sold	59,563	18,882	$666,199	$190,000
Shares redeemed	(19,619)	–	(182,271)	–
Net increase (decrease)	39,944	18,882	$483,928	$190,000
Class C
Shares sold	20,349	16,000	$214,066	$160,000
Shares redeemed	(7,796)	–	(74,044)	–
Net increase (decrease)	12,553	16,000	$140,022	$160,000
Fidelity Founders Fund
Shares sold	1,928,779	988,331	$21,513,238	$10,221,260
Reinvestment of distributions	1,267	–	14,789	–
Shares redeemed	(992,719)	(12,503)	(10,805,523)	(133,257)
Net increase (decrease)	937,327	975,828	$10,722,504	$10,088,003
Class I
Shares sold	19,023	76,622	$210,800	$800,402
Reinvestment of distributions	27	–	314	–
Shares redeemed	(56,201)	(117)	(590,791)	(1,269)
Net increase (decrease)	(37,151)	76,505	$(379,677)	$799,133
Class Z
Shares sold	572,272	534,265	$6,296,184	$5,490,165
Reinvestment of distributions	285	–	3,333	–
Shares redeemed	(526,741)	(5,319)	(5,750,475)	(55,499)
Net increase (decrease)	45,816	528,946	$549,042	$5,434,666

(a) For the period February 14, 2019 (commencement of operations) to April 30, 2019.

10. Other.

11. Coronavirus (COVID-19) Pandemic.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Concord Street Trust and Shareholders of Fidelity Founders Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Founders Fund (one of the funds constituting Fidelity Concord Street Trust, referred to hereafter as the “Fund”) as of April 30, 2020, the related statement of operations for the year ended April 30, 2020 and the statement of changes in net assets and the financial highlights for the year ended April 30, 2020 and for the period February 14, 2019 (commencement of operations) through April 30, 2019, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2020, the results of its operations for the year ended April 30, 2020, and the changes in its net assets and the financial highlights for the year ended April 30, 2020 and for the period February 14, 2019 (commencement of operations) through April 30, 2019 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

PricewaterhouseCoopers LLP

Boston, Massachusetts

June 17, 2020

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Acting Chairman of the Board of Trustees

* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Co-Lead Independent Trustee

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Co-Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2020

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2019 to April 30, 2020).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value November 1, 2019	Ending Account Value April 30, 2020	Expenses Paid During Period-^B November 1, 2019 to April 30, 2020
Class A	1.25%
Actual		$1,000.00	$1,101.70	$6.53
Hypothetical-^C		$1,000.00	$1,018.65	$6.27
Class M	1.50%
Actual		$1,000.00	$1,100.60	$7.83
Hypothetical-^C		$1,000.00	$1,017.40	$7.52
Class C	2.00%
Actual		$1,000.00	$1,098.10	$10.43
Hypothetical-^C		$1,000.00	$1,014.92	$10.02
Fidelity Founders Fund	1.00%
Actual		$1,000.00	$1,103.00	$5.23
Hypothetical-^C		$1,000.00	$1,019.89	$5.02
Class I	1.00%
Actual		$1,000.00	$1,103.00	$5.23
Hypothetical-^C		$1,000.00	$1,019.89	$5.02
Class Z	.85%
Actual		$1,000.00	$1,103.80	$4.45
Hypothetical-^C		$1,000.00	$1,020.64	$4.27

^A Annualized expense ratio reflects expenses net of applicable fee waivers.

^B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

^C 5% return per year before expenses

Distributions (Unaudited)

The fund designates 100% of the dividends distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

The fund will notify shareholders in January 2021 of amounts for use in preparing 2020 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Founders Fund

Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. As the fund recently commenced operations, the Board did not believe that it was appropriate to assign significant weight to its limited investment performance.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Management Fee. The Board considered two proprietary management fee comparisons for the period of the fund's operations ended June 30 shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps, and without giving effect to the fund's performance adjustment, relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG % and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure without taking into account performance adjustments, if any. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked and the impact of the fund's performance adjustment, is also included in the chart and was considered by the Board.

Fidelity Founders Fund

The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the period. The Board also noted the effect of the fund's performance adjustment, if any, on the fund's management fee ranking.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio. In its review of each class's total expense ratio, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board noted the impact of the fund's performance adjustment. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current total expense ratios of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the total expense ratio Class Z ranked below the competitive median for the period ended June 30, 2019, the total expense ratio of the retail class ranked equal to the competitive median for the period ended June 30, 2019, and the total expense ratio of each of Class A, Class M, Class C, and Class I ranked above the competitive median for the period ended June 30, 2019. The Board considered that, in general, various factors can affect total expense ratios. The Board noted that the total expense ratio of Class A was above the competitive median because of relatively higher other expenses due to asset levels or small average account sizes. The Board noted that the total expense ratio of Class M was above the competitive median primarily because of higher 12b-1 fees on Class M as compared to most competitor funds. Class M has a higher 12b-1 fee, but a lower front-end sales charge, than traditionally priced front-end sales charge classes. The Board considered that Class M is primarily sold load-waived to retirement plans and intermediary wrap programs where its 0.50% 12b-1 fee is comparable to competing no-load, higher 12b-1 fee classes designed specifically for retirement plans and wrap programs. The Board noted that the total expense ratio of Class C was above the competitive median primarily because of its 1.00% 12b-1 fee. The Board noted that, although Class I is categorized by Lipper as an institutional class, Class I has a significantly lower investment minimum than most other funds and classes categorized as institutional. As a result, FMR believes Class I is generally more comparable to retail funds and classes. The Board noted that the fund offers multiple classes, each of which has a different sales load and 12b-1 fee structure, and that the multiple structures are intended to offer a range of pricing options for the intermediary market. The Board also noted that the total expense ratios of the classes vary primarily by the level of their 12b-1 fees, although differences in transfer agent fees may also cause expenses to vary from class to class.

The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of average net assets, exceed 1.00% through August 31, 2020.

The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board also considered that although the fund is partially closed to new investors, it continues to incur investment management expenses, and marketing and distribution expenses related to the retention of existing shareholders and assets. The Board further noted that the fund may continue to realize benefits from the group fee structure, even though assets may not be expected to grow significantly at the fund level. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Liquidity Risk Management Program

Highly liquid investments – cash or convertible to cash within three business days or less
Moderately liquid investments – convertible to cash in three to seven calendar days
Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
Illiquid investments – cannot be sold or disposed of within seven calendar days

FIDELITY INVESTMENTS

RFFF-ANN-0620
1.9892518.101

Fidelity® Small Cap Stock Fund

Annual Report

April 30, 2020

See the inside front cover for important information about access to your fund’s shareholder reports.

FIDELITY INVESTMENTS

Account Type	Website	Phone Number
Brokerage, Mutual Fund, or Annuity Contracts:	fidelity.com/mailpreferences	1-800-343-3548
Employer Provided Retirement Accounts:	netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print)	1-800-343-0860
Advisor Sold Accounts Serviced Through Your Financial Intermediary:	Contact Your Financial Intermediary	Your Financial Intermediary's phone number
Advisor Sold Accounts Serviced by Fidelity:	institutional.fidelity.com	1-877-208-0098

Contents

Note to Shareholders
Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Board Approval of Investment Advisory Contracts and Management Fees
Liquidity Risk Management Program

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Note to Shareholders:

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended April 30, 2020	Past 1 year	Past 5 years	Past 10 years
Fidelity® Small Cap Stock Fund	(16.85)%	1.90%	5.49%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Small Cap Stock Fund on April 30, 2010.

The chart shows how the value of your investment would have changed, and also shows how the Russell 2000® Index performed over the same period.

	Period Ending Values
	$17,072	Fidelity® Small Cap Stock Fund
	$20,984	Russell 2000® Index

Management's Discussion of Fund Performance

Comments from Portfolio Manager Kip Johann-Berkel: For the fiscal year, the fund returned -16.50%, trailing the -16.39% result of the benchmark Russell 2000^® Index. Versus the benchmark, security selection among information technology and real estate stocks detracted the most. In contrast, favorable stock picking in the communication services, energy and materials sectors added value this period, as did the fund's international holdings overall, despite the headwind of a generally stronger U.S. dollar. Individually, a notable detractor was an out-of-benchmark position in EPR, a triple-net-lease real estate investment trust. Shares of EPR fell -60% on the market's concern about the near-term financial health of its tenants. A larger-than-benchmark stake in software provider Ebix also weighed on the portfolio's relative result, returning -56% for the fund. Although Ebix generates a lot of revenue, much of it recurring, I found the company's Indian travel-oriented assets unattractive, in addition to developing concerns about the firm's capital allocation – both factors in my decision to reduce exposure to the name. Another notable detractor was an overweighting in HR outsourcing company Insperity (-59%), as multiple quarters of higher-than-estimated health care costs weighed on the company's profitability and earnings. On the positive side, the fund's top contributor was Cardlytics, a provider of marketing solutions to banks. The portfolio's overweight position in the company's shares gained 195% from the start of the period until we sold the stock in April after it reached our price target. Health care IT company Inovalon Holdings gained 30% in the fund, rising off a low valuation to begin the period. Another key contributor was Boyd Group Services (+28%) a provider of auto-collision repair services and an out-of-benchmark holding. Boyd, one of the three largest players in its industry, has done well over time at acquiring smaller competitors at reasonable prices while continuing to grow its earnings.

Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2020

	% of fund's net assets
Career Education Corp.	3.0
SYNNEX Corp.	2.5
Innospec, Inc.	2.5
Inovalon Holdings, Inc. Class A	2.5
Encore Capital Group, Inc.	2.3
First Cash Financial Services, Inc.	2.2
LendingTree, Inc.	2.2
Insight Enterprises, Inc.	2.2
LGI Homes, Inc.	2.1
Primerica, Inc.	2.0
	23.5

Top Five Market Sectors as of April 30, 2020

	% of fund's net assets
Health Care	17.7
Information Technology	17.2
Financials	15.5
Industrials	12.0
Consumer Discretionary	11.8

Asset Allocation (% of fund's net assets)

As of April 30, 2020 ^*
	Stocks	99.3%
	Short-Term Investments and Net Other Assets (Liabilities)	0.7%

* Foreign investments - 22.6%

Schedule of Investments April 30, 2020

Showing Percentage of Net Assets

Common Stocks - 99.3%
	Shares	Value (000s)
COMMUNICATION SERVICES - 5.5%
Diversified Telecommunication Services - 2.4%
Alaska Communication Systems Group, Inc.	714,571	$1,429
Consolidated Communications Holdings, Inc. (a)	1,370,000	8,590
GCI Liberty, Inc. (b)	254,000	15,451
LICT Corp. (b)	45	743
		26,213
Interactive Media & Services - 0.8%
ANGI Homeservices, Inc. Class A (a)(b)	1,373,526	9,306
Media - 2.3%
4Imprint Group PLC	189,569	4,484
Cogeco Communications, Inc. (a)	279,385	20,656
		25,140

TOTAL COMMUNICATION SERVICES		60,659

CONSUMER DISCRETIONARY - 11.8%
Auto Components - 0.2%
Linamar Corp.	85,701	2,059
Diversified Consumer Services - 3.3%
Career Education Corp. (b)	2,554,111	33,198
Universal Technical Institute, Inc. (b)	487,941	3,137
		36,335
Hotels, Restaurants & Leisure - 1.0%
Kura Sushi U.S.A., Inc. Class A (a)(b)	191,451	3,222
MTY Food Group, Inc.	434,803	7,512
		10,734
Household Durables - 4.3%
Legacy Housing Corp. (a)(b)	481,932	4,713
LGI Homes, Inc. (b)	368,986	22,353
Skyline Champion Corp. (b)	298,773	5,889
TRI Pointe Homes, Inc. (b)	1,226,354	14,079
		47,034
Internet & Direct Marketing Retail - 1.8%
Kogan.Com Ltd. (a)	2,672,339	13,787
Points International Ltd. (b)	367,381	3,586
Temple & Webster Group Ltd. (b)	1,018,924	2,550
		19,923
Multiline Retail - 0.5%
Ollie's Bargain Outlet Holdings, Inc. (a)(b)	84,100	5,711
Specialty Retail - 0.7%
Musti Group OYJ	585,334	7,120

TOTAL CONSUMER DISCRETIONARY		128,916

CONSUMER STAPLES - 5.4%
Food & Staples Retailing - 4.6%
BJ's Wholesale Club Holdings, Inc. (b)	606,705	15,962
Performance Food Group Co. (a)(b)	434,214	12,744
PriceSmart, Inc.	73,887	4,695
U.S. Foods Holding Corp. (b)	808,544	17,384
		50,785
Food Products - 0.4%
Armanino Foods of Distinction	377,324	966
Seaboard Corp.	1,000	3,011
		3,977
Tobacco - 0.4%
Universal Corp. (a)	100,000	4,837

TOTAL CONSUMER STAPLES		59,599

ENERGY - 1.8%
Energy Equipment & Services - 0.7%
Computer Modelling Group Ltd.	97,000	326
Core Laboratories NV	275,968	5,412
Profire Energy, Inc. (b)	1,877,273	1,455
		7,193
Oil, Gas & Consumable Fuels - 1.1%
NACCO Industries, Inc. Class A	190,517	6,697
Texas Pacific Land Trust (a)	9,379	5,343
		12,040

TOTAL ENERGY		19,233

FINANCIALS - 15.5%
Capital Markets - 4.1%
Ares Management Corp.	290,000	9,730
Assetmark Financial Holdings, Inc. (a)(b)	118,368	2,840
Euronext NV (c)	20,000	1,679
Impax Asset Management Group PLC	1,908,827	8,739
LPL Financial	192,092	11,568
Morningstar, Inc.	67,848	10,582
		45,138
Consumer Finance - 7.4%
Discover Financial Services	13,000	559
Encore Capital Group, Inc. (a)(b)	970,899	25,224
First Cash Financial Services, Inc.	339,193	24,368
LendingTree, Inc. (a)(b)	96,304	24,015
Nelnet, Inc. Class A	154,294	7,429
		81,595
Diversified Financial Services - 0.7%
Hypoport AG (b)	21,808	7,731
Insurance - 3.3%
First American Financial Corp.	300,234	13,847
Primerica, Inc.	208,709	21,687
		35,534
Thrifts & Mortgage Finance - 0.0%
Greene County Bancorp, Inc.	4,581	96

TOTAL FINANCIALS		170,094

HEALTH CARE - 17.7%
Biotechnology - 0.6%
BioGaia AB	12,359	596
Bioventix PLC	36,118	1,940
Essex Bio-Technology Ltd.	2,871,000	1,795
Shanghai Haohai Biological Technology Co. Ltd. (H Shares) (c)	381,300	1,857
		6,188
Health Care Equipment & Supplies - 4.4%
Hamilton Thorne Ltd. (b)	2,687,200	2,181
Masimo Corp. (b)	17,500	3,743
Medistim ASA	186,927	3,175
Meridian Bioscience, Inc. (b)	483,169	5,798
OraSure Technologies, Inc. (b)	278,408	4,438
Quidel Corp. (b)	41,700	5,796
Semler Scientific, Inc. (b)	73,052	3,320
TransMedics Group, Inc.	102,664	1,857
Tristel PLC	1,230,891	7,907
Utah Medical Products, Inc.	120,201	9,977
		48,192
Health Care Providers & Services - 5.5%
Chemed Corp.	46,510	19,375
DFB Healthcare Acquisitions Co. (a)(b)	400,687	6,315
Encompass Health Corp.	321,258	21,283
InfuSystems Holdings, Inc. (b)	74,177	894
Patterson Companies, Inc.	165,000	3,016
Sharps Compliance Corp. (b)	247,333	1,489
Viemed Healthcare, Inc. (b)	1,207,356	7,798
		60,170
Health Care Technology - 3.2%
Inovalon Holdings, Inc. Class A (a)(b)	1,571,694	27,505
Instem PLC (b)	180,252	1,010
Medley, Inc. (a)(b)	265,200	6,821
		35,336
Life Sciences Tools & Services - 3.3%
10X Genomics, Inc. (b)	6,194	495
Charles River Laboratories International, Inc. (b)	142,816	20,661
ICON PLC (b)	95,856	15,382
		36,538
Pharmaceuticals - 0.7%
BioSyent, Inc. (b)(d)	681,808	1,998
Dechra Pharmaceuticals PLC	170,534	5,950
Phibro Animal Health Corp. Class A	7,627	204
		8,152

TOTAL HEALTH CARE		194,576

INDUSTRIALS - 12.0%
Aerospace & Defense - 0.1%
PAE, Inc. (a)(b)	167,300	1,420
Commercial Services & Supplies - 2.8%
Boyd Group Services, Inc.	126,609	17,814
Sdiptech AB (b)	511,967	4,951
Self Storage Group ASA (b)	1,686,817	4,281
VSE Corp.	208,118	4,000
		31,046
Machinery - 1.1%
Allison Transmission Holdings, Inc.	110,953	4,032
Hurco Companies, Inc.	242,962	7,942
		11,974
Marine - 0.2%
SITC International Holdings Co. Ltd.	2,200,000	2,173
Professional Services - 6.6%
Barrett Business Services, Inc.	172,895	8,458
CBIZ, Inc. (b)	801,735	19,041
Franklin Covey Co. (b)	486,922	10,104
GP Strategies Corp. (b)	339,022	2,699
Insperity, Inc. (a)	445,563	21,258
Red Violet, Inc. (a)(b)	110,246	2,098
SHL-JAPAN Ltd.	52,700	969
Talenom OYJ (a)	984,450	7,552
		72,179
Trading Companies & Distributors - 1.2%
AerCap Holdings NV (b)	462,111	12,995

TOTAL INDUSTRIALS		131,787

INFORMATION TECHNOLOGY - 17.2%
Electronic Equipment & Components - 4.7%
Insight Enterprises, Inc. (b)	430,955	23,397
SYNNEX Corp.	317,191	27,773
		51,170
IT Services - 3.3%
Alliance Data Systems Corp.	72,000	3,605
Bouvet ASA	60,869	2,573
Castleton Technology PLC	1,463,106	1,741
Computer Services, Inc.	130,122	5,563
Econocom Group SA	2,413,573	4,650
Liberated Syndication, Inc. (a)(b)	164,193	468
Perspecta, Inc.	537,605	11,596
Prodware	126,653	681
Sylogist Ltd.	678,100	4,779
		35,656
Semiconductors & Semiconductor Equipment - 1.5%
ON Semiconductor Corp. (b)	770,000	12,355
Synaptics, Inc. (b)	70,000	4,577
		16,932
Software - 7.7%
24sevenoffice Scandinavia AB (b)	1,543,598	3,394
Admicom OYJ	102,729	8,241
Aspen Technology, Inc. (b)	50,000	5,113
Bigtincan Holdings Ltd. (a)(b)	3,307,036	1,630
Ebix, Inc. (a)	340,044	7,117
Elmo Software Ltd. (b)	138,863	637
Energy One Ltd.	19,823	33
Enghouse Systems Ltd.	156,147	5,850
Essensys Group Ltd. PLC	411,102	725
Freee KK (b)	6,400	227
GetBusy PLC (b)	2,260,000	1,722
Globalscape, Inc.	353,020	3,290
j2 Global, Inc.	132,461	10,682
Kaonavi, Inc. (a)(b)	17,900	586
LeadDesk Oyj (b)	13,973	147
Lightspeed POS, Inc. (b)	440,700	8,349
MSL Solutions Ltd. (b)	11,829,242	298
NICE Systems Ltd. sponsored ADR (a)(b)	108,660	17,853
Park City Group, Inc. (b)	709,962	3,521
Upsales Technology AB (b)	390,944	890
Vitec Software Group AB	84,218	1,568
Workiva, Inc. (b)	65,743	2,521
		84,394

TOTAL INFORMATION TECHNOLOGY		188,152

MATERIALS - 6.2%
Chemicals - 2.6%
Core Molding Technologies, Inc. (a)(b)	179,175	452
Innospec, Inc.	381,562	27,671
		28,123
Containers & Packaging - 1.3%
Silgan Holdings, Inc.	82,036	2,830
UFP Technologies, Inc. (b)	267,245	11,492
		14,322
Metals & Mining - 0.4%
Royal Gold, Inc.	41,000	5,024
Paper & Forest Products - 1.9%
Schweitzer-Mauduit International, Inc.	647,302	20,856

TOTAL MATERIALS		68,325

REAL ESTATE - 5.3%
Equity Real Estate Investment Trusts (REITs) - 4.9%
CoreSite Realty Corp.	64,000	7,756
EPR Properties	369,794	10,879
Essential Properties Realty Trust, Inc. (a)	862,557	12,671
Gaming & Leisure Properties	95,000	2,683
QTS Realty Trust, Inc. Class A	100,000	6,253
Store Capital Corp.	652,155	13,089
		53,331
Real Estate Management & Development - 0.4%
Colliers International Group, Inc.	80,000	4,390

TOTAL REAL ESTATE		57,721

UTILITIES - 0.9%
Gas Utilities - 0.9%
Chesapeake Utilities Corp. (a)	114,830	10,091
Star Gas Partners LP	7,149	56
		10,147
TOTAL COMMON STOCKS
(Cost $1,086,920)		1,089,209

Money Market Funds - 10.0%
Fidelity Cash Central Fund 0.16% (e)	1,862,416	1,863
Fidelity Securities Lending Cash Central Fund 0.11% (e)(f)	107,666,270	107,677
TOTAL MONEY MARKET FUNDS
(Cost $109,540)		109,540
TOTAL INVESTMENT IN SECURITIES - 109.3%
(Cost $1,196,460)		1,198,749
NET OTHER ASSETS (LIABILITIES) - (9.3)%		(101,771)
NET ASSETS - 100%		$1,096,978

Legend

(a) Security or a portion of the security is on loan at period end.

(b) Non-income producing

(d) Affiliated company

(e) 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. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(f) Investment made with cash collateral received from securities on loan.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
	(Amounts in thousands)
Fidelity Cash Central Fund	$110
Fidelity Securities Lending Cash Central Fund	890
Total	$1,000

Other Affiliated Issuers

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds^(a)	Dividend Income	Realized Gain (loss)	Change in Unrealized appreciation (depreciation)	Value, end of period
BioSyent, Inc.	$3,799	$--	$30	$--	$(9)	$(1,762)	$1,998
New Home Co. LLC	4,657	--	4,063	--	(7,437)	6,843	--
Total	$8,456	$--	$4,093	$--	$(7,446)	$5,081	$1,998

(a) Includes the value of securities delivered through in-kind transactions, if applicable.

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
(Amounts in thousands)
Investments in Securities:
Equities:
Communication Services	$60,659	$60,659	$--	$--
Consumer Discretionary	128,916	112,579	16,337	--
Consumer Staples	59,599	59,599	--	--
Energy	19,233	19,233	--	--
Financials	170,094	170,094	--	--
Health Care	194,576	190,328	4,248	--
Industrials	131,787	124,663	7,124	--
Information Technology	188,152	179,702	8,450	--
Materials	68,325	68,325	--	--
Real Estate	57,721	57,721	--	--
Utilities	10,147	10,147	--	--
Money Market Funds	109,540	109,540	--	--
Total Investments in Securities:	$1,198,749	$1,162,590	$36,159	$--

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America	77.4%
Canada	7.9%
United Kingdom	3.2%
Finland	2.2%
Netherlands	1.8%
Australia	1.7%
Ireland	1.4%
Others (Individually Less Than 1%)	4.4%
	100.0%

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

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amount)		April 30, 2020
Assets
Investment in securities, at value (including securities loaned of $101,885) — See accompanying schedule: Unaffiliated issuers (cost $1,081,801)	$1,087,211
Fidelity Central Funds (cost $109,540)	109,540
Other affiliated issuers (cost $5,119)	1,998
Total Investment in Securities (cost $1,196,460)		$1,198,749
Receivable for investments sold		33,150
Receivable for fund shares sold		396
Dividends receivable		760
Distributions receivable from Fidelity Central Funds		84
Prepaid expenses		1
Other receivables		18
Total assets		1,233,158
Liabilities
Payable for investments purchased	$26,820
Payable for fund shares redeemed	864
Accrued management fee	555
Other affiliated payables	193
Other payables and accrued expenses	76
Collateral on securities loaned	107,672
Total liabilities		136,180
Net Assets		$1,096,978
Net Assets consist of:
Paid in capital		$1,189,580
Total accumulated earnings (loss)		(92,602)
Net Assets		$1,096,978
Net Asset Value, offering price and redemption price per share ($1,096,978 ÷ 78,356 shares)		$14.00

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

Statement of Operations

Amounts in thousands		Year ended April 30, 2020
Investment Income
Dividends		$15,504
Income from Fidelity Central Funds (including $890 from security lending)		1,000
Total income		16,504
Expenses
Management fee
Basic fee	$9,642
Performance adjustment	135
Transfer agent fees	2,326
Accounting fees	444
Custodian fees and expenses	69
Independent trustees' fees and expenses	8
Registration fees	35
Audit	59
Legal	3
Miscellaneous	26
Total expenses before reductions	12,747
Expense reductions	(77)
Total expenses after reductions		12,670
Net investment income (loss)		3,834
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(81,939)
Fidelity Central Funds	8
Other affiliated issuers	(7,446)
Foreign currency transactions	(45)
Total net realized gain (loss)		(89,422)
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	(152,894)
Other affiliated issuers	5,081
Assets and liabilities in foreign currencies	49
Total change in net unrealized appreciation (depreciation)		(147,764)
Net gain (loss)		(237,186)
Net increase (decrease) in net assets resulting from operations		$(233,352)

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

Statement of Changes in Net Assets

Amounts in thousands	Year ended April 30, 2020	Year ended April 30, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$3,834	$10,173
Net realized gain (loss)	(89,422)	142,344
Change in net unrealized appreciation (depreciation)	(147,764)	(58,528)
Net increase (decrease) in net assets resulting from operations	(233,352)	93,989
Distributions to shareholders	(4,679)	(304,627)
Share transactions
Proceeds from sales of shares	95,756	94,706
Reinvestment of distributions	4,504	293,756
Cost of shares redeemed	(280,605)	(257,940)
Net increase (decrease) in net assets resulting from share transactions	(180,345)	130,522
Total increase (decrease) in net assets	(418,376)	(80,116)
Net Assets
Beginning of period	1,515,354	1,595,470
End of period	$1,096,978	$1,515,354
Other Information
Shares
Sold	5,879	5,454
Issued in reinvestment of distributions	249	17,771
Redeemed	(17,513)	(15,034)
Net increase (decrease)	(11,385)	8,191

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

Financial Highlights

Fidelity Small Cap Stock Fund


Years ended April 30,	2020	2019	2018	2017	2016
Selected Per–Share Data
Net asset value, beginning of period	$16.89	$19.56	$19.38	$17.48	$19.92
Income from Investment Operations
Net investment income (loss)^A	.05	.12^B	.08^C	.03	.03
Net realized and unrealized gain (loss)	(2.88)	.90	1.86	2.60	(.50)^D
Total from investment operations	(2.83)	1.02	1.94	2.63	(.47)
Distributions from net investment income	(.06)	(.06)	(.07)	–^E	(.11)
Distributions from net realized gain	–	(3.64)	(1.69)	(.72)	(1.86)
Total distributions	(.06)	(3.69)^F	(1.76)	(.73)^G	(1.97)
Redemption fees added to paid in capital^A	–	–	–^E	–^E	–^E
Net asset value, end of period	$14.00	$16.89	$19.56	$19.38	$17.48
Total Return^H	(16.85)%	6.66%	10.39%	15.44%	(2.79)%^D
Ratios to Average Net Assets^I,^J
Expenses before reductions	.91%	.67%	.82%	1.02%	1.00%
Expenses net of fee waivers, if any	.91%	.67%	.82%	1.02%	.99%
Expenses net of all reductions	.90%	.67%	.81%	1.02%	.99%
Net investment income (loss)	.27%	.66%^B	.39%^C	.14%	.17%
Supplemental Data
Net assets, end of period (in millions)	$1,097	$1,515	$1,595	$1,777	$1,956
Portfolio turnover rate^K	65%^L	66%^L	63%^L	48%	59%

^A Calculated based on average shares outstanding during the period.

^B Net investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .41%.

^C Net investment income per share reflects a large, non-recurring dividend which amounted to $.02 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .27%.

^D Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.03 per share. Excluding these litigation proceeds, the total return would have been (2.96)%.

^E Amount represents less than $.005 per share.

^F Total distributions of $3.69 per share is comprised of distributions from net investment income of $.058 and distributions from net realized gain of $3.636 per share.

^G Total distributions of $.73 per share is comprised of distributions from net investment income of $.003 and distributions from net realized gain of $.723 per share.

^H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^I Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^J Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

^K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^L Portfolio turnover rate excludes securities received or delivered in-kind.

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

Notes to Financial Statements

For the period ended April 30, 2020
(Amounts in thousands except percentages)

1. Organization.

Fidelity Small Cap Stock Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

Effective January 1, 2020:

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund 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 Committee, in accordance with procedures adopted by the Board. 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 the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund 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 the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder 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 identified cost and 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 the Fund 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Book-tax differences are primarily due to foreign currency transactions, redemptions in kind, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation	$157,963
Gross unrealized depreciation	(163,801)
Net unrealized appreciation (depreciation)	$(5,838)
Tax Cost	$1,204,587

The tax-based components of distributable earnings as of period end were as follows:

Capital loss carryforward	$(85,968)
Net unrealized appreciation (depreciation) on securities and other investments	$(5,831)

No expiration
Short-term	$(85,968)

The Fund intends to elect to defer to its next fiscal year $804 of ordinary losses recognized during the period January 1, 2020 to April 30, 2020.

The tax character of distributions paid was as follows:

	April 30, 2020	April 30, 2019
Ordinary Income	$4,679	$ 27,464
Long-term Capital Gains	–	277,163
Total	$4,679	$ 304,627

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions are noted in the table below.

	Purchases ($)	Sales ($)
Fidelity Small Cap Stock Fund	908,282	1,075,886

Unaffiliated Redemptions In-Kind. During the period, 629 shares of the Fund were redeemed in-kind for investments and cash with a value of $10,630. The net realized gain of $2,586 on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. The Fund recognized no gain or loss for federal income tax purposes.

Prior Fiscal Year Unaffiliated Redemptions In-Kind. During the prior period, 181 shares of the Fund were redeemed in-kind for investments and cash with a value of $3,024. The Fund had a net realized gain of $646 on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. The Fund recognized no gain or loss for federal income tax purposes.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to its benchmark index, the Russell 2000 Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .69% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

	% of Average Net Assets
Fidelity Small Cap Stock Fund	.03

	Amount
Fidelity Small Cap Stock Fund	$45

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $10.

6. Committed Line of Credit.

	Amount
Fidelity Small Cap Stock Fund	$4

During the period, there were no borrowings on this line of credit.

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to NFS, as affiliated borrower, at period end was $1,686. Total fees paid by the Fund to NFS, as lending agent, amounted to $39. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds, and includes $83 from securities loaned to NFS, as affiliated borrower.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $67 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $2.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $8.

9. Other.

10. Coronavirus (COVID-19) Pandemic.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Concord Street Trust and Shareholders of Fidelity Small Cap Stock Fund

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Small Cap Stock Fund (the "Fund"), a fund of Fidelity Concord Street Trust, including the schedule of investments, as of April 30, 2020, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ Deloitte & Touche LLP

Boston, Massachusetts

June 10, 2020

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

Trustees and Officers

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Acting Chairman of the Board of Trustees

* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Co-Lead Independent Trustee

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Co-Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2020

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2019 to April 30, 2020).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value November 1, 2019	Ending Account Value April 30, 2020	Expenses Paid During Period-^B November 1, 2019 to April 30, 2020
Actual	.96%	$1,000.00	$816.00	$4.33
Hypothetical-^C		$1,000.00	$1,020.09	$4.82

^A Annualized expense ratio reflects expenses net of applicable fee waivers.

^B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

^C 5% return per year before expenses

Distributions (Unaudited)

The fund designates 100% of the dividends distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

The fund designates 100% of the dividend distributed in December during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2021 of amounts for use in preparing 2020 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Small Cap Stock Fund

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods ended June 30, 2019, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.

Fidelity Small Cap Stock Fund

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Fidelity Small Cap Stock Fund

The Board noted that the comparisons for 2015 and later reflect a revised Total Mapped Group that no longer includes funds with micro-cap objectives and that FMR believes this Total Mapped Group is a more appropriate comparison because the fund does not have a micro-cap objective.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

The Board noted that the fund's total expense ratio ranked below the competitive median for the 12-month period ended June 30, 2019.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Liquidity Risk Management Program

Highly liquid investments – cash or convertible to cash within three business days or less
Moderately liquid investments – convertible to cash in three to seven calendar days
Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
Illiquid investments – cannot be sold or disposed of within seven calendar days

FIDELITY INVESTMENTS

SLCX-ANN-0620
1.703590.122

Fidelity® Small Cap Stock K6 Fund

Annual Report

April 30, 2020

See the inside front cover for important information about access to your fund’s shareholder reports.

FIDELITY INVESTMENTS

Account Type	Website	Phone Number
Brokerage, Mutual Fund, or Annuity Contracts:	fidelity.com/mailpreferences	1-800-343-3548
Employer Provided Retirement Accounts:	netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print)	1-800-343-0860
Advisor Sold Accounts Serviced Through Your Financial Intermediary:	Contact Your Financial Intermediary	Your Financial Intermediary's phone number
Advisor Sold Accounts Serviced by Fidelity:	institutional.fidelity.com	1-877-208-0098

Contents

Note to Shareholders
Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Board Approval of Investment Advisory Contracts and Management Fees
Liquidity Risk Management Program

You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Note to Shareholders:

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended April 30, 2020	Past 1 year	Life of fund^A
Fidelity® Small Cap Stock K6 Fund	(16.50)%	(0.52)%

^A From May 25, 2017

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Small Cap Stock K6 Fund on May 25, 2017, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the Russell 2000® Index performed over the same period.

	Period Ending Values
	$9,850	Fidelity® Small Cap Stock K6 Fund
	$9,867	Russell 2000® Index

Management's Discussion of Fund Performance

Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2020

	% of fund's net assets
Career Education Corp.	3.0
SYNNEX Corp.	2.6
Innospec, Inc.	2.5
Inovalon Holdings, Inc. Class A	2.5
Encore Capital Group, Inc.	2.3
First Cash Financial Services, Inc.	2.2
LendingTree, Inc.	2.2
Insight Enterprises, Inc.	2.1
LGI Homes, Inc.	2.0
Primerica, Inc.	2.0
	23.4

Top Five Market Sectors as of April 30, 2020

	% of fund's net assets
Health Care	17.9
Information Technology	17.1
Financials	15.5
Industrials	12.1
Consumer Discretionary	11.8

Asset Allocation (% of fund's net assets)

As of April 30, 2020^*
	Stocks	99.5%
	Short-Term Investments and Net Other Assets (Liabilities)	0.5%

* Foreign investments - 22.7%

Schedule of Investments April 30, 2020

Showing Percentage of Net Assets

Common Stocks - 99.5%
	Shares	Value
COMMUNICATION SERVICES - 5.5%
Diversified Telecommunication Services - 2.4%
Alaska Communication Systems Group, Inc.	48,700	$97,400
Consolidated Communications Holdings, Inc.	90,400	566,808
GCI Liberty, Inc. (a)	16,600	1,009,778
LICT Corp. (a)	3	49,500
		1,723,486
Interactive Media & Services - 0.8%
ANGI Homeservices, Inc. Class A (a)	89,348	605,333
Media - 2.3%
4Imprint Group PLC	12,598	297,986
Cogeco Communications, Inc.	18,420	1,361,832
		1,659,818

TOTAL COMMUNICATION SERVICES		3,988,637

CONSUMER DISCRETIONARY - 11.8%
Auto Components - 0.2%
Linamar Corp.	5,525	132,732
Diversified Consumer Services - 3.3%
Career Education Corp. (a)	167,708	2,180,201
Universal Technical Institute, Inc. (a)	33,000	212,190
		2,392,391
Hotels, Restaurants & Leisure - 1.0%
Kura Sushi U.S.A., Inc. Class A (a)	12,700	213,741
MTY Food Group, Inc.	28,502	492,455
		706,196
Household Durables - 4.3%
Legacy Housing Corp. (a)(b)	31,755	310,564
LGI Homes, Inc. (a)	24,183	1,465,006
Skyline Champion Corp. (a)	19,642	387,144
TRI Pointe Homes, Inc. (a)	80,481	923,922
		3,086,636
Internet & Direct Marketing Retail - 1.8%
Kogan.Com Ltd. (b)	175,519	905,560
Points International Ltd. (a)	24,144	235,645
Temple & Webster Group Ltd. (a)	68,800	172,155
		1,313,360
Multiline Retail - 0.5%
Ollie's Bargain Outlet Holdings, Inc. (a)(b)	5,500	373,505
Specialty Retail - 0.7%
Musti Group OYJ	38,800	471,961

TOTAL CONSUMER DISCRETIONARY		8,476,781

CONSUMER STAPLES - 5.4%
Food & Staples Retailing - 4.6%
BJ's Wholesale Club Holdings, Inc. (a)	40,036	1,053,347
Performance Food Group Co. (a)	28,435	834,567
PriceSmart, Inc.	4,922	312,744
U.S. Foods Holding Corp. (a)	52,971	1,138,877
		3,339,535
Food Products - 0.4%
Armanino Foods of Distinction	25,504	65,290
Seaboard Corp.	65	195,722
		261,012
Tobacco - 0.4%
Universal Corp.	6,600	319,242

TOTAL CONSUMER STAPLES		3,919,789

ENERGY - 1.8%
Energy Equipment & Services - 0.7%
Computer Modelling Group Ltd.	8,137	27,358
Core Laboratories NV	18,089	354,725
Profire Energy, Inc. (a)	115,737	89,696
		471,779
Oil, Gas & Consumable Fuels - 1.1%
NACCO Industries, Inc. Class A	12,509	439,691
Texas Pacific Land Trust (b)	616	350,904
		790,595

TOTAL ENERGY		1,262,374

FINANCIALS - 15.5%
Capital Markets - 4.1%
Ares Management Corp.	19,000	637,450
Assetmark Financial Holdings, Inc. (a)	7,779	186,618
Euronext NV (c)	1,300	109,125
Impax Asset Management Group PLC	124,833	571,521
LPL Financial	12,681	763,650
Morningstar, Inc.	4,469	696,985
		2,965,349
Consumer Finance - 7.4%
Discover Financial Services	900	38,673
Encore Capital Group, Inc. (a)(b)	63,728	1,655,653
First Cash Financial Services, Inc.	22,270	1,599,877
LendingTree, Inc. (a)(b)	6,306	1,572,527
Nelnet, Inc. Class A	10,107	486,652
		5,353,382
Diversified Financial Services - 0.7%
Hypoport AG (a)	1,392	493,474
Insurance - 3.3%
First American Financial Corp.	19,729	909,901
Primerica, Inc.	13,710	1,424,606
		2,334,507
Thrifts & Mortgage Finance - 0.0%
Greene County Bancorp, Inc.	50	1,050

TOTAL FINANCIALS		11,147,762

HEALTH CARE - 17.9%
Biotechnology - 0.6%
BioGaia AB	916	44,140
Bioventix PLC	2,416	129,782
Essex Bio-Technology Ltd.	189,600	118,567
Shanghai Haohai Biological Technology Co. Ltd. (H Shares) (c)	25,800	125,633
		418,122
Health Care Equipment & Supplies - 4.4%
Hamilton Thorne Ltd. (a)	182,133	147,858
Masimo Corp. (a)	1,125	240,649
Medistim ASA	12,480	211,958
Meridian Bioscience, Inc. (a)	31,219	374,628
OraSure Technologies, Inc. (a)	18,423	293,663
Quidel Corp. (a)	2,700	375,300
Semler Scientific, Inc. (a)	4,903	222,841
TransMedics Group, Inc.	7,287	131,822
Tristel PLC (b)	81,268	522,021
Utah Medical Products, Inc.	7,809	648,147
		3,168,887
Health Care Providers & Services - 5.5%
Chemed Corp.	3,049	1,270,122
DFB Healthcare Acquisitions Co. (a)(b)	26,345	415,197
Encompass Health Corp.	21,003	1,391,449
InfuSystems Holdings, Inc. (a)	4,962	59,792
Patterson Companies, Inc.	10,924	199,691
Sharps Compliance Corp. (a)	16,611	99,998
Viemed Healthcare, Inc. (a)	80,193	517,932
		3,954,181
Health Care Technology - 3.2%
Inovalon Holdings, Inc. Class A (a)(b)	102,526	1,794,205
Instem PLC (a)	12,100	67,818
Medley, Inc. (a)	17,376	446,888
		2,308,911
Life Sciences Tools & Services - 3.5%
10X Genomics, Inc. (a)	2,006	160,219
Charles River Laboratories International, Inc. (a)	9,377	1,356,571
ICON PLC (a)	6,267	1,005,665
		2,522,455
Pharmaceuticals - 0.7%
BioSyent, Inc. (a)	47,590	139,493
Dechra Pharmaceuticals PLC	11,150	389,003
Phibro Animal Health Corp. Class A	462	12,340
		540,836

TOTAL HEALTH CARE		12,913,392

INDUSTRIALS - 12.1%
Aerospace & Defense - 0.1%
PAE, Inc. (a)	10,900	92,541
Commercial Services & Supplies - 2.9%
Boyd Group Services, Inc.	8,399	1,181,755
Sdiptech AB (a)	33,900	327,858
Self Storage Group ASA (a)	111,742	283,580
VSE Corp.	13,506	259,585
		2,052,778
Machinery - 1.1%
Allison Transmission Holdings, Inc.	7,246	263,320
Hurco Companies, Inc.	15,866	518,660
		781,980
Marine - 0.2%
SITC International Holdings Co. Ltd.	145,200	143,438
Professional Services - 6.6%
Barrett Business Services, Inc.	11,422	558,764
CBIZ, Inc. (a)	52,734	1,252,433
Franklin Covey Co. (a)	32,225	668,669
GP Strategies Corp. (a)	22,731	180,939
Insperity, Inc.	29,383	1,401,863
Red Violet, Inc. (a)(b)	7,125	135,589
SHL-JAPAN Ltd.	3,500	64,348
Talenom OYJ (b)	64,620	495,697
		4,758,302
Trading Companies & Distributors - 1.2%
AerCap Holdings NV (a)	30,233	850,152

TOTAL INDUSTRIALS		8,679,191

INFORMATION TECHNOLOGY - 17.1%
Electronic Equipment & Components - 4.7%
Insight Enterprises, Inc. (a)	28,136	1,527,503
SYNNEX Corp.	20,830	1,823,875
		3,351,378
IT Services - 3.2%
Alliance Data Systems Corp.	4,700	235,329
Bouvet ASA	3,778	159,675
Castleton Technology PLC	91,379	108,762
Computer Services, Inc.	8,495	363,161
Econocom Group SA	152,434	293,665
Liberated Syndication, Inc. (a)	12,806	36,497
Perspecta, Inc.	34,898	752,750
Prodware	8,991	48,377
Sylogist Ltd.	44,795	315,700
		2,313,916
Semiconductors & Semiconductor Equipment - 1.5%
ON Semiconductor Corp. (a)	50,100	803,855
Synaptics, Inc. (a)	4,600	300,794
		1,104,649
Software - 7.7%
24sevenoffice Scandinavia AB (a)	104,700	230,218
Admicom OYJ	6,751	541,540
Aspen Technology, Inc. (a)	3,300	337,425
Bigtincan Holdings Ltd. (a)	220,055	108,449
Ebix, Inc.	22,522	471,385
Elmo Software Ltd. (a)	7,637	35,015
Energy One Ltd.	4,400	7,370
Enghouse Systems Ltd.	10,106	378,626
Essensys Group Ltd. PLC	27,700	48,843
Freee KK (a)	400	14,183
GetBusy PLC (a)	170,000	129,540
Globalscape, Inc.	23,293	217,091
j2 Global, Inc.	8,751	705,681
Kaonavi, Inc. (a)	1,200	39,305
LeadDesk Oyj (a)	891	9,373
Lightspeed POS, Inc. (a)	29,100	551,289
MSL Solutions Ltd. (a)	756,500	19,068
NICE Systems Ltd. sponsored ADR (a)(b)	7,109	1,168,009
Park City Group, Inc. (a)(b)	47,294	234,578
Upsales Technology AB (a)	24,654	56,111
Vitec Software Group AB	5,494	102,262
Workiva, Inc. (a)	4,300	164,905
		5,570,266

TOTAL INFORMATION TECHNOLOGY		12,340,209

MATERIALS - 6.2%
Chemicals - 2.6%
Core Molding Technologies, Inc. (a)	12,622	31,807
Innospec, Inc.	25,025	1,814,813
		1,846,620
Containers & Packaging - 1.3%
Silgan Holdings, Inc.	5,465	188,543
UFP Technologies, Inc. (a)	17,350	746,050
		934,593
Metals & Mining - 0.4%
Royal Gold, Inc.	2,700	330,831
Paper & Forest Products - 1.9%
Schweitzer-Mauduit International, Inc.	42,241	1,361,005

TOTAL MATERIALS		4,473,049

REAL ESTATE - 5.3%
Equity Real Estate Investment Trusts (REITs) - 4.9%
CoreSite Realty Corp.	4,150	502,939
EPR Properties	24,416	718,319
Essential Properties Realty Trust, Inc.	56,542	830,602
Gaming & Leisure Properties	6,200	175,088
QTS Realty Trust, Inc. Class A	6,648	415,699
Store Capital Corp.	42,734	857,671
		3,500,318
Real Estate Management & Development - 0.4%
Colliers International Group, Inc.	5,200	285,375

TOTAL REAL ESTATE		3,785,693

UTILITIES - 0.9%
Gas Utilities - 0.9%
Chesapeake Utilities Corp.	7,615	669,206
Star Gas Partners LP	240	1,896
		671,102
TOTAL COMMON STOCKS
(Cost $72,778,965)		71,657,979

Money Market Funds - 8.0%
Fidelity Cash Central Fund 0.16% (d)	289,019	289,106
Fidelity Securities Lending Cash Central Fund 0.11% (d)(e)	5,465,337	5,465,884
TOTAL MONEY MARKET FUNDS
(Cost $5,754,972)		5,754,990
TOTAL INVESTMENT IN SECURITIES - 107.5%
(Cost $78,533,937)		77,412,969
NET OTHER ASSETS (LIABILITIES) - (7.5)%		(5,383,652)
NET ASSETS - 100%		$72,029,317

Legend

(a) Non-income producing

(b) Security or a portion of the security is on loan at period end.

(e) Investment made with cash collateral received from securities on loan.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$8,103
Fidelity Securities Lending Cash Central Fund	62,707
Total	$70,810

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Communication Services	$3,988,637	$3,988,637	$--	$--
Consumer Discretionary	8,476,781	7,399,066	1,077,715	--
Consumer Staples	3,919,789	3,919,789	--	--
Energy	1,262,374	1,262,374	--	--
Financials	11,147,762	11,147,762	--	--
Health Care	12,913,392	12,625,052	288,340	--
Industrials	8,679,191	8,207,895	471,296	--
Information Technology	12,340,209	11,781,716	558,493	--
Materials	4,473,049	4,473,049	--	--
Real Estate	3,785,693	3,785,693	--	--
Utilities	671,102	671,102	--	--
Money Market Funds	5,754,990	5,754,990	--	--
Total Investments in Securities:	$77,412,969	$75,017,125	$2,395,844	$--

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America	77.3%
Canada	8.0%
United Kingdom	3.2%
Finland	2.2%
Netherlands	1.8%
Australia	1.6%
Ireland	1.4%
Sweden	1.0%
Others (Individually Less Than 1%)	3.5%
	100.0%

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

Financial Statements

Statement of Assets and Liabilities

		April 30, 2020
Assets
Investment in securities, at value (including securities loaned of $5,210,198) — See accompanying schedule: Unaffiliated issuers (cost $72,778,965)	$71,657,979
Fidelity Central Funds (cost $5,754,972)	5,754,990
Total Investment in Securities (cost $78,533,937)		$77,412,969
Foreign currency held at value (cost $2,405)		2,405
Receivable for investments sold		2,214,344
Receivable for fund shares sold		27,783
Dividends receivable		34,034
Distributions receivable from Fidelity Central Funds		6,031
Other receivables		1,403
Total assets		79,698,969
Liabilities
Payable for investments purchased	$2,113,019
Payable for fund shares redeemed	57,150
Accrued management fee	32,814
Other payables and accrued expenses	819
Collateral on securities loaned	5,465,850
Total liabilities		7,669,652
Net Assets		$72,029,317
Net Assets consist of:
Paid in capital		$84,139,031
Total accumulated earnings (loss)		(12,109,714)
Net Assets		$72,029,317
Net Asset Value, offering price and redemption price per share ($72,029,317 ÷ 7,798,702 shares)		$9.24

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

Statement of Operations

		Year ended April 30, 2020
Investment Income
Dividends		$979,780
Income from Fidelity Central Funds (including $62,707 from security lending)		70,810
Total income		1,050,590
Expenses
Management fee	$537,971
Independent trustees' fees and expenses	530
Miscellaneous	1,263
Total expenses before reductions	539,764
Expense reductions	(4,504)
Total expenses after reductions		535,260
Net investment income (loss)		515,330
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(8,129,755)
Fidelity Central Funds	307
Foreign currency transactions	(3,148)
Total net realized gain (loss)		(8,132,596)
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	(7,314,907)
Fidelity Central Funds	18
Assets and liabilities in foreign currencies	1,757
Total change in net unrealized appreciation (depreciation)		(7,313,132)
Net gain (loss)		(15,445,728)
Net increase (decrease) in net assets resulting from operations		$(14,930,398)

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

Statement of Changes in Net Assets

	Year ended April 30, 2020	Year ended April 30, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$515,330	$657,942
Net realized gain (loss)	(8,132,596)	564,041
Change in net unrealized appreciation (depreciation)	(7,313,132)	3,501,209
Net increase (decrease) in net assets resulting from operations	(14,930,398)	4,723,192
Distributions to shareholders	(790,593)	(4,262,130)
Share transactions
Proceeds from sales of shares	19,208,447	12,966,287
Reinvestment of distributions	790,593	4,262,131
Cost of shares redeemed	(20,935,231)	(25,528,120)
Net increase (decrease) in net assets resulting from share transactions	(936,191)	(8,299,702)
Total increase (decrease) in net assets	(16,657,182)	(7,838,640)
Net Assets
Beginning of period	88,686,499	96,525,139
End of period	$72,029,317	$88,686,499
Other Information
Shares
Sold	1,744,147	1,179,305
Issued in reinvestment of distributions	69,431	424,435
Redeemed	(1,959,228)	(2,422,198)
Net increase (decrease)	(145,650)	(818,458)

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

Financial Highlights

Fidelity Small Cap Stock K6 Fund


Years ended April 30,	2020	2019	2018 ^A
Selected Per–Share Data
Net asset value, beginning of period	$11.16	$11.02	$10.00
Income from Investment Operations
Net investment income (loss)^B	.06	.08^C	.06
Net realized and unrealized gain (loss)	(1.88)	.57	1.02
Total from investment operations	(1.82)	.65	1.08
Distributions from net investment income	(.10)	(.05)	(.03)
Distributions from net realized gain	–	(.46)	(.04)
Total distributions	(.10)	(.51)	(.06)^D
Net asset value, end of period	$9.24	$11.16	$11.02
Total Return^E,^F	(16.50)%	6.43%	10.83%
Ratios to Average Net Assets^G,^H
Expenses before reductions	.60%	.60%	.60%^I
Expenses net of fee waivers, if any	.60%	.60%	.60%^I
Expenses net of all reductions	.60%	.59%	.59%^I
Net investment income (loss)	.58%	.71%^C	.56%^I
Supplemental Data
Net assets, end of period (000 omitted)	$72,029	$88,686	$96,525
Portfolio turnover rate^J	73%^K	75%^K	90%^I,^K

^A For the period May 25, 2017 (commencement of operations) to April 30, 2018.

^B Calculated based on average shares outstanding during the period.

^D Total distributions of $.06 per share is comprised of distributions from net investment income of $.027 and distributions from net realized gain of $.035 per share.

^E Total returns for periods of less than one year are not annualized.

^F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^H Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

^I Annualized

^J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^K Portfolio turnover rate excludes securities received or delivered in-kind.

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

Notes to Financial Statements

For the period ended April 30, 2020

1. Organization.

Fidelity Small Cap Stock K6 Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity.

Effective January 1, 2020:

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund 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 Committee, in accordance with procedures adopted by the Board. 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 the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund 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 the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Book-tax differences are primarily due to foreign currency transactions, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation	$8,822,893
Gross unrealized depreciation	(11,073,929)
Net unrealized appreciation (depreciation)	$(2,251,036)
Tax Cost	$79,664,005

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$49,907
Capital loss carryforward	$(9,908,485)
Net unrealized appreciation (depreciation) on securities and other investments	$(2,251,138)

No expiration
Short-term	$(7,091,690)
Long-term	(2,816,795)
Total capital loss carryforward	$(9,908,485)

The tax character of distributions paid was as follows:

	April 30, 2020	April 30, 2019
Ordinary Income	$790,593	$ 3,304,072
Long-term Capital Gains	–	958,058
Total	$790,593	$ 4,262,130

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, are noted in the table below.

	Purchases ($)	Sales ($)
Fidelity Small Cap Stock K6 Fund	63,871,987	75,645,337

Unaffiliated Exchanges In-Kind. During the period, the Fund received investments and cash valued at $10,629,621 in exchange for 954,953 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

Prior Fiscal Year Unaffiliated Exchanges In-Kind. During the prior period, the Fund received investments and cash valued at $3,023,506 in exchange for 274,365 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .60% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

	Amount
Fidelity Small Cap Stock K6 Fund	$3,192

6. Committed Line of Credit.

	Amount
Fidelity Small Cap Stock K6 Fund	$225

During the period, there were no borrowings on this line of credit.

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to NFS, as affiliated borrower, at period end was $129,232. Total fees paid by the Fund to NFS, as lending agent, amounted to $1,809. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds, and includes $1,741 from securities loaned to NFS, as affiliated borrower.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $4,357 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $147.

9. Other.

10. Coronavirus (COVID-19) Pandemic.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Concord Street Trust and Shareholders of Fidelity Small Cap Stock K6 Fund

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Small Cap Stock K6 Fund (the "Fund"), a fund of Fidelity Concord Street Trust, including the schedule of investments, as of April 30, 2020, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the two years in the period then ended and for the period from May 25, 2017 (commencement of operations) to April 30, 2018, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the two years in the period then ended and for the period from May 25, 2017 (commencement of operations) to April 30, 2018, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ Deloitte & Touche LLP

Boston, Massachusetts

June 15, 2020

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

Trustees and Officers

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-835-5092.

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Acting Chairman of the Board of Trustees

* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Co-Lead Independent Trustee

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Co-Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2020

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2019 to April 30, 2020).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value November 1, 2019	Ending Account Value April 30, 2020	Expenses Paid During Period-^B November 1, 2019 to April 30, 2020
Actual	.60%	$1,000.00	$819.20	$2.71
Hypothetical-^C		$1,000.00	$1,021.88	$3.02

^A Annualized expense ratio reflects expenses net of applicable fee waivers.

^B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

^C 5% return per year before expenses

Distributions (Unaudited)

The fund designates 51% and 90% of the dividends distributed in June and December, respectively during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

The fund will notify shareholders in January 2021 of amounts for use in preparing 2020 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Small Cap Stock K6 Fund

Approval of Amended and Restated Advisory Contracts. At its November 2019 meeting, the Board unanimously determined to approve an amended and restated management contract and sub-advisory agreements (Amended and Restated Contracts) for a stub period of January 1, 2020 through January 31, 2020 in connection with a consolidation of certain of Fidelity's advisory businesses. The Board considered that, on or about January 1, 2020, FMR Co., Inc. (FMRC) expected to merge with and into FMR and, after the merger, FMR expected to redomicile as a Delaware limited liability company. The Board also approved the termination of the sub-advisory agreement with FMRC upon the completion of the merger. The Board noted that references to FMR in the Amended and Restated Contracts would be updated to reflect FMR's new form of organization and domicile. The Board also noted Fidelity's assurance that neither the planned consolidation nor the Amended and Restated Contracts will change the investment processes, the level or nature of services provided, the resources and personnel allocated, trading and compliance operations, or any fees paid by the fund.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net total return information for the fund and an appropriate benchmark index and peer group for the most recent one-year period ended June 30, 2019, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.

Fidelity Small Cap Stock K6 Fund

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods ended June 30 shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked is also included in the chart and was considered by the Board.

Fidelity Small Cap Stock K6 Fund

The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended June 30, 2019.

The Board noted that it and the boards of other Fidelity funds formed an ad hoc Committee on Group Fee, which meets periodically, to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component (such as the fund) and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio. In its review of the fund's total expense ratio, the Board considered the fund's unitary fee rate as well as other fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current total expense ratio of the fund compared to competitive fund median expenses. The fund is compared to those funds in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the fund's total expense ratio ranked below the competitive median for the 12-month period ended June 30, 2019.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that, due to the fund's current contractual arrangements, its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Liquidity Risk Management Program

Highly liquid investments – cash or convertible to cash within three business days or less
Moderately liquid investments – convertible to cash in three to seven calendar days
Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
Illiquid investments – cannot be sold or disposed of within seven calendar days

FIDELITY INVESTMENTS

SLCXK6-ANN-0620
1.9883975.102

Fidelity® Small Cap Discovery Fund

Annual Report

April 30, 2020

See the inside front cover for important information about access to your fund’s shareholder reports.

FIDELITY INVESTMENTS

Account Type	Website	Phone Number
Brokerage, Mutual Fund, or Annuity Contracts:	fidelity.com/mailpreferences	1-800-343-3548
Employer Provided Retirement Accounts:	netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print)	1-800-343-0860
Advisor Sold Accounts Serviced Through Your Financial Intermediary:	Contact Your Financial Intermediary	Your Financial Intermediary's phone number
Advisor Sold Accounts Serviced by Fidelity:	institutional.fidelity.com	1-877-208-0098

Contents

Note to Shareholders
Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Board Approval of Investment Advisory Contracts and Management Fees
Liquidity Risk Management Program

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Note to Shareholders:

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended April 30, 2020	Past 1 year	Past 5 years	Past 10 years
Fidelity® Small Cap Discovery Fund	(21.89)%	(0.58)%	7.35%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Small Cap Discovery Fund on April 30, 2010.

The chart shows how the value of your investment would have changed, and also shows how the Russell 2000® Index performed over the same period.

	Period Ending Values
	$20,315	Fidelity® Small Cap Discovery Fund
	$20,984	Russell 2000® Index

Management's Discussion of Fund Performance

Comments from Portfolio Manager Derek Janssen: For the fiscal year, the fund returned -21.89%, trailing the -16.39% return of the benchmark Russell 2000^® Index. Broadly, the fund's relative underperformance stemmed partly from value stocks continuing to lag their growth counterparts the past 12 months – a negative factor, given the fund's longtime value bias. Relative to the benchmark, the portfolio's positioning among lagging energy stocks, coupled with poor security selection in communication services and an underweighting in the outperforming health care sector detracted materially, as did stock picking within information technology. In contrast, investment choices in the financials and consumer discretionary sectors contributed to the fund's relative result. On a stock-specific basis, energy services companies were among the biggest detractors. In February, an oil-price war between Russia and Saudi Arabia led to a sharp drop in the commodity value, depressing the entire sector, including fund holdings Shawcor (-88%) – an out-of-benchmark position – and an overweighting in Oil States International (-82%). I sold both names in the period's final months, however. Elsewhere, other notable relative detractors included several stocks that disproportionately struggled as the coronavirus spread and the global economy essentially shut down. These included a larger-than-benchmark stake in Emerald Holding (-83%), an operator of trade shows; movie theater operator Cinemark Holdings (-73%); and an overweighting in discount U.S. airline Spirit Airlines (-79%). I ultimately sold the fund's positions in Spirit and Cinemark, the latter of which was not in the benchmark. On the positive side, the portfolio benefited from an out-of-benchmark position in Ultra Electronics Holdings (+19%), a U.K.-based service provider to defense companies whose stock rose on strong financial results. An overweight position in the shares of homebuilder Taylor Morrison Home also added value, as the stock rose 15% in the fund before we sold it this past November. The portfolio further benefited from exposure to Envista Holdings, a dental-products company that outperformed the broader benchmark with a -10% return after we bought the stock in March.

Note to shareholders: On April 1, 2020, the fund reopened to new investors.

Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2020

	% of fund's net assets
First Citizens Bancshares, Inc. Class A	4.0
Insight Enterprises, Inc.	3.6
SYNNEX Corp.	3.5
Valvoline, Inc.	2.7
First American Financial Corp.	2.7
Enstar Group Ltd.	2.7
Cullen/Frost Bankers, Inc.	2.7
Envista Holdings Corp.	2.6
LGI Homes, Inc.	2.6
ON Semiconductor Corp.	2.6
	29.7

Top Five Market Sectors as of April 30, 2020

	% of fund's net assets
Financials	20.5
Industrials	19.0
Information Technology	17.0
Health Care	11.0
Consumer Discretionary	10.6

Asset Allocation (% of fund's net assets)

As of April 30, 2020 ^*
	Stocks	98.7%
	Short-Term Investments and Net Other Assets (Liabilities)	1.3%

* Foreign investments - 19.4%

Schedule of Investments April 30, 2020

Showing Percentage of Net Assets

Common Stocks - 98.7%
	Shares	Value
COMMUNICATION SERVICES - 0.6%
Media - 0.6%
Emerald Expositions Events, Inc. (a)(b)	4,793,125	$10,928,325
CONSUMER DISCRETIONARY - 10.6%
Auto Components - 0.6%
Linamar Corp.	450,000	10,810,733
Diversified Consumer Services - 0.2%
Career Education Corp. (c)	336,915	4,379,895
Hotels, Restaurants & Leisure - 3.5%
Hilton Grand Vacations, Inc. (c)	1,900,000	39,140,000
Vail Resorts, Inc.	150,000	25,650,000
		64,790,000
Household Durables - 3.2%
LGI Homes, Inc. (a)(c)	800,000	48,464,000
TRI Pointe Homes, Inc. (c)	1,000,000	11,480,000
		59,944,000
Multiline Retail - 1.4%
Ollie's Bargain Outlet Holdings, Inc. (a)(c)	400,000	27,164,000
Specialty Retail - 1.7%
Aaron's, Inc. Class A	1,000,000	31,910,000

TOTAL CONSUMER DISCRETIONARY		198,998,628

CONSUMER STAPLES - 3.6%
Food & Staples Retailing - 1.4%
BJ's Wholesale Club Holdings, Inc. (c)	600,000	15,786,000
Performance Food Group Co. (c)	350,000	10,272,500
		26,058,500
Food Products - 2.2%
Inghams Group Ltd.(a)	3,000,000	6,796,789
Sanderson Farms, Inc.	250,000	34,035,000
		40,831,789

TOTAL CONSUMER STAPLES		66,890,289

ENERGY - 2.0%
Energy Equipment & Services - 1.0%
Apergy Corp. (a)(c)	500,000	4,605,000
Oil States International, Inc. (c)	2,500,000	8,600,000
ShawCor Ltd. Class A (b)	4,000,000	5,862,280
		19,067,280
Oil, Gas & Consumable Fuels - 1.0%
Brigham Minerals, Inc. Class A	1,104,151	14,232,506
Viper Energy Partners LP	400,000	3,712,000
		17,944,506

TOTAL ENERGY		37,011,786

FINANCIALS - 20.5%
Banks - 10.7%
BOK Financial Corp. (a)	650,000	33,663,500
Cullen/Frost Bankers, Inc. (a)	700,000	50,302,000
First Citizens Bancshares, Inc. Class A (c)	200,000	76,399,999
First Hawaiian, Inc.	1,500,000	26,385,000
Wintrust Financial Corp.	350,000	14,665,000
		201,415,499
Capital Markets - 1.1%
BrightSphere Investment Group, Inc.	2,861,100	21,200,751
Consumer Finance - 1.2%
Encore Capital Group, Inc. (c)	300,000	7,794,000
First Cash Financial Services, Inc.	200,000	14,368,000
		22,162,000
Diversified Financial Services - 2.1%
Cannae Holdings, Inc. (c)	1,250,000	39,437,500
Insurance - 5.4%
Enstar Group Ltd. (c)	350,000	50,617,000
First American Financial Corp.	1,100,000	50,732,000
		101,349,000

TOTAL FINANCIALS		385,564,750

HEALTH CARE - 11.0%
Health Care Equipment & Supplies - 4.4%
Envista Holdings Corp. (c)	2,500,000	48,675,000
Hill-Rom Holdings, Inc.	300,000	33,747,000
		82,422,000
Health Care Providers & Services - 3.3%
Patterson Companies, Inc. (a)	1,100,000	20,108,000
Premier, Inc. (c)	1,250,000	41,450,000
		61,558,000
Life Sciences Tools & Services - 2.5%
Charles River Laboratories International, Inc. (c)	325,000	47,017,750
Pharmaceuticals - 0.8%
Prestige Brands Holdings, Inc. (c)	400,000	16,276,000

TOTAL HEALTH CARE		207,273,750

INDUSTRIALS - 19.0%
Aerospace & Defense - 1.5%
Ultra Electronics Holdings PLC	1,150,000	28,548,457
Building Products - 0.6%
Patrick Industries, Inc.	263,100	10,844,982
Commercial Services & Supplies - 5.5%
ABM Industries, Inc.	1,250,000	43,112,500
Cimpress PLC (a)(c)	350,000	25,476,500
Knoll, Inc.	850,000	9,911,000
The Brink's Co. (a)	500,000	25,560,000
		104,060,000
Construction & Engineering - 0.2%
Mirait Holdings Corp.	353,800	4,635,352
Electrical Equipment - 0.3%
Regal Beloit Corp.	75,000	5,325,750
Machinery - 0.8%
THK Co. Ltd.	600,000	14,575,782
Marine - 0.2%
MPC Container Ships ASA (c)	3,500,000	3,136,149
Professional Services - 5.7%
ASGN, Inc. (c)	1,000,000	46,450,000
BG Staffing, Inc.	6,216	75,524
Intertrust NV (d)	2,500,000	39,395,807
Kforce, Inc.	120,006	3,594,180
Persol Holdings Co., Ltd.	1,588,900	18,670,297
		108,185,808
Road & Rail - 2.4%
TFI International, Inc.	750,000	20,812,500
TFI International, Inc. (Canada)	850,000	23,571,249
		44,383,749
Trading Companies & Distributors - 1.8%
Beacon Roofing Supply, Inc. (c)	1,000,000	22,000,000
GMS, Inc. (c)	239,300	4,398,334
MRC Global, Inc. (c)	1,500,000	8,040,000
		34,438,334

TOTAL INDUSTRIALS		358,134,363

INFORMATION TECHNOLOGY - 17.0%
Electronic Equipment & Components - 8.2%
Avnet, Inc.	175,000	5,253,500
Insight Enterprises, Inc. (c)	1,250,000	67,862,500
SYNNEX Corp.	750,000	65,670,000
TTM Technologies, Inc. (c)	1,250,000	14,487,500
		153,273,500
IT Services - 1.0%
Genpact Ltd.	250,000	8,607,500
Tucows, Inc. (a)(c)	200,000	10,582,000
		19,189,500
Semiconductors & Semiconductor Equipment - 5.8%
Advanced Energy Industries, Inc. (c)	250,000	13,900,000
Cabot Microelectronics Corp.	200,000	24,508,000
Ichor Holdings Ltd. (c)	405,350	10,093,215
ON Semiconductor Corp. (c)	3,000,000	48,135,000
SMART Global Holdings, Inc. (c)	500,000	12,645,000
		109,281,215
Software - 1.1%
Hansen Technologies Ltd.	2,671,424	4,857,694
j2 Global, Inc.	200,000	16,128,000
		20,985,694
Technology Hardware, Storage & Peripherals - 0.9%
Elecom Co. Ltd.	450,000	17,821,367

TOTAL INFORMATION TECHNOLOGY		320,551,276

MATERIALS - 5.1%
Chemicals - 2.7%
Valvoline, Inc. (a)	3,000,000	51,570,000
Construction Materials - 2.4%
Eagle Materials, Inc.	200,000	12,202,000
Wienerberger AG	1,750,000	32,697,424
		44,899,424

TOTAL MATERIALS		96,469,424

REAL ESTATE - 9.1%
Equity Real Estate Investment Trusts (REITs) - 5.0%
CareTrust (REIT), Inc.	1,250,000	20,600,000
Corporate Office Properties Trust (SBI)	1,000,000	26,420,000
Douglas Emmett, Inc.	1,300,000	39,637,000
iStar Financial, Inc.	750,000	7,515,000
		94,172,000
Real Estate Management & Development - 4.1%
Cushman & Wakefield PLC (c)	3,250,000	39,552,500
Jones Lang LaSalle, Inc.	350,000	36,953,000
		76,505,500

TOTAL REAL ESTATE		170,677,500

UTILITIES - 0.2%
Electric Utilities - 0.2%
Portland General Electric Co.	100,000	4,679,000
TOTAL COMMON STOCKS
(Cost $2,067,840,381)		1,857,179,091

Money Market Funds - 7.0%
Fidelity Cash Central Fund 0.16% (e)	32,844,773	32,854,626
Fidelity Securities Lending Cash Central Fund 0.11% (e)(f)	97,959,767	97,969,563
TOTAL MONEY MARKET FUNDS
(Cost $130,820,948)		130,824,189
TOTAL INVESTMENT IN SECURITIES - 105.7%
(Cost $2,198,661,329)		1,988,003,280
NET OTHER ASSETS (LIABILITIES) - (5.7)%		(107,263,393)
NET ASSETS - 100%		$1,880,739,887

Legend

(a) Security or a portion of the security is on loan at period end.

(b) Affiliated company

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $39,395,807 or 2.1% of net assets.

(f) Investment made with cash collateral received from securities on loan.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$837,254
Fidelity Securities Lending Cash Central Fund	388,688
Total	$1,225,942

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Realized Gain (loss)	Change in Unrealized appreciation (depreciation)	Value, end of period
Emerald Expositions Events, Inc.	$84,300,000	$--	$12,962,640	$1,588,274	$(13,047,108)	$(47,361,927)	$10,928,325
LGI Homes, Inc.	83,172,000	--	33,384,401	--	13,398,353	(14,721,952)	--
Presidio, Inc.	64,586,000	--	68,680,158	172,000	9,879,549	(5,785,391)	--
ShawCor Ltd. Class A	74,195,715	--	2,650,832	1,799,465	(24,356,629)	(41,325,974)	5,862,280
Total	$306,253,715	$--	$117,678,031	$3,559,739	$(14,125,835)	$(109,195,244)	$16,790,605

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Communication Services	$10,928,325	$10,928,325	$--	$--
Consumer Discretionary	198,998,628	198,998,628	--	--
Consumer Staples	66,890,289	60,093,500	6,796,789	--
Energy	37,011,786	37,011,786	--	--
Financials	385,564,750	385,564,750	--	--
Health Care	207,273,750	207,273,750	--	--
Industrials	358,134,363	358,134,363	--	--
Information Technology	320,551,276	315,693,582	4,857,694	--
Materials	96,469,424	96,469,424	--	--
Real Estate	170,677,500	170,677,500	--	--
Utilities	4,679,000	4,679,000	--	--
Money Market Funds	130,824,189	130,824,189	--	--
Total Investments in Securities:	$1,988,003,280	$1,976,348,797	$11,654,483	$--

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America	80.6%
United Kingdom	3.6%
Canada	3.3%
Bermuda	3.1%
Japan	2.9%
Netherlands	2.1%
Austria	1.7%
Ireland	1.3%
Others (Individually Less Than 1%)	1.4%
	100.0%

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

Financial Statements

Statement of Assets and Liabilities

		April 30, 2020
Assets
Investment in securities, at value (including securities loaned of $92,913,267) — See accompanying schedule: Unaffiliated issuers (cost $1,901,158,719)	$1,840,388,486
Fidelity Central Funds (cost $130,820,948)	130,824,189
Other affiliated issuers (cost $166,681,662)	16,790,605
Total Investment in Securities (cost $2,198,661,329)		$1,988,003,280
Receivable for investments sold		2,193,497
Receivable for fund shares sold		3,299,481
Dividends receivable		1,612,152
Distributions receivable from Fidelity Central Funds		19,328
Prepaid expenses		1,261
Other receivables		43,246
Total assets		1,995,172,245
Liabilities
Payable to custodian bank	$1,277
Payable for investments purchased	13,107,847
Payable for fund shares redeemed	2,637,801
Accrued management fee	307,385
Other affiliated payables	330,637
Other payables and accrued expenses	84,857
Collateral on securities loaned	97,962,554
Total liabilities		114,432,358
Net Assets		$1,880,739,887
Net Assets consist of:
Paid in capital		$2,156,453,476
Total accumulated earnings (loss)		(275,713,589)
Net Assets		$1,880,739,887
Net Asset Value, offering price and redemption price per share ($1,880,739,887 ÷ 109,907,776 shares)		$17.11

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

Statement of Operations

		Year ended April 30, 2020
Investment Income
Dividends (including $3,559,739 earned from other affiliated issuers)		$36,091,367
Income from Fidelity Central Funds (including $388,688 from security lending)		1,225,942
Total income		37,317,309
Expenses
Management fee
Basic fee	$18,017,351
Performance adjustment	(7,693,475)
Transfer agent fees	4,775,109
Accounting fees	780,909
Custodian fees and expenses	36,085
Independent trustees' fees and expenses	16,100
Registration fees	56,532
Audit	55,811
Legal	6,834
Miscellaneous	55,421
Total expenses before reductions	16,106,677
Expense reductions	(161,023)
Total expenses after reductions		15,945,654
Net investment income (loss)		21,371,655
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	75,211,047
Fidelity Central Funds	14,011
Other affiliated issuers	(14,125,835)
Foreign currency transactions	(194,697)
Futures contracts	(4,837,015)
Total net realized gain (loss)		56,067,511
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	(533,482,169)
Fidelity Central Funds	3,241
Other affiliated issuers	(109,195,244)
Assets and liabilities in foreign currencies	(11,549)
Total change in net unrealized appreciation (depreciation)		(642,685,721)
Net gain (loss)		(586,618,210)
Net increase (decrease) in net assets resulting from operations		$(565,246,555)

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

Statement of Changes in Net Assets

	Year ended April 30, 2020	Year ended April 30, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$21,371,655	$47,148,852
Net realized gain (loss)	56,067,511	504,932,262
Change in net unrealized appreciation (depreciation)	(642,685,721)	(447,462,284)
Net increase (decrease) in net assets resulting from operations	(565,246,555)	104,618,830
Distributions to shareholders	(208,886,983)	(995,959,068)
Share transactions
Proceeds from sales of shares	369,654,639	242,716,170
Reinvestment of distributions	196,608,497	930,559,253
Cost of shares redeemed	(930,415,031)	(1,770,361,701)
Net increase (decrease) in net assets resulting from share transactions	(364,151,895)	(597,086,278)
Total increase (decrease) in net assets	(1,138,285,433)	(1,488,426,516)
Net Assets
Beginning of period	3,019,025,320	4,507,451,836
End of period	$1,880,739,887	$3,019,025,320
Other Information
Shares
Sold	18,608,420	9,871,392
Issued in reinvestment of distributions	8,681,362	38,988,158
Redeemed	(45,303,127)	(73,162,041)
Net increase (decrease)	(18,013,345)	(24,302,491)

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

Financial Highlights

Fidelity Small Cap Discovery Fund


Years ended April 30,	2020	2019	2018	2017	2016
Selected Per–Share Data
Net asset value, beginning of period	$23.60	$29.61	$32.05	$27.81	$30.62
Income from Investment Operations
Net investment income (loss)^A	.18	.32^B	.19	.20	.15
Net realized and unrealized gain (loss)	(4.94)	.68	1.53	4.18	(.99)
Total from investment operations	(4.76)	1.00	1.72	4.38	(.84)
Distributions from net investment income	(.19)	(.22)	(.19)	(.14)	(.15)
Distributions from net realized gain	(1.54)	(6.78)	(3.97)	–	(1.82)
Total distributions	(1.73)	(7.01)^C	(4.16)	(.14)	(1.97)
Redemption fees added to paid in capital^A	–	–	–^D	–^D	–^D
Net asset value, end of period	$17.11	$23.60	$29.61	$32.05	$27.81
Total Return^E	(21.89)%	4.96%	5.46%	15.76%	(2.94)%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.61%	.61%	.69%	.87%	1.01%
Expenses net of fee waivers, if any	.61%	.61%	.69%	.87%	1.01%
Expenses net of all reductions	.61%	.60%	.68%	.87%	1.00%
Net investment income (loss)	.81%	1.29%^B	.61%	.66%	.53%
Supplemental Data
Net assets, end of period (000 omitted)	$1,880,740	$3,019,025	$4,507,452	$5,632,973	$5,330,816
Portfolio turnover rate^H	52%	32%	41%	18%	25%

^A Calculated based on average shares outstanding during the period.

^B Net investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.05%.

^C Total distributions of $7.01 per share is comprised of distributions from net investment income of $.223 and distributions from net realized gain of $6.783 per share.

^D Amount represents less than $.005 per share.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

^H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

Notes to Financial Statements

For the period ended April 30, 2020

1. Organization.

Fidelity Small Cap Discovery Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

Effective January 1, 2020:

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund 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 Committee, in accordance with procedures adopted by the Board. 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 the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund 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 the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder 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 identified cost and 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 the Fund 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, partnerships and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation	$299,554,214
Gross unrealized depreciation	(511,386,311)
Net unrealized appreciation (depreciation)	$(211,832,097)
Tax Cost	$2,199,835,377

The tax-based components of distributable earnings as of period end were as follows:

Net unrealized appreciation (depreciation) on securities and other investments

$(211,855,787)

The Fund intends to elect to defer to its next fiscal year $63,857,803 of capital losses recognized during the period November 1,2019 to April 30, 2020.

The tax character of distributions paid was as follows:

	April 30, 2020	April 30, 2019
Ordinary Income	$22,440,791	$ 30,754,218
Long-term Capital Gains	186,446,192	965,204,850
Total	$208,886,983	$ 995,959,068

4. Derivative Instruments.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, are noted in the table below.

	Purchases ($)	Sales ($)
Fidelity Small Cap Discovery Fund	1,327,579,144	1,840,271,917

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to its benchmark index, the Russell 2000 Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .39% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

	% of Average Net Assets
Fidelity Small Cap Discovery Fund	.03

	Amount
Fidelity Small Cap Discovery Fund	$78,416

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $2,652.

7. Committed Line of Credit.

	Amount
Fidelity Small Cap Discovery Fund	$6,763

During the period, there were no borrowings on this line of credit.

8. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with NFS, as affiliated borrower. Total fees paid by the Fund to NFS, as lending agent, amounted to $17,826. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds and includes $6,270 from securities loaned to NFS, as affiliated borrower.

9. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $142,898 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $175.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $17,950.

10. Other.

11. Coronavirus (COVID-19) Pandemic.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Concord Street Trust and Shareholders of Fidelity Small Cap Discovery Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Small Cap Discovery Fund (the "Fund"), a fund of Fidelity Concord Street Trust, including the schedule of investments, as of April 30, 2020, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ Deloitte & Touche LLP

Boston, Massachusetts

June 10, 2020

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

Trustees and Officers

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Acting Chairman of the Board of Trustees

* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Co-Lead Independent Trustee

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Co-Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2020

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2019 to April 30, 2020).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value November 1, 2019	Ending Account Value April 30, 2020	Expenses Paid During Period-^B November 1, 2019 to April 30, 2020
Actual	.59%	$1,000.00	$778.40	$2.61
Hypothetical-^C		$1,000.00	$1,021.93	$2.97

^A Annualized expense ratio reflects expenses net of applicable fee waivers.

^B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

^C 5% return per year before expenses

Distributions (Unaudited)

The fund hereby designates as a capital gain dividend with respect to the taxable year ended April 30, 2020, $129,398,022, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 100% of the dividends distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

The fund designates 100% of the dividends distributed during the fiscal year which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2021 of amounts for use in preparing 2020 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Small Cap Discovery Fund

Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board noted that there were portfolio management changes for the fund in January 2018 and June 2018. The Board will continue to monitor closely the fund's performance, taking into account the portfolio management changes.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods ended June 30, 2019, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.

Fidelity Small Cap Discovery Fund

The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance

for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Fidelity Small Cap Discovery Fund

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

The Board noted that the fund's total expense ratio ranked below the competitive median for the 12-month period ended June 30, 2019.

The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board also considered that although the fund is partially closed to new investors, it continues to incur investment management expenses, and marketing and distribution expenses related to the retention of existing shareholders and assets. The Board further noted that the fund may continue to realize benefits from the group fee structure, even though assets may not be expected to grow significantly at the fund level. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Liquidity Risk Management Program

Highly liquid investments – cash or convertible to cash within three business days or less
Moderately liquid investments – convertible to cash in three to seven calendar days
Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
Illiquid investments – cannot be sold or disposed of within seven calendar days

FIDELITY INVESTMENTS

SMR-ANN-0620
1.757239.119

Fidelity® Series Small Cap Discovery Fund

Annual Report

April 30, 2020

See the inside front cover for important information about access to your fund’s shareholder reports.

FIDELITY INVESTMENTS

Account Type	Website	Phone Number
Brokerage, Mutual Fund, or Annuity Contracts:	fidelity.com/mailpreferences	1-800-343-3548
Employer Provided Retirement Accounts:	netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print)	1-800-343-0860
Advisor Sold Accounts Serviced Through Your Financial Intermediary:	Contact Your Financial Intermediary	Your Financial Intermediary's phone number
Advisor Sold Accounts Serviced by Fidelity:	institutional.fidelity.com	1-877-208-0098

Contents

Note to Shareholders
Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Board Approval of Investment Advisory Contracts and Management Fees
Liquidity Risk Management Program

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Note to Shareholders:

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended April 30, 2020	Past 1 year	Past 5 years	Life of fund^A
Fidelity® Series Small Cap Discovery Fund	(20.16)%	0.30%	2.40%

^A From November 7, 2013

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Series Small Cap Discovery Fund on November 7, 2013, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the Russell 2000® Index performed over the same period.

	Period Ending Values
	$11,658	Fidelity® Series Small Cap Discovery Fund
	$13,286	Russell 2000® Index

Management's Discussion of Fund Performance

Comments from Portfolio Manager Derek Janssen: For the fiscal year, the fund returned -20.16%, trailing the -16.39% result of the benchmark Russell 2000^® Index. Broadly, the fund's relative underperformance stemmed partly from value stocks continuing to lag their growth counterparts the past 12 months – a negative factor, given the fund's longtime value bias. Relative to the benchmark, poor security selection among communication services stocks, coupled with the portfolio's positioning in the lagging energy sector and an underweighting in the outperforming health care group detracted materially. In contrast, investment choices in the consumer discretionary and financials sectors contributed to the fund's relative result. On a stock-specific basis, energy services companies were among the biggest detractors. In February, an oil-price war between Russia and Saudi Arabia led to a sharp drop in the commodity value, depressing the entire sector, including fund holdings Shawcor (-89%) – an out-of-benchmark position – and an overweighting in Oil States International (-82%). Elsewhere, other notable relative detractors included several stocks that disproportionately struggled as the coronavirus spread and the global economy essentially shut down. These included a larger-than-benchmark stake in Emerald Holdings (-83%), an operator of trade shows; movie theater operator Cinemark Holdings (-73%); and an overweighting in discount U.S. airline Spirit Airlines (-79%). I ultimately sold the fund's positions in Spirit and Cinemark, the latter of which was not in the benchmark. On the positive side, the portfolio benefited from an out-of-benchmark position in Computer Services (+34%), which facilitates back-office transactions for bank customers. The company benefited from accelerating growth and market share gains. An overweight stake in holding company Cannae Holdings also contributed, gaining 24%. Shares of Cannae – one of our largest holdings on April 30 – benefited from improving growth and margins at Dun and Bradstreet, a business analytics company whose equity is partly owned by Cannae.

Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2020

	% of fund's net assets
SYNNEX Corp.	3.8
First Citizens Bancshares, Inc.	3.7
Insight Enterprises, Inc.	3.3
ASGN, Inc.	3.0
Envista Holdings Corp.	2.9
Cannae Holdings, Inc.	2.7
LGI Homes, Inc.	2.6
First American Financial Corp.	2.6
ABM Industries, Inc.	2.6
ON Semiconductor Corp.	2.5
	29.7

Top Five Market Sectors as of April 30, 2020

	% of fund's net assets
Financials	19.4
Information Technology	19.0
Industrials	18.9
Health Care	11.4
Consumer Discretionary	10.4

Asset Allocation (% of fund's net assets)

As of April 30, 2020^*
	Stocks	99.2%
	Short-Term Investments and Net Other Assets (Liabilities)	0.8%

* Foreign investments - 16.2%

Schedule of Investments April 30, 2020

Showing Percentage of Net Assets

Common Stocks - 99.2%
	Shares	Value
COMMUNICATION SERVICES - 0.5%
Media - 0.5%
Emerald Expositions Events, Inc.	2,500,000	$5,700,000
CONSUMER DISCRETIONARY - 10.4%
Auto Components - 0.5%
Linamar Corp.	222,000	5,333,295
Diversified Consumer Services - 0.2%
Career Education Corp. (a)	209,871	2,728,323
Hotels, Restaurants & Leisure - 3.7%
Hilton Grand Vacations, Inc. (a)	1,250,000	25,750,000
Vail Resorts, Inc.	100,000	17,100,000
		42,850,000
Household Durables - 3.1%
LGI Homes, Inc. (a)(b)	500,000	30,290,000
TRI Pointe Homes, Inc. (a)	500,000	5,740,000
		36,030,000
Multiline Retail - 1.5%
Ollie's Bargain Outlet Holdings, Inc. (a)(b)	250,000	16,977,500
Specialty Retail - 1.4%
Aaron's, Inc. Class A	500,000	15,955,000

TOTAL CONSUMER DISCRETIONARY		119,874,118

CONSUMER STAPLES - 3.4%
Food & Staples Retailing - 1.5%
BJ's Wholesale Club Holdings, Inc. (a)	400,000	10,524,000
Performance Food Group Co. (a)	250,000	7,337,500
		17,861,500
Food Products - 1.9%
Inghams Group Ltd.(b)	2,000,000	4,531,192
Sanderson Farms, Inc.	125,000	17,017,500
		21,548,692

TOTAL CONSUMER STAPLES		39,410,192

ENERGY - 2.1%
Energy Equipment & Services - 1.1%
Apergy Corp. (a)(b)	650,000	5,986,500
Oil States International, Inc. (a)	1,000,000	3,440,000
ShawCor Ltd. Class A	1,051,745	1,541,406
Total Energy Services, Inc.	1,432,730	1,718,926
		12,686,832
Oil, Gas & Consumable Fuels - 1.0%
Brigham Minerals, Inc. Class A (b)	750,000	9,667,500
Viper Energy Partners LP	200,000	1,856,000
		11,523,500

TOTAL ENERGY		24,210,332

FINANCIALS - 19.4%
Banks - 9.6%
BOK Financial Corp. (b)	450,000	23,305,500
Cullen/Frost Bankers, Inc. (b)	300,000	21,558,000
First Citizens Bancshares, Inc.	110,000	42,020,000
First Hawaiian, Inc.	1,000,000	17,590,000
Wintrust Financial Corp.	150,000	6,285,000
		110,758,500
Capital Markets - 1.4%
BrightSphere Investment Group, Inc.	2,107,500	15,616,575
Consumer Finance - 2.2%
Encore Capital Group, Inc. (a)	220,000	5,715,600
First Cash Financial Services, Inc.	275,000	19,756,000
		25,471,600
Diversified Financial Services - 2.7%
Cannae Holdings, Inc. (a)	1,000,000	31,550,000
Insurance - 3.5%
Enstar Group Ltd. (a)	70,000	10,123,400
First American Financial Corp.	650,000	29,978,000
		40,101,400

TOTAL FINANCIALS		223,498,075

HEALTH CARE - 11.4%
Health Care Equipment & Supplies - 4.8%
Envista Holdings Corp. (a)	1,700,000	33,099,000
Hill-Rom Holdings, Inc.	200,000	22,498,000
		55,597,000
Health Care Providers & Services - 3.0%
Patterson Companies, Inc.	500,000	9,140,000
Premier, Inc. (a)	750,000	24,870,000
		34,010,000
Life Sciences Tools & Services - 2.2%
Charles River Laboratories International, Inc. (a)	175,000	25,317,250
Pharmaceuticals - 1.4%
Prestige Brands Holdings, Inc. (a)	400,000	16,276,000

TOTAL HEALTH CARE		131,200,250

INDUSTRIALS - 18.9%
Aerospace & Defense - 1.5%
Ultra Electronics Holdings PLC	700,000	17,377,321
Building Products - 0.4%
Patrick Industries, Inc.	105,000	4,328,100
Commercial Services & Supplies - 6.2%
ABM Industries, Inc.	850,000	29,316,500
Cimpress PLC (a)(b)	250,000	18,197,500
Knoll, Inc.	700,000	8,162,000
The Brink's Co.	300,000	15,336,000
		71,012,000
Construction & Engineering - 0.3%
Mirait Holdings Corp.	250,000	3,275,404
Electrical Equipment - 0.4%
Regal Beloit Corp.	75,000	5,325,750
Machinery - 0.4%
THK Co. Ltd.	200,000	4,858,594
Marine - 0.1%
MPC Container Ships ASA (a)	2,000,000	1,792,085
Professional Services - 5.7%
ASGN, Inc. (a)	750,000	34,837,500
BG Staffing, Inc.	4,124	50,107
Intertrust NV (c)	1,000,000	15,758,323
Kforce, Inc.	72,876	2,182,636
Persol Holdings Co., Ltd.	1,056,500	12,414,355
		65,242,921
Road & Rail - 2.2%
TFI International, Inc.	500,000	13,875,000
TFI International, Inc. (Canada)	400,000	11,092,352
		24,967,352
Trading Companies & Distributors - 1.7%
Beacon Roofing Supply, Inc. (a)	600,000	13,200,000
GMS, Inc. (a)	140,000	2,573,200
MRC Global, Inc. (a)	750,000	4,020,000
		19,793,200

TOTAL INDUSTRIALS		217,972,727

INFORMATION TECHNOLOGY - 19.0%
Electronic Equipment & Components - 8.4%
Avnet, Inc.	50,000	1,501,000
Flextronics International Ltd. (a)	500,000	4,880,000
Insight Enterprises, Inc. (a)	700,000	38,003,000
SYNNEX Corp.	500,000	43,780,000
TTM Technologies, Inc. (a)	750,000	8,692,500
		96,856,500
IT Services - 3.3%
Computer Services, Inc. (b)	650,000	27,787,500
Genpact Ltd.	100,000	3,443,000
Tucows, Inc. (a)	125,000	6,613,750
		37,844,250
Semiconductors & Semiconductor Equipment - 5.8%
Advanced Energy Industries, Inc. (a)	250,000	13,900,000
Cabot Microelectronics Corp.	75,000	9,190,500
Ichor Holdings Ltd. (a)	224,825	5,598,143
ON Semiconductor Corp. (a)	1,800,000	28,881,000
SMART Global Holdings, Inc. (a)	350,000	8,851,500
		66,421,143
Software - 0.9%
Hansen Technologies Ltd.	1,171,075	2,129,473
j2 Global, Inc.	100,000	8,064,000
		10,193,473
Technology Hardware, Storage & Peripherals - 0.6%
Elecom Co. Ltd.	175,000	6,930,532

TOTAL INFORMATION TECHNOLOGY		218,245,898

MATERIALS - 4.5%
Chemicals - 2.2%
Valvoline, Inc.	1,500,000	25,785,000
Construction Materials - 2.3%
Eagle Materials, Inc.	125,000	7,626,250
Wienerberger AG	1,000,000	18,684,242
		26,310,492

TOTAL MATERIALS		52,095,492

REAL ESTATE - 9.6%
Equity Real Estate Investment Trusts (REITs) - 5.4%
CareTrust (REIT), Inc.	1,000,000	16,480,000
Corporate Office Properties Trust (SBI)	750,000	19,815,000
Douglas Emmett, Inc.	750,000	22,867,500
iStar Financial, Inc.	355,704	3,564,154
		62,726,654
Real Estate Management & Development - 4.2%
Cushman & Wakefield PLC (a)	1,800,000	21,906,000
Jones Lang LaSalle, Inc.	250,000	26,395,000
		48,301,000

TOTAL REAL ESTATE		111,027,654

TOTAL COMMON STOCKS
(Cost $1,225,206,752)		1,143,234,738

Money Market Funds - 6.0%
Fidelity Cash Central Fund 0.16% (d)	6,943,486	6,945,569
Fidelity Securities Lending Cash Central Fund 0.11% (d)(e)	61,677,951	61,684,119
TOTAL MONEY MARKET FUNDS
(Cost $68,628,994)		68,629,688
TOTAL INVESTMENT IN SECURITIES - 105.2%
(Cost $1,293,835,746)		1,211,864,426
NET OTHER ASSETS (LIABILITIES) - (5.2)%		(59,658,003)
NET ASSETS - 100%		$1,152,206,423

Legend

(a) Non-income producing

(b) Security or a portion of the security is on loan at period end.

(e) Investment made with cash collateral received from securities on loan.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$393,530
Fidelity Securities Lending Cash Central Fund	221,516
Total	$615,046

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Communication Services	$5,700,000	$5,700,000	$--	$--
Consumer Discretionary	119,874,118	119,874,118	--	--
Consumer Staples	39,410,192	34,879,000	4,531,192	--
Energy	24,210,332	24,210,332	--	--
Financials	223,498,075	223,498,075	--	--
Health Care	131,200,250	131,200,250	--	--
Industrials	217,972,727	217,972,727	--	--
Information Technology	218,245,898	216,116,425	2,129,473	--
Materials	52,095,492	52,095,492	--	--
Real Estate	111,027,654	111,027,654	--	--
Money Market Funds	68,629,688	68,629,688	--	--
Total Investments in Securities:	$1,211,864,426	$1,205,203,761	$6,660,665	$--

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America	83.8%
United Kingdom	3.4%
Canada	3.0%
Japan	2.4%
Austria	1.6%
Ireland	1.6%
Netherlands	1.4%
Bermuda	1.2%
Others (Individually Less Than 1%)	1.6%
	100.0%

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

Financial Statements

Statement of Assets and Liabilities

		April 30, 2020
Assets
Investment in securities, at value (including securities loaned of $57,721,082) — See accompanying schedule: Unaffiliated issuers (cost $1,225,206,752)	$1,143,234,738
Fidelity Central Funds (cost $68,628,994)	68,629,688
Total Investment in Securities (cost $1,293,835,746)		$1,211,864,426
Cash		645,929
Receivable for investments sold		1,927,158
Receivable for fund shares sold		3,321,087
Dividends receivable		703,436
Distributions receivable from Fidelity Central Funds		12,519
Total assets		1,218,474,555
Liabilities
Payable to custodian bank	$1,302
Payable for investments purchased	1,086,451
Payable for fund shares redeemed	3,491,586
Other payables and accrued expenses	9,643
Collateral on securities loaned	61,679,150
Total liabilities		66,268,132
Net Assets		$1,152,206,423
Net Assets consist of:
Paid in capital		$1,286,822,843
Total accumulated earnings (loss)		(134,616,420)
Net Assets		$1,152,206,423
Net Asset Value, offering price and redemption price per share ($1,152,206,423 ÷ 131,908,459 shares)		$8.73

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

Statement of Operations

		Year ended April 30, 2020
Investment Income
Dividends		$19,873,122
Income from Fidelity Central Funds (including $221,516 from security lending)		615,046
Total income		20,488,168
Expenses
Custodian fees and expenses	23,655
Independent trustees' fees and expenses	9,009
Interest	375
Miscellaneous	4,546
Total expenses before reductions	37,585
Expense reductions	(346)
Total expenses after reductions		37,239
Net investment income (loss)		20,450,929
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	11,009,816
Fidelity Central Funds	5,753
Foreign currency transactions	(106,336)
Total net realized gain (loss)		10,909,233
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	(328,807,070)
Fidelity Central Funds	348
Assets and liabilities in foreign currencies	(1,813)
Total change in net unrealized appreciation (depreciation)		(328,808,535)
Net gain (loss)		(317,899,302)
Net increase (decrease) in net assets resulting from operations		$(297,448,373)

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

Statement of Changes in Net Assets

	Year ended April 30, 2020	Year ended April 30, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$20,450,929	$29,114,366
Net realized gain (loss)	10,909,233	98,000,880
Change in net unrealized appreciation (depreciation)	(328,808,535)	(1,608,690)
Net increase (decrease) in net assets resulting from operations	(297,448,373)	125,506,556
Distributions to shareholders	(104,282,059)	(208,936,940)
Share transactions
Proceeds from sales of shares	162,970,476	112,274,438
Reinvestment of distributions	104,282,059	208,936,940
Cost of shares redeemed	(420,813,186)	(244,737,253)
Net increase (decrease) in net assets resulting from share transactions	(153,560,651)	76,474,125
Total increase (decrease) in net assets	(555,291,083)	(6,956,259)
Net Assets
Beginning of period	1,707,497,506	1,714,453,765
End of period	$1,152,206,423	$1,707,497,506
Other Information
Shares
Sold	15,022,451	9,823,635
Issued in reinvestment of distributions	9,302,730	19,135,616
Redeemed	(38,384,658)	(21,277,858)
Net increase (decrease)	(14,059,477)	7,681,393

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

Financial Highlights

Fidelity Series Small Cap Discovery Fund


Years ended April 30,	2020	2019	2018	2017	2016
Selected Per–Share Data
Net asset value, beginning of period	$11.70	$12.40	$11.69	$10.16	$11.23
Income from Investment Operations
Net investment income (loss)^A	.15	.20^B	.14	.09^C	.03
Net realized and unrealized gain (loss)	(2.35)	.59	.71	1.49	(.54)
Total from investment operations	(2.20)	.79	.85	1.58	(.51)
Distributions from net investment income	(.16)	(.19)	(.14)	(.05)	(.02)
Distributions from net realized gain	(.61)	(1.30)	–	–	(.54)
Total distributions	(.77)	(1.49)	(.14)	(.05)	(.56)
Net asset value, end of period	$8.73	$11.70	$12.40	$11.69	$10.16
Total Return^D,^E	(20.16)%	7.68%	7.33%	15.60%	(4.82)%
Ratios to Average Net Assets^F,^G
Expenses before reductions	- %^H	- %^H	.06%	.87%	.96%
Expenses net of fee waivers, if any	- %^H	- %^H	.06%	.87%	.96%
Expenses net of all reductions	- %^H	- %^H	.05%	.86%	.95%
Net investment income (loss)	1.38%	1.73%^B	1.15%	.80%^C	.29%
Supplemental Data
Net assets, end of period (000 omitted)	$1,152,206	$1,707,498	$1,714,454	$652,818	$614,362
Portfolio turnover rate^I	51%	41%	44%	24%	35%

^A Calculated based on average shares outstanding during the period.

^B Net investment income per share reflects a large, non-recurring dividend which amounted to $.02 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.54%.

^C Net investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .40%.

^D Total returns for periods of less than one year are not annualized.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

^H Amount represents less than .005%.

^I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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

Notes to Financial Statements

For the period ended April 30, 2020

1. Organization.

Fidelity Series Small Cap Discovery Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds and Fidelity managed 529 plans. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

Effective January 1, 2020:

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund 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 Committee, in accordance with procedures adopted by the Board. 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 the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund 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 the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder 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 identified cost and 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 the Fund 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Book-tax differences are primarily due to foreign currency transactions, partnerships and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation	$165,348,462
Gross unrealized depreciation	(250,873,962)
Net unrealized appreciation (depreciation)	$(85,525,500)
Tax Cost	$1,297,389,926

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$3,256,045
Net unrealized appreciation (depreciation) on securities and other investments	$(85,531,691)

The Fund intends to elect to defer to its next fiscal year $52,340,775 of capital losses recognized during the period November 1, 2019 to April 30, 2020.

The tax character of distributions paid was as follows:

	April 30, 2020	April 30, 2019
Ordinary Income	$21,631,320	$ 48,074,474
Long-term Capital Gains	82,650,739	160,862,465
Total	$104,282,059	$ 208,936,939

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, are noted in the table below.

	Purchases ($)	Sales ($)
Fidelity Series Small Cap Discovery Fund	741,868,340	958,789,415

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

	Amount
Fidelity Series Small Cap Discovery Fund	$42,052

	Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Fidelity Series Small Cap Discovery Fund	Borrower	$5,309,000	2.54%	$375

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $2,652.

6. Committed Line of Credit.

	Amount
Fidelity Series Small Cap Discovery Fund	$3,787

During the period, there were no borrowings on this line of credit.

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with NFS, as affiliated borrower. Total fees paid by the Fund to NFS, as lending agent, amounted to $11,348. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds, and includes $2,491 from securities loaned to NFS, as affiliated borrower.

8. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $346.

9. Other.

At the end of the period, mutual funds managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.

10. Coronavirus (COVID-19) Pandemic.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Concord Street Trust and Shareholders of Fidelity Series Small Cap Discovery Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Series Small Cap Discovery Fund (the "Fund"), a fund of Fidelity Concord Street Trust, including the schedule of investments, as of April 30, 2020, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ Deloitte & Touche LLP

Boston, Massachusetts

June 10, 2020

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

Trustees and Officers

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Acting Chairman of the Board of Trustees

* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Alan J. Lacy (1953)

Year of Election or Appointment: 2008

Trustee

Ned C. Lautenbach (1944)

Year of Election or Appointment: 2000

Trustee

Co-Lead Independent Trustee

Joseph Mauriello (1944)

Year of Election or Appointment: 2008

Trustee

Cornelia M. Small (1944)

Year of Election or Appointment: 2005

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Co-Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2020

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2019 to April 30, 2020).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value November 1, 2019	Ending Account Value April 30, 2020	Expenses Paid During Period-^B November 1, 2019 to April 30, 2020
Actual	- %-^C	$1,000.00	$792.40	$--^D
Hypothetical-^E		$1,000.00	$1,024.86	$--^D

^A Annualized expense ratio reflects expenses net of applicable fee waivers.

^B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period)

^C Amount represents less than .005%.

^D Amount represents less than $.005.

^E 5% return per year before expenses

Distributions (Unaudited)

The fund hereby designates as a capital gain dividend with respect to the taxable year ended April 30, 2020, $54,464,475, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 45% and 68% of the dividends distributed in June and December, respectively during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

The fund designates 100% and 89% of the dividends distributed in June and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 1% and 12% of the dividends distributed in June and December, respectively during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2021 of amounts for use in preparing 2020 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Series Small Cap Discovery Fund

Approval of Amended and Restated Advisory Contracts. At its November 2019 meeting, the Board unanimously determined to approve an amended and restated management contract and sub-advisory agreements (Amended and Restated Contracts) for a stub period of January 1, 2020 through January 31, 2020 in connection with a consolidation of certain of Fidelity's advisory businesses. The Board considered that, on or about January 1, 2020, FMR Co., Inc. (FMRC) expected to merge with and into FMR and, after the merger, FMR expected to redomicile as a Delaware limited liability company. The Board also approved the termination of the sub-advisory agreement with FMRC upon the completion of the merger. The Board noted that references to FMR in the Amended and Restated Contracts would be updated to reflect FMR's new form of organization and domicile. The Board also noted Fidelity's assurance that neither the planned consolidation nor the Amended and Restated Contracts will change the investment processes, the level or nature of services provided, the resources and personnel allocated, trading and compliance operations, or any fees paid by the fund.

At its January 2020 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In considering whether to renew the Advisory Contracts for the fund, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable.

Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.

Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, but did not consider performance to be a material factor in its decision to renew the fund's Advisory Contracts, as the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is designed to offer an investment option for other investment companies managed by Fidelity and ultimately to enhance the performance of those investment companies.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio. The Board considered that the fund does not pay FMR a management fee for investment advisory services. The Board also noted that FMR undertakes to pay all operating expenses of the fund with certain exceptions.

The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.014% through August 31, 2022.

Based on its review, the Board considered that the fund does not pay a management fee and concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.

The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions.

Economies of Scale. The Board concluded that because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.

Liquidity Risk Management Program

Highly liquid investments – cash or convertible to cash within three business days or less
Moderately liquid investments – convertible to cash in three to seven calendar days
Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
Illiquid investments – cannot be sold or disposed of within seven calendar days

FIDELITY INVESTMENTS

XS4-ANN-0620
1.968029.106


Date of fiscal year end:	April 30

Date of reporting period:	April 30, 2020


	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Large Cap Stock Fund	$40,900	$-	$6,900	$900
Fidelity Large Cap Stock K6 Fund	$40,900	$-	$6,900	$900
Fidelity Mid-Cap Stock Fund	$46,500	$100	$6,900	$1,000
Fidelity Series Small Cap Discovery Fund	$39,900	$-	$6,700	$900
Fidelity Small Cap Discovery Fund	$41,900	$100	$6,700	$900
Fidelity Small Cap Stock Fund	$45,400	$100	$6,700	$900
Fidelity Small Cap Stock K6 Fund	$42,000	$100	$6,900	$1,000


	April 30, 2020^A	April 30, 2019^A
Audit-Related Fees	$-	$290,000
Tax Fees	$3,000	$5,000
All Other Fees	$-	$-


	April 30, 2020^A,B	April 30, 2019^A,B,C
Audit-Related Fees	$8,596,700	$7,890,000
Tax Fees	$17,700	$20,000
All Other Fees	$-	$-


Billed By	April 30, 2020^A,B	April 30, 2019^A,B,C
Deloitte Entities	$559,200	$755,000
PwC	$13,491,300	$12,400,000


(a)	(1)	Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.
(a)	(2)	Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
(a)	(3)	Not applicable.
(b)		Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.


By:	/s/Stacie M. Smith
	Stacie M. Smith
	President and Treasurer

Date:	June 19, 2020


By:	/s/John J. Burke III
	John J. Burke III
	Chief Financial Officer

Date:	June 19, 2020